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, 2018

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.
 
 

 

Life is Complex.
Nuveen makes things e-simple.
It only takes a minute to sign up for e-Reports. Once enrolled, you’ll receive an e-mail as soon as your Nuveen Fund information is ready—no more waiting for delivery by regular mail. Just click on the link within the e-mail to see the report and save it on your computer if you wish.
Free e-Reports
right to your e-mail!


www.investordelivery.com
If you receive your Nuveen Fund
dividends and statements from your
financial advisor or brokerage account.


or


www.nuveen.com/client-access
If you receive your Nuveen Fund
dividends and statements directly from
Nuveen.
 
 

 

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 
44 
Glossary of Terms Used in this Report 
45 
Reinvest Automatically, Easily and Conveniently 
46 
Board Members & Officers 
47 
 
3

 

Chairman’s Letter
to Shareholders
Dear Shareholders,
After a prolonged absence, volatility has returned to the markets in 2018. Last year, the markets seemed willing to shrug off any bad news. But in the first few months of 2018, a backdrop of greater economic uncertainty has made markets more reactive to daily headlines. As interest rates have moved off of historic lows and inflation has ticked higher, the economy’s ability to withstand tighter financial conditions is hard to predict. At the same time, there are concerns that the newly enacted tax reform could overheat the economy. How the U.S. Federal Reserve (Fed) will manage these conditions is under intense scrutiny, particularly in light of the Fed’s leadership change in February 2018.
Growth forecasts for the world’s major economies remain expansionary, although some indicators have pointed to slower momentum this year. Moreover, inflationary pressures and tightening financial conditions could become headwinds, and trade policy and geopolitics remain uncertain. A trade war has implications for both the supply and demand sides of the economy, which complicates the outlook for businesses, consumers and the economy as a whole.
While the risks surrounding trade, monetary and fiscal policy may have increased, there is still opportunity for upside. Recession risk continues to look low, global economies are still expanding and corporate profits have continued to be healthy. Fundamentals, not headlines, drive markets over the long term. And, it’s easy to forget the relative calm over the past year was the outlier. A return to more historically normal volatility levels is both to be expected and part of the healthy functioning of the markets.
Context and perspective are important. If you’re investing for long-term goals, stay focused on the long term, as temporary bumps may smooth over time. Individuals that have shorter timeframes could also benefit from sticking to a clearly defined investment strategy with a portfolio designed for short-term needs. Your financial advisor can help you determine if your portfolio is properly aligned with your goals, timeline and risk tolerance, as well as help you differentiate the noise from what really matters. 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 21, 2018
 
 
4

Portfolio Manager’s Comments
Nuveen Select Maturities Municipal Fund (NIM)
This Fund features portfolio management by Nuveen Asset Management, LLC (NAM), 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, 2018?
After hovering near an annual pace of 3% for most of the reporting period, U.S. gross domestic product (GDP) growth cooled to 2.3% in the first quarter of 2018, according to the Bureau of Economic Analysis “advance” estimate. GDP 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. A beginning-of-the-year slowdown was expected given the seasonal trend of slower first quarter growth seen over the past few years and the delayed impact of tax cuts on workers’ paychecks.
Nevertheless, consumer spending, boosted by employment and wage gains, continued to drive the economy. The Atlantic coast hurricanes in September and October 2017 temporarily weakened shopping and dining out activity, but rebuilding efforts had a positive impact on the economy. Although business investment slowed in early 2018 from the gains seen in the second half of 2017, business sentiment remained strong and hiring continued to boost employment. As reported by the Bureau of Labor Statistics, the unemployment rate fell to 4.1% in March 2018 from 4.5% in March 2017 and job gains averaged around 188,000 per month for the past twelve months. While the jobs market has continued to tighten, wage growth has remained lackluster during this economic recovery. However, the January jobs report revealed an unexpected pickup in wages, which triggered a broad sell-off in equities, despite tame inflation readings. The Consumer Price Index (CPI) increased 2.4% over the twelve-month reporting period ended March 31, 2018 on a seasonally adjusted basis, as reported by the Bureau of Labor Statistics. The core CPI (which excludes food and energy) increased 2.1% during the same period, slightly above the Federal Reserve’s (Fed) unofficial longer term inflation objective of 2.0%.
 

This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy or sell securities, and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on an investor’s objectives and circumstances and in consultation with his or her advisors.
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 Funds disclaim 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 Group (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. 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.
 
5

Portfolio Manager’s Comments (continued)
The housing market also continued to improve with 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 6.3% annual gain in February 2018 (most recent data available at the time this report was prepared). The 10-City and 20-City Composites reported year-over-year increases of 6.5% and 6.8%, respectively.
With the U.S. economy delivering a sustainable growth rate and employment strengthening, the Fed’s policy making committee continued to incrementally raise its main benchmark interest rate. The most recent increase, in March 2018, was the sixth rate hike since December 2015. In addition, in October 2017, the Fed began reducing its balance sheet by allowing a small amount of maturing Treasury and mortgage securities to roll off without reinvestment. The market expects the pace to remain moderate and predictable, with minimal market disruption.
Fed Chair Janet Yellen’s term expired in February 2018, and incoming Chairman Jerome Powell indicated he would likely maintain the Fed’s gradual pace of interest rate hikes. At the March meeting, the Fed kept its projection for three interest rate increases in 2018. However, investors remained concerned that the 2017 Tax Cuts and Jobs Act fiscal stimulus and a recent pick-up in inflation have increased the risk of a Fed policy misstep.
The markets also continued to react to geopolitical news. Protectionist rhetoric had been garnering attention across Europe, as anti-European Union (EU) sentiment featured prominently (although did not win a majority) in the Dutch, French, German and Italian elections held in 2017 and early 2018. In March, the U.S.’s surprise announcement of steel and aluminum tariffs, followed by China’s retaliatory measures, sparked fears of a trade war and added uncertainty to the ongoing North American Free Trade Agreement (NAFTA) talks. Also in March 2018, the U.K. and EU agreed in principle to the Brexit transition terms, opening the door to the next round of negotiation dealing with trade and security issues. The U.S. Treasury issued additional sanctions on Russia (announced in April 2018, after the close of the reporting period) and speculation increased that Iran would be next.
The broad municipal bond market gained moderately in this reporting period, although not without volatility. For most of the reporting period, municipal bonds continued to rebound from the post-election sell-off in the fourth quarter of 2016. After President Trump’s surprising win, bond markets repriced his reflationary fiscal agenda, driving interest rates higher. Municipal bonds suffered a surge in investor outflows due to speculation that the Trump administration’s tax reform proposals could adversely impact municipal bonds.
However, the economy sustained its moderate growth with low inflation, an improving jobs market and modest wage growth, and progress on the White House’s agenda was slow. This backdrop helped municipal bond yields and valuations return to pre-election levels and reverse the trend of outflows. Fundamental credit conditions continued to be favorable overall, while the ongoing high-profile difficulties in Puerto Rico, Illinois and New Jersey were contained.
After the new administration’s health care and immigration reforms met obstacles, Congress refocused on tax reform initiatives in the latter months of 2017. Early drafts of the bill fostered significant uncertainty about the impact on the municipal bond market, leading municipal bonds to underperform taxable bonds in December and provoking issuers to rush bond offerings ahead of the pending tax law. Issuance in December reached an all-time high of $62.5 billion, exacerbating the market’s price decline during the month. However, all of the supply was absorbed and municipal bond valuations subsequently returned to more typical levels.
The final tax reform legislation signed on December 27, 2017 largely spared municipal bonds and was considered neutral to positive for the municipal market overall. Notably, a provision that would have eliminated the tax-preferred status of 20 to 30% of the municipal bond market was not included in the final bill. Moreover, investors were relieved that the adopted changes apply only to newly issued municipal bonds and also could be beneficial from a technical standpoint. Because new issue advance refunding bonds are no longer tax exempt, the total supply of municipal bonds will decrease going forward, boosting the scarcity value of
 
6

existing municipal bonds. The new tax law also caps the state and local tax (SALT) deduction for individuals, which will likely increase demand for tax-exempt municipal bonds, especially in states with high income and/or property taxes.
Following the issuance surge in late 2017, issuance remained sharply lower in early 2018. However, the overall balance of municipal bond supply and demand remained advantageous for prices. Municipal bond issuance nationwide totaled $406.9 billion in this reporting period, an 8.3% drop from the issuance for the twelve-month reporting period ended March 31, 2017. The robust pace of issuance seen since the low volume depths of 2011 began to moderate in 2017 as interest rates moved higher. Despite the increase, the overall level of interest rates still remained low, encouraging issuers to continue to actively refund their outstanding debt. 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. Thus, the net issuance (all bonds issued less bonds redeemed) is actually much lower than the gross issuance. So, while gross issuance volume has been strong, the net has not, and this was an overall positive technical factor on municipal bond investment performance in recent years. Although the pace of refundings is slowing, net negative issuance is expected to continue.
Despite the volatility surrounding the potential tax law changes, demand remained robust and continued to outstrip supply. Low global interest rates have continued to drive investors toward higher after-tax yielding assets, including U.S. municipal bonds. As a result, municipal bond fund inflows steadily increased in 2017 overall.
What key strategies were used to manage NIM during the twelve-month reporting period ended March 31, 2018?
Municipal bonds benefited from a generally favorable macroeconomic backdrop, despite the uncertainties surrounding the tax reform bill and headline-driven noise about trade policy. Credit spreads narrowed, as sentiment improved after the fourth-quarter sell-off and municipal bond fund flows reversed from net negative to net positive. Rates in the short to intermediate range moved higher with the Fed’s rate hikes, while rates on the long end declined slightly amid low inflation, which resulted in a flatter yield curve during this reporting period. 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, emphasizing an intermediate-term average maturity focus along with longer maturities, lower rated credits and sectors offering higher yields. We continued to seek attractive relative value opportunities to enhance the Funds’ long-term performance potential. The Fund’s purchases included credits from a range of sectors, including higher education, utilities, tax supported, transportation and industrial development revenue (IDR). 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. We also sold some shorter dated and/or higher quality bonds to take advantage of more appealing long-term opportunities.
How did NIM perform during the twelve-month reporting period ended March 31, 2018?
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, 2018. The Fund’s returns are compared with the performance of a corresponding market index.
For the twelve months ended March 31, 2018, the total return on net asset value (NAV) for NIM outperformed the return for the S&P Municipal Bond Intermediate Index.
 
