Nuveen New York Select Tax Free Income Portfolio

11/06/2025 | Press release | Distributed by Public on 11/06/2025 14:31

Semi-Annual Report by Investment Company (Form N-CSRS)

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

Vice President and Secretary

333 West Wacker Drive

Chicago, Illinois 60606

(Name and address of agent for service)

Registrant's telephone number, including area code: (800) 257-8787

Date of fiscal year end: February 28

Date of reporting period: August 31, 2025

Item 1.

Reports to Stockholders.

Closed-End Funds
Closed-End Funds
Nuveen Municipal
August 31, 2025
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
26
Notes to Financial Statements
28
Additional Fund Information
35
Glossary of Terms Used in this Report
36
Statement Regarding Basis for Approval of Investment Advisory Contract
37
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.
NXC and NXN - Fund reorganization:
On June 17, 2025, the reorganization of NXN and NXC into Nuveen Select Tax-Free Income
Portfolio (NXP) was approved by the Funds' Board of Trustees. Each merger is pending shareholder approval and satisfying other
closing conditions.
4
Common Share Information
COMMON SHARE DISTRIBUTION INFORMATION
The following information regarding the Funds' distributions is current as of August 31, 2025. 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's distribution policy, which may be changed by the Funds' Board of Trustees, is to make regular monthly cash
distributions to holders of its common shares (stated in terms of a fixed cents per common share dividend distribution 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, 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
$0.0420
April
0.0455
0.0420
May
0.0455
0.0420
June
0.0455
0.0420
July
0.0455
0.0420
August
0.0455
0.0420
Total Distributions from Net Investment Income
$0.2730
$0.2520
Yields
NXC
NXN
Market Yield
1
4.25%
4.29%
Taxable-Equivalent Yield
1
9.26%
8.87%
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 SHELF PROGRAM
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 above the Fund's NAV per common
share. The maximum aggregate offering under this Shelf Offering is as shown in the accompanying table.
During the current reporting period, NXC sold common shares through its Shelf Offering at a weighted average premium to its NAV
per common share in the accompanying table.
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.
During the current reporting period, the Funds did not repurchase any of their outstanding common shares. As of August 31, 2025,
(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
Common shares sold through shelf offering
41,092
Weighted average premium to NAV per common share sold
0.16%
NXC
NXN
Common shares cumulatively repurchased and retired
-
-
Common shares authorized for repurchase
640,000
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 shown 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
Portfolio
Fund Performance and Holdings Summaries August 31, 2025
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, 2025
Cumulative
Average Annual
Inception
Date
6-Month
1-Year
5-Year
10-Year
NXC at Common Share NAV
6/19/92
(3.98)%
(2.92)%
(0.35)%
2.24%
NXC at Common Share Price
6/19/92
(0.24)%
(2.00)%
(0.73)%
2.46%
S&P Municipal Bond Index
-
(0.96)%
0.44%
0.65%
2.28%
S&P Municipal Bond California Index
-
(1.09)%
0.15%
0.39%
2.20%
Common
Share
NAV
Common
Share Price
Premium/(Discount)
to NAV
Average
Premium/(Discount)
to NAV
$12.97
$12.85
(0.93)%
(2.44)%
9
Holdings
Ly
Fund Allocation
(% of net assets)
Municipal Bonds
91.2‌%
Short-Term Municipal Bonds
7.3‌%
Other Assets & Liabilities, Net
1.5%
Net Assets
100‌%
Bond Credit Quality
(% of total investments)
AAA
9.8%
AA
48.2%
A
17.9%
BBB
5.1%
BB or Lower
7.6%
N/R (not rated)
11.4%
Total
100‌%
Portfolio Composition
1
(% of total investments)
Tax Obligation/General
29.1%
Utilities
17.6%
Health Care
13.3%
Transportation
11.6%
Tax Obligation/Limited
10.2%
Housing/Multifamily
9.0%
Water and Sewer
4.9%
Other
4.3%
Total
100%
States and Territories
2
(% of total municipal bonds)
California
97.8%
Puerto Rico
2.2%
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 Holdings Summaries August 31, 2025
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, 2025
Cumulative
Average Annual
Inception
Date
6-Month
1-Year
5-Year
10-Year
NXN at Common Share NAV
6/19/92
(3.71)%
(2.56)%
(0.07)%
1.79%
NXN at Common Share Price
6/19/92
1.41%
3.33%
1.01%
2.67%
S&P Municipal Bond Index
-
(0.96)%
0.44%
0.65%
2.28%
S&P Municipal Bond New York Index
-
(1.55)%
(0.33)%
0.61%
2.05%
Common
Share
NAV
Common
Share Price
Premium/(Discount)
to NAV
Average
Premium/(Discount)
to NAV
$11.94
$11.76
(1.51)%
(4.98)%
11
Holdings
Fund Allocation
(% of net assets)
Municipal Bonds
97
.2‌
%
Other Assets & Liabilities, Net
2.8%
Net Assets
100‌
%
Bond Credit Quality
(% of total investments)
AAA
6.2%
AA
42.5%
A
11.2%
BBB
20.2%
BB or Lower
12.7%
N/R (not rated)
7.2%
Total
100‌
%
Portfolio Composition
1
(% of total investments)
Tax Obligation/Limited
24.1%
Transportation
21.1%
Health Care
15.3%
Education and Civic
Organizations
11.0%
Utilities
8.2%
Tax Obligation/General
6.0%
Consumer Staples
4.4%
Other
9.9%
Total
100%
States and Territories
2
(% of total municipal bonds)
New York
94.2%
Puerto Rico
3.6%
Guam
2.2%
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
Portfolio of Investments August 31, 2025
NXC
See Notes to Financial Statements
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM INVESTMENTS - 91.2%
X
76,336,444
MUNICIPAL BONDS - 91.2%
X
-
CONSUMER STAPLES - 0.2%
$
20,000
California County Tobacco Securitization Agency, Tobacco
Settlement Asset-Backed Bonds, Los Angeles County
Securitization Corporation, Series 2020A
4
.000
%
06/01/49
$
16,463
1,265,000
Golden State Tobacco Securitization Corporation, California,
Tobacco Settlement Asset-Backed Bonds, Capital Appreciation
Series 2021B-2
0
.000
06/01/66
117,856
TOTAL CONSUMER STAPLES
134,319
EDUCATION AND CIVIC ORGANIZATIONS - 0.5%
60,000
(a)
California School Finance Authority, School Facility Revenue
Bonds, Alliance for College-Ready Public Schools Project, Series
2016A
5
.000
07/01/46
58,437
385,000
(a)
California School Finance Authority, School Facility Revenue
Bonds, Alliance for College-Ready Public Schools Project, Series
2016C
5
.000
07/01/46
377,371
TOTAL EDUCATION AND CIVIC ORGANIZATIONS
435,808
HEALTH CARE - 12.4%
2,590,000
California Health Facilities Financing Authority, California,
Revenue Bonds, Sutter Health, Refunding Series 2016B
5
.000
11/15/46
2,592,422
1,000,000
California Health Facilities Financing Authority, Revenue Bonds,
Adventist Health System/West, Refunding Series 2016A
4
.000
03/01/39
888,927
1,240,000
California Health Facilities Financing Authority, Revenue Bonds,
City of Hope National Medical Center, Series 2019
4
.000
11/15/45
1,066,140
965,000
California Health Facilities Financing Authority, Revenue Bonds,
CommonSpirit Health, Series 2020A
4
.000
04/01/49
812,146
125,000
California Health Facilities Financing Authority, Revenue Bonds,
CommonSpirit Health, Series 2024A
5
.000
12/01/54
124,379
1,365,000
California Health Facilities Financing Authority, Revenue Bonds,
Kaiser Permanente System, Series 2017A-2
4
.000
11/01/44
1,216,264
70,000
California Health Facilities Financing Authority, Revenue Bonds,
Providence Health & Services, Refunding Series 2014A
5
.000
10/01/38
70,035
255,000
California Health Facilities Financing Authority, Revenue Bonds,
Providence Health & Services, Series 2014B
5
.000
10/01/44
254,191
1,040,000
California Infrastructure and Economic Development Bank,
Revenue Bonds, Adventist Health Energy Projects, Series 2024A
5
.250
07/01/54
1,012,883
450,000
California Municipal Finance Authority, Revenue Bonds,
Community Health System, Series 2021A - AGM Insured
4
.000
02/01/51
384,561
35,000
California Municipal Finance Authority, Revenue Bonds,
Eisenhower Medical Center, Refunding Series 2017A
5
.000
07/01/47
33,310
130,000
California Municipal Finance Authority, Revenue Bonds, NorthBay
Healthcare Group, Series 2017A
5
.250
11/01/41
127,851
150,000
California Municipal Financing Authority, Certificates of
Participation, Palomar Health, Series 2022A
5
.250
11/01/52
150,363
350,000
California Statewide Communities Development Authority,
California, Revenue Bonds, Loma Linda University Medical
Center, Series 2014A
5
.250
12/01/34
350,169
1,365,000
(a)
California Statewide Communities Development Authority,
California, Revenue Bonds, Loma Linda University Medical
Center, Series 2016A
5
.250
12/01/56
1,246,166
70,000
California Statewide Community Development Authority, Health
Revenue Bonds, Enloe Medical Center, Refunding Series 2022A
- AGM Insured
5
.250
08/15/52
70,738
TOTAL HEALTH CARE
10,400,545
HOUSING/MULTIFAMILY - 8.9%
545,000
(a)
California Community Housing Agency, California, Essential
Housing Revenue Bonds, Creekwood, Series 2021A
4
.000
02/01/56
345,506
590,000
(a)
California Community Housing Agency, California, Essential
Housing Revenue Bonds, Glendale Properties, Junior Series
2021A-2
4
.000
08/01/47
430,761
870,000
(a)
California Community Housing Agency, California, Essential
Housing Revenue Bonds, Serenity at Larkspur Apartments, Series
2020A
5
.000
02/01/50
565,083
13
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
HOUSING/MULTIFAMILY
(continued)
$
559,067
California Housing Finance Agency, Municipal Certificate
Revenue Bonds, Class A Series 2019-2
4
.000
%
03/20/33
$
567,001
502,983
California Housing Finance Agency, Municipal Certificate
Revenue Bonds, Class A Series 2021-1
3
.500
11/20/35
474,667
85,896
California Housing Finance Agency, Municipal Certificate
Revenue Bonds, Class A Series2019-1
4
.250
01/15/35
87,734
504,590
California Housing Finance Agency, Municipal Certificate
Revenue Bonds, Class A Social Certificates Series 2023-1
4
.375
09/20/36
506,791
660,000
(a)
CMFA Special Finance Agency I, California, Essential Housing
Revenue Bonds, The Mix at Center City, Series 2021A-2
4
.000
04/01/56
476,780
225,000
(a)
CMFA Special Finance Agency, California, Essential Housing
Revenue Bonds, Enclave Apartments, Senior Series 2022A-1
4
.000
08/01/58
160,956
320,000
(a)
CSCDA Community Improvement Authority, California, Essential
Housing Revenue Bonds, 777 Place-Pomona, Senior Lien Series
2021A-2
3
.250
05/01/57
206,323
425,000
(a)
CSCDA Community Improvement Authority, California, Essential
