Nuveen New York Select Tax Free Income Portfolio

11/08/2024 | Press release | Distributed by Public on 11/08/2024 09:06

Semi Annual Report by Investment Company Form N CSRS

Nuveen New York Select Tax-Free Income Portfolio

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 811-06624

Nuveen New York Select Tax-Free Income Portfolio

(Exact name of registrant as specified in charter)

Nuveen Investments

333 West Wacker Drive

Chicago, Illinois 60606

(Address of principal executive offices) (Zip code)

Mark L. Winget

Nuveen Investments

333 West Wacker Drive

Chicago, Illinois 60606

(Name and address of agent for service)

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

Date of fiscal year end: February 29

Date of reporting period: August 31, 2024

Item 1.

Reports to Stockholders.

Closed-End
Funds
Closed-End
Funds
Nuveen
Municipal
August
31,
2024
Semi-Annual
Report
This
semi-annual
report
contains
the
Funds'
unaudited
financial
statements.
Nuveen
California
Select
Tax-Free
Income
Portfolio
NXC
Nuveen
New
York
Select
Tax-Free
Income
Portfolio
NXN
2
Table
of
Contents
Important
Notices
3
Common
Share
Information
4
About
the
Funds'
Benchmarks
6
Fund
Performance
and
Holdings
Summaries
7
Portfolio
of
Investments
12
Statement
of
Assets
and
Liabilities
22
Statement
of
Operations
23
Statement
of
Changes
in
Net
Assets
24
Financial
Highlights
25
Notes
to
Financial
Statements
27
Shareholder
Meeting
Report
35
Additional
Fund
Information
36
Glossary
of
Terms
Used
in
this
Report
37
Statement
Regarding
Basis
for
Approval
of
Investment
Advisory
Contract
38
Important
Notices
3
Portfolio
manager
commentaries:
The
Funds
include
portfolio
manager
commentary
in
their
annual
shareholder
reports.
For
your
Fund's
most
recent
annual
portfolio
manager
discussion,
please
refer
to
the
Portfolio
Managers'
Comments
section
of
the
Fund's
annual
shareholder
report.
Fund
changes:
For
changes
that
occurred
to
your
Fund
both
during
and
after
this
reporting
period,
please
refer
to
the
Notes
to
Financial
Statements
section
of
this
report.
Fund
principal
investment
policies
and
principal
risks:
Refer
to
the
Shareholder
Update
section
of
your
Fund's
annual
shareholder
report
for
information
on
the
Fund's
principal
investment
policies
and
principal
risks.
Fund
performance:
For
current
information
on
your
Fund's
average
annual
total
returns
please
refer
to
the
Fund's
website
at
www.
nuveen.com
.
For
average
annual
total
returns
as
of
the
end
of
this
reporting
period,
please
refer
to
the
Performance
Overview
and
Holding
Summaries
section
within
this
report.
Management
fees:
As
of
May
1,
2024,
each
Fund's
overall
complex-level
fee
begins
at
a
maximum
rate
of
0.1600%
of
the
Fund's
average
daily
net
assets,
with
breakpoints
for
eligible
complex-level
assets
above
$124.3
billion.
Changes
in
Independent
Registered
Public
Accounting
Firm
(a)
Previous
independent
registered
public
accounting
firm:
On
October
24,
2024,
the
Funds'
Board
of
Trustees
(the
"Board"),
upon
recommendation
from
the
Audit
Committee,
dismissed
KPMG
LLP
("KPMG")
as
the
independent
registered
public
accounting
firm
for
the
Funds.
KPMG's
audit
reports
on
the
Funds'
financial
statements
as
of
and
for
the
fiscal
years
ended
February
29,
2024
and
February
28,
2023
contained
no
adverse
opinion
or
disclaimer
of
opinion
nor
were
they
qualified
or
modified
as
to
uncertainty,
audit
scope
or
accounting
principles.
During
the
Funds'
fiscal
years
ended
February
29,
2024
and
February
28,
2023,
and
for
the
period
March
1,
2024
through
October
24,
2024,
there
were
no
disagreements
with
KPMG
on
any
matter
of
accounting
principles
or
practices,
financial
statement
disclosure
or
auditing
scope
or
procedures,
which
disagreements
if
not
resolved
to
the
satisfaction
of
KPMG
would
have
caused
them
to
make
reference
in
connection
with
their
reports
opinion
to
the
subject
matter
of
the
disagreement.
During
the
Funds'
fiscal
years
ended
February
29,
2024
and
February
28,
2023
and
for
the
period
March
1,
2024
through
October
24,
2024,
there
were
no
reportable
events
(as
defined
in
Regulation
S-K
Item
304(a)(1)(v)).
The
Funds
provided
KPMG
with
a
copy
of
the
foregoing
disclosures
and
requested
that
KPMG
furnish
the
Funds
with
a
letter
addressed
to
the
U.S.
Securities
and
Exchange
Commission
stating
whether
KPMG
agrees
with
the
above
statements.
(b)
New
independent
registered
public
accounting
firm:
On
October
24,
2024,
the
Board,
upon
recommendation
from
the
Audit
Committee,
engaged
PricewaterhouseCoopers
LLP
("PwC")
as
the
new
independent
registered
public
accounting
firm
for
the
Funds.
During
the
Funds'
fiscal
years
ended
February
29,
2024
and
February
28,
2023
and
for
the
period
March
1,
2024
through
October
24,
2024,
the
Funds
have
not
consulted
with
PwC
regarding
any
of
the
matters
described
in
Regulation
S-K
Item
304
("S-K
304"),
S-K
304(a)(2)(i)
or
S-K
304(a)(2)(ii)
disclosure.
4
Common
Share
Information
COMMON
SHARE
DISTRIBUTION
INFORMATION
The
following
information
regarding the
Funds' distributions
is
current
as
of
August
31,
2024. Each
Fund's
distribution
levels
may
vary
over
time
based
on each
Fund's
investment
activity
and
portfolio
investment
value
changes.
During
the
current
reporting
period, each
Fund's
distributions
to
common
shareholders
were
as
shown
in
the
accompanying
table.
Each
Fund
sought
to
pay
regular
monthly
dividends
out
of
its
net
investment
income
at
a
rate
that
reflected
its
past
and
projected
net
income
performance.
To
permit
each
Fund
to
maintain
a
more
stable
monthly
dividend,
the
Fund
paid
dividends
at
a
rate
that
may
be
more
or
less
than
the
amount
of
net
income
actually
earned
by
the
Fund
during
the
period.
Distributions
to
common
shareholders
are
determined
on
a
tax
basis,
which
may
differ
from
amounts
recorded
in
the
accounting
records.
In
instances
where
the
monthly
dividend
exceeds
the
earned
net
investment
income,
the
Fund
reported
a
negative
undistributed
net
ordinary
income.
Refer
to
the
Notes
to
Financial
Statements
for
additional
information
regarding
the
amounts
of
undistributed
net
ordinary
income
and
undistributed
net
long-term
capital
gains
and
the
character
of
the
actual
distributions
paid
by
the
Fund
during
the
period.
Each
Fund
intends
to
distribute
all
or
substantially
all
of
its
net
investment
income
each
year
through
its
regular
monthly
distribution
and
to
distribute
realized
capital
gains
at
least
annually.
In
addition,
in
any
monthly
period,
to
maintain
its
declared
per
common
share
distribution
amount,
the
Fund
may
distribute
more
or
less
than
its
net
investment
income
during
the
period.
In
the
event
the
Fund
distributes
more
than
its
net
investment
income
during
any
yearly
period,
such
distributions
may
also
include
realized
gains
and/or
a
return
of
capital.
To
the
extent
that
a
distribution
includes
a
return
of
capital
the
NAV
per
share
may
erode.
If
a
distribution
includes
anything
other
than
net
investment
income,
the
Fund
provides
a
notice
of
the
best
estimate
of
its
distribution
sources
at
the
time
of
the
distribution
which
may
be
viewed
at
www.nuveen.com/CEFdistributions.
These
estimates
may
not
match
the
final
tax
characterization
(for
the
full
year's
distributions)
contained
in
shareholders'
1099-DIV
forms
after
the
end
of
the
year.
NUVEEN
CLOSED-END
FUND
DISTRIBUTION
AMOUNTS
The
Nuveen
Closed-End
Funds'
monthly
and
quarterly
periodic
distributions
to
shareholders
are
posted
on
www.nuveen.com
and
can
be
found
on
Nuveen's
enhanced
closed-end
fund
resource
page,
which
is
at
https://www.nuveen.com/resource-center-
closed-end-funds,
along
with
other
Nuveen
closed-end
fund
product
updates.
To
ensure
timely
access
to
the
latest
information,
shareholders
may
use
a
subscribe
function,
which
can
be
activated
at
this
web
page
(
https://www.nuveen.com/subscriptions
).
Per
Common
Share
Amounts
Monthly
Distributions
(Ex-Dividend
Date)
NXC
NXN
March
$0.0455
$0.0410
April
0.0455
0.0410
May
0.0455
0.0410
June
0.0455
0.0410
July
0.0455
0.0410
August
0.0455
0.0410
Total
Distributions
from
Net
Investment
Income
$0.2730
$0.2460
Yields
NXC
NXN
Market
Yield
1
4.00%
4.14%
Taxable-Equivalent
Yield
1
8.69%
8.57%
1
Market
Yield
is
based
on
the
Fund's
current
annualized
monthly
distribution
divided
by
the
Fund's
current
market
price
as
of
the
end
of
the
reporting
period.
Taxable-Equivalent
Yield
represents
the
yield
that
must
be
earned
on
a
fully
taxable
investment
in
order
to
equal
the
yield
of
the
Fund
on
an
after-tax
basis.
It
is
based
on
a
combined
federal
and
state
income
tax
rate
of
54.1%
and
51.7%
for
NXC
and
NXN,
respectively.
Your
actual
combined
federal
and
state
income
tax
rate
may
differ
from
the
assumed
rate.
The
Taxable-Equivalent
Yield
also
takes
into
account
the
percentage
of
the
Fund's
income
generated
and
paid
by
the
Fund
(based
on
payments
made
during
the
previous
calendar
year)
that
was
either
exempt
from
federal
income
tax
but
not
from
state
income
tax
(e.g.,
income
from
an
out-of-state
municipal
bond),
or
was
exempt
from
neither
federal
nor
state
income
tax.
Separately,
if
the
comparison
were
instead
to
investments
that
generate
qualified
dividend
income,
which
is
taxable
at
a
rate
lower
than
an
individual's
ordinary
graduated
tax
rate,
the
fund's
Taxable-Equivalent
Yield
would
be
lower.
5
COMMON
SHARE
EQUITY
During
the
current
reporting
period,
NXC
was
authorized
by
the
Securities
and
Exchange
Commission
to
issue
additional
common
shares
through
an
equity
shelf
program
(Shelf
Offering).
Under
this
program,
the
Fund,
subject
to
market
conditions,
may
raise
additional
capital
from
time
to
time
in
varying
amounts
and
offering
methods
at
a
net
price
at
or
the
Fund's
NAV
per
common
share.
The
maximum
aggregate
offering
under
this
Shelf
Offerings
are
as
shown
in
the
accompanying
table.
During
the
current
reporting
period,
NXC
did
not
sell
any
common
shares
through
its
Shelf
Offering.
Refer
to
the
Notes
to
Financial
Statements
for
further
details
on
Shelf
Offerings
and
the
Fund's
transactions.
COMMON
SHARE
REPURCHASES
The
Funds'
Board
of
Trustees
reauthorized
an
open-market
share
repurchase
program,
allowing
each
Fund
to
repurchase
and
retire
an
aggregate
of
up
to
approximately
10%
of
its
outstanding
common
shares.
As
of
August
31,
2024,
(and
since
the
inception
of
the
Funds'
repurchase
programs),
each
Fund
has
cumulatively
repurchased
and
retired
its
outstanding
common
shares
as
shown
in
the
accompanying
table.
NXC
Maximum
aggregate
offering
1,300,000
NXC
NXN
Common
shares
repurchased
and
retired
-
-
Common
shares
authorized
for
repurchase
635,000
390,000
6
About
the
Funds'
Benchmarks
S&P
Municipal
Bond
Index
:
An
index
designed
to
measure
the
performance
of
the
tax-exempt
U.S.
municipal
bond
market.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
S&P
Municipal
Bond
California
Index:
An
index
designed
to
measure
the
performance
of
the
tax-exempt
California
municipal
bond
market.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
S&P
Municipal
Bond
New
York
Index:
An
index
designed
to
measure
the
performance
of
the
tax-exempt
New
York
municipal
bond
market.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
Fund
Performance
and
Holdings
Summaries
7
The
Fund
Performance
and
Holding
Summaries
for
each
Fund
are
shown
below
within
this
section
of
the
report.
Fund
Performance
Performance
data
for
each
Fund
shown
below
represents
past
performance
and
does
not
predict
or
guarantee
future
results.
Current
performance
may
be
higher
or
lower
than
the
data
shown.
Returns
do
not
reflect
the
deduction
of
taxes
that
shareholders
may
have
to
pay
on
Fund
distributions
or
upon
the
sale
of
Fund
shares.
Returns
at
NAV
are
net
of
Fund
expenses,
and
assume
reinvestment
of
distributions.
Comparative
index
return
information
is
provided
for
the
Fund's
shares
at
NAV
only.
Indexes
are
not
available
for
direct
investment.
Total
returns
for
a
period
of
less
than
one
year
are
not
annualized
(i.e.
cumulative
returns).
Since
inception
returns
are
shown
for
share
classes
that
have
less
than
10-years
of
performance.
For
performance,
current
to
the
most
recent
month-end
visit
Nuveen.com
or
call
(800)
257-8787.
Holding
Summaries
The
Holdings
Summaries
data
relates
to
the
securities
held
in
each
Fund's
portfolio
of
investments
as
of
the
end
of
this
reporting
period.
It
should
not
be
construed
as
a
measure
of
performance
for
the
Fund
itself.
Holdings
are
subject
to
change.
Refer
to
the
Fund's
Portfolio
of
Investments
for
individual
security
information.
For
financial
reporting
purposes,
the
ratings
disclosed
are
the
highest
rating
given
by
one
of
the
following
national
rating
agencies:
Standard
&
Poor's,
Moody's
Investors
Service,
Inc.
or
Fitch,
Inc.
This
treatment
of
split-rated
securities
may
differ
from
that
used
for
other
purposes,
such
as
for
Fund
investment
policies.
Credit
ratings
are
subject
to
change.
AAA,
AA,
A
and
BBB
are
investment
grade
ratings;
BB,
B,
CCC,
CC,
C
and
D
are
below
investment
grade
ratings.
Holdings
designated
N/R
are
not
rated
by
these
national
rating
agencies.
8
Nuveen
California
Select
Tax-Free
Income
Port-
folio
Fund
Performance
and
Holding
Summaries
August
31,
2024
NXC
Performance*
*For
purposes
of
Fund
performance,
relative
results
are
measured
against
the
S&P
Municipal
Bond
California
Index.
Daily
Common
Share
NAV
and
Share
Price
Total
Returns
as
of
August
31,
2024
Cumulative
Average
Annual
Inception
Date
6-Month
1-Year
5-Year
10-Year
NXC
at
Common
Share
NAV
6/19/92
1.48%
6.37%
0.90%
2.92%
NXC
at
Common
Share
Price
6/19/92
6.36%
10.82%
1.18%
2.76%
S&P
Municipal
Bond
Index
-
1.94%
6.25%
1.19%
2.48%
S&P
Municipal
Bond
California
Index
-
1.74%
5.97%
1.00%
2.50%
Common
Share
NAV
Common
Share
Price
Premium/(Discount)
to
NAV
Average
Premium/(Discount)
to
NAV
$13.91
$13.66
(1.80)%
(4.22)%
9
Holdings
Fund
Allocation
(%
of
net
assets)
Municipal
Bonds
96
.9‌
%
Short-Term
Municipal
Bonds
0
.7‌
%
Other
Assets
&
Liabilities,
Net
2.4%
Net
Assets
100‌
%
Portfolio
Credit
Quality
(%
of
total
investment
exposure)
U.S.
Guaranteed
7.1%
AAA
4.9%
AA
46.1%
A
16.2%
BBB
12.4%
BB
or
Lower
2.1%
N/R
(not
rated)
11.2%
Total
100‌
%
Portfolio
Composition
1
(%
of
total
investments)
Tax
Obligation/General
27.9%
Utilities
17.3%
Health
Care
13.8%
Transportation
13.2%
Tax
Obligation/Limited
11.0%
Housing/Multifamily
9.0%
U.S.
Guaranteed
7.1%
Other
0.7%
Total
100%
States
and
Territories
2
(%
of
total
municipal
bonds)
California
97.7%
Puerto
Rico
2.3%
Total
100%
1
See
the
Portfolio
of
Investments
for
the
remaining
industries/sectors
comprising "Other"
and
not
listed
in
the
table
above.
2
The
Fund
may
invest
up
to
20%
of
its
net
assets
in
municipal
bonds
that
are
exempt
from
regular
federal
income
tax,
but
not
from
California
personal
income
tax
if,
in
the
judgement
of
the
Fund's
sub-adviser,
such
purchases
are
expected
to
enhance
the
Fund's
after-tax
total
return
potential.
10
Nuveen
New
York
Select
Tax-Free
Income
Portfolio
Fund
Performance
and
Holding
Summaries
August
31,
2024
NXN
Performance*
*For
purposes
of
Fund
performance,
relative
results
are
measured
against
the
S&P
Municipal
Bond
New
York
Index.
Daily
Common
Share
NAV
and
Share
Price
Total
Returns
as
of
August
31,
2024
Cumulative
Average
Annual
Inception
Date
6-Month
1-Year
5-Year
10-Year
NXN
at
Common
Share
NAV
6/19/92
2.04%
6.58%
0.77%
2.36%
NXN
at
Common
Share
Price
6/19/92
3.51%
5.64%
0.13%
2.45%
S&P
Municipal
Bond
Index
-
1.94%
6.25%
1.19%
2.48%
S&P
Municipal
Bond
New
York
Index
-
1.77%
6.22%
1.06%
2.37%
Common
Share
NAV
Common
Share
Price
Premium/(Discount)
to
NAV
Average
Premium/(Discount)
to
NAV
$12.76
$11.88
(6.90)%
(7.87)%
11
Holdings
Fund
Allocation
(%
of
net
assets)
Municipal
Bonds
98
.7‌
%
Other
Assets
&
Liabilities,
Net
1.3%
Net
Assets
100‌
%
Bond
Credit
Quality
(%
of
total
investment
exposure)
U.S.
Guaranteed
0.1%
AAA
4.1%
AA
48.3%
A
10.3%
BBB
23.7%
BB
or
Lower
6.6%
N/R
(not
rated)
6.9%
Total
100‌
%
Portfolio
Composition
1
(%
of
total
investments)
Tax
Obligation/Limited
27.8%
Transportation
24.5%
Health
Care
12.7%
Education
and
Civic
Organizations
10.9%
Tax
Obligation/General
8.3%
Utilities
7.9%
Consumer
Staples
4.4%
Other
3.5%
Total
100%
States
and
Territories
2
(%
of
total
municipal
bonds)
New
York
94.3%
Puerto
Rico
3.6%
Guam
2.1%
Total
100%
1
See
the
Portfolio
of
Investments
for
the
remaining
industries/sectors
comprising "Other"
and
not
listed
in
the
table
above.
2
The
Fund
may
invest
up
to
20%
of
its
net
assets
in
municipal
bonds
that
are
exempt
from
regular
federal
income
tax,
but
not
from
New
York
personal
income
tax
if,
in
the
judgement
of
the
Fund's
sub-adviser,
such
purchases
are
expected
to
enhance
the
Fund's
after-tax
total
return
potential.
12
Nuveen
California
Select
Tax-Free
Income
Portfolio
Portfolio
of
Investments
August
31,
2024
(Unaudited)
NXC
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
LONG-TERM
INVESTMENTS
-
96.9% (99.3%
of
Total
Investments)
X
85,823,911
MUNICIPAL
BONDS
-
96.9% (99.3%
of
Total
Investments)
X
85,823,911
CONSUMER
STAPLES
-
0.2%
(0.2%
of
Total
Investments)
$
20
California
County
Tobacco
Securitization
Agency,
Tobacco
Settlement
Asset-Backed
Bonds,
Los
Angeles
County
Securitization
Corporation,
Series
2020A,
4.000%,
6/01/49
6/30
at
100.00
$
18,686
1,265
Golden
State
Tobacco
Securitization
Corporation,
California,
Tobacco
Settlement
Asset-Backed
Bonds,
Capital
Appreciation
Series
2021B-2,
0.000%,
6/01/66
12/31
at
27.75
147,723
TOTAL
CONSUMER
STAPLES
166,409
EDUCATION
AND
CIVIC
ORGANIZATIONS
-
0.5%
(0.5%
of
Total
Investments)
60
(c)
California
School
Finance
Authority,
School
Facility
Revenue
Bonds,
Alliance
for
College-Ready
Public
Schools
Project,
Series
2016A,
5.000%,
7/01/46
7/25
at
100.00
60,242
385
(c)
California
School
Finance
Authority,
School
Facility
Revenue
Bonds,
Alliance
for
College-Ready
Public
Schools
Project,
Series
2016C,
5.000%,
7/01/46
7/25
at
101.00
388,517
TOTAL
EDUCATION
AND
CIVIC
ORGANIZATIONS
448,759
HEALTH
CARE
-
12.7%
(13.1%
of
Total
Investments)
California
Health
Facilities
Financing
Authority,
California,
Revenue
Bonds,
Sutter
Health,
Refunding
Series
2016B:
2,590
5.000%,
11/15/46
11/26
at
100.00
2,657,827
1,000
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Adventist
Health
System/West,
Refunding
Series
2016A,
4.000%,
3/01/39
3/26
at
100.00
974,903
1,240
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
City
of
Hope
National
Medical
Center,
Series
2019,
4.000%,
11/15/45
11/29
at
100.00
1,196,465
1,000
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
CommonSpirit
Health,
Series
2020A,
4.000%,
4/01/49
4/30
at
100.00
959,195
125
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
CommonSpirit
Health,
Series
2024A,
5.250%,
12/01/49
6/34
at
100.00
139,042
1,365
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Kaiser
Permanente
System,
Series
2017A-2,
4.000%,
11/01/44
11/27
at
100.00
1,349,961
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Providence
Health
&
Services,
Refunding
Series
2014A:
70
5.000%,
10/01/38
10/24
at
100.00
70,030
255
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Providence
Health
&
Services,
Series
2014B,
5.000%,
10/01/44
10/24
at
100.00
255,034
1,040
California
Infrastructure
and
Economic
Development
Bank,
Revenue
Bonds,
Adventist
Health
Energy
Projects,
Series
2024A,
5.250%,
7/01/54
6/34
at
100.00
1,118,003
450
California
Municipal
Finance
Authority,
Revenue
Bonds,
Community
Health
System,
Series
2021A,
4.000%,
2/01/51
-
AGM
Insured
2/32
at
100.00
433,098
35
California
Municipal
Finance
Authority,
Revenue
Bonds,
Eisenhower
Medical
Center,
Refunding
Series
2017A,
5.000%,
7/01/47
7/27
at
100.00
35,265
130
California
Municipal
Finance
Authority,
Revenue
Bonds,
NorthBay
Healthcare
Group,
Series
2017A,
5.250%,
11/01/41
11/26
at
100.00
130,407
150
California
Municipal
Financing
Authority,
Certificates
of
Participation,
Palomar
Health,
Series
2022A,
5.250%,
11/01/52
-
AGM
Insured
11/32
at
100.00
160,523
350
California
Statewide
Communities
Development
Authority,
California,
Revenue
Bonds,
Loma
Linda
University
Medical
Center,
Series
2014A,
5.250%,
12/01/34
12/24
at
100.00
351,110
1,365
(c)
California
Statewide
Communities
Development
Authority,
California,
Revenue
Bonds,
Loma
Linda
University
Medical
Center,
Series
2016A,
5.250%,
12/01/56
6/26
at
100.00
1,380,681
70
California
Statewide
Community
Development
Authority,
Health
Revenue
Bonds,
Enloe
Medical
Center,
Refunding
Series
2022A,
5.250%,
8/15/52
-
AGM
Insured
8/32
at
100.00
75,789
TOTAL
HEALTH
CARE
11,287,333
13
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
HOUSING/MULTIFAMILY
-
8.8%
(9.0%
of
Total
Investments)
$
615
(c)
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Creekwood,
Series
2021A,
4.000%,
2/01/56
8/31
at
100.00
$
428,807
590
(c)
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Glendale
Properties,
Junior
Series
2021A-2,
4.000%,
8/01/47
8/31
at
100.00
488,915
800
(c)
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Serenity
at
Larkspur
Apartments,
Series
2020A,
5.000%,
2/01/50
2/30
at
100.00
608,317
600
California
Housing
Finance
Agency,
Municipal
Certificate
Revenue
Bonds,
Class
A
Series
2019-2,
4.000%,
3/20/33
No
Opt.
Call
617,633
512
California
Housing
Finance
Agency,
Municipal
Certificate
Revenue
Bonds,
Class
A
Series
2021-1,
3.500%,
11/20/35
No
Opt.
Call
498,269
88
California
Housing
Finance
Agency,
Municipal
Certificate
Revenue
Bonds,
Class
A
Series2019-1,
4.250%,
1/15/35
No
Opt.
Call
91,630
510
California
Housing
Finance
Agency,
Municipal
Certificate
Revenue
Bonds,
Class
A
Social
Certificates
Series
2023-1,
4.375%,
9/20/36
No
Opt.
Call
539,437
660
(c)
CMFA
Special
Finance
Agency
I,
California,
Essential
Housing
Revenue
Bonds,
The
Mix
at
Center
City,
Series
2021A-2,
4.000%,
4/01/56
4/31
at
100.00
530,160
225
(c)
CMFA
Special
Finance
Agency,
California,
Essential
Housing
Revenue
Bonds,
Enclave
Apartments,
Senior
Series
2022A-1,
4.000%,
8/01/58
2/32
at
100.00
182,785
320
(c)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
