Chairman’s Letter to Shareholders
|
4
|
Portfolio Manager’s Comments
|
5
|
Share Information
|
8
|
Risk Considerations
|
10
|
Performance Overview and Holding Summaries
|
11
|
Shareholder Meeting Report
|
12
|
Portfolio of Investments
|
13
|
Statement of Assets and Liabilities
|
26
|
Statement of Operations
|
27
|
Statement of Changes in Net Assets
|
28
|
Financial Highlights
|
30
|
Notes to Financial Statements
|
32
|
Annual Investment Management Agreement Approval Process
|
38
|
Reinvest Automatically, Easily and Conveniently
|
47
|
Glossary of Terms Used in this Report
|
48
|
Additional Fund Information
|
51
|
Nuveen Investments
|
3
|
4
|
Nuveen Investments
|
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.
|
Nuveen Investments
|
5
|
6
|
Nuveen Investments
|
Nuveen Investments
|
7
|
Per Share Amounts
|
||||
April
|
$0.0295
|
|||
May
|
0.0295
|
|||
June
|
0.0285
|
|||
July
|
0.0285
|
|||
August
|
0.0285
|
|||
September
|
0.0285
|
|||
Market Yield**
|
3.51
|
%
|
||
Taxable-Equivalent Yield**
|
4.88
|
%
|
**
|
Market Yield is based on the Fund’s current annualized monthly dividend divided by the Fund’s current market price as of the end of the reporting period. Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on an income tax rate of 28.0%. When comparing the Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
|
8
|
Nuveen Investments
|
NAV
|
$
|
10.24
|
||
Share Price
|
$
|
9.73
|
||
Premium/(Discount) to NAV
|
(4.98
|
)%
|
||
6-Month Average Premium/(Discount) to NAV
|
(4.29
|
)%
|
Nuveen Investments
|
9
|
10
|
Nuveen Investments
|
NIM
|
|
Nuveen Select Maturities Municipal Fund
|
|
Performance Overview and Holding Summaries as of September 30, 2013
|
Cumulative
|
Average Annual
|
||||||||||||
6-Month
|
1-Year
|
5-Year
|
10-Year
|
||||||||||
NIM at NAV
|
(2.05)%
|
(0.56)%
|
5.18%
|
4.28%
|
|||||||||
NIM at Share Price
|
(4.34)%
|
(10.16)%
|
5.76%
|
4.16%
|
|||||||||
S&P Municipal Bond Intermediate Index
|
(2.03)%
|
(1.01)%
|
6.02%
|
4.56%
|
|||||||||
S&P Municipal Bond Index
|
(3.47)%
|
(2.25)%
|
6.00%
|
4.47%
|
Portfolio Composition1
|
||||
(as a % of total investments)
|
||||
Tax Obligation/Limited
|
26.2
|
%
|
||
Utilities
|
15.0
|
%
|
||
Health Care
|
12.8
|
%
|
||
Tax Obligation/General
|
12.6
|
%
|
||
U.S. Guaranteed
|
11.5
|
%
|
||
Transportation
|
7.8
|
%
|
||
Other
|
14.1
|
%
|
Credit Quality1,2
|
||||
(as a % of total investments)
|
||||
AAA/U.S. Guaranteed
|
14.5
|
%
|
||
AA
|
22.6
|
%
|
||
A
|
36.5
|
%
|
||
BBB
|
18.9
|
%
|
||
BB or Lower
|
2.4
|
%
|
||
N/R
|
5.1
|
%
|
States1
|
||||
(as a % of total investments)
|
||||
Illinois
|
13.9
|
%
|
||
Texas
|
10.8
|
%
|
||
Pennsylvania
|
7.6
|
%
|
||
Florida
|
6.3
|
%
|
||
California
|
5.5
|
%
|
||
New York
|
5.5
|
%
|
||
South Carolina
|
5.4
|
%
|
||
Colorado
|
5.4
|
%
|
||
New Jersey
|
4.7
|
%
|
||
Ohio
|
3.6
|
%
|
||
Arizona
|
3.1
|
%
|
||
Michigan
|
2.8
|
%
|
||
Wisconsin
|
2.2
|
%
|
||
Connecticut
|
2.0
|
%
|
||
Nevada
|
1.9
|
%
|
||
Other
|
19.3
|
%
|
1
|
Holdings are subject to change.
|
2
|
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
|
Nuveen Investments
|
11
|
NIM
|
||
Shareholder Meeting Report
The annual meeting of shareholders was held in the offices of Nuveen Investments on August 7, 2013; at this meeting the shareholders were asked to vote on the election of Board Members.
|
NIM
|
||
Common
|
||
shares
|
||
Approval of the Board Members was reached as follows:
|
||
William C. Hunter
|
||
For
|
10,572,066
|
|
Withhold
|
275,424
|
|
Total
|
10,847,490
|
|
Judith M. Stockdale
|
||
For
|
10,518,863
|
|
Withhold
|
328,627
|
|
Total
|
10,847,490
|
|
Carole E. Stone
|
||
For
|
10,473,695
|
|
Withhold
|
373,795
|
|
Total
|
10,847,490
|
|
Virginia L. Stringer
|
||
For
|
10,519,273
|
|
Withhold
|
328,217
|
|
Total
|
10,847,490
|
12
|
Nuveen Investments
|
NIM
|
|
Nuveen Select Maturities Municipal Fund
Portfolio of Investments
|
|
September 30, 2013 (Unaudited)
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Long-Term Investments – 96.5%
|
||||||||||
Municipal Bonds – 96.5%
|
||||||||||
Alabama – 0.1%
|
||||||||||
$
|
180
|
Birmingham Special Care Facilities Financing Authority, Alabama, Revenue Bonds, Baptist Health System Inc., Series 2005A, 5.000%, 11/15/30
|
11/15 at 100.00
|
Baa2
|
$
|
168,286
|
||||
Alaska – 0.1%
|
||||||||||
155
|
Alaska State, Sport Fishing Revenue Bonds, Series 2011, 5.000%, 4/01/21
|
4/20 at 100.00
|
A1
|
174,708
|
||||||
Arizona – 3.0%
|
||||||||||
Arizona Health Facilities Authority, Hospital System Revenue Bonds, Phoenix Children’s Hospital, Refunding Series 2012A:
|
||||||||||
60
|
5.000%, 2/01/20
|
No Opt. Call
|
BBB+
|
66,424
|
||||||
290
|
5.000%, 2/01/27
|
2/22 at 100.00
|
BBB+
|
293,396
|
||||||
Arizona Sports and Tourism Authority, Senior Revenue Refunding Bonds, Multipurpose Stadium Facility Project, Series 2012A:
|
||||||||||
425
|
5.000%, 7/01/25
|
7/22 at 100.00
|
A1
|
464,644
|
||||||
685
|
5.000%, 7/01/26
|
7/22 at 100.00
|
A1
|
740,129
|
||||||
685
|
5.000%, 7/01/27
|
7/22 at 100.00
|
A1
|
730,436
|
||||||
100
|
Pima County Industrial Development Authority, Arizona, Revenue Bonds, Tucson Electric Power Company Project, Series 2013A, 4.000%, 9/01/29
|
3/23 at 100.00
|
BBB
|
88,103
|
||||||
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc Prepay Contract Obligations, Series 2007:
|
||||||||||
100
|
5.000%, 12/01/17
|
No Opt. Call
|
A–
|
110,418
|
||||||
100
|
5.250%, 12/01/19
|
No Opt. Call
|
A–
|
110,692
|
||||||
35
|
5.000%, 12/01/32
|
No Opt. Call
|
A–
|
35,292
|
||||||
480
|
5.000%, 12/01/37
|
No Opt. Call
|
A–
|
473,765
|
||||||
750
|
Surprise Municipal Property Corporation, Arizona, Wastewater System Revenue Bonds, Series 2007, 4.500%, 4/01/17
|
10/13 at 100.00
|
A–
|
757,028
|
||||||
3,710
|
Total Arizona
|
3,870,327
|
||||||||
Arkansas – 1.0%
|
||||||||||
600
|
Independence County, Arkansas, Pollution Control Revenue Bonds, Arkansas Power and Light Company Project, Series 2013, 2.375%, 1/01/21
|
No Opt. Call
|
A–
|
578,850
|
||||||
605
|
North Little Rock, Arkansas, Electric Revenue Refunding Bonds, Series 1992A, 6.500%, 7/01/15 – NPFG Insured (ETM)
|
No Opt. Call
|
A (4)
|
645,995
|
||||||
1,205
|
Total Arkansas
|
1,224,845
|
||||||||
California – 5.3%
|
||||||||||
300
|
Alameda Corridor Transportation Authority, California, Senior Lien Revenue Refunding Bonds, Series 2013A, 5.000%, 10/01/23
|
No Opt. Call
|
A
|
346,119
|
||||||
330
|
California Health Facilities Financing Authority, Revenue Bonds, Catholic Healthcare West, Series 2008H, 5.125%, 7/01/22
|
7/15 at 100.00
|
A
|
352,664
|
||||||
125
|
California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard Children’s Hospital, Series 2008A, 1.450%, 8/15/33 (Mandatory put 3/15/17)
|
No Opt. Call
|
AA
|
125,808
|
||||||
160
|
California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard Children’s Hospital, Series 2012C, 1.450%, 8/15/23 (Mandatory put 3/15/17)
|
No Opt. Call
|
AA
|
161,034
|
||||||
550
|
California Health Facilities Financing Authority, Revenue Bonds, Saint Joseph Health System, Series 2013D, 5.000%, 7/01/43 (Mandatory put 10/15/20)
|
No Opt. Call
|
AA–
|
629,525
|
||||||
500
|
California State, General Obligation Bonds, Various Purpose Series 2010, 5.500%, 3/01/40
|
3/20 at 100.00
|
A1
|
531,025
|
Nuveen Investments
|
13
|
|
|
NIM
|
Nuveen Select Maturities Municipal Fund (continued)
Portfolio of Investments September 30, 2013 (Unaudited)
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
California (continued)
|
||||||||||
$
|
135
|
California Statewide Communities Development Authority, Revenue Bonds, Kaiser Permanente, Series 2009E-1, 5.000%, 4/01/44 (Mandatory put 5/01/17)
|
No Opt. Call
|
A+
|
$
|
153,576
|
||||
250
|
Delano, California, Certificates of Participation, Delano Regional Medical Center, Series 2012, 5.000%, 1/01/24
|
No Opt. Call
|
BBB–
|
261,768
|
||||||
600
|
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1, 4.500%, 6/01/27
|
6/17 at 100.00
|
B
|
519,342
|
||||||
365
|
Lake Elsinore Redevelopment Agency, California, Special Tax Bonds, Community Facilities District 90-2, Series 2007A, 4.500%, 10/01/24 – AGM Insured
|
10/17 at 100.00
|
AA–
|
369,230
|
||||||
Moulton Niguel Water District, California, Certificates of Participation, Refunding Series 2003:
|
||||||||||
250
|
5.000%, 9/01/21 – AMBAC Insured
|
9/16 at 100.00
|
AAA
|
271,410
|
||||||
250
|
