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		13
Portfolio of Investments		14
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		40
Glossary of Terms Used in this Report		41
Reinvest Automatically, Easily and Conveniently		42
Annual Investment Management Agreement Approval Process		43

Nuveen Investments

3

4

Nuveen Investments

Nuveen Investments

5

6

Nuveen Investments

Nuveen Investments

7

			Per Share
Ex-Dividend Date			Amounts
April 2015		$	0.0275
May			0.0275
June			0.0275
July			0.0275
August			0.0275
September 2015			0.0260
Market Yield*			3.11%
Taxable-Equivalent Yield*			4.32%

*

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.

8

Nuveen Investments

Shares cumulatively repurchased and retired		0
Shares authorized for repurchase		1,245,000

NAV		$	10.49
Share price		$	10.04
Premium/(Discount) to NAV			(4.29	)%
6-month average premium/(discount) to NAV			(2.30	)%

Nuveen Investments

9

10

Nuveen Investments

NIM
	Nuveen Select Maturities Municipal Fund
	Performance Overview and Holding Summaries as of September 30, 2015

	Cumulative		Average Annual
	6 Month		1-Year		5-Year		10-Year
NIM at NAV	0.61%		2.53%		3.76%		4.25%
NIM at Share Price	(5.36)%		(0.89)%		1.71%		3.84%
S&P Municipal Bond Intermediate Index	0.91%		2.83%		3.97%		4.78%
S&P Municipal Bond Index	0.70%		3.00%		4.27%		4.59%

Nuveen Investments

11

NIM	Performance Overview and Holding Summaries as of September 30, 2015 (continued)

Fund Allocation
(% of net assets)
Long-Term Municipal Bonds	97.2%
Corporate Bonds	0.0%
Short-Term Municipal Bonds	1.0%
Other Assets Less Liabilities	1.8%
Net Assets	100%

Credit Quality
(% of total investments)
AAA/U.S.Guaranteed	17.8%
AA	27.9%
A	33.6%
BBB	15.2%
BB or Lower	2.7%
N/R	2.8%
Total	100%

Portfolio Composition
(% of total investments)
Tax Obligation/Limited	21.6%
U.S. Guaranteed	14.6%
Health Care	13.9%
Utilities	13.6%
Transportation	12.6%
Tax Obligation/General	11.7%
Other	12.0%
Total	100%

States and Territories
(% of total municipal bonds)
Illinois	13.9%
Texas	11.2%
Pennsylvania	7.5%
New York	6.4%
California	5.9%
Florida	5.8%
New Jersey	5.3%
South Carolina	4.6%
Ohio	4.2%
Wisconsin	3.7%
Missouri	3.6%
Arizona	3.0%
Indiana	2.8%
Michigan	2.7%
Other	19.4%
Total	100%

12

Nuveen Investments

		NIM
		Common
		shares
Approval of the Board Members was reached as follows:
Jack B. Evans
For		11,202,169
Withhold		276,077
Total		11,478,246
William J. Schneider
For		11,214,978
Withhold		263,268
Total		11,478,246
Thomas S. Schreier, Jr.
For		11,225,541
Withhold		252,705
Total		11,478,246

Nuveen Investments

13

NIM
	Nuveen Select Maturities Municipal Fund
	Portfolio of Investments	September 30, 2015 (Unaudited)

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)		Value
			LONG-TERM INVESTMENTS – 97.2%
			MUNICIPAL BONDS – 97.2%
			Alabama – 0.2%
$	180		Birmingham Special Care Facilities Financing Authority, Alabama, Revenue Bonds, Baptist Health System Inc., Series 2005A, 5.000%, 11/15/30 (Pre-refunded 11/15/15)	11/15 at 100.00		Baa2 (4)	$	180,140
	125		Mobile Spring Hill College Educational Building Authority, Alabama, Revenue Bonds, Spring Hill College Project, Series 2015, 5.000%, 4/15/27	4/25 at 100.00		N/R		119,709
	305		Total Alabama					299,849
			Alaska – 0.1%
	155		Alaska State, Sport Fishing Revenue Bonds, Refunding Series 2011, 5.000%, 4/01/21	4/20 at 100.00		A1		174,753
			Arizona – 2.8%
			Arizona Health Facilities Authority, Hospital System Revenue Bonds, Phoenix Children's Hospital, Refunding Series 2012A:
	230		5.000%, 2/01/20	No Opt. Call		BBB+		260,252
	290		5.000%, 2/01/27	2/22 at 100.00		BBB+		317,965
	55		Arizona Health Facilities Authority, Revenue Bonds, Scottsdale Lincoln Hospitals Project, Series 2014A, 5.000%, 12/01/24	No Opt. Call		A2		65,664
			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		476,183
	685		5.000%, 7/01/26	7/22 at 100.00		A1		761,960
	685		5.000%, 7/01/27	7/22 at 100.00		A1		756,480
	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		A3		104,070
			Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc Prepay Contract Obligations, Series 2007:
	150		5.000%, 12/01/17	No Opt. Call		A–		161,229
	110		5.250%, 12/01/19	No Opt. Call		A–		124,324
	35		5.000%, 12/01/32	No Opt. Call		A–		39,269
	500		5.000%, 12/01/37	No Opt. Call		A–		558,080
	3,265		Total Arizona					3,625,476
			Arkansas – 0.4%
	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–		517,010
			California – 6.1%
	300		Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Senior Lien Series 2013A, 5.000%, 10/01/23	No Opt. Call		A		364,704
	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–		126,634
	145		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–		146,895
	290		California Pollution Control Financing Authority, Solid Waste Disposal Revenue Bonds, Waste Management Inc., Series 2015A-1, 3.375%, 7/01/25 (Alternative Minimum Tax)	No Opt. Call		A–		292,274
	525		California State, General Obligation Bonds, Various Purpose Series 2010, 5.500%, 3/01/40	3/20 at 100.00		AA–		610,313
	125		California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2014A, 5.250%, 12/01/29	12/24 at 100.00		BB+		136,038
	210		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+		224,438

14

Nuveen Investments

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)		Value
			California (continued)
$	250		Delano, California, Certificates of Participation, Delano Regional Medical Center, Series 2012, 5.000%, 1/01/24	No Opt. Call		BBB–	$	273,238
	560		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+		540,574
	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		107,540
	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		386,071
			Moulton Niguel Water District, California, Certificates of Participation, Refunding Series 2003:
	250		5.000%, 9/01/22 (Pre-refunded 9/01/16) – AMBAC Insured	9/16 at 100.00		AA+ (4)		260,988
	250		5.000%, 9/01/22 (Pre-refunded 9/01/16) – AMBAC Insured	9/16 at 100.00		AA+ (4)		260,988
	500		5.000%, 9/01/23 (Pre-refunded 9/01/16) – AMBAC Insured	9/16 at 100.00		AA+ (4)		521,975
	1,000		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		877,560
	2,000		Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A, 0.000%, 8/01/25 – AGC Insured	No Opt. Call		AA		1,423,440
	35		Riverside County Transportation Commission, California, Toll Revenue Senior Lien Bonds, Series 2013A, 5.750%, 6/01/44	6/23 at 100.00		BBB–		39,726
	2,000		San Diego Community College District, California, General Obligation Bonds, Refunding Series 2011, 0.000%, 8/01/37	No Opt. Call		AA+		838,120
	415		San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Bonds, Refunding Senior Lien Series 2014A, 5.000%, 1/15/29	1/25 at 100.00		BBB–		459,305
	9,445		Total California					7,890,821
			Colorado – 1.0%
			E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B:
	190		0.000%, 9/01/29 – NPFG Insured	No Opt. Call		AA–		115,391
	75		0.000%, 9/01/33 – NPFG Insured	No Opt. Call		AA–		37,836
	10		E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2007A-1, 5.250%, 9/01/18 – NPFG Insured	No Opt. Call		AA–		11,014
	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–		340,630
	500		Plaza Metropolitan District 1, Lakewood, Colorado, Tax Increment Revenue Bonds, Refunding Series 2013, 5.000%, 12/01/20	No Opt. Call		N/R		533,080
	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		225,822
	1,975		Total Colorado					1,263,773
			Connecticut – 0.7%
	900		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		897,633
			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–		181,225
			District of Columbia – 0.7%
	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		BB+		120,415
	690		District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2001, 6.500%, 5/15/33	No Opt. Call		Baa1		847,472
	810		Total District of Columbia					967,887

Nuveen Investments

15

NIM	Nuveen Select Maturities Municipal Fund
	Portfolio of Investments (continued)	September 30, 2015 (Unaudited)

