0000891804-18-000498.txt : 20181206 0000891804-18-000498.hdr.sgml : 20181206 20181206090323 ACCESSION NUMBER: 0000891804-18-000498 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20180930 FILED AS OF DATE: 20181206 DATE AS OF CHANGE: 20181206 EFFECTIVENESS DATE: 20181206 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NUVEEN SELECT TAX FREE INCOME PORTFOLIO CENTRAL INDEX KEY: 0000883618 IRS NUMBER: 363806843 FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-06548 FILM NUMBER: 181219137 BUSINESS ADDRESS: STREET 1: 333 W WACKER DR CITY: CHICAGO STATE: IL ZIP: 60606 BUSINESS PHONE: 3129178200 MAIL ADDRESS: STREET 1: 333 W WACKER DR CITY: CHICAGO STATE: IL ZIP: 60606 N-CSRS 1 ncsr.htm NXP

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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-06548

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

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

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

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

Date of fiscal year end: March 31

Date of reporting period: September 30, 2018

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

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





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Table of Contents
   
Chairman’s Letter to Shareholders 
4 
Portfolio Managers’ Comments 
5 
Share Information 
8 
Risk Considerations 
10 
Performance Overview and Holding Summaries 
11 
Shareholder Meeting Report 
19 
Portfolios of Investments 
20 
Statement of Assets and Liabilities 
52 
Statement of Operations 
53 
Statement of Changes in Net Assets 
54 
Financial Highlights 
56 
Notes to Financial Statements 
62 
Additional Fund Information 
73 
Glossary of Terms Used in this Report 
74 
Reinvest Automatically, Easily and Conveniently 
76 
Annual Investment Management Agreement Approval Process 
77 
 
3


Chairman’s Letter
to Shareholders
Dear Shareholders,
I am honored to serve as the new independent chairman of the Nuveen Fund Board, effective July 1, 2018. I’d like to gratefully acknowledge the stewardship of my predecessor William J. Schneider and, on behalf of my fellow Board members, reinforce our commitment to the legacy of strong, independent oversight of your Funds.
If stock markets are forward looking, then recent volatility suggests views are changing and becoming more divergent. Rising interest rates, moderating earnings growth prospects and a weakening global economic outlook have clouded the horizon, which led to a sharp sell-off in global equities during October. Similar to the remarkably low volatility of 2017, the summer of 2018 was relatively calm again. But more recent market action serves as another reminder that stock price fluctuations are actually the norm, not the exception.
With economic growth in China and Europe already slowing this year, and U.S. growth possibly peaking, investors remain attuned to how trade conflicts, politics and tightening monetary policy might test the global economy’s resilience. However, it’s important to remember the markets are not the economy and vice-versa. Global growth is indeed slowing, but it’s still positive. The U.S. economy remains strong, even in the face of late-cycle pressures. Low unemployment and firming wages should continue to support consumer spending, and the November mid-term elections resulted in no major surprises. In China, the government remains committed to using fiscal stimulus to offset softening exports. Europe also remains vulnerable to trade policy, but European corporate earnings remain healthy, their central bank has reaffirmed its commitment to a gradual stimulus withdrawal and more clarity on Brexit should emerge in the countdown to the March 2019 deadline.
Headlines and political turbulence will continue to obscure underlying fundamentals at times and cause temporary bouts of volatility. We encourage you to work with your financial advisor to evaluate your goals, timeline 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.
Terence J. Toth
Chairman of the Board
November 22, 2018
4
 


 
Portfolio Managers’ Comments
 
Nuveen Select Tax-Free Income Portfolio (NXP)
Nuveen Select Tax-Free Income Portfolio 2 (NXQ)
Nuveen Select Tax-Free Income Portfolio 3 (NXR)
Nuveen California Select Tax-Free Income Portfolio (NXC)
Nuveen New York Select Tax-Free Income Portfolio (NXN)
These Funds feature portfolio management by Nuveen Asset Management, LLC (NAM), an affiliate of Nuveen, LLC. Portfolio managers Michael S. Hamilton and Scott R. Romans, PhD, discuss key investment strategies and the six-month performance of the Nuveen Select Portfolios (the “Funds”). Michael has managed the three national Funds since 2016, while Scott has managed NXC since 2003 and NXN since 2011.
What key strategies were used to manage these Funds during the six-month reporting period ended September 30, 2018?
The broad municipal bond market notched a small gain over the reporting period. The Federal Reserve’s (Fed) series of gradual policy rate increases pushed U.S. Treasury yields higher, most notably across shorter maturities, which flattened the Treasury yield curve. Rates also rose across the municipal yield curve, but the move was uneven. The shortest and longest ends of the municipal curve saw more pronounced increases, while the middle of the curve experience a much smaller move. While rising interest rates weighed on municipal bond prices (as bond prices and yields move in opposite directions), strong credit fundamentals remained supportive of municipal bond market. The solid economic expansion, growing state and municipal tax revenues, and low defaults continued to draw yield-seeking investors to the municipal market. Robust demand for municipal bonds, along with shrinking issuance, provided a favorable technical backdrop that helped boost the overall relative value of municipal bonds. California’s municipal bond market performed in line with the broad market, while New York’s market modestly lagged the broad market during this reporting period.
We also note that California and New York are among the states with the highest personal income and property taxes, which will be more meaningfully affected by the new limits on state and local tax (known as SALT) deductions. While individual taxpayers in California and New York could see an increased tax burden, we also expect municipal bond demand to remain robust. In-state issues, which offer both state and federal tax advantages, are likely to be especially attractive to taxpayers in high income states. For state and local governments, the ability to raise taxes in the future may be more politically challenging. Bonds backed by tax revenues could face headwinds going forward, and state and local credit profiles could suffer if delays in tax increases hurt pension funding, capital investment or other government spending priorities.
 

This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy or sell securities, and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on an investor’s objectives and circumstances and in consultation with his or her advisors.
Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio managers as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements, and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc. (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings, while BB, B, CCC, CC, C and D are below investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
Bond insurance guarantees only the payment of principal and interest on the bond when due, and not the value of the bonds themselves, which will fluctuate with the bond market and the financial success of the issuer and the insurer. Insurance relates specifically to the bonds in the portfolio and not to the share prices of a Fund. No representation is made as to the insurers’ ability to meet their commitments.
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
 
5

Portfolio Managers’ Comments (continued)
 
During the reporting period, we continued to take a bottom-up approach to discovering sectors that appeared undervalued as well as individual credits that we believed had the potential to perform well over the long term. Our trading activity continued to focus on pursuing the Funds’ investment objectives. NXP, NXQ and NXR primarily bought bonds with shorter (6- to 8-year) call structures, which offer lower duration profiles, to help maintain the Funds’ duration targets, as well as a few longer duration bonds. The shorter effective duration bonds were available at attractive yields because the Fed’s rate hikes were lifting interest rates on the shorter end of the yield curve. We bought these bonds using the proceeds from called and maturing bonds and from selling some shorter-dated (1- to 2-year) bonds with low embedded yields.
For the state-specific Funds, we continued to focus our buying on maturity structures of 20 years and longer as we anticipated further flattening in the yield curve. The California Fund tended to add higher rated bonds (with tobacco being an exception), while the New York Fund added some lower rated, higher yielding bonds. For both Funds, a sustained increase in interest rates during September 2018 presented favorable conditions to sell some depreciated bonds and buy a similarly structured, higher yielding bond. These bond swaps help boost tax efficiencies, as the loss on the depreciated bonds we sold can be used to offset capital gains in the future, and help increase the Fund’s income distribution capabilities. This activity boosted our portfolio turnover in NXC and NXN toward the end of the reporting period.
In NXC, we took advantage of the significant spread widening between 4% and 5% coupon bonds in the California municipal market early in this reporting period. This enabled us to swap lower quality 4% coupon bonds for higher quality 4% coupon bonds, which could also provide the Fund with a source of liquidity if the market environment shifts. Refunding activity was elevated in the tobacco sector in this reporting period, which affected the NXC’s tobacco holdings. We reinvested some of the proceeds from the called tobacco bonds into the new issues, which were issued with higher credit quality than the called bonds. We also bought some airport credits subject to the alternative minimum tax (AMT), including bonds issued for Los Angeles International Airport and San Francisco International Airport, which were available at attractive spreads due to temporary weakness.
In NXN, the opportunity to buy attractively valued, lower rated credits had dwindled as credit spreads have narrowed considerably since the first quarter of 2017. In this environment, we have focused on buying higher grade (AAA and AA rated), well-structured deals that we believe offer attractive risk-reward profiles in a rising interest rate environment and can be sold to fund future purchases when more attractive long-term opportunities present themselves. We primarily bought bonds with maturities 20 years and longer and offering 5% coupons. We found these opportunities selectively within the utilities, ports and energy sectors.
As of September 30, 2018, NXP, NXQ and NXN continued to use inverse floating rate securities. We employ inverse floaters for a variety of reasons, including duration management, income enhancement and total return enhancement.
How did the Funds perform during the six-month reporting period ended September 30, 2018?
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, 2018. Each Fund’s returns on common share net asset value (NAV) are compared with the performance of corresponding market indexes.
For the six months ended September 30, 2018, the total returns on common share NAV for NXC and NXN underperformed the national S&P Municipal Bond Index. NXC underperformed the S&P Municipal Bond California Index and NXN outperformed the S&P Municipal Bond New York Index for the same period. The three national Funds, NXP, NXQ and NXR, outperformed the national S&P Municipal Bond Index during the six-month period.
The factors affecting performance in this reporting period included duration and yield curve positioning, credit ratings allocations and sector positioning. In addition, the use of leverage affected the performance of NXP, NXQ and NXN. NXR and NXC did not use leverage in this reporting period. Leverage is discussed in more detail later in the Fund Leverage section of this report.
6

 

