N-CSRS 1 nxc.htm NXC

 

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)

 

Mark L. Winget

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, 2021

 

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

 

Table of Contents

Chair’s Letter to Shareholders 4
Important Notices 5
Common Share Information 6
Performance Overview and Holding Summaries 8
Shareholder Meeting Report 18
Portfolios of Investments 19
Statement of Assets and Liabilities 51
Statement of Operations 52
Statement of Changes in Net Assets 53
Financial Highlights 56
Notes to Financial Statements 62
Risk Considerations 71
Additional Fund Information 72
Glossary of Terms Used in this Report 73
Annual Investment Management Agreement Approval Process 74

 

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Chair’s Letter
to Shareholders

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Dear Shareholders,

More than a year and a half has passed since the World Health Organization declared COVID-19 a global pandemic in March 2020, resulting in a period marked by a global economic downturn, financial market turbulence and some immeasurable losses of life. Although the health crisis persists, with the widespread distribution of vaccines in the U.S. and extraordinary economic interventions by governments and central banks around the world, we collectively look forward to what our “new normal” might be.

Global economies have largely recovered from the pandemic-driven downturns with the help of vaccines and extraordinary support measures from governments and central banks. Since the crisis began, the U.S. government has enacted six relief measures totaling $5.3 trillion to support individuals and families, small and large businesses, state and local governments, education, public health and vaccinations. More recently, Congress passed a $1 trillion infrastructure spending plan, funding upgrades to road, rail and air transportation, broadband internet, and power and water systems.

Nevertheless, pandemic-related impacts continue to weigh on the outlook, particularly regarding inflation. The spread of the COVID-19 delta variant this year has exacerbated shortages of raw materials and labor, which contributed to inflation staying elevated for longer than expected. In response, some central banks, including the U.S. Federal Reserve, are beginning to reduce pandemic-era stimulus measures while other central banks have already started raising interest rates. The timing of monetary policy normalization will be a key focus in the markets, as will the progression of the virus, which can be difficult to predict given uneven vaccination rates around the world and new variants such as delta. Other key pieces of legislation also remain on the horizon in the U.S., including a $1.75 trillion social spending plan and raising the nation’s borrowing limit (known as the debt ceiling).

Short-term market fluctuations can provide your Fund opportunities to invest in new ideas as well as upgrade existing positioning while providing long-term value for shareholders. For more than 120 years, the careful consideration of risk and reward has guided Nuveen’s focus on delivering long-term results to our shareholders.

During this time of economic uncertainty, it may be an opportune time to assess your portfolio. We encourage you to review your time horizon, risk tolerance and investment goals with your financial professional.

On behalf of the other members of the Nuveen Fund Board, I look forward to continuing to earn your trust in the months and years ahead.

Terence J. Toth
Chair of the Board
November 22, 2021

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Important Notices

For Shareholders of

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)

Portfolio Manager Commentaries in Semiannual Reports

Beginning with this semiannual shareholder report, the Funds will include portfolio manager commentaries only in their annual shareholder reports. For the Funds’ most recent annual portfolio manager discussion, please refer to the Portfolio Managers’ Comments section of each Fund’s March 31, 2021 annual shareholder report.

For current information on your Fund’s investment objectives, portfolio management team and average annual total returns please refer to the Fund’s website at www.nuveen.com.

For changes that occurred to your Fund both during and subsequent to this reporting period, please refer to the Notes to Financial Statements section of this report.

For average annual total returns as of the end of this reporting period, please refer to the Performance Overview and Holding Summaries section within this report.

Fund Reorganizations

At a special meeting held on October 29, 2021, shareholders of Nuveen Select Tax-Free Income Portfolio (“NXP”), Nuveen Select Tax-Free Income Portfolio 2 (“NXQ”) and Nuveen Select Tax-Free Income Portfolio 3 (“NXR”) approved the reorganization of NXQ and NXR into NXP (the “Reorganization”). The Reorganization is scheduled to take place prior to the opening of business on December 6, 2021. Refer to Note 1 of the Notes to Financial Statements of this report for further details on the Reorganization.

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Common Share Information

COMMON SHARE DISTRIBUTION INFORMATION

The following information regarding the Funds’ distributions is current as of September 30, 2021. 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 common shareholders were as shown in the accompanying table.

  Per Common Share Amounts  
Monthly Distributions (Ex-Dividend Date) NXP NXQ NXR NXC NXN
April 2021 $0.0455 $0.0420 $0.0465 $0.0400 $0.0345
May 0.0455 0.0420 0.0465 0.0400 0.0345
June 0.0455 0.0420 0.0465 0.0400 0.0345
July 0.0455 0.0420 0.0465 0.0400 0.0345
August 0.0455 0.0420 0.0465 0.0400 0.0345
September 2021 0.0455 0.0420 0.0465 0.0400 0.0345
Total Distributions from Net Investment Income $0.2730 $0.2520 $0.2790 $0.2400 $0.2070
 
Yields          
Market Yield* 3.14% 3.23% 3.24% 3.05% 2.98%
Taxable-Equivalent Yield* 5.28% 5.42% 5.32% 6.63% 5.92%

 

*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 40.8%, 40.8%, 40.8%, 54.1% and 49.6% for NXP, NXQ, NXR, NXC and NXN, respectively. Your actual combined federal and state income tax rate may differ from the assumed rate. The Taxable-Equivalent Yield also takes into account the percentage of the Fund’s income generated and paid by the Fund (based on payments made during the previous calendar year) that was either exempt from federal income tax but not from state income tax (e.g., income from an out-of-state municipal bond), or was exempt from neither federal nor state income tax. Separately, if the comparison were instead to investments that generate qualified dividend income, which is taxable at a rate lower than an individual’s ordinary graduated tax rate, the fund’s 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 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. Distributions to common 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 each 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, common 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 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.

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NUVEEN CLOSED-END FUND DISTRIBUTION AMOUNTS

The Nuveen Closed-End Funds’ monthly and quarterly periodic distributions to shareholders are posted on www.nuveen.com and can be found on Nuveen’s enhanced closed-end fund resource page, which is at https://www.nuveen.com/resource-center-closed-endfunds, along with other Nuveen closed-end fund product updates. To ensure timely access to the latest information, shareholders may use a subscribe function, which can be activated at this web page (https://www.nuveen.com/subscriptions).

COMMON SHARE REPURCHASES

During August 2021, 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 common shares.

As of September 30, 2021, and since the inception of the Funds’ repurchase programs, the Funds have cumulatively repurchased and retired their outstanding common shares as shown in the accompanying table.

  NXP NXQ NXR NXC NXN
Common shares cumulatively repurchased and retired 0 0 0 0 0
Common shares authorized for repurchase 1,655,000 1,770,000 1,300,000 635,000 390,000

 

During the current reporting period, the Funds did not repurchase any of their outstanding common shares.

OTHER COMMON SHARE INFORMATION

As of September 30, 2021, the Funds’ common share prices were trading at a premium/(discount) to their common share NAVs and trading at an average premium/(discount) to NAV during the current reporting period, as follows:

  NXP NXQ NXR NXC NXN
Common share NAV $16.34 $15.58 $16.75 $15.78 $14.38
Common share price $17.38 $15.61 $17.22 $15.76 $13.87
Premium/(Discount) to NAV 6.36% 0.19% 2.81% (0.13)% (3.55)%
Average premium/(discount) to NAV 7.17% 3.02% 5.93% 2.74% (2.53)%

 

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NXP Nuveen Select Tax-Free Income Portfolio
  Performance Overview and Holding Summaries as of
  September 30, 2021

 

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, 2021

           
  Cumulative   Average Annual
  6-Month   1-Year 5-Year 10-Year
NXP at Common Share NAV 1.67%   4.72% 4.23% 5.50%
NXP at Common Share Price 1.56%   7.58% 6.34% 6.31%
S&P Municipal Bond Index 1.24%   2.71% 3.18% 3.92%

 

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.

Daily Common Share NAV and Share Price

 

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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 96.1%
Common Stocks 0.5%
Short-Term Municipal Bonds 0.6%
Other Assets Less Liabilities 2.8%
Net Assets 100%

 

Portfolio Credit Quality  
(% of total investment exposure)  
U.S. Guaranteed 11.5%
AAA 3.4%
AA 44.3%
A 19.0%
BBB 12.8%
BB or Lower 4.0%
N/R 4.5%
N/A 0.5%
Total 100%

 

Portfolio Composition  
(% of total investments)  
Tax Obligation/Limited 35.1%
Tax Obligation/General 16.4%
Transportation 13.1%
U.S. Guaranteed 11.5%
Health Care 7.9%
Education and Civic Organizations 7.1%
Utilities 6.8%
Other 2.1%
Total 100%

 

States and Territories  
(% of total municipal bonds)  
California 16.2%
New Jersey 12.0%
Illinois 10.3%
Texas 7.6%
Colorado 6.7%
Connecticut 5.7%
Washington 4.5%
Massachusetts 3.5%
District of Columbia 3.4%
New York 3.2%
Arizona 3.1%
Missouri 2.9%
Puerto Rico 2.5%
Other1 18.4%
Total 100%

 

1 See Portfolio of Investments for details on “other” States and Territories.

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NXQ Nuveen Select Tax-Free Income Portfolio 2
  Performance Overview and Holding Summaries as of
  September 30, 2021

 

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, 2021

           
  Cumulative   Average Annual
  6-Month   1-Year 5-Year 10-Year
NXQ at Common Share NAV 1.88%   4.41% 4.01% 5.41%
NXQ at Common Share Price (1.36)%   7.61% 5.07% 5.96%
S&P Municipal Bond Index 1.24%   2.71% 3.18% 3.92%

 

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.

Daily Common Share NAV and Share Price

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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 96.4%
Common Stocks 0.5%
Short-Term Municipal Bonds 0.5%
Other Assets Less Liabilities 2.6%
Net Assets 100%

 

Portfolio Credit Quality  
(% of total investment exposure)  
U.S. Guaranteed 9.6%
AAA 3.5%
AA 36.6%
A 30.1%
BBB 13.7%
BB or Lower 2.9%
N/R 3.1%
N/A 0.5%
Total 100%

 

Portfolio Composition  
(% of total investments)  
Tax Obligation/Limited 23.2%
Tax Obligation/General 21.0%
Transportation 20.2%
Health Care 11.1%
U.S. Guaranteed 9.6%
Utilities 7.2%
Education and Civic Organizations 5.9%
Other 1.8%
Total 100%

 

States and Territories  
(% of total municipal bonds)  
California 15.4%
Illinois 11.1%
Colorado 8.7%
Texas 7.0%
Arizona 6.3%
Massachusetts 5.4%
Washington 5.1%
Florida 5.1%
New Jersey 3.3%
Connecticut 3.2%
Indiana 3.2%
New York 2.9%
District of Columbia 2.3%
Pennsylvania 2.2%
Other1 18.8%
Total 100%

 

1 See Portfolio of Investments for details on “other” States and Territories.

11

 

 

 

   
NXR Nuveen Select Tax-Free Income Portfolio 3
  Performance Overview and Holding Summaries as of
  September 30, 2021

 

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, 2021

           
  Cumulative   Average Annual
  6-Month   1-Year 5-Year 10-Year
NXR at Common Share NAV 1.84%   4.06% 4.16% 5.65%
NXR at Common Share Price 3.98%   8.38% 5.77% 6.31%
S&P Municipal Bond Index 1.24%   2.71% 3.18% 3.92%

 

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.

