UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-07056
Nuveen Select Maturities Municipal Fund
(Exact name of registrant as specified in charter)
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
(Address of principal executive offices) (Zip code)
Gifford R. Zimmerman
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
(Name and address of agent for service)
Registrant’s telephone number, including area code: (312) 917-7700
Date of fiscal year end: March 31
Date of reporting period: March 31, 2019
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. REPORTS TO STOCKHOLDERS.
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Table of Contents
| Chairman’s Letter to Shareholders | 4 |
| Portfolio Manager’s Comments | 5 |
| Common 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 | 32 |
| Statement of Operations | 33 |
| Statement of Changes in Net Assets | 34 |
| Financial Highlights | 36 |
| Notes to Financial Statements | 38 |
| Additional Fund Information | 45 |
| Glossary of Terms Used in this Report | 46 |
| Reinvest Automatically, Easily and Conveniently | 47 |
| Board Members & Officers | 48 |
3
Chairman’s Letter to Shareholders
Dear Shareholders,
Financial markets rallied in the early months of 2019, in sharp contrast to the downturn at the end of 2018, leaving investors to wonder whether such bullishness is warranted or sustainable. By the close of 2018, economic softness in China, Europe and Japan had proven more persistent than expected. The temporary boost to the U.S. economy from tax law changes appeared to be fading. Corporate earnings and profits were slowing, and some corporate managements, especially at high-profile technology companies, were downgrading their outlooks. Politics remained unpredictable, most notably with Brexit and U.S.-China trade talks ongoing. The European Central Bank (ECB) ended its crisis-era monetary stimulus program with pledges to keep interest rates low for an extended period, while at the same time, the U.S. Federal Reserve (Fed) had planned to continue raising interest rates into 2019.
As the new year began, economic data have remained a mixed bag, and first quarter 2019 corporate earnings reports have included both high-profile disappointments and positive surprises, although expectations were lower heading into the quarter. Market sentiment shifted significantly after both the Fed and ECB turned remarkably more dovish in their interest rate projections and lowered their growth forecasts. In fact, neither central bank currently expects to raise their respective interest rates during 2019. While the U.S. and China initially appeared to be making progress on trade talks, negotiations have stalled more recently. While these events did reduce some of the markets’ uncertainty, downside risks still exist.
Nevertheless, we believe the likelihood of a near-term recession remains low. Global growth is indeed slowing, but it’s still positive. The U.S. economy remains strong, even in the face of late cycle pressures. Low unemployment and firming wages should continue to support consumer spending, and the November mid-term elections resulted in change, but no major surprises. In China, the government remains committed to using fiscal stimulus to offset softening exports. Europe also remains vulnerable to trade policy as well as Brexit uncertainty, but underlying strengths in European economies, including low unemployment that drives domestic demand, remain supportive of a mild expansion. In a slower growth environment, there are opportunities for investors who seek them more selectively.
We expect volatility and challenging conditions to persist in 2019 but also think there is potential for upside. You can prepare your investment portfolio by working with your financial advisor to review your goals, timeline and risk tolerance. 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,
Terence J. Toth
Chairman of the Board
May 24, 2019
Chairman of the Board
May 24, 2019
4
Portfolio Manager’s Comments
Nuveen Select Maturities Municipal Fund (NIM)
This Fund features portfolio management by Nuveen Asset Management, LLC (NAM), an affiliate of Nuveen, LLC. Portfolio manager Paul L. Brennan, CFA, reviews U.S. economic and municipal market conditions, key investment strategies and the twelve-month performance of the Nuveen Select Maturities Municipal Fund (NIM). Paul has managed NIM since 2006.
What factors affected the U.S. economy and the national municipal market during the twelve-month reporting period ended March 31, 2019?
The U.S. economy continued its solid expansion, with economic activity rebounding in early 2019 after a slump at the end of 2018. In the first quarter of 2019, gross domestic product (GDP), which measures 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, grew at an annualized rate of 3.2%, according to the Bureau of Economic Analysis “advance” estimate. A jump in exports and a buildup of inventories helped offset slower consumer and business spending in the first three months of 2019. For the full year 2018, U.S. GDP growth came in at 2.9%, as economic activity cooled over the second half of 2018 after peaking at 4.2% (annualized) in the second quarter of 2018.
Consumer spending, the largest driver of the economy, remained well supported by low unemployment, wage gains and tax cuts. As reported by the Bureau of Labor Statistics, the unemployment rate fell to 3.8% in March 2019 from 4.0% in March 2018 and job gains averaged around 211,000 per month for the past twelve months. As the jobs market has tightened, average hourly earnings grew at an annualized rate of 3.2% in March 2019. However, falling energy prices led to a slower rate of inflation over the past twelve months. The Consumer Price Index (CPI) increased 1.9% over the twelve-month reporting period ended March 31, 2019 before seasonal adjustment, as reported by the Bureau of Labor Statistics.
Low mortgage rates and low inventory drove home prices higher during this recovery cycle. But the pace of price increases has slowed as mortgage rates drifted higher and homes have become less affordable. The S&P CoreLogic Case-Shiller U.S. National Home Price Index, which covers all nine U.S. census divisions, was up 4.0% year-over-year in February 2019 (most recent data available at the time this report was prepared). The 10-City and 20-City Composites reported year-over-year increases of 2.6% and 3.0%, respectively.
This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy, sell or hold a security or an investment strategy and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on an investor’s objectives and circumstances and in consultation with his or her advisors.
Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio manager as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements, and the views expressed herein are subject to change at any time, due to numerous market and other factors. The 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 Group (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc. (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings, while BB, B, CCC, CC, C and D are below investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
Bond insurance guarantees only the payment of principal and interest on the bond when due, and not the value of the bonds themselves, which will fluctuate with the bond market and the financial success of the issuer and the insurer. Insurance relates specifically to the bonds in the portfolio and not to the share prices of a Fund. No representation is made as to the insurers’ ability to meet their commitments.
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
5
Portfolio Manager’s Comments (continued)
As some data began pointing to slower momentum in the overall economy, the Federal Reserve (Fed) notably shifted its stance. From December 2015 through December 2018, the Fed had gradually lifted its main policy interest rate to prevent the economy from overheating. In its final meeting of 2018, the Fed indicated that two more rate hikes might be forthcoming in 2019, roiling the markets, which had expected a more dovish tone. However, as more recent data revealed a mixed picture of the economy, the Fed said it would adopt a more “patient” approach, signaling the possibility of no rate hikes in 2019. As expected, the Fed held rates steady at its January 2019 committee meeting. At its March 2019 meeting, the Fed’s forecast showed that additional rate hikes in 2019 were unlikely, and Chairman Powell indicated that the Fed’s next move could be either a rate cut or a rate hike. The Fed again kept rates unchanged, as expected, and announced it will discontinue rolling assets off its balance sheet sooner than expected.
During the twelve-month reporting period, geopolitical news remained a prominent market driver. The U.S. moved forward with tariffs on imported goods from China, as well as on steel and aluminum from Canada, Mexico and Europe. These countries announced retaliatory measures in kind, intensifying concerns about a trade war, although there have been some positive developments. In July 2018, the U.S. and the European Union announced they would refrain from further tariffs while they negotiate trade terms, and in October 2018, the U.S., Mexico and Canada agreed to a new trade deal to replace the North American Free Trade Agreement. At the November 2018 G-20 summit, the U.S. and China settled on a 90-day trade truce, and after the countries resumed trade talks in early 2019, President Trump said he would not increase the tariffs in March 2019 as planned. Brexit negotiations continued to be uncertain, as a deal was not passed in time for the original March 29, 2019 deadline. Prime Minister Theresa May faced significant difficulty getting a plan approved in Parliament, compelling the European Union to agree to an October 31, 2019 delay. Europe also contended with Italy’s new euroskeptic coalition government, the “yellow vest” protests in France, immigration policy concerns and political risk in Turkey. The Trump administration issued sanctions on Russian oligarchs and companies in April 2018 (and later eased some of the restrictions) and on Iran in November 2018 after withdrawing from the 2015 nuclear agreement. After topping a four-year high in October 2018, oil prices fell sharply through December 2018 on concerns of a global supply glut due to weaker global growth and the temporary exemptions from the Iranian oil ban granted to several countries. However, oil prices recovered much of those losses over the early months of 2019 as supply conditions looked tighter than expected. On the Korean peninsula, the leaders of South Korea and North Korea met during April 2018 and jointly announced a commitment toward peace, while the U.S. and North Korea held denuclearization summits in June 2018 and February 2019 without securing an agreement. In late December 2018, the U.S. government entered a 35-day partial shutdown due to an impasse on border security funding but averted a second shutdown after the government passed a funding bill in February 2019.
Municipal bonds delivered positive performance in this reporting period. Interest rates were rising through much of the reporting period, as a strong economic backdrop kept the Fed on its course of monetary tightening. The 10-year U.S. Treasury yield peaked at 3.24% in November 2018. However, in December 2018, market volatility spiked as uncertain trade policy, Brexit negotiations, and weak macro data in Europe and China weighed on the U.S. growth outlook. Equities and riskier segments of the bond market sold off sharply in the fourth quarter of 2018. After the Fed’s December meeting, investor expectations for a pause in rate increases drove repricing in the markets, pressuring long-term interest rates meaningfully lower through the end of the reporting period. While the U.S. Treasury yield curve flattened over this reporting period, the municipal yield curve “twisted” by flattening at the short end and steepening at the long end of the curve.
Supply and demand conditions in the municipal bond market were favorable to performance in this reporting period, particularly in the latter months. Issuance has been subdued since the passage of the Tax Cuts and Jobs Act of 2017. Because new issue advance refunding bonds are no longer tax exempt under the new tax law, the total supply of municipal bonds has decreased, boosting the scarcity value of existing municipal bonds. Municipal bond issuance nationwide totaled $421.9 billion in this reporting period, a 17.4% decrease from the issuance for the twelve-month reporting period ended March 31, 2018. Nevertheless, the overall low level of interest rates encouraged issuers to continue to actively refund their outstanding debt. In these transactions the issuers are issuing
6
new bonds and taking the bond proceeds and redeeming (calling) old bonds. These refunding transactions have ranged from 40% to 60% of total issuance over the past few years. Thus, the net issuance (all bonds issued less bonds redeemed) is actually much lower than the gross issuance. So, while gross issuance volume has been strong, the net has not, and this was an overall positive technical factor on municipal bond investment performance in recent years. Although the pace of refundings is slowing, net negative issuance is expected to continue.
Low global interest rates have continued to drive investors toward higher after-tax yielding assets, including U.S. municipal bonds. The Fed’s pivot to a more dovish stance in early 2019 also brought investors back to fixed income markets, including municipal bonds, driving large inflows into the asset class in the early months of 2019. Additionally, as tax payers have begun to assess the impact of the 2017 tax law, which caps the state and local tax (SALT) deduction for individuals, demand for tax-exempt municipal bonds, especially in states with high income and/or property taxes, is expected to increase.
What key strategies were used to manage NIM during the twelve-month reporting period ended March 31, 2019?
Municipal bonds enjoyed strong gains in the reporting period. Moderate economic growth, falling interest rates and favorable technical dynamics provided tailwinds to municipal bond performance over the past twelve months. During this time, we continued to take a bottom-up approach to identifying individual credits across multiple sectors that appeared undervalued and had the potential to perform well over the long term.
The Fund’s overall positioning remained relatively unchanged during the reporting period, emphasizing intermediate maturities, lower rated credits and sectors offering higher yields. We continued to seek attractive relative value opportunities to enhance the Fund’s long-term performance potential. Most of our buying during this reporting period was in 10- to 12-year maturities and included toll road, airport, health care, housing, Connecticut state general obligation (GO) and prepaid gas bonds. Additionally, the Fund held New Jersey and California tobacco settlement bonds that were called during this reporting period. We reinvested some of the proceeds from the refunded tobacco bonds, which were rated below investment grade, back into the new issues, which were issued with investment grade ratings.
Cash for new purchases was generated primarily by proceeds from called and maturing 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 this reporting period, the Fund experienced a slightly elevated level of maturing bonds, which drove more buying than usual. We also sold some lower yielding, higher quality bonds to reinvest into new, more attractive long-term opportunities.
How did NIM perform during the twelve-month reporting period ended March 31, 2019?
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, 2019. The Fund’s returns are compared with the performance of corresponding market indexes.
For the twelve months ended March 31, 2019, the total return on net asset value (NAV) for NIM underperformed the return for the S&P Municipal Bond Intermediate Index.
The factors affecting the Fund’s performance during this reporting period included duration and yield curve positioning, credit exposure, sector allocation and credit selection. Yields rose asymmetrically in this reporting period, with the municipal yield curve flattening significantly from zero to 10 years and steepening from 10 to 30 years. The Fund was favorably positioned across maturities to take advantage of the yield curve’s twisting movement. However, the Fund’s overall shorter duration than the benchmark detracted from relative performance.
7
Portfolio Manager’s Comments (continued)
The outperformance of selected lower rated credits drove positive contributions across the Fund’s credit ratings allocations, sector positioning and individual credit selections. FirstEnergy Solutions had performed poorly earlier in 2017 amid credit concerns relating to its parent company’s plan to exit the power generation business (as detailed in “An Update on FirstEnergy Solutions Corp.” at the end of this commentary). Recent progress on negotiations with bondholders helped the bonds appreciate during this reporting period, which was positive for the Fund’s performance. Stabilizing credit conditions in Illinois, New Jersey and Connecticut helped their state GOs rebound. Bonds issued for the Chicago Board of Education, which oversees the Chicago Public Schools system, benefited from an improved credit outlook. The Fund’s toll road holdings were lifted by increased road travel as the economy remained strong, while hospital bonds appreciated due to merger and acquisition activity. Denver International Airport Great Hall Project, a public-private partnership, was also among the Fund’s strong performing credits.
However, gains were partially offset by weak performance in tobacco settlement bonds. Although these bonds had positive performance, their returns trailed the broad market’s due to concerns that a proposed regulatory change could reduce smoking rates and cigarette sales. Holdings in prepaid gas bonds, which are issued to help municipalities lock in natural gas supply for a set time period, were also unfavorable to performance. The sector suffered from a glut of new issuance during the reporting period that caused spreads to widen. Pre-refunded bonds, like other high grade bonds, lagged in this reporting period, and the Fund’s overweight in the sector detracted from performance.
An Update on FirstEnergy Solutions Corp.
FirstEnergy Solutions Corp. and all of its subsidiaries filed for protection under Chapter 11 of the U.S. Bankruptcy Code on April 1, 2018. FirstEnergy Solutions and its subsidiaries specialize in coal and nuclear energy production. It is one of the main energy producers in the state of Ohio and a major energy provider in Pennsylvania. Because of the challenging market environment for nuclear and coal power in the face of inexpensive natural gas, FirstEnergy Corp., FirstEnergy Solution's parent announced in late 2016 that it would begin a strategic review of its generation assets. FirstEnergy Solutions is a unique corporate issuer in that the majority of its debt was issued in the municipal market to finance pollution control and waste disposal for its coal and nuclear plants. A substantial amount of bondholders, of which Nuveen Funds are included, entered into an “Agreement in Principal” with FirstEnergy Corp., to resolve potential claims that bondholders may have against FirstEnergy Corp. The agreement is subject to the approval of the FirstEnergy Corp. board of directors, FirstEnergy Solutions and the bankruptcy court.
In terms of FirstEnergy holdings, shareholders should note that NIM had 1.56% exposure, which was a mix of unsecured and secured holdings.
8
Common Share Information
DISTRIBUTION INFORMATION
The following information regarding the Fund’s distributions is current as of March 31, 2019. 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 2018 | $0.0260 |
| May | 0.0260 |
| June | 0.0260 |
| July | 0.0260 |
| August | 0.0260 |
| September | 0.0265 |
| October | 0.0265 |
| November | 0.0265 |
| December | 0.0265 |
| January | 0.0265 |
| February | 0.0265 |
| March 2019 | 0.0265 |
| Total Distributions from Net Investment Income | $0.3155 |
| Yields | |
| Market Yield* | 3.19% |
| Taxable-Equivalent Yield* | 4.18% |
| * | 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 23.7%. When comparing the Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield would be lower. The Taxable-Equivalent Yield also takes into account the percentage of the Fund’s income generated and paid by the Fund (based on payments made during the previous calendar year) that was either exempt from federal income tax but not from state income tax (e.g., income from an out-of-state municipal bond), or was exempt from neither federal nor state income tax. Separately, if the comparison were instead to investments that generate qualified dividend income, which is taxable at a rate lower than an individual’s ordinary graduated tax rate, the fund’s Taxable-Equivalent Yield would be lower. |
The Fund seeks to pay regular monthly dividends out of its net investment income at a rate that reflects its past and projected net income performance. To permit the Fund to maintain a more stable monthly dividend, the Fund may pay dividends at a rate that may be more or less than the amount of net income actually earned by the Fund during the period. Distributions to shareholders are determined on a tax basis, which may differ from amounts recorded in the accounting records. In instances where the monthly dividend exceeds the earned net investment income, the Fund would report a negative undistributed net ordinary income. Refer to Note 6 – Income Tax Information for additional information regarding the amounts of undistributed net ordinary income and undistributed net long-term capital gains and the character of the actual distributions paid by the Fund during the period.
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 is sourced or comprised of elements other than net investment income, including capital gains and/or a return of capital, shareholders will be notified of those sources. For financial reporting purposes, the per share amounts of the Fund’s distributions for the reporting period are presented in this report’s Financial Highlights. For income tax purposes, distribution information for the 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.
9
Common Share Information (continued)
COMMON SHARE REPURCHASES
During August 2018, 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, 2019, and since the inception of the Fund’s repurchase program, the Fund has cumulatively repurchased and retired its outstanding common shares as shown in the accompanying table.
| Common shares cumulatively repurchased and retired | 0 |
| Common shares authorized for repurchase | 1,245,000 |
OTHER SHARE INFORMATION
As of March 31, 2019, and during the current reporting period, the Fund’s common share price was trading at a premium/(discount) to its common share NAV as shown in the accompanying table.
| Common share NAV | $ | 10.56 | ||
| Common share price | $ | 9.96 | ||
| Premium/(Discount) to NAV | (5.68 | )% | ||
| 12-month average premium/(discount) to NAV | (6.34 | )% | ||
10
Risk Considerations
Fund shares are not guaranteed or endorsed by any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation.
Nuveen Select Maturities Municipal Fund (NIM)
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As interest rates rise, bond prices fall. These and other risk considerations such as tax risk are described in more detail on the Fund’s web page at www.nuveen.com/NIM.
11
NIM | Nuveen Select Maturities Municipal Fund |
| Performance Overview and Holding Summaries as of | |
| March 31, 2019 |
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, 2019
Average Annual | |||
1-Year | 5-Year | 10-Year | |
| NIM at Common Share NAV | 5.28% | 3.48% | 4.40% |
| NIM at Common Share Price | 6.16% | 2.78% | 3.55% |
| S&P Municipal Bond Intermediate Index | 5.48% | 3.36% | 4.43% |
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.
Common Share Price Performance — Weekly Closing Price
12
This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
Fund Allocation | |
(% of net assets) | |
| Long-Term Municipal Bonds | 97.2% |
| Corporate Bonds | 0.0% |
| Short-Term Municipal Bonds | 0.7% |
| Other Assets Less Liabilities | 2.1% |
Net Assets | 100% |
Portfolio Credit Quality | |
(% of total investments) | |
| U.S. Guaranteed | 8.3% |
| AAA | 2.3% |
| AA | 22.6% |
| A | 36.1% |
| BBB | 19.0% |
| BB or Lower | 7.1% |
| N/R (not rated) | 4.6% |
Total | 100% |
Portfolio Composition | |
(% of total investments) | |
| Transportation | 17.1% |
| Tax Obligation/Limited | 16.8% |
| Utilities | 14.9% |
| Tax Obligation/General | 13.3% |
| Health Care | 12.4% |
| U.S. Guaranteed | 8.3% |
| Consumer Staples | 5.7% |
| Other | 11.5% |
Total | 100% |
States and Territories | |
(% of total municipal bonds) | |
| Illinois | 15.0% |
| New Jersey | 8.4% |
| California | 7.7% |
| Texas | 6.6% |
| Pennsylvania | 6.2% |
| Ohio | 6.1% |
| New York | 5.0% |
| Wisconsin | 4.1% |
| Arizona | 3.9% |
| Louisiana | 3.0% |
| Florida | 2.9% |
| Nevada | 2.4% |
| Washington | 2.2% |
| Colorado | 2.2% |
| Indiana | 2.0% |
| Alabama | 1.9% |
| Hawaii | 1.4% |
| Other | 19.0% |
Total | 100% |
13
Report of Independent Registered Public Accounting Firm
To the Shareholders and Board of Trustees of
Nuveen Select Maturities Municipal Fund:
Nuveen Select Maturities Municipal Fund:
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of Nuveen Select Maturities Municipal Fund (the “Fund”), including the portfolio of investments, as of March 31, 2019, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the “financial statements”) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of March 31, 2019, 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 five-year period then ended, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
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. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of March 31, 2019, by correspondence with custodians and brokers or other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.
/s/ KPMG LLP
We have served as the auditor of one or more Nuveen investment companies since 2014.