7

Portfolio Manager’s Comments (continued)
The factors affecting the Fund’s performance during this reporting period included duration and yield curve positioning, credit exposure, sector allocation and credit selection. The Fund was positioned with an overall shorter duration than the benchmark, which was advantageous during this reporting period. Although the Fund’s slight overweight to longer maturity bonds was beneficial to performance, relative gains were offset by the Fund’s exposures to short maturity paper, which lagged. Lower credit qualities outperformed higher credit qualities in this reporting period, resulting in a positive contribution from the Fund’s overweight to bonds rated A and below. NIM’s sector allocations were favorable to performance, particularly in hospitals, tobacco, transportation and industrial development revenue (IDR). Additionally, our individual credit selection added value, most notably in Chicago and Chicago-related bonds.
Given the continued news about economic problems in Puerto Rico, we should note that NIM has no exposure to Puerto Rico bonds.
 
8

 

Share Information
DISTRIBUTION INFORMATION
The following information regarding the Fund’s distributions is current as of March 31, 2018. 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 2017 
0.0260 
May 
0.0260 
June 
0.0260 
July 
0.0260 
August 
0.0260 
September 
0.0260 
October 
0.0260 
November 
0.0260 
December 
0.0279 
January 
0.0260 
February 
0.0260 
March 2018 
0.0260 
Total Distributions from Net Investment Income 
0.3139 
Yields 
 
Market Yield* 
3.22% 
Taxable-Equivalent Yield* 
4.24% 
*  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 24.0%. When comparing the Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield would be 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, 2018, the Fund had a positive UNII balance 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
 
9

Share Information (continued)
 
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 2017, 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, 2018, 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, 2018, 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 
 
$
10.34
 
Share price 
 
$
9.69
 
Premium/(Discount) to NAV 
   
(6.29
)%
12-month average premium/(discount) to NAV 
   
(3.83
)%
 
10

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.
 
11

 

   
NIM 
Nuveen Select Maturities Municipal Fund 
Performance Overview and Holding Summaries as of March 31, 2018 
 
       
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, 2018 
 
 
 
 
 
 
Average Annual 
 
 
1-Year 
5-Year 
10-Year 
NIM at NAV 
3.65% 
2.62% 
3.92% 
NIM at Share Price 
0.67% 
1.92% 
3.58% 
S&P Municipal Bond Intermediate Index 
1.96% 
2.44% 
4.26% 
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

 

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. Holdings designated N/R are not rated by these national rating agencies.
Fund Allocation 
 
(% of net assets) 
 
Long-Term Municipal Bonds 
98.6% 
Corporate Bonds 
0.0% 
Short-Term Municipal Bonds 
0.4% 
Other Assets Less Liabilities 
1.0% 
Net Assets 
100% 
 
Portfolio Credit Quality 
 
(% of total investments) 
 
U.S. Guaranteed 
9.7% 
AAA 
3.4% 
AA 
20.8% 
A 
33.0% 
BBB 
21.6% 
BB or Lower 
7.4% 
N/R (not rated) 
4.1% 
Total 
100% 
 
Portfolio Composition 
 
(% of total investments) 
 
Tax Obligation/Limited 
16.6% 
Transportation 
16.1% 
Utilities 
14.6% 
Tax Obligation/General 
13.1% 
Health Care 
13.1% 
U.S. Guaranteed 
9.7% 
Education and Civic Organizations 
5.0% 
Consumer Staples 
4.8% 
Other 
7.0% 
Total 
100% 
 
States and Territories 
 
(% of total municipal bonds) 
 
Illinois 
16.5% 
New Jersey 
8.0% 
Texas 
6.3% 
Pennsylvania 
6.1% 
California 
5.9% 
Ohio 
5.2% 
Florida 
4.4% 
Wisconsin 
4.1% 
New York 
4.0% 
South Carolina 
3.7% 
Louisiana 
3.3% 
Arizona 
3.1% 
Nevada 
2.3% 
Washington 
2.3% 
Colorado 
2.1% 
Indiana 
2.1% 
Connecticut 
1.9% 
Other 
18.7% 
Total 
100% 
 
13

 

Report of Independent Registered Public Accounting Firm
 
 
To the Shareholders and Board of Trustees of
Nuveen Select Maturities Municipal Fund


Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of Nuveen Select Maturities Municipal Fund (the “Fund”), including the portfolio of investments, as of March 31, 2018, 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 related notes (collectively, the “financial statements”) and the financial highlights for each of the years in the four-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of March 31, 2018, 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 four-year period then ended, in conformity with U.S. generally accepted accounting principles. The financial highlights for the year ended March 31, 2014 were audited by other independent registered public accountants whose report dated May 27, 2014, expressed an unqualified opinion on those financial highlights.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. 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, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of March 31, 2018, by correspondence with the custodian and brokers or other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.
 
/s/ KPMG LLP
We have served as the auditor of one or more Nuveen investment companies since 2014.
Chicago, Illinois
May 25, 2018
 
14

   
NIM
Nuveen Select Maturities Municipal Fund
Portfolio of Investments
March 31, 2018
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
LONG-TERM INVESTMENTS – 98.6% 
 
 
 
           
 
 
MUNICIPAL BONDS – 98.6% 
 
 
 
           
 
 
Alabama – 1.0% 
 
 
 
$      210 
 
Black Belt Energy Gas District, Alabama, Gas PrePay Revenue Bonds, Project 3 Series 2018A., 
9/23 at 100.31 
N/R 
$      225,422 
 
 
4.000%, 12/01/48 
 
 
 
500 
 
Black Belt Energy Gas District, Alabama, Gas Supply Revenue Bonds, Series 2016A, 4.000%, 
3/21 at 100.59 
A1 
526,385 
 
 
7/01/46 (Mandatory put 6/01/21) 
 
 
 
350 
 
Black Belt Energy Gas District, Alabama, Gas Supply Revenue Bonds, Series 2017A, 4.000%, 
4/22 at 100.52 
A1 
371,732 
 
 
8/01/47 (Mandatory put 7/01/22) 
 
 
 
125 
 
Mobile Spring Hill College Educational Building Authority, Alabama, Revenue Bonds, Spring Hill 
4/25 at 100.00 
N/R 
128,126 
 
 
  College Project, Series 2015, 5.000%, 4/15/27 
 
 
 
1,185 
 
Total Alabama 
 
 
1,251,665 
 
 
Alaska – 0.2% 
 
 
 
150 
 
Alaska Industrial Development and Export Authority, Loan Anticipation Revenue Notes, YKHC 
12/19 at 100.00 
N/R 
152,250 
 
 
Project, Series 2017, 3.500%, 12/01/20 
 
 
 
155 
 
Alaska State, Sport Fishing Revenue Bonds, Refunding Series 2011, 5.000%, 4/01/21 
4/20 at 100.00 
A1 
163,829 
305 
 
Total Alaska 
 
 
316,079 
 
 
Arizona – 3.1% 
 
 
 
 
 
Arizona Health Facilities Authority, Hospital System Revenue Bonds, Phoenix Children’s 
 
 
 
 
 
Hospital, Refunding Series 2012A: 
 
 
 
275 
 
5.000%, 2/01/20 
No Opt. Call 
A– 
289,371 
290 
 
5.000%, 2/01/27 
2/22 at 100.00 
A– 
312,666 
 
 
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 
460,560 
685 
 
5.000%, 7/01/26 
7/22 at 100.00 
A1 
740,040 
685 
 
5.000%, 7/01/27 
7/22 at 100.00 
A1 
737,204 
120 
 
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Legacy 
7/19 at 101.00 
N/R 
117,744 
 
 
Traditional Schools East Mesa and Cadence, Nevada Campuses, Series 2017A, 4.000%, 7/01/22, 144A 
 
 
 
115 
 
Pima County Industrial Development Authority, Arizona, Revenue Bonds, Tucson Electric Power 
3/23 at 100.00 
A– 
121,180 
 
 
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: 
 
 
 
135 
 
5.250%, 12/01/19 
No Opt. Call 
BBB+ 
142,016 
210 
 
5.000%, 12/01/32 
No Opt. Call 
BBB+ 
246,933 
705 
 
5.000%, 12/01/37 
No Opt. Call 
BBB+ 
837,667 
3,645 
 
Total Arizona 
 
 
4,005,381 
 
 
Arkansas – 0.4% 
 
 
 
540 
 
Independence County, Arkansas, Pollution Control Revenue Bonds, Arkansas Power and Light 
No Opt. Call 
A 
544,655 
 
 
  Company Project, Series 2013, 2.375%, 1/01/21 
 
 
 
 
 
California – 5.9% 
 
 
 
300 
 
Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Senior Lien 
No Opt. Call 
A 
345,093 
 
 
Series 2013A, 5.000%, 10/01/23 
 
 
 
390 
 
California Health Facilities Financing Authority, Revenue Bonds, El Camino Hospital, Series 
2/27 at 100.00 
A+ 
396,150 
 
 
2017, 3.750%, 2/01/32 
 
 
 
275 
 
California Municipal Finance Authority, Charter School Revenue Bonds, Palmdale Aerospace 
7/26 at 100.00 
BB 
289,201 
 
