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 Association (SIFMA) 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.
|
6-Month
|
1-Year
|
5-Year
|
10-Year
|
|
National Portfolios
|
||||
NXP
|
3.32%
|
4.96%
|
4.31%
|
5.04%
|
NXQ
|
3.61%
|
5.18%
|
3.60%
|
4.52%
|
NXR
|
3.53%
|
4.65%
|
4.45%
|
4.99%
|
Standard & Poor’s (S&P) National Municipal Bond Index2
|
5.56%
|
5.85%
|
4.91%
|
5.71%
|
Lipper General and Insured Unleveraged Municipal Debt Funds Average3
|
3.61%
|
4.56%
|
3.85%
|
4.74%
|
California Portfolio
|
||||
NXC
|
4.86%
|
4.54%
|
4.22%
|
4.88%
|
Standard & Poor’s (S&P) California Municipal Bond Index4
|
6.55%
|
5.78%
|
4.71%
|
5.53%
|
Lipper California Municipal Debt Funds Average3
|
9.09%
|
7.95%
|
3.87%
|
6.18%
|
New York Portfolio
|
||||
NXN
|
4.49%
|
5.51%
|
4.60%
|
4.99%
|
Standard & Poor’s (S&P) New York Municipal Bond Index4
|
5.18%
|
5.74%
|
5.13%
|
5.79%
|
Lipper New York Municipal Debt Funds Average3
|
7.48%
|
8.47%
|
4.15%
|
6.47%
|
*
|
Six-month returns are cumulative; all other returns 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 Portfolio distributions or upon the sale of Portfolio shares.
|
|
For additional information, see the individual Performance Overview for your Portfolio in 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 tax-exempt, investment-grade U.S. municipal bond market. This index does not reflect any initial or ongoing expenses and is not available for direct investment.
|
3
|
Each of the Lipper Municipal Debt Funds Averages shown in this report is calculated using the returns of all leveraged and unleveraged closed-end funds in their respective categories for each period as follows: Lipper General and Insured Unleveraged Average, 6-month, 8 funds; 1-year, 8 funds; 5-year, 7 funds; and 10-year, 7 funds; Lipper California Average, 6-month, 24 funds; 1-year, 24 funds; 5-year, 23 funds; and 10-year, 12 funds; and Lipper New York Average, 6-month, 17 funds; 1-year, 17 funds; 5-year, 16 funds; and 10-year, 6 funds. Lipper returns account for the effects of management fees and assume reinvestment of dividends, but do not reflect any applicable sales charges. The Lipper averages are not available for direct investment.
|
4
|
The Standard & Poor’s (S&P) Municipal Bond Indexes for California and New York are unleveraged, market value-weighted indexes designed to measure the performance of the tax-exempt, investment-grade municipal bond markets in California and New York, respectively. These indexes do not reflect any initial or ongoing expenses and are not available for direct investment.
|
Portfolio
|
9/30/10
(+)Premium/(-) Discount
|
6-Month Average
(+)Premium/(-) Discount
|
NXP
|
+6.78%
|
+5.00%
|
NXQ
|
+3.80%
|
+2.64%
|
NXR
|
+5.06%
|
+2.93%
|
NXC
|
-2.94%
|
-4.38%
|
NXN
|
-0.14%
|
-0.88%
|
NXP
|
Nuveen Select Tax-Free
|
|
Performance
|
Income Portfolio | |
OVERVIEW
|
as of September 30, 2010
|
Fund Snapshot
|
||||
Share Price
|
$
|
15.27
|
||
Net Asset Value (NAV)
|
$
|
14.30
|
||
Premium/(Discount) to NAV
|
6.78
|
%
|
||
Market Yield
|
4.68
|
%
|
||
Taxable-Equivalent Yield1
|
6.50
|
%
|
||
Net Assets ($000)
|
$
|
236,017
|
||
Average Effective Maturity on Securities (Years)
|
12.21
|
|||
Modified Duration
|
4.26
|
Average Annual Total Return
|
|||||||
(Inception 3/19/92)
|
|||||||
On Share Price
|
On NAV
|
||||||
6-Month (Cumulative)
|
6.18
|
%
|
3.32
|
%
|
|||
1-Year
|
9.75
|
%
|
4.96
|
%
|
|||
5-Year
|
6.04
|
%
|
4.31
|
%
|
|||
10-Year
|
6.19
|
%
|
5.04
|
%
|
States4
|
||||
(as a % of total municipal bonds)
|
||||
Illinois
|
14.7
|
%
|
||
Colorado
|
11.1
|
%
|
||
Texas
|
8.8
|
%
|
||
South Carolina
|
7.7
|
%
|
||
Florida
|
7.6
|
%
|
||
Washington
|
7.0
|
%
|
||
Indiana
|
6.7
|
%
|
||
California
|
6.5
|
%
|
||
Nevada
|
5.1
|
%
|
||
New Jersey
|
2.8
|
%
|
||
New Mexico
|
2.2
|
%
|
||
Oklahoma
|
2.2
|
%
|
||
Alaska
|
2.0
|
%
|
||
Wisconsin
|
1.9
|
%
|
||
Other
|
13.7
|
%
|
Portfolio Composition4
|
||||
(as a % of total investments)
|
||||
U.S. Guaranteed
|
28.4
|
%
|
||
Health Care
|
24.3
|
%
|
||
Transportation
|
10.6
|
%
|
||
Tax Obligation/Limited
|
9.7
|
%
|
||
Utilities
|
8.7
|
%
|
||
Consumer Staples
|
6.6
|
%
|
||
Tax Obligation/General
|
5.5
|
%
|
||
Other
|
6.2
|
%
|
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
|
|
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
|
The Fund paid shareholders a net ordinary income distribution in December 2009 of $0.0160 per share.
|
3
|
Ratings shown are the highest of Standard & Poor’s Group, Moody’s Investor Service, Inc. or Fitch, Inc. AAA includes bonds with an implied AAA rating since they are backed by U.S. Government or agency securities. AAA, AA, A and BBB ratings are investment grade; BB, B, CCC, CC, C and D ratings are below-investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
|
4
|
Holdings are subject to change.
|
NXQ
|
Nuveen Select Tax-Free
|
|
Performance
|
Income Portfolio 2 | |
OVERVIEW
|
as of September 30, 2010
|
Fund Snapshot
|
||||
Share Price
|
$
|
14.20
|
||
Net Asset Value (NAV)
|
$
|
13.68
|
||
Premium/(Discount) to NAV
|
3.80
|
%
|
||
Market Yield
|
4.69
|
%
|
||
Taxable-Equivalent Yield1
|
6.51
|
%
|
||
Net Assets ($000)
|
$
|
242,038
|
||
Average Effective Maturity on Securities (Years)
|
13.76
|
|||
Modified Duration
|
4.65
|
Average Annual Total Return
|
|||||||
(Inception 5/21/92)
|
|||||||
On Share Price
|
On NAV
|
||||||
6-Month (Cumulative)
|
5.35
|
%
|
3.61
|
%
|
|||
1-Year
|
5.08
|
%
|
5.18
|
%
|
|||
5-Year
|
5.95
|
%
|
3.60
|
%
|
|||
10-Year
|
5.75
|
%
|
4.52
|
%
|
States3
|
||||
(as a % of municipal bonds)
|
||||
Illinois
|
15.2
|
%
|
||
Texas
|
12.5
|
%
|
||
Colorado
|
10.8
|
%
|
||
California
|
7.5
|
%
|
||
Indiana
|
6.1
|
%
|
||
South Carolina
|
5.2
|
%
|
||
Iowa
|
3.2
|
%
|
||
New Mexico
|
3.1
|
%
|
||
Washington
|
2.9
|
%
|
||
New York
|
2.9
|
%
|
||
Massachusetts
|
2.5
|
%
|
||
Rhode Island
|
2.4
|
%
|
||
Florida
|
2.4
|
%
|
||
Nevada
|
2.4
|
%
|
||
Louisiana
|
2.3
|
%
|
||
Ohio
|
2.0
|
%
|
||
New Jersey
|
1.9
|
%
|
||
Other
|
14.7
|
%
|
Portfolio Composition3
|
||||
(as a % of total investments)
|
||||
U.S. Guaranteed
|
21.4
|
%
|
||
Health Care
|
21.2
|
%
|
||
Transportation
|
12.1
|
%
|
||
Tax Obligation/Limited
|
11.8
|
%
|
||
Utilities
|
9.4
|
%
|
||
Consumer Staples
|
6.1
|
%
|
||
Tax Obligation/General
|
6.0
|
%
|
||
Other
|
12.0
|
%
|
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
|
|
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
|
Ratings shown are the highest of Standard & Poor’s Group, Moody’s Investor Service, Inc. or Fitch, Inc. AAA includes bonds with an implied AAA rating since they are backed by U.S. Government or agency securities. AAA, AA, A and BBB ratings are investment grade; BB, B, CCC, CC, C and D ratings are below-investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
|
3
|
Holdings are subject to change.
|
NXR
|
Nuveen Select Tax-Free
|
|
Performance
|
Income Portfolio 3 | |
OVERVIEW
|
as of September 30, 2010
|
Fund Snapshot
|
||||
Share Price
|
$
|
14.95
|
||
Net Asset Value (NAV)
|
$
|
14.23
|
||
Premium/(Discount) to NAV
|
5.06
|
%
|
||
Market Yield
|
4.29
|
%
|
||
Taxable-Equivalent Yield1
|
5.96
|
%
|
||
Net Assets ($000)
|
$
|
185,149
|
||
Average Effective Maturity on Securities (Years)
|
12.39
|
|||
Modified Duration
|
4.05
|
Average Annual Total Return
|
|||||||
(Inception 7/24/92)
|
|||||||
On Share Price
|
On NAV
|
||||||
6-Month (Cumulative)
|
7.52
|
%
|
3.53
|
%
|
|||
1-Year
|
8.33
|
%
|
4.65
|
%
|
|||
5-Year
|
7.36
|
%
|
4.45
|
%
|
|||
10-Year
|
6.56
|
%
|
4.99
|
%
|
States4
|
||||
(as a % of total municipal bonds)
|
||||
Illinois
|
18.9
|
%
|
||
California
|
10.6
|
%
|
||
Texas
|
10.2
|
%
|
||
Colorado
|
7.4
|
%
|
||
Indiana
|
6.3
|
%
|
||
Iowa
|
5.3
|
%
|
||
North Carolina
|
4.3
|
%
|
||
Nevada
|
3.7
|
%
|
||
Florida
|
3.4
|
%
|
||
South Carolina
|
3.3
|
%
|
||
New York
|
2.9
|
%
|
||
New Mexico
|
2.8
|
%
|
||
Michigan
|
2.7
|
%
|
||
Pennsylvania
|
2.4
|
%
|
||
Ohio
|
2.0
|
%
|
||
Other
|
13.8
|
%
|
Portfolio Composition4
|
||||
(as a % of total investments)
|
||||
U.S. Guaranteed
|
22.3
|
%
|
||
Health Care
|
20.9
|
%
|
||
Utilities
|
15.5
|
%
|
||
Tax Obligation/Limited
|
13.3
|
%
|
||
Transportation
|
7.3
|
%
|
||
Tax Obligation/General
|
5.3
|
%
|
||
Consumer Staples
|
4.8
|
%
|
||
Other
|
10.6
|
%
|
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
|
|
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
|
The Fund paid shareholders a capital gains distribution in December 2009 of $0.0010 per share.
|
3
|
Ratings shown are the highest of Standard & Poor’s Group, Moody’s Investor Service, Inc. or Fitch, Inc. AAA includes bonds with an implied AAA rating since they are backed by U.S. Government or agency securities. AAA, AA, A and BBB ratings are investment grade; BB, B, CCC, CC, C and D ratings are below-investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
|
4
|
Holdings are subject to change.
|
NXC
|
Nuveen California
|
|
Performance
|
Select Tax-Free
|
|
OVERVIEW
|
Income Portfolio
|
|
|
as of September 30, 2010 |
Fund Snapshot
|
||||
Share Price
|
$
|
13.89
|
||
Net Asset Value (NAV)
|
$
|
14.31
|
||
Premium/(Discount) to NAV
|
-2.94
|
%
|
||
Market Yield
|
4.79
|
%
|
||
Taxable-Equivalent Yield1
|
7.36
|
%
|
||
Net Assets ($000)
|
$
|
89,688
|
||
Average Effective Maturity on Securities (Years)
|
13.46
|
|||
Modified Duration
|
4.55
|
Average Annual Total Return
|
|||||||
(Inception 6/19/92)
|
|||||||
On Share Price
|
On NAV
|
||||||
6-Month (Cumulative)
|
8.81
|
%
|
4.86
|
%
|
|||
1-Year
|
6.79
|
%
|
4.54
|
%
|
|||
5-Year
|
4.55
|
%
|
4.22
|
%
|
|||
10-Year
|
4.93
|
%
|
4.88
|
%
|
Portfolio Composition3
|
||||
(as a % of total investments)
|
||||
Tax Obligation/General
|
23.8
|
%
|
||
Tax Obligation/Limited
|
18.9
|
%
|
||
U.S. Guaranteed
|
12.1
|
%
|
||
Health Care
|
12.1
|
%
|
||
Education and Civic Organizations
|
9.4
|
%
|
||
Utilities
|
5.7
|
%
|
||
Transportation
|
5.6
|
%
|
||
Other
|
12.4
|
%
|
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
|
|
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
|
Ratings shown are the highest of Standard & Poor’s Group, Moody’s Investor Service, Inc. or Fitch, Inc. AAA includes bonds with an implied AAA rating since they are backed by U.S. Government or agency securities. AAA, AA, A and BBB ratings are investment grade; BB, B, CCC, CC, C and D ratings are below-investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
|
3
|
Holdings are subject to change.
|
NXN
|
Nuveen New York
|
|
Performance
|
Select Tax-Free
|
|
OVERVIEW
|
Income Portfolio
|
|
as of September 30, 2010
|
Fund Snapshot
|
||||
Share Price
|
$
|
14.36
|
||
Net Asset Value (NAV)
|
$
|
14.38
|
||
Premium/(Discount) to NAV
|
-0.14
|
%
|
||
Market Yield
|
4.26
|
%
|
||
Taxable-Equivalent Yield1
|
6.35
|
%
|
||
Net Assets ($000)
|
$
|
56,273
|
||
Average Effective Maturity on Securities (Years)
|
14.52
|
|||
Modified Duration
|
3.46
|
Average Annual Total Return
|
|||||||
(Inception 6/19/92)
|
|||||||
On Share Price
|
On NAV
|
||||||
6-Month (Cumulative)
|
6.32
|
%
|
4.49
|
%
|
|||
1-Year
|
5.35
|
%
|
5.51
|
%
|
|||
5-Year
|
6.03
|
%
|
4.60
|
%
|
|||
10-Year
|
6.02
|
%
|
4.99
|
%
|
Portfolio Composition3
|
||||
(as a % of total investments)
|
||||
Tax Obligation/Limited
|
18.6
|
%
|
||
Health Care
|
14.5
|
%
|
||
Water and Sewer
|
12.2
|
%
|
||
Long-Term Care
|
11.4
|
%
|
||
Education and Civic Organizations
|
9.0
|
%
|
||
Housing/Single Family
|
8.1
|
%
|
||
Tax Obligation/General
|
7.5
|
%
|
||
Housing/Multifamily
|
5.9
|
%
|
||
Other
|
12.8
|
%
|
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
|
|
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
|
Ratings shown are the highest of Standard & Poor’s Group, Moody’s Investor Service, Inc. or Fitch, Inc. AAA includes bonds with an implied AAA rating since they are backed by U.S. Government or agency securities. AAA, AA, A and BBB ratings are investment grade; BB, B, CCC, CC, C and D ratings are below-investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
|
3
|
Holdings are subject to change.
|
NXP
|
Shareholder Meeting Report
|
|
NXQ
|
||
NXR
|
The annual meeting of shareholders was held on July 27, 2010, 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:
|
||||||||||
William C. Hunter
|
||||||||||
For
|
14,221,397
|
14,092,934
|
10,458,533
|
|||||||
Withhold
|
278,981
|
254,089
|
286,685
|
|||||||
Total
|
14,500,378
|
14,347,023
|
10,745,218
|
|||||||
Judith M. Stockdale
|
||||||||||
For
|
14,210,911
|
14,090,696
|
10,440,766
|
|||||||
Withhold
|
289,467
|
256,327
|
304,452
|
|||||||
Total
|
14,500,378
|
14,347,023
|
10,745,218
|
|||||||
Carole E. Stone
|
||||||||||
For
|
14,231,816
|
14,096,179
|
10,448,717
|
|||||||
Withhold
|
268,562
|
250,844
|
296,501
|
|||||||
Total
|
14,500,378
|
14,347,023
|
10,745,218
|
Shareholder Meeting Report (continued)
|
||
NXC
|
||
NXN
|
NXC
|
NXN
|
||||||
Approval of the Board Members was reached as follows:
|
|||||||
William C. Hunter
|
|||||||
For
|
5,094,914
|
3,368,067
|
|||||
Withhold
|
99,214
|
48,755
|
|||||
Total
|
5,194,128
|
3,416,822
|
|||||
Judith M. Stockdale
|
|||||||
For
|
5,073,412
|
3,368,067
|
|||||
Withhold
|
120,716
|
48,755
|
|||||
Total
|
5,194,128
|
3,416,822
|
|||||
Carole E. Stone
|
|||||||
For
|
5,111,971
|
3,369,067
|
|||||
Withhold
|
82,157
|
47,755
|
|||||
Total
|
5,194,128
|
3,416,822
|
Nuveen Select Tax-Free Income Portfolio
|
||
NXP
|
Portfolio of Investments
|
|
September 30, 2010 (Unaudited)
|
Principal
Amount (000)
|
Description (1)
|
Optional Call
Provisions (2)
|
Ratings (3)
|
Value
|
||||
Municipal Bonds – 97.7%
|
||||||||
Alaska – 1.9%
|
||||||||
$
|
2,475
|
Alaska Municipal Bond Bank Authority, General Obligation Bonds, Series 2003E, 5.250%, 12/01/23 (Pre-refunded 12/01/13) – NPFG Insured
|
12/13 at 100.00
|
A+ (4)
|
$
|
2,829,965
|
||
2,500
|
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 5.000%, 6/01/46
|
6/14 at 100.00
|
Baa3
|
1,702,050
|
||||
4,975
|
Total Alaska
|
4,532,015
|
||||||
Arkansas – 0.4%
|
||||||||
5,915
|
Arkansas Development Finance Authority, Tobacco Settlement Revenue Bonds, Arkansas Cancer Research Center Project, Series 2006, 0.000%, 7/01/46 – AMBAC Insured
|
No Opt. Call
|
Aa2
|
893,224
|
||||
California – 6.4%
|
||||||||
2,000
|
Alameda Corridor Transportation Authority, California, Subordinate Lien Revenue Bonds, Series 2004A, 0.000%, 10/01/25 – AMBAC Insured
|
10/17 at 100.00
|
A–
|
1,712,020
|
||||
3,325
|
California Department of Water Resources, Power Supply Revenue Bonds, Series 2002A, 6.000%, 5/01/14
|
5/12 at 101.00
|
AA–
|
3,652,812
|
||||
1,000
|
California Statewide Community Development Authority, Revenue Bonds, Methodist Hospital Project, Series 2009, 6.750%, 2/01/38
|
8/19 at 100.00
|
Aa2
|
1,163,270
|
||||
2,645
|
Cypress Elementary School District, San Bernardino County, California, General Obligation Bonds, Series 2009A, 0.000%, 5/01/34 – AGM Insured
|
No Opt. Call
|
AA+
|
717,271
|
||||
3,000
|
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2003A-1, 6.750%, 6/01/39 (Pre-refunded 6/01/13)
|
6/13 at 100.00
|
AAA
|
3,485,640
|
||||
2,350
|
Golden Valley Unified School District, Madera County, California, General Obligation Bonds, Election 2006 Series 2007A, 0.000%, 8/01/29 – AGM Insured
|
8/17 at 56.07
|
AA+
|
776,111
|
||||
1,130
|
Los Angeles Department of Water and Power, California, Waterworks Revenue Refunding Bonds, Series 2001A, 5.125%, 7/01/41 – FGIC Insured
|
7/11 at 100.00
|
AA
|
1,137,232
|
||||
365
|
Los Angeles, California, Parking System Revenue Bonds, Series 1999A, 5.250%, 5/01/29 – AMBAC Insured
|
11/10 at 100.00
|
A+
|
366,088
|
||||
1,000
|
Moreno Valley Unified School District, Riverside County, California, General Obligation Bonds, Series 2007, 0.000%, 8/01/23 – NPFG Insured
|
No Opt. Call
|
AA–
|
496,050
|
||||
590
|
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 6.750%, 11/01/39
|
11/19 at 100.00
|
Baa2
|
655,520
|
||||
750
|
Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed Bonds, Series 2005A-1, 5.500%, 6/01/45
|
6/15 at 100.00
|
BBB
|
545,708
|
||||
1,150
|
Woodside Elementary School District, San Mateo County, California, General Obligation Bonds, Series 2007, 0.000%, 10/01/30 – AMBAC Insured
|
No Opt. Call
|
AAA
|
376,418
|
||||
19,305
|
Total California
|
15,084,140
|
||||||
Colorado – 10.9%
|
||||||||
1,000
|
Colorado Health Facilities Authority, Health Facilities Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40
|
No Opt. Call
|
AA
|
1,037,430
|
||||
1,700
|
Colorado Health Facilities Authority, Revenue Bonds, Catholic Health Initiatives, Series 2002A, 5.500%, 3/01/22 (ETM)
|
3/12 at 100.00
|
AA (4)
|
1,820,768
|
||||
690
|
Colorado Health Facilities Authority, Revenue Bonds, Catholic Health Initiatives, Series 2002A, 5.500%, 3/01/22 (Pre-refunded 3/01/12)
|
3/12 at 100.00
|
AA (4)
|
739,018
|
||||
390
|
Colorado Water Resources and Power Development Authority, Small Water Resources Revenue Bonds, Series 2000A, 5.800%, 11/01/20 – FGIC Insured
|
11/10 at 100.00
|
A
|
390,577
|
||||
6,815
|
Denver City and County, Colorado, Airport System Revenue Bonds, Series 1991D, 7.750%, 11/15/13 (Alternative Minimum Tax)
|
No Opt. Call
|
A+
|
7,406,473
|
Nuveen Select Tax-Free Income Portfolio (continued)
|
||
NXP
|
Portfolio of Investments September 30, 2010 (Unaudited)
|
Principal
|
Optional Call
|
|||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||
Colorado (continued)
|
||||||||
$
|
5,000
|
Denver City and County, Colorado, Airport System Revenue Refunding Bonds, Series 2001A, 5.625%, 11/15/17 – FGIC Insured (Alternative Minimum Tax)
|
11/11 at 100.00
|
A+
|
$
|
5,219,450
|
||
3,000
|
Denver Convention Center Hotel Authority, Colorado, Senior Revenue Bonds, Convention Center Hotel, Series 2003A, 5.000%, 12/01/23 (Pre-refunded 12/01/13) – SYNCORA GTY Insured
|
12/13 at 100.00
|
N/R (4)
|
3,360,510
|
||||
500
|
Denver, Colorado, Airport System Revenue Refunding Bonds, Series 2003B, 5.000%, 11/15/33 – SYNCORA GTY Insured
|
11/13 at 100.00
|
A+
|
506,170
|
||||
12,500
|
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2006A, 0.000%, 9/01/38 – NPFG Insured
|
9/26 at 54.77
|
A
|
1,853,750
|
||||
3,160
|
Northwest Parkway Public Highway Authority, Colorado, Revenue Bonds, Senior Series 2001A, 5.500%, 6/15/20 (Pre-refunded 6/15/11) – AMBAC Insured
|
6/11 at 102.00
|
N/R (4)
|
3,327,891
|
||||
34,755
|
Total Colorado
|
25,662,037
|
||||||
Florida – 7.4%
|
||||||||
2,000
|
Halifax Hospital Medical Center, Florida, Revenue Bonds, Series 2006, 5.375%, 6/01/46
|
6/16 at 100.00
|
A–
|
1,988,200
|
||||
5,000
|
Jacksonville Health Facilities Authority, Florida, Revenue Bonds, Ascension Health, Series 2002A, 5.250%, 11/15/32
|
11/12 at 101.00
|
Aa1
|
5,149,050
|
||||
10,000
|
JEA St. John’s River Power Park System, Florida, Revenue Refunding Bonds, Issue 2, Series 2002-17, 5.000%, 10/01/17
|
10/11 at 100.00
|
Aa2
|
10,393,299
|
||||
17,000
|
Total Florida
|
17,530,549