5.000%, 9/01/22 – AMBAC Insured
|
9/16 at 100.00
|
AAA
|
271,410
|
||||||
500
|
5.000%, 9/01/23 – AMBAC Insured
|
9/16 at 100.00
|
AAA
|
542,820
|
||||||
295
|
Mount San Antonio Community College District, Los Angeles County, California, General Obligation Bonds, Election of 2008, Series 2013A, 0.000%, 8/01/28
|
2/28 at 100.00
|
AA
|
196,320
|
||||||
2,000
|
Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A, 0.000%, 8/01/25 – AGC Insured
|
No Opt. Call
|
AA–
|
1,162,000
|
||||||
35
|
Riverside County Transportation Commission, California, Toll Revenue Senior Lien Bonds, Series 2013A, 5.750%, 6/01/44
|
6/23 at 100.00
|
BBB–
|
35,022
|
||||||
300
|
Sacramento Municipal Utility District, California, Electric Revenue Bonds, Series 2004T, 5.000%, 5/15/30 (Pre-refunded 5/15/14) (WI/DD, Settling 10/01/13) – BHAC Insured
|
5/14 at 100.00
|
AA+ (4)
|
308,964
|
||||||
2,000
|
San Diego Community College District, California, General Obligation Bonds, Refunding Series 2011, 0.000%, 8/01/37
|
No Opt. Call
|
AA+
|
551,280
|
||||||
8,945
|
Total California
|
6,789,317
|
||||||||
Colorado – 5.2%
|
||||||||||
2,895
|
Centennial Downs Metropolitan District, Colorado, General Obligation Bonds, Series 1999, 5.000%, 12/01/20 – AMBAC Insured
|
12/14 at 100.00
|
N/R
|
2,943,169
|
||||||
1,175
|
Colorado Educational and Cultural Facilities Authority, Revenue Bonds, Classical Academy Charter School, Series 2003, 4.500%, 12/01/18 – SYNCORA GTY Insured
|
12/13 at 100.00
|
A
|
1,178,502
|
||||||
1,465
|
Denver West Metropolitan District, Colorado, General Obligation Refunding and Improvement Bonds, Series 2003, 4.500%, 12/01/18 (Pre-refunded 12/01/13) – RAAI Insured
|
12/13 at 100.00
|
A– (4)
|
1,475,680
|
||||||
55
|
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%, 9/01/33 – NPFG Insured
|
No Opt. Call
|
A
|
17,609
|
||||||
1,000
|
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004B, 0.000%, 3/01/36 – NPFG Insured
|
9/20 at 41.72
|
A
|
268,020
|
||||||
500
|
Plaza Metropolitan District 1, Lakewood, Colorado, Tax Increment Revenue Bonds, Refunding Series 2013, 5.000%, 12/01/20
|
No Opt. Call
|
N/R
|
523,205
|
||||||
200
|
Regional Transportation District, Colorado, Denver Transit Partners Eagle P3 Project Private Activity Bonds, Series 2010, 6.000%, 1/15/41
|
7/20 at 100.00
|
Baa3
|
201,586
|
||||||
7,290
|
Total Colorado
|
6,607,771
|
||||||||
Connecticut – 1.9%
|
||||||||||
815
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Yale University, Series 2010A-3, 0.875%, 7/01/49 (Mandatory put 2/07/18)
|
No Opt. Call
|
AAA
|
799,466
|
||||||
Eastern Connecticut Resource Recovery Authority, Solid Waste Revenue Bonds, Wheelabrator Lisbon Project, Series 1993A:
|
||||||||||
95
|
5.500%, 1/01/14 (Alternative Minimum Tax)
|
12/13 at 100.00
|
BBB
|
95,085
|
||||||
1,570
|
5.500%, 1/01/15 (Alternative Minimum Tax)
|
12/13 at 100.00
|
BBB
|
1,571,397
|
||||||
2,480
|
Total Connecticut
|
2,465,948
|
||||||||
Delaware – 0.1%
|
||||||||||
170
|
Delaware Health Facilities Authority, Revenue Bonds, Nanticoke Memorial Hospital, Series 2013, 5.000%, 7/01/28
|
7/23 at 100.00
|
BBB–
|
157,418
|
14
|
Nuveen Investments
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
District of Columbia – 0.2%
|
||||||||||
$
|
120
|
District of Columbia Student Dormitory Revenue Bonds, Provident Group – Howard Properties LLC Issue, Series 2013, 5.000%, 10/01/30
|
10/22 at 100.00
|
BBB–
|
$
|
111,300
|
||||
150
|
District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2001, 6.500%, 5/15/33
|
No Opt. Call
|
Baa1
|
157,238
|
||||||
270
|
Total District of Columbia
|
268,538
|
||||||||
Florida – 6.1%
|
||||||||||
80
|
Citizens Property Insurance Corporation, Florida, High Risk Assessment Revenue, Senior Secured Bonds, Series 2009A-1, 5.375%, 6/01/16
|
No Opt. Call
|
A+
|
88,908
|
||||||
160
|
Citizens Property Insurance Corporation, Florida, High-Risk Account Revenue Bonds, Coastal Account Senior Secured Series 2011A-1, 5.000%, 6/01/18
|
No Opt. Call
|
A+
|
180,731
|
||||||
Florida Citizens Property Insurance Corporation, High Risk Account Revenue Bonds, Series 2007A:
|
||||||||||
1,215
|
5.000%, 3/01/15 – NPFG Insured
|
No Opt. Call
|
A+
|
1,287,329
|
||||||
340
|
5.000%, 3/01/16 – NPFG Insured
|
No Opt. Call
|
A+
|
371,889
|
||||||
Florida Citizens Property Insurance Corporation, Personal and Commercial Lines Account Bonds, Senior Secured Series 2012A-1:
|
||||||||||
50
|
5.000%, 6/01/18
|
No Opt. Call
|
A+
|
56,479
|
||||||
455
|
5.000%, 6/01/20
|
No Opt. Call
|
A+
|
509,814
|
||||||
600
|
Florida Department of Environmental Protection, Florida Forever Revenue Bonds, Series 2007B, 5.000%, 7/01/19 – NPFG Insured
|
7/17 at 101.00
|
AA–
|
670,908
|
||||||
125
|
Halifax Hospital Medical Center, Florida, Revenue Bonds, Series 2006, 5.250%, 6/01/26
|
6/16 at 100.00
|
A–
|
126,736
|
||||||
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–
|
10,513
|
||||||
10
|
5.625%, 6/01/34 – AGC Insured
|
6/19 at 100.00
|
AA–
|
10,342
|
||||||
750
|
North Sumter County Utility Dependent District, Florida, Utility Revenue Bonds, Series 2010, 5.000%, 10/01/20
|
No Opt. Call
|
A
|
819,210
|
||||||
250
|
Orange County School Board, Florida, Certificates of Participation, Series 2005B, 5.000%, 8/01/25 – AMBAC Insured
|
8/15 at 100.00
|
Aa2
|
267,418
|
||||||
2,000
|
Orange County, Florida, Tourist Development Tax Revenue Bonds, Series 2005, 5.000%, 10/01/22 – AMBAC Insured
|
10/15 at 100.00
|
AA–
|
2,161,556
|
||||||
130
|
Port Everglades Authority, Florida, Port Facilities Revenue Bonds, Series 1986, 7.125%, 11/01/16 (ETM)
|
No Opt. Call
|
Aaa
|
143,290
|
||||||
670
|
South Miami Health Facilities Authority, Florida, Hospital Revenue, Baptist Health System Obligation Group, Series 2007, 5.000%, 8/15/27
|
8/17 at 100.00
|
AA
|
707,842
|
||||||
Tampa, Florida, Cigarette Tax Allocation Bonds, H. Lee Moffitt Cancer Center Project, Refunding & Capital Improvement Series 2012A:
|
||||||||||
100
|
5.000%, 9/01/22
|
No Opt. Call
|
A+
|
114,927
|
||||||
50
|
5.000%, 9/01/23
|
9/22 at 100.00
|
A+
|
56,437
|
||||||
150
|
5.000%, 9/01/25
|
9/22 at 100.00
|
A+
|
164,814
|
||||||
7,145
|
Total Florida
|
7,749,143
|
||||||||
Georgia – 0.8%
|
||||||||||
300
|
Cherokee County Water and Sewerage Authority, Georgia, Revenue Bonds, Series 1995, 5.200%, 8/01/25 (Pre-refunded 8/01/22) – NPFG Insured
|
8/22 at 100.00
|
A (4)
|
343,614
|
||||||
600
|
Private Colleges and Universities Authority, Georgia, Revenue Bonds, Mercer University Project, Refunding Series 2012C, 5.250%, 10/01/23
|
10/22 at 100.00
|
Baa2
|
664,242
|
||||||
900
|
Total Georgia
|
1,007,856
|
||||||||
Hawaii – 0.2%
|
||||||||||
200
|
Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific University, Series 2013A, 6.250%, 7/01/27
|
7/23 at 100.00
|
BB+
|
198,702
|
Nuveen Investments
|
15
|
NIM
|
Nuveen Select Maturities Municipal Fund (continued)
|
Portfolio of Investments September 30, 2013 (Unaudited)
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Idaho – 0.1%
|
||||||||||
$
|
100
|
Madison County, Idaho, Hospital Revenue Certificates of Participation, Madison Memorial Hospital, Series 2006, 5.250%, 9/01/37
|
9/16 at 100.00
|
BB+
|
$
|
91,540
|
||||
Illinois – 13.4%
|
||||||||||
200
|
Chicago, Illinois, Tax Increment Allocation Bonds, Irving/Cicero Redevelopment Project, Series 1998, 7.000%, 1/01/14
|
12/13 at 100.00
|
N/R
|
200,544
|
||||||
1,500
|
Cook County Township High School District 208, Illinois, General Obligation Bonds, Series 2006, 5.000%, 12/01/21 – NPFG Insured
|
12/15 at 100.00
|
Aa3
|
1,623,135
|
||||||
325
|
Cook County, Illinois, General Obligation Bonds, Refunding Series 2012C, 5.000%, 11/15/21
|
No Opt. Call
|
AA
|
365,908
|
||||||
2,000
|
Huntley, Illinois, Special Service Area 9, Special Tax Bonds, Series 2007, 5.100%, 3/01/28 – AGC Insured
|
3/17 at 100.00
|
AA–
|
2,161,436
|
||||||
455
|
Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2012, 5.000%, 9/01/27
|
9/22 at 100.00
|
A–
|
462,676
|
||||||
635
|
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2007A, 5.750%, 11/15/37
|
11/17 at 100.00
|
A
|
656,692
|
||||||
250
|
Illinois Finance Authority, Revenue Bonds, Roosevelt University, Series 2007, 5.250%, 4/01/22
|
4/17 at 100.00
|
BBB
|
254,595
|
||||||
700
|
Illinois Health Facilities Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Series 1999, 5.500%, 8/15/19
|
