Chairman’s Letter to Shareholders
|
4
|
Portfolio Managers’ Comments
|
5
|
Common Share Information
|
10
|
Risk Considerations
|
12
|
Performance Overview and Holding Summaries
|
13
|
Report of Independent Registered Public Accounting Firm
|
23
|
Portfolios of Investments
|
24
|
Statement of Assets and Liabilities
|
58
|
Statement of Operations
|
59
|
Statement of Changes in Net Assets
|
60
|
Financial Highlights
|
62
|
Notes to Financial Statements
|
68
|
Additional Fund Information
|
79
|
Glossary of Terms Used in this Report
|
80
|
Reinvest Automatically, Easily and Conveniently
|
82
|
Board Members & Officers
|
83
|
|
Per Common Share Amounts
|
||||
Monthly Distributions (Ex-Dividend Date)
|
NXP
|
NXQ
|
NXR
|
NXC
|
NXN
|
April 2018
|
$0.0455
|
$0.0420
|
$0.0435
|
$0.0440
|
$0.0420
|
May
|
0.0455
|
0.0420
|
0.0435
|
0.0440
|
0.0420
|
June
|
0.0455
|
0.0420
|
0.0435
|
0.0440
|
0.0420
|
July
|
0.0455
|
0.0420
|
0.0435
|
0.0440
|
0.0420
|
August
|
0.0455
|
0.0420
|
0.0435
|
0.0440
|
0.0420
|
September
|
0.0455
|
0.0420
|
0.0435
|
0.0440
|
0.0420
|
October
|
0.0455
|
0.0420
|
0.0435
|
0.0440
|
0.0420
|
November
|
0.0455
|
0.0420
|
0.0435
|
0.0440
|
0.0420
|
December
|
0.0455
|
0.0420
|
0.0435
|
0.0410
|
0.0420
|
January
|
0.0455
|
0.0420
|
0.0435
|
0.0410
|
0.0420
|
February
|
0.0455
|
0.0420
|
0.0435
|
0.0410
|
0.0420
|
March 2019
|
0.0455
|
0.0420
|
0.0435
|
0.0410
|
0.0395
|
Total Distributions From Net Investment Income
|
$0.5460
|
$0.5040
|
$0.5220
|
$0.5160
|
$0.5015
|
|
|||||
Yields
|
|
|
|
|
|
Market Yield*
|
3.73%
|
3.62%
|
3.54%
|
3.48%
|
3.51%
|
Taxable-Equivalent Yield*
|
4.87%
|
4.76%
|
4.64%
|
5.20%
|
5.05%
|
*
|
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 23.4%, 23.9%, 23.6%, 33.0% and 30.5% 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. |
|
NXC
|
Additional authorized common shares
|
600,000*
|
*
|
Represents additional authorized common shares for the period April 1, 2018 through July 31, 2018. |
|
NXP
|
NXQ
|
NXR
|
NXC
|
NXN
|
Common shares cumulatively repurchased and retired
|
—
|
—
|
—
|
—
|
—
|
Common shares authorized for repurchase
|
1,655,000
|
1,770,000
|
1,305,000
|
635,000
|
390,000
|
|
NXP
|
NXQ
|
NXR
|
NXC
|
NXN
|
|||||||||||||||
Common share NAV
|
$
|
15.51
|
$
|
14.86
|
$
|
15.85
|
$
|
15.21
|
$
|
14.08
|
||||||||||
Common share price
|
$
|
14.64
|
$
|
13.93
|
$
|
14.73
|
$
|
14.12
|
$
|
13.52
|
||||||||||
Premium/(Discount) to NAV
|
(5.61
|
)%
|
(6.26
|
)%
|
(7.07
|
)%
|
(7.17
|
)%
|
(3.98
|
)%
|
||||||||||
12-month average premium/(discount) to NAV
|
(6.36
|
)%
|
(6.83
|
)%
|
(6.38
|
)%
|
(7.71
|
)%
|
(6.87
|
)%
|
NXP
|
Nuveen Select Tax-Free Income Portfolio
|
|
Performance Overview and Holding Summaries as of March 31, 2019
|
|
Average Annual
|
||
|
1-Year
|
5-Year
|
10-Year
|
NXP at Common Share NAV
|
6.34%
|
5.30%
|
5.83%
|
NXP at Common Share Price
|
8.51%
|
5.76%
|
5.26%
|
S&P Municipal Bond Index
|
5.12%
|
3.73%
|
4.94%
|
NXP
|
Performance Overview and Holding Summaries as of
|
|
March 31, 2019 (continued)
|
Fund Allocation
|
|
(% of net assets)
|
|
Long-Term Municipal Bonds
|
97.2%
|
Corporate Bonds
|
0.1%
|
Short-Term Municipal Bonds
|
1.9%
|
Other Assets Less Liabilities
|
0.8%
|
Net Assets
|
100%
|
Portfolio Credit Quality
|
|
(% of total investment exposure)
|
|
U.S. Guaranteed
|
6.4%
|
AAA
|
3.8%
|
AA
|
38.1%
|
A
|
30.8%
|
BBB
|
11.6%
|
BB or Lower
|
8.1%
|
N/R (not rated)
|
1.2%
|
Total
|
100%
|
Portfolio Composition
|
|
(% of total investments)
|
|
Tax Obligation/Limited
|
27.8%
|
Tax Obligation/General
|
16.7%
|
Transportation
|
14.1%
|
Health Care
|
12.6%
|
Education and Civic Organizations
|
7.5%
|
U.S. Guaranteed
|
6.1%
|
Other
|
15.2%
|
Total
|
100%
|
States and Territories
|
|
(% of total municipal bonds)
|
|
California
|
17.0%
|
Illinois
|
11.1%
|
Texas
|
10.7%
|
New Jersey
|
9.3%
|
Colorado
|
6.2%
|
Connecticut
|
4.7%
|
Washington
|
4.1%
|
Ohio
|
3.3%
|
Missouri
|
2.8%
|
Guam
|
2.7%
|
Iowa
|
2.6%
|
Virginia
|
2.4%
|
Arizona
|
2.2%
|
Oregon
|
2.1%
|
Other
|
18.8%
|
Total
|
100%
|
NXQ
|
Nuveen Select Tax-Free Income Portfolio 2
|
|
Performance Overview and Holding Summaries as of March 31, 2019
|
|
Average Annual
|
||
|
1-Year
|
5-Year
|
10-Year
|
NXQ at Common Share NAV
|
5.95%
|
5.23%
|
6.01%
|
NXQ at Common Share Price
|
7.32%
|
5.22%
|
5.07%
|
S&P Municipal Bond Index
|
5.12%
|
3.73%
|
4.94%
|
NXQ
|
Performance Overview and Holding Summaries as of
|
|
March 31, 2019 (continued)
|
Fund Allocation
|
|
(% of net assets)
|
|
Long-Term Municipal Bonds
|
97.4%
|
Corporate Bonds
|
0.1%
|
Short-Term Municipal Bonds
|
1.5%
|
Other Assets Less Liabilities
|
1.0%
|
Net Assets
|
100%
|
Portfolio Credit Quality
|
|
(% of total investment exposure)
|
|
U.S. Guaranteed
|
4.6%
|
AAA
|
2.6%
|
AA
|
33.2%
|
A
|
38.2%
|
BBB
|
12.3%
|
BB or Lower
|
8.3%
|
N/R (not rated)
|
0.8%
|
Total
|
100%
|
Portfolio Composition
|
|
(% of total investments)
|
|
Tax Obligation/General
|
21.4%
|
Tax Obligation/Limited
|
19.0%
|
Transportation
|
17.4%
|
Health Care
|
16.0%
|
Education and Civic Organizations
|
6.4%
|
Utilities
|
5.6%
|
U.S. Guaranteed
|
5.1%
|
Other
|
9.1%
|
Total
|
100%
|
States and Territories
|
|
(% of total municipal bonds)
|
|
California
|
14.6%
|
Illinois
|
11.4%
|
Texas
|
10.4%
|
Colorado
|
7.6%
|
Arizona
|
6.1%
|
Washington
|
5.0%
|
Massachusetts
|
4.5%
|
Pennsylvania
|
4.0%
|
Wisconsin
|
3.3%
|
Nevada
|
3.2%
|
New Jersey
|
3.1%
|
Ohio
|
2.8%
|
Connecticut
|
2.6%
|
Guam
|
2.5%
|
Other
|
18.9%
|
Total
|
100%
|
NXR
|
Nuveen Select Tax-Free Income Portfolio 3
|
|
Performance Overview and Holding Summaries as of March 31, 2019
|
|
Average Annual
|
||
|
1-Year
|
5-Year
|
10-Year
|
NXR at Common Share NAV
|
6.53%
|
5.57%
|
5.96%
|
NXR at Common Share Price
|
7.31%
|
5.45%
|
5.20%
|
S&P Municipal Bond Index
|
5.12%
|
3.73%
|
4.94%
|
NXR
|
Performance Overview and Holding Summaries as of
|
|
March 31, 2019 (continued)
|
Fund Allocation
|
|
(% of net assets)
|
|
Long-Term Municipal Bonds
|
98.0%
|
Corporate Bonds
|
0.0%
|
Short-Term Municipal Bonds
|
1.0%
|
Other Assets Less Liabilities
|
1.0%
|
Net Assets
|
100%
|
Portfolio Credit Quality
|
|
(% of total investment exposure)
|
|
U.S. Guaranteed
|
8.5%
|
AAA
|
1.8%
|
AA
|
34.5%
|
A
|
33.7%
|
BBB
|
12.0%
|
BB or Lower
|
8.0%
|
N/R (not rated)
|
1.5%
|
Total
|
100%
|
Portfolio Composition
|
|
(% of total investments)
|
|
Tax Obligation/Limited
|
22.3%
|
Tax Obligation/General
|
20.4%
|
Transportation
|
14.2%
|
Health Care
|
12.0%
|
U.S. Guaranteed
|
8.8%
|
Water and Sewer
|
5.9%
|
Consumer Staples
|
5.4%
|
Education and Civic Organizations
|
5.4%
|
Other
|
5.6%
|
Total
|
100%
|
States and Territories
|
|
(% of total municipal bonds)
|
|
California
|
23.3%
|
Illinois
|
9.6%
|
Texas
|
9.3%
|
Pennsylvania
|
7.2%
|
Massachusetts
|
6.3%
|
Colorado
|
5.4%
|
Ohio
|
4.5%
|
Washington
|
4.5%
|
Connecticut
|
3.4%
|
New Jersey
|
2.9%
|
Virginia
|
2.6%
|
Nebraska
|
2.0%
|
Other
|
19.0%
|
Total
|
100%
|
NXC
|
Nuveen California Select Tax-Free
|
|
Income Portfolio
|
|
Performance Overview and Holding Summaries as of March 31, 2019
|
|
Average Annual
|
||
|
1-Year
|
5-Year
|
10-Year
|
NXC at Common Share NAV
|
4.82%
|
4.97%
|
6.25%
|
NXC at Common Share Price
|
5.44%
|
4.34%
|
6.67%
|
S&P Municipal Bond California Index
|
4.86%
|
4.00%
|
5.48%
|
S&P Municipal Bond Index
|
5.12%
|
3.73%
|
4.94%
|
NXC
|
Performance Overview and Holding Summaries as of
|
|
March 31, 2019 (continued)
|
Fund Allocation
|
|
(% of net assets)
|
|
Long-Term Municipal Bonds
|
96.8%
|
Short-Term Municipal Bonds
|
2.0%
|
Other Assets Less Liabilities
|
1.2%
|
Net Assets
|
100%
|
States and Territories
|
|
(% of total municipal bonds)
|
|
California
|
98.4%
|
Virginia
|
1.1%
|
Puerto Rico
|
0.5%
|
Total
|
100%
|
Portfolio Composition
|
|
(% of total investments)
|
|
Tax Obligation/General
|
22.3%
|
Tax Obligation/Limited
|
20.6%
|
Water and Sewer
|
15.8%
|
Health Care
|
12.4%
|
Transportation
|
8.6%
|
Utilities
|
7.1%
|
U.S. Guaranteed
|
6.7%
|
Consumer Staples
|
5.0%
|
Other
|
1.5%
|
Total
|
100%
|
Portfolio Credit Quality
|
|
(% of total investment exposure)
|
|
U.S. Guaranteed
|
6.7%
|
AAA
|
15.9%
|
AA
|
45.7%
|
A
|
16.9%
|
BBB
|
3.9%
|
BB or Lower
|
7.6%
|
N/R (not rated)
|
3.3%
|
Total
|
100%
|
NXN
|
Nuveen New York Select Tax-Free
|
|
Income Portfolio
|
|
Performance Overview and Holding Summaries as of March 31, 2019
|
|
Average Annual
|
||
|
1-Year
|
5-Year
|
10-Year
|
NXN at Common Share NAV
|
4.80%
|
4.07%
|
4.78%
|
NXN at Common Share Price
|
8.26%
|
4.23%
|
4.73%
|
S&P Municipal Bond New York Index
|
4.88%
|
3.64%
|
4.69%
|
S&P Municipal Bond Index
|
5.12%
|
3.73%
|
4.94%
|
NXN
|
Performance Overview and Holding Summaries as of
|
|
March 31, 2019 (continued)
|
Fund Allocation
|
|
(% of net assets)
|
|
Long-Term Municipal Bonds
|
98.2%
|
Other Assets Less Liabilities
|
2.6%
|
Net Assets Plus Floating
|
|
Rate Obligations
|
100.8%
|
Floating Rate Obligations
|
(0.8)%
|
Net Assets
|
100%
|
States and Territories
|
|
(% of total municipal bonds)
|
|
New York
|
96.2%
|
Guam
|
2.1%
|
Virginia
|
1.7%
|
Total
|
100%
|
Portfolio Composition
|
|
(% of total investments)
|
|
Education and Civic Organizations
|
20.0%
|
Tax Obligation/Limited
|
19.4%
|
Transportation
|
18.9%
|
U.S. Guaranteed
|
9.9%
|
Water and Sewer
|
9.1%
|
Utilities
|
8.5%
|
Consumer Staples
|
5.7%
|
Other
|
8.5%
|
Total
|
100%
|
Portfolio Credit Quality
|
|
(% of total investment exposure)
|
|
U.S. Guaranteed
|
8.5%
|
AAA
|
17.3%
|
AA
|
42.4%
|
A
|
4.9%
|
BBB
|
14.6%
|
BB or Lower
|
8.1%
|
N/R (not rated)
|
4.2%
|
Total
|
100%
|
NXP
|
Nuveen Select Tax-Free Income Portfolio
|
|
Portfolio of Investments
|
|
March 31, 2019
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
LONG-TERM INVESTMENTS – 97.3%
|
|
|
|
|
|
MUNICIPAL BONDS – 97.2%
|
|
|
|
|
|
Alaska – 0.3%
|
|
|
|
|
$ 775
|
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed
|
4/19 at 100.00
|
B3
|
$ 754,602
|
|
|
Bonds, Series 2006A, 5.000%, 6/01/46
|
|
|
|
|
|
Arizona – 2.2%
|
|
|
|
|
2,500
|
Arizona Health Facilities Authority, Hospital Revenue Bonds, Catholic Healthcare West,
|
3/21 at 100.00
|
A
|
2,642,550
|
|
|
Series 2011B-1&2, 5.250%, 3/01/39
|
|
|
|
|
280
|
Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds,
|
No Opt. Call
|
BB
|
279,048
|
|
|
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–
|
259,111
|
|
|
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–
|
366,951
|
|
|
Math & Science Projects, Series 2018A, 4.000%, 7/01/22
|
|
|
|
|
270
|
Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds,
|
No Opt. Call
|
BB+
|
269,322
|
|
|
Paradise Schools Projects, Series 2016, 2.875%, 7/01/21, 144A
|
|
|
|
|
1,000
|
Maricopa County Industrial Development Authority, Arizona, Revenue Bonds, Banner Health,
|
1/27 at 100.00
|
AA–
|
1,160,420
|
|
|
Refunding Series 2016A, 5.000%, 1/01/38
|
|
|
|
|
625
|
Pima County Industrial Development Authority, Arizona, Revenue Bonds, Tucson Electric
|
10/20 at 100.00
|
A–
|
652,262
|
|
|
Power Company, Series 2010A, 5.250%, 10/01/40
|
|
|
|
|
5,280
|
Total Arizona
|
|
|
5,629,664
|
|
|
Arkansas – 0.9%
|
|
|
|
|
6,555
|
Arkansas Development Finance Authority, Tobacco Settlement Revenue Bonds, Arkansas
|
No Opt. Call
|
Aa2
|
2,214,410
|
|
|
Cancer Research Center Project, Series 2006, 0.000%, 7/01/46 – AMBAC Insured
|
|
|
|
|
|
California – 16.8%
|
|
|
|
|
4,245
|
Anaheim City School District, Orange County, California, General Obligation Bonds,
|
No Opt. Call
|
AA
|
2,930,918
|
|
|
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
|
1,999,701
|
|
|
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
|
AA– (4)
|
3,425,970
|
|
|
Series 2013S-4, 5.000%, 4/01/38 (Pre-refunded 4/01/23)
|
|
|
|
|
2,310
|
California Health Facilities Financing Authority, Revenue Bonds, Saint Joseph Health
|
7/23 at 100.00
|
AA–
|
2,597,364
|
|
|
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
|
A+
|
1,807,963
|
|
|
Series 2013I, 5.000%, 11/01/38
|
|
|
|
|
2,745
|
California State, General Obligation Bonds, Various Purpose Series 2009,
|
10/19 at 100.00
|
AA–
|
2,791,445
|
|
|
5.000%, 10/01/29
|
|
|
|
|
895
|
California Statewide Community Development Authority, Revenue Bonds, Methodist Hospital
|
8/19 at 100.00
|
N/R (4)
|
910,618
|
|
|
Project, Series 2009, 6.750%, 2/01/38 (Pre-refunded 8/01/19)
|
|
|
|
|
2,645
|
Cypress Elementary School District, Orange County, California, General Obligation Bonds,
|
No Opt. Call
|
AA
|
1,655,664
|
|
|
Series 2009A, 0.000%, 5/01/34 – AGM Insured
|
|
|
|
|
800
|
East Side Union High School District, Santa Clara County, California, General Obligation
|
8/19 at 100.00
|
AA (4)
|
809,528
|
|
|
Bonds, 2008 Election Series 2010B, 5.000%, 8/01/24 – AGC Insured (Pre-refunded 8/01/19)
|
|
|
|
|
2,710
|
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement
|
No Opt. Call
|
A+
|
2,163,556
|
|
|
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
|
2,662,037
|
|
|
Bonds, Series 2006, 0.000%, 8/01/25 – NPFG Insured
|
|
|
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
California (continued)
|
|
|
|
|
$ 1,000
|
Moreno Valley Unified School District, Riverside County, California, General Obligation
|
No Opt. Call
|
A+
|
$ 917,130
|
|
|
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
|
1,055,693
|
|
|
Obligation Bonds, Election of 2008, Series 2013A, 0.000%, 8/01/43 (5)
|
|
|
|
|
590
|
Palomar Pomerado Health Care District, California, Certificates of Participation, Series
|
11/19 at 100.00
|
N/R (4)
|
607,901
|
|
|
2009, 6.750%, 11/01/39 (Pre-refunded 11/01/19)
|
|
|
|
|
4,390
|
Pittsburg Redevelopment Agency, California, Tax Allocation Bonds, Los Medanos Community
|
No Opt. Call
|
AA–
|
3,268,399
|
|
|
Development Project, Series 1999, 0.000%, 8/01/29 – AMBAC Insured
|
|
|
|
|
1,700
|
Placentia-Yorba Linda Unified School District, Orange County, California, Certificates
|
No Opt. Call
|
A+ (4)
|
1,158,499
|
|
|
of Participation, Series 2006, 0.000%, 10/01/34 – NPFG Insured (ETM)
|
|
|
|
|
8,000
|
Poway Unified School District, San Diego County, California, General Obligation Bonds,
|
No Opt. Call
|
AA–
|
5,166,240
|
|
|
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
|
1,558,359
|
|
|
Bonds, First Senior Lien Series 2017A, 5.000%, 7/01/42
|
|
|
|
|
1,800
|
San Francisco City and County Public Utilities Commission, California, Water Revenue
|
11/24 at 100.00
|
AA–
|
2,028,870
|
|
|
Bonds, Non-WSIP, Series 2017A, 5.000%, 11/01/42
|
|
|
|
|
2,110
|
Sierra Sands Unified School District, Kern County, California, General Obligation Bonds,
|
No Opt. Call
|
AA
|
1,646,095
|
|
|
Election of 2006, Series 2006A, 0.000%, 11/01/28 – FGIC Insured
|
|
|
|
|
1,195
|
Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed
|
4/19 at 100.00
|
B–
|
1,200,449
|
|
|
Bonds, Series 2005A-1, 5.500%, 6/01/45
|
|
|
|
|
1,150
|
Woodside Elementary School District, San Mateo County, California, General Obligation
|
No Opt. Call
|
AAA
|
860,855
|
|
|
Bonds, Election of 2005, Series 2007, 0.000%, 10/01/30 – AMBAC Insured
|
|
|
|
|
51,295
|
Total California
|
|
|
43,223,254
|
|
|
Colorado – 6.1%
|
|
|
|
|
500
|
Centerra Metropolitan District 1, Loveland, Colorado, Special Revenue Bonds, Refunding &
|
No Opt. Call
|
N/R
|
527,635
|
|
|
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+
|
1,911,987
|
|
|
Initiatives, Series 2013A, 5.250%, 1/01/45
|
|
|
|
|
1,000
|
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sisters of Charity of
|
1/20 at 100.00
|
AA–
|
1,021,130
|
|
|
Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40
|
|
|
|
|
2,630
|
Colorado School of Mines Board of Trustees, Golden, Colorado, Institutional Enterprise
|
12/27 at 100.00
|
A+
|
3,013,980
|
|
|
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+
|
2,145,721
|
|
|
2013B, 5.000%, 11/15/43
|
|
|
|
|
250
|
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%,
|
No Opt. Call
|
A
|
184,098
|
|
|
9/01/29 – NPFG Insured
|
|
|
|
|
12,500
|
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2006A, 0.000%,
|
9/26 at 54.77
|
A
|
5,255,250
|
|
|
9/01/38 – NPFG Insured
|
|
|
|
|
2,000
|
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004B, 0.000%,
|
9/20 at 50.83
|
A
|
974,880
|
|
|
9/01/32 – NPFG Insured
|
|
|
|
|
620
|
Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported
|
12/25 at 100.00
|
A
|
695,125
|
|
|
Revenue Bonds, Refunding Series 2015A, 5.000%, 12/01/35
|
|
|
|
|
23,215
|
Total Colorado
|
|
|
15,729,806
|
|
|
Connecticut – 4.7%
|
|
|
|
|
2,500
|
Connecticut State, General Obligation Bonds, Green Series 2014G, 5.000%, 11/15/31
|
11/24 at 100.00
|
A1
|
2,807,225
|
|
1,000
|
Connecticut State, General Obligation Bonds, Refunding Series 2018C, 5.000%, 6/15/26
|
No Opt. Call
|
A1
|
1,181,150
|
|
1,860
|
Connecticut State, Special Tax Obligation Bonds, Transportation Infrastructure Purposes
|
10/23 at 100.00
|
A+
|
2,049,590
|
|
|
Series 2013A, 5.000%, 10/01/30
|
|
|
|
|
1,625
|
Connecticut State, Special Tax Obligation Bonds, Transportation Infrastructure Purposes,
|
9/24 at 100.00
|
A+
|
1,792,667
|
|
|
Series 2014A, 5.000%, 9/01/34
|
|
|
|
NXP
|
Nuveen Select Tax-Free Income Portfolio
|
|
Portfolio of Investments (continued)
|
|
March 31, 2019
|
|
|
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Connecticut (continued)
|
|
|
|
|
$ 3,000
|
Hartford County Metropolitan District, Connecticut, Clean Water Project Revenue Bonds,
|
11/24 at 100.00
|
Aa2
|
$ 3,322,170
|
|
|
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
|
AA–
|
850,778
|
|
10,735
|
Total Connecticut
|
|
|
12,003,580
|
|
|
District of Columbia – 1.7%
|
|
|
|
|
1,975
|
District of Columbia Water and Sewer Authority, Public Utility Revenue Bonds,
|
10/22 at 100.00
|
AA+
|
2,195,825
|
|
|
Subordinate Lien Series 2012A, 5.000%, 10/01/25
|
|
|
|
|
2,000
|
District of Columbia, Income Tax Secured Revenue Bonds, Refunding Series 2010A,
|
6/20 at 100.00
|
AAA
|
2,079,440
|
|
|
5.000%, 12/01/24
|
|
|
|
|
3,975
|
Total District of Columbia
|
|
|
4,275,265
|
|
|
Guam – 2.7%
|
|
|
|
|
3,000
|
Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D,
|
11/25 at 100.00
|
BB
|
3,197,400
|
|
|
5.000%, 11/15/39
|
|
|
|
|
1,650
|
Government of Guam, Hotel Occupancy Tax Revenue Bonds, Series 2011A, 6.000%, 11/01/26
|
5/21 at 100.00
|
BB
|
1,772,776
|
|
1,740
|
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series
|
7/23 at 100.00
|
A–
|
1,926,302
|
|
|
2013, 5.250%, 7/01/25
|
|
|
|
|
6,390
|
Total Guam
|
|
|
6,896,478
|
|
|
Idaho – 1.3%
|
|
|
|
|
3,000
|
Idaho Health Facilities Authority, Revenue Bonds, Saint Luke’s Health System Project,
|
3/24 at 100.00
|
A–
|
3,252,030
|
|
|
Series 2014A, 5.000%, 3/01/44
|
|
|
|
|
|
Illinois – 11.0%
|
|
|
|
|
|
Board of Trustees of Southern Illinois University, Housing and Auxiliary Facilities
|
|
|
|
|
|
System Revenue Bonds, Series 1999A:
|
|
|
|
|
2,565
|
0.000%, 4/01/20 – NPFG Insured
|
No Opt. Call
|
Baa2
|
2,501,978
|
|
2,000
|
0.000%, 4/01/23 – NPFG Insured
|
No Opt. Call
|
Baa2
|
1,784,400
|
|
725
|
Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds,
|
4/27 at 100.00
|
A
|
841,160
|
|
|
Series 2016, 6.000%, 4/01/46
|
|
|
|
|
735
|
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues
|
12/21 at 100.00
|
BB–
|
750,023
|
|
|
Series 2011A, 5.000%, 12/01/41
|
|
|
|
|
735
|
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues,
|
12/27 at 100.00
|
BB–
|
802,473
|
|
|
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–
|
413,572
|
|
|
Series 2016B, 6.500%, 12/01/46
|
|
|
|
|
55
|
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated
|
No Opt. Call
|
Baa2
|
38,279
|
|
|
Tax Revenues, Series 1998B-1, 0.000%, 12/01/28 – FGIC Insured
|
|
|
|
|
645
|
Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Senior
|
No Opt. Call
|
A
|
661,157
|
|
|
Lien Refunding Series 2016C, 5.000%, 1/01/20
|
|
|
|
|
880
|
Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2017A,
|
1/27 at 100.00
|
BBB+
|
1,005,162
|
|
|
6.000%, 1/01/38
|
|
|
|
|
|
Illinois Finance Authority, Revenue Bonds, Northwestern Memorial HealthCare, Series 2013:
|
|
|
|
|
2,100
|
4.000%, 8/15/33
|
8/22 at 100.00
|
AA+
|
2,189,607
|
|
2,245
|
5.000%, 8/15/43
|
8/22 at 100.00
|
AA+
|
2,427,384
|
|
260
|
Illinois Finance Authority, Revenue Bonds, Rehabilitation Institute of Chicago, Series
|
7/23 at 100.00
|
A–
|
291,179
|
|
|
2013A, 6.000%, 7/01/43
|
|
|
|
|
1,000
|
Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers,
|
8/19 at 100.00
|
N/R (4)
|
1,019,470
|
|
|
Series 2009, 6.875%, 8/15/38 (Pre-refunded 8/15/19)
|
|
|
|
|
2,190
|
Illinois State, General Obligation Bonds, Refunding Series 2012, 5.000%, 8/01/23
|
No Opt. Call
|
BBB
|
2,367,697
|
|
1,000
|
Kendall, Kane, and Will Counties Community Unit School District 308 Oswego, Illinois,
|
No Opt. Call
|
Aa3
|
893,380
|
|
|
General Obligation Bonds, Series 2008, 0.000%, 2/01/24 – AGM Insured
|
|
|
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Illinois (continued)
|
|
|
|
|
|
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
|
$ 1,172,541
|
|
45
|
0.000%, 6/15/30 (ETM)
|
No Opt. Call
|
N/R (4)
|
34,753
|
|
765
|
0.000%, 6/15/30
|
No Opt. Call
|
BBB
|
510,194
|
|
6,070
|
0.000%, 12/15/31 – NPFG Insured
|
No Opt. Call
|
BBB
|
3,783,127
|
|
5,000
|
0.000%, 12/15/36 – NPFG Insured
|
No Opt. Call
|
BBB
|
2,477,900
|
|
1,775
|
Springfield, Illinois, Electric Revenue Bonds, Senior Lien Series 2015, 5.000%, 3/01/28
|
3/25 at 100.00
|
A
|
2,025,524
|
|
310
|
University of Illinois, Health Services Facilities System Revenue Bonds, Series 2013,
|
10/23 at 100.00
|
A–
|
350,607
|
|
|
6.000%, 10/01/42
|
|
|
|
|
33,180
|
Total Illinois
|
|
|
28,341,567
|
|
|
Indiana – 1.1%
|
|
|
|
|
2,855
|
Boone County Hospital Association, Indiana, Lease Revenue Bonds, Series 2010, 5.250%,
|
1/20 at 100.00
|
AA+ (4)
|
2,938,052
|
|
|
7/15/25 (Pre-refunded 1/15/20)
|
|
|
|
|
|
Iowa – 2.6%
|
|
|
|
|
710
|
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer
|
5/19 at 105.00
|
B+
|
746,175
|
|
|
Company Project, Series 2016, 5.875%, 12/01/26, 144A
|
|
|
|
|
830
|
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer
|
12/22 at 105.00
|
B+
|
889,851
|
|
|
Company Project, Series 2018B, 5.250%, 12/01/50 (Mandatory Put 12/01/22)
|
|
|
|
|
1,000
|
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C,
|
5/19 at 100.00
|
B+
|
1,000,090
|
|
|
5.375%, 6/01/38
|
|
|
|
|
4,000
|
Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B,
|
5/19 at 100.00
|
BB–
|
4,018,360
|
|
|
5.600%, 6/01/34
|
|
|
|
