nim.htm
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 811-7056

Nuveen Select Maturities Municipal Fund
(Exact name of registrant as specified in charter)

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

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

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

Date of fiscal year end: March 31

Date of reporting period: September 30, 2013

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

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


 
 

 


ITEM 1. REPORTS TO STOCKHOLDERS.


 
 

 
 
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Table of Contents
 
Chairman’s Letter to Shareholders
4
   
Portfolio Manager’s Comments
5
   
Share Information
8
   
Risk Considerations
10
   
Performance Overview and Holding Summaries
11
   
Shareholder Meeting Report
12
   
Portfolio of Investments
13
   
Statement of Assets and Liabilities
26
   
Statement of Operations
27
   
Statement of Changes in Net Assets
28
   
Financial Highlights
30
   
Notes to Financial Statements
32
   
Annual Investment Management Agreement Approval Process
38
   
Reinvest Automatically, Easily and Conveniently
47
   
Glossary of Terms Used in this Report
48
   
Additional Fund Information
51
 
Nuveen Investments
 
3

 
 

 
 
Chairman’s Letter to Shareholders
 
 
Dear Shareholders,
 
I am pleased to have this opportunity to introduce myself to you as the new independent chairman of the Nuveen Fund Board, effective July 1, 2013. I am honored to have been selected as chairman, with its primary responsibility to serve the interests of the Nuveen Fund shareholders. My predecessor, Robert Bremner, was the first independent director to serve as chairman of the Board and I, and my fellow Board members, plan to continue his legacy of strong independent oversight of your funds.
 
The global economy has hit major turning points over the last several months to a year. The developed world is gradually recovering from their financial crisis while the emerging markets appear to be struggling with the downshift of China’s growth potential. Japan is entering a new era of growth after decades of economic stagnation and many of the Eurozone nations appear to be exiting their recession. Despite the positive events, there are still potential risks. Middle East tensions, rising oil prices, defaults in Europe and fallout from the financial stress in emerging markets could all reverse the recent progress in the global economy.
 
On the domestic front, the U.S. economy is experiencing sustainable slow growth. Corporate fundamentals are strong as earnings per share and corporate cash are at the highest level in two decades. Unemployment is trending down and the housing market has experienced a rebound, each assisting the positive economic scenario. However, there are some issues to be watched. Interest rates are expected to increase but significant uncertainty about the timing remains. Partisan politics in Washington D.C. with their troublesome outcome add to the uncertainties that could cause problems for the economy going forward.
 
In the near term, governments are focused on economic recovery and the growth of their economies, which could lead to an environment of attractive investment opportunities. Over the long term, the uncertainties mentioned earlier could hinder the potential growth. Because of this, Nuveen’s investment management teams work hard to balance return and risk with a range of investment strategies. I encourage you to read the following commentary on the management of your fund.
 
On behalf of the other members of the Nuveen Fund Board, we look forward to continuing to earn your trust in the months and years ahead.
 
Sincerely,
 
 
William J. Schneider
Chairman of the Nuveen Fund Board
November 22, 2013
 
4
 
Nuveen Investments

 
 

 
 
Portfolio Manager’s Comments
 
Nuveen Select Maturities Municipal Fund (NIM)
 
This Fund features management by Nuveen Asset Management, LLC, an affiliate of Nuveen Investments. Portfolio manager Paul L. Brennan, CFA, discusses key investment strategies and the six-month performance of the Nuveen Select Maturities Municipal Fund (NIM). Paul has managed NIM since 2006.
 
What key strategies were used to manage NIM during the six-month reporting period ended September 30, 2013?
 
During this reporting period, uncertainty about the next step for the Federal Reserve’s quantitative easing program and the potential impact on the economy and financial markets led to increased market volatility. Ongoing political debate over federal spending and headline credit stories involving Detroit and Puerto Rico also contributed to an unsettled environment and prompted an increase in selling by bondholders across the municipal market. Given this backdrop, municipal bond prices generally declined during this reporting period, while the yield curve steepened. We continued to take a bottom-up approach to discovering sectors that appeared undervalued as well as individual credits that had the potential to perform well over the long term and helped us keep NIM fully invested.
 
During this reporting period, NIM found value in diversified areas of the market, including general obligation (GO) and other tax-backed bonds, such as Illinois state GOs, and public power, where we increased our exposure to Long Island Power Authority, a credit we believe has strong upside potential. We also found good opportunities to add to our health care exposure, in both new and existing positions.
 
We continued to manage NIM’s duration in line with the Fund’s intermediate maturity mandate. In keeping with its investment parameters, NIM maintains an average effective maturity of twelve years or less for its portfolio holdings. During this reporting period, we bought bonds with slightly longer maturities (e.g., bonds that mature in 12 or 14 years, rather than 10) to take advantage of the steepening municipal yield curve. This enabled NIM to add more attractive yields further out on the curve and also supplied some protection for NIM’s duration and yield curve positioning. Overall, we did not make any broad changes in duration or maturity. In terms of credit quality, we generally found better opportunities in bonds rated single-A and reinvested much of our call proceeds from bonds rated BBB into this category, resulting in an increase in our A-rated allocation.
 
Activity during this reporting period was driven primarily by the reinvestment of proceeds from called and matured bonds, which was aimed at keeping NIM fully invested and supporting its income stream. During the first part of this reporting period, we experienced an increased number of current bond calls resulting from a growth in refinancings, which provided a meaningful source of liquidity. These calls also had some impact on duration, since the bonds called
 
Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio manager as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements, and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Fund disclaims any obligation to update publicly or revise any forward-looking statements or views expressed herein.
 
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s, Moody’s Investors Service, Inc. or Fitch, Inc. 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. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
 
Nuveen Investments
 
5

 
 

 
 
Portfolio Manager’s Comments (continued)
 
as part of current refundings were priced to short calls and therefore had negligible durations. Although this was not a strategy during this reporting period, reinvesting these call proceeds in anything other than cash had the effect of extending duration. In the latter months of this reporting period, as interest rates rose, refinancing activity declined. However, we continued to receive cash generated by maturing bonds, which we were able to reinvest at higher yields and lower prices in the rising rate environment. Selling was generally minimal during this period.
 
How did this Fund perform during the six-month reporting period ended September 30, 2013?
 
The table in the Performance Overview and Holding Summaries section of this report provides NIM’s return for the six-month, one-year, five-year, and ten-year periods ended September 30, 2013. The Fund’s returns are compared with the performance of corresponding market indexes.
 
For the six months ended September 30, 2013, NIM’s cumulative return on net asset value (NAV) performed in line with the S&P Municipal Bond Intermediate Index and outperformed the national S&P Municipal Bond Index. Key management factors that influenced the Fund’s return for this period included duration and yield curve positioning, credit exposure and sector allocation.
 
As interest rates rose and the yield curve steepened, municipal bonds with shorter maturities generally outperformed those with longer maturities. Overall, credits at the shortest end of the municipal yield curve posted the best returns during this reporting period, while bonds at the longest end produced the weakest results. Bonds with intermediate maturities also tended to outperform the market as a whole. NIM generally benefited from its intermediate-term orientation. During the previous reporting period, we had allowed the Fund’s maturity and duration to shorten in keeping with our opinion that the risk associated with extending duration at that time outweighed the potential upside. As a result, NIM’s duration was slightly shorter than its target, which was helpful as rates rose.
 
Credit exposure also factored into NIM’s performance during this reporting period, as events in the municipal market led investors to avoid risk and credit spreads or the difference in yield spreads between U.S. Treasury securities and comparable investments such as municipal bonds, began to widen. For the reporting period, higher quality bonds generally outperformed lower quality bonds, specifically bonds rated single-A, BBB, or lower. NIM was overweighted in bonds rated BBB relative to the benchmark, which was the largest detractor from the Fund’s performance. However, this was offset to some degree by good security selection among our BBB holdings.
 
After underperforming for many months, pre-refunded bonds, which are often backed by U.S. Treasury securities, were among the best performing market segments during this reporting period. The outperformance of these bonds can be attributed primarily to their shorter effective maturities and higher credit quality. During this reporting period, NIM was overweighted in pre-refunded bonds relative to the market average, which benefited its performance. GO credits and housing bonds also typically outperformed the general municipal market.
 
In contrast, revenue bonds as a whole underperformed the municipal market. Among the revenue sectors that lagged municipal market performance by the widest margins were industrial development revenue (IDR), health care (including hospitals), utilities, transportation, and water and sewer. In particular, NIM’s holdings of IDRs, health care, and transportation bonds detracted from its performance. Tobacco credits backed by the 1998 master tobacco settlement agreement also were among the poorest performing market sectors, due in part to their longer effective durations, lower credit ratings and the tendency of investors to avoid risk. As of September 30, 2013, NIM held less than 5% of its portfolio in lower rated tobacco credits.
 