12/13 at 100.00
|
BBB–
|
701,036
|
||||||
220
|
Illinois Health Facilities Authority, Revenue Refunding Bonds, Elmhurst Memorial Healthcare, Series 2002, 5.625%, 1/01/28
|
11/13 at 100.00
|
Baa2
|
220,548
|
||||||
110
|
Illinois State, General Obligation Bonds, Refunding Series 2006, 5.000%, 1/01/15
|
No Opt. Call
|
A–
|
115,456
|
||||||
290
|
Illinois State, General Obligation Bonds, Refunding Series 2007B, 5.000%, 1/01/16
|
No Opt. Call
|
A–
|
312,327
|
||||||
425
|
Illinois State, General Obligation Bonds, Refunding Series 2008, 4.250%, 4/01/16
|
No Opt. Call
|
A–
|
452,498
|
||||||
1,165
|
Illinois State, General Obligation Bonds, Refunding Series 2010, 5.000%, 1/01/19
|
No Opt. Call
|
A–
|
1,283,352
|
||||||
Illinois State, General Obligation Bonds, Refunding Series 2012:
|
||||||||||
390
|
5.000%, 8/01/20
|
No Opt. Call
|
A–
|
427,612
|
||||||
320
|
5.000%, 8/01/21
|
No Opt. Call
|
A–
|
345,782
|
||||||
275
|
5.000%, 8/01/23
|
No Opt. Call
|
A–
|
290,296
|
||||||
110
|
5.000%, 8/01/24
|
8/22 at 100.00
|
A–
|
114,035
|
||||||
230
|
Illinois State, General Obligation Bonds, Series 2006, 5.000%, 1/01/17
|
1/16 at 100.00
|
A–
|
245,380
|
||||||
25
|
Illinois State, General Obligation Bonds, Series 2007A, 5.500%, 6/01/15
|
No Opt. Call
|
A–
|
26,818
|
||||||
300
|
Illinois State, General Obligation Bonds, Series 2012A, 4.000%, 1/01/20
|
No Opt. Call
|
A–
|
312,111
|
||||||
Illinois State, General Obligation Bonds, Series 2013:
|
||||||||||
280
|
5.500%, 7/01/25
|
7/23 at 100.00
|
A–
|
298,474
|
||||||
240
|
5.500%, 7/01/26
|
7/23 at 100.00
|
A–
|
252,468
|
||||||
1,355
|
Kane & DeKalb Counties Community Unit School District 301, Illinois, General Obligation Bonds, Series 2006, 0.000%, 12/01/18 – NPFG Insured
|
No Opt. Call
|
Aa3
|
1,177,969
|
||||||
1,000
|
Peroia Public Building Commission, Illinois, School District Facility Revenue Bonds, Peoria County School District 150 Project, Series 2009A, 0.000%, 12/01/22 – AGC Insured
|
12/18 at 79.62
|
AA–
|
668,500
|
||||||
Railsplitter Tobacco Settlement Authority, Illinois, Tobacco Settlement Revenue Bonds, Series 2010:
|
||||||||||
500
|
5.000%, 6/01/19
|
No Opt. Call
|
A
|
563,065
|
||||||
1,000
|
5.250%, 6/01/21
|
No Opt. Call
|
A
|
1,128,330
|
||||||
700
|
Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, Illinois, General Obligation Bonds, Series 1994D, 7.750%, 6/01/19 – FGIC Insured
|
No Opt. Call
|
AA
|
839,664
|
||||||
500
|
Sterling, Whiteside County, Illinois, General Obligation Bonds, Alternate Revenue Source, Series 2012, 4.000%, 11/01/22
|
No Opt. Call
|
A+
|
517,255
|
||||||
355
|
Will, Grundy, Kendall, LaSalle, Kankakee, Livingston and Cook Counties Community College District 525 Joliet Junior College, Illinois, General Obligation Bond, Series 2008, 5.750%, 6/01/28
|
6/18 at 100.00
|
AA
|
378,693
|
16
|
Nuveen Investments
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Illinois (continued)
|
||||||||||
$
|
620
|
Williamson & Johnson Counties Community Unit School District 2, Marion, Illinois, Limited Tax General Obligation Lease Certificates, Series 2011, 7.000%, 10/15/22
|
10/19 at 103.00
|
BBB
|
$
|
666,636
|
||||
16,475
|
Total Illinois
|
17,063,291
|
||||||||
Indiana – 1.6%
|
||||||||||
210
|
Indiana Finance Authority, Educational Facilities Revenue Bonds, Drexel Foundation For Educational Excellence, Inc., Series 2009A, 6.000%, 10/01/21
|
10/19 at 100.00
|
BB–
|
213,698
|
||||||
180
|
Indiana Finance Authority, Private Activity Bonds, Ohio River Bridges East End Crossing Project, Series 2013B, 5.000%, 1/01/19 (Alternative Minimum Tax)
|
1/17 at 100.00
|
BBB
|
190,354
|
||||||
1,000
|
Indiana Health Facility Financing Authority, Revenue Bonds, Community Hospitals of Indiana, Series 2005A, 5.000%, 5/01/35 (Pre-refunded 5/01/15) – AMBAC Insured
|
5/15 at 100.00
|
A (4)
|
1,074,450
|
||||||
250
|
Jasper County, Indiana, Pollution Control Revenue Refunding Bonds, Northern Indiana Public Service Company Project, Series 1994A Remarketed, 5.850%, 4/01/19 – NPFG Insured
|
No Opt. Call
|
A
|
284,843
|
||||||
250
|
Lake County Building Corporation, Indiana, First Mortgage Bonds, Series 2012, 4.750%, 2/01/21
|
No Opt. Call
|
N/R
|
254,228
|
||||||
1,890
|
Total Indiana
|
2,017,573
|
||||||||
Iowa – 0.7%
|
||||||||||
500
|
Ames, Iowa, Hospital Revenue Bonds, Mary Greeley Medical Center, Series 2011, 5.250%, 6/15/27
|
6/20 at 100.00
|
A2
|
521,645
|
||||||
335
|
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2013, 5.000%, 12/01/19
|
No Opt. Call
|
BB–
|
326,310
|
||||||
835
|
Total Iowa
|
847,955
|
||||||||
Kansas – 0.2%
|
||||||||||
305
|
Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation Capital Appreciation Revenue Bonds Redevelopment Project Area B – Major Multi-Sport Athletic Complex Project, Subordinate Lien Series 2010B, 0.000%, 6/01/21
|
No Opt. Call
|
BBB+
|
203,548
|
||||||
Kentucky – 1.1%
|
||||||||||
325
|
Kentucky Economic Development Finance Authority, Louisville Arena Project Revenue Bonds, Louisville Arena Authority, Inc., Series 2008-A1, 5.750%, 12/01/28 – AGC Insured
|
6/18 at 100.00
|
AA–
|
336,245
|
||||||
200
|
Kentucky Housing Corporation, Housing Revenue Bonds, Series 2005G, 5.000%, 7/01/30 (Alternative Minimum Tax)
|
1/15 at 100.60
|
AAA
|
202,628
|
||||||
340
|
Lexington-Fayette Urban County Government Public Facilities Corporation, Kentucky State Lease Revenue Bonds, Eastern State Hospital Project, Series 2011A, 5.250%, 6/01/29
|
6/21 at 100.00
|
Aa3
|
357,942
|
||||||
150
|
Louisville-Jefferson County Metropolitan Government, Kentucky, Environmental Facilities Revenue, Louisville Gas & Electric Company Project, Series 2007B, 1.600%, 6/01/33 (Mandatory put 6/01/17)
|
No Opt. Call
|
A+
|
150,645
|
||||||
320
|
Louisville-Jefferson County Metropolitan Government, Kentucky, Pollution Control Revenue Bonds, Louisville Gas and Electric Company Project, Series 2003A, 1.650%, 10/01/33 (Mandatory put 4/03/17)
|
No Opt. Call
|
A+
|
321,440
|
||||||
1,335
|
Total Kentucky
|
1,368,900
|
||||||||
Louisiana – 1.3%
|
||||||||||
935
|
Louisiana Public Facilities Authority, Revenue Bonds, Baton Rouge General Hospital, Series 2004, 5.250%, 7/01/24 (Pre-refunded 7/01/14) – NPFG Insured
|
7/14 at 100.00
|
A (4)
|
968,576
|
||||||
255
|
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2007A, 5.250%, 5/15/38
|
5/17 at 100.00
|
Baa1
|
255,859
|
||||||
385
|
Saint Charles Parish, Louisiana, Gulf Opportunity Zone Revenue Bonds, Valero Project, Series 2010, 4.000%, 12/01/40 (Mandatory put 6/01/22)
|
No Opt. Call
|
BBB
|
384,731
|
||||||
1,575
|
Total Louisiana
|
1,609,166
|
Nuveen Investments
|
17
|
NIM
|
Nuveen Select Maturities Municipal Fund (continued)
Portfolio of Investments September 30, 2013 (Unaudited)
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Maine – 0.1%
|
||||||||||
$
|
25
|
Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine Medical Center Obligated Group Issue, Series 2013, 3.000%, 7/01/23
|
No Opt. Call
|
Baa1
|
$
|
23,131
|
||||
35
|
Portland, Maine, General Airport Revenue Bonds, Refunding Series 2013, 5.000%, 7/01/22
|
No Opt. Call
|
BBB+
|
39,434
|
||||||
60
|
Total Maine
|
62,565
|
||||||||
Massachusetts – 1.0%
|
||||||||||
500
|
Massachusetts Development Finance Agency, Revenue Bonds, Orchard Cove, Series 2007, 5.000%, 10/01/19
|
10/17 at 100.00
|
N/R
|
500,715
|
||||||
250
|
Massachusetts Development Finance Authority, Revenue Bonds, 100 Cambridge Street Redevelopment, M/SRBC Project, Series 2002A, 5.125%, 2/01/34 – NPFG Insured
|
12/13 at 100.00
|
A
|
249,983
|
||||||
Massachusetts Port Authority, Special Facilities Revenue Bonds, Delta Air Lines Inc., Series 2001A:
|
||||||||||
100
|
5.200%, 1/01/20 – AMBAC Insured (Alternative Minimum Tax)
|
12/13 at 100.00
|
N/R
|
99,675
|
||||||
470
|
5.000%, 1/01/27 – AMBAC Insured (Alternative Minimum Tax)
|
1/14 at 100.00
|
N/R
|
431,032
|
||||||
1,320
|
Total Massachusetts
|
1,281,405
|
||||||||
Michigan – 2.7%
|
||||||||||
400
|
Detroit Downtown Development Authority, Michigan, Tax Increment Refunding Bonds, Development Area 1 Projects, Series 1996B, 0.000%, 7/01/23
|
No Opt. Call
|
A–
|
213,040
|
||||||
1,000
|
Detroit, Michigan, General Obligation Bonds, Series 2001A-1, 5.375%, 4/01/18 – NPFG Insured (5)
|
10/13 at 100.00
|
A
|
936,940
|
||||||
50
|
Detroit, Michigan, Second Lien Sewerage Disposal System Revenue Bonds, Series 2005A, 5.000%, 7/01/35 – NPFG Insured