|
6,540
|
Total Iowa
|
|
|
6,654,476
|
|
|
Kentucky – 1.0%
|
|
|
|
|
2,500
|
Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Baptist
|
8/21 at 100.00
|
A
|
2,646,550
|
|
|
Healthcare System Obligated Group, Series 2011, 5.250%, 8/15/46
|
|
|
|
|
|
Massachusetts – 1.9%
|
|
|
|
|
1,625
|
Massachusetts Development Finance Agency, Revenue Bonds, Olin College, Series 2013E,
|
11/23 at 100.00
|
A+
|
1,798,014
|
|
|
5.000%, 11/01/43
|
|
|
|
|
400
|
Massachusetts Development Finance Agency, Revenue Bonds, UMass Memorial Health Care
|
7/27 at 100.00
|
A–
|
401,512
|
|
|
Obligated Group Issue, Series 2017L, 3.625%, 7/01/37
|
|
|
|
|
2,415
|
Massachusetts State, Federal Highway Grant Anticipation Notes, Accelerated Bridge
|
6/27 at 100.00
|
AA+
|
2,800,192
|
|
|
Program, Series 2017A, 5.000%, 6/01/47
|
|
|
|
|
4,440
|
Total Massachusetts
|
|
|
4,999,718
|
|
|
Michigan – 0.2%
|
|
|
|
|
355
|
Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds,
|
7/22 at 100.00
|
A+
|
383,414
|
|
|
Refunding Senior Lien Series 2012A, 5.250%, 7/01/39
|
|
|
|
|
|
Missouri – 2.8%
|
|
|
|
|
360
|
Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Mass Transit
|
4/19 at 100.00
|
AA+
|
360,569
|
|
|
Sales Tax Appropriation Bonds, Refunding Combined Lien Series 2013A, 5.000%, 10/01/28
|
|
|
|
|
|
Kansas City Municipal Assistance Corporation, Missouri, Leasehold Revenue Bonds,
|
|
|
|
|
|
Series 2004B-1:
|
|
|
|
|
1,165
|
0.000%, 4/15/23 – AMBAC Insured
|
No Opt. Call
|
AA
|
1,065,008
|
|
5,000
|
0.000%, 4/15/30 – AMBAC Insured
|
No Opt. Call
|
AA–
|
3,629,450
|
|
2,000
|
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds,
|
11/23 at 100.00
|
A2
|
2,181,260
|
|
|
CoxHealth, Series 2013A, 5.000%, 11/15/38
|
|
|
|
|
8,525
|
Total Missouri
|
|
|
7,236,287
|
NXP
|
Nuveen Select Tax-Free Income Portfolio
|
|
Portfolio of Investments (continued)
|
|
March 31, 2019
|
|
|
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Nebraska – 0.2%
|
|
|
|
|
$ 500
|
Southeast Community College Area, Nebraska, Certificates of Participation, Series 2018,
|
6/28 at 100.00
|
Aa1
|
$ 503,735
|
|
|
3.500%, 12/15/42
|
|
|
|
|
|
Nevada – 1.5%
|
|
|
|
|
275
|
Carson City, Nevada, Hospital Revenue Bonds, Carson Tahoe Regional Healthcare Project,
|
9/27 at 100.00
|
A–
|
306,573
|
|
|
Series 2017A, 5.000%, 9/01/37
|
|
|
|
|
750
|
Clark County, Nevada, Airport Revenue Bonds, Tender Option Bond Trust Series
|
1/20 at 100.00
|
Aa3
|
834,053
|
|
|
2016-XG0028, 16.193%, 7/01/42, 144A (IF)
|
|
|
|
|
1,250
|
Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran
|
1/20 at 100.00
|
Aa3
|
1,278,062
|
|
|
International Airport, Series 2010A, 5.250%, 7/01/42
|
|
|
|
|
1,500
|
Las Vegas Redevelopment Agency, Nevada, Tax Increment Revenue Bonds, Series 2009A,
|
6/19 at 100.00
|
BBB+ (4)
|
1,519,170
|
|
|
8.000%, 6/15/30 (Pre-refunded 6/15/19)
|
|
|
|
|
3,775
|
Total Nevada
|
|
|
3,937,858
|
|
|
New Hampshire – 0.5%
|
|
|
|
|
1,250
|
New Hampshire Business Finance Authority, Solid Waste Disposal Revenue Bonds, Waste
|
No Opt. Call
|
A–
|
1,284,762
|
|
|
Management Inc. Project, Series 2003, 3.125%, 8/01/24 (AMT)
|
|
|
|
|
|
New Jersey – 9.3%
|
|
|
|
|
940
|
New Jersey Economic Development Authority, Private Activity Bonds, The Goethals Bridge
|
1/24 at 100.00
|
AA
|
1,037,798
|
|
|
Replacement Project, Series 2013, 5.125%, 1/01/39 – AGM Insured (AMT)
|
|
|
|
|
1,035
|
New Jersey Economic Development Authority, School Facilities Construction Financing
|
3/21 at 100.00
|
A–
|
1,086,574
|
|
|
Program Bonds, Refunding Series 2011GG, 5.000%, 9/01/22
|
|
|
|
|
1,380
|
New Jersey Economic Development Authority, Sublease Revenue Bonds, New Jersey Transit
|
No Opt. Call
|
A–
|
1,534,256
|
|
|
Corporation Projects, 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
|
296,590
|
|
|
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
|
19,841,850
|
|
|
Series 2006C, 0.000%, 12/15/34 – AGM Insured
|
|
|
|
|
38,615
|
Total New Jersey
|
|
|
23,797,068
|
|
|
New Mexico – 1.3%
|
|
|
|
|
1,000
|
Farmington Municipal School District 5, San Juan County, New Mexico, General Obligation
|
9/25 at 100.00
|
Aa3
|
1,186,740
|
|
|
Bonds, School Building Series 2015, 5.000%, 9/01/28
|
|
|
|
|
1,000
|
New Mexico Mortgage Finance Authority, Multifamily Housing Revenue Bonds, St Anthony,
|
4/19 at 100.00
|
N/R
|
1,000,750
|
|
|
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
|
1,148,726
|
|
|
2016A, 4.500%, 6/01/36
|
|
|
|
|
3,035
|
Total New Mexico
|
|
|
3,336,216
|
|
|
New York – 1.0%
|
|
|
|
|
|
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012
|
|
|
|
|
|
Series 2011A:
|
|
|
|
|
25
|
5.250%, 2/15/47 (Pre-refunded 2/15/21)
|
2/21 at 100.00
|
Aa2 (4)
|
26,755
|
|
475
|
5.250%, 2/15/47
|
2/21 at 100.00
|
Aa2
|
503,210
|
|
1,100
|
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding
|
11/22 at 100.00
|
AA–
|
1,208,867
|
|
|
Series 2002D-1, 5.000%, 11/01/27
|
|
|
|
|
780
|
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air
|
12/20 at 100.00
|
BBB+
|
827,042
|
|
|
Terminal LLC Project, Eigth Series 2010, 6.000%, 12/01/42
|
|
|
|
|
2,380
|
Total New York
|
|
|
2,565,874
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Ohio – 3.2%
|
|
|
|
|
|
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed
|
|
|
|
|
|
Revenue Bonds, Senior Lien, Series 2007A-2:
|
|
|
|
|
$ 1,670
|
6.000%, 6/01/42
|
4/19 at 100.00
|
B–
|
$ 1,660,147
|
|
1,000
|
6.500%, 6/01/47
|
4/19 at 100.00
|
B–
|
1,002,310
|
|
1,975
|
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed
|
6/22 at 100.00
|
B–
|
1,982,130
|
|
|
Revenue Bonds, Senior Lien, Series 2007A-3, 6.250%, 6/01/37
|
|
|
|
|
1,500
|
Montgomery County, Ohio, Revenue Bonds, Miami Valley Hospital, Series 2011A,
|
11/20 at 100.00
|
A
|
1,584,300
|
|
|
5.750%, 11/15/21
|
|
|
|
|
1,105
|
Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Project, Junior Lien
|
2/23 at 100.00
|
Aa3
|
1,203,201
|
|
|
Series 2013A-1, 5.000%, 2/15/48
|
|
|
|
|
1,000
|
Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy
|
No Opt. Call
|
N/R
|
860,000
|
|
|
Nuclear Generating Corporation Project, Series 2005B, 4.000%, 1/01/34 (Mandatory Put 7/01/21) (6)
|
|
|
|
|
8,250
|
Total Ohio
|
|
|
8,292,088
|
|
|
Oklahoma – 0.2%
|
|
|
|
|
435
|
Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine
|
8/28 at 100.00
|
Baa3
|
489,088
|
|
|
Project, Series 2018B, 5.000%, 8/15/38
|
|
|
|
|
|
Oregon – 2.0%
|
|
|
|
|
590
|
Beaverton School District 48J, Washington and Multnomah Counties, Oregon, General
|
6/27 at 100.00
|
AA+
|
699,793
|
|
|
Obligation Bonds, Convertible Deferred Interest Series 2017D, 5.000%, 6/15/36
|
|
|
|
|
515
|
Clackamas County Hospital Facility Authority, Oregon, Senior Living Revenue Bonds,
|
No Opt. Call
|
N/R
|
544,339
|
|
|
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
|
567,125
|
|
750
|
Multnomah County Hospital Facilities Authority, Oregon, Revenue Bond, Terwilliger Plaza, Inc.,
|
No Opt. Call
|
BBB
|
819,990
|
|
|
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
|
1,457,984
|
|
1,000
|
Oregon Facilities Authority, Revenue Bonds, Willamette University, Refunding Series
|
10/26 at 100.00
|
A
|
1,151,510
|
|
|
2016B, 5.000%, 10/01/40
|
|
|
|
|
4,720
|
Total Oregon
|
|
|
5,240,741
|
|
|
Pennsylvania – 1.6%
|
|
|
|
|
1,225
|
Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2013,
|
1/24 at 100.00
|
A+
|
1,360,804
|
|
|
5.000%, 1/01/37
|
|
|
|
|
1,000
|
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, State System of
|
6/26 at 100.00
|
Aa3
|
1,160,240
|
|
|
Higher Education, Refunding Series 2016AT-1, 5.000%, 6/15/31
|
|
|
|
|
|
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Subordinate Special
|
|
|
|
|
|
Revenue Bonds, Series 2010B-2:
|
|
|
|
|
555
|
5.000%, 12/01/30 (Pre-refunded 12/01/20)
|
12/20 at 100.00
|
N/R (4)
|
586,696
|
|
295
|
5.000%, 12/01/30 (Pre-refunded 12/01/20)
|
12/20 at 100.00
|
N/R (4)
|
311,098
|
|
640
|
5.000%, 12/01/30 (Pre-refunded 12/01/20)
|
12/20 at 100.00
|
A2 (4)
|
676,550
|
|
3,715
|
Total Pennsylvania
|
|
|
4,095,388
|
|
|
Texas – 10.6%
|
|
|
|
|
2,795
|
Alamo Regional Mobility Authority, Texas, Vehicle Registration Fee Revenue Bonds, Senior
|
6/25 at 100.00
|
AA+
|
3,146,807
|
|
|
Lien Series 2016, 5.000%, 6/15/46
|
|
|
|
|
250
|
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2011,
|
1/21 at 100.00
|
A– (4)
|
268,602
|
|
|
6.000%, 1/01/41 (Pre-refunded 1/01/21)
|
|
|
|
|
110
|
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien, Series 2015A,
|
7/25 at 100.00
|
A–
|
124,673
|
|
|
5.000%, 1/01/33
|
|
|
|
|
5,565
|
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Frst Tier
|
10/23 at 100.00
|
A+
|
6,193,288
|
|
|
Series 2013A, 5.500%, 4/01/53
|
|
|
|
|
1,250
|
Harris County Flood Control District, Texas, Contract Tax Bonds, Refunding Series 2017A,
|
10/27 at 100.00
|
AAA
|
1,365,362
|
|
|
4.000%, 10/01/35
|
|
|
|
NXP
|
Nuveen Select Tax-Free Income Portfolio
|
|
Portfolio of Investments (continued)
|
|
March 31, 2019
|
|
|
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Texas (continued)
|
|
|
|
|
$ 3,415
|
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H,
|
No Opt. Call
|
Baa2
|
$ 2,277,805
|
|
|
0.000%, 11/15/30 – NPFG Insured
|
|
|
|
|
4,230
|
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Third Lien Series 2004A-3,
|
11/24 at 52.47
|
Baa2
|
1,848,679
|
|
|
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
|
1,670,160
|
|
|
Lien Series 2001A, 0.000%, 11/15/38 – NPFG Insured
|
|
|
|
|
2,260
|
Love Field Airport Modernization Corporation, Texas, Special Facilities Revenue Bonds,
|
11/20 at 100.00
|
A3
|
2,353,813
|
|
|
Southwest Airlines Company, Series 2010, 5.250%, 11/01/40
|
|
|
|
|
150
|
Mission Economic Development Corporation, Texas, Revenue Bonds, Natgasoline Project,
|
10/21 at 105.00
|
BB–
|
156,021
|
|
|
Senior Lien Series 2018, 4.625%, 10/01/31 (AMT), 144A
|
|
|
|
|
2,000
|
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier Capital
|
1/25 at 100.00
|
A+
|
2,453,900
|
|
|
Appreciation Series 2008I, 6.500%, 1/01/43
|
|
|
|
|
5,000
|
Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds,
|
12/22 at 100.00
|
A3
|
5,485,150
|
|
|
Series 2012, 5.000%, 12/15/26
|
|
|
|
|
31,040
|
Total Texas
|
|
|
27,344,260
|
|
|
Virginia – 2.4%
|
|
|
|
|
2,000
|
Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds,
|
10/28 at 100.00
|
BBB+
|
2,589,700
|
|
|
Dulles Metrorail Capital Appreciation, Second Senior Lien Series 2010B, 6.500%, 10/01/44
|
|
|
|
|
|
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
|
1,071,000
|
|
1,205
|
6.000%, 1/01/37 (AMT)
|
7/22 at 100.00
|
BBB
|
1,323,440
|
|
1,010
|
5.500%, 1/01/42 (AMT)
|
7/22 at 100.00
|
BBB
|
1,085,255
|
|
5,215
|
Total Virginia
|
|
|
6,069,395
|
|
|
Washington – 4.1%
|
|
|
|
|
990
|
Washington Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer
|
1/21 at 100.00
|
A+
|
1,040,638
|
|
|
Research Center, Series 2011A, 5.625%, 1/01/35
|
|
|
|
|
2,115
|
Washington State Health Care Facilities Authority, Revenue Bonds, PeaceHealth Series
|
11/19 at 100.00
|
AA– (4)
|
2,156,983
|
|
|
2009, 5.000%, 11/01/28 (Pre-refunded 11/01/19)
|
|
|
|
|
2,855
|
Washington State, General Obligation Bonds, Various Purpose Series 2015B,
|
2/25 at 100.00
|
AA+
|
3,254,529
|
|
|
5.000%, 2/01/37
|
|
|
|
|
2,060
|
Washington State, General Obligation Bonds, Various Purpose Series 2016A-1,
|
8/25 at 100.00
|
AA+
|
2,354,230
|
|
|
5.000%, 8/01/39
|
|
|
|
|
2,115
|
Washington State, Motor Vehicle Fuel Tax General Obligation Bonds, Series 2003F, 0.000%,
|
No Opt. Call
|
AA+
|
1,740,899
|
|
|
12/01/27 – NPFG Insured
|
|
|
|
|
10,135
|
Total Washington
|
|
|
10,547,279
|
|
|
West Virginia – 0.7%
|
|
|
|
|
1,500
|
West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United
|
6/23 at 100.00
|
A
|
1,670,505
|
|
|
Health System Obligated Group, Refunding & Improvement Series 2013A, 5.500%, 6/01/44
|
|
|
|
|
|
Wisconsin – 1.3%
|
|
|
|
|
1,500
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Medical College of
|
11/26 at 100.00
|
AA–
|
1,706,490
|
|
|
Wisconsin, Inc, Series 2016, 5.000%, 12/01/41
|
|
|
|
|
1,645
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Mercy Alliance,
|
6/22 at 100.00
|
A3
|
1,747,780
|
|
|
Inc, Series 2012, 5.000%, 6/01/39
|
|
|
|
|
3,145
|
Total Wisconsin
|
|
|
3,454,270
|
|
$ 287,325
|
Total Municipal Bonds (cost $220,798,768)
|
|
|
249,807,680
|
Principal
|
|
|
|
|
|
|
Amount (000)
|
Description (1)
|
Coupon
|
Maturity
|
Ratings (3)
|
Value
|
|
|
CORPORATE BONDS – 0.1%
|
|
|
|
|
|
|
Transportation – 0.1%
|
|
|
|
|
|
$ 197
|
Las Vegas Monorail Company, Senior Interest Bonds (7), (8)
|
5.500%
|
7/15/19
|
N/R
|
$ 130,979
|
|
56
|
Las Vegas Monorail Company, Senior Interest Bonds (7), (8)
|
5.500%
|
7/15/55
|
N/R
|
27,748
|
|
$ 253
|
Total Corporate Bonds (cost $10,797)
|
|
|
|
158,727
|
|
|
Total Long-Term Investments (cost $220,809,565)
|
|
|
|
249,966,407
|
|
|||||
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
SHORT-TERM INVESTMENTS – 1.9%
|
|
|
|
|
|
MUNICIPAL BONDS – 1.9%
|
|
|
|
|
|
New York – 1.1%
|
|
|
|
|
$ 2,800
|
New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue
|
5/19 at 100.00
|
A-1
|
$ 2,800,000
|
|
|
Bonds, Second Generation Resolution, Variable Rate Demand Obligations, Fiscal 2010
|
|
|
|
|
|
Series 2009CC, 1.500%, 6/15/41 (9)
|
|
|
|
|
|
Wisconsin – 0.8%
|
|
|
|
|
2,000
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aspirus Wausau
|
5/19 at 100.00
|
A-1
|
2,000,000
|
|
|
Hospital Inc, Variable Rate Demand Obligations, Series 2004, 1.530%, 8/15/34 (9)
|
|
|
|
|
$ 4,800
|
Total Short-Term Investments (cost $4,800,000)
|
|
|
4,800,000
|
|
|
Total Investments (cost $225,609,565) – 99.2%
|
|
|
254,766,407
|
|
|
Other Assets Less Liabilities – 0.8%
|
|
|
2,170,581
|
|
|
Net Assets Applicable to Common Shares – 100%
|
|
|
$ 256,936,988
|
(1)
|
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares.
|
(2)
|
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.
Certain mortgage-backed securities may be subject to periodic principal paydowns. Optional Call Provisions are not covered by the report of independent registered public accounting firm.
|
(3)
|
For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. Ratings are not covered by the report of independent registered public accounting firm.
|
(4)
|
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest.
|
(5)
|
Step-up coupon bond, a bond with a coupon that increases (“steps up”), usually at regular intervals, while the bond is outstanding. The rate shown is the coupon as of the end of the reporting period.
|
(6)
|
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)
|
The tax-exempt municipal bonds previously held by the Fund were surrendered in conjunction with the issuer’s bankruptcy reorganization plan. In return, the Fund received one or more senior interest corporate bonds.
|
(8)
|
Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment classified as Level 3. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information.
|
(9)
|
Investment has a maturity of greater than one year, but has variable rate and/or demand features which qualify it as a short-term investment. The rate disclosed, as well as
the reference rate and spread, where applicable, is that in effect as of the end of the reporting period. This rate changes periodically based on market conditions or a specified market index.
|
144A
|
Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.
|
AMT
|
Alternative Minimum Tax
|
ETM
|
Escrowed to maturity
|
IF
|
Inverse floating rate security issued by a tender option bond (“TOB”) trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association (SIFMA) short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust.
|
|
See accompanying notes to financial statements.
|
NXQ
|
Nuveen Select Tax-Free Income Portfolio 2
|
|
Portfolio of Investments
|
|
March 31, 2019
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
LONG-TERM INVESTMENTS – 97.5%
|
|
|
|
|
|
MUNICIPAL BONDS – 97.4%
|
|
|
|
|
|
Alaska – 0.4%
|
|
|
|
|
$ 1,000
|
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed
|
4/19 at 100.00
|
B3
|
$ 999,980
|
|
|
Bonds, Series 2006A, 5.000%, 6/01/32
|
|
|
|
|
|
Arizona – 4.8%
|
|
|
|
|
2,500
|
Arizona Health Facilities Authority, Hospital Revenue Bonds, Catholic Healthcare West,
|
3/21 at 100.00
|
A
|
2,642,550
|
|
|
Series 2011B-1&2, 5.250%, 3/01/39
|
|
|
|
|
280
|
Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds,
|
No Opt. Call
|
BB+
|
279,297
|
|
|
Paradise Schools Projects, Series 2016, 2.875%, 7/01/21
|
|
|
|
|
1,000
|
Maricopa County Industrial Development Authority, Arizona, Revenue Bonds, Banner Health,
|
1/27 at 100.00
|
AA–
|
1,160,420
|
|
|
Refunding Series 2016A, 5.000%, 1/01/38, 144A
|
|
|
|
|
1,950
|
McAllister Academic Village LLC, Arizona, Revenue Bonds, Arizona State University
|
7/26 at 100.00
|
AA–
|
2,266,875
|
|
|
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
|
A+
|
1,449,112
|
|
|
Series 2015A, 5.000%, 7/01/34
|
|
|
|
|
1,160
|
Phoenix Industrial Development Authority, Arizona, Lease Revenue Bonds, Rowan University
|
6/22 at 100.00
|
A
|
1,239,727
|
|
|
Project, Series 2012, 5.000%, 6/01/42
|
|
|
|
|
600
|
Pima County Industrial Development Authority, Arizona, Revenue Bonds, Tucson Electric
|
10/20 at 100.00
|
A–
|
626,172
|
|
|
Power Company, Series 2010A, 5.250%, 10/01/40
|
|
|
|
|
2,250
|
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy
|
No Opt. Call
|
A3
|
2,816,392
|
|
|
Inc Prepay Contract Obligations, Series 2007, 5.000%, 12/01/37
|
|
|
|
|
215
|
Sedona Wastewater Municipal Property Corporation (Arizona), Excise Tax Revenue Bonds,
|
No Opt. Call
|
Baa2
|
210,294
|
|
|
Series 1998, 0.000%, 7/01/20 – NPFG Insured
|
|
|
|
|
11,205
|
Total Arizona
|
|
|
12,690,839
|
|
|
California – 14.4%
|
|
|
|
|
11,000
|
Alhambra Unified School District, Los Angeles County, California, General Obligation
|
No Opt. Call
|
AA
|
5,078,920
|
|
|
Bonds, Capital Appreciation Series 2009B, 0.000%, 8/01/41 – AGC Insured
|
|
|
|
|
1,500
|
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds,
|
4/19 at 100.00
|
B2
|
1,500,930
|
|
|
Los Angeles County Securitization Corporation, Series 2006A, 5.600%, 6/01/36
|
|
|
|
|
2,440
|
Eureka Unified School District, Humboldt County, California, General Obligation Bonds,
|
No Opt. Call
|
AA
|
1,975,546
|
|
|
Series 2002, 0.000%, 8/01/27 – AGM Insured
|
|
|
|
|
3,290
|
Folsom Cordova Unified School District, Sacramento County, California, General
|
No Opt. Call
|
AA–
|
2,924,711
|
|
|
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
|
2,662,037
|
|
|
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
|
955,963
|
|
|
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
|
1,055,693
|
|
|
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
|
653,431
|
|
|
Series 2009C, 6.500%, 11/01/39
|
|
|
|
|
1,195
|
Palmdale School District, Los Angeles County, California, General Obligation Bonds,
|
No Opt. Call
|
AA
|
941,051
|
|
|
Series 2003, 0.000%, 8/01/28 – AGM Insured
|
|
|
|
|
590
|
Palomar Pomerado Health Care District, California, Certificates of Participation, Series
|
11/19 at 100.00
|
N/R (5)
|
607,901
|
|
|
2009, 6.750%, 11/01/39 (Pre-refunded 11/01/19)
|
|
|
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
California (continued)
|
|
|
|
|
$ 4,620
|
Palomar Pomerado Health, California, General Obligation Bonds, Capital Appreciation,
|
No Opt. Call
|
A2
|
$ 4,076,226
|
|
|
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–
|
3,275,844
|
|
|
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
|
A+ (5)
|
1,703,675
|
|
|
of Participation, Series 2006, 0.000%, 10/01/34 – NPFG Insured (ETM)
|
|
|
|
|
2,755
|
Sacramento City Unified School District, Sacramento County, California, General
|
No Opt. Call
|
A2
|
2,374,727
|
|
|
Obligation Bonds, Series 2007, 0.000%, 7/01/25 – AGM Insured
|
|
|
|
|
1,395
|
San Diego Association of Governments, California, South Bay Expressway Toll Revenue
|
7/27 at 100.00
|
A
|
1,610,304
|
|
|
Bonds, First Senior Lien Series 2017A, 5.000%, 7/01/42
|
|
|
|
|
6,025
|
Simi Valley Unified School District, Ventura County, California, General Obligation
|
No Opt. Call
|
AA
|
4,441,268
|
|
|
Bonds, Series 2007C, 0.000%, 8/01/30
|
|
|
|
|
2,080
|
Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed
|
4/19 at 100.00
|
B–
|
2,089,485
|
|
|
Bonds, Series 2005A-1, 5.500%, 6/01/45
|
|
|
|
|
49,925
|
Total California
|
|
|
37,927,712
|
|
|
Colorado – 7.5%
|
|
|
|
|
500
|
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health
|
7/19 at 100.00
|
BBB+
|
504,815
|
|
|
Initiatives, Series 2009A, 5.500%, 7/01/34
|
|
|
|
|
1,975
|
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sisters of Charity of
|
1/20 at 100.00
|
AA–
|
2,016,732
|
|
|
Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40
|
|
|
|
|
1,580
|
Colorado School of Mines Board of Trustees, Golden, Colorado, Institutional Enterprise
|
12/27 at 100.00
|
A+
|
1,810,680
|
|
|
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+
|
2,145,721
|
|
|
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
|
4,534,148
|
|
8,100
|
0.000%, 9/01/29 – NPFG Insured
|
No Opt. Call
|
A
|
5,964,759
|
|
4,475
|
0.000%, 9/01/33 – NPFG Insured
|
No Opt. Call
|
A
|
2,748,724
|
|
23,705
|
Total Colorado
|
|
|
19,725,579
|
|
|
Connecticut – 2.6%
|
|
|
|
|
2,600
|
Connecticut State, General Obligation Bonds, Green Series 2014G, 5.000%, 11/15/31
|
11/24 at 100.00
|
A1
|
2,919,514
|
|
1,000
|
Connecticut State, General Obligation Bonds, Refunding Series 2018C, 5.000%, 6/15/26
|
No Opt. Call
|
A1
|
1,181,150
|
|
2,490
|
Connecticut State, Special Tax Obligation Bonds, Transportation Infrastructure Purposes
|
10/23 at 100.00
|
A+
|
2,725,156
|
|
|
Series 2013A, 5.000%, 10/01/33
|
|
|
|
|
6,090
|
Total Connecticut
|
|
|
6,825,820
|
|
|
Florida – 1.6%
|
|
|
|
|
1,040
|
Broward County, Florida, Airport System Revenue Bonds, Series 2017, 5.000%, 10/01/47 (AMT)
|
10/27 at 100.00
|
A+
|
1,187,025
|
|
1,155
|
Greater Orlando Aviation Authority, Florida, Orlando Airport Facilities Revenue Bonds,
|
10/27 at 100.00
|
A+
|
1,319,206
|
|
|
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
|
1,655,715
|
|
|
5.000%, 11/15/45
|
|
|
|
|
3,695
|
Total Florida
|
|
|
4,161,946
|
|
|
Guam – 2.5%
|
|
|
|
|
3,000
|
Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D,
|
11/25 at 100.00
|
BB
|
3,197,400
|
|
|
5.000%, 11/15/39
|
|
|
|
|
1,675
|
Government of Guam, Hotel Occupancy Tax Revenue Bonds, Series 2011A, 6.000%, 11/01/26
