UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-CSR CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES Investment Company Act file number 811-6548 --------------------- Nuveen Select Tax-Free Income Portfolio ------------------------------------------------------------------------------ (Exact name of registrant as specified in charter) Nuveen Investments 333 West Wacker Drive Chicago, IL 60606 ------------------------------------------------------------------------------ (Address of principal executive offices) (Zip code) Kevin J. McCarthy Nuveen Investments 333 West Wacker Drive Chicago, IL 60606 ------------------------------------------------------------------------------ (Name and address of agent for service) Registrant's telephone number, including area code: (312) 917-7700 ------------------- Date of fiscal year end: March 31 ------------------ Date of reporting period: September 30, 2009 ------------------ Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles. A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss. 3507. ITEM 1. REPORTS TO STOCKHOLDERS. LOGO: NUVEEN INVESTMENTS Closed-End Funds Nuveen Investments Municipal Closed-End Funds IT'S NOT WHAT YOU EARN, IT'S WHAT YOU KEEP.(R) Semi-Annual Report September 30, 2009 ----------------------- ------------------------- ------------------------ NUVEEN SELECT NUVEEN SELECT NUVEEN SELECT TAX-FREE INCOME TAX-FREE INCOME TAX-FREE INCOME PORTFOLIO PORTFOLIO 2 PORTFOLIO 3 NXP NXQ NXR ----------------------- ------------------------- NUVEEN CALIFORNIA NUVEEN NEW YORK SELECT TAX-FREE SELECT TAX-FREE INCOME PORTFOLIO INCOME PORTFOLIO NXC NXN SEPTEMBER 09 LIFE IS COMPLEX. Nuveen makes things e-simple. It only takes a minute to sign up for e-Reports. Once enrolled, you'll receive an e-mail as soon as your Nuveen Investments Fund information is ready. No more waiting for delivery by regular mail. Just click on the link within the e-mail to see the report and save it on your computer if you wish. Free e-Reports right to your e-mail! WWW.INVESTORDELIVERY.COM If you receive your Nuveen Fund dividends and statements from your financial advisor or brokerage account. OR WWW.NUVEEN.COM/ACCOUNTACCESS If you receive your Nuveen Fund dividends and statements directly from Nuveen. LOGO: NUVEEN INVESTMENTS [PHOTO OF ROBERT P. BREMNER] Chairman's Letter to Shareholders DEAR SHAREHOLDER, The financial markets in which your Fund operates continue to reflect the larger economic crosscurrents. The illiquidity that infected global credit markets over the last year appears to be slowly but steadily receding. The major institutions that are the linchpin of the international financial system are strengthening their capital structures, but many still struggle with losses in their various portfolios. There are encouraging signs of recovery in European and Asian economies, while the U.S. economy continues to feel the impact of job losses and an over-borrowed consumer. Global trends include modestly increasing trade and increased concern about the ability of the U.S. government to address its substantial budgetary deficits. Identifying those developments that will define the future is never easy, but rarely is it more difficult than at present. After considerable volatility in the first few months of 2009, both the fixed-income and equity markets have seen a partial recovery. A fundamental component of a successful long-term investment program is a commitment to remain invested during market downturns in order to be better positioned to benefit from any recovery. Another component is to re-evaluate investment disciplines and tactics and to confirm their validity following periods of extreme volatility and market dislocation, such as we have recently experienced. Your Board carried out an intensive review of investment performance with these objectives in mind during April and May of this year as part of the annual management contract renewal process. I encourage you to read the description of this process in the Annual Investment Management Agreement Approval Process section of this report. Remaining invested through market downturns and reconfirming the appropriateness of a long term investment strategy is as important for our shareholders as it is for professional investment managers. For that reason, I again encourage you to remain in communication with your financial consultant on these subjects. For recent developments on all your Nuveen Funds, please visit the Nuveen web site: www.nuveen.com. On behalf of the other members of your Fund's Board, we look forward to continuing to earn your trust in the months and years ahead. Sincerely, /s/ Robert P. Bremner ---------------------- Robert P. Bremner Chairman of the Board November 24, 2009 Nuveen Investments 1 Portfolio Managers' Comments Nuveen Select Tax-Free Income Portfolio (NXP) Nuveen Select Tax-Free Income Portfolio 2 (NXQ) Nuveen Select Tax-Free Income Portfolio 3 (NXR) Nuveen California Select Tax-Free Income Portfolio (NXC) Nuveen New York Select Tax-Free Income Portfolio (NXN) Portfolio managers Tom Spalding, Scott Romans and Cathryn Steeves review key investment strategies and the six-month performance of the Nuveen Select Portfolios. With 34 years of investment experience, Tom has managed the three national Portfolios since 1999. Scott, who joined Nuveen in 2000, has managed NXC since 2003, while Cathryn, who has been with Nuveen since 1996, assumed portfolio management responsibility for NXN in 2006. WHAT KEY STRATEGIES WERE USED TO MANAGE THE NUVEEN SELECT PORTFOLIOS DURING THE SIX-MONTH REPORTING PERIOD ENDED SEPTEMBER 30, 2009? During this reporting period, municipal bond prices generally rose, as strong cash flows into municipal bond funds combined with tighter supply of new tax-exempt issuance to provide favorable supply and demand conditions. Given the restricted supply during the period, investment activity in the Select Portfolios was more limited than usual. One reason for the supply reduction was the introduction of the Build America Bond program. Build America Bonds are a new class of taxable municipal debt created as part of the February 2009 economic stimulus package. These bonds offer municipal issuers a federal subsidy equal to 35% of the security's interest payments, and therefore offer issuers an attractive alternative to traditional tax-exempt debt. As of September 30, 2009, approximately 20% of new bonds issued in the municipal market were issued as taxable Build America Bonds totaling more than $33 billion. Since interest payments from these bonds represent taxable income, we do not see them as a good investment opportunity for the Select Portfolios. Another factor dampening trading activity during this period was the limited liquidity of many insured bonds due to concerns about the financial health of municipal bond insurers. Overall, we continued to focus on relative value by taking a bottom-up approach to discover undervalued sectors and individual credits with the potential to perform well over the long term. In selected cases, we were able to take advantage of opportunities to purchase lower-rated and non-rated securities that we believed offered value at very attractive prices. In the national Portfolios, we also found some opportunities to add essential services credits, including bonds in the health care sector, where supply was more plentiful due to the fact that hospitals generally do not qualify for the Build America Bond program and therefore must continue to issue bonds in the tax-exempt municipal market. In general, our focus in CERTAIN STATEMENTS IN THIS REPORT ARE FORWARD-LOOKING STATEMENTS. DISCUSSIONS OF SPECIFIC INVESTMENTS ARE FOR ILLUSTRATION ONLY AND ARE NOT INTENDED AS RECOMMENDATIONS OF INDIVIDUAL INVESTMENTS. THE FORWARD-LOOKING STATEMENTS AND OTHER VIEWS EXPRESSED HEREIN ARE THOSE OF THE PORTFOLIO MANAGERS AS OF THE DATE OF THIS REPORT. ACTUAL FUTURE RESULTS OR OCCURRENCES MAY DIFFER SIGNIFICANTLY FROM THOSE ANTICIPATED IN ANY FORWARD-LOOKING STATEMENTS, AND THE VIEWS EXPRESSED HEREIN ARE SUBJECT TO CHANGE AT ANY TIME, DUE TO NUMEROUS MARKET AND OTHER FACTORS. THE FUNDS DISCLAIM ANY OBLIGATION TO UPDATE PUBLICLY OR REVISE ANY FORWARD-LOOKING STATEMENTS OR VIEWS EXPRESSED HEREIN. 2 Nuveen Investments NXP, NXQ, and NXR was on bonds rated AA or A that could help to extend the durations of these Portfolios. Cash for new purchases during this period was generated by maturing or called bonds. As with our investment activity, we were not active in trying to sell portfolio holdings in a market environment where the majority of the bonds available for reinvestment offered lower yields at higher dollar prices. NXN also continued to maintain its cash reserves, which we had increased amid the market uncertainty of the previous reporting period, in anticipation of increased issuance during the last part of 2009. We continued to use inverse floating rate securities(1) in all five of the Select Portfolios. We employ inverse floaters as part of our management strategies for a variety of reasons, including duration management, income enhancement, and as a form of financial leverage. As of September 30, 2009, the inverse floaters remained in place in all of the Portfolios. HOW DID THE PORTFOLIOS PERFORM? Individual results for the Nuveen Select Portfolios, as well as for relevant indexes and peer groups, are presented in the accompanying table. AVERAGE ANNUAL TOTAL RETURNS ON NET ASSET VALUE* FOR PERIODS ENDED 9/30/09 SIX-MONTH 1-YEAR 5-YEAR 10-YEAR ------------------------------------------------------------------------------------------------- NATIONAL PORTFOLIOS NXP 8.73% 11.11% 4.32% 5.00% NXQ 10.94% 10.48% 3.63% 4.42% NXR 8.86% 12.19% 4.62% 4.98% Standard & Poor's (S&P) National Municipal Bond Index(2) 10.95% 14.42% 4.70% 5.74% Barclays Capital Municipal Bond Index(3) 9.38% 14.85% 4.78% 5.77% Lipper General and Insured Unleveraged Municipal Debt Funds Average(4) 13.14% 12.68% 4.13% 4.87% CALIFORNIA PORTFOLIO NXC 11.05% 12.96% 4.38% 4.93% Standard & Poor's (S&P) California Municipal Bond Index(2) 11.81% 13.92% 4.65% 5.67% Lipper California Municipal Debt Funds Average(4) 23.08% 17.96% 4.18% 6.07% NEW YORK PORTFOLIO NXN 8.82% 13.25% 4.42% 4.89% Standard & Poor's (S&P) New York Municipal Bond Index(2) 10.14% 14.63% 4.89% 5.84% Lipper New York Municipal Debt Funds Average(4) 20.33% 17.47% 4.03% 6.29% For the six months ended September 30, 2009, the cumulative return on net asset value for NXQ performed in line with the Standard & Poor's (S&P) National Municipal Bond Index and outperformed the national Barclays Capital Municipal Bond Index, while NXP and NXR lagged the returns on these two national indexes. For this same period, NXC and NXN underperformed the returns on the S&P California Municipal Bond Index and the S&P New York Municipal Bond Index, respectively. All of the Portfolios underperformed the average returns for their respective Lipper peer groups for this period. * Six-month returns are cumulative; returns for one-year, five-year and ten-year are annualized. Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. For additional information, see the individual Performance Overview for your Portfolio in this report. (1) An inverse floating rate security, also known as an inverse floater, is a financial instrument designed to pay long-term tax-exempt interest at a rate that varies inversely with a short-term tax-exempt interest rate index. For the Nuveen Funds, the index typically used is the Securities Industry and Financial Markets (SIFM) Municipal Swap Index (previously referred to as the Bond Market Association Index or BMA). Inverse floaters, including those inverse floating rate securities in which the Portfolios invested during this reporting period, are further defined within the Notes to Financial Statements and Glossary of Terms Used in this Report sections of this report. (2) The Standard & Poor's (S&P) National Municipal Bond Index is an unleveraged, market value-weighted index designed to measure the performance of the investment-grade U.S. municipal bond market. The S&P Municipal Bond Indexes for California and New York are also unlever-aged and market value-weighted and comprise a broad range of investment-grade municipal bonds issued in California and New York, respectively. These indexes do not reflect any initial or ongoing expenses and are not available for direct investment. (3) The Barclays Capital (formerly Lehman Brothers) Municipal Bond Index is an unleveraged, unmanaged national index containing a broad range of investment-grade municipal bonds. Results for the Barclays Capital index do not reflect any expenses, and the index is not available for direct investment. (4) Each of the Lipper Municipal Debt Funds Averages shown in this report is calculated using the returns of all closed-end funds in their respective categories for each period as follows: Lipper General and Insured Unleveraged category, six-months, 8 funds; 1-year, 8 funds; 5-year, 7 funds; and 10-year, 7 funds; Lipper California Municipal Debt Funds Average, a category comprised of all California leveraged funds, six-months, 24 funds; 1-year, 24 funds; five year, 23 funds; and 10-year, 12 funds; and Lipper New York Municipal Debt Funds Average, a category comprised of all New York leveraged funds, six-months, 17; 1-year, 17 funds; 5-year, 16 funds; and 10-year, 6 funds. Portfolio and Lipper returns assume reinvestment of dividends. Nuveen Investments 3 Key management factors that influenced the Portfolios' returns during this period included yield curve and duration positioning, credit exposure and sector allocation. During this period, we saw yields on tax-exempt bonds decline and bond valuations in general increase, especially at the longer end of the municipal yield curve. Bonds in the Barclays Capital Municipal Bond Index with maturities longer than 15 years, particularly those with the longest maturities (22 years and longer), benefited the most from this interest rate environment. These bonds generally outperformed credits with shorter maturities, with bonds maturing in one to two years posting the weakest returns for the period. Among the three national Portfolios, NXQ benefited from having the longest durations, while the performances of NXP and NXR were hampered by their greater exposure to the shorter end of the yield curve. Overall, the net impact of duration and yield curve positioning on performance was slightly negative in NXC and neutral in NXN. While duration played an important role in performance during this six months, credit exposure was also a significant factor, especially in NXQ, NXC, and NXN. As noted earlier, demand for municipal bonds increased among both institutional and individual investors during this period. This increase was driven by a variety of factors, including concerns about potential tax increases, the need to rebalance portfolio allocations, and a growing appetite for additional risk. At the same time, the supply of new municipal paper declined. As investors bid up municipal bond prices, bonds rated BBB or below and non-rated bonds generally outperformed those rated AAA. In this environment, the Portfolios' performances benefited greatly from their allocations of bonds rated BBB and below and non-rated bonds. Among the national Portfolios, these bonds accounted for approximately 18% of NXQ's portfolio, compared with 14% of NXP and 14% of NXR. In NXC, a 17% allocation of lower-rated and non-rated bonds, together with an underweighting of the AAA category, made a strong contribution to this Portfolio's performance, more than offsetting the slight negative impact of its duration positioning. Although NXN had a good weighting (21%) in the lower-rated credit categories, this Portfolio also was heavily weighted in the underperforming AAA category. This, combined with underperformance from sector exposure, counteracted the positive impact of NXN's credit exposure to some degree. Holdings that generally contributed to the Portfolios' performances included industrial development revenue (IDR), health care, zero coupon, and special tax bonds, all of which outperformed the general municipal market during this period. Bonds backed by the 1998 master tobacco settlement agreement were also among the strongest performers. As of September 30, 2009, NXP and NXQ each held approximately 6% of their portfolios in lower-rated tobacco bonds, while NXC had allocated 4%, NXR 4%, and NXN 2% to these credits. Pre-refunded bonds, which are often backed by U.S. Treasury securities and which had been one of the top performing segments of the municipal bond market over the past two years, performed especially poorly during this period. This was due primarily to their shorter effective maturities and higher credit quality. As of September 30, 2009, NXP had the largest weighting of pre-refunded bonds among the national Portfolios, while NXC and NXN held significantly smaller amounts of these bonds, which lessened the negative impact on these two Portfolios. Additional market segments that lagged the overall municipal market included general obligation bonds and resource recovery and water and sewer credits. 4 Nuveen Investments Dividend and Share Price Information During the six-month reporting period ended September 30, 2009, NXP had one increase in its monthly dividend, while the dividends of the four remaining Select Portfolios remained stable throughout the period. All of these Portfolios seek to pay stable dividends at rates that reflect each Portfolio's past results and projected future performance. During certain periods, each Portfolio may pay dividends at a rate that may be more or less than the amount of net investment income actually earned by the Portfolio during the period. If a Portfolio has cumulatively earned more than it has paid in dividends, it holds the excess in reserve as undistributed net investment income (UNII) as part of the Portfolio's NAV. Conversely, if a Portfolio has cumulatively paid dividends in excess of its earnings, the excess constitutes negative UNII that is likewise reflected in the Portfolio's NAV. Each Portfolio will, over time, pay all of its net investment income as dividends to shareholders. As of September 30, 2009, all the Portfolios had a positive UNII balance, based upon our best estimate, for tax purposes. NXP, NXQ, NXR and NXC had a positive UNII balance, and NXN had a negative UNII balances for financial statement purposes. REPURCHASES AND SHARE PRICE INFORMATION The Nuveen Funds' Board of Directors/Trustees approved an open-market share repurchase program on July 30, 2008, under which each Fund may repurchase an aggregate of up to 10% of its outstanding shares. Since the inception of the Portfolios' repurchase program during July 2008, the Portfolios have not repurchased any of their outstanding common shares. As of September 30, 2009, the share prices of the Select Portfolios were trading at premiums (+) or discounts (-) to their NAVs as shown in the accompanying table: SIX-MONTH 9/30/09 SIX-MONTH AVERAGE PORTFOLIO (+) PREMIUM/(-) DISCOUNT (+) PREMIUM/(-) DISCOUNT -------------------------------------------------------------------------------- NXP +2.09% +2.11% NXQ +3.88% +2.79% NXR +1.48% +2.22% NXC -4.74% -5.82% NXN +0.07% -0.77% Nuveen Investments 5 NXP Performance OVERVIEW | Nuveen Select Tax-Free Income Portfolio as of September 30, 2009 FUND SNAPSHOT -------------------------------------------------------------------------------- Share Price 14.64 -------------------------------------------------------------------------------- Net Asset Value 14.34 -------------------------------------------------------------------------------- Premium/(Discount) to NAV 2.09% -------------------------------------------------------------------------------- Market Yield 4.88% -------------------------------------------------------------------------------- Taxable-Equivalent Yield(1) 6.78% -------------------------------------------------------------------------------- Net Assets ($000) $ 235,928 -------------------------------------------------------------------------------- Average Effective Maturity on Securities (Years) 12.24 -------------------------------------------------------------------------------- Modified Duration 4.78 -------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN (Inception 3/19/92) -------------------------------------------------------------------------------- ON SHARE PRICE ON NAV -------------------------------------------------------------------------------- 6-Month (Cumulative) 9.77% 8.73% -------------------------------------------------------------------------------- 1-Year 17.58% 11.11% -------------------------------------------------------------------------------- 5-Year 6.43% 4.32% -------------------------------------------------------------------------------- 10-Year 5.92% 5.00% -------------------------------------------------------------------------------- STATES (as a % of total municipal bonds) -------------------------------------------------------------------------------- Illinois 13.3% -------------------------------------------------------------------------------- Colorado 12.0% -------------------------------------------------------------------------------- Texas 8.5% -------------------------------------------------------------------------------- South Carolina 7.9% -------------------------------------------------------------------------------- Florida 7.5% -------------------------------------------------------------------------------- Washington 7.5% -------------------------------------------------------------------------------- Indiana 6.9% -------------------------------------------------------------------------------- California 5.8% -------------------------------------------------------------------------------- Nevada 4.5% -------------------------------------------------------------------------------- New Jersey 2.8% -------------------------------------------------------------------------------- New Mexico 2.2% -------------------------------------------------------------------------------- Massachusetts 2.1% -------------------------------------------------------------------------------- Oklahoma 2.1% -------------------------------------------------------------------------------- Alaska 2.0% -------------------------------------------------------------------------------- Other 14.9% -------------------------------------------------------------------------------- PORTFOLIO COMPOSITION (as a % of total investments) -------------------------------------------------------------------------------- U.S. Guaranteed 30.9% -------------------------------------------------------------------------------- Health Care 22.6% -------------------------------------------------------------------------------- Transportation 10.8% -------------------------------------------------------------------------------- Tax Obligation/Limited 9.6% -------------------------------------------------------------------------------- Utilities 9.0% -------------------------------------------------------------------------------- Consumer Staples 6.1% -------------------------------------------------------------------------------- Other 11.0% -------------------------------------------------------------------------------- CREDIT QUALITY (AS A % OF TOTAL INVESTMENTS)(2) [PIE CHART] AAA/U.S. Guaranteed 38% AA 25% A 23% BBB 11% BB or Lower 2% N/R 1% 2008-2009 MONTHLY TAX-FREE DIVIDENDS PER SHARE [BAR CHART] Oct $ 0.057 Nov 0.057 Dec 0.057 Jan 0.057 Feb 0.057 Mar 0.057 Apr 0.057 May 0.057 Jun 0.057 Jul 0.057 Aug 0.057 Sep 0.0595 SHARE PRICE PERFORMANCE -- WEEKLY CLOSING PRICE [LINE CHART] 10/01/08 $ 13.91 13.47 12.41 12.87 13.24 13.8 13.75 13.56 13.3 13.25 13.074 12.65 13.45 13.03 13.87 14 14 13.72 14.17 13.88 13.9599 13.3 13.97 13.83 13.66 13.6999 13.7 13.8392 14 13.7799 13.91 14.046 14.1 13.9 13.8824 14.0573 14.16 14.17 14.05 14.15 14.1 14.0067 14.06 14.25 14.33 14.36 14.0464 14.16 14.09 14.3 14.27 14.34 14.45 9/30/09 14.64 (1) 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 income tax rate of 28%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower. (2) Excluding Common Stocks. 6 Nuveen Investments NXQ Performance OVERVIEW | Nuveen Select Tax-Free Income Portfolio 2 as of September 30, 2009 CREDIT QUALITY (AS A % OF TOTAL INVESTMENTS)(2) [PIE CHART] AAA/U.S. Guaranteed 37% AA 19% A 26% BBB 15% BB or Lower 2% N/R 1% 2008-2009 MONTHLY TAX-FREE DIVIDENDS PER SHARE [BAR CHART] Oct $ 0.0555 Nov 0.0555 Dec 0.0555 Jan 0.0555 Feb 0.0555 Mar 0.0555 Apr 0.0555 May 0.0555 Jun 0.0555 Jul 0.0555 Aug 0.0555 Sep 0.0555 SHARE PRICE PERFORMANCE -- WEEKLY CLOSING PRICE [LINE CHART] 10/01/08 $ 13.19 13.1 11.5701 11.91 12.56 12.66 13.12 13.11 11.93 12.6 12.06 11.37 12.49 12.63 13.4 13.64 13.2 13.11 13.37 13.51 13.34 13.19 13.27 12.85 13.05 12.74 13.28 13.128 13.03 13.2201 13.2 13.33 13.43 13.41 13.4 13.45 13.4 13.16 13.25 13.15 13.2999 13.24 13.38 13.27 13.36 13.34 13.29 13.42 13.6399 13.7 13.691 13.57 13.79 9/30/09 14.19 FUND SNAPSHOT -------------------------------------------------------------------------------- Share Price 14.19 -------------------------------------------------------------------------------- Net Asset Value 13.66 -------------------------------------------------------------------------------- Premium/(Discount) to NAV 3.88% -------------------------------------------------------------------------------- Market Yield 4.69% -------------------------------------------------------------------------------- Taxable-Equivalent Yield(1) 6.51% -------------------------------------------------------------------------------- Net Assets ($000) $ 241,150 -------------------------------------------------------------------------------- Average Effective Maturity on Securities (Years) 14.14 -------------------------------------------------------------------------------- Modified Duration 5.22 -------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN (Inception 5/21/92) -------------------------------------------------------------------------------- ON SHARE PRICE ON NAV -------------------------------------------------------------------------------- 6-Month (Cumulative) 10.72% 10.94% -------------------------------------------------------------------------------- 1-Year 16.18% 10.48% -------------------------------------------------------------------------------- 5-Year 6.63% 3.63% -------------------------------------------------------------------------------- 10-Year 5.85% 4.42% -------------------------------------------------------------------------------- STATES (as a % of total municipal bonds) -------------------------------------------------------------------------------- Illinois 14.2% -------------------------------------------------------------------------------- Texas 12.4% -------------------------------------------------------------------------------- Colorado 10.9% -------------------------------------------------------------------------------- California 7.3% -------------------------------------------------------------------------------- South Carolina 5.7% -------------------------------------------------------------------------------- New York 4.5% -------------------------------------------------------------------------------- Indiana 3.9% -------------------------------------------------------------------------------- Massachusetts 3.6% -------------------------------------------------------------------------------- Iowa 3.5% -------------------------------------------------------------------------------- New Mexico 3.1% -------------------------------------------------------------------------------- Washington 3.0% -------------------------------------------------------------------------------- Rhode Island 2.4% -------------------------------------------------------------------------------- Florida 2.4% -------------------------------------------------------------------------------- Louisiana 2.4% -------------------------------------------------------------------------------- Ohio 2.1% -------------------------------------------------------------------------------- Nevada 2.0% -------------------------------------------------------------------------------- Pennsylvania 1.9% -------------------------------------------------------------------------------- Other 14.7% -------------------------------------------------------------------------------- PORTFOLIO COMPOSITION (as a % of total investments) -------------------------------------------------------------------------------- U.S. Guaranteed 23.1% -------------------------------------------------------------------------------- Health Care 19.6% -------------------------------------------------------------------------------- Transportation 12.8% -------------------------------------------------------------------------------- Tax Obligation/Limited 10.4% -------------------------------------------------------------------------------- Utilities 9.6% -------------------------------------------------------------------------------- Consumer Staples 6.2% -------------------------------------------------------------------------------- Tax Obligation/General 5.8% -------------------------------------------------------------------------------- Other 12.5% -------------------------------------------------------------------------------- (1) 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 income tax rate of 28%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower. (2) Excluding Common Stocks. Nuveen Investments 7 NXR Performance OVERVIEW | Nuveen Select Tax-Free Income Portfolio 3 as of September 30, 2009 FUND SNAPSHOT -------------------------------------------------------------------------------- Share Price 14.44 -------------------------------------------------------------------------------- Net Asset Value 14.23 -------------------------------------------------------------------------------- Premium/(Discount) to NAV 1.48% -------------------------------------------------------------------------------- Market Yield 4.45% -------------------------------------------------------------------------------- Taxable-Equivalent Yield(1) 6.18% -------------------------------------------------------------------------------- Net Assets ($000) $ 184,839 -------------------------------------------------------------------------------- Average Effective Maturity on Securities (Years) 12.54 -------------------------------------------------------------------------------- Modified Duration 4.28 -------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN (Inception 7/24/92) -------------------------------------------------------------------------------- ON SHARE PRICE ON NAV -------------------------------------------------------------------------------- 6-Month (Cumulative) 8.88% 8.86% -------------------------------------------------------------------------------- 1-Year 19.80% 12.19% -------------------------------------------------------------------------------- 5-Year 6.89% 4.62% -------------------------------------------------------------------------------- 10-Year 6.58% 4.98% -------------------------------------------------------------------------------- STATES (as a % of total municipal bonds) -------------------------------------------------------------------------------- Illinois 19.2% -------------------------------------------------------------------------------- California 10.1% -------------------------------------------------------------------------------- Texas 10.1% -------------------------------------------------------------------------------- Colorado 7.0% -------------------------------------------------------------------------------- Indiana 6.3% -------------------------------------------------------------------------------- Florida 5.6% -------------------------------------------------------------------------------- Iowa 5.5% -------------------------------------------------------------------------------- North Carolina 4.3% -------------------------------------------------------------------------------- South Carolina 3.3% -------------------------------------------------------------------------------- New York 3.2% -------------------------------------------------------------------------------- Nevada 3.1% -------------------------------------------------------------------------------- New Mexico 2.8% -------------------------------------------------------------------------------- Michigan 2.7% -------------------------------------------------------------------------------- Pennsylvania 2.4% -------------------------------------------------------------------------------- Other 14.4% -------------------------------------------------------------------------------- PORTFOLIO COMPOSITION (as a % of total investments) -------------------------------------------------------------------------------- U.S. Guaranteed 23.0% -------------------------------------------------------------------------------- Health Care 19.9% -------------------------------------------------------------------------------- Utilities 17.4% -------------------------------------------------------------------------------- Tax Obligation/Limited 12.8% -------------------------------------------------------------------------------- Transportation 7.0% -------------------------------------------------------------------------------- Tax Obligation/General 5.5% -------------------------------------------------------------------------------- Euro Dollar Time Deposit 0.2% -------------------------------------------------------------------------------- Other 14.2% -------------------------------------------------------------------------------- CREDIT QUALITY (AS A % OF TOTAL INVESTMENTS)(2) [PIE CHART] AAA/U.S. Guaranteed 40% AA 24% A 22% BBB 12% BB or Lower 2% N/R --%* * Rounds to less than 1%. 