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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-6623

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

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

Kevin J. McCarthy
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
(Name and address of agent for service)

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

Date of fiscal year end: March 31, 2010

Date of reporting period: March 31, 2010

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

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

ITEM 1. REPORTS TO STOCKHOLDERS.

[LOGO]

NUVEEN
Investments

Closed-End Funds

Nuveen Investments
Municipal Closed-End Funds
It's not what you earn, it's what you keep.(R) 

Annual Report
March 31, 2010

----------------- ----------------- ----------------- -----------------
Nuveen Select Nuveen Select Nuveen Select Nuveen California
Tax-Free Income Tax-Free Income Tax-Free Income Select Tax-Free
Portfolio Portfolio 2 Portfolio 3 Income Portfolio
NXP NXQ NXR NXC

-----------------
Nuveen New York
Select Tax-Free
Income Portfolio
NXN
 10
 March

LIFE IS COMPLEX.

Nuveen makes things e-simple.
It only takes a minute to sign up for e-Reports. Once
enrolled, you'll receive an e-mail as soon as your
Nuveen Fund information is ready. No more waiting for
delivery by regular mail. Just click on the link within
the e-mail to see the report and save it on your
computer if you wish.

Free e-Reports right to your e-mail!

www.investordelivery.com
If you receive your Nuveen Fund dividends and statements
from your financial advisor or brokerage account.

OR

www.nuveen.com/accountaccess
If you receive your Nuveen Fund dividends and statements
directly from Nuveen.

[LOGO]

NUVEEN
Investments

CHAIRMAN'S
LETTER TO SHAREHOLDERS 

[IMAGE] Dear Shareholder,

 The economic environment in which your Fund operates
 reflects continuing but uneven economic recovery. The
 U.S. and other major industrial countries are
 experiencing steady but comparatively low levels of
 economic growth, while emerging market countries are

seeing a resumption of relatively strong economic expansion. The largest source of economic uncertainty is the potential impact of steps being considered by many governments to counteract the extraordinary governmental spending and credit expansion carried out to deal with the financial and economic crisis of 2008. Consequently, the implications for future tax rates, government spending, interest rates and the pace of economic recovery in the U.S. and other leading economies are extremely difficult to predict at the present time. The long term health of the global economy depends on restoring some measure of fiscal discipline around the world, but since all of the corrective steps require economic pain, it is not surprising that governments are reluctant to undertake them.

In the near term, governments remain committed to furthering economic recovery and realizing a meaningful reduction in their national unemployment rates. Such an environment should produce continued economic growth and, consequently, attractive investment opportunities. Over the longer term, the larger uncertainty mentioned earlier carries the risk of unexpected potholes in the road to sustained recovery. For this reason, Nuveen's investment management teams are working hard to balance return and risk by building well-diversified portfolios, among other strategies. I encourage you to read the following commentary on the management of your Fund. As always, I also encourage you to contact your financial consultant if you have any questions about your Nuveen Fund investment.

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

Sincerely, 

/s/ Robert P. Bremner
Robert P. Bremner
Chairman of the Board
May 21, 2010

Nuveen Investments 1

PORTFOLIO MANAGERS' COMMENTS

Nuveen Select Tax-Free Income Portfolio (NXP) Nuveen Select Tax-Free Income Portfolio 2 (NXQ) Nuveen Select Tax-Free Income Portfolio 3 (NXR) Nuveen California Select Tax-Free Income Portfolio (NXC) Nuveen New York Select Tax-Free Income Portfolio (NXN)

Portfolio managers Tom Spalding, Scott Romans and Cathryn Steeves examine economic and municipal market conditions at the national and state levels, key investment strategies, and the twelve-month performance of the Nuveen Select Portfolios. With 34 years of investment experience, Tom has managed the three national Portfolios since 1999. Scott, who joined Nuveen Investments 2000, assumed portfolio management responsibility for NXC in 2003, while Cathryn, who has been with Nuveen since 1996, has managed NXN since 2006.

WHAT FACTORS AFFECTED THE U.S. ECONOMY AND MUNICIPAL MARKET DURING THE TWELVE-MONTH REPORTING PERIOD ENDED MARCH 31, 2010?

During this reporting period, the U.S. economy remained under considerable pressure, as both the Federal Reserve (Fed) and the federal government continued their efforts to improve overall conditions. The Federal Reserve maintained the benchmark fed funds rate at a target range of zero to 0.25% after cutting it to this record low level in December 2008. As part of its efforts, the federal government passed the American Recovery and Reinvestment Act of 2009, a $787 billion economic stimulus package intended to provide job creation, tax relief, fiscal assistance to state and local governments and expansion of unemployment benefits and other federal social welfare programs. At its meeting in March 2010, the Fed pledged to keep the fed funds rate "exceptionally low" for an "extended period." In recent months, these and other measures to ease the economic recession have produced some incipient signs of improvement. In the first quarter of 2010, the U.S. economy, as measured by the U.S. gross domestic product (GDP), grew at a rate of 3.2% annualized. Housing also provided a bright spot, with sales of new and existing homes rising 24% and 13%, respectively, between March 2009 and March 2010. At the same time, inflation remained relatively tame, as the Consumer Price Index (CPI) rose 2.3% for the twelve-months ending March 31, 2010. As of March 2010, the national unemployment rate had remained at 9.7% for three consecutive months, up from 8.6% in March 2009 but down from the 26-year high of 10.1% in October 2009. Municipal market conditions began to show general signs of improvement throughout most of the period. This trend was bolstered by the reduced issuance of tax-exempt municipal debt in the marketplace, due in part to the introduction of the Build America Bond program in April 2009. Build America Bonds are a new class of taxable municipal debt created as part

CERTAIN STATEMENTS IN THIS REPORT ARE FORWARD-LOOKING STATEMENTS. DISCUSSIONS OF SPECIFIC INVESTMENTS ARE FOR ILLUSTRATION ONLY AND ARE NOT INTENDED AS RECOMMENDATIONS OF INDIVIDUAL INVESTMENTS. THE FORWARD-LOOKING STATEMENTS AND OTHER VIEWS EXPRESSED HEREIN ARE THOSE OF THE PORTFOLIO MANAGERS AS OF THE DATE OF THIS REPORT. ACTUAL FUTURE RESULTS OR OCCURRENCES MAY DIFFER SIGNIFICANTLY FROM THOSE ANTICIPATED IN ANY FORWARD-LOOKING STATEMENTS, AND THE VIEWS EXPRESSED HEREIN ARE SUBJECT TO CHANGE AT ANY TIME, DUE TO NUMEROUS MARKET AND OTHER FACTORS. THE FUNDS DISCLAIM ANY OBLIGATION TO UPDATE PUBLICLY OR REVISE ANY FORWARD-LOOKING STATEMENTS OR VIEWS EXPRESSED HEREIN.

2 Nuveen Investments

of the economic stimulus package. These bonds currently offer municipal issuers a federal subsidy equal to 35% of the bonds' interest payments and therefore provide issuers with an attractive alternative to traditional tax exempt debt. Between April 2009 and the end of this reporting period, taxable Build America Bonds issuance totaled $90.8 billion, accounting for 21% of new bonds issued in the municipal market during that time. Over the twelve months ended March 31, 2010, municipal bond issuance nationwide "both tax-exempt and taxable" totaled $425.3 billion, a decrease of 2% compared with the twelve-month period ended March 31, 2009. Demand for tax-exempt bonds remained strong during this period and combined with lower tax-exempt issuance, provided support for municipal bond prices.

HOW WERE ECONOMIC AND MARKET CONDITIONS IN CALIFORNIA AND NEW YORK DURING THIS PERIOD?

Over the twelve-month period, California continued to struggle to emerge from a deep recession, which was driven in part by the severe correction in the state's housing market. As of March 2010, California's unemployment rate had risen to 12.6%, the third highest in the nation. On the positive side, California's economy remained relatively diverse and exports continue to grow based on improving global demand, especially for the state's technology products. Recent months also saw housing prices increase. According to the Standard & Poor's (S&P)/Case-Shiller Home Price Index of 20 major metropolitan areas, home prices in San Francisco, San Diego and Los Angeles rose 11.9%, 7.6% and 5.3%, respectively, during the twelve months ended February 2010, compared with an average gain of 0.6% nationally.

During the summer of 2009, the state closed a gap in the fiscal 2009-2010 budget using an assortment of one-time measures, which led to the reappearance of the same kinds of deficit problems in the fiscal 2010-2011 budget. For the proposed $119 billion 2010-2011 budget, California faces a total shortfall of almost $20 billion. Plans called for closing that gap by cutting spending on health and human services, welfare, transportation and environmental programs as well as by generating additional revenue through the rollback of recent corporate tax breaks and expansion of oil drilling off the Santa Barbara coast. In addition, the state proposed asking the federal government for increased funds to help cover costs for Medicaid, imprisoning illegal immigrants and implementing federal education mandates.

Nuveen Investments 3

As of March 2010, Moody's, S&P and Fitch rated California general obligation (GOs) bonds at Baa1, A- and BBB, respectively. These ratings reflect recent downgrades by all three agencies.. For the twelve months ended March 31, 2010, municipal issuance in California totaled $72.9 billion, an increase of 17% from the previous twelve months. California remained the largest state issuer in the nation, representing approximately 17% of total issuance nationwide for the twelve months ended March 2010.

In New York, the state economy also remained in recession. While New York benefits from its exposure to a diverse collection of industries, the state--and especially New York City--has significant exposure to the financial sector and was disproportionately hurt by the turmoil in the financial markets. In March 2010, unemployment in New York was 8.6%, up from 7.8% in March 2009, but down slightly from the high of 8.9% during the last three months of 2009. The jobless rate in the New York City metropolitan area was 9.9% as of March 2010, up from 8.6% in March 2009. The correction in home prices also added to New York's economic slowdown and housing markets continued to be weak. Because homes in downstate areas saw faster appreciation during the boom years than most upstate markets, housing prices downstate continued to decline even as the national S&P/Case-Shiller Home Price Index posted gains. Between February 2009 and February 2010, housing prices in New York City dropped 4.1%, compared with an average increase of 0.6% nationwide.

New York continued to face substantial financial challenges, as it debated a proposed fiscal 2010-2011 state budget of $134 billion. Current projections estimated the budget deficit at more than $9 billion for fiscal 2010-2011. The debate centered largely on borrowing (i.e., issuing bonds to help cover the state's expenses) and property tax relief. Other proposals for closing the shortfall included tax hikes as well as cutting corporate tax credits and putting state workers on a four-day workweek. The state has already cut its payrolls by 4%, representing more than 10,000 employees, through attrition and layoffs.

As of March 2010, New York state general obligation bonds were rated Aa3 by Moody's, AA by S&P and AA- by Fitch. All three rating agencies maintained stable outlooks for the state. For the twelve months ended March 31, 2010, municipal issuance in New York totaled $41.7 billion, a decrease of 7% from the previous twelve months. New York continued to rank second in the nation, following California, in terms of municipal issuance by state.

4 Nuveen Investments

WHAT KEY STRATEGIES WERE USED TO MANAGE THE NUVEEN SELECT PORTFOLIOS DURING THIS REPORTING PERIOD?

As previously mentioned, the availability of tax-exempt issuance declined during this period, due in part to the introduction of taxable Build America Bonds. This was especially true for the longer maturities that we typically seek to purchase for these Portfolios. The Build America Bond program also had a significant impact on the supply of tax-exempt issuance in California and New York, which ranked as the two largest users of Build America Bonds during this period. In California, Build America Bond issuance for the twelve months ended March 31, 2010, totaled $21.6 billion, representing approximately 30% of municipal issuance in the state. During this same period, $9.9 billion of Build America Bonds were issued in New York, comprising about 24% of New York's municipal supply. Since interest payments from Build America Bonds represent taxable income, we do not view these bonds as appropriate investment opportunities for the Select Portfolios.

Despite the constrained issuance of tax-exempt supply, we continued to find attractive value opportunities, taking a bottom-up approach to discovering undervalued sectors and individual credits with the potential to perform well over the long term. In the national Portfolios, our focus was generally on lower-rated investment grade bonds with longer maturities and higher yields, especially in Florida, Texas, the Mid-Atlantic region and other states with more stable municipal finances. During this period, we added general obligation and other tax-supported bonds, airport credits and tobacco bonds from a variety of states.

In NXC, we became a major purchaser of California general obligation and public works bonds (backed by appropriation debt of the state) for the first time in five years. Although we had previously de-emphasized credits issued by the state of California due to their exposure to the state's economic problems, we believed that these bonds offered good value, especially during the latter part of 2009, as their credit spreads widened. We also began to see better market sentiment about the state's credit based on revenue estimates that came in slightly above projections.

In NXN, we found value in health care, higher education and tax-secured bonds, generally in the 20-year to 25-year maturity range. Tax-exempt supply was usually more plentiful in the health care and higher education sectors because, as 501(c)(3) (nonprofit) organizations, hospitals and private universities generally do not qualify for the Build America Bond program and so must continue to issue bonds in the tax-exempt municipal market.

Cash for new purchases during this period was generated largely by the proceeds from called or matured bonds. In addition, NXC sold holdings of Golden State tobacco bonds maturing in 2045 when we had the opportunity to replace these bonds with California appropriation bonds with a shorter maturity date (2035) at an attractive price, thus reducing the Portfolio's interest rate risk. NXC also sold some very short-dated pre-refunded bonds. As of March 31, 2010, all five of these Portfolios continued to use inverse floating rate securities.(1) We employ inverse floaters as a form of leverage for a variety of reasons, including duration management and income and total return enhancement.

(1) An inverse floating rate security, also known as an inverse floater, is a financial instrument designed to pay long-term tax-exempt interest at a rate that varies inversely with a short-term tax-exempt interest rate index. For the Nuveen Funds, the index typically used is the Securities Industry and Financial Markets (SIFM) Municipal Swap Index (previously referred to as the Bond Market Association Index or BMA). Inverse floaters, including those inverse floating rate securities in which the Funds 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.

Nuveen Investments 5

HOW DID THE PORTFOLIOS PERFORM?

Individual results for the Nuveen Select Portfolios, as well as relevant index and peer group information, are presented in the accompanying table.

AVERAGE ANNUAL TOTAL RETURNS ON NET ASSET VALUE
FOR PERIODS ENDED 3/31/10 

 1-Year 5-Year 10-Year
------------------------------------------------------------------------------------------------------------------------------------
NATIONAL PORTFOLIOS
NXP 10.45% 4.30% 5.01%
NXQ 12.62% 3.54% 4.45%
NXR 10.05% 4.43% 4.94%
Standard & Poor's (S&P) National Municipal Bond Index(2) 11.26% 4.42% 5.54%
Lipper General and Insured Unleveraged Municipal Debt Funds Average(3) 11.11% 3.69% 4.70%

CALIFORNIA PORTFOLIO
NXC 10.71% 3.98% 4.71%
Standard & Poor's (S&P) California Municipal Bond Index(2) 11.01% 4.08% 5.35%
Lipper California Municipal Debt Funds Average(3) 22.12% 3.13% 5.80%

NEW YORK PORTFOLIO
NXN 9.89% 4.31% 4.83%
Standard & Poor's (S&P) New York Municipal Bond Index(2) 10.73% 4.70% 5.65%
Lipper New York Municipal Debt Funds Average(3) 21.80% 3.52% 6.19%

For the twelve months ended March 31, 2010, the total returns on net asset value (NAV) for NXQ exceeded the return for the Standard & Poor's (S&P) National Municipal Bond Index and the average return for the Lipper General and Insured Unleveraged Municipal Debt Funds Average, while NXP and NXR trailed these measures. NXC underperformed the Standard & Poor's (S&P) California Municipal Bond Index and the Lipper California Municipal Debt Funds Average, while NXN lagged the Standard & Poor's (S&P) New York Municipal Bond Index as well as the Lipper New York Municipal Debt Funds Average.

Key management factors that influenced the Portfolios' returns during this period included yield curve and duration positioning, credit exposure and sector allocation. During this period, the municipal yield curve remained steep, although it flattened somewhat, especially at the longer end of the curve. In this environment, bonds with longer maturities generally outperformed bonds with shorter maturities, with bonds at the shortest end of the curve posting the weakest returns. Overall, yield curve and duration positioning tended to be a positive contributor to the performances of these Portfolios, with the exception of NXC, where the impact from duration was neutral.

Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares.

For additional information, see the individual Performance Overview for your Portfolio in this report.

(2) The Standard & Poor's (S&P) National Municipal Bond Index is an unleveraged, market value-weighted index designed to measure the performance of the investment-grade U.S. municipal bond market. The Standard & Poor's (S&P) Municipal Bond Indexes for California and New York are also unleveraged and market value-weighted and comprise a broad range of investment-grade municipal bonds issued in California and New York, respectively. The S&P indexes do not reflect any initial or ongoing expenses and are not available for direct investment.

(3) Each of the Lipper Municipal Debt Funds Averages shown in this report are calculated using the returns of all closed-end funds in their respective categories for each period as follows: Lipper General and Insured Unleveraged Municipal Debt Funds Average, 1-year, 8 funds; 5-year, 7 funds; and 10-year, 7 funds; Lipper California Municipal Debt Funds Average, 1-year, 22 funds; 5-year, 22 funds; and 10-year, 14 funds; and Lipper New York Municipal Debt Funds Average, 1-year, 17 funds; 5-year, 17 funds; and 10-year, 8 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.

6 Nuveen Investments

Credit exposure also played an important role in performance during these twelve months, as the demand for municipal bonds increased among both institutional and individual investors. This increase was driven by a variety of factors, including concerns about potential tax increases, the need to rebalance portfolio allocations, and a growing appetite for additional risk. At the same time, the issuance of tax-exempt municipal paper declined. As investors bid up municipal bond prices, lower-rated and non-rated bonds generally outperformed those rated AAA. NXC was both overweight in BBB rated bonds and underweight in AAA bonds, making credit exposure the largest contributor to its performance during this period. In NXN, our exposure to lower-rated and non-rated credits also had a positive impact.

Holdings that generally contributed positively to the Portfolios' performances during this period included industrial development revenue (IDR) and health care bonds, both of which exceeded the overall municipal market return by substantial margins. These Portfolios were generally overweight in health care credits and NXC also had an overexposure to IDRs. Revenue bonds as a whole performed well, with housing, transportation, special tax and public utilities among the sectors that also outperformed the general municipal market for this period. Zero coupon bonds also were among the strongest performers, as were tobacco bonds backed by the 1998 master tobacco settlement agreement.

Pre-refunded bonds, which are typically backed by U.S. Treasury securities, performed relatively poorly during this period, after ranking among the top performing segments of the municipal bond market over the past two years. The underperformance of these bonds can be attributed primarily to their shorter effective maturities and higher credit quality. As of March 31, 2010, NXP had the largest exposure to pre-refunded bonds, while NXN had the smallest allocation. Many general obligation (GO) bonds also failed to keep pace with the overall municipal market, while resource recovery, water and sewer, leasing and education trailed the other revenue sectors for the twelve months. All of these Portfolios were under-weighted in tax-supported bonds (primarily state and local GOs in NXC), which lessened the impact of the underperformance of these bonds.

Nuveen Investments 7

DIVIDEND AND SHARE PRICE INFORMATION

During the twelve-month reporting period ended March 31, 2010, NXP had one monthly dividend increase, while the dividends of NXQ, NXR, NXC and NXN remained stable throughout the period.

Due to normal portfolio activity, shareholders of the following Portfolios received capital gains or net ordinary income distributions at the end of December 2009 as follows: 

 SHORT-TERM
 CAPITAL GAINS
 LONG-TERM AND/OR
 CAPITAL GAINS ORDINARY INCOME
FUND (PER SHARE) (PER SHARE)
--------------------------------------------------------------------------------
NXP -- $0.0160
NXR $0.0010 --
--------------------------------------------------------------------------------

All of these Portfolios seek to pay stable dividends at rates that reflect each Portfolio's past results and projected future performance. During certain periods, each Portfolio may pay dividends at a rate that may be more or less than the amount of net investment income actually earned by the Portfolio during the period. If a Portfolio has cumulatively earned more than it has paid in dividends, it holds the excess in reserve as undistributed net investment income (UNII) as part of the Portfolio's NAV. Conversely, if a Portfolio has cumulatively paid dividends in excess of its earnings, the excess constitutes negative UNII that is likewise reflected in the Portfolio's NAV. Each Portfolio will, over time, pay all of its net investment income as dividends to shareholders. As of March 31, 2010, NXP, NXQ, NXR and NXC had positive UNII balances for both tax purposes and financial reporting purposes, while NXN had a positive UNII balance for tax purposes and a negative UNII balance for financial reporting purposes.

SHARE REPURCHASES AND SHARE PRICE INFORMATION

Since the inception of the Portfolios' repurchase program, the Portfolios have not repurchased any of their outstanding shares.

8 Nuveen Investments

As of March 31, 2010, the share prices of the Portfolios were trading at (+) premiums or (-) discounts to their NAVs as shown in the accompanying table. 

` 3/31/10 TWELVE-MONTH AVERAGE
FUND (+)PREMIUM/(-)DISCOUNT (+)PREMIUM/(-)DISCOUNT
--------------------------------------------------------------------------------
NXP +3.88% +2.60%
NXQ +2.07% +2.72%
NXR +1.14% +2.44%
NXC -6.37% -5.96%
NXN -1.85% -1.36%
--------------------------------------------------------------------------------

 Nuveen Investments 9

NXP
PERFORMANCE
OVERVIEW

Nuveen Select Tax-Free Income Portfolio

as of March 31, 2010

FUND SNAPSHOT 
Share Price 14.74
Net Asset Value 14.19
Premium/(Discount) to NAV 3.88%
Market Yield 4.84%
Taxable-Equivalent Yield(1) 6.72%
Net Assets ($000) $233,869
Average Effective Maturity on Securities (Years) 12.08
Modified Duration 4.97
--------------------------------------------------------------------------------

AVERAGE ANNUAL TOTAL RETURN
(Inception 3/19/92)
--------------------------------------------------------------------------------
 ON SHARE PRICE ON NAV
--------------------------------------------------------------------------------
1-Year 13.45% 10.45%
5-Year 6.86% 4.30%
10-Year 6.49% 5.01%
--------------------------------------------------------------------------------

STATES
(as a % of total municipal bonds)
--------------------------------------------------------------------------------
Illinois 14.0%
Colorado 11.4%
Texas 8.6%
South Carolina 7.9%
Florida 7.6%
Washington 7.0%
Indiana 6.8%
California 6.0%
Nevada 5.5%
New Jersey 2.8%
Massachusetts 2.2%
New Mexico 2.2%
Oklahoma 2.1%
Alaska 1.9%
Other 14.0%
--------------------------------------------------------------------------------

Portfolio Composition
(as a % of total investments)
--------------------------------------------------------------------------------
U.S. Guaranteed 30.1%
Health Care 23.8%
Transportation 11.2%
Utilities 9.0%
Tax Obligation/Limited 9.0%
Consumer Staples 5.6%
Euro Dollar Time Deposit 0.2%
Other 11.1%
--------------------------------------------------------------------------------

CREDIT QUALITY (AS A % OF TOTAL LONG-TERM INVESTMENTS) 

 [PIE CHART]

AAA/U.S. Guaranteed ........................................................ 36%
AA ......................................................................... 27%
A .......................................................................... 21%
BBB ........................................................................ 12%
BB or Lower ................................................................ 3%
N/R ........................................................................ 1%

2009-2010 MONTHLY TAX-FREE DIVIDENDS PER SHARE(2) 

 [BAR GRAPH]

Apr-09 ................................................................ 0.057
May-09 ................................................................ 0.057
Jun-09 ................................................................ 0.057
Jul-09 ................................................................ 0.057
Aug-09 ................................................................ 0.057
Sep-09 ................................................................ 0.0595
Oct-09 ................................................................ 0.0595
Nov-09 ................................................................ 0.0595
Dec-09 ................................................................ 0.016
Dec-09 ................................................................ 0.0595
Jan-10 ................................................................ 0.0595
Feb-10 ................................................................ 0.0595
Mar-10 ................................................................ 0.0595

SHARE PRICE PERFORMANCE -- WEEKLY CLOSING PRICE 

 [LINE GRAPH]

4/01/09 ............................................................... 13.6
4/03/09 ............................................................... 13.8392
4/09/09 ............................................................... 14
4/17/09 ............................................................... 13.7799
4/24/09 ............................................................... 13.91
5/01/09 ............................................................... 14.046
5/08/09 ............................................................... 14.1
5/15/09 ............................................................... 13.9
5/22/09 ............................................................... 13.8824
5/29/09 ............................................................... 14.0573
6/05/09 ............................................................... 14.16
6/12/09 ............................................................... 14.17
6/19/09 ............................................................... 14.05
6/26/09 ............................................................... 14.15
7/02/09 ............................................................... 14.1
7/10/09 ............................................................... 14.0067
7/17/09 ............................................................... 14.06
7/24/09 ............................................................... 14.25
7/31/09 ............................................................... 14.33
8/07/09 ............................................................... 14.36
8/14/09 ............................................................... 14.0464
8/21/09 ............................................................... 14.16
8/28/09 ............................................................... 14.09
9/04/09 ............................................................... 14.3
9/11/09 ............................................................... 14.27
9/18/09 ............................................................... 14.34
9/25/09 ............................................................... 14.45
10/02/09 .............................................................. 14.46
10/09/09 .............................................................. 14.4
10/16/09 .............................................................. 14.27
10/23/09 .............................................................. 14.429
10/30/09 .............................................................. 14.46
11/06/09 .............................................................. 14.61
11/13/09 .............................................................. 14.49
11/20/09 .............................................................. 14.46
11/27/09 .............................................................. 14.59
12/04/09 .............................................................. 14.51
12/11/09 .............................................................. 14.8
12/18/09 .............................................................. 14.36
12/24/09 .............................................................. 14.92
12/31/09 .............................................................. 14.795
1/08/10 ............................................................... 14.88
1/15/10 ............................................................... 14.85
1/22/10 ............................................................... 14.7599
1/29/10 ............................................................... 14.88
2/05/10 ............................................................... 14.9001
2/12/10 ............................................................... 14.81
2/19/10 ............................................................... 14.75
2/26/10 ............................................................... 14.6999
3/05/10 ............................................................... 14.81
3/12/10 ............................................................... 14.89
3/19/10 ............................................................... 14.7
3/26/10 ............................................................... 14.7
3/31/10 ............................................................... 14.74

----------

(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. NXQ

10 Nuveen Investments

NXQ
PERFORMANCE
OVERVIEW

Nuveen Select Tax-Free Income Portfolio 2

as of March 31, 2010

FUND SNAPSHOT 
Share Price 13.81
Net Asset Value 13.53
Premium/(Discount) to NAV 2.07%
Market Yield 4.82%
Taxable-Equivalent Yield(1) 6.69%
Net Assets ($000) $239,100
Average Effective Maturity on Securities (Years) 13.99
Modified Duration 5.56
--------------------------------------------------------------------------------

AVERAGE ANNUAL TOTAL RETURN
(Inception 5/21/92)
--------------------------------------------------------------------------------
 On Share Price On NAV
--------------------------------------------------------------------------------
1-Year 10.45% 12.62%
5-Year 6.12% 3.54%
10-Year 5.96% 4.45%
--------------------------------------------------------------------------------

STATES
(as a % of municipal bonds)
--------------------------------------------------------------------------------
Illinois 14.6%
Texas 12.4%
Colorado 10.9%
California 7.2%
South Carolina 5.4%
New York 4.0%
Indiana 3.9%
Massachusetts 3.5%
Iowa 3.4%
Nevada 3.2%
New Mexico 3.1%
Washington 3.0%
Florida 2.4%
Louisiana 2.3%
Rhode Island 2.3%
New Jersey 1.9%
Pennsylvania 1.9%
Other 14.6%
--------------------------------------------------------------------------------

PORTFOLIO COMPOSITION
(as a % of total investments)
--------------------------------------------------------------------------------
U.S. Guaranteed 22.7%
Health Care 20.8%
Transportation 13.6%
Tax Obligation/Limited 9.8%
Utilities 9.2%
Consumer Staples 5.7%
Tax Obligation/General 5.6%
Euro Dollar Time Deposit 0.5%
Other 12.1%
--------------------------------------------------------------------------------

CREDIT QUALITY (AS A % OF TOTAL LONG-TERM INVESTMENTS) 

 [PIE CHART]

AAA/U.S. Guaranteed .................................................. 37%
AA ................................................................... 21%
A .................................................................... 24%
BBB .................................................................. 14%
BB or Lower .......................................................... 4%
N/R .................................................................. --%*

* Rounds to less than 1%.

2009-2010 MONTHLY TAX-FREE DIVIDENDS PER SHARE 

 [BAR GRAPH]

Apr-09 ............................................................... 0.0555
May-09 ............................................................... 0.0555
Jun-09 ............................................................... 0.0555
Jul-09 ............................................................... 0.0555
Aug-09 ............................................................... 0.0555
Sep-09 ............................................................... 0.0555
Oct-09 ............................................................... 0.0555
Nov-09 ............................................................... 0.0555
Dec-09 ............................................................... 0.0555
Jan-10 ............................................................... 0.0555
Feb-10 ............................................................... 0.0555
Mar-10 ............................................................... 0.0555

SHARE PRICE PERFORMANCE -- WEEKLY CLOSING PRICE 

 [LINE GRAPH]

4/01/09 .............................................................. 13.38
4/03/09 .............................................................. 13.128
4/09/09 .............................................................. 13.03
4/17/09 .............................................................. 13.2201
4/24/09 .............................................................. 13.2
5/01/09 .............................................................. 13.33
5/08/09 .............................................................. 13.43
5/15/09 .............................................................. 13.41
5/22/09 .............................................................. 13.4
5/29/09 .............................................................. 13.45
6/05/09 .............................................................. 13.4
6/12/09 .............................................................. 13.16
6/19/09 .............................................................. 13.25
6/26/09 .............................................................. 13.15
7/02/09 .............................................................. 13.2999
7/10/09 .............................................................. 13.24
7/17/09 .............................................................. 13.38
7/24/09 .............................................................. 13.27
7/31/09 .............................................................. 13.36
8/07/09 .............................................................. 13.34
8/14/09 .............................................................. 13.29
8/21/09 .............................................................. 13.42
8/28/09 .............................................................. 13.6399
9/04/09 .............................................................. 13.7
9/11/09 .............................................................. 13.691
9/18/09 .............................................................. 13.57
9/25/09 .............................................................. 13.79
10/02/09 ............................................................. 14.33
10/09/09 ............................................................. 13.65
10/16/09 ............................................................. 13.47
10/23/09 ............................................................. 13.88
10/30/09 ............................................................. 13.6
11/06/09 ............................................................. 13.99
11/13/09 ............................................................. 13.88
11/20/09 ............................................................. 13.65
11/27/09 ............................................................. 13.71
12/04/09 ............................................................. 13.91
12/11/09 ............................................................. 14.01
12/18/09 ............................................................. 14.01
12/24/09 ............................................................. 13.82
12/31/09 ............................................................. 13.89
1/08/10 .............................................................. 14.07
1/15/10 .............................................................. 14.12
1/22/10 .............................................................. 13.9
1/29/10 .............................................................. 13.89
2/05/10 .............................................................. 13.8499
2/12/10 .............................................................. 13.79
2/19/10 .............................................................. 13.83
2/26/10 .............................................................. 13.73
3/05/10 .............................................................. 13.94
3/12/10 .............................................................. 13.74
3/19/10 .............................................................. 13.88
3/26/10 .............................................................. 13.7958
3/31/10 .............................................................. 13.81

----------

(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.

Nuveen Investments 11

NXR
PERFORMANCE
OVERVIEW

Nuveen Select Tax-Free Income Portfolio 3

as of March 31, 2010

FUND SNAPSHOT 
Share Price 14.22
Net Asset Value 14.06
Premium/(Discount) to NAV 1.14%
Market Yield 4.51%
Taxable-Equivalent Yield(1) 6.26%
Net Assets ($000) $182,779
Average Effective Maturity on Securities (Years) 12.35
Modified Duration 4.74
--------------------------------------------------------------------------------

AVERAGE ANNUAL TOTAL RETURN
(Inception 7/24/92)
--------------------------------------------------------------------------------
 ON SHARE PRICE ON NAV
--------------------------------------------------------------------------------
1-Year 9.70% 10.05%
5-Year 7.03% 4.43%
10-Year 6.47% 4.94%

STATES
(as a % of total investments)
--------------------------------------------------------------------------------
Illinois 18.9%
Texas 10.1%
California 9.8%
Colorado 6.7%
Indiana 6.3%
Iowa 5.4%
Florida 4.8%
North Carolina 4.4%
Nevada 4.0%
South Carolina 3.2%
New York 3.2%
New Mexico 2.8%
Michigan 2.6%
Pennsylvania 2.4%
Nebraska 2.0%
Other 13.4%
--------------------------------------------------------------------------------

PORTFOLIO COMPOSITION
(as a % of total investments)
--------------------------------------------------------------------------------
U.S. Guaranteed 22.7%
Health Care 19.9%
Utilities 16.7%
Tax Obligation/Limited 12.9%
Transportation 7.5%
Tax Obligation/General 5.3%
Other 15.0%
--------------------------------------------------------------------------------

CREDIT QUALITY (AS A % OF TOTAL INVESTMENTS) 

 [PIE CHART]

AAA/U.S. Guaranteed .................................................. 39%
AA ................................................................... 24%
A .................................................................... 22%
BBB .................................................................. 12%
BB or Lower .......................................................... 3%
N/R .................................................................. --%*

* Rounds to less than 1%.

2009-2010 MONTHLY TAX-FREE DIVIDENDS PER SHARE(2) 

 [BAR GRAPH]

Apr-09 ............................................................... 0.0535
May-09 ............................................................... 0.0535
Jun-09 ............................................................... 0.0535
Jul-09 ............................................................... 0.0535
Aug-09 ............................................................... 0.0535
Sep-09 ............................................................... 0.0535
Oct-09 ............................................................... 0.0535
Nov-09 ............................................................... 0.0535
Dec-09 ............................................................... 0.001
Dec-09 ............................................................... 0.0535
Jan-10 ............................................................... 0.0535
Feb-10 ............................................................... 0.0535
Mar-10 ............................................................... 0.0535

SHARE PRICE PERFORMANCE -- WEEKLY CLOSING PRICE 

 [LINE GRAPH]

4/01/09 .............................................................. 13.84
4/03/09 .............................................................. 14.05
4/09/09 .............................................................. 13.864
4/17/09 .............................................................. 13.78
4/24/09 .............................................................. 13.9
5/01/09 .............................................................. 13.74
5/08/09 .............................................................. 13.88
5/15/09 .............................................................. 13.9
5/22/09 .............................................................. 13.83
5/29/09 .............................................................. 13.702
6/05/09 .............................................................. 13.95
6/12/09 .............................................................. 14
6/19/09 .............................................................. 13.9475
6/26/09 .............................................................. 13.99
7/02/09 .............................................................. 13.9308
7/10/09 .............................................................. 13.88
7/17/09 .............................................................. 14.3
7/24/09 .............................................................. 14.03
7/31/09 .............................................................. 14.1382
8/07/09 .............................................................. 14.0901
8/14/09 .............................................................. 14.15
8/21/09 .............................................................. 14.14
8/28/09 .............................................................. 14.04
9/04/09 .............................................................. 14.09
9/11/09 .............................................................. 14.07
9/18/09 .............................................................. 14.74
9/25/09 .............................................................. 14.27
10/02/09 ............................................................. 14.59
10/09/09 ............................................................. 14.46
10/16/09 ............................................................. 14.17
10/23/09 ............................................................. 15.025
10/30/09 ............................................................. 14.79
11/06/09 ............................................................. 14.67
11/13/09 ............................................................. 14.35
11/20/09 ............................................................. 14.22
11/27/09 ............................................................. 14.81
12/04/09 ............................................................. 14.611
12/11/09 ............................................................. 15.21
12/18/09 ............................................................. 14.7
12/24/09 ............................................................. 14.4505
12/31/09 ............................................................. 14.64
1/08/10 .............................................................. 14.65
1/15/10 .............................................................. 14.47
1/22/10 .............................................................. 14.32
1/29/10 .............................................................. 14.33
2/05/10 .............................................................. 14.3
2/12/10 .............................................................. 14.22
2/19/10 .............................................................. 14.146
2/26/10 .............................................................. 14.21
3/05/10 .............................................................. 14.27
3/12/10 .............................................................. 14.19
3/19/10 .............................................................. 14.29
3/26/10 .............................................................. 14.27
3/31/10 .............................................................. 14.22

----------

(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.