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)		Value
			Florida – 5.2%
			Citizens Property Insurance Corporation, Florida, Coastal Account Senior Secured Bonds, Series 2015A-1:
$	545		5.000%, 6/01/22	12/21 at 100.00		AA–	$	635,574
	365		5.000%, 6/01/25	12/24 at 100.00		AA–		435,149
	600		Citizens Property Insurance Corporation, Florida, High Risk Account Revenue Bonds, Series 2007A, 5.000%, 3/01/16 – NPFG Insured (ETM)	No Opt. Call		AA– (4)		612,156
	185		Citizens Property Insurance Corporation, Florida, High Risk Assessment Revenue, Senior Secured Bonds, Series 2009A-1, 5.375%, 6/01/16	No Opt. Call		A+		191,231
	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		AA–		176,250
			Citizens Property Insurance Corporation, Florida, Personal and Commercial Lines Account Bonds, Senior Secured Series 2012A-1:
	50		5.000%, 6/01/18	No Opt. Call		AA–		55,009
	455		5.000%, 6/01/20	No Opt. Call		AA–		521,676
	370		Collier County Educational Facilities Authority, Florida, Revenue Bonds, Hodges University, Series 2013, 6.000%, 11/01/33	11/23 at 100.00		BBB–		409,520
	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–		650,244
	150		Halifax Hospital Medical Center, Daytona Beach, Florida, Hospital Revenue Bonds, Series 2006, 5.250%, 6/01/26	6/16 at 100.00		A–		153,410
	370		Halifax Hospital Medical Center, Daytona Beach, Florida, Hospital Revenue Bonds, Series 2006, 5.250%, 6/01/26 (Pre-refunded 6/01/16)	6/16 at 100.00		N/R (4)		382,288
			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		11,278
	10		5.625%, 6/01/34 – AGC Insured	6/19 at 100.00		AA		11,269
	750		North Sumter County Utility Dependent District, Florida, Utility Revenue Bonds, Series 2010, 5.000%, 10/01/20	No Opt. Call		A		830,850
	75		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+		83,600
	45		Port Everglades Authority, Florida, Port Facilities Revenue Bonds, Series 1986, 7.125%, 11/01/16 (ETM)	No Opt. Call		Aaa		46,715
	720		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		771,984
			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+		141,116
	350		5.000%, 9/01/23	9/22 at 100.00		A+		405,836
	185		5.000%, 9/01/25	9/22 at 100.00		A+		214,896
	6,115		Total Florida					6,740,051
			Georgia – 1.0%
	240		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)		270,523
	900		Private Colleges and Universities Authority, Georgia, Revenue Bonds, Mercer University, Refunding Series 2012C, 5.250%, 10/01/23	10/22 at 100.00		Baa2		1,047,879
	1,140		Total Georgia					1,318,402
			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–		157,143

16

Nuveen Investments

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)		Value
			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+	$	221,162
			Illinois – 13.6%
	1,500		Cook County Township High School District 208, Illinois, General Obligation Bonds, Series 2006A, 5.000%, 12/01/21 (Pre-refunded 12/01/15) – NPFG Insured	12/15 at 100.00		Aa3 (4)		1,512,450
	325		Cook County, Illinois, General Obligation Bonds, Refunding Series 2012C, 5.000%, 11/15/21	No Opt. Call		AA		354,585
	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		2,108,900
	625		Illinois Finance Authority, Gas Supply Refunding Revenue Bonds, The Peoples Gas Light and Coke Company Project, Series 2010B, 1.875%, 2/01/33 (Mandatory put 8/01/20)	No Opt. Call		Aa3		627,156
	455		Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2012, 5.000%, 9/01/27	9/22 at 100.00		BBB		488,361
	280		Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2014A, 4.625%, 9/01/39	9/24 at 100.00		BBB		281,109
	265		Illinois Finance Authority, Revenue Bonds, Northwest Community Hospital, Series 2008A, 5.500%, 7/01/38	7/18 at 100.00		A+		287,263
	695		Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2007A, 5.750%, 11/15/37 (Pre-refunded 11/15/17)	11/17 at 100.00		A (4)		769,129
	250		Illinois Finance Authority, Revenue Bonds, Roosevelt University, Series 2007, 5.250%, 4/01/22	4/17 at 100.00		Baa3		256,775
			Illinois State, General Obligation Bonds, February Series 2014:
	370		5.000%, 2/01/25	2/24 at 100.00		A–		398,771
	325		5.000%, 2/01/26	2/24 at 100.00		A–		347,428
	290		Illinois State, General Obligation Bonds, Refunding Series 2007B, 5.000%, 1/01/16	No Opt. Call		A–		293,126
	445		Illinois State, General Obligation Bonds, Refunding Series 2008, 4.250%, 4/01/16	No Opt. Call		A–		452,587
			Illinois State, General Obligation Bonds, Refunding Series 2012:
	390		5.000%, 8/01/20	No Opt. Call		A–		423,634
	335		5.000%, 8/01/21	No Opt. Call		A–		364,795
	1,000		5.000%, 8/01/22	No Opt. Call		A–		1,087,450
	275		5.000%, 8/01/23	No Opt. Call		A–		298,645
			Illinois State, General Obligation Bonds, Series 2006A:
	15		5.000%, 6/01/24	12/16 at 100.00		A–		15,514
	10		5.000%, 6/01/27	12/16 at 100.00		A–		10,224
	230		Illinois State, General Obligation Bonds, Series 2006, 5.000%, 1/01/17	1/16 at 100.00		A–		232,100
	300		Illinois State, General Obligation Bonds, Series 2012A, 4.000%, 1/01/20	No Opt. Call		A–		312,492
			Illinois State, General Obligation Bonds, Series 2013:
	280		5.500%, 7/01/25	7/23 at 100.00		A–		308,134
	240		5.500%, 7/01/26	7/23 at 100.00		A–		263,107
	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		1,307,550
	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		745,640
			Railsplitter Tobacco Settlement Authority, Illinois, Tobacco Settlement Revenue Bonds, Series 2010:
	720		5.000%, 6/01/19	No Opt. Call		A		808,027
	1,000		5.250%, 6/01/21	No Opt. Call		A		1,159,990
	60		6.250%, 6/01/24	6/16 at 100.00		A		62,321
	580		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		656,142
	500		Sterling, Whiteside County, Illinois, General Obligation Bonds, Alternate Revenue Source, Series 2012, 4.000%, 11/01/22	No Opt. Call		A+		555,095

Nuveen Investments

17

NIM	Nuveen Select Maturities Municipal Fund
	Portfolio of Investments (continued)	September 30, 2015 (Unaudited)

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)		Value
			Illinois (continued)
$	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	$	390,883
	515		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		574,477
	17,010		Total Illinois					17,753,860
			Indiana – 1.9%
	165		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		B–		161,048
	250		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		261,773
	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		191,958
	140		Indianapolis, Indiana, Thermal Energy System Revenue Bonds, Refunding First Lien Series 2014A, 5.000%, 10/01/31	10/24 at 100.00		A		159,225
	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–		288,627
	250		Lake County Building Corporation, Indiana, First Mortgage Bonds, Series 2012, 4.750%, 2/01/21	No Opt. Call		N/R		263,125
	250		Vanderburgh County, Indiana, Redevelopment District Tax Increment Revenue bonds, Refunding Series 2014, 5.000%, 2/01/29	8/24 at 100.00		A		284,800
	865		Whiting, Indiana, Environmental Facilities Revenue Bonds, BP Products North America Inc. Project, Series 2008, 1.850%, 6/01/44 (Mandatory put 10/01/19)	No Opt. Call		A		868,590
	2,350		Total Indiana					2,479,146
			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		550,595
	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–		354,095
	835		Total Iowa					904,690
			Kansas – 0.1%
	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+		119,365
	95		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 2010, 0.000%, 6/01/21	No Opt. Call		A–		69,702
	195		Total Kansas					189,067
			Kentucky – 1.4%
	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		380,125
	460		Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, Downtown Crossing Project, Series 2013A, 5.000%, 7/01/17	No Opt. Call		Baa3		491,800
	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		386,815
	200		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		202,048
	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		323,920
	1,670		Total Kentucky					1,784,708

18

Nuveen Investments

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)		Value
			Louisiana – 1.6%
$	240		De Soto Parrish, Louisiana, Pollution Control Revenue Bonds, Southwestern Electric Power Company Project, Refunding Series 2010, 1.600%, 1/01/19	No Opt. Call		BBB	$	240,348
	55		Louisiana Citizens Property Insurance Corporation, Assessment Revenue Bonds, Series 2006B, 5.000%, 6/01/23 (Pre-refunded 6/01/16) – AMBAC Insured	6/16 at 100.00		A1 (4)		56,755
			Louisiana Citizens Property Insurance Corporation, Assessment Revenue Bonds, Series 2006-C1:
	155		5.875%, 6/01/23	6/18 at 100.00		AA		173,671
	10		6.000%, 6/01/24	6/18 at 100.00		AA		11,254
	335		Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2007A, 5.250%, 5/15/38	5/17 at 100.00		Baa1		350,993
	130		Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2007A, 5.250%, 5/15/38 (Pre-refunded 5/15/17)	5/17 at 100.00		N/R (4)		139,593
			Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2015:
	350		5.000%, 5/15/22	No Opt. Call		Baa1		399,994
	200		5.000%, 5/15/24	No Opt. Call		Baa1		231,268
	400		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		424,748
	1,875		Total Louisiana					2,028,624
			Maine – 0.0%
	35		Portland, Maine, General Airport Revenue Bonds, Refunding Series 2013, 5.000%, 7/01/22	No Opt. Call		BBB+		40,347
			Massachusetts – 1.1%
	500		Massachusetts Development Finance Agency, Revenue Bonds, Orchard Cove, Series 2007, 5.000%, 10/01/19	10/17 at 100.00		N/R		517,225
	185		Massachusetts Development Finance Agency, Revenue Bonds, Roxbury Latin School, Series 2014A, 3.250%, 7/01/33	7/25 at 100.00		AA–		182,787
			Massachusetts Port Authority, Special Facilities Revenue Bonds, Delta Air Lines Inc., Series 2001A:
	100		5.200%, 1/01/20 – AMBAC Insured (Alternative Minimum Tax)	1/16 at 100.00		N/R		100,257
	470		5.000%, 1/01/27 – AMBAC Insured (Alternative Minimum Tax)	1/16 at 100.00		N/R		471,208
			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+		108,332
	60		5.000%, 8/15/20 – AMBAC Insured	8/17 at 100.00		AA+		64,842
	1,415		Total Massachusetts					1,444,651
			Michigan – 2.1%
	400		Detroit Downtown Development Authority, Michigan, Tax Increment Refunding Bonds, Development Area 1 Projects, Series 1996C-1, 0.000%, 7/01/23	No Opt. Call		BB		254,464
	155		Detroit, Michigan, General Obligation Bonds, Series 2001A-1, 5.375%, 4/01/18 – NPFG Insured	10/15 at 100.00		A3		155,349
	50		Detroit, Michigan, Second Lien Sewerage Disposal System Revenue Bonds, Series 2005A, 5.000%, 7/01/35 – NPFG Insured	1/16 at 100.00		AA–		50,701
	150		Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Series 2001B, 5.500%, 7/01/29 – FGIC Insured	No Opt. Call		AA–		181,419
	845		Michigan Finance Authority, Detroit, Michigan, Local Government Loan Program, Unlimited Tax General Obligation Bonds, Series 2014G-2A, 5.375%, 4/01/18 – NPFG Insured	10/15 at 100.00		AA–		846,901
	500		Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Airport, Refunding Series 2010C, 5.000%, 12/01/16	No Opt. Call		A		525,925
	705		Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne County Airport, Refunding Series 2015F, 5.000%, 12/01/33 (WI/DD, Settling 10/15/15) (Alternative Minimum Tax)	12/25 at 100.00		A		768,936
	2,805		Total Michigan					2,783,695