|
5/21 at 100.00
|
BB
|
1,799,637
|
|
1,460
|
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series
|
7/26 at 100.00
|
A–
|
1,588,348
|
|
|
2016, 5.000%, 1/01/46
|
|
|
|
|
6,135
|
Total Guam
|
|
|
6,585,385
|
NXQ
|
Nuveen Select Tax-Free Income Portfolio 2
|
|
|
|
|
Portfolio of Investments (continued)
|
|
|
|
|
March 31, 2019
|
|
|
|
|
||||
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Idaho – 1.6%
|
|
|
|
|
$ 4,000
|
Idaho Health Facilities Authority, Revenue Bonds, Saint Luke’s Health System Project,
|
3/24 at 100.00
|
A–
|
$ 4,336,040
|
|
|
Series 2014A, 5.000%, 3/01/44
|
|
|
|
|
|
Illinois – 11.3%
|
|
|
|
|
1,615
|
Board of Trustees of Southern Illinois University, Housing and Auxiliary Facilities
|
No Opt. Call
|
Baa2
|
1,440,903
|
|
|
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
|
870,165
|
|
|
Series 2016, 6.000%, 4/01/46
|
|
|
|
|
735
|
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues
|
12/21 at 100.00
|
BB–
|
750,023
|
|
|
Series 2011A, 5.000%, 12/01/41
|
|
|
|
|
760
|
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues,
|
12/27 at 100.00
|
BB–
|
829,768
|
|
|
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–
|
419,316
|
|
|
Series 2016B, 6.500%, 12/01/46
|
|
|
|
|
1,340
|
Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Senior
|
No Opt. Call
|
A
|
1,373,567
|
|
|
Lien Refunding Series 2016C, 5.000%, 1/01/20
|
|
|
|
|
435
|
Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2006A, 4.625%,
|
5/19 at 100.00
|
AA
|
436,579
|
|
|
1/01/31 – AGM Insured
|
|
|
|
|
1,335
|
Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2007C, 5.000%,
|
5/19 at 100.00
|
BBB+
|
1,339,165
|
|
|
1/01/27 – NPFG Insured
|
|
|
|
|
2,245
|
Illinois Finance Authority, Revenue Bonds, Northwestern Memorial HealthCare, Series
|
8/22 at 100.00
|
AA+
|
2,427,384
|
|
|
2013, 5.000%, 8/15/43
|
|
|
|
|
2,190
|
Illinois State, General Obligation Bonds, Refunding Series 2012, 5.000%, 8/01/23
|
No Opt. Call
|
BBB
|
2,367,697
|
|
|
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
|
3,957,637
|
|
1,350
|
0.000%, 6/15/35 – NPFG Insured
|
No Opt. Call
|
BBB
|
718,619
|
|
5,000
|
0.000%, 12/15/36 – NPFG Insured
|
No Opt. Call
|
BBB
|
2,477,900
|
|
9,370
|
0.000%, 6/15/39 – NPFG Insured
|
No Opt. Call
|
BBB
|
4,047,934
|
|
4,145
|
Sauk Village, Illinois, General Obligation Alternate Revenue Source Bonds, Tax
|
5/19 at 100.00
|
AA
|
4,151,798
|
|
|
Increment, Series 2002A, 5.000%, 6/01/22 – RAAI Insured
|
|
|
|
|
1,825
|
Springfield, Illinois, Electric Revenue Bonds, Senior Lien Series 2015, 5.000%, 3/01/28
|
3/25 at 100.00
|
A
|
2,082,580
|
|
39,810
|
Total Illinois
|
|
|
29,691,035
|
|
|
Indiana – 1.3%
|
|
|
|
|
1,600
|
Indiana Bond Bank, Special Program Bonds, Carmel Junior Waterworks Project, Series
|
No Opt. Call
|
AA
|
1,158,256
|
|
|
2008B, 0.000%, 6/01/30 – AGM Insured
|
|
|
|
|
2,040
|
Indiana Finance Authority, Hospital Revenue Bonds, Indiana University Health Obligation
|
6/25 at 100.00
|
AA
|
2,282,842
|
|
|
Group, Refunding 2015A, 5.000%, 12/01/40
|
|
|
|
|
3,640
|
Total Indiana
|
|
|
3,441,098
|
|
|
Iowa – 2.4%
|
|
|
|
|
710
|
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer
|
5/19 at 105.00
|
B+
|
746,175
|
|
|
Company Project, Series 2016, 5.875%, 12/01/26, 144A
|
|
|
|
|
830
|
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer
|
12/22 at 105.00
|
B+
|
889,851
|
|
|
Company Project, Series 2018B, 5.250%, 12/01/50 (Mandatory Put 12/01/22)
|
|
|
|
|
2,000
|
Iowa Higher Education Loan Authority, Private College Facility Revenue Bonds, Upper Iowa
|
9/20 at 100.00
|
N/R (5)
|
2,116,700
|
|
|
University Project, Refunding Series 2010, 5.750%, 9/01/30 (Pre-refunded 9/01/20)
|
|
|
|
|
1,645
|
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C,
|
5/19 at 100.00
|
B+
|
1,645,148
|
|
|
5.375%, 6/01/38
|
|
|
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Iowa (continued)
|
|
|
|
|
$ 1,000
|
Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B,
|
5/19 at 100.00
|
BB–
|
$ 1,004,590
|
|
|
5.600%, 6/01/34
|
|
|
|
|
6,185
|
Total Iowa
|
|
|
6,402,464
|
|
|
Kansas – 0.1%
|
|
|
|
|
180
|
Overland Park Development Corporation, Kansas, Second Tier Revenue Bonds, Overland Park
|
5/19 at 100.00
|
BB+
|
180,270
|
|
|
Convention Center, Series 2007B, 5.125%, 1/01/22 – AMBAC Insured
|
|
|
|
|
|
Kentucky – 1.3%
|
|
|
|
|
2,500
|
Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Baptist
|
8/21 at 100.00
|
A
|
2,646,550
|
|
|
Healthcare System Obligated Group, Series 2011, 5.250%, 8/15/46
|
|
|
|
|
805
|
Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds,
|
7/31 at 100.00
|
Baa3
|
809,081
|
|
|
Downtown Crossing Project, Convertible Capital Appreciation Series 2013C, 0.000%, 7/01/43 (4)
|
|
|
|
|
3,305
|
Total Kentucky
|
|
|
3,455,631
|
|
|
Louisiana – 0.8%
|
|
|
|
|
1,870
|
Jefferson Sales Tax District, Jefferson Parish, Louisiana, Special Sales Tax Revenue
|
12/27 at 100.00
|
AA
|
2,180,831
|
|
|
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
|
7/22 at 100.00
|
Aa2
|
1,107,190
|
|
|
Hopkins Health System Obligated Group Issue, Series 2012B, 5.000%, 7/01/27
|
|
|
|
|
|
Massachusetts – 4.4%
|
|
|
|
|
2,200
|
Massachusetts Bay Transportation Authority, Assessment Bonds, Series 2012A,
|
7/22 at 100.00
|
AAA
|
2,392,038
|
|
|
5.000%, 7/01/41
|
|
|
|
|
2,000
|
Massachusetts Development Finance Agency, Revenue Bonds, Boston College, Series 2010R-1,
|
7/20 at 100.00
|
AA–
|
2,077,200
|
|
|
5.000%, 7/01/40
|
|
|
|
|
1,675
|
Massachusetts Development Finance Agency, Revenue Bonds, Olin College, Series 2013E,
|
11/23 at 100.00
|
A+
|
1,853,337
|
|
|
5.000%, 11/01/43
|
|
|
|
|
2,250
|
Massachusetts Development Finance Agency, Revenue Bonds, Partners HealthCare System,
|
7/23 at 100.00
|
AA–
|
2,484,405
|
|
|
Series 2014M-4, 5.000%, 7/01/44
|
|
|
|
|
400
|
Massachusetts Development Finance Agency, Revenue Bonds, UMass Memorial Health Care
|
7/27 at 100.00
|
A–
|
401,512
|
|
|
Obligated Group Issue, Series 2017L, 3.625%, 7/01/37
|
|
|
|
|
2,115
|
Massachusetts State, Federal Highway Grant Anticipation Notes, Accelerated Bridge
|
6/27 at 100.00
|
AA+
|
2,463,933
|
|
|
Program, Series 2017A, 5.000%, 6/01/42
|
|
|
|
|
10,640
|
Total Massachusetts
|
|
|
11,672,425
|
|
|
Michigan – 1.2%
|
|
|
|
|
355
|
Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds,
|
7/22 at 100.00
|
A+
|
383,414
|
|
|
Refunding Senior Lien Series 2012A, 5.250%, 7/01/39
|
|
|
|
|
385
|
Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series
|
10/25 at 100.00
|
Aa2
|
442,870
|
|
|
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
|
2,341,240
|
|
|
2016-I, 5.000%, 4/15/35
|
|
|
|
|
2,740
|
Total Michigan
|
|
|
3,167,524
|
|
|
Missouri – 0.1%
|
|
|
|
|
270
|
Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Mass Transit
|
4/19 at 100.00
|
AA+
|
270,427
|
|
|
Sales Tax Appropriation Bonds, Refunding Combined Lien Series 2013A, 5.000%, 10/01/28
|
|
|
|
NXQ
|
Nuveen Select Tax-Free Income Portfolio 2
|
|
|
|
|
Portfolio of Investments (continued)
|
|
|
|
|
March 31, 2019
|
|
|
|
|
||||
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Nebraska – 0.9%
|
|
|
|
|
$ 545
|
Douglas County Hospital Authority 3, Nebraska, Health Facilities Revenue Bonds, Nebraska
|
11/25 at 100.00
|
A
|
$ 569,138
|
|
|
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
|
344,766
|
|
|
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+
|
1,070,680
|
|
500
|
Southeast Community College Area, Nebraska, Certificates of Participation, Series 2018,
|
6/28 at 100.00
|
Aa1
|
503,735
|
|
|
3.500%, 12/15/42
|
|
|
|
|
2,350
|
Total Nebraska
|
|
|
2,488,319
|
|
|
Nevada – 3.2%
|
|
|
|
|
990
|
Carson City, Nevada, Hospital Revenue Bonds, Carson Tahoe Regional Healthcare Project,
|
9/27 at 100.00
|
A–
|
1,103,662
|
|
|
Series 2017A, 5.000%, 9/01/37
|
|
|
|
|
1,325
|
Clark County Water Reclamation District, Nevada, General Obligation Water Bonds, Series
|
7/19 at 100.00
|
AAA (5)
|
1,337,336
|
|
|
2009A, 5.250%, 7/01/38 (Pre-refunded 7/01/19)
|
|
|
|
|
1,250
|
Clark County, Nevada, Airport Revenue Bonds, Tender Option Bond Trust Series
|
1/20 at 100.00
|
Aa3
|
1,390,088
|
|
|
2016-XG0028, 16.193%, 7/01/42, 144A (IF)
|
|
|
|
|
1,000
|
Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran
|
1/20 at 100.00
|
Aa3
|
1,022,450
|
|
|
International Airport, Series 2010A, 5.250%, 7/01/42
|
|
|
|
|
3,000
|
Las Vegas Valley Water District, Nevada, General Obligation Bonds, Refunding Series
|
12/24 at 100.00
|
AA+
|
3,442,470
|
|
|
2015, 5.000%, 6/01/34
|
|
|
|
|
7,565
|
Total Nevada
|
|
|
8,296,006
|
|
|
New Jersey – 3.1%
|
|
|
|
|
2,000
|
New Jersey Economic Development Authority, School Facilities Construction Bonds,
|
12/26 at 100.00
|
A–
|
2,291,140
|
|
|
Refunding Series 2016BBB, 5.500%, 6/15/31
|
|
|
|
|
2,165
|
New Jersey Economic Development Authority, School Facilities Construction Financing
|
3/21 at 100.00
|
A–
|
2,272,882
|
|
|
Program Bonds, Refunding Series 2011GG, 5.000%, 9/01/22
|
|
|
|
|
1,250
|
New Jersey Economic Development Authority, School Facility Construction Bonds, Series
|
No Opt. Call
|
A–
|
1,282,300
|
|
|
2005K, 5.500%, 12/15/19 – AMBAC Insured
|
|
|
|
|
2,000
|
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series
|
6/25 at 100.00
|
A–
|
2,257,180
|
|
|
2015AA, 5.250%, 6/15/29
|
|
|
|
|
7,415
|
Total New Jersey
|
|
|
8,103,502
|
|
|
New Mexico – 1.1%
|
|
|
|
|
800
|
New Mexico Hospital Equipment Loan Council, First Mortgage Revenue Bonds, Haverland
|
7/22 at 100.00
|
BBB
|
830,920
|
|
|
Carter Lifestyle Group, Series 2013, 5.000%, 7/01/42
|
|
|
|
|
1,000
|
New Mexico Mortgage Finance Authority, Multifamily Housing Revenue Bonds, St Anthony,
|
4/19 at 100.00
|
N/R
|
1,000,750
|
|
|
Series 2007A, 5.250%, 9/01/42 (AMT)
|
|
|
|
|
1,000
|
New Mexico Municipal Energy Acquisition Authority, Gas Supply Revenue Bonds, Refunding
|
8/19 at 100.00
|
Aa2
|
1,010,400
|
|
|
Sub-Series 2014A, 5.000%, 11/01/39 (Mandatory Put 8/01/19)
|
|
|
|
|
2,800
|
Total New Mexico
|
|
|
2,842,070
|
|
|
New York – 1.2%
|
|
|
|
|
|
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012
|
|
|
|
|
|
Series 2011A:
|
|
|
|
|
25
|
5.250%, 2/15/47 (Pre-refunded 2/15/21)
|
2/21 at 100.00
|
Aa2 (5)
|
26,755
|
|
475
|
5.250%, 2/15/47
|
2/21 at 100.00
|
Aa2
|
503,210
|
|
1,250
|
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding
|
11/22 at 100.00
|
AA–
|
1,376,250
|
|
|
Series 2012F, 5.000%, 11/15/26
|
|
|
|
|
1,135
|
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air
|
12/20 at 100.00
|
BBB+
|
1,203,452
|
|
|
Terminal LLC Project, Eigth Series 2010, 6.000%, 12/01/42
|
|
|
|
|
2,885
|
Total New York
|
|
|
3,109,667
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Ohio – 2.8%
|
|
|
|
|
|
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed
|
|
|
|
|
|
Revenue Bonds, Senior Lien, Series 2007A-2:
|
|
|
|
|
$ 2,475
|
5.875%, 6/01/30
|
4/19 at 100.00
|
B–
|
$ 2,422,406
|
|
875
|
5.750%, 6/01/34
|
4/19 at 100.00
|
B–
|
846,073
|
|
2,115
|
5.875%, 6/01/47
|
4/19 at 100.00
|
B–
|
2,067,836
|
|
1,105
|
Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Project, Junior Lien
|
2/23 at 100.00
|
Aa3
|
1,203,201
|
|
|
Series 2013A-1, 5.000%, 2/15/48
|
|
|
|
|
1,000
|
Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy
|
No Opt. Call
|
N/R
|
860,000
|
|
|
Nuclear Generating Corporation Project, Series 2005B, 4.000%, 1/01/34 (Mandatory Put 7/01/21) (6)
|
|
|
|
|
7,570
|
Total Ohio
|
|
|
7,399,516
|
|
|
Oklahoma – 0.2%
|
|
|
|
|
450
|
Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine
|
8/28 at 100.00
|
Baa3
|
505,953
|
|
|
Project, Series 2018B, 5.000%, 8/15/38
|
|
|
|
|
|
Oregon – 1.1%
|
|
|
|
|
915
|
Beaverton School District 48J, Washington and Multnomah Counties, Oregon, General
|
6/27 at 100.00
|
AA+
|
1,085,272
|
|
|
Obligation Bonds, Convertible Deferred Interest Series 2017D, 5.000%, 6/15/36
|
|
|
|
|
60
|
Clackamas Community College District, Oregon, General Obligation Bonds, Deferred
|
6/27 at 100.00
|
Aa1
|
65,420
|
|
|
Interest Series 2017A, 0.000%, 6/15/40 (4)
|
|
|
|
|
500
|
Lake Oswego, Oregon, General Obligation Bonds, Series 2013, 5.000%, 6/01/26
|
6/23 at 100.00
|
AAA
|
567,125
|
|
1,090
|
Oregon Facilities Authority, Revenue Bonds, Reed College, Series 2017A, 4.000%, 7/01/41
|
7/27 at 100.00
|
Aa2
|
1,164,251
|
|
2,565
|
Total Oregon
|
|
|
2,882,068
|
|
|
Pennsylvania – 4.0%
|
|
|
|
|
1,255
|
Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2013,
|
1/24 at 100.00
|
A+
|
1,394,129
|
|
|
5.000%, 1/01/37
|
|
|
|
|
1,500
|
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, State System of
|
6/26 at 100.00
|
Aa3
|
1,740,360
|
|
|
Higher Education, Refunding Series 2016AT-1, 5.000%, 6/15/31
|
|
|
|
|
|
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Subordinate Special
|
|
|
|
|
|
Revenue Bonds, Series 2010B-2:
|
|
|
|
|
555
|
5.000%, 12/01/30 (Pre-refunded 12/01/20)
|
12/20 at 100.00
|
N/R (5)
|
586,696
|
|
300
|
5.000%, 12/01/30 (Pre-refunded 12/01/20)
|
12/20 at 100.00
|
N/R (5)
|
316,371
|
|
645
|
5.000%, 12/01/30 (Pre-refunded 12/01/20)
|
12/20 at 100.00
|
A2 (5)
|
681,836
|
|
2,970
|
Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series 2015A,
|
7/24 at 100.00
|
A+
|
3,304,541
|
|
|
5.000%, 7/01/40
|
|
|
|
|
2,500
|
State Public School Building Authority, Pennsylvania, School Revenue Bonds, Harrisburg
|
5/19 at 100.00
|
AA (5)
|
2,509,800
|
|
|
School District, Refunding Series 2009A, 4.750%, 11/15/29 – AGC Insured (Pre-refunded 5/15/19)
|
|
|
|
|
9,725
|
Total Pennsylvania
|
|
|
10,533,733
|
|
|
Puerto Rico – 0.4%
|
|
|
|
|
1,035
|
Puerto Rico Housing Finance Authority, Capital Fund Program Revenue Bonds, Series 2003,
|
5/19 at 100.00
|
AA–
|
1,063,204
|
|
|
5.000%, 12/01/20
|
|
|
|
|
|
South Carolina – 0.6%
|
|
|
|
|
1,500
|
Richland County School District 2, South Carolina, General Obligation Bonds, Refunding
|
5/23 at 100.00
|
Aa1
|
1,551,450
|
|
|
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
|
A+
|
680,082
|
|
|
Series 2015, 5.000%, 11/01/35
|
|
|
|
|
|
Texas – 10.3%
|
|
|
|
|
1,880
|
Alamo Regional Mobility Authority, Texas, Vehicle Registration Fee Revenue Bonds, Senior
|
6/25 at 100.00
|
AA+
|
2,116,636
|
|
|
Lien Series 2016, 5.000%, 6/15/46
|
|
|
|
NXQ
|
Nuveen Select Tax-Free Income Portfolio 2
|
|
|
|
|
Portfolio of Investments (continued)
|
|
|
|
|
March 31, 2019
|
|
|
|
|
||||
|
||||
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Texas (continued)
|
|
|
|
|
$ 250
|
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2011,
|
1/21 at 100.00
|
A– (5)
|
$ 268,603
|
|
|
6.000%, 1/01/41 (Pre-refunded 1/01/21)
|
|
|
|
|
240
|
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien, Series 2015A,
|
7/25 at 100.00
|
A–
|
270,806
|
|
|
5.000%, 1/01/35
|
|
|
|
|
5,560
|
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Frst Tier
|
10/23 at 100.00
|
A+
|
6,187,724
|
|
|
Series 2013A, 5.500%, 4/01/53
|
|
|
|
|
1,160
|
Harris County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds,
|
6/25 at 100.00
|
AA
|
1,302,262
|
|
|
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
|
1,365,362
|
|
|
4.000%, 10/01/35
|
|
|
|
|
|
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H:
|
|
|
|
|
630
|
0.000%, 11/15/24 – NPFG Insured
|
No Opt. Call
|
Baa2
|
532,356
|
|
12,480
|
0.000%, 11/15/41 – NPFG Insured
|
11/31 at 53.78
|
Baa2
|
4,092,816
|
|
575
|
Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and
|
No Opt. Call
|
A
|
508,375
|
|
|
Entertainment Project, Series 2001B, 0.000%, 9/01/24 – AMBAC Insured
|
|
|
|
|
2,255
|
Love Field Airport Modernization Corporation, Texas, Special Facilities Revenue Bonds,
|
11/20 at 100.00
|
A3
|
2,348,605
|
|
|
Southwest Airlines Company, Series 2010, 5.250%, 11/01/40
|
|
|
|
|
155
|
Mission Economic Development Corporation, Texas, Revenue Bonds, Natgasoline Project,
|
10/21 at 15.00
|
BB–
|
161,222
|
|
|
Senior Lien Series 2018, 4.625%, 10/01/31 (AMT), 144A
|
|
|
|
|
1,025
|
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2015B,
|
1/23 at 100.00
|
A+
|
1,117,701
|
|
|
5.000%, 1/01/40
|
|
|
|
|
200
|
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital
|
5/26 at 100.00
|
AA–
|
206,728
|
|
|
Revenue Bonds, Scott & White Healthcare Project, Series 2016A, 4.000%, 11/15/42
|
|
|
|
|
5,000
|
Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds,
|
12/22 at 100.00
|
A3
|
5,485,150
|
|
|
Series 2012, 5.000%, 12/15/26
|
|
|
|
|
2,000
|
Wylie Independent School District, Collin County, Texas, General Obligation Bonds,
|
8/20 at 56.85
|
AAA
|
1,099,280
|
|
|
School Building Series 2010, 0.000%, 8/15/31
|
|
|
|
|
34,660
|
Total Texas
|
|
|
27,063,626
|
|
|
Virginia – 1.7%
|
|
|
|
|
1,500
|
Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds,
|
10/26 at 100.00
|
AA
|
1,906,125
|
|
|
Dulles Metrorail & Capital improvement Projects, Second Senior Lien Series 2009C, 6.500%,
|
|
|
|
|
|
10/01/41 – AGC Insured
|
|
|
|
|
|
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
|
1,071,000
|
|
410
|
6.000%, 1/01/37 (AMT)
|
7/22 at 100.00
|
BBB
|
450,299
|
|
1,010
|
5.500%, 1/01/42 (AMT)
|
7/22 at 100.00
|
BBB
|
1,085,255
|
|
3,920
|
Total Virginia
|
|
|
4,512,679
|
|
|
Washington – 4.9%
|
|
|
|
|
860
|
Snohomish County School District 306 Lakewood, Washington, General Obligation Bonds,
|
6/24 at 100.00
|
Aa1
|
996,224
|
|
|
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+
|
4,406,960
|
|
|
Series 2013A, 5.750%, 1/01/45
|
|
|
|
|
990
|
Washington Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer
|
1/21 at 100.00
|
A+
|
1,040,638
|
|
|
Research Center, Series 2011A, 5.625%, 1/01/35
|
|
|
|
|
2,185
|
Washington State Health Care Facilities Authority, Revenue Bonds, PeaceHealth Series
|
11/19 at 100.00
|
AA– (5)
|
2,228,372
|
|
|
2009, 5.000%, 11/01/28 (Pre-refunded 11/01/19)
|
|
|
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Washington (continued)
|
|
|
|
|
$ 1,130
|
Washington State, General Obligation Bonds, Various Purpose Series 2015B,
|
2/25 at 100.00
|
AA+
|
$ 1,288,132
|
|
|
5.000%, 2/01/37
|
|
|
|
|
2,535
|
Washington State, General Obligation Bonds, Various Purpose Series 2017A,
|
8/26 at 100.00
|
AA+
|
2,950,639
|
|
|
5.000%, 8/01/38
|
|
|
|
|
11,700
|
Total Washington
|
|
|
12,910,965
|
|
|
Wisconsin – 2.9%
|
|
|
|
|
2,355
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Medical College of
|
11/26 at 100.00
|
AA–
|
2,679,189
|
|
|
Wisconsin, Inc, Series 2016, 5.000%, 12/01/41
|
|
|
|
|
1,645
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Mercy Alliance,
|
6/22 at 100.00
|
A3
|
1,747,780
|
|
|
Inc, Series 2012, 5.000%, 6/01/39
|
|
|
|
|
2,000
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Gundersen
|
10/21 at 100.00
|
AA–
|
2,133,640
|
|
|
Lutheran, Series 2011A, 5.250%, 10/15/39
|
|
|
|
|
1,000
|
Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Refunding Series
|
5/19 at 100.00
|
Aa2 (5)
|
1,003,640
|
|
|
2009A, 6.000%, 5/01/36 (Pre-refunded 5/01/19)
|
|
|
|
|
7,000
|
Total Wisconsin
|
|
|
7,564,249
|
|
$ 279,135
|
Total Municipal Bonds (cost $230,975,452)
|
|
|
256,329,285
|
Principal
|
|
|
|
|
|
|
Amount (000)
|
Description (1)
|
Coupon
|
Maturity
|
Ratings (3)
|
Value
|
|
|
CORPORATE BONDS – 0.1%
|
|
|
|
|
|
|
Transportation–0.1%
|
|
|
|
|
|
$ 308
|
Las Vegas Monorail Company, Senior Interest Bonds (7), (8)
|
5.500%
|
7/15/19
|
N/R
|
$ 204,857
|
|
87
|
Las Vegas Monorail Company, Senior Interest Bonds (7), (8)
|
5.500%
|
7/15/55
|
N/R
|
43,399
|
|
$ 395
|
Total Corporate Bonds (cost $16,889)
|
|
|
|
248,256
|
|
|
Total Long-Term Investments (cost $230,992,341)
|
|
|
|
256,577,541
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
SHORT-TERM INVESTMENTS – 1.5%
|
|
|
|
|
|
MUNICIPAL BONDS – 1.5%
|
|
|
|
|
|
Arizona–1.1%
|
|
|
|
|
$ 3,000
|
Arizona Health Facilities Authority, Hospital Revenue Bonds, Catholic Healthcare West
|
5/19 at 100.00
|
A-1
|
$ 3,000,000
|
|
|
Loan Program, Variable Rate Demand Obligation, Series 2008B, 1.540%, 7/01/35 (9)
|
|
|
|
|
|
Wisconsin – 0.4%
|
|
|
|
|
1,000
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aspirus Wausau
|
5/19 at 100.00
|
A-1
|
1,000,000
|
|
|
Hospital Inc, Variable Rate Demand Obligation, Series 2004, 1.530%, 8/15/34 (9)
|
|
|
|
|
$ 4,000
|
Total Short-Term Investments (cost $4,000,000)
|
|
|
4,000,000
|
|
|
Total Investments (cost $234,992,341) – 99.0%
|
|
|
260,577,541
|
|
|
Other Assets Less Liabilities – 1.0%
|
|
|
2,732,119
|
|
|
Net Assets Applicable to Common Shares – 100%
|
|
|
$ 263,309,660
|
NXQ
|
Nuveen Select Tax-Free Income Portfolio 2
|
|
Portfolio of Investments (continued)
|
|
March 31, 2019
|
(1)
|
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares.
|
(2)
|
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. Optional Call Provisions are not covered by the report of independent registered public accounting firm.
|
(3)
|
For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. Ratings are not covered by the report of independent registered public accounting firm.
|
(4)
|
Step-up coupon bond, a bond with a coupon that increases (“steps up”), usually at regular intervals, while the bond is outstanding. The rate shown is the coupon as of the end of the reporting period.
|
(5)
|
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest.
|
(6)
|
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)
|
The tax-exempt municipal bonds previously held by the Fund were surrendered in conjunction with the issuer’s bankruptcy reorganization plan. In return, the Fund received one or more senior interest corporate bonds.
|
(8)
|
Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment classified as Level 3. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information.
|
(9)
|
Investment has a maturity of greater than one year, but has variable rate and/or demand features which qualify it as a short-term investment. The rate disclosed, as well as the reference rate and spread, where applicable, is that in effect as of the end of the reporting period. This rate changes periodically based on market conditions or a specified market index.
|
144A
|
Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.
|
AMT
|
Alternative Minimum Tax
|
ETM
|
Escrowed to maturity
|
IF
|
Inverse floating rate security issued by a tender option bond (“TOB”) trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association (SIFMA) short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust.
|
|
See accompanying notes to financial statements.