|
7/15 at 100.00
|
A
|
44,974
|
||||||
150
|
Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Series 2001B, 5.500%, 7/01/29 – FGIC Insured
|
No Opt. Call
|
A
|
148,430
|
||||||
280
|
Michigan Finance Authority, Revenue Bonds, Detroit City School District, Series 2012, 5.000%, 6/01/18
|
No Opt. Call
|
A+
|
307,098
|
||||||
200
|
Michigan Finance Authority, Unemployment Obligation Assessment Revenue Bonds, Series 2012B, 5.000%, 7/01/22
|
7/16 at 100.00
|
AAA
|
216,564
|
||||||
1,000
|
Michigan Hospital Finance Authority, Refunding and Project Revenue Bonds, Ascension Health Senior Credit Group, Series 2010F-5, 1.500%, 11/15/47 (Mandatory put 3/15/17)
|
No Opt. Call
|
AA+
|
1,002,320
|
||||||
500
|
Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Airport, Refunding Series 2010C, 5.000%, 12/01/16
|
No Opt. Call
|
A
|
555,805
|
||||||
3,580
|
Total Michigan
|
3,425,171
|
||||||||
Minnesota – 0.2%
|
||||||||||
250
|
Northern Municipal Power Agency, Minnesota, Electric System Revenue Bonds, Refunding Series 2009A, 5.000%, 1/01/15 – AGC Insured
|
No Opt. Call
|
AA–
|
264,568
|
||||||
Mississippi – 0.5%
|
||||||||||
Mississippi Hospital Equipment and Facilities Authority, Revenue Bonds, Baptist Memorial Healthcare, Series 2004B-1:
|
||||||||||
100
|
5.000%, 9/01/16
|
9/14 at 100.00
|
AA–
|
103,533
|
||||||
300
|
5.000%, 9/01/24
|
9/14 at 100.00
|
AA–
|
310,581
|
||||||
250
|
Warren County, Mississippi, Gulf Opportunity Zone Revenue Bonds, International Paper Company, Series 2006A, 4.800%, 8/01/30
|
No Opt. Call
|
BBB
|
246,295
|
||||||
650
|
Total Mississippi
|
660,409
|
||||||||
Missouri – 1.2%
|
||||||||||
315
|
St. Louis County, Missouri, GNMA Collateralized Mortgage Revenue Bonds, Series 1989A, 8.125%, 8/01/20 (Pre-refunded 7/01/20) (Alternative Minimum Tax)
|
7/20 at 100.00
|
AA+ (4)
|
376,693
|
||||||
1,000
|
St. Louis, Missouri, Airport Revenue Bonds, Lambert-St. Louis International Airport, Series 2005, 5.500%, 7/01/19 – NPFG Insured
|
No Opt. Call
|
A
|
1,174,150
|
||||||
1,315
|
Total Missouri
|
1,550,843
|
18
|
Nuveen Investments
|
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, Series 2013A, 5.000%, 7/01/33
|
1/23 at 100.00
|
N/R
|
$
|
238,511
|
||||
90
|
University of Montana, Revenue Bonds, Series 1996D, 5.375%, 5/15/19 – NPFG Insured (ETM)
|
11/13 at 100.00
|
A (4)
|
103,313
|
||||||
350
|
Total Montana
|
341,824
|
||||||||
Nebraska – 0.9%
|
||||||||||
1,000
|
Dodge County School District 1, Nebraska, Fremont Public Schools, General Obligation Bonds, Series 2004, 5.000%, 12/15/19 (Pre-refunded 12/15/14) – AGM Insured
|
12/14 at 100.00
|
Aa3 (4)
|
1,057,860
|
||||||
100
|
Douglas County School District 10 Elkhorn, Nebraska, General Obligation Bonds, Public Schools Series 2012, 4.000%, 6/15/23
|
6/22 at 100.00
|
AA–
|
107,532
|
||||||
1,100
|
Total Nebraska
|
1,165,392
|
||||||||
Nevada – 1.8%
|
||||||||||
1,000
|
Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2010B, 5.750%, 7/01/42
|
1/20 at 100.00
|
A+
|
1,108,850
|
||||||
250
|
Las Vegas Redevelopment Agency, Nevada, Tax Increment Revenue Bonds, Series 2009A, 8.000%, 6/15/30
|
6/19 at 100.00
|
BBB–
|
269,458
|
||||||
50
|
Las Vegas, Nevada, Special Improvement District 607 Providence, Local Improvement Refunding Bonds, Series 2013, 5.000%, 6/01/22
|
No Opt. Call
|
N/R
|
50,643
|
||||||
775
|
Washoe County, Nevada, General Obligation Bonds, Reno-Sparks Convention & Visitors Authority, Refunding Series 2011, 5.000%, 7/01/23
|
7/21 at 100.00
|
AA
|
870,093
|
||||||
2,075
|
Total Nevada
|
2,299,044
|
||||||||
New Hampshire – 0.5%
|
||||||||||
600
|
New Hampshire Health and Education Facilities Authority, Hospital Revenue Bonds, Speare Memorial Hospital, Series 2004, 5.500%, 7/01/25 (Pre-refunded 7/01/15)
|
7/15 at 100.00
|
N/R (4)
|
648,264
|
||||||
New Jersey – 4.6%
|
||||||||||
250
|
Bayonne Redevelopment Agency, New Jersey, Revenue Bonds, Royal Caribbean Cruises Project, Series 2006A, 4.750%, 11/01/16 (Alternative Minimum Tax)
|
No Opt. Call
|
BB
|
244,838
|
||||||
New Jersey Economic Development Authority, Cigarette Tax Revenue Bonds, Series 2004:
|
||||||||||
230
|
5.375%, 6/15/14 (ETM)
|
No Opt. Call
|
Aaa
|
238,446
|
||||||
15
|
5.375%, 6/15/15 – RAAI Insured (ETM)
|
No Opt. Call
|
Aaa
|
16,288
|
||||||
120
|
5.500%, 6/15/16 – RAAI Insured (ETM)
|
No Opt. Call
|
Aaa
|
135,655
|
||||||
New Jersey Economic Development Authority, Cigarette Tax Revenue Refunding Bonds, Series 2012:
|
||||||||||
60
|
4.000%, 6/15/19
|
No Opt. Call
|
BBB+
|
63,658
|
||||||
300
|
5.000%, 6/15/21
|
No Opt. Call
|
BBB+
|
329,601
|
||||||
325
|
5.000%, 6/15/22
|
No Opt. Call
|
BBB+
|
354,562
|
||||||
350
|
5.000%, 6/15/23
|
6/22 at 100.00
|
BBB+
|
377,108
|
||||||
210
|
5.000%, 6/15/24
|
6/22 at 100.00
|
BBB+
|
222,163
|
||||||
400
|
5.000%, 6/15/25
|
6/22 at 100.00
|
BBB+
|
417,344
|
||||||
150
|
5.000%, 6/15/26
|
6/22 at 100.00
|
BBB+
|
154,464
|
||||||
85
|
4.250%, 6/15/27
|
6/22 at 100.00
|
BBB+
|
79,534
|
||||||
50
|
New Jersey Health Care Facilities Financing Authority, State Contract Bonds, Hospital Asset Transformation Program, Series 2008A, 5.250%, 10/01/38
|
10/18 at 100.00
|
A+
|
50,857
|
||||||
1,730
|
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital Appreciation Series 2010A, 0.000%, 12/15/33
|
No Opt. Call
|
A+
|
580,190
|
||||||
1,515
|
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2010D, 5.000%, 12/15/23
|
No Opt. Call
|
A+
|
1,740,190
|
||||||
260
|
New Jersey Turnpike Authority, Revenue Bonds, Series 2012B, 5.000%, 1/01/19
|
No Opt. Call
|
A+
|
300,386
|
||||||
250
|
South Jersey Port Corporation, New Jersey, Marine Terminal Revenue Refunding Bonds, Series 2012Q, 3.000%, 1/01/22
|
No Opt. Call
|
A1
|
248,005
|
||||||
300
|
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A, 4.500%, 6/01/23
|
6/17 at 100.00
|
B1
|
282,003
|
||||||
6,600
|
Total New Jersey
|
5,835,292
|
Nuveen Investments
|
19
|
NIM
|
Nuveen Select Maturities Municipal Fund (continued)
Portfolio of Investments September 30, 2013 (Unaudited)
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
New York – 5.3%
|
||||||||||
$
|
220
|
Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project, Series 2009, 6.000%, 7/15/30
|
1/20 at 100.00
|
BBB–
|
$
|
233,314
|
||||
770
|
Dormitory Authority of the State of New York, Third General Resolution Revenue Bonds, State University Educational Facilities Issue, Series 2012A, 5.000%, 5/15/25
|
5/22 at 100.00
|
AA–
|
872,833
|
||||||
415
|
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A, 5.750%, 2/15/47
|
2/21 at 100.00
|
A
|
439,863
|
||||||
75
|
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2000A, 0.000%, 6/01/22 – AGM Insured
|
No Opt. Call
|
AA–
|
57,592
|
||||||
130
|
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006A, 5.000%, 12/01/26 – SYNCORA GTY Insured
|
6/16 at 100.00
|
A–
|
136,521
|
||||||
150
|
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006B, 5.000%, 12/01/35
|
6/16 at 100.00
|
A–
|
150,704
|
||||||
25
|
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006C, 5.000%, 9/01/35
|
9/16 at 100.00
|
A–
|
25,120
|
||||||
405
|
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006D, 5.000%, 9/01/25 – NPFG Insured
|
9/16 at 100.00
|
A
|
436,136
|
||||||
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006E:
|
||||||||||
25
|
5.000%, 12/01/17 – FGIC Insured
|
12/16 at 100.00
|
A
|
27,718
|
||||||
365
|
5.000%, 12/01/18 – NPFG Insured
|
12/16 at 100.00
|
A
|
402,956
|
||||||
150
|
5.000%, 12/01/21 – FGIC Insured
|
12/16 at 100.00
|
A
|
164,186
|
||||||
125
|
5.000%, 12/01/22 – FGIC Insured
|
12/16 at 100.00
|
A
|
136,378
|
||||||
190
|
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2006F, 5.000%, 5/01/19 – NPFG Insured
|
11/16 at 100.00
|
A
|
208,736
|
||||||
New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2003A-1:
|
||||||||||
250
|
5.250%, 6/01/20 – AMBAC Insured
|
12/13 at 100.00
|
AA–
|
251,835
|
||||||
200
|
5.250%, 6/01/21 – AMBAC Insured
|
12/13 at 100.00
|
AA–
|
200,602
|
||||||
640
|
5.250%, 6/01/22 – AMBAC Insured
|
12/13 at 100.00
|
AA–
|
641,926
|
||||||
New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2003B-1C:
|
||||||||||
500
|
5.500%, 6/01/21
|
12/13 at 100.00
|
AA–
|
502,220
|
||||||
365
|
5.500%, 6/01/22
|
12/13 at 100.00
|
AA–
|
366,584
|
||||||