|
||||||
Illinois – 14.3%
|
||||||||
1,965
|
Board of Trustees of Southern Illinois University, Housing and Auxiliary Facilities System Revenue Bonds, Series 1999A, 0.000%, 4/01/20 – NPFG Insured
|
No Opt. Call
|
A
|
1,301,813
|
||||
2,600
|
Chicago Heights, Illinois, General Obligation Corporate Purpose Bonds, Series 1993, 5.650%, 12/01/17 – FGIC Insured
|
12/10 at 100.00
|
A
|
2,621,580
|
||||
195
|
DuPage County Community School District 200, Wheaton, Illinois, General Obligation Bonds, Series 2003B, 5.250%, 11/01/20 – AGM Insured
|
11/13 at 100.00
|
Aa2
|
216,906
|
||||
805
|
DuPage County Community School District 200, Wheaton, Illinois, General Obligation Bonds, Series 2003B, 5.250%, 11/01/20 (Pre-refunded 11/01/13) – AGM Insured
|
11/13 at 100.00
|
Aa2 (4)
|
916,042
|
||||
600
|
Illinois Educational Facilities Authority, Student Housing Revenue Bonds, Educational Advancement Foundation Fund, University Center Project, Series 2002, 6.000%, 5/01/22 (Pre-refunded 5/01/12)
|
5/12 at 101.00
|
Aaa
|
658,644
|
||||
1,050
|
Illinois Finance Authority, Revenue Bonds, Loyola University of Chicago, Tender Option Bond Trust 1137, 9.042%, 7/01/15 (IF)
|
No Opt. Call
|
Aa1
|
1,140,720
|
||||
4,000
|
Illinois Finance Authority, Revenue Bonds, Northwestern Memorial Hospital, Series 2004A, 5.500%, 8/15/43 (Pre-refunded 8/15/14)
|
8/14 at 100.00
|
N/R (4)
|
4,685,920
|
||||
1,000
|
Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Series 2009, 6.875%, 8/15/38
|
8/19 at 100.00
|
BBB
|
1,122,330
|
||||
2,100
|
Illinois Finance Authority, Revenue Refunding Bonds, Silver Cross Hospital and Medical Centers, Series 2008A, 5.500%, 8/15/30
|
8/18 at 100.00
|
BBB
|
2,177,217
|
||||
1,320
|
Illinois Health Facilities Authority, Revenue Bonds, Decatur Memorial Hospital, Series 2001, 5.600%, 10/01/16
|
10/11 at 100.00
|
A
|
1,346,492
|
||||
2,950
|
Illinois Health Facilities Authority, Revenue Bonds, Lake Forest Hospital, Series 2002A, 6.000%, 7/01/17
|
7/12 at 100.00
|
AA+
|
3,125,319
|
||||
2,275
|
Illinois Health Facilities Authority, Revenue Refunding Bonds, Elmhurst Memorial Healthcare, Series 2002, 6.250%, 1/01/17
|
1/13 at 100.00
|
Baa1
|
2,363,657
|
||||
180
|
Illinois Health Facilities Authority, Revenue Refunding Bonds, Rockford Health System, Series 1997, 5.000%, 8/15/21 – AMBAC Insured
|
2/11 at 100.00
|
N/R
|
169,461
|
||||
3,125
|
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 1992A, 0.000%, 6/15/17 – FGIC Insured
|
No Opt. Call
|
A
|
2,445,438
|
Principal
|
Optional Call
|
|||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||
Illinois (continued)
|
||||||||
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A:
|
||||||||
$
|
1,500
|
0.000%, 12/15/29 – NPFG Insured
|
No Opt. Call
|
AAA
|
$
|
533,985
|
||
810
|
0.000%, 6/15/30 – NPFG Insured
|
No Opt. Call
|
AAA
|
276,963
|
||||
5,000
|
Metropolitan Pier and Exposition Authority, Illinois, Revenue Refunding Bonds, McCormick Place Expansion Project, Series 2002B, 5.000%, 6/15/21 – NPFG Insured
|
6/12 at 101.00
|
AAA
|
5,218,400
|
||||
1,300
|
Schaumburg, Illinois, General Obligation Bonds, Series 2004B, 5.250%, 12/01/34 – FGIC Insured
|
12/14 at 100.00
|
Aaa
|
1,426,022
|
||||
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
|
N/R (4)
|
1,056,750
|
||||
1,000
|
5.000%, 12/15/20 (Pre-refunded 12/15/11) – RAAI Insured
|
12/11 at 100.00
|
N/R (4)
|
1,056,750
|
||||
34,775
|
Total Illinois
|
33,860,409
|
||||||
Indiana – 6.5%
|
||||||||
1,000
|
Franklin Community Multi-School Building Corporation, Marion County, Indiana, First Mortgage Revenue Bonds, Series 2004, 5.000%, 7/15/22 (Pre-refunded 7/15/14) – FGIC Insured
|
7/14 at 100.00
|
A (4)
|
1,157,800
|
||||
1,525
|
Indiana Health Facility Financing Authority, Hospital Revenue Refunding Bonds, Columbus Regional Hospital, Series 1993, 7.000%, 8/15/15 – AGM Insured
|
No Opt. Call
|
AAA
|
1,747,742
|
||||
1,000
|
Indiana Health Facility Financing Authority, Revenue Bonds, Community Foundation of Northwest Indiana, Series 2007, 5.500%, 3/01/37
|
3/17 at 100.00
|
BBB
|
1,010,720
|
||||
9,855
|
Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project, Series 2002A, 5.125%, 7/01/21 (Pre-refunded 7/01/12) – NPFG Insured
|
7/12 at 100.00
|
AAA
|
10,662,912
|
||||
750
|
West Clark 2000 School Building Corporation, Clark County, Indiana, First Mortgage Bonds, Series 2005, 5.000%, 7/15/22 – NPFG Insured
|
1/15 at 100.00
|
AA+
|
796,215
|
||||
14,130
|
Total Indiana
|
15,375,389
|
||||||
Iowa – 1.8%
|
||||||||
1,000
|
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C, 5.375%, 6/01/38
|
6/15 at 100.00
|
BBB
|
791,180
|
||||
4,000
|
Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, 5.600%, 6/01/34
|
6/17 at 100.00
|
BBB
|
3,413,720
|
||||
5,000
|
Total Iowa
|
4,204,900
|
||||||
Kansas – 0.5%
|
||||||||
500
|
Lawrence, Kansas, Hospital Revenue Bonds, Lawrence Memorial Hospital, Refunding Series 2006, 4.875%, 7/01/36
|
7/16 at 100.00
|
A2
|
493,105
|
||||
750
|
Wamego, Kansas, Pollution Control Revenue Bonds, Kansas Gas and Electric Company, Series 2004, 5.300%, 6/01/31 – NPFG Insured
|
6/14 at 100.00
|
A
|
773,235
|
||||
1,250
|
Total Kansas
|
1,266,340
|
||||||
Kentucky – 0.5%
|
||||||||
1,100
|
Jefferson County, Kentucky, Health System Revenue Bonds, Alliant Health System Inc., Series 1998, 5.125%, 10/01/18 – NPFG Insured (ETM)
|
10/10 at 100.00
|
A (4)
|
1,103,641
|
||||
Louisiana – 1.2%
|
||||||||
2,735
|
Tobacco Settlement Financing Corporation, Louisiana, Tobacco Settlement Asset-Backed Bonds, Series 2001B, 5.875%, 5/15/39
|
5/11 at 101.00
|
BBB
|
2,758,986
|
||||
Massachusetts – 1.3%
|
||||||||
500
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, CareGroup Inc., Series 2008E-1 &2, 5.000%, 7/01/28
|
7/18 at 100.00
|
A3
|
508,315
|
||||
20
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Partners HealthCare System Inc., Series 2001C, 6.000%, 7/01/17
|
7/11 at 101.00
|
AA
|
20,817
|
||||
480
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Partners HealthCare System Inc., Series 2001C, 6.000%, 7/01/17 (Pre-refunded 7/01/11)
|
7/11 at 101.00
|
AAA
|
505,248
|
||||
1,970
|
Massachusetts Housing Finance Agency, Housing Bonds, Series 2009F, 5.700%, 6/01/40
|
12/18 at 100.00
|
AA–
|
2,036,054
|
||||
2,970
|
Total Massachusetts
|
3,070,434
|
Nuveen Select Tax-Free Income Portfolio (continued)
|
||
NXP
|
Portfolio of Investments September 30, 2010 (Unaudited)
|
Principal
|
Optional Call
|
|||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||
Michigan – 1.7%
|
||||||||
$
|
1,000
|
Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Detroit Medical Center Obligated Group, Series 1998A, 5.125%, 8/15/18
|
2/11 at 100.00
|
BB–
|
$
|
998,020
|
||
2,900
|
Michigan State Hospital Finance Authority, Hospital Revenue Refunding Bonds, Trinity Health Credit Group, Series 2002C, 5.375%, 12/01/30
|
12/12 at 100.00
|
AA
|
2,924,244
|
||||
3,900
|
Total Michigan
|
3,922,264
|
||||||
Missouri – 0.8%
|
||||||||
5,000
|
Kansas City Municipal Assistance Corporation, Missouri, Leasehold Revenue Bonds, Series 2004B-1, 0.000%, 4/15/30 – AMBAC Insured
|
No Opt. Call
|
AA–
|
1,809,300
|
||||
Nevada – 5.0%
|
||||||||
2,500
|
Clark County, Nevada, Motor Vehicle Fuel Tax Highway Improvement Revenue Bonds, Series 2003, 5.000%, 7/01/23 – AMBAC Insured
|
7/13 at 100.00
|
AA–
|
2,679,925
|
||||
1,000
|
Clark County, Nevada, Passenger Facility Charge Revenue Bonds,
Las Vegas-McCarran International Airport, Series 2010A, 5.250%, 7/01/42 |
1/20 at 100.00
|
Aa3
|
1,047,690
|
||||
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
|
D
|
274,562
|
||||
4,070
|
0.000%, 1/01/22 – AMBAC Insured
|
No Opt. Call
|
D
|
445,950
|
||||
6,025
|
5.375%, 1/01/40 – AMBAC Insured (5)
|
1/11 at 100.00
|
D
|
1,268,263
|
||||
1,500
|
Las Vegas Redevelopment Agency, Nevada, Tax Increment Revenue Bonds, Series 2009A, 8.000%, 6/15/30
|
6/19 at 100.00
|
A
|
1,792,140
|
||||
1,515
|
Reno, Nevada, Capital Improvement Revenue Bonds, Series 2002, 5.500%, 6/01/21 – FGIC Insured
|
6/12 at 100.00
|
A
|
1,545,452
|
||||
2,555
|
Reno, Nevada, Capital Improvement Revenue Bonds, Series 2002, 5.500%, 6/01/21 (Pre-refunded 6/01/12) – FGIC Insured
|
6/12 at 100.00
|
A3 (4)
|
2,769,262
|
||||
21,525
|
Total Nevada
|
11,823,244
|
||||||
New Hampshire – 0.2%
|
||||||||
350
|
New Hampshire Housing Finance Authority, Single Family Mortgage Acquisition Bonds, Series 2001A, 5.600%, 7/01/21 (Alternative Minimum Tax)
|
5/11 at 100.00
|
Aa2
|
364,007
|
||||
New Jersey – 2.7%
|
||||||||
2,500
|
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Somerset Medical Center, Series 2003, 5.500%, 7/01/23
|
7/13 at 100.00
|
Ba2
|
2,357,550
|
||||
Tobacco Settlement Financing Corporation,
New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2002:
|
||||||||
1,175
|
5.750%, 6/01/32 (Pre-refunded 6/01/12)
|
6/12 at 100.00
|
AAA
|
1,253,337
|
||||
1,000
|
6.000%, 6/01/37 (Pre-refunded 6/01/12)
|
6/12 at 100.00
|
AAA
|
1,092,460
|
||||
2,500
|
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A, 5.000%, 6/01/41
|
6/17 at 100.00
|
BBB
|
1,733,500
|
||||
7,175
|
Total New Jersey
|
6,436,847
|
||||||
New Mexico – 2.1%
|
||||||||
1,000
|
New Mexico Mortgage Finance Authority, Multifamily Housing Revenue Bonds, St Anthony, Series 2007A, 5.250%, 9/01/42 (Alternative Minimum Tax)
|
9/17 at 100.00
|
N/R
|
907,000
|
||||
4,000
|
University of New Mexico, FHA-Insured Mortgage Hospital Revenue Bonds, Series 2004, 4.625%, 7/01/25 – AGM Insured
|
7/14 at 100.00
|
AAA
|
4,143,240
|
||||
5,000
|
Total New Mexico
|
5,050,240
|
||||||
New York – 0.5%
|
||||||||
1,000
|
Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, Kaleida Health, Series 2004, 5.050%, 2/15/25
|
2/14 at 100.00
|
AAA
|
1,064,310
|
||||
North Carolina – 1.3%
|
||||||||
1,000
|
North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds, Series 2008C, 6.750%, 1/01/24
|
1/19 at 100.00
|
A–
|
1,223,110
|
||||
1,420
|
North Carolina Eastern Municipal Power Agency, Power System Revenue Refunding Bonds, Series 1993B, 5.500%, 1/01/21
|
10/10 at 100.00
|
A–
|
1,422,528
|
Principal
|
Optional Call
|
|||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||
North Carolina (continued)
|
||||||||
$
|
500
|
Raleigh Durham Airport Authority, North Carolina, Airport Revenue Bonds, Series 2001A, 5.250%, 11/01/17 – FGIC Insured
|
5/11 at 101.00
|
Aa3
|
$
|
519,490
|
||
2,920
|
Total North Carolina
|
3,165,128
|
||||||
Ohio – 0.6%
|
||||||||
1,545
|
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2, 6.000%, 6/01/42
|
6/17 at 100.00
|
BBB
|
1,182,249
|
||||
300
|
Lebanon, Ohio, Electric System Mortgage Revenue Bonds, Series 2001, 5.500%, 12/01/17 (Pre-refunded 12/01/10) – AMBAC Insured
|
12/10 at 101.00
|
Aa3 (4)
|
305,676
|
||||
1,845
|
Total Ohio
|
1,487,925
|
||||||
Oklahoma – 2.1%
|
||||||||
1,000
|
Norman Regional Hospital Authority, Oklahoma, Hospital Revenue Bonds, Series 2005, 5.375%, 9/01/36
|
9/16 at 100.00
|
BB+
|
896,580
|
||||
4,000
|
Oklahoma Development Finance Authority, Revenue Bonds, St. John Health System, Series 2004, 5.000%, 2/15/24
|
2/14 at 100.00
|
A
|
4,080,600
|
||||
5,000
|
Total Oklahoma
|
4,977,180
|
||||||
Pennsylvania – 0.5%
|
||||||||
500
|
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Widener University, Series 2003, 5.250%, 7/15/24
|
7/13 at 100.00
|
BBB+
|
512,335
|
||||
700
|
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2004A, 5.500%, 12/01/31 – AMBAC Insured
|
12/14 at 100.00
|
Aa3
|
766,465
|
||||
1,200
|
Total Pennsylvania
|
1,278,800
|
||||||
Puerto Rico – 0.6%
|
||||||||
1,000
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2009A, 6.000%, 8/01/42
|
8/19 at 100.00
|
A+
|
1,109,840
|
||||
6,000
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 8/01/54 – AMBAC Insured
|
No Opt. Call
|
Aa2
|
405,120
|
||||
7,000
|
Total Puerto Rico
|
1,514,960
|
||||||
South Carolina – 7.5%
|
||||||||
1,250
|
Dorchester County School District 2, South Carolina, Installment Purchase Revenue Bonds, GROWTH, Series 2004, 5.250%, 12/01/20
|
12/14 at 100.00
|
AA–
|
1,351,613
|
||||
10,000
|
Greenville County School District, South Carolina, Installment Purchase Revenue Bonds, Series 2002, 5.875%, 12/01/19 (Pre-refunded 12/01/12)
|
12/12 at 101.00
|
AA (4)
|
11,253,698
|
||||
1,500
|
Lexington County Health Service District, South Carolina, Hospital Revenue Refunding and Improvement Bonds, Series 2003, 6.000%, 11/01/18 (Pre-refunded 11/01/13)
|
11/13 at 100.00
|
A+ (4)
|
1,744,695
|
||||
520
|
South Carolina JOBS Economic Development Authority, Economic Development Revenue Bonds, Bon Secours Health System Inc., Series 2002A, 5.625%, 11/15/30 (Pre-refunded 11/15/12)
|
11/12 at 100.00
|
A3 (4)
|
574,912
|
||||
1,980
|
South Carolina JOBS Economic Development Authority, Economic Development Revenue Bonds, Bon Secours Health System Inc., Series 2002B, 5.625%, 11/15/30
|
11/12 at 100.00
|
A–
|
2,014,115
|
||||
685
|
Tobacco Settlement Revenue Management Authority, South Carolina, Tobacco Settlement Asset-Backed Bonds, Series 2001B, 6.000%, 5/15/22 (Pre-refunded 5/15/11)
|
5/11 at 101.00
|
BBB (4)
|
707,523
|
||||
15,935
|
Total South Carolina
|
17,646,556
|
||||||
Texas – 8.6%
|
||||||||
5,000
|
Brazos River Harbor Navigation District, Brazoria County, 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)
|
5/12 at 101.00
|
BBB–
|
5,114,600
|
||||
1,000
|
Dallas Area Rapid Transit, Texas, Senior Lien Sales Tax Revenue Bonds, Series 2001, 5.000%, 12/01/31 (Pre-refunded 12/01/11) – AMBAC Insured
|
12/11 at 100.00
|
AA+ (4)
|
1,054,600
|
||||
360
|
Dallas-Fort Worth International Airport Public Facility Corporation, Texas, Airport Hotel Revenue Bonds, Series 2001, 5.500%, 1/15/20 – AGM Insured
|
1/11 at 100.00
|
AAA
|
360,720
|
||||
2,300
|
Harris County Health Facilities Development Corporation, Texas, Thermal Utility Revenue Bonds, TECO Project, Series 2003, 5.000%, 11/15/30 – NPFG Insured
|
11/13 at 100.00
|
AA
|
2,360,030
|
Nuveen Select Tax-Free Income Portfolio (continued)
|
||
NXP
|
Portfolio of Investments September 30, 2010 (Unaudited)
|
Principal
|
Optional Call
|
|||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||
Texas (continued)
|
||||||||
$
|
1,750
|
Harris County-Houston Sports Authority, Texas, Junior Lien Revenue Bonds, Series 2001H, 0.000%, 11/15/30 – NPFG Insured
|
No Opt. Call
|
A
|
$
|
378,403
|
||
3,470
|
Harris County-Houston Sports Authority, Texas, Senior Lien Revenue Refunding Bonds, Series 2001A, 0.000%, 11/15/38 – NPFG Insured
|
11/30 at 61.17
|
A
|
431,633
|
||||
2,805
|
Harris County-Houston Sports Authority, Texas, Third Lien Revenue Bonds, Series 2004-A3., 0.000%, 11/15/35 – NPFG Insured
|
11/24 at 52.47
|
A
|
410,203
|
||||
45
|
Irving Independent School District, Dallas County, Texas, General Obligation Refunding Bonds, Series 2002A, 5.000%, 2/15/31
|
2/12 at 100.00
|
AAA
|
46,296
|
||||
3,455
|
Irving Independent School District, Dallas County, Texas, General Obligation Refunding Bonds, Series 2002A, 5.000%, 2/15/31 (Pre-refunded 2/15/12)
|
2/12 at 100.00
|
AAA
|
3,675,153
|
||||
1,780
|
Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation Bonds, Series 2007, 0.000%, 8/15/37
|
8/16 at 35.23
|
AAA
|
470,525
|
||||
2,000
|
North Texas Thruway Authority, First Tier System Revenue Refunding Bonds, Capital Appreciation Series 2008I, 0.000%, 1/01/43
|
1/25 at 100.00
|
A2
|
1,656,520
|
||||
2,000
|
Richardson Hospital Authority, Texas, Revenue Bonds, Richardson Regional Medical Center, Series 2004, 6.000%, 12/01/34
|
12/13 at 100.00
|
Baa2
|
2,009,520
|
||||
465
|
San Antonio, Texas, Water System Revenue Refunding Bonds, Series 1992, 6.000%, 5/15/16 (Pre-refunded 5/15/12) – NPFG Insured
|
5/12 at 100.00
|
Aa3 (4)
|
491,314
|
||||
1,750
|
Texas, General Obligation Bonds, Water Financial Assistance Program, Series 2003A, 5.125%, 8/01/42 (Alternative Minimum Tax)
|
8/13 at 100.00
|
Aaa
|
1,757,665
|
||||
28,180
|
Total Texas
|
20,217,182
|
||||||
Utah – 0.3%
|
||||||||
775
|
Utah State Building Ownership Authority, Lease Revenue Bonds, State Facilities Master Lease Program, Series 2001B, 5.250%, 5/15/24
|
11/11 at 100.00
|
AA+
|
812,371
|
||||
Virginia – 1.2%
|
||||||||
1,500
|
Fairfax County Economic Development Authority, Virginia, Residential Care Facilities Mortgage Revenue Bonds, Goodwin House, Inc., Series 2007A, 5.125%, 10/01/42
|
10/17 at 100.00
|
N/R
|
1,501,305
|
||||
2,000
|
Metropolitan Washington DC Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles Metrorail Capital Appreciation, Series 2010B, 0.000%, 10/01/44
|
10/28 at 100.00
|
BBB+
|
1,312,900
|
||||
3,500
|
Total Virginia
|
2,814,205
|
||||||
Washington – 6.8%
|
||||||||
250
|
Energy Northwest, Washington, Electric Revenue Refunding Bonds, Columbia Generating Station, Series 2002A, 5.500%, 7/01/17 – NPFG Insured
|
7/12 at 100.00
|
Aaa
|
269,245
|
||||
2,470
|
Snohomish County Public Utility District 1, Washington, Generation System Revenue Bonds, Series 1989, 6.750%, 1/01/12 (ETM)
|
No Opt. Call
|
Aaa
|
2,580,286
|
||||
9,750
|
Washington State Health Care Facilities Authority, Revenue Bonds, Sisters of Providence Health System, Series 2001A, 5.125%, 10/01/17 – NPFG Insured
|
10/11 at 100.00
|
AA
|
10,042,109
|
||||
2,025
|
Washington State Tobacco Settlement Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2002, 6.500%, 6/01/26
|
6/13 at 100.00
|
BBB
|
2,094,235
|
||||
2,115
|
Washington State, Motor Vehicle Fuel Tax General Obligation Bonds, Series 2003F, 0.000%, 12/01/27 – NPFG Insured
|
No Opt. Call
|
AA+
|
1,060,736
|
||||
16,610
|
Total Washington
|
16,046,611
|
||||||
West Virginia – 0.2%
|
||||||||
500
|
West Virginia Hospital Finance Authority, Revenue Bonds, United Hospital Center Inc. Project, Series 2006A, 4.500%, 6/01/26 – AMBAC Insured
|
6/16 at 100.00
|
A+
|
505,960
|
Principal
|
Optional Call
|
|||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||
Wisconsin – 1.9%
|
||||||||
$
|
640
|
Badger Tobacco Asset Securitization Corporation, Wisconsin, Tobacco Settlement Asset-Backed Bonds, Series 2002, 6.125%, 6/01/27 (Pre-refunded 6/01/12)
|
6/12 at 100.00
|
AAA
|
$
|
684,602
|
||
1,000
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan Services Inc., Series 2003A, 5.500%, 8/15/17
|
8/13 at 100.00
|
BBB+
|
1,039,760
|
||||
2,500
|
Wisconsin, General Obligation Refunding Bonds, Series 2003-3, 5.000%, 11/01/26
|
11/13 at 100.00
|
AA
|
2,637,575
|
||||
4,140
|
Total Wisconsin
|
4,361,937
|
||||||
$
|
275,465
|
Total Municipal Bonds (cost $224,479,370)
|
230,641,091
|
|||||
Shares
|
Description
|
Value
|
||||||
Common Stocks – 0.0%
|
||||||||
Airlines – 0.0%
|
||||||||
122
|
UAL Corporation, (6)
|
$
|
2,883
|
|||||
Total Common Stocks (cost $0)
|
2,883
|
|||||||
Total Investments (cost $224,479,370) – 97.7%
|
230,643,974
|
|||||||
Other Assets Less Liabilities – 2.3%
|
5,372,804
|
|||||||
Net Assets – 100%
|
$
|
236,016,778
|
(1)
|
All percentages shown in the Portfolio of Investments are based on net assets.