2008-2009 MONTHLY TAX-FREE DIVIDENDS PER SHARE [BAR CHART] Oct $ 0.0535 Nov 0.0535 Dec 0.0535 Jan 0.0535 Feb 0.0535 Mar 0.0535 Apr 0.0535 May 0.0535 Jun 0.0535 Jul 0.0535 Aug 0.0535 Sep 0.0535 SHARE PRICE PERFORMANCE -- WEEKLY CLOSING PRICE [LINE CHART] 10/01/08 $ 13.18 13.28 11.97 12.15 12.79 12.97 12.99 12.97 12.29 12.7 12.47 11.91 12.84 13.08 13.77 13.955 13.74 13.6 13.86 13.8 13.98 13.57 13.75 13.48 13.62 13.388 13.69 14.05 13.864 13.78 13.9 13.74 13.88 13.9 13.83 13.702 13.95 14 13.9475 13.99 13.9308 13.88 14.3 14.03 14.1382 14.0901 14.15 14.14 14.04 14.09 14.07 14.74 14.27 9/30/09 14.442 (1) 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 income tax rate of 28%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower. (2) Excluding Common Stocks and Euro Dollar Time Deposit. 8 Nuveen Investments NXC Performance OVERVIEW | Nuveen California Select Tax-Free Income Portfolio as of September 30, 2009 CREDIT QUALITY (AS A % OF TOTAL INVESTMENTS)(2) [PIE CHART] AAA/U.S. Guaranteed 20% AA 22% A 41% BBB 13% BB or Lower 1% N/R 3% 2008-2009 MONTHLY TAX-FREE DIVIDENDS PER SHARE [BAR CHART] Oct $ 0.0555 Nov 0.0555 Dec 0.0555 Jan 0.0555 Feb 0.0555 Mar 0.0555 Apr 0.0555 May 0.0555 Jun 0.0555 Jul 0.0555 Aug 0.0555 Sep 0.0555 SHARE PRICE PERFORMANCE -- WEEKLY CLOSING PRICE [LINE CHART] 10/01/08 $ 13.0499 13.99 10.8 11.8 12.89 12.89 12.91 12.8 12.15 11.75 12.15 11.54 11.9 11.49 12.62 12.81 12.55 12.43 12.76 13.07 13.36 12.36 12.54 12.05 12.2342 12.03 12.06 12.0401 12.15 12.22 12.89 12.85 12.92 12.8701 13.06 12.99 13.05 12.18 12.667 12.05 12.09 12.22 12.75 12.67 13.138 13.09 12.7 13.04 13.1 13.25 13.4999 13.76 13.64 9/30/09 13.67 FUND SNAPSHOT -------------------------------------------------------------------------------- Share Price 13.67 -------------------------------------------------------------------------------- Net Asset Value 14.35 -------------------------------------------------------------------------------- Premium/(Discount) to NAV -4.74% -------------------------------------------------------------------------------- Market Yield 4.87% -------------------------------------------------------------------------------- Taxable-Equivalent Yield(1) 7.48% -------------------------------------------------------------------------------- Net Assets ($000) $ 89,961 -------------------------------------------------------------------------------- Average Effective Maturity on Securities (Years) 14.47 -------------------------------------------------------------------------------- Modified Duration 5.83 -------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN (Inception 6/19/92) -------------------------------------------------------------------------------- ON SHARE PRICE ON NAV -------------------------------------------------------------------------------- 6-Month (Cumulative) 16.87% 11.05% -------------------------------------------------------------------------------- 1-Year 18.19% 12.96% -------------------------------------------------------------------------------- 5-Year 5.34% 4.38% -------------------------------------------------------------------------------- 10-Year 5.04% 4.93% -------------------------------------------------------------------------------- PORTFOLIO COMPOSITION (as a % of total investments) -------------------------------------------------------------------------------- Tax Obligation/General 21.6% -------------------------------------------------------------------------------- Tax Obligation/Limited 20.0% -------------------------------------------------------------------------------- U.S. Guaranteed 13.4% -------------------------------------------------------------------------------- Health Care 12.0% -------------------------------------------------------------------------------- Education and Civic Organizations 9.4% -------------------------------------------------------------------------------- Utilities 5.7% -------------------------------------------------------------------------------- Transportation 5.6% -------------------------------------------------------------------------------- Euro Dollar Time Deposit 0.5% -------------------------------------------------------------------------------- Other 11.8% -------------------------------------------------------------------------------- (1) 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 34.9%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower. (2) Excluding Euro Dollar Time Deposit. Nuveen Investments 9 NXN Performance OVERVIEW | Nuveen New York Select Tax-Free Income Portfolio as of September 30, 2009 FUND SNAPSHOT -------------------------------------------------------------------------------- Share Price 14.24 -------------------------------------------------------------------------------- Net Asset Value 14.23 -------------------------------------------------------------------------------- Premium/(Discount) to NAV 0.07% -------------------------------------------------------------------------------- Market Yield 4.30% -------------------------------------------------------------------------------- Taxable-Equivalent Yield(1) 6.41% -------------------------------------------------------------------------------- Net Assets ($000) $ 55,653 -------------------------------------------------------------------------------- Average Effective Maturity on Securities (Years) 14.85 -------------------------------------------------------------------------------- Modified Duration 4.24 -------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN (Inception 6/19/92) -------------------------------------------------------------------------------- ON SHARE PRICE ON NAV -------------------------------------------------------------------------------- 6-Month (Cumulative) 11.33% 8.82% -------------------------------------------------------------------------------- 1-Year 18.81% 13.25% -------------------------------------------------------------------------------- 5-Year 6.00% 4.42% -------------------------------------------------------------------------------- 10-Year 5.80% 4.89% -------------------------------------------------------------------------------- PORTFOLIO COMPOSITION (as a % of total investments) -------------------------------------------------------------------------------- Tax Obligation/Limited 18.4% -------------------------------------------------------------------------------- Health Care 13.3% -------------------------------------------------------------------------------- Water and Sewer 12.1% -------------------------------------------------------------------------------- Long-Term Care 11.5% -------------------------------------------------------------------------------- Education and Civic Organizations 9.9% -------------------------------------------------------------------------------- Tax Obligation/General 8.4% -------------------------------------------------------------------------------- Housing/Single Family 8.1% -------------------------------------------------------------------------------- U.S. Guaranteed 7.5% -------------------------------------------------------------------------------- Euro Dollar Time Deposit 2.1% -------------------------------------------------------------------------------- Other 8.7% -------------------------------------------------------------------------------- CREDIT QUALITY (AS A % OF TOTAL INVESTMENTS)(2) [PIE CHART] AAA/U.S. Guaranteed 45% AA 24% A 12% BBB 11% BB or Lower 1% N/R 7% 2008-2009 MONTHLY TAX-FREE DIVIDENDS PER SHARE [BAR CHART] Oct $ 0.051 Nov 0.051 Dec 0.051 Jan 0.051 Feb 0.051 Mar 0.051 Apr 0.051 May 0.051 Jun 0.051 Jul 0.051 Aug 0.051 Sep 0.051 SHARE PRICE PERFORMANCE -- WEEKLY CLOSING PRICE [LINE CHART] 10/01/08 $ 12.54 12.414 12.62 11.45 12.37 12.27 12.65 12.4274 11.46 11.6625 11.6301 11.53 11.58 11.7 12.66 12.86 12.97 13.24 12.9499 13 13.28 12.634 12.85 12.7501 13.0099 13.2 13.33 13.02 12.9701 13.18 13.35 13.47 13.719 13.47 13.55 13.54 13.54 13.3 13.1201 13.19 13.2 13.35 13.55 13.4 13.6 13.8 13.7301 13.7516 14.16 14 14.2744 14.12 14.17 9/30/09 14.2404 (1) 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 32.9%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower. (2) Excluding Euro Dollar Time Deposit. 10 Nuveen Investments NXP NXQ NXR | Shareholder Meeting Report The annual meeting of shareholders was held on July 28, 2009, in the Lobby Conference Room, 333 West Wacker Drive, Chicago, IL 60606; at this meeting the shareholders were asked to vote on the election of Board Members. NXP NXQ NXR -------------------------------------------------------------------------------------------- APPROVAL OF THE BOARD MEMBERS WAS REACHED AS FOLLOWS: Robert P. Bremner For 14,242,465 14,468,097 10,841,539 Withhold 494,538 441,762 249,500 -------------------------------------------------------------------------------------------- Total 14,737,003 14,909,859 11,091,039 ============================================================================================ Jack B. Evans For 14,231,195 14,494,089 10,823,376 Withhold 505,808 415,770 267,663 -------------------------------------------------------------------------------------------- Total 14,737,003 14,909,859 11,091,039 ============================================================================================ William J. Schneider For 14,235,603 14,490,631 10,840,070 Withhold 501,400 419,228 250,969 -------------------------------------------------------------------------------------------- Total 14,737,003 14,909,859 11,091,039 ============================================================================================ Nuveen Investments 11 NXC NXN | Shareholder Meeting Report (continued) NXC NXN -------------------------------------------------------------------------------- APPROVAL OF THE BOARD MEMBERS WAS REACHED AS FOLLOWS: Robert P. Bremner For 5,172,944 3,322,862 Withhold 125,084 79,092 -------------------------------------------------------------------------------- Total 5,298,028 3,401,954 ================================================================================ Jack B. Evans For 5,163,207 3,313,616 Withhold 134,821 88,338 -------------------------------------------------------------------------------- Total 5,298,028 3,401,954 ================================================================================ William J. Schneider For 5,174,628 3,324,411 Withhold 123,400 77,543 -------------------------------------------------------------------------------- Total 5,298,028 3,401,954 ================================================================================ 12 Nuveen Investments NXP | Nuveen Select Tax-Free Income Portfolio | Portfolio of Investments September 30, 2009 (Unaudited) PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- MUNICIPAL BONDS - 98.7% ALASKA - 2.0% $ 2,475 Alaska Municipal Bond Bank Authority, General Obligation 12/13 at 100.00 A+ (4) $ 2,868,401 Bonds, Series 2003E, 5.250%, 12/01/23 (Pre-refunded 12/01/13) - MBIA Insured 2,500 Northern Tobacco Securitization Corporation, Alaska, Tobacco 6/14 at 100.00 Baa3 1,780,850 Settlement Asset-Backed Bonds, Series 2006A, 5.000%, 6/01/46 ----------------------------------------------------------------------------------------------------------------------------------- 4,975 Total Alaska 4,649,251 ----------------------------------------------------------------------------------------------------------------------------------- ARKANSAS - 0.4% 5,915 Arkansas Development Finance Authority, Tobacco Settlement No Opt. Call Aa3 911,738 Revenue Bonds, Arkansas Cancer Research Center Project, Series 2006, 0.000%, 7/01/46 - AMBAC Insured ----------------------------------------------------------------------------------------------------------------------------------- CALIFORNIA - 5.7% 2,000 Alameda Corridor Transportation Authority, California, 10/17 at 100.00 A- 1,594,840 Subordinate Lien Revenue Bonds, Series 2004A, 0.000%, 10/01/25 - AMBAC Insured 3,325 California Department of Water Resources, Power Supply 5/12 at 101.00 Aa3 3,733,011 Revenue Bonds, Series 2002A, 6.000%, 5/01/14 1,000 California Statewide Community Development Authority, Revenue 8/19 at 100.00 AA 1,100,280 Bonds, Methodist Hospital Project, Series 2009, 6.750%, 2/01/38 2,645 Cypress Elementary School District, San Bernardino County, No Opt. Call AAA 615,333 California, General Obligation Bonds, Series 2009A, 0.000%, 5/01/34 - FSA Insured 3,000 Golden State Tobacco Securitization Corporation, California, 6/13 at 100.00 AAA 3,550,170 Tobacco Settlement Asset-Backed Bonds, Series 2003A-1, 6.750%, 6/01/39 (Pre-refunded 6/01/13) 1,130 Los Angeles Department of Water and Power, California, 7/11 at 100.00 AA 1,150,035 Waterworks Revenue Refunding Bonds, Series 2001A, 5.125%, 7/01/41 - FGIC Insured 365 Los Angeles, California, Parking System Revenue Bonds, Series 5/10 at 100.00 A+ 369,347 1999A, 5.250%, 5/01/29 - AMBAC Insured 1,000 Moreno Valley Unified School District, Riverside County, No Opt. Call A 488,400 California, General Obligation Bonds, Series 2007, 0.000%, 8/01/23 - NPFG Insured 750 Tobacco Securitization Authority of Northern California, 6/15 at 100.00 BBB 604,658 Tobacco Settlement Asset-Backed Bonds, Series 2005A-1, 5.500%, 6/01/45 1,150 Woodside Elementary School District, San Mateo County, No Opt. Call AA+ 340,550 California, General Obligation Bonds, Series 2007, 0.000%, 10/01/30 - AMBAC Insured ----------------------------------------------------------------------------------------------------------------------------------- 16,365 Total California 13,546,624 ----------------------------------------------------------------------------------------------------------------------------------- COLORADO - 11.9% 1,700 Colorado Health Facilities Authority, Revenue Bonds, Catholic 3/12 at 100.00 AA (4) 1,871,428 Health Initiatives, Series 2002A, 5.500%, 3/01/22 (ETM) 690 Colorado Health Facilities Authority, Revenue Bonds, Catholic 3/12 at 100.00 AA (4) 762,022 Health Initiatives, Series 2002A, 5.500%, 3/01/22 (Pre-refunded 3/01/12) 390 Colorado Water Resources and Power Development Authority, 11/10 at 100.00 A 395,164 Small Water Resources Revenue Bonds, Series 2000A, 5.800%, 11/01/20 - FGIC Insured 8,225 Denver City and County, Colorado, Airport System Revenue No Opt. Call A+ 9,114,781 Bonds, Series 1991D, 7.750%, 11/15/13 (Alternative Minimum Tax) 5,000 Denver City and County, Colorado, Airport System Revenue 11/11 at 100.00 A+ 5,201,250 Refunding Bonds, Series 2001A, 5.625%, 11/15/17 - FGIC Insured (Alternative Minimum Tax) 3,000 Denver Convention Center Hotel Authority, Colorado, Senior 12/13 at 100.00 N/R (4) 3,360,900 Revenue Bonds, Convention Center Hotel, Series 2003A, 5.000%, 12/01/23 (Pre-refunded 12/01/13) - SYNCORA GTY Insured 500 Denver, Colorado, Airport System Revenue Refunding Bonds, 11/13 at 100.00 A+ 510,235 Series 2003B, 5.000%, 11/15/33 - SYNCORA GTY Insured 5,000 E-470 Public Highway Authority, Colorado, Senior Revenue 9/10 at 31.42 Aaa 1,560,300 Bonds, Series 2000B, 0.000%, 9/01/28 (Pre-refunded 9/01/10) - NPFG Insured Nuveen Investments 13 NXP | Nuveen Select Tax-Free Income Portfolio (continued) | Portfolio of Investments September 30, 2009 (Unaudited) PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- COLORADO (continued) $ 12,500 E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, 9/26 at 54.77 A $ 1,800,375 Series 2006A, 0.000%, 9/01/38 - NPFG Insured 3,160 Northwest Parkway Public Highway Authority, Colorado, Revenue 6/11 at 102.00 N/R (4) 3,462,918 Bonds, Senior Series 2001A, 5.500%, 6/15/20 (Pre-refunded 6/15/11) - AMBAC Insured ----------------------------------------------------------------------------------------------------------------------------------- 40,165 Total Colorado 28,039,373 ----------------------------------------------------------------------------------------------------------------------------------- DISTRICT OF COLUMBIA - 0.0% 60 District of Columbia, Revenue Bonds, Catholic University of 10/09 at 101.00 A 60,648 America, Series 1999, 5.625%, 10/01/29 - AMBAC Insured ----------------------------------------------------------------------------------------------------------------------------------- FLORIDA - 7.4% 2,000 Halifax Hospital Medical Center, Florida, Revenue Bonds, 6/16 at 100.00 A- 1,935,520 Series 2006, 5.375%, 6/01/46 5,000 Jacksonville Health Facilities Authority, Florida, Revenue 11/12 at 101.00 Aa1 5,169,900 Bonds, Ascension Health, Series 2002A, 5.250%, 11/15/32 10,000 JEA St. John's River Power Park System, Florida, Revenue 10/11 at 100.00 Aa2 10,350,400 Refunding Bonds, Issue 2, Series 2002-17, 5.000%, 10/01/17 ----------------------------------------------------------------------------------------------------------------------------------- 17,000 Total Florida 17,455,820 ----------------------------------------------------------------------------------------------------------------------------------- HAWAII - 0.6% 1,330 Hawaii, Certificates of Participation, Kapolei State Office 11/09 at 100.50 N/R 1,346,891 Building, Series 1998A, 5.000%, 5/01/17 - AMBAC Insured ----------------------------------------------------------------------------------------------------------------------------------- ILLINOIS - 13.1% 1,965 Board of Trustees of Southern Illinois University, Housing No Opt. Call A1 1,251,764 and Auxiliary Facilities System Revenue Bonds, Series 1999A, 0.000%, 4/01/20 - NPFG Insured 2,600 Chicago Heights, Illinois, General Obligation Corporate 12/09 at 100.00 A 2,621,268 Purpose Bonds, Series 1993, 5.650%, 12/01/17 - FGIC Insured 195 DuPage County Community School District 200, Wheaton, 11/13 at 100.00 Aa3 216,824 Illinois, General Obligation Bonds, Series 2003B, 5.250%, 11/01/20 - FSA Insured 805 DuPage County Community School District 200, Wheaton, 11/13 at 100.00 Aa3 (4) 924,478 Illinois, General Obligation Bonds, Series 2003B, 5.250%, 11/01/20 (Pre-refunded 11/01/13) - FSA Insured 600 Illinois Educational Facilities Authority, Student Housing 5/12 at 101.00 Aaa 683,490 Revenue Bonds, Educational Advancement Foundation Fund, University Center Project, Series 2002, 6.000%, 5/01/22 (Pre-refunded 5/01/12) 1,050 Illinois Finance Authority, Revenue Bonds, Loyola University 7/17 at 100.00 AA 1,150,853 of Chicago, Tender Option Bond Trust 1137, 8.932%, 7/01/46 (IF) 4,000 Illinois Finance Authority, Revenue Bonds, Northwestern 8/14 at 100.00 N/R (4) 4,695,480 Memorial Hospital, Series 2004A, 5.500%, 8/15/43 (Pre-refunded 8/15/14) 1,000 Illinois Finance Authority, Revenue Bonds, Silver Cross 8/19 at 100.00 BBB 1,072,100 Hospital and Medical Centers, Series 2009, 6.875%, 8/15/38 1,320 Illinois Health Facilities Authority, Revenue Bonds, Decatur 10/11 at 100.00 A 1,352,472 Memorial Hospital, Series 2001, 5.600%, 10/01/16 2,950 Illinois Health Facilities Authority, Revenue Bonds, Lake 7/12 at 100.00 A- 3,060,035 Forest Hospital, Series 2002A, 6.000%, 7/01/17 2,275 Illinois Health Facilities Authority, Revenue Refunding 1/13 at 100.00 Baa1 2,359,880 Bonds, Elmhurst Memorial Healthcare, Series 2002, 6.250%, 1/01/17 75 Illinois Health Facilities Authority, Revenue Refunding 11/09 at 100.00 N/R 73,659 Bonds, Rockford Health System, Series 1997, 5.000%, 8/15/21 - AMBAC Insured 3,125 Metropolitan Pier and Exposition Authority, Illinois, Revenue No Opt. Call A 2,361,031 Bonds, McCormick Place Expansion Project, Series 1992A, 0.000%, 6/15/17 - FGIC Insured 810 Metropolitan Pier and Exposition Authority, Illinois, Revenue No Opt. Call AAA 279,766 Bonds, McCormick Place Expansion Project, Series 2002A, 0.000%, 6/15/30 - NPFG Insured 5,000 Metropolitan Pier and Exposition Authority, Illinois, Revenue 6/12 at 101.00 AAA 5,273,100 Refunding Bonds, McCormick Place Expansion Project, Series 2002B, 5.000%, 6/15/21 - NPFG Insured 14 Nuveen Investments PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- ILLINOIS (continued) $ 1,300 Schaumburg, Illinois, General Obligation Bonds, Series 2004B, 12/14 at 100.00 AA+ $ 1,370,785 5.250%, 12/01/34 - FGIC Insured Yorkville, Illinois, General Obligation Debt Certificates, Series 2003: 1,000 5.000%, 12/15/19 (Pre-refunded 12/15/11) - RAAI Insured 12/11 at 100.00 BBB- (4) 1,093,220 1,000 5.000%, 12/15/20 (Pre-refunded 12/15/11) - RAAI Insured 12/11 at 100.00 BBB- (4) 1,093,220 ----------------------------------------------------------------------------------------------------------------------------------- 31,070 Total Illinois 30,933,425 ----------------------------------------------------------------------------------------------------------------------------------- INDIANA - 6.8% 1,000 Franklin Community Multi-School Building Corporation, Marion 7/14 at 100.00 A (4) 1,156,700 County, Indiana, First Mortgage Revenue Bonds, Series 2004, 5.000%, 7/15/22 (Pre-refunded 7/15/14) - FGIC Insured 1,770 Indiana Health Facility Financing Authority, Hospital Revenue No Opt. Call AAA 2,045,766 Refunding Bonds, Columbus Regional Hospital, Series 1993, 7.000%, 8/15/15 - FSA Insured 1,000 Indiana Health Facility Financing Authority, Revenue Bonds, 3/17 at 100.00 BBB 990,170 Community Foundation of Northwest Indiana, Series 2007, 5.500%, 3/01/37 9,855 Indianapolis Local Public Improvement Bond Bank, Indiana, 7/12 at 100.00 AAA 10,960,238 Waterworks Project, Series 2002A, 5.125%, 7/01/21 (Pre-refunded 7/01/12) - MBIA Insured 750 West Clark 2000 School Building Corporation, Clark County, 1/15 at 100.00 AA+ 802,305 Indiana, First Mortgage Bonds, Series 2005, 5.000%, 7/15/22 - NPFG Insured ----------------------------------------------------------------------------------------------------------------------------------- 14,375 Total Indiana 15,955,179 ----------------------------------------------------------------------------------------------------------------------------------- IOWA - 1.9% 1,000 Iowa Tobacco Settlement Authority, Asset Backed Settlement 6/15 at 100.00 BBB 769,950 Revenue Bonds, Series 2005C, 5.375%, 6/01/38 4,000 Iowa Tobacco Settlement Authority, Tobacco Asset-Backed 6/17 at 100.00 BBB 3,646,720 Revenue Bonds, Series 2005B, 5.600%, 6/01/34 ----------------------------------------------------------------------------------------------------------------------------------- 5,000 Total Iowa 4,416,670 ----------------------------------------------------------------------------------------------------------------------------------- KANSAS - 0.5% 500 Lawrence, Kansas, Hospital Revenue Bonds, Lawrence Memorial 7/16 at 100.00 A3 462,370 Hospital, Series 2006, 4.875%, 7/01/36 750 Wamego, Kansas, Pollution Control Revenue Bonds, Kansas Gas 6/14 at 100.00 A 769,883 and Electric Company, Series 2004, 5.300%, 6/01/31 - NPFG Insured ----------------------------------------------------------------------------------------------------------------------------------- 1,250 Total Kansas 1,232,253 ----------------------------------------------------------------------------------------------------------------------------------- KENTUCKY - 0.5% 1,100 Jefferson County, Kentucky, Health System Revenue Bonds, 10/09 at 100.50 A (4) 1,109,262 Alliant Health System Inc., Series 1998, 5.125%, 10/01/18 - MBIA Insured (ETM) ----------------------------------------------------------------------------------------------------------------------------------- LOUISIANA - 0.4% 1,100 Tobacco Settlement Financing Corporation, Louisiana, Tobacco 5/11 at 101.00 BBB 1,070,586 Settlement Asset-Backed Bonds, Series 2001B, 5.875%, 5/15/39 ----------------------------------------------------------------------------------------------------------------------------------- MASSACHUSETTS - 2.1% 500 Massachusetts Health and Educational Facilities Authority, 7/18 at 100.00 A3 502,780 Revenue Bonds, CareGroup Inc., Series 2008E-1, 5.000%, 7/01/28 20 Massachusetts Health and Educational Facilities Authority, 7/11 at 101.00 AA 21,551 Revenue Bonds, Partners HealthCare System Inc., Series 2001C, 6.000%, 7/01/17 480 Massachusetts Health and Educational Facilities Authority, 7/11 at 101.00 AAA 529,469 Revenue Bonds, Partners HealthCare System Inc., Series 2001C, 6.000%, 7/01/17 (Pre-refunded 7/01/11) 2,000 Massachusetts Housing Finance Agency, Housing Bonds, Series 12/18 at 100.00 AA- 2,024,020 2009F, 5.700%, 6/01/40 1,055 Massachusetts Turnpike Authority, Metropolitan Highway System 1/10 at 100.00 A 1,054,937 Revenue Bonds, Senior Series 1997A, 5.000%, 1/01/37 - NPFG Insured 830 Massachusetts Turnpike Authority, Metropolitan Highway System 1/10 at 100.00 AA 830,125 Revenue Bonds, Subordinate Series 1999A, 5.000%, 1/01/39 - AMBAC Insured ----------------------------------------------------------------------------------------------------------------------------------- 4,885 Total Massachusetts 4,962,882 ----------------------------------------------------------------------------------------------------------------------------------- Nuveen Investments 15 NXP | Nuveen Select Tax-Free Income Portfolio (continued) | Portfolio of Investments September 30, 2009 (Unaudited) PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- MICHIGAN - 1.6% $ 1,000 Michigan State Hospital Finance Authority, Hospital Revenue 2/10 at 100.00 BB- $ 825,250 Bonds, Detroit Medical Center Obligated Group, Series 1998A, 5.125%, 8/15/18 2,900 Michigan State Hospital Finance Authority, Hospital Revenue 12/12 at 100.00 AA 2,959,392 Refunding Bonds, Trinity Health Credit Group, Series 2002C, 5.375%, 12/01/30 ----------------------------------------------------------------------------------------------------------------------------------- 3,900 Total Michigan 3,784,642 ----------------------------------------------------------------------------------------------------------------------------------- MINNESOTA - 0.1% 220 Minnesota Housing Finance Agency, Single Family Mortgage 1/10 at 100.50 AA+ 221,976 Revenue Bonds, Series 1995A, 5.200%, 1/01/17 ----------------------------------------------------------------------------------------------------------------------------------- MISSOURI - 0.7% 5,000 Kansas City Municipal Assistance Corporation, Missouri, No Opt. Call AA- 1,583,950 Leasehold Revenue Bonds, Series 2004B-1, 0.000%, 4/15/30 - AMBAC Insured ----------------------------------------------------------------------------------------------------------------------------------- NEVADA - 4.5% 2,500 Clark County, Nevada, Motor Vehicle Fuel Tax Highway 7/13 at 100.00 AA- 2,596,775 Improvement Revenue Bonds, Series 2003, 5.000%, 7/01/23 - AMBAC Insured Director of Nevada State Department of Business and Industry, Revenue Bonds, Las Vegas Monorail Project, First Tier, Series 2000: 2,360 0.000%, 1/01/21 - AMBAC Insured No Opt. Call Caa2 221,557 4,070 0.000%, 1/01/22 - AMBAC Insured No Opt. Call Caa2 381,318 6,025 5.375%, 1/01/40 - AMBAC Insured 1/10 at 100.00 Caa2 1,222,412 1,500 Las Vegas Redevelopment Agency, Nevada, Tax Increment Revenue 6/19 at 100.00 A 1,707,465 Bonds, Series 2009A, 8.000%, 6/15/30 1,515 Reno, Nevada, Capital Improvement Revenue Bonds, Series 2002, 6/12 at 100.00 A 1,542,725 5.500%, 6/01/21 - FGIC Insured 2,555 Reno, Nevada, Capital Improvement Revenue Bonds, Series 2002, 6/12 at 100.00 Baa1 (4) 2,853,628 5.500%, 6/01/21 (Pre-refunded 6/01/12) - FGIC Insured ----------------------------------------------------------------------------------------------------------------------------------- 20,525 Total Nevada 10,525,880 ----------------------------------------------------------------------------------------------------------------------------------- NEW HAMPSHIRE - 0.2% 380 New Hampshire Housing Finance Authority, Single Family 5/11 at 100.00 Aa2 385,464 Mortgage Acquisition Bonds, Series 2001A, 5.600%, 7/01/21 (Alternative Minimum Tax) ----------------------------------------------------------------------------------------------------------------------------------- NEW JERSEY - 2.8% 2,500 New Jersey Health Care Facilities Financing Authority, 7/13 at 100.00 Ba2 2,034,425 Revenue Bonds, Somerset Medical Center, Series 2003, 5.500%, 7/01/23 Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2002: 1,325 5.750%, 6/01/32 (Pre-refunded 6/01/12) 6/12 at 100.00 AAA 1,448,132 1,000 6.000%, 6/01/37 (Pre-refunded 6/01/12) 6/12 at 100.00 AAA 1,129,160 2,500 Tobacco Settlement Financing Corporation, New Jersey, Tobacco 6/17 at 100.00 BBB 1,896,825 Settlement Asset-Backed Bonds, Series 2007-1A, 5.000%, 6/01/41 ----------------------------------------------------------------------------------------------------------------------------------- 7,325 Total New Jersey 6,508,542 ----------------------------------------------------------------------------------------------------------------------------------- NEW MEXICO - 2.1% 1,000 New Mexico Mortgage Finance Authority, Multifamily Housing 9/17 at 100.00 AAA 998,400 Revenue Bonds, St Anthony, Series 2007A, 5.250%, 9/01/42 (Alternative Minimum Tax) 4,000 University of New Mexico, FHA-Insured Mortgage Hospital 7/14 at 100.00 AAA 4,082,680 Revenue Bonds, Series 2004, 4.625%, 7/01/25 - FSA Insured ----------------------------------------------------------------------------------------------------------------------------------- 5,000 Total New Mexico 5,081,080 ----------------------------------------------------------------------------------------------------------------------------------- NEW YORK - 1.2% 1,000 Dormitory Authority of the State of New York, FHA-Insured 2/14 at 100.00 AAA 1,072,190 Mortgage Revenue Bonds, Kaleida Health, Series 2004, 5.050%, 2/15/25 1,215 Dormitory Authority of the State of New York, Revenue Bonds, 7/10 at 101.00 A2 1,250,016 Mount Sinai NYU Health Obligated Group, Series 2000A, 6.500%, 7/01/17 385 Dormitory Authority of the State of New York, Revenue Bonds, 7/10 at 101.00 A2 (4) 404,277 Mount Sinai NYU Health Obligated Group, Series 2000A, 6.500%, 7/01/17 (Pre-refunded 7/01/10) ----------------------------------------------------------------------------------------------------------------------------------- 2,600 Total New York 2,726,483 ----------------------------------------------------------------------------------------------------------------------------------- 16 Nuveen Investments PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- NORTH CAROLINA - 1.7% $ 1,000 North Carolina Eastern Municipal Power Agency, Power System 1/19 at 100.00 A- $ 1,190,370 Revenue Bonds, Series 2008C, 6.750%, 1/01/24 2,195 North Carolina Eastern Municipal Power Agency, Power System 11/09 at 100.00 A- 2,197,546 Revenue Refunding Bonds, Series 1993B, 5.500%, 1/01/21 500 Raleigh Durham Airport Authority, North Carolina, Airport 5/11 at 101.00 Aa3 520,915 Revenue Bonds, Series 2001A, 5.250%, 11/01/17 - FGIC Insured ----------------------------------------------------------------------------------------------------------------------------------- 3,695 Total North Carolina 3,908,831 ----------------------------------------------------------------------------------------------------------------------------------- OHIO - 0.7% 1,500 Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco 6/17 at 100.00 BBB 1,268,070 Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2, 6.000%, 6/01/42 300 Lebanon, Ohio, Electric System Mortgage Revenue Bonds, Series 12/10 at 101.00 A2 (4) 320,883 2001, 5.500%, 12/01/17(Pre-refunded 12/01/10) - AMBAC Insured ----------------------------------------------------------------------------------------------------------------------------------- 1,800 Total Ohio 1,588,953 ----------------------------------------------------------------------------------------------------------------------------------- OKLAHOMA - 2.0% 1,000 Norman Regional Hospital Authority, Oklahoma, Hospital 9/16 at 100.00 BBB- 808,310 Revenue Bonds, Series 2005, 5.375%, 9/01/36 4,000 Oklahoma Development Finance Authority, Revenue Bonds, St. 2/14 at 100.00 A 4,038,880 John Health System, Series 2004, 5.000%, 2/15/24 ----------------------------------------------------------------------------------------------------------------------------------- 5,000 Total Oklahoma 4,847,190 ----------------------------------------------------------------------------------------------------------------------------------- PENNSYLVANIA - 0.5% 500 Pennsylvania Higher Educational Facilities Authority, Revenue 7/13 at 100.00 BBB+ 505,070 Bonds, Widener University, Series 2003, 5.250%, 7/15/24 700 Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, 12/14 at 100.00 Aa3 755,405 Series 2004A, 5.500%, 12/01/31 - AMBAC Insured ----------------------------------------------------------------------------------------------------------------------------------- 1,200 Total Pennsylvania 1,260,475 ----------------------------------------------------------------------------------------------------------------------------------- PUERTO RICO - 0.5% 1,000 Puerto Rico Sales Tax Financing Corporation, Sales Tax 8/19 at 100.00 A+ 1,102,200 Revenue Bonds, First Subordinate Series 2009A, 6.000%, 8/01/42 ----------------------------------------------------------------------------------------------------------------------------------- SOUTH CAROLINA - 7.8% 1,250 Dorchester County School District 2, South Carolina, 12/14 at 100.00 AA- 1,346,863 Installment Purchase Revenue Bonds, GROWTH, Series 2004, 5.250%, 12/01/20 10,000 Greenville County School District, South Carolina, 12/12 at 101.00 AA (4) 11,583,796 Installment Purchase Revenue Bonds, Series 2002, 5.875%, 12/01/19 (Pre-refunded 12/01/12) 