Housing Revenue Bonds, Acacia on Santa Rosa Creek, Senior
Lien Series 2021A
4
.000
10/01/56
330,022
560,000
(a)
CSCDA Community Improvement Authority, California, Essential
Housing Revenue Bonds, Altana Glendale, Series 2021A-2
4
.000
10/01/56
407,363
750,000
(a)
CSCDA Community Improvement Authority, California, Essential
Housing Revenue Bonds, Center City Anaheim, Series 2020A
5
.000
01/01/54
649,060
540,000
(a)
CSCDA Community Improvement Authority, California, Essential
Housing Revenue Bonds, Moda at Monrovia Station, Social Series
2021A-2
4
.000
10/01/56
390,422
265,000
(a)
CSCDA Community Improvement Authority, California, Essential
Housing Revenue Bonds, Monterrey Station Apartments, Senior
Lien Series 2021A-1
3
.125
07/01/56
162,680
115,000
(a)
CSCDA Community Improvement Authority, California, Essential
Housing Revenue Bonds, Oceanaire-Long Beach, Social Series
2021A-2
4
.000
09/01/56
81,068
245,000
(a)
CSCDA Community Improvement Authority, California, Essential
Housing Revenue Bonds, Parallel-Anaheim Series 2021A
4
.000
08/01/56
207,659
50,000
(a)
CSCDA Community Improvement Authority, California, Essential
Housing Revenue Bonds, Pasadena Portfolio Social Bond,
Mezzanine Senior Series 2021B
4
.000
12/01/56
36,178
100,000
CSCDA Community Improvement Authority, California, Essential
Housing Revenue Bonds, Pasadena Portfolio Social Bond, Series
2021A-2
3
.000
12/01/56
66,656
185,000
(a)
CSCDA Community Improvement Authority, California, Essential
Housing Revenue Bonds, Union South Bay, Series 2021A-2
4
.000
07/01/56
142,207
160,000
(a)
CSCDA Community Improvement Authority, California,
Essential Housing Revenue Bonds, Westgate Phase 1-Pasadena
Apartments, Senior Lien Series 2021A-1
3
.000
06/01/47
105,959
585,000
(a)
CSCDA Community Improvement Authority, California,
Essential Housing Revenue Bonds, Westgate Phase 1-Pasadena
Apartments, Senior Lien Series 2021A-2
3
.125
06/01/57
332,868
600,000
CSCDA Community Improvement Authority, California, Essential
Housing Revenue Bonds, Wood Creek Apartments, Senior Lien
Series 2021A-1
3
.000
12/01/49
383,532
125,000
Los Angeles Housing Authority, California, Multifamily Housing
Revenue Bonds, Clarendon Apartments, Senior Series 2024A
4
.400
12/01/54
107,311
215,000
Los Angeles Housing Authority, California, Multifamily Housing
Revenue Bonds, Clarendon Apartments, Senior Series 2024A
4
.500
12/01/59
189,167
TOTAL HOUSING/MULTIFAMILY
7,413,754
TAX OBLIGATION/GENERAL - 26.9%
620,000
Butte-Glenn Community College District, Butte and Glenn
Counties, California, General Obligation Bonds, Election 2016
Series 2017A
5
.250
08/01/46
628,346
1,000,000
California State, General Obligation Bonds, Various Purpose
Refunding Series 2015
5
.000
08/01/34
1,001,281
1,000,000
Chaffey Joint Union High School District, San Bernardino County,
California, General Obligation Bonds, Election 2012 Series
2017C
5
.250
08/01/47
1,011,654
Portfolio of Investments August 31, 2025
(continued)
NXC
14
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX OBLIGATION/GENERAL
(continued)
$
6,205,000
Desert Community College District, Riverside County, California,
General Obligation Bonds, Election of 2016 Series 2024
4
.000
%
08/01/51
$
5,393,915
1,000,000
Marin Healthcare District, Marin County, California, General
Obligation Bonds, 2013 Election, Series 2015A
4
.000
08/01/45
874,645
2,790,000
Natomas Unified School District, Sacramento County, California,
General Obligation Bonds, Election of 2018, Series 2020A - AGM
Insured
4
.000
08/01/49
2,462,623
7,575,000
Palomar Pomerado Health, California, General Obligation Bonds,
Convertible Capital Appreciation, Election 2004 Series 2010A
0
.000
08/01/34
4,601,647
65,000
Puerto Rico, General Obligation Bonds, Restructured Series
2022A-1
4
.000
07/01/41
56,595
1,000,000
San Benito High School District, San Benito and Santa Clara
Counties, California, General Obligation Bonds, 2016 Election
Series 2017
5
.250
08/01/46
1,014,560
8,075,000
San Bernardino Community College District, California, General
Obligation Bonds, Election of 2008 Series 2009B
0
.000
08/01/44
3,221,365
2,000,000
(b)
West Hills Community College District, California, General
Obligation Bonds, School Facilities Improvement District 3, 2008
Election Series 2011 - AGM Insured
0
.000
08/01/38
2,224,147
TOTAL TAX OBLIGATION/GENERAL
22,490,778
TAX OBLIGATION/LIMITED - 10.0%
20,000
Brentwood Infrastructure Financing Authority, California,
Infrastructure Revenue Bonds, Refunding Subordinated Series
2014B
5
.000
09/02/36
20,005
50,000
California Statewide Communities Development Authority,
Statewide Community Infrastructure Program Revenue Bonds,
Series 2016B
5
.000
09/02/46
49,963
100,000
Corona, California, Special Tax Bonds, Community Facilities
District 2018-1 Bedford, Series 2018A
5
.000
09/01/48
100,009
15,000
Golden State Tobacco Securitization Corporation, California,
Tobacco Settlement Asset-Backed Revenue Bonds, Series
2022A-1
5
.000
06/01/51
14,330
1,000,000
Los Angeles County Metropolitan Transportation Authority,
California, Measure R Sales Tax Revenue Bonds, Senior Series
2016A
5
.000
06/01/39
1,010,073
3,000,000
Los Angeles County Metropolitan Transportation Authority,
California, Proposition C Sales Tax Revenue Bonds, Green Senior
Lien Series 2019A
5
.000
07/01/44
3,071,591
1,000,000
Norco Redevelopment Agency, California, Tax Allocation Bonds,
Project Area 1, Series 2009
7
.000
03/01/34
1,003,322
1,118,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Restructured 2018A-1
5
.000
07/01/58
1,025,495
550,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Taxable Restructured Cofina Project Series 2019A-2
4
.784
07/01/58
485,884
180,000
River Islands Public Financing Authority, California, Special Tax
Bonds, Community Facilities District 2003-1 Improvement Area 1,
Refunding Series 2022A-1 - AGM Insured
5
.250
09/01/52
184,574
60,000
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
08/01/39
60,094
5,000
Signal Hill Redevelopment Agency, California, Project 1 Tax
Allocation Bonds, Series 2011
7
.000
10/01/26
5,015
1,285,000
Stockton Public Financing Authority, California, Revenue Bonds,
Arch Road East Community Facility District 99-02, Series 2018A
5
.000
09/01/28
1,325,446
60,000
Transbay Joint Powers Authority, California, Tax Allocation Bonds,
Senior Green Series 2020A
5
.000
10/01/45
57,793
TOTAL TAX OBLIGATION/LIMITED
8,413,594
15
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TRANSPORTATION - 11.4%
$
60,000
California Municipal Finance Authority, Special Facility Revenue
Bonds, United Airlines, Inc. Los Angeles International Airport
Project, Series 2019, (AMT)
4
.000
%
07/15/29
$
59,708
1,860,000
Los Angeles Department of Airports, California, Revenue Bonds,
Los Angeles International Airport, Refunding & Subordinate
Series 2022C, (AMT)
4
.000
05/15/40
1,751,426
1,525,000
Los Angeles Department of Airports, California, Revenue Bonds,
Los Angeles International Airport, Subordinate Lien Series
2022A, (AMT)
5
.000
05/15/45
1,517,420
3,250,000
Riverside County Transportation Commission, California, Toll
Revenue Senior Lien Bonds, RCTC 91 Express Lanes, Refunding
Series 2021B-1
4
.000
06/01/39
3,101,819
305,000
San Diego County Regional Airport Authority, California, Airport
Revenue Bonds, International Senior Series 2023B, (AMT)
5
.000
07/01/53
300,533
1,000,000
San Diego County Regional Airport Authority, California, Airport
Revenue Bonds, Subordinate Series 2021B, (AMT)
5
.000
07/01/46
991,530
1,400,000
San Francisco Airport Commission, California, Revenue Bonds,
San Francisco International Airport, Refunding Second Series
2023C, (AMT)
5
.500
05/01/40
1,489,970
90,000
San Joaquin Hills Transportation Corridor Agency, Orange
County, California, Refunding Senior Lien Toll Road Revenue
Bonds, Series 2021A
4
.000
01/15/50
77,025
240,000
San Joaquin Hills Transportation Corridor Agency, Orange
County, California, Toll Road Revenue Bonds, Refunding Junior
Lien Series 2014B
5
.250
01/15/44
240,017
TOTAL TRANSPORTATION
9,529,448
U.S. GUARANTEED - 3.5% (c)
410,000
California Health Facilities Financing Authority, California,
Revenue Bonds, Sutter Health, Refunding Series 2016B, (Pre-
refunded 11/15/26)
5
.000
11/15/46
424,032
2,500,000
California Health Facilities Financing Authority, California,
Revenue Bonds, Sutter Health, Series 2016A, (Pre-refunded
11/15/25)
5
.000
11/15/41
2,513,586
35,000
California Health Facilities Financing Authority, Revenue Bonds,
CommonSpirit Health, Series 2020A, (Pre-refunded 4/01/30)
4
.000
04/01/49
37,497
TOTAL U.S. GUARANTEED
2,975,115
UTILITIES - 17.4%
375,000
(a)
California Pollution Control Financing Authority, Water
Furnishing Revenue Bonds, Poseidon Resources Channelside LP
Desalination Project, Series 2012, (AMT)
5
.000
07/01/37
375,103
1,160,000
(a)
California Pollution Control Financing Authority, Water
Furnishing Revenue Bonds, Poseidon Resources Channelside LP
Desalination Project, Series 2012, (AMT)
5
.000
11/21/45
1,101,533
645,000
Long Beach Bond Finance Authority, California, Natural Gas
Purchase Revenue Bonds, Series 2007A
5
.500
11/15/37
711,545
3,000,000
Los Angeles Department of Water and Power, California, Power
System Revenue Bonds, Series 2017C
5
.000
07/01/47
2,980,901
2,000,000
Los Angeles Department of Water and Power, California, Power
System Revenue Bonds, Series 2020B
5
.000
07/01/40
2,035,190
285,000
Los Angeles Department of Water and Power, California, Power
System Revenue Bonds, Series 2025A - BAM Insured
5
.000
07/01/53
285,853
2,900,000
Los Angeles Department of Water and Power, California,
Waterworks Revenue Bonds, Series 2017A
4
.000
07/01/47
2,532,680
1,000,000
Los Angeles Department of Water and Power, California,
Waterworks Revenue Bonds, Series 2018B
5
.000
07/01/38
1,015,503
250,000
(a)
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds,
Refunding Senior Lien Series 2020A
5
.000
07/01/47
233,871
2,050,000
Sacramento County Sanitation Districts Financing Authority,
California, Revenue Bonds, Sacramento Regional County
Sanitation District, Series 2020A
5
.000
12/01/50
2,083,590
Portfolio of Investments August 31, 2025
(continued)
NXC
16
See Notes to Financial Statements
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
UTILITIES
(continued)
$
1,070,000
San Joaquin Valley Clean Energy Authority, California, Clean
Energy Project Revenue Bonds, Green Series 2025A, (Mandatory
Put 7/01/35)
5
.500
%
01/01/56
$
1,187,314
