nxc.htm
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)

Kevin J. McCarthy
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, 2015

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
75
   
Glossary of Terms Used in this Report
76
   
Reinvest Automatically, Easily and Conveniently
78
   
Annual Investment Management Agreement Approval Process
79

Nuveen Investments
 
3


Chairman's Letter to Shareholders
Dear Shareholders,
For better or for worse, the financial markets have spent the past year waiting for the U.S. Federal Reserve (Fed) to end its accommodative monetary policy. The policy has propped up stock and bond markets since the Great Recession, but the question remains: how will markets behave without its influence? This uncertainty has been a considerable source of volatility for stock and bond prices lately, despite the Fed carefully conveying its intention to raise rates slowly and only when the economy shows evidence of readiness.
There may be at least one rate hike before the end of 2015. After all, the U.S. has reached "full employment" by the Fed's standards and growth has resumed – albeit unevenly. But the picture remains somewhat uncertain. Inflation has remained stubbornly low, most recently weighed down by an unexpectedly sharp decline in commodity prices since mid-2014. With the Fed poised to tighten and foreign central banks easing, the U.S. dollar has risen against other currencies, which has weighed on corporate earnings and further contributed to commodity price weakness. U.S. consumers have benefited from an improved labor market and lower prices at the gas pump, but the overall pace of economic expansion has been lackluster.
Nevertheless, the global recovery continues to be led by the United States. Policy makers around the world are deploying their available tools to try to bolster Europe and Japan's fragile growth, and manage China's slowdown. Contagion fears ebb and flow with the headlines about Greece and China. Greece reluctantly agreed to a third bailout package from the European Union in July and China's central bank and government intervened aggressively to try to stem the sell-off in their stock prices. But persistent structural problems in these economies will continue to garner market attention.
Wall Street is fond of saying "markets don't like uncertainty," and asset prices are likely to continue to churn in the current macro environment. In times like these, you can look to a professional investment manager with the experience and discipline to maintain the proper perspective on short-term events. And if the daily headlines do concern you, I encourage you to reach out to your financial advisor. Your financial advisor can help you evaluate your investment strategies in light of current events, your time horizon and risk tolerance. 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 23, 2015

4
 
Nuveen Investments


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 Thomas C. Spalding, CFA, and Scott R. Romans, PhD, discuss key investment strategies and the six-month performance of the Nuveen Select Portfolios (the "Funds"). Tom has managed the three national Funds since 1999, while Scott has managed NXC since 2003 and NXN since 2011.
What key strategies were used to manage these Funds during the six-month reporting period ended September 30, 2015?
The six-month reporting period spanned considerable turbulence in municipal bond prices. Yields, which move in the opposite direction of prices, had shuffled higher in the first half of the reporting period on expectations of higher interest rates in the near future. However, the Federal Reserve (Fed) left its main policy interest rate unchanged at its September meeting and yields fell, ending the reporting period only slightly higher than where they began. Both the California and the New York municipal markets outperformed the national market for 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.
In NXP, NXQ and NXR, we were focused on finding bonds that could enhance our efforts to achieve overall portfolio objectives. Duration management was also a focus, as short-term bonds, including pre-refunded credits, rolled off and we purchased bonds with longer maturities to help maintain the Funds' longer durations. All three national Funds purchased zero coupon bonds, which provided long maturities and additional income to support their dividends.
For NXC and NXN, we continued to find opportunities to purchase bonds in both the primary and secondary markets that helped us keep the Funds fully invested. Overall, our emphasis in purchase activity was on relative value and credit quality, rather than the municipal market. That is, when considering the purchase of a lower rated bond or a slightly less liquid issue, we looked carefully at the compensation offered by the bond in question relative to its credit quality or liquidity to determine that, if the bond were held for the long term rather than swapped when interest rates rise, the Funds would be well compensated.
For NXN, we found the most attractive opportunities in the AA and A rated categories. Additions to NXN's portfolio during this reporting period included higher education and health care bonds, as well as credits secured by the World Trade Center in Lower Manhattan. Purchases for NXC included bonds issued for state general obligations (GOs), state-supported higher education and
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.
Ratings shown 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). 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.
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 Investments
 
5


Portfolio Managers' Comments (continued)
ports. For both NXN and NXC, we continued to position our portfolios with longer durations than their respective state municipal markets.
Cash for purchases was generated primarily by proceeds from called and matured bonds, which we worked to redeploy to keep the Funds fully invested and support their income streams. We continued to see heightened call activity during the reporting period, as bond issuers sought to lower costs through refinancings. This provided ample cash for purchases and drove most of our trading activity for the reporting period.
As of September 30, 2015, 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 interest rate swaps during the reporting period, which worked as intended to shorten the durations of these two Funds and bring them within our target range. At the end of May, we reduced the Funds' swap positions, decreasing the amount of hedge in the portfolios. Swaps had a negligible impact on the two Funds' performance during this reporting period.
How did the Funds perform during the six-month reporting period ended September 30, 2015?
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, 2015. 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, 2015, the total returns on common share NAV for these five Funds trailed 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 underperformed 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.
Key management factors that influenced the Funds' returns during this reporting period included duration and yield curve positioning and credit exposure. Municipal market sector allocation produced mixed results among the Funds. In addition, the use of leverage was an important factor in performance, except in NXC, which does not use leverage. Leverage is discussed in more detail later in this report.
The impact of duration and yield curve positioning on the Funds' performance varied over this reporting period because of the municipal market's price volatility. For NXP, NXQ and NXR, duration positioning detracted slightly from performance due to these Funds' allocations to zero coupon bonds, which have long maturities. Generally speaking, the performance of longer-dated bonds lagged that of shorter-dated bonds during the reporting period. NXC's duration positioning marginally dampened performance relative to the broader California municipal market, while NXN modestly benefited relative to the New York market from its duration positioning.
During this reporting period, lower rated bonds generally outperformed higher quality bonds, although the trend was not consistent across all ratings categories. In the California and New York municipal markets, below investment grade and A rated bonds led their respective state markets for this reporting period, while AAA, AA and BBB rated bonds underperformed. As both NXC and NXN held meaningful exposures to A rated bonds, credit exposure was a positive contributor to the two Funds' relative performance. For the three national Funds, NXP, NXQ and NXR, ratings allocations were not a meaningful driver of performance for this reporting period.
The stronger performing municipal market sectors were those with longer dated and lower quality profiles such as tobacco, health care, industrial development revenue/pollution control revenue (IDR/PCR) and higher education. The Funds participated at varying levels in these outperforming sectors, which generally benefited performance. Conversely, sectors composed of shorter maturity and higher quality bonds, including the pre-refunded, water and sewer, housing and tax-supported sectors, underperformed during this reporting period and the Funds' exposures to these sectors was disadvantageous to performance. Additionally, for NXP, NXQ and NXR, holdings in Illinois bonds, which underperformed the national market, were a key detractor during this reporting period.

6
 
Nuveen Investments


An Update Involving Puerto Rico
As noted in the previous Shareholder Fund Report, 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 debt may be unsustainable and the Commonwealth has been exploring various strategies to deal with this burden, including Chapter 9 bankruptcy.
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 1.5%, 0.8% and 2.0%, 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). However, 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 general obligation debt currently is rated Caa2/CC/CC (below investment grade) by Moody's, S&P and Fitch, respectively, with negative outlooks.
The Nuveen complex's entire exposure to obligations of the government of Puerto Rico and other Puerto Rico issuers totaled 0.26% of assets under management as of September 30, 2015. As of September 30, 2015, Nuveen's limited exposure to Puerto Rico generally was invested in bonds that were insured, pre-refunded (and therefore backed by securities such as U.S. Treasuries), or tobacco settlement bonds. Overall, the small size of our exposures meant that our Puerto Rico holdings had a negligible impact on performance.
 
Nuveen Investments
 
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 the Funds during the current reporting period, where applicable.
As of September 30, 2015, the Funds' percentages of leverage are as shown in the accompanying table.
 
   
NXP
 
NXQ
 
NXR
 
NXC
 
NXN
 
Effective Leverage*
 
1.31
%
1.84
%
0.53
%
%**
8.55
%

*
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.
   
**
NXC did not invest in inverse floating rate securities during the current reporting period.

8
 
Nuveen Investments

Share Information
DISTRIBUTION INFORMATION
The following information regarding the Funds' distributions is current as of September 30, 2015. 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
 
Ex-Dividend Date
   
NXP
   
NXQ
   
NXR
   
NXC
   
NXN
 
April 2015
 
$
0.0475
 
$
0.0460
 
$
0.0490
 
$
0.0570
 
$
0.0460
 
May
   
0.0475
   
0.0460
   
0.0490
   
0.0570
   
0.0460
 
June
   
0.0475
   
0.0445
   
0.0470
   
0.0545
   
0.0460
 
July
   
0.0475
   
0.0445
   
0.0470
   
0.0545
   
0.0460
 
August
   
0.0475
   
0.0445
   
0.0470
   
0.0545
   
0.0460
 
September 2015
   
0.0455
   
0.0445
   
0.0455
   
0.0545
   
0.0460
 
                                 
Market Yield*
   
4.03
%
 
4.07
%
 
3.98
%
 
4.30
%
 
4.14
%
Taxable-Equivalent Yield*
   
5.60
%
 
5.65
%
 
5.53
%
 
6.58
%
 
6.16
%

*
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 is 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, 2015, 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 Investments
 
9


Share Information (continued)
SHARE REPURCHASES
During August 2015, 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, 2015, 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, 2015, 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
 
$
14.95
 
$
14.46
 
$
15.15
 
$
15.27
 
$
14.32
 
Share price
 
$
13.56
 
$
13.11
 
$
13.71
 
$
15.20
 
$
13.32
 
Premium/(Discount) to NAV
   
(9.30
)%
 
(9.34
)%
 
(9.50
)%
 
(0.46
)%
 
(6.98
)%
6-month average premium/(discount) to NAV
   
(6.84
)%
 
(6.82
)%
 
(6.64
)%
 
(0.02
)%
 
(5.60
)%

10
 
Nuveen Investments


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 Investments
 
11


NXP
 
 
Nuveen Select Tax-Free Income Portfolio
 
Performance Overview and Holding Summaries as of September 30, 2015
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, 2015
 
 
Cumulative
 
Average Annual
 
 
6-Month
 
1-Year
 
5-Year
 
10-Year
 
NXP at NAV
0.44%
 
3.47%
 
5.58%
 
4.94%
 
NXP at Share Price
(4.60)%
 
2.48%
 
2.35%
 
4.18%
 
S&P Municipal Bond Index
0.70%
 
3.00%
 
4.27%
 
4.59%
 
Lipper General and Insured Unleveraged Municipal Debt Funds Classification Average
0.74%
 
3.85%
 
5.33%
 
4.76%
 

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 Investments


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.
Ratings shown 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. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
 
Fund Allocation
 
(% of net assets)
 
Long-Term Municipal Bonds
97.2%
Corporate Bonds
0.0%
Other Assets Less Liabilities
2.8%
Net Assets
100%

Credit Quality
 
(% of total investment exposure)1
 
AAA/U.S. Guaranteed
20.2%
AA
41.4%
A
19.6%
BBB
10.9%
BB or Lower
7.5%
N/R (not rated)
0.4%
Total
100%

Portfolio Composition
 
(% of total investments)1
 
Tax Obligation/Limited
25.0%
Tax Obligation/General
19.9%
Transportation
15.1%
Health Care
12.6%
U.S. Guaranteed
8.4%
Consumer Staples
6.3%
Other
12.7%
Total
100%

States and Territories
 
(% of total municipal bonds)1
 
California
16.6%
Texas
12.1%
Illinois
9.8%
New Jersey
7.9%
Minnesota
5.7%
Washington
4.6%
New York
4.4%
Colorado
4.4%
Michigan
4.0%
Virginia
3.3%
Iowa
2.7%
Missouri
2.7%
Nevada
2.4%
Other
19.4%
Total
100%

1
Excluding investments in derivatives.

Nuveen Investments
 
13


NXQ
 
 
Nuveen Select Tax-Free Income Portfolio 2
 
Performance Overview and Holding Summaries as of September 30, 2015
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, 2015
 
 
Cumulative
 
Average Annual
 
 
6-Month
 
1-Year
 
5-Year
 
10-Year
 
NXQ at NAV
0.64%
 
4.47%
 
5.73%
 
4.66%
 
NXQ at Share Price
(4.03)%
 
3.23%
 
3.07%
 
4.50%
 
S&P Municipal Bond Index
0.70%
 
3.00%
 
4.27%
 
4.59%
 
Lipper General and Insured Unleveraged Municipal Debt Funds Classification Average
0.74%
 
3.85%
 
5.33%
 
4.76%
 
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 Investments


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.
Ratings shown 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. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
 
Fund Allocation
 
(% of net assets)
 
Long-Term Municipal Bonds
97.8%
Corporate Bonds
0.0%
Other Assets Less Liabilities
2.2%
Net Assets
100%

Credit Quality
 
(% of total investment exposure)
 
AAA/U.S. Guaranteed
16.2%
AA
40.4%
A
25.4%
BBB
9.5%
BB or Lower
7.0%
N/R (not rated)
1.5%
Total
100%

Portfolio Composition
 
(% of total investments)
 
Tax Obligation/General
21.6%
Tax Obligation/Limited
18.3%
Transportation
17.3%
Health Care
15.6%
U.S. Guaranteed
6.2%
Utilities
5.6%
Consumer Staples
5.1%
Other
10.3%
Total
100%

States and Territories
 
(% of total municipal bonds)
 
California
14.3%
Illinois
12.8%
Colorado
11.0%
Texas
10.6%
New York
4.9%
Indiana
4.9%
Nevada
4.2%
Minnesota
3.8%
Michigan
3.4%
Washington
3.4%
Ohio
3.3%
Florida
2.8%
Wisconsin
2.7%
Other
17.9%
Total
100%

Nuveen Investments
 
15


NXR
 
 
Nuveen Select Tax-Free Income Portfolio 3
 
Performance Overview and Holding Summaries as of September 30, 2015
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, 2015
 
 
Cumulative
 
Average Annual
 
 
6-Month
 
1-Year
 
5-Year
 
10-Year
 
NXR at NAV
0.64%
 
4.59%
 
5.83%
 
5.14%
 
NXR at Share Price
(5.34)%
 
3.04%
 
2.89%
 
5.10%
 
S&P Municipal Bond Index
0.70%
 
3.00%
 
4.27%
 
4.59%
 
Lipper General and Insured Unleveraged Municipal Debt Funds Classification Average
0.74%
 
3.85%
 
5.33%
 
4.76%
 
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 Investments


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.
Ratings shown 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. 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
95.3%
Corporate Bonds
0.0%
Other Assets Less Liabilities
4.7%
Net Assets
100%

Credit Quality
 
(% of total investment exposure)1
 
AAA/U.S. Guaranteed
13.5%
AA
49.9%
A
15.5%
BBB
10.1%
BB or Lower
10.5%
N/R (not rated)
0.5%
Total
100%

Portfolio Composition
 
(% of total investments)1
 
Tax Obligation/Limited
24.6%
Tax Obligation/General
18.3%
Transportation
14.0%
Health Care
13.1%
Consumer Staples
7.5%
Utilities
7.0%
U.S. Guaranteed
5.6%
Other
9.9%
Total
100%

States and Territories
 
(% of total municipal bonds)1
 
California
21.6%
Illinois
14.2%
Texas
9.8%
Colorado
5.6%
Washington
4.6%
New York
4.4%
Ohio
4.0%
Florida
3.6%
Iowa
2.7%
Michigan
2.7%
Virginia
2.6%
New Jersey
2.3%
Connecticut
2.3%
Other
19.6%
Total
100%

1
Excluding investments in derivatives.

Nuveen Investments
 
17


NXC
 
 
Nuveen California Select Tax-Free Income Portfolio
 
Performance Overview and Holding Summaries as of September 30, 2015
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, 2015
 
 
Cumulative
 
Average Annual
 
 
6-Month
 
1-Year
 
5-Year
 
10-Year
 
NXC at NAV
0.56%
 
4.35%
 
6.54%
 
5.38%
 
NXC at Share Price
0.89%
 
3.90%
 
7.26%
 
5.89%
 
S&P Municipal Bond California Index
1.02%
 
3.74%
 
5.19%
 
4.95%
 
S&P Municipal Bond Index
0.70%
 
3.00%
 
4.27%
 
4.59%
 
Lipper California Municipal Debt Funds Classification Average
1.25%
 
5.36%
 
7.34%
 
5.43%
 

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.
Ratings shown 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. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.

Fund Allocation
 
(% of net assets)
 
Long-Term Municipal Bonds
97.6%
Short-Term Municipal Bonds
0.4%
Other Assets Less Liabilities
2.0%
Net Assets
100%

Portfolio Composition
 
(% of total investments)
 
Tax Obligation/General
33.6%
Tax Obligation/Limited
22.7%
U.S. Guaranteed
11.7%
Water and Sewer
7.7%
Transportation
6.8%
Health Care
6.1%
Other
11.4%
Total
100%

Credit Quality
 
(% of total investment exposure)
 
AAA/U.S. Guaranteed
13.3%
AA
45.3%
A
23.9%
BBB
8.7%
BB or Lower
7.0%
N/R (not rated)
1.8%
Total
100%

18
 
Nuveen Investments


NXN
 
 
Nuveen New York Select Tax-Free Income Portfolio
 
Performance Overview and Holding Summaries as of September 30, 2015
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, 2015
 
 
Cumulative
 
Average Annual
 
 
6-Month
 
1-Year
 
5-Year
 
10-Year
 
NXN at NAV
0.54%
 
3.28%
 
4.38%
 
4.49%
 
NXN at Share Price
(3.77)%
 
3.38%
 
3.06%
 
4.53%
 
S&P Municipal Bond New York Index
0.99%
 
3.31%
 
4.09%
 
4.61%
 
S&P Municipal Bond Index
0.70%
 
3.00%
 
4.27%
 
4.59%
 
Lipper New York Municipal Debt Funds Classification Average
1.07%
 
5.03%
 
5.89%
 
4.98%
 

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.
Ratings shown 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. 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
96.9%
Short-Term Municipal Bonds
5.4%
Other Assets Less Liabilities
(0.5)%
Net Assets Plus Floating Rate Obligations
101.8%
Floating Rate Obligations
(1.8)%
Net Assets
100%

Portfolio Composition
 
(% of total investments)
 
Tax Obligation/Limited
26.8%
Education and Civic Organizations
23.4%
U.S. Guaranteed
11.0%
Transportation
10.7%
Utilities
7.9%
Health Care
6.6%
Tax Obligation/General
5.0%
Other
8.6%
Total
100%

Credit Quality
 
(% of total investment exposure)
 
AAA/U.S. Guaranteed
35.9%
AA
33.9%
A
13.5%
BBB
2.8%
BB or Lower
10.4%
N/R (not rated)
3.5%
Total
100%

Nuveen Investments
 
19


Shareholder Meeting Report
The annual meeting of shareholders was held in the offices of Nuveen Investments on August 5, 2015 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:
                               
Jack B. Evans
                               
For
   
14,348,457
   
15,683,568
   
11,663,698
   
5,390,493
   
3,370,567
 
Withhold
   
349,305
   
383,431
   
301,663
   
218,074
   
44,238
 
Total
   
14,697,762
   
16,066,999
   
11,965,361
   
5,608,567
   
3,414,805
 
William J. Schneider
                               
For
   
14,349,202
   
15,674,393
   
11,628,047
   
5,297,280
   
3,368,062
 
Withhold
   
348,560
   
392,606
   
337,314
   
311,287
   
46,743
 
Total
   
14,697,762
   
16,066,999
   
11,965,361
   
5,608,567
   
3,414,805
 
Thomas S. Schreier, Jr.
                               