 
Academy Project, Series 2016A, 5.000%, 7/01/31, 144A 
 
 
 
 
15

   
NIM
Nuveen Select Maturities Municipal Fund
Portfolio of Investments (continued)
March 31, 2018
 
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
California (continued) 
 
 
 
$    105 
 
California Pollution Control Financing Authority, Solid Waste Disposal Revenue Bonds, Waste 
No Opt. Call 
A– 
$    107,171 
 
 
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– 
301,049 
 
 
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– 
207,919 
 
 
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– 
561,115 
125 
 
California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda 
12/24 at 100.00 
BB+ 
138,282 
 
 
University Medical Center, Series 2014A, 5.250%, 12/01/29 
 
 
 
250 
 
Delano, California, Certificates of Participation, Delano Regional Medical Center, Series 
1/23 at 100.00 
BBB 
264,233 
 
 
2012, 5.000%, 1/01/24 
 
 
 
145 
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed 
5/18 at 100.00 
B+ 
145,145 
 
 
Bonds, Series 2007A-1, 5.000%, 6/01/33 
 
 
 
100 
 
Lake Elsinore Public Financing Authority, California, Local Agency Revenue Bonds, Canyon Hills 
9/24 at 100.00 
N/R 
109,748 
 
 
Improvement Area A & C, Series 2014C, 5.000%, 9/01/32 
 
 
 
325 
 
Lake Elsinore Redevelopment Agency, California, Special Tax Bonds, Community Facilities 
6/18 at 100.00 
AA 
325,670 
 
 
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 
963,680 
 
 
Obligation Bonds, Election of 2008, Series 2013A, 0.000%, 8/01/28 (4) 
 
 
 
2,000 
 
Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A, 0.000%, 8/01/25 – 
No Opt. Call 
AA 
1,613,740 
 
 
AGC Insured 
 
 
 
35 
 
Riverside County Transportation Commission, California, Toll Revenue Senior Lien Bonds, Series 
6/23 at 100.00 
BBB– 
39,037 
 
 
2013A, 5.750%, 6/01/44 
 
 
 
2,000 
 
San Diego Community College District, California, General Obligation Bonds, Refunding Series 
No Opt. Call 
AAA 
1,016,980 
 
 
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 
466,394 
 
 
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 
243,550 
 
 
5.000%, 7/01/25 
 
 
 
8,700 
 
Total California 
 
 
7,534,157 
 
 
Colorado – 2.1% 
 
 
 
750 
 
Colorado Bridge Enterprise, Revenue Bonds, Central 70 Project, Senior Series 2017., 4.000%, 
12/27 at 100.00 
A– 
781,965 
 
 
6/30/30 (Alternative Minimum Tax) 
 
 
 
250 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, 
No Opt. Call 
BBB+ 
273,240 
 
 
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 
A– 
203,736 
250 
 
0.000%, 9/01/33 – NPFG Insured 
No Opt. Call 
A– 
142,737 
5 
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2007A-1, 5.250%, 
No Opt. Call 
A– 
5,077 
 
 
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 
A– 
388,770 
 
 
NPFG Insured 
 
 
 
500 
 
Plaza Metropolitan District 1, Lakewood, Colorado, Tax Increment Revenue Bonds, Refunding 
No Opt. Call 
N/R 
530,245 
 
 
Series 2013, 5.000%, 12/01/20, 144A 
 
 
 
210 
 
Regional Transportation District, Colorado, Denver Transit Partners Eagle P3 Project Private 
7/20 at 100.00 
BBB+ 
225,865 
 
 
Activity Bonds, Series 2010, 6.000%, 1/15/41 
 
 
 
100 
 
Southlands Metropolitan District 1, Colorado, Limited Tax General Obligation Bonds, Series 
No Opt. Call 
Ba1 
99,106 
 
 
  2017A-1, 3.500%, 12/01/27 
 
 
 
3,365 
 
Total Colorado 
 
 
2,650,741 
 
16

 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Connecticut – 1.8% 
 
 
 
$    100 
 
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Healthcare Facility 
5/18 at 100.00 
N/R 
$    100,083 
 
 
Expansion Church Home of Hartford Inc. Project, TEMPS-50 Series 2016B-2, 2.875%, 9/01/20, 144A 
 
 
 
2,000 
 
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Yale University, 
No Opt. Call 
AAA 
2,266,880 
 
 
  Series 2017C-2, 5.000%, 7/01/57 (Mandatory put 2/01/23) 
 
 
 
2,100 
 
Total Connecticut 
 
 
2,366,963 
 
 
Delaware – 0.1% 
 
 
 
170 
 
Delaware Health Facilities Authority, Revenue Bonds, Nanticoke Memorial Hospital, Series 2013, 
7/23 at 100.00 
BBB 
183,889 
 
 
  5.000%, 7/01/28 
 
 
 
 
 
District of Columbia – 0.9% 
 
 
 
120 
 
District of Columbia Student Dormitory Revenue Bonds, Provident Group – Howard Properties LLC 
10/22 at 100.00 
BB+ 
122,906 
 
 
Issue, Series 2013, 5.000%, 10/01/30 
 
 
 
935 
 
District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, 
No Opt. Call 
A– 
1,061,103 
 
 
Series 2001, 6.500%, 5/15/33 
 
 
 
1,055 
 
Total District of Columbia 
 
 
1,184,009 
 
 
Florida – 3.9% 
 
 
 
295 
 
Cape Coral, Florida, Utility Improvement Assessment Bonds, Refunding Various Areas Series 
No Opt. Call 
AA 
291,094 
 
 
2017, 3.000%, 9/01/28 – AGM Insured 
 
 
 
 
 
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 
611,005 
390 
 
5.000%, 6/01/25 
12/24 at 100.00 
AA 
447,923 
200 
 
Citizens Property Insurance Corporation, Florida, High-Risk Account Revenue Bonds, Coastal 
No Opt. Call 
AA 
201,100 
 
 
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 
50,275 
455 
 
5.000%, 6/01/20 
No Opt. Call 
AA 
485,116 
 
 
Collier County Educational Facilities Authority, Florida, Revenue Bonds, Hodges University, 
 
 
 
 
 
Refunding Series 2013: 
 
 
 
80 
 
4.750%, 11/01/23 
No Opt. Call 
BBB– 
84,238 
370 
 
6.000%, 11/01/33 
11/23 at 100.00 
BBB– 
409,575 
985 
 
Florida, Development Finance Corporation, Surface Transportation Facility Revenue Bonds, 
1/19 at 105.00 
N/R 
1,015,023 
 
 
Brightline Passenger Rail Project – South Segment, Series 2017., 5.625%, 1/01/47, 144A 
 
 
 
 
 
(Alternative Minimum Tax) 
 
 
 
 
 
Miami-Dade County, Florida, Public Facilities Revenue Bonds, Jackson Health System, Series 2009: 
 
 
 
10 
 
5.500%, 6/01/29 (Pre-refunded 6/01/19) – AGM Insured 
6/19 at 100.00 
AA (5) 
10,448 
10 
 
5.625%, 6/01/34 (Pre-refunded 6/01/19) – AGC Insured 
6/19 at 100.00 
AA (5) 
10,462 
480 
 
North Sumter County Utility Dependent District, Florida, Utility Revenue Bonds, Series 2010, 
No Opt. Call 
A 
503,563 
 
 
5.000%, 10/01/20 
 
 
 
90 
 
Palm Beach County Health Facilities Authority, Florida, Hospital Revenue Bonds, BRCH 
12/24 at 100.00 
BBB+ 
98,459 
 
 
Corporation Obligated Group, Refunding Series 2014, 5.000%, 12/01/31 
 
 
 
 
 
Tampa, Florida, Cigarette Tax Allocation Bonds, H. Lee Moffitt Cancer Center Project, 
 
 
 
 
 
Refunding & Capital Improvement Series 2012A: 
 
 
 
135 
 
5.000%, 9/01/22 
No Opt. Call 
A+ 
150,564 
350 
 
5.000%, 9/01/23 
9/22 at 100.00 
A+ 
389,886 
185 
 
5.000%, 9/01/25 
9/22 at 100.00 
A+ 
204,852 
4,640 
 
Total Florida 
 
 
4,963,583 
 
 
Georgia – 0.9% 
 
 
 
180 
 
Cherokee County Water and Sewerage Authority, Georgia, Revenue Bonds, Series 1995, 5.200%, 
8/22 at 100.00 
N/R (5) 
192,492 
 
 
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 
1,024,299 
 
 
  Refunding Series 2012C, 5.250%, 10/01/23 
 
 
 
1,080 
 
Total Georgia 
 
 
1,216,791 
 
17

   
NIM
Nuveen Select Maturities Municipal Fund
Portfolio of Investments (continued)
March 31, 2018
 
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– 
$    153,091 
 
 
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 
171,831 
 
 
  (Alternative Minimum Tax) 
 
 
 
290 
 
Total Guam 
 
 
324,922 
 
 
Hawaii – 1.4% 
 
 
 
200 
 
Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific 
7/23 at 100.00 
BB 
210,276 
 
 
University, Series 2013A, 6.250%, 7/01/27 
 
 
 
1,000 
 
Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaiian Electric 
No Opt. Call 
A– 
992,920 
 
 
Company, Inc. and Subsidiary Projects, Series 2017A, 3.100%, 5/01/26 (Alternative Minimum Tax) 
 
 
 
20 
 
Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Queens Health 
7/25 at 100.00 
AA– 
22,894 
 
 
Systems, Series 2015A, 5.000%, 7/01/29 
 
 
 
510 
 
Hawaiian Electric Company Inc. and Its Subsidiaries, Special Purpose Revenue Bonds, 
No Opt. Call 
A– 
516,778 
 