During this reporting period, two noteworthy credit events weighed on the municipal market. On July 18, 2013, the City of Detroit filed for Chapter 9. Detroit, burdened by decades of population loss, changes in the auto manufacturing industry, and significant tax base deterioration has been under severe financial stress for an extended period. Detroit’s
 
6
 
Nuveen Investments

 
 

 
 
bankruptcy filing will likely be a lengthy one, given the complexity of its debt portfolio, number of creditors, numerous union contracts and significant legal questions that must be addressed. It is not yet clear how this bankruptcy will impact the actual creditworthiness, or the market’s perception of that creditworthiness, of other municipalities in Michigan. As of September 30, 2013, NIM held less than 1% of its portfolio in Detroit GO bonds, its only exposure to a direct obligation of the city. These GO credits are insured, which we believe adds a measure of value. NIM also holds several Detroit-related issues that are not obligations of the city and thus are not part of the bankruptcy filing. These include Detroit City School District bonds, which are backed by the state of Michigan; Downtown Development Authority tax increment financing (TIF) bonds, which are backed by special pledged taxes; and Wayne County Airport, which is not a city of Detroit enterprise. In terms of performance, the fact that the Detroit GOs were insured helped them deliver a positive total return, as one of the top contributors to overall Fund performance. The other three holdings had a negligible impact on investment performance due to the Detroit bankruptcy.
 
Shareholders also should be aware of issues impacting NIM’s Puerto Rico holdings. In 2012, Moody’s downgraded Puerto Rico GO bonds to Baa3 from Baa1 and Puerto Rico Sales Tax Financing Corporation (COFINA) senior sales tax revenue bonds to Aa3 from Aa2 and COFINA subordinate sales tax revenue bonds to A3 from A1. (In October 2013, subsequent to the end of this reporting period, Moody’s further downgraded the COFINA senior sales tax bonds to a rating of A2, while affirming the subordinate bonds at a rating of A3.) These downgrades were based on Puerto Rico’s ongoing economic problems and, in the case of the COFINA bonds, the impact of these problems on the projected growth of sales tax revenues. However, the COFINA bonds were able to maintain a higher credit rating than the GOs because, unlike the revenue streams supporting some Puerto Rican issues, the sales taxes supporting the COFINA bonds cannot be diverted and used to support Puerto Rico’s GO bonds. For the reporting period ended September 30, 2013, Puerto Rico paper generally underperformed the municipal market as a whole. NIM has limited exposure (less than 1%) to Puerto Rico bonds, the majority of which are the subordinate sales tax bonds issued by COFINA, which we believe are the best of the Puerto Rico issuance. NIM also holds education bonds issued for Ana G. Mendez University, a private school. No Puerto Rico bonds were purchased or sold in the Fund during this reporting period. The limited nature of NIM’s exposure helped to moderate the impact of the Puerto Rico bonds’ underperformance on the Fund.
 
Nuveen Investments
 
7

 
 

 
 
Share Information
 
DIVIDEND INFORMATION
 
During the current reporting period ended September 30, 2013, the Fund’s monthly dividends to shareholders were as shown in the accompanying table.
 
     
Per Share Amounts
April
   
$0.0295
 
May
   
0.0295
 
June
   
0.0285
 
July
   
0.0285
 
August
   
0.0285
 
September
   
0.0285
 
         
Market Yield**
   
3.51
%
Taxable-Equivalent Yield**
   
4.88
%
 
**
 
Market Yield is based on the Fund’s current annualized monthly dividend 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 an income tax rate of 28.0%. When comparing the Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
 
NIM seeks to pay stable dividends at rates that reflect the Fund’s past results and projected future performance. During certain periods, NIM may pay dividends at a rate that may be more or less than the amount of net investment income actually earned by the Fund during the period. If the Fund has cumulatively earned more than it has paid in dividends, it holds the excess in reserve as undistributed net investment income (UNII) as part of the Fund’s NAV. Conversely, if the Fund has cumulatively paid dividends in excess of its earnings, the excess constitutes negative UNII that is likewise reflected in the Fund’s NAV. NIM will, over time, pay all of its net investment income as dividends to shareholders. As of September 30, 2013, NIM had a positive UNII balance for tax purposes, based upon our best estimate, and a positive UNII balance for financial reporting purposes.
 
SHARE REPURCHASES
 
Since the inception of the Fund’s share repurchase program the Fund has not repurchased any of its outstanding shares.
 
8
 
Nuveen Investments

 
 

 
 
OTHER SHARE INFORMATION
 
As of September 30, 2013, and during the current reporting period, the Fund’s share price was trading at a premium/(discount) to its NAV as shown in the accompanying table.
         
NAV
 
$
10.24
 
Share Price
 
$
9.73
 
Premium/(Discount) to NAV
   
(4.98
)%
6-Month Average Premium/(Discount) to NAV
   
(4.29
)%

Nuveen Investments
 
9

 
 

 
 
Risk Considerations
 
Fund shares are not guaranteed or endorsed by any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation. Past performance is no guarantee of future results. Fund shares are subject to a variety of risks, including:
 
Investment, Price and Market Risk. An investment in shares is subject to investment risk, including the possible loss of the entire principal amount that you invest. Your investment in shares represents an indirect investment in the municipal securities owned by the Fund, which generally trade in the over-the-counter markets. Shares of closed-end investment companies like this Fund frequently trade at a discount to their NAV. Your shares at any point in time may be worth less than your original investment, even after taking into account the reinvestment of Fund dividends and distributions.
 
Tax Risk. The tax treatment of Fund distributions may be affected by new IRS interpretations of the Internal Revenue Code and future changes in tax laws and regulations.
 
Issuer Credit Risk. This is the risk that a security in a Fund’s portfolio will fail to make dividend or interest payments when due.
 
Interest Rate Risk. Fixed-income securities such as bonds, preferred, convertible and other debt securities will decline in value if market interest rates rise.
 
Reinvestment Risk. If market interest rates decline, income earned from a Fund’s portfolio may be reinvested at rates below that of the original bond that generated the income.
 
Call Risk or Prepayment Risk. Issuers may exercise their option to prepay principal earlier than scheduled, forcing a Fund to reinvest in lower-yielding securities.

10
 
Nuveen Investments

 
 

 

NIM
 
 
Nuveen Select Maturities Municipal Fund
 
Performance Overview and Holding Summaries as of September 30, 2013
 
Average Annual Total Returns as of September 30, 2013

     
Cumulative
   
Average Annual
     
6-Month
   
1-Year
   
5-Year
   
10-Year
 
NIM at NAV
   
(2.05)%
   
(0.56)%
   
5.18%
   
4.28%
 
NIM at Share Price
   
(4.34)%
   
(10.16)%
   
5.76%
   
4.16%
 
S&P Municipal Bond Intermediate Index
   
(2.03)%
   
(1.01)%
   
6.02%
   
4.56%
 
S&P Municipal Bond Index
   
(3.47)%
   
(2.25)%
   
6.00%
   
4.47%
 
 
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Comparative index and Lipper return information is provided for the Fund’s shares at NAV only. Indexes and Lipper averages are not available for direct investment.
 
 
Portfolio Composition1
       
(as a % of total investments)
       
Tax Obligation/Limited
   
26.2
%
Utilities
   
15.0
%
Health Care
   
12.8
%
Tax Obligation/General
   
12.6
%
U.S. Guaranteed
   
11.5
%
Transportation
   
7.8
%
Other
   
14.1
%

Credit Quality1,2
       
(as a % of total investments)
       
AAA/U.S. Guaranteed
   
14.5
%
AA
   
22.6
%
A
   
36.5
%
BBB
   
18.9
%
BB or Lower
   
2.4
%
N/R
   
5.1
%

States1
       
(as a % of total investments)
       
Illinois
   
13.9
%
Texas
   
10.8
%
Pennsylvania
   
7.6
%
Florida
   
6.3
%
California
   
5.5
%
New York
   
5.5
%
South Carolina
   
5.4
%
Colorado
   
5.4
%
New Jersey
   
4.7
%
Ohio
   
3.6
%
Arizona
   
3.1
%
Michigan
   
2.8
%
Wisconsin
   
2.2
%
Connecticut
   
2.0
%
Nevada
   
1.9
%
Other
   
19.3
%
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this page.
1
Holdings are subject to change.
2
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. 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. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
 
Nuveen Investments
 
11

 
 

 

NIM
   
   
Shareholder Meeting Report
The annual meeting of shareholders was held in the offices of Nuveen Investments on August 7, 2013; at this meeting the shareholders were asked to vote on the election of Board Members.
 
