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: March 31, 2017

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 
9 
Risk Considerations 
11 
Performance Overview and Holding Summaries 
12 
Report of Independent Registered Public Accounting Firm 
14 
Portfolio of Investments 
15 
Statement of Assets and Liabilities 
30 
Statement of Operations 
31 
Statement of Changes in Net Assets 
32 
Financial Highlights 
34 
Notes to Financial Statements 
36 
Additional Fund Information 
43 
Glossary of Terms Used in this Report 
44 
Reinvest Automatically, Easily and Conveniently 
45 
Board Members & Officers 
46 
 
NUVEEN 3

 

Chairman’s Letter to Shareholders


Dear Shareholders,
Whether politics or the economy will prevail over the financial markets this year has been a much-analyzed question. After the U.S. presidential election, stocks rallied to new all-time highs, bonds tumbled, and business and consumer sentiment grew pointedly optimistic. But, to what extent the White House can translate rhetoric into stronger economic and corporate earnings growth remains to be seen. Stock prices have experienced upward momentum driven by positive economic news, interest rates are higher amid the Federal Reserve (Fed) rate hikes and inflation is ticking higher.
The Trump administration's early policy decisions have caused the markets to reassess their outlooks, cooling the stock market rally and stabilizing bond prices. The White House's pro-growth agenda of tax reform, infrastructure spending and deregulation remains on the table, but there is growing recognition that it may look different than Wall Street had initially expected.
Nevertheless, there is a case for optimism. The jobs recovery, firming wages, the housing market and confidence measures are supportive of continued expansion in the economy. The Fed enacted its second and third interest rate hikes in December 2016 and March 2017, respectively, a vote of confidence that its employment and inflation targets are on track. Economies outside the U.S. have strengthened in recent months, possibly heralding the beginnings of a global synchronized recovery. Furthermore, the populist/nationalist undercurrent that helped deliver President Trump’s win and the U.K.’s decision to leave the European Union (or “Brexit”) remained in the minority in the Dutch general election in March and France’s presidential election in May, easing the political uncertainty surrounding Germany’s elections later this year.
In the meantime, the markets will be focused on economic sentiment surveys along with “hard” data such as consumer and business spending to gauge the economy’s progress. With the Fed now firmly in tightening mode, rate moves that are more aggressive than expected could spook the markets and potentially stifle economic growth. On the political economic front, President Trump’s other signature platform plank, protectionism, is arguably anti-growth. We expect some churning in the markets as these issues sort themselves out.
Market volatility readings have been remarkably low of late, but conditions can change quickly. As market conditions evolve, Nuveen remains committed to rigorously assessing opportunities and risks. 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
May 22, 2017
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, LLC. Portfolio manager Paul L. Brennan, CFA, reviews U.S. economic and municipal market conditions, key investment strategies and the twelve-month performance of the Nuveen Select Maturities Municipal Fund (NIM). Paul has managed NIM since 2006.
What factors affected the U.S. economy and the national municipal bond market during the twelve-month reporting period ended March 31, 2017?
The U.S. economy continued to expand at its below-trend rate but showed some signs of strengthening in the latter months of the reporting period. For 2016 as a whole, the Bureau of Economic Analysis reported that the economy grew at an annual rate of 1.6%, as measured by real gross domestic product (GDP), which is the value of goods and services produced by the nation’s economy less the value of the goods and services used up in production, adjusted for price changes. Despite a boost in third-quarter GDP from a short-term jump in exports, economic activity in the other three calendar quarters of 2016 stayed near or below the 2% growth mark.
In the first quarter of 2017, growth slackened to an annual rate of 0.7%, tempered by a slowdown in consumer and government spending, according to the government’s “advance” estimate. The deceleration in first-quarter GDP growth, followed by a reaccel-eration in the spring and summer, has been a trend over the past few years. Moreover, other signs of positive momentum remain. The labor market continued to tighten, inflation ticked higher, and consumer and business confidence surveys reflected optimism about the economy’s prospects. As reported by the Bureau of Labor Statistics, the unemployment rate fell to 4.5% in March 2017 from 5.0% in March 2016 and job gains averaged around 200,000 per month for the past twelve months. Higher oil prices helped drive a steady increase in inflation over this reporting period. The twelve-month change in the Consumer Price Index (CPI) rose from the low of 0.8% in July 2016 to 2.4% over the twelve-month reporting period ended March 2017 on a seasonally adjusted basis, as reported by the U.S. Bureau of Labor Statistics. The core CPI (which excludes food and energy) increased 2.0% during the same period, equal to the Federal Reserve’s (Fed) unofficial longer term inflation objective of 2.0%. The housing market also continued to improve, with historically low mortgage rates and low inventory driving home prices higher. The S&P CoreLogic Case-Shiller U.S. National Home Price Index, which covers all nine U.S. census divisions, recorded a 5.8% annual gain in February 2017 (most recent data available at the time this report was prepared) (effective July 26, 2016, the S&P/Case-Shiller U.S. National Home Price Index was renamed the S&P CoreLogic Case-Shiller U.S. National Home Price Index). The 10-City and 20-City Composites reported year-over-year increases of 5.2% and 5.9%, respectively.

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.
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)
The U.S. economic outlook struck a more optimistic tone, prompting the Fed’s policy making committee to raise its main benchmark interest rate in December 2016 and again in March 2017. These moves were widely expected by the markets and additional increases are anticipated in 2017 as the Fed seeks to gradually “normalize” interest rates.
The political environment was another major influence on the markets over the reporting period. In the U.S., the surprising election of Donald Trump boosted consumer, business and market sentiment, on hopes that President Trump’s policy agenda of tax reform, infrastructure spending and reduced regulation would reignite the economy. While U.S. stocks rallied particularly strongly in the months following the election, the advance slowed as concerns about the new administration’s immigration policy and the Republican’s health care bill began to weigh on the markets. Prior to the U.S. presidential election, Britain’s vote to leave the European Union, known as Brexit, roiled the markets in late June and July 2016. Although world stock markets largely recovered, sterling dropped to a 31-year low and remained volatile as the U.K. prepared for exit negotiations. Investors also worried whether the undercurrent of populism and nationalism supporting President Trump and Brexit victories could spread across Europe, where several countries have key elections in 2017.
The municipal bond market encountered elevated volatility over the twelve-month reporting period, driven by a sell-off and widening credit spreads following the surprise election results. Prior to the election, municipal bond mutual funds had been drawing steady inflows from September 2015 to October 2016, which kept demand outpacing supply and supported prices. However, beginning in mid-October, demand began to soften in anticipation of a Fed rate hike. Municipal bond prices continued to fall in November 2016 after President Trump’s win triggered rising inflation and interest rate expectations as well as speculation on tax code changes, and in December due to tax-loss selling. A sharp rise in interest rates after the election fueled a reversal in municipal bond fund flow. Municipal bond funds experienced large outflows in the fourth quarter of 2016, especially in the high yield municipal segment, which drove mutual fund managers to sell positions to help meet investor redemptions. At the same time, new issuance spiked in October 2016, further contributing to excess supply and exacerbating falling prices and credit spread widening. However, stabilizing market conditions in December gave way to a rally in the first quarter of 2017. Concerns that the new administration’s fiscal, tax and health care policy agenda could have a potentially negative impact on municipal bonds eased somewhat. By the end of the reporting period, interest rates stayed at a higher level than where they began.
In the reporting period overall, municipal bond issuance nationwide totaled $432.7 billion, an 11.2% gain from the issuance for the twelve-month period ended March 31, 2016. Gross issuance remains robust as issuers continue to actively and aggressively refund their outstanding debt given the low interest rate environment. In these transactions the issuers are issuing new bonds and taking the bond proceeds and redeeming (calling) old bonds. These refunding transactions have ranged from 40%-60% of total issuance over the past few years. The net issuance (all bonds issued less bonds redeemed) is actually much lower than the gross issuance. In fact, the total municipal bonds outstanding has actually declined in each of the past four calendar years. So, the gross is surging, but the net is not and this was an overall positive technical factor on municipal bond investment performance in recent years. However, as interest rates moved higher, the pace of refunding deals began to moderate.
Although the municipal bond market experienced widening credit spreads over a short period after the election, the trend was more attributable to technical conditions than a change in the fundamental backdrop. Despite the U.S. economy’s rather sluggish recovery, improving state and local balance sheets have contributed to generally good credit fundamentals. Higher tax revenue growth, better expense management and a more cautious approach to new debt issuance have led to credit upgrades and stable credit outlooks for many state and local issuers. While some pockets of weakness continued to grab headlines, including Illinois, New Jersey and Puerto Rico, their problems were largely contained, with minimal spillover into the broader municipal market.
6 NUVEEN

