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Table of Contents
Chairman’s Letter to Shareholders	4
Portfolio Manager’s Comments	5
Share Information	9
Risk Considerations	11
Performance Overview and Holding Summaries	12
Report of Independent Registered Public Accounting Firm	14
Portfolio of Investments	15
Statement of Assets and Liabilities	30
Statement of Operations	31
Statement of Changes in Net Assets	32
Financial Highlights	34
Notes to Financial Statements	36
Additional Fund Information	43
Glossary of Terms Used in this Report	44
Reinvest Automatically, Easily and Conveniently	45
Board Members & Officers	46

 

NUVEEN 3

 

Dear Shareholders,

Whether politics or the economy will prevail over the financial markets this year has been a much-analyzed question. After the U.S. presidential election, stocks rallied to new all-time highs, bonds tumbled, and business and consumer sentiment grew pointedly optimistic. But, to what extent the White House can translate rhetoric into stronger economic and corporate earnings growth remains to be seen. Stock prices have experienced upward momentum driven by positive economic news, interest rates are higher amid the Federal Reserve (Fed) rate hikes and inflation is ticking higher.

The Trump administration's early policy decisions have caused the markets to reassess their outlooks, cooling the stock market rally and stabilizing bond prices. The White House's pro-growth agenda of tax reform, infrastructure spending and deregulation remains on the table, but there is growing recognition that it may look different than Wall Street had initially expected.

Nevertheless, there is a case for optimism. The jobs recovery, firming wages, the housing market and confidence measures are supportive of continued expansion in the economy. The Fed enacted its second and third interest rate hikes in December 2016 and March 2017, respectively, a vote of confidence that its employment and inflation targets are on track. Economies outside the U.S. have strengthened in recent months, possibly heralding the beginnings of a global synchronized recovery. Furthermore, the populist/nationalist undercurrent that helped deliver President Trump’s win and the U.K.’s decision to leave the European Union (or “Brexit”) remained in the minority in the Dutch general election in March and France’s presidential election in May, easing the political uncertainty surrounding Germany’s elections later this year.

In the meantime, the markets will be focused on economic sentiment surveys along with “hard” data such as consumer and business spending to gauge the economy’s progress. With the Fed now firmly in tightening mode, rate moves that are more aggressive than expected could spook the markets and potentially stifle economic growth. On the political economic front, President Trump’s other signature platform plank, protectionism, is arguably anti-growth. We expect some churning in the markets as these issues sort themselves out.

Market volatility readings have been remarkably low of late, but conditions can change quickly. As market conditions evolve, Nuveen remains committed to rigorously assessing opportunities and risks. If you’re concerned about how resilient your investment portfolio might be, we encourage you to talk to your financial advisor. On behalf of the other members of the Nuveen Fund Board, we look forward to continuing to earn your trust in the months and years ahead.

Sincerely,

4 NUVEEN

 

Nuveen Select Maturities Municipal Fund (NIM)

This Fund features portfolio management by Nuveen Asset Management, LLC, an affiliate of Nuveen, LLC. Portfolio manager Paul L. Brennan, CFA, reviews U.S. economic and municipal market conditions, key investment strategies and the twelve-month performance of the Nuveen Select Maturities Municipal Fund (NIM). Paul has managed NIM since 2006.

What factors affected the U.S. economy and the national municipal bond market during the twelve-month reporting period ended March 31, 2017?

The U.S. economy continued to expand at its below-trend rate but showed some signs of strengthening in the latter months of the reporting period. For 2016 as a whole, the Bureau of Economic Analysis reported that the economy grew at an annual rate of 1.6%, as measured by real gross domestic product (GDP), which is the value of goods and services produced by the nation’s economy less the value of the goods and services used up in production, adjusted for price changes. Despite a boost in third-quarter GDP from a short-term jump in exports, economic activity in the other three calendar quarters of 2016 stayed near or below the 2% growth mark.

In the first quarter of 2017, growth slackened to an annual rate of 0.7%, tempered by a slowdown in consumer and government spending, according to the government’s “advance” estimate. The deceleration in first-quarter GDP growth, followed by a reaccel-eration in the spring and summer, has been a trend over the past few years. Moreover, other signs of positive momentum remain. The labor market continued to tighten, inflation ticked higher, and consumer and business confidence surveys reflected optimism about the economy’s prospects. As reported by the Bureau of Labor Statistics, the unemployment rate fell to 4.5% in March 2017 from 5.0% in March 2016 and job gains averaged around 200,000 per month for the past twelve months. Higher oil prices helped drive a steady increase in inflation over this reporting period. The twelve-month change in the Consumer Price Index (CPI) rose from the low of 0.8% in July 2016 to 2.4% over the twelve-month reporting period ended March 2017 on a seasonally adjusted basis, as reported by the U.S. Bureau of Labor Statistics. The core CPI (which excludes food and energy) increased 2.0% during the same period, equal to the Federal Reserve’s (Fed) unofficial longer term inflation objective of 2.0%. The housing market also continued to improve, with historically low mortgage rates and low inventory driving home prices higher. The S&P CoreLogic Case-Shiller U.S. National Home Price Index, which covers all nine U.S. census divisions, recorded a 5.8% annual gain in February 2017 (most recent data available at the time this report was prepared) (effective July 26, 2016, the S&P/Case-Shiller U.S. National Home Price Index was renamed the S&P CoreLogic Case-Shiller U.S. National Home Price Index). The 10-City and 20-City Composites reported year-over-year increases of 5.2% and 5.9%, respectively.

---

Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio manager as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements, and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Fund disclaims any obligation to update publicly or revise any forward-looking statements or views expressed herein.

For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc. (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings, while BB, B, CCC, CC, C and D are below investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.

Bond insurance guarantees only the payment of principal and interest on the bond when due, and not the value of the bonds themselves, which will fluctuate with the bond market and the financial success of the issuer and the insurer. Insurance relates specifically to the bonds in the portfolio and not to the share prices of a Fund. No representation is made as to the insurers’ ability to meet their commitments.

Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.

NUVEEN 5

 

The U.S. economic outlook struck a more optimistic tone, prompting the Fed’s policy making committee to raise its main benchmark interest rate in December 2016 and again in March 2017. These moves were widely expected by the markets and additional increases are anticipated in 2017 as the Fed seeks to gradually “normalize” interest rates.

The political environment was another major influence on the markets over the reporting period. In the U.S., the surprising election of Donald Trump boosted consumer, business and market sentiment, on hopes that President Trump’s policy agenda of tax reform, infrastructure spending and reduced regulation would reignite the economy. While U.S. stocks rallied particularly strongly in the months following the election, the advance slowed as concerns about the new administration’s immigration policy and the Republican’s health care bill began to weigh on the markets. Prior to the U.S. presidential election, Britain’s vote to leave the European Union, known as Brexit, roiled the markets in late June and July 2016. Although world stock markets largely recovered, sterling dropped to a 31-year low and remained volatile as the U.K. prepared for exit negotiations. Investors also worried whether the undercurrent of populism and nationalism supporting President Trump and Brexit victories could spread across Europe, where several countries have key elections in 2017.

The municipal bond market encountered elevated volatility over the twelve-month reporting period, driven by a sell-off and widening credit spreads following the surprise election results. Prior to the election, municipal bond mutual funds had been drawing steady inflows from September 2015 to October 2016, which kept demand outpacing supply and supported prices. However, beginning in mid-October, demand began to soften in anticipation of a Fed rate hike. Municipal bond prices continued to fall in November 2016 after President Trump’s win triggered rising inflation and interest rate expectations as well as speculation on tax code changes, and in December due to tax-loss selling. A sharp rise in interest rates after the election fueled a reversal in municipal bond fund flow. Municipal bond funds experienced large outflows in the fourth quarter of 2016, especially in the high yield municipal segment, which drove mutual fund managers to sell positions to help meet investor redemptions. At the same time, new issuance spiked in October 2016, further contributing to excess supply and exacerbating falling prices and credit spread widening. However, stabilizing market conditions in December gave way to a rally in the first quarter of 2017. Concerns that the new administration’s fiscal, tax and health care policy agenda could have a potentially negative impact on municipal bonds eased somewhat. By the end of the reporting period, interest rates stayed at a higher level than where they began.