Duration and yield curve positioning had a neutral impact on the performance of NXP, NXQ and NXR in this reporting period, while it was a slight detractor from NXC and NXN’s performance. NXC and NXN were positioned with longer durations than the benchmark, which was unfavorable amid rising interest rates.
Our emphasis on lower rated bonds was advantageous for all five Funds, as lower rated bonds continued to outperform high grade bonds. The Funds held underweight allocations to high grade (AAA and AA rated) bonds, groups which underperformed, and overweight allocations to A rated and lower credits, which outperformed. Lower rated bonds continued to exhibit appealing and generally stable yield premiums supported by continued favorable municipal financial performance, supportive economic and monetary policies and investor support, leading to outperformance versus otherwise comparable bonds with higher ratings.
Sector allocations contributed the most to the three national Funds but had a neutral impact on the two state Funds’ performance. An overweight to the tobacco sector contributed positively to the five Funds’ performance as the sector benefited from elevated call activity during the reporting period and speculation that refinancing activity could continue in the sector. For NXP, NXQ and NXR, an underweight to the tax-supported sector was beneficial to performance. In addition, within the broad tax-supported sector, we held an overweight to the dedicated tax bonds sub-sector, which was also advantageous. The Fund held zero coupon, long duration dedicated tax bonds, such as Metropolitan Pier and Exposition Authority McCormick Place Expansion Project, which performed especially well.
Additionally, NXP, NXQ and NXR’s holdings in FirstEnergy bonds were among the larger positive contributors in this reporting period. The energy supplier had performed poorly earlier in 2017 amid credit concerns relating to its parent company’s plan to exit the power generation business (as detailed in “An Update on FirstEnergy Solutions Corp.” at the end of this commentary). Recent progress on negotiations with bondholders helped the bonds appreciate during this reporting period, which was positive for the Funds’ performance.
An Update on FirstEnergy Solutions Corp.
FirstEnergy Solutions Corp. and all of its subsidiaries filed for protection under Chapter 11 of the U.S. Bankruptcy Code on March 18, 2018. FirstEnergy Solutions and its subsidiaries specialize in coal and nuclear energy production. It is one of the main energy producers in the state of Ohio and a major energy provider in Pennsylvania. Because of the challenging market environment for nuclear and coal power in the face of inexpensive natural gas, FirstEnergy Corp., FirstEnergy Solutions’s parent, announced in late 2016 that it would begin a strategic review of its generation assets. FirstEnergy Solutions is a unique corporate issuer in that the majority of its debt was issued in the municipal market to finance pollution control and waste disposal for its coal and nuclear plants. A substantial amount of bondholders, of which Nuveen funds are included, entered into an “Agreement in Principal” with FirstEnergy Corp., to resolve potential claims that bondholders may have against FirstEnergy Corp. The agreement is subject to the approval of the FirstEnergy Corp. board of directors, FirstEnergy Solutions and the bankruptcy court.
In terms of FirstEnergy Solutions holdings, shareholders should note that NXP had 0.27% exposure, NXQ had 0.27% exposure and NXR had 0.35% exposure, which was a mix of unsecured and secured holdings. NXC and NXN had no exposure to FirstEnergy.
7

Share Information
 
DISTRIBUTION INFORMATION
The following information regarding the Funds’ distributions is current as of September 30, 2018. Each Fund’s distribution levels may vary over time based on each Fund’s investment activity and portfolio investment value changes.
During the current reporting period, each Fund’s distributions to shareholders were as shown in the accompanying table.
           
 
Per Share Amounts
Monthly Distributions (Ex-Dividend Date) 
NXP 
NXQ 
NXR 
NXC 
NXN 
April 2018 
$0.0455 
$0.0420 
$0.0435 
$0.0440 
$0.0420 
May 
0.0455 
0.0420 
0.0435 
0.0440 
0.0420 
June 
0.0455 
0.0420 
0.0435 
0.0440 
0.0420 
July 
0.0455 
0.0420 
0.0435 
0.0440 
0.0420 
August 
0.0455 
0.0420 
0.0435 
0.0440 
0.0420 
September 2018 
0.0455 
0.0420 
0.0435 
0.0440 
0.0420 
Total Distributions from Net Investment Income 
$0.2730 
$0.2520 
$0.2610 
$0.2640 
$0.2520 
 
Yields 
 
 
 
 
 
Market Yield* 
3.93% 
3.77% 
3.73% 
3.77% 
3.95% 
Taxable-Equivalent Yield* 
5.17% 
4.96% 
4.91% 
5.65% 
5.69% 
 
*     
Market Yield is based on the Fund’s current annualized monthly dividend divided by the Fund’s current market price as of the end of the reporting period. Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 24.0%, 24.0%, 24.0%, 33.3% and 30.6% for NXP, NXQ, NXR, NXC and NXN, respectively. When comparing a Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield would be lower.
 
Each Fund 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 the 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. Distributions to shareholders are determined on a tax basis, which may differ from amounts recorded in the accounting records. In instances where the monthly dividend exceeds the earned net investment income, the Fund would report a negative undistributed net ordinary income. Refer to Note 6 – Income Tax Information for additional information regarding the amounts of undistributed net ordinary income and undistributed net long-term capital gains and the character of the actual distributions paid by the Fund during the period.
All monthly dividends paid by the Fund during the current reporting period were paid from net investment income. If a portion of the Fund’s monthly distributions is sourced or comprised of elements other than net investment income, including capital gains and/or a return of capital, shareholders will be notified of those sources. For financial reporting purposes, the per share amounts of the Fund’s distributions for the reporting period are presented in this report’s Financial Highlights. For income tax purposes, distribution information for the 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.
8


EQUITY SHELF PROGRAM
During the current reporting period, NXC was authorized by the Securities and Exchange Commission to issue additional shares through an equity shelf program (Shelf Offering). Under this program, NXC, subject to market conditions, may raise additional capital from time to time in varying amounts and offering methods at a net price at or above the Fund’s NAV per share. The total amount of shares authorized under this Shelf Offering is shown in the accompanying table:
   
 
NXC 
Additional authorized shares 
600,000* 
* Represents additional authorized shares for the period April 1, 2018 through July 31, 2018. 
 
During the current reporting period, NXC did not sell any common shares through its Shelf Offering.
Refer to the Notes to Financial Statements, Note 4 – Fund Shares, Shares Equity Shelf Program and Offering Costs for further details on Shelf Offerings and the Fund’s transactions.
SHARE REPURCHASES
During August 2018, 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, 2018, and since the inception of the Funds’ repurchase programs, the Funds have cumulatively repurchased and retired their outstanding shares as shown in the accompanying table.
           
 
NXP 
NXQ 
NXR 
NXC 
NXN 
Shares cumulatively repurchased and retired 
 
 
 
 
 
Shares authorized for repurchase 
1,655,000 
1,770,000 
1,305,000 
635,000 
390,000 
 
OTHER SHARE INFORMATION
As of September 30, 2018, and during the current reporting period, the Funds’ share prices were trading at a premium/(discount) to their NAVs as shown in the accompanying table.
           
 
NXP 
NXQ 
NXR 
NXC 
NXN 
NAV 
$15.03 
$14.42 
$15.31 
$14.83 
$13.77 
Share price 
$13.91 
$13.36 
$14.00 
$13.99 
$12.77 
Premium/(Discount) to NAV 
(7.45)% 
(7.35)% 
(8.56)% 
(5.66)% 
(7.26)% 
6-month average premium/(discount) to NAV 
(6.78)% 
(6.76)% 
(6.16)% 
(7.34)% 
(7.72)% 
 
9


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.
10


   
NXP 
Nuveen Select Tax-Free Income Portfolio 
 
Performance Overview and Holding Summaries as of 
 
September 30, 2018 
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of September 30, 2018
         
 
Cumulative 
Average Annual
 
6-Month 
1-Year 
5-Year 
10-Year 
NXP at NAV 
1.21% 
1.09% 
5.34% 
5.54% 
NXP at Share Price 
1.15% 
(3.08)% 
5.49% 
5.25% 
S&P Municipal Bond Index 
0.77% 
0.48% 
3.65% 
4.82% 
 
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.
 
Share Price Performance — Weekly Closing Price
 
11


   
NXP 
Performance Overview and Holding Summaries as of 
 
September 30, 2018 (continued) 
 
This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
   
Fund Allocation 
 
(% of net assets) 
 
Long-Term Municipal Bonds 
96.6% 
Corporate Bonds 
0.1% 
Short-Term Municipal Bonds 
2.5% 
Other Assets Less Liabilities 
0.8% 
Net Assets 
100% 
 
   
Portfolio Credit Quality 
 
(% of total investment exposure) 
 
U.S. Guaranteed 
9.5% 
AAA 
1.8% 
AA 
35.4% 
A 
33.3% 
BBB 
12.0% 
BB or Lower 
6.6% 
N/R (not rated) 
1.4% 
Total 
100% 
 
   
Portfolio Composition 
 
(% of total investments) 
 
Tax Obligation/Limited 
23.6% 
Tax Obligation/General 
17.0% 
Transportation 
16.2% 
Health Care 
13.4% 
Education and Civic Organizations 
7.7% 
U.S. Guaranteed 
6.3% 
Other 
15.8% 
Total 
100% 
 
   
States and Territories 
 
(% of total municipal bonds) 
 
California 
16.6% 
Illinois 
11.5% 
Texas 
9.9% 
New Jersey 
8.8% 
Colorado 
6.2% 
Washington 
4.7% 
Ohio 
4.3% 
Connecticut 
3.4% 
New York 
3.1% 
Guam 
2.8% 
Missouri 
2.8% 
Arizona 
2.7% 
Iowa 
2.7% 
Oregon 
2.1% 
Other 
18.4% 
Total 
100% 
 
12


   
NXQ 
Nuveen Select Tax-Free Income Portfolio 2 
 
Performance Overview and Holding Summaries as of 
 
September 30, 2018 
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of September 30, 2018
         
 
Cumulative 
Average Annual 
 
6-Month 
1-Year 
5-Year 
10-Year 
NXQ at NAV 
1.05% 
0.71% 
5.38% 
5.46% 
NXQ at Share Price 
1.04% 
(1.14)% 
5.48% 
4.94% 
S&P Municipal Bond Index 
0.77% 
0.48% 
3.65% 
4.82% 
 
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.
 