|
NXR
|
Nuveen Select Tax-Free Income Portfolio 3
|
|
Portfolio of Investments
|
|
March 31, 2019
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
LONG-TERM INVESTMENTS – 98.0%
|
|
|
|
|
|
MUNICIPAL BONDS – 98.0%
|
|
|
|
|
|
Alabama – 0.6%
|
|
|
|
|
$ 1,170
|
Birmingham, Alabama, General Obligation Convertible Capital Appreciation Bonds, Series
|
3/23 at 100.00
|
AA
|
$ 1,289,773
|
|
|
2013A, 5.000%, 3/01/32
|
|
|
|
|
|
Alaska – 1.3%
|
|
|
|
|
2,675
|
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed
|
4/19 at 100.00
|
B3
|
2,674,947
|
|
|
Bonds, Series 2006A, 5.000%, 6/01/32
|
|
|
|
|
|
Arizona – 0.1%
|
|
|
|
|
215
|
Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds,
|
No Opt. Call
|
BB+
|
214,460
|
|
|
Paradise Schools Projects, Series 2016, 2.875%, 7/01/21, 144A
|
|
|
|
|
|
California – 23.1%
|
|
|
|
|
12,500
|
Anaheim Public Financing Authority, California, Lease Revenue Bonds, Public Improvement
|
No Opt. Call
|
AA
|
7,118,875
|
|
|
Project, Series 1997C, 0.000%, 9/01/35 – AGM Insured
|
|
|
|
|
1,000
|
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds,
|
4/19 at 100.00
|
B2
|
1,000,620
|
|
|
Los Angeles County Securitization Corporation, Series 2006A, 5.600%, 6/01/36
|
|
|
|
|
1,125
|
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds,
|
5/19 at 100.00
|
BBB+
|
1,127,846
|
|
|
Sonoma County Tobacco Securitization Corporation, Series 2005, 5.000%, 6/01/26
|
|
|
|
|
890
|
California Statewide Community Development Authority, Revenue Bonds, Methodist Hospital
|
8/19 at 100.00
|
N/R (4)
|
905,530
|
|
|
Project, Series 2009, 6.750%, 2/01/38 (Pre-refunded 8/01/19)
|
|
|
|
|
160
|
California Statewide Financing Authority, Tobacco Settlement Asset-Backed Bonds, Pooled
|
5/19 at 100.00
|
Baa1
|
161,091
|
|
|
Tobacco Securitization Program, Series 2002A, 5.625%, 5/01/29
|
|
|
|
|
2,275
|
Folsom Cordova Unified School District, Sacramento County, California, General
|
No Opt. Call
|
AA–
|
1,779,846
|
|
|
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
|
A+
|
2,690,473
|
|
|
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
|
3,282,969
|
|
|
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
|
1,055,693
|
|
|
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
|
8,071,059
|
|
|
Obligation Bonds, Election of 2002, Series 2007C, 0.000%, 8/01/32 – AGM Insured
|
|
|
|
|
3,000
|
Palomar Pomerado Health, California, General Obligation Bonds, Capital Appreciation,
|
No Opt. Call
|
A2
|
2,567,310
|
|
|
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
|
A+ (4)
|
5,479,019
|
|
|
of Participation, Series 2006, 0.000%, 10/01/34 – NPFG Insured (ETM)
|
|
|
|
|
1,500
|
Placer Union High School District, Placer County, California, General Obligation Bonds,
|
No Opt. Call
|
AA
|
1,026,210
|
|
|
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
|
AA–
|
5,394,560
|
|
|
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+
|
2,283,269
|
|
|
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
|
883,070
|
|
|
Bonds, First Senior Lien Series 2017A, 5.000%, 7/01/42
|
|
|
|
|
2,525
|
San Francisco City and County Public Utilities Commission, California, Water Revenue
|
11/24 at 100.00
|
AA–
|
2,846,054
|
|
|
Bonds, Non-WSIP, Series 2017A, 5.000%, 11/01/42
|
|
|
|
|
66,290
|
Total California
|
|
|
47,673,494
|
NXR
|
Nuveen Select Tax-Free Income Portfolio 3
|
|
|
|
|
Portfolio of Investments (continued)
|
|
|
|
|
March 31, 2019
|
|
|
|
|
||||
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Colorado – 5.3%
|
|
|
|
|
$ 500
|
Centerra Metropolitan District 1, Loveland, Colorado, Special Revenue Bonds, Refunding &
|
No Opt. Call
|
N/R
|
$ 534,790
|
|
|
Improvement Series 2017, 5.000%, 12/01/22, 144A
|
|
|
|
|
2,000
|
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sisters of Charity of
|
1/20 at 100.00
|
AA–
|
2,042,260
|
|
|
Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40
|
|
|
|
|
790
|
Colorado School of Mines Board of Trustees, Golden, Colorado, Institutional Enterprise
|
12/27 at 100.00
|
A+
|
905,340
|
|
|
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+
|
2,145,721
|
|
|
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
|
830,432
|
|
|
9/01/32 – NPFG Insured
|
|
|
|
|
5,520
|
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004B, 0.000%,
|
9/20 at 63.99
|
A
|
3,404,405
|
|
|
9/01/28 – NPFG Insured
|
|
|
|
|
1,000
|
Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported
|
12/25 at 100.00
|
A
|
1,126,970
|
|
|
Revenue Bonds, Refunding Series 2015A, 5.000%, 12/01/33
|
|
|
|
|
13,040
|
Total Colorado
|
|
|
10,989,918
|
|
|
Connecticut – 3.4%
|
|
|
|
|
1,500
|
Connecticut State, General Obligation Bonds, Refunding Series 2010C, 5.000%, 12/01/20
|
12/19 at 100.00
|
A1
|
1,532,310
|
|
1,500
|
Connecticut State, General Obligation Bonds, Refunding Series 2018C, 5.000%, 6/15/26
|
No Opt. Call
|
A1
|
1,771,725
|
|
1,750
|
Connecticut State, General Obligation Bonds, Series 2012B, 5.000%, 4/15/21
|
No Opt. Call
|
A1
|
1,861,808
|
|
1,615
|
Connecticut State, Special Tax Obligation Bonds, Transportation Infrastructure Purposes
|
10/23 at 100.00
|
A+
|
1,779,617
|
|
|
Series 2013A, 5.000%, 10/01/30
|
|
|
|
|
6,365
|
Total Connecticut
|
|
|
6,945,460
|
|
|
Florida – 0.2%
|
|
|
|
|
390
|
Greater Orlando Aviation Authority, Florida, Orlando Airport Facilities Revenue Bonds,
|
10/27 at 100.00
|
A+
|
445,446
|
|
|
Priority Subordinated Series 2017, 5.000%, 10/01/47 (AMT)
|
|
|
|
|
|
Guam – 1.7%
|
|
|
|
|
1,250
|
Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D,
|
11/25 at 100.00
|
BB
|
1,332,250
|
|
|
5.000%, 11/15/39
|
|
|
|
|
2,000
|
Government of Guam, Hotel Occupancy Tax Revenue Bonds, Series 2011A, 6.125%, 11/01/31
|
5/21 at 100.00
|
BB
|
2,148,140
|
|
3,250
|
Total Guam
|
|
|
3,480,390
|
|
|
Idaho – 1.6%
|
|
|
|
|
3,000
|
Idaho Health Facilities Authority, Revenue Bonds, Saint Luke’s Health System Project,
|
3/24 at 100.00
|
A–
|
3,252,030
|
|
|
Series 2014A, 5.000%, 3/01/44
|
|
|
|
|
|
Illinois – 9.5%
|
|
|
|
|
575
|
Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds,
|
4/27 at 100.00
|
A
|
667,126
|
|
|
Series 2016, 6.000%, 4/01/46
|
|
|
|
|
295
|
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues,
|
12/27 at 100.00
|
BB–
|
322,081
|
|
|
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
|
2,714,361
|
|
|
12/01/28 – FGIC Insured
|
|
|
|
|
535
|
Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Senior
|
No Opt. Call
|
A
|
548,402
|
|
|
Lien Refunding Series 2016C, 5.000%, 1/01/20
|
|
|
|
|
870
|
Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2006A, 4.625%,
|
5/19 at 100.00
|
AA
|
873,158
|
|
|
1/01/31 – AGM Insured
|
|
|
|
|
260
|
Illinois Finance Authority, Revenue Bonds, Rehabilitation Institute of Chicago, Series
|
7/23 at 100.00
|
A–
|
291,179
|
|
|
2013A, 6.000%, 7/01/43
|
|
|
|
|
955
|
Illinois Health Facilities Authority, Revenue Bonds, Evangelical Hospitals Corporation,
|
No Opt. Call
|
N/R (4)
|
1,016,960
|
|
|
Series 1992C, 6.250%, 4/15/22 (ETM)
|
|
|
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Illinois (continued)
|
|
|
|
|
$ 2,190
|
Illinois State, General Obligation Bonds, Refunding Series 2012, 5.000%, 8/01/23
|
No Opt. Call
|
BBB
|
$ 2,367,697
|
|
1,000
|
Kankakee & Will Counties Community Unit School District 5, Illinois, General Obligation
|
No Opt. Call
|
Aa3
|
909,900
|
|
|
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
|
1,629,125
|
|
4,775
|
0.000%, 12/15/31 – NPFG Insured
|
No Opt. Call
|
BBB
|
2,976,019
|
|
5,000
|
0.000%, 12/15/36 – NPFG Insured
|
No Opt. Call
|
BBB
|
2,477,900
|
|
2,000
|
0.000%, 6/15/37 – NPFG Insured
|
No Opt. Call
|
BBB
|
965,780
|
|
1,400
|
Springfield, Illinois, Electric Revenue Bonds, Senior Lien Series 2015, 5.000%, 3/01/28
|
3/25 at 100.00
|
A
|
1,597,596
|
|
310
|
University of Illinois, Health Services Facilities System Revenue Bonds, Series 2013,
|
10/23 at 100.00
|
A–
|
350,607
|
|
|
6.000%, 10/01/42
|
|
|
|
|
26,565
|
Total Illinois
|
|
|
19,707,891
|
|
|
Indiana – 1.5%
|
|
|
|
|
2,295
|
Boone County Hospital Association, Indiana, Lease Revenue Bonds, Series 2010, 5.250%,
|
1/20 at 100.00
|
AA+ (4)
|
2,361,762
|
|
|
7/15/25 (Pre-refunded 1/15/20)
|
|
|
|
|
1,000
|
Zionsville Community Schools Building Corporation, Indiana, First Mortgage Bonds, Series
|
No Opt. Call
|
AA
|
800,310
|
|
|
2005Z, 0.000%, 7/15/28 – AGM Insured
|
|
|
|
|
3,295
|
Total Indiana
|
|
|
3,162,072
|
|
|
Iowa – 1.1%
|
|
|
|
|
570
|
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer
|
5/19 at 105.00
|
B+
|
599,042
|
|
|
Company Project, Series 2016, 5.875%, 12/01/26, 144A
|
|
|
|
|
660
|
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer
|
12/22 at 105.00
|
B+
|
707,593
|
|
|
Company Project, Series 2018B, 5.250%, 12/01/50 (Mandatory Put 12/01/22)
|
|
|
|
|
950
|
Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B,
|
5/19 at 100.00
|
BB–
|
954,360
|
|
|
5.600%, 6/01/34
|
|
|
|
|
2,180
|
Total Iowa
|
|
|
2,260,995
|
|
|
Massachusetts – 6.2%
|
|
|
|
|
2,230
|
Massachusetts Development Finance Agency, Revenue Bonds, Boston University, Series
|
10/26 at 100.00
|
Aa3
|
2,553,127
|
|
|
2016BB-1, 5.000%, 10/01/46
|
|
|
|
|
1,000
|
Massachusetts Development Finance Agency, Revenue Bonds, CareGroup Issue, Refunding
|
No Opt. Call
|
A–
|
1,064,960
|
|
|
Series 2016-I, 5.000%, 7/01/21
|
|
|
|
|
1,300
|
Massachusetts Development Finance Agency, Revenue Bonds, Olin College, Series 2013E,
|
11/23 at 100.00
|
A+
|
1,438,411
|
|
|
5.000%, 11/01/43
|
|
|
|
|
2,250
|
Massachusetts Development Finance Agency, Revenue Bonds, Partners HealthCare System,
|
7/23 at 100.00
|
AA–
|
2,484,405
|
|
|
Series 2014M-4, 5.000%, 7/01/44
|
|
|
|
|
400
|
Massachusetts Development Finance Agency, Revenue Bonds, UMass Memorial Health Care
|
7/27 at 100.00
|
A–
|
401,512
|
|
|
Obligated Group Issue, Series 2017L, 3.625%, 7/01/37
|
|
|
|
|
2,180
|
Massachusetts Water Resources Authority, General Revenue Bonds, Refunding Green Series
|
8/26 at 100.00
|
AA+
|
2,532,528
|
|
|
2016C, 5.000%, 8/01/40
|
|
|
|
|
1,000
|
Newburyport, Massachusetts, General Obligation Bonds, Municipal Purpose Loan, Refunding
|
1/23 at 100.00
|
AAA
|
1,081,290
|
|
|
Series 2013, 4.000%, 1/15/30
|
|
|
|
|
1,165
|
University of Massachusetts Building Authority, Project Revenue Bonds, Senior Series
|
11/24 at 100.00
|
Aa2
|
1,328,717
|
|
|
2014-1, 5.000%, 11/01/39
|
|
|
|
|
11,525
|
Total Massachusetts
|
|
|
12,884,950
|
|
|
Michigan – 1.3%
|
|
|
|
|
355
|
Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds,
|
7/22 at 100.00
|
A+
|
383,414
|
|
|
Refunding Senior Lien Series 2012A, 5.250%, 7/01/39
|
|
|
|
NXR
|
Nuveen Select Tax-Free Income Portfolio 3
|
|
|
|
|
Portfolio of Investments (continued)
|
|
|
|
|
March 31, 2019
|
|
|
|
|
||||
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Michigan (continued)
|
|
|
|
|
$ 2,000
|
Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series
|
10/26 at 100.00
|
Aa2
|
$ 2,341,240
|
|
|
2016-I, 5.000%, 4/15/35
|
|
|
|
|
2,355
|
Total Michigan
|
|
|
2,724,654
|
|
|
Missouri – 0.1%
|
|
|
|
|
270
|
Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Mass Transit
|
4/19 at 100.00
|
AA+
|
270,427
|
|
|
Sales Tax Appropriation Bonds, Refunding Combined Lien Series 2013A, 5.000%, 10/01/28
|
|
|
|
|
|
Montana – 0.7%
|
|
|
|
|
1,440
|
Montana Facility Finance Authority, Revenue Bonds, Sisters of Charity of Leavenworth
|
1/20 at 100.00
|
AA–
|
1,464,653
|
|
|
Health Services Corporation, Camposite Deal Series 2010A, 4.750%, 1/01/40
|
|
|
|
|
|
Nebraska – 2.0%
|
|
|
|
|
250
|
Madison County Hospital Authority 1, Nebraska, Hospital Revenue Bonds, Faith Regional
|
7/25 at 100.00
|
BBB
|
283,875
|
|
|
Health Services Project, Series 2018, 5.000%, 7/01/26
|
|
|
|
|
2,600
|
Nebraska Public Power District, General Revenue Bonds, Series 2015A-2, 5.000%, 1/01/40
|
1/22 at 100.00
|
A+
|
2,783,768
|
|
500
|
Platte County School District 001, Columbus Public Schools, Nebraska, General Obligation
|
6/24 at 100.00
|
Aa2
|
566,975
|
|
|
Bonds, School Building Series 2014, 5.000%, 12/15/39
|
|
|
|
|
500
|
Southeast Community College Area, Nebraska, Certificates of Participation, Series 2018,
|
6/28 at 100.00
|
Aa1
|
503,735
|
|
|
3.500%, 12/15/42
|
|
|
|
|
3,850
|
Total Nebraska
|
|
|
4,138,353
|
|
|
Nevada – 0.7%
|
|
|
|
|
445
|
Carson City, Nevada, Hospital Revenue Bonds, Carson Tahoe Regional Healthcare Project,
|
9/27 at 100.00
|
A–
|
496,090
|
|
|
Series 2017A, 5.000%, 9/01/37
|
|
|
|
|
1,000
|
Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran
|
1/20 at 100.00
|
Aa3
|
1,022,450
|
|
|
International Airport, Series 2010A, 5.250%, 7/01/42
|
|
|
|
|
1,445
|
Total Nevada
|
|
|
1,518,540
|
|
|
New Hampshire – 0.5%
|
|
|
|
|
1,000
|
New Hampshire Business Finance Authority, Solid Waste Disposal Revenue Bonds, Waste
|
No Opt. Call
|
A–
|
1,027,810
|
|
|
Management Inc. Project, Series 2003, 3.125%, 8/01/24 (AMT)
|
|
|
|
|
|
New Jersey – 2.9%
|
|
|
|
|
1,850
|
New Jersey Economic Development Authority, Sublease Revenue Bonds, New Jersey Transit
|
No Opt. Call
|
A–
|
2,056,793
|
|
|
Corporation Projects, Refunding Series 2017B, 5.000%, 11/01/23
|
|
|
|
|
305
|
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, University
|
7/25 at 100.00
|
AA
|
349,600
|
|
|
Hospital Issue, Refunding Series 2015A, 5.000%, 7/01/28 – AGM Insured
|
|
|
|
|
4,900
|
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding
|
No Opt. Call
|
A–
|
3,526,481
|
|
|
Series 2006C, 0.000%, 12/15/28 – AMBAC Insured
|
|
|
|
|
7,055
|
Total New Jersey
|
|
|
5,932,874
|
|
|
New Mexico – 0.5%
|
|
|
|
|
1,000
|
New Mexico Mortgage Finance Authority, Multifamily Housing Revenue Bonds, St Anthony,
|
4/19 at 100.00
|
N/R
|
1,000,750
|
|
|
Series 2007A, 5.250%, 9/01/42 (AMT)
|
|
|
|
|
|
New York – 1.5%
|
|
|
|
|
1,250
|
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding
|
11/22 at 100.00
|
AA–
|
1,376,250
|
|
|
Series 2012F, 5.000%, 11/15/26
|
|
|
|
|
1,260
|
New York City Municipal Water Finance Authority, New York, Water and Sewer System Second
|
6/25 at 100.00
|
AA+
|
1,448,547
|
|
|
General Resolution Revenue Bonds, Fiscal 2015 Series HH, 5.000%, 6/15/37
|
|
|
|
|
265
|
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air
|
12/20 at 100.00
|
BBB+
|
280,982
|
|
|
Terminal LLC Project, Eigth Series 2010, 6.000%, 12/01/42
|
|
|
|
|
2,775
|
Total New York
|
|
|
3,105,779
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
North Carolina – 0.3%
|
|
|
|
|
$ 500
|
New Hanover County, North Carolina, General Obligation Bonds, School Series 2009,
|
6/19 at 100.00
|
AAA (4)
|
$ 502,075
|
|
|
4.000%, 6/01/21 (Pre-refunded 6/01/19)
|
|
|
|
|
|
Ohio – 4.5%
|
|
|
|
|
1,465
|
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed
|
4/19 at 100.00
|
B–
|
1,456,357
|
|
|
Revenue Bonds, Senior Lien, Series 2007A-2, 6.000%, 6/01/42
|
|
|
|
|
3,720
|
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed
|
6/22 at 100.00
|
B–
|
3,733,429
|
|
|
Revenue Bonds, Senior Lien, Series 2007A-3, 6.250%, 6/01/37
|
|
|
|
|
1,500
|
Montgomery County, Ohio, Revenue Bonds, Miami Valley Hospital, Series 2011A,
|
11/20 at 100.00
|
A
|
1,584,300
|
|
|
5.750%, 11/15/21
|
|
|
|
|
1,475
|
Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Project, Junior Lien
|
2/23 at 100.00
|
Aa3
|
1,606,083
|
|
|
Series 2013A-1, 5.000%, 2/15/48
|
|
|
|
|
1,000
|
Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy
|
No Opt. Call
|
N/R
|
860,000
|
|
|
Nuclear Generating Corporation Project, Series 2005B, 4.000%, 1/01/34 (Mandatory Put 7/01/21) (6)
|
|
|
|
|
9,160
|
Total Ohio
|
|
|
9,240,169
|
|
|
Oklahoma – 0.2%
|
|
|
|
|
345
|
Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine
|
8/28 at 100.00
|
Baa3
|
387,897
|
|
|
Project, Series 2018B, 5.000%, 8/15/38
|
|
|
|
|
|
Oregon – 1.5%
|
|
|
|
|
490
|
Clackamas County Hospital Facility Authority, Oregon, Senior Living Revenue Bonds,
|
No Opt. Call
|
N/R
|
509,968
|
|
|
Willamette View Project, Series 2017A, 4.000%, 5/15/22
|
|
|
|
|
545
|
Oregon Facilities Authority, Revenue Bonds, Reed College, Series 2017A, 4.000%, 7/01/41
|
7/27 at 100.00
|
Aa2
|
582,125
|
|
1,000
|
Oregon Facilities Authority, Revenue Bonds, Willamette University, Refunding Series
|
10/26 at 100.00
|
A
|
1,151,510
|
|
|
2016B, 5.000%, 10/01/40
|
|
|
|
|
750
|
Washington and Clackamas Counties School District 23J Tigard-Tualatin, Oregon, General
|
6/27 at 100.00
|
AA+
|
913,162
|
|
|
Obligation Bonds, Series 2017, 5.000%, 6/15/30
|
|
|
|
|
2,785
|
Total Oregon
|
|
|
3,156,765
|
|
|
Pennsylvania – 7.1%
|
|
|
|
|
1,015
|
Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2013,
|
1/24 at 100.00
|
A+
|
1,127,523
|
|
|
5.000%, 1/01/37
|
|
|
|
|
2,500
|
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, State System of
|
6/26 at 100.00
|
Aa3
|
2,900,600
|
|
|
Higher Education, Refunding Series 2016AT-1, 5.000%, 6/15/31
|
|
|
|
|
|
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Subordinate Special
|
|
|
|
|
|
Revenue Bonds, Series 2010B-2:
|
|
|
|
|
370
|
5.000%, 12/01/30 (Pre-refunded 12/01/20)
|
12/20 at 100.00
|
N/R (4)
|
391,131
|
|
200
|
5.000%, 12/01/30 (Pre-refunded 12/01/20)
|
12/20 at 100.00
|
N/R (4)
|
210,914
|
|
430
|
5.000%, 12/01/30 (Pre-refunded 12/01/20)
|
12/20 at 100.00
|
A2 (4)
|
454,557
|
|
2,075
|
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Refunding Series 2009B,
|
12/19 at 100.00
|
A+ (4)
|
2,121,356
|
|
|
5.000%, 12/01/22 (Pre-refunded 12/01/19)
|
|
|
|
|
4,455
|
Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series 2015A,
|
7/24 at 100.00
|
A+
|
4,956,811
|
|
|
5.000%, 7/01/40
|
|
|
|
|
2,500
|
State Public School Building Authority, Pennsylvania, School Revenue Bonds, Harrisburg
|
5/19 at 100.00
|
AA (4)
|
2,509,800
|
|
|
School District, Refunding Series 2009A, 4.750%, 11/15/29 – AGC Insured (Pre-refunded 5/15/19)
|
|
|
|
|
13,545
|
Total Pennsylvania
|
|
|
14,672,692
|
|
|
Puerto Rico – 0.5%
|
|
|
|
|
945
|
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N,
|
No Opt. Call
|
C
|
1,036,807
|
|
|
5.250%, 7/01/31 – AMBAC Insured
|
|
|
|
NXR
|
Nuveen Select Tax-Free Income Portfolio 3
|
|
|
|
|
Portfolio of Investments (continued)
|
|
|
|
|
March 31, 2019
|
|
|
|
|
||||
|
||||
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
South Carolina – 0.6%
|
|
|
|
|
$ 1,270
|
South Carolina Transportation Infrastructure Bank, Revenue Bonds, Refunding Series
|
10/24 at 100.00
|
A1
|
$ 1,314,907
|
|
|
2015A, 2.900%, 10/01/25
|
|
|
|
|
|
South Dakota – 0.2%
|
|
|
|
|
400
|
South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sanford Health,
|
11/25 at 100.00
|
A+
|
453,388
|
|
|
Series 2015, 5.000%, 11/01/35
|
|
|
|
|
|
Tennessee – 0.4%
|
|
|
|
|
795
|
Chattanooga Health, Educational and Housing Facility Board, Tennessee, Revenue Bonds,
|
1/23 at 100.00
|
BBB+
|
853,949
|
|
|
Catholic Health Initiatives, Series 2013A, 5.250%, 1/01/45
|
|
|
|
|
|
Texas – 9.2%
|
|
|
|
|
250
|
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2011,
|
1/21 at 100.00
|
A– (4)
|
268,603
|
|
|
6.000%, 1/01/41 (Pre-refunded 1/01/21)
|
|
|
|
|
85
|
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien, Series 2015A,
|
7/25 at 100.00
|
A–
|
96,087
|
|
|
5.000%, 1/01/34
|
|
|
|
|
4,640
|
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Frst Tier
|
10/23 at 100.00
|
A+
|
5,163,856
|
|
|
Series 2013A, 5.500%, 4/01/53
|
|
|
|
|
|
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H:
|
|
|
|
|
1,405
|
0.000%, 11/15/32 – NPFG Insured
|
11/31 at 94.50
|
Baa2
|
839,066
|
|
2,510
|
0.000%, 11/15/36 – NPFG Insured
|
11/31 at 73.51
|
Baa2
|
1,147,321
|
|
2,235
|
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Third Lien Series 2004A-3,
|
11/24 at 62.71
|
Baa2
|
1,171,229
|
|
|
0.000%, 11/15/32 – NPFG Insured
|
|
|
|
|
|
Harris County-Houston Sports Authority, Texas, Special Revenue Bonds, Refunding Senior
|
|
|
|
|
|
Lien Series 2001A:
|
|
|
|
|
3,045
|
0.000%, 11/15/34 – NPFG Insured
|
11/30 at 78.27
|
AA
|
1,637,997
|
|
4,095
|
0.000%, 11/15/38 – NPFG Insured
|
11/30 at 61.17
|
AA
|
1,703,438
|
|
2,255
|
Love Field Airport Modernization Corporation, Texas, Special Facilities Revenue Bonds,
|
11/20 at 100.00
|
A3
|
2,348,605
|
|
|
Southwest Airlines Company, Series 2010, 5.250%, 11/01/40
|
|
|
|
|
125
|
Mission Economic Development Corporation, Texas, Revenue Bonds, Natgasoline Project,
|
10/21 at 105.00
|
BB–
|
130,018
|
|
|
Senior Lien Series 2018, 4.625%, 10/01/31 (AMT), 144A
|
|
|
|
|
290
|
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier Capital
|
1/25 at 100.00
|
AA
|
351,228
|
|
|
Appreciation Series 2008I, 6.200%, 1/01/42 – AGC Insured
|
|
|
|
|
2,000
|
Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds,
|
12/22 at 100.00
|
A3
|
2,160,600
|
|
|
Series 2012, 5.000%, 12/15/32
|
|
|
|
|
2,410
|
Texas Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First Tier Series
|
No Opt. Call
|
A–
|
2,082,360
|
|
|
2002A, 0.000%, 8/15/25 – AMBAC Insured
|
|
|
|
|
25,345
|
Total Texas
|
|
|
19,100,408
|
|
|
Virginia – 2.6%
|
|
|
|
|
3,500
|
Chesapeake, Virginia, Transportation System Senior Toll Road Revenue Bonds, Capital
|
7/28 at 100.00
|
BBB
|
3,179,645
|
|
|
Appreciation Series 2012B, 0.000%, 7/15/32 (5)
|
|
|
|
|
|
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River
|
|
|
|
|
|
Crossing, Opco LLC Project, Series 2012:
|
|
|
|
|
410
|
6.000%, 1/01/37 (AMT)
|
7/22 at 100.00
|
BBB
|
450,299
|
|
1,510
|
5.500%, 1/01/42 (AMT)
|
7/22 at 100.00
|
BBB
|
1,622,510
|
|
5,420
|
Total Virginia
|
|
|
5,252,454
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Washington – 4.4%
|
|
|
|
|
$ 990
|
Washington Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer
|
1/21 at 100.00
|
A+
|
$ 1,040,639
|
|
|
Research Center, Series 2011A, 5.625%, 1/01/35
|
|
|
|
|
4,000
|
Washington Health Care Facilities Authority, Revenue Bonds, Providence Health &
|
10/22 at 100.00
|
AA–
|
4,381,560
|
|
|
Services, Refunding Series 2012A, 5.000%, 10/01/32
|
|
|
|
|
1,700
|
Washington State Health Care Facilities Authority, Revenue Bonds, PeaceHealth Series
|
11/19 at 100.00
|
AA– (4)
|
1,733,745
|
|
|
2009, 5.000%, 11/01/28 (Pre-refunded 11/01/19)
|
|
|
|
|
1,725
|
Washington State, General Obligation Bonds, Various Purpose Series 2015B,
|
2/25 at 100.00
|
AA+
|
1,966,396
|
|
|
5.000%, 2/01/37
|
|
|
|
|
8,415
|
Total Washington
|
|
|
9,122,340
|
|
|
Wisconsin – 0.7%
|
|
|
|
|
1,250
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic,
|
2/22 at 100.00
|
A–
|
1,323,825
|
|
|
Series 2012B, 5.000%, 2/15/32
|
|
|
|
|
$ 231,325
|
Total Municipal Bonds (cost $175,475,766)
|
|
|
202,583,342
|
Principal
|
|
|
|
|
|
|
Amount (000)
|
Description (1)
|
Coupon
|
Maturity
|
Ratings (3)
|
Value
|
|
|
CORPORATE BONDS – 0.0%
|
|
|
|
|
|
|
Transportation – 0.0%
|
|
|
|
|
|
$ 87
|
Las Vegas Monorail Company, Senior Interest Bonds (7), (8)
|
5.500%
|
7/15/19
|
N/R
|
$ 57,725
|
|
24
|
Las Vegas Monorail Company, Senior Interest Bonds (7), (8)
|
5.500%
|
7/15/55
|
N/R
|
12,229
|
|
$ 111
|
Total Corporate Bonds (cost $4,757)
|
|
|
|
69,954
|
|
|
Total Long-Term Investments (cost $175,480,523)
|
|
|
|
202,653,296
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
SHORT-TERM INVESTMENTS – 1.0%
|
|
|
|
|
|
MUNICIPAL BONDS – 1.0%
|
|
|
|
|
|
Wisconsin – 1.0%
|
|
|
|
|
$ 2,050
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aspirus Wausau
|
5/19 at 100.00
|
A-1
|
$ 2,050,000
|
|
|
Hospital Inc, Variable Rate Demand Obligation, Series 2004, 1.530%, 8/15/34 (9)
|
|
|
|
|
$ 2,050
|
Total Short-Term Investments (cost $2,050,000)
|
|
|
2,050,000
|
|
|
Total Investments (cost $177,530,523) – 99.0%
|
|
|
204,703,296
|
|
|
Other Assets Less Liabilities – 1.0%
|
|
|
2,074,861
|
|
|
Net Assets Applicable to Common Shares – 100%
|
|
|
$ 206,778,157
|
NXR
|
Nuveen Select Tax-Free Income Portfolio 3
|
|
Portfolio of Investments (continued)
|
|
March 31, 2019
|
(1)
|
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares.
|
(2)
|
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. Optional Call Provisions are not covered by the report of independent registered public accounting firm.
|
(3)
|
For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. Ratings are not covered by the report of independent registered public accounting firm.
|
(4)
|
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest.
|
(5)
|
Step-up coupon bond, a bond with a coupon that increases (“steps up”), usually at regular intervals, while the bond is outstanding. The rate shown is the coupon as of the end of the reporting period.
|
(6)
|
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)
|
The tax-exempt municipal bonds previously held by the Fund were surrendered in conjunction with the issuer’s bankruptcy reorganization plan. In return, the Fund received one or more senior interest corporate bonds.
|
(8)
|
Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment classified as Level 3. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information.
|
(9)
|
Investment has a maturity of greater than one year, but has variable rate and/or demand features which qualify it as a short-term investment. The rate disclosed, as well as the reference rate and spread, where applicable, is that in effect as of the end of the reporting period. This rate changes periodically based on market conditions or a specified market index.
|
144A
|
Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.
|
AMT
|
Alternative Minimum Tax
|
ETM
|
Escrowed to maturity
|
|
See accompanying notes to financial statements.