In the reporting period overall, municipal bond issuance nationwide totaled $432.7 billion, an 11.2% gain from the issuance for the twelve-month period ended March 31, 2016. Gross issuance remains robust as issuers continue to actively and aggressively refund their outstanding debt given the low interest rate environment. In these transactions the issuers are issuing new bonds and taking the bond proceeds and redeeming (calling) old bonds. These refunding transactions have ranged from 40%-60% of total issuance over the past few years. The net issuance (all bonds issued less bonds redeemed) is actually much lower than the gross issuance. In fact, the total municipal bonds outstanding has actually declined in each of the past four calendar years. So, the gross is surging, but the net is not and this was an overall positive technical factor on municipal bond investment performance in recent years. However, as interest rates moved higher, the pace of refunding deals began to moderate.

Although the municipal bond market experienced widening credit spreads over a short period after the election, the trend was more attributable to technical conditions than a change in the fundamental backdrop. Despite the U.S. economy’s rather sluggish recovery, improving state and local balance sheets have contributed to generally good credit fundamentals. Higher tax revenue growth, better expense management and a more cautious approach to new debt issuance have led to credit upgrades and stable credit outlooks for many state and local issuers. While some pockets of weakness continued to grab headlines, including Illinois, New Jersey and Puerto Rico, their problems were largely contained, with minimal spillover into the broader municipal market.

6 NUVEEN

 

What key strategies were used to manage NIM during the twelve-month reporting period ended March 31, 2017?

The broad municipal bond market ended the reporting period in positive territory, as a rally in the latter months of the period helped recoup the losses from the post-election sell-off. Although interest rates were higher by the end of the reporting period, tightening credit spreads and a moderately flattening yield curve helped support municipal bond performance in general. During this time, we continued to take a bottom-up approach to discovering sectors that appeared undervalued as well as individual credits that we believed had the potential to perform well over the long term.

The Fund’s overall positioning remained relatively unchanged during the reporting period. Our emphasis remained on intermediate and longer maturities, lower rated credits and sectors offering higher yields. In fact, we took advantage of cheaper relative valuations during the post-election sell-off to modestly increase the Fund’s exposure to lower rated and longer duration credits. We also more actively pursued tax loss swaps. That is, we sold some lower coupon bonds that were bought when interest rates were lower and used the proceeds to buy similarly structured bonds with higher coupons, to capitalize on the tax loss (which can be used to offset future taxable gains) and boost the Funds’ income distribution capabilities.

Cash for new purchases was generated primarily by proceeds from called and matured bonds, which we worked to redeploy to keep NIM fully invested and support the Fund’s income stream. Because NIM is an intermediate maturity Fund, it typically has a greater number of bonds maturing or being called than funds with longer average maturity targets. In addition, we continued to see heightened call activity during the reporting period, as bond issuers sought to lower costs through refinancings, and the increase in this activity provided ample cash for purchases. The Fund had no exposure to Puerto Rico in this reporting period.

How did NIM perform during the twelve-month reporting period ended March 31, 2017?

The table in NIM’s Performance Overview and Holding Summaries section of this report provides total returns for the Fund for the one-year, five-year and ten-year periods ended March 31, 2017. The Fund’s returns are compared with the performance of a corresponding market index.

For the twelve months ended March 31, 2017, the total return on net asset value (NAV) for NIM trailed the returns for the S&P Municipal Bond Intermediate Index.

The main drivers of the Fund’s performance during this reporting period were credit exposures and duration and yield curve positioning. Lower rated bonds continued to outperform higher rated bonds during this reporting period. The Fund remained overweight to bonds rated A and below, which was beneficial to performance because these segments performed well. The Fund’s duration and yield curve positioning was also favorable to performance. An overweight allocation to the shorter end of the yield curve contributed positively, as shorter maturities outperformed in this reporting period.

On a sector basis, the tobacco securitization and health care sectors were among the strongest performers in this reporting period, and the Fund’s holdings in these sectors aided performance. The Fund also benefited from the elevated level of pre-refunding activity, as the holdings in called bonds saw a boost in performance due to pre-refunding. Additionally, NIM’s positions in Chicago and Illinois general obligation (GO) bonds, including a Chicago Board of Education local GO, were advantageous to performance. However, the Fund’s allocation to the industrial development revenue/pollution control revenue (IDR/PCR) sector dampened performance, largely due to holdings in energy supplier First Energy. Although it represented a small weighting in the Fund, First Energy was a meaningful detractor to underperformance during this reporting period. The credit performed poorly as the company seeks to exit the power generation business, which has increased uncertainty about its financial health.

NUVEEN 7

 

A Note About Investment Valuations

The municipal securities held by the Fund are valued by the Fund’s pricing service using a range of market-based inputs and assumptions. A different municipal pricing service might incorporate different assumptions and inputs into its valuation methodology, potentially resulting in different values for the same securities. These differences could be significant, both as to such individual securities, and as to the value of the Fund’s portfolio in its entirety. Thus, the current net asset value of the Fund’s shares may be impacted, higher or lower, if the Fund were to change its pricing service, or if its pricing service were to materially change its valuation methodology. On October 4, 2016, the Fund’s current municipal bond pricing service was acquired by the parent company of another pricing service. The two services have not yet combined their valuation organizations and process, but they announced in March 2017, that they anticipate doing so sometime in the ensuing several months. Such changes could have an impact on the net asset value of the Fund’s shares.

8 NUVEEN

 

DISTRIBUTION INFORMATION

The following information regarding the Fund’s distributions is current as of March 31, 2017. The Fund’s distribution levels may vary over time based on its investment activity and portfolio investment value changes.

During the current reporting period, the Fund’s distributions to shareholders were as shown in the accompanying table.
		Per Share
Monthly Distributions (Ex-Dividend Date)		Amounts
April 2016		$	0.0260
May			0.0260
June			0.0260
July			0.0260
August			0.0260
September			0.0260
October			0.0260
November			0.0260
December			0.0260
January			0.0260
February			0.0260
March 2017			0.0260
Total Monthly Per Share Distributions		$	0.3120
Ordinary Income Distribution*		$	0.0027
Total Distributions from Net Investment Income		$	0.3147
Total Distributions from Long-Term Capital Gains*		$	0.0020
Total Distributions		$	0.3167
Yields
Market Yield**			3.14	%
Taxable-Equivalent Yield**			4.36	%

 

*	Distribution paid in December 2016.

**

Market Yield is based on the Fund’s current annualized monthly distribution divided by the Fund’s current market price as of the end of the reporting period. Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on an income tax rate of 28.0%. When comparing the Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.

The Fund seeks to pay regular monthly dividends out of its net investment income at a rate that reflects its past and projected net income performance. To permit the Fund to maintain a more stable monthly dividend, the Fund may pay dividends at a rate that may be more or less than the amount of net income actually earned by the Fund during the period. If the Fund has cumulatively earned more than it has paid in dividends, it will hold the excess in reserve as undistributed net investment income (UNII) as part of the Fund’s net asset value. Conversely, if the Fund has cumulatively paid in dividends more than it has earned, the excess will constitute a negative UNII that will likewise be reflected in the Fund’s net asset value. The Fund will, over time, pay all its net investment income as dividends to shareholders.

As of March 31, 2017, the Fund had a positive UNII balance for tax and financial reporting purposes.

NUVEEN 9

 

All monthly dividends paid by the Fund during the current reporting period were paid from net investment income. If a portion of the Fund’s monthly distributions was sourced from or comprised of elements other than net investment income, including capital gains and/or a return of capital, the Fund’s shareholders would have received a notice to that effect. For financial reporting purposes, the composition and per share amounts of the Fund’s dividends for the reporting period are presented in the Statement of Changes in Net Assets and Financial Highlights, respectively. For income tax purposes, distribution information for each Fund as of its most recent tax year end is presented in Note 6 — Income Tax Information within the Notes to Financial Statements of this report.

SHARE REPURCHASES

During August 2016, the Fund’s Board of Trustees reauthorized an open-market share repurchase program, allowing the Fund to repurchase an aggregate of up to approximately 10% of its outstanding shares.

As of March 31, 2017, and since the inception of the Fund’s repurchase program, the Fund has cumulatively repurchased and retired its outstanding shares as shown in the accompanying table.

