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3
Chair’s Letter
to Shareholders Dear Shareholders,
The COVID-19 crisis is taking an unprecedented toll on our health, societies, economies and financial markets. Our thoughts are with all whose lives have been affected by the disease and its economic fallout. The extreme “social distancing” efforts needed to contain the coronavirus are causing a severe contraction in economic activity and amplifying market volatility, as global supply chains and consumer and business demand have been significantly disrupted. With some regions of the world having appeared to “flatten the curve” of infections, governments and public health officials face the extraordinary challenge of balancing the resumption of economic activity with public safety, in a way that minimizes the potential for a second wave of outbreaks. The spike in market volatility during March and the strong rally that followed in April may be indicative of the large swings in both directions that are likely to continue as markets digest new information and seek more clarity.
While we do not want to understate the dampening effect on the global economy, it is important to differentiate short-term interruptions from the longer-lasting implications to the economy. Some areas of the global economy were already on the mend prior to the coronavirus epidemic. Momentum could pick up again as factories come back online and consumer demand resumes once the virus is under control and temporary bans on movement and travel are lifted. Central banks and governments around the world have announced economic stimulus measures. In the U.S., the Federal Reserve has cut its benchmark interest rate to near zero and introduced programs that helped revive the U.S. economy after the 2008 financial crisis. The U.S. Government has approved three relief packages, including a $2 trillion-dollar package directly supporting businesses and individuals. The Coronavirus Aid, Relief and Economic Security Act, called the CARES Act, provides direct payments and expanded unemployment benefits to individuals, loans and grants to small businesses, loans and other money to large corporations and funding for hospitals, public health, education and state and local governments. Additional aid will likely be approved in the months ahead.
In the meantime, patience and a long-term perspective are key for investors. When market fluctuations are the leading headlines day after day, it’s tempting to “do something.” However, your long-term goals can’t be met with short-term thinking. We encourage you to talk to your financial advisor, who can review your time horizon, risk tolerance and investment goals. 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
Chair of the Board
May 22, 2020
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 Fund Advisors, LLC, the Fund’s investment adviser. 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, 2020?
The longest economic expansion in U.S. history came to an abrupt halt in early 2020 amid the coronavirus pandemic. To slow the spread of the virus, large portions of the economy were shut down, with companies closing either temporarily or permanently and most of the U.S. population under stay-at-home orders (as of the end of March 2020). The disruption has been swift and severe, and is expected to tip the economy into recession, a several months’ long contraction across the broad economy. For the first quarter of 2020, the Bureau of Economic Analysis reported that annualized gross domestic product (GDP) shrank 4.8%, according to its “advance” estimate. GDP 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. Previously, the economy had been expanding at a moderate clip. GDP grew at an annualized rate of 2.1% in the fourth quarter of 2019 and grew 2.3% in 2019 overall.
Consumer spending, the largest driver of the economy, was well supported earlier in this reporting period by low unemployment, wage gains and tax cuts. However, the coronavirus containment measures drove a significant drop in consumer spending and a sharp rise in unemployment in the final month of the quarter. The Bureau of Labor Statistics said the unemployment rate rose to 4.4% in March 2020 from 3.8% in March 2019 and job gains averaged around 118,000 per month for the past twelve months, as the economy lost 701,000 jobs in March 2020. Average hourly earnings grew at an annualized rate of 3.1% in March 2020. However, the overall trend of inflation remained subdued, and registered a notably slower rate in March 2020 due to falling gasoline prices. The Bureau of Labor Statistics said the Consumer Price Index (CPI) increased 1.5% over the twelve-month reporting period ended March 31, 2020 before seasonal adjustment.
Low mortgage rates and low inventory drove home prices moderately higher in this reporting period, although the most recent data do not yet reflect the shutdown. The S&P CoreLogic Case-Shiller U.S. National Home Price Index, which covers all nine U.S. census divisions, was up 4.2% year-over-year in February 2020 (most recent data available at the time this report was prepared). The 10-City and 20-City Composites reported year-over-year increases of 2.9% and 3.5%, 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)
With economic momentum slowing in 2019 from 2018’s stronger pace, the U.S. Federal Reserve (Fed) left rates unchanged throughout the first half of 2019 then cut rates by 0.25% at each of the July 2019, September 2019 and October 2019 policy committee meetings. Markets registered disappointment with the Fed’s explanation that the rate cuts were a “mid-cycle adjustment,” rather than a prolonged easing period, and its signal that there would be no additional rate cuts in 2019. Also in the latter half of 2019, the Fed announced it would stop shrinking its bond portfolio sooner than scheduled, as well as began buying short-term Treasury bills to help money markets operate smoothly and maintain short-term borrowing rates at low levels. Fed Chairman Powell emphasized that the Treasury bill purchases were not a form of quantitative easing. The Fed continued its Treasury bill buying in January 2020, as well as left its benchmark interest rate unchanged, while noting the emerging coronavirus risks. As the outbreak spread to the U.S. and significant restrictions on social and economic activity were imposed starting in March 2020, the Fed enacted an array of emergency measures to stabilize the financial system and support the markets, including cutting its main interest rate to near zero, offering lending programs to aid small and large companies and allowing unlimited bond purchases, known as quantitative easing. Meanwhile, the U.S. government approved three aid packages, totaling more than $100 billion in funding to health agencies and employers offering paid leave and $2 trillion allocated across direct payments to Americans, an expansion of unemployment insurance, loans to large and small businesses, funding to hospitals and health agencies and support to state and local governments.
While trade and tariff policy drove market sentiment for most of the twelve-month reporting period, the outbreak of the novel coronavirus and its associated disease COVID-19 rapidly dwarfed all other market concerns as the reporting period was closing. Equity and commodity markets sold-off and safe-haven assets rallied as China, other countries and then the United States initiated quarantines, restricted travel and shuttered factories and businesses. The potential economic shock was particularly difficult to assess, which amplified market volatility.
Prior to the virus outbreak, global markets had become more bullish on the outlook for 2020 as trade policy and Brexit appeared to make progress at the end of 2019. The U.S. and China agreed on a partial trade deal, which included rolling back some tariffs, increasing China’s purchases of U.S. agriculture products and the consideration of intellectual property, technology and financial services rights. The “phase one” deal was signed on January 15, 2020. While much of the focus remained on the U.S.-China relationship, trade spats between the U.S. and Mexico, the European Union (EU), Brazil and Argentina also arose throughout the reporting period. In January 2020, the U.S. Congress fully approved the U.S., Mexico and Canada Agreement (USMCA), which replaces the North American Free Trade Agreement. With more clarity on trade deals, the trade-related deterioration in global manufacturing and export data was expected to improve. However, the COVID-19 crisis has since upended those assumptions.
Investors also remained watchful of local political dynamics around the world. In the U.K., the Conservative Party won a large majority in the December 2019 general election and Parliament passed the Brexit Bill days later, facilitating the U.K.’s exit from the EU at the end of January 2020. In Italy, the prime minister unexpectedly resigned in August 2019, and the newly formed coalition government appeared to take a less antagonistic stance towards the EU. Europe’s traditional centrist parties lost seats in the May 2019 Parliamentary elections and populist parties saw marginal gains. Europe also contended with the “yellow vest” protests in France, immigration policy concerns, Russian sanctions and political risk in Turkey. Anti-government protests erupted across Latin America, Hong Kong and Lebanon during 2019. Venezuela’s economic and political crisis deepened. Argentina surprised the market with the return of a less market-friendly administration. Brazil’s Bolsonaro administration achieved a legislative win on pension reform and kept the economy on a path of modest growth. The ruling parties in India and South Africa maintained their majorities, where slower economic growth could complicate their respective reform mandates.
Despite the severe sell-off in March 2020, municipal bonds managed positive performance over the twelve-month reporting period. For most of the reporting period, a significant decline in interest rates drove municipal bond prices higher, with positive technical and fundamental conditions also supporting credit spread tightening. Prior to the emergence of the novel coronavirus, interest rates had been pressured lower by signs that the economy’s momentum was slowing, a more dovish central bank policy, geopolitical tensions (especially regarding trade) and bouts of equity market volatility. Then, from late February through March 2020, coronavirus risks permeated the markets, sending U.S. Treasury yields to historic lows. Rate volatility increased sharply in that six-week period. As
6
liquidity became stressed, investors began to liquidate any asset possible, including municipal bonds. Municipal bond prices declined rapidly, amid rampant selling across both the high grade and high yield segments that was exacerbated in some cases by exchange-traded fund and closed-end fund selling. Credit spreads widened significantly during the March 2020 sell-off, ending the month above their long-term average. In the final weeks of the reporting period, monetary and fiscal interventions from the Fed and U.S. government helped the market stabilize, although prices remained meaningfully off their pre-crisis levels. The U.S. Treasury yield curve flattened overall, with a portion of the curve temporarily inverting (i.e. longer rates were lower than shorter rates, the opposite of normal) from late August 2019 to late September 2019. The municipal yield curve also flattened overall during the reporting period, as yields on longer maturities fell more than those of shorter maturities.
Prior to the market turmoil in March 2020, municipal bond gross issuance nationwide had been robust. The overall low level of interest rates encouraged issuers to continue to actively refund their outstanding debt. In these transactions the issuers are issuing new bonds and taking the bond proceeds and redeeming (calling) old bonds. These refunding transactions have ranged from 30% 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 adequate, the net has not and this was an overall positive technical factor on municipal bond investment performance in recent years. Notably, taxable municipal bond issuance increased meaningfully in 2019. The Tax Cut and Jobs Act of 2017 prohibits municipal issuers from issuing new tax-exempt bonds to pre-refund existing tax-exempt bonds. However, municipalities have taken advantage of the low interest rate environment and the strong demand for yield to issue taxable municipal debt, enabling them to save on net interest costs.
Demand for municipal bonds was strong for most of this reporting period. Municipal bond funds took in consistently positive cash flows in calendar year 2019 and the first two months of 2020. However, fund flows turned more volatile in March 2020, as markets began to digest the coronavirus impact. Low interest rates in the U.S. and globally have continued to drive investors toward higher after-tax yielding assets, including U.S. municipal bonds. 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, there has been increased demand for tax-exempt municipal bonds in 2019 to date, especially in states with high income taxes and/or property taxes.
What key strategies were used to manage NIM during the twelve-month reporting period ended March 31, 2020?