|
NXC
|
Nuveen California Select Tax-Free
|
|
Income Portfolio
|
|
Portfolio of Investments
|
|
March 31, 2019
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
LONG-TERM INVESTMENTS – 96.8%
|
|
|
|
|
|
MUNICIPAL BONDS – 96.8%
|
|
|
|
|
|
Consumer Staples – 4.9%
|
|
|
|
|
$ 1,000
|
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds,
|
4/19 at 100.00
|
CCC
|
$ 1,000,030
|
|
|
Gold Country Settlement Funding Corporation, Refunding Series 2006, 5.250%, 6/01/46
|
|
|
|
|
25
|
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds,
|
5/19 at 100.00
|
A
|
25,063
|
|
|
Sonoma County Tobacco Securitization Corporation, Series 2005, 4.250%, 6/01/21
|
|
|
|
|
1,095
|
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement
|
6/22 at 100.00
|
B+
|
1,107,154
|
|
|
Asset-Backed Bonds, Senior Convertible Series 2007A-2, 5.300%, 6/01/37
|
|
|
|
|
100
|
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement
|
6/22 at 100.00
|
N/R
|
101,066
|
|
|
Asset-Backed Bonds, Series 2018A-1, 5.250%, 6/01/47
|
|
|
|
|
1,500
|
Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed
|
4/19 at 100.00
|
B–
|
1,506,840
|
|
|
Bonds, Series 2005A-1, 5.500%, 6/01/45
|
|
|
|
|
1,000
|
Tobacco Securitization Authority of Southern California, Tobacco Settlement Asset-Backed
|
4/19 at 100.00
|
BB+
|
1,000,110
|
|
|
Bonds, San Diego County Tobacco Asset Securitization Corporation, Senior Series 2006A,
|
|
|
|
|
|
5.000%, 6/01/37
|
|
|
|
|
4,720
|
Total Consumer Staples
|
|
|
4,740,263
|
|
|
Education and Civic Organizations – 0.9%
|
|
|
|
|
160
|
California Municipal Finance Authority, Charter School Revenue Bonds, Rocketship
|
6/22 at 102.00
|
N/R
|
178,274
|
|
|
Education?Multiple Projects, Series 2014A, 7.250%, 6/01/43
|
|
|
|
|
60
|
California School Finance Authority, School Facility Revenue Bonds, Alliance for
|
7/25 at 100.00
|
BBB
|
65,230
|
|
|
College-Ready Public Schools Project, Series 2016A, 5.000%, 7/01/46, 144A
|
|
|
|
|
385
|
California School Finance Authority, School Facility Revenue Bonds, Alliance for
|
7/25 at 101.00
|
BBB
|
421,667
|
|
|
College-Ready Public Schools Project, Series 2016C, 5.000%, 7/01/46
|
|
|
|
|
250
|
California Statewide Communities Development Authority, School Facility Revenue Bonds,
|
7/21 at 100.00
|
BBB–
|
267,447
|
|
|
Alliance College-Ready Public Schools, Series 2011A, 7.000%, 7/01/46
|
|
|
|
|
855
|
Total Education and Civic Organizations
|
|
|
932,618
|
|
|
Health Care – 10.2%
|
|
|
|
|
1,000
|
California Health Facilities Financing Authority, California, Revenue Bonds, Sutter
|
11/26 at 100.00
|
AA–
|
1,148,330
|
|
|
Health, Refunding Series 2016B, 5.000%, 11/15/46
|
|
|
|
|
1,000
|
California Health Facilities Financing Authority, California, Revenue Bonds, Sutter
|
11/27 at 100.00
|
AA–
|
1,154,880
|
|
|
Health, Refunding Series 2017A, 5.000%, 11/15/48
|
|
|
|
|
2,500
|
California Health Facilities Financing Authority, California, Revenue Bonds, Sutter
|
11/25 at 100.00
|
AA–
|
2,849,750
|
|
|
Health, Series 2016A, 5.000%, 11/15/41
|
|
|
|
|
1,000
|
California Health Facilities Financing Authority, California, Revenue Bonds, Sutter
|
11/27 at 100.00
|
AA–
|
1,154,880
|
|
|
Health, Series 2018A, 5.000%, 11/15/48
|
|
|
|
|
115
|
California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard
|
8/24 at 100.00
|
AA–
|
127,435
|
|
|
Children’s Hospital, Series 2014A, 5.000%, 8/15/43
|
|
|
|
|
125
|
California Health Facilities Financing Authority, Revenue Bonds, Providence Health &
|
10/24 at 100.00
|
AA–
|
142,665
|
|
|
Services, Refunding Series 2014A, 5.000%, 10/01/38
|
|
|
|
|
255
|
California Health Facilities Financing Authority, Revenue Bonds, Providence Health &
|
10/24 at 100.00
|
AA–
|
287,242
|
|
|
Services, Series 2014B, 5.000%, 10/01/44
|
|
|
|
|
235
|
California Health Facilities Financing Authority, Revenue Bonds, Rady Children’s
|
8/21 at 100.00
|
AA
|
250,052
|
|
|
Hospital – San Diego, Series 2011, 5.250%, 8/15/41
|
|
|
|
|
35
|
California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center,
|
7/27 at 100.00
|
Baa2
|
39,255
|
|
|
Refunding Series 2017A, 5.000%, 7/01/42
|
|
|
|
|
130
|
California Municipal Finance Authority, Revenue Bonds, NorthBay Healthcare Group, Series
|
11/26 at 100.00
|
BBB–
|
142,697
|
|
|
2017A, 5.250%, 11/01/41
|
|
|
|
|
350
|
California Statewide Communities Development Authority, California, Revenue Bonds, Loma
|
12/24 at 100.00
|
BB
|
387,733
|
|
|
Linda University Medical Center, Series 2014A, 5.250%, 12/01/34
|
|
|
|
NXC
|
Nuveen California Select Tax-Free Income Portfolio
|
|
||
|
Portfolio of Investments (continued)
|
|
|
|
|
March 31, 2019
|
|
|
|
|
||||
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Health Care (continued)
|
|
|
|
|
|
California Statewide Communities Development Authority, California, Revenue Bonds, Loma
|
|
|
|
|
|
Linda University Medical Center, Series 2016A:
|
|
|
|
|
$ 825
|
5.000%, 12/01/46, 144A
|
6/26 at 100.00
|
BB
|
$ 891,751
|
|
540
|
5.250%, 12/01/56, 144A
|
6/26 at 100.00
|
BB
|
590,792
|
|
670
|
San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series
|
12/21 at 100.00
|
BB
|
745,161
|
|
|
2011, 7.500%, 12/01/41
|
|
|
|
|
8,780
|
Total Health Care
|
|
|
9,912,623
|
|
|
Housing/Multifamily – 0.5%
|
|
|
|
|
|
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas
|
|
|
|
|
|
Affordable Housing Inc Projects, Senior Series 2014A:
|
|
|
|
|
25
|
5.250%, 8/15/39
|
8/24 at 100.00
|
BBB+
|
27,445
|
|
65
|
5.250%, 8/15/49
|
8/24 at 100.00
|
BBB+
|
70,987
|
|
395
|
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects
|
8/22 at 100.00
|
BBB
|
422,488
|
|
|
Series 2012A, 5.500%, 8/15/47
|
|
|
|
|
485
|
Total Housing/Multifamily
|
|
|
520,920
|
|
|
Tax Obligation/General – 22.1%
|
|
|
|
|
1,000
|
California State, General Obligation Bonds, Various Purpose Refunding Series 2015,
|
8/25 at 100.00
|
AA–
|
1,156,190
|
|
|
5.000%, 8/01/34
|
|
|
|
|
1,650
|
California State, General Obligation Bonds, Various Purpose Series 2009, 5.500%, 11/01/39
|
11/19 at 100.00
|
AA–
|
1,685,953
|
|
1,965
|
California State, General Obligation Bonds, Various Purpose Series 2011, 5.000%, 10/01/41
|
10/21 at 100.00
|
AA–
|
2,110,135
|
|
2,000
|
California State, General Obligation Bonds, Various Purpose Series 2012, 5.250%, 4/01/35
|
4/22 at 100.00
|
AA–
|
2,186,360
|
|
7,575
|
Palomar Pomerado Health, California, General Obligation Bonds, Convertible Capital
|
No Opt. Call
|
A2
|
4,462,584
|
|
|
Appreciation, Election 2004 Series 2010A, 0.000%, 8/01/34
|
|
|
|
|
1,000
|
San Benito High School District, San Benito and Santa Clara Counties, California,
|
8/27 at 100.00
|
Aa3
|
1,197,470
|
|
|
General Obligation Bonds, 2016 Election Series 2017, 5.250%, 8/01/46
|
|
|
|
|
8,075
|
San Bernardino Community College District, California, General Obligation Bonds,
|
No Opt. Call
|
AA
|
3,075,283
|
|
|
Election of 2008 Series 2009B, 0.000%, 8/01/44
|
|
|
|
|
2,050
|
San Mateo County Community College District, California, General Obligation Bonds,
|
9/28 at 100.00
|
AAA
|
2,451,841
|
|
|
Election 2014 Series 2018B, 5.000%, 9/01/45
|
|
|
|
|
1,000
|
Santa Barbara Unified School District, Santa Barbara County, California, General
|
8/27 at 100.00
|
Aa1
|
1,073,140
|
|
|
Obligation Bonds, Election of 2016 Series 2017A, 4.000%, 8/01/41
|
|
|
|
|
2,000
|
West Hills Community College District, California, General Obligation Bonds, School Facilities
|
8/31 at 100.00
|
AA
|
1,926,320
|
|
|
Improvement District 3, 2008 Election Series 2011, 0.000%, 8/01/38 – AGM Insured (4)
|
|
|
|
|
28,315
|
Total Tax Obligation/General
|
|
|
21,325,276
|
|
|
Tax Obligation/Limited – 20.4%
|
|
|
|
|
1,000
|
Bell Community Redevelopment Agency, California, Tax Allocation Bonds, Bell Project
|
5/19 at 100.00
|
AA
|
1,003,190
|
|
|
Area, Series 2003, 5.625%, 10/01/33 – RAAI Insured
|
|
|
|
|
2,000
|
California State Public Works Board, Lease Revenue Bonds, Department of Corrections &
|
9/23 at 100.00
|
A+
|
2,251,720
|
|
|
Rehabilitation, Various Correctional Facilities Series 2013F, 5.250%, 9/01/33
|
|
|
|
|
360
|
Chino Redevelopment Agency, California, Merged Chino Redevelopment Project Area Tax
|
5/19 at 100.00
|
A
|
360,868
|
|
|
Allocation Bonds, Series 2006, 5.000%, 9/01/38 – AMBAC Insured
|
|
|
|
|
500
|
Cofina Series 2007A Senior Bonds Due 2044 National Custodial Trust Tax-Exempt Trust Unit
|
No Opt. Call
|
N/R
|
438,750
|
|
|
Exchanged from Cusip 74529JAK1, 0.000%, 8/01/44 (5)
|
|
|
|
|
3,000
|
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement
|
6/25 at 100.00
|
A+
|
3,374,550
|
|
|
Asset-Backed Revenue Bonds, Refunding Series 2015A, 5.000%, 6/01/40
|
|
|
|
|
1,215
|
Los Angeles Community Redevelopment Agency, California, Lease Revenue Bonds, Vermont
|
5/19 at 100.00
|
Aa2
|
1,217,965
|
|
|
Manchester Social Services Project, Series 2005, 5.000%, 9/01/37 – AMBAC Insured
|
|
|
|
|
1,000
|
Los Angeles County Metropolitan Transportation Authority, California, Measure R Sales
|
6/26 at 100.00
|
AAA
|
1,172,450
|
|
|
Tax Revenue Bonds, Senior Series 2016A, 5.000%, 6/01/38
|
|
|
|
|
3,000
|
Los Angeles County Metropolitan Transportation Authority, California, Proposition C
|
7/27 at 100.00
|
AAA
|
3,540,210
|
|
|
Sales Tax Revenue Bonds, Senior Lien Series 2017A, 5.000%, 7/01/42
|
|
|
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Tax Obligation/Limited (continued)
|
|
|
|
|
$ 1,000
|
Norco Redevelopment Agency, California, Tax Allocation Bonds, Project Area 1, Series
|
5/19 at 100.00
|
A+
|
$ 1,004,270
|
|
|
2009, 7.000%, 3/01/34
|
|
|
|
|
50
|
Novato Redevelopment Agency, California, Tax Allocation Bonds, Hamilton Field
|
9/21 at 100.00
|
A–
|
55,122
|
|
|
Redevelopment Project, Series 2011, 6.750%, 9/01/40
|
|
|
|
|
320
|
Patterson Public Finance Authority, California, Revenue Bonds, Community Facilities
|
9/23 at 100.00
|
N/R
|
350,160
|
|
|
District 2001-1, Senior Series 2013A, 5.750%, 9/01/39
|
|
|
|
|
60
|
Patterson Public Finance Authority, California, Revenue Bonds, Community Facilities
|
9/23 at 100.00
|
N/R
|
65,959
|
|
|
District 2001-1, Subordinate Lien Series 2013B, 5.875%, 9/01/39
|
|
|
|
|
350
|
Patterson Public Finance Authority, Revenue Bonds, Community Facilities District 2001-1,
|
9/23 at 100.00
|
N/R
|
381,111
|
|
|
Senior Series 2013A, 5.250%, 9/01/30
|
|
|
|
|
30
|
Riverside County Redevelopment Agency, California, Tax Allocation Bonds, Jurupa Valley
|
10/21 at 100.00
|
A
|
33,543
|
|
|
Project Area, Series 2011B, 6.500%, 10/01/25
|
|
|
|
|
225
|
Sacramento City Financing Authority, California, Lease Revenue Refunding Bonds, Series
|
No Opt. Call
|
Aa3
|
233,485
|
|
|
1993A, 5.400%, 11/01/20 – NPFG Insured
|
|
|
|
|
20
|
San Clemente, California, Special Tax Revenue Bonds, Community Facilities District
|
9/25 at 100.00
|
N/R
|
21,878
|
|
|
2006-1 Marblehead Coastal, Series 2015, 5.000%, 9/01/40
|
|
|
|
|
1,365
|
San Diego County Regional Transportation Commission, California, Sales Tax Revenue
|
4/22 at 100.00
|
AAA
|
1,485,748
|
|
|
Bonds, Refunding Series 2012A, 5.000%, 4/01/42
|
|
|
|
|
65
|
San Francisco City and County Redevelopment Agency Successor Agency, California, Special
|
8/24 at 100.00
|
N/R
|
69,213
|
|
|
Tax Bonds, Community Facilities District 7, Hunters Point Shipyard Phase One Improvements,
|
|
|
|
|
|
Refunding Series 2014, 5.000%, 8/01/39
|
|
|
|
|
40
|
Signal Hill Redevelopment Agency, California, Project 1 Tax Allocation Bonds, Series
|
4/21 at 100.00
|
N/R
|
43,559
|
|
|
2011, 7.000%, 10/01/26
|
|
|
|
|
1,285
|
Stockton Public Financing Authority, Revenue Bonds, Arch Road East Community Facility
|
9/25 at 103.00
|
N/R
|
1,492,168
|
|
|
District 99-02, Series 2018A, 5.000%, 9/01/28
|
|
|
|
|
1,000
|
Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Series
|
10/22 at 100.00
|
AA
|
1,082,330
|
|
|
2012A, 5.000%, 10/01/32 – AGM Insured
|
|
|
|
|
17,885
|
Total Tax Obligation/Limited
|
|
|
19,678,249
|
|
|
Transportation – 8.5%
|
|
|
|
|
530
|
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds,
|
1/24 at 100.00
|
BBB+
|
623,047
|
|
|
Refunding Junior Lien Series 2013C, 6.500%, 1/15/43
|
|
|
|
|
|
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds,
|
|
|
|
|
|
Refunding Series 2013A:
|
|
|
|
|
1,000
|
5.000%, 1/15/42 – AGM Insured
|
1/24 at 100.00
|
AA
|
1,102,950
|
|
1,170
|
5.750%, 1/15/46
|
1/24 at 100.00
|
A–
|
1,345,020
|
|
1,175
|
6.000%, 1/15/53
|
1/24 at 100.00
|
A–
|
1,371,378
|
|
800
|
Long Beach, California, Harbor Revenue Bonds, Series 2015D, 5.000%, 5/15/42
|
5/25 at 100.00
|
AA
|
915,728
|
|
1,525
|
Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International
|
5/28 at 100.00
|
AA–
|
1,805,722
|
|
|
Airport, Subordinate Lien Series 2018A, 5.250%, 5/15/48 (AMT)
|
|
|
|
|
955
|
Port of Oakland, California, Revenue Bonds, Refunding Series 2012P, 5.000%, 5/01/31 (AMT)
|
5/22 at 100.00
|
A+
|
1,035,000
|
|
7,155
|
Total Transportation
|
|
|
8,198,845
|
|
|
U.S. Guaranteed – 6.7% (6)
|
|
|
|
|
350
|
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects
|
8/20 at 100.00
|
BBB
|
372,088
|
|
|
Series 2010A, 6.400%, 8/15/45 (Pre-refunded 8/15/20)
|
|
|
|
|
1,500
|
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects,
|
11/19 at 100.00
|
A+
|
1,543,695
|
|
|
Series 2009-I, 6.375%, 11/01/34 (Pre-refunded 11/01/19)
|
|
|
|
|
1,000
|
Imperial Irrigation District, California, Electric System Revenue Bonds, Refunding
|
11/20 at 100.00
|
AA–
|
1,065,000
|
|
|
Series 2011A, 5.500%, 11/01/41 (Pre-refunded 11/01/20)
|
|
|
|
|
135
|
National City Community Development Commission, California, Tax Allocation Bonds,
|
8/21 at 100.00
|
A
|
151,014
|
|
|
National City Redevelopment Project, Series 2011, 6.500%, 8/01/24 (Pre-refunded 8/01/21)
|
|
|
|
|
500
|
Palomar Pomerado Health Care District, California, Certificates of Participation, Series
|
11/19 at 100.00
|
N/R
|
514,810
|
|
|
2009, 6.625%, 11/01/29 (Pre-refunded 11/01/19)
|
|
|
|
NXC
|
Nuveen California Select Tax-Free Income Portfolio
|
|
||
|
Portfolio of Investments (continued)
|
|
|
|
|
March 31, 2019
|
|
|
|
|
||||
|
||||
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
U.S. Guaranteed (6) (continued)
|
|
|
|
|
$ 1,100
|
Palomar Pomerado Health Care District, California, Certificates of Participation, Series
|
11/20 at 100.00
|
Ba1
|
$ 1,178,276
|
|
|
2010, 6.000%, 11/01/41 (Pre-refunded 11/01/20)
|
|
|
|
|
160
|
Rancho Santa Fe CSD Financing Authority, California, Revenue Bonds, Superior Lien Series
|
9/21 at 100.00
|
A–
|
176,622
|
|
|
2011A, 5.750%, 9/01/30 (Pre-refunded 9/01/21)
|
|
|
|
|
25
|
San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds,
|
2/21 at 100.00
|
A–
|
27,456
|
|
|
Mission Bay North Redevelopment Project, Series 2011C, 6.750%, 8/01/41 (Pre-refunded 2/01/21)
|
|
|
|
|
|
San Francisco Redevelopment Financing Authority, California, Tax Allocation Revenue
|
|
|
|
|
|
Bonds, Mission Bay South Redevelopment Project, Series 2011D:
|
|
|
|
|
25
|
7.000%, 8/01/33 (Pre-refunded 2/01/21)
|
2/21 at 100.00
|
BBB+
|
27,550
|
|
30
|
7.000%, 8/01/41 (Pre-refunded 2/01/21)
|
2/21 at 100.00
|
BBB+
|
33,060
|
|
360
|
Turlock Public Financing Authority, California, Tax Allocation Revenue Bonds, Series
|
3/21 at 100.00
|
A–
|
401,684
|
|
|
2011, 7.500%, 9/01/39 (Pre-refunded 3/01/21)
|
|
|
|
|
800
|
Upland, California, Certificates of Participation, San Antonio Community Hospital,
|
1/21 at 100.00
|
BBB+
|
870,160
|
|
|
Series 2011, 6.500%, 1/01/41 (Pre-refunded 1/01/21)
|
|
|
|
|
70
|
Yorba Linda Redevelopment Agency, Orange County, California, Tax Allocation Revenue
|
9/21 at 100.00
|
N/R
|
78,497
|
|
|
Bonds, Yorba Linda Redevelopment Project, Subordinate Lien Series 2011A, 6.500%, 9/01/32
|
|
|
|
|
|
(Pre-refunded 9/01/21)
|
|
|
|
|
6,055
|
Total U.S. Guaranteed
|
|
|
6,439,912
|
|
|
Utilities – 7.0%
|
|
|
|
|
645
|
Long Beach Bond Finance Authority, California, Natural Gas Purchase Revenue Bonds,
|
No Opt. Call
|
A+
|
845,827
|
|
|
Series 2007A, 5.500%, 11/15/37
|
|
|
|
|
3,000
|
Los Angeles Department of Water and Power, California, Power System Revenue Bonds,
|
7/27 at 100.00
|
AA
|
3,494,550
|
|
|
Series 2017C, 5.000%, 7/01/47
|
|
|
|
|
2,000
|
Los Angeles Department of Water and Power, California, Power System Revenue Bonds,
|
1/28 at 100.00
|
AA
|
2,388,620
|
|
|
Series 2018A, 5.000%, 7/01/38
|
|
|
|
|
5,645
|
Total Utilities
|
|
|
6,728,997
|
|
|
Water and Sewer – 15.6%
|
|
|
|
|
1,000
|
Bay Area Water Supply and Conservation Agency, California, Revenue Bonds, Capital Cost
|
4/23 at 100.00
|
AA–
|
1,113,950
|
|
|
Recovery Prepayment Program, Series 2013A, 5.000%, 10/01/34
|
|
|
|
|
1,480
|
California Infrastructure and Economic Development Bank, Clean Water State Revolving
|
4/27 at 100.00
|
AAA
|
1,790,460
|
|
|
Fund Revenue Bonds, Green Series 2017, 5.000%, 10/01/33
|
|
|
|
|
|
California Pollution Control Financing Authority, Water Furnishing Revenue Bonds,
|
|
|
|
|
|
Poseidon Resources Channelside LP Desalination Project, Series 2012:
|
|
|
|
|
375
|
5.000%, 7/01/37, 144A (AMT)
|
7/22 at 100.00
|
Baa3
|
398,501
|
|
1,160
|
5.000%, 11/21/45, 144A (AMT)
|
7/22 at 100.00
|
Baa3
|
1,224,229
|
|
1,730
|
East Bay Municipal Utility District, Alameda and Contra Costa Counties, California,
|
6/27 at 100.00
|
AAA
|
1,860,702
|
|
|
Water System Revenue Bonds, Green Series 2017A, 4.000%, 6/01/45
|
|
|
|
|
2,000
|
Escondido Joint Powers Financing Authority, California, Revenue Bonds, Water System
|
3/22 at 100.00
|
AA–
|
2,154,660
|
|
|
Financing, Series 2012, 5.000%, 9/01/41
|
|
|
|
|
2,000
|
Irvine Ranch Water District, California, Certificates of Participation, Irvine Ranch
|
9/26 at 100.00
|
AAA
|
2,342,260
|
|
|
Water District Series 2016, 5.000%, 3/01/41
|
|
|
|
|
1,970
|
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series
|
7/24 at 100.00
|
AA+
|
2,220,131
|
|
|
2014A, 5.000%, 7/01/44
|
|
|
|
|
1,000
|
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series
|
7/28 at 100.00
|
AA+
|
1,207,860
|
|
|
2018B, 5.000%, 7/01/38
|
|
|
|
|
620
|
Los Angeles, California, Wastewater System Revenue Bonds, Green Subordinate Lien Series
|
6/27 at 100.00
|
AA
|
741,625
|
|
|
2017A, 5.250%, 6/01/47
|
|
|
|
|
13,335
|
Total Water and Sewer
|
|
|
15,054,378
|
|
$ 93,230
|
Total Long-Term Investments (cost $84,948,220)
|
|
|
$ 93,532,081
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provision (2)
|
Ratings (3)
|
Value
|
|
|
SHORT-TERM INVESTMENTS – 2.0%
|
|
|
|
|
|
MUNICIPAL BONDS – 2.0%
|
|
|
|
|
|
Health Care – 2.0%
|
|
|
|
|
$ 500
|
California Health Facilities Financing Authority, Revenue Bonds, Childrens Hospital of Orange
|
5/19 at 100.00
|
A-1+
|
$ 500,000
|
|
|
County, Variable Rate Demand Obligation, Series 2009C, 1.320%, 11/01/38 (7)
|
|
|
|
|
1,390
|
California Statewide Communities Development Authority, Revenue Bonds, Kaiser Permanente,
|
6/19 at 100.00
|
A-1+
|
1,390,000
|
|
|
Series 2008A, Variable Rate Demand Obligation, 1.400%, 4/01/32 (7)
|
|
|
|
|
$ 1,890
|
Total Short-Term Investments (cost $1,890,000)
|
|
|
1,890,000
|
|
|
Total Investments (cost $86,838,220) – 98.8%
|
|
|
95,422,081
|
|
|
Other Assets Less Liabilities – 1.2%
|
|
|
1,151,343
|
|
|
Net Assets Applicable to Common Shares – 100%
|
|
|
$ 96,573,424
|
(1)
|
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares.
|
(2)
|
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. Optional Call Provisions are not covered by the report of independent registered public accounting firm.
|
(3)
|
For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. Ratings are not covered by the report of independent registered public accounting firm.
|
(4)
|
Step-up coupon bond, a bond with a coupon that increases (“steps up”), usually at regular intervals, while the bond is outstanding. The rate shown is the coupon as of the end of the reporting period.
|
(5)
|
Effective February 12, 2019, the par value of the original bonds was replaced with taxable and tax exempt Puerto Rico Sales Tax Financing Corporation (commonly known as COFINA) bond units that are collateralized by a bundle of zero and coupon paying bonds. The quantity shown represents units in a trust, which were assigned according to the original bond’s accreted value. These securities do not have a stated coupon interest rate and income will be recognized through accretion of the discount associated with the trust units. The factor at which these units accrete can also decrease, primarily for principal payments generated from coupon payments received or dispositions of the underlying bond collateral. The quantity of units will not change as a result of these principal payments.
|
(6)
|
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.
|
(7)
|
Investment has a maturity of greater than one year, but has variable rate and/or demand features which qualify it as a short-term investment. The rate disclosed, as well as the reference rate and spread, where applicable, is that in effect as of the end of the reporting period. This rate changes periodically based on market conditions or a specified market index.
|
144A
|
Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.
|
AMT
|
Alternative Minimum Tax
|
|
See accompanying notes to financial statements.
