# EDGAR Filing Document

**Accession Number:** 0000885732
**File Stem:** 0001193125-25-269257
**Filing Date:** 2025-11
**Character Count:** 167332
**Document Hash:** 81c5a27838eae4d1e81f1f5528a914e7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-269257.hdr.sgml**: 20251106

**ACCESSION NUMBER**: 0001193125-25-269257

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251106

**DATE AS OF CHANGE**: 20251106

**EFFECTIVENESS DATE**: 20251106

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NUVEEN CALIFORNIA SELECT TAX FREE INCOME PORTFOLIO
- **CENTRAL INDEX KEY:** 0000885732

**ORGANIZATION NAME:**
- **EIN:** 363828111
- **STATE OF INCORPORATION:** MA

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06623
- **FILM NUMBER:** 251457810

**BUSINESS ADDRESS:**
- **STREET 1:** 333 W WACKER DR
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
- **BUSINESS PHONE:** 3129178200

**MAIL ADDRESS:**
- **STREET 1:** 333 W WACKER DRIVE
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NUVEEN INSURED CALIFORNIA SELECT TAX FREE INCOME PORTFOLIO
- **DATE OF NAME CHANGE:** 19920929

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NUVEEN CALIFORNIA SELECT TAX FREE INCOME PORTFOLIO
- **DATE OF NAME CHANGE:** 19600201

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 811-06623

Nuveen California 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: (<u>800) 257-8787</u>

Date of fiscal year end: <u>February</u> <u>28</u>

Date of reporting period: <u>August</u> <u>31, 2025</u>

------

**Item 1.** **Reports to Stockholders.** <br>

------

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

Table

of Contents

Important Notices

Common Share Information

About the Funds' Benchmarks

Fund Performance and Holdings Summaries

Portfolio of Investments

Statement of Assets and Liabilities

Statement of Operations

Statement of Changes in Net Assets

Financial Highlights

Notes to Financial Statements

Additional Fund Information

Glossary of Terms Used in this Report

Statement Regarding Basis for Approval of Investment Advisory Contract

Important Notices

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.

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

4.25%

4.29%

Taxable-Equivalent Yield

9.26%

8.87%

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.

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

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

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.

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)%

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

(% 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

(% of total municipal bonds)

California

97.8%

Puerto Rico

2.2%

Total

100%

See the Portfolio of Investments for the remaining industries/sectors comprising "Other" and not listed in the table above.

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.

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)%

Holdings

Fund Allocation

(% of net assets)

Municipal Bonds

.2

%

Other Assets & Liabilities, Net

2.8%

Net Assets

%

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

%

Portfolio Composition

(% 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

(% of total municipal bonds)

New York

94.2%

Puerto Rico

3.6%

Guam

2.2%

Total

100%

See the Portfolio of Investments for the remaining industries/sectors comprising "Other" and not listed in the table above.

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.