Share Price Performance — Weekly Closing Price
 
13


   
NXQ 
Performance Overview and Holding Summaries as of 
 
September 30, 2018 (continued) 
 
This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
   
Fund Allocation 
 
(% of net assets) 
 
Long-Term Municipal Bonds 
98.1% 
Corporate Bonds 
0.1% 
Other Assets Less Liabilities 
1.8% 
Net Assets 
100% 
 
   
Portfolio Credit Quality 
 
(% of total investment exposure) 
 
U.S. Guaranteed 
5.3% 
AAA 
3.6% 
AA 
31.2% 
A 
38.4% 
BBB 
14.1% 
BB or Lower 
6.6% 
N/R (not rated) 
0.8% 
Total 
100% 
 
   
Portfolio Composition 
 
(% of total investments) 
 
Tax Obligation/General 
22.5% 
Transportation 
18.0% 
Tax Obligation/Limited 
17.9% 
Health Care 
15.7% 
Utilities 
6.4% 
U.S. Guaranteed 
5.2% 
Consumer Staples 
5.1% 
Education and Civic Organizations 
5.0% 
Other 
4.2% 
Total 
100% 
 
   
States and Territories 
 
(% of total municipal bonds) 
 
California 
14.1% 
Illinois 
12.5% 
Texas 
9.6% 
Colorado 
7.5% 
Washington 
5.1% 
Pennsylvania 
4.4% 
Massachusetts 
3.8% 
Arizona 
3.5% 
Nevada 
3.3% 
New Jersey 
3.2% 
Wisconsin 
3.0% 
Ohio 
2.9% 
Connecticut 
2.7% 
Guam 
2.6% 
Iowa 
2.6% 
Indiana 
2.1% 
Other 
17.1% 
Total 
100% 
 
14


   
NXR 
Nuveen Select Tax-Free Income Portfolio 3 
 
Performance Overview and Holding Summaries as of 
 
September 30, 2018 
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of September 30, 2018
         
 
Cumulative 
Average Annual
 
6-Month 
1-Year 
5-Year 
10-Year 
NXR at NAV 
1.18% 
0.71% 
5.74% 
5.73% 
NXR at Share Price 
0.17% 
(4.30)% 
5.85% 
5.48% 
S&P Municipal Bond Index 
0.77% 
0.48% 
3.65% 
4.82% 
 
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.
 
Share Price Performance — Weekly Closing Price
 
15


   
NXR 
Performance Overview and Holding Summaries as of 
 
September 30, 2018 (continued) 
 
This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
   
Fund Allocation 
 
(% of net assets) 
 
Long-Term Municipal Bonds 
96.7% 
Corporate Bonds 
0.0% 
Short-Term Municipal Bonds 
0.8% 
Other Assets Less Liabilities 
 2.5% 
Net Assets 
100% 
 
   
Portfolio Credit Quality 
 
(% of total investment exposure) 
 
U.S. Guaranteed 
10.5% 
AAA 
0.3% 
AA 
34.2% 
A 
33.6% 
BBB 
12.8% 
BB or Lower 
6.6% 
N/R (not rated) 
2.0% 
Total 
100% 
 
   
Portfolio Composition 
 
(% of total investments) 
 
Tax Obligation/Limited 
21.0% 
Tax Obligation/General 
19.4% 
Transportation 
15.2% 
Health Care 
13.2% 
U.S. Guaranteed 
8.2% 
Water and Sewer 
6.1% 
Consumer Staples 
5.8% 
Utilities 
5.4% 
Other 
5.7% 
Total 
100% 
 
   
States and Territories 
 
(% of total municipal bonds) 
 
California 
22.5% 
Illinois 
10.1% 
Texas 
9.4% 
Pennsylvania 
6.9% 
Ohio 
5.9% 
Colorado 
5.5% 
Washington 
5.2% 
Massachusetts 
4.6% 
New Jersey 
2.9% 
Connecticut 
2.6% 
Virginia 
2.6% 
Nebraska 
2.1% 
Other 
19.7% 
Total 
100% 
 
16


   
NXC 
Nuveen California Select Tax-Free 
 
Income Portfolio 
 
Performance Overview and Holding Summaries as of 
 
September 30, 2018 
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of September 30, 2018
         
 
Cumulative 
Average Annual 
 
6-Month 
1-Year 
5-Year 
10-Year 
NXC at NAV 
0.49% 
0.60% 
5.24% 
5.98% 
NXC at Share Price 
2.56% 
(6.38)% 
5.71% 
6.50% 
S&P Municipal Bond California Index 
0.77% 
0.56% 
4.12% 
5.26% 
S&P Municipal Bond Index 
0.77% 
0.48% 
3.65% 
4.82% 
 
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.
 
Share Price Performance — Weekly Closing Price
 
This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
   
Fund Allocation 
 
(% of net assets) 
 
Long-Term Municipal Bonds 
95.3% 
Short-Term Municipal Bonds 
4.8% 
Other Assets Less Liabilities 
(0.1)% 
Net Assets 
100% 
 
   
Portfolio Composition 
 
(% of total investments) 
 
Tax Obligation/General 
22.6% 
Tax Obligation/Limited 
18.7% 
Water and Sewer 
15.6% 
Health Care 
14.0% 
Transportation 
8.5% 
U.S. Guaranteed 
6.9% 
Utilities 
6.6% 
Consumer Staples 
5.5% 
Other 
1.6% 
Total 
100% 
 
   
Portfolio Credit Quality 
 
(% of total investment exposure) 
 
U.S. Guaranteed 
10.0% 
AAA 
14.3% 
AA 
45.9% 
A 
16.5% 
BBB 
3.9% 
BB or Lower 
7.7% 
N/R (not rated) 
1.7% 
Total 
100% 
 
17


   
NXN 
Nuveen New York Select Tax-Free 
 
Income Portfolio 
 
Performance Overview and Holding Summaries as of 
 
September 30, 2018 
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of September 30, 2018
         
 
Cumulative 
Average Annual 
 
6-Month 
1-Year 
5-Year 
10-Year 
NXN at NAV 
0.66% 
0.38% 
4.12% 
4.78% 
NXN at Share Price 
0.32% 
(5.23)% 
3.77% 
4.61% 
S&P Municipal Bond New York Index 
0.50% 
(0.09)% 
3.47% 
4.67% 
S&P Municipal Bond Index 
0.77% 
0.48% 
3.65% 
4.82% 
 
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.
 
Share Price Performance — Weekly Closing Price
 
This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
   
Fund Allocation 
 
(% of net assets) 
 
Long-Term Municipal Bonds 
98.6% 
Other Assets Less Liabilities 
2.2% 
Net Assets Plus Floating 
 
Rate Obligations 
100.8% 
Floating Rate Obligations 
(0.8)% 
Net Assets 
100% 
 
   
Portfolio Composition 
 
(% of total investments) 
 
Education and Civic Organizations 
20.0% 
Tax Obligation/Limited 
19.5% 
Transportation 
17.3% 
U.S. Guaranteed 
11.5% 
Water and Sewer 
8.9% 
Utilities 
8.5% 
Consumer Staples 
5.7% 
Others 
8.6% 
Total 
100% 
 
   
Portfolio Credit Quality 
 
(% of total investment exposure) 
 
U.S. Guaranteed 
11.3% 
AAA 
21.5% 
AA 
37.2% 
A 
6.6% 
BBB 
13.1% 
BB or Lower 
6.1% 
N/R (not rated) 
4.2% 
Total 
100% 
 
18


Shareholder Meeting Report
 
The annual meeting of shareholders was held in the offices of Nuveen on August 8, 2018 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: 
 
 
 
 
 
Margo L. Cook 
 
 
 
 
 
For 
14,716,705 
16,219,489 
11,726,839 
5,667,859 
3,386,376 
Withhold 
468,693 
404,203 
337,626 
159,550 
144,064 
Total 
15,185,398 
16,623,692 
12,064,465 
5,827,409 
3,530,440 
Jack B. Evans 
 
 
 
 
 
For 
14,588,665 
16,052,820 
11,559,133 
5,568,603 
3,450,735 
Withhold 
596,733 
570,872 
505,332 
258,806 
79,705 
Total 
15,185,398 
16,623,692 
12,064,465 
5,827,409 
3,530,440 
Albin F. Moschner 
 
 
 
 
 
For 
14,669,237 
16,170,252 
11,694,894 
5,604,160 
3,445,889 
Withhold 
516,161 
453,440 
369,571 
223,249 
84,551 
Total 
15,185,398 
16,623,692 
12,064,465 
5,827,409 
3,530,440 
William J. Schneider 
 
 
 
 
 
For 
14,610,781 
16,060,891 
11,573,139 
5,521,079 
3,442,922 
Withhold 
574,617 
562,801 
491,326 
306,330 
87,518 
Total 
15,185,398 
16,623,692 
12,064,465 
5,827,409 
3,530,440 
 
19


   
NXP 
Nuveen Select Tax-Free Income Portfolio 
 
Portfolio of Investments 
 
September 30, 2018 (Unaudited) 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
LONG-TERM INVESTMENTS – 96.7% 
 
 
 
 
 
MUNICIPAL BONDS – 96.6% 
 
 
 
 
 
Alaska – 0.3% 
 
 
 
$ 775 
 
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, 
11/18 at 100.00 
B3 
$ 775,000 
 
 
Series 2006A, 5.000%, 6/01/46 
 
 
 
 
 
Arizona – 2.2% 
 
 
 
2,500 
 
Arizona Health Facilities Authority, Hospital Revenue Bonds, Catholic Healthcare West, Series 
3/21 at 100.00 
A 
2,649,750 
 
 
2011B-1&2, 5.250%, 3/01/39 
 
 
 
280 
 
Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Basis 
No Opt. Call 
BB 
272,045 
 
 
Schools, Inc., Projects, Series 2017D, 3.000%, 7/01/22, 144A 
 
 
 
255 
 
Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Basis 
No Opt. Call 
AA– 
246,011 
 
 
Schools, Inc., Projects, Series 2017F, 3.000%, 7/01/26 
 
 
 