|
NXN
|
Nuveen New York Select Tax-Free
|
|
Income Portfolio
|
|
Portfolio of Investments
|
|
March 31, 2019
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
LONG-TERM INVESTMENTS – 98.2%
|
|
|
|
|
|
MUNICIPAL BONDS – 98.2%
|
|
|
|
|
|
Consumer Staples – 5.6%
|
|
|
|
|
$ 435
|
Erie County Tobacco Asset Securitization Corporation, New York, Tobacco Settlement
|
5/19 at 100.00
|
BB+
|
$ 435,052
|
|
|
Asset-Backed Bonds, Series 2005A, 5.000%, 6/01/38
|
|
|
|
|
150
|
Nassau County Tobacco Settlement Corporation, New York, Tobacco Settlement Asset-Backed
|
4/19 at 100.00
|
B–
|
150,035
|
|
|
Bonds, Refunding Series 2006A-2, 5.250%, 6/01/26
|
|
|
|
|
275
|
Nassau County Tobacco Settlement Corporation, New York, Tobacco Settlement Asset-Backed
|
5/19 at 100.00
|
B–
|
274,989
|
|
|
Bonds, Series 2006A-3, 5.000%, 6/01/35
|
|
|
|
|
|
New York Counties Tobacco Trust VI, New York, Tobacco Settlement Pass-Through Bonds,
|
|
|
|
|
|
Series 2016A-1:
|
|
|
|
|
445
|
5.625%, 6/01/35
|
No Opt. Call
|
BBB
|
476,755
|
|
1,530
|
5.750%, 6/01/43
|
No Opt. Call
|
BBB
|
1,739,472
|
|
2,835
|
Total Consumer Staples
|
|
|
3,076,303
|
|
|
Education and Civic Organizations – 19.6%
|
|
|
|
|
165
|
Albany Industrial Development Agency, New York, Revenue Bonds, Brighter Choice Charter
|
5/19 at 100.00
|
B
|
159,489
|
|
|
Schools, Series 2007A, 5.000%, 4/01/37
|
|
|
|
|
280
|
Buffalo and Erie County Industrial Land Development Corporation, New York, Revenue
|
12/20 at 100.00
|
B+
|
289,206
|
|
|
Bonds, Enterprise Charter School Project, Series 2011A, 7.500%, 12/01/40
|
|
|
|
|
|
Build New York City Resource Corporation, New York, Revenue Bonds, South Bronx Charter
|
|
|
|
|
|
School for International Cultures and the Arts Project, Series 2013A:
|
|
|
|
|
75
|
5.000%, 4/15/33
|
4/23 at 100.00
|
BB+
|
77,430
|
|
110
|
5.000%, 4/15/43
|
4/23 at 100.00
|
BB+
|
112,824
|
|
150
|
Dormitory Authority of the State of New York, General Revenue Bonds, Saint Johns
|
7/23 at 100.00
|
A–
|
163,821
|
|
|
University, Series 2013A, 5.000%, 7/01/44
|
|
|
|
|
1,000
|
Dormitory Authority of the State of New York, Housing Revenue Bonds, Fashion Institute
|
No Opt. Call
|
Baa2
|
1,228,610
|
|
|
of Technology, Series 2007, 5.250%, 7/01/34 – FGIC Insured
|
|
|
|
|
|
Dormitory Authority of the State of New York, Lease Revenue Bonds, State University
|
|
|
|
|
|
Dormitory Facilities, Series 2015A:
|
|
|
|
|
20
|
5.000%, 7/01/31
|
7/25 at 100.00
|
Aa3
|
23,160
|
|
25
|
5.000%, 7/01/33
|
7/25 at 100.00
|
Aa3
|
28,748
|
|
405
|
Dormitory Authority of the State of New York, Revenue Bonds, Barnard College, Series
|
5/19 at 100.00
|
Baa2
|
406,122
|
|
|
2007A, 5.000%, 7/01/37 – NPFG Insured
|
|
|
|
|
1,000
|
Dormitory Authority of the State of New York, Revenue Bonds, Columbia University, Series
|
4/21 at 100.00
|
AAA
|
1,062,270
|
|
|
2011A, 5.000%, 10/01/41
|
|
|
|
|
605
|
Dormitory Authority of the State of New York, Revenue Bonds, Icahn School of Medicine at
|
7/25 at 100.00
|
A–
|
673,317
|
|
|
Mount Sinai, Refunding Series 2015A, 5.000%, 7/01/40
|
|
|
|
|
290
|
Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series
|
7/25 at 100.00
|
Aa2
|
334,918
|
|
|
2015A, 5.000%, 7/01/35
|
|
|
|
|
1,185
|
Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series
|
7/26 at 100.00
|
Aa2
|
1,377,705
|
|
|
2016A, 5.000%, 7/01/39
|
|
|
|
|
1,800
|
Dormitory Authority of the State of New York, Revenue Bonds, Non State Supported Debt,
|
7/20 at 100.00
|
Aa1
|
1,869,228
|
|
|
Cornell University, Series 2010A, 5.000%, 7/01/40
|
|
|
|
|
120
|
Dormitory Authority of the State of New York, Revenue Bonds, Saint Joseph’s College,
|
7/20 at 100.00
|
Ba1
|
122,168
|
|
|
Series 2010, 5.250%, 7/01/35
|
|
|
|
|
250
|
Dormitory Authority of the State of New York, Revenue Bonds, Vaughn College of
|
12/26 at 100.00
|
BB–
|
269,058
|
|
|
Aeronautics & Technology, Series 2016A, 5.500%, 12/01/36, 144A
|
|
|
|
|
215
|
Glen Cove Local Economic Assistance Corporation, New York, Revenue Bonds, Garvies Point
|
1/34 at 100.00
|
N/R
|
182,569
|
|
|
Public Improvement Project, Capital Appreciation Series 2016C, 0.000%, 1/01/55 (4)
|
|
|
|
|
110
|
Hempstead Town Local Development Corporation, New York, Revenue Bonds, Adelphi
|
9/23 at 100.00
|
A–
|
121,433
|
|
|
University Project, Series 2013, 5.000%, 9/01/38
|
|
|
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Education and Civic Organizations (continued)
|
|
|
|
|
|
New York City Industrial Development Agency, New York, PILOT Revenue Bonds, Queens
|
|
|
|
|
|
Baseball Stadium Project, Series 2006:
|
|
|
|
|
$ 500
|
5.000%, 1/01/31 – AMBAC Insured
|
5/19 at 100.00
|
BBB
|
$ 501,135
|
|
430
|
4.750%, 1/01/42 – AMBAC Insured
|
5/19 at 100.00
|
BBB
|
430,400
|
|
300
|
New York City Industrial Development Authority, New York, PILOT Revenue Bonds, Yankee
|
5/19 at 100.00
|
Baa1
|
300,288
|
|
|
Stadium Project, Series 2006, 4.750%, 3/01/46 – NPFG Insured
|
|
|
|
|
1,005
|
New York City Trust for Cultural Resources, New York, Revenue Bonds, Wildlife
|
8/23 at 100.00
|
AA–
|
1,125,992
|
|
|
Conservation Society, Series 2014A, 5.000%, 8/01/32
|
|
|
|
|
10,040
|
Total Education and Civic Organizations
|
|
|
10,859,891
|
|
|
Financials – 1.0%
|
|
|
|
|
450
|
Liberty Development Corporation, New York, Goldman Sachs Headquarter Revenue Bonds,
|
No Opt. Call
|
A
|
578,034
|
|
|
Series 2005, 5.250%, 10/01/35
|
|
|
|
|
|
Health Care – 1.0%
|
|
|
|
|
100
|
Dormitory Authority of the State of New York, Highland Hospital of Rochester Revenue
|
7/20 at 100.00
|
A
|
103,639
|
|
|
Bonds, Series 2010, 5.200%, 7/01/32
|
|
|
|
|
200
|
Dutchess County Local Development Corporation, New York, Revenue Bonds, Health Quest
|
7/26 at 100.00
|
A–
|
208,426
|
|
|
Systems, Inc. Project, Series 2016B, 4.000%, 7/01/41
|
|
|
|
|
220
|
Yonkers Industrial Development Agency, New York, Revenue Bonds, St. John’s Riverside
|
5/19 at 100.00
|
B–
|
216,768
|
|
|
Hospital, Series 2001B, 7.125%, 7/01/31
|
|
|
|
|
520
|
Total Health Care
|
|
|
528,833
|
|
|
Industrials – 3.9%
|
|
|
|
|
160
|
Build New York City Resource Corporation, New York, Solid Waste Disposal Revenue Bonds,
|
1/25 at 100.00
|
N/R
|
172,656
|
|
|
Pratt Paper NY, Inc Project, Series 2014, 5.000%, 1/01/35, 144A (AMT)
|
|
|
|
|
1,865
|
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade
|
11/24 at 100.00
|
N/R
|
1,989,843
|
|
|
Center Project, Class 1 Series 2014, 5.000%, 11/15/44, 144A
|
|
|
|
|
2,025
|
Total Industrials
|
|
|
2,162,499
|
|
|
Long-Term Care – 0.2%
|
|
|
|
|
100
|
Dormitory Authority of the State of New York, Non-State Supported Debt, Ozanam Hall of
|
5/19 at 100.00
|
A2
|
100,149
|
|
|
Queens Nursing Home Revenue Bonds, Series 2006, 5.000%, 11/01/31
|
|
|
|
|
|
Tax Obligation/General – 3.4%
|
|
|
|
|
1,080
|
New York City, New York, General Obligation Bonds, Fiscal 2017 Series B-1, 5.000%, 12/01/41
|
12/26 at 100.00
|
Aa1
|
1,248,545
|
|
600
|
Yonkers, New York, General Obligation Bonds, Refunding Series 2011A, 5.000%, 10/01/24 –
|
10/21 at 100.00
|
AA
|
652,824
|
|
|
AGM Insured
|
|
|
|
|
1,680
|
Total Tax Obligation/General
|
|
|
1,901,369
|
|
|
Tax Obligation/Limited – 19.0%
|
|
|
|
|
1,050
|
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds,
|
2/22 at 100.00
|
AA+
|
1,139,092
|
|
|
General Purpose Series 2012D, 5.000%, 2/15/37
|
|
|
|
|
1,000
|
Dormitory Authority of the State of New York, State Sales Tax Revenue Bonds, Series
|
9/25 at 100.00
|
AA+
|
1,158,590
|
|
|
2015B. Group A,B&C, 5.000%, 3/15/35
|
|
|
|
|
1,000
|
Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D, 5.000%,
|
No Opt. Call
|
BB
|
1,130,830
|
|
|
11/15/25
|
|
|
|
|
800
|
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Second Indenture
|
2/27 at 100.00
|
Aa2
|
934,784
|
|
|
Fiscal 2017 Series A, 5.000%, 2/15/38
|
|
|
|
|
760
|
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012
|
2/21 at 100.00
|
Aa2
|
814,925
|
|
|
Series 2011A, 5.750%, 2/15/47
|
|
|
|
|
1,000
|
New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds,
|
7/25 at 100.00
|
AA
|
1,146,790
|
|
|
Fiscal Series 2015S-2, 5.000%, 7/15/40
|
|
|
|
|
1,000
|
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds,
|
5/23 at 100.00
|
AAA
|
1,106,420
|
|
|
Subordinate Fiscal 2013 Series I, 5.000%, 5/01/38
|
|
|
|
|
450
|
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds,
|
2/24 at 100.00
|
AAA
|
507,155
|
|
|
Subordinate Fiscal 2014 Series D-1, 5.000%, 2/01/35
|
|
|
|
NXN
|
Nuveen New York Select Tax-Free Income Portfolio
|
|
||
|
Portfolio of Investments (continued)
|
|
|
|
|
March 31, 2019
|
|
|
|
|
||||
|
||||
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Tax Obligation/Limited (continued)
|
|
|
|
|
$ 500
|
New York City Transitional Finance Authority, New York, Future Tax Secured Revenue
|
2/21 at 100.00
|
AAA
|
$ 532,975
|
|
|
Bonds, Subordinate Series 2011-D1, 5.250%, 2/01/30
|
|
|
|
|
535
|
New York City Transitional Finance Authority, New York, Future Tax Secured Revenue
|
6/19 at 100.00
|
AAA
|
539,146
|
|
|
Bonds, Tender Option Bond Trust 2015-XF0080, 10.744%, 5/01/38, 144A (IF)
|
|
|
|
|
570
|
New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Second General,
|
No Opt. Call
|
AA+
|
592,715
|
|
|
Series 2005B, 5.500%, 4/01/20 – AMBAC Insured (UB) (5)
|
|
|
|
|
845
|
Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Series
|
10/22 at 100.00
|
AA
|
914,569
|
|
|
2012A, 5.000%, 10/01/32 – AGM Insured
|
|
|
|
|
9,510
|
Total Tax Obligation/Limited
|
|
|
10,517,991
|
|
|
Transportation – 18.6%
|
|
|
|
|
1,000
|
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series
|
5/24 at 100.00
|
AA–
|
1,118,810
|
|
|
2014B, 5.250%, 11/15/38
|
|
|
|
|
250
|
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 4 World Trade
|
11/21 at 100.00
|
A+
|
267,360
|
|
|
Center Project, Series 2011, 5.000%, 11/15/44
|
|
|
|
|
|
New York Transportation Development Corporation, New York, Special Facility Revenue Bonds,
|
|
|
|
|
|
American Airlines, Inc John F Kennedy International Airport Project, Refunding Series 2016:
|
|
|
|
|
345
|
5.000%, 8/01/26 (AMT)
|
8/21 at 100.00
|
BB
|
362,088
|
|
685
|
5.000%, 8/01/31 (AMT)
|
8/21 at 100.00
|
BB
|
713,599
|
|
700
|
New York Transportation Development Corporation, New York, Special Facility Revenue
|
1/28 at 100.00
|
Baa3
|
816,991
|
|
|
Bonds, Delta Air Lines, Inc – LaGuardia Airport Terminals C&D Redevelopment Project, Series
|
|
|
|
|
|
2018, 5.000%, 1/01/32 (AMT)
|
|
|
|
|
980
|
New York Transportation Development Corporation, Special Facilities Bonds, LaGuardia
|
7/24 at 100.00
|
BBB
|
1,061,252
|
|
|
Airport Terminal B Redevelopment Project, Series 2016A, 5.000%, 7/01/46 (AMT)
|
|
|
|
|
1,000
|
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred
|
10/25 at 100.00
|
AA–
|
1,150,730
|
|
|
Ninety-Fourth Series 2015, 5.250%, 10/15/55
|
|
|
|
|
1,500
|
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, Two Hundred
|
9/28 at 100.00
|
AA–
|
1,775,715
|
|
|
Eleventh Series 2018, 5.000%, 9/01/48
|
|
|
|
|
|
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air
|
|
|
|
|
|
Terminal LLC Project, Eigth Series 2010:
|
|
|
|
|
290
|
6.500%, 12/01/28
|
5/19 at 100.00
|
BBB+
|
302,658
|
|
215
|
6.000%, 12/01/36
|
12/20 at 100.00
|
BBB+
|
228,184
|
|
1,000
|
Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, MTA
|
5/27 at 100.00
|
AA–
|
1,185,820
|
|
|
Bridges & Tunnels, Refunding Series 2017B, 5.000%, 11/15/36
|
|
|
|
|
1,095
|
Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, MTA
|
5/27 at 100.00
|
AA–
|
1,274,284
|
|
|
Bridges & Tunnels, Series 2017A, 5.000%, 11/15/47
|
|
|
|
|
9,060
|
Total Transportation
|
|
|
10,257,491
|
|
|
U.S. Guaranteed – 8.5% (6)
|
|
|
|
|
750
|
Dormitory Authority of the State of New York, Revenue Bonds, NYU Hospitals Center,
|
7/20 at 100.00
|
A–
|
792,105
|
|
|
Series 2011A, 6.000%, 7/01/40 (Pre-refunded 7/01/20)
|
|
|
|
|
1,240
|
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012
|
2/21 at 100.00
|
Aa2
|
1,338,444
|
|
|
Series 2011A, 5.750%, 2/15/47 (Pre-refunded 2/15/21)
|
|
|
|
|
400
|
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A,
|
5/21 at 100.00
|
A–
|
428,996
|
|
|
5.000%, 5/01/38 (Pre-refunded 5/01/21)
|
|
|
|
|
2,000
|
Monroe County Industrial Development Corporation, New York, Revenue Bonds, University
|
7/21 at 100.00
|
AA–
|
2,158,700
|
|
|
of Rochester Project, Series 2011B, 5.000%, 7/01/41 (Pre-refunded 7/01/21)
|
|
|
|
|
4,390
|
Total U.S. Guaranteed
|
|
|
4,718,245
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Utilities – 8.4%
|
|
|
|
|
$ 550
|
Chautauqua County Industrial Development Agency, New York, Exempt Facility Revenue
|
2/20 at 100.00
|
BBB–
|
$ 565,004
|
|
|
Bonds, NRG Dunkirk Power Project, Series 2009, 5.875%, 4/01/42
|
|
|
|
|
35
|
Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/34
|
10/22 at 100.00
|
BBB
|
37,023
|
|
50
|
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series
|
9/24 at 100.00
|
A–
|
55,354
|
|
|
2014A, 5.000%, 9/01/44
|
|
|
|
|
180
|
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series
|
9/27 at 100.00
|
A–
|
207,545
|
|
|
2017, 5.000%, 9/01/47
|
|
|
|
|
150
|
Niagara Area Development Corporation, New York, Solid Waste Disposal Facility Revenue
|
7/23 at 100.00
|
B1
|
153,404
|
|
|
Refunding Bonds, Covanta Energy Project, Series 2018A, 4.750%, 11/01/42, 144A (AMT)
|
|
|
|
|
1,365
|
Utility Debt Securitization Authority, New York, Restructuring Bonds, Series 2013TE,
|
12/23 at 100.00
|
AAA
|
1,538,082
|
|
|
5.000%, 12/15/41
|
|
|
|
|
1,750
|
Utility Debt Securitization Authority, New York, Restructuring Bonds, Series 2016B,
|
6/26 at 100.00
|
AAA
|
2,066,610
|
|
|
5.000%, 12/15/35
|
|
|
|
|
4,080
|
Total Utilities
|
|
|
4,623,022
|
|
|
Water and Sewer – 9.0%
|
|
|
|
|
200
|
Buffalo Municipal Water Finance Authority, New York, Water System Revenue Bonds,
|
7/25 at 100.00
|
A
|
232,662
|
|
|
Refunding Series 2015A, 5.000%, 7/01/29
|
|
|
|
|
3,000
|
New York City Municipal Water Finance Authority, New York, Water and Sewer System Second
|
12/27 at 100.00
|
AA+
|
3,541,470
|
|
|
General Resolution Revenue Bonds, Fiscal 2018 Series EE, 5.000%, 6/15/40
|
|
|
|
|
1,000
|
New York State Environmental Facilities Corporation, State Clean Water and Drinking
|
6/27 at 100.00
|
AAA
|
1,176,040
|
|
|
Water Revolving Funds Revenue Bonds, New York City Municipal Water Finance Authority
|
|
|
|
|
|
Projects-Second Resolution Bonds,, 5.000%, 6/15/42
|
|
|
|
|
4,200
|
Total Water and Sewer
|
|
|
4,950,172
|
|
$ 48,890
|
Total Long-Term Investments (cost $51,483,087)
|
|
|
54,273,999
|
|
|
Floating Rate Obligations – (0.8)%
|
|
|
(425,000)
|
|
|
Other Assets Less Liabilities – 2.6%
|
|
|
1,420,968
|
|
|
Net Assets Applicable to Common Shares – 100%
|
|
|
$ 55,269,967
|
(1)
|
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares.
|
(2)
|
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. Optional Call Provisions are not covered by the report of independent registered public accounting firm.
|
(3)
|
For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. Ratings are not covered by the report of independent registered public accounting firm.
|
(4)
|
Step-up coupon bond, a bond with a coupon that increases (“steps up”), usually at regular intervals, while the bond is outstanding. The rate shown is the coupon as of the end of the reporting period.
|
(5)
|
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
|
(6)
|
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.
|
144A
|
Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.
|
AMT
|
Alternative Minimum Tax
|
IF
|
Inverse floating rate security issued by a tender option bond (“TOB”) trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association (SIFMA) short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust.
|
UB
|
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.
|
|
See accompanying notes to financial statements.
|
NXP
|
NXQ
|
NXR
|
NXC
|
NXN
|
|||||||||||||||||
Assets
|
|||||||||||||||||||||
Long-term investments, at value (cost $220,809,565,
|
|||||||||||||||||||||
$230,992,341, $175,480,523, $84,948,220
|
|||||||||||||||||||||
and $51,483,087, respectively)
|
$
|
249,966,407
|
$
|
256,577,541
|
$
|
202,653,296
|
$
|
93,532,081
|
$
|
54,273,999
|
|||||||||||
Short-term investments, at value (cost
|
|||||||||||||||||||||
approximates value)
|
4,800,000
|
4,000,000
|
2,050,000
|
1,890,000
|
—
|
||||||||||||||||
Cash
|
479,601
|
832,034
|
487,102
|
206,734
|
906,225
|
||||||||||||||||
Receivable for:
|
|||||||||||||||||||||
Interest
|
2,518,360
|
2,749,465
|
1,964,513
|
1,155,982
|
719,146
|
||||||||||||||||
Investments sold
|
—
|
—
|
280,000
|
110,000
|
—
|
||||||||||||||||
Other assets
|
59,787
|
62,428
|
46,448
|
22,846
|
14,089
|
||||||||||||||||
Total assets
|
257,824,155
|
264,221,468
|
207,481,359
|
96,917,643
|
55,913,459
|
||||||||||||||||
Liabilities
|
|||||||||||||||||||||
Floating rate obligations
|
—
|
—
|
—
|
—
|
425,000
|
||||||||||||||||
Payable for dividends
|
709,470
|
719,318
|
548,848
|
249,866
|
148,815
|
||||||||||||||||
Accrued expenses:
|
|||||||||||||||||||||
Management fees
|
43,685
|
55,712
|
44,115
|
20,993
|
12,050
|
||||||||||||||||
Professional fees
|
25,415
|
25,433
|
25,284
|
25,002
|
24,895
|
||||||||||||||||
Trustees fees
|
60,977
|
63,660
|
47,406
|
23,180
|
14,185
|
||||||||||||||||
Other
|
47,620
|
47,685
|
37,549
|
25,178
|
18,547
|
||||||||||||||||
Total liabilities
|
887,167
|
911,808
|
703,202
|
344,219
|
643,492
|
||||||||||||||||
Net assets applicable to common shares
|
$
|
256,936,988
|
$
|
263,309,660
|
$
|
206,778,157
|
$
|
96,573,424
|
$
|
55,269,967
|
|||||||||||
Common shares outstanding
|
16,570,310
|
17,713,727
|
13,045,560
|
6,349,932
|
3,924,895
|
||||||||||||||||
Net asset value (“NAV”) per common share outstanding
|
$
|
15.51
|
$
|
14.86
|
$
|
15.85
|
$
|
15.21
|
$
|
14.08
|
|||||||||||
Net assets applicable to common shares consist of:
|
|||||||||||||||||||||
Common shares, $0.01 par value per share
|
$
|
165,703
|
$
|
177,137
|
$
|
130,456
|
$
|
63,499
|
$
|
39,249
|
|||||||||||
Paid-in-surplus
|
230,107,246
|
245,552,725
|
179,536,881
|
88,357,125
|
53,856,609
|
||||||||||||||||
Total distributable earnings
|
26,664,039
|
17,579,798
|
27,110,820
|
8,152,800
|
1,374,109
|
||||||||||||||||
Net assets applicable to common shares
|
$
|
256,936,988
|
$
|
263,309,660
|
$
|
206,778,157
|
$
|
96,573,424
|
$
|
55,269,967
|
|||||||||||
Authorized shares
|
Unlimited
|
Unlimited
|
Unlimited
|
Unlimited
|
Unlimited
|
Statement of Operations
|
|
Year Ended March 31, 2019
|
|
|
|
|
|
NXP
|
NXQ
|
NXR
|
NXC
|
NXN
|
|||||||||||||||
Investment Income
|
$
|
10,102,119
|
$
|
10,147,234
|
$
|
7,917,355
|
$
|
3,720,099
|
$
|
2,175,468
|
||||||||||
Expenses
|
||||||||||||||||||||
Management fees
|
507,848
|
648,210
|
511,339
|
245,326
|
140,821
|
|||||||||||||||
Interest expense
|
—
|
—
|
—
|
—
|
8,619
|
|||||||||||||||
Custodian fees
|
38,710
|
39,782
|
32,208
|
20,305
|
15,270
|
|||||||||||||||
Trustees fees
|
7,896
|
8,102
|
6,337
|
2,988
|
1,715
|
|||||||||||||||
Professional fees
|
29,983
|
30,690
|
29,149
|
28,580
|
26,010
|
|||||||||||||||
Shareholder reporting expenses
|
39,089
|
38,519
|
27,583
|
15,878
|
12,756
|
|||||||||||||||
Shareholder servicing agent fees
|
10,029
|
9,092
|
7,713
|
2,734
|
2,551
|
|||||||||||||||
Stock exchange listing fees
|
6,726
|
6,726
|
6,726
|
6,925
|
6,724
|
|||||||||||||||
Investor relations expenses
|
1,746
|
1,784
|
1,445
|
614
|
265
|
|||||||||||||||
Shelf offering expenses
|
—
|
—
|
—
|
176,502
|
—
|
|||||||||||||||
Other
|
17,970
|
19,814
|
16,416
|
17,284
|
13,106
|
|||||||||||||||
Total expenses
|
659,997
|
802,719
|
638,916
|
517,136
|
227,837
|
|||||||||||||||
Net investment income (loss)
|
9,442,122
|
9,344,515
|
7,278,439
|
3,202,963
|
1,947,631
|
|||||||||||||||
Realized and Unrealized Gain (Loss)
|
||||||||||||||||||||
Net realized gain (loss) from investments
|
412,456
|
(108,741
|
)
|
371,899
|
(362,089
|
)
|
(57,760
|
)
|
||||||||||||
Change in net unrealized appreciation (depreciation)
|
||||||||||||||||||||
of investments
|
5,578,624
|
5,751,292
|
5,173,016
|
1,545,986
|
669,699
|
|||||||||||||||
Net realized and unrealized gain (loss)
|
5,991,080
|
5,642,551
|
5,544,915
|
1,183,897
|
611,939
|
|||||||||||||||
Net increase (decrease) in net assets applicable
|
||||||||||||||||||||
to common shares from operations
|
$
|
15,433,202
|
$
|
14,987,066
|
$
|
12,823,354
|
$
|
4,386,860
|
$
|
2,559,570
|
|
NXP
|
NXQ
|
NXR
|
|||||||||||||||||||||
|
Year
|
Year(1)
|
Year
|
Year(1)
|
Year
|
Year(1)
|
||||||||||||||||||
|
Ended
|
Ended
|
Ended
|
Ended
|
Ended
|
Ended
|
||||||||||||||||||
|
3/31/19
|
3/31/18
|
3/31/19
|
3/31/18
|
3/31/19
|
3/31/18
|
||||||||||||||||||
Operations
|
||||||||||||||||||||||||
Net investment income (loss)
|
$
|
9,442,122
|
$
|
9,264,151
|
$
|
9,344,515
|
$
|
9,214,639
|
$
|
7,278,439
|
$
|
7,221,869
|
||||||||||||
Net realized gain (loss) from investments
|
412,456
|
1,059,679
|
(108,741
|
)
|
1,332,796
|
371,899
|
908,980
|
|||||||||||||||||
Change in net unrealized appreciation
|
||||||||||||||||||||||||
(depreciation) of investments
|
5,578,624
|
898,081
|
5,751,292
|
(338,540
|
)
|
5,173,016
|
168,409
|
|||||||||||||||||
Net increase (decrease) in net assets
|
||||||||||||||||||||||||
applicable to common shares
|
||||||||||||||||||||||||
from operations
|
15,433,202
|
11,221,911
|
14,987,066
|
10,208,895
|
12,823,354
|
8,299,258
|
||||||||||||||||||
Distributions to Common Shareholders(2)
|
||||||||||||||||||||||||
Dividends(3)
|
(9,047,389
|
)
|
(9,188,237
|
)
|
(8,927,718
|
)
|
(9,283,764
|
)
|
(6,809,782
|
)
|
(7,030,252
|
)
|
||||||||||||
Decrease in net assets applicable to
|
||||||||||||||||||||||||
common shares from distributions to
|
||||||||||||||||||||||||
common shareholders
|
(9,047,389
|
)
|
(9,188,237
|
)
|
(8,927,718
|
)
|
(9,283,764
|
)
|
(6,809,782
|
)
|
(7,030,252
|
)
|
||||||||||||
Capital Share Transactions
|
||||||||||||||||||||||||
Common shares:
|
||||||||||||||||||||||||
Proceeds from shelf offering, net of
|
||||||||||||||||||||||||
offering costs
|
—
|
—
|
—
|
—
|
—
|
—
|
||||||||||||||||||
Net proceeds from shares issued
|
||||||||||||||||||||||||
to shareholders due to
|
||||||||||||||||||||||||
reinvestment of distributions
|
—
|
—
|
—
|
—
|
—
|
—
|
||||||||||||||||||
Net increase (decrease) in net assets
|
||||||||||||||||||||||||
applicable to common shares
|
||||||||||||||||||||||||
from capital share transactions
|
—
|
—
|
—
|
—
|
—
|
—
|
||||||||||||||||||
Net increase (decrease) in net assets
|
||||||||||||||||||||||||
applicable to common shares
|
6,385,813
|
2,033,674
|
6,059,348
|
925,131
|
6,013,572
|
1,269,006
|
||||||||||||||||||
Net assets applicable to common
|
||||||||||||||||||||||||
shares at the beginning of period
|
250,551,175
|
248,517,501
|
257,250,312
|
256,325,181
|
200,764,585
|
199,495,579
|
||||||||||||||||||
Net assets applicable to common
|
||||||||||||||||||||||||
shares at the end of period
|
$
|
256,936,988
|
$
|
250,551,175
|
$
|
263,309,660
|
$
|
257,250,312
|
$
|
206,778,157
|
$
|
200,764,585
|
(1)
|
Prior period amounts have been conformed to current year presentation. See Notes to Financial Statements, Note 9 – New Accounting Pronouncements for further details. |
(2)
|
The composition and per share amounts of the Fund’s distributions are presented in the Financial Highlights. The distribution information for the Fund as of its most recent tax year end is presented within the Notes to Financial Statements, Note 6 – Income Tax Information. |
(3)
|
For the fiscal year ended March 31, 2018, NXP’s, NXQ’s, NXR’s and NXN’s distributions to shareholders were paid from net investment income, while NXC’s distributions were paid from net investment income and accumulated net realized gains. |
|
NXC
|
NXN
|
||||||||||||||
|
Year
|
Year(1)
|
Year
|
Year(1)
|
||||||||||||
|
Ended
|
Ended
|
Ended
|
Ended
|
||||||||||||
|
3/31/19
|
3/31/18
|
3/31/19
|
3/31/18
|
||||||||||||
Operations
|
||||||||||||||||
Net investment income (loss)
|
$
|
3,202,963
|
$
|
3,589,855
|
$
|
1,947,631
|
$
|
2,023,647
|
||||||||
Net realized gain (loss) from investments
|
(362,089
|
)
|
960,773
|
(57,760
|
)
|
50,892
|
||||||||||
Change in net unrealized appreciation
|
||||||||||||||||
(depreciation) of investments
|
1,545,986
|
(356,475
|
)
|
669,699
|
(409,385
|
)
|
||||||||||
Net increase (decrease) in net assets
|
||||||||||||||||
applicable to common shares
|
||||||||||||||||
from operations
|
4,386,860
|
4,194,153
|
2,559,570
|
1,665,154
|
||||||||||||
Distributions to Common Shareholders(2)
|
||||||||||||||||
Dividends(3)
|
(3,276,565
|
)
|
(4,005,289
|
)
|
(1,968,334
|
)
|
(2,106,883
|
)
|
||||||||
Decrease in net assets applicable to
|
||||||||||||||||
common shares from distributions to
|
||||||||||||||||
common shareholders
|
(3,276,565
|
)
|
(4,005,289
|
)
|
(1,968,334
|
)
|
(2,106,883
|
)
|
||||||||
Capital Share Transactions
|
||||||||||||||||
Common shares:
|
||||||||||||||||
Proceeds from shelf offering, net of
|
||||||||||||||||
offering costs
|
106,141
|
810,179
|
—
|
—
|
||||||||||||
Net proceeds from shares issued
|
||||||||||||||||
to shareholders due to
|
||||||||||||||||
reinvestment of distributions
|
—
|
47,791
|
—
|
—
|
||||||||||||
Net increase (decrease) in net assets
|
||||||||||||||||
applicable to common shares
|
||||||||||||||||
from capital share transactions
|
106,141
|
857,970
|
—
|
—
|
||||||||||||
Net increase (decrease) in net assets
|
||||||||||||||||
applicable to common shares
|
1,216,436
|
1,046,834
|
591,236
|
(441,729
|
)
|
|||||||||||
Net assets at the beginning of period
|
95,356,988
|
94,310,154
|
54,678,731
|
55,120,460
|
||||||||||||
Net assets applicable to common
|
||||||||||||||||
shares at the end of period
|
$
|
96,573,424
|
$
|
95,356,988
|
$
|
55,269,967
|
$
|
54,678,731
|
(1)
|
Prior period amounts have been conformed to current year presentation. See Notes to Financial Statements, Note 9 – New Accounting Pronouncements for further details. |
(2)
|
The composition and per share amounts of the Fund’s distributions are presented in the Financial Highlights. The distribution information for the Fund as of its most recent tax year end is presented within the Notes to Financial Statements, Note 6 – Income Tax Information. |
(3)
|
For the fiscal year ended March 31, 2018, NXP’s, NXQ’s, NXR’s and NXN’s distributions to shareholders were paid from net investment income, while NXC’s distributions were paid from net investment income and accumulated net realized gains. |
Investment Operations |
Less Distributions
to Common Shareholders
|
Common Share | ||||||||||||||||||||||||||||||||||
|
Beginning
|
Net
|
Net
|
From
|
From
|
|||||||||||||||||||||||||||||||
|
Common
|
Investment
|
Realized/
|
Net
|
Accumulated |
Ending
|
||||||||||||||||||||||||||||||
|
Share
|
Income
|
Unrealized
|
Investment
|
Net Realized |
Ending
|
Share
|
|||||||||||||||||||||||||||||
|
NAV
|
(Loss)
|
Gain (Loss)
|
Total
|
Income
|
Gains
|
Total
|
NAV
|
Price
|
|||||||||||||||||||||||||||
NXP
|
||||||||||||||||||||||||||||||||||||
Year Ended 3/31:
|
||||||||||||||||||||||||||||||||||||
2019
|
$
|
15.12
|
$
|
0.57
|
$
|
0.37
|
$
|
0.94
|
$
|
(0.55
|
)
|
$
|
—
|
$
|
(0.55
|
)
|
$
|
15.51
|
$
|
14.64
|
||||||||||||||||
2018
|
15.00
|
0.56
|
0.11
|
0.67
|
(0.55
|
)
|
—
|
(0.55
|
)
|
15.12
|
14.02
|
|||||||||||||||||||||||||
2017
|
15.46
|
0.56
|
(0.47
|
)
|
0.09
|
(0.55
|
)
|
—
|
(0.55
|
)
|
15.00
|
14.03
|
||||||||||||||||||||||||
2016
|
15.17
|
0.58
|
0.27
|
0.85
|
(0.56
|
)
|
—
|
(0.56
|
)
|
15.46
|
14.89
|
|||||||||||||||||||||||||
2015
|
14.43
|
0.60
|
0.76
|
1.36
|
(0.62
|
)
|
—
|
(0.62
|
)
|
15.17
|
14.51
|
|||||||||||||||||||||||||
NXQ
|
||||||||||||||||||||||||||||||||||||
Year Ended 3/31:
|
||||||||||||||||||||||||||||||||||||
2019
|
14.52
|
0.53
|
0.31
|
0.84
|
(0.50
|
)
|
—
|
(0.50
|
)
|
14.86
|
13.93
|
|||||||||||||||||||||||||
2018
|
14.47
|
0.52
|
0.05
|
0.57
|
(0.52
|
)
|
—
|
(0.52
|
)
|
14.52
|
13.47
|
|||||||||||||||||||||||||
2017
|
14.88
|
0.53
|
(0.42
|
)
|
0.11
|
(0.52
|
)
|
—
|
(0.52
|
)
|
14.47
|
13.41
|
||||||||||||||||||||||||
2016
|
14.64
|
0.55
|
0.23
|
0.78
|
(0.54
|
)
|
—
|
(0.54
|
)
|
14.88
|
14.13
|
|||||||||||||||||||||||||
2015
|
13.83
|
0.58
|
0.83
|
1.41
|
(0.60
|
)
|
—
|
(0.60
|
)
|
14.64
|
13.94
|
(a)
|
Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized.