TOTAL UTILITIES
14,543,083
TOTAL MUNICIPAL BONDS
(Cost $79,684,181)
76,336,444
TOTAL LONG-TERM INVESTMENTS
(Cost $79,684,181)
76,336,444
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SHORT-TERM INVESTMENTS - 7.3%
X
6,100,000
MUNICIPAL BONDS - 7.3%
X
-
HEALTH CARE - 0.7%
$
600,000
(d),(e)
California Health Facilities Financing Authority, California,
Revenue Bonds, Scripps Health, Weekly Mode Series 2024C-1
1
.150
11/15/63
$
600,000
TOTAL HEALTH CARE
600,000
TAX OBLIGATION/GENERAL - 1.8%
1,500,000
(d),(e)
California State, General Obligation Bonds, Variable Rate Weekly
Rate Period, Series 2024C-3
2
.200
05/01/48
1,500,000
TOTAL TAX OBLIGATION/GENERAL
1,500,000
WATER AND SEWER - 4.8%
4,000,000
(d),(e)
Orange County Water District, California, Revenue Certificates of
Participation, Adjustable Rate Series 2003A
2
.650
08/01/42
4,000,000
TOTAL WATER AND SEWER
4,000,000
TOTAL MUNICIPAL BONDS
(Cost $6,100,000)
6,100,000
TOTAL SHORT-TERM INVESTMENTS
(Cost $6,100,000)
6,100,000
TOTAL INVESTMENTS - 98.5%
(Cost $85,784,181)
82,436,444
OTHER ASSETS & LIABILITIES, NET - 1.5%
1,272,243
NET ASSETS APPLICABLE TO COMMON SHARES - 100%
$
83,708,687
AMT
Alternative Minimum Tax
(a)
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 $8,423,376 or 10.2% of Total Investments.
(b)
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.
(c)
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.
(d)
Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the underlying asset of the
security. Coupon rate reflects the rate at period end.
(e)
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.
17
Portfolio of Investments August 31, 2025
NXN
See Notes to Financial Statements
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM INVESTMENTS - 97.2%
X
45,555,133
MUNICIPAL BONDS - 97.2%
X
-
CONSUMER STAPLES - 4.3%
$
435,000
Erie County Tobacco Asset Securitization Corporation, New York,
Tobacco Settlement Asset-Backed Bonds, Series 2005A
5
.000
%
06/01/38
$
392,269
165,000
New York Counties Tobacco Trust VI, New York, Tobacco
Settlement Pass-Through Bonds, Series 2016A-1
5
.625
06/01/35
167,594
1,530,000
New York Counties Tobacco Trust VI, New York, Tobacco
Settlement Pass-Through Bonds, Series 2016A-1
5
.750
06/01/43
1,445,362
TOTAL CONSUMER STAPLES
2,005,225
EDUCATION AND CIVIC ORGANIZATIONS - 10.7%
250,000
Buffalo and Erie County Industrial Land Development
Corporation, New York, Revenue Bonds, Enterprise Charter
School Project, Series 2011A
7
.500
12/01/40
244,027
30,000
Build New York City Resource Corporation, New York, Revenue
Bonds, Classical Charter Schools Series 2023A
4
.500
06/15/43
27,262
35,000
Build New York City Resource Corporation, New York, Revenue
Bonds, Classical Charter Schools Series 2023A
4
.750
06/15/58
30,648
35,000
Build New York City Resource Corporation, New York, Revenue
Bonds, KIPP New York City Public School Facilities, Canal West
Project, Series 2022
5
.250
07/01/52
33,551
100,000
Build New York City Resource Corporation, New York, Revenue
Bonds, KIPP New York City Public School Facilities, Canal West
Project, Series 2022
5
.250
07/01/62
93,823
100,000
(a)
Build NYC Resource Corporation Revenue Bonds, New York, East
Harlem Scholars Academy Charter School Project, Series 2022
(Social Bonds)
5
.750
06/01/62
92,823
100,000
(a)
Build NYC Resource Corporation, New York, Revenue Bonds,
Family Life Academy Charter School, Series 2020C-1
5
.000
06/01/40
90,220
115,000
(a)
Build NYC Resource Corporation, New York, Revenue Bonds,
Richmond Preparatory Charter School Project, Social Impact
Project Series 2021A
5
.000
06/01/56
86,787
140,000
(a)
Dormitory Authority of the State of New York, General Revenue
Bonds, American Musical and Dramatic Academy Inc., Series
2023A
7
.250
07/01/53
140,006
165,000
Dormitory Authority of the State of New York, General Revenue
Bonds, Yeshiva University, Series 2022A
5
.000
07/15/42
164,063
130,000
Dormitory Authority of the State of New York, General Revenue
Bonds, Yeshiva University, Series 2022A
5
.000
07/15/50
123,895
1,000,000
Dormitory Authority of the State of New York, Housing Revenue
Bonds, Fashion Institute of Technology, Series 2007 - FGIC
Insured
5
.250
07/01/34
1,022,843
605,000
Dormitory Authority of the State of New York, Revenue Bonds,
Icahn School of Medicine at Mount Sinai, Refunding Series
2015A
5
.000
07/01/40
604,953
365,000
Dormitory Authority of the State of New York, Revenue Bonds,
New School University, Series 2016A
5
.000
07/01/41
366,331
1,185,000
Dormitory Authority of the State of New York, Revenue Bonds,
New York University, Series 2016A
5
.000
07/01/35
1,202,399
250,000
(a)
Dormitory Authority of the State of New York, Revenue Bonds,
Vaughn College of Aeronautics & Technology, Series 2016A
5
.500
12/01/36
222,481
215,000
Glen Cove Local Economic Assistance Corporation, New York,
Revenue Bonds, Garvies Point Public Improvement Project,
Capital Appreciation Series 2016C
5
.625
01/01/55
183,221
110,000
Hempstead Town Local Development Corporation, New York,
Revenue Bonds, Adelphi University Project, Series 2013
5
.000
09/01/38
110,026
180,000
New York City Industrial Development Agency, New York, PILOT
Payment in Lieu of Taxes Revenue Bonds, Yankee Stadium
Project, Refunding Series 2020A - AGM Insured
4
.000
03/01/45
161,133
TOTAL EDUCATION AND CIVIC ORGANIZATIONS
5,000,492
FINANCIALS - 1.1%
450,000
Liberty Development Corporation, New York, Goldman Sachs
Headquarter Revenue Bonds, Series 2005
5
.250
10/01/35
506,802
TOTAL FINANCIALS
506,802
Portfolio of Investments August 31, 2025
(continued)
NXN
18
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
HEALTH CARE - 14.9%
$
890,000
Dormitory Authority of the State of New York, General Revenue
Bonds, Northwell Health Obligated Group, Series 2022A
4
.000
%
05/01/45
$
768,600
760,000
Dormitory Authority of the State of New York, General Revenue
Bonds, Northwell Health Obligated Group, Series 2022A
4
.250
05/01/52
649,862
670,000
Dormitory Authority of the State of New York, General Revenue
Bonds, Northwell Health Obligated Group, Series 2024A
5
.250
05/01/54
673,382
1,100,000
Dormitory Authority of the State of New York, Revenue Bonds,
Montefiore Obligated Group, Series 2018A
5
.000
08/01/34
1,117,918
275,000
Dormitory Authority of the State of New York, Revenue Bonds,
Mount Sinai Health Obligated Group, Series 2025
5
.250
07/01/50
266,342
1,000,000
Dormitory Authority of the State of New York, Revenue Bonds,
NYU Langone Hospitals Obligated Group, Series 2020A
4
.000
07/01/50
846,110
300,000
(a)
Dormitory Authority of the State of New York, Revenue Bonds,
Orange Regional Medical Center Obligated Group, Series 2015
5
.000
12/01/40
268,937
200,000
(a)
Dormitory Authority of the State of New York, Revenue Bonds,
Orange Regional Medical Center Obligated Group, Series 2017
5
.000
12/01/32
200,474
100,000
(a)
Dormitory Authority of the State of New York, Revenue Bonds,
Orange Regional Medical Center Obligated Group, Series 2017
5
.000
12/01/35
97,177
150,000
Dormitory Authority of the State of New York, Revenue Bonds,
Roswell Park Cancer Institute Obligated Group, Series 2025A
5
.500
07/01/55
155,072
20,000
Dormitory Authority of the State of New York, Revenue Bonds,
White Plains Hospital, Series 2024
5
.250
10/01/49
19,414
160,000
Dormitory Authority of the State of New York, Revenue Bonds,
White Plains Hospital, Series 2024
5
.500
10/01/54
163,438
500,000
Dutchess County Local Development Corporation, New York,
Revenue Bonds, Health Quest Systems, Inc. Project, Series 2016B
4
.000
07/01/41
452,665
195,000
Monroe County Industrial Development Corporation, New York,
Revenue Bonds, Rochester General Hospital Project, Series 2017
5
.000
12/01/46
188,647
420,000
Monroe County Industrial Development Corporation, New York,
Revenue Bonds, Rochester Regional Health Project, Series 2020A
4
.000
12/01/46
345,455
835,000
Westchester County Local Development Corporation, New York,
Revenue Bonds, Westchester Medical Center Obligated Group
Project, Series 2016
5
.000
11/01/46
739,633
25,000
Westchester County Local Development Corporation, New York,
Revenue Bonds, Westchester Medical Center Obligated Group
Project, Series 2023
6
.250
11/01/52
26,071
TOTAL HEALTH CARE
6,979,197
HOUSING/MULTIFAMILY - 2.4%
1,000,000
New York City Housing Development Corporation, New York,
Multifamily Housing Revenue Bonds, Sustainable Development
Green Series 2025C-1
5
.125
11/01/55
1,000,229
100,000
(a)
New York City Housing Development Corporation, New York,
Multi-Family Mortgage Revenue Bonds, 8 Spruce Street, Class F
Series 2024
5
.250
12/15/31
102,655
TOTAL HOUSING/MULTIFAMILY
1,102,884
INDUSTRIALS - 3.5%
865,000
(a)
New York Liberty Development Corporation, New York, Liberty
Revenue Bonds, 3 World Trade Center Project, Class 1 Series
2014
5
.000
11/15/44
840,616
10,000
New York Liberty Development Corporation, New York, Liberty
Revenue Bonds, 7 World Trade Center Project, Refunding Green
Series 2022A-CL2
3
.500
09/15/52
7,314
365,000
New York Transportation Development Corporation, New York,
Facility Revenue Bonds, Thruway Service Areas Project, Series
2021, (AMT)
4
.000
10/31/41
320,629
85,000
New York Transportation Development Corporation, New York,
Facility Revenue Bonds, Thruway Service Areas Project, Series
2021, (AMT)
4
.000
10/31/46
71,079
535,000
New York Transportation Development Corporation, New York,
Facility Revenue Bonds, Thruway Service Areas Project, Series
2021, (AMT)
4
.000
04/30/53
422,317
TOTAL INDUSTRIALS
1,661,955
19
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM CARE - 0.2%
$
80,000
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
$
81,005
25,000
Monroe County Industrial Development Corporation, New York,
Revenue Bonds, Saint Ann's Community Project, Series 2019
5
.000
01/01/40
23,146
TOTAL LONG-TERM CARE
104,151
MATERIALS - 0.3%
155,000
(a)
Build New York City Resource Corporation, New York, Solid
Waste Disposal Revenue Bonds, Pratt Paper NY, Inc. Project,
Series 2014, (AMT)
5
.000
01/01/35
155,084
TOTAL MATERIALS
155,084
TAX OBLIGATION/GENERAL - 5.8%
1,000,000
Nassau County, New York, General Obligation Bonds, General
Improvement Bonds Series 2019B - AGM Insured
5
.000
04/01/44
1,021,891
1,000,000
Nassau County, New York, General Obligation Bonds, General
Improvement Series 2021A - AGM Insured
4
.000
04/01/51
869,696
835,000
New York City, New York, General Obligation Bonds, Fiscal 2020
SeriesD-1
4
.000
03/01/50
715,375
117,000