The Fund’s primary investment objective is current income exempt from regular federal income tax, consistent with the preservation of capital. Its secondary objective is the enhancement of portfolio value. The Fund invests in municipal securities that are exempt from federal income taxes. The Fund invests in municipal securities of varying maturities targeting an overall intermediate duration profile.
For most of the reporting period, a favorable macroeconomic backdrop, strong demand, narrowing credit spreads and falling interest rates supported municipal bond performance. However, the coronavirus pandemic and the shutdown of the economy introduced significant uncertainty about the future of economic growth and impact to municipal credit fundamentals. As the nearer-term impacts began to materialize, we looked for relative value and income enhancement opportunities among credits we believe may demonstrate resilience over the long term.
With its emphasis on intermediate maturities, lower rated credits and sectors offering higher yields, we considered the Fund generally well positioned for the more normal market conditions present in the majority of the reporting period. The Fund’s overall positioning remained relatively unchanged during the reporting period, although we allowed its duration to drift toward the shorter end of its target range. In the prevailing market conditions before the health crisis, there were fewer opportunities to source enhanced income among longer duration bonds.
We continued to seek attractive relative value opportunities to bolster the Fund’s long-term performance potential. We bought bonds across a range of sectors and selectively added different maturity structures, including single-family housing bonds and new issues for CommonSpirit Health and New York MTA (Metropolitan Transportation Authority). We also added high yield, below investment grade rated credits issued for Puerto Rico sales tax revenue (known as COFINAs), Puerto Rico Aqueduct and Sewer
7
Portfolio Manager’s Comments (continued)
Authority (PRASA) and Virgin Trains USA Passenger Rail Project, a privately operated South Florida rail line. The Virgin Trains USA credits were issued after Brightline Passenger Rail Project called some bonds, which we owned, and was subsequently renamed Virgin Trains USA. We also bought the replacement Buckeye Tobacco settlement bonds. During the reporting period, the state of Ohio refinanced its legacy tobacco settlement bonds, which we owned, and issued new bonds with a higher quality rating than the old bonds.
The proceeds from called and maturing bonds provided most of the cash to invest in new bonds. 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. Our trading activity was mostly driven by reinvesting these proceeds, as we believed the Fund was well positioned to meet its income and maturity mandates.
In addition, NIM now holds Energy Harbor common stock, after FirstEnergy Solutions successfully emerged from bankruptcy and the restructured company was renamed Energy Harbor. The Fund received Energy Harbor stock when its holding of bonds issued by FirstEnergy Solutions was converted into Energy Harbor equity as part of its debt reorganization and emergence from bankruptcy protection, which was completed in February 2020. Over time, we expect to sell these shares and reinvest the proceeds into municipal bonds.
How did NIM perform during the twelve-month reporting period ended March 31, 2020?
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, 2020. The Fund’s returns are compared with the performance of corresponding market indexes.
For the twelve months ended March 31, 2020, the total return on net asset value (NAV) for NIM underperformed the return for the S&P Municipal Bond Intermediate Index.
The speed and severity of the March 2020 sell-off had a significant impact on performance for the 12-month period overall. The main drag on relative performance came from the disproportionate credit spread widening among lower rated and high yield bonds during March 2020. The Fund’s exposure to credits rated BBB and lower, including tobacco, utilities and tax supported Puerto Rico bonds, were hit particularly hard in March 2020, overwhelming the strong performance generated earlier in the reporting period. Lower rated investment grade bonds, such as the Buckeye Tobacco replacement bonds we bought, also declined, albeit to a lesser extent than the BBB rated and below investment grade bonds.
The Fund’s positioning was modestly favorable in the sectors predominantly composed of higher grade bonds, including pre-refunded, single-family housing and local general obligation (GO) bonds. The Fund held a slight overweight to pre-refunded bonds, as we held onto the bonds to keep the portfolio fully invested and earn income while waiting for more attractive long-term opportunities. The Fund’s holdings in local GOs benefited from their longer durations as well as higher credit quality.
The Fund’s relatively shorter duration than the benchmark was a mild relative detractor in this reporting period, as the Fund did not fully benefit from the decline in interest rates. However, the Fund’s small overweight in longer duration bonds was modestly helpful.
8
COMMON SHARE DISTRIBUTION INFORMATION
The following information regarding the Fund’s distributions is current as of March 31, 2020. 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 common shareholders were as shown in the accompanying table.
| | Per Common
|
| Monthly Distributions (Ex-Dividend Date) | Share Amounts |
April 2019 | $0.0265 |
May | 0.0265 |
June | 0.0265 |
July | 0.0265 |
August | 0.0265 |
September | 0.0265 |
October | 0.0265 |
November | 0.0265 |
December | 0.0265 |
January | 0.0265 |
February | 0.0265 |
March 2020 | 0.0265 |
| Total Distributions from Net Investment Income | $0.3180 |
| Yields | |
Market Yield* | 3.25% |
Taxable-Equivalent Yield* | 5.49% |
* | 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 40.8%. 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)
CHANGE IN METHOD OF PUBLISHING NUVEEN CLOSED-END FUND DISTRIBUTION AMOUNTS
During November 2019, the Nuveen Closed-End Funds discontinued the practice of announcing Fund distribution amounts and timing via press release. Instead, information about the Nuveen Closed-End Funds’ monthly and quarterly periodic distributions to shareholders will be posted and can be found on Nuveen’s enhanced closed-end fund resource page, which is at www.nuveen.com/closed-end-fund-distributions, along with other Nuveen closed-end fund product updates. Shareholders can expect regular distribution information to be posted on www.nuveen.com on the first business day of each month. To ensure that our shareholders have timely access to the latest information, a subscribe function can be activated at this link here, or at this web page (www.nuveen.com/en-us/people/about-nuveen/for-the-media).
COMMON SHARE REPURCHASES
During August 2019, 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, 2020, 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 |
During the current reporting period, the Fund did not repurchase any of its outstanding common shares.
OTHER COMMON SHARE INFORMATION
As of March 31, 2020, 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 | $10.44
|
Common share price | $9.77
|
Premium/(Discount) to NAV | (6.42)% |
12-month average premium/(discount) to NAV | (3.32)% |
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, 2020 |
| | | | |
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, 2020 | | | |
|
| Average Annual
|
| 1-Year | 5-Year | 10-Year |
NIM at Common Share NAV | 1.83% | 2.78% | 3.60% |
NIM at Common Share Price | 1.14% | 1.17% | 2.79% |
S&P Municipal Bond Intermediate Index | 3.59% | 3.01% | 3.97% |
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.
12
This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
| Fund Allocation | |
| (% of net assets) | |
Long-Term Municipal Bonds | 95.8% |
Common Stocks | 1.1% |
Short-Term Municipal Bonds | 1.1% |
Other Assets Less Liabilities | 2.0% |
| Net Assets | 100% |
| Portfolio Credit Quality | |
| (% of total investments) | |
U.S. Guaranteed | 6.5% |
AAA | 3.0% |
AA | 24.3% |
A | 34.8% |
BBB | 17.9% |
BB or Lower | 6.8% |
N/R (not rated) | 5.5% |
N/A (not applicable) | 1.2% |
| Total | 100% |
| Portfolio Composition | |
| (% of total investments) | |
Tax Obligation/Limited | 17.6% |
Transportation | 16.8% |
Utilities | 15.1% |
Health Care | 13.5% |
Tax Obligation/General | 13.2% |
U.S. Guaranteed | 6.5% |
Consumer Staples | 3.8% |
Other | 13.5% |
| Total | 100% |
| States and Territories | |
| (% of total municipal bonds) | |
Illinois | 14.8% |
New Jersey | 8.4% |
California | 8.4% |
Texas | 6.8% |
Pennsylvania | 5.4% |
Ohio | 4.7% |
New York | 4.5% |
Florida | 4.2% |
Arizona | 3.8% |
Wisconsin | 3.7% |
Louisiana | 3.4% |
Washington | 2.5% |
Colorado | 2.4% |
Alabama | 1.8% |
Puerto Rico | 1.6% |