For
   
14,351,196
   
15,679,449
   
11,675,974
   
5,377,188
   
3,330,678
 
Withhold
   
346,566
   
387,550
   
289,387
   
231,379
   
84,127
 
Total
   
14,697,762
   
16,066,999
   
11,965,361
   
5,608,567
   
3,414,805
 

20
 
Nuveen Investments

NXP
   
 
Nuveen Select Tax-Free Income Portfolio
 
 
Portfolio of Investments
September 30, 2015 (Unaudited)


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
LONG-TERM INVESTMENTS – 97.2%
           
                   
     
MUNICIPAL BONDS – 97.2%
           
                   
     
Alaska – 0.9%
           
$
2,675
 
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 5.000%, 6/01/46
12/45 at 100.00
 
B
$
2,127,080
 
     
Arizona – 1.4%
           
 
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
 
2,719,975
 
 
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
 
686,981
 
 
3,125
 
Total Arizona
       
3,406,956
 
     
Arkansas – 0.6%
           
 
6,555
 
Arkansas Development Finance Authority, Tobacco Settlement Revenue Bonds, Arkansas Cancer Research Center Project, Series 2006, 0.000%, 7/01/46 – AMBAC Insured
No Opt. Call
 
Aa2
 
1,561,860
 
     
California – 16.1%
           
 
2,000
 
Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Subordinate Lien Series 2004A, 5.450%, 10/01/25 – AMBAC Insured
10/17 at 100.00
 
BBB+
 
2,162,700
 
 
4,195
 
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
 
2,284,429
 
 
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
 
1,553,452
 
 
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–
 
3,359,790
 
 
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–
 
2,620,510
 
 
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+
 
1,848,713
 
 
895
 
California Statewide Community Development Authority, Revenue Bonds, Methodist Hospital Project, Series 2009, 6.750%, 2/01/38
8/19 at 100.00
 
Aa2
 
1,054,892
 
 
3,790
 
Coast Community College District, Orange County, California, General Obligation Bonds, Series 2006C, 0.000%, 8/01/36 (Pre-refunded 8/01/16) – AGM Insured
8/16 at 33.78
 
Aa1 (4)
 
1,248,540
 
 
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
 
1,169,381
 
 
2,710
 
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A, 0.000%, 6/01/28 – AMBAC Insured
No Opt. Call
 
A+
 
1,771,961
 
 
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+
 
1,346,607
 
 
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
 
1,220,473
 
 
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
 
2,305,527
 
 
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–
 
810,620
 
 
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
8/35 at 100.00
 
AA
 
822,591
 
 
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
 
2,408,598
 

Nuveen Investments
 
21


NXP
Nuveen Select Tax-Free Income Portfolio
 
 
Portfolio of Investments (continued)
September 30, 2015 (Unaudited)

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
California (continued)
             
$
2,180
 
New Haven Unified School District, Alameda County, California, General Obligation Bonds, Series 2004A, 0.000%, 8/01/28 – NPFG Insured
No Opt. Call
 
AA–
 
$
1,112,258
 
 
590
 
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 6.750%, 11/01/39
11/19 at 100.00
 
Ba1
   
654,918
 
 
4,390
 
Pittsburg Redevelopment Agency, California, Tax Allocation Bonds, Los Medanos Community Development Project, Series 1999, 0.000%, 8/01/29 – AMBAC Insured
No Opt. Call
 
A
   
2,389,433
 
 
1,700
 
Placentia-Yorba Linda Unified School District, Orange County, California, Certificates of Participation, Series 2006, 0.000%, 10/01/34 – FGIC Insured
No Opt. Call
 
AA–
   
756,721
 
 
8,000
 
Poway Unified School District, San Diego County, California, General Obligation Bonds, School Facilities Improvement District 2007-1, Series 2009A, 0.000%, 8/01/33
No Opt. Call
 
AA–
   
4,027,520
 
 
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
   
1,321,409
 
 
1,195
 
Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed Bonds, Series 2005A-1, 5.500%, 6/01/45
12/15 at 100.00
 
B–
   
978,275
 
 
1,150
 
Woodside Elementary School District, San Mateo County, California, General Obligation Bonds, Series 2007, 0.000%, 10/01/30 – AMBAC Insured
No Opt. Call
 
AAA
   
659,088
 
 
61,660
 
Total California
         
39,888,406
 
     
Colorado – 4.2%
             
 
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+
   
1,940,396
 
 
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–
   
1,086,330
 
 
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
   
2,144,425
 
 
250
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%, 9/01/29 – NPFG Insured
No Opt. Call
 
AA–
   
151,830
 
 
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–
   
835,940
 
 
12,500
 
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2006A, 0.000%, 9/01/38 – NPFG Insured
9/26 at 54.77
 
AA–
   
4,332,375
 
 
19,465
 
Total Colorado
         
10,491,296
 
     
Connecticut – 2.2%
             
 
2,350
 
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Yale University, Series 2007Z-1, 5.000%, 7/01/42
7/16 at 100.00
 
AAA
   
2,414,696
 
 
3,000
 
University of Connecticut, General Obligation Bonds, Refunding Series 2014A, 4.000%, 2/15/16
No Opt. Call
 
AA
   
3,043,770
 
 
5,350
 
Total Connecticut
         
5,458,466
 
     
Florida – 1.9%
             
 
580
 
Halifax Hospital Medical Center, Daytona Beach, Florida, Hospital Revenue Bonds, Series 2006, 5.375%, 6/01/46
6/16 at 100.00
 
A–
   
591,907
 
 
1,420
 
Halifax Hospital Medical Center, Daytona Beach, Florida, Hospital Revenue Bonds, Series 2006, 5.375%, 6/01/46 (Pre-refunded 6/01/16)
6/16 at 100.00
 
N/R (4)
   
1,467,868
 
 
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
 
Aa2
   
2,617,675
 
 
4,500
 
Total Florida
         
4,677,450
 

22
 
Nuveen Investments


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Illinois – 9.5%
           
     
Board of Trustees of Southern Illinois University, Housing and Auxiliary Facilities System Revenue Bonds, Series 1999A:
           
$
2,465
 
0.000%, 4/01/20 – NPFG Insured
No Opt. Call
 
AA–
$
2,150,934
 
 
2,000
 
0.000%, 4/01/23 – NPFG Insured
No Opt. Call
 
AA–
 
1,517,120
 
 
735
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues Series 2011A, 5.000%, 12/01/41
12/21 at 100.00
 
BB+
 
616,474
 
     
Chicago, Illinois, General Airport Revenue Bonds, O'Hare International Airport, Third Lien Series 2005A:
           
 
1,545
 
5.250%, 1/01/23 (Pre-refunded 1/01/16) – NPFG Insured
1/16 at 100.00
 
AA– (4)
 
1,562,984
 
 
1,155
 
5.000%, 1/01/33 (Pre-refunded 1/01/16) – FGIC Insured
1/16 at 100.00
 
AA– (4)
 
1,166,342
 
 
260
 
Illinois Finance Authority, Revenue Bonds, Rehabilitation Institute of Chicago, Series 2013A, 6.000%, 7/01/43
7/23 at 100.00
 
A–
 
305,037
 
 
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)
 
1,220,410
 
 
1,050
 
Illinois Finance Authority, Revenue Bonds, University of Chicago, Tender Option Bond Trust 2015-XF0248, 9.272%, 7/01/46 (Pre-refunded 7/01/17) (IF) (5)
7/17 at 100.00
 
AA+ (4)
 
1,211,060
 
 
2,100
 
Illinois Finance Authority, Revenue Refunding Bonds, Silver Cross Hospital and Medical Centers, Series 2008A, 5.500%, 8/15/30
8/18 at 100.00
 
BBB+
 
2,225,937
 
 
2,190
 
Illinois State, General Obligation Bonds, Refunding Series 2012, 5.000%, 8/01/23
No Opt. Call
 
A–
 
2,378,296
 
 
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
 
769,890
 
 
1,990
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 1993A, 0.010%, 6/15/17 – FGIC Insured
No Opt. Call
 
AA–
 
1,942,021
 
     
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–
 
932,567
 
 
810
 
0.000%, 6/15/30 – NPFG Insured
No Opt. Call
 
AA–
 
421,249
 
 
6,070
 
0.000%, 12/15/31 – NPFG Insured
No Opt. Call
 
AA–
 
2,902,067
 
 
5,000
 
0.000%, 12/15/36 – NPFG Insured
No Opt. Call
 
AA–
 
1,811,500
 
 
310
 
University of Illinois, Health Services Facilities System Revenue Bonds, Series 2013, 6.000%, 10/01/42
10/23 at 100.00
 
A
 
351,990
 
 
31,400
 
Total Illinois
       
23,485,878
 
     
Indiana – 0.5%
           
 
270
 
Indiana Finance Authority, Tax-Exempt Private Activity Revenue Bonds, I-69 Section 5 Project, Series 2014, 5.250%, 9/01/34 (Alternative Minimum Tax)
9/24 at 100.00
 
BBB
 
296,163
 
 
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
 
506,612
 
 
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)
 
551,266
 
 
1,270
 
Total Indiana
       
1,354,041
 
     
Iowa – 2.6%
           
 
1,665
 
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2013, 5.000%, 12/01/19
No Opt. Call
 
BB–
 
1,759,905
 
 
1,000
 
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C, 5.375%, 6/01/38
12/15 at 100.00
 
B+
 
905,250
 
 
4,000
 
Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, 5.600%, 6/01/34
6/17 at 100.00
 
B+
 
3,823,560
 
 
6,665
 
Total Iowa
       
6,488,715
 
     
Kansas – 0.2%
           
 
500
 
Lawrence, Kansas, Hospital Revenue Bonds, Lawrence Memorial Hospital, Refunding Series 2006, 4.875%, 7/01/36
7/16 at 100.00
 
A1
 
507,675
 

Nuveen Investments
 
23


NXP
Nuveen Select Tax-Free Income Portfolio
 
 
Portfolio of Investments (continued)
September 30, 2015 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
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+
$
2,710,175
 
     
Massachusetts – 1.5%
           
 
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–
 
1,146,058
 
 
500
 
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, CareGroup Inc., Series 2008E-1 &2, 5.000%, 7/01/28
7/18 at 100.00
 
A–
 
548,310
 
 
1,805
 
Massachusetts Housing Finance Agency, Housing Bonds, Series 2009F, 5.700%, 6/01/40
12/18 at 100.00
 
AA–
 
1,895,647
 
 
3,380
 
Total Massachusetts
       
3,590,015
 
     
Michigan – 3.9%
           
 
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
 
BBB+
 
383,191
 
 
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+
 
1,648,605
 
 
2,500
 
Detroit, Michigan, Sewer Disposal System Revenue Bonds, Second Lien, Series 2006B, 5.000%, 7/01/33 – FGIC Insured
7/16 at 100.00
 
AA–
 
2,536,275
 
 
2,075
 
Detroit, Michigan, Water Supply System Senior Lien Revenue Bonds, Series 2004A, 4.500%, 7/01/25 – NPFG Insured
7/16 at 100.00
 
AA–
 
2,090,646
 
 
2,905
 
Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne County Airport, Series 2005, 5.000%, 12/01/34 (Pre-refunded 12/01/15) – NPFG Insured (Alternative Minimum Tax)
12/15 at 100.00
 
AA– (4)
 
2,921,355
 
 
9,335
 
Total Michigan
       
9,580,072
 
     
Minnesota – 5.6%
           
 
8,450
 
Minneapolis, Minnesota, General Obligation Bonds, Various Purpose Series 2014, 1.000%, 12/01/15
No Opt. Call
 
AAA
 
8,463,604
 
 
1,825
 
Minnesota State, General Obligation Bonds, Refunding Series 2005, 5.000%, 10/01/15
No Opt. Call
 
AA+
 
1,825,256
 
 
3,500
 
St. Paul Housing and Redevelopment Authority, Minnesota, Hospital Revenue Bonds, HealthEast Inc., Series 2005, 6.000%, 11/15/30 (Pre-refunded 11/15/15)
11/15 at 100.00
 
BBB– (4)
 
3,524,990
 
 
13,775
 
Total Minnesota
       
13,813,850
 
     
Missouri – 2.6%
           
 
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+
 
399,175
 
     
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
 
970,946
 
 
5,000
 
0.000%, 4/15/30 – AMBAC Insured
No Opt. Call
 
AA–
 
2,886,100
 
 
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
 
2,190,480
 
 
8,525
 
Total Missouri
       
6,446,701
 
     
Nevada – 2.4%
           
 
750
 
Clark County, Nevada, Airport Revenue Bonds, Tender Option Bond Trust Series 11823, 20.245%, 1/01/18 (IF)
No Opt. Call
 
A+
 
1,231,620
 
 
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+
 
1,400,688
 
 
1,500
 
Las Vegas Redevelopment Agency, Nevada, Tax Increment Revenue Bonds, Series 2009A, 8.000%, 6/15/30
6/19 at 100.00
 
BBB
 
1,708,230
 
 
1,500
 
Las Vegas Valley Water District, Nevada, General Obligation Bonds, Refunding Series 2011D, 5.000%, 6/01/16
No Opt. Call
 
AA+
 
1,548,015
 
 
5,000
 
Total Nevada
       
5,888,553
 

24
 
Nuveen Investments


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
New Jersey – 7.7%
           
$
940
 
New Jersey Economic Development Authority, Private Activity Bonds, The Goethals Bridge
1/24 at 100.00
 
AA
$
1,022,955
 
     
Replacement Project, Series 2013, 5.125%, 1/01/39 – AGM Insured (Alternative Minimum Tax)
           
 
2,550
 
New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Series 2004A, 5.250%, 7/01/33 – NPFG Insured
1/16 at 100.00
 
AA–
 
2,582,411
 
 
35,000
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006C, 0.000%, 12/15/34 – AGM Insured
No Opt. Call
 
AA
 
13,505,095
 
 
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–
 
1,977,675
 
 
40,990
 
Total New Jersey
       
19,088,136
 
     
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
 
1,011,130
 
     
New York – 4.3%
           
 
4,500
 
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, Education Series 2006D, 5.000%, 3/15/36 (Pre-refunded 9/15/16)
9/16 at 100.00
 
N/R (4)
 
4,701,104
 
 
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
 
548,715
 
 
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
 
1,888,500
 
 
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
 
890,980
 
 
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)
 
1,770,008
 
 
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
 
BBB
 
908,497
 
 
10,090
 
Total New York
       
10,707,804
 
     
North Carolina – 0.5%
           
 
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
 
1,187,980
 
     
Ohio – 2.1%
           
     
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
 
1,412,069
 
 
1,000
 
6.500%, 6/01/47
6/17 at 100.00
 
B
 
901,590
 
 
1,975
 
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-3, 6.250%, 6/01/37
6/22 at 100.00
 
B–
 
1,721,450
 
 
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+
 
1,203,931
 
 
5,750
 
Total Ohio
       
5,239,040
 
     
Oklahoma – 0.4%
           
 
1,000
 
Norman Regional Hospital Authority, Oklahoma, Hospital Revenue Bonds, Series 2005, 5.375%, 9/01/36
9/16 at 100.00
 
BBB–
 
1,025,490
 
     
Pennsylvania – 0.6%
           
 
1,490
 
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Subordinate Special Revenue Bonds, Series 2010B, 0.000%, 12/01/30
12/20 at 100.00
 
AA–
 
1,584,555
 

Nuveen Investments
 
25


NXP
Nuveen Select Tax-Free Income Portfolio
 
 
Portfolio of Investments (continued)
September 30, 2015 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Puerto Rico – 1.5%
           
     
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Series 2007A:
           
$
17,500
 
0.000%, 8/01/41 – NPFG Insured
No Opt. Call
 
AA–
$
3,415,475
 
 
1,000
 
0.000%, 8/01/43 – NPFG Insured
No Opt. Call
 
AA–
 
171,990
 
 
18,500
 
Total Puerto Rico
       
3,587,465
 
     
Rhode Island – 0.5%
           
 
1,125
 
Rhode Island Economic Development Corporation, Airport Revenue Bonds, Refunding Series 2005A, 4.625%, 7/01/26 – NPFG Insured (Alternative Minimum Tax)
1/16 at 100.00
 
AA–
 
1,125,833
 
     
Texas – 11.7%
           
 
3,385
 
Alief Independent School District, Harris County, Texas, General Obligation Bonds, Refunding Series 2013A, 5.000%, 2/15/16
No Opt. Call
 
Aaa
 
3,447,487
 
 
1,550
 
Austin, Texas, Water and Wastewater System Revenue Bonds, Series 2005, 5.000%, 5/15/26 (Pre-refunded 11/15/15) – NPFG Insured
11/15 at 100.00
 
AA (4)
 
1,559,393
 
 
250
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2011, 6.000%, 1/01/41
1/21 at 100.00
 
BBB+
 
285,988
 
 
1,100
 
Fort Worth Independent School District, Tarrant County, Texas, General Obligation Bonds, Series 2008, 5.000%, 2/15/16
No Opt. Call
 
AAA
 
1,120,339
 
 
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+
 
6,152,329
 
 
3,415
 
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H, 0.000%, 11/15/30 – NPFG Insured
No Opt. Call
 
AA–
 
1,738,235
 
 
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–
 
1,457,108
 
 
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
 
1,291,385
 
 
1,780
 
Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation Bonds, Series 2007, 0.000%, 8/15/37 (Pre-refunded 8/15/16)
8/16 at 35.23
 
AAA
 
625,225
 
 
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
 
2,478,474
 
 
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
 
2,461,720
 
 
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
 
5,558,049
 
 
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
 
Baa3
 
920,038
 
 
35,380
 
Total Texas
       
29,095,770
 
     
Virginia – 3.2%
           
 
1,000
 
Fairfax County Economic Development Authority, Virginia, Residential Care Facilities Mortgage Revenue Bonds, Goodwin House, Inc., Series 2007A, 5.125%, 10/01/42
10/17 at 100.00
 
BBB
 
1,039,230
 
 
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
10/28 at 100.00
 
BBB+
 
2,139,440
 
 
400
 
Stafford County Economic Development Authority, Virginia, Hospital Facilities Revenue Bonds, MediCorp Health System, Series 2006, 5.250%, 6/15/37
6/16 at 100.00
 
Baa1
 
404,596
 
     
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–
 
1,091,190
 
 
650
 
6.000%, 1/01/37 (Alternative Minimum Tax)
7/22 at 100.00
 
BBB–
 
736,158
 
 
1,010
 
5.500%, 1/01/42 (Alternative Minimum Tax)
7/22 at 100.00
 
BBB–
 
1,099,314
 
 
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+
 
1,439,581
 
 
7,450
 
Total Virginia
       
7,949,509
 

26
 
Nuveen Investments


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Washington – 4.5%
           
$
1,375
 
Energy Northwest, Washington, Electric Revenue Bonds, Columbia Generating Station, Refunding Series 2006A, 5.000%, 7/01/21 (Pre-refunded 7/01/16)
7/16 at 100.00
 
Aa1 (4)
$
1,423,386
 
 
2,000
 
Pierce County School District 3 Puyallup, Washington, General Obligation Bonds, Refunding Series 2004, 5.000%, 6/01/16 – AGM Insured
No Opt. Call
 
AA+
 
2,063,480
 
 
2,250
 
Seattle, Washington, General Obligation Bonds, Refunding and Improvement Series 2010B, 5.000%, 8/01/16
No Opt. Call
 
AAA
 
2,340,518
 
 
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
 
1,099,365
 
 
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)
 
2,736,000
 
 
2,115
 
Washington State, Motor Vehicle Fuel Tax General Obligation Bonds, Series 2003F, 0.000%, 12/01/27 – NPFG Insured
No Opt. Call
 
AA+
 
1,505,415
 
 
11,230
 
Total Washington
       
11,168,164
 
     
West Virginia – 0.9%
           
 
500
 
West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United Health Project, Series 2006A, 4.500%, 6/01/26 – AMBAC Insured
6/16 at 100.00
 
A
 
505,255
 
 
1,500
 
West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United Health System Obligated Group, Refunding and Improvement Series 2013A, 5.500%, 6/01/44
6/23 at 100.00
 
A
 
1,694,265
 
 
2,000
 
Total West Virginia
       
2,199,520
 
     
Wisconsin – 1.7%
           
 
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
 
A2
 
1,768,770
 
 
1,500
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan Healthcare System, Series 2006A, 5.250%, 8/15/31
8/16 at 100.00
 
A–
 
1,535,430
 
 
980
 
Wisconsin, General Obligation Refunding Bonds, Series 2003-3, 5.000%, 11/01/26
11/15 at 100.00
 
AA
 
983,969
 
 
4,125
 
Total Wisconsin
       
4,288,169
 
$
326,810
 
Total Municipal Bonds (cost $217,436,390)
       
240,735,754
 


 
Principal
                   
 
Amount (000)
 
Description (1)
Coupon
 
Maturity
 
Ratings (3)
 
Value
 
     
CORPORATE BONDS – 0.0%
               
                       
     
Transportation – 0.0%
               
$
210
 
Las Vegas Monorail Company, Senior Interest Bonds (6), (7)
5.500%
 
7/15/19
 
N/R
$
37,781
 
 
56
 
Las Vegas Monorail Company, Senior Interest Bonds (6), (7)
3.000%
 
7/15/55
 
N/R
 
7,466
 
$
266
 
Total Corporate Bonds (cost $23,822)
           
45,247
 
     
Total Long-Term Investments (cost $217,460,212)
           
240,781,001
 
     
Other Assets Less Liabilities – 2.8% (8)
           
6,875,510
 
     
Net Assets – 100%
         
$
247,656,511
 

Nuveen Investments
 
27


NXP
Nuveen Select Tax-Free Income Portfolio
 
 
Portfolio of Investments (continued)
September 30, 2015 (Unaudited)
Investments in Derivatives as of September 30, 2015
Interest Rate Swaps outstanding:

           
Fund
               
Fixed Rate
               
Unrealized
 
     
Notional
   
Pay/Receive
   
Floating Rate
   
Fixed Rate
   
Payment
   
Effective
   
Termination
   
Appreciation
 
Counterparty
   
Amount
   
Floating Rate
   
Index
   
(Annualized
)
 
Frequency
   
Date (9
)
 
Date
   
(Depreciation
)
JPMorgan
 
$
9,200,000
   
Receive
   
USD-BMA
   
1.940
%
 
Quarterly
   
6/29/16
   
6/29/26
 
$
(235,369
)

(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)
Ratings: Using the highest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. 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)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(6)
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.
(7)
During January 2010, Las Vegas Monorail Company ("Las Vegas Monorail") filed for federal bankruptcy protection. During March 2012, Las Vegas Monorail emerged from federal bankruptcy with the acceptance of a reorganization plan assigned by the Federal Bankruptcy Court. Under the reorganization plan, the Fund surrendered its Las Vegas Monorail Project Revenue Bonds, First Tier, Series 2000 and in turn received two senior interest corporate bonds: the first with an annual coupon rate of 5.500% maturing on July 15, 2019 and the second with an annual coupon rate of 3.000% (5.500% after December 31, 2015) maturing on July 15, 2055. The Fund is not accruing income for either senior interest corporate bond.
(8)
Other assets less liabilities includes the unrealized appreciation (depreciation) of certain over-the-counter derivatives as presented on the Statement of Assets and Liabilities. The unrealized appreciation (depreciation) of exchange-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.
(9)
Effective date represents the date on which both the Fund and counterparty commence interest payment accruals on each contract.
(IF)
Inverse floating rate investment.
USD-BMA
United States Dollar-Bond Market Association
See accompanying notes to financial statements.
 