 
NIM
 
 
Common
 
 
shares
 
Approval of the Board Members was reached as follows:
   
William C. Hunter
   
For
10,572,066
 
Withhold
275,424
 
Total
10,847,490
 
Judith M. Stockdale
   
For
10,518,863
 
Withhold
328,627
 
Total
10,847,490
 
Carole E. Stone
   
For
10,473,695
 
Withhold
373,795
 
Total
10,847,490
 
Virginia L. Stringer
   
For
10,519,273
 
Withhold
328,217
 
Total
10,847,490
 

12
 
Nuveen Investments

 
 

 

NIM
 
 
Nuveen Select Maturities Municipal Fund
Portfolio of Investments
 
September 30, 2013 (Unaudited)

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
Long-Term Investments – 96.5%
             
     
Municipal Bonds – 96.5%
             
     
Alabama – 0.1%
             
$
180
 
Birmingham Special Care Facilities Financing Authority, Alabama, Revenue Bonds, Baptist Health System Inc., Series 2005A, 5.000%, 11/15/30
 
11/15 at 100.00
Baa2
 
$
168,286
 
     
Alaska – 0.1%
             
 
155
 
Alaska State, Sport Fishing Revenue Bonds, Series 2011, 5.000%, 4/01/21
 
4/20 at 100.00
A1
   
174,708
 
     
Arizona – 3.0%
             
     
Arizona Health Facilities Authority, Hospital System Revenue Bonds, Phoenix Children’s Hospital, Refunding Series 2012A:
             
 
60
 
5.000%, 2/01/20
 
No Opt. Call
BBB+
   
66,424
 
 
290
 
5.000%, 2/01/27
 
2/22 at 100.00
BBB+
   
293,396
 
     
Arizona Sports and Tourism Authority, Senior Revenue Refunding Bonds, Multipurpose Stadium Facility Project, Series 2012A:
             
 
425
 
5.000%, 7/01/25
 
7/22 at 100.00
A1
   
464,644
 
 
685
 
5.000%, 7/01/26
 
7/22 at 100.00
A1
   
740,129
 
 
685
 
5.000%, 7/01/27
 
7/22 at 100.00
A1
   
730,436
 
 
100
 
Pima County Industrial Development Authority, Arizona, Revenue Bonds, Tucson Electric Power Company Project, Series 2013A, 4.000%, 9/01/29
 
3/23 at 100.00
BBB
   
88,103
 
     
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc Prepay Contract Obligations, Series 2007:
             
 
100
 
5.000%, 12/01/17
 
No Opt. Call
A–
   
110,418
 
 
100
 
5.250%, 12/01/19
 
No Opt. Call
A–
   
110,692
 
 
35
 
5.000%, 12/01/32
 
No Opt. Call
A–
   
35,292
 
 
480
 
5.000%, 12/01/37
 
No Opt. Call
A–
   
473,765
 
 
750
 
Surprise Municipal Property Corporation, Arizona, Wastewater System Revenue Bonds, Series 2007, 4.500%, 4/01/17
 
10/13 at 100.00
A–
   
757,028
 
 
3,710
 
Total Arizona
         
3,870,327
 
     
Arkansas – 1.0%
             
 
600
 
Independence County, Arkansas, Pollution Control Revenue Bonds, Arkansas Power and Light Company Project, Series 2013, 2.375%, 1/01/21
 
No Opt. Call
A–
   
578,850
 
 
605
 
North Little Rock, Arkansas, Electric Revenue Refunding Bonds, Series 1992A, 6.500%, 7/01/15 – NPFG Insured (ETM)
 
No Opt. Call
A (4)
   
645,995
 
 
1,205
 
Total Arkansas
         
1,224,845
 
     
California – 5.3%
             
 
300
 
Alameda Corridor Transportation Authority, California, Senior Lien Revenue Refunding Bonds, Series 2013A, 5.000%, 10/01/23
 
No Opt. Call
A
   
346,119
 
 
330
 
California Health Facilities Financing Authority, Revenue Bonds, Catholic Healthcare West, Series 2008H, 5.125%, 7/01/22
 
7/15 at 100.00
A
   
352,664
 
 
125
 
California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard Children’s Hospital, Series 2008A, 1.450%, 8/15/33 (Mandatory put 3/15/17)
 
No Opt. Call
AA
   
125,808
 
 
160
 
California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard Children’s Hospital, Series 2012C, 1.450%, 8/15/23 (Mandatory put 3/15/17)
 
No Opt. Call
AA
   
161,034
 
 
550
 
California Health Facilities Financing Authority, Revenue Bonds, Saint Joseph Health System, Series 2013D, 5.000%, 7/01/43 (Mandatory put 10/15/20)
 
No Opt. Call
AA–
   
629,525
 
 
500
 
California State, General Obligation Bonds, Various Purpose Series 2010, 5.500%, 3/01/40
 
3/20 at 100.00
A1
   
531,025
 
 
Nuveen Investments
 
13

 
 

 

 
 
NIM
 
Nuveen Select Maturities Municipal Fund (continued)
Portfolio of Investments September 30, 2013 (Unaudited)
 
 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
California (continued)
             
$
135
 
California Statewide Communities Development Authority, Revenue Bonds, Kaiser Permanente, Series 2009E-1, 5.000%, 4/01/44 (Mandatory put 5/01/17)
 
No Opt. Call
A+
 
$
153,576
 
 
250
 
Delano, California, Certificates of Participation, Delano Regional Medical Center, Series 2012, 5.000%, 1/01/24
 
No Opt. Call
BBB–
   
261,768
 
 
600
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1, 4.500%, 6/01/27
 
6/17 at 100.00
B
   
519,342
 
 
365
 
Lake Elsinore Redevelopment Agency, California, Special Tax Bonds, Community Facilities District 90-2, Series 2007A, 4.500%, 10/01/24 – AGM Insured
 
10/17 at 100.00
AA–
   
369,230
 
     
Moulton Niguel Water District, California, Certificates of Participation, Refunding Series 2003:
             
 
250
 
5.000%, 9/01/21 – AMBAC Insured
 
9/16 at 100.00
AAA
   
271,410
 
 
250
 
5.000%, 9/01/22 – AMBAC Insured
 
9/16 at 100.00
AAA
   
271,410
 
 
500
 
5.000%, 9/01/23 – AMBAC Insured
 
9/16 at 100.00
AAA
   
542,820
 
 
295
 
Mount San Antonio Community College District, Los Angeles County, California, General Obligation Bonds, Election of 2008, Series 2013A, 0.000%, 8/01/28
 
2/28 at 100.00
AA
   
196,320
 
 
2,000
 
Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A, 0.000%, 8/01/25 – AGC Insured
 
No Opt. Call
AA–
   
1,162,000
 
 
35
 
Riverside County Transportation Commission, California, Toll Revenue Senior Lien Bonds, Series 2013A, 5.750%, 6/01/44
 
6/23 at 100.00
BBB–
   
35,022
 
 
300
 
Sacramento Municipal Utility District, California, Electric Revenue Bonds, Series 2004T, 5.000%, 5/15/30 (Pre-refunded 5/15/14) (WI/DD, Settling 10/01/13) – BHAC Insured
 
5/14 at 100.00
AA+ (4)
   
308,964
 
 
2,000
 
San Diego Community College District, California, General Obligation Bonds, Refunding Series 2011, 0.000%, 8/01/37
 
No Opt. Call
AA+
   
551,280
 
 
8,945
 
Total California
         
6,789,317
 
     
Colorado – 5.2%
             
 
2,895
 
Centennial Downs Metropolitan District, Colorado, General Obligation Bonds, Series 1999, 5.000%, 12/01/20 – AMBAC Insured
 
12/14 at 100.00
N/R
   
2,943,169
 
 
1,175
 
Colorado Educational and Cultural Facilities Authority, Revenue Bonds, Classical Academy Charter School, Series 2003, 4.500%, 12/01/18 – SYNCORA GTY Insured
 
12/13 at 100.00
A
   
1,178,502
 
 
1,465
 
Denver West Metropolitan District, Colorado, General Obligation Refunding and Improvement Bonds, Series 2003, 4.500%, 12/01/18 (Pre-refunded 12/01/13) – RAAI Insured
 
12/13 at 100.00
A– (4)
   
1,475,680
 
 
55
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%, 9/01/33 – NPFG Insured
 
No Opt. Call
A
   
17,609
 
 
1,000
 
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004B, 0.000%, 3/01/36 – NPFG Insured
 
9/20 at 41.72
A
   
268,020
 
 
500
 
Plaza Metropolitan District 1, Lakewood, Colorado, Tax Increment Revenue Bonds, Refunding Series 2013, 5.000%, 12/01/20
 
No Opt. Call
N/R
   
523,205
 
 
200
 
Regional Transportation District, Colorado, Denver Transit Partners Eagle P3 Project Private Activity Bonds, Series 2010, 6.000%, 1/15/41
 
7/20 at 100.00
Baa3
   
201,586
 
 
7,290
 
Total Colorado
         
6,607,771
 
     
Connecticut – 1.9%
             
 
815
 
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Yale University, Series 2010A-3, 0.875%, 7/01/49 (Mandatory put 2/07/18)
 
No Opt. Call
AAA
   
799,466
 
     
Eastern Connecticut Resource Recovery Authority, Solid Waste Revenue Bonds, Wheelabrator Lisbon Project, Series 1993A:
             
 
95
 
5.500%, 1/01/14 (Alternative Minimum Tax)
 
12/13 at 100.00
BBB
   
95,085
 
 
1,570
 
5.500%, 1/01/15 (Alternative Minimum Tax)
 
12/13 at 100.00
BBB
   
1,571,397
 
 
2,480
 
Total Connecticut
         
2,465,948
 
     
Delaware – 0.1%
             
 
170
 
Delaware Health Facilities Authority, Revenue Bonds, Nanticoke Memorial Hospital, Series 2013, 5.000%, 7/01/28
 
7/23 at 100.00
BBB–
   
157,418
 
 
14
 
Nuveen Investments

 
 

 
 
 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
District of Columbia – 0.2%
             
$
120
 
District of Columbia Student Dormitory Revenue Bonds, Provident Group – Howard Properties LLC Issue, Series 2013, 5.000%, 10/01/30
 
10/22 at 100.00
BBB–
 
$
111,300
 
 
150
 
District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2001, 6.500%, 5/15/33
 