Chicago, Illinois
May 28, 2019
14
We have served as the auditor of one or more Nuveen investment companies since 2014.
Chicago, Illinois
May 28, 2019
14
NIM | Nuveen Select Maturities Municipal Fund |
| Portfolio of Investments | |
| March 31, 2019 |
Principal | Optional Call | ||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |
LONG-TERM INVESTMENTS – 97.2% | |||||
MUNICIPAL BONDS – 97.2% | |||||
Alabama – 1.3% | |||||
| $ 210 | Black Belt Energy Gas District, Alabama, Gas PrePay Revenue Bonds, Project 3 Series | 9/23 at 100.31 | A3 | $ 223,740 | |
| 2018A, 4.000%, 12/01/48 (Mandatory Put 12/01/23) | |||||
| 300 | Black Belt Energy Gas District, Alabama, Gas Supply Revenue Bonds, Series 2016, 4.000%, | 3/21 at 100.59 | Aa2 | 312,333 | |
| 7/01/46 (Mandatory Put 6/01/21) | |||||
| 565 | Black Belt Energy Gas District, Alabama, Gas Supply Revenue Bonds, Series 2017A, 4.000%, | 4/22 at 100.52 | Aa2 | 599,013 | |
| 8/01/47 (Mandatory Put 7/01/22) | |||||
| 115 | Mobile Spring Hill College Educational Building Authority, Alabama, Revenue Bonds, | 4/25 at 100.00 | N/R | 118,948 | |
| Spring Hill College Project, Series 2015, 5.000%, 4/15/27 | |||||
| 465 | Southeast Alabama Gas Supply District, Alabama, Gas Supply Revenue Bonds, Project 2, | 3/24 at 100.29 | A3 | 500,243 | |
| Fixed Rate Series 2018A, 4.000%, 6/01/49 (Mandatory Put 6/01/24) | |||||
| 1,655 | Total Alabama | 1,754,277 | |||
Alaska – 0.2% | |||||
| 150 | Alaska Industrial Development and Export Authority, Loan Anticipation Revenue Notes, | 12/19 at 100.00 | N/R | 151,107 | |
| YKHC Project, Series 2017, 3.500%, 12/01/20 | |||||
| 155 | Alaska State, Sport Fishing Revenue Bonds, Refunding Series 2011, 5.000%, 4/01/21 | 4/20 at 100.00 | A1 | 160,020 | |
| 305 | Total Alaska | 311,127 | |||
Arizona – 3.8% | |||||
| 70 | Apache County Industrial Development Authority, Arizona, Pollution Control Revenue | 3/22 at 100.00 | A– | 73,647 | |
| Bonds, Tucson Electric Power Company, Series 20102A, 4.500%, 3/01/30 | |||||
| Arizona Health Facilities Authority, Hospital System Revenue Bonds, Phoenix Children’s | |||||
| Hospital, Refunding Series 2012A: | |||||
| 275 | 5.000%, 2/01/20 | No Opt. Call | A1 | 282,285 | |
| 315 | 5.000%, 2/01/27 | 2/22 at 100.00 | A1 | 341,765 | |
| 100 | Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Legacy | 7/19 at 101.00 | N/R | 99,612 | |
| Traditional School Southwest Las Vegas Nevada Campus, Series 2018, 5.250%, 7/01/22, 144A | |||||
| 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 | 459,739 | |
| 685 | 5.000%, 7/01/26 | 7/22 at 100.00 | A1 | 738,759 | |
| 685 | 5.000%, 7/01/27 | 7/22 at 100.00 | A1 | 736,765 | |
| 600 | Chandler Industrial Development Authority, Arizona, Revenue Bonds, Intel Corporation | No Opt. Call | A+ | 609,504 | |
| Project, Series 2005, 2.400%, 12/01/35 (Mandatory Put 8/14/23) | |||||
| 60 | Chandler Industrial Development Authority, Arizona, Revenue Bonds, Intel Corporation | No Opt. Call | A+ | 61,069 | |
| Project, Series 2007, 2.700%, 12/01/37 (Mandatory Put 8/14/23) (AMT) | |||||
| 120 | Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, | 7/19 at 101.00 | N/R | 118,775 | |
| Legacy Traditional Schools East Mesa and Cadence, Nevada Campuses, Series 2017A, 4.000%, | |||||
| 7/01/22, 144A | |||||
| 115 | Pima County Industrial Development Authority, Arizona, Revenue Bonds, Tucson Electric | 3/23 at 100.00 | A– | 120,341 | |
| Power Company Project, Series 2013A, 4.000%, 9/01/29 | |||||
| Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy | |||||
| Inc Prepay Contract Obligations, Series 2007: | |||||
| 135 | 5.250%, 12/01/19 | No Opt. Call | A3 | 137,966 | |
| 245 | 5.000%, 12/01/32 | No Opt. Call | A3 | 302,278 | |
| 745 | 5.000%, 12/01/37 | No Opt. Call | A3 | 932,539 | |
| 4,575 | Total Arizona | 5,015,044 |
15
NIM | Nuveen Select Maturities Municipal Fund |
| Portfolio of Investments (continued) | |
| March 31, 2019 |
Principal | Optional Call | ||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |
Arkansas – 0.4% | |||||
| $ 540 | Independence County, Arkansas, Pollution Control Revenue Bonds, Arkansas Power and Light | No Opt. Call | A | $ 544,196 | |
| Company Project, Series 2013, 2.375%, 1/01/21 | |||||
California – 7.5% | |||||
| 100 | Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, | 10/25 at 100.00 | AA | 104,641 | |
| Term Rate Series 2018A, 2.625%, 4/01/45 (Mandatory Put 4/01/26) | |||||
| 390 | California Health Facilities Financing Authority, Revenue Bonds, El Camino Hospital, | 2/27 at 100.00 | AA | 407,944 | |
| Series 2017, 3.750%, 2/01/32 | |||||
| 275 | California Municipal Finance Authority, Charter School Revenue Bonds, Palmdale Aerospace | 7/26 at 100.00 | BB | 299,535 | |
| Academy Project, Series 2016A, 5.000%, 7/01/31, 144A | |||||
| 1,040 | California Municipal Finance Authority, Revenue Bonds, Linxs APM Project, Senior Lien | 6/28 at 100.00 | AA | 1,048,486 | |
| Series 2018A, 3.250%, 12/31/32 – AGM Insured (AMT) | |||||
| 285 | California Municipal Finance Authority, Solid Waste Disposal Revenue Bonds, Waste | No Opt. Call | A– | 285,348 | |
| Management Inc, Series 2004, 2.000%, 12/01/44 (Mandatory Put 12/01/20) (AMT) | |||||
| 105 | California Pollution Control Financing Authority, Solid Waste Disposal Revenue Bonds, | No Opt. Call | A– | 109,925 | |
| Waste Management Inc, Refunding Series 2015B-2, 3.125%, 11/01/40 (Mandatory Put | |||||
| 11/03/25) (AMT) | |||||
| 290 | California Pollution Control Financing Authority, Solid Waste Disposal Revenue Bonds, | No Opt. Call | A– | 304,555 | |
| Waste Management Inc, Series 2015A-1, 3.375%, 7/01/25 (AMT) | |||||
| 205 | California Pollution Control Financing Authority, Solid Waste Disposal Revenue Bonds, | No Opt. Call | A– | 210,590 | |
| Waste Management, Inc Project, Refunding Series 2015B-1, 3.000%, 11/01/25 (AMT) | |||||
| 525 | California State, General Obligation Bonds, Various Purpose Series 2010, 5.500%, 3/01/40 | 3/20 at 100.00 | AA– | 541,191 | |
| 150 | California Statewide Communities Development Authority, California, Revenue Bonds, Loma | 12/24 at 100.00 | BB | 168,631 | |
| Linda University Medical Center, Series 2014A, 5.250%, 12/01/29 | |||||
| California Statewide Communities Development Authority, California, Revenue Bonds, Loma | |||||
| Linda University Medical Center, Series 2018A: | |||||
| 710 | 5.000%, 12/01/27, 144A | No Opt. Call | BB | 825,283 | |
| 30 | 5.000%, 12/01/33, 144A | 6/28 at 100.00 | BB | 33,925 | |
| 250 | Delano, California, Certificates of Participation, Delano Regional Medical Center, | 1/23 at 100.00 | BBB | 266,450 | |
| Series 2012, 5.000%, 1/01/24 | |||||
| 235 | Golden State Tobacco Securitization Corporation, California, Tobacco Settlement | 6/22 at 100.00 | BBB | 235,696 | |
| Asset-Backed Bonds, Series 2018A-1, 3.500%, 6/01/36 | |||||
| 100 | Lake Elsinore Public Financing Authority, California, Local Agency Revenue Bonds, Canyon | 9/24 at 100.00 | N/R | 108,673 | |
| Hills Improvement Area A & C, Series 2014C, 5.000%, 9/01/32 | |||||
| 285 | Lake Elsinore Redevelopment Agency, California, Special Tax Bonds, Community Facilities | 5/19 at 100.00 | AA | 285,636 | |
| 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 | 1,035,510 | |
| Obligation Bonds, Election of 2008, Series 2013A, 0.000%, 8/01/28 (4) | |||||
| 2,000 | Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A, 0.000%, | No Opt. Call | AA | 1,724,420 | |
| 8/01/25 – AGC Insured | |||||
| 35 | Riverside County Transportation Commission, California, Toll Revenue Senior Lien Bonds, | 6/23 at 100.00 | BBB | 38,452 | |
| Series 2013A, 5.750%, 6/01/44 | |||||
| 2,000 | San Diego Community College District, California, General Obligation Bonds, Refunding | No Opt. Call | AAA | 1,112,700 | |
| Series 2011, 0.000%, 8/01/37 | |||||
| 415 | San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road | 1/25 at 100.00 | A– | 472,560 | |
| Revenue Bonds, Refunding Senior Lien Series 2014A, 5.000%, 1/15/29 | |||||
| 215 | Washington Township Health Care District, California, Revenue Bonds, Refunding Series | No Opt. Call | Baa1 | 248,164 | |
| 2015A, 5.000%, 7/01/25 | |||||
| 10,640 | Total California | 9,868,315 | |||
Colorado – 2.1% | |||||
| 750 | Colorado Bridge Enterprise, Revenue Bonds, Central 70 Project, Senior Series 2017, | 12/27 at 100.00 | A– | 812,557 | |
| 4.000%, 6/30/30 (AMT) | |||||
| 250 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health | No Opt. Call | BBB+ | 267,433 | |
| Initiatives, Series 2008D-3, 5.000%, 10/01/38 (Mandatory Put 11/12/21) |
16
Principal | Optional Call | ||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |
Colorado (continued) | |||||
| $ 100 | Denver Urban Renewal Authority, Colorado, Tax Increment Revenue Bonds, 9th and Colorado | 12/23 at 103.00 | N/R | $ 102,400 | |
| Urban Redevelopement Area, Series 2018A, 5.250%, 12/01/39, 144A | |||||
| E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B: | |||||
| 300 | 0.000%, 9/01/29 – NPFG Insured | No Opt. Call | A | 220,917 | |
| 250 | 0.000%, 9/01/33 – NPFG Insured | No Opt. Call | A | 153,560 | |
| 1,000 | E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004B, 0.000%, | 9/20 at 41.72 | A | 399,510 | |
| 3/01/36 – NPFG Insured | |||||
| 500 | Plaza Metropolitan District 1, Lakewood, Colorado, Tax Increment Revenue Bonds, | No Opt. Call | N/R | 519,730 | |
| Refunding Series 2013, 5.000%, 12/01/20, 144A | |||||
| 215 | Regional Transportation District, Colorado, Denver Transit Partners Eagle P3 Project | 7/20 at 100.00 | BBB+ | 220,977 | |
| Private Activity Bonds, Series 2010, 6.000%, 1/15/41 | |||||
| 100 | Southlands Metropolitan District 1, Colorado, Limited Tax General Obligation Bonds, | No Opt. Call | Ba1 | 100,177 | |
| Series 2017A-1, 3.500%, 12/01/27 | |||||
| 3,465 | Total Colorado | 2,797,261 | |||
Connecticut – 0.5% | |||||
| 325 | Connecticut State, General Obligation Bonds, Refunding Series 2012C, 5.000%, 6/01/22 | No Opt. Call | A1 | 356,132 | |
| 110 | Connecticut State, General Obligation Bonds, Refunding Series 2016G, 5.000%, 11/01/20 | No Opt. Call | A1 | 115,672 | |
| 25 | Connecticut State, General Obligation Bonds, Refunding Series 2018C, 5.000%, 6/15/22 | No Opt. Call | A1 | 27,423 | |
| 90 | Connecticut State, General Obligation Bonds, Series 2013C, 5.000%, 7/15/22 | No Opt. Call | A1 | 98,936 | |
| 20 | Connecticut State, General Obligation Bonds, Series 2019A, 5.000%, 4/15/23 (WI/DD, | No Opt. Call | A | 22,342 | |
| Settling 4/11/19) | |||||
| 570 | Total Connecticut | 620,505 | |||
Delaware – 0.1% | |||||
| 170 | Delaware Health Facilities Authority, Revenue Bonds, Nanticoke Memorial Hospital, Series | 7/23 at 100.00 | BBB+ | 186,014 | |
| 2013, 5.000%, 7/01/28 | |||||
District of Columbia – 0.8% | |||||
| 120 | District of Columbia Student Dormitory Revenue Bonds, Provident Group – Howard | 10/22 at 100.00 | BB+ | 124,038 | |
| Properties LLC Issue, Series 2013, 5.000%, 10/01/30 | |||||
| 850 | District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed | No Opt. Call | A– | 942,370 | |
| Bonds, Series 2001, 6.500%, 5/15/33 | |||||
| 970 | Total District of Columbia | 1,066,408 | |||
Florida – 2.8% | |||||
| 285 | Cape Coral, Florida, Utility Improvement Assessment Bonds, Refunding Various Areas | No Opt. Call | AA | 296,785 | |
| Series 2017, 3.000%, 9/01/28 – AGM Insured | |||||
| Citizens Property Insurance Corporation, Florida, Coastal Account Senior Secured Bonds, | |||||
| Series 2015A-1: | |||||
| 555 | 5.000%, 6/01/22 | 12/21 at 100.00 | AA | 601,942 | |
| 390 | 5.000%, 6/01/25 | 12/24 at 100.00 | AA | 455,953 | |
| 455 | Citizens Property Insurance Corporation, Florida, Personal and Commercial Lines Account | No Opt. Call | AA | 472,545 | |
| Bonds, Senior Secured Series 2012A-1, 5.000%, 6/01/20 | |||||
| Collier County Educational Facilities Authority, Florida, Revenue Bonds, Hodges | |||||
| University, Refunding Series 2013: | |||||
| 70 | 4.750%, 11/01/23 | No Opt. Call | BBB– | 72,867 | |
| 370 | 6.000%, 11/01/33 | 11/23 at 100.00 | BBB– | 405,217 | |
| 135 | Florida Housing Finance Corporation, Homeowner Mortgage Revenue Bonds, Series 2018-2, | 1/28 at 100.00 | Aaa | 142,087 | |
| 3.750%, 7/01/33 | |||||
| Miami-Dade County, Florida, Public Facilities Revenue Bonds, Jackson Health System, | |||||
| Series 2009: | |||||
| 10 | 5.500%, 6/01/29 – AGM Insured (Pre-refunded 6/01/19) | 6/19 at 100.00 | AA (5) | 10,065 | |
| 10 | 5.625%, 6/01/34 – AGC Insured (Pre-refunded 6/01/19) | 6/19 at 100.00 | AA (5) | 10,067 | |
| 330 | North Sumter County Utility Dependent District, Florida, Utility Revenue Bonds, Series | No Opt. Call | A+ | 341,477 | |
| 2010, 5.000%, 10/01/20 |
17
NIM | Nuveen Select Maturities Municipal Fund |
| Portfolio of Investments (continued) | |
| March 31, 2019 |
Principal | Optional Call | ||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |
Florida (continued) | |||||
| $ 90 | Palm Beach County Health Facilities Authority, Florida, Hospital Revenue Bonds, BRCH | 12/24 at 100.00 | A– | $ 99,929 | |
| Corporation Obligated Group, Refunding Series 2014, 5.000%, 12/01/31 | |||||
| Tampa, Florida, Cigarette Tax Allocation Bonds, H Lee Moffitt Cancer Center Project, | |||||
| Refunding & Capital Improvement Series 2012A: | |||||
| 160 | 5.000%, 9/01/22 | No Opt. Call | A+ | 176,864 | |
| 350 | 5.000%, 9/01/23 | 9/22 at 100.00 | A+ | 386,890 | |
| 185 | 5.000%, 9/01/25 | 9/22 at 100.00 | A+ | 203,724 | |
| 3,395 | Total Florida | 3,676,412 | |||
Georgia – 1.3% | |||||
| 145 | Cherokee County Water and Sewerage Authority, Georgia, Revenue Bonds, Series 1995, | 8/22 at 100.00 | N/R (5) | 153,716 | |
| 5.200%, 8/01/25 – NPFG Insured (Pre-refunded 8/01/22) | |||||
| 530 | Georgia Housing and Finance Authority, Single Family Mortgage Bonds, Series 2018B, | 12/27 at 100.00 | AAA | 559,176 | |
| 3.800%, 12/01/33 | |||||
| 900 | Private Colleges and Universities Authority, Georgia, Revenue Bonds, Mercer University, | 10/22 at 100.00 | Baa1 | 988,587 | |
| Refunding Series 2012C, 5.250%, 10/01/23 | |||||
| 1,575 | Total Georgia | 1,701,479 | |||
Guam – 0.3% | |||||
| 140 | Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series | 7/23 at 100.00 | A– | 151,687 | |
| 2013, 5.500%, 7/01/43 | |||||
| 150 | Guam International Airport Authority, Revenue Bonds, Series 2013C, 6.375%, 10/01/43 (AMT) | 10/23 at 100.00 | BBB+ | 173,039 | |
| 290 | Total Guam | 324,726 | |||
Hawaii – 1.4% | |||||
| 200 | Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific | 7/23 at 100.00 | BB | 212,662 | |
| University, Series 2013A, 6.250%, 7/01/27 | |||||
| 1,000 | Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaiian | No Opt. Call | A– | 1,015,270 | |
| Electric Company, Inc and Subsidiary Projects, Series 2017A, 3.100%, 5/01/26 (AMT) | |||||
| 20 | Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Queens Health | 7/25 at 100.00 | AA– | 23,262 | |
| Systems, Series 2015A, 5.000%, 7/01/29 | |||||
| 510 | Hawaiian Electric Company Inc. and Its Subsidiaries, Special Purpose Revenue Bonds, | No Opt. Call | A– | 523,183 | |
| Deparment of Budget and Finance of the State of Hawaii, Series 2015, 3.250%, 1/01/25 (AMT) | |||||
| 1,730 | Total Hawaii | 1,774,377 | |||
Idaho – 0.4% | |||||
| 475 | Nez Perce County, Idaho, Pollution Control Revenue Bonds, Potlatch Corporation Project, | No Opt. Call | BBB– | 484,006 | |
| Refunding Series 2016, 2.750%, 10/01/24 | |||||
Illinois – 14.7% | |||||
| Cary, Illinois, Special Tax Bonds, Special Service Area 1, Refunding Series 2016: | |||||
| 10 | 2.150%, 3/01/23 – BAM Insured | No Opt. Call | AA | 9,954 | |
| 10 | 2.350%, 3/01/24 – BAM Insured | No Opt. Call | AA | 9,963 | |
| 25 | 2.700%, 3/01/26 – BAM Insured | 3/25 at 100.00 | AA | 25,010 | |
| 25 | 2.900%, 3/01/28 – BAM Insured | 3/25 at 100.00 | AA | 24,799 | |
| 65 | 3.050%, 3/01/30 – BAM Insured | 3/25 at 100.00 | AA | 65,306 | |
| Cary, Illinois, Special Tax Bonds, Special Service Area 2, Refunding Series 2016: | |||||
| 15 | 2.150%, 3/01/23 – BAM Insured | No Opt. Call | AA | 14,932 | |
| 15 | 2.350%, 3/01/24 – BAM Insured | No Opt. Call | AA | 14,944 | |
| 25 | 2.700%, 3/01/26 – BAM Insured | 3/25 at 100.00 | AA | 25,010 | |
| 35 | 2.900%, 3/01/28 – BAM Insured | 3/25 at 100.00 | AA | 34,908 | |
| 40 | 3.050%, 3/01/30 – BAM Insured | 3/25 at 100.00 | AA | 40,102 | |
| 1,215 | Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, | 4/27 at 100.00 | A | 1,409,667 | |
| Series 2016, 6.000%, 4/01/46 | |||||
| 750 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, | 12/27 at 100.00 | B+ | 924,450 | |
| Refunding Series 2017B, 6.750%, 12/01/30, 144A | |||||
| 290 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, | 12/27 at 100.00 | BB– | 316,622 | |
| Refunding Series 2017C, 5.000%, 12/01/30 |
18
Principal | Optional Call | ||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |
Illinois (continued) | |||||
| $ 200 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, | 12/27 at 100.00 | BB– | $ 217,356 | |
| Refunding Series 2017D, 5.000%, 12/01/31 | |||||
| 255 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, | No Opt. Call | BB– | 261,214 | |
| Refunding Series 2018A, 4.000%, 12/01/21 | |||||
| 300 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, | No Opt. Call | BB– | 322,464 | |
| Refunding Series 2018C, 5.000%, 12/01/24 | |||||