Puerto Rico, General Obligation Bonds, Restructured Series
2022A-1
4
.000
07/01/41
101,871
TOTAL TAX OBLIGATION/GENERAL
2,708,833
TAX OBLIGATION/LIMITED - 23.4%
1,000,000
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
03/15/44
892,122
2,975,000
Dormitory Authority of the State of New York, State Sales Tax
Revenue Bonds, Series 2017A Group C
5
.000
03/15/41
3,006,124
1,000,000
Dormitory Authority of the State of New York, State Sales Tax
Revenue Bonds, Series 2018A
5
.000
03/15/40
1,022,498
250,000
Hudson Yards Infrastructure Corporation, New York, Revenue
Bonds, Green Fiscal 2022 Series A
4
.000
02/15/36
253,802
800,000
Hudson Yards Infrastructure Corporation, New York, Revenue
Bonds, Second Indenture Fiscal 2017 Series A
5
.000
02/15/45
804,323
1,000,000
New York City Transitional Finance Authority, New York, Future
Tax Secured Bonds, Subordinate Fiscal Series 2023F-1
4
.000
02/01/51
865,660
1,060,000
New York City Transitional Finance Authority, New York, Future
Tax Secured Bonds, Subordinate Fiscal Series 2025D
4
.250
05/01/54
953,549
1,120,000
New York State Urban Development Corporation, State Personal
Income Tax Revenue Bonds, General Purpose Group 1, Series
2019A
4
.000
03/15/48
964,044
1,275,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Restructured 2018A-1
5
.000
07/01/58
1,169,504
65,000
Triborough Bridge and Tunnel Authority, New York, Payroll
Mobility Tax Bonds, Senior Lien Series 2021B-1
4
.000
05/15/56
54,385
315,000
Triborough Bridge and Tunnel Authority, New York, Payroll
Mobility Tax Bonds, Senior Lien Series 2022A
4
.000
05/15/51
270,862
685,000
Triborough Bridge and Tunnel Authority, New York, Payroll
Mobility Tax Senior Lien Bonds, Series 2022C
5
.250
05/15/52
702,146
TOTAL TAX OBLIGATION/LIMITED
10,959,019
TRANSPORTATION - 20.5%
225,000
Build NYC Resource Corporation, New York, Airport Facilities
Revenue Bonds. TrIPs Obligated Group, Senior Series 2025,
(AMT)
5
.500
07/01/50
226,288
620,000
Metropolitan Transportation Authority, New York, Transportation
Revenue Bonds, Series 2016C-1
5
.250
11/15/56
615,248
100,000
New York Transportation Development Corporation, New
York, Special Facilities Bonds, LaGuardia Airport Terminal B
Redevelopment Project, Series 2016A, (AMT)
5
.000
07/01/46
94,719
1,110,000
New York Transportation Development Corporation, New
York, Special Facilities Bonds, LaGuardia Airport Terminal B
Redevelopment Project, Series 2016A, (AMT)
5
.250
01/01/50
1,056,792
Portfolio of Investments August 31, 2025
(continued)
NXN
20
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TRANSPORTATION
(continued)
$
620,000
New York Transportation Development Corporation, New York,
Special Facilities Revenue Bonds, Terminal 6 John F Kennedy
International Airport Redevelopment Project, Senior Green Series
2024A, (AMT)
5
.500
%
12/31/60
$
600,269
45,000
New York Transportation Development Corporation, New York,
Special Facility Revenue Bonds, American Airlines, Inc. John F
Kennedy International Airport Project, Refunding Series 2016,
(AMT)
5
.000
08/01/26
45,001
830,000
New York Transportation Development Corporation, New York,
Special Facility Revenue Bonds, American Airlines, Inc. John F
Kennedy International Airport Project, Refunding Series 2016,
(AMT)
5
.000
08/01/31
830,007
30,000
New York Transportation Development Corporation, New York,
Special Facility Revenue Bonds, American Airlines, Inc. John F
Kennedy International Airport Project, Series 2020, (AMT)
5
.375
08/01/36
30,654
105,000
New York Transportation Development Corporation, New York,
Special Facility Revenue Bonds, John F Kennedy International
Airport New Terminal 1 Project, Green Series 2023, (AMT)
6
.000
06/30/54
106,692
465,000
New York Transportation Development Corporation, New York,
Special Facility Revenue Bonds, John F Kennedy International
Airport New Terminal 1 Project, Green Series 2023, (AMT)
5
.375
06/30/60
441,523
130,000
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
137,791
265,000
New York Transportation Development Corporation, New York,
Special Facility Revenue Bonds, Terminal 4 John F Kennedy
International Airport Project, Series 2022, (AMT)
5
.000
12/01/35
278,947
700,000
New York Transportation Development Corporation, Special
Facility Revenue Bonds, Delta Air Lines, Inc. - LaGuardia Airport
Terminals C&D Redevelopment Project, Series 2018, (AMT)
5
.000
01/01/28
720,894
300,000
New York Transportation Development Corporation, Special
Facility Revenue Bonds, Delta Air Lines, Inc. - LaGuardia Airport
Terminals C&D Redevelopment Project, Series 2018, (AMT)
5
.000
01/01/31
306,760
300,000
New York Transportation Development Corporation, Special
Facility Revenue Bonds, Delta Air Lines, Inc. - LaGuardia Airport
Terminals C&D Redevelopment Project, Series 2023, (AMT)
6
.000
04/01/35
325,478
1,500,000
Port Authority of New York and New Jersey, Consolidated
Revenue Bonds, Two Hundred Fifth Series 2017
5
.000
11/15/47
1,507,222
1,475,000
Port Authority of New York and New Jersey, Consolidated
Revenue Bonds, Two Hundred Twenty-One Series 2020, (AMT)
4
.000
07/15/55
1,194,555
1,095,000
Triborough Bridge and Tunnel Authority, New York, General
Purpose Revenue Bonds, Refunding Subordinate Lien Series
2017A2
5
.000
11/15/42
1,101,827
TOTAL TRANSPORTATION
9,620,667
U.S. GUARANTEED - 2.1% (b)
1,000,000
Government of Guam, Business Privilege Tax Bonds, Refunding
Series 2015D, (ETM)
5
.000
11/15/25
1,004,940
TOTAL U.S. GUARANTEED
1,004,940
UTILITIES - 8.0%
200,000
Buffalo Municipal Water Finance Authority, New York, Water
System Revenue Bonds, Refunding Series 2015A
5
.000
07/01/29
200,341
140,000
Long Island Power Authority, New York, Electric System General
Revenue Bonds, Green Series 2023E
5
.000
09/01/53
140,286
180,000
Long Island Power Authority, New York, Electric System General
Revenue Bonds, Series 2016B
5
.000
09/01/46
180,001
230,000
New York State Power Authority, General Revenue Bonds, Green
Series 2024A
4
.000
11/15/54
195,775
1,500,000
New York State Power Authority, General Revenue Bonds, Series
2020A
4
.000
11/15/60
1,245,464
265,000
New York State Power Authority, Green Transmission Project
Revenue Bonds, Green Series 2023A - AGM Insured
5
.000
11/15/53
267,093
150,000
(a)
Niagara Area Development Corporation, New York, Solid Waste
Disposal Facility Revenue Refunding Bonds, Covanta Energy
Project, Series 2018A, (AMT)
4
.750
11/01/42
132,612
21
See Notes to Financial Statements
AMT
Alternative Minimum Tax
ETM
Escrowed to maturity
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
UTILITIES
(continued)
$
405,000
(a)
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds,
Refunding Senior Lien Series 2020A
5
.000
%
07/01/47
$
378,871
1,000,000
Utility Debt Securitization Authority, New York, Restructuring
Bonds, Refunding Series 2015
5
.000
12/15/33
1,005,441
TOTAL UTILITIES
3,745,884
TOTAL MUNICIPAL BONDS
(Cost $47,667,721)
45,555,133
TOTAL LONG-TERM INVESTMENTS
(Cost $47,667,721)
45,555,133
OTHER ASSETS & LIABILITIES, NET - 2.8%
1,301,513
NET ASSETS APPLICABLE TO COMMON SHARES - 100%
$
46,856,646
(a)
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 $2,808,743 or 6.2% of Total Investments.
(b)
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.
Statement of Assets and Liabilities
See Notes to Financial Statements
22
August 31, 2025 (Unaudited)
NXC
NXN
ASSETS
Long-term investments, at value
†
$
76,336,444‌
$
45,555,133‌
Short-term investments, at value
◊
6,100,000‌
-‌
Cash
1,167,013‌
1,333,435‌
Receivables:
Interest
719,907‌
615,185‌
Investments sold
10,000‌
-‌
Deferred offering costs
153,707‌
-‌
Other
17,402‌
11,446‌
Total assets
84,504,473‌
47,515,199‌
LIABILITIES
Payables:
Management fees
18,326‌
10,301‌
Dividends
282,205‌
157,514‌
Interest
32‌
18‌
Accrued expenses:
Custodian fees
10,654‌
8,993‌
Investor relations fees
1,726‌
1,127‌
Trustees fees
15,317‌
9,317‌
Professional fees
13,499‌
16,225‌
Shareholder reporting expenses
7,395‌
8,053‌
Shareholder servicing agent fees
427‌
421‌
Shelf offering costs
568‌
-‌
Merger expenses
445,000‌
445,000‌
Other
637‌
1,584‌
Total liabilities
795,786‌
658,553‌
Net assets applicable to common shares
$
83,708,687‌
$
46,856,646‌
Common shares outstanding
6,454,025‌
3,924,894‌
Net asset value ("NAV") per common share outstanding
$
12
.97‌
$
11
.94‌
NET ASSETS APPLICABLE TO COMMON SHARES CONSIST OF:
Common shares, $0.01 par value per share
$
64,540‌
$
39,249‌
Paid-in capital
89,778,208‌
53,856,608‌
Total distributable earnings (loss)
(
6,134,061‌
)
(
7,039,211‌
)
Net assets applicable to common shares
$
83,708,687‌
$
46,856,646‌
Authorized shares:
Common
Unlimited
Unlimited
†
Long-term investments, cost
$
79,684,181‌
$
47,667,721‌
◊
Short-term investments, cost
$
6,100,000‌
$
-‌
Statement of Operations
See Notes to Financial Statements
23
Six Months Ended August 31, 2025 (Unaudited)
NXC
NXN
INVESTMENT INCOME
Interest
$
1,847,649‌
$
1,115,163‌
Total investment income
1,847,649‌
1,115,163‌
EXPENSES
-
-
Management fees
110,071‌
62,050‌
Shareholder servicing agent fees
769‌
754‌
Interest expense
113‌
7,465‌
Trustees fees
1,559‌
880‌
Custodian expenses, net
8,123‌
6,560‌
Investor relations expenses
2,050‌
1,161‌
Merger expenses
445,000‌
445,000‌
Professional fees
24,228‌
23,930‌
Shareholder reporting expenses
12,388‌
11,160‌
Stock exchange listing fees
4,001‌
3,886‌
Other
5,958‌
6,768‌
Total expenses
614,260‌
569,614‌
Net investment income (loss)
1,233,389‌
545,549‌
REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) from:
Investments
(
110,305‌
)
(
2,088‌
)
Net realized gain (loss)
(
110,305‌
)
(
2,088‌
)
Change in unrealized appreciation (depreciation) on:
Investments
(
4,623,543‌
)
(
2,389,527‌
)
Net change in unrealized appreciation (depreciation)
(
4,623,543‌
)
(
2,389,527‌
)
Net realized and unrealized gain (loss)
(
4,733,848‌
)
(
2,391,615‌
)
Net increase (decrease) in net assets applicable to common shares from operations
$
(
3,500,459‌
)
$
(
1,846,066‌
)
Statement of Changes in Net Assets
See Notes to Financial Statements
24
NXC
NXN
Unaudited
Six Months Ended
8/31/25
Year Ended
2/28/25
Unaudited
Six Months Ended
8/31/25
Year Ended
2/28/25
OPERATIONS
Net investment income (loss)
$
1,233,389‌
$
3,357,661‌
$
545,549‌
$
1,988,237‌
Net realized gain (loss)
(
110,305‌
)
(
56,142‌
)
(
2,088‌
)
(
34,122‌
)
Net change in unrealized appreciation (depreciation)
(
4,623,543‌
)
(
1,052,983‌
)
(
2,389,527‌
)
(
365,142‌
)
Net increase (decrease) in net assets applicable to common shares