12 Nuveen Investments

NXC
PERFORMANCE
OVERVIEW

Nuveen California Select Tax-Free Income Portfolio

as of March 31, 2010

FUND SNAPSHOT 
Share Price 13.08
Net Asset Value 13.97
Premium/(Discount) to NAV -6.37%
Market Yield 5.09%
Taxable-Equivalent Yield(1) 7.82%
Net Assets ($000) $87,548
Average Effective Maturity on Securities (Years) 13.71
Modified Duration 6.01
--------------------------------------------------------------------------------

AVERAGE ANNUAL TOTAL RETURN
(Inception 7/24/92)
--------------------------------------------------------------------------------
 ON SHARE PRICE ON NAV
--------------------------------------------------------------------------------
1-Year 14.71% 10.71%
5-Year 4.53% 3.98%
10-Year 4.85% 4.71%
--------------------------------------------------------------------------------

PORTFOLIO COMPOSITION
(as a % of total investments)
--------------------------------------------------------------------------------
Tax Obligation/General 23.5%
Tax Obligation/Limited 18.5%
U.S. Guaranteed 12.9%
Health Care 12.1%
Education and Civic Organizations 9.4%
Transportation 5.8%
Utilities 5.6%
Other 12.2%
--------------------------------------------------------------------------------

CREDIT QUALITY (AS A % OF TOTAL INVESTMENTS) 

 [PIE CHART]

AAA/U.S. Guaranteed ................................................. 20%
AA .................................................................. 22%
A ................................................................... 38%
BBB ................................................................. 16%
BB or Lower ......................................................... 1%
N/R ................................................................. 3%

2009-2010 MONTHLY TAX-FREE DIVIDENDS PER SHARE 

 [BAR GRAPH]

Apr-09 ............................................................... 0.0555
May-09 ............................................................... 0.0555
Jun-09 ............................................................... 0.0555
Jul-09 ............................................................... 0.0555
Aug-09 ............................................................... 0.0555
Sep-09 ............................................................... 0.0555
Oct-09 ............................................................... 0.0555
Nov-09 ............................................................... 0.0555
Dec-09 ............................................................... 0.0555
Jan-10 ............................................................... 0.0555
Feb-10 ............................................................... 0.0555
Mar-10 ............................................................... 0.0555

SHARE PRICE PERFORMANCE -- WEEKLY CLOSING PRICE 

 [LINE GRAPH]

4/01/09 .............................................................. 12.04
4/03/09 .............................................................. 12.0401
4/09/09 .............................................................. 12.15
4/17/09 .............................................................. 12.22
4/24/09 .............................................................. 12.89
5/01/09 .............................................................. 12.85
5/08/09 .............................................................. 12.92
5/15/09 .............................................................. 12.8701
5/22/09 .............................................................. 13.06
5/29/09 .............................................................. 12.99
6/05/09 .............................................................. 13.05
6/12/09 .............................................................. 12.18
6/19/09 .............................................................. 12.667
6/26/09 .............................................................. 12.05
7/02/09 .............................................................. 12.09
7/10/09 .............................................................. 12.22
7/17/09 .............................................................. 12.75
7/24/09 .............................................................. 12.67
7/31/09 .............................................................. 13.138
8/07/09 .............................................................. 13.09
8/14/09 .............................................................. 12.7
8/21/09 .............................................................. 13.04
8/28/09 .............................................................. 13.1
9/04/09 .............................................................. 13.25
9/11/09 .............................................................. 13.4999
9/18/09 .............................................................. 13.76
9/25/09 .............................................................. 13.64
10/02/09 ............................................................. 13.84
10/09/09 ............................................................. 13.75
10/16/09 ............................................................. 13.43
10/23/09 ............................................................. 13.4
10/30/09 ............................................................. 13.31
11/06/09 ............................................................. 13.3681
11/13/09 ............................................................. 13.54
11/20/09 ............................................................. 13.4
11/27/09 ............................................................. 13.435
12/04/09 ............................................................. 13.2
12/11/09 ............................................................. 13.19
12/18/09 ............................................................. 13.05
12/24/09 ............................................................. 13.09
12/31/09 ............................................................. 12.77
1/08/10 .............................................................. 12.95
1/15/10 .............................................................. 12.8399
1/22/10 .............................................................. 12.89
1/29/10 .............................................................. 12.94
2/05/10 .............................................................. 13.02
2/12/10 .............................................................. 12.92
2/19/10 .............................................................. 12.86
2/26/10 .............................................................. 12.96
3/05/10 .............................................................. 12.94
3/12/10 .............................................................. 12.95
3/19/10 .............................................................. 13.08
3/26/10 .............................................................. 13.07
3/31/10 .............................................................. 13.08

----------

(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.

Nuveen Investments 13

NXN
PERFORMANCE
OVERVIEW

Nuveen New York Select Tax-Free Income Portfolio

as of March 31, 2010

FUND SNAPSHOT 
Share Price 13.80
Net Asset Value 14.06
Premium/(Discount) to NAV -1.85%
Market Yield 4.43%
Taxable-Equivalent Yield(1) 6.60%
Net Assets ($000) $55,007
Average Effective Maturity on Securities (Years) 14.56
Modified Duration 4.13
--------------------------------------------------------------------------------

AVERAGE ANNUAL TOTAL RETURN
(Inception 6/19/92)
--------------------------------------------------------------------------------
 ON SHARE PRICE ON NAV
--------------------------------------------------------------------------------
1-Year 10.31% 9.89%
5-Year 5.05% 4.31%
10-Year 6.14% 4.83%
--------------------------------------------------------------------------------

PORTFOLIO COMPOSITION
(as a % of total investments)
--------------------------------------------------------------------------------
Tax Obligation/Limited 18.1%
Health Care 14.2%
Water and Sewer 12.3%
Long-Term Care 11.4%
Education and Civic 8.4%
Organizations Tax Obligation/General 8.3%
Housing/Single Family 8.2%
Housing/Multifamily 5.9%
U.S. Guaranteed 5.4%
Other 7.8%
--------------------------------------------------------------------------------

CREDIT QUALITY (AS A % OF TOTAL INVESTMENTS) 

 [PIE CHART]

AAA/U.S. Guaranteed ................................................. 43%
AA .................................................................. 23%
A ................................................................... 14%
BBB ................................................................. 10%
BB or Lower ......................................................... 2%
N/R ................................................................. 8%

2009-2010 MONTHLY TAX-FREE DIVIDENDS PER SHARE 

 [BAR GRAPH]

Apr-09 ............................................................... 0.051
May-09 ............................................................... 0.051
Jun-09 ............................................................... 0.051
Jul-09 ............................................................... 0.051
Aug-09 ............................................................... 0.051
Sep-09 ............................................................... 0.051
Oct-09 ............................................................... 0.051
Nov-09 ............................................................... 0.051
Dec-09 ............................................................... 0.051
Jan-10 ............................................................... 0.051
Feb-10 ............................................................... 0.051
Mar-10 ............................................................... 0.051

SHARE PRICE PERFORMANCE -- WEEKLY CLOSING PRICE 

 [LINE GRAPH]

4/01/09 .............................................................. 13.15
4/03/09 .............................................................. 13.02
4/09/09 .............................................................. 12.9701
4/17/09 .............................................................. 13.18
4/24/09 .............................................................. 13.35
5/01/09 .............................................................. 13.47
5/08/09 .............................................................. 13.719
5/15/09 .............................................................. 13.47
5/22/09 .............................................................. 13.55
5/29/09 .............................................................. 13.54
6/05/09 .............................................................. 13.54
6/12/09 .............................................................. 13.3
6/19/09 .............................................................. 13.1201
6/26/09 .............................................................. 13.19
7/02/09 .............................................................. 13.2
7/10/09 .............................................................. 13.35
7/17/09 .............................................................. 13.55
7/24/09 .............................................................. 13.4
7/31/09 .............................................................. 13.6
8/07/09 .............................................................. 13.8
8/14/09 .............................................................. 13.7301
8/21/09 .............................................................. 13.7516
8/28/09 .............................................................. 14.16
9/04/09 .............................................................. 14
9/11/09 .............................................................. 14.2744
9/18/09 .............................................................. 14.12
9/25/09 .............................................................. 14.17
10/02/09 ............................................................. 14.17
10/09/09 ............................................................. 14.0865
10/16/09 ............................................................. 13.72
10/23/09 ............................................................. 14.09
10/30/09 ............................................................. 13.9
11/06/09 ............................................................. 13.92
11/13/09 ............................................................. 13.68
11/20/09 ............................................................. 13.6486
11/27/09 ............................................................. 13.67
12/04/09 ............................................................. 13.75
12/11/09 ............................................................. 13.84
12/18/09 ............................................................. 13.69
12/24/09 ............................................................. 13.57
12/31/09 ............................................................. 13.5
1/08/10 .............................................................. 13.62
1/15/10 .............................................................. 13.5999
1/22/10 .............................................................. 13.5
1/29/10 .............................................................. 13.65
2/05/10 .............................................................. 13.64
2/12/10 .............................................................. 13.7
2/19/10 .............................................................. 13.5
2/26/10 .............................................................. 13.786
3/05/10 .............................................................. 13.8995
3/12/10 .............................................................. 13.8899
3/19/10 .............................................................. 13.79
3/26/10 .............................................................. 13.8
3/31/10 .............................................................. 13.8

----------

(1) Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 32.9%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.

14 Nuveen Investments

REPORT OF INDEPENDENT
REGISTERED PUBLIC ACCOUNTING FIRM

TO THE BOARD OF TRUSTEES AND SHAREHOLDERS

NUVEEN SELECT TAX-FREE INCOME PORTFOLIO NUVEEN SELECT TAX-FREE INCOME PORTFOLIO 2 NUVEEN SELECT TAX-FREE INCOME PORTFOLIO 3 NUVEEN CALIFORNIA SELECT TAX-FREE INCOME PORTFOLIO NUVEEN NEW YORK SELECT TAX-FREE INCOME PORTFOLIO

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Nuveen Select Tax-Free Income Portfolio, Nuveen Select Tax-Free Income Portfolio 2, Nuveen Select Tax-Free Income Portfolio 3, Nuveen California Select Tax-Free Income Portfolio, and Nuveen New York Select Tax-Free Income Portfolio (the "Funds") as of March 31, 2010, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds' internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of March 31, 2010, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial positions of Nuveen Select Tax-Free Income Portfolio, Nuveen Select Tax-Free Income Portfolio 2, Nuveen Select Tax-Free Income Portfolio 3, Nuveen California Select Tax-Free Income Portfolio, and Nuveen New York Select Tax-Free Income Portfolio at March 31, 2010, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with US generally accepted accounting principles. 

 /s/ ERNST & YOUNG LLP

Chicago, Illinois
May 24, 2010

Nuveen Investments 15

NXP

Nuveen Select Tax-Free Income Portfolio
Portfolio of Investments
March 31, 2010 

 PRINCIPAL OPTIONAL CALL
 AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
---------------------------------------------------------------------------------------------------------------------------------
 ALASKA - 1.9%
$ 2,475 Alaska Municipal Bond Bank Authority, General Obligation Bonds, 12/13 at 100.00 A+ (4) $ 2,820,857
 Series 2003E, 5.250%, 12/01/23 (Pre-refunded 12/01/13) - MBIA
 Insured
 2,500 Northern Tobacco Securitization Corporation, Alaska, Tobacco 6/14 at 100.00 Baa3 1,646,025
 Settlement Asset-Backed Bonds, Series 2006A, 5.000%, 6/01/46
---------------------------------------------------------------------------------------------------------------------------------
 4,975 Total Alaska 4,466,882
---------------------------------------------------------------------------------------------------------------------------------
 ARKANSAS - 0.4%
 5,915 Arkansas Development Finance Authority, Tobacco Settlement No Opt. Call Aa3 871,871
 Revenue Bonds, Arkansas Cancer Research Center Project, Series
 2006, 0.000%, 7/01/46 - AMBAC Insured
---------------------------------------------------------------------------------------------------------------------------------
 CALIFORNIA - 5.9%
 2,000 Alameda Corridor Transportation Authority, California, 10/17 at 100.00 A- 1,577,320
 Subordinate Lien Revenue Bonds, Series 2004A, 0.000%, 10/01/25
 - AMBAC Insured
 3,325 California Department of Water Resources, Power Supply Revenue 5/12 at 101.00 AA- 3,671,232
 Bonds, Series 2002A, 6.000%, 5/01/14
 1,000 California Statewide Community Development Authority, Revenue 8/19 at 100.00 AA 1,104,810
 Bonds, Methodist Hospital Project, Series 2009, 6.750%, 2/01/38
 2,645 Cypress Elementary School District, San Bernardino County, No Opt. Call AAA 632,499
 California, General Obligation Bonds, Series 2009A, 0.000%,
 5/01/34 - AGM Insured
 3,000 Golden State Tobacco Securitization Corporation, California, 6/13 at 100.00 AAA 3,492,840
 Tobacco Settlement Asset-Backed Bonds, Series 2003A-1, 6.750%,
 6/01/39 (Pre-refunded 6/01/13)
 1,130 Los Angeles Department of Water and Power, California, Waterworks 7/11 at 100.00 AA 1,136,452
 Revenue Refunding Bonds, Series 2001A, 5.125%, 7/01/41 - FGIC
 Insured
 365 Los Angeles, California, Parking System Revenue Bonds, Series 5/10 at 100.00 A+ 365,631
 1999A, 5.250%, 5/01/29 - AMBAC Insured
 1,000 Moreno Valley Unified School District, Riverside County, No Opt. Call A 441,430
 California, General Obligation Bonds, Series 2007, 0.000%,
 8/01/23 - NPFG Insured
 590 Palomar Pomerado Health, California, Certificates of 11/19 at 100.00 Baa2 611,936
 Participation, Series 2009, 6.750%, 11/01/39
 750 Tobacco Securitization Authority of Northern California, Tobacco 6/15 at 100.00 BBB 515,093
 Settlement Asset-Backed Bonds, Series 2005A-1, 5.500%, 6/01/45
 1,150 Woodside Elementary School District, San Mateo County, No Opt. Call AAA 318,251
 California, General Obligation Bonds, Series 2007, 0.000%,
 10/01/30 - AMBAC Insured
---------------------------------------------------------------------------------------------------------------------------------
 16,955 Total California 13,867,494
---------------------------------------------------------------------------------------------------------------------------------
 COLORADO - 11.2%
 1,700 Colorado Health Facilities Authority, Revenue Bonds, Catholic 3/12 at 100.00 AA (4) 1,839,060
 Health Initiatives, Series 2002A, 5.500%, 3/01/22 (ETM)
 690 Colorado Health Facilities Authority, Revenue Bonds, Catholic 3/12 at 100.00 AA (4) 748,905
 Health Initiatives, Series 2002A, 5.500%, 3/01/22
 (Pre-refunded 3/01/12)
 390 Colorado Water Resources and Power Development Authority, Small 11/10 at 100.00 A 392,165
 Water Resources Revenue Bonds, Series 2000A, 5.800%, 11/01/20
 - FGIC Insured
 6,815 Denver City and County, Colorado, Airport System Revenue Bonds, No Opt. Call A+ 7,495,341
 Series 1991 D, 7.750%, 11/15/13 (Alternative Minimum Tax)
 5,000 Denver City and County, Colorado, Airport System Revenue 11/11 at 100.00 A+ 5,302,150
 Refunding Bonds, Series 2001 A, 5.625%, 11/15/17 - FGIC
 Insured (Alternative Minimum Tax)
 3,000 Denver Convention Center Hotel Authority, Colorado, Senior 12/13 at 100.00 N/R (4) 3,349,050
 Revenue Bonds, Convention Center Hotel, Series 2003A, 5.000%,
 12/01/23 (Pre-refunded 12/01/13) - SYNCORA GTY Insured
 500 Denver, Colorado, Airport System Revenue Refunding Bonds, Series 11/13 at 100.00 A+ 500,135
 2003B, 5.000%, 11/15/33 - SYNCORA GTY Insured

16 Nuveen Investments 

 PRINCIPAL OPTIONAL CALL
 AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
----------------------------------------------------------------------------------------------------------------------------------
 COLORADO (continued)
$ 5,000 E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, 9/10 at 31.42 Aaa $ 1,568,150
 Series 2000B, 0.000%, 9/01/28 (Pre-refunded 9/01/10) - NPFG
 Insured
 12,500 E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, 9/26 at 54.77 A 1,685,000
 Series 2006A, 0.000%, 9/01/38 - NPFG Insured
 3,160 Northwest Parkway Public Highway Authority, Colorado, Revenue 6/11 at 102.00 N/R (4) 3,406,069
 Bonds, Senior Series 2001 A, 5.500%, 6/15/20 (Pre-refunded
 6/15/11) - AMBAC Insured
----------------------------------------------------------------------------------------------------------------------------------
 38,755 Total Colorado 26,286,025
----------------------------------------------------------------------------------------------------------------------------------
 DISTRICT OF COLUMBIA - 0.0%
 60 District of Columbia, Revenue Bonds, Catholic University of 4/10 at 101.00 A 60,632
 America, Series 1999, 5.625%, 10/01/29 - AMBAC Insured
----------------------------------------------------------------------------------------------------------------------------------
 FLORIDA - 7.5%
 2,000 Halifax Hospital Medical Center, Florida, Revenue Bonds, Series 6/16 at 100.00 A- 1,848,620
 2006, 5.375%, 6/01/46
 5,000 Jacksonville Health Facilities Authority, Florida, Revenue Bonds, 11/12 at 101.00 Aa1 5,072,050
 Ascension Health, Series 2002A, 5.250%, 11/15/32
 10,000 JEA St. John's River Power Park System, Florida, Revenue 10/11 at 100.00 Aa2 10,518,300
 Refunding Bonds, Issue 2, Series 2002-17, 5.000%, 10/01/17
----------------------------------------------------------------------------------------------------------------------------------
 17,000 Total Florida 17,438,970
----------------------------------------------------------------------------------------------------------------------------------
 ILLINOIS - 13.8%
 1,965 Board of Trustees of Southern Illinois University, Housing and No Opt. Call A 1,191,949
 Auxiliary Facilities System Revenue Bonds, Series 1999A,
 0.000%, 4/01/20 - NPFG Insured
 2,600 Chicago Heights, Illinois, General Obligation Corporate Purpose 6/10 at 100.00 A 2,621,164
 Bonds, Series 1993, 5.650%, 12/01/17 - FGIC Insured
 195 DuPage County Community School District 200, Wheaton, Illinois, 11/13 at 100.00 Aa3 215,007
 General Obligation Bonds, Series 2003B, 5.250%, 11/01/20 - AGM
 Insured
 805 DuPage County Community School District 200, Wheaton, Illinois, 11/13 at 100.00 Aa3 (4) 911,759
 General Obligation Bonds, Series 2003B, 5.250%, 11/01/20
 (Pre-refunded 11/01/13) - AGM Insured
 600 Illinois Educational Facilities Authority, Student Housing 5/12 at 101.00 Aaa 668,034
 Revenue Bonds, Educational Advancement Foundation Fund,
 University Center Project, Series 2002, 6.000%, 5/01/22
 (Pre-refunded 5/01/12)
 1,050 Illinois Finance Authority, Revenue Bonds, Loyola University of 7/17 at 100.00 Aa1 1,095,822
 Chicago, Tender Option Bond Trust 1137, 9.186%, 7/01/46 (IF)
 4,000 Illinois Finance Authority, Revenue Bonds, Northwestern Memorial 8/14 at 100.00 N/R (4) 4,631,920
 Hospital, Series 2004A, 5.500%, 8/15/43 (Pre-refunded 8/15/14)
 1,000 Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital 8/19 at 100.00 BBB 1,038,700
 and Medical Centers, Series 2009, 6.875%, 8/15/38
 2,100 Illinois Finance Authority, Revenue Refunding Bonds, Silver Cross 8/18 at 100.00 BBB 1,904,070
 Hospital and Medical Centers, Series 2008A, 5.500%, 8/15/30
 1,320 Illinois Health Facilities Authority, Revenue Bonds, Decatur 10/11 at 100.00 A 1,346,492
 Memorial Hospital, Series 2001, 5.600%, 10/01/16
 2,950 Illinois Health Facilities Authority, Revenue Bonds, Lake Forest 7/12 at 100.00 AA+ 3,088,503
 Hospital, Series 2002A, 6.000%, 7/01/17
 2,275 Illinois Health Facilities Authority, Revenue Refunding Bonds, 1/13 at 100.00 Baa1 2,339,360
 Elmhurst Memorial Healthcare, Series 2002, 6.250%, 1/01/17
 100 Illinois Health Facilities Authority, Revenue Refunding Bonds, 5/10 at 100.00 N/R 90,531
 Rockford Health System, Series 1997, 5.000%, 8/15/21 - AMBAC
 Insured
 3,125 Metropolitan Pier and Exposition Authority, Illinois, Revenue No Opt. Call A 2,316,219
 Bonds, McCormick Place Expansion Project, Series 1992A,
 0.000%, 6/15/17 - FGIC Insured
 810 Metropolitan Pier and Exposition Authority, Illinois, Revenue No Opt. Call AAA 248,216
 Bonds, McCormick Place Expansion Project, Series 2002A,
 0.000%, 6/15/30 - NPFG Insured
 5,000 Metropolitan Pier and Exposition Authority, Illinois, Revenue 6/12 at 101.00 AAA 5,173,250
 Refunding Bonds, McCormick Place Expansion Project, Series
 2002B, 5.000%, 6/15/21 - NPFG Insured

Nuveen Investments 17

NXP

Nuveen Select Tax-Free Income Portfolio (continued) Portfolio of Investments March 31, 2010 

 PRINCIPAL OPTIONAL CALL
 AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
----------------------------------------------------------------------------------------------------------------------------------
 ILLINOIS (continued)
$ 1,300 Schaumburg, Illinois, General Obligation Bonds, Series 2004B, 12/14 at 100.00 AA+ $ 1,347,359
 5.250%, 12/01/34 - FGIC Insured Yorkville, Illinois, General
 Obligation Debt Certificates, Series 2003:
 1,000 5.000%, 12/15/19 (Pre-refunded 12/15/11) - RAAI Insured 12/11 at 100.00 N/R (4) 1,073,480
 1,000 5.000%, 12/15/20 (Pre-refunded 12/15/11) - RAAI Insured 12/11 at 100.00 N/R (4) 1,073,480
----------------------------------------------------------------------------------------------------------------------------------
 33,195 Total Illinois 32,375,315
----------------------------------------------------------------------------------------------------------------------------------
 INDIANA - 6.7%
 1,000 Franklin Community Multi-School Building Corporation, Marion 7/14 at 100.00 A (4) 1,138,320
 County, Indiana, First Mortgage Revenue Bonds, Series 2004,
 5.000%, 7/15/22 (Pre-refunded 7/15/14) - FGIC Insured
 1,770 Indiana Health Facility Financing Authority, Hospital Revenue No Opt. Call AAA 2,013,410
 Refunding Bonds, Columbus Regional Hospital, Series 1993,
 7.000%, 8/15/15 - AGM Insured
 1,000 Indiana Health Facility Financing Authority, Revenue Bonds, 3/17 at 100.00 BBB 973,930
 Community Foundation of Northwest Indiana, Series 2007,
 5.500%, 3/01/37
 9,855 Indianapolis Local Public Improvement Bond Bank, Indiana, 7/12 at 100.00 AAA 10,755,944
 Waterworks Project, Series 2002A, 5.125%, 7/01/21
 (Pre-refunded 7/01/12) - NPFG Insured
 750 West Clark 2000 School Building Corporation, Clark County, 1/15 at 100.00 AA+ 779,993
 Indiana, First Mortgage Bonds, Series 2005, 5.000%, 7/15/22 -
 NPFG Insured
----------------------------------------------------------------------------------------------------------------------------------
 14,375 Total Indiana 15,661,597
----------------------------------------------------------------------------------------------------------------------------------
 IOWA - 1.8%
 1,000 Iowa Tobacco Settlement Authority, Asset Backed Settlement 6/15 at 100.00 BBB 724,140
 Revenue Bonds, Series 2005C, 5.375%, 6/01/38
 4,000 Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue 6/17 at 100.00 BBB 3,405,480
 Bonds, Series 2005B, 5.600%, 6/01/34
----------------------------------------------------------------------------------------------------------------------------------
 5,000 Total Iowa 4,129,620
----------------------------------------------------------------------------------------------------------------------------------
 KANSAS - 0.5%
 500 Lawrence, Kansas, Hospital Revenue Bonds, Lawrence Memorial 7/16 at 100.00 A3 460,720
 Hospital, Series 2006, 4.875%, 7/01/36
 750 Wamego, Kansas, Pollution Control Revenue Bonds, Kansas Gas and 6/14 at 100.00 A 761,130
 Electric Company, Series 2004, 5.300%, 6/01/31 - NPFG Insured
----------------------------------------------------------------------------------------------------------------------------------
 1,250 Total Kansas 1,221,850
----------------------------------------------------------------------------------------------------------------------------------
 KENTUCKY - 0.5%
 1,100 Jefferson County, Kentucky, Health System Revenue Bonds, Alliant 5/10 at 100.50 A (4) 1,109,570
 Health System Inc., Series 1998, 5.125%, 10/01/18 - MBIA
 Insured (ETM)
----------------------------------------------------------------------------------------------------------------------------------
 LOUISIANA - 0.5%
 1,100 Tobacco Settlement Financing Corporation, Louisiana, Tobacco 5/11 at 101.00 BBB 1,022,714
 Settlement Asset-Backed Bonds, Series 2001 B, 5.875%, 5/15/39
----------------------------------------------------------------------------------------------------------------------------------
 MASSACHUSETTS - 2.2%
 500 Massachusetts Health and Educational Facilities Authority, 7/18 at 100.00 A3 474,700
 Revenue Bonds, CareGroup Inc., Series 2008E-1, 5.000%, 7/01/28
 20 Massachusetts Health and Educational Facilities Authority, 7/11 at 101.00 AA 21,158
 Revenue Bonds, Partners HealthCare System Inc., Series 2001 C,
 6.000%, 7/01/17
 480 Massachusetts Health and Educational Facilities Authority, 7/11 at 101.00 AAA 516,960
 Revenue Bonds, Partners HealthCare System Inc., Series 2001 C,
 6.000%, 7/01/17 (Pre-refunded 7/01/11)
 1,985 Massachusetts Housing Finance Agency, Housing Bonds, Series 12/18 at 100.00 AA- 2,014,636
 2009F, 5.700%, 6/01/40
 1,055 Massachusetts Turnpike Authority, Metropolitan Highway System 7/10 at 100.00 A 1,033,573
 Revenue Bonds, Senior Series 1997A, 5.000%, 1/01/37 - NPFG
 Insured
 1,045 Massachusetts Turnpike Authority, Metropolitan Highway System 7/10 at 100.00 AA 1,037,037
 Revenue Bonds, Subordinate Series 1999A, 5.000%, 1/01/39 -
 AMBAC Insured
----------------------------------------------------------------------------------------------------------------------------------
 5,085 Total Massachusetts 5,098,064
----------------------------------------------------------------------------------------------------------------------------------

18 Nuveen Investments 

 PRINCIPAL OPTIONAL CALL
 AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
---------------------------------------------------------------------------------------------------------------------------------
 PRINCIPAL OPTIONAL CALL
 AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
---------------------------------------------------------------------------------------------------------------------------------
 MICHIGAN - 1.6%
$ 1,000 Michigan State Hospital Finance Authority, Hospital Revenue 8/10 at 100.00 BB- $ 899,640
 Bonds, Detroit Medical Center Obligated Group, Series 1998A,
 5.125%, 8/15/18
 2,900 Michigan State Hospital Finance Authority, Hospital Revenue 12/12 at 100.00 AA 2,883,673
 Refunding Bonds, Trinity Health Credit Group, Series 2002C,
 5.375%, 12/01/30
---------------------------------------------------------------------------------------------------------------------------------
 3,900 Total Michigan 3,783,313
---------------------------------------------------------------------------------------------------------------------------------
 MISSOURI - 0.7%
 5,000 Kansas City Municipal Assistance Corporation, Missouri, Leasehold No Opt. Call AA- 1,605,200
 Revenue Bonds, Series 2004B-1, 0.000%, 4/15/30 - AMBAC Insured
---------------------------------------------------------------------------------------------------------------------------------
 NEVADA - 5.4%
 2,500 Clark County, Nevada, Motor Vehicle Fuel Tax Highway Improvement 7/13 at 100.00 AA- 2,558,100
 Revenue Bonds, Series 2003, 5.000%, 7/01/23 - AMBAC Insured
 1,000 Clark County, Nevada, Passenger Facility Charge Revenue Bonds, 1/20 at 100.00 Aa3 995,290
 Las Vegas-McCarran International Airport, Series 2010A,
 5.250%, 7/01/42
 Director of Nevada State Department of Business and Industry,
 Revenue Bonds, Las Vegas
 Monorail Project, First Tier, Series 2000:
 2,360 0.000%, 1/01/21 - AMBAC Insured No Opt. Call Caa2 394,096
 4,070 0.000%, 1/01/22 - AMBAC Insured No Opt. Call Caa2 640,292
 6,025 5.375%, 1/01/40 - AMBAC Insured (5) 7/10 at 100.00 Caa2 2,056,574
 1,500 Las Vegas Redevelopment Agency, Nevada, Tax Increment Revenue 6/19 at 100.00 A 1,703,940
 Bonds, Series 2009A, 8.000%, 6/15/30
 1,515 Reno, Nevada, Capital Improvement Revenue Bonds, Series 2002, 6/12 at 100.00 A 1,529,332
 5.500%, 6/01/21 - FGIC Insured
 2,555 Reno, Nevada, Capital Improvement Revenue Bonds, Series 2002, 6/12 at 100.00 Baa1 (4) 2,804,547
 5.500%, 6/01/21 (Pre-refunded 6/01/12) - FGIC Insured
---------------------------------------------------------------------------------------------------------------------------------
 21,525 Total Nevada 12,682,171
---------------------------------------------------------------------------------------------------------------------------------
 NEW HAMPSHIRE - 0.2%
 365 New Hampshire Housing Finance Authority, Single Family Mortgage 5/11 at 100.00 Aa2 368,661
 Acquisition Bonds, Series 2001 A, 5.600%, 7/01/21 (Alternative
 Minimum Tax)
---------------------------------------------------------------------------------------------------------------------------------
 NEW JERSEY - 2.7%
 2,500 New Jersey Health Care Facilities Financing Authority, Revenue 7/13 at 100.00 Ba2 2,261,350
 Bonds, Somerset Medical Center, Series 2003, 5.500%, 7/01/23
 Tobacco Settlement Financing Corporation, New Jersey, Tobacco
 Settlement Asset-Backed Bonds, Series 2002:
 1,325 5.750%, 6/01/32 (Pre-refunded 6/01/12) 6/12 at 100.00 AAA 1,425,289
 1,000 6.000%, 6/01/37 (Pre-refunded 6/01/12) 6/12 at 100.00 AAA 1,107,230
 2,500 Tobacco Settlement Financing Corporation, New Jersey, Tobacco 6/17 at 100.00 BBB 1,617,350
 Settlement Asset-Backed Bonds, Series 2007-1A, 5.000%, 6/01/41
---------------------------------------------------------------------------------------------------------------------------------
 7,325 Total New Jersey 6,411,219
---------------------------------------------------------------------------------------------------------------------------------
 NEW MEXICO - 2.2%
 1,000 New Mexico Mortgage Finance Authority, Multifamily Housing 9/17 at 100.00 AAA 1,003,000
 Revenue Bonds, St Anthony, Series 2007A, 5.250%, 9/01/42
 (Alternative Minimum Tax)
 4,000 University of New Mexico, FHA-Insured Mortgage Hospital Revenue 7/14 at 100.00 AAA 4,051,320
 Bonds, Series 2004, 4.625%, 7/01/25 - AGM Insured
---------------------------------------------------------------------------------------------------------------------------------
 5,000 Total New Mexico 5,054,320
---------------------------------------------------------------------------------------------------------------------------------
 NEW YORK - 1.1 %
 1,000 Dormitory Authority of the State of New York, FHA-Insured 2/14 at 100.00 AAA 1,014,220
 Mortgage Revenue Bonds, Kaleida Health, Series 2004, 5.050%,
 2/15/25
 1,215 Dormitory Authority of the State of New York, Revenue Bonds, 7/10 at 101.00 A2 1,235,254
 Mount Sinai NYU Health Obligated Group, Series 2000A, 6.500%,
 7/01/17
 385 Dormitory Authority of the State of New York, Revenue Bonds, 7/10 at 101.00 A2 (4) 394,040
 Mount Sinai NYU Health Obligated Group, Series 2000A, 6.500%,
 7/01/17 (Pre-refunded 7/01/10)
---------------------------------------------------------------------------------------------------------------------------------
 2,600 Total New York 2,643,514
---------------------------------------------------------------------------------------------------------------------------------


 Nuveen Investments 19

 NXP

---------

Nuveen Select Tax-Free Income Portfolio (continued) Portfolio of Investments March 31, 2010 

 PRINCIPAL OPTIONAL CALL
 AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
----------------------------------------------------------------------------------------------------------------------------------
 NORTH CAROLINA - 1.7%
$ 1,000 North Carolina Eastern Municipal Power Agency, Power System 1/19 at 100.00 A- $ 1,169,060
 Revenue Bonds, Series 2008C, 6.750%, 1/01/24
 2,195 North Carolina Eastern Municipal Power Agency, Power System 5/10 at 100.00 A- 2,197,195
 Revenue Refunding Bonds, Series 1993B, 5.500%, 1/01/21
 500 Raleigh Durham Airport Authority, North Carolina, Airport Revenue 5/11 at 101.00 Aa3 514,805
 Bonds, Series 2001A, 5.250%, 11/01/17 - FGIC Insured
----------------------------------------------------------------------------------------------------------------------------------
 3,695 Total North Carolina 3,881,060
----------------------------------------------------------------------------------------------------------------------------------
 OHIO - 0.6%
 1,500 Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco 6/17 at 100.00 BBB 1,114,515
 Settlement Asset-Backed Revenue Bonds, Senior Lien, Series
 2007A-2, 6.000%, 6/01/42
 300 Lebanon, Ohio, Electric System Mortgage Revenue Bonds, Series 12/10 at 101.00 A2 (4) 313,407
 2001, 5.500%, 12/01/17 (Pre-refunded 12/01/10) - AMBAC Insured
----------------------------------------------------------------------------------------------------------------------------------
 1,800 Total Ohio 1,427,922
----------------------------------------------------------------------------------------------------------------------------------
 OKLAHOMA - 2.0%
 1,000 Norman Regional Hospital Authority, Oklahoma, Hospital Revenue 9/16 at 100.00 BB+ 813,680
 Bonds, Series 2005, 5.375%, 9/01/36
 4,000 Oklahoma Development Finance Authority, Revenue Bonds, St. John 2/14 at 100.00 A 3,964,240
 Health System, Series 2004, 5.000%, 2/15/24
----------------------------------------------------------------------------------------------------------------------------------
 5,000 Total Oklahoma 4,777,920
----------------------------------------------------------------------------------------------------------------------------------
 PENNSYLVANIA - 0.5%
 500 Pennsylvania Higher Educational Facilities Authority, Revenue 7/13 at 100.00 BBB+ 505,370
 Bonds, Widener University, Series 2003, 5.250%, 7/15/24
 700 Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 12/14 at 100.00 Aa3 730,737
 2004A, 5.500%, 12/01/31 - AMBAC Insured
----------------------------------------------------------------------------------------------------------------------------------
 1,200 Total Pennsylvania 1,236,107
----------------------------------------------------------------------------------------------------------------------------------
 PUERTO RICO - 0.5%
 1,000 Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue 8/19 at 100.00 A+ 1,076,870
 Bonds, First Subordinate Series 2009A, 6.000%, 8/01/42
----------------------------------------------------------------------------------------------------------------------------------
 SOUTH CAROLINA - 7.8%
 1,250 Dorchester County School District 2, South Carolina, Installment 12/14 at 100.00 AA- 1,317,638
 Purchase Revenue Bonds, GROWTH, Series 2004, 5.250%, 12/01/20
 10,000 Greenville County School District, South Carolina, Installment 12/12 at 101.00 AA (4) 11,356,401
 Purchase Revenue Bonds, Series 2002, 5.875%, 12/01/19
 (Pre-refunded 12/01/12)
 1,500 Lexington County Health Service District, South Carolina, 11/13 at 100.00 A+ (4) 1,734,675
 Hospital Revenue Refunding and Improvement Bonds, Series 2003,
 6.000%, 11/01/18 (Pre-refunded 11/01/13)
 520 South Carolina JOBS Economic Development Authority, Economic 11/12 at 100.00 A3 (4) 579,218
 Development Revenue Bonds, Bon Secours Health System Inc.,
 Series 2002A, 5.625%, 11/15/30 (Pre-refunded 11/15/12)
 1,980 South Carolina JOBS Economic Development Authority, Economic 11/12 at 100.00 A- 1,971,486
 Development Revenue Bonds, Bon Secours Health System Inc.,
 Series 2002B, 5.625%, 11/15/30
 1,130 Tobacco Settlement Revenue Management Authority, South Carolina, 5/12 at 100.00 BBB (4) 1,170,974
 Tobacco Settlement Asset-Backed Bonds, Series 2001 B, 6.000%,
 5/15/22 (Pre-refunded 5/15/12)
----------------------------------------------------------------------------------------------------------------------------------
 16,380 Total South Carolina 18,130,392
----------------------------------------------------------------------------------------------------------------------------------
 TEXAS - 8.5%
 5,000 Brazos River Harbor Navigation District, Brazoria County, Texas, 5/12 at 101.00 BBB- 5,050,250
 Environmental Facilities Revenue Bonds, Dow Chemical Company
 Project, Series 2002A-6, 6.250%, 5/15/33 (Mandatory put
 5/15/17) (Alternative Minimum Tax)
 1,000 Dallas Area Rapid Transit, Texas, Senior Lien Sales Tax Revenue 12/11 at 100.00 AAA 1,071,380
 Bonds, Series 2001, 5.000%, 12/01/31 (Pre-refunded 12/01/11) -
 AMBAC Insured