Nuveen Investments

19

NIM	Nuveen Select Maturities Municipal Fund
	Portfolio of Investments (continued)	September 30, 2015 (Unaudited)

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)		Value
			Missouri – 3.5%
			Jackson County, Missouri, Special Obligation Bonds, Harry S. Truman Sports Complex, Series 2006:
$	390		4.500%, 12/01/25 (Pre-refunded 12/01/16) – AMBAC Insured	12/16 at 100.00		Aa3 (4)	$	408,689
	535		5.000%, 12/01/26 (Pre-refunded 12/01/16) – AMBAC Insured	12/16 at 100.00		Aa3 (4)		563,756
	515		5.000%, 12/01/27 (Pre-refunded 12/01/16) – AMBAC Insured	12/16 at 100.00		Aa3 (4)		542,681
	310		5.000%, 12/01/28 (Pre-refunded 12/01/16) – AMBAC Insured	12/16 at 100.00		Aa3 (4)		326,663
	1,060		4.500%, 12/01/31 (Pre-refunded 12/01/16) – AMBAC Insured	12/16 at 100.00		Aa3 (4)		1,110,795
	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+		109,752
	1,070		Saint Louis, Missouri, Airport Revenue Bonds, Lambert-St. Louis International Airport, Series 2005, 5.500%, 7/01/19 – NPFG Insured	No Opt. Call		AA–		1,231,089
	240		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)		276,132
	4,220		Total Missouri					4,569,557
			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		266,596
	150		University of Montana, Revenue Bonds, Series 1996D, 5.375%, 5/15/19 – NPFG Insured (ETM)	11/15 at 100.00		AA– (4)		162,849
	410		Total Montana					429,445
			Nebraska – 0.1%
	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–		111,336
			Nevada – 2.2%
	1,465		Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2010B, 5.750%, 7/01/42	1/20 at 100.00		A+		1,700,191
	250		Las Vegas Redevelopment Agency, Nevada, Tax Increment Revenue Bonds, Series 2009A, 8.000%, 6/15/30	6/19 at 100.00		BBB		284,705
	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		53,656
	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		890,746
	2,540		Total Nevada					2,929,298
			New Jersey – 5.8%
	130		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+		130,706
	120		New Jersey Economic Development Authority, Cigarette Tax Revenue Bonds, Series 2004, 5.500%, 6/15/16 – RAAI Insured (ETM)	No Opt. Call		Aaa		124,502
			New Jersey Economic Development Authority, Cigarette Tax Revenue Refunding Bonds, Series 2012:
	150		4.000%, 6/15/19	No Opt. Call		BBB+		157,961
	280		5.000%, 6/15/20	No Opt. Call		BBB+		306,407
	150		5.000%, 6/15/21	No Opt. Call		BBB+		164,018
	335		5.000%, 6/15/22	No Opt. Call		BBB+		367,106
	350		5.000%, 6/15/23	6/22 at 100.00		BBB+		380,044
	210		5.000%, 6/15/24	6/22 at 100.00		BBB+		226,924
	500		5.000%, 6/15/25	6/22 at 100.00		BBB+		537,020
	150		5.000%, 6/15/26	6/22 at 100.00		BBB+		160,139
	100		4.250%, 6/15/27	6/22 at 100.00		BBB+		101,091
	300		5.000%, 6/15/28	No Opt. Call		BBB+		316,101
	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–		243,797

20

Nuveen Investments

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)		Value
			New Jersey (continued)
$	1,000		New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Refunding Series 2015XX, 5.000%, 6/15/27	6/25 at 100.00		A–	$	1,045,180
	60		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–		62,829
	1,640		New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital Appreciation Series 2010A, 0.000%, 12/15/33	No Opt. Call		A–		589,908
	1,515		New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2010D, 5.000%, 12/15/23	No Opt. Call		A–		1,616,187
	320		New Jersey Turnpike Authority, Revenue Bonds, Series 2012B, 5.000%, 1/01/19	No Opt. Call		A+		359,546
	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–		183,806
	250		South Jersey Port Corporation, New Jersey, Marine Terminal Revenue Refunding Bonds, Series 2012Q, 3.000%, 1/01/22	No Opt. Call		A3		239,763
			Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A:
	210		4.500%, 6/01/23	6/17 at 100.00		BB		211,182
	100		4.625%, 6/01/26	6/17 at 100.00		B+		97,268
	8,260		Total New Jersey					7,621,485
			New Mexico – 1.0%
	715		Farmington, New Mexico, Pollution Control Revenue Refunding Bonds, Southern California Edison Company, Four Corners Project, Series 2005A, 1.875%, 4/01/29 (Mandatory put 4/01/20)	No Opt. Call		Aa3		716,387
	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		553,357
	1,205		Total New Mexico					1,269,744
			New York – 7.4%
	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–		249,894
			Buffalo and Erie County Industrial Land Development Corporation, New York, Revenue Bonds, Catholic Health System, Inc. Project, Series 2015:
	145		5.000%, 7/01/23	No Opt. Call		BBB+		167,855
	185		5.000%, 7/01/24	No Opt. Call		BBB+		215,692
	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		915,030
	435		Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A, 5.750%, 2/15/47	2/21 at 100.00		A		496,348
			Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2000A:
	195		0.000%, 6/01/22 – AGM Insured	No Opt. Call		AA		169,586
	115		0.000%, 6/01/24 – AGM Insured	No Opt. Call		AA		93,206
			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		25,643
	200		5.000%, 12/01/35	6/16 at 100.00		A–		205,020
	400		Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006C, 5.000%, 9/01/35 (Pre-refunded 9/01/16)	9/16 at 100.00		A– (4)		413,452
			Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006A
	145		4.000%, 12/01/16 – AGM Insured	6/16 at 100.00		AA		148,521
	220		5.000%, 12/01/26 – SYNCORA GTY Insured	6/16 at 100.00		A–		225,971
	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–		419,495

Nuveen Investments

21

NIM	Nuveen Select Maturities Municipal Fund
	Portfolio of Investments (continued)	September 30, 2015 (Unaudited)

	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
$	10		4.000%, 12/01/18 – NPFG Insured	12/16 at 100.00		AA–	$	10,349
	205		5.000%, 12/01/17 – NPFG Insured	12/16 at 100.00		AA–		215,617
	460		5.000%, 12/01/18 – NPFG Insured	12/16 at 100.00		AA–		483,437
	220		5.000%, 12/01/22 – NPFG Insured	12/16 at 100.00		AA–		230,784
	220		5.000%, 12/01/21 – NPFG Insured	12/16 at 100.00		AA–		230,784
	190		Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006F, 5.000%, 5/01/19	11/16 at 100.00		AA–		198,958
	825		New York State Energy Research and Development Authority, Pollution Control Revenue Bonds, New York State Electric and Gas Corporation, Series 2005A, 2.375%, 7/01/26 (Mandatory put 5/01/20) (Alternative Minimum Tax)	No Opt. Call		AA–		825,173
	1,510		New York State Thruway Authority, General Revenue Junior Indebtedness Obligations, Series 2013A, 5.000%, 5/01/19	No Opt. Call		A–		1,708,459
			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		386,500
	565		5.000%, 6/01/18	No Opt. Call		AA		626,562
			New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2013B:
	285		5.000%, 6/01/21	6/16 at 100.00		AA		294,117
	220		5.000%, 6/01/22	6/17 at 100.00		AA		235,635
	400		Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding Series 2013B, 5.000%, 11/15/21	No Opt. Call		AA–		479,048
	8,930		Total New York					9,671,136
			North Carolina – 1.2%
	1,315		North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 2015C, 5.000%, 1/01/29	1/26 at 100.00		A		1,560,918
			North Dakota – 0.8%
			Burleigh County, North Dakota, Health Care Revenue Bonds, Saint Alexius Medical Center Project, Series 2014A:
	200		5.000%, 7/01/29 (Pre-refunded 7/01/21)	7/21 at 100.00		N/R (4)		238,262
	650		5.000%, 7/01/31 (Pre-refunded 7/01/21)	7/21 at 100.00		N/R (4)		774,352
	850		Total North Dakota					1,012,614
			Ohio – 4.1%
	80		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		Aa1		84,502
	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–		1,138,281
	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		509,088
	40		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		44,233
	210		Lake County, Ohio, Hospital Facilities Revenue Bonds, Lake Hospital System, Inc., Refunding Series 2008C, 5.500%, 8/15/24 (Pre-refunded 8/15/18)	8/18 at 100.00		N/R (4)		237,934
			New Albany Community Authority, Ohio, Community Facilities Revenue Refunding Bonds, Series 2012C:
	25		4.000%, 10/01/18	No Opt. Call		A1		26,866
	30		4.000%, 10/01/19	No Opt. Call		A1		32,714
	40		4.000%, 10/01/20	No Opt. Call		A1		43,970
	45		5.000%, 10/01/21	No Opt. Call		A1		52,104
	35		5.000%, 10/01/22	No Opt. Call		A1		40,901