777
Place-Pomona,
Senior
Lien
Series
2021A-2,
3.250%,
5/01/57
5/32
at
100.00
229,500
425
(c)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Acacia
on
Santa
Rosa
Creek,
Senior
Lien
Series
2021A,
4.000%,
10/01/56
10/31
at
100.00
381,785
560
(c)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Altana
Glendale,
Series
2021A-2,
4.000%,
10/01/56
10/31
at
100.00
457,899
750
(c)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Center
City
Anaheim,
Series
2020A,
5.000%,
1/01/54
1/31
at
100.00
673,593
540
(c)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Moda
at
Monrovia
Station,
Social
Series
2021A-2,
4.000%,
10/01/56
10/31
at
100.00
413,241
265
(c)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Monterrey
Station
Apartments,
Senior
Lien
Series
2021A-
1,
3.125%,
7/01/56
7/32
at
100.00
186,250
115
(c)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Oceanaire-Long
Beach,
Social
Series
2021A-2,
4.000%,
9/01/56
9/31
at
100.00
92,083
245
(c)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Parallel-Anaheim
Series
2021A,
4.000%,
8/01/56
8/31
at
100.00
220,522
50
(c)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Pasadena
Portfolio
Social
Bond,
Mezzanine
Senior
Series
2021B,
4.000%,
12/01/56
12/31
at
100.00
38,239
100
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Pasadena
Portfolio
Social
Bond,
Series
2021A-2,
3.000%,
12/01/56
12/31
at
100.00
70,876
185
(c)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Union
South
Bay,
Series
2021A-2,
4.000%,
7/01/56
7/31
at
100.00
152,117
160
(c)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Westgate
Phase
1-Pasadena
Apartments,
Senior
Lien
Series
2021A-1,
3.000%,
6/01/47
6/31
at
100.00
115,067
585
(c)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Westgate
Phase
1-Pasadena
Apartments,
Senior
Lien
Series
2021A-2,
3.125%,
6/01/57
6/31
at
100.00
364,477
600
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Wood
Creek
Apartments,
Senior
Lien
Series
2021A-1,
3.000%,
12/01/49
6/32
at
100.00
431,704
TOTAL
HOUSING/MULTIFAMILY
7,813,306
Nuveen
California
Select
Tax-Free
Income
Portfolio
(continued)
Portfolio
of
Investments
August
31,
2024
(Unaudited)
14
NXC
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
TAX
OBLIGATION/GENERAL
-
27.3%
(27.9%
of
Total
Investments)
$
620
Butte-Glenn
Community
College
District,
Butte
and
Glenn
Counties,
California,
General
Obligation
Bonds,
Election
2016
Series
2017A,
5.250%,
8/01/46
8/27
at
100.00
$
649,085
1,000
California
State,
General
Obligation
Bonds,
Various
Purpose
Refunding
Series
2015,
5.000%,
8/01/34
8/25
at
100.00
1,017,328
1,000
Chaffey
Joint
Union
High
School
District,
San
Bernardino
County,
California,
General
Obligation
Bonds,
Election
2012
Series
2017C,
5.250%,
8/01/47
2/27
at
100.00
1,039,038
6,205
Desert
Community
College
District,
Riverside
County,
California,
General
Obligation
Bonds,
Election
of
2016
Series
2024,
4.000%,
8/01/51
8/33
at
100.00
6,141,801
1,000
Marin
Healthcare
District,
Marin
County,
California,
General
Obligation
Bonds,
2013
Election,
Series
2015A,
4.000%,
8/01/45
8/25
at
100.00
986,213
2,790
Natomas
Unified
School
District,
Sacramento
County,
California,
General
Obligation
Bonds,
Election
of
2018,
Series
2020A,
4.000%,
8/01/49
-
AGM
Insured
8/26
at
100.00
2,763,282
7,575
Palomar
Pomerado
Health,
California,
General
Obligation
Bonds,
Convertible
Capital
Appreciation,
Election
2004
Series
2010A,
0.000%,
8/01/34
No
Opt.
Call
4,718,748
65
Puerto
Rico,
General
Obligation
Bonds,
Restructured
Series
2022A-1,
4.000%,
7/01/41
7/31
at
103.00
61,780
1,000
San
Benito
High
School
District,
San
Benito
and
Santa
Clara
Counties,
California,
General
Obligation
Bonds,
2016
Election
Series
2017,
5.250%,
8/01/46
8/27
at
100.00
1,047,758
8,075
San
Bernardino
Community
College
District,
California,
General
Obligation
Bonds,
Election
of
2008
Series
2009B,
0.000%,
8/01/44
No
Opt.
Call
3,501,145
2,000
(d)
West
Hills
Community
College
District,
California,
General
Obligation
Bonds,
School
Facilities
Improvement
District
3,
2008
Election
Series
2011,
0.000%,
8/01/38
-
AGM
Insured
8/31
at
100.00
2,222,209
TOTAL
TAX
OBLIGATION/GENERAL
24,148,387
TAX
OBLIGATION/LIMITED
-
10.7%
(11.0%
of
Total
Investments)
925
Bell
Community
Redevelopment
Agency,
California,
Tax
Allocation
Bonds,
Bell
Project
Area,
Series
2003,
5.625%,
10/01/33
-
RAAI
Insured
9/24
at
100.00
927,019
20
Brentwood
Infrastructure
Financing
Authority,
California,
Infrastructure
Revenue
Bonds,
Refunding
Subordinated
Series
2014B,
5.000%,
9/02/36
9/24
at
100.00
20,009
15
Golden
State
Tobacco
Securitization
Corporation,
California,
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Series
2022A-1,
5.000%,
6/01/51
12/31
at
100.00
15,580
1,000
Los
Angeles
County
Metropolitan
Transportation
Authority,
California,
Measure
R
Sales
Tax
Revenue
Bonds,
Senior
Series
2016A,
5.000%,
6/01/39
6/26
at
100.00
1,029,277
3,000
Los
Angeles
County
Metropolitan
Transportation
Authority,
California,
Proposition
C
Sales
Tax
Revenue
Bonds,
Green
Senior
Lien
Series
2019A,
5.000%,
7/01/44
7/28
at
100.00
3,176,692
1,000
Norco
Redevelopment
Agency,
California,
Tax
Allocation
Bonds,
Project
Area
1,
Series
2009,
7.000%,
3/01/34
9/24
at
100.00
1,003,162
1,118
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1,
5.000%,
7/01/58
7/28
at
100.00
1,122,944
550
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Taxable
Restructured
Cofina
Project
Series
2019A-2,
4.784%,
7/01/58
7/28
at
100.00
544,230
180
River
Islands
Public
Financing
Authority,
California,
Special
Tax
Bonds,
Community
Facilities
District
2003-1
Improvement
Area
1,
Refunding
Series
2022A-1,
5.250%,
9/01/52
-
AGM
Insured
9/29
at
103.00
195,694
60
San
Francisco
City
and
County
Redevelopment
Agency
Successor
Agency,
California,
Special
Tax
Bonds,
Community
Facilities
District
7,
Hunters
Point
Shipyard
Phase
One
Improvements,
Refunding
Series
2014,
5.000%,
8/01/39
2/25
at
100.00
60,252
15
Signal
Hill
Redevelopment
Agency,
California,
Project
1
Tax
Allocation
Bonds,
Series
2011,
7.000%,
10/01/26
9/24
at
100.00
15,044
1,285
Stockton
Public
Financing
Authority,
California,
Revenue
Bonds,
Arch
Road
East
Community
Facility
District
99-02,
Series
2018A,
5.000%,
9/01/28
9/25
at
103.00
1,345,628
15
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
TAX
OBLIGATION/LIMITED
(continued)
$
60
Transbay
Joint
Powers
Authority,
California,
Tax
Allocation
Bonds,
Senior
Green
Series
2020A,
5.000%,
10/01/45
4/30
at
100.00
$
61,969
TOTAL
TAX
OBLIGATION/LIMITED
9,517,500
TRANSPORTATION
-
12.9%
(13.2%
of
Total
Investments)
60
California
Municipal
Finance
Authority,
Special
Facility
Revenue
Bonds,
United
Airlines,
Inc.
Los
Angeles
International
Airport
Project,
Series
2019,
4.000%,
7/15/29,
(AMT)
No
Opt.
Call
60,182
800
Long
Beach,
California,
Harbor
Revenue
Bonds,
Series
2015D,
5.000%,
5/15/42
5/25
at
100.00
808,494
1,860
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Refunding
&
Subordinate
Series
2022C,
4.000%,
5/15/40,
(AMT)
5/32
at
100.00
1,831,240
1,525
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Subordinate
Lien
Series
2022A,
5.000%,
5/15/45,
(AMT)
5/32
at
100.00
1,613,663
3,250
Riverside
County
Transportation
Commission,
California,
Toll
Revenue
Senior
Lien
Bonds,
RCTC
91
Express
Lanes,
Refunding
Series
2021B-1,
4.000%,
6/01/39
6/31
at
100.00
3,298,778
305
San
Diego
County
Regional
Airport
Authority,
California,
Airport
Revenue
Bonds,
International
Senior
Series
2023B,
5.000%,
7/01/53,
(AMT)
7/33
at
100.00
320,903
1,000
San
Diego
County
Regional
Airport
Authority,
California,
Airport
Revenue
Bonds,
Subordinate
Series
2021B,
5.000%,
7/01/46,
(AMT)
7/31
at
100.00
1,044,571
1,400
San
Francisco
Airport
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Refunding
Second
Series
2023C,
5.500%,
5/01/40,
(AMT)
5/33
at
100.00
1,576,988
90
San
Joaquin
Hills
Transportation
Corridor
Agency,
Orange
County,
California,
Refunding
Senior
Lien
Toll
Road
Revenue
Bonds,
Series
2021A,
4.000%,
1/15/50
1/32
at
100.00
88,958
750
San
Joaquin
Hills
Transportation
Corridor
Agency,
Orange
County,
California,
Toll
Road
Revenue
Bonds,
Refunding
Junior
Lien
Series
2014B,
5.250%,
1/15/44
1/25
at
100.00
753,679
TOTAL
TRANSPORTATION
11,397,456
U.S.
GUARANTEED
-
6.9%
(7.1%
of
Total
Investments)
(e)
California
Health
Facilities
Financing
Authority,
California,
Revenue
Bonds,
Sutter
Health,
Refunding
Series
2016B:
410
5.000%,
11/15/46,
(Pre-refunded
11/15/26)
11/26
at
100.00
432,194
2,500
California
Health
Facilities
Financing
Authority,
California,
Revenue
Bonds,
Sutter
Health,
Series
2016A,
5.000%,
11/15/41,
(Pre-refunded
11/15/25)
11/25
at
100.00
2,576,018
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Providence
Health
&
Services,
Refunding
Series
2014A:
55
5.000%,
10/01/38,
(Pre-refunded
10/01/24)
10/24
at
100.00
55,082
Golden
State
Tobacco
Securitization
Corporation,
California,
Enhanced
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Refunding
Series
2015A:
1,350
5.000%,
6/01/40,
(Pre-refunded
6/01/25)
6/25
at
100.00
1,375,640
1,650
5.000%,
6/01/40,
(Pre-refunded
6/01/25)
6/25
at
100.00
1,681,338
TOTAL
U.S.
GUARANTEED
6,120,272
UTILITIES
-
16.9%
(17.3%
of
Total
Investments)
840
California
Community
Choice
Financing
Authority,
Clean
Energy
Project
Revenue
Bonds,
Green
Series
2024A,
5.000%,
5/01/54,
(Mandatory
Put
4/01/32)
1/32
at
100.21
910,084
California
Pollution
Control
Financing
Authority,
Water
Furnishing
Revenue
Bonds,
Poseidon
Resources
Channelside
LP
Desalination
Project,
Series
2012:
375
(c)
5.000%,
7/01/37,
(AMT)
1/25
at
100.00
376,073
1,160
(c)
5.000%,
11/21/45,
(AMT)
1/25
at
100.00
1,162,031
645
Long
Beach
Bond
Finance
Authority,
California,
Natural
Gas
Purchase
Revenue
Bonds,
Series
2007A,
5.500%,
11/15/37
No
Opt.
Call
756,363
2,000
Los
Angeles
Department
of
Water
and
Power,
California,
Power
System
Revenue
Bonds,
Series
2020B,
5.000%,
7/01/40
7/30
at
100.00
2,207,332
Nuveen
California
Select
Tax-Free
Income
Portfolio
(continued)
Portfolio
of
Investments
August
31,
2024
(Unaudited)
16
NXC
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
UTILITIES
(continued)
Los
Angeles
Department
of
Water
and
Power,
California,
Waterworks
Revenue
Bonds,
Series
2017A:
$
3,000
5.000%,
7/01/44
1/27
at
100.00
$
3,105,308
2,900
4.000%,
7/01/47
1/27
at
100.00
2,870,729
1,000
Los
Angeles
Department
of
Water
and
Power,
California,
Waterworks
Revenue
Bonds,
Series
2018B,
5.000%,
7/01/38
7/28
at
100.00
1,067,715
250
(c)
Puerto
Rico
Aqueduct
and
Sewerage
Authority,
Revenue
Bonds,
Refunding
Senior
Lien
Series
2020A,
5.000%,
7/01/47
7/30
at
100.00
254,789
2,050
Sacramento
County
Sanitation
Districts
Financing
Authority,
California,
Revenue
Bonds,
Sacramento
Regional
County
Sanitation
District,
Series
2020A,
5.000%,
12/01/50
12/30
at
100.00
2,214,065
TOTAL
UTILITIES
14,924,489
TOTAL
MUNICIPAL
BONDS
(cost
$83,866,680)
85,823,911
TOTAL
LONG-TERM
INVESTMENTS
(cost
$83,866,680)
85,823,911
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
SHORT-TERM
INVESTMENTS
-
0.7%
(0.7%
of
Total
Investments)
X
600,000
MUNICIPAL
BONDS
-
0.7% (0.7%
of
Total
Investments)
X
600,000
HEALTH
CARE
-
0.7%
(0.7%
of
Total
Investments)
$
600
(f)
California
Health
Facilities
Financing
Authority,
California,
Revenue
Bonds,
Scripps
Health,
Weekly
Mode
Series
2024C-1,
1.950%,
11/15/63
8/24
at
100.00
$
600,000
TOTAL
HEALTH
CARE
600,000
TOTAL
Municipal
Bonds
(cost
$600,000)
600,000
TOTAL
SHORT-TERM
INVESTMENTS
(cost
$600,000)
600,000
TOTAL
INVESTMENTS
(cost
$84,466,680)
-
97.6%
86,423,911
OTHER
ASSETS
&
LIABILITIES,
NET
-
2.4%
2,083,648
NET
ASSETS
APPLICABLE
TO
COMMON
SHARES
-
100%
$
88,507,559
(a)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets
applicable
to
common
shares
unless
otherwise
noted.
(b)
Optional
Call
Provisions:
Dates
(month
and
year)
and
prices
of
the
earliest
optional
call
or
redemption.
There
may
be
other
call
provisions
at
varying
prices
at
later
dates.
Certain
mortgage-backed
securities
may
be
subject
to
periodic
principal
paydowns.
(c)
Security
is
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
These
securities
are
deemed
liquid
and
may
be
resold
in
transactions
exempt
from
registration,
which
are
normally
those
transactions
with
qualified
institutional
buyers.
As
of
the
end
of
the
reporting
period,
the
aggregate
value
of
these
securities
is
$9,186,090
or
10.6%
of
Total
Investments.
(d)
Step-up
coupon
bond,
a
bond
with
a
coupon
that
increases
("steps
up"),
usually
at
regular
intervals,
while
the
bond
is
outstanding.
The
rate
shown
is
the
coupon
as
of
the
end
of
the
reporting
period.
(e)
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.
(f)
Investment
has
a
maturity
of
greater
than
one
year,
but
has
variable
rate
and/or
demand
features
which
qualify
it
as
a
short-term
investment.
The
rate
disclosed,
as
well
as
the
reference
rate
and
spread,
where
applicable,
is
that
in
effect
as
of
the
end
of
the
reporting
period.
This
rate
changes
periodically
based
on
market
conditions
or
a
specified
market
index.
AMT
Alternative
Minimum
Tax
See
Notes
to
Financial
Statements
17
Nuveen
New
York
Select
Tax-Free
Income
Portfolio
Portfolio
of
Investments
August
31,
2024
(Unaudited)
NXN
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
LONG-TERM
INVESTMENTS
-
98.7% (100.0%
of
Total
Investments)
X
49,435,952
MUNICIPAL
BONDS
-
98.7% (100.0%
of
Total
Investments)
X
49,435,952
CONSUMER
STAPLES
-
4.4%
(4.4%
of
Total
Investments)
$
435
Erie
County
Tobacco
Asset
Securitization
Corporation,
New
York,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2005A,
5.000%,
6/01/38
9/24
at
100.00
$
418,233
New
York
Counties
Tobacco
Trust
VI,
New
York,
Tobacco
Settlement
Pass-
Through
Bonds,
Series
Series
2016A-1:
195
5.625%,
6/01/35
No
Opt.
Call
200,219
1,530
5.750%,
6/01/43
No
Opt.
Call
1,565,225
TOTAL
CONSUMER
STAPLES
2,183,677
EDUCATION
AND
CIVIC
ORGANIZATIONS
-
10.7%
(10.9%
of
Total
Investments)
260
Buffalo
and
Erie
County
Industrial
Land
Development
Corporation,
New
York,
Revenue
Bonds,
Enterprise
Charter
School
Project,
Series
2011A,
7.500%,
12/01/40
9/24
at
100.00
251,218
Build
New
York
City
Resource
Corporation,
New
York,
Revenue
Bonds,
Classical
Charter
Schools
Series
2023A:
30
4.500%,
6/15/43
6/31
at
100.00
29,934
35
4.750%,
6/15/58
6/31
at
100.00
34,459
Build
New
York
City
Resource
Corporation,
New
York,
Revenue
Bonds,
KIPP
New
York
City
Public
School
Facilities,
Canal
West
Project,
Series
2022:
35
5.250%,
7/01/52
7/32
at
100.00
36,517
100
5.250%,
7/01/62
7/32
at
100.00
103,739
100
(c)
Build
NYC
Resource
Corporation,
New
York,
Revenue
Bonds,
Family
Life
Academy
Charter
School,
Series
2020C-1,
5.000%,
6/01/40
12/30
at
100.00
97,023
115
(c)
Build
NYC
Resource
Corporation,
New
York,
Revenue
Bonds,
Richmond
Preparatory
Charter
School
Project,
Social
Impact
Project
Series
2021A,
5.000%,
6/01/56
6/29
at
100.00
108,207
140
(c)
Dormitory
Authority
of
the
State
of
New
York,
General
Revenue
Bonds,
American
Musical
and
Dramatic
Academy
Inc.,
Series
2023A,
12.250%,
7/01/53
7/33
at
100.00
140,703
Dormitory
Authority
of
the
State
of
New
York,
General
Revenue
Bonds,
Yeshiva
University,
Series
2022A:
165
5.000%,
7/15/42
7/32
at
100.00
170,717
130
5.000%,
7/15/50
7/32
at
100.00
132,247
1,000
Dormitory
Authority
of
the
State
of
New
York,
Housing
Revenue
Bonds,
Fashion
Institute
of
Technology,
Series
2007,
5.250%,
7/01/34
-
FGIC
Insured
No
Opt.
Call
1,046,892
605
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
Icahn
School
of
Medicine
at
Mount
Sinai,
Refunding
Series
2015A,
5.000%,
7/01/40
7/25
at
100.00
606,932
365
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
New
School
University,
Series
2016A,
5.000%,
7/01/41
1/27
at
100.00
373,243
290
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
New
York
University,
Series
2015A,
5.000%,
7/01/35
7/25
at
100.00
295,338
1,185
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
New
York
University,
Series
2016A,
5.000%,
7/01/35
7/26
at
100.00
1,230,888
250
(c)
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
Vaughn
College
of
Aeronautics
&
Technology,
Series
2016A,
5.500%,
12/01/36
12/26
at
100.00
238,618
215
Glen
Cove
Local
Economic
Assistance
Corporation,
New
York,
Revenue
Bonds,
Garvies
Point
Public
Improvement
Project,
Capital
Appreciation
Series
2016C,
5.625%,
1/01/55
1/34
at
100.00
196,993
110
Hempstead
Town
Local
Development
Corporation,
New
York,
Revenue
Bonds,
Adelphi
University
Project,
Series
2013,
5.000%,
9/01/38
9/24
at
100.00
110,079
180
New
York
City
Industrial
Development
Agency,
New
York,
PILOT
Payment
in
Lieu
of
Taxes
Revenue
Bonds,
Yankee
Stadium
Project,
Series
2020A,
4.000%,
3/01/45
-
AGM
Insured
9/30
at
100.00
176,334
TOTAL
EDUCATION
AND
CIVIC
ORGANIZATIONS
5,380,081
Nuveen
New
York
Select
Tax-Free
Income
Portfolio
(continued)
Portfolio
of
Investments
August
31,
2024
(Unaudited)
18
NXN
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
FINANCIALS
-
1.1%
(1.1%
of
Total
Investments)
$
450
Liberty
Development
Corporation,
New
York,
Goldman
Sachs
Headquarter
Revenue
Bonds,
Series
2005,
5.250%,
10/01/35
No
Opt.
Call
$
526,151
TOTAL
FINANCIALS
526,151
HEALTH
CARE
-
12.5%
(12.7%
of
Total
Investments)
Dormitory
Authority
of
the
State
of
New
York,
General
Revenue
Bonds,
Northwell
Health
Obligated
Group,
Series
2022A:
890
4.000%,
5/01/45
5/32
at
100.00
845,157
760
4.250%,
5/01/52
5/32
at
100.00
750,170
1,100
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
Montefiore
Obligated
Group,
Series
2018A,
5.000%,
8/01/34
8/28
at
100.00
1,136,921
1,000
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
NYU
Langone
Hospitals
Obligated
Group,
Series
2020A,
4.000%,
7/01/50
7/30
at
100.00
971,182
300
(c)
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
Orange
Regional
Medical
Center
Obligated
Group,
Series
2015,
5.000%,
12/01/40
6/25
at
100.00
293,628
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
Orange
Regional
Medical
Center
Obligated
Group,
Series
2017:
65
(c)
5.000%,
12/01/24
No
Opt.
Call
65,031
200
(c)
5.000%,
12/01/32
6/27
at
100.00
200,118
100
(c)
5.000%,
12/01/35
6/27
at
100.00
99,087
500
Dutchess
County
Local
Development
Corporation,
New
York,
Revenue
Bonds,
Health
Quest
Systems,
Inc.
Project,
Series
2016B,
4.000%,
7/01/41
7/26
at
100.00
493,250
195
Monroe
County
Industrial
Development
Corporation,
New
York,
Revenue
Bonds,
Rochester
General
Hospital
Project,
Series
2017,
5.000%,
12/01/46
12/26
at
100.00
196,630
420
Monroe
County
Industrial
Development
Corporation,
New
York,
Revenue
Bonds,
Rochester
Regional
Health
Project,
Series
2020A,
4.000%,
12/01/46
12/30
at
100.00
386,196
835
Westchester
County
Local
Development
Corporation,
New
York,
Revenue
Bonds,
Westchester
Medical
Center
Obligated
Group
Project,
Refunding
Series
2016,
5.000%,
11/01/46
11/25
at
100.00
798,279
25
Westchester
County
Local
Development
Corporation,
New
York,
Revenue
Bonds,
Westchester
Medical
Center
Obligated
Group
Project,
Series
2023,
6.250%,
11/01/52
11/33
at
100.00
28,528
TOTAL
HEALTH
CARE
6,264,177
INDUSTRIALS
-
1.8%
(1.8%
of
Total
Investments)
865
(c)
New
York
Liberty
Development
Corporation,
New
York,
Liberty
Revenue
Bonds,
3
World
Trade
Center
Project,
Class
1
Series
2014,
5.000%,
11/15/44
11/24
at
100.00
865,724
10
New
York
Liberty
Development
Corporation,
New
York,
Liberty
Revenue
Bonds,
7
World
Trade
Center
Project,
Refunding
Green
Series
2022A-CL2,
3.500%,
9/15/52
3/30
at
100.00
8,495
TOTAL
INDUSTRIALS
874,219
LONG-TERM
CARE
-
0.2%
(0.2%
of
Total
Investments)
80
Dormitory
Authority
of
the
State
of
New
York,
Non-State
Supported
Debt,
Ozanam
Hall
of
Queens
Nursing
Home
Revenue
Bonds,
Series
2006,
5.000%,
11/01/31
9/24
at
100.00
78,372
25
Monroe
County
Industrial
Development
Corporation,
New
York,
Revenue
Bonds,
Saint
Ann's
Community
Project,
Series
2019,
5.000%,
1/01/40
1/26
at
103.00
23,640
TOTAL
LONG-TERM
CARE
102,012
MATERIALS
-
0.3%
(0.3%
of
Total
Investments)
160
(c)
Build
New
York
City
Resource
Corporation,
New
York,
Solid
Waste
Disposal
Revenue
Bonds,
Pratt
Paper
NY,
Inc.
Project,
Series
2014,
5.000%,
1/01/35,
(AMT)
1/25
at
100.00
160,531
TOTAL
MATERIALS
160,531
19
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
TAX
OBLIGATION/GENERAL
-
8.2%
(8.3%
of
Total
Investments)
$
1,000
Nassau
County,
New
York,
General
Obligation
Bonds,
General
Improvement
Bonds
Series
2019B,
5.000%,
4/01/44
-
AGM
Insured
4/30
at
100.00
$
1,077,680
1,000
Nassau
County,
New
York,
General
Obligation
Bonds,
General
Improvement
Series
2021A,
4.000%,
4/01/51
-
AGM
Insured
4/31
at
100.00
990,413
1,080
New
York
City,
New
York,
General
Obligation
Bonds,
Fiscal
2017
Series
B-1,
5.000%,
12/01/41
12/26
at
100.00
1,113,721
835
New
York
City,
New
York,
General
Obligation
Bonds,
Fiscal
2020
SeriesD-1,
4.000%,
3/01/50
3/30
at
100.00
816,260
117
Puerto
Rico,
General
Obligation
Bonds,
Restructured
Series
2022A-1,
4.000%,
7/01/41
7/31
at
103.00
111,204
TOTAL
TAX
OBLIGATION/GENERAL
4,109,278
TAX
OBLIGATION/LIMITED
-
27.4%
(27.8%
of
Total
Investments)
1,000
Dormitory
Authority
of
the
State
of
New
York,
State
Personal
Income
Tax
Revenue
Bonds,
General
Purpose
Series
2015A,
5.000%,
3/15/31
3/25
at
100.00
1,010,805
1,000
Dormitory
Authority
of
the
State
of
New
York,
State
Personal
Income
Tax
Revenue
Bonds,
General
Purpose,
Bidding
Group
1
Through
5,
Series
2020A,
4.000%,
3/15/44
9/30
at
100.00
992,179
2,975
Dormitory
Authority
of
the
State
of
New
York,
State
Sales
Tax
Revenue
Bonds,
Series
2017A
Group
C,
5.000%,
3/15/41
3/27
at
100.00
3,073,375
1,000
Dormitory
Authority
of
the
State
of
New
York,
State
Sales
Tax
Revenue
Bonds,
Series
2018A,
5.000%,
3/15/40
3/28
at
100.00
1,052,368
1,000
Government
of
Guam,
Business
Privilege
Tax
Bonds,
Refunding
Series
2015D,
5.000%,
11/15/25
No
Opt.
Call
1,019,218
250
Hudson
Yards
Infrastructure
Corporation,
New
York,
Revenue
Bonds,
Green
Fiscal
2022
Series
A,
4.000%,
2/15/36
2/32
at
100.00
263,201
800
Hudson
Yards
Infrastructure
Corporation,
New
York,
Revenue
Bonds,
Second
Indenture
