UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-07056

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

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

Gifford R. Zimmerman
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
(Name and address of agent for service)

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

Date of fiscal year end: March 31

Date of reporting period: September 30, 2016

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

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





ITEM 1. REPORTS TO STOCKHOLDERS.





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Table of Contents

Chairman's Letter to Shareholders
4
   
Portfolio Manager's Comments
5
   
Share Information
7
   
Risk Considerations
9
   
Performance Overview and Holding Summaries
10
   
Shareholder Meeting Report
12
   
Portfolio of Investments
13
   
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
41
   
Glossary of Terms Used in this Report
42
   
Reinvest Automatically, Easily and Conveniently
43
   
Annual Investment Management Agreement Approval Process
44

NUVEEN
3


Chairman's Letter to Shareholders

Dear Shareholders,
After a sluggish first half of 2016, the U.S. economy gained some momentum in the third quarter. In fact, it was the economy's strongest quarterly acceleration in two years, propelled by healthy consumer spending, a temporary surge in exports and a turnaround in inventories. As the year winds down, 2016 looks on track to deliver the same steady-but-slow growth that has characterized the seven-year recovery.
A year ago, the U.S. Federal Reserve (Fed) took the first step toward policy "normalization" by raising its benchmark interest rate at its December 2015 meeting. Speculation about the Fed's intentions since then has been a strong influence on the markets. Currently, with the economy modestly growing, the return to "full" employment and a recent uptick in inflation, the Fed may be encouraged to again raise its target rate at the December 2016 meeting, after remaining on hold for nearly a year.
Global conditions continue to look subdued by comparison. Investors continue to adjust to the idea of a slower Chinese economy, which has helped commodity prices stabilize and lift global inflation expectations. The U.K.'s June 23rd "Brexit" vote to leave the European Union introduced a new set of economic and political uncertainties to the already fragile conditions across Europe. Moreover, there are growing concerns that global central banks' unprecedented efforts to revive growth may be showing signs of fatigue. Interest rates are currently negative in Europe and Japan and near or at zero in the U.S., U.K. and elsewhere; nonetheless, growth has remained subdued.
Given muted global growth, the risk of policy errors by central banks around the world, the unfolding Brexit process and an uncertain political outlook with the U.S. transitioning to a new presidential administration followed by key elections across Europe in 2017, we anticipate that turbulence remains on the horizon for the time being. In this environment, Nuveen remains committed to both managing downside risks and seeking upside potential. If you're concerned about how resilient your investment portfolio might be, we encourage you to talk to your financial advisor. On behalf of the other members of the Nuveen Fund Board, we look forward to continuing to earn your trust in the months and years ahead.
Sincerely,
William J. Schneider
Chairman of the Board
November 22, 2016

4
NUVEEN


Portfolio Manager's Comments
Nuveen Select Maturities Municipal Fund (NIM)
This Fund features portfolio management by Nuveen Asset Management, LLC, an affiliate of Nuveen Investments, Inc. Portfolio manager Paul L. Brennan, CFA, discusses key investment strategies and the six-month performance of the Nuveen Select Maturities Municipal Fund (NIM). Paul has managed NIM since 2006.
What key strategies were used to manage NIM during the six-month reporting period ended September 30, 2016?
Municipal bond market conditions were favorable for the asset class over the six-month reporting period, as well as for bonds in the intermediate (generally eight- to twelve-year maturities) portion of the yield curve. Municipal bond yields fell and prices rose (as bond yields and prices move in opposite directions), in concert with the trajectory of U.S. Treasuries. The flattening yield curve, caused by rising rates on the short end of the yield curve and falling yields on the long end, also supported municipal bond performance over this reporting period. During this time, we continued to take a bottom-up approach to discovering sectors that appeared undervalued as well as individual credits that we believed had the potential to perform well over the long term.
The Fund's overall positioning remained relatively unchanged during the reporting period. Our emphasis remained on intermediate and longer maturities, lower rated credits and sectors offering higher yields. In this reporting period, we added bonds from a range of sectors and with lower credit quality, including credits issued for Presence Health Care in Chicago, New York City's LaGuardia Airport and Ohio-based electricity provider FirstEnergy.
Cash for new purchases was generated primarily by proceeds from called and matured bonds, which we worked to redeploy to keep NIM fully invested and support the Fund's income stream. Because NIM is an intermediate maturity Fund, it typically has a greater number of bonds maturing or being called than funds with longer average maturity targets. In addition, we continued to see heightened call activity during the reporting period, as bond issuers sought to lower costs through refinancings, and the increase in this activity provided ample cash for purchases. The Fund had no exposure to Puerto Rico in this reporting period.
How did NIM perform during the six-month reporting period ended September 30, 2016?
The table in NIM's Performance Overview and Holding Summaries section of this report provide total returns for the Fund for the six-month, one-year, five-year and ten-year periods ended September 30, 2016. The Fund's returns are compared with the performance of corresponding market indexes.
 
Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio manager as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements, and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Fund disclaims any obligation to update publicly or revise any forward-looking statements or views expressed herein.
 
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor's (S&P), Moody's Investors Service, Inc. (Moody's) or Fitch, Inc. (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings, while BB, B, CCC, CC, C and D are below investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies. Ratings are not covered by the report of independent registered public accounting firm.
Bond insurance guarantees only the payment of principal and interest on the bond when due, and not the value of the bonds themselves, which will fluctuate with the bond market and the financial success of the issuer and the insurer. Insurance relates specifically to the bonds in the portfolio and not to the share prices of a Fund. No representation is made as to the insurers' ability to meet their commitments.
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.

NUVEEN
5


Portfolio Manager's Comments (continued)
For the six months ended September 30, 2016, the total return on net asset value (NAV) for NIM outperformed the return for the S&P Municipal Bond Intermediate Index but trailed the national S&P Municipal Bond Index.
The main drivers of the Fund's performance during this reporting period were credit exposures and duration and yield curve positioning. Lower rated bonds continued to outperform higher rated bonds during this reporting period. The Fund remained overweight in A rated and BBB rated credits and modestly overweight in below investment grade bonds, which was beneficial to performance. The Fund's duration and yield curve positioning was advantageous during the reporting period's falling interest rate environment. Although the Fund held an overweight allocation to shorter maturity (zero to two-year) bonds, which underperformed, strong performance from the Fund's overweight allocation to longer maturity (15 years and up) bonds more than compensated.
In terms of sector allocation strategy, the Fund's exposure to sectors with a greater proportion of lower rated names, including health care (especially hospitals), tobacco securitization, transportation (especially tollroads) and industrial development revenue/pollution control revenue (IDR/PCR), was an overall positive contributor to performance. Conversely, the tax-backed and pre-refunded sectors generally underperformed during this reporting period, and the Fund's allocations to these sectors were less favorable to performance.
A Note About Investment Valuations
The municipal securities held by the Fund are valued by the Fund's pricing service using a range of market-based inputs and assumptions. A different municipal pricing service might incorporate different assumptions and inputs into its valuation methodology, potentially resulting in different values for the same securities. These differences could be significant, both as to such individual securities, and as to the value of a given Fund's portfolio in its entirety. Thus, the current net asset value of the Fund's shares may be impacted, higher or lower, if the Fund were to change pricing service, or if its pricing service were to materially change its valuation methodology. On October 4, 2016 (subsequent to the close of this reporting period), the Fund's current municipal bond pricing service was acquired by the parent company of another pricing service. Thus there is an increased risk that the Fund's pricing service may change, or that the Fund's current pricing service may change its valuation methodology, either of which could have an impact on the net asset value of the Fund's shares.

6
NUVEEN


Share Information
DISTRIBUTION INFORMATION
The following information regarding the Fund's distributions is current as of September 30, 2016. The Fund's distribution levels may vary over time based on its investment activity and portfolio investment value changes.
During the current reporting period, the Fund's distributions to shareholders were as shown in the accompanying table.

     
Per Share
 
Monthly Distributions (Ex-Dividend Date)
   
Amounts
 
April 2016
 
$
0.0260
 
May
   
0.0260
 
June
   
0.0260
 
July
   
0.0260
 
August
   
0.0260
 
September 2016
   
0.0260
 
Total Distributions from Net Investment Income
 
$
0.1560
 
Yields
       
Market Yield*
   
2.92%
 
Taxable-Equivalent Yield*
   
4.06%
 

*
Market Yield is based on the Fund's current annualized monthly distribution divided by the Fund's current market price as of the end of the reporting period. Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on an income tax rate of 28.0%. When comparing the Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
The Fund seeks to pay regular monthly dividends out of its net investment income at a rate that reflects its past and projected net income performance. To permit the Fund to maintain a more stable monthly dividend, the Fund may pay dividends at a rate that may be more or less than the amount of net income actually earned by the Fund during the period. If the Fund has cumulatively earned more than it has paid in dividends, it will hold the excess in reserve as undistributed net investment income (UNII) as part of the Fund's net asset value. Conversely, if the Fund has cumulatively paid in dividends more than it has earned, the excess will constitute a negative UNII that will likewise be reflected in the Fund's net asset value. The Fund will, over time, pay all its net investment income as dividends to shareholders.
As of September 30, 2016, the Fund had a positive UNII balance, based upon our best estimate, for tax purposes and a positive UNII balance for financial reporting purposes.
All monthly dividends paid by the Fund during the current reporting period were paid from net investment income. If a portion of the Fund's monthly distributions was sourced from or comprised of elements other than net investment income, including capital gains and/or a return of capital, the Fund's shareholders would have received a notice to that effect. For financial reporting purposes, the composition and per share amounts of the Fund's dividends for the reporting period are presented in the Statement of Changes in Net Assets and Financial Highlights, respectively. For income tax purposes, distribution information for each Fund as of its most recent tax year end is presented in Note 6 — Income Tax Information within the Notes to Financial Statements of this report.

NUVEEN
7


Share Information (continued)
SHARE REPURCHASES
During August 2016, the Fund's Board of Trustees reauthorized an open-market share repurchase program, allowing the Fund to repurchase an aggregate of up to approximately 10% of its outstanding shares.
As of September 30, 2016, and since the inception of the Fund's repurchase program, the Fund has cumulatively repurchased and retired its outstanding shares as shown in the accompanying table.
     
Shares cumulatively repurchased and retired
0
 
Shares authorized for repurchase
1,245,000
 
OTHER SHARE INFORMATION
As of September 30, 2016, and during the current reporting period, the Fund's share price was trading at a premium/(discount) to its NAV as shown in the accompanying table.
         