1,500 Lexington County Health Service District, South Carolina, 11/13 at 100.00 A+ (4) 1,768,365 Hospital Revenue Refunding and Improvement Bonds, Series 2003, 6.000%, 11/01/18 (Pre-refunded 11/01/13) 520 South Carolina JOBS Economic Development Authority, Economic 11/12 at 100.00 A3 (4) 590,959 Development Revenue Bonds, Bon Secours Health System Inc., Series 2002A, 5.625%, 11/15/30 (Pre-refunded 11/15/12) 1,980 South Carolina JOBS Economic Development Authority, Economic 11/12 at 100.00 A- 2,010,116 Development Revenue Bonds, Bon Secours Health System Inc., Series 2002B, 5.625%, 11/15/30 1,130 Tobacco Settlement Revenue Management Authority, South 5/12 at 100.00 BBB (4) 1,188,952 Carolina, Tobacco Settlement Asset-Backed Bonds, Series 2001B, 6.000%, 5/15/22 (Pre-refunded 5/15/12) ----------------------------------------------------------------------------------------------------------------------------------- 16,380 Total South Carolina 18,489,051 ----------------------------------------------------------------------------------------------------------------------------------- TEXAS - 8.4% 5,000 Brazos River Harbor Navigation District, Brazoria County, 5/12 at 101.00 BBB- 4,878,500 Texas, Environmental Facilities Revenue Bonds, Dow Chemical Company Project, Series 2002A-6, 6.250%, 5/15/33 (Mandatory put 5/15/17) (Alternative Minimum Tax) 1,000 Dallas Area Rapid Transit, Texas, Senior Lien Sales Tax 12/11 at 100.00 AAA 1,090,620 Revenue Bonds, Series 2001, 5.000%, 12/01/31 (Pre-refunded 12/01/11) - AMBAC Insured 360 Dallas-Fort Worth International Airport Public Facility 12/09 at 100.00 AAA 360,576 Corporation, Texas, Airport Hotel Revenue Bonds, Series 2001, 5.500%, 1/15/20 - FSA Insured Nuveen Investments 17 NXP | Nuveen Select Tax-Free Income Portfolio (continued) | Portfolio of Investments September 30, 2009 (Unaudited) PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- TEXAS (continued) $ 2,300 Harris County Health Facilities Development Corporation, 11/13 at 100.00 AA $ 2,354,050 Texas, Thermal Utility Revenue Bonds, TECO Project, Series 2003, 5.000%, 11/15/30 - NPFG Insured 1,550 Harris County-Houston Sports Authority, Texas, Junior Lien No Opt. Call A 375,891 Revenue Bonds, Series 2001H, 0.000%, 11/15/30 - NPFG Insured 3,470 Harris County-Houston Sports Authority, Texas, Senior Lien 11/30 at 61.17 A 463,731 Revenue Refunding Bonds, Series 2001A, 0.000%, 11/15/38 - NPFG Insured 2,805 Harris County-Houston Sports Authority, Texas, Third Lien 11/24 at 52.47 A 449,838 Revenue Bonds, Series 2004-A3., 0.000%, 11/15/35 - NPFG Insured 45 Irving Independent School District, Dallas County, Texas, 2/12 at 100.00 AAA 46,229 General Obligation Refunding Bonds, Series 2002A, 5.000%, 2/15/31 3,455 Irving Independent School District, Dallas County, Texas, 2/12 at 100.00 AAA 3,787,095 General Obligation Refunding Bonds, Series 2002A, 5.000%, 2/15/31 (Pre-refunded 2/15/12) 1,780 Leander Independent School District, Williamson and Travis 8/16 at 35.23 AAA 416,413 Counties, Texas, General Obligation Bonds, Series 2007, 0.000%, 8/15/37 2,000 North Texas Thruway Authority, First Tier System Revenue 1/25 at 100.00 A2 1,528,340 Refunding Bonds, Capital Appreciation Series 2008I, 0.000%, 1/01/43 2,000 Richardson Hospital Authority, Texas, Revenue Bonds, 12/13 at 100.00 Baa2 1,805,980 Richardson Regional Medical Center, Series 2004, 6.000%, 12/01/34 465 San Antonio, Texas, Water System Revenue Refunding Bonds, 5/12 at 100.00 Aa3 (4) 510,156 Series 1992, 6.000%, 5/15/16 (Pre-refunded 5/15/12) - MBIA Insured 1,750 Texas, General Obligation Bonds, Water Financial Assistance 8/13 at 100.00 AA+ 1,753,500 Program, Series 2003A, 5.125%, 8/01/42 (Alternative Minimum Tax) ----------------------------------------------------------------------------------------------------------------------------------- 27,980 Total Texas 19,820,919 ----------------------------------------------------------------------------------------------------------------------------------- UTAH - 0.3% 775 Utah State Building Ownership Authority, Lease Revenue Bonds, 11/11 at 100.00 AA+ 833,179 State Facilities Master Lease Program, Series 2001B, 5.250%, 5/15/24 ----------------------------------------------------------------------------------------------------------------------------------- VIRGINIA - 0.5% 1,500 Fairfax County Economic Development Authority, Virginia, 10/17 at 100.00 N/R 1,293,240 Residential Care Facilities Mortgage Revenue Bonds, Goodwin House, Inc., Series 2007A, 5.125%, 10/01/42 ----------------------------------------------------------------------------------------------------------------------------------- WASHINGTON - 7.4% 250 Energy Northwest, Washington, Electric Revenue Refunding 7/12 at 100.00 Aaa 275,935 Bonds, Columbia Generating Station - Nuclear Project 2, Series 2002C, 5.500%, 7/01/17 - NPFG Insured 3,610 Snohomish County Public Utility District 1, Washington, No Opt. Call Aaa 3,862,086 Generation System Revenue Bonds, Series 1989, 6.750%, 1/01/12 (ETM) 9,750 Washington State Healthcare Facilities Authority, Revenue 10/11 at 100.00 AA 10,175,003 Bonds, Sisters of Providence Health System, Series 2001A, 5.125%, 10/01/17 - NPFG Insured 2,105 Washington State Tobacco Settlement Authority, Tobacco 6/13 at 100.00 BBB 2,157,878 Settlement Asset-Backed Revenue Bonds, Series 2002, 6.500%, 6/01/26 2,115 Washington State, Motor Vehicle Fuel Tax General Obligation No Opt. Call AA+ 978,082 Bonds, Series 2003F, 0.000%, 12/01/27 - NPFG Insured ----------------------------------------------------------------------------------------------------------------------------------- 17,830 Total Washington 17,448,984 ----------------------------------------------------------------------------------------------------------------------------------- WEST VIRGINIA - 0.5% 760 Marshall County, West Virginia, Special Obligation Refunding No Opt. Call AAA 786,250 Bonds, Series 1992, 6.500%, 5/15/10 (ETM) 500 West Virginia Hospital Finance Authority, Revenue Bonds, 6/16 at 100.00 A+ 501,400 United Hospital Center Inc. Project, Series 2006A, 4.500%, 6/01/26 - AMBAC Insured ----------------------------------------------------------------------------------------------------------------------------------- 1,260 Total West Virginia 1,287,650 ----------------------------------------------------------------------------------------------------------------------------------- WISCONSIN - 1.9% 785 Badger Tobacco Asset Securitization Corporation, Wisconsin, 6/12 at 100.00 AAA 861,428 Tobacco Settlement Asset-Backed Bonds, Series 2002, 6.125%, 6/01/27 (Pre-refunded 6/01/12) 18 Nuveen Investments PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- WISCONSIN (continued) $ 1,000 Wisconsin Health and Educational Facilities Authority, Revenue 8/13 at 100.00 BBB+ $ 1,011,040 Bonds, Wheaton Franciscan Services Inc., Series 2003A, 5.500%, 8/15/17 2,500 Wisconsin, General Obligation Refunding Bonds, Series 2003-3, 11/13 at 100.00 AA 2,647,400 5.000%, 11/01/26 ----------------------------------------------------------------------------------------------------------------------------------- 4,285 Total Wisconsin 4,519,868 ----------------------------------------------------------------------------------------------------------------------------------- $ 272,245 Total Municipal Bonds (cost $226,267,345) 232,909,159 =================------------------------------------------------------------------------------------------------------------------ SHARES DESCRIPTION (1) VALUE ----------------------------------------------------------------------------------------------------------------------------------- COMMON STOCKS - 0.0% AIRLINES - 0.0% 789 UAL Corporation, (5) $ 7,275 ====-============------------------------------------------------------------------------------------------------------------------ Total Common Stocks (cost $0) 7,275 --------------------------------------------------------------------------------------------------------------- Total Investments (cost $226,267,345) - 98.7% 232,916,434 --------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 1.3% 3,011,620 --------------------------------------------------------------------------------------------------------------- Net Assets - 100% $ 235,928,054 =============================================================================================================== (1) All percentages shown in the Portfolio of Investments are based on net assets. (2) Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. (3) Ratings: Using the higher of Standard & Poor's Group ("Standard & Poor's") or Moody's Investor Service, Inc. ("Moody's") rating. Ratings below BBB by Standard & Poor's or Baa by Moody's are considered to be below investment grade. (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. Such investments are normally considered to be equivalent to AAA rated securities. (5) On December 9, 2002, UAL Corporation ("UAL"), the holding company of United Air Lines, Inc. ("United") filed for federal bankruptcy protection. The Adviser determined that it was likely that United would not remain current on their interest payment obligations with respect to the bonds previously held and thus the Fund had stopped accruing interest on its UAL bonds. On February 1, 2006, UAL emerged from federal bankruptcy with the acceptance of its reorganization plan by the bankruptcy court. Under the settlement agreement established to meet UAL's unsecured bond obligations, the bondholders, including the Fund, received three distributions of UAL common stock over the subsequent months, and the bankruptcy court dismissed all unsecured claims of bondhold- ers, including those of the Fund. On May 5, 2006, the Fund liquidated such UAL common stock holdings. On September 29, 2006 and May 30, 2007, the Fund received additional distributions of 1,901 and 617 shares, respectively, of UAL common stock as a result of its earlier ownership of the UAL bonds. The Fund liquidated 1,901 shares of such UAL common stock holdings on November 15, 2006. The Fund received an additional distribution of 172 UAL common stock shares on November 14, 2007. The remaining 789 shares of UAL common stock were still held by the Fund at September 30, 2009. N/R Not rated. (ETM) Escrowed to maturity. (IF) Inverse floating rate investment. See accompanying notes to financial statements. Nuveen Investments 19 NXQ | Nuveen Select Tax-Free Income Portfolio 2 | Portfolio of Investments September 30, 2009 (Unaudited) PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- MUNICIPAL BONDS - 98.4% ARIZONA - 0.8% $ 2,000 Salt Verde Financial Corporation, Arizona, Senior Gas Revenue No Opt. Call A $ 1,926,740 Bonds, Series 2007, 5.000%, 12/01/37 ----------------------------------------------------------------------------------------------------------------------------------- ARKANSAS - 1.3% 1,000 Fort Smith, Arkansas, Water and Sewer Revenue Refunding and 10/11 at 100.00 AAA 1,085,470 Construction Bonds, Series 2002A, 5.000%, 10/01/19 (Pre-refunded 10/01/11) - FSA Insured 2,000 University of Arkansas, Fayetteville, Various Facilities 12/12 at 100.00 Aa3 2,066,100 Revenue Bonds, Series 2002, 5.000%, 12/01/32 - FGIC Insured ----------------------------------------------------------------------------------------------------------------------------------- 3,000 Total Arkansas 3,151,570 ----------------------------------------------------------------------------------------------------------------------------------- CALIFORNIA - 7.2% 1,000 Alameda Corridor Transportation Authority, California, 10/17 at 100.00 A- 797,420 Subordinate Lien Revenue Bonds, Series 2004A, 0.000%, 10/01/25 - AMBAC Insured 3,325 California Department of Water Resources, Power Supply 5/12 at 101.00 Aa3 3,733,011 Revenue Bonds, Series 2002A, 6.000%, 5/01/14 500 California State Public Works Board, Lease Revenue Refunding 12/09 at 100.50 A- 505,615 Bonds, Community Colleges Projects, Series 1998A, 5.250%, 12/01/16 2,000 California State Public Works Board, Lease Revenue Refunding No Opt. Call Aa2 2,178,120 Bonds, Various University of California Projects, Series 1993A, 5.500%, 6/01/14 60 California, General Obligation Bonds, Series 1997, 5.000%, 11/09 at 100.00 A 60,077 10/01/18 - AMBAC Insured 2,500 California, General Obligation Bonds, Series 2005, 5.000%, 3/16 at 100.00 A 2,532,750 3/01/31 1,000 Golden State Tobacco Securitization Corporation, California, 6/17 at 100.00 BBB 754,190 Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2007A-1, 5.125%, 6/01/47 3,200 Golden State Tobacco Securitization Corporation, California, 6/13 at 100.00 AAA 3,786,848 Tobacco Settlement Asset-Backed Bonds, Series 2003A-1, 6.750%, 6/01/39 (Pre-refunded 6/01/13) 450 M-S-R Energy Authority, Gas Revenue Bonds, California, No Opt. Call A 524,687 Citigroup Prepay Contracts, Series 2009C, 6.500%, 11/01/39 1,195 Palmdale Elementary School District, Los Angeles County, No Opt. Call AAA 439,617 California, General Obligation Bonds, Series 2003, 0.000%, 8/01/28 - FSA Insured 1,890 San Joaquin Delta Community College District, California, 8/18 at 47.14 AAA 543,564 General Obligation Bonds, Election 2004 Series 2008B, 0.000%, 8/01/31 - FSA Insured 1,750 Tobacco Securitization Authority of Northern California, 6/15 at 100.00 BBB 1,410,868 Tobacco Settlement Asset-Backed Bonds, Series 2005A-1, 5.500%, 6/01/45 ----------------------------------------------------------------------------------------------------------------------------------- 18,870 Total California 17,266,767 ----------------------------------------------------------------------------------------------------------------------------------- COLORADO - 10.7% 1,700 Colorado Health Facilities Authority, Revenue Bonds, Catholic 3/12 at 100.00 AA (4) 1,871,428 Health Initiatives, Series 2002A, 5.500%, 3/01/22 (ETM) 1,300 Colorado Health Facilities Authority, Revenue Bonds, Catholic 3/12 at 100.00 AA (4) 1,435,694 Health Initiatives, Series 2002A, 5.500%, 3/01/22 (Pre-refunded 3/01/12) 2,440 Denver City and County, Colorado, Airport System Revenue No Opt. Call A+ 2,703,959 Bonds, Series 1991D, 7.750%, 11/15/13 (Alternative Minimum Tax) 5,000 Denver City and County, Colorado, Airport System Revenue 11/11 at 100.00 A+ 5,201,249 Refunding Bonds, Series 2001A, 5.625%, 11/15/17 - FGIC Insured (Alternative Minimum Tax) 1,555 Denver City and County, Colorado, Airport System Revenue 11/11 at 100.00 A+ 1,634,523 Refunding Bonds, Series 2001, 5.500%, 11/15/16 - FGIC Insured 3,000 Denver Convention Center Hotel Authority, Colorado, Senior 12/13 at 100.00 N/R (4) 3,360,900 Revenue Bonds, Convention Center Hotel, Series 2003A, 5.000%, 12/01/23 (Pre-refunded 12/01/13) - SYNCORA GTY Insured 2,000 Denver Convention Center Hotel Authority, Colorado, Senior 11/16 at 100.00 BBB- 1,628,940 Revenue Bonds, Convention Center Hotel, Series 2006, 4.750%, 12/01/35 - SYNCORA GTY Insured 20 Nuveen Investments PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- COLORADO (continued) E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B: $ 5,100 0.000%, 9/01/24 - NPFG Insured No Opt. Call A $ 2,087,736 7,500 0.000%, 9/01/29 - NPFG Insured No Opt. Call A 2,117,775 4,000 0.000%, 9/01/33 - NPFG Insured No Opt. Call A 842,360 5,000 E-470 Public Highway Authority, Colorado, Senior Revenue 9/10 at 31.42 Aaa 1,560,300 Bonds, Series 2000B, 0.000%, 9/01/28 (Pre-refunded 9/01/10) - NPFG Insured 250 Northwest Parkway Public Highway Authority, Colorado, Revenue 6/11 at 102.00 AAA 272,910 Bonds, Senior Series 2001A, 5.250%, 6/15/41 (Pre-refunded 6/15/11) - FSA Insured 1,100 University of Colorado Hospital Authority, Revenue Bonds, 11/11 at 100.00 A3 (4) 1,204,159 Series 2001A, 5.600%, 11/15/31 (Pre-refunded 11/15/11) ----------------------------------------------------------------------------------------------------------------------------------- 39,945 Total Colorado 25,921,933 ----------------------------------------------------------------------------------------------------------------------------------- FLORIDA - 2.4% 1,000 Hillsborough County Industrial Development Authority, Florida, 10/16 at 100.00 A3 962,550 Hospital Revenue Bonds, Tampa General Hospital, Series 2006, 5.250%, 10/01/41 1,500 Jacksonville, Florida, Guaranteed Entitlement Revenue 10/12 at 100.00 A+ 1,555,665 Refunding and Improvement Bonds, Series 2002, 5.000%, 10/01/21 - FGIC Insured 2,500 JEA, Florida, Electric System Revenue Bonds, Series 2006-3A, 4/15 at 100.00 AAA 2,580,500 5.000%, 10/01/41 - FSA Insured 625 Miami-Dade County Expressway Authority, Florida, Toll System 7/11 at 101.00 A3 636,425 Revenue Refunding Bonds, Series 2001, 5.125%, 7/01/29 - FGIC Insured ----------------------------------------------------------------------------------------------------------------------------------- 5,625 Total Florida 5,735,140 ----------------------------------------------------------------------------------------------------------------------------------- HAWAII - 0.5% 1,100 Hawaii, Certificates of Participation, Kapolei State Office 11/09 at 100.50 N/R 1,113,970 Building, Series 1998A, 5.000%, 5/01/17 - AMBAC Insured ----------------------------------------------------------------------------------------------------------------------------------- ILLINOIS - 14.0% 630 Chicago Metropolitan Housing Development Corporation, 1/10 at 100.00 AA 631,468 Illinois, FHA-Insured Section 8 Assisted Housing Development Revenue Refunding Bonds, Series 1992, 6.800%, 7/01/17 590 Chicago, Illinois, Motor Fuel Tax Revenue Bonds, Series 2003A, 7/13 at 100.00 AA+ 604,957 5.000%, 1/01/33 - AMBAC Insured 1,665 Chicago, Illinois, Third Lien General Airport Revenue Bonds, 1/16 at 100.00 A1 1,707,990 O'Hare International Airport, Series 2005A, 5.000%, 1/01/33 - FGIC Insured 600 Illinois Educational Facilities Authority, Student Housing 5/12 at 101.00 Aaa 683,490 Revenue Bonds, Educational Advancement Foundation Fund, University Center Project, Series 2002, 6.000%, 5/01/22 (Pre-refunded 5/01/12) 1,050 Illinois Finance Authority, Revenue Bonds, Loyola University 7/17 at 100.00 AA 1,150,853 of Chicago, Tender Option Bond Trust 1137, 8.932%, 7/01/46 (IF) 2,185 Illinois Finance Authority, Revenue Bonds, YMCA of Southwest 9/15 at 100.00 Aa3 2,052,021 Illinois, Series 2005, 5.000%, 9/01/31 - RAAI Insured 2,255 Illinois Health Facilities Authority, Revenue Bonds, Lake 7/12 at 100.00 A- 2,331,129 Forest Hospital, Series 2002A, 6.250%, 7/01/22 1,055 Illinois Health Facilities Authority, Revenue Bonds, Loyola 7/11 at 100.00 Baa3 (4) 1,140,117 University Health System, Series 2001A, 6.125%, 7/01/31 (Pre-refunded 7/01/11) 100 Illinois Health Facilities Authority, Revenue Refunding Bonds, 11/09 at 100.00 N/R 98,212 Rockford Health System, Series 1997, 5.000%, 8/15/21 - AMBAC Insured 1,000 Illinois Housing Development Authority, Housing Finance Bonds, 1/15 at 100.00 A+ 992,110 Series 2005E, 4.750%, 7/01/30 - FGIC Insured 5,700 Illinois, Sales Tax Revenue Bonds, First Series 2002, 5.000%, 6/13 at 100.00 AAA 6,193,049 6/15/22 45 Metropolitan Pier and Exposition Authority, Illinois, Revenue 12/09 at 100.00 A2 45,142 Bonds, McCormick Place Expansion Project, Series 1992A, 6.500%, 6/15/22 7,000 Metropolitan Pier and Exposition Authority, Illinois, Revenue 6/12 at 101.00 AAA 7,382,338 Refunding Bonds, McCormick Place Expansion Project, Series 2002B, 5.000%, 6/15/21 - NPFG Insured 5,045 Sauk Village, Illinois, General Obligation Alternate Revenue 12/12 at 100.00 A 5,044,647 Source Bonds, Tax Increment, Series 2002A, 5.000%, 6/01/22 - RAAI Insured Nuveen Investments 21 NXQ | Nuveen Select Tax-Free Income Portfolio 2 (continued) | Portfolio of Investments September 30, 2009 (Unaudited) PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- ILLINOIS (continued) Sauk Village, Illinois, General Obligation Alternate Revenue Source Bonds, Tax Increment, Series 2002B: $ 1,060 0.000%, 12/01/17 - RAAI Insured No Opt. Call A $ 728,082 1,135 0.000%, 12/01/18 - RAAI Insured No Opt. Call A 728,080 1,100 Schaumburg, Illinois, General Obligation Bonds, Series 2004B, 12/14 at 100.00 AA+ 1,159,895 5.250%, 12/01/34 - FGIC Insured 1,000 Yorkville, Illinois, General Obligation Debt Certificates, 12/11 at 100.00 BBB- (4) 1,093,220 Series 2003, 5.000%, 12/15/21 (Pre-refunded 12/15/11) - RAAI Insured ----------------------------------------------------------------------------------------------------------------------------------- 33,215 Total Illinois 33,766,800 ----------------------------------------------------------------------------------------------------------------------------------- INDIANA - 3.9% 1,000 Franklin Community Multi-School Building Corporation, Marion 7/14 at 100.00 A (4) 1,156,700 County, Indiana, First Mortgage Revenue Bonds, Series 2004, 5.000%, 7/15/22 (Pre-refunded 7/15/14) - FGIC Insured 750 Indiana Health and Educational Facilities Financing No Opt. Call Aa1 771,225 Authority, Revenue Bonds, Ascension Health, Series 2006B-5, 5.000%, 11/15/36 1,000 Indiana Health Facility Financing Authority, Revenue Bonds, 3/17 at 100.00 BBB 990,170 Community Foundation of Northwest Indiana, Series 2007, 5.500%, 3/01/37 835 Indiana Housing Finance Authority, Single Family Mortgage 7/11 at 100.00 Aaa 835,042 Revenue Bonds, Series 2002C-2, 5.250%, 7/01/23 (Alternative Minimum Tax) 4,380 Indiana Municipal Power Agency, Power Supply System Revenue 1/12 at 100.00 A+ 4,508,684 Bonds, Series 2002A, 5.125%, 1/01/21 - AMBAC Insured 290 St. Joseph County Hospital Authority, Indiana, Revenue Bonds, 2/10 at 100.00 AA- 290,290 Memorial Health System, Series 1998A, 4.625%, 8/15/28 - NPFG Insured 750 West Clark 2000 School Building Corporation, Clark County, 1/15 at 100.00 AA+ 802,305 Indiana, First Mortgage Bonds, Series 2005, 5.000%, 7/15/22 - NPFG Insured ----------------------------------------------------------------------------------------------------------------------------------- 9,005 Total Indiana 9,354,416 ----------------------------------------------------------------------------------------------------------------------------------- IOWA - 3.4% 1,875 Iowa Finance Authority, Single Family Mortgage Revenue Bonds, 7/16 at 100.00 AAA 1,784,569 Series 2007B, 4.800%, 1/01/37 (Alternative Minimum Tax) 1,000 Iowa Tobacco Settlement Authority, Asset Backed Settlement 6/15 at 100.00 BBB 769,950 Revenue Bonds, Series 2005C, 5.375%, 6/01/38 1,000 Iowa Tobacco Settlement Authority, Tobacco Asset-Backed 6/17 at 100.00 BBB 911,680 Revenue Bonds, Series 2005B, 5.600%, 6/01/34 Iowa Tobacco Settlement Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2001B: 960 5.300%, 6/01/25 (Pre-refunded 6/01/11) 6/11 at 101.00 AAA 1,028,669 3,500 5.600%, 6/01/35 (Pre-refunded 6/01/11) 6/11 at 101.00 AAA 3,782,835 ----------------------------------------------------------------------------------------------------------------------------------- 8,335 Total Iowa 8,277,703 ----------------------------------------------------------------------------------------------------------------------------------- KANSAS - 0.7% 795 Lawrence, Kansas, Hospital Revenue Bonds, Lawrence Memorial 7/16 at 100.00 A3 735,168 Hospital, Series 2006, 4.875%, 7/01/36 1,000 Salina, Kansas, Hospital Revenue Bonds, Salina Regional 4/13 at 100.00 A1 963,150 Medical Center, Series 2006, 4.500%, 10/01/26 ----------------------------------------------------------------------------------------------------------------------------------- 1,795 Total Kansas 1,698,318 ----------------------------------------------------------------------------------------------------------------------------------- LOUISIANA - 2.3% 2,180 Louisiana Public Facilities Authority, Revenue Bonds, Baton 7/14 at 100.00 A 2,276,596 Rouge General Hospital, Series 2004, 5.250%, 7/01/24 - NPFG Insured 3,000 Louisiana Public Facilities Authority, Revenue Bonds, Tulane 7/12 at 100.00 A2 (4) 3,329,520 University, Series 2002A, 5.125%, 7/01/27 (Pre-refunded 7/01/12) - AMBAC Insured ----------------------------------------------------------------------------------------------------------------------------------- 5,180 Total Louisiana 5,606,116 ----------------------------------------------------------------------------------------------------------------------------------- MASSACHUSETTS - 3.5% 3,000 Massachusetts Health and Educational Facilities Authority, 10/11 at 101.00 BBB+ 3,058,200 Revenue Bonds, Berkshire Health System, Series 2001E, 6.250%, 10/01/31 500 Massachusetts Health and Educational Facilities Authority, 7/18 at 100.00 A3 502,780 Revenue Bonds, CareGroup Inc., Series 2008E-1, 5.000%, 7/01/28 22 Nuveen Investments PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- MASSACHUSETTS (continued) $ 2,565 Massachusetts Turnpike Authority, Metropolitan Highway System 1/10 at 100.00 A $ 2,564,846 Revenue Bonds, Senior Series 1997A, 5.000%, 1/01/37 - NPFG Insured 1,270 Massachusetts Water Resources Authority, General Revenue No Opt. Call Aa2 (4) 1,448,600 Bonds, Series 1993C, 5.250%, 12/01/15 - MBIA Insured (ETM) 820 Massachusetts Water Resources Authority, General Revenue No Opt. Call Aa2 942,237 Bonds, Series 1993C, 5.250%, 12/01/15 - MBIA Insured ----------------------------------------------------------------------------------------------------------------------------------- 8,155 Total Massachusetts 8,516,663 ----------------------------------------------------------------------------------------------------------------------------------- MICHIGAN - 1.5% 545 Detroit, Michigan, General Obligation Bonds, Series 2003A, 4/13 at 100.00 BB 482,031 5.250%, 4/01/19 - SYNCORA GTY Insured 2,900 Michigan State Hospital Finance Authority, Hospital Revenue 12/12 at 100.00 AA 2,959,392 Refunding Bonds, Trinity Health Credit Group, Series 2002C, 5.375%, 12/01/30 250 Royal Oak Hospital Finance Authority, Michigan, Hospital 9/18 at 100.00 A1 296,773 Revenue Bonds, William Beaumont Hospital, Refunding Series 2009V, 8.250%, 9/01/39 ----------------------------------------------------------------------------------------------------------------------------------- 3,695 Total Michigan 3,738,196 ----------------------------------------------------------------------------------------------------------------------------------- MINNESOTA - 0.6% 1,500 Minnesota Housing Finance Agency, Residential Housing Finance 7/16 at 100.00 AA+ 1,415,595 Bonds, Series 2007-I, 4.850%, 7/01/38 (Alternative Minimum Tax) ----------------------------------------------------------------------------------------------------------------------------------- MISSISSIPPI - 0.2% 500 Mississippi Development Bank, Revenue Bonds, Mississippi 3/16 at 100.00 Baa2 497,830 Municipal Energy Agency, Mississippi Power, Series 2006A, 5.000%, 3/01/21 - SYNCORA GTY Insured ----------------------------------------------------------------------------------------------------------------------------------- NEVADA - 2.0% 1,500 Clark County, Nevada, General Obligation Bank Bonds, Southern 6/11 at 100.00 AA+ (4) 1,616,265 Nevada Water Authority Loan, Series 2001, 5.300%, 6/01/19 (Pre-refunded 6/01/11) - FGIC Insured Director of Nevada State Department of Business and Industry, Revenue Bonds, Las Vegas Monorail Project, First Tier, Series 2000: 4,595 0.000%, 1/01/22 - AMBAC Insured No Opt. Call Caa2 430,506 13,250 5.375%, 1/01/40 - AMBAC Insured 1/10 at 100.00 Caa2 2,688,293 ----------------------------------------------------------------------------------------------------------------------------------- 19,345 Total Nevada 4,735,064 ----------------------------------------------------------------------------------------------------------------------------------- NEW JERSEY - 1.8% 2,500 New Jersey Health Care Facilities Financing Authority, 7/13 at 100.00 Ba2 2,034,425 Revenue Bonds, Somerset Medical Center, Series 2003, 5.500%, 7/01/23 Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2003: 1,000 6.375%, 6/01/32 (Pre-refunded 6/01/13) 6/13 at 100.00 AAA 1,147,400 1,010 6.250%, 6/01/43 (Pre-refunded 6/01/13) 6/13 at 100.00 AAA 1,185,185 ----------------------------------------------------------------------------------------------------------------------------------- 4,510 Total New Jersey 4,367,010 ----------------------------------------------------------------------------------------------------------------------------------- NEW MEXICO - 3.0% 1,000 New Mexico Mortgage Finance Authority, Multifamily Housing 9/17 at 100.00 AAA 998,400 Revenue Bonds, St Anthony, Series 2007A, 5.250%, 9/01/42 (Alternative Minimum Tax) University of New Mexico, FHA-Insured Mortgage Hospital Revenue Bonds, Series 2004: 555 4.625%, 1/01/25 - FSA Insured 7/14 at 100.00 AAA 566,472 660 4.625%, 7/01/25 - FSA Insured 7/14 at 100.00 AAA 673,642 2,000 4.750%, 7/01/27 - FSA Insured 7/14 at 100.00 AAA 2,039,920 3,000 4.750%, 1/01/28 - FSA Insured 7/14 at 100.00 AAA 3,048,000 ----------------------------------------------------------------------------------------------------------------------------------- 7,215 Total New Mexico 7,326,434 ----------------------------------------------------------------------------------------------------------------------------------- NEW YORK - 4.4% 2,045 Dormitory Authority of the State of New York, Revenue Bonds, 7/10 at 101.00 A2 2,103,937 Mount Sinai NYU Health Obligated Group, Series 2000A, 6.500%, 7/01/17 655 Dormitory Authority of the State of New York, Revenue Bonds, 7/10 at 101.00 A2 (4) 687,796 Mount Sinai NYU Health Obligated Group, Series 2000A, 6.500%, 7/01/17 (Pre-refunded 7/01/10) Nuveen Investments 23 NXQ | Nuveen Select Tax-Free Income Portfolio 2 (continued) | Portfolio of Investments September 30, 2009 (Unaudited) PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- NEW YORK (continued) $ 2,000 New York City Municipal Water Finance Authority, New York, 12/14 at 100.00 AAA $ 2,092,120 Water and Sewerage System Revenue Bonds, Series 2004B, 5.000%, 6/15/36 - FSA Insured (UB) 1,700 New York Dorm Authority, FHA Insured Mortgage Hospital 8/16 at 100.00 BBB 1,662,923 Revenue Bonds, Kaleida Health, Series 2006, 4.700%, 2/15/35 3,000 New York State Tobacco Settlement Financing Corporation, 6/11 at 100.00 AA- 3,141,330 Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2003B-1C, 5.500%, 6/01/16 870 Triborough Bridge and Tunnel Authority, New York, Convention No Opt. Call AA- 884,338 Center Bonds, Series 1990E, 7.250%, 1/01/10 ----------------------------------------------------------------------------------------------------------------------------------- 10,270 Total New York 10,572,444 ----------------------------------------------------------------------------------------------------------------------------------- NORTH CAROLINA - 0.5% 1,155 Charlotte-Mecklenburg Hospital Authority, North Carolina, 1/11 at 101.00 AA- 1,170,131 Healthcare System Revenue Bonds, Carolinas Healthcare System, Series 2001A, 5.000%, 1/15/31 ----------------------------------------------------------------------------------------------------------------------------------- OHIO - 2.1% Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2: 1,865 5.375%, 6/01/24 6/17 at 100.00 BBB 1,814,160 50 5.125%, 6/01/24 6/17 at 100.00 BBB 47,402 680 5.875%, 6/01/30 6/17 at 100.00 BBB 649,808 775 5.750%, 6/01/34 6/17 at 100.00 BBB 726,508 2,180 5.875%, 6/01/47 6/17 at 100.00 BBB 1,773,430 ----------------------------------------------------------------------------------------------------------------------------------- 5,550 Total Ohio 5,011,308 ----------------------------------------------------------------------------------------------------------------------------------- OKLAHOMA - 1.5% 1,000 Norman Regional Hospital Authority, Oklahoma, Hospital 9/16 at 100.00 BBB- 808,310 Revenue Bonds, Series 2005, 5.375%, 9/01/36 3,000 Oklahoma Development Finance Authority, Revenue Bonds, Saint 2/17 at 100.00 A 2,861,220 John Health System, Series 2007, 5.000%, 2/15/42 ----------------------------------------------------------------------------------------------------------------------------------- 4,000 Total Oklahoma 3,669,530 ----------------------------------------------------------------------------------------------------------------------------------- PENNSYLVANIA - 1.9% 1,000 Philadelphia Authority for Industrial Development, 7/11 at 101.00 A+ 1,033,890 Pennsylvania, Airport Revenue Bonds, Philadelphia Airport System Project, Series 2001A, 5.500%, 7/01/17 - FGIC Insured (Alternative Minimum Tax) 3,250 Philadelphia School District, Pennsylvania, General 2/12 at 100.00 AAA 3,591,185 Obligation Bonds, Series 2002A, 5.500%, 2/01/31 (Pre-refunded 2/01/12) - FSA Insured ----------------------------------------------------------------------------------------------------------------------------------- 4,250 Total Pennsylvania 4,625,075 ----------------------------------------------------------------------------------------------------------------------------------- PUERTO RICO - 1.4% 1,035 Puerto Rico Housing Finance Authority, Capital Fund Program 12/13 at 100.00 AA+ 1,090,424 Revenue Bonds, Series 2003, 5.000%, 12/01/20 1,965 Puerto Rico Housing Finance Authority, Capital Fund Program 12/12 at 100.00 AAA 2,239,452 Revenue Bonds, Series 2003, 5.000%, 12/01/20 (Pre-refunded 12/01/12) ----------------------------------------------------------------------------------------------------------------------------------- 3,000 Total Puerto Rico 3,329,876 ----------------------------------------------------------------------------------------------------------------------------------- RHODE ISLAND - 2.4% 5,835 Rhode Island Tobacco Settlement Financing Corporation, 6/12 at 100.00 BBB 5,786,160 Tobacco Settlement Asset-Backed Bonds, Series 2002A, 6.250%, 6/01/42 ----------------------------------------------------------------------------------------------------------------------------------- SOUTH CAROLINA - 5.6% 700 Dorchester County School District 2, South Carolina, 12/14 at 100.00 AA- 754,243 Installment Purchase Revenue Bonds, GROWTH, Series 2004, 5.250%, 12/01/20 620 Florence, South Carolina, Water and Sewerage Revenue Bonds, 3/10 at 101.00 A+ 636,951 Series 2000, 5.750%, 3/01/20 - AMBAC Insured 4,000 Greenville County School District, South Carolina, 12/12 at 101.00 AA (4) 4,633,520 Installment Purchase Revenue Bonds, Series 2002, 5.875%, 12/01/19 (Pre-refunded 12/01/12) 2,500 Lexington County Health Service District, South Carolina, 11/13 at 100.00 A+ (4) 2,947,275 Hospital Revenue Refunding and Improvement Bonds, Series 2003, 6.000%, 11/01/18 (Pre-refunded 11/01/13) 24 Nuveen Investments PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- SOUTH CAROLINA (continued) Medical University Hospital Authority, South Carolina, FHA-Insured Mortgage Revenue Bonds, Series 2004A: $ 500 5.250%, 8/15/20 - NPFG Insured 8/14 at 100.00 A $ 529,705 2,435 5.250%, 2/15/21 - NPFG Insured 8/14 at 100.00 A 2,576,668 845 Piedmont Municipal Power Agency, South Carolina, Electric 1/10 at 100.00 A 845,651 Revenue Refunding Bonds, Series 1998A, 4.750%, 1/01/25 - NPFG Insured 475 The College of Charleston, Charleston South Carolina, 4/14 at 100.00 A2 488,148 Academic and Administrative Revenue Bonds, Series 2004B, 5.125%, 4/01/30 - SYNCORA GTY Insured ----------------------------------------------------------------------------------------------------------------------------------- 12,075 Total South Carolina 13,412,161 ----------------------------------------------------------------------------------------------------------------------------------- SOUTH DAKOTA - 0.4% 1,000 South Dakota Health and Educational Facilities Authority, 11/14 at 100.00 AA- 1,010,170 Revenue Bonds, Sioux Valley Hospitals, Series 2004A, 5.250%, 11/01/34 ----------------------------------------------------------------------------------------------------------------------------------- TEXAS - 12.2% 4,000 Brazos River Harbor Navigation District, Brazoria County, 5/12 at 101.00 BBB- 3,902,800 Texas, Environmental Facilities Revenue Bonds, Dow Chemical Company Project, Series 2002A-6, 6.250%, 5/15/33 (Mandatory put 5/15/17) (Alternative Minimum Tax) 1,500 Central Texas Regional Mobility Authority, Travis and 1/15 at 100.00 A 1,348,365 Williamson Counties, Toll Road Revenue Bonds, Series 2005, 5.000%, 1/01/45 - FGIC Insured 1,000 Dallas Area Rapid Transit, Texas, Senior Lien Sales Tax 12/11 at 100.00 AAA 1,090,620 Revenue Bonds, Series 2001, 5.000%, 12/01/31 (Pre-refunded 12/01/11) - AMBAC Insured 2,500 Harris County Health Facilities Development Corporation, No Opt. Call A (4) 2,944,450 Texas, Hospital Revenue Bonds, Texas Children's Hospital, Series 1995, 5.500%, 10/01/16 - MBIA Insured (ETM) 3,000 Harris County Health Facilities Development Corporation, 11/13 at 100.00 AA 3,070,500 Texas, Thermal Utility Revenue Bonds, TECO Project, Series 2003, 5.000%, 11/15/30 - NPFG Insured 6,610 Harris County-Houston Sports Authority, Texas, Junior Lien 11/31 at 53.78 A 668,734 Revenue Bonds, Series 2001H, 0.000%, 11/15/41 - NPFG Insured 2,000 Houston, Texas, Subordinate Lien Airport System Revenue 7/12 at 100.00 AAA 2,077,700 Bonds, Series 2002A, 5.625%, 7/01/20 - FSA Insured (Alternative Minimum Tax) 3,125 Katy Independent School District, Harris, Fort Bend and 2/12 at 100.00 AAA 3,425,375 Waller Counties, Texas, General Obligation Bonds, Series 2002A, 5.000%, 2/15/32 (Pre-refunded 2/15/12) 1,400 Kerrville Health Facilities Development Corporation, Texas, No Opt. Call BBB- 1,285,648 Revenue Bonds, Sid Peterson Memorial Hospital Project, Series 2005, 5.375%, 8/15/35 90 Lewisville Independent School District, Denton County, Texas, 8/11 at 100.00 AAA 95,559 General Obligation Bonds, Series 2004, 5.000%, 8/15/23 910 Lewisville Independent School District, Denton County, Texas, 8/11 at 100.00 AAA 983,756 General Obligation Bonds, Series 2004, 5.000%, 8/15/23 (Pre-refunded 8/15/11) 335 Live Oak, Texas, General Obligation Bonds, Series 2004, 8/14 at 100.00 Baa1 355,696 5.250%, 8/01/20 - NPFG Insured 4,850 Sam Rayburn Municipal Power Agency, Texas, Power Supply 10/12 at 100.00 BBB 5,034,446 System Revenue Refunding Bonds, Series 2002A, 5.500%, 10/01/17 - RAAI Insured 1,000 San Antonio, Texas, Water System Revenue Bonds, Series 2005, 5/15 at 100.00 AA 1,023,230 4.750%, 5/15/37 - NPFG Insured 500 Texas Water Development Board, Senior Lien State Revolving 7/10 at 100.00 AAA 518,760 Fund Revenue Bonds, Series 2000A, 5.625%, 7/15/13 1,560 Texas, General Obligation Bonds, Water Financial Assistance 8/13 at 100.00 AA+ 1,563,120 Program, Series 2003A, 5.125%, 8/01/42 (Alternative Minimum Tax) ----------------------------------------------------------------------------------------------------------------------------------- 34,380 Total Texas 29,388,759 ----------------------------------------------------------------------------------------------------------------------------------- UTAH - 0.7% 1,435 Salt Lake City and Sandy Metropolitan Water District, Utah, 7/14 at 100.00 Aa3 1,587,440 Water Revenue Bonds, Series 2004, 5.000%, 7/01/21 - AMBAC Insured ----------------------------------------------------------------------------------------------------------------------------------- VERMONT - 0.4% 915 Vermont Housing Finance Agency, Multifamily Housing Bonds, 2/10 at 100.00 AAA 916,482 Series 1999C, 5.800%, 8/15/16 - FSA Insured ----------------------------------------------------------------------------------------------------------------------------------- Nuveen Investments 25 NXQ | Nuveen Select Tax-Free Income Portfolio 2 (continued) | Portfolio of Investments September 30, 2009 (Unaudited) PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- VIRGINIA - 1.1% $ 1,340 Metropolitan District of Columbia Airports Authority, 10/10 at 100.00 AA- $ 1,343,631 Virginia, Airport System Revenue Bonds, Series 1998B, 5.000%, 10/01/28 - NPFG Insured (Alternative Minimum Tax) 1,500 Metropolitan Washington DC Airports Authority, Virginia, 10/26 at 100.00 AAA 1,079,100 Dulles Toll Road Revenue Bonds, Series 2009C., 0.000%, 10/01/41 - AGC Insured 250 Norfolk, Virginia, Water Revenue Bonds, Series 1995, 5.750%, 12/09 at 100.00 A1 251,005 11/01/13 - NPFG Insured ----------------------------------------------------------------------------------------------------------------------------------- 3,090 Total Virginia 2,673,736 ----------------------------------------------------------------------------------------------------------------------------------- WASHINGTON - 2.9% 6,715 Washington State Healthcare Facilities Authority, Revenue 10/11 at 100.00 AA 7,007,706 Bonds, Sisters of Providence Health System, Series 2001A, 5.125%, 10/01/17 - NPFG Insured ----------------------------------------------------------------------------------------------------------------------------------- WISCONSIN - 1.1% 1,000 Wisconsin Health and Educational Facilities Authority, 8/13 at 100.00 BBB+ 1,008,950 Revenue Bonds, Wheaton Franciscan Services Inc., Series 2003A, 5.500%, 8/15/18 1,695 Wisconsin Housing and Economic Development Authority, Home 3/12 at 100.00 AA 1,741,646 Ownership Revenue Bonds, Series 2002G, 4.850%, 9/01/17 ----------------------------------------------------------------------------------------------------------------------------------- 2,695 Total Wisconsin 2,750,596 ----------------------------------------------------------------------------------------------------------------------------------- $ 269,355 Total Municipal Bonds (cost $241,589,010) 237,327,839 =================------------------------------------------------------------------------------------------------------------------ SHARES DESCRIPTION (1) VALUE ----------------------------------------------------------------------------------------------------------------------------------- COMMON STOCKS - 0.0% AIRLINES - 0.0% 757 UAL Corporation, (5) $ 6,980 =================------------------------------------------------------------------------------------------------------------------ Total Common Stocks (cost $0) 6,980 --------------------------------------------------------------------------------------------------------------- Total Investments (cost $241,589,010) - 98.4% 237,334,819 --------------------------------------------------------------------------------------------------------------- Floating Rate Obligations - (0.4)% (1,000,000) --------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 2.0% 4,815,221 --------------------------------------------------------------------------------------------------------------- Net Assets - 100% $ 241,150,040 =============================================================================================================== (1) All percentages shown in the Portfolio of Investments are based on net assets. (2) Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. (3) Ratings: Using the higher of Standard & Poor's Group ("Standard & Poor's") or Moody's Investor Service, Inc. ("Moody's") rating. Ratings below BBB by Standard & Poor's or Baa by Moody's are considered to be below investment grade. (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. Such investments are normally considered to be equivalent to AAA rated securities. (5) On December 9, 2002, UAL Corporation ("UAL"), the holding company of United Air Lines, Inc. ("United") filed for federal bankruptcy protection. The Adviser determined that it was likely that United would not remain current on their interest payment obligations with respect to the bonds previously held and thus the Fund had stopped accruing interest on its UAL bonds. On February 1, 2006, UAL emerged from federal bankruptcy with the acceptance of its reorganization plan by the bankruptcy court. Under the settlement agreement established to meet UAL's unsecured bond obligations, the bondholders, including the Fund, received three distributions of UAL common stock over the subsequent months, and the bankruptcy court dismissed all unsecured claims of bondhold- ers, including those of the Fund. On May 5, 2006, the Fund liquidated such UAL common stock holdings. On September 29, 2006 and May 30, 2007, the Fund received additional distributions of 1,825 and 592 shares, respectively, of UAL common stock as a result of its earlier ownership of the UAL bonds. The Fund liquidated the 1,825 shares of such UAL common stock holdings on November 15, 2006. The Fund received an additional distribution of 165 UAL common stock shares on November 14, 2007. The remaining 757 shares of UAL common stock were still held by the Fund at September 30, 2009. N/R Not rated. (ETM) Escrowed to maturity. (IF) Inverse floating rate investment. (UB) Underling bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 - Inverse Floating Rate Securities for more information. See accompanying notes to financial statements. 26 Nuveen Investments NXR | Nuveen Select Tax-Free Income Portfolio 3 | Portfolio of Investments September 30, 2009 (Unaudited) PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- MUNICIPAL BONDS - 98.7% ALABAMA - 0.3% $ 500 Marshall County Healthcare Authority, Alabama, Revenue 1/12 at 101.00 A- $ 517,585 Bonds, Series 2002A, 6.250%, 1/01/22 ----------------------------------------------------------------------------------------------------------------------------------- CALIFORNIA - 10.0% 2,105 Azusa Unified School District, Los Angeles County, 7/12 at 100.00 AAA 2,289,566 California, General Obligation Bonds, Series 2002, 5.375%, 7/01/21 - FSA Insured 1,000 California County Tobacco Securitization Agency, Tobacco 12/18 at 100.00 Baa3 711,360 Settlement Asset-Backed Bonds, Los Angeles County Securitization Corporation, Series 2006A, 0.000%, 6/01/36 1,000 California County Tobacco Securitization Agency, Tobacco 6/15 at 100.00 BBB 882,000 Settlement Asset-Backed Bonds, Sonoma County Tobacco Securitization Corporation, Series 2005, 5.000%, 6/01/26 3,350 California Department of Water Resources, Power Supply 5/12 at 101.00 Aa3 3,761,079 Revenue Bonds, Series 2002A, 6.000%, 5/01/14 2,595 California Health Facilities Financing Authority, Revenue 4/16 at 100.00 A+ 2,597,855 Bonds, Kaiser Permanante System, Series 2006, 5.000%, 4/01/37 1,000 California Statewide Community Development Authority, 8/19 at 100.00 AA 1,100,280 Revenue Bonds, Methodist Hospital Project, Series 2009, 6.750%, 2/01/38 295 California Statewide Financing Authority, Tobacco No Opt. Call Baa3 295,932 Settlement Asset-Backed Bonds, Pooled Tobacco Securitization Program, Series 2002A, 5.625%, 5/01/29 Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2007A-1: 775 4.500%, 6/01/27 6/17 at 100.00 BBB 718,665 1,250 5.000%, 6/01/33 6/17 at 100.00 BBB 1,086,863 3,000 Golden State Tobacco Securitization Corporation, 6/13 at 100.00 AAA 3,550,170 California, Tobacco Settlement Asset-Backed Bonds, Series 2003A-1, 6.750%, 6/01/39 (Pre-refunded 6/01/13) 1,500 Placer Union High School District, Placer County, No Opt. Call AAA 396,690 California, General Obligation Bonds, Series 2004C, 0.000%, 8/01/32 - FSA Insured 3,940 Rancho Mirage Redevelopment Agency, California, Tax No Opt. Call A+ 857,423 Allocation Bonds, Combined Whitewater and 1984 Project Areas, Series 2003A, 0.000%, 4/01/35 - NPFG Insured 250 Santa Ana Unified School District, Orange County, 8/10 at 101.00 A+ 257,960 California, General Obligation Bonds, Series 2000, 5.700%, 8/01/29 - FGIC Insured ----------------------------------------------------------------------------------------------------------------------------------- 22,060 Total California 18,505,843 ----------------------------------------------------------------------------------------------------------------------------------- COLORADO - 6.9% 1,540 Arkansas River Power Authority, Colorado, Power Revenue 10/16 at 100.00 BBB 1,451,635 Bonds, Series 2006, 5.250%, 10/01/40 - SYNCORA GTY Insured 400 Colorado Department of Transportation, Certificates of 6/14 at 100.00 AA- 414,380 Participation, Series 2004, 5.000%, 6/15/34 - NPFG Insured 2,265 Colorado Health Facilities Authority, Revenue Bonds, 3/12 at 100.00 AA (4) 2,493,403 Catholic Health Initiatives, Series 2002A, 5.500%, 3/01/22 (ETM) 1,735 Colorado Health Facilities Authority, Revenue Bonds, 3/12 at 100.00 AA (4) 1,916,099 Catholic Health Initiatives, Series 2002A, 5.500%, 3/01/22 (Pre-refunded 3/01/12) 2,065 Denver City and County, Colorado, Airport System Revenue No Opt. Call A+ 2,288,392 Bonds, Series 1991D, 7.750%, 11/15/13 (Alternative Minimum Tax) 3,000 Denver Convention Center Hotel Authority, Colorado, Senior 12/13 at 100.00 N/R (4) 3,360,900 Revenue Bonds, Convention Center Hotel, Series 2003A, 5.000%, 12/01/24 (Pre-refunded 12/01/13) - SYNCORA GTY Insured 2,485 E-470 Public Highway Authority, Colorado, Toll Revenue 9/20 at 63.98 A 760,137 Bonds, Series 2004B, 0.000%, 9/01/28 - NPFG Insured ----------------------------------------------------------------------------------------------------------------------------------- 13,490 Total Colorado 12,684,946 ----------------------------------------------------------------------------------------------------------------------------------- CONNECTICUT - 0.1% 250 Connecticut Health and Educational Facilities Authority, 1/10 at 100.00 A 251,090 Revenue Bonds, Bridgeport Hospital Issue, Series 1992A, 6.625%, 7/01/18 - NPFG Insured ----------------------------------------------------------------------------------------------------------------------------------- Nuveen Investments 27 NXR | Nuveen Select Tax-Free Income Portfolio 3 (continued) | Portfolio of Investments September 30, 2009 (Unaudited) PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- DISTRICT OF COLUMBIA - 0.4% $ 370 District of Columbia Tobacco Settlement Corporation, 5/11 at 101.00 BBB $ 374,329 Tobacco Settlement Asset-Backed Bonds, Series 2001, 6.250%, 5/15/24 15 District of Columbia, General Obligation Bonds, Series 11/09 at 100.00 AAA 15,066 1993E, 6.000%, 6/01/13 - MBIA Insured (ETM) 235 District of Columbia, General Obligation Refunding Bonds, No Opt. Call A+ 243,688 Series 1994A-1, 6.500%, 6/01/10 - NPFG Insured ----------------------------------------------------------------------------------------------------------------------------------- 620 Total District of Columbia 633,083 ----------------------------------------------------------------------------------------------------------------------------------- FLORIDA - 5.5% 1,000 Hillsborough County Industrial Development Authority, 10/16 at 100.00 A3 962,550 Florida, Hospital Revenue Bonds, Tampa General Hospital, Series 2006, 5.250%, 10/01/41 5,020 JEA St. John's River Power Park System, Florida, Revenue 10/11 at 100.00 Aa2 5,176,423 Refunding Bonds, Issue 2, Series 2002-17, 5.000%, 10/01/18 4,000 JEA, Florida, Subordinate Lien Electric System Revenue 11/09 at 100.00 Aa3 4,002,520 Bonds, Series 2002D, 4.625%, 10/01/22 ----------------------------------------------------------------------------------------------------------------------------------- 10,020 Total Florida 10,141,493 ----------------------------------------------------------------------------------------------------------------------------------- GEORGIA - 0.1% 265 Atlanta, Georgia, Airport Facilities Revenue Bonds, Series No Opt. Call A+ 262,596 1990, 0.000%, 1/01/10 - MBIA Insured (Alternative Minimum Tax) ----------------------------------------------------------------------------------------------------------------------------------- ILLINOIS - 18.9% 90 Chicago Metropolitan Housing Development Corporation, 1/10 at 100.00 AA 90,167 Illinois, FHA-Insured Section 8 Assisted Housing Development Revenue Refunding Bonds, Series 1992, 6.850%, 7/01/22 1,930 Illinois Development Finance Authority, Revenue Bonds, 5/11 at 101.00 AAA 2,095,382 Midwestern University, Series 2001B, 5.750%, 5/15/16 (Pre-refunded 5/15/11) 1,050 Illinois Finance Authority, Revenue Bonds, Loyola 7/17 at 100.00 AA 1,150,853 University of Chicago, Tender Option Bond Trust 1137, 8.932%, 7/01/46 (IF) 2,185 Illinois Finance Authority, Revenue Bonds, YMCA of 9/15 at 100.00 Aa3 2,052,021 Southwest Illinois, Series 2005, 5.000%, 9/01/31 - RAAI Insured 4,440 Illinois Health Facilities Authority, Remarketed Revenue 8/11 at 103.00 Aa1 4,691,792 Bonds, University of Chicago Project, Series 1985A, 5.500%, 8/01/20 1,500 Illinois Health Facilities Authority, Revenue Bonds, No Opt. Call N/R (4) 1,915,290 Evangelical Hospitals Corporation, Series 1992C, 6.250%, 4/15/22 (ETM) 315 Illinois Health Facilities Authority, Revenue Bonds, Holy 11/09 at 100.00 A 315,082 Family Medical Center, Series 1997, 5.125%, 8/15/17 - NPFG Insured 2,225 Illinois Health Facilities Authority, Revenue Refunding 1/13 at 100.00 Baa1 2,308,015 Bonds, Elmhurst Memorial Healthcare, Series 2002, 6.250%, 1/01/17 335 Illinois Health Facilities Authority, Revenue Refunding 11/09 at 100.00 N/R 329,010 Bonds, Rockford Health System, Series 1997, 5.000%, 8/15/21 - AMBAC Insured 2,500 Illinois Housing Development Authority, Homeowner Mortgage 2/16 at 100.00 AA 2,509,925 Revenue Bonds, Series 2006C2, 5.050%, 8/01/27 (Alternative Minimum Tax) 5,700 Illinois, Sales Tax Revenue Bonds, First Series 2002, 6/13 at 100.00 AAA 6,193,050 5.000%, 6/15/22 2,000 Illinois, Sales Tax Revenue Bonds, Series 1997X, 5.600%, 11/09 at 100.00 AAA 2,007,420 6/15/17 1,000 Kankakee & Will Counties Community Unit School District 5, No Opt. Call Aa3 559,520 Illinois, General Obligation Bonds, Series 2006, 0.000%, 5/01/23 - FSA Insured 6,000 Metropolitan Pier and Exposition Authority, Illinois, 6/12 at 101.00 AAA 6,327,717 Revenue Refunding Bonds, McCormick Place Expansion Project, Series 2002B, 5.000%, 6/15/21 - NPFG Insured 1,300 Schaumburg, Illinois, General Obligation Bonds, Series 12/14 at 100.00 AA+ 1,370,785 2004B, 5.250%, 12/01/34 - FGIC Insured 1,000 Yorkville, Illinois, General Obligation Debt Certificates, 12/11 at 100.00 BBB- (4) 1,093,220 Series 2003, 5.000%, 12/15/22 (Pre-refunded 12/15/11) - RAAI Insured ----------------------------------------------------------------------------------------------------------------------------------- 33,570 Total Illinois 35,009,249 ----------------------------------------------------------------------------------------------------------------------------------- INDIANA - 6.2% 1,000 Franklin Community Multi-School Building Corporation, 7/14 at 100.00 A (4) 1,156,700 Marion County, Indiana, First Mortgage Revenue Bonds, Series 2004, 5.000%, 7/15/22 (Pre-refunded 7/15/14) - FGIC Insured 28 Nuveen Investments PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- INDIANA (continued) $ 3,500 Indiana Health Facility Financing Authority, Hospital 9/11 at 100.00 BBB $ 3,133,130 Revenue Bonds, Methodist Hospitals Inc., Series 2001, 5.375%, 9/15/22 2,210 Indiana Health Facility Financing Authority, Hospital No Opt. Call AAA 2,554,318 Revenue Refunding Bonds, Columbus Regional Hospital, Series 1993, 7.000%, 8/15/15 - FSA Insured 2,000 Indianapolis Local Public Improvement Bond Bank, Indiana, 7/12 at 100.00 AAA 2,231,060 Waterworks Project, Series 2002A, 5.250%, 7/01/33 (Pre-refunded 7/01/12) - MBIA Insured 2,295 Shelbyville Central Renovation School Building Corporation, 7/15 at 100.00 AA+ 2,373,168 Indiana, First Mortgage Bonds, Series 2005, 4.375%, 7/15/25 - NPFG Insured ----------------------------------------------------------------------------------------------------------------------------------- 11,005 Total Indiana 11,448,376 ----------------------------------------------------------------------------------------------------------------------------------- IOWA - 5.4% 2,745 Iowa Finance Authority, Health Facility Revenue Bonds, Care 7/16 at 100.00 BB+ 2,299,788 Initiatives Project, Series 2006A, 5.000%, 7/01/20 750 Iowa Tobacco Settlement Authority, Tobacco Asset-Backed 6/17 at 100.00 BBB 683,760 Revenue Bonds, Series 2005B, 5.600%, 6/01/34 Iowa Tobacco Settlement Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2001B: 3,695 5.300%, 6/01/25 (Pre-refunded 6/01/11) 6/11 at 101.00 AAA 3,959,303 2,850 5.600%, 6/01/35 (Pre-refunded 6/01/11) 6/11 at 101.00 AAA 3,080,309 ----------------------------------------------------------------------------------------------------------------------------------- 10,040 Total Iowa 10,023,160 ----------------------------------------------------------------------------------------------------------------------------------- KANSAS - 1.1% Lawrence, Kansas, Hospital Revenue Bonds, Lawrence Memorial Hospital, Series 2006: 1,425 5.125%, 7/01/26 7/16 at 100.00 A3 1,445,591 700 4.875%, 7/01/36 7/16 at 100.00 A3 647,318 ----------------------------------------------------------------------------------------------------------------------------------- 2,125 Total Kansas 2,092,909 ----------------------------------------------------------------------------------------------------------------------------------- MAINE - 0.1% 120 Maine Health and Higher Educational Facilities Authority, 7/11 at 100.00 Aaa 121,674 Revenue Bonds, Series 1999B, 6.000%, 7/01/19 - MBIA Insured ----------------------------------------------------------------------------------------------------------------------------------- MASSACHUSETTS - 0.8% 1,000 Massachusetts Development Finance Agency, Resource Recovery 12/09 at 101.00 BBB 948,200 Revenue Bonds, Ogden Haverhill Associates, Series 1998B, 5.200%, 12/01/13 (Alternative Minimum Tax) 15 Massachusetts Health and Educational Facilities Authority, 7/11 at 101.00 AA 16,163 Revenue Bonds, Partners HealthCare System Inc., Series 2001C, 6.000%, 7/01/17 485 Massachusetts Health and Educational Facilities Authority, 7/11 at 101.00 AAA 534,984 Revenue Bonds, Partners HealthCare System Inc., Series 2001C, 6.000%, 7/01/17 (Pre-refunded 7/01/11) ----------------------------------------------------------------------------------------------------------------------------------- 1,500 Total Massachusetts 1,499,347 ----------------------------------------------------------------------------------------------------------------------------------- MICHIGAN - 2.6% 1,500 Detroit, Michigan, Sewer Disposal System Revenue Bonds, 7/16 at 100.00 A 1,414,425 Second Lien, Series 2006B, 4.625%, 7/01/34 - FGIC Insured 2,900 Michigan State Hospital Finance Authority, Hospital Revenue 12/12 at 100.00 AA 2,959,392 Refunding Bonds, Trinity Health Credit Group, Series 2002C, 5.375%, 12/01/30 235 Michigan State Hospital Finance Authority, Revenue 2/10 at 100.00 BB- 214,264 Refunding Bonds, Detroit Medical Center Obligated Group, Series 1993A, 6.500%, 8/15/18 250 Royal Oak Hospital Finance Authority, Michigan, Hospital 9/18 at 100.00 A1 296,773 Revenue Bonds, William Beaumont Hospital, Refunding Series 2009V, 8.250%, 9/01/39 ----------------------------------------------------------------------------------------------------------------------------------- 4,885 Total Michigan 4,884,854 ----------------------------------------------------------------------------------------------------------------------------------- MISSISSIPPI - 0.4% 725 Mississippi Hospital Equipment and Facilities Authority, 9/14 at 100.00 AA 755,088 Revenue Bonds, Baptist Memorial Healthcare, Series 2004B-1, 5.000%, 9/01/24 ----------------------------------------------------------------------------------------------------------------------------------- NEBRASKA - 1.9% 3,500 Nebraska Public Power District, General Revenue Bonds, 1/13 at 100.00 A1 3,584,070 Series 2002B, 5.000%, 1/01/33 - AMBAC Insured ----------------------------------------------------------------------------------------------------------------------------------- Nuveen Investments 29 NXR | Nuveen Select Tax-Free Income Portfolio 3 (continued) | Portfolio of Investments September 30, 2009 (Unaudited) PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- NEVADA - 3.1% $ 4,095 Director of Nevada State Department of Business and 1/10 at 100.00 Caa2 $ 830,835 Industry, Revenue Bonds, Las Vegas Monorail Project, First Tier, Series 2000, 5.375%, 1/01/40 - AMBAC Insured 1,680 Reno, Nevada, Capital Improvement Revenue Bonds, Series 6/12 at 100.00 A 1,704,343 2002, 5.500%, 6/01/22 - FGIC Insured 2,830 Reno, Nevada, Capital Improvement Revenue Bonds, Series 6/12 at 100.00 Baa1 (4) 3,160,770 2002, 5.500%, 6/01/22 (Pre-refunded 6/01/12) - FGIC Insured ----------------------------------------------------------------------------------------------------------------------------------- 8,605 Total Nevada 5,695,948 ----------------------------------------------------------------------------------------------------------------------------------- NEW HAMPSHIRE - 0.3% 480 New Hampshire Housing Finance Authority, Single Family 5/11 at 100.00 Aa2 486,902 Mortgage Acquisition Bonds, Series 2001A, 5.600%, 7/01/21 (Alternative Minimum Tax) ----------------------------------------------------------------------------------------------------------------------------------- NEW JERSEY - 1.5% Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2003: 1,000 6.750%, 6/01/39 (Pre-refunded 6/01/13) 6/13 at 100.00 AAA 1,191,280 1,355 6.250%, 6/01/43 (Pre-refunded 6/01/13) 6/13 at 100.00 AAA 1,590,025 ----------------------------------------------------------------------------------------------------------------------------------- 2,355 Total New Jersey 2,781,305 ----------------------------------------------------------------------------------------------------------------------------------- NEW MEXICO - 2.8% 1,000 New Mexico Mortgage Finance Authority, Multifamily Housing 9/17 at 100.00 AAA 998,400 Revenue Bonds, St Anthony, Series 2007A, 5.250%, 9/01/42 (Alternative Minimum Tax) 4,000 University of New Mexico, FHA-Insured Mortgage Hospital 7/14 at 100.00 AAA 4,082,680 Revenue Bonds, Series 2004, 4.625%, 1/01/25 - FSA Insured ----------------------------------------------------------------------------------------------------------------------------------- 5,000 Total New Mexico 5,081,080 ----------------------------------------------------------------------------------------------------------------------------------- NEW YORK - 3.2% 420 Dormitory Authority of the State of New York, Second No Opt. Call A1 440,315 General Resolution Consolidated Revenue Bonds, City University System, Series 1990C, 7.500%, 7/01/10 2,335 Long Island Power Authority, New York, Electric System 9/11 at 100.00 AAA 2,547,041 General Revenue Bonds, Series 2001A, 5.375%, 9/01/21 (Pre-refunded 9/01/11) 35 New York City, New York, General Obligation Bonds, Series 11/09 at 100.00 AA 35,177 1991B, 7.000%, 2/01/18 1,000 New York Dorm Authority, FHA Insured Mortgage Hospital 8/16 at 100.00 BBB 978,190 Revenue Bonds, Kaleida Health, Series 2006, 4.700%, 2/15/35 1,850 New York State Tobacco Settlement Financing Corporation, 6/10 at 100.00 AA- 1,888,795 Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2003B-1C, 5.500%, 6/01/15 ----------------------------------------------------------------------------------------------------------------------------------- 5,640 Total New York 5,889,518 ----------------------------------------------------------------------------------------------------------------------------------- NORTH CAROLINA - 4.2% 5,000 North Carolina Municipal Power Agency 1, Catawba Electric 1/13 at 100.00 A 5,312,400 Revenue Bonds, Series 2003A, 5.250%, 1/01/18 - NPFG Insured 2,345 Piedmont Triad Airport Authority, North Carolina, Airport 7/11 at 101.00 AAA 2,522,962 Revenue Bonds, Series 2001A, 5.250%, 7/01/16 - FSA Insured ----------------------------------------------------------------------------------------------------------------------------------- 7,345 Total North Carolina 7,835,362 ----------------------------------------------------------------------------------------------------------------------------------- OHIO - 1.2% Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2: 1,355 5.375%, 6/01/24 6/17 at 100.00 BBB 1,318,063 1,000 6.000%, 6/01/42 6/17 at 100.00 BBB 845,380 ----------------------------------------------------------------------------------------------------------------------------------- 2,355 Total Ohio 2,163,443 ----------------------------------------------------------------------------------------------------------------------------------- OKLAHOMA - 1.6% 3,000 Oklahoma Development Finance Authority, Revenue Bonds, St. 2/14 at 100.00 A 3,029,160 John Health System, Series 2004, 5.000%, 2/15/24 ----------------------------------------------------------------------------------------------------------------------------------- PENNSYLVANIA - 2.4% 2,435 Dauphin County Industrial Development Authority, No Opt. Call A- 2,800,469 Pennsylvania, Water Development Revenue Refunding Bonds, Dauphin Consolidated Water Supply Company, Series 1992B, 6.700%, 6/01/17 30 Nuveen Investments PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- PENNSYLVANIA (continued) $ 500 Pennsylvania Higher Educational Facilities Authority, 7/13 at 100.00 BBB+ $ 505,070 Revenue Bonds, Widener University, Series 2003, 5.250%, 7/15/24 1,000 Philadelphia Authority for Industrial Development, 7/11 at 101.00 A+ 1,033,890 Pennsylvania, Airport Revenue Bonds, Philadelphia Airport System Project, Series 2001A, 5.500%, 7/01/17 - FGIC Insured (Alternative Minimum Tax) ----------------------------------------------------------------------------------------------------------------------------------- 3,935 Total Pennsylvania 4,339,429 ----------------------------------------------------------------------------------------------------------------------------------- PUERTO RICO - 0.6% 1,000 Puerto Rico Sales Tax Financing Corporation, Sales Tax 8/19 at 100.00 A+ 1,102,200 Revenue Bonds, First Subordinate Series 2009A, 6.000%, 8/01/42 ----------------------------------------------------------------------------------------------------------------------------------- SOUTH CAROLINA - 3.2% 1,500 Lexington County Health Service District, South Carolina, 11/13 at 100.00 A+ (4) 1,768,365 Hospital Revenue Refunding and Improvement Bonds, Series 2003, 6.000%, 11/01/18 (Pre-refunded 11/01/13) 1,500 Medical University Hospital Authority, South Carolina, 8/14 at 100.00 A 1,589,115 FHA-Insured Mortgage Revenue Bonds, Series 2004A, 5.250%, 8/15/20 - NPFG Insured 520 South Carolina JOBS Economic Development Authority, 11/12 at 100.00 A3 (4) 590,959 Economic Development Revenue Bonds, Bon Secours Health System Inc., Series 2002A, 5.625%, 11/15/30 (Pre-refunded 11/15/12) 1,980 South Carolina JOBS Economic Development Authority, 11/12 at 100.00 A- 2,010,116 Economic Development Revenue Bonds, Bon Secours Health System Inc., Series 2002B, 5.625%, 11/15/30 ----------------------------------------------------------------------------------------------------------------------------------- 5,500 Total South Carolina 5,958,555 ----------------------------------------------------------------------------------------------------------------------------------- SOUTH DAKOTA - 1.1% 1,010 South Dakota Health and Educational Facilities Authority, 7/12 at 101.00 A+ 1,011,394 Revenue Bonds, Avera Health, Series 2002, 5.125%, 7/01/27 - AMBAC Insured 1,000 South Dakota Health and Educational Facilities Authority, 11/14 at 100.00 AA- 1,010,170 Revenue Bonds, Sioux Valley Hospitals, Series 2004A, 5.250%, 11/01/34 ----------------------------------------------------------------------------------------------------------------------------------- 2,010 Total South Dakota 2,021,564 ----------------------------------------------------------------------------------------------------------------------------------- TENNESSEE - 1.1% 2,000 Knox County Health, Educational and Housing Facilities 4/12 at 101.00 A1 2,086,840 Board, Tennessee, Hospital Revenue Bonds, Baptist Health System of East Tennessee Inc., Series 2002, 6.375%, 4/15/22 ----------------------------------------------------------------------------------------------------------------------------------- TEXAS - 10.0% 1,500 Central Texas Regional Mobility Authority, Travis and 1/15 at 100.00 A 1,348,365 Williamson Counties, Toll Road Revenue Bonds, Series 2005, 5.000%, 1/01/45 - FGIC Insured 2,500 Harris County Health Facilities Development Corporation, 11/13 at 100.00 AA 2,558,750 Texas, Thermal Utility Revenue Bonds, TECO Project, Series 2003, 5.000%, 11/15/30 - NPFG Insured 4,005 Harris County-Houston Sports Authority, Texas, Senior Lien 11/30 at 61.17 A 535,228 Revenue Refunding Bonds, Series 2001A, 0.000%, 11/15/38 - NPFG Insured 3,000 Houston, Texas, Subordinate Lien Airport System Revenue 7/12 at 100.00 AAA 3,304,380 Bonds, Series 2002B, 5.500%, 7/01/18 - FSA Insured 3,125 Katy Independent School District, Harris, Fort Bend and 2/12 at 100.00 AAA 3,425,375 Waller Counties, Texas, General Obligation Bonds, Series 2002A, 5.000%, 2/15/32 (Pre-refunded 2/15/12) 4,750 Sam Rayburn Municipal Power Agency, Texas, Power Supply 10/12 at 100.00 BBB 4,930,643 System Revenue Refunding Bonds, Series 2002A, 5.500%, 10/01/17 - RAAI Insured 1,750 Texas, General Obligation Bonds, Water Financial Assistance 8/13 at 100.00 AA+ 1,753,500 Program, Series 2003A, 5.125%, 8/01/42 (Alternative Minimum Tax) 500 Victoria, Texas, General Obligation Bonds, Series 2001, 8/11 at 100.00 AA 528,025 5.000%, 8/15/23 - FGIC Insured ----------------------------------------------------------------------------------------------------------------------------------- 21,130 Total Texas 18,384,266 ----------------------------------------------------------------------------------------------------------------------------------- WASHINGTON - 0.3% 510 Port of Seattle, Washington, Revenue Bonds, Series 2001A, 10/11 at 100.00 Aa2 517,171 5.000%, 4/01/31 - FGIC Insured ----------------------------------------------------------------------------------------------------------------------------------- Nuveen Investments 31 NXR | Nuveen Select Tax-Free Income Portfolio 3 (continued) | Portfolio of Investments September 30, 2009 (Unaudited) PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- WISCONSIN - 1.4% $ 2,500 Wisconsin, General Obligation Refunding Bonds, Series 11/13 at 100.00 AA $ 2,647,400 2003-3, 5.000%, 11/01/26 ----------------------------------------------------------------------------------------------------------------------------------- $ 188,040 Total Municipal Bonds (cost $176,568,445) 182,435,506 =================------------------------------------------------------------------------------------------------------------------ SHARES DESCRIPTION (1) VALUE ----------------------------------------------------------------------------------------------------------------------------------- COMMON STOCKS - 0.0% AIRLINES - 0.0% 220 UAL Corporation, (5) $ 2,028 =================------------------------------------------------------------------------------------------------------------------ Total Common Stocks (cost $0) 2,028 --------------------------------------------------------------------------------------------------------------- Total Long-Term Investments (cost $176,568,445) - 98.7% 182,437,534 =============================================================================================================== PRINCIPAL AMOUNT (000) DESCRIPTION (1) VALUE ----------------------------------------------------------------------------------------------------------------------------------- SHORT-TERM INVESTMENTS - 0.2% $ 407 State Street Bank Euro Dollar Time Deposit, 0.010%, 10/01/09 $ 407,041 =================------------------------------------------------------------------------------------------------------------------ Total Short-Term Investments (cost $407,041) 407,041 --------------------------------------------------------------------------------------------------------------- Total Investments (cost $176,975,486) - 98.9% 182,844,575 --------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 1.1% 1,994,222 --------------------------------------------------------------------------------------------------------------- Net Assets - 100% $ 184,838,797 =============================================================================================================== (1) All percentages shown in the Portfolio of Investments are based on net assets. (2) Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. (3) Ratings: Using the higher of Standard & Poor's Group ("Standard & Poor's") or Moody's Investor Service, Inc. ("Moody's") rating. Ratings below BBB by Standard & Poor's or Baa by Moody's are considered to be below investment grade. (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. Such investments are normally considered to be equivalent to AAA rated securities. (5) On December 9, 2002, UAL Corporation ("UAL"), the holding company of United Air Lines, Inc. ("United") filed for federal bankruptcy protection. The Adviser determined that it was likely that United would not remain current on their interest payment obligations with respect to the bonds previously held and thus the Fund had stopped accruing interest on its UAL bonds. On February 1, 2006, UAL emerged from federal bankruptcy with the acceptance of its reorganization plan by the bankruptcy court. Under the settlement agreement established to meet UAL's unsecured bond obligations, the bondholders, including the Fund, received three distributions of UAL common stock over the subsequent months, and the bankruptcy court dismissed all unsecured claims of bondholders, including those of the Fund. On May 5, 2006, the Fund liquidated such UAL common stock holdings. On September 29, 2006 and May 30, 2007, the Fund received additional distributions of 532 and 172 shares, respectively, of UAL common stock as a result of its earlier ownership of the UAL bonds. The Fund liquidated 532 shares of such UAL common stock holdings on November 15, 2006. The Fund received an additional distribution of 48 UAL common stock shares on November 14, 2007. The remaining 220 shares of UAL common stock were still held by the Fund at September 30, 2009. N/R Not rated. (ETM) Escrowed to maturity. (IF) Inverse floating rate investment. See accompanying notes to financial statements. 32 Nuveen Investments NXC | Nuveen California Select Tax-Free Income Portfolio | Portfolio of Investments September 30, 2009 (Unaudited) PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- CONSUMER STAPLES - 4.5% $ 170 California County Tobacco Securitization Agency, Tobacco 6/15 at 100.00 BBB $ 159,478 Settlement Asset-Backed Bonds, Sonoma County Tobacco Securitization Corporation, Series 2005, 4.250%, 6/01/21 1,170 California County Tobacco Securitization Agency, Tobacco 6/12 at 100.00 BBB 1,170,445 Settlement Asset-Backed Revenue Bonds, Fresno County Tobacco Funding Corporation, Series 2002, 5.625%, 6/01/23 4,045 Golden State Tobacco Securitization Corporation, 6/22 at 100.00 BBB 2,749,953 California, Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2007A-2, 0.000%, 6/01/37 ----------------------------------------------------------------------------------------------------------------------------------- 5,385 Total Consumer Staples 4,079,876 ----------------------------------------------------------------------------------------------------------------------------------- EDUCATION AND CIVIC ORGANIZATIONS - 9.5% 3,000 California Educational Facilities Authority, Revenue 4/18 at 100.00 Aa3 3,321,120 Bonds, Santa Clara University, Series 2008A, 5.625%, 4/01/37 45 California Educational Facilities Authority, Revenue 10/15 at 100.00 A3 44,675 Bonds, University of Redlands, Series 2005A, 5.000%, 10/01/35 1,000 California Educational Facilities Authority, Revenue 10/12 at 100.00 A2 1,026,380 Bonds, University of San Diego, Series 2002A, 5.500%, 10/01/32 California Educational Facilities Authority, Revenue Bonds, University of the Pacific, Series 2006: 35 5.000%, 11/01/21 11/15 at 100.00 A2 36,474 45 5.000%, 11/01/25 11/15 at 100.00 A2 46,016 3,000 California Infrastructure Economic Development Bank, 10/11 at 101.00 A- 3,108,810 Revenue Bonds, J. David Gladstone Institutes, Series 2001, 5.500%, 10/01/19 1,000 Long Beach Bond Financing Authority, California, Lease 11/11 at 101.00 BBB 959,340 Revenue Refunding Bonds, Long Beach Aquarium of the South Pacific, Series 2001, 5.250%, 11/01/30 - AMBAC Insured ----------------------------------------------------------------------------------------------------------------------------------- 8,125 Total Education and Civic Organizations 8,542,815 ----------------------------------------------------------------------------------------------------------------------------------- HEALTH CARE - 12.1% 110 California Health Facilities Financing Authority, Revenue 4/16 at 100.00 A+ 110,121 Bonds, Kaiser Permanante System, Series 2006, 5.000%, 4/01/37 2,550 California Health Facilities Financing Authority, Revenue 11/16 at 100.00 Aa3 2,574,888 Bonds, Sutter Health, Series 2007A, 5.250%, 11/15/46 (UB) 2,000 California Infrastructure Economic Development Bank, 8/11 at 102.00 A+ 2,047,620 Revenue Bonds, Kaiser Hospital Assistance LLC, Series 2001A, 5.550%, 8/01/31 1,500 California Statewide Community Development Authority, 6/13 at 100.00 AAA 1,624,200 Hospital Revenue Bonds, Monterey Peninsula Hospital, Series 2003B, 5.250%, 6/01/18 - FSA Insured 1,500 California Statewide Community Development Authority, 11/09 at 102.00 A 1,510,935 Insured Mortgage Hospital Revenue Bonds, Mission Community Hospital, Series 2001, 5.375%, 11/01/26 545 California Statewide Community Development Authority, 8/16 at 100.00 A+ 558,156 Revenue Bonds, Kaiser Permanente System, Series 2001C, 5.250%, 8/01/31 1,880 California Statewide Community Development Authority, 12/09 at 100.00 BBB+ 1,880,639 Revenue Bonds, Los Angeles Orthopaedic Hospital Foundation, Series 2000, 5.500%, 6/01/17 - AMBAC Insured 540 Loma Linda, California, Hospital Revenue Bonds, Loma Linda 12/17 at 100.00 BBB 612,425 University Medical Center, Series 2008A, 8.250%, 12/01/38 ----------------------------------------------------------------------------------------------------------------------------------- 10,625 Total Health Care 10,918,984 ----------------------------------------------------------------------------------------------------------------------------------- HOUSING/MULTIFAMILY - 0.8% 750 California Statewide Community Development Authority, 8/12 at 100.00 Baa1 755,805 Student Housing Revenue Bonds, EAH - Irvine East Campus Apartments, LLC Project, Series 2002A, 5.500%, 8/01/22 - ACA Insured ----------------------------------------------------------------------------------------------------------------------------------- HOUSING/SINGLE FAMILY - 0.1% 115 California Housing Finance Agency, Home Mortgage Revenue 2/16 at 100.00 AA- 117,379 Bonds, Series 2006H, 5.750%, 8/01/30 - FGIC Insured (Alternative Minimum Tax) ----------------------------------------------------------------------------------------------------------------------------------- INDUSTRIALS - 1.7% 1,015 California Pollution Control Financing Authority, Solid No Opt. Call BBB 1,024,998 Waste Disposal Revenue Bonds, Republic Services Inc., Series 2002C, 5.250%, 6/01/23 (Mandatory put 12/01/17) (Alternative Minimum Tax) Nuveen Investments 33 NXC | Nuveen California Select Tax-Free Income Portfolio (continued) | Portfolio of Investments September 30, 2009 (Unaudited) PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- INDUSTRIALS (continued) $ 500 California Pollution Control Financing Authority, Solid 1/16 at 102.00 BBB $ 479,345 Waste Disposal Revenue Bonds, Waste Management Inc., Series 2002A, 5.000%, 1/01/22 (Alternative Minimum Tax) ----------------------------------------------------------------------------------------------------------------------------------- 1,515 Total Industrials 1,504,343 ----------------------------------------------------------------------------------------------------------------------------------- LONG-TERM CARE - 2.6% 1,500 ABAG Finance Authority for Non-Profit Corporations, 11/12 at 100.00 A 1,516,260 California, Insured Senior Living Revenue Bonds, Odd Fellows Home of California, Series 2003A, 5.200%, 11/15/22 1,000 California Statewide Communities Development Authority, 12/17 at 100.00 Ba1 834,110 Revenue Bonds, Inland Regional Center Project, Series 2007, 5.250%, 12/01/27 ----------------------------------------------------------------------------------------------------------------------------------- 2,500 Total Long-Term Care 2,350,370 ----------------------------------------------------------------------------------------------------------------------------------- TAX OBLIGATION/GENERAL - 21.8% 750 California, General Obligation Bonds, Series 2004, 5.000%, 2/14 at 100.00 A 789,218 2/01/23 1,000 Fremont Unified School District, Alameda County, 8/12 at 101.00 Aa3 1,060,410 California, General Obligation Bonds, Series 2002A, 5.000%, 8/01/21 - FGIC Insured Golden West Schools Financing Authority, California, General Obligation Revenue Refunding Bonds, School District Program, Series 1999A: 4,650 0.000%, 8/01/16 - NPFG Insured No Opt. Call A 3,622,583 1,750 0.000%, 2/01/17 - NPFG Insured No Opt. Call A 1,313,550 2,375 0.000%, 8/01/17 - NPFG Insured No Opt. Call A 1,740,780 2,345 0.000%, 2/01/18 - NPFG Insured No Opt. Call A 1,640,937 Mountain View-Los Altos Union High School District, Santa Clara County, California, General Obligation Capital Appreciation Bonds, Series 1995C: 1,015 0.000%, 5/01/17 - NPFG Insured No Opt. Call Aa2 752,937 1,080 0.000%, 5/01/18 - NPFG Insured No Opt. Call Aa2 745,999 100 Roseville Joint Union High School District, Placer County, 8/15 at 100.00 AA- 106,169 California, General Obligation Bonds, Series 2006B, 5.000%, 8/01/27 - FGIC Insured 3,220 Sacramento City Unified School District, Sacramento 7/15 at 100.00 Aa3 3,390,596 County, California, General Obligation Bonds, Series 2005, 5.000%, 7/01/27 - NPFG Insured 1,500 San Diego Unified School District, San Diego County, 7/13 at 101.00 AAA 1,697,445 California, General Obligation Bonds, Series 2003E, 5.250%, 7/01/24 - FSA Insured 2,565 Sunnyvale School District, Santa Clara County, California, 9/15 at 100.00 AAA 2,740,728 General Obligation Bonds, Series 2005A, 5.000%, 9/01/26 - FSA Insured ----------------------------------------------------------------------------------------------------------------------------------- 22,350 Total Tax Obligation/General 19,601,352 ----------------------------------------------------------------------------------------------------------------------------------- TAX OBLIGATION/LIMITED - 20.2% 1,000 Bell Community Redevelopment Agency, California, Tax 10/13 at 100.00 BBB- 1,008,720 Allocation Bonds, Bell Project Area, Series 2003, 5.625%, 10/01/33 - RAAI Insured 3,500 California State Public Works Board, Lease Revenue Bonds, No Opt. Call A 3,822,698 Department of Corrections, Calipatria State Prison, Series 1991A, 6.500%, 9/01/17 - NPFG Insured 1,000 California State Public Works Board, Lease Revenue Bonds, 6/14 at 100.00 A- 1,039,410 Department of Mental Health, Coalinga State Hospital, Series 2004A, 5.500%, 6/01/23 120 Capistrano Unified School District, Orange County, 9/15 at 100.00 A 119,248 California, Special Tax Bonds, Community Facilities District, Series 2005, 5.000%, 9/01/24 - FGIC Insured 360 Chino Redevelopment Agency, California, Merged Chino 9/16 at 101.00 BBB 332,604 Redevelopment Project Area Tax Allocation Bonds, Series 2006, 5.000%, 9/01/38 - AMBAC Insured 1,000 Fontana Public Financing Authority, California, Tax 10/15 at 100.00 A 961,670 Allocation Revenue Bonds, North Fontana Redevelopment Project, Series 2005A, 5.000%, 10/01/32 - AMBAC Insured 3,150 Golden State Tobacco Securitization Corporation, 6/15 at 100.00 A- 2,965,505 California, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A, 5.000%, 6/01/45 - AMBAC Insured Irvine, California, Unified School District, Community Facilities District Special Tax Bonds, Series 2006A: 55 5.000%, 9/01/26 9/16 at 100.00 N/R 49,364 130 5.125%, 9/01/36 9/16 at 100.00 N/R 111,056 215 Los Angeles Community Redevelopment Agency, California, 9/15 at 100.00 A2 199,165 Lease Revenue Bonds, Manchester Social Services Project, Series 2005, 5.000%, 9/01/37 - AMBAC Insured 34 Nuveen Investments PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- TAX OBLIGATION/LIMITED (continued) $ 1,300 Orange County, California, Special Tax Bonds, Community 8/12 at 101.00 N/R $ 1,204,957 Facilities District 03-1 of Ladera Ranch, Series 2004A, 5.625%, 8/15/34 105 Rialto Redevelopment Agency, California, Tax Allocation 9/15 at 100.00 A- 97,926 Bonds, Merged Project Area, Series 2005A, 5.000%, 9/01/35 - SYNCORA GTY Insured 130 Roseville, California, Certificates of Participation, 8/13 at 100.00 AA- 130,621 Public Facilities, Series 2003A, 5.000%, 8/01/25 - AMBAC Insured 605 Sacramento City Financing Authority, California, Lease No Opt. Call A 650,066 Revenue Refunding Bonds, Series 1993A, 5.400%, 11/01/20 - NPFG Insured 3,000 San Mateo County Transit District, California, Sales Tax 6/15 at 100.00 AA 3,276,360 Revenue Bonds, Series 2005A, 5.000%, 6/01/21 - NPFG Insured 225 San Mateo Union High School District, San Mateo County, 12/17 at 100.00 N/R 211,536 California, Certificates of Participation, Phase 1, Series 2007A, 5.000%, 12/15/30 - AMBAC Insured 1,000 Santa Clara County Board of Education, California, 4/12 at 101.00 A 1,022,210 Certificates of Participation, Series 2002, 5.000%, 4/01/25 - NPFG Insured 1,000 Travis Unified School District, Solano County, California, 9/16 at 100.00 N/R 960,240 Certificates of Participation, Series 2006, 5.000%, 9/01/26 - FGIC Insured ----------------------------------------------------------------------------------------------------------------------------------- 17,895 Total Tax Obligation/Limited 18,163,356 ----------------------------------------------------------------------------------------------------------------------------------- TRANSPORTATION - 5.6% 1,150 Foothill/Eastern Transportation Corridor Agency, 1/10 at 100.00 BBB- 1,023,144 California, Toll Road Revenue Bonds, Series 1995A, 5.000%, 1/01/35 3,500 Los Angeles Harbors Department, California, Revenue 8/11 at 100.00 AA 3,606,190 Refunding Bonds, Series 2001B, 5.500%, 8/01/17 - AMBAC Insured (Alternative Minimum Tax) 445 San Francisco Airports Commission, California, Revenue 5/11 at 100.00 A1 442,717 Bonds, San Francisco International Airport, Second Series 1999, Issue 23A, 5.000%, 5/01/30 - FGIC Insured (Alternative Minimum Tax) ----------------------------------------------------------------------------------------------------------------------------------- 5,095 Total Transportation 5,072,051 ----------------------------------------------------------------------------------------------------------------------------------- U.S. GUARANTEED - 13.1% (4) 400 Beverly Hills Unified School District, Los Angeles County, 8/12 at 100.00 AA (4) 445,756 California, General Obligation Bonds, Series 2002A, 5.000%, 8/01/26 (Pre-refunded 8/01/12) California Department of Water Resources, Power Supply Revenue Bonds, Series 2002A: 1,750 5.750%, 5/01/17 (Pre-refunded 5/01/12) 5/12 at 101.00 Aaa 1,981,053 2,000 5.125%, 5/01/19 (Pre-refunded 5/01/12) 5/12 at 101.00 Aaa 2,232,200 2,600 California Educational Facilities Authority, Revenue 11/11 at 100.00 A2 (4) 2,842,164 Bonds, University of the Pacific, Series 2002, 5.250%, 11/01/21 (Pre-refunded 11/01/11) 800 California, General Obligation Bonds, Series 2004, 5.125%, 2/14 at 100.00 AAA 921,144 2/01/27 (Pre-refunded 2/01/14) 2,000 North Orange County Community College District, 8/12 at 101.00 AA (4) 2,236,880 California, General Obligation Bonds, Series 2002A, 5.000%, 8/01/22 (Pre-refunded 8/01/12) - MBIA Insured 1,000 Port of Oakland, California, Revenue Bonds, Series 2002M, 11/12 at 100.00 A1 (4) 1,130,070 5.250%, 11/01/20 (Pre-refunded 11/01/12) - FGIC Insured ----------------------------------------------------------------------------------------------------------------------------------- 10,550 Total U.S. Guaranteed 11,789,267 ----------------------------------------------------------------------------------------------------------------------------------- UTILITIES - 5.8% 645 Long Beach Bond Finance Authority, California, Natural Gas No Opt. Call A 686,280 Purchase Revenue Bonds, Series 2007A, 5.500%, 11/15/37 200 Los Angeles Department of Water and Power, California, 7/13 at 100.00 AA- 218,698 Power System Revenue Bonds, Series 2003A-2, 5.000%, 7/01/21 - NPFG Insured 7,600 Merced Irrigation District, California, Certificates of 9/16 at 64.56 A 3,250,520 Participation, Water and Hydroelectric System Projects, Series 2008A, 0.000%, 9/01/23 215 Merced Irrigation District, California, Electric System 9/15 at 100.00 N/R 196,368 Revenue Bonds, Series 2005, 5.125%, 9/01/31 - SYNCORA GTY Insured 780 Turlock Irrigation District, California, Revenue Refunding No Opt. Call A1 815,763 Bonds, Series 1992A, 6.250%, 1/01/12 - NPFG Insured ----------------------------------------------------------------------------------------------------------------------------------- 9,440 Total Utilities 5,167,629 ----------------------------------------------------------------------------------------------------------------------------------- Nuveen Investments 35 NXC | Nuveen California Select Tax-Free Income Portfolio (continued) | Portfolio of Investments September 30, 2009 (Unaudited) PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- WATER AND SEWER - 2.5% $ 150 Healdsburg Public Financing Authority, California, 4/16 at 100.00 AA- $ 152,328 Wastewater Revenue Bonds, Series 2006, 5.000%, 4/01/36 - NPFG Insured 250 Sacramento County Sanitation District Financing Authority, 6/16 at 100.00 AA 263,448 California, Revenue Bonds, Series 2006, 5.000%, 12/01/31 - FGIC Insured 825 South Feather Water and Power Agency, California, Water 4/13 at 100.00 A 829,826 Revenue Certificates of Participation, Solar Photovoltaic Project, Series 2003, 5.375%, 4/01/24 1,000 Woodbridge Irrigation District, California, Certificates 7/13 at 100.00 A+ 991,680 of Participation, Water Systems Project, Series 2003, 5.625%, 7/01/43 ----------------------------------------------------------------------------------------------------------------------------------- 2,225 Total Water and Sewer 2,237,282 ----------------------------------------------------------------------------------------------------------------------------------- $ 96,570 Total Long-Term Investments (cost $86,824,663) - 100.3% 90,300,509 =================------------------------------------------------------------------------------------------------------------------ PRINCIPAL AMOUNT (000) DESCRIPTION (1) VALUE ----------------------------------------------------------------------------------------------------------------------------------- SHORT-TERM INVESTMENTS - 0.5% $ 409 State Street Bank Euro Dollar Time Deposit, 0.010%, $ 409,123 10/01/09 =================----------------------------------------------------------------------------------------------------------------- Total Short-Term Investments (cost $409,123) 409,123 -------------------------------------------------------------------------------------------------------------- Total Investments (cost $87,233,786) - 100.8% 90,709,632 -------------------------------------------------------------------------------------------------------------- Floating Rate Obligations - (1.7)% (1,540,000) -------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 0.9% 791,603 -------------------------------------------------------------------------------------------------------------- Net Assets - 100% $ 89,961,235 ============================================================================================================== (1) All percentages shown in the Portfolio of Investments are based on net assets. (2) Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. (3) Ratings: Using the higher of Standard & Poor's Group ("Standard & Poor's") or Moody's Investor Service, Inc. ("Moody's") rating. Ratings below BBB by Standard & Poor's or Baa by Moody's are considered to be below investment grade. (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. Such investments are normally considered to be equivalent to AAA rated securities. N/R Not rated. (UB) Underling bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 - Inverse Floating Rate Securities for more information. See accompanying notes to financial statements. 36 Nuveen Investments NXN | Nuveen New York Select Tax-Free Income Portfolio | Portfolio of Investments September 30, 2009 (Unaudited) PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ------------------------------------------------------------------------------------------------------------------------------------ CONSUMER DISCRETIONARY - 0.1% $ 100 New York City Industrial Development Agency, New York, 9/15 at 100.00 BB+ $ 69,538 Liberty Revenue Bonds, IAC/InterActiveCorp, Series 2005, 5.000%, 9/01/35 ----------------------------------------------------------------------------------------------------------------------------------- CONSUMER STAPLES - 1.6% TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006: 390 4.750%, 6/01/22 6/16 at 100.00 BBB 390,858 540 5.000%, 6/01/26 6/16 at 100.00 BBB 510,737 ----------------------------------------------------------------------------------------------------------------------------------- 930 Total Consumer Staples 901,595 ----------------------------------------------------------------------------------------------------------------------------------- EDUCATION AND CIVIC ORGANIZATIONS - 10.0% 100 Albany Industrial Development Agency, New York, Revenue 7/17 at 100.00 BBB 93,814 Bonds, Albany Law School, Series 2007A, 5.000%, 7/01/31 50 Albany Industrial Development Agency, New York, Revenue 4/17 at 100.00 N/R 39,699 Bonds, Brighter Choice Charter Schools, Series 2007A, 5.000%, 4/01/37 1,700 Amherst Industrial Development Agency, New York, Revenue 8/12 at 101.00 N/R 1,757,375 Bonds, UBF Faculty/Student Housing Corporation, University of Buffalo Creekside Project, Series 2002A, 5.000%, 8/01/22 - AMBAC Insured 30 Cattaraugus County Industrial Development Agency, New 5/16 at 100.00 BBB- 26,954 York, Revenue Bonds, St. Bonaventure University, Series 2006, 5.000%, 5/01/23 430 Dormitory Authority of the State of New York, General 7/17 at 100.00 BBB- 398,460 Revenue Bonds, Manhattan College, Series 2007A, 5.000%, 7/01/41 - RAAI Insured 785 Dormitory Authority of the State of New York, Insured 7/12 at 100.00 BBB 803,887 Revenue Bonds, Iona College, Series 2002, 5.000%, 7/01/22 - SYNCORA GTY Insured 50 Dormitory Authority of the State of New York, Lease 7/15 at 100.00 AA- 51,175 Revenue Bonds, State University Dormitory Facilities, Series 2004A, 5.000%, 7/01/29 - NPFG Insured 110 Dormitory Authority of the State of New York, Second No Opt. Call A1 115,235 General Resolution Consolidated Revenue Bonds, City University System, Series 1990C, 7.500%, 7/01/10 - FGIC Insured 430 Dutchess County Industrial Development Agency, New York, 8/17 at 100.00 Baa1 370,557 Civic Facility Revenue Bonds, Bard College Project, Series 2007-A2, 4.500%, 8/01/36 100 Hempstead Town Industrial Development Agency, New York, 10/15 at 100.00 A 102,816 Revenue Bonds, Adelphi University, Civic Facility Project, Series 2005, 5.000%, 10/01/35 100 New York City Industrial Development Agency, New York, 10/14 at 100.00 A- 98,180 Civic Facility Revenue Bonds, St. Francis College, Series 2004, 5.000%, 10/01/34 500 New York City Industrial Development Agency, New York, 2/11 at 100.00 A- 506,530 Civic Facility Revenue Bonds, YMCA of Greater New York, Series 2002, 5.250%, 8/01/21 430 New York City Industrial Development Agency, New York, 1/17 at 100.00 BBB 398,597 PILOT Revenue Bonds, Queens Baseball Stadium Project, Series 2006, 4.750%, 1/01/42 - AMBAC Insured 590 New York City Industrial Development Authority, New York, 9/16 at 100.00 BBB- 522,433 PILOT Revenue Bonds, Yankee Stadium Project, Series 2006, 4.500%, 3/01/39 - FGIC Insured 200 Puerto Rico Industrial, Tourist, Educational, Medical and 2/10 at 100.50 BBB- 194,342 Environmental Control Facilities Financing Authority, Higher Education Revenue Bonds, Ana G. Mendez University System, Series 1999, 5.375%, 2/01/19 65 Seneca County Industrial Development Authority, New York, 10/17 at 100.00 BBB 58,300 Revenue Bonds, New York Chiropractic College, Series 2007, 5.000%, 10/01/27 ----------------------------------------------------------------------------------------------------------------------------------- 5,670 Total Education and Civic Organizations 5,538,354 ----------------------------------------------------------------------------------------------------------------------------------- FINANCIALS - 0.8% 435 Liberty Development Corporation, New York, Goldman Sachs No Opt. Call A1 464,850 Headquarters Revenue Bonds Series 2007, 5.500%, 10/01/37 ----------------------------------------------------------------------------------------------------------------------------------- HEALTH CARE - 13.4% 450 Dormitory Authority of the State of New York, FHA-Insured 2/15 at 100.00 A 469,868 Mortgage Revenue Bonds, Montefiore Hospital, Series 2004, 5.000%, 8/01/29 - FGIC Insured Nuveen Investments 37 NXN | Nuveen New York Select Tax-Free Income Portfolio (continued) | Portfolio of Investments September 30, 2009 (Unaudited) PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- HEALTH CARE (continued) Dormitory Authority of the State of New York, Revenue Bonds, Lenox Hill Hospital Obligated Group, Series 2001: $ 110 5.375%, 7/01/20 7/11 at 101.00 Ba1 $ 100,520 100 5.500%, 7/01/30 7/11 at 101.00 Ba1 84,760 950 Dormitory Authority of the State of New York, Revenue 7/16 at 100.00 AA 990,822 Bonds, Memorial Sloan Kettering Cancer Center, Series 2006-1, 5.000%, 7/01/35 670 Dormitory Authority of the State of New York, Revenue 7/13 at 100.00 AA 710,227 Bonds, Memorial Sloan-Kettering Cancer Center, Series 2003-1, 5.000%, 7/01/21 - NPFG Insured 405 Dormitory Authority of the State of New York, Revenue 8/14 at 100.00 AAA 443,200 Bonds, New York and Presbyterian Hospital, Series 2004A, 5.250%, 8/15/15 - FSA Insured 1,680 Dormitory Authority of the State of New York, Revenue 7/11 at 101.00 N/R 1,755,818 Bonds, Winthrop South Nassau University Health System Obligated Group, Series 2001A, 5.250%, 7/01/17 - AMBAC Insured 1,195 Dormitory Authority of the State of New York, Revenue 7/11 at 101.00 Baa1 1,221,601 Bonds, Winthrop South Nassau University Health System Obligated Group, Series 2001B, 5.250%, 7/01/17 - AMBAC Insured 500 Dormitory Authority of the State of New York, Revenue 7/13 at 100.00 Baa1 475,080 Bonds, Winthrop-South Nassau University Hospital Association, Series 2003A, 5.500%, 7/01/32 Madison County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Oneida Health System, Series 2007A: 100 5.250%, 2/01/27 No Opt. Call BBB- 92,078 90 5.500%, 2/01/32 No Opt. Call BBB- 82,632 750 New York City Health and Hospitals Corporation, New York, 2/13 at 100.00 A+ 782,513 Health System Revenue Bonds, Series 2003A, 5.250%, 2/15/21 - AMBAC Insured 240 New York City Industrial Development Agency, New York, 7/12 at 101.00 Ba2 223,634 Civic Facility Revenue Bonds, Staten Island University Hospital, Series 2002C, 6.450%, 7/01/32 ----------------------------------------------------------------------------------------------------------------------------------- 7,240 Total Health Care 7,432,753 ----------------------------------------------------------------------------------------------------------------------------------- HOUSING/MULTIFAMILY - 2.8% 1,000 New Hartford-Sunset Woods Funding Corporation, New York, 8/12 at 101.00 AAA 1,041,460 FHA-Insured Mortgage Revenue Bonds, Sunset Woods Apartments II Project, Series 2002, 5.350%, 2/01/20 250 New York City Housing Development Corporation, New York, 5/14 at 100.00 AA 257,368 Multifamily Housing Revenue Bonds, Series 2004A, 5.250%, 11/01/30 275 New York State Housing Finance Agency, Affordable Housing 11/17 at 100.00 Aa2 276,425 Revenue, Series 2007A, 5.250%, 11/01/38 (Alternative Minimum Tax) ----------------------------------------------------------------------------------------------------------------------------------- 1,525 Total Housing/Multifamily 1,575,253 ----------------------------------------------------------------------------------------------------------------------------------- HOUSING/SINGLE FAMILY - 8.2% 2,000 New York State Mortgage Agency, Homeowner Mortgage Revenue 10/11 at 100.00 Aa1 2,026,860 Bonds, Series 101, 5.000%, 10/01/18 (Alternative Minimum Tax) 2,500 New York State Mortgage Agency, Mortgage Revenue Bonds, 4/11 at 100.00 Aaa 2,509,999 Thirty-First Series A, 5.300%, 10/01/31 (Alternative Minimum Tax) ----------------------------------------------------------------------------------------------------------------------------------- 4,500 Total Housing/Single Family 4,536,859 ----------------------------------------------------------------------------------------------------------------------------------- LONG-TERM CARE - 11.6% 1,845 Dormitory Authority of the State of New York, FHA-Insured 8/11 at 101.00 A 1,899,022 Nursing Home