22

Nuveen Investments

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)		Value
			Ohio (continued)
$	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–	$	179,534
	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–		100,532
	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+		1,712,820
	1,000		Toledo-Lucas County Port Authority, Ohio, Port Revenue Bonds, Cargill Inc., Series 2004B, 4.500%, 12/01/15	No Opt. Call		A		1,006,250
	100		Tuscarawas County Economic Development and Finance Alliance, Ohio, Higher Education Facilities Revenue Bonds, Ashland University, Refunding & Improvement Series 2015, 5.375%, 3/01/27	3/25 at 100.00		N/R		101,174
	5,685		Total Ohio					5,310,903
			Pennsylvania – 5.7%
	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–		937,132
	100		Cumberland County Municipal Authority, Pennsylvania, Revenue Bonds, Presbyterian Homes Inc., Refunding Series 2005A, 5.000%, 12/01/15 – RAAI Insured	No Opt. Call		AA		100,689
	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		208,526
	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		10,677
	500		Montgomery County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Bonds, PECO Energy Company Project, Refunding Series 1996A, 2.600%, 3/01/34 (Mandatory put 9/01/20)	No Opt. Call		BBB		502,180
	500		Montgomery County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Bonds, PECO Energy Company Project, Refunding Series 1999A, 2.500%, 10/01/30 (Mandatory put 4/01/20)	No Opt. Call		BBB		501,805
	280		Pennsylvania Economic Development Financing Authority, Health System Revenue Bonds , Albert Einstein Healthcare, Series 2009A, 6.250%, 10/15/23 (Pre-refunded 10/15/19)	10/19 at 100.00		Baa2 (4)		324,999
	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		604,985
	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		305,605
	230		Pennsylvania Economic Development Financing Authority, Private Activity Revenue Bonds, Pennsylvania Rapid Bridge Replacement Project, Series 2015, 5.000%, 12/31/25 (Alternative Minimum Tax)	No Opt. Call		BBB		269,436
	225		Pennsylvania Economic Development Financing Authority, Unemployment Compensation Revenue Bonds, Series 2012B, 5.000%, 1/01/22	7/17 at 100.00		Aaa		241,587
	225		Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University of the Arts, Series 1999, 5.150%, 3/15/20 – RAAI Insured (ETM)	3/16 at 100.00		AA (4)		244,310
	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		128,549
	580		Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Subordinate Special Revenue Bonds, Series 2010A-2, 0.000%, 12/01/34	12/20 at 100.00		A2		626,499
	880		Philadelphia Gas Works, Pennsylvania, Revenue Bonds, Twelfth Series 1990B, 7.000%, 5/15/20 – NPFG Insured (ETM)	No Opt. Call		AA– (4)		1,011,190
	885		St. Mary Hospital Authority, Pennsylvania, Health System Revenue Bonds, Catholic Health East, Series 2009D, 6.250%, 11/15/34	5/19 at 100.00		AA		1,010,192
	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		A–		372,059
	6,755		Total Pennsylvania					7,400,420

Nuveen Investments

23

NIM	Nuveen Select Maturities Municipal Fund
	Portfolio of Investments (continued)	September 30, 2015 (Unaudited)

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)		Value
			Rhode Island – 0.2%
$	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	$	219,900
			South Carolina – 4.5%
	515		Greenville County School District, South Carolina, Installment Purchase Revenue Bonds, Series 2006, 5.000%, 12/01/24	12/16 at 100.00		AA		541,363
	1,540		Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Refunding Series 1991, 6.750%, 1/01/19 – FGIC Insured (ETM)	No Opt. Call		A3 (4)		1,826,209
	3,040		Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Refunding Series 1991, 6.750%, 1/01/19 – FGIC Insured	No Opt. Call		A3		3,565,130
	5,095		Total South Carolina					5,932,702
			South Dakota – 0.8%
	1,000		South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sanford Health, Series 2007, 5.000%, 11/01/27 (Pre-refunded 5/01/17)	5/17 at 100.00		A+ (4)		1,042,280
			Tennessee – 0.3%
			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		110,060
	180		5.000%, 1/01/23	No Opt. Call		A		211,304
	280		Total Tennessee					321,364
			Texas – 11.0%
	545		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		545,033
			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+		138,464
	15		5.000%, 5/01/24 – SYNCORA GTY Insured	5/17 at 100.00		A+		15,969
	40		5.000%, 5/01/25 – SYNCORA GTY Insured	5/17 at 100.00		A+		42,532
	10		Bexar Metropolitan Water District, Texas, Waterworks System Revenue Bonds, Refunding Series 2010, 5.875%, 5/01/40	5/20 at 100.00		A+		11,505
	135		Bexar Metropolitan Water District, Texas, Waterworks System Revenue Bonds, Series 2006, 4.500%, 5/01/25 – NPFG Insured	5/16 at 100.00		AA–		138,050
			Bexar Metropolitan Water District, Texas, Waterworks System Revenue Refunding Bonds, Series 2009:
	45		5.000%, 5/01/29	5/19 at 100.00		A+		49,219
	145		5.000%, 5/01/39	5/19 at 100.00		A+		157,341
	25		Brazos River Authority, Texas, Collateralized Pollution Control Revenue Bonds, Texas Utilities Electric Company, Series 2003D, 5.400%, 10/01/29 (Mandatory put 10/01/15) (5)	11/15 at 100.00		N/R		1,433
	525		Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2011, 6.250%, 1/01/46	1/21 at 100.00		BBB+		605,115
	1,875		Denton Independent School District, Denton County, Texas, General Obligation Bonds, Series 2006A, 5.000%, 8/15/20 (Pre-refunded 8/15/16)	8/16 at 100.00		AAA		1,952,888
	155		Harris County-Houston Sports Authority, Texas, Revenue Bonds, Refunding Second Lien Series 2014C, 5.000%, 11/15/24	No Opt. Call		A3		183,298
	395		Harris County-Houston Sports Authority, Texas, Revenue Bonds, Refunding Senior Lien Series 2014A, 5.000%, 11/15/26 – AGM Insured	11/24 at 100.00		AA		467,727
	35		Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc. Terminal E Project, Refunding Series 2014, 5.000%, 7/01/29	7/24 at 100.00		BB–		37,127

24

Nuveen Investments

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)		Value
			Texas (continued)
$	140		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	$	145,579
	860		Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Facilities Department, Refunding Series 2011B, 5.250%, 9/01/25 (Pre-refunded 9/01/16)	9/16 at 100.00		N/R (4)		898,949
	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		381,890
	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+		302,235
	430		Love Field Airport Modernization Corporation, Texas, General Airport Revenue Bonds Series 2015, 5.000%, 11/01/28 (Alternative Minimum Tax)	11/25 at 100.00		A1		503,130
	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		Baa1		219,334
			McCamey County Hospital District, Texas, General Obligation Bonds, Series 2013:
	100		5.000%, 12/01/25	No Opt. Call		Baa2		106,203
	100		5.250%, 12/01/28	12/25 at 100.00		Baa2		110,054
			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		468,552
	380		5.000%, 8/15/25	8/22 at 100.00		Aa2		441,191
	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+		882,637
			North Texas Tollway Authority, Special Projects System Revenue Bonds, Series 2011A:
	100		0.000%, 9/01/43	9/31 at 100.00		AA+		90,497
	490		0.000%, 9/01/45	9/31 at 100.00		AA+		487,697
	455		North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2014A, 5.000%, 1/01/23	No Opt. Call		A1		542,314
	2,800		North Texas Tollway Authority, System Revenue Bonds, Refunding Second Tier, Series 2008, 5.750%, 1/01/38 (Pre-refunded 1/01/18)	1/18 at 100.00		A2 (4)		3,113,124
	665		Texas Municipal Gas Acquisition and Supply Corporation I, Gas Supply Revenue Bonds, Series 2006B, 0.775%, 12/15/17	1/16 at 100.00		A–		664,553
	110		Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012, 5.000%, 12/15/32	No Opt. Call		A3		118,968
	465		Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, Second Tier Refunding Series 2015C, 5.000%, 8/15/31	8/24 at 100.00		BBB+		518,925
	13,320		Total Texas					14,341,533
			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		570,134
			Virginia – 0.5%
	565		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–		614,963
			Washington – 2.6%
	1,000		Port of Seattle, Washington, Revenue Bonds, Intermediate Lien Series 2015C, 5.000%, 4/01/23 (Alternative Minimum Tax)	No Opt. Call		A+		1,161,179
	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		1,158,223