|
|
(2)
|
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
|
|
(3)
|
Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investor Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
|
|
(4)
|
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Such investments are normally considered to be equivalent to AAA rated securities.
|
|
(5)
|
The Fund’s Adviser has concluded this issue is not likely to meet its future interest payment obligations and has directed the Fund’s custodian to cease accruing additional income on the Fund’s records.
|
|
(6)
|
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 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 liquidated by the Fund on March 30, 2010. The Fund received an additional distribution of 122 UAL common stock shares on July 20, 2010, which are still held by the Fund as of September 30, 2010.
|
|
N/R
|
Not rated.
|
|
(ETM)
|
Escrowed to maturity.
|
|
(IF)
|
Inverse floating rate investment.
|
Nuveen Select Tax-Free Income Portfolio 2
|
||
NXQ
|
Portfolio of Investments
|
|
September 30, 2010 (Unaudited)
|
Principal
|
Optional Call
|
|||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||
Municipal Bonds – 98.6%
|
||||||||
Arizona – 0.8%
|
||||||||
$
|
2,000
|
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc Prepay Contract Obligations, Series 2007, 5.000%, 12/01/37
|
No Opt. Call
|
A
|
$
|
1,905,680
|
||
Arkansas – 1.3%
|
||||||||
1,000
|
Fort Smith, Arkansas, Water and Sewer Revenue Bonds, Series 2002A, 5.000%, 10/01/19 (Pre-refunded 10/01/11) – AGM Insured
|
10/11 at 100.00
|
AAA
|
1,047,280
|
||||
2,000
|
University of Arkansas, Fayetteville, Various Facilities Revenue Bonds, Series 2002, 5.000%, 12/01/32 – FGIC Insured
|
12/12 at 100.00
|
Aa2
|
2,052,780
|
||||
3,000
|
Total Arkansas
|
3,100,060
|
||||||
California – 7.4%
|
||||||||
1,000
|
Alameda Corridor Transportation Authority, California, Subordinate Lien Revenue Bonds, Series 2004A, 0.000%, 10/01/25 – AMBAC Insured
|
10/17 at 100.00
|
A–
|
856,010
|
||||
3,325
|
California Department of Water Resources, Power Supply Revenue Bonds, Series 2002A, 6.000%, 5/01/14
|
5/12 at 101.00
|
AA–
|
3,652,812
|
||||
500
|
California State Public Works Board, Lease Revenue Refunding Bonds, Community Colleges Projects, Series 1998A, 5.250%, 12/01/16
|
12/10 at 100.00
|
A2
|
501,845
|
||||
2,000
|
California State Public Works Board, Lease Revenue Refunding Bonds, Various University of California Projects, Series 1993A, 5.500%, 6/01/14
|
No Opt. Call
|
Aa2
|
2,178,080
|
||||
60
|
California, General Obligation Bonds, Series 1997, 5.000%, 10/01/18 – AMBAC Insured
|
10/10 at 100.00
|
A1
|
60,154
|
||||
2,500
|
California, General Obligation Bonds, Series 2005, 5.000%, 3/01/31
|
3/16 at 100.00
|
A1
|
2,548,000
|
||||
3,200
|
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2003A-1, 6.750%, 6/01/39 (Pre-refunded 6/01/13)
|
6/13 at 100.00
|
AAA
|
3,718,016
|
||||
1,000
|
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1, 5.125%, 6/01/47
|
6/17 at 100.00
|
BBB
|
683,780
|
||||
450
|
M-S-R Energy Authority, Gas Revenue Bonds, California, Citigroup Prepay Contracts, Series 2009C, 6.500%, 11/01/39
|
No Opt. Call
|
A
|
523,652
|
||||
1,195
|
Palmdale Elementary School District, Los Angeles County, California, General Obligation Bonds, Series 2003, 0.000%, 8/01/28 – AGM Insured
|
No Opt. Call
|
AA+
|
450,885
|
||||
590
|
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 6.750%, 11/01/39
|
11/19 at 100.00
|
Baa2
|
655,520
|
||||
San Joaquin Delta Community College District, California, General Obligation Bonds, Election 2004 Series 2008B:
|
||||||||
1,000
|
0.000%, 8/01/30 – AGM Insured
|
8/18 at 50.12
|
AA+
|
310,740
|
||||
1,890
|
0.000%, 8/01/31 – AGM Insured
|
8/18 at 47.14
|
AA+
|
548,119
|
||||
1,750
|
Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed Bonds, Series 2005A-1, 5.500%, 6/01/45
|
6/15 at 100.00
|
BBB
|
1,273,318
|
||||
20,460
|
Total California
|
17,960,931
|
||||||
Colorado – 10.7%
|
||||||||
500
|
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2009A, 5.500%, 7/01/34
|
7/19 at 100.00
|
AA
|
542,205
|
||||
1,000
|
Colorado Health Facilities Authority, Health Facilities Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40
|
No Opt. Call
|
AA
|
1,037,430
|
||||
1,700
|
Colorado Health Facilities Authority, Revenue Bonds, Catholic Health Initiatives, Series 2002A, 5.500%, 3/01/22 (ETM)
|
3/12 at 100.00
|
AA (4)
|
1,820,768
|
||||
1,300
|
Colorado Health Facilities Authority, Revenue Bonds, Catholic Health Initiatives, Series 2002A, 5.500%, 3/01/22 (Pre-refunded 3/01/12)
|
3/12 at 100.00
|
AA (4)
|
1,392,352
|
||||
2,020
|
Denver City and County, Colorado, Airport System Revenue Bonds, Series 1991D, 7.750%, 11/15/13 (Alternative Minimum Tax)
|
No Opt. Call
|
A+
|
2,195,316
|
||||
5,000
|
Denver City and County, Colorado, Airport System Revenue Refunding Bonds, Series 2001A, 5.625%, 11/15/17 – FGIC Insured (Alternative Minimum Tax)
|
11/11 at 100.00
|
A+
|
5,219,449
|
Principal
|
Optional Call
|
|||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||
Colorado (continued)
|
||||||||
$
|
1,555
|
Denver City and County, Colorado, Airport System Revenue Refunding Bonds, Series 2001, 5.500%, 11/15/16 – FGIC Insured
|
11/11 at 100.00
|
A+
|
$
|
1,623,762
|
||
3,000
|
Denver Convention Center Hotel Authority, Colorado, Senior Revenue Bonds, Convention Center Hotel, Series 2003A, 5.000%, 12/01/23 (Pre-refunded 12/01/13) – SYNCORA GTY Insured
|
12/13 at 100.00
|
N/R (4)
|
3,360,510
|
||||
2,000
|
Denver Convention Center Hotel Authority, Colorado, Senior Revenue Bonds, Convention Center Hotel, Series 2006, 4.750%, 12/01/35 – SYNCORA GTY Insured
|
11/16 at 100.00
|
BBB–
|
1,735,520
|
||||
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B:
|
||||||||
5,100
|
0.000%, 9/01/24 – NPFG Insured
|
No Opt. Call
|
A
|
2,267,154
|
||||
7,500
|
0.000%, 9/01/29 – NPFG Insured
|
No Opt. Call
|
A
|
2,319,525
|
||||
4,000
|
0.000%, 9/01/33 – NPFG Insured
|
No Opt. Call
|
A
|
921,280
|
||||
250
|
Northwest Parkway Public Highway Authority, Colorado, Revenue Bonds, Senior Series 2001A, 5.250%, 6/15/41 (Pre-refunded 6/15/11) – AGM Insured
|
6/11 at 102.00
|
AAA
|
262,843
|
||||
1,100
|
University of Colorado Hospital Authority, Revenue Bonds, Series 2001A, 5.600%, 11/15/31 (Pre-refunded 11/15/11)
|
11/11 at 100.00
|
A3 (4)
|
1,162,018
|
||||
36,025
|
Total Colorado
|
25,860,132
|
||||||
Florida – 2.4%
|
||||||||
1,000
|
Hillsborough County Industrial Development Authority, Florida, Hospital Revenue Bonds, Tampa General Hospital, Series 2006, 5.250%, 10/01/41
|
10/16 at 100.00
|
A3
|
1,005,620
|
||||
1,500
|
Jacksonville, Florida, Guaranteed Entitlement Revenue Refunding and Improvement Bonds, Series 2002, 5.000%, 10/01/21 – FGIC Insured
|
10/12 at 100.00
|
A+
|
1,562,790
|
||||
2,500
|
JEA, Florida, Electric System Revenue Bonds, Series 2006A, 5.000%, 10/01/41 – AGM Insured
|
4/15 at 100.00
|
AAA
|
2,572,500
|
||||
625
|
Miami-Dade County Expressway Authority, Florida, Toll System Revenue Refunding Bonds, Series 2001, 5.125%, 7/01/29 – FGIC Insured
|
7/11 at 101.00
|
A3
|
637,031
|
||||
5,625
|
Total Florida
|
5,777,941
|
||||||
Illinois – 15.0%
|
||||||||
630
|
Chicago Metropolitan Housing Development Corporation, Illinois, FHA-Insured Section 8 Assisted Housing Development Revenue Refunding Bonds, Series 1992, 6.800%, 7/01/17
|
1/11 at 100.00
|
AA
|
631,726
|
||||
590
|
Chicago, Illinois, Motor Fuel Tax Revenue Bonds, Series 2003A, 5.000%, 1/01/33 – AMBAC Insured
|
7/13 at 100.00
|
AA+
|
602,189
|
||||
1,665
|
Chicago, Illinois, Third Lien General Airport Revenue Bonds, O’Hare International Airport, Series 2005A, 5.000%, 1/01/33 – FGIC Insured
|
1/16 at 100.00
|
A1
|
1,688,660
|
||||
600
|
Illinois Educational Facilities Authority, Student Housing Revenue Bonds, Educational Advancement Foundation Fund, University Center Project, Series 2002, 6.000%, 5/01/22 (Pre-refunded 5/01/12)
|
5/12 at 101.00
|
Aaa
|
658,644
|
||||
1,050
|
Illinois Finance Authority, Revenue Bonds, Loyola University of Chicago, Tender Option Bond Trust 1137, 9.042%, 7/01/15 (IF)
|
No Opt. Call
|
Aa1
|
1,140,720
|
||||
150
|
Illinois Finance Authority, Revenue Bonds, Palos Community Hospital, Series 2007A, 5.000%, 5/15/32 – NPFG Insured
|
5/17 at 100.00
|
A
|
152,273
|
||||
2,185
|
Illinois Finance Authority, Revenue Bonds, YMCA of Southwest Illinois, Series 2005, 5.000%, 9/01/31 – RAAI Insured
|
9/15 at 100.00
|
Aa3
|
2,052,698
|
||||
1,600
|
Illinois Finance Authority, Revenue Refunding Bonds, Silver Cross Hospital and Medical Centers, Series 2008A, 5.500%, 8/15/30
|
8/18 at 100.00
|
BBB
|
1,658,832
|
||||
2,255
|
Illinois Health Facilities Authority, Revenue Bonds, Lake Forest Hospital, Series 2002A, 6.250%, 7/01/22
|
7/12 at 100.00
|
AA+
|
2,367,254
|
||||
1,055
|
Illinois Health Facilities Authority, Revenue Bonds, Loyola University Health System, Series 2001A, 6.125%, 7/01/31 (Pre-refunded 7/01/11)
|
7/11 at 100.00
|
Baa3 (4)
|
1,099,236
|
||||
380
|
Illinois Health Facilities Authority, Revenue Refunding Bonds, Rockford Health System, Series 1997, 5.000%, 8/15/21 – AMBAC Insured
|
2/11 at 100.00
|
N/R
|
357,751
|
||||
1,000
|
Illinois Housing Development Authority, Housing Finance Bonds, Series 2005E, 4.750%, 7/01/30 – FGIC Insured
|
1/15 at 100.00
|
A+
|
1,007,970
|
||||
5,700
|
Illinois, Sales Tax Revenue Bonds, First Series 2002, 5.000%, 6/15/22
|
6/13 at 100.00
|
AAA
|
6,147,050
|
||||
45
|
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 1992A, 6.500%, 6/15/22
|
12/10 at 100.00
|
A2
|
45,183
|
||||
1,350
|
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A, 0.000%, 6/15/35 – NPFG Insured
|
No Opt. Call
|
AAA
|
328,712
|
Nuveen Select Tax-Free Income Portfolio 2 (continued)
|
||
NXQ
|
Portfolio of Investments September 30, 2010 (Unaudited)
|
Principal
|
Optional Call
|
|||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||
Illinois (continued)
|
||||||||
$
|
7,000
|
Metropolitan Pier and Exposition Authority, Illinois, Revenue Refunding Bonds, McCormick Place Expansion Project, Series 2002B, 5.000%, 6/15/21 – NPFG Insured
|
6/12 at 101.00
|
AAA
|
$
|
7,305,758
|
||
5,045
|
Sauk Village, Illinois, General Obligation Alternate Revenue Source Bonds, Tax Increment, Series 2002A, 5.000%, 6/01/22 – RAAI Insured
|
12/12 at 100.00
|
A
|
5,112,956
|
||||
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
|
794,671
|
||||
1,135
|
0.000%, 12/01/18 – RAAI Insured
|
No Opt. Call
|
A
|
800,493
|
||||
1,100
|
Schaumburg, Illinois, General Obligation Bonds, Series 2004B, 5.250%, 12/01/34 – FGIC Insured
|
12/14 at 100.00
|
Aaa
|
1,206,634
|
||||
1,000
|
Yorkville, Illinois, General Obligation Debt Certificates, Series 2003, 5.000%, 12/15/21 (Pre-refunded 12/15/11) – RAAI Insured
|
12/11 at 100.00
|
N/R (4)
|
1,056,750
|
||||
36,595
|
Total Illinois
|
36,216,160
|
||||||
Indiana – 6.0%
|
||||||||
1,000
|
Franklin Community Multi-School Building Corporation, Marion County, Indiana, First Mortgage Revenue Bonds, Series 2004, 5.000%, 7/15/22 (Pre-refunded 7/15/14) – FGIC Insured
|
7/14 at 100.00
|
A (4)
|
1,157,800
|
||||
1,600
|
Indiana Bond Bank, Special Program Bonds, Carmel Junior Waterworks Project, Series 2008B, 0.000%, 6/01/30 – AGM Insured
|
No Opt. Call
|
AA+
|
595,328
|
||||
750
|
Indiana Health and Educational Facilities Financing Authority, Revenue Bonds, Ascension Health, Series 2006B-5, 5.000%, 11/15/36
|
No Opt. Call
|
Aa1
|
768,233
|
||||
600
|
Indiana Health Facility Financing Authority, Hospital Revenue Bonds, Methodist Hospitals Inc., Series 2001, 5.375%, 9/15/22
|
9/11 at 100.00
|
BBB
|
593,994
|
||||
1,000
|
Indiana Health Facility Financing Authority, Revenue Bonds, Community Foundation of Northwest Indiana, Series 2007, 5.500%, 3/01/37
|
3/17 at 100.00
|
BBB
|
1,010,720
|
||||
760
|
Indiana Housing Finance Authority, Single Family Mortgage Revenue Bonds, Series 2002C-2, 5.250%, 7/01/23 (Alternative Minimum Tax)
|
7/11 at 100.00
|
Aaa
|
779,388
|
||||
4,380
|
Indiana Municipal Power Agency, Power Supply System Revenue Bonds, Series 2002A, 5.125%, 1/01/21 – AMBAC Insured
|
1/12 at 100.00
|
A+
|
4,546,177
|
||||
385
|
St. Joseph County Hospital Authority, Indiana, Revenue Bonds, Memorial Health System, Series 1998A, 4.625%, 8/15/28 – NPFG Insured
|
2/11 at 100.00
|
AA–
|
385,146
|
||||
750
|
West Clark 2000 School Building Corporation, Clark County, Indiana, First Mortgage Bonds, Series 2005, 5.000%, 7/15/22 – NPFG Insured
|
1/15 at 100.00
|
AA+
|
796,215
|
||||
3,840
|
Whiting Redevelopment District, Indiana, Tax Increment Revenue Bonds, Lakefront Development Project, Series 2010, 6.000%, 1/15/19
|
No Opt. Call
|
N/R
|
3,917,414
|
||||
15,065
|
Total Indiana
|
14,550,415
|
||||||
Iowa – 3.2%
|
||||||||
1,165
|
Iowa Finance Authority, Single Family Mortgage Revenue Bonds, Series 2007B, 4.800%, 1/01/37 (Alternative Minimum Tax)
|
7/16 at 100.00
|
AAA
|
1,167,819
|
||||
1,350
|
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C, 5.375%, 6/01/38
|
6/15 at 100.00
|
BBB
|
1,068,093
|
||||
1,000
|
Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, 5.600%, 6/01/34
|
6/17 at 100.00
|
BBB
|
853,430
|
||||
Iowa Tobacco Settlement Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2001B:
|
||||||||
845
|
5.300%, 6/01/25 (Pre-refunded 6/01/11)
|
6/11 at 101.00
|
AAA
|
877,854
|
||||
3,500
|
5.600%, 6/01/35 (Pre-refunded 6/01/11)
|
6/11 at 101.00
|
AAA
|
3,656,625
|
||||
7,860
|
Total Iowa
|
7,623,821
|
||||||
Kansas – 0.7%
|
||||||||
795
|
Lawrence, Kansas, Hospital Revenue Bonds, Lawrence Memorial Hospital, Refunding Series 2006, 4.875%, 7/01/36
|
7/16 at 100.00
|
A2
|
784,037
|
||||
1,000
|
Salina, Kansas, Hospital Revenue Bonds, Salina Regional Medical Center, Series 2006, 4.500%, 10/01/26
|
4/13 at 100.00
|
A1
|
1,003,350
|
||||
1,795
|
Total Kansas
|
1,787,387
|
Principal
|
Optional Call
|
|||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||
Louisiana – 2.3%
|
||||||||
$
|
2,180
|
Louisiana Public Facilities Authority, Revenue Bonds, Baton Rouge General Hospital, Series 2004, 5.250%, 7/01/24 – NPFG Insured
|
7/14 at 100.00
|
A
|
$
|
2,268,552
|
||
3,000
|
Louisiana Public Facilities Authority, Revenue Bonds, Tulane University, Series 2002A, 5.125%, 7/01/27 (Pre-refunded 7/01/12) – AMBAC Insured
|
7/12 at 100.00
|
N/R (4)
|
3,240,990
|
||||
5,180
|
Total Louisiana
|
5,509,542
|
||||||
Massachusetts – 2.5%
|
||||||||
3,000
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Berkshire Health System, Series 2001E, 6.250%, 10/01/31
|
10/11 at 101.00
|
BBB+
|
3,053,580
|
||||
500
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, CareGroup Inc., Series 2008E-1 &2, 5.000%, 7/01/28
|
7/18 at 100.00
|
A3
|
508,315
|
||||
1,270
|
Massachusetts Water Resources Authority, General Revenue Bonds, Series 1993C, 5.250%, 12/01/15 – NPFG Insured (ETM)
|
No Opt. Call
|
Aa2 (4)
|
1,437,742
|
||||
820
|
Massachusetts Water Resources Authority, General Revenue Bonds, Series 1993C, 5.250%, 12/01/15 – NPFG Insured
|
No Opt. Call
|
Aa1
|
928,945
|
||||
5,590
|
Total Massachusetts
|
5,928,582
|
||||||
Michigan – 1.5%
|
||||||||
545
|
Detroit, Michigan, General Obligation Bonds, Series 2003A, 5.250%, 4/01/19 – SYNCORA GTY Insured
|
4/13 at 100.00
|
BB
|
505,738
|
||||
2,900
|
Michigan State Hospital Finance Authority, Hospital Revenue Refunding Bonds, Trinity Health Credit Group, Series 2002C, 5.375%, 12/01/30
|
12/12 at 100.00
|
AA
|
2,924,244
|
||||
250
|
Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont Hospital, Refunding Series 2009V, 8.250%, 9/01/39
|
9/18 at 100.00
|
A1
|
303,313
|
||||
3,695
|
Total Michigan
|
3,733,295
|
||||||
Minnesota – 0.6%
|
||||||||
1,500
|
Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2007-I, 4.850%, 7/01/38 (Alternative Minimum Tax)
|
7/16 at 100.00
|
AA+
|
1,495,350
|
||||
Mississippi – 0.2%
|
||||||||
500
|
Mississippi Development Bank, Revenue Bonds, Mississippi Municipal Energy Agency, Mississippi Power, Series 2006A, 5.000%, 3/01/21 – SYNCORA GTY Insured
|
3/16 at 100.00
|
Baa2
|
517,475
|
||||
Nevada – 2.3%
|
||||||||
1,500
|
Clark County, Nevada, General Obligation Bank Bonds, Southern Nevada Water Authority Loan, Series 2001, 5.300%, 6/01/19 (Pre-refunded 6/01/11) – FGIC Insured
|
6/11 at 100.00
|
Aaa
|
1,550,505
|
||||
1,000
|
Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran International Airport, Series 2010A, 5.250%, 7/01/42
|
1/20 at 100.00
|
Aa3
|
1,047,690
|
||||
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
|
D
|
503,474
|
||||
12,250
|
5.375%, 1/01/40 – AMBAC Insured (5)
|
1/11 at 100.00
|
D
|
2,578,625
|
||||
19,345
|
Total Nevada
|
5,680,294
|
||||||
New Jersey – 1.9%
|
||||||||
2,500
|
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Somerset Medical Center, Series 2003, 5.500%, 7/01/23
|
7/13 at 100.00
|
Ba2
|
2,357,550
|
||||
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
|
1,129,400
|
||||
1,010
|
6.250%, 6/01/43 (Pre-refunded 6/01/13)
|
6/13 at 100.00
|
AAA
|
1,159,076
|
||||
