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 811-07056

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, 2014

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.

 
 
 

 
 
NUVEEN INVESTMENTS ACQUIRED BY TIAA-CREF
 
On October 1, 2014, TIAA-CREF completed its previously announced acquisition of Nuveen Investments, Inc., the parent company of your fund’s investment adviser, Nuveen Fund Advisors, LLC (“NFAL”) and the Nuveen affiliates that act as sub-advisers to the majority of the Nuveen Funds. TIAA-CREF is a national financial services organization with approximately $840 billion in assets under management as of October 1, 2014 and is a leading provider of retirement services in the academic, research, medical and cultural fields. Nuveen expects to operate as a separate subsidiary within TIAA-CREF’s asset management business. Nuveen’s existing leadership and key investment teams have remained in place following the transaction.
 
NFAL and your fund’s sub-adviser(s) continue to manage your fund according to the same objectives and policies as before, and there have been no changes to your fund’s operations.
 
 
 
 

 
 
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
12
   
Shareholder Meeting Report
14
   
Portfolio of Investments
15
   
Statement of Assets and Liabilities
28
   
Statement of Operations
29
   
Statement of Changes in Net Assets
30
   
Financial Highlights
32
   
Notes to Financial Statements
34
   
Additional Fund Information
42
   
Glossary of Terms Used in this Report
43
   
Reinvest Automatically, Easily and Conveniently
44
   
Annual Investment Management Agreement Approval Process
45
 
Nuveen Investments
 
3


 
 

 
Chairman’s Letter to Shareholders
 
 
Dear Shareholders,
 
Over the past year, global financial markets were generally strong as stocks of many countries rose due to strengthening economies and abundant central bank support. A low and stable interest rate environment allowed the bond market to generate modest but positive returns.
 
More recently, markets have been less certain as economic growth is strengthening in some parts of the world, but in other areas recovery has been slow or uneven at best. Despite increasing market volatility, geopolitical turmoil and concerns over rising rates, better-than-expected earnings results and economic data have supported U.S. stocks. Europe continues to face challenges as disappointing growth and inflation measures led the European Central Bank to further cut interest rates. Japan is suffering from the burden of the recent consumption tax as the government’s structural reforms continue to steadily progress. Flare-ups in hotspots, such as the ongoing Russia-Ukraine conflict and Middle East, have not yet been able to derail the markets, though that remains a possibility. With all the challenges facing the markets, accommodative monetary policy around the world has helped lessen the impact of these events.
 
It is in such changeable markets that professional investment management is most important. Investment teams who have experienced challenging markets in the past understand how their asset class can behave in rapidly changing times. Remaining committed to their investment disciplines during these times is a critical component to achieving long-term success. In fact, many strong investment track records are established during challenging periods because experienced investment teams understand that volatile markets place a premium on companies and investment ideas that can weather the short-term volatility. By maintaining appropriate time horizons, diversification and relying on practiced investment teams, we believe that investors can achieve their long-term investment objectives.
 
As always, I encourage you to communicate with your financial consultant if you have any questions about your investment in a Nuveen 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.
 
 
William J. Schneider
Chairman of the Board
November 21, 2014
 
4
 
Nuveen Investments

 
 

 
 
Portfolio Manager’s Comments
 
Nuveen Select Maturities Municipal Fund (NIM)
 
This Fund features portfolio management by Nuveen Asset Management, LLC, an affiliate of Nuveen Investments, Inc. Portfolio manager Paul L. Brennan, CFA, discusses key investment strategies and the six-month performance of the Nuveen Select Maturities Municipal Fund. Paul has managed NIM since 2006.
 
What key strategies were used to manage NIM during the six-month reporting period ended September 30, 2014?
 
During this reporting period, the rally in the municipal market continued, driven by strong demand and tight supply and reinforced by an environment of improving fundamentals. For the reporting period, municipal bond prices generally rose, while interest rates declined. During this time, 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.
 
Despite the challenge presented by the general decline in new municipal issuance nationally, we continued to find selected opportunities to purchase bonds in both the primary and secondary markets that helped keep NIM fully invested. During this reporting period, declining interest rates produced a sharp increase in current calls, as bond issuers sought to lower costs through refinancings. During the third quarter of 2014, we saw refunding activity increase by more than 64%. As a result, much of our focus was on reinvesting the cash produced by these calls into bonds with intermediate and longer maturities across the credit spectrum that could help offset the decline in rates.
 
During this reporting period, NIM found value in diversified areas of the marketplace, including the tax-backed sector, health care and utilities, where we added electric power bonds issued by the City of Indianapolis and bonds issued by Long Island Power Authority (LIPA) in New York. We continued to hold the water and sewer bonds issued by the City of Detroit as it refinanced approximately $1.8 billion of existing debt with lower cost bonds, resulting in savings of $250 million for the city over the life of the bonds. As part of the deal, Detroit water and sewer bonds were permanently removed from the city’s bankruptcy case, which led to a rally in the prices of these bonds. We also continued to find the transportation sector attractive, holding those credits issued for a new bridge to replace the Tappan Zee across the Hudson River (the “New” New York Bridge). Other additions to our portfolio included bonds issued for the BP (British Petroleum) project in northwest Indiana, which provided strong ratings and good yields. Although supply remained tight, we continued to be selective in our purchases, often adding to existing holdings that offered features we liked when we found opportunities at attractive prices in the secondary market.
 
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 (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc. (Fitch) 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.
 
Bond insurance guarantees only the payment of principal and interest on the bond when due, and not the value of the bonds themselves, which will fluctuate with the bond market and the financial success of the issuer and the insurer. Insurance relates specifically to the bonds in the portfolio and not to the share prices of a Fund. No representation is made as to the insurers’ ability to meet their commitments.
 
Nuveen Investments
 
5

 
 

 
Portfolio Manager’s Comments (continued)
 
We also slightly increased NIM’s allocation to A-rated bonds while maintaining our exposure to lower rated bonds, given the positive trend and additional yield premiums we saw in these credit sectors. The majority of our purchases were in the intermediate part of the yield curve, although we also bought bonds with longer maturities since NIM had the flexibility to add these bonds and still maintain 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.
 
Cash for new purchases was generated primarily by proceeds from called and matured bonds, which we worked to redeploy to keep NIM fully invested and support the Fund’s income stream. Because NIM is an intermediate maturity Fund, it typically has a greater number of bonds maturing or being called than funds with longer average maturity targets. In addition, as previously mentioned, the decline in municipal yields and the flattening of the municipal yield curve relative to the Treasury curve made refunding deals more attractive, and the increase in this activity provided ample cash for purchases. NIM also sold holdings of sales tax revenue bonds issued by the Puerto Rico Sales Tax Financing Corporation (COFINA).
 
How did NIM perform during the six-month reporting period ended September 30, 2014?
 
The table in NIM’s Performance Overview and Holding Summaries section of this report provide total returns for the Fund for the six-month, one-year, five-year and ten-year periods ended September 30, 2014. The Fund’s returns at net asset value (NAV) are compared with the performance of corresponding market indexes.
 
For the six months ended September 30, 2014, the total return at NAV for NIM performed in line with the return for the S&P Municipal Bond Intermediate Index and underperformed the national S&P Municipal Bond Index. Key management factors that influenced the Fund’s performance included duration and yield curve positioning, credit exposure and sector allocation. Keeping the Fund fully invested throughout the reporting period also was beneficial for performance.
 