Fiscal
2017
Series
A,
5.000%,
2/15/45
2/27
at
100.00
823,741
1,000
New
York
City
Transitional
Finance
Authority,
New
York,
Building
Aid
Revenue
Bonds,
Fiscal
Series
2015S-2,
5.000%,
7/15/40
7/25
at
100.00
1,014,702
1,000
New
York
City
Transitional
Finance
Authority,
New
York,
Future
Tax
Secured
Bonds,
Subordinate
Fiscal
Series
2023F-1,
4.000%,
2/01/51
2/33
at
100.00
977,347
1,120
New
York
State
Urban
Development
Corporation,
State
Personal
Income
Tax
Revenue
Bonds,
General
Purpose
Group
1,
Series
2019A,
4.000%,
3/15/48
9/28
at
100.00
1,100,317
1,275
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1,
5.000%,
7/01/58
7/28
at
100.00
1,280,639
65
Triborough
Bridge
and
Tunnel
Authority,
New
York,
Payroll
Mobility
Tax
Bonds,
Senior
Lien
Series
2021B-1,
4.000%,
5/15/56
5/31
at
100.00
63,476
315
Triborough
Bridge
and
Tunnel
Authority,
New
York,
Payroll
Mobility
Tax
Bonds,
Senior
Lien
Series
2022
A,
4.000%,
5/15/51
5/32
at
100.00
309,884
685
Triborough
Bridge
and
Tunnel
Authority,
New
York,
Payroll
Mobility
Tax
Senior
Lien
Bonds,
Series
2022C,
5.250%,
5/15/52
5/32
at
100.00
746,672
TOTAL
TAX
OBLIGATION/LIMITED
13,727,924
TRANSPORTATION
-
24.2%
(24.5%
of
Total
Investments)
900
Metropolitan
Transportation
Authority,
New
York,
Transportation
Revenue
Bonds,
Series
2014D-1,
5.000%,
11/15/39
11/24
at
100.00
902,037
620
Metropolitan
Transportation
Authority,
New
York,
Transportation
Revenue
Bonds,
Series
2016C-1,
5.250%,
11/15/56
11/26
at
100.00
631,545
New
York
Transportation
Development
Corporation,
New
York,
Facility
Revenue
Bonds,
Thruway
Service
Areas
Project,
Series
2021:
365
4.000%,
10/31/41,
(AMT)
10/31
at
100.00
336,672
85
4.000%,
10/31/46,
(AMT)
10/31
at
100.00
75,564
535
4.000%,
4/30/53,
(AMT)
10/31
at
100.00
459,510
New
York
Transportation
Development
Corporation,
New
York,
Special
Facilities
Bonds,
LaGuardia
Airport
Terminal
B
Redevelopment
Project,
Series
2016A:
100
5.000%,
7/01/46,
(AMT)
9/24
at
100.00
99,996
1,110
5.250%,
1/01/50,
(AMT)
9/24
at
100.00
1,109,987
Nuveen
New
York
Select
Tax-Free
Income
Portfolio
(continued)
Portfolio
of
Investments
August
31,
2024
(Unaudited)
20
NXN
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
TRANSPORTATION
(continued)
New
York
Transportation
Development
Corporation,
New
York,
Special
Facility
Revenue
Bonds,
American
Airlines,
Inc.
John
F
Kennedy
International
Airport
Project,
Refunding
Series
2016:
$
85
5.000%,
8/01/26,
(AMT)
9/24
at
100.00
$
85,129
830
5.000%,
8/01/31,
(AMT)
9/24
at
100.00
830,934
30
New
York
Transportation
Development
Corporation,
New
York,
Special
Facility
Revenue
Bonds,
American
Airlines,
Inc.
John
F
Kennedy
International
Airport
Project,
Series
2020,
5.375%,
8/01/36,
(AMT)
8/30
at
100.00
32,011
New
York
Transportation
Development
Corporation,
New
York,
Special
Facility
Revenue
Bonds,
New
Terminal
1
John
F
Kennedy
International
Airport
Project,
Green
Series
2023:
105
6.000%,
6/30/54,
(AMT)
6/31
at
100.00
114,785
465
5.375%,
6/30/60,
(AMT)
6/31
at
100.00
485,235
85
New
York
Transportation
Development
Corporation,
New
York,
Special
Facility
Revenue
Bonds,
Terminal
4
John
F
Kennedy
International
Airport
Project,
Series
2020A,
5.000%,
12/01/37,
(AMT)
12/30
at
100.00
89,820
130
New
York
Transportation
Development
Corporation,
New
York,
Special
Facility
Revenue
Bonds,
Terminal
4
John
F
Kennedy
International
Airport
Project,
Series
2020C,
5.000%,
12/01/35
12/30
at
100.00
140,719
265
New
York
Transportation
Development
Corporation,
New
York,
Special
Facility
Revenue
Bonds,
Terminal
4
John
F
Kennedy
International
Airport
Project,
Series
2022,
5.000%,
12/01/35,
(AMT)
12/32
at
100.00
286,401
New
York
Transportation
Development
Corporation,
Special
Facility
Revenue
Bonds,
Delta
Air
Lines,
Inc.
-
LaGuardia
Airport
Terminals
C&D
Redevelopment
Project,
Series
2018:
700
5.000%,
1/01/28,
(AMT)
No
Opt.
Call
729,070
300
5.000%,
1/01/31,
(AMT)
1/28
at
100.00
310,602
300
New
York
Transportation
Development
Corporation,
Special
Facility
Revenue
Bonds,
Delta
Air
Lines,
Inc.
-
LaGuardia
Airport
Terminals
C&D
Redevelopment
Project,
Series
2023,
6.000%,
4/01/35,
(AMT)
4/31
at
100.00
337,483
1,000
Port
Authority
of
New
York
and
New
Jersey,
Consolidated
Revenue
Bonds,
One
Hundred
Ninety-Fourth
Series
2015,
5.250%,
10/15/55
10/25
at
100.00
1,019,818
1,500
Port
Authority
of
New
York
and
New
Jersey,
Consolidated
Revenue
Bonds,
Two
Hundred
Fifth
Series
2017,
5.000%,
11/15/47
11/27
at
100.00
1,556,514
1,475
Port
Authority
of
New
York
and
New
Jersey,
Consolidated
Revenue
Bonds,
Two
Hundred
Twenty-One
Series
2020,
4.000%,
7/15/55,
(AMT)
7/30
at
100.00
1,370,417
1,095
Triborough
Bridge
and
Tunnel
Authority,
New
York,
General
Purpose
Revenue
Bonds,
Refunding
Subordinate
Lien
Series
2017A2,
5.000%,
11/15/42
5/27
at
100.00
1,133,140
TOTAL
TRANSPORTATION
12,137,389
U.S.
GUARANTEED
-
0.1%
(0.1%
of
Total
Investments)
(d)
Dormitory
Authority
of
the
State
of
New
York,
Lease
Revenue
Bonds,
State
University
Dormitory
Facilities,
Series
2015A:
20
5.000%,
7/01/31,
(Pre-refunded
7/01/25)
7/25
at
100.00
20,398
25
5.000%,
7/01/33,
(Pre-refunded
7/01/25)
7/25
at
100.00
25,498
TOTAL
U.S.
GUARANTEED
45,896
UTILITIES
-
7.8%
(7.9%
of
Total
Investments)
200
Buffalo
Municipal
Water
Finance
Authority,
New
York,
Water
System
Revenue
Bonds,
Refunding
Series
2015A,
5.000%,
7/01/29
7/25
at
100.00
203,203
140
Long
Island
Power
Authority,
New
York,
Electric
System
General
Revenue
Bonds,
Green
Series
2023E,
5.000%,
9/01/53
9/33
at
100.00
152,323
50
Long
Island
Power
Authority,
New
York,
Electric
System
General
Revenue
Bonds,
Series
2014A,
5.000%,
9/01/44
11/24
at
100.00
50,196
180
Long
Island
Power
Authority,
New
York,
Electric
System
General
Revenue
Bonds,
Series
2016B,
5.000%,
9/01/46
9/26
at
100.00
184,803
1,500
New
York
State
Power
Authority,
General
Revenue
Bonds,
Series
2020A,
4.000%,
11/15/60
5/30
at
100.00
1,459,871
265
New
York
State
Power
Authority,
Green
Transmission
Project
Revenue
Bonds,
Green
Series
2023A,
5.000%,
11/15/53
-
AGM
Insured
11/33
at
100.00
292,780
21
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
UTILITIES
(continued)
$
150
(c)
Niagara
Area
Development
Corporation,
New
York,
Solid
Waste
Disposal
Facility
Revenue
Refunding
Bonds,
Covanta
Energy
Project,
Series
2018A,
4.750%,
11/01/42,
(AMT)
9/24
at
100.00
$
143,821
405
(c)
Puerto
Rico
Aqueduct
and
Sewerage
Authority,
Revenue
Bonds,
Refunding
Senior
Lien
Series
2020A,
5.000%,
7/01/47
7/30
at
100.00
412,759
1,000
Utility
Debt
Securitization
Authority,
New
York,
Restructuring
Bonds,
Refunding
Series
2015,
5.000%,
12/15/33
12/25
at
100.00
1,024,861
TOTAL
UTILITIES
3,924,617
TOTAL
MUNICIPAL
BONDS
(cost
$48,771,307)
49,435,952
TOTAL
LONG-TERM
INVESTMENTS
(cost
$48,771,307)
49,435,952
OTHER
ASSETS
&
LIABILITIES,
NET
-
1.3%
651,704
NET
ASSETS
APPLICABLE
TO
COMMON
SHARES
-
100%
$
50,087,656
(a)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets
applicable
to
common
shares
unless
otherwise
noted.
(b)
Optional
Call
Provisions:
Dates
(month
and
year)
and
prices
of
the
earliest
optional
call
or
redemption.
There
may
be
other
call
provisions
at
varying
prices
at
later
dates.
Certain
mortgage-backed
securities
may
be
subject
to
periodic
principal
paydowns.
(c)
Security
is
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
These
securities
are
deemed
liquid
and
may
be
resold
in
transactions
exempt
from
registration,
which
are
normally
those
transactions
with
qualified
institutional
buyers.
As
of
the
end
of
the
reporting
period,
the
aggregate
value
of
these
securities
is
$2,825,250
or
5.7%
of
Total
Investments.
(d)
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.
AMT
Alternative
Minimum
Tax
See
Notes
to
Financial
Statements
Statement
of
Assets
and
Liabilities
See
Notes
to
Financial
Statements
22
August
31,
2024
(Unaudited)
NXC
NXN
ASSETS
Long-term
investments,
at
value
†
$
85,823,911‌
$
49,435,952‌
Short-term
investments,
at
value
◊
600,000‌
-‌
Cash
1,291,183‌
201,799‌
Receivables:
Interest
787,036‌
642,176‌
Investments
sold
170,341‌
-‌
Deferred
offering
costs
164,582‌
-‌
Other
23,477‌
14,194‌
Total
assets
88,860,530‌
50,294,121‌
LIABILITIES
Payables:
Management
fees
19,359‌
10,945‌
Dividends
278,516‌
153,572‌
Interest
32‌
18‌
Accrued
expenses:
Custodian
fees
15,547‌
10,274‌
Investor
relations
883‌
1,114‌
Trustees
fees
17,481‌
10,682‌
Professional
fees
16,789‌
16,505‌
Shareholder
reporting
expenses
3,820‌
2,803‌
Shareholder
servicing
agent
fees
290‌
298‌
Other
254‌
254‌
Total
liabilities
352,971‌
206,465‌
Net
assets
applicable
to
common
shares
$
88,507,559‌
$
50,087,656‌
Common
shares
outstanding
6,362,276‌
3,924,894‌
Net
asset
value
("NAV")
per
common
share
outstanding
$
13.91‌
$
12.76‌
NET
ASSETS
APPLICABLE
TO
COMMON
SHARES
CONSIST
OF:
Common
shares,
$0.01
par
value
per
share
$
63,623‌
$
39,249‌
Paid-in
capital
88,550,088‌
53,856,607‌
Total
distributable
earnings
(loss)
(106,152‌)
(3,808,200‌)
Net
assets
applicable
to
common
shares
$
88,507,559‌
$
50,087,656‌
Authorized
shares:
Common
Unlimited
Unlimited
†
Long-term
investments,
cost
$
83,866,680‌
$
48,771,307‌
◊
Short-term
investments,
cost
$
600,000‌
$
-‌
Statement
of
Operations
See
Notes
to
Financial
Statements
23
Six
Months
Ended
August
31,
2024
(Unaudited)
NXC
NXN
INVESTMENT
INCOME
Interest
$
1,859,631‌
$
1,095,975‌
Total
investment
income
1,859,631‌
1,095,975‌
EXPENSES
-
-
Management
fees
114,564‌
64,774‌
Shareholder
servicing
agent
fees
892‌
882‌
Interest
expense
785‌
1,826‌
Trustees
fees
1,655‌
935‌
Custodian
expenses,
net
8,518‌
7,024‌
Investor
relations
expenses
2,357‌
1,419‌
Professional
fees
30,076‌
25,008‌
Shareholder
reporting
expenses
12,284‌
8,448‌
Stock
exchange
listing
fees
3,934‌
3,933‌
Other
5,027‌
5,533‌
Total
expenses
180,092‌
119,782‌
Net
investment
income
(loss)
1,679,539‌
976,193‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Realized
gain
(loss)
from:
Investments
(
32,375‌
)
(
2,986‌
)
Net
realized
gain
(loss)
(
32,375‌
)
(
2,986‌
)
Change
in
unrealized
appreciation
(depreciation)
on:
Investments
(
371,558‌
)
22,564‌
Net
change
in
unrealized
appreciation
(depreciation)
(
371,558‌
)
22,564‌
Net
realized
and
unrealized
gain
(loss)
(
403,933‌
)
19,578‌
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
from
operations
$
1,275,606‌
$
995,771‌
Statement
of
Changes
in
Net
Assets
See
Notes
to
Financial
Statements
24
NXC
NXN
Six
Months
Ended
8/31/24
Year
Ended
2/29/24
Six
Months
Ended
8/31/24
Year
Ended
2/29/24
OPERATIONS
Net
investment
income
(loss)
$
1,679,539‌
$
3,377,952‌
$
976,193‌
$
1,931,633‌
Net
realized
gain
(loss)
(
32,375‌
)
(
415,351‌
)
(
2,986‌
)
(
478,539‌
)
Net
change
in
unrealized
appreciation
(depreciation)
(
371,558‌
)
2,135,308‌
22,564‌
1,533,719‌
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
from
operations
1,275,606‌
5,097,909‌
995,771‌
2,986,813‌
DISTRIBUTIONS
TO
COMMON
SHAREHOLDERS
Dividends
(
1,736,901‌
)
(
3,359,282‌
)
(
965,524‌
)
(
1,921,236‌
)
Total
distributions
(
1,736,901‌
)
(
3,359,282‌
)
(
965,524‌
)
(
1,921,236‌
)
CAPITAL
SHARE
TRANSACTIONS
Common
shares:
Reinvestments
of
distributions
-‌
6,412‌
-‌
-‌
Net
increase
(decrease)
applicable
to
common
shares
from
capital
share
transactions
-‌
6,412‌
-‌
-‌
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
(
461,295‌
)
1,745,039‌
30,247‌
1,065,577‌
Net
assets
applicable
to
common
shares
at
the
beginning
of
the
period
88,968,854‌
87,223,815‌
50,057,409‌
48,991,832‌
Net
assets
applicable
to
common
shares
at
the
end
of
the
period
$
88,507,559‌
$
88,968,854‌
$
50,087,656‌
$
50,057,409‌
25
Financial
Highlights
The
following
data
is
for
a
common
share
outstanding for
each
fiscal year
end
unless
otherwise
noted:
Investment
Operations
Less
Distributions
to
Common
Shareholders
Common
Share
Common
Share
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income
(NII)
(Loss)(a)
Net
Realized/
Unrealized
Gain
(Loss)
Total
From
NII
From
Net
Realized
Gains
Total
Net
Asset
Value,
End
of
Period
Share
Price,
End
of
Period
NXC
8/31/24(d)
$
13.98
$
0.26
$
(0.06)
$
0.20
$
(0.27)
$
-
$
(0.27)
$
13.91
$
13.66
2/29/24
13.71
0.53
0.27
0.80
(0.53)
-
(0.53)
13.98
13.11
2/28/23
15.15
0.51
(1.46)
(0.95)
(0.49)
-(f)
(0.49)
13.71
13.89
2/28/22(g)
15.83
0.45
(0.65)
(0.20)
(0.44)
(0.04)
(0.48)
15.15
14.81
3/31/21
15.43
0.51
0.41
0.92
(0.52)
-
(0.52)
15.83
16.29
3/31/20
15.21
0.53
0.21
0.74
(0.52)
-
(0.52)
15.43
14.50
NXN
8/31/24(d)
12.75
0.25
0.01
0.26
(0.25)
-
(0.25)
12.76
11.88
2/29/24
12.48
0.49
0.27
0.76
(0.49)
-
(0.49)
12.75
11.72
2/28/23
13.89
0.45
(1.44)
(0.99)
(0.42)
-
(0.42)
12.48
12.15
2/28/22(g)
14.35
0.38
(0.46)
(0.08)
(0.38)
-
(0.38)
13.89
12.92
3/31/21
13.99
0.46
0.37
0.83
(0.47)
-
(0.47)
14.35
14.50
3/31/20
14.08
0.49
(0.11)
0.38
(0.47)
-
(0.47)
13.99
12.65
(a)
Based
on
average
shares
outstanding.
(b)
Total
Return
Based
on
Common
Share
NAV
is
the
combination
of
changes
in
common
share
NAV,
reinvested
dividend
income
at
Common
Share
NAV
and
reinvested
capital
gains
distributions
at
NAV,
if
any.
The
last
dividend
declared
in
the
period,
which
is
typically
paid
on
the
first
business
day
of
the
following
month,
is
assumed
to
be
reinvested
at
the
ending
NAV.
The
actual
reinvest
price
for
the
last
dividend
declared
in
the
period
may
often
be
based
on
the
Fund's
market
price
(and
not
its
NAV),
and
therefore
may
be
different
from
the
price
used
in
the
calculation.
Total
returns
are
not
annualized.
Total
Return
Based
on
Common
Share
Price
is
the
combination
of
changes
in
the
market
price
per
share
and
the
effect
of
reinvested
dividend
income
and
reinvested
capital
gains
distributions,
if
any,
at
the
average
price
paid
per
share
at
the
time
of
reinvestment.
The
last
dividend
declared
in
the
period,
which
is
typically
paid
on
the
first
business
day
of
the
following
month,
is
assumed
to
be
reinvested
at
the
ending
market
price.
The
actual
reinvestment
for
the
last
dividend
declared
in
the
period
may
take
place
over
several
days,
and
in
some
instances
may
not
be
based
on
the
market
price,
so
the
actual
reinvestment
price
may
be
different
from
the
price
used
in
the
calculation.
Total
returns
are
not
annualized.
See
Notes
to
Financial
Statements
26
Ratios
of
Interest
Expense
to
Average
Net
Assets
Applicable
to
Common
Shares
NXC
8/31/24(d)
-
%
2/29/24
-
2/28/23
-
2/28/22(g)
-
3/31/21
-
3/31/20
-
NXN
8/31/24(d)
0.01
(e
)
2/29/24
-
(f
)
2/28/23
-
(f
)
2/28/22(g)
-
(e
)
(f
)
3/31/21
-
(f
)
3/31/20
0.02
Common
Share
Supplemental
Data/
Ratios
Applicable
to
Common
Shares
Common
Share
Total
Returns
Ratios
to
Average
Net
Assets
Based
on
Net
Asset
Value(b)
Based
on
Share
Price(b)
Net
Assets,
End
of
Period
(000)
Expenses(c)
Net
Investment
Income
(Loss)(c)
Portfolio
Turnover
Rate
1.48‌
%
6.36‌
%
$
88,508
0.40‌
%
(e)
3.78‌
%
(e)
4‌
%
5.96‌
(1.69‌)
88,969
0.36‌
3.87‌
17‌
(6.23‌)
(2.77‌)
87,224
0.36‌
3.63‌
43‌
(1.34‌)
(6.27‌)
96,352
0.35‌
(e)
3.14‌
(e)
9‌
(6.05‌)
16.13‌
100,600
0.35‌
3.26‌
5‌
4.86‌
6.26‌
98,013
0.36‌
3.41‌
10‌
2.04‌
3.51‌
50,088
0.48‌
(e)
3.89‌
(e)
1‌
6.22‌
0.54‌
50,057
0.42‌
3.93‌
24‌
(7.14‌)
(2.57‌)
48,992
0.42‌
3.49‌
62‌
(0.62‌)
(8.43‌)
54,533
0.40‌
(e)
2.86‌
(e)
16‌
5.98‌
18.66‌
56,311
0.40‌
3.25‌
14‌
2.69‌
(3.18‌)
54,893
0.43‌
3.39‌
5‌
(c)
•
Net
Investment
Income
(Loss)
ratios
reflect
income
earned
and
expenses
incurred
on
assets
attributable
to
borrowings
(as
described
in
Notes
to
Financial
Statements),
where
applicable.
•
The
expense
ratios
reflect,
among
other
things,
all
interest
expenses
and
other
costs
related
to
borrowings
(as
described
in
Notes
to
Financial
Statements)
and/
or
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
Notes
to
Financial
Statements),
where
applicable,
as
follows:
(d)
Unaudited.
(e)
Annualized.
(f)
Value
rounded
to
zero.
(g)
For
the
eleven
months
ended
February
28,
2022.
Notes
to
Financial
Statements
(Unaudited)
27
1.
General
Information
Fund
Information:
The
funds
covered
in
this
report
and
their
corresponding
New
York
Stock
Exchange
("NYSE")
symbols
are
as
follows
(each
a
"Fund"
and
collectively,
the
"Funds"):
Nuveen
California
Select
Tax-Free
Income
Portfolio
(NXC)
Nuveen
New
York
Select
Tax-Free
Income
Portfolio
(NXN)
The
Funds
are
registered
under
the
Investment
Company
Act
of
1940
(the
"1940
Act"),
as
amended,
as
diversified
closed-end
management
investment
companies.
NXC
and
NXN
were
organized
as
Massachusetts
business
trusts
on
March
30,
1992.
Current
Fiscal
Period:
The
end
of
the
reporting
period
for
the
Funds
is
August
31,
2024,
and
the
period
covered
by
these
Notes
to
Financial
Statements
is
the
six
months
ended
August
31,
2024
(the
"current
fiscal
period").
Investment
Adviser
and
Sub-Adviser:
The
Fund's
investment
adviser
is
Nuveen
Fund
Advisors,
LLC
(the
"Adviser"),
a
subsidiary
of
Nuveen,
LLC
("Nuveen").
Nuveen
is
the
investment
management
arm
of
Teachers
Insurance
and
Annuity
Association
of
America
(TIAA).
The
Adviser
has
overall
responsibility
for
management
of
the
Funds,
oversees
the
management
of
the
Funds'
portfolios,
manages
the
Funds'
business
affairs
and
provides
certain
clerical,
bookkeeping
and
other
administrative
services,
and,
if
necessary,
asset
allocation
decisions.
The
Adviser
has
entered
into
sub-
advisory
agreements
with
Nuveen
Asset
Management,
LLC
(the
"Sub-Adviser"),
a
subsidiary
of
the
Adviser,
under
which
the
Sub-Adviser
manages
the
investment
portfolios
of
the
Funds.
2.
Significant
Accounting
Policies
The
accompanying
financial
statements
were
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
("U.S.
GAAP"),
which
may
require
the
use
of
estimates
made
by
management
and
the
evaluation
of
subsequent
events.
Actual
results
may
differ
from
those
estimates. Each
Fund
is
an
investment
company
and
follows
accounting
guidance
in
the
Financial
Accounting
Standards
Board
("FASB")
Accounting
Standards
Codification
946,
Financial
Services
-
Investment
Companies.
The
net
asset
value
("NAV")
for
financial
reporting
purposes
may
differ
from
the
NAV
for
processing
security
and
shareholder
transactions.
The
NAV
for
financial
reporting
purposes
includes
security
and
common
shares
transactions
through
the
date
of
the
report.
Total
return
is
computed
based
on
the
NAV
used
for
processing
security
and common
shares transactions.
The
following
is
a
summary
of
the
significant
accounting
policies
consistently
followed
by
the
Funds.
Compensation:
The
Funds pay
no
compensation
directly
to
those
of its
officers,
all
of
whom
receive
remuneration
for
their
services
to
the
Funds
from
the
Adviser
or
its
affiliates.
The Funds'
Board
of
Trustees
(the
"Board")
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.
Distributions
to
Common
Shareholders:
Distributions
to
common shareholders
are
recorded
on
the
ex-dividend
date.
The
amount,
character
and
timing
of
distributions
are
determined
in
accordance
with
federal
income
tax
regulations,
which
may
differ
from
U.S.
GAAP.
The
Funds'
distribution
policy,
which
may
be
changed
by
the
Board,
is
to
make
regular
monthly
cash
distributions
to
holders
of
their
common
shares
(stated
in
terms
of
a
fixed
cents
per
common
share
dividend
distributions
rate
which
may
be
set
from
time
to
time).
Each
Fund
intends
to
distribute
all
or
substantially
all
of
its
net
investment
income
each
year through
its
regular
monthly
distribution
and
to
distribute
realized
capital
gains
at
least
annually.
In
addition,
in
any
monthly
period,
to
maintain
its
declared
per
common
share
distribution
amount,
a
Fund
may
distribute
more
or
less
than
its
net
investment
income
during
the
period.
In
the
event
a
Fund
distributes
more
than
its
net
investment
income
during
any
yearly
period,
such
distributions
may
also
include
realized
gains
and/or
a
return
of
capital.
To
the
extent
that
a
distribution
includes
a
return
of
capital
the
NAV
per
share
may
erode.
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
expects
the
risk
of
loss
to
be
remote.
Investments
and
Investment
Income:
Securities
transactions
are
accounted
for
as
of
the
trade
date
for
financial
reporting
purposes.
Realized
gains
and
losses
on
securities
transactions
are
based
upon
the
specific
identification
method.
Investment
income
is
comprised
of
interest
income,
which
is
recorded
on
an
accrual
basis
and
includes
accretion
of
discounts
and
amortization
of
premiums
for
financial
reporting
purposes.
Investment
income
also
reflects
payment-in-kind
("PIK")
interest
and
paydown
gains
and
losses,
if
any.
PIK
interest
represents
income
received
in
the
form
of
securities
in
lieu
of
cash.
Netting
Agreements:
In
the
ordinary
course
of
business,
the
Funds
may
enter
into
transactions
subject
to
enforceable International
Swaps
and
Derivatives
Association,
Inc.
(ISDA)
master
agreements
or
other
similar
arrangements
("netting
agreements").
Generally,
the
right
to
offset
in
netting
agreements
allows
each
Fund
to
offset
certain
securities
and
derivatives
with
a
specific
counterparty,
when
applicable,
as
well
as
any
collateral
received
or
delivered
to
that
counterparty
based
on
the
terms
of
the
agreements.
Generally,
each
Fund
manages
its
cash
collateral
and
securities
28
Notes
to
Financial
Statements
(Unaudited)
(continued)
collateral
on
a
counterparty
basis.
With
respect
to
certain
counterparties,
in
accordance
with
the
terms
of
the
netting
agreements,
collateral
posted
to
the
Funds
is
held
in
a
segregated
account
by
the
Funds'
custodian
and/or
with
respect
to
those
amounts
which
can
be
sold
or
repledged
,
are
presented
in
the
Funds'
Portfolio
of
Investments
or
Statement
of
Assets
and
Liabilities.
The
Funds'
investments
subject
to
netting
agreements
as
of
the
end
of
the
reporting
period,
if
any,
are
further
described
later
in
these
Notes
to
Financial
Statements.
3.
Investment
Valuation
and
Fair
Value
Measurements
The
Funds'
investments
in
securities
are
recorded
at
their
estimated
fair
value
utilizing
valuation
methods
approved
by
the
Adviser,
subject
to
oversight
of
the Board.
Fair
value
is
defined
as
the
price
that
would
be
received
upon
selling
an
investment
or
transferring
a
liability
in
an
orderly