350 
 
Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Academies of Math 
No Opt. Call 
AA– 
364,196 
 
 
& Science Projects, Series 2018A, 4.000%, 7/01/22 
 
 
 
270 
 
Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds, Paradise 
No Opt. Call 
BB+ 
267,632 
 
 
Schools Projects, Series 2016, 2.875%, 7/01/21, 144A 
 
 
 
1,000 
 
Maricopa County Industrial Development Authority, Arizona, Revenue Bonds, Banner Health, 
1/27 at 100.00 
AA– 
1,114,180 
 
 
Refunding Series 2016A, 5.000%, 1/01/38 
 
 
 
625 
 
Pima County Industrial Development Authority, Arizona, Revenue Bonds, Tucson Electric Power 
10/20 at 100.00 
A– 
660,038 
 
 
Company, Series 2010A, 5.250%, 10/01/40 
 
 
 
5,280 
 
Total Arizona 
 
 
5,573,852 
 
 
Arkansas – 0.7% 
 
 
 
6,555 
 
Arkansas Development Finance Authority, Tobacco Settlement Revenue Bonds, Arkansas Cancer 
No Opt. Call 
Aa2 
1,852,705 
 
 
Research Center Project, Series 2006, 0.000%, 7/01/46 – AMBAC Insured 
 
 
 
 
 
California – 16.5% 
 
 
 
4,245 
 
Anaheim City School District, Orange County, California, General Obligation Bonds, Election 
No Opt. Call 
AA 
2,665,478 
 
 
2002 Series 2007, 0.000%, 8/01/31 – AGM Insured 
 
 
 
2,840 
 
Anaheim Public Financing Authority, California, Lease Revenue Bonds, Public Improvement 
No Opt. Call 
AA 
1,824,246 
 
 
Project, Series 1997C, 0.000%, 9/01/30 – AGM Insured 
 
 
 
3,000 
 
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 
4/23 at 100.00 
AA– (4) 
3,399,060 
 
 
2013S-4, 5.000%, 4/01/38 (Pre-refunded 4/01/23) 
 
 
 
2,310 
 
California Health Facilities Financing Authority, Revenue Bonds, Saint Joseph Health System, 
7/23 at 100.00 
AA– 
2,549,478 
 
 
Series 2013A, 5.000%, 7/01/33 
 
 
 
1,630 
 
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 
11/23 at 100.00 
A+ 
1,798,689 
 
 
2013I, 5.000%, 11/01/38 
 
 
 
2,745 
 
California State, General Obligation Bonds, Various Purpose Series 2009, 5.000%, 10/01/29 
10/19 at 100.00 
AA– 
2,828,668 
895 
 
California Statewide Community Development Authority, Revenue Bonds, Methodist Hospital 
8/19 at 100.00 
N/R (4) 
931,865 
 
 
Project, Series 2009, 6.750%, 2/01/38 (Pre-refunded 8/01/19) 
 
 
 
2,645 
 
Cypress Elementary School District, Orange County, California, General Obligation Bonds, 
No Opt. Call 
AA 
1,487,151 
 
 
Series 2009A, 0.000%, 5/01/34 – AGM Insured 
 
 
 
800 
 
East Side Union High School District, Santa Clara County, California, General Obligation 
8/19 at 100.00 
AA (4) 
821,464 
 
 
Bonds, 2008 Election Series 2010B, 5.000%, 8/01/24 (Pre-refunded 8/01/19) – AGC Insured 
 
 
 
2,710 
 
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement 
No Opt. Call 
A+ 
2,003,530 
 
 
Asset-Backed Revenue Bonds, Series 2005A, 0.000%, 6/01/28 – AMBAC Insured 
 
 
 
3,030 
 
Grossmont Union High School District, San Diego County, California, General Obligation Bonds, 
No Opt. Call 
Aa2 
2,514,324 
 
 
Series 2006, 0.000%, 8/01/25 – NPFG Insured 
 
 
 
1,000 
 
Moreno Valley Unified School District, Riverside County, California, General Obligation Bonds, 
No Opt. Call 
A+ 
882,270 
 
 
Refunding Series 2007, 0.000%, 8/01/23 – NPFG Insured 
 
 
 
 
20


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
California (continued) 
 
 
 
$ 1,160 
 
Mount San Antonio Community College District, Los Angeles County, California, General 
8/35 at 100.00 
Aa1 
$ 952,650 
 
 
Obligation Bonds, Election of 2008, Series 2013A, 0.000%, 8/01/43 (5) 
 
 
 
590 
 
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 
11/19 at 100.00 
N/R (4) 
621,429 
 
 
6.750%, 11/01/39 (Pre-refunded 11/01/19) 
 
 
 
4,390 
 
Pittsburg Redevelopment Agency, California, Tax Allocation Bonds, Los Medanos Community 
No Opt. Call 
AA– 
3,014,833 
 
 
Development Project, Series 1999, 0.000%, 8/01/29 – AMBAC Insured 
 
 
 
1,700 
 
Placentia-Yorba Linda Unified School District, Orange County, California, Certificates of 
No Opt. Call 
A+ (4) 
1,031,118 
 
 
Participation, Series 2006, 0.000%, 10/01/34 – FGIC Insured (ETM) 
 
 
 
8,000 
 
Poway Unified School District, San Diego County, California, General Obligation Bonds, School 
No Opt. Call 
AA– 
4,678,640 
 
 
Facilities Improvement District 2007-1, Election 2008 Series 2009A, 0.000%, 8/01/33 
 
 
 
1,350 
 
San Diego Association of Governments, California, South Bay Expressway Toll Revenue Bonds, 
7/27 at 100.00 
A 
1,523,070 
 
 
First Senior Lien Series 2017A, 5.000%, 7/01/42 
 
 
 
1,800 
 
San Francisco City and County Public Utilities Commission, California, Water Revenue Bonds, 
11/24 at 100.00 
AA– 
2,003,976 
 
 
Non-WSIP, Series 2017A, 5.000%, 11/01/42 
 
 
 
2,110 
 
Sierra Sands Unified School District, Kern County, California, General Obligation Bonds, 
No Opt. Call 
AA 
1,505,021 
 
 
Election of 2006, Series 2006A, 0.000%, 11/01/28 – FGIC Insured 
 
 
 
1,195 
 
Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed 
11/18 at 100.00 
B– 
1,200,461 
 
 
Bonds, Series 2005A-1, 5.500%, 6/01/45 
 
 
 
1,150 
 
Woodside Elementary School District, San Mateo County, California, General Obligation Bonds, 
No Opt. Call 
AAA 
784,829 
 
 
Election of 2005, Series 2007, 0.000%, 10/01/30 – AMBAC Insured 
 
 
 
51,295 
 
Total California 
 
 
41,022,250 
 
 
Colorado – 6.2% 
 
 
 
500 
 
Centerra Metropolitan District 1, Loveland, Colorado, Special Revenue Bonds, Refunding & 
No Opt. Call 
N/R 
531,505 
 
 
Improvement Series 2017, 5.000%, 12/01/21, 144A 
 
 
 
1,780 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, 
1/23 at 100.00 
BBB+ 
1,888,847 
 
 
Series 2013A, 5.250%, 1/01/45 
 
 
 
1,000 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sisters of Charity of 
1/20 at 100.00 
AA– 
1,029,480 
 
 
Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40 
 
 
 
2,630 
 
Colorado School of Mines Board of Trustees, Golden, Colorado, Institutional Enterprise Revenue 
12/27 at 100.00 
A+ 
2,932,503 
 
 
Bonds, Series 2017B, 5.000%, 12/01/42 
 
 
 
1,935 
 
Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2013B, 
11/23 at 100.00 
A+ 
2,119,251 
 
 
5.000%, 11/15/43 
 
 
 
250 
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%, 
No Opt. Call 
A 
168,460 
 
 
9/01/29 – NPFG Insured 
 
 
 
12,500 
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2006A, 0.000%, 
9/26 at 54.77 
A 
5,059,000 
 
 
9/01/38 – NPFG Insured 
 
 
 
2,000 
 
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004B, 0.000%, 9/01/32 – 
9/20 at 50.83 
A 
960,560 
 
 
NPFG Insured 
 
 
 
620 
 
Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue 
12/25 at 100.00 
N/R 
686,315 
 
 
Bonds, Refunding Series 2015A, 5.000%, 12/01/35 
 
 
 
23,215 
 
Total Colorado 
 
 
15,375,921 
 
 
Connecticut – 3.4% 
 
 
 
2,500 
 
Connecticut State, General Obligation Bonds, Green Series 2014G, 5.000%, 11/15/31 
11/24 at 100.00 
A1 
2,713,475 
1,000 
 
Connecticut State, General Obligation Bonds, Refunding Series 2018C, 5.000%, 6/15/26 
No Opt. Call 
A1 
1,122,700 
1,890 
 
Connecticut State, Special Tax Obligation Bonds, Transportation Infrastructure Purposes Series 
10/23 at 100.00 
AA 
2,056,887 
 
 
2013A, 5.000%, 10/01/32 
 
 
 
1,625 
 
Connecticut State, Special Tax Obligation Bonds, Transportation Infrastructure Purposes, 
9/24 at 100.00 
AA 
1,751,441 
 
 
Series 2014A, 5.000%, 9/01/34 
 
 
 
750 
 
University of Connecticut, General Obligation Bonds, Series 2015A, 5.000%, 3/15/31 
3/26 at 100.00 
AA– 
823,230 
7,765 
 
Total Connecticut 
 
 
8,467,733 
 
21

 
   
NXP 
Nuveen Select Tax-Free Income Portfolio 
 
Portfolio of Investments (continued) 
 
September 30, 2018 (Unaudited) 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Guam – 2.8% 
 
 
 
$ 3,000 
 
Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D, 5.000%, 11/15/39 
11/25 at 100.00 
A 
$ 3,226,470 
1,650 
 
Government of Guam, Hotel Occupancy Tax Revenue Bonds, Series 2011A, 6.000%, 11/01/26 
5/21 at 100.00 
A– 
1,774,113 
1,740 
 
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, 
7/23 at 100.00 
A– 
1,910,329 
 