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

 

OTHER SHARE INFORMATION

As of March 31, 2017, and during the current reporting period, the Fund’s share price was trading at a premium/(discount) to its NAV as shown in the accompanying table.

NAV		$	10.28
Share price		$	9.93
Premium/(Discount) to NAV			(3.40	)%
12-month average premium/(discount) to NAV			(1.69	)%

 

10 NUVEEN

 

Fund shares are not guaranteed or endorsed by any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation.

Nuveen Select Maturities Municipal Fund (NIM)

Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As interest rates rise, bond prices fall. These and other risk considerations such as tax risk are described in more detail on the Fund’s web page at www.nuveen.com/NIM.

NUVEEN 11

 

NIM

Nuveen Select Maturities Municipal Fund

Performance Overview and Holding Summaries as of March 31, 2017

Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.

Average Annual Total Returns as of March 31, 2017

		Average Annual
		1-Year				5-Year				10-Year
NIM at NAV			(0.43	)%			2.95	%			3.88	%
NIM at Share Price			(3.13	)%			2.74	%			3.84	%
S&P Municipal Bond Intermediate Index			0.06	%			3.02	%			4.50	%

 

Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.

12 NUVEEN

 

This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.

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

Fund Allocation
(% of net assets)
Long-Term Municipal Bonds	98.7%
Corporate Bonds	0.0%
Short-Term Municipal Bonds	0.3%
Other Assets Less Liabilities	1.0%
Net Assets	100%
Portfolio Credit Quality
(% of total investments)
AAA/U.S.Guaranteed	13.0%
AA	27.7%
A	28.3%
BBB	21.7%
BB or Lower	7.0%
N/R (not rated)	2.3%
Total	100%

 

Portfolio Composition
(% of total investments)
Tax Obligation/Limited	20.2%
Transportation	15.9%
Health Care	14.8%
Utilities	12.6%
Tax Obligation/General	11.5%
U.S. Guaranteed	10.8%
Consumer Staples	5.4%
Other	8.8%
Total	100%

 

States and Territories
(% of total municipal bonds)
Illinois	17.6%
Texas	9.1%
California	7.0%
New Jersey	6.4%
Pennsylvania	6.2%
New York	5.9%
Ohio	4.7%
Florida	4.5%
South Carolina	4.0%
Wisconsin	3.4%
Arizona	3.2%
Louisiana	3.0%
Nevada	2.4%
Washington	2.3%
Indiana	2.2%
Other	18.1%
Total	100%

 

NUVEEN 13

 

Report of Independent Registered Public Accounting Firm

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Nuveen Select Maturities Municipal Fund (the “Fund”) as of March 31, 2017, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the three-year period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The financial highlights for the periods presented through March 31, 2014, were audited by other auditors whose report dated May 27, 2014, expressed an unqualified opinion on those financial highlights.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of March 31, 2017, by correspondence with the custodian and brokers or other appropriate auditing procedures. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Fund as of March 31, 2017, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the three-year period then ended, in conformity with U.S. generally accepted accounting principles.

14 NUVEEN

 

NIM
Nuveen Select Maturities Municipal Fund
Portfolio of Investments	March 31, 2017

Principal			Optional Call
Amount (000)		Description (1)	Provisions (2)	Ratings (3)	Value
		LONG-TERM INVESTMENTS – 98.7%
		MUNICIPAL BONDS – 98.7%
		Alabama – 0.3%
$       280		Black Belt Energy Gas District, Alabama, Gas Supply Revenue Bonds, Series 2016A, 4.000%,	3/21 at 100.59	Aa3	$       303,559
		7/01/46 (Mandatory put 6/01/21)
125		Mobile Spring Hill College Educational Building Authority, Alabama, Revenue Bonds, Spring Hill	4/25 at 100.00	N/R	124,025
		College Project, Series 2015, 5.000%, 4/15/27
405		Total Alabama			427,584
		Alaska – 0.1%
155		Alaska State, Sport Fishing Revenue Bonds, Refunding Series 2011, 5.000%, 4/01/21	4/20 at 100.00	A1	171,339
		Arizona – 3.2%
		Arizona Health Facilities Authority, Hospital System Revenue Bonds, Phoenix Children’s
		Hospital, Refunding Series 2012A:
275		5.000%, 2/01/20	No Opt. Call	BBB+	300,699
290		5.000%, 2/01/27	2/22 at 100.00	BBB+	318,011
		Arizona Sports and Tourism Authority, Tax Revenue Bonds, Multipurpose Stadium Facility
		Project, Refunding Senior Series 2012A:
425		5.000%, 7/01/25	7/22 at 100.00	A1	466,425
685		5.000%, 7/01/26	7/22 at 100.00	A1	747,588
685		5.000%, 7/01/27	7/22 at 100.00	A1	744,643
115		Pima County Industrial Development Authority, Arizona, Revenue Bonds, Tucson Electric Power	3/23 at 100.00	A–	119,732
		Company Project, Series 2013A, 4.000%, 9/01/29
		Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc.
		Prepay Contract Obligations, Series 2007:
150		5.000%, 12/01/17	No Opt. Call	BBB+	153,466
135		5.250%, 12/01/19	No Opt. Call	BBB+	146,262
165		5.000%, 12/01/32	No Opt. Call	BBB+	188,838
735		5.000%, 12/01/37	No Opt. Call	BBB+	853,526
3,660		Total Arizona			4,039,190
		Arkansas – 0.4%
525		Independence County, Arkansas, Pollution Control Revenue Bonds, Arkansas Power and Light	No Opt. Call	A	538,393
		Company Project, Series 2013, 2.375%, 1/01/21
		California – 6.9%
300		Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Senior Lien	No Opt. Call	A	350,271
		Series 2013A, 5.000%, 10/01/23
960		California Health Facilities Financing Authority, Revenue Bonds, El Camino Hospital, Series	2/27 at 100.00	A+	950,256
		2017, 3.750%, 2/01/32
250		California Municipal Finance Authority, Charter School Revenue Bonds, Palmdale Aerospace	7/26 at 100.00	BB	259,165
		Academy Project, Series 2016A, 5.000%, 7/01/31
105		California Pollution Control Financing Authority, Solid Waste Disposal Revenue Bonds, Waste	No Opt. Call	A–	105,715
		Management Inc., Refunding Series 2015B-2, 3.125%, 11/01/40 (Mandatory put 11/03/25)
		(Alternative Minimum Tax)
290		California Pollution Control Financing Authority, Solid Waste Disposal Revenue Bonds, Waste	No Opt. Call	A–	296,183
		Management Inc., Series 2015A-1, 3.375%, 7/01/25 (Alternative Minimum Tax)
205		California Pollution Control Financing Authority, Solid Waste Disposal Revenue Bonds, Waste	No Opt. Call	A–	206,218
		Management, Inc. Project, Refunding Series 2015B-1, 3.000%, 11/01/25 (Alternative Minimum Tax)
525		California State, General Obligation Bonds, Various Purpose Series 2010, 5.500%, 3/01/40	3/20 at 100.00	AA–	584,393

NIM	Nuveen Select Maturities Municipal Fund
	Portfolio of Investments (continued)	March 31, 2017