No Opt. Call
Baa1
   
157,238
 
 
270
 
Total District of Columbia
         
268,538
 
     
Florida – 6.1%
             
 
80
 
Citizens Property Insurance Corporation, Florida, High Risk Assessment Revenue, Senior Secured Bonds, Series 2009A-1, 5.375%, 6/01/16
 
No Opt. Call
A+
   
88,908
 
 
160
 
Citizens Property Insurance Corporation, Florida, High-Risk Account Revenue Bonds, Coastal Account Senior Secured Series 2011A-1, 5.000%, 6/01/18
 
No Opt. Call
A+
   
180,731
 
     
Florida Citizens Property Insurance Corporation, High Risk Account Revenue Bonds, Series 2007A:
             
 
1,215
 
5.000%, 3/01/15 – NPFG Insured
 
No Opt. Call
A+
   
1,287,329
 
 
340
 
5.000%, 3/01/16 – NPFG Insured
 
No Opt. Call
A+
   
371,889
 
     
Florida Citizens Property Insurance Corporation, Personal and Commercial Lines Account Bonds, Senior Secured Series 2012A-1:
             
 
50
 
5.000%, 6/01/18
 
No Opt. Call
A+
   
56,479
 
 
455
 
5.000%, 6/01/20
 
No Opt. Call
A+
   
509,814
 
 
600
 
Florida Department of Environmental Protection, Florida Forever Revenue Bonds, Series 2007B, 5.000%, 7/01/19 – NPFG Insured
 
7/17 at 101.00
AA–
   
670,908
 
 
125
 
Halifax Hospital Medical Center, Florida, Revenue Bonds, Series 2006, 5.250%, 6/01/26
 
6/16 at 100.00
A–
   
126,736
 
     
Miami-Dade County, Florida, Public Facilities Revenue Bonds, Jackson Health System, Series 2009:
             
 
10
 
5.500%, 6/01/29 – AGM Insured
 
6/19 at 100.00
AA–
   
10,513
 
 
10
 
5.625%, 6/01/34 – AGC Insured
 
6/19 at 100.00
AA–
   
10,342
 
 
750
 
North Sumter County Utility Dependent District, Florida, Utility Revenue Bonds, Series 2010, 5.000%, 10/01/20
 
No Opt. Call
A
   
819,210
 
 
250
 
Orange County School Board, Florida, Certificates of Participation, Series 2005B, 5.000%, 8/01/25 – AMBAC Insured
 
8/15 at 100.00
Aa2
   
267,418
 
 
2,000
 
Orange County, Florida, Tourist Development Tax Revenue Bonds, Series 2005, 5.000%, 10/01/22 – AMBAC Insured
 
10/15 at 100.00
AA–
   
2,161,556
 
 
130
 
Port Everglades Authority, Florida, Port Facilities Revenue Bonds, Series 1986, 7.125%, 11/01/16 (ETM)
 
No Opt. Call
Aaa
   
143,290
 
 
670
 
South Miami Health Facilities Authority, Florida, Hospital Revenue, Baptist Health System Obligation Group, Series 2007, 5.000%, 8/15/27
 
8/17 at 100.00
AA
   
707,842
 
     
Tampa, Florida, Cigarette Tax Allocation Bonds, H. Lee Moffitt Cancer Center Project, Refunding & Capital Improvement Series 2012A:
             
 
100
 
5.000%, 9/01/22
 
No Opt. Call
A+
   
114,927
 
 
50
 
5.000%, 9/01/23
 
9/22 at 100.00
A+
   
56,437
 
 
150
 
5.000%, 9/01/25
 
9/22 at 100.00
A+
   
164,814
 
 
7,145
 
Total Florida
         
7,749,143
 
     
Georgia – 0.8%
             
 
300
 
Cherokee County Water and Sewerage Authority, Georgia, Revenue Bonds, Series 1995, 5.200%, 8/01/25 (Pre-refunded 8/01/22) – NPFG Insured
 
8/22 at 100.00
A (4)
   
343,614
 
 
600
 
Private Colleges and Universities Authority, Georgia, Revenue Bonds, Mercer University Project, Refunding Series 2012C, 5.250%, 10/01/23
 
10/22 at 100.00
Baa2
   
664,242
 
 
900
 
Total Georgia
         
1,007,856
 
     
Hawaii – 0.2%
             
 
200
 
Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific University, Series 2013A, 6.250%, 7/01/27
 
7/23 at 100.00
BB+
   
198,702
 
 
Nuveen Investments
 
15

 
 

 

NIM
Nuveen Select Maturities Municipal Fund (continued)
 
Portfolio of Investments September 30, 2013 (Unaudited)

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
Idaho – 0.1%
             
$
100
 
Madison County, Idaho, Hospital Revenue Certificates of Participation, Madison Memorial Hospital, Series 2006, 5.250%, 9/01/37
 
9/16 at 100.00
BB+
 
$
91,540
 
     
Illinois – 13.4%
             
 
200
 
Chicago, Illinois, Tax Increment Allocation Bonds, Irving/Cicero Redevelopment Project, Series 1998, 7.000%, 1/01/14
 
12/13 at 100.00
N/R
   
200,544
 
 
1,500
 
Cook County Township High School District 208, Illinois, General Obligation Bonds, Series 2006, 5.000%, 12/01/21 – NPFG Insured
 
12/15 at 100.00
Aa3
   
1,623,135
 
 
325
 
Cook County, Illinois, General Obligation Bonds, Refunding Series 2012C, 5.000%, 11/15/21
 
No Opt. Call
AA
   
365,908
 
 
2,000
 
Huntley, Illinois, Special Service Area 9, Special Tax Bonds, Series 2007, 5.100%, 3/01/28 – AGC Insured
 
3/17 at 100.00
AA–
   
2,161,436
 
 
455
 
Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2012, 5.000%, 9/01/27
 
9/22 at 100.00
A–
   
462,676
 
 
635
 
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2007A, 5.750%, 11/15/37
 
11/17 at 100.00
A
   
656,692
 
 
250
 
Illinois Finance Authority, Revenue Bonds, Roosevelt University, Series 2007, 5.250%, 4/01/22
 
4/17 at 100.00
BBB
   
254,595
 
 
700
 
Illinois Health Facilities Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Series 1999, 5.500%, 8/15/19
 
12/13 at 100.00
BBB–
   
701,036
 
 
220
 
Illinois Health Facilities Authority, Revenue Refunding Bonds, Elmhurst Memorial Healthcare, Series 2002, 5.625%, 1/01/28
 
11/13 at 100.00
Baa2
   
220,548
 
 
110
 
Illinois State, General Obligation Bonds, Refunding Series 2006, 5.000%, 1/01/15
 
No Opt. Call
A–
   
115,456
 
 
290
 
Illinois State, General Obligation Bonds, Refunding Series 2007B, 5.000%, 1/01/16
 
No Opt. Call
A–
   
312,327
 
 
425
 
Illinois State, General Obligation Bonds, Refunding Series 2008, 4.250%, 4/01/16
 
No Opt. Call
A–
   
452,498
 
 
1,165
 
Illinois State, General Obligation Bonds, Refunding Series 2010, 5.000%, 1/01/19
 
No Opt. Call
A–
   
1,283,352
 
     
Illinois State, General Obligation Bonds, Refunding Series 2012:
             
 
390
 
5.000%, 8/01/20
 
No Opt. Call
A–
   
427,612
 
 
320
 
5.000%, 8/01/21
 
No Opt. Call
A–
   
345,782
 
 
275
 
5.000%, 8/01/23
 
No Opt. Call
A–
   
290,296
 
 
110
 
5.000%, 8/01/24
 
8/22 at 100.00
A–
   
114,035
 
 
230
 
Illinois State, General Obligation Bonds, Series 2006, 5.000%, 1/01/17
 
1/16 at 100.00
A–
   
245,380
 
 
25
 
Illinois State, General Obligation Bonds, Series 2007A, 5.500%, 6/01/15
 
No Opt. Call
A–
   
26,818
 
 
300
 
Illinois State, General Obligation Bonds, Series 2012A, 4.000%, 1/01/20
 
No Opt. Call
A–
   
312,111
 
     
Illinois State, General Obligation Bonds, Series 2013:
             
 
280
 
5.500%, 7/01/25
 
7/23 at 100.00
A–
   
298,474
 
 
240
 
5.500%, 7/01/26
 
7/23 at 100.00
A–
   
252,468
 
 
1,355
 
Kane & DeKalb Counties Community Unit School District 301, Illinois, General Obligation Bonds, Series 2006, 0.000%, 12/01/18 – NPFG Insured
 
No Opt. Call
Aa3
   
1,177,969
 
 
1,000
 
Peroia Public Building Commission, Illinois, School District Facility Revenue Bonds, Peoria County School District 150 Project, Series 2009A, 0.000%, 12/01/22 – AGC Insured
 
12/18 at 79.62
AA–
   
668,500
 
     
Railsplitter Tobacco Settlement Authority, Illinois, Tobacco Settlement Revenue Bonds, Series 2010:
             
 
500
 
5.000%, 6/01/19
 
No Opt. Call
A
   
563,065
 
 
1,000
 
5.250%, 6/01/21
 
No Opt. Call
A
   
1,128,330
 
 
700
 
Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, Illinois, General Obligation Bonds, Series 1994D, 7.750%, 6/01/19 – FGIC Insured
 