NAV
 
$
10.73
 
Share price
 
$
10.70
 
Premium/(Discount) to NAV
   
(0.28
)%
6-month average premium/(discount) to NAV
   
0.06
%

8
NUVEEN


Risk Considerations
Fund shares are not guaranteed or endorsed by any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation.
Nuveen Select Maturities Municipal Fund (NIM)
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund's investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As interest rates rise, bond prices fall. These and other risk considerations such as tax risk are described in more detail on the Fund's web page at www.nuveen.com/NIM.

NUVEEN
9

NIM
 
 
Nuveen Select Maturities Municipal Fund
 
Performance Overview and Holding Summaries as of September 30, 2016
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of September 30, 2016

 
Cumulative
 
Average Annual
 
 
6-Month
 
1-Year
5-Year
10-Year
 
NIM at NAV
2.32%
 
5.41%
4.17%
4.36%
 
NIM at Share Price
2.71%
 
9.88%
3.83%
4.88%
 
S&P Municipal Bond Intermediate Index
2.05%
 
5.21%
4.13%
4.89%
 
S&P Municipal Bond Index
2.53%
 
5.84%
4.67%
4.68%
 
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund's shares at NAV only. Indexes are not available for direct investment.


10
NUVEEN


This data relates to the securities held in the Fund's portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor's Group, Moody's Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.

Fund Allocation
 
(% of net assets)
 
Long-Term Municipal Bonds
97.7%
Corporate Bonds
0.0%
Short-Term Municipal Bonds
1.5%
Other Assets Less Liabilities
0.8%
Net Assets
100%

Credit Quality
 
(% of total investments)
 
AAA/U.S. Guaranteed
13.2%
AA
27.6%
A
29.7%
BBB
21.7%
BB or Lower
5.5%
N/R (not rated)
2.3%
Total
100%

Portfolio Composition
 
(% of total investments)
 
Tax Obligation/Limited
19.2%
Transportation
16.4%
Health Care
14.8%
Utilities
13.4%
U.S. Guaranteed
11.7%
Tax Obligation/General
11.7%
Other
12.8%
Total
100%

States and Territories
 
(% of total municipal bonds)
 
Illinois
16.4%
Texas
9.2%
Pennsylvania
6.6%
California
6.2%
New Jersey
6.2%
New York
5.8%
Florida
4.4%
Ohio
4.4%
South Carolina
3.9%
Wisconsin
3.4%
Louisiana
3.2%
Arizona
3.0%
Indiana
2.5%
Nevada
2.4%
Missouri
2.3%
Washington
2.3%
Other
17.8%
Total
100%

NUVEEN
11


Shareholder Meeting Report

The annual meeting of shareholders was held in the offices of Nuveen Investments on August 3, 2016 for NIM; at this meeting the shareholders were asked to elect Board Members.

     
NIM
 
     
Common
 
     
Shares
 
Approval of the Board Members was reached as follows:
       
William C. Hunter
       
For
   
11,349,237
 
Withhold
   
181,587
 
Total
   
11,530,824
 
Judith M. Stockdale
       
For
   
11,295,150
 
Withhold
   
235,674
 
Total
   
11,530,824
 
Carole E. Stone
       
For
   
11,287,842
 
Withhold
   
242,982
 
Total
   
11,530,824
 
Margaret L. Wolff
       
For
   
11,297,452
 
Withhold
   
233,372
 
Total
   
11,530,824
 

12
NUVEEN


NIM
   
 
Nuveen Select Maturities Municipal Fund
 
 
Portfolio of Investments
September 30, 2016 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
LONG-TERM INVESTMENTS – 97.7%
           
                   
     
MUNICIPAL BONDS – 97.7%
           
                   
     
Alabama – 0.4%
           
$
250
 
Black Belt Energy Gas District, Alabama, Gas Supply Revenue Bonds, Series 2016, 0.000%, 7/01/46
No Opt. Call
 
Aa3
$
277,583
 
 
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
 
127,788
 
 
75
 
Montgomery Medical Clinic Board, Alabama, Health Care Facility Revenue Bonds, Jackson Hospital & Clinic, Series 2015, 4.000%, 3/01/36
3/26 at 100.00
 
BBB
 
78,446
 
 
450
 
Total Alabama
       
483,817
 
     
Alaska – 0.1%
           
 
155
 
Alaska State, Sport Fishing Revenue Bonds, Refunding Series 2011, 5.000%, 4/01/21
4/20 at 100.00
 
A1
 
173,220
 
     
Arizona – 3.0%
           
     
Arizona Health Facilities Authority, Hospital System Revenue Bonds, Phoenix Children's Hospital, Refunding Series 2012A:
           
 
255
 
5.000%, 2/01/20
No Opt. Call
 
BBB+
 
285,345
 
 
290
 
5.000%, 2/01/27
2/22 at 100.00
 
BBB+
 
334,425
 
 
70
 
Arizona Health Facilities Authority, Revenue Bonds, Scottsdale Lincoln Hospitals Project, Series 2014A, 5.000%, 12/01/24
No Opt. Call
 
A2
 
88,238
 
     
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
 
487,356
 
 
685
 
5.000%, 7/01/26
7/22 at 100.00
 
A1
 
781,728
 
 
685
 
5.000%, 7/01/27
7/22 at 100.00
 
A1
 
778,968
 
 
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
 
110,279
 
     
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
 
BBB+
 
155,900
 
 
135
 
5.250%, 12/01/19
No Opt. Call
 
BBB+
 
149,768
 
 
95
 
5.000%, 12/01/32
No Opt. Call
 
BBB+
 
118,780
 
 
575
 
5.000%, 12/01/37
No Opt. Call
 
BBB+
 
730,164
 
 
3,465
 
Total Arizona
       
4,020,951
 
     
Arkansas – 0.4%
           
 
525
 
Independence County, Arkansas, Pollution Control Revenue Bonds, Arkansas Power and Light Company Project, Series 2013, 2.375%, 1/01/21
No Opt. Call
 
A
 
549,827
 
 
30
 
Springdale Public Facilities Board, Arkansas, Hospital Revenue Bonds, Arkansas Children's Northwest Project, Series 2016, 3.000%, 3/01/35
9/26 at 100.00
 
AA–
 
30,205
 
 
555
 
Total Arkansas
       
580,032
 
     
California – 6.2%
           
 
300
 
Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Senior Lien Series 2013A, 5.000%, 10/01/23
No Opt. Call
 
A
 
373,728
 
 
125
 
California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard Children's Hospital, Series 2008A, 1.450%, 8/15/33 (Pre-refunded 3/15/17)
3/17 at 100.00
 
AA (4)
 
125,373
 
 
130
 
California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard Children's Hospital, Series 2012C, 1.450%, 8/15/23 (Pre-refunded 3/15/17)
3/17 at 100.00
 
AA (4)
 
130,387
 
 
105
 
California Pollution Control Financing Authority, Solid Waste Disposal Revenue Bonds, Waste Management Inc., Refunding Series 2015B-2, 3.125%, 11/01/40 (Mandatory put 11/03/25) (Alternative Minimum Tax)
No Opt. Call
 
A–
 
111,316
 

NUVEEN
13


NIM
Nuveen Select Maturities Municipal Fund
 
 
Portfolio of Investments (continued)
September 30, 2016 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
California (continued)
           
$
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–
$
309,711
 
 
205
 
California Pollution Control Financing Authority, Solid Waste Disposal Revenue Bonds, Waste Management, Inc. Project, Refunding Series 2015B-1, 3.000%, 11/01/25 (Alternative Minimum Tax)
No Opt. Call
 
A–
 
216,617
 
 
525
 
California State, General Obligation Bonds, Various Purpose Series 2010, 5.500%, 3/01/40
3/20 at 100.00
 
AA–
 
597,975
 
 
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+
 
146,424
 
 
285
 
California Statewide Communities Development Authority, Revenue Bonds, Kaiser Permanente, Series 2009E-1, 5.000%, 4/01/44 (Mandatory put 5/01/17)
No Opt. Call
 
AA–
 
291,797
 
 
250
 
Delano, California, Certificates of Participation, Delano Regional Medical Center, Series 2012, 5.000%, 1/01/24
No Opt. Call
 
BBB–
 
283,253
 
 
710
 
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
 
720,017
 
 
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
 
116,066
 
 
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
 
376,545
 
 
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 (5)
2/28 at 100.00
 
AA
 
978,930
 
 
2,000
 
Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A, 0.000%, 8/01/25 – AGC Insured
No Opt. Call
 
AA
 
1,595,659
 
 
35
 
Riverside County Transportation Commission, California, Toll Revenue Senior Lien Bonds, Series 2013A, 5.750%, 6/01/44
6/23 at 100.00
 
BBB–
 
41,240
 
 
2,000
 
San Diego Community College District, California, General Obligation Bonds, Refunding Series 2011, 0.000%, 8/01/37
No Opt. Call
 
AA+
 
1,058,980
 
 
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–
 
488,169
 
 
215
 
Washington Township Health Care District, California, Revenue Bonds, Refunding Series 2015A, 5.000%, 7/01/25
No Opt. Call
 
Baa1
 
262,977
 
 
9,180
 
Total California
       
8,225,164
 
     
Colorado – 1.1%
           
     
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B:
           
 
300
 
0.000%, 9/01/29 – NPFG Insured
No Opt. Call
 
AA–
 
206,328
 
 
245
 
0.000%, 9/01/33 – NPFG Insured
No Opt. Call
 
AA–
 
145,466
 
 
10
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2007A-1, 5.250%, 9/01/18 – NPFG Insured
No Opt. Call
 
AA–
 
10,716
 
 
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–
 
362,410
 
 
500
 
Plaza Metropolitan District 1, Lakewood, Colorado, Tax Increment Revenue Bonds, Refunding Series 2013, 5.000%, 12/01/20
No Opt. Call
 
N/R
 
548,635
 
 
210
 
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
 
BBB+
 
241,681
 
 
2,265
 
Total Colorado
       
1,515,236
 
     
Connecticut – 0.8%
           
 
100
 
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Healthcare Facility Expansion Church Home of Hartford Inc. Project, TEMPS-50 Series 2016B-2, 2.875%, 9/01/20
9/17 at 100.00
 
N/R
 
100,683
 
 
905
 
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
 
903,706
 
 
1,005
 
Total Connecticut
       
1,004,389
 

14
NUVEEN


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
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
$
189,045
 
     
District of Columbia – 1.0%
           
 
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+
 
123,712
 
 
1,000
 
District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2001, 6.500%, 5/15/33
No Opt. Call
 
Baa1
 
1,236,029
 
 
1,120
 
Total District of Columbia
       
1,359,741
 
     
Florida – 4.4%
           
 
480
 
Broward County Housing Finance Authority, Florida, Multifamily Housing Revenue Bonds, Emerald Palms Apartments, Series 2001A, 5.600%, 7/01/21 (Alternative Minimum Tax)
10/16 at 100.00
 