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

.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

.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

.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

.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

.000

11/15/46

2,592,422

1,000,000

California Health Facilities Financing Authority, Revenue Bonds,

Adventist Health System/West, Refunding Series 2016A

.000

03/01/39

888,927

1,240,000

California Health Facilities Financing Authority, Revenue Bonds,

City of Hope National Medical Center, Series 2019

.000

11/15/45

1,066,140

965,000

California Health Facilities Financing Authority, Revenue Bonds,

CommonSpirit Health, Series 2020A

.000

04/01/49

812,146

125,000

California Health Facilities Financing Authority, Revenue Bonds,

CommonSpirit Health, Series 2024A

.000

12/01/54

124,379

1,365,000

California Health Facilities Financing Authority, Revenue Bonds,

Kaiser Permanente System, Series 2017A-2

.000

11/01/44

1,216,264

70,000

California Health Facilities Financing Authority, Revenue Bonds,

Providence Health & Services, Refunding Series 2014A

.000

10/01/38

70,035

255,000

California Health Facilities Financing Authority, Revenue Bonds,

Providence Health & Services, Series 2014B

.000

10/01/44

254,191

1,040,000

California Infrastructure and Economic Development Bank,

Revenue Bonds, Adventist Health Energy Projects, Series 2024A

.250

07/01/54

1,012,883

450,000

California Municipal Finance Authority, Revenue Bonds,

Community Health System, Series 2021A - AGM Insured

.000

02/01/51

384,561

35,000

California Municipal Finance Authority, Revenue Bonds,

Eisenhower Medical Center, Refunding Series 2017A

.000

07/01/47

33,310

130,000

California Municipal Finance Authority, Revenue Bonds, NorthBay

Healthcare Group, Series 2017A

.250

11/01/41

127,851

150,000

California Municipal Financing Authority, Certificates of

Participation, Palomar Health, Series 2022A

.250

11/01/52

150,363

350,000

California Statewide Communities Development Authority,

California, Revenue Bonds, Loma Linda University Medical

Center, Series 2014A

.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

.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

.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

.000

02/01/56

345,506

590,000

(a) California Community Housing Agency, California, Essential

Housing Revenue Bonds, Glendale Properties, Junior Series

2021A-2

.000

08/01/47

430,761

870,000

(a) California Community Housing Agency, California, Essential

Housing Revenue Bonds, Serenity at Larkspur Apartments, Series

2020A

.000

02/01/50

565,083

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

.000

%

03/20/33

$

567,001

502,983

California Housing Finance Agency, Municipal Certificate

Revenue Bonds, Class A Series 2021-1

.500

11/20/35

474,667

85,896

California Housing Finance Agency, Municipal Certificate

Revenue Bonds, Class A Series2019-1

.250

01/15/35

87,734

504,590

California Housing Finance Agency, Municipal Certificate

Revenue Bonds, Class A Social Certificates Series 2023-1

.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

.000

04/01/56

476,780

225,000

(a) CMFA Special Finance Agency, California, Essential Housing

Revenue Bonds, Enclave Apartments, Senior Series 2022A-1

.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

.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

.000

10/01/56

330,022

560,000

(a) CSCDA Community Improvement Authority, California, Essential

Housing Revenue Bonds, Altana Glendale, Series 2021A-2

.000

10/01/56

407,363

750,000

(a) CSCDA Community Improvement Authority, California, Essential

Housing Revenue Bonds, Center City Anaheim, Series 2020A

.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

.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

.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

.000

09/01/56

81,068

245,000

(a) CSCDA Community Improvement Authority, California, Essential

Housing Revenue Bonds, Parallel-Anaheim Series 2021A

.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

.000

12/01/56

36,178

100,000

CSCDA Community Improvement Authority, California, Essential

Housing Revenue Bonds, Pasadena Portfolio Social Bond, Series

2021A-2

.000

12/01/56

66,656

185,000

(a) CSCDA Community Improvement Authority, California, Essential

Housing Revenue Bonds, Union South Bay, Series 2021A-2

.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

.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

.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

.000

12/01/49

383,532

125,000

Los Angeles Housing Authority, California, Multifamily Housing

Revenue Bonds, Clarendon Apartments, Senior Series 2024A

.400

12/01/54

107,311

215,000

Los Angeles Housing Authority, California, Multifamily Housing

Revenue Bonds, Clarendon Apartments, Senior Series 2024A

.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

.250

08/01/46

628,346

1,000,000

California State, General Obligation Bonds, Various Purpose

Refunding Series 2015

.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

.250

08/01/47

1,011,654

Portfolio of Investments August 31, 2025

(continued)