28
 
Nuveen Investments


NXQ
   
 
Nuveen Select Tax-Free Income Portfolio 2
 
 
Portfolio of Investments
September 30, 2015 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
LONG-TERM INVESTMENTS – 97.8%
           
                   
     
MUNICIPAL BONDS – 97.8%
           
                   
     
Alaska – 0.3%
           
$
1,000
 
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 5.000%, 6/01/32
12/15 at 100.00
 
B
$
872,450
 
     
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
 
2,719,975
 
 
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
 
659,502
 
 
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
 
A–
 
2,511,360
 
 
215
 
Sedona Wastewater Municipal Property Corporation, Arizona, Excise Tax Revenue Bonds, Series 1998, 0.000%, 7/01/20 – NPFG Insured
No Opt. Call
 
AA–
 
191,821
 
 
5,565
 
Total Arizona
       
6,082,658
 
     
California – 14.0%
           
 
1,000
 
Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Subordinate Lien Series 2004A, 5.450%, 10/01/25 – AMBAC Insured
10/17 at 100.00
 
BBB+
 
1,081,350
 
 
11,000
 
Alhambra Unified School District, Los Angeles County, California, General Obligation Bonds, Capital Appreciation Series 2009B, 0.000%, 8/01/41 – AGC Insured
No Opt. Call
 
AA
 
3,587,760
 
 
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
 
1,722,960
 
 
500
 
California State Public Works Board, Lease Revenue Refunding Bonds, Community Colleges Projects, Series 1998A, 5.250%, 12/01/16
12/15 at 100.00
 
A+
 
502,100
 
 
60
 
California State, General Obligation Bonds, Series 1997, 5.000%, 10/01/18 – AMBAC Insured
10/15 at 100.00
 
AA–
 
60,245
 
 
2,500
 
California State, General Obligation Bonds, Series 2005, 5.000%, 3/01/31 (Pre-refunded 3/01/16)
3/16 at 100.00
 
A+ (4)
 
2,551,125
 
 
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
 
1,639,363
 
 
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–
 
2,484,180
 
 
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
 
830,120
 
 
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
 
2,305,527
 
 
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
 
728,050
 
 
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
8/35 at 100.00
 
AA
 
822,591
 
 
450
 
M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009C, 6.500%, 11/01/39
No Opt. Call
 
A
 
602,528
 
 
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
 
762,769
 
 
590
 
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 6.750%, 11/01/39
11/19 at 100.00
 
Ba1
 
654,918
 
 
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–
 
3,541,415
 

Nuveen Investments
 
29


NXQ
Nuveen Select Tax-Free Income Portfolio 2
 
 
Portfolio of Investments (continued)
September 30, 2015 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
California (continued)
           
$
4,400
 
Pittsburg Redevelopment Agency, California, Tax Allocation Bonds, Los Medanos Community Development Project, Series 1999, 0.000%, 8/01/29 – AMBAC Insured
No Opt. Call
 
A
$
2,394,876
 
 
2,500
 
Placentia-Yorba Linda Unified School District, Orange County, California, Certificates of Participation, Series 2006, 0.000%, 10/01/34 – FGIC Insured
No Opt. Call
 
AA–
 
1,112,825
 
 
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
 
2,112,837
 
     
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
 
473,850
 
 
1,890
 
0.000%, 8/01/31 – AGM Insured
8/18 at 47.14
 
AA
 
839,916
 
 
6,025
 
Simi Valley Unified School District, Ventura County, California, General Obligation Bonds, Series 2007C, 0.000%, 8/01/30
No Opt. Call
 
AA
 
3,340,561
 
 
2,080
 
Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed Bonds, Series 2005A-1, 5.500%, 6/01/45
12/15 at 100.00
 
B–
 
1,702,771
 
 
58,980
 
Total California
       
35,854,637
 
     
Colorado – 10.8%
           
 
500
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2009A, 5.500%, 7/01/34
7/19 at 100.00
 
A+
 
564,310
 
 
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–
 
2,145,502
 
 
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–
 
1,048,730
 
 
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
 
2,144,425
 
 
2,230
 
Denver Convention Center Hotel Authority, Colorado, Revenue Bonds, Convention Center Hotel, Senior Lien Series 2006, 4.750%, 12/01/35 – SYNCORA GTY Insured
11/16 at 100.00
 
BBB–
 
2,259,391
 
 
1,600
 
Denver, Colorado, Airport System Revenue Bonds, Refunding Series 2006A, 5.000%, 11/15/16 – NPFG Insured
No Opt. Call
 
AA–
 
1,681,824
 
     
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B:
           
 
5,140
 
0.000%, 9/01/24 – NPFG Insured
No Opt. Call
 
AA–
 
3,931,226
 
 
8,100
 
0.000%, 9/01/29 – NPFG Insured
No Opt. Call
 
AA–
 
4,919,292
 
 
4,475
 
0.000%, 9/01/33 – NPFG Insured
No Opt. Call
 
AA–
 
2,257,548
 
 
3,500
 
Regional Transportation District, Colorado, Sales Tax Revenue Bonds, Refunding Series 2005A, 5.000%, 11/01/18 (Pre-refunded 11/01/15) – AMBAC Insured
11/15 at 100.00
 
AAA
 
3,514,805
 
 
3,000
 
University of Colorado, Enterprise System Revenue Bonds, Series 2009B, 5.000%, 6/01/16
No Opt. Call
 
AA+
 
3,097,470
 
 
33,455
 
Total Colorado
       
27,564,523
 
     
Connecticut – 0.8%
           
 
1,945
 
Connecticut Health and Educational Facilities Authority, Auction Rate Revenue Bonds, Yale University, Series 2007Z-2, 5.050%, 7/01/42
7/17 at 100.00
 
AAA
 
2,069,383
 
     
Florida – 2.8%
           
 
2,365
 
Citizens Property Insurance Corporation, Florida, High-Risk Account Senior Secured Bonds Series 2010A-1, 5.000%, 6/01/16
No Opt. Call
 
A+
 
2,438,717
 
 
1,000
 
Hillsborough County Industrial Development Authority, Florida, Hospital Revenue Bonds, Tampa General Hospital, Series 2006, 5.250%, 10/01/41
10/16 at 100.00
 
A
 
1,027,970
 
 
1,500
 
Lakeland, Florida, Hospital System Revenue Bonds, Lakeland Regional Health, Series 2015, 5.000%, 11/15/45
11/24 at 100.00
 
A2
 
1,608,330
 
 
2,000
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2005B, 5.000%, 10/01/15 – CIFG Insured (Alternative Minimum Tax)
No Opt. Call
 
A
 
2,000,280
 
 
6,865
 
Total Florida
       
7,075,297
 

30
 
Nuveen Investments


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Illinois – 12.6%
           
$
1,400
 
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–
$
1,061,984
 
 
735
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues Series 2011A, 5.000%, 12/01/41
12/21 at 100.00
 
BB+
 
616,474
 
     
Chicago, Illinois, General Airport Revenue Bonds, O'Hare International Airport, Third Lien Series 2005A:
           
 
1,200
 
5.000%, 1/01/29 (Pre-refunded 1/01/16) – NPFG Insured
1/16 at 100.00
 
AA– (4)
 
1,212,216
 
 
1,665
 
5.000%, 1/01/33 (Pre-refunded 1/01/16) – FGIC Insured
1/16 at 100.00
 
AA– (4)
 
1,681,350
 
 
1,000
 
Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2006A, 4.625%, 1/01/31 – AGM Insured
1/16 at 100.00
 
AA
 
996,140
 
 
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)
 
489,961
 
 
1,050
 
Illinois Finance Authority, Revenue Bonds, University of Chicago, Tender Option Bond Trust 2015-XF0248, 9.272%, 7/01/46 (Pre-refunded 7/01/17) (IF) (5)
7/17 at 100.00
 
AA+ (4)
 
1,211,060
 
 
2,185
 
Illinois Finance Authority, Revenue Bonds, YMCA of Southwest Illinois, Series 2005, 5.000%, 9/01/31 – RAAI Insured
3/16 at 100.00
 
AA
 
2,157,775
 
 
1,750
 
Illinois Finance Authority, Revenue Refunding Bonds, Silver Cross Hospital and Medical Centers, Series 2008A, 5.500%, 8/15/30
8/18 at 100.00
 
BBB+
 
1,854,948
 
 
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+
 
1,060,326
 
 
2,190
 
Illinois State, General Obligation Bonds, Refunding Series 2012, 5.000%, 8/01/23
No Opt. Call
 
A–
 
2,378,296
 
     
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–
 
3,035,935
 
 
1,350
 
0.000%, 6/15/35 – NPFG Insured
No Opt. Call
 
AA–
 
526,527
 
 
5,000
 
0.000%, 12/15/36 – NPFG Insured
No Opt. Call
 
AA–
 
1,811,500
 
 
9,170
 
0.000%, 6/15/39 – NPFG Insured
No Opt. Call
 
AA–
 
2,906,890
 
 
5,045
 
Sauk Village, Illinois, General Obligation Alternate Revenue Source Bonds, Tax Increment, Series 2002A, 5.000%, 6/01/22 – RAAI Insured
12/15 at 100.00
 
AA
 
5,045,101
 
     
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
 
973,239
 
 
1,135
 
0.000%, 12/01/18 – RAAI Insured
No Opt. Call
 
AA
 
999,753
 
 
2,000
 
Springfield, Illinois, Electric Revenue Bonds, Senior Lien Series 2007, 5.000%, 3/01/22 – NPFG Insured
3/17 at 100.00
 
AA–
 
2,113,380
 
 
45,790
 
Total Illinois
       
32,132,855
 
     
Indiana – 4.7%
           
 
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
 
944,592
 
 
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–
 
2,266,093
 
 
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
 
BBB
 
182,114
 
 
1,075
 
Indiana Health and Educational Facilities Financing Authority, Revenue Bonds, Ascension Health, Series 2006B-5, 5.000%, 11/15/36
11/16 at 100.00
 
AA+
 
1,121,730
 
 
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
 
506,612
 
 
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)
 
551,266
 
 
2,000
 
Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 –
1/17 at 100.00
 
AA–
 
2,079,640
 

Nuveen Investments
 
31
 

 
NXQ
Nuveen Select Tax-Free Income Portfolio 2
 
 
Portfolio of Investments (continued)
September 30, 2015 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Indiana (continued)
           
$
1,750
 
Indianapolis Local Public Improvement Bond Bank, Indiana, Airport Authority Project Revenue Bonds, Series 2006F, 5.000%, 1/01/17 – AMBAC Insured (Alternative Minimum Tax)
7/16 at 100.00
 
A1
$
1,807,190
 
 
2,515
 
Whiting Redevelopment District, Indiana, Tax Increment Revenue Bonds, Lakefront Development Project, Series 2010, 6.000%, 1/15/19
No Opt. Call
 
N/R
 
2,695,300
 
 
12,150
 
Total Indiana
       
12,154,537
 
     
Iowa – 1.6%
           
 
1,665
 
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2013, 5.000%, 12/01/19
No Opt. Call
 
BB–
 
1,759,905
 
 
1,645
 
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C, 5.375%, 6/01/38
12/15 at 100.00
 
B+
 
1,489,136
 
 
1,000
 
Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, 5.600%, 6/01/34
6/17 at 100.00
 
B+
 
955,890
 
 
4,310
 
Total Iowa
       
4,204,931
 
     
Kansas – 0.5%
           
 
795
 
Lawrence, Kansas, Hospital Revenue Bonds, Lawrence Memorial Hospital, Refunding Series 2006, 4.875%, 7/01/36
7/16 at 100.00
 
A1
 
807,203
 
 
335
 
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+
 
338,333
 
 
1,130
 
Total Kansas
       
1,145,536
 
     
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+
 
2,710,175
 
 
805
 
Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, Downtown Crossing Project, Convertible Capital Appreciation Series 2013C, 0.000%, 7/01/43
7/31 at 100.00
 
Baa3
 
572,878
 
 
3,305
 
Total Kentucky
       
3,283,053
 
     
Maryland – 1.5%
           
     
Baltimore, Maryland, Senior Lien Convention Center Hotel Revenue Bonds, Series 2006A:
           
 
595
 
5.000%, 9/01/32 – SYNCORA GTY Insured
9/16 at 100.00
 
Ba1
 
607,221
 
 
100
 
5.250%, 9/01/39 – SYNCORA GTY Insured
9/16 at 100.00
 
Ba1
 
102,280
 
 
3,145
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Western Maryland Health, Series 2006A, 4.500%, 1/01/21 (Pre-refunded 7/01/16) – NPFG Insured
7/16 at 100.00
 
AA– (4)
 
3,238,281
 
 
3,840
 
Total Maryland
       
3,947,782
 
     
Massachusetts – 0.4%
           
 
500
 
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, CareGroup Inc., Series 2008E-1 &2, 5.000%, 7/01/28
7/18 at 100.00
 
A–
 
548,310
 
 
345
 
Massachusetts Water Resources Authority, General Revenue Bonds, Series 1993C, 5.250%, 12/01/15 – NPFG Insured (ETM)
No Opt. Call
 
AA– (4)
 
347,753
 
 
225
 
Massachusetts Water Resources Authority, General Revenue Bonds, Series 1993C, 5.250%, 12/01/15 – NPFG Insured
No Opt. Call
 
Aa1
 
226,753
 
 
1,070
 
Total Massachusetts
       
1,122,816
 
     
Michigan – 3.4%
           
 
355
 
Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds, Refunding Senior Lien Series 2012A, 5.250%, 7/01/39
7/22 at 100.00
 
BBB+
 
383,191
 
 
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+
 
2,846,591
 
 
2,500
 
Detroit, Michigan, Sewer Disposal System Revenue Bonds, Second Lien, Series 2006B, 5.000%, 7/01/33 – FGIC Insured
7/16 at 100.00
 
AA–
 
2,536,275
 
 
2,060
 
Detroit, Michigan, Water Supply System Senior Lien Revenue Bonds, Series 2004A, 4.500%, 7/01/25 – NPFG Insured
7/16 at 100.00
 
AA–
 
2,075,532
 

32
 
Nuveen Investments


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Michigan (continued)
           
$
385
 
Michigan State Building Authority, Revenue Refunding Bonds, Facilities Program, Refunding Series 2015-I, 5.000%, 4/15/38
10/25 at 100.00
 
Aa2
$
433,190
 
 
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
 
303,403
 
 
8,140
 
Total Michigan
       
8,578,182
 
     
Minnesota – 3.7%
           
 
8,450
 
Minneapolis, Minnesota, General Obligation Bonds, Various Purpose Series 2014, 1.000%, 12/01/15
No Opt. Call
 
AAA
 
8,463,602
 
 
1,060
 
Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2007-I, 4.850%, 7/01/38 (Alternative Minimum Tax)
7/16 at 100.00
 
AA+
 
1,064,304
 
 
9,510
 
Total Minnesota
       
9,527,906
 
     
Mississippi – 0.2%
           
 
500
 
Mississippi Development Bank, Revenue Bonds, Mississippi Municipal Energy Agency, Mississippi Power, Series 2006A, 5.000%, 3/01/21 – SYNCORA GTY Insured
3/16 at 100.00
 
Baa1
 
506,005
 
     
Missouri – 0.1%
           
 
270
 
Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Mass Transit Sales Tax Appropriation Bonds, Refunding Combined Lien Series 2013A, 5.000%, 10/01/28
10/18 at 100.00
 
AA+
 
299,381
 
     
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–
 
545,654
 
     
Nevada – 4.1%
           
 
1,325
 
Clark County Water Reclamation District, Nevada, General Obligation Water Bonds, Series 2009A, 5.250%, 7/01/38
No Opt. Call
 
AAA
 
1,491,168
 
 
1,250
 
Clark County, Nevada, Airport Revenue Bonds, Tender Option Bond Trust Series 11823, 20.245%, 1/01/36 (IF)
1/20 at 100.00
 
A+
 
2,052,700
 
 
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+
 
1,120,550
 
 
3,000
 
Las Vegas Valley Water District, Nevada, General Obligation Bonds, Refunding Series 2015, 5.000%, 6/01/34
12/24 at 100.00
 
AA+
 
3,475,140
 
 
2,500
 
North Las Vegas, Nevada, General Obligation Bonds, Series 2006, 5.000%, 5/01/36 – NPFG Insured
5/16 at 100.00
 
AA–
 
2,462,000
 
 
9,075
 
Total Nevada
       
10,601,558
 
     
New Jersey – 1.7%
           
 
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–
 
2,290,007
 
 
2,000
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2012A, 5.000%, 6/15/42
No Opt. Call
 
A–
 
2,018,000
 
 
4,165
 
Total New Jersey
       
4,308,007
 
     
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
 
1,011,130
 
     
New York – 4.8%
           
 
1,700
 
Dormitory Authority of the State of New York, FHA Insured Mortgage Hospital Revenue Bonds, Kaleida Health, Series 2006, 4.700%, 2/15/35 (Pre-refunded 8/15/16)
8/16 at 100.00
 
N/R (4)
 
1,765,586
 
 
5,000
 
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, Education Series 2006D, 5.000%, 3/15/36 (Pre-refunded 9/15/16)
9/16 at 100.00
 
N/R (4)
 
5,223,450
 
 
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
 
548,715
 
 
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
 
1,883,283
 

Nuveen Investments
 
33


NXQ
Nuveen Select Tax-Free Income Portfolio 2
 
 
Portfolio of Investments (continued)
September 30, 2015 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
New York (continued)
           
$
1,250
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding Series 2012F, 5.000%, 11/15/26
11/22 at 100.00
 
AA–
$
1,462,888
 
 
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
 
BBB
 
1,321,980
 
 
11,390
 
Total New York
       
12,205,902
 
     
Ohio – 3.2%
           
     
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–
 
1,857,395
 
 
2,475
 
5.875%, 6/01/30
6/17 at 100.00
 
B–
 
2,131,000
 
 
875
 
5.750%, 6/01/34
6/17 at 100.00
 
B–
 
727,265
 
 
2,680
 
5.875%, 6/01/47
6/17 at 100.00
 
B
 
2,230,671
 
 
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+
 
1,203,931
 
 
9,290
 
Total Ohio
       
8,150,262
 
     
Oklahoma – 1.6%
           
 
1,000
 
Norman Regional Hospital Authority, Oklahoma, Hospital Revenue Bonds, Series 2005, 5.375%, 9/01/36
9/16 at 100.00
 
BBB–
 
1,025,490
 
 
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
 
3,000,081
 
 
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)
 
100,874
 
 
4,000
 
Total Oklahoma
       
4,126,445
 
     
Pennsylvania – 0.6%
           
 
1,500
 
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Subordinate Special Revenue Bonds, Series 2010B, 0.000%, 12/01/30
12/20 at 100.00
 
AA–
 
1,595,190
 
     
Puerto Rico – 0.8%
           
 
1,035
 
Puerto Rico Housing Finance Authority, Capital Fund Program Revenue Bonds, Series 2003, 5.000%, 12/01/20
12/15 at 100.00
 
AA–
 
1,043,870
 
 
15,000
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 8/01/54 – AMBAC Insured
No Opt. Call
 
Caa3
 
1,023,150
 
 
16,035
 
Total Puerto Rico
       
2,067,020
 
     
Texas – 10.4%
           
 
250
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2011, 6.000%, 1/01/41
1/21 at 100.00
 
BBB+
 
285,988
 
 
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+
 
6,146,802
 
 
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
 
1,292,576
 
 
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
 
AA– (4)
 
689,020
 
     
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H:
           
 
630
 
0.000%, 11/15/24 – NPFG Insured
No Opt. Call
 
AA–
 
438,335
 
 
12,480
 
0.000%, 11/15/41 – NPFG Insured
11/31 at 53.78
 
AA–
 
3,116,256
 
 
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–
 
1,038,941
 
 
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
 
420,164
 
 
1,400
 
Kerrville Health Facilities Development Corporation, Texas, Revenue Bonds, Sid Peterson Memorial Hospital Project, Series 2005, 5.375%, 8/15/35
2/16 at 100.00
 
BBB+
 
1,409,142
 

34
 
Nuveen Investments


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Texas (continued)
           
$
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
$
46,706
 
 
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)
 
1,142,160
 
 
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
 
2,472,991
 
 
1,025
 
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2015B, 5.000%, 1/01/40
1/23 at 100.00
 
A
 
1,117,199
 
 
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
 
5,558,050
 
     
Texas State University System, Financing Revenue Bonds, Refunding Series 2006:
           
 
1,260
 
5.000%, 3/15/28 (Pre-refunded 3/15/16) – AGM Insured
3/16 at 100.00
 
AA (4)
 
1,287,959
 
 
165
 
5.000%, 3/15/28 (Pre-refunded 3/15/16) – AGM Insured
3/16 at 100.00
 
AA (4)
 
168,668
 
 
38,410
 
Total Texas
       
26,630,957
 
     
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–
 
2,081,400
 
     
Virginia – 2.2%
           
 
1,500
 
Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Second Senior Lien Revenue Bonds, Series 2009C, 0.000%, 10/01/41 – AGC Insured
10/26 at 100.00
 
AA
 
1,779,330
 
     
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–
 
1,091,190
 
 
500
 
6.000%, 1/01/37 (Alternative Minimum Tax)
7/22 at 100.00
 
BBB–
 
566,275
 
 
1,010
 
5.500%, 1/01/42 (Alternative Minimum Tax)
7/22 at 100.00
 
BBB–
 
1,099,314
 
 
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+
 
1,035,670
 
 
5,010
 
Total Virginia
       
5,571,779
 
     
Washington – 3.3%
           
 
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+
 
4,592,560
 
 
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
 
1,099,365
 
 
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)
 
2,736,000
 
 
7,490
 
Total Washington
       
8,427,925
 
     
Wisconsin – 2.6%
           
 
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+
 
2,248,120
 
 
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
 
A2
 
1,768,770
 
 
1,500
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan Healthcare System, Series 2006A, 5.250%, 8/15/31
8/16 at 100.00
 
A–
 
1,535,430
 
 
1,000
 
Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Refunding Series 2009A, 6.000%, 5/01/36
5/19 at 100.00
 
AA–
 
1,154,901
 
 
6,145
 
Total Wisconsin
       
6,707,221
 
$
317,345
 
Total Municipal Bonds (cost $230,118,570)
       
250,452,382
 

Nuveen Investments
 
35


NXQ
Nuveen Select Tax-Free Income Portfolio 2
 
 
Portfolio of Investments (continued)
September 30, 2015 (Unaudited)

 
Principal
                   
 
Amount (000)
 
Description (1)
Coupon
 
Maturity
 
Ratings (3)
 
Value
 
     
CORPORATE BONDS – 0.0%
               
                       
     
Transportation – 0.0%
               
$
328
 
Las Vegas Monorail Company, Senior Interest Bonds (6), (7)
5.500%
 
7/15/19
 
N/R
$
59,090
 
 
88
 
Las Vegas Monorail Company, Senior Interest Bonds (6), (7)
3.000%
 
7/15/55
 
N/R
 
11,678
 
$
416
 
Total Corporate Bonds (cost $37,260)
           
70,768
 
     
Total Long-Term Investments (cost $230,155,830)
           
250,523,150
 
     
Other Assets Less Liabilities – 2.2%
           
5,546,777
 
     
Net Assets – 100%
         
$
256,069,927
 

(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)
Ratings: Using the highest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. 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)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(6)
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.
(7)
During January 2010, Las Vegas Monorail Company ("Las Vegas Monorail") filed for federal bankruptcy protection. During March 2012, Las Vegas Monorail emerged from federal bankruptcy with the acceptance of a reorganization plan assigned by the Federal Bankruptcy Court. Under the reorganization plan, the Fund surrendered its Las Vegas Monorail Project Revenue Bonds, First Tier, Series 2000 and in turn received two senior interest corporate bonds: the first with an annual coupon rate of 5.500% maturing on July 15, 2019 and the second with an annual coupon rate of 3.000% (5.500% after December 31, 2015) maturing on July 15, 2055. The Fund is not accruing income for either senior interest corporate bond.
(ETM)
Escrowed to maturity.
(IF)
Inverse floating rate investment.
See accompanying notes to financial statements.
 