from operations
(
3,500,459‌
)
2,248,536‌
(
1,846,066‌
)
1,588,973‌
DISTRIBUTIONS TO COMMON SHAREHOLDERS
Dividends
(
1,752,594‌
)
(
3,484,687‌
)
(
989,073‌
)
(
1,954,597‌
)
Total distributions
(
1,752,594‌
)
(
3,484,687‌
)
(
989,073‌
)
(
1,954,597‌
)
CAPITAL SHARE TRANSACTIONS
Common shares:
Proceeds from shelf offering, net of offering costs
527,441‌
683,280‌
-‌
-‌
Reinvestments of distributions
9,832‌
8,484‌
-‌
-‌
Net increase (decrease) applicable to common shares from capital
share transactions
537,273‌
691,764‌
-‌
-‌
Net increase (decrease) in net assets applicable to common shares
(
4,715,780‌
)
(
544,387‌
)
(
2,835,139‌
)
(
365,624‌
)
Net assets applicable to common shares at the beginning of period
88,424,467‌
88,968,854‌
49,691,785‌
50,057,409‌
Net assets applicable to common shares at the end of period
$
83,708,687‌
$
88,424,467‌
$
46,856,646‌
$
49,691,785‌
Financial Highlights
26
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
Shelf
Offering
Costs
Premium
per
Share
Sold
through
Shelf
Offering
Net Asset
Value,
End of
Period
Share
Price,
End of
Period
NXC
8/31/25
(d)
$
13.79
$
0.19
$
(0.74)
$
(0.55)
$
(0.27)
$
-
$
(0.27)
$
-
(e)
$
-
(e)
$
12.97
$
12.85
2/28/25
13.98
0.53
(0.17)
0.36
(0.55)
-
(0.55)
-
(e)
-
(e)
13.79
13.15
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)
-
(e)
(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
NXN
8/31/25
(d)
12.66
0.14
(0.61)
(0.47)
(0.25)
-
(0.25)
-
-
11.94
11.76
2/28/25
12.75
0.51
(0.10)
0.41
(0.50)
-
(0.50)
-
-
12.66
11.85
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
(a)
Based on average shares outstanding.
(b)
Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested distributions at Common Share NAV, if any. The last
distribution 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 distribution 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 distributions, if any, at
the average price paid per share at the time of reinvestment. The last distribution 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 distribution 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
27
Ratios of Interest
Expense
to Average Net
Assets Applicable
to Common Shares
NXC
8/31/25
(d)
-
%
2/28/25
0.01
2/29/24
-
2/28/23
-
2/28/22
(g)
-
3/31/21
-
NXN
8/31/25
(d)
0.03
(f)
2/28/25
0.01
2/29/24
-
(e
)
2/28/23
-
(e
)
2/28/22
(g)
-
(e) (f)
3/31/21
-
(e)
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
(3.98‌)
%
(0.24‌)
%
$
83,709
1.44‌
%
(f)
2.88‌
%
(f)
4‌
%
2.60‌
4.48‌
88,424
0.39‌
3.80‌
8‌
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
(f)
3.14‌
(f)
9‌
(6.05‌)
16.13‌
100,600
0.35‌
3.26‌
5‌
(3.71‌)
1.41‌
46,857
2.36‌
(f)
2.26‌
(f)
3‌
3.26‌
5.47‌
49,692
0.46‌
3.99‌
8‌
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
(f)
2.86‌
(f)
16‌
5.98‌
18.66‌
56,311
0.40‌
3.25‌
14‌
(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)
Value rounded to zero.
(f)
Annualized.
(g)
For the eleven months ended February 28, 2022.
28
Notes to Financial Statements
(U
naudited)
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 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, 2025, and the period covered by these Notes to Financial
Statements is the six months ended August 31, 2025 (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.
NXC and NXN - Fund reorganization:
On June 17, 2025, the reorganization of NXC and NXN into Nuveen Select Tax-Free Income Portfolio (NXP)
was approved by the Funds' Board of Trustees (the "Board"). Each merger is pending shareholder approval and satisfying other closing conditions.
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. The Funds are investment companies and follow 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 common share transactions. The NAV for financial reporting purposes includes security and
common share transactions through the date of the report. Total return is computed based on the NAV used for processing security and common
share 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.
Custodian Fee Credit:
As an alternative to overnight investments, each Fund has an arrangement with its custodian bank, State Street Bank and
Trust Company, (the "Custodian") whereby certain custodian fees and expenses are reduced by net credits earned on each Fund's cash on deposit
with the bank. Credits for cash balances may be offset by charges for any days on which a Fund overdraws its account at the Custodian. The amount
of custodian fee credit earned by a Fund is recognized on the Statement of Operations as a component of "Custodian expenses, net." During the
current fiscal period, the custodian fee credit earned by each Fund was as follows:
Distributions to Shareholders:
Distributions to 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 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 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.
Fund
Gross
Custodian Fee
Credits
NXC
$
-
NXN
-
29
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
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 current fiscal period, if any, are further described later in these Notes to
Financial Statements.
Segment Reporting:
Each Fund represents a single operating segment. The officers of the Funds act as the chief operating decision maker
("CODM"). The CODM monitors the operating results of each Fund as a whole and is responsible for each Fund's long-term strategic asset allocation
in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a
team. The financial information in the form of the Fund's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes
in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus
the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within
the Fund's financial statements. Segment assets are reflected on the Statement of Assets and Liabilities as "total assets" and significant segment
revenues and expenses are listed on the Statement of Operations.
New Accounting Pronouncement
: In December 2023, the FASB issued Accounting Standard Update ("ASU") No. 2023-09, Income Taxes (Topic
740) Improvements to Income tax disclosures ("ASU 2023-09"). The primary purpose of the amendments within ASU 2023-09 is to enhance the
transparency and decision usefulness of income tax disclosures primarily related to the rate reconciliation table and income taxes paid information.
The amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. Management is currently evaluating the
implications of these changes on the 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
30
Notes to Financial Statements
(continued)
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 current fiscal 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
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 current fiscal 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.
NXC
Level 1
Level 2
Level 3
Total
Long-Term Investments:
Municipal Bonds
$
-
$
76,336,444
$
-
$
76,336,444
Short-Term Investments:
Municipal Bonds
-
6,100,000
-
6,100,000
Total
$
-
$
82,436,444
$
-
$
82,436,444
NXN
Level 1
Level 2
Level 3
Total
Long-Term Investments:
Municipal Bonds
$
-
$
45,555,133
$
-
$
45,555,133
Total
$
-
$
45,555,133
$
-
$
45,555,133
31
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 current fiscal period, such
amounts are recognized on the Statement of Assets and Liabilities.
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 the Fund's Shelf Offering during the
Fund's current and prior fiscal period were as follows:
Fund
Non-U.S.
Government
Purchases
Non-U.S.
Government Sales
and Maturities
NXC
$
3,359,026
$
7,772,903
NXN
1,821,077
1,410,000
32
Notes to Financial Statements
(continued)
Costs incurred by the Funds in connection with their 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 Funds 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 Funds during the Funds' 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.
Each Fund intends to satisfy conditions that will enable interest from municipal securities, which is exempt from regular federal and designated
state income taxes, to retain such tax-exempt status when distributed to shareholders of the Funds. Net realized capital gains and ordinary income
distributions paid by the Funds are subject to federal taxation.
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:
NXC
Six Month
Ended
8/31/25
Year Ended
2/28/25
Additional authorized common shares
1,300,000
1,300,000
Common shares sold
41,092
49,308
Offering proceeds, net of offering costs
$527,441
$683,280
NXC
Six Months
Ended
8/31/25
Year Ended
2/28/25
Common Shares:
Sold through shelf offering
41,092
49,308
Issued to shareholders due to reinvestment of distributions
747
602
Total
41,839
49,910
Weighted average common share:
Premium to NAV per shelf offering common share sold
0.16%
0.21%
Fund
Tax Cost
Gross Unrealized
Appreciation
Gross
Unrealized
(Depreciation)
Net
Unrealized
Appreciation
(Depreciation)
NXC
$
85,708,192
$
1,663,940
$
(4,935,688)
$
(3,271,748)
NXN
47,609,360
279,417
(2,333,644)
(2,054,227)
33
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:
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 the end of the current fiscal period, the complex-level fee rate for each Fund was as follows:
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
$
256,741
$
-
$
-
$
1,339,088
$
(2,185,083)
$
-
$
(291,754)
$
(881,008)
NXN
209,254
-
-
326,550
(4,575,030)
-
(164,846)
(4,204,072)
1
Undistributed tax-exempt income (on a tax basis) has not been reduced for the dividend declared on February 3, 2025 and paid on March 3, 2025.
Fund
Short-Term
Long-Term
Total
NXC
$
462,145
$
1,722,938
$
2,185,083
NXN
2,632,255
1,942,775
4,575,030
Average Daily Net Assets*
Fund-Level Fee Rate
For the first $125 million
0.1000
%
For the next $125 million
0.0875
For the next $250 million
0.0750
For the next $500 million
0.0625
For the next $1 billion
0.0500
For the next $3 billion
0.0250
For managed assets over $5 billion
0.0125
Complex-Level 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
0.1568
%
NXN
0.1568
34
Notes to Financial Statements
(continued)
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.
9. Borrowing Arrangements
Line of Credit:
The Funds, along with certain funds managed by the Adviser or by an affiliate of the Adviser ("Participating Funds"), have
established a 364-day, $2.7 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 2026, 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" 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 Funds did not utilize this facility.