 
What key strategies were used to manage NIM during the twelve-month reporting period ended March 31, 2017?
The broad municipal bond market ended the reporting period in positive territory, as a rally in the latter months of the period helped recoup the losses from the post-election sell-off. Although interest rates were higher by the end of the reporting period, tightening credit spreads and a moderately flattening yield curve helped support municipal bond performance in general. 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 fact, we took advantage of cheaper relative valuations during the post-election sell-off to modestly increase the Fund’s exposure to lower rated and longer duration credits. We also more actively pursued tax loss swaps. That is, we sold some lower coupon bonds that were bought when interest rates were lower and used the proceeds to buy similarly structured bonds with higher coupons, to capitalize on the tax loss (which can be used to offset future taxable gains) and boost the Funds’ income distribution capabilities.
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 twelve-month reporting period ended March 31, 2017?
The table in NIM’s Performance Overview and Holding Summaries section of this report provides total returns for the Fund for the one-year, five-year and ten-year periods ended March 31, 2017. The Fund’s returns are compared with the performance of a corresponding market index.
For the twelve months ended March 31, 2017, the total return on net asset value (NAV) for NIM trailed the returns for the S&P Municipal Bond Intermediate 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 to bonds rated A and below, which was beneficial to performance because these segments performed well. The Fund’s duration and yield curve positioning was also favorable to performance. An overweight allocation to the shorter end of the yield curve contributed positively, as shorter maturities outperformed in this reporting period.
On a sector basis, the tobacco securitization and health care sectors were among the strongest performers in this reporting period, and the Fund’s holdings in these sectors aided performance. The Fund also benefited from the elevated level of pre-refunding activity, as the holdings in called bonds saw a boost in performance due to pre-refunding. Additionally, NIM’s positions in Chicago and Illinois general obligation (GO) bonds, including a Chicago Board of Education local GO, were advantageous to performance. However, the Fund’s allocation to the industrial development revenue/pollution control revenue (IDR/PCR) sector dampened performance, largely due to holdings in energy supplier First Energy. Although it represented a small weighting in the Fund, First Energy was a meaningful detractor to underperformance during this reporting period. The credit performed poorly as the company seeks to exit the power generation business, which has increased uncertainty about its financial health.
NUVEEN 7

 
Portfolio Manager’s Comments (continued)
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 the 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 its pricing service, or if its pricing service were to materially change its valuation methodology. On October 4, 2016, the Fund’s current municipal bond pricing service was acquired by the parent company of another pricing service. The two services have not yet combined their valuation organizations and process, but they announced in March 2017, that they anticipate doing so sometime in the ensuing several months. Such changes could have an impact on the net asset value of the Fund’s shares.

8 NUVEEN

 
Share Information
DISTRIBUTION INFORMATION
The following information regarding the Fund’s distributions is current as of March 31, 2017. 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 
   
0.0260
 
October 
   
0.0260
 
November 
   
0.0260
 
December 
   
0.0260
 
January 
   
0.0260
 
February 
   
0.0260
 
March 2017 
   
0.0260
 
Total Monthly Per Share Distributions 
 
$
0.3120
 
Ordinary Income Distribution* 
 
$
0.0027
 
Total Distributions from Net Investment Income 
 
$
0.3147
 
Total Distributions from Long-Term Capital Gains* 
 
$
0.0020
 
Total Distributions 
 
$
0.3167
 
Yields 
       
Market Yield** 
   
3.14
%
Taxable-Equivalent Yield** 
   
4.36
%
 
*
Distribution paid in December 2016.
**
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 March 31, 2017, the Fund had a positive UNII balance for tax and financial reporting purposes.

NUVEEN 9

 
Share Information (continued)
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.
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 March 31, 2017, 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 March 31, 2017, 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 
 
$
10.28
 
Share price 
 
$
9.93
 
Premium/(Discount) to NAV 
   
(3.40
)%
12-month average premium/(discount) to NAV 
   
(1.69
)%
 
10 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 11

 
NIM
Nuveen Select Maturities Municipal Fund
Performance Overview and Holding Summaries as of March 31, 2017
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 March 31, 2017
 
  Average Annual  
 
 
1-Year
   
5-Year
   
10-Year
 
NIM at NAV 
   
(0.43
)%
   
2.95
%
   
3.88
%
NIM at Share Price 
   
(3.13
)%
   
2.74
%
   
3.84
%
S&P Municipal Bond Intermediate Index 
   
0.06
%
   
3.02
%
   
4.50
%
 
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.



12 NUVEEN

 
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 
98.7% 
Corporate Bonds 
0.0% 
Short-Term Municipal Bonds 
0.3% 
Other Assets Less Liabilities 
1.0% 
Net Assets 
100% 
 
Portfolio Credit Quality 
 
(% of total investments) 
 
AAA/U.S.Guaranteed 
13.0% 
AA 
27.7% 
A 
28.3% 
BBB 
21.7% 
BB or Lower 
7.0% 
N/R (not rated) 
2.3% 
Total 
100% 
 
Portfolio Composition 
 
(% of total investments) 
 
Tax Obligation/Limited 
20.2% 
Transportation 
15.9% 
Health Care 
14.8% 
Utilities 
12.6% 
Tax Obligation/General 
11.5% 
U.S. Guaranteed 
10.8% 
Consumer Staples 
5.4% 
Other 
8.8% 
Total 
100% 
 
States and Territories 
 
(% of total municipal bonds) 
 
Illinois 
17.6% 
Texas 
9.1% 
California 
7.0% 
New Jersey 
6.4% 
Pennsylvania 
6.2% 
New York 
5.9% 
Ohio 
4.7% 
Florida 
4.5% 
South Carolina 
4.0% 
Wisconsin 
3.4% 
Arizona 
3.2% 
Louisiana 
3.0% 
Nevada 
2.4% 
Washington 
2.3% 
Indiana 
2.2% 
Other 
18.1% 
Total 
100% 
 
NUVEEN 13

 
Report of Independent Registered Public Accounting Firm
To the Board of Trustees and Shareholders of
Nuveen Select Maturities Municipal Fund:
We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Nuveen Select Maturities Municipal Fund (the “Fund”) as of March 31, 2017, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the three-year period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The financial highlights for the periods presented through March 31, 2014, were audited by other auditors whose report dated May 27, 2014, expressed an unqualified opinion on those financial highlights.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of March 31, 2017, by correspondence with the custodian and brokers or other appropriate auditing procedures. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Fund as of March 31, 2017, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the three-year period then ended, in conformity with U.S. generally accepted accounting principles.

/s/ KPMG LLP

Chicago, Illinois
May 25, 2017

14 NUVEEN

 
NIM 
 
Nuveen Select Maturities Municipal Fund 
 
Portfolio of Investments 
March 31, 2017 
 
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
LONG-TERM INVESTMENTS – 98.7% 
 
 
 
 
 
 
MUNICIPAL BONDS – 98.7% 
 
 
 
 
 
 
Alabama – 0.3% 
 
 
 
$       280 
 
Black Belt Energy Gas District, Alabama, Gas Supply Revenue Bonds, Series 2016A, 4.000%, 
3/21 at 100.59 
Aa3 
$       303,559 
 
 
7/01/46 (Mandatory put 6/01/21) 
 
 
 
125 
 
Mobile Spring Hill College Educational Building Authority, Alabama, Revenue Bonds, Spring Hill 
4/25 at 100.00 
N/R 
124,025 
 
 
College Project, Series 2015, 5.000%, 4/15/27 
 
 
 
405 
 
Total Alabama 
 
 
427,584 
 
 
Alaska – 0.1% 
 
 
 
155 
 
Alaska State, Sport Fishing Revenue Bonds, Refunding Series 2011, 5.000%, 4/01/21 
4/20 at 100.00 
A1 
171,339 
 
 
Arizona – 3.2% 
 
 
 
 
 
Arizona Health Facilities Authority, Hospital System Revenue Bonds, Phoenix Children’s 
 
 
 
 
 
Hospital, Refunding Series 2012A: 
 
 
 