 
Department of Budget and Finance of the State of Hawaii, Series 2015, 3.250%, 1/01/25 
 
 
 
 
 
  (Alternative Minimum Tax) 
 
 
 
1,730 
 
Total Hawaii 
 
 
1,742,868 
 
 
Idaho – 0.4% 
 
 
 
575 
 
Nez Perce County, Idaho, Pollution Control Revenue Bonds, Potlatch Corporation Project, 
No Opt. Call 
BB+ 
567,577 
 
 
  Refunding Series 2016, 2.750%, 10/01/24, 144A 
 
 
 
 
 
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 
9,555 
10 
 
2.350%, 3/01/24 – BAM Insured 
No Opt. Call 
AA 
9,513 
25 
 
2.700%, 3/01/26 – BAM Insured 
3/25 at 100.00 
AA 
23,534 
25 
 
2.900%, 3/01/28 – BAM Insured 
3/25 at 100.00 
AA 
23,002 
25 
 
3.050%, 3/01/30 – BAM Insured 
3/25 at 100.00 
AA 
23,314 
 
 
Cary, Illinois, Special Tax Bonds, Special Service Area 2, Refunding Series 2016: 
 
 
 
15 
 
2.150%, 3/01/23 – BAM Insured 
No Opt. Call 
AA 
14,332 
15 
 
2.350%, 3/01/24 – BAM Insured 
No Opt. Call 
AA 
14,269 
25 
 
2.700%, 3/01/26 – BAM Insured 
3/25 at 100.00 
AA 
23,534 
35 
 
2.900%, 3/01/28 – BAM Insured 
3/25 at 100.00 
AA 
32,457 
40 
 
3.050%, 3/01/30 – BAM Insured 
3/25 at 100.00 
AA 
37,114 
1,215 
 
Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, Series 
4/27 at 100.00 
A 
1,425,632 
 
 
2016, 6.000%, 4/01/46 
 
 
 
750 
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Refunding 
12/27 at 100.00 
B 
885,495 
 
 
Series 2017B, 6.750%, 12/01/30, 144A 
 
 
 
290 
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Refunding 
12/27 at 100.00 
B 
294,872 
 
 
Series 2017C, 5.000%, 12/01/30 
 
 
 
200 
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Refunding 
12/27 at 100.00 
B 
202,742 
 
 
Series 2017D, 5.000%, 12/01/31 
 
 
 
300 
 
Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Senior Lien 
1/25 at 100.00 
A 
332,319 
 
 
Refunding Series 2015A, 5.000%, 1/01/33 (Alternative Minimum Tax) 
 
 
 
75 
 
Chicago, Illinois, General Obligation Bonds, Project and Refunding Series 2009C, 5.000%, 1/01/27 
1/19 at 100.00 
BBB+ 
75,904 
 
 
Chicago, Illinois, General Obligation Bonds, Refunding Series 2016C: 
 
 
 
200 
 
5.000%, 1/01/23 
No Opt. Call 
BBB+ 
213,360 
225 
 
5.000%, 1/01/24 
No Opt. Call 
BBB+ 
241,807 
190 
 
5.000%, 1/01/25 
No Opt. Call 
BBB+ 
205,202 
55 
 
5.000%, 1/01/26 
No Opt. Call 
BBB+ 
59,542 
325 
 
Cook County, Illinois, General Obligation Bonds, Refunding Series 2012C, 5.000%, 11/15/21 
No Opt. Call 
AA– 
357,058 
185 
 
Cook County, Illinois, General Obligation Bonds, Refunding Series 2016A, 5.000%, 11/15/20 
No Opt. Call 
AA– 
199,175 
590 
 
Huntley, Illinois, Special Tax Bonds, Special Service Area 10, Refunding Series 2017, 3.300%, 
3/26 at 100.00 
AA 
571,203 
 
 
3/01/28 – BAM Insured 
 
 
 
 
18

 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Illinois (continued) 
 
 
 
$    625 
 
Illinois Finance Authority, Gas Supply Refunding Revenue Bonds, The Peoples Gas Light and Coke 
No Opt. Call 
Aa3 
$    620,269 
 
 
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– 
483,997 
560 
 
Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2014A, 4.625%, 9/01/39 
9/24 at 100.00 
BBB– 
574,504 
275 
 
Illinois Finance Authority, Revenue Bonds, Northwest Community Hospital, Series 2008A, 5.500%, 
7/18 at 100.00 
A (5) 
277,659 
 
 
7/01/38 (Pre-refunded 7/01/18) 
 
 
 
1,850 
 
Illinois Finance Authority, Revenue Bonds, Presence Health Network, Series 2016C, 4.000%, 2/15/24 
No Opt. Call 
BBB 
1,970,324 
250 
 
Illinois Finance Authority, Revenue Bonds, Roosevelt University, Series 2007, 5.250%, 4/01/22 
6/18 at 100.00 
Ba2 
249,998 
 
 
Illinois State, General Obligation Bonds, February Series 2014: 
 
 
 
370 
 
5.000%, 2/01/25 
2/24 at 100.00 
BBB 
386,694 
325 
 
5.000%, 2/01/26 
2/24 at 100.00 
BBB 
337,617 
 
 
Illinois State, General Obligation Bonds, Refunding Series 2012: 
 
 
 
390 
 
5.000%, 8/01/20 
No Opt. Call 
BBB 
405,522 
335 
 
5.000%, 8/01/21 
No Opt. Call 
BBB 
350,748 
1,000 
 
5.000%, 8/01/22 
No Opt. Call 
BBB 
1,044,170 
320 
 
5.000%, 8/01/23 
No Opt. Call 
BBB 
334,733 
300 
 
Illinois State, General Obligation Bonds, Series 2012A, 4.000%, 1/01/20 
No Opt. Call 
BBB 
303,264 
 
 
Illinois State, General Obligation Bonds, Series 2013: 
 
 
 
280 
 
5.500%, 7/01/25 
7/23 at 100.00 
BBB 
298,718 
240 
 
5.500%, 7/01/26 
7/23 at 100.00 
BBB 
254,998 
470 
 
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Refunding Senior Lien Series 
1/26 at 100.00 
AA– 
538,352 
 
 
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– 
506,794 
 
 
5.000%, 1/01/37 
 
 
 
1,380 
 
Kane & DeKalb Counties Community Unit School District 301, Illinois, General Obligation Bonds, 
No Opt. Call 
Aa2 
1,363,123 
 
 
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 
786,650 
 
 
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 
750,839 
1,025 
 
5.250%, 6/01/21 
No Opt. Call 
A 
1,119,935 
220 
 
Railsplitter Tobacco Settlement Authority, Illinois, Tobacco Settlement Revenue Bonds, Series 
No Opt. Call 
A 
251,508 
 
 
2017., 5.000%, 6/01/25 
 
 
 
310 
 
Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, 
No Opt. Call 
AA 
321,675 
 
 
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 (Pre-refunded 11/01/23) 
11/23 at 100.00 
N/R (5) 
63,035 
95 
 
7.250%, 11/01/36 (Pre-refunded 11/01/23) 
11/23 at 100.00 
N/R (5) 
119,767 
200 
 
7.625%, 11/01/48 (Pre-refunded 11/01/23) 
11/23 at 100.00 
N/R (5) 
256,050 
 
 
Springfield, Illinois, Electric Revenue Bonds, Senior Lien Series 2015: 
 
 
 
230 
 
5.000%, 3/01/33 
3/25 at 100.00 
A 
253,681 
145 
 
5.000%, 3/01/34 – AGM Insured 
3/25 at 100.00 
AA 
159,929 
500 
 
Sterling, Whiteside County, Illinois, General Obligation Bonds, Alternate Revenue Source, 
No Opt. Call 
A+ 
535,375 
 
 
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 
357,027 
 
 
District 525 Joliet Junior College, Illinois, General Obligation Bond, Series 2008, 
 
 
 
 
 
5.750%, 6/01/28 
 
 
 
390 
 
Williamson & Johnson Counties Community Unit School District 2, Marion, Illinois, Limited Tax 
10/19 at 103.00 
BBB+ 
412,273 
 
 
  General Obligation Lease Certificates, Series 2011, 7.000%, 10/15/22 
 
 
 
19,945 
 
Total Illinois 
 
 
20,964,163 
 
19

   
NIM
Nuveen Select Maturities Municipal Fund
Portfolio of Investments (continued)
March 31, 2018
 
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Indiana – 2.0% 
 
 
 
$    115 
 
Indiana Finance Authority, Educational Facilities Revenue Bonds, Drexel Foundation For 
10/19 at 100.00 
B 
$    116,388 
 
 
Educational Excellence, Inc., Series 2009A, 6.000%, 10/01/21 
 
 
 
140 
 
Indianapolis, Indiana, Thermal Energy System Revenue Bonds, Refunding First Lien Series 2014A, 
10/24 at 100.00 
A 
156,499 
 
 
5.000%, 10/01/31 
 
 
 
255 
 
Jasper County, Indiana, Pollution Control Revenue Refunding Bonds, Northern Indiana Public 
No Opt. Call 
BBB+ 
264,664 
 
 
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 
257,245 
250 
 
Vanderburgh County, Indiana, Redevelopment District Tax Increment Revenue bonds, Refunding 
8/24 at 100.00 
A 
281,372 
 
 
Series 2014, 5.000%, 2/01/29 
 
 
 
875 
 
Whiting, Indiana, Environmental Facilities Revenue Bonds, BP Products North America Inc. 
No Opt. Call 
A1 
872,568 
 
 
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 
A1 
674,718 
 
 
  Project, Series 2015, 5.000%, 11/01/45 (Mandatory put 11/01/22) (Alternative Minimum Tax) 
 
 
 
2,485 
 
Total Indiana 
 
 
2,623,454 
 
 
Iowa – 1.1% 
 
 
 