20 Nuveen Investments 

 PRINCIPAL OPTIONAL CALL
 AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
----------------------------------------------------------------------------------------------------------------------------------
 TEXAS (continued)
$ 360 Dallas-Fort Worth International Airport Public Facility 5/10 at 100.00 AAA $ 360,468
 Corporation, Texas, Airport Hotel Revenue Bonds, Series 2001,
 5.500%, 1/15/20 - AGM Insured
 2,300 Harris County Health Facilities Development Corporation, Texas, 11/13 at 100.00 AA 2,326,427
 Thermal Utility Revenue Bonds, TECO Project, Series 2003,
 5.000%, 11/15/30 - NPFG Insured
 1,550 Harris County-Houston Sports Authority, Texas, Junior Lien No Opt. Call A 379,595
 Revenue Bonds, Series 2001 H, 0.000%, 11/15/30 - NPFG Insured
 3,470 Harris County-Houston Sports Authority, Texas, Senior Lien 11/30 at 61.17 A 465,882
 Revenue Refunding Bonds, Series 2001A, 0.000%, 11/15/38 - NPFG
 Insured
 2,805 Harris County-Houston Sports Authority, Texas, Third Lien Revenue 11/24 at 52.47 A 459,094
 Bonds, Series 2004-A3., 0.000%, 11/15/35 - NPFG Insured
 45 Irving Independent School District, Dallas County, Texas, General 2/12 at 100.00 AAA 45,708
 Obligation Refunding Bonds, Series 2002A, 5.000%, 2/15/31
 3,455 Irving Independent School District, Dallas County, Texas, General 2/12 at 100.00 AAA 3,722,728
 Obligation Refunding Bonds, Series 2002A, 5.000%, 2/15/31
 (Pre-refunded 2/15/12)
 1,780 Leander Independent School District, Williamson and Travis 8/16 at 35.23 AAA 419,777
 Counties, Texas, General Obligation Bonds, Series 2007,
 0.000%, 8/15/37
 2,000 North Texas Thruway Authority, First Tier System Revenue 1/25 at 100.00 A2 1,520,680
 Refunding Bonds, Capital Appreciation Series 2008I, 0.000%,
 1/01/43
 2,000 Richardson Hospital Authority, Texas, Revenue Bonds, Richardson 12/13 at 100.00 Baa2 1,873,040
 Regional Medical Center, Series 2004, 6.000%, 12/01/34
 465 San Antonio, Texas, Water System Revenue Refunding Bonds, Series 5/12 at 100.00 Aa3 (4) 500,772
 1992, 6.000%, 5/15/16 (Pre-refunded 5/15/12) - MBIA Insured
 1,750 Texas, General Obligation Bonds, Water Financial Assistance 8/13 at 100.00 AA+ 1,666,403
 Program, Series 2003A, 5.125%, 8/01/42 (Alternative Minimum
 Tax)
----------------------------------------------------------------------------------------------------------------------------------
 27,980 Total Texas 19,862,204
----------------------------------------------------------------------------------------------------------------------------------
 UTAH - 0.4%
 775 Utah State Building Ownership Authority, Lease Revenue Bonds, 11/11 at 100.00 AA+ 820,462
 State Facilities Master Lease Program, Series 2001 B, 5.250%,
 5/15/24
----------------------------------------------------------------------------------------------------------------------------------
 VIRGINIA - 0.6%
 1,500 Fairfax County Economic Development Authority, Virginia, 10/17 at 100.00 N/R 1,410,945
 Residential Care Facilities Mortgage Revenue Bonds, Goodwin
 House, Inc., Series 2007A, 5.125%, 10/01/42
----------------------------------------------------------------------------------------------------------------------------------
 WASHINGTON - 6.9%
 250 Energy Northwest, Washington, Electric Revenue Refunding Bonds, 7/12 at 100.00 Aaa 271,980
 Columbia Generating Station - Nuclear Project 2, Series 2002C,
 5.500%, 7/01/17 - NPFG Insured
 2,470 Snohomish County Public Utility District 1, Washington, No Opt. Call Aaa 2,641,369
 Generation System Revenue Bonds, Series 1989, 6.750%, 1/01/12
 (ETM)
 9,750 Washington State Healthcare Facilities Authority, Revenue Bonds, 10/11 at 100.00 AA 10,169,250
 Sisters of Providence Health System, Series 2001A, 5.125%,
 10/01/17 - NPFG Insured
 2,105 Washington State Tobacco Settlement Authority, Tobacco Settlement 6/13 at 100.00 BBB 2,137,143
 Asset-Backed Revenue Bonds, Series 2002, 6.500%, 6/01/26
 2,115 Washington State, Motor Vehicle Fuel Tax General Obligation No Opt. Call AA+ 942,148
 Bonds, Series 2003F, 0.000%, 12/01/27 - NPFG Insured
----------------------------------------------------------------------------------------------------------------------------------
 16,690 Total Washington 16,161,890
----------------------------------------------------------------------------------------------------------------------------------
 WEST VIRGINIA - 0.5%
 760 Marshall County, West Virginia, Special Obligation Refunding No Opt. Call AAA 765,806
 Bonds, Series 1992, 6.500%, 5/15/10 (ETM)
 500 West Virginia Hospital Finance Authority, Revenue Bonds, United 6/16 at 100.00 A+ 477,815
 Hospital Center Inc. Project, Series 2006A, 4.500%, 6/01/26 -
 AMBAC Insured
----------------------------------------------------------------------------------------------------------------------------------
 1,260 Total West Virginia 1,243,621
----------------------------------------------------------------------------------------------------------------------------------


 Nuveen Investments 21

 NXP

---------

Nuveen Select Tax-Free Income Portfolio (continued) Portfolio of Investments March 31, 2010 

 PRINCIPAL OPTIONAL CALL
 AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
 WISCONSIN - 1.9%
-----------------------------------------------------------------------------------------------------------------------------------
$ 785 Badger Tobacco Asset Securitization Corporation, Wisconsin, 6/12 at 100.00 AAA $ 843,121
 Tobacco Settlement Asset-Backed Bonds, Series 2002, 6.125%,
 6/01/27 (Pre-refunded 6/01/12)
-----------------------------------------------------------------------------------------------------------------------------------
 1,000 Wisconsin Health and Educational Facilities Authority, Revenue 8/13 at 100.00 BBB+ 1,007,570
 Bonds, Wheaton Franciscan Services Inc., Series 2003A, 5.500%,
 8/15/17
-----------------------------------------------------------------------------------------------------------------------------------
 2,500 Wisconsin, General Obligation Refunding Bonds, Series 2003-3, 11/13 at 100.00 AA 2,590,625
 5.000%, 11/01/26
-----------------------------------------------------------------------------------------------------------------------------------
 4,285 Total Wisconsin 4,441,316
-----------------------------------------------------------------------------------------------------------------------------------
$ 272,045 Total Long-Term Investments (cost $226,267,445) - 98.7% 230,629,711
-----------------------------------------------------------------------------------------------------------------------------------


 PRINCIPAL
 AMOUNT (000) DESCRIPTION (1) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
 SHORT-TERM INVESTMENTS - 0.2%
$ 569 State Street Bank Euro Dollar Time Deposit, 0.010%, 4/01/10 $ 569,365
-----------------------------------------------------------------------------------------------------------------------------------
 Total Short-Term Investments (cost $569,365) 569,365
 ------------------------------------------------------------------------------------------------------------------
 Total Investments (cost $226,836,810) - 98.9% 231,199,076
 ------------------------------------------------------------------------------------------------------------------
 Other Assets Less Liabilities - 1.1 % 2,669,430
 ------------------------------------------------------------------------------------------------------------------
 Net Assets - 100% $ 233,868,506
 ==================================================================================================================


 (1) All percentages shown in the Portfolio of Investments are based
 on net assets.

 (2) Optional Call Provisions (not covered by the report of
 independent registered public accounting firm): 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 (not covered by the report of independent registered
 public accounting firm): Using the higher of Standard & Poor's Group
 ("Standard & Poor's") or Moody's Investor Service, Inc. ("Moody's")
 rating. Ratings below BBB by Standard & Poor's or Baa by Moody's are
 considered to be below investment grade.

 (4) Backed by an escrow or trust containing sufficient U.S.
 Government or U.S. Government agency securities which ensure the
 timely payment of principal and interest. Such investments are
 normally considered to be equivalent to AAA rated securities.

 (5) Subsequent to the reporting period, the 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. N/R Not rated.

(ETM) Escrowed to maturity.

 (IF) Inverse floating rate investment.

See accompanying notes to financial statements.

22 Nuveen Investments

NXQ

Nuveen Select Tax-Free Income Portfolio 2 Portfolio of Investments

March 31, 2010 

 PRINCIPAL OPTIONAL CALL
 AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
 ALABAMA - 0.2%
$ 150 Alabama Water Pollution Control Authority, Revolving Fund Loan 5/10 at 100.00 AA $ 150,017
 Bonds, Series 1999, 5.750%, 8/15/23 - AMBAC Insured
 250 Lauderdale County and Florence Health Authority, Alabama, Revenue 7/10 at 102.00 A 239,793
 Bonds, Coffee Health Group, Series 2000A, 6.000%, 7/01/29 -
 NPFG Insured
-----------------------------------------------------------------------------------------------------------------------------------
 400 Total Alabama 389,810
-----------------------------------------------------------------------------------------------------------------------------------
 ARIZONA - 0.7%
 2,000 Salt Verde Financial Corporation, Arizona, Senior Gas Revenue No Opt. Call A 1,748,460
 Bonds, Series 2007, 5.000%, 12/01/37
-----------------------------------------------------------------------------------------------------------------------------------
 ARKANSAS - 1.3%
 1,000 Fort Smith, Arkansas, Water and Sewer Revenue Refunding and 10/11 at 100.00 AAA 1,065,060
 Construction Bonds, Series 2002A, 5.000%, 10/01/19
 (Pre-refunded 10/01/11) - AGM Insured
 2,000 University of Arkansas, Fayetteville, Various Facilities Revenue 12/12 at 100.00 Aa3 2,031,780
 Bonds, Series 2002, 5.000%, 12/01/32 - FGIC Insured
-----------------------------------------------------------------------------------------------------------------------------------
 3,000 Total Arkansas 3,096,840
-----------------------------------------------------------------------------------------------------------------------------------
 CALIFORNIA - 7.2%
 1,000 Alameda Corridor Transportation Authority, California, 10/17 at 100.00 A- 788,660
 Subordinate Lien Revenue Bonds, Series 2004A, 0.000%, 10/01/25
 - AMBAC Insured
 3,325 California Department of Water Resources, Power Supply Revenue 5/12 at 101.00 AA- 3,671,232
 Bonds, Series 2002A, 6.000%, 5/01/14
 500 California State Public Works Board, Lease Revenue Refunding 6/10 at 100.50 BBB+ 502,915
 Bonds, Community Colleges Projects, Series 1998A, 5.250%,
 12/01/16
 2,000 California State Public Works Board, Lease Revenue Refunding No Opt. Call Aa2 2,168,580
 Bonds, Various University of California Projects, Series
 1993A, 5.500%, 6/01/14
 60 California, General Obligation Bonds, Series 1997, 5.000%, 5/10 at 100.00 A- 60,059
 10/01/18 - AMBAC Insured
 2,500 California, General Obligation Bonds, Series 2005, 5.000%, 3/01/31 3/16 at 100.00 A- 2,381,475
 1,000 Golden State Tobacco Securitization Corporation, California, 6/17 at 100.00 BBB 640,650
 Enhanced Tobacco Settlement Asset-Backed Bonds, Series
 2007A-1, 5.125%, 6/01/47
 3,200 Golden State Tobacco Securitization Corporation, California, 6/13 at 100.00 AAA 3,725,696
 Tobacco Settlement Asset-Backed Bonds, Series 2003A-1, 6.750%,
 6/01/39 (Pre-refunded 6/01/13)
 450 M-S-R Energy Authority, Gas Revenue Bonds, California, Citigroup No Opt. Call A 482,256
 Prepay Contracts, Series 2009C, 6.500%, 11/01/39
 1,195 Palmdale Elementary School District, Los Angeles County, No Opt. Call AAA 399,978
 California, General Obligation Bonds, Series 2003, 0.000%,
 8/01/28 - AGM Insured
 590 Palomar Pomerado Health, California, Certificates of 11/19 at 100.00 Baa2 611,936
 Participation, Series 2009, 6.750%,11/01/39
 1,890 San Joaquin Delta Community College District, California, General 8/18 at 47.14 AAA 486,864
 Obligation Bonds, Election 2004 Series 2008B, 0.000%, 8/01/31
 - AGM Insured
 1,750 Tobacco Securitization Authority of Northern California, Tobacco 6/15 at 100.00 BBB 1,201,883
 Settlement Asset-Backed Bonds, Series 2005A-1, 5.500%, 6/01/45
-----------------------------------------------------------------------------------------------------------------------------------
 19,460 Total California 17,122,184
-----------------------------------------------------------------------------------------------------------------------------------
 COLORADO - 10.8%
 500 Colorado Health Facilities Authority, Colorado, Revenue Bonds, 7/19 at 100.00 AA 527,770
 Catholic Health Initiatives, Series 2009A, 5.500%, 7/01/34
 1,700 Colorado Health Facilities Authority, Revenue Bonds, Catholic 3/12 at 100.00 Aa2 (4) 1,839,060
 Health Initiatives, Series 2002A, 5.500%, 3/01/22 (ETM)
 1,300 Colorado Health Facilities Authority, Revenue Bonds, Catholic 3/12 at 100.00 AA (4) 1,410,981
 Health Initiatives, Series 2002A, 5.500%, 3/01/22
 (Pre-refunded 3/01/12)

Nuveen Investments 23

NXQ

Nuveen Select Tax-Free Income Portfolio 2 (continued) Portfolio of Investments March 31, 2010 

 PRINCIPAL OPTIONAL CALL
 AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
 COLORADO (continued)
$ 2,020 Denver City and County, Colorado, Airport System Revenue Bonds, No Opt. Call A+ $ 2,221,657
 Series 1991 D, 7.750%, 11/15/13 (Alternative Minimum Tax)
 5,000 Denver City and County, Colorado, Airport System Revenue 11/11 at 100.00 A+ 5,302,149
 Refunding Bonds, Series 2001 A, 5.625%, 11/15/17 - FGIC
 Insured (Alternative Minimum Tax)
 1,555 Denver City and County, Colorado, Airport System Revenue 11/11 at 100.00 A+ 1,645,874
 Refunding Bonds, Series 2001, 5.500%, 11/15/16 - FGIC Insured
 3,000 Denver Convention Center Hotel Authority, Colorado, Senior 12/13 at 100.00 N/R (4) 3,349,050
 Revenue Bonds, Convention Center Hotel, Series 2003A, 5.000%,
 12/01/23 (Pre-refunded 12/01/13) - SYNCORA GTY Insured
 2,000 Denver Convention Center Hotel Authority, Colorado, Senior 11/16 at 100.00 BBB- 1,603,600
 Revenue Bonds, Convention Center Hotel, Series 2006, 4.750%,
 12/01/35 - SYNCORA GTY Insured
 E-470 Public Highway Authority, Colorado, Senior Revenue Bonds,
 Series 2000B:
 5,100 0.000%, 9/01/24 - NPFG Insured No Opt. Call A 2,024,343
 7,500 0.000%, 9/01/29 - NPFG Insured No Opt. Call A 2,047,275
 4,000 0.000%, 9/01/33 - NPFG Insured No Opt. Call A 824,360
 5,000 E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, 9/10 at 31.42 Aaa 1,568,150
 Series 2000B, 0.000%, 9/01/28 (Pre-refunded 9/01/10) - NPFG
 Insured
 250 Northwest Parkway Public Highway Authority, Colorado, Revenue 6/11 at 102.00 AAA 268,718
 Bonds, Senior Series 2001A, 5.250%, 6/15/41 (Pre-refunded
 6/15/11) - AGM Insured
 1,100 University of Colorado Hospital Authority, Revenue Bonds, Series 11/11 at 100.00 A3 (4) 1,182,412
 2001A, 5.600%, 11/15/31 (Pre-refunded 11/15/11)
-----------------------------------------------------------------------------------------------------------------------------------
 40,025 Total Colorado 25,815,399
-----------------------------------------------------------------------------------------------------------------------------------
 FLORIDA - 2.4%
 1,000 Hillsborough County Industrial Development Authority, Florida, 10/16 at 100.00 A3 938,650
 Hospital Revenue Bonds, Tampa General Hospital, Series 2006,
 5.250%, 10/01/41
 1,500 Jacksonville, Florida, Guaranteed Entitlement Revenue Refunding 10/12 at 100.00 A+ 1,533,915
 and Improvement Bonds, Series 2002, 5.000%, 10/01/21 - FGIC
 Insured
 2,500 JEA, Florida, Electric System Revenue Bonds, Series 2006-3A, 4/15 at 100.00 AAA 2,533,075
 5.000%, 10/01/41 - AGM Insured
 625 Miami-Dade County Expressway Authority, Florida, Toll System 7/11 at 101.00 A3 630,963
 Revenue Refunding Bonds, Series 2001, 5.125%, 7/01/29 - FGIC
 Insured
-----------------------------------------------------------------------------------------------------------------------------------
 5,625 Total Florida 5,636,603
-----------------------------------------------------------------------------------------------------------------------------------
 ILLINOIS - 14.5%
 630 Chicago Metropolitan Housing Development Corporation, Illinois, 7/10 at 100.00 AA 631,443
 FHA-Insured Section 8 Assisted Housing Development Revenue
 Refunding Bonds, Series 1992, 6.800%, 7/01/17
 590 Chicago, Illinois, Motor Fuel Tax Revenue Bonds, Series 2003A, 7/13 at 100.00 AA+ 595,233
 5.000%, 1/01/33 - AMBAC Insured
 1,665 Chicago, Illinois, Third Lien General Airport Revenue Bonds, 1/16 at 100.00 A1 1,660,388
 O'Hare International Airport, Series 2005A, 5.000%, 1/01/33 -
 FGIC Insured
 600 Illinois Educational Facilities Authority, Student Housing 5/12 at 101.00 Aaa 668,034
 Revenue Bonds, Educational Advancement Foundation Fund,
 University Center Project, Series 2002, 6.000%, 5/01/22
 (Pre-refunded 5/01/12)
 1,050 Illinois Finance Authority, Revenue Bonds, Loyola University of 7/17 at 100.00 Aa1 1,095,822
 Chicago, Tender Option Bond Trust 1137, 9.186%, 7/01/46 (IF)
 2,185 Illinois Finance Authority, Revenue Bonds, YMCA of Southwest 9/15 at 100.00 Aa3 1,871,737
 Illinois, Series 2005, 5.000%, 9/01/31 - RAAI Insured
 1,600 Illinois Finance Authority, Revenue Refunding Bonds, Silver Cross 8/18 at 100.00 BBB 1,450,720
 Hospital and Medical Centers, Series 2008A, 5.500%, 8/15/30
 2,255 Illinois Health Facilities Authority, Revenue Bonds, Lake Forest 7/12 at 100.00 AA+ 2,329,099
 Hospital, Series 2002A, 6.250%, 7/01/22
 1,055 Illinois Health Facilities Authority, Revenue Bonds, Loyola 7/11 at 100.00 Baa3 (4) 1,124,514
 University Health System, Series 2001A, 6.125%, 7/01/31
 (Pre-refunded 7/01/11)
 335 Illinois Health Facilities Authority, Revenue Refunding Bonds, 5/10 at 100.00 N/R 303,279
 Rockford Health System, Series 1997, 5.000%, 8/15/21 - AMBAC
 Insured

24 Nuveen Investments 

 PRINCIPAL OPTIONAL CALL
 AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
---------------------------------------------------------------------------------------------------------------------------------
 ILLINOIS (continued)
$ 1,000 Illinois Housing Development Authority, Housing Finance Bonds, 1/15 at 100.00 A+ $ 978,290
 Series 2005E, 4.750%, 7/01/30 - FGIC Insured
 5,700 Illinois, Sales Tax Revenue Bonds, First Series 2002, 5.000%, 6/13 at 100.00 AAA 5,948,576
 6/15/22
 45 Metropolitan Pier and Exposition Authority, Illinois, Revenue 6/10 at 100.00 A3 45,167
 Bonds, McCormick Place Expansion Project, Series 1992A,
 6.500%, 6/15/22
 7,000 Metropolitan Pier and Exposition Authority, Illinois, Revenue 6/12 at 101.00 AAA 7,242,549
 Refunding Bonds, McCormick Place Expansion Project, Series
 2002B, 5.000%, 6/15/21 - NPFG Insured
 5,045 Sauk Village, Illinois, General Obligation Alternate Revenue 12/12 at 100.00 A 4,967,912
 Source Bonds, Tax Increment, Series 2002A, 5.000%, 6/01/22 -
 RAAI Insured
 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 736,234
 1,135 0.000%, 12/01/18 - RAAI Insured No Opt. Call A 731,099
 1,100 Schaumburg, Illinois, General Obligation Bonds, Series 2004B, 12/14 at 100.00 AA+ 1,140,073
 5.250%, 12/01/34 - FGIC Insured
 1,000 Yorkville, Illinois, General Obligation Debt Certificates, Series 12/11 at 100.00 N/R (4) 1,073,480
 2003, 5.000%, 12/15/21 (Pre-refunded 12/15/11) - RAAI Insured
---------------------------------------------------------------------------------------------------------------------------------
 35,050 Total Illinois 34,593,649
---------------------------------------------------------------------------------------------------------------------------------
 INDIANA - 3.8%
 1,000 Franklin Community Multi-School Building Corporation, Marion 7/14 at 100.00 A (4) 1,138,320
 County, Indiana, First Mortgage Revenue Bonds, Series 2004,
 5.000%, 7/15/22 (Pre-refunded 7/15/14) - FGIC Insured
 750 Indiana Health and Educational Facilities Financing Authority, No Opt. Call Aa1 752,055
 Revenue Bonds, Ascension Health, Series 2006B-5, 5.000%,
 11/15/36
 1,000 Indiana Health Facility Financing Authority, Revenue Bonds, 3/17 at 100.00 BBB 973,930
 Community Foundation of Northwest Indiana, Series 2007,
 5.500%, 3/01/37
 785 Indiana Housing Finance Authority, Single Family Mortgage Revenue 7/11 at 100.00 Aaa 783,226
 Bonds, Series 2002C-2, 5.250%, 7/01/23 (Alternative Minimum
 Tax)
 4,380 Indiana Municipal Power Agency, Power Supply System Revenue 1/12 at 100.00 A+ 4,447,364
 Bonds, Series 2002A, 5.125%, 1/01/21 - AMBAC Insured
 330 St. Joseph County Hospital Authority, Indiana, Revenue Bonds, 8/10 at 100.00 AA- 329,782
 Memorial Health System, Series 1998A, 4.625%, 8/15/28 - NPFG
 Insured
 750 West Clark 2000 School Building Corporation, Clark County, 1/15 at 100.00 AA+ 779,993
 Indiana, First Mortgage Bonds, Series 2005, 5.000%, 7/15/22 -
 NPFG Insured
---------------------------------------------------------------------------------------------------------------------------------
 8,995 Total Indiana 9,204,670
---------------------------------------------------------------------------------------------------------------------------------
 IOWA - 3.3%
 1,560 Iowa Finance Authority, Single Family Mortgage Revenue Bonds, 7/16 at 100.00 AAA 1,500,346
 Series 2007B, 4.800%, 1/01/37 (Alternative Minimum Tax)
 1,200 Iowa Tobacco Settlement Authority, Asset Backed Settlement 6/15 at 100.00 BBB 868,968
 Revenue Bonds, Series 2005C, 5.375%, 6/01/38
 1,000 Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue 6/17 at 100.00 BBB 851,370
 Bonds, Series 2005B, 5.600%, 6/01/34
 Iowa Tobacco Settlement Authority, Tobacco Settlement
 Asset-Backed Revenue Bonds, Series 2001 B:
 960 5.300%, 6/01/25 (Pre-refunded 6/01/11) 6/11 at 101.00 AAA 1,010,794
 3,500 5.600%, 6/01/35 (Pre-refunded 6/01/11) 6/11 at 101.00 AAA 3,722,320
---------------------------------------------------------------------------------------------------------------------------------
 8,220 Total Iowa 7,953,798
---------------------------------------------------------------------------------------------------------------------------------
 KANSAS - 0.7%
 795 Lawrence, Kansas, Hospital Revenue Bonds, Lawrence Memorial 7/16 at 100.00 A3 732,545
 Hospital, Series 2006, 4.875%, 7/01/36
 1,000 Salina, Kansas, Hospital Revenue Bonds, Salina Regional Medical 4/13 at 100.00 A1 948,040
 Center, Series 2006, 4.500%, 10/01/26
---------------------------------------------------------------------------------------------------------------------------------
 1,795 Total Kansas 1,680,585
---------------------------------------------------------------------------------------------------------------------------------

Nuveen Investments 25

NXQ

Nuveen Select Tax-Free Income Portfolio 2 (continued) Portfolio of Investments March 31, 2010 

 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 7/14 at 100.00 A $ 2,216,297
 General Hospital, Series 2004, 5.250%, 7/01/24 - NPFG Insured
 3,000 Louisiana Public Facilities Authority, Revenue Bonds, Tulane 7/12 at 100.00 N/R (4) 3,274,260
 University, Series 2002A, 5.125%, 7/01/27 (Pre-refunded
 7/01/12) - AMBAC Insured
----------------------------------------------------------------------------------------------------------------------------------
 5,180 Total Louisiana 5,490,557
----------------------------------------------------------------------------------------------------------------------------------
 MASSACHUSETTS - 3.5%
 3,000 Massachusetts Health and Educational Facilities Authority, 10/11 at 101.00 BBB+ 3,031,830
 Revenue Bonds, Berkshire Health System, Series 2001 E, 6.250%,
 10/01/31
 500 Massachusetts Health and Educational Facilities Authority, 7/18 at 100.00 A3 474,700
 Revenue Bonds, CareGroup Inc., Series 2008E-1, 5.000%, 7/01/28
 2,565 Massachusetts Turnpike Authority, Metropolitan Highway System 7/10 at 100.00 A 2,512,905
 Revenue Bonds, Senior Series 1997A, 5.000%, 1/01/37 - NPFG
 Insured
 1,270 Massachusetts Water Resources Authority, General Revenue Bonds, No Opt. Call Aa2 (4) 1,436,205
 Series 1993C, 5.250%, 12/01/15 - MBIA Insured (ETM)
 820 Massachusetts Water Resources Authority, General Revenue Bonds, No Opt. Call Aa2 924,197
 Series 1993C, 5.250%, 12/01/15 - MBIA Insured
----------------------------------------------------------------------------------------------------------------------------------
 8,155 Total Massachusetts 8,379,837
----------------------------------------------------------------------------------------------------------------------------------
 MICHIGAN - 1.5%
 545 Detroit, Michigan, General Obligation Bonds, Series 2003A, 4/13 at 100.00 BB 479,774
 5.250%, 4/01/19 - SYNCORA GTY Insured
 2,900 Michigan State Hospital Finance Authority, Hospital Revenue 12/12 at 100.00 AA 2,883,673
 Refunding Bonds, Trinity Health Credit Group, Series 2002C,
 5.375%, 12/01/30
 250 Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue 9/18 at 100.00 A1 294,883
 Bonds, William Beaumont Hospital, Refunding Series 2009V,
 8.250%, 9/01/39
----------------------------------------------------------------------------------------------------------------------------------
 3,695 Total Michigan 3,658,330
----------------------------------------------------------------------------------------------------------------------------------
 MINNESOTA - 0.6%
 1,500 Minnesota Housing Finance Agency, Residential Housing Finance 7/16 at 100.00 AA+ 1,429,845
 Bonds, Series 2007-I, 4.850%, 7/01/38 (Alternative Minimum Tax)
----------------------------------------------------------------------------------------------------------------------------------
 MISSISSIPPI - 0.3%
 500 Mississippi Development Bank, Revenue Bonds, Mississippi 3/16 at 100.00 Baa2 492,955
 Municipal Energy Agency, Mississippi Power, Series 2006A,
 5.000%, 3/01/21 - SYNCORA GTY Insured
----------------------------------------------------------------------------------------------------------------------------------
 NEVADA - 3.1%
 1,500 Clark County, Nevada, General Obligation Bank Bonds, Southern 6/11 at 100.00 AA+ (4) 1,583,370
 Nevada Water Authority Loan, Series 2001, 5.300%, 6/01/19
 (Pre-refunded 6/01/11) - FGIC Insured
 1,000 Clark County, Nevada, Passenger Facility Charge Revenue Bonds, 1/20 at 100.00 Aa3 995,290
 Las Vegas-McCarran International Airport, Series 2010A,
 5.250%, 7/01/42
 Director of Nevada State Department of Business and Industry,
 Revenue Bonds, Las Vegas Monorail Project, First Tier,
 Series 2000:
 4,595 0.000%, 1/01/22 - AMBAC Insured No Opt. Call Caa2 722,885
 12,250 5.375%, 1/01/40 - AMBAC Insured (5) 7/10 at 100.00 Caa2 4,181,415
----------------------------------------------------------------------------------------------------------------------------------
 19,345 Total Nevada 7,482,960
----------------------------------------------------------------------------------------------------------------------------------
 NEW JERSEY - 1.9%
 2,500 New Jersey Health Care Facilities Financing Authority, Revenue 7/13 at 100.00 Ba2 2,261,350
 Bonds, Somerset Medical Center, Series 2003, 5.500%, 7/01/23
 Tobacco Settlement Financing Corporation, New Jersey, Tobacco
 Settlement Asset-Backed Bonds, Series 2003:
 1,000 6.375%, 6/01/32 (Pre-refunded 6/01/13) 6/13 at 100.00 AAA 1,143,040
 1,010 6.250%, 6/01/43 (Pre-refunded 6/01/13) 6/13 at 100.00 AAA 1,163,742
----------------------------------------------------------------------------------------------------------------------------------
 4,510 Total New Jersey 4,568,132
----------------------------------------------------------------------------------------------------------------------------------

26 Nuveen Investments 

 PRINCIPAL OPTIONAL CALL
 AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
 NEW MEXICO - 3.1%
$ 1,000 New Mexico Mortgage Finance Authority, Multifamily Housing 9/17 at 100.00 AAA $ 1,003,000
 Revenue Bonds, St Anthony, Series 2007A, 5.250%, 9/01/42
 (Alternative Minimum Tax)
 University of New Mexico, FHA-Insured Mortgage Hospital Revenue
 Bonds, Series 2004:
 555 4.625%, 1/01/25 - AGM Insured 7/14 at 100.00 AAA 562,121
 660 4.625%, 7/01/25 - AGM Insured 7/14 at 100.00 AAA 668,468
 2,000 4.750%, 7/01/27 - AGM Insured 7/14 at 100.00 AAA 2,027,900
 3,000 4.750%, 1/01/28 - AGM Insured 7/14 at 100.00 AAA 3,034,320
------------------------------------------------------------------------------------------------------------------------------------
 7,215 Total New Mexico 7,295,809
------------------------------------------------------------------------------------------------------------------------------------
 NEW YORK - 4.0%
 2,045 Dormitory Authority of the State of New York, Revenue Bonds, 7/10 at 101.00 A2 2,079,090
 Mount Sinai NYU Health Obligated Group, Series 2000A, 6.500%,
 7/01/17
 655 Dormitory Authority of the State of New York, Revenue Bonds, 7/10 at 101.00 A2 (4) 670,379
 Mount Sinai NYU Health Obligated Group, Series 2000A, 6.500%,
 7/01/17 (Pre-refunded 7/01/10)
 2,000 New York City Municipal Water Finance Authority, New York, Water 12/14 at 100.00 AAA 2,050,380
 and Sewerage System Revenue Bonds, Series 2004B, 5.000%,
 6/15/36 - AGM Insured (UB)
 1,700 New York Dorm Authority, FHA Insured Mortgage Hospital Revenue 8/16 at 100.00 BB+ 1,591,489
 Bonds, Kaleida Health, Series 2006, 4.700%, 2/15/35
 3,000 New York State Tobacco Settlement Financing Corporation, Tobacco 6/11 at 100.00 AA- 3,136,200
 Settlement Asset-Backed and State Contingency Contract-Backed
 Bonds, Series 2003B-1C, 5.500%, 6/01/16
------------------------------------------------------------------------------------------------------------------------------------
 9,400 Total New York 9,527,538
------------------------------------------------------------------------------------------------------------------------------------
 NORTH CAROLINA - 0.5%
 1,155 Charlotte-Mecklenburg Hospital Authority, North Carolina, 1/11 at 101.00 AA- 1,158,442
 Healthcare System Revenue Bonds, Carolinas Healthcare System,
 Series 2001A, 5.000%, 1/15/31
------------------------------------------------------------------------------------------------------------------------------------
 OHIO - 1.9%
 Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco
 Settlement Asset-Backed Revenue Bonds, Senior Lien, Series
 2007A-2:
 1,865 5.375%, 6/01/24 6/17 at 100.00 BBB 1,771,694
 50 5.125%, 6/01/24 6/17 at 100.00 BBB 46,310
 680 5.875%, 6/01/30 6/17 at 100.00 BBB 571,594
 775 5.750%, 6/01/34 6/17 at 100.00 BBB 599,145
 2,180 5.875%, 6/01/47 6/17 at 100.00 BBB 1,553,359
------------------------------------------------------------------------------------------------------------------------------------
 5,550 Total Ohio 4,542,102
------------------------------------------------------------------------------------------------------------------------------------
 OKLAHOMA - 1.5%
 1,000 Norman Regional Hospital Authority, Oklahoma, Hospital Revenue 9/16 at 100.00 BB+ 813,680
 Bonds, Series 2005, 5.375%, 9/01/36
 3,000 Oklahoma Development Finance Authority, Revenue Bonds, Saint John 2/17 at 100.00 A 2,762,820
 Health System, Series 2007, 5.000%, 2/15/42
------------------------------------------------------------------------------------------------------------------------------------
 4,000 Total Oklahoma 3,576,500
------------------------------------------------------------------------------------------------------------------------------------
 PENNSYLVANIA - 1.9%
 1,000 Philadelphia Authority for Industrial Development, Pennsylvania, 7/11 at 101.00 A+ 1,035,490
 Airport Revenue Bonds, Philadelphia Airport System Project,
 Series 2001A, 5.500%, 7/01/17 - FGIC Insured (Alternative
 Minimum Tax)
 3,250 Philadelphia School District, Pennsylvania, General Obligation 2/12 at 100.00 AAA 3,518,840
 Bonds, Series 2002A, 5.500%, 2/01/31 (Pre-refunded 2/01/12) -
 AGM Insured
------------------------------------------------------------------------------------------------------------------------------------
 4,250 Total Pennsylvania 4,554,330
------------------------------------------------------------------------------------------------------------------------------------
 PUERTO RICO - 1.6%
 1,035 Puerto Rico Housing Finance Authority, Capital Fund Program 12/13 at 100.00 AA+ 1,066,816
 Revenue Bonds, Series 2003, 5.000%, 12/01/20