 
Series 2013, 5.250%, 7/01/25 
 
 
 
6,390 
 
Total Guam 
 
 
6,910,912 
 
 
Idaho – 1.3% 
 
 
 
3,000 
 
Idaho Health Facilities Authority, Revenue Bonds, Saint Luke’s Health System Project, Series 
3/24 at 100.00 
A– 
3,224,700 
 
 
2014A, 5.000%, 3/01/44 
 
 
 
 
 
Illinois – 11.4% 
 
 
 
 
 
Board of Trustees of Southern Illinois University, Housing and Auxiliary Facilities System 
 
 
 
 
 
Revenue Bonds, Series 1999A: 
 
 
 
2,565 
 
0.000%, 4/01/20 – NPFG Insured 
No Opt. Call 
Baa2 
2,457,860 
2,000 
 
0.000%, 4/01/23 – NPFG Insured 
No Opt. Call 
Baa2 
1,736,980 
725 
 
Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, Series 
4/27 at 100.00 
A 
840,761 
 
 
2016, 6.000%, 4/01/46 
 
 
 
735 
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues Series 
12/21 at 100.00 
BB– 
741,365 
 
 
2011A, 5.000%, 12/01/41 
 
 
 
735 
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Refunding 
12/27 at 100.00 
B+ 
767,355 
 
 
Series 2017C, 5.000%, 12/01/30 
 
 
 
360 
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 
12/26 at 100.00 
B+ 
408,712 
 
 
2016B, 6.500%, 12/01/46 
 
 
 
55 
 
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax 
No Opt. Call 
Baa2 
35,409 
 
 
Revenues, Series 1998B-1, 0.000%, 12/01/28 – FGIC Insured 
 
 
 
645 
 
Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Senior Lien 
No Opt. Call 
A 
668,536 
 
 
Refunding Series 2016C, 5.000%, 1/01/20 
 
 
 
880 
 
Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2017A, 6.000%, 1/01/38 
1/27 at 100.00 
BBB+ 
991,998 
 
 
Illinois Finance Authority, Revenue Bonds, Northwestern Memorial HealthCare, Series 2013: 
 
 
 
2,100 
 
4.000%, 8/15/33 
8/22 at 100.00 
AA+ 
2,147,544 
2,245 
 
5.000%, 8/15/43 
8/22 at 100.00 
AA+ 
2,401,858 
260 
 
Illinois Finance Authority, Revenue Bonds, Rehabilitation Institute of Chicago, Series 2013A, 
7/23 at 100.00 
A– 
284,614 
 
 
6.000%, 7/01/43 
 
 
 
1,000 
 
Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Series 
8/19 at 100.00 
N/R (4) 
1,041,870 
 
 
2009, 6.875%, 8/15/38 (Pre-refunded 8/15/19) 
 
 
 
1,270 
 
Illinois State, General Obligation Bonds, October Series 2016, 5.000%, 2/01/19 
No Opt. Call 
BBB 
1,280,020 
2,190 
 
Illinois State, General Obligation Bonds, Refunding Series 2012, 5.000%, 8/01/23 
No Opt. Call 
BBB 
2,302,895 
1,000 
 
Kendall, Kane, and Will Counties Community Unit School District 308 Oswego, Illinois, General 
No Opt. Call 
Aa3 
853,230 
 
 
Obligation Bonds, Series 2008, 0.000%, 2/01/24 – AGM Insured 
 
 
 
 
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion 
 
 
 
 
 
Project, Series 2002A: 
 
 
 
1,720 
 
0.000%, 12/15/29 – NPFG Insured 
No Opt. Call 
Baa2 
1,057,439 
765 
 
0.000%, 6/15/30 
No Opt. Call 
BB+ 
458,633 
45 
 
0.000%, 6/15/30 (ETM) 
No Opt. Call 
N/R (4) 
31,432 
6,070 
 
0.000%, 12/15/31 – NPFG Insured 
No Opt. Call 
Baa2 
3,355,678 
5,000 
 
0.000%, 12/15/36 – NPFG Insured 
No Opt. Call 
Baa2 
2,116,100 
1,775 
 
Springfield, Illinois, Electric Revenue Bonds, Senior Lien Series 2015, 5.000%, 3/01/28 
3/25 at 100.00 
A 
1,966,487 
310 
 
University of Illinois, Health Services Facilities System Revenue Bonds, Series 2013, 
10/23 at 100.00 
A– 
345,098 
 
 
6.000%, 10/01/42 
 
 
 
34,450 
 
Total Illinois 
 
 
28,291,874 
 
22



           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Indiana – 1.5% 
 
 
 
$ 2,855 
 
Boone County Hospital Association, Indiana, Lease Revenue Bonds, Series 2010, 5.250%, 7/15/25 
1/20 at 100.00 
AA+ (4) 
$ 2,973,254 
 
 
(Pre-refunded 1/15/20) 
 
 
 
750 
 
Purdue University, Indiana, University Revenue Bonds, Student Facility System Series 2009A, 
1/19 at 100.00 
AAA 
755,940 
 
 
5.000%, 7/01/23 (Pre-refunded 1/01/19) 
 
 
 
3,605 
 
Total Indiana 
 
 
3,729,194 
 
 
Iowa – 2.7% 
 
 
 
710 
 
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company 
12/19 at 104.00 
B 
746,040 
 
 
Project, Series 2016, 5.875%, 12/01/26, 144A 
 
 
 
830 
 
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company 
12/22 at 105.00 
B 
883,859 
 
 
Project, Series 2018B, 5.250%, 12/01/50 (Mandatory put 12/01/37) 
 
 
 
1,000 
 
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C, 
11/18 at 100.00 
B+ 
1,009,970 
 
 
5.375%, 6/01/38 
 
 
 
4,000 
 
Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, 
11/18 at 100.00 
BB– 
4,040,080 
 
 
5.600%, 6/01/34 (5) 
 
 
 
6,540 
 
Total Iowa 
 
 
6,679,949 
 
 
Kentucky – 1.1% 
 
 
 
2,500 
 
Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Baptist Healthcare 
8/21 at 100.00 
A 
2,621,825 
 
 
System Obligated Group, Series 2011, 5.250%, 8/15/46 
 
 
 
 
 
Massachusetts – 1.5% 
 
 
 
1,625 
 
Massachusetts Development Finance Agency, Revenue Bonds, Olin College, Series 2013E, 
11/23 at 100.00 
A+ 
1,761,110 
 
 
5.000%, 11/01/43 
 
 
 
400 
 
Massachusetts Development Finance Agency, Revenue Bonds, UMass Memorial Health Care 
7/27 at 100.00 
BBB+ 
377,296 
 
 
Obligated Group Issue, Series 2017L, 3.625%, 7/01/37 
 
 
 
1,510 
 
Massachusetts Housing Finance Agency, Housing Bonds, Series 2009F, 5.700%, 6/01/40 
12/18 at 100.00 
AA 
1,515,496 
 
 
(Alternative Minimum Tax) 
 
 
 
3,535 
 
Total Massachusetts 
 
 
3,653,902 
 
 
Michigan – 0.2% 
 
 
 
355 
 
Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds, 
7/22 at 100.00 
A+ 
381,788 
 
 
Refunding Senior Lien Series 2012A, 5.250%, 7/01/39 
 
 
 
 
 
Missouri – 2.8% 
 
 
 
360 
 
Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Mass Transit Sales 
10/18 at 100.00 
AA+ 
360,540 
 
 
Tax Appropriation Bonds, Refunding Combined Lien Series 2013A, 5.000%, 10/01/28 
 
 
 
 
 
Kansas City Municipal Assistance Corporation, Missouri, Leasehold Revenue Bonds, 
 
 
 
 
 
Series 2004B-1: 
 
 
 
1,165 
 
0.000%, 4/15/23 – AMBAC Insured 
No Opt. Call 
AA 
1,030,629 
5,000 
 
0.000%, 4/15/30 – AMBAC Insured 
No Opt. Call 
AA– 
3,320,450 
2,000 
 
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, 
11/23 at 100.00 
A2 
2,135,560 
 
 
CoxHealth, Series 2013A, 5.000%, 11/15/38 
 
 
 
8,525 
 
Total Missouri 
 
 
6,847,179 
 
 
Nebraska – 0.2% 
 
 
 
500 
 
Southeast Community College Area, Nebraska, Certificates of Participation, Series 2018, 
6/28 at 100.00 
Aa1 
467,345 
 
 
3.500%, 12/15/42 
 
 
 
 
 
Nevada – 1.6% 
 
 
 
275 
 
Carson City, Nevada, Hospital Revenue Bonds, Carson Tahoe Regional Healthcare Project, Series 
9/27 at 100.00 
BBB+ 
300,399 
 
 
2017A, 5.000%, 9/01/37 
 
 
 
750 
 
Clark County, Nevada, Airport Revenue Bonds, Tender Option Bond Trust Series 2016-XG0028, 
1/20 at 100.00 
A+ 
887,790 
 
 
15.666%, 7/01/42, 144A (IF) 
 
 
 
1,250 
 
Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran 
1/20 at 100.00 
Aa3 
1,296,925 
 
 
International Airport, Series 2010A, 5.250%, 7/01/42 
 
 
 
 
23


   
NXP 
Nuveen Select Tax-Free Income Portfolio 
 
Portfolio of Investments (continued) 
 
September 30, 2018 (Unaudited) 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Nevada (continued) 
 
 
 
$ 1,500 
 
Las Vegas Redevelopment Agency, Nevada, Tax Increment Revenue Bonds, Series 2009A, 8.000%, 
6/19 at 100.00 
BBB+ (4) 
$ 1,562,205 
 
 
6/15/30 (Pre-refunded 6/15/19) 
 
 
 
3,775 
 
Total Nevada 
 
 
4,047,319 
 
 
New Hampshire – 0.5% 
 
 
 
1,250 
 
New Hampshire Business Finance Authority, Solid Waste Disposal Revenue Bonds, Waste 
No Opt. Call 
A– 
1,249,788 
 