Principal			Optional Call
Amount (000)		Description (1)	Provisions (2)	Ratings (3)	Value
		California (continued)
$       125		California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda	12/24 at 100.00	BB+	$       135,996
		University Medical Center, Series 2014A, 5.250%, 12/01/29
285		California Statewide Communities Development Authority, Revenue Bonds, Kaiser Permanente,	No Opt. Call	AA–	286,006
		Series 2009E-1, 5.000%, 4/01/44 (Mandatory put 5/01/17)
250		Delano, California, Certificates of Participation, Delano Regional Medical Center, Series	1/23 at 100.00	BBB–	269,770
		2012, 5.000%, 1/01/24
		Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed
		Bonds, Series 2007A-1:
710		4.500%, 6/01/27	6/17 at 100.00	B1	711,306
100		5.000%, 6/01/33	6/17 at 100.00	B–	99,995
100		Lake Elsinore Public Financing Authority, California, Local Agency Revenue Bonds, Canyon Hills	9/24 at 100.00	N/R	107,623
		Improvement Area A & C, Series 2014C, 5.000%, 9/01/32
365		Lake Elsinore Redevelopment Agency, California, Special Tax Bonds, Community Facilities	10/17 at 100.00	AA	370,822
		District 90-2, Series 2007A, 4.500%, 10/01/24 – AGM Insured
1,000		Mount San Antonio Community College District, Los Angeles County, California, General	2/28 at 100.00	Aa1	914,190
		Obligation Bonds, Election of 2008, Series 2013A, 0.000%, 8/01/28 (5)
2,000		Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A, 0.000%, 8/01/25 –	No Opt. Call	AA	1,519,760
		AGC Insured
35		Riverside County Transportation Commission, California, Toll Revenue Senior Lien Bonds, Series	6/23 at 100.00	BBB–	39,229
		2013A, 5.750%, 6/01/44
2,000		San Diego Community College District, California, General Obligation Bonds, Refunding Series	No Opt. Call	Aaa	883,280
		2011, 0.000%, 8/01/37
415		San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue	1/25 at 100.00	BBB–	463,692
		Bonds, Refunding Senior Lien Series 2014A, 5.000%, 1/15/29
215		Washington Township Health Care District, California, Revenue Bonds, Refunding Series 2015A,	No Opt. Call	Baa1	246,384
		5.000%, 7/01/25
10,235		Total California			8,800,254
		Colorado – 1.3%
250		Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives,	No Opt. Call	BBB+	276,803
		Series 2008D-3, 5.000%, 10/01/38 (Mandatory put 11/12/21)
		E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B:
300		0.000%, 9/01/29 – NPFG Insured	No Opt. Call	AA–	187,947
250		0.000%, 9/01/33 – NPFG Insured	No Opt. Call	AA–	128,715
10		E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2007A-1, 5.250%,	No Opt. Call	AA–	10,514
		9/01/18 – NPFG Insured
1,000		E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004B, 0.000%, 3/01/36 –	9/20 at 41.72	AA–	360,100
		NPFG Insured
500		Plaza Metropolitan District 1, Lakewood, Colorado, Tax Increment Revenue Bonds, Refunding	No Opt. Call	N/R	528,410
		Series 2013, 5.000%, 12/01/20
210		Regional Transportation District, Colorado, Denver Transit Partners Eagle P3 Project Private	7/20 at 100.00	BBB+	232,254
		Activity Bonds, Series 2010, 6.000%, 1/15/41
2,520		Total Colorado			1,724,743
		Connecticut – 0.8%
100		Connecticut Health and Educational Facilities Authority, Revenue Bonds, Healthcare Facility	9/17 at 100.00	N/R	98,163
		Expansion Church Home of Hartford Inc. Project, TEMPS-50 Series 2016B-2, 2.875%, 9/01/20
905		Connecticut Health and Educational Facilities Authority, Revenue Bonds, Yale University,	No Opt. Call	AAA	904,837
		Series 2010A-3, 0.875%, 7/01/49 (Mandatory put 2/08/18)
1,005		Total Connecticut			1,003,000

Principal			Optional Call
Amount (000)		Description (1)	Provisions (2)	Ratings (3)	Value
		Delaware – 0.1%
$       170		Delaware Health Facilities Authority, Revenue Bonds, Nanticoke Memorial Hospital, Series 2013,	7/23 at 100.00	BBB	$       180,275
		5.000%, 7/01/28
		District of Columbia – 1.0%
120		District of Columbia Student Dormitory Revenue Bonds, Provident Group – Howard Properties LLC	10/22 at 100.00	BB+	114,974
		Issue, Series 2013, 5.000%, 10/01/30
1,045		District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds,	No Opt. Call	Baa1	1,201,039
		Series 2001, 6.500%, 5/15/33
1,165		Total District of Columbia			1,316,013
		Florida – 4.4%
440		Broward County Housing Finance Authority, Florida, Multifamily Housing Revenue Bonds, Emerald	4/17 at 100.00	Aaa	441,122
		Palms Apartments, Series 2001A, 5.600%, 7/01/21 (Alternative Minimum Tax)
		Citizens Property Insurance Corporation, Florida, Coastal Account Senior Secured Bonds,
		Series 2015A-1:
555		5.000%, 6/01/22	12/21 at 100.00	AA–	636,019
365		5.000%, 6/01/25	12/24 at 100.00	AA–	432,678
200		Citizens Property Insurance Corporation, Florida, High-Risk Account Revenue Bonds, Coastal	No Opt. Call	AA–	209,098
		Account Senior Secured Series 2011A-1, 5.000%, 6/01/18
		Citizens Property Insurance Corporation, Florida, Personal and Commercial Lines Account Bonds,
		Senior Secured Series 2012A-1:
50		5.000%, 6/01/18	No Opt. Call	AA–	52,274
455		5.000%, 6/01/20	No Opt. Call	AA–	503,935
		Collier County Educational Facilities Authority, Florida, Revenue Bonds, Hodges University,
		Refunding Series 2013:
90		4.750%, 11/01/23	No Opt. Call	BBB–	93,872
370		6.000%, 11/01/33	11/23 at 100.00	BBB–	414,041
600		Florida Department of Environmental Protection, Florida Forever Revenue Bonds, Series 2007B,	7/17 at 101.00	AA– (4)	612,432
		5.000%, 7/01/19 (Pre-refunded 7/01/17) – NPFG Insured
		Miami-Dade County, Florida, Public Facilities Revenue Bonds, Jackson Health System,
		Series 2009:
10		5.500%, 6/01/29 – AGM Insured	6/19 at 100.00	AA	10,774
10		5.625%, 6/01/34 – AGC Insured	6/19 at 100.00	AA	10,765
625		North Sumter County Utility Dependent District, Florida, Utility Revenue Bonds, Series 2010,	No Opt. Call	A	672,944
		5.000%, 10/01/20
90		Palm Beach County Health Facilities Authority, Florida, Hospital Revenue Bonds, BRCH	12/24 at 100.00	BBB+	97,932
		Corporation Obligated Group, Refunding Series 2014, 5.000%, 12/01/31
720		South Miami Health Facilities Authority, Florida, Hospital Revenue, Baptist Health System	8/17 at 100.00	AA–	730,037
		Obligation Group, Refunding Series 2007, 5.000%, 8/15/27
		Tampa, Florida, Cigarette Tax Allocation Bonds, H. Lee Moffitt Cancer Center Project,
		Refunding & Capital Improvement Series 2012A:
120		5.000%, 9/01/22	No Opt. Call	A+	137,044
350		5.000%, 9/01/23	9/22 at 100.00	A+	395,892
185		5.000%, 9/01/25	9/22 at 100.00	A+	210,939
5,235		Total Florida			5,661,798
		Georgia – 1.0%
205		Cherokee County Water and Sewerage Authority, Georgia, Revenue Bonds, Series 1995,	8/22 at 100.00	AA– (4)	224,692
		5.200%, 8/01/25 (Pre-refunded 8/01/22) – NPFG Insured
900		Private Colleges and Universities Authority, Georgia, Revenue Bonds, Mercer University,	10/22 at 100.00	Baa2	1,008,999
		Refunding Series 2012C, 5.250%, 10/01/23
1,105		Total Georgia			1,233,691

NIM	Nuveen Select Maturities Municipal Fund
	Portfolio of Investments (continued)	March 31, 2017