Tobacco Settlement Financing Corporation, New York, Asset-Backed Revenue Bonds, State Contingency Contract Secured, Series 2011B:
|
||||||||||
360
|
5.000%, 6/01/17
|
No Opt. Call
|
AA–
|
409,626
|
||||||
565
|
5.000%, 6/01/18
|
No Opt. Call
|
AA–
|
650,965
|
||||||
400
|
Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding Series 2013B, 5.000%, 11/15/21
|
No Opt. Call
|
AA–
|
473,316
|
||||||
6,325
|
Total New York
|
6,789,131
|
||||||||
North Carolina – 0.2%
|
||||||||||
200
|
North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Refunding Series 2012A, 5.000%, 1/01/19
|
No Opt. Call
|
A
|
230,418
|
||||||
Ohio – 3.4%
|
||||||||||
45
|
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-1, 5.000%, 6/01/17
|
No Opt. Call
|
Baa1
|
49,367
|
||||||
1,325
|
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2, 5.125%, 6/01/24
|
6/17 at 100.00
|
B–
|
1,131,378
|
||||||
480
|
Fairfield County, Ohio, Hospital Facilities Revenue Bonds, Fairfield Medical Center Project, Series 2013, 5.000%, 6/15/43
|
6/23 at 100.00
|
Baa2
|
457,502
|
||||||
250
|
Lake County, Ohio, Hospital Facilities Revenue Bonds, Lake Hospital System, Inc., Refunding Series 2008C, 5.500%, 8/15/24
|
8/18 at 100.00
|
A3
|
268,138
|
20
|
Nuveen Investments
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Ohio (continued)
|
||||||||||
New Albany Community Authority, Ohio, Community Facilities Revenue Refunding Bonds, Series 2012C:
|
||||||||||
$
|
25
|
4.000%, 10/01/18
|
No Opt. Call
|
A1
|
$
|
27,112
|
||||
30
|
4.000%, 10/01/19
|
No Opt. Call
|
A1
|
32,494
|
||||||
40
|
4.000%, 10/01/20
|
No Opt. Call
|
A1
|
43,218
|
||||||
45
|
5.000%, 10/01/21
|
No Opt. Call
|
A1
|
51,318
|
||||||
35
|
5.000%, 10/01/22
|
No Opt. Call
|
A1
|
40,012
|
||||||
2,000
|
Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Projects, Junior Lien Convertible Series 2013A-3, 0.000%, 2/15/34
|
2/31 at 100.00
|
A+
|
1,226,680
|
||||||
1,000
|
Toledo-Lucas County Port Authority, Ohio, Port Revenue Bonds, Cargill Inc., Series 2004B, 4.500%, 12/01/15
|
No Opt. Call
|
A
|
1,050,570
|
||||||
5,275
|
Total Ohio
|
4,377,789
|
||||||||
Oklahoma – 0.8%
|
||||||||||
1,000
|
Oklahoma Capitol Improvement Authority, State Facilities Revenue Bonds, Series 2005F, 5.000%, 7/01/27 – AMBAC Insured
|
7/15 at 100.00
|
AA
|
1,052,190
|
||||||
Pennsylvania – 7.3%
|
||||||||||
935
|
Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generation Project, Series 2006B, 2.500%, 12/01/41 (Mandatory put 6/01/17)
|
No Opt. Call
|
BBB–
|
904,454
|
||||||
100
|
Cumberland County Municipal Authority, Pennsylvania, Revenue Bonds, Presbyterian Homes Inc., Refunding Series 2005A, 5.000%, 12/01/15 – RAAI Insured
|
No Opt. Call
|
BBB+
|
105,889
|
||||||
200
|
Luzerne County Industrial Development Authority, Pennsylvania, Guaranteed Lease Revenue Bonds, Series 2009, 7.750%, 12/15/27
|
12/19 at 100.00
|
N/R
|
200,480
|
||||||
105
|
Pennsylvania Economic Development Financing Authority, Health System Revenue Bonds , Albert Einstein Healthcare, Series 2009A, 6.250%, 10/15/23
|
10/19 at 100.00
|
BBB+
|
113,996
|
||||||
345
|
Pennsylvania Higher Educational Facilities Authority, College Revenue Bonds, Ninth Series 1976, 7.625%, 7/01/15 (ETM)
|
No Opt. Call
|
Aaa
|
372,534
|
||||||
225
|
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University of the Arts, Series 1999, 5.150%, 3/15/20 – RAAI Insured (ETM)
|
12/13 at 100.00
|
N/R (4)
|
252,898
|
||||||
125
|
Pennsylvania Public School Building Authority, Lease Revenue Bonds, School District of Philadelphia, Series 2006B, 4.500%, 6/01/32 – AGM Insured
|
12/16 at 100.00
|
AA–
|
122,976
|
||||||
580
|
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Subordinate Special Revenue Bonds, Series 2010A, 0.000%, 12/01/34
|
12/20 at 100.00
|
AA
|
535,410
|
||||||
4,120
|
Philadelphia Gas Works, Pennsylvania, Revenue Bonds, Eighteenth Series 2004, 5.000%, 8/01/15 – AMBAC Insured
|
8/14 at 100.00
|
BBB+
|
4,240,382
|
||||||
1,115
|
Philadelphia Gas Works, Pennsylvania, Revenue Bonds, Twelfth Series 1990B, 7.000%, 5/15/20 – NPFG Insured (ETM)
|
No Opt. Call
|
A (4)
|
1,339,394
|
||||||
715
|
St. Mary Hospital Authority, Pennsylvania, Health System Revenue Bonds, Catholic Health East, Series 2009D, 6.250%, 11/15/34
|
5/19 at 100.00
|
A+
|
764,264
|
||||||
330
|
Union County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Evangelical Community Hospital Project, Refunding and Improvement Series 2011, 5.750%, 8/01/21
|
No Opt. Call
|
BBB+
|
366,178
|
||||||
8,895
|
Total Pennsylvania
|
9,318,855
|
||||||||
Puerto Rico – 1.0%
|
||||||||||
45
|
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2012A, 5.000%, 7/01/22
|
No Opt. Call
|
BBB–
|
36,197
|
||||||
20
|
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N, 0.000%, 7/01/19 – AMBAC Insured
|
No Opt. Call
|
Baa3
|
13,156
|
||||||
500
|
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, Higher Education Revenue Bonds, Ana G. Mendez University System Project, Refunding Series 2012, 5.000%, 4/01/27
|
No Opt. Call
|
BBB–
|
410,895
|
Nuveen Investments
|
21
|
NIM
|
Nuveen Select Maturities Municipal Fund (continued)
|
Portfolio of Investments September 30, 2013 (Unaudited)
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Puerto Rico (continued)
|
||||||||||
$
|
1,000
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2009A, 0.000%, 8/01/32
|
8/26 at 100.00
|
A+
|
$
|
744,700
|
||||
75
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2010A, 0.000%, 8/01/32
|
No Opt. Call
|
A+
|
18,944
|
||||||
25
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2010C, 0.000%, 8/01/38
|
No Opt. Call
|
A+
|
3,912
|
||||||
25
|
Puerto Rico, General Obligation and Public Improvement Bonds, Series 2002A, 5.500%, 7/01/17 – SYNCORA GTY Insured
|
No Opt. Call
|
BBB–
|
23,020
|
||||||
1,690
|
Total Puerto Rico
|
1,250,824
|
||||||||
Rhode Island – 1.0%
|
||||||||||
Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2002A:
|
||||||||||
430
|
6.125%, 6/01/32
|
12/13 at 100.00
|
BBB+
|
425,949
|
||||||
880
|
6.250%, 6/01/42
|
12/13 at 100.00
|
BBB–
|
861,538
|
||||||
1,310
|
Total Rhode Island
|
1,287,487
|
||||||||
South Carolina – 5.3%
|
||||||||||
750
|
Berkeley County School District, South Carolina, Installment Purchase Revenue Bonds, Securing Assets for Education, Series 2003, 5.250%, 12/01/19
|
12/13 at 100.00
|
Aa3
|
756,353
|
||||||
255
|
Greenville County School District, South Carolina, Installment Purchase Revenue Bonds, Series 2006, 5.000%, 12/01/24
|
12/16 at 100.00
|
AA
|
281,517
|
||||||
1,540
|
Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 1991, 6.750%, 1/01/19 – FGIC Insured (ETM)
|
No Opt. Call
|
Baa1 (4)
|
1,939,322
|
||||||
3,025
|
Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 1991, 6.750%, 1/01/19 – FGIC Insured
|
No Opt. Call
|
Baa1
|
3,715,906
|
||||||
5,570
|
Total South Carolina
|
6,693,098
|
||||||||
South Dakota – 0.8%
|
||||||||||
1,000
|
South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sanford Health, Series 2007, 5.000%, 11/01/27
|
5/17 at 100.00
|
A+
|
1,021,270
|
||||||
Tennessee – 0.2%
|
||||||||||
Knox County Health, Educational and Housing Facility Board, Tennessee, Hospital Revenue Refunding Bonds, Covenant Health, Series 2012A:
|
||||||||||
100
|
4.000%, 1/01/22
|
No Opt. Call
|
A
|
104,026
|
||||||
180
|
5.000%, 1/01/23
|
No Opt. Call
|
A
|
198,704
|
||||||
280
|
Total Tennessee
|
302,730
|
||||||||
Texas – 10.4%
|
||||||||||
1,055
|
Austin, Texas, General Obligation Bonds, Series 2004, 5.000%, 9/01/20 (Pre-refunded 9/01/14) – NPFG Insured
|
9/14 at 100.00
|
AAA
|
1,101,578
|
||||||
560
|
Bexar County Housing Finance Corporation, Texas, FNMA Guaranteed Multifamily Housing Revenue Bonds, Villas Sonterra Apartments Project, Series 2007A, 4.700%, 10/01/15 (Alternative Minimum Tax)
|
No Opt. Call
|
N/R
|
582,506
|
||||||
Bexar Metropolitan Water District, Texas, Waterworks System Revenue Bonds, Refunding Series 2007:
|
||||||||||
125
|
5.000%, 5/01/23 – SYNCORA GTY Insured
|
5/17 at 100.00
|
A1
|
139,715
|
||||||
15
|
5.000%, 5/01/24 – SYNCORA GTY Insured
|
5/17 at 100.00
|
A1
|
16,766
|
||||||
15
|
5.000%, 5/01/25 – SYNCORA GTY Insured
|
5/17 at 100.00
|
A1
|
16,401
|
||||||
10
|
Bexar Metropolitan Water District, Texas, Waterworks System Revenue Bonds, Refunding Series 2010, 5.875%, 5/01/40
|
5/20 at 100.00
|
A1
|
10,624
|
||||||
10
|
Bexar Metropolitan Water District, Texas, Waterworks System Revenue Bonds, Series 2006, 4.500%, 5/01/25 – NPFG Insured