Aaa
 
481,382
 
     
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–
 
643,427
 
 
365
 
5.000%, 6/01/25
12/24 at 100.00
 
AA–
 
453,440
 
 
195
 
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–
 
207,973
 
     
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–
 
53,327
 
 
455
 
5.000%, 6/01/20
No Opt. Call
 
AA–
 
517,494
 
     
Collier County Educational Facilities Authority, Florida, Revenue Bonds, Hodges University, Refunding Series 2013:
           
 
100
 
4.750%, 11/01/23
No Opt. Call
 
BBB–
 
109,151
 
 
370
 
6.000%, 11/01/33
11/23 at 100.00
 
BBB–
 
435,176
 
 
600
 
Florida Department of Environmental Protection, Florida Forever Revenue Bonds, Series 2007B, 5.000%, 7/01/19 (Pre-refunded 7/01/17) – NPFG Insured
7/17 at 101.00
 
AA– (4)
 
624,293
 
     
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
 
11,148
 
 
10
 
5.625%, 6/01/34 – AGC Insured
6/19 at 100.00
 
AA
 
11,151
 
 
625
 
North Sumter County Utility Dependent District, Florida, Utility Revenue Bonds, Series 2010, 5.000%, 10/01/20
No Opt. Call
 
A
 
677,200
 
 
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+
 
87,778
 
 
45
 
Port Everglades Authority, Florida, Port Facilities Revenue Bonds, Series 1986, 7.125%, 11/01/16 (ETM)
No Opt. Call
 
Aaa
 
45,250
 
 
720
 
South Miami Health Facilities Authority, Florida, Hospital Revenue, Baptist Health System Obligation Group, Refunding Series 2007, 5.000%, 8/15/27
8/17 at 100.00
 
AA–
 
744,818
 
     
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+
 
142,680
 
 
350
 
5.000%, 9/01/23
9/22 at 100.00
 
A+
 
413,116
 
 
185
 
5.000%, 9/01/25
9/22 at 100.00
 
A+
 
221,118
 
 
5,300
 
Total Florida
       
5,879,922
 
     
Georgia – 1.0%
           
 
205
 
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)
 
229,489
 
 
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
 
1,064,393
 
 
1,105
 
Total Georgia
       
1,293,882
 

NUVEEN
15


NIM
Nuveen Select Maturities Municipal Fund
 
 
Portfolio of Investments (continued)
September 30, 2016 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Guam – 0.3%
           
$
140
 
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2013, 5.500%, 7/01/43
7/23 at 100.00
 
A–
$
161,707
 
 
150
 
Guam International Airport Authority, Revenue Bonds, Series 2013C, 6.375%, 10/01/43 (Alternative Minimum Tax)
10/23 at 100.00
 
BBB
 
182,184
 
 
290
 
Total Guam
       
343,891
 
     
Hawaii – 0.6%
           
 
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+
 
225,250
 
 
10
 
Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Queens Health Systems, Series 2015A, 5.000%, 7/01/29
7/25 at 100.00
 
AA–
 
12,321
 
 
500
 
Hawaiian Electric Company Inc. and its Subsidiaries, Special Purpose Revenue Bonds, Department of Budget and Finance of the State of Hawaii, Series 2015, 3.250%, 1/01/25 (Alternative Minimum Tax)
No Opt. Call
 
A–
 
537,065
 
 
710
 
Total Hawaii
       
774,636
 
     
Idaho – 0.1%
           
 
145
 
Nez Perce County, Idaho, Pollution Control Revenue Bonds, Potlatch Corporation Project, Refunding Series 2016, 2.750%, 10/01/24
No Opt. Call
 
Ba1
 
145,030
 
     
Illinois – 16.3%
           
     
Cary, Illinois, Special Tax Bonds, Special Service Area 1, Refunding Series 2016:
           
 
10
 
2.150%, 3/01/23 – BAM Insured
No Opt. Call
 
AA
 
10,064
 
 
10
 
2.350%, 3/01/24 – BAM Insured
No Opt. Call
 
AA
 
10,065
 
 
25
 
2.700%, 3/01/26 – BAM Insured
3/25 at 100.00
 
AA
 
25,284
 
 
25
 
2.900%, 3/01/28 – BAM Insured
3/25 at 100.00
 
AA
 
25,135
 
 
25
 
3.050%, 3/01/30 – BAM Insured
3/25 at 100.00
 
AA
 
25,346
 
     
Cary, Illinois, Special Tax Bonds, Special Service Area 2, Refunding Series 2016:
           
 
15
 
2.150%, 3/01/23 – BAM Insured
No Opt. Call
 
AA
 
15,096
 
 
15
 
2.350%, 3/01/24 – BAM Insured
No Opt. Call
 
AA
 
15,097
 
 
25
 
2.700%, 3/01/26 – BAM Insured
3/25 at 100.00
 
AA
 
25,284
 
 
35
 
2.900%, 3/01/28 – BAM Insured
3/25 at 100.00
 
AA
 
35,482
 
 
40
 
3.050%, 3/01/30 – BAM Insured
3/25 at 100.00
 
AA
 
40,409
 
 
235
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Refunding Series 2010F, 5.000%, 12/01/17
No Opt. Call
 
B+
 
229,658
 
 
300
 
Chicago, Illinois, General Airport Revenue Bonds, O'Hare International Airport, Senior Lien Refunding Series 2015A, 5.000%, 1/01/33 (Alternative Minimum Tax)
1/25 at 100.00
 
A
 
347,124
 
 
75
 
Chicago, Illinois, General Obligation Bonds, Project and Refunding Series 2009C, 5.000%, 1/01/27
No Opt. Call
 
BBB+
 
76,775
 
     
Chicago, Illinois, General Obligation Bonds, Refunding Series 2016C:
           
 
200
 
5.000%, 1/01/23
No Opt. Call
 
BBB+
 
216,472
 
 
225
 
5.000%, 1/01/24
No Opt. Call
 
BBB+
 
244,638
 
 
190
 
5.000%, 1/01/25
No Opt. Call
 
BBB+
 
207,136
 
 
55
 
5.000%, 1/01/26
No Opt. Call
 
BBB+
 
59,703
 
 
325
 
Cook County, Illinois, General Obligation Bonds, Refunding Series 2012C, 5.000%, 11/15/21
No Opt. Call
 
AA–
 
373,802
 
 
185
 
Cook County, Illinois, General Obligation Bonds, Refunding Series 2016A, 5.000%, 11/15/20
No Opt. Call
 
AA–
 
208,430
 
 
1,997
 
Huntley, Illinois, Special Service Area 9, Special Tax Bonds, Series 2007, 5.100%, 3/01/28 – AGC Insured
3/17 at 100.00
 
AA
 
2,029,470
 
 
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
 
636,394
 
 
455
 
Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2012, 5.000%, 9/01/27
9/22 at 100.00
 
BBB
 
513,345
 
 
500
 
Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2014A, 4.625%, 9/01/39
9/24 at 100.00
 
BBB
 
537,705
 
 
275
 
Illinois Finance Authority, Revenue Bonds, Northwest Community Hospital, Series 2008A, 5.500%, 7/01/38 (Pre-refunded 7/01/18)
7/18 at 100.00
 
A+ (4)
 
297,121
 

16
NUVEEN


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Illinois (continued)
           
$
890
 
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)
$
939,101
 
 
1,850
 
Illinois Finance Authority, Revenue Bonds, Presence Health Network, Series 2016C, 4.000%, 2/15/24
No Opt. Call
 
BBB
 
2,033,538
 
 
250
 
Illinois Finance Authority, Revenue Bonds, Roosevelt University, Series 2007, 5.250%, 4/01/22
4/17 at 100.00
 
Baa3
 
253,075
 
     
Illinois State, General Obligation Bonds, February Series 2014:
           
 
370
 
5.000%, 2/01/25
2/24 at 100.00
 
BBB+
 
420,253
 
 
325
 
5.000%, 2/01/26
2/24 at 100.00
 
BBB+
 
366,438
 
     
Illinois State, General Obligation Bonds, Refunding Series 2012:
           
 
390
 
5.000%, 8/01/20
No Opt. Call
 
BBB+
 
428,212
 
 
335
 
5.000%, 8/01/21
No Opt. Call
 
BBB+
 
373,347
 
 
1,000
 
5.000%, 8/01/22
No Opt. Call
 
BBB+
 
1,129,010
 
 
300
 
5.000%, 8/01/23
No Opt. Call
 
BBB+
 
342,231
 
     
Illinois State, General Obligation Bonds, Series 2006A:
           
 
25
 
5.000%, 6/01/24
12/16 at 100.00
 
BBB+
 
25,097
 
 
10
 
5.000%, 6/01/27
12/16 at 100.00
 
BBB+
 
10,039
 
 
230
 
Illinois State, General Obligation Bonds, Series 2006, 5.000%, 1/01/17
12/16 at 100.00
 
BBB+
 
230,883
 
 
300
 
Illinois State, General Obligation Bonds, Series 2012A, 4.000%, 1/01/20
No Opt. Call
 
BBB+
 
315,792
 
     
Illinois State, General Obligation Bonds, Series 2013:
           
 
280
 
5.500%, 7/01/25
7/23 at 100.00
 
BBB+
 
323,042
 
 
240
 
5.500%, 7/01/26
7/23 at 100.00
 
BBB+
 
275,942
 
 
440
 
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Refunding Senior Lien Series 2016A, 5.000%, 12/01/31
1/26 at 100.00
 
AA–
 
537,262
 
 
450
 
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2015B, 5.000%, 1/01/37
1/26 at 100.00
 
AA–
 
537,071
 
 
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
 
1,330,278
 
 
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
 
764,560
 
     
Railsplitter Tobacco Settlement Authority, Illinois, Tobacco Settlement Revenue Bonds, Series 2010:
           
 
720
 
5.000%, 6/01/19
No Opt. Call
 
A
 
789,523
 
 
1,000
 
5.250%, 6/01/21
No Opt. Call
 
A
 
1,168,889
 
 
60
 
6.250%, 6/01/24
12/16 at 100.00
 
A
 
60,272
 
 
450
 
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
 
498,029
 
     
Southwestern Illinois Development Authority, Health Facility Revenue Bonds, Memorial Group, Inc., Series 2013:
           
 
50
 
7.250%, 11/01/33
11/23 at 100.00
 
AA
 
68,679
 
 
95
 
7.250%, 11/01/36
11/23 at 100.00
 
AA
 
129,765
 
 
200
 
7.625%, 11/01/48
11/23 at 100.00
 
AA
 
275,376
 
     
Springfield, Illinois, Electric Revenue Bonds, Senior Lien Series 2015:
           