275 
 
5.000%, 2/01/20 
No Opt. Call 
BBB+ 
300,699 
290 
 
5.000%, 2/01/27 
2/22 at 100.00 
BBB+ 
318,011 
 
 
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 
466,425 
685 
 
5.000%, 7/01/26 
7/22 at 100.00 
A1 
747,588 
685 
 
5.000%, 7/01/27 
7/22 at 100.00 
A1 
744,643 
115 
 
Pima County Industrial Development Authority, Arizona, Revenue Bonds, Tucson Electric Power 
3/23 at 100.00 
A– 
119,732 
 
 
Company Project, Series 2013A, 4.000%, 9/01/29 
 
 
 
 
 
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+ 
153,466 
135 
 
5.250%, 12/01/19 
No Opt. Call 
BBB+ 
146,262 
165 
 
5.000%, 12/01/32 
No Opt. Call 
BBB+ 
188,838 
735 
 
5.000%, 12/01/37 
No Opt. Call 
BBB+ 
853,526 
3,660 
 
Total Arizona 
 
 
4,039,190 
 
 
Arkansas – 0.4% 
 
 
 
525 
 
Independence County, Arkansas, Pollution Control Revenue Bonds, Arkansas Power and Light 
No Opt. Call 
A 
538,393 
 
 
Company Project, Series 2013, 2.375%, 1/01/21 
 
 
 
 
 
California – 6.9% 
 
 
 
300 
 
Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Senior Lien 
No Opt. Call 
A 
350,271 
 
 
Series 2013A, 5.000%, 10/01/23 
 
 
 
960 
 
California Health Facilities Financing Authority, Revenue Bonds, El Camino Hospital, Series 
2/27 at 100.00 
A+ 
950,256 
 
 
2017, 3.750%, 2/01/32 
 
 
 
250 
 
California Municipal Finance Authority, Charter School Revenue Bonds, Palmdale Aerospace 
7/26 at 100.00 
BB 
259,165 
 
 
Academy Project, Series 2016A, 5.000%, 7/01/31 
 
 
 
105 
 
California Pollution Control Financing Authority, Solid Waste Disposal Revenue Bonds, Waste 
No Opt. Call 
A– 
105,715 
 
 
Management Inc., Refunding Series 2015B-2, 3.125%, 11/01/40 (Mandatory put 11/03/25) 
 
 
 
 
 
(Alternative Minimum Tax) 
 
 
 
290 
 
California Pollution Control Financing Authority, Solid Waste Disposal Revenue Bonds, Waste 
No Opt. Call 
A– 
296,183 
 
 
Management Inc., Series 2015A-1, 3.375%, 7/01/25 (Alternative Minimum Tax) 
 
 
 
205 
 
California Pollution Control Financing Authority, Solid Waste Disposal Revenue Bonds, Waste 
No Opt. Call 
A– 
206,218 
 
 
Management, Inc. Project, Refunding Series 2015B-1, 3.000%, 11/01/25 (Alternative Minimum Tax) 
 
 
 
525 
 
California State, General Obligation Bonds, Various Purpose Series 2010, 5.500%, 3/01/40 
3/20 at 100.00 
AA– 
584,393 
 
NUVEEN 15

 
NIM 
Nuveen Select Maturities Municipal Fund 
 
 
Portfolio of Investments (continued) 
March 31, 2017 
 
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
California (continued) 
 
 
 
$       125 
 
California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda 
12/24 at 100.00 
BB+ 
$       135,996 
 
 
University Medical Center, Series 2014A, 5.250%, 12/01/29 
 
 
 
285 
 
California Statewide Communities Development Authority, Revenue Bonds, Kaiser Permanente, 
No Opt. Call 
AA– 
286,006 
 
 
Series 2009E-1, 5.000%, 4/01/44 (Mandatory put 5/01/17) 
 
 
 
250 
 
Delano, California, Certificates of Participation, Delano Regional Medical Center, Series 
1/23 at 100.00 
BBB– 
269,770 
 
 
2012, 5.000%, 1/01/24 
 
 
 
 
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed 
 
 
 
 
 
Bonds, Series 2007A-1: 
 
 
 
710 
 
4.500%, 6/01/27 
6/17 at 100.00 
B1 
711,306 
100 
 
5.000%, 6/01/33 
6/17 at 100.00 
B– 
99,995 
100 
 
Lake Elsinore Public Financing Authority, California, Local Agency Revenue Bonds, Canyon Hills 
9/24 at 100.00 
N/R 
107,623 
 
 
Improvement Area A & C, Series 2014C, 5.000%, 9/01/32 
 
 
 
365 
 
Lake Elsinore Redevelopment Agency, California, Special Tax Bonds, Community Facilities 
10/17 at 100.00 
AA 
370,822 
 
 
District 90-2, Series 2007A, 4.500%, 10/01/24 – AGM Insured 
 
 
 
1,000 
 
Mount San Antonio Community College District, Los Angeles County, California, General 
2/28 at 100.00 
Aa1 
914,190 
 
 
Obligation Bonds, Election of 2008, Series 2013A, 0.000%, 8/01/28 (5) 
 
 
 
2,000 
 
Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A, 0.000%, 8/01/25 – 
No Opt. Call 
AA 
1,519,760 
 
 
AGC Insured 
 
 
 
35 
 
Riverside County Transportation Commission, California, Toll Revenue Senior Lien Bonds, Series 
6/23 at 100.00 
BBB– 
39,229 
 
 
2013A, 5.750%, 6/01/44 
 
 
 
2,000 
 
San Diego Community College District, California, General Obligation Bonds, Refunding Series 
No Opt. Call 
Aaa 
883,280 
 
 
2011, 0.000%, 8/01/37 
 
 
 
415 
 
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue 
1/25 at 100.00 
BBB– 
463,692 
 
 
Bonds, Refunding Senior Lien Series 2014A, 5.000%, 1/15/29 
 
 
 
215 
 
Washington Township Health Care District, California, Revenue Bonds, Refunding Series 2015A, 
No Opt. Call 
Baa1 
246,384 
 
 
5.000%, 7/01/25 
 
 
 
10,235 
 
Total California 
 
 
8,800,254 
 
 
Colorado – 1.3% 
 
 
 
250 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, 
No Opt. Call 
BBB+ 
276,803 
 
 
Series 2008D-3, 5.000%, 10/01/38 (Mandatory put 11/12/21) 
 
 
 
 
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B: 
 
 
 
300 
 
0.000%, 9/01/29 – NPFG Insured 
No Opt. Call 
AA– 
187,947 
250 
 
0.000%, 9/01/33 – NPFG Insured 
No Opt. Call 
AA– 
128,715 
10 
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2007A-1, 5.250%, 
No Opt. Call 
AA– 
10,514 
 
 
9/01/18 – NPFG Insured 
 
 
 
1,000 
 
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004B, 0.000%, 3/01/36 – 
9/20 at 41.72 
AA– 
360,100 
 
 
NPFG Insured 
 
 
 
500 
 
Plaza Metropolitan District 1, Lakewood, Colorado, Tax Increment Revenue Bonds, Refunding 
No Opt. Call 
N/R 
528,410 
 
 
Series 2013, 5.000%, 12/01/20 
 
 
 
210 
 
Regional Transportation District, Colorado, Denver Transit Partners Eagle P3 Project Private 
7/20 at 100.00 
BBB+ 
232,254 
 
 
Activity Bonds, Series 2010, 6.000%, 1/15/41 
 
 
 
2,520 
 
Total Colorado 
 
 
1,724,743 
 
 
Connecticut – 0.8% 
 
 
 
100 
 
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Healthcare Facility 
9/17 at 100.00 
N/R 
98,163 
 
 
Expansion Church Home of Hartford Inc. Project, TEMPS-50 Series 2016B-2, 2.875%, 9/01/20 
 
 
 
905 
 
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Yale University, 
No Opt. Call 
AAA 
904,837 
 
 
Series 2010A-3, 0.875%, 7/01/49 (Mandatory put 2/08/18) 
 
 
 
1,005 
 
Total Connecticut 
 
 
1,003,000 
 
16 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, 
7/23 at 100.00 
BBB 
$       180,275 
 
 
5.000%, 7/01/28 
 
 
 
 
 
District of Columbia – 1.0% 
 
 
 
120 
 
District of Columbia Student Dormitory Revenue Bonds, Provident Group – Howard Properties LLC 
10/22 at 100.00 
BB+ 
114,974 
 
 
Issue, Series 2013, 5.000%, 10/01/30 
 
 
 
1,045 
 
District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, 
No Opt. Call 
Baa1 
1,201,039 
 
 
Series 2001, 6.500%, 5/15/33 
 
 
 