Kentucky | 1.6% |
North Carolina | 1.5% |
Michigan | 1.4% |
Other | 19.1% |
| Total | 100% |
13
Report of Independent Registered Public Accounting Firm
To the Shareholders and Board of Trustees
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, 2020, 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, 2020, 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, 2020, 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 29, 2020
14
| | |
| NIM | Nuveen Select Maturities Municipal Fund March 31, 2020 |
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | LONG-TERM INVESTMENTS – 96.9% | | | |
| | | MUNICIPAL BONDS – 95.8% | | | |
| | | Alabama – 1.2% | | | |
| $ 210 | | Black Belt Energy Gas District, Alabama, Gas PrePay Revenue Bonds, Project 3 Series | 9/23 at 100.31 | A | $ 216,155 |
| | | 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 | 303,393 |
| | | 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 | 576,746 |
| | | 8/01/47 (Mandatory Put 7/01/22) | | | |
| 105 | | Mobile Spring Hill College Educational Building Authority, Alabama, Revenue Bonds, | 4/25 at 100.00 | N/R | 105,894 |
| | | Spring Hill College Project, Series 2015, 5.000%, 4/15/27 | | | |
| 260 | | Southeast Alabama Gas Supply District, Alabama, Gas Supply Revenue Bonds, Project 2, | 3/24 at 100.29 | A | 269,212 |
| | | Fixed Rate Series 2018A, 4.000%, 6/01/49 (Mandatory Put 6/01/24) | | | |
| 115 | | Tuscaloosa County Industrial Development Authority, Florida, Gulf Opportunity Zone | 5/29 at 100.00 | N/R | 109,828 |
| | | Bonds, Hunt Refining Project, Refunding Series 2019A, 4.500%, 5/01/32, 144A | | | |
| 1,555 | | Total Alabama | | | 1,581,228 |
| | | Alaska – 0.1% | | | |
| 150 | | Alaska Industrial Development and Export Authority, Loan Anticipation Revenue Notes, | 5/20 at 100.00 | N/R | 150,189 |
| | | YKHC Project, Series 2017, 3.500%, 12/01/20 | | | |
| 20 | | Alaska State, Sport Fishing Revenue Bonds, Refunding Series 2011, 5.000%, 4/01/21 | 5/20 at 100.00 | A1 | 20,061 |
| 170 | | Total Alaska | | | 170,250 |
| | | Arizona – 3.7% | | | |
| 75 | | Apache County Industrial Development Authority, Arizona, Pollution Control Revenue | 3/22 at 100.00 | A– | 75,492 |
| | | Bonds, Tucson Electric Power Company, Series 20102A, 4.500%, 3/01/30 | | | |
| 315 | | Arizona Health Facilities Authority, Hospital System Revenue Bonds, Phoenix Children’s | 2/22 at 100.00 | A1 | 333,683 |
| | | Hospital, Refunding Series 2012A, 5.000%, 2/01/27 | | | |
| | | 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 | 453,930 |
| 685 | | 5.000%, 7/01/26 | 7/22 at 100.00 | A1 | 731,155 |
| 685 | | 5.000%, 7/01/27 | 7/22 at 100.00 | A1 | 730,374 |
| 120 | | Arizona State, Certificates of Participation, Refunding Series 2019A, 5.000%, 10/01/27 | No Opt. Call | Aa2 | 149,309 |
| 600 | | Chandler Industrial Development Authority, Arizona, Industrial Development Revenue | No Opt. Call | A+ | 611,778 |
| | | Bonds, Intel Corporation Project, Series 2005, 2.400%, 12/01/35 (Mandatory Put 8/14/23) | | | |
| 60 | | Chandler Industrial Development Authority, Arizona, Industrial Development Revenue | No Opt. Call | A+ | 61,328 |
| | | Bonds, Intel Corporation Project, Series 2007, 2.700%, 12/01/37 (Mandatory Put 8/14/23) (AMT) | | | |
| 375 | | Chandler Industrial Development Authority, Arizona, Industrial Development Revenue | No Opt. Call | A+ | 415,815 |
| | | Bonds, Intel Corporation Project, Series 2019, 5.000%, 6/01/49 (Mandatory Put 6/03/24) (AMT) | | | |
| 115 | | Pima County Industrial Development Authority, Arizona, Revenue Bonds, Tucson Electric | 3/23 at 100.00 | A– | 115,946 |
| | | 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: | | | |
| 245 | | 5.000%, 12/01/32 | No Opt. Call | A3 | 285,369 |
| 730 | | 5.000%, 12/01/37 | No Opt. Call | A3 | 860,904 |
| 4,430 | | Total Arizona | | | 4,825,083 |
15
| | |
| NIM | Nuveen Select Maturities Municipal Fund Portfolio of Investments (continued) March 31, 2020 |
| | | | | | |
| 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 | $ 540,729 |
| | | Company Project, Series 2013, 2.375%, 1/01/21 | | | |
| | | California – 8.1% | | | |
| 100 | | Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, | 10/25 at 100.00 | AA | 106,751 |
| | | 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 | 423,532 |
| | | Series 2017, 3.750%, 2/01/32 | | | |
| 125 | | California Health Facilities Financing Authority, Revenue Bonds, Providence Saint Joseph | No Opt. Call | AA– | 142,670 |
| | | Health, Term Rate Series 2019C, 5.000%, 10/01/39 (Mandatory Put 10/01/25) | | | |
| 140 | | California Housing Finance Agency, Municipal Certificate Revenue Bonds, Class A Series | No Opt. Call | BBB+ | 148,212 |
| | | 2019-2, 4.000%, 3/20/33 | | | |
| 275 | | California Municipal Finance Authority, Charter School Revenue Bonds, Palmdale Aerospace | 7/26 at 100.00 | BB | 285,736 |
| | | 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 | 1,044,597 |
| | | Series 2018A, 3.250%, 12/31/32 – AGM Insured (AMT) | | | |
| 285 | | California Municipal Finance Authority, Solid Waste Disposal Revenue Bonds, Waste | No Opt. Call | N/R | 284,923 |
| | | 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, Waste | No Opt. Call | N/R | 108,124 |
| | | 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– | 301,672 |
| | | 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– | 209,768 |
| | | Waste Management, Inc. Project, Refunding Series 2015B-1, 3.000%, 11/01/25 (AMT) | | | |
| 470 | | California State, General Obligation Bonds, Various Purpose Series 2010, 5.500%, 3/01/40 | 5/20 at 100.00 | Aa2 | 471,321 |
| 150 | | California Statewide Communities Development Authority, California, Revenue Bonds, Loma | 12/24 at 100.00 | BB | 168,903 |
| | | 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 | 833,377 |
| 30 | | 5.000%, 12/01/33, 144A | 6/28 at 100.00 | BB | 33,775 |
| 250 | | Delano, California, Certificates of Participation, Delano Regional Medical Center, | 1/23 at 100.00 | BBB (4) | 276,095 |
| | | Series 2012, 5.000%, 1/01/24 (Pre-refunded 1/01/23) | | | |
| 205 | | Golden State Tobacco Securitization Corporation, California, Tobacco Settlement | 6/22 at 100.00 | BB– | 201,238 |
| | | 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 | 108,305 |
| | | Hills Improvement Area A & C, Series 2014C, 5.000%, 9/01/32 | | | |
| 245 | | Lake Elsinore Redevelopment Agency, California, Special Tax Bonds, Community Facilities | 4/20 at 100.00 | AA | 245,630 |
| | | 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 | 1,102,780 |
| | | Obligation Bonds, Election of 2008, Series 2013A, 0.000%, 8/01/28 (5) | | | |
| 2,000 | | Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A, 0.000%, | No Opt. Call | AA | 1,826,360 |
| | | 8/01/25 – AGC Insured | | | |
| 35 | | Riverside County Transportation Commission, California, Toll Revenue Senior Lien Bonds, | 6/23 at 100.00 | A | 37,675 |
| | | Series 2013A, 5.750%, 6/01/44 | | | |
| 80 | | San Diego Association of Governments, California, Capital Grants Receipts Revenue Bonds, | 11/26 at 100.00 | A– | 80,446 |
| | | Mid-Coast Corridor Transit Project, Green Series 2019B, 1.800%, 11/15/27 | | | |
| 2,000 | | San Diego Community College District, California, General Obligation Bonds, Refunding | No Opt. Call | AAA | 1,369,480 |
| | | 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– | 451,732 |
| | | 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 | 250,604 |
| | | 2015A, 5.000%, 7/01/25 | | | |
| 10,860 | | Total California | | | 10,513,706 |
16
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | Colorado – 2.3% | | | |
| $ 750 | | Colorado Bridge Enterprise, Revenue Bonds, Central 70 Project, Senior Series 2017, | 12/27 at 100.00 | A– | $ 851,175 |
| | | 4.000%, 6/30/30 (AMT) | | | |
| 250 | | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health | No Opt. Call | BBB+ | 262,847 |
| | | Initiatives, Series 2008D-3, 5.000%, 10/01/38 (Mandatory Put 11/12/21) | | | |
| 150 | | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health | 2/21 at 100.00 | BBB+ (4) | 154,307 |
| | | Initiatives, Series 2011A, 5.250%, 2/01/31 (Pre-refunded 2/01/21) | | | |
| 100 | | Denver Urban Renewal Authority, Colorado, Tax Increment Revenue Bonds, 9th and Colorado | 12/23 at 103.00 | N/R | 94,486 |
| | | Urban Redevelopment 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 | 235,569 |
| 250 | | 0.000%, 9/01/33 – NPFG Insured | No Opt. Call | A | 170,672 |
| 1,000 | | E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004B, 0.000%, | 9/20 at 41.72 | A | 412,500 |
| | | 3/01/36 – NPFG Insured | | | |
| 500 | | Plaza Metropolitan District 1, Lakewood, Colorado, Tax Increment Revenue Bonds, | No Opt. Call | N/R | 504,955 |
| | | 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 | Baa3 | 216,316 |
| | | 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 | 96,679 |
| | | Series 2017A-1, 3.500%, 12/01/27 | | | |