Nuveen Investments 27

NXQ

Nuveen Select Tax-Free Income Portfolio 2 (continued) Portfolio of Investments March 31, 2010 

 PRINCIPAL OPTIONAL CALL
 AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
----------------------------------------------------------------------------------------------------------------------------------
 PUERTO RICO (continued)
$ 1,965 Puerto Rico Housing Finance Authority, Capital Fund Program 12/13 at 100.00 AAA $ 2,207,049
 Revenue Bonds, Series 2003, 5.000%, 12/01/20 (Pre-refunded
 12/01/13)
 10,000 Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue No Opt. Call AA- 596,100
 Bonds, Series 2007A, 0.000%, 8/01/54 - AMBAC Insured
----------------------------------------------------------------------------------------------------------------------------------
 13,000 Total Puerto Rico 3,869,965
----------------------------------------------------------------------------------------------------------------------------------
 RHODE ISLAND - 2.2%
 5,835 Rhode Island Tobacco Settlement Financing Corporation, Tobacco 6/12 at 100.00 BBB 5,374,734
 Settlement Asset-Backed Bonds, Series 2002A, 6.250%, 6/01/42
----------------------------------------------------------------------------------------------------------------------------------
 SOUTH CAROLINA - 5.4%
 700 Dorchester County School District 2, South Carolina, Installment 12/14 at 100.00 AA- 737,877
 Purchase Revenue Bonds, GROWTH, Series 2004, 5.250%, 12/01/20
 620 Florence, South Carolina, Water and Sewerage Revenue Bonds, 3/11 at 100.00 A+ 628,469
 Series 2000, 5.750%, 3/01/20 - AMBAC Insured
 4,000 Greenville County School District, South Carolina, Installment 12/12 at 101.00 AA (4) 4,542,560
 Purchase Revenue Bonds, Series 2002, 5.875%, 12/01/19
 (Pre-refunded 12/01/12)
 2,500 Lexington County Health Service District, South Carolina, 11/13 at 100.00 A+ (4) 2,891,125
 Hospital Revenue Refunding and Improvement Bonds, Series 2003,
 6.000%, 11/01/18 (Pre-refunded 11/01/13)
 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 520,220
 2,435 5.250%, 2/15/21 - NPFG Insured 8/14 at 100.00 A 2,530,915
 525 Piedmont Municipal Power Agency, South Carolina, Electric Revenue 5/10 at 100.00 A 524,990
 Refunding Bonds, Series 1998A, 4.750%, 1/01/25 - NPFG Insured
 475 The College of Charleston, Charleston South Carolina, Academic 4/14 at 100.00 A2 482,282
 and Administrative Revenue Bonds, Series 2004B, 5.125%,
 4/01/30 - SYNCORA GTY Insured
----------------------------------------------------------------------------------------------------------------------------------
 11,755 Total South Carolina 12,858,438
----------------------------------------------------------------------------------------------------------------------------------
 SOUTH DAKOTA - 0.4%
 1,000 South Dakota Health and Educational Facilities Authority, Revenue 11/14 at 100.00 AA- 1,001,570
 Bonds, Sioux Valley Hospitals, Series 2004A, 5.250%, 11/01/34
----------------------------------------------------------------------------------------------------------------------------------
 TEXAS - 12.3%
 4,000 Brazos River Harbor Navigation District, Brazoria County, Texas, 5/12 at 101.00 BBB- 4,040,200
 Environmental Facilities Revenue Bonds, Dow Chemical Company
 Project, Series 2002A-6, 6.250%, 5/15/33 (Mandatory put
 5/15/17) (Alternative Minimum Tax)
 1,500 Central Texas Regional Mobility Authority, Travis and Williamson 1/15 at 100.00 A 1,303,365
 Counties, Toll Road Revenue Bonds, Series 2005, 5.000%,
 1/01/45 - FGIC Insured
 1,000 Dallas Area Rapid Transit, Texas, Senior Lien Sales Tax Revenue 12/11 at 100.00 AAA 1,071,380
 Bonds, Series 2001, 5.000%, 12/01/31 (Pre-refunded 12/01/11) -
 AMBAC Insured
 2,500 Harris County Health Facilities Development Corporation, Texas, No Opt. Call A (4) 2,888,475
 Hospital Revenue Bonds, Texas Children's Hospital, Series
 1995, 5.500%, 10/01/16 - MBIA Insured (ETM)
 3,000 Harris County Health Facilities Development Corporation, Texas, 11/13 at 100.00 AA 3,034,470
 Thermal Utility Revenue Bonds, TECO Project, Series 2003,
 5.000%, 11/15/30 - NPFG Insured
 6,610 Harris County-Houston Sports Authority, Texas, Junior Lien 11/31 at 53.78 A 686,845
 Revenue Bonds, Series 2001 H, 0.000%, 11/15/41 - NPFG Insured
 575 Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, No Opt. Call A- 251,568
 Convention and Entertainment Project, Series 2001 B, 0.000%,
 9/01/24 - AMBAC Insured
 2,000 Houston, Texas, Subordinate Lien Airport System Revenue Bonds, 7/12 at 100.00 AAA 2,048,560
 Series 2002A, 5.625%, 7/01/20 - AGM Insured (Alternative
 Minimum Tax)
 3,125 Katy Independent School District, Harris, Fort Bend and Waller 2/12 at 100.00 AAA 3,367,156
 Counties, Texas, General Obligation Bonds, Series 2002A,
 5.000%, 2/15/32 (Pre-refunded 2/15/12)

28 Nuveen Investments 

 PRINCIPAL OPTIONAL CALL
 AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
---------------------------------------------------------------------------------------------------------------------------------
 TEXAS (continued)
$ 1,400 Kerrville Health Facilities Development Corporation, Texas, No Opt. Call BBB- $ 1,269,730
 Revenue Bonds, Sid Peterson Memorial Hospital Project, Series
 2005, 5.375%, 8/15/35
 90 Lewisville Independent School District, Denton County, Texas, 8/11 at 100.00 AAA 94,190
 General Obligation Bonds, Series 2004, 5.000%, 8/15/23
 910 Lewisville Independent School District, Denton County, Texas, 8/11 at 100.00 AAA 964,773
 General Obligation Bonds, Series 2004, 5.000%, 8/15/23
 (Pre-refunded 8/15/11)
 335 Live Oak, Texas, General Obligation Bonds, Series 2004, 5.250%, 8/14 at 100.00 Baa1 349,281
 8/01/20 - NPFG Insured
 4,850 Sam Rayburn Municipal Power Agency, Texas, Power Supply System 10/12 at 100.00 BBB 5,003,988
 Revenue Refunding Bonds, Series 2002A, 5.500%, 10/01/17 - RAAI
 Insured
 1,000 San Antonio, Texas, Water System Revenue Bonds, Series 2005, 5/15 at 100.00 AA 1,001,300
 4.750%, 5/15/37 - NPFG Insured
 500 Texas Water Development Board, Senior Lien State Revolving Fund 7/10 at 100.00 AAA 507,310
 Revenue Bonds, Series 2000A, 5.625%, 7/15/13
 1,560 Texas, General Obligation Bonds, Water Financial Assistance 8/13 at 100.00 AA+ 1,485,479
 Program, Series 2003A, 5.125%, 8/01/42 (Alternative Minimum
 Tax)
---------------------------------------------------------------------------------------------------------------------------------
 34,955 Total Texas 29,368,070
---------------------------------------------------------------------------------------------------------------------------------
 UTAH - 0.6%
 1,435 Salt Lake City and Sandy Metropolitan Water District, Utah, Water 7/14 at 100.00 Aa3 1,533,455
 Revenue Bonds, Series 2004, 5.000%, 7/01/21 - AMBAC Insured
---------------------------------------------------------------------------------------------------------------------------------
 VERMONT - 0.4%
 915 Vermont Housing Finance Agency, Multifamily Housing Bonds, Series 8/10 at 100.00 AAA 916,501
 1999C, 5.800%, 8/15/16 - AGM Insured
---------------------------------------------------------------------------------------------------------------------------------
 VIRGINIA - 1.1%
 1,340 Metropolitan District of Columbia Airports Authority, Virginia, 10/10 at 100.00 AA- 1,340,817
 Airport System Revenue Bonds, Series 1998B, 5.000%, 10/01/28 -
 NPFG Insured (Alternative Minimum Tax)
 1,500 Metropolitan Washington DC Airports Authority, Virginia, Dulles 10/26 at 100.00 AAA 1,074,015
 Toll Road Revenue Bonds, Series 2009C., 0.000%, 10/01/41 - AGC
 Insured
 250 Norfolk, Virginia, Water Revenue Bonds, Series 1995, 5.750%, 5/10 at 100.00 A1 251,018
 11/01/13 - NPFG Insured
---------------------------------------------------------------------------------------------------------------------------------
 3,090 Total Virginia 2,665,850
---------------------------------------------------------------------------------------------------------------------------------
 WASHINGTON - 2.9%
 6,715 Washington State Healthcare Facilities Authority, Revenue Bonds, 10/11 at 100.00 AA 7,003,744
 Sisters of Providence Health System, Series 2001A, 5.125%,
 10/01/17 - NPFG Insured
---------------------------------------------------------------------------------------------------------------------------------
 WISCONSIN - 0.9%
 1,000 Wisconsin Health and Educational Facilities Authority, Revenue 8/13 at 100.00 BBB+ 1,001,450
 Bonds, Wheaton Franciscan Services Inc., Series 2003A, 5.500%,
 8/15/18
 1,170 Wisconsin Housing and Economic Development Authority, Home 3/12 at 100.00 AA 1,194,336
 Ownership Revenue Bonds, Series 2002G, 4.850%, 9/01/17
---------------------------------------------------------------------------------------------------------------------------------
 2,170 Total Wisconsin 2,195,786
---------------------------------------------------------------------------------------------------------------------------------
$ 279,895 Total Long-Term Investments (cost $242,306,370) - 98.8% 236,187,448
---------------------------------------------------------------------------------------------------------------------------------

Nuveen Investments 29

NXQ

Nuveen Select Tax-Free Income Portfolio 2 (continued) Portfolio of Investments March 31, 2010 

 PRINCIPAL
 AMOUNT (000) DESCRIPTION (1) VALUE
---------------------------------------------------------------------------------------------------------------------------------
 Short-Term Investments - 0.5%
---------------------------------------------------------------------------------------------------------------------------------
 $1,152 State Street Bank Euro Dollar Time Deposit, 0.010%, 4/01/10 $ 1,151,689
---------------------------------------------------------------------------------------------------------------------------------
 Total Short-Term Investments (cost $1,151,689) 1,151,689
 --------------------------------------------------------------------------------------------------------------
 Total Investments (cost $243,458,059) - 99.3% 237,339,137
 --------------------------------------------------------------------------------------------------------------
 Floating Rate Obligations - (0.4)% (1,000,000)
 --------------------------------------------------------------------------------------------------------------
 Other Assets Less Liabilities - 1.1 % 2,761,179
 --------------------------------------------------------------------------------------------------------------
 Net Assets - 100% $ 239,100,316
 ==============================================================================================================

(1) All percentages shown in the Portfolio of Investments are based on net assets.

(2) Optional Call Provisions (not covered by the report of independent registered public accounting firm): 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 (not covered by the report of independent registered public accounting firm): Using the higher of Standard & Poor's Group
("Standard & Poor's") or Moody's Investor Service, Inc. ("Moody's") rating. Ratings below BBB by Standard & Poor's or Baa by Moody's are considered to be below investment grade.

(4) Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities which ensure the timely payment of principal and interest. Such investments are normally considered to be equivalent to AAA rated securities.

(5) Subsequent to the reporting period, the 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.

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 - Inverse Floating Rate Securities for more information.

See accompanying notes to financial statements.

30 Nuveen Investments

NXR

Nuveen Select Tax-Free Income Portfolio 3 Portfolio of Investments

March 31, 2010 

 PRINCIPAL OPTIONAL CALL
 AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
----------------------------------------------------------------------------------------------------------------------------------
 ALABAMA - 0.3%
$ 500 Marshall County Healthcare Authority, Alabama, Revenue Bonds, 1/12 at 101.00 A- $ 512,085
 Series 2002A, 6.250%, 1/01/22
----------------------------------------------------------------------------------------------------------------------------------
 CALIFORNIA - 9.7%
 2,105 Azusa Unified School District, Los Angeles County, California, 7/12 at 100.00 AAA 2,275,000
 General Obligation Bonds, Series 2002, 5.375%, 7/01/21 - AGM
 Insured
 1,000 California County Tobacco Securitization Agency, Tobacco 12/18 at 100.00 Baa3 736,710
 Settlement Asset-Backed Bonds, Los Angeles County
 Securitization Corporation, Series 2006A, 0.000%, 6/01/36
 1,000 California County Tobacco Securitization Agency, Tobacco 6/15 at 100.00 BBB 854,760
 Settlement Asset-Backed Bonds, Sonoma County Tobacco
 Securitization Corporation, Series 2005, 5.000%, 6/01/26
 3,350 California Department of Water Resources, Power Supply Revenue 5/12 at 101.00 AA- 3,698,836
 Bonds, Series 2002A, 6.000%, 5/01/14
 2,595 California Health Facilities Financing Authority, Revenue Bonds, 4/16 at 100.00 A+ 2,462,499
 Kaiser Permanante System, Series 2006, 5.000%, 4/01/37
 1,000 California Statewide Community Development Authority, Revenue 8/19 at 100.00 AA 1,104,810
 Bonds, Methodist Hospital Project, Series 2009, 6.750%, 2/01/38
 295 California Statewide Financing Authority, Tobacco Settlement No Opt. Call Baa3 285,997
 Asset-Backed Bonds, Pooled Tobacco Securitization Program,
 Series 2002A, 5.625%, 5/01/29
 Golden State Tobacco Securitization Corporation, California,
 Enhanced Tobacco Settlement Asset-Backed Bonds, Series
 2007A-1:
 775 4.500%, 6/01/27 6/17 at 100.00 BBB 716,418
 1,300 5.000%, 6/01/33 6/17 at 100.00 BBB 1,015,014
 3,000 Golden State Tobacco Securitization Corporation, California, 6/13 at 100.00 AAA 3,492,840
 Tobacco Settlement Asset-Backed Bonds, Series 2003A-1, 6.750%,
 6/01/39 (Pre-refunded 6/01/13)
 1,500 Placer Union High School District, Placer County, California, No Opt. Call AAA 376,185
 General Obligation Bonds, Series 2004C, 0.000%, 8/01/32 - AGM
 Insured
 3,940 Rancho Mirage Redevelopment Agency, California, Tax Allocation No Opt. Call A+ 769,640
 Bonds, Combined Whitewater and 1984 Project Areas, Series
 2003A, 0.000%, 4/01/35 - NPFG Insured
----------------------------------------------------------------------------------------------------------------------------------
 21,860 Total California 17,788,709
----------------------------------------------------------------------------------------------------------------------------------
 COLORADO - 6.6%
 1,540 Arkansas River Power Authority, Colorado, Power Revenue Bonds, 10/16 at 100.00 BBB 1,375,297
 Series 2006, 5.250%, 10/01/40 - SYNCORA GTY Insured
 400 Colorado Department of Transportation, Certificates of 6/14 at 100.00 AA- 406,640
 Participation, Series 2004, 5.000%, 6/15/34 - NPFG Insured
 2,265 Colorado Health Facilities Authority, Revenue Bonds, Catholic 3/12 at 100.00 Aa2 (4) 2,450,277
 Health Initiatives, Series 2002A, 5.500%, 3/01/22 (ETM)
 1,735 Colorado Health Facilities Authority, Revenue Bonds, Catholic 3/12 at 100.00 AA (4) 1,883,117
 Health Initiatives, Series 2002A, 5.500%, 3/01/22
 (Pre-refunded 3/01/12)
 1,710 Denver City and County, Colorado, Airport System Revenue Bonds, No Opt. Call A+ 1,880,709
 Series 1991 D, 7.750%, 11/15/13 (Alternative Minimum Tax)
 3,000 Denver Convention Center Hotel Authority, Colorado, Senior 12/13 at 100.00 N/R (4) 3,349,050
 Revenue Bonds, Convention Center Hotel, Series 2003A, 5.000%,
 12/01/24 (Pre-refunded 12/01/13) - SYNCORA GTY Insured
 2,485 E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, 9/20 at 63.99 A 743,562
 Series 2004B, 0.000%, 9/01/28 - NPFG Insured
----------------------------------------------------------------------------------------------------------------------------------
 13,135 Total Colorado 12,088,652
----------------------------------------------------------------------------------------------------------------------------------
 CONNECTICUT - 0.2%
 250 Connecticut Health and Educational Facilities Authority, Revenue 7/10 at 100.00 A 250,895
 Bonds, Bridgeport Hospital Issue, Series 1992A, 6.625%,
 7/01/18 - NPFG Insured
----------------------------------------------------------------------------------------------------------------------------------

Nuveen Investments 31

NXR

Nuveen Select Tax-Free Income Portfolio 3 (continued) Portfolio of Investments March 31, 2010 

 PRINCIPAL OPTIONAL CALL
 AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
---------------------------------------------------------------------------------------------------------------------------------
 DISTRICT OF COLUMBIA - 0.4%
$ 445 District of Columbia Tobacco Settlement Corporation, Tobacco 5/11 at 101.00 BBB $ 446,798
 Settlement Asset-Backed Bonds, Series 2001, 6.250%, 5/15/24
 15 District of Columbia, General Obligation Bonds, Series 1993E, 5/10 at 100.00 AAA 15,066
 6.000%, 6/01/13 - MBIA Insured (ETM)
 235 District of Columbia, General Obligation Refunding Bonds, Series No Opt. Call A+ 237,308
 1994A-1, 6.500%, 6/01/10 - NPFG Insured
---------------------------------------------------------------------------------------------------------------------------------
 695 Total District of Columbia 699,172
---------------------------------------------------------------------------------------------------------------------------------
 FLORIDA - 4.8%
 1,000 Hillsborough County Industrial Development Authority, Florida, 10/16 at 100.00 A3 938,650
 Hospital Revenue Bonds, Tampa General Hospital, Series 2006,
 5.250%, 10/01/41
 5,020 JEA St. John's River Power Park System, Florida, Revenue 10/11 at 100.00 Aa2 5,275,669
 Refunding Bonds, Issue 2, Series 2002-17, 5.000%, 10/01/18
 2,490 JEA, Florida, Subordinate Lien Electric System Revenue Bonds, 5/10 at 100.00 Aa3 2,490,872
 Series 2002D, 4.625%, 10/01/22
---------------------------------------------------------------------------------------------------------------------------------
 8,510 Total Florida 8,705,191
---------------------------------------------------------------------------------------------------------------------------------
 ILLINOIS - 18.7%
 80 Chicago Metropolitan Housing Development Corporation, Illinois, 7/10 at 100.00 AA 80,143
 FHA-Insured Section 8 Assisted Housing Development Revenue
 Refunding Bonds, Series 1992, 6.850%, 7/01/22
 1,930 Illinois Development Finance Authority, Revenue Bonds, Midwestern 5/11 at 101.00 AAA 2,054,060
 University, Series 2001 B, 5.750%, 5/15/16 (Pre-refunded
 5/15/11)
 1,050 Illinois Finance Authority, Revenue Bonds, Loyola University of 7/17 at 100.00 Aa1 1,095,822
 Chicago, Tender Option Bond Trust 1137, 9.186%, 7/01/46 (IF)
 2,185 Illinois Finance Authority, Revenue Bonds, YMCA of Southwest 9/15 at 100.00 Aa3 1,871,737
 Illinois, Series 2005, 5.000%, 9/01/31 - RAAI Insured
 4,440 Illinois Health Facilities Authority, Remarketed Revenue Bonds, 8/11 at 103.00 Aa1 4,634,738
 University of Chicago Project, Series 1985A, 5.500%, 8/01/20
 1,500 Illinois Health Facilities Authority, Revenue Bonds, Evangelical No Opt. Call N/R (4) 1,867,710
 Hospitals Corporation, Series 1992C, 6.250%, 4/15/22 (ETM)
 315 Illinois Health Facilities Authority, Revenue Bonds, Holy Family 5/10 at 100.00 A 315,035
 Medical Center, Series 1997, 5.125%, 8/15/17 - NPFG Insured
 2,255 Illinois Health Facilities Authority, Revenue Refunding Bonds, 1/13 at 100.00 Baa1 2,318,794
 Elmhurst Memorial Healthcare, Series 2002, 6.250%, 1/01/17
 360 Illinois Health Facilities Authority, Revenue Refunding Bonds, 5/10 at 100.00 N/R 325,912
 Rockford Health System, Series 1997, 5.000%, 8/15/21 - AMBAC
 Insured
 2,500 Illinois Housing Development Authority, Homeowner Mortgage 2/16 at 100.00 AA 2,516,150
 Revenue Bonds, Series 2006C2, 5.050%, 8/01/27 (Alternative
 Minimum Tax)
 5,700 Illinois, Sales Tax Revenue Bonds, First Series 2002, 5.000%, 6/13 at 100.00 AAA 5,948,577
 6/15/22
 2,000 Illinois, Sales Tax Revenue Bonds, Series 1997X, 5.600%, 6/15/17 5/10 at 100.00 AAA 2,007,020
 1,000 Kankakee & Will Counties Community Unit School District 5, No Opt. Call Aa3 552,470
 Illinois, General Obligation Bonds, Series 2006, 0.000%,
 5/01/23 - AGM Insured
 6,000 Metropolitan Pier and Exposition Authority, Illinois, Revenue 6/12 at 101.00 AAA 6,207,896
 Refunding Bonds, McCormick Place Expansion Project, Series
 2002B, 5.000%, 6/15/21 - NPFG Insured
 1,300 Schaumburg, Illinois, General Obligation Bonds, Series 2004B, 12/14 at 100.00 AA+ 1,347,359
 5.250%, 12/01/34 - FGIC Insured
 1,000 Yorkville, Illinois, General Obligation Debt Certificates, Series 12/11 at 100.00 N/R (4) 1,073,480
 2003, 5.000%, 12/15/22 (Pre-refunded 12/15/11) - RAAI Insured
---------------------------------------------------------------------------------------------------------------------------------
 33,615 Total Illinois 34,216,903
---------------------------------------------------------------------------------------------------------------------------------

32 Nuveen Investments 

 PRINCIPAL OPTIONAL CALL
 AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
---------------------------------------------------------------------------------------------------------------------------------
 INDIANA - 6.2%
 $1,000 Franklin Community Multi-School Building Corporation, Marion 7/14 at 100.00 A (4) $ 1,138,320
 County, Indiana, First Mortgage Revenue Bonds, Series 2004,
 5.000%, 7/15/22 (Pre-refunded 7/15/14) - FGIC Insured
 3,500 Indiana Health Facility Financing Authority, Hospital Revenue 9/11 at 100.00 BBB 3,217,655
 Bonds, Methodist Hospitals Inc., Series 2001, 5.375%, 9/15/22
 2,210 Indiana Health Facility Financing Authority, Hospital Revenue No Opt. Call AAA 2,513,919
 Refunding Bonds, Columbus Regional Hospital, Series 1993,
 7.000%, 8/15/15 - AGM Insured
 2,000 Indianapolis Local Public Improvement Bond Bank, Indiana, 7/12 at 100.00 AAA 2,188,380
 Waterworks Project, Series 2002A, 5.250%, 7/01/33
 (Pre-refunded 7/01/12) - NPFG Insured
 2,295 Shelbyville Central Renovation School Building Corporation, 7/15 at 100.00 AA+ 2,324,078
 Indiana, First Mortgage Bonds, Series 2005, 4.375%, 7/15/25 -
 NPFG Insured
---------------------------------------------------------------------------------------------------------------------------------
 11,005 Total Indiana 11,382,352
---------------------------------------------------------------------------------------------------------------------------------
 IOWA - 5.4%
 2,745 Iowa Finance Authority, Health Facility Revenue Bonds, Care 7/16 at 100.00 BB+ 2,247,881
 Initiatives Project, Series 2006A, 5.000%, 7/01/20
 750 Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue 6/17 at 100.00 BBB 638,528
 Bonds, Series 2005B, 5.600%, 6/01/34
 Iowa Tobacco Settlement Authority, Tobacco Settlement
 Asset-Backed Revenue Bonds, Series 2001 B:
 3,695 5.300%, 6/01/25 (Pre-refunded 6/01/11) 6/11 at 101.00 AAA 3,890,502
 2,850 5.600%, 6/01/35 (Pre-refunded 6/01/11) 6/11 at 101.00 AAA 3,031,032
---------------------------------------------------------------------------------------------------------------------------------
 10,040 Total Iowa 9,807,943
---------------------------------------------------------------------------------------------------------------------------------
 KANSAS - 1.1%
 Lawrence, Kansas, Hospital Revenue Bonds, Lawrence Memorial
 Hospital, Series 2006:
 1,425 5.125%, 7/01/26 7/16 at 100.00 A3 1,422,549
 700 4.875%, 7/01/36 7/16 at 100.00 A3 645,008
---------------------------------------------------------------------------------------------------------------------------------
 2,125 Total Kansas 2,067,557
---------------------------------------------------------------------------------------------------------------------------------
 MAINE - 0.1%
 120 Maine Health and Higher Educational Facilities Authority, Revenue 7/11 at 100.00 Aaa 121,666
 Bonds, Series 1999B, 6.000%, 7/01/19 - MBIA Insured
---------------------------------------------------------------------------------------------------------------------------------
 MASSACHUSETTS - 0.8%
 1,000 Massachusetts Development Finance Agency, Resource Recovery 6/10 at 101.00 BBB 950,600
 Revenue Bonds, Ogden Haverhill Associates, Series 1998B,
 5.200%, 12/01/13 (Alternative Minimum Tax)
 15 Massachusetts Health and Educational Facilities Authority, 7/11 at 101.00 AA 15,868
 Revenue Bonds, Partners HealthCare System Inc., Series 2001 C,
 6.000%, 7/01/17
 485 Massachusetts Health and Educational Facilities Authority, 7/11 at 101.00 AAA 522,345
 Revenue Bonds, Partners HealthCare System Inc., Series 2001 C,
 6.000%, 7/01/17 (Pre-refunded 7/01/11)
---------------------------------------------------------------------------------------------------------------------------------
 1,500 Total Massachusetts 1,488,813
---------------------------------------------------------------------------------------------------------------------------------
 MICHIGAN - 2.6%
 1,500 Detroit, Michigan, Sewer Disposal System Revenue Bonds, Second 7/16 at 100.00 A 1,334,460
 Lien, Series 2006B, 4.625%, 7/01/34 - FGIC Insured
 2,900 Michigan State Hospital Finance Authority, Hospital Revenue 12/12 at 100.00 AA 2,883,673
 Refunding Bonds, Trinity Health Credit Group, Series 2002C,
 5.375%, 12/01/30
 235 Michigan State Hospital Finance Authority, Revenue Refunding 8/10 at 100.00 BB- 231,853
 Bonds, Detroit Medical Center Obligated Group, Series 1993A,
 6.500%, 8/15/18
 250 Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue 9/18 at 100.00 A1 294,883
 Bonds, William Beaumont Hospital, Refunding Series 2009V,
 8.250%, 9/01/39
---------------------------------------------------------------------------------------------------------------------------------
 4,885 Total Michigan 4,744,869
---------------------------------------------------------------------------------------------------------------------------------

Nuveen Investments 33

NXR

Nuveen Select Tax-Free Income Portfolio 3 (continued) Portfolio of Investments March 31, 2010 

 PRINCIPAL OPTIONAL CALL
 AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
---------------------------------------------------------------------------------------------------------------------------------
 MISSISSIPPI - 0.4%
$ 725 Mississippi Hospital Equipment and Facilities Authority, Revenue 9/14 at 100.00 AA $ 740,508
 Bonds, Baptist Memorial Healthcare, Series 2004B-1, 5.000%,
 9/01/24
---------------------------------------------------------------------------------------------------------------------------------
 NEBRASKA - 1.9%
 3,500 Nebraska Public Power District, General Revenue Bonds, Series 1/13 at 100.00 A1 3,547,250
 2002B, 5.000%, 1/01/33 - AMBAC Insured
---------------------------------------------------------------------------------------------------------------------------------
 NEVADA - 3.9%
 1,000 Clark County, Nevada, Passenger Facility Charge Revenue Bonds, 1/20 at 100.00 Aa3 995,290
 Las Vegas-McCarran International Airport, Series 2010A,
 5.250%, 7/01/42
 4,095 Director of Nevada State Department of Business and Industry, 7/10 at 100.00 Caa2 1,397,787
 Revenue Bonds, Las Vegas Monorail Project, First Tier, Series
 2000, 5.375%, 1/01/40 - AMBAC Insured (5)
 1,680 Reno, Nevada, Capital Improvement Revenue Bonds, Series 2002, 6/12 at 100.00 A 1,691,642
 5.500%, 6/01/22 - FGIC Insured
 2,830 Reno, Nevada, Capital Improvement Revenue Bonds, Series 2002, 6/12 at 100.00 Baa1 (4) 3,106,406
 5.500%, 6/01/22 (Pre-refunded 6/01/12) - FGIC Insured
---------------------------------------------------------------------------------------------------------------------------------
 9,605 Total Nevada 7,191,125
---------------------------------------------------------------------------------------------------------------------------------
 NEW HAMPSHIRE - 0.3%
 460 New Hampshire Housing Finance Authority, Single Family Mortgage 5/11 at 100.00 Aa2 464,614
 Acquisition Bonds, Series 2001 A, 5.600%, 7/01/21 (Alternative
 Minimum Tax)
---------------------------------------------------------------------------------------------------------------------------------
 NEW JERSEY - 1.5%
 Tobacco Settlement Financing Corporation, New Jersey, Tobacco
 Settlement Asset-Backed Bonds, Series 2003:
 1,000 6.750%, 6/01/39 (Pre-refunded 6/01/13) 6/13 at 100.00 AAA 1,167,670
 1,355 6.250%, 6/01/43 (Pre-refunded 6/01/13) 6/13 at 100.00 AAA 1,561,258
---------------------------------------------------------------------------------------------------------------------------------
 2,355 Total New Jersey 2,728,928
---------------------------------------------------------------------------------------------------------------------------------
 NEW MEXICO - 2.8%
 1,000 New Mexico Mortgage Finance Authority, Multifamily Housing 9/17 at 100.00 AAA 1,003,000
 Revenue Bonds, St Anthony, Series 2007A, 5.250%, 9/01/42
 (Alternative Minimum Tax)
 4,000 University of New Mexico, FHA-Insured Mortgage Hospital Revenue 7/14 at 100.00 AAA 4,051,320
 Bonds, Series 2004, 4.625%, 1/01/25 - AGM Insured
---------------------------------------------------------------------------------------------------------------------------------
 5,000 Total New Mexico 5,054,320
---------------------------------------------------------------------------------------------------------------------------------
 NEW YORK - 3.1 %
 420 Dormitory Authority of the State of New York, Second General No Opt. Call A1 427,329
 Resolution Consolidated Revenue Bonds, City University System,
 Series 1990C, 7.500%, 7/01/10
 2,335 Long Island Power Authority, New York, Electric System General 9/11 at 100.00 AAA 2,492,519
 Revenue Bonds, Series 2001A, 5.375%, 9/01/21 (Pre-refunded
 9/01/11)
 35 New York City, New York, General Obligation Bonds, Series 1991 B, 5/10 at 100.00 AA 35,179
 7.000%, 2/01/18
 1,000 New York Dorm Authority, FHA Insured Mortgage Hospital Revenue 8/16 at 100.00 BB+ 936,170
 Bonds, Kaleida Health, Series 2006, 4.700%, 2/15/35
 1,850 New York State Tobacco Settlement Financing Corporation, Tobacco 6/10 at 100.00 AA- 1,863,228
 Settlement Asset-Backed and State Contingency Contract-Backed
 Bonds, Series 2003B-1C, 5.500%, 6/01/15
---------------------------------------------------------------------------------------------------------------------------------
 5,640 Total New York 5,754,425
---------------------------------------------------------------------------------------------------------------------------------
 NORTH CAROLINA - 4.3%
 5,000 North Carolina Municipal Power Agency 1, Catawba Electric Revenue 1/13 at 100.00 A 5,421,350
 Bonds, Series 2003A, 5.250%, 1/01/18 - NPFG Insured
 2,345 Piedmont Triad Airport Authority, North Carolina, Airport Revenue 7/11 at 101.00 AAA 2,486,450
 Bonds, Series 2001 A, 5.250%, 7/01/16 - AGM Insured
---------------------------------------------------------------------------------------------------------------------------------
 7,345 Total North Carolina 7,907,800
---------------------------------------------------------------------------------------------------------------------------------

34 Nuveen Investments 

 PRINCIPAL OPTIONAL CALL
 AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
 OHIO - 1.9%
 Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco
 Settlement Asset-Backed Revenue Bonds, Senior Lien, Series
 2007A-2:
 $1,355 5.375%, 6/01/24 6/17 at 100.00 BBB $ 1,287,209
 1,250 6.000%, 6/01/42 6/17 at 100.00 BBB 928,763
 2,000 Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement 6/22 at 100.00 BBB 1,328,800
 Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-3, 0.000%,
 6/01/37
-----------------------------------------------------------------------------------------------------------------------------------
 4,605 Total Ohio 3,544,772
-----------------------------------------------------------------------------------------------------------------------------------
 OKLAHOMA - 1.6%
 3,000 Oklahoma Development Finance Authority, Revenue Bonds, St. John Health 2/14 at 100.00 A 2,973,180
 System, Series 2004, 5.000%, 2/15/24
-----------------------------------------------------------------------------------------------------------------------------------
 PENNSYLVANIA - 2.3%
 2,435 Dauphin County Industrial Development Authority, Pennsylvania, Water No Opt. Call A- 2,752,865
 Development Revenue Refunding Bonds, Dauphin Consolidated Water
 Supply Company, Series 1992B, 6.700%, 6/01/17
 500 Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, 7/13 at 100.00 BBB+ 505,370
 Widener University, Series 2003, 5.250%, 7/15/24
 1,000 Philadelphia Authority for Industrial Development, Pennsylvania, Airport 7/11 at 101.00 A+ 1,035,490
 Revenue Bonds, Philadelphia Airport System Project, Series 2001A,
 5.500%, 7/01/17 - FGIC Insured (Alternative Minimum Tax)
-----------------------------------------------------------------------------------------------------------------------------------
 3,935 Total Pennsylvania 4,293,725
-----------------------------------------------------------------------------------------------------------------------------------
 PUERTO RICO - 0.8%
 1,000 Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, 8/19 at 100.00 A+ 1,076,870
 First Subordinate Series 2009A, 6.000%, 8/01/42
 Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds,
 Series 2007A:
 1,170 0.000%, 8/01/40 - NPFG Insured No Opt. Call AA- 188,393
 2,000 0.000%, 8/01/54 - AMBAC Insured No Opt. Call AA- 119,220
-----------------------------------------------------------------------------------------------------------------------------------
 4,170 Total Puerto Rico 1,384,483
-----------------------------------------------------------------------------------------------------------------------------------
 SOUTH CAROLINA - 3.2%
 1,500 Lexington County Health Service District, South Carolina, Hospital 11/13 at 100.00 A+ (4) 1,734,675
 Revenue Refunding and Improvement Bonds, Series 2003, 6.000%,
 11/01/18 (Pre-refunded 11/01/13)
 1,500 Medical University Hospital Authority, South Carolina, FHA-Insured 8/14 at 100.00 A 1,560,660
 Mortgage Revenue Bonds, Series 2004A, 5.250%, 8/15/20 - NPFG Insured
 520 South Carolina JOBS Economic Development Authority, Economic Development 11/12 at 100.00 A3 (4) 579,218
 Revenue Bonds, Bon Secours Health System Inc., Series 2002A, 5.625%,
 11/15/30 (Pre-refunded 11/15/12)
 1,980 South Carolina JOBS Economic Development Authority, Economic Development 11/12 at 100.00 A- 1,971,486
 Revenue Bonds, Bon Secours Health System Inc., Series 2002B, 5.625%,
 11/15/30
-----------------------------------------------------------------------------------------------------------------------------------
 5,500 Total South Carolina 5,846,039
-----------------------------------------------------------------------------------------------------------------------------------
 SOUTH DAKOTA - 1.1%
 1,010 South Dakota Health and Educational Facilities Authority, Revenue Bonds, 7/12 at 101.00 A+ 999,092
 Avera Health, Series 2002, 5.125%, 7/01/27 - AMBAC Insured
 1,000 South Dakota Health and Educational Facilities Authority, Revenue Bonds, 11/14 at 100.00 AA- 1,001,570
 Sioux Valley Hospitals, Series 2004A, 5.250%, 11/01/34
-----------------------------------------------------------------------------------------------------------------------------------
 2,010 Total South Dakota 2,000,662
-----------------------------------------------------------------------------------------------------------------------------------
 TENNESSEE - 1.2%
 2,000 Knox County Health, Educational and Housing Facilities Board, Tennessee, 4/12 at 101.00 A1 2,107,300
 Hospital Revenue Bonds, Baptist Health System of East Tennessee Inc.,
 Series 2002, 6.375%, 4/15/22
-----------------------------------------------------------------------------------------------------------------------------------
 TEXAS - 10.0%
 1,500 Central Texas Regional Mobility Authority, Travis and Williamson 1/15 at 100.00 A 1,303,365
 Counties, Toll Road Revenue Bonds, Series 2005, 5.000%, 1/01/45 -
 FGIC Insured
 2,500 Harris County Health Facilities Development Corporation, Texas, Thermal 11/13 at 100.00 AA 2,528,725
 Utility Revenue Bonds, TECO Project, Series 2003, 5.000%, 11/15/30 -
 NPFG Insured

Nuveen Investments 35

NXR

Nuveen Select Tax-Free Income Portfolio 3 (continued) Portfolio of Investments March 31, 2010 

 PRINCIPAL OPTIONAL CALL
 AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
----------------------------------------------------------------------------------------------------------------------------------
 TEXAS (continued)
 $ 1,125 Harris County-Houston Sports Authority, Texas, Junior Lien 11/31 at 73.51 A $ 169,380
 Revenue Bonds, Series 2001 H, 0.000%, 11/15/36 - NPFG Insured
 4,005 Harris County-Houston Sports Authority, Texas, Senior Lien 11/30 at 61.17 A 537,711
 Revenue Refunding Bonds, Series 2001A, 0.000%, 11/15/38 - NPFG
 Insured
 3,000 Houston, Texas, Subordinate Lien Airport System Revenue Bonds, 7/12 at 100.00 AAA 3,251,910
 Series 2002B, 5.500%, 7/01/18 - AGM Insured
 3,125 Katy Independent School District, Harris, Fort Bend and Waller 2/12 at 100.00 AAA 3,367,156
 Counties, Texas, General Obligation Bonds, Series 2002A, 5.000%,
 2/15/32 (Pre-refunded 2/15/12)
 4,750 Sam Rayburn Municipal Power Agency, Texas, Power Supply System 10/12 at 100.00 BBB 4,900,813
 Revenue Refunding Bonds, Series 2002A, 5.500%, 10/01/17 - RAAI
 Insured
 1,750 Texas, General Obligation Bonds, Water Financial Assistance 8/13 at 100.00 AA+ 1,666,403
 Program, Series 2003A, 5.125%, 8/01/42 (Alternative Minimum Tax)
 500 Victoria, Texas, General Obligation Bonds, Series 2001, 5.000%, 8/11 at 100.00 AA 521,880
 8/15/23 - FGIC Insured
----------------------------------------------------------------------------------------------------------------------------------
 22,255 Total Texas 18,247,343
----------------------------------------------------------------------------------------------------------------------------------
 WASHINGTON - 0.3%
 510 Port of Seattle, Washington, Revenue Bonds, Series 2001A, 5.000%, 10/11 at 100.00 Aa2 513,437
 4/01/31 - FGIC Insured
----------------------------------------------------------------------------------------------------------------------------------
 WISCONSIN - 1.4%
 2,500 Wisconsin, General Obligation Refunding Bonds, Series 2003-3, 11/13 at 100.00 AA 2,590,625
 5.000%, 11/01/26
----------------------------------------------------------------------------------------------------------------------------------
 $ 193,355 Total Investments (cost $177,274,280) - 98.9% 180,765,343
----------------------------------------------------------------------------------------------------------------------------------
 Other Assets Less Liabilities - 1.1 % 2,013,527
 ------------------------------------------------------------------------------------------------------------------
 Net Assets - 100% $182,778,870
 ==================================================================================================================

(1) All percentages shown in the Portfolio of Investments are based on net assets.