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.
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 fiscal period, none of the Funds covered by this shareholder report have entered into any inter-fund loan activity.
35
Additional Fund Information
(U
naudited)
Portfolio of Investments Information
Each 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
Each 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 60606
Independent Registered
Public Accounting Firm
PricewaterhouseCoopers
LLP
One North Wacker Drive
Chicago, IL 60606
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
36
Glossary of Terms Used in this Report
(U
naudited)
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.
Statement Regarding Basis for Approval of
Investment Advisory Contract
37
(U
naudited)
Nuveen California Select Tax-Free Income Portfolio
Nuveen New York Select Tax-Free Income Portfolio
The Approval Process
At meetings held on April 28 and 29, 2025 (the "Meeting"), the Boards of Directors or Trustees (as the case may be) of the group of funds advised by
Nuveen Fund Advisors, LLC ("NFAL" or the "Adviser"), including the Funds (as defined below), and the group of funds advised by Teachers Advisors,
LLC ("TAL" and all such funds, collectively, the "Nuveen funds" or the "funds") approved the renewal of the investment management agreements
(each, an "Investment Management Agreement") with NFAL and TAL, respectively. TAL and NFAL are affiliates as NFAL is a subsidiary of Nuveen,
LLC, the investment arm of Teachers Insurance and Annuity Association of America ("TIAA"), and TAL is an indirect wholly owned subsidiary of TIAA.
The Boards of Trustees of the Funds also approved the renewal of the sub-advisory agreements (each, a "Sub-Advisory Agreement") with Nuveen
Asset Management, LLC (the "Sub-Adviser"). The Sub-Adviser is also an affiliate of the Adviser.
The Boards of Directors or Trustees of the Nuveen funds are each a "Board" or collectively the "Board" (as the context may dictate) and the directors
or trustees (as the case may be) are each a "Board Member." The Board Members of each Board are not "interested persons" (as defined under
the Investment Company Act of 1940 (the "1940 Act")) and, therefore, each Board is deemed to be comprised of all disinterested Board Members.
References to a Board and the Board Members are interchangeable.
In accordance with applicable law, following up to an initial two-year period, the Board of each Fund considers the renewal of each Investment
Management Agreement and Sub-Advisory Agreement on behalf of the Fund on an annual basis. The Investment Management Agreements and
Sub-Advisory Agreements are collectively referred to as the "Advisory Agreements," and the Adviser and the Sub-Adviser are collectively the "Fund
Advisers" and each a "Fund Adviser." Below is a summary of the annual review process the Board undertook related to its most recent renewal of
the Advisory Agreements with respect to each Nuveen fund covered by this report (each, a "Fund" and, collectively, the "Funds").
To reach their determination, the Board Members considered the review of the Advisory Agreements to be an ongoing process. The Board
Members employed the accumulated information, knowledge and experience they had gained during their tenure as disinterested Board Members
on the respective Board of the Nuveen funds and its committees in overseeing the applicable funds and working with the respective investment
advisers and sub-advisers in their review of the advisory agreements for the fund complex. The Board and/or its committees meet regularly
throughout the year and at these meetings, the Board Members received materials and discussed information covering a wide range of topics
pertinent to the annual consideration of the renewal of the Advisory Agreements. Such topics include, but are not limited to, the investment
performance of the funds over various periods; investment oversight matters; economic, market and regulatory developments; any significant
organizational or other developments impacting a Fund Adviser and its strategic plans for its business; product initiatives for various funds; fund
expenses; compliance, regulatory and risk management matters; trading practices; the derivatives risk management program; management of
distributions; valuation of securities; payments to financial intermediaries; securities lending (as applicable); and closed-end fund market activity,
capital management initiatives, institutional ownership, management of leverage financing, the secondary market trading of the closed-end funds
and any actions taken to address market discounts to net asset value. The Board also seeks to meet at its regular quarterly meetings with members
of senior management to discuss various topics, including market conditions, industry developments and any significant developments or strategic
plans for the Fund Advisers, if any.
To help with the review of performance, the Board and/or its committees periodically received and discussed presentations from member(s) of
investment teams throughout the year, culminating in an annual performance review of the Nuveen funds at the Board's meeting held on February
25-26, 2025 (the "February Meeting"). The presentations, discussions and meetings during the year provide a means for the Board Members to
evaluate and consider the level, breadth and quality of services provided by the Fund Advisers and any changes to such services over time in light of
new or modified regulatory requirements, changes to market conditions or other factors.
In addition to the materials and discussions that occurred at prior meetings, the Board, through its independent legal counsel, requested and
received extensive materials and information prepared specifically for its review of the Advisory Agreements. During the year, management worked
with an ad hoc committee established by the Board to help enhance and streamline the materials provided in connection with the annual 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; a review of the Sub-Adviser and 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 Nuveen funds with a focus on funds considered to have certain expense characteristics; a list of management fee
and sub-advisory fee schedules; an analysis of advisory fees compared to fees assessed to other types of clients; a description of portfolio manager
compensation; certain profitability and/or financial data; and a description of indirect benefits received by the Fund Advisers as a result of their
relationships with the Nuveen funds. 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 Nuveen funds by the Board and its committees during the year. The Board's review of the Advisory Agreements 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.
As part of their review, the Board Members and independent legal counsel met in executive session on April 9, 2025 to review and discuss materials
provided in connection with their annual review of the Advisory Agreements. 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 and independent legal counsel met again in executive session on April 17, 2025 (together
38
Statement Regarding Basis for Approval of Investment Advisory Contract
(continued)
with the April 9, 2025 executive session, the "Executive Sessions") to discuss the responses to the initial supplemental information request and,
following their review of the data provided, requested management present certain additional information at the Meeting. In addition to the
Executive Sessions, the Board Members met in additional executive sessions prior to and during the Meeting. During the Meeting, the Board
Members considered the responses, invited representatives of management to provide additional information and determined that the information
provided (whether oral or written) was responsive to their 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.
After the discussions and with the background and knowledge described above, the Board Members approved the continuation of the Advisory
Agreements on behalf of the applicable Funds for an additional one-year period. The Board did not identify any single factor as all-important or
controlling, but rather each decision reflected the comprehensive consideration of all the information (written or oral) 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 this approach, they considered the roles of the Adviser 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 Funds. The
Board considered the Adviser and its affiliates' dedication of resources, time, people and capital as well as consistent program of improvement
and innovation aimed at keeping the Nuveen fund complex relevant and attractive for existing and new investors and meeting the needs of an
increasingly complex regulatory environment. Among the information provided in connection with the review of services at the Meeting and/or prior
meetings, the Board considered a description of the organizational changes at the Adviser during the year, the management teams that comprise
the various support and investment functions for the funds and the background of certain personnel who support the funds. The Board considered
the significant resources, both financial and personnel, the Adviser and its affiliates had committed over the past several years in working to bring the
asset management businesses of Nuveen and TIAA under one centralized umbrella and to consolidate their respective fund families to the benefit
of the funds through, among other things, enhanced operating efficiencies, centralized investment leadership and a centralized shared resources
and support model. To help ensure the continuation of services, the Board considered, among other things, management's emphasis on succession
planning and key person risk evaluation pursuant to which certain management team(s) meet annually to conduct a comprehensive review of
successors to key positions, to develop and monitor corporate-wide standards and procedures in seeking to help ensure the firm may continue to
operate in the event of business disruptions, and to review staffing and compensation levels to help remain competitive with peers in the industry.
The Board considered a description of the application of business continuity plans and the periodic testing and review of such plans. As noted