| 300 | Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Senior | 1/25 at 100.00 | A | 336,045 | |
| Lien Refunding Series 2015A, 5.000%, 1/01/33 (AMT) | |||||
| Chicago, Illinois, General Obligation Bonds, Refunding Series 2016C: | |||||
| 200 | 5.000%, 1/01/23 | No Opt. Call | BBB+ | 214,512 | |
| 225 | 5.000%, 1/01/24 | No Opt. Call | BBB+ | 243,718 | |
| 190 | 5.000%, 1/01/25 | No Opt. Call | BBB+ | 208,278 | |
| 180 | 5.000%, 1/01/26 | No Opt. Call | BBB+ | 199,469 | |
| 325 | Cook County, Illinois, General Obligation Bonds, Refunding Series 2012C, | No Opt. Call | AA– | 349,408 | |
| 5.000%, 11/15/21 | |||||
| 185 | Cook County, Illinois, General Obligation Bonds, Refunding Series 2016A, | No Opt. Call | AA– | 193,797 | |
| 5.000%, 11/15/20 | |||||
| 590 | Huntley, Illinois, Special Tax Bonds, Special Service Area 10, Refunding Series 2017, | 3/26 at 100.00 | AA | 602,319 | |
| 3.300%, 3/01/28 – BAM Insured | |||||
| 625 | Illinois Finance Authority, Gas Supply Refunding Revenue Bonds, The Peoples Gas Light | No Opt. Call | A | 622,019 | |
| and Coke Company Project, Series 2010B, 1.875%, 2/01/33 (Mandatory Put 8/01/20) | |||||
| 1,850 | Illinois Finance Authority, Revenue Bonds, Ascension Health/fkaPresence Health Network, | No Opt. Call | AA+ | 2,038,959 | |
| Series 2016C, 4.000%, 2/15/24 | |||||
| 455 | Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2012, | 9/22 at 100.00 | AA+ | 501,319 | |
| 5.000%, 9/01/27 | |||||
| 560 | Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2014A, | 9/24 at 100.00 | AA+ | 603,764 | |
| 4.625%, 9/01/39 | |||||
| 450 | Illinois State Toll Highway Authority, Toll Highway Senior Revenue Bonds, Refunding | No Opt. Call | AA– | 538,101 | |
| Series 2018A, 5.000%, 1/01/26 | |||||
| Illinois State, General Obligation Bonds, February Series 2014: | |||||
| 370 | 5.000%, 2/01/25 | 2/24 at 100.00 | BBB | 395,963 | |
| 325 | 5.000%, 2/01/26 | 2/24 at 100.00 | BBB | 347,097 | |
| Illinois State, General Obligation Bonds, Refunding Series 2012: | |||||
| 390 | 5.000%, 8/01/20 | No Opt. Call | BBB | 403,291 | |
| 335 | 5.000%, 8/01/21 | No Opt. Call | BBB | 353,767 | |
| 1,000 | 5.000%, 8/01/22 | No Opt. Call | BBB | 1,073,400 | |
| 320 | 5.000%, 8/01/23 | No Opt. Call | BBB | 345,965 | |
| 300 | Illinois State, General Obligation Bonds, Series 2012A, 4.000%, 1/01/20 | No Opt. Call | BBB | 303,996 | |
| Illinois State, General Obligation Bonds, Series 2013: | |||||
| 280 | 5.500%, 7/01/25 | 7/23 at 100.00 | BBB | 304,189 | |
| 240 | 5.500%, 7/01/26 | 7/23 at 100.00 | BBB | 259,538 | |
| 480 | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Refunding Senior Lien | 1/26 at 100.00 | AA– | 555,850 | |
| Series 2016A, 5.000%, 12/01/31 | |||||
| 455 | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2015B, | 1/26 at 100.00 | AA– | 519,514 | |
| 5.000%, 1/01/37 | |||||
| Railsplitter Tobacco Settlement Authority, Illinois, Tobacco Settlement Revenue Bonds, | |||||
| Series 2010: | |||||
| 725 | 5.000%, 6/01/19 | No Opt. Call | A | 728,864 | |
| 1,025 | 5.250%, 6/01/21 | No Opt. Call | A | 1,098,451 | |
| 255 | Railsplitter Tobacco Settlement Authority, Illinois, Tobacco Settlement Revenue Bonds, | No Opt. Call | A | 297,090 | |
| Series 2017, 5.000%, 6/01/25 | |||||
| 160 | Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, | No Opt. Call | AA | 161,549 | |
| Illinois, General Obligation Bonds, Series 1994D, 7.750%, 6/01/19 – FGIC Insured |
19
NIM | Nuveen Select Maturities Municipal Fund |
| Portfolio of Investments (continued) | |
| March 31, 2019 |
Principal | Optional Call | ||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |
Illinois (continued) | |||||
| Southwestern Illinois Development Authority, Health Facility Revenue Bonds, Memorial | |||||
| Group, Inc, Series 2013: | |||||
| $ 50 | 7.250%, 11/01/33 (Pre-refunded 11/01/23) | 11/23 at 100.00 | N/R (5) | $ 62,128 | |
| 95 | 7.250%, 11/01/36 (Pre-refunded 11/01/23) | 11/23 at 100.00 | N/R (5) | 118,043 | |
| 200 | 7.625%, 11/01/48 (Pre-refunded 11/01/23) | 11/23 at 100.00 | N/R (5) | 251,802 | |
| Springfield, Illinois, Electric Revenue Bonds, Senior Lien Series 2015: | |||||
| 245 | 5.000%, 3/01/33 | 3/25 at 100.00 | A | 275,392 | |
| 145 | 5.000%, 3/01/34 – AGM Insured | 3/25 at 100.00 | AA | 163,086 | |
| 500 | Sterling, Whiteside County, Illinois, General Obligation Bonds, Alternate Revenue | No Opt. Call | A+ | 536,615 | |
| Source, Series 2012, 4.000%, 11/01/22 | |||||
| 325 | Williamson & Johnson Counties Community Unit School District 2, Marion, Illinois, | 10/19 at 103.00 | A– | 340,080 | |
| Limited Tax General Obligation Lease Certificates, Series 2011, 7.000%, 10/15/22 | |||||
| 17,630 | Total Illinois | 19,264,079 | |||
Indiana – 2.0% | |||||
| 90 | Indiana Finance Authority, Educational Facilities Revenue Bonds, Drexel Foundation For | 10/19 at 100.00 | B | 90,661 | |
| Educational Excellence, Inc, Series 2009A, 6.000%, 10/01/21 | |||||
| 140 | Indianapolis, Indiana, Thermal Energy System Revenue Bonds, Refunding First Lien Series | 10/24 at 100.00 | A | 158,982 | |
| 2014A, 5.000%, 10/01/31 | |||||
| 255 | Jasper County, Indiana, Pollution Control Revenue Refunding Bonds, Northern Indiana | No Opt. Call | BBB+ | 255,000 | |
| Public Service Company Project, Series 1994A Remarketed, 5.850%, 4/01/19 – NPFG Insured | |||||
| 250 | Lake County Building Corporation, Indiana, First Mortgage Bonds, Series 2012, | No Opt. Call | N/R | 255,840 | |
| 4.750%, 2/01/21 | |||||
| 250 | Vanderburgh County,Indiana, Redevelopment District Tax Increment Revenue bonds, | 8/24 at 100.00 | A | 284,885 | |
| Refunding Series 2014, 5.000%, 2/01/29 | |||||
| 875 | Whiting, Indiana, Environmental Facilities Revenue Bonds, BP Products North America Inc | No Opt. Call | A– | 874,965 | |
| 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 | A– | 659,982 | |
| Project, Series 2015, 5.000%, 11/01/45 (Mandatory Put 11/01/22) (AMT) | |||||
| 2,460 | Total Indiana | 2,580,315 | |||
Iowa – 0.9% | |||||
| 500 | Ames, Iowa, Hospital Revenue Bonds, Mary Greeley Medical Center, Series 2011, 5.250%, | 6/20 at 100.00 | A2 (5) | 521,580 | |
| 6/15/27 (Pre-refunded 6/15/20) | |||||
| 80 | Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer | 12/20 at 103.00 | B+ | 80,527 | |
| Company Project, Refunding Series 2019, 3.125%, 12/01/22 (WI/DD, Settling 4/03/19) | |||||
| 200 | Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer | 12/23 at 100.00 | B+ | 215,734 | |
| Company Project, Series 2013, 5.250%, 12/01/25 | |||||
| 185 | Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer | 6/19 at 105.00 | B+ | 194,827 | |
| Company Project, Series 2016, 5.875%, 12/01/27, 144A | |||||
| 220 | Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer | 12/22 at 103.00 | B+ | 232,245 | |
| Company Project, Series 2018A, 5.250%, 12/01/50 | |||||
| 1,185 | Total Iowa | 1,244,913 | |||
Kansas – 0.1% | |||||
| 105 | Wyandotte County/Kansas City Unified Government, Kansas, Utility System Revenue Bonds, | No Opt. Call | A+ | 116,178 | |
| Refunding & Improvement Series 2014A, 5.000%, 9/01/22 | |||||
Kentucky – 1.1% | |||||
| 550 | Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Owensboro | 6/27 at 100.00 | Baa3 | 617,760 | |
| Health, Refunding Series 2017A, 5.000%, 6/01/31 | |||||
| 340 | Lexington-Fayette Urban County Government Public Facilities Corporation, Kentucky State | 6/21 at 100.00 | A1 | 359,747 | |
| Lease Revenue Bonds, Eastern State Hospital Project, Series 2011A, 5.250%, 6/01/29 | |||||
| 285 | Public Energy Authority of Kentucky, Gas Supply Revenue Bonds, Series 2018B, 4.000%, | 10/24 at 100.24 | A1 | 309,835 | |
| 1/01/49 (Mandatory Put 1/01/25) |
20
Principal | Optional Call | ||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |
Kentucky (continued) | |||||
| $ 125 | Public Energy Authority of Kentucky, Gas Supply Revenue Bonds, Series 2018C-1, 4.000%, | 3/25 at 100.19 | A3 | $ 135,449 | |
| 12/01/49 (Mandatory Put 6/01/25) | |||||
| 30 | Warren County, Kentucky, Hospital Refunding Revenue Bonds, Bowling Green-Warren County | No Opt. Call | A+ | 32,877 | |
| Community Hospital Corporation, Series 2013, 5.000%, 4/01/23 | |||||
| 1,330 | Total Kentucky | 1,455,668 | |||
Louisiana – 2.9% | |||||
| 455 | Jefferson Parish Hospital Service District 2, Louisiana, Hospital Revenue Bonds, East | 7/21 at 100.00 | B | 436,800 | |
| Jefferson General Hospital, Refunding Series 2011, 6.375%, 7/01/41 | |||||
| 1,195 | Louisiana Local Government Environmental Facilities and Community Development Authority, | 11/27 at 100.00 | BBB | 1,203,855 | |
| Revenue Bonds, Westlake Chemical Corporation Projects, Refunding Series 2017, | |||||
| 3.500%, 11/01/32 | |||||
| 150 | Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, | 5/26 at 100.00 | A3 | 174,567 | |
| Refunding Series 2016, 5.000%, 5/15/29 | |||||
| 150 | Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, | 5/27 at 100.00 | A3 | 175,700 | |
| Refunding Series 2017, 5.000%, 5/15/30 | |||||
| Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, | |||||
| Series 2015: | |||||
| 525 | 5.000%, 5/15/22 | No Opt. Call | A3 | 572,287 | |
| 350 | 5.000%, 5/15/24 | No Opt. Call | A3 | 398,443 | |
| 140 | New Orleans, Louisiana, General Obligation Bonds, Refunding Series 2015, | No Opt. Call | AA– | 166,358 | |
| 5.000%, 12/01/25 | |||||
| 100 | New Orleans, Louisiana, Sewerage Service Revenue Bonds, Series 2015, 5.000%, 6/01/32 | 6/25 at 100.00 | A | 112,250 | |
| 590 | Saint Charles Parish, Louisiana, Gulf Opportunity Zone Revenue Bonds, Valero Project, | No Opt. Call | BBB | 616,190 | |
| Series 2010, 4.000%, 12/01/40 (Mandatory Put 6/01/22) | |||||
| 3,655 | Total Louisiana | 3,856,450 | |||
Maine – 0.0% | |||||
| 35 | Portland, Maine, General Airport Revenue Bonds, Refunding Series 2013, 5.000%, 7/01/22 | No Opt. Call | BBB+ | 38,228 | |
Maryland – 0.3% | |||||
| 335 | Baltimore, Maryland, Convention Center Hotel Revenue Bonds, Refunding Series 2017, | 9/27 at 100.00 | BBB– | 386,945 | |
| 5.000%, 9/01/30 | |||||
Massachusetts – 0.3% | |||||
| 200 | Massachusetts Development Finance Agency Revenue Bonds, Lawrence General Hospital Issue, | 7/24 at 100.00 | BB+ | 219,826 | |
| Series 2014A, 5.000%, 7/01/27 | |||||
| 100 | Massachusetts Development Finance Agency Revenue Refunding Bonds, NewBridge on the | 10/22 at 105.00 | BB+ | 99,896 | |
| Charles, Inc Issue, Series 2017, 4.000%, 10/01/32, 144A | |||||
| 60 | Massachusetts Development Finance Agency, Revenue Bonds, CareGroup Issue, Series | 7/28 at 100.00 | A– | 69,937 | |
| 2018J-2, 5.000%, 7/01/33 | |||||
| 360 | Total Massachusetts | 389,659 | |||
Michigan – 1.2% | |||||
| 400 | Detroit Downtown Development Authority, Michigan, Tax Increment Refunding Bonds, | No Opt. Call | BB+ | 327,828 | |
| Development Area 1 Projects, Series 1996B, 0.000%, 7/01/23 | |||||
| 150 | Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Series 2001B, | No Opt. Call | A | 182,593 | |
| 5.500%, 7/01/29 – NPFG Insured | |||||
| 150 | Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Water & | 7/25 at 100.00 | A | 169,173 | |
| Sewerage Department Sewage Disposal System Local Project, Second Lien Series 2015C, | |||||
| 5.000%, 7/01/34 | |||||
| 50 | Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2018A, | 10/27 at 100.00 | AA | 51,054 | |
| 3.800%, 10/01/38 | |||||
| 705 | Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne | 12/25 at 100.00 | A | 805,068 | |
| County Airport, Refunding Series 2015F, 5.000%, 12/01/33 (AMT) | |||||
| 1,455 | Total Michigan | 1,535,716 |
21
NIM | Nuveen Select Maturities Municipal Fund |
| Portfolio of Investments (continued) | |
| March 31, 2019 |
Principal | Optional Call | ||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |
Mississippi – 0.4% | |||||
| $ 130 | Mississippi Business Finance Corporation, Pollution Control Revenue, Mississippi Power, | 3/24 at 100.00 | A– | $ 131,066 | |
| Series 2002, 3.200%, 9/01/28 | |||||
| 175 | Mississippi Business Finance Corporation, Revenue Bonds, Mississippi Power Company | No Opt. Call | A– | 176,216 | |
| Project, First Series 2010, 2.750%, 12/01/40 (Mandatory Put 12/09/21) | |||||
| 265 | Mississippi Business Finance Corporation, Revenue Bonds, System Energy Resources, Inc | 4/21 at 100.00 | BBB+ | 266,185 | |
| Project, Refunding Series 2019, 2.500%, 4/01/22 | |||||
| 570 | Total Mississippi | 573,467 | |||
Missouri – 1.1% | |||||
| 100 | Branson Industrial Development Authority, Missouri, Tax Increment Revenue Bonds, Branson | 11/25 at 100.00 | N/R | 101,911 | |
| Shoppes Redevelopment Project, Refunding Series 2017A, 4.000%, 11/01/26 | |||||
| 100 | Missouri Health and Educational Facilities Authority, Educational Facilities Revenue | 5/23 at 100.00 | BBB+ | 107,414 | |
| Bonds, Saint Louis College of Pharmacy, Series 2013, 5.250%, 5/01/33 | |||||
| 30 | Missouri Health and Educational Facilities Authority, Educational Facilities Revenue | 11/23 at 100.00 | BBB+ | 30,583 | |
| Bonds, 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, | No Opt. Call | A2 | 1,080,111 | |
| Series 2005, 5.500%, 7/01/19 – NPFG Insured | |||||
| 100 | St. Louis County, Missouri, GNMA Collateralized Mortgage Revenue Bonds, Series 1989A, | 7/20 at 100.00 | AA+ (5) | 105,067 | |
| 8.125%, 8/01/20 (Pre-refunded 7/01/20) (AMT) | |||||
| 1,400 | Total Missouri | 1,425,086 | |||
Montana – 0.3% | |||||
| 260 | Billings, Montana, Tax Increment Urban Renewal Revenue Bonds, Expanded North 27th | 1/23 at 100.00 | N/R | 271,711 | |
| Street, Series 2013A, 5.000%, 7/01/33 | |||||
| 55 | University of Montana, Revenue Bonds, Series 1996D, 5.375%, 5/15/19 – NPFG Insured (ETM) | No Opt. Call | N/R (5) | 55,256 | |
| 315 | Total Montana | 326,967 | |||
Nebraska – 0.2% | |||||
| 100 | Central Plains Energy Project, Nebraska, Gas Project 4 Revenue Bonds, Series 2018A, | 10/23 at 100.43 | A3 | 110,893 | |
| 5.000%, 3/01/50 (Mandatory Put 1/01/24) | |||||
| 100 | Douglas County School District 10 Elkhorn, Nebraska, General Obligation Bonds, Public | 6/22 at 100.00 | AA– | 107,259 | |
| Schools Series 2012, 4.000%, 6/15/23 | |||||
| 200 | Total Nebraska | 218,152 | |||
Nevada – 2.3% | |||||
| 1,470 | Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2010B, | 1/20 at 100.00 | Aa3 | 1,511,190 | |
| 5.750%, 7/01/42 | |||||
| 200 | Clark County, Nevada, General Obligation Bonds, Refunding Flood Control Series 2014, | 11/24 at 100.00 | AA+ | 213,842 | |
| 4.000%, 11/01/33 | |||||
| 250 | Las Vegas Redevelopment Agency, Nevada, Tax Increment Revenue Bonds, Series 2009A, | 6/19 at 100.00 | BBB+ (5) | 253,195 | |
| 8.000%, 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 | 52,871 | |
| Refunding Series 2013, 5.000%, 6/01/22 | |||||
| 200 | Washoe County, Nevada, Gas and Water Facilities Revenue Bonds, Sierra Pacific Power | No Opt. Call | A+ | 205,992 | |
| Company, Refunding Series 2016B, 3.000%, 3/01/36 (Mandatory Put 6/01/22) | |||||
| 775 | Washoe County, Nevada, General Obligation Bonds, Reno-Sparks Convention & Visitors | 7/21 at 100.00 | AA | 832,559 | |
| Authority, Refunding Series 2011, 5.000%, 7/01/23 | |||||
| 2,945 | Total Nevada | 3,069,649 | |||
New Hampshire – 0.1% | |||||
| 105 | Business Finance Authority of the State of New Hampshire, Water Facility Revenue Bonds, | 1/26 at 100.00 | A+ | 109,272 | |
| Pennichuck Water Works, Inc Project, Series 2015A, 4.250%, 1/01/36 (AMT) | |||||
New Jersey – 8.3% | |||||
| 510 | Camden County Improvement Authority, New Jersey, Health Care Redevelopment Revenue | 2/24 at 100.00 | BBB+ | 564,677 | |
| Bonds, Cooper Health System Obligated Group Issue, Refunding Series 2014A, 5.000%, 2/15/30 |
22
Principal | Optional Call | ||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |
New Jersey (continued) | |||||
| $ 300 | Gloucester County Pollution Control Financing Authority, New Jersey, Pollution Control | No Opt. Call | BBB– | $ 321,333 | |
| Revenue Bonds, Logan Project, Refunding Series 2014A, 5.000%, 12/01/24 (AMT) | |||||
| New Jersey Economic Development Authority, Cigarette Tax Revenue Refunding Bonds, | |||||
| Series 2012: | |||||
| 150 | 4.000%, 6/15/19 | No Opt. Call | BBB+ | 150,627 | |
| 280 | 5.000%, 6/15/20 | No Opt. Call | BBB+ | 289,951 | |
| 150 | 5.000%, 6/15/21 | No Opt. Call | BBB+ | 159,392 | |
| 370 | 5.000%, 6/15/22 | No Opt. Call | BBB+ | 402,723 | |
| 375 | 5.000%, 6/15/23 | 6/22 at 100.00 | BBB+ | 407,381 | |
| 210 | 5.000%, 6/15/24 | 6/22 at 100.00 | BBB+ | 227,430 | |
| 510 | 5.000%, 6/15/25 | 6/22 at 100.00 | BBB+ | 551,121 | |
| 150 | 5.000%, 6/15/26 | 6/22 at 100.00 | BBB+ | 161,756 | |
| 125 | 4.250%, 6/15/27 | 6/22 at 100.00 | BBB+ | 131,634 | |
| 300 | 5.000%, 6/15/28 | 6/22 at 100.00 | BBB+ | 322,014 | |
| 220 | New Jersey Economic Development Authority, Private Activity Bonds, The Goethals Bridge | 1/24 at 100.00 | BBB | 245,093 | |
| Replacement Project, Series 2013, 5.000%, 1/01/28 (AMT) | |||||
| 1,000 | New Jersey Economic Development Authority, School Facilities Construction Bonds, | 6/25 at 100.00 | A– | 1,113,360 | |
| Refunding Series 2015XX, 5.000%, 6/15/27 | |||||
| 1,095 | New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Senior | 12/26 at 100.00 | Aaa | 1,140,552 | |
| Lien Series 2017-1A, 3.750%, 12/01/31 (AMT) | |||||
| 1,280 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital | No Opt. Call | A– | 729,280 | |
| Appreciation Series 2010A, 0.000%, 12/15/33 | |||||