Daily Common Share NAV and Share Price

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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 96.0%
Common Stocks 0.6%
Short-Term Municipal Bonds 0.5%
Other Assets Less Liabilities 2.9%
Net Assets 100%

 

Portfolio Credit Quality  
(% of total investment exposure)  
U.S. Guaranteed 18.8%
AAA 1.9%
AA 37.2%
A 18.2%
BBB 17.7%
BB or Lower 1.7%
N/R 3.9%
N/A 0.6%
Total 100%

 

Portfolio Composition  
(% of total investments)  
Tax Obligation/Limited 27.7%
Tax Obligation/General 20.2%
U.S. Guaranteed 18.8%
Transportation 12.2%
Health Care 7.7%
Utilities 6.7%
Other 6.7%
Total 100%

 

States and Territories  
(% of total municipal bonds)  
California 26.5%
Illinois 10.0%
Texas 7.3%
Massachusetts 6.7%
Washington 5.3%
Pennsylvania 4.1%
New Jersey 3.7%
Colorado 3.0%
Puerto Rico 3.0%
Ohio 2.8%
Connecticut 2.8%
Virginia 2.8%
District of Columbia 2.4%
Other1 19.6%
Total 100%

 

1 See Portfolio of Investments for details on “other” States and Territories.

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NXC Nuveen California Select Tax-Free
  Income Portfolio
  Performance Overview and Holding Summaries as of
  September 30, 2021

 

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, 2021

           
  Cumulative   Average Annual
  6-Month   1-Year 5-Year 10-Year
NXC at Common Share NAV 1.19%   3.13% 3.63% 5.33%
NXC at Common Share Price (1.80)%   1.58% 2.13% 6.31%
S&P Municipal Bond Index 1.24%   2.71% 3.18% 3.92%
S&P Municipal Bond California Index1 1.06%   2.07% 3.10% 4.32%

 

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.

Daily Common Share NAV and Share Price

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1 For purposes of Fund performance, relative results are measured against this index.

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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 97.1%
Other Assets Less Liabilities 2.9%
Net Assets 100%

 

Portfolio Credit Quality  
(% of total investment exposure)  
U.S. Guaranteed 11.7%
AAA 16.5%
AA 39.7%
A 12.8%
BBB 5.9%
BB or Lower 4.2%
N/R 9.2%
Total 100%

 

Portfolio Composition  
(% of total investments)  
Tax Obligation/General 22.0%
Utilities 21.0%
Tax Obligation/Limited 16.8%
U.S. Guaranteed 13.1%
Transportation 10.1%
Housing/Multifamily 7.4%
Health Care 7.0%
Other 2.6%
Total 100%

 

   
States and Territories  
(% of total municipal bonds)  
California 97.4%
Puerto Rico 1.5%
Virgin Islands 1.1%
Total 100%

 

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NXN Nuveen New York Select Tax-Free
  Income Portfolio
  Performance Overview and Holding Summaries as of
  September 30, 2021

 

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, 2021

           
  Cumulative   Average Annual
  6-Month   1-Year 5-Year 10-Year
NXN at Common Share NAV 1.65%   4.23% 3.15% 3.94%
NXN at Common Share Price (2.94)%   9.40% 2.55% 4.26%
S&P Municipal Bond Index 1.24%   2.71% 3.18% 3.92%
S&P Municipal Bond New York Index1 1.38%   3.56% 2.95% 3.71%

 

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

Daily Common Share NAV and Share Price

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1 For purposes of Fund performance, relative results are measured against this index.

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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%
Other Assets Less Liabilities 3.3%
Net Assets 100%

 

Portfolio Credit Quality  
(% of total investment exposure)  
U.S. Guaranteed 2.0%
AAA 13.6%
AA 48.5%
A 10.0%
BBB 10.6%
BB or Lower 10.1%
N/R 5.2%
Total 100%

 

   
Portfolio Composition  
(% of total investments)  
Transportation 22.5%
Tax Obligation/Limited 20.2%
Utilities 19.2%
Education and Civic Organizations 12.1%
Tax Obligation/General 8.5%
Consumer Staples 5.2%
Other 12.3%
Total 100%

 

   
States and Territories  
(% of total municipal bonds)  
New York 95.3%
Guam 2.2%
Virgin Islands 1.6%
Puerto Rico 0.9%
Total 100%

 

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Shareholder Meeting Report

The annual meeting of shareholders was held on August 4, 2021 for NXC and NXN. The meeting was held virtually due to public health concerns regarding the ongoing COVID-19 pandemic; at this meeting the shareholders were asked to elect Board members. The annual meeting of shareholders was held on September 22, 2021 for NXP, NXQ and NXR. The meeting was held virtually due to public health concerns regarding the ongoing COVID-19 pandemic; at this meeting the shareholders were asked to elect Board members and to approve an Agreement and Plan of Reorganization. The meeting was subsequently adjourned to October 29, 2021 in order to seek additional shareholder participation. 

  NXP NXQ NXR NXC NXN
  Common Common Common Common Common
  Shares Shares Shares Shares Shares
To approve an Agreement and Plan of Reorganization          
For 8,495,081 9,002,449 6,594,377
Against 519,272 428,895 258,462
Abstain 549,671 561,545 326,214
BNV 5,383,618 6,440,552 4,929,146
Total 14,947,642 16,433,441 12,108,199
Approval of the Board Members was reached as follows:          
Jack B. Evans          
For 12,888,946 12,959,853 9,335,190 4,262,377 2,756,606
Withhold 1,834,580 3,331,058 2,542,646 952,687 623,614
Total 14,723,526 16,290,911 11,877,836 5,215,064 3,380,220
Joanne T. Medero          
For 14,094,569 15,559,822 11,440,583 5,087,685 3,372,246
Withhold 628,957 731,089 437,253 127,379 7,974
Total 14,723,526 16,290,911 11,877,836 5,215,064 3,380,220
Albin F. Moschner          
For 12,907,303 13,009,957 9,377,054 4,262,377 2,751,139
Withhold 1,816,223 3,280,954 2,500,782 952,687 629,081
Total 14,723,526 16,290,911 11,877,836 5,215,064 3,380,220
Matthew Thornton III          
For 14,020,869 15,518,864 11,408,554 5,120,081 3,362,057
Withhold 702,657 772,047 469,282 94,983 18,163
Total 14,723,526 16,290,911 11,877,836 5,215,064 3,380,220

 

18

 

 

 

   
NXP Nuveen Select Tax-Free Income Portfolio
  Portfolio of Investments
  September 30, 2021 (Unaudited)

 

         
Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  LONG-TERM INVESTMENTS – 96.6%      
  MUNICIPAL BONDS – 96.1%      
  Arizona – 3.0%      
$ 1,015 Arizona Board of Regents, Arizona State University System Revenue Bonds, Series 2020B, 7/30 at 100.00 AA $ 1,178,740
  4.000%, 7/01/47      
85 Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds, No Opt. Call BB 86,201
  Basis Schools, Inc Projects, Series 2017D, 3.000%, 7/01/22, 144A      
255 Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds, No Opt. Call AA– 276,147
  Basis Schools, Inc Projects, Series 2017F, 3.000%, 7/01/26      
350 Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Academies of No Opt. Call AA– 357,322
  Math & Science Projects, Series 2018A, 4.000%, 7/01/22      
1,000 Maricopa County Industrial Development Authority, Arizona, Revenue Bonds, Banner Health, 1/27 at 100.00 AA– 1,196,890
  Refunding Series 2016A, 5.000%, 1/01/38      
500 Maricopa County Industrial Development Authority, Arizona, Revenue Bonds, Banner Health, 7/29 at 100.00 AA– 575,380
  Series 2019A, 4.000%, 1/01/44      
3,500 Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Junior Lien 7/29 at 100.00 A1 4,302,095
  Series 2019A, 5.000%, 7/01/49      
160 Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy No Opt. Call A3 220,414
     Inc Prepay Contract Obligations, Series 2007, 5.000%, 12/01/37      
6,865 Total Arizona     8,193,189
  Arkansas – 1.1%      
6,555 Arkansas Development Finance Authority, Tobacco Settlement Revenue Bonds, Arkansas No Opt. Call Aa2 3,050,238
     Cancer Research Center Project, Series 2006, 0.000%, 7/01/46 – AMBAC Insured      
  California – 15.6%      
4,245 Anaheim City School District, Orange County, California, General Obligation Bonds, No Opt. Call AA 3,506,837
  Election 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 2,445,950
  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, 4/23 at 100.00 A1 (4) 3,216,240
  Series 2013S-4, 5.000%, 4/01/38 (Pre-refunded 4/01/23)      
40 California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, 6/30 at 100.00 BBB+ 46,381
  Los Angeles County Securitization Corporation, Series 2020A, 4.000%, 6/01/49      
2,310 California Health Facilities Financing Authority, Revenue Bonds, Saint Joseph Health 7/23 at 100.00 AA– 2,498,773
  System, Series 2013A, 5.000%, 7/01/33      
1,630 California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, 11/23 at 100.00 Aa3 1,781,900
  Series 2013I, 5.000%, 11/01/38      
2,645 Cypress Elementary School District, Orange County, California, General Obligation Bonds, No Opt. Call AA 2,075,267
  Series 2009A, 0.000%, 5/01/34 – AGM Insured      
2,710 Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement No Opt. Call Aa3 2,485,449
  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 No Opt. Call Aa2 2,952,826
  Bonds, Series 2006, 0.000%, 8/01/25 – NPFG Insured      
1,000 Moreno Valley Unified School District, Riverside County, California, General Obligation No Opt. Call A+ 988,840
  Bonds, Refunding Series 2007, 0.000%, 8/01/23 – NPFG Insured      
1,160 Mount San Antonio Community College District, Los Angeles County, California, General 8/35 at 100.00 Aa1 1,301,323
  Obligation Bonds, Election of 2008, Series 2013A, 0.000%, 8/01/43 (5)      
4,390 Pittsburg Redevelopment Agency, California, Tax Allocation Bonds, Los Medanos Community No Opt. Call AA– 3,912,368
  Development Project, Series 1999, 0.000%, 8/01/29 – AMBAC Insured      

 

19

 

 

 

   
NXP Nuveen Select Tax-Free Income Portfolio
  Portfolio of Investments (continued)
  September 30, 2021 (Unaudited)

 