below, the Board also considered certain financial data of the Adviser and TIAA in assessing the financial stability and condition of the Adviser to
provide a high level of quality of services to the Funds.
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 Funds have expanded over the years due to regulatory, market
and other developments. Such services included maintaining and monitoring the Nuveen funds' compliance programs, risk management programs,
liquidity risk management programs, derivatives risk management programs and cybersecurity programs. The Board and/or its Compliance,
Risk Management and Regulatory Oversight Committee received reports regarding the funds' compliance policies and procedures and matters
undertaken thereunder as well as other compliance initiatives on a regular basis.
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 Funds, such Funds utilize the Sub-Adviser to manage the portfolios of the Funds subject to
the supervision of the Adviser. Accordingly, the Board considered that the Adviser and its affiliates, among other things, oversee and review the
performance of the Sub-Adviser and its investment team(s); evaluate Fund performance and market conditions; evaluate investment strategies
and recommend changes thereto; oversee trade execution and, as applicable, securities lending; evaluate investment risks; and manage valuation
matters. As noted below, the Board also considered the Nuveen funds' performance over various time periods throughout the year.
In addition to the portfolio management services provided to the Funds (including indirectly by overseeing the Sub-Adviser), the Board 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, including but not limited to: distribution management services pursuant to which management seeks to implement
distribution policies and set distribution levels consistent with each fund's product design and positioning; compliance services including establishing
and maintaining broad-based compliance policies across the Nuveen fund complex, evaluating the compliance programs of various fund services
providers, conducting ongoing risk assessments and testing, monitoring portfolio compliance with investment and regulatory requirements and
providing a comprehensive compliance training program; providing regulatory advocacy services, including submitting comments on regulatory
proposals and monitoring regulatory developments that may impact the fund(s); providing support to the Board and its committees throughout the
year, including providing reports on a wide range of topics relating to the operations and management of the funds, helping to refine the materials
39
provided to the Board and/or its committees and providing educational sessions on various topics; establishing and reviewing the services provided
by other fund service providers (such as a fund's custodian, accountant, and transfer agent); providing legal support services; and evaluating trade
allocation and execution.
Such services also include managing leverage; 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 management actively monitors any discount from net asset value per share at which a fund's common stock trades and evaluates
potential avenues to mitigate the discount, including evaluating the level of distributions that the fund pays.
Aside from the services provided, the Board considered the financial resources of the Adviser and/or its affiliates and their willingness to make
investments to support the funds. The Board considered the funds' access to a seed capital budget provided by the Adviser and/or its affiliates 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, and expertise. 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 Nuveen
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.
The Board considered the division of responsibilities between the Adviser and the Sub-Adviser and considered that the Sub-Adviser and its
investment personnel, as noted, generally are responsible for the management of the respective Fund's portfolio under the oversight of the Adviser
and the Board. The Board considered an analysis of the Sub-Adviser provided by the Adviser which included, among other things, a summary of
changes (if any) in the leadership teams and/or portfolio manager teams; the performance of the funds sub-advised by the Sub-Adviser over various
periods of time that met certain performance screening measurements; and data reflecting product changes (if any) taken with respect to certain
funds. The Board considered that the Adviser 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 leading up to the annual review, the Board and/or its Investment Committee considered, among other things, Fund performance (based
on net asset value net of fees) over the quarter, one-, three- and five-year periods ending December 31, 2024 on an absolute basis and as compared
to the performance of comparable peers (the "Performance Peer Group") and to a benchmark for the prescribed periods. Prior to the Meeting, the
Board also received updated Fund performance over the quarter, one-, three- and five-year periods ended March 31, 2025 on an absolute basis
and in comparison to the Performance Peer Group and a benchmark for the prescribed periods. 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.
The Board 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 particular focus on management's analysis of the performance of funds that met
certain screening 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.
In evaluating performance, the Board considered some of the limitations of the performance data. The Board considered, among other things, 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 regardless of the performance period reviewed by the Board, 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. With respect to comparative performance, the Board considered that differing investment objectives, investment
strategies, dates of inception, type and cost of leverage (if any), asset size and other factors between the Performance Peer Group and the respective
Fund necessarily lead to differences in performance results. Similarly, differences in the investment objective(s) and strategies of a Fund and its
benchmark (particularly an actively managed fund that does not directly follow an index) as well as the costs of operating a Fund would contribute
to differences in performance results. 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 applicable funds (subject to certain exceptions) as low, medium or high.
The Board also considered that secondary market trading of shares of the 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 closed-end funds have traded as of specified dates at their quarterly meetings
with an annual review of the closed-end fund market for the 2024 calendar year at its February Meeting. In its review, the Board considered,
among other things, market conditions for closed-end funds, changes to investment mandates and guidelines, distribution policies, and leverage
management; additional share offerings, share repurchases (if any) 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, among other things, the impact of
leverage on a closed-end fund's common share earnings and total return.
40
Statement Regarding Basis for Approval of Investment Advisory Contract
(continued)
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, 2024, the Fund outperformed its benchmark for the one-year
period ended December 31, 2024 and matched the performance of its benchmark for the five-year period ended December 31, 2024. In
addition, the Fund 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 December 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, 2024, the Fund outperformed its benchmark for the
one-year period ended December 31, 2024. In addition, the Fund ranked in the first quartile of its Performance Peer Group for the one-,
three- and five-year periods ended December 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.
C. Fees, Expenses and Profitability
1. Fees and Expenses
As part of the annual review, the Board Members considered, among other things, the management fee schedules for the respective Fund.
In addition to the management fee arrangements, the Board Members considered a Fund's operating expense ratio as it more directly
reflected a shareholder's total costs in investing in the respective Fund.
In its review, the Board considered that the management fees of the 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. The Board considered
that in 2024, the Board approved a revised complex-wide breakpoint schedule which simplified and reduced 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. The Board considered that the complex-level component is intended to be an efficient mechanism designed to help share cost
efficiencies with shareholders as the complex-wide assets grow.
The Board also considered comparative fee and expense information prepared by an independent third-party provider of fund data. More
specifically, the Board Members generally 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 peers (the "Expense Universe"). 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) meeting certain expense screening criteria adopted by the Board when compared to its Expense Universe and
management's commentary as to the factors contributing to each such fund's relative net total expense ratio. The Board also considered,
in relevant part, a fund's management fee in light of its performance history with particular focus on any fund identified as having a higher
management fee and/or expense ratio compared to peers coupled with experiencing a period of challenged performance.
In their review, the Board Members considered the methodology Broadridge employed to establish its Expense Universe. The Board further
considered that differences between the applicable Fund and its 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 with peers 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.
41
In addition, although the Board reviewed net total expense ratio both including and excluding investment-related expenses (e.g., leverage
costs), as applicable, 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 and therefore generally considered each closed-end fund's net total expense