Principal			Optional Call
Amount (000)		Description (1)	Provisions (2)	Ratings (3)	Value
		Guam – 0.3%
$       140		Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds,	7/23 at 100.00	A–	$       153,366
		Series 2013, 5.500%, 7/01/43
150		Guam International Airport Authority, Revenue Bonds, Series 2013C, 6.375%, 10/01/43	10/23 at 100.00	BBB	171,273
		(Alternative Minimum Tax)
290		Total Guam			324,639
		Hawaii – 0.6%
200		Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific	7/23 at 100.00	BB	214,144
		University, Series 2013A, 6.250%, 7/01/27
20		Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Queens Health	7/25 at 100.00	AA–	23,149
		Systems, Series 2015A, 5.000%, 7/01/29
510		Hawaiian Electric Company Inc. and Its Subsidiaries, Special Purpose Revenue Bonds,	No Opt. Call	A–	518,038
		Department of Budget and Finance of the State of Hawaii, Series 2015, 3.250%, 1/01/25
		(Alternative Minimum Tax)
730		Total Hawaii			755,331
		Idaho – 0.4%
565		Nez Perce County, Idaho, Pollution Control Revenue Bonds, Potlatch Corporation Project,	No Opt. Call	Ba1	538,733
		Refunding Series 2016, 2.750%, 10/01/24
		Illinois – 17.2%
		Cary, Illinois, Special Tax Bonds, Special Service Area 1, Refunding Series 2016:
10		2.150%, 3/01/23 – BAM Insured	No Opt. Call	AA	9,713
10		2.350%, 3/01/24 – BAM Insured	No Opt. Call	AA	9,628
25		2.700%, 3/01/26 – BAM Insured	3/25 at 100.00	AA	23,878
25		2.900%, 3/01/28 – BAM Insured	3/25 at 100.00	AA	23,330
25		3.050%, 3/01/30 – BAM Insured	3/25 at 100.00	AA	23,419
		Cary, Illinois, Special Tax Bonds, Special Service Area 2, Refunding Series 2016:
15		2.150%, 3/01/23 – BAM Insured	No Opt. Call	AA	14,569
15		2.350%, 3/01/24 – BAM Insured	No Opt. Call	AA	14,442
25		2.700%, 3/01/26 – BAM Insured	3/25 at 100.00	AA	23,878
35		2.900%, 3/01/28 – BAM Insured	3/25 at 100.00	AA	32,994
40		3.050%, 3/01/30 – BAM Insured	3/25 at 100.00	AA	37,281
1,215		Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Capital	4/27 at 100.00	A	1,253,710
		Improvement Revenues, Series 2016, 6.000%, 4/01/46
235		Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Refunding	No Opt. Call	B+	229,809
		Series 2010F, 5.000%, 12/01/17
300		Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Senior Lien	1/25 at 100.00	A	326,265
		Refunding Series 2015A, 5.000%, 1/01/33 (Alternative Minimum Tax)
75		Chicago, Illinois, General Obligation Bonds, Project and Refunding Series 2009C,	1/19 at 100.00	BBB+	74,310
		5.000%, 1/01/27
		Chicago, Illinois, General Obligation Bonds, Refunding Series 2016C:
200		5.000%, 1/01/23	No Opt. Call	BBB+	202,676
225		5.000%, 1/01/24	No Opt. Call	BBB+	227,293
190		5.000%, 1/01/25	No Opt. Call	BBB+	190,834
55		5.000%, 1/01/26	No Opt. Call	BBB+	54,957
325		Cook County, Illinois, General Obligation Bonds, Refunding Series 2012C, 5.000%, 11/15/21	No Opt. Call	AA–	362,281
185		Cook County, Illinois, General Obligation Bonds, Refunding Series 2016A, 5.000%, 11/15/20	No Opt. Call	AA–	203,089
1,997		Huntley, Illinois, Special Service Area 9, Special Tax Bonds, Series 2007, 5.100%, 3/01/28 –	4/17 at 100.00	AA	2,003,710
		AGC Insured
625		Illinois Finance Authority, Gas Supply Refunding Revenue Bonds, The Peoples Gas Light and	No Opt. Call	Aa3	628,756
		Coke Company Project, Series 2010B, 1.875%, 2/01/33 (Mandatory put 8/01/20)
455		Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2012, 5.000%, 9/01/27	9/22 at 100.00	BBB	489,712
560		Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2014A,	9/24 at 100.00	BBB	562,772
		4.625%, 9/01/39

Principal			Optional Call
Amount (000)		Description (1)	Provisions (2)	Ratings (3)	Value
		Illinois (continued)
$       275		Illinois Finance Authority, Revenue Bonds, Northwest Community Hospital, Series 2008A,	7/18 at 100.00	A+ (4)	$       290,507
		5.500%, 7/01/38 (Pre-refunded 7/01/18)
890		Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2007A, 5.750%,	11/17 at 100.00	A (4)	916,771
		11/15/37 (Pre-refunded 11/15/17)
1,850		Illinois Finance Authority, Revenue Bonds, Presence Health Network, Series 2016C,	No Opt. Call	BBB	1,904,890
		4.000%, 2/15/24
250		Illinois Finance Authority, Revenue Bonds, Roosevelt University, Series 2007, 5.250%, 4/01/22	4/17 at 100.00	Ba2	250,080
		Illinois State, General Obligation Bonds, February Series 2014:
370		5.000%, 2/01/25	2/24 at 100.00	BBB	388,112
325		5.000%, 2/01/26	2/24 at 100.00	BBB	338,211
		Illinois State, General Obligation Bonds, Refunding Series 2012:
390		5.000%, 8/01/20	No Opt. Call	BBB	411,165
335		5.000%, 8/01/21	No Opt. Call	BBB	354,835
1,000		5.000%, 8/01/22	No Opt. Call	BBB	1,059,210
320		5.000%, 8/01/23	No Opt. Call	BBB	338,803
300		Illinois State, General Obligation Bonds, Series 2012A, 4.000%, 1/01/20	No Opt. Call	BBB	306,975
		Illinois State, General Obligation Bonds, Series 2013:
280		5.500%, 7/01/25	7/23 at 100.00	BBB	299,807
240		5.500%, 7/01/26	7/23 at 100.00	BBB	256,027
470		Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Refunding Senior Lien Series	1/26 at 100.00	AA–	536,411
		2016A, 5.000%, 12/01/31
450		Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2015B,	1/26 at 100.00	AA–	501,912
		5.000%, 1/01/37
1,380		Kane & DeKalb Counties Community Unit School District 301, Illinois, General Obligation	No Opt. Call	Aa3	1,341,263
		Bonds, Series 2006, 0.000%, 12/01/18 – NPFG Insured
1,000		Peoria Public Building Commission, Illinois, School District Facility Revenue Bonds, Peoria	12/18 at 79.62	AA	774,820
		County School District 150 Project, Series 2009A, 0.000%, 12/01/22 – AGC Insured
		Railsplitter Tobacco Settlement Authority, Illinois, Tobacco Settlement Revenue Bonds,
		Series 2010:
725		5.000%, 6/01/19	No Opt. Call	A	779,716
1,000		5.250%, 6/01/21	No Opt. Call	A	1,134,130
60		6.250%, 6/01/24	6/17 at 100.00	A	60,000
450		Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties,	No Opt. Call	AA	483,871
		Illinois, General Obligation Bonds, Series 1994D, 7.750%, 6/01/19 – FGIC Insured
		Southwestern Illinois Development Authority, Health Facility Revenue Bonds, Memorial Group,
		Inc., Series 2013:
50		7.250%, 11/01/33	11/23 at 100.00	AA	64,933
95		7.250%, 11/01/36	11/23 at 100.00	AA	122,566
200		7.625%, 11/01/48	11/23 at 100.00	AA	260,126
		Springfield, Illinois, Electric Revenue Bonds, Senior Lien Series 2015:
230		5.000%, 3/01/33	3/25 at 100.00	A	254,506
145		5.000%, 3/01/34 – AGM Insured	3/25 at 100.00	AA	160,875
500		Sterling, Whiteside County, Illinois, General Obligation Bonds, Alternate Revenue Source,	No Opt. Call	A+	544,785
		Series 2012, 4.000%, 11/01/22
355		Will, Grundy, Kendall, LaSalle, Kankakee, Livingston and Cook Counties Community College	6/18 at 100.00	AA	371,628
		District 525 Joliet Junior College, Illinois, General Obligation Bond, Series 2008,
		5.750%, 6/01/28
455		Williamson & Johnson Counties Community Unit School District 2, Marion, Illinois, Limited Tax	10/19 at 103.00	BBB+	496,796
		General Obligation Lease Certificates, Series 2011, 7.000%, 10/15/22
21,257		Total Illinois			22,027,037
		Indiana – 2.2%
140		Indiana Finance Authority, Educational Facilities Revenue Bonds, Drexel Foundation For	10/19 at 100.00	B–	139,317
		Educational Excellence, Inc., Series 2009A, 6.000%, 10/01/21

NIM	Nuveen Select Maturities Municipal Fund
	Portfolio of Investments (continued)	March 31, 2017

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

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

NIM	Nuveen Select Maturities Municipal Fund
	Portfolio of Investments (continued)	March 31, 2017