36
 
Nuveen Investments


NXR
   
 
Nuveen Select Tax-Free Income Portfolio 3
 
 
Portfolio of Investments
September 30, 2015 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
LONG-TERM INVESTMENTS – 95.3%
           
                   
     
MUNICIPAL BONDS – 95.3%
           
                   
     
Alaska – 1.2%
           
$
2,675
 
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 5.000%, 6/01/32
12/15 at 100.00
 
B
$
2,333,804
 
     
California – 20.6%
           
 
12,500
 
Anaheim Public Financing Authority, California, Lease Revenue Bonds, Public Improvement Project, Series 1997C, 0.000%, 9/01/35 – AGM Insured
No Opt. Call
 
AA
 
5,477,749
 
 
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
 
B
 
933,610
 
 
1,125
 
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Sonoma County Tobacco Securitization Corporation, Series 2005, 5.000%, 6/01/26
12/15 at 100.00
 
B–
 
1,057,028
 
 
2,595
 
California Health Facilities Financing Authority, Revenue Bonds, Kaiser Permanante System, Series 2006, 5.000%, 4/01/37
4/16 at 100.00
 
A+
 
2,634,937
 
 
890
 
California Statewide Community Development Authority, Revenue Bonds, Methodist Hospital Project, Series 2009, 6.750%, 2/01/38
8/19 at 100.00
 
Aa2
 
1,048,999
 
 
260
 
California Statewide Financing Authority, Tobacco Settlement Asset-Backed Bonds, Pooled Tobacco Securitization Program, Series 2002A, 5.625%, 5/01/29
11/15 at 100.00
 
BBB+
 
260,010
 
 
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–
 
1,393,574
 
 
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+
 
2,203,508
 
     
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+
 
675,717
 
 
2,090
 
5.000%, 6/01/33
6/17 at 100.00
 
B
 
1,827,099
 
 
4,055
 
Kern Community College District, California, General Obligation Bonds, Series 2003A, 0.000%, 3/01/28 – FGIC Insured
No Opt. Call
 
Aa2
 
2,654,241
 
 
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
8/35 at 100.00
 
AA
 
822,591
 
 
11,985
 
Norwalk La Mirada Unified School District, Los Angeles County, California, General Obligation Bonds, Election of 2002, Series 2007C, 0.000%,
8/01/32 – AGM Insured
No Opt. Call
 
AA
 
6,229,200
 
 
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–
 
2,155,920
 
 
8,040
 
Placentia-Yorba Linda Unified School District, Orange County, California, Certificates of Participation, Series 2006, 0.000%, 10/01/34 – FGIC Insured
No Opt. Call
 
AA–
 
3,578,845
 
 
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
 
756,795
 
 
8,000
 
Poway Unified School District, San Diego County, California, General Obligation Bonds, School Facilities Improvement District 2007-1, Series 2009A, 0.000%, 8/01/32
No Opt. Call
 
AA–
 
4,206,319
 
 
3,940
 
Rancho Mirage Redevelopment Agency, California, Tax Allocation Bonds, Combined Whitewater and 1984 Project Areas, Series 2003A, 0.000%, 4/01/35 – NPFG Insured
No Opt. Call
 
AA–
 
1,649,402
 
 
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–
 
1,066,493
 
 
69,515
 
Total California
       
40,632,037
 
     
Colorado – 5.3%
           
 
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–
 
1,570,446
 

Nuveen Investments
 
37


NXR
Nuveen Select Tax-Free Income Portfolio 3
 
 
Portfolio of Investments (continued)
September 30, 2015 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Colorado (continued)
           
$
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–
$
2,172,660
 
 
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–
 
1,048,730
 
 
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
 
2,144,425
 
 
1,295
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%, 9/01/32 – NPFG Insured
No Opt. Call
 
AA–
 
682,115
 
 
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–
 
2,948,839
 
 
13,290
 
Total Colorado
       
10,567,215
 
     
Connecticut – 2.2%
           
 
1,250
 
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Yale University, Series 2007Z-1, 5.000%, 7/01/42
7/16 at 100.00
 
AAA
 
1,284,413
 
 
3,000
 
University of Connecticut, General Obligation Bonds, Refunding Series 2014A, 4.000%, 2/15/16
No Opt. Call
 
AA
 
3,043,770
 
 
4,250
 
Total Connecticut
       
4,328,183
 
     
District of Columbia – 0.0%
           
 
80
 
District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2001, 6.250%, 5/15/24
11/15 at 100.00
 
A1
 
80,002
 
     
Florida – 3.5%
           
 
3,110
 
Florida State Board of Education, Public Education Capital Outlay Bonds, Refunding Series 2014C, 4.000%, 6/01/16
No Opt. Call
 
AAA
 
3,190,051
 
 
1,000
 
Hillsborough County Industrial Development Authority, Florida, Hospital Revenue Bonds, Tampa General Hospital, Series 2006, 5.250%, 10/01/41
10/16 at 100.00
 
A
 
1,027,970
 
 
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
 
Aa2
 
2,617,675
 
 
6,610
 
Total Florida
       
6,835,696
 
     
Georgia – 0.5%
           
 
1,020
 
Private Colleges and Universities Authority, Georgia, Revenue Bonds, Emory University, Refunding Series 2005A, 5.000%, 9/01/18
No Opt. Call
 
AA+
 
1,024,162
 
     
Illinois – 13.5%
           
 
3,900
 
Chicago Board of Education, Illinois, General Obligation Bonds, Series 1999A, 0.000%, 12/01/28 – FGIC Insured
No Opt. Call
 
AA–
 
1,869,777
 
 
2,000
 
Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2006A, 4.625%, 1/01/31 – AGM Insured
1/16 at 100.00
 
AA
 
1,992,280
 
 
260
 
Illinois Finance Authority, Revenue Bonds, Rehabilitation Institute of Chicago, Series 2013A, 6.000%, 7/01/43
7/23 at 100.00
 
A–
 
305,037
 
 
1,600
 
Illinois Finance Authority, Revenue Bonds, Resurrection Health Care System, Series 1999B, 5.000%, 5/15/24 – AGM Insured
5/18 at 100.00
 
AA
 
1,724,736
 
 
1,050
 
Illinois Finance Authority, Revenue Bonds, University of Chicago, Tender Option Bond Trust 2015-XF0248, 9.272%, 7/01/46 (Pre-refunded 7/01/17) (IF) (4)
7/17 at 100.00
 
AA+ (5)
 
1,211,060
 
 
2,185
 
Illinois Finance Authority, Revenue Bonds, YMCA of Southwest Illinois, Series 2005, 5.000%, 9/01/31 – RAAI Insured
3/16 at 100.00
 
AA
 
2,157,775
 
 
1,500
 
Illinois Finance Authority, Revenue Refunding Bonds, Silver Cross Hospital and Medical Centers, Series 2008A, 5.500%, 8/15/30
8/18 at 100.00
 
BBB+
 
1,589,955
 
 
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+
 
768,353
 
 
1,500
 
Illinois Health Facilities Authority, Revenue Bonds, Evangelical Hospitals Corporation, Series 1992C, 6.250%, 4/15/22 (ETM)
No Opt. Call
 
N/R (5)
 
1,783,380
 

38
 
Nuveen Investments


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Illinois (continued)
           
$
1,560
 
Illinois Housing Development Authority, Homeowner Mortgage Revenue Bonds, Series 2006C2, 5.050%, 8/01/27 (Alternative Minimum Tax)
2/16 at 100.00
 
AA
$
1,568,034
 
 
2,190
 
Illinois State, General Obligation Bonds, Refunding Series 2012, 5.000%, 8/01/23
No Opt. Call
 
A–
 
2,378,296
 
 
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
 
788,050
 
     
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–
 
1,271,550
 
 
4,775
 
0.000%, 12/15/31 – NPFG Insured
No Opt. Call
 
AA–
 
2,282,928
 
 
5,000
 
0.000%, 12/15/36 – NPFG Insured
No Opt. Call
 
AA–
 
1,811,500
 
 
2,000
 
0.000%, 6/15/37 – NPFG Insured
No Opt. Call
 
AA–
 
701,480
 
 
2,000
 
Springfield, Illinois, Electric Revenue Bonds, Senior Lien Series 2007, 5.000%, 3/01/22 – NPFG Insured
3/17 at 100.00
 
AA–
 
2,113,380
 
 
310
 
University of Illinois, Health Services Facilities System Revenue Bonds, Series 2013, 6.000%, 10/01/42
10/23 at 100.00
 
A
 
351,990
 
 
36,080
 
Total Illinois
       
26,669,561
 
     
Indiana – 0.5%
           
 
270
 
Indiana Finance Authority, Tax-Exempt Private Activity Revenue Bonds, I-69 Section 5 Project, Series 2014, 5.250%, 9/01/34 (Alternative Minimum Tax)
9/24 at 100.00
 
BBB
 
296,163
 
 
1,000
 
Zionsville Community Schools Building Corporation, Indiana, First Mortgage Bonds, Series 2005Z, 0.000%, 7/15/28 – AGM Insured
No Opt. Call
 
AA
 
668,220
 
 
1,270
 
Total Indiana
       
964,383
 
     
Iowa – 2.6%
           
 
2,745
 
Iowa Finance Authority, Health Facility Revenue Bonds, Care Initiatives Project, Series 2006A, 5.000%, 7/01/20
7/16 at 100.00
 
BB+
 
2,791,528
 
 
1,330
 
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2013, 5.000%, 12/01/19
No Opt. Call
 
BB–
 
1,405,810
 
 
950
 
Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, 5.600%, 6/01/34
6/17 at 100.00
 
B+
 
908,096
 
 
5,025
 
Total Iowa
       
5,105,434
 
     
Kansas – 1.1%
           
     
Lawrence, Kansas, Hospital Revenue Bonds, Lawrence Memorial Hospital, Refunding Series 2006:
           
 
1,425
 
5.125%, 7/01/26
7/16 at 100.00
 
A1
 
1,459,799
 
 
700
 
4.875%, 7/01/36
7/16 at 100.00
 
A1
 
710,745
 
 
2,125
 
Total Kansas
       
2,170,544
 
     
Louisiana – 1.0%
           
 
2,000
 
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A, 5.000%, 5/01/41 (Pre-refunded 5/01/16) – AGM Insured
5/16 at 100.00
 
Aa1 (5)
 
2,055,860
 
     
Maryland – 1.6%
           
 
550
 
Baltimore, Maryland, Senior Lien Convention Center Hotel Revenue Bonds, Series 2006A, 5.250%, 9/01/23 – SYNCORA GTY Insured
9/16 at 100.00
 
Ba1
 
563,046
 
 
2,500
 
Montgomery County, Maryland, General Obligation Bonds, Consolidated Public Improvement Series 2012A, 5.000%, 11/01/15
No Opt. Call
 
AAA
 
2,510,625
 
 
3,050
 
Total Maryland
       
3,073,671
 
     
Michigan – 2.5%
           
 
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
 
BBB+
 
383,191
 
 
3,635
 
Detroit, Michigan, Sewer Disposal System Revenue Bonds, Second Lien, Series 2006B, 4.625%, 7/01/34 – FGIC Insured
7/16 at 100.00
 
AA–
 
3,665,752
 

Nuveen Investments
 
39


NXR
Nuveen Select Tax-Free Income Portfolio 3
 
 
Portfolio of Investments (continued)
September 30, 2015 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Michigan (continued)
           
$
640
 
Detroit, Michigan, Water Supply System Second Lien Revenue Refunding Bonds, Series 2006C, 5.000%, 7/01/33 – AGM Insured
No Opt. Call
 
AA
$
649,811
 
 
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
 
303,403
 
 
4,880
 
Total Michigan
       
5,002,157
 
     
Minnesota – 1.8%
           
 
3,500
 
St. Paul Housing and Redevelopment Authority, Minnesota, Hospital Revenue Bonds, HealthEast Inc., Series 2005, 6.000%, 11/15/30 (Pre-refunded 11/15/15)
11/15 at 100.00
 
BBB– (5)
 
3,524,990
 
     
Missouri – 0.1%
           
 
270
 
Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Mass Transit Sales Tax Appropriation Bonds, Refunding Combined Lien Series 2013A, 5.000%, 10/01/28
10/18 at 100.00
 
AA+
 
299,381
 
     
Montana – 0.8%
           
 
1,440
 
Montana Facilities Finance Authority, Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Composite Deal Series 2010A, 4.750%, 1/01/40
1/20 at 100.00
 
AA–
 
1,530,374
 
     
Nevada – 1.8%
           
 
1,000
 
Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran International Airport, Series 2010A, 5.250%, 7/01/42
1/20 at 100.00
 
A+
 
1,120,550
 
 
2,500
 
North Las Vegas, Nevada, General Obligation Bonds, Series 2006, 5.000%, 5/01/36 – NPFG Insured
5/16 at 100.00
 
AA–
 
2,462,000
 
 
3,500
 
Total Nevada
       
3,582,550
 
     
New Jersey – 2.2%
           
 
2,000
 
New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Series 2004A, 5.000%, 7/01/34 – NPFG Insured
1/16 at 100.00
 
AA–
 
2,021,340
 
 
4,570
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006C, 0.000%, 12/15/28 – AMBAC Insured
No Opt. Call
 
A–
 
2,367,169
 
 
6,570
 
Total New Jersey
       
4,388,509
 
     
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
 
1,011,130
 
     
New York – 4.2%
           
 
1,025
 
Dormitory Authority of the State of New York, FHA Insured Mortgage Hospital Revenue Bonds, Kaleida Health, Series 2006, 4.700%, 2/15/35 (Pre-refunded 8/15/16)
8/16 at 100.00
 
N/R (5)
 
1,064,545
 
 
2,625
 
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, Education Series 2006D, 5.000%, 3/15/36 (Pre-refunded 9/15/16)
9/16 at 100.00
 
N/R (5)
 
2,742,311
 
 
1,250
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding Series 2012F, 5.000%, 11/15/26
11/22 at 100.00
 
AA–
 
1,462,888
 
 
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
 
890,980
 
 
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 (5)
 
1,770,008
 
 
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
 
BBB
 
308,656
 
 
7,665
 
Total New York
       
8,239,388
 
     
Ohio – 3.8%
           
     
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–
 
1,159,256
 
 
1,465
 
6.000%, 6/01/42
6/17 at 100.00
 
B
 
1,238,731
 
 
435
 
5.875%, 6/01/47
6/17 at 100.00
 
B
 
362,068
 

40
 
Nuveen Investments


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Ohio (continued)
           
$
3,720
 
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-3, 6.250%, 6/01/37
6/22 at 100.00
 
B–
$
3,242,426
 
 
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+
 
1,607,057
 
 
8,440
 
Total Ohio
       
7,609,538
 
     
Pennsylvania – 1.9%
           
 
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–
 
2,636,740
 
 
1,000
 
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Subordinate Special Revenue Bonds, Series 2010B, 0.000%, 12/01/30
12/20 at 100.00
 
AA–
 
1,063,460
 
 
3,435
 
Total Pennsylvania
       
3,700,200
 
     
Puerto Rico – 2.0%
           
 
945
 
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N, 5.250%, 7/01/31 – AMBAC Insured
No Opt. Call
 
CC
 
818,521
 
     
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–
 
243,266
 
 
12,000
 
0.000%, 8/01/41 – NPFG Insured
No Opt. Call
 
AA–
 
2,342,040
 
 
9,015
 
0.000%, 8/01/54 – AMBAC Insured
No Opt. Call
 
Caa3
 
614,913
 
 
23,130
 
Total Puerto Rico
       
4,018,740
 
     
Rhode Island – 0.6%
           
 
1,150
 
Rhode Island Economic Development Corporation, Airport Revenue Bonds, Refunding Series 2005A, 4.625%, 7/01/26 – NPFG Insured (Alternative Minimum Tax)
1/16 at 100.00
 
AA–
 
1,150,851
 
     
South Carolina – 0.5%
           
 
1,000
 
South Carolina Public Service Authority, Electric System Revenue Bonds, Santee Cooper, Refunding Series 2011B, 5.000%, 12/01/15
No Opt. Call
 
AA–
 
1,008,290
 
     
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+
 
868,744
 
     
Texas – 9.4%
           
 
250
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2011, 6.000%, 1/01/41
1/21 at 100.00
 
BBB+
 
285,988
 
 
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+
 
5,129,705
 
     
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–
 
638,165
 
 
2,510
 
0.000%, 11/15/36 – NPFG Insured
11/31 at 73.51
 
AA–
 
877,195
 
 
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–
 
928,330
 
     
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
 
1,283,315
 
 
4,095
 
0.000%, 11/15/38 – NPFG Insured
11/30 at 61.17
 
AA
 
1,317,116
 
 
1,275
 
Kerrville Health Facilities Development Corporation, Texas, Revenue Bonds, Sid Peterson Memorial Hospital Project, Series 2005, 5.375%, 8/15/35
2/16 at 100.00
 
BBB+
 
1,283,326
 
 
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
 
2,472,991
 
 
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
 
360,340
 
 
2,000
 
Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series
No Opt. Call
 
A3
 
2,163,080
 

Nuveen Investments
 
41


NXR
Nuveen Select Tax-Free Income Portfolio 3
 
 
Portfolio of Investments (continued)
September 30, 2015 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Texas (continued)
           
$
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–
$
1,768,145
 
 
26,410
 
Total Texas
       
18,507,696
 
     
Utah – 1.1%
           
 
5,465
 
Utah Transit Authority, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 6/15/36
6/17 at 38.77
 
AA–
 
2,081,400
 
     
Virginia – 2.5%
           
 
3,500
 
Chesapeake, Virginia, Transportation System Senior Toll Road Revenue Bonds, Capital Appreciation Series 2012B, 0.000%, 7/15/32
7/28 at 100.00
 
BBB
 
2,656,115
 
     
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–
 
566,275
 
 
1,510
 
5.500%, 1/01/42 (Alternative Minimum Tax)
7/22 at 100.00
 
BBB–
 
1,643,529
 
 
5,510
 
Total Virginia
       
4,865,919
 
     
Washington – 4.4%
           
 
2,035
 
Energy Northwest, Washington, Electric Revenue Bonds, Columbia Generating Station – Nuclear Project 2, Series 2006C, 5.000%, 7/01/24 (Pre-refunded 7/01/16)
7/16 at 100.00
 
Aa1 (5)
 
2,106,612
 
 
1,000
 
Grant County Public Utility District 2, Washington, Revenue Bonds, Priest Rapids Hydroelectric Project, Refunding Series 2012A, 5.000%, 1/01/16
No Opt. Call
 
AA
 
1,012,350
 
 
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
 
1,099,365
 
 
4,000
 
Washington Health Care Facilities Authority, Revenue Bonds, Providence Health & Services, Series 2012A, 5.000%, 10/01/32
10/22 at 100.00
 
AA
 
4,469,759
 
 
8,025
 
Total Washington
       
8,688,086
 
     
Wisconsin – 1.2%
           
 
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–
 
1,362,600
 
 
975
 
Wisconsin, General Obligation Refunding Bonds, Series 2003-3, 5.000%, 11/01/26
11/15 at 100.00
 
AA
 
978,950
 
 
2,225
 
Total Wisconsin
       
2,341,550
 
$
261,400
 
Total Municipal Bonds (cost $167,546,060)
       
188,260,045
 

 
Principal
                   
 
Amount (000)
 
Description (1)
Coupon
 
Maturity
 
Ratings (3)
 
Value
 
     
CORPORATE BONDS – 0.0%
               
                       
     
Transportation – 0.0%
               
$
92
 
Las Vegas Monorail Company, Senior Interest Bonds (6), (7)
5.500%
 
7/15/19
 
N/R
$
16,651
 
 
25
 
Las Vegas Monorail Company, Senior Interest Bonds (6), (7)
3.000%
 
7/15/55
 
N/R
 
3,290
 
$
117
 
Total Corporate Bonds (cost $10,497)
           
19,941
 
     
Total Long-Term Investments (cost $167,556,557)
           
188,279,986
 
     
Other Assets Less Liabilities – 4.7% (8)
           
9,385,426
 
     
Net Assets – 100%
         
$
197,665,412
 

42
 
Nuveen Investments


Investments in Derivatives as of September 30, 2015
Interest Rate Swaps outstanding:

           
Fund
               
Fixed Rate
               
Unrealized
 
     
Notional
   
Pay/Receive
   
Floating Rate
   
Fixed Rate
   
Payment
   
Effective
   
Termination
   
Appreciation
 
Counterparty
   
Amount
   
Floating Rate
   
Index
   
(Annualized
)
 
Frequency
   
Date (9
)
 
Date
   
(Depreciation
)
JPMorgan
 
$
5,500,000
   
Receive
   
USD-BMA
   
1.940
%
 
Quarterly
   
6/29/16
   
6/29/26
 
$
(140,710
)

(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)
Ratings: Using the highest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. 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 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.
(7)
During January 2010, Las Vegas Monorail Company ("Las Vegas Monorail") filed for federal bankruptcy protection. During March 2012, Las Vegas Monorail emerged from federal bankruptcy with the acceptance of a reorganization plan assigned by the Federal Bankruptcy Court. Under the reorganization plan, the Fund surrendered its Las Vegas Monorail Project Revenue Bonds, First Tier, Series 2000 and in turn received two senior interest corporate bonds: the first with an annual coupon rate of 5.500% maturing on July 15, 2019 and the second with an annual coupon rate of 3.000% (5.500% after December 31, 2015) maturing on July 15, 2055. The Fund is not accruing income for either senior interest corporate bond.
(8)
Other assets less liabilities includes the unrealized appreciation (depreciation) of certain over-the-counter derivatives as presented on the Statement of Assets and Liabilities. The unrealized appreciation (depreciation) of exchange-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.
(9)
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.
USD-BMA
United States Dollar-Bond Market Association
See accompanying notes to financial statements.
 