ratio and fees excluding investment-related costs and taxes. The Board also considered that the use of leverage may create a conflict of
interest for the respective Adviser and Sub-Adviser given the increase of assets from leverage upon which an advisory or sub-advisory fee
is based but also considered the impact of leverage on the fund's return. The Board Members considered, however, that the Adviser and
Sub-Adviser would seek to manage the potential conflict by recommending to the Board to leverage the applicable fund or increase such
leverage when the respective Fund Adviser 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.
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 the Adviser, not the Funds.
The Board's considerations regarding the comparative fee data for each Fund 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 each 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 each 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.
2. Comparisons with the Fees of Other Clients
In evaluating the appropriateness of fees, the Board also considered that the Adviser, the Sub-Adviser and/or their affiliate(s) provide
investment management services to other types of clients which may include, among others: separately managed accounts ("SMAs"), retail
managed accounts, foreign funds (UCITS), other investment companies (as sub-advisers), limited partnerships and collective investment
trusts. The Board considered certain fee data for these other types of clients managed in a similar manner to certain of the funds compared
to the management fee of the applicable fund. The Board considered a description of various factors which contribute to the differences
in the management fee rates of the funds compared to those charged to these other types of clients which limited the comparability of the
data. In this regard, the Board considered that the differences in, among other things, the breadth of services provided by the Adviser and
its affiliates to the funds compared to those provided to other clients; the expenses the Adviser and its affiliates incur in launching, operating
and supporting a fund; the support services provided to shareholders; the extensive regulatory, disclosure and governance requirements
applicable to funds; the establishment and maintenance of servicing relationships with various service providers for the funds; the manner
of managing such assets; investment policies; investor profiles; and account sizes all may contribute to the variations in relative fee rates.
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. In addition, differences in the client base; governing bodies, regulatory and
legal requirements; distribution; jurisdiction and operational complexities also would contribute to variations in management fees assessed
the funds compared to foreign fund clients. Further, differences in the level of advisory and non-advisory services required and risk
incurred when serving as a sub-adviser to other investment companies compared to serving as the Adviser to a Nuveen fund contribute to
differences in the fees assessed. In this regard, the Board further considered the significant entrepreneurial, legal and regulatory risks that
the Adviser incurs in sponsoring and managing the 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 further considered that the Sub-Adviser's fee is essentially for portfolio management
services and therefore more comparable to the fees received for retail wrap accounts and other external sub-advisory mandates. The Board
concluded that the varying levels of fees were reasonable given the foregoing.
3. Profitability of the Fund Advisers
In considering the costs of services to be provided and profits to be realized by the Adviser (which encompassed the Sub-Adviser) from its
relationship with the Funds, the Board Members considered a variety of estimated profitability data from various perspectives including,
among other things, (a) historical pre-distribution and post-distribution margins over specified periods for the Adviser's services to the
applicable funds; (b) certain profitability data on behalf of the Adviser attributable to servicing all applicable funds for 2024 and 2023; (c)
certain profitability data of both the Adviser and TAL (as an adviser of certain other Nuveen funds) on a combined basis derived from types
of funds in the aggregate (i.e., from closed-end funds, exchange-traded funds, interval funds and open-end funds) for 2024 and 2023; and
(d) certain profitability data of both the Adviser and TAL on a combined basis by asset grouping of Nuveen funds in the aggregate (i.e., from
equity, fund of funds, index, municipal bond and taxable fixed income funds). In addition, the Board considered profitability data at the per
fund level for the respective adviser.
42
Statement Regarding Basis for Approval of Investment Advisory Contract
(continued)
In reviewing 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. The Board reviewed, among other things, a description of the cost allocation methodology employed to develop
the profitability data. However, the Board Members considered that given there is no single universally recognized expense allocation
methodology, other reasonable and valid allocation methodologies could be employed and could lead to significantly different profit and
loss results and therefore developing profitability data is difficult, particularly on a per fund level.
Further, in considering the comparative margin data with peers, 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. Given that the peer profitability data may reflect the different
business mix of the respective peer firm, the Board also considered the pre- and post-distribution margins of Nuveen, LLC for each of the
calendar years from 2020 through 2024.
Aside from the foregoing profitability data, the Board also considered, among other things, the audited statutory-basis financial statements
of TIAA as of December 31, 2024 and 2023 and the related statutory-basis statements of operations, of changes in capital and contingency
reserves and of cash flows for the years ended December 31, 2024, December 31, 2023 and December 31, 2022. 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 investments the Adviser, its parent and/or other affiliates made into their business.
In evaluating the reasonableness of the compensation, the Board Members also considered the indirect benefits the Adviser or 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 the Adviser's (together with the Sub-Adviser) level of profitability from its relationship with the applicable Fund
was not unreasonable 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, whether these economies of
scale have been appropriately shared with the 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 a variety of 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, the pricing of funds at scale at inception and
investments in the Adviser's business which can enhance the services provided to the funds for the fees paid. The Board considered such factors
applicable to the particular Fund's advisory fee structure.
As noted above, the Board considered that the management fee of the Adviser for the Funds generally was comprised of a fund-level component
and a complex-level component each with its own breakpoint schedule. The Board also approved a revised complex-wide breakpoint schedule in
2024 which reduced the complex-level fee rates at various thresholds and expanded the assets included when calculating the complex-level fee.
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 the eligible participating 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.
Although closed-end funds may make additional share offerings from time to time, the Board considered that closed-end funds have a more limited
ability to increase their assets to attain additional economies of scale 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's business to enhance its capabilities and services to the benefit of
its various clients. The Board considered that many of these investments were not specific to individual Nuveen funds, but rather initiatives from
which the family of funds as a whole may benefit. The Board further considered that the scope of the services of the Adviser and its affiliates have
expanded over time 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 for participating funds.
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. 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. Certain funds may also be 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 the Adviser and/or affiliates of the Adviser may serve as sub-adviser to various funds in which case all advisory and sub-advisory fees generated
by such funds stay within Nuveen.
43
Further, the funds may pay the Adviser and/or its affiliates for other services, such as distribution. In this regard, the Board considered that an
affiliate of the Adviser received compensation in 2024 for serving as an underwriter on shelf offerings of existing closed-end funds and reviewed the
amounts paid for such services in 2024 and 2023.
In addition, the Board Members considered that the Adviser and Sub-Adviser (except as noted) may utilize soft dollar brokerage arrangements
attributable to the respective fund(s) to obtain research and other services for any or all of their clients, although the Board Members also considered
with respect to the Nuveen funds advised by the Adviser, reimbursements of such costs by the Adviser and/or the Sub-Adviser.
The Adviser and its affiliates may also benefit from the advisory relationships with the Nuveen funds 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-0825P 4786870
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)

Not applicable.

(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 6, 2025 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 6, 2025 By:

/s/ David J. Lamb

David J. Lamb

Chief Administrative Officer

(principal executive officer)

Date: November 6, 2025 By:

/s/ Marc Cardella

Marc Cardella

Vice President and Controller

(principal financial officer)

Nuveen New York Select Tax Free Income Portfolio published this content on November 06, 2025, and is solely responsible for the information contained herein. Distributed via Edgar on November 06, 2025 at 20:31 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]