transaction
to
an
independent
buyer
in
the
principal
or
most
advantageous
market
for
the
investment.
U.S.
GAAP
establishes
the
three-tier
hierarchy
which
is
used
to
maximize
the
use
of
observable
market
data
and
minimize
the
use
of
unobservable
inputs
and
to
establish
classification
of
fair
value
measurements
for
disclosure
purposes.
Observable
inputs
reflect
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability.
Observable
inputs
are
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity.
Unobservable
inputs
reflect
management's
assumptions
about
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability.
Unobservable
inputs
are
based
on
the
best
information
available
in
the
circumstances.
The
following
is
a
summary
of
the
three-tiered
hierarchy
of
valuation
input
levels.
Level
1
-
Inputs
are
unadjusted
and
prices
are
determined
using
quoted
prices
in
active
markets
for
identical
securities.
Level
2
-
Prices
are
determined
using
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
credit
spreads,
etc.).
Level
3
-
Prices
are
determined
using
significant
unobservable
inputs
(including
management's
assumptions
in
determining
the
fair
value
of
investments).
A
description
of
the
valuation
techniques
applied
to
the
Funds'
major
classifications
of
assets
and
liabilities
measured
at
fair
value
follows:
Prices
of
fixed-income
securities
are
generally
provided
by
pricing
services
approved
by
the
Adviser,
which
is
subject
to
review
by
the
Adviser
and
oversight
of
the
Board. Pricing
services
establish
a
security's
fair
value
using
methods
that
may
include
consideration
of
the
following:
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.
In
pricing
certain
securities,
particularly
less
liquid
and
lower
quality
securities,
pricing
services
may
consider
information
about
a
security,
its
issuer
or
market
activity
provided
by
the
Adviser.
These
securities
are
generally
classified
as
Level
2.
For
any
portfolio
security
or
derivative
for
which
market
quotations
are
not
readily
available
or
for
which
the
Adviser
deems
the
valuations
derived
using
the
valuation
procedures
described
above
not
to
reflect
fair
value,
the
Adviser
will
determine
a
fair
value
in
good
faith
using
alternative
procedures
approved
by
the
Adviser,
subject
to
the
oversight
of
the
Board.
As
a
general
principle,
the
fair
value
of
a
security
is
the
amount
that
the
owner
might
reasonably
expect
to
receive
for
it
in
a
current
sale.
A
variety
of
factors
may
be
considered
in
determining
the
fair
value
of
such
securities,
which
may
include
consideration
of
the
following:
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.
To
the
extent
the
inputs
are
observable
and
timely,
the
values
would
be
classified
as
Level
2;
otherwise
they
would
be
classified
as
Level
3.
The
following
table
summarizes
the
market
value
of
the
Funds'
investments
as
of
the
end
of
the
reporting
period,
based
on
the
inputs
used
to
value
them:
4.
Portfolio
Securities
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
(referred
to
as
an
"Underlying
Bond"),
typically
with
a
fixed
interest
rate,
into
a
special
purpose
tender
option
bond
("TOB")
trust
(referred
to
as
the
"TOB
Trust")
created
by
or
at
the
direction
of
one
or
more
Funds.
In
turn,
the
TOB
Trust
issues
(a)
floating
rate
certificates
(referred
to
as
"Floaters"),
in
face
amounts
equal
to
some
fraction
of
the
Underlying
Bond's
par
amount
or
market
value,
and
(b)
an
inverse
floating
rate
certificate
(referred
to
as
an
"Inverse
Floater")
that
represents
all
remaining
or
residual
interest
in
the
TOB
Trust.
Floaters
NXC
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Municipal
Bonds
$
-
$
85,823,911
$
-
$
85,823,911
Short-Term
Investments:
Municipal
Bonds
-
600,000
-
600,000
Total
$
-
$
86,423,911
$
-
$
86,423,911
NXN
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Municipal
Bonds
$
-
$
49,435,952
$
-
$
49,435,952
Total
$
-
$
49,435,952
$
-
$
49,435,952
29
typically
pay
short-term
tax-exempt
interest
rates
to
third
parties
who
are
also
provided
a
right
to
tender
their
certificate
and
receive
its
par
value,
which
may
be
paid
from
the
proceeds
of
a
remarketing
of
the
Floaters,
by
a
loan
to
the
TOB
Trust
from
a
third
party
liquidity
provider
("Liquidity
Provider"),
or
by
the
sale
of
assets
from
the
TOB
Trust.
The
Inverse
Floater
is
issued
to
a
long
term
investor,
such
as
one
or
more
of
the
Funds.
The
income
received
by
the
Inverse
Floater
holder
varies
inversely
with
the
short-term
rate
paid
to
holders
of
the
Floaters,
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
value
of
an
Inverse
Floater
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
Floaters,
and
because
the
Inverse
Floater
essentially
bears
the
risk
of
loss
(and
possible
gain)
of
the
greater
face
value
of
the
Underlying
Bond.
The
Inverse
Floater
held
by
a
Fund
gives
the
Fund
the
right
to
(a)
cause
the
holders
of
the
Floaters
to
tender
their
certificates
at
par
(or
slightly
more
than
par
in
certain
circumstances),
and
(b)
have
the
trustee
of
the
TOB
Trust
(the
"Trustee")
transfer
the
Underlying
Bond
held
by
the
TOB
Trust
to
the
Fund,
thereby
collapsing
the
TOB
Trust.
The
Fund
may
acquire
an
Inverse
Floater
in
a
transaction
where
it
(a)
transfers
an
Underlying
Bond
that
it
owns
to
a
TOB
Trust
created
by
a
third
party
or
(b)
transfers
an
Underlying
Bond
that
it
owns,
or
that
it
has
purchased
in
a
secondary
market
transaction
for
the
purpose
of
creating
an
Inverse
Floater,
to
a
TOB
Trust
created
at
its
direction,
and
in
return
receives
the
Inverse
Floater
of
the
TOB
Trust
(referred
to
as
a
"self-deposited
Inverse
Floater").
A
Fund
may
also
purchase
an
Inverse
Floater
in
a
secondary
market
transaction
from
a
third
party
creator
of
the
TOB
Trust
without
first
owning
the
Underlying
Bond
(referred
to
as
an
"externally-deposited
Inverse
Floater").
An
investment
in
a
self-deposited
Inverse
Floater
is
accounted
for
as
a
"financing"
transaction
(i.e.,
a
secured
borrowing).
For
a
self-deposited
Inverse
Floater,
the
Underlying
Bond
deposited
into
the
TOB
Trust
is
identified
in
the
Fund's
Portfolio
of
Investments
as
"(UB)
-
Underlying
bond
of
an
inverse
floating
rate
trust
reflected
as
a
financing
transaction,"
with
the
Fund
recognizing
as
liabilities,
labeled
"Floating
rate
obligations"
on
the
Statement
of
Assets
and
Liabilities,
(a)
the
liquidation
value
of
Floaters
issued
by
the
TOB
Trust,
and
(b)
the
amount
of
any
borrowings
by
the
TOB
Trust
from
a
Liquidity
Provider
to
enable
the
TOB
Trust
to
purchase
outstanding
Floaters
in
lieu
of
a
remarketing.
In
addition,
the
Fund
recognizes
in
"Investment
Income"
the
entire
earnings
of
the
Underlying
Bond,
and
recognizes
(a)
the
interest
paid
to
the
holders
of
the
Floaters
or
on
the
TOB
Trust's
borrowings,
and
(b)
other
expenses
related
to
remarketing,
administration,
trustee,
liquidity
and
other
services
to
a
TOB
Trust,
as
a
component
of
"Interest
expense"
on
the
Statement
of
Operations.
Earnings
due
from
the
Underlying
Bond
and
interest
due
to
the
holders
of
the
Floaters
as
of
the
end
of
the
reporting
period
are
recognized
as
components
of
"Receivable
for
interest"
and
"Payable
for
interest"
on
the
Statement
of
Assets
and
Liabilities,
respectively.
In
contrast,
an
investment
in
an
externally-deposited
Inverse
Floater
is
accounted
for
as
a
purchase
of
the
Inverse
Floater
and
is
identified
in
the
Fund's
Portfolio
of
Investments
as
"(IF)
-
Inverse
floating
rate
investment."
For
an
externally-deposited
Inverse
Floater,
a
Fund's
Statement
of
Assets
and
Liabilities
recognizes
the
Inverse
Floater
and
not
the
Underlying
Bond
as
an
asset,
and
the
Fund
does
not
recognize
the
Floaters,
or
any
related
borrowings
from
a
Liquidity
Provider,
as
a
liability.
Additionally,
the
Fund
reflects
in
"Investment
Income"
only
the
net
amount
of
earnings
on
the
Inverse
Floater
(net
of
the
interest
paid
to
the
holders
of
the
Floaters
or
the
Liquidity
Provider
as
lender,
and
the
expenses
of
the
Trust),
and
does
not
show
the
amount
of
that
interest
paid
or
the
expenses
of
the
TOB
Trust
as
described
above
as
interest
expense
on
the
Statement
of
Operations.
Fees
paid
upon
the
creation
of
a
TOB
Trust
for
self-deposited
Inverse
Floaters
and
externally-deposited
Inverse
Floaters
are
recognized
as
part
of
the
cost
basis
of
the
Inverse
Floater
and
are
capitalized
over
the
term
of
the
TOB
Trust.
During
the
current
fiscal
period,
the
Funds
did
not
have
any
transactions
in
self-deposited
Inverse
Floaters
and/or
externally-deposited
Inverse
Floaters.
Zero
Coupon
Securities:
A
zero
coupon
security
does
not
pay
a
regular
interest
coupon
to
its
holders
during
the
life
of
the
security.
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.
The
market
prices
of
zero
coupon
securities
generally
are
more
volatile
than
the
market
prices
of
securities
that
pay
interest
periodically.
Purchases
and
Sales:
Long-term
purchases
and
sales during
the
current fiscal
period
were
as
follows:
The
Funds
may
purchase
securities
on
a
when-issued
or
delayed-delivery
basis.
Securities
purchased
on
a
when-issued
or
delayed-delivery
basis
may
have
extended
settlement
periods;
interest
income
is
not
accrued
until
settlement
date.
Any
securities
so
purchased
are
subject
to
market
fluctuation
during
this
period. If
a
Fund
has
outstanding
when-issued/delayed-delivery
purchases
commitments
as
of
the
end
of
the
reporting
period,
such
amounts
are
recognized
on
the
Statement
of
Assets
and
Liabilities.
Fund
Non-U.S.
Government
Purchases
Non-U.S.
Government
Sales
and
Maturities
NXC
$
3,323,432
$
4,389,533
NXN
976,020
530,000
30
Notes
to
Financial
Statements
(Unaudited)
(continued)
5.
Derivative
Investments
Each
Fund
is
authorized
to
invest
in
certain
derivative
instruments.
As
defined
by
U.S.
GAAP,
a
derivative
is
a
financial
instrument
whose
value
is
derived
from
an
underlying
security
price,
foreign
exchange
rate,
interest
rate,
index
of
prices
or
rates,
or
other
variables.
Investments
in
derivatives
as
of
the
end
of
and/or
during
the
current
fiscal
period,
if
any,
are
included
within
the
Statement
of
Assets
and
Liabilities
and
the
Statement
of
Operations,
respectively.
Market
and
Counterparty
Credit
Risk:
In
the
normal
course
of
business
each
Fund
may
invest
in
financial
instruments
and
enter
into
financial
transactions
where
risk
of
potential
loss
exists
due
to
changes
in
the
market
(market
risk)
or
failure
of
the
other
party
to
the
transaction
to
perform
(counterparty
credit
risk).
The
potential
loss
could
exceed
the
value
of
the
financial
assets
recorded
on
the
financial
statements.
Financial
assets,
which
potentially
expose
each
Fund
to
counterparty
credit
risk,
consist
principally
of
cash
due
from
counterparties
on
forward,
option
and
swap
transactions,
when
applicable.
The
extent
of
each
Fund's
exposure
to
counterparty
credit
risk
in
respect
to
these
financial
assets
approximates
their
carrying
value
as
recorded
on
the
Statement
of
Assets
and
Liabilities.
Each
Fund
helps
manage
counterparty
credit
risk
by
entering
into
agreements
only
with
counterparties
the
Adviser
believes
have
the
financial
resources
to
honor
their
obligations
and
by
having
the
Adviser
monitor
the
financial
stability
of
the
counterparties.
Additionally,
counterparties
may
be
required
to
pledge
collateral
daily
(based
on
the
daily
valuation
of
the
financial
asset)
on
behalf
of
each
Fund
with
a
value
approximately
equal
to
the
amount
of
any
unrealized
gain
above
a
pre-determined
threshold.
Reciprocally,
when
each
Fund
has
an
unrealized
loss,
the
Funds
have
instructed
the
custodian
to
pledge
assets
of
the
Funds
as
collateral
with
a
value
approximately
equal
to
the
amount
of
the
unrealized
loss
above
a
pre-determined
threshold.
Collateral
pledges
are
monitored
and
subsequently
adjusted
if
and
when
the
valuations
fluctuate,
either
up
or
down,
by
at
least
the
pre-determined
threshold
amount.
6.
Fund
Shares
Common
Shares
Equity
Shelf
Programs
and
Offering
Costs:
NXC
has
filed
a
registration
statement
with
the
Securities
and
Exchange
Commission
("SEC")
authorizing the
Fund
to
issue
additional
common
shares
through
one
or
more
equity
shelf
programs
("Shelf
Offering"),
which
became
effective
with
the
SEC
during
a
prior
fiscal
period.
Under
this
Shelf
Offering,
the
Fund,
subject
to
market
conditions,
may
raise
additional
equity
capital
by
issuing
additional
common
shares
from
time
to
time
in
varying
amounts
and
by
different
offering
methods
at
a
net
price
at
or
above the
Fund's
NAV
per
common
share.
In
the
event
the
Fund's
Shelf
Offering
registration
statement
is
no
longer
current,
the
Fund
may
not
issue
additional
common
shares
until
a
post-effective
amendment
to
the
registration
statement
has
been
filed
with
the
SEC.
Additional
authorized
common
shares,
common
shares
sold
and
offering
proceeds,
net
of
offering
costs
under
each
Fund's
Shelf
Offering
during
the
Fund's
current
and
prior fiscal
period
were
as
follows:
Costs
incurred
by
the
Fund
in
connection
with its
initial
shelf
registrations
are
recorded
as
a
prepaid
expense
and
recognized
as
"Deferred
offering
costs"
on
the
Statement
of
Assets
and
Liabilities.
These
costs
are
amortized
pro
rata
as
common
shares
are
sold
and
are
recognized
as
a
component
of
"Proceeds
from
shelf
offering,
net
of
offering
costs"
on
the
Statement
of
Changes
in
Net
Assets.
Any
deferred
offering
costs
remaining
after
the
effectiveness
of
the
initial
shelf
registration
will
be
expensed.
Costs
incurred
by
the
Fund
to
keep
the
shelf
registration
current
are
expensed
as
incurred
and
recognized
as
a
component
of
"Other
expenses"
on
the
Statement
of
Operations.
Common Share
Transactions:
Transactions
in common
shares
for
the
Fund
during
the
Fund's
current
and
prior
fiscal
period,
where
applicable,
were
as
follows:
7.
Income
Tax
Information
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
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.
NXC
Six
Month
Ended
8/31/24
Year
Ended
2/29/24*
Additional
authorized
common
shares
1,300,000
1,300,000
Common
shares
sold
-
-
Offering
proceeds,
net
of
offering
costs
-
-
*
Represents
additional
authorized
shares
for
the
period
August
4,
2023
through
February
29,
2024.
NXC
Six
Months
Ended
8/31/24
Year
Ended
2/29/24
Common
Shares:
Issued
to
shareholders
due
to
reinvestment
of
distributions
-
468
Total
-
468
31
Each
Fund
files
income
tax
returns
in
U.S.
federal
and
applicable
state
and
local
jurisdictions.
A
Fund's
federal
income
tax
returns
are
generally
subject
to
examination
for
a
period
of
three
fiscal
years
after
being
filed.
State
and
local
tax
returns
may
be
subject
to
examination
for
an
additional
period
of
time
depending
on
the
jurisdiction.
Management
has
analyzed
each
Fund's
tax
positions
taken
for
all
open
tax
years
and
has
concluded
that
no
provision
for
income
tax
is
required
in
the
Fund's
financial
statements.
As
of
the
end
of
the
reporting
period,
the
aggregate
cost
and
the
net
unrealized
appreciation/(depreciation)
of
all
investments
for
federal
income
tax
purposes
were
as
follows:
For
purposes
of
this
disclosure,
tax
cost
generally
includes
the
cost
of
portfolio
investments
as
well
as
up-front
fees
or
premiums
exchanged
on
derivatives
and
any
amounts
unrealized
for
income
statement
reporting
but
realized
income
and/or
capital
gains
for
tax
reporting,
if
applicable.
As
of
prior
fiscal
period
end,
the
components
of
accumulated
earnings
on
a
tax
basis
were
as
follows:
As
of
prior
fiscal
period
end,
the
Funds
had
capital
loss
carryforwards,
which
will
not
expire:
8.
Management
Fees
and
Other
Transactions
with
Affiliates
Management
Fees:
Each
Fund's
management
fee
compensates
the
Adviser
for
overall
investment
advisory
and
administrative
services
and
general
office
facilities.
The
Sub-Adviser
is
compensated
for
its
services
to
the
Funds
from
the
management
fees
paid
to
the
Adviser.
Each
Fund's
management
fee
consists
of
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
eligible
fund
assets
managed
by
the
Adviser.
This
pricing
structure
enables
Fund
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,
payable
monthly,
for
each
fund
is
calculated
according
to
the
following
schedule:
Fund
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
(Depreciation)
Net
Unrealized
Appreciation
(Depreciation)
NXC
$
84,415,197
$
3,795,967
$
(1,787,253)
$
2,008,714
NXN
48,730,174
1,131,124
(425,346)
705,778
Fund
Undistributed
Tax-Exempt
Income
1
Undistributed
Ordinary
Income
Undistributed
Long-Term
Capital
Gains
Unrealized
Appreciation
(Depreciation)
Capital
Loss
Carryforwards
Late-Year
Loss
Deferrals
Other
Book-to-Tax
Differences
Total
NXC
$
400,036
$
-
$
-
$
2,369,132
$
(2,124,541)
$
-
$
(289,484)
$
355,143
NXN
188,563
-
-
674,883
(4,540,973)
-
(160,921)
(3,838,448)
1
Undistributed
tax-exempt
income
(on
a
tax
basis)
has
not
been
reduced
for
the
dividend
declared
on
February
1,
2024
and
paid
on
March
1,
2024.
Fund
Short-Term
Long-Term
Total
NXC
$
462,152
$
1,662,389
$
2,124,541
NXN
2,632,255
1,908,718
4,540,973
Average
Daily
Net
Assets*
Fund-Level
Fee
Rate
For
the
first
$125
million
0.1000
%
For
the
next
$125
million
0.0875
For
the
next
$250
million
0.0750
For
the
next
$500
million
0.0625
For
the
next
$1
billion
0.0500
For
the
next
$3
billion
0.0250
For
managed
assets
over
$5
billion
0.0125
32
Notes
to
Financial
Statements
(Unaudited)
(continued)
For
the
period
March
1,
2024
through
April
30,
2024
annual
complex-level
fee,
payable
monthly,
for
each
Fund
is
calculated
by
multiplying
the
current
complex-wide
fee
rate,
determined
according
to
the
following
schedule
by
the
Fund's
daily
managed
assets:
*
For
the
complex-level
fees,
managed
assets
include
closed-end
fund
assets
managed
by
the
Adviser
that
are
attributable
to
certain
types
of
leverage.
For
these
purposes,
leverage
includes
the
funds'
use
of
preferred
stock
and
borrowings
and
certain
investments
in
the
residual
interest
certificates
(also
called
inverse
floating
rate
securities)
in
tender
option
bond
(TOB)
trusts,
including
the
portion
of
assets
held
by
a
TOB
trust
that
has
been
effectively
financed
by
the
trust's
issuance
of
floating
rate
securities,
subject
to
an
agreement
by
the
Adviser
as
to
certain
funds
to
limit
the
amount
of
such
assets
for
determining
managed
assets
in
certain
circumstances.
The
complex-level
fee
is
calculated
based
upon
the
aggregate
daily
managed
assets
of
all
Nuveen
open-end
and
closed-end
funds
that
constitute
''eligible
assets."
Eligible
assets
do
not
include
assets
attributable
to
investments
in
other
Nuveen
funds
or
assets
in
excess
of
a
determined
amount
(originally
$2
billion)
added
to
the
Nuveen
fund
complex
in
connection
with
the
Adviser's
assumption
of
the
management
of
the
former
First
American
Funds
effective
January
1,
2011,
but
do
not
include
certain
assets
of
certain
Nuveen
funds
that
were
reorganized
into
funds
advised
by
an
affiliate
of
the
Adviser
during
the
2019
calendar
year.
Effective
May
1,
2024
the
annual
complex-level
fee,
payable
monthly,
for
each
Fund
is
calculated
according
to
the
following
schedule:
*
The
complex-level
fee
is
calculated
based
upon
the
aggregate
daily
"eligible
assets"
of
all
Nuveen-branded
closed-end
funds
and
Nuveen
branded
open-end
funds
("Nuveen
Mutual
Funds").
Except
as
described
below,
eligible
assets
include
the
assets
of
all
Nuveen-branded
closed-end
funds
and
Nuveen
Mutual
Funds
organized
in
the
United
States.
Eligible
assets
do
not
include
the
net
assets
of:
Nuveen
fund-of-funds,
Nuveen
money
market
funds,
Nuveen
index
funds,
Nuveen
Large
Cap
Responsible
Equity
Fund
or
Nuveen
Life
Large
Cap
Responsible
Equity
Fund.
In
addition,
eligible
assets
include
a
fixed
percentage
of
the
aggregate
net
assets
of
the
active
equity
and
fixed
income
Nuveen
Mutual
Funds
advised
by
the
Adviser's
affiliate,
Teachers
Advisors,
LLC
(except
those
identified
above).
The
fixed
percentage
will
increase
annually
until
May
1,
2033,
at
which
time
eligible
assets
will
include
all
of
the
aggregate
net
assets
of
the
active
equity
and
fixed
income
Nuveen
Mutual
Funds
advised
by
Teachers
Advisors,
LLC
(except
those
identified
above).
Eligible
assets
include
closed-end
fund
assets
managed
by
the
Adviser
that
are
attributable
to
financial
leverage.
For
these
purposes,
financial
leverage
includes
the
closed-end
funds'
use
of
preferred
stock
and
borrowings
and
certain
investments
in
the
residual
interest
certificates
(also
called
inverse
floating
rate
securities)
in
tender
option
bond
(TOB)
trusts,
including
the
portion
of
assets
held
by
a
TOB
trust
that
has
been
effectively
financed
by
the
trust's
issuance
of
floating
rate
securities,
subject
to
an
agreement
by
the
Adviser
as
to
certain
funds
to
limit
the
amount
of
such
assets
for
determining
eligible
assets
in
certain
circumstances.
As
of
August
31,
2024,
the
annual
complex-level
fee
for
each
Fund
was
as
follows:
Other
Transactions
with
Affiliates:
Each
Fund
is
permitted
to
purchase
or
sell
securities
from
or
to
certain
other
funds
or
accounts
managed
by
the
Sub-Adviser
or
by
an
affiliate
of
the
Adviser
(each
an
, "Affiliated
Entity")
under
specified
conditions
outlined
in
procedures
adopted
by
the
Board
("cross-trade").
These
procedures
have
been
designed
to
ensure
that
any
cross-trade
of
securities
by
the
Fund
from
or
to
an
Affiliated
Entity
by
virtue
of
having
a
common
investment
adviser
(or
affiliated
investment
adviser),
common
officer
and/or
common
trustee
complies
with
Rule
17a-7
under
the
1940
Act.
These
transactions
are
effected
at
the
current
market
price
(as
provided
by
an
independent
pricing
service)
without
incurring
broker
commissions.
During
the
current
fiscal
period,
the
Funds
did
not
engage
in
cross-trades
pursuant
to
these
procedures.
Complex-Level
Eligible
Asset
Breakpoint
Level*
Effective
Complex-Level
Fee
Rate
at
Breakpoint
Level
$55
billion
0.2000
%
$56
billion
0.1996
$57
billion
0.1989
$60
billion
0.1961
$63
billion
0.1931
$66
billion
0.1900
$71
billion
0.1851
$76
billion
0.1806
$80
billion