 
Management Inc., Project, Series 2003, 3.125%, 8/01/24 (Alternative Minimum Tax) 
 
 
 
 
 
New Jersey – 8.7% 
 
 
 
940 
 
New Jersey Economic Development Authority, Private Activity Bonds, The Goethals Bridge 
1/24 at 100.00 
AA 
1,015,867 
 
 
Replacement Project, Series 2013, 5.125%, 1/01/39 – AGM Insured (Alternative Minimum Tax) 
 
 
 
1,035 
 
New Jersey Economic Development Authority, School Facilities Construction Financing Program 
3/21 at 100.00 
A– 
1,088,261 
 
 
Bonds, Refunding Series 2011GG, 5.000%, 9/01/22 
 
 
 
1,380 
 
New Jersey Economic Development Authority, Sublease Revenue Bonds, New Jersey Transit 
No Opt. Call 
A– 
1,508,450 
 
 
Corporation Projects, Refunding Series 2017B, 5.000%, 11/01/23 
 
 
 
260 
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, University Hospital 
7/25 at 100.00 
AA 
290,527 
 
 
Issue, Refunding Series 2015A, 5.000%, 7/01/29 – AGM Insured 
 
 
 
35,000 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 
No Opt. Call 
AA 
17,847,896 
 
 
2006C, 0.000%, 12/15/34 – AGM Insured 
 
 
 
38,615 
 
Total New Jersey 
 
 
21,751,001 
 
 
New Mexico – 0.9% 
 
 
 
1,000 
 
Farmington Municipal School District 5, San Juan County, New Mexico, General Obligation Bonds, 
9/25 at 100.00 
Aa3 
1,148,910 
 
 
School Building Series 2015, 5.000%, 9/01/28 
 
 
 
1,000 
 
New Mexico Mortgage Finance Authority, Multifamily Housing Revenue Bonds, St Anthony, Series 
11/18 at 100.00 
N/R 
1,000,390 
 
 
2007A, 5.250%, 9/01/42 (Alternative Minimum Tax) 
 
 
 
2,000 
 
Total New Mexico 
 
 
2,149,300 
 
 
New York – 1.0% 
 
 
 
475 
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 
2/21 at 100.00 
AA– 
505,419 
 
 
2011A, 5.250%, 2/15/47 
 
 
 
25 
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 
2/21 at 100.00 
Aa3 (4) 
26,901 
 
 
2011A, 5.250%, 2/15/47 (Pre-refunded 2/15/21) 
 
 
 
1,100 
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding 
11/22 at 100.00 
AA– 
1,201,563 
 
 
Series 2002D-1, 5.000%, 11/01/27 
 
 
 
780 
 
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air 
12/20 at 100.00 
Baa1 
843,999 
 
 
Terminal LLC Project, Eighth Series 2010, 6.000%, 12/01/42 
 
 
 
2,380 
 
Total New York 
 
 
2,577,882 
 
 
North Carolina – 0.4% 
 
 
 
1,000 
 
North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds, Series 2008C, 
1/19 at 100.00 
AAA 
1,012,130 
 
 
6.750%, 1/01/24 (Pre-refunded 1/01/19) 
 
 
 
 
 
Ohio – 4.2% 
 
 
 
2,250 
 
American Municipal Power Ohio Inc., Prairie State Energy Campus Project Revenue Bonds, Series 
2/19 at 100.00 
AA (4) 
2,282,670 
 
 
2009A, 5.750%, 2/15/39 (Pre-refunded 2/15/19) – AGC Insured 
 
 
 
 
 
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed
 
 
 
 
 
Revenue Bonds, Senior Lien, Series 2007A-2.: 
 
 
 
1,670 
 
6.000%, 6/01/42 
11/18 at 100.00 
B– 
1,676,212 
1,000 
 
6.500%, 6/01/47 
11/18 at 100.00 
B– 
1,020,010 
1,975 
 
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed
6/22 at 100.00 
B– 
2,056,271 
 
 
Revenue Bonds, Senior Lien, Series 2007A-3, 6.250%, 6/01/37 (5) 
 
 
 
1,500 
 
Montgomery County, Ohio, Revenue Bonds, Miami Valley Hospital, Series 2011A, 5.750%, 11/15/21 
11/20 at 100.00 
A 
1,597,095 
1,105 
 
Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Project, Junior Lien Series 
2/23 at 100.00 
Aa3 
1,197,665 
 
 
2013A-1, 5.000%, 2/15/48 
 
 
 
 
24



           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Ohio (continued) 
 
 
 
$ 1,000 
 
Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy 
No Opt. Call 
N/R 
$ 676,250 
 
 
Nuclear Generating Corporation Project, Series 2005B, 4.000%, 1/01/34 
 
 
 
 
 
(Mandatory put 7/01/21) (6) 
 
 
 
10,500 
 
Total Ohio 
 
 
10,506,173 
 
 
Oklahoma – 0.2% 
 
 
 
435 
 
Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine Project, 
8/28 at 100.00 
Baa3 
474,241 
 
 
Series 2018B, 5.000%, 8/15/38 
 
 
 
 
 
Oregon – 2.0% 
 
 
 
590 
 
Beaverton School District 48J, Washington and Multnomah Counties, Oregon, General Obligation 
6/27 at 100.00 
AA+ 
672,010 
 
 
Bonds, Convertible Deferred Interest Series 2017D, 0.000%, 6/15/36 
 
 
 
515 
 
Clackamas County Hospital Facility Authority, Oregon, Senior Living Revenue Bonds, Willamette 
No Opt. Call 
N/R 
538,263 
 
 
View Project, Series 2017A, 4.000%, 11/15/23 
 
 
 
500 
 
Lake Oswego, Oregon, General Obligation Bonds, Series 2013, 5.000%, 6/01/26 
6/23 at 100.00 
AAA 
559,365 
750 
 
Multnomah County Hospital Facilities Authority, Oregon, Revenue Bond, Terwilliger Plaza, Inc., 
No Opt. Call 
BBB 
811,328 
 
 
Refunding Series 2012, 5.000%, 12/01/22 
 
 
 
1,365 
 
Oregon Facilities Authority, Revenue Bonds, Reed College, Series 2017A, 4.000%, 7/01/41 
7/27 at 100.00 
Aa2 
1,402,497 
1,000 
 
Oregon Facilities Authority, Revenue Bonds, Willamette University, Refunding Series 2016B, 
10/26 at 100.00 
A 
1,113,430 
 
 
5.000%, 10/01/40 
 
 
 
4,720 
 
Total Oregon 
 
 
5,096,893 
 
 
Pennsylvania – 2.0% 
 
 
 
1,225 
 
Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2013, 
1/24 at 100.00 
A 
1,344,327 
 
 
5.000%, 1/01/37 
 
 
 
2,090 
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Carnegie Mellon 
2/19 at 100.00 
AA 
2,110,127 
 
 
University, Series 2009, 5.000%, 8/01/21 
 
 
 
 
 
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Subordinate Special Revenue 
 
 
 
 
 
Bonds, Series 2010B-2: 
 
 
 
555 
 
5.000%, 12/01/30 (Pre-refunded 12/01/20) 
12/20 at 100.00 
N/R (4) 
589,588 
295 
 
5.000%, 12/01/30 (Pre-refunded 12/01/20) (5) 
12/20 at 100.00 
N/R (4) 
312,417 
640 
 
5.000%, 12/01/30 (Pre-refunded 12/01/20) (5) 
12/20 at 100.00 
A2 (4) 
679,885 
4,805 
 
Total Pennsylvania 
 
 
5,036,344 
 
 
Tennessee – 1.3% 
 
 
 
3,000 
 
Metropolitan Nashville Airport Authority, Tennessee, Airport Revenue Bonds, Improvement Series 
7/25 at 100.00 
A+ 
3,317,550 
 
 
2015A, 5.000%, 7/01/45 
 
 
 
 
 
Texas – 9.8% 
 
 
 
250 
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2011, 6.000%, 
1/21 at 100.00 
BBB+ (4) 
270,765 
 
 
1/01/41 (Pre-refunded 1/01/21) 
 
 
 
110 
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien, Series 2015A, 
7/25 at 100.00 
BBB+ 
121,573 
 
 
5.000%, 1/01/33 
 
 
 
1,000 
 
Dallas Area Rapid Transit, Texas, Sales Tax Revenue Bonds, Senior Lien Series 2008, 5.250%, 
12/18 at 100.00 
AA+ (4) 
1,005,670 
 
 
12/01/48 (Pre-refunded 12/01/18) 
 
 
 
5,565 
 
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, First Tier Series 
10/23 at 100.00 
A– 
6,159,899 
 
 
2013A, 5.500%, 4/01/53 
 
 
 
1,250 
 
Harris County Flood Control District, Texas, Contract Tax Bonds, Refunding Series 2017A, 
10/27 at 100.00 
AAA 
1,304,763 
 
 
4.000%, 10/01/35 
 
 
 
3,415 
 
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H, 
No Opt. Call 
Baa2 
2,113,168 
 
 
0.000%, 11/15/30 – NPFG Insured 
 
 
 
4,230 
 
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Third Lien Series 2004A-3, 
11/24 at 52.47 
Baa2 
1,739,672 
 
 
0.000%, 11/15/35 – NPFG Insured 
 
 
 
4,015 
 
Harris County-Houston Sports Authority, Texas, Special Revenue Bonds, Refunding Senior Lien 
11/30 at 61.17 
AA 
1,521,444 
 
 
Series 2001A, 0.000%, 11/15/38 – NPFG Insured 
 
 
 
 
25

 
   
NXP 
Nuveen Select Tax-Free Income Portfolio 
 
Portfolio of Investments (continued) 
 
September 30, 2018 (Unaudited) 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Texas (continued) 
 
 
 
$ 2,260 
 
Love Field Airport Modernization Corporation, Texas, Special Facilities Revenue Bonds, 
11/20 at 100.00 
A3 
$ 2,378,605 
 
 
Southwest Airlines Company, Series 2010, 5.250%, 11/01/40 
 
 
 
2,000 
 
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier Capital Appreciation 
1/25 at 100.00 
A+ 
2,384,640 
 