Given the combination of declining interest rates and a flattening yield curve during this reporting period, municipal bonds with longer maturities generally outperformed those with shorter maturities. Overall, credits with maturities of 15 years or more, especially those at the longest end of the municipal yield curve, outperformed the general municipal market, while bonds at the shortest end of the curve produced the weakest results. NIM’s duration was a little short of that of the S&P Municipal Bond Intermediate Index, with a slight overexposure to bonds with very short maturities. This detracted from the Fund’s performance for the reporting period. We continue to hold these shorter bonds in our portfolio because of the higher levels of income they produce.
 
During the reporting period, lower rated bonds generally outperformed higher quality bonds, as the municipal market rally continued and investors became more willing to accept risk in their search for yield in the current low rate environment. With an overweight in BBB-rated and A-rated bonds and good exposure to non-rated bonds, credit exposure was positive for NIM’s performance during this reporting period.
 
Among the municipal market sectors, health care bonds generally were the top performers, with industrial development revenue (IDR), transportation, water and sewer, and education credits also outperforming the general municipal market. The outperformance of the health care sector can be attributed in part to the current scarcity of these bonds, as issuance in this sector declined 31% during the first nine months of 2014. NIM had good weightings in health care and transportation (specifically tollroads), which benefited performance. During this reporting period, lower rated tobacco credits backed by the 1998 master tobacco settlement agreement experienced some volatility, but managed to finish the reporting period slightly ahead of the national municipal market as a whole, although results varied from state to state. The performance of these bonds was helped by their longer maturities and lower credit ratings. In addition, several tobacco bond issues were strengthened following the favorable resolution of a dispute over payments by tobacco companies. As of September 30, 2014, NIM had allocations of tobacco bonds issued by California, the District of Columbia, Illinois, New Jersey, New York, Ohio and Rhode Island. This represented an overweighting in tobacco credits relative to the index, which was helpful for NIM’s performance.

6
 
Nuveen Investments

 
 

 

In contrast, pre-refunded bonds, which are often backed by U.S. Treasury securities, were among the poorest performing market segments. The underperformance of these bonds relative to the market can be attributed primarily to their shorter effective maturities and higher credit quality. As of September 30, 2014, NIM was overweighted in pre-refunded bonds relative to the market average, which detracted from performance. General obligation (GO) credits also generally trailed the revenue sectors as well as the municipal market as a whole for the period. This included California and New York state GOs, which underperformed despite upgrades in June and July 2014, as well as Illinois GOs, as the state continued to face fiscal difficulties, primarily related to pension issues and credit rating pressure.
 
We continued to monitor two situations in the broader municipal market for any impact on NIM’s holdings and performance: the ongoing economic problems of Puerto Rico and the bankruptcy filing of Detroit, Michigan. Regarding Puerto Rico, shareholders should note that NIM’s exposure to Puerto Rico debt at the end of the reporting period was less than 1%. These territorial bonds were originally added to our portfolios to keep assets fully invested and working for the Fund as well as to enhance diversity, duration and credit. The Puerto Rico credits offered higher yields, added diversification and triple exemption (i.e., exemption from most federal, state and local taxes). However, Puerto Rico’s continued economic weakening, escalating debt service obligations, and long-standing inability to deliver a balanced budget led to multiple downgrades on its debt over the past two years. Following the latest rating reduction by Moody’s in July 2014, Puerto Rico GO debt was rated B2/BB+/BB (below investment grade) by Moody’s, S&P and Fitch, respectively, with negative outlooks. In late June 2014, Puerto Rico approved new legislation creating a judicial framework and formal process that would allow several of the commonwealth’s public corporations to restructure their public debt. As of September 2014, the Nuveen complex held $70.9 million in bonds backed by public corporations in Puerto Rico that could be restructured under this legislation, representing less than 0.1% of our municipal assets under management. In light of the evolving economic situation in Puerto Rico, Nuveen’s credit analysis of the commonwealth had previously considered the possibility of a default and the restructuring of public corporations, and we had adjusted our portfolios to prepare for such an outcome, although no such default or restructuring has occurred to date. The Nuveen complex’s entire exposure to obligations of the government of Puerto Rico and other Puerto Rico issuers totals 0.35% of assets under management as of September 30, 2014. For the reporting period ended September 30, 2014, Puerto Rico paper as a whole underperformed the general municipal market, although performance differed according to the type of assets held.
 
The second situation that we continued to monitor was the City of Detroit’s filing for Chapter 9 in federal bankruptcy court in July 2013. Burdened by decades of population loss, changes in the auto manufacturing industry and significant tax base deterioration, Detroit had been under severe financial stress for an extended period prior to the filing. Given the complexity of the city’s debt portfolio, number of creditors, numerous union contracts, and significant legal questions to be resolved, Detroit’s municipal bankruptcy case has been ongoing. As of October 2014 (subsequent to the close of this reporting period), all of the major creditors had reached agreement on the city’s plan to restructure its $18 billion of debt and emerge from bankruptcy and a ruling by the U.S. Bankruptcy Court on the fairness, legality, and feasibility of the city’s bankruptcy exit plan was confirmed on November 7, 2014. Shareholders of NIM should note that the Fund has small exposures to insured Detroit GO bonds and insured Detroit water and sewer credits that total approximately 1% of its portfolio. During this reporting period, we also participated in the new issue offering of Detroit water and sewer credits, buying insured credits that performed well as they rallied following the positive developments described in this report’s strategies section. The Fund’s holdings of bonds issued for Detroit City Schools, Wayne County Airport and Detroit Downtown Development Authority are not part of the city’s bankruptcy filing.
 
Nuveen Investments
 
7

 
 

 
 
Share Information
 
DISTRIBUTION INFORMATION
 
The following information regarding the Fund’s distributions is current as of September 30, 2014. The Fund’s distribution levels may vary over time based on its investment activity and portfolio investment value changes.
 
During the current reporting period, the Fund’s monthly distributions to shareholders were as shown in the accompanying table.
 
     
Per Share
 
Ex-Dividend Date
   
Amounts
 
April 2014
 
$
0.0285
 
May
   
0.0285
 
June
   
0.0285
 
July
   
0.0285
 
August
   
0.0285
 
September 2014
   
0.0285
 
         
Market Yield*
   
3.27
%
Taxable-Equivalent Yield*
   
4.54
%
 
*
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 an income tax rate of 28.0%. When comparing the Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
 
The Fund seeks to pay regular monthly dividends out of its net investment income at a rate that reflects its past and projected net income performance. To permit the Fund to maintain a more stable monthly dividend, the Fund may pay dividends at a rate that may be more or less than the amount of net income actually earned by the Fund during the period. If the Fund has cumulatively earned more than it has paid in dividends, it will hold the excess in reserve as undistributed net investment income (UNII) as part of the Fund’s net asset value. Conversely, if the Fund has cumulatively paid in dividends more than it has earned, the excess will constitute a negative UNII that will likewise be reflected in the Fund’s net asset value. The Fund will, over time, pay all its net investment income as dividends to shareholders.
 
As of September 30, 2014, the Fund had a positive UNII balance, based upon our best estimate, for tax purposes and a positive UNII balance for financial reporting purposes.
 
All monthly dividends paid by the Fund during the six months ended September 30, 2014 were paid from net investment income. If a portion of the Fund’s monthly distributions was sourced from or comprised of elements other than net investment income, including capital gains and/or a return of capital, the Fund’s shareholders would have received a notice to that effect. The composition and per share amounts of the Fund’s monthly dividends for the reporting period are presented in the Statement of Changes in Net Assets and Financial Highlights, respectively (for reporting purposes) and in Note 6 — Income Tax Information within the accompany Notes to Financial Statements (for income tax purposes), later in this report.
 
8
 
Nuveen Investments

 
 

 
 
SHARE REPURCHASES
 
As of September 30, 2014, and since the inception of the Fund’s repurchase program, the Fund has cumulatively repurchased and retired its outstanding shares as shown in the accompanying table.
 