0.1773
$91
billion
0.1691
$125
billion
0.1599
$200
billion
0.1505
$250
billion
0.1469
$300
billion
0.1445
Complex-Level
Asset
Breakpoint
Level*
Complex-Level
Fee
For
the
first
$124.3
billion
0.1600
%
For
the
next
$75.7
billion
0.1350
For
the
next
$200
billion
0.1325
For
eligible
assets
over
$400
billion
0.1300
Fund
Complex-Level
Fee
NXC
0.1570%
NXN
0.1570%
33
9.
Borrowing
Arrangements
Committed
Line
of
Credit:
The
Funds,
along
with
certain
other
funds
managed
by
the
Adviser
("Participating
Funds"),
have
established
a
364-day,
$2.700
billion
standby
credit
facility
with
a
group
of
lenders,
under
which
the
Participating
Funds
may
borrow
for
temporary
purposes
(other
than
on-
going
leveraging
for
investment
purposes).
Each
Participating
Fund
is
allocated
a
designated
proportion
of
the
facility's
capacity
(and
its
associated
costs,
as
described
below)
based
upon
a
multi-factor
assessment
of
the
likelihood
and
frequency
of
its
need
to
draw
on
the
facility,
the
size
of
the
Fund
and
its
anticipated
draws,
and
the
potential
importance
of
such
draws
to
the
operations
and
well-being
of
the
Fund,
relative
to
those
of
the
other
Funds.
A
Fund
may
effect
draws
on
the
facility
in
excess
of
its
designated
capacity
if
and
to
the
extent
that
other
Participating
Funds
have
undrawn
capacity.
The
credit
facility
expires
in
June
2025
unless
extended
or
renewed.
The
credit
facility
has
the
following
terms:
0.15%
per
annum
on
unused
commitment
amounts
and
a
drawn
interest
rate
equal
to
the
higher
of
(a)
OBFR
(Overnight
Bank
Funding
Rate)
plus
1.20%
per
annum
or
(b)
the
Fed
Funds
Effective
Rate
plus
1.20%
per
annum
on
amounts
borrowed.
Interest
expense
incurred
by
the
Participating
Funds,
when
applicable,
is
recognized
as
a
component
of
"Interest
expense
and
amortization
of
offering
costs"
on
the
Statement
of
Operations.
Participating
Funds
paid
administration,
legal
and
arrangement
fees,
which
are
recognized
as
a
component
of
"Interest
expense
and
amortization
of
offering
costs"
on
the
Statement
of
Operations,
and
along
with
commitment
fees,
have
been
allocated
among
such
Participating
Funds
based
upon
the
relative
proportions
of
the
facility's
aggregate
capacity
reserved
for
them
and
other
factors
deemed
relevant
by
the
Adviser
and
the
Board
of
each
Participating
Fund.
During
the
current
fiscal
period,
the
following
Funds
utilized
this
facility.
The
Fund's
maximum
outstanding
balance
during
the
utilization
period
was
as
follows:
During
the
Fund's
utilization
period
during
the
current
fiscal
period,
the
average
daily
balance
outstanding
and
average
annual
interest
rate
on
the
Borrowings
were
as
follows:
Borrowings
outstanding
as
of
the
end
of
the
reporting
period,
if
any,
are
recognized
as
"Borrowings"
on
the
Statement
of
Assets
and
Liabilities,
where
applicable.
10.
Inter-Fund
Borrowing
and
Lending
Inter-Fund
Borrowing
and
Lending:
The
SEC
has
granted
an
exemptive
order
permitting
registered
open-end
and
closed-end
Nuveen
funds
to
participate
in
an
inter-fund
lending
facility
whereby
the
Nuveen
funds
may
directly
lend
to
and
borrow
money
from
each
other
for
temporary
purposes
(e.g.,
to
satisfy
redemption
requests
or
when
a
sale
of
securities
"fails,"
resulting
in
an
unanticipated
cash
shortfall)
(the
"Inter-Fund
Program").
The
closed-end
Nuveen
funds,
including
the
Funds
covered
by
this
shareholder
report,
will
participate
only
as
lenders,
and
not
as
borrowers,
in
the
Inter-Fund
Program
because
such
closed-end
funds
rarely,
if
ever,
need
to
borrow
cash
to
meet
redemptions.
The
Inter-Fund
Program
is
subject
to
a
number
of
conditions,
including,
among
other
things,
the
requirements
that
(1)
no
fund
may
borrow
or
lend
money
through
the
Inter-Fund
Program
unless
it
receives
a
more
favorable
interest
rate
than
is
typically
available
from
a
bank
or
other
financial
institution
for
a
comparable
transaction;
(2)
no
fund
may
borrow
on
an
unsecured
basis
through
the
Inter-Fund
Program
unless
the
fund's
outstanding
borrowings
from
all
sources
immediately
after
the
inter-fund
borrowing
total
10%
or
less
of
its
total
assets;
provided
that
if
the
borrowing
fund
has
a
secured
borrowing
outstanding
from
any
other
lender,
including
but
not
limited
to
another
fund,
the
inter-fund
loan
must
be
secured
on
at
least
an
equal
priority
basis
with
at
least
an
equivalent
percentage
of
collateral
to
loan
value;
(3)
if
a
fund's
total
outstanding
borrowings
immediately
after
an
inter-fund
borrowing
would
be
greater
than
10%
of
its
total
assets,
the
fund
may
borrow
through
the
inter-fund
loan
on
a
secured
basis
only;
(4)
no
fund
may
lend
money
if
the
loan
would
cause
its
aggregate
outstanding
loans
through
the
Inter-Fund
Program
to
exceed
15%
of
its
net
assets
at
the
time
of
the
loan;
(5)
a
fund's
inter-fund
loans
to
any
one
fund
shall
not
exceed
5%
of
the
lending
fund's
net
assets;
(6)
the
duration
of
inter-
fund
loans
will
be
limited
to
the
time
required
to
receive
payment
for
securities
sold,
but
in
no
event
more
than
seven
days;
and
(7)
each
inter-fund
loan
may
be
called
on
one
business
day's
notice
by
a
lending
fund
and
may
be
repaid
on
any
day
by
a
borrowing
fund.
In
addition,
a
Nuveen
fund
may
participate
in
the
Inter-Fund
Program
only
if
and
to
the
extent
that
such
participation
is
consistent
with
the
fund's
investment
objective
and
investment
policies.
The
Board
is
responsible
for
overseeing
the
Inter-Fund
Program.
Fund
Maximum
Outstanding
Balance
NXC
$
1,017,325
NXN
-
Fund
Utilization
Period
(Days
Outstanding)
Average
Daily
Balance
Outstanding
Average
Annual
Interest
Rate
NXC
3
$
1,017,325
6.53
%
NXN
-
-
-
34
Notes
to
Financial
Statements
(Unaudited)
(continued)
The
limitations
detailed
above
and
the
other
conditions
of
the
SEC
exemptive
order
permitting
the
Inter-Fund
Program
are
designed
to
minimize
the
risks
associated
with
Inter-Fund
Program
for
both
the
lending
fund
and
the
borrowing
fund.
However,
no
borrowing
or
lending
activity
is
without
risk.
When
a
fund
borrows
money
from
another
fund,
there
is
a
risk
that
the
loan
could
be
called
on
one
day's
notice
or
not
renewed,
in
which
case
the
fund may
have
to
borrow
from
a
bank
at
a
higher
rate
or
take
other
actions
to
payoff
such
loan
if
an
inter-fund
loan
is
not
available
from
another
fund.
Any
delay
in
repayment
to
a
lending
fund
could
result
in
a
lost
investment
opportunity
or
additional
borrowing
costs.
During
the
current
reporting
period,
none
of
the
Funds
covered
by
this
shareholder
report
have
entered
into
any
inter-fund
loan
activity.
Shareholder
Meeting
Report
(Unaudited)
35
The
annual
meeting
of
shareholders
for
NXC
and
NXN
was
held
on
August
8,
2024;
at
this
meeting
the
shareholders
were
asked
to
elect
Board
Members.
The
vote
totals
for
NXC
and
NXN
are
set
forth
below:
NXC
NXN
Common
Shares
Common
Shares
Approval
of
the
Board
Members
was
reached
as
follows:
Joanne
T.
Medero
For
4,577,439
3,244,526
Withhold
290,251
63,796
Total
4,867,690
3,308,322
Albin
F.
Moschner
For
4,582,537
3,256,597
Withhold
285,153
51,725
Total
4,867,690
3,308,322
Loren
M.
Starr
For
4,601,904
3,264,055
Withhold
265,786
44,267
Total
4,867,690
3,308,322
Matthew
Thornton
III
For
4,600,998
3,256,597
Withhold
266,692
51,725
Total
4,867,690
3,308,322
36
Additional
Fund
Information
(Unaudited)
Portfolio
of
Investments
Information
The
Fund
is
required
to
file
its
complete
schedule
of
portfolio
holdings
with
the
Securities
and
Exchange
Commission
(SEC)
for
the
first
and
third
quarters
of
each
fiscal
year
as
an
exhibit
to
its
report
on
Form
N-PORT.
You
may
obtain
this
information
on
the
SEC's
website
at
http://www.sec.gov.
Nuveen
Funds'
Proxy
Voting
Information
You
may
obtain
(i)
information
regarding
how
each
fund
voted
proxies
relating
to
portfolio
securities
held
during
the
most
recent
twelve-month
period
ended
June
30,
without
charge,
upon
request,
by
calling
Nuveen
toll-free
at
(800)
257-8787
or
on
Nuveen's
website
at
www.nuveen.com
and
(ii)
a
description
of
the
policies
and
procedures
that
each
fund
used
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
without
charge,
upon
request,
by
calling
Nuveen
toll-free
at
(800)
257-8787.
You
may
also
obtain
this
information
directly
from
the
SEC.
Visit
the
SEC
on-line
at
http://www.sec.gov.
CEO
Certification
Disclosure
The
Fund's
Chief
Executive
Officer
(CEO)
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
CEO
and
Chief
Financial
Officer
required
by
Section
302
of
the
Sarbanes-Oxley
Act.
Common
Share
Repurchases
Each
Fund
intends
to
repurchase,
through
its
open-market
share
repurchase
program,
shares
of
its
own
common
stock
at
such
times
and
in
such
amounts
as
is
deemed
advisable.
During
the
period
covered
by
this
report,
each
Fund
repurchased
shares
of
its
common
stock
as
shown
in
the
accompanying
table.
Any
future
repurchases
will
be
reported
to
shareholders
in
the
next
annual
or
semi-annual
report.
FINRA
BrokerCheck
:
The
Financial
Industry
Regulatory
Authority
(FINRA)
provides
information
regarding
the
disciplinary
history
of
FINRA
member
firms
and
associated
investment
professionals.
This
information
as
well
as
an
investor
brochure
describing
FINRA
BrokerCheck
is
available
to
the
public
by
calling
the
FINRA
BrokerCheck
Hotline
number
at
(800)
289-9999
or
by
visiting
www.FINRA.org.
Board
of
Trustees
Joseph
A.
Boateng
Michael
A.
Forrester
Thomas
J.
Kenny
Amy
B.R.
Lancellotta
Joanne
T.
Medero
Albin
F.
Moschner
John
K.
Nelson
Loren
M.
Starr
Matthew
Thornton
III
Terence
J.
Toth
Margaret
L.
Wolff
Robert
L.
Young
Investment
Adviser
Nuveen
Fund
Advisors,
LLC
333
West
Wacker
Drive
Chicago,
IL
60606
Custodian
State
Street
Bank
&
Trust
Company
One
Congress
Street
Suite
1
Boston,
MA
02114-2016
Legal
Counsel
Chapman
and
Cutler
LLP
Chicago,
IL
60603
Independent
Registered
Public
Accounting
Firm
KPMG
LLP
200
East
Randolph
Street
Chicago,
IL
60601
Transfer
Agent
and
Shareholder
Services
Computershare
Trust
Company,
N.A.
150
Royall
Street
Canton,
MA
02021
(800)
257-8787
NXC
NXN
Common
shares
repurchased
0
0
Glossary
of
Terms
Used
in
this
Report
(Unaudited)
37
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
offer
price
and
reinvested
dividends
and
capital
gains
distributions,
if
any)
over
the
time
period
being
considered.
Effective
Leverage:
Effective
leverage
is
a
fund's
effective
economic
leverage,
and
includes
both
regulatory
leverage
(see
leverage)
and
the
leverage
effects
of
certain
derivative
investments
in
the
fund's
portfolio.
Currently,
the
leverage
effects
of
Tender
Option
Bond
(TOB)
inverse
floater
holdings
are
included
in
effective
leverage
values,
in
addition
to
any
regulatory
leverage.
Inverse
Floating
Rate
Securities:
Inverse
floating
rate
securities
are
the
residual
interest
in
a
tender
option
bond
(TOB)
trust,
sometimes
referred
to
as
"inverse
floaters",
are
created
by
depositing
a
municipal
bond,
typically
with
a
fixed
interest
rate,
into
a
special
purpose
trust.
This
trust,
in
turn,
(a)
issues
floating
rate
certificates
typically
paying
short-term
tax-exempt
interest
rates
to
third
parties
in
amounts
equal
to
some
fraction
of
the
deposited
bond's
par
amount
or
market
value,
and
(b)
issues
an
inverse
floating
rate
certificate
(sometimes
referred
to
as
an
"inverse
floater")
to
an
investor
(such
as
a
Fund)
interested
in
gaining
investment
exposure
to
a
long-term
municipal
bond.
The
income
received
by
the
holder
of
the
inverse
floater
varies
inversely
with
the
short-term
rate
paid
to
the
floating
rate
certificates'
holders,
and
in
most
circumstances
the
holder
of
the
inverse
floater
bears
substantially
all
of
the
underlying
bond's
downside
investment
risk.
The
holder
of
the
inverse
floater
typically
also
benefits
disproportionately
from
any
potential
appreciation
of
the
underlying
bond's
value.
Hence,
an
inverse
floater
essentially
represents
an
investment
in
the
underlying
bond
on
a
leveraged
basis.
Net
Asset
Value
(NAV)
Per
Share:
A
fund's
Net
Assets
is
equal
to
its
total
assets
(securities,
cash,
accrued
earnings
and
receivables)
less
its
total
liabilities.
NAV
per
share
is
equal
to
the
fund's
Net
Assets
divided
by
its
number
of
shares
outstanding.
Pre-Refunded
Bond/Pre-Refunding:
Pre-Refunded
Bond/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.
Tax
Obligation/General
Bonds:
Bonds
backed
by
the
general
revenues
of
an
issuer,
including
taxes,
where
the
issuer
has
the
ability
to
increase
taxes
by
an
unlimited
amount
to
pay
the
bonds
back.
Tax
Obligation/Limited
Bonds:
Bonds
backed
by
the
general
revenues
of
an
issuer,
including
taxes,
where
the
issuer
doesn't
have
the
ability
to
increase
taxes
by
an
unlimited
amount
to
pay
the
bonds
back.
Total
Investment
Exposure:
Total
investment
exposure
is
a
fund's
assets
managed
by
the
Adviser
that
are
attributable
to
financial
leverage.
For
these
purposes,
financial
leverage
includes
a
fund's
use
of
preferred
stock
and
borrowings
and
investments
in
the
residual
interest
certificates
(also
called
inverse
floating
rate
securities)
in
tender
option
bond
(TOB)
trusts,
including
the
portion
of
assets
held
by
a
TOB
trust
that
has
been
effectively
financed
by
the
trust's
issuance
of
floating
rate
securities.
38
Statement
Regarding
Basis
for
Approval
of
Investment
Advisory
Contract
(Unaudited)
Nuveen
California
Select
Tax-Free
Income
Portfolio
Nuveen
New
York
Select
Tax-Free
Income
Portfolio
The
Approval
Process
At
meetings
held
on
April
18
and
19,
2024
(the
"Meeting"),
the
Boards
of
Trustees
(collectively,
the
"Board"
and
each
Trustee,
a
"Board
Member")
of
the
Funds
approved,
for
their
respective
Fund,
the
renewal
of
the
investment
management
agreement
(each
an
"Investment
Management
Agreement")
with
Nuveen
Fund
Advisors,
LLC
("NFAL";
NFAL
is
an
"Adviser")
pursuant
to
which
NFAL
serves
as
investment
adviser
to
such
Fund.
Similarly,
for
each
Fund,
the
Board
approved
the
renewal
of
the
sub-advisory
agreement
(each
a
"Sub-Advisory
Agreement")
with
Nuveen
Asset
Management,
LLC
(the
"Sub-Adviser")
pursuant
to
which
the
Sub-Adviser
serves
as
the
sub-adviser
to
such
Fund.
The
Board
Members
are
not
"interested
persons"
(as
defined
under
the
Investment
Company
Act
of
1940
(the
"1940
Act"))
and,
therefore,
the
Board
is
deemed
to
be
comprised
of
all
disinterested
Board
Members.
References
to
the
Board
and
the
Board
Members
are
interchangeable.
Below
is
a
summary
of
the
annual
review
process
the
Board
undertook
related
to
its
most
recent
renewal
of
each
Investment
Management
Agreement
and
Sub-Advisory
Agreement
on
behalf
of
the
applicable
Fund.
In
accordance
with
applicable
law,
following
up
to
an
initial
two-year
period,
the
Board
considers
the
renewal
of
each
Investment
Management
Agreement
and
Sub-Advisory
Agreement
on
behalf
of
the
applicable
Fund
on
an
annual
basis.
The
Investment
Management
Agreements
and
Sub-
Advisory
Agreements
are
collectively
referred
to
as
the
"Advisory
Agreements,"
and
NFAL
and
the
Sub-Adviser
are
collectively,
the
"Fund
Advisers"
and
each
a
"Fund
Adviser."
In
addition,
the
fund
complex
consists
of
the
group
of
funds
advised
by
NFAL
(collectively
referred
to
as
the
"Nuveen
funds")
and
the
group
of
funds
advised
by
Teachers
Advisors,
LLC
("TAL"
and
such
funds
are
collectively,
the
"TC
funds").
For
clarity,
NFAL
serves
as
Adviser
to
the
Nuveen
funds,
including
the
Funds,
and
TAL
serves
as
"Adviser"
to
the
TC
funds.
The
Board
Members
considered
that
the
prior
separate
boards
of
the
TC
funds
and
Nuveen
funds
were
consolidated
effective
in
January
2024.
Accordingly,
at
the
Meeting,
the
Board
Members
considered
the
review
of
the
advisory
agreements
for
the
Nuveen
funds
as
well
as
reviewed
the
investment
management
agreements
for
the
TC
funds.
Depending
on
the
appropriate
context,
references
to
"the
Adviser"
may
be
to
NFAL
with
respect
to
the
Nuveen
funds
and/or
TAL
with
respect
to
the
TC
funds.
The
Board
Members
considered
the
review
of
the
advisory
agreements
of
the
Nuveen
funds
and
the
TC
funds
to
be
an
ongoing
process.
The
Board
Members
therefore
employed
the
accumulated
information,
knowledge
and
experience
they
had
gained
during
their
tenure
on
the
respective
board
of
the
TC
funds
or
Nuveen
funds
(as
the
case
may
be)
governing
the
applicable
funds
and
working
with
the
respective
investment
advisers
and
sub-
advisers,
as
applicable,
in
their
review
of
the
advisory
agreements
for
the
fund
complex.
During
the
course
of
the
year
prior
to
the
Meeting,
the
Board
and/or
its
committees
received
a
wide
variety
of
materials
that
covered
a
range
of
topics
relevant
to
the
Board's
annual
consideration
of
the
renewal
of
the
advisory
agreements,
including
reports
on
fund
investment
results
over
various
periods;
product
initiatives
for
various
funds;
fund
expenses;
compliance,
regulatory
and
risk
management
matters;
trading
practices,
including
soft
dollar
arrangements
(as
applicable);
the
liquidity
and
derivatives
risk
management
programs;
management
of
distributions;
valuation
of
securities;
payments
to
financial
intermediaries
(as
applicable);
securities
lending
(as
applicable);
overall
market
and
regulatory
developments;
and
with
respect
to
closed-end
funds,
capital
management
initiatives,
institutional
ownership,
management
of
leverage
financing
and
the
secondary
market
trading
of
the
closed-end
funds
and
any
actions
to
address
discounts.
The
Board
also
met
periodically
with
and/or
received
presentations
by
key
investment
professionals
managing
a
fund's
portfolio.
In
particular,
at
the
Board
meeting
held
on
February
27-29,
2024
(the
"February
Meeting"),
the
Board
and/or
its
Investment
Committee
received
the
annual
performance
review
of
the
funds
as
described
in
further
detail
below.
The
presentations,
discussions
and
meetings
throughout
the
year
also
provide
a
means
for
the
Board
to
evaluate
and
consider
the
level,
breadth
and
quality
of
services
provided
by
the
Adviser
and
sub-advisers,
as
applicable,
and
how
such
services
have
changed
over
time
in
light
of
new
or
modified
regulatory
requirements,
changes
to
market
conditions
or
other
factors.
In
connection
with
its
annual
consideration
of
the
advisory
agreements,
the
Board,
through
its
independent
legal
counsel,
requested
and
received
extensive
materials
and
information
prepared
specifically
for
its
review
of
the
advisory
agreements.
The
materials
provided
at
the
Meeting
and/or
prior
meetings
covered
a
wide
range
of
matters
including,
but
not
limited
to,
a
description
of
the
nature,
extent
and
quality
of
services
provided
by
the
Fund
Advisers;
the
consolidation
of
the
Nuveen
fund
family
and
TC
fund
family;
a
review
of
product
actions
advanced
in
2023
for
the
benefit
of
particular
funds
and/or
the
fund
complex;
a
review
of
each
sub-adviser,
if
applicable,
and/or
applicable
investment
team;
an
analysis
of
fund
performance
with
a
focus
on
funds
considered
to
have
met
certain
challenged
performance
measurements;
an
analysis
of
the
fees
and
expense
ratios
of
the
funds
with
a
focus
on
funds
considered
to
have
certain
expense
characteristics;
a
list
of
management
fee
and,
if
applicable,
sub-advisory
fee
schedules;
a
description
of
portfolio
manager
compensation;
an
overview
of
the
primary
and
secondary
markets
for
the
Nuveen
closed-end
funds
(including,
among
other
things,
premium
or
discount
data
and
commentary
regarding
the
leverage
management,
share
repurchase
and
shelf
offering
programs
during
2023);
a
description
of
the
profitability
and/or
financial
data
of
Nuveen,
TAL
and
the
sub-advisers;
and
a
description
of
indirect
benefits
received
by
the
Adviser
and
the
sub-advisers
as
a
result
of
their
relationships
with
the
funds,
as
applicable.
The
Board
also
considered
information
provided
by
Broadridge
Financial
Solutions,
Inc.
("Broadridge"),
an
independent
provider
of
investment
company
data,
comparing
fee
and
expense
levels
of
each
respective
fund
to
those
of
a
peer
universe.
The
information
prepared
specifically
for
the
annual
review
supplemented
the
information
provided
to
the
Board
and
its
committees
and
the
evaluations
of
the
funds
by
the
Board
and
its
committees
during
the
year.
The
Board's
review
of
the
advisory
agreements
for
the
fund
complex
is
based
on
all
the
information
provided
to
the
Board
and
its
committees
over
time.
The
performance,
fee
and
expense
data
and
other
information
provided
by
a
Fund
Adviser,
Broadridge
or
other
service
providers
were
not
independently
verified
by
the
Board
Members.
39
As
part
of
their
review,
the
Board
Members
and
independent
legal
counsel
met
by
videoconference
in
executive
session
on
April
10,
2024
(the
"April
Executive
Session")
to
review
and
discuss
materials
provided
in
connection
with
their
annual
review
of
the
advisory
agreements
for
the
fund
complex.
After
reviewing
this
information,
the
Board
Members
requested,
directly
or
through
independent
legal
counsel,
additional
information,
and
the
Board
subsequently
reviewed
and
discussed
the
responses
to
these
follow-up
questions
and
requests.
The
Board
Members
were
advised
by
independent
legal
counsel
during
the
annual
review
process
as
well
as
throughout
the
year,
including
meeting
in
executive
sessions
with
such
counsel
at
which
no
representatives
of
management
were
present.
In
connection
with
their
annual
review,
the
Board
Members
also
received
a
memorandum
from
independent
legal
counsel
outlining
their
fiduciary
duties
and
legal
standards
in
reviewing
the
Advisory
Agreements,
including
guidance
from
court
cases
evaluating
advisory
fees.
The
Board's
decisions
to
renew
each
Advisory
Agreement
were
not
based
on
a
single
identified
factor,
but
rather
each
decision
reflected
the
comprehensive
consideration
of
all
the
information
provided
to
the
Board
and
its
committees
throughout
the
year
as
well
as
the
materials
prepared
specifically
in
connection
with
the
annual
review
process.
The
contractual
arrangements
may
reflect
the
results
of
prior
year(s)
of
review,
negotiation
and
information
provided
in
connection
with
the
Board's
annual
review
of
the
funds'
advisory
arrangements
and
oversight
of