 
230
 
5.000%, 3/01/33
3/25 at 100.00
 
A
 
269,785
 
 
145
 
5.000%, 3/01/34 – AGM Insured
3/25 at 100.00
 
AA
 
170,800
 
 
500
 
Sterling, Whiteside County, Illinois, General Obligation Bonds, Alternate Revenue Source, Series 2012, 4.000%, 11/01/22
No Opt. Call
 
A+
 
566,420
 
 
355
 
Will, Grundy, Kendall, LaSalle, Kankakee, Livingston and Cook Counties Community College District 525 Joliet Junior College, Illinois, General Obligation Bond, Series 2008, 5.750%, 6/01/28
6/18 at 100.00
 
AA
 
378,870
 
 
455
 
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
 
509,618
 
 
20,192
 
Total Illinois
       
21,726,232
 

NUVEEN
17


NIM
Nuveen Select Maturities Municipal Fund
 
 
Portfolio of Investments (continued)
September 30, 2016 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Indiana – 2.5%
           
$
140
 
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–
$
137,722
 
 
425
 
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+
 
429,871
 
 
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
 
BB
 
191,657
 
 
140
 
Indianapolis, Indiana, Thermal Energy System Revenue Bonds, Refunding First Lien Series 2014A, 5.000%, 10/01/31
10/24 at 100.00
 
A
 
168,279
 
 
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–
 
280,276
 
 
250
 
Lake County Building Corporation, Indiana, First Mortgage Bonds, Series 2012, 4.750%, 2/01/21
No Opt. Call
 
N/R
 
265,075
 
 
250
 
Vanderburgh County, Indiana, Redevelopment District Tax Increment Revenue bonds, Refunding Series 2014, 5.000%, 2/01/29
8/24 at 100.00
 
A
 
302,643
 
 
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
 
A2
 
872,180
 
 
600
 
Whiting, Indiana, Environmental Facilities Revenue Bonds, BP Products North America Inc. Project, Series 2015, 5.000%, 11/01/45 (Mandatory put 11/01/22) (Alternative Minimum Tax)
No Opt. Call
 
A2
 
708,594
 
 
3,100
 
Total Indiana
       
3,356,297
 
     
Iowa – 0.8%
           
 
500
 
Ames, Iowa, Hospital Revenue Bonds, Mary Greeley Medical Center, Series 2011, 5.250%, 6/15/27 (Pre-refunded 6/15/20)
6/20 at 100.00
 
A2 (4)
 
576,505
 
     
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2013:
           
 
405
 
5.000%, 12/01/19
No Opt. Call
 
B+
 
419,523
 
 
115
 
5.500%, 12/01/22
12/18 at 100.00
 
B+
 
118,876
 
 
1,020
 
Total Iowa
       
1,114,904
 
     
Kansas – 0.1%
           
 
105
 
Wyandotte County/Kansas City Unified Government, Kansas, Utility System Revenue Bonds, Refunding & Improvement Series 2014A, 5.000%, 9/01/22
No Opt. Call
 
A+
 
126,290
 
     
Kentucky – 1.3%
           
 
350
 
Kentucky Economic Development Finance Authority, Louisville Arena Project Revenue Bonds, Louisville Arena Authority, Inc., Series 2008-A1, 5.750%, 12/01/28 – AGC Insured
6/18 at 100.00
 
AA
 
370,017
 
 
500
 
Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, Downtown Crossing Project, Series 2013A, 5.000%, 7/01/17
No Opt. Call
 
Baa3
 
514,800
 
 
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
 
392,618
 
 
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
 
200,618
 
 
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
 
320,688
 
 
1,710
 
Total Kentucky
       
1,798,741
 
     
Louisiana – 3.1%
           
 
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+
 
240,773
 
 
445
 
Jefferson Parish Hospital Service District 2, Louisiana, Hospital Revenue Bonds, East Jefferson General Hospital, Refunding Series 2011, 6.375%, 7/01/41
7/21 at 100.00
 
BB
 
502,703
 

18
NUVEEN


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Louisiana (continued)
           
     
Louisiana Citizens Property Insurance Corporation, Assessment Revenue Bonds, Series 2006-C1:
           
$
155
 
5.875%, 6/01/23 (Pre-refunded 6/01/18)
6/18 at 100.00
 
AA (4)
$
167,949
 
 
10
 
6.000%, 6/01/24 (Pre-refunded 6/01/18)
6/18 at 100.00
 
AA (4)
 
10,856
 
 
660
 
Louisiana Public Facilities Authority, Revenue Bonds, Entergy Louisiana, LLC Project, Refunding Series 2016B, 3.500%, 6/01/30
6/21 at 100.00
 
A
 
688,717
 
 
150
 
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Refunding Series 2016, 5.000%, 5/15/29
5/26 at 100.00
 
A–
 
183,431
 
 
540
 
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2007A, 5.250%, 5/15/38
5/17 at 100.00
 
A–
 
552,490
 
 
210
 
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)
 
215,886
 
     
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2015:
           
 
350
 
5.000%, 5/15/22
No Opt. Call
 
A–
 
418,457
 
 
300
 
5.000%, 5/15/24
No Opt. Call
 
A–
 
373,134
 
 
110
 
New Orleans, Louisiana, General Obligation Bonds, Refunding Series 2015, 5.000%, 12/01/25
No Opt. Call
 
AA–
 
138,331
 
 
100
 
New Orleans, Louisiana, Sewerage Service Revenue Bonds, Series 2015, 5.000%, 6/01/32
6/25 at 100.00
 
A
 
118,432
 
 
525
 
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
 
582,283
 
 
3,795
 
Total Louisiana
       
4,193,442
 
     
Maine – 0.0%
           
 
35
 
Portland, Maine, General Airport Revenue Bonds, Refunding Series 2013, 5.000%, 7/01/22
No Opt. Call
 
BBB+
 
41,600
 
     
Massachusetts – 1.0%
           
 
200
 
Massachusetts Development Finance Agency Revenue Bonds, Lawrence General Hospital Issue, Series 2014A, 5.000%, 7/01/27
7/24 at 100.00
 
BBB–
 
226,666
 
 
500
 
Massachusetts Development Finance Agency, Revenue Bonds, Orchard Cove, Series 2007, 5.000%, 10/01/19
10/17 at 100.00
 
N/R
 
513,255
 
     
Massachusetts Port Authority, Special Facilities Revenue Bonds, Delta Air Lines Inc., Series 2001A:
           
 
100
 
5.200%, 1/01/20 – AMBAC Insured (Alternative Minimum Tax)
12/16 at 100.00
 
N/R
 
100,411
 
 
470
 
5.000%, 1/01/27 – AMBAC Insured (Alternative Minimum Tax)
1/17 at 100.00
 
N/R
 
471,918
 
 
70
 
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Series 2007A, 5.000%, 8/15/20 (Pre-refunded 8/15/17) – AMBAC Insured
8/17 at 100.00
 
AA+ (4)
 
72,588
 
 
1,340
 
Total Massachusetts
       
1,384,838
 
     
Michigan – 1.5%
           
 
400
 
Detroit Downtown Development Authority, Michigan, Tax Increment Refunding Bonds, Development Area 1 Projects, Series 1996B, 0.000%, 7/01/23
No Opt. Call
 
BB
 
296,080
 
 
24
 
Detroit, Michigan, General Obligation Bonds, Series 2001A-1, 5.375%, 4/01/18 (Pre-refunded 11/07/16) – NPFG Insured
11/16 at 100.00
 
N/R (4)
 
24,000
 
 
150
 
Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Series 2001B, 5.500%, 7/01/29 – FGIC Insured
No Opt. Call
 
AA–
 
190,679
 
 
150
 
Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Water & Sewerage Department Sewage Disposal System Local Project, Second Lien Series 2015C, 5.000%, 7/01/34
7/25 at 100.00
 
A–
 
174,695
 
 
500
 
Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Airport, Refunding Series 2010C, 5.000%, 12/01/16
No Opt. Call
 
A
 
503,495
 
 
705
 
Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne County Airport, Refunding Series 2015F, 5.000%, 12/01/33 (Alternative Minimum Tax)
12/25 at 100.00
 
A
 
824,046
 
 
1,929
 
Total Michigan
       
2,012,995
 

NUVEEN
19


NIM
Nuveen Select Maturities Municipal Fund
 
 
Portfolio of Investments (continued)
September 30, 2016 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Missouri – 2.3%
           
     
Jackson County, Missouri, Special Obligation Bonds, Harry S. Truman Sports Complex, Series 2006:
           
$
595
 
5.000%, 12/01/26 (Pre-refunded 12/01/16) – AMBAC Insured
12/16 at 100.00
 
Aa3 (4)
$
599,314
 
 
515
 
5.000%, 12/01/27 (Pre-refunded 12/01/16) – AMBAC Insured
12/16 at 100.00
 
Aa3 (4)
 
518,734
 
 
355
 
5.000%, 12/01/28 (Pre-refunded 12/01/16) – AMBAC Insured
12/16 at 100.00
 
Aa3 (4)
 
357,574
 
 
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+
 
113,035
 
 
30
 
Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, Saint Louis College of Pharmacy, Series 2015B, 4.000%, 5/01/32
11/23 at 100.00
 
BBB
 
31,413
 
 
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–
 
1,195,435
 
 
210
 
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)
 
236,019
 
 
2,875
 
Total Missouri
       
3,051,524
 
     
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
 
278,868
 
 
165
 
University of Montana, Revenue Bonds, Series 1996D, 5.375%, 5/15/19 – NPFG Insured (ETM)
No Opt. Call
 
AA– (4)
 
175,610
 
 
425
 
Total Montana
       
454,478
 
     
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–
 
114,651
 
     
Nevada – 2.3%
           
 
1,470
 
Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2010B, 5.750%, 7/01/42
1/20 at 100.00
 
A+
 
1,681,694
 
 
250
 
Las Vegas Redevelopment Agency, Nevada, Tax Increment Revenue Bonds, Series 2009A, 8.000%, 6/15/30 (Pre-refunded 6/15/19)
6/19 at 100.00
 
BBB+ (4)
 
296,250
 
 
50
 
Las Vegas, Nevada, Local Improvement Bonds, Special Improvement District 607 Providence, Refunding Series 2013, 5.000%, 6/01/22
No Opt. Call
 
N/R
 
55,653
 
 
175
 
Washoe County, Nevada, Gas and Water Facilities Revenue Bonds, Sierra Pacific Power Company, Refunding Series 2016B, 0.000%, 3/01/36
No Opt. Call
 