         
Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  California (continued)      
$ 1,700 Placentia-Yorba Linda Unified School District, Orange County, California, Certificates No Opt. Call A1 (4) $ 1,367,888
  of Participation, Series 2006, 0.000%, 10/01/34 – FGIC Insured (ETM)      
8,000 Poway Unified School District, San Diego County, California, General Obligation Bonds, No Opt. Call Aa2 6,416,160
  School 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 7/27 at 100.00 A 1,618,987
  Bonds, First Senior Lien Series 2017A, 5.000%, 7/01/42      
675 San Diego County Regional Airport Authority, California, Airport Revenue Bonds, 7/29 at 100.00 A+ 834,192
  Subordinate Series 2019B, 5.000%, 7/01/38 (AMT)      
1,800 San Francisco City and County Public Utilities Commission, California, Water Revenue 11/24 at 100.00 Aa2 (4) 2,058,138
  Bonds, Non-WSIP, Series 2017A, 5.000%, 11/01/42 (Pre-refunded 11/01/24)      
2,110 Sierra Sands Unified School District, Kern County, California, General Obligation Bonds, No Opt. Call AA 1,900,519
  Election of 2006, Series 2006A, 0.000%, 11/01/28 – FGIC Insured      
1,150 Woodside Elementary School District, San Mateo County, California, General Obligation No Opt. Call AAA 997,131
     Bonds, Election of 2005, Series 2007, 0.000%, 10/01/30 – AMBAC Insured      
45,785 Total California     42,405,169
  Colorado – 6.5%      
500 Centerra Metropolitan District 1, Loveland, Colorado, Special Revenue Bonds, Refunding & No Opt. Call N/R 502,590
  Improvement Series 2017, 5.000%, 12/01/21, 144A      
1,780 Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health 1/23 at 100.00 BBB+ (4) 1,889,791
  Initiatives, Series 2013A, 5.250%, 1/01/45 (Pre-refunded 1/01/23)      
150 Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, 8/29 at 100.00 BBB+ 170,154
  Series 2019A-1, 4.000%, 8/01/44      
2,630 Colorado School of Mines Board of Trustees, Golden, Colorado, Institutional Enterprise 12/27 at 100.00 A+ 3,200,447
  Revenue Bonds, Series 2017B, 5.000%, 12/01/47      
810 Colorado Springs, Colorado, Utilities System Revenue Bonds, Refunding Series 2020A, 11/30 at 100.00 AA+ 954,634
  4.000%, 11/15/45      
660 Colorado State, Certificates of Participation, Rural Series 2020A, 4.000%, 12/15/37 12/30 at 100.00 Aa2 791,927
1,935 Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 11/23 at 100.00 A+ 2,113,368
  2013B, 5.000%, 11/15/43      
250 E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%, No Opt. Call A 221,840
  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 6,313,250
  9/01/38 – NPFG Insured      
605 E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2020A, 5.000%, 9/01/40 9/24 at 100.00 A 675,210
620 Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported 12/25 at 100.00 A 711,363
     Revenue Bonds, Refunding Series 2015A, 5.000%, 12/01/35      
22,440 Total Colorado     17,544,574
  Connecticut – 5.6%      
1,000 Connecticut Health and Educational Facilities Authority, Revenue Bonds, Trinity Health 6/26 at 100.00 AA– 1,180,910
  Credit Group, Series 2016CT, 5.000%, 12/01/45      
690 Connecticut Health and Educational Facilities Authority, Revenue Bonds, Yale-New Haven 1/24 at 100.00 AA– 711,921
  Health Issue, Series 2014D, 1.800%, 7/01/49 (Mandatory Put 7/01/24)      
2,500 Connecticut State, General Obligation Bonds, Green Series 2014G, 5.000%, 11/15/31 11/24 at 100.00 Aa3 2,831,425
1,000 Connecticut State, General Obligation Bonds, Refunding Series 2012E, 5.000%, 9/15/32 9/22 at 100.00 Aa3 1,041,930
1,000 Connecticut State, General Obligation Bonds, Series 2018C, 5.000%, 6/15/26 No Opt. Call Aa3 1,206,590
1,860 Connecticut State, Special Tax Obligation Bonds, Transportation Infrastructure Purposes 10/23 at 100.00 AA– 2,025,521
  Series 2013A, 5.000%, 10/01/30      

 

20

 

 

 

         
Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  Connecticut (continued)      
$ 1,625 Connecticut State, Special Tax Obligation Bonds, Transportation Infrastructure Purposes, 9/24 at 100.00 AA– $ 1,830,189
  Series 2014A, 5.000%, 9/01/34      
3,000 Hartford County Metropolitan District, Connecticut, Clean Water Project Revenue Bonds, 11/24 at 100.00 Aa2 3,344,790
  Refunding Green Bond Series 2014A, 5.000%, 11/01/42      
750 University of Connecticut, General Obligation Bonds, Series 2015A, 5.000%, 3/15/31 3/26 at 100.00 Aa3 883,013
13,425 Total Connecticut     15,056,289
  District of Columbia – 3.3%      
1,975 District of Columbia Water and Sewer Authority, Public Utility Revenue Bonds, 10/22 at 100.00 AA+ 2,068,911
  Subordinate Lien Series 2012A, 5.000%, 10/01/25      
960 Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, 10/29 at 100.00 A– 1,085,501
  Dulles Metrorail & Capital improvement Projects, Refunding & Subordinate Lien Series 2019B,      
  4.000%, 10/01/44      
2,000 Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, 10/28 at 100.00 A– 2,641,660
  Dulles Metrorail Capital Appreciation, Second Senior Lien Series 2010B, 6.500%, 10/01/44      
  Metropolitan Washington DC Airports Authority, Airport System Revenue Bonds, Refunding      
  Series 2021A:      
905 5.000%, 10/01/29 (AMT) No Opt. Call Aa3 1,158,690
1,050 5.000%, 10/01/46 (AMT) 10/31 at 100.00 Aa3 1,321,257
600 Washington Metropolitan Area Transit Authority, District of Columbia, Dedicated Revenue 7/30 at 100.00 AA 700,350
     Bonds, Series 2020A, 4.000%, 7/15/45      
7,490 Total District of Columbia     8,976,369
  Florida – 0.7%      
1,000 Miami-Dade County, Florida, Aviation Revenue Bonds, Refunding Series 2019A, 5.000%, 10/29 at 100.00 A 1,219,450
  10/01/49 (AMT)      
470 Tampa, Florida, Revenue Bonds, H Lee Moffitt Cancer Center and Research Institute, 7/30 at 100.00 A2 577,747
     Series 2020B, 5.000%, 7/01/50      
1,470 Total Florida     1,797,197
  Georgia – 0.6%      
1,300 Brookhaven Development Authority, Georgia, Revenue Bonds, Children’s Healthcare of 7/29 at 100.00 AA+ 1,501,045
     Atlanta, Inc Project, Series 2019A, 4.000%, 7/01/44      
  Guam – 1.9%      
3,000 Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D, 5.000%, 11/15/39 11/25 at 100.00 BB 3,379,500
1,740 Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 7/23 at 100.00 A– 1,870,691
     2013, 5.250%, 7/01/25      
4,740 Total Guam     5,250,191
  Hawaii – 0.1%      
225 Hawaii State, Harbor System Revenue Bonds, Series 2020A, 4.000%, 7/01/35 (AMT) 7/30 at 100.00 Aa3 265,174
  Idaho – 1.2%      
3,000 Idaho Health Facilities Authority, Revenue Bonds, Saint Luke’s Health System Project, 3/24 at 100.00 A– 3,293,910
     Series 2014A, 5.000%, 3/01/44      
  Illinois – 10.0%      
2,000 Board of Trustees of Southern Illinois University, Housing and Auxiliary Facilities No Opt. Call Baa2 1,959,380
  System Revenue Bonds, Series 1999A, 0.000%, 4/01/23 – NPFG Insured      
725 Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, 4/27 at 100.00 A– 881,353
  Series 2016, 6.000%, 4/01/46      
735 Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues 12/21 at 100.00 BB 739,623
  Series 2011A, 5.000%, 12/01/41      

 

21

 

 

 

   
NXP Nuveen Select Tax-Free Income Portfolio
  Portfolio of Investments (continued)
  September 30, 2021 (Unaudited)

 

Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  Illinois (continued)      
$ 735 Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, 12/27 at 100.00 BB $ 887,211
  Refunding Series 2017C, 5.000%, 12/01/30      
360 Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, 12/26 at 100.00 BB 442,260
  Series 2016B, 6.500%, 12/01/46      
55 Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated No Opt. Call Baa2 48,957
  Tax Revenues, Series 1998B-1, 0.000%, 12/01/28 – FGIC Insured      
880 Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2017A, 6.000%, 1/01/38 1/27 at 100.00 BBB+ 1,079,452
  Illinois Finance Authority, Revenue Bonds, Northwestern Memorial HealthCare, Series 2013:      
2,100 4.000%, 8/15/33 (Pre-refunded 8/15/22) 8/22 at 100.00 AA+ (4) 2,170,329
2,245 5.000%, 8/15/43 (Pre-refunded 8/15/22) 8/22 at 100.00 AA+ (4) 2,339,559
260 Illinois Finance Authority, Revenue Bonds, Rehabilitation Institute of Chicago, Series 7/23 at 100.00 A– 277,953
  2013A, 6.000%, 7/01/43      
2,070 Illinois State, General Obligation Bonds, Refunding September Series 2018B, 5.000%, 10/01/23 No Opt. Call BBB 2,256,093
1,000 Kendall, Kane, and Will Counties Community Unit School District 308 Oswego, Illinois, No Opt. Call A2 982,920
  General 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 BBB+ 1,479,217
45 0.000%, 6/15/30 (ETM) No Opt. Call N/R (4) 39,686
765 0.000%, 6/15/30 No Opt. Call BBB+ 647,221
6,070 0.000%, 12/15/31 – NPFG Insured No Opt. Call BBB+ 4,904,014
5,000 0.000%, 12/15/36 – NPFG Insured No Opt. Call BBB+ 3,501,250
1,775 Springfield, Illinois, Electric Revenue Bonds, Refunding Senior Lien Series 2015, 3/25 at 100.00 A 2,034,008
  5.000%, 3/01/28      
310 University of Illinois, Health Services Facilities System Revenue Bonds, Series 2013, 10/23 at 100.00 A– 339,531
     6.000%, 10/01/42      
28,850 Total Illinois     27,010,017
  Indiana – 1.6%      
1,785 Indiana Finance Authority, Hospital Revenue Bonds, Marion General Hospital Project, 7/30 at 100.00 A 2,063,014
  Series 2020A, 4.000%, 7/01/40      
1,250 Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, 10/24 at 100.00 AA 1,397,362
  Series 2015A, 5.000%, 10/01/45      
1,000 Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E, 0.000%, 2/01/24 – No Opt. Call AA 990,010
     AMBAC Insured      
4,035 Total Indiana     4,450,386
  Iowa – 0.3%      
830 Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer 12/22 at 105.00 BB– 906,277
     Company Project, Series 2018B, 5.250%, 12/01/50 (Mandatory Put 12/01/37)      
  Massachusetts – 3.4%      
1,000 Massachusetts Development Finance Agency, Revenue Bonds, CareGroup Issue, Series 7/28 at 100.00 A 1,205,350
  2018J-2, 5.000%, 7/01/43      
1,625 Massachusetts Development Finance Agency, Revenue Bonds, Olin College, Series 2013E, 11/23 at 100.00 A 1,761,419
  5.000%, 11/01/43      
200 Massachusetts Development Finance Agency, Revenue Bonds, UMass Memorial Health Care 7/27 at 100.00 A– 215,082
  Obligated Group Issue, Series 2017L, 3.625%, 7/01/37      
2,500 Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Subordinated 2/26 at 100.00 AA+ (4) 2,985,000
  Series 2019A, 5.000%, 2/15/49 (Pre-refunded 2/15/26)      
2,415 Massachusetts State, Transportation Fund Revenue Bonds, Rail Enhancement & Accelerated 6/27 at 100.00 AA+ 2,942,919
     Bridge Programs, Series 2017A, 5.000%, 6/01/47      
7,740 Total Massachusetts     9,109,770

 

22

 

 

 

Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  Michigan – 0.1%      
$ 355 Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds, 7/22 at 100.00 AA– (4) $ 368,494
  Refunding Senior Lien Series 2012A, 5.250%, 7/01/39 (Pre-refunded 7/01/22)      
  Missouri – 2.8%      
  Kansas City Municipal Assistance Corporation, Missouri, Leasehold Revenue Bonds,      
  Improvement Series 2004B-1:      
1,165 0.000%, 4/15/23 – AMBAC Insured No Opt. Call AA 1,159,979
5,000 0.000%, 4/15/30 – AMBAC Insured No Opt. Call AA– 4,351,950
2,000 Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, 11/23 at 100.00 A2 2,177,720
     CoxHealth, Series 2013A, 5.000%, 11/15/38      
8,165 Total Missouri     7,689,649
  Nevada – 0.1%      
275 Carson City, Nevada, Hospital Revenue Bonds, Carson Tahoe Regional Healthcare Project, 9/27 at 100.00 A– 326,681
     Series 2017A, 5.000%, 9/01/37      
  New Hampshire – 0.5%      
1,250 New Hampshire Business Finance Authority, Solid Waste Disposal Revenue Bonds, Waste No Opt. Call A– 1,341,188
     Management Inc Project, Series 2003, 3.125%, 8/01/24 (AMT)      
  New Jersey – 11.7%      
1,225 Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2013, 1/24 at 100.00 A+ 1,345,540
  5.000%, 1/01/37      
940 New Jersey Economic Development Authority, Private Activity Bonds, The Goethals Bridge 1/24 at 100.00 AA 1,036,999
  Replacement Project, Series 2013, 5.125%, 1/01/39 – AGM Insured (AMT)      
1,380 New Jersey Economic Development Authority, Revenue Bonds, New Jersey Transit Corporation No Opt. Call Baa1 1,511,859
  Projects Sublease, Refunding Series 2017B, 5.000%, 11/01/23      
260 New Jersey Health Care Facilities Financing Authority, Revenue Bonds, University 7/25 at 100.00 AA 300,474
  Hospital Issue, Refunding Series 2015A, 5.000%, 7/01/29 – AGM Insured      
35,000 New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding No Opt. Call AA 26,594,050
  Series 2006C, 0.000%, 12/15/34 – AGM Insured      
690 New Jersey Turnpike Authority, Turnpike Revenue Bonds, Series 2021A, 4.000%, 1/01/42 1/31 at 100.00 A+ 811,102
39,495 Total New Jersey     31,600,024
  New Mexico – 1.2%      
1,000 Farmington Municipal School District 5, San Juan County, New Mexico, General Obligation 9/25 at 100.00 Aa3 1,170,210
  Bonds, School Building Series 2015, 5.000%, 9/01/28      
1,000 New Mexico Mortgage Finance Authority, Multifamily Housing Revenue Bonds, St Anthony, 10/21 at 100.00 N/R 1,003,510
  Series 2007A, 5.250%, 9/01/42 (AMT)      
1,035 University of New Mexico, Revenue Bonds, Refunding & Improvement Subordinate Lien Series 6/26 at 100.00 AA– 1,190,871
     2016A, 4.500%, 6/01/36      
3,035 Total New Mexico     3,364,591
  New York – 3.1%      
4,400 Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, 9/30 at 100.00 AA+ 5,122,832
  General Purpose, Series 2020A Bidding Group 1 thru 5, 4.000%, 3/15/44      
455 Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 11/21 at 100.00 AA– 456,633
  Series 2011A, 5.250%, 2/15/47      
1,000 Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green No Opt. Call A3 1,133,430
  Climate Bond Certified Series 2019A-1, 5.000%, 11/15/48 (Mandatory Put 11/15/24)      
1,100 Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding 11/22 at 100.00 A3 1,152,558
  Series 2002D-1, 5.000%, 11/01/27      
500 TSASC Inc, New York, Tobacco Settlement Asset-Backed Bonds, Fiscal 2017 Series B, No Opt. Call B– 520,365
     5.000%, 6/01/24      
7,455 Total New York     8,385,818

 

23

 

 

 

   
NXP Nuveen Select Tax-Free Income Portfolio
  Portfolio of Investments (continued)
  September 30, 2021 (Unaudited)

 

Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  Ohio – 1.4%      
$ 230 Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed 6/30 at 100.00 BBB+ $ 255,946
  Revenue Bonds, Refunding Senior Lien Series 2020A-2 Class 1, 4.000%, 6/01/48      
360 Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed 6/30 at 100.00 N/R 407,804
  Revenue Bonds, Refunding Senior Lien Series 2020B-2 Class 2, 5.000%, 6/01/55      
1,975 Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed 6/22 at 100.00 N/R (4) 2,054,356
  Revenue Bonds, Senior Lien Series 2007A-3, 6.250%, 6/01/37 (Pre-refunded 6/01/22)      
1,105 Ohio State, Turnpike Revenue Bonds, Ohio Turnpike and Infrastructutre Commission 2/23 at 100.00 Aa3 (4) 1,176,571
  Infrastructure Projects, Junior Lien, Current Interest Series 2013A-1, 5.000%, 2/15/48      
  (Pre-refunded 2/15/23)      
1,000 Ohio Water Development Authority, Pollution Control Revenue Bonds, FirstEnergy Nuclear No Opt. Call N/R 1,250
     Generating Corporation Project, Refunding Series 2005B, 4.000%, 1/01/34 (6)      
4,670 Total Ohio     3,895,927
  Oklahoma – 0.2%      
435 Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine 8/28 at 100.00 Baa3 521,343
     Project, Series 2018B, 5.000%, 8/15/38      
  Oregon – 2.1%      
590 Beaverton School District 48J, Washington and Multnomah Counties, Oregon, General 6/27 at 100.00 AA+ 713,151
  Obligation Bonds, Convertible Deferred Interest Series 2017D, 5.000%, 6/15/36      
395 Beaverton, Oregon, Special Revenue Bonds, Series 2020A, 4.000%, 6/01/37 6/30 at 100.00 Aa3 469,651
515 Clackamas County Hospital Facility Authority, Oregon, Senior Living Revenue Bonds, No Opt. Call N/R 540,580
  Willamette 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 538,860
750 Multnomah County Hospital Facilities Authority, Oregon, Revenue Bond, Terwilliger Plaza, No Opt. Call BB+ 769,912
  Inc, 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 1,562,488
1,000 Oregon Facilities Authority, Revenue Bonds, Willamette University, Refunding Series 10/26 at 100.00 BBB 1,146,710
     2016B, 5.000%, 10/01/40      
5,115 Total Oregon     5,741,352
  Pennsylvania – 0.7%      
500 Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue 4/31 at 100.00 N/R 520,885
  Refunding Bonds, FirstEnergy Generation Project, Series 2008B, 3.750%, 10/01/47 (Mandatory      
  Put 4/01/21)      
1,000 Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, State System of 6/26 at 100.00 Aa3 1,185,300
  Higher Education, Refunding Series 2016AT-1, 5.000%, 6/15/31      
280 Pittsburgh Water and Sewer Authority, Pennsylvania, Water and Sewer System Revenue 9/30 at 100.00 AA 302,862
     Bonds, First Lien Series 2020B, 3.000%, 9/01/40 – AGM Insured      
1,780 Total Pennsylvania     2,009,047
  Puerto Rico – 2.4%      
1,000 Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2012A, 7/22 at 100.00 CCC 1,037,250
  5.250%, 7/01/42      
  Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1:      
1,500 4.750%, 7/01/53 7/28 at 100.00 N/R 1,682,145
900 5.000%, 7/01/58 7/28 at 100.00 N/R 1,023,084
2,500 Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Taxable 7/28 at 100.00 N/R 2,778,525
     Restructured Cofina Project Series 2019A-2, 4.329%, 7/01/40      
5,900 Total Puerto Rico     6,521,004

 

24

 

 

 

         
Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  Texas – 7.4%      
$ 2,795 Alamo Regional Mobility Authority, Texas, Vehicle Registration Fee Revenue Bonds, Senior 6/25 at 100.00 AA+ $ 3,177,188
  Lien Series 2016, 5.000%, 6/15/46      
110 Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien, Series 2015A, 7/25 at 100.00 A– 126,170
  5.000%, 1/01/33      
5,565 Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Frst Tier 10/23 at 100.00 A+ (4) 6,150,939
  Series 2013A, 5.500%, 4/01/53 (Pre-refunded 10/01/23)      
1,250 Harris County Flood Control District, Texas, Contract Tax Bonds, Refunding Series 2017A, 10/27 at 100.00 AAA 1,443,112
  4.000%, 10/01/35      
  Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H:      
480 0.000%, 11/15/30 – NPFG Insured (ETM) No Opt. Call Baa2 (4) 420,778
2,935 0.000%, 11/15/30 – NPFG Insured No Opt. Call Baa2 2,233,359
4,230 Harris County-Houston Sports Authority, Texas, Revenue Bonds, Third Lien Series 2004A-3, 11/24 at 52.47 Baa2 2,037,887
  0.000%, 11/15/35 – NPFG Insured      
4,015 Harris County-Houston Sports Authority, Texas, Special Revenue Bonds, Refunding Senior 11/30 at 61.17 AA 1,892,189
  Lien Series 2001A, 0.000%, 11/15/38 – NPFG Insured      
150 Mission Economic Development Corporation, Texas, Revenue Bonds, Natgasoline Project, 10/21 at 105.00 BB– 157,751
  Senior Lien Series 2018, 4.625%, 10/01/31, 144A (AMT)      
2,000 North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier Capital 1/25 at 100.00 A+ (4) 2,388,940
     Appreciation Series 2008I, 6.500%, 1/01/43 (Pre-refunded 1/01/25)      
23,530 Total Texas     20,028,313
  Virginia – 1.2%      
  Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River      
  Crossing, Opco LLC Project, Series 2012:      
1,000 5.250%, 1/01/32 (AMT) 7/22 at 100.00 BBB 1,033,660
650 6.000%, 1/01/37 (AMT) 7/22 at 100.00 BBB 676,026
1,565 5.500%, 1/01/42 (AMT) 7/22 at 100.00 BBB 1,620,088
3,215 Total Virginia     3,329,774
  Washington – 4.4%      
2,115 Energy Northwest, Washington, Electric Revenue Bonds, Nuclear Project 1, Refunding 7/31 at 100.00 Aa2 2,525,204
  Series 2021-A, 4.000%, 7/01/42      
385 Port of Seattle, Washington, Revenue Bonds, Intermediate Lien Series 2019, 5.000%, 4/29 at 100.00 AA– 462,712
  4/01/44 (AMT)      
1,075 Washington State Convention Center Public Facilities District, Lodging Tax Revenue 7/31 at 100.00 Baa1 1,210,375
  Bonds, Refunding Series2021B Exchange Purchase, 4.000%, 7/01/58      
2,855 Washington State, General Obligation Bonds, Various Purpose Series 2015B, 5.000%, 2/01/37 2/25 at 100.00 Aaa 3,258,726
2,060 Washington State, General Obligation Bonds, Various Purpose Series 2016A-1, 5.000%, 8/01/39 8/25 at 100.00 Aaa 2,385,624
2,115 Washington State, Motor Vehicle Fuel Tax General Obligation Bonds, Series 2003F, 0.000%, No Opt. Call Aaa 1,975,368
  12/01/27 – NPFG Insured      
10,605 Total Washington     11,818,009
  West Virginia – 0.6%      
1,500 West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United 6/23 at 100.00 A (4) 1,630,485
  Health System Obligated Group, Refunding & Improvement Series 2013A, 5.500%, 6/01/44      
  (Pre-refunded 6/01/23)      
  Wisconsin – 1.3%      
1,645 Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Mercy Alliance, 6/22 at 100.00 A3 1,691,109
  Inc, Series 2012, 5.000%, 6/01/39      
1,500 Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Medical 11/26 at 100.00 AA– 1,771,635
     College of Wisconsin, Inc, Series 2016, 5.000%, 12/01/41      
3,145 Total Wisconsin     3,462,744
$ 274,675 Total Municipal Bonds (cost $221,349,460)     260,844,238