1,165 
 
Total District of Columbia 
 
 
1,316,013 
 
 
Florida – 4.4% 
 
 
 
440 
 
Broward County Housing Finance Authority, Florida, Multifamily Housing Revenue Bonds, Emerald 
4/17 at 100.00 
Aaa 
441,122 
 
 
Palms Apartments, Series 2001A, 5.600%, 7/01/21 (Alternative Minimum Tax) 
 
 
 
 
 
Citizens Property Insurance Corporation, Florida, Coastal Account Senior Secured Bonds, 
 
 
 
 
 
Series 2015A-1: 
 
 
 
555 
 
5.000%, 6/01/22 
12/21 at 100.00 
AA– 
636,019 
365 
 
5.000%, 6/01/25 
12/24 at 100.00 
AA– 
432,678 
200 
 
Citizens Property Insurance Corporation, Florida, High-Risk Account Revenue Bonds, Coastal 
No Opt. Call 
AA– 
209,098 
 
 
Account Senior Secured Series 2011A-1, 5.000%, 6/01/18 
 
 
 
 
 
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– 
52,274 
455 
 
5.000%, 6/01/20 
No Opt. Call 
AA– 
503,935 
 
 
Collier County Educational Facilities Authority, Florida, Revenue Bonds, Hodges University, 
 
 
 
 
 
Refunding Series 2013: 
 
 
 
90 
 
4.750%, 11/01/23 
No Opt. Call 
BBB– 
93,872 
370 
 
6.000%, 11/01/33 
11/23 at 100.00 
BBB– 
414,041 
600 
 
Florida Department of Environmental Protection, Florida Forever Revenue Bonds, Series 2007B, 
7/17 at 101.00 
AA– (4) 
612,432 
 
 
5.000%, 7/01/19 (Pre-refunded 7/01/17) – NPFG Insured 
 
 
 
 
 
Miami-Dade County, Florida, Public Facilities Revenue Bonds, Jackson Health System, 
 
 
 
 
 
Series 2009: 
 
 
 
10 
 
5.500%, 6/01/29 – AGM Insured 
6/19 at 100.00 
AA 
10,774 
10 
 
5.625%, 6/01/34 – AGC Insured 
6/19 at 100.00 
AA 
10,765 
625 
 
North Sumter County Utility Dependent District, Florida, Utility Revenue Bonds, Series 2010, 
No Opt. Call 
A 
672,944 
 
 
5.000%, 10/01/20 
 
 
 
90 
 
Palm Beach County Health Facilities Authority, Florida, Hospital Revenue Bonds, BRCH 
12/24 at 100.00 
BBB+ 
97,932 
 
 
Corporation Obligated Group, Refunding Series 2014, 5.000%, 12/01/31 
 
 
 
720 
 
South Miami Health Facilities Authority, Florida, Hospital Revenue, Baptist Health System 
8/17 at 100.00 
AA– 
730,037 
 
 
Obligation Group, Refunding Series 2007, 5.000%, 8/15/27 
 
 
 
 
 
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+ 
137,044 
350 
 
5.000%, 9/01/23 
9/22 at 100.00 
A+ 
395,892 
185 
 
5.000%, 9/01/25 
9/22 at 100.00 
A+ 
210,939 
5,235 
 
Total Florida 
 
 
5,661,798 
 
 
Georgia – 1.0% 
 
 
 
205 
 
Cherokee County Water and Sewerage Authority, Georgia, Revenue Bonds, Series 1995, 
8/22 at 100.00 
AA– (4) 
224,692 
 
 
5.200%, 8/01/25 (Pre-refunded 8/01/22) – NPFG Insured 
 
 
 
900 
 
Private Colleges and Universities Authority, Georgia, Revenue Bonds, Mercer University, 
10/22 at 100.00 
Baa2 
1,008,999 
 
 
Refunding Series 2012C, 5.250%, 10/01/23 
 
 
 
1,105 
 
Total Georgia 
 
 
1,233,691 
 
NUVEEN 17

 
NIM 
Nuveen Select Maturities Municipal Fund 
 
 
Portfolio of Investments (continued) 
March 31, 2017 
 
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, 
7/23 at 100.00 
A– 
$       153,366 
 
 
Series 2013, 5.500%, 7/01/43 
 
 
 
150 
 
Guam International Airport Authority, Revenue Bonds, Series 2013C, 6.375%, 10/01/43 
10/23 at 100.00 
BBB 
171,273 
 
 
(Alternative Minimum Tax) 
 
 
 
290 
 
Total Guam 
 
 
324,639 
 
 
Hawaii – 0.6% 
 
 
 
200 
 
Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific 
7/23 at 100.00 
BB 
214,144 
 
 
University, Series 2013A, 6.250%, 7/01/27 
 
 
 
20 
 
Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Queens Health 
7/25 at 100.00 
AA– 
23,149 
 
 
Systems, Series 2015A, 5.000%, 7/01/29 
 
 
 
510 
 
Hawaiian Electric Company Inc. and Its Subsidiaries, Special Purpose Revenue Bonds, 
No Opt. Call 
A– 
518,038 
 
 
Department of Budget and Finance of the State of Hawaii, Series 2015, 3.250%, 1/01/25 
 
 
 
 
 
(Alternative Minimum Tax) 
 
 
 
730 
 
Total Hawaii 
 
 
755,331 
 
 
Idaho – 0.4% 
 
 
 
565 
 
Nez Perce County, Idaho, Pollution Control Revenue Bonds, Potlatch Corporation Project, 
No Opt. Call 
Ba1 
538,733 
 
 
Refunding Series 2016, 2.750%, 10/01/24 
 
 
 
 
 
Illinois – 17.2% 
 
 
 
 
 
Cary, Illinois, Special Tax Bonds, Special Service Area 1, Refunding Series 2016: 
 
 
 
10 
 
2.150%, 3/01/23 – BAM Insured 
No Opt. Call 
AA 
9,713 
10 
 
2.350%, 3/01/24 – BAM Insured 
No Opt. Call 
AA 
9,628 
25 
 
2.700%, 3/01/26 – BAM Insured 
3/25 at 100.00 
AA 
23,878 
25 
 
2.900%, 3/01/28 – BAM Insured 
3/25 at 100.00 
AA 
23,330 
25 
 
3.050%, 3/01/30 – BAM Insured 
3/25 at 100.00 
AA 
23,419 
 
 
Cary, Illinois, Special Tax Bonds, Special Service Area 2, Refunding Series 2016: 
 
 
 
15 
 
2.150%, 3/01/23 – BAM Insured 
No Opt. Call 
AA 
14,569 
15 
 
2.350%, 3/01/24 – BAM Insured 
No Opt. Call 
AA 
14,442 
25 
 
2.700%, 3/01/26 – BAM Insured 
3/25 at 100.00 
AA 
23,878 
35 
 
2.900%, 3/01/28 – BAM Insured 
3/25 at 100.00 
AA 
32,994 
40 
 
3.050%, 3/01/30 – BAM Insured 
3/25 at 100.00 
AA 
37,281 
1,215 
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Capital 
4/27 at 100.00 
A 
1,253,710 
 
 
Improvement Revenues, Series 2016, 6.000%, 4/01/46 
 
 
 
235 
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Refunding 
No Opt. Call 
B+ 
229,809 
 
 
Series 2010F, 5.000%, 12/01/17 
 
 
 
300 
 
Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Senior Lien 
1/25 at 100.00 
A 
326,265 
 
 
Refunding Series 2015A, 5.000%, 1/01/33 (Alternative Minimum Tax) 
 
 
 
75 
 
Chicago, Illinois, General Obligation Bonds, Project and Refunding Series 2009C, 
1/19 at 100.00 
BBB+ 
74,310 
 
 
5.000%, 1/01/27 
 
 
 
 
 
Chicago, Illinois, General Obligation Bonds, Refunding Series 2016C: 
 
 
 
200 
 
5.000%, 1/01/23 
No Opt. Call 
BBB+ 
202,676 
225 
 
5.000%, 1/01/24 
No Opt. Call 
BBB+ 
227,293 
190 
 
5.000%, 1/01/25 
No Opt. Call 
BBB+ 
190,834 
55 
 
5.000%, 1/01/26 
No Opt. Call 
BBB+ 
54,957 
325 
 
Cook County, Illinois, General Obligation Bonds, Refunding Series 2012C, 5.000%, 11/15/21 
No Opt. Call 
AA– 
362,281 
185 
 