A+
 
188,746
 
 
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
 
910,850
 
 
2,720
 
Total Nevada
       
3,133,193
 
     
New Hampshire – 0.1%
           
 
105
 
Business Finance Authority of the State of New Hampshire, Water Facility Revenue Bonds, Pennichuck Water Works, Inc. Project, Series 2015A, 4.250%, 1/01/36 (Alternative Minimum Tax)
1/26 at 100.00
 
A+
 
111,686
 
     
New Jersey – 6.2%
           
 
65
 
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+
 
65,054
 
 
250
 
Gloucester County Pollution Control Financing Authority, New Jersey, Pollution Control Revenue Bonds, Logan Project, Refunding Series 2014A, 5.000%, 12/01/24 (Alternative Minimum Tax)
No Opt. Call
 
BBB–
 
287,580
 

20
NUVEEN


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
New Jersey (continued)
           
     
New Jersey Economic Development Authority, Cigarette Tax Revenue Refunding Bonds, Series 2012:
           
$
150
 
4.000%, 6/15/19
No Opt. Call
 
BBB+
$
157,587
 
 
280
 
5.000%, 6/15/20
No Opt. Call
 
BBB+
 
307,541
 
 
150
 
5.000%, 6/15/21
No Opt. Call
 
BBB+
 
167,781
 
 
335
 
5.000%, 6/15/22
No Opt. Call
 
BBB+
 
381,247
 
 
350
 
5.000%, 6/15/23
6/22 at 100.00
 
BBB+
 
397,429
 
 
210
 
5.000%, 6/15/24
6/22 at 100.00
 
BBB+
 
236,504
 
 
510
 
5.000%, 6/15/25
6/22 at 100.00
 
BBB+
 
571,628
 
 
150
 
5.000%, 6/15/26
6/22 at 100.00
 
BBB+
 
167,345
 
 
100
 
4.250%, 6/15/27
6/22 at 100.00
 
BBB+
 
105,561
 
 
300
 
5.000%, 6/15/28
No Opt. Call
 
BBB+
 
330,168
 
 
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
 
254,923
 
 
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–
 
1,144,669
 
 
75
 
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–
 
79,884
 
 
30
 
New Jersey Health Care Facilities Financing Authority, State Contract Bonds, Hospital Asset Transformation Program, Series 2008A, 5.250%, 10/01/38 (Pre-refunded 10/01/18)
10/18 at 100.00
 
N/R (4)
 
32,616
 
 
1,280
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital Appreciation Series 2010A, 0.000%, 12/15/33
No Opt. Call
 
A–
 
615,027
 
 
1,515
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2010D, 5.000%, 12/15/23
No Opt. Call
 
A–
 
1,761,808
 
 
330
 
New Jersey Turnpike Authority, Revenue Bonds, Series 2012B, 5.000%, 1/01/19
No Opt. Call
 
A+
 
359,248
 
 
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–
 
194,235
 
 
250
 
South Jersey Port Corporation, New Jersey, Marine Terminal Revenue Bonds, Refunding Series 2012Q, 3.000%, 1/01/22
No Opt. Call
 
A3
 
255,120
 
     
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A:
           
 
195
 
4.500%, 6/01/23
6/17 at 100.00
 
Baa3
 
198,354
 
 
150
 
4.625%, 6/01/26
6/17 at 100.00
 
B+
 
151,256
 
 
8,065
 
Total New Jersey
       
8,222,565
 
     
New Mexico – 0.9%
           
 
715
 
Farmington, New Mexico, Pollution Control Revenue Bonds, Southern California Edison Company – Four Corners Project, Refunding Series 2005A, 1.875%, 4/01/29 (Mandatory put 4/01/20)
No Opt. Call
 
Aa3
 
728,907
 
 
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
 
540,073
 
 
1,205
 
Total New Mexico
       
1,268,980
 
     
New York – 5.7%
           
 
220
 
Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project, Series 2009, 6.000%, 7/15/30 (Pre-refunded 1/15/20)
1/20 at 100.00
 
BBB– (4)
 
255,554
 
     
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+
 
174,123
 
 
195
 
5.000%, 7/01/24
No Opt. Call
 
BBB+
 
237,990
 
 
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
 
922,605
 
 
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
 
512,895
 
     
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2000A:
           
 
215
 
0.000%, 6/01/22 – AGM Insured
No Opt. Call
 
AA
 
197,731
 
 
135
 
0.000%, 6/01/24 – AGM Insured
No Opt. Call
 
AA
 
117,665
 

NUVEEN
21


NIM
Nuveen Select Maturities Municipal Fund
 
 
Portfolio of Investments (continued)
September 30, 2016 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
New York (continued)
           
$
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–
$
838,563
 
 
1,195
 
New York State Thruway Authority, General Revenue Junior Indebtedness Obligations, Series 2013A, 5.000%, 5/01/19
No Opt. Call
 
A–
 
1,318,227
 
     
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
 
369,947
 
 
565
 
5.000%, 6/01/18
No Opt. Call
 
AA
 
602,996
 
 
220
 
New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2013B, 5.000%, 6/01/22
6/17 at 100.00
 
AA
 
225,958
 
     
New York Transportation Development Corporation, New York, Special Facility Revenue Refunding Bonds, Terminal One Group Association, L.P. Project, Series 2015:
           
 
60
 
5.000%, 1/01/22 (Alternative Minimum Tax)
No Opt. Call
 
A–
 
70,568
 
 
60
 
5.000%, 1/01/23 (Alternative Minimum Tax)
No Opt. Call
 
A–
 
72,131
 
     
New York Transportation Development Corporation, Special Facilities Bonds, LaGuardia Airport Terminal B Redevelopment Project, Series 2016A:
           
 
135
 
4.000%, 7/01/32 (Alternative Minimum Tax)
7/24 at 100.00
 
BBB
 
145,288
 
 
175
 
4.000%, 7/01/33 (Alternative Minimum Tax)
7/24 at 100.00
 
BBB
 
187,959
 
 
185
 
5.000%, 7/01/34 (Alternative Minimum Tax)
7/24 at 100.00
 
BBB
 
214,186
 
 
375
 
4.000%, 7/01/35 – AGM Insured (Alternative Minimum Tax)
7/24 at 100.00
 
AA
 
398,884
 
 
215
 
5.000%, 7/01/41 (Alternative Minimum Tax)
7/24 at 100.00
 
BBB
 
245,143
 
 
85
 
4.000%, 7/01/41 (Alternative Minimum Tax)
7/24 at 100.00
 
BBB
 
89,567
 
 
400
 
Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding Series 2013B, 5.000%, 11/15/21
No Opt. Call
 
AA–
 
476,648
 
 
6,970
 
Total New York
       
7,674,628
 
     
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
 
1,646,696
 
     
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)
 
236,172
 
 
650
 
5.000%, 7/01/31 (Pre-refunded 7/01/21)
7/21 at 100.00
 
N/R (4)
 
767,559
 
 
850
 
Total North Dakota
       
1,003,731
 
     
Ohio – 4.4%
           
 
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
 
82,145
 
 
1,700
 
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–
 
1,663,942
 
 
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
 
533,146
 
 
50
 
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
 
54,130
 
 
225
 
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)
 
244,474
 
     
New Albany Community Authority, Ohio, Community Facilities Revenue Refunding Bonds, Series 2012C:
           
 
25
 
4.000%, 10/01/18
No Opt. Call
 
A1
 
26,290
 
 
30
 
4.000%, 10/01/19
No Opt. Call
 
A1
 
32,267
 
 
40
 
4.000%, 10/01/20
No Opt. Call
 
A1
 
43,756
 
 
45
 
5.000%, 10/01/21
No Opt. Call
 
A1
 
52,070
 
 
35
 
5.000%, 10/01/22
No Opt. Call
 
A1
 
41,346
 

22
NUVEEN


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Ohio (continued)
           
$
130
 
Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy Generation Corporation Project, Refunding Series 2009B, 3.100%, 3/01/23 (Mandatory put 3/01/19)
No Opt. Call
 
BB–
$
119,185
 
 
220
 
Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy Generation Corporation Project, Refunding Series 2009C, 5.625%, 6/01/18
No Opt. Call
 
Baa2
 
226,279
 
 
225
 
Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy Generation Project, Refunding Series 2006A, 3.750%, 12/01/23 (Mandatory put 12/03/18)
No Opt. Call
 
BB–
 
214,850
 
 
25
 
Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy Nuclear Generation Corporation Project, Refunding Series 2010A, 3.125%, 7/01/33 (Mandatory put 7/ 01/ 18)
No Opt. Call
 
BB–
 
23,824
 
 
100
 
Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy Nuclear Generation Project, Refunding Series 2006B, 3.625%, 12/01/33 (Mandatory put 6/01/20)
No Opt. Call
 
BB–
 
88,244
 
 
2,000
 
Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Projects, Junior Lien Convertible Series 2013A-3, 0.000%, 2/15/34 (5)
2/31 at 100.00
 
A+
 
1,990,600
 
 
170
 
Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generating Corporation Project, Series 2005B, 4.000%, 1/01/34 (Mandatory put 7/01/21)
No Opt. Call
 
BB–
 
146,071
 
 
10
 
Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generating Corporation Project, Series 2006B, 0.000%, 12/01/33
No Opt. Call
 
Ba2
 
9,304
 
 
100
 
Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generating Corporation Project, Series 2008B, 3.625%, 10/01/33 (Mandatory put 4/01/20)
No Opt. Call
 
BB–
 
88,720
 
 
30
 
Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generating Corporation Project, Series 2010A, 3.750%, 7/01/33 (Mandatory put 7/01/20)
No Opt. Call
 
BB–
 
26,524
 
 
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
 
104,680
 
 
5,820
 
Total Ohio
       
5,811,847
 
     
Pennsylvania – 6.5%
           
 
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
 
BB+
 
925,789
 
 
30
 
Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generation Project, Series 2008A, 2.700%, 4/01/35 (Mandatory put 4/02/18)
No Opt. Call
 
BB+
 
28,599
 
 
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
 
214,722
 
 
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
 
10,261
 
 
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
 
514,110
 
 
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
 
508,585
 
 
450
 
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
 
N/R (4)
 
508,986
 
 
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
 
622,165
 
 
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
 
312,623
 
 
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
 
281,256
 
 
225
 
Pennsylvania Economic Development Financing Authority, Unemployment Compensation Revenue Bonds, Series 2012B, 5.000%, 1/01/22
7/17 at 100.00
 
Aaa
 
232,189
 

NUVEEN
23


NIM
Nuveen Select Maturities Municipal Fund
 
 
Portfolio of Investments (continued)
September 30, 2016 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Pennsylvania (continued)
           