No Opt. Call
AA
   
839,664
 
 
500
 
Sterling, Whiteside County, Illinois, General Obligation Bonds, Alternate Revenue Source, Series 2012, 4.000%, 11/01/22
 
No Opt. Call
A+
   
517,255
 
 
355
 
Will, Grundy, Kendall, LaSalle, Kankakee, Livingston and Cook Counties Community College District 525 Joliet Junior College, Illinois, General Obligation Bond, Series 2008, 5.750%, 6/01/28
 
6/18 at 100.00
AA
   
378,693
 
 
16
 
Nuveen Investments

 
 

 
 
 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
Illinois (continued)
             
$
620
 
Williamson & Johnson Counties Community Unit School District 2, Marion, Illinois, Limited Tax General Obligation Lease Certificates, Series 2011, 7.000%, 10/15/22
 
10/19 at 103.00
BBB
 
$
666,636
 
 
16,475
 
Total Illinois
         
17,063,291
 
     
Indiana – 1.6%
             
 
210
 
Indiana Finance Authority, Educational Facilities Revenue Bonds, Drexel Foundation For Educational Excellence, Inc., Series 2009A, 6.000%, 10/01/21
 
10/19 at 100.00
BB–
   
213,698
 
 
180
 
Indiana Finance Authority, Private Activity Bonds, Ohio River Bridges East End Crossing Project, Series 2013B, 5.000%, 1/01/19 (Alternative Minimum Tax)
 
1/17 at 100.00
BBB
   
190,354
 
 
1,000
 
Indiana Health Facility Financing Authority, Revenue Bonds, Community Hospitals of Indiana, Series 2005A, 5.000%, 5/01/35 (Pre-refunded 5/01/15) – AMBAC Insured
 
5/15 at 100.00
A (4)
   
1,074,450
 
 
250
 
Jasper County, Indiana, Pollution Control Revenue Refunding Bonds, Northern Indiana Public Service Company Project, Series 1994A Remarketed, 5.850%, 4/01/19 – NPFG Insured
 
No Opt. Call
A
   
284,843
 
 
250
 
Lake County Building Corporation, Indiana, First Mortgage Bonds, Series 2012, 4.750%, 2/01/21
 
No Opt. Call
N/R
   
254,228
 
 
1,890
 
Total Indiana
         
2,017,573
 
     
Iowa – 0.7%
             
 
500
 
Ames, Iowa, Hospital Revenue Bonds, Mary Greeley Medical Center, Series 2011, 5.250%, 6/15/27
 
6/20 at 100.00
A2
   
521,645
 
 
335
 
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2013, 5.000%, 12/01/19
 
No Opt. Call
BB–
   
326,310
 
 
835
 
Total Iowa
         
847,955
 
     
Kansas – 0.2%
             
 
305
 
Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation Capital Appreciation Revenue Bonds Redevelopment Project Area B – Major Multi-Sport Athletic Complex Project, Subordinate Lien Series 2010B, 0.000%, 6/01/21
 
No Opt. Call
BBB+
   
203,548
 
     
Kentucky – 1.1%
             
 
325
 
Kentucky Economic Development Finance Authority, Louisville Arena Project Revenue Bonds, Louisville Arena Authority, Inc., Series 2008-A1, 5.750%, 12/01/28 – AGC Insured
 
6/18 at 100.00
AA–
   
336,245
 
 
200
 
Kentucky Housing Corporation, Housing Revenue Bonds, Series 2005G, 5.000%, 7/01/30 (Alternative Minimum Tax)
 
1/15 at 100.60
AAA
   
202,628
 
 
340
 
Lexington-Fayette Urban County Government Public Facilities Corporation, Kentucky State Lease Revenue Bonds, Eastern State Hospital Project, Series 2011A, 5.250%, 6/01/29
 
6/21 at 100.00
Aa3
   
357,942
 
 
150
 
Louisville-Jefferson County Metropolitan Government, Kentucky, Environmental Facilities Revenue, Louisville Gas & Electric Company Project, Series 2007B, 1.600%, 6/01/33 (Mandatory put 6/01/17)
 
No Opt. Call
A+
   
150,645
 
 
320
 
Louisville-Jefferson County Metropolitan Government, Kentucky, Pollution Control Revenue Bonds, Louisville Gas and Electric Company Project, Series 2003A, 1.650%, 10/01/33 (Mandatory put 4/03/17)
 
No Opt. Call
A+
   
321,440
 
 
1,335
 
Total Kentucky
         
1,368,900
 
     
Louisiana – 1.3%
             
 
935
 
Louisiana Public Facilities Authority, Revenue Bonds, Baton Rouge General Hospital, Series 2004, 5.250%, 7/01/24 (Pre-refunded 7/01/14) – NPFG Insured
 
7/14 at 100.00
A (4)
   
968,576
 
 
255
 
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2007A, 5.250%, 5/15/38
 
5/17 at 100.00
Baa1
   
255,859
 
 
385
 
Saint Charles Parish, Louisiana, Gulf Opportunity Zone Revenue Bonds, Valero Project, Series 2010, 4.000%, 12/01/40 (Mandatory put 6/01/22)
 
No Opt. Call
BBB
   
384,731
 
 
1,575
 
Total Louisiana
         
1,609,166
 
 
Nuveen Investments
 
17

 
 

 

NIM
Nuveen Select Maturities Municipal Fund (continued)
Portfolio of Investments September 30, 2013 (Unaudited)
 
                     
 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
Maine – 0.1%
             
$
25
 
Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine Medical Center Obligated Group Issue, Series 2013, 3.000%, 7/01/23
 
No Opt. Call
Baa1
 
$
23,131
 
 
35
 
Portland, Maine, General Airport Revenue Bonds, Refunding Series 2013, 5.000%, 7/01/22
 
No Opt. Call
BBB+
   
39,434
 
 
60
 
Total Maine
         
62,565
 
     
Massachusetts – 1.0%
             
 
500
 
Massachusetts Development Finance Agency, Revenue Bonds, Orchard Cove, Series 2007, 5.000%, 10/01/19
 
10/17 at 100.00
N/R
   
500,715
 
 
250
 
Massachusetts Development Finance Authority, Revenue Bonds, 100 Cambridge Street Redevelopment, M/SRBC Project, Series 2002A, 5.125%, 2/01/34 – NPFG Insured
 
12/13 at 100.00
A
   
249,983
 
     
Massachusetts Port Authority, Special Facilities Revenue Bonds, Delta Air Lines Inc., Series 2001A:
             
 
100
 
5.200%, 1/01/20 – AMBAC Insured (Alternative Minimum Tax)
 
12/13 at 100.00
N/R
   
99,675
 
 
470
 
5.000%, 1/01/27 – AMBAC Insured (Alternative Minimum Tax)
 
1/14 at 100.00
N/R
   
431,032
 
 
1,320
 
Total Massachusetts
         
1,281,405
 
     
Michigan – 2.7%
             
 
400
 
Detroit Downtown Development Authority, Michigan, Tax Increment Refunding Bonds, Development Area 1 Projects, Series 1996B, 0.000%, 7/01/23
 
No Opt. Call
A–
   
213,040
 
 
1,000
 
Detroit, Michigan, General Obligation Bonds, Series 2001A-1, 5.375%, 4/01/18 – NPFG Insured (5)
 
10/13 at 100.00
A
   
936,940
 
 
50
 
Detroit, Michigan, Second Lien Sewerage Disposal System Revenue Bonds, Series 2005A, 5.000%, 7/01/35 – NPFG Insured
 
7/15 at 100.00
A
   
44,974
 
 
150
 
Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Series 2001B, 5.500%, 7/01/29 – FGIC Insured
 
No Opt. Call
A
   
148,430
 
 
280
 
Michigan Finance Authority, Revenue Bonds, Detroit City School District, Series 2012, 5.000%, 6/01/18
 
No Opt. Call
A+
   
307,098
 
 
200
 
Michigan Finance Authority, Unemployment Obligation Assessment Revenue Bonds, Series 2012B, 5.000%, 7/01/22
 
7/16 at 100.00
AAA
   
216,564
 
 
1,000
 
Michigan Hospital Finance Authority, Refunding and Project Revenue Bonds, Ascension Health Senior Credit Group, Series 2010F-5, 1.500%, 11/15/47 (Mandatory put 3/15/17)
 
No Opt. Call
AA+
   
1,002,320
 
 
500
 
Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Airport, Refunding Series 2010C, 5.000%, 12/01/16
 
No Opt. Call
A
   
555,805
 
 
3,580
 
Total Michigan
         
3,425,171
 
     
Minnesota – 0.2%
             
 
250
 
Northern Municipal Power Agency, Minnesota, Electric System Revenue Bonds, Refunding Series 2009A, 5.000%, 1/01/15 – AGC Insured
 
No Opt. Call
AA–
   
264,568
 
     
Mississippi – 0.5%
             
     
Mississippi Hospital Equipment and Facilities Authority, Revenue Bonds, Baptist Memorial Healthcare, Series 2004B-1:
             
 
100
 
5.000%, 9/01/16
 
9/14 at 100.00
AA–
   
103,533
 
 
300
 
5.000%, 9/01/24
 
9/14 at 100.00
AA–
   
310,581
 
 
250
 
Warren County, Mississippi, Gulf Opportunity Zone Revenue Bonds, International Paper Company, Series 2006A, 4.800%, 8/01/30
 