NXC

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

.000

%

08/01/51

$

5,393,915

1,000,000

Marin Healthcare District, Marin County, California, General

Obligation Bonds, 2013 Election, Series 2015A

.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

.000

08/01/49

2,462,623

7,575,000

Palomar Pomerado Health, California, General Obligation Bonds,

Convertible Capital Appreciation, Election 2004 Series 2010A

.000

08/01/34

4,601,647

65,000

Puerto Rico, General Obligation Bonds, Restructured Series

2022A-1

.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

.250

08/01/46

1,014,560

8,075,000

San Bernardino Community College District, California, General

Obligation Bonds, Election of 2008 Series 2009B

.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

.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

.000

09/02/36

20,005

50,000

California Statewide Communities Development Authority,

Statewide Community Infrastructure Program Revenue Bonds,

Series 2016B

.000

09/02/46

49,963

100,000

Corona, California, Special Tax Bonds, Community Facilities

District 2018-1 Bedford, Series 2018A

.000

09/01/48

100,009

15,000

Golden State Tobacco Securitization Corporation, California,

Tobacco Settlement Asset-Backed Revenue Bonds, Series

2022A-1

.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

.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

.000

07/01/44

3,071,591

1,000,000

Norco Redevelopment Agency, California, Tax Allocation Bonds,

Project Area 1, Series 2009

.000

03/01/34

1,003,322

1,118,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

.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

.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

.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

.000

08/01/39

60,094

5,000

Signal Hill Redevelopment Agency, California, Project 1 Tax

Allocation Bonds, Series 2011

.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

.000

09/01/28

1,325,446

60,000

Transbay Joint Powers Authority, California, Tax Allocation Bonds,

Senior Green Series 2020A

.000

10/01/45

57,793

TOTAL TAX OBLIGATION/LIMITED

8,413,594

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)

.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)

.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)

.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

.000

06/01/39

3,101,819

305,000

San Diego County Regional Airport Authority, California, Airport

Revenue Bonds, International Senior Series 2023B, (AMT)

.000

07/01/53

300,533

1,000,000

San Diego County Regional Airport Authority, California, Airport

Revenue Bonds, Subordinate Series 2021B, (AMT)

.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)

.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

.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

.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)

.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)

.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)

.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)

.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)

.000

11/21/45

1,101,533

645,000

Long Beach Bond Finance Authority, California, Natural Gas

Purchase Revenue Bonds, Series 2007A

.500

11/15/37

711,545

3,000,000

Los Angeles Department of Water and Power, California, Power

System Revenue Bonds, Series 2017C

.000

07/01/47

2,980,901

2,000,000

Los Angeles Department of Water and Power, California, Power

System Revenue Bonds, Series 2020B

.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

.000

07/01/53

285,853

2,900,000

Los Angeles Department of Water and Power, California,

Waterworks Revenue Bonds, Series 2017A

.000

07/01/47

2,532,680

1,000,000

Los Angeles Department of Water and Power, California,

Waterworks Revenue Bonds, Series 2018B

.000

07/01/38

1,015,503

250,000

(a) Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds,

Refunding Senior Lien Series 2020A

.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

.000

12/01/50

2,083,590

Portfolio of Investments August 31, 2025

(continued)

NXC

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)

.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

.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

.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

.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.

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

.000

%

06/01/38

$

392,269

165,000

New York Counties Tobacco Trust VI, New York, Tobacco

Settlement Pass-Through Bonds, Series 2016A-1

.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

.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

.500

12/01/40

244,027

30,000

Build New York City Resource Corporation, New York, Revenue

Bonds, Classical Charter Schools Series 2023A

.500

06/15/43

27,262

35,000

Build New York City Resource Corporation, New York, Revenue

Bonds, Classical Charter Schools Series 2023A

.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

.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

.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)

.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

.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

.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

.250

07/01/53

140,006

165,000

Dormitory Authority of the State of New York, General Revenue

Bonds, Yeshiva University, Series 2022A

.000

07/15/42

164,063

130,000

Dormitory Authority of the State of New York, General Revenue

Bonds, Yeshiva University, Series 2022A

.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

.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

.000

07/01/40

604,953

365,000

Dormitory Authority of the State of New York, Revenue Bonds,

New School University, Series 2016A

.000

07/01/41

366,331

1,185,000

Dormitory Authority of the State of New York, Revenue Bonds,

New York University, Series 2016A

.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

.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

.625

01/01/55

183,221

110,000

Hempstead Town Local Development Corporation, New York,

Revenue Bonds, Adelphi University Project, Series 2013

.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

.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

.250

10/01/35

506,802

TOTAL FINANCIALS

506,802

Portfolio of Investments August 31, 2025

(continued)