|
|
Total Return Based on Common Share Price is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.
|
Common Share Supplemental Data/
Ratios Applicable to Common Shares
|
||||||||||||||||||||||
Common Share
Total Returns
|
||||||||||||||||||||||
Ratios to Average Net Assets
|
||||||||||||||||||||||
Based
|
Ending
|
|||||||||||||||||||||
Based
|
on
|
Net
|
Net
|
Portfolio
|
||||||||||||||||||
on
|
Share
|
Assets
|
Investment
|
Turnover
|
||||||||||||||||||
NAV(a)
|
Price(a)
|
(000
|
)
|
Expenses(b)
|
Income (Loss)
|
Rate(c)
|
||||||||||||||||
6.34
|
%
|
8.51
|
%
|
$
|
256,937
|
0.26
|
%
|
3.77
|
%
|
17
|
%
|
|||||||||||
4.52
|
3.83
|
250,551
|
0.27
|
3.66
|
19
|
|||||||||||||||||
0.55
|
(2.20
|
)
|
248,518
|
0.28
|
3.64
|
28
|
||||||||||||||||
5.78
|
6.82
|
256,228
|
0.28
|
3.88
|
25
|
|||||||||||||||||
9.52
|
12.42
|
251,296
|
0.32(d
|
)
|
4.01(d
|
)
|
28
|
|||||||||||||||
5.95
|
7.32
|
263,310
|
0.31
|
3.64
|
12
|
|||||||||||||||||
3.98
|
4.32
|
257,250
|
0.32
|
3.53
|
20
|
|||||||||||||||||
0.69
|
(1.56
|
)
|
256,325
|
0.33
|
3.61
|
27
|
||||||||||||||||
5.46
|
5.46
|
263,530
|
0.33
|
3.76
|
23
|
|||||||||||||||||
10.32
|
11.00
|
259,381
|
0.37(d
|
)
|
4.04(d
|
)
|
19
|
(b)
|
The expense ratios reflect, among other things, the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund (as described in Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities), where applicable, as follows:
|
NXP
|
|
NXQ
|
|
|
Year Ended 3/31:
|
|
Year Ended 3/31:
|
|
|
2019
|
—%
|
2019
|
—%
|
|
2018
|
—
|
2018
|
—
|
|
2017
|
—
|
2017
|
—
|
|
2016
|
—
|
2016
|
—
|
|
2015
|
—
|
2015
|
—*
|
(c)
|
Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.
|
(d)
|
During the fiscal year ended March 31, 2015, the Adviser voluntarily reimbursed the Fund for certain expenses incurred in connection with an equity shelf program. As a result, the Expenses and Net Investment Income (Loss) Ratios to Average Net Assets reflect this voluntary expense reimbursement. The Expenses and Net Investment Income (Loss) Ratios to Average Net Assets excluding this expense reimbursement from Adviser are as follows:
|
|
Ratios to
|
|
Ratios to
|
|||
|
Average Net Assets
|
|
Average Net Assets
|
|||
|
|
Net Investment
|
|
|
Net Investment
|
|
NXP
|
Expenses(b)
|
Income (Loss)
|
NXQ
|
Expenses(b)
|
Income (Loss)
|
|
Year Ended 3/31:
|
|
|
Year Ended 3/31:
|
|
|
|
2015
|
0.35%
|
3.98%
|
2015
|
0.40%
|
4.01%
|
*
|
Rounds to less than 0.01%.
|
|
||||||||||||||||||||||||||||||||||||||||||||
|
Investment Operations
|
Less Distributions
to Common Shareholders
|
Common Share
|
|||||||||||||||||||||||||||||||||||||||||
|
Premium
|
|||||||||||||||||||||||||||||||||||||||||||
|
Per Share
|
|||||||||||||||||||||||||||||||||||||||||||
|
Beginning
|
Net
|
Net
|
From
|
From
|
Sold
|
||||||||||||||||||||||||||||||||||||||
|
Common
|
Investment
|
Realized/
|
Net
|
Accumulated |
Shelf
|
through
|
Ending
|
||||||||||||||||||||||||||||||||||||
|
Share
|
Income
|
Unrealized
|
Investment
|
Net Realized |
Offering
|
Shelf
|
Ending
|
Share
|
|||||||||||||||||||||||||||||||||||
|
NAV
|
(Loss)
|
Gain (Loss)
|
Total
|
Income
|
Gains
|
Total
|
Costs
|
Offering
|
NAV
|
Price
|
|||||||||||||||||||||||||||||||||
NXR
|
||||||||||||||||||||||||||||||||||||||||||||
Year Ended 3/31:
|
||||||||||||||||||||||||||||||||||||||||||||
2019
|
$
|
15.39
|
$
|
0.56
|
$
|
0.42
|
$
|
0.98
|
$
|
(0.52
|
)
|
$
|
—
|
$
|
(0.52
|
)
|
$
|
—
|
$
|
—
|
$
|
15.85
|
$
|
14.73
|
||||||||||||||||||||
2018
|
15.29
|
0.55
|
0.09
|
0.64
|
(0.54
|
)
|
—
|
(0.54
|
)
|
—
|
—
|
15.39
|
14.23
|
|||||||||||||||||||||||||||||||
2017
|
15.76
|
0.57
|
(0.51
|
)
|
0.06
|
(0.53
|
)
|
—
|
(0.53
|
)
|
—
|
—
|
15.29
|
14.21
|
||||||||||||||||||||||||||||||
2016
|
15.34
|
0.58
|
0.40
|
0.98
|
(0.56
|
)
|
—
|
(0.56
|
)
|
—
|
—
|
15.76
|
14.89
|
|||||||||||||||||||||||||||||||
2015
|
14.46
|
0.60
|
0.89
|
1.49
|
(0.61
|
)
|
—
|
(0.61
|
)
|
—
|
—
|
15.34
|
14.78
|
|||||||||||||||||||||||||||||||
NXC
|
||||||||||||||||||||||||||||||||||||||||||||
Year Ended 3/31:
|
||||||||||||||||||||||||||||||||||||||||||||
2019
|
15.02
|
0.50
|
0.19
|
0.69
|
(0.52
|
)
|
—
|
(0.52
|
)
|
0.02
|
—
|
15.21
|
14.12
|
|||||||||||||||||||||||||||||||
2018
|
15.00
|
0.57
|
0.09
|
0.66
|
(0.58
|
)
|
(0.06
|
)
|
(0.64
|
)
|
—
|
—
|
*
|
15.02
|
13.90
|
|||||||||||||||||||||||||||||
2017
|
15.68
|
0.60
|
(0.56
|
)
|
0.04
|
(0.62
|
)
|
(0.10
|
)
|
(0.72
|
)
|
—
|
—
|
15.00
|
14.83
|
|||||||||||||||||||||||||||||
2016
|
15.52
|
0.64
|
0.19
|
0.83
|
(0.65
|
)
|
(0.02
|
)
|
(0.67
|
)
|
—
|
—
|
15.68
|
16.70
|
||||||||||||||||||||||||||||||
2015
|
14.83
|
0.66
|
0.82
|
1.48
|
(0.68
|
)
|
(0.11
|
)
|
(0.79
|
)
|
—
|
—
|
15.52
|
15.40
|
(a)
|
Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized.
|
|
Total Return Based on Common Share Price is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.
|
Common Share Supplemental Data/
|
||||||||||||||||||||||
Ratios Applicable to Common Shares
|
||||||||||||||||||||||
Common Share
Total Returns
|
||||||||||||||||||||||
Ratios to Average Net Assets
|
||||||||||||||||||||||
Based
|
Ending
|
|||||||||||||||||||||
Based
|
on
|
Net
|
Net
|
Portfolio
|
||||||||||||||||||
on
|
Share
|
Assets
|
Investment
|
Turnover
|
||||||||||||||||||
NAV(a)
|
Price(a)
|
(000
|
)
|
Expenses(b)
|
Income (Loss)
|
Rate(c)
|
||||||||||||||||
6.53
|
%
|
7.31
|
%
|
$
|
206,778
|
0.32
|
%
|
3.62
|
%
|
17
|
%
|
|||||||||||
4.19
|
3.87
|
200,765
|
0.33
|
3.55
|
15
|
|||||||||||||||||
0.37
|
(1.09
|
)
|
199,496
|
0.33
|
3.61
|
29
|
||||||||||||||||
6.56
|
4.76
|
205,595
|
0.34
|
3.81
|
22
|
|||||||||||||||||
10.46
|
12.87
|
200,153
|
0.38(d
|
)
|
3.99(d
|
)
|
21
|
|||||||||||||||
4.82
|
5.44
|
96,573
|
0.55
|
3.38
|
23
|
|||||||||||||||||
4.37
|
(2.23
|
)
|
95,357
|
0.37
|
3.73
|
20
|
||||||||||||||||
0.20
|
(6.98
|
)
|
94,310
|
0.37
|
3.89
|
24
|
||||||||||||||||
5.51
|
13.25
|
98,494
|
0.37
|
4.18
|
10
|
|||||||||||||||||
10.20
|
13.84
|
97,421
|
0.37
|
4.30
|
7
|
(b)
|
The expense ratios reflect, among other things, the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund (as described in Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities), where applicable, as follows:
|
NXR
|
|
NXC
|
|
|
Year Ended 3/31:
|
|
Year Ended 3/31:
|
|
|
2019
|
—%
|
2019
|
—%
|
|
2018
|
—
|
2018
|
—
|
|
2017
|
—
|
2017
|
—
|
|
2016
|
—
|
2016
|
—
|
|
2015
|
—
|
2015
|
—
|
(c)
|
Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.
|
(d)
|
During the fiscal year ended March 31, 2015, the Adviser voluntarily reimbursed the Fund for certain expenses incurred in connection with an equity shelf program. As a result, the Expenses and Net Investment Income (Loss) Ratios to Average Net Assets reflect this voluntary expense reimbursement. The Expenses and Net Investment Income (Loss) Ratios to Average Net Assets excluding this expense reimbursement from Adviser are as follows:
|
|
Ratios to
|
|
|
Average Net Assets
|
|
|
|
Net Investment
|
NXR
|
Expenses(b)
|
Income (Loss)
|
Year Ended 3/31:
|
|
|
2015
|
0.42%
|
3.96%
|
*
|
Rounds to less than $0.01 per share.
|
|
Investment Operations
|
Less Distributions
|
Common Share
|
|||||||||||||||||||||||||||||||||
|
Beginning
|
Net
|
Net
|
From
|
From
|
Ending
|
||||||||||||||||||||||||||||||
|
Common
|
Investment
|
Realized/
|
Net
|
Accumulated |
Common
|
||||||||||||||||||||||||||||||
|
Share
|
Income
|
Unrealized
|
Investment
|
Net Realized |
Ending
|
Share
|
|||||||||||||||||||||||||||||
|
NAV
|
(Loss)
|
Gain (Loss)
|
Total
|
Income
|
Gains
|
Total
|
NAV
|
Price
|
|||||||||||||||||||||||||||
NXN
|
||||||||||||||||||||||||||||||||||||
Year Ended 3/31:
|
||||||||||||||||||||||||||||||||||||
2019
|
$
|
13.93
|
$
|
0.50
|
$
|
0.15
|
$
|
0.65
|
$
|
(0.50
|
)
|
$
|
—
|
$
|
(0.50
|
)
|
$
|
14.08
|
$
|
13.52
|
||||||||||||||||
2018
|
14.04
|
0.52
|
(0.09
|
)
|
0.43
|
(0.54
|
)
|
—
|
(0.54
|
)
|
13.93
|
12.98
|
||||||||||||||||||||||||
2017
|
14.53
|
0.55
|
(0.49
|
)
|
0.06
|
(0.55
|
)
|
—
|
(0.55
|
)
|
14.04
|
13.69
|
||||||||||||||||||||||||
2016
|
14.52
|
0.57
|
(0.01
|
)
|
0.56
|
(0.55
|
)
|
—
|
(0.55
|
)
|
14.53
|
14.06
|
||||||||||||||||||||||||
2015
|
13.95
|
0.56
|
0.58
|
1.14
|
(0.57
|
)
|
—
|
(0.57
|
)
|
14.52
|
14.13
|
(a)
|
Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized.
|
|
Total Return Based on Common Share Price is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.
|
Common Share Supplemental Data/
|
||||||||||||||||||||||
Ratios Applicable to Common Shares
|
||||||||||||||||||||||
Common Share
|
||||||||||||||||||||||
Total Returns
|
Ratios to Average Net Assets
|
|||||||||||||||||||||
Based
|
Ending
|
|||||||||||||||||||||
Based
|
on
|
Net
|
Net
|
Portfolio
|
||||||||||||||||||
on
|
Share
|
Assets
|
Investment
|
Turnover
|
||||||||||||||||||
NAV(a)
|
Price(a)
|
(000
|
)
|
Expenses(b)
|
Income (Loss)
|
Rate(c)
|
||||||||||||||||
4.80
|
%
|
8.26
|
%
|
$
|
55,270
|
0.42
|
%
|
3.59
|
%
|
16
|
%
|
|||||||||||
3.05
|
(1.41
|
)
|
54,679
|
0.43
|
3.64
|
17
|
||||||||||||||||
0.40
|
1.26
|
55,120
|
0.44
|
3.83
|
29
|
|||||||||||||||||
3.98
|
3.63
|
57,031
|
0.42
|
3.97
|
14
|
|||||||||||||||||
8.31
|
9.84
|
56,988
|
0.43
|
3.92
|
16
|
(b)
|
The expense ratios reflect, among other things, the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund (as described in Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities), where applicable, as follows:
|
NXN
|
|
Year Ended 3/31:
|
|
2019
|
0.02%
|
2018
|
0.02
|
2017
|
0.02
|
2016
|
0.01
|
2015
|
0.01
|
(c)
|
Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.
|
·
|
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)
|
NXP
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Long-Term Investments:
|
||||||||||||||||
Municipal Bonds*
|
$
|
—
|
$
|
249,807,680
|
$
|
—
|
$
|
249,807,680
|
||||||||
Corporate Bonds**
|
—
|
—
|
158,727
|
***
|
158,727
|
|||||||||||
Short-Term Investments*:
|
||||||||||||||||
Municipal Bonds
|
—
|
4,800,000
|
—
|
4,800,000
|
||||||||||||
Total
|
$
|
—
|
$
|
254,607,680
|
$
|
158,727
|
$
|
254,766,407
|
NXQ
|
||||||||||||||||
Long-Term Investments:
|
||||||||||||||||
Municipal Bonds*
|
$
|
—
|
$
|
256,329,285
|
$
|
—
|
$
|
256,329,285
|
||||||||
Corporate Bonds**
|
—
|
—
|
248,256
|
***
|
248,256
|
|||||||||||
Short-Term Investments*:
|
||||||||||||||||
Municipal Bonds
|
—
|
4,000,000
|
—
|
4,000,000
|
||||||||||||
Total
|
$
|
—
|
$
|
260,329,285
|
$
|
248,256
|
$
|
260,577,541
|
NXR
|
||||||||||||||||
Long-Term Investments:
|
||||||||||||||||
Municipal Bonds*
|
$
|
—
|
$
|
202,583,342
|
$
|
—
|
$
|
202,583,342
|
||||||||
Corporate Bonds**
|
—
|
—
|
69,954
|
***
|
69,954
|
|||||||||||
Short-Term Investments*:
|
||||||||||||||||
Municipal Bonds
|
—
|
2,050,000
|
—
|
2,050,000
|
||||||||||||
Total
|
$
|
—
|
$
|
204,633,342
|
$
|
69,954
|
$
|
204,703,296
|
NXC
|
||||||||||||||||
Long-Term Investments**:
|
||||||||||||||||
Municipal Bonds
|
$
|
—
|
$
|
93,532,081
|
$
|
—
|
$
|
93,532,081
|
||||||||
Short-Term Investments**:
|
||||||||||||||||
Municipal Bonds
|
—
|
1,890,000
|
—
|
1,890,000
|
||||||||||||
Total
|
$
|
—
|
$
|
95,422,081
|
$
|
—
|
$
|
95,422,081
|
NXN
|
||||||||||||||||
Long-Term Investments**:
|
||||||||||||||||
Municipal Bonds
|
$
|
—
|
$
|
54,273,999
|
$
|
—
|
$
|
54,273,999
|
*
|
Refer to the Fund’s Portfolio of Investments for state classifications.
|
**
|
Refer to the Fund’s Portfolio of Investments for industry classifications.
|
***
|
Refer to the Fund’s Portfolio of Investments for securities classified as Level 3.
|
Floating Rate Obligations Outstanding
|
NXP
|
NXQ
|
NXR
|
NXC
|
NXN
|
|||||||||||||||
Floating rate obligations: self-deposited Inverse Floaters
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
425,000
|
||||||||||
Floating rate obligations: externally-deposited Inverse Floaters
|
2,250,000
|
3,750,000
|
—
|
—
|
1,065,000
|
|||||||||||||||
Total
|
$
|
2,250,000
|
$
|
3,750,000
|
$
|
—
|
$
|
—
|
$
|
1,490,000
|
Self-Deposited Inverse Floaters
|
NXP
|
NXQ
|
NXR
|
NXC
|
NXN
|
|||||||||||||||
Average floating rate obligations outstanding
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
425,000
|
||||||||||
Average annual interest rate and fees
|
—
|
%
|
—
|
%
|
—
|
%
|
—
|
%
|
2.03
|
%
|
Floating Rate Obligations – Recourse Trusts
|
NXP
|
NXQ
|
NXR
|
NXC
|
NXN
|
|||||||||||||||
Maximum exposure to Recourse Trusts: self-deposited Inverse Floaters
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
425,000
|
||||||||||
Maximum exposure to Recourse Trusts: externally-deposited Inverse Floaters
|
2,250,000
|
3,750,000
|
—
|
—
|
—
|
|||||||||||||||
Total
|
$
|
2,250,000
|
$
|
3,750,000
|
$
|
—
|
$
|
—
|
$
|
425,000
|
|
NXC
|
|||||||
|
Year
|
Year
|
||||||
|
Ended
|
Ended
|
||||||
|
3/31/19
|
3/31/18
|
||||||
Additional authorized common shares
|
600,000
|
**
|
600,000
|
*
|
||||
Common shares sold
|
—
|
60,043
|
||||||
Offering proceeds, net of offering costs
|
$
|
106,141
|
$
|
810,179
|
||||
* Represents additional authorized common shares for the period August 16, 2017 through March 31, 2018.
|
||||||||
** Represents additional authorized common shares for the period April 1, 2018 through July 31, 2018.
|
|
NXC
|
|||||||
|
Year
|
Year
|
||||||
|
Ended
|
Ended
|
||||||
|
3/31/19
|
3/31/18
|
||||||
Common shares:
|
||||||||
Issued to shareholders due to reinvestment of distributions
|
—
|
3,121
|
||||||
Sold through shelf offering
|
—
|
60,043
|
||||||
Weighted average common share:
|
||||||||
Premium to NAV per shelf offering common share sold
|
—
|
2.41
|
%
|
|
NXP
|
NXQ
|
NXR
|
NXC
|
NXN
|
|||||||||||||||
Purchases
|
$
|
41,487,202
|
$
|
31,447,540
|
$
|
32,761,004
|
$
|
26,024,433
|
$
|
8,422,345
|
||||||||||
Sales and maturities
|
47,803,469
|
35,243,137
|
36,264,128
|
21,144,568
|
8,928,389
|
|
NXP
|
NXQ
|
NXR
|
NXC
|
NXN
|
|||||||||||||||
Tax cost of investments
|
$
|
223,732,678
|
$
|
233,949,255
|
$
|
175,433,956
|
$
|
86,861,187
|
$
|
51,071,727
|
||||||||||
Gross unrealized:
|
||||||||||||||||||||
Appreciation
|
31,098,951
|
26,789,730
|
29,322,173
|
8,622,623
|
2,825,695
|
|||||||||||||||
Depreciation
|
(65,222
|
)
|
(161,444
|
)
|
(52,833
|
)
|
(61,729
|
)
|
(48,025
|
)
|
||||||||||
Net unrealized appreciation (depreciation) of investments
|
$
|
31,033,729
|
$
|
26,628,286
|
$
|
29,269,340
|
$
|
8,560,894
|
$
|
2,777,670
|
|
NXP
|
NXQ
|
NXR
|
NXC
|
NXN
|
|||||||||||||||
Undistributed net tax-exempt income1
|
$
|
906,039
|
$
|
722,409
|
$
|
539,411
|
$
|
157,982
|
$
|
62,098
|
||||||||||
Undistributed net ordinary income2
|
2,520
|
6,243
|
1,092
|
—
|
—
|
|||||||||||||||
Undistributed net long-term capital gains
|
—
|
—
|
—
|
—
|
—
|
1
|
Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on March 1, 2019, paid on April 1, 2019. |
2
|
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any. |
2019
|
NXP
|
NXQ
|
NXR
|
NXC
|
NXN
|
|||||||||||||||
Distributions from net tax-exempt income3
|
$
|
8,832,787
|
$
|
8,882,196
|
$
|
6,704,420
|
$
|
3,267,547
|
$
|
1,977,592
|
||||||||||
Distributions from net ordinary income2
|
214,602
|
45,521
|
105,362
|
28,068
|
555
|
|||||||||||||||
Distributions from net long-term capital gains
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||||
2018
|
NXP
|
NXQ
|
NXR
|
NXC
|
NXN
|
|||||||||||||||
Distributions from net tax-exempt income
|
$
|
9,047,389
|
$
|
8,927,719
|
$
|
6,809,782
|
$
|
3,663,427
|
$
|
2,119,394
|
||||||||||
Distributions from net ordinary income2
|
140,848
|
356,046
|
220,470
|
16,317
|
3,188
|
|||||||||||||||
Distributions from net long-term capital gains
|
—
|
—
|
—
|
357,343
|
—
|
2
|
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any. |
3
|
The Funds hereby designate these amounts paid during the fiscal year ended March 31, 2019, as Exempt Interest Dividends. |
|
NXP
|
NXQ
|
NXR
|
NXC
|
NXN
|
|||||||||||||||
Not subject to expiration:
|
||||||||||||||||||||
Short-term
|
$
|
246,781
|
$
|
471,803
|
$
|
106,961
|
$
|
305,729
|
$
|
1,038,943
|
||||||||||
Long-term
|
4,277,519
|
8,561,360
|
2,024,580
|
—
|
271,683
|
|||||||||||||||
Total
|
$
|
4,524,300
|
$
|
9,033,163
|
$
|
2,131,541
|
$
|
305,729
|
$
|
1,310,626
|
|
NXP
|
NXR
|
||||||
Utilized capital loss carryforwards
|
$
|
425,454
|
$
|
371,899
|
|
NXP
|
|||
Average Daily Net Assets
|
Fund-Level Fee Rate
|
|||
For the first $125 million
|
0.0500
|
%
|
||
For the next $125 million
|
0.0375
|
|||
For the next $250 million
|
0.0250
|
|||
For the next $500 million
|
0.0125
|
|
NXQ
|
|||
|
NXR
|
|||
|
NXC
|
|||
|
NXN
|
|||
Average Daily Net Assets
|
Fund-Level Fee Rate
|
|||
For the first $125 million
|
0.1000
|
%
|
||
For the next $125 million
|
0.0875
|
|||
For the next $250 million
|
0.0750
|
|||
For the next $500 million
|
0.0625
|
|||
For the next $1 billion
|
0.0500
|
|||
For the next $3 billion
|
0.0250
|
|||
For managed assets over $5 billion
|
0.0125
|
Complex-Level Eligible Asset Breakpoint Level*
|
Effective Complex-Level Fee Rate at Breakpoint Level
|
|||
$55 billion
|
0.2000
|
%
|
||
$56 billion
|
0.1996
|
|||
$57 billion
|
0.1989
|
|||
$60 billion
|
0.1961
|
|||
$63 billion
|
0.1931
|
|||
$66 billion
|
0.1900
|
|||
$71 billion
|
0.1851
|
|||
$76 billion
|
0.1806
|
|||
$80 billion
|
0.1773
|
|||
$91 billion
|
0.1691
|
|||
$125 billion
|
0.1599
|
|||
$200 billion
|
0.1505
|
|||
$250 billion
|
0.1469
|
|||
$300 billion
|
0.1445
|
*
|
For the complex-level fees, managed assets include closed-end fund assets managed by the Adviser that are attributable to certain types of leverage. For these purposes, leverage includes the funds’ use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining managed assets in certain circumstances. The complex-level fee is calculated based upon the aggregate daily managed assets of all Nuveen open-end and closed-end funds that constitute “eligible assets.” Eligible assets do not include assets attributable to investments in other Nuveen funds or assets in excess of a determined amount (originally $2 billion) added to the Nuveen fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011. As of March 31, 2019, the complex-level fee for each Fund was 0.1588%.
|
Inter-Fund Trades
|
NXP
|
NXQ
|
NXR
|
NXC
|
NXN
|
|||||||||||||||
Purchases
|
$
|
12,259,760
|
$
|
6,985,753
|
$
|
6,824,026
|
$
|
2,238,520
|
$
|
3,335,040
|
||||||||||
Sales
|
2,880,087
|
1,730,242
|
865,121
|
—
|
3,337,450
|
|
NXC
|
|||
Maximum outstanding balance
|
$
|
1,509,435
|
|
NXC
|
|||
Average daily balance outstanding
|
$
|
1,509,435
|
||
Average annual interest rate
|
3.50
|
%
|
|
NXC
|
|||
Distributions to Shareholders
|
||||
From net investment income
|
$
|
(3,647,462
|
)
|
|
From accumulated net realized gains
|
(357,827
|
)
|
||
Decrease in net assets from distributions to shareholders
|
$
|
(4,005,289
|
)
|
|
NXP
|
NXQ
|
NXR
|
NXC
|
NXN
|
|||||||||||||||
UNII at the end of period
|
$
|
1,649,761
|
$
|
617,271
|
$
|
1,600,931
|
$
|
(167,124
|
)
|
$
|
(51,798
|
)
|
Board of Trustees
|
|
|
|
|
|
|
Margo Cook*
|
Jack B. Evans
|
William C. Hunter
|
Albin F. Moschner
|
John K. Nelson
|
Judith M. Stockdale
|
|
Carole E. Stone
|
Terence J. Toth
|
Margaret L. Wolff
|
Robert L. Young
|
|
|
|
|
||||||
* Interested Board Member.
|
||||||
|
||||||
|
||||||
Fund Manager
|
|
Custodian
|
Legal Counsel
|
Independent Registered
|
Transfer Agent and
|
|
Nuveen Fund Advisors, LLC
|
State Street Bank
|
Chapman and Cutler LLP
|
Public Accounting Firm
|
Shareholder Services
|
||
333 West Wacker Drive
|
|
& Trust Company
|
Chicago, IL 60603
|
KPMG LLP
|
|
Computershare Trust
|
Chicago, IL 60606
|
|
One Lincoln Street
|
|
200 East Randolph Street
|
Company, N.A.
|
|
|
|
Boston, MA 02111
|
|
Chicago, IL 60601
|
250 Royall Street
|
|
|
|
|
|
|
|
Canton, MA 02021
|
|
|
|
|
|
|
(800) 257-8787
|
|
NXP
|
NXQ
|
NXR
|
NXC
|
NXN
|
Common Shares repurchased
|
—
|
—
|
—
|
—
|
—
|
·
|
Auction Rate Bond: An auction rate bond is a security whose interest payments are adjusted periodically through an auction process, which process typically also serves as a means for buying and selling the bond. Auctions that fail to attract enough buyers for all the shares offered for sale are deemed to have “failed,” with current holders receiving a formula-based interest rate until the next scheduled auction.
|
·
|
Average Annual Total Return: This is a commonly used method to express an investment’s performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment’s actual cumulative performance (including change in NAV or market price and reinvested dividends and capital gains distributions, if any) over the time period being considered.
|
·
|
Duration: Duration is a measure of the expected period over which a bond’s principal and interest will be paid, and consequently is a measure of the sensitivity of a bond’s or bond fund’s value to changes when market interest rates change. Generally, the longer a bond’s or fund’s duration, the more the price of the bond or fund will change as interest rates change.
|
·
|
Effective Leverage: Effective leverage is a fund’s effective economic leverage, and includes both regulatory leverage (see leverage) and the leverage effects of certain derivative investments in the fund’s portfolio. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage.
|
·
|
Gross Domestic Product (GDP): The total market value of all final goods and services produced in a country/region in a given year, equal to total consumer, investment and government spending, plus the value of exports, minus the value of imports.
|
·
|
Industrial Development Revenue Bond (IDR): A unique type of revenue bond issued by a state or local government agency on behalf of a private sector company and intended to build or acquire factories or other heavy equipment and tools.