Mortgage Revenue Bonds, Norwegian Christian Home and Health Center, Series 2001, 5.200%, 8/01/36 - NPFG Insured 100 Dormitory Authority of the State of New York, Non-State 11/16 at 100.00 A1 100,946 Supported Debt, Ozanam Hall of Queens Nursing Home Revenue Bonds, Series 2006, 5.000%, 11/01/31 50 Dormitory Authority of the State of New York, Revenue 7/15 at 100.00 N/R 32,868 Bonds, Providence Rest, Series 2005, 5.000%, 7/01/35 - ACA Insured 2,000 East Rochester Housing Authority, New York, FHA-Insured 8/12 at 101.00 AAA 2,103,959 Mortgage Revenue Refunding Bonds, Jewish Home of Rochester, Series 2002, 4.625%, 2/15/17 1,000 East Rochester Housing Authority, New York, Revenue Bonds, 12/12 at 103.00 AAA 1,054,840 GNMA/FHA-Secured Revenue Bonds, St. Mary's Residence Project, Series 2002A, 5.375%, 12/20/22 980 New York City Industrial Development Agency, New York, 11/12 at 101.00 AA+ 1,000,658 GNMA Collateralized Mortgage Revenue Bonds, Eger Harbor House Inc., Series 2002A, 4.950%, 11/20/32 38 Nuveen Investments PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- LONG-TERM CARE (continued) $ 25 Suffolk County Industrial Development Agency, New York, 7/16 at 100.00 N/R $ 22,833 Civic Facility Revenue Bonds, Special Needs Facilities Pooled Program, Series 2008-B1, 5.500%, 7/01/18 275 Yonkers Industrial Development Agency, New York, Civic 7/16 at 101.00 N/R 251,166 Facilities Revenue Bonds, Special Needs Facilities Pooled Program Bonds, Series 2008-C1, 5.500%, 7/01/18 ----------------------------------------------------------------------------------------------------------------------------------- 6,275 Total Long-Term Care 6,466,292 ----------------------------------------------------------------------------------------------------------------------------------- MATERIALS - 0.2% 90 Jefferson County Industrial Development Agency, New York, 12/13 at 100.00 BBB 87,894 Solid Waste Disposal Revenue Bonds, International Paper Company Project, Series 2003A, 5.200%, 12/01/20 (Alternative Minimum Tax) ----------------------------------------------------------------------------------------------------------------------------------- TAX OBLIGATION/GENERAL - 8.4% Clarkstown, Rickland County, New York, Various Purposes Serial Bonds, Series 1992: 505 5.600%, 6/15/10 - AMBAC Insured No Opt. Call AAA 523,513 525 5.600%, 6/15/11 - AMBAC Insured No Opt. Call AAA 567,898 525 5.600%, 6/15/12 - AMBAC Insured No Opt. Call AAA 590,294 300 New York City, New York, General Obligation Bonds, Fiscal 8/14 at 100.00 AA 333,831 Series 2004C, 5.250%, 8/15/16 200 New York City, New York, General Obligation Bonds, Fiscal 3/15 at 100.00 AA 219,498 Series 2005J, 5.000%, 3/01/19 - FGIC Insured 1,000 New York City, New York, General Obligation Bonds, Fiscal 6/16 at 100.00 AA 1,078,610 Series 2006J-1, 5.000%, 6/01/25 1,260 New York City, New York, General Obligation Bonds, Series 12/17 at 100.00 AA 1,389,263 D, 5.125%, 12/01/25 ----------------------------------------------------------------------------------------------------------------------------------- 4,315 Total Tax Obligation/General 4,702,907 ----------------------------------------------------------------------------------------------------------------------------------- TAX OBLIGATION/LIMITED - 18.6% 600 Battery Park City Authority, New York, Senior Revenue 11/13 at 100.00 AAA 659,868 Bonds, Series 2003A, 5.000%, 11/01/23 500 Erie County Industrial Development Agency, New York, School 5/14 at 100.00 AAA 533,505 Facility Revenue Bonds, Buffalo City School District, Series 2004, 5.750%, 5/01/26 - FSA Insured 500 Metropolitan Transportation Authority, New York, State 7/12 at 100.00 AA- 528,960 Service Contract Refunding Bonds, Series 2002A, 5.500%, 1/01/20 - NPFG Insured New York City Sales Tax Asset Receivable Corporation, New York, Dedicated Revenue Bonds, Local Government Assistance Corporation, Series 2004A: 250 5.000%, 10/15/25 - NPFG Insured 10/14 at 100.00 AAA 269,553 200 5.000%, 10/15/26 - NPFG Insured 10/14 at 100.00 AAA 214,852 1,225 5.000%, 10/15/29 - AMBAC Insured 10/14 at 100.00 AAA 1,302,543 600 New York City Transitional Finance Authority, New York, 1/17 at 100.00 AA- 644,262 Building Aid Revenue Bonds, Fiscal Series 2007S-2, 5.000%, 1/15/28 - FGIC Insured 670 New York City Transitional Finance Authority, New York, 2/13 at 100.00 AAA 721,711 Future Tax Secured Bonds, Fiscal Series 2003E, 5.000%, 2/01/23 550 New York City Transitional Finance Authority, New York, 11/17 at 100.00 AAA 607,651 Future Tax Secured Bonds, Fiscal Series 2007C-1, 5.000%, 11/01/27 535 New York City Transitional Finance Authority, New York, 5/19 at 100.00 AAA 664,299 Future Tax Secured Bonds, Tender Option Bond Trust 3545, 13.321%, 5/01/38 (IF) 775 New York State Environmental Facilities Corporation, State 12/17 at 100.00 AAA 859,615 Personal Income Tax Revenue Bonds, Series 2008A, 5.000%, 12/15/26 (UB) 250 New York State Thruway Authority, Highway and Bridge Trust 4/14 at 100.00 AA 276,123 Fund Bonds, Second Genera1 Series 2004, 5.000%, 4/01/21 - NPFG Insured 570 New York State Thruway Authority, Highway and Bridge Trust No Opt. Call AA 700,627 Fund Bonds, Series 2005B, 5.500%, 4/01/20 - AMBAC Insured (UB) 425 New York State Thruway Authority, Highway and Bridge Trust 10/17 at 100.00 AA 461,435 Fund Bonds, Series 2007, 5.000%, 4/01/27 New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2003A-1: 1,000 5.250%, 6/01/20 - AMBAC Insured 6/13 at 100.00 AA- 1,070,650 250 5.250%, 6/01/21 - AMBAC Insured 6/13 at 100.00 AA- 266,805 Nuveen Investments 39 NXN | Nuveen New York Select Tax-Free Income Portfolio (continued) | Portfolio of Investments September 30, 2009 (Unaudited) PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- TAX OBLIGATION/LIMITED (continued) $ 500 New York State Tobacco Settlement Financing Corporation, 6/13 at 100.00 AA- $ 537,535 Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2003B-1C, 5.500%, 6/01/21 15 Triborough Bridge and Tunnel Authority, New York, No Opt. Call AA- 15,247 Convention Center Bonds, Series 1990E, 7.250%, 1/01/10 ----------------------------------------------------------------------------------------------------------------------------------- 9,415 Total Tax Obligation/Limited 10,335,241 ----------------------------------------------------------------------------------------------------------------------------------- TRANSPORTATION - 1.9% 180 Albany Parking Authority, New York, Revenue Bonds, Series 7/11 at 101.00 BBB+ 184,248 2001A, 5.625%, 7/15/25 500 Metropolitan Transportation Authority, New York, No Opt. Call A 570,720 Transportation Revenue Bonds, Series 2003A, 5.000%, 11/15/15 - FGIC Insured 100 New York State Thruway Authority, General Revenue Bonds, 7/15 at 100.00 AAA 105,403 Series 2005G, 5.000%, 1/01/30 - FSA Insured 105 Port Authority of New York and New Jersey, Consolidated 6/15 at 101.00 AA- 111,993 Revenue Bonds, One Hundred Fortieth Series 2005, 5.000%, 12/01/31 - SYNCORA GTY Insured 120 Port Authority of New York and New Jersey, Consolidated 8/17 at 100.00 AAA 157,510 Revenue Bonds, One Hundred Forty Eighth Series 2008, Trust 2920, 16.962%, 8/15/32 - FSA Insured (IF) ----------------------------------------------------------------------------------------------------------------------------------- 1,005 Total Transportation 1,129,874 ----------------------------------------------------------------------------------------------------------------------------------- U.S. GUARANTEED - 5.4% (4) 220 Albany Parking Authority, New York, Revenue Bonds, Series 7/11 at 101.00 BBB+ (4) 242,046 2001A, 5.625%, 7/15/25(Pre-refunded 7/15/11) 985 Dormitory Authority of the State of New York, Judicial No Opt. Call AAA 1,188,747 Facilities Lease Revenue Bonds, Suffolk County Issue, Series 1986, 7.375%, 7/01/16 (ETM) 250 Dormitory Authority of the State of New York, Revenue 5/13 at 100.00 Aaa 287,563 Bonds, North Shore Long Island Jewish Group, Series 2003, 5.375%, 5/01/23 (Pre-refunded 5/01/13) 265 Suffolk County Water Authority, New York, Water Revenue No Opt. Call AAA 289,918 Bonds, Series 1986V, 6.750%, 6/01/12 (ETM) 925 TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 7/12 at 100.00 AAA 1,020,062 2002-1, 5.500%, 7/15/24 (Pre-refunded 7/15/12) ----------------------------------------------------------------------------------------------------------------------------------- 2,645 Total U.S. Guaranteed 3,028,336 ----------------------------------------------------------------------------------------------------------------------------------- UTILITIES - 3.3% Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006A: 570 5.000%, 12/01/23 - FGIC Insured 6/16 at 100.00 A 606,138 430 5.000%, 12/01/25 - FGIC Insured 6/16 at 100.00 A 452,872 500 New York State Energy Research and Development Authority, 3/11 at 100.00 A 505,540 Pollution Control Revenue Bonds, New York State Electric and Gas Corporation, Series 2005A, 4.100%, 3/15/15 - NPFG Insured 250 Niagara County Industrial Development Agency, New York, 11/11 at 101.00 Baa2 246,673 Solid Waste Disposal Facility Revenue Bonds, American Ref-Fuel Company of Niagara LP, Series 2001A, 5.450%, 11/15/26 (Mandatory put 11/15/12) (Alternative Minimum Tax) ----------------------------------------------------------------------------------------------------------------------------------- 1,750 Total Utilities 1,811,223 ----------------------------------------------------------------------------------------------------------------------------------- 40 Nuveen Investments PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- WATER AND SEWER - 12.2% $ 2,500 New York City Municipal Water Finance Authority, New York, 6/11 at 101.00 AAA $ 2,572,149 Water and Sewerage System Revenue Bonds, Fiscal Series 2001C, 5.125%, 6/15/33 New York State Environmental Facilities Corporation, State Clean Water and Drinking Water Revolving Funds Revenue Bonds, New York City Municipal Water Finance Authority Loan, Series 2002B: 2,000 5.250%, 6/15/19 6/12 at 100.00 AAA 2,133,599 2,000 5.000%, 6/15/27 6/12 at 100.00 AAA 2,078,879 ----------------------------------------------------------------------------------------------------------------------------------- 6,500 Total Water and Sewer 6,784,627 ----------------------------------------------------------------------------------------------------------------------------------- $ 52,395 Total Long-Term Investments (cost $52,813,322) - 98.5% 54,865,596 =================------------------------------------------------------------------------------------------------------------------ PRINCIPAL AMOUNT (000) DESCRIPTION (1) VALUE ----------------------------------------------------------------------------------------------------------------------------------- SHORT-TERM INVESTMENTS - 2.2% $ 1,203 State Street Bank Euro Dollar Time Deposit, 0.010%, 10/01/09 $ 1,202,974 =================------------------------------------------------------------------------------------------------------------------ Total Short-Term Investments (cost $1,202,974) 1,202,974 --------------------------------------------------------------------------------------------------------------- Total Investments (cost $54,016,296) - 100.7% 56,068,570 --------------------------------------------------------------------------------------------------------------- Floating Rate Obligations - (1.8)% (1,005,000) --------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 1.1% 589,603 --------------------------------------------------------------------------------------------------------------- Net Assets - 100% $ 55,653,173 =============================================================================================================== (1) All percentages shown in the Portfolio of Investments are based on net assets. (2) Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. (3) Ratings: Using the higher of Standard & Poor's Group ("Standard & Poor's") or Moody's Investor Service, Inc. ("Moody's") rating. Ratings below BBB by Standard & Poor's or Baa by Moody's are considered to be below investment grade. (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. Such investments are normally considered to be equivalent to AAA rated securities. N/R Not rated. (ETM) Escrowed to maturity. (IF) Inverse floating rate investment. (UB) Underling bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 - Inverse Floating Rate Securities for more information. See accompanying notes to financial statements. Nuveen Investments 41 | Statement of | Assets & Liabilities September 30, 2009 (Unaudited) SELECT SELECT SELECT CALIFORNIA NEW YORK TAX-FREE TAX-FREE 2 TAX-FREE 3 SELECT TAX-FREE SELECT TAX-FREE (NXP) (NXQ) (NXR) (NXC) (NXN) ------------------------------------------------------------------------------------------------------------------------------------ ASSETS Investments, at value (cost $226,267,345, $241,589,010, $176,975,486, $87,233,786 and $54,016,296, respectively) $ 232,916,434 $ 237,334,819 $ 182,844,575 $ 90,709,632 $ 56,068,570 Cash 51,261 217,063 -- -- -- Receivables: Interest 3,763,648 3,729,529 2,738,655 1,157,832 802,168 Investments sold 207,050 1,999,140 -- -- -- Other assets 40,486 42,571 31,850 17,213 11,794 ------------------------------------------------------------------------------------------------------------------------------------ Total assets 236,978,879 243,323,122 185,615,080 91,884,677 56,882,532 ------------------------------------------------------------------------------------------------------------------------------------ LIABILITIES Floating rate obligations -- 1,000,000 -- 1,540,000 1,005,000 Payables: Investments purchased -- 89,493 -- -- -- Common share dividends 888,940 906,864 643,978 315,857 184,590 Accrued expenses: Management fees 45,096 55,668 43,161 21,129 13,178 Other 116,789 121,057 89,144 46,456 26,591 ------------------------------------------------------------------------------------------------------------------------------------ Total liabilities 1,050,825 2,173,082 776,283 1,923,442 1,229,359 ------------------------------------------------------------------------------------------------------------------------------------ Net assets $ 235,928,054 $ 241,150,040 $ 184,838,797 $ 89,961,235 $ 55,653,173 ==================================================================================================================================== Shares outstanding 16,455,265 17,656,351 12,990,485 6,267,291 3,911,366 ==================================================================================================================================== Net asset value per share outstanding $ 14.34 $ 13.66 $ 14.23 $ 14.35 $ 14.23 ==================================================================================================================================== NET ASSETS CONSIST OF: ------------------------------------------------------------------------------------------------------------------------------------ Shares, $.01 par value per share $ 164,553 $ 176,564 $ 129,905 $ 62,673 $ 39,114 Paid-in surplus 228,702,258 246,338,777 178,732,006 87,263,868 53,665,161 Undistributed (Over-distribution of) net investment income 1,291,011 589,428 81,795 14,085 (38,605) Accumulated net realized gain (loss) from investments (878,857) (1,700,538) 26,002 (855,237) (64,771) Net unrealized appreciation (depreciation) of investments 6,649,089 (4,254,191) 5,869,089 3,475,846 2,052,274 ------------------------------------------------------------------------------------------------------------------------------------ Net assets $ 235,928,054 $ 241,150,040 $ 184,838,797 $ 89,961,235 $ 55,653,173 ==================================================================================================================================== Authorized shares Unlimited Unlimited Unlimited Unlimited Unlimited ==================================================================================================================================== See accompanying notes to financial statements. 42 Nuveen Investments | Statement of | Operations Six Months Ended September 30, 2009 (Unaudited) SELECT SELECT SELECT CALIFORNIA NEW YORK TAX-FREE TAX-FREE 2 TAX-FREE 3 SELECT TAX-FREE SELECT TAX-FREE (NXP) (NXQ) (NXR) (NXC) (NXN) ---------------------------------------------------------------------------------------------------------------------------------- INVESTMENT INCOME $ 6,356,704 $ 6,425,258 $ 4,666,001 $ 2,276,953 $ 1,323,258 ---------------------------------------------------------------------------------------------------------------------------------- EXPENSES Management fees 273,928 334,245 260,682 126,599 79,476 Shareholders' servicing agent fees and expenses 12,095 11,006 9,272 3,373 2,848 Interest expense on floating rate obligations -- 4,640 -- 6,412 3,477 Custodian's fees and expenses 23,470 24,067 18,894 11,767 10,049 Trustees' fees and expenses 3,440 3,433 2,709 1,279 813 Professional fees 9,031 9,260 7,786 5,678 4,927 Shareholders' reports - printing and mailing expenses 26,237 27,423 19,723 8,529 6,194 Stock exchange listing fees 4,666 4,657 4,637 4,638 4,628 Investor relations expense 9,452 10,056 7,141 2,921 2,072 Other expenses 3,617 3,698 3,129 2,053 1,673 ---------------------------------------------------------------------------------------------------------------------------------- Total expenses before custodian fee credit 365,936 432,485 333,973 173,249 116,157 Custodian fee credit (51) (21) (15) (20) (58) ---------------------------------------------------------------------------------------------------------------------------------- Net expenses 365,885 432,464 333,958 173,229 116,099 ---------------------------------------------------------------------------------------------------------------------------------- Net investment income 5,990,819 5,992,794 4,332,043 2,103,724 1,207,159 ---------------------------------------------------------------------------------------------------------------------------------- REALIZED AND UNREALIZED GAIN (LOSS) Net realized gain (loss) from investments 18,549 122,091 13,313 4,679 (5,963) Change in net unrealized appreciation (depreciation) of investments 13,150,820 17,896,387 10,823,929 6,986,732 3,359,944 ---------------------------------------------------------------------------------------------------------------------------------- Net realized and unrealized gain (loss) 13,169,369 18,018,478 10,837,242 6,991,411 3,353,981 ---------------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets from operations $ 19,160,188 $ 24,011,272 $ 15,169,285 $ 9,095,135 $ 4,561,140 ================================================================================================================================== See accompanying notes to financial statements. Nuveen Investments 43 | Statement of | Changes in Net Assets(Unaudited) SELECT TAX-FREE (NXP) SELECT TAX-FREE 2 (NXQ) SELECT TAX-FREE 3 (NXR) ----------------------------- ----------------------------- ----------------------------- SIX MONTHS YEAR SIX MONTHS YEAR SIX MONTHS YEAR ENDED ENDED ENDED ENDED ENDED ENDED 9/30/09 3/31/09 9/30/09 3/31/09 9/30/09 3/31/09 ---------------------------------------------------------------------------------------------------------------------------------- OPERATIONS Net investment income $ 5,990,819 $ 11,602,037 $ 5,992,794 $ 11,847,246 $ 4,332,043 $ 8,515,545 Net realized gain (loss) from investments 18,549 414,250 122,091 (157,525) 13,313 95,185 Change in net unrealized appreciation (depreciation) of investments 13,150,820 (13,684,819) 17,896,387 (22,829,917) 10,823,929 (8,093,041) ---------------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets from operations 19,160,188 (1,668,532) 24,011,272 (11,140,196) 15,169,285 517,689 ---------------------------------------------------------------------------------------------------------------------------------- DISTRIBUTIONS TO SHAREHOLDERS From net investment income (5,665,578) (11,226,050) (5,876,953) (11,736,647) (4,168,387) (8,327,575) ---------------------------------------------------------------------------------------------------------------------------------- Decrease in net assets from distributions to shareholders (5,665,578) (11,226,050) (5,876,953) (11,736,647) (4,168,387) (8,327,575) ---------------------------------------------------------------------------------------------------------------------------------- CAPITAL SHARE TRANSACTIONS Net proceeds from shares issued to shareholders due to reinvestment of distributions 319,036 515,396 244,543 403,746 160,342 199,823 ---------------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets from capital share transactions 319,036 515,396 244,543 403,746 160,342 199,823 ---------------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets 13,813,646 (12,379,186) 18,378,862 (22,473,097) 11,161,240 (7,610,063) Net assets at the beginning of period 222,114,408 234,493,594 222,771,178 245,244,275 173,677,557 181,287,620 ---------------------------------------------------------------------------------------------------------------------------------- Net assets at the end of period $ 235,928,054 $ 222,114,408 $ 241,150,040 $ 222,771,178 $ 184,838,797 $ 173,677,557 ================================================================================================================================== Undistributed (Over-distribution of) net investment income at the end of period $ 1,291,011 $ 965,770 $ 589,428 $ 473,587 $ 81,795 $ (81,861) ================================================================================================================================== 44 Nuveen Investments CALIFORNIA SELECT TAX-FREE (NXC) NEW YORK SELECT TAX-FREE (NXN) -------------------------------- ------------------------------ SIX MONTHS YEAR SIX MONTHS YEAR ENDED ENDED ENDED ENDED 9/30/09 3/31/09 9/30/09 9/30/09 --------------------------------------------------------------------------------------------------------------- OPERATIONS Net investment income $ 2,103,724 $ 4,138,035 $ 1,207,159 $ 2,405,653 Net realized gain (loss) from investments 4,679 (777,009) (5,963) (18,617) Change in net unrealized appreciation (depreciation) of investments 6,986,732 (4,560,505) 3,359,944 (1,645,443) --------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets from operations 9,095,135 (1,199,479) 4,561,140 741,593 --------------------------------------------------------------------------------------------------------------- DISTRIBUTIONS TO SHAREHOLDERS From net investment income (2,087,006) (4,172,698) (1,196,684) (2,392,826) --------------------------------------------------------------------------------------------------------------- Decrease in net assets from distributions to shareholders (2,087,006) (4,172,698) (1,196,684) (2,392,826) --------------------------------------------------------------------------------------------------------------- CAPITAL SHARE TRANSACTIONS Net proceeds from shares issued to shareholders due to reinvestment of distributions -- 101,344 20,730 10,984 --------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets from capital share transactions -- 101,344 20,730 10,984 --------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets 7,008,129 (5,270,833) 3,385,186 (1,640,249) Net assets at the beginning of period 82,953,106 88,223,939 52,267,987 53,908,236 --------------------------------------------------------------------------------------------------------------- Net assets at the end of period $ 89,961,235 $ 82,953,106 $ 55,653,173 $ 52,267,987 =============================================================================================================== Undistributed (Over-distribution of) net investment income at the end of period $ 14,085 $ (2,633) $ (38,605) $ (49,080) =============================================================================================================== See accompanying notes to financial statements. Nuveen Investments 45 | Notes to | Financial Statements(Unaudited) 1. GENERAL INFORMATION AND SIGNIFICANT ACCOUNTING POLICIES The funds covered in this report and their corresponding New York Stock Exchange symbols are 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) and Nuveen New York Select Tax-Free Income Portfolio (NXN) (collectively, the "Funds"). The Funds are registered under the Investment Company Act of 1940, as amended, as closed-end, management investment companies. Each Fund seeks to provide stable dividends consistent with the preservation of capital, exempt from regular federal and designated state income taxes, where applicable, by investing primarily in a portfolio of municipal obligations. In June 2009, the Financial Accounting Standards Board (FASB) established the FASB Accounting Standards Codification(TM) (the "Codification") as the single source of authoritative accounting principles recognized by the FASB in the preparation of financial statements in conformity with generally accepted accounting principles (GAAP). The Codification supersedes existing non-grandfathered, non-SEC accounting and reporting standards. The Codification did not change GAAP but rather organized it into a hierarchy where all guidance within the Codification carries an equal level of authority. The Codification became effective for financial statements issued for interim and annual periods ending after September 15, 2009. The Codification did not have a material effect on the Funds' financial statements. The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with US generally accepted accounting principles. Investment Valuation The prices of municipal bonds in each Fund's investment portfolio are provided by a pricing service approved by the Fund's Board of Trustees. When market price quotes are not readily available (which is usually the case for municipal securities), the pricing service or, in the absence of a pricing service for a particular investment, the Board of Trustees of the Fund, or its designee, may establish fair value using a wide variety of market data including yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor's credit characteristics considered relevant. Temporary investments in securities that have variable rate and demand features qualifying them as short-term investments are valued at amortized cost, which approximates value. Investment Transactions Investment transactions are recorded on a trade date basis. Realized gains and losses from transactions are determined on the specific identification method. Investments purchased on a when-issued/delayed delivery basis may have extended settlement periods. Any investments so purchased are subject to market fluctuation during this period. The Funds have instructed the custodian to segregate assets with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments. At September 30, 2009, there were no such outstanding purchase commitments in any of the Funds. Investment Income Interest income, which includes the amortization of premiums and accretion of discounts for financial reporting purposes, is recorded on an accrual basis. Interest income also includes paydown gains and losses, if any. Income Taxes Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and to otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required. Furthermore, each Fund intends to satisfy conditions which will enable interest from municipal securities, which is exempt from regular federal and designated state income taxes, to retain such tax-exempt status when distributed to shareholders of the Funds. Net realized capital gains and ordinary income distributions paid by the Funds are subject to federal taxation. For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally 46 Nuveen Investments the last four tax year ends and the interim tax period since then). Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. Dividends and Distributions to Shareholders Dividends from tax-exempt net investment income are declared monthly. Net realized capital gains and/or market discount from investment transactions, if any, are distributed to shareholders at least annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards. Distributions to shareholders of tax-exempt net investment income, net realized capital gains and/or market discount, if any, are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from US generally accepted accounting principles. Inverse Floating Rate Securities Each Fund is authorized to invest in inverse floating rate securities. An inverse floating rate security is created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust created by a broker-dealer. In turn, this trust (a) issues floating rate certificates, in face amounts equal to some fraction of the deposited bond's par amount or market value, that typically pay short-term tax-exempt interest rates to third parties, and (b) issues to a long-term investor (such as one of the Funds) an inverse floating rate certificate (sometimes referred to as an "inverse floater") that represents all remaining or residual interest in the trust. The income received by the inverse floater holder varies inversely with the short-term rate paid to the floating rate certificates' holders, and in most circumstances the inverse floater holder bears substantially all of the underlying bond's downside investment risk and also benefits disproportionately from any potential appreciation of the underlying bond's value. The price of an inverse floating rate security will be more volatile than that of the underlying bond because the interest rate is dependent on not only the fixed coupon rate of the underlying bond but also on the short-term interest paid on the floating rate certificates, and because the inverse floating rate security essentially bears the risk of loss of the greater face value of the underlying bond. A Fund may purchase an inverse floating rate security in a secondary market transaction without first owning the underlying bond (referred to as an "externally-deposited inverse floater"), or instead by first selling a fixed-rate bond to a broker-dealer for deposit into the special purpose trust and receiving in turn the residual interest in the trust (referred to as a "self-deposited inverse floater"). The inverse floater held by a Fund gives the Fund the right (a) to cause the holders of the floating rate certificates to tender their notes at par, and (b) to have the broker transfer the fixed-rate bond held by the trust to the Fund, thereby collapsing the trust. An investment in an externally-deposited inverse floater is identified in the Portfolio of Investments as "(IF) - Inverse floating rate investment." An investment in a self-deposited inverse floater is accounted for as a financing transaction. In such instances, a fixed-rate bond deposited into a special purpose trust is identified in the Portfolio of Investments as "(UB) - Underlying bond of an inverse floating rate trust reflected as a financing transaction," with the Fund accounting for the short-term floating rate certificates issued by the trust as "Floating rate obligations" on the Statement of Assets and Liabilities. In addition, the Fund reflects in "Investment Income" the entire earnings of the underlying bond and recognizes the related interest paid to the holders of the short-term floating rate certificates as "Interest expense on floating rate obligations" on the Statement of Operations. During the six months ended September 30, 2009, each Fund invested in externally deposited inverse floaters and/or self-deposited inverse floaters. Each Fund may also enter into shortfall and forbearance agreements (sometimes referred to as a "recourse trust" or "credit recovery swap") (such agreements referred to herein as "Recourse Trusts") with a broker-dealer by which a Fund agrees to reimburse the broker-dealer, in certain circumstances, for the difference between the liquidation value of the fixed-rate bond held by the trust and the liquidation value of the floating rate certificates issued by the trust plus any shortfalls in interest cash flows. Under these agreements, a Fund's potential exposure to losses related to or on inverse floaters may increase beyond the value of a Fund's inverse floater investments as a Fund may potentially be liable to fulfill all amounts owed to holders of the floating rate certificates. At period end, any such shortfall is recognized as "Unrealized depreciation on Recourse Trusts" on the Statement of Assets and Liabilities. At September 30, 2009, the Funds were not invested in externally-deposited Recourse Trusts. CALIFORNIA NEW YORK SELECT SELECT SELECT SELECT SELECT TAX-FREE TAX-FREE 2 TAX-FREE 3 TAX-FREE TAX-FREE (NXP) (NXQ) (NXR) (NXC) (NXN) ------------------------------------------------------------------------------------------------- Maximum exposure to Recourse Trusts $ -- $ -- $ -- $ -- $ -- ================================================================================================= Nuveen Investments 47 | Notes to | Financial Statements (Unaudited) (continued) The average floating rate obligations outstanding and average annual interest rate and fees related to self-deposited inverse floaters during the six months ended September 30, 2009, were as follows: CALIFORNIA NEW YORK SELECT SELECT SELECT SELECT SELECT TAX-FREE TAX-FREE 2 TAX-FREE 3 TAX-FREE TAX-FREE (NXP) (NXQ) (NXR) (NXC) (NXN) ---------------------------------------------------------------------------------------------------------------- Average floating rate obligations outstanding $ -- $ 1,000,000 $ -- $ 1,540,000 $ 1,005,000 Average annual interest rate and fees --% .93% --% .83% .69% ================================================================================================================ Derivative Instruments Each Fund is authorized to invest in derivative instruments, including foreign currency forwards, futures, options and swap contracts. Although the Funds are authorized to invest in such derivative instruments, and may do so in the future, they did not make any such investments during the six months ended September 30, 2009. Zero Coupon Securities Each Fund is authorized to invest in zero coupon securities. A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. Tax-exempt income to the holder of the security comes from accretion of the difference between the original purchase price of the security at issuance and the par value of the security at maturity and is effectively paid at maturity. Such securities are included in the Portfolios of Investments with a 0.000% coupon rate in their description. The market prices of zero coupon securities generally are more volatile than the market prices of securities that pay interest periodically. Custodian Fee Credit Each Fund has an arrangement with the custodian bank whereby certain custodian fees and expenses are reduced by net credits earned on each Fund's cash on deposit with the bank. Such deposit arrangements are an alternative to overnight investments. Credits for cash balances may be offset by charges for any days on which a Fund overdraws its account at the custodian bank. Indemnifications Under the Funds' organizational documents, their Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that provide general indemnifications to other parties. The Funds' maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote. Use of Estimates The preparation of financial statements in conformity with US generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results may differ from those estimates. 