 

25

 

 

 

   
NXP Nuveen Select Tax-Free Income Portfolio
  Portfolio of Investments (continued)
  September 30, 2021 (Unaudited)

 

         
Shares Description (1)     Value
  COMMON STOCKS – 0.5%      
  Electric Utilities – 0.5%      
32,258 Energy Harbor Corp (7), (8), (9)     $ 1,297,385
  Total Common Stocks (cost $899,914)     1,297,385
  Total Long-Term Investments (cost $222,249,374)     262,141,623
 
Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  SHORT-TERM INVESTMENTS – 0.6%      
  MUNICIPAL BONDS – 0.6%      
  Florida – 0.5%      
$ 1,305 Florida Development Finance Corporation, Florida, Surface Transportation Facility Revenue Bonds, 11/21 at 103.00 N/R $ 1,331,296
  Virgin Trains USA Passenger Rail Project , Series 2019A, 6.250%, 1/01/49 (AMT) (Mandatory      
     Put 1/01/24), 144A (10)      
  Ohio – 0.1%      
250 Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy No Opt. Call N/R 250,000
     Generation Corporation Project, Refunding Series 2009D, 4.250%, 8/01/29      
$ 1,555 Total Short-Term Investments (cost $1,555,000)     1,581,296
  Total Investments (cost $223,804,374) – 97.2%     263,722,919
  Other Assets Less Liabilities – 2.8%     7,586,440
  Net Assets Applicable to Common Shares – 100%     $ 271,309,359

 

(1)All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
(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)Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy.
(7)Common Stock received as part of the bankruptcy settlement during February 2020 for Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generating Corporation Project, Series 2005B, 0.000%, 1/01/34.
(8)For fair value measurement disclosure purposes, investment classified as Level 2.
(9)Non-income producing; issuer has not declared an ex-dividend date within the past twelve months.
(10)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.
144AInvestment 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.
AMTAlternative Minimum Tax ETM Escrowed to maturity

 

See accompanying notes to financial statements.

26

 

 

 

   
NXQ Nuveen Select Tax-Free Income Portfolio 2
  Portfolio of Investments
  September 30, 2021 (Unaudited)

 

Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  LONG-TERM INVESTMENTS – 96.9%      
  MUNICIPAL BONDS – 96.4%      
  Arizona – 6.1%      
$ 1,015 Arizona Board of Regents, Arizona State University System Revenue Bonds, Series 2020B, 7/30 at 100.00 AA $ 1,178,740
  4.000%, 7/01/47      
2,500 Arizona Industrial Development Authority, Hospital Revenue Bonds, Phoenix Children’s 2/30 at 100.00 AA– 2,876,775
  Hospital, Series 2020A, 4.000%, 2/01/50      
1,000 Maricopa County Industrial Development Authority, Arizona, Revenue Bonds, Banner Health, 1/27 at 100.00 AA– 1,196,890
  Refunding Series 2016A, 5.000%, 1/01/38      
1,950 McAllister Academic Village LLC, Arizona, Revenue Bonds, Arizona State University 7/26 at 100.00 AA– 2,293,609
  Hassayampa Academic Village Project, Refunding Series 2016, 5.000%, 7/01/37      
1,250 Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Junior Lien 7/25 at 100.00 A1 1,448,488
  Series 2015A, 5.000%, 7/01/34      
3,000 Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Junior Lien 7/29 at 100.00 A1 3,687,510
  Series 2019A, 5.000%, 7/01/49      
1,160 Phoenix Industrial Development Authority, Arizona, Lease Revenue Bonds, Rowan University 6/22 at 100.00 A 1,191,529
  Project, Series 2012, 5.000%, 6/01/42      
2,250 Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy No Opt. Call A3 3,099,577
     Inc Prepay Contract Obligations, Series 2007, 5.000%, 12/01/37      
14,125 Total Arizona     16,973,118
  California – 14.9%      
11,000 Alhambra Unified School District, Los Angeles County, California, General Obligation No Opt. Call AA 6,934,620
  Bonds, Capital Appreciation Series 2009B, 0.000%, 8/01/41 – AGC Insured      
45 California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, 6/30 at 100.00 BBB+ 52,178
  Los Angeles County Securitization Corporation, Series 2020A, 4.000%, 6/01/49      
2,440 Eureka Unified School District, Humboldt County, California, General Obligation Bonds, No Opt. Call AA 2,258,903
  Series 2002, 0.000%, 8/01/27 – AGM Insured      
3,290 Folsom Cordova Unified School District, Sacramento County, California, General No Opt. Call Aa2 3,224,792
  Obligation 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 No Opt. Call Aa2 2,952,826
  Bonds, Series 2006, 0.000%, 8/01/25 – NPFG Insured      
1,495 Huntington Beach Union High School District, Orange County, California, General No Opt. Call Aa2 1,194,819
  Obligation 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 1,301,323
  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, No Opt. Call A 705,632
  Series 2009C, 6.500%, 11/01/39      
1,195 Palmdale School District, Los Angeles County, California, General Obligation Bonds, No Opt. Call AA 1,082,527
  Series 2003, 0.000%, 8/01/28 – AGM Insured      
4,620 Palomar Pomerado Health, California, General Obligation Bonds, Capital Appreciation, No Opt. Call A2 4,517,528
  Election 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– 3,921,280
  Development Project, Series 1999, 0.000%, 8/01/29 – AMBAC Insured      
2,500 Placentia-Yorba Linda Unified School District, Orange County, California, Certificates No Opt. Call A1 (5) 2,011,600
  of Participation, Series 2006, 0.000%, 10/01/34 – FGIC Insured (ETM)      
2,755 Sacramento City Unified School District, Sacramento County, California, General No Opt. Call A2 2,662,652
  Obligation Bonds, Series 2007, 0.000%, 7/01/25 – AGM Insured      

 

27

 

 

 

   
NXQ Nuveen Select Tax-Free Income Portfolio 2
  Portfolio of Investments (continued)
  September 30, 2021 (Unaudited)

 

         
Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  California (continued)      
$ 1,395 San Diego Association of Governments, California, South Bay Expressway Toll Revenue 7/27 at 100.00 A $ 1,672,954
  Bonds, First Senior Lien Series 2017A, 5.000%, 7/01/42      
1,305 San Diego County Regional Airport Authority, California, Airport Revenue Bonds, 7/29 at 100.00 A+ 1,609,117
  Subordinate Series 2019B, 5.000%, 7/01/39 (AMT)      
6,025 Simi Valley Unified School District, Ventura County, California, General Obligation No Opt. Call AA 5,154,990
     Bonds, Series 2007C, 0.000%, 8/01/30      
47,105 Total California     41,257,741
  Colorado – 8.4%      
540 Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, 8/29 at 100.00 BBB+ 606,069
  Series 2019A-2, 4.000%, 8/01/49      
1,580 Colorado School of Mines Board of Trustees, Golden, Colorado, Institutional Enterprise 12/27 at 100.00 A+ 1,922,702
  Revenue Bonds, Series 2017B, 5.000%, 12/01/47      
1,190 Colorado Springs, Colorado, Utilities System Revenue Bonds, Refunding Series 2020A, 11/30 at 100.00 AA+ 1,402,486
  4.000%, 11/15/45      
445 Colorado State, Certificates of Participation, Rural Series 2020A, 4.000%, 12/15/38 12/30 at 100.00 Aa2 530,485
1,935 Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 11/23 at 100.00 A+ 2,113,368
  2013B, 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 5,055,190
8,100 0.000%, 9/01/29 – NPFG Insured No Opt. Call A 7,187,616
4,475 0.000%, 9/01/33 – NPFG Insured No Opt. Call A 3,556,596
715 E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2020A, 9/30 at 100.00 A 915,500
     5.000%, 9/01/36      
24,120 Total Colorado     23,290,012
  Connecticut – 3.1%      
705 Connecticut Health and Educational Facilities Authority, Revenue Bonds, Yale-New Haven 1/24 at 100.00 AA– 727,398
  Health Issue, Series 2014D, 1.800%, 7/01/49 (Mandatory Put 7/01/24)      
2,600 Connecticut State, General Obligation Bonds, Green Series 2014G, 5.000%, 11/15/31 11/24 at 100.00 Aa3 2,944,682
1,000 Connecticut State, General Obligation Bonds, Refunding Series 2012E, 5.000%, 9/15/32 9/22 at 100.00 Aa3 1,041,930
1,000 Connecticut State, General Obligation Bonds, Series 2018C, 5.000%, 6/15/26 No Opt. Call Aa3 1,206,590
2,490 Connecticut State, Special Tax Obligation Bonds, Transportation Infrastructure Purposes 10/23 at 100.00 AA– 2,709,518
     Series 2013A, 5.000%, 10/01/33      
7,795 Total Connecticut     8,630,118
  District of Columbia – 2.3%      
985 Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, 10/29 at 100.00 A– 1,113,769
  Dulles Metrorail & Capital improvement Projects, Refunding & Subordinate Lien Series 2019B,      
  4.000%, 10/01/44      
1,500 Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, 10/26 at 100.00 AA 1,899,015
  Dulles Metrorail & Capital improvement Projects, Second Senior Lien Series 2009C, 6.500%,      
  10/01/41 – AGC Insured      
  Metropolitan Washington DC Airports Authority, Airport System Revenue Bonds, Refunding      
  Series 2021A:      
920 5.000%, 10/01/29 (AMT) No Opt. Call Aa3 1,177,895
1,065 5.000%, 10/01/46 (AMT) 10/31 at 100.00 Aa3 1,340,132
600 Washington Metropolitan Area Transit Authority, District of Columbia, Dedicated Revenue 7/30 at 100.00 AA 700,350
     Bonds, Series 2020A, 4.000%, 7/15/45      
5,070 Total District of Columbia     6,231,161

 

28

 

 

 