 
Series 2008I, 6.500%, 1/01/43 
 
 
 
5,000 
 
Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 
12/22 at 100.00 
A3 
5,426,900 
 
 
2012, 5.000%, 12/15/26 
 
 
 
29,095 
 
Total Texas 
 
 
24,427,099 
 
 
Virginia – 2.4% 
 
 
 
2,000 
 
Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles 
10/28 at 100.00 
BBB+ 
2,518,000 
 
 
Metrorail Capital Appreciation, Second Senior Lien Series 2010B, 0.000%, 10/01/44 (5) 
 
 
 
 
 
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 
1,069,970 
1,205 
 
6.000%, 1/01/37 (Alternative Minimum Tax) 
7/22 at 100.00 
BBB 
1,322,741 
1,010 
 
5.500%, 1/01/42 (Alternative Minimum Tax) 
7/22 at 100.00 
BBB 
1,086,477 
5,215 
 
Total Virginia 
 
 
5,997,188 
 
 
Washington – 4.6% 
 
 
 
1,280 
 
Port of Seattle, Washington, Revenue Bonds, Refunding First Lien Series 2016A, 5.000%, 10/01/18 
No Opt. Call 
AA– 
1,280,000 
990 
 
Washington Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research 
1/21 at 100.00 
A+ 
1,044,024 
 
 
Center, Series 2011A, 5.625%, 1/01/35 
 
 
 
2,115 
 
Washington State Health Care Facilities Authority, Revenue Bonds, PeaceHealth, Refunding 
11/19 at 100.00 
A+ 
2,170,519 
 
 
Series 2009, 5.000%, 11/01/28 
 
 
 
2,855 
 
Washington State, General Obligation Bonds, Various Purpose Series 2015B, 5.000%, 2/01/37 
2/25 at 100.00 
AA+ 
3,155,888 
2,060 
 
Washington State, General Obligation Bonds, Various Purpose Series 2016A-1, 5.000%, 8/01/39 
8/25 at 100.00 
AA+ 
2,285,797 
2,115 
 
Washington State, Motor Vehicle Fuel Tax General Obligation Bonds, Series 2003F, 0.000%, 
No Opt. Call 
AA+ 
1,624,510 
 
 
12/01/27 – NPFG Insured 
 
 
 
11,415 
 
Total Washington 
 
 
11,560,738 
 
 
West Virginia – 0.7% 
 
 
 
1,500 
 
West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United Health 
6/23 at 100.00 
A 
1,630,680 
 
 
System Obligated Group, Refunding & Improvement Series 2013A, 5.500%, 6/01/44 
 
 
 
 
 
Wisconsin – 1.5% 
 
 
 
1,500 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Medical College of 
11/26 at 100.00 
AA– 
1,648,275 
 
 
Wisconsin, Inc., Series 2016, 5.000%, 12/01/41 
 
 
 
1,645 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Mercy Alliance, Inc., 
6/22 at 100.00 
A3 
1,727,924 
 
 
Series 2012, 5.000%, 6/01/39 
 
 
 
420 
 
Wisconsin, General Obligation Refunding Bonds, Series 2003-3, 5.000%, 11/01/26 
11/18 at 100.00 
AA+ 
421,184 
3,565 
 
Total Wisconsin 
 
 
3,797,383 
$ 287,555 
 
Total Municipal Bonds (cost $219,477,945) 
 
 
240,507,838 
 
26


 
             
Principal 
 
 
 
 
 
 
Amount (000) 
 
Description (1) 
Coupon 
Maturity 
Ratings (3) 
Value 
 
 
CORPORATE BONDS – 0.1% 
 
 
 
 
 
 
Transportation – 0.1% 
 
 
 
 
$ 200 
 
Las Vegas Monorail Company, Senior Interest Bonds (7), (8) 
5.500% 
7/15/19 
N/R 
$ 130,507 
56 
 
Las Vegas Monorail Company, Senior Interest Bonds (5), (7), (8) 
5.500% 
7/15/55 
N/R 
28,283 
$ 256 
 
Total Corporate bonds (cost $14,054) 
 
 
 
158,790 
 
 
Total Long-Term Investments (cost $219,491,999) 
 
 
 
240,666,628 
 
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provision (2) 
Ratings (3) 
Value 
 
 
SHORT-TERM INVESTMENTS – 2.5% 
 
 
 
 
 
MUNICIPAL BONDS – 2.5% 
 
 
 
 
 
Health Care – 0.5% 
 
 
 
$ 1,200 
 
Arizona Health Facilities Authority, Hospital Revenue Bonds, Banner Health Systems, Variable Rate 
12/18 at 100.00 
A–1 
$ 1,200,000 
 
 
Demand Obligations, Series 2008G, 1.610%, 1/01/29 (9) 
 
 
 
 
 
Water and Sewer – 2.0% 
 
 
 
5,000 
 
New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue 
11/18 at 100.00 
VMG–1 
5,000,000 
 
 
Bonds, Second Generation Resolution, Variable Rate Demand Obligation, Series 2010CC, 
 
 
 
 
 
1.570%, 6/15/21 (9) 
 
 
 
$ 6,200 
 
Total Short-Term Investments (cost $6,200,948) 
 
 
6,200,000 
 
 
Total Investments (cost $225,692,947) – 99.2% 
 
 
246,866,628 
 
 
Other Assets Less Liabilities – 0.8% 
 
 
2,123,823 
 
 
Net Assets – 100% 
 
 
$ 248,990,451 
 
   
(1) 
All percentages shown in the Portfolio of Investments are based on net assets 
(2) 
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. 
(3) 
For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. 
(4) 
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. 
(5) 
Step-up coupon bond, a bond with a coupon that increases (“steps up”), usually at regular intervals, while the bond is outstanding. The rate shown is the coupon as of the end of the reporting period. 
(6) 
As of, or subsequent to, the end of the reporting period, this security is non-income producing. Non-income producing, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has ceased accruing additional income on the Fund’s records. 
(7) 
During January 2010, Las Vegas Monorail Company (“Las Vegas Monorail”) filed for federal bankruptcy protection. During March 2012, Las Vegas Monorail emerged from federal bankruptcy with the acceptance of a reorganization plan assigned by the Federal Bankruptcy Court. Under the reorganization plan, the Fund surrendered its Las Vegas Monorail Project Revenue Bonds, First Tier, Series 2000 and in turn received two senior interest corporate bonds: the first with an annual coupon rate of 5.500% maturing on July 15, 2019 and the second with an annual coupon rate of 3.000% (5.500% after December 31, 2015) maturing on July 15, 2055. The Fund was not accruing income for either senior interest corporate bond. On January 18, 2017, the Fund’s Adviser determined it was likely that this senior interest corporate bond would fulfill its obligation on the security maturing on July 15, 2019, and therefore began accruing income on the Fund’s records. 
(8) 
Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment classified as Level 3. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information. 
(9) 
Investment has a maturity of greater than one year, but has variable rate and/or demand features which qualify it as a short-term investment. The rate disclosed, as well as the reference rate and spread, where applicable, is that in effect as of the end of the reporting period. This rate changes periodically based on market conditions or a specified market index. 
144A 
Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. 
ETM 
Escrowed to maturity. 
IF 
Inverse floating rate security issued by a tender option bond (“TOB”) trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association (SIFMA) short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust. 
 
 
See accompanying notes to financial statements. 
 
27


   
NXQ 
Nuveen Select Tax-Free Income Portfolio 2 
 
Portfolio of Investments 
 
September 30, 2018 (Unaudited) 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
LONG-TERM INVESTMENTS – 98.2% 
 
 
 
 
 
MUNICIPAL BONDS – 98.1% 
 
 
 
 
 
Alaska – 0.4% 
 
 
 
$ 1,000 
 
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, 
11/18 at 100.00 
B3 
$ 1,000,100 
 
 
Series 2006A, 5.000%, 6/01/32 
 
 
 
 
 
Arizona – 3.4% 
 
 
 
2,500 
 
Arizona Health Facilities Authority, Hospital Revenue Bonds, Catholic Healthcare West, Series 
3/21 at 100.00 
A 
2,649,750 
 
 
2011B-1&2, 5.250%, 3/01/39 
 
 
 
280 
 
Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds, Paradise 
No Opt. Call 
BB+ 
277,544 
 
 
Schools Projects, Series 2016, 2.875%, 7/01/21, 144A 
 
 
 
1,000 
 
Maricopa County Industrial Development Authority, Arizona, Revenue Bonds, Banner Health, 
1/27 at 100.00 
AA– 
1,114,180 
 
 
Refunding Series 2016A, 5.000%, 1/01/38 
 
 
 
1,160 
 
Phoenix Industrial Development Authority, Arizona, Lease Revenue Bonds, Rowan University 
6/22 at 100.00 
A 
1,222,559 
 
 
Project, Series 2012, 5.000%, 6/01/42 – AGM Insured 
 
 
 
600 
 
Pima County Industrial Development Authority, Arizona, Revenue Bonds, Tucson Electric Power 
10/20 at 100.00 
A– 
633,636 
 
 
Company, Series 2010A, 5.250%, 10/01/40 
 
 
 
2,250 
 
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc. 
No Opt. Call 
BBB+ 
2,611,688 
 
 
Prepay Contract Obligations, Series 2007, 5.000%, 12/01/37 
 
 
 
215 
 
Sedona Wastewater Municipal Property Corporation, Arizona, Excise Tax Revenue Bonds, Series 
No Opt. Call 
Baa2 
207,008 
 
 
1998, 0.000%, 7/01/20 – NPFG Insured 
 
 
 
8,005 
 
Total Arizona 
 
 
8,716,365 
 
 
California – 13.8% 
 
 
 
11,000 
 
Alhambra Unified School District, Los Angeles County, California, General Obligation Bonds, 
No Opt. Call 
AA 
4,394,060 
 
 
Capital Appreciation Series 2009B, 0.000%, 8/01/41 – AGC Insured 
 
 
 
1,500 
 
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los 
12/18 at 100.00 
B2 
1,504,710 
 