Nuveen Investments

25

NIM	Nuveen Select Maturities Municipal Fund
	Portfolio of Investments (continued)	September 30, 2015 (Unaudited)

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)		Value
			Washington (continued)
$	455		Washington Public Power Supply System, Revenue Refunding Bonds, Nuclear Project 3, Series 1989B, 7.125%, 7/01/16 – NPFG Insured	No Opt. Call		Aa1	$	478,436
	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		Baa3		626,575
	3,090		Total Washington					3,424,413
			Wisconsin – 3.7%
			University of Wisconsin Hospitals and Clinics Authority, Revenue Bonds, Refunding Series 2013A:
	755		4.000%, 4/01/20	No Opt. Call		Aa3		839,326
	15		5.000%, 4/01/22	No Opt. Call		Aa3		17,802
	325		Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Health Care, Inc., Series 2010B, 5.000%, 7/15/20	No Opt. Call		A2		367,395
	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		A2		771,430
	30		Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ministry Health Care, Inc., Refunding 2012C, 5.000%, 8/15/17	No Opt. Call		AA		32,378
			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–		519,375
	180		5.250%, 8/15/34	8/16 at 100.00		A–		183,827
	1,500		Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, ThedaCare Inc, Series 2015, 5.000%, 12/15/26	12/24 at 100.00		AA–		1,754,025
			Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Refunding Series 2009A:
	40		5.000%, 5/01/21	5/19 at 100.00		AA–		45,334
	35		5.375%, 5/01/25	5/19 at 100.00		AA–		39,950
	40		5.625%, 5/01/28	5/19 at 100.00		AA–		45,810
	150		6.000%, 5/01/33	5/19 at 100.00		AA–		173,462
	4,245		Total Wisconsin					4,790,114
$	121,900		Total Municipal Bonds (cost $120,224,773)					126,808,232

	Principal
	Amount (000)		Description (1)	Coupon		Maturity		Ratings (3)		Value
			CORPORATE BONDS – 0.0%
			Transportation – 0.0%
$	17		Las Vegas Monorail Company, Senior Interest Bonds (6), (7)	5.500%		7/15/19		N/R	$	2,986
	4		Las Vegas Monorail Company, Senior Interest Bonds (6), (7)	3.000%		7/15/55		N/R		590
	21		Total Corporate Bonds (cost $1,880)							3,576
			Total Long-Term Investments (cost $120,226,653)							126,811,808

26

Nuveen Investments

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)		Value
			SHORT-TERM INVESTMENTS – 1.0%
			MUNICIPAL BONDS – 1.0%
			California – 0.2%
$	100		California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2014A, 6.000%, 12/15/15 (6)	No Opt. Call		N/R	$	100,470
	100		California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2014B, 6.000%, 12/15/15 (6)	No Opt. Call		N/R		100,470
	100		California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2014C, 6.000%, 12/15/15 (6)	No Opt. Call		N/R		100,470
	300		Total California					301,410
			Michigan – 0.8%
	1,000		Michigan Hospital Finance Authority, Revenue Bonds, Ascension Health Senior Credit Group, Refunding and Project Series 2010F-5, 1.500%, 11/15/47 (Mandatory put 3/15/17) (8)	No Opt. Call		A-1		1,011,700
$	1,300		Total Short-Term Investments (cost $1,300,000)					1,313,110
			Total Investments (cost $121,526,653) – 98.2%					128,124,918
			Other Assets Less Liabilities – 1.8%					2,346,852
			Net Assets – 100%				$	130,471,770

(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. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(5)	As of, 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 ceased 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. For fair value measurement disclosure purposes, investment classified as Level 3. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements 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 is not accruing income for either senior interest corporate bond.
(8)	Investment has a maturity of more than one year, but has variable rate and demand features which qualify it as a short-term investment. The rate disclosed is that in effect as of the end of the reporting period. This rate changes periodically based on market conditions or a specified market index.
(ETM)	Escrowed to maturity.
(WI/DD)	Investment, or portion of investment, purchased on a when-issued or delayed-delivery basis.

Nuveen Investments

27

Statement of
	Assets and Liabilities	September 30, 2015 (Unaudited)

Assets
Long-term investments, at value (cost $120,226,653)		$	126,811,808
Short-term investments, at value (cost $1,300,000)			1,313,110
Cash			112,911
Receivable for:
Interest			1,519,135
Investments sold			2,125,000
Other assets			3,376
Total assets			131,885,340
Liabilities
Payable for:
Dividends			313,842
Investments purchased			1,001,496
Accrued expenses:
Management fees			49,459
Trustees fees			773
Other			48,000
Total liabilities			1,413,570
Net assets		$	130,471,770
Shares outstanding			12,442,881
Net asset value ("NAV") per share outstanding		$	10.49
Net assets consist of:
Shares, $0.01 par value per share		$	124,429
Paid-in surplus			123,816,778
Undistributed (Over-distribution of) net investment income			219,243
Accumulated net realized gain (loss)			(286,945	)
Net unrealized appreciation (depreciation)			6,598,265
Net assets		$	130,471,770
Authorized shares			Unlimited

28

Nuveen Investments

Statement of
	Operations	Six Months Ended September 30, 2015 (Unaudited)

Investment Income		$	2,359,906
Expenses
Management fees			302,161
Custodian fees			20,397
Trustees fees			1,742
Professional fees			10,810
Shareholder reporting expenses			19,939
Shareholder servicing agent fees			3,058
Stock exchange listing fees			3,985
Investor relations expenses			7,859
Other			6,929
Total expenses			376,880
Net investment income (loss)			1,983,026
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from investments			(13,422	)
Change in net unrealized appreciation (depreciation) of investments			(1,292,875	)
Net realized and unrealized gain (loss)			(1,306,297	)
Net increase (decrease) in net assets from operations		$	676,729

Nuveen Investments

29

Statement of
	Changes in Net Assets	(Unaudited)

			Six Months			Year
			Ended			Ended
			9/30/15			3/31/15
Operations
Net investment income (loss)		$	1,983,026		$	4,233,348
Net realized gain (loss) from investments			(13,422	)		179,611
Change in net unrealized appreciation (depreciation) of investments			(1,292,875	)		2,467,709
Net increase (decrease) in net assets from operations			676,729			6,880,668
Distributions to Shareholders
From net investment income			(2,034,396	)		(4,244,414	)
Decrease in net assets from distributions to shareholders			(2,034,396	)		(4,244,414	)
Capital Share Transactions
Net proceeds from shares issued to shareholders due to reinvestment of distributions			11,749			28,128
Net increase (decrease) in net assets from capital share transactions			11,749			28,128
Net increase (decrease) in net assets			(1,345,918	)		2,664,382
Net assets at the beginning of period			131,817,688			129,153,306
Net assets at the end of period		$	130,471,770		$	131,817,688
Undistributed (Over-distribution of) net investment income at the end of period		$	219,243		$	270,613

30

Nuveen Investments

Nuveen Investments

31

						Investment Operations												Less Distributions
		Beginning NAV				Net Investment Income (Loss		)		Net Realized/ Unrealized Gain (Loss		)		Total				From Net Investment Income				From Accumulated Net Realized Gains				Total				Ending NAV				Ending Market Value
Year Ended 3/31:
2016(c)		$	10.59			$	0.16			$	(0.10	)		$	0.06			$	(0.16	)		$	—			$	(0.16	)		$	10.49			$	10.04
2015			10.38				0.34				0.21				0.55				(0.34	)			—				(0.34	)			10.59				10.78
2014			10.63				0.36				(0.27	)			0.09				(0.34	)			—				(0.34	)			10.38				10.18
2013			10.45				0.37				0.18				0.55				(0.37	)			—				(0.37	)			10.63				10.35
2012			10.02				0.40				0.44				0.84				(0.41	)			—				(0.41	)			10.45				10.23
2011			10.22				0.43				(0.21	)			0.22				(0.42	)			—				(0.42	)			10.02				9.81

32

Nuveen Investments

							Ratios/Supplemental Data
	Total Returns									Ratios to Average Net Assets
	Based on NAV		(a)	Based on Share Price		(a)	Ending Net Assets (000		)	Expenses			Net Investment Income (Loss		)		Portfolio Turnover Rate	(b)
		0.61	%		(5.36	)%	$	130,472			0.58	%*		3.04	%*		11	%
		5.37			9.39			131,818			0.58			3.23			16
		0.95			1.83			129,153			0.58			3.44			15
		5.32			4.77			132,277			0.56			3.51			17
		8.49			8.49			129,868			0.62			3.92			17
		2.15			(1.89	)		124,549			0.59			4.22			8

(a)	Total Return Based on NAV is the combination of changes in NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund's market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized.
	Total Return Based on Share Price is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.
(b)	Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.
(c)	For the six months ended September 30, 2015.
*	Annualized.

Nuveen Investments

33

Outstanding when-issued/delayed delivery purchase commitments

$

758,333

34

Nuveen Investments

Level 1 –	Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2 –	Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 –	Prices are determined using significant unobservable inputs (including management's assumptions in determining the fair value of investments).