No Opt. Call
BBB
   
246,295
 
 
650
 
Total Mississippi
         
660,409
 
     
Missouri – 1.2%
             
 
315
 
St. Louis County, Missouri, GNMA Collateralized Mortgage Revenue Bonds, Series 1989A, 8.125%, 8/01/20 (Pre-refunded 7/01/20) (Alternative Minimum Tax)
 
7/20 at 100.00
AA+ (4)
   
376,693
 
 
1,000
 
St. Louis, Missouri, Airport Revenue Bonds, Lambert-St. Louis International Airport, Series 2005, 5.500%, 7/01/19 – NPFG Insured
 
No Opt. Call
A
   
1,174,150
 
 
1,315
 
Total Missouri
         
1,550,843
 
 
18
 
Nuveen Investments

 
 

 
 
 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
Montana – 0.3%
             
$
260
 
Billings, Montana, Tax Increment Urban Renewal Revenue Bonds, Expanded North 27th Street, Series 2013A, 5.000%, 7/01/33
 
1/23 at 100.00
N/R
 
$
238,511
 
 
90
 
University of Montana, Revenue Bonds, Series 1996D, 5.375%, 5/15/19 – NPFG Insured (ETM)
 
11/13 at 100.00
A (4)
   
103,313
 
 
350
 
Total Montana
         
341,824
 
     
Nebraska – 0.9%
             
 
1,000
 
Dodge County School District 1, Nebraska, Fremont Public Schools, General Obligation Bonds, Series 2004, 5.000%, 12/15/19 (Pre-refunded 12/15/14) – AGM Insured
 
12/14 at 100.00
Aa3 (4)
   
1,057,860
 
 
100
 
Douglas County School District 10 Elkhorn, Nebraska, General Obligation Bonds, Public Schools Series 2012, 4.000%, 6/15/23
 
6/22 at 100.00
AA–
   
107,532
 
 
1,100
 
Total Nebraska
         
1,165,392
 
     
Nevada – 1.8%
             
 
1,000
 
Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2010B, 5.750%, 7/01/42
 
1/20 at 100.00
A+
   
1,108,850
 
 
250
 
Las Vegas Redevelopment Agency, Nevada, Tax Increment Revenue Bonds, Series 2009A, 8.000%, 6/15/30
 
6/19 at 100.00
BBB–
   
269,458
 
 
50
 
Las Vegas, Nevada, Special Improvement District 607 Providence, Local Improvement Refunding Bonds, Series 2013, 5.000%, 6/01/22
 
No Opt. Call
N/R
   
50,643
 
 
775
 
Washoe County, Nevada, General Obligation Bonds, Reno-Sparks Convention & Visitors Authority, Refunding Series 2011, 5.000%, 7/01/23
 
7/21 at 100.00
AA
   
870,093
 
 
2,075
 
Total Nevada
         
2,299,044
 
     
New Hampshire – 0.5%
             
 
600
 
New Hampshire Health and Education Facilities Authority, Hospital Revenue Bonds, Speare Memorial Hospital, Series 2004, 5.500%, 7/01/25 (Pre-refunded 7/01/15)
 
7/15 at 100.00
N/R (4)
   
648,264
 
     
New Jersey – 4.6%
             
 
250
 
Bayonne Redevelopment Agency, New Jersey, Revenue Bonds, Royal Caribbean Cruises Project, Series 2006A, 4.750%, 11/01/16 (Alternative Minimum Tax)
 
No Opt. Call
BB
   
244,838
 
     
New Jersey Economic Development Authority, Cigarette Tax Revenue Bonds, Series 2004:
             
 
230
 
5.375%, 6/15/14 (ETM)
 
No Opt. Call
Aaa
   
238,446
 
 
15
 
5.375%, 6/15/15 – RAAI Insured (ETM)
 
No Opt. Call
Aaa
   
16,288
 
 
120
 
5.500%, 6/15/16 – RAAI Insured (ETM)
 
No Opt. Call
Aaa
   
135,655
 
     
New Jersey Economic Development Authority, Cigarette Tax Revenue Refunding Bonds, Series 2012:
             
 
60
 
4.000%, 6/15/19
 
No Opt. Call
BBB+
   
63,658
 
 
300
 
5.000%, 6/15/21
 
No Opt. Call
BBB+
   
329,601
 
 
325
 
5.000%, 6/15/22
 
No Opt. Call
BBB+
   
354,562
 
 
350
 
5.000%, 6/15/23
 
6/22 at 100.00
BBB+
   
377,108
 
 
210
 
5.000%, 6/15/24
 
6/22 at 100.00
BBB+
   
222,163
 
 
400
 
5.000%, 6/15/25
 
6/22 at 100.00
BBB+
   
417,344
 
 
150
 
5.000%, 6/15/26
 
6/22 at 100.00
BBB+
   
154,464
 
 
85
 
4.250%, 6/15/27
 
6/22 at 100.00
BBB+
   
79,534
 
 
50
 
New Jersey Health Care Facilities Financing Authority, State Contract Bonds, Hospital Asset Transformation Program, Series 2008A, 5.250%, 10/01/38
 
10/18 at 100.00
A+
   
50,857
 
 
1,730
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital Appreciation Series 2010A, 0.000%, 12/15/33
 
No Opt. Call
A+
   
580,190
 
 
1,515
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2010D, 5.000%, 12/15/23
 
No Opt. Call
A+
   
1,740,190
 
 
260
 
New Jersey Turnpike Authority, Revenue Bonds, Series 2012B, 5.000%, 1/01/19
 
No Opt. Call
A+
   
300,386
 
 
250
 
South Jersey Port Corporation, New Jersey, Marine Terminal Revenue Refunding Bonds, Series 2012Q, 3.000%, 1/01/22
 
No Opt. Call
A1
   
248,005
 
 
300
 
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A, 4.500%, 6/01/23
 
6/17 at 100.00
B1
   
282,003
 
 
6,600
 
Total New Jersey
         
5,835,292
 
 
Nuveen Investments
 
19

 
 

 
 
NIM
Nuveen Select Maturities Municipal Fund (continued)
Portfolio of Investments September 30, 2013 (Unaudited)
 
 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
New York – 5.3%
             
$
220
 
Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project, Series 2009, 6.000%, 7/15/30
 
1/20 at 100.00
BBB–
 
$
233,314
 
 
770
 
Dormitory Authority of the State of New York, Third General Resolution Revenue Bonds, State University Educational Facilities Issue, Series 2012A, 5.000%, 5/15/25
 
5/22 at 100.00
AA–
   
872,833
 
 
415
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A, 5.750%, 2/15/47
 
2/21 at 100.00
A
   
439,863
 
 
75
 
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2000A, 0.000%, 6/01/22 – AGM Insured
 
No Opt. Call
AA–
   
57,592
 
 
130
 
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006A, 5.000%, 12/01/26 – SYNCORA GTY Insured
 
6/16 at 100.00
A–
   
136,521
 
 
150
 
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006B, 5.000%, 12/01/35
 
6/16 at 100.00
A–
   
150,704
 
 
25
 
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006C, 5.000%, 9/01/35
 
9/16 at 100.00
A–
   
25,120
 
 
405
 
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006D, 5.000%, 9/01/25 – NPFG Insured
 
9/16 at 100.00
A
   
436,136
 
     
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006E:
             
 
25
 
5.000%, 12/01/17 – FGIC Insured
 
12/16 at 100.00
A
   
27,718
 
 
365
 
5.000%, 12/01/18 – NPFG Insured
 
12/16 at 100.00
A
   
402,956
 
 
150
 
5.000%, 12/01/21 – FGIC Insured
 
12/16 at 100.00
A
   
164,186
 
 
125
 
5.000%, 12/01/22 – FGIC Insured
 
12/16 at 100.00
A
   
136,378
 
 
190
 
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2006F, 5.000%, 5/01/19 – NPFG Insured
 
11/16 at 100.00
A
   
208,736
 
     
New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2003A-1:
             
 
250
 
5.250%, 6/01/20 – AMBAC Insured
 
12/13 at 100.00
AA–
   
251,835
 
 
200
 
5.250%, 6/01/21 – AMBAC Insured
 
12/13 at 100.00
AA–
   
200,602
 
 
640
 
5.250%, 6/01/22 – AMBAC Insured
 
12/13 at 100.00
AA–
   
641,926
 
     
New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2003B-1C:
             
 
500
 
5.500%, 6/01/21
 
12/13 at 100.00
AA–
   
502,220
 
 
365
 
5.500%, 6/01/22
 
12/13 at 100.00
AA–
   
366,584
 
     
Tobacco Settlement Financing Corporation, New York, Asset-Backed Revenue Bonds, State Contingency Contract Secured, Series 2011B:
             
 
360
 
5.000%, 6/01/17
 
No Opt. Call
AA–
   
409,626
 
 
565
 
5.000%, 6/01/18
 
No Opt. Call
AA–
   
650,965
 
 
400
 
Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding Series 2013B, 5.000%, 11/15/21
 
No Opt. Call
AA–
   
473,316
 
 
6,325
 
Total New York
         
6,789,131
 
     
North Carolina – 0.2%
             
 
200
 
North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Refunding Series 2012A, 5.000%, 1/01/19
 