(2) Optional Call Provisions (not covered by the report of independent registered public accounting firm): 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 peri- odic principal paydowns.

(3) Ratings (not covered by the report of independent registered public accounting firm): Using the higher of Standard & Poor's Group
("Standard & Poor's") or Moody's Investor Service, Inc. ("Moody's") rating. Ratings below BBB by Standard & Poor's or Baa by Moody's are considered to be below investment grade.

(4) Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities which ensure the timely payment of principal and interest. Such investments are normally considered to be equivalent to AAA rated securities.

(5) Subsequent to the reporting period, the 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.

N/R Not rated.

(ETM) Escrowed to maturity.

(IF) Inverse floating rate investment.

See accompanying notes to financial statements.

36 Nuveen Investments

NXC

Nuveen California Select Tax-Free Income Portfolio Portfolio of Investments

March 31, 2010 

 PRINCIPAL OPTIONAL CALL
 AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
 CONSUMER STAPLES - 4.5%
$ 170 California County Tobacco Securitization Agency, Tobacco 6/15 at 100.00 BBB $ 159,958
 Settlement Asset-Backed Bonds, Sonoma County Tobacco
 Securitization Corporation, Series 2005, 4.250%, 6/01/21
 1,170 California County Tobacco Securitization Agency, Tobacco 6/12 at 100.00 BBB 1,170,585
 Settlement Asset-Backed Revenue Bonds, Fresno County Tobacco
 Funding Corporation, Series 2002, 5.625%, 6/01/23
 4,045 Golden State Tobacco Securitization Corporation, California, 6/22 at 100.00 BBB 2,595,353
 Enhanced Tobacco Settlement Asset-Backed Bonds, Series
 2007A-2, 0.000%, 6/01/37
-----------------------------------------------------------------------------------------------------------------------------------
 5,385 Total Consumer Staples 3,925,896
-----------------------------------------------------------------------------------------------------------------------------------
 EDUCATION AND CIVIC ORGANIZATIONS - 9.5%
 3,000 California Educational Facilities Authority, Revenue Bonds, Santa 4/18 at 100.00 Aa3 3,193,560
 Clara University, Series 2008A, 5.625%, 4/01/37
 45 California Educational Facilities Authority, Revenue Bonds, 10/15 at 100.00 A3 42,943
 University of Redlands, Series 2005A, 5.000%, 10/01/35
 1,000 California Educational Facilities Authority, Revenue Bonds, 10/12 at 100.00 A2 1,013,020
 University of San Diego, Series 2002A, 5.500%, 10/01/32
 California Educational Facilities Authority, Revenue Bonds,
 University of the Pacific, Series 2006:
 35 5.000%, 11/01/21 11/15 at 100.00 A2 36,256
 45 5.000%, 11/01/25 11/15 at 100.00 A2 45,698
 3,000 California Infrastructure Economic Development Bank, Revenue 10/11 at 101.00 A- 3,057,420
 Bonds, J. David Gladstone Institutes, Series 2001, 5.500%,
 10/01/19
 1,000 Long Beach Bond Financing Authority, California, Lease Revenue 11/11 at 101.00 BBB 932,080
 Refunding Bonds, Long Beach Aquarium of the South Pacific,
 Series 2001, 5.250%, 11/01/30 - AMBAC Insured
-----------------------------------------------------------------------------------------------------------------------------------
 8,125 Total Education and Civic Organizations 8,320,977
-----------------------------------------------------------------------------------------------------------------------------------
 HEALTH CARE - 12.2%
 110 California Health Facilities Financing Authority, Revenue Bonds, 4/16 at 100.00 A+ 104,383
 Kaiser Permanante System, Series 2006, 5.000%, 4/01/37
 2,550 California Health Facilities Financing Authority, Revenue Bonds, 11/16 at 100.00 Aa3 2,413,805
 Sutter Health, Series 2007A, 5.250%, 11/15/46 (UB)
 2,000 California Infrastructure Economic Development Bank, Revenue 8/11 at 102.00 A+ 2,018,580
 Bonds, Kaiser Hospital Assistance LLC, Series 2001A, 5.550%,
 8/01/31
 1,500 California Statewide Community Development Authority, Hospital 6/13 at 100.00 AAA 1,597,755
 Revenue Bonds, Monterey Peninsula Hospital, Series 2003B,
 5.250%, 6/01/18 - AGM Insured
 1,500 California Statewide Community Development Authority, Insured 5/10 at 102.00 A- 1,480,500
 Mortgage Hospital Revenue Bonds, Mission Community Hospital,
 Series 2001, 5.375%, 11/01/26
 545 California Statewide Community Development Authority, Revenue 8/16 at 100.00 A+ 545,251
 Bonds, Kaiser Permanente System, Series 2001C, 5.250%, 8/01/31
 1,880 California Statewide Community Development Authority, Revenue 6/10 at 100.00 BBB+ 1,880,752
 Bonds, Los Angeles Orthopaedic Hospital Foundation, Series
 2000, 5.500%, 6/01/17 - AMBAC Insured
 540 Loma Linda, California, Hospital Revenue Bonds, Loma Linda 12/17 at 100.00 BBB 597,991
 University Medical Center, Series 2008A, 8.250%, 12/01/38
-----------------------------------------------------------------------------------------------------------------------------------
 10,625 Total Health Care 10,639,017
-----------------------------------------------------------------------------------------------------------------------------------
 HOUSING/MULTIFAMILY - 0.9%
 750 California Statewide Community Development Authority, Student 8/12 at 100.00 Baa1 745,298
 Housing Revenue Bonds, EAH - Irvine East Campus Apartments,
 LLC Project, Series 2002A, 5.500%, 8/01/22 - ACA Insured
-----------------------------------------------------------------------------------------------------------------------------------
 HOUSING/SINGLE FAMILY - 0.1%
 95 California Housing Finance Agency, Home Mortgage Revenue Bonds, 2/16 at 100.00 Aa3 101,499
 Series 2006H, 5.750%, 8/01/30 - FGIC Insured (Alternative
 Minimum Tax)
-----------------------------------------------------------------------------------------------------------------------------------

Nuveen Investments 37

NXC

Nuveen California Select Tax-Free Income Portfolio (continued) Portfolio of Investments March 31, 2010 

 PRINCIPAL OPTIONAL CALL
 AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
----------------------------------------------------------------------------------------------------------------------------------
 INDUSTRIALS - 1.7%
$ 1,015 California Pollution Control Financing Authority, Solid Waste No Opt. Call BBB $ 1,030,144
 Disposal Revenue Bonds, Republic Services Inc., Series 2002C,
 5.250%, 6/01/23 (Mandatory put 12/01/17) (Alternative Minimum
 Tax)
 500 California Pollution Control Financing Authority, Solid Waste 1/16 at 102.00 BBB 496,150
 Disposal Revenue Bonds, Waste Management Inc., Series 2002A,
 5.000%, 1/01/22 (Alternative Minimum Tax)
----------------------------------------------------------------------------------------------------------------------------------
 1,515 Total Industrials 1,526,294
----------------------------------------------------------------------------------------------------------------------------------
 LONG-TERM CARE - 2.6%
 1,500 ABAG Finance Authority for Non-Profit Corporations, California, 11/12 at 100.00 A- 1,487,595
 Insured Senior Living Revenue Bonds, Odd Fellows Home of
 California, Series 2003A, 5.200%, 11/15/22
 1,000 California Statewide Communities Development Authority, Revenue 12/17 at 100.00 Ba1 828,460
 Bonds, Inland Regional Center Project, Series 2007, 5.250%,
 12/01/27
----------------------------------------------------------------------------------------------------------------------------------
 2,500 Total Long-Term Care 2,316,055
----------------------------------------------------------------------------------------------------------------------------------
 TAX OBLIGATION/GENERAL - 23.7%
 750 California, General Obligation Bonds, Series 2004, 5.000%, 2/01/23 2/14 at 100.00 A- 757,785
 1,650 California, General Obligation Bonds, Various Purpose Series 11/19 at 100.00 A- 1,647,525
 2009, 5.500%, 11/01/39
 1,000 Fremont Unified School District, Alameda County, California, 8/12 at 101.00 Aa3 1,051,900
 General Obligation Bonds, Series 2002A, 5.000%, 8/01/21 - FGIC
 Insured
 Golden West Schools Financing Authority, California, General
 Obligation Revenue Refunding Bonds, School District Program,
 Series 1999A:
 4,650 0.000%, 8/01/16 - NPFG Insured No Opt. Call A 3,525,816
 1,750 0.000%, 2/01/17 - NPFG Insured No Opt. Call A 1,268,155
 2,375 0.000%, 8/01/17 - NPFG Insured No Opt. Call A 1,674,375
 2,345 0.000%, 2/01/18 - NPFG Insured No Opt. Call A 1,564,959
 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 753,211
 1,080 0.000%, 5/01/18 - NPFG Insured No Opt. Call Aa1 744,228
 100 Roseville Joint Union High School District, Placer County, 8/15 at 100.00 AA- 103,010
 California, General Obligation Bonds, Series 2006B, 5.000%,
 8/01/27 - FGIC Insured
 3,220 Sacramento City Unified School District, Sacramento County, 7/15 at 100.00 Aa3 3,274,740
 California, General Obligation Bonds, Series 2005, 5.000%,
 7/01/27 - NPFG Insured
 1,500 San Diego Unified School District, San Diego County, California, 7/13 at 101.00 AAA 1,699,215
 General Obligation Bonds, Series 2003E, 5.250%, 7/01/24 - AGM
 Insured
 2,565 Sunnyvale School District, Santa Clara County, California, 9/15 at 100.00 AAA 2,674,013
 General Obligation Bonds, Series 2005A, 5.000%, 9/01/26 - AGM
 Insured
----------------------------------------------------------------------------------------------------------------------------------
 24,000 Total Tax Obligation/General 20,738,932
----------------------------------------------------------------------------------------------------------------------------------
 TAX OBLIGATION/LIMITED - 18.7%
 1,000 Bell Community Redevelopment Agency, California, Tax Allocation 10/13 at 100.00 BBB- 905,900
 Bonds, Bell Project Area, Series 2003, 5.625%, 10/01/33 - RAAI
 Insured
 3,500 California State Public Works Board, Lease Revenue Bonds, No Opt. Call A 3,863,089
 Department of Corrections, Calipatria State Prison, Series
 1991A, 6.500%, 9/01/17 - NPFG Insured
 1,000 California State Public Works Board, Lease Revenue Bonds, 6/14 at 100.00 BBB+ 1,003,350
 Department of Mental Health, Coalinga State Hospital, Series
 2004A, 5.500%, 6/01/23
 1,500 California State Public Works Board, Lease Revenue Bonds, Various 11/19 at 100.00 BBB+ 1,564,320
 Capital Projects, Series 2009I-1, 6.375%, 11/01/34
 120 Capistrano Unified School District, Orange County, California, 9/15 at 100.00 A 114,420
 Special Tax Bonds, Community Facilities District, Series 2005,
 5.000%, 9/01/24 - FGIC Insured
 360 Chino Redevelopment Agency, California, Merged Chino 9/16 at 101.00 A- 311,166
 Redevelopment Project Area Tax Allocation Bonds, Series 2006,
 5.000%, 9/01/38 - AMBAC Insured
 1,000 Fontana Public Financing Authority, California, Tax Allocation 10/15 at 100.00 A 913,050
 Revenue Bonds, North Fontana Redevelopment Project, Series
 2005A, 5.000%, 10/01/32 - AMBAC Insured

38 Nuveen Investments 

 PRINCIPAL OPTIONAL CALL
 AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
----------------------------------------------------------------------------------------------------------------------------------
 TAX OBLIGATION/LIMITED (continued)
 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 $ 48,777
 130 5.125%, 9/01/36 9/16 at 100.00 N/R 107,994
 215 Los Angeles Community Redevelopment Agency, California, Lease 9/15 at 100.00 A2 186,500
 Revenue Bonds, Manchester Social Services Project, Series
 2005, 5.000%, 9/01/37 - AMBAC Insured
 1,300 Orange County, California, Special Tax Bonds, Community 8/12 at 101.00 N/R 1,180,088
 Facilities District 03-1 of Ladera Ranch, Series 2004A,
 5.625%, 8/15/34
 105 Rialto Redevelopment Agency, California, Tax Allocation Bonds, 9/15 at 100.00 A- 92,256
 Merged Project Area, Series 2005A, 5.000%, 9/01/35 - SYNCORA
 GTY Insured
 130 Roseville, California, Certificates of Participation, Public 8/13 at 100.00 AA- 128,076
 Facilities, Series 2003A, 5.000%, 8/01/25 - AMBAC Insured
 605 Sacramento City Financing Authority, California, Lease Revenue No Opt. Call A 638,680
 Refunding Bonds, Series 1993A, 5.400%, 11/01/20 - NPFG Insured
 3,000 San Mateo County Transit District, California, Sales Tax Revenue 6/15 at 100.00 AA 3,161,520
 Bonds, Series 2005A, 5.000%, 6/01/21 - NPFG Insured
 225 San Mateo Union High School District, San Mateo County, 12/17 at 100.00 AA- 205,724
 California, Certificates of Participation, Phase 1, Series
 2007A, 5.000%, 12/15/30 - AMBAC Insured
 1,000 Santa Clara County Board of Education, California, Certificates 4/12 at 101.00 A 1,004,700
 of Participation, Series 2002, 5.000%, 4/01/25 - NPFG Insured
 1,000 Travis Unified School District, Solano County, California, 9/16 at 100.00 N/R 937,100
 Certificates of Participation, Series 2006, 5.000%, 9/01/26 -
 FGIC Insured
----------------------------------------------------------------------------------------------------------------------------------
 16,245 Total Tax Obligation/Limited 16,366,710
----------------------------------------------------------------------------------------------------------------------------------
 TRANSPORTATION - 5.8%
 1,150 Foothill/Eastern Transportation Corridor Agency, California, Toll 7/10 at 100.00 BBB- 1,003,939
 Road Revenue Bonds, Series 1995A, 5.000%, 1/01/35
 3,500 Los Angeles Harbors Department, California, Revenue Refunding 8/11 at 100.00 AA 3,655,820
 Bonds, Series 2001 B, 5.500%, 8/01/17 - AMBAC Insured
 (Alternative Minimum Tax)
 445 San Francisco Airports Commission, California, Revenue Bonds, San 5/11 at 100.00 A1 429,131
 Francisco International Airport, Second Series 1999, Issue
 23A, 5.000%, 5/01/30 - FGIC Insured (Alternative Minimum Tax)
----------------------------------------------------------------------------------------------------------------------------------
 5,095 Total Transportation 5,088,890
----------------------------------------------------------------------------------------------------------------------------------
 U.S. GUARANTEED - 13.0% (4)
 400 Beverly Hills Unified School District, Los Angeles County, 8/12 at 100.00 AA (4) 437,632
 California, General Obligation Bonds, Series 2002A, 5.000%,
 8/01/26 (Pre-refunded 8/01/12)
 California Department of Water Resources, Power Supply Revenue
 Bonds, Series 2002A:
 1,750 5.750%, 5/01/17 (Pre-refunded 5/01/12) 5/12 at 101.00 Aaa 1,944,460
 2,000 5.125%, 5/01/19 (Pre-refunded 5/01/12) 5/12 at 101.00 Aaa 2,196,480
 2,400 California Educational Facilities Authority, Revenue Bonds, 11/11 at 100.00 A2 (4) 2,566,704
 University of the Pacific, Series 2002, 5.250%, 11/01/21
 (Pre-refunded 11 /01 /11)
 800 California, General Obligation Bonds, Series 2004, 5.125%, 2/14 at 100.00 AAA 910,376
 2/01/27 (Pre-refunded 2/01/14)
 2,000 North Orange County Community College District, California, 8/12 at 101.00 AA (4) 2,199,400
 General Obligation Bonds, Series 2002A, 5.000%, 8/01/22
 (Pre-refunded 8/01/12) - MBIA Insured
 1,000 Port of Oakland, California, Revenue Bonds, Series 2002M, 5.250%, 11/12 at 100.00 A (4) 1,099,510
 11/01/20 (Pre-refunded 11/01/12) - FGIC Insured
----------------------------------------------------------------------------------------------------------------------------------
 10,350 Total U.S. Guaranteed 11,354,562
----------------------------------------------------------------------------------------------------------------------------------

Nuveen Investments 39

NXC

Nuveen California Select Tax-Free Income Portfolio (continued) Portfolio of Investments March 31, 2010 

 PRINCIPAL OPTIONAL CALL
 AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
----------------------------------------------------------------------------------------------------------------------------------
 UTILITIES - 5.6%
$ 645 Long Beach Bond Finance Authority, California, Natural Gas No Opt. Call A $ 638,627
 Purchase Revenue Bonds, Series 2007A, 5.500%, 11/15/37
 200 Los Angeles Department of Water and Power, California, Power 7/13 at 100.00 AA- 213,666
 System Revenue Bonds, Series 2003A-2, 5.000%, 7/01/21 - NPFG
 Insured
 7,600 Merced Irrigation District, California, Certificates of 9/16 at 64.56 A 3,298,932
 Participation, Water Hydroelectric Series 2008B, 0.000%,
 9/01/23
 215 Merced Irrigation District, California, Electric System Revenue 9/15 at 100.00 N/R 193,911
 Bonds, Series 2005, 5.125%, 9/01/31 - SYNCORA GTY Insured
 535 Turlock Irrigation District, California, Revenue Refunding Bonds, No Opt. Call A1 560,006
 Series 1992A, 6.250%, 1/01/12 - NPFG Insured
----------------------------------------------------------------------------------------------------------------------------------
 9,195 Total Utilities 4,905,142
----------------------------------------------------------------------------------------------------------------------------------
 WATER AND SEWER - 2.5%
 150 Healdsburg Public Financing Authority, California, Wastewater 4/16 at 100.00 AA- 148,493
 Revenue Bonds, Series 2006, 5.000%, 4/01/36 - NPFG Insured
 250 Sacramento County Sanitation District Financing Authority, 6/16 at 100.00 AA 255,165
 California, Revenue Bonds, Series 2006, 5.000%, 12/01/31 -
 FGIC Insured
 825 South Feather Water and Power Agency, California, Water Revenue 4/13 at 100.00 A 826,246
 Certificates of Participation, Solar Photovoltaic Project,
 Series 2003, 5.375%, 4/01/24
 1,000 Woodbridge Irrigation District, California, Certificates of 7/13 at 100.00 A+ 972,800
 Participation, Water Systems Project, Series 2003, 5.625%,
 7/01/43
----------------------------------------------------------------------------------------------------------------------------------
 2,225 Total Water and Sewer 2,202,704
----------------------------------------------------------------------------------------------------------------------------------
$ 96,105 Total Investments (cost $87,413,948) - 100.8% 88,231,976
----------------------------------------------------------------------------------------------------------------------------------
 Floating Rate Obligations - (1.8)% (1,540,000)
 -----------------------------------------------------------------------------------------------------------------
 Other Assets Less Liabilities - 1.0% 856,351
 -----------------------------------------------------------------------------------------------------------------
 Net Assets - 100% $ 87,548,327
 =================================================================================================================

(1) All percentages shown in the Portfolio of Investments are based on net assets.

(2) Optional Call Provisions (not covered by the report of independent registered public accounting firm): 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 peri- odic principal paydowns.

(3) Ratings (not covered by the report of independent registered public accounting firm): Using the higher of Standard & Poor's Group
("Standard & Poor's") or Moody's Investor Service, Inc. ("Moody's") rating. Ratings below BBB by Standard & Poor's or Baa by Moody's are considered to be below investment grade.

(4) Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities which ensure the timely payment of principal and interest. Such investments are normally considered to be equivalent to AAA rated securities.

N/R Not rated.

(UB) Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 - Inverse Floating Rate Securities for more information.

See accompanying notes to financial statements.

40 Nuveen Investments

NXN

Nuveen New York Select Tax-Free Income Portfolio Portfolio of Investments

March 31, 2010 

 PRINCIPAL ` OPTIONAL CALL ` `
 AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
---------------------------------------------------------------------------------------------------------------------------------
 CONSUMER DISCRETIONARY - 0.1%
$ 100 New York City Industrial Development Agency, New York, Liberty 9/15 at 100.00 BB+ $ 87,061
 Revenue Bonds, IAC/InterActiveCorp, Series 2005, 5.000%,
 9/01/35
---------------------------------------------------------------------------------------------------------------------------------
 CONSUMER STAPLES - 1.6%
 TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006:
 390 4.750%, 6/01/22 6/16 at 100.00 BBB 375,660
 540 5.000%, 6/01/26 6/16 at 100.00 BBB 497,691
---------------------------------------------------------------------------------------------------------------------------------
 930 Total Consumer Staples 873,351
---------------------------------------------------------------------------------------------------------------------------------
 EDUCATION AND CIVIC ORGANIZATIONS - 8.5%
 100 Albany Industrial Development Agency, New York, Revenue Bonds, 7/17 at 100.00 BBB 92,707
 Albany Law School, Series 2007A, 5.000%, 7/01/31
 50 Albany Industrial Development Agency, New York, Revenue Bonds, 4/17 at 100.00 N/R 40,191
 Brighter Choice Charter Schools, Series 2007A, 5.000%, 4/01/37
 30 Cattaraugus County Industrial Development Agency, New York, 5/16 at 100.00 BBB- 28,693
 Revenue Bonds, St. Bonaventure University, Series 2006,
 5.000%, 5/01/23
 430 Dormitory Authority of the State of New York, General Revenue 7/17 at 100.00 N/R 388,006
 Bonds, Manhattan College, Series 2007A, 5.000%, 7/01/41 - RAAI
 Insured
 1,000 Dormitory Authority of the State of New York, Housing Revenue No Opt. Call A 965,350
 Bonds, Fashion Institute of Technology, Series 2007, 5.250%,
 7/01/34 - FGIC Insured
 785 Dormitory Authority of the State of New York, Insured Revenue 7/12 at 100.00 BBB 795,692
 Bonds, Iona College, Series 2002, 5.000%, 7/01/22 - SYNCORA
 GTY Insured
 50 Dormitory Authority of the State of New York, Lease Revenue 7/15 at 100.00 AA- 50,479
 Bonds, State University Dormitory Facilities, Series 2004A,
 5.000%, 7/01/29 - NPFG Insured
 110 Dormitory Authority of the State of New York, Second General No Opt. Call A1 111,920
 Resolution Consolidated Revenue Bonds, City University System,
 Series 1990C, 7.500%, 7/01/10 - FGIC Insured
 430 Dutchess County Industrial Development Agency, New York, Civic 8/17 at 100.00 Baa1 361,080
 Facility Revenue Bonds, Bard College Project, Series 2007-A2,
 4.500%, 8/01/36
 100 Hempstead Town Industrial Development Agency, New York, Revenue 10/15 at 100.00 A 101,053
 Bonds, Adelphi University, Civic Facility Project, Series
 2005, 5.000%, 10/01/35
 100 New York City Industrial Development Agency, New York, Civic 10/14 at 100.00 A- 95,515
 Facility Revenue Bonds, St. Francis College, Series 2004,
 5.000%, 10/01/34
 500 New York City Industrial Development Agency, New York, Civic 2/11 at 100.00 A- 503,000
 Facility Revenue Bonds, YMCA of Greater New York, Series 2002,
 5.250%, 8/01/21
 430 New York City Industrial Development Agency, New York, PILOT 1/17 at 100.00 BB+ 354,612
 Revenue Bonds, Queens Baseball Stadium Project, Series 2006,
 4.750%, 1/01/42 - AMBAC Insured
 590 New York City Industrial Development Authority, New York, PILOT 9/16 at 100.00 BBB- 508,621
 Revenue Bonds, Yankee Stadium Project, Series 2006, 4.500%,
 3/01/39 - FGIC Insured
 200 Puerto Rico Industrial, Tourist, Educational, Medical and 8/10 at 100.50 BBB- 197,018
 Environmental Control Facilities Financing Authority, Higher
 Education Revenue Bonds, Ana G. Mendez University System,
 Series 1999, 5.375%, 2/01/19
 65 Seneca County Industrial Development Authority, New York, Revenue 10/17 at 100.00 BBB 57,823
 Bonds, New York Chiropractic College, Series 2007, 5.000%,
 10/01/27
---------------------------------------------------------------------------------------------------------------------------------
 4,970 Total Education and Civic Organizations 4,651,760
---------------------------------------------------------------------------------------------------------------------------------
 FINANCIALS - 0.8%
 435 Liberty Development Corporation, New York, Goldman Sachs No Opt. Call A1 456,602
 Headquarters Revenue Bonds Series 2007, 5.500%, 10/01/37
---------------------------------------------------------------------------------------------------------------------------------

Nuveen Investments 41

NXN

Nuveen New York Select Tax-Free Income Portfolio (continued) Portfolio of Investments March 31, 2010 

 PRINCIPAL OPTIONAL CALL
 AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
---------------------------------------------------------------------------------------------------------------------------------
 HEALTH CARE - 14.3%
$ 450 Dormitory Authority of the State of New York, FHA-Insured 2/15 at 100.00 A $ 457,110
 Mortgage Revenue Bonds, Montefiore Hospital, Series 2004,
 5.000%, 8/01/29 - FGIC Insured
 500 Dormitory Authority of the State of New York, FHA-Insured 8/15 at 100.00 A- 492,160
 Revenue Bonds, St. Lukes Roosevelt Hospital, Series 2005,
 4.900%, 8/15/31
 Dormitory Authority of the State of New York, Revenue Bonds,
 Lenox Hill Hospital Obligated Group, Series 2001:
 110 5.375%, 7/01/20 7/11 at 101.00 Ba1 105,595
 100 5.500%, 7/01/30 7/11 at 101.00 Ba1 92,086
 950 Dormitory Authority of the State of New York, Revenue Bonds, 7/16 at 100.00 AA 975,042
 Memorial Sloan Kettering Cancer Center, Series 2006-1,
 5.000%, 7/01/35
 670 Dormitory Authority of the State of New York, Revenue Bonds, 7/13 at 100.00 AA 707,781
 Memorial Sloan-Kettering Cancer Center, Series 2003-1,
 5.000%, 7/01/21 - NPFG Insured
 405 Dormitory Authority of the State of New York, Revenue Bonds, 8/14 at 100.00 AAA 441,252
 New York and Presbyterian Hospital, Series 2004A, 5.250%,
 8/15/15 - AGM Insured
 1,680 Dormitory Authority of the State of New York, Revenue Bonds, 7/11 at 101.00 N/R 1,716,893
 Winthrop South Nassau University Health System Obligated
 Group, Series 2001A, 5.250%, 7/01/17 - AMBAC Insured
 1,195 Dormitory Authority of the State of New York, Revenue Bonds, 7/11 at 101.00 Baa1 1,221,242
 Winthrop South Nassau University Health System Obligated
 Group, Series 2001 B, 5.250%, 7/01/17 - AMBAC Insured
 500 Dormitory Authority of the State of New York, Revenue Bonds, 7/13 at 100.00 Baa1 472,980
 Winthrop-South Nassau University Hospital Association,
 Series 2003A, 5.500%, 7/01/32
 Madison County Industrial Development Agency, New York, Civic
 Facility Revenue Bonds, Oneida Health System, Series 2007A:
 100 5.250%, 2/01/27 No Opt. Call BBB- 88,622
 90 5.500%, 2/01/32 No Opt. Call BBB- 80,631
 750 New York City Health and Hospitals Corporation, New York, 2/13 at 100.00 A+ 782,138
 Health System Revenue Bonds, Series 2003A, 5.250%, 2/15/21 -
 AMBAC Insured
 240 New York City Industrial Development Agency, New York, Civic 7/12 at 101.00 Ba2 237,456
 Facility Revenue Bonds, Staten Island University Hospital,
 Series 2002C, 6.450%, 7/01/32
---------------------------------------------------------------------------------------------------------------------------------
 7,740 Total Health Care 7,870,988
---------------------------------------------------------------------------------------------------------------------------------
 HOUSING/MULTIFAMILY - 6.0%
 1,700 Amherst Industrial Development Agency, New York, Revenue Bonds, 8/12 at 101.00 N/R 1,723,307
 UBF Faculty/Student Housing Corporation, University of
 Buffalo Creekside Project, Series 2002A, 5.000%, 8/01/22 -
 AMBAC Insured
 1,000 New Hartford-Sunset Woods Funding Corporation, New York, 8/12 at 101.00 AAA 1,033,420
 FHA-Insured Mortgage Revenue Bonds, Sunset Woods Apartments
 II Project, Series 2002, 5.350%, 2/01/20
 250 New York City Housing Development Corporation, New York, 5/14 at 100.00 AA 255,838
 Multifamily Housing Revenue Bonds, Series 2004A, 5.250%,
 11/01/30
 275 New York State Housing Finance Agency, Affordable Housing 11/17 at 100.00 Aa2 275,668
 Revenue, Series 2007A, 5.250%, 11/01/38 (Alternative Minimum
 Tax)
---------------------------------------------------------------------------------------------------------------------------------
 3,225 Total Housing/Multifamily 3,288,233
---------------------------------------------------------------------------------------------------------------------------------
 HOUSING/SINGLE FAMILY - 8.2%
 2,000 New York State Mortgage Agency, Homeowner Mortgage Revenue 10/11 at 100.00 Aa1 2,019,260
 Bonds, Series 101, 5.000%, 10/01/18 (Alternative Minimum Tax)
 2,500 New York State Mortgage Agency, Mortgage Revenue Bonds, 4/11 at 100.00 Aaa 2,506,750
 Thirty-First Series A, 5.300%, 10/01/31 (Alternative Minimum
 Tax)
---------------------------------------------------------------------------------------------------------------------------------
 4,500 Total Housing/Single Family 4,526,010
---------------------------------------------------------------------------------------------------------------------------------