Nuveen Investments

35

			Level 1			Level 2			Level 3			Total
Long-Term Investments:
Municipal Bonds*		$	—		$	126,808,232		$	—		$	126,808,232
Corporate Bonds**			—			—			3,576	***		3,576
Short-Term Investments:
Municipal Bonds*			—			1,011,700			301,410	***		1,313,110
Total		$	—		$	127,819,932		$	304,986		$	128,124,918

*	Refer to the Fund's Portfolio of Investments for state classifications.
**	Refer to the Fund's Portfolio of Investments for industry classifications.
***	Refer to the Fund's Portfolio of Investments for breakdown of these securities classified as Level 3.

	(i)	If available, fair value determinations shall be derived by extrapolating from recent transactions or quoted prices for identical or comparable securities.
	(ii)	If such information is not available, an analytical valuation methodology may be used based on other available information including, but not limited to: analyst appraisals, research reports, corporate action information, issuer financial statements and shelf registration statements. Such analytical valuation methodologies may include, but are not limited to: multiple of earnings, discount from market value of a similar freely-traded security, discounted cash flow analysis, book value or a multiple thereof, risk premium/yield analysis, yield to maturity and/or fundamental investment analysis.

36

Nuveen Investments

			Six Months			Year
			Ended			Ended
			9/30/15			3/31/15
Shares issued to shareholders due to reinvestment of distributions			1,111			2,650

Cost of investments		$	121,391,557
Gross unrealized:
Appreciation		$	6,929,317
Depreciation			(195,956	)
Net unrealized appreciation (depreciation) of investments		$	6,733,361

Nuveen Investments

37

Paid-in-surplus		$	(11,084	)
Undistributed (Over-distribution of) net investment income			(20,900	)
Accumulated net realized gain (loss)			31,984

Undistributed net tax-exempt income1		$	376,706
Undistributed net ordinary income2			99,754
Undistributed net long-term capital gains			—

1	Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on March 2, 2015, paid on April 1, 2015.
2	Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.

Distributions from net tax-exempt income		$	4,254,292
Distributions from net ordinary income2			2,488
Distributions from net long-term capital gains			—

2	Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.

Expiration:
March 31, 2016		$	44,763
March 31, 2017			148,403
Not subject to expiration			67,849
Total		$	261,015

Average Daily Net Assets*			Fund-Level Fee
For the first $125 million			0.3000	%
For the next $125 million			0.2875
For the next $250 million			0.2750
For the next $500 million			0.2625
For the next $1 billion			0.2500
For net assets over $2 billion			0.2375

38

Nuveen Investments

Complex-Level Managed Asset Breakpoint Level*		Effective Rate at Breakpoint Level
$55 billion		0.2000	%
$56 billion		0.1996
$57 billion		0.1989
$60 billion		0.1961
$63 billion		0.1931
$66 billion		0.1900
$71 billion		0.1851
$76 billion		0.1806
$80 billion		0.1773
$91 billion		0.1691
$125 billion		0.1599
$200 billion		0.1505
$250 billion		0.1469
$300 billion		0.1445

*

For the fund-level and complex-level fees, managed assets include closed-end fund assets managed by the Adviser that are attributable to certain types of leverage. For these purposes, leverage includes the funds' use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust's issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining managed assets in certain circumstances. The complex-level fee is calculated based upon the aggregate daily managed assets of all Nuveen funds that constitute "eligible assets." Eligible assets do not include assets attributable to investments in other Nuveen funds or assets in excess of $2 billion added to the Nuveen fund complex in connection with the Adviser's assumption of the management of the former First American Funds effective January 1, 2011. As of September 30, 2015, the complex-level fee rate for the Fund was 0.1646%.

Nuveen Investments

39

Board of Trustees
William Adams IV*		Jack B. Evans		William C. Hunter		David J. Kundert		John K. Nelson		William J. Schneider
Thomas S. Schreier, Jr.*		Judith M. Stockdale		Carole E. Stone		Virginia L. Stringer**		Terence J. Toth

*	Interested Board Member.
**	Will retire from the Fund's Board of Trustees effective December 31, 2015.

Fund Manager		Custodian		Legal Counsel		Independent Registered		Transfer Agent and
Nuveen Fund Advisors, LLC		State Street Bank		Chapman and Cutler LLP		Public Accounting Firm		Shareholder Services
333 West Wacker Drive		& Trust Company		Chicago, IL 60603		KPMG LLP		State Street Bank
Chicago, IL 60606		Boston, MA 02111				Chicago, IL 60601		& Trust Company
								Nuveen Funds
								P.O. Box 43071
								Providence, RI 02940-3071
								(800) 257-8787

		NIM
Shares repurchased		—

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■	Auction Rate Bond: An auction rate bond is a security whose interest payments are adjusted periodically through an auction process, which process typically also serves as a means for buying and selling the bond. Auctions that fail to attract enough buyers for all the shares offered for sale are deemed to have "failed," with current holders receiving a formula-based interest rate until the next scheduled auction.
■	Average Annual Total Return: This is a commonly used method to express an investment's performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment's actual cumulative performance (including change in NAV or market price and reinvested dividends and capital gains distributions, if any) over the time period being considered.
■	Duration: Duration is a measure of the expected period over which a bond's principal and interest will be paid, and consequently is a measure of the sensitivity of a bond's or bond fund's value to changes when market interest rates change. Generally, the longer a bond's or fund's duration, the more the price of the bond or fund will change as interest rates change.
■	Net Asset Value (NAV) Per Share: A fund's Net Assets is equal to its total assets (securities, cash, accrued earnings and receivables) less its total liabilities. NAV per share is equal to the fund's Net Assets divided by its number of shares outstanding.
■	Pre-Refunding: Pre-Refunding, also known as advanced refundings or refinancings, is a procedure used by state and local governments to refinance municipal bonds to lower interest expenses. The issuer sells new bonds with a lower yield and uses the proceeds to buy U.S. Treasury securities, the interest from which is used to make payments on the higher-yielding bonds. Because of this collateral, pre-refunding generally raises a bond's credit rating and thus its value.
■	S&P Municipal Bond Intermediate Index: An unleveraged, market value-weighted index containing all of the bonds in the S&P Municipal Bond Index with maturity dates between 3 and 14.999 years. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
■	S&P Municipal Bond Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment-grade U.S. municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
■	Zero Coupon Bond: A zero coupon bond does not pay a regular interest coupon to its holders during the life of the bond. Income to the holder of the bond comes from accretion of the difference between the original purchase price of the bond at issuance and the par value of the bond at maturity and is effectively paid at maturity. The market prices of zero coupon bonds generally are more volatile than the market prices of bonds that pay interest periodically.

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A.	Nature, Extent and Quality of Services
	In evaluating the renewal of the Advisory Agreements, the Independent Board Members received and considered information regarding the nature, extent and quality of the applicable Fund Adviser's services provided to the Fund. The Board reviewed information regarding, among other things, each Fund Adviser's organization and business, the types of services that each Fund Adviser or its affiliates provided to the Fund, the performance record of the Fund (as described in further detail below), and any initiatives that had been undertaken on behalf of the closed-end product line. The Board recognized the high quality of services the Adviser had provided to the Fund over the years and the conscientiousness with which the Adviser provided these services. The Board also considered the improved capital structure of Nuveen Investments, Inc. ("Nuveen") (the parent of the Adviser) following the acquisition of Nuveen by TIAA-CREF in 2014 (the "TIAA-CREF Transaction").
	With respect to the services, the Board noted the Fund was a registered investment company that operated in a regulated industry and considered the myriad of investment management, administrative, compliance, oversight and other services the Adviser provided to manage and operate the Fund. Such services included, among other things: (a) product management (such as analyzing ways to better position a Nuveen fund in the marketplace, setting dividends; maintaining relationships to gain access to distribution platforms; and providing shareholder communications); (b) fund administration (such as preparing tax returns and other tax compliance services, preparing regulatory filings and shareholder reports; managing fund budgets and expenses; overseeing a fund's various service providers and supporting and analyzing new and existing funds); (c) Board administration (such as supporting the Board and its committees, in relevant part, by organizing and administering the Board and committee meetings and preparing the necessary reports to assist the Board in its duties); (d) compliance (such as monitoring adherence to a fund's investment policies and procedures and applicable law; reviewing the compliance program periodically and developing new policies or updating existing compliance policies and procedures as considered necessary or appropriate; responding to regulatory requests; and overseeing compliance testing of the funds' sub-advisers); (e) legal support (such as preparing or reviewing fund registration statements, proxy statements and other necessary materials; interpreting regulatory requirements and compliance thereof; and maintaining applicable registrations); and (f) investment services (such as overseeing and reviewing the funds' sub-advisers and their investment teams; analyzing performance of the funds;