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

Principal			Optional Call
Amount (000)		Description (1)	Provisions (2)	Ratings (3)	Value
		New Jersey (continued)
$       250		South Jersey Port Corporation, New Jersey, Marine Terminal Revenue Bonds, Refunding Series	No Opt. Call	Baa1	$       242,963
		2012Q, 3.000%, 1/01/22
		Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds,
		Series 2007-1A:
195		4.500%, 6/01/23	6/17 at 100.00	BBB+	197,418
160		4.625%, 6/01/26	6/17 at 100.00	BBB	160,152
160		4.750%, 6/01/34	6/17 at 100.00	BB–	153,194
8,430		Total New Jersey			8,082,133
		New Mexico – 1.0%
715		Farmington, New Mexico, Pollution Control Revenue Bonds, Southern California Edison Company –	No Opt. Call	Aa3	721,156
		Four Corners Project, Refunding Series 2005A, 1.875%, 4/01/29 (Mandatory put 4/01/20)
490		New Mexico Municipal Energy Acquisition Authority, Gas Supply Revenue Bonds, Refunding	8/19 at 100.00	Aa3	530,347
		Sub-Series 2014A, 5.000%, 11/01/39 (Mandatory put 8/01/19)
1,205		Total New Mexico			1,251,503
		New York – 5.9%
220		Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue	1/20 at 100.00	AA+ (4)	248,899
		Bonds, Barclays Center Project, Series 2009, 6.000%, 7/15/30 (Pre-refunded 1/15/20)
		Buffalo and Erie County Industrial Land Development Corporation, New York, Revenue Bonds,
		Catholic Health System, Inc. Project, Series 2015:
210		5.000%, 7/01/23	No Opt. Call	BBB+	239,547
195		5.000%, 7/01/24	No Opt. Call	BBB+	223,655
200		Dormitory Authority of the State of New York, Revenue Bonds, Orange Regional Medical Center	6/27 at 100.00	Baa3	223,200
		Obligated Group, Series 2017, 5.000%, 12/01/28
775		Dormitory Authority of the State of New York, Third General Resolution Revenue Bonds, State	5/22 at 100.00	AA	894,110
		University Educational Facilities Issue, Series 2012A, 5.000%, 5/15/25
435		Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series	2/21 at 100.00	A	494,243
		2011A, 5.750%, 2/15/47
		Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2000A:
240		0.000%, 6/01/22 – AGM Insured	No Opt. Call	AA	216,202
170		0.000%, 6/01/24 – AGM Insured	No Opt. Call	AA	142,576
835		New York State Energy Research and Development Authority, Pollution Control Revenue Bonds,	No Opt. Call	AA–	846,356
		New York State Electric and Gas Corporation, Series 2005A, 2.375%, 7/01/26 (Mandatory
		put 5/01/20) (Alternative Minimum Tax)
1,050		New York State Thruway Authority, General Revenue Junior Indebtedness Obligations, Series	No Opt. Call	A–	1,132,750
		2013A, 5.000%, 5/01/19
		New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and
		State Contingency Contract-Backed Bonds, Series 2011B:
360		5.000%, 6/01/17	No Opt. Call	AA	362,545
565		5.000%, 6/01/18	No Opt. Call	AA	591,634
220		New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and	6/17 at 100.00	AA	221,498
		State Contingency Contract-Backed Bonds, Series 2013B, 5.000%, 6/01/22
		New York Transportation Development Corporation, New York, Special Facility Revenue Refunding
		Bonds, Terminal One Group Association, L.P. Project, Series 2015:
60		5.000%, 1/01/22 (Alternative Minimum Tax)	No Opt. Call	A–	67,622
60		5.000%, 1/01/23 (Alternative Minimum Tax)	No Opt. Call	A–	68,226
		New York Transportation Development Corporation, Special Facilities Bonds, LaGuardia Airport
		Terminal B Redevelopment Project, Series 2016A:
135		4.000%, 7/01/32 (Alternative Minimum Tax)	7/24 at 100.00	BBB	133,670
175		4.000%, 7/01/33 (Alternative Minimum Tax)	7/24 at 100.00	BBB	174,164
185		5.000%, 7/01/34 (Alternative Minimum Tax)	7/24 at 100.00	BBB	201,548
265		4.000%, 7/01/35 – AGM Insured (Alternative Minimum Tax)	7/24 at 100.00	AA	266,314
215		5.000%, 7/01/41 (Alternative Minimum Tax)	7/24 at 100.00	BBB	228,124
85		4.000%, 7/01/41 (Alternative Minimum Tax)	7/24 at 100.00	BBB	81,055

NIM	Nuveen Select Maturities Municipal Fund
	Portfolio of Investments (continued)	March 31, 2017

Principal			Optional Call
Amount (000)		Description (1)	Provisions (2)	Ratings (3)	Value
		New York (continued)
$              400		Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding	No Opt. Call	AA–	$       463,744
		Series 2013B, 5.000%, 11/15/21
7,055		Total New York			7,521,682
		North Carolina – 1.3%
1,315		North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 2015C,	1/26 at 100.00	A	1,545,888
		5.000%, 1/01/29
250		North Carolina Turnpike Authority, Monroe Expressway Toll Revenue Bonds, Capital Appreciation	7/26 at 96.08	BBB–	168,727
		Series 2017C, 0.000%, 7/01/27
1,565		Total North Carolina			1,714,615
		North Dakota – 0.8%
		Burleigh County, North Dakota, Health Care Revenue Bonds, Saint Alexius Medical Center
		Project, Series 2014A:
200		5.000%, 7/01/29 (Pre-refunded 7/01/21)	7/21 at 100.00	N/R (4)	228,270
650		5.000%, 7/01/31 (Pre-refunded 7/01/21)	7/21 at 100.00	N/R (4)	741,877
850		Total North Dakota			970,147
		Ohio – 4.6%
80		Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed	No Opt. Call	Aaa	80,482
		Revenue Bonds, Senior Lien, Series 2007A-1, 5.000%, 6/01/17
		Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed
		Revenue Bonds, Senior Lien, Series 2007A-2:
100		5.375%, 6/01/24	6/17 at 100.00	B–	95,431
1,705		5.125%, 6/01/24	6/17 at 100.00	B–	1,615,470
425		5.875%, 6/01/30	6/17 at 100.00	B–	408,807
100		5.750%, 6/01/34	6/17 at 100.00	B–	94,953
480		Fairfield County, Ohio, Hospital Facilities Revenue Bonds, Fairfield Medical Center Project,	6/23 at 100.00	Baa2	501,557
		Series 2013, 5.000%, 6/15/43
50		Lake County, Ohio, Hospital Facilities Revenue Bonds, Lake Hospital System, Inc., Refunding	8/18 at 100.00	A3	52,570
		Series 2008C, 5.500%, 8/15/24
225		Lake County, Ohio, Hospital Facilities Revenue Bonds, Lake Hospital System, Inc., Refunding	8/18 at 100.00	N/R (4)	238,651
		Series 2008C, 5.500%, 8/15/24 (Pre-refunded 8/15/18)
		New Albany Community Authority, Ohio, Community Facilities Revenue Refunding Bonds,
		Series 2012C:
25		4.000%, 10/01/18	No Opt. Call	Aa3	25,916
30		4.000%, 10/01/19	No Opt. Call	Aa3	31,693
40		4.000%, 10/01/20	No Opt. Call	Aa3	42,740
45		5.000%, 10/01/21	No Opt. Call	Aa3	50,411
35		5.000%, 10/01/22	No Opt. Call	Aa3	39,706
175		Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy	No Opt. Call	CCC+	62,125
		Generation Corporation Project, Refunding Series 2009B, 3.100%, 3/01/23 (Mandatory
		put 3/01/19)
260		Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy	No Opt. Call	B1	243,090
		Generation Corporation Project, Refunding Series 2009C, 5.625%, 6/01/18
250		Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy	No Opt. Call	CCC+	88,750
		Generation Project, Refunding Series 2006A, 3.750%, 12/01/23 (Mandatory put 12/03/18)
50		Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy	No Opt. Call	CCC+	17,750
		Nuclear Generation Corporation Project, Refunding Series 2010A, 3.125%, 7/01/33 (Mandatory
		put 7/01/18)
120		Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy	No Opt. Call	CCC+	42,600
		Nuclear Generation Project, Refunding Series 2006B, 3.625%, 12/01/33 (Mandatory put 6/01/20)
2,000		Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Projects, Junior Lien	2/31 at 100.00	A+	1,837,540
		Convertible Series 2013A-3, 0.000%, 2/15/34 (5)
230		Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy	No Opt. Call	CCC+	81,650
		Nuclear Generating Corporation Project, Series 2005B, 4.000%, 1/01/34 (Mandatory put 7/01/21)