No Opt. Call
A
   
230,418
 
     
Ohio – 3.4%
             
 
45
 
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-1, 5.000%, 6/01/17
 
No Opt. Call
Baa1
   
49,367
 
 
1,325
 
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2, 5.125%, 6/01/24
 
6/17 at 100.00
B–
   
1,131,378
 
 
480
 
Fairfield County, Ohio, Hospital Facilities Revenue Bonds, Fairfield Medical Center Project, Series 2013, 5.000%, 6/15/43
 
6/23 at 100.00
Baa2
   
457,502
 
 
250
 
Lake County, Ohio, Hospital Facilities Revenue Bonds, Lake Hospital System, Inc., Refunding Series 2008C, 5.500%, 8/15/24
 
8/18 at 100.00
A3
   
268,138
 
 
20
 
Nuveen Investments

 
 

 
 
 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
Ohio (continued)
             
     
New Albany Community Authority, Ohio, Community Facilities Revenue Refunding Bonds, Series 2012C:
             
$
25
 
4.000%, 10/01/18
 
No Opt. Call
A1
 
$
27,112
 
 
30
 
4.000%, 10/01/19
 
No Opt. Call
A1
   
32,494
 
 
40
 
4.000%, 10/01/20
 
No Opt. Call
A1
   
43,218
 
 
45
 
5.000%, 10/01/21
 
No Opt. Call
A1
   
51,318
 
 
35
 
5.000%, 10/01/22
 
No Opt. Call
A1
   
40,012
 
 
2,000
 
Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Projects, Junior Lien Convertible Series 2013A-3, 0.000%, 2/15/34
 
2/31 at 100.00
A+
   
1,226,680
 
 
1,000
 
Toledo-Lucas County Port Authority, Ohio, Port Revenue Bonds, Cargill Inc., Series 2004B, 4.500%, 12/01/15
 
No Opt. Call
A
   
1,050,570
 
 
5,275
 
Total Ohio
         
4,377,789
 
     
Oklahoma – 0.8%
             
 
1,000
 
Oklahoma Capitol Improvement Authority, State Facilities Revenue Bonds, Series 2005F, 5.000%, 7/01/27 – AMBAC Insured
 
7/15 at 100.00
AA
   
1,052,190
 
     
Pennsylvania – 7.3%
             
 
935
 
Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generation Project, Series 2006B, 2.500%, 12/01/41 (Mandatory put 6/01/17)
 
No Opt. Call
BBB–
   
904,454
 
 
100
 
Cumberland County Municipal Authority, Pennsylvania, Revenue Bonds, Presbyterian Homes Inc., Refunding Series 2005A, 5.000%, 12/01/15 – RAAI Insured
 
No Opt. Call
BBB+
   
105,889
 
 
200
 
Luzerne County Industrial Development Authority, Pennsylvania, Guaranteed Lease Revenue Bonds, Series 2009, 7.750%, 12/15/27
 
12/19 at 100.00
N/R
   
200,480
 
 
105
 
Pennsylvania Economic Development Financing Authority, Health System Revenue Bonds , Albert Einstein Healthcare, Series 2009A, 6.250%, 10/15/23
 
10/19 at 100.00
BBB+
   
113,996
 
 
345
 
Pennsylvania Higher Educational Facilities Authority, College Revenue Bonds, Ninth Series 1976, 7.625%, 7/01/15 (ETM)
 
No Opt. Call
Aaa
   
372,534
 
 
225
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University of the Arts, Series 1999, 5.150%, 3/15/20 – RAAI Insured (ETM)
 
12/13 at 100.00
N/R (4)
   
252,898
 
 
125
 
Pennsylvania Public School Building Authority, Lease Revenue Bonds, School District of Philadelphia, Series 2006B, 4.500%, 6/01/32 – AGM Insured
 
12/16 at 100.00
AA–
   
122,976
 
 
580
 
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Subordinate Special Revenue Bonds, Series 2010A, 0.000%, 12/01/34
 
12/20 at 100.00
AA
   
535,410
 
 
4,120
 
Philadelphia Gas Works, Pennsylvania, Revenue Bonds, Eighteenth Series 2004, 5.000%, 8/01/15 – AMBAC Insured
 
8/14 at 100.00
BBB+
   
4,240,382
 
 
1,115
 
Philadelphia Gas Works, Pennsylvania, Revenue Bonds, Twelfth Series 1990B, 7.000%, 5/15/20 – NPFG Insured (ETM)
 
No Opt. Call
A (4)
   
1,339,394
 
 
715
 
St. Mary Hospital Authority, Pennsylvania, Health System Revenue Bonds, Catholic Health East, Series 2009D, 6.250%, 11/15/34
 
5/19 at 100.00
A+
   
764,264
 
 
330
 
Union County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Evangelical Community Hospital Project, Refunding and Improvement Series 2011, 5.750%, 8/01/21
 
No Opt. Call
BBB+
   
366,178
 
 
8,895
 
Total Pennsylvania
         
9,318,855
 
     
Puerto Rico – 1.0%
             
 
45
 
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2012A, 5.000%, 7/01/22
 
No Opt. Call
BBB–
   
36,197
 
 
20
 
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N, 0.000%, 7/01/19 – AMBAC Insured
 
No Opt. Call
Baa3
   
13,156
 
 
500
 
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, Higher Education Revenue Bonds, Ana G. Mendez University System Project, Refunding Series 2012, 5.000%, 4/01/27
 
No Opt. Call
BBB–
   
410,895
 
 
Nuveen Investments
 
21

 
 

 
 
NIM
Nuveen Select Maturities Municipal Fund (continued)
 
Portfolio of Investments September 30, 2013 (Unaudited)

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
Puerto Rico (continued)
             
$
1,000
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2009A, 0.000%, 8/01/32
 
8/26 at 100.00
A+
 
$
744,700
 
 
75
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2010A, 0.000%, 8/01/32
 
No Opt. Call
A+
   
18,944
 
 
25
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2010C, 0.000%, 8/01/38
 
No Opt. Call
A+
   
3,912
 
 
25
 
Puerto Rico, General Obligation and Public Improvement Bonds, Series 2002A, 5.500%, 7/01/17 – SYNCORA GTY Insured
 
No Opt. Call
BBB–
   
23,020
 
 
1,690
 
Total Puerto Rico
         
1,250,824
 
     
Rhode Island – 1.0%
             
     
Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2002A:
             
 
430
 
6.125%, 6/01/32
 
12/13 at 100.00
BBB+
   
425,949
 
 
880
 
6.250%, 6/01/42
 
12/13 at 100.00
BBB–
   
861,538
 
 
1,310
 
Total Rhode Island
         
1,287,487
 
     
South Carolina – 5.3%
             
 
750
 
Berkeley County School District, South Carolina, Installment Purchase Revenue Bonds, Securing Assets for Education, Series 2003, 5.250%, 12/01/19
 
12/13 at 100.00
Aa3
   
756,353
 
 
255
 
Greenville County School District, South Carolina, Installment Purchase Revenue Bonds, Series 2006, 5.000%, 12/01/24
 
12/16 at 100.00
AA
   
281,517
 
 
1,540
 
Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 1991, 6.750%, 1/01/19 – FGIC Insured (ETM)
 
No Opt. Call
Baa1 (4)
   
1,939,322
 
 
3,025
 
Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 1991, 6.750%, 1/01/19 – FGIC Insured
 
No Opt. Call
Baa1
   
3,715,906
 
 
5,570
 
Total South Carolina
         
6,693,098
 
     
South Dakota – 0.8%
             
 
1,000
 
South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sanford Health, Series 2007, 5.000%, 11/01/27
 
5/17 at 100.00
A+
   
1,021,270
 
     
Tennessee – 0.2%
             
     
Knox County Health, Educational and Housing Facility Board, Tennessee, Hospital Revenue Refunding Bonds, Covenant Health, Series 2012A:
             
 
100
 
4.000%, 1/01/22
 
No Opt. Call
A
   
104,026
 
 
180
 
5.000%, 1/01/23
 
No Opt. Call
A
   
198,704
 
 
280
 
Total Tennessee
         
302,730
 
     
Texas – 10.4%
             
 
1,055
 
Austin, Texas, General Obligation Bonds, Series 2004, 5.000%, 9/01/20 (Pre-refunded 9/01/14) – NPFG Insured
 
9/14 at 100.00
AAA
   
1,101,578
 
 
560
 
Bexar County Housing Finance Corporation, Texas, FNMA Guaranteed Multifamily Housing Revenue Bonds, Villas Sonterra Apartments Project, Series 2007A, 4.700%, 10/01/15 (Alternative Minimum Tax)
 
No Opt. Call
N/R
   
582,506
 
     
Bexar Metropolitan Water District, Texas, Waterworks System Revenue Bonds, Refunding Series 2007:
             
 
125
 
5.000%, 5/01/23 – SYNCORA GTY Insured
 
5/17 at 100.00
A1
   
139,715
 
 
15
 
5.000%, 5/01/24 – SYNCORA GTY Insured
 
5/17 at 100.00
A1
   
16,766
 
 
15
 
5.000%, 5/01/25 – SYNCORA GTY Insured
 
5/17 at 100.00
A1
   
16,401
 
 
10
 
Bexar Metropolitan Water District, Texas, Waterworks System Revenue Bonds, Refunding Series 2010, 5.875%, 5/01/40
 