| 1,590 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series | No Opt. Call | A– | 1,771,816 | |
| 2010D, 5.000%, 12/15/23 | |||||
| 200 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series | 12/28 at 100.00 | A– | 201,470 | |
| 2019AA, 3.750%, 6/15/33 | |||||
| 270 | Salem County Pollution Control Financing Authority, New Jersey, Pollution Control | No Opt. Call | BBB– | 288,473 | |
| Revenue Bonds, Chambers Project, Refunding Series 2014A, 5.000%, 12/01/23 (AMT) | |||||
| 250 | South Jersey Port Corporation, New Jersey, Marine Terminal Revenue Bonds, Refunding | No Opt. Call | Baa1 | 254,173 | |
| Series 2012Q, 3.000%, 1/01/22 | |||||
| 670 | Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed | 6/28 at 100.00 | A– | 792,550 | |
| Bonds, Series 2018A, 5.000%, 6/01/29 | |||||
| 600 | Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed | No Opt. Call | BBB+ | 618,792 | |
| Bonds, Series 2018B, 3.200%, 6/01/27 | |||||
| 10,605 | Total New Jersey | 10,845,598 | |||
New Mexico – 0.9% | |||||
| 715 | Farmington, New Mexico, Pollution Control Revenue Bonds, Southern California Edison | No Opt. Call | A– | 710,138 | |
| Company – Four Corners Project, Refunding Series 2005A, 1.875%, 4/01/29 (Mandatory | |||||
| Put 4/01/20) | |||||
| 505 | New Mexico Municipal Energy Acquisition Authority, Gas Supply Revenue Bonds, Refunding | 8/19 at 100.00 | Aa2 | 510,252 | |
| Sub-Series 2014A, 5.000%, 11/01/39 (Mandatory Put 8/01/19) | |||||
| 1,220 | Total New Mexico | 1,220,390 | |||
New York – 4.9% | |||||
| 220 | Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue | 1/20 at 100.00 | AA+ (5) | 227,896 | |
| 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+ | 235,032 | |
| 195 | 5.000%, 7/01/24 | No Opt. Call | BBB+ | 222,760 | |
| 200 | Dormitory Authority of the State of New York, Revenue Bonds, Orange Regional Medical | 6/27 at 100.00 | BBB– | 234,524 | |
| Center Obligated Group, Series 2017, 5.000%, 12/01/28, 144A | |||||
| 775 | Dormitory Authority of the State of New York, State University Educational Facilities | 5/22 at 100.00 | AA | 852,957 | |
| Revenue Bonds, Third General Resolution, Series 2012A, 5.000%, 5/15/25 |
23
NIM | Nuveen Select Maturities Municipal Fund |
| Portfolio of Investments (continued) | |
| March 31, 2019 |
Principal | Optional Call | ||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |
New York (continued) | |||||
| Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 | |||||
| Series 2011A: | |||||
| $ 270 | 5.750%, 2/15/47 (Pre-refunded 2/15/21) | 2/21 at 100.00 | Aa2 (5) | $ 291,435 | |
| 165 | 5.750%, 2/15/47 | 2/21 at 100.00 | Aa2 | 176,925 | |
| 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 | 226,013 | |
| 170 | 0.000%, 6/01/24 – AGM Insured | No Opt. Call | AA | 152,119 | |
| 300 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Bond | No Opt. Call | N/R | 321,567 | |
| Anticipation Note Series 2018C Subseries 2018C-2, 5.000%, 9/01/21 | |||||
| 835 | New York State Energy Research and Development Authority, Pollution Control Revenue | No Opt. Call | A– | 842,148 | |
| Bonds, New York State Electric and Gas Corporation, Series 2005A, 2.375%, 7/01/26 (Mandatory | |||||
| Put 5/01/20) (AMT) | |||||
| 100 | New York State Housing Finance Agency, Affordable Housing Revenue Bonds, Climate Bond | 11/27 at 100.00 | Aa2 | 103,721 | |
| Certified/Green Bond Series 2018I, 3.625%, 11/01/33 | |||||
| 230 | New York State Housing Finance Agency, Affordable Housing Revenue Bonds, Refunding | 5/28 at 100.00 | Aa2 | 236,458 | |
| Series 2019C, 3.500%, 11/01/34 | |||||
| 495 | New York State Thruway Authority, General Revenue Junior Indebtedness Obligations, | No Opt. Call | A2 | 496,371 | |
| Series 2013A, 5.000%, 5/01/19 | |||||
| New York Transportation Development Corporation, New York, Special Facility Revenue | |||||
| Refunding Bonds, Terminal One Group Association, LP Project, Series 2015: | |||||
| 60 | 5.000%, 1/01/22 (AMT) | No Opt. Call | A– | 64,573 | |
| 60 | 5.000%, 1/01/23 (AMT) | No Opt. Call | A– | 66,034 | |
| New York Transportation Development Corporation, Special Facilities Bonds, LaGuardia | |||||
| Airport Terminal B Redevelopment Project, Series 2016A: | |||||
| 135 | 4.000%, 7/01/32 (AMT) | 7/24 at 100.00 | BBB | 140,345 | |
| 230 | 4.000%, 7/01/33 (AMT) | 7/24 at 100.00 | BBB | 238,466 | |
| 185 | 5.000%, 7/01/34 (AMT) | 7/24 at 100.00 | BBB | 203,702 | |
| 100 | 5.000%, 7/01/41 (AMT) | 7/24 at 100.00 | BBB | 108,683 | |
| 500 | 5.000%, 7/01/46 (AMT) | 7/24 at 100.00 | BBB | 541,455 | |
| 400 | Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, | No Opt. Call | AA– | 435,764 | |
| Refunding Series 2013B, 5.000%, 11/15/21 | |||||
| 6,075 | Total New York | 6,418,948 | |||
North Carolina – 1.3% | |||||
| 1,325 | North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 2015C, | 1/26 at 100.00 | A | 1,567,091 | |
| 5.000%, 1/01/29 | |||||
| 250 | North Carolina Turnpike Authority, Monroe Expressway Toll Revenue Bonds, Capital | 7/26 at 96.80 | BBB– | 193,160 | |
| Appreciation Series 2017C, 0.000%, 7/01/27 | |||||
| 1,575 | Total North Carolina | 1,760,251 | |||
North Dakota – 0.8% | |||||
| Burleigh County, North Dakota, Health Care Revenue Bonds, Saint Alexius Medical Center | |||||
| Project, Series 2014A: | |||||
| 200 | 5.000%, 7/01/29 (Pre-refunded 7/01/21) | 7/21 at 100.00 | N/R (5) | 214,808 | |
| 650 | 5.000%, 7/01/31 (Pre-refunded 7/01/21) | 7/21 at 100.00 | N/R (5) | 698,126 | |
| 170 | Ward County Health Care, North Dakota, Revenue Bonds, Trinity Obligated Group, Series | No Opt. Call | BBB– | 198,205 | |
| 2017C, 5.000%, 6/01/28 | |||||
| 1,020 | Total North Dakota | 1,111,139 | |||
Ohio – 6.0% | |||||
| 120 | Allen County, Ohio, Hospital Facilities Revenue Bonds, Catholic Health Partners, | 5/22 at 100.00 | AA– | 129,523 | |
| Refunding and Improvement Series 2012A, 5.000%, 5/01/33 | |||||
| Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed | |||||
| Revenue Bonds, Senior Lien, Series 2007A-2: | |||||
| 1,705 | 5.125%, 6/01/24 | 4/19 at 100.00 | B– | 1,627,593 | |
| 95 | 5.375%, 6/01/24 | 4/19 at 100.00 | B– | 91,533 | |
| 730 | 5.875%, 6/01/30 | 4/19 at 100.00 | B– | 714,488 | |
| 150 | 5.750%, 6/01/34 | 4/19 at 100.00 | B– | 145,041 |
24
Principal | Optional Call | ||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |
Ohio (continued) | |||||
| $ 480 | Fairfield County, Ohio, Hospital Facilities Revenue Bonds, Fairfield Medical Center | 6/23 at 100.00 | Baa3 | $ 495,331 | |
| Project, Series 2013, 5.000%, 6/15/43 | |||||
| 100 | Franklin County, Ohio, Revenue Bonds, CHE Trinity Health Credit Group, Variable Rate | 8/19 at 100.00 | AA– | 100,012 | |
| Demand Obligation Series 2013, 1.750%, 12/01/46 (Mandatory Put 8/01/19) | |||||
| 50 | Lake County, Ohio, Hospital Facilities Revenue Bonds, Lake Hospital System, Inc, | 5/19 at 100.00 | A– | 50,148 | |
| Refunding Series 2008C, 5.500%, 8/15/24 | |||||
| New Albany Community Authority, Ohio, Community Facilities Revenue Refunding Bonds, | |||||
| Series 2012C: | |||||
| 30 | 4.000%, 10/01/19 | No Opt. Call | Aa3 | 30,364 | |
| 40 | 4.000%, 10/01/20 | No Opt. Call | Aa3 | 41,445 | |
| 45 | 5.000%, 10/01/21 | No Opt. Call | Aa3 | 48,578 | |
| 35 | 5.000%, 10/01/22 | No Opt. Call | Aa3 | 38,800 | |
| 45 | Ohio Air Quality Development Authority, Ohio, Air Quality Development Revenue Bonds, | No Opt. Call | N/R | 38,700 | |
| FirstEnergy Generation Corporation Project, Series 2009A, 5.700%, 8/01/20 (6) | |||||
| 100 | Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, | No Opt. Call | N/R | 86,000 | |
| FirstEnergy Generation Corporation Project, Refunding Series 2009B, 3.100%, 3/01/23 | |||||
| (Mandatory Put 3/01/19) (6) | |||||
| 260 | Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, | No Opt. Call | CCC+ | 260,000 | |
| FirstEnergy Generation Corporation Project, Refunding Series 2009C, 5.625%, 6/01/18 (6) | |||||
| 425 | Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, | No Opt. Call | N/R | 365,500 | |
| FirstEnergy Generation Project, Refunding Series 2006A, 3.750%, 12/01/23 (6) | |||||
| 90 | Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, | No Opt. Call | N/R | 77,400 | |
| FirstEnergy Nuclear Generation Corporation Project, Refunding Series 2010A, 3.125%, | |||||
| 7/01/33 (6) | |||||
| 130 | Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, | No Opt. Call | N/R | 111,800 | |
| FirstEnergy Nuclear Generation Project, Refunding Series 2006B, 3.625%, 12/01/33 | |||||
| (Mandatory Put 6/01/20) (6) | |||||
| 45 | Ohio Air Quality Development Authority, Ohio, Revenue Bonds, Pratt Paper Ohio, LLC | No Opt. Call | N/R | 46,951 | |
| Project, Series 2017, 3.750%, 1/15/28 (AMT), 144A | |||||
| 2,225 | Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Projects, Junior Lien | 2/31 at 100.00 | Aa3 | 2,341,256 | |
| Convertible Series 2013A-3, 0.000%, 2/15/34 (4) | |||||
| 230 | Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy | No Opt. Call | N/R | 197,800 | |
| Nuclear Generating Corporation Project, Series 2005B, 4.000%, 1/01/34 (Mandatory | |||||
| Put 7/01/21) (6) | |||||
| 120 | Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy | No Opt. Call | N/R | 103,200 | |
| Nuclear Generating Corporation Project, Series 2006A, 3.000%, 5/15/19 (6) | |||||
| 110 | Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy | No Opt. Call | N/R | 94,600 | |
| Nuclear Generating Corporation Project, Series 2006B, 4.000%, 12/01/33 (Mandatory Put | |||||
| 6/03/19) (6) | |||||
| 110 | Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy | No Opt. Call | N/R | 94,600 | |
| Nuclear Generating Corporation Project, Series 2008B, 3.625%, 10/01/33 (Mandatory Put | |||||
| 4/01/20) (6) | |||||
| 220 | Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy | No Opt. Call | N/R | 189,200 | |
| Nuclear Generating Corporation Project, Series 2010A, 3.750%, 7/01/33 (Mandatory Put ) | |||||
| 7/01/20 (6) | |||||
| 235 | Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy | No Opt. Call | N/R | 202,100 | |
| Nuclear Generating Corporation Project, Series 2010C, 4.000%, 6/01/33 (Mandatory Put | |||||
| 6/03/19) (6) | |||||
| 100 | Tuscarawas County Economic Development and Finance Alliance, Ohio, Higher Education | 3/25 at 100.00 | N/R | 102,889 | |
| Facilities Revenue Bonds, Ashland University, Refunding & Improvement Series 2015, | |||||
| 5.375%, 3/01/27 | |||||
| 8,025 | Total Ohio | 7,824,852 | |||
Oklahoma – 1.1% | |||||
| 800 | Caddo County Governmental Building Authority, Oklahoma, Sales Tax Revenue Bonds, | 9/28 at 100.00 | BBB+ | 822,256 | |
| Refunding Series 2018, 3.625%, 9/01/33 |
25
NIM | Nuveen Select Maturities Municipal Fund |
| Portfolio of Investments (continued) | |
| March 31, 2019 |
Principal | Optional Call | ||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |
Oklahoma (continued) | |||||
| $ 250 | Comanche County Educational Facilities Authority, Oklahoma, Educational Facilities Lease | 12/27 at 100.00 | A | $ 293,412 | |
| Revenue Bonds, Elgin Public Schools Project, Series 2017A, 5.000%, 12/01/31 | |||||
| 200 | Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine | No Opt. Call | Baa3 | 237,114 | |
| Project, Series 2018B, 5.000%, 8/15/28 | |||||
| 125 | Weatherford Industrial Trust Educational, Oklahoma, Facilities Lease Revenue Bonds, | 3/29 at 100.00 | A– | 148,998 | |
| Weatherford Public Schools Project, Series 2019, 5.000%, 3/01/31 | |||||
| 1,375 | Total Oklahoma | 1,501,780 | |||
Oregon – 0.9% | |||||
| 1,250 | Beaverton School District 48J, Washington and Multnomah Counties, Oregon, General | 6/27 at 85.82 | AA+ | 835,263 | |
| Obligation Bonds, Deferred Interest Series 2017B, 0.000%, 6/15/31 | |||||
| 360 | Oregon State Business Development Commission, Recovery Zone Facility Revenue Bonds, | No Opt. Call | A+ | 365,702 | |
| Intel Corporation Project, 232 Series 2010, 2.400%, 12/01/40 (Mandatory Put 8/14/23) | |||||
| 1,610 | Total Oregon | 1,200,965 | |||
Pennsylvania – 6.1% | |||||
| 100 | Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania, Tax Revenue | No Opt. Call | Ba3 | 112,741 | |
| Bonds, City Center Project, Series 2018, 5.000%, 5/01/28, 144A | |||||
| 220 | Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue | No Opt. Call | N/R | 189,200 | |
| Refunding Bonds, FirstEnergy Nuclear Generation Project, Series 2008A, 2.700%, 4/01/35 (6) | |||||
| 200 | Lehigh County Industrial Development Authority, Pennsylvania, Pollution Control Revenue | No Opt. Call | A | 196,396 | |
| Bonds, Pennsylvania Power and Light Company, Series 2016A, 1.800%, 9/01/29 (Mandatory | |||||
| Put 9/01/22) | |||||
| 455 | Lehigh County Industrial Development Authority, Pennsylvania, Pollution Control Revenue | No Opt. Call | A | 450,268 | |
| Bonds, Pennsylvania Power and Light Company, Series 2016B, 1.800%, 2/15/27 (Mandatory | |||||
| Put 8/15/22) | |||||
| 200 | Luzerne County Industrial Development Authority, Pennsylvania, Guaranteed Lease Revenue | 12/19 at 100.00 | N/R (5) | 208,482 | |
| Bonds, Series 2009, 7.750%, 12/15/27 (Pre-refunded 12/15/19) | |||||
| 500 | Montgomery County Industrial Development Authority, Pennsylvania, Pollution Control | No Opt. Call | BBB+ | 501,170 | |
| Revenue 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 | No Opt. Call | BBB+ | 500,835 | |
| Revenue Bonds, PECO Energy Company Project, Refunding Series 1999A, 2.500%, 10/01/30 | |||||
| (Mandatory Put 4/01/20) | |||||
| 5 | Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, | No Opt. Call | N/R | 4,300 | |
| Shippingport Project, First Energy Guarantor, Series 2006A, 2.550%, 11/01/41 (Mandatory Put | |||||
| 6/01/19) (6) | |||||
| 355 | Pennsylvania Economic Development Financing Authority, Health System Revenue Bonds, | 10/19 at 100.00 | N/R (5) | 363,580 | |
| Albert Einstein Healthcare, Series 2009A, 6.250%, 10/15/23 (Pre-refunded 10/15/19) | |||||
| 500 | Pennsylvania Economic Development Financing Authority, Parking System Revenue Bonds, | 1/24 at 100.00 | AA | 569,720 | |
| Capitol Region Parking System, Junior Guaranteed Series 2013B, 5.500%, 1/01/27 | |||||
| 250 | Pennsylvania Economic Development Financing Authority, Parking System Revenue Bonds, | 1/24 at 100.00 | AA | 285,838 | |
| Capitol 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 | 264,953 | |
| Pennsylvania Rapid Bridge Replacement Project, Series 2015, 5.000%, 12/31/25 (AMT) | |||||
| 50 | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University of the | No Opt. Call | N/R (5) | 51,739 | |
| Arts, Series 1999, 5.150%, 3/15/20 – AGM Insured (ETM) | |||||
| 250 | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series | 4/27 at 100.00 | AA+ | 251,123 | |
| 2017-125A, 3.400%, 10/01/32 (AMT) | |||||
| 25 | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series | 10/27 at 100.00 | AA+ | 25,559 | |
| 2019-128A, 3.650%, 10/01/32 (AMT) | |||||
| Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Special Revenue | |||||
| Bonds, Subordinate Series 2010A1&2: | |||||
| 115 | 5.500%, 12/01/34 (Pre-refunded 12/01/20) | 12/20 at 100.00 | N/R (5) | 122,510 | |
| 475 | 5.500%, 12/01/34 (Pre-refunded 12/01/20) | 12/20 at 100.00 | AA– (5) | 506,017 |
26
Principal | Optional Call | ||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |
Pennsylvania (continued) | |||||
| Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Refunding Subordinate Second | |||||
| Series 2016B-2: | |||||
| $ 400 | 5.000%, 6/01/29 | 6/26 at 100.00 | A3 | $ 465,480 | |
| 855 | 5.000%, 6/01/35 | 6/26 at 100.00 | A3 | 969,912 | |
| 250 | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Refunding Subordinate Thrid | 12/27 at 100.00 | A3 | 291,137 | |
| Series 2017, 5.000%, 12/01/32 | |||||
| 190 | Philadelphia Gas Works, Pennsylvania, Revenue Bonds, Twelfth Series 1990B, 7.000%, | No Opt. Call | N/R (5) | 195,981 | |
| 5/15/20 – NPFG Insured (ETM) | |||||
| 65 | Quakertown General Authority Health Facilities Revenue USDA Loan Anticipation Notes and | 7/19 at 100.00 | N/R | 64,309 | |
| Revenue Bonds for LifeQuest Obligated Group, Pennsylvania, Series 2017A, 3.125%, 7/01/21 | |||||
| 870 | Saint Mary Hospital Authority, Pennsylvania, Health System Revenue Bonds, Catholic | 5/19 at 100.00 | AA– (5) | 874,846 | |
| Health East, Series 2009D, 6.250%, 11/15/34 (Pre-refunded 5/15/19) | |||||
| 100 | Scranton, Lackawanna County, Pennsylvania, General Obligation Notes, Series 2016, | 5/24 at 100.00 | BB+ | 109,485 | |
| 5.000%, 11/15/26 | |||||
| 60 | Scranton-Lackawanna Health and Welfare Authority, Pennsylvania, University Revenue | No Opt. Call | BB+ | 58,781 | |
| Bonds, Marywood University, Series 2016, 3.375%, 6/01/26 | |||||
| 330 | Union County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Evangelical | No Opt. Call | A– (5) | 361,756 | |
| Community Hospital Project, Refunding & Improvement Series 2011, 5.750%, 8/01/21 (ETM) | |||||
| 7,550 | Total Pennsylvania | 7,996,118 | |||
Puerto Rico – 0.6% | |||||
| Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, | |||||
| Restructured 2018A-1: | |||||
| 175 | 0.000%, 7/01/27 | No Opt. Call | N/R | 130,706 | |
| 232 | 0.000%, 7/01/29 | 7/28 at 98.64 | N/R | 154,122 | |
| 556 | 0.000%, 7/01/31 | 7/28 at 91.88 | N/R | 329,613 | |
| 310 | 0.000%, 7/01/33 | 7/28 at 86.60 | N/R | 164,898 | |
| 18 | 4.500%, 7/01/34 | 7/25 at 100.00 | N/R | 18,244 | |