4,510
|
Total New Jersey
|
4,646,026
|
||||||
New Mexico – 3.0%
|
||||||||
1,000
|
New Mexico Mortgage Finance Authority, Multifamily Housing Revenue Bonds, St Anthony, Series 2007A, 5.250%, 9/01/42 (Alternative Minimum Tax)
|
9/17 at 100.00
|
N/R
|
907,000
|
Nuveen Select Tax-Free Income Portfolio 2 (continued)
|
||
NXQ
|
Portfolio of Investments September 30, 2010 (Unaudited)
|
Principal
|
Optional Call
|
|||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||
New Mexico (continued)
|
||||||||
University of New Mexico, FHA-Insured Mortgage Hospital Revenue Bonds, Series 2004:
|
||||||||
$
|
555
|
4.625%, 1/01/25 – AGM Insured
|
7/14 at 100.00
|
AAA
|
$
|
574,875
|
||
660
|
4.625%, 7/01/25 – AGM Insured
|
7/14 at 100.00
|
AAA
|
683,635
|
||||
2,000
|
4.750%, 7/01/27 – AGM Insured
|
7/14 at 100.00
|
AAA
|
2,082,460
|
||||
3,000
|
4.750%, 1/01/28 – AGM Insured
|
7/14 at 100.00
|
AAA
|
3,111,930
|
||||
7,215
|
Total New Mexico
|
7,359,900
|
||||||
New York – 2.8%
|
||||||||
2,000
|
New York City Municipal Water Finance Authority, New York, Water and Sewerage System Revenue Bonds, Series 2004B, 5.000%, 6/15/36 – AGM Insured (UB)
|
12/14 at 100.00
|
AAA
|
2,122,220
|
||||
1,700
|
New York Dorm Authority, FHA Insured Mortgage Hospital Revenue Bonds, Kaleida Health, Series 2006, 4.700%, 2/15/35
|
8/16 at 100.00
|
AAA
|
1,656,565
|
||||
3,000
|
New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2003B-1C, 5.500%, 6/01/16
|
6/11 at 100.00
|
AA–
|
3,081,330
|
||||
6,700
|
Total New York
|
6,860,115
|
||||||
North Carolina – 0.5%
|
||||||||
1,155
|
Charlotte-Mecklenburg Hospital Authority, North Carolina, Healthcare System Revenue Bonds, Carolinas Healthcare System, Series 2001A, 5.000%, 1/15/31
|
1/11 at 101.00
|
AA–
|
1,165,418
|
||||
Ohio – 2.0%
|
||||||||
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:
|
||||||||
1,850
|
5.375%, 6/01/24
|
6/17 at 100.00
|
BBB
|
1,629,554
|
||||
50
|
5.125%, 6/01/24
|
6/17 at 100.00
|
BBB
|
42,936
|
||||
680
|
5.875%, 6/01/30
|
6/17 at 100.00
|
BBB
|
549,930
|
||||
775
|
5.750%, 6/01/34
|
6/17 at 100.00
|
BBB
|
593,650
|
||||
2,680
|
5.875%, 6/01/47
|
6/17 at 100.00
|
BBB
|
1,969,130
|
||||
6,035
|
Total Ohio
|
4,785,200
|
||||||
Oklahoma – 1.6%
|
||||||||
1,000
|
Norman Regional Hospital Authority, Oklahoma, Hospital Revenue Bonds, Series 2005, 5.375%, 9/01/36
|
9/16 at 100.00
|
BB+
|
896,580
|
||||
3,000
|
Oklahoma Development Finance Authority, Revenue Bonds, Saint John Health System, Series 2007, 5.000%, 2/15/42
|
2/17 at 100.00
|
A
|
3,014,460
|
||||
4,000
|
Total Oklahoma
|
3,911,040
|
||||||
Pennsylvania – 1.9%
|
||||||||
1,000
|
Philadelphia Authority for Industrial Development, Pennsylvania, Airport Revenue Bonds, Philadelphia Airport System Project, Series 2001A, 5.500%, 7/01/17 – FGIC Insured (Alternative Minimum Tax)
|
7/11 at 101.00
|
A+
|
1,033,040
|
||||
3,250
|
Philadelphia School District, Pennsylvania, General Obligation Bonds, Series 2002A, 5.500%, 2/01/31 (Pre-refunded 2/01/12) – AGM Insured
|
2/12 at 100.00
|
AAA
|
3,467,555
|
||||
4,250
|
Total Pennsylvania
|
4,500,595
|
||||||
Puerto Rico – 1.8%
|
||||||||
1,035
|
Puerto Rico Housing Finance Authority, Capital Fund Program Revenue Bonds, Series 2003, 5.000%, 12/01/20
|
12/13 at 100.00
|
AA+
|
1,088,675
|
||||
1,965
|
Puerto Rico Housing Finance Authority, Capital Fund Program Revenue Bonds, Series 2003, 5.000%, 12/01/20 (Pre-refunded 12/01/13)
|
12/13 at 100.00
|
AAA
|
2,222,828
|
||||
15,000
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 8/01/54 – AMBAC Insured
|
No Opt. Call
|
Aa2
|
1,012,800
|
||||
18,000
|
Total Puerto Rico
|
4,324,303
|
||||||
Rhode Island – 2.4%
|
||||||||
5,835
|
Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2002A, 6.250%, 6/01/42
|
6/12 at 100.00
|
BBB
|
5,834,357
|
||||
South Carolina – 5.1%
|
||||||||
700
|
Dorchester County School District 2, South Carolina, Installment Purchase Revenue Bonds, GROWTH, Series 2004, 5.250%, 12/01/20
|
12/14 at 100.00
|
AA–
|
756,903
|
Principal
|
Optional Call
|
|||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||
South Carolina (continued)
|
||||||||
$
|
4,000
|
Greenville County School District, South Carolina, Installment Purchase Revenue Bonds, Series 2002, 5.875%, 12/01/19 (Pre-refunded 12/01/12)
|
12/12 at 101.00
|
AA (4)
|
$
|
4,501,480
|
||
2,500
|
Lexington County Health Service District, South Carolina, Hospital Revenue Refunding and Improvement Bonds, Series 2003, 6.000%, 11/01/18 (Pre-refunded 11/01/13)
|
11/13 at 100.00
|
A+ (4)
|
2,907,825
|
||||
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
|
549,125
|
||||
2,435
|
5.250%, 2/15/21 – NPFG Insured
|
8/14 at 100.00
|
A
|
2,664,450
|
||||
585
|
Piedmont Municipal Power Agency, South Carolina, Electric Revenue Refunding Bonds, Series 1998A, 4.750%, 1/01/25 – NPFG Insured
|
1/11 at 100.00
|
A
|
585,374
|
||||
475
|
The College of Charleston, Charleston South Carolina, Academic and Administrative Revenue Bonds, Series 2004B, 5.125%, 4/01/30 – SYNCORA GTY Insured
|
4/14 at 100.00
|
A1
|
493,250
|
||||
11,195
|
Total South Carolina
|
12,458,407
|
||||||
South Dakota – 0.4%
|
||||||||
1,000
|
South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sioux Valley Hospitals, Series 2004A, 5.250%, 11/01/34
|
11/14 at 100.00
|
AA–
|
1,019,440
|
||||
Texas – 12.3%
|
||||||||
4,000
|
Brazos River Harbor Navigation District, Brazoria County, 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)
|
5/12 at 101.00
|
BBB–
|
4,091,680
|
||||
1,500
|
Central Texas Regional Mobility Authority, Travis and Williamson Counties, Toll Road Revenue Bonds, Series 2005, 5.000%, 1/01/45 – FGIC Insured
|
1/15 at 100.00
|
A
|
1,426,860
|
||||
1,000
|
Dallas Area Rapid Transit, Texas, Senior Lien Sales Tax Revenue Bonds, Series 2001, 5.000%, 12/01/31 (Pre-refunded 12/01/11) – AMBAC Insured
|
12/11 at 100.00
|
AA+ (4)
|
1,054,600
|
||||
2,500
|
Harris County Health Facilities Development Corporation, Texas, Hospital Revenue Bonds, Texas Children’s Hospital, Series 1995, 5.500%, 10/01/16 – NPFG Insured (ETM)
|
No Opt. Call
|
A (4)
|
2,915,050
|
||||
3,000
|
Harris County Health Facilities Development Corporation, Texas, Thermal Utility Revenue Bonds, TECO Project, Series 2003, 5.000%, 11/15/30 – NPFG Insured
|
11/13 at 100.00
|
AA
|
3,078,300
|
||||
6,610
|
Harris County-Houston Sports Authority, Texas, Junior Lien Revenue Bonds, Series 2001H, 0.000%, 11/15/41 – NPFG Insured
|
11/31 at 53.78
|
A
|
620,018
|
||||
575
|
Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Project, Series 2001B, 0.000%, 9/01/24 – AMBAC Insured
|
No Opt. Call
|
A2
|
276,868
|
||||
2,000
|
Houston, Texas, Subordinate Lien Airport System Revenue Bonds, Series 2002A, 5.625%, 7/01/20 – AGM Insured (Alternative Minimum Tax)
|
7/12 at 100.00
|
AAA
|
2,069,460
|
||||
3,125
|
Katy Independent School District, Harris, Fort Bend and Waller Counties, Texas, General Obligation Bonds, Series 2002A, 5.000%, 2/15/32 (Pre-refunded 2/15/12)
|
2/12 at 100.00
|
AAA
|
3,311,188
|
||||
1,400
|
Kerrville Health Facilities Development Corporation, Texas, Revenue Bonds, Sid Peterson Memorial Hospital Project, Series 2005, 5.375%, 8/15/35
|
No Opt. Call
|
BBB–
|
1,348,802
|
||||
90
|
Lewisville Independent School District, Denton County, Texas, General Obligation Bonds, Series 2004, 5.000%, 8/15/23
|
8/11 at 100.00
|
AAA
|
92,936
|
||||
910
|
Lewisville Independent School District, Denton County, Texas, General Obligation Bonds, Series 2004, 5.000%, 8/15/23 (Pre-refunded 8/15/11)
|
8/11 at 100.00
|
AAA
|
947,592
|
||||
335
|
Live Oak, Texas, General Obligation Bonds, Series 2004, 5.250%, 8/01/20 – NPFG Insured
|
8/14 at 100.00
|
Aa3
|
357,569
|
||||
4,850
|
Sam Rayburn Municipal Power Agency, Texas, Power Supply System Revenue Refunding Bonds, Series 2002A, 5.500%, 10/01/17 – RAAI Insured
|
10/12 at 100.00
|
BBB
|
5,040,799
|
||||
1,000
|
San Antonio, Texas, Water System Revenue Bonds, Series 2005, 4.750%, 5/15/37 – NPFG Insured
|
5/15 at 100.00
|
Aa1
|
1,026,030
|
||||
500
|
Texas Water Development Board, Senior Lien State Revolving Fund Revenue Bonds, Series 2000A, 5.625%, 7/15/13
|
1/11 at 100.00
|
AAA
|
502,100
|
||||
1,560
|
Texas, General Obligation Bonds, Water Financial Assistance Program, Series 2003A, 5.125%, 8/01/42 (Alternative Minimum Tax)
|
8/13 at 100.00
|
Aaa
|
1,566,833
|
||||
34,955
|
Total Texas
|
29,726,685
|
||||||
Utah – 0.7%
|
||||||||
1,435
|
Salt Lake City and Sandy Metropolitan Water District, Utah, Water Revenue Bonds, Series 2004, 5.000%, 7/01/21 – AMBAC Insured
|
7/14 at 100.00
|
Aa2
|
1,593,697
|
Nuveen Select Tax-Free Income Portfolio 2 (continued)
|
||
NXQ
|
Portfolio of Investments September 30, 2010 (Unaudited)
|
Principal
|
Optional Call
|
|||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||
Vermont – 0.4%
|
||||||||
$
|
915
|
Vermont Housing Finance Agency, Multifamily Housing Bonds, Series 1999C, 5.800%, 8/15/16 – AGM Insured
|
2/11 at 100.00
|
AAA
|
$
|
916,995
|
||
Virginia – 1.1%
|
||||||||
1,340
|
Metropolitan District of Columbia Airports Authority, Virginia, Airport System Revenue Bonds, Series 1998B, 5.000%, 10/01/28 – NPFG Insured (Alternative Minimum Tax)
|
10/10 at 100.00
|
AA–
|
1,340,791
|
||||
1,500
|
Metropolitan Washington DC Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Series 2009C, 0.000%, 10/01/41 – AGC Insured
|
10/26 at 100.00
|
AA+
|
1,177,860
|
||||
250
|
Norfolk, Virginia, Water Revenue Bonds, Series 1995, 5.750%, 11/01/13 – NPFG Insured
|
11/10 at 100.00
|
Aa2
|
251,025
|
||||
3,090
|
Total Virginia
|
2,769,676
|
||||||
Washington – 2.9%
|
||||||||
6,715
|
Washington State Health Care Facilities Authority, Revenue Bonds, Sisters of Providence Health System, Series 2001A, 5.125%, 10/01/17 – NPFG Insured
|
10/11 at 100.00
|
AA
|
6,916,180
|
||||
Wisconsin – 0.9%
|
||||||||
1,000
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan Services Inc., Series 2003A, 5.500%, 8/15/18
|
8/13 at 100.00
|
BBB+
|
1,034,540
|
||||
1,065
|
Wisconsin Housing and Economic Development Authority, Home Ownership Revenue Bonds, Series 2002G, 4.850%, 9/01/17
|
3/12 at 100.00
|
AA
|
1,088,526
|
||||
2,065
|
Total Wisconsin
|
2,123,066
|
||||||
$
|
283,305
|
Total Municipal Bonds (cost $241,753,312)
|
238,558,165
|
|||||
Shares
|
Description
|
Value
|
||||||
Common Stocks – 0.0%
|
||||||||
Airlines – 0.0%
|
||||||||
117
|
UAL Corporation, (6)
|
$
|
2,765
|
|||||
Total Common Stocks (cost $0)
|
2,765
|
|||||||
Total Investments (cost $241,753,312) – 98.6%
|
238,560,930
|
|||||||
Floating Rate Obligations – (0.4)%
|
(1,000,000
|
) | ||||||
Other Assets Less Liabilities – 1.8%
|
4,476,896
|
|||||||
Net Assets – 100%
|
$
|
242,037,826
|
(1)
|
All percentages shown in the Portfolio of Investments are based on net assets.
|
|
(2)
|
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
|
|
(3)
|
Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investor Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
|
|
(4)
|
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Such investments are normally considered to be equivalent to AAA rated securities.
|
|
(5)
|
The Fund’s Adviser has concluded this issue is not likely to meet its future interest payment obligations and has directed the Fund’s custodian to cease accruing additional income on the Fund’s records.
|
|
(6)
|
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 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 liquidated by the Fund on March 30, 2010. The Fund received an additional distribution of 117 UAL common stock shares on July 20, 2010, which are still held by the Fund as of September 30, 2010.
|
|
N/R
|
Not rated.
|
|
(ETM)
|
Escrowed to maturity.
|
|
(IF)
|
Inverse floating rate investment.
|
|
(UB)
|
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities for more information.
|
Nuveen Select Tax-Free Income Portfolio 3
|
||
NXR
|
Portfolio of Investments
|
|
September 30, 2010 (Unaudited)
|
Principal
|
Optional Call
|
|||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||
Municipal Bonds – 97.6%
|
||||||||
Alabama – 0.3%
|
||||||||
$
|
500
|
Marshall County Healthcare Authority, Alabama, Revenue Bonds, Series 2002A, 6.250%, 1/01/22
|
1/12 at 101.00
|
A–
|
$
|
516,780
|
||
California – 10.3%
|
||||||||
2,105
|
Azusa Unified School District, Los Angeles County, California, General Obligation Bonds, Series 2002, 5.375%, 7/01/21 – AGM Insured
|
7/12 at 100.00
|
AAA
|
2,244,961
|
||||
1,000
|
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los Angeles County Securitization Corporation, Series 2006A, 0.000%, 6/01/36
|
12/18 at 100.00
|
Baa3
|
808,550
|
||||
1,000
|
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Sonoma County Tobacco Securitization Corporation, Series 2005, 5.000%, 6/01/26
|
6/15 at 100.00
|
BBB
|
863,570
|
||||
3,350
|
California Department of Water Resources, Power Supply Revenue Bonds, Series 2002A, 6.000%, 5/01/14
|
5/12 at 101.00
|
AA–
|
3,680,277
|
||||
2,595
|
California Health Facilities Financing Authority, Revenue Bonds, Kaiser Permanante System, Series 2006, 5.000%, 4/01/37
|
4/16 at 100.00
|
A+
|
2,599,931
|
||||
1,000
|
California Statewide Community Development Authority, Revenue Bonds, Methodist Hospital Project, Series 2009, 6.750%, 2/01/38
|
8/19 at 100.00
|
Aa2
|
1,163,270
|
||||
320
|
California Statewide Financing Authority, Tobacco Settlement Asset-Backed Bonds, Pooled Tobacco Securitization Program, Series 2002A, 5.625%, 5/01/29
|
No Opt. Call
|
Baa3
|
316,893
|
||||
500
|
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A, 0.000%, 6/01/28 – AMBAC Insured
|
No Opt. Call
|
A2
|
167,850
|
||||
3,000
|
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2003A-1, 6.750%, 6/01/39 (Pre-refunded 6/01/13)
|
6/13 at 100.00
|
AAA
|
3,485,640
|
||||
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
|
||||||||
770
|
4.500%, 6/01/27
|
6/17 at 100.00
|
BBB
|
689,720
|
||||
1,800
|
5.000%, 6/01/33
|
6/17 at 100.00
|
BBB
|
1,421,028
|
||||
1,500
|
Placer Union High School District, Placer County, California, General Obligation Bonds, Series 2004C, 0.000%, 8/01/32 – AGM Insured
|
No Opt. Call
|
AA+
|
415,170
|
||||
3,940
|
Rancho Mirage Redevelopment Agency, California, Tax Allocation Bonds, Combined Whitewater and 1984 Project Areas, Series 2003A, 0.000%, 4/01/35 – NPFG Insured
|
No Opt. Call
|
A+
|
872,158
|
||||
465
|
Riverside Public Financing Authority, California, University Corridor Tax Allocation Bonds, Series 2007C, 5.000%, 8/01/37 – NPFG Insured
|
8/17 at 100.00
|
A
|
415,524
|
||||
23,345
|
Total California
|
19,144,542
|
||||||
Colorado – 7.2%
|
||||||||
1,540
|
Arkansas River Power Authority, Colorado, Power Revenue Bonds, Series 2006, 5.250%, 10/01/40 – SYNCORA GTY Insured
|
10/16 at 100.00
|
BBB
|
1,525,062
|
||||
400
|
Colorado Department of Transportation, Certificates of Participation, Series 2004, 5.000%, 6/15/34 – NPFG Insured
|
6/14 at 100.00
|
AA–
|
413,148
|
||||
1,000
|
Colorado Health Facilities Authority, Health Facilities Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40
|
No Opt. Call
|
AA
|
1,037,430
|
||||
2,265
|
Colorado Health Facilities Authority, Revenue Bonds, Catholic Health Initiatives, Series 2002A, 5.500%, 3/01/22 (ETM)
|
3/12 at 100.00
|
AA (4)
|
2,425,906
|
||||
1,735
|
Colorado Health Facilities Authority, Revenue Bonds, Catholic Health Initiatives, Series 2002A, 5.500%, 3/01/22 (Pre-refunded 3/01/12)
|
3/12 at 100.00
|
AA (4)
|
1,858,254
|
||||
1,710
|
Denver City and County, Colorado, Airport System Revenue Bonds, Series 1991D, 7.750%, 11/15/13 (Alternative Minimum Tax)
|
No Opt. Call
|
A+
|
1,858,411
|
Nuveen Select Tax-Free Income Portfolio 3 (continued)
|
||
NXR
|
Portfolio of Investments September 30, 2010 (Unaudited)
|
Principal
|
Optional Call
|
|||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||
Colorado (continued)
|
||||||||
$
|
3,000
|
Denver Convention Center Hotel Authority, Colorado, Senior Revenue Bonds, Convention Center Hotel, Series 2003A, 5.000%, 12/01/24 (Pre-refunded 12/01/13) – SYNCORA GTY Insured
|
12/13 at 100.00
|
N/R (4)
|
$
|
3,360,510
|
||
2,485
|
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004B, 0.000%, 9/01/28 – NPFG Insured
|
9/20 at 63.98
|
A
|
806,432
|
||||
14,135
|
Total Colorado
|
13,285,153
|
||||||
Connecticut – 0.1%
|
||||||||
250
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Bridgeport Hospital Issue, Series 1992A, 6.625%, 7/01/18 – NPFG Insured
|
1/11 at 100.00
|
A
|
253,243
|
||||
District of Columbia – 0.2%
|
||||||||
415
|
District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2001, 6.250%, 5/15/24
|
5/11 at 101.00
|
BBB
|
416,104
|
||||
15
|
District of Columbia, General Obligation Bonds, Series 1993E, 6.000%, 6/01/13 – NPFG Insured (ETM)
|
12/10 at 100.00
|
AAA
|
15,069
|
||||
430
|
Total District of Columbia
|
431,173
|
||||||
Florida – 3.4%
|
||||||||
1,000
|
Hillsborough County Industrial Development Authority, Florida, Hospital Revenue Bonds, Tampa General Hospital, Series 2006, 5.250%, 10/01/41
|