the
funds.
Each
Board
Member
may
have
attributed
different
levels
of
importance
to
the
various
factors
and
information
considered
in
connection
with
the
annual
review
process
and
may
have
placed
different
emphasis
on
the
relevant
information
year
to
year
in
light
of,
among
other
things,
changing
market
and
economic
conditions.
A
summary
of
the
principal
factors
and
information,
but
not
all
the
factors,
the
Board
considered
in
deciding
to
renew
the
Advisory
Agreements
is
set
forth
below.
A.
Nature,
Extent
and
Quality
of
Services
In
evaluating
the
renewal
of
the
Advisory
Agreements,
the
Board
Members
received
and
considered
information
regarding
the
nature,
extent
and
quality
of
the
applicable
Fund
Adviser's
services
provided
to
each
respective
Fund
with
particular
focus
on
the
services
and
enhancements
or
changes
to
such
services
provided
during
the
last
year.
The
Board
Members
considered
the
Investment
Management
Agreements
and
the
Sub-Advisory
Agreements
separately
in
the
course
of
their
review.
With
this
approach,
they
considered
the
roles
of
NFAL
and
the
Sub-Adviser
in
providing
services
to
the
Funds.
The
Board
considered
that
the
Adviser
provides
a
wide
array
of
management,
oversight
and
other
services
to
manage
and
operate
the
applicable
funds.
The
Board
considered
the
Adviser's
and
its
affiliates'
dedication
of
resources,
time,
people
and
capital
as
well
as
continual
program
of
improvement
and
innovation
aimed
at
enhancing
the
funds
and
fund
complex
for
investors
and
meeting
the
needs
of
an
increasingly
complex
regulatory
environment.
In
particular,
over
the
past
several
years,
the
Board
considered
the
significant
resources,
both
financial
and
personnel,
the
Adviser
and
its
affiliates
have
committed
in
working
to
consolidate
the
Nuveen
fund
family
and
TC
fund
family
under
one
centralized
umbrella.
The
Board
considered
that
the
organizational
changes
in
bringing
together
Nuveen,
its
affiliates
and
TIAA's
(as
defined
below)
asset
management
businesses,
consolidating
the
Nuveen
and
TC
fund
families
and
other
initiatives
were
anticipated
to
provide
various
benefits
for
the
funds
through,
among
other
things,
enhanced
operating
efficiencies,
centralized
investment
leadership
and
a
centralized
shared
resources
and
support
model.
As
part
of
these
efforts,
the
boards
of
the
TC
funds
and
Nuveen
funds
were
consolidated
effective
in
January
2024.
In
addition,
in
conjunction
with
these
consolidation
efforts,
the
Board
approved
at
the
Meeting
changes
to
fee
and
breakpoint
structures
(as
applicable)
that
could
provide
cost
savings
to
participating
funds,
as
described
in
further
detail
below.
The
Board
also
reviewed
information
regarding
other
product
actions
undertaken
or
continued
by
management
in
the
2023
calendar
year
in
seeking
to
improve
the
effectiveness
of
the
organization,
the
product
line-up
as
well
as
particular
funds
through,
among
other
things,
continuing
to
review
and
optimize
the
product
line
and
gaining
efficiencies
through
mergers
and
liquidations;
reviewing
and
updating
investment
policies
and
benchmarks;
implementing
fee
waivers
and/or
expense
cap
changes
for
certain
funds;
evaluating
and
adjusting
portfolio
management
teams
as
appropriate
for
various
funds;
and
developing
policy
positions
on
a
broad
range
of
regulatory
proposals
that
may
impact
the
funds
and
communicating
with
lawmakers
and
other
regulatory
authorities
to
help
ensure
these
positions
are
considered.
In
its
review,
the
Board
considered
that
the
funds
operated
in
a
highly
regulated
industry
and
the
scope
and
complexity
of
the
services
and
resources
that
the
Adviser
and
its
affiliates
must
provide
to
manage
and
operate
the
applicable
funds
have
expanded
over
the
years
as
a
result
of,
among
other
things,
regulatory,
market
and
other
developments,
such
as
the
adoption
of
the
tailored
shareholder
report
or
the
revised
fund
name
rule.
In
considering
the
breadth
and
quality
of
services
the
Adviser
and
its
various
teams
provide,
the
Board
considered
that
the
Adviser
provides
investment
advisory
services.
With
respect
to
the
Nuveen
funds,
such
funds
utilize
sub-advisers
to
manage
the
portfolios
of
the
funds
subject
to
the
supervision
of
NFAL.
Accordingly,
the
Board
considered
that
NFAL
and
its
affiliates,
among
other
things,
oversee
and
review
the
performance
of
the
respective
sub-adviser
and
its
investment
team(s);
evaluate
Nuveen
fund
performance
and
market
conditions;
evaluate
investment
strategies
and
recommend
changes
thereto;
set
and
manage
distributions
consistent
with
the
respective
Nuveen
fund's
product
design;
oversee
trade
execution
and,
as
applicable,
securities
lending;
evaluate
investment
risks;
and
manage
valuation
matters.
With
respect
to
closed-end
Nuveen
funds,
such
services
also
include
managing
leverage;
monitoring
asset
coverage
levels
for
leveraged
funds
and
compliance
with
rating
agency
criteria;
providing
capital
management
and
secondary
market
services
(such
as
implementing
common
share
shelf
offerings,
capital
return
programs
and
common
share
repurchases);
and
maintaining
a
closed-end
fund
investor
relations
program.
The
Board
considered
that,
with
respect
to
such
funds,
management
actively
monitors
any
discount
from
net
asset
value
per
share
at
which
the
respective
Nuveen
fund's
common
stock
trades
and
evaluates
potential
avenues
to
mitigate
the
discount,
including
evaluating
the
level
of
distributions
that
the
fund
pays.
The
Board
further
considered
that
over
the
course
of
the
2023
calendar
year,
the
Nuveen
global
public
product
team
which
supports
the
funds
in
the
fund
complex
and
their
shareholders
assessed
the
investment
personnel
across
the
investment
leadership
teams
which
resulted
in
additions
or
other
modifications
to
the
portfolio
management
teams
of
various
funds.
The
Board
also
reviewed
a
description
of
the
compensation
structure
applicable
to
certain
portfolio
managers.
40
Statement
Regarding
Basis
for
Approval
of
Investment
Advisory
Contract
(Unaudited)
(continued)
In
addition
to
the
above
investment
advisory
services,
the
Board
further
considered
the
extensive
compliance,
regulatory,
administrative
and
other
services
the
Adviser
and
its
various
teams
or
affiliates
provide
to
manage
and
operate
the
applicable
funds.
Given
the
highly
regulated
industry
in
which
the
funds
operate,
the
Board
considered
the
breadth
of
the
Adviser's
compliance
program
and
related
policies
and
procedures.
The
Board
reviewed
various
initiatives
the
Adviser's
compliance
team
undertook
or
continued
in
2023,
in
part,
to
address
new
regulatory
requirements,
support
international
business
growth
and
product
development,
enhance
international
trading
capabilities,
enhance
monitoring
capabilities
in
light
of
the
new
regulatory
requirements
and
guidance
and
maintain
a
comprehensive
training
program.
The
Board
further
considered,
among
other
things,
that
other
non-advisory
services
provided
included,
among
other
things,
board
support
and
reporting;
establishing
and
reviewing
the
services
provided
by
other
fund
service
providers
(such
as
a
fund's
custodian,
accountant,
and
transfer
agent);
risk
management,
including
reviews
of
the
liquidity
risk
management
and
derivatives
risk
management
programs;
legal
support
services;
regulatory
advocacy;
and
cybersecurity,
business
continuity
and
disaster
recovery
planning
and
testing.
Aside
from
the
services
provided,
the
Board
considered
the
financial
resources
of
the
Adviser
and/or
its
affiliates
and
their
willingness
to
make
investments
in
the
technology,
personnel
and
infrastructure
to
support
the
funds,
including
to
enhance
global
talent,
middle
office
systems,
software
and
international
and
internal
capabilities.
The
Board
considered
the
access
provided
by
the
Adviser
and
its
affiliates
to
a
seed
capital
budget
to
support
new
or
existing
funds
and/or
facilitate
changes
for
a
respective
fund.
The
Board
considered
the
benefits
to
shareholders
of
investing
in
a
fund
that
is
a
part
of
a
large
fund
complex
with
a
variety
of
investment
disciplines,
capabilities,
expertise
and
resources
available
to
navigate
and
support
the
funds
including
during
stressed
times.
The
Board
considered
the
overall
reputation
and
capabilities
of
the
Adviser
and
its
affiliates
and
the
Adviser's
continuing
commitment
to
provide
high
quality
services.
In
its
review,
the
Board
also
considered
the
significant
risks
borne
by
the
Adviser
and
its
affiliates
in
connection
with
their
services
to
the
applicable
funds,
including
entrepreneurial
risks
in
sponsoring
and
supporting
new
funds
and
smaller
funds
and
ongoing
risks
with
managing
the
funds,
such
as
investment,
operational,
reputational,
regulatory,
compliance
and
litigation
risks.
With
respect
to
the
Funds,
the
Board
considered
the
division
of
responsibilities
between
NFAL
and
the
Sub-Adviser
and
considered
that
the
Sub-
Adviser
and
its
investment
personnel
generally
are
responsible
for
the
management
of
each
Fund's
portfolio
under
the
oversight
of
NFAL
and
the
Board.
The
Board
considered
an
analysis
of
the
Sub-Adviser
provided
by
NFAL
which
included,
among
other
things,
a
summary
of
changes
in
the
leadership
teams
and/or
portfolio
manager
teams;
the
performance
of
the
Nuveen
funds
sub-advised
by
the
Sub-Adviser
over
various
periods
of
time;
and
data
reflecting
product
changes
(if
any)
taken
with
respect
to
certain
Nuveen
funds.
The
Board
considered
that
NFAL
recommended
the
renewal
of
the
Sub-Advisory
Agreements.
Based
on
its
review,
the
Board
determined,
in
the
exercise
of
its
reasonable
business
judgment,
that
it
was
satisfied
with
the
nature,
extent
and
quality
of
services
provided
to
the
respective
Funds
under
each
applicable
Advisory
Agreement.
B.
The
Investment
Performance
of
the
Funds
and
Fund
Advisers
In
evaluating
the
quality
of
the
services
provided
by
the
Fund
Advisers,
the
Board
also
considered
a
variety
of
investment
performance
data
of
the
Funds.
In
this
regard,
the
Board
and/or
its
Investment
Committee
reviewed,
among
other
things,
performance
of
the
Funds
over
the
quarter,
one-,
three-
and
five-year
periods
ending
December
31,
2023
and
March
31,
2024.
The
Board
performed
its
annual
review
of
fund
performance
at
its
February
Meeting
and
an
additional
review
at
the
April
Executive
Session
and
also
reviewed
and
discussed
performance
data
at
its
other
regularly
scheduled
quarterly
meetings
throughout
the
year.
The
Board
therefore
took
into
account
the
performance
data,
presentations
and
discussions
(written
and
oral)
that
were
provided
at
the
Meeting
and
in
prior
meetings
over
time
in
evaluating
fund
performance,
including
management's
analysis
of
a
fund's
performance
with
particular
focus
on
funds
that
met
certain
challenged
performance
measurements
as
determined
pursuant
to
a
methodology
approved
by
the
Board
or
additional
measurements
as
determined
by
management's
investment
analysts.
As
various
Nuveen
funds
have
modified
their
portfolio
teams
and/or
made
significant
changes
to
their
portfolio
strategies
over
time,
the
Board
reviewed,
among
other
things,
certain
tracking
performance
data
over
specific
periods
comparing
performance
before
and
after
such
changes.
The
Board
considered
that
performance
data
reflects
performance
over
a
specified
period
which
may
differ
significantly
depending
on
the
ending
dates
selected,
particularly
during
periods
of
market
volatility.
Further,
the
Board
considered
that
shareholders
may
evaluate
performance
based
on
their
own
respective
holding
periods
which
may
differ
from
the
performance
periods
reviewed
by
the
Board
and
lead
to
differing
results.
In
its
evaluation,
the
Board
reviewed
fund
performance
results
from
different
perspectives.
In
general,
subject
to
certain
exceptions,
the
Board
reviewed
both
absolute
and
relative
fund
performance
over
the
various
time
periods
and
considered
performance
results
in
light
of
a
fund's
investment
objective(s),
strategies
and
risks.
With
respect
to
the
relative
performance,
the
Board
considered
fund
performance
in
comparison
to
the
performance
of
peer
funds
(the
"Performance
Peer
Group"),
subject
to
certain
exceptions,
and
recognized
and/or
customized
benchmarks
(i.e.,
generally
benchmarks
derived
from
multiple
recognized
benchmarks).
In
reviewing
such
comparative
performance,
the
Board
was
cognizant
of
the
inherent
limitations
of
such
data
which
can
make
meaningful
performance
comparisons
generally
difficult.
As
an
illustration,
differences
in
the
composition
of
the
Performance
Peer
Group,
the
investment
objective(s),
strategies,
dates
of
fund
inception
and
other
characteristics
of
the
peers
in
the
Performance
Peer
Group,
the
level,
type
and
cost
of
leverage
(if
any)
of
the
peers,
and
the
varying
sizes
of
peers
all
may
contribute
to
differences
in
the
performance
results
of
a
Performance
Peer
Group
compared
to
the
applicable
fund.
With
respect
to
relative
performance
of
a
fund
compared
to
a
benchmark
index,
differences,
among
other
things,
in
the
investment
objective(s)
and
strategies
of
a
fund
and
the
benchmark
(particularly
an
actively
managed
fund
that
does
not
directly
follow
an
index)
as
well
as
the
costs
of
operating
a
fund
would
necessarily
contribute
to
differences
in
performance
results
and
limit
the
value
of
the
comparative
performance
information.
To
assist
the
Board
in
its
review
of
the
comparability
of
the
relative
performance,
management
generally
has
ranked
the
relevancy
of
the
Performance
Peer
Groups
to
the
Funds
as
low,
medium
or
high.
In
its
review
of
relative
performance,
the
Board
considered
a
Fund's
performance
relative
to
its
Performance
Peer
Group,
among
other
things,
by
evaluating
its
quartile
ranking
with
the
1st
quartile
representing
the
top
performing
funds
within
the
Performance
Peer
Group
and
the
4th
quartile
representing
the
lowest
performing
funds.
41
The
Board
also
considered
that
secondary
market
trading
of
shares
of
the
Nuveen
closed-end
funds
also
continues
to
be
a
priority
for
the
Board
given
its
importance
to
shareholders,
and
therefore,
the
Board
and/or
its
Closed-end
Fund
committee
reviews
certain
performance
data
reflecting,
among
other
things,
the
premiums
and
discounts
at
which
the
shares
of
the
Nuveen
closed-end
funds
have
traded
at
various
periods
throughout
the
year.
In
its
review,
the
Board
considers,
among
other
things,
changes
to
investment
mandates
and
guidelines,
distribution
policies,
leverage
levels
and
types;
share
repurchases
and
similar
capital
market
actions;
and
effective
communications
programs
to
build
greater
awareness
and
deepen
understanding
of
closed-end
funds.
As
applicable,
the
Board
considered
the
impact
of
leverage
on
a
Nuveen
fund's
performance.
The
Board
further
considered
that
performance
results
should
include
the
distribution
yields
of
funds
that
seek
to
provide
income
as
part
of
their
investment
objective(s)
to
shareholders.
In
this
regard,
the
Board
considered
that
the
use
of
leverage
by
various
funds
may
have
detracted
from
total
return
performance
of
such
funds
over
various
periods
in
current
market
conditions,
but
the
leverage
also
was
accretive
in
providing
higher
levels
of
income.
The
Board
evaluated
performance
in
light
of
various
relevant
factors
which
may
include,
among
other
things,
general
market
conditions,
issuer-
specific
information,
asset
class
information,
leverage
and
fund
cash
flows.
The
Board
considered
that
long-term
performance
could
be
impacted
by
even
one
period
of
significant
outperformance
or
underperformance
and
that
a
single
investment
theme
could
disproportionately
affect
performance.
Further,
the
Board
considered
that
market
and
economic
conditions
may
significantly
impact
a
fund's
performance,
particularly
over
shorter
periods,
and
such
performance
may
be
more
reflective
of
such
economic
or
market
events
and
not
necessarily
reflective
of
management
skill.
Although
the
Board
reviews
short-,
intermediate-
and
longer-term
performance
data,
the
Board
considered
that
longer
periods
of
performance
may
reflect
full
market
cycles.
In
their
review
from
year
to
year,
the
Board
Members
consider
and
may
place
different
emphasis
on
the
relevant
information
in
light
of
changing
circumstances
in
market
and
economic
conditions.
In
evaluating
performance,
the
Board
focused
particular
attention
on
funds
with
less
favorable
performance
records.
However,
depending
on
the
facts
and
circumstances,
including
any
differences
between
the
respective
fund
and
its
benchmark
and/or
Performance
Peer
Group,
the
Board
may
be
satisfied
with
a
fund's
performance
notwithstanding
that
its
performance
may
be
below
that
of
its
benchmark
and/or
peer
group
for
certain
periods.
With
respect
to
any
funds
for
which
the
Board
has
identified
performance
issues,
the
Board
seeks
to
monitor
such
funds
more
closely
until
performance
improves,
discuss
with
the
Adviser
the
reasons
for
such
results,
consider
whether
any
steps
are
necessary
or
appropriate
to
address
such
issues,
discuss
and
evaluate
the
potential
consequences
of
such
steps
and
review
the
results
of
any
steps
undertaken.
The
performance
determinations
with
respect
to
each
Fund
are
summarized
below.
For
Nuveen
California
Select
Tax-Free
Income
Portfolio,
the
Board
considered
that
although
the
Fund's
performance
was
below
the
performance
of
its
benchmark
for
the
three-year
period
ended
December
31,
2023
and
the
Fund
ranked
in
the
fourth
quartile
of
its
Performance
Peer
Group
for
the
one-year
period
ended
December
31,
2023,
the
Fund
outperformed
its
benchmark
for
the
one-
and
five-
year
periods
ended
December
31,
2023
and
ranked
in
the
first
quartile
of
its
Performance
Peer
Group
for
the
three-
and
five-year
periods
ended
December
31,
2023.
In
addition,
although
the
Fund's
performance
was
below
the
performance
of
its
benchmark
for
the
three-year
period
ended
March
31,
2024,
the
Fund
outperformed
its
benchmark
for
the
one-
and
five-year
periods
ended
March
31,
2024
and
ranked
in
the
second
quartile
of
its
Performance
Peer
Group
for
the
one-year
period
and
first
quartile
for
the
three-
and
five-year
periods
ended
March
31,
2024.
In
its
review,
the
Board
considered
that
the
Performance
Peer
Group
was
classified
as
low
for
relevancy.
On
the
basis
of
the
Board's
ongoing
review
of
investment
performance
and
all
relevant
factors,
including
the
relative
market
conditions
during
certain
reporting
periods,
the
Fund's
investment
objective(s)
and
management's
discussion
of
performance,
the
Board
concluded
that
the
Fund's
performance
supported
renewal
of
the
Advisory
Agreements.
For
Nuveen
New
York
Select
Tax-Free
Income
Portfolio,
the
Board
considered
that
although
the
Fund's
performance
was
below
the
performance
of
its
benchmark
for
the
three-
and
five-year
periods
ended
December
31,
2023
and
the
Fund
ranked
in
the
fourth
quartile
of
its
Performance
Peer
Group
for
the
one-year
period
ended
December
31,
2023,
the
Fund
outperformed
its
benchmark
for
the
one-year
period
ended
December
31,
2023
and
ranked
in
the
first
quartile
of
its
Performance
Peer
Group
for
the
three-
and
five-year
periods
ended
December
31,
2023.
In
addition,
although
the
Fund's
performance
was
below
the
performance
of
its
benchmark
for
the
three-
and
five-
year
periods
ended
March
31,
2024,
the
Fund
outperformed
its
benchmark
for
the
one-year
period
ended
March
31,
2024
and
ranked
in
the
first
quartile
of
its
Performance
Peer
Group
for
the
one-,
three-
and
five-year
periods
ended
March
31,
2024.
In
its
review,
the
Board
considered
that
the
Performance
Peer
Group
was
classified
as
low
for
relevancy.
On
the
basis
of
the
Board's
ongoing
review
of
investment
performance
and
all
relevant
factors,
including
the
relative
market
conditions
during
certain
reporting
periods,
the
Fund's
investment
objective(s)
and
management's
discussion
of
performance,
the
Board
concluded
that
the
Fund's
performance
supported
renewal
of
the
Advisory
Agreements.
42
Statement
Regarding
Basis
for
Approval
of
Investment
Advisory
Contract
(Unaudited)
(continued)
C.
Fees,
Expenses
and
Profitability
1.
Fees
and
Expenses
As
part
of
its
annual
review,
the
Board
generally
reviewed,
among
other
things,
with
respect
to
the
Nuveen
closed-end
funds,
the
contractual
management
fee
and
the
actual
management
fee
(i.e.,
the
management
fee
after
taking
into
consideration
fee
waivers
and/or
expense
reimbursements,
if
any)
paid
by
a
Fund
to
the
Adviser
in
light
of
the
nature,
extent
and
quality
of
the
services
provided.
The
Board
also
reviewed
information
about
other
expenses
and
the
total
operating
expense
ratio
of
each
Fund
(after
any
fee
waivers
and/or
expense
reimbursements).
More
specifically,
the
Board
Members
reviewed,
among
other
things,
each
Fund's
management
fee
rates
and
net
total
expense
ratio
in
relation
to
similar
data
for
a
comparable
universe
of
funds
(the
"Expense
Universe")
established
by
Broadridge.
The
Board
Members
reviewed
the
methodology
Broadridge
employed
to
establish
its
Expense
Universe
and
considered
that
differences
between
the
applicable
fund
and
its
respective
Expense
Universe
as
well
as
changes
to
the
composition
of
the
Expense
Universe
from
year
to
year,
may
limit
some
of
the
value
of
the
comparative
data.
The
Board
Members
also
considered
that
it
can
be
difficult
to
compare
management
fees
among
funds
as
there
are
variations
in
the
services
that
are
included
for
the
fees
paid.
The
Board
Members
took
these
limitations
and
differences
into
account
when
reviewing
comparative
peer
data.
The
Board
Members
also
considered
a
Fund's
operating
expense
ratio
as
it
more
directly
reflected
a
shareholder's
total
costs
in
investing
in
the
respective
fund.
In
their
review,
the
Board
Members
considered,
in
particular,
each
fund
with
a
net
total
expense
ratio
(based
on
common
assets
and
excluding
investment-related
costs
such
as
the
costs
of
leverage
and
taxes
for
closed-end
funds)
meeting
certain
expense
or
fee
criteria
when
compared
to
its
Expense
Universe
and