500 
 
Ames, Iowa, Hospital Revenue Bonds, Mary Greeley Medical Center, Series 2011, 5.250%, 6/15/27 
6/20 at 100.00 
A2 (5) 
536,245 
 
 
(Pre-refunded 6/15/20) 
 
 
 
 
 
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company 
 
 
 
 
 
Project, Series 2013: 
 
 
 
215 
 
5.500%, 12/01/22 
12/18 at 100.00 
B 
218,057 
200 
 
5.250%, 12/01/25 
12/23 at 100.00 
B 
213,064 
185 
 
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company 
6/19 at 105.00 
B 
197,345 
 
 
Project, Series 2016, 5.875%, 12/01/27, 144A 
 
 
 
220 
 
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company 
6/31 at 100.00 
B 
230,923 
 
 
  Project, Series 2018A, 5.250%, 12/01/50 (Mandatory put 12/01/33) 
 
 
 
1,320 
 
Total Iowa 
 
 
1,395,634 
 
 
Kansas – 0.1% 
 
 
 
105 
 
Wyandotte County/Kansas City Unified Government, Kansas, Utility System Revenue Bonds, 
No Opt. Call 
A+ 
117,293 
 
 
  Refunding & Improvement Series 2014A, 5.000%, 9/01/22 
 
 
 
 
 
Kentucky – 1.0% 
 
 
 
550 
 
Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Owensboro Health, 
6/27 at 100.00 
Baa3 
608,707 
 
 
Refunding Series 2017A, 5.000%, 6/01/31 
 
 
 
350 
 
Kentucky Economic Development Finance Authority, Louisville Arena Project Revenue Bonds, 
6/18 at 100.00 
AA (5) 
352,404 
 
 
Louisville Arena Authority, Inc., Series 2008-A1, 5.750%, 12/01/28 (Pre-refunded 6/01/18) – 
 
 
 
 
 
AGC Insured 
 
 
 
340 
 
Lexington-Fayette Urban County Government Public Facilities Corporation, Kentucky State Lease 
6/21 at 100.00 
A1 
368,669 
 
 
  Revenue Bonds, Eastern State Hospital Project, Series 2011A, 5.250%, 6/01/29 
 
 
 
1,240 
 
Total Kentucky 
 
 
1,329,780 
 
 
Louisiana – 3.3% 
 
 
 
240 
 
De Soto Parrish, Louisiana, Pollution Control Revenue Bonds, Southwestern Electric Power 
No Opt. Call 
A– 
240,744 
 
 
Company Project, Refunding Series 2010, 1.600%, 1/01/19 
 
 
 
455 
 
Jefferson Parish Hospital Service District 2, Louisiana, Hospital Revenue Bonds, East 
7/21 at 100.00 
B+ 
465,956 
 
 
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 (5) 
176,237 
10 
 
6.000%, 6/01/24 (Pre-refunded 6/01/18) 
6/18 at 100.00 
AA (5) 
10,073 
1,200 
 
Louisiana Local Government Environmental Facilities and Community Development Authority, 
11/27 at 100.00 
BBB 
1,187,796 
 
 
Revenue Bonds, Westlake Chemical Corporation Projects, Refunding Series 2017, 3.500%, 11/01/32 
 
 
 
150 
 
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, 
5/26 at 100.00 
A3 
170,540 
 
 
Refunding Series 2016, 5.000%, 5/15/29 
 
 
 
 
20

 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Louisiana (continued) 
 
 
 
$    100 
 
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, 
5/27 at 100.00 
A3 
$    114,132 
 
 
Refunding Series 2017, 5.000%, 5/15/30 
 
 
 
 
 
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, 
 
 
 
 
 
Series 2015: 
 
 
 
525 
 
5.000%, 5/15/22 
No Opt. Call 
A3 
580,797 
335 
 
5.000%, 5/15/24 
No Opt. Call 
A3 
381,813 
110 
 
New Orleans, Louisiana, General Obligation Bonds, Refunding Series 2015, 5.000%, 12/01/25 
No Opt. Call 
AA– 
127,730 
100 
 
New Orleans, Louisiana, Sewerage Service Revenue Bonds, Series 2015, 5.000%, 6/01/32 
6/25 at 100.00 
A 
111,570 
590 
 
Saint Charles Parish, Louisiana, Gulf Opportunity Zone Revenue Bonds, Valero Project, Series 
No Opt. Call 
BBB 
627,878 
 
 
  2010, 4.000%, 12/01/40 (Mandatory put 6/01/22) 
 
 
 
3,990 
 
Total Louisiana 
 
 
4,195,266 
 
 
Maine – 0.0% 
 
 
 
35 
 
Portland, Maine, General Airport Revenue Bonds, Refunding Series 2013, 5.000%, 7/01/22 
No Opt. Call 
BBB+ 
38,770 
 
 
Maryland – 0.3% 
 
 
 
335 
 
Baltimore, Maryland, Convention Center Hotel Revenue Bonds, Refunding Series 2017, 
9/27 at 100.00 
BBB– 
386,161 
 
 
  5.000%, 9/01/30 
 
 
 
 
 
Massachusetts – 1.0% 
 
 
 
200 
 
Massachusetts Development Finance Agency Revenue Bonds, Lawrence General Hospital Issue, 
7/24 at 100.00 
BB+ 
217,974 
 
 
Series 2014A, 5.000%, 7/01/27 
 
 
 
500 
 
Massachusetts Development Finance Agency, Revenue Bonds, Orchard Cove, Series 2007, 
6/18 at 100.00 
N/R 
500,970 
 
 
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) 
6/18 at 100.00 
N/R 
101,386 
470 
 
  5.000%, 1/01/27 – AMBAC Insured (Alternative Minimum Tax) 
7/18 at 100.00 
N/R 
476,495 
1,270 
 
Total Massachusetts 
 
 
1,296,825 
 
 
Michigan – 1.1% 
 
 
 
400 
 
Detroit Downtown Development Authority, Michigan, Tax Increment Refunding Bonds, Development 
No Opt. Call 
BB 
311,588 
 
 
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 
A– 
175,699 
 
 
7/01/29 – FGIC Insured 
 
 
 
150 
 
Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Water & 
7/25 at 100.00 
A– 
164,985 
 
 
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 
784,002 
 
 
  Airport, Refunding Series 2015F, 5.000%, 12/01/33 (Alternative Minimum Tax) 
 
 
 
1,405 
 
Total Michigan 
 
 
1,436,274 
 
 
Missouri – 1.2% 
 
 
 
100 
 
Branson Industrial Development Authority, Missouri, Tax Increment Revenue Bonds, Branson 
11/25 at 100.00 
N/R 
101,041 
 
 
Shoppes Redevelopment Project, Refunding Series 2017A, 4.000%, 11/01/26 
 
 
 
100 
 
Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, 
5/23 at 100.00 
BBB+ 
109,564 
 
 
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 
30,283 
 
 
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 
A– 
1,117,925 
 
 
2005, 5.500%, 7/01/19 – NPFG Insured 
 
 
 
140 
 
St. Louis County, Missouri, GNMA Collateralized Mortgage Revenue Bonds, Series 1989A, 8.125%, 
7/20 at 100.00 
AA+ (5) 
151,399 
 
 
  8/01/20 (Pre-refunded 7/01/20) (Alternative Minimum Tax) 
 
 
 
1,440 
 
Total Missouri 
 
 
1,510,212 
 
21

   
NIM
Nuveen Select Maturities Municipal Fund
Portfolio of Investments (continued)
March 31, 2018
 
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Montana – 0.3% 
 
 
 
$    260 
 
Billings, Montana, Tax Increment Urban Renewal Revenue Bonds, Expanded North 27th Street, 
1/23 at 100.00 
N/R 
$    271,006 
 
 
Series 2013A, 5.000%, 7/01/33 
 
 
 
120 
 
University of Montana, Revenue Bonds, Series 1996D, 5.375%, 5/15/19 – NPFG Insured (ETM) 
No Opt. Call 
N/R (5) 
122,191 
380 
 
Total Montana 
 
 
393,197 
 
 
Nebraska – 0.1% 
 
 
 
100 
 
Douglas County School District 10 Elkhorn, Nebraska, General Obligation Bonds, Public Schools 
6/22 at 100.00 
AA– 
107,015 
 
 
  Series 2012, 4.000%, 6/15/23 
 
 
 
 
 
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 
Aa3 
1,569,754 
250 
 
Las Vegas Redevelopment Agency, Nevada, Tax Increment Revenue Bonds, Series 2009A, 8.000%, 
6/19 at 100.00 
BBB+ (5) 
268,402 
 
 
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 
53,680 
 
 
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+ 
178,644 
 
 
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 
849,710 
 
 
  Refunding Series 2011, 5.000%, 7/01/23 
 
 
 
2,720 
 
Total Nevada 
 
 
2,920,190 
 
 
New Hampshire – 0.1% 
 
 
 
105 
 
Business Finance Authority of the State of New Hampshire, Water Facility Revenue Bonds, 
1/26 at 100.00 
A+ 
105,891 
 
 
  Pennichuck Water Works, Inc. Project ,Series 2015A, 4.250%, 1/01/36 (Alternative Minimum Tax) 
 
 
 
 
 
New Jersey – 7.9% 
 
 
 
510 
 
Camden County Improvement Authority, New Jersey, Health Care Redevelopment Revenue Bonds, 
2/24 at 100.00 
BBB+ 
555,599 
 
 
Cooper Health System Obligated Group Issue, Refunding Series 2014A, 5.000%, 2/15/30 
 
 
 
300 
 
Gloucester County Pollution Control Financing Authority, New Jersey, Pollution Control Revenue 
No Opt. Call 
BBB– 
325,035 
 