|
5/16 at 100.00
|
A1
|
10,302
|
22
|
Nuveen Investments
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Texas (continued)
|
||||||||||
Bexar Metropolitan Water District, Texas, Waterworks System Revenue Refunding Bonds, Series 2009:
|
||||||||||
$
|
20
|
5.000%, 5/01/29
|
5/19 at 100.00
|
A1
|
$
|
20,728
|
||||
145
|
5.000%, 5/01/39
|
5/19 at 100.00
|
A1
|
147,323
|
||||||
25
|
Brazos River Authority, Texas, Collateralized Pollution Control Revenue Bonds, Texas Utilities Electric Company, Series 2003D, 5.400%, 10/01/29 (Mandatory put 5/01/14)
|
No Opt. Call
|
CC
|
375
|
||||||
2,000
|
Brazos River Authority, Texas, Collateralized Revenue Bonds, CenterPoint Energy Inc., Refunding Series 2004B, 4.250%, 12/01/17 – FGIC Insured
|
6/14 at 100.00
|
A
|
2,044,660
|
||||||
5
|
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2005, 5.000%, 1/01/45 (Pre-refunded 1/01/15) – FGIC Insured
|
1/15 at 100.00
|
A (4)
|
5,292
|
||||||
500
|
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2011, 6.250%, 1/01/46
|
1/21 at 100.00
|
Baa2
|
511,630
|
||||||
1,875
|
Denton Independent School District, Denton County, Texas, General Obligation Bonds, Series 2006, 5.000%, 8/15/20
|
8/16 at 100.00
|
AAA
|
2,087,663
|
||||||
465
|
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Subordinate Lien Series 2013C, 2.000%, 10/01/17 (Mandatory put 2/15/14)
|
No Opt. Call
|
AA+
|
467,651
|
||||||
1,000
|
Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Facilities Department, Refunding Series 2011B, 5.250%, 9/01/25
|
9/16 at 100.00
|
A2
|
1,086,460
|
||||||
500
|
Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Project, Series 2001B, 0.000%, 9/01/23 – AMBAC Insured
|
No Opt. Call
|
A2
|
318,455
|
||||||
300
|
Kerrville Health Facilities Development Corporation, Texas, Revenue Bonds, Sid Peterson Memorial Hospital Project, Series 2005, 5.125%, 8/15/26
|
2/16 at 100.00
|
BBB–
|
302,325
|
||||||
200
|
Love Field Airport Modernization Corporation, Texas, Special Facilities Revenue Bonds, Southwest Airlines Company, Series 2010, 5.250%, 11/01/40
|
11/20 at 100.00
|
BBB–
|
197,710
|
||||||
North Central Texas Health Facilities Development Corporation, Texas, Revenue Bonds, Children’s Medical Center Dallas Project, Series 2012:
|
||||||||||
400
|
5.000%, 8/15/24
|
8/22 at 100.00
|
AA
|
442,448
|
||||||
380
|
5.000%, 8/15/25
|
8/22 at 100.00
|
AA
|
415,188
|
||||||
905
|
North Texas Tollway Authority, Second Tier System Revenue Refunding Bonds, Series 2008F, 5.750%, 1/01/38
|
1/18 at 100.00
|
A3
|
952,567
|
||||||
750
|
North Texas Tollway Authority, Special Projects System Revenue Bonds, Current Interest Series 2011D, 5.000%, 9/01/24
|
9/21 at 100.00
|
AA+
|
845,805
|
||||||
North Texas Tollway Authority, Special Projects System Revenue Bonds, Series 2011A:
|
||||||||||
100
|
0.000%, 9/01/43
|
9/31 at 100.00
|
AA+
|
68,219
|
||||||
490
|
0.000%, 9/01/45
|
9/31 at 100.00
|
AA+
|
367,765
|
||||||
1,040
|
Texas Municipal Gas Acquisition and Supply Corporation I, Gas Supply Revenue Bonds, Series 2006B, 0.720%, 12/15/17
|
12/13 at 100.00
|
A–
|
1,036,578
|
||||||
100
|
Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012, 5.000%, 12/15/32
|
No Opt. Call
|
A3
|
94,897
|
||||||
12,990
|
Total Texas
|
13,291,631
|
||||||||
Virgin Islands – 0.4%
|
||||||||||
525
|
Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Senior Lien Series 2010A, 5.000%, 10/01/29
|
10/20 at 100.00
|
BBB
|
521,005
|
||||||
Virginia – 0.6%
|
||||||||||
250
|
Virginia College Building Authority, Educational Facilities Revenue Refunding Bonds, Marymount University, Series 1998, 5.100%, 7/01/18 – RAAI Insured
|
1/14 at 100.00
|
N/R
|
250,498
|
||||||
500
|
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River Crossing, Opco LLC Project, Series 2012, 5.500%, 1/01/42 (Alternative Minimum Tax)
|
7/22 at 100.00
|
BBB–
|
469,350
|
||||||
750
|
Total Virginia
|
719,848
|
Nuveen Investments
|
23
|
NIM
|
Nuveen Select Maturities Municipal Fund (continued)
|
Portfolio of Investments September 30, 2013 (Unaudited)
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Washington – 1.5%
|
||||||||||
$
|
1,050
|
Washington Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research Center, Series 2011A, 5.375%, 1/01/31
|
1/21 at 100.00
|
A
|
$
|
1,070,108
|
||||
330
|
Washington Public Power Supply System, Revenue Refunding Bonds, Nuclear Project 3, Series 1989B, 7.125%, 7/01/16 – NPFG Insured
|
No Opt. Call
|
Aa1
|
387,305
|
||||||
515
|
Washington State Tobacco Settlement Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2002, 6.500%, 6/01/26
|
11/13 at 100.00
|
A3
|
513,707
|
||||||
1,895
|
Total Washington
|
1,971,120
|
||||||||
Wisconsin – 2.1%
|
||||||||||
University of Wisconsin Hospitals and Clinics Authority, Revenue Bonds, Refunding Series 2013A:
|
||||||||||
755
|
4.000%, 4/01/20
|
No Opt. Call
|
Aa3
|
811,081
|
||||||
25
|
5.000%, 4/01/21
|
No Opt. Call
|
Aa3
|
28,158
|
||||||
15
|
5.000%, 4/01/22
|
No Opt. Call
|
Aa3
|
16,854
|
||||||
25
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Health Care, Inc., Series 2010A, 5.625%, 4/15/33
|
4/15 at 100.00
|
A
|
25,297
|
||||||
320
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Health Care, Inc., Series 2010B, 5.000%, 7/15/20
|
No Opt. Call
|
A
|
358,240
|
||||||
675
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Health Care, Inc., Series 2012A, 5.000%, 7/15/25
|
7/21 at 100.00
|
A
|
704,788
|
||||||
30
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ministry Health Care, Inc., Refunding 2012C, 5.000%, 8/15/17
|
No Opt. Call
|
A+
|
33,759
|
||||||
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan Healthcare System, Series 2006A:
|
||||||||||
500
|
5.250%, 8/15/18
|
8/16 at 100.00
|
A–
|
537,780
|
||||||
180
|
5.250%, 8/15/34
|
8/16 at 100.00
|
A–
|
180,155
|
||||||
2,525
|
Total Wisconsin
|
2,696,112
|
||||||||
$
|
123,295
|
Total Municipal Bonds (cost $119,297,304)
|
122,943,117
|
24
|
Nuveen Investments
|
Principal
|
|||||||||||||
Amount (000)
|
Description (1)
|
Coupon
|
Maturity
|
Ratings
|
Value
|
||||||||
Corporate Bonds – 0.0%
|
|||||||||||||
Nevada – 0.0%
|
|||||||||||||
$
|
15
|
Las Vegas Monorail Company, Senior Interest Bonds (6), (7)
|
5.500%
|
7/15/19
|
N/R
|
$
|
2,308
|
||||||
4
|
Las Vegas Monorail Company, Senior Interest Bonds (6), (7)
|
3.000%
|
7/15/55
|
N/R
|
446
|
||||||||
$
|
19
|
Total Corporate Bonds (cost $577)
|
2,754
|
||||||||||
Total Long-Term Investments (cost $119,297,881)
|
122,945,871
|
||||||||||||
Other Assets Less Liabilities – 3.5%
|
4,411,365
|
||||||||||||
Net Assets – 100%
|
$
|
127,357,236
|
(1)
|
All percentages shown in the Portfolio of Investments are based on net assets.
|
(2)
|
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
|
(3)
|
Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
|
(4)
|
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Such investments are normally considered to be equivalent to AAA rated securities.
|
(5)
|
At or subsequent to the end of the reporting period, this security is non-income producing. Non-income producing, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has directed the Fund’s custodian to cease accruing additional income on the Fund’s records.
|
(6)
|
Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board of Trustees. For fair value measurement disclosure purposes, investment classified as Level 3. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements, Investment Valuation for more information.
|
(7)
|
During January 2010, Las Vegas Monorail Company (“Las Vegas Monorail”) filed for federal bankruptcy protection. During March 2012, Las Vegas Monorail emerged from federal bankruptcy with the acceptance of a reorganization plan assigned by the Federal Bankruptcy Court. Under the reorganization plan, the Fund surrendered its Las Vegas Monorail Project Revenue Bonds, First Tier, Series 2000 and in turn received two senior interest corporate bonds: the first with an annual coupon rate of 5.500% maturing on July 15, 2019 and the second with an annual coupon rate of 3.000% (5.500% after December 31, 2015) maturing on July 15, 2055. The Fund’s custodian is not accruing income on the Fund’s records for either senior interest corporate bond.
|
WI/DD
|
Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.
|
(ETM)
|
Escrowed to maturity.