         
Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  Florida – 4.4%      
$ 1,040 Broward County, Florida, Airport System Revenue Bonds, Series 2017, 5.000%, 10/01/47 (AMT) 10/27 at 100.00 A1 $ 1,243,174
1,155 Greater Orlando Aviation Authority, Florida, Orlando Airport Facilities Revenue Bonds, 10/27 at 100.00 A1 1,380,641
  Priority Subordinated Series 2017, 5.000%, 10/01/47 (AMT)      
1,500 Lakeland, Florida, Hospital System Revenue Bonds, Lakeland Regional Health, Series 2015, 11/24 at 100.00 A2 1,688,460
  5.000%, 11/15/45      
2,000 Miami-Dade County, Florida, Aviation Revenue Bonds, Refunding Series 2019A, 5.000%, 10/29 at 100.00 A 2,438,900
  10/01/49 (AMT)      
2,000 Miami-Dade County, Florida, General Obligation Bonds, Build Better Communities Program, 7/25 at 100.00 AA 2,331,320
  Series 2013A, 5.000%, 7/01/30      
2,705 Tampa, Florida, Revenue Bonds, H Lee Moffitt Cancer Center and Research Institute, 7/30 at 100.00 A2 3,078,534
     Series 2020B, 4.000%, 7/01/45      
10,400 Total Florida     12,161,029
  Georgia – 0.6%      
1,330 Brookhaven Development Authority, Georgia, Revenue Bonds, Children’s Healthcare of 7/29 at 100.00 AA+ 1,535,684
     Atlanta, Inc Project, Series 2019A, 4.000%, 7/01/44      
  Guam – 1.8%      
3,000 Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D, 5.000%, 11/15/39 11/25 at 100.00 BB 3,379,500
1,460 Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 7/26 at 100.00 A– 1,634,149
     2016, 5.000%, 1/01/46      
4,460 Total Guam     5,013,649
  Hawaii – 0.1%      
230 Hawaii State, Harbor System Revenue Bonds, Series 2020A, 4.000%, 7/01/35 (AMT) 7/30 at 100.00 Aa3 271,067
  Idaho – 1.6%      
4,000 Idaho Health Facilities Authority, Revenue Bonds, Saint Luke’s Health System Project, 3/24 at 100.00 A– 4,391,880
     Series 2014A, 5.000%, 3/01/44      
  Illinois – 10.8%      
1,615 Board of Trustees of Southern Illinois University, Housing and Auxiliary Facilities No Opt. Call Baa2 1,582,199
  System Revenue Bonds, Series 1999A, 0.000%, 4/01/23 – NPFG Insured      
750 Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, 4/27 at 100.00 A– 911,745
  Series 2016, 6.000%, 4/01/46      
735 Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues 12/21 at 100.00 BB 739,623
  Series 2011A, 5.000%, 12/01/41      
760 Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, 12/27 at 100.00 BB 917,388
  Refunding Series 2017C, 5.000%, 12/01/30      
365 Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, 12/26 at 100.00 BB 448,403
  Series 2016B, 6.500%, 12/01/46      
2,245 Illinois Finance Authority, Revenue Bonds, Northwestern Memorial HealthCare, Series 8/22 at 100.00 AA+ (5) 2,339,559
  2013, 5.000%, 8/15/43 (Pre-refunded 8/15/22)      
2,070 Illinois State, General Obligation Bonds, Refunding September Series 2018B, 5.000%, 10/01/23 No Opt. Call BBB 2,256,093
2,500 Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2019A, 7/29 at 100.00 AA– 2,910,325
  4.000%, 1/01/39      
  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 BBB+ 5,130,229
1,350 0.000%, 6/15/35 – NPFG Insured No Opt. Call BBB+ 986,459
5,000 0.000%, 12/15/36 – NPFG Insured No Opt. Call BBB+ 3,501,250
9,370 0.000%, 6/15/39 – NPFG Insured No Opt. Call BBB+ 6,019,944
1,825 Springfield, Illinois, Electric Revenue Bonds, Refunding Senior Lien Series 2015, 3/25 at 100.00 A 2,091,304
     5.000%, 3/01/28      
34,935 Total Illinois     29,834,521

 

29

 

 

 

   
NXQ Nuveen Select Tax-Free Income Portfolio 2
  Portfolio of Investments (continued)
  September 30, 2021 (Unaudited)

 

         
Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  Indiana – 3.1%      
$ 1,600 Indiana Bond Bank, Special Program Bonds, Carmel Junior Waterworks Project, Series No Opt. Call AA $ 1,369,216
  2008B, 0.000%, 6/01/30 – AGM Insured      
2,040 Indiana Finance Authority, Hospital Revenue Bonds, Indiana Unversity Health Obligation 6/25 at 100.00 AA 2,337,085
  Group, Refunding Series 2015A, 5.000%, 12/01/40      
1,825 Indiana Finance Authority, Hospital Revenue Bonds, Marion General Hospital Project, 7/30 at 100.00 A 2,109,244
  Series 2020A, 4.000%, 7/01/40      
2,500 Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, 10/24 at 100.00 AA 2,794,725
     Series 2015A, 5.000%, 10/01/45      
7,965 Total Indiana     8,610,270
  Iowa – 0.3%      
830 Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer 12/22 at 105.00 BB– 906,277
     Company Project, Series 2018B, 5.250%, 12/01/50 (Mandatory Put 12/01/37)      
  Kentucky – 0.4%      
805 Kentucky Public Transportation Infrastructure Authority, Toll Revenue Bonds, Downtown 7/31 at 100.00 Baa2 989,812
  Crossing Project, Convertible Capital Appreciation First Tier Series 2013C, 0.000%, 7/01/43 (4)      
  Louisiana – 0.8%      
1,870 Jefferson Sales Tax District, Jefferson Parish, Louisiana, Special Sales Tax Revenue 12/27 at 100.00 AA 2,284,579
     Bonds, Series 2017B, 5.000%, 12/01/42 – AGM Insured      
  Maryland – 0.4%      
1,000 Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Johns Hopkins 7/22 at 100.00 Aa2 (5) 1,036,160
  Health System Obligated Group Issue, Series 2012B, 5.000%, 7/01/27 (Pre-refunded 7/01/22)      
  Massachusetts – 5.2%      
2,200 Massachusetts Bay Transportation Authority, Assessment Bonds, Series 2012A, 7/22 at 100.00 AAA 2,275,086
  5.000%, 7/01/41      
2,000 Massachusetts Development Finance Agency, Revenue Bonds, CareGroup Issue, Series 7/28 at 100.00 A 2,410,700
  2018J-2, 5.000%, 7/01/43      
1,675 Massachusetts Development Finance Agency, Revenue Bonds, Olin College, Series 2013E, 11/23 at 100.00 A 1,815,616
  5.000%, 11/01/43      
2,250 Massachusetts Development Finance Agency, Revenue Bonds, Partners HealthCare System, 7/23 at 100.00 AA– (5) 2,438,078
  Series 2014M-4, 5.000%, 7/01/44 (Pre-refunded 7/01/23)      
400 Massachusetts Development Finance Agency, Revenue Bonds, UMass Memorial Health Care 7/27 at 100.00 A– 430,164
  Obligated Group Issue, Series 2017L, 3.625%, 7/01/37      
2,100 Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Subordinated 2/26 at 100.00 AA+ (5) 2,507,400
  Series 2019A, 5.000%, 2/15/49 (Pre-refunded 2/15/26)      
2,115 Massachusetts State, Transportation Fund Revenue Bonds, Rail Enhancement & Accelerated 6/27 at 100.00 AA+ 2,577,339
     Bridge Programs, Series 2017A, 5.000%, 6/01/42      
12,740 Total Massachusetts     14,454,383
  Michigan – 1.2%      
355 Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds, 7/22 at 100.00 AA– (5) 368,493
  Refunding Senior Lien Series 2012A, 5.250%, 7/01/39 (Pre-refunded 7/01/22)      
385 Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 10/25 at 100.00 Aa2 448,402
  2015-I, 5.000%, 4/15/38      
2,000 Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 10/26 at 100.00 Aa2 2,385,440
     2016-I, 5.000%, 4/15/35      
2,740 Total Michigan     3,202,335

 

30

 

 

 

         
Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  Nebraska – 0.7%      
$ 545 Douglas County Hospital Authority 3, Nebraska, Health Facilities Revenue Bonds, Nebraska 11/25 at 100.00 A $ 601,146
  Methodist Health System, Refunding Series 2015, 4.125%, 11/01/36      
305 Madison County Hospital Authority 1, Nebraska, Hospital Revenue Bonds, Faith Regional 7/25 at 100.00 BBB 350,338
  Health Services Project, Series 2018, 5.000%, 7/01/27      
1,000 Nebraska Public Power District, General Revenue Bonds, Series 2015A-2, 5.000%, 1/01/40 1/22 at 100.00 A+ 1,011,710
1,850 Total Nebraska     1,963,194
  Nevada – 1.7%      
990 Carson City, Nevada, Hospital Revenue Bonds, Carson Tahoe Regional Healthcare Project, 9/27 at 100.00 A– 1,176,051
  Series 2017A, 5.000%, 9/01/37      
3,000 Las Vegas Valley Water District, Nevada, General Obligation Bonds, Refunding Series 12/24 at 100.00 Aa1 3,411,810
     2015, 5.000%, 6/01/34      
3,990 Total Nevada     4,587,861
  New Jersey – 3.2%      
1,255 Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2013, 1/24 at 100.00 A+ 1,378,492
  5.000%, 1/01/37      
2,000 New Jersey Economic Development Authority, School Facilities Construction Bonds, 12/26 at 100.00 Baa1 2,442,060
  Refunding Series 2016BBB, 5.500%, 6/15/31      
2,000 New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 6/25 at 100.00 Baa1 2,326,760
  2015AA, 5.250%, 6/15/29      
2,400 New Jersey Turnpike Authority, Turnpike Revenue Bonds, Series 2021A, 4.000%, 1/01/51 1/31 at 100.00 A+ 2,780,568
7,655 Total New Jersey     8,927,880
  New Mexico – 1.1%      
1,000 Albuquerque, New Mexico, Refuse Removal and Disposal Revenue Bonds, Series 2020, 7/30 at 100.00 AA 1,182,850
  4.000%, 7/01/43      
800 New Mexico Hospital Equipment Loan Council, First Mortgage Revenue Bonds, Haverland 7/22 at 100.00 BB+ 815,048
  Carter Lifestyle Group, Series 2013, 5.000%, 7/01/42      
1,000 New Mexico Mortgage Finance Authority, Multifamily Housing Revenue Bonds, St Anthony, 10/21 at 100.00 N/R 1,003,510
     Series 2007A, 5.250%, 9/01/42 (AMT)      
2,800 Total New Mexico     3,001,408
  New York – 2.8%      
3,800 Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, 9/30 at 100.00 AA+ 4,424,264
  General Purpose, Series 2020A Bidding Group 1 thru 5, 4.000%, 3/15/44      
455 Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 11/21 at 100.00 AA– 456,633
  Series 2011A, 5.250%, 2/15/47      
1,000 Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green No Opt. Call A3 1,133,430
  Climate Bond Certified Series 2019A-1, 5.000%, 11/15/48 (Mandatory Put 11/15/24)      
1,250 Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding 11/22 at 100.00 A3 1,312,575
  Series 2012F, 5.000%, 11/15/26      
500 TSASC Inc, New York, Tobacco Settlement Asset-Backed Bonds, Fiscal 2017 Series B, No Opt. Call B– 520,365
     5.000%, 6/01/24      
7,005 Total New York     7,847,267
  Ohio – 0.7%      
330 Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed 6/30 at 100.00 BBB+ 367,227
  Revenue Bonds, Refunding Senior Lien Series 2020A-2 Class 1, 4.000%, 6/01/48      
315 Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed 6/30 at 100.00 N/R 356,829
  Revenue Bonds, Refunding Senior Lien Series 2020B-2 Class 2, 5.000%, 6/01/55      
1,105 Ohio State, Turnpike Revenue Bonds, Ohio Turnpike and Infrastructutre Commission 2/23 at 100.00 Aa3 (5) 1,176,571
  Infrastructure Projects, Junior Lien, Current Interest Series 2013A-1, 5.000%, 2/15/48      
  (Pre-refunded 2/15/23)      