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	overseeing investment and risk management; evaluating brokerage transactions and securities lending, overseeing the daily valuation process for portfolio securities and developing and recommending valuation policies and methodologies and changes thereto; reporting to the Board on various matters including performance, risk and valuation; and participating in fund development, leverage management, and the developing or interpreting of investment policies and parameters). With respect to closed-end funds, the Adviser also monitored asset coverage levels on leveraged funds, managed leverage, negotiated the terms of leverage, evaluated alternative forms and types of leverage, promoted an orderly secondary market for common shares and maintained an asset maintenance system for compliance with certain rating agency criteria.
	In its review, the Board considered information highlighting the various initiatives that the Adviser had implemented or continued during the last year to enhance its services to the Nuveen funds. The Board recognized that some of these initiatives are a result of a multi-year process. In reviewing the activities of 2014, the Board recognized the Adviser's continued focus on fund rationalization for closed-end funds through mergers, fund closures or repositioning the funds in seeking to enhance shareholder value, reduce costs, improve performance, eliminate fund overlap and better meet shareholder needs. The Board noted the Adviser's investment in additional staffing to strengthen and improve its services to the Nuveen funds, including with respect to risk management and valuation. The Board recognized that expanding the depth and range of its risk oversight activities had been a major priority for the Adviser in recent years, and the Adviser continued to add to the risk management team, develop additional risk management programs and create committees or other teams designated to oversee or evaluate certain risks, such as liquidity risk, enterprise risk, investment risk and cybersecurity risk. The Adviser had also continued to add to the valuation team, launched its centralized securities valuation system which is intended to provide for uniform pricing and reporting across the complex as the system continues to develop, continued to refine its valuation analysis and updated related policies and procedures and evaluated and assessed pricing services. The Board considered the Adviser's ongoing investment in information technology and operations and the various projects of the information technology team to support the continued growth and complexity of the Nuveen funds and increase efficiencies in their operations. The Board also recognized the Adviser's strong commitment to compliance and reviewed information reflecting the compliance group's ongoing activities to enhance its compliance system and refine its compliance procedures as well as the Chief Compliance Officer's report regarding the compliance team, the initiatives the team had undertaken in 2014 and proposed for 2015, the compliance functions and reporting process, the record of compliance with the policies and procedures and its supervision activities of other service providers.
	With respect to the closed-end funds, the Board recognized the extensive resources, expertise and efforts required to oversee and manage the various forms of leverage utilized by various funds, including the development of new forms of leverage to achieve cost savings and/or broaden the array of leverage structures available to the closed-end funds, the development of enhanced reports analyzing the impact of leverage on performance, and the development of new forms of tender option bond structures to address new regulatory requirements. The Board also noted the Adviser's continued capital management services conducting share repurchases and/or share issuances throughout the year and monitoring market conditions to capitalize on opportunities for the closed-end funds. The Board further recognized the Adviser's use of data systems to more effectively solicit shareholder participation when seeking shareholder approvals and to monitor flow trends in various closed-end funds. The Board considered Nuveen's continued commitment to supporting the closed-end fund product line by providing an extensive investor relations program that encompassed, among other things, maintaining and enhancing the closed-end fund website; participating in conferences and education seminars; enhancing the ability for investors to access information; preparing educational materials; and implementing campaigns to educate financial advisers and investors on topics related to closed-end funds and their strategies.
	As noted, the Adviser also oversees the Sub-Adviser who primarily provides the portfolio advisory services to the Fund. The Board recognized the skill and competency of the Adviser in monitoring and analyzing the performance of the Sub-Adviser and managing the sub-advisory relationship. In considering the Sub-Advisory Agreement and supplementing its prior knowledge, the Board considered a current report provided by the Adviser analyzing, among other things, the Sub-Adviser's investment team and changes thereto, investment approach, organization and history, and assets under management, and the investment performance of the Fund.

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	Based on their review, the Independent Board Members found that, overall, the nature, extent and quality of services provided to the Fund under each respective Advisory Agreement were satisfactory.
B.	The Investment Performance of the Fund and Fund Advisers
	The Board, including the Independent Board Members, considered the performance history of the Fund over various time periods. The Board reviewed reports, including an analysis of the Fund's performance and the investment team. The Board reviewed, among other things, the Fund's investment performance both on an absolute basis and in comparison to peer funds (the "Performance Peer Group") and to recognized and/or customized benchmarks (i.e., generally benchmarks derived from multiple recognized benchmarks) for the quarter, one-, three- and five-year periods ending December 31, 2014, as well as performance information reflecting the first quarter of 2015. With respect to closed-end funds, the Independent Board Members also recognized the importance of the secondary market trading levels for the closed-end fund shares and therefore devoted significant time and focus evaluating the premium and discount levels of the closed-end funds at each of the quarterly meetings throughout the year. At these prior meetings as well as the May Meeting, the Board reviewed, among other things, the respective closed-end fund's premium or discount to net asset value as of a specified date and over various periods as well as in comparison to the premium/discount average in its Lipper peer category. At the May Meeting and/or prior meetings, the Board also reviewed information regarding the key economic, market and competitive trends affecting the closed-end fund market and considered any actions periodically proposed by the Adviser to address the trading discounts of certain funds. The Independent Board Members considered the evaluation of the premium and discount levels of the closed-end funds (either at the Board level or through the Closed-End Funds Committee) to be a continuing priority in their oversight of the closed-end funds. In its review, the Board noted that it also reviewed Fund performance results at each of its quarterly meetings.
	In evaluating performance, the Board recognized several factors that may impact the performance data as well as the consideration given to particular performance data.

	•	The performance data reflected a snapshot in time, in this case as of the end of the most recent calendar year or quarter. A different performance period, however, could generate significantly different results.
	•	Long-term performance can be adversely affected by even one period of significant underperformance so that a single investment decision or theme had the ability to disproportionately affect long-term performance.
	•	The investment experience of a particular shareholder in a fund would vary depending on when such shareholder invested in the fund, the class held (if multiple classes are offered in the fund) and the performance of the fund (or respective class) during that shareholder's investment period.
	•	The Board recognized that the funds in the Performance Peer Group may differ somewhat from the Nuveen fund with which it is being compared and due to these differences, performance comparisons between certain of the Nuveen funds and their Performance Peer Groups may be inexact and the relevancy limited. The Board considered that management had classified the Performance Peer Group as low, medium and high in relevancy. The Board took the analysis of the relevancy of the Performance Peer Group into account when considering the comparative performance data. The Board also considered comparative performance of an applicable benchmark. While the Board was cognizant of the relative performance of the Fund's peer set and/or benchmark(s), the Board evaluated Fund performance in light of the Fund's investment objectives, investment parameters and guidelines and considered that the variations between the objectives and investment parameters or guidelines of the Fund with its peers and/or benchmarks result in differences in performance results. Further, for funds that utilized leverage, the Board understood that leverage during different periods could provide both benefits and risks to a portfolio as compared to an unlevered benchmark.
	With respect to any Nuveen funds for which the Board has identified performance concerns, the Board monitors such funds closely until performance improves, discusses with the Adviser the reasons for such results, considers those steps necessary or appropriate to address such issues, and reviews the results of any efforts undertaken. The Board is aware, however, that shareholders chose to invest or remain invested in a fund knowing that the Adviser manages the fund and knowing the fund's fee structure.

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	In considering the performance data, the Independent Board Members noted that, although the Fund ranked in its Performance Peer Group in the fourth quartile in the one-, three- and five-year periods, it outperformed its benchmark in the one- and three-year periods and underperformed its benchmark in the five-year period. The Board recognized that, although the Fund appeared to lag its peers, the Fund's intermediate duration positioning, which is consistent with its product design, was the primary reason for its underperformance compared to peers, given that the majority of the funds in the peer set consist of funds with longer duration mandates. The Board also recognized the Fund's positive absolute performance for the one-, three- and five-year periods.
	Based on their review, the Independent Board Members determined that the Fund's investment performance had been satisfactory.
C.	Fees, Expenses and Profitability
	1. Fees and Expenses
	The Board evaluated the management fees and other fees and expenses of the Fund (expressed as a percentage of average net assets) in absolute terms and in comparison to the fee and expense levels of a comparable universe of funds (the "Peer Universe") selected by an independent third-party fund data provider. The Independent Board Members reviewed the methodology regarding the construction of the Peer Universe for the Fund. The Board reviewed, among other things, the Fund's gross management fees, net management fees and net expense ratios in absolute terms as well as compared to the average and median fee and expense levels of the Peer Universe. The Board noted that the net total expense ratio paid by investors in the Fund was the most representative of an investor's net experience.
	In reviewing the comparative fee and expense information, the Independent Board Members recognized that various factors such as the limited size and particular composition of the Peer Universe (including the inclusion of other Nuveen funds in the peer set); expense anomalies; changes in the funds comprising the Peer Universe from year to year; levels of reimbursement or fee waivers; the timing of information used; the differences in the type and use of leverage (with respect to closed-end funds); and differences in services provided can impact the comparative data limiting the usefulness of the data to help make a conclusive assessment of the Fund's fees and expenses.
	In reviewing the fee schedule for a fund, the Independent Board Members also considered the fund-level and complex-wide breakpoint schedules (described in further detail below) and any fee waivers and reimbursements provided by Nuveen. In reviewing fees and expenses (excluding leverage costs and leveraged assets for the closed-end funds), the Board considered the expenses and fees to be higher if they were over 10 basis points higher, slightly higher if they were approximately 6 to 10 basis points higher, in line if they were within approximately 5 basis points higher than the peer average and below if they were below the peer average of the Peer Universe. In reviewing the reports, the Board noted that the majority of the Nuveen funds had a net expense ratio near or below their peer average.
	The Board noted that the Fund had a higher net management fee and net expense ratio compared to its peer averages (with the higher relative expense ratio generally due to the limitations with the Peer Universe).
	Based on their review of the fee and expense information provided, the Independent Board Members determined that the Fund's management fees (as applicable) to a Fund Adviser were reasonable in light of the nature, extent and quality of services provided to the Fund.
	2. Comparisons with the Fees of Other Clients
	The Board considered information regarding the fees a Fund Adviser assessed to the Nuveen funds compared to that of other clients as described in further detail below. With respect to municipal funds, such other clients of a Fund Adviser may include municipal separately managed accounts and passively managed exchange traded funds (ETFs) sub-advised by the Sub-Adviser.
	The Board recognized that the Fund had an affiliated sub-adviser and therefore the overall Fund management fee can be divided into two components, the fee retained by the Adviser and the fee paid to the Sub-Adviser. In reviewing the nature of the services provided by the Adviser, including through its affiliated sub-advisers, the Board considered the range of advisory fee rates for retail and institutional managed accounts advised by Nuveen-affiliated sub-advisers. The Board also reviewed,