 
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+ 
153,427 
280 
 
5.000%, 6/15/20 
No Opt. Call 
BBB+ 
296,366 
150 
 
5.000%, 6/15/21 
No Opt. Call 
BBB+ 
161,698 
345 
 
5.000%, 6/15/22 
No Opt. Call 
BBB+ 
377,585 
375 
 
5.000%, 6/15/23 
6/22 at 100.00 
BBB+ 
408,547 
210 
 
5.000%, 6/15/24 
6/22 at 100.00 
BBB+ 
228,091 
510 
 
5.000%, 6/15/25 
6/22 at 100.00 
BBB+ 
552,044 
150 
 
5.000%, 6/15/26 
6/22 at 100.00 
BBB+ 
161,934 
100 
 
4.250%, 6/15/27 
6/22 at 100.00 
BBB+ 
104,132 
300 
 
5.000%, 6/15/28 
6/22 at 100.00 
BBB+ 
322,761 
220 
 
New Jersey Economic Development Authority, Private Activity Bonds, The Goethals Bridge 
1/24 at 100.00 
BBB 
243,538 
 
 
Replacement Project, Series 2013, 5.000%, 1/01/28 (Alternative Minimum Tax) 
 
 
 
1,000 
 
New Jersey Economic Development Authority, School Facilities Construction Bonds, Refunding 
6/25 at 100.00 
A– 
1,088,050 
 
 
Series 2015XX, 5.000%, 6/15/27 
 
 
 
 
 
New Jersey Health Care Facilities Financing Authority, State Contract Bonds, Hospital Asset 
 
 
 
 
 
Transformation Program, Series 2008A: 
 
 
 
40 
 
5.250%, 10/01/38 (Pre-refunded 10/01/18) 
10/18 at 100.00 
N/R (5) 
40,738 
75 
 
5.250%, 10/01/38 (Pre-refunded 10/01/18) 
10/18 at 100.00 
BBB+ (5) 
76,327 
1,095 
 
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Senior Lien 
12/26 at 100.00 
Aaa 
1,097,376 
 
 
Series 2017-1A, 3.750%, 12/01/31 (Alternative Minimum Tax) 
 
 
 
1,280 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital 
No Opt. Call 
A– 
623,898 
 
 
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– 
1,741,432 
 
 
5.000%, 12/15/23 
 
 
 
330 
 
New Jersey Turnpike Authority, Revenue Bonds, Series 2012B, 5.000%, 1/01/19 
No Opt. Call 
A+ 
338,138 
 
22

 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
New Jersey (continued) 
 
 
 
$    270 
 
Salem County Pollution Control Financing Authority, New Jersey, Pollution Control Revenue 
No Opt. Call 
BBB– 
$    290,768 
 
 
Bonds, Chambers Project, Refunding Series 2014A, 5.000%, 12/01/23 (Alternative Minimum Tax) 
 
 
 
250 
 
South Jersey Port Corporation, New Jersey, Marine Terminal Revenue Bonds, Refunding Series 
No Opt. Call 
Baa1 
248,678 
 
 
2012Q, 3.000%, 1/01/22 
 
 
 
 
 
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, 
 
 
 
 
 
Series 2007-1A: 
 
 
 
190 
 
4.500%, 6/01/23 (Pre-refunded 4/26/18) 
4/18 at 100.00 
BBB+ (5) 
190,728 
230 
 
4.625%, 6/01/26 (Pre-refunded 4/26/18) 
4/18 at 100.00 
BBB (5) 
230,198 
200 
 
4.750%, 6/01/34 (Pre-refunded 4/26/18) 
4/18 at 100.00 
BB– (5) 
199,996 
70 
 
  5.000%, 6/01/41 (Pre-refunded 4/26/18) 
4/18 at 100.00 
B (5) 
69,998 
10,220 
 
Total New Jersey 
 
 
10,127,082 
 
 
New Mexico – 1.0% 
 
 
 
715 
 
Farmington, New Mexico, Pollution Control Revenue Bonds, Southern California Edison Company – 
No Opt. Call 
Aa3 
710,210 
 
 
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 
A1 
509,154 
 
 
  Sub-Series 2014A, 5.000%, 11/01/39 (Mandatory put 8/01/19) 
 
 
 
1,205 
 
Total New Mexico 
 
 
1,219,364 
 
 
New York – 4.0% 
 
 
 
220 
 
Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue 
1/20 at 100.00 
AA+ (5) 
236,621 
 
 
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+ 
236,636 
195 
 
5.000%, 7/01/24 
No Opt. Call 
BBB+ 
222,653 
200 
 
Dormitory Authority of the State of New York, Revenue Bonds, Orange Regional Medical Center 
6/27 at 100.00 
BBB– 
222,832 
 
 
Obligated Group, Series 2017, 5.000%, 12/01/28, 144A 
 
 
 
775 
 
Dormitory Authority of the State of New York, State University Educational Facilities Revenue 
5/22 at 100.00 
AA 
862,854 
 
 
Bonds, Third General Resolution, Series 2012A, 5.000%, 5/15/25 
 
 
 
165 
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 
2/21 at 100.00 
AA– 
179,835 
 
 
2011A, 5.750%, 2/15/47 
 
 
 
270 
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 
2/21 at 100.00 
Aa3 (5) 
299,260 
 
 
2011A, 5.750%, 2/15/47 (Pre-refunded 2/15/21) 
 
 
 
 
 
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 
217,140 
170 
 
0.000%, 6/01/24 – AGM Insured 
No Opt. Call 
AA 
144,021 
835 
 
New York State Energy Research and Development Authority, Pollution Control Revenue Bonds, 
No Opt. Call 
A– 
839,977 
 
 
New York State Electric and Gas Corporation, Series 2005A, 2.375%, 7/01/26 (Mandatory 
 
 
 
 
 
put 5/01/20) (Alternative Minimum Tax) 
 
 
 
275 
 
New York State Thruway Authority, General Revenue Junior Indebtedness Obligations, Series 
No Opt. Call 
A– 
284,768 
 
 
2013A, 5.000%, 5/01/19 
 
 
 
 
 
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– 
65,462 
60 
 
5.000%, 1/01/23 (Alternative Minimum Tax) 
No Opt. Call 
A– 
66,020 
 
 
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 
140,133 
175 
 
4.000%, 7/01/33 (Alternative Minimum Tax) 
7/24 at 100.00 
BBB 
180,955 
185 
 
5.000%, 7/01/34 (Alternative Minimum Tax) 
7/24 at 100.00 
BBB 
203,265 
275 
 
5.000%, 7/01/46 (Alternative Minimum Tax) 
7/24 at 100.00 
BBB 
298,265 
400 
 
Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding 
No Opt. Call 
AA– 
444,616 
 
 
Series 2013B, 5.000%, 11/15/21 
 
 
 
4,845 
 
Total New York 
 
 
5,145,313 
 
23

   
NIM
Nuveen Select Maturities Municipal Fund
Portfolio of Investments (continued)
March 31, 2018
 
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
North Carolina – 1.3% 
 
 
 
$    1,315 
 
North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 2015C, 
1/26 at 100.00 
A 
$    1,517,089 
 
 
5.000%, 1/01/29 
 
 
 
250 
 
North Carolina Turnpike Authority, Monroe Expressway Toll Revenue Bonds, Capital Appreciation 
7/26 at 96.08 
BBB– 
178,695 
 
 
  Series 2017C, 0.000%, 7/01/27 
 
 
 
1,565 
 
Total North Carolina 
 
 
1,695,784 
 
 
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 (5) 
218,752 
650 
 
5.000%, 7/01/31 (Pre-refunded 7/01/21) 
7/21 at 100.00 
N/R (5) 
710,944 
115 
 
Ward County Health Care, North Dakota, Revenue Bonds, Trinity Obligated Group, Series 2017C., 
No Opt. Call 
BBB– 
129,743 
 
 
  5.000%, 6/01/28 
 
 
 
965 
 
Total North Dakota 
 
 
1,059,439 
 
 
Ohio – 5.2% 
 
 
 
 
 
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed 
 
 
 
 
 
Revenue Bonds, Senior Lien, Series 2007A-2: 
 
 
 
100 
 
5.375%, 6/01/24 
5/18 at 100.00 
B– 
98,935 
1,815 
 
5.125%, 6/01/24 
5/18 at 100.00 
B– 
1,779,226 
725 
 
5.875%, 6/01/30 
5/18 at 100.00 
B– 
721,513 
150 
 
5.750%, 6/01/34 
5/18 at 100.00 
B– 
147,375 
480 
 
Fairfield County, Ohio, Hospital Facilities Revenue Bonds, Fairfield Medical Center Project, 
6/23 at 100.00 
Baa2 
503,458 
 
 
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 
50,681 
 
 
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 (5) 
228,215 
 
 
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 
25,301 
30 
 
4.000%, 10/01/19 
No Opt. Call 
Aa3 
31,014 
40 
 
4.000%, 10/01/20 
No Opt. Call 
Aa3 
42,027 
45 
 
5.000%, 10/01/21 
No Opt. Call 
Aa3 
49,471 
35 
 
5.000%, 10/01/22 
No Opt. Call 
Aa3 
39,124 
45 
 
Ohio Air Quality Development Authority, Ohio, Air Quality Development Revenue Bonds, 
No Opt. Call 
Ca 
14,231 
 
 
FirstEnergy Generation Corporation Project, Series 2009A, 5.700%, 8/01/20 (6) 
 
 
 
100 
 
Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy 
No Opt. Call 
Ca 
31,625 
 
 
Generation Corporation Project, Refunding Series 2009B, 3.100%, 3/01/23 (Mandatory put 3/01/19) (6) 
 
 
 
260 
 
Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy 
No Opt. Call 
B3 
229,388 
 
 
Generation Corporation Project, Refunding Series 2009C, 5.625%, 6/01/18 (6) 
 