10/16 at 100.00
|
A3
|
1,005,620
|
||||
5,020
|
JEA St. John’s River Power Park System, Florida, Revenue Refunding Bonds, Issue 2, Series 2002-17, 5.000%, 10/01/18
|
10/11 at 100.00
|
Aa2
|
5,213,269
|
||||
6,020
|
Total Florida
|
6,218,889
|
||||||
Illinois – 18.5%
|
||||||||
70
|
Chicago Metropolitan Housing Development Corporation, Illinois, FHA-Insured Section 8 Assisted Housing Development Revenue Refunding Bonds, Series 1992, 6.850%, 7/01/22
|
1/11 at 100.00
|
AA
|
70,152
|
||||
1,930
|
Illinois Development Finance Authority, Revenue Bonds, Midwestern University, Series 2001B, 5.750%, 5/15/16 (Pre-refunded 5/15/11)
|
5/11 at 101.00
|
AAA
|
2,010,751
|
||||
1,050
|
Illinois Finance Authority, Revenue Bonds, Loyola University of Chicago, Tender Option Bond Trust 1137, 9.042%, 7/01/15 (IF)
|
No Opt. Call
|
Aa1
|
1,140,720
|
||||
2,185
|
Illinois Finance Authority, Revenue Bonds, YMCA of Southwest Illinois, Series 2005, 5.000%, 9/01/31 – RAAI Insured
|
9/15 at 100.00
|
Aa3
|
2,052,698
|
||||
4,435
|
Illinois Health Facilities Authority, Remarketed Revenue Bonds, University of Chicago Project, Series 1985A, 5.500%, 8/01/20
|
8/11 at 103.00
|
Aa1
|
4,630,450
|
||||
1,500
|
Illinois Health Facilities Authority, Revenue Bonds, Evangelical Hospitals Corporation, Series 1992C, 6.250%, 4/15/22 (ETM)
|
No Opt. Call
|
N/R (4)
|
1,918,500
|
||||
315
|
Illinois Health Facilities Authority, Revenue Bonds, Holy Family Medical Center, Series 1997, 5.125%, 8/15/17 – NPFG Insured
|
2/11 at 100.00
|
A
|
315,202
|
||||
2,255
|
Illinois Health Facilities Authority, Revenue Refunding Bonds, Elmhurst Memorial Healthcare, Series 2002, 6.250%, 1/01/17
|
1/13 at 100.00
|
Baa1
|
2,342,877
|
||||
475
|
Illinois Health Facilities Authority, Revenue Refunding Bonds, Rockford Health System, Series 1997, 5.000%, 8/15/21 – AMBAC Insured
|
2/11 at 100.00
|
N/R
|
447,189
|
||||
2,500
|
Illinois Housing Development Authority, Homeowner Mortgage Revenue Bonds, Series 2006C2, 5.050%, 8/01/27 (Alternative Minimum Tax)
|
2/16 at 100.00
|
AA
|
2,556,100
|
||||
5,700
|
Illinois, Sales Tax Revenue Bonds, First Series 2002, 5.000%, 6/15/22
|
6/13 at 100.00
|
AAA
|
6,147,050
|
||||
1,000
|
Kankakee & Will Counties Community Unit School District 5, Illinois, General Obligation Bonds, Series 2006, 0.000%, 5/01/23 – AGM Insured
|
No Opt. Call
|
Aa3
|
578,230
|
||||
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A:
|
||||||||
2,500
|
0.000%, 12/15/30 – NPFG Insured
|
No Opt. Call
|
AAA
|
831,850
|
||||
2,000
|
0.000%, 6/15/37 – NPFG Insured
|
No Opt. Call
|
AAA
|
432,100
|
||||
6,000
|
Metropolitan Pier and Exposition Authority, Illinois, Revenue Refunding Bonds, McCormick Place Expansion Project, Series 2002B, 5.000%, 6/15/21 – NPFG Insured
|
6/12 at 101.00
|
AAA
|
6,262,077
|
||||
1,300
|
Schaumburg, Illinois, General Obligation Bonds, Series 2004B, 5.250%, 12/01/34 – FGIC Insured
|
12/14 at 100.00
|
Aaa
|
1,426,022
|
||||
1,000
|
Yorkville, Illinois, General Obligation Debt Certificates, Series 2003, 5.000%, 12/15/22 (Pre-refunded 12/15/11) – RAAI Insured
|
12/11 at 100.00
|
N/R (4)
|
1,056,750
|
||||
36,215
|
Total Illinois
|
34,218,718
|
Principal
|
Optional Call
|
|||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||
Indiana – 6.1%
|
||||||||
$
|
1,000
|
Franklin Community Multi-School Building Corporation, Marion County, Indiana, First Mortgage Revenue Bonds, Series 2004, 5.000%, 7/15/22 (Pre-refunded 7/15/14) – FGIC Insured
|
7/14 at 100.00
|
A (4)
|
$
|
1,157,800
|
||
3,500
|
Indiana Health Facility Financing Authority, Hospital Revenue Bonds, Methodist Hospitals Inc., Series 2001, 5.375%, 9/15/22
|
9/11 at 100.00
|
BBB
|
3,464,965
|
||||
1,900
|
Indiana Health Facility Financing Authority, Hospital Revenue Refunding Bonds, Columbus Regional Hospital, Series 1993, 7.000%, 8/15/15 – AGM Insured
|
No Opt. Call
|
AAA
|
2,177,514
|
||||
2,000
|
Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project, Series 2002A, 5.250%, 7/01/33 (Pre-refunded 7/01/12) – NPFG Insured
|
7/12 at 100.00
|
AAA
|
2,168,320
|
||||
2,295
|
Shelbyville Central Renovation School Building Corporation, Indiana, First Mortgage Bonds, Series 2005, 4.375%, 7/15/25 – NPFG Insured
|
7/15 at 100.00
|
AA+
|
2,391,528
|
||||
10,695
|
Total Indiana
|
11,360,127
|
||||||
Iowa – 5.1%
|
||||||||
2,745
|
Iowa Finance Authority, Health Facility Revenue Bonds, Care Initiatives Project, Series 2006A, 5.000%, 7/01/20
|
7/16 at 100.00
|
BB+
|
2,485,762
|
||||
750
|
Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, 5.600%, 6/01/34
|
6/17 at 100.00
|
BBB
|
640,073
|
||||
Iowa Tobacco Settlement Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2001B:
|
||||||||
3,255
|
5.300%, 6/01/25 (Pre-refunded 6/01/11)
|
6/11 at 101.00
|
AAA
|
3,381,554
|
||||
2,850
|
5.600%, 6/01/35 (Pre-refunded 6/01/11)
|
6/11 at 101.00
|
AAA
|
2,977,538
|
||||
9,600
|
Total Iowa
|
9,484,927
|
||||||
Kansas – 1.2%
|
||||||||
Lawrence, Kansas, Hospital Revenue Bonds, Lawrence Memorial Hospital, Refunding Series 2006:
|
||||||||
1,425
|
5.125%, 7/01/26
|
7/16 at 100.00
|
A2
|
1,467,052
|
||||
700
|
4.875%, 7/01/36
|
7/16 at 100.00
|
A2
|
690,347
|
||||
2,125
|
Total Kansas
|
2,157,399
|
||||||
Maine – 0.1%
|
||||||||
120
|
Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Series 1999B, 6.000%, 7/01/19 – NPFG Insured
|
7/11 at 100.00
|
Aaa
|
121,093
|
||||
Massachusetts – 0.8%
|
||||||||
1,000
|
Massachusetts Development Finance Agency, Resource Recovery Revenue Bonds, Ogden Haverhill Associates, Series 1998B, 5.200%, 12/01/13 (Alternative Minimum Tax)
|
12/10 at 100.00
|
BBB
|
1,002,600
|
||||
15
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Partners HealthCare System Inc., Series 2001C, 6.000%, 7/01/17
|
7/11 at 101.00
|
AA
|
15,612
|
||||
485
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Partners HealthCare System Inc., Series 2001C, 6.000%, 7/01/17 (Pre-refunded 7/01/11)
|
7/11 at 101.00
|
AAA
|
510,511
|
||||
1,500
|
Total Massachusetts
|
1,528,723
|
||||||
Michigan – 2.7%
|
||||||||
1,500
|
Detroit, Michigan, Sewer Disposal System Revenue Bonds, Second Lien, Series 2006B, 4.625%, 7/01/34 – FGIC Insured
|
7/16 at 100.00
|
A1
|
1,438,305
|
||||
2,900
|
Michigan State Hospital Finance Authority, Hospital Revenue Refunding Bonds, Trinity Health Credit Group, Series 2002C, 5.375%, 12/01/30
|
12/12 at 100.00
|
AA
|
2,924,244
|
||||
235
|
Michigan State Hospital Finance Authority, Revenue Refunding Bonds, Detroit Medical Center Obligated Group, Series 1993A, 6.500%, 8/15/18
|
2/11 at 100.00
|
BB–
|
235,012
|
||||
250
|
Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont Hospital, Refunding Series 2009V, 8.250%, 9/01/39
|
9/18 at 100.00
|
A1
|
303,313
|
||||
4,885
|
Total Michigan
|
4,900,874
|
||||||
Mississippi – 0.4%
|
||||||||
725
|
Mississippi Hospital Equipment and Facilities Authority, Revenue Bonds, Baptist Memorial Healthcare, Series 2004B-1, 5.000%, 9/01/24
|
9/14 at 100.00
|
AA
|
756,922
|
Nuveen Select Tax-Free Income Portfolio 3 (continued)
|
||
NXR
|
Portfolio of Investments September 30, 2010 (Unaudited)
|
Principal
|
Optional Call
|
|||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||
Nebraska – 1.9%
|
||||||||
$
|
3,500
|
Nebraska Public Power District, General Revenue Bonds, Series 2002B, 5.000%, 1/01/33 – AMBAC Insured
|
1/13 at 100.00
|
A1
|
$
|
3,573,710
|
||
Nevada – 3.6%
|
||||||||
1,000
|
Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran International Airport, Series 2010A, 5.250%, 7/01/42
|
1/20 at 100.00
|
Aa3
|
1,047,690
|
||||
4,095
|
Director of Nevada State Department of Business and Industry, Revenue Bonds, Las Vegas Monorail Project, First Tier, Series 2000, 5.375%, 1/01/40 – AMBAC Insured (5)
|
1/11 at 100.00
|
N/R
|
861,998
|
||||
1,680
|
Reno, Nevada, Capital Improvement Revenue Bonds, Series 2002, 5.500%, 6/01/22 – FGIC Insured
|
6/12 at 100.00
|
A
|
1,709,585
|
||||
2,830
|
Reno, Nevada, Capital Improvement Revenue Bonds, Series 2002, 5.500%, 6/01/22 (Pre-refunded 6/01/12) – FGIC Insured
|
6/12 at 100.00
|
A3 (4)
|
3,067,324
|
||||
9,605
|
Total Nevada
|
6,686,597
|
||||||
New Hampshire – 0.3%
|
||||||||
445
|
New Hampshire Housing Finance Authority, Single Family Mortgage Acquisition Bonds, Series 2001A, 5.600%, 7/01/21 (Alternative Minimum Tax)
|
5/11 at 100.00
|
Aa2
|
462,809
|
||||
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
|
1,160,810
|
||||
1,355
|
6.250%, 6/01/43 (Pre-refunded 6/01/13)
|
6/13 at 100.00
|
AAA
|
1,554,998
|
||||
2,355
|
Total New Jersey
|
2,715,808
|
||||||
New Mexico – 2.7%
|
||||||||
1,000
|
New Mexico Mortgage Finance Authority, Multifamily Housing Revenue Bonds, St Anthony, Series 2007A, 5.250%, 9/01/42 (Alternative Minimum Tax)
|
9/17 at 100.00
|
N/R
|
907,000
|
||||
4,000
|
University of New Mexico, FHA-Insured Mortgage Hospital Revenue Bonds, Series 2004, 4.625%, 1/01/25 – AGM Insured
|
7/14 at 100.00
|
AAA
|
4,143,240
|
||||
5,000
|
Total New Mexico
|
5,050,240
|
||||||
New York – 2.9%
|
||||||||
2,335
|
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2001A, 5.375%, 9/01/21 (Pre-refunded 9/01/11)
|
9/11 at 100.00
|
AAA
|
2,444,045
|
||||
35
|
New York City, New York, General Obligation Bonds, Series 1991B, 7.000%, 2/01/18
|
2/11 at 100.00
|
AA
|
35,186
|
||||
1,000
|
New York Dorm Authority, FHA Insured Mortgage Hospital Revenue Bonds, Kaleida Health, Series 2006, 4.700%, 2/15/35
|
8/16 at 100.00
|
AAA
|
974,450
|
||||
1,850
|
New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2003B-1C, 5.500%, 6/01/15
|
12/10 at 100.00
|
AA–
|
1,856,901
|
||||
5,220
|
Total New York
|
5,310,582
|
||||||
North Carolina – 4.2%
|
||||||||
5,000
|
North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 2003A, 5.250%, 1/01/18 – NPFG Insured
|
1/13 at 100.00
|
A
|
5,412,549
|
||||
2,345
|
Piedmont Triad Airport Authority, North Carolina, Airport Revenue Bonds, Series 2001A, 5.250%, 7/01/16 – AGM Insured
|
7/11 at 101.00
|
AAA
|
2,442,529
|
||||
7,345
|
Total North Carolina
|
7,855,078
|
||||||
Ohio – 1.9%
|
||||||||
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:
|
||||||||
1,345
|
5.375%, 6/01/24
|
6/17 at 100.00
|
BBB
|
1,184,730
|
||||
1,355
|
6.000%, 6/01/42
|
6/17 at 100.00
|
BBB
|
1,036,860
|
||||
2,050
|
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-3, 0.000%, 6/01/37
|
6/22 at 100.00
|
BBB
|
1,364,562
|
||||
4,750
|
Total Ohio
|
3,586,152
|
Principal
|
Optional Call
|
|||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||
Oklahoma – 1.7%
|
||||||||
$
|
3,000
|
Oklahoma Development Finance Authority, Revenue Bonds, St. John Health System, Series 2004, 5.000%, 2/15/24
|
2/14 at 100.00
|
A
|
$
|
3,060,450
|
||
Pennsylvania – 2.4%
|
||||||||
2,435
|
Dauphin County Industrial Development Authority, Pennsylvania, Water Development Revenue Refunding Bonds, Dauphin Consolidated Water Supply Company, Series 1992B, 6.700%, 6/01/17
|
No Opt. Call
|
A–
|
2,879,047
|
||||
500
|
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Widener University, Series 2003, 5.250%, 7/15/24
|
7/13 at 100.00
|
BBB+
|
512,335
|
||||
1,000
|
Philadelphia Authority for Industrial Development, Pennsylvania, Airport Revenue Bonds, Philadelphia Airport System Project, Series 2001A, 5.500%, 7/01/17 – FGIC Insured (Alternative Minimum Tax)
|
7/11 at 101.00
|
A+
|
1,033,040
|
||||
3,935
|
Total Pennsylvania
|
4,424,422
|
||||||
Puerto Rico – 1.0%
|
||||||||
1,000
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2009A, 6.000%, 8/01/42
|
8/19 at 100.00
|
A+
|
1,109,840
|
||||
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A:
|
||||||||
1,170
|
0.000%, 8/01/40 – NPFG Insured
|
No Opt. Call
|
Aa2
|
207,617
|
||||
7,000
|
0.000%, 8/01/54 – AMBAC Insured
|
No Opt. Call
|
Aa2
|
472,640
|
||||
9,170
|
Total Puerto Rico
|
1,790,097
|
||||||
South Carolina – 3.2%
|
||||||||
1,500
|
Lexington County Health Service District, South Carolina, Hospital Revenue Refunding and Improvement Bonds, Series 2003, 6.000%, 11/01/18 (Pre-refunded 11/01/13)
|
11/13 at 100.00
|
A+ (4)
|
1,744,695
|
||||
1,500
|
Medical University Hospital Authority, South Carolina, FHA-Insured Mortgage Revenue Bonds, Series 2004A, 5.250%, 8/15/20 – NPFG Insured
|
8/14 at 100.00
|
A
|
1,647,375
|
||||
520
|
South Carolina JOBS Economic Development Authority, Economic Development Revenue Bonds, Bon Secours Health System Inc., Series 2002A, 5.625%, 11/15/30 (Pre-refunded 11/15/12)
|
11/12 at 100.00
|
A3 (4)
|
574,912
|
||||
1,980
|
South Carolina JOBS Economic Development Authority, Economic Development Revenue Bonds, Bon Secours Health System Inc., Series 2002B, 5.625%, 11/15/30
|
11/12 at 100.00
|
A–
|
2,014,115
|
||||
5,500
|
Total South Carolina
|
5,981,097
|
||||||
South Dakota – 1.1%
|
||||||||
1,010
|
South Dakota Health and Educational Facilities Authority, Revenue Bonds, Avera Health, Series 2002, 5.125%, 7/01/27 – AMBAC Insured
|
7/12 at 101.00
|
A+
|
1,028,342
|
||||
1,000
|
South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sioux Valley Hospitals, Series 2004A, 5.250%, 11/01/34
|
11/14 at 100.00
|
AA–
|
1,019,440
|
||||
2,010
|
Total South Dakota
|
2,047,782
|
||||||
Tennessee – 1.2%
|
||||||||
2,000
|
Knox County Health, Educational and Housing Facilities Board, Tennessee, Hospital Revenue Bonds, Baptist Health System of East Tennessee Inc., Series 2002, 6.375%, 4/15/22
|
4/12 at 101.00
|
A1
|
2,157,940
|
||||
Texas – 9.9%
|
||||||||
1,500
|
Central Texas Regional Mobility Authority, Travis and Williamson Counties, Toll Road Revenue Bonds, Series 2005, 5.000%, 1/01/45 – FGIC Insured
|
1/15 at 100.00
|
A
|
1,426,860
|
||||
2,500
|
Harris County Health Facilities Development Corporation, Texas, Thermal Utility Revenue Bonds, TECO Project, Series 2003, 5.000%, 11/15/30 – NPFG Insured
|
11/13 at 100.00
|
AA
|
2,565,250
|
||||
1,125
|
Harris County-Houston Sports Authority, Texas, Junior Lien Revenue Bonds, Series 2001H, 0.000%, 11/15/36 – NPFG Insured
|
11/31 at 73.51
|
A
|
154,328
|
||||
4,005
|
Harris County-Houston Sports Authority, Texas, Senior Lien Revenue Refunding Bonds, Series 2001A, 0.000%, 11/15/38 – NPFG Insured
|
11/30 at 61.17
|
A
|
498,182
|
||||
3,000
|
Houston, Texas, Subordinate Lien Airport System Revenue Bonds, Series 2002B, 5.500%, 7/01/18 – AGM Insured
|
7/12 at 100.00
|
AAA
|
3,216,240
|
||||
3,125
|
Katy Independent School District, Harris, Fort Bend and Waller Counties, Texas, General Obligation Bonds, Series 2002A, 5.000%, 2/15/32 (Pre-refunded 2/15/12)
|
2/12 at 100.00
|
AAA
|
3,311,188
|
Nuveen Select Tax-Free Income Portfolio 3 (continued)
|
||
NXR
|
Portfolio of Investments September 30, 2010 (Unaudited)
|
Principal
|
Optional Call
|
|||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||
Texas (continued)
|
||||||||
$
|
4,750
|
Sam Rayburn Municipal Power Agency, Texas, Power Supply System Revenue Refunding Bonds, Series 2002A, 5.500%, 10/01/17 – RAAI Insured
|
10/12 at 100.00
|
BBB
|
$
|
4,936,864
|
||
1,750
|
Texas, General Obligation Bonds, Water Financial Assistance Program, Series 2003A, 5.125%, 8/01/42 (Alternative Minimum Tax)
|
8/13 at 100.00
|
Aaa
|
1,757,665
|
||||
500
|
Victoria, Texas, General Obligation Bonds, Series 2001, 5.000%, 8/15/23 – FGIC Insured
|
8/11 at 100.00
|
AA
|
520,520
|
||||
22,255
|
Total Texas
|
18,387,097
|
||||||
Washington – 0.3%
|
||||||||
510
|
Port of Seattle, Washington, Revenue Bonds, Series 2001A, 5.000%, 4/01/31 – FGIC Insured
|
10/11 at 100.00
|
Aa2
|
514,616
|
||||
Wisconsin – 1.4%
|
||||||||
2,500
|
Wisconsin, General Obligation Refunding Bonds, Series 2003-3, 5.000%, 11/01/26
|
11/13 at 100.00
|
AA
|
2,637,575
|
||||
$
|
199,645
|
Total Municipal Bonds (cost $175,040,649)
|
180,620,615
|
|||||
Shares
|
Description
|
Value
|
||||||
Common Stocks – 0.0%
|
||||||||
Airlines – 0.0%
|
||||||||
34
|
UAL Corporation, (6)
|
$
|
803
|
|||||
Total Common Stocks (cost $0)
|
803
|
|||||||
Total Investments (cost $175,040,649) – 97.6%
|
180,621,418
|
|||||||
Other Assets Less Liabilities – 2.4%
|
4,527,360
|
|||||||
Net Assets – 100%
|
$
|
185,148,778
|
(1)
|
All percentages shown in the Portfolio of Investments are based on net assets.
|
|
(2)
|
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
|
|
(3)
|
Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investor Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
|
|
(4)
|
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Such investments are normally considered to be equivalent to AAA rated securities.
|
|
(5)
|
The Fund’s Adviser has concluded this issue is not likely to meet its future interest payment obligations and has directed the Fund’s custodian to cease accruing additional income on the Fund’s records.
|
|
(6)
|
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 liquidated by the Fund on March 30, 2010. The Fund received an additional distribution of 34 UAL common stock shares on July 20, 2010, which are still held by the Fund as of September 30, 2010.
|
|
N/R
|
Not rated.
|
|
(ETM)
|
Escrowed to maturity.
|
|
(IF)
|
Inverse floating rate investment.