48 Nuveen Investments 2. FAIR VALUE MEASUREMENTS In determining the value of each Fund's investments various inputs are used. These inputs are summarized in the three broad levels listed below: Level 1 - Quoted prices in active markets for identical securities. Level 2 - Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Level 3 - Significant unobservable inputs (including management's assumptions in determining the fair value of investments). The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of each Fund's fair value measurements as of September 30, 2009: SELECT TAX-FREE (NXP) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL ----------------------------------------------------------------------------------------------- Investments: Municipal Bonds $ -- $ 232,909,159 $ -- $ 232,909,159 Common Stock 7,275 -- -- 7,275 ----------------------------------------------------------------------------------------------- Total $ 7,275 $ 232,909,159 $ -- $ 232,916,434 =============================================================================================== SELECT TAX-FREE 2 (NXQ) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL ----------------------------------------------------------------------------------------------- Investments: Municipal Bonds $ -- $ 237,327,839 $ -- $ 237,327,839 Common Stock 6,980 -- -- 6,980 ----------------------------------------------------------------------------------------------- Total $ 6,980 $ 237,327,839 $ -- $ 237,334,819 =============================================================================================== SELECT TAX-FREE 3 (NXR) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL ----------------------------------------------------------------------------------------------- Investments: Municipal Bonds $ -- $ 182,435,506 $ -- $ 182,435,506 Common Stock 2,028 -- -- 2,028 Short-Term Investments 407,041 -- -- 407,041 ----------------------------------------------------------------------------------------------- Total $ 409,069 $ 182,435,506 $ -- $ 182,844,575 =============================================================================================== CALIFORNIA SELECT TAX-FREE (NXC) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL ----------------------------------------------------------------------------------------------- Investments: Municipal Bonds $ -- $ 90,300,509 $ -- $ 90,300,509 Short-Term Investments 409,123 -- -- 409,123 ----------------------------------------------------------------------------------------------- Total $ 409,123 $ 90,300,509 $ -- $ 90,709,632 =============================================================================================== NEW YORK SELECT TAX-FREE (NXN) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL ----------------------------------------------------------------------------------------------- Investments: Municipal Bonds $ -- $ 54,865,596 $ -- $ 54,865,596 Short-Term Investments 1,202,974 -- -- 1,202,974 ----------------------------------------------------------------------------------------------- Total $ 1,202,974 $ 54,865,596 $ -- $ 56,068,570 =============================================================================================== 3. DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES During the current fiscal period, the Funds adopted amendments to authoritative guidance under GAAP on disclosures about derivative instruments and hedging activities. This guidance is intended to enhance financial statement disclosures for derivative instruments and hedging activities and enable investors to better understand: a) how and why a fund uses derivative instruments; b) how derivative instruments are accounted for; and c) how derivative instruments affect a fund's financial position, results of operations and cash flows, if any. The Funds record derivative instruments at fair value with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds' investments in derivatives may represent economic hedges, under this guidance they are considered to be non-hedge transactions for financial reporting purposes. The Funds did not invest in derivative instruments during the six months ended September 30, 2009. Nuveen Investments 49 | Notes to | Financial Statements (Unaudited) (continued) 4. FUND SHARES The Funds did not repurchase any of their shares during the six months ended September 30, 2009 or the fiscal year ended March 31, 2009. Transactions in shares were as follows: SELECT SELECT SELECT TAX-FREE (NXP) TAX-FREE 2 (NXQ) TAX-FREE 3 (NXR) ----------------------------- --------------------------- ------------------------- SIX MONTHS SIX MONTHS SIX MONTHS ENDED YEAR ENDED ENDED YEAR ENDED ENDED YEAR ENDED 9/30/09 3/31/09 9/30/09 3/31/09 9/30/09 3/31/09 ---------------------------------------------------------------------------------------------------------------------------------- Shares issued to shareholders due to reinvestment of distributions 23,208 37,396 18,916 30,367 11,771 14,590 ================================================================================================================================== CALIFORNIA SELECT NEW YORK SELECT TAX-FREE (NXC) TAX-FREE (NXN) --------------------------- ------------------------- SIX MONTHS SIX MONTHS ENDED YEAR ENDED ENDED YEAR ENDED 9/30/09 3/31/09 9/30/09 3/31/09 ---------------------------------------------------------------------------------------------------------------------------------- Shares issued to shareholders due to reinvestment of distributions -- 7,322 1,519 797 ================================================================================================================================== 5. INVESTMENT TRANSACTIONS Purchases and sales (including maturities but excluding short-term investments) during the six months ended September 30, 2009, were as follows: CALIFORNIA NEW YORK SELECT SELECT SELECT SELECT SELECT TAX-FREE TAX-FREE 2 TAX-FREE 3 TAX-FREE TAX-FREE (NXP) (NXQ) (NXR) (NXC) (NXN) ---------------------------------------------------------------------------------------------------------------------------------- Purchases $ 4,523,095 $ 3,625,294 $ 2,842,874 $ -- $ 525,680 Sales and maturities 2,310,540 5,127,474 2,541,563 470,300 560,000 ================================================================================================================================== 6. INCOME TAX INFORMATION The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset values of the Funds. At September 30, 2009, the cost of investments was as follows: CALIFORNIA NEW YORK SELECT SELECT SELECT SELECT SELECT TAX-FREE TAX-FREE 2 TAX-FREE 3 TAX-FREE TAX-FREE (NXP) (NXQ) (NXR) (NXC) (NXN) ---------------------------------------------------------------------------------------------------------------------------------- Cost of investments $ 225,932,548 $240,410,809 $176,847,322 $85,684,231 $53,004,552 ================================================================================================================================== Gross unrealized appreciation and gross unrealized depreciation of investments at September 30, 2009, were as follows: CALIFORNIA NEW YORK SELECT SELECT SELECT SELECT SELECT TAX-FREE TAX-FREE 2 TAX-FREE 3 TAX-FREE TAX-FREE (NXP) (NXQ) (NXR) (NXC) (NXN) ---------------------------------------------------------------------------------------------------------------------------------- Gross unrealized: Appreciation $ 17,761,516 $ 12,019,357 $ 11,201,997 $ 4,810,094 $ 2,402,356 Depreciation (10,777,630) (16,095,347) (5,204,744) (1,328,942) (340,498) ---------------------------------------------------------------------------------------------------------------------------------- Net unrealized appreciation (depreciation) of investments $ 6,983,886 $ (4,075,990) $ 5,997,253 $ 3,481,152 $ 2,061,858 ================================================================================================================================== 50 Nuveen Investments The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains at March 31, 2009, the Funds' last tax year end, were as follows: CALIFORNIA NEW YORK SELECT SELECT SELECT SELECT SELECT TAX-FREE TAX-FREE 2 TAX-FREE 3 TAX-FREE TAX-FREE (NXP) (NXQ) (NXR) (NXC) (NXN) ---------------------------------------------------------------------------------------------------------------------------------- Undistributed net tax-exempt income* $ 1,360,903 $ 1,278,567 $ 516,027 $ 342,425 $ 141,820 Undistributed net ordinary income** 259,856 28 -- -- -- Undistributed net long-term capital gains -- -- 12,690 -- -- ================================================================================================================================== * Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on March 3, 2009, paid on April 1, 2009. ** Net ordinary income consists of taxable market discount income and net short-term capital gains, if any. The tax character of distributions paid during the Funds' last tax year ended March 31, 2009, was designated for purposes of the dividends paid deduction as follows: CALIFORNIA NEW YORK SELECT SELECT SELECT SELECT SELECT TAX-FREE TAX-FREE 2 TAX-FREE 3 TAX-FREE TAX-FREE (NXP) (NXQ) (NXR) (NXC) (NXN) ---------------------------------------------------------------------------------------------------------------------------------- Distributions from net tax-exempt income $ 11,223,919 $ 11,734,961 $ 8,326,795 $ 4,172,291 $ 2,392,786 Distributions from net ordinary income** -- -- -- -- -- Distributions from net long-term capital gains -- -- -- -- -- ================================================================================================================================== ** Net ordinary income consists of taxable market discount income and net short-term capital gains, if any. At March 31, 2009, the Funds' last tax year end, the following Funds had unused capital loss carryforwards available for federal income tax purposes to be applied against future capital gains, if any. If not applied, the carryforwards will expire as follows: CALIFORNIA NEW YORK SELECT SELECT SELECT SELECT TAX-FREE TAX-FREE 2 TAX-FREE TAX-FREE (NXP) (NXQ) (NXC) (NXN) ---------------------------------------------------------------------------------------------------------------------------------- Expiration: March 31, 2015 $ 907,591 $ 1,369,835 $ -- $ -- March 31, 2016 -- 7,597 34,855 40,192 March 31, 2017 -- 400,800 127,842 15,314 ---------------------------------------------------------------------------------------------------------------------------------- Total $ 907,591 $ 1,778,232 $ 162,697 $ 55,506 ================================================================================================================================== The following Funds have elected to defer net realized losses from investments incurred from November 1, 2008 through March 31, 2009, the Funds' last tax year end, ("post-October losses") in accordance with federal income tax regulations. Post-October losses are treated as having arisen on the first day of the current fiscal year: CALIFORNIA NEW YORK SELECT SELECT SELECT TAX-FREE 2 TAX-FREE TAX-FREE (NXQ) (NXC) (NXN) ---------------------------------------------------------------------------------------------------------------------------------- Post-October capital losses $ 44,402 $ 697,221 $ 3,303 ================================================================================================================================== Nuveen Investments 51 | Notes to | Financial Statements (Unaudited) (continued) 7. MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES Each Fund's management fee is separated into two components - a complex-level component, based on the aggregate amount of all fund assets managed by Nuveen Asset Management (the "Adviser"), a wholly owned subsidiary of Nuveen Investments, Inc. ("Nuveen"), and a specific fund-level component, based only on the amount of assets within each individual Fund. This pricing structure enables Nuveen fund shareholders to benefit from growth in the assets within each individual fund as well as from growth in the amount of complex-wide assets managed by the Adviser. The annual fund-level fee, payable monthly, for each Fund is based upon the average daily net assets of each Fund as follows: SELECT TAX-FREE 2 (NXQ) SELECT TAX-FREE 3 (NXR) CALIFORNIA SELECT TAX-FREE (NXC) SELECT TAX-FREE (NXP) NEW YORK SELECT TAX-FREE (NXN) AVERAGE DAILY NET ASSETS (1) FUND-LEVEL FEE RATE FUND-LEVEL FEE RATE ---------------------------------------------------------------------------------------------------------- For the first $125 million .0500% .1000% For the next $125 million .0375 .0875 For the next $250 million .0250 .0750 For the next $500 million .0125 .0625 ========================================================================================================== The annual complex-level fee, payable monthly, which is additive to the fund-level fee, for all Nuveen sponsored funds in the U.S., is based on the aggregate amount of total fund net assets managed as stated in the following table. As of September 30, 2009, the complex-level fee rate was .1901%. The complex-level fee schedule is as follows: COMPLEX-LEVEL NET ASSET BREAKPOINT LEVEL (1) EFFECTIVE RATE AT BREAKPOINT LEVEL ---------------------------------------------------------------------------------------------------------- $55 billion .2000% $56 billion .1996 $57 billion .1989 $60 billion .1961 $63 billion .1931 $66 billion .1900 $71 billion .1851 $76 billion .1806 $80 billion .1773 $91 billion .1691 $125 billion .1599 $200 billion .1505 $250 billion .1469 $300 billion .1445 ========================================================================================================== (1) The complex-level fee component of the management fee for the funds is calculated based upon the aggregate daily managed net assets of all Nuveen funds, with such daily managed net assets defined separately for each fund in its management agreement, but excluding assets attributable to investments in other Nuveen funds. For the complex-level and fund-level fee components, daily managed net assets include assets managed by the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes the funds 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 the TOB trust that has been effectively financed by the trust's issuance of floating rate securities, subject to an agreement by the Adviser to limit the amount of such assets for determining managed net assets in certain circumstances. The management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Funds pay no compensation directly to those of its Trustees who are affiliated with the Adviser or to its Officers, all of whom receive remuneration for their services to the Funds from the Adviser or its affiliates. The Board of Trustees has adopted a deferred compensation plan for independent Trustees that enables Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen advised funds. 52 Nuveen Investments 8. NEW ACCOUNTING STANDARDS Accounting for Transfer of Financial Assets During June 2009, the FASB issued changes to the authoritative guidance under GAAP on accounting for transfers of financial assets. The objective of this guidance is to improve the relevance, representational faithfulness, and comparability of the information that a reporting entity provides in its financial statements about a transfer of financial assets; the effects of a transfer on its financial position, financial performance, and cash flows; and a transferor's continuing involvement, if any, in transferred financial assets. This guidance is effective as of the beginning of each reporting entity's first annual reporting period that begins after November 15, 2009, for interim periods within that first annual reporting period and for interim and annual reporting periods thereafter. Earlier application is prohibited. The recognition and measurement provisions of this guidance must be applied to transfers occurring on or after the effective date. Additionally, the disclosure provisions of this guidance should be applied to transfers that occurred both before and after the effective date of this guidance. At this time, management is evaluating the implications of this guidance and the impact it will have on the financial statement amounts and disclosures, if any. 9. SUBSEQUENT EVENTS Distributions to Shareholders The Funds declared dividend distributions from their tax-exempt net investment income which were paid on November 2, 2009, to shareholders of record on October 15, 2009, as follows: CALIFORNIA NEW YORK SELECT SELECT SELECT SELECT SELECT TAX-FREE TAX-FREE 2 TAX-FREE 3 TAX-FREE TAX-FREE (NXP) (NXQ) (NXR) (NXC) (NXN) --------------------------------------------------------------------------------------------------------------------------- Dividend per share $ .0595 $ .0555 $ .0535 $ .0555 $ .0510 =========================================================================================================================== Evaluation Date In May 2009, the FASB issued changes to authoritative guidance under GAAP for subsequent events. This guidance requires an entity to recognize in the financial statements the effects of all subsequent events that provide additional evidence about conditions that existed at the date of the balance sheet. This guidance is intended to establish general standards of accounting and for disclosure of events that occur after the balance sheet date but before financial statements are issued or are available to be issued. This guidance requires the disclosure of the date through which an entity has evaluated subsequent events and the basis for that date - that is, whether that date represents the date the financial statements were issued or were available to be issued. This guidance is effective for interim and annual periods ending after June 15, 2009. The Funds have performed an evaluation of subsequent events through November 25, 2009, which is the date the financial statements were issued. Nuveen Investments 53 | Financial | Highlights(Unaudited) Selected data for a Common share outstanding throughout each period: INVESTMENT OPERATIONS ---------------------------------- NET BEGINNING NET REALIZED/ NET ASSET INVESTMENT UNREALIZED VALUE INCOME GAIN (LOSS) TOTAL -------------------------------------------------------------------------------------------------- SELECT TAX-FREE (NXP) -------------------------------------------------------------------------------------------------- Year Ended 3/31: 2010(b) $ 13.52 $ .36 $ .80 $ 1.16 2009 14.30 .71 (.81) (.10) 2008 14.72 .70 (.44) .26 2007 14.62 .70 .08 .78 2006 14.62 .70 (.02) .68 2005 14.85 .70 (.12) .58 SELECT TAX-FREE 2 (NXQ) -------------------------------------------------------------------------------------------------- Year Ended 3/31: 2010(b) 12.63 .34 1.02 1.36 2009 13.93 .67 (1.30) (.63) 2008 14.60 .66 (.69) (.03) 2007 14.44 .66 .14 .80 2006 14.38 .66 .06 .72 2005 14.56 .67 (.13) .54 ================================================================================================== LESS DISTRIBUTIONS ----------------------------------- ENDING NET NET ENDING INVESTMENT CAPITAL ASSET MARKET INCOME GAINS TOTAL VALUE VALUE -------------------------------------------------------------------------------------------------- SELECT TAX-FREE (NXP) -------------------------------------------------------------------------------------------------- Year Ended 3/31: 2010(b) $ (.34) $ -- $ (.34) $ 14.34 $ 14.64 2009 (.68) -- (.68) 13.52 13.67 2008 (.68) -- (.68) 14.30 14.24 2007 (.68) -- (.68) 14.72 14.85 2006 (.68) -- (.68) 14.62 14.21 2005 (.71) (.10) (.81) 14.62 13.50 SELECT TAX-FREE 2 (NXQ) -------------------------------------------------------------------------------------------------- Year Ended 3/31: 2010(b) (.33) -- (.33) 13.66 14.19 2009 (.67) -- (.67) 12.63 13.14 2008 (.64) -- (.64) 13.93 13.79 2007 (.64) -- (.64) 14.60 14.07 2006 (.65) (.01) (.66) 14.44 13.37 2005 (.68) (.04) (.72) 14.38 13.08 ================================================================================================== 54 Nuveen Investments RATIOS/SUPPLEMENTAL DATA ------------------------------------------------------------------ TOTAL RETURNS RATIOS TO AVERAGE NET ASSETS*** ------------------- --------------------------------------- BASED ON ENDING BASED ON NET NET EXPENSES EXPENSES NET PORTFOLIO MARKET ASSET ASSETS INCLUDING EXCLUDING INVESTMENT TURNOVER VALUE* VALUE* (000) INTEREST(a) INTEREST INCOME RATE ------------------------------------------------------------------------------------------------------------------ SELECT TAX-FREE (NXP) ------------------------------------------------------------------------------------------------------------------ Year Ended 3/31: 2010(b) 9.77% 8.73% $ 235,928 .32%** .32%** 5.26%** 1% 2009 .89 (.65) 222,114 .33 .33 5.12 11 2008 .61 1.83 234,494 .32 .32 4.83 4 2007 9.59 5.48 241,074 .31 .31 4.77 2 2006 10.41 4.74 239,406 .32 .32 4.72 4 2005 .17 4.00 239,460 .33 .33 4.76 11 SELECT TAX-FREE 2 (NXQ) ------------------------------------------------------------------------------------------------------------------ Year Ended 3/31: 2010(b) 10.72 10.94 241,150 .38** .37** 5.21** 2 2009 .24 (4.63) 222,771 .39 .38 5.08 6 2008 2.69 (.24) 245,244 .40 .36 4.58 7 2007 10.21 5.62 257,037 .37 .36 4.50 3 2006 7.39 5.12 254,205 .36 .36 4.51 11 2005 .11 3.82 253,158 .37 .37 4.68 13 ================================================================================================================== * Total Return Based on Market Value 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. Total Return Based on Net Asset Value is the combination of changes in net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending net asset value. 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 net asset value), and therefore may be different from the price used in the calculation. Total returns are not annualized. ** Annualized. *** Expense ratios do not reflect the reduction of custodian fee credits earned on the Fund's net cash on deposit with the custodian bank, where applicable. (a) The expense ratios in the above table 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 Footnote 1 - Inverse Floating Rate Securities. (b) For the six months ended September 30, 2009. See accompanying notes to financial statements. Nuveen Investments 55 | Financial | Highlights (Unaudited) (continued) Selected data for a Common share outstanding throughout each period: INVESTMENT OPERATIONS --------------------------------------- NET BEGINNING NET REALIZED/ NET ASSET INVESTMENT UNREALIZED VALUE INCOME GAIN (LOSS) TOTAL ----------------------------------------------------------------------------------------------------- SELECT TAX-FREE 3 (NXR) ----------------------------------------------------------------------------------------------------- Year Ended 3/31: 2010(b) $ 13.38 $ .33 $ .84 $ 1.17 2009 13.98 .66 (.62) .04 2008 14.42 .64 (.44) .20 2007 14.29 .64 .13 .77 2006 14.22 .65 .06 .71 2005 14.37 .66 (.11) .55 CALIFORNIA SELECT TAX-FREE (NXC) ----------------------------------------------------------------------------------------------------- Year Ended 3/31: 2010(b) 13.24 .34 1.10 1.44 2009 14.09 .66 (.84) (.18) 2008 14.73 .66 (.65) .01 2007 14.57 .64 .18 .82 2006 14.54 .65 .09 .74 2005 14.68 .66 (.09) .57 ===================================================================================================== LESS DISTRIBUTIONS ---------------------------------------- ENDING NET NET ENDING INVESTMENT CAPITAL ASSET MARKET INCOME GAINS TOTAL VALUE VALUE ----------------------------------------------------------------------------------------------------------------- SELECT TAX-FREE 3 (NXR) ----------------------------------------------------------------------------------------------------------------- Year Ended 3/31: 2010(b) $ (.32) $ -- $ (.32) $ 14.23 $ 14.44 2009 (.64) -- (.64) 13.38 13.57 2008 (.64) -- (.64) 13.98 13.75 2007 (.64) -- (.64) 14.42 14.01 2006 (.64) -- (.64) 14.29 13.45 2005 (.67) (.03) (.70) 14.22 12.82 CALIFORNIA SELECT TAX-FREE (NXC) ----------------------------------------------------------------------------------------------------------------- Year Ended 3/31: 2010(b) (.33) -- (.33) 14.35 13.67 2009 (.67) -- (.67) 13.24 12.00 2008 (.64) (.01) (.65) 14.09 14.08 2007 (.64) (.02) (.66) 14.73 14.22 2006 (.65) (.06) (.71) 14.57 13.56 2005 (.66) (.05) (.71) 14.54 13.40 ================================================================================================================= 56 Nuveen Investments RATIOS/SUPPLEMENTAL DATA ------------------------------------------------------------------ TOTAL RETURNS RATIOS TO AVERAGE NET ASSETS*** ------------------- ---------------------------------------- BASED ON ENDING BASED ON NET NET EXPENSES EXPENSES NET PORTFOLIO MARKET ASSET ASSETS INCLUDING EXCLUDING INVESTMENT TURNOVER VALUE* VALUE* (000) INTEREST(a) INTEREST INCOME RATE ----------------------------------------------------------------------------------------------------------------------------- SELECT TAX-FREE 3 (NXR) ----------------------------------------------------------------------------------------------------------------------------- Year Ended 3/31: 2010(b) 8.88% 8.86% $ 184,839 .37%** .37%** 4.86%** 1% 2009 3.51 .34 173,678 .39 .39 4.83 5 2008 2.91 1.42 181,288 .38 .36 4.49 2 2007 9.15 5.51 186,969 .38 .37 4.43 9 2006 10.12 5.10 185,233 .37 .37 4.51 6 2005 (.17) 4.01 184,379 .38 .38 4.66 16 CALIFORNIA SELECT TAX-FREE (NXC) ----------------------------------------------------------------------------------------------------------------------------- Year Ended 3/31: 2010(b) 16.87 11.05 89,961 .41** .39** 4.92** 0 2009 (10.34) (1.30) 82,953 .43 .41 4.85 12 2008 3.68 .05 88,224 .44 .38 4.52 8 2007 9.89 5.72 92,177 .40 .39 4.37 16 2006 6.52 5.17 91,152 .38 .38 4.42 8 2005 .50 3.99 90,949 .39 .39 4.55 13 ============================================================================================================================= * Total Return Based on Market Value 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. Total Return Based on Net Asset Value is the combination of changes in net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending net asset value. 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 net asset value), and therefore may be different from the price used in the calculation. Total returns are not annualized. ** Annualized. *** Expense ratios do not reflect the reduction of custodian fee credits earned on the Fund's net cash on deposit with the custodian bank, where applicable. (a) The expense ratios in the above table 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 Footnote 1 - Inverse Floating Rate Securities. (b) For the six months ended September 30, 2009. See accompanying notes to financial statements. Nuveen Investments 57 | Financial | Highlights (Unaudited) (continued) Selected data for a Common share outstanding throughout each period: INVESTMENT OPERATIONS --------------------------------------- NET BEGINNING NET REALIZED/ NET ASSET INVESTMENT UNREALIZED VALUE INCOME GAIN (LOSS) TOTAL ------------------------------------------------------------------------------------------------- NEW YORK SELECT TAX-FREE (NXN) ------------------------------------------------------------------------------------------------- Year Ended 3/31: 2010(b) $ 13.37 $ .31 $ .86 $ 1.17 2009 13.79 .62 (.43) .19 2008 14.28 .62 (.49) .13 2007 14.19 .61 .13 .74 2006 14.28 .62 (.02) .60 2005 14.57 .64 (.21) .43 ================================================================================================= LESS DISTRIBUTIONS ----------------------------------- ENDING NET NET ENDING INVESTMENT CAPITAL ASSET MARKET INCOME GAINS TOTAL VALUE VALUE ---------------------------------------------------------------------------------------------------------- NEW YORK SELECT TAX-FREE (NXN) ---------------------------------------------------------------------------------------------------------- Year Ended 3/31: 2010(b) $ (.31) $ -- $ (.31) $ 14.23 $ 14.24 2009 (.61) -- (.61) 13.37 13.08 2008 (.61) (.01) (.62) 13.79 13.79 2007 (.61) (.04) (.65) 14.28 14.15 2006 (.62) (.07) (.69) 14.19 13.35 2005 (.66) (.06) (.72) 14.28 13.65 ========================================================================================================== 58 Nuveen Investments RATIOS/SUPPLEMENTAL DATA ------------------------------------------------------------------ TOTAL RETURNS RATIOS TO AVERAGE NET ASSETS*** -------------------- ---------------------------------------- BASED ON ENDING BASED ON NET NET EXPENSES EXPENSES NET PORTFOLIO MARKET ASSET ASSETS INCLUDING EXCLUDING INVESTMENT TURNOVER VALUE* VALUE* (000) INTEREST(a) INTEREST INCOME RATE ---------------------------------------------------------------------------------------------------------------------------- NEW YORK SELECT TAX-FREE (NXN) ---------------------------------------------------------------------------------------------------------------------------- Year Ended 3/31: 2010(b) 11.33% 8.82% $ 55,653 .43%** .42%** 4.50%** 1% 2009 (.57) 1.47 52,268 .47 .45 4.57 1 2008 2.06 .94 53,908 .46 .43 4.35 20 2007 11.15 5.30 55,828 .46 .42 4.29 6 2006 2.84 4.19 55,473 .41 .41 4.28 13 2005 .05 3.10 55,817 .41 .41 4.48 13 ============================================================================================================================ * Total Return Based on Market Value 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. Total Return Based on Net Asset Value is the combination of changes in net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending net asset value. 