Shares Cumulatively Repurchased and Retired
   
0
 
Shares Authorized for Repurchase
   
1,245,000
 
 
OTHER SHARE INFORMATION
 
As of September 30, 2014, 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
 
$
10.56
 
Share Price
 
$
10.46
 
Premium/(Discount) to NAV
   
(0.95
)%
6-Month Average Premium/(Discount) to NAV
   
(1.75
)%

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 net asset value (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 the 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 the 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 the Fund to reinvest in lower-yielding securities.
 
10
 
Nuveen Investments

 
 

 
 
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Nuveen Investments
 
11
 
 
 

 
 
NIM
 
 
Nuveen Select Maturities Municipal Fund
 
Performance Overview and Holding Summaries as of September 30, 2014
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.

Average Annual Total Returns as of September 30, 2014

     
Cumulative
 
Average Annual
     
6-Month
 
1-Year
 
5-Year
 
10-Year
NIM at NAV
   
3.40%
 
6.57
%
 
4.34
%
 
4.43
%
NIM at Share Price
   
4.46%
 
11.20
%
 
4.12
%
 
5.12
%
S&P Municipal Bond Intermediate Index
   
3.39%
 
6.46
%
 
4.66
%
 
4.78
%
S&P Municipal Bond Index
   
4.21%
 
8.30
%
 
4.84
%
 
4.77
%
 
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. 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.
 
 
12
 
Nuveen Investments

 
 

 
 
This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
 
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.
 
Fund Allocation
 
(% of net assets)
 
Municipal Bonds
97.8%
Corporate Bonds
0.0%
Short-Term Investments
0.2%
Other Assets Less Liabilities
2.0%
   
Credit Quality
 
(% of total investments)
 
AAA/U.S.Guaranteed
13.4%
AA
28.5%
A
34.5%
BBB
18.2%
BB or Lower
2.6%
N/R
2.8%
   
Portfolio Composition
 
(% of total investments)
 
Tax Obligation/Limited
23.9%
Tax Obligation/General
14.8%
Utilities
14.3%
Health Care
13.8%
Transportation
9.9%
U.S. Guaranteed
9.6%
Other Industries
13.7%
   
States
 
(% of total municipal bonds)
 
Illinois
13.8%
Texas
9.0%
Pennsylvania
8.2%
Florida
7.1%
New York
5.8%
California
5.8%
New Jersey
5.6%
South Carolina
4.8%
Ohio
4.4%
Colorado
3.1%
Michigan
2.8%
Indiana
2.6%
Arizona
2.6%
Wisconsin
2.3%
Nevada
2.2%
Other States
19.9%

Nuveen Investments
 
13

 
 

 
 
Shareholder Meeting Report
 
The annual meeting of shareholders was held in the offices of Nuveen Investments on August 5, 2014 for NIM; at this meeting the shareholders were asked to vote to approve a new investment management agreement, to approve a new sub-advisory agreement and to elect Board Members.
         
     
NIM
 
     
Common
 
     
shares
 
To approve a new investment management agreement
       
For
   
5,278,700
 
Against
   
167,457
 
Abstain
   
142,829
 
Broker Non-Votes
   
1,741,018
 
Total
   
7,330,004
 
To approve a new sub-advisory agreement
       
For
   
5,271,724
 
Against
   
184,363
 
Abstain
   
132,899
 
Broker Non-Votes
   
1,741,018
 
Total
   
7,330,004
 
Approval of the Board Members was reached as follows:
       
William Adams IV
       
For
   
7,103,806
 
Withhold
   
226,198
 
Total
   
7,330,004
 
David J. Kundert
       
For
   
7,075,037
 
Withhold
   
254,967
 
Total
   
7,330,004
 
John K. Nelson
       
For
   
7,104,288
 
Withhold
   
225,716
 
Total
   
7,330,004
 
Terence J. Toth
       
For
   
7,094,801
 
Withhold
   
235,203
 
Total
   
7,330,004
 

14
 
Nuveen Investments
 
 
 

 
 
NIM
   
 
Nuveen Select Maturities Municipal Fund
 
 
Portfolio of Investments
September 30, 2014 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
LONG-TERM INVESTMENTS – 97.8%
           
     
MUNICIPAL BONDS – 97.8%
           
     
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
$
181,242
 
     
Alaska – 0.1%
           
 
155
 
Alaska State, Sport Fishing Revenue Bonds, Refunding Series 2011, 5.000%, 4/01/21
4/20 at 100.00
 
A1
 
176,605
 
     
Arizona – 2.5%
           
     
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+
 
69,545
 
 
290
 
5.000%, 2/01/27
2/22 at 100.00
 
BBB+
 
321,877
 
     
Arizona Sports and Tourism Authority, Tax Revenue Bonds, Multipurpose Stadium Facility Project, Refunding Senior Series 2012A:
           
 
425
 
5.000%, 7/01/25
7/22 at 100.00
 
A1
 
473,437
 
 
685
 
5.000%, 7/01/26
7/22 at 100.00
 
A1
 
757,151
 
 
685
 
5.000%, 7/01/27
7/22 at 100.00
 
A1
 
754,945
 
 
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
 
Baa1
 
101,644
 
     
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–
 
110,694
 
 
100
 
5.250%, 12/01/19
No Opt. Call
 
A–
 
115,405
 
 
35
 
5.000%, 12/01/32
No Opt. Call
 
A–
 
39,829
 
 
480
 
5.000%, 12/01/37
No Opt. Call
 
A–
 
547,315
 
 
2,960
 
Total Arizona
       
3,291,842
 
     
Arkansas – 0.6%
           
 
500
 
Independence County, Arkansas, Pollution Control Revenue Bonds, Arkansas Power and Light Company Project, Series 2013, 2.375%, 1/01/21
No Opt. Call
 
A–
 
511,220
 
 
315
 
North Little Rock, Arkansas, Electric Revenue Refunding Bonds, Series 1992A, 6.500%, 7/01/15 – NPFG Insured (ETM)
No Opt. Call
 
AA– (4)
 
329,981
 
 
815
 
Total Arkansas
       
841,201
 
     
California – 5.4%
           
 
300
 
Alameda Corridor Transportation Authority, California, Senior Lien Revenue Refunding Bonds, Series 2013A, 5.000%, 10/01/23
No Opt. Call
 
A
 
364,035
 
 
240
 
California Health Facilities Financing Authority, Revenue Bonds, Catholic Healthcare West, Series 2008H, 5.125%, 7/01/22
7/15 at 100.00
 
A
 
248,030
 
 
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
 
127,695
 
 
160
 
California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard Children’s Hospital, Series 2008C, 1.450%, 8/15/23 (Mandatory put 3/15/17)
No Opt. Call
 
AA
 
163,450
 
 
500
 
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–
 
595,465
 
 
525
 
California State, General Obligation Bonds, Various Purpose Series 2010, 5.500%, 3/01/40
3/20 at 100.00
 
Aa3
 
602,490
 
 
185
 
California Statewide Communities Development Authority, Revenue Bonds, Kaiser Permanente, Series 2012E-1, 5.000%, 4/01/44 (Mandatory put 5/01/17)
No Opt. Call
 
A+
 
206,373
 
 
250
 
Delano, California, Certificates of Participation, Delano Regional Medical Center, Series 2012, 5.000%, 1/01/24
No Opt. Call
 
BBB–
 
274,035
 

Nuveen Investments
 
15

 
 

 

NIM
Nuveen Select Maturities Municipal Fund
 
 
Portfolio of Investments (continued)
September 30, 2014 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
California (continued)
           