 
 
490 
 
Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy 
No Opt. Call 
Ca 
154,963 
 
 
Generation Project, Refunding Series 2006A, 3.750%, 12/01/23 (Mandatory put 12/03/18) (6) 
 
 
 
90 
 
Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy 
No Opt. Call 
Ca 
28,463 
 
 
Nuclear Generation Corporation Project, Refunding Series 2010A, 3.125%, 7/01/33 
 
 
 
 
 
(Mandatory put 7/02/18) (6) 
 
 
 
130 
 
Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy 
No Opt. Call 
Ca 
41,113 
 
 
Nuclear Generation Project, Refunding Series 2006B, 3.625%, 12/01/33 (Mandatory put 6/01/20) (6) 
 
 
 
45 
 
Ohio Air Quality Development Authority, Ohio, Revenue Bonds, Pratt Paper Ohio, LLC Project, 
No Opt. Call 
N/R 
45,071 
 
 
Series 2017, 3.750%, 1/15/28, 144A (Alternative Minimum Tax) 
 
 
 
2,000 
 
Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Projects, Junior Lien 
2/31 at 100.00 
Aa3 
1,937,820 
 
 
Convertible Series 2013A-3, 0.000%, 2/15/34 (4) 
 
 
 
230 
 
Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy 
No Opt. Call 
Ca 
72,738 
 
 
Nuclear Generating Corporation Project, Series 2005B, 4.000%, 1/01/34 (Mandatory put 7/01/21) (6) 
 
 
 
120 
 
Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy 
No Opt. Call 
Ca 
37,950 
 
 
Nuclear Generating Corporation Project, Series 2006A, 3.000%, 5/15/19 (6) 
 
 
 
 
24

 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Ohio (continued) 
 
 
 
$    110 
 
Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy 
No Opt. Call 
Ca 
$    34,788 
 
 
Nuclear Generating Corporation Project, Series 2006B, 4.000%, 12/01/33 (Mandatory put 6/03/19) (6) 
 
 
 
110 
 
Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy 
No Opt. Call 
Ca 
34,788 
 
 
Nuclear Generating Corporation Project, Series 2008B, 3.625%, 10/01/33 (Mandatory put 4/01/20) (6) 
 
 
 
220 
 
Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy 
No Opt. Call 
Ca 
69,575 
 
 
Nuclear Generating Corporation Project, Series 2010A, 3.750%, 7/01/33 (Mandatory put 7/01/20) (6) 
 
 
 
235 
 
Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy 
No Opt. Call 
CCC– 
74,319 
 
 
Nuclear Generating Corporation Project, Series 2010C, 4.000%, 6/01/33 (Mandatory put 6/03/19) (6) 
 
 
 
100 
 
Tuscarawas County Economic Development and Finance Alliance, Ohio, Higher Education Facilities 
3/25 at 100.00 
N/R 
102,310 
 
 
  Revenue Bonds, Ashland University, Refunding & Improvement Series 2015, 5.375%, 3/01/27 
 
 
 
8,005 
 
Total Ohio 
 
 
6,625,482 
 
 
Oklahoma – 0.4% 
 
 
 
250 
 
Comanche County Educational Facilities Authority, Oklahoma, Educational Facilities Lease 
12/27 at 100.00 
A 
289,610 
 
 
Revenue Bonds, Elgin Public Schools Project, Series 2017A, 5.000%, 12/01/31 
 
 
 
200 
 
Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine Project, 
No Opt. Call 
Baa3 
229,064 
 
 
  Series 2018B, 5.000%, 8/15/28 (WI/DD, Settling 4/04/18) 
 
 
 
450 
 
Total Oklahoma 
 
 
518,674 
 
 
Oregon – 0.6% 
 
 
 
1,250 
 
Beaverton School District 48J, Washington and Multnomah Counties, Oregon, General Obligation 
6/27 at 85.82 
AA+ 
770,475 
 
 
  Bonds, Deferred Interest Series 2017B, 0.000%, 6/15/31 
 
 
 
 
 
Pennsylvania – 6.0% 
 
 
 
220 
 
Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue 
No Opt. Call 
Ca 
71,500 
 
 
Refunding Bonds, FirstEnergy Nuclear Generation Project, Series 2008A, 2.700%, 4/01/35 
 
 
 
 
 
(Mandatory put 4/02/18) (6) 
 
 
 
200 
 
Lehigh County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Bonds, 
No Opt. Call 
A1 
194,676 
 
 
Pennsylvania Power and Light Company, Series 2016A, 1.800%, 9/01/29 (Mandatory put 9/01/22) 
 
 
 
455 
 
Lehigh County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Bonds, 
No Opt. Call 
A1 
438,038 
 
 
Pennsylvania Power and Light Company, Series 2016B, 1.800%, 2/15/27 (Mandatory put 8/15/22) 
 
 
 
200 
 
Luzerne County Industrial Development Authority, Pennsylvania, Guaranteed Lease Revenue Bonds, 
12/19 at 100.00 
N/R (5) 
219,650 
 
 
Series 2009, 7.750%, 12/15/27 (Pre-refunded 12/15/19) 
 
 
 
500 
 
Montgomery County Industrial Development Authority, Pennsylvania, Pollution Control Revenue 
No Opt. Call 
BBB 
501,505 
 
 
Bonds, PECO Energy Company Project, Refunding Series 1996A, 2.600%, 3/01/34 (Mandatory 
 
 
 
 
 
put 9/01/20) 
 
 
 
500 
 
Montgomery County Industrial Development Authority, Pennsylvania, Pollution Control Revenue 
No Opt. Call 
BBB 
501,260 
 
 
Bonds, PECO Energy Company Project, Refunding Series 1999A, 2.500%, 10/01/30 (Mandatory 
 
 
 
 
 
put 4/01/20) 
 
 
 
5 
 
Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, 
No Opt. Call 
Ca 
1,581 
 
 
Shippingport Project, First Energy Guarantor., Series 2006A, 2.550%, 11/01/41 (Mandatory 
 
 
 
 
 
put 12/03/18) (6) 
 
 
 
415 
 
Pennsylvania Economic Development Financing Authority, Health System Revenue Bonds , Albert 
10/19 at 100.00 
N/R (5) 
439,805 
 
 
Einstein Healthcare, Series 2009A, 6.250%, 10/15/23 (Pre-refunded 10/15/19) 
 
 
 
500 
 
Pennsylvania Economic Development Financing Authority, Parking System Revenue Bonds, Capitol 
1/24 at 100.00 
AA 
568,025 
 
 
Region Parking System, Junior Guaranteed Series 2013B, 5.500%, 1/01/27 
 
 
 
250 
 
Pennsylvania Economic Development Financing Authority, Parking System Revenue Bonds, Capitol 
1/24 at 100.00 
AA 
285,150 
 
 
Region Parking System, Junior Insured Series 2013C, 5.500%, 1/01/26 – AGM Insured 
 
 
 
230 
 
Pennsylvania Economic Development Financing Authority, Private Activity Revenue Bonds, 
No Opt. Call 
BBB 
261,567 
 
 
Pennsylvania Rapid Bridge Replacement Project, Series 2015, 5.000%, 12/31/25 (Alternative 
 
 
 
 
 
Minimum Tax) 
 
 
 
95 
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University of the Arts, 
6/18 at 100.00 
AA (5) 
99,161 
 
 
Series 1999, 5.150%, 3/15/20 – AGC Insured (ETM) 
 
 
 
 
25

   
NIM
Nuveen Select Maturities Municipal Fund
Portfolio of Investments (continued)
March 31, 2018
 
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Pennsylvania (continued) 
 
 
 
$    250 
 
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2017-125A., 
4/27 at 100.00 
AA+ 
$    246,058 
 
 
3.400%, 10/01/32 (Alternative Minimum Tax) 
 
 
 
 
 
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Special Revenue 
 
 
 
 
 
Bonds, Subordinate Series 2010A1&2: 
 
 
 
115 
 
5.500%, 12/01/34 (Pre-refunded 12/01/20) 
12/20 at 100.00 
N/R (5) 
125,785 
475 
 
5.500%, 12/01/34 (Pre-refunded 12/01/20) 
12/20 at 100.00 
AA– (5) 
520,847 
 
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Refunding Subordinate Second 
 
 
 
 
 
Series 2016B-2: 
 
 
 
560 
 
5.000%, 6/01/29 
6/26 at 100.00 
A3 
633,158 
580 
 
5.000%, 6/01/35 
6/26 at 100.00 
A3 
639,543 
540 
 
Philadelphia Gas Works, Pennsylvania, Revenue Bonds, Twelfth Series 1990B, 7.000%, 5/15/20 – 
5/19 at 100.00 
N/R (5) 
569,981 
 
 
NPFG Insured (ETM) 
 
 
 
65 
 
Quakertown General Authority Health Facilities Revenue USDA Loan Anticipation Notes and 
7/19 at 100.00 
N/R 
65,025 
 
 
Revenue Bonds for LifeQuest Obligated Group, Pennsylvania, Series 2017A, 3.125%, 7/01/21 
 
 
 
60 
 
Scranton-Lackawanna Health and Welfare Authority, Pennsylvania, University Revenue Bonds, 
No Opt. Call 
BB+ 
57,814 
 
 
Marywood University, Series 2016, 3.375%, 6/01/26 
 
 
 
875 
 
St. Mary Hospital Authority, Pennsylvania, Health System Revenue Bonds, Catholic Health East, 
5/19 at 100.00 
AA– 
915,644 
 
 
Series 2009D, 6.250%, 11/15/34 
 
 
 
330 
 
Union County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Evangelical Community 
No Opt. Call 
A– 
364,251 
 
 
  Hospital Project, Refunding & Improvement Series 2011, 5.750%, 8/01/21 
 
 
 