Nuveen Investments
 
43


NXC
   
 
Nuveen California Select Tax-Free Income Portfolio
 
 
Portfolio of Investments
September 30, 2015 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
LONG-TERM INVESTMENTS – 97.6%
           
                   
     
MUNICIPAL BONDS – 97.6%
           
                   
     
Consumer Staples – 3.9%
           
$
75
 
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Sonoma County Tobacco Securitization Corporation, Series 2005, 4.250%, 6/01/21
12/15 at 100.00
 
BBB+
$
74,843
 
 
185
 
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Revenue Bonds, Fresno County Tobacco Funding Corporation, Series 2002, 5.625%, 6/01/23
12/15 at 100.00
 
Aa1
 
185,009
 
 
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
 
1,267,605
 
 
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
 
950,142
 
 
1,500
 
Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed Bonds, Series 2005A-1, 5.500%, 6/01/45
12/15 at 100.00
 
B–
 
1,227,960
 
 
4,305
 
Total Consumer Staples
       
3,705,559
 
     
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
 
214,878
 
 
20
 
California Educational Facilities Authority, Revenue Bonds, University of Redlands, Series 2005A, 5.000%, 10/01/35
10/15 at 100.00
 
A3
 
20,028
 
 
160
 
California Municipal Finance Authority, Charter School Revenue Bonds, Rocketship Education Multiple Projects, Series 2014A , 7.250%, 6/01/43
6/22 at 102.00
 
N/R
 
180,640
 
 
2,000
 
California State University, Systemwide Revenue Bonds, Series 2015A, 5.000%, 11/01/38
11/25 at 100.00
 
Aa2
 
2,311,920
 
 
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–
 
284,653
 
 
2,625
 
Total Education and Civic Organizations
       
3,012,119
 
     
Health Care – 5.5%
           
 
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
 
128,803
 
 
125
 
California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Series 2014A, 5.000%, 10/01/38
10/24 at 100.00
 
AA
 
141,330
 
 
255
 
California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Series 2014B, 5.000%, 10/01/44
10/24 at 100.00
 
AA
 
284,947
 
 
235
 
California Health Facilities Financing Authority, Revenue Bonds, Rady Children's Hospital – San Diego, Series 2011, 5.250%, 8/15/41
8/21 at 100.00
 
AA–
 
261,339
 
 
425
 
California Statewide Community Development Authority, Revenue Bonds, Childrens Hospital of Los Angeles, Series 2007, 5.000%, 8/15/47
8/17 at 100.00
 
BBB+
 
441,286
 
 
545
 
California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanente System, Series 2001C, 5.250%, 8/01/31
8/16 at 100.00
 
A+
 
563,950
 
 
500
 
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 6.625%, 11/01/29
11/19 at 100.00
 
Ba1
 
553,270
 
 
1,100
 
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 6.000%, 11/01/41
11/20 at 100.00
 
Ba1
 
1,170,103
 
 
670
 
San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011, 7.500%, 12/01/41
12/21 at 100.00
 
BB
 
815,223
 
 
800
 
Upland, California, Certificates of Participation, San Antonio Community Hospital, Series 2011, 6.500%, 1/01/41
1/21 at 100.00
 
A–
 
923,944
 
 
4,770
 
Total Health Care
       
5,284,195
 

44
 
Nuveen Investments


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Housing/Multifamily – 1.0%
           
$
365
 
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2010A, 6.400%, 8/15/45
8/20 at 100.00
 
BBB
$
401,394
 
 
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
 
434,915
 
     
California Municipal Finance Authority, Mobile Home Park Senior Revenue Bonds, Caritas Affordable Housing, Inc. Projects, Series 2014A:
           
 
25
 
5.250%, 8/15/39
8/24 at 100.00
 
BBB
 
27,256
 
 
65
 
5.250%, 8/15/49
8/24 at 100.00
 
BBB
 
70,398
 
 
850
 
Total Housing/Multifamily
       
933,963
 
     
Housing/Single Family – 0.0%
           
 
15
 
California Housing Finance Agency, Home Mortgage Revenue Bonds, Series 2006H, 5.750%, 8/01/30 – FGIC Insured (Alternative Minimum Tax)
2/16 at 100.00
 
A
 
15,268
 
     
Industrials – 1.1%
           
 
1,015
 
California Pollution Control Financing Authority, Solid Waste Disposal Revenue Bonds, Republic Services Inc., Series 2002C, 5.250%, 6/01/23 (Mandatory put 12/01/17) (Alternative Minimum Tax)
No Opt. Call
 
BBB+
 
1,079,686
 
     
Tax Obligation/General – 33.0%
           
 
1,000
 
California State, General Obligation Bonds, Various Purpose Refunding Series 2015, 5.000%, 8/01/34
8/25 at 100.00
 
AA–
 
1,166,440
 
 
1,650
 
California State, General Obligation Bonds, Various Purpose Series 2009, 5.500%, 11/01/39
11/19 at 100.00
 
AA–
 
1,912,037
 
 
1,965
 
California State, General Obligation Bonds, Various Purpose Series 2011, 5.000%, 10/01/41
10/21 at 100.00
 
AA–
 
2,200,034
 
 
2,000
 
California State, General Obligation Bonds, Various Purpose Series 2012, 5.250%, 4/01/35
4/22 at 100.00
 
AA–
 
2,316,500
 
     
Golden West Schools Financing Authority, California, General Obligation Revenue Refunding Bonds, School District Program, Series 1999A:
           
 
4,650
 
0.000%, 8/01/16 – NPFG Insured
No Opt. Call
 
AA–
 
4,616,098
 
 
1,750
 
0.000%, 2/01/17 – NPFG Insured
No Opt. Call
 
AA–
 
1,704,395
 
 
2,375
 
0.000%, 8/01/17 – NPFG Insured
No Opt. Call
 
AA–
 
2,282,019
 
 
2,345
 
0.000%, 2/01/18 – NPFG Insured
No Opt. Call
 
AA–
 
2,227,961
 
     
Mountain View-Los Altos Union High School District, Santa Clara County, California, General Obligation Capital Appreciation Bonds, Series 1995C:
           
 
1,015
 
0.000%, 5/01/17 – NPFG Insured
No Opt. Call
 
Aa1
 
1,003,845
 
 
1,080
 
0.000%, 5/01/18 – NPFG Insured
No Opt. Call
 
Aa1
 
1,040,537
 
     
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+
 
4,524,741
 
 
3,250
 
0.000%, 8/01/35
No Opt. Call
 
A+
 
1,294,573
 
 
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
 
2,215,942
 
 
4,250
 
West Hills Community College District, California, General Obligation Bonds, School Facilities
8/31 at 100.00
 
AA
 
3,097,910
 
     
Improvement District 3, 2008 Election Series 2011, 0.000%, 8/01/38 – AGM Insured
           
 
46,230
 
Total Tax Obligation/General
       
31,603,032
 
     
Tax Obligation/Limited – 22.2%
           
 
1,000
 
Bell Community Redevelopment Agency, California, Tax Allocation Bonds, Bell Project Area, Series 2003, 5.625%, 10/01/33 – RAAI Insured
10/15 at 100.00
 
AA
 
1,000,130
 
 
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+
 
2,341,180
 
 
1,500
 
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2009-I, 6.375%, 11/01/34
11/19 at 100.00
 
A+
 
1,808,370
 
 
360
 
Chino Redevelopment Agency, California, Merged Chino Redevelopment Project Area Tax Allocation Bonds, Series 2006, 5.000%, 9/01/38 – AMBAC Insured
9/16 at 101.00
 
A
 
367,103
 
 
1,000
 
Fontana Public Financing Authority, California, Tax Allocation Revenue Bonds, North Fontana Redevelopment Project, Series 2005A, 5.000%, 10/01/32 – AMBAC Insured
10/15 at 100.00
 
A
 
1,001,420
 

Nuveen Investments
 
45


NXC
Nuveen California Select Tax-Free Income Portfolio
 
 
Portfolio of Investments (continued)
September 30, 2015 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Tax Obligation/Limited (continued)
           
$
270
 
Fontana Redevelopment Agency, San Bernardino County, California, Tax Allocation Bonds, Jurupa Hills Redevelopment Project, Refunding Series 1997A, 5.500%, 10/01/27
10/15 at 100.00
 
A–
$
274,028
 
 
3,000
 
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2015A, 5.000%, 6/01/40
6/25 at 100.00
 
A+
 
3,327,329
 
 
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+
 
257,188
 
     
Irvine Unified School District, California, Special Tax Bonds, Community Facilities District Series 2006A:
           
 
55
 
5.000%, 9/01/26
9/16 at 100.00
 
N/R
 
56,195
 
 
130
 
5.125%, 9/01/36
9/16 at 100.00
 
N/R
 
132,577
 
 
1,215
 
Los Angeles Community Redevelopment Agency, California, Lease Revenue Bonds, Manchester Social Services Project, Series 2005, 5.000%, 9/01/37 – AMBAC Insured
3/16 at 100.00
 
A1
 
1,217,005
 
 
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–
 
168,668
 
 
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+
 
1,119,230
 
 
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+
 
60,129
 
 
60
 
Patterson Public Finance Authority, California, Revenue Bonds, Community Facilities District 2001-1, Subordinate Lien Series 2013B, 5.875%, 9/01/39
9/23 at 100.00
 
N/R
 
64,607
 
     
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
 
375,746
 
 
320
 
5.750%, 9/01/39
9/23 at 100.00
 
N/R
 
346,906
 
 
415
 
Pittsburg Redevelopment Agency, California, Tax Allocation Bonds, Los Medanos Community Development Project, Refunding Series 2008A, 6.500%, 9/01/28
9/18 at 100.00
 
BBB–
 
453,230
 
 
160
 
Rancho Santa Fe CSD Financing Authority, California, Revenue Bonds, Superior Lien Series 2011A, 5.750%, 9/01/30
9/21 at 100.00
 
BBB+
 
181,931
 
 
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
 
36,866
 
 
605
 
Sacramento City Financing Authority, California, Lease Revenue Refunding Bonds, Series 1993A, 5.400%, 11/01/20 – NPFG Insured
No Opt. Call
 
AA–
 
662,542
 
 
1,365
 
San Diego County Regional Transportation Commission, California, Sales Tax Revenue Bonds, Series 2012A, 5.000%, 4/01/42
4/22 at 100.00
 
AAA
 
1,521,784
 
 
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
 
68,773
 
 
25
 
San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds, Mission Bay North Redevelopment Project, Series 2011C, 6.750%, 8/01/41
2/21 at 100.00
 
A–
 
30,078
 
     
San Francisco Redevelopment Financing Authority, California, Tax Allocation Revenue Bonds, Mission Bay South Redevelopment Project, Series 2011D:
           
 
25
 
7.000%, 8/01/33
2/21 at 100.00
 
BBB+
 
29,933
 
 
30
 
7.000%, 8/01/41
2/21 at 100.00
 
BBB+
 
35,920
 
 
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–
 
656,242
 
 
1,000
 
Santa Clara County Board of Education, California, Certificates of Participation, Series 2002, 5.000%, 4/01/25 – NPFG Insured
10/15 at 100.00
 
AA–
 
1,001,000
 
 
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
 
44,998
 
 
1,000
 
Travis Unified School District, Solano County, California, Certificates of Participation, Series 2006, 5.000%, 9/01/26 – FGIC Insured
9/16 at 100.00
 
A3
 
1,036,460
 
 
360
 
Turlock Public Financing Authority, California, Tax Allocation Revenue Bonds, Series 2011, 7.500%, 9/01/39
3/21 at 100.00
 
A–
 
447,700
 

46
 
Nuveen Investments


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Tax Obligation/Limited (continued)
           
$
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
$
1,102,890
 
 
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–
 
84,630
 
 
19,500
 
Total Tax Obligation/Limited
       
21,312,788
 
     
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+
 
627,817
 
     
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
 
1,092,640
 
 
1,170
 
5.750%, 1/15/46
1/24 at 100.00
 
BBB–
 
1,351,139
 
 
1,175
 
6.000%, 1/15/53
1/24 at 100.00
 
BBB–
 
1,368,664
 
 
800
 
Long Beach, California, Harbor Revenue Bonds, Series 2015D, 5.000%, 5/15/42
5/25 at 100.00
 
AA
 
920,600
 
 
955
 
Port of Oakland, California, Revenue Bonds, Refunding Series 2012P, 5.000%, 5/01/31 (Alternative Minimum Tax)
No Opt. Call
 
A+
 
1,065,933
 
 
5,630
 
Total Transportation
       
6,426,793
 
     
U.S. Guaranteed – 11.5% (4)
           
 
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 (4)
 
3,148,275
 
 
35
 
California Educational Facilities Authority, Revenue Bonds, University of the Pacific, Series 2006, 5.000%, 11/01/21 (Pre-refunded 11/01/15)
11/15 at 100.00
 
A2 (4)
 
35,146
 
 
1,155
 
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– (4)
 
1,246,476
 
 
150
 
Healdsburg Public Financing Authority, California, Wastewater Revenue Bonds, Series 2006, 5.000%, 4/01/36 (Pre-refunded 4/01/16) – NPFG Insured
4/16 at 100.00
 
AA (4)
 
153,663
 
 
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+ (4)
 
628,960
 
 
6,530
 
Merced Irrigation District, California, Certificates of Participation, Water and Hydroelectric Series 2008B, 0.000%, 9/01/23 (Pre-refunded 9/01/16)
9/16 at 64.56
 
A (4)
 
4,201,858
 
 
250
 
Sacramento County Sanitation Districts Financing Authority, California, Revenue Bonds, Series 2006, 5.000%, 12/01/31 (Pre-refunded 6/01/16) – FGIC Insured
6/16 at 100.00
 
AA (4)
 
258,133
 
 
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 (4)
 
246,764
 
 
1,000
 
Santa Clara Valley Transportation Authority, California, Sales Tax Revenue Bonds, Series 2007A, 5.000%, 4/01/36 (Pre-refunded 4/01/17) – AMBAC Insured
4/17 at 100.00
 
AA+ (4)
 
1,068,390
 
 
12,690
 
Total U.S. Guaranteed
       
10,987,665
 
     
Utilities – 2.0%
           
 
1,000
 
Imperial Irrigation District, California, Electric System Revenue Bonds, Refunding Series 2011A, 5.500%, 11/01/41
11/20 at 100.00
 
AA–
 
1,155,410
 
 
645
 
Long Beach Bond Finance Authority, California, Natural Gas Purchase Revenue Bonds, Series 2007A, 5.500%, 11/15/37
No Opt. Call
 
A
 
776,541
 
 
1,645
 
Total Utilities
       
1,931,951
 
     
Water and Sewer – 7.6%
           
 
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–
 
1,149,410
 
     
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
 
399,833
 
 
1,160
 
5.000%, 11/21/45 (Alternative Minimum Tax)
No Opt. Call
 
Baa3
 
1,228,336
 

Nuveen Investments
 
47


NXC
Nuveen California Select Tax-Free Income Portfolio
 
 
Portfolio of Investments (continued)
September 30, 2015 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Water and Sewer (continued)
           
$
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–
$
2,215,940
 
 
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
 
2,240,343
 
 
6,505
 
Total Water and Sewer
       
7,233,862
 
$
105,780
 
Total Long-Term Investments (cost $85,245,978)
       
93,526,881
 
                   
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
SHORT TERM INVESTMENTS – 0.4%
           
                   
     
MUNICIPAL BONDS – 0.4%
           
                   
     
Health Care – 0.4%
           
$
205
 
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2014A, 6.000%, 12/15/15 (5)
No Opt. Call
 
N/R
$
205,964
 
 
100
 
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2014B, 6.000%, 12/15/15 (5)
No Opt. Call
 
N/R
 
100,470
 
 
100
 
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2014C, 6.000%, 12/15/15 (5)
No Opt. Call
 
N/R
 
100,470
 
$
405
 
Total Short-Term Investments (cost $405,000)
       
406,904
 
     
Total Investments (cost $85,650,978) – 98.0%
       
93,933,785
 
     
Other Assets Less Liabilities – 2.0%
       
1,957,267
 
     
Net Assets – 100%
     
$
95,891,052
 

(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)
Ratings: Using the highest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. 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)
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.
(ETM)
Escrowed to maturity.

See accompanying notes to financial statements.
 
48
 
Nuveen Investments


NXN
   
 
Nuveen New York Select Tax-Free Income Portfolio
 
 
Portfolio of Investments
September 30, 2015 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
LONG-TERM INVESTMENTS – 96.9%
           
                   
     
MUNICIPAL BONDS – 96.9%
           
                   
     
Consumer Staples – 2.2%
           
$
150
 
Nassau County Tobacco Settlement Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Refunding Series 2006A-2, 5.250%, 6/01/26
6/16 at 100.00
 
B
$
148,901
 
 
275
 
Nassau County Tobacco Settlement Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Series 2006A-3, 5.000%, 6/01/35
6/16 at 100.00
 
B
 
244,841
 
     
TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006:
           
 
290
 
4.750%, 6/01/22
6/16 at 100.00
 
BBB–
 
291,166
 
 
540
 
5.000%, 6/01/26
6/16 at 100.00
 
BB–
 
547,722
 
 
1,255
 
Total Consumer Staples
       
1,232,630
 
     
Education and Civic Organizations – 22.6%
           
 
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
 
102,592
 
 
165
 
Albany Industrial Development Agency, New York, Revenue Bonds, Brighter Choice Charter Schools, Series 2007A, 5.000%, 4/01/37
4/17 at 100.00
 
B
 
136,214
 
 
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
 
286,728
 
 
30
 
Cattaraugus County Industrial Development Agency, New York, Revenue Bonds, St. Bonaventure University, Series 2006, 5.000%, 5/01/23
5/16 at 100.00
 
BBB–
 
30,481
 
 
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
 
452,975
 
 
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–
 
166,445
 
 
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–
 
1,166,640
 
 
605
 
Dormitory Authority of the State of New York, Icahn School of Medicine at Mount Sinai, Revenue Bonds, Series 2015A, 5.000%, 7/01/40
7/25 at 100.00
 
A–
 
663,413
 
     
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
 
23,452
 
 
25
 
5.000%, 7/01/33
No Opt. Call
 
Aa3
 
29,108
 
 
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–
 
428,227
 
 
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
 
1,147,720
 
 
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–
 
337,517
 
 
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
 
2,043,196
 
 
120
 
Dormitory Authority of the State of New York, Revenue Bonds, St. Joseph's College, Series 2010, 5.250%, 7/01/35
7/20 at 100.00
 
Ba1
 
127,816
 
 
815
 
Dutchess County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Bard College Refunding, Series 2007-A1, 5.000%, 8/01/46
8/17 at 100.00
 
Ba3
 
776,459
 
 
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
 
122,368
 
 
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–
 
2,186,598
 

Nuveen Investments
 
49


NXN
Nuveen New York Select Tax-Free Income Portfolio
 
 
Portfolio of Investments (continued)
September 30, 2015 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Education and Civic Organizations (continued)
           
     
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
 
BB+
$
513,550
 
 
430
 
4.750%, 1/01/42 – AMBAC Insured
1/17 at 100.00
 
BB+
 
437,676
 
 
300
 
New York City Industrial Development Authority, New York, PILOT Revenue Bonds, Yankee Stadium Project, Series 2006, 4.750%, 3/01/46 – NPFG Insured
9/16 at 100.00
 
AA–
 
308,259
 
 
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–
 
1,160,705
 
 
65
 
Seneca County Industrial Development Authority, New York, Revenue Bonds, New York Chiropractic College, Series 2007, 5.000%, 10/01/27
10/17 at 100.00
 
BBB+
 
68,888
 
 
11,645
 
Total Education and Civic Organizations
       
12,717,027
 
     
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
 
533,138
 
     
Health Care – 6.7%
           
 
1,000
 
California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanente System, Series 2006, 5.000%, 3/01/41
3/16 at 100.00
 
A+
 
1,014,180
 
 
450
 
Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, Montefiore Hospital, Series 2004, 5.000%, 8/01/29 – FGIC Insured
2/16 at 100.00
 
AA–
 
451,724
 
 
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
 
111,058
 
     
Dormitory Authority of the State of New York, Orange Regional Medical Center Obligated Group Revenue Bonds, Series 2008:
           
 
250
 
6.000%, 12/01/15
No Opt. Call
 
Ba1
 
252,093
 
 
160
 
6.500%, 12/01/21
12/18 at 100.00
 
Ba1
 
180,370
 
 
210
 
6.125%, 12/01/29
12/18 at 100.00
 
Ba1
 
231,229
 
 
405
 
6.250%, 12/01/37
12/18 at 100.00
 
Ba1
 
443,208
 
 
750
 
Dormitory Authority of the State of New York, Revenue Bonds, NYU Hospitals Center, Series 2011A, 6.000%, 7/01/40
7/20 at 100.00
 
A–
 
859,305
 
 
240
 
Yonkers Industrial Development Agency, New York, Revenue Bonds, St. John's Riverside Hospital, Series 2001B, 7.125%, 7/01/31
1/16 at 100.00
 
B+
 
240,439
 
 
3,565
 
Total Health Care
       
3,783,606
 
     
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
 
280,838
 
     
Industrials – 3.5%
           
 
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
 
42,712
 
 
1,865
 
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 1 Series 2014, 5.000%, 11/15/44
11/24 at 100.00
 
N/R
 
1,890,549
 
 
1,905
 
Total Industrials
       
1,933,261
 
     
Long-Term Care – 0.6%
           
 
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
 
Baa3
 
101,561
 
 
50
 
Dormitory Authority of the State of New York, Revenue Bonds, Providence Rest, Series 2005, 5.000%, 7/01/35 – ACA Insured
1/16 at 100.00
 
N/R
 
49,990
 
 
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
7/16 at 100.00
 
N/R
 
19,445
 
 
165
 
Yonkers Industrial Development Agency, New York, Civic Facilities Revenue Bonds, Special Needs Facilities Pooled Program Bonds, Series 2008-C1, 5.500%, 7/01/18
7/16 at 101.00
 
N/R
 
163,695
 
 
340
 
Total Long-Term Care
       
334,691
 

50
 
Nuveen Investments


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Tax Obligation/General – 3.7%
           
$
1,260
 
New York City, New York, General Obligation Bonds, Fiscal 2008 Series D-1, 5.125%, 12/01/25
12/17 at 100.00
 
AA
$
1,376,953
 
 
5
 
New York City, New York, General Obligation Bonds, Fiscal Series 2006J-1, 5.000%, 6/01/25
6/16 at 100.00
 
AA
 
5,158
 
 
600
 
Yonkers, New York, General Obligation Bonds, Series 2011A, 5.000%, 10/01/24 – AGM Insured
10/21 at 100.00
 
AA
 
689,076
 
 
1,865
 
Total Tax Obligation/General
       
2,071,187
 
     
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
 
1,178,436
 
 
1,000
 
Dormitory Authority of the State of New York, State Sales Tax Revenue Bonds, Series 2014A, 5.000%, 3/15/44
No Opt. Call
 
AAA
 
1,136,020
 
 
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
 
2,282,057
 
 
1,500
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 5.000%, 2/15/47
2/17 at 100.00
 
A
 
1,565,055
 
 
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
 
629,946
 
 
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
 
1,135,380
 
 
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
 
1,125,020
 
 
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
 
514,323
 
 
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
 
1,164,100
 
 
535
 
New York City Transitional Finance Authority, New York, Future Tax Secured Revenue Bonds, Tender Option Bond Trust 2015-XF0080, 13.516%, 5/01/32 (IF)
5/19 at 100.00
 