$
185
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University of the Arts, Series 1999, 5.150%, 3/15/20 – RAAI Insured (ETM)
12/16 at 100.00
 
AA (4)
$
198,028
 
 
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
 
125,753
 
 
580
 
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Subordinate Special Revenue Bonds, Series 2010A, 5.500%, 12/01/34
12/20 at 100.00
 
AA–
 
668,311
 
     
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Refunding Subordinate Second Series 2016B-2:
           
 
545
 
5.000%, 6/01/29
6/26 at 100.00
 
A3
 
658,731
 
 
580
 
5.000%, 6/01/33
6/26 at 100.00
 
A3
 
685,258
 
 
725
 
Philadelphia Gas Works, Pennsylvania, Revenue Bonds, Twelfth Series 1990B, 7.000%, 5/15/20 – NPFG Insured (ETM)
No Opt. Call
 
AA– (4)
 
814,457
 
 
60
 
Scranton-Lackawanna Health and Welfare Authority, Pennsylvania, University Revenue Bonds, Marywood University, Series 2016, 3.375%, 6/01/26
No Opt. Call
 
N/R
 
59,048
 
 
875
 
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
 
982,293
 
 
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–
 
376,108
 
 
7,835
 
Total Pennsylvania
       
8,727,272
 
     
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 (Pre-refunded 9/01/23)
9/23 at 100.00
 
BBB– (4)
 
252,966
 
     
South Carolina – 3.9%
           
 
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)
 
1,739,876
 
 
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
 
3,409,634
 
 
4,580
 
Total South Carolina
       
5,149,510
 
     
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)
 
1,024,890
 
     
Tennessee – 0.3%
           
     
Knox County Health, Educational and Housing Facility Board, Tennessee, Hospital Revenue Refunding Bonds, Covenant Health, Series 2012A:
           
 
105
 
4.000%, 1/01/22
No Opt. Call
 
A
 
118,352
 
 
180
 
5.000%, 1/01/23
No Opt. Call
 
A
 
216,689
 
 
285
 
Total Tennessee
       
335,041
 
     
Texas – 9.1%
           
     
Bexar Metropolitan Water District, Texas, Waterworks System Revenue Bonds, Refunding Series 2007:
           
 
130
 
5.000%, 5/01/23 (Pre-refunded 5/01/17) – SYNCORA GTY Insured
5/17 at 100.00
 
AA (4)
 
133,241
 
 
15
 
5.000%, 5/01/24 (Pre-refunded 5/01/17) – SYNCORA GTY Insured
5/17 at 100.00
 
AA (4)
 
15,374
 
 
40
 
5.000%, 5/01/25 (Pre-refunded 5/01/17) – SYNCORA GTY Insured
5/17 at 100.00
 
AA (4)
 
40,997
 
 
10
 
Bexar Metropolitan Water District, Texas, Waterworks System Revenue Bonds, Refunding Series 2010, 5.875%, 5/01/40 (Pre-refunded 5/01/20)
5/20 at 100.00
 
AA (4)
 
11,721
 
     
Bexar Metropolitan Water District, Texas, Waterworks System Revenue Refunding Bonds, Series 2009:
           
 
45
 
5.000%, 5/01/29 (Pre-refunded 5/01/19)
5/19 at 100.00
 
AA (4)
 
49,687
 
 
145
 
5.000%, 5/01/39 (Pre-refunded 5/01/19)
5/19 at 100.00
 
AA (4)
 
160,103
 
 
25
 
Brazos River Authority, Texas, Collateralized Pollution Control Revenue Bonds, Texas Utilities Electric Company, Series 2003D, 5.400%, 10/01/29 (Mandatory put 10/01/17) (6)
12/16 at 100.00
 
N/R
 
869
 

24
NUVEEN


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Texas (continued)
           
$
525
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2011, 6.250%, 1/01/46 (Pre-refunded 1/01/21)
1/21 at 100.00
 
BBB+ (4)
$
638,122
 
 
1,000
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien, Series 2015A, 5.000%, 1/01/31
7/25 at 100.00
 
BBB+
 
1,190,209
 
 
155
 
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Refunding Second Lien Series 2014C, 5.000%, 11/15/24
No Opt. Call
 
A3
 
189,449
 
 
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
 
484,740
 
 
35
 
Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc. Terminal E Project, Refunding Series 2014, 5.000%, 7/01/29 (Alternative Minimum Tax)
7/24 at 100.00
 
BB–
 
39,614
 
 
140
 
Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Facilities Department, Refunding Series 2011B, 5.250%, 9/01/25
12/16 at 100.00
 
A2
 
140,515
 
 
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
 
425,510
 
 
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
 
520,115
 
 
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
 
229,188
 
     
McCamey County Hospital District, Texas, General Obligation Bonds, Series 2013:
           
 
100
 
5.000%, 12/01/25
No Opt. Call
 
Ba2
 
111,045
 
 
100
 
5.250%, 12/01/28
12/25 at 100.00
 
Ba2
 
115,102
 
 
250
 
Mission Economic Development Corporation, Texas, Revenue Bonds, Natgasoline Project, Series 2016B, 5.750%, 10/01/31 (Alternative Minimum Tax)
10/18 at 103.00
 
BB–
 
265,740
 
     
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
 
480,880
 
 
380
 
5.000%, 8/15/25
8/22 at 100.00
 
Aa2
 
454,089
 
     
North Texas Tollway Authority, Special Projects System Revenue Bonds, Convertible Capital Appreciation Series 2011C:
           
 
100
 
0.000%, 9/01/43 (5)
9/31 at 100.00
 
AA+
 
108,183
 
 
490
 
0.000%, 9/01/45 (5)
9/31 at 100.00
 
AA+
 
575,157
 
 
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+
 
886,792
 
 
455
 
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2014A, 5.000%, 1/01/23
No Opt. Call
 
A1
 
551,819
 
 
2,870
 
North Texas Tollway Authority, System Revenue Bonds, Refunding Second Tier, Series 2008F, 5.750%, 1/01/38 (Pre-refunded 1/01/18)
1/18 at 100.00
 
A2 (4)
 
3,043,146
 
 
455
 
Texas Municipal Gas Acquisition and Supply Corporation I, Gas Supply Revenue Bonds, Series 2006B, 1.120%, 12/15/17
12/16 at 100.00
 
BBB+
 
453,007
 
 
110
 
Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012, 5.000%, 12/15/32
No Opt. Call
 
A3
 
124,704
 
 
165
 
Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, First Tier Refunding Series 2015B, 5.000%, 8/15/37
8/24 at 100.00
 
A–
 
193,415
 
 
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+
 
549,077
 
 
10,880
 
Total Texas
       
12,181,610
 
     
Virginia – 0.6%
           
 
100
 
Peninsula Ports Authority of Virginia, Coal Terminal Revenue Bonds, Dominion Terminal Associates Project-DETC Issue, Refunding Series 2003, 1.550%, 10/01/33 (Mandatory put 10/01/19) (WI/DD, Settling 10/03/16)
No Opt. Call
 
BBB+
 
99,953
 

NUVEEN
25


NIM
Nuveen Select Maturities Municipal Fund
 
 
Portfolio of Investments (continued)
September 30, 2016 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Virginia (continued)
           
$
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
$
652,982
 
 
665
 
Total Virginia
       
752,935
 
     
Washington – 2.3%
           
 
1,000
 
Port of Seattle, Washington, Revenue Bonds, Intermediate Lien Series 2015C, 5.000%, 4/01/23 (Alternative Minimum Tax)
No Opt. Call
 
A+
 
1,209,210
 
 
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
 
1,181,198
 
 
585
 
Whidbey Island Public Hospital District, Island County, Washington, General Obligation Bonds, Whidbey General Hospital, Series 2013, 5.500%, 12/01/33
12/22 at 100.00
 
Baa2
 
649,215
 
 
2,635
 
Total Washington
       
3,039,623
 
     
West Virginia – 0.3%
           
 
135
 
West Virginia Economic Development Authority, Energy Revenue Bonds, Morgantown Energy Associates Project, Refunding Series 2016, 2.875%, 12/15/26 (Alternative Minimum Tax)
No Opt. Call
 
N/R
 
135,807
 
 
250
 
West Virginia Economic Development Authority, Solid Waste Disposal Facilities Revenue Bonds, Appalachian Power Company – Amos Project, Series 2011A, 1.700%, 1/01/41 (Mandatory put 9/01/20) (Alternative Minimum Tax)
No Opt. Call
 
BBB+
 
249,960
 
 
385
 
Total West Virginia
       
385,767
 
     
Wisconsin – 3.3%
           
 
250
 
Public Finance Authority of Wisconsin, Solid Waste Disposal Revenue Bonds, Waste Management Inc., Refunding Series 2016A-2, 2.875%, 5/01/27 (Alternative Minimum Tax)
5/26 at 100.00
 
A–
 
257,728
 
     
University of Wisconsin Hospitals and Clinics Authority, Revenue Bonds, Refunding Series 2013A:
           
 
755
 
4.000%, 4/01/20
No Opt. Call
 
Aa3
 
831,058
 
 
15
 
5.000%, 4/01/22
No Opt. Call
 
Aa3
 
17,938
 
 
325
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Health Care, Inc., Series 2010B, 5.000%, 7/15/20
No Opt. Call
 
A2
 
366,035
 
 
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
 
780,476
 
 
30
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ministry Health Care, Inc., Refunding 2012C, 5.000%, 8/15/17 (ETM)
No Opt. Call
 
AA (4)
 
31,108
 
 
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–
 
1,856,774
 
     
Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Refunding Series 2009A:
           
 
45
 
5.000%, 5/01/21
5/19 at 100.00
 
AA–
 
49,698
 
 
35
 
5.375%, 5/01/25
5/19 at 100.00
 
AA–
 
38,941
 
 
40
 
5.625%, 5/01/28
5/19 at 100.00
 
AA–
 
44,726
 
 
150
 
6.000%, 5/01/33
5/19 at 100.00
 
AA–
 
168,675
 
 
3,820
 
Total Wisconsin
       
4,443,157
 
$
121,876
 
Total Municipal Bonds (cost $121,109,896)
       
130,531,045
 
 
 
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 (7), (8)
5.500%
7/15/19
 
N/R
$
10,194
 
 
4
 
Las Vegas Monorail Company, Senior Interest Bonds (7), (8)
5.500%
7/15/55
 
N/R
 
2,221
 
$
21
 
Total Corporate Bonds (cost $1,880)
         
12,415
 
     
Total Long-Term Investments (cost $121,111,776)
         
130,543,460
 

26
NUVEEN


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
SHORT-TERM INVESTMENTS – 1.5%
           
                   
     
MUNICIPAL BONDS – 1.5%
           
                   
     
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) (9)
No Opt. Call
 
A–1
$
1,002,090
 
     
Nebraska – 0.7%
           
 
1,000
 
Sarpy County Hospital Authority 1, Nebraska, Health Facilities Revenue Bonds, Nebraska Medicine, Tender Option Bond Floater 2016-ZM0398, 0.693%, 5/15/51 (9)
5/26 at 100.00
 
AA–
 
1,000,000
 
$
2,000
 
Total Short-Term Investments (cost $2,000,000)
       
2,002,090
 
     
Total Investments (cost $123,111,776) – 99.2%
       
132,545,550
 
     
Other Assets Less Liabilities – 0.8%
       
1,012,704
 
     
Net Assets – 100%
     
$
133,558,254
 

(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)
For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. 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)
Step-up coupon. The rate shown is the coupon as of the end of the reporting period.
(6)
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.
(7)
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.
(8)
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.
(9)
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.
 