|
·
|
Inverse Floating Rate Securities: Inverse floating rate securities, also known as inverse floaters or tender option bonds (TOBs), are created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust. This trust, in turn, (a) issues floating rate certificates typically paying short-term tax-exempt interest rates to third parties in amounts equal to some fraction of the deposited bond’s par amount or market value, and (b) issues an inverse floating rate certificate (sometimes referred to as an “inverse floater”) to an investor (such as a fund) interested in gaining investment exposure to a long-term municipal bond. The income received by the holder of the inverse floater varies inversely with the short-term rate paid to the floating rate certificates’ holders, and in most circumstances the holder of the inverse floater bears substantially all of the underlying bond’s downside investment risk. The holder of the inverse floater typically also benefits disproportionately from any potential appreciation of the underlying bond’s value. Hence, an inverse floater essentially represents an investment in the underlying bond on a leveraged basis.
|
·
|
Leverage: Leverage is created whenever a fund has investment exposure (both reward and/or risk) equivalent to more than 100% of the investment capital.
|
·
|
Net Asset Value (NAV) Per Share: A fund’s Net Assets is equal to its total assets (securities, cash, accrued earnings and receivables) less its total liabilities. NAV per share is equal to the fund’s Net Assets divided by its number of shares outstanding.
|
·
|
Pre-Refunding: Pre-Refunding, also known as advanced refundings or refinancings, is a procedure used by state and local governments to refinance municipal bonds to lower interest expenses. The issuer sells new bonds with a lower yield and uses the proceeds to buy U.S. Treasury securities, the interest from which is used to make payments on the higher-yielding bonds. Because of this collateral, pre-refunding generally raises a bond’s credit rating and thus its value.
|
·
|
Regulatory Leverage: Regulatory leverage consists of preferred shares issued by or borrowings of a fund. Both of these are part of a fund’s capital structure. Regulatory leverage is subject to asset coverage limits set in the Investment Company Act of 1940.
|
·
|
S&P Municipal Bond California Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment grade California municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
|
·
|
S&P Municipal Bond Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment grade U.S. municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
|
·
|
S&P Municipal Bond New York Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment grade New York municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
|
·
|
Total Investment Exposure: Total investment exposure is a fund’s assets managed by the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes a fund’s use of preferred stock and borrowings and investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities.
|
·
|
Zero Coupon Bond: A zero coupon bond does not pay a regular interest coupon to its holders during the life of the bond. Income to the holder of the bond comes from accretion of the difference between the original purchase price of the bond at issuance and the par value of the bond at maturity and is effectively paid at maturity. The market prices of zero coupon bonds generally are more volatile than the market prices of bonds that pay interest periodically.
|
Name,
Year of Birth
& Address
|
Position(s) Held
with the Funds
|
Year First
Elected or
Appointed
and Term(1)
|
Principal
Occupation(s)
Including other
Directorships
During Past 5 Years
|
Number
of Portfolios
in Fund Complex
Overseen by
Board Member
|
|
||||
Independent Board Members:
|
||||
|
||||
■ TERENCE J. TOTH
1959
333 W. Wacker Drive
Chicago, IL 6o6o6
|
Chairman and
Board Member
|
2008
Class II
|
Formerly, a Co-Founding Partner, Promus Capital (2008-2017); Director, Fulcrum IT Service LLC (since 2010) and Quality Control Corporation (since 2012); member: Catalyst Schools of Chicago Board (since 2008) and Mather Foundation Board (since 2012), and chair of its Investment Committee; formerly, Director, Legal & General Investment Management America, Inc. (2008-2013); formerly, CEO and President, Northern Trust Global Investments (2004-2007): Executive Vice President, Quantitative Management & Securities Lending (2000-2004); prior thereto, various positions with Northern Trust Company (since 1994); formerly, Member, Northern Trust Mutual Funds Board (2005-2007), Northern Trust Global Investments Board (2004-2007), Northern Trust Japan Board (2004-2007), Northern Trust Securities Inc. Board (2003- 2007) and Northern Trust Hong Kong Board (1997-2004).
|
168
|
|
||||
■ JACK B. EVANS
1948
333 W. Wacker Drive
Chicago, IL 6o6o6
|
Board Member
|
1999
Class III
|
Chairman (since 2019), formerly, President (1996-2019), The Hall-Perrine Foundation, a private philanthropic corporation; Director and Chairman, United Fire Group, a publicly held company; Director, Public Member, American Board of Orthopaedic Surgery (since 2015); Life Trustee of Coe College and the Iowa College Foundation; formerly, President Pro-Tem of the Board of Regents for the State of Iowa University System; formerly, Director, Alliant Energy and The Gazette Company; formerly, Director, Federal Reserve Bank of Chicago; formerly, President and Chief Operating Officer, SCI Financial Group, Inc., a regional financial services firm.
|
168
|
|
||||
■ WILLIAM C. HUNTER
1948
333 W. Wacker Drive
Chicago, IL 6o6o6
|
Board Member
|
2003
Class I
|
Dean Emeritus, formerly, Dean, Tippie College of Business, University of Iowa(2006-2012); Director of Wellmark, Inc. (since 2009); past Director (2005-2015), and past President (2010-2014) Beta Gamma Sigma, Inc., The International Business Honor Society; formerly, Director (2004-2018) of Xerox Corporation; Dean and Distinguished Professor of Finance, School of Business at the University of Connecticut (2003-2006); previously, Senior Vice President and Director of Research at the Federal Reserve Bank of Chicago (1995-2003); formerly, Director (1997-2007), Credit Research Center at Georgetown University.
|
168
|
|
||||
■ ALBIN F. MOSCHNER
1952
333 W. Wacker Drive
Chicago, IL 6o6o6
|
Board Member
|
2016
Class III
|
Founder and Chief Executive Officer, Northcroft Partners, LLC, a management consulting firm (since 2012); Chairman (since 2019), and Director (since 2012), USA Technologies, Inc., a provider of solutions and services to facilitate electronic payment transactions (since 2012); formerly, Director, Wintrust Financial Corporation (1996-2016); previously, held positions at Leap Wireless International, Inc., including Consultant (2011-2012), Chief Operating Officer (2008-2011), and Chief Marketing Officer (2004-2008); formerly, President, Verizon Card Services division of Verizon Communications, Inc. (2000-2003); formerly, President, One Point Services at One Point Communications (1999- 2000); formerly, Vice Chairman of the Board, Diba, Incorporated (1996-1997); formerly, various executive positions (1991-1996) and Chief Executive Officer (1995-1996) of Zenith Electronics Corporation.
|
168
|
Name,
|
Position(s) Held
|
Year First
|
Principal
|
Number
|
Year of Birth
|
with the Funds
|
Elected or
|
Occupation(s)
|
of Portfolios
|
& Address
|
|
Appointed
|
Including other
|
in Fund Complex
|
|
|
and Term(1)
|
Directorships
|
Overseen by
|
|
|
|
During Past 5 Years
|
Board Member
|
|
||||
Independent Board Members (continued):
|
||||
|
||||
■ JOHN K. NELSON
1962
333 W. Wacker Drive
Chicago, IL 6o6o6
|
Board Member
|
2013
Class II
|
Member of Board of Directors of Core12 LLC (since 2008), a private firm which develops branding, marketing and communications strategies for clients; serves on The President’s Council, Fordham University (since 2010); and previously was a Director of The Curran Center for Catholic American Studies (2009-2018) formerly, senior external advisor to the financial services practice of Deloitte Consulting LLP (2012-2014): formerly, Chairman of the Board of Trustees of Marian University (2010 as trustee, 2011-2014 as Chairman); formerly, Chief Executive Officer of ABN AMRO N.V. North America, and Global Head of its Financial Markets Division (2007-2008); prior senior positions held at ABN AMRO include Corporate Executive Vice President and Head of Global Markets-the Americas (2006-2007), CEO of Wholesale Banking North America and Global Head of Foreign Exchange and Futures Markets (2001-2006), and Regional Commercial Treasurer and Senior Vice President Trading-North America (1996-2001); formerly, Trustee at St. Edmund Preparatory School in New York City.
|
168
|
|
||||
■ JUDITH M. STOCKDALE
1947
333 W. Wacker Drive
Chicago, IL 6o6o6
|
Board Member
|
1997
Class I
|
Board Member, Land Trust Alliance (since 2013) and U.S. Endowment for Forestry and Communities (since 2013); formerly, Executive Director (1994-2012), Gaylord and Dorothy Donnelley Foundation; prior thereto, Executive Director, Great Lakes Protection Fund (1990-1994).
|
168
|
|
||||
■ CAROLE E. STONE
1947
333 W. Wacker Drive
Chicago, IL 6o6o6
|
Board Member
|
2007
Class I
|
Former Director, Chicago Board Options Exchange, Inc. (2006-2017); and C2 Options Exchange, Incorporated (2009-2017); Director, Cboe, L.C. Global Markets, Inc., formerly, CBOE Holdings, Inc. (since 2010); formerly, Commissioner, New York State Commission on Public Authority Reform (2005-2010).
|
168
|
|
||||
■ MARGARET L. WOLFF
1955
333 W. Wacker Drive
Chicago, IL 6o6o6
|
Board Member
|
2016
Class I
|
Formerly, member of the Board of Directors (2013-2017) of Travelers Insurance Company of Canada and The Dominion of Canada General Insurance Company (each, a part of Travelers Canada, the Canadian operation of The Travelers Companies, Inc.); formerly, Of Counsel, Skadden, Arps, Slate, Meagher & Flom LLP (Mergers & Acquisitions Group) (2005-2014); Member of the Board of Trustees of New York- Presbyterian Hospital (since 2005); Member (since 2004) and Chair (since 2015) of the Board of Trustees of The John A. Hartford Foundation (a philanthropy dedicated to improving the care of older adults); formerly, Member (2005-2015) and Vice Chair (2011-2015) of the Board of Trustees of Mt. Holyoke College.
|
168
|
|
||||
■ ROBERT L. YOUNG(2)
1963
333 W. Wacker Drive
Chicago, IL 6o6o6
|
Board Member
|
2017
Class II
|
Formerly, Chief Operating Officer and Director, J.P.Morgan Investment Management Inc. (2010-2016); formerly, President and Principal Executive Officer (2013-2016), and Senior Vice President and Chief Operating Officer (2005-2010), of J.P.Morgan Funds; formerly, Director and various officer positions for J.P.Morgan Investment Management Inc. (formerly, JPMorgan Funds Management, Inc. and formerly, One Group Administrative Services) and JPMorgan Distribution Services, Inc. (formerly, One Group Dealer Services, Inc.) (1999-2017).
|
166
|
Name,
|
Position(s) Held
|
Year First
|
Principal
|
Number
|
Year of Birth
|
with the Funds
|
Elected or
|
Occupation(s)
|
of Portfolios
|
& Address
|
|
Appointed
|
Including other
|
in Fund Complex
|
|
|
and Term(1)
|
Directorships
|
Overseen by
|
|
|
|
During Past 5 Years
|
Board Member
|
|
||||
Interested Board Member:
|
||||
|
||||
■ MARGO L. COOK(3)
1964
333 W. Wacker Drive
Chicago, IL 6o6o6
|
Board Member
|
2016
Class III
|
President (since 2017), formerly, Co-Chief Executive Officer and Co-President (2016-2017), formerly, Senior Executive Vice President of Nuveen Investments, Inc.; President, Global Products and Solutions (since 2017), and, Co-Chief Executive Officer (since 2015), formerly, Executive Vice President (2013-2015), of Nuveen Securities, LLC; Executive Vice President (since 2017) of Nuveen, LLC; President (since August 2017), formerly Co-President (2016- 2017), formerly, Senior Executive Vice President of Nuveen Fund Advisors, LLC (Executive Vice President 2011-2015); President (since 2017), Nuveen Alternative Investments, LLC; Chartered Financial Analyst.
|
168
|
|
Name,
|
Position(s) Held
|
Year First
|
Principal
|
|
Year of Birth
|
with the Funds
|
Elected or
|
Occupation(s)
|
|
& Address
|
|
Appointed(4)
|
During Past 5 Years
|
|
|
||||
Officers of the Funds:
|
||||
|
||||
■ CEDRIC H. ANTOSIEWICZ
1962
333 W. Wacker Drive
Chicago, IL 6o6o6
|
Chief
Administrative
Officer
|
2007
|
Senior Managing Director (since 2017), formerly, Managing Director (2004-2017) of Nuveen Securities, LLC; Senior Managing Director (since 2017), formerly, Managing Director (2014-2017) of Nuveen Fund Advisors, LLC.
|
|
|
||||
■ NATHANIEL T. JONES
1979
333 W. Wacker Drive
Chicago, IL 6o6o6
|
Vice President
and Treasurer
|
2016
|
Managing Director (since 2017), formerly, Senior Vice President (2016-2017), formerly, Vice President (2011-2016) of Nuveen; Managing Director of Nuveen Fund Advisors, LLC; Chartered Financial Analyst.
|
|
|
||||
■ WALTER M. KELLY
1970
333 W. Wacker Drive
Chicago, IL 6o6o6
|
Chief Compliance
Officer and
Vice President
|
2003
|
Managing Director (since 2017), formerly, Senior Vice President (2008-2017) of Nuveen.
|
|
|
||||
■ DAVID J. LAMB
1963
333 W. Wacker Drive
Chicago, IL 6o6o6
|
Vice President
|
2015
|
Managing Director (since 2017), formerly, Senior Vice President of Nuveen (since 2006), Vice President prior to 2006.
|
|
|
||||
■ TINA M. LAZAR
1961
333 W. Wacker Drive
Chicago, IL 6o6o6
|
Vice President
|
2002
|
Managing Director (since 2017), formerly, Senior Vice President (2014-2017) of Nuveen Securities, LLC.
|
|
Name,
|
Position(s) Held
|
Year First
|
Principal
|
|
Year of Birth
|
with the Funds
|
Elected or
|
Occupation(s)
|
|
& Address
|
|
Appointed(4)
|
During Past 5 Years
|
|
|
||||
Officers of the Funds (continued):
|
|
|
||
|
||||
■ KEVIN J. MCCARTHY
1966
333 W. Wacker Drive
Chicago, IL 6o6o6
|
Vice President
and Assistant
Secretary
|
2007
|
Senior Managing Director (since 2017) and Secretary and General Counsel (since 2016) of Nuveen Investments, Inc., formerly, Executive Vice President (2016-2017) and Managing Director and Assistant Secretary (2008-2016); Senior Managing Director (since 2017) and Assistant Secretary (since 2008) of Nuveen Securities, LLC, formerly Executive Vice President (2016-2017) and Managing Director (2008-2016); Senior Managing Director (since 2017), Secretary (since 2016) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC, formerly, Executive Vice President (2016-2017), Managing Director (2008-2016) and Assistant Secretary (2007-2016); Senior Managing Director (since 2017), Secretary (since 2016) and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC, formerly Executive Vice President (2016-2017) and Managing Director and Assistant Secretary (2011-2016); Senior Managing Director (since 2017) and Secretary (since 2016) of Nuveen Investments Advisers, LLC, formerly Executive Vice President (2016-2017); Vice President (since 2007) and Secretary (since 2016), formerly, Assistant Secretary, of NWQ Investment Management Company, LLC, Symphony Asset Management LLC, Santa Barbara Asset Management, LLC and Winslow Capital Management, LLC (since 2010). Senior Managing Director (since 2017) and Secretary (since 2016) of Nuveen Alternative Investments, LLC.
|
|
|
||||
■ WILLIAM T. MEYERS
1966
333 W. Wacker Drive
Chicago, IL 60606
|
Vice President
|
2018
|
Senior Managing Director (since 2017), formerly, Managing Director (2016-2017), Senior Vice President (2010-2016) of Nuveen Securities, LLC; and Nuveen Fund Advisors, LLC; Senior Managing Director (since 2017), formerly, Managing Director (2016-2017), Senior Vice President (2010-2016) of Nuveen, has held various positions with Nuveen since 1991.
|
|
|
||||
■ MICHAEL A. PERRY
1967
333 W. Wacker Drive
Chicago, IL 6o6o6
|
Vice President
|
2017
|
Executive Vice President (since 2017), previously Managing Director from 2016), of Nuveen Fund Advisors, LLC and Nuveen Alternative Investments, LLC; Executive Vice President (since 2017), formerly, Managing Director (2015-2017), of Nuveen Securities, LLC; formerly, Managing Director (2010-2015) of UBS Securities, LLC.
|
|
|
||||
■ CHRISTOPHER M. ROHRBACHER
1971
333 W. Wacker Drive
Chicago, IL 6o6o6
|
Vice President
and Assistant
Secretary
|
2008
|
Managing Director (since 2017) and Assistant Secretary of Nuveen Securities, LLC; Managing Director (since 2017), formerly, Senior Vice President (2016-2017) and Assistant Secretary (since 2016) of Nuveen Fund Advisors, LLC.
|
|
|
||||
■ WILLIAM A. SIFFERMANN
1975
333 W. Wacker Drive
Chicago, IL 6o6o6
|
Vice President
|
2017
|
Managing Director (since 2017), formerly Senior Vice President (2016-2017) and Vice President (2011-2016) of Nuveen.
|
|
|
||||
■ JOEL T. SLAGER
1978
333 W. Wacker Drive
Chicago, IL 6o6o6
|
Vice President
and Assistant
Secretary
|
2013
|
Fund Tax Director for Nuveen Funds (since 2013); previously, Vice President of Morgan Stanley Investment Management, Inc., Assistant Treasurer of the Morgan Stanley Funds (from 2010 to 2013).
|
|
|
||||
■ E. SCOTT WICKERHAM
1973
TIAA
730 Third Avenue
New York, NY 10017
|
Vice President
and Controller
|
2019
|
Senior Managing Director, Head of Fund Administration at Nuveen, LLC (since 2019), formerly, Managing Director; Principal Financial Officer, Principal Accounting Officer and Treasurer (since 2017) to the TIAA-CREF Funds, the TIAA-CREF Life Funds, the TIAA Separate Account VA-1 and the Treasurer (since 2017) to the CREF Accounts; Senior Director, TIAA-CREF Fund Administration (2014-2015); has held various positions with TIAA since 2006.
|
Name,
|
Position(s) Held
|
Year First
|
Principal
|
|
Year of Birth
|
with the Funds
|
Elected or
|
Occupation(s)
|
|
& Address
|
|
Appointed(4)
|
During Past 5 Years
|
|
|
||||
Officers of the Funds (continued):
|
||||
|
||||
■ MARK L. WINGET
1968
333 W. Wacker Drive
Chicago, IL 60606
|
Vice President
and Assistant
Secretary
|
2008
|
Vice President and Assistant Secretary of Nuveen Securities, LLC (since 2008); Vice President (since 2010) and Associate General Counsel (since 2008) of Nuveen.
|
|
|
||||
■ GIFFORD R. ZIMMERMAN
1956
333 W. Wacker Drive
Chicago, IL 60606
|
Vice President
Secretary
|
1988
|
Managing Director (since 2002), and Assistant Secretary of Nuveen Securities, LLC; Managing Director (since 2004) and Assistant Secretary (since 1994) of Nuveen Investments, Inc.; Managing Director (since 2002), Assistant Secretary (since 1997) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant Secretary and Associate General Counsel of Nuveen Asset Management, LLC (since 2011); Vice President (since 2017), formerly, Managing Director (2003-2017) and Assistant Secretary (since 2003) of Symphony Asset Management LLC; Managing Director and Assistant Secretary (since 2002) of Nuveen Investments Advisers, LLC; Vice President and Assistant Secretary of NWQ Investment Management Company, LLC (since 2002), Santa Barbara Asset Management, LLC (since 2006), and of Winslow Capital Management, LLC, (since 2010); Chartered Financial Analyst.
|
(1)
|
The Board of Trustees is divided into three classes, Class I, Class II, and Class III, with each being elected to serve until the third succeeding annual shareholders’ meeting subsequent to its election or thereafter in each case when its respective successors are duly elected or appointed, except two board members are elected by the holders of Preferred Shares, when applicable, to serve until the next annual shareholders’ meeting subsequent to its election or thereafter in each case when its respective successors are duly elected or appointed. The year first elected or appointed represents the year in which the board member was first elected or appointed to any fund in the Nuveen Complex.
|
(2)
|
On May 25, 2017, Mr. Young was appointed as a Board Member, effective July 1, 2017. He is a Board Member of each of the Nuveen Funds, except Nuveen Diversified Dividend and Income Fund and Nuveen Real Estate Income Fund.
|
(3)
|
“Interested person” as defined in the 1940 Act, by reason of her position with Nuveen, LLC. and certain of its subsidiaries, which are affiliates of the Nuveen Funds.
|
(4)
|
Officers serve one year terms through August of each year. The year first elected or appointed represents the year in which the Officer was first elected or appointed to any fund in the Nuveen Complex.
|
Audit Fees Billed
|
Audit-Related Fees
|
Tax Fees
|
All Other Fees
|
|||||||||||||
Fiscal Year Ended
|
to Fund 1
|
Billed to Fund 2
|
Billed to Fund 3
|
Billed to Fund 4
|
||||||||||||
March 31, 2019
|
$
|
24,750
|
$
|
0
|
$
|
0
|
$
|
0
|
||||||||
Percentage approved
|
0
|
%
|
0
|
%
|
0
|
%
|
0
|
%
|
||||||||
pursuant to
|
||||||||||||||||
pre-approval
|
||||||||||||||||
exception
|
||||||||||||||||
March 31, 2018
|
$
|
24,750
|
$
|
0
|
$
|
0
|
$
|
0
|
||||||||
Percentage approved
|
0
|
%
|
0
|
%
|
0
|
%
|
0
|
%
|
||||||||
pursuant to
|
||||||||||||||||
pre-approval
|
||||||||||||||||
exception
|
1 “Audit Fees” are the aggregate fees billed for professional services for the audit of the Fund’s annual financial statements and services provided in
|
||||
connection with statutory and regulatory filings or engagements.
|
||||
2 “Audit Related Fees” are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of
|
||||
financial statements that are not reported under “Audit Fees”. These fees include offerings related to the Fund’s common shares and leverage.
|
||||
3 “Tax Fees” are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global
|
||||
withholding tax services; excise and state tax reviews; capital gain, tax equalization and taxable basis calculation performed by the principal accountant.
|
||||
4 “All Other Fees” are the aggregate fees billed for products and services other than “Audit Fees”, “Audit-Related Fees” and “Tax Fees”. These fees
|
||||
represent all engagements pertaining to the Fund’s use of leverage.
|
Audit-Related Fees
|
Tax Fees Billed to
|
All Other Fees
|
|
Billed to Adviser and
|
Adviser and
|
Billed to Adviser
|
|
Affiliated Fund
|
Affiliated Fund
|
and Affiliated Fund
|
|
Fiscal Year Ended
|
Service Providers
|
Service Providers
|
Service Providers
|
March 31, 2019
|
$ 0
|
$ 0
|
$ 0
|
Percentage approved
|
0%
|
0%
|
0%
|
pursuant to
|
|||
pre-approval
|
|||
exception
|
|||
March 31, 2018
|
$ 0
|
$ 0
|
$ 0
|
Percentage approved
|
0%
|
0%
|
0%
|
pursuant to
|
|||
pre-approval
|
|||
exception
|
Total Non-Audit Fees
|
||||
billed to Adviser and
|
||||
Affiliated Fund Service
|
Total Non-Audit Fees
|
|||
Providers (engagements
|
billed to Adviser and
|
|||
related directly to the
|
Affiliated Fund Service
|
|||
Total Non-Audit Fees
|
operations and financial
|
Providers (all other
|
||
Fiscal Year Ended
|
Billed to Fund
|
reporting of the Fund)
|
engagements)
|
Total
|
March 31, 2019
|
$ 0
|
$ 0
|
$ 0
|
$ 0
|
March 31, 2018
|
$ 0
|
$ 0
|
$ 0
|
$ 0
|
“Non-Audit Fees billed to Fund” for both fiscal year ends represent “Tax Fees” and “All Other Fees” billed to Fund in their respective
|
||||
amounts from the previous table.
|
||||
Less than 50 percent of the hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent
|
||||
fiscal year were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.
|
Portfolio Manager
|
Type of Account
Managed |
Number of
Accounts |
Assets*
|
Michael Hamilton
|
Registered Investment Company
|
11
|
$2.44 billion
|
|
Other Pooled Investment Vehicles
|
0
|
$0
|
|
Other Accounts
|
1
|
$27 million
|
* |
Assets are as of March 31, 2019. None of the assets in these accounts are subject to an advisory fee based on performance.
|
Name of Portfolio Manager
|
None
|
$1 - $10,000
|
$10,001-$50,000
|
$50,001-$100,000
|
$100,001-$500,000
|
$500,001-$1,000,000
|
Over $1,000,000
|
Michael Hamilton
|
X
|
(a)
|
The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (17 CFR 240.13a-15(b) or 240.15d-15(b)).
|
(b)
|
There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
|
(a)(1)
|
Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable because the code is posted on registrant’s website at www.nuveen.com/CEF/Shareholder/FundGovernance.aspx and there were no amendments during the period covered by this report. (To view the code, click on Code of Conduct.)
|
(a)(2)
|
A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: Ex-99.CERT Attached hereto.
|
(a)(3)
|
Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable.
|
(a)(4)
|
Change in the registrant’s independent public accountant. Not applicable.
|
(b)
|
If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)); Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference. Ex-99.906 CERT attached hereto.
|
1.
|
I have reviewed this report on Form N-CSR of Nuveen Select Tax-Free Income Portfolio 3;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
|
(a)
|
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
|
(d)
|
disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
(a)
|
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
|
(b)
|
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
1.
|
I have reviewed this report on Form N-CSR of Nuveen Select Tax-Free Income Portfolio 3;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
|
(a)
|
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
|
(d)
|
disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
(a)
|
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
|
(b)
|
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
1.
|
The Form N-CSR of the Fund for the period ended March 31, 2019 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
2.
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Fund.
|
1 |
NAM does not vote proxies where a client withholds proxy voting authority, and in certain non-discretionary and model programs NAM votes proxies in accordance with its Policies in effect from time to time. Clients may opt to vote proxies themselves, or to have proxies voted by an independent third party or other named fiduciary or agent, at the client’s cost.
|
1. |
NAM believe that most conflicts of interest faced by NAM in voting proxies can be avoided by voting in accordance with the Policies. Examples of such conflicts of interest are as follows:2
|
a.
|
The issuer or proxy proponent (e.g., a special interest group) is TIAA-CREF, the ultimate principal owner of NAM, or any of its affiliates.
|
b.
|
The issuer is an entity in which an executive officer of NAM or a spouse or domestic partner of any such executive officer is or was (within the past three years of the proxy vote) an executive officer or director.
|
c.
|
The issuer is a registered or unregistered fund or other client for which NAM or another affiliated adviser has a material relationship as investment adviser or sub-adviser (e.g., Nuveen Funds and TIAA Funds) or an institutional separate account.
|
d.
|
Any other circumstances that NAM is aware of where NAM’s duty to serve its clients’ interests, typically referred to as its “duty of loyalty,” could be materially compromised.
|
2 |
A conflict of interest shall not be considered material for the purposes of these Policies and Procedures with respect to a specific vote or circumstance if the matter to be voted on relates to a restructuring of the terms of existing securities or the issuance of new securities or a similar matter arising out of the holding of securities, other than common equity, in the context of a bankruptcy or threatened bankruptcy of the issuer.
|
2. |
To further minimize this risk, Compliance will review ISS’ conflict avoidance policy at least annually to ensure that it adequately addresses both the actual and perceived conflicts of interest ISS may face.
|
3. |
In the event that ISS faces a material conflict of interest with respect to a specific vote, the PVC shall direct ISS how to vote. The PVC shall receive voting direction from appropriate investment personnel. Before doing so, the PVC will consult with Legal to confirm that NAM faces no material conflicts of its own with respect to the specific proxy vote.
|
4. |
Where ISS is determined to have a conflict of interest, or NAM determines to override the Policies and is determined to have a conflict, the PVC will recommend to NAM’s Compliance Committee or designee a course of action designed to address the conflict. Such actions could include, but are not limited to:
|
a. |
Obtaining instructions from the affected client(s) on how to vote the proxy;
|
b. |
Disclosing the conflict to the affected client(s) and seeking their consent to permit NAM to vote the proxy;
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c. |
Voting in proportion to the other shareholders;
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e.
|
Recusing the individual with the actual or potential conflict of interest from all discussion or consideration of the matter, if the material conflict is due to such person’s actual or potential conflict of interest; or
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f.
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Following the recommendation of a different independent third party.
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5. |
In addition to all of the above-mentioned and other conflicts, the Head of Equity Research, NGO and any member of the PVC must notify NAM’s Chief Compliance Officer (“CCO”) of any direct, indirect or perceived improper influence exerted by any employee, officer or director of TIAA or its subsidiaries with regard to how NAM should vote proxies. NAM Compliance will investigate any such allegations and will report the findings to the PVC and, if deemed appropriate, to NAM’s Compliance Committee. If it is determined that improper influence was attempted, appropriate action shall be taken. Such appropriate action may include disciplinary action, notification of the appropriate senior managers, or notification of the appropriate regulatory authorities. In all cases, NAM will not consider any improper influence in determining how to vote proxies, and will vote in the best interests of clients.
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1. |
In order to generate incremental revenue, some clients may participate in a securities lending program. If a client has elected to participate in the lending program then it will not have the right to vote the proxies of any securities that are on loan as of the shareholder meeting record date. A client, or a Portfolio Manager, may place restrictions on loaning securities and/or recall a security on loan at any time. Such actions must be affected prior to the record date for a meeting if the purpose for the restriction or recall is to secure the vote.
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2. |
Portfolio Managers and/or analysts who become aware of upcoming proxy issues relating to any securities in portfolios they manage, or issuers they follow, will consider the desirability of recalling the affected securities that are on loan or restricting the affected securities prior to the record date for the matter. If the proxy issue is determined to be material, and the determination is made prior to the shareholder meeting record date the Portfolio Manager(s) will contact the Securities Lending Agent to recall securities on loan or restrict the loaning of any security held in any portfolio they manage, if they determine that it is in the best interest of shareholders to do so.
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J. |
Review and Reports.
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1. |
The PVC shall maintain a review schedule. The schedule shall include reviews of the Policies and the policies of any Sub-adviser engaged by NAM, the proxy voting record, account maintenance, and other reviews as deemed appropriate by the PVC. The PVC shall review the schedule at least annually.
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2. |
The PVC will report to NAM’s Compliance Committee with respect to all identified conflicts and how they were addressed. These reports will include all accounts, including those that are sub‑advised. NAM also shall provide the Funds that it sub-advises with information necessary for preparing Form N-PX.
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