Cook County, Illinois, General Obligation Bonds, Refunding Series 2016A, 5.000%, 11/15/20 
No Opt. Call 
AA– 
203,089 
1,997 
 
Huntley, Illinois, Special Service Area 9, Special Tax Bonds, Series 2007, 5.100%, 3/01/28 – 
4/17 at 100.00 
AA 
2,003,710 
 
 
AGC Insured 
 
 
 
625 
 
Illinois Finance Authority, Gas Supply Refunding Revenue Bonds, The Peoples Gas Light and 
No Opt. Call 
Aa3 
628,756 
 
 
Coke Company Project, Series 2010B, 1.875%, 2/01/33 (Mandatory put 8/01/20) 
 
 
 
455 
 
Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2012, 5.000%, 9/01/27 
9/22 at 100.00 
BBB 
489,712 
560 
 
Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2014A, 
9/24 at 100.00 
BBB 
562,772 
 
 
4.625%, 9/01/39 
 
 
 
 
18 NUVEEN

 
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Illinois (continued) 
 
 
 
$       275 
 
Illinois Finance Authority, Revenue Bonds, Northwest Community Hospital, Series 2008A, 
7/18 at 100.00 
A+ (4) 
$       290,507 
 
 
5.500%, 7/01/38 (Pre-refunded 7/01/18) 
 
 
 
890 
 
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2007A, 5.750%, 
11/17 at 100.00 
A (4) 
916,771 
 
 
11/15/37 (Pre-refunded 11/15/17) 
 
 
 
1,850 
 
Illinois Finance Authority, Revenue Bonds, Presence Health Network, Series 2016C, 
No Opt. Call 
BBB 
1,904,890 
 
 
4.000%, 2/15/24 
 
 
 
250 
 
Illinois Finance Authority, Revenue Bonds, Roosevelt University, Series 2007, 5.250%, 4/01/22 
4/17 at 100.00 
Ba2 
250,080 
 
 
Illinois State, General Obligation Bonds, February Series 2014: 
 
 
 
370 
 
5.000%, 2/01/25 
2/24 at 100.00 
BBB 
388,112 
325 
 
5.000%, 2/01/26 
2/24 at 100.00 
BBB 
338,211 
 
 
Illinois State, General Obligation Bonds, Refunding Series 2012: 
 
 
 
390 
 
5.000%, 8/01/20 
No Opt. Call 
BBB 
411,165 
335 
 
5.000%, 8/01/21 
No Opt. Call 
BBB 
354,835 
1,000 
 
5.000%, 8/01/22 
No Opt. Call 
BBB 
1,059,210 
320 
 
5.000%, 8/01/23 
No Opt. Call 
BBB 
338,803 
300 
 
Illinois State, General Obligation Bonds, Series 2012A, 4.000%, 1/01/20 
No Opt. Call 
BBB 
306,975 
 
 
Illinois State, General Obligation Bonds, Series 2013: 
 
 
 
280 
 
5.500%, 7/01/25 
7/23 at 100.00 
BBB 
299,807 
240 
 
5.500%, 7/01/26 
7/23 at 100.00 
BBB 
256,027 
470 
 
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Refunding Senior Lien Series 
1/26 at 100.00 
AA– 
536,411 
 
 
2016A, 5.000%, 12/01/31 
 
 
 
450 
 
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2015B, 
1/26 at 100.00 
AA– 
501,912 
 
 
5.000%, 1/01/37 
 
 
 
1,380 
 
Kane & DeKalb Counties Community Unit School District 301, Illinois, General Obligation 
No Opt. Call 
Aa3 
1,341,263 
 
 
Bonds, Series 2006, 0.000%, 12/01/18 – NPFG Insured 
 
 
 
1,000 
 
Peoria Public Building Commission, Illinois, School District Facility Revenue Bonds, Peoria 
12/18 at 79.62 
AA 
774,820 
 
 
County School District 150 Project, Series 2009A, 0.000%, 12/01/22 – AGC Insured 
 
 
 
 
 
Railsplitter Tobacco Settlement Authority, Illinois, Tobacco Settlement Revenue Bonds, 
 
 
 
 
 
Series 2010: 
 
 
 
725 
 
5.000%, 6/01/19 
No Opt. Call 
A 
779,716 
1,000 
 
5.250%, 6/01/21 
No Opt. Call 
A 
1,134,130 
60 
 
6.250%, 6/01/24 
6/17 at 100.00 
A 
60,000 
450 
 
Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, 
No Opt. Call 
AA 
483,871 
 
 
Illinois, General Obligation Bonds, Series 1994D, 7.750%, 6/01/19 – FGIC Insured 
 
 
 
 
 
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 
64,933 
95 
 
7.250%, 11/01/36 
11/23 at 100.00 
AA 
122,566 
200 
 
7.625%, 11/01/48 
11/23 at 100.00 
AA 
260,126 
 
 
Springfield, Illinois, Electric Revenue Bonds, Senior Lien Series 2015: 
 
 
 
230 
 
5.000%, 3/01/33 
3/25 at 100.00 
A 
254,506 
145 
 
5.000%, 3/01/34 – AGM Insured 
3/25 at 100.00 
AA 
160,875 
500 
 
Sterling, Whiteside County, Illinois, General Obligation Bonds, Alternate Revenue Source, 
No Opt. Call 
A+ 
544,785 
 
 
Series 2012, 4.000%, 11/01/22 
 
 
 
355 
 
Will, Grundy, Kendall, LaSalle, Kankakee, Livingston and Cook Counties Community College 
6/18 at 100.00 
AA 
371,628 
 
 
District 525 Joliet Junior College, Illinois, General Obligation Bond, Series 2008, 
 
 
 
 
 
5.750%, 6/01/28 
 
 
 
455 
 
Williamson & Johnson Counties Community Unit School District 2, Marion, Illinois, Limited Tax 
10/19 at 103.00 
BBB+ 
496,796 
 
 
General Obligation Lease Certificates, Series 2011, 7.000%, 10/15/22 
 
 
 
21,257 
 
Total Illinois 
 
 
22,027,037 
 
 
Indiana – 2.2% 
 
 
 
140 
 
Indiana Finance Authority, Educational Facilities Revenue Bonds, Drexel Foundation For 
10/19 at 100.00 
B– 
139,317 
 
 
Educational Excellence, Inc., Series 2009A, 6.000%, 10/01/21 
 
 
 
 
NUVEEN 19

 
NIM 
Nuveen Select Maturities Municipal Fund 
 
 
Portfolio of Investments (continued) 
March 31, 2017 
 
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Indiana (continued) 
 
 
 
$       175 
 
Indiana Finance Authority, Tax-Exempt Private Activity Revenue Bonds, I-69 Section 5 Project, 
9/24 at 100.00 
BB– 
$       182,520 
 
 
Series 2014, 5.250%, 9/01/34 (Alternative Minimum Tax) 
 
 
 
140 
 
Indianapolis, Indiana, Thermal Energy System Revenue Bonds, Refunding First Lien Series 2014A, 
10/24 at 100.00 
A 
158,379 
 
 
5.000%, 10/01/31 
 
 
 
255 
 
Jasper County, Indiana, Pollution Control Revenue Refunding Bonds, Northern Indiana Public 
No Opt. Call 
AA– 
274,530 
 
 
Service Company Project, Series 1994A Remarketed, 5.850%, 4/01/19 – NPFG Insured 
 
 
 
250 
 
Lake County Building Corporation, Indiana, First Mortgage Bonds, Series 2012, 4.750%, 2/01/21 
No Opt. Call 
N/R 
260,452 
250 
 
Vanderburgh County, Indiana, Redevelopment District Tax Increment Revenue bonds, Refunding 
8/24 at 100.00 
A 
285,405 
 
 
Series 2014, 5.000%, 2/01/29 
 
 
 
865 
 
Whiting, Indiana, Environmental Facilities Revenue Bonds, BP Products North America Inc. 
No Opt. Call 
A2 
866,341 
 
 
Project, Series 2008, 1.850%, 6/01/44 (Mandatory put 10/01/19) 
 
 
 
600 
 
Whiting, Indiana, Environmental Facilities Revenue Bonds, BP Products North America Inc. 
No Opt. Call 
A2 
678,396 
 
 
Project, Series 2015, 5.000%, 11/01/45 (Mandatory put 11/01/22) (Alternative Minimum Tax) 
 
 
 
2,675 
 
Total Indiana 
 
 
2,845,340 
 
 
Iowa – 1.1% 
 
 
 