| 1,291 | Total Puerto Rico | 797,583 | |||
Rhode Island – 0.2% | |||||
| 200 | Rhode Island Health and Educational Building Corporation, Revenue Bonds, Care New | 9/23 at 100.00 | N/R (5) | 232,460 | |
| England Health System, Series 2013A, 5.500%, 9/01/28 (Pre-refunded 9/01/23) | |||||
South Carolina – 0.1% | |||||
| 15 | Lexington County Health Services District, Inc., South Carolina, Hospital Revenue Bonds, | No Opt. Call | A1 | 15,268 | |
| Refunding Series 2011, 5.000%, 11/01/19 | |||||
| 130 | Patriots Energy Group Financing Agency, South Carolina, Gas Supply Revenue Bonds, Series | 11/23 at 100.30 | Aa2 | 140,553 | |
| 2018A, 4.000%, 10/01/48 (Mandatory Put 2/01/24) | |||||
| 145 | Total South Carolina | 155,821 | |||
Tennessee – 1.1% | |||||
| 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+ | 110,965 | |
| 180 | 5.000%, 1/01/23 | No Opt. Call | A+ | 200,093 | |
| 100 | Metropolitan Government of Nashville-Davidson County Health and Educational Facilities | No Opt. Call | N/R | 84,689 | |
| Board, Tennessee, Revenue Bonds, Knowledge Academy Charter School, Series 2017A, 4.625%, | |||||
| 6/15/27, 144A (6) | |||||
| 100 | The Tennessee Energy Acquisition Corporation, Gas Project Revenue Bonds, Series 2018, | 8/25 at 100.22 | A3 | 107,957 | |
| 4.000%, 11/01/49 (Mandatory Put 11/01/25) | |||||
| 920 | The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2017A, 4.000%, | 5/23 at 100.43 | A3 | 973,434 | |
| 5/01/48 (Mandatory Put 5/01/23) | |||||
| 1,405 | Total Tennessee | 1,477,138 | |||
Texas – 6.5% | |||||
| 10 | Bexar Metropolitan Water District, Texas, Waterworks System Revenue Bonds, Refunding | 5/20 at 100.00 | AA (5) | 10,466 | |
| Series 2010, 5.875%, 5/01/40 (Pre-refunded 5/01/20) |
27
NIM | Nuveen Select Maturities Municipal Fund |
| Portfolio of Investments (continued) | |
| March 31, 2019 |
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: | |||||
| $ 65 | 5.000%, 5/01/29 (Pre-refunded 5/01/19) | 5/19 at 100.00 | AA (5) | $ 65,183 | |
| 190 | 5.000%, 5/01/39 (Pre-refunded 5/01/19) | 5/19 at 100.00 | AA (5) | 190,536 | |
| 540 | Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2011, | 1/21 at 100.00 | A– (5) | 582,493 | |
| 6.250%, 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 | A– | 1,142,680 | |
| 5.000%, 1/01/31 | |||||
| 100 | Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding & | No Opt. Call | A+ | 98,335 | |
| Improvement Series 2016, 1.600%, 11/01/21 (AMT), 144A | |||||
| 205 | Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding Series | 11/20 at 100.00 | A+ | 215,020 | |
| 2012B, 5.000%, 11/01/35 | |||||
| 250 | Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Bond | No Opt. Call | A+ | 278,980 | |
| Anticipation Note Series 2014A, 5.000%, 2/01/23 | |||||
| 155 | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Refunding Second Lien | No Opt. Call | A3 | 177,914 | |
| Series 2014C, 5.000%, 11/15/24 | |||||
| 395 | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Refunding Senior Lien | 11/24 at 100.00 | AA | 454,562 | |
| Series 2014A, 5.000%, 11/15/26 – AGM Insured | |||||
| 50 | Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc | 7/24 at 100.00 | BB | 55,258 | |
| Terminal E Project, Refunding Series 2014, 5.000%, 7/01/29 (AMT) | |||||
| 500 | Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and | No Opt. Call | A | 455,145 | |
| Entertainment Project, Series 2001B, 0.000%, 9/01/23 – AMBAC Insured | |||||
| 430 | Love Field Airport Modernization Corporation, Texas, General Airport Revenue Bonds | 11/25 at 100.00 | A1 | 500,602 | |
| Series 2015, 5.000%, 11/01/28 (AMT) | |||||
| 200 | Love Field Airport Modernization Corporation, Texas, Special Facilities Revenue Bonds, | 11/20 at 100.00 | A3 | 208,302 | |
| Southwest Airlines Company, Series 2010, 5.250%, 11/01/40 | |||||
| McCamey County Hospital District, Texas, General Obligation Bonds, Series 2013: | |||||
| 100 | 5.000%, 12/01/25 | No Opt. Call | B1 | 108,096 | |
| 100 | 5.250%, 12/01/28 | 12/25 at 100.00 | B1 | 107,451 | |
| 100 | Mission Economic Development Corporation, Texas, Revenue Bonds, Natgasoline Project, | 10/21 at 105.00 | BB– | 104,014 | |
| Senior Lien Series 2018, 4.625%, 10/01/31 (AMT), 144A | |||||
| North Central Texas Health Facilities Development Corporation, Texas, Revenue Bonds, | |||||
| Children’s Medical Center Dallas Project, Series 2012: | |||||
| 450 | 5.000%, 8/15/24 (Pre-refunded 8/15/22) | 8/22 at 100.00 | Aa2 (5) | 500,454 | |
| 380 | 5.000%, 8/15/25 (Pre-refunded 8/15/22) | 8/22 at 100.00 | Aa2 (5) | 422,606 | |
| North Texas Tollway Authority, Special Projects System Revenue Bonds, Convertible | |||||
| Capital Appreciation Series 2011C: | |||||
| 225 | 0.000%, 9/01/43 (Pre-refunded 9/01/31) (4) | 9/31 at 100.00 | N/R (5) | 263,614 | |
| 490 | 0.000%, 9/01/45 (Pre-refunded 9/01/31) (4) | 9/31 at 100.00 | N/R (5) | 626,396 | |
| 760 | North Texas Tollway Authority, Special Projects System Revenue Bonds, Current Interest | 9/21 at 100.00 | N/R (5) | 821,309 | |
| Series 2011D, 5.000%, 9/01/24 (Pre-refunded 9/01/21) | |||||
| 465 | North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2014A, | No Opt. Call | A+ | 521,386 | |
| 5.000%, 1/01/23 | |||||
| 110 | Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, | 12/22 at 100.00 | A3 | 118,833 | |
| Series 2012, 5.000%, 12/15/32 | |||||
| 475 | Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, Second | 8/24 at 100.00 | BBB+ | 529,530 | |
| Tier Refunding Series 2015C, 5.000%, 8/15/31 | |||||
| 7,745 | Total Texas | 8,559,165 | |||
Virginia – 0.7% | |||||
| 100 | Peninsula Ports Authority of Virginia, Coal Terminal Revenue Bonds, Dominion Terminal | No Opt. Call | BBB | 99,729 | |
| 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 | 617,843 | |
| Crossing, Opco LLC Project, Series 2012, 5.500%, 1/01/42 (AMT) |
28
Principal | Optional Call | ||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |
Virginia (continued) | |||||
| $ 200 | Wise County Industrial Development Authority, Virginia, Solid Waste and Sewage Disposal | No Opt. Call | BBB+ | $ 200,638 | |
| Revenue Bonds, Virginia Electric and Power Company, Series 2009A, 2.150%, 10/01/40 (Mandatory | |||||
| Put 9/01/20) | |||||
| 875 | Total Virginia | 918,210 | |||
Washington – 2.2% | |||||
| 1,000 | Port of Seattle, Washington, Revenue Bonds, Intermediate Lien Series 2015C, 5.000%, | No Opt. Call | AA– | 1,117,390 | |
| 4/01/23 (AMT) | |||||
| 1,050 | Washington Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer | 1/21 at 100.00 | A+ | 1,103,130 | |
| Research Center, Series 2011A, 5.375%, 1/01/31 | |||||
| 585 | Whidbey Island Public Hospital District, Island County, Washington, General Obligation | 12/22 at 100.00 | Baa2 | 627,559 | |
| Bonds, Whidbey General Hospital, Series 2013, 5.500%, 12/01/33 | |||||
| 2,635 | Total Washington | 2,848,079 | |||
West Virginia – 0.7% | |||||
| 100 | Monongalia County Commission, West Virginia, Special District Excise Tax Revenue, | No Opt. Call | N/R | 100,408 | |
| University Town Centre Economic Opportunity Development District, Refunding & Improvement | |||||
| Series 2017A, 4.500%, 6/01/27, 144A | |||||
| 110 | West Virginia Economic Development Authority, Energy Revenue Bonds, Morgantown Energy | No Opt. Call | Baa3 | 108,118 | |
| Associates Project, Refunding Series 2016, 2.875%, 12/15/26 (AMT) | |||||
| 250 | West Virginia Economic Development Authority, Solid Waste Disposal Facilities Revenue | No Opt. Call | A– | 249,062 | |
| Bonds, Appalachian Power Company – Amos Project, Series 2011A, 1.700%, 1/01/41 (Mandatory | |||||
| Put 9/01/20) (AMT) | |||||
| 115 | West Virginia Economic Development Authority, Solid Waste Disposal Facilities Revenue | No Opt. Call | A– | 116,119 | |
| Bonds, Wheeling Power Company – Mitchell Project, Series 2013A, 3.000%, 6/01/37 (Mandatory | |||||
| Put 4/01/22) (AMT) | |||||
| 70 | West Virginia Hospital Finance Authority, Hospital Revenue Bonds, Charleston Area | 9/24 at 100.00 | Baa1 | 78,328 | |
| Medical Center, Series 2014A, 5.000%, 9/01/25 | |||||
| 240 | West Virginia Hospital Finance Authority, Revenue Bonds, West Virginia University Health | 6/27 at 100.00 | A | 253,049 | |
| System Obligated Group, Improvement Series 2017A, 3.375%, 6/01/29 | |||||
| 885 | Total West Virginia | 905,084 | |||
Wisconsin – 4.0% | |||||
| 600 | Public Finance Authority of Wisconsin, Limited Obligation PILOT Revenue Bonds, American | 12/27 at 100.00 | N/R | 692,718 | |
| Dream @ Meadowlands Project, Series 2017, 6.500%, 12/01/37, 144A | |||||
| 185 | Public Finance Authority of Wisconsin, Revenue Bonds, Denver international Airport Great | 9/27 at 100.00 | BBB | 205,004 | |
| Hall Project, Series 2017, 5.000%, 9/30/49 (AMT) | |||||
| 350 | Public Finance Authority of Wisconsin, Solid Waste Disposal Revenue Bonds, Waste | 5/26 at 100.00 | A– | 353,539 | |
| Management Inc, Refunding Series 2016A-2, 2.875%, 5/01/27 (AMT) | |||||
| University of Wisconsin Hospitals and Clinics Authority, Revenue Bonds, Refunding | |||||
| Series 2013A: | |||||
| 755 | 4.000%, 4/01/20 | No Opt. Call | AA– | 772,780 | |
| 45 | 5.000%, 4/01/22 | No Opt. Call | AA– | 49,275 | |
| 675 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Health | 7/21 at 100.00 | AA (5) | 727,407 | |
| Care, Inc, Series 2012A, 5.000%, 7/15/25 (Pre-refunded 7/15/21) | |||||
| 325 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Health | No Opt. Call | Aa3 (5) | 339,173 | |
| Care, Inc., Series 2010B, 5.000%, 7/15/20 (ETM) | |||||
| 1,500 | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, | 12/24 at 100.00 | AA– | 1,742,760 | |
| ThedaCare Inc, Series 2015, 5.000%, 12/15/26 |
29
NIM | Nuveen Select Maturities Municipal Fund |
| Portfolio of Investments (continued) | |
| March 31, 2019 |
Principal | Optional Call | ||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |
Wisconsin (continued) | |||||
| Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Refunding | |||||
| Series 2009A: | |||||
| $ 45 | 5.000%, 5/01/21 | 5/19 at 100.00 | Aa2 | $ 45,128 | |
| 30 | 5.375%, 5/01/25 (Pre-refunded 5/01/19) | 5/19 at 100.00 | N/R (5) | 30,094 | |
| 30 | 5.375%, 5/01/25 | 5/19 at 100.00 | Aa2 | 30,094 | |
| 5 | 5.625%, 5/01/28 (Pre-refunded 5/01/19) | 5/19 at 100.00 | N/R (5) | 5,017 | |
| 35 | 5.625%, 5/01/28 | 5/19 at 100.00 | Aa2 | 35,117 | |
| 155 | 6.000%, 5/01/33 (Pre-refunded 5/01/19) | 5/19 at 100.00 | Aa2 (5) | 155,564 | |
| 35 | 6.000%, 5/01/33 (Pre-refunded 5/01/19) | 5/19 at 100.00 | N/R (5) | 35,127 | |
| 4,770 | Total Wisconsin | 5,218,797 | |||
| $ 123,446 | Total Municipal Bonds (cost $120,702,890) | 127,707,269 |
Principal | ||||||
Amount (000) | Description (1) | Coupon | Maturity | Ratings (3) | Value | |
CORPORATE BONDS – 0.0% | ||||||
Transportation – 0.0% | ||||||
| $ 16 | Las Vegas Monorail Company, Senior Interest Bonds (7), (8) | 5.500% | 7/15/19 | N/R | $ 10,353 | |
| 4 | Las Vegas Monorail Company, Senior Interest Bonds (7), (8) | 5.500% | 7/15/55 | N/R | 2,192 | |
| $ 20 | Total Corporate Bonds (cost $851) | 12,545 | ||||
Total Long-Term Investments (cost $120,703,741) | 127,719,814 |
Principal | Optional Call | ||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |
SHORT-TERM INVESTMENTS – 0.7% | |||||
MUNICIPAL BONDS – 0.7% | |||||
National – 0.2% | |||||
| $ 340 | BB&T Municipal Trust Pool Tax Exempt Lease Certificates Class C Series 2018, Variable Rate | No Opt. Call | A+ | $ 340,000 | |
| Demand Obligations, 2.300%, 11/30/21 (SIFMA reference rate + 0.80% spread), 144A (9), (10) | |||||
Alabama – 0.5% | |||||
| 625 | Mobile Industrial Development Board, Alabama, Pollution Control Revenue Refunding Bonds, | No Opt. Call | A– | 642,162 | |
| Alabama Power Company Barry Plan, Variable Rate Demand Obligations, Series 2008, 2.900%, | |||||
| 7/15/34 (Mandatory Put 12/12/23) (9) | |||||
| $ 965 | Total Short-Term Investments (cost $965,000) | 982,162 | |||
Total Investments (cost $121,668,741) – 97.9% | 128,701,976 | ||||
Other Assets Less Liabilities – 2.1% | 2,759,653 | ||||
Net Assets Applicable to Common Shares – 100% | $ 131,461,629 |
30
| (1) | All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted. |
| (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) | Step-up coupon bond, a bond with a coupon that increases ("steps up"), usually at regular intervals, while the bond is outstanding. The rate shown is the coupon as of the end of the reporting period. |
| (5) | 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. |
| (6) | Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy. |
| (7) | The tax-exempt municipal bonds previously held by the Fund were surrendered in conjunction with the issuer’s bankruptcy reorganization plan. In return, the Fund received one or more senior interest corporate bonds. |
| (8) | 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. |
| (9) | Investment has a maturity of greater than one year, but has variable rate and/or demand features which qualify it as a short-term investment. The rate disclosed, as well as the reference rate and spread, where applicable, 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. |
| (10) | Variable rate security. The rate shown is the coupon as of the end of the reporting period. |
| 144A | Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. |
| AMT | Alternative Minimum Tax |
| ETM | Escrowed to maturity |
| SIFMA | Securities Industry and Financial Market Association |
| WI/DD | Investment, or portion of investment, purchased on a when-issued or delayed delivery basis. |
See accompanying notes to financial statements. |
| 31 |
Statement of Assets and Liabilities
March 31, 2019
Assets | ||||
| Long-term investments, at value (cost $120,703,741) | $ | 127,719,814 | ||
| Short-term investments, at value (cost $965,000) | 982,162 | |||
| Cash | 74,650 | |||
| Receivable for: | ||||
| Interest | 1,492,211 | |||
| Investments sold | 1,774,365 | |||
| Other assets | 461 | |||
| Total assets | 132,043,663 | |||
Liabilities | ||||
| Payable for: | ||||
| Dividends | 322,308 | |||
| Investments purchased | 131,577 | |||
| Accrued expenses: | ||||
| Management fees | 50,835 | |||
| Trustees fees | 981 | |||
| Other | 76,333 | |||
| Total liabilities | 582,034 | |||
| Net assets applicable to common shares | $ | 131,461,629 | ||
| Common shares outstanding | 12,445,363 | |||
| Net asset value (“NAV”) per share outstanding | $ | 10.56 | ||
Net assets applicable to common shares consist of: | ||||
| Common shares, $.01 par value per share | $ | 124,454 | ||
| Paid-in surplus | 123,843,414 | |||
| Total distributable earnings | 7,493,761 | |||
| Net assets applicable to common shares | $ | 131,461,629 | ||
| Authorized common shares | Unlimited | |||
See accompanying notes to financial statements.
32
Statement of Operations
Year Ended March 31, 2019
Investment Income | $ | 4,823,947 | ||
Expenses | ||||
| Management fees | 590,990 | |||
| Custodian fees | 49,551 | |||
| Trustees fees | 4,065 | |||
| Professional fees | 23,921 | |||
| Shareholder reporting expenses | 30,980 | |||
| Shareholder servicing agent fees | 3,439 | |||
| Stock exchange listing fees | 6,721 | |||
| Investor relations expenses | 675 | |||
| Other | 20,112 | |||
| Total expenses | 730,454 | |||
| Net investment income (loss) | 4,093,493 | |||
Realized and Unrealized Gain (Loss) | ||||
| Net realized gain (loss) from investments | (65,251 | ) | ||
| Change in net unrealized appreciation (depreciation) of investments | 2,726,565 | |||
| Net realized and unrealized gain (loss) | 2,661,314 | |||
| Net increase (decrease) in net assets applicable to common shares from operations | $ | 6,754,807 | ||
See accompanying notes to financial statements.
33
Statement of Changes in Net Assets
Year | Year(1) | |||||||
Ended | Ended | |||||||
3/31/19 | 3/31/18 | |||||||
Operations | ||||||||
| Net investment income (loss) | $ | 4,093,493 | $ | 4,168,681 | ||||
| Net realized gain (loss) from investments | (65,251 | ) | 21,782 | |||||
| Change in net unrealized appreciation (depreciation) of investments | 2,726,565 | 386,371 | ||||||
| Net increase (decrease) in net assets applicable to common shares from operations | 6,754,807 | 4,576,834 | ||||||
Distributions to Common Shareholders(2) | ||||||||
Dividends(3) | (3,926,512 | ) | (3,906,599 | ) | ||||
| Decrease in net assets applicable to common shares from distributions to shareholders | (3,926,512 | ) | (3,906,599 | ) | ||||
| Net increase (decrease) in net assets applicable to common shares | 2,828,295 | 670,235 | ||||||
| Net assets applicable to common shares at the beginning of period | 128,633,334 | 127,963,099 | ||||||
| Net assets applicable to common shares at the end of period | $ | 131,461,629 | $ | 128,633,334 | ||||
(1) | Prior period amounts have been conformed to current year presentation. See Notes to Financial Statements, Note 9 – New Accounting Pronouncements for further details. |
(2) | The composition and per share amounts of the Fund’s distributions are presented in the Financial Highlights. The distribution information for the Fund as of its most recent tax year end is presented within the Notes to Financial Statements, Note 6 – Income Tax Information. |
(3) | For the fiscal year ended March 31, 2018, the Fund’s distributions to common shareholders were paid from net investment income. |
See accompanying notes to financial statements.