 

31

 

 

 

   
NXQ Nuveen Select Tax-Free Income Portfolio 2
  Portfolio of Investments (continued)
  September 30, 2021 (Unaudited)

 

         
Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  Ohio (continued)      
$ 1,000 Ohio Water Development Authority, Pollution Control Revenue Bonds, FirstEnergy Nuclear No Opt. Call N/R $ 1,250
     Generating Corporation Project, Refunding Series 2005B, 4.000%, 1/01/34 (6)      
2,750 Total Ohio     1,901,877
  Oklahoma – 0.2%      
450 Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine 8/28 at 100.00 Baa3 539,321
     Project, Series 2018B, 5.000%, 8/15/38      
  Oregon – 1.5%      
915 Beaverton School District 48J, Washington and Multnomah Counties, Oregon, General 6/27 at 100.00 AA+ 1,105,988
  Obligation Bonds, Convertible Deferred Interest Series 2017D, 5.000%, 6/15/36      
605 Beaverton, Oregon, Special Revenue Bonds, Series 2020A, 4.000%, 6/01/37 6/30 at 100.00 Aa3 719,339
60 Clackamas Community College District, Oregon, General Obligation Bonds, Deferred 6/27 at 100.00 Aa1 72,353
  Interest Series 2017A, 5.000%, 6/15/40      
500 Clackamas County Hospital Facility Authority, Oregon, Senior Living Revenue Bonds, 11/25 at 102.00 N/R 547,465
  Willamette View Project, Series 2017A, 5.000%, 11/15/52      
500 Lake Oswego, Oregon, General Obligation Bonds, Series 2013, 5.000%, 6/01/26 6/23 at 100.00 AAA 538,860
1,090 Oregon Facilities Authority, Revenue Bonds, Reed College, Series 2017A, 4.000%, 7/01/41 7/27 at 100.00 Aa2 1,247,701
3,670 Total Oregon     4,231,706
  Pennsylvania – 2.1%      
500 Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue 4/31 at 100.00 N/R 520,885
  Refunding Bonds, FirstEnergy Generation Project, Series 2008B, 3.750%, 10/01/47 (Mandatory      
  Put 4/01/21)      
1,500 Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, State System of 6/26 at 100.00 Aa3 1,777,950
  Higher Education, Refunding Series 2016AT-1, 5.000%, 6/15/31      
2,970 Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series 2015A, 5.000%, 7/24 at 100.00 A+ (5) 3,349,091
  7/01/40 (Pre-refunded 7/01/24)      
260 Pittsburgh Water and Sewer Authority, Pennsylvania, Water and Sewer System Revenue 9/30 at 100.00 AA 281,229
     Bonds, First Lien Series 2020B, 3.000%, 9/01/40 – AGM Insured      
5,230 Total Pennsylvania     5,929,155
  Puerto Rico – 1.7%      
  Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1:      
1,000 4.750%, 7/01/53 7/28 at 100.00 N/R 1,121,430
1,080 5.000%, 7/01/58 7/28 at 100.00 N/R 1,227,701
2,000 Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Taxable 7/28 at 100.00 N/R 2,222,820
     Restructured Cofina Project Series 2019A-2, 4.329%, 7/01/40      
4,080 Total Puerto Rico     4,571,951
  South Carolina – 0.6%      
1,500 Richland County School District 2, South Carolina, General Obligation Bonds, Refunding 5/23 at 100.00 Aa1 1,558,170
     Series 2012B, 3.050%, 5/01/27      
  South Dakota – 0.3%      
600 South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sanford Health, 11/25 at 100.00 AA– 695,010
     Series 2015, 5.000%, 11/01/35      
  Texas – 6.8%      
1,880 Alamo Regional Mobility Authority, Texas, Vehicle Registration Fee Revenue Bonds, Senior 6/25 at 100.00 AA+ 2,137,071
  Lien Series 2016, 5.000%, 6/15/46      
240 Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien, Series 2015A, 7/25 at 100.00 A– 275,040
  5.000%, 1/01/35      

 

32

 

 

 

         
Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  Texas (continued)      
$ 5,560 Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Frst Tier 10/23 at 100.00 A+ (5) $ 6,145,413
  Series 2013A, 5.500%, 4/01/53 (Pre-refunded 10/01/23)      
1,160 Harris County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, 6/25 at 100.00 AA 1,314,593
  Houston Methodist Hospital System, Series 2015, 5.000%, 12/01/45      
1,250 Harris County Flood Control District, Texas, Contract Tax Bonds, Refunding Series 2017A, 10/27 at 100.00 AAA 1,443,113
  4.000%, 10/01/35      
  Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H:      
110 0.000%, 11/15/24 – NPFG Insured (ETM) No Opt. Call Baa2 (5) 107,899
520 0.000%, 11/15/24 – NPFG Insured No Opt. Call Baa2 489,824
12,480 0.000%, 11/15/41 – NPFG Insured 11/31 at 53.78 Baa2 4,772,102
575 Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and No Opt. Call A 560,619
  Entertainment Project, Series 2001B, 0.000%, 9/01/24 – AMBAC Insured      
155 Mission Economic Development Corporation, Texas, Revenue Bonds, Natgasoline Project, 10/21 at 105.00 BB– 163,009
  Senior Lien Series 2018, 4.625%, 10/01/31, 144A (AMT)      
1,025 North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2015B, 1/23 at 100.00 A+ 1,083,087
  5.000%, 1/01/40      
200 Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital 5/26 at 100.00 AA– 222,980
     Revenue Bonds, Scott & White Healthcare Project, Series 2016A, 4.000%, 11/15/42      
25,155 Total Texas     18,714,750
  Virginia – 0.9%      
  Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River      
  Crossing, Opco LLC Project, Series 2012:      
1,000 5.250%, 1/01/32 (AMT) 7/22 at 100.00 BBB 1,033,660
410 6.000%, 1/01/37 (AMT) 7/22 at 100.00 BBB 426,416
1,010    5.500%, 1/01/42 (AMT) 7/22 at 100.00 BBB 1,045,552
2,420 Total Virginia     2,505,628
  Washington – 5.0%      
1,610 Energy Northwest, Washington, Electric Revenue Bonds, Nuclear Project 1, Refunding 7/31 at 100.00 Aa2 1,922,259
  Series 2021-A, 4.000%, 7/01/42      
395 Port of Seattle, Washington, Revenue Bonds, Intermediate Lien Series 2019, 5.000%, 4/29 at 100.00 AA– 474,731
  4/01/44 (AMT)      
860 Snohomish County School District 306 Lakewood, Washington, General Obligation Bonds, 6/24 at 100.00 Aaa 965,445
  Series 2014, 5.000%, 12/01/28      
4,000 Washington Health Care Facilities Authority, Revenue Bonds, Catholic Health Initiative, 1/23 at 100.00 BBB+ (5) 4,271,480
  Series 2013A, 5.750%, 1/01/45 (Pre-refunded 1/01/23)      
1,615 Washington State Convention Center Public Facilities District, Lodging Tax Revenue 7/31 at 100.00 Baa1 1,818,377
  Bonds, Refunding Series2021B Exchange Purchase, 4.000%, 7/01/58      
1,130 Washington State, General Obligation Bonds, Various Purpose Series 2015B, 5.000%, 2/01/37 2/25 at 100.00 Aaa 1,289,793
2,535 Washington State, General Obligation Bonds, Various Purpose Series 2017A, 5.000%, 8/01/38 8/26 at 100.00 Aaa 3,022,379
12,145 Total Washington     13,764,464
  Wisconsin – 1.6%      
1,645 Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Mercy Alliance, 6/22 at 100.00 A3 1,691,109
  Inc, Series 2012, 5.000%, 6/01/39      
2,355 Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Medical 11/26 at 100.00 AA– 2,781,467
     College of Wisconsin, Inc, Series 2016, 5.000%, 12/01/41      
4,000 Total Wisconsin     4,472,576
$ 266,820 Total Municipal Bonds (cost $230,674,733)     266,286,014

 

33

 

 

 

   
NXQ Nuveen Select Tax-Free Income Portfolio 2
  Portfolio of Investments (continued)
  September 30, 2021 (Unaudited)

 

         
Shares Description (1)     Value
  COMMON STOCKS – 0.5%      
  Electric Utilities – 0.5%      
32,258 Energy Harbor Corp (7), (8), (9)     $ 1,297,385
  Total Common Stocks (cost $899,914)     1,297,385
  Total Long-Term Investments (cost $231,574,647)     267,583,399
 

 

Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  SHORT-TERM INVESTMENTS – 0.5%      
  MUNICIPAL BONDS – 0.5%      
  Florida – 0.5%      
$ 1,345 Florida Development Finance Corporation, Florida, Surface Transportation Facility Revenue Bonds, 11/21 at 103.00 N/R $ 1,372,102
  Virgin Trains USA Passenger Rail Project , Series 2019A, 6.250%, 1/01/49 (AMT) (Mandatory      
    Put 1/01/24), 144A (10)      
$ 1,345 Total Short-Term Investments (cost $1,345,000)     1,372,102
  Total Investments (cost $232,919,647) – 97.4%     268,955,501
  Other Assets Less Liabilities – 2.6%     7,155,885
  Net Assets Applicable to Common Shares – 100%     $ 276,111,386

 

(1)All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
(2)Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3)For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)Step-up coupon bond, a bond with a coupon that increases (“steps up”), usually at regular intervals, while the bond is outstanding. The rate shown is the coupon as of the end of the reporting period.
(5)Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest.
(6)Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy.
(7)Common Stock received as part of the bankruptcy settlement during February 2020 for Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generating Corporation Project, Series 2005B, 0.000%, 1/01/34.
(8)For fair value measurement disclosure purposes, investment classified as Level 2.
(9)Non-income producing; issuer has not declared an ex-dividend date within the past twelve months.
(10)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.
144AInvestment 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.
AMTAlternative Minimum Tax
ETMEscrowed to maturity

 

See accompanying notes to financial statements.