Principal			Optional Call
Amount (000)		Description (1)	Provisions (2)	Ratings (3)	Value
		Ohio (continued)
$       105		Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy	No Opt. Call	CCC+	$         37,275
		Nuclear Generating Corporation Project, Series 2006B, 0.000%, 12/01/33
110		Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy	No Opt. Call	CCC+	39,050
		Nuclear Generating Corporation Project, Series 2008B, 3.625%, 10/01/33 (Mandatory put 4/01/20)
220		Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy	No Opt. Call	CCC+	78,100
		Nuclear Generating Corporation Project, Series 2010A, 3.750%, 7/01/33 (Mandatory put 7/01/20)
5		Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy	No Opt. Call	CCC+	1,775
		Nuclear Generating Corporation Project, Series 2010C, 0.000%, 6/01/33
100		Tuscarawas County Economic Development and Finance Alliance, Ohio, Higher Education Facilities	3/25 at 100.00	N/R	102,982
		Revenue Bonds, Ashland University, Refunding & Improvement Series 2015, 5.375%, 3/01/27
6,965		Total Ohio			5,911,074
		Pennsylvania – 6.1%
935		Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue	No Opt. Call	CCC+	481,525
		Refunding Bonds, FirstEnergy Nuclear Generation Project, Series 2006B, 2.500%, 12/01/41
		(Mandatory put 6/01/17)
100		Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue	No Opt. Call	CCC+	35,500
		Refunding Bonds, FirstEnergy Nuclear Generation Project, Series 2008A, 2.700%, 4/01/35
		(Mandatory put 4/02/18)
200		Luzerne County Industrial Development Authority, Pennsylvania, Guaranteed Lease Revenue	12/19 at 100.00	N/R	208,624
		Bonds, Series 2009, 7.750%, 12/15/27
10		Montgomery County Higher Education and Health Authority, Pennsylvania, Hospital Revenue Bonds,	No Opt. Call	A+	10,068
		Abington Memorial Hospital Obligated Group, Series 2009A, 5.000%, 6/01/17
500		Montgomery County Industrial Development Authority, Pennsylvania, Pollution Control Revenue	No Opt. Call	BBB	499,330
		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	499,180
		Bonds, PECO Energy Company Project, Refunding Series 1999A, 2.500%, 10/01/30 (Mandatory
		put 4/01/20)
460		Pennsylvania Economic Development Financing Authority, Health System Revenue Bonds , Albert	10/19 at 100.00	N/R (4)	507,385
		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	587,185
		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	295,117
		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	262,688
		Pennsylvania Rapid Bridge Replacement Project, Series 2015, 5.000%, 12/31/25 (Alternative
		Minimum Tax)
225		Pennsylvania Economic Development Financing Authority, Unemployment Compensation Revenue	7/17 at 100.00	Aaa	227,416
		Bonds, Series 2012B, 5.000%, 1/01/22
140		Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University of the Arts,	5/17 at 100.00	AA (4)	149,085
		Series 1999, 5.150%, 3/15/20 – RAAI Insured (ETM)
475		Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Subordinate Special Revenue	12/20 at 100.00	AA–	530,352
		Bonds, Series 2010A, 5.500%, 12/01/34
105		Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Subordinate Special Revenue	12/20 at 100.00	N/R (4)	120,623
		Bonds, Series 2010A, 5.500%, 12/01/34 (Pre-refunded 12/01/20)
		Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Refunding Subordinate Second
		Series 2016B-2:
545		5.000%, 6/01/29	6/26 at 100.00	A3	621,033
580		5.000%, 6/01/35	6/26 at 100.00	A3	634,358
725		Philadelphia Gas Works, Pennsylvania, Revenue Bonds, Twelfth Series 1990B, 7.000%, 5/15/20 –	No Opt. Call	AA– (4)	792,860
		NPFG Insured (ETM)

NIM	Nuveen Select Maturities Municipal Fund
	Portfolio of Investments (continued)	March 31, 2017

Principal			Optional Call
Amount (000)		Description (1)	Provisions (2)	Ratings (3)	Value
		Pennsylvania (continued)
$         60		Scranton-Lackawanna Health and Welfare Authority, Pennsylvania, University Revenue Bonds,	No Opt. Call	N/R	$         54,983
		Marywood University, Series 2016, 3.375%, 6/01/26
880		St. Mary Hospital Authority, Pennsylvania, Health System Revenue Bonds, Catholic Health East,	5/19 at 100.00	AA–	953,665
		Series 2009D, 6.250%, 11/15/34
330		Union County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Evangelical Community	No Opt. Call	A–	365,234
		Hospital Project, Refunding & Improvement Series 2011, 5.750%, 8/01/21
7,750		Total Pennsylvania			7,836,211
		Rhode Island – 0.2%
200		Rhode Island Health and Educational Building Corporation, Revenue Bonds, Care New England	9/23 at 100.00	BBB– (4)	240,882
		Health System, Series 2013A, 5.500%, 9/01/28 (Pre-refunded 9/01/23)
		South Carolina – 3.9%
1,540		Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Refunding Series	No Opt. Call	A3 (4)	1,690,643
		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	3,320,805
		1991, 6.750%, 1/01/19 – FGIC Insured
4,580		Total South Carolina			5,011,448
		South Dakota – 0.8%
1,000		South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sanford Health,	5/17 at 100.00	A1 (4)	1,003,620
		Series 2007, 5.000%, 11/01/27 (Pre-refunded 5/01/17)
		Tennessee – 0.2%
		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	113,626
180		5.000%, 1/01/23	No Opt. Call	A	205,405
285		Total Tennessee			319,031
		Texas – 9.0%
		Bexar Metropolitan Water District, Texas, Waterworks System Revenue Bonds, Refunding
		Series 2007:
130		5.000%, 5/01/23 (Pre-refunded 5/01/17) – SYNCORA GTY Insured	5/17 at 100.00	AA (4)	130,467
15		5.000%, 5/01/24 (Pre-refunded 5/01/17) – SYNCORA GTY Insured	5/17 at 100.00	AA (4)	15,054
40		5.000%, 5/01/25 (Pre-refunded 5/01/17) – SYNCORA GTY Insured	5/17 at 100.00	AA (4)	40,144
10		Bexar Metropolitan Water District, Texas, Waterworks System Revenue Bonds, Refunding	5/20 at 100.00	AA (4)	11,386
		Series 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 (4)	70,197
165		5.000%, 5/01/39 (Pre-refunded 5/01/19)	5/19 at 100.00	AA (4)	178,193
25		Brazos River Authority, Texas, Collateralized Pollution Control Revenue Bonds, Texas Utilities	6/17 at 100.00	N/R	–
		Electric Company, Series 2003D, 5.400%, 10/01/29 (Mandatory put 10/01/17) (6)
525		Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2011, 6.250%,	1/21 at 100.00	BBB+ (4)	615,799
		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+	1,114,970
		5.000%, 1/01/31
155		Harris County-Houston Sports Authority, Texas, Revenue Bonds, Refunding Second Lien Series	No Opt. Call	A3	179,408
		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	462,502
		2014A, 5.000%, 11/15/26 – AGM Insured
35		Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc.	7/24 at 100.00	BB–	37,003
		Terminal E Project, Refunding Series 2014, 5.000%, 7/01/29 (Alternative Minimum Tax)