$
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
$
556,128
 
 
100
 
Lake Elsinore Public Financing Authority, California, Local Agency Revenue Bonds, Canyon Hills Improvement Area A & C, Series 2014C, 5.000%, 9/01/32
9/24 at 100.00
 
N/R
 
109,779
 
 
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
 
383,235
 
     
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
 
269,625
 
 
250
 
5.000%, 9/01/22 – AMBAC Insured
9/16 at 100.00
 
AAA
 
269,625
 
 
500
 
5.000%, 9/01/23 – AMBAC Insured
9/16 at 100.00
 
AAA
 
539,250
 
 
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
 
233,507
 
 
2,000
 
Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A, 0.000%, 8/01/25 – AGC Insured
No Opt. Call
 
AA
 
1,394,860
 
 
35
 
Riverside County Transportation Commission, California, Toll Revenue Senior Lien Bonds, Series 2013A, 5.750%, 6/01/44
6/23 at 100.00
 
BBB–
 
39,736
 
 
2,000
 
San Diego Community College District, California, General Obligation Bonds, Refunding Series 2011, 0.000%, 8/01/37
No Opt. Call
 
AA+
 
746,920
 
 
8,680
 
Total California
       
7,124,238
 
     
Colorado – 3.1%
           
 
2,895
 
Centennial Downs Metropolitan District, Colorado, General Obligation Bonds, Series 1999, 5.000%, 12/01/20 (Pre-refunded 12/01/14) – AMBAC Insured
12/14 at 100.00
 
N/R (4)
 
2,918,941
 
 
55
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%, 9/01/33 – NPFG Insured
No Opt. Call
 
AA–
 
24,007
 
 
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
 
AA–
 
314,530
 
 
500
 
Plaza Metropolitan District 1, Lakewood, Colorado, Tax Increment Revenue Bonds, Refunding Series 2013, 5.000%, 12/01/20
No Opt. Call
 
N/R
 
542,180
 
 
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
 
223,660
 
 
4,650
 
Total Colorado
       
4,023,318
 
     
Connecticut – 1.9%
           
 
930
 
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Yale University, Series 2010A-3, 0.875%, 7/01/49 (Mandatory put 2/08/18)
No Opt. Call
 
AAA
 
930,102
 
 
1,570
 
Eastern Connecticut Resource Recovery Authority, Solid Waste Revenue Bonds, Wheelabrator Lisbon Project, Series 1993A, 5.500%, 1/01/15 (Alternative Minimum Tax)
No Opt. Call
 
A–
 
1,596,690
 
 
2,500
 
Total Connecticut
       
2,526,792
 
     
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–
 
178,973
 
     
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–
 
125,935
 
 
150
 
District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2001, 6.500%, 5/15/33
No Opt. Call
 
Baa1
 
173,505
 
 
270
 
Total District of Columbia
       
299,440
 
     
Florida – 7.0%
           
 
100
 
Citizens Property Insurance Corporation, Florida, High Risk Assessment Revenue, Senior Secured Bonds, Series 2009A-1, 5.375%, 6/01/16
No Opt. Call
 
A+
 
108,035
 
 
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+
 
181,101
 

16
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Florida (continued)
           
$
370
 
Collier County Educational Facilities Authority, Florida, Revenue Bonds, Hodges University, Series 2013, 6.000%, 11/01/33
11/23 at 100.00
 
BBB–
$
407,888
 
     
Florida Citizens Property Insurance Corporation, High Risk Account Revenue Bonds, Series 2007A:
           
 
1,215
 
5.000%, 3/01/15 – NPFG Insured
No Opt. Call
 
AA–
 
1,239,677
 
 
420
 
5.000%, 3/01/16 – NPFG Insured
No Opt. Call
 
AA–
 
447,271
 
     
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+
 
56,906
 
 
455
 
5.000%, 6/01/20
No Opt. Call
 
A+
 
532,796
 
 
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–
 
671,904
 
 
520
 
Halifax Hospital Medical Center, Florida, Revenue Bonds, Series 2006, 5.250%, 6/01/26
6/16 at 100.00
 
BBB+
 
533,031
 
     
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
 
11,223
 
 
10
 
5.625%, 6/01/34 – AGC Insured
6/19 at 100.00
 
AA
 
11,193
 
 
750
 
North Sumter County Utility Dependent District, Florida, Utility Revenue Bonds, Series 2010, 5.000%, 10/01/20
No Opt. Call
 
A
 
859,755
 
 
270
 
Orange County School Board, Florida, Certificates of Participation, Series 2005B, 5.000%, 8/01/25 – AMBAC Insured
8/15 at 100.00
 
AA
 
280,430
 
 
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–
 
2,094,100
 
 
65
 
Palm Beach County Health Facilities Authority, Florida, Hospital Revenue Bonds, BRCH Corporation Obligated Group, Refunding Series 2014, 5.000%, 12/01/31
12/24 at 100.00
 
BBB
 
72,105
 
 
130
 
Port Everglades Authority, Florida, Port Facilities Revenue Bonds, Series 1986, 7.125%, 11/01/16 (ETM)
No Opt. Call
 
Aaa
 
139,467
 
 
710
 
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
 
782,676
 
     
Tampa, Florida, Cigarette Tax Allocation Bonds, H. Lee Moffitt Cancer Center Project, Refunding & Capital Improvement Series 2012A:
           
 
120
 
5.000%, 9/01/22
No Opt. Call
 
A+
 
140,974
 
 
350
 
5.000%, 9/01/23
9/22 at 100.00
 
A+
 
405,647
 
 
185
 
5.000%, 9/01/25
9/22 at 100.00
 
A+
 
211,721
 
 
8,490
 
Total Florida
       
9,187,900
 
     
Georgia – 1.0%
           
 
270
 
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
 
AA– (4)
 
311,072
 
 
900
 
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
 
1,036,728
 
 
1,170
 
Total Georgia
       
1,347,800
 
     
Guam – 0.1%
           
 
140
 
Guam Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2013, 5.500%, 7/01/43
7/23 at 100.00
 
A–
 
158,407
 
     
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+
 
219,610
 
     
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+
 
100,303
 

Nuveen Investments
 
17

 
 

 

NIM
Nuveen Select Maturities Municipal Fund
 
 
Portfolio of Investments (continued)
September 30, 2014 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Illinois – 13.5%
           
$
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
$
1,578,795
 
 
325
 
Cook County, Illinois, General Obligation Bonds, Refunding Series 2012C, 5.000%, 11/15/21
No Opt. Call
 
AA
 
379,512
 
 
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
 
2,182,039
 
 
455
 
Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2012, 5.000%, 9/01/27
9/22 at 100.00
 
BBB
 
488,807
 
 
640
 
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2007A, 5.750%, 11/15/37
11/17 at 100.00
 
A
 
692,205
 
 
250
 
Illinois Finance Authority, Revenue Bonds, Roosevelt University, Series 2007, 5.250%, 4/01/22
4/17 at 100.00
 
BBB
 
259,698
 
 
700
 
Illinois Health Facilities Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Series 1999, 5.500%, 8/15/19
2/15 at 100.00
 
BBB–
 
702,646
 
     
Illinois State, General Obligation Bonds, February Series 2014:
           
 
370
 
5.000%, 2/01/25
2/24 at 100.00
 
A–
 
407,633
 
 
325
 
5.000%, 2/01/26
2/24 at 100.00
 
A–
 
355,638
 
 
110
 
Illinois State, General Obligation Bonds, Refunding Series 2006, 5.000%, 1/01/15
No Opt. Call
 
A–
 
111,269
 
 
290
 
Illinois State, General Obligation Bonds, Refunding Series 2007B, 5.000%, 1/01/16
No Opt. Call
 