NXN

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

.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

.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

.250

05/01/54

673,382

1,100,000

Dormitory Authority of the State of New York, Revenue Bonds,

Montefiore Obligated Group, Series 2018A

.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

.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

.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

.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

.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

.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

.500

07/01/55

155,072

20,000

Dormitory Authority of the State of New York, Revenue Bonds,

White Plains Hospital, Series 2024

.250

10/01/49

19,414

160,000

Dormitory Authority of the State of New York, Revenue Bonds,

White Plains Hospital, Series 2024

.500

10/01/54

163,438

500,000

Dutchess County Local Development Corporation, New York,

Revenue Bonds, Health Quest Systems, Inc. Project, Series 2016B

.000

07/01/41

452,665

195,000

Monroe County Industrial Development Corporation, New York,

Revenue Bonds, Rochester General Hospital Project, Series 2017

.000

12/01/46

188,647

420,000

Monroe County Industrial Development Corporation, New York,

Revenue Bonds, Rochester Regional Health Project, Series 2020A

.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

.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

.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

.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

.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

.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

.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)

.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)

.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)

.000

04/30/53

422,317

TOTAL INDUSTRIALS

1,661,955

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

.000

%

11/01/31

$

81,005

25,000

Monroe County Industrial Development Corporation, New York,

Revenue Bonds, Saint Ann's Community Project, Series 2019

.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)

.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

.000

04/01/44

1,021,891

1,000,000

Nassau County, New York, General Obligation Bonds, General

Improvement Series 2021A - AGM Insured

.000

04/01/51

869,696

835,000

New York City, New York, General Obligation Bonds, Fiscal 2020

.000

03/01/50

715,375

117,000

Puerto Rico, General Obligation Bonds, Restructured Series

2022A-1

.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

.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

.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

.000

03/15/40

1,022,498

250,000

Hudson Yards Infrastructure Corporation, New York, Revenue

Bonds, Green Fiscal 2022 Series A

.000

02/15/36

253,802

800,000

Hudson Yards Infrastructure Corporation, New York, Revenue

Bonds, Second Indenture Fiscal 2017 Series A

.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

.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

.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

.000

03/15/48

964,044

1,275,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

.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

.000

05/15/56

54,385

315,000

Triborough Bridge and Tunnel Authority, New York, Payroll

Mobility Tax Bonds, Senior Lien Series 2022A

.000

05/15/51

270,862

685,000

Triborough Bridge and Tunnel Authority, New York, Payroll

Mobility Tax Senior Lien Bonds, Series 2022C

.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)

.500

07/01/50

226,288

620,000

Metropolitan Transportation Authority, New York, Transportation

Revenue Bonds, Series 2016C-1

.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)

.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)

.250

01/01/50

1,056,792

Portfolio of Investments August 31, 2025

(continued)

NXN

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)

.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)

.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)

.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)

.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)

.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)

.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

.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)

.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)

.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)

.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)

.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

.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)

.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

.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)

.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

.000

07/01/29

200,341

140,000

Long Island Power Authority, New York, Electric System General

Revenue Bonds, Green Series 2023E

.000

09/01/53

140,286

180,000

Long Island Power Authority, New York, Electric System General

Revenue Bonds, Series 2016B

.000

09/01/46

180,001

230,000

New York State Power Authority, General Revenue Bonds, Green

Series 2024A

.000

11/15/54

195,775

1,500,000

New York State Power Authority, General Revenue Bonds, Series

2020A

.000

11/15/60

1,245,464

265,000

New York State Power Authority, Green Transmission Project

Revenue Bonds, Green Series 2023A - AGM Insured

.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)

.750

11/01/42

132,612

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

.000

%

07/01/47

$

378,871

1,000,000

Utility Debt Securitization Authority, New York, Restructuring

Bonds, Refunding Series 2015

.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

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

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

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

$

.97

$

.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

†

&nbsp;&nbsp;&nbsp;&nbsp;Long-term investments, cost

$

79,684,181

$

47,667,721

◊

&nbsp;&nbsp;&nbsp;&nbsp; Short-term investments, cost

$

6,100,000

$

—

Statement of Operations

See Notes to Financial Statements

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

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

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

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

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.

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

—

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

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

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.

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

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

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)

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

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)

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.

Additional Fund Information

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

Glossary of Terms Used in this Report

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

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

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

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

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.