AAA
 
704,627
 
 
425
 
New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Series 2007, 5.000%, 4/01/27
10/17 at 100.00
 
AA+
 
457,122
 
 
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+
 
676,710
 
 
1,000
 
New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, Tender Option Bond Trust 09-6W, 13.250%, 3/15/37 (IF) (4)
3/17 at 100.00
 
AAA
 
1,162,060
 
 
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
 
931,942
 
 
12,975
 
Total Tax Obligation/Limited
       
14,662,798
 
     
Transportation – 9.6%
           
 
500
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2003A, 5.000%, 11/15/15 – FGIC Insured
No Opt. Call
 
AA–
 
503,100
 
 
1,000
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2014B, 5.250%, 11/15/38
5/24 at 100.00
 
AA–
 
1,149,340
 
 
1,000
 
New York City Industrial Development Agency, New York, Special Facilities Revenue Bonds, British Airways PLC, Series 1998, 5.250%, 12/01/32 (Alternative Minimum Tax)
12/15 at 100.00
 
BB
 
1,002,900
 
 
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+
 
278,223
 
 
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–
 
1,742,128
 
 
120
 
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Forty Eighth Series 2008, Trust 2920, 18.072%, 3/16/17 – AGM Insured (IF)
No Opt. Call
 
AA
 
155,050
 
     
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
12/15 at 100.00
 
BBB
 
292,880
 
 
215
 
6.000%, 12/01/36
12/20 at 100.00
 
BBB
 
250,419
 
 
4,875
 
Total Transportation
       
5,374,040
 

Nuveen Investments
 
51


NXN
Nuveen New York Select Tax-Free Income Portfolio
 
 
Portfolio of Investments (continued)
September 30, 2015 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
U.S. Guaranteed – 11.2% (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)
$
1,097,480
 
 
175
 
Dormitory Authority of the State of New York, Judicial Facilities Lease Revenue Bonds, Suffolk County Issue, Series 1986, 7.375%, 7/01/16 (ETM)
No Opt. Call
 
Aaa
 
183,479
 
 
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)
 
1,717,321
 
 
950
 
Dormitory Authority of the State of New York, Revenue Bonds, Memorial Sloan Kettering Cancer Center, Series 2006-1, 5.000%, 7/01/35 (Pre-refunded 7/01/16)
7/16 at 100.00
 
AA (5)
 
984,248
 
 
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)
 
239,175
 
     
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
 
106,413
 
 
90
 
5.500%, 2/01/32 (Pre-refunded 2/01/17)
2/17 at 100.00
 
Aaa
 
96,071
 
 
995
 
New York City, New York, General Obligation Bonds, Fiscal Series 2006J-1, 5.000%, 6/01/25 (Pre-refunded 6/01/16)
6/16 at 100.00
 
N/R (5)
 
1,026,601
 
 
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
 
848,168
 
 
5,905
 
Total U.S. Guaranteed
       
6,298,956
 
     
Utilities – 8.1%
           
 
550
 
Chautauqua County, New York, Industrial Development Agency, Exempt Facility Revenue Bonds, NRG Dunkirk Power Project, Series 2009, 5.875%, 4/01/42
2/20 at 100.00
 
Baa3
 
584,122
 
 
35
 
Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/34
10/22 at 100.00
 
BBB
 
37,673
 
     
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006A:
           
 
570
 
5.000%, 12/01/23 – FGIC Insured
6/16 at 100.00
 
AA–
 
586,598
 
 
430
 
5.000%, 12/01/25 – FGIC Insured
6/16 at 100.00
 
AA–
 
441,434
 
 
50
 
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2014A, 5.000%, 9/01/44
9/24 at 100.00
 
A–
 
55,259
 
 
400
 
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A, 5.000%, 5/01/38
5/21 at 100.00
 
A–
 
437,196
 
 
865
 
Niagara Area Development Corporation, New York, Solid Waste Disposal Facility Revenue Refunding Bonds, Covanta Energy Project, Series 2012A, 5.250%, 11/01/42
No Opt. Call
 
BB+
 
871,306
 
 
1,365
 
Utility Debt Securitization Authority, New York, Restructuring Bonds, Series 2013TE, 5.000%, 12/15/41
12/23 at 100.00
 
AAA
 
1,557,997
 
 
4,265
 
Total Utilities
       
4,571,585
 
     
Water and Sewer – 1.1%
           
 
200
 
Buffalo Municipal Water Finance Authority, New York, Water System Revenue Bonds, Refunding Series 2015A, 5.000%, 7/01/29
7/25 at 100.00
 
A
 
232,494
 
 
275
 
New York City Municipal Water Finance Authority, New York, Water and Sewerage System Revenue Bonds, Tender Option Bond Trust 2015-XF0097, 17.918%, 12/15/31 (IF)
6/18 at 100.00
 
AA+
 
380,820
 
 
475
 
Total Water and Sewer
       
613,314
 
$
49,795
 
Total Long-Term Investments (cost $51,060,474)
       
54,407,071
 

52
 
Nuveen Investments


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
SHORT-TERM INVESTMENTS – 5.4%
           
                   
     
MUNICIPAL BONDS – 5.4%
           
                   
     
Education and Civic Organizations – 1.3%
           
$
750
 
Syracuse Industrial Development Agency, New York, Civic Facility Revenue, Syracuse University, Variable Rate Demand Obligations, Series 2005B, 0.010%, 12/01/35 (6)
10/15 at 100.00
 
A-1+
$
750,000
 
     
Tax Obligation/General – 1.4%
           
 
800
 
New York City, New York, General Obligation Bonds, Variable Rate Demand Obligations, Fiscal Sub Series 2005F-4, 0.000%, 9/01/35 (6)
10/15 at 100.00
 
A-1
 
800,000
 
     
Tax Obligation/Limited – 1.3%
           
 
750
 
Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Variable Rate Demand Obligations, Refunding Series 2002B-1, 0.010%, 11/01/22 (6)
3/16 at 100.00
 
A-1+
 
750,000
 
     
Transportation – 1.4%
           
 
800
 
Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Variable Rate Demand Obligations, Series 2001B, 0.070%, 1/01/32 (6)
10/15 at 100.00
 
A-1+
 
800,000
 
$
3,100
 
Total Short-Term Investments (cost $3,100,000)
       
3,100,000
 
     
Total Investments (cost $54,160,474) – 102.3%
       
57,507,071
 
     
Floating Rate Obligations – (1.8)%
       
(1,005,000
)
     
Other Assets Less Liabilities – (0.5)%
       
(298,946
)
     
Net Assets – 100%
     
$
56,203,125
 

(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)
Ratings: Using the highest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. 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 a maturity of more 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.
(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 Investments
 
53



Statement of
   
 
Assets and Liabilities
September 30, 2015 (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 $217,460,212, $230,155,830, $167,556,557, $85,245,978 and $51,060,474, respectively)
 
$
240,781,001
 
$
250,523,150
 
$
188,279,986
 
$
93,526,881
 
$
54,407,071
 
Short-term investments, at value (cost $–, $– $–, $405,000 and $3,100,000, respectively)
   
   
   
   
406,904
   
3,100,000
 
Cash
   
974,260
   
2,969,840
   
2,127,323
   
2,468,152
   
10,459
 
Receivable for:
                               
Interest
   
2,439,430
   
2,498,288
   
2,102,369
   
960,504
   
720,816
 
Investments sold
   
4,500,000
   
940,000
   
5,950,000
   
   
100,000
 
Other assets
   
48,897
   
51,272
   
38,635
   
20,546
   
13,838
 
Total assets
   
248,743,588
   
256,982,550
   
198,498,313
   
97,382,987
   
58,352,184
 
Liabilities
                               
Unrealized depreciation on interest rate swaps
   
235,369
   
   
140,710
   
   
 
Floating rate obligations
   
   
   
   
   
1,005,000
 
Payable for:
                               
Dividends
   
706,408
   
754,648
   
569,489
   
327,831
   
172,246
 
Investments purchased
   
   
   
   
1,098,920
   
928,587
 
Accrued expenses:
                               
Management fees
   
42,070
   
53,856
   
41,825
   
20,684
   
12,168
 
Trustees fees
   
46,965
   
49,107
   
36,358
   
17,864
   
10,986
 
Other
   
56,265
   
55,012
   
44,519
   
26,636
   
20,072
 
Total liabilities
   
1,087,077
   
912,623
   
832,901
   
1,491,935
   
2,149,059
 
Net assets
 
$
247,656,511
 
$
256,069,927
 
$
197,665,412
 
$
95,891,052
 
$
56,203,125
 
Shares outstanding
   
16,570,310
   
17,713,727
   
13,045,560
   
6,278,907
   
3,923,976
 
Net asset value ("NAV") per share outstanding
 
$
14.95
 
$
14.46
 
$
15.15
 
$
15.27
 
$
14.32
 
Net assets consist of:
                               
Shares, $0.01 par value per share
 
$
165,703
 
$
177,137
 
$
130,456
 
$
62,789
 
$
39,240
 
Paid-in surplus
   
230,107,427
   
246,297,059
   
179,537,045
   
87,447,131
   
53,843,090
 
Undistributed (Over-distribution of) net investment income
   
1,544,724
   
532,856
   
1,055,040
   
(12,188
)
 
3,936
 
Accumulated net realized gain (loss)
   
(7,246,763
)
 
(11,304,445
)
 
(3,639,848
)
 
110,513
   
(1,029,738
)
Net unrealized appreciation (depreciation)
   
23,085,420
   
20,367,320
   
20,582,719
   
8,282,807
   
3,346,597
 
Net assets
 
$
247,656,511
 
$
256,069,927
 
$
197,665,412
 
$
95,891,052
 
$
56,203,125
 
Authorized shares
   
Unlimited
   
Unlimited
   
Unlimited
   
Unlimited
   
Unlimited
 
See accompanying notes to financial statements.
 
54
 
Nuveen Investments

Statement of
   
 
Operations
Six Months Ended September 30, 2015 (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
 
$
5,292,675
 
$
5,278,483
 
$
4,146,880
 
$
2,205,589
 
$
1,233,259
 
Expenses
                               
Management fees
   
256,924
   
328,572
   
255,237
   
126,265
   
74,275
 
Interest expense
   
   
   
   
   
2,741
 
Custodian fees
   
19,303
   
18,088
   
16,741
   
9,815
   
8,203
 
Trustees fees
   
3,316
   
3,427
   
2,643
   
1,283
   
753
 
Professional fees
   
13,565
   
13,488
   
13,324
   
12,232
   
11,861
 
Shareholder reporting expenses
   
24,118
   
22,408
   
16,231
   
7,791
   
5,188
 
Shareholder servicing agent fees
   
9,307
   
8,468
   
6,971
   
2,316
   
2,140
 
Stock exchange listing fees
   
3,985
   
3,985
   
3,985
   
3,989
   
3,985
 
Investor relations expenses
   
14,649
   
14,927
   
11,306
   
5,461
   
3,382
 
Other
   
9,043
   
9,344
   
6,003
   
6,318
   
6,105
 
Total expenses
   
354,210
   
422,707
   
332,441
   
175,470
   
118,633
 
Net investment income (loss)
   
4,938,465
   
4,855,776
   
3,814,439
   
2,030,119
   
1,114,626
 
Realized and Unrealized Gain (Loss)
                               
Net realized gain (loss) from:
                               
Investments
   
(916,312
)
 
(499,825
)
 
466,399
   
12,789
   
(25,680
)
Swaps
   
(2,384,901
)
 
   
(1,420,099
)
 
   
 
Change in net unrealized appreciation (depreciation) of:
                               
Investments
   
(2,884,331
)
 
(2,884,201
)
 
(3,115,178
)
 
(1,505,779
)
 
(790,827
)
Swaps
   
2,296,818
   
   
1,478,299
   
   
 
Net realized and unrealized gain (loss)
   
(3,888,726
)
 
(3,384,026
)
 
(2,590,579
)
 
(1,492,990
)
 
(816,507
)
Net increase (decrease) in net assets from operations
 
$
1,049,739
 
$
1,471,750
 
$
1,223,860
 
$
537,129
 
$
298,119
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
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
 
     
9/30/15
   
3/31/15
   
9/30/15
   
3/31/15
   
9/30/15
   
3/31/15
 
Operations
                                     
Net investment income (loss)
 
$
4,938,465
 
$
9,905,327
 
$
4,855,776
 
$
10,248,642
 
$
3,814,439
 
$
7,811,333
 
Net realized gain (loss) from:
                                     
Investments
   
(916,312
)
 
807,667
   
(499,825
)
 
505,853
   
466,399
   
(190,676
)
Swaps
   
(2,384,901
)
 
   
   
   
(1,420,099
)
 
 
Change in net unrealized appreciation (depreciation) of:
                                     
Investments
   
(2,884,331
)
 
13,921,046
   
(2,884,201
)
 
14,109,897
   
(3,115,178
)
 
13,428,637
 
Swaps
   
2,296,818
   
(2,298,329
)
 
   
   
1,478,299
   
(1,587,595
)
Net increase (decrease) in net assets from operations
   
1,049,739
   
22,335,711
   
1,471,750
   
24,864,392
   
1,223,860
   
19,461,699
 
Distributions to Shareholders
                                     
From net investment income
   
(4,689,399
)
 
(10,190,742
)
 
(4,782,707
)
 
(10,552,069
)
 
(3,711,462
)
 
(7,961,707
)
From accumulated net realized gains
   
   
   
   
   
   
 
Decrease in net assets from distributions to shareholders
   
(4,689,399
)
 
(10,190,742
)
 
(4,782,707
)
 
(10,552,069
)
 
(3,711,462
)
 
(7,961,707
)
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
   
(3,639,660
)
 
12,144,969
   
(3,310,957
)
 
14,312,323
   
(2,487,602
)
 
11,499,992
 
Net assets at the beginning of period
   
251,296,171
   
239,151,202
   
259,380,884
   
245,068,561
   
200,153,014
   
188,653,022
 
Net assets at the end of period
 
$
247,656,511
 
$
251,296,171
 
$
256,069,927
 
$
259,380,884
 
$
197,665,412
 
$
200,153,014
 
Undistributed (Over-distribution of) net investment income at the end of period
 
$
1,544,724
 
$
1,295,658
 
$
532,856
 
$
459,787
 
$
1,055,040
 
$
952,063
 
See accompanying notes to financial statements.
 
56
 
Nuveen Investments


   
California Select Tax-Free (NXC)
 
New York Select Tax-Free (NXN)
 
     
Six Months
   
Year
   
Six Months
   
Year
 
     
Ended
   
Ended
   
Ended
   
Ended
 
     
9/30/15
   
3/31/15
   
9/30/15
   
3/31/15
 
Operations
                         
Net investment income (loss)
 
$
2,030,119
 
$
4,120,734
 
$
1,114,626
 
$
2,202,838
 
Net realized gain (loss) from:
                         
Investments
   
12,789
   
268,393
   
(25,680
)
 
179,673
 
Swaps
   
   
   
   
 
Change in net unrealized appreciation (depreciation) of:
                         
Investments
   
(1,505,779
)
 
4,937,057
   
(790,827
)
 
2,105,832
 
Swaps
   
   
   
   
 
Net increase (decrease) in net assets from operations
   
537,129
   
9,326,184
   
298,119
   
4,488,343
 
Distributions to Shareholders
                         
From net investment income
   
(2,084,498
)
 
(4,297,578
)
 
(1,083,017
)
 
(2,251,577
)
From accumulated net realized gains
   
   
(696,581
)
 
   
 
Decrease in net assets from distributions to shareholders
   
(2,084,498
)
 
(4,994,159
)
 
(1,083,017
)
 
(2,251,577
)
Capital Share Transactions
                         
Net proceeds from shares issued to shareholders due to reinvestment of distributions
   
17,687
   
77,436
   
   
 
Net increase (decrease) in net assets from capital share transactions
   
17,687
   
77,436
   
   
 
Net increase (decrease) in net assets
   
(1,529,682
)
 
4,409,461
   
(784,898
)
 
2,236,766
 
Net assets at the beginning of period
   
97,420,734
   
93,011,273
   
56,988,023
   
54,751,257
 
Net assets at the end of period
 
$
95,891,052
 
$
97,420,734
 
$
56,203,125
 
$
56,988,023
 
Undistributed (Over-distribution of) net investment income at the end of period
 
$
(12,188
)
$
42,191
 
$
3,936
 
$
(27,673
)
See accompanying notes to financial statements.
 
Nuveen Investments
 
57

Financial
 
 
Highlights (Unaudited)

Selected data for a share outstanding throughout each period:

       
Investment Operations
 
Less Distributions
         
   
Beginning
NAV
 
Net
Investment
Income (Loss)
 
Net
Realized/
Unrealized
Gain (Loss)
 
Total
 
From Net
Investment
Income
 
From
Accumulated
Net Realized
Gains
 
Total
 
Ending
NAV
 
Ending
Share
Price
 
Select Tax-Free (NXP)
                                                       
Year Ended 3/31:
                                                       
2016(e)
 
$
15.17
 
$
0.30
 
$
(0.24
)
$
0.06
 
$
(0.28
)
$
 
$
(0.28
)
$
14.95
 
$
13.56
 
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
 
2011
   
14.19
   
0.71
   
(0.61
)
 
0.10
   
(0.71
)
 
   
(0.71
)
 
13.58
   
13.25
 
Select Tax-Free 2 (NXQ)
                                                       
Year Ended 3/31:
                                                       
2016(e)
   
14.64
   
0.27
   
(0.18
)
 
0.09
   
(0.27
)
 
   
(0.27
)
 
14.46
   
13.11
 
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
 
2011
   
13.53
   
0.64
   
(0.61
)
 
0.03
   
(0.67
)
 
   
(0.67
)
 
12.89
   
12.40
 

(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 Investments

 
       
Ratios/Supplemental Data
 
   
Total Returns
       
Ratios to Average Net Assets
       
                           
   
Based on
NAV
(a)
Based on
Share
Price
(a)
Ending
Net
Assets
(000)
 
Expenses
(b)
Net
Investment
Income (Loss)
 
Portfolio
Turnover
Rate
(c)
                                       
                                       
     
0.44
%
 
(4.60
)%
$
247,657
   
0.29
%**
 
4.00
%**
 
10
%
     
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
 
     
0.69
   
(5.40
)
 
224,268
   
0.32
   
5.05
   
6
 
                                       
                                       
     
0.64
   
(4.03
)
 
256,070
   
0.33
**
 
3.81
**
 
13
 
     
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
 
     
0.13
   
(5.56
)
 
228,016
   
0.39
   
4.81
   
6
 

(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:
   
2016(e)
%
2015
 
2014
 
2013
 
2012
 
2011
 

Select Tax-Free 2 (NXQ)
   
Year Ended 3/31:
   
2016(e)
%
2015
*
2014
*
2013
*
2012
*
2011
 

(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 a equity shelf program. As a result, the Expenses and Net Investment Income (Loss) Ratios to Average Net Assets reflect this voluntary expense reimbursement from Adviser. 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)
 
Expenses
 
Income (Loss)
 
Year Ended 3/31:
         
2015
 
0.35%
 
3.98%
 

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

(e)
For the six months ended September 30, 2015.
*
Rounds to less than 0.01%.
**
Annualized.

See accompanying notes to financial statements.
 
Nuveen Investments
 
59


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

         
Investment Operations
 
Less Distributions
             
   
Beginning
NAV
 
Net
Investment
Income (Loss)
 
Net
Realized/
Unrealized
Gain (Loss)
 
Total
 
From Net
Investment
Income
 
From
Accumulated
Net Realized
Gains
 
Total
 
Ending
NAV
 
Ending
Share
Price
 
Select Tax-Free 3 (NXR)   
                                                 
Year Ended 3/31:
                                                       
2016(e)
 
$
15.34
 
$
0.29
 
$
(0.20
)
$
0.09
 
$
(0.28
)
$
 
$
(0.28
)
$
15.15
 
$
13.71
 
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
 
2011
   
14.06
   
0.66
   
(0.57
)
 
0.09
   
(0.64
)
 
 
(0.64
)
 
13.51
   
13.03
 
California Select Tax-Free (NXC)   
                                                 
Year Ended 3/31:
                                                       
2016(e)
   
15.52
   
0.32
   
(0.24
)
 
0.08
   
(0.33
)
 
   
(0.33
)
 
15.27
   
15.20
 
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
 
2011
   
13.97
   
0.68
   
(0.55
)
 
0.13
   
(0.67
)
 
   
(0.67
)
 
13.43
   
12.59
 

(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 Investments


               
Ratios/Supplemental Data
 
   
Total Returns
       
Ratios to Average Net Assets
       
                           
   
Based on
NAV
(a)
Based on
Share
Price
(a)
Ending
Net
Assets
(000)
 
Expenses
(b)
Net
Investment
Income (Loss)
 
Portfolio
Turnover
Rate
(c)
                                       
                                       
     
0.64
%
 
(5.34
)%
$
197,665
   
0.34
%**
 
3.88
%**
 
8
%
     
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
 
     
0.62
   
(3.98
)
 
175,846
   
0.37
   
4.75
   
4
 
                                       
                                       
     
0.56
   
0.89
   
95,891
   
0.37
**
 
4.25
**
 
6
 
     
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
 
     
0.83
   
1.18
   
84,199
   
0.38
   
4.89
   
8
 

(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:
   
2016(e)
%
2015
 
2014
 
2013
 
2012
 
2011
 

California Select Tax-Free (NXC)
   
Year Ended 3/31:
   
2016(e)
%
2015
 
2014
0.01
 
2013
0.01
 
2012
0.01
 
2011
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 a equity shelf program. As a result, the Expenses and Net Investment Income (Loss) Ratios to Average Net Assets reflect this voluntary expense reimbursement from Adviser. 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
 
Income (Loss)
 
Year Ended 3/31:
         
2015
 
0.42%
 
3.96%
 

(e)
For the six months ended September 30, 2015.
*
Rounds to less than $0.01 per share.
**
Annualized.

See accompanying notes to financial statements.
 