A–
 
304,645
 
 
425
 
Illinois State, General Obligation Bonds, Refunding Series 2008, 4.250%, 4/01/16
No Opt. Call
 
A–
 
445,421
 
     
Illinois State, General Obligation Bonds, Refunding Series 2012:
           
 
390
 
5.000%, 8/01/20
No Opt. Call
 
A–
 
436,387
 
 
325
 
5.000%, 8/01/21
No Opt. Call
 
A–
 
363,158
 
 
1,000
 
5.000%, 8/01/22
No Opt. Call
 
A–
 
1,112,130
 
 
275
 
5.000%, 8/01/23
No Opt. Call
 
A–
 
304,530
 
     
Illinois State, General Obligation Bonds, Series 2006A:
           
 
15
 
5.000%, 6/01/24
12/16 at 100.00
 
A–
 
15,857
 
 
10
 
5.000%, 6/01/27
12/16 at 100.00
 
A–
 
10,403
 
 
230
 
Illinois State, General Obligation Bonds, Series 2006, 5.000%, 1/01/17
1/16 at 100.00
 
A–
 
240,493
 
 
25
 
Illinois State, General Obligation Bonds, Series 2007A, 5.500%, 6/01/15
No Opt. Call
 
A–
 
25,837
 
 
300
 
Illinois State, General Obligation Bonds, Series 2012A, 4.000%, 1/01/20
No Opt. Call
 
A–
 
319,653
 
     
Illinois State, General Obligation Bonds, Series 2013:
           
 
280
 
5.500%, 7/01/25
7/23 at 100.00
 
A–
 
316,708
 
 
240
 
5.500%, 7/01/26
7/23 at 100.00
 
A–
 
269,748
 
 
1,380
 
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
 
1,279,577
 
 
1,000
 
Peoria 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
 
720,520
 
     
Railsplitter Tobacco Settlement Authority, Illinois, Tobacco Settlement Revenue Bonds, Series 2010:
           
 
705
 
5.000%, 6/01/19
No Opt. Call
 
A
 
810,531
 
 
1,000
 
5.250%, 6/01/21
No Opt. Call
 
A
 
1,181,540
 
 
60
 
6.250%, 6/01/24
6/16 at 100.00
 
A–
 
65,419
 
 
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
 
818,503
 
 
500
 
Sterling, Whiteside County, Illinois, General Obligation Bonds, Alternate Revenue Source, Series 2012, 4.000%, 11/01/22
No Opt. Call
 
A+
 
548,945
 
 
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
 
398,505
 
 
570
 
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
 
640,247
 
 
16,750
 
Total Illinois
       
17,786,999
 

18
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Indiana – 2.5%
           
$
190
 
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–
$
194,898
 
 
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
 
194,234
 
 
175
 
Indiana Finance Authority, Tax-Exempt Private Activity Revenue Bonds, I-69 Section 5 Project, Series 2014, 5.250%, 9/01/34 (Alternative Minimum Tax)
9/24 at 100.00
 
BBB
 
192,234
 
 
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
 
N/R (4)
 
1,028,550
 
 
140
 
Indianapolis, Indiana, Thermal Energy System Revenue Bonds, Refunding First Lien Series 2014A, 5.000%, 10/01/31
10/24 at 100.00
 
A
 
159,305
 
 
255
 
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
 
AA–
 
291,659
 
 
250
 
Lake County Building Corporation, Indiana, First Mortgage Bonds, Series 2012, 4.750%, 2/01/21
No Opt. Call
 
N/R
 
260,930
 
 
250
 
Vanderburgh County, Indiana, Redevelopment District Tax Increment Revenue bonds, Refunding Series 2014, 5.000%, 2/01/29
8/24 at 100.00
 
A
 
284,650
 
 
695
 
Whiting, Indiana, Environmental Facilities Revenue Bonds, BP Products North America Inc. Project, Series 2008, 0.000%, 6/01/44
No Opt. Call
 
A2
 
695,577
 
 
3,135
 
Total Indiana
       
3,302,037
 
     
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
 
544,895
 
 
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–
 
356,065
 
 
835
 
Total Iowa
       
900,960
 
     
Kansas – 0.2%
           
 
100
 
Wyandotte County/Kansas City Unified Government Board of Public Utilities, Kansas, Utility System Revenue Bonds, Refunding & Improvement Series 2014A, 5.000%, 9/01/22
No Opt. Call
 
A+
 
118,661
 
 
200
 
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
 
A–
 
140,264
 
 
300
 
Total Kansas
       
258,925
 
     
Kentucky – 1.3%
           
 
350
 
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
 
377,692
 
 
65
 
Kentucky Housing Corporation, Housing Revenue Bonds, Series 2005G, 5.000%, 7/01/30 (Alternative Minimum Tax)
1/15 at 100.60
 
AAA
 
65,322
 
 
385
 
Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, Downtown Crossing Project, Series 2013A, 5.000%, 7/01/17
No Opt. Call
 
Baa3
 
425,983
 
 
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
 
381,004
 
 
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–
 
152,112
 
 
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
 
A1
 
325,130
 
 
1,610
 
Total Kentucky
       
1,727,243
 
     
Louisiana – 0.7%
           
 
55
 
Louisiana Citizens Property Insurance Corporation, Assessment Revenue Bonds, Series 2006B, 5.000%, 6/01/23 – AMBAC Insured
6/16 at 100.00
 
A–
 
58,385
 

Nuveen Investments
 
19

 
 

 

NIM
Nuveen Select Maturities Municipal Fund
 
 
Portfolio of Investments (continued)
September 30, 2014 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Louisiana (continued)
           
     
Louisiana Citizens Property Insurance Corporation, Assessment Revenue Bonds, Series 2006-C1:
           
$
105
 
5.875%, 6/01/23
6/18 at 100.00
 
AA
$
121,265
 
 
10
 
6.000%, 6/01/24
6/18 at 100.00
 
AA
 
11,566
 
 
255
 
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2007A, 5.250%, 5/15/38
5/17 at 100.00
 
Baa1
 
267,069
 
 
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
 
412,008
 
 
810
 
Total Louisiana
       
870,293
 
     
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
 
24,829
 
 
35
 
Portland, Maine, General Airport Revenue Bonds, Refunding Series 2013, 5.000%, 7/01/22
No Opt. Call
 
BBB+
 
40,188
 
 
60
 
Total Maine
       
65,017
 
     
Massachusetts – 1.5%
           
 
500
 
Massachusetts Development Finance Agency, Revenue Bonds, Orchard Cove, Series 2007, 5.000%, 10/01/19
10/17 at 100.00
 
N/R
 
525,720
 
 
250
 
Massachusetts Development Finance Authority, Revenue Bonds, 100 Cambridge Street Redevelopment, M/SRBC Project, Series 2002A, 5.125%, 2/01/34 – NPFG Insured
2/15 at 100.00
 
AA–
 
250,215
 
     
Massachusetts Port Authority, Special Facilities Revenue Bonds, Delta Air Lines Inc., Series 2001A:
           
 
100
 
5.200%, 1/01/20 – AMBAC Insured (Alternative Minimum Tax)
1/15 at 100.00
 
N/R
 
100,125
 
 
470
 
5.000%, 1/01/27 – AMBAC Insured (Alternative Minimum Tax)
1/15 at 100.00
 
N/R
 
470,000
 
 
500
 
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Series 2005A, 5.000%, 8/15/30 (Pre-refunded 8/15/15)
8/15 at 100.00
 
AA (4)
 
521,265
 
     
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Series 2007A:
           