|
Nuveen Investments
|
25
|
Statement of
|
|
Assets & Liabilities
|
|
September 30, 2013 (Unaudited)
|
Assets
|
||||
Investments, at value (cost $119,297,881)
|
$
|
122,945,871
|
||
Cash
|
1,044,066
|
|||
Receivable for:
|
||||
Interest
|
1,614,394
|
|||
Investments sold
|
2,513,150
|
|||
Other assets
|
2,480
|
|||
Total assets
|
128,119,961
|
|||
Liabilities
|
||||
Payable for:
|
||||
Dividends
|
343,453
|
|||
Investments purchased
|
327,058
|
|||
Accrued expenses:
|
||||
Management fees
|
48,660
|
|||
Trustees fees
|
769
|
|||
Other
|
42,785
|
|||
Total liabilities
|
762,725
|
|||
Net assets
|
$
|
127,357,236
|
||
Shares outstanding
|
12,439,123
|
|||
Net asset value per share outstanding
|
$
|
10.24
|
||
Net assets consist of:
|
||||
Shares, $.01 par value per share
|
$
|
124,391
|
||
Paid-in surplus
|
123,790,293
|
|||
Undistributed (Over-distribution of) net investment income
|
258,042
|
|||
Accumulated net realized gain (loss)
|
(463,480
|
)
|
||
Net unrealized appreciation (depreciation)
|
3,647,990
|
|||
Net assets
|
$
|
127,357,236
|
||
Authorized shares
|
Unlimited
|
26
|
Nuveen Investments
|
Statement of
|
|
Operations
|
|
Six Months Ended September 30, 2013 (Unaudited)
|
Investment Income
|
$
|
2,594,703
|
||
Expenses
|
||||
Management fees
|
302,808
|
|||
Shareholder servicing agent fees and expenses
|
3,318
|
|||
Custodian fees and expenses
|
21,193
|
|||
Trustees fees and expenses
|
1,630
|
|||
Professional fees
|
11,113
|
|||
Shareholder reporting expenses
|
24,116
|
|||
Stock exchange listing fees
|
4,319
|
|||
Other expenses
|
5,553
|
|||
Total expenses
|
374,050
|
|||
Net investment income (loss)
|
2,220,653
|
|||
Realized and Unrealized Gain (Loss)
|
||||
Net realized gain (loss) from investments
|
141,617
|
|||
Change in net unrealized appreciation (depreciation) of investments
|
(5,130,378
|
)
|
||
Net realized and unrealized gain (loss)
|
(4,988,761
|
)
|
||
Net increase (decrease) in net assets from operations
|
$
|
(2,768,108
|
)
|
Nuveen Investments
|
27
|
Statement of
|
|
Changes in Net Assets (Unaudited)
|
Six Months
|
Year
|
||||||
Ended
|
Ended
|
||||||
9/30/13
|
3/31/13
|
||||||
Operations
|
|||||||
Net investment income (loss)
|
$
|
2,220,653
|
$
|
4,629,350
|
|||
Net realized gain (loss) from investments
|
141,617
|
193,826
|
|||||
Change in net unrealized appreciation (depreciation) of investments
|
(5,130,378
|
)
|
2,117,368
|
||||
Net increase (decrease) in net assets from operations
|
(2,768,108
|
)
|
6,940,544
|
||||
Distributions to Shareholders
|
|||||||
From net investment income
|
(2,151,968
|
)
|
(4,601,245
|
)
|
|||
Decrease in net assets from distributions to shareholders
|
(2,151,968
|
)
|
(4,601,245
|
)
|
|||
Capital Share Transactions
|
|||||||
Net proceeds from shares issued to shareholders due to reinvestment of distributions
|
—
|
69,682
|
|||||
Net increase (decrease) in net assets from capital share transactions
|
—
|
69,682
|
|||||
Net increase (decrease) in net assets
|
(4,920,076
|
)
|
2,408,981
|
||||
Net assets at the beginning of period
|
132,277,312
|
129,868,331
|
|||||
Net assets at the end of period
|
$
|
127,357,236
|
$
|
132,277,312
|
|||
Undistributed (Over-distribution of) net investment income at the end of period
|
$
|
258,042
|
$
|
189,357
|
28
|
Nuveen Investments
|
Nuveen Investments
|
29
|
Financial
|
|
Highlights (Unaudited)
|
Investment Operations
|
Less Distributions
|
|||||||||||||||||||||||||||
Beginning
Net Asset
Value
|
Net
Investment Income
(Loss)
|
Net
Realized/ Unrealized
Gain (Loss
|
)
|
Total
|
From Net Investment Income
|
From Accumulated Net Realized Gains
|
Total
|
Ending
Net Asset
Value
|
Ending
Market
Value
|
|||||||||||||||||||
Year Ended 3/31:
|
||||||||||||||||||||||||||||
2014 (c)
|
$
|
10.63
|
$
|
.18
|
$
|
(.40
|
)
|
$
|
(.22
|
)
|
$
|
(.17
|
)
|
$
|
—
|
$
|
(.17
|
)
|
$
|
10.24
|
$
|
9.73
|
||||||
2013
|
10.45
|
.37
|
.18
|
.55
|
(.37
|
)
|
—
|
(.37
|
)
|
10.63
|
10.35
|
|||||||||||||||||
2012
|
10.02
|
.40
|
.44
|
.84
|
(.41
|
)
|
—
|
(.41
|
)
|
10.45
|
10.23
|
|||||||||||||||||
2011
|
10.22
|
.43
|
(.21
|
)
|
.22
|
(.42
|
)
|
—
|
(.42
|
)
|
10.02
|
9.81
|
||||||||||||||||
2010
|
9.68
|
.44
|
.52
|
.96
|
(.42
|
)
|
—
|
(.42
|
)
|
10.22
|
10.42
|
|||||||||||||||||
2009
|
10.07
|
.43
|
(.38
|
)
|
.05
|
(.44
|
)
|
—
|
(.44
|
)
|
9.68
|
9.98
|
30
|
Nuveen Investments
|
Ratios/Supplemental Data
|
|||||||||||||||||
Total Returns
|
Ratios to Average Net Assets
|
||||||||||||||||
Based on
Net Asset
Value
|
(a)
|
Based on
Market
Value
|
(a)
|
Ending
Net Assets
(000
|
)
|
Expenses
|
Net
Investment
Income (Loss
|
)
|
Portfolio
Turnover
Rate
|
(b)
|
|||||||
(2.05
|
)%
|
(4.34
|
)%
|
$
|
127,357
|
.58
|
%*
|
3.43
|
%*
|
8
|
%
|
||||||
5.32
|
4.77
|
132,277
|
.56
|
3.51
|
17
|
||||||||||||
8.49
|
8.49
|
129,868
|
.62
|
3.92
|
17
|
||||||||||||
2.15
|
(1.89
|
)
|
124,549
|
.59
|
4.22
|
8
|
|||||||||||
10.06
|
8.83
|
126,832
|
.59
|
4.38
|
5
|
||||||||||||
52
|
6.53
|
120,012
|
.61
|
4.43
|
8
|
(a)
|
Total Return Based on Market Value is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.
|
Total Return Based on Net Asset Value is the combination of changes in net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending net asset value. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its net asset value), and therefore may be different from the price used in the calculation. Total returns are not annualized.
|
|
(b)
|
Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.
|
(c)
|
For the six months ended September 30, 2013.
|
*
|
Annualized.
|
Nuveen Investments
|
31
|
Notes to
|
|
Financial Statements (Unaudited)
|
32
|
Nuveen Investments
|
Level 1 –
|
Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
|
Level 2 –
|
Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
|
Level 3 –
|
Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).
|
Nuveen Investments
|
33
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||
Long-Term Investments*:
|
|||||||||||||
Municipal Bonds
|
$
|
—
|
$
|
122,943,117
|
$
|
—
|
$
|
122,943,117
|
|||||
Corporate Bonds
|
—
|
—
|
2,754
|
2,754
|
|||||||||
Total
|
$
|
—
|
$
|
122,943,117
|
$
|
2,754
|
$
|
122,945,871
|
*
|
Refer to the Fund’s Portfolio of Investments for state classifications and breakdown of Corporate Bonds classified as Level 3.
|
(i)
|
If available, fair value determinations shall be derived by extrapolating from recent transactions or quoted prices for identical or comparable securities.
|
|
(ii)
|
If such information is not available, an analytical valuation methodology may be used based on other available information including, but not limited to: analyst appraisals, research reports, corporate action information, issuer financial statements and shelf registration statements. Such analytical valuation methodologies may include, but are not limited to: multiple of earnings, discount from market value of a similar freely-traded security, discounted cash flow analysis, book value or a multiple thereof, risk premium/yield analysis, yield to maturity and/or fundamental investment analysis.
|
34
|
Nuveen Investments
|
Six Months
|
Year
|
||||||
Ended
|
Ended
|
||||||
9/30/13
|
3/31/13
|
||||||
Shares issued to shareholders due to reinvestment of distributions
|
—
|
6,549
|
Cost of investments
|
$
|
119,114,497
|
||
Gross unrealized:
|
||||
Appreciation
|
$
|
5,031,773
|
||
Depreciation
|
(1,200,399
|
)
|
||
Net unrealized appreciation (depreciation) of investments
|
$
|
3,831,374
|
Paid-in-surplus
|
$
|
(840
|
)
|
|
Undistributed (Over-distribution of) net investment income
|
(35,106
|
)
|
||
Accumulated net realized gain (loss)
|
35,946
|
Nuveen Investments
|
35
|
Undistributed net tax-exempt income1
|
$
|
358,855
|
||
Undistributed net ordinary income2
|
12,178
|
|||
Undistributed net long-term capital gains
|
—
|
1
|
Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on March 1, 2013, paid on April 1, 2013.
|
2
|
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
|
Distributions from net tax-exempt income
|
$
|
4,625,917
|
||
Distributions from net ordinary income2
|
—
|
|||
Distributions from net long-term capital gains
|
—
|
2
|
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
|
Expiration:
|
||||
March 31, 2014
|
$
|
14,448
|
||
March 31, 2015
|
11,084
|
|||
March 31, 2016
|
44,763
|
|||
March 31, 2017
|
148,403
|
|||
Not subject to expiration:
|
||||
Short-term losses:
|
—
|
|||
Long-term losses:
|
374,258
|
|||
Total
|
$
|
592,956
|
Post-October capital losses1
|
$
|
1,346
|
||
Late-year ordinary losses2
|
—
|
1
|
Capital losses incurred from November 1, 2012 through March 31, 2013, the Fund’s last tax year end.
|
|
2
|
Ordinary losses incurred from January 1, 2013 through March 31, 2013, and specified losses incurred from November 1, 2012 through March 31, 2013.
|
36
|
Nuveen Investments
|
Average Daily Net Assets*
|
Fund-Level Fee Rate
|
||||
For the first $125 million
|
.3000
|
%
|
|||
For the next $125 million
|
.2875
|
||||
For the next $250 million
|
.2750
|
||||
For the next $500 million
|
.2625
|
||||
For the next $1 billion
|
.2500
|
||||
For net assets over $2 billion
|
.2375
|
Complex-Level Managed Asset Breakpoint Level*
|
Effective Rate at Breakpoint Level
|
|||
$55 billion
|
.2000
|
%
|
||
$56 billion
|
.1996
|
|||
$57 billion
|
.1989
|
|||
$60 billion
|
.1961
|
|||
$63 billion
|
.1931
|
|||
$66 billion
|
.1900
|
|||
$71 billion
|
.1851
|
|||
$76 billion
|
.1806
|
|||
$80 billion
|
.1773
|
|||
$91 billion
|
.1691
|
|||
$125 billion
|
.1599
|
|||
$200 billion
|
.1505
|
|||
$250 billion
|
.1469
|
|||
$300 billion
|
.1445
|
*
|
For the fund-level and complex-level fees, managed assets include closed-end fund assets managed by the Adviser that are attributable to certain types of leverage. For these purposes, leverage includes the funds’ use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining managed assets in certain circumstances. The complex-level fee is calculated based upon the aggregate daily managed assets of all Nuveen Funds that constitute “eligible assets.” Eligible assets do not include assets attributable to investments in other Nuveen Funds or assets in excess of $2 billion added to the Nuveen Fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011. As of September 30, 2013, the complex-level fee rate for the Fund was .1686%.
|
Nuveen Investments
|
37
|
Annual Investment Management | |
Agreement Approval Process (Unaudited)
|
38
|
Nuveen Investments
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C.