500 
 
Ames, Iowa, Hospital Revenue Bonds, Mary Greeley Medical Center, Series 2011, 5.250%, 
6/20 at 100.00 
A2 (4) 
561,065 
 
 
6/15/27 (Pre-refunded 6/15/20) 
 
 
 
 
 
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company 
 
 
 
 
 
Project, Series 2013: 
 
 
 
220 
 
5.000%, 12/01/19 
No Opt. Call 
B 
222,915 
215 
 
5.500%, 12/01/22 
12/18 at 100.00 
B 
216,533 
200 
 
5.250%, 12/01/25 
12/23 at 100.00 
B 
202,462 
185 
 
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company 
6/19 at 105.00 
B 
188,378 
 
 
Project, Series 2016, 5.875%, 12/01/27 
 
 
 
1,320 
 
Total Iowa 
 
 
1,391,353 
 
 
Kansas – 0.1% 
 
 
 
105 
 
Wyandotte County/Kansas City Unified Government, Kansas, Utility System Revenue Bonds, 
No Opt. Call 
A+ 
120,976 
 
 
Refunding & Improvement Series 2014A, 5.000%, 9/01/22 
 
 
 
 
 
Kentucky – 1.1% 
 
 
 
350 
 
Kentucky Economic Development Finance Authority, Louisville Arena Project Revenue Bonds, 
6/18 at 100.00 
AA 
363,734 
 
 
Louisville Arena Authority, Inc., Series 2008-A1, 5.750%, 12/01/28 – AGC Insured 
 
 
 
500 
 
Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, 
No Opt. Call 
Baa3 
504,220 
 
 
Downtown Crossing Project, Series 2013A, 5.000%, 7/01/17 
 
 
 
340 
 
Lexington-Fayette Urban County Government Public Facilities Corporation, Kentucky State Lease 
6/21 at 100.00 
Aa3 
375,931 
 
 
Revenue Bonds, Eastern State Hospital Project, Series 2011A, 5.250%, 6/01/29 
 
 
 
200 
 
Louisville-Jefferson County Metropolitan Government, Kentucky, Environmental Facilities 
No Opt. Call 
A 
200,202 
 
 
Revenue, Louisville Gas & Electric Company Project, Series 2007B, 1.600%, 6/01/33 
 
 
 
 
 
(Mandatory put 6/01/17) 
 
 
 
1,390 
 
Total Kentucky 
 
 
1,444,087 
 
 
Louisiana – 2.9% 
 
 
 
240 
 
De Soto Parrish, Louisiana, Pollution Control Revenue Bonds, Southwestern Electric Power 
No Opt. Call 
A– 
240,106 
 
 
Company Project, Refunding Series 2010, 1.600%, 1/01/19 
 
 
 
445 
 
Jefferson Parish Hospital Service District 2, Louisiana, Hospital Revenue Bonds, East 
7/21 at 100.00 
BB 
471,001 
 
 
Jefferson General Hospital, Refunding Series 2011, 6.375%, 7/01/41 
 
 
 
 
 
Louisiana Citizens Property Insurance Corporation, Assessment Revenue Bonds, Series 2006-C1: 
 
 
 
175 
 
5.875%, 6/01/23 (Pre-refunded 6/01/18) 
6/18 at 100.00 
AA (4) 
185,068 
10 
 
6.000%, 6/01/24 (Pre-refunded 6/01/18) 
6/18 at 100.00 
AA (4) 
10,590 
70 
 
Louisiana Public Facilities Authority, Revenue Bonds, Entergy Louisiana, LLC Project, 
6/21 at 100.00 
A 
70,159 
 
 
Refunding Series 2016B, 3.500%, 6/01/30 
 
 
 
 
20 NUVEEN

 
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Louisiana (continued) 
 
 
 
$       150 
 
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, 
5/26 at 100.00 
A– 
$       170,628 
 
 
Refunding Series 2016, 5.000%, 5/15/29 
 
 
 
540 
 
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, 
5/17 at 100.00 
A– 
541,825 
 
 
Series 2007A, 5.250%, 5/15/38 
 
 
 
210 
 
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, 
5/17 at 100.00 
N/R (4) 
211,165 
 
 
Series 2007A, 5.250%, 5/15/38 (Pre-refunded 5/15/17) 
 
 
 
 
 
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, 
 
 
 
 
 
Series 2015: 
 
 
 
525 
 
5.000%, 5/15/22 
No Opt. Call 
A– 
598,416 
335 
 
5.000%, 5/15/24 
No Opt. Call 
A– 
389,454 
110 
 
New Orleans, Louisiana, General Obligation Bonds, Refunding Series 2015, 5.000%, 12/01/25 
No Opt. Call 
AA– 
130,066 
100 
 
New Orleans, Louisiana, Sewerage Service Revenue Bonds, Series 2015, 5.000%, 6/01/32 
6/25 at 100.00 
A 
111,851 
590 
 
Saint Charles Parish, Louisiana, Gulf Opportunity Zone Revenue Bonds, Valero Project, Series 
No Opt. Call 
BBB 
620,420 
 
 
2010, 4.000%, 12/01/40 (Mandatory put 6/01/22) 
 
 
 
3,500 
 
Total Louisiana 
 
 
3,750,749 
 
 
Maine – 0.0% 
 
 
 
35 
 
Portland, Maine, General Airport Revenue Bonds, Refunding Series 2013, 5.000%, 7/01/22 
No Opt. Call 
BBB+ 
39,974 
 
 
Massachusetts – 1.1% 
 
 
 
200 
 
Massachusetts Development Finance Agency Revenue Bonds, Lawrence General Hospital Issue, 
7/24 at 100.00 
BBB– 
214,944 
 
 
Series 2014A, 5.000%, 7/01/27 
 
 
 
500 
 
Massachusetts Development Finance Agency, Revenue Bonds, Orchard Cove, Series 2007, 
10/17 at 100.00 
N/R 
505,345 
 
 
5.000%, 10/01/19 
 
 
 
 
 
Massachusetts Port Authority, Special Facilities Revenue Bonds, Delta Air Lines Inc., 
 
 
 
 
 
Series 2001A: 
 
 
 
100 
 
5.200%, 1/01/20 – AMBAC Insured (Alternative Minimum Tax) 
4/17 at 100.00 
N/R 
100,360 
470 
 
5.000%, 1/01/27 – AMBAC Insured (Alternative Minimum Tax) 
4/17 at 100.00 
N/R 
474,465 
70 
 
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Series 2007A, 
8/17 at 100.00 
AA+ (4) 
71,114 
 
 
5.000%, 8/15/20 (Pre-refunded 8/15/17) – AMBAC Insured 
 
 
 
1,340 
 
Total Massachusetts 
 
 
1,366,228 
 
 
Michigan – 1.1% 
 
 
 
400 
 
Detroit Downtown Development Authority, Michigan, Tax Increment Refunding Bonds, Development 
No Opt. Call 
BB 
289,244 
 
 
Area 1 Projects, Series 1996B, 0.000%, 7/01/23 
 
 
 
150 
 
Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Series 2001B, 5.500%, 
No Opt. Call 
AA– 
177,943 
 
 
7/01/29 – FGIC Insured 
 
 
 
150 
 
Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Water & 
7/25 at 100.00 
A– 
162,086 
 
 
Sewerage Department Sewage Disposal System Local Project, Second Lien Series 2015C, 
 
 
 
 
 
5.000%, 7/01/34 
 
 
 
705 
 
Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne County 
12/25 at 100.00 
A 
773,484 
 
 
Airport, Refunding Series 2015F, 5.000%, 12/01/33 (Alternative Minimum Tax) 
 
 
 
1,405 
 
Total Michigan 
 
 
1,402,757 
 
 
Missouri – 1.2% 
 
 
 
100 
 
Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, 
5/23 at 100.00 
BBB+ 
107,975 
 
 
Saint Louis College of Pharmacy, Series 2013, 5.250%, 5/01/33 
 
 
 
30 
 
Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, 
11/23 at 100.00 
BBB 
29,898 
 
 
Saint Louis College of Pharmacy, Series 2015B, 4.000%, 5/01/32 
 
 
 
1,070 
 
Saint Louis, Missouri, Airport Revenue Bonds, Lambert-St. Louis International Airport, Series 
No Opt. Call 
AA– 
1,166,557 
 
 
2005, 5.500%, 7/01/19 – NPFG Insured 
 
 
 
185 
 
St. Louis County, Missouri, GNMA Collateralized Mortgage Revenue Bonds, Series 1989A, 8.125%, 
4/17 at 100.00 
AA+ (4) 
204,416 
 