|
Nuveen California Select Tax-Free Income Portfolio
|
||
NXC
|
Portfolio of Investments
|
|
September 30, 2010 (Unaudited)
|
Principal
|
Optional Call
|
|||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||
Consumer Staples – 4.2%
|
||||||||
$
|
155
|
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Sonoma County Tobacco Securitization Corporation, Series 2005, 4.250%, 6/01/21
|
6/15 at 100.00
|
BBB
|
$
|
146,278
|
||
1,080
|
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Revenue Bonds, Fresno County Tobacco Funding Corporation, Series 2002, 5.625%, 6/01/23
|
6/12 at 100.00
|
BBB
|
1,088,586
|
||||
4,045
|
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-2, 0.000%, 6/01/37
|
6/22 at 100.00
|
BBB
|
2,504,098
|
||||
5,280
|
Total Consumer Staples
|
3,738,962
|
||||||
Education and Civic Organizations – 9.5%
|
||||||||
3,000
|
California Educational Facilities Authority, Revenue Bonds, Santa Clara University, Series 2008A, 5.625%, 4/01/37
|
4/18 at 100.00
|
Aa3
|
3,279,750
|
||||
45
|
California Educational Facilities Authority, Revenue Bonds, University of Redlands, Series 2005A, 5.000%, 10/01/35
|
10/15 at 100.00
|
A3
|
44,777
|
||||
1,000
|
California Educational Facilities Authority, Revenue Bonds, University of San Diego, Series 2002A, 5.500%, 10/01/32
|
10/12 at 100.00
|
A2
|
1,028,400
|
||||
California Educational Facilities Authority, Revenue Bonds, University of the Pacific, Series 2006:
|
||||||||
35
|
5.000%, 11/01/21
|
11/15 at 100.00
|
A2
|
37,713
|
||||
45
|
5.000%, 11/01/25
|
11/15 at 100.00
|
A2
|
47,603
|
||||
3,000
|
California Infrastructure Economic Development Bank, Revenue Bonds, J. David Gladstone Institutes, Series 2001, 5.500%, 10/01/19
|
10/11 at 101.00
|
A–
|
3,099,930
|
||||
1,000
|
Long Beach Bond Financing Authority, California, Lease Revenue Refunding Bonds, Long Beach Aquarium of the South Pacific, Series 2001, 5.250%, 11/01/30 – AMBAC Insured
|
11/11 at 101.00
|
BBB
|
984,710
|
||||
8,125
|
Total Education and Civic Organizations
|
8,522,883
|
||||||
Health Care – 12.2%
|
||||||||
110
|
California Health Facilities Financing Authority, Revenue Bonds, Kaiser Permanante System, Series 2006, 5.000%, 4/01/37
|
4/16 at 100.00
|
A+
|
110,209
|
||||
2,550
|
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2007A, 5.250%, 11/15/46 (UB)
|
11/16 at 100.00
|
Aa3
|
2,578,560
|
||||
2,000
|
California Infrastructure Economic Development Bank, Revenue Bonds, Kaiser Hospital Assistance LLC, Series 2001A, 5.550%, 8/01/31
|
8/11 at 102.00
|
A+
|
2,056,280
|
||||
1,500
|
California Statewide Community Development Authority, Hospital Revenue Bonds, Monterey Peninsula Hospital, Series 2003B, 5.250%, 6/01/18 – AGM Insured
|
6/13 at 100.00
|
AAA
|
1,625,580
|
||||
1,500
|
California Statewide Community Development Authority, Insured Mortgage Hospital Revenue Bonds, Mission Community Hospital, Series 2001, 5.375%, 11/01/26
|
11/10 at 102.00
|
A–
|
1,511,880
|
||||
545
|
California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanente System, Series 2001C, 5.250%, 8/01/31
|
8/16 at 100.00
|
A+
|
557,873
|
||||
1,880
|
California Statewide Community Development Authority, Revenue Bonds, Los Angeles Orthopaedic Hospital Foundation, Series 2000, 5.500%, 6/01/17 – AMBAC Insured
|
12/10 at 100.00
|
BBB+
|
1,881,993
|
||||
540
|
Loma Linda, California, Hospital Revenue Bonds, Loma Linda University Medical Center, Series 2008A, 8.250%, 12/01/38
|
12/17 at 100.00
|
BBB
|
621,761
|
||||
10,625
|
Total Health Care
|
10,944,136
|
||||||
Housing/Multifamily – 1.3%
|
||||||||
380
|
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2010A, 6.400%, 8/15/45
|
8/20 at 100.00
|
BBB–
|
379,331
|
||||
750
|
California Statewide Community Development Authority, Student Housing Revenue Bonds, EAH – Irvine East Campus Apartments, LLC Project, Series 2002A, 5.500%, 8/01/22 – ACA Insured
|
8/12 at 100.00
|
Baa1
|
759,855
|
||||
1,130
|
Total Housing/Multifamily
|
1,139,186
|
Nuveen California Select Tax-Free Income Portfolio (continued)
|
||
NXC
|
Portfolio of Investments September 30, 2010 (Unaudited)
|
Principal
|
Optional Call
|
|||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||
Housing/Single Family – 0.1%
|
||||||||
$
|
95
|
California Housing Finance Agency, Home Mortgage Revenue Bonds, Series 2006H, 5.750%, 8/01/30 – FGIC Insured (Alternative Minimum Tax)
|
2/16 at 100.00
|
A
|
$
|
97,085
|
||
Industrials – 1.7%
|
||||||||
1,015
|
California Pollution Control Financing Authority, Solid Waste Disposal Revenue Bonds, Republic Services Inc., Series 2002C, 5.250%, 6/01/23 (Mandatory put 12/01/17) (Alternative Minimum Tax)
|
No Opt. Call
|
BBB
|
1,056,412
|
||||
500
|
California Pollution Control Financing Authority, Solid Waste Disposal Revenue Bonds, Waste Management Inc., Series 2002A, 5.000%, 1/01/22 (Alternative Minimum Tax)
|
1/16 at 102.00
|
BBB
|
511,560
|
||||
1,515
|
Total Industrials
|
1,567,972
|
||||||
Long-Term Care – 2.8%
|
||||||||
1,500
|
ABAG Finance Authority for Non-Profit Corporations, California, Insured Senior Living Revenue Bonds, Odd Fellows Home of California, Series 2003A, 5.200%, 11/15/22
|
11/12 at 100.00
|
A–
|
1,522,740
|
||||
1,000
|
California Statewide Communities Development Authority, Revenue Bonds, Inland Regional Center Project, Series 2007, 5.250%, 12/01/27
|
12/17 at 100.00
|
Baa1
|
983,270
|
||||
2,500
|
Total Long-Term Care
|
2,506,010
|
||||||
Tax Obligation/General – 24.0%
|
||||||||
750
|
California, General Obligation Bonds, Series 2004, 5.000%, 2/01/23
|
2/14 at 100.00
|
A1
|
807,263
|
||||
1,650
|
California, General Obligation Bonds, Various Purpose Series 2009, 5.500%, 11/01/39
|
11/19 at 100.00
|
A1
|
1,744,760
|
||||
1,000
|
Fremont Unified School District, Alameda County, California, General Obligation Bonds, Series 2002A, 5.000%, 8/01/21 – FGIC Insured
|
8/12 at 101.00
|
Aa2
|
1,072,500
|
||||
Golden West Schools Financing Authority, California, General Obligation Revenue Refunding Bonds, School District Program, Series 1999A:
|
||||||||
4,650
|
0.000%, 8/01/16 – NPFG Insured
|
No Opt. Call
|
A
|
3,632,812
|
||||
1,750
|
0.000%, 2/01/17 – NPFG Insured
|
No Opt. Call
|
A
|
1,307,740
|
||||
2,375
|
0.000%, 8/01/17 – NPFG Insured
|
No Opt. Call
|
A
|
1,726,934
|
||||
2,345
|
0.000%, 2/01/18 – NPFG Insured
|
No Opt. Call
|
A
|
1,648,746
|
||||
Mountain View-Los Altos Union High School District, Santa Clara County, California, General Obligation Capital Appreciation Bonds, Series 1995C:
|
||||||||
1,015
|
0.000%, 5/01/17 – NPFG Insured
|
No Opt. Call
|
Aa1
|
806,448
|
||||
1,080
|
0.000%, 5/01/18 – NPFG Insured
|
No Opt. Call
|
Aa1
|
805,691
|
||||
100
|
Roseville Joint Union High School District, Placer County, California, General Obligation Bonds, Series 2006B, 5.000%, 8/01/27 – FGIC Insured
|
8/15 at 100.00
|
AA–
|
105,590
|
||||
3,220
|
Sacramento City Unified School District, Sacramento County, California, General Obligation Bonds, Series 2005, 5.000%, 7/01/27 – NPFG Insured
|
7/15 at 100.00
|
Aa2
|
3,392,849
|
||||
1,500
|
San Diego Unified School District, San Diego County, California, General Obligation Bonds, Series 2003E, 5.250%, 7/01/24 – AGM Insured
|
7/13 at 101.00
|
AAA
|
1,686,150
|
||||
2,565
|
Sunnyvale School District, Santa Clara County, California, General Obligation Bonds, Series 2005A, 5.000%, 9/01/26 – AGM Insured
|
9/15 at 100.00
|
AAA
|
2,830,914
|
||||
24,000
|
Total Tax Obligation/General
|
21,568,397
|
||||||
Tax Obligation/Limited – 19.1%
|
||||||||
1,000
|
Bell Community Redevelopment Agency, California, Tax Allocation Bonds, Bell Project Area, Series 2003, 5.625%, 10/01/33 – RAAI Insured
|
10/13 at 100.00
|
N/R
|
918,010
|
||||
3,500
|
California State Public Works Board, Lease Revenue Bonds, Department of Corrections, Calipatria State Prison, Series 1991A, 6.500%, 9/01/17 – NPFG Insured
|
No Opt. Call
|
A
|
3,901,519
|
||||
1,000
|
California State Public Works Board, Lease Revenue Bonds, Department of Mental Health, Coalinga State Hospital, Series 2004A, 5.500%, 6/01/23
|
6/14 at 100.00
|
A2
|
1,036,460
|
||||
1,500
|
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2009I-1, 6.375%, 11/01/34
|
11/19 at 100.00
|
A2
|
1,655,400
|
||||
120
|
Capistrano Unified School District, Orange County, California, Special Tax Bonds, Community Facilities District, Series 2005, 5.000%, 9/01/24 – FGIC Insured
|
9/15 at 100.00
|
A
|
121,272
|
||||
360
|
Chino Redevelopment Agency, California, Merged Chino Redevelopment Project Area Tax Allocation Bonds, Series 2006, 5.000%, 9/01/38 – AMBAC Insured
|
9/16 at 101.00
|
A–
|
335,664
|
Principal
|
Optional Call
|
|||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||
Tax Obligation/Limited (continued)
|
||||||||
$
|
1,000
|
Fontana Public Financing Authority, California, Tax Allocation Revenue Bonds, North Fontana Redevelopment Project, Series 2005A, 5.000%, 10/01/32 – AMBAC Insured
|
10/15 at 100.00
|
A
|
$
|
972,050
|
||
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
|
53,700
|
||||
130
|
5.125%, 9/01/36
|
9/16 at 100.00
|
N/R
|
118,464
|
||||
215
|
Los Angeles Community Redevelopment Agency, California, Lease Revenue Bonds, Manchester Social Services Project, Series 2005, 5.000%, 9/01/37 – AMBAC Insured
|
9/15 at 100.00
|
A1
|
200,982
|
||||
1,300
|
Orange County, California, Special Tax Bonds, Community Facilities District 03-1 of Ladera Ranch, Series 2004A, 5.625%, 8/15/34
|
8/12 at 101.00
|
N/R
|
1,304,004
|
||||
105
|
Rialto Redevelopment Agency, California, Tax Allocation Bonds, Merged Project Area, Series 2005A, 5.000%, 9/01/35 – SYNCORA GTY Insured
|
9/15 at 100.00
|
A–
|
98,800
|
||||
130
|
Roseville, California, Certificates of Participation, Public Facilities, Series 2003A, 5.000%, 8/01/25 – AMBAC Insured
|
8/13 at 100.00
|
AA–
|
131,825
|
||||
605
|
Sacramento City Financing Authority, California, Lease Revenue Refunding Bonds, Series 1993A, 5.400%, 11/01/20 – NPFG Insured
|
No Opt. Call
|
A1
|
667,261
|
||||
3,000
|
San Mateo County Transit District, California, Sales Tax Revenue Bonds, Series 2005A, 5.000%, 6/01/21 – NPFG Insured
|
6/15 at 100.00
|
AA
|
3,332,700
|
||||
225
|
San Mateo Union High School District, San Mateo County, California, Certificates of Participation, Phase 1, Series 2007A, 5.000%, 12/15/30 – AMBAC Insured
|
12/17 at 100.00
|
AA–
|
220,914
|
||||
1,000
|
Santa Clara County Board of Education, California, Certificates of Participation, Series 2002, 5.000%, 4/01/25 – NPFG Insured
|
4/12 at 101.00
|
A
|
1,041,370
|
||||
1,000
|
Travis Unified School District, Solano County, California, Certificates of Participation, Series 2006, 5.000%, 9/01/26 – FGIC Insured
|
9/16 at 100.00
|
N/R
|
1,004,280
|
||||
16,245
|
Total Tax Obligation/Limited
|
17,114,675
|
||||||
Transportation – 5.7%
|
||||||||
1,150
|
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Series 1995A, 5.000%, 1/01/35
|
1/11 at 100.00
|
BBB–
|
1,053,274
|
||||
3,500
|
Los Angeles Harbors Department, California, Revenue Refunding Bonds, Series 2001B, 5.500%, 8/01/17 – AMBAC Insured (Alternative Minimum Tax)
|
8/11 at 100.00
|
AA
|
3,605,839
|
||||
445
|
San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Second Series 1999, Issue 23A, 5.000%, 5/01/30 – FGIC Insured (Alternative Minimum Tax)
|
5/11 at 100.00
|
A1
|
445,249
|
||||
5,095
|
Total Transportation
|
5,104,362
|
||||||
U.S. Guaranteed – 12.3% (4)
|
||||||||
400
|
Beverly Hills Unified School District, Los Angeles County, California, General Obligation Bonds, Series 2002A, 5.000%, 8/01/26 (Pre-refunded 8/01/12)
|
8/12 at 100.00
|
Aa1 (4)
|
433,864
|
||||
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
|
1,915,620
|
||||
2,000
|
5.125%, 5/01/19 (Pre-refunded 5/01/12)
|
5/12 at 101.00
|
Aaa
|
2,169,540
|
||||
2,200
|
California Educational Facilities Authority, Revenue Bonds, University of the Pacific, Series 2002, 5.250%, 11/01/21 (Pre-refunded 11/01/11)
|
11/11 at 100.00
|
A2 (4)
|
2,314,730
|
||||
800
|
California, General Obligation Bonds, Series 2004, 5.125%, 2/01/27 (Pre-refunded 2/01/14)
|
2/14 at 100.00
|
AAA
|
917,264
|
||||
2,000
|
North Orange County Community College District, California, General Obligation Bonds, Series 2002A, 5.000%, 8/01/22 (Pre-refunded 8/01/12) – NPFG Insured
|
8/12 at 101.00
|
AA (4)
|
2,177,940
|
||||
1,000
|
Port of Oakland, California, Revenue Bonds, Series 2002M, 5.250%, 11/01/20 (Pre-refunded 11/01/12) – FGIC Insured
|
11/12 at 100.00
|
A (4)
|
1,099,280
|
||||
10,150
|
Total U.S. Guaranteed
|
11,028,238
|
Nuveen California Select Tax-Free Income Portfolio (continued)
|
||
NXC
|
Portfolio of Investments September 30, 2010 (Unaudited)
|
Principal
|
Optional Call
|
|||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||
Utilities – 5.8%
|
||||||||
$
|
645
|
Long Beach Bond Finance Authority, California, Natural Gas Purchase Revenue Bonds, Series 2007A, 5.500%, 11/15/37
|
No Opt. Call
|
A
|
$
|
666,240
|
||
200
|
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2003A-2, 5.000%, 7/01/21 – NPFG Insured
|
7/13 at 100.00
|
AA–
|
219,316
|
||||
7,600
|
Merced Irrigation District, California, Certificates of Participation, Water and Hydroelectric Series 2008B, 0.000%, 9/01/23
|
9/16 at 64.56
|
A
|
3,530,047
|
||||
215
|
Merced Irrigation District, California, Electric System Revenue Bonds, Series 2005, 5.125%, 9/01/31 – SYNCORA GTY Insured
|
9/15 at 100.00
|
N/R
|
203,764
|
||||
535
|
Turlock Irrigation District, California, Revenue Refunding Bonds, Series 1992A, 6.250%, 1/01/12 – NPFG Insured
|
No Opt. Call
|
A1
|
550,938
|
||||
9,195
|
Total Utilities
|
5,170,305
|
||||||
Water and Sewer – 2.5%
|
||||||||
150
|
Healdsburg Public Financing Authority, California, Wastewater Revenue Bonds, Series 2006, 5.000%, 4/01/36 – NPFG Insured
|
4/16 at 100.00
|
AA–
|
153,107
|
||||
250
|
Sacramento County Sanitation District Financing Authority, California, Revenue Bonds, Series 2006, 5.000%, 12/01/31 – FGIC Insured
|
6/16 at 100.00
|
AA
|
264,570
|
||||
825
|
South Feather Water and Power Agency, California, Water Revenue Certificates of Participation, Solar Photovoltaic Project, Series 2003, 5.375%, 4/01/24
|
4/13 at 100.00
|
A
|
840,535
|
||||
1,000
|
Woodbridge Irrigation District, California, Certificates of Participation, Water Systems Project, Series 2003, 5.625%, 7/01/43
|
7/13 at 100.00
|
A+
|
1,012,470
|
||||
2,225
|
Total Water and Sewer
|
2,270,682
|
||||||
$
|
96,180
|
Total Investments (cost $87,859,525) – 101.2%
|
90,772,893
|
|||||
Floating Rate Obligations – (1.7)%
|
(1,540,000
|
) | ||||||
Other Assets Less Liabilities – 0.5%
|
455,327
|
|||||||
Net Assets – 100%
|
$
|
89,688,220
|
(1)
|
All percentages shown in the Portfolio of Investments are based on net assets.
|
|
(2)
|
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
|
|
(3)
|
Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investor Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
|
|
(4)
|
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Such investments are normally considered to be equivalent to AAA rated securities.
|
|
N/R
|
Not rated.
|
|
(UB)
|
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities for more information.
|
Nuveen New York Select Tax-Free Income Portfolio
|
||
NXN
|
Portfolio of Investments
|
|
September 30, 2010 (Unaudited)
|
Principal
|
Optional Call
|
|||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||
Consumer Discretionary – 0.2%
|
||||||||
$
|
100
|
New York City Industrial Development Agency, New York, Liberty Revenue Bonds, IAC/InterActiveCorp, Series 2005, 5.000%, 9/01/35
|
9/15 at 100.00
|
BB+
|
$
|
93,269
|
||
Consumer Staples – 1.6%
|
||||||||
TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006:
|
||||||||
375
|
4.750%, 6/01/22
|
6/16 at 100.00
|
BBB
|
376,661
|
||||
540
|
5.000%, 6/01/26
|
6/16 at 100.00
|
BBB
|
514,625
|
||||
915
|
Total Consumer Staples
|
891,286
|
||||||
Education and Civic Organizations – 9.0%
|
||||||||
100
|
Albany Industrial Development Agency, New York, Revenue Bonds, Albany Law School, Series 2007A, 5.000%, 7/01/31
|
7/17 at 100.00
|
BBB
|
101,654
|
||||
50
|
Albany Industrial Development Agency, New York, Revenue Bonds, Brighter Choice Charter Schools, Series 2007A, 5.000%, 4/01/37
|
4/17 at 100.00
|
N/R
|
45,308
|
||||
30
|
Cattaraugus County Industrial Development Agency, New York, Revenue Bonds, St. Bonaventure University, Series 2006, 5.000%, 5/01/23
|
5/16 at 100.00
|
BBB–
|
30,202
|
||||
430
|
Dormitory Authority of the State of New York, General Revenue Bonds, Manhattan College, Series 2007A, 5.000%, 7/01/41 – RAAI Insured
|
7/17 at 100.00
|
N/R
|
430,211
|
||||
1,000
|
Dormitory Authority of the State of New York, Housing Revenue Bonds, Fashion Institute of Technology, Series 2007, 5.250%, 7/01/34 – FGIC Insured
|
No Opt. Call
|
A
|
1,028,110
|
||||
785
|
Dormitory Authority of the State of New York, Insured Revenue Bonds, Iona College, Series 2002, 5.000%, 7/01/22 – SYNCORA GTY Insured
|
7/12 at 100.00
|
BBB
|
802,859
|
||||
50
|
Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory Facilities, Series 2004A, 5.000%, 7/01/29 – NPFG Insured
|
7/15 at 100.00
|
Aa2
|
53,368
|
||||
120
|
Dormitory Authority of the State of New York, Revenue Bonds, St. Joseph’s College, Series 2010, 5.250%, 7/01/35
|
7/20 at 100.00
|
Baa1
|
124,252
|
||||
100
|
Hempstead Town Industrial Development Agency, New York, Revenue Bonds, Adelphi University, Civic Facility Project, Series 2005, 5.000%, 10/01/35
|
10/15 at 100.00
|
A
|
102,623
|
||||
100
|
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, St. Francis College, Series 2004, 5.000%, 10/01/34
|
10/14 at 100.00
|
A–
|
100,359
|
||||
500
|
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, YMCA of Greater New York, Series 2002, 5.250%, 8/01/21
|
2/11 at 100.00
|
A–
|
502,320
|
||||
430
|
New York City Industrial Development Agency, New York, PILOT Revenue Bonds, Queens Baseball Stadium Project, Series 2006, 4.750%, 1/01/42 – AMBAC Insured
|
1/17 at 100.00
|
BB+
|
384,730
|
||||
590
|
New York City Industrial Development Authority, New York, PILOT Revenue Bonds, Yankee Stadium Project, Series 2006, 4.500%, 3/01/39 – FGIC Insured
|
9/16 at 100.00
|
BBB–
|
546,488
|
||||
500
|
New York Liberty Development Corporation, Second Priority Liberty Revenue Refunding Bonds, Bank of America Tower at One Bryant Park Project, Series 2010, 5.625%, 1/15/46
|
1/20 at 100.00
|
AA
|
530,975
|
||||
200
|
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, Higher Education Revenue Bonds, Ana G. Mendez University System, Series 1999, 5.375%, 2/01/19
|
2/11 at 100.00
|
BBB–
|
200,506
|
||||
65
|
Seneca County Industrial Development Authority, New York, Revenue Bonds, New York Chiropractic College, Series 2007, 5.000%, 10/01/27
|
10/17 at 100.00
|
BBB
|
66,737
|
||||
5,050
|
Total Education and Civic Organizations
|
5,050,702
|
||||||
Financials – 0.8%
|
||||||||
435
|
Liberty Development Corporation, New York, Goldman Sachs Headquarters Revenue Bonds Series 2007, 5.500%, 10/01/37
|
No Opt. Call
|
A1
|
478,848
|
Nuveen New York Select Tax-Free Income Portfolio (continued)
|
||
NXN
|
Portfolio of Investments September 30, 2010 (Unaudited)
|
Principal
|
Optional Call
|
|||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||
Health Care – 14.4%
|
||||||||
$
|
450
|
Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, Montefiore Hospital, Series 2004, 5.000%, 8/01/29 – FGIC Insured
|
2/15 at 100.00
|
A
|
$
|
470,462
|
||
500
|
Dormitory Authority of the State of New York, FHA-Insured Revenue Bonds, St. Lukes Roosevelt Hospital, Series 2005, 4.900%, 8/15/31
|
8/15 at 100.00
|
N/R
|
512,690
|
||||
100
|
Dormitory Authority of the State of New York, Highland Hospital of Rochester Revenue Bonds, Series 2010, 5.200%, 7/01/32
|
7/20 at 100.00
|
A2
|
103,710
|
||||
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
|
Baa3
|
110,693
|
||||
100
|
5.500%, 7/01/30
|
7/11 at 101.00
|
Baa3
|
100,073
|
||||
950
|
Dormitory Authority of the State of New York, Revenue Bonds, Memorial Sloan Kettering Cancer Center, Series 2006-1, 5.000%, 7/01/35
|
7/16 at 100.00
|
AA
|
992,617
|
||||
670
|
Dormitory Authority of the State of New York, Revenue Bonds, Memorial Sloan-Kettering Cancer Center, Series 2003-1, 5.000%, 7/01/21 – NPFG Insured
|
7/13 at 100.00
|
AA
|
728,632
|
||||
395
|
Dormitory Authority of the State of New York, Revenue Bonds, New York and Presbyterian Hospital, Series 2004A, 5.250%, 8/15/15 – AGM Insured
|
8/14 at 100.00
|
AAA
|
439,086
|
||||
1,680
|
Dormitory Authority of the State of New York, Revenue Bonds, Winthrop South Nassau University Health System Obligated Group, Series 2001A, 5.250%, 7/01/17 – AMBAC Insured
|
7/11 at 101.00
|
N/R
|
1,718,052