34
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35
Financial Highlights
Selected data for a common share outstanding throughout each period:
Investment Operations | Less Distributions to Common Shareholders | Common Share | ||||||||||||||||||||||||||||||||||
Beginning NAV | Net Investment Income (Loss) | Net Realized/ Unrealized Gain (Loss) | Total | From Net Investment Income | From Accumulated Net Realized Gains | Total | Ending NAV | Ending Share Price | ||||||||||||||||||||||||||||
Year Ended 3/31: | ||||||||||||||||||||||||||||||||||||
| 2019 | $ | 10.34 | $ | 0.33 | $ | 0.21 | $ | 0.54 | $ | (0.32 | ) | $ | — | $ | (0.32 | ) | $ | 10.56 | $ | 9.96 | ||||||||||||||||
| 2018 | 10.28 | 0.33 | 0.04 | 0.37 | (0.31 | ) | — | (0.31 | ) | 10.34 | 9.69 | |||||||||||||||||||||||||
| 2017 | 10.64 | 0.32 | (0.36 | ) | (0.04 | ) | (0.32 | ) | — | * | (0.32 | ) | 10.28 | 9.93 | ||||||||||||||||||||||
| 2016 | 10.59 | 0.32 | 0.06 | 0.38 | (0.33 | ) | — | (0.33 | ) | 10.64 | 10.57 | |||||||||||||||||||||||||
| 2015 | 10.38 | 0.34 | 0.21 | 0.55 | (0.34 | ) | — | (0.34 | ) | 10.59 | 10.78 | |||||||||||||||||||||||||
36
Common Share Supplemental Data/ Ratio Applicable to Common Shares | ||||||||||||||||||||||
Common Shares Total Returns | Ratios to Average Net Assets | |||||||||||||||||||||
Based on NAV(a) | Based on Share Price(a) | Ending Net Assets (000) | Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate(b) | |||||||||||||||||
| 5.28 | % | 6.16 | % | $ | 131,462 | 0.57 | % | 3.18 | % | 16 | % | |||||||||||
| 3.65 | 0.67 | 128,633 | 0.58 | 3.20 | 18 | |||||||||||||||||
| (0.43 | ) | (3.13 | ) | 127,963 | 0.58 | 3.01 | 15 | |||||||||||||||
| 3.66 | 1.24 | 132,337 | 0.57 | 3.01 | 20 | |||||||||||||||||
| 5.37 | 9.39 | 131,818 | 0.58 | 3.23 | 16 | |||||||||||||||||
| (a) | Total Return Based on Common Share NAV is the combination of changes in NAV, reinvested dividend income at Common Share NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized. Total Return Based on Common Share Price is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized. |
| (b) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period. |
| * | Rounds to less than $0.01 per share. |
See accompanying notes to financial statements.
37
Notes to Financial Statements
1. General Information and Significant Accounting Policies
General Information
Fund Information
The fund covered in this report and its corresponding New York Stock Exchange (“NYSE”) symbol is Nuveen Select Maturities Municipal Fund (NIM) (the “Fund”). The Fund is registered under the Investment Company Act of 1940 (the “1940 Act”), as amended, as a diversified, closed-end management investment company. The Fund was organized as a Massachusetts business trust on July 23, 1992.
The end of the reporting period for the Fund is March 31, 2019, and the period covered by these Notes to Financial Statements is the fiscal year ended March 31, 2019 (the “current fiscal period”).
Investment Adviser
The Fund’s investment adviser is Nuveen Fund Advisors, LLC (the “Adviser”), a subsidiary of Nuveen, LLC (“Nuveen”). Nuveen is the investment management arm of Teachers Insurance and Annuity Association of America (TIAA). The Adviser has overall responsibility for management of the Fund, oversees the management of the Fund’s portfolio, manages the Fund’s business affairs and provides certain clerical, bookkeeping and other administrative services, and, if necessary, asset allocation decisions. The Adviser has entered into a sub-advisory agreement with Nuveen Asset Management, LLC (the “Sub-Adviser”), a subsidiary of the Adviser, under which the Sub-Adviser manages the investment portfolio of the Fund.
Investment Objective and Principal Investment Strategies
The Fund seeks to provide current income exempt from regular federal income tax, consistent with the preservation of capital by investing in an investment-grade quality portfolio of municipal obligations with intermediate characteristics. In managing its portfolio, the Fund has purchased municipal obligations having remaining effective maturities of no more than fifteen years with respect to 80% of its total assets that, in the opinion of the Sub-Adviser, represent the best value in terms of the balance between yield and capital preservation currently available from the intermediate sector of the municipal market. The Sub-Adviser will actively monitor the effective maturities of the Fund’s investments in response to prevailing market conditions, and will adjust its portfolio consistent with its investment policy of maintaining an average effective remaining maturity of twelve years or less.
Significant Accounting Policies
The Fund is an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (ASC) Topic 946 “Financial Services – Investment Companies.” The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”).
Investment Transactions
Investment transactions are recorded on a trade date basis. Realized gains and losses from investment transactions are determined on the specific identification method, which is the same basis used for federal income tax purposes. Investments purchased on a when-issued/delayed delivery basis may have extended settlement periods. Any investments so purchased are subject to market fluctuation during this period. The Fund has earmarked securities in its portfolio with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments.
As of the end of the reporting period, the Fund’s outstanding when-issued/delayed delivery purchase commitments were as follows:
| Outstanding when-issued/delayed delivery purchase commitments | $102,342 |
Investment Income
Investment income is comprised of interest income, which reflects the amortization of premiums and accretion of discounts for financial reporting purposes, and is recorded on an accrual basis. Investment income also reflects payment-in-kind (“PIK”) interest and paydown gains and losses, if any. PIK interest represents income received in the form of securities in lieu of cash.
Professional Fees
Professional fees presented on the Statement of Operations consist of legal fees incurred in the normal course of operations, audit fees, tax consulting fees and, in some cases, workout expenditures. Workout expenditures are incurred in an attempt to protect or enhance an investment or to pursue other claims or legal actions on behalf of Fund shareholders. If a refund is received for workout expenditures paid in a prior reporting period, such amounts will be recognized as “Legal fee refund” on the Statement of Operations.
38
Dividends and Distributions to Common Shareholders
Dividends from net investment income, if any, are declared monthly. Net realized capital gains and/or market discount from investment transactions, if any, are distributed to common shareholders at least annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards.
Distributions to common shareholders of net investment income, net realized capital gains and/or market discount, if any, are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.
Compensation
The Fund pays no compensation directly to those of its trustees who are affiliated with the Adviser or to its officers, all of whom receive remuneration for their services to the Fund from the Adviser or its affiliates. The Fund’s Board of Trustees (the “Board”) has adopted a deferred compensation plan for independent trustees that enables trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.
Indemnifications
Under the Fund’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund enters into contracts that provide general indemnifications to other parties. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. However, the Fund has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.
Netting Agreements
In the ordinary course of business, the Fund may enter into transactions subject to enforceable International Swaps and Derivative Association, Inc. (ISDA) master agreements or other similar arrangements (“netting agreements”). Generally, the right to offset in netting agreements allows the Fund to offset certain securities and derivatives with a specific counterparty, when applicable, as well as any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, the Fund manages its cash collateral and securities collateral on a counterparty basis.
The Fund’s investments subject to netting agreements as of the end of the reporting period, if any, are further described in Note 3 – Portfolio Securities and Investments in Derivatives.
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the current fiscal period. Actual results may differ from those estimates.
2. Investment Valuation and Fair Value Measurements
The fair valuation input levels as described below are for fair value measurement purposes.
Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.).
Level 3 – Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).
Prices of fixed income securities are provided by an independent pricing service (“pricing service”) approved by the Board. The pricing service establishes a security’s fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. These securities are generally classified as Level 2. In pricing certain securities, particularly less liquid and lower quality securities, the pricing service may
39
Notes to Financial Statements (continued)
consider information about a security, its issuer or market activity, provided by the Adviser. These securities are generally classified as Level 2 or Level 3 depending on the observability of the significant inputs.
Certain securities may not be able to be priced by the pre-established pricing methods as described above. Such securities may be valued by the Board and/or its appointee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; debt securities that have gone into default and for which there is no current market quotation; a security whose market price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of the Fund’s net asset value (“NAV”) (as may be the case in non-U.S. markets on which the security is primarily traded) or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the pricing service, is not deemed to reflect the security’s fair value. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. These securities are generally classified as Level 2 or Level 3 depending on the observability of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the Board and/or its appointee.
The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of the Fund’s fair value measurements as of the end of the reporting period:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Long-Term Investments: | ||||||||||||||||
| Municipal Bonds* | $ | — | $ | 127,707,269 | $ | — | $ | 127,707,269 | ||||||||
| Corporate Bonds** | — | — | 12,545 | *** | 12,545 | |||||||||||
| Short-Term Investments: | ||||||||||||||||
| Municipal Bonds* | $ | — | 982,162 | $ | — | 982,162 | ||||||||||
| Total | $ | — | $ | 128,689,431 | $ | 12,545 | $ | 128,701,976 | ||||||||
| * | Refer to the Fund’s Portfolio of Investments for state classifications. |
| ** | Refer to the Fund’s Portfolio of Investments for industry classifications. |
| *** | Refer to the Fund’s Portfolio of Investments for securities classified as Level 3. |
3. Portfolio Securities and Investments in Derivatives
Portfolio Securities
Zero Coupon Securities
A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. Income to the holder of the security comes from accretion of the difference between the original purchase price of the security at issuance and the par value of the security at maturity and is effectively paid at maturity. The market prices of zero coupon securities generally are more volatile than the market prices of securities that pay interest periodically.
Investments in Derivatives
The Fund is authorized to invest in certain derivative instruments such as futures, options and swap contracts. The Fund limits its investments in futures, options on futures and swap contracts to the extent necessary for the Adviser to claim the exclusion from registration by the Commodity Futures Trading Commission as a commodity pool operator with respect to the Fund. The Fund records derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Fund’s investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes.
Although the Fund is authorized to invest in derivative instruments and may do so in the future, it did not make any such investments during the current fiscal period.
Market and Counterparty Credit Risk
In the normal course of business the Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose the Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of the Fund’s exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities.
40
The Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of the Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when the Fund has an unrealized loss, the Fund has instructed the custodian to pledge assets of the Fund as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the pre-determined threshold amount.
4. Fund Shares
The Fund did not have any share transactions during the current and prior fiscal period.
5. Investment Transactions
Long-term purchases and sales (including maturities) during the current fiscal period aggregated $20,246,532 and $21,588,657, respectively.
6. Income Tax Information
The Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and to otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required. Furthermore, the Fund intends to satisfy conditions that will enable interest from municipal securities, which is exempt from regular federal and designated state income taxes, to retain such tax-exempt status when distributed to shareholders of the Fund. Net realized capital gains and ordinary income distributions paid by the Fund are subject to federal taxation.
For all open tax years and all major taxing jurisdictions, management of the Fund has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax year ends and the interim tax period since then). Furthermore, management of the Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount and timing differences in recognizing certain gains and losses on investment transactions. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts as detailed below. Temporary differences do not require reclassification. Temporary and permanent differences do not impact the NAV of the Fund.
The table below presents the cost and unrealized appreciation (depreciation) of the Fund’s investment portfolio, as determined on a federal income tax basis, as of March 31, 2019.
| Tax cost of investments | $ | 121,419,327 | ||
| Gross unrealized: | ||||
| Appreciation | $ | 7,502,606 | ||
| Depreciation | (219,957 | ) | ||
| Net unrealized appreciation (depreciation) of investments | $ | 7,282,649 | ||
Permanent differences, primarily due to taxable market discount and federal taxes paid, resulted in reclassifications among the Fund’s components of common shares net assets as of March 31, 2019, the Fund’s tax year end.
The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains as of March 31, 2019, the Fund’s tax year end, were as follows:
Undistributed net tax-exempt income1 | $ | 601,727 | ||
Undistributed net ordinary income2 | 2,742 | |||
| 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, 2019, paid on April 1, 2019. |
2 | Net ordinary income consists of taxable market discount income and net short-term capital gains, if any. |
41
Notes to Financial Statements (continued)
The tax character of distributions paid during the Fund’s tax years ended March 31, 2019 and March 31, 2018 was designated for purposes of the dividends paid deduction as follows:
2019 | ||||
Distributions from net tax-exempt income3 | $ | 3,867,601 | ||
Distributions from net ordinary income2 | 52,688 | |||
| Distributions from net long-term capital gains | — | |||
2018 | ||||
| Distributions from net tax-exempt income | $ | 3,882,953 | ||
Distributions from net ordinary income2 | 23,646 | |||
| 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. |
3 | The Fund hereby designates these amounts paid during the fiscal year ended March 31, 2019, as Exempt Interest Dividends. |
As of March 31, 2019, the Fund’s tax year end, the Fund had unused capital losses carrying forward available for federal income tax purposes to be applied against future capital gains, if any. The capital losses are not subject to expiration.
| Not subject to expiration: | ||||
| Short-term | $ | 29,992 | ||
| Long-term | 33,563 | |||
| Total | $ | 63,555 | ||
7. Management Fees and Other Transactions with Affiliates
Management Fees
The Fund’s management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Sub-Adviser is compensated for its services to the Fund from the management fees paid to the Adviser.
The Fund’s management fee consists of two components – a fund-level fee, based only on the amount of assets within the Fund, and a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser. This pricing structure enables Fund shareholders to benefit from growth in the assets within the Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.
The annual fund-level fee, payable monthly, is calculated according to the following schedule:
Average Daily Net Assets* | Fund-Level Fee Rate | |||
| For the first $125 million | 0.3000 | % | ||
| For the next $125 million | 0.2875 | |||
| For the next $250 million | 0.2750 | |||
| For the next $500 million | 0.2625 | |||
| For the next $1 billion | 0.2500 | |||
| For the next $3 billion | 0.2250 | |||
| For managed assets over $5 billion | 0.2125 | |||
42
The annual complex-level fee, payable monthly, is calculated by multiplying the current complex-wide fee rate, determined according to the following schedule by the Fund’s daily net assets:
Complex-Level Eligible Asset Breakpoint Level* | Effective Complex-Level Fee Rate at Breakpoint Level | |||
| $55 billion | 0.2000 | % | ||
| $56 billion | 0.1996 | |||
| $57 billion | 0.1989 | |||
| $60 billion | 0.1961 | |||
| $63 billion | 0.1931 | |||
| $66 billion | 0.1900 | |||
| $71 billion | 0.1851 | |||
| $76 billion | 0.1806 | |||
| $80 billion | 0.1773 | |||
| $91 billion | 0.1691 | |||
| $125 billion | 0.1599 | |||
| $200 billion | 0.1505 | |||
| $250 billion | 0.1469 | |||
| $300 billion | 0.1445 | |||
| * | For the complex-level fees, managed assets include closed-end fund assets managed by the Adviser that are attributable to certain types of leverage. For these purposes, leverage includes the funds’ use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining managed assets in certain circumstances. The complex-level fee is calculated based upon the aggregate daily managed assets of all Nuveen open-end and closed-end Funds that constitute “eligible assets.” Eligible assets do not include assets attributable to investments in other Nuveen funds or assets in excess of a determined amount (originally $2 billion) added to the Nuveen fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011. As of March 31, 2019, the complex-level fee rate for the Fund was 0.1588%. |
Other Transactions with Affiliates
The Fund is permitted to purchase or sell securities from or to certain other funds managed by the Adviser (“inter-fund trade”) under specified conditions outlined in procedures adopted by the Board. These procedures have been designed to ensure that any inter-fund trade of securities by the Fund from or to another fund that is, or could be, considered an affiliate of the Fund under certain limited circumstances by virtue of having a common investment adviser (or affiliated investment adviser), common officer and/or common trustee complies with Rule 17a-7 of the 1940 Act. Further, as defined under these procedures, each inter-fund trade is effected at the current market price as provided by an independent pricing service. Unsettled inter-fund trades as of the end of the reporting period are recognized as a component of “Receivable for investments sold” and/or “Payable for investments purchased” on the Statement of Assets and Liabilities, when applicable.
During the current fiscal period, the Fund did not engage in inter-fund trades pursuant to these procedures.
8. Borrowing Arrangements
Committed Line of Credit
The Fund, along with certain other funds managed by the Adviser (“Participating Funds”), have established a 364-day, approximately $2.65 billion standby credit facility with a group of lenders, under which the Participating Funds may borrow for various purposes other than leveraging for investment purposes. A large portion of this facility’s capacity (and its associated costs as described below) is currently dedicated for use by a small number of Participating Funds, which does not include the Fund covered by this shareholder report. The credit facility expires in July 2019 unless extended or renewed.
The credit facility has the following terms: a fee of 0.15% per annum on unused commitment amounts, and interest at a rate equal to the higher of (a) one-month LIBOR (London Inter-Bank Offered Rate) plus 1.00% per annum or (b) the Fed Funds rate plus 1.00% per annum on amounts borrowed. Participating Funds paid administration, legal and arrangement fees, which are recognized as a component of “Other expenses” on the Statement of Operations, and along with commitment fees, have been allocated among such Participating Funds based upon the relative proportions of the facility’s aggregate capacity reserved for them and other factors deemed relevant by the Adviser and the Board of each Participating Fund.
During the current fiscal period, the Fund utilized this facility. The Fund's maximum outstanding balance during the utilization period was as follows:
| Maximum Outstanding Balance | $ | 1,055,440 | ||
43
Notes to Financial Statements (continued)
During the Fund's utilization period during the current fiscal period, the average daily balance outstanding and average annual interest rate on the Borrowings were as follows:
| Average daily balance outstanding | $ | 1,055,440 | ||
| Average annual interest rate | 3.50 | % | ||
Inter-Fund Borrowing and Lending
The Securities and Exchange Commission (“SEC”) has granted an exemptive order permitting registered open-end and closed-end Nuveen funds to participate in an inter-fund lending facility whereby the Nuveen funds may directly lend to and borrow money from each other for temporary purposes (e.g., to satisfy redemption requests or when a sale of securities “fails,” resulting in an unanticipated cash shortfall) (the “Inter-Fund Program”). The closed-end Nuveen funds, including the Fund covered by this shareholder report, will participate only as lenders, and not as borrowers, in the Inter-Fund Program because such closed-end funds rarely, if ever, need to borrow cash to meet redemptions. The Inter-Fund Program is subject to a number of conditions, including, among other things, the requirements that (1) no fund may borrow or lend money through the Inter-Fund Program unless it receives a more favorable interest rate than is typically available from a bank or other financial institution for a comparable transaction; (2) no fund may borrow on an unsecured basis through the Inter-Fund Program unless the fund’s outstanding borrowings from all sources immediately after the inter-fund borrowing total 10% or less of its total assets; provided that if the borrowing fund has a secured borrowing outstanding from any other lender, including but not limited to another fund, the inter-fund loan must be secured on at least an equal priority basis with at least an equivalent percentage of collateral to loan value; (3) if a fund’s total outstanding borrowings immediately after an inter-fund borrowing would be greater than 10% of its total assets, the fund may borrow through the inter-fund loan on a secured basis only; (4) no fund may lend money if the loan would cause its aggregate outstanding loans through the Inter-Fund Program to exceed 15% of its net assets at the time of the loan; (5) a fund’s inter-fund loans to any one fund shall not exceed 5% of the lending fund’s net assets; (6) the duration of inter-fund loans will be limited to the time required to receive payment for securities sold, but in no event more than seven days; and (7) each inter-fund loan may be called on one business day’s notice by a lending fund and may be repaid on any day by a borrowing fund. In addition, a Nuveen fund may participate in the Inter-Fund Program only if and to the extent that such participation is consistent with the fund’s investment objective and investment policies. The Board is responsible for overseeing the Inter-Fund Program.
The limitations detailed above and the other conditions of the SEC exemptive order permitting the Inter-Fund Program are designed to minimize the risks associated with Inter-Fund Program for both the lending fund and the borrowing fund. However, no borrowing or lending activity is without risk. When a fund borrows money from another fund, there is a risk that the loan could be called on one day’s notice or not renewed, in which case the fund may have to borrow from a bank at a higher rate or take other actions to payoff such loan if an inter-fund loan is not available from another fund. Any delay in repayment to a lending fund could result in a lost investment opportunity or additional borrowing costs.
During the current reporting period, the Fund did not enter into any inter-fund loan activity.
9. New Accounting Pronouncements
Disclosure Update and Simplification
During August 2018, the SEC issued Final Rule Release No. 33-10532, Disclosure Update and Simplification (“Final Rule Release No. 33-10532”). Final Rule Release No. 33-10532 amends certain financial statement disclosure requirements to conform to U.S. GAAP. The amendments to Rule 6-04.17 of Regulation S-X (balance sheet) remove the requirement to separately state the book basis components of net assets: undistributed (over-distribution of) net investment income (“UNII”), accumulated undistributed net realized gains (losses), and net unrealized appreciation (depreciation) at the balance sheet date. Instead, consistent with U.S. GAAP, funds will be required to disclose total distributable earnings. The amendments to Rule 6-09 of Regulation S-X (statement of changes in net assets) remove the requirement to separately state the sources of distributions paid. Instead, consistent with U.S. GAAP, funds will be required to disclose the total amount of distributions paid, except that any tax return of capital must be separately disclosed. The amendments also remove the requirement to parenthetically state the book basis amount of UNII on the statement of changes in net assets.
The requirements of Final Rule Release No. 33-10532 are effective November 5, 2018, and the Fund’s Statement of Assets and Liabilities and Statement of Changes in Net Assets for the current reporting period have been modified accordingly. In addition, certain amounts within the Fund’s Statement of Changes in Net Assets for the prior fiscal period have been modified to conform to Final Rule Release No. 33-10532. For the prior fiscal period, the total amount of distributions paid to common shareholders from net investment income and from accumulated net realized gains, if any, are recognized as “Dividends” on the Statement of Changes in Net Assets. Prior to these modifications, the Fund’s Statement of Changes reflected an UNII balance of $380,051 as of March 31, 2018. All other amounts have remained unchanged.