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Fees, Expenses and Profitability
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1. Fees and Expenses
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The Board evaluated the management fees and expenses of the Fund reviewing, among other things, the Fund’s gross management fees, net management fees and net expense ratio in absolute terms as well as compared to the fees and expenses of a comparable universe of funds provided by an independent fund data provider (the “Peer Universe”) and any expense limitations.
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The Independent Board Members further reviewed the methodology regarding the construction of the applicable Peer Universe. In reviewing the comparisons of fee and expense information, the Independent Board Members took into account that in certain instances various factors such as: the limited size and particular composition of the Peer Universe (including the inclusion of other Nuveen funds in the peer set); expense anomalies; changes in the funds comprising the Peer Universe from year to year; levels of reimbursement or fee waivers; the timing of information used; and the differences in the type and use of leverage may impact the comparative data, thereby limiting somewhat the ability to make a meaningful comparison with peers.
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In reviewing the fee schedule for the Fund, the Independent Board Members also considered the fund-level and complex-wide breakpoint schedules (described in further detail below) and any fee waivers and reimbursements provided by Nuveen. In reviewing fees and expenses (excluding leverage costs and leveraged assets, as applicable), the Board considered the expenses and fees to be higher if they were over 10 basis points higher, slightly higher if they were approximately 6 to 10 basis points higher, in line if they were within approximately 5 basis points higher than the peer average and below if they were below the peer average of the Peer Universe. In reviewing the reports, the Board noted that the majority of the Nuveen funds were at, close to or below their peer set average based on the net total expense ratio.
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The Independent Board Members noted that the Fund had a net management fee and a net expense ratio that were higher compared to its peer averages. In this regard, the Independent Board Members observed that the Fund’s higher relative expense ratio was generally due to limitations with the peer group.
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Based on their review of the fee and expense information provided, the Independent Board Members determined that the Fund’s management fees to a Fund Adviser were reasonable in light of the nature, extent and quality of services provided to the Fund.
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2. Comparisons with the Fees of Other Clients
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The Board recognized that all Nuveen funds have a sub-adviser (which, in the case of the Fund, is an affiliated sub-adviser), and therefore, the overall fund management fee can be divided into two components, the fee retained by the Adviser and the fee paid to the sub-adviser. In general terms, the fee to the Adviser reflects the administrative services it provides to support the funds, and while some administrative services may occur at the sub-adviser level, the fee generally reflects the portfolio management services provided by the sub-adviser. The Independent Board Members reviewed information regarding the nature of services provided by the Adviser, including through the Sub-Adviser, and the range of fees and average fee the Sub-Adviser assessed for such services to other clients. Such other clients include municipal separately managed accounts and passively managed exchange traded funds (ETFs) sub-advised by the Adviser. In evaluating the comparisons of
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fees, the Independent Board Members noted that the fee rates charged to the Fund and other clients vary, among other things, because of the different services involved and the additional regulatory and compliance requirements associated with registered investment companies, such as the Fund. Accordingly, the Independent Board Members considered the differences in the product types, including, but not limited to, the services provided, the structure and operations, product distribution and costs thereof, portfolio investment policies, investor profiles, account sizes and regulatory requirements. The Independent Board Members noted, in particular, that the range of services provided to the Fund (as discussed above) is much more extensive than that provided to separately managed accounts. Many of the additional administrative services provided by the Adviser are not required for institutional clients. Given the inherent differences in the various products, particularly the extensive services provided to the Fund, the Independent Board Members believe such facts justify the different levels of fees.
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3. Profitability of Fund Advisers
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In conjunction with their review of fees, the Independent Board Members also considered the profitability of Nuveen for its advisory activities and its financial condition. The Independent Board Members reviewed the revenues and expenses of Nuveen’s advisory activities for the last two calendar years, the allocation methodology used in preparing the profitability data and an analysis of the key drivers behind the changes in revenues and expenses that impacted profitability in 2012. The Independent Board Members noted this information supplemented the profitability information requested and received during the year to help keep them apprised of developments affecting profitability (such as changes in fee waivers and expense reimbursement commitments). In this regard, the Independent Board Members noted that they have an Independent Board Member serve as a point person to review and keep them apprised of changes to the profitability analysis and/or methodologies during the year. The Independent Board Members also considered Nuveen’s revenues for advisory activities, expenses, and profit margin compared to that of various unaffiliated management firms with comparable assets under management (based on asset size and asset composition).
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In reviewing profitability, the Independent Board Members recognized the Adviser’s continued investment in its business to enhance its services, including capital improvements to investment technology, updated compliance systems, and additional personnel. In addition, in evaluating profitability, the Independent Board Members also recognized the subjective nature of determining profitability which may be affected by numerous factors including the allocation of expenses and that various allocation methodologies may each be reasonable but yield different results. Further, the Independent Board Members recognized the difficulties in making comparisons as the profitability of other advisers generally is not publicly available and the profitability information that is available for certain advisers or management firms may not be representative of the industry and may be affected by, among other things, the adviser’s particular business mix, capital costs, types of funds managed and expense allocations. Notwithstanding the foregoing, the Independent Board Members reviewed Nuveen’s methodology and assumptions for allocating expenses across product lines to determine profitability. Based on their review, the Independent Board Members concluded that the Adviser’s level of profitability for its advisory activities was reasonable in light of the services provided.
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With respect to sub-advisers affiliated with Nuveen, including the Sub-Adviser, the Independent Board Members reviewed the sub-adviser’s revenues, expenses and profitability margins (pre- and post-tax) for its
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advisory activities and the methodology used for allocating expenses among the internal sub-advisers. Based on their review, the Independent Board Members were satisfied that the Sub-Adviser’s level of profitability was reasonable in light of the services provided.
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In evaluating the reasonableness of the compensation, the Independent Board Members also considered other amounts paid to a Fund Adviser by the Fund as well as indirect benefits (such as soft dollar arrangements), if any, the Fund Adviser and its affiliates receive, or are expected to receive, that are directly attributable to the management of the Fund. See Section E below for additional information on indirect benefits a Fund Adviser may receive as a result of its relationship with the Fund. Based on their review of the overall fee arrangements of the Fund, the Independent Board Members determined that the advisory fees and expenses of the Fund were reasonable.
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Reinvest Automatically, | |
Easily and Conveniently |
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■
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Auction Rate Bond: An auction rate bond is a security whose interest payments are adjusted periodically through an auction process, which process typically also serves as a means for buying and selling the bond. Auctions that fail to attract enough buyers for all the shares offered for sale are deemed to have “failed,” with current holders receiving a formula-based interest rate until the next scheduled auction.
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Average Annual Total Return: This is a commonly used method to express an investment’s performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment’s actual cumulative performance (including change in NAV or market price and reinvested dividends and capital gains distributions, if any) over the time period being considered.
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Duration: Duration is a measure of the expected period over which a bond’s principal and interest will be paid, and consequently is a measure of the sensitivity of a bond’s or bond fund’s value to changes when market interest rates change. Generally, the longer a bond’s or fund’s duration, the more the price of the bond or fund will change as interest rates change.
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Gross Domestic Product (GDP): The total market value of all final goods and services produced in a country/region in a given year, equal to total consumer, investment and government spending, plus the value of exports, minus the value of imports.
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Net Asset Value (NAV) Per Share: A fund’s Net Assets is equal to its total assets (securities, cash, accrued earnings and receivables) less its total liabilities. NAV per share is equal to the fund’s Net Assets divided by its number of shares outstanding.
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Pre-Refunding: Pre-Refunding, also known as advanced refundings or refinancings, is a procedure used by state and local governments to refinance municipal bonds to lower interest expenses. The issuer sells new bonds with a lower yield and uses the proceeds to buy U.S. Treasury securities, the interest from which is used to make payments on the higher-yielding bonds. Because of this collateral, pre-refunding generally raises a bond’s credit rating and thus its value.
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S&P Municipal Bond Intermediate Index: An unleveraged, market value-weighted index containing all of the bonds in the S&P Municipal Bond Index with maturity dates between 3 and 14.999 years. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
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S&P Municipal Bond Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment-grade U.S. municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
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Zero Coupon Bond: A zero coupon bond does not pay a regular interest coupon to its holders during the life of the bond. Tax-exempt income to the holder of the bond comes from accretion of the difference between the original purchase price of the bond at issuance and the par value of the bond at maturity and is effectively paid at maturity. The market prices of zero coupon bonds generally are more volatile than the market prices of bonds that pay interest periodically.
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50
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Board of Trustees
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William Adams IV*
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Robert P. Bremner
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Jack B. Evans
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William C. Hunter
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David J. Kundert John K. Nelson
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William J. Schneider
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Thomas S. Schreier, Jr.*
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Judith M. Stockdale
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Carole E. Stone
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Virginia L. Stringer Terence J. Toth
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* Interested Board Member.
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Fund Manager
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Custodian
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Legal Counsel
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Independent Registered
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Transfer Agent and
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Nuveen Fund Advisors, LLC
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State Street Bank
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Chapman and Cutler LLP
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Public Accounting Firm
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Shareholder Services
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333 West Wacker Drive
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& Trust Company
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Chicago, IL 60603
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Ernst & Young LLP
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State Street Bank
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Chicago, IL 60606
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Boston, MA 02111
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Chicago, IL 60606
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& Trust Company
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Nuveen Funds
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P.O. Box 43071
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Providence, RI 02940-3071
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(800) 257-8787
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CEO Certification Disclosure
The Fund’s Chief Executive Officer has submitted to the New York Stock Exchange (NYSE) the annual CEO certification as required by Section 303A.12(a) of the NYSE Listed Company Manual. Each Fund has filed with the SEC the certification of its Chief Executive Officer and Chief Financial Officer required by Section 302 of the Sarbanes-Oxley Act.
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NIM
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Shares repurchased
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—
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Nuveen Investments: | |
Serving Investors for Generations |
Since 1898, financial advisors and their clients have relied on Nuveen Investments to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality equity and fixed-income solutions designed to be integral components of a well-diversified core portfolio.
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Focused on meeting investor needs.
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Nuveen Investments provides high-quality investment services designed to help secure the long-term goals of institutional and individual investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets a wide range of specialized investment solutions which provide investors access to capabilities of its high-quality boutique investment affiliates—Nuveen Asset Management, Symphony Asset Management, NWQ Investment Management Company, Santa Barbara Asset Management, Tradewinds Global Investors, Winslow Capital Management and Gresham Investment Management. In total, Nuveen Investments managed approximately $215 billion as of September 30, 2013.
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Find out how we can help you.
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Distributed by Nuveen Investments, LLC | 333 West Wacker Drive | Chicago, IL 60606 | www.nuveen.com
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(a)
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The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the "Exchange Act")(17 CFR 240.13a-15(b) or 240.15d-15(b)).
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(b)
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There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.
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(a)(1)
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Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable to this filing.
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(a)(2)
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A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: See Ex-99.CERT attached hereto.
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(a)(3)
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Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons: Not applicable.
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(b)
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If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)); Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed "filed" for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference: See Ex-99.906 CERT attached hereto.
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