|
||||
1,195
|
Dormitory Authority of the State of New York, Revenue Bonds, Winthrop South Nassau University Health System Obligated Group, Series 2001B, 5.250%, 7/01/17 – AMBAC Insured
|
7/11 at 101.00
|
Baa1
|
1,222,067
|
||||
500
|
Dormitory Authority of the State of New York, Revenue Bonds, Winthrop-South Nassau University Hospital Association, Series 2003A, 5.500%, 7/01/32
|
7/13 at 100.00
|
Baa1
|
505,290
|
||||
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–
|
94,437
|
||||
90
|
5.500%, 2/01/32
|
No Opt. Call
|
BBB–
|
85,655
|
||||
750
|
New York City Health and Hospitals Corporation, New York, Health System Revenue Bonds, Series 2003A, 5.250%, 2/15/21 – AMBAC Insured
|
2/13 at 100.00
|
Aa3
|
804,975
|
||||
235
|
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Staten Island University Hospital, Series 2002C, 6.450%, 7/01/32
|
7/12 at 101.00
|
Baa3
|
239,806
|
||||
7,825
|
Total Health Care
|
8,128,245
|
||||||
Housing/Multifamily – 5.9%
|
||||||||
1,700
|
Amherst Industrial Development Agency, New York, Revenue Bonds, UBF Faculty/Student Housing Corporation, University of Buffalo Creekside Project, Series 2002A, 5.000%, 8/01/22 – AMBAC Insured
|
8/12 at 101.00
|
N/R
|
1,738,199
|
||||
1,000
|
New Hartford-Sunset Woods Funding Corporation, New York, FHA-Insured Mortgage Revenue Bonds, Sunset Woods Apartments II Project, Series 2002, 5.350%, 2/01/20
|
8/12 at 101.00
|
AAA
|
1,038,140
|
||||
250
|
New York City Housing Development Corporation, New York, Multifamily Housing Revenue Bonds, Series 2004A, 5.250%, 11/01/30
|
5/14 at 100.00
|
AA
|
257,723
|
||||
275
|
New York State Housing Finance Agency, Affordable Housing Revenue, Series 2007A, 5.250%, 11/01/38 (Alternative Minimum Tax)
|
11/17 at 100.00
|
Aa2
|
280,363
|
||||
3,225
|
Total Housing/Multifamily
|
3,314,425
|
||||||
Housing/Single Family – 8.0%
|
||||||||
2,000
|
New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series 101, 5.000%, 10/01/18 (Alternative Minimum Tax)
|
10/11 at 100.00
|
Aa1
|
2,021,620
|
||||
2,500
|
New York State Mortgage Agency, Mortgage Revenue Bonds, Thirty-First Series A, 5.300%, 10/01/31 (Alternative Minimum Tax)
|
4/11 at 100.00
|
Aaa
|
2,507,475
|
||||
4,500
|
Total Housing/Single Family
|
4,529,095
|
Principal
|
Optional Call
|
|||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||
Long-Term Care – 11.3%
|
||||||||
$
|
1,750
|
Dormitory Authority of the State of New York, FHA-Insured Nursing Home Mortgage Revenue Bonds, Norwegian Christian Home and Health Center, Series 2001, 5.200%, 8/01/36 – NPFG Insured
|
8/11 at 101.00
|
A
|
$
|
1,785,630
|
||
100
|
Dormitory Authority of the State of New York, Non-State Supported Debt, Ozanam Hall of Queens Nursing Home Revenue Bonds, Series 2006, 5.000%, 11/01/31
|
11/16 at 100.00
|
A1
|
101,225
|
||||
50
|
Dormitory Authority of the State of New York, Revenue Bonds, Providence Rest, Series 2005, 5.000%, 7/01/35 – ACA Insured
|
7/15 at 100.00
|
N/R
|
34,255
|
||||
2,000
|
East Rochester Housing Authority, New York, FHA-Insured Mortgage Revenue Refunding Bonds, Jewish Home of Rochester, Series 2002, 4.625%, 2/15/17
|
8/12 at 101.00
|
AAA
|
2,102,380
|
||||
1,000
|
East Rochester Housing Authority, New York, Revenue Bonds, GNMA/FHA-Secured Revenue Bonds, St. Mary’s Residence Project, Series 2002A, 5.375%, 12/20/22
|
12/12 at 103.00
|
N/R
|
1,057,030
|
||||
980
|
New York City Industrial Development Agency, New York, GNMA Collateralized Mortgage Revenue Bonds, Eger Harbor House Inc., Series 2002A, 4.950%, 11/20/32
|
11/12 at 101.00
|
AA+
|
1,003,785
|
||||
25
|
Suffolk County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Special Needs Facilities Pooled Program, Series 2008-B1, 5.500%, 7/01/18
|
7/16 at 100.00
|
N/R
|
23,456
|
||||
275
|
Yonkers Industrial Development Agency, New York, Civic Facilities Revenue Bonds, Special Needs Facilities Pooled Program Bonds, Series 2008-C1, 5.500%, 7/01/18
|
7/16 at 101.00
|
N/R
|
258,013
|
||||
6,180
|
Total Long-Term Care
|
6,365,774
|
||||||
Materials – 0.2%
|
||||||||
90
|
Jefferson County Industrial Development Agency, New York, Solid Waste Disposal Revenue Bonds, International Paper Company Project, Series 2003A, 5.200%, 12/01/20 (Alternative Minimum Tax)
|
12/13 at 100.00
|
BBB
|
90,725
|
||||
Tax Obligation/General – 7.5%
|
||||||||
Clarkstown, Rickland County, New York, Various Purposes Serial Bonds, Series 1992:
|
||||||||
525
|
5.600%, 6/15/11 – AMBAC Insured
|
No Opt. Call
|
AAA
|
544,677
|
||||
525
|
5.600%, 6/15/12 – AMBAC Insured
|
No Opt. Call
|
AAA
|
571,148
|
||||
1,260
|
New York City, New York, General Obligation Bonds, Fiscal 2008 Series D, 5.125%, 12/01/25
|
12/17 at 100.00
|
AA
|
1,412,095
|
||||
300
|
New York City, New York, General Obligation Bonds, Fiscal Series 2004C, 5.250%, 8/15/16
|
8/14 at 100.00
|
AA
|
340,554
|
||||
200
|
New York City, New York, General Obligation Bonds, Fiscal Series 2005J, 5.000%, 3/01/19 – FGIC Insured
|
3/15 at 100.00
|
AA
|
224,992
|
||||
1,000
|
New York City, New York, General Obligation Bonds, Fiscal Series 2006J-1, 5.000%, 6/01/25
|
6/16 at 100.00
|
AA
|
1,105,880
|
||||
3,810
|
Total Tax Obligation/General
|
4,199,346
|
||||||
Tax Obligation/Limited – 18.5%
|
||||||||
600
|
Battery Park City Authority, New York, Senior Revenue Bonds, Series 2003A, 5.000%, 11/01/23
|
11/13 at 100.00
|
AAA
|
660,282
|
||||
500
|
Erie County Industrial Development Agency, New York, School Facility Revenue Bonds, Buffalo City School District, Series 2004, 5.750%, 5/01/26 – AGM Insured
|
5/14 at 100.00
|
AAA
|
543,920
|
||||
500
|
Metropolitan Transportation Authority, New York, State Service Contract Refunding Bonds, Series 2002A, 5.500%, 1/01/20 – NPFG Insured
|
7/12 at 100.00
|
AA–
|
534,055
|
||||
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
|
276,855
|
||||
200
|
5.000%, 10/15/26 – NPFG Insured
|
10/14 at 100.00
|
AAA
|
219,500
|
||||
1,225
|
5.000%, 10/15/29 – AMBAC Insured
|
10/14 at 100.00
|
AAA
|
1,344,431
|
||||
600
|
New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, Fiscal Series 2007S-2, 5.000%, 1/15/28 – FGIC Insured
|
1/17 at 100.00
|
AA–
|
642,174
|
||||
670
|
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2003E, 5.000%, 2/01/23 – FGIC Insured
|
2/13 at 100.00
|
AAA
|
721,503
|
||||
550
|
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2007C-1, 5.000%, 11/01/27
|
11/17 at 100.00
|
AAA
|
612,860
|
||||
535
|
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Tender Option Bond Trust 3545, 13.426%, 5/01/32 (IF)
|
5/19 at 100.00
|
AAA
|
659,676
|
Nuveen New York Select Tax-Free Income Portfolio (continued)
|
||
NXN
|
Portfolio of Investments September 30, 2010 (Unaudited)
|
Principal
|
Optional Call
|
|||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||
Tax Obligation/Limited (continued)
|
||||||||
$
|
775
|
New York State Environmental Facilities Corporation, State Personal Income Tax Revenue Bonds, Series 2008A, 5.000%, 12/15/26 (UB)
|
12/17 at 100.00
|
AAA
|
$
|
863,869
|
||
250
|
New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Second General Series 2004A, 5.000%, 4/01/21 – NPFG Insured
|
4/14 at 100.00
|
AA
|
276,860
|
||||
425
|
New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Series 2007, 5.000%, 4/01/27
|
10/17 at 100.00
|
AA
|
466,365
|
||||
570
|
New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Series 2005B, 5.500%, 4/01/20 – AMBAC Insured (UB)
|
No Opt. Call
|
AA
|
698,324
|
||||
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–
|
1,086,170
|
||||
250
|
5.250%, 6/01/21 – AMBAC Insured
|
6/13 at 100.00
|
AA–
|
270,863
|
||||
500
|
New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2003B-1C, 5.500%, 6/01/21
|
6/13 at 100.00
|
AA–
|
542,535
|
||||
9,400
|
Total Tax Obligation/Limited
|
10,420,242
|
||||||
Transportation – 2.0%
|
||||||||
180
|
Albany Parking Authority, New York, Revenue Bonds, Series 2001A, 5.625%, 7/15/25
|
7/11 at 101.00
|
BBB+
|
183,571
|
||||
500
|
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2003A, 5.000%, 11/15/15 – FGIC Insured
|
No Opt. Call
|
A
|
573,970
|
||||
100
|
New York State Thruway Authority, General Revenue Bonds, Series 2005G, 5.000%, 1/01/30 – AGM Insured
|
7/15 at 100.00
|
AAA
|
106,397
|
||||
105
|
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Fortieth Series 2005, 5.000%, 12/01/31 – SYNCORA GTY Insured
|
6/15 at 101.00
|
Aa2
|
112,267
|
||||
120
|
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Forty Eighth Series 2008, Trust 2920, 17.154%, 8/15/32 – AGM Insured (IF)
|
8/17 at 100.00
|
AA+
|
158,914
|
||||
1,005
|
Total Transportation
|
1,135,119
|
||||||
U.S. Guaranteed – 4.8% (4)
|
||||||||
220
|
Albany Parking Authority, New York, Revenue Bonds, Series 2001A, 5.625%, 7/15/25 (Pre-refunded 7/15/11)
|
7/11 at 101.00
|
BBB+ (4)
|
231,587
|
||||
880
|
Dormitory Authority of the State of New York, Judicial Facilities Lease Revenue Bonds, Suffolk County Issue, Series 1986, 7.375%, 7/01/16 (ETM)
|
No Opt. Call
|
AAA
|
1,048,335
|
||||
250
|
Dormitory Authority of the State of New York, Revenue Bonds, North Shore Long Island Jewish Group, Series 2003, 5.375%, 5/01/23 (Pre-refunded 5/01/13)
|
5/13 at 100.00
|
Aaa
|
280,875
|
||||
180
|
Suffolk County Water Authority, New York, Water Revenue Bonds, Series 1986V, 6.750%, 6/01/12 (ETM)
|
No Opt. Call
|
AAA
|
192,418
|
||||
880
|
TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2002-1, 5.500%, 7/15/24 (Pre-refunded 7/15/12)
|
7/12 at 100.00
|
AAA
|
946,713
|
||||
2,410
|
Total U.S. Guaranteed
|
2,699,928
|
||||||
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
|
621,334
|
||||
430
|
5.000%, 12/01/25 – FGIC Insured
|
6/16 at 100.00
|
A
|
464,267
|
||||
500
|
New York State Energy Research and Development Authority, Pollution Control Revenue Bonds, New York State Electric and Gas Corporation, Series 2005A, 4.100%, 3/15/15 – NPFG Insured
|
3/11 at 100.00
|
A
|
503,440
|
||||
250
|
Niagara County Industrial Development Agency, New York, 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)
|
11/11 at 101.00
|
Baa2
|
258,540
|
||||
1,750
|
Total Utilities
|
1,847,581
|
Principal
|
Optional Call
|
|||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||
Water and Sewer – 12.1%
|
||||||||
$
|
2,500
|
New York City Municipal Water Finance Authority, New York, Water and Sewerage System Revenue Bonds, Fiscal Series 2001C, 5.125%, 6/15/33
|
6/11 at 101.00
|
AAA
|
$
|
2,583,950
|
||
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
|
2,137,820
|
||||
2,000
|
5.000%, 6/15/27
|
6/12 at 100.00
|
AAA
|
2,100,840
|
||||
6,500
|
Total Water and Sewer
|
6,822,610
|
||||||
$
|
53,195
|
Total Investments (cost $53,497,331) – 99.6%
|
56,067,195
|
|||||
Floating Rate Obligations – (1.8)%
|
(1,005,000
|
) | ||||||
Other Assets Less Liabilities – 2.2%
|
1,210,545
|
|||||||
Net Assets – 100%
|
$
|
56,272,740
|
(1)
|
All percentages shown in the Portfolio of Investments are based on net assets.
|
|
(2)
|
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
|
|
(3)
|
Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investor Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
|
|
(4)
|
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. 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)
|
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities for more information.
|
Statement of
|
|
Assets & Liabilities
|
|
September 30, 2010 (Unaudited)
|
Select
Tax-Free
(NXP
|
) |
Select
Tax-Free 2
(NXQ
|
) |
Select
Tax-Free 3
(NXR
|
) |
California
Select Tax-Free
(NXC
|
) |
New York
Select Tax-Free
(NXN
|
) | |||||||||||
Assets
|
||||||||||||||||||||
Investments, at value
(cost $224,479,370, $241,753,312, $175,040,649, $87,859,525 and $53,497,331, respectively)
|
$ | 230,643,974 | $ | 238,560,930 | $ | 180,621,418 | $ | 90,772,893 | $ | 56,067,195 | ||||||||||
Cash
|
2,374,934 | 2,593,915 | 2,998,917 | — | 609,809 | |||||||||||||||
Receivables:
|
||||||||||||||||||||
Interest
|
3,665,250 | 3,774,354 | 2,640,333 | 1,173,621 | 825,864 | |||||||||||||||
Investments sold
|
788,024 | 30,360 | — | — | — | |||||||||||||||
Other assets
|
42,707 | 127,840 | 33,346 | 17,597 | 11,806 | |||||||||||||||
Total assets
|
237,514,889 | 245,087,399 | 186,294,014 | 91,964,111 | 57,514,674 | |||||||||||||||
Liabilities
|
||||||||||||||||||||
Cash overdraft
|
— | — | — | 332,798 | — | |||||||||||||||
Floating rate obligations
|
— | 1,000,000 | — | 1,540,000 | 1,005,000 | |||||||||||||||
Payables:
|
||||||||||||||||||||
Dividends
|
897,936 | 913,897 | 647,992 | 319,922 | 184,982 | |||||||||||||||
Investments purchased
|
399,060 | 920,032 | 332,550 | — | — | |||||||||||||||
Accrued expenses:
|
||||||||||||||||||||
Management fees
|
43,947 | 54,915 | 42,362 | 20,894 | 13,075 | |||||||||||||||
Other
|
157,168 | 160,729 | 122,332 | 62,277 | 38,877 | |||||||||||||||
Total liabilities
|
1,498,111 | 3,049,573 | 1,145,236 | 2,275,891 | 1,241,934 | |||||||||||||||
Net assets
|
$ | 236,016,778 | $ | 242,037,826 | $ | 185,148,778 | $ | 89,688,220 | $ | 56,272,740 | ||||||||||
Shares outstanding
|
16,500,776 | 17,687,869 | 13,012,834 | 6,267,291 | 3,914,346 | |||||||||||||||
Net asset value per share outstanding
|
$ | 14.30 | $ | 13.68 | $ | 14.23 | $ | 14.31 | $ | 14.38 | ||||||||||
Net assets consist of:
|
||||||||||||||||||||
Shares, $.01 par value per share
|
$ | 165,008 | $ | 176,879 | $ | 130,128 | $ | 62,673 | $ | 39,143 | ||||||||||
Paid-in surplus
|
229,350,513 | 246,765,464 | 179,047,273 | 87,263,868 | 53,707,438 | |||||||||||||||
Undistributed (Over-distribution of) net investment income
|
1,082,830 | 454,861 | 350,794 | 69,437 | 50,869 | |||||||||||||||
Accumulated net realized gain (loss)
|
(746,177 | ) | (2,166,996 | ) | 39,814 | (621,126 | ) | (94,574 | ) | |||||||||||
Net unrealized appreciation (depreciation)
|
6,164,604 | (3,192,382 | ) | 5,580,769 | 2,913,368 | 2,569,864 | ||||||||||||||
Net assets
|
$ | 236,016,778 | $ | 242,037,826 | $ | 185,148,778 | $ | 89,688,220 | $ | 56,272,740 | ||||||||||
Authorized shares
|
Unlimited
|
Unlimited
|
Unlimited
|
Unlimited
|
Unlimited
|
Statement of
|
|
Operations
|
|
Six Months Ended September 30, 2010 (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
|
$ | 6,218,273 | $ | 6,142,830 | $ | 4,621,875 | $ | 2,293,270 | $ | 1,366,558 | ||||||||||
Expenses
|
||||||||||||||||||||
Management fees
|
269,692 | 335,910 | 258,683 | 126,697 | 79,417 | |||||||||||||||
Shareholders’ servicing agent fees and expenses
|
11,575 | 10,635 | 9,079 | 3,263 | 2,742 | |||||||||||||||
Interest expense on floating rate obligations
|
— | 4,007 | — | 5,436 | 2,841 | |||||||||||||||
Custodian’s fees and expenses
|
23,044 | 23,865 | 19,495 | 10,644 | 9,028 | |||||||||||||||
Trustees’ fees and expenses
|
2,812 | 2,900 | 2,195 | 1,062 | 667 | |||||||||||||||
Professional fees
|
39,999 | 56,861 | 22,020 | 6,423 | 5,437 | |||||||||||||||
Shareholders’ reports – printing and mailing expenses
|
28,100 | 29,470 | 22,685 | 10,402 | 7,642 | |||||||||||||||
Stock exchange listing fees
|
4,639 | 4,623 | 4,599 | 4,557 | 4,568 | |||||||||||||||
Investor relations expense
|
8,763 | 8,986 | 6,617 | 2,773 | 1,902 | |||||||||||||||
Other expenses
|
5,028 | 5,032 | 4,267 | 2,653 | 2,239 | |||||||||||||||
Total expenses before custodian fee credit
|
393,652 | 482,289 | 349,640 | 173,910 | 116,483 | |||||||||||||||
Custodian fee credit
|
(1,308 | ) | (1,704 | ) | (736 | ) | (43 | ) | (162 | ) | ||||||||||
Net expenses
|
392,344 | 480,585 | 348,904 | 173,867 | 116,321 | |||||||||||||||
Net investment income
|
5,825,929 | 5,662,245 | 4,272,971 | 2,119,403 | 1,250,237 | |||||||||||||||
Realized and Unrealized Gain (Loss)
|
||||||||||||||||||||
Net realized gain (loss) from investments
|
97,825 | 22,820 | 26,963 | 12,157 | (29,804 | ) | ||||||||||||||
Change in net unrealized appreciation (depreciation) of investments
|
1,802,338 | 2,926,540 | 2,089,706 | 2,095,340 | 1,221,661 | |||||||||||||||
Net realized and unrealized gain (loss)
|
1,900,163 | 2,949,360 | 2,116,669 | 2,107,497 | 1,191,857 | |||||||||||||||
Net increase (decrease) in net assets from operations
|
$ | 7,726,092 | $ | 8,611,605 | $ | 6,389,640 | $ | 4,226,900 | $ | 2,442,094 |
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
|
||||||||
9/30/10
|
3/31/10
|
9/30/10
|
3/31/10
|
9/30/10
|
3/31/10
|
||||||||
Operations
|
|||||||||||||
Net investment income
|
$
|
5,825,929
|
$
|
11,988,538
|
$
|
5,662,245
|
$
|
11,980,343
|
$
|
4,272,971
|
$
|
8,677,072
|
|
Net realized gain (loss) from investments
|
97,825
|
52,099
|
22,820
|
(381,407
|
) |
26,963
|
11,888
|
||||||
Change in net unrealized appreciation (depreciation) of investments
|
1,802,338
|
10,863,997
|
2,926,540
|
16,031,656
|
2,089,706
|
8,445,903
|
|||||||
Net increase (decrease) in net assets from operations
|
7,726,092
|
22,904,634
|
8,611,605
|
27,630,592
|
6,389,640
|
17,134,863
|
|||||||
Distributions to Shareholders
|
|||||||||||||
From net investment income
|
(5,887,591
|
) |
(11,808,528
|
) |
(5,887,858
|
) |
(11,759,649
|
) |
(4,175,652
|
) |
(8,340,466
|
) | |
From accumulated net realized gains
|
—
|
—
|
—
|
—
|
—
|
(12,996
|
) | ||||||
Decrease in net assets from distributions to shareholders
|
(5,887,591
|
) |
(11,808,528
|
) |
(5,887,858
|
) |
(11,759,649
|
) |
(4,175,652
|
) |
(8,353,462
|
) | |
Capital Share Transactions
|
|||||||||||||
Net proceeds from shares issued to shareholders due to reinvestment of distributions
|
309,771
|
657,992
|
213,763
|
458,195
|
155,920
|
319,912
|
|||||||
Net increase (decrease) in net assets from capital share transactions
|
309,771
|
657,992
|
213,763
|
458,195
|
155,920
|
319,912
|
|||||||
Net increase (decrease) in net assets
|
2,148,272
|
11,754,098
|
2,937,510
|
16,329,138
|
2,369,908
|
9,101,313
|
|||||||
Net assets at the beginning of period
|
233,868,506
|
222,114,408
|
239,100,316
|
222,771,178
|
182,778,870
|
173,677,557
|
|||||||
Net assets at the end of period
|
$ |
236,016,778
|
$ |
233,868,506
|
$ |
242,037,826
|
$ |
239,100,316
|
$ |
185,148,778
|
$ |
182,778,870
|
|
Undistributed (Over-distribution of) net investment income at the end of period
|
$
|
1,082,830
|
$
|
1,144,492
|
$
|
454,861
|
$
|
680,474
|
$
|
350,794
|
$
|
253,475
|
California Select Tax-Free (NXC)
|
New York Select Tax-Free (NXN)
|
|||||||||||||||
Six Months
|
Year
|
Six Months
|
Year
|
|||||||||||||
Ended
|
Ended
|
Ended
|
Ended
|
|||||||||||||
9/30/10
|
3/31/10
|
9/30/10
|
3/31/10
|
|||||||||||||
Operations
|
||||||||||||||||
Net investment income
|
$ | 2,119,403 | $ | 4,213,923 | $ | 1,250,237 | $ | 2,441,261 | ||||||||
Net realized gain (loss) from investments
|
12,157 | 226,399 | (29,804 | ) | (5,962 | ) | ||||||||||
Change in net unrealized appreciation (depreciation) of investments
|
2,095,340 | 4,328,914 | 1,221,661 | 2,655,873 | ||||||||||||
Net increase (decrease) in net assets from operations
|
4,226,900 | 8,769,236 | 2,442,094 | 5,091,172 | ||||||||||||
Distributions to Shareholders
|
||||||||||||||||
From net investment income
|
(2,087,007 | ) | (4,174,015 | ) | (1,197,566 | ) | (2,393,983 | ) | ||||||||
From accumulated net realized gains
|
— | — | — | — | ||||||||||||
Decrease in net assets from distributions to shareholders
|
(2,087,007 | ) | (4,174,015 | ) | (1,197,566 | ) | (2,393,983 | ) | ||||||||
Capital Share Transactions
|
||||||||||||||||
Net proceeds from shares issued to shareholders due to reinvestment of distributions
|
— | — | 21,134 | 41,902 | ||||||||||||
Net increase (decrease) in net assets from capital share transactions
|
— | — | 21,134 | 41,902 | ||||||||||||
Net increase (decrease) in net assets
|
2,139,893 | 4,595,221 | 1,265,662 | 2,739,091 | ||||||||||||
Net assets at the beginning of period
|
87,548,327 | 82,953,106 | 55,007,078 | 52,267,987 | ||||||||||||
Net assets at the end of period
|
$ | 89,688,220 | $ | 87,548,327 | $ | 56,272,740 | $ | 55,007,078 | ||||||||
Undistributed (Over-distribution of) net investment income at the end of period
|
$ | 69,437 | $ | 37,041 | $ | 50,869 | $ | (1,802 | ) |
Notes to
|
|
Financial Statements (Unaudited)
|
Notes to | ||
Financial Statements (Unaudited) (continued) | ||
Select
Tax-Free (NXP
|
)
|
Select
Tax-Free 2
(NXQ
|
)
|
Select
Tax-Free 3
(NXR
|
)
|
California
Select
Tax-Free
(NXC
|
)
|
New York
Select
Tax-Free
(NXN
|
)
|
|||||||
Maximum exposure to Recourse Trusts
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
Select
Tax-Free 2
(NXQ
|
)
|
California
Select
Tax-Free
(NXC
|
)
|
New York
Select
Tax-Free
(NXN
|
)
|
|||||
Average floating rate obligations outstanding
|
$
|
1,000,000
|
$
|
1,540,000
|
$
|
1,005,000
|
||||
Average annual interest rate and fees
|
.80
|
%
|
.70
|
%
|
.56
|
%
|
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).