Fair Value Measurement: Disclosure Framework
During August 2018, the FASB issued ASU 2018-13 (“ASU 2018-13”), Fair Value Measurement: Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurements. ASU 2018-13 modifies the disclosures required by Topic 820, Fair Value Measurements. The amendments in ASU 2018-13 are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. During the current reporting period, management early implemented this guidance. This implementation did not have a material impact on the Fund's financial statements.
44
Additional Fund Information (Unaudited)
Board of Trustees | |||||
| Margo Cook* | Jack B. Evans | William C. Hunter | Albin F. Moschner | John K. Nelson | Judith M. Stockdale |
| Carole E. Stone | Terence J. Toth | Margaret L. Wolff | Robert L. Young | ||
| * Interested Board Member. | |||||
Fund Manager | Custodian | Legal Counsel | Independent Registered | Transfer Agent and | |
| Nuveen Fund Advisors, LLC | State Street Bank | Chapman and Cutler LLP | Public Accounting Firm | Shareholder Services | |
| 333 West Wacker Drive | & Trust Company | Chicago, IL 60603 | KPMG LLP | Computershare Trust | |
| Chicago, IL 60606 | One Lincoln Street | 200 East Randolph Street | Company, N.A. | ||
| Boston, MA 02111 | Chicago, IL 60601 | 250 Royall Street | |||
| Canton, MA 02021 | |||||
| (800) 257-8787 | |||||
Portfolio of Investments Information
The Fund is required to file its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its report on Form N-PORT. You may obtain this information on the SEC’s website at http://www.sec.gov.
Nuveen Funds’ Proxy Voting Information
You may obtain (i) information regarding how each fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, without charge, upon request, by calling Nuveen toll-free at (800) 257-8787 or on Nuveen’s website at www.nuveen.com and (ii) a description of the policies and procedures that each fund used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen toll free at (800) 257-8787. You may also obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov.
CEO Certification Disclosure
The Fund’s Chief Executive Officer (CEO) 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. The Fund has filed with the SEC the certification of its CEO and Chief Financial Officer required by Section 302 of the Sarbanes-Oxley Act.
Common Share Repurchases
The Fund intends to repurchase, through its open-market share repurchase program, shares of its own common stock at such times and in such amounts as is deemed advisable. During the period covered by this report, the Fund repurchased shares of its common stock as shown in the accompanying table. Any future repurchases will be reported to shareholders in the next annual or semi-annual report.
NIM | |
| Shares repurchased | — |
FINRA BrokerCheck
The Financial Industry Regulatory Authority (FINRA) provides information regarding the disciplinary history of FINRA member firms and associated investment professionals. This information as well as an investor brochure describing FINRA BrokerCheck is available to the public by calling the FINRA BrokerCheck Hotline number at (800) 289-9999 or by visiting www.FINRA.org.
45
Glossary of Terms Used in this Report (Unaudited)
| ■ | 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. |
| ■ | 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. |
| ■ | 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. |
| ■ | 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. |
| ■ | 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. |
| ■ | 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. |
| ■ | 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. |
| ■ | Zero Coupon Bond: A zero coupon bond does not pay a regular interest coupon to its holders during the life of the bond. 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. |
46
Reinvest Automatically, Easily and Conveniently
Nuveen makes reinvesting easy. A phone call is all it takes to set up your reinvestment account.
Nuveen Closed-End Funds Automatic Reinvestment Plan
Nuveen Closed-End Fund allows you to conveniently reinvest distributions in additional Fund shares. By choosing to reinvest, you’ll be able to invest money regularly and automatically, and watch your investment grow through the power of compounding. Just like distributions in cash, there may be times when income or capital gains taxes may be payable on distributions that are reinvested. It is important to note that an automatic reinvestment plan does not ensure a profit, nor does it protect you against loss in a declining market.
Easy and convenient
To make recordkeeping easy and convenient, each month you’ll receive a statement showing your total distributions, the date of investment, the shares acquired and the price per share, and the total number of shares you own.
How shares are purchased
The shares you acquire by reinvesting will either be purchased on the open market or newly issued by the Fund. If the shares are trading at or above net asset value at the time of valuation, the Fund will issue new shares at the greater of the net asset value or 95% of the then-current market price. If the shares are trading at less than net asset value, shares for your account will be purchased on the open market. If the Plan Agent begins purchasing Fund shares on the open market while shares are trading below net asset value, but the Fund’s shares subsequently trade at or above their net asset value before the Plan Agent is able to complete its purchases, the Plan Agent may cease open-market purchases and may invest the uninvested portion of the distribution in newly-issued Fund shares at a price equal to the greater of the shares’ net asset value or 95% of the shares’ market value on the last business day immediately prior to the purchase date. Distributions received to purchase shares in the open market will normally be invested shortly after the distribution payment date. No interest will be paid on distributions awaiting reinvestment. Because the market price of the shares may increase before purchases are completed, the average purchase price per share may exceed the market price at the time of valuation, resulting in the acquisition of fewer shares than if the distribution had been paid in shares issued by the Fund. A pro rata portion of any applicable brokerage commissions on open market purchases will be paid by Plan participants. These commissions usually will be lower than those charged on individual transactions.
Flexible
You may change your distribution option or withdraw from the Plan at any time, should your needs or situation change. You can reinvest whether your shares are registered in your name, or in the name of a brokerage firm, bank, or other nominee. Ask your investment advisor if his or her firm will participate on your behalf. Participants whose shares are registered in the name of one firm may not be able to transfer the shares to another firm and continue to participate in the Plan. The Fund reserves the right to amend or terminate the Plan at any time. Although the Fund reserves the right to amend the Plan to include a service charge payable by the participants, there is no direct service charge to participants in the Plan at this time.
Call today to start reinvesting distributions
For more information on the Nuveen Automatic Reinvestment Plan or to enroll in or withdraw from the Plan, speak with your financial advisor or call us at (800) 257-8787.
47
Board Members & Officers (Unaudited)
The management of the Funds, including general supervision of the duties performed for the Funds by the Adviser, is the responsibility of the Board of Trustees of the Funds. The number of trustees of the Funds is set at ten. None of the trustees who are not “interested” persons of the Funds (referred to herein as “independent board members”) has ever been a director or employee of, or consultant to, Nuveen or its affiliates. The names and business addresses of the trustees and officers of the Funds, their principal occupations and other affiliations during the past five years, the number of portfolios each oversees and other directorships they hold are set forth below.
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed and Term(1) | Principal Occupation(s) Including other Directorships During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Board Member |
| Independent Board Members: | ||||
■ TERENCE J. TOTH 1959 333 W. Wacker Drive Chicago, IL 6o6o6 | Chairman and Board Member | 2008 Class II | Formerly, a Co-Founding Partner, Promus Capital (2008-2017); Director, Fulcrum IT Service LLC (since 2010) and Quality Control Corporation (since 2012); member: Catalyst Schools of Chicago Board (since 2008) and Mather Foundation Board (since 2012), and chair of its Investment Committee; formerly, Director, Legal & General Investment Management America, Inc. (2008-2013); formerly, CEO and President, Northern Trust Global Investments (2004-2007): Executive Vice President, Quantitative Management & Securities Lending (2000-2004); prior thereto, various positions with Northern Trust Company (since 1994); formerly, Member, Northern Trust Mutual Funds Board (2005-2007), Northern Trust Global Investments Board (2004-2007), Northern Trust Japan Board (2004-2007), Northern Trust Securities Inc. Board (2003- 2007) and Northern Trust Hong Kong Board (1997-2004). | 168 |
■ JACK B. EVANS 1948 333 W. Wacker Drive Chicago, IL 6o6o6 | Board Member | 1999 Class III | Chairman (since 2019), formerly, President (1996-2019), The Hall-Perrine Foundation, a private philanthropic corporation; Director and Chairman, United Fire Group, a publicly held company; Director, Public Member, American Board of Orthopaedic Surgery (since 2015); Life Trustee of Coe College and the Iowa College Foundation; formerly, President Pro-Tem of the Board of Regents for the State of Iowa University System; formerly, Director, Alliant Energy and The Gazette Company; formerly, Director, Federal Reserve Bank of Chicago; formerly, President and Chief Operating Officer, SCI Financial Group, Inc., a regional financial services firm. | 168 |
■ WILLIAM C. HUNTER 1948 333 W. Wacker Drive Chicago, IL 6o6o6 | Board Member | 2003 Class I | Dean Emeritus, formerly, Dean, Tippie College of Business, University of Iowa(2006-2012); Director of Wellmark, Inc. (since 2009); past Director (2005-2015), and past President (2010-2014) Beta Gamma Sigma, Inc., The International Business Honor Society; formerly, Director (2004-2018) of Xerox Corporation; Dean and Distinguished Professor of Finance, School of Business at the University of Connecticut (2003-2006); previously, Senior Vice President and Director of Research at the Federal Reserve Bank of Chicago (1995-2003); formerly, Director (1997-2007), Credit Research Center at Georgetown University. | 168 |
■ ALBIN F. MOSCHNER 1952 333 W. Wacker Drive Chicago, IL 6o6o6 | Board Member | 2016 Class III | Founder and Chief Executive Officer, Northcroft Partners, LLC, a management consulting firm (since 2012); Chairman (since 2019), and Director (since 2012), USA Technologies, Inc., a provider of solutions and services to facilitate electronic payment transactions (since 2012); formerly, Director, Wintrust Financial Corporation (1996-2016); previously, held positions at Leap Wireless International, Inc., including Consultant (2011-2012), Chief Operating Officer (2008-2011), and Chief Marketing Officer (2004-2008); formerly, President, Verizon Card Services division of Verizon Communications, Inc. (2000-2003); formerly, President, One Point Services at One Point Communications (1999- 2000); formerly, Vice Chairman of the Board, Diba, Incorporated (1996-1997); formerly, various executive positions (1991-1996) and Chief Executive Officer (1995-1996) of Zenith Electronics Corporation. | 168 |
48
Name, | Position(s) Held | Year First | Principal | Number |
Year of Birth | with the Funds | Elected or | Occupation(s) | of Portfolios |
& Address | Appointed | Including other | in Fund Complex | |
and Term(1) | Directorships | Overseen by | ||
During Past 5 Years | Board Member | |||
| Independent Board Members (continued): | ||||
■ JOHN K. NELSON 1962 333 W. Wacker Drive Chicago, IL 6o6o6 | Board Member | 2013 Class II | Member of Board of Directors of Core12 LLC (since 2008), a private firm which develops branding, marketing and communications strategies for clients; serves on The President’s Council, Fordham University (since 2010); and previously was a Director of The Curran Center for Catholic American Studies (2009-2018) formerly, senior external advisor to the financial services practice of Deloitte Consulting LLP (2012-2014): formerly, Chairman of the Board of Trustees of Marian University (2010 as trustee, 2011-2014 as Chairman); formerly, Chief Executive Officer of ABN AMRO N.V. North America, and Global Head of its Financial Markets Division (2007-2008); prior senior positions held at ABN AMRO include Corporate Executive Vice President and Head of Global Markets-the Americas (2006-2007), CEO of Wholesale Banking North America and Global Head of Foreign Exchange and Futures Markets (2001-2006), and Regional Commercial Treasurer and Senior Vice President Trading-North America (1996-2001); formerly, Trustee at St. Edmund Preparatory School in New York City. | 168 |
■ JUDITH M. STOCKDALE 1947 333 W. Wacker Drive Chicago, IL 6o6o6 | Board Member | 1997 Class I | Board Member, Land Trust Alliance (since 2013) and U.S. Endowment for Forestry and Communities (since 2013); formerly, Executive Director (1994-2012), Gaylord and Dorothy Donnelley Foundation; prior thereto, Executive Director, Great Lakes Protection Fund (1990-1994). | 168 |
■ CAROLE E. STONE 1947 333 W. Wacker Drive Chicago, IL 6o6o6 | Board Member | 2007 Class I | Former Director, Chicago Board Options Exchange, Inc. (2006-2017); and C2 Options Exchange, Incorporated (2009-2017); Director, Cboe, L.C. Global Markets, Inc., formerly, CBOE Holdings, Inc. (since 2010); formerly, Commissioner, New York State Commission on Public Authority Reform (2005-2010). | 168 |
■ MARGARET L. WOLFF 1955 333 W. Wacker Drive Chicago, IL 6o6o6 | Board Member | 2016 Class I | Formerly, member of the Board of Directors (2013-2017) of Travelers Insurance Company of Canada and The Dominion of Canada General Insurance Company (each, a part of Travelers Canada, the Canadian operation of The Travelers Companies, Inc.); formerly, Of Counsel, Skadden, Arps, Slate, Meagher & Flom LLP (Mergers & Acquisitions Group) (2005-2014); Member of the Board of Trustees of New York- Presbyterian Hospital (since 2005); Member (since 2004) and Chair (since 2015) of the Board of Trustees of The John A. Hartford Foundation (a philanthropy dedicated to improving the care of older adults); formerly, Member (2005-2015) and Vice Chair (2011-2015) of the Board of Trustees of Mt. Holyoke College. | 168 |
■ ROBERT L. YOUNG(2) 1963 333 W. Wacker Drive Chicago, IL 6o6o6 | Board Member | 2017 Class II | Formerly, Chief Operating Officer and Director, J.P.Morgan Investment Management Inc. (2010-2016); formerly, President and Principal Executive Officer (2013-2016), and Senior Vice President and Chief Operating Officer (2005-2010), of J.P.Morgan Funds; formerly, Director and various officer positions for J.P.Morgan Investment Management Inc. (formerly, JPMorgan Funds Management, Inc. and formerly, One Group Administrative Services) and JPMorgan Distribution Services, Inc. (formerly, One Group Dealer Services, Inc.) (1999-2017). | 166 |
49
Board Members & Officers (Unaudited) (continued)
Name, | Position(s) Held | Year First | Principal | Number |
Year of Birth | with the Funds | Elected or | Occupation(s) | of Portfolios |
& Address | Appointed | Including other | in Fund Complex | |
and Term(1) | Directorships | Overseen by | ||
During Past 5 Years | Board Member | |||
| Interested Board Member: | ||||
■ MARGO L. COOK(3) 1964 333 W. Wacker Drive Chicago, IL 6o6o6 | Board Member | 2016 Class III | President (since 2017), formerly, Co-Chief Executive Officer and Co-President (2016-2017), formerly, Senior Executive Vice President of Nuveen Investments, Inc.; President, Global Products and Solutions (since 2017), and, Co-Chief Executive Officer (since 2015), formerly, Executive Vice President (2013-2015), of Nuveen Securities, LLC; Executive Vice President (since 2017) of Nuveen, LLC; President (since August 2017), formerly Co-President (2016- 2017), formerly, Senior Executive Vice President of Nuveen Fund Advisors, LLC (Executive Vice President 2011-2015); President (since 2017), Nuveen Alternative Investments, LLC; Chartered Financial Analyst. | 168 |
Name, | Position(s) Held | Year First | Principal | |
Year of Birth | with the Funds | Elected or | Occupation(s) | |
& Address | Appointed(4) | During Past 5 Years | ||
| Officers of the Funds: | ||||
■ CEDRIC H. ANTOSIEWICZ 1962 333 W. Wacker Drive Chicago, IL 6o6o6 | Chief Administrative Officer | 2007 | Senior Managing Director (since 2017), formerly, Managing Director (2004-2017) of Nuveen Securities, LLC; Senior Managing Director (since 2017), formerly, Managing Director (2014-2017) of Nuveen Fund Advisors, LLC. | |
■ NATHANIEL T. JONES 1979 333 W. Wacker Drive Chicago, IL 6o6o6 | Vice President and Treasurer | 2016 | Managing Director (since 2017), formerly, Senior Vice President (2016-2017), formerly, Vice President (2011-2016) of Nuveen; Managing Director of Nuveen Fund Advisors, LLC; Chartered Financial Analyst. | |
■ WALTER M. KELLY 1970 333 W. Wacker Drive Chicago, IL 6o6o6 | Chief Compliance Officer and Vice President | 2003 | Managing Director (since 2017), formerly, Senior Vice President (2008-2017) of Nuveen. | |
■ DAVID J. LAMB 1963 333 W. Wacker Drive Chicago, IL 6o6o6 | Vice President | 2015 | Managing Director (since 2017), formerly, Senior Vice President of Nuveen (since 2006), Vice President prior to 2006. | |
■ TINA M. LAZAR 1961 333 W. Wacker Drive Chicago, IL 6o6o6 | Vice President | 2002 | Managing Director (since 2017), formerly, Senior Vice President (2014-2017) of Nuveen Securities, LLC. | |
50
Name, | Position(s) Held | Year First | Principal | |
Year of Birth | with the Funds | Elected or | Occupation(s) | |
& Address | Appointed(4) | During Past 5 Years | ||
| Officers of the Funds (continued): | ||||
■ KEVIN J. MCCARTHY 1966 333 W. Wacker Drive Chicago, IL 6o6o6 | Vice President and Assistant Secretary | 2007 | Senior Managing Director (since 2017) and Secretary and General Counsel (since 2016) of Nuveen Investments, Inc., formerly, Executive Vice President (2016-2017) and Managing Director and Assistant Secretary (2008-2016); Senior Managing Director (since 2017) and Assistant Secretary (since 2008) of Nuveen Securities, LLC, formerly Executive Vice President (2016-2017) and Managing Director (2008-2016); Senior Managing Director (since 2017), Secretary (since 2016) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC, formerly, Executive Vice President (2016-2017), Managing Director (2008-2016) and Assistant Secretary (2007-2016); Senior Managing Director (since 2017), Secretary (since 2016) and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC, formerly Executive Vice President (2016-2017) and Managing Director and Assistant Secretary (2011-2016); Senior Managing Director (since 2017) and Secretary (since 2016) of Nuveen Investments Advisers, LLC, formerly Executive Vice President (2016-2017); Vice President (since 2007) and Secretary (since 2016), formerly, Assistant Secretary, of NWQ Investment Management Company, LLC, Symphony Asset Management LLC, Santa Barbara Asset Management, LLC and Winslow Capital Management, LLC (since 2010). Senior Managing Director (since 2017) and Secretary (since 2016) of Nuveen Alternative Investments, LLC. | |
■ WILLIAM T. MEYERS 1966 333 W. Wacker Drive Chicago, IL 60606 | Vice President | 2018 | Senior Managing Director (since 2017), formerly, Managing Director (2016-2017), Senior Vice President (2010-2016) of Nuveen Securities, LLC; and Nuveen Fund Advisors, LLC; Senior Managing Director (since 2017), formerly, Managing Director (2016-2017), Senior Vice President (2010-2016) of Nuveen, has held various positions with Nuveen since 1991. | |
■ MICHAEL A. PERRY 1967 333 W. Wacker Drive Chicago, IL 6o6o6 | Vice President | 2017 | Executive Vice President (since 2017), previously Managing Director from 2016), of Nuveen Fund Advisors, LLC and Nuveen Alternative Investments, LLC; Executive Vice President (since 2017), formerly, Managing Director (2015-2017), of Nuveen Securities, LLC; formerly, Managing Director (2010-2015) of UBS Securities, LLC. | |
■ CHRISTOPHER M. ROHRBACHER 1971 333 W. Wacker Drive Chicago, IL 6o6o6 | Vice President and Assistant Secretary | 2008 | Managing Director (since 2017) and Assistant Secretary of Nuveen Securities, LLC; Managing Director (since 2017), formerly, Senior Vice President (2016-2017) and Assistant Secretary (since 2016) of Nuveen Fund Advisors, LLC. | |
■ WILLIAM A. SIFFERMANN 1975 333 W. Wacker Drive Chicago, IL 6o6o6 | Vice President | 2017 | Managing Director (since 2017), formerly Senior Vice President (2016-2017) and Vice President (2011-2016) of Nuveen. | |
■ JOEL T. SLAGER 1978 333 W. Wacker Drive Chicago, IL 6o6o6 | Vice President and Assistant Secretary | 2013 | Fund Tax Director for Nuveen Funds (since 2013); previously, Vice President of Morgan Stanley Investment Management, Inc., Assistant Treasurer of the Morgan Stanley Funds (from 2010 to 2013). | |
■ E. SCOTT WICKERHAM 1973 TIAA 730 Third Avenue New York, NY 10017 | Vice President and Controller | 2019 | Senior Managing Director, Head of Fund Administration at Nuveen, LLC (since 2019), formerly, Managing Director; Principal Financial Officer, Principal Accounting Officer and Treasurer (since 2017) to the TIAA-CREF Funds, the TIAA-CREF Life Funds, the TIAA Separate Account VA-1 and the Treasurer (since 2017) to the CREF Accounts; Senior Director, TIAA-CREF Fund Administration (2014-2015); has held various positions with TIAA since 2006. | |
51
Board Members & Officers (Unaudited) (continued)
Name, | Position(s) Held | Year First | Principal | |
Year of Birth | with the Funds | Elected or | Occupation(s) | |
& Address | Appointed(4) | During Past 5 Years | ||
| Officers of the Funds (continued): | ||||
■ MARK L. WINGET 1968 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Assistant Secretary | 2008 | Vice President and Assistant Secretary of Nuveen Securities, LLC (since 2008); Vice President (since 2010) and Associate General Counsel (since 2008) of Nuveen. | |
■ GIFFORD R. ZIMMERMAN 1956 333 W. Wacker Drive Chicago, IL 60606 | Vice President Secretary | 1988 | Managing Director (since 2002), and Assistant Secretary of Nuveen Securities, LLC; Managing Director (since 2004) and Assistant Secretary (since 1994) of Nuveen Investments, Inc.; Managing Director (since 2002), Assistant Secretary (since 1997) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant Secretary and Associate General Counsel of Nuveen Asset Management, LLC (since 2011); Vice President (since 2017), formerly, Managing Director (2003-2017) and Assistant Secretary (since 2003) of Symphony Asset Management LLC; Managing Director and Assistant Secretary (since 2002) of Nuveen Investments Advisers, LLC; Vice President and Assistant Secretary of NWQ Investment Management Company, LLC (since 2002), Santa Barbara Asset Management, LLC (since 2006), and of Winslow Capital Management, LLC, (since 2010); Chartered Financial Analyst. | |
| (1) | The Board of Trustees is divided into three classes, Class I, Class II, and Class III, with each being elected to serve until the third succeeding annual shareholders’ meeting subsequent to its election or thereafter in each case when its respective successors are duly elected or appointed, except two board members are elected by the holders of Preferred Shares, when applicable, to serve until the next annual shareholders’ meeting subsequent to its election or thereafter in each case when its respective successors are duly elected or appointed. The year first elected or appointed represents the year in which the board member was first elected or appointed to any fund in the Nuveen Complex. |
| (2) | On May 25, 2017, Mr. Young was appointed as a Board Member, effective July 1, 2017. He is a Board Member of each of the Nuveen Funds, except Nuveen Diversified Dividend and Income Fund and Nuveen Real Estate Income Fund. |
| (3) | “Interested person” as defined in the 1940 Act, by reason of her position with Nuveen, LLC. and certain of its subsidiaries, which are affiliates of the Nuveen Funds. |
| (4) | Officers serve one year terms through August of each year. The year first elected or appointed represents the year in which the Officer was first elected or appointed to any fund in the Nuveen Complex. |
52
Notes
53
Notes
54
Notes
55
Nuveen:
Serving Investors for Generations
Since 1898, financial advisors and their clients have relied on Nuveen to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality solutions designed to be integral components of a well-diversified core portfolio.