7,420 
 
Total Pennsylvania 
 
 
7,720,024 
 
 
Rhode Island – 0.2% 
 
 
 
200 
 
Rhode Island Health and Educational Building Corporation, Revenue Bonds, Care New England 
9/23 at 100.00 
BB– (5) 
233,604 
 
 
  Health System, Series 2013A, 5.500%, 9/01/28 (Pre-refunded 9/01/23) 
 
 
 
 
 
South Carolina – 3.7% 
 
 
 
1,540 
 
Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Refunding Series 
No Opt. Call 
A3 (5) 
1,598,643 
 
 
1991, 6.750%, 1/01/19 – FGIC Insured (ETM) 
 
 
 
3,040 
 
Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Refunding Series 
No Opt. Call 
A3 
3,153,210 
 
 
  1991, 6.750%, 1/01/19 – FGIC Insured 
 
 
 
4,580 
 
Total South Carolina 
 
 
4,751,853 
 
 
Tennessee – 1.2% 
 
 
 
 
 
Knox County Health, Educational and Housing Facility Board, Tennessee, Hospital Revenue Bonds, 
 
 
 
 
 
Covenant Health, Refunding Series 2012A: 
 
 
 
105 
 
4.000%, 1/01/22 
No Opt. Call 
A 
111,560 
180 
 
5.000%, 1/01/23 
No Opt. Call 
A 
200,691 
100 
 
Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, 
No Opt. Call 
N/R 
98,303 
 
 
Tennessee, Revenue Bonds, Knowledge Academy Charter School, Series 2017A, 
 
 
 
 
 
4.625%, 6/15/27, 144A 
 
 
 
1,085 
 
The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2017A, 4.000%, 5/01/48 
5/23 at 100.43 
A 
1,160,538 
 
 
  (Mandatory put 5/01/23) 
 
 
 
1,470 
 
Total Tennessee 
 
 
1,571,092 
 
 
Texas – 6.2% 
 
 
 
10 
 
Bexar Metropolitan Water District, Texas, Waterworks System Revenue Bonds, Refunding Series 
5/20 at 100.00 
AA (5) 
10,844 
 
 
2010, 5.875%, 5/01/40 (Pre-refunded 5/01/20) 
 
 
 
 
 
Bexar Metropolitan Water District, Texas, Waterworks System Revenue Refunding Bonds, 
 
 
 
 
 
Series 2009: 
 
 
 
65 
 
5.000%, 5/01/29 (Pre-refunded 5/01/19) 
5/19 at 100.00 
AA (5) 
67,330 
165 
 
5.000%, 5/01/39 (Pre-refunded 5/01/19) 
5/19 at 100.00 
AA (5) 
170,915 
25 
 
Brazos River Authority, Texas, Collateralized Pollution Control Revenue Bonds, Texas Utilities 
4/18 at 100.00 
C 
 
 
 
Electric Company, Series 2003D, 5.400%, 10/01/29 (6) 
 
 
 
540 
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2011, 6.250%, 
1/21 at 100.00 
BBB+ (5) 
602,354 
 
 
1/01/46 (Pre-refunded 1/01/21) 
 
 
 
1,000 
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien, Series 2015A, 
7/25 at 100.00 
BBB+ 
1,123,080 
 
 
5.000%, 1/01/31 
 
 
 
 
26

 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Texas (continued) 
 
 
 
$    155 
 
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Refunding Second Lien Series 
No Opt. Call 
A3 
$    176,063 
 
 
2014C, 5.000%, 11/15/24 
 
 
 
395 
 
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Refunding Senior Lien Series 
11/24 at 100.00 
AA 
451,758 
 
 
2014A, 5.000%, 11/15/26 – AGM Insured 
 
 
 
50 
 
Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc. 
7/24 at 100.00 
BB– 
54,517 
 
 
Terminal E Project, Refunding Series 2014, 5.000%, 7/01/29 (Alternative Minimum Tax) 
 
 
 
500 
 
Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment 
No Opt. Call 
A2 
433,615 
 
 
Project, Series 2001B, 0.000%, 9/01/23 – AMBAC Insured 
 
 
 
430 
 
Love Field Airport Modernization Corporation, Texas, General Airport Revenue Bonds Series 
11/25 at 100.00 
A1 
487,895 
 
 
2015, 5.000%, 11/01/28 (Alternative Minimum Tax) 
 
 
 
300 
 
Love Field Airport Modernization Corporation, Texas, Special Facilities Revenue Bonds, 
11/20 at 100.00 
A3 
321,789 
 
 
Southwest Airlines Company, Series 2010, 5.250%, 11/01/40 
 
 
 
 
 
McCamey County Hospital District, Texas, General Obligation Bonds, Series 2013: 
 
 
 
100 
 
5.000%, 12/01/25 
No Opt. Call 
B1 
105,122 
100 
 
5.250%, 12/01/28 
12/25 at 100.00 
B1 
104,611 
250 
 
Mission Economic Development Corporation, Texas, Revenue Bonds, Natgasoline Project, Series 
10/18 at 103.00 
BB– 
260,080 
 
 
2016B, 5.750%, 10/01/31, 144A (Alternative Minimum Tax) 
 
 
 
 
 
North Central Texas Health Facilities Development Corporation, Texas, Revenue Bonds, 
 
 
 
 
 
Children’s Medical Center Dallas Project, Series 2012: 
 
 
 
425 
 
5.000%, 8/15/24 (Pre-refunded 8/15/22) 
8/22 at 100.00 
Aa2 (5) 
475,970 
380 
 
5.000%, 8/15/25 (Pre-refunded 8/15/22) 
8/22 at 100.00 
Aa2 (5) 
425,573 
 
 
North Texas Tollway Authority, Special Projects System Revenue Bonds, Convertible Capital 
 
 
 
 
 
Appreciation Series 2011C: 
 
 
 
100 
 
0.000%, 9/01/43 (Pre-refunded 9/01/31) (4) 
9/31 at 100.00 
AA+ (5) 
109,817 
490 
 
0.000%, 9/01/45 (Pre-refunded 9/01/31) (4) 
9/31 at 100.00 
AA+ (5) 
588,421 
760 
 
North Texas Tollway Authority, Special Projects System Revenue Bonds, Current Interest Series 
9/21 at 100.00 
AA+ (5) 
837,186 
 
 
2011D, 5.000%, 9/01/24 (Pre-refunded 9/01/21) 
 
 
 
455 
 
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2014A, 
No Opt. Call 
A1 
511,211 
 
 
5.000%, 1/01/23 
 
 
 
110 
 
Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 
12/22 at 100.00 
A3 
120,128 
 
 
2012, 5.000%, 12/15/32 
 
 
 
475 
 
Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, Second Tier 
8/24 at 100.00 
BBB+ 
525,317 
 
 
  Refunding Series 2015C, 5.000%, 8/15/31 
 
 
 
7,280 
 
Total Texas 
 
 
7,963,596 
 
 
Virginia – 0.7% 
 
 
 
100 
 
Peninsula Ports Authority of Virginia, Coal Terminal Revenue Bonds, Dominion Terminal Associates 
No Opt. Call 
BBB 
99,736 
 
 
Project-DETC Issue, Refunding Series 2003, 1.550%, 10/01/33 (Mandatory put 10/01/19) 
 
 
 
575 
 
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River 
7/22 at 100.00 
BBB 
628,981 
 
 
Crossing, Opco LLC Project, Series 2012, 5.500%, 1/01/42 (Alternative Minimum Tax) 
 
 
 
200 
 
Wise County Industrial Development Authority, Virginia, Solid Waste and Sewage Disposal 
No Opt. Call 
A2 
199,392 
 
 
Revenue Bonds, Virginia Electric and Power Company, Series 2009A, 2.150%, 10/01/40 
 
 
 
 
 
(Mandatory put 9/01/20) 
 
 
 
875 
 
Total Virginia 
 
 
928,109 
 
 
Washington – 2.2% 
 
 
 
1,000 
 
Port of Seattle, Washington, Revenue Bonds, Intermediate Lien Series 2015C, 5.000%, 4/01/23 
No Opt. Call 
AA– 
1,119,690 
 
 
(Alternative Minimum Tax) 
 
 
 
1,050 
 
Washington Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research 
1/21 at 100.00 
A 
1,119,174 
 
 
Center, Series 2011A, 5.375%, 1/01/31 
 
 
 
585 
 
Whidbey Island Public Hospital District, Island County, Washington, General Obligation Bonds, 
12/22 at 100.00 
Baa2 
627,342 
 
 
  Whidbey General Hospital, Series 2013, 5.500%, 12/01/33 
 
 
 
2,635 
 
Total Washington 
 
 
2,866,206 
 
27

   
NIM
Nuveen Select Maturities Municipal Fund
Portfolio of Investments (continued)
March 31, 2018
 
Principal 
 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
 
Provisions (2) 
Ratings (3) 
Value 
 
 
West Virginia – 0.6% 
 
 
 
 
$    100 
 
Monongalia County Commission, West Virginia, Special District Excise Tax Revenue, University 
No Opt. Call 
N/R 
$    100,101 
 
 
Town Centre Economic Opportunity Development District, Refunding & Improvement Series 
 
 
 
 
 
2017A, 4.500%, 6/01/27, 144A 
 
 
 
 
120 
 
West Virginia Economic Development Authority, Energy Revenue Bonds, Morgantown Energy 
No Opt. Call 
Baa3 
117,653 
 
 
Associates Project, Refunding Series 2016, 2.875%, 12/15/26 (Alternative Minimum Tax) 
 
 
 
 
250 
 
West Virginia Economic Development Authority, Solid Waste Disposal Facilities Revenue Bonds, 
No Opt. Call 
A– 
245,533 
 
 
Appalachian Power Company – Amos Project, Series 2011A, 1.700%, 1/01/41 (Mandatory put 
 
 <