 
100
 
5.000%, 8/15/18 – AMBAC Insured
8/17 at 100.00
 
AA+
 
112,676
 
 
25
 
5.000%, 8/15/20 – AMBAC Insured
8/17 at 100.00
 
AA+
 
28,095
 
 
1,945
 
Total Massachusetts
       
2,008,096
 
     
Michigan – 2.8%
           
 
400
 
Detroit Downtown Development Authority, Michigan, Tax Increment Refunding Bonds, Development Area 1 Projects, Series 1996B, 0.000%, 7/01/23
No Opt. Call
 
BB
 
224,860
 
 
1,000
 
Detroit, Michigan, General Obligation Bonds, Series 2001A-1, 5.375%, 4/01/18 – NPFG Insured
10/14 at 100.00
 
AA–
 
1,000,210
 
 
50
 
Detroit, Michigan, Second Lien Sewerage Disposal System Revenue Bonds, Series 2005A, 5.000%, 7/01/35 – NPFG Insured
7/15 at 100.00
 
AA–
 
50,002
 
 
150
 
Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Series 2001B, 5.500%, 7/01/29 – FGIC Insured
No Opt. Call
 
AA–
 
176,628
 
 
100
 
Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Water & Sewerage Department Water Supply System Local Project, Series 2014C-7, 5.000%, 7/01/32 – NPFG Insured
7/24 at 100.00
 
AA–
 
108,720
 
 
280
 
Michigan Finance Authority, Revenue Bonds, Detroit City School District, Series 2012, 5.000%, 6/01/18
No Opt. Call
 
A+
 
312,586
 
 
200
 
Michigan Finance Authority, Unemployment Obligation Assessment Revenue Bonds, Series 2012B, 5.000%, 7/01/22
7/16 at 100.00
 
AAA
 
215,682
 
 
1,000
 
Michigan Hospital Finance Authority, Revenue Bonds, Ascension Health Senior Credit Group, Refunding and Project Series 2010, 1.500%, 11/15/47 (Mandatory put 3/15/17)
No Opt. Call
 
AA+
 
1,019,230
 
 
500
 
Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Airport, Refunding Series 2010C, 5.000%, 12/01/16
No Opt. Call
 
A
 
545,615
 
 
3,680
 
Total Michigan
       
3,653,533
 
     
Minnesota – 0.2%
           
 
260
 
Northern Municipal Power Agency, Minnesota, Electric System Revenue Bonds, Refunding Series 2009A, 5.000%, 1/01/15 – AGC Insured
No Opt. Call
 
AA
 
263,229
 

20
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Mississippi – 0.5%
           
     
Mississippi Hospital Equipment and Facilities Authority, Revenue Bonds, Baptist Memorial Healthcare, Series 2004B-1:
           
$
70
 
5.000%, 9/01/16
3/15 at 100.00
 
A
$
70,260
 
 
300
 
5.000%, 9/01/24
3/15 at 100.00
 
A
 
301,134
 
 
250
 
Warren County, Mississippi, Gulf Opportunity Zone Revenue Bonds, International Paper Company, Series 2006A, 4.800%, 8/01/30
2/15 at 100.00
 
BBB
 
250,193
 
 
620
 
Total Mississippi
       
621,587
 
     
Missouri – 1.3%
           
 
25
 
Missouri Development Finance Board, Infrastructure Facilities Revenue Bonds, Branson Landing Project, Series 2005A, 4.750%, 6/01/25
6/15 at 100.00
 
A
 
25,602
 
 
100
 
Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, Saint Louis College of Pharmacy, Series 2013, 5.250%, 5/01/33
5/23 at 100.00
 
BBB+
 
109,195
 
 
275
 
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)
 
326,906
 
 
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
 
AA–
 
1,175,020
 
 
1,400
 
Total Missouri
       
1,636,723
 
     
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
 
266,575
 
 
115
 
University of Montana, Revenue Bonds, Series 1996D, 5.375%, 5/15/19 – NPFG Insured (ETM)
11/14 at 100.00
 
AA– (4)
 
129,937
 
 
375
 
Total Montana
       
396,512
 
     
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
 
A1 (4)
 
1,010,190
 
 
35
 
Douglas County Hospital Authority 2, Nebraska, Hospital Revenue Bonds, Madonna Rehabilitation Hospital Project, Series 2014, 4.000%, 5/15/33
5/24 at 100.00
 
BBB+
 
35,166
 
 
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–
 
110,930
 
 
1,135
 
Total Nebraska
       
1,156,286
 
     
Nevada – 2.1%
           
 
1,325
 
Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2010B, 5.750%, 7/01/42
1/20 at 100.00
 
A+
 
1,559,605
 
 
250
 
Las Vegas Redevelopment Agency, Nevada, Tax Increment Revenue Bonds, Series 2009A, 8.000%, 6/15/30
6/19 at 100.00
 
BBB–
 
290,495
 
 
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
 
53,981
 
 
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
 
886,654
 
 
2,400
 
Total Nevada
       
2,790,735
 
     
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)
 
624,114
 
     
New Jersey – 5.5%
           
 
190
 
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
 
191,267
 
     
New Jersey Economic Development Authority, Cigarette Tax Revenue Bonds, Series 2004:
           
 
15
 
5.375%, 6/15/15 – RAAI Insured (ETM)
No Opt. Call
 
Aaa
 
15,560
 
 
120
 
5.500%, 6/15/16 – RAAI Insured (ETM)
No Opt. Call
 
Aaa
 
130,622
 

Nuveen Investments
 
21

 
 

 

NIM
Nuveen Select Maturities Municipal Fund
 
 
Portfolio of Investments (continued)
September 30, 2014 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
New Jersey (continued)
           
     
New Jersey Economic Development Authority, Cigarette Tax Revenue Refunding Bonds, Series 2012:
           
$
150
 
4.000%, 6/15/19
No Opt. Call
 
BBB+
$
164,366
 
 
275
 
5.000%, 6/15/20
No Opt. Call
 
BBB+
 
316,657
 
 
300
 
5.000%, 6/15/21
No Opt. Call
 
BBB+
 
346,515
 
 
335
 
5.000%, 6/15/22
No Opt. Call
 
BBB+
 
388,573
 
 
350
 
5.000%, 6/15/23
6/22 at 100.00
 
BBB+
 
401,440
 
 
210
 
5.000%, 6/15/24
6/22 at 100.00
 
BBB+
 
238,457
 
 
500
 
5.000%, 6/15/25
6/22 at 100.00
 
BBB+
 
564,060
 
 
150
 
5.000%, 6/15/26
6/22 at 100.00
 
BBB+
 
168,126
 
 
100
 
4.250%, 6/15/27
6/22 at 100.00
 
BBB+
 
103,708
 
 
300
 
5.000%, 6/15/28
No Opt. Call
 
BBB+
 
332,400
 
 
220
 
New Jersey Economic Development Authority, Private Activity Bonds, The Goethals Bridge Replacement Project, Series 2013, 5.000%, 1/01/28 (Alternative Minimum Tax)
1/24 at 100.00
 
BBB–
 
246,063
 
 
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
 
A2
 
53,050
 
 
1,730
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital Appreciation Series 2010A, 0.000%, 12/15/33
No Opt. Call
 
A2
 
699,526
 
 
1,515
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2010D, 5.000%, 12/15/23
No Opt. Call
 
A2
 
1,743,795
 
 
285
 
New Jersey Turnpike Authority, Revenue Bonds, Series 2012B, 5.000%, 1/01/19
No Opt. Call
 
A+
 
329,318
 
 
170
 
Salem County Pollution Control Financing Authority, New Jersey, Pollution Control Revenue Bonds, Chambers Project, Refunding Series 2014A, 5.000%, 12/01/23 (Alternative Minimum Tax)
No Opt. Call
 
BBB
 
190,910
 
 
250
 
South Jersey Port Corporation, New Jersey, Marine Terminal Revenue Refunding Bonds, Series 2012Q, 3.000%, 1/01/22
No Opt. Call
 