an
analysis
as
to
the
factors
contributing
to
each
such
fund's
relative
net
total
expense
ratio.
In
addition,
although
the
Board
reviewed
a
fund's
net
total
expense
ratio
both
including
and
excluding
investment-
related
expenses
(e.g.,
leverage
costs)
for
certain
of
the
closed-end
funds,
the
Board
considered
that
leverage
expenses
will
vary
across
funds
and
peers
because
of
differences
in
the
forms
and
terms
of
leverage
employed
by
the
respective
fund.
Accordingly,
in
reviewing
the
comparative
data
between
a
fund
and
its
peers,
the
Board
generally
considered
the
fund's
net
total
expense
ratio
and
fees
excluding
investment-related
costs
and
taxes
for
the
closed-end
funds.
The
Board
also
considered
that
the
use
of
leverage
for
closed-end
funds
may
create
a
conflict
of
interest
for
NFAL
and
the
applicable
sub-adviser
given
the
increase
of
assets
from
leverage
upon
which
an
advisory
or
sub-advisory
fee
is
based.
The
Board
Members
considered,
however,
that
NFAL
and
the
sub-advisers
(as
applicable)
would
seek
to
manage
the
potential
conflict
by
recommending
to
the
Board
to
leverage
the
applicable
fund
or
increase
such
leverage
when
NFAL
and/or
a
sub-
adviser,
as
applicable,
has
determined
that
such
action
would
be
in
the
best
interests
of
the
respective
fund
and
its
common
shareholders
and
by
periodically
reviewing
with
the
Board
the
fund's
performance
and
the
impact
of
the
use
of
leverage
on
that
performance.
The
Board
Members
also
considered,
in
relevant
part,
a
Fund's
management
fee
and
net
total
expense
ratio
in
light
of
the
Fund's
performance
history,
including
reviewing
certain
funds
identified
by
management
and/or
the
Board
as
having
a
higher
net
total
expense
ratio
or
management
fee
compared
to
their
respective
peers
coupled
with
experiencing
periods
of
challenged
performance
and
considering
the
reasons
for
such
comparative
positions.
In
their
evaluation
of
the
fee
arrangements
for
the
Funds,
the
Board
Members
also
reviewed
the
management
fee
schedules
and
the
expense
reimbursements
and/or
fee
waivers
agreed
to
by
the
Adviser
for
the
respective
fund
(if
any).
In
its
review,
the
Board
considered
that
the
management
fees
of
the
Nuveen
funds
were
generally
comprised
of
two
components,
a
fund-level
component
and
a
complex-level
component,
each
with
its
own
breakpoint
schedule,
subject
to
certain
exceptions.
As
indicated
above,
the
Board
approved
a
revised
fee
schedule
which
would
reduce
and
streamline
the
asset
thresholds
necessary
to
meet
breakpoints
in
the
complex-level
fee
component.
The
Board
considered
that
management
anticipated
approximately
$50
million
in
savings
for
Nuveen
fund
shareholders
as
a
result
of
the
revised
fee
schedule
as
well
as
additional
estimated
savings
over
time.
The
Board
further
considered
management's
representation
that
there
will
be
no
increase
to
any
Nuveen
fund's
respective
advisory
agreement
fee
rate
as
a
result
of
the
revised
complex-level
fee
schedule.
In
its
review,
the
Board
considered
that
across
the
Nuveen
fund
and
TC
fund
complex,
management
estimated
that
fund-level
breakpoints
resulted
in
approximately
$82.5
million
in
reduced
fees
overall
in
2023.
In
addition,
the
Board
considered
that
management
determined
that
the
Nuveen
funds
achieved
additional
fee
reductions
of
approximately
$49
million
due
to
the
complex-wide
management
fee
structure
in
2023.
With
respect
to
the
Sub-Adviser,
the
Board
also
considered,
among
other
things,
the
sub-advisory
fee
schedule
paid
to
the
Sub-Adviser
in
light
of
the
sub-advisory
services
provided
to
the
respective
Fund.
In
its
review,
the
Board
considered
that
the
compensation
paid
to
the
Sub-Adviser
is
the
responsibility
of
NFAL,
not
the
Funds.
The
Board's
considerations
regarding
the
comparative
fee
data
for
each
of
the
Funds
are
set
forth
below.
For
Nuveen
California
Select
Tax-Free
Income
Portfolio,
the
Fund's
contractual
management
fee
rate,
actual
management
fee
rate
and
net
total
expense
ratio
were
below
the
Expense
Universe
median.
For
Nuveen
New
York
Select
Tax-Free
Income
Portfolio,
the
Fund's
contractual
management
fee
rate,
actual
management
fee
rate
and
net
total
expense
ratio
were
below
the
Expense
Universe
median.
Based
on
its
review
of
the
information
provided,
the
Board
determined
that
each
Fund's
management
fees
(as
applicable)
to
a
Fund
Adviser
were
reasonable
in
light
of
the
nature,
extent
and
quality
of
services
provided
to
the
Fund.
43
2.
Comparisons
with
the
Fees
of
Other
Clients
In
evaluating
the
appropriateness
of
fees,
the
Board
also
considered
that
the
Adviser,
affiliated
sub-advisers
and/or
their
affiliate(s)
provide
investment
management
services
to
other
types
of
clients
which
may
include:
separately
managed
accounts,
retail
managed
accounts,
foreign
funds
(UCITS),
other
investment
companies
(as
sub-advisers),
limited
partnerships
and
collective
investment
trusts.
The
Board
reviewed
the
equal
weighted
average
fee
or
other
fee
data
for
the
other
types
of
clients
managed
in
a
similar
manner
to
certain
of
the
Nuveen
funds
and
TC
funds.
The
Board
considered
the
Adviser's
rationale
for
the
differences
in
the
management
fee
rates
of
the
funds
compared
to
the
management
fee
rates
charged
to
these
other
types
of
clients.
In
this
regard,
the
Board
considered
that
differences,
including
but
not
limited
to,
the
amount,
type
and
level
of
services
provided
by
the
Adviser
to
the
funds
compared
to
that
provided
to
other
clients
as
well
as
differences
in
investment
policies;
regulatory,
disclosure
and
governance
requirements;
servicing
relationships
with
vendors;
the
manner
of
managing
such
assets;
product
structure;
investor
profiles;
and
account
sizes
all
may
contribute
to
variations
in
relative
fee
rates.
Further,
differences
in
the
client
base,
governing
bodies,
distribution,
jurisdiction
and
operational
complexities
also
would
contribute
to
variations
in
management
fees
assessed
the
funds
compared
to
foreign
fund
clients.
In
addition,
differences
in
the
level
of
advisory
services
required
for
passively
managed
funds
also
contribute
to
differences
in
the
management
fee
levels
of
such
funds
compared
to
actively
managed
funds.
As
a
general
matter,
higher
fee
levels
reflect
higher
levels
of
service
provided
by
the
Adviser,
increased
investment
management
complexity,
greater
product
management
requirements,
and
higher
levels
of
business
risk
or
some
combination
of
these
factors.
The
Board
considered
the
wide
range
of
services
in
addition
to
investment
management
that
the
Adviser
had
provided
to
the
funds
compared
to
other
types
of
clients
as
well
as
the
increased
entrepreneurial,
legal
and
regulatory
risks
that
the
Adviser
incurs
in
sponsoring
and
managing
the
funds.
The
Board
further
considered
that
a
sub-adviser's
fee
is
essentially
for
portfolio
management
services
and
therefore
more
comparable
to
the
fees
it
receives
for
retail
wrap
accounts
and
other
external
sub-advisory
mandates.
The
Board
concluded
that
the
varying
levels
of
fees
were
reasonable
given,
among
other
things,
the
more
extensive
services,
regulatory
requirements
and
legal
liabilities,
and
the
entrepreneurial,
legal
and
regulatory
risks
incurred
in
sponsoring
and
advising
a
registered
investment
company
compared
to
that
required
in
advising
other
types
of
clients.
3.
Profitability
of
Fund
Advisers
In
their
review,
the
Board
Members
considered
various
profitability
data
relating
to
the
Fund
Advisers'
services
to
the
Nuveen
funds.
With
respect
to
the
Nuveen
funds,
the
Board
Members
reviewed
the
estimated
profitability
information
of
Nuveen
as
a
result
of
its
advisory
services
to
the
Nuveen
funds
overall
as
well
as
profitability
data
of
certain
other
asset
management
firms.
Such
profitability
information
included,
among
other
things,
gross
and
net
revenue
margins
(excluding
distribution)
of
Nuveen
Investments,
Inc.
("Nuveen
Investments")
for
services
to
the
Nuveen
funds
on
a
pre-tax
and
after-tax
basis
for
the
2023
and
2022
calendar
years
as
well
as
the
revenues
earned
(less
any
expense
reimbursements/fee
waivers)
and
expenses
incurred
by
Nuveen
Investments
for
its
advisory
activities
to
the
Nuveen
funds
(excluding
distribution)
for
the
2023
and
2022
calendar
years.
The
Board
Members
also
considered
the
rationale
for
the
change
in
Nuveen's
profitability
from
2022
to
2023.
In
addition,
the
Board
reviewed
the
revenues,
expenses
and
operating
margin
(pre-
and
after-tax)
NFAL
derived
from
its
exchange-traded
fund
product
line
for
the
2023
and
2022
calendar
years.
In
developing
the
profitability
data,
the
Board
Members
considered
the
subjective
nature
of
calculating
profitability
as
the
information
is
not
audited
and
is
necessarily
dependent
on
cost
allocation
methodologies
to
allocate
expenses
throughout
the
complex
and
among
the
various
advisory
products.
Given
there
is
no
single
universally
recognized
expense
allocation
methodology
and
that
other
reasonable
and
valid
allocation
methodologies
could
be
employed
and
could
lead
to
significantly
different
results,
the
Board
reviewed,
among
other
things,
a
description
of
the
cost
allocation
methodologies
employed
to
develop
the
financial
information,
a
summary
of
the
refinements
Nuveen
had
made
to
the
methodology
that
had
occurred
over
the
years
from
2010
through
2021
to
provide
Nuveen's
profitability
analysis,
and
a
historical
expense
analysis
of
Nuveen
Investments'
revenues,
expenses
and
pre-tax
net
revenue
margins
derived
from
its
advisory
services
to
the
Nuveen
funds
(excluding
distribution)
for
the
calendar
years
from
2017
through
2023.
The
Board
of
the
Nuveen
funds
had
also
appointed
two
Board
Members
to
serve
as
the
Board's
liaisons
to
meet
with
representatives
of
NFAL
and
review
the
development
of
the
profitability
data
and
to
report
to
the
full
Board.
In
addition,
the
Board
considered
certain
comparative
operating
margin
data.
In
this
regard,
the
Board
reviewed
the
operating
margins
of
Nuveen
Investments
compared
to
the
adjusted
operating
margins
of
a
peer
group
of
asset
management
firms
with
publicly
available
data
and
the
most
comparable
assets
under
management
(based
on
asset
size
and
asset
composition)
to
Nuveen.
The
Board
considered
that
the
operating
margins
of
the
peers
were
adjusted
generally
to
address
that
certain
services
provided
by
the
peers
were
not
provided
by
Nuveen.
The
Board
also
reviewed,
among
other
things,
the
net
revenue
margins
(pre-tax)
of
Nuveen
Investments
on
a
company-wide
basis
and
the
net
revenue
margins
(pre-tax)
of
Nuveen
Investments
derived
from
its
services
to
the
Nuveen
funds
only
(including
and
excluding
distribution)
compared
to
the
adjusted
operating
margins
of
the
peer
group
for
each
calendar
year
from
2014
to
2023.
In
their
review
of
the
comparative
data,
the
Board
Members
considered
the
limitations
of
the
comparative
data
given
that
peer
data
is
not
generally
public
and
the
calculation
of
profitability
is
subjective
and
affected
by
numerous
factors
(such
as
types
of
funds
a
peer
manages,
its
business
mix,
its
cost
of
capital,
the
numerous
assumptions
underlying
the
methodology
used
to
allocate
expenses
and
other
factors)
that
can
have
a
significant
impact
on
the
results.
44
Statement
Regarding
Basis
for
Approval
of
Investment
Advisory
Contract
(Unaudited)
(continued)
Aside
from
the
profitability
data,
the
Board
considered
that
NFAL
and
TAL
are
affiliates
of
Teachers
Insurance
and
Annuity
Association
of
America
("TIAA").
NFAL
is
a
subsidiary
of
Nuveen,
LLC,
the
investment
management
arm
of
TIAA,
and
TAL
is
an
indirect
wholly
owned
subsidiary
of
TIAA.
Accordingly,
the
Board
also
reviewed
a
balance
sheet
for
TIAA
reflecting
its
assets,
liabilities
and
capital
and
contingency
reserves
for
the
2023
and
2022
calendar
years
to
consider
the
financial
strength
of
TIAA.
The
Board
considered
the
benefit
of
an
investment
adviser
and
its
parent
with
significant
resources,
particularly
during
periods
of
market
volatility.
The
Board
also
considered
the
reinvestments
the
Adviser,
its
parent
and/or
other
affiliates
made
into
their
business
through,
among
other
things,
the
investment
of
seed
capital
in
certain
funds,
initiatives
in
international
expansion,
investments
in
infrastructure
and
continued
investments
in
enhancements
to
technological
capabilities.
The
Board
Members
considered
the
profitability
of
the
Sub-Adviser
from
its
relationships
with
the
respective
Nuveen
funds.
In
this
regard,
the
Board
Members
reviewed,
among
other
things,
the
Sub-Adviser's
revenues,
expenses
and
net
revenue
margins
(pre-
and
after-tax)
for
its
advisory
activities
to
the
respective
Nuveen
funds
for
the
calendar
years
ended
December
31,
2023
and
December
31,
2022.
The
Board
Members
also
reviewed
a
profitability
analysis
reflecting
the
revenues,
expenses
and
revenue
margin
(pre-
and
after-tax)
grouped
by
similar
types
of
funds
(such
as
municipal,
taxable
fixed
income,
equity,
real
assets
and
index/asset
allocation)
for
the
Sub-Adviser
for
the
calendar
years
ending
December
31,
2023
and
December
31,
2022.
In
evaluating
the
reasonableness
of
the
compensation,
the
Board
Members
also
considered
the
indirect
benefits
NFAL
or
the
Sub-Adviser
received
that
were
directly
attributable
to
the
management
of
the
applicable
funds
as
discussed
in
further
detail
below.
Based
on
its
review,
the
Board
was
satisfied
that
each
Fund
Adviser's
level
of
profitability
from
its
relationship
with
each
Nuveen
fund
was
not
unreasonable
over
various
time
frames
in
light
of
the
nature,
extent
and
quality
of
services
provided.
D.
Economies
of
Scale
and
Whether
Fee
Levels
Reflect
These
Economies
of
Scale
The
Board
considered
whether
there
have
been
economies
of
scale
with
respect
to
the
management
of
the
funds
in
the
fund
complex,
including
the
Funds,
whether
these
economies
of
scale
have
been
appropriately
shared
with
such
funds
and
whether
there
is
potential
for
realization
of
further
economies
of
scale.
Although
the
Board
considered
that
economies
of
scale
are
difficult
to
measure
with
any
precision
and
the
rates
at
which
certain
expenses
are
incurred
may
not
decline
with
a
rise
in
assets,
the
Board
considered
that
there
are
various
methods
that
may
be
employed
to
help
share
the
benefits
of
economies
of
scale,
including,
among
other
things,
through
the
use
of
breakpoints
in
the
management
fee
schedule,
fee
waivers
and/or
expense
limitations,
the
pricing
of
funds
at
scale
at
inception
and
investments
in
the
Adviser's
business
which
can
enhance
the
services
provided
to
the
applicable
funds
for
the
fees
paid.
The
Board
considered
that
the
Adviser
has
generally
employed
one
or
more
of
these
various
methods
among
the
applicable
funds.
In
this
regard,
the
Board
considered,
as
noted
above,
that
the
management
fee
of
NFAL
generally
was
comprised
of
a
fund-level
component
and
a
complex-level
component
each
with
its
own
breakpoint
schedule,
subject
to
certain
exceptions.
With
this
structure,
the
Board
considered
that
the
complex-level
breakpoint
schedule
was
designed
to
deliver
the
benefits
of
economies
of
scale
to
shareholders
when
the
assets
of
eligible
funds
in
the
complex
pass
certain
thresholds
even
if
the
assets
of
a
particular
fund
are
unchanged
or
have
declined,
and
the
fund-level
breakpoint
schedules
were
designed
to
share
economies
of
scale
with
shareholders
if
the
particular
fund
grows.
The
Board
reviewed
the
fund-level
and
complex-level
fee
schedules.
As
summarized
above,
the
Board
approved
a
new
complex-level
breakpoint
schedule
which
would
simplify
and
reduce
the
complex-level
fee
rates
at
various
thresholds
and
expanded
the
eligible
funds
whose
assets
would
be
included
in
calculating
the
complex-level
fee,
effective
May
1,
2024.
Among
other
things,
the
assets
of
certain
TC
funds
advised
by
TAL
would
be
phased
into
the
calculation
of
the
complex-wide
assets
in
determining
the
complex-level
fee
over
a
ten-year
period.
The
Board
considered
the
cost
savings
and
additional
potential
sharing
of
economies
of
scale
as
a
result
of
the
reduced
complex-level
breakpoint
schedule
and
the
additional
assets
from
more
eligible
funds
in
calculating
the
assets
of
the
complex
for
determining
the
complex-level
fee
component.
The
Board
reviewed
the
projected
shareholder
savings
derived
from
such
modifications
over
a
ten-year
period
from
2024
to
2033.
The
Board
considered
management's
representation
that
there
will
be
no
increase
to
any
fund's
respective
advisory
agreement
fee
rate.
The
Board
also
considered
that
with
respect
to
Nuveen
closed-end
funds,
although
closed-end
funds
may
make
additional
share
offerings
from
time
to
time,
the
closed-end
funds
have
a
more
limited
ability
to
increase
their
assets
because
the
growth
of
their
assets
will
occur
primarily
from
the
appreciation
of
their
investment
portfolios.
The
Board
Members
also
considered
the
continued
reinvestment
in
Nuveen/TIAA's
business
to
enhance
its
capabilities
and
services
to
the
benefit
of
its
various
clients.
The
Board
understood
that
many
of
these
investments
were
not
specific
to
individual
funds,
but
rather
incurred
across
a
variety
of
products
and
services
pursuant
to
which
the
family
of
funds
as
a
whole
may
benefit.
The
Board
further
considered
that
the
Adviser
and
its
affiliates
have
provided
certain
additional
services,
including,
but
not
limited
to,
services
required
by
new
regulations
and
regulatory
interpretations,
without
raising
advisory
fees
to
the
funds,
and
this
was
also
a
means
of
sharing
economies
of
scale
with
the
funds
and
their
shareholders.
The
Board
considered
the
Adviser's
and/or
its
affiliates'
ongoing
efforts
to
streamline
the
product
line-up,
among
other
things,
to
create
more
scaled
funds
which
may
help
improve
both
expense
and
trading
economies.
Based
on
its
review,
the
Board
was
satisfied
that
the
current
fee
arrangements
together
with
the
reinvestment
in
management's
business
appropriately
shared
any
economies
of
scale
with
shareholders.
E.
Indirect
Benefits
The
Board
Members
received
and
considered
information
regarding
various
indirect
benefits
the
respective
Fund
Adviser
or
its
affiliates
may
receive
as
a
result
of
their
relationship
with
the
funds
in
the
fund
complex,
including
the
Funds.
These
benefits
included,
among
other
things,
economies
of
scale
to
the
extent
the
Adviser
or
its
affiliates
share
investment
resources
and/or
personnel
with
other
clients
of
the
Adviser.
The
funds
may
also
be
45
used
as
investment
options
for
other
products
or
businesses
offered
by
the
Adviser
and/or
its
affiliates,
such
as
variable
products,
fund
of
funds
and
529
education
savings
plans,
and
affiliates
of
the
Adviser
may
serve
as
sub-advisers
to
various
funds
in
which
case
all
advisory
and
sub-advisory
fees
generated
by
such
funds
stay
within
Nuveen.
The
Board
considered
that
an
affiliate
of
the
Adviser
received
compensation
in
2023
for
serving
as
an
underwriter
on
shelf
offerings
of
existing
Nuveen
closed-end
funds
and
reviewed
the
amounts
paid
for
such
services
in
2023
and
2022.
In
addition,
the
Board
Members
considered
that
the
Adviser
and
Sub-Adviser
may
utilize
soft
dollar
brokerage
arrangements
attributable
to
the
respective
funds
to
obtain
research
and
other
services
for
any
or
all
of
their
clients,
although
the
Board
Members
also
considered
reimbursements
of
such
costs
by
the
Adviser
and/or
Sub-Adviser.
The
Adviser
and
its
affiliates
may
also
benefit
from
the
advisory
relationships
with
the
funds
in
the
fund
complex
to
the
extent
this
relationship
results
in
potential
investors
viewing
the
TIAA
group
of
companies
as
a
leading
retirement
plan
provider
in
the
academic
and
nonprofit
market
and
a
single
source
for
all
their
financial
service
needs.
The
Adviser
and/or
its
affiliates
may
further
benefit
to
the
extent
that
they
have
pricing
or
other
information
regarding
vendors
the
funds
utilize
in
establishing
arrangements
with
such
vendors
for
other
products.
Based
on
its
review,
the
Board
concluded
that
any
indirect
benefits
received
by
a
Fund
Adviser
as
a
result
of
its
relationship
with
the
Funds
were
reasonable
in
light
of
the
services
provided.
F.
Other
Considerations
The
Board
Members
did
not
identify
any
single
factor
discussed
previously
as
all-important
or
controlling.
The
Board
Members
concluded
that
the
terms
of
each
Advisory
Agreement
were
reasonable,
that
the
respective
Fund
Adviser's
fees
were
reasonable
in
light
of
the
services
provided
to
each
Fund
and
that
the
Advisory
Agreements
be
renewed
for
an
additional
one-year
period.
Nuveen
Securities,
LLC,
member
FINRA
and
SIPC
333
West
Wacker
Drive
Chicago,
IL
60606
www.nuveen.com
ESA-A-0824P
3855793-INV-B-10/25
Nuveen:
Serving
Investors
for
Generations
Since
1898,
financial
advisors
and
their
clients
have
relied
on
Nuveen
to
provide
dependable
investment
solutions
through
continued
adherence
to
proven,
long-term
investing
principles.
Today,
we
offer
a
range
of
high
quality
solutions
designed
to
be
integral
components
of
a
well-diversified
core
portfolio.
Focused
on
meeting
investor
needs.
Nuveen
is
the
investment
manager
of
TIAA.
We
have
grown
into
one
of
the
world's
premier
global
asset
managers,
with
specialist
knowledge
across
all
major
asset
classes
and
particular
strength
in
solutions
that
provide
income
for
investors
and
that
draw
on
our
expertise
in
alternatives
and
responsible
investing.
Nuveen
is
driven
not
only
by
the
independent
investment
processes
across
the
firm,
but
also
the
insights,
risk
management,
analytics
and
other
tools
and
resources
that
a
truly
world-class
platform
provides.
As
a
global
asset
manager,
our
mission
is
to
work
in
partnership
with
our
clients
to
create
solutions
which
help
them
secure
their
financial
future.
Find
out
how
we
can
help
you.
To
learn
more
about
how
the
products
and
services
of
Nuveen
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,
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/closed-end-funds
NOT
FDIC
INSURED
MAY
LOSE
VALUE
NO
BANK
GUARANTEE
Item 2.