| 3,615 | | Total Colorado | | | 2,999,506 |
| | | Connecticut – 1.0% | | | |
| 445 | | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Hartford | 1/30 at 100.00 | A+ | 500,251 |
| | | HealthCare Issue, Series 2020A, 4.000%, 7/01/37 | | | |
| 150 | | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Yale-New Haven | 1/24 at 100.00 | AA– | 150,282 |
| | | Health Issue, Series 2014D, 1.800%, 7/01/49 (Mandatory Put 7/01/24) | | | |
| 325 | | Connecticut State, General Obligation Bonds, Refunding Series 2012C, 5.000%, 6/01/22 | No Opt. Call | A1 | 348,927 |
| 110 | | Connecticut State, General Obligation Bonds, Refunding Series 2016G, 5.000%, 11/01/20 | No Opt. Call | A1 | 112,235 |
| 25 | | Connecticut State, General Obligation Bonds, Refunding Series 2018C, 5.000%, 6/15/22 | No Opt. Call | A1 | 26,872 |
| 90 | | Connecticut State, General Obligation Bonds, Series 2013C, 5.000%, 7/15/22 | No Opt. Call | A1 | 96,983 |
| 20 | | Connecticut State, General Obligation Bonds, Series 2019A, 5.000%, 4/15/23 | No Opt. Call | A1 | 22,019 |
| 1,165 | | Total Connecticut | | | 1,257,569 |
| | | Delaware – 0.2% | | | |
| 170 | | Delaware Health Facilities Authority, Revenue Bonds, Nanticoke Memorial Hospital, Series | 7/23 at 100.00 | BBB+ | 185,292 |
| | | 2013, 5.000%, 7/01/28 | | | |
| | | District of Columbia – 0.7% | | | |
| 120 | | District of Columbia Student Dormitory Revenue Bonds, Provident Group – Howard | 10/22 at 100.00 | BB+ | 122,054 |
| | | Properties LLC Issue, Series 2013, 5.000%, 10/01/30 | | | |
| 705 | | District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed | No Opt. Call | A– | 735,985 |
| | | Bonds, Series 2001, 6.500%, 5/15/33 | | | |
| 825 | | Total District of Columbia | | | 858,039 |
| | | Florida – 3.6% | | | |
| 80 | | Alachua County Health Facilities Authority, Florida, Health Facilities Revenue Bonds, | 6/26 at 100.00 | A | 95,772 |
| | | Shands Teaching Hospital & Clinics, Inc. at the University of Florida Project, Refunding | | | |
| | | Series 2019B-2, 5.000%, 12/01/37 (Mandatory Put 12/01/26) | | | |
| 275 | | Cape Coral, Florida, Utility Improvement Assessment Bonds, Refunding Various Areas | No Opt. Call | AA | 298,963 |
| | | 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 | 585,281 |
| 390 | | 5.000%, 6/01/25 | 12/24 at 100.00 | AA | 446,113 |
17
| | |
| NIM | Nuveen Select Maturities Municipal Fund Portfolio of Investments (continued) March 31, 2020 |
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | Florida (continued) | | | |
| $ 455 | | Citizens Property Insurance Corporation, Florida, Personal and Commercial Lines Account | No Opt. Call | AA | $ 457,807 |
| | | Bonds, Senior Secured Series 2012A-1, 5.000%, 6/01/20 | | | |
| | | Collier County Educational Facilities Authority, Florida, Revenue Bonds, Hodges | | | |
| | | University, Refunding Series 2013: | | | |
| 55 | | 4.750%, 11/01/23 | No Opt. Call | BB+ | 55,341 |
| 370 | | 6.000%, 11/01/33 | 11/23 at 100.00 | BB+ | 382,040 |
| | | Florida Development Finance Corporation, Florida, Surface Transportation Facility | | | |
| | | Revenue Bonds, Virgin Trains USA Passenger Rail Project , Series 2019A: | | | |
| 665 | | 6.375%, 1/01/49 (AMT) (Mandatory Put 1/01/26), 144A | 6/20 at 105.00 | N/R | 589,503 |
| 660 | | 6.500%, 1/01/49 (AMT) (Mandatory Put 1/01/29), 144A | 6/20 at 105.00 | N/R | 583,658 |
| 135 | | Florida Housing Finance Corporation, Homeowner Mortgage Revenue Bonds, Series 2018-2, | 1/28 at 100.00 | Aaa | 150,169 |
| | | 3.750%, 7/01/33 | | | |
| 170 | | North Sumter County Utility Dependent District, Florida, Utility Revenue Bonds, Series | No Opt. Call | AA– | 173,116 |
| | | 2010, 5.000%, 10/01/20 | | | |
| 90 | | Palm Beach County Health Facilities Authority, Florida, Hospital Revenue Bonds, BRCH | 12/24 at 100.00 | N/R (4) | 103,217 |
| | | Corporation Obligated Group, Refunding Series 2014, 5.000%, 12/01/31 (Pre-refunded 12/01/24) | | | |
| | | 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+ | 174,272 |
| 350 | | 5.000%, 9/01/23 | 9/22 at 100.00 | A+ | 379,218 |
| 185 | | 5.000%, 9/01/25 | 9/22 at 100.00 | A+ | 198,401 |
| 4,595 | | Total Florida | | | 4,672,871 |
| | | Georgia – 1.3% | | | |
| 110 | | Cherokee County Water and Sewerage Authority, Georgia, Revenue Bonds, Series 1995, | 8/22 at 100.00 | N/R (4) | 115,115 |
| | | 5.200%, 8/01/25 – NPFG Insured (Pre-refunded 8/01/22) | | | |
| 370 | | Georgia Housing and Finance Authority, Single Family Mortgage Bonds, Series 2018B, | 12/27 at 100.00 | AAA | 383,157 |
| | | 3.800%, 12/01/33 | | | |
| 265 | | Main Street Natural Gas Inc., Georgia, Gas Supply Revenue Bonds, Series 2019B, 4.000%, | 9/24 at 100.43 | Aa1 | 283,002 |
| | | 8/01/49 (Mandatory Put 12/02/24) | | | |
| 900 | | Private Colleges and Universities Authority, Georgia, Revenue Bonds, Mercer University, | 10/22 at 100.00 | Baa1 | 952,425 |
| | | Refunding Series 2012C, 5.250%, 10/01/23 | | | |
| 1,645 | | Total Georgia | | | 1,733,699 |
| | | Guam – 0.2% | | | |
| 140 | | Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series | 7/23 at 100.00 | A– | 142,514 |
| | | 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+ | 157,124 |
| 290 | | Total Guam | | | 299,638 |
| | | Hawaii – 1.4% | | | |
| 200 | | Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific | 7/23 at 100.00 | BB | 206,120 |
| | | 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– | 1,017,380 |
| | | 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– | 23,363 |
| | | Systems, Series 2015A, 5.000%, 7/01/29 | | | |
| 510 | | HAWAIIAN ELECTRIC COMPANY INC and Its Subsidiaries, Special Purpose Revenue Bonds, | No Opt. Call | A– | 523,698 |
| | | Department of Budget and Finance of the State of Hawaii, Series 2015, 3.250%, 1/01/25 (AMT) | | | |
| 1,730 | | Total Hawaii | | | 1,770,561 |
| | | Idaho – 0.4% | | | |
| 475 | | Nez Perce County, Idaho, Pollution Control Revenue Bonds, Potlatch Corporation Project, | No Opt. Call | BBB– | 457,990 |
| | | Refunding Series 2016, 2.750%, 10/01/24 | | | |
18
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | Illinois – 14.3% | | | |
| | | Cary, Illinois, Special Tax Bonds, Special Service Area 1, Refunding Series 2016: | | | |
| $ 10 | | 2.150%, 3/01/23 – BAM Insured | No Opt. Call | AA | $ 10,157 |
| 10 | | 2.350%, 3/01/24 – BAM Insured | No Opt. Call | AA | 10,232 |
| 25 | | 2.700%, 3/01/26 – BAM Insured | 3/25 at 100.00 | AA | 25,849 |
| 25 | | 2.900%, 3/01/28 – BAM Insured | 3/25 at 100.00 | AA | 25,972 |
| 65 | | 3.050%, 3/01/30 – BAM Insured | 3/25 at 100.00 | AA | 67,719 |
| | | Cary, Illinois, Special Tax Bonds, Special Service Area 2, Refunding Series 2016: | | | |
| 15 | | 2.150%, 3/01/23 – BAM Insured | No Opt. Call | AA | 15,235 |
| 15 | | 2.350%, 3/01/24 – BAM Insured | No Opt. Call | AA | 15,348 |
| 25 | | 2.700%, 3/01/26 – BAM Insured | 3/25 at 100.00 | AA | 25,849 |
| 35 | | 2.900%, 3/01/28 – BAM Insured | 3/25 at 100.00 | AA | 36,361 |
| 40 | | 3.050%, 3/01/30 – BAM Insured | 3/25 at 100.00 | AA | 41,597 |
| 1,215 | | Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, | 4/27 at 100.00 | A | 1,292,140 |
| | | Series 2016, 6.000%, 4/01/46 | | | |
| 750 | | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, | 12/27 at 100.00 | BB– | 827,122 |
| | | 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 | 296,621 |
| | | Refunding Series 2017C, 5.000%, 12/01/30 | | | |
| 200 | | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, | 12/27 at 100.00 | BB | 204,170 |
| | | Refunding Series 2017D, 5.000%, 12/01/31 | | | |
| 255 | | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, | No Opt. Call | BB | 253,802 |
| | | Refunding Series 2018A, 4.000%, 12/01/21 | | | |
| 300 | | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, | No Opt. Call | BB | 307,041 |
| | | 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 | 330,345 |
| | | Lien Refunding Series 2015A, 5.000%, 1/01/33 (AMT) | | | |
| | | Chicago, Illinois, General Obligation Bonds, Refunding Series 2016C: | | | |
| 60 | | 5.000%, 1/01/23 (ETM) | No Opt. Call | N/R (4) | 66,160 |
| 140 | | 5.000%, 1/01/23 | No Opt. Call | AA– | 142,533 |
| 225 | | 5.000%, 1/01/24 | No Opt. Call | BBB+ | 230,218 |
| 190 | | 5.000%, 1/01/25 | No Opt. Call | BBB+ | 195,343 |
| 180 | | 5.000%, 1/01/26 | No Opt. Call | BBB+ | 185,857 |
| 325 | | Cook County, Illinois, General Obligation Bonds, Refunding Series 2012C, | No Opt. Call | A+ | 330,775 |
| | | 5.000%, 11/15/21 | | | |
| 185 | | Cook County, Illinois, General Obligation Bonds, Refunding Series 2016A, | No Opt. Call | A+ | 186,894 |
| | | 5.000%, 11/15/20 | | | |
| 590 | | Huntley, Illinois, Special Tax Bonds, Special Service Area 10, Refunding Series 2017, | 3/26 at 100.00 | AA | 624,674 |
| | | 3.300%, 3/01/28 – BAM Insured | | | |
| 625 | | Illinois Finance Authority, Gas Supply Refunding Revenue Bonds, The Peoples Gas Light | No Opt. Call | Aa3 | 625,719 |
| | | and Coke Company Project, Series 2010B, 1.875%, 2/01/33 (Mandatory Put 8/01/20) | | | |