A2
 
256,315
 
     
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A:
           
 
200
 
4.500%, 6/01/23
6/17 at 100.00
 
BB
 
198,050
 
 
100
 
4.625%, 6/01/26
6/17 at 100.00
 
B+
 
90,540
 
 
7,515
 
Total New Jersey
       
7,169,318
 
     
New Mexico – 0.4%
           
 
490
 
New Mexico Municipal Energy Acquisition Authority, Gas Supply Revenue Bonds, Refunding Sub-Series 2014A, 5.000%, 11/01/39 (Mandatory put 8/01/19)
8/19 at 100.00
 
Aa3
 
567,131
 
     
New York – 5.7%
           
 
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–
 
246,457
 
 
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
 
911,249
 
 
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
 
479,520
 
     
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2000A:
           
 
170
 
0.000%, 6/01/22 – AGM Insured
No Opt. Call
 
AA
 
142,718
 
 
55
 
0.000%, 6/01/24 – AGM Insured
No Opt. Call
 
AA
 
42,521
 
     
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006A:
           
 
145
 
4.000%, 12/01/16 – AGM Insured
No Opt. Call
 
AA
 
152,897
 
 
220
 
5.000%, 12/01/26 – SYNCORA GTY Insured
6/16 at 100.00
 
A–
 
233,539
 
     
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006B:
           
 
25
 
5.000%, 12/01/35 – AGM Insured
6/16 at 100.00
 
AA
 
26,426
 
 
190
 
5.000%, 12/01/35
6/16 at 100.00
 
A–
 
200,547
 
 
330
 
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006C, 5.000%, 9/01/35
9/16 at 100.00
 
A–
 
351,024
 
 
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
 
AA–
 
435,764
 

22
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
New York (continued)
           
     
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006E:
           
$
150
 
5.000%, 12/01/17 – FGIC Insured
12/16 at 100.00
 
AA–
$
163,776
 
 
435
 
5.000%, 12/01/18 – NPFG Insured
12/16 at 100.00
 
AA–
 
474,555
 
 
10
 
4.000%, 12/01/18 – NPFG Insured
No Opt. Call
 
AA–
 
10,541
 
 
210
 
5.000%, 12/01/21 – FGIC Insured
12/16 at 100.00
 
AA–
 
228,621
 
 
205
 
5.000%, 12/01/22 – FGIC Insured
12/16 at 100.00
 
AA–
 
222,946
 
 
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
 
AA–
 
206,469
 
 
705
 
New York State Thruway Authority, General Revenue Junior Indebtedness Obligations, Series 2013A, 5.000%, 5/01/19
No Opt. Call
 
A–
 
820,944
 
     
New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2011B:
           
 
360
 
5.000%, 6/01/17
No Opt. Call
 
AA
 
402,408
 
 
565
 
5.000%, 6/01/18
No Opt. Call
 
AA
 
649,196
 
     
New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2013B:
           
 
100
 
5.000%, 6/01/20
6/15 at 100.00
 
AA
 
103,131
 
 
215
 
5.000%, 6/01/21
6/16 at 100.00
 
AA
 
231,013
 
 
200
 
5.000%, 6/01/22
6/17 at 100.00
 
AA
 
222,422
 
 
400
 
Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding Series 2013B, 5.000%, 11/15/21
No Opt. Call
 
AA–
 
483,452
 
 
6,690
 
Total New York
       
7,442,136
 
     
North Dakota – 0.4%
           
 
500
 
Burleigh County, North Dakota, Health Care Revenue Bonds, Saint Alexius Medical Center Project, Series 2014A, 5.000%, 7/01/31
7/21 at 100.00
 
BBB+
 
538,190
 
     
Ohio – 4.3%
           
 
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
 
A1
 
48,708
 
 
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–
 
1,115,372
 
 
500
 
Columbus, Ohio, General Obligation Bonds, Various Purpose, Series 2014A, 5.000%, 2/15/20
No Opt. Call
 
AAA
 
595,995
 
 
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
 
508,814
 
 
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
 
272,278
 
     
New Albany Community Authority, Ohio, Community Facilities Revenue Refunding Bonds, Series 2012C:
           
 
25
 
4.000%, 10/01/18
No Opt. Call
 
A1
 
27,302
 
 
30
 
4.000%, 10/01/19
No Opt. Call
 
A1
 
33,015
 
 
40
 
4.000%, 10/01/20
No Opt. Call
 
A1
 
44,063
 
 
45
 
5.000%, 10/01/21
No Opt. Call
 
A1
 
52,249
 
 
35
 
5.000%, 10/01/22
No Opt. Call
 
A1
 
40,793
 
 
175
 
Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Refunding Bonds, FirstEnergy Generation Corp. Project, Series 2006A, 3.750%, 12/01/23 (Mandatory put 12/03/18)
No Opt. Call
 
BBB–
 
184,863
 
 
100
 
Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Refunding Bonds, FirstEnergy Generation Corp. Project, Series 2009B, 3.100%, 3/01/23 (Mandatory put 3/01/19)
No Opt. Call
 
BBB–
 
101,538
 
 
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+
 
1,564,560
 
 
1,000
 
Toledo-Lucas County Port Authority, Ohio, Port Revenue Bonds, Cargill Inc., Series 2004B, 4.500%, 12/01/15
No Opt. Call
 
A
 
1,037,560
 
 
6,050
 
Total Ohio
       
5,627,110
 
     
Oklahoma – 0.8%
           
 
1,000
 
Oklahoma Capitol Improvement Authority, State Facilities Revenue Bonds, Series 2005F, 5.000%,7/01/27 (Pre-refunded 7/01/15) – AMBAC Insured
7/15 at 100.00
 
AA (4)
 
1,036,590
 

Nuveen Investments
 
23

 
 

 


NIM
Nuveen Select Maturities Municipal Fund
 
 
Portfolio of Investments (continued)
September 30, 2014 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Pennsylvania – 8.0%
           
$
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–
$
951,727
 
 
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+
 
103,775
 
 
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
 
206,852
 
 
10
 
Montgomery County Higher Education and Health Authority, Pennsylvania, Hospital Revenue Bonds, Abington Memorial Hospital Obligated Group, Series 2009A, 5.000%, 6/01/17
No Opt. Call
 
A
 
11,059
 
 
205
 
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+
 
230,354
 
 
500
 
Pennsylvania Economic Development Financing Authority, Parking System Revenue Bonds, Capitol Region Parking System, Junior Guaranteed Series 2013B, 5.500%, 1/01/27
1/24 at 100.00
 
AA
 
600,990
 
 
250
 
Pennsylvania Economic Development Financing Authority, Parking System Revenue Bonds, Capitol Region Parking System, Junior Insured Series 2013C, 5.500%, 1/01/26 – AGM Insured
1/24 at 100.00
 
AA
 
302,973
 
 
215
 
Pennsylvania Economic Development Financing Authority, Unemployment Compensation Revenue Bonds, Series 2012B, 5.000%, 1/01/22
7/17 at 100.00
 
Aaa
 
239,667
 
 
180
 
Pennsylvania Higher Educational Facilities Authority, College Revenue Bonds, Ninth Series 1976, 7.625%, 7/01/15 (ETM)
No Opt. Call
 
Aaa
 
190,084
 
 
225
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University of the Arts, Series 1999, 5.150%, 3/15/20 – RAAI Insured (ETM)
3/15 at 100.00
 
N/R (4)
 
252,522
 
 
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
 
127,204
 
 
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–
 
604,470
 
 
4,120
 
Philadelphia Gas Works, Pennsylvania, Revenue Bonds, Eighteenth Series 2004, 5.000%, 8/01/15 – AMBAC Insured
2/15 at 100.00
 