|
Select Tax-Free (NXP)
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||
Investments:
|
|||||||||||||
Municipal Bonds
|
$
|
—
|
$
|
230,641,091
|
$
|
—
|
$
|
230,641,091
|
|||||
Common Stocks
|
2,883
|
—
|
—
|
2,883
|
|||||||||
Total
|
$
|
2,883
|
$
|
230,641,091
|
$
|
—
|
$
|
230,643,974
|
|||||
Select Tax-Free 2 (NXQ)
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||
Investments:
|
|||||||||||||
Municipal Bonds
|
$
|
—
|
$
|
238,558,165
|
$
|
—
|
$
|
238,558,165
|
|||||
Common Stocks
|
2,765
|
—
|
—
|
2,765
|
|||||||||
Total
|
$
|
2,765
|
$
|
238,558,165
|
$
|
—
|
$
|
238,560,930
|
|||||
Select Tax-Free 3 (NXR)
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||
Investments:
|
|||||||||||||
Municipal Bonds
|
$
|
—
|
$
|
180,620,615
|
$
|
—
|
$
|
180,620,615
|
|||||
Common Stocks
|
803
|
—
|
—
|
803
|
|||||||||
Total
|
$
|
803
|
$
|
180,620,615
|
$
|
—
|
$
|
180,621,418
|
|||||
California Select Tax-Free (NXC)
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||
Investments:
|
|||||||||||||
Municipal Bonds
|
$
|
—
|
$
|
90,772,893
|
$
|
—
|
$
|
90,772,893
|
|||||
New York Select Tax-Free (NXN)
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||
Investments:
|
|||||||||||||
Municipal Bonds
|
$
|
—
|
$
|
56,067,195
|
$
|
—
|
$
|
56,067,195
|
Select
Tax-Free (NXP)
|
Select
Tax-Free 2 (NXQ)
|
Select
Tax-Free 3 (NXR)
|
|||||||||||||||||
Six Months
Ended
9/30/10
|
Year Ended
3/31/10
|
Six Months
Ended
9/30/10
|
Year Ended
3/31/10
|
Six Months
Ended
9/30/10
|
Year Ended
3/31/10
|
||||||||||||||
Shares issued to shareholders due to reinvestment of distributions
|
21,695
|
47,024
|
15,728
|
34,706
|
11,037
|
23,083
|
California Select
Tax-Free (NXC)
|
New York Select
Tax-Free (NXN)
|
||||||||||||
Six Months
Ended
9/30/10
|
Year Ended
3/31/10
|
Six Months
Ended
9/30/10
|
Year Ended
3/31/10
|
||||||||||
Shares issued to shareholders due to reinvestment of distributions
|
—
|
—
|
1,478
|
3,021
|
Notes to | ||
Financial Statements (Unaudited) (continued) | ||
Select
Tax-Free
(NXP
|
)
|
Select
Tax-Free 2
(NXQ
|
)
|
Select
Tax-Free 3
(NXR
|
)
|
California
Select
Tax-Free
(NXC
|
)
|
New York
Select
Tax-Free
(NXN
|
)
|
|||||||
Purchases
|
$
|
5,573,971
|
$
|
7,754,418
|
$
|
3,655,543
|
$
|
374,752
|
$
|
735,278
|
||||||
Sales and maturities
|
7,977,604
|
8,594,204
|
5,976,525
|
315,984
|
1,318,020
|
Select
Tax-Free
(NXP
|
)
|
Select
Tax-Free 2
(NXQ
|
)
|
Select
Tax-Free 3
(NXR
|
)
|
California
Select
Tax-Free
(NXC
|
)
|
New York
Select
Tax-Free
(NXN
|
)
|
|||||||
Cost of investments
|
$
|
224,030,300
|
$
|
240,512,778
|
$
|
174,827,400
|
$
|
86,312,770
|
$
|
52,484,537
|
||||||
Gross unrealized:
|
||||||||||||||||
Appreciation
|
$
|
17,486,874
|
$
|
11,890,164
|
$
|
10,423,070
|
$
|
4,341,960
|
$
|
2,717,680
|
||||||
Depreciation
|
(10,873,200
|
)
|
(14,842,012
|
)
|
(4,629,052
|
)
|
(1,426,100
|
)
|
(137,146
|
)
|
||||||
Net unrealized appreciation (depreciation) of investments
|
$
|
6,613,674
|
$
|
(2,951,848
|
)
|
$
|
5,794,018
|
$
|
2,915,860
|
$
|
2,580,534
|
Select
Tax-Free
(NXP
|
)
|
Select
Tax-Free 2
(NXQ
|
)
|
Select
Tax-Free 3
(NXR
|
)
|
California
Select
Tax-Free
(NXC
|
)
|
New York
Select
Tax-Free
(NXN
|
)
|
|||||||
Undistributed (Over-distribution of) net investment income
|
$
|
(1,288
|
)
|
$
|
(13,807
|
)
|
$
|
(1,270
|
)
|
$
|
(234
|
)
|
$
|
—
|
||
Accumulated net realized gain (loss)
|
11,473
|
13,783
|
1,270
|
234
|
—
|
|||||||||||
Paid-in-surplus
|
(10,185
|
)
|
24
|
—
|
—
|
—
|
Select
Tax-Free
(NXP
|
)
|
Select
Tax-Free 2
(NXQ
|
)
|
Select
Tax-Free 3
(NXR
|
)
|
California
Select
Tax-Free
(NXC
|
)
|
New York
Select
Tax-Free
(NXN
|
)
|
|||||||
Undistributed net tax-exempt income*
|
$
|
1,730,150
|
$
|
1,441,934
|
$
|
772,035
|
$
|
378,559
|
$
|
186,791
|
||||||
Undistributed net ordinary income**
|
496
|
11,261
|
19,012
|
4,246
|
—
|
|||||||||||
Undistributed net long-term capital gains
|
—
|
—
|
—
|
—
|
—
|
*
|
Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on March 2, 2010, paid on April 1, 2010.
|
**
|
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
|
Select
Tax-Free
(NXP
|
)
|
Select
Tax-Free 2
(NXQ
|
)
|
Select
Tax-Free 3
(NXR
|
)
|
California
Select
Tax-Free
(NXC
|
)
|
New York
Select
Tax-Free
(NXN
|
)
|
|||||||
Distributions from net tax-exempt income
|
$
|
11,501,182
|
$
|
11,757,723
|
$
|
8,339,231
|
$
|
4,174,015
|
$
|
2,393,829
|
||||||
Distributions from net ordinary income**
|
263,468
|
—
|
306
|
—
|
—
|
|||||||||||
Distributions from net long-term capital gains
|
—
|
—
|
12,690
|
—
|
—
|
**
|
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
|
Select
Tax-Free
(NXP
|
)
|
Select
Tax-Free 2
(NXQ
|
)
|
California
Select
Tax-Free
(NXC
|
)
|
New York
Select
Tax-Free
(NXN
|
)
|
||||||
Expiration:
|
|||||||||||||
March 31, 2015
|
$
|
844,020
|
$
|
1,317,559
|
$
|
—
|
$
|
—
|
|||||
March 31, 2016
|
—
|
7,597
|
29,942
|
40,192
|
|||||||||
March 31, 2017
|
—
|
400,800
|
107,619
|
15,314
|
|||||||||
March 31, 2018
|
—
|
—
|
—
|
9,265
|
|||||||||
Total
|
$
|
844,020
|
$
|
1,725,956
|
$
|
137,561
|
$
|
64,771
|
Select
Tax-Free 2
(NXQ
|
)
|
California
Select
Tax-Free
(NXC
|
)
|
||||
Post-October capital losses
|
$
|
464,302
|
$
|
495,724
|
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*
|
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
|
Notes to | ||
Financial Statements (Unaudited) (continued) | ||
Complex-Level Managed Asset Breakpoint Level*
|
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
|
*
|
The complex-level fee is calculated based upon the aggregate daily managed assets of all Nuveen funds, with such daily managed assets defined separately for each fund in its management agreement, but excluding assets attributable to investments in other Nuveen funds. Managed assets include closed-end fund 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 certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining managed assets in certain circumstances. As of September 30, 2010, the complex-level fee rate was .1822%.
|
Financial | ||
Highlights (Unaudited) |
Financial | ||
Highlights (Unaudited) | ||
Selected data for a Common share outstanding throughout each period: |
Investment Operations
|
Less Distributions
|
|||||||||||||||||||||||||||
Beginning
Net Asset
Value
|
Net
Investment
Income
|
Net
Realized/
Unrealized
Gain (Loss
|
)
|
Total
|
Net
Investment
Income
|
Capital
Gains
|
Total
|
Ending
Net
Asset
Value
|
Ending
Market
Value
|
|||||||||||||||||||
Select Tax-Free (NXP)
|
||||||||||||||||||||||||||||
Year Ended 3/31:
|
||||||||||||||||||||||||||||
2011(d)
|
$
|
14.19
|
$
|
.35
|
$
|
.12
|
$
|
.47
|
$
|
(.36
|
)
|
$
|
—
|
$
|
(.36
|
)
|
$
|
14.30
|
$
|
15.27
|
||||||||
2010
|
13.52
|
.73
|
.66
|
1.39
|
(.72
|
)
|
—
|
(.72
|
)
|
14.19
|
14.74
|
|||||||||||||||||
2009
|
14.30
|
.71
|
(.81
|
)
|
(.10
|
)
|
(.68
|
)
|
—
|
(.68
|
)
|
13.52
|
13.67
|
|||||||||||||||
2008
|
14.72
|
.70
|
(.44
|
)
|
.26
|
(.68
|
)
|
—
|
(.68
|
)
|
14.30
|
14.24
|
||||||||||||||||
2007
|
14.62
|
.70
|
.08
|
.78
|
(.68
|
)
|
—
|
(.68
|
)
|
14.72
|
14.85
|
|||||||||||||||||
2006
|
14.62
|
.70
|
(.02
|
)
|
.68
|
(.68
|
)
|
—
|
(.68
|
)
|
14.62
|
14.21
|
Select Tax-Free 2 (NXQ)
|
||||||||||||||||||||||||||||
Year Ended 3/31:
|
||||||||||||||||||||||||||||
2011(d)
|
13.53
|
.32
|
.16
|
.48
|
(.33
|
)
|
—
|
(.33
|
)
|
13.68
|
14.20
|
|||||||||||||||||
2010
|
12.63
|
.68
|
.89
|
1.57
|
(.67
|
)
|
—
|
(.67
|
)
|
13.53
|
13.81
|
|||||||||||||||||
2009
|
13.93
|
.67
|
(1.30
|
)
|
(.63
|
)
|
(.67
|
)
|
—
|
(.67
|
)
|
12.63
|
13.14
|
|||||||||||||||
2008
|
14.60
|
.66
|
(.69
|
)
|
(.03
|
)
|
(.64
|
)
|
—
|
(.64
|
)
|
13.93
|
13.79
|
|||||||||||||||
2007
|
14.44
|
.66
|
.14
|
.80
|
(.64
|
)
|
—
|
(.64
|
)
|
14.60
|
14.07
|
|||||||||||||||||
2006
|
14.38
|
.66
|
.06
|
.72
|
(.65
|
)
|
(.01
|
)
|
(.66
|
)
|
14.44
|
13.37
|
Ratios/Supplemental Data
|
|||||||||||||||||||
Total Returns
|
Ratios to Average Net Assets(b)
|
||||||||||||||||||
Based on
Market
Value
|
(a)
|
Based on
Net
Asset
Value
|
(a)
|
Ending
Net
Assets
(000
|
)
|
Expenses
Including
Interest
|
(c)
|
Expenses
Excluding
Interest
|
Net
Investment
Income
|
Portfolio
Turnover
Rate
|
|||||||||
6.18
|
%
|
3.32
|
%
|
$
|
236,017
|
.33
|
%*
|
.33
|
%*
|
4.94
|
%*
|
2
|
%
|
||||||
13.45
|
10.45
|
233,869
|
.32
|
.32
|
5.20
|
3
|
|||||||||||||
.89
|
(.65
|
)
|
222,114
|
.33
|
.33
|
5.12
|
11
|
||||||||||||
.61
|
1.83
|
234,494
|
.32
|
.32
|
4.83
|
4
|
|||||||||||||
9.59
|
5.48
|
241,074
|
.31
|
.31
|
4.77
|
2
|
|||||||||||||
10.41
|
4.74
|
239,406
|
.32
|
.32
|
4.72
|
4
|
|||||||||||||
5.35
|
3.61
|
242,038
|
.40
|
* |
.40
|
* |
4.70
|
* |
3
|
||||||||||
10.45
|
12.62
|
239,100
|
.37
|
.37
|
5.12
|
4
|
|||||||||||||
.24
|
(4.63
|
)
|
222,771
|
.39
|
.38
|
5.08
|
6
|
||||||||||||
2.69
|
(.24
|
)
|
245,244
|
.40
|
.36
|
4.58
|
7
|
||||||||||||
10.21
|
5.62
|
257,037
|
.37
|
.36
|
4.50
|
3
|
|||||||||||||
7.39
|
5.12
|
254,205
|
.36
|
.36
|
4.51
|
11
|
(a)
|
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.
|
|
(b)
|
Ratios do not reflect the effect of custodian fee credits earned on the Fund’s net cash on deposit with the custodian bank, where applicable.
|
(c)
|
The expense ratios reflect, among other things, the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, where applicable, as described in Footnote 1 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities.
|
(d)
|
For the six months ended September 30, 2010.
|
*
|
Annualized.
|
Financial | ||
Highlights (Unaudited) (continued) | ||
Investment Operations
|
Less Distributions
|
|||||||||||||||||||||||||||
Beginning
Net Asset
Value
|
Net
Investment
Income
|
Net
Realized/
Unrealized
Gain (Loss
|
)
|
Total
|
Net
Investment
Income
|
Capital
Gains
|
Total
|
Ending
Net
Asset
Value
|
Ending
Market
Value
|
|||||||||||||||||||
Select Tax-Free 3 (NXR)
|
||||||||||||||||||||||||||||
Year Ended 3/31:
|
||||||||||||||||||||||||||||
2011(d)
|
$
|
14.06
|
$
|
.33
|
$
|
.16
|
$
|
.49
|
$
|
(.32
|
)
|
$
|
—
|
$
|
(.32
|
)
|
$
|
14.23
|
$
|
14.95
|
||||||||
2010
|
13.38
|
.67
|
.65
|
1.32
|
(.64
|
)
|
—
|
** |
(.64
|
)
|
14.06
|
14.22
|
||||||||||||||||
2009
|
13.98
|
.66
|
(.62
|
)
|
.04
|
(.64
|
)
|
—
|
(.64
|
)
|
13.38
|
13.57
|
||||||||||||||||
2008
|
14.42
|
.64
|
(.44
|
)
|
.20
|
(.64
|
)
|
—
|
(.64
|
)
|
13.98
|
13.75
|
||||||||||||||||
2007
|
14.29
|
.64
|
.13
|
.77
|
(.64
|
)
|
—
|
(.64
|
)
|
14.42
|
14.01
|
|||||||||||||||||
2006
|
14.22
|
.65
|
.06
|
.71
|
(.64
|
)
|
—
|
(.64
|
)
|
14.29
|
13.45
|
California Select Tax-Free (NXC)
|
||||||||||||||||||||||||||||
Year Ended 3/31:
|
||||||||||||||||||||||||||||
2011(d)
|
13.97
|
.34
|
.33
|
.67
|
(.33
|
)
|
—
|
(.33
|
)
|
14.31
|
13.89
|
|||||||||||||||||
2010
|
13.24
|
.67
|
.73
|
1.40
|
(.67
|
)
|
—
|
(.67
|
)
|
13.97
|
13.08
|
|||||||||||||||||
2009
|
14.09
|
.66
|
(.84
|
)
|
(.18
|
)
|
(.67
|
)
|
—
|
(.67
|
)
|
13.24
|
12.00
|
|||||||||||||||
2008
|
14.73
|
.66
|
(.65
|
)
|
.01
|
(.64
|
)
|
(.01
|
)
|
(.65
|
)
|
14.09
|
14.08
|
|||||||||||||||
2007
|
14.57
|
.64
|
.18
|
.82
|
(.64
|
)
|
(.02
|
)
|
(.66
|
)
|
14.73
|
14.22
|
||||||||||||||||
2006
|
14.54
|
.65
|
.09
|
.74
|
(.65
|
)
|
(.06
|
)
|
(.71
|
)
|
14.57
|
13.56
|
Ratios/Supplemental Data
|
|||||||||||||||||||
Total Returns
|
Ratios to Average Net Assets(b)
|
||||||||||||||||||
Based on
Market
Value
|
(a)
|
Based on
Net
Asset
Value
|
(a)
|
Ending
Net
Assets
(000
|
)
|
Expenses
Including
Interest
|
(c)
|
Expenses
Excluding
Interest
|
Net
Investment
Income
|
Portfolio
Turnover
Rate
|
|||||||||
7.52
|
%
|
3.53
|
%
|
$
|
185,149
|
.38
|
%*
|
.38
|
%*
|
4.64
|
%*
|
2
|
%
|
||||||
9.70
|
10.05
|
182,779
|
.38
|
.38
|
4.81
|
3
|
|||||||||||||
3.51
|
.34
|
173,678
|
.39
|
.39
|
4.83
|
5
|
|||||||||||||
2.91
|
1.42
|
181,288
|
.38
|
.36
|
4.49
|
2
|
|||||||||||||
9.15
|
5.51
|
186,969
|
.38
|
.37
|
4.43
|
9
|
|||||||||||||
10.12
|
5.10
|
185,233
|
.37
|
.37
|
4.51
|
6
|
|||||||||||||
8.81
|
4.86
|
89,688
|
.39
|
* |
.38
|
* |
4.76
|
* |
—
|
***
|
|||||||||
14.71
|
10.71
|
87,548
|
.41
|
.39
|
4.87
|
4
|
|||||||||||||
(10.34
|
)
|
(1.30
|
)
|
82,953
|
.43
|
.41
|
4.85
|
12
|
|||||||||||
3.68
|
.05
|
88,224
|
.44
|
.38
|
4.52
|
8
|
|||||||||||||
9.89
|
5.72
|
92,177
|
.40
|
.39
|
4.37
|
16
|
|||||||||||||
6.52
|
5.17
|
91,152
|
.38
|
.38
|
4.42
|
8
|
(a)
|
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.
|
|
(b)
|
Ratios do not reflect the effect of custodian fee credits earned on the Fund’s net cash on deposit with the custodian bank, where applicable.
|
(c)
|
The expense ratios reflect, among other things, the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, where applicable, as described in Footnote 1 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities.
|
(d)
|
For the six months ended September 30, 2010.
|
*
|
Annualized.
|
**
|
Rounds to less than $.01 per share.
|
***
|
Rounds to less than 1%.
|
Financial | ||
Highlights (Unaudited) (continued) | ||
Selected data for a Common share outstanding throughout each period: |
Investment Operations
|
Less Distributions
|
|||||||||||||||||||||||||||
Beginning
Net Asset
Value
|
Net
Investment
Income
|
Net
Realized/
Unrealized
Gain (Loss)
|
Total
|
Net
Investment
Income
|
Capital
Gains
|
Total
|
Ending
Net
Asset
Value
|
Ending
Market
Value
|
||||||||||||||||||||
New York Select Tax-Free (NXN)
|
||||||||||||||||||||||||||||
Year Ended 3/31:
|
||||||||||||||||||||||||||||
2011(d)
|
$
|
14.06
|
$
|
.32
|
$
|
.31
|
$
|
.63
|
$
|
(.31
|
)
|
$
|
—
|
$
|
(.31
|
)
|
$
|
14.38
|
$
|
14.36
|
||||||||
2010
|
13.37
|
.62
|
.68
|
1.30
|
(.61
|
)
|
—
|
(.61
|
)
|
14.06
|
13.80
|
|||||||||||||||||
2009
|
13.79
|
.62
|
(.43
|
)
|
.19
|
(.61
|
)
|
—
|
(.61
|
)
|
13.37
|
13.08
|
||||||||||||||||
2008
|
14.28
|
.62
|
(.49
|
)
|
.13
|
(.61
|
)
|
(.01
|
)
|
(.62
|
)
|
13.79
|
13.79
|
|||||||||||||||
2007
|
14.19
|
.61
|
.13
|
.74
|
(.61
|
)
|
(.04
|
)
|
(.65
|
)
|
14.28
|
14.15
|
||||||||||||||||
2006
|
14.28
|
.62
|
(.02
|
)
|
.60
|
(.62
|
)
|
(.07
|
)
|
(.69
|
)
|
14.19
|
13.35
|
Ratios/Supplemental Data
|
|||||||||||||||||||
Total Returns
|
Ratios to Average Net Assets(b)
|
||||||||||||||||||
Based on
Market
Value
|
(a)
|
Based on
Net
Asset
Value
|
(a)
|
Ending
Net
Assets
(000
|
)
|
Expenses
Including
Interest
|
(c)
|
Expenses
Excluding
Interest
|
Net
Investment
Income
|
Portfolio
Turnover
Rate
|
|||||||||
6.32
|
%
|
4.49
|
%
|
$
|
56,273
|
.42
|
%*
|
.41
|
%*
|
4.48
|
%*
|
1
|
%
|
||||||
10.31
|
9.89
|
55,007
|
.44
|
.42
|
4.50
|
1
|
|||||||||||||
(.57
|
)
|
1.47
|
52,268
|
.47
|
.45
|
4.57
|
1
|
||||||||||||
2.06
|
.94
|
53,908
|
.46
|
.43
|
4.35
|
20
|
|||||||||||||
11.15
|
5.30
|
55,828
|
.46
|
.42
|
4.29
|
6
|
|||||||||||||
2.84
|
4.19
|
55,473
|
.41
|
.41
|
4.28
|
13
|
(a)
|
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.
|
|
(b)
|
Ratios do not reflect the effect of custodian fee credits earned on the Fund’s net cash on deposit with the custodian bank, where applicable.
|
(c)
|
The expense ratios reflect, among other things, the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, where applicable, as described in Footnote 1 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities.
|
(d)
|
For the six months ended September 30, 2010.
|
*
|
Annualized.
|
■
|
Auction Rate Bond: An auction rate bond is a security whose interest payments are adjusted periodically through an auction process, which process typically also serves as a means for buying and selling the bond. Auctions that fail to attract enough buyers for all the shares offered for sale are deemed to have “failed,” with current holders receiving a formula-based interest rate until the next scheduled auction.
|
■
|
Average Annual Total Return: This is a commonly used method to express an investment’s performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment’s actual cumulative performance (including change in NAV or market price and reinvested dividends and capital gains distributions, if any) over the time period being considered.
|
■
|
Average Effective Maturity: The weighted average of the effective maturity dates of the fixed-income securities in the portfolio. A bond’s effective maturity takes into account the possibility that it may be called by the issuer before its stated maturity date. In this case, the bond trades as though it had a shorter maturity than its stated maturity.
|
■
|
Inverse Floaters: Inverse floating rate securities, also known as inverse floaters, 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.
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■
|
Leverage-Adjusted 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. Leverage-adjusted duration takes into account the leveraging process for a Fund and therefore is longer than the duration of the Fund’s portfolio of bonds.
|
■
|
Market Yield (also known as Dividend Yield or Current Yield): An investment’s current annualized dividend divided by its current market price.
|
■
|
Net Asset Value (NAV): A Fund’s NAV per common share is calculated by subtracting the liabilities of the Fund (including any Preferred shares issued in order to leverage the Fund) from its total assets and then dividing the remainder by the number of common shares outstanding. Fund NAVs are calculated at the end of each business day.
|
■
|
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.
|
■
|
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.
|
■
|
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.
|
Fund
|
Common Shares
Repurchased
|
|||
NXP
|
— | |||
NXQ
|
— | |||
NXR
|
— | |||
NXC
|
— | |||
NXN
|
— |
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|
(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.
|
(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.
|