| 215 | | Illinois Finance Authority, Revenue Bonds, Advocate Health Care Network, Refunding | No Opt. Call | AA | 247,289 |
| | | Series 2008A-2, 4.000%, 11/01/30 | | | |
| 1,850 | | Illinois Finance Authority, Revenue Bonds, Ascension Health/fkaPresence Health Network, | No Opt. Call | AA+ | 1,963,386 |
| | | Series 2016C, 4.000%, 2/15/24 | | | |
| 455 | | Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2012, | 9/22 at 100.00 | AA+ | 494,926 |
| | | 5.000%, 9/01/27 | | | |
| 560 | | Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2014A, | 9/24 at 100.00 | AA+ | 614,074 |
| | | 4.625%, 9/01/39 | | | |
| | | Illinois State, General Obligation Bonds, February Series 2014: | | | |
| 370 | | 5.000%, 2/01/25 | 2/24 at 100.00 | BBB | 385,059 |
| 325 | | 5.000%, 2/01/26 | 2/24 at 100.00 | BBB | 336,674 |
| 100 | | Illinois State, General Obligation Bonds, November Series 2017D, 5.000%, 11/01/28 | 11/27 at 100.00 | BBB | 103,939 |
19
| | |
| NIM | Nuveen Select Maturities Municipal Fund Portfolio of Investments (continued) March 31, 2020 |
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | Illinois (continued) | | | |
| | | Illinois State, General Obligation Bonds, Refunding Series 2012: | | | |
| $ 390 | | 5.000%, 8/01/20 | No Opt. Call | BBB | $ 391,759 |
| 335 | | 5.000%, 8/01/21 | No Opt. Call | BBB | 341,067 |
| 1,000 | | 5.000%, 8/01/22 | No Opt. Call | BBB | 1,027,960 |
| 320 | | 5.000%, 8/01/23 | No Opt. Call | BBB | 332,240 |
| | | Illinois State, General Obligation Bonds, Series 2013: | | | |
| 280 | | 5.500%, 7/01/25 | 7/23 at 100.00 | BBB | 293,885 |
| 240 | | 5.500%, 7/01/26 | 7/23 at 100.00 | BBB | 250,896 |
| 480 | | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Refunding Senior Lien | 1/26 at 100.00 | AA– | 557,645 |
| | | Series 2016A, 5.000%, 12/01/31 | | | |
| 450 | | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Refunding Senior Lien | No Opt. Call | AA– | 526,792 |
| | | Series 2018A, 5.000%, 1/01/26 | | | |
| 455 | | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2015B, | 1/26 at 100.00 | AA– | 523,801 |
| | | 5.000%, 1/01/37 | | | |
| | | North Barrington, Lake County, Illinois, Special Tax Bonds, Special Service Area 19, | | | |
| | | Refunding Series 2019: | | | |
| 365 | | 4.000%, 2/01/28 – BAM Insured | No Opt. Call | AA | 417,651 |
| 200 | | 4.000%, 2/01/29 – BAM Insured | 2/28 at 100.00 | AA | 227,696 |
| 395 | | 4.000%, 2/01/30 – BAM Insured | 2/28 at 100.00 | AA | 448,159 |
| 1,025 | | Railsplitter Tobacco Settlement Authority, Illinois, Tobacco Settlement Revenue Bonds, | No Opt. Call | A | 1,068,368 |
| | | Series 2010, 5.250%, 6/01/21 | | | |
| 255 | | Railsplitter Tobacco Settlement Authority, Illinois, Tobacco Settlement Revenue Bonds, | No Opt. Call | A | 296,626 |
| | | Series 2017, 5.000%, 6/01/25 | | | |
| | | 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 (4) | 60,394 |
| 95 | | 7.250%, 11/01/36 (Pre-refunded 11/01/23) | 11/23 at 100.00 | N/R (4) | 114,749 |
| 200 | | 7.625%, 11/01/48 (Pre-refunded 11/01/23) | 11/23 at 100.00 | N/R (4) | 244,192 |
| | | Springfield, Illinois, Electric Revenue Bonds, Senior Lien Series 2015: | | | |
| 245 | | 5.000%, 3/01/33 | 3/25 at 100.00 | A | 279,878 |
| 145 | | 5.000%, 3/01/34 – AGM Insured | 3/25 at 100.00 | AA | 165,496 |
| 500 | | Sterling, Whiteside County, Illinois, General Obligation Bonds, Alternate Revenue | No Opt. Call | A+ | 532,645 |
| | | Source, Series 2012, 4.000%, 11/01/22 | | | |
| 17,395 | | Total Illinois | | | 18,620,979 |
| | | Indiana – 1.1% | | | |
| 60 | | Indiana Finance Authority, Educational Facilities Revenue Bonds, Drexel Foundation For | 5/20 at 100.00 | B | 60,031 |
| | | Educational Excellence, Inc., Series 2009A, 6.000%, 10/01/21 | | | |
| 60 | | Indiana Housing and Community Development Authority, Single Family Mortgage Revenue | 7/29 at 100.00 | Aaa | 60,072 |
| | | Bonds, Series 2020A, 2.750%, 7/01/40 | | | |
| 140 | | Indianapolis, Indiana, Thermal Energy System Revenue Bonds, Refunding First Lien Series | 10/24 at 100.00 | A+ | 161,056 |
| | | 2014A, 5.000%, 10/01/31 | | | |
| 250 | | Lake County Building Corporation, Indiana, First Mortgage Bonds, Series 2012, | No Opt. Call | N/R | 257,120 |
| | | 4.750%, 2/01/21 | | | |
| 250 | | Vanderburgh County, Indiana, Redevelopment District Tax Increment Revenue bonds, | 8/24 at 100.00 | A | 286,385 |
| | | Refunding Series 2014, 5.000%, 2/01/29 | | | |
| 600 | | Whiting, Indiana, Environmental Facilities Revenue Bonds, BP Products North America Inc. | No Opt. Call | A1 | 627,894 |
| | | Project, Series 2015, 5.000%, 11/01/45 (Mandatory Put 11/01/22) (AMT) | | | |
| 1,360 | | Total Indiana | | | 1,452,558 |
| | | Iowa – 0.9% | | | |
| 500 | | Ames, Iowa, Hospital Revenue Bonds, Mary Greeley Medical Center, Series 2011, 5.250%, | 6/20 at 100.00 | A2 (4) | 503,755 |
| | | 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 | BB– | 75,102 |
| | | Company Project, Refunding Series 2019, 3.125%, 12/01/22 | | | |
20
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | Iowa (continued) | | | |
| $ 200 | | Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer | 12/23 at 100.00 | BB– | $ 204,730 |
| | | Company Project, Series 2013, 5.250%, 12/01/25 | | | |
| 185 | | Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer | 4/20 at 104.00 | BB– | 187,013 |
| | | 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 | BB– | 224,407 |
| | | Company Project, Series 2018A, 5.250%, 12/01/50 (Mandatory Put 12/01/33) | | | |
| 1,185 | | Total Iowa | | | 1,195,007 |
| | | Kansas – 0.2% | | | |
| 100 | | Wyandotte County/Kansas City Unified Government, Kansas, Utility System Revenue Bonds, | 9/22 at 100.00 | A | 108,162 |
| | | Improvement Series 2012B, 5.000%, 9/01/37 | | | |
| 105 | | Wyandotte County/Kansas City Unified Government, Kansas, Utility System Revenue Bonds, | No Opt. Call | A | 114,287 |
| | | Refunding & Improvement Series 2014A, 5.000%, 9/01/22 | | | |
| 205 | | Total Kansas | | | 222,449 |
| | | Kentucky – 1.5% | | | |
| 30 | | Ashland, Kentucky, Medical Center Revenue Bonds, Ashland Hospital Corporation d/b/a | 2/30 at 100.00 | BBB– | 32,469 |
| | | King’s Daughters Medical Center Project, Refunding Series 2019, 4.000%, 2/01/36 | | | |
| 550 | | Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Owensboro | 6/27 at 100.00 | Baa3 | 628,210 |
| | | 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 | 353,729 |
| | | Lease Revenue Bonds, Eastern State Hospital Project, Series 2011A, 5.250%, 6/01/29 | | | |
| 155 | | Louisville-Jefferson County Metropolitan Government, Kentucky, Environmental Facilities | No Opt. Call | A1 | 155,070 |
| | | Revenue, Louisville Gas & Electric Company Project, Refunding Series 2007A, 1.650%, 6/01/33 | | | |
| | | (Mandatory Put 6/01/21) | | | |
| 225 | | Public Energy Authority of Kentucky, Gas Supply Revenue Bonds, Series 2018A, 4.000%, | 1/24 at 100.37 | A3 | 232,695 |
| | | 4/01/48 (Mandatory Put 4/01/24) | | | |
| 285 | | Public Energy Authority of Kentucky, Gas Supply Revenue Bonds, Series 2018B, 4.000%, | 10/24 at 100.24 | A1 | 285,504 |
| | | 1/01/49 (Mandatory Put 1/01/25) | | | |
| 125 | | Public Energy Authority of Kentucky, Gas Supply Revenue Bonds, Series 2018C-1, 4.000%, | 3/25 at 100.19 | A | 130,254 |
| | | 12/01/49 (Mandatory Put 6/01/25) | | | |
| 100 | | Public Energy Authority of Kentucky, Gas Supply Revenue Bonds, Series 2019C-1, 4.000%, | 11/27 at 100.47 | A | 105,082 |
| | | 2/01/50 (Mandatory Put 2/01/28) | | | |
| 30 | | Warren County, Kentucky, Hospital Refunding Revenue Bonds, Bowling Green-Warren County | No Opt. Call | A+ | 32,214 |
| | | Community Hospital Corporation, Series 2013, 5.000%, 4/01/23 | | | |
| 1,840 | | Total Kentucky | | | 1,955,227 |
| | | Louisiana – 3.3% | | | |
| 100 | | Calcasieu Parish Memorial Hospital Service District, Louisiana, Revenue Bonds, Lake | 12/29 at 100.00 | BB+ | 116,088 |
| | | Charles Memorial Hospital, Refunding Series 2019, 5.000%, 12/01/39 | | | |
| 455 | | Jefferson Parish Hospital Service District 2, Louisiana, Hospital Revenue Bonds, East | 7/21 at 100.00 | B | 465,388 |
| | | Jefferson General Hospital, Refunding Series 2011, 6.375%, 7/01/41 | | | |
| 1,185 | | Louisiana Local Government Environmental Facilities and Community Development Authority, | 11/27 at 100.00 | Baa2 | 1,144,746 |
| | | 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 | 178,870 |
| | | 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 | 182,524 |
| | | 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 | 564,149 |
| 350 | | 5.000%, 5/15/24 | No Opt. Call | A3 | 398,625 |
| 140 | | New Orleans, Louisiana, General Obligation Bonds, Refunding Series 2015, | No Opt. Call | AA– | 166,739 |
| | | 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 | 116,410 |
21
| | |
| NIM | Nuveen Select Maturities Municipal Fund Portfolio of Investments (continued) March 31, 2020 |