BBB+
 
4,134,993
 
 
1,005
 
Philadelphia Gas Works, Pennsylvania, Revenue Bonds, Twelfth Series 1990B, 7.000%, 5/15/20 – NPFG Insured (ETM)
No Opt. Call
 
AA– (4)
 
1,192,211
 
 
895
 
St. Mary Hospital Authority, Pennsylvania, Health System Revenue Bonds, Catholic Health East, Series 2009D, 6.250%, 11/15/34
5/19 at 100.00
 
Aa2
 
1,034,978
 
 
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+
 
375,659
 
 
9,875
 
Total Pennsylvania
       
10,559,518
 
     
Puerto Rico – 0.4%
           
 
20
 
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N, 0.000%, 7/01/19 – AMBAC Insured
No Opt. Call
 
Caa1
 
15,586
 
 
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–
 
443,935
 
 
520
 
Total Puerto Rico
       
459,521
 
     
Rhode Island – 1.3%
           
 
200
 
Rhode Island Health and Educational Building Corporation, Revenue Bonds, Care New England Health System, Series 2013A, 5.500%, 9/01/28
9/23 at 100.00
 
BBB
 
217,772
 
     
Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2002A:
           
 
430
 
6.125%, 6/01/32
12/14 at 100.00
 
BBB+
 
429,961
 
 
1,025
 
6.250%, 6/01/42
12/14 at 100.00
 
BBB–
 
1,024,887
 
 
1,655
 
Total Rhode Island
       
1,672,620
 
     
South Carolina – 4.7%
           
 
515
 
Greenville County School District, South Carolina, Installment Purchase Revenue Bonds, Series 2006, 5.000%, 12/01/24
12/16 at 100.00
 
AA
 
560,083
 

24
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
South Carolina (continued)
           
$
1,540
 
Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 1991, 6.750%, 1/01/19 – FGIC Insured (ETM)
No Opt. Call
 
A3 (4)
$
1,902,316
 
 
3,035
 
Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 1991, 6.750%, 1/01/19 – FGIC Insured
No Opt. Call
 
A3
 
3,692,835
 
 
5,090
 
Total South Carolina
       
6,155,234
 
     
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+
 
1,057,180
 
     
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
 
110,590
 
 
180
 
5.000%, 1/01/23
No Opt. Call
 
A
 
212,040
 
 
280
 
Total Tennessee
       
322,630
 
     
Texas – 8.8%
           
 
550
 
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
 
562,315
 
     
Bexar Metropolitan Water District, Texas, Waterworks System Revenue Bonds, Refunding Series 2007:
           
 
130
 
5.000%, 5/01/23 – SYNCORA GTY Insured
5/17 at 100.00
 
A+
 
142,960
 
 
15
 
5.000%, 5/01/24 – SYNCORA GTY Insured
5/17 at 100.00
 
A+
 
16,495
 
 
40
 
5.000%, 5/01/25 – SYNCORA GTY Insured
5/17 at 100.00
 
A+
 
43,869
 
 
10
 
Bexar Metropolitan Water District, Texas, Waterworks System Revenue Bonds, Refunding Series 2010, 5.875%, 5/01/40
5/20 at 100.00
 
A+
 
11,252
 
 
35
 
Bexar Metropolitan Water District, Texas, Waterworks System Revenue Bonds, Series 2006, 4.500%, 5/01/25 – NPFG Insured
5/16 at 100.00
 
AA–
 
36,997
 
     
Bexar Metropolitan Water District, Texas, Waterworks System Revenue Refunding Bonds, Series 2009:
           
 
25
 
5.000%, 5/01/29
5/19 at 100.00
 
A+
 
26,789
 
 
115
 
5.000%, 5/01/39
5/19 at 100.00
 
A+
 
121,672
 
 
25
 
Brazos River Authority, Texas, Collateralized Pollution Control Revenue Bonds, Texas Utilities Electric Company, Series 2003D, 5.400%, 10/01/29 (Mandatory put 10/01/14) (5)
11/14 at 100.00
 
C
 
2,188
 
 
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
 
AA– (4)
 
5,062
 
 
525
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2011, 6.250%, 1/01/46
1/21 at 100.00
 
Baa2
 
604,301
 
 
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
 
2,033,119
 
 
35
 
Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc. Terminal E Project, Refunding Series 2014, 5.000%, 7/01/29 (Alternative Minimum Tax)
7/24 at 100.00
 
B
 
36,283
 
 
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
 
1,075,640
 
 
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
 
361,170
 
 
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
 
305,112
 
 
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
 
Baa2
 
214,966
 
     
McCamey County Hospital District, Texas, General Obligation Bonds, Series 2013:
           
 
100
 
5.000%, 12/01/25
No Opt. Call
 
Baa2
 
107,986
 
 
100
 
5.250%, 12/01/28
12/25 at 100.00
 
Baa2
 
109,653
 
     
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
 
Aa2
 
464,940
 
 
380
 
5.000%, 8/15/25
8/22 at 100.00
 
Aa2
 
439,538
 

Nuveen Investments
 
25

 
 

 

NIM
Nuveen Select Maturities Municipal Fund
 
 
Portfolio of Investments (continued)
September 30, 2014 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Texas (continued)
           
$
2,155
 
North Texas Tollway Authority, Second Tier System Revenue Refunding Bonds, Series 2008F, 5.750%, 1/01/38
1/18 at 100.00
 
A3
$
2,397,027
 
 
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+
 
896,933
 
     
North Texas Tollway Authority, Special Projects System Revenue Bonds, Series 2011A:
           
 
100
 
0.000%, 9/01/43
9/31 at 100.00
 
AA+
 
86,888
 
 
490
 
0.000%, 9/01/45
9/31 at 100.00
 
AA+
 
468,318
 
 
860
 
Texas Municipal Gas Acquisition and Supply Corporation I, Gas Supply Revenue Bonds, Series 2006B, 0.710%, 12/15/17
1/15 at 100.00
 
A–
 
859,871
 
 
100
 
Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012, 5.000%, 12/15/32
No Opt. Call
 
A3
 
107,222
 
 
10,820
 
Total Texas
       
11,538,566
 
     
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
 
576,392
 
     
Virginia – 0.6%
           
 
250
 
Virginia College Building Authority, Educational Facilities Revenue Refunding Bonds, Marymount University, Series 1998, 5.100%, 7/01/18 – RAAI Insured
1/15 at 100.00
 
N/R
 
250,680
 
 
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–
 
541,190
 
 
750
 
Total Virginia
       
791,870
 
     
Washington – 1.7%
           
 
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
 
1,135,134
 
 
380
 
Washington Public Power Supply System, Revenue Refunding Bonds, Nuclear Project 3, Series 1989B, 7.125%, 7/01/16 – NPFG Insured
No Opt. Call
 
Aa1
 
424,623
 
 
585
 
Whidbey Island Public Hospital District, Island County, Washington, General Obligation Bonds, Whidbey General Series 2013, 5.500%, 12/01/33
12/22 at 100.00
 
A2
 
663,478
 
 
2,015
 
Total Washington
       
2,223,235
 
     
Wisconsin – 2.3%
           
     
University of Wisconsin Hospitals and Clinics Authority, Revenue Bonds, Refunding Series 2013A:
           
 
755
 
4.000%, 4/01/20
No Opt. Call
 
Aa3
 
852,637
 
 
15
 
5.000%, 4/01/22
No Opt. Call
 
Aa3
 
17,816
 
 
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
 
25,369
 
 
320
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Health Care, Inc., Series 2010B, 5.000%, 7/15/20
No Opt. Call
 
A