Focused on meeting investor needs.
Nuveen is the investment manager of TIAA. We have grown into one of the world’s premier global asset managers, with specialist knowledge across all major asset classes and particular strength in solutions that provide income for investors and that draw on our expertise in alternatives and responsible investing. Nuveen is driven not only by the independent investment processes across the firm, but also the insights, risk management, analytics and other tools and resources that a truly world-class platform provides. As a global asset manager, our mission is to work in partnership with our clients to create solutions which help them secure their financial future.
Find out how we can help you.
To learn more about how the products and services of Nuveen may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.
Learn more about Nuveen Funds at: www.nuveen.com/closed-end-funds
Nuveen Securities, LLC, member FINRA and SIPC | 333 West Wacker Drive Chicago, IL 60606 | www.nuveen.com |  |
EAN-A-0319D 838656-INV-Y-05/20
ITEM 2. CODE OF ETHICS.
As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no amendments to or waivers from the Code during the period covered by this report. The registrant has posted the code of ethics on its website at www.nuveen.com/CEF/Shareholder/FundGovernance.aspx. (To view the code, click on Code of Conduct.)
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
As of the end of the period covered by this report, the registrant’s Board of Directors or Trustees (“Board”) determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its Audit Committee. The registrant’s audit committee financial experts are Carole E. Stone, Jack B. Evans and William C. Hunter, who are “independent” for purposes of Item 3 of Form N-CSR.
Ms. Stone served for five years as Director of the New York State Division of the Budget. As part of her role as Director, Ms. Stone was actively involved in overseeing the development of the State’s operating, local assistance and capital budgets, its financial plan and related documents; overseeing the development of the State’s bond-related disclosure documents and certifying that they fairly presented the State’s financial position; reviewing audits of various State and local agencies and programs; and coordinating the State’s system of internal audit and control. Prior to serving as Director, Ms. Stone worked as a budget analyst/examiner with increasing levels of responsibility over a 30 year period, including approximately five years as Deputy Budget Director. Ms. Stone has also served as Chair of the New York State Racing Association Oversight Board, as Chair of the Public Authorities Control Board, as a Commissioner on the New York State Commission on Public Authority Reform and as a member of the Boards of Directors of several New York State public authorities. These positions have involved overseeing operations and finances of certain entities and assessing the adequacy of project/entity financing and financial reporting. Currently, Ms. Stone is on the Board of Directors of CBOE Holdings, Inc., of the Chicago Board Options Exchange, and of C2 Options Exchange. Ms. Stone’s position on the boards of these entities and as a member of both CBOE Holdings’ Audit Committee and its Finance Committee has involved, among other things, the oversight of audits, audit plans and preparation of financial statements.
Mr. Evans was formerly President and Chief Operating Officer of SCI Financial Group, Inc., a full service registered broker-dealer and registered investment adviser (“SCI”). As part of his role as President and Chief Operating Officer, Mr. Evans actively supervised the Chief Financial Officer (the “CFO”) and actively supervised the CFO’s preparation of financial statements and other filings with various regulatory authorities. In such capacity, Mr. Evans was actively involved in the preparation of SCI’s financial statements and the resolution of issues raised in connection therewith. Mr. Evans has also served on the audit committee of various reporting companies. At such companies, Mr. Evans was involved in the oversight of audits, audit plans, and the preparation of financial statements. Mr. Evans also formerly chaired the audit committee of the Federal Reserve Bank of Chicago.
Mr. Hunter was formerly a Senior Vice President at the Federal Reserve Bank of Chicago. As part of his role as Senior Vice President, Mr. Hunter was the senior officer responsible for all operations of each of the Economic Research, Statistics, and Community and Consumer Affairs units at the Federal Reserve Bank of Chicago. In such capacity, Mr. Hunter oversaw the subunits of the Statistics and Community and Consumer Affairs divisions responsible for the analysis and evaluation of bank and bank holding company financial statements and financial filings. Prior to serving as Senior Vice President at the Federal Reserve Bank of Chicago, Mr. Hunter was the Vice President of the Financial Markets unit at the Federal Reserve Bank of Atlanta where he supervised financial staff and bank holding company analysts who analyzed and evaluated bank and bank holding company financial statements. Mr. Hunter also currently serves on the Boards of Directors of Xerox Corporation and Wellmark, Inc. as well as on the Audit Committees of such Boards. As an Audit Committee member, Mr. Hunter’s responsibilities include, among other things, reviewing financial statements, internal audits and internal controls over financial reporting. Mr. Hunter also formerly was a Professor of Finance at the University of Connecticut School of Business and has authored numerous scholarly articles on the topics of finance, accounting and economics.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Nuveen Select Maturities Municipal Fund
The following tables show the amount of fees that KPMG LLP, the Fund’s auditor, billed to the Fund during the Fund’s last two full fiscal years. For engagements with KPMG LLP the Audit Committee approved in advance all audit services and non-audit services that KPMG LLP provided to the Fund, except for those non-audit services that were subject to the pre-approval exception under Rule 2-01 of Regulation S-X (the “pre-approval exception”). The pre-approval exception for services provided directly to the Fund waives the pre-approval requirement for services other than audit, review or attest services if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid by the Fund to its accountant during the fiscal year in which the services are provided; (B) the Fund did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee’s attention, and the Committee (or its delegate) approves the services before the audit is completed.
The Audit Committee has delegated certain pre-approval responsibilities to its Chairman (or, in his absence, any other member of the Audit Committee).
SERVICES THAT THE FUND’S AUDITOR BILLED TO THE FUND
| Audit Fees Billed | Audit-Related Fees | Tax Fees | All Other Fees | |||||||||||||
| Fiscal Year Ended | to Fund 1 | Billed to Fund 2 | Billed to Fund 3 | Billed to Fund 4 | ||||||||||||
| March 31, 2019 | $ | 21,410 | $ | 0 | $ | 0 | $ | 0 | ||||||||
| Percentage approved | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
| pursuant to | ||||||||||||||||
| pre-approval | ||||||||||||||||
| exception | ||||||||||||||||
| March 31, 2018 | $ | 21,410 | $ | 0 | $ | 0 | $ | 0 | ||||||||
| Percentage approved | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
| pursuant to | ||||||||||||||||
| pre-approval | ||||||||||||||||
| exception | ||||||||||||||||
1 “Audit Fees” are the aggregate fees billed for professional services for the audit of the Fund’s annual financial statements and services provided in | ||||
| connection with statutory and regulatory filings or engagements. | ||||
2 “Audit Related Fees” are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of | ||||
| financial statements that are not reported under “Audit Fees”. These fees include offerings related to the Fund’s common shares and leverage. | ||||
3 “Tax Fees” are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global | ||||
| withholding tax services; excise and state tax reviews; capital gain, tax equalization and taxable basis calculation performed by the principal accountant. | ||||
4 “All Other Fees” are the aggregate fees billed for products and services other than “Audit Fees”, “Audit-Related Fees” and “Tax Fees”. These fees | ||||
| represent all engagements pertaining to the Fund’s use of leverage. | ||||
SERVICES THAT THE FUND’S AUDITOR BILLED TO THE ADVISER AND AFFILIATED FUND SERVICE PROVIDERS
The following tables show the amount of fees billed by KPMG LLP to Nuveen Fund Advisors, LLC (formerly Nuveen Fund Advisors, Inc.) (the “Adviser”), and any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Fund (“Affiliated Fund Service Provider”), for engagements directly related to the Fund’s operations and financial reporting, during the Fund’s last two full fiscal years.
The tables also show the percentage of fees subject to the pre-approval exception. The pre-approval exception for services provided to the Adviser and any Affiliated Fund Service Provider (other than audit, review or attest services) waives the pre-approval requirement if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid to KPMG LLP by the Fund, the Adviser and Affiliated Fund Service Providers during the fiscal year in which the services are provided that would have to be pre-approved by the Audit Committee; (B) the Fund did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee’s attention, and the Committee (or its delegate) approves the services before the Fund’s audit is completed.
| Audit-Related Fees | Tax Fees Billed to | All Other Fees | |
| Billed to Adviser and | Adviser and | Billed to Adviser | |
| Affiliated Fund | Affiliated Fund | and Affiliated Fund | |
| Fiscal Year Ended | Service Providers | Service Providers | Service Providers |
| March 31, 2019 | $ 0 | $ 0 | $ 0 |
| Percentage approved | 0% | 0% | 0% |
| pursuant to | |||
| pre-approval | |||
| exception | |||
| March 31, 2018 | $ 0 | $ 0 | $ 0 |
| Percentage approved | 0% | 0% | 0% |
| pursuant to | |||
| pre-approval | |||
| exception |
NON-AUDIT SERVICES
The following table shows the amount of fees that KPMG LLP billed during the Fund’s last two full fiscal years for non-audit services. The Audit Committee is required to pre-approve non- audit services that KPMG LLP provides to the Adviser and any Affiliated Fund Services Provider, if the engagement related directly to the Fund’s operations and financial reporting (except for those subject to the pre-approval exception described above). The Audit Committee requested and received information from KPMG LLP about any non-audit services that KPMG LLP rendered during the Fund’s last fiscal year to the Adviser and any Affiliated Fund Service Provider. The Committee considered this information in evaluating KPMG LLP’s independence.
| Total Non-Audit Fees | ||||
| billed to Adviser and | ||||
| Affiliated Fund Service | Total Non-Audit Fees | |||
| Providers (engagements | billed to Adviser and | |||
| related directly to the | Affiliated Fund Service | |||
| Total Non-Audit Fees | operations and financial | Providers (all other | ||
| Fiscal Year Ended | Billed to Fund | reporting of the Fund) | engagements) | Total |
| March 31, 2019 | $ 0 | $ 0 | $ 0 | $ 0 |
| March 31, 2018 | $ 0 | $ 0 | $ 0 | $ 0 |
| “Non-Audit Fees billed to Fund” for both fiscal year ends represent “Tax Fees” and “All Other Fees” billed to Fund in their respective | ||||
| amounts from the previous table. | ||||
| Less than 50 percent of the hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent | ||||
| fiscal year were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees. | ||||
Audit Committee Pre-Approval Policies and Procedures. Generally, the Audit Committee must approve (i) all non-audit services to be performed for the Fund by the Fund’s independent accountants and (ii) all audit and non-audit services to be performed by the Fund’s independent accountants for the Affiliated Fund Service Providers with respect to operations and financial reporting of the Fund. Regarding tax and research projects conducted by the independent accountants for the Fund and Affiliated Fund Service Providers (with respect to operations and financial reports of the Fund) such engagements will be (i) pre-approved by the Audit Committee if they are expected to be for amounts greater than $10,000; (ii) reported to the Audit Committee chairman for his verbal approval prior to engagement if they are expected to be for amounts under $10,000 but greater than $5,000; and (iii) reported to the Audit Committee at the next Audit Committee meeting if they are expected to be for an amount under $5,000.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
The registrant’s Board has a separately designated Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended (15 U.S.C. 78c(a)(58)(A)). As of the end of the period covered by this report the members of the audit committee are Jack B. Evans, Chair, William C. Hunter, John K. Nelson, Carole E. Stone and Terence J. Toth.
ITEM 6. SCHEDULE OF INVESTMENTS.
a) See Portfolio of Investments in Item 1.
b) Not applicable.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Nuveen Fund Advisors, LLC is the registrant’s investment adviser (referred to herein as the “Adviser”). The Adviser is responsible for the on-going monitoring of the Fund’s investment portfolio, managing the Fund’s business affairs and providing certain clerical, bookkeeping and administrative services. The Adviser has engaged Nuveen Asset Management, LLC (“Sub-Adviser”) as Sub-Adviser to provide discretionary investment advisory services. As part of these services, the Adviser has delegated to the Sub-Adviser the full responsibility for proxy voting on securities held in the registrant’s portfolio and related duties in accordance with the Sub-Adviser’s policies and procedures. The Adviser periodically monitors the Sub-Adviser’s voting to ensure that it is carrying out its duties. The Sub-Adviser’s proxy voting policies and procedures are attached to this filing as an exhibit and incorporated herein by reference.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Nuveen Fund Advisors, LLC is the registrant’s investment adviser (also referred to as the “Adviser”). The Adviser is responsible for the selection and on-going monitoring of the Fund’s investment portfolio, managing the Fund’s business affairs and providing certain clerical, bookkeeping and administrative services. The Adviser has engaged Nuveen Asset Management, LLC (“Nuveen Asset Management” or “Sub-Adviser”) as Sub-Adviser to provide discretionary investment advisory services. The following section provides information on the portfolio manager at the Sub-Adviser:
Item 8(a)(1). PORTFOLIO MANAGER BIOGRAPHY
As of the date of filing this report, the following individual at the Sub-Adviser (the “Portfolio Manager”) has primary responsibility for the day-to-day implementation of the Fund’s investment strategy:
Paul Brennan, CFA, Managing Director of Nuveen Asset Management, manages a number of tax-exempt fixed income portfolios and oversees several national and state-specific funds. Paul began his career in the investment business in 1991, as a municipal credit analyst for Flagship Financial, before becoming a portfolio manager in 1994. He joined Nuveen Investments in 1997, when Nuveen acquired Flagship Financial that year. He earned his B.S. in Accountancy and Finance from Wright State University. He is a CPA (inactive) and has earned the Chartered Financial Analyst (CFA) designation.
Item 8(a)(2). OTHER ACCOUNTS MANAGED BY THE PORTFOLIO MANAGER
Other Accounts Managed. In addition to managing the registrant, the portfolio manager is also primarily responsible for the day-to-day portfolio management of the following accounts:
| Portfolio Manager | Type of Account Managed | Number of Accounts | Assets* |
| Paul Brennan | Registered Investment Company | 10 | $20.48 billion |
| Other Pooled Investment Vehicles | 2 | $527 million | |
| Other Accounts | 3 | $ 53 million |
| * | Assets are as of March 31, 2019. None of the assets in these accounts are subject to an advisory fee based on performance. |
POTENTIAL MATERIAL CONFLICTS OF INTEREST
Actual or apparent conflicts of interest may arise when a portfolio manager has day-to-day management responsibilities with respect to more than one account. More specifically, portfolio managers who manage multiple accounts are presented a number of potential conflicts, including, among others, those discussed below.
The management of multiple accounts may result in a portfolio manager devoting unequal time and attention to the management of each account. Nuveen Asset Management seeks to manage such competing interests for the time and attention of portfolio managers by having portfolio managers focus on a particular investment discipline. Most accounts managed by a portfolio manager in a particular investment strategy are managed using the same investment models.
If a portfolio manager identifies a limited investment opportunity which may be suitable for more than one account, an account may not be able to take full advantage of that opportunity due to an allocation of filled purchase or sale orders across all eligible accounts. To deal with these situations, Nuveen Asset Management has adopted procedures for allocating limited opportunities across multiple accounts.
With respect to many of its clients’ accounts, Nuveen Asset Management determines which broker to use to execute transaction orders, consistent with its duty to seek best execution of the transaction. However, with respect to certain other accounts, Nuveen Asset Management may be limited by the client with respect to the selection of brokers or may be instructed to direct trades through a particular broker. In these cases, Nuveen Asset Management may place separate, non-simultaneous, transactions for a Fund and other accounts which may temporarily affect the market price of the security or the execution of the transaction, or both, to the detriment of the Fund or the other accounts.
Some clients are subject to different regulations. As a consequence of this difference in regulatory requirements, some clients may not be permitted to engage in all the investment techniques or transactions or to engage in these transactions to the same extent as the other accounts managed by the portfolio manager. Finally, the appearance of a conflict of interest may arise where Nuveen Asset Management has an incentive, such as a performance-based management fee, which relates to the management of some accounts, with respect to which a portfolio manager has day-to-day management responsibilities.
Nuveen Asset Management has adopted certain compliance procedures which are designed to address these types of conflicts common among investment managers. However, there is no guarantee that such procedures will detect each and every situation in which a conflict arises.
Item 8(a)(3). FUND MANAGER COMPENSATION
As of the most recently completed fiscal year end, the primary portfolio manager’s compensation is as follows:
Portfolio manager compensation consists primarily of base pay, an annual cash bonus and long term incentive payments.
Base pay. Base pay is determined based upon an analysis of the portfolio manager’s general performance, experience, and market levels of base pay for such position.
Annual cash bonus. The Fund’s portfolio managers are eligible for an annual cash bonus based on investment performance, qualitative evaluation and financial performance of Nuveen Asset Management.
A portion of each portfolio manager’s annual cash bonus is based on the Fund’s pre-tax investment performance, generally measured over the past one- and three or five-year periods unless the portfolio manager’s tenure is shorter. Investment performance for the Fund generally is determined by evaluating the Fund’s performance relative to its benchmark(s) and/or Lipper industry peer group.
A portion of the cash bonus is based on a qualitative evaluation made by each portfolio manager’s supervisor taking into consideration a number of factors, including the portfolio manager’s team collaboration, expense management, support of personnel responsible for asset growth, and his or her compliance with Nuveen Asset Management’s policies and procedures.
The final factor influencing a portfolio manager’s cash bonus is the financial performance of Nuveen Asset Management based on its operating earnings.
Long-term incentive compensation. Certain key employees of Nuveen Asset Management, including certain portfolio managers, have received profits interests in Nuveen Asset Management which entitle their holders to participate in the firm’s growth over time.
There are generally no differences between the methods used to determine compensation with respect to the Fund and the Other Accounts shown in the table above.
Item 8(a)(4). OWNERSHIP OF NIM SECURITIES AS OF MARCH 31, 2019
| Name of Portfolio Manager | None | $1 - $10,000 | $10,001-$50,000 | $50,001-$100,000 | $100,001-$500,000 | $500,001-$1,000,000 | Over $1,000,000 |
| Paul Brennan | X |
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board implemented after the registrant last provided disclosure in response to this Item.
ITEM 11. CONTROLS AND PROCEDURES.
| (a) | 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)). |
| (b) | 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 period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 13. EXHIBITS.
File the exhibits listed below as part of this Form.
| (a)(1) | 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 because the code is posted on registrant’s website at www.nuveen.com/CEF/Shareholder/FundGovernance.aspx and there were no amendments during the period covered by this report. (To view the code, click on Code of Conduct.) |
| (a)(2) | 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: Ex-99.CERT Attached hereto. |
| (a)(3) | 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. |
| (a)(4) | Change in the registrant’s independent public accountant. Not applicable. |
| (b) | 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. Ex-99.906 CERT attached hereto. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Nuveen Select Maturities Municipal Fund
By (Signature and Title) /s/ Gifford R. Zimmerman
Gifford R. Zimmerman
Vice President and Secretary
Date: June 6, 2019
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title) /s/ Cedric H. Antosiewicz
Cedric H. Antosiewicz
Chief Administrative Officer
(principal executive officer)
Date: June 6, 2019
By (Signature and Title) /s/ E. Scott Wickerham
E. Scott Wickerham
Vice President and Controller
(principal financial officer)
Date: June 6, 2019