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | Louisiana (continued) | | | |
| $ 590 | | Saint Charles Parish, Louisiana, Gulf Opportunity Zone Revenue Bonds, Valero Project, | No Opt. Call | BBB | $ 596,844 |
| | | Series 2010, 4.000%, 12/01/40 (Mandatory Put 6/01/22) | | | |
| 100 | | Saint John the Baptist Parish, Louisiana, Revenue Bonds, Marathon Oil Corporation | No Opt. Call | BBB | 80,666 |
| | | Project, Refunding Series 2017A-3, 2.200%, 6/01/37 (Mandatory Put 7/01/26) | | | |
| | | Shreveport, Louisiana, Water and Sewer Revenue Bonds, Junior Lien Series 2019B: | | | |
| 25 | | 5.000%, 12/01/31 – AGM Insured | 12/28 at 100.00 | AA | 31,158 |
| 150 | | 4.000%, 12/01/33 – AGM Insured | 12/28 at 100.00 | AA | 173,064 |
| 100 | | Tobacco Settlement Financing Corporation, Louisiana, Tobacco Settlement Asset-Backed | 4/20 at 100.00 | A | 100,147 |
| | | Refunding Bonds, Series 2013A, 5.500%, 5/15/29 | | | |
| 4,120 | | Total Louisiana | | | 4,315,418 |
| | | Maine – 0.0% | | | |
| 35 | | Portland, Maine, General Airport Revenue Bonds, Refunding Series 2013, 5.000%, 7/01/22 | No Opt. Call | A– | 37,623 |
| | | Maryland – 0.4% | | | |
| 335 | | Baltimore, Maryland, Convention Center Hotel Revenue Bonds, Refunding Series 2017, | 9/27 at 100.00 | BB+ | 340,554 |
| | | 5.000%, 9/01/30 | | | |
| 180 | | Maryland Community Development Administration Department of Housing and Community | 3/29 at 100.00 | Aa1 | 183,330 |
| | | Development, Residential Revenue Bonds, Series 2019C, 2.700%, 9/01/34 | | | |
| 515 | | Total Maryland | | | 523,884 |
| | | Massachusetts – 0.4% | | | |
| 200 | | Massachusetts Development Finance Agency Revenue Bonds, Lawrence General Hospital Issue, | 7/24 at 100.00 | BB | 213,940 |
| | | Series 2014A, 5.000%, 7/01/27 | | | |
| 100 | | Massachusetts Development Finance Agency Revenue Refunding Bonds, NewBridge on the | 10/22 at 105.00 | BB+ | 92,103 |
| | | 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 | 72,524 |
| | | 2018J-2, 5.000%, 7/01/33 | | | |
| 160 | | Massachusetts Housing Finance Agency, Single Family Housing Revenue Bonds, Series | 6/29 at 100.00 | AA+ | 162,283 |
| | | 2019-214, 2.800%, 12/01/39 | | | |
| 520 | | Total Massachusetts | | | 540,850 |
| | | Michigan – 1.4% | | | |
| 400 | | Detroit Downtown Development Authority, Michigan, Tax Increment Refunding Bonds, | No Opt. Call | BB+ | 333,800 |
| | | 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+ | 189,601 |
| | | 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+ | 172,239 |
| | | 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 | 54,420 |
| | | 3.800%, 10/01/38 | | | |
| 230 | | Michigan Housing Development Authority, Single Family Mortgage Revenue Bonds, Series | 12/28 at 100.00 | AA+ | 234,828 |
| | | 2019B, 2.700%, 12/01/34 | | | |
| 705 | | Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne | 12/25 at 100.00 | A1 | 791,475 |
| | | County Airport, Refunding Series 2015F, 5.000%, 12/01/33 (AMT) | | | |
| 1,685 | | Total Michigan | | | 1,776,363 |
| | | Minnesota – 0.2% | | | |
| 194 | | Minnesota Housing Finance Agency, Homeownership Finance Bonds, Mortgage-Backed | 7/26 at 100.00 | Aaa | 200,429 |
| | | Securities Program, Series 2017E, 2.850%, 6/01/47 | | | |
| | | Mississippi – 0.5% | | | |
| 130 | | Mississippi Business Finance Corporation, Pollution Control Revenue, Mississippi Power, | 3/24 at 100.00 | A– | 132,733 |
| | | Series 2002, 3.200%, 9/01/28 | | | |
| 175 | | Mississippi Business Finance Corporation, Revenue Bonds, Mississippi Power Company | No Opt. Call | A– | 176,764 |
| | | Project, First Series 2010, 2.750%, 12/01/40 (Mandatory Put 12/09/21) | | | |
22
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | Mississippi (continued) | | | |
| $ 265 | | Mississippi Business Finance Corporation, Revenue Bonds, System Energy Resources, Inc. | 4/21 at 100.00 | BBB+ | $ 265,363 |
| | | Project, Refunding Series 2019, 2.500%, 4/01/22 | | | |
| 570 | | Total Mississippi | | | 574,860 |
| | | Missouri – 0.2% | | | |
| 100 | | Branson Industrial Development Authority, Missouri, Tax Increment Revenue Bonds, Branson | 11/25 at 100.00 | N/R | 97,065 |
| | | 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 | 105,606 |
| | | 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 | 30,292 |
| | | Bonds, Saint Louis College of Pharmacy, Series 2015B, 4.000%, 5/01/32 | | | |
| 35 | | St Louis County, Missouri, GNMA Collateralized Mortgage Revenue Bonds, Series 1989A, | 7/20 at 100.00 | AA+ (4) | 35,578 |
| | | 8.125%, 8/01/20 (Pre-refunded 7/01/20) (AMT) | | | |
| 265 | | Total Missouri | | | 268,541 |
| | | Montana – 0.4% | | | |
| 260 | | Billings, Montana, Tax Increment Urban Renewal Revenue Bonds, Expanded North 27th | 1/23 at 100.00 | N/R | 263,440 |
| | | Street, Series 2013A, 5.000%, 7/01/33 | | | |
| 300 | | Forsyth, Montana Pollution Control Revenue Bonds, Portland General Electric Company | 3/30 at 102.00 | A1 | 302,067 |
| | | Project, Refunding Series 1998A, 2.125%, 5/01/33 | | | |
| 560 | | Total Montana | | | 565,507 |
| | | Nebraska – 0.2% | | | |
| 100 | | Central Plains Energy Project, Nebraska, Gas Project 4 Revenue Bonds, Series 2018A, | 10/23 at 100.43 | A | 106,467 |
| | | 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– | 106,420 |
| | | Schools Series 2012, 4.000%, 6/15/23 | | | |
| 100 | | Nebraska Investment Finance Authority, Single Family Housing Revenue Bonds, Series | 3/29 at 100.00 | AA+ | 101,054 |
| | | 2019D, 2.600%, 9/01/34 | | | |
| 300 | | Total Nebraska | | | 313,941 |
| | | Nevada – 1.0% | | | |
| 200 | | Clark County, Nevada, General Obligation Bonds, Refunding Flood Control Series 2014, | 11/24 at 100.00 | AA+ | 218,984 |
| | | 4.000%, 11/01/33 | | | |
| 45 | | Las Vegas, Nevada, Local Improvement Bonds, Special Improvement District 607 Providence, | No Opt. Call | N/R | 46,110 |
| | | Refunding Series 2013, 5.000%, 6/01/22 | | | |
| 65 | | Sparks, Nevada, Sales Tax Revenue Bonds, Tourism Improvement District 1 Legends at | No Opt. Call | Ba2 | 60,663 |
| | | Sparks Marina, Refunding Senior Series 2019A, 2.750%, 6/15/28, 144A | | | |
| 200 | | Washoe County, Nevada, Gas and Water Facilities Revenue Bonds, Sierra Pacific Power | No Opt. Call | A2 | 205,466 |
| | | 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 | 811,750 |
| | | Authority, Refunding Series 2011, 5.000%, 7/01/23 | | | |
| 1,285 | | Total Nevada | | | 1,342,973 |
| | | New Hampshire – 0.3% | | | |
| 259 | | National Finance Authority, New Hampshire, Municipal Certificates Series 2020-1 Class A, | No Opt. Call | BBB | 274,721 |
| | | 4.125%, 1/20/34 | | | |
| 105 | | New Hampshire Business Finance Authority, Water Facility Revenue Bonds, Pennichuck Water | 1/26 at 100.00 | A+ | 112,902 |
| | | Works Inc. Project , Series 2015A, 4.250%, 1/01/36 (AMT) | | | |
| 364 | | Total New Hampshire | | | 387,623 |
| | | New Jersey – 8.2% | | | |
| 510 | | Camden County Improvement Authority, New Jersey, Health Care Redevelopment Revenue | 2/24 at 100.00 | BBB+ | 548,592 |
| | | Bonds, Cooper Health System Obligated Group Issue, Refunding Series 2014A, 5.000%, 2/15/30 | | | |
| 280 | | Gloucester County Pollution Control Financing Authority, New Jersey, Pollution Control | No Opt. Call | BBB– | 290,609 |
| | | Revenue Bonds, Logan Project, Refunding Series 2014A, 5.000%, 12/01/24 (AMT) | | | |
23
| | |
| NIM | Nuveen Select Maturities Municipal Fund Portfolio of Investments (continued) March 31, 2020 |
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | New Jersey (continued) | | | |
| | | New Jersey Economic Development Authority, Cigarette Tax Revenue Refunding Bonds, | | | |
| | | Series 2012: | | | |
| $ 280 | | 5.000%, 6/15/20 | No Opt. Call | BBB+ | $ 281,750 |
| 150 | | 5.000%, 6/15/21 | No Opt. Call | BBB+ | 155,360 |
| 370 | | 5.000%, 6/15/22 | No Opt. Call | BBB+ | 393,140 |
| 375 | | 5.000%, 6/15/23 | 6/22 at 100.00 | BBB+ | 397,496 |
| 210 | | 5.000%, 6/15/24 | 6/22 at 100.00 | BBB+ | 222,287 |
| 510 | | 5.000%, 6/15/25 | 6/22 at 100.00 | BBB+ | 539,315 |
| 150 | | 5.000%, 6/15/26 | 6/22 at 100.00 | BBB+ | 158,374 |
| 125 | | 4.250%, 6/15/27 | 6/22 at 100.00 | BBB+ | 129,580 |
| 300 | | 5.000%, 6/15/28 | 6/22 at 100.00 | BBB+ | 316,191 |
| 220 | | New Jersey Economic Development Authority, Private Activity Bonds, The Goethals Bridge | 1/24 at 100.00 | A2 | 232,276 |
| | | 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– | 1,074,290 |
| | | 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 | 1,181,823 |
| | | 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– | 803,738 |
| | | Appreciation Series 2010A, 0.000%, 12/15/33 | | | |
| 1,590 | | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series | No Opt. Call | A– | 1,687,896 |
| | | 2010D, 5.000%, 12/15/23 | | | |
| 170 | | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series | 6/22 at 100.00 | A– | 172,502 |
| | | 2012A, 5.000%, 6/15/42 | | | |
| 170 | | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series | 12/28 at 100.00 | A– | 169,735 |