34

 

 

 

   
NXR Nuveen Select Tax-Free Income Portfolio 3
  Portfolio of Investments
  September 30, 2021 (Unaudited)

 

         
Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  LONG-TERM INVESTMENTS – 96.6%      
  MUNICIPAL BONDS – 96.0%      
  Alabama – 0.6%      
$ 1,170 Birmingham, Alabama, General Obligation Convertable Capital Appriciation Bonds, Series 3/23 at 100.00 AA (4) $ 1,249,104
    2013A, 5.000%, 3/01/32 (Pre-refunded 3/01/23)      
  Arizona – 1.8%      
1,950 Glendale Municipal Property Corporation, Arizona, Excise Tax Revenue Bonds, Subordinate 1/23 at 100.00 AA 2,018,562
  Series 2012C, 4.000%, 7/01/38      
1,000 Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Junior Lien 7/29 at 100.00 A1 1,229,170
  Series 2019A, 5.000%, 7/01/49      
500 Phoenix Civic Improvement Corporation, Arizona, Rental Car Facility Charge Revenue 7/29 at 100.00 A3 610,855
    Bonds, Series 2019A, 5.000%, 7/01/39      
3,450 Total Arizona     3,858,587
  California – 25.6%      
  Anaheim Public Financing Authority, California, Lease Revenue Bonds, Public Improvement      
  Project, Series 1997C:      
6,740 0.000%, 9/01/35 – AGM Insured (ETM) No Opt. Call AA (4) 5,333,429
5,760 0.000%, 9/01/35 – AGM Insured No Opt. Call AA 4,273,056
35 California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, 6/30 at 100.00 BBB+ 40,583
  Los Angeles County Securitization Corporation, Series 2020A, 4.000%, 6/01/49      
49 California Statewide Financing Authority, Tobacco Settlement Asset-Backed Bonds, Pooled 11/21 at 100.00 A3 49,200
  Tobacco Securitization Program, Series 2002A, 5.625%, 5/01/29      
2,275 Folsom Cordova Unified School District, Sacramento County, California, General No Opt. Call Aa2 2,060,149
  Obligation Bonds, School Facilities Improvement District 4, Series 2007A, 0.000%, 10/01/28 –      
  NPFG Insured      
3,370 Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement No Opt. Call Aa3 3,090,762
  Asset-Backed Revenue Bonds, Series 2005A, 0.000%, 6/01/28 – AMBAC Insured      
4,055 Kern Community College District, California, General Obligation Bonds, Series 2003A, No Opt. Call Aa2 3,762,270
  0.000%, 3/01/28 – FGIC Insured      
1,160 Mount San Antonio Community College District, Los Angeles County, California, General 8/35 at 100.00 Aa1 1,301,323
  Obligation Bonds, Election of 2008, Series 2013A, 0.000%, 8/01/43 (5)      
11,985 Norwalk La Mirada Unified School District, Los Angeles County, California, General No Opt. Call AA 9,840,644
  Obligation Bonds, Election 2002, Series 2007C, 0.000%, 8/01/32 – AGM Insured      
1,250 Ontario International Airport Authority, California, Revenue Bonds, Series 2021A, 5/31 at 100.00 AA 1,583,025
  5.000%, 5/15/46 – AGM Insured      
3,000 Palomar Pomerado Health, California, General Obligation Bonds, Capital Appreciation, No Opt. Call A2 2,885,970
  Election of 2004, Series 2007A, 0.000%, 8/01/25 – NPFG Insured      
8,040 Placentia-Yorba Linda Unified School District, Orange County, California, Certificates No Opt. Call A1 (4) 6,469,306
  of Participation, Series 2006, 0.000%, 10/01/34 – FGIC Insured (ETM)      
1,500 Placer Union High School District, Placer County, California, General Obligation Bonds, No Opt. Call AA 1,232,940
  Series 2004C, 0.000%, 8/01/32 – AGM Insured      
8,000 Poway Unified School District, San Diego County, California, General Obligation Bonds, No Opt. Call Aa2 6,611,040
  School Facilities Improvement District 2007-1, Election 2008 Series 2009A, 0.000%, 8/01/32      
3,940 Rancho Mirage Redevelopment Agency, California, Tax Allocation Bonds, Combined No Opt. Call A+ 2,925,489
  Whitewater and 1984 Project Areas, Series 2003A, 0.000%, 4/01/35 – NPFG Insured      
765 San Diego Association of Governments, California, South Bay Expressway Toll Revenue 7/27 at 100.00 A 917,426
  Bonds, First Senior Lien Series 2017A, 5.000%, 7/01/42      

 

35

 

 

 

   
NXR Nuveen Select Tax-Free Income Portfolio 3
  Portfolio of Investments (continued)
  September 30, 2021 (Unaudited)

 

         
Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  California (continued)      
$ 535 San Diego County Regional Airport Authority, California, Airport Revenue Bonds, 7/29 at 100.00 A+ $ 661,174
  Subordinate Series 2019B, 5.000%, 7/01/38 (AMT)      
2,525 San Francisco City and County Public Utilities Commission, California, Water Revenue 11/24 at 100.00 Aa2 (4) 2,887,110
     Bonds, Non-WSIP, Series 2017A, 5.000%, 11/01/42 (Pre-refunded 11/01/24)      
64,984 Total California     55,924,896
  Colorado – 2.9%      
500 Centerra Metropolitan District 1, Loveland, Colorado, Special Revenue Bonds, Refunding & No Opt. Call N/R 518,305
  Improvement Series 2017, 5.000%, 12/01/22, 144A      
790 Colorado School of Mines Board of Trustees, Golden, Colorado, Institutional Enterprise 12/27 at 100.00 A+ 961,351
  Revenue Bonds, Series 2017B, 5.000%, 12/01/47      
1,935 Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 11/23 at 100.00 A+ 2,113,368
  2013B, 5.000%, 11/15/43      
1,295 E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%, No Opt. Call A 1,057,834
  9/01/32 – NPFG Insured      
490 E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2020A, 9/24 at 100.00 A 546,864
  5.000%, 9/01/40      
1,000 Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported 12/25 at 100.00 A 1,149,980
     Revenue Bonds, Refunding Series 2015A, 5.000%, 12/01/33      
6,010 Total Colorado     6,347,702
  Connecticut – 2.7%      
2,290 Connecticut State, General Obligation Bonds, Refunding Series 2012E, 5.000%, 9/15/32 9/22 at 100.00 Aa3 2,386,020
1,500 Connecticut State, General Obligation Bonds, Series 2018C, 5.000%, 6/15/26 No Opt. Call Aa3 1,809,885
1,615 Connecticut State, Special Tax Obligation Bonds, Transportation Infrastructure Purposes 10/23 at 100.00 AA– 1,758,719
     Series 2013A, 5.000%, 10/01/30      
5,405 Total Connecticut     5,954,624
  District of Columbia – 2.3%      
765 Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, 10/29 at 100.00 A– 865,008
  Dulles Metrorail & Capital improvement Projects, Refunding & Subordinate Lien Series 2019B,      
  4.000%, 10/01/44      
855 Metropolitan Washington DC Airports Authority, Airport System Revenue Bonds, Refunding No Opt. Call Aa3 1,094,674
  Series 2021A, 5.000%, 10/01/29 (AMT)      
2,500 Washington Metropolitan Area Transit Authority, District of Columbia, Dedicated Revenue 7/30 at 100.00 AA 3,149,150
     Bonds, Series 2020A, 5.000%, 7/15/45      
4,120 Total District of Columbia     5,108,832
  Florida – 1.3%      
390 Greater Orlando Aviation Authority, Florida, Orlando Airport Facilities Revenue Bonds, 10/27 at 100.00 A1 466,190
  Priority Subordinated Series 2017, 5.000%, 10/01/47 (AMT)      
2,000 Miami-Dade County, Florida, Aviation Revenue Bonds, Refunding Series 2019A, 5.000%, 10/29 at 100.00 A 2,438,900
     10/01/49 (AMT)      
2,390 Total Florida     2,905,090
  Georgia – 0.5%      
1,035 Brookhaven Development Authority, Georgia, Revenue Bonds, Children’s Healthcare of 7/29 at 100.00 AA+ 1,195,063
     Atlanta, Inc Project, Series 2019A, 4.000%, 7/01/44      
  Guam – 0.6%      
1,250 Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D, 5.000%, 11/15/39 11/25 at 100.00 BB 1,408,125

 

36

 

 

 

         
Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  Hawaii – 0.1%      
$ 190 Hawaii State, Harbor System Revenue Bonds, Series 2020A, 4.000%, 7/01/35 (AMT) 7/30 at 100.00 Aa3 $ 223,925
  Idaho – 1.5%      
3,000 Idaho Health Facilities Authority, Revenue Bonds, Saint Luke’s Health System Project, 3/24 at 100.00 A– 3,293,910
     Series 2014A, 5.000%, 3/01/44      
  Illinois – 9.7%      
575 Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, 4/27 at 100.00 A– 699,004
  Series 2016, 6.000%, 4/01/46      
295 Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, 12/27 at 100.00 BB 356,092
  Refunding Series 2017C, 5.000%, 12/01/30      
3,900 Chicago Board of Education, Illinois, General Obligation Bonds, Series 1999A, 0.000%, No Opt. Call Baa2 3,471,468
  12/01/28 – FGIC Insured      
260 Illinois Finance Authority, Revenue Bonds, Rehabilitation Institute of Chicago, Series 7/23 at 100.00 A– 277,953
  2013A, 6.000%, 7/01/43      
335 Illinois Health Facilities Authority, Revenue Bonds, Evangelical Hospitals Corporation, 11/21 at 100.00 N/R (4) 345,576
  Series 1992C, 6.250%, 4/15/22 (ETM)      
2,060 Illinois State, General Obligation Bonds, Refunding September Series 2018B, 5.000%, 10/01/23 No Opt. Call BBB 2,245,194
1,000 Kankakee & Will Counties Community Unit School District 5, Illinois, General Obligation No Opt. Call Aa3 994,590
  Bonds, Series 2006, 0.000%, 5/01/23 – AGM Insured      
  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 BBB+ 2,082,750
4,775 0.000%, 12/15/31 – NPFG Insured No Opt. Call BBB+ 3,857,770
5,000 0.000%, 12/15/36 – NPFG Insured No Opt. Call BBB+ 3,501,250
2,000 0.000%, 6/15/37 – NPFG Insured No Opt. Call BBB+ 1,373,460
1,400 Springfield, Illinois, Electric Revenue Bonds, Refunding Senior Lien Series 2015, 3/25 at 100.00 A 1,604,288
  5.000%, 3/01/28      
310 University of Illinois, Health Services Facilities System Revenue Bonds, Series 2013, 10/23 at 100.00 A– 339,531
     6.000%, 10/01/42      
24,410 Total Illinois     21,148,926
  Indiana – 1.8%      
1,450 Indiana Finance Authority, Hospital Revenue Bonds, Marion General Hospital Project, 7/30 at 100.00 A 1,675,837
  Series 2020A, 4.000%, 7/01/40      
1,250 Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, 10/24 at 100.00 AA 1,397,363
  Series 2015A, 5.000%, 10/01/45      
1,000 Zionsville Community Schools Building Corporation, Boone County, Indiana, First Mortgage No Opt. Call AA 909,840
     Bonds, Series 2005Z, 0.000%, 7/15/28 – AGM Insured      
3,700 Total Indiana     3,983,040
  Iowa – 0.3%      
660 Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer 12/22 at 105.00 BB– 720,654
  Company Project, Series 2018B, 5.250%, 12/01/50 (Mandatory Put 12/01/37)      
  Massachusetts – 6.4%      
2,230 Massachusetts Development Finance Agency, Revenue Bonds, Boston University, Series 10/26 at 100.00 AA– 2,634,901
  2016BB-1, 5.000%, 10/01/46      
1,300 Massachusetts Development Finance Agency, Revenue Bonds, Olin College, Series 2013E, 11/23 at 100.00 A 1,409,135
  5.000%, 11/01/43      
2,250 Massachusetts Development Finance Agency, Revenue Bonds, Partners HealthCare System, 7/23 at 100.00 AA– (4) 2,438,077
  Series 2014M-4, 5.000%, 7/01/44 (Pre-refunded 7/01/23)      
2,200 Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Subordinated 2/26 at 100.00 AA+ (4) 2,626,800
  Series 2019A, 5.000%, 2/15/49 (Pre-refunded 2/15/26)      

 

37

 

 

 

   
NXR Nuveen Select Tax-Free Income Portfolio 3
  Portfolio of Investments (continued)
  September 30, 2021 (Unaudited)

 

         
Principal   Optional Call    
Amount (000) Description (1) Provisions (2)