Code of Ethics.

Not applicable to this filing.

Item 3.

Audit Committee Financial Expert.

Not applicable to this filing.

Item 4.

Principal Accountant Fees and Services.

Not applicable to this filing.

Item 5.

Audit Committee of Listed Registrants.

Not applicable to this filing.

Item 6.

Investments.

(a)

Schedule of Investments is included as part of the Portfolio of Investments filed under Item 1 of this Form N-CSR.

(b)

Not applicable.

Item 7.

Financial Statements and Financial Highlights for Open-End Management Investment Companies.

Not applicable to closed-end investment companies.

Item 8.

Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable to closed-end investment companies.

Item 9.

Proxy Disclosures for Open-End Management Investment Companies.

Not applicable to closed-end investment companies.

Item 10.

Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Not applicable to closed-end investment companies.

Item 11.

Statement Regarding Basis for Approval of Investment Advisory Contract.

See Statement Regarding Basis for Approval of Investment Advisory Contract in Item 1.

Item 12.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to this filing.

Item 13.

Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to this filing.

Item 14.

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 15.

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 16.

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 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 17.

Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 18.

Recovery of Erroneously Awarded Compensation.

(a)

Not applicable.

(b)

Not applicable.

Item 19.

Exhibits.

(a)(1)

Not applicable to this filing.

(a)(2)

Not applicable to this filing.

(a)(3)

Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

(a)(4)

Not applicable.

(a)(5)

Change in the registrant’s independent public accountant. Filed herewith.

(b)

Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002 is 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.

Nuveen New York Select Tax-Free Income Portfolio

Date: November 7, 2024 By:

/s/ David J. Lamb

David J. Lamb
Chief Administrative Officer

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.

Date: November 7, 2024 By:

/s/ David J. Lamb

David J. Lamb
Chief Administrative Officer
(principal executive officer)
Date: November 7, 2024 By:

/s/ E. Scott Wickerham

E. Scott Wickerham
Vice President and Controller
(principal financial officer)