| | | 2019AA, 3.750%, 6/15/33 | | | |
| 245 | | Salem County Pollution Control Financing Authority, New Jersey, Pollution Control | No Opt. Call | BBB | 256,456 |
| | | 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 | 254,612 |
| | | Series 2012Q, 3.000%, 1/01/22 | | | |
| | | Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed | | | |
| | | Bonds, Series 2018A: | | | |
| 670 | | 5.000%, 6/01/29 | 6/28 at 100.00 | A | 752,752 |
| 100 | | 5.000%, 6/01/31 | 6/28 at 100.00 | A– | 110,500 |
| 465 | | Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed | No Opt. Call | BBB | 462,917 |
| | | Bonds, Series 2018B, 3.200%, 6/01/27 | | | |
| 10,515 | | Total New Jersey | | | 10,592,191 |
| | | New Mexico – 0.3% | | | |
| 60 | | New Mexico Mortgage Finance Authority, Single Family Mortgage Program Bonds, Class 1 | 1/29 at 100.00 | Aaa | 62,078 |
| | | Series 2019D, 2.800%, 7/01/34 | | | |
| 335 | | New Mexico Municipal Energy Acquisition Authority, Gas Supply Revenue Bonds, Refunding & | 2/25 at 100.73 | Aa2 | 365,314 |
| | | Acquisition Sub-Series 2019A, 5.000%, 11/01/39 (Mandatory Put 5/01/25) | | | |
| 395 | | Total New Mexico | | | 427,392 |
| | | New York – 4.3% | | | |
| | | 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+ | 233,669 |
| 195 | | 5.000%, 7/01/24 | No Opt. Call | BBB+ | 223,310 |
| 200 | | Dormitory Authority of the State of New York, Revenue Bonds, Orange Regional Medical | 6/27 at 100.00 | BBB– | 236,386 |
| | | 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 | 834,652 |
| | | Revenue Bonds, Third General Resolution, Series 2012A, 5.000%, 5/15/25 | | | |
| 165 | | Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 | 2/21 at 100.00 | Aa2 | 170,726 |
| | | Series 2011A, 5.750%, 2/15/47 | | | |
24
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | New York (continued) | | | |
| | | 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 | $ 232,927 |
| 170 | | 0.000%, 6/01/24 – AGM Insured | No Opt. Call | AA | 159,351 |
| 300 | | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Bond | No Opt. Call | N/R | 311,115 |
| | | Anticipation Note Series 2018C Subseries 2018C-2, 5.000%, 9/01/21 | | | |
| 250 | | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Bond | No Opt. Call | N/R | 262,840 |
| | | Anticipation Note Series 2019B-1, 5.000%, 5/15/22 | | | |
| 200 | | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Bond | No Opt. Call | N/R | 211,696 |
| | | Anticipation Note Series 2020A-1, 5.000%, 2/01/23 | | | |
| 60 | | Monroe County Industrial Development Corporation, New York, Revenue Bonds, Saint Ann’s | 1/26 at 103.00 | N/R | 55,658 |
| | | Community Project, Series 2019, 5.000%, 1/01/40 | | | |
| 835 | | New York State Energy Research and Development Authority, Pollution Control Revenue | No Opt. Call | A– | 835,417 |
| | | Bonds, New York State Electric and Gas Corporation, Series 2005A, 2.375%, 7/01/26 (AMT) | | | |
| 100 | | New York State Housing Finance Agency, Affordable Housing Revenue Bonds, Climate Bond | 11/27 at 100.00 | Aa2 | 108,588 |
| | | Certified/Green Bond Series 2018I, 3.625%, 11/01/33 | | | |
| 215 | | New York State Housing Finance Agency, Affordable Housing Revenue Bonds, Climate Bond | 5/28 at 100.00 | Aa2 | 216,946 |
| | | Certified/Sustainability Series 2019P, 2.600%, 11/01/34 | | | |
| 205 | | New York State Housing Finance Agency, Affordable Housing Revenue Bonds, Refunding | 5/28 at 100.00 | Aa2 | 221,072 |
| | | Series 2019C, 3.500%, 11/01/34 | | | |
| | | 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 | BBB+ | 61,030 |
| 60 | | 5.000%, 1/01/23 (AMT) | No Opt. Call | BBB+ | 61,495 |
| | | 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 | 132,149 |
| 230 | | 4.000%, 7/01/33 (AMT) | 7/24 at 100.00 | BBB | 224,749 |
| 185 | | 5.000%, 7/01/34 (AMT) | 7/24 at 100.00 | BBB | 191,351 |
| 100 | | 5.000%, 7/01/41 (AMT) | 7/24 at 100.00 | BBB | 102,238 |
| 35 | | 4.000%, 7/01/46 – AGM Insured (AMT) | 7/24 at 100.00 | AA | 35,585 |
| 500 | | 5.000%, 7/01/46 (AMT) | 7/24 at 100.00 | BBB | 507,580 |
| 5,425 | | Total New York | | | 5,630,530 |
| | | North Carolina – 1.4% | | | |
| 100 | | North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, 1998 Trust | 1/29 at 100.00 | AA+ | 100,970 |
| | | Agreement, Series 2020-43, 2.800%, 1/01/40 | | | |
| 1,325 | | North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 2015C, | 1/26 at 100.00 | A | 1,556,212 |
| | | 5.000%, 1/01/29 | | | |
| 250 | | North Carolina Turnpike Authority, Monroe Expressway Toll Revenue Bonds, Capital | 7/26 at 96.08 | BBB | 196,618 |
| | | Appreciation Series 2017C, 0.000%, 7/01/27 | | | |
| 1,675 | | Total North Carolina | | | 1,853,800 |
| | | North Dakota – 1.0% | | | |
| | | Burleigh County, North Dakota, Health Care Revenue Bonds, Saint Alexius Medical Center | | | |
| | | Project, Series 2014A: | | | |
| 200 | | 5.000%, 7/01/29 (Pre-refunded 7/01/21) | 7/21 at 100.00 | N/R (4) | 208,866 |
| 650 | | 5.000%, 7/01/31 (Pre-refunded 7/01/21) | 7/21 at 100.00 | N/R (4) | 678,815 |
| 100 | | North Dakota Housing Finance Agency, Home Mortgage Finance Program Bonds, Series 2019C, | 7/28 at 100.00 | Aa1 | 103,906 |
| | | 3.200%, 7/01/39 | | | |
| 200 | | Ward County Health Care, North Dakota, Revenue Bonds, Trinity Obligated Group, Series | No Opt. Call | BBB– | 238,598 |
| | | 2017C, 5.000%, 6/01/28 | | | |
| 1,150 | | Total North Dakota | | | 1,230,185 |
| | | Ohio – 4.5% | | | |
| 120 | | Allen County, Ohio, Hospital Facilities Revenue Bonds, Catholic Health Partners, | 5/22 at 100.00 | AA– | 127,274 |
| | | Refunding and Improvement Series 2012A, 5.000%, 5/01/33 | | | |
25
| | |
| NIM | Nuveen Select Maturities Municipal Fund Portfolio of Investments (continued) March 31, 2020 |
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | Ohio (continued) | | | |
| | | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed | | | |
| | | Revenue Bonds, Refunding Senior Lien Series 2020A-2 Class 1: | | | |
| $ 50 | | 5.000%, 6/01/30 | No Opt. Call | A– | $ 62,894 |
| 150 | | 5.000%, 6/01/31 | 6/30 at 100.00 | A– | 187,588 |
| 130 | | 5.000%, 6/01/32 | 6/30 at 100.00 | A– | 161,784 |
| 410 | | 5.000%, 6/01/35 | 6/30 at 100.00 | A– | 504,735 |
| 30 | | 4.000%, 6/01/48 | 6/30 at 100.00 | BBB+ | 32,202 |
| 100 | | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed | 6/30 at 100.00 | N/R | 88,875 |
| | | Revenue Bonds, Refunding Senior Lien Series 2020B-2 Class 2, 5.000%, 6/01/55 | | | |
| 480 | | Fairfield County, Ohio, Hospital Facilities Revenue Bonds, Fairfield Medical Center | 6/23 at 100.00 | Ba2 | 497,909 |
| | | Project, Series 2013, 5.000%, 6/15/43 | | | |
| 50 | | Lake County, Ohio, Hospital Facilities Revenue Bonds, Lake Hospital System, Inc., | 4/20 at 100.00 | A– | 50,177 |
| | | Refunding Series 2008C, 5.500%, 8/15/24 | | | |
| | | New Albany Community Authority, Ohio, Community Facilities Revenue Refunding Bonds, | | | |
| | | Series 2012C: | | | |
| 40 | | 4.000%, 10/01/20 | No Opt. Call | Aa3 | 40,576 |
| 45 | | 5.000%, 10/01/21 | No Opt. Call | Aa3 | 47,606 |
| 35 | | 5.000%, 10/01/22 | No Opt. Call | Aa3 | 38,226 |
| 45 | | Ohio Air Quality Development Authority, Ohio, Air Quality Development Revenue Bonds, | No Opt. Call | N/R | 169 |
| | | 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 | 375 |
| | | FirstEnergy Generation Corporation Project, Refunding Series 2009B, 3.100%, 3/01/23 (6) | | | |
| 425 | | Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, | No Opt. Call | N/R | 1,594 |
| | | 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 | 338 |
| | | 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 | 487 |
| | | FirstEnergy Nuclear Generation Project, Refunding Series 2006B, 3.625%, 12/01/33 (6) | | | |
| 335 | | Ohio Air Quality Development Authority, Ohio, Revenue Bonds, American Electric Power | No Opt. Call | BBB+ | 323,215 |
| | | Company Project, Refunding Series 2005A, 2.100%, 1/01/29 (Mandatory Put 10/01/24) (AMT) | | | |
| 200 | | Ohio Air Quality Development Authority, Ohio, Revenue Bonds, American Electric Power | No Opt. Call | BBB+ | 187,242 |
| | | Company Project, Refunding Series 2007A, 2.500%, 8/01/40 (Mandatory Put 10/01/29) (AMT) | | | |
| 350 | | Ohio Air Quality Development Authority, Ohio, Revenue Bonds, American Electric Power | No Opt. Call | BBB+ | 327,712 |
| | | Company Project, Refunding Series 2007B, 2.500%, 11/01/42 (Mandatory Put 10/01/29) (AMT) | | | |
| 100 | | Ohio Air Quality Development Authority, Ohio, Revenue Bonds, American Electric Power | 10/24 at 100.00 | BBB+ | 94,473 |
| | | Company Project, Refunding Series 2014B, 2.600%, 6/01/41 (Mandatory Put 10/01/29) (AMT) | | | |
| 100 | | Ohio Air Quality Development Authority, Ohio, Revenue Bonds, American Electric Power | No Opt. Call | BBB+ | 95,376 |
| | | Company Project, Refunding Series 2014D, 1.900%, 5/01/26 (Mandatory Put 10/01/24) | | | |