42 Nuveen Investments 

 PRINCIPAL OPTIONAL CALL
 AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
---------------------------------------------------------------------------------------------------------------------------------
 LONG-TERM CARE - 11.5%
$ 1,795 Dormitory Authority of the State of New York, FHA-Insured Nursing 8/11 at 101.00 A $ 1,830,326
 Home Mortgage Revenue Bonds, Norwegian Christian Home and
 Health Center, Series 2001, 5.200%, 8/01/36 - NPFG Insured
 100 Dormitory Authority of the State of New York, Non-State Supported 11/16 at 100.00 A1 98,696
 Debt, Ozanam Hall of Queens Nursing Home Revenue Bonds, Series
 2006, 5.000%, 11/01/31
 50 Dormitory Authority of the State of New York, Revenue Bonds, 7/15 at 100.00 N/R 32,439
 Providence Rest, Series 2005, 5.000%, 7/01/35 - ACA Insured
 2,000 East Rochester Housing Authority, New York, FHA-Insured Mortgage 8/12 at 101.00 AAA 2,077,220
 Revenue Refunding Bonds, Jewish Home of Rochester, Series
 2002, 4.625%, 2/15/17
 1,000 East Rochester Housing Authority, New York, Revenue Bonds, 12/12 at 103.00 AAA 1,044,700
 GNMA/FHA-Secured Revenue Bonds, St. Mary's Residence Project,
 Series 2002A, 5.375%, 12/20/22
 980 New York City Industrial Development Agency, New York, GNMA 11/12 at 101.00 AA+ 987,526
 Collateralized Mortgage Revenue Bonds, Eger Harbor House Inc.,
 Series 2002A, 4.950%, 11/20/32
 25 Suffolk County Industrial Development Agency, New York, Civic 7/16 at 100.00 N/R 22,706
 Facility Revenue Bonds, Special Needs Facilities Pooled
 Program, Series 2008-B1, 5.500%, 7/01/18
 275 Yonkers Industrial Development Agency, New York, Civic Facilities 7/16 at 101.00 N/R 249,766
 Revenue Bonds, Special Needs Facilities Pooled Program Bonds,
 Series 2008-C1, 5.500%, 7/01/18
---------------------------------------------------------------------------------------------------------------------------------
 6,225 Total Long-Term Care 6,343,379
---------------------------------------------------------------------------------------------------------------------------------
 MATERIALS - 0.2%
 90 Jefferson County Industrial Development Agency, New York, Solid 12/13 at 100.00 BBB 88,476
 Waste Disposal Revenue Bonds, International Paper Company
 Project, Series 2003A, 5.200%, 12/01/20 (Alternative Minimum
 Tax)
---------------------------------------------------------------------------------------------------------------------------------
 TAX OBLIGATION/GENERAL - 8.3%
 Clarkstown, Rickland County, New York, Various Purposes Serial
 Bonds, Series 1992:
 505 5.600%, 6/15/10 - AMBAC Insured No Opt. Call AAA 510,580
 525 5.600%, 6/15/11 - AMBAC Insured No Opt. Call AAA 557,303
 525 5.600%, 6/15/12 - AMBAC Insured No Opt. Call AAA 579,842
 300 New York City, New York, General Obligation Bonds, Fiscal Series 8/14 at 100.00 AA 334,830
 2004C, 5.250%, 8/15/16
 200 New York City, New York, General Obligation Bonds, Fiscal Series 3/15 at 100.00 AA 213,604
 2005J, 5.000%, 3/01/19 - FGIC Insured
 1,000 New York City, New York, General Obligation Bonds, Fiscal Series 6/16 at 100.00 AA 1,049,660
 2006J-1, 5.000%, 6/01/25
 1,260 New York City, New York, General Obligation Bonds, Series D, 12/17 at 100.00 AA 1,345,869
 5.125%, 12/01/25
---------------------------------------------------------------------------------------------------------------------------------
 4,315 Total Tax Obligation/General 4,591,688
---------------------------------------------------------------------------------------------------------------------------------
 TAX OBLIGATION/LIMITED - 18.3%
 600 Battery Park City Authority, New York, Senior Revenue Bonds, 11/13 at 100.00 AAA 650,580
 Series 2003A, 5.000%, 11/01/23
 500 Erie County Industrial Development Agency, New York, School 5/14 at 100.00 AAA 528,975
 Facility Revenue Bonds, Buffalo City School District, Series
 2004, 5.750%, 5/01/26 - AGM Insured
 500 Metropolitan Transportation Authority, New York, State Service 7/12 at 100.00 AA- 531,805
 Contract Refunding Bonds, Series 2002A, 5.500%, 1/01/20 - NPFG
 Insured
 New York City Sales Tax Asset Receivable Corporation, New York,
 Dedicated Revenue Bonds, Local Government Assistance
 Corporation, Series 2004A:
 250 5.000%, 10/15/25 - NPFG Insured 10/14 at 100.00 AAA 270,008
 200 5.000%, 10/15/26 - NPFG Insured 10/14 at 100.00 AAA 211,352
 1,225 5.000%, 10/15/29 - AMBAC Insured 10/14 at 100.00 AAA 1,284,388
 600 New York City Transitional Finance Authority, New York, Building 1/17 at 100.00 AA- 623,748
 Aid Revenue Bonds, Fiscal Series 2007S-2, 5.000%, 1/15/28 -
 FGIC Insured
 670 New York City Transitional Finance Authority, New York, Future 2/13 at 100.00 AAA 700,244
 Tax Secured Bonds, Fiscal Series 2003E, 5.000%, 2/01/23 - FGIC
 Insured
 550 New York City Transitional Finance Authority, New York, Future 11/17 at 100.00 AAA 587,879
 Tax Secured Bonds, Fiscal Series 2007C-1, 5.000%, 11/01/27

Nuveen Investments 43

NXN

Nuveen New York Select Tax-Free Income Portfolio (continued) Portfolio of Investments March 31, 2010 

 PRINCIPAL OPTIONAL CALL
 AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
---------------------------------------------------------------------------------------------------------------------------------
 TAX OBLIGATION/LIMITED (continued)
$ 535 New York City Transitional Finance Authority, New York, Future 5/19 at 100.00 AAA $ 605,160
 Tax Secured Bonds, Tender Option Bond Trust 3545, 13.352%,
 5/01/38 (IF)
 775 New York State Environmental Facilities Corporation, State 12/17 at 100.00 AAA 831,761
 Personal Income Tax Revenue Bonds, Series 2008A, 5.000%,
 12/15/26 (UB)
 250 New York State Thruway Authority, Highway and Bridge Trust Fund 4/14 at 100.00 AA 266,858
 Bonds, Second Genera1 Series 2004, 5.000%, 4/01/21 - NPFG
 Insured
 570 New York State Thruway Authority, Highway and Bridge Trust Fund No Opt. Call AA 661,058
 Bonds, Series 2005B, 5.500%, 4/01/20 - AMBAC Insured (UB)
 425 New York State Thruway Authority, Highway and Bridge Trust Fund 10/17 at 100.00 AA 449,484
 Bonds, Series 2007, 5.000%, 4/01/27
 New York State Tobacco Settlement Financing Corporation,
 Tobacco Settlement Asset-Backed and State Contingency
 Contract-Backed Bonds, Series 2003A-1:
 1,000 5.250%, 6/01/20 - AMBAC Insured 6/13 at 100.00 AA- 1,063,210
 250 5.250%, 6/01/21 - AMBAC Insured 6/13 at 100.00 AA- 265,183
 500 New York State Tobacco Settlement Financing Corporation, 6/13 at 100.00 AA- 533,090
 Tobacco Settlement Asset-Backed and State Contingency
 Contract-Backed Bonds, Series 2003B-1 C, 5.500%, 6/01/21
---------------------------------------------------------------------------------------------------------------------------------
 9,400 Total Tax Obligation/Limited 10,064,783
---------------------------------------------------------------------------------------------------------------------------------
 TRANSPORTATION - 2.0%
 180 Albany Parking Authority, New York, Revenue Bonds, Series 2001 7/11 at 101.00 BBB+ 182,506
 A, 5.625%, 7/15/25
 500 Metropolitan Transportation Authority, New York, Transportation No Opt. Call A 555,685
 Revenue Bonds, Series 2003A, 5.000%, 11/15/15 - FGIC Insured
 100 New York State Thruway Authority, General Revenue Bonds, Series 7/15 at 100.00 AAA 102,873
 2005G, 5.000%, 1/01/30 - AGM Insured
 105 Port Authority of New York and New Jersey, Consolidated Revenue 6/15 at 101.00 Aa2 109,557
 Bonds, One Hundred Fortieth Series 2005, 5.000%, 12/01/31 -
 SYNCORA GTY Insured
 120 Port Authority of New York and New Jersey, Consolidated Revenue 8/17 at 100.00 AAA 141,230
 Bonds, One Hundred Forty Eighth Series 2008, Trust 2920,
 17.440%, 8/15/32 - AGM Insured (IF)
---------------------------------------------------------------------------------------------------------------------------------
 1,005 Total Transportation 1,091,851
---------------------------------------------------------------------------------------------------------------------------------
 U.S. GUARANTEED - 5.4% (4)
 220 Albany Parking Authority, New York, Revenue Bonds, Series 2001 7/11 at 101.00 BBB+ (4) 236,535
 A, 5.625%, 7/15/25 (Pre-refunded 7/15/11)
 985 Dormitory Authority of the State of New York, Judicial No Opt. Call AAA 1,166,555
 Facilities Lease Revenue Bonds, Suffolk County Issue, Series
 1986, 7.375%, 7/01/16 (ETM)
 250 Dormitory Authority of the State of New York, Revenue Bonds, 5/13 at 100.00 Aaa 281,865
 North Shore Long Island Jewish Group, Series 2003, 5.375%,
 5/01/23 (Pre-refunded 5/01/13)
 265 Suffolk County Water Authority, New York, Water Revenue Bonds, No Opt. Call AAA 283,221
 Series 1986V, 6.750%, 6/01/12 (ETM)
 925 TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 7/12 at 100.00 AAA 1,004,818
 2002-1, 5.500%, 7/15/24 (Pre-refunded 7/15/12)
---------------------------------------------------------------------------------------------------------------------------------
 2,645 Total U.S. Guaranteed 2,972,994
---------------------------------------------------------------------------------------------------------------------------------
 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 593,604
 430 5.000%, 12/01/25 - FGIC Insured 6/16 at 100.00 A 444,482
 500 New York State Energy Research and Development Authority, 3/11 at 100.00 A 503,120
 Pollution Control Revenue Bonds, New York State Electric and
 Gas Corporation, Series 2005A, 4.100%, 3/15/15 - NPFG Insured

44 Nuveen Investments 

 PRINCIPAL ` OPTIONAL CALL ` `
 AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
----------------------------------------------------------------------------------------------------------------------------------
 UTILITIES (continued)
$ 250 Niagara County Industrial Development Agency, New York, Solid 11/11 at 101.00 Baa2 $ 257,430
 Waste Disposal Facility Revenue Bonds, American Ref-Fuel
 Company of Niagara LP, Series 2001 A, 5.450%, 11/15/26
 (Mandatory put 11/15/12) (Alternative Minimum Tax)
----------------------------------------------------------------------------------------------------------------------------------
 1,750 Total Utilities 1,798,636
----------------------------------------------------------------------------------------------------------------------------------
 WATER AND SEWER - 12.4%
 2,500 New York City Municipal Water Finance Authority, New York, 6/11 at 101.00 AAA 2,567,647
 Water and Sewerage System Revenue Bonds, Fiscal Series
 2001C, 5.125%, 6/15/33
 New York State Environmental Facilities Corporation, State
 Clean Water and Drinking Water Revolving Funds Revenue
 Bonds, New York City Municipal Water Finance Authority Loan,
 Series 2002B:
 2,000 5.250%, 6/15/19 6/12 at 100.00 AAA 2,163,880
 2,000 5.000%, 6/15/27 6/12 at 100.00 AAA 2,072,080
----------------------------------------------------------------------------------------------------------------------------------
 6,500 Total Water and Sewer 6,803,607
----------------------------------------------------------------------------------------------------------------------------------
 $ 53,830 Total Investments (cost $54,161,216) - 100.9% 55,509,419
----------------------------------------------------------------------------------------------------------------------------------
 Floating Rate Obligations - (1.8)% (1,005,000)
 -----------------------------------------------------------------------------------------------------------------
 Other Assets Less Liabilities - 0.9% 502,659
 -----------------------------------------------------------------------------------------------------------------
 Net Assets - 100% $ 55,007,078
 =================================================================================================================

(1) All percentages shown in the Portfolio of Investments are based on net assets.

(2) Optional Call Provisions (not covered by the report of independent registered public accounting firm): 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 (not covered by the report of independent registered public accounting firm): Using the higher of Standard & Poor's Group
("Standard & Poor's") or Moody's Investor Service, Inc. ("Moody's") rating. Ratings below BBB by Standard & Poor's or Baa by Moody's are considered to be below investment grade.

(4) Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities which ensure the timely payment of principal and interest. Such investments are normally considered to be equivalent to AAA rated securities.

N/R Not rated.

(ETM) Escrowed to maturity.

(IF) Inverse floating rate investment.

(UB) Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 - Inverse Floating Rate Securities for more information.

See accompanying notes to financial statements.

Nuveen Investments 45

| STATEMENT OF
| ASSETS & LIABILITIES

March 31, 2010 

 CALIFORNIA NEW YORK
 SELECT SELECT SELECT SELECT SELECT
 TAX-FREE TAX-FREE 2 TAX-FREE 3 TAX-FREE TAX-FREE
 (NXP) (NXQ) (NXR) (NXC) (NXN)
------------------------------------------------------------------------------------------------------------------------
ASSETS
Investments, at value
 (cost $226,836,810, $243,458,059,
 $177,274,280, $87,413,948 and
 $54,161,216, respectively) $ 231,199,076 $ 237,339,137 $ 180,765,343 $ 88,231,976 $ 55,509,419
Cash -- -- 66,791 60,560 --
Receivables:
 Interest 3,683,946 3,726,292 2,700,634 1,169,270 836,288
 Investments sold 15,670 15,035 4,369 -- --
Other assets 60,147 146,039 47,806 27,147 19,552
------------------------------------------------------------------------------------------------------------------------
Total assets 234,958,839 241,226,503 183,584,943 89,488,953 56,365,259
------------------------------------------------------------------------------------------------------------------------
LIABILITIES
Cash overdraft -- -- -- -- 116,959
Floating rate obligations -- 1,000,000 -- 1,540,000 1,005,000
Dividends payable 893,519 913,302 645,963 318,841 185,038
Accrued expenses:
 Management fees 46,126 57,386 44,144 21,430 13,440
 Other 150,688 155,499 115,966 60,355 37,744
------------------------------------------------------------------------------------------------------------------------
 Total liabilities 1,090,333 2,126,187 806,073 1,940,626 1,358,181
------------------------------------------------------------------------------------------------------------------------
Net assets $ 233,868,506 $ 239,100,316 $ 182,778,870 $ 87,548,327 $ 55,007,078
========================================================================================================================
Shares outstanding 16,479,081 17,672,141 13,001,797 6,267,291 3,912,868
========================================================================================================================
Net asset value per share $ 14.19 $ 13.53 $ 14.06 $ 13.97 $ 14.06
 outstanding
========================================================================================================================
NET ASSETS CONSIST OF:
------------------------------------------------------------------------------------------------------------------------
Shares, $.01 par value per share $ 164,791 $ 176,721 $ 130,018 $ 62,673 $ 39,129
Paid-in surplus 229,040,976 246,552,300 178,891,463 87,263,868 53,686,318
Undistributed (Over-distribution of)
 net investment income 1,144,492 680,474 253,475 37,041 (1,802)
Accumulated net realized gain (loss) (844,019) (2,190,257) 12,851 (633,283) (64,770)
Net unrealized appreciation
 (depreciation) 4,362,266 (6,118,922) 3,491,063 818,028 1,348,203
------------------------------------------------------------------------------------------------------------------------
Net assets $ 233,868,506 $ 239,100,316 $ 182,778,870 $ 87,548,327 $ 55,007,078
========================================================================================================================
Authorized shares Unlimited Unlimited Unlimited Unlimited Unlimited
========================================================================================================================

See accompanying notes to financial statements.

46 Nuveen Investments

| STATEMENT OF
| OPERATIONS

March 31, 2010 

 CALIFORNIA NEW YORK
 SELECT SELECT SELECT SELECT SELECT
 TAX-FREE TAX-FREE 2 TAX-FREE 3 TAX-FREE TAX-FREE
 (NXP) (NXQ) (NXR) (NXC) (NXN)
------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME $ 12,728,598 $ 12,856,963 $ 9,353,210 $ 4,564,695 $ 2,677,499
------------------------------------------------------------------------------------------------------------------------
EXPENSES
Management fees 545,834 671,001 520,582 253,037 158,622
Shareholders' servicing agent fees
 and expenses 23,564 21,484 18,150 6,599 5,491
Interest expense on floating rate
 obligations -- 8,425 -- 11,508 6,100
Custodian's fees and expenses 47,408 48,682 37,891 22,634 18,891
Trustees' fees and expenses 6,508 6,525 5,111 2,421 1,527
Professional fees 23,780 23,732 20,236 12,940 10,761
Shareholders' reports - printing and
 mailing expenses 49,894 52,201 37,926 17,756 13,763
Stock exchange listing fees 9,294 9,272 9,229 9,210 9,201
Investor relations expense 22,241 23,232 16,847 7,078 4,915
Other expenses 12,044 12,573 10,544 7,657 7,231
------------------------------------------------------------------------------------------------------------------------
Total expenses before custodian fee 740,567 877,127 676,516 350,840 236,502
 credit
 Custodian fee credit (507) (507) (378) (68) (264)
------------------------------------------------------------------------------------------------------------------------
Net expenses 740,060 876,620 676,138 350,772 236,238
------------------------------------------------------------------------------------------------------------------------
Net investment income 11,988,538 11,980,343 8,677,072 4,213,923 2,441,261
------------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
 Net realized gain (loss) from
 investments 52,099 (381,407) 11,888 226,399 (5,962)
Change in net unrealized appreciation
 (depreciation) of investments 10,863,997 16,031,656 8,445,903 4,328,914 2,655,873
------------------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain
 (loss) 10,916,096 15,650,249 8,457,791 4,555,313 2,649,911
------------------------------------------------------------------------------------------------------------------------
 Net increase (decrease) in net assets
 from operations $ 22,904,634 $ 27,630,592 $ 17,134,863 $ 8,769,236 $ 5,091,172
========================================================================================================================

See accompanying notes to financial statements.

Nuveen Investments 47

| STATEMENT OF
| CHANGES IN NET ASSETS

March 31, 2010 

 SELECT TAX-FREE (NXP) SELECT TAX-FREE 2 (NXQ) SELECT TAX-FREE 3 (NXR)
------------------------------------------------------------------------------------------------------------------------
 YEAR YEAR YEAR YEAR YEAR YEAR
 ENDED ENDED ENDED ENDED ENDED ENDED
 3/31/10 3/31/09 3/31/10 3/31/09 3/31/10 3/31/09
------------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 11,988,538 $ 11,602,037 $ 11,980,343 $ 11,847,246 $ 8,677,072 $ 8,515,545
Net realized gain (loss) from
 investments 52,099 414,250 (381,407) (157,525) 11,888 95,185
Change in net unrealized
 appreciation (depreciation)
 of investments 10,863,997 (13,684,819) 16,031,656 (22,829,917) 8,445,903 (8,093,041)
------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in
 net assets from operations 22,904,634 (1,668,532) 27,630,592 (11,140,196) 17,134,863 517,689
------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income (11,808,528) (11,226,050) (11,759,649) (11,736,647) (8,340,466) (8,327,575)
 From accumulated net realized
 gains -- -- -- -- (12,996) --
------------------------------------------------------------------------------------------------------------------------
Decrease in net assets from
 distributions to shareholders (11,808,528) (11,226,050) (11,759,649) (11,736,647) (8,353,462) (8,327,575)
------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Net proceeds from shares
 issued to shareholders due to
 reinvestment of distributions 657,992 515,396 458,195 403,746 319,912 199,823
------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in
 net assets from capital share
 transactions 657,992 515,396 458,195 403,746 319,912 199,823
------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in
 net assets 11,754,098 (12,379,186) 16,329,138 (22,473,097) 9,101,313 (7,610,063)
Net assets at the beginning
 of year 222,114,408 234,493,594 222,771,178 245,244,275 173,677,557 181,287,620
------------------------------------------------------------------------------------------------------------------------
Net assets at the end of year $ 233,868,506 $ 222,114,408 $ 239,100,316 $ 222,771,178 $182,778,870 $ 173,677,557
========================================================================================================================
Undistributed
 (Over-distribution of) net
 investment income at the end
 of year $ 1,144,492 $ 965,770 $ 680,474 $ 473,587 $ 253,475 $ (81,861)
========================================================================================================================

See accompanying notes to financial statements.

48 Nuveen Investments 

 CALIFORNIA SELECT NEW YORK SELECT
 TAX-FREE (NXC) TAX-FREE (NXN)
------------------------------------------------------------------------------------------------------------------------
 YEAR YEAR YEAR YEAR
 ENDED ENDED ENDED ENDED
 3/31/10 3/31/09 3/31/10 3/31/09
------------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 4,213,923 $ 4,138,035 $ 2,441,261 $ 2,405,653
Net realized gain (loss) from investments 226,399 (777,009) (5,962) (18,617)
Change in net unrealized appreciation (depreciation) of
 investments 4,328,914 (4,560,505) 2,655,873 (1,645,443)
------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from operations 8,769,236 (1,199,479) 5,091,172 741,593
------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income (4,174,015) (4,172,698) (2,393,983) (2,392,826)
From accumulated net realized gains -- -- -- --
------------------------------------------------------------------------------------------------------------------------
Decrease in net assets from distributions to shareholders (4,174,015) (4,172,698) (2,393,983) (2,392,826)
------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Net proceeds from shares issued to shareholders due to
 reinvestment of distributions -- 101,344 41,902 10,984
------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from capital share
 transactions -- 101,344 41,902 10,984
------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets 4,595,221 (5,270,833) 2,739,091 (1,640,249)
Net assets at the beginning of year 82,953,106 88,223,939 52,267,987 53,908,236
------------------------------------------------------------------------------------------------------------------------
Net assets at the end of year $ 87,548,327 $ 82,953,106 $ 55,007,078 $ 52,267,987
========================================================================================================================
Undistributed (Over-distribution of) net investment income at
 the end of year $ 37,041 $ (2,633) $ (1,802) $ (49,080)
========================================================================================================================

See accompanying notes to financial statements.

Nuveen Investments 49

| Notes to
| Financial Statements

1. GENERAL INFORMATION AND SIGNIFICANT ACCOUNTING POLICIES

The funds covered in this report and their corresponding New York Stock Exchange symbols are Nuveen Select Tax-Free Income Portfolio (NXP), Nuveen Select Tax-Free Income Portfolio 2 (NXQ), Nuveen Select Tax-Free Income Portfolio 3 (NXR), Nuveen California Select Tax-Free Income Portfolio (NXC) and Nuveen New York Select Tax-Free Income Portfolio (NXN) (collectively, the "Funds"). The Funds are registered under the Investment Company Act of 1940, as amended, as closed-end, management investment companies.

Each Fund seeks to provide current income and stable dividends, exempt from regular federal and designated state income taxes, where applicable, consistent with the preservation of capital by investing primarily in a portfolio of municipal obligations.

In June 2009, the Financial Accounting Standards Board (FASB) established the FASB Accounting Standards Codification(TM) (the "Codification") as the single source of authoritative accounting principles recognized by the FASB in the preparation of financial statements in conformity with generally accepted accounting principles (GAAP). The Codification supersedes existing non-grandfathered, non-SEC accounting and reporting standards. The Codification did not change GAAP but rather organized it into a hierarchy where all guidance within the Codification carries an equal level of authority. The Codification became effective for financial statements issued for interim and annual periods ending after September 15, 2009. The Codification did not have a material effect on the Funds' financial statements.

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with US generally accepted accounting principles.

INVESTMENT VALUATION
The prices of municipal bonds in each Fund's investment portfolio are provided by a pricing service approved by the Fund's Board of Trustees. When market price quotes are not readily available (which is usually the case for municipal securities), the pricing service or, in the absence of a pricing service for a particular investment, the Board of Trustees of the Fund, or its designee, may establish fair value using a wide variety of market data including yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor's credit characteristics considered relevant. Temporary investments in securities that have variable rate and demand features qualifying them as short-term investments are valued at amortized cost, which approximates value.

INVESTMENT TRANSACTIONS
Investment transactions are recorded on a trade date basis. Realized gains and losses from transactions are determined on the specific identification method. Investments purchased on a when-issued/delayed delivery basis may have extended settlement periods. Any investments so purchased are subject to market fluctuation during this period. The Funds have instructed the custodian to segregate assets with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments. At March 31, 2010, there were no such outstanding purchase commitments in any of the Funds.

INVESTMENT INCOME
Interest income, which includes the amortization of premiums and accretion of discounts for financial reporting purposes, is recorded on an accrual basis. Interest income also includes paydown gains and losses, if any.

INCOME TAXES
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and to otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required. Furthermore, each Fund intends to satisfy conditions that will enable interest from municipal securities, which is exempt from regular federal and designated state income taxes, to retain such tax-exempt status when distributed to shareholders of the Funds. Net realized capital gains and ordinary income distributions paid by the Funds are subject to federal taxation.

50 Nuveen Investments

For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax year ends and the interim tax period since then). Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Dividends from tax-exempt net investment income are declared monthly. Net realized capital gains and/or market discount from investment transactions, if any, are distributed to shareholders at least annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards.

Distributions to shareholders of tax-exempt net investment income, net realized capital gains and/or market discount, if any, are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from US generally accepted accounting principles.

INVERSE FLOATING RATE SECURITIES
Each Fund is authorized to invest in inverse floating rate securities. An inverse floating rate security is created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust created by a broker-dealer. In turn, this trust (a) issues floating rate certificates, in face amounts equal to some fraction of the deposited bond's par amount or market value, that typically pay short-term tax-exempt interest rates to third parties, and (b) issues to a long-term investor (such as one of the Funds) an inverse floating rate certificate (sometimes referred to as an "inverse floater") that represents all remaining or residual interest in the trust. The income received by the inverse floater holder varies inversely with the short-term rate paid to the floating rate certificates' holders, and in most circumstances the inverse floater holder bears substantially all of the underlying bond's downside investment risk and also benefits disproportionately from any potential appreciation of the underlying bond's value. The price of an inverse floating rate security will be more volatile than that of the underlying bond because the interest rate is dependent on not only the fixed coupon rate of the underlying bond but also on the short-term interest paid on the floating rate certificates, and because the inverse floating rate security essentially bears the risk of loss of the greater face value of the underlying bond.

A Fund may purchase an inverse floating rate security in a secondary market transaction without first owning the underlying bond (referred to as an "externally-deposited inverse floater"), or instead by first selling a fixed-rate bond to a broker-dealer for deposit into the special purpose trust and receiving in turn the residual interest in the trust (referred to as a "self-deposited inverse floater"). The inverse floater held by a Fund gives the Fund the right (a) to cause the holders of the floating rate certificates to tender their notes at par, and (b) to have the broker transfer the fixed-rate bond held by the trust to the Fund, thereby collapsing the trust. An investment in an externally-deposited inverse floater is identified in the Portfolio of Investments as "(IF) - Inverse floating rate investment." An investment in a self-deposited inverse floater is accounted for as a financing transaction. In such instances, a fixed-rate bond deposited into a special purpose trust is identified in the Portfolio of Investments as "(UB) - Underlying bond of an inverse floating rate trust reflected as a financing transaction," with the Fund accounting for the short-term floating rate certificates issued by the trust as "Floating rate obligations" on the Statement of Assets and Liabilities. In addition, the Fund reflects in "Investment Income" the entire earnings of the underlying bond and recognizes the related interest paid to the holders of the short-term floating rate certificates as "Interest expense on floating rate obligations" on the Statement of Operations.

During the fiscal year ended March 31, 2010, each Fund invested in externally deposited inverse floaters and/or self-deposited inverse floaters.

Each Fund may also enter into shortfall and forbearance agreements (sometimes referred to as a "recourse trust" or "credit recovery swap") (such agreements referred to herein as "Recourse Trusts") with a broker-dealer by which a Fund agrees to reimburse the broker-dealer, in certain circumstances, for the difference between the liquidation value of the fixed-rate bond held by the trust and the liquidation value of the floating rate certificates issued by the trust plus any shortfalls in interest cash flows. Under these agreements, a Fund's potential exposure to losses related to or on inverse floaters may increase beyond the value of a Fund's inverse floater investments as a Fund may potentially be liable to fulfill all amounts owed to holders of the floating rate certificates. At period end, any such shortfall is recognized as "Unrealized depreciation on Recourse Trusts" on the Statement of Assets and Liabilities.

At March 31, 2010, the Funds were not invested in externally-deposited Recourse Trusts. 

 California New York
 Select Select Select Select Select
 Tax-Free Tax-Free 2 Tax-Free 3 Tax-Free Tax-Free
 (NXP) (NXQ) (NXR) (NXC) (NXN)
---------------------------------------------------------------------------------------------------------------------------
Maximum exposure to Recourse Trusts $ -- $ -- $ -- $ -- $ --
===========================================================================================================================

Nuveen Investments 51

| NOTES TO
| FINANCIAL STATEMENTS (CONTINUED)

The average floating rate obligations outstanding and average annual interest rate and fees related to self-deposited inverse floaters during the fiscal year ended March 31, 2010, for the following Funds were as follows: 

 CALIFORNIA NEW YORK
 SELECT SELECT SELECT
 TAX-FREE 2 TAX-FREE TAX-FREE
 (NXQ) (NXC) (NXN)
------------------------------------------------------------------------------------------------------------------------
Average floating rate obligations outstanding $1,000,000 $1,540,000 $1,005,000
Average annual interest rate and fees .84% .75% .61%
========================================================================================================================

DERIVATIVE INSTRUMENTS
Each Fund is authorized to invest in futures, options, swaps and other derivative instruments. Although the Funds are authorized to invest in such derivative instruments, and may do so in the future, they did not make any such investments during the fiscal year ended March 31, 2010.

ZERO COUPON SECURITIES
Each Fund is authorized to invest in zero coupon securities. A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. Tax-exempt income to the holder of the security comes from accretion of the difference between the original purchase price of the security at issuance and the par value of the security at maturity and is effectively paid at maturity. Such securities are included in the Portfolio of Investments with a 0.000% coupon rate in their description. The market prices of zero coupon securities generally are more volatile than the market prices of securities that pay interest periodically.

CUSTODIAN FEE CREDIT
Each Fund has an arrangement with the custodian bank whereby certain custodian fees and expenses are reduced by net credits earned on each Fund's cash on deposit with the bank. Such deposit arrangements are an alternative to overnight investments. Credits for cash balances may be offset by charges for any days on which a Fund overdraws its account at the custodian bank.

INDEMNIFICATIONS
Under the Funds' organizational documents, their officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that provide general indemnifications to other parties. The Funds' maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.

USE OF ESTIMATES
The preparation of financial statements in conformity with US generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results may differ from those estimates.

52 Nuveen Investments

2. FAIR VALUE MEASUREMENTS

In determining the value of each Fund's investments, various inputs are used. These inputs are summarized in the three broad levels listed below:

Level 1 - Quoted prices in active markets for identical securities. Level 2 - Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 - Significant unobservable inputs (including management's assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of each Fund's fair value measurements as of March 31, 2010: 

SELECT TAX-FREE (NXP) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL
-----------------------------------------------------------------------------------------------------------------------
Investments:
 Municipal Bonds $ -- $ 230,629,711 $ -- $ 230,629,711
 Short-Term Investments 569,365 -- -- 569,365
-----------------------------------------------------------------------------------------------------------------------
Total $ 569,365 $ 230,629,711 $ -- $ 231,199,076
=======================================================================================================================
SELECT TAX-FREE 2 (NXQ) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL
-----------------------------------------------------------------------------------------------------------------------
Investments:
 Municipal Bonds $ -- $ 236,187,448 $ -- $ 236,187,448
 Short-Term Investments 1,151,689 -- -- 1,151,689
-----------------------------------------------------------------------------------------------------------------------
Total $ 1,151,689 $ 236,187,448 $ -- $ 237,339,137
=======================================================================================================================
SELECT TAX-FREE 3 (NXR) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL
-----------------------------------------------------------------------------------------------------------------------
Investments:
 Municipal Bonds $ -- $ 180,765,343 $ -- $ 180,765,343
=======================================================================================================================
CALIFORNIA SELECT TAX-FREE (NXC) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL
-----------------------------------------------------------------------------------------------------------------------
Investments:
 Municipal Bonds $ -- $ 88,231,976 $ -- $ 88,231,976
=======================================================================================================================
NEW YORK SELECT TAX-FREE (NXN) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL
-----------------------------------------------------------------------------------------------------------------------
Investments:
 Municipal Bonds $ -- $ 55,509,419 $ -- $ 55,509,419
=======================================================================================================================

3. DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

During the current fiscal period, the Funds adopted amendments to authoritative guidance under GAAP on disclosures about derivative instruments and hedging activities. This guidance is intended to enhance financial statement disclosures for derivative instruments and hedging activities and enable investors to better understand: a) how and why a fund uses derivative instruments; b) how derivative instruments are accounted for; and c) how derivative instruments affect a fund's financial position, results of operations and cash flows, if any. The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds' investments in derivatives may represent economic hedges, they are considered to be non-hedge transactions for financial reporting purposes. The Funds did not invest in derivative instruments during the fiscal year ended March 31, 2010.

Nuveen Investments 53

| NOTES TO
| FINANCIAL STATEMENTS (CONTINUED)

4. FUND SHARES

The Funds did not repurchase and retire any of their shares during the fiscal years ended March 31, 2010 and March 31, 2009.

Transactions in shares were as follows: 

 SELECT SELECT SELECT
 TAX-FREE (NXP) TAX-FREE 2 (NXQ) TAX-FREE 3 (NXR)
 ---------------------- ---------------------- ----------------------
 YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
 3/31/10 3/31/09 3/31/10 3/31/09 3/31/10 3/31/09
--------------------------------------------------------------------------------------------------------------------------
Shares issued to shareholders due to
 reinvestment of distributions 47,024 37,396 34,706 30,367 23,083 14,590
==========================================================================================================================


 CALIFORNIA SELECT NEW YORK SELECT
 TAX-FREE (NXC) TAX-FREE (NXN)
 ----------------------- ----------------------
 YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
 3/31/10 3/31/09 3/31/10 3/31/09
--------------------------------------------------------------------------------------------------------------------------
Shares issued to shareholders due to
 reinvestment of distributions -- 7,322 3,021 797
==========================================================================================================================

5. INVESTMENT TRANSACTIONS

Purchases and sales (including maturities but excluding short-term investments) during the fiscal year ended March 31, 2010, were as follows: 

 CALIFORNIA NEW YORK
 SELECT SELECT SELECT SELECT SELECT
 TAX-FREE TAX-FREE 2 TAX-FREE 3 TAX-FREE TAX-FREE
 (NXP) (NXQ) (NXR) (NXC) (NXN)
--------------------------------------------------------------------------------------------------------------------------
Purchases $ 8,169,794 $ 8,691,192 $ 5,983,280 $ 3,087,830 $ 1,987,055
Sales and maturities 6,463,960 9,198,508 4,963,328 3,552,661 625,000
==========================================================================================================================

6. INCOME TAX INFORMATION

The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset values of the Funds.

At March 31, 2010, the cost of investments was as follows: 

 CALIFORNIA NEW YORK
 SELECT SELECT SELECT SELECT SELECT
 TAX-FREE TAX-FREE 2 TAX-FREE 3 TAX-FREE TAX-FREE
 (NXP) (NXQ) (NXR) (NXC) (NXN)
-------------------------------------------------------------------------------------------------------------------------
Cost of investments $226,442,458 $242,249,976 $177,103,400 $ 85,868,050 $ 53,147,209
=========================================================================================================================

Gross unrealized appreciation and gross unrealized depreciation of investments at March 31, 2010, were as follows: 

 CALIFORNIA NEW YORK
 SELECT SELECT SELECT SELECT SELECT
 TAX-FREE TAX-FREE 2 TAX-FREE 3 TAX-FREE TAX-FREE
 (NXP) (NXQ) (NXR) (NXC) (NXN)
------------------------------------------------------------------------------------------------------------------------
Gross unrealized:
 Appreciation $ 15,341,673 $ 9,385,671 $ 9,061,795 $ 2,856,165 $1,756,708
 Depreciation (10,585,055) (15,296,510) (5,399,852) (2,036,068) (397,539)
------------------------------------------------------------------------------------------------------------------------
Net unrealized appreciation (depreciation) of
 investments $ 4,756,618 $ (5,910,839 $ 3,661,943 $ 820,097 $1,359,169
========================================================================================================================

54 Nuveen Investments

Permanent differences, primarily due to federal taxes paid, taxable market discount and distribution reclasses, resulted in reclassifications among the Funds' components of net assets at March 31, 2010, the Funds' tax year end, as follows: 

 CALIFORNIA NEW YORK
 SELECT SELECT SELECT SELECT SELECT
 TAX-FREE TAX-FREE 2 TAX-FREE 3 TAX-FREE TAX-FREE
 (NXP) (NXQ) (NXR) (NXC) (NXN)
------------------------------------------------------------------------------------------------------------------------
Undistributed (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 -- -- --
========================================================================================================================

The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains at March 31, 2010, the Funds' tax year end, were as follows: 

 CALIFORNIA NEW YORK
 SELECT SELECT SELECT SELECT SELECT
 TAX-FREE TAX-FREE 2 TAX-FREE 3 TAX-FREE TAX-FREE
 (NXP) (NXQ) (NXR) (NXC) (NXN)
------------------------------------------------------------------------------------------------------------------------
Undistributed net tax-exempt income* $ 1,730,150 $ 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.