 
8/01/20 (Pre-refunded 4/03/17) (Alternative Minimum Tax) 
 
 
 
1,385 
 
Total Missouri 
 
 
1,508,846 
 
NUVEEN 21

 
NIM 
Nuveen Select Maturities Municipal Fund 
 
 
Portfolio of Investments (continued) 
March 31, 2017 
 
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Montana – 0.4% 
 
 
 
$       260 
 
Billings, Montana, Tax Increment Urban Renewal Revenue Bonds, Expanded North 27th Street, 
1/23 at 100.00 
N/R 
$       269,339 
 
 
Series 2013A, 5.000%, 7/01/33 
 
 
 
170 
 
University of Montana, Revenue Bonds, Series 1996D, 5.375%, 5/15/19 – NPFG Insured (ETM) 
No Opt. Call 
AA– (4) 
177,335 
430 
 
Total Montana 
 
 
446,674 
 
 
Nebraska – 0.1% 
 
 
 
100 
 
Douglas County School District 10 Elkhorn, Nebraska, General Obligation Bonds, Public Schools 
6/22 at 100.00 
AA– 
110,156 
 
 
Series 2012, 4.000%, 6/15/23 
 
 
 
 
 
Nevada – 2.4% 
 
 
 
1,470 
 
Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2010B, 5.750%, 7/01/42 
1/20 at 100.00 
Aa3 
1,636,816 
250 
 
Las Vegas Redevelopment Agency, Nevada, Tax Increment Revenue Bonds, Series 2009A, 8.000%, 
6/19 at 100.00 
BBB+ (4) 
286,862 
 
 
6/15/30 (Pre-refunded 6/15/19) 
 
 
 
50 
 
Las Vegas, Nevada, Local Improvement Bonds, Special Improvement District 607 Providence, 
No Opt. Call 
N/R 
53,236 
 
 
Refunding Series 2013, 5.000%, 6/01/22 
 
 
 
175 
 
Washoe County, Nevada, Gas and Water Facilities Revenue Bonds, Sierra Pacific Power Company, 
No Opt. Call 
A+ 
181,087 
 
 
Refunding Series 2016B, 3.000%, 3/01/36 (Mandatory put 6/01/22) 
 
 
 
775 
 
Washoe County, Nevada, General Obligation Bonds, Reno-Sparks Convention & Visitors Authority, 
7/21 at 100.00 
AA 
879,416 
 
 
Refunding Series 2011, 5.000%, 7/01/23 
 
 
 
2,720 
 
Total Nevada 
 
 
3,037,417 
 
 
New Hampshire – 0.1% 
 
 
 
105 
 
Business Finance Authority of the State of New Hampshire, Water Facility Revenue Bonds, 
1/26 at 100.00 
A+ 
105,299 
 
 
Pennichuck Water Works, Inc. Project ,Series 2015A, 4.250%, 1/01/36 (Alternative Minimum Tax) 
 
 
 
 
 
New Jersey – 6.3% 
 
 
 
300 
 
Gloucester County Pollution Control Financing Authority, New Jersey, Pollution Control Revenue 
No Opt. Call 
BBB– 
325,332 
 
 
Bonds, Logan Project, Refunding Series 2014A, 5.000%, 12/01/24 (Alternative Minimum Tax) 
 
 
 
 
 
New Jersey Economic Development Authority, Cigarette Tax Revenue Refunding Bonds, 
 
 
 
 
 
Series 2012: 
 
 
 
150 
 
4.000%, 6/15/19 
No Opt. Call 
BBB+ 
155,180 
280 
 
5.000%, 6/15/20 
No Opt. Call 
BBB+ 
299,286 
150 
 
5.000%, 6/15/21 
No Opt. Call 
BBB+ 
162,295 
335 
 
5.000%, 6/15/22 
No Opt. Call 
BBB+ 
365,200 
375 
 
5.000%, 6/15/23 
6/22 at 100.00 
BBB+ 
406,114 
210 
 
5.000%, 6/15/24 
6/22 at 100.00 
BBB+ 
225,849 
510 
 
5.000%, 6/15/25 
6/22 at 100.00 
BBB+ 
545,205 
150 
 
5.000%, 6/15/26 
6/22 at 100.00 
BBB+ 
159,574 
100 
 
4.250%, 6/15/27 
6/22 at 100.00 
BBB+ 
101,905 
300 
 
5.000%, 6/15/28 
6/22 at 100.00 
BBB+ 
317,766 
220 
 
New Jersey Economic Development Authority, Private Activity Bonds, The Goethals Bridge 
1/24 at 100.00 
BBB 
241,897 
 
 
Replacement Project, Series 2013, 5.000%, 1/01/28 (Alternative Minimum Tax) 
 
 
 
1,000 
 
New Jersey Economic Development Authority, School Facilities Construction Financing Program 
6/25 at 100.00 
A– 
1,035,190 
 
 
Bonds, Refunding Series 2015XX, 5.000%, 6/15/27 
 
 
 
75 
 
New Jersey Health Care Facilities Financing Authority, State Contract Bonds, Hospital Asset 
10/18 at 100.00 
BBB+ 
75,494 
 
 
Transformation Program, Series 2008A, 5.250%, 10/01/38 
 
 
 
40 
 
New Jersey Health Care Facilities Financing Authority, State Contract Bonds, Hospital Asset 
10/18 at 100.00 
N/R (4) 
42,556 
 
 
Transformation Program, Series 2008A, 5.250%, 10/01/38 (Pre-refunded 10/01/18) 
 
 
 
1,280 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital 
No Opt. Call 
A– 
531,149 
 
 
Appreciation Series 2010A, 0.000%, 12/15/33 
 
 
 
1,590 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2010D, 
No Opt. Call 
A– 
1,690,854 
 
 
5.000%, 12/15/23 
 
 
 
330 
 
New Jersey Turnpike Authority, Revenue Bonds, Series 2012B, 5.000%, 1/01/19 
No Opt. Call 
A+ 
352,183 
270 
 
Salem County Pollution Control Financing Authority, New Jersey, Pollution Control Revenue 
No Opt. Call 
BBB– 
295,377 
 
 
Bonds, Chambers Project, Refunding Series 2014A, 5.000%, 12/01/23 (Alternative Minimum Tax) 
 
 
 
 
22 NUVEEN

 
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
New Jersey (continued) 
 
 
 
$       250 
 
South Jersey Port Corporation, New Jersey, Marine Terminal Revenue Bonds, Refunding Series 
No Opt. Call 
Baa1 
$       242,963 
 
 
2012Q, 3.000%, 1/01/22 
 
 
 
 
 
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 
BBB+ 
197,418 
160 
 
4.625%, 6/01/26 
6/17 at 100.00 
BBB 
160,152 
160 
 
4.750%, 6/01/34 
6/17 at 100.00 
BB– 
153,194 
8,430 
 
Total New Jersey 
 
 
8,082,133 
 
 
New Mexico – 1.0% 
 
 
 
715 
 
Farmington, New Mexico, Pollution Control Revenue Bonds, Southern California Edison Company – 
No Opt. Call 
Aa3 
721,156 
 
 
Four Corners Project, Refunding Series 2005A, 1.875%, 4/01/29 (Mandatory put 4/01/20) 
 
 
 
490 
 
New Mexico Municipal Energy Acquisition Authority, Gas Supply Revenue Bonds, Refunding 
8/19 at 100.00 
Aa3 
530,347 
 
 
Sub-Series 2014A, 5.000%, 11/01/39 (Mandatory put 8/01/19) 
 
 
 
1,205 
 
Total New Mexico 
 
 
1,251,503 
 
 
New York – 5.9% 
 
 
 
220 
 
Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue 
1/20 at 100.00 
AA+ (4) 
248,899 
 
 
Bonds, Barclays Center Project, Series 2009, 6.000%, 7/15/30 (Pre-refunded 1/15/20) 
 
 
 
 
 
Buffalo and Erie County Industrial Land Development Corporation, New York, Revenue Bonds, 
 
 
 
 
 
Catholic Health System, Inc. Project, Series 2015: 
 
 
 
210 
 
5.000%, 7/01/23 
No Opt. Call 
BBB+ 
239,547 
195 
 
5.000%, 7/01/24 
No Opt. Call 
BBB+ 
223,655 
200 
 
Dormitory Authority of the State of New York, Revenue Bonds, Orange Regional Medical Center 
6/27 at 100.00 
Baa3 
223,200 
 