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.

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.

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.

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.** <br>

Not applicable to this filing.

------

**Item 3.** **Audit Committee Financial Expert.** <br>

Not applicable to this filing.

------

**Item 4.** **Principal Accountant Fees and Services.** <br>

Not applicable to this filing.

------

**Item 5.** **Audit Committee of Listed Registrants.** <br>

Not applicable to this filing.

------

**Item 6.** **Investments.** <br>

(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.** <br>

Not applicable to closed-end investment companies.

------

**Item 8.** **Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** <br>

Not applicable to closed-end investment companies.

------

**Item 9.** **Proxy Disclosures for Open-End Management Investment Companies.** <br>

Not applicable to closed-end investment companies.

------

**Item 10.** **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** <br>

Not applicable to closed-end investment companies.

------

**Item 11.** **Statement Regarding Basis for Approval of Investment Advisory Contract.** <br>

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.** <br>

Not applicable to this filing.

------

**Item 13.** **Portfolio Managers of Closed-End Management Investment Companies.** <br>

Not applicable to this filing.

------

**Item 14.** **Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** <br>

Not applicable.

------

**Item 15.** **Submission of Matters to a Vote of Security Holders.** <br>

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.** <br>

(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.** <br>

Not applicable.

------

**Item 18.** **Recovery of Erroneously Awarded Compensation.** <br>

(a) Not applicable.

(b) Not applicable.

------

**Item 19.** **Exhibits.** <br>

(a)(1) Not applicable to this filing.

(a)(2) Not applicable to this filing.

---

| | |
|:---|:---|
| [(a)(3)](d900775dex99cert.htm) | [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.](d900775dex99cert.htm)  |

---

(a)(4) Not applicable.

(a)(5) Not applicable.

[(b)](d900775dex99906cert.htm) [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.](d900775dex99906cert.htm) 

------

**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.

<u>Nuveen California Select Tax-Free Income Portfolio</u>

---

| | | |
|:---|:---|:---|
| Date: November 6, 2025 | By: | /s/ David J. Lamb |
|  |  | David J. Lamb<br> 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<br> Chief Administrative Officer<br> (principal executive officer) |
| Date: November 6, 2025 | By: | /s/ Marc Cardella |
|  |  | Marc Cardella<br> Vice President and Controller<br> (principal financial officer) |

---

## Ex-99.Cert

**Exhibit 19(a)(3)** 

**<u>CERTIFICATION</u>**

I, David J. Lamb, certify that:

1. I have reviewed this report on Form N-CSR of Nuveen California Select Tax-Free Income Portfolio;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting 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; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

------

---

| | | |
|:---|:---|:---|
| Date: November 6, 2025 | By: | /s/ David J. Lamb |
|  |  | David J. Lamb |
|  |  | Chief Administrative Officer |
|  |  | (principal executive officer) |

---

------

**<u>CERTIFICATION</u>** 

I, Marc Cardella, certify that:

1. I have reviewed this report on Form N-CSR of Nuveen California Select Tax-Free Income Portfolio;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting 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; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

------

---

| | | |
|:---|:---|:---|
| Date: November 6, 2025 | By: | /s/ Marc Cardella |
|  |  | Marc Cardella |
|  |  | Vice President and Controller |
|  |  | (principal financial officer) |

---

## Exhibit 99.906

**Exhibit 19(b)** 

**<u>CERTIFICATION</u>**

**Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002** 

**(Subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code)** 

In connection with the semi-annual report of the Nuveen California Select Tax-Free Income Portfolio (the "Fund") on Form N-CSR for the period ended August 31, 2025, as filed with the Securities and Exchange Commission (the "Report"), the undersigned officers of the Fund certify that, to the best of each such officer's knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act
of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and
results of operations of the Fund.

---

| | | |
|:---|:---|:---|
| Date: November 6, 2025 | By: | /s/ David J. Lamb |
|  |  | David J. Lamb<br> Chief Administrative Officer<br> (principal executive officer) |
| Date: November 6, 2025 | By: | /s/ Marc Cardella |
|  |  | Marc Cardella<br> Vice President and Controller<br> (principal financial officer) |

---