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	among other things, the average fee the affiliated sub-advisers assessed such clients as well as the range of fee rates assessed to the different types of clients (such as retail, institutional and wrap accounts as well as non-Nuveen funds) applicable to such sub-advisers.
	In reviewing the comparative information, the Board also reviewed information regarding the differences between the Fund and the other clients, including differences in services provided, investment policies, investor profiles, compliance and regulatory requirements and account sizes. The Board recognized the breadth of services necessary to operate a registered investment company (as described above) and that, in general terms, the Adviser provided the administrative and other support services to the Fund and, although the Sub-Adviser may provide some of these services, the Sub-Adviser essentially provided the portfolio management services. In general, the Board noted that higher fee levels reflected higher levels of service provided by the Fund Adviser, increased investment management complexity, greater product management requirements and higher levels of business risk or some combination of the foregoing. The Independent Board Members considered the differences in structure and operations of separately managed accounts and hedge funds from registered funds and noted that the range of day-to-day services was not generally of the breadth required for the registered funds. Many of the additional administrative services provided by the Adviser were not required for institutional clients or funds sub-advised by a Nuveen-affiliated sub-adviser that were offered by other fund groups. The Independent Board Members also recognized that the management fee rates of the foreign funds advised by the Adviser may vary due to, among other things, differences in the client base, governing bodies, operational complexities and services covered by the management fee. Given the inherent differences in the various products, particularly the extensive services provided to the Fund, the Independent Board Members believed such facts justify the different levels of fees.
	3. Profitability of Fund Advisers
	In conjunction with their review of fees, the Independent Board Members also considered the profitability of Nuveen for its advisory activities and its financial condition. The Independent Board Members reviewed, among other things, the adjusted operating margins for Nuveen for the last two calendar years, the revenues, expenses, net income (pre-tax and after-tax) and net revenue margins (pre-tax and after-tax) of Nuveen's managed fund advisory activities for the last two calendar years, the allocation methodology used by Nuveen in preparing the profitability data and a history of the adjustments to the methodology due to changes in the business over time. The Independent Board Members also reviewed the revenues, expenses, net income (pre-tax and after-tax) and revenue margin (pre-tax and post-tax) of the Adviser and, as described in further detail below, each affiliated sub-adviser for the 2014 calendar year. In reviewing the profitability data, the Independent Board Members noted the subjective nature of cost allocation methodologies used to determine profitability as other reasonable methods could also have been employed but yield different results. The Independent Board Members reviewed an analysis of the key drivers behind the changes in revenues and expenses that impacted profitability in 2014. The Independent Board Members recognized that Nuveen's net revenue margin from advisory activities for 2014 was consistent with 2013. The Independent Board Members also considered the profitability of Nuveen in comparison to the adjusted operating margins of other investment advisers with publicly available data and with comparable assets under management (based on asset size and asset composition) to Nuveen. The Independent Board Members noted that Nuveen's adjusted operating margins appeared to be reasonable in relation to such other advisers. The Independent Board Members, however, recognized the difficulty of making comparisons of profitability from fund investment advisory contracts as the information is not generally publicly available, the information for the investment advisers that was publicly available may not be representative of the industry and various other factors would impact the profitability data such as differences in services offered, business mix, expense methodology and allocations, capital structure and costs, complex size, and types of funds and other accounts managed.
	The Independent Board Members noted this information supplemented the profitability information requested and received during the year and noted that two Independent Board Members served as point persons to review the profitability analysis and methodologies employed, and any changes thereto, and to keep the Board apprised of such changes during the year.

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	The Independent Board Members determined that Nuveen appeared to be sufficiently profitable to operate as a viable investment management firm and to honor its obligations as a sponsor of the Nuveen funds. The Independent Board Members noted the Adviser's continued expenditures to upgrade its investment technology and increase personnel and recognized the Adviser's continued commitment to its business to enhance the Adviser's capacity and capabilities in providing the services necessary to meet the needs of the Nuveen funds as they grow or change over time. The Independent Board Members also noted that the sub-advisory fees for the Nuveen funds are paid by the Adviser, however, the Board recognized that many of the sub-advisers, including the Sub-Adviser, are affiliated with Nuveen. The Independent Board Members also noted the increased resources and support available to Nuveen as well as an improved capital structure as a result of the TIAA-CREF Transaction.
	With respect to the Sub-Adviser, the Independent Board Members reviewed the Sub-Adviser's revenues, expenses and revenue margins (pre- and post-tax) for its advisory activities for the calendar year ended December 31, 2014. The Independent Board Members also reviewed profitability analysis reflecting the revenues, expenses and the revenue margin (pre- and post-tax) by asset type for the Sub-Adviser for the calendar year ended December 31, 2014.
	In evaluating the reasonableness of the compensation, the Independent Board Members also considered other amounts paid to a Fund Adviser by the Fund as well as indirect benefits (such as soft dollar arrangements), if any, the Fund Adviser and its affiliates received or were expected to receive that were directly attributable to the management of the Fund. See Section E below for additional information on indirect benefits a Fund Adviser may receive as a result of its relationship with the Fund.
	Based on their review, the Independent Board Members determined that the Adviser's and the Sub-Adviser's level of profitability was reasonable in light of the respective services provided.
D.	Economies of Scale and Whether Fee Levels Reflect These Economies of Scale
	The Independent Board Members recognized that, as the assets of a particular fund or the Nuveen complex in the aggregate increase over time, economies of scale may be realized, and the Independent Board Members considered the extent to which the funds benefit from such economies of scale. Although the Independent Board Members recognized that economies of scale are difficult to measure, the Board recognized that one method to help ensure the shareholders share in these benefits is to include breakpoints in the management fee schedule reducing fee rates as asset levels grow. The Independent Board Members noted that, subject to certain exceptions, the management fees of the funds in the Nuveen complex are generally comprised of a fund-level component and complex-level component. Each component of the management fee for the Fund included breakpoints to reduce management fee rates of the Fund as the Fund grows and, as described below, as the Nuveen complex grows. The Independent Board Members noted that, in the case of closed-end funds, however, such funds may from time-to-time make additional share offerings, but the growth of their assets would occur primarily through the appreciation of such funds' investment portfolios. In addition to fund-specific breakpoint schedules which reduce the fee rates of a particular fund as its assets increase, the Independent Board Members recognized that the Adviser also passed on the benefits of economies of scale through the complex-wide fee arrangement which reduced management fee rates as assets in the fund complex reached certain levels. The complex-wide fee arrangement seeks to provide the benefits of economies of scale to fund shareholders when total fund complex assets increase, even if assets of a particular fund are unchanged or have decreased. The approach reflected the notion that some of Nuveen's costs were attributable to services provided to all its funds in the complex, and therefore all funds benefit if these costs were spread over a larger asset base. The Independent Board Members reviewed the breakpoint and complex-wide schedules and the fee reductions achieved as a result of such structures for the 2014 calendar year.
	The Independent Board Members further considered that as part of the TIAA-CREF Transaction, Nuveen agreed, for a period of two years from the date of the closing of the TIAA-CREF Transaction, not to increase contractual management fees for any Nuveen fund. The commitment would not limit or otherwise affect mergers or liquidations of any funds in the ordinary course.
	Based on their review, the Independent Board Members concluded that the current fee structure was acceptable and reflected economies of scale to be shared with shareholders when assets under management increase.

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E.	Indirect Benefits
	The Independent Board Members received and considered information regarding potential "fall out" or ancillary benefits the respective Fund Adviser or its affiliates may receive as a result of its relationship with the Fund. With respect to closed-end funds, the Independent Board Members noted any revenues received by affiliates of the Adviser for serving as co-manager in initial public offerings of new closed-end funds.
	In addition to the above, the Independent Board Members considered whether the Fund Adviser received any benefits from soft dollar arrangements whereby a portion of the commissions paid by the Fund for brokerage may be used to acquire research that may be useful to the Fund Adviser in managing the assets of the Fund and other clients. The Fund's portfolio transactions are allocated by the Sub-Adviser. Accordingly, the Independent Board Members considered that the Sub-Adviser may benefit from research provided by broker-dealers executing portfolio transactions on behalf of the Fund. With respect to any fixed income securities, however, the Board recognized that such securities generally trade on a principal basis that does not generate soft dollar credits. Similarly, the Board recognized that any research received pursuant to soft dollar arrangements by the Sub-Adviser may also benefit the Fund and shareholders to the extent the research enhanced the ability of the Sub-Adviser to manage the Fund. The Independent Board Members noted that the Sub-Adviser's profitability may be somewhat lower if it had to acquire any such research services directly.
	Based on their review, the Independent Board Members concluded that any indirect benefits received by a Fund Adviser as a result of its relationship with the Fund were reasonable and within acceptable parameters.
F.	Other Considerations
	The Independent Board Members did not identify any single factor discussed previously as all-important or controlling. The Board Members, including the Independent Board Members, concluded that the terms of each Advisory Agreement were fair and reasonable, that the respective Fund Adviser's fees were reasonable in light of the services provided to the Fund and that the Advisory Agreements be renewed.

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