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 net asset value), and therefore may be different from the price used in the calculation. Total returns are not annualized. ** Annualized. *** Expense ratios do not reflect the reduction of custodian fee credits earned on the Fund's net cash on deposit with the custodian bank, where applicable. (a) The expense ratios in the above table 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 Footnote 1 - Inverse Floating Rate Securities. (b) For the six months ended September 30, 2009. See accompanying notes to financial statements. Nuveen Investments 59 Annual Investment Management Agreement Approval Process The Investment Company Act of 1940, as amended (the "1940 Act"), provides, in substance, that each investment advisory agreement between a fund and its investment adviser will continue in effect from year to year only if its continuance is approved at least annually by the fund's board members, including by a vote of a majority of the board members who are not parties to the advisory agreement or "interested persons" of any parties (the "Independent Board Members"), cast in person at a meeting called for the purpose of considering such approval. In connection with such approvals, the fund's board members must request and evaluate, and the investment adviser is required to furnish, such information as may be reasonably necessary to evaluate the terms of the advisory agreement. Accordingly, at a meeting held on May 27-29, 2009 (the "May Meeting"), the Boards of Trustees or Directors (as the case may be) (each, a "Board" and each Trustee or Director, a "Board Member") of the Funds, including a majority of the Independent Board Members, considered and approved the continuation of the advisory agreements (each an "Advisory Agreement") between each Fund and Nuveen Asset Management ("NAM") for an additional one-year period. In preparation for their considerations at the May Meeting, the Board also held a separate meeting on April 21-22, 2009 (the "April Meeting"). Accordingly, the factors considered and determinations made regarding the renewals by the Independent Board Members include those made at the April Meeting. In addition, in evaluating the Advisory Agreements, the Independent Board Members reviewed a broad range of information relating to the Funds and NAM, including absolute performance, fee and expense information for the Funds as well as comparative performance, fee and expense information for a comparable peer group of funds, the performance information of recognized and/or customized benchmarks (as applicable) of the Funds, the profitability of Nuveen for its advisory activities (which includes its wholly owned subsidiaries other than Winslow Capital Management, Inc. ("Winslow Capital"), which was recently acquired in December 2008), and other information regarding the organization, personnel, and services provided by NAM. The Independent Board Members also met quarterly as well as at other times as the need arose during the year and took into account the information provided at such meetings and the knowledge gained therefrom. Prior to approving the renewal of the Advisory Agreements, the Independent Board Members reviewed the foregoing information with their independent legal counsel and with management, reviewed materials from independent legal counsel describing applicable law and their duties in reviewing advisory contracts, and met with independent legal counsel in private sessions without management present. The Independent Board Members considered the legal advice provided by independent legal counsel and relied upon their knowledge of NAM, its services and the Funds resulting from their meetings and other interactions throughout the year and their own business judgment in determining the factors to be considered in evaluating 60 Nuveen Investments the Advisory Agreements. Each Board Member may have accorded different weight to the various factors in reaching his or her conclusions with respect to a Fund's Advisory Agreement. The Independent Board Members did not identify any single factor as all-important or controlling. The Independent Board Members' considerations were instead based on a comprehensive consideration of all the information presented. The principal factors considered by the Board and its conclusions are described below. A. NATURE, EXTENT AND QUALITY OF SERVICES In considering renewal of the Advisory Agreements, the Independent Board Members considered the nature, extent and quality of NAM's services, including advisory services and administrative services. The Independent Board Members reviewed materials outlining, among other things, NAM's organization and business; the types of services that NAM or its affiliates provide and are expected to provide to the Funds; the performance record of the applicable Fund (as described in further detail below); and any initiatives Nuveen had taken for the applicable fund product line. In reviewing the services provided and the initiatives undertaken during the past year, the Independent Board Members recognized the severe market turmoil experienced in the capital markets during recent periods, including sustained periods of high volatility, credit disruption and government intervention. The Independent Board Members considered NAM's efforts, expertise and other actions taken to address matters as they arose that impacted the Funds. The Independent Board Members recognized the role of the Investment Services group which, among other things, monitors the various positions throughout the Nuveen fund complex to identify and address any systematic risks. In addition, the Capital Markets Committee of NAM provides a multi-departmental venue for developing new policies to mitigate any risks. The Independent Board Members further recognized NAM's continuous review of the Nuveen funds' investment strategies and mandates in seeking to continue to refine and improve the investment process for the funds, particularly in light of market conditions. With respect to closed-end funds that issued auction rate preferred shares ("ARPs") or that otherwise utilize leverage, the Independent Board Members noted, in particular, NAM's efforts in refi-nancing the preferred shares of such funds frozen by the collapse of the auction rate market and managing leverage during a period of rapid market declines, particularly for the non-equity funds. Such efforts included negotiating and maintaining the availability of bank loan facilities and other sources of credit used for investment purposes or to satisfy liquidity needs, liquidating portfolio securities during difficult times to meet leverage ratios, and seeking alternative forms of debt and other leverage that may over time reduce financing costs associated with ARPs and enable the funds that have issued ARPs to restore liquidity to ARPs holders. The Independent Board Members also noted Nuveen's continued commitment and efforts to keep investors and financial advisers informed as to its progress with the ARPs through, among other things, conference calls, emails, press releases, information posted on its website, and telephone calls and in-person meetings with financial advisers. In addition to the foregoing, the Independent Board Members also noted the additional services that NAM or its affiliates provide to closed-end funds, including, in particular, Nuveen's continued commitment to supporting the secondary market for the common shares of its closed-end funds Nuveen Investments 61 Annual Investment Management Agreement Approval Process (continued) through a variety of programs designed to raise investor and analyst awareness and understanding of closed-end funds. These efforts include maintaining an investor relations program to provide timely information and education to financial advisers and investors; providing advertising and marketing for the closed-end funds; maintaining websites; and providing educational seminars. As part of their review, the Independent Board Members also evaluated the background, experience and track record of NAM's investment personnel. In this regard, the Independent Board Members considered any changes in the personnel, and the impact on the level of services provided to the Funds, if any. The Independent Board Members also reviewed information regarding portfolio manager compensation arrangements to evaluate NAM's ability to attract and retain high quality investment personnel, preserve stability, and reward performance but not provide an incentive for taking undue risks. In addition to advisory services, the Independent Board Members considered the quality of administrative services provided by NAM and its affiliates including product management, fund administration, oversight of service providers, shareholder services, administration of Board relations, regulatory and portfolio compliance and legal support. Given the importance of compliance, the Independent Board Members considered NAM's compliance program, including the report of the chief compliance officer regarding the Funds' compliance policies and procedures. Based on their review, the Independent Board Members found that, overall, the nature, extent and quality of services provided (and expected to be provided) to the respective Funds under the Advisory Agreements were satisfactory. B. THE INVESTMENT PERFORMANCE OF THE FUNDS AND NAM The Board considered the investment performance of each Fund, including the Fund's historic performance as well as its performance compared to funds with similar investment objectives (the "Performance Peer Group") based on data provided by an independent provider of mutual fund data as well as recognized and/or customized benchmarks (as applicable). The Independent Board Members reviewed performance information including, among other things, total return information compared with the Fund's Performance Peer Group and recognized and/or customized benchmarks (as applicable) for the quarter-, one-, three- and five-year periods (as applicable) ending December 31, 2008 and for the same periods (as applicable) ending March 31, 2009. The Independent Board Members also reviewed performance information of the Nuveen municipal funds managed by NAM in the aggregate ranked by peer group and the performance of such funds, in the aggregate, relative to their benchmark. This information supplemented the Fund performance information provided to the Board at each of its quarterly meetings. In comparing a fund's performance with that of its Performance Peer Group, the Independent Board Members took into account that the closest Performance Peer Group in certain instances may not adequately reflect the respective fund's investment objectives and strategies thereby hindering a meaningful comparison of the fund's performance with that of the Performance Peer Group. The Independent Board Members further considered the performance of the Funds in the context of the volatile 62 Nuveen Investments market conditions during the past year, and their impact on various asset classes and the portfolio management of the Funds. Based on their review and factoring in the severity of market turmoil in 2008, the Independent Board Members determined that each Fund's investment performance over time had been satisfactory. C. FEES, EXPENSES AND PROFITABILITY 1. FEES AND EXPENSES The Board evaluated the management fees and expenses of each Fund reviewing, among other things, such Fund's gross management fees, net management fees and total expense ratios (before and after expense reimbursements and/or waivers) in absolute terms as well as compared to the fee and expenses of a comparable universe of unaffiliated funds based on data provided by an independent fund data provider (the "Peer Universe") and in certain cases, to a more focused subset of funds in the Peer Universe (the "Peer Group"). The Independent Board Members further reviewed data regarding the construction of the applicable Peer Universe and Peer Group. In reviewing the comparisons of fee and expense information, the Independent Board Members took into account that in certain instances various factors such as the asset level of a fund relative to peers, the size and particular composition of the Peer Universe or Peer Group, the investment objectives of the peers, expense anomalies, changes in the funds comprising the Peer Universe or Peer Group from year to year, levels of reimbursement and the timing of information used may impact the comparative data, thereby limiting the ability to make a meaningful comparison. In addition, the Independent Board Members considered, among other things, the differences in the use and type of leverage compared to the peers. The Independent Board Members also considered the differences in the states reflected in the respective Peer Group. In reviewing the fee schedule for a Fund, the Independent Board Members also considered the fund-level and complex-wide breakpoint schedules (described in further detail below) and any fee waivers and reimbursements provided by Nuveen (applicable, in particular, for certain closed-end funds launched since 1999). Based on their review of the fee and expense information provided, the Independent Board Members determined that each Fund's management fees and net total expense ratio were reasonable in light of the nature, extent and quality of services provided to the Fund. 2. COMPARISONS WITH THE FEES OF OTHER CLIENTS The Independent Board Members further reviewed information regarding the nature of services and fee rates offered by NAM to other clients. Such other clients include NAM's municipal separately managed accounts. In evaluating the comparisons of fees, the Independent Board Members noted that the fee rates charged to the Funds and other clients vary, among other things, because of the different services involved and the additional regulatory and compliance requirements associated with registered investment companies, such as the Funds. Accordingly, the Independent Board Members considered the differences in the product types, including, but not limited Nuveen Investments 63 Annual Investment Management Agreement Approval Process (continued) to, the services provided, the structure and operations, product distribution and costs thereof, portfolio investment policies, investor profiles, account sizes and regulatory requirements. The Independent Board Members noted, in particular, that the range of services provided to the Funds (as discussed above) is much more extensive than that provided to separately managed accounts. Given the inherent differences in the products, particularly the extensive services provided to the Funds, the Independent Board Members believe such facts justify the different levels of fees. 3. PROFITABILITY OF NUVEEN In conjunction with its review of fees, the Independent Board Members also considered the profitability of Nuveen for its advisory activities (which incorporated Nuveen's wholly-owned affiliated sub-advisers other than Winslow Capital) and its financial condition. The Independent Board Members reviewed the revenues and expenses of Nuveen's advisory activities for the last two years, the allocation methodology used in preparing the profitability data and an analysis of the key drivers behind the changes in revenues and expenses that impacted profitability in 2008. In addition, the Independent Board Members reviewed information regarding the financial results of Nuveen for 2008 based on its Form 8-K filed on March 31, 2009. The Independent Board Members noted this information supplemented the profitability information requested and received during the year to help keep them apprised of developments affecting profitability (such as changes in fee waivers and expense reimbursement commitments). In this regard, the Independent Board Members noted that they had also appointed an Independent Board Member as a point person to review and keep them apprised of changes to the profitability analysis and/or methodologies during the year. The Independent Board Members also considered Nuveen's revenues for advisory activities, expenses, and profit margin compared to that of various unaffiliated management firms with similar amounts of assets under management and relatively comparable asset composition prepared by Nuveen. In reviewing profitability, the Independent Board Members recognized the subjective nature of determining profitability which may be affected by numerous factors including the allocation of expenses. Further, the Independent Board Members recognized the difficulties in making comparisons as the profitability of other advisers generally is not publicly available and the profitability information that is available for certain advisers or management firms may not be representative of the industry and may be affected by, among other things, the adviser's particular business mix, capital costs, types of funds managed and expense allocations. Notwithstanding the foregoing, the Independent Board Members reviewed Nuveen's methodology and assumptions for allocating expenses across product lines to determine profitability. In reviewing profitability, the Independent Board Members recognized Nuveen's investment in its fund business. Based on their review, the Independent Board Members concluded that Nuveen's level of profitability for its advisory activities was reasonable in light of the services provided. 64 Nuveen Investments In evaluating the reasonableness of the compensation, the Independent Board Members also considered other amounts paid to NAM by the Funds as well as any indirect benefits (such as soft dollar arrangements, if any) NAM and its affiliates receive, or are expected to receive, that are directly attributable to the management of the Funds, if any. See Section E below for additional information on indirect benefits NAM may receive as a result of its relationship with the Funds. Based on their review of the overall fee arrangements of each Fund, the Independent Board Members determined that the advisory fees and expenses of the respective Fund were reasonable. D. ECONOMIES OF SCALE AND WHETHER FEE LEVELS REFLECT THESE ECONOMIES OF SCALE With respect to economies of scale, the Independent Board Members have recognized the potential benefits resulting from the costs of a fund being spread over a larger asset base, although economies of scale are difficult to measure and predict with precision, particularly on a fund-by-fund basis. One method to help ensure the shareholders share in these benefits is to include breakpoints in the advisory fee schedule. Generally, management fees for funds in the Nuveen complex are comprised of a fund-level component and a complex-level component, subject to certain exceptions. Accordingly, the Independent Board Members reviewed and considered the applicable fund-level breakpoints in the advisory fee schedules that reduce advisory fees as asset levels increase. In this regard, the Independent Board Members noted that although closed-end funds may from time-to-time make additional share offerings, the growth of their assets will occur primarily through the appreciation of such funds' investment portfolio. While economies of scale result when costs can be spread over a larger asset base, the Independent Board Members also recognized that the asset levels generally declined in 2008 due to, among other things, the market downturn. Accordingly, for funds with a reduction in assets under management, advisory fee levels may have increased as breakpoints in the fee schedule were no longer surpassed. In addition to fund-level advisory fee breakpoints, the Board also considered the Funds' complex-wide fee arrangement. Pursuant to the complex-wide fee arrangement, the fees of the funds in the Nuveen complex generally are reduced as the assets in the fund complex reach certain levels. The complex-wide fee arrangement seeks to provide the benefits of economies of scale to fund shareholders when total fund complex assets increase, even if assets of a particular fund are unchanged or have decreased. The approach reflects the notion that some of Nuveen's costs are attributable to services provided to all its funds in the complex and therefore all funds benefit if these costs are spread over a larger asset base. Generally, the complex-wide pricing reduces Nuveen's revenue because total complex fund assets have consistently grown in prior years. As noted, however, total fund assets declined in 2008 resulting in a smaller downward adjustment of revenues due to complex-wide pricing compared to the prior year. Based on their review, the Independent Board Members concluded that the breakpoint schedules and complex-wide fee arrangement were acceptable and reflect economies of scale to be shared with shareholders when assets under management increase. Nuveen Investments 65 Annual Investment Management Agreement Approval Process (continued) E. INDIRECT BENEFITS In evaluating fees, the Independent Board Members received and considered information regarding potential "fall out" or ancillary benefits NAM or its affiliates may receive as a result of its relationship with each Fund. In this regard, the Independent Board Members considered revenues received by affiliates of NAM for serving as agent at Nuveen's trading desk. In addition to the above, the Independent Board Members considered whether NAM received any benefits from soft dollar arrangements whereby a portion of the commissions paid by a Fund for brokerage may be used to acquire research that may be useful to NAM in managing the assets of the Funds and other clients. The Independent Board Members noted that NAM does not currently have any soft dollar arrangements; however, to the extent certain bona fide agency transactions that occur on markets that traditionally trade on a principal basis and riskless principal transactions are considered as generating "commissions," NAM intends to comply with the applicable safe harbor provisions. Based on their review, the Independent Board Members concluded that any indirect benefits received by NAM as a result of its relationship with the Funds were reasonable and within acceptable parameters. F. OTHER CONSIDERATIONS The Independent Board Members did not identify any single factor discussed previously as all-important or controlling. The Board Members, including the Independent Board Members, unanimously concluded that the terms of the Advisory Agreements are fair and reasonable, that NAM's fees are reasonable in light of the services provided to each Fund and that the Advisory Agreements be renewed. 66 Nuveen Investments Reinvest Automatically Easily and Conveniently NUVEEN MAKES REINVESTING EASY. A PHONE CALL IS ALL IT TAKES TO SET UP YOUR REINVESTMENT ACCOUNT. NUVEEN CLOSED-END FUNDS DIVIDEND REINVESTMENT PLAN Your Nuveen Closed-End Fund allows you to conveniently reinvest dividends and/or capital gains distributions in additional Fund shares. By choosing to reinvest, you'll be able to invest money regularly and automatically, and watch your investment grow through the power of tax-free compounding. Just like dividends or distributions in cash, there may be times when income or capital gains taxes may be payable on dividends or distributions that are reinvested. It is important to note that an automatic reinvestment plan does not ensure a profit, nor does it protect you against loss in a declining market. EASY AND CONVENIENT To make recordkeeping easy and convenient, each month you'll receive a statement showing your total dividends and distributions, the date of investment, the shares acquired and the price per share, and the total number of shares you own. HOW SHARES ARE PURCHASED The shares you acquire by reinvesting will either be purchased on the open market or newly issued by the Fund. If the shares are trading at or above net asset value at the time of valuation, the Fund will issue new shares at the greater of the net asset value or 95% of the then-current market price. If the shares are trading at less than net asset value, shares for your account will be purchased on the open market. If the Plan Agent begins purchasing Fund shares on the open market while shares are trading below net asset value, but the Fund's shares subsequently trade at or above their net asset value before the Plan Agent is able to complete its purchases, the Plan Agent may cease open-market purchases and may invest the uninvested portion of the distribution in newly-issued Fund shares at a price equal to the greater of the shares' net asset value or 95% of the shares' market value on the last business day immediately prior to the purchase date. Dividends and distributions received to purchase shares in the open market will normally be invested shortly after the dividend payment date. No interest will be paid on dividends and distributions awaiting reinvestment. Because the market price of the shares may increase before purchases are completed, the average purchase price Nuveen Investments 67 Reinvest Automatically Easily and Conveniently (continued) per share may exceed the market price at the time of valuation, resulting in the acquisition of fewer shares than if the dividend or distribution had been paid in shares issued by the Fund. A pro rata portion of any applicable brokerage commissions on open market purchases will be paid by Plan participants. These commissions usually will be lower than those charged on individual transactions. FLEXIBLE You may change your distribution option or withdraw from the Plan at any time, should your needs or situation change. Should you withdraw, you can receive a certificate for all whole shares credited to your reinvestment account and cash payment for fractional shares, or cash payment for all reinvestment account shares, less brokerage commissions and a $2.50 service fee. You can reinvest whether your shares are registered in your name, or in the name of a brokerage firm, bank, or other nominee. Ask your investment advisor if his or her firm will participate on your behalf. Participants whose shares are registered in the name of one firm may not be able to transfer the shares to another firm and continue to participate in the Plan. The Fund reserves the right to amend or terminate the Plan at any time. Although the Fund reserves the right to amend the Plan to include a service charge payable by the participants, there is no direct service charge to participants in the Plan at this time. CALL TODAY TO START REINVESTING DIVIDENDS AND/OR DISTRIBUTIONS For more information on the Nuveen Automatic Reinvestment Plan or to enroll in or withdraw from the Plan, speak with your financial advisor or call us at (800) 257-8787. 68 Nuveen Investments Glossary of Terms Used in this Report o 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. o 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. o AVERAGE EFFECTIVE MATURITY: The average of the number of years to maturity of the bonds in a Fund's portfolio, computed by weighting each bond's time to maturity (the date the security comes due) by the market value of the security. This figure does not account for the likelihood of prepayments or the exercise of call provisions unless an escrow account has been established to redeem the bond before maturity. The market value weighting for an investment in an inverse floating rate security is the value of the portfolio's residual interest in the inverse floating rate trust, and does not include the value of the floating rate securities issued by the trust. o 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. o INVERSE FLOATERS: Inverse floating rate securities are created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust created by a broker-dealer. 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. Nuveen Investments 69 Glossary of Terms Used in this Report (continued) o MARKET YIELD (ALSO KNOWN AS DIVIDEND YIELD OR CURRENT YIELD): An investment's current annualized dividend divided by its current market price. o NET ASSET VALUE (NAV): A Fund's NAV per share is calculated by subtracting the liabilities of the Fund from its total assets and then dividing the remainder by the number of shares outstanding. Fund NAVs are calculated at the end of each business day. o 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. o TAXABLE-EQUIVALENT YIELD: The yield necessary from a fully taxable investment to equal, on an after-tax basis, the yield of a municipal bond investment. o ZERO COUPON BOND: A zero coupon bond does not pay a regular interest coupon to its holders during the life of the bond. Tax-exempt 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. 70 Nuveen Investments Notes Nuveen Investments 71 Notes 72 Nuveen Investments Other Useful Information BOARD OF TRUSTEES John P. Amboian Robert P. Bremner Jack B. Evans William C. Hunter David J. Kundert William J. Schneider Judith M. Stockdale Carole E. Stone Terence J. Toth FUND MANAGER Nuveen Asset Management 333 West Wacker Drive Chicago, IL 60606 CUSTODIAN State Street Bank & Trust Company Boston, MA TRANSFER AGENT AND SHAREHOLDER SERVICES State Street Bank & Trust Company Nuveen Funds P.O. Box 43071 Providence, RI 02940-3071 (800) 257-8787 LEGAL COUNSEL Chapman and Cutler LLP Chicago, IL INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Ernst & Young LLP Chicago, IL QUARTERLY PORTFOLIO OF INVESTMENTS AND PROXY VOTING INFORMATION You may obtain (i) each Fund's quarterly portfolio of investments, (ii) information regarding how the Funds voted proxies relating to portfolio securities held during the twelve-month period ended June 30, 2009, and (iii) a description of the policies and procedures that the Funds used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen Investments toll-free at (800) 257-8787 or on Nuveen's website at www.nuveen.com. You may also obtain this and other Fund information directly from the Securities and Exchange Commission ("SEC"). The SEC may charge a copying fee for this information. Visit the SEC on-line at http://www.sec.gov or in person at the SEC's Public Reference Room in Washington, D.C. Call the SEC at (202) 942-8090 for room hours and operation. You may also request Fund information by sending an e-mail request to publicinfo@sec.gov or by writing to the SEC's Public References Section at 100 F Street NE, Washington, D.C. 20549. CEO CERTIFICATION DISCLOSURE Each Fund's Chief Executive Officer has submitted to the New York Stock Exchange (NYSE) the annual CEO certification as required by Section 303A.12(a) of the NYSE Listed Company Manual. Each Fund has filed with the SEC the certification of its Chief Executive Officer and Chief Financial Officer required by Section 302 of the Sarbanes-Oxley Act. SHARE INFORMATION Each Fund intends to repurchase shares of its own common stock in the future at such times and in such amounts as is deemed advisable. During the period covered by this report, the Funds did not repurchase any of their common shares. Any future repurchases will be reported to shareholders in the next annual or semi-annual report. Nuveen Investments 73 Nuveen Investments: Serving Investors for Generations Since 1898, financial advisors and their clients have relied on Nuveen Investments to provide dependable investment solutions. For the past century, Nuveen Investments has adhered to the belief that the best approach to investing is to apply conservative risk-management principles to help minimize volatility. Building on this tradition, we today offer a range of high quality equity and fixed-income solutions that are integral to a well-diversified core portfolio. Our clients have come to appreciate this diversity, as well as our continued adherence to proven, long-term investing principles. WE OFFER MANY DIFFERENT INVESTING SOLUTIONS FOR OUR CLIENTS' DIFFERENT NEEDS. Nuveen Investments is a global investment management firm that seeks to help secure the long-term goals of institutions and high net worth investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets its growing range of specialized investment solutions under the high-quality brands of HydePark, NWQ, Nuveen, Santa Barbara, Symphony, Tradewinds and Winslow Capital. In total, the Company managed $141 billion of assets on September 30, 2009. FIND OUT HOW WE CAN HELP YOU REACH YOUR FINANCIAL GOALS. To learn more about the products and services Nuveen Investments offers, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Be sure to obtain a prospectus, where applicable. Investors should consider the investment objective and policies, risk considerations, charges and expenses of the Fund carefully before investing. The prospectus contains this and other information relevant to an investment in the Fund. For a prospectus, please contact your securities representative or NUVEEN INVESTMENTS, 333 W. WACKER DR., CHICAGO, IL 60606. Please read the prospectus carefully before you invest or send money. Learn more about Nuveen Funds at: WWW.NUVEEN.COM/CEF o Share prices o Fund details o Daily financial news o Investor education o Interactive planning tools Distributed by Nuveen Investments, LLC 333 West Wacker Drive Chicago, IL 60606 It's not what you earn, www.nuveen.com it's what you keep.(R) ESA-B-0909D ITEM 2. CODE OF ETHICS. Not applicable to this filing. ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT. Not applicable to this filing. ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES. Not applicable to this filing. ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS. Not applicable to this filing. ITEM 6. SCHEDULE OF INVESTMENTS. (a) See Portfolio of Investments in Item 1. (b) Not applicable. ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. Not applicable to this filing. ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. Not applicable to this filing. ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. Not applicable. ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's Board of Directors or Trustees implemented after the registrant last provided disclosure in response to this Item. ITEM 11. CONTROLS AND PROCEDURES. (a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the "Exchange Act")(17 CFR 240.13a-15(b) or 240.15d-15(b)). (b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. ITEM 12. EXHIBITS. File the exhibits listed below as part of this Form. (a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable to this filing. (a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: See Ex-99.CERT attached hereto. (a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons: Not applicable. (b) If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)); Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed "filed" for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference: See Ex-99.906 CERT attached hereto. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. (Registrant) Nuveen Select Tax-Free Income Portfolio ----------------------------------------------------------- By (Signature and Title) /s/ Kevin J. McCarthy ---------------------------------------------- Kevin J. McCarthy (Vice President and Secretary) Date: December 7, 2009 ------------------------------------------------------------------- Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By (Signature and Title) /s/ Gifford R. Zimmerman ---------------------------------------------- Gifford R. Zimmerman Chief Administrative Officer (principal executive officer) Date: December 7, 2009 ------------------------------------------------------------------- By (Signature and Title) /s/ Stephen D. Foy ---------------------------------------------- Stephen D. Foy Vice President and Controller (principal financial officer) Date: December 7, 2009 -------------------------------------------------------------------