See accompanying notes to financial statements.

NUVEEN
27


Statement of 
 
 
Assets and Liabilities
September 30, 2016 (Unaudited)

         
Assets
       
Long-term investments, at value (cost $121,111,776)
 
$
130,543,460
 
Short-term investments, at value (cost $2,000,000)
   
2,002,090
 
Cash
   
157,489
 
Receivable for:
       
Interest
   
1,533,120
 
Investments sold
   
260,000
 
Other assets
   
2,485
 
Total assets
   
134,498,644
 
Liabilities
       
Payable for:
       
Dividends
   
314,805
 
Investments purchased
   
533,360
 
Accrued expenses:
       
Management fees
   
50,512
 
Trustees fees
   
768
 
Other
   
40,945
 
Total liabilities
   
940,390
 
Net assets
 
$
133,558,254
 
Shares outstanding
   
12,444,868
 
Net asset value ("NAV") per share outstanding
 
$
10.73
 
Net assets consist of:
       
Shares, $0.01 par value per share
 
$
124,449
 
Paid-in surplus
   
123,838,202
 
Undistributed (Over-distribution of) net investment income
   
142,282
 
Accumulated net realized gain (loss)
   
19,547
 
Net unrealized appreciation (depreciation)
   
9,433,774
 
Net assets
 
$
133,558,254
 
Authorized shares
   
Unlimited
 
See accompanying notes to financial statements.
 
28
NUVEEN


Statement of 
 
 
Operations
Six Months Ended September 30, 2016 (Unaudited)

         
Investment Income
 
$
2,353,766
 
Expenses
       
Management fees
   
308,704
 
Custodian fees
   
21,625
 
Trustees fees
   
1,989
 
Professional fees
   
11,749
 
Shareholder reporting expenses
   
16,812
 
Shareholder servicing agent fees
   
2,875
 
Stock exchange listing fees
   
3,922
 
Investor relations expenses
   
8.161
 
Other
   
8,691
 
Total expenses
   
384,528
 
Net investment income (loss)
   
1,969,238
 
Realized and Unrealized Gain (Loss)
       
Net realized gain (loss) from investments
   
141,918
 
Change in net unrealized appreciation (depreciation) of investments
   
1,029,697
 
Net realized and unrealized gain (loss)
   
1,171,615
 
Net increase (decrease) in net assets from operations
 
$
3,140,853
 
See accompanying notes to financial statements.

NUVEEN
29


Statement of
   
 
Changes in Net Assets
(Unaudited)

   
Six Months
Ended
9/30/16
 
Year
Ended
3/31/16
 
     
     
               
Operations
             
Net investment income (loss)
 
$
1,969,238
 
$
3,937,524
 
Net realized gain (loss) from investments
   
141,918
   
147,244
 
Change in net unrealized appreciation (depreciation) of investments
   
1,029,697
   
512,937
 
Net increase (decrease) in net assets from operations
   
3,140,853
   
4,597,705
 
Distributions to Shareholders
             
From net investment income
   
(1,941,219
)
 
(4,089,960
)
Decrease in net assets from distributions to shareholders
   
(1,941,219
)
 
(4,089,960
)
Capital Share Transactions
             
Net proceeds from shares issued to shareholders due to reinvestment of distributions
   
21,437
   
11,750
 
Net increase (decrease) in net assets from capital share transactions
   
21,437
   
11,750
 
Net increase (decrease) in net assets
   
1,221,071
   
519,495
 
Net assets at the beginning of period
   
132,337,183
   
131,817,688
 
Net assets at the end of period
 
$
133,558,254
 
$
132,337,183
 
Undistributed (Over-distribution of) net investment income at the end of period
 
$
142,282
 
$
114,263
 
See accompanying notes to financial statements.

30
NUVEEN


THIS PAGE INTENTIONALLY LEFT BLANK

NUVEEN
31


Financial
   
 
Highlights (Unaudited)
 
Selected data for a share outstanding throughout each period:
 
       
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
Share
Price
 
                   
                   
   
)
)
           
Year Ended 3/31:
                                               
2017(c)
 
$
10.64
 
$
0.16
 
$
0.09
 
$
0.25
 
$
(0.16
)
$
 
$
(0.16
)
$
10.73
 
$
10.70
 
2016
   
10.59
   
0.32
   
0.06
   
0.38
   
(0.33
)
 
   
(0.33
)
 
10.64
   
10.57
 
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
 

32
NUVEEN


           
Ratios/Supplemental Data
 
 
Total Returns
         
Ratios to Average Net Assets
       
       
Based
               
Net
       
 
Based
   
on
   
Ending
         
Investment
   
Portfolio
 
 
on
   
Share
   
Net Assets
         
Income
   
Turnover
 
 
NAV
(a)
 
Price
(a)
 
(000
)
 
Expenses
   
(Loss
)
 
Rate
(b)
                                   
 
2.32
%
 
2.71
%
$
133,558
   
0.57
%*
 
2.94
%*
 
8
%
 
3.66
   
1.24
   
132,337
   
0.57
   
3.01
   
20
 
 
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
 
 
(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, 2016.
   
*
Annualized.
See accompanying notes to financial statements.

NUVEEN
33


Notes to Financial Statements (Unaudited)
1. General Information and Significant Accounting Policies
General Information
Fund Information
The fund covered in this report and its corresponding New York Stock Exchange ("NYSE") symbol is Nuveen Select Maturities Municipal Fund (NIM) (the "Fund"). The Fund is registered under the Investment Company Act of 1940, as amended, as a diversified, closed-end management investment company. The Fund was organized as a Massachusetts business trust on July 23, 1992.
The end of the reporting period for the Fund is September 30, 2016, and the period covered by these Notes to Financial Statements is the six months ended September 30, 2016 (the "current fiscal period").
Investment Adviser
The Fund's investment adviser is Nuveen Fund Advisors, LLC (the "Adviser"), a wholly-owned subsidiary of Nuveen Investments, Inc. ("Nuveen"). Nuveen is an operating division of TIAA Global Asset Management. The Adviser has overall responsibility for management of the Fund, oversees the management of the Fund's portfolios, manages the Fund's business affairs and provides certain clerical, bookkeeping and other administrative services, and, if necessary, asset allocation decisions. The Adviser has entered into a sub-advisory agreement with Nuveen Asset Management, LLC (the "Sub-Adviser"), a subsidiary of the Adviser, under which the Sub-Adviser manages the investment portfolio of the Fund.
Investment Objectives and Principal Investment Strategies
The Fund seeks to provide current income exempt from regular federal income tax, consistent with the preservation of capital by investing in an investment-grade quality portfolio of municipal obligations with intermediate characteristics. In managing its portfolio, the Fund has purchased municipal obligations having remaining effective maturities of no more than fifteen years with respect to 80% of its total assets that, in the opinion of the Sub-Adviser, represent the best value in terms of the balance between yield and capital preservation currently available from the intermediate sector of the municipal market. The Sub-Adviser will actively monitor the effective maturities of the Fund's investments in response to prevailing market conditions, and will adjust its portfolio consistent with its investment policy of maintaining an average effective remaining maturity of twelve years or less.
Effective August 5, 2016, the Fund added an investment policy to limit the amount of securities subject to the alternative minimum tax to no more than 20% of the Fund's net assets.
Significant Accounting Policies
The Fund is an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 946 "Financial Services – Investment Companies." The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements in accordance with U.S. generally accepted accounting principles ("U.S. GAAP").
Investment Transactions
Investment transactions are recorded on a trade date basis. Realized gains and losses from investment transactions are determined on the specific identification method, which is the same basis used for federal income tax purposes. Investments purchased on a when-issued/delayed delivery basis may have extended settlement periods. Any investments so purchased are subject to market fluctuation during this period. The Fund has earmarked securities in its portfolio with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments.
As of the end of the reporting period, the Fund's outstanding when-issued/delayed delivery purchase commitments were as follows:

         
Outstanding when-issued/delayed delivery purchase commitments
 
$
100,009
 
Investment Income
Investment income, which reflects the amortization of premiums and accretion of discounts for financial reporting purposes, is recorded on an accrual basis. Investment income also reflects paydown gains and losses, if any.

34
NUVEEN


Professional Fees
Professional fees presented on the Statement of Operations consist of legal fees incurred in the normal course of operations, audit fees, tax consulting fees and, in some cases, workout expenditures. Workout expenditures are incurred in an attempt to protect or enhance an investment or to pursue other claims or legal actions on behalf of Fund shareholders. If a refund is received for workout expenditures paid in a prior reporting period, such amounts will be recognized as "Legal fee refund" on the Statement of Operations.
Dividends and Distributions to Shareholders
Dividends from net investment income are declared monthly. Net realized capital gains and/or market discount from investment transactions, if any, are distributed to shareholders at least annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards.
Distributions to shareholders of net investment income, net realized capital gains and/or market discount, if any, are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.
Indemnifications
Under the Fund's organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund enters into contracts that provide general indemnifications to other parties. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. However, the Fund has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.
Netting Agreements
In the ordinary course of business, the Fund may enter into transactions subject to enforceable International Swaps and Derivative Association, Inc. ("ISDA") master agreements or other similar arrangements ("netting agreements"). Generally, the right to offset in netting agreements allows the Fund to offset certain securities and derivatives with a specific counterparty, when applicable, as well as any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, the Fund manages its cash collateral and securities collateral on a counterparty basis.
The Fund's investments subject to netting agreements as of the end of the reporting period, if any, are further described in Note 3 – Portfolio Securities and Investments in Derivatives.
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results may differ from those estimates.
2. Investment Valuation and Fair Value Measurements
The fair valuation input levels as described below are for fair value measurement purposes.
Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.