 
Obligated Group, Series 2017, 5.000%, 12/01/28 
 
 
 
775 
 
Dormitory Authority of the State of New York, Third General Resolution Revenue Bonds, State 
5/22 at 100.00 
AA 
894,110 
 
 
University Educational Facilities Issue, Series 2012A, 5.000%, 5/15/25 
 
 
 
435 
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 
2/21 at 100.00 
A 
494,243 
 
 
2011A, 5.750%, 2/15/47 
 
 
 
 
 
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2000A: 
 
 
 
240 
 
0.000%, 6/01/22 – AGM Insured 
No Opt. Call 
AA 
216,202 
170 
 
0.000%, 6/01/24 – AGM Insured 
No Opt. Call 
AA 
142,576 
835 
 
New York State Energy Research and Development Authority, Pollution Control Revenue Bonds, 
No Opt. Call 
AA– 
846,356 
 
 
New York State Electric and Gas Corporation, Series 2005A, 2.375%, 7/01/26 (Mandatory 
 
 
 
 
 
put 5/01/20) (Alternative Minimum Tax) 
 
 
 
1,050 
 
New York State Thruway Authority, General Revenue Junior Indebtedness Obligations, Series 
No Opt. Call 
A– 
1,132,750 
 
 
2013A, 5.000%, 5/01/19 
 
 
 
 
 
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 
362,545 
565 
 
5.000%, 6/01/18 
No Opt. Call 
AA 
591,634 
220 
 
New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and 
6/17 at 100.00 
AA 
221,498 
 
 
State Contingency Contract-Backed Bonds, Series 2013B, 5.000%, 6/01/22 
 
 
 
 
 
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– 
67,622 
60 
 
5.000%, 1/01/23 (Alternative Minimum Tax) 
No Opt. Call 
A– 
68,226 
 
 
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 
133,670 
175 
 
4.000%, 7/01/33 (Alternative Minimum Tax) 
7/24 at 100.00 
BBB 
174,164 
185 
 
5.000%, 7/01/34 (Alternative Minimum Tax) 
7/24 at 100.00 
BBB 
201,548 
265 
 
4.000%, 7/01/35 – AGM Insured (Alternative Minimum Tax) 
7/24 at 100.00 
AA 
266,314 
215 
 
5.000%, 7/01/41 (Alternative Minimum Tax) 
7/24 at 100.00 
BBB 
228,124 
85 
 
4.000%, 7/01/41 (Alternative Minimum Tax) 
7/24 at 100.00 
BBB 
81,055 
 
NUVEEN 23

 
NIM 
Nuveen Select Maturities Municipal Fund 
 
 
Portfolio of Investments (continued) 
March 31, 2017 
 
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
New York (continued) 
 
 
 
$              400 
 
Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding 
No Opt. Call 
AA– 
$       463,744 
 
 
Series 2013B, 5.000%, 11/15/21 
 
 
 
7,055 
 
Total New York 
 
 
7,521,682 
 
 
North Carolina – 1.3% 
 
 
 
1,315 
 
North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 2015C, 
1/26 at 100.00 
A 
1,545,888 
 
 
5.000%, 1/01/29 
 
 
 
250 
 
North Carolina Turnpike Authority, Monroe Expressway Toll Revenue Bonds, Capital Appreciation 
7/26 at 96.08 
BBB– 
168,727 
 
 
Series 2017C, 0.000%, 7/01/27 
 
 
 
1,565 
 
Total North Carolina 
 
 
1,714,615 
 
 
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) 
228,270 
650 
 
5.000%, 7/01/31 (Pre-refunded 7/01/21) 
7/21 at 100.00 
N/R (4) 
741,877 
850 
 
Total North Dakota 
 
 
970,147 
 
 
Ohio – 4.6% 
 
 
 
80 
 
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed  
No Opt. Call 
Aaa 
80,482 
 
 
Revenue Bonds, Senior Lien, Series 2007A-1, 5.000%, 6/01/17 
 
 
 
 
 
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed
 
 
 
 
 
Revenue Bonds, Senior Lien, Series 2007A-2: 
 
 
 
100 
 
5.375%, 6/01/24 
6/17 at 100.00 
B– 
95,431 
1,705 
 
5.125%, 6/01/24 
6/17 at 100.00 
B– 
1,615,470 
425 
 
5.875%, 6/01/30 
6/17 at 100.00 
B– 
408,807 
100 
 
5.750%, 6/01/34 
6/17 at 100.00 
B– 
94,953 
480 
 
Fairfield County, Ohio, Hospital Facilities Revenue Bonds, Fairfield Medical Center Project, 
6/23 at 100.00 
Baa2 
501,557 
 
 
Series 2013, 5.000%, 6/15/43 
 
 
 
50 
 
Lake County, Ohio, Hospital Facilities Revenue Bonds, Lake Hospital System, Inc., Refunding 
8/18 at 100.00 
A3 
52,570 
 
 
Series 2008C, 5.500%, 8/15/24 
 
 
 
225 
 
Lake County, Ohio, Hospital Facilities Revenue Bonds, Lake Hospital System, Inc., Refunding 
8/18 at 100.00 
N/R (4) 
238,651 
 
 
Series 2008C, 5.500%, 8/15/24 (Pre-refunded 8/15/18) 
 
 
 
 
 
New Albany Community Authority, Ohio, Community Facilities Revenue Refunding Bonds, 
 
 
 
 
 
Series 2012C: 
 
 
 
25 
 
4.000%, 10/01/18 
No Opt. Call 
Aa3 
25,916 
30 
 
4.000%, 10/01/19 
No Opt. Call 
Aa3 
31,693 
40 
 
4.000%, 10/01/20 
No Opt. Call 
Aa3 
42,740 
45 
 
5.000%, 10/01/21 
No Opt. Call 
Aa3 
50,411 
35 
 
5.000%, 10/01/22 
No Opt. Call 
Aa3 
39,706 
175 
 
Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy 
No Opt. Call 
CCC+ 
62,125 
 
 
Generation Corporation Project, Refunding Series 2009B, 3.100%, 3/01/23 (Mandatory
 
 
 
   
put 3/01/19) 
     
260 
 
Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy 
No Opt. Call 
B1 
243,090 
 
 
Generation Corporation Project, Refunding Series 2009C, 5.625%, 6/01/18 
 
 
 
250 
 
Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy 
No Opt. Call 
CCC+ 
88,750 
 
 
Generation Project, Refunding Series 2006A, 3.750%, 12/01/23 (Mandatory put 12/03/18) 
 
 
 
50 
 
Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy 
No Opt. Call 
CCC+ 
17,750 
 
 
Nuclear Generation Corporation Project, Refunding Series 2010A, 3.125%, 7/01/33 (Mandatory 
 
 
 
 
 
put 7/01/18) 
 
 
 
120 
 
Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy 
No Opt. Call 
CCC+ 
42,600 
 
 
Nuclear Generation Project, Refunding Series 2006B, 3.625%, 12/01/33 (Mandatory put 6/01/20) 
 
 
 
2,000 
 
Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Projects, Junior Lien 
2/31 at 100.00 
A+ 
1,837,540 
 
 
Convertible Series 2013A-3, 0.000%, 2/15/34 (5) 
 
 
 
230 
 
Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy 
No Opt. Call 
CCC+ 
81,650 
 
 
Nuclear Generating Corporation Project, Series 2005B, 4.000%, 1/01/34 (Mandatory put 7/01/21) 
 
 
 
 
24 NUVEEN

 
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Ohio (continued) 
 
 
 
$       105 
 
Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy 
No Opt. Call 
CCC+ 
$         37,275 
 
 
Nuclear Generating Corporation Project, Series 2006B, 0.000%, 12/01/33 
 
 
 
110 
 
Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy 
No Opt. Call 
CCC+ 
39,050 
 
 
Nuclear Generating Corporation Project, Series 2008B, 3.625%, 10/01/33 (Mandatory put 4/01/20) 
 
 
 
220 
 
Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy 
No Opt. Call 
CCC+ 
78,100 
 
 
Nuclear Generating Corporation Project, Series 2010A, 3.750%, 7/01/33 (Mandatory put 7/01/20) 
 
 
 
5 
 
Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy 
No Opt. Call 
CCC+ 
1,775 
 
 
Nuclear Generating Corporation Project, Series 2010C, 0.000%, 6/01/33 
 
 
 
100 
 
Tuscarawas County Economic Development and Finance Alliance, Ohio, Higher Education Facilities 
3/25 at 100