Nuveen Investments
 
61


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

         
Investment Operations
 
Less Distributions
             
   
Beginning
NAV
 
Net
Investment
Income (Loss)
 
Net
Realized/
Unrealized
Gain (Loss)
 
Total
 
From Net
Investment
Income
 
From
Accumulated
Net Realized
Gains
 
Total
 
Ending
NAV
 
Ending
Share
Price
 
New York Select Tax-Free (NXN)   
                                                 
Year Ended 3/31:
                                                       
2016(d)
 
$
14.52
 
$
0.28
 
$
(0.20
)
$
0.08
 
$
(0.28
)
$
 
$
(0.28
)
$
14.32
 
$
13.32
 
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
 
2011
   
14.06
   
0.64
   
(0.38
)
 
0.26
   
(0.61
)
 
   
(0.61
)
 
13.71
   
13.06
 

(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 Investments


               
Ratios/Supplemental Data
 
   
Total Returns
       
Ratios to Average Net Assets
       
                           
   
Based on
NAV
(a)
Based on
Share
Price
(a)
Ending
Net
Assets
(000)
 
Expenses
(b)
Net
Investment
Income (Loss)
 
Portfolio
Turnover
Rate
(c)
                                       
                                       
     
0.54
%
 
(3.77
)%
$
56,203
   
0.42
%**
 
3.97
%**
 
5
%
     
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
 
     
1.84
   
(1.08
)
 
53,705
   
0.41
   
4.55
   
3
 

(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:
 
%**
2016(d)
0.01
 
2015
0.01
 
2014
0.01
 
2013
0.01
 
2012
0.01
 
2011
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, 2015.
*
Rounds to less than $0.01 per share.
**
Annualized.

See accompanying notes to financial statements.

Nuveen Investments
 
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, 2015, and the period covered by these Notes to Financial Statements is the six months ended September 30, 2015 (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"). The Adviser is responsible for each Fund's overall investment strategy and 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 Funds' did not have any outstanding when-issued/delayed delivery purchase commitments.
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.

64
 
Nuveen Investments


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 any exposure to a specific counterparty with 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 a 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 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 priority of the significant inputs.
Prices of swap contracts are also provided by a pricing service approved by the Board using the same methods as described above and are generally classified as Level 2.
Certain securities may not be able to be priced by the pre-established pricing methods as described above. Such securities may be valued by the Board and/or its appointee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; debt securities that have gone into default and for which there is no current market quotation; a

Nuveen Investments
 
65


Notes to Financial Statements (Unaudited) (continued)
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 priority 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*
 
$
 
$
240,735,754
 
$
 
$
240,735,754
 
Corporate Bonds**
   
   
   
45,247
***   
45,247
 
Investments in Derivatives:
                         
Interest Rate Swaps****
   
   
(235,369
)
 
   
(235,369
)
Total
 
$
 
$
240,500,385
 
$
45,247
 
$
240,545,632
 
                           
Select Tax-Free 2 (NXQ)
                         
Long-Term Investments:
                         
Municipal Bonds*
 
$
 
$
250,452,382
 
$
 
$
250,452,382
 
Corporate Bonds**
   
   
   
70,768
***   
70,768
 
Total
 
$
 
$
250,452,382
 
$
70,768
 
$
250,523,150
 
                           
Select Tax-Free 3 (NXR)
                         
Long-Term Investments:
                         
Municipal Bonds*
 
$
 
$
188,260,045
 
$
 
$
188,260,045
 
Corporate Bonds**
   
   
   
19,941
***   
19,941
 
Investments in Derivatives:
                         
Interest Rate Swaps****
   
   
(140,710
)
 
   
(140,710
)
Total
 
$
 
$
188,119,335
 
$
19,941
 
$
188,139,276
 
                           
California Select Tax-Free (NXC)
                         
Long-Term Investments*:
                         
Municipal Bonds
 
$
 
$
93,526,881
 
$
 
$
93,526,881
 
Short-Term Investments*:
                         
Municipal Bonds
   
   
   
406,904
***   
406,904
 
Total
 
$
 
$
93,526,881
 
$
406,904
 
$
93,933,785
 
                           
New York Select Tax-Free (NXN)
                         
Long-Term Investments*:
                         
Municipal Bonds
 
$
 
$
54,407,071
 
$
 
$
54,407,071
 
Short-Term Investments*:
                         
Municipal Bonds
   
   
3,100,000
   
   
3,100,000
 
Total
 
$
 
$
57,507,071
 
$
 
$
57,507,071
 

*
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 breakdown of these 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.

66
 
Nuveen Investments


The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making a fair value determination, based on the facts and circumstances specific to the portfolio instrument. Fair value determinations generally will be derived as follows, using public or private market information:

 
(i)
If available, fair value determinations shall be derived by extrapolating from recent transactions or quoted prices for identical or comparable securities.
     
 
(ii)
If such information is not available, an analytical valuation methodology may be used based on other available information including, but not limited to: analyst appraisals, research reports, corporate action information, issuer financial statements and shelf registration statements. Such analytical valuation methodologies may include, but are not limited to: multiple of earnings, discount from market value of a similar freely-traded security, discounted cash flow analysis, book value or a multiple thereof, risk premium/yield analysis, yield to maturity and/or fundamental investment analysis.

The purchase price of a portfolio instrument will be used to fair value the instrument only if no other valuation methodology is available or deemed appropriate, and it is determined that the purchase price fairly reflects the instrument's current value.
For each portfolio security that has been fair valued pursuant to the policies adopted by the Board, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such testing and fair valuation occurrences are reported to the Board.
3. Portfolio Securities and Investments in Derivatives
Portfolio Securities
Inverse Floating Rate Securities
Each Fund is authorized to invest in inverse floating rate securities. An inverse floating rate security is created by depositing a municipal bond (referred to as an "Underlying Bond"), typically with a fixed interest rate, into a special purpose tender option bond ("TOB") trust (referred to as the "TOB Trust") created by or at the direction of one or more Funds. In turn, the TOB Trust issues (a) floating rate certificates (referred to as "Floaters"), in face amounts equal to some fraction of the Underlying Bond's par amount or market value, and (b) an inverse floating rate certificate (referred to as an "Inverse Floater") that represents all remaining or residual interest in the TOB Trust. Floaters typically pay short-term tax-exempt interest rates to third parties who are also provided a right to tender their certificate and receive its par value, which may be paid from the proceeds of a remarketing of the Floaters, by a loan to the TOB Trust from a third party liquidity provider ("Liquidity Provider"), or by the sale of assets from the TOB Trust. The Inverse Floater is issued to a long term investor, such as one or more of the Funds. The income received by the Inverse Floater holder varies inversely with the short-term rate paid to holders of the Floaters, and in most circumstances the Inverse Floater holder bears substantially all of the Underlying Bond's downside investment risk and also benefits disproportionately from any potential appreciation of the Underlying Bond's value. The value of an Inverse Floater will be more volatile than that of the Underlying Bond because the interest rate is dependent on not only the fixed coupon rate of the Underlying Bond but also on the short-term interest paid on the Floaters, and because the Inverse Floater essentially bears the risk of loss (and possible gain) of the greater face value of the Underlying Bond.
The Inverse Floater held by a Fund gives the Fund the right to (a) cause the holders of the Floaters to tender their certificates at par (or slightly more than par in certain circumstances), and (b) have the trustee of the TOB Trust (the "Trustee") transfer the Underlying Bond held by the TOB Trust to the Fund, thereby collapsing the TOB Trust.
The Fund may acquire an Inverse Floater in a transaction where it (a) transfers an Underlying Bond that it owns to a TOB Trust created by a third party or (b) transfers an Underlying Bond that it owns, or that it has purchased in a secondary market transaction for the purpose of creating an Inverse Floater, to a TOB Trust created at its direction, and in return receives the Inverse Floater of the TOB Trust (referred to as a "self-deposited Inverse Floater"). A Fund may also purchase an Inverse Floater in a secondary market transaction from a third party creator of the TOB Trust without first owning the Underlying Bond (referred to as an "externally-deposited Inverse Floater").
An investment in a self-deposited Inverse Floater is accounted for as a "financing" transaction (i.e., a secured borrowing). For a self-deposited Inverse Floater, the Underlying Bond deposited into the TOB Trust is identified in the Fund's Portfolio of Investments as "(UB) – Underlying bond of an inverse floating rate trust reflected as a financing transaction," with the Fund recognizing as liabilities, labeled "Floating rate obligations" on the Statement of 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.

Nuveen Investments
 
67


Notes to Financial Statements (Unaudited) (continued)
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:

     
Select
   
Select
   
Select
   
California
   
New York
 
     
Tax-Free
   
Tax-Free 2
   
Tax-Free 3
   
Select Tax-Free
   
Select Tax-Free
 
Floating Rate Obligations Outstanding
   
(NXP
)
 
(NXQ
)
 
(NXR
)
 
(NXC
)
 
(NXN
)
Floating rate obligations: self-deposited Inverse Floaters
 
$
 
$
 
$
 
$
 
$
1,005,000
 
Floating rate obligations: externally-deposited Inverse Floaters
   
3,300,000
   
4,800,000
   
1,050,000
   
   
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 floating rate obligations (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
   
Select
   
Select
   
California
   
New York
 
     
Tax-Free
   
Tax-Free 2
   
Tax-Free 3
   
Select Tax-Free
   
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
   
%
 
%
 
%
 
%
 
0.55
%
TOB Trusts are supported by a liquidity facility provided by a Liquidity Provider pursuant to which the Liquidity Provider agrees, in the event that Floaters are (a) tendered to the Trustee for remarketing and the remarketing does not occur, or (b) subject to mandatory tender pursuant to the terms of the TOB Trust agreement, to either purchase Floaters or to provide the Trustee with an advance from a loan facility to fund the purchase of Floaters by the TOB Trust. In certain circumstances, the Liquidity Provider may otherwise elect to have the Trustee sell the Underlying Bond to retire the Floaters that were tendered and not remarketed prior to providing such a loan. In these circumstances, the Liquidity Provider remains obligated to provide a loan to the extent that the proceeds of the sale of the Underlying Bond is not sufficient to pay the purchase price of the Floaters.
The size of the commitment under the loan facility for a given TOB Trust is at least equal to the balance of that TOB Trust's outstanding Floaters plus any accrued interest. In consideration of the loan facility, fee schedules are in place and are charged by the Liquidity Provider(s). Any loans made by the Liquidity Provider will be secured by the purchased Floaters held by the TOB Trust. Interest paid on any outstanding loan balances will be effectively borne by the Fund that owns the Inverse Floaters of the TOB Trust that has incurred the borrowing and may be at a rate that is greater than the rate that would have been paid had the Floaters been successfully remarketed.
As described above, any amounts outstanding under a liquidity facility are recognized as a component of "Floating rate obligations" on the Statement of Assets and Liabilities by the Fund holding the corresponding Inverse Floaters issued by the borrowing TOB Trust. As of the end of the reporting period, there were no loans outstanding under any such facility.
Each Fund may also enter into shortfall and forbearance agreements (sometimes referred to as a "recourse arrangement" or "credit recovery swap") (TOB Trusts involving such agreements are referred to herein as "Recourse Trusts"), under which a Fund agrees to reimburse the Liquidity Provider for the Trust's Floaters, in certain circumstances, for the amount (if any) by which the liquidation value of the Underlying Bond held by the TOB Trust may fall short of the sum of the liquidation value of the Floaters issued by the TOB Trust plus any amounts borrowed by the TOB Trust from the Liquidity Provider, plus any shortfalls in interest cash flows. Under these agreements, a Fund's potential exposure to losses related to or on an Inverse Floater may increase beyond the value of the Inverse Floater as a Fund may potentially be liable to fulfill all amounts owed to holders of the Floaters or the Liquidity Provider. Any such shortfall amount in the aggregate is recognized as "Unrealized depreciation on Recourse Trusts" on the Statement of Assets and Liabilities.
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
 
$
 
$
 
$
 
$
 
$
 
Maximum exposure to Recourse Trusts: externally-deposited Inverse Floaters
   
1,050,000
   
1,050,000
   
1,050,000
   
   
2,000,000
 
Total
 
$
1,050,000
 
$
1,050,000
 
$
1,050,000
 
$
 
$
2,000,000
 

68
 
Nuveen Investments


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 invests, 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 would begin at a specified date in the future (the "effective date"). The amount of the payment obligation is based on the notional amount of the swap contract and the termination date of the swap contract. 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), a 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 over-the-counter ("OTC") swaps, the net amount recorded on these transactions, for each counterparty, is recognized on the Statement of Assets and Liabilities as a component of "Unrealized appreciation or depreciation on interest rate swaps (net)."
Upon the execution of an exchanged-cleared swap contract, in certain instances a 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 held by the broker to cover initial margin requirements on open swap contracts, if any, is recognized as "Cash collateral at brokers" on the Statement of Assets and Liabilities. Investments in exchange-cleared interest rate swap contracts obligate a 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 a 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 is recognized as a receivable and/or payable for "Variation margin on swap contracts" on the Statement of Assets and Liabilities.
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 contacts 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." 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*
 
$
13,666,667
 
$
7,600,000
 

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

Nuveen Investments
 
69


Notes to Financial Statements (Unaudited) (continued)
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
   
Derivative
   
Asset Derivatives
 
(Liability) Derivatives
Risk Exposure
   
Instrument
   
Location
   
Value
   
Location
   
Value
 
Select Tax-Free (NXP)
                               
Interest rate
   
Swaps
   
 
$
   
Unrealized depreciation on
 
$
(235,369
)
                       
interest rate swaps
       
Select Tax-Free 3 (NXR)
                               
Interest rate
   
Swaps
   
 
$
   
Unrealized depreciation on
 
$
(140,710
)
                       
interest rate swaps
       
The following tables present the swap contracts subject to netting agreements, and the collateral delivered related to those swap contracts as of the end of the reporting period.

           
Gross
   
Gross
   
Amounts
   
Net Unrealized
             
           
Unrealized
   
Unrealized
   
Netted on
   
Appreciation
   
Collateral
       
           
Appreciation on
   
(Depreciation) on
 
 
Statement of
   
(Depreciation) on
 
 
Pledged
       
           
Interest Rate
   
Interest Rate
   
Assets and
   
Interest Rate
   
to (from)
 
 
Net
 
Fund
   
Counterparty
   
Swaps*
   
Swaps*
   
Liabilities
   
Swaps
   
Counterparty
   
Exposure
 
Select Tax-Free (NXP)
   
JPMorgan
 
$
 
$
(235,369
)
$
 
$
(235,369
)
$
 
$
(235,369
)
Select Tax-Free 3 (NXR)
   
JPMorgan
 
$
 
$
(140,710
)
$
 
$
(140,710
)
$
 
$
(140,710
)

*
Represents gross unrealized appreciation (depreciation) for the counterparty as reported in the Fund's Portfolio of Investments.
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
 
$
(2,384,901
)
$
2,296,818
 
Select Tax-Free 3 (NXR)
   
Interest rate
   
Swaps
 
$
(1,420,099
)
$
1,478,299
 
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.

70
 
Nuveen Investments


4. Fund Shares
Share Transactions
Transactions in shares during the Funds' current and prior fiscal period were as follows:

   
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
 
     
9/30/15
   
3/31/15
   
9/30/15
   
3/31/15
   
9/30/15
   
3/31/15
 
Shares issued to shareholders due to reinvestment of distributions
   
   
   
   
   
   
 

     
California Select
Tax-Free (NXC)
 
New York Select
Tax-Free (NXN)
     
Six Months
   
Year
   
Six Months
   
Year
 
     
Ended
   
Ended
   
Ended
   
Ended
 
     
9/30/15
   
3/31/15
   
9/30/15
   
3/31/15
 
Shares issued to shareholders due to reinvestment of distributions
   
1,156
   
5,022
   
   
 
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
 
$
23,488,652
 
$
35,117,768
 
$
14,707,586
 
$
5,436,044
 
$
4,351,277
 
Sales and maturities
   
31,439,332
   
30,926,475
   
22,791,885
   
9,534,431
   
2,922,583
 
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, 2015, the cost and unrealized appreciation (depreciation) of investments (excluding investments in derivatives), 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
 
$
215,916,915
 
$
229,137,387
 
$
165,980,687
 
$
85,610,504
 
$
53,135,097
 
Gross unrealized:
                               
Appreciation
 
$
25,586,455
 
$
22,599,326
 
$
22,973,658
 
$
8,551,771
 
$
3,422,768
 
Depreciation
   
(722,369
)
 
(1,213,563
)
 
(674,359
)
 
(228,490
)
 
(53,409
)
Net unrealized appreciation (depreciation) of investments
 
$
24,864,086
 
$
21,385,763
 
$
22,299,299
 
$
8,323,281
 
$
3,369,359
 

Nuveen Investments
 
71


Notes to Financial Statements (Unaudited) (continued)
Permanent differences, primarily due to federal taxes paid, taxable market discount and expiration of capital loss carryforwards, resulted in reclassifications among the Funds' components of net assets as of March 31, 2015, 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
 
$
(260,314
)
$
(862,249
)
$
(19
)
$
4
 
$
(4
)
Undistributed (Over-distribution of) net investment income
   
(8,133
)
 
(33,798
)
 
(8,020
)
 
(2
)
 
(357
)
Accumulated net realized gain (loss)
   
268,447
   
896,047
   
8,039
   
(2
)
 
361
 
The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains as of March 31, 2015, 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
 
$
606,568
 
$
360,761
 
$
185,810
 
$
367,714
 
$
133,507
 
Undistributed net ordinary income2
   
100,711
   
7,812
   
7,061
   
   
 
Undistributed net long-term capital gains
   
   
   
   
97,724
   
 

1
Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on March 2, 2015, paid on April 1, 2015.
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, 2015 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
 
$
10,240,452
 
$
10,601,668
 
$
8,003,452
 
$
4,291,650
 
$
2,248,402
 
Distributions from net ordinary income2
   
33,141
   
65,541
   
3,914
   
5,641
   
16,909
 
Distributions from net long-term capital gains
   
   
   
   
696,581
   
 

2
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
As of March 31, 2015, 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, 2016
 
$
 
$
7,597
 
$
 
$
 
March 31, 2017
   
   
400,800
   
   
 
March 31, 2019
   
   
335,742
   
   
 
Not subject to expiration
   
3,945,550
   
10,060,481
   
2,686,148
   
1,004,058
 
Total
 
$
3,945,550
 
$
10,804,620
 
$
2,686,148
 
$
1,004,058
 
During the Funds' last tax year ended March 31, 2015, the following Funds utilized capital loss carryforwards as follows:

     
Select
   
Select
 
     
Tax-Free
   
Tax-Free 2
 
     
(NXP
)
 
(NXQ
)
Utilized capital loss carryforwards
 
$
815,800
 
$
465,724
 
As of March 31, 2015, the Funds' last tax year end, $260,316 and $862,250, respectively, of Select Tax-Free's (NXP) and Select Tax-Free 2's (NXQ) capital loss carryforward expired.

72
 
Nuveen Investments


7. Management Fees and Other Transactions with Affiliates
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 each Fund is calculated according to the following schedule:

     
Select Tax-Free 2 (NXQ)
     
Select Tax-Free 3 (NXR)
     
California Select Tax-Free (NXC)
 
Select Tax-Free (NXP)
New York Select Tax-Free (NXN)
Average Daily Managed Assets*
Fund-Level Fee
Fund-Level Fee
For the first $125 million
0.0500
%
0.1000
%
For the next $125 million
0.0375
 
0.0875
 
For the next $250 million
0.0250
 
0.0750
 
For the next $500 million
0.0125
 
0.0625
 
The annual complex-level fee, payable monthly, for each Fund is calculated according to the following schedule:

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 fund-level and 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 $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, 2015, the complex-level fee for each Fund was 0.1646%.

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.

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Notes to Financial Statements (Unaudited) (continued)
8. Borrowing Arrangements
During the current fiscal period, the Funds participated in an unsecured bank line of credit ("Unsecured Credit Line") under which outstanding balances would bear interest at a variable rate. On December 31, 2014, California Select Tax-Free (NXC) utilized $1,054,036 of the Unsecured Credit Line at an annualized interest rate of 1.34% on the Fund's outstanding balance. The remaining Funds in this report did not draw on this Unsecured Credit Line during the current fiscal period.
During July 2015, the Funds, along with certain other funds managed by the Adviser ("Participating Funds"), established a 364-day, $2.53 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. This credit agreement replaces the Unsecured Credit Line described above. 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 2016 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.

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Additional Fund Information

Board of Trustees
                   
William Adams IV*
 
Jack B. Evans
 
William C. Hunter
 
David J. Kundert
 
John K. Nelson
 
William J. Schneider
Thomas S. Schreier, Jr.*
 
Judith M. Stockdale
 
Carole E. Stone
 
Virginia L. Stringer**
 
Terence J. Toth
   

*
Interested Board Member.
**
Will retire from the Funds' Board of Trustees effective December 31, 2015.

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
 
Boston, MA 02111
     
Chicago, IL 60601
 
& Trust Company
 
               
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 Investments 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 Investments 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.

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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.
   
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.

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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.

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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.

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Nuveen Investments


Annual Investment Management Agreement Approval Process (Unaudited)
The Board of Trustees of each Fund (each, a "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 is required to consider the continuation of the Advisory Agreements on an annual basis pursuant to the requirements of the Investment Company Act of 1940, as amended (the "1940 Act"). Accordingly, at an in-person meeting held on May 11-13, 2015 (the "May Meeting"), the Board, including a majority of the Independent Board Members, considered and approved the existing Advisory Agreements for the Funds.
In preparation for its considerations at the May Meeting, the Board received in advance of the meeting extensive materials prepared in connection with the review of the Advisory Agreements. The materials provided a broad range of information regarding the Funds, including, among other things, the nature, extent and quality of services provided by the Adviser and Sub-Adviser (the Adviser and Sub-Adviser are collectively, the "Fund Advisers" and each, a "Fund Adviser"); Fund performance including performance assessments against peers and the appropriate benchmark(s); fee and expense information of the Funds compared to peers; a description and assessment of shareholder service levels for the Funds; a summary of the performance of certain service providers; a review of product initiatives and shareholder communications; and profitability information of the Fund Advisers as described in further detail below. As part of its annual review, the Board also held a separate meeting on April 14-15, 2015 to review the Funds' investment performance and consider an analysis by the Adviser of the Sub-Adviser which generally evaluated the Sub-Adviser's investment team, investment mandate, organizational structure and history, investment philosophy and process, and the performance of the Funds, and any significant changes to the foregoing. During the review, the Independent Board Members asked questions of and requested additional information from management.
The Board considered that the evaluation process with respect to the Fund Advisers is an ongoing process that encompassed the information and knowledge gained throughout the year. The Board, acting directly or through its committees, met regularly during the course of the year and received information and considered factors at each meeting that would be relevant to its annual consideration of the Advisory Agreements, including information relating to Fund performance; Fund expenses; investment team evaluations; and valuation, compliance, regulatory and risk matters. In addition to regular reports, the Adviser provided special reports to the Board to enhance the Board's understanding on topics that impact some or all of the Nuveen funds and the Adviser (such as presentations on risk and stress testing; the new governance, risk and compliance system; cybersecurity developments; Nuveen fund accounting and reporting matters; regulatory developments impacting the investment company industry and the business plans or other matters impacting the Adviser). The Board also met with key investment personnel managing certain Nuveen fund portfolios during the year.