The tax character of distributions paid during the Funds' tax years ended March 31, 2010 and March 31, 2009, was designated for purposes of the dividends paid deduction as follows: 

 CALIFORNIA NEW YORK
 SELECT SELECT SELECT SELECT SELECT
 TAX-FREE TAX-FREE 2 TAX-FREE 3 TAX-FREE TAX-FREE
 (NXP) (NXQ) (NXR) (NXC) (NXN)
------------------------------------------------------------------------------------------------------------------------
Distributions from net tax-exempt income*** $ 11,501,182 $ 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 -- --
========================================================================================================================


 CALIFORNIA NEW YORK
 SELECT SELECT SELECT SELECT SELECT
 TAX-FREE TAX-FREE 2 TAX-FREE 3 TAX-FREE TAX-FREE
 (NXP) (NXQ) (NXR) (NXC) (NXN)
------------------------------------------------------------------------------------------------------------------------
Distributions from net tax-exempt income $ 11,223,919 $ 11,734,961 $ 8,326,795 $ 4,172,291 $2,392,786
Distributions from net ordinary income** -- -- -- -- --
Distributions from net long-term capital gains -- -- -- -- --
========================================================================================================================

** Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.

*** The Funds hereby designate these amounts paid during the fiscal year ended March 31, 2010, as Exempt Interest Dividends.

**** The Funds designate as a long-term capital gain dividend, pursuant to the Internal Revenue Code Section 852(b)(3), the amount necessary to reduce earnings and profits of the Funds related to net capital gain to zero for the tax year ended March 31, 2010.

At March 31, 2010, the Funds' tax year end, the following Funds had unused capital loss carryforwards available for federal income tax purposes to be applied against future capital gains, if any. If not applied, the carryforwards will expire as follows: 

 CALIFORNIA NEW YORK
 SELECT SELECT SELECT SELECT
 TAX-FREE TAX-FREE 2 TAX-FREE TAX-FREE
 (NXP) (NXQ) (NXC) (NXN)
------------------------------------------------------------------------------------------------------------------------
Expiration:
 March 31, 2015 $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
========================================================================================================================

Nuveen Investments 55

| NOTES TO
| FINANCIAL STATEMENTS (CONTINUED)

The following Funds have elected to defer net realized losses from investments incurred from November 1, 2009 through March 31, 2010, the Funds' tax year end, ("post-October losses") in accordance with federal income tax regulations. Post-October losses are treated as having arisen on the first day of the following fiscal year: 

 CALIFORNIA
 SELECT SELECT
 TAX-FREE 2 TAX-FREE
 (NXQ) (NXC)
------------------------------------------------------------------------------------------------------------------------
Post-October capital losses $ 464,302 $ 495,724
========================================================================================================================

7. MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES

Each Fund's management fee is separated into two components - a fund-level fee, based only on the amount of assets within each individual Fund, and a complex-level fee, based on the aggregate amount of all fund assets managed by Nuveen Asset Management (the "Adviser"), a wholly-owned subsidiary of Nuveen Investments, Inc. ("Nuveen"). This pricing structure enables each Fund's shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.

The annual fund-level fee for each Fund, payable monthly, is calculated according to the following schedule: 

 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
================================================================================================================================

The annual complex-level fee for each Fund, payable monthly, is calculated according to the following schedule: 

COMPLEX-LEVEL 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 component of the management fee for the funds 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. For the complex-level and fund-level fees, daily managed assets include assets managed by the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes the funds' use of preferred stock and borrowings and investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust's issuance of floating rate securities, subject to an agreement by the Adviser to limit the amount of such assets for determining managed assets in certain circumstances. As of March 31, 2010, the complex-level fee rate was .1867%.

The management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Funds pay no compensation directly to those of its trustees who are affiliated with the Adviser or to its officers, all of whom receive remuneration for their services to the Funds from the Adviser or its affiliates. The Board of Trustees has adopted a deferred compensation plan for independent trustees that enables trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen advised funds.

56 Nuveen Investments

8. NEW ACCOUNTING STANDARDS

ACCOUNTING FOR TRANSFER OF FINANCIAL ASSETS
During June 2009, FASB issued changes to the authoritative guidance under GAAP on accounting for transfers of financial assets. The objective of this guidance is to improve the relevance, representational faithfulness, and comparability of the information that a reporting entity provides in its financial statements about a transfer of financial assets; the effects of a transfer on its financial position, financial performance, and cash flows; and a transferor's continuing involvement, if any, in transferred financial assets. This guidance is effective as of the beginning of each reporting entity's first annual reporting period that begins after November 15, 2009, for interim periods within that first annual reporting period and for interim and annual reporting periods thereafter. Earlier application is prohibited. The recognition and measurement provisions of this guidance must be applied to transfers occurring on or after the effective date. Additionally, the disclosure provisions of this guidance should be applied to transfers that occurred both before and after the effective date of this guidance. At this time, management is evaluating the implications of this guidance and the impact it will have on the financial statement amounts and disclosures, if any.

FAIR VALUE MEASUREMENTS
On January 21, 2010, FASB issued changes to the authoritative guidance under GAAP for fair value measurements. The objective of this guidance is to provide guidance on how investment assets and liabilities are to be valued and disclosed. Specifically, the amendment requires reporting entities to disclose
i) the input and valuation techniques used to measure fair value for both recurring and nonrecurring fair value measurements, for both Level 2 and Level 3 positions, ii) transfers between all levels (including Level 1 and Level 2) on a gross basis (i.e., transfers out must be disclosed separately from transfers in) as well as the reason(s) for the transfer and iii) purchases, sales, issuances and settlements in the Level 3 rollforward must be shown on a gross basis rather than as one net number. The effective date of the amendment is for interim and annual periods beginning after December 15, 2009, however, the requirement to provide the Level 3 activity for purchases, sales, issuances and settlements on a gross basis will be effective for interim and annual periods beginning after December 15, 2010. At this time, management is evaluating the implications of this guidance and the impact it will have to the financial statement amounts and footnote disclosures, if any.

9. SUBSEQUENT EVENTS

DISTRIBUTIONS TO SHAREHOLDERS
The Funds declared dividend distributions from their tax-exempt net investment income, which were paid on May 3, 2010, to shareholders of record on April 15, 2010, as follows: 

 CALIFORNIA NEW YORK
 SELECT SELECT SELECT SELECT SELECT
 TAX-FREE TAX-FREE 2 TAX-FREE 3 TAX-FREE TAX-FREE
 (NXP) (NXQ) (NXR) (NXC) (NXN)
------------------------------------------------------------------------------------------------------------------------
Dividend per share $ .0595 $ .0555 $ .0535 $ .0555 $ .0510
========================================================================================================================

Nuveen Investments 57

| FINANCIAL
| HIGHLIGHTS

Selected data for a Common share outstanding throughout each period: 

 INVESTMENT OPERATIONS LESS DISTRIBUTIONS
 ----------------------------------- ------------------------------------
 NET ENDING
 BEGINNING NET REALIZED/ NET NET ENDING
 NET ASSET INVESTMENT UNREALIZED INVESTMENT CAPITAL ASSET MARKET
 VALUE INCOME GAIN (LOSS) TOTAL INCOME GAINS TOTAL VALUE VALUE
-------------------------------------------------------------------------------------------------------------------------------
SELECT TAX-FREE (NXP)
-------------------------------------------------------------------------------------------------------------------------------
Year Ended 3/31:
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:
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
===============================================================================================================================

58 Nuveen Investments 

 RATIOS/SUPPLEMENTAL DATA
 ----------------------------------------------------------------------------
 TOTAL RETURNS RATIOS TO AVERAGE NET ASSETS(b)
 ------------------------ --------------------------------------------
 BASED
 ON ENDING
 BASED ON NET NET EXPENSES EXPENSES NET PORTFOLIO
 MARKET ASSET ASSETS INCLUDING EXCLUDING INVESTMENT TURNOVER
 VALUE(a) VALUE(a) (000) INTEREST(c) INTEREST INCOME RATE
------------------------------------------------------------------------------------------------------------------------------------
SELECT TAX-FREE (NXP)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 3/31:
2010 13.45% 10.45% $233,869 .32% .32% 5.20% 3%
2009 .89 (.65) 222,114 .33 .33 5.12 11
2008 .61 1.83 234,494 .32 .32 4.83 4
2007 9.59 5.48 241,074 .31 .31 4.77 2
2006 10.41 4.74 239,406 .32 .32 4.72 4

SELECT TAX-FREE 2 (NXQ)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 3/31:
2010 10.45 12.62 239,100 .37 .37 5.12 4
2009 .24 (4.63) 222,771 .39 .38 5.08 6
2008 2.69 (.24) 245,244 .40 .36 4.58 7
2007 10.21 5.62 257,037 .37 .36 4.50 3
2006 7.39 5.12 254,205 .36 .36 4.51 11
====================================================================================================================================

(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) Expense ratios do not reflect the reduction of custodian fee credits earned on the Fund's net cash on deposit with the custodian bank, where applicable.

(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, as described in Footnote 1 - Inverse Floating Rate Securities.

See accompanying notes to financial statements.

Nuveen Investments 59

| FINANCIAL
| HIGHLIGHTS (CONTINUED)

Selected data for a Common share outstanding throughout each period: 

 INVESTMENT OPERATIONS LESS DISTRIBUTIONS
 ----------------------------------- ------------------------------------
 NET ENDING
 BEGINNING NET REALIZED/ NET NET ENDING
 NET ASSET INVESTMENT UNREALIZED INVESTMENT CAPITAL ASSET MARKET
 VALUE INCOME GAIN (LOSS) TOTAL INCOME GAINS TOTAL VALUE VALUE
-------------------------------------------------------------------------------------------------------------------------------
SELECT TAX-FREE 3 (NXR)
-------------------------------------------------------------------------------------------------------------------------------
Year Ended 3/31:
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:
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
===============================================================================================================================

60 Nuveen Investments 

 RATIOS/SUPPLEMENTAL DATA
 -----------------------------------------------------------------------------
 TOTAL RETURNS RATIOS TO AVERAGE NET ASSETS(b)
 ------------------------ -------------------------------------------
 BASED
 ON ENDING
 BASED ON NET NET EXPENSES EXPENSES NET PORTFOLIO
 MARKET ASSET ASSETS INCLUDING EXCLUDING INVESTMENT TURNOVER
 VALUE(a) VALUE(a) (000) INTEREST(c) INTEREST INCOME RATE
------------------------------------------------------------------------------------------------------------------------------------
SELECT TAX-FREE 3 (NXR)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 3/31:
2010 9.70% 10.05% $182,779 .38% .38% 4.81% 3%
2009 3.51 .34 173,678 .39 .39 4.83 5
2008 2.91 1.42 181,288 .38 .36 4.49 2
2007 9.15 5.51 186,969 .38 .37 4.43 9
2006 10.12 5.10 185,233 .37 .37 4.51 6

CALIFORNIA SELECT TAX-FREE (NXC)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 3/31:
2010 14.71 10.71 87,548 .41 .39 4.87 4
2009 (10.34) (1.30) 82,953 .43 .41 4.85 12
2008 3.68 .05 88,224 .44 .38 4.52 8
2007 9.89 5.72 92,177 .40 .39 4.37 16
2006 6.52 5.17 91,152 .38 .38 4.42 8
====================================================================================================================================

* Rounds to less than $.01 per share.

(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) Expense ratios do not reflect the reduction of custodian fee credits earned on the Fund's net cash on deposit with the custodian bank, where applicable.

(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, as described in Footnote 1 - Inverse Floating Rate Securities.

See accompanying notes to financial statements.

Nuveen Investments 61

| FINANCIAL
| HIGHLIGHTS (CONTINUED)

Selected data for a Common share outstanding throughout each period: 

 INVESTMENT OPERATIONS LESS DISTRIBUTIONS
 ----------------------------------- ------------------------------------
 NET ENDING
 BEGINNING NET REALIZED/ NET NET ENDING
 NET ASSET INVESTMENT UNREALIZED INVESTMENT CAPITAL ASSET MARKET
 VALUE INCOME GAIN (LOSS) TOTAL INCOME GAINS TOTAL VALUE VALUE
-------------------------------------------------------------------------------------------------------------------------------
NEW YORK SELECT
TAX-FREE (NXN)
-------------------------------------------------------------------------------------------------------------------------------
Year Ended 3/31:
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) (.09) (.69) 14.19 13.35
===============================================================================================================================

62 Nuveen Investments 

 RATIOS/SUPPLEMENTAL DATA
 -------------------------------------------------------------------------------
 TOTAL RETURNS RATIOS TO AVERAGE NET ASSETS(b)
 ------------------------ --------------------------------------------
 BASED
 ON ENDING
 BASED ON NET NET EXPENSES EXPENSES NET PORTFOLIO
 MARKET ASSET ASSETS INCLUDING EXCLUDING INVESTMENT TURNOVER
 VALUE(a) VALUE(a) (000) INTEREST(c) INTEREST INCOME RATE
------------------------------------------------------------------------------------------------------------------------------------
NEW YORK SELECT TAX-FREE (NXN)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 3/31:
2010 10.31% 9.89% $ 55,007 .44% .42% 4.50% 1%
2009 (.57) 1.47 52,268 .47 .45 4.57 1
2008 2.06 .94 53,908 .46 .43 4.35 20
2007 11.15 5.30 55,828 .46 .42 4.29 6
2006 2.84 4.19 55,473 .41 .41 4.28 13
===================================================================================================================================

(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) Expense ratios do not reflect the reduction of custodian fee credits earned on the Fund's net cash on deposit with the custodian bank, where applicable.

(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, as described in Footnote 1 - Inverse Floating Rate Securities.

See accompanying notes to financial statements.

Nuveen Investments 63

Board Members & Officers

The management of the Funds, including general supervision of the duties performed for the Funds by the Adviser, is the responsibility of the Board Members of the Funds. The number of board members of the Fund is currently set at nine. None of the board members who are not "interested" persons of the Funds (referred to herein as "independent board members") has ever been a director or employee of, or consultant to, Nuveen or its affiliates. The names and business addresses of the board members and officers of the Funds, their principal occupations and other affiliations during the past five years, the number of portfolios each oversees and other directorships they hold are set forth below. 

----------------------------------------------------------------------------------------------------------------------------------
 NUMBER PRINCIPAL
 YEAR FIRST OF PORTFOLIOS OCCUPATION(S)
 NAME, ELECTED OR IN FUND COMPLEX INCLUDING OTHER
 BIRTHDATE POSITION(S) HELD APPOINTED OVERSEEN BY DIRECTORSHIPS
 & ADDRESS WITH THE FUNDS AND TERM(1) BOARD MEMBER DURING PAST 5 YEARS
----------------------------------------------------------------------------------------------------------------------------------
INDEPENDENT BOARD MEMBERS:

o ROBERT P. BREMNER Private Investor and Management Consultant;
 8/22/40 Chairman of Treasurer and Director, Humanities Council of
 333 W. Wacker Drive the Board 1996 199 Washington, D.C.
 Chicago, IL 60606 and Board Member

o JACK B. EVANS President, The Hall-Perrine Foundation, a
 10/22/48 private philanthropic corporation (since
 333 W. Wacker Drive Board Member 1999 199 1996); Director and Chairman, United Fire
 Chicago, IL 60606 Group, a publicly held company; President Pro
 Tem of the Board of Regents for the State of
 Iowa University System; Director, Gazette
 Companies; Life Trustee of Coe College and the
 Iowa College Foundation; formerly, Director,
 Alliant Energy; formerly, Director, Federal
 Reserve Bank of Chicago; formerly, President
 and Chief Operating Officer, SCI Financial
 Group, Inc., a regional financial services
 firm.

o WILLIAM C. HUNTER Dean, Tippie College of Business, University
 3/6/48 of Iowa (since 2006); Director (since 2004) of
 333 W. Wacker Drive Board Member 2004 199 Xerox Corporation; Director (since 2005), Beta
 Chicago, IL 60606 Gamma Sigma International Honor Society;
 formerly, Dean and Distinguished Professor of
 Finance, School of Business at the University
 of Connecticut (2003-2006); previously, Senior
 Vice President and Director of Research at the
 Federal Reserve Bank of Chicago (1995-2003);
 Director, SS&C Technologies, Inc. (May
 2005-October 2005); formerly, Director
 (1997-2007), Credit Research Center at
 Georgetown University.

o DAVID J. KUNDERT Director, Northwestern Mutual Wealth
 10/28/42 Management Company; retired (since 2004) as
 333 W. Wacker Drive Board Member 2005 199 Chairman, JPMorgan Fleming Asset Management,
 Chicago, IL 60606 President and CEO, Banc One Investment
 Advisors Corporation, and President, One Group
 Mutual Funds; prior thereto, Executive Vice
 President, Banc One Corporation and Chairman
 and CEO, Banc One Investment Management Group;
 Member, Board of Regents, Luther College;
 member of the Wisconsin Bar Association;
 member of Board of Directors, Friends of
 Boerner Botanical Gardens; member of Board of
 Directors and member of Investment Committee,
 Greater Milwaukee Foundation.

o WILLIAM J. SCHNEIDER Chairman of Miller-Valentine Partners Ltd., a
 9/24/44 real estate investment company; formerly, Senior
 333 W. Wacker Drive Board Member 1997 199 Partner and Chief Operating Officer (retired,
 Chicago, IL 60606 2004) of Miller-Valentine Group; member,
 University of Dayton Business School Advisory
 Council; formerly, member, Dayton Philharmonic
 Orchestra Association; formerly, member and
 chair, Business Advisory Council, Cleveland
 Federal Reserve Bank; formerly, Director, Dayton
 Development Coalition.

64 Nuveen Investments 

----------------------------------------------------------------------------------------------------------------------------------
 NUMBER PRINCIPAL
 YEAR FIRST OF PORTFOLIOS OCCUPATION(S)
 NAME, ELECTED OR IN FUND COMPLEX INCLUDING OTHER
 BIRTHDATE POSITION(S) HELD APPOINTED OVERSEEN BY DIRECTORSHIPS
 & ADDRESS WITH THE FUNDS AND TERM(1) BOARD MEMBER DURING PAST 5 YEARS
----------------------------------------------------------------------------------------------------------------------------------
INDEPENDENT BOARD MEMBERS:

o JUDITH M. STOCKDALE Executive Director, Gaylord and Dorothy
 12/29/47 Donnelley Foundation (since 1994); prior
 333 W. Wacker Drive Board Member 1997 199 thereto, Executive Director, Great Lakes
 Chicago, IL 60606 Protection Fund (from 1990 to 1994).

o CAROLE E. STONE Director, Chicago Board Options Exchange
 6/28/47 (since 2006); Director, C2 Options Exchange,
 333 W. Wacker Drive Board Member 2007 199 Incorporated (since 2009); Commissioner, New
 Chicago, IL 60606 York State Commission on Public Authority
 Reform (since 2005); formerly, Chair, New York
 Racing Association Oversight Board
 (2005-2007).

o TERENCE J. TOTH Director, Legal & General Investment
 9/29/59 Management America, Inc. (since 2008);
 333 W. Wacker Drive Board Member 2008 199 Managing Partner, Promus Capital (since 2008);
 Chicago, IL 60606 formerly, CEO and President, Northern Trust
 Global Investments (2004-2007); Executive Vice
 President, Quantitative Management &
 Securities Lending (2000-2004); prior thereto,
 various positions with Northern Trust Company
 (since 1994); member: Goodman Theatre Board
 (since 2004), Chicago Fellowship Boards (since
 2005), University of Illinois Leadership
 Council Board (since 2007) and Catalyst
 Schools of Chicago Board (since 2008);
 formerly, member: Northern Trust Mutual Funds
 Board (2005-2007), Northern Trust Global
 Investments Board (2004-2007), Northern Trust
 Japan Board (2004-2007), Northern Trust
 Securities Inc. Board (2003-2007) and Northern
 Trust Hong Kong Board (1997-2004).

INTERESTED BOARD MEMBER:

o JOHN P. AMBOIAN(2) Chief Executive Officer (since July 2007),
 6/14/61 Director (since 1999) and Chairman (since
 333 W. Wacker Drive Board Member 2008 199 2007) of Nuveen Investments, Inc.; Chief
 Chicago, IL 60606 Executive Officer (since 2007) of Nuveen Asset
 Management, Nuveen Investments Advisors, Inc.;
 President (since 2005) of Nuveen Commodities
 Asset Management, LLC.

Nuveen Investments 65

Board Members & Officers (continued) 

----------------------------------------------------------------------------------------------------------------------------------
 NUMBER
 OF PORTFOLIOS
 NAME, YEAR FIRST IN FUND COMPLEX PRINCIPAL
 BIRTHDATE POSITION(S) HELD ELECTED OR OVERSEEN OCCUPATION(S)
 AND ADDRESS WITH THE FUNDS APPOINTED(3) BY OFFICER DURING PAST 5 YEARS
----------------------------------------------------------------------------------------------------------------------------------
OFFICERS OF THE FUNDS:

o GIFFORD R. ZIMMERMAN Managing Director (since 2002), Assistant
 9/9/56 Chief Secretary and Associate General Counsel of
 333 W. Wacker Drive Administrative 1988 199 Nuveen Investments, LLC; Managing Director,
 Chicago, IL 60606 Officer Associate General Counsel and Assistant
 Secretary, of Nuveen Asset Management (since
 2002) and of Symphony Asset Management LLC,
 (since 2003); Vice President and Assistant
 Secretary of NWQ Investment Management
 Company, LLC. (since 2002), Nuveen Investments
 Advisers Inc. (since 2002), Tradewinds Global
 Investors, LLC, and Santa Barbara Asset
 Management, LLC (since 2006), Nuveen HydePark
 Group LLC and Nuveen Investment Solutions,
 Inc. (since 2007); Managing Director (since
 2004) and Assistant Secretary (since 1994) of
 Nuveen Investments, Inc.; Managing Director
 (since 2005) of Nuveen Commodities Asset
 Management, LLC; Chartered Financial Analyst.

o WILLIAM ADAMS IV Executive Vice President of Nuveen
 6/9/55 Investments, Inc.; Executive Vice President,
 333 W. Wacker Drive Vice President 2007 125 U.S. Structured Products of Nuveen
 Chicago, IL 60606 Investments, LLC, (since 1999),; Executive
 Vice President (since 2005) of Nuveen
 Commodities Asset Management, LLC.

o CEDRIC H. ANTOSIEWICZ Managing Director, (since 2004), previously,
 1/11/62 Vice President (1993-2004) of Nuveen
 333 W. Wacker Drive Vice President 2007 125 Investments, LLC.
 Chicago, IL 60606

o NIZIDA ARRIAGA Senior Vice President of Nuveen Investments,
 6/1/68 LLC (since 2010); formerly, Vice President
 333 W. Wacker Drive Vice President 2009 199 (2007-2010); previously, Portfolio Manager,
 Chicago, IL 60606 Allstate Investments, LLC (1996-2006);
 Chartered Financial Analyst.

o MICHAEL T. ATKINSON Vice President (since 2002) of Nuveen
 2/3/66 Vice President Investments, LLC.; Vice President of Nuveen
 333 W. Wacker Drive and Assistant 2000 199 Asset Management (since 2005).
 Chicago, IL 60606 Secretary

o MARGO L. COOK Executive Vice President (since Oct 2008) of
 4/11/64 Nuveen Investments, Inc.; previously, Head of
 333 W. Wacker Drive Vice President 2009 199 Institutional Asset Management (2007-2008) of
 Chicago, IL 60606 Bear Stearns Asset Management; Head of
 Institutional Asset Mgt (1986-2007) of Bank of
 NY Mellon; Chartered Financial Analyst.

o LORNA C. FERGUSON Managing Director (since 2004) of Nuveen
 10/24/45 Investments, LLC and Managing Director (since
 333 W. Wacker Drive Vice President 1998 199 2005) of Nuveen Asset Management.
 Chicago, IL 60606

o STEPHEN D. FOY Vice President (since 1993) and Funds
 5/31/54 Vice President Controller (since 1998) of Nuveen Investments,
 333 W. Wacker Drive and Controller 1998 199 LLC; Vice President (since 2005) of Nuveen
 Chicago, IL 60606 Asset Management; Certified Public Accountant.

o SCOTT S. GRACE Managing Director, Corporate Finance &
 8/20/70 Vice President Development, Treasurer (since September 2009)
 333 W. Wacker Drive and Treasurer 2009 199 of Nuveen Investments, LLC; Managing Director
 Chicago, IL 60606 and Treasurer of Nuveen Asset Management
 (since 2009); formerly, Treasurer (2006-2009),
 Senior Vice President (2008-2009), previously,
 Vice President (2006-2008) of Janus Capital
 Group, Inc.; formerly. Senior Associate in
 Morgan Stanley's Global Financial Services
 Group (2000-2003); Chartered Accountant
 Designation.

66 Nuveen Investments 

----------------------------------------------------------------------------------------------------------------------------------
 NUMBER
 OF PORTFOLIOS
 NAME, YEAR FIRST IN FUND COMPLEX PRINCIPAL
 BIRTHDATE POSITION(S) HELD ELECTED OR OVERSEEN OCCUPATION(S)
 AND ADDRESS WITH THE FUNDS APPOINTED(3) BY OFFICER DURING PAST 5 YEARS
----------------------------------------------------------------------------------------------------------------------------------
OFFICERS OF THE FUNDS:

o WILLIAM T. HUFFMAN Chief Operating Officer, Municipal Fixed
 5/7/69 Income (since 2008) of Nuveen Asset
 333 W. Wacker Drive Vice President 2009 136 Management; previously, Chairman, President
 Chicago, IL 60606 and Chief Executive Officer (2002 - 2007) of
 Northern Trust Global Advisors, Inc. and Chief
 Executive Officer (2007) of Northern Trust
 Global Investments Limited; Certified Public
 Accountant.

o WALTER M. KELLY Senior Vice President (since 2008), Vice
 2/24/70 Chief Compliance President (2006-2008) formerly, Assistant Vice
 333 W. Wacker Drive Officer and 2003 199 President and Assistant General Counsel
 Chicago, IL 60606 Vice President (2003-2006) of Nuveen Investments, LLC; Senior
 Vice President (since 2008), formerly, Vice
 President (2006-2008) and Assistant Secretary
 (since 2008) of Nuveen Asset Management.

o DAVID J. LAMB Senior Vice President (since 2009), formerly,
 3/22/63 Vice President (2000-2009) of Nuveen
 333 W. Wacker Drive Vice President 2000 199 Investments, LLC; Vice President (since 2005)
 Chicago, IL 60606 of Nuveen Asset Management; Certified Public
 Accountant.

o TINA M. LAZAR Senior Vice President (since 2009), formerly,
 8/27/61 Vice President of Nuveen Investments, LLC
 333 W. Wacker Drive Vice President 2002 199 (1999-2009); Vice President of Nuveen Asset
 Chicago, IL 60606 Management (since 2005).

o LARRY W. MARTIN Senior Vice President (since 2010), Assistant
 7/27/51 Vice President Secretary and Assistant General Counsel of
 333 W. Wacker Drive and Assistant 1988 199 Nuveen Investments, LLC; Vice President (since
 Chicago, IL 60606 Secretary 2005) and Assistant Secretary of Nuveen
 Investments, Inc.; Vice President (since 2005)
 and Assistant Secretary (since 1997) of Nuveen
 Asset Management; Vice President and Assistant
 Secretary of Nuveen Investments Advisers Inc.
 (since 2002); NWQ Investment Management Company,
 LLC (since 2002), Symphony Asset Management LLC
 (since 2003), Tradewinds Global Investors, LLC,
 Santa Barbara Asset Management LLC (since 2006)
 and of Nuveen HydePark Group, LLC and Nuveen
 Investment Solutions, Inc. (since 2007).

o KEVIN J. MCCARTHY Managing Director (since 2008), formerly, Vice
 3/26/66 Vice President President (2007-2008), Nuveen Investments, LLC;
 333 W. Wacker Drive and Secretary 2007 199 Managing Director (since 2008), formerly, Vice
 Chicago, IL 60606 President, and Assistant Secretary, Nuveen Asset
 Management, and Nuveen Investments Holdings,
 Inc.; Vice President (since 2007) and Assistant
 Secretary, Nuveen Investment Advisers Inc., NWQ
 Investment Management Company, LLC, Tradewinds
 Global Investors LLC, NWQ Holdings, LLC,
 Symphony Asset Management LLC, Santa Barbara
 Asset Management LLC, Nuveen HydePark Group, LLC
 and Nuveen Investment Solutions, Inc. (since
 2007); prior thereto, Partner, Bell, Boyd &
 Lloyd LLP (1997-2007).

o JOHN V. MILLER Chief Investment Officer and Managing Director
 4/10/67 (since 2007), formerly, Vice President
 333 W. Wacker Drive Vice President 2007 136 (2002-2007) of Nuveen Asset Management and
 Chicago, IL 60606 Managing Director (since 2007), formerly Vice
 President (2002-2007) Nuveen Investments, LLC;
 Chartered Financial Analyst.

Nuveen Investments 67

Board Members & Officers (continued) 

----------------------------------------------------------------------------------------------------------------------------------
 NUMBER
 OF PORTFOLIOS
 NAME, YEAR FIRST IN FUND COMPLEX PRINCIPAL
 BIRTHDATE POSITION(S) HELD ELECTED OR OVERSEEN OCCUPATION(S)
 AND ADDRESS WITH THE FUNDS APPOINTED(3) BY OFFICER DURING PAST 5 YEARS
----------------------------------------------------------------------------------------------------------------------------------
OFFICERS OF THE FUNDS:

o GREGORY MINO Senior Vice President (since 2010) of Nuveen
 1/4/71 Investments, LLC, formerly Vice President
 333 W. Wacker Drive Vice President 2009 199 (2008-2010); previously, Director (2004- 2007)
 Chicago, IL 60606 and Executive Director (2007-2008) of UBS
 Global Asset Management; previously, Vice
 President (2000-2003) and Director (2003-2004)
 of Merrill Lynch Investment Managers;
 Chartered Financial Analyst.

o CHRISTOPHER M. ROHRBACHER Vice President, Nuveen Investments, LLC (since
 8/1/71 Vice President 2008); Vice President and Assistant Secretary,
 333 W. Wacker Drive and Assistant 2008 199 Nuveen Asset Management (since 2008); prior
 Chicago, IL 60606 Secretary thereto, Associate, Skadden, Arps, Slate
 Meagher & Flom LLP (2002-2008).

o JAMES F. RUANE Vice President, Nuveen Investments, LLC (since
 7/3/62 Vice President 2007); prior thereto, Partner, Deloitte &
 333 W. Wacker Drive and Assistant 2007 199 Touche USA LLP (2005-2007), formerly, senior
 Chicago, IL 60606 Secretary tax manager (2002-2005); Certified Public
 Accountant.

o MARK L. WINGET Vice President, Nuveen Investments, LLC (since
 12/21/68 Vice President 2008); Vice President and Assistant Secretary,
 333 W. Wacker Drive and Assistant 2008 199 Nuveen Asset Management (since 2008); prior
 Chicago, IL 60606 Secretary thereto, Counsel, Vedder Price P.C.
 (1997-2007).

(1) Board Members serve three year terms. The Board of Trustees is divided into three classes, Class I, Class II, and Class III, with each being elected to serve until the third succeeding annual shareholders' meeting subsequent to its election or thereafter in each case when its respective successors are duly elected or appointed. The first year elected or appointed represents the year in which the board member was first elected or appointed to any fund in the Nuveen Complex.

(2) Mr. Amboian is an interested trustee because of his position with Nuveen Investments, Inc. and certain of its subsidiaries, which are affiliates of the Nuveen Funds.

(3) Officers serve one year terms through July of each year. The year first elected or appointed represents the year in which the Officer was first elected or appointed to any fund in the Nuveen Complex.

68 Nuveen Investments

Annual Investment Management Agreement Approval Process

The Investment Company Act of 1940, as amended (the "1940 ACT"), provides, in substance, that each investment advisory agreement between a fund and its investment adviser will continue in effect from year to year only if its continuance is approved at least annually by the fund's board members, including by a vote of a majority of the board members who are not parties to the advisory agreement or "interested persons" of any parties (the "INDEPENDENT BOARD MEMBERS"), cast in person at a meeting called for the purpose of considering such approval. In connection with such approvals, the fund's board members must request and evaluate, and the investment adviser is required to furnish, such information as may be reasonably necessary to evaluate the terms of the advisory agreement. Accordingly, at a meeting held on May 27-29, 2009 (the "MAY MEETING"), the Boards of Trustees or Directors (as the case may be)( each a "BOARD," and each Trustee or Director, a "BOARD MEMBER") of the Funds, including a majority of the Independent Board Members, considered and approved the continuation of the advisory agreements (each an "ADVISORY AGREEMENT") between the Fund and Nuveen Asset Management ("NAM") for an additional one-year period. In preparation for their considerations at the May Meeting, the Board also held a separate meeting on April 21-22, 2009 (the "APRIL MEETING"). Accordingly, the factors considered and determinations made regarding the renewals by the Independent Board Members include those made at the April Meeting.

In addition, in evaluating the Advisory Agreements, the Independent Board Members reviewed a broad range of information relating to the Funds and NAM, including absolute performance, fee and expense information for the Funds as well as comparative performance, fee and expense information for a comparable peer group of funds, the performance information of recognized and/or customized benchmarks (as applicable) of the Funds, the profitability of Nuveen for its advisory activities (which includes its wholly owned subsidiaries other than Winslow Capital Management, Inc. ("WINSLOW CAPITAL"), which was recently acquired in December 2008), and other information regarding the organization, personnel, and services provided by NAM. The Independent Board Members also met quarterly as well as at other times as the need arose during the year and took into account the information provided at such meetings and the knowledge gained therefrom. Prior to approving the renewal of the Advisory Agreements, the Independent Board Members reviewed the foregoing information with their independent legal counsel and with management, reviewed materials from independent legal counsel describing applicable law and their duties in reviewing advisory contracts, and met with independent legal counsel in private sessions without management present. The Independent Board Members considered the legal advice provided by independent legal counsel and relied upon their knowledge of NAM, its services and the Funds resulting from their meetings and other interactions throughout the year and their own business judgment in determining the factors to be considered in evaluating

Nuveen Investments 69

Annual Investment Management Agreement Approval Process (continued)

the Advisory Agreements. Each Board Member may have accorded different weight to the various factors in reaching his or her conclusions with respect to the Fund's Advisory Agreement. The Independent Board Members did not identify any single factor as all-important or controlling. The Independent Board Members' considerations were instead based on a comprehensive consideration of all the information presented. The principal factors considered by the Board and its conclusions are described below.

A. NATURE, EXTENT AND QUALITY OF SERVICES

In considering renewal of the Advisory Agreements, the Independent Board Members considered the nature, extent and quality of NAM's services, including advisory services and administrative services. The Independent Board Members reviewed materials outlining, among other things, NAM's organization and business; the types of services that NAM or its affiliates provide and are expected to provide to the Funds; the performance record of the applicable Fund (as described in further detail below); and any initiatives Nuveen had taken for the applicable fund product line.

In reviewing the services provided and the initiatives undertaken during the past year, the Independent Board Members recognized the severe market turmoil experienced in the capital markets during recent periods, including sustained periods of high volatility, credit disruption and government intervention. The Independent Board Members considered NAM's efforts, expertise and other actions taken to address matters as they arose that impacted the Funds. The Independent Board Members recognized the role of the Investment Services group which, among other things, monitors the various positions throughout the Nuveen fund complex to identify and address any systematic risks. In addition, the Capital Markets Committee of NAM provides a multi-departmental venue for developing new policies to mitigate any risks. The Independent Board Members further recognized NAM's continuous review of the Nuveen funds' investment strategies and mandates in seeking to continue to refine and improve the investment process for the funds, particularly in light of market conditions. With respect to closed-end funds that issued auction rate preferred shares ("ARPS") or that otherwise utilize leverage, the Independent Board Members noted, in particular, NAM's efforts in refinancing the preferred shares of such funds frozen by the collapse of the auction rate market and managing leverage during a period of rapid market declines, particularly for the non-equity funds. Such efforts included negotiating and maintaining the availability of bank loan facilities and other sources of credit used for investment purposes or to satisfy liquidity needs, liquidating portfolio securities during difficult times to meet leverage ratios, and seeking alternative forms of debt and other leverage that may over time reduce financing costs associated with ARPs and enable the funds that have issued ARPs to restore liquidity to ARPs holders. The Independent Board Members also noted Nuveen's continued commitment and efforts to keep investors and financial advisers informed as to its progress with the ARPs through, among other things, conference calls, emails, press releases, information posted on its website, and telephone calls and in-person meetings with financial advisers. In addition to the foregoing, the Independent Board Members also noted the additional services that NAM or its affiliates provide to closed-end funds, including, in particular, Nuveen's continued commitment to supporting the secondary market for the common shares of its closed-end funds

70 Nuveen Investments

through a variety of programs designed to raise investor and analyst awareness and understanding of closed-end funds. These efforts include maintaining an investor relations program to provide timely information and education to financial advisers and investors; providing advertising and marketing for the closed-end funds; maintaining websites; and providing educational seminars.