 
Angeles County Securitization Corporation, Series 2006A, 5.600%, 6/01/36 (4) 
 
 
 
60 
 
California State, General Obligation Bonds, Series 1997, 5.000%, 10/01/18 – AMBAC Insured 
9/18 at 100.00 
AA– 
60,000 
2,440 
 
Eureka Unified School District, Humboldt County, California, General Obligation Bonds, Series 
No Opt. Call 
AA 
1,825,950 
 
 
2002, 0.000%, 8/01/27 – AGM Insured 
 
 
 
3,290 
 
Folsom Cordova Unified School District, Sacramento County, California, General Obligation 
No Opt. Call 
AA– 
2,781,366 
 
 
Bonds, School Facilities Improvement District 4, Series 2007A, 0.000%, 10/01/24 – NPFG Insured 
 
 
 
3,030 
 
Grossmont Union High School District, San Diego County, California, General Obligation Bonds, 
No Opt. Call 
Aa2 
2,514,324 
 
 
Series 2006, 0.000%, 8/01/25 – NPFG Insured 
 
 
 
1,495 
 
Huntington Beach Union High School District, Orange County, California, General Obligation 
No Opt. Call 
Aa2 
873,050 
 
 
Bonds, Series 2007, 0.000%, 8/01/33 – FGIC Insured 
 
 
 
1,160 
 
Mount San Antonio Community College District, Los Angeles County, California, General 
8/35 at 100.00 
Aa1 
952,650 
 
 
Obligation Bonds, Election of 2008, Series 2013A, 0.000%, 8/01/43 (4) 
 
 
 
450 
 
M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 
No Opt. Call 
A 
617,085 
 
 
2009C, 6.500%, 11/01/39 
 
 
 
1,195 
 
Palmdale School District, Los Angeles County, California, General Obligation Bonds, Series 
No Opt. Call 
AA 
866,220 
 
 
2003, 0.000%, 8/01/28 – AGM Insured 
 
 
 
590 
 
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 
11/19 at 100.00 
N/R (5) 
621,429 
 
 
6.750%, 11/01/39 (Pre-refunded 11/01/19) 
 
 
 
4,620 
 
Palomar Pomerado Health, California, General Obligation Bonds, Capital Appreciation, Election 
No Opt. Call 
A2 
3,874,748 
 
 
of 2004, Series 2007A, 0.000%, 8/01/24 – NPFG Insured 
 
 
 
4,400 
 
Pittsburg Redevelopment Agency, California, Tax Allocation Bonds, Los Medanos Community 
No Opt. Call 
AA– 
3,021,700 
 
 
Development Project, Series 1999, 0.000%, 8/01/29 – AMBAC Insured 
 
 
 
2,500 
 
Placentia-Yorba Linda Unified School District, Orange County, California, Certificates of 
No Opt. Call 
A+ (5) 
1,516,350 
 
 
Participation, Series 2006, 0.000%, 10/01/34 – FGIC Insured (ETM) 
 
 
 
 
28

 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
California (continued) 
 
 
 
$ 2,755 
 
Sacramento City Unified School District, Sacramento County, California, General Obligation 
No Opt. Call 
Aa3 
$ 2,249,044 
 
 
Bonds, Series 2007, 0.000%, 7/01/25 – AGM Insured 
 
 
 
1,395 
 
San Diego Association of Governments, California, South Bay Expressway Toll Revenue Bonds, 
7/27 at 100.00 
A 
1,573,839 
 
 
First Senior Lien Series 2017A, 5.000%, 7/01/42 
 
 
 
6,025 
 
Simi Valley Unified School District, Ventura County, California, General Obligation Bonds, 
No Opt. Call 
AA 
4,005,842 
 
 
Series 2007C, 0.000%, 8/01/30 
 
 
 
2,080 
 
Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed 
11/18 at 100.00 
B– 
2,089,506 
 
 
Bonds, Series 2005A-1, 5.500%, 6/01/45 
 
 
 
49,985 
 
Total California 
 
 
35,341,873 
 
 
Colorado – 7.3% 
 
 
 
500 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 
7/19 at 100.00 
BBB+ 
510,340 
 
 
2009A, 5.500%, 7/01/34 
 
 
 
1,975 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sisters of Charity of 
1/20 at 100.00 
AA– 
2,033,223 
 
 
Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40 
 
 
 
1,580 
 
Colorado School of Mines Board of Trustees, Golden, Colorado, Institutional Enterprise Revenue 
12/27 at 100.00 
A+ 
1,761,732 
 
 
Bonds, Series 2017B, 5.000%, 12/01/42 
 
 
 
1,935 
 
Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2013B, 
11/23 at 100.00 
A+ 
2,119,251 
 
 
5.000%, 11/15/43 
 
 
 
 
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B: 
 
 
 
5,140 
 
0.000%, 9/01/24 – NPFG Insured 
No Opt. Call 
A 
4,363,140 
8,100 
 
0.000%, 9/01/29 – NPFG Insured 
No Opt. Call 
A 
5,458,104 
4,475 
 
0.000%, 9/01/33 – NPFG Insured 
No Opt. Call 
A 
2,522,871 
23,705 
 
Total Colorado 
 
 
18,768,661 
 
 
Connecticut – 2.6% 
 
 
 
2,600 
 
Connecticut State, General Obligation Bonds, Green Series 2014G, 5.000%, 11/15/31 
11/24 at 100.00 
A1 
2,822,014 
1,000 
 
Connecticut State, General Obligation Bonds, Refunding Series 2018C, 5.000%, 6/15/26 
No Opt. Call 
A1 
1,122,700 
2,490 
 
Connecticut State, Special Tax Obligation Bonds, Transportation Infrastructure Purposes Series 
10/23 at 100.00 
AA 
2,703,866 
 
 
2013A, 5.000%, 10/01/33 
 
 
 
6,090 
 
Total Connecticut 
 
 
6,648,580 
 
 
Florida – 1.6% 
 
 
 
 
 
Broward County, Florida, Airport System Revenue Bonds, Series 2017: 
 
 
 
1,155 
 
5.000%, 10/01/42 (Alternative Minimum Tax) 
10/27 at 100.00 
A+ 
1,270,881 
1,040 
 
5.000%, 10/01/47 (Alternative Minimum Tax) 
10/27 at 100.00 
A+ 
1,140,162 
1,500 
 
Lakeland, Florida, Hospital System Revenue Bonds, Lakeland Regional Health, Series 2015, 
11/24 at 100.00 
A2 
1,616,070 
 
 
5.000%, 11/15/45 
 
 
 
3,695 
 
Total Florida 
 
 
4,027,113 
 
 
Guam – 2.6% 
 
 
 
3,000 
 
Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D, 5.000%, 11/15/39 
11/25 at 100.00 
A 
3,226,470 
1,675 
 
Government of Guam, Hotel Occupancy Tax Revenue Bonds, Series 2011A, 6.000%, 11/01/26 
5/21 at 100.00 
A– 
1,800,994 
1,460 
 
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, 
7/26 at 100.00 
A– 
1,570,449 
 
 
Series 2016, 5.000%, 1/01/46 
 
 
 
6,135 
 
Total Guam 
 
 
6,597,913 
 
 
Idaho – 1.7% 
 
 
 
4,000 
 
Idaho Health Facilities Authority, Revenue Bonds, Saint Luke’s Health System Project, Series 
3/24 at 100.00 
A– 
4,299,600 
 
 
2014A, 5.000%, 3/01/44 
 
 
 
 
 
Illinois – 12.3% 
 
 
 
1,615 
 
Board of Trustees of Southern Illinois University, Housing and Auxiliary Facilities System 
No Opt. Call 
Baa2 
1,402,611 
 
 
Revenue Bonds, Series 1999A, 0.000%, 4/01/23 – NPFG Insured 
 
 
 
 
29

 
   
NXQ 
Nuveen Select Tax-Free Income Portfolio 2 
 
Portfolio of Investments (continued) 
September 30, 2018 (Unaudited)
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Illinois (continued) 
 
 
 
$ 750 
 
Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, Series 
4/27 at 100.00 
A 
$ 869,753 
 
 
2016, 6.000%, 4/01/46 
 
 
 
735 
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues Series 
12/21 at 100.00 
BB– 
741,365 
 
 
2011A, 5.000%, 12/01/41 
 
 
 
760 
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Refunding 
12/27 at 100.00 
B+ 
793,455 
 
 
Series 2017C, 5.000%, 12/01/30 
 
 
 
365 
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 
12/26 at 100.00 
B+ 
414,388 
 
 
2016B, 6.500%, 12/01/46 
 
 
 
1,340 
 
Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Senior Lien 
No Opt. Call 
A 
1,388,897 
 
 
Refunding Series 2016C, 5.000%, 1/01/20 
 
 
 
435 
 
Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2006A, 4.625%, 
12/18 at 100.00 
AA 
436,353 
 
 
1/01/31 – AGM Insured 
 
 
 
1,335 
 
Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2007C, 5.000%, 
12/18 at 100.00 
BBB+ 
1,338,404 
 
 
1/01/27 – NPFG Insured 
 
 
 
2,245 
 
Illinois Finance Authority, Revenue Bonds, Northwestern Memorial HealthCare, Series 2013, 
8/22 at 100.00 
AA+ 
2,401,858 
 
 
5.000%, 8/15/43 
 
 
 
1,315 
 
Illinois State, General Obligation Bonds, October Series 2016, 5.000%, 2/01/19 
No Opt. Call 
BBB 
1,325,375 
2,190 
 
Illinois State, General Obligation Bonds, Refunding Series 2012, 5.000%, 8/01/23 
No Opt. Call 
BBB 
2,302,895 
 
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion 
 
 
 
 
 
Project, Series 2002A: 
 
 
 
6,350 
 
0.000%, 12/15/31 – NPFG Insured 
No Opt. Call 
Baa2 
3,510,471 
1,350 
 
0.000%, 6/15/35 – NPFG Insured 
No Opt. Call 
Baa2 
618,327 
5,000 
 
0.000%, 12/15/36 – NPFG Insured 
No Opt. Call 
Baa2 
2,116,100