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Annual Investment Management Agreement Approval Process (Unaudited) (continued)
The Board had created several standing committees including the Open-End Funds Committee and the Closed-End Funds Committee to assist the full Board in monitoring and gaining a deeper insight into the distinctive business practices of closed-end and open-end funds. These Committees met prior to each quarterly Board meeting, and the Adviser provided presentations to these Committees permitting them to delve further into specific matters or initiatives impacting the respective product line.
The Board also continued its program of seeking to have the Board Members or a subset thereof visit each sub-adviser to the Nuveen funds at least once over a multiple year rotation, meeting with key investment and business personnel. In this regard, the Independent Board Members made site visits to multiple equity and fixed-income investment teams of the Sub-Adviser in June 2014.
The Board considered the information provided and knowledge gained at these meetings and visits during the year when performing its annual review of the Advisory Agreements. The Independent Board Members also were assisted throughout the process by independent legal counsel. During the course of the year and during their deliberations regarding the review of advisory contracts, the Independent Board Members met with independent legal counsel in executive sessions without management present. The Independent Board Members also received a memorandum from independent legal counsel outlining the legal standards for their consideration of the proposed continuation of the Advisory Agreements. In addition, it is important to recognize that the management arrangements for the Nuveen funds are the result of many years of review and discussion between the Independent Board Members and Fund management and that the Board Members' conclusions may be based, in part, on their consideration of fee arrangements and other factors developed in previous years.
The Board took into account all factors it believed relevant with respect to each Fund, including, among other things: (a) the nature, extent and quality of the services provided by the Fund Advisers; (b) the investment performance of the Funds and Fund Advisers; (c) the advisory fees and costs of the services to be provided to the Funds and the profitability of the Fund Advisers; (d) the extent of any economies of scale; (e) any benefits derived by the Fund Advisers from the relationship with the Funds; and (f) other factors. Each Board Member may have accorded different weight to the various factors in reaching his or her conclusions with respect to the Advisory Agreements for each Fund. The Independent Board Members did not identify any single factor as all-important or controlling. The Independent Board Members' considerations were instead based on a comprehensive consideration of all the information presented. The principal factors considered by the Board and its conclusions are described below.

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 each respective Fund. The Board reviewed information regarding, among other things, each Fund Adviser's organization and business, the types of services that each Fund Adviser or its affiliates provided to the Funds, the performance record of the Funds (as described in further detail below), and any initiatives that had been undertaken on behalf of the closed-end product line. The Board recognized the high quality of services the Adviser had provided to the Funds over the years and the conscientiousness with which the Adviser provided these services. The Board also considered the improved capital structure of Nuveen Investments, Inc. ("Nuveen") (the parent of the Adviser) following the acquisition of Nuveen by TIAA-CREF in 2014 (the "TIAA-CREF Transaction").


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With respect to the services, the Board noted the Funds were registered investment companies that operated in a regulated industry and considered the myriad of investment management, administrative, compliance, oversight and other services the Adviser provided to manage and operate the Funds. Such services included, among other things: (a) product management (such as analyzing ways to better position a Nuveen fund in the marketplace, setting dividends; maintaining relationships to gain access to distribution platforms; and providing shareholder communications); (b) fund administration (such as preparing tax returns and other tax compliance services, preparing regulatory filings and shareholder reports; managing fund budgets and expenses; overseeing a fund's various service providers and supporting and analyzing new and existing funds); (c) Board administration (such as supporting the Board and its committees, in relevant part, by organizing and administering the Board and committee meetings and preparing the necessary reports to assist the Board in its duties); (d) compliance (such as monitoring adherence to a fund's investment policies and procedures and applicable law; reviewing the compliance program periodically and developing new policies or updating existing compliance policies and procedures as considered necessary or appropriate; responding to regulatory requests; and overseeing compliance testing of the funds' sub-advisers); (e) legal support (such as preparing or reviewing fund registration statements, proxy statements and other necessary materials; interpreting regulatory requirements and compliance thereof; and maintaining applicable registrations); and (f) investment services (such as overseeing and reviewing the funds' sub-advisers and their investment teams; analyzing performance of the funds; overseeing investment and risk management; evaluating brokerage transactions and securities lending, overseeing the daily valuation process for portfolio securities and developing and recommending valuation policies and methodologies and changes thereto; reporting to the Board on various matters including performance, risk and valuation; and participating in fund development, leverage management, and the developing or interpreting of investment policies and parameters). With respect to closed-end funds, the Adviser also monitored asset coverage levels on leveraged funds, managed leverage, negotiated the terms of leverage, evaluated alternative forms and types of leverage, promoted an orderly secondary market for common shares and maintained an asset maintenance system for compliance with certain rating agency criteria.
   
 
In its review, the Board considered information highlighting the various initiatives that the Adviser had implemented or continued during the last year to enhance its services to the Nuveen funds. The Board recognized that some of these initiatives are a result of a multi-year process. In reviewing the activities of 2014, the Board recognized the Adviser's continued focus on fund rationalization for closed-end funds through mergers, fund closures or repositioning the funds in seeking to enhance shareholder value, reduce costs, improve performance, eliminate fund overlap and better meet shareholder needs. The Board noted the Adviser's investment in additional staffing to strengthen and improve its services to the Nuveen funds, including with respect to risk management and valuation. The Board recognized that expanding the depth and range of its risk oversight activities had been a major priority for the Adviser in recent years, and the Adviser continued to add to the risk management team, develop additional risk management programs and create committees or other teams designated to oversee or evaluate certain risks, such as liquidity risk, enterprise risk, investment risk and cybersecurity risk. The Adviser had also continued to add to the valuation team, launched its centralized securities valuation system which is intended to provide for uniform pricing and reporting across the complex as the system continues to develop, continued to refine its valuation analysis and updated related policies and procedures and evaluated and assessed pricing services. The Board considered the Adviser's ongoing investment in information technology and operations and the various projects of the information technology team to support the continued growth and complexity of the Nuveen funds and increase efficiencies in their operations. The Board also recognized the Adviser's strong


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Annual Investment Management Agreement Approval Process (Unaudited) (continued)

 
commitment to compliance and reviewed information reflecting the compliance group's ongoing activities to enhance its compliance system and refine its compliance procedures as well as the Chief Compliance Officer's report regarding the compliance team, the initiatives the team had undertaken in 2014 and proposed for 2015, the compliance functions and reporting process, the record of compliance with the policies and procedures and its supervision activities of other service providers.
   
 
With respect to the closed-end funds, the Board recognized the extensive resources, expertise and efforts required to oversee and manage the various forms of leverage utilized by various funds, including the development of new forms of leverage to achieve cost savings and/or broaden the array of leverage structures available to the closed-end funds, the development of enhanced reports analyzing the impact of leverage on performance, and the development of new forms of tender option bond structures to address new regulatory requirements. The Board also noted the Adviser's continued capital management services conducting share repurchases and/or share issuances throughout the year and monitoring market conditions to capitalize on opportunities for the closed-end funds. The Board further recognized the Adviser's use of data systems to more effectively solicit shareholder participation when seeking shareholder approvals and to monitor flow trends in various closed-end funds. The Board considered Nuveen's continued commitment to supporting the closed-end fund product line by providing an extensive investor relations program that encompassed, among other things, maintaining and enhancing the closed-end fund website; participating in conferences and education seminars; enhancing the ability for investors to access information; preparing educational materials; and implementing campaigns to educate financial advisers and investors on topics related to closed-end funds and their strategies.
   
 
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. In considering the Sub-Advisory Agreements and supplementing its prior knowledge, the Board considered a current report provided by the Adviser analyzing, among other things, the Sub-Adviser's investment team and changes thereto, investment approach, organization and history, and assets under management, and the investment performance of each Fund.
   
 
Based on their review, the Independent Board Members found that, overall, the nature, extent and quality of services provided to the Funds under each respective Advisory Agreement were satisfactory.
   
B.
The Investment Performance of the Funds and Fund Advisers
   
 
The Board, including the Independent Board Members, considered the performance history of each Fund over various time periods. The Board reviewed reports, including an analysis of the Funds' performance and the applicable investment team. 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, 2014, as well as performance information reflecting the first quarter of 2015. With respect to closed-end funds, the Independent Board Members also recognized the importance of the secondary market trading levels for the closed-end fund shares and therefore devoted significant time and focus evaluating the premium and discount levels of the closed-end funds at each of the quarterly meetings throughout the year. At these prior meetings as well as the May Meeting, the Board reviewed, among other things, the respective closed-end fund's premium or discount to net asset value as of a specified date and

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over various periods as well as in comparison to the premium/discount average in its Lipper peer category. At the May Meeting and/or prior meetings, the Board also reviewed information regarding the key economic, market and competitive trends affecting the closed-end fund market and considered any actions periodically proposed by the Adviser to address the trading discounts of certain funds. The Independent Board Members considered the evaluation of the premium and discount levels of the closed-end funds (either at the Board level or through the Closed-End Funds Committee) to be a continuing priority in their oversight of the closed-end funds. In its review, the Board noted that it also reviewed Fund performance results at each of its quarterly meetings.
   
 
In evaluating performance, the Board recognized several factors that may impact the performance data as well as the consideration 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.
     
 
The investment experience of a particular shareholder in a fund would vary depending on when such shareholder invested in the fund, the class held (if multiple classes are offered in the fund) and the performance of the fund (or respective class) during that shareholder's investment period.
     
 
The Board recognized that the funds in the Performance Peer Group may differ somewhat from the Nuveen fund with which it is being compared and due to these differences, performance comparisons between certain of the Nuveen funds and their Performance Peer Groups may be inexact and the relevancy limited. The Board considered that management had classified the Performance Peer Group as low, medium and high in relevancy. The Board took the analysis of the relevancy of the Performance Peer Group into account when considering the comparative performance data. The Board also considered comparative performance of an applicable benchmark. While the Board was cognizant of the relative performance of a Fund's peer set and/or benchmark(s), the Board evaluated Fund performance in light of the respective Fund's investment objectives, investment parameters and guidelines and considered that the variations between the objectives and investment parameters or guidelines of the Fund with its peers and/or benchmarks result in 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.

 
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 is aware, however, that shareholders chose to invest or remain invested in a fund knowing that the Adviser manages the fund and knowing the fund's fee structure.
   
 
In considering the performance data, the Independent Board Members noted the following with respect to the Funds:
   
 
For Nuveen Select-Tax Free Income Portfolio, the Board noted that the Fund ranked in its Performance Peer Group in the second quartile in the one- and three-year periods and the third quartile in the five-year period and outperformed its benchmark in the one-, three- and five-year periods.


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Annual Investment Management Agreement Approval Process (Unaudited) (continued)

 
For Nuveen Select Tax-Free Income Portfolio 2, the Board noted that the Fund ranked in its Performance Peer Group in the second quartile in the one-, three- and five-year periods and outperformed its benchmark in each of such periods.
   
 
For Nuveen Select Tax-Free Income 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.
   
 
For Nuveen California Select Tax-Free Income Portfolio, the Board noted that, although the Fund ranked in its Performance Peer Group in the fourth quartile for the one-, three- and five-year periods, it outperformed its benchmark in each of such periods. The Board recognized that the Fund's ranking compared to its peers was primarily due to its low-leverage mandate. The Fund's underlying bond portfolio, however, produced unlevered returns in line with that of other Nuveen California funds that ranked higher in the peer group. The Board also recognized the Fund's positive absolute performance for the one-, three- and five-year periods.
   
 
For Nuveen New York Select Tax-Free Income Portfolio, the Board noted that, although the Fund ranked in its Performance Peer Group in the fourth quartile for the one-, three- and five-year periods, it outperformed its benchmark in each of such periods. The Board recognized that the Fund's peer ranking was primarily due to its low-leverage mandate. The Fund's underlying bond portfolio, however, produced unlevered returns in line with that of other Nuveen New York funds that ranked in the third quartile of peers. Further, due to its low leverage, the Fund's standard deviation of returns was consistently among the lowest in the peer group. The Board also recognized the Fund's positive absolute performance for the one-, three- and five-year periods.
   
 
Based on their review, the Independent Board Members determined that each Fund's investment performance had been satisfactory.
 
C.
Fees, Expenses and Profitability
 
1.     Fees and Expenses
 
The Board evaluated the management fees and other fees and expenses of each Fund (expressed as a percentage of average net assets) in absolute terms and 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 reviewed the methodology regarding the construction of the Peer Universe for each Fund. The Board reviewed, among other things, such Fund's gross management fees, net management fees and net expense ratios in absolute terms as well as compared to the average and median fee and expense levels of the Peer Universe. The Board noted that the net total expense ratios paid by investors in the Funds were the most representative of an investor's net experience.
   
 
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 (with respect to closed-end funds); differences in services provided and differences in the states reflected in the Peer Universe (with respect to state municipal funds) can impact the comparative data limiting the usefulness of the data to help make a conclusive assessment of the Funds' fees and expenses.


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In reviewing the fee schedule for a fund, the Independent Board Members also considered the fund-level and complex-wide breakpoint schedules (described in further detail below) and any fee waivers and reimbursements provided by Nuveen. In reviewing fees and expenses (excluding leverage costs and leveraged assets for the closed-end funds), the Board considered the expenses and fees to be higher if they were over 10 basis points higher, slightly higher if they were approximately 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. In reviewing the reports, the Board noted that the majority of the Nuveen funds had a net expense ratio near or below their peer average.
   
 
The Board noted that the Funds had a net management fee and net expense ratio 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 considered information regarding the fees a Fund Adviser assessed to the Nuveen funds compared to that of other clients as described in further detail below. With respect to municipal funds, such other clients of a Fund Adviser may include municipal separately managed accounts and passively managed exchange traded funds (ETFs) sub-advised by the Sub-Adviser.
   
 
The Board recognized that each Fund had an affiliated sub-adviser and therefore the overall Fund management fee can be divided into two components, the fee retained by the Adviser and the fee paid to the Sub-Adviser. In reviewing the nature of the services provided by the Adviser, including through its affiliated sub-advisers, the Board considered the range of advisory fee rates for retail and institutional managed accounts advised by Nuveen-affiliated sub-advisers. The Board also reviewed, among other things, the average fee the affiliated sub-advisers assessed such clients as well as the range of fee rates assessed to the different types of clients (such as retail, institutional and wrap accounts as well as non-Nuveen funds) applicable to such sub-advisers.
   
 
In reviewing the comparative information, the Board also reviewed information regarding the differences between the Funds and the other clients, including differences in services provided, investment policies, investor profiles, compliance and regulatory requirements and account sizes. The Board recognized the breadth of services necessary to operate a registered investment company (as described above) and that, in general terms, the Adviser provided the administrative and other support services to the Funds and, although the Sub-Adviser may provide some of these services, the Sub-Adviser essentially provided the portfolio management services. 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. The Independent Board Members considered the differences in structure and operations of separately managed accounts and hedge funds from registered funds and noted that the range of day-to-day services was not generally of the breadth required for the registered funds. Many of the additional administrative services provided by the Adviser were not required for institutional clients or funds sub-advised by a Nuveen-affiliated sub-adviser that were offered by other fund groups. The Independent Board Members also recognized that the management fee rates of the foreign funds advised by the Adviser may vary due to, among other things, differences in the client base, governing bodies, operational complexities and services covered by the

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management fee. Given the inherent differences in the various products, particularly the extensive services provided to the Funds, the Independent Board Members believed 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 and its financial condition. The Independent Board Members reviewed, among other things, the adjusted operating margins for Nuveen for the last two calendar years, the revenues, expenses, net income (pre-tax and after-tax) and net revenue margins (pre-tax and after-tax) of Nuveen's managed fund advisory activities for the last two calendar years, the allocation methodology used by Nuveen in preparing the profitability data and a history of the adjustments to the methodology due to changes in the business over time. The Independent Board Members also reviewed the revenues, expenses, net income (pre-tax and after-tax) and revenue margin (pre-tax and post-tax) of the Adviser and, as described in further detail below, each affiliated sub-adviser for the 2014 calendar year. In reviewing the profitability data, the Independent Board Members noted the subjective nature of cost allocation methodologies used to determine profitability as other reasonable methods could also have been employed but yield different results. The Independent Board Members reviewed an analysis of the key drivers behind the changes in revenues and expenses that impacted profitability in 2014. The Independent Board Members recognized that Nuveen's net revenue margin from advisory activities for 2014 was consistent with 2013. The Independent Board Members also considered the profitability of Nuveen in comparison to the adjusted operating margins of other investment advisers with publicly available data and with comparable assets under management (based on asset size and asset composition) to Nuveen. The Independent Board Members noted that Nuveen's adjusted operating margins appeared to be reasonable in relation to such other advisers. The Independent Board Members, however, recognized the difficulty of making comparisons of profitability from fund investment advisory contracts as the information is not generally publicly available, the information for the investment advisers that was publicly available may not be representative of the industry and various other factors would impact the profitability data such as differences in services offered, business mix, expense methodology and allocations, capital structure and costs, complex size, and types of funds and other accounts managed.
   
 
The Independent Board Members noted this information supplemented the profitability information requested and received during the year and noted that two Independent Board Members served as point persons to review the profitability analysis and methodologies employed, and any changes thereto, and to keep the Board apprised of such changes during the year.
   
 
The Independent Board Members determined that Nuveen 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. The Independent Board Members noted the Adviser's continued expenditures to upgrade its investment technology and increase personnel and recognized the Adviser's continued commitment to its business to enhance the Adviser's capacity and capabilities in providing the services necessary to meet the needs of the Nuveen funds as they grow or change over time. The Independent Board Members also noted that the sub-advisory fees for the Nuveen funds are paid by the Adviser, however, the Board recognized that many of the sub-advisers, including the Sub-Adviser, are affiliated with Nuveen. The Independent Board Members also noted the increased resources and support available to Nuveen as well as an improved capital structure as a result of the TIAA-CREF Transaction.

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With respect to the Sub-Adviser, 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, 2014. The Independent Board Members also reviewed profitability analysis reflecting the revenues, expenses and the revenue margin (pre- and post-tax) by asset type for the Sub-Adviser for the calendar year ended December 31, 2014.
   
 
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 level of profitability was 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, and the Independent Board Members considered the extent to which the funds benefit from such economies of scale. Although the Independent Board Members recognized that economies of scale are difficult to measure, the Board recognized that one method to help ensure the shareholders share in these benefits is to include breakpoints in the management fee schedule reducing fee rates as asset levels grow. The Independent Board Members noted that, subject to certain exceptions, the management fees of the funds in the Nuveen complex are generally comprised of a fund-level component and complex-level component. Each component of the management fee for each Fund included breakpoints to reduce management fee rates of the Fund as the Fund grows and, as described below, as the Nuveen complex grows. The Independent Board Members noted that, in the case of closed-end funds, however, such funds may from time-to-time make additional share offerings, but the growth of their assets would occur primarily through the appreciation of such funds' investment portfolios. In addition to fund-specific breakpoint schedules which reduce the fee rates of a particular fund as its assets increase, the Independent Board Members recognized that the Adviser also passed on the benefits of economies of scale through the complex-wide fee arrangement which reduced management fee rates as assets in the fund complex reached certain levels. The complex-wide fee arrangement seeks to provide the benefits of economies of scale to fund shareholders when total fund complex assets increase, even if assets of a particular fund are unchanged or have decreased. 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 benefit if these costs were spread over a larger asset base. The Independent Board Members reviewed the breakpoint and complex-wide schedules and the fee reductions achieved as a result of such structures for the 2014 calendar year.
   
 
The Independent Board Members further considered that as part of the TIAA-CREF Transaction, Nuveen agreed, for a period of two years from the date of the closing of the TIAA-CREF Transaction, not to increase contractual management fees for any Nuveen fund. The commitment would not limit or otherwise affect mergers or liquidations of any funds in the ordinary course.
   
 
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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Annual Investment Management Agreement Approval Process (Unaudited) (continued)

E.
Indirect Benefits
 
The Independent Board Members received and considered information regarding potential "fall out" or ancillary benefits the respective Fund Adviser or its affiliates may receive as a result of its relationship with the Funds. With respect to closed-end funds, 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.
   
 
In addition to the above, the Independent Board Members considered whether the Fund Adviser received any benefits from soft dollar arrangements whereby a portion of the commissions paid by a Fund for brokerage may be used to acquire research that may be useful to the Fund Adviser in managing the assets of the Fund and other clients. The Funds' portfolio transactions are allocated by the Sub-Adviser. Accordingly, the Independent Board Members considered that the Sub-Adviser may benefit from research provided by broker-dealers executing portfolio transactions on behalf of the Funds. With respect to any fixed income securities, however, the Board recognized that such securities generally trade on a principal basis that does not generate soft dollar credits. Similarly, the Board recognized that any research received pursuant to soft dollar arrangements by the Sub-Adviser may also benefit the Funds and shareholders to the extent the research enhanced the ability of the Sub-Adviser to manage the Funds. The Independent Board Members noted that the Sub-Adviser's profitability may be somewhat lower if it had to acquire any such research services directly.
   
 
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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Notes

Nuveen Investments
 
89


Notes

90
 
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Notes

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Nuveen Investments:
 
Serving Investors for Generations

Since 1898, financial advisors and their clients have relied on Nuveen Investments 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 Investments provides high-quality investment services designed to help secure the long-term goals of institutional and individual investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets a wide range of specialized investment solutions which provide investors access to capabilities of its high-quality boutique investment affiliates—Nuveen Asset Management, Symphony Asset Management, NWQ Investment Management Company, Santa Barbara Asset Management, Tradewinds Global Investors, Winslow Capital Management and Gresham Investment Management. In total, Nuveen Investments managed more than $220 billion as of September 30, 2015.

Find out how we can help you.
To learn more about how the products and services of Nuveen Investments 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 Investments, 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-0915D 12137-INV-B-11/16

 
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/ Kevin J. McCarthy
Kevin J. McCarthy
Vice President and Secretary

Date: December 4, 2015
 
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/ Gifford R. Zimmerman
Gifford R. Zimmerman
Chief Administrative Officer
(principal executive officer)

Date: December 4, 2015
 
By (Signature and Title) /s/ Stephen D. Foy
Stephen D. Foy
Vice President and Controller
 (principal financial officer)

Date: December 4, 2015