Level 1 – 
Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2 – 
Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, 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).
Prices of fixed income securities are provided by an independent pricing service ("pricing service") approved by the Fund's Board of Trustees (the "Board"). The pricing service establishes a security's fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor's credit characteristics considered relevant. These securities are generally classified as Level 2. In pricing certain securities, particularly less liquid and lower quality securities, the pricing service may consider information about a security, its issuer or market activity provided by the Adviser. These securities are generally classified as Level 2 or Level 3 depending on the observability of the significant inputs.

NUVEEN
35


Notes to Financial Statements (Unaudited) (continued)
Certain securities may not be able to be priced by the pre-established pricing methods as described above. Such securities may be valued by the Board and/or its appointee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; debt securities that have gone into default and for which there is no current market quotation; a security whose market price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of the Fund's net asset value ("NAV") (as may be the case in non-U.S. markets on which the security is primarily traded) or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the pricing service, is not deemed to reflect the security's fair value. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor's credit characteristics considered relevant. These securities are generally classified as Level 2 or Level 3 depending on the observability of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the Board and/or its appointee.
The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of the Fund's fair value measurements as of the end of the reporting period:

     
Level 1
   
Level 2
   
Level 3
   
Total
 
Long-Term Investments:
                         
Municipal Bonds*
 
$
 
$
130,531,045
 
$
 
$
130,531,045
 
Corporate Bonds**
   
   
   
12,415
***
 
12,415
 
Short-Term Investments:
                         
Municipal Bonds*
   
   
2,002,090
   
   
2,002,090
 
Total
 
$
 
$
132,533,135
 
$
12,415
***
$
132,545,550
 

*
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 securities classified as Level 3.
The Board is responsible for the valuation process and has appointed the oversight of the daily valuation process to the Adviser's Valuation Committee. The Valuation Committee, pursuant to the valuation policies and procedures adopted by the Board, is responsible for making fair value determinations, evaluating the effectiveness of the Fund's pricing policies and reporting to the Board. The Valuation Committee is aided in its efforts by the Adviser's dedicated Securities Valuation Team, which is responsible for administering the daily valuation process and applying fair value methodologies as approved by the Valuation Committee. When determining the reliability of independent pricing services for investments owned by the Fund, the Valuation Committee, among other things, conducts due diligence reviews of the pricing services and monitors the quality of security prices received through various testing reports conducted by the Securities Valuation Team.
The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making a fair value determination, based on the facts and circumstances specific to the portfolio instrument. Fair value determinations generally will be derived as follows, using public or private market information:

(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.
The purchase price of a portfolio instrument will be used to fair value the instrument only if no other valuation methodology is available or deemed appropriate, and it is determined that the purchase price fairly reflects the instrument's current value.
For each portfolio security that has been fair valued pursuant to the policies adopted by the Board, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such testing and fair valuation occurrences are reported to the Board.

36
NUVEEN


3. Portfolio Securities and Investments in Derivatives
Portfolio Securities
Zero Coupon Securities
A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. Income to the holder of the security comes from accretion of the difference between the original purchase price of the security at issuance and the par value of the security at maturity and is effectively paid at maturity. The market prices of zero coupon securities generally are more volatile than the market prices of securities that pay interest periodically.
Investments in Derivatives
The Fund is authorized to invest in certain derivative instruments such as futures, options and swap contracts. The Fund limits its investments in futures, options on futures and swap contracts to the extent necessary for the Adviser to claim the exclusion from registration by the Commodity Futures Trading Commission as a commodity pool operator with respect to the Fund. The Fund records derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Fund's investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes.
Although the Fund is authorized to invest in derivative instruments and may do so in the future, it did not make any such investments during the current fiscal period.
Market and Counterparty Credit Risk
In the normal course of business the Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose the Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of the Fund's exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities.
The Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of the Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when the Fund has an unrealized loss, the Fund has instructed the custodian to pledge assets of the Fund as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the pre-determined threshold amount.
4. Fund Shares
Transactions in shares during the Fund's current and prior fiscal period, were as follows:
   
Six Months
Ended
9/30/16
   
Year
Ended
3/31/16
 
Shares issued to shareholders due to reinvestment of distributions
   
1,987
     
1,111
 
5. Investment Transactions
Long-term purchases and sales (including maturities) during the current fiscal period aggregated $10,323,827 and $10,642,000, respectively.
6. Income Tax Information
The Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and to otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required. Furthermore, the Fund intends to satisfy conditions that will enable interest from municipal securities, which is exempt from regular federal and designated state income taxes, to retain such tax-exempt status when distributed to shareholders of the Fund. Net realized capital gains and ordinary income distributions paid by the Fund are subject to federal taxation.
For all open tax years and all major taxing jurisdictions, management of the Fund has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax year ends and the interim tax period since then). Furthermore, management of the Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount and timing differences in recognizing certain gains and losses on investment transactions. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts as detailed below. Temporary differences do not require reclassification. Temporary and permanent differences do not impact the NAV of the Fund.

NUVEEN
37


Notes to Financial Statements (Unaudited) (continued)
As of September 30, 2016, the cost and unrealized appreciation (depreciation) of investments, as determined on a federal income tax basis, were as follows:
         
Cost of investments
 
$
122,976,447
 
Gross unrealized:
       
Appreciation
 
$
9,678,159
 
Depreciation
   
(109,056
)
Net unrealized appreciation (depreciation) of investments
 
$
9,569,103
 
Permanent differences, primarily due to taxable market discount, resulted in reclassifications among the Fund's components of net assets as of March 31, 2016, the Fund's last tax year end, as follows:

         
Paid-in-surplus
 
$
6
 
Undistributed (Over-distribution of) net investment income
   
(3,914
)
Accumulated net realized gain (loss)
   
3,908
 
The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains as of March 31, 2016, the Fund's last tax year end, were as follows:

         
Undistributed net tax-exempt income1
 
$
274,096
 
Undistributed net ordinary income2
   
 
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 1, 2016, paid on April 1, 2016.
2
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
The tax character of distributions paid during the Fund's last tax year ended March 31, 2016 was designated for purposes of the dividends paid deduction as follows:

         
Distributions from net tax-exempt income
 
$
3,994,604
 
Distributions from net ordinary income2
   
113,990
 
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.
As of March 31, 2016, the Fund's last tax year end, the Fund had unused capital loss carryforwards available for federal income tax purposes to be applied against future capital gains, if any. If not applied, the carryforwards will expire as shown in the following table. The losses not subject to expiration will be utilized first by the Fund.

         
Expiration:
       
March 31, 2017
 
$
110,784
 
Not subject to expiration
   
 
Total
 
$
110,784
 
During the Fund's last tax year ended March 31, 2016, the Fund utilized $150,231 of its capital loss carryforward.

38
NUVEEN


7. Management Fees and Other Transactions with Affiliates
Management Fees
The Fund's management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Sub-Adviser is compensated for its services to the Fund from the management fees paid to the Adviser.
The Fund's management fee consists of two components – a fund-level fee, based only on the amount of assets within the Fund, and a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser. This pricing structure enables Fund shareholders to benefit from growth in the assets within the Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.
For the period April 1, 2016 through July 31, 2016, the annual Fund-level fee, payable monthly, for the Fund was calculated according to the following schedule:

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
 
Effective August 1, 2016, the annual Fund-level fee, payable monthly, for the Fund is calculated according to the following schedule:

Average Daily Managed 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 the next $3 billion
   
0.2250
 
For managed assets over $5 billion
   
0.2125
 
The annual complex-level fee, payable monthly, for the Fund is calculated by multiplying the current complex-wide fee rate, determined according to the following schedule by the Fund's daily net assets:

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 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 a determined amount (originally $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, 2016, the complex-level fee rate for the Fund was 0.1607%.

NUVEEN
39


Notes to Financial Statements (Unaudited) (continued)
Other Transactions with Affiliates
The Fund pays no compensation directly to those of its trustees who are affiliated with the Adviser or to its officers, all of whom receive remuneration for their services to the Fund from the Adviser or its affiliates. The Board has adopted a deferred compensation plan for independent trustees that enables trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.
The Fund is permitted to purchase or sell securities from or to certain other funds managed by the Adviser ("inter-fund trade") under specified conditions outlined in procedures adopted by the Board. These procedures have been designed to ensure that any inter-fund trade of securities by the Fund from or to another fund that is, or could be, considered an affiliate of the Fund under certain limited circumstances by virtue of having a common investment adviser (or affiliated investment adviser), common officer and/or common trustee complies with Rule 17a-7 of the 1940 Act. Further, as defined under these procedures, each inter-fund trade is effected at the current market price as provided by an independent pricing service. Unsettled inter-fund trades as of the end of the reporting period are recognized as a component of "Receivable for investments sold" and/or "Payable for investments purchased" on the Statement of Assets and Liabilities, when applicable.
During the current fiscal period, the Fund engaged in inter-fund trades pursuant to these procedures as follows:
         
Purchases
 
$
658,473
 
Sales
   
 
8. Borrowing Arrangements
Uncommitted Line of Credit
During the current fiscal period, the Fund participated in an unsecured bank line of credit ("Unsecured Credit Line") under which outstanding balances would bear interest at a variable rate. Although the Fund participated in the Unsecured Credit Line, it did not have any outstanding balances during the current fiscal period.
Committed Line of Credit
The Fund, along with certain other funds managed by the Adviser ("Participating Funds"), established a 364-day, approximately $2.5 billion standby credit facility with a group of lenders, under which the Participating Funds may borrow for various purposes other than leveraging for investment purposes. A large portion of this facility's capacity (and its associated costs as described below) is currently dedicated for use by a small number of Participating Funds, which does not include the Fund covered by this shareholder report. The remaining capacity under the facility (and the corresponding portion of the facility's annual costs) is separately dedicated to most of the other open-end funds in the Nuveen fund family, along with a number of Nuveen closed-end funds, including the Fund covered by this shareholder report. The credit facility expires in July 2017 unless extended or renewed.
The credit facility has the following terms: a fee of 0.15% per annum on unused commitment amounts, and interest at a rate equal to the higher of (a) one-month LIBOR (London Inter-Bank Offered Rate) plus 1.25% per annum or (b) the Fed Funds rate plus 1.25% per annum on amounts borrowed. Participating Funds paid administration, legal and arrangement fees, which are recognized as a component of "Other expenses" on the Statement of Operations, and along with commitment fees, have been allocated among such Participating Funds based upon the relative proportions of the facility's aggregate capacity reserved for them and other factors deemed relevant by the Adviser and the Board of each Participating Fund.
During the current fiscal period, the Fund did not utilize this facility.

40
NUVEEN


Additional Fund Information

Board of Trustees