Principal			Optional Call
Amount (000)		Description (1)	Provisions (2)	Ratings (3)	Value
		Texas (continued)
$       140		Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment	4/17 at 100.00	A2	$       140,482
		Facilities Department, Refunding Series 2011B, 5.250%, 9/01/25
500		Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment	No Opt. Call	A2	407,720
		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	492,887
		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	Baa1	324,876
		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	Ba2	106,460
100		5.250%, 12/01/28	12/25 at 100.00	Ba2	107,971
250		Mission Economic Development Corporation, Texas, Revenue Bonds, Natgasoline Project, Series	10/18 at 103.00	BB–	262,245
		2016B, 5.750%, 10/01/31 (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	8/22 at 100.00	Aa2	488,962
380		5.000%, 8/15/25	8/22 at 100.00	Aa2	434,488
		North Texas Tollway Authority, Special Projects System Revenue Bonds, Convertible Capital
		Appreciation Series 2011C:
100		0.000%, 9/01/43 (5)	9/31 at 100.00	AA+	101,383
490		0.000%, 9/01/45 (5)	9/31 at 100.00	AA+	541,043
760		North Texas Tollway Authority, Special Projects System Revenue Bonds, Current Interest Series	9/21 at 100.00	AA+	866,484
		2011D, 5.000%, 9/01/24
455		North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2014A,	No Opt. Call	A1	528,514
		5.000%, 1/01/23
2,870		North Texas Tollway Authority, System Revenue Bonds, Refunding Second Tier, Series 2008F,	1/18 at 100.00	A2 (4)	2,974,870
		5.750%, 1/01/38 (Pre-refunded 1/01/18)
230		Texas Municipal Gas Acquisition and Supply Corporation I, Gas Supply Revenue Bonds, Series	6/17 at 100.00	BBB+	230,150
		2006B, 1.308%, 12/15/17
110		Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series	12/22 at 100.00	A3	117,114
		2012, 5.000%, 12/15/32
475		Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, Second Tier	8/24 at 100.00	BBB+	524,500
		Refunding Series 2015C, 5.000%, 8/15/31
10,675		Total Texas			11,505,272
		Virginia – 0.6%
100		Peninsula Ports Authority of Virginia, Coal Terminal Revenue Bonds, Dominion Terminal	No Opt. Call	BBB	99,413
		Associates 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	617,498
		Crossing, Opco LLC Project, Series 2012, 5.500%, 1/01/42 (Alternative Minimum Tax)
675		Total Virginia			716,911
		Washington – 2.3%
1,000		Port of Seattle, Washington, Revenue Bonds, Intermediate Lien Series 2015C, 5.000%, 4/01/23	No Opt. Call	AA–	1,158,580
		(Alternative Minimum Tax)
1,050		Washington Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research	1/21 at 100.00	A	1,136,614
		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	617,526
		Whidbey General Hospital, Series 2013, 5.500%, 12/01/33
2,635		Total Washington			2,912,720
		West Virginia – 0.5%
130		West Virginia Economic Development Authority, Energy Revenue Bonds, Morgantown Energy	No Opt. Call	Baa3	124,363
		Associates Project, Refunding Series 2016, 2.875%, 12/15/26 (Alternative Minimum Tax)

NIM	Nuveen Select Maturities Municipal Fund
	Portfolio of Investments (continued)	March 31, 2017

Principal			Optional Call
Amount (000)		Description (1)	Provisions (2)	Ratings (3)	Value
		West Virginia (continued)
$       250		West Virginia Economic Development Authority, Solid Waste Disposal Facilities Revenue Bonds,	No Opt. Call	A–	$       244,395
		Appalachian Power Company – Amos Project, Series 2011A, 1.700%, 1/01/41 (Mandatory put
		9/01/20) (Alternative Minimum Tax)
260		West Virginia Hospital Finance Authority, Revenue Bonds, West Virginia University Health	6/27 at 100.00	A	261,911
		System Obligated Group, Improvement Series 2017A, 3.375%, 6/01/29
640		Total West Virginia			630,669
		Wisconsin – 3.4%
350		Public Finance Authority of Wisconsin, Solid Waste Disposal Revenue Bonds, Waste Management	5/26 at 100.00	A–	334,999
		Inc., Refunding Series 2016A-2, 2.875%, 5/01/27 (Alternative Minimum Tax)
		University of Wisconsin Hospitals and Clinics Authority, Revenue Bonds, Refunding Series 2013A:
755		4.000%, 4/01/20	No Opt. Call	AA–	812,939
15		5.000%, 4/01/22	No Opt. Call	AA–	17,264
325		Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Health Care,	No Opt. Call	A+	357,555
		Inc., Series 2010B, 5.000%, 7/15/20
675		Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Health Care,	7/21 at 100.00	A+	749,486
		Inc., Series 2012A, 5.000%, 7/15/25
30		Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ministry Health Care,	No Opt. Call	N/R (4)	30,477
		Inc., Refunding 2012C, 5.000%, 8/15/17 (ETM)
1,500		Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, ThedaCare	12/24 at 100.00	AA–	1,743,435
		Inc., Series 2015, 5.000%, 12/15/26
		Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Refunding Series 2009A:
45		5.000%, 5/01/21	5/19 at 100.00	AA–	48,682
30		5.375%, 5/01/25	5/19 at 100.00	AA–	32,634
35		5.625%, 5/01/28	5/19 at 100.00	AA–	38,185
135		6.000%, 5/01/33	5/19 at 100.00	AA–	148,077
		Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Refunding Series 2009A:
10		5.375%, 5/01/25 (Pre-refunded 5/01/19)	5/19 at 100.00	N/R (4)	10,881
5		5.625%, 5/01/28 (Pre-refunded 5/01/19)	5/19 at 100.00	N/R (4)	5,466
35		6.000%, 5/01/33 (Pre-refunded 5/01/19)	5/19 at 100.00	N/R (4)	38,533
3,945		Total Wisconsin			4,368,613
$ 123,987		Total Municipal Bonds (cost $122,400,267)			126,308,407

Principal
Amount (000)		Description (1)	Coupon	Maturity	Ratings (3)	Value
		CORPORATE BONDS – 0.0%
		Transportation – 0.0%
$         17		Las Vegas Monorail Company, Senior Interest Bonds (7), (8)	5.500%	7/15/19	N/R	$ 9,998
4		Las Vegas Monorail Company, Senior Interest Bonds (7), (8)	5.500%	7/15/55	N/R	2,181
$         21		Total Corporate Bonds (cost $1,880)				12,179
		Total Long-Term Investments (cost $122,402,147)				$ 126,320,586

Principal		Optional Call
Amount (000)	Description (1)	Provisions (2)	Ratings (3)	Value
	SHORT-TERM INVESTMENTS – 0.3%
	MUNICIPAL BONDS – 0.3%
	Illinois – 0.3%
$               310	Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Alternative	5/17 at 100.00	B+	$       309,923
	Revenue, Project Series 2015G, 9.000%, 3/01/32 (Mandatory put 3/01/17) (9)
$               310	Total Short-Term Investments (cost $308,063)			309,923
	Total Investments (cost $122,710,210) – 99.0%			126,630,509
	Other Assets Less Liabilities – 1.0%			1,332,590
	Net Assets – 100%			$ 127,963,099

(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. Optional Call Provisions are not covered by the report of independent registered public accounting firm.
(3)	For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. Ratings are not covered by the report of independent registered public accounting firm.
(4)	Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(5)	Step-up coupon. The rate shown is the coupon as of the end of the reporting period.
(6)	As of, or subsequent to, the end of the reporting period this security is non-income producing. Non-income producing, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has ceased accruing additional income on the Fund’s records.
(7)	Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment classified as Level 3. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information.
(8)	During January 2010, Las Vegas Monorail Company (“Las Vegas Monorail”) filed for federal bankruptcy protection. During March 2012, Las Vegas Monorail emerged from federal bankruptcy with the acceptance of a reorganization plan assigned by the Federal Bankruptcy Court. Under the reorganization plan, the Fund surrendered its Las Vegas Monorail Project Revenue Bonds, First Tier, Series 2000 and in turn received two senior interest corporate bonds: the first with an annual coupon rate of 5.500% maturing on July 15, 2019 and the second with an annual coupon rate of 3.000% (5.500% after December 31, 2015) maturing on July 15, 2055. The Fund was not accruing income for either senior interest corporate bond. On January 18, 2017, the Fund's Adviser determined it was likely that this senior interest corporate bond would fulfill its obligation on the security maturing on July 15, 2019, and therefore began accruing income on the Fund's records.
(9)	Investment has a maturity of more than one year, but has variable rate and demand features which qualify it as a short-term investment. The rate disclosed is that in effect as of the end of the reporting period. This rate changes periodically based on market conditions or a specified market index.
(ETM)	Escrowed to maturity.