As part of their review, the Independent Board Members also evaluated the background, experience and track record of NAM's investment personnel. In this regard, the Independent Board Members considered any changes in the personnel, and the impact on the level of services provided to the Funds, if any. The Independent Board Members also reviewed information regarding portfolio manager compensation arrangements to evaluate NAM's ability to attract and retain high quality investment personnel, preserve stability, and reward performance but not provide an incentive for taking undue risks.

In addition to advisory services, the Independent Board Members considered the quality of administrative services provided by NAM and its affiliates including product management, fund administration, oversight of service providers, shareholder services, administration of Board relations, regulatory and portfolio compliance and legal support. Given the importance of compliance, the Independent Board Members considered NAM's compliance program, including the report of the chief compliance officer regarding the Funds' compliance policies and procedures.

Based on their review, the Independent Board Members found that, overall, the nature, extent and quality of services provided (and expected to be provided) to the respective Funds under the Advisory Agreements were satisfactory.

B. THE INVESTMENT PERFORMANCE OF THE FUNDs AND NAM

The Board considered the investment performance of each Fund, including the Fund's historic performance as well as its performance compared to funds with similar investment objectives (the "PERFORMANCE PEER GROUP") based on data provided by an independent provider of mutual fund data as well as recognized and/or customized benchmarks (as applicable). The Independent Board Members reviewed performance information including, among other things, total return information compared with the Fund's Performance Peer Group and recognized and/or customized benchmarks (as applicable) for the quarter-, one-, three- and five-year periods (as applicable) ending December 31, 2008 and for the same periods (as applicable) ending March 31, 2009. The Independent Board Members also reviewed performance information of the Nuveen municipal funds managed by NAM in the aggregate ranked by peer group and the performance of such funds, in the aggregate, relative to their benchmark. This information supplemented the Fund performance information provided to the Board at each of its quarterly meetings.

In comparing a fund's performance with that of its Performance Peer Group, the Independent Board Members took into account that the closest Performance Peer Group in certain instances may not adequately reflect the respective fund's investment objectives and strategies thereby hindering a meaningful comparison of the fund's performance with that of the Performance Peer Group. The Independent Board Members further considered the performance of the Funds in the context of the volatile

Nuveen Investments 71

Annual Investment Management Agreement Approval Process (continued)

market conditions during the past year, and their impact on various asset classes and the portfolio management of the Funds.

Based on their review and factoring in the severity of market turmoil in 2008, the Independent Board Members determined that each Fund's investment performance over time had been satisfactory.

C. FEES, EXPENSES AND PROFITABILITY

1. FEES AND EXPENSES

The Board evaluated the management fees and expenses of each Fund reviewing, among other things, such Fund's gross management fees, net management fees and total expense ratios (before and after expense reimbursements and/or waivers) in absolute terms as well as compared to the fee and expenses of a comparable universe of unaffiliated funds based on data provided by an independent fund data provider (the "PEER UNIVERSE") and in certain cases, to a more focused subset of funds in the Peer Universe (the "PEER GROUP").

The Independent Board Members further reviewed data regarding the construction of the applicable Peer Universe and Peer Group. In reviewing the comparisons of fee and expense information, the Independent Board Members took into account that in certain instances various factors such as the asset level of a fund relative to peers, the size and particular composition of the Peer Universe or Peer Group, the investment objectives of the peers, expense anomalies, changes in the funds comprising the Peer Universe or Peer Group from year to year, levels of reimbursement and the timing of information used may impact the comparative data, thereby limiting the ability to make a meaningful comparison. In addition, the Independent Board Members considered, among other things, the differences in the use and type of leverage compared to the peers. The Independent Board Members also considered the differences in the states reflected in the respective Peer Group. In reviewing the fee schedule for a Fund, the Independent Board Members also considered the fundlevel and complex-wide breakpoint schedules (described in further detail below) and any fee waivers and reimbursements provided by Nuveen (applicable, in particular, for certain closed-end funds launched since 1999).

Based on their review of the fee and expense information provided, the Independent Board Members determined that the Fund's management fees and net total expense ratio were reasonable in light of the nature, extent and quality of services provided to the Fund.

2. COMPARISONS WITH THE FEES OF OTHER CLIENTS

The Independent Board Members further reviewed information regarding the nature of services and fee rates offered by NAM to other clients. Such other clients include NAM's municipal separately managed accounts. In evaluating the comparisons of fees, the Independent Board Members noted that the fee rates charged to the Funds and other clients vary, among other things, because of the different services involved and the additional regulatory and compliance requirements associated with registered investment companies, such as the Funds. Accordingly, the Independent Board Members considered the differences in the product types, including, but not limited

72 Nuveen Investments

to, the services provided, the structure and operations, product distribution and costs thereof, portfolio investment policies, investor profiles, account sizes and regulatory requirements. The Independent Board Members noted, in particular, that the range of services provided to the Funds (as discussed above) is much more extensive than that provided to separately managed accounts. Given the inherent differences in the products, particularly the extensive services provided to the Funds, the Independent Board Members believe such facts justify the different levels of fees.

3. PROFITABILITY OF NUVEEN

In conjunction with its review of fees, the Independent Board Members also considered the profitability of Nuveen for its advisory activities (which incorporated Nuveen's wholly-owned affiliated sub-advisers other than Winslow Capital) and its financial condition. The Independent Board Members reviewed the revenues and expenses of Nuveen's advisory activities for the last two years, the allocation methodology used in preparing the profitability data and an analysis of the key drivers behind the changes in revenues and expenses that impacted profitability in 2008. In addition, the Independent Board Members reviewed information regarding the financial results of Nuveen for 2008 based on its Form 8-K filed on March 31, 2009. The Independent Board Members noted this information supplemented the profitability information requested and received during the year to help keep them apprised of developments affecting profitability (such as changes in fee waivers and expense reimbursement commitments). In this regard, the Independent Board Members noted that they had also appointed an Independent Board Member as a point person to review and keep them apprised of changes to the profitability analysis and/or methodologies during the year. The Independent Board Members also considered Nuveen's revenues for advisory activities, expenses, and profit margin compared to that of various unaffiliated management firms with similar amounts of assets under management and relatively comparable asset composition prepared by Nuveen.

In reviewing profitability, the Independent Board Members recognized the subjective nature of determining profitability which may be affected by numerous factors including the allocation of expenses. Further, the Independent Board Members recognized the difficulties in making comparisons as the profitability of other advisers generally is not publicly available and the profitability information that is available for certain advisers or management firms may not be representative of the industry and may be affected by, among other things, the adviser's particular business mix, capital costs, types of funds managed and expense allocations. Notwithstanding the foregoing, the Independent Board Members reviewed Nuveen's methodology and assumptions for allocating expenses across product lines to determine profitability. In reviewing profitability, the Independent Board Members recognized Nuveen's investment in its fund business.

Based on their review, the Independent Board Members concluded that Nuveens level of profitability for its advisory activities was reasonable in light of the services provided.

Nuveen Investments 73

Annual Investment Management Agreement Approval Process (continued)

In evaluating the reasonableness of the compensation, the Independent Board Members also considered other amounts paid to NAM by the Funds as well as any indirect benefits (such as soft dollar arrangements, if any) NAM and its affiliates receive, or are expected to receive, that are directly attributable to the management of the Funds, if any. See Section E below for additional information on indirect benefits NAM may receive as a result of its relationship with the Funds. Based on their review of the overall fee arrangements of each Fund, the Independent Board Members determined that the advisory fees and expenses of the respective Fund were reasonable.

D. ECONOMIES OF SCALE AND WHETHER FEE LEVELS REFLECT THESE ECONOMIES OF SCALE

With respect to economies of scale, the Independent Board Members have recognized the potential benefits resulting from the costs of a fund being spread over a larger asset base, although economies of scale are difficult to measure and predict with precision, particularly on a fund-by-fund basis. One method to help ensure the shareholders share in these benefits is to include breakpoints in the advisory fee schedule. Generally, management fees for funds in the Nuveen complex are comprised of a fund-level component and a complex-level component, subject to certain exceptions. Accordingly, the Independent Board Members reviewed and considered the applicable fund-level breakpoints in the advisory fee schedules that reduce advisory fees as asset levels increase. In this regard, the Independent Board Members noted that although closed-end funds may from time-to-time make additional share offerings, the growth of their assets will occur primarily through the appreciation of such funds' investment portfolio. While economies of scale result when costs can be spread over a larger asset base, the Independent Board Members also recognized that the asset levels generally declined in 2008 due to, among other things, the market downturn. Accordingly, for funds with a reduction in assets under management, advisory fee levels may have increased as breakpoints in the fee schedule were no longer surpassed.

In addition to fund-level advisory fee breakpoints, the Board also considered the Funds' complex-wide fee arrangement. Pursuant to the complex-wide fee arrangement, the fees of the funds in the Nuveen complex generally are reduced as the assets in the fund complex reach certain levels. The complex-wide fee arrangement seeks to provide the benefits of economies of scale to fund shareholders when total fund complex assets increase, even if assets of a particular fund are unchanged or have decreased. The approach reflects the notion that some of Nuveen's costs are attributable to services provided to all its funds in the complex and therefore all funds benefit if these costs are spread over a larger asset base. Generally, the complex-wide pricing reduces Nuveen's revenue because total complex fund assets have consistently grown in prior years. As noted, however, total fund assets declined in 2008 resulting in a smaller downward adjustment of revenues due to complex-wide pricing compared to the prior year.

Based on their review, the Independent Board Members concluded that the breakpoint schedules and complex-wide fee arrangement were acceptable and reflect economies of scale to be shared with shareholders when assets under management increase.

74 Nuveen Investments

E. INDIRECT BENEFITS

In evaluating fees, the Independent Board Members received and considered information regarding potential "fall out" or ancillary benefits NAM or its affiliates may receive as a result of its relationship with each Fund. In this regard, the Independent Board Members considered revenues received by affiliates of NAM for serving as agent at Nuveen's trading desk.

In addition to the above, the Independent Board Members considered whether NAM received any benefits from soft dollar arrangements whereby a portion of the commissions paid by the Fund for brokerage may be used to acquire research that may be useful to NAM in managing the assets of the Funds and other clients. The Independent Board Members noted that NAM does not currently have any soft dollar arrangements; however, to the extent certain bona fide agency transactions that occur on markets that traditionally trade on a principal basis and riskless principal transactions are considered as generating "commissions," NAM intends to comply with the applicable safe harbor provisions.

Based on their review, the Independent Board Members concluded that any indirect benefits received by NAM as a result of its relationship with the Funds were reasonable and within acceptable parameters.

F. OTHER CONSIDERATIONS

The Independent Board Members did not identify any single factor discussed previously as all-important or controlling. The Board Members, including the Independent Board Members, unanimously concluded that the terms of the Advisory Agreements are fair and reasonable, that NAM's fees are reasonable in light of the services provided to each Fund and that the Advisory Agreements be renewed.

Nuveen Investments 75

Reinvest Automatically Easily and Conveniently

NUVEEN MAKES REINVESTING EASY. A PHONE CALL IS ALL IT TAKES TO SET UP YOUR REINVESTMENT ACCOUNT.

NUVEEN CLOSED-END FUNDS DIVIDEND REINVESTMENT PLAN

Your Nuveen Closed-End Fund allows you to conveniently reinvest dividends and/or capital gains distributions in additional Fund shares.

By choosing to reinvest, you'll be able to invest money regularly and automatically, and watch your investment grow through the power of tax-free compounding. Just like dividends or distributions in cash, there may be times when income or capital gains taxes may be payable on dividends or distributions that are reinvested.

It is important to note that an automatic reinvestment plan does not ensure a profit, nor does it protect you against loss in a declining market.

EASY AND CONVENIENT

To make recordkeeping easy and convenient, each month you'll receive a statement showing your total dividends and distributions, the date of investment, the shares acquired and the price per share, and the total number of shares you own.

HOW SHARES ARE PURCHASED

The shares you acquire by reinvesting will either be purchased on the open market or newly issued by the Fund. If the shares are trading at or above net asset value at the time of valuation, the Fund will issue new shares at the greater of the net asset value or 95% of the then-current market price. If the shares are trading at less than net asset value, shares for your account will be purchased on the open market. If the Plan Agent begins purchasing Fund shares on the open market while shares are trading below net asset value, but the Fund's shares subsequently trade at or above their net asset value before the Plan Agent is able to complete its purchases, the Plan Agent may cease open-market purchases and may invest the uninvested portion of the distribution in newly-issued Fund shares at a price equal to the greater of the shares' net asset value or 95% of the shares' market value on the last business day immediately prior to the purchase date. Dividends and distributions received to purchase shares in the open market will normally be invested shortly after the dividend payment date. No interest will be paid on dividends and distributions awaiting reinvestment. Because the market price of the shares may increase before purchases are completed, the average purchase price

76 Nuveen Investments

per share may exceed the market price at the time of valuation, resulting in the acquisition of fewer shares than if the dividend or distribution had been paid in shares issued by the Fund. A pro rata portion of any applicable brokerage commissions on open market purchases will be paid by Plan participants. These commissions usually will be lower than those charged on individual transactions.

FLEXIBLE

You may change your distribution option or withdraw from the Plan at any time, should your needs or situation change. Should you withdraw, you can receive a certificate for all whole shares credited to your reinvestment account and cash payment for fractional shares, or cash payment for all reinvestment account shares, less brokerage commissions and a $2.50 service fee.

You can reinvest whether your shares are registered in your name, or in the name of a brokerage firm, bank, or other nominee. Ask your investment advisor if his or her firm will participate on your behalf. Participants whose shares are registered in the name of one firm may not be able to transfer the shares to another firm and continue to participate in the Plan.

The Fund reserves the right to amend or terminate the Plan at any time. Although the Fund reserves the right to amend the Plan to include a service charge payable by the participants, there is no direct service charge to participants in the Plan at this time.

CALL TODAY TO START REINVESTING DIVIDENDS AND/OR DISTRIBUTIONS

For more information on the Nuveen Automatic Reinvestment Plan or to enroll in or withdraw from the Plan, speak with your financial advisor or call us at (800) 257-8787.

Nuveen Investments 77

Glossary of Terms Used in this Report

o AUCTION RATE BOND: An auction rate bond is a security whose interest payments are adjusted periodically through an auction process, which process typically also serves as a means for buying and selling the bond. Auctions that fail to attract enough buyers for all the shares offered for sale are deemed to have "failed", with current holders receiving a formula-based interest rate until the next scheduled auction.

o AVERAGE ANNUAL TOTAL RETURN: This is a commonly used method to express an investment's performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment's actual cumulative performance (including change in NAV or market price and reinvested dividends and capital gains distributions, if any) over the time period being considered.

o AVERAGE EFFECTIVE MATURITY: The average of the number of years to maturity of the bonds in a Fundfs portfolio, computed by weighting each bondfs time to maturity (the date the security comes due) by the market value of the security. This figure does not account for the likelihood of prepayments or the exercise of call provisions unless an escrow account has been established to redeem the bond before maturity. The market value weighting for an investment in an inverse floating rate security is the value of the portfoliofs residual interest in the inverse floating rate trust, and does not include the value of the floating rate securities issued by the trust.

o DURATION: Duration is a measure of the expected period over which a bond's principal and interest will be paid, and consequently is a measure of the sensitivity of a bond's or bond Fund's value to changes when market interest rates change. Generally, the longer a bond's or Fund's duration, the more the price of the bond or Fund will change as interest rates change.

o Inverse Floaters: Inverse floating rate securities, 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 bonds 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 bonds downside investment risk. The holder of the inverse floater typically also benefits disproportionately from any potential appreciation of the underlying bonds value. Hence, an inverse floater essentially represents an investment in the underlying bond on a leveraged basis.

o MARKET YIELD (ALSO KNOWN AS DIVIDEND YIELD OR CURRENT YIELD): An investment's current annualized dividend divided by its current market price.

78 Nuveen Investments

o NET ASSET VALUE (NAV): A Fund's NAV per share is calculated by subtracting the liabilities of the Fund from its total assets and then dividing the remainder by the number of shares outstanding. Fund NAVs are calculated at the end of each business day.

o PRE-REFUNDING: Pre-refunding, also known as advanced refundings or refinancings, is a procedure used by state and local governments to refinance municipal bonds to lower interest expenses. The issuer sells new bonds with a lower yield and uses the proceeds to buy U.S. Treasury securities, the interest from which is used to make payments on the higher-yielding bonds. Because of this collateral, pre-refunding generally raises a bond's credit rating and thus its value.

o TAXABLE-EQUIVALENT YIELD: The yield necessary from a fully taxable investment to equal, on an after-tax basis, the yield of a municipal bond investment.

o ZERO COUPON BOND: A zero coupon bond does not pay a regular interest coupon to its holders during the life of the bond. Tax-exempt income to the holder of the bond comes from accretion of the difference between the original purchase price of the bond at issuance and the par value of the bond at maturity and is effectively paid at maturity. The market prices of zero coupon bonds generally are more volatile than the market prices of bonds that pay interest periodically.

Nuveen Investments 79

Notes

80 Nuveen Investments

Other Useful Information

QUARTERLY PORTFOLIO OF INVESTMENTS AND PROXY VOTING INFORMATION

You may obtain (i) each Fund's quarterly portfolio of investments, (ii) information regarding how the Funds voted proxies relating to portfolio securities held during the twelve-month period ended June 30, 2009, and (iii) a description of the policies and procedures that the Funds used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen Investments toll-free at (800) 257-8787 or on Nuveen's website at www.nuveen.com.

You may also obtain this and other Fund information directly from the Securities and Exchange Commission ("SEC"). The SEC may charge a copying fee for this information. Visit the SEC on-line at http://www.sec.gov or in person at the SEC's Public Reference Room in Washington, D.C. Call the SEC at (202) 942-8090 for room hours and operation. You may also request Fund information by sending an e-mail request to publicinfo@sec.gov or by writing to the SEC's Public References Section at 100 F Street NE, Washington, D.C. 20549.

CEO CERTIFICATION DISCLOSURE

Each Fund's Chief Executive Officer has submitted to the New York Stock Exchange ("NYSE") the annual CEO certification as required by Section 303A.12(a) of the NYSE Listed Company Manual.

Each Fund has filed with the SEC the certification of its Chief Executive Officer and Chief Financial Officer required by Section 302 of the Sarbanes-Oxley Act.

SHARE INFORMATION

Each Fund intends to repurchase shares of its own common stock in the future at such times and in such amounts as is deemed advisable. During the period covered by this report, the Funds did not repurchase any of their common shares.

Any future repurchases will be reported to shareholders in the next annual or semi-annual report.

BOARD OF TRUSTEES

John P. Amboian
Robert P. Bremner
Jack B. Evans
William C. Hunter
David J. Kundert
William J. Schneider
Judith M. Stockdale
Carole E. Stone
Terence J. Toth

FUND MANAGER

Nuveen Asset Management
333 West Wacker Drive
Chicago, IL 60606

CUSTODIAN

State Street Bank & Trust Company
Boston, MA

TRANSFER AGENT AND SHAREHOLDER SERVICES

State Street Bank & Trust Company
Nuveen Funds
P.O. Box 43071
Providence, RI 02940-3071
(800) 257-8787

LEGAL COUNSEL

Chapman and Cutler LLP
Chicago, IL

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Ernst & Young LLP
Chicago, IL

Nuveen Investments 81

Nuveen Investments:
Serving Investors for Generations

Since 1898, financial advisors and their clients have relied on Nuveen Investments to provide dependable investment solutions through continued adherence to proven, longterm investing principles. Today, we offer a range of high quality equity and fixed-income solutions designed to be integral components of a well-diversified core portfolio.

FOCUSED ON MEETING INVESTOR NEEDS.

Nuveen Investments is a global investment management firm that seeks to help secure the long-term goals of institutions and high net worth investors as well as the consultants and financial advisors who serve them. We market our growing range of specialized investment solutions under the high-quality brands of HydePark, NWQ, Nuveen, Santa Barbara, Symphony, Tradewinds and Winslow Capital. In total, Nuveen Investments managed approximately $150 billion of assets on March 31, 2010.

FIND OUT HOW WE CAN HELP YOU.

To learn more about how the products and services of Nuveen Investments may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest.

Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or NUVEEN INVESTMENTS, 333 W. WACKER DR., CHICAGO, IL 60606. Please read the prospectus carefully before you invest or send money.

Learn more about Nuveen Funds at: WWW.NUVEEN.COM/CEF

o Share prices

o Fund details

o Daily financial news

o Investor education

o Interactive planning tools

Distributed by
Nuveen Investments, LLC
333 West Wacker Drive
Chicago, IL 60606
www.nuveen.com

EAN-B-0310D

ITEM 2. CODE OF ETHICS.

As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no amendments to or waivers from the Code during the period covered by this report. The registrant has posted the code of ethics on its website at www.nuveen.com/CEF/Info/Shareholder.
(To view the code, click on Fund Governance and then click on Code of Conduct.)

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The registrant's Board of Directors or Trustees ("Board") determined that the registrant has at least one "audit committee financial expert" (as defined in Item 3 of Form N-CSR) serving on its Audit Committee. The registrant's audit committee financial expert is Jack B. Evans, who is "independent" for purposes of Item 3 of Form N-CSR.

Mr. Evans was formerly President and Chief Operating Officer of SCI Financial Group, Inc., a full service registered broker-dealer and registered investment adviser ("SCI"). As part of his role as President and Chief Operating Officer, Mr. Evans actively supervised the Chief Financial Officer (the "CFO") and actively supervised the CFO's preparation of financial statements and other filings with various regulatory authorities. In such capacity, Mr. Evans was actively involved in the preparation of SCI's financial statements and the resolution of issues raised in connection therewith. Mr. Evans has also served on the audit committee of various reporting companies. At such companies, Mr. Evans was involved in the oversight of audits, audit plans, and the preparation of financial statements. Mr. Evans also formerly chaired the audit committee of the Federal Reserve Bank of Chicago.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Nuveen California Select Tax-Free Income Portfolio

The following tables show the amount of fees that Ernst & Young LLP, the Fund's auditor, billed to the Fund during the Fund's last two full fiscal years. For engagements with Ernst & Young LLP the Audit Committee approved in advance all audit services and non-audit services that Ernst & Young LLP provided to the Fund, except for those non-audit services that were subject to the pre-approval exception under Rule 2-01 of Regulation S-X (the "pre-approval exception"). The pre-approval exception for services provided directly to the Fund waives the pre-approval requirement for services other than audit, review or attest services if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid by the Fund to its accountant during the fiscal year in which the services are provided; (B) the Fund did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee's attention, and the Committee (or its delegate) approves the services before the audit is completed.

The Audit Committee has delegated certain pre-approval responsibilities to its Chairman (or, in his absence, any other member of the Audit Committee).

SERVICES THAT THE FUND'S AUDITOR BILLED TO THE FUND 

 AUDIT FEES BILLED AUDIT-RELATED FEES TAX FEES ALL OTHER FEES
FISCAL YEAR ENDED TO FUND (1) BILLED TO FUND (2) BILLED TO FUND (3) BILLED TO FUND
--------------------------------------------------------------------------------------------------------------------------
March 31, 2010 $ 10,198 $ 0 $ 0 $ 0
--------------------------------------------------------------------------------------------------------------------------
Percentage approved 0% 0% 0% 0%
pursuant to
pre-approval
exception
--------------------------------------------------------------------------------------------------------------------------
March 31, 2009 $ 10,127 $ 0 $ 0 $ 0
--------------------------------------------------------------------------------------------------------------------------
Percentage approved 0% 0% 0% 0%
pursuant to
pre-approval
exception
--------------------------------------------------------------------------------------------------------------------------

(1) "Audit Fees" are the aggregate fees billed for professional services for the audit of the Fund's annual financial statements and services provided in connection with statutory and regulatory filings or engagements.

(2) "Audit Related Fees" are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements and are not reported under "Audit Fees".

(3) "Tax Fees" are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning.

SERVICES THAT THE FUND'S AUDITOR BILLED TO THE
ADVISER AND AFFILIATED FUND SERVICE PROVIDERS

The following tables show the amount of fees billed by Ernst & Young LLP to Nuveen Asset Management ("NAM" or the "Adviser"), and any entity controlling, controlled by or under common control with NAM that provides ongoing services to the Fund ("Affiliated Fund Service Provider"), for engagements directly related to the Fund's operations and financial reporting, during the Fund's last two full fiscal years.

The tables also show the percentage of fees subject to the pre-approval exception. The pre-approval exception for services provided to the Adviser and any Affiliated Fund Service Provider (other than audit, review or attest services) waives the pre-approval requirement if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid to Ernst & Young LLP by the Fund, the Adviser and Affiliated Fund Service Providers during the fiscal year in which the services are provided that would have to be pre-approved by the Audit Committee; (B) the Fund did not recognize the services as non-audit services at the time of the engagement; and
(C) the services are promptly brought to the Audit Committee's attention, and the Committee (or its delegate) approves the services before the Fund's audit is completed. 

FISCAL YEAR ENDED AUDIT-RELATED FEES TAX FEES BILLED TO ALL OTHER FEES
 BILLED TO ADVISER AND ADVISER AND BILLED TO ADVISER
 AFFILIATED FUND AFFILIATED FUND AND AFFILIATED FUND
 SERVICE PROVIDERS SERVICE PROVIDERS SERVICE PROVIDERS
-----------------------------------------------------------------------------------------------------------
March 31, 2010 $ 0 $ 0 $ 0
-----------------------------------------------------------------------------------------------------------
Percentage approved 0% 0% 0%
pursuant to
pre-approval
exception
-----------------------------------------------------------------------------------------------------------
March 31, 2009 $ 0 $ 0 $ 0
-----------------------------------------------------------------------------------------------------------
Percentage approved 0% 0% 0%
pursuant to
pre-approval
exception
-----------------------------------------------------------------------------------------------------------

NON-AUDIT SERVICES

The following table shows the amount of fees that Ernst & Young LLP billed during the Fund's last two full fiscal years for non-audit services. The Audit Committee is required to pre-approve non-audit services that Ernst & Young LLP provides to the Adviser and any Affiliated Fund Services Provider, if the engagement related directly to the Fund's operations and financial reporting (except for those subject to the pre-approval exception described above). The Audit Committee requested and received information from Ernst & Young LLP about any non-audit services that Ernst & Young LLP rendered during the Fund's last fiscal year to the Adviser and any Affiliated Fund Service Provider. The Committee considered this information in evaluating Ernst & Young LLP's independence. 

FISCAL YEAR ENDED TOTAL NON-AUDIT FEES
 BILLED TO ADVISER AND
 AFFILIATED FUND SERVICE TOTAL NON-AUDIT FEES
 PROVIDERS (ENGAGEMENTS BILLED TO ADVISER AND
 RELATED DIRECTLY TO THE AFFILIATED FUND SERVICE
 TOTAL NON-AUDIT FEES OPERATIONS AND FINANCIAL PROVIDERS (ALL OTHER
 BILLED TO FUND REPORTING OF THE FUND) ENGAGEMENTS) TOTAL
--------------------------------------------------------------------------------------------------------------------------
March 31, 2010 $ 0 $ 0 $ 0 $ 0
March 31, 2009 $ 0 $ 0 $ 0 $ 0

"Non-Audit Fees billed to Fund" for both fiscal year ends represent "Tax Fees" and "All Other Fees" billed to Fund in their respective amounts from the previous table.

Audit Committee Pre-Approval Policies and Procedures. Generally, the Audit Committee must approve (i) all non-audit services to be performed for the Fund by the Fund's independent accountants and (ii) all audit and non-audit services to be performed by the Fund's independent accountants for the Affiliated Fund Service Providers with respect to operations and financial reporting of the Fund. Regarding tax and research projects conducted by the independent accountants for the Fund and Affiliated Fund Service Providers (with respect to operations and financial reports of the Fund) such engagements will be (i) pre-approved by the Audit Committee if they are expected to be for amounts greater than $10,000; (ii) reported to the Audit Committee chairman for his verbal approval prior to engagement if they are expected to be for amounts under $10,000 but greater than $5,000; and (iii) reported to the Audit Committee at the next Audit Committee meeting if they are expected to be for an amount under $5,000.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

The registrant's Board has a separately designated Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended (15 U.S.C. 78c(a)(58)(A)). The members of the audit committee are Robert P. Bremner, Jack B. Evans, Terence J. Toth, William J. Schneider and David J. Kundert.

ITEM 6. SCHEDULE OF INVESTMENTS.

a) See Portfolio of Investments in Item 1.

b) Not applicable.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

The registrant invests its assets primarily in municipal bonds and cash management securities. On rare occasions the registrant may acquire, directly or through a special purpose vehicle, equity securities of a municipal bond issuer whose bonds the registrant already owns when such bonds have deteriorated or are expected shortly to deteriorate significantly in credit quality. The purpose of acquiring equity securities generally will be to acquire control of the municipal bond issuer and to seek to prevent the credit deterioration or facilitate the liquidation or other workout of the distressed issuer's credit problem. In the course of exercising control of a distressed municipal issuer, NAM may pursue the registrant's interests in a variety of ways, which may entail negotiating and executing consents, agreements and other arrangements, and otherwise influencing the management of the issuer. NAM does not consider such activities proxy voting for purposes of Rule 206(4)-6 under the 1940 Act, but nevertheless provides reports to the registrant's Board on its control activities on a quarterly basis.

In the rare event that a municipal issuer were to issue a proxy or that the registrant were to receive a proxy issued by a cash management security, NAM would either engage an independent third party to determine how the proxy should be voted or vote the proxy with the consent, or based on the instructions, of the registrant's Board or its representative. A member of NAM's legal department would oversee the administration of the voting, and ensure that records were maintained in accordance with Rule 206(4)-6, reports were filed with the SEC on Form N-PX, and the results provided to the registrant's Board and made available to shareholders as required by applicable rules.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

THE PORTFOLIO MANAGER

The following individual has primary responsibility for the day-to-day implementation of the registrant's investment strategies:

NAME FUND
Scott R. Romans Nuveen California Select Tax-Free Income Portfolio

Other Accounts Managed. In addition to managing the registrant, the portfolio manager is also primarily responsible for the day-to-day portfolio management of the following accounts: 

 NUMBER OF
PORTFOLIO MANAGER TYPE OF ACCOUNT MANAGED ASSETS ACCOUNTS
--------------------------------------------------------------------------------
Scott R. Romans Registered Investment Company 29 $5.66 billion
 Other Pooled Investment Vehicles 0 $0
 Other Accounts 6 $1.11 million

* Assets are as of March 31, 2010. None of the assets in these accounts are subject to an advisory fee based on performance.

Compensation. Each portfolio manager's compensation consists of three basic elements--base salary, cash bonus and long-term incentive compensation. The compensation strategy is to annually compare overall compensation to the market in order to create a compensation structure that is competitive and consistent with similar financial services companies. As discussed below, several factors are considered in determining each portfolio manager's total compensation. In any year these factors may include, among others, the effectiveness of the investment strategies recommended by the portfolio manager's investment team, the investment performance of the accounts managed by the portfolio manager, and the overall performance of Nuveen Investments, Inc. (the parent company of NAM). Although investment performance is a factor in determining the portfolio manager's compensation, it is not necessarily a decisive factor. The portfolio manager's performance is evaluated in part by comparing manager's performance against a specified investment benchmark. This fund-specific benchmark is a customized subset (limited to bonds in each Fund's specific state and with certain maturity parameters) of the S&P/Investortools Municipal Bond index, an index comprised of bonds held by managed municipal bond fund customers of Standard & Poor's Securities Pricing, Inc. that are priced daily and whose fund holdings aggregate at least $2 million. As of March 31, 2010, the S&P/Investortools Municipal Bond index was comprised of 54,797 securities with an aggregate current market value of $1,187 billion.

Base salary. Each portfolio manager is paid a base salary that is set at a level determined by NAM in accordance with its overall compensation strategy discussed above. NAM is not under any current contractual obligation to increase a portfolio manager's base salary.

Cash bonus. Each portfolio manager is also eligible to receive an annual cash bonus. The level of this bonus is based upon evaluations and determinations made by each portfolio manager's supervisors, along with reviews submitted by his peers. These reviews and evaluations often take into account a number of factors, including the effectiveness of the investment strategies recommended to the NAM's investment team, the performance of the accounts for which he serves as portfolio manager relative to any benchmarks established for those accounts, his effectiveness in communicating investment performance to stockholders and their representatives, and his contribution to the NAM's investment process and to the execution of investment strategies. The cash bonus component is also impacted by the overall performance of Nuveen Investments, Inc. in achieving its business objectives.

Long-term incentive compensation. In connection with the acquisition of Nuveen Investments, Inc., by a group of investors lead by Madison Dearborn Partners in November 2007, certain employees, including portfolio managers, received profit interests in Nuveen's parent. These profit interests entitle the holders to participate in the appreciation in the value of Nuveen beyond the issue date and vest over five to seven years, or earlier in the case of a liquidity event. . In addition, in July 2009, Nuveen Investments created and funded a trust, as part of a newly-established incentive program, which purchased shares of certain Nuveen Mutual Funds and awarded such shares, subject to vesting, to certain employees, including portfolio managers.

Material Conflicts of Interest. Each portfolio manager's simultaneous management of the Registrant and the other accounts noted above may present actual or apparent conflicts of interest with respect to the allocation and aggregation of securities orders placed on behalf of the Registrant and the other account. NAM, however, believes that such potential conflicts are mitigated by the fact that NAM has adopted several policies that address potential conflicts of interest, including best execution and trade allocation policies that are designed to ensure (1) that portfolio management is seeking the best price for portfolio securities under the circumstances, (2) fair and equitable allocation of investment opportunities among accounts over time and (3) compliance with applicable regulatory requirements. All accounts are to be treated in a non-preferential manner, such that allocations are not based upon account performance, fee structure or preference of the portfolio manager. In addition, NAM has adopted a Code of Conduct that sets forth policies regarding conflicts of interest.

Beneficial Ownership of Securities. As of the March 31, 2010, the portfolio manager beneficially owned the following dollar range of equity securities issued by the Registrant and other Nuveen Funds managed by NAM's municipal investment team. 

 DOLLAR RANGE OF
 EQUITY SECURITIES
 DOLLAR RANGE OF BENEFICIALLY OWNED
 EQUITY IN THE REMAINDER OF
 SECURITIES NUVEEN FUNDS MANAGED
 BENEFICIALLY BY NAM'S MUNICIPAL
NAME OF PORTFOLIO MANAGER FUND OWNED IN FUND INVESTMENT TEAM
----------------------------------------------------------------------------------------------------------------------
Scott R. Romans Nuveen California Select Tax-Free Income Portfolio $0 $0.00

PORTFOLIO MANAGER BIO:

Scott R. Romans, PhD joined Nuveen Investments in 2000 as a senior analyst in the education sector. In 2003, he was assigned management responsibility for several closed- and open-ended municipal bond funds most of which are state funds covering California and other western states. Currently, he manages investments for 30 Nuveen-sponsored investment companies.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's Board implemented after the registrant last provided disclosure in response to this item.

ITEM 11. CONTROLS AND PROCEDURES.

(a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the "Exchange Act") (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

ITEM 12. EXHIBITS.

File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.

(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable because the code is posted on registrant's website at www.nuveen.com/CEF/Info/ Shareholder and there were no amendments during the period covered by this report. (To view the code, click on Fund Governance and then Code of Conduct.)

(a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: Ex-99.CERT Attached hereto.

(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable.

(b) If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)); Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed "filed" for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference. Ex-99.906 CERT attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Nuveen California Select Tax-Free Income Portfolio 

By (Signature and Title) /s/ Kevin J. McCarthy
 ----------------------------------------------
 Kevin J. McCarthy
 Vice President and Secretary

Date: June 7, 2010
 -------------------------------------------------------------------

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. 

By (Signature and Title) /s/ Gifford R. Zimmerman
 ----------------------------------------------
 Gifford R. Zimmerman
 Chief Administrative Officer
 (principal executive officer)

Date: June 7, 2010
 -------------------------------------------------------------------

By (Signature and Title) /s/ Stephen D. Foy
 ----------------------------------------------
 Stephen D. Foy
 Vice President and Controller
 (principal financial officer)

Date: June 7, 2010
 -------------------------------------------------------------------

Nuveen California Select... (NYSE:NXC)
Historical Stock Chart
From May 2024 to Jun 2024 Click Here for more Nuveen California Select... Charts.
Nuveen California Select... (NYSE:NXC)
Historical Stock Chart
From Jun 2023 to Jun 2024 Click Here for more Nuveen California Select... Charts.