5/20 at 100.00
A1
   
10,624
 
 
10
 
Bexar Metropolitan Water District, Texas, Waterworks System Revenue Bonds, Series 2006, 4.500%, 5/01/25 – NPFG Insured
 
5/16 at 100.00
A1
   
10,302
 
 
22
 
Nuveen Investments

 
 

 
 
 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
Texas (continued)
             
     
Bexar Metropolitan Water District, Texas, Waterworks System Revenue Refunding Bonds, Series 2009:
             
$
20
 
5.000%, 5/01/29
 
5/19 at 100.00
A1
 
$
20,728
 
 
145
 
5.000%, 5/01/39
 
5/19 at 100.00
A1
   
147,323
 
 
25
 
Brazos River Authority, Texas, Collateralized Pollution Control Revenue Bonds, Texas Utilities Electric Company, Series 2003D, 5.400%, 10/01/29 (Mandatory put 5/01/14)
 
No Opt. Call
CC
   
375
 
 
2,000
 
Brazos River Authority, Texas, Collateralized Revenue Bonds, CenterPoint Energy Inc., Refunding Series 2004B, 4.250%, 12/01/17 – FGIC Insured
 
6/14 at 100.00
A
   
2,044,660
 
 
5
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2005, 5.000%, 1/01/45 (Pre-refunded 1/01/15) – FGIC Insured
 
1/15 at 100.00
A (4)
   
5,292
 
 
500
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2011, 6.250%, 1/01/46
 
1/21 at 100.00
Baa2
   
511,630
 
 
1,875
 
Denton Independent School District, Denton County, Texas, General Obligation Bonds, Series 2006, 5.000%, 8/15/20
 
8/16 at 100.00
AAA
   
2,087,663
 
 
465
 
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Subordinate Lien Series 2013C, 2.000%, 10/01/17 (Mandatory put 2/15/14)
 
No Opt. Call
AA+
   
467,651
 
 
1,000
 
Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Facilities Department, Refunding Series 2011B, 5.250%, 9/01/25
 
9/16 at 100.00
A2
   
1,086,460
 
 
500
 
Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Project, Series 2001B, 0.000%, 9/01/23 – AMBAC Insured
 
No Opt. Call
A2
   
318,455
 
 
300
 
Kerrville Health Facilities Development Corporation, Texas, Revenue Bonds, Sid Peterson Memorial Hospital Project, Series 2005, 5.125%, 8/15/26
 
2/16 at 100.00
BBB–
   
302,325
 
 
200
 
Love Field Airport Modernization Corporation, Texas, Special Facilities Revenue Bonds, Southwest Airlines Company, Series 2010, 5.250%, 11/01/40
 
11/20 at 100.00
BBB–
   
197,710
 
     
North Central Texas Health Facilities Development Corporation, Texas, Revenue Bonds, Children’s Medical Center Dallas Project, Series 2012:
             
 
400
 
5.000%, 8/15/24
 
8/22 at 100.00
AA
   
442,448
 
 
380
 
5.000%, 8/15/25
 
8/22 at 100.00
AA
   
415,188
 
 
905
 
North Texas Tollway Authority, Second Tier System Revenue Refunding Bonds, Series 2008F, 5.750%, 1/01/38
 
1/18 at 100.00
A3
   
952,567
 
 
750
 
North Texas Tollway Authority, Special Projects System Revenue Bonds, Current Interest Series 2011D, 5.000%, 9/01/24
 
9/21 at 100.00
AA+
   
845,805
 
     
North Texas Tollway Authority, Special Projects System Revenue Bonds, Series 2011A:
             
 
100
 
0.000%, 9/01/43
 
9/31 at 100.00
AA+
   
68,219
 
 
490
 
0.000%, 9/01/45
 
9/31 at 100.00
AA+
   
367,765
 
 
1,040
 
Texas Municipal Gas Acquisition and Supply Corporation I, Gas Supply Revenue Bonds, Series 2006B, 0.720%, 12/15/17
 
12/13 at 100.00
A–
   
1,036,578
 
 
100
 
Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012, 5.000%, 12/15/32
 
No Opt. Call
A3
   
94,897
 
 
12,990
 
Total Texas
         
13,291,631
 
     
Virgin Islands – 0.4%
             
 
525
 
Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Senior Lien Series 2010A, 5.000%, 10/01/29
 
10/20 at 100.00
BBB
   
521,005
 
     
Virginia – 0.6%
             
 
250
 
Virginia College Building Authority, Educational Facilities Revenue Refunding Bonds, Marymount University, Series 1998, 5.100%, 7/01/18 – RAAI Insured
 
1/14 at 100.00
N/R
   
250,498
 
 
500
 
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River Crossing, Opco LLC Project, Series 2012, 5.500%, 1/01/42 (Alternative Minimum Tax)
 
7/22 at 100.00
BBB–
   
469,350
 
 
750
 
Total Virginia
         
719,848
 
 
Nuveen Investments
 
23

 
 

 
 
NIM
Nuveen Select Maturities Municipal Fund (continued)
 
Portfolio of Investments September 30, 2013 (Unaudited)

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
Washington – 1.5%
             
$
1,050
 
Washington Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research Center, Series 2011A, 5.375%, 1/01/31
 
1/21 at 100.00
A
 
$
1,070,108
 
 
330
 
Washington Public Power Supply System, Revenue Refunding Bonds, Nuclear Project 3, Series 1989B, 7.125%, 7/01/16 – NPFG Insured
 
No Opt. Call
Aa1
   
387,305
 
 
515
 
Washington State Tobacco Settlement Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2002, 6.500%, 6/01/26
 
11/13 at 100.00
A3
   
513,707
 
 
1,895
 
Total Washington
         
1,971,120
 
     
Wisconsin – 2.1%
             
     
University of Wisconsin Hospitals and Clinics Authority, Revenue Bonds, Refunding Series 2013A:
             
 
755
 
4.000%, 4/01/20
 
No Opt. Call
Aa3
   
811,081
 
 
25
 
5.000%, 4/01/21
 
No Opt. Call
Aa3
   
28,158
 
 
15
 
5.000%, 4/01/22
 
No Opt. Call
Aa3
   
16,854
 
 
25
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Health Care, Inc., Series 2010A, 5.625%, 4/15/33
 
4/15 at 100.00
A
   
25,297
 
 
320
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Health Care, Inc., Series 2010B, 5.000%, 7/15/20
 
No Opt. Call
A
   
358,240
 
 
675
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Health Care, Inc., Series 2012A, 5.000%, 7/15/25
 
7/21 at 100.00
A
   
704,788
 
 
30
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ministry Health Care, Inc., Refunding 2012C, 5.000%, 8/15/17
 
No Opt. Call
A+
   
33,759
 
     
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan Healthcare System, Series 2006A:
             
 
500
 
5.250%, 8/15/18
 
8/16 at 100.00
A–
   
537,780
 
 
180
 
5.250%, 8/15/34
 
8/16 at 100.00
A–
   
180,155
 
 
2,525
 
Total Wisconsin
         
2,696,112
 
$
123,295
 
Total Municipal Bonds (cost $119,297,304)
         
122,943,117
 
 
24
 
Nuveen Investments

 
 

 
 
 
Principal
                       
 
Amount (000)
 
Description (1)
 
Coupon
 
Maturity
 
Ratings
   
Value
 
     
Corporate Bonds – 0.0%
                   
     
Nevada – 0.0%
                   
$
15
 
Las Vegas Monorail Company, Senior Interest Bonds (6), (7)
 
5.500%
 
7/15/19
 
N/R
 
$
2,308
 
 
4
 
Las Vegas Monorail Company, Senior Interest Bonds (6), (7)
 
3.000%
 
7/15/55
 
N/R
   
446
 
$
19
 
Total Corporate Bonds (cost $577)
               
2,754
 
     
Total Long-Term Investments (cost $119,297,881)
               
122,945,871
 
     
Other Assets Less Liabilities – 3.5%
               
4,411,365
 
     
Net Assets – 100%
             
$
127,357,236
 
 
(1)
All percentages shown in the Portfolio of Investments are based on net assets.
(2)
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3)
Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Such investments are normally considered to be equivalent to AAA rated securities.
(5)
At or subsequent to the end of the reporting period, this security is non-income producing. Non-income producing, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has directed the Fund’s custodian to cease accruing additional income on the Fund’s records.
(6)
Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board of Trustees. For fair value measurement disclosure purposes, investment classified as Level 3. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements, Investment Valuation for more information.
(7)
During January 2010, Las Vegas Monorail Company (“Las Vegas Monorail”) filed for federal bankruptcy protection. During March 2012, Las Vegas Monorail emerged from federal bankruptcy with the acceptance of a reorganization plan assigned by the Federal Bankruptcy Court. Under the reorganization plan, the Fund surrendered its Las Vegas Monorail Project Revenue Bonds, First Tier, Series 2000 and in turn received two senior interest corporate bonds: the first with an annual coupon rate of 5.500% maturing on July 15, 2019 and the second with an annual coupon rate of 3.000% (5.500% after December 31, 2015) maturing on July 15, 2055. The Fund’s custodian is not accruing income on the Fund’s records for either senior interest corporate bond.
WI/DD
Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.
(ETM)
Escrowed to maturity.
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
25

 
 

 

Statement of
 
 
Assets & Liabilities
 
September 30, 2013 (Unaudited)
 
Assets