| 45 | | Ohio Air Quality Development Authority, Ohio, Revenue Bonds, Pratt Paper Ohio, LLC | No Opt. Call | N/R | 44,429 |
| | | Project, Series 2017, 3.750%, 1/15/28, 144A (AMT) | | | |
| 100 | | Ohio Housing Finance Agency, Residential Mortgage Revenue Bonds, Mortgage-Backed | 9/28 at 100.00 | Aaa | 104,462 |
| | | Securities Program, Series 2019B, 3.000%, 9/01/39 | | | |
| 100 | | Ohio Housing Finance Agency, Residential Mortgage Revenue Bonds, Mortgage-Backed | 3/29 at 100.00 | Aaa | 102,228 |
| | | Securities Program, Series 2020A, 2.750%, 9/01/40 | | | |
| 2,265 | | Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Projects, Junior Lien | 2/31 at 100.00 | Aa3 | 2,634,897 |
| | | Convertible Series 2013A-3, 0.000%, 2/15/34 (5) | | | |
| 120 | | Ohio Water Development Authority, Pollution Control Revenue Bonds, FirstEnergy | No Opt. Call | N/R | 450 |
| | | Generating Corporation Project, Refunding Series 2006A, 3.000%, 5/15/20 (6) | | | |
| 230 | | Ohio Water Development Authority, Pollution Control Revenue Bonds, FirstEnergy Nuclear | No Opt. Call | N/R | 862 |
| | | Generating Corporation Project, Refunding Series 2005B, 4.000%, 1/01/34 (6) | | | |
| 110 | | Ohio Water Development Authority, Pollution Control Revenue Bonds, FirstEnergy Nuclear | No Opt. Call | N/R | 413 |
| | | Generating Corporation Project, Refunding Series 2008B, 3.625%, 10/01/33 (6) | | | |
| 220 | | Ohio Water Development Authority, Pollution Control Revenue Bonds, FirstEnergy Nuclear | No Opt. Call | N/R | 825 |
| | | Generating Corporation Project, Refunding Series 2010A, 3.750%, 7/01/33 (6) | | | |
26
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | Ohio (continued) | | | |
| $ 235 | | Ohio Water Development Authority, Pollution Control Revenue Bonds, FirstEnergy Nuclear | No Opt. Call | N/R | $ 881 |
| | | Generating Corporation Project, Refunding Series 2010C, 4.000%, 6/01/33 (6) | | | |
| 110 | | Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy | No Opt. Call | N/R | 412 |
| | | Nuclear Generating Corporation Project, Series 2006B, 4.000%, 12/01/33 (6) | | | |
| 100 | | Tuscarawas County Economic Development and Finance Alliance, Ohio, Higher Education | 3/25 at 100.00 | N/R | 102,122 |
| | | Facilities Revenue Bonds, Ashland University, Refunding & Improvement Series 2015, | | | |
| | | 5.375%, 3/01/27 | | | |
| 7,150 | | Total Ohio | | | 5,862,808 |
| | | Oklahoma – 1.3% | | | |
| 70 | | Bryan County School Finance Authority, Oklahoma, Educational Facilities Lease Revenue | No Opt. Call | A | 83,935 |
| | | Bonds, Durant Public Schools Project, Refunding Series 2020, 4.000%, 12/01/28 | | | |
| 800 | | Caddo County Governmental Building Authority, Oklahoma, Sales Tax Revenue Bonds, | 9/28 at 100.00 | BBB+ | 853,296 |
| | | Refunding Series 2018, 3.625%, 9/01/33 | | | |
| 250 | | Comanche County Educational Facilities Authority, Oklahoma, Educational Facilities Lease | 12/27 at 100.00 | A | 298,480 |
| | | 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 | 246,482 |
| | | Project, Series 2018B, 5.000%, 8/15/28 | | | |
| 125 | | Weatherford Industrial Trust Educational, Oklahoma, Facilities Lease Revenue Bonds, | 3/29 at 100.00 | A– | 157,036 |
| | | Weatherford Public Schools Project, Series 2019, 5.000%, 3/01/31 | | | |
| 1,445 | | Total Oklahoma | | | 1,639,229 |
| | | Oregon – 1.0% | | | |
| 1,250 | | Beaverton School District 48J, Washington and Multnomah Counties, Oregon, General | 6/27 at 85.82 | AA+ | 911,913 |
| | | 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+ | 364,705 |
| | | Intel Corporation Project, 232 Series 2010, 2.400%, 12/01/40 (Mandatory Put 8/14/23) | | | |
| 1,610 | | Total Oregon | | | 1,276,618 |
| | | Pennsylvania – 5.2% | | | |
| 100 | | Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania, Tax Revenue | No Opt. Call | Ba3 | 104,816 |
| | | Bonds, City Center Project, Series 2018, 5.000%, 5/01/28, 144A | | | |
| 345 | | Berks County Municipal Authority, Pennsylvania, Revenue Bonds, Tower Health Project, | 8/29 at 101.50 | BBB+ | 385,113 |
| | | Series 2020B-3, 5.000%, 2/01/40 (Mandatory Put 2/01/30) | | | |
| 125 | | Commonwealth Financing Authority, Pennsylvania, State Appropriation Lease Bonds, Master | 6/28 at 100.00 | AA | 136,276 |
| | | Settlement, Series 2018, 4.000%, 6/01/39 – AGM Insured | | | |
| 200 | | Lehigh County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Bonds, | No Opt. Call | A1 | 200,854 |
| | | Pennsylvania Power and Light Company, Series 2016A, 1.800%, 9/01/29 (Mandatory Put 9/01/22) | | | |
| 455 | | Lehigh County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Bonds, | No Opt. Call | A1 | 457,994 |
| | | Pennsylvania Power and Light Company, Series 2016B, 1.800%, 2/15/27 (Mandatory Put 8/15/22) | | | |
| 175 | | Luzerne County Industrial Development Authority, Pennsylvania, Revenue Bonds, | 12/29 at 100.00 | A+ | 184,835 |
| | | Pennsylvania-American Water Company Project, Refunding Series 2019, 2.450%, 12/01/39 | | | |
| | | (Mandatory Put 12/03/29) (AMT) | | | |
| 500 | | Montgomery County Industrial Development Authority, Pennsylvania, Pollution Control | No Opt. Call | BBB+ | 501,760 |
| | | Revenue Bonds, PECO Energy Company Project, Refunding Series 1996A, 2.600%, 3/01/34 | | | |
| | | (Mandatory Put 9/01/20) | | | |
| 5 | | Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, | No Opt. Call | N/R | 19 |
| | | Shippingport Project, First Energy Guarantor, Series 2006A, 2.550%, 11/01/41 (6) | | | |
| 500 | | Pennsylvania Economic Development Financing Authority, Parking System Revenue Bonds, | 1/24 at 100.00 | AA | 571,775 |
| | | 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 | 286,283 |
| | | 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 | 254,235 |
| | | Pennsylvania Rapid Bridge Replacement Project, Series 2015, 5.000%, 12/31/25 (AMT) | | | |
| 150 | | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, LaSalle University, | 11/22 at 100.00 | BBB– | 155,061 |
| | | Series 2012, 5.000%, 5/01/42 | | | |
27
| | |
| NIM | Nuveen Select Maturities Municipal Fund Portfolio of Investments (continued) March 31, 2020 |
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | Pennsylvania (continued) | | | |
| $ 250 | | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series | 4/27 at 100.00 | AA+ | $ 271,215 |
| | | 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+ | 26,497 |
| | | 2019-128A, 3.650%, 10/01/32 (AMT) | | | |
| 100 | | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series | 10/28 at 100.00 | AA+ | 104,429 |
| | | 2019-129, 2.950%, 10/01/34 | | | |
| | | 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 (4) | 117,939 |
| 475 | | 5.500%, 12/01/34 (Pre-refunded 12/01/20) | 12/20 at 100.00 | AA– (4) | 487,141 |
| | | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Refunding Subordinate Second | | | |
| | | Series 2016B-2: | | | |
| 400 | | 5.000%, 6/01/29 | 6/26 at 100.00 | A3 | 474,868 |
| 855 | | 5.000%, 6/01/35 | 6/26 at 100.00 | A3 | 1,001,949 |
| 250 | | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Refunding Subordinate Third | 12/27 at 100.00 | A3 | 306,113 |
| | | Series 2017, 5.000%, 12/01/32 | | | |
| 190 | | Philadelphia Gas Works, Pennsylvania, Revenue Bonds, Twelfth Series 1990B, 7.000%, | No Opt. Call | N/R (4) | 191,305 |
| | | 5/15/20 – NPFG Insured (ETM) | | | |
| 65 | | Quakertown General Authority Health Facilities Revenue USDA Loan Anticipation Notes and | 4/20 at 100.00 | N/R | 63,571 |
| | | Revenue Bonds for LifeQuest Obligated Group, Pennsylvania, Series 2017A, 3.125%, 7/01/21 | | | |
| 95 | | Scranton, Lackawanna County, Pennsylvania, General Obligation Notes, Series 2016, | 5/24 at 100.00 | BB+ | 104,409 |
| | | 5.000%, 11/15/26 | | | |
| 60 | | Scranton-Lackawanna Health and Welfare Authority, Pennsylvania, University Revenue | No Opt. Call | BB+ | 56,122 |
| | | Bonds, Marywood University, Series 2016, 3.375%, 6/01/26 | | | |
| 330 | | Union County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Evangelical | No Opt. Call | A– (4) | 350,434 |
| | | Community Hospital Project, Refunding & Improvement Series 2011, 5.750%, 8/01/21 (ETM) | | | |
| 6,245 | | Total Pennsylvania | | | 6,795,013 |
| | | Puerto Rico – 1.6% | | | |
| 210 | | Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2008A, | No Opt. Call | CC | 218,925 |
| | | 6.125%, 7/01/24 | | | |
| | | Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2012A: | | | |
| 215 | | 5.250%, 7/01/24 | 7/22 at 100.00 | CC | 205,594 |
| 105 | | 4.250%, 7/01/25 | 7/22 at 100.00 | CC | 92,400 |
| 220 | | 5.000%, 7/01/33 | 7/22 at 100.00 | CC | 208,450 |
| 130 | | 5.125%, 7/01/37 | 7/22 at 100.00 | CC | 123,500 |
| | | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, | | | |
| | | Restructured 2018A-1: | | | |
| 280 | | 0.000%, 7/01/27 | No Opt. Call | N/R | 213,548 |
| 352 | | 0.000%, 7/01/29 | 7/28 at 98.64 | N/R | 244,024 |
| 581 | | 0.000%, 7/01/31 | 7/28 at 91.88 | N/R | 362,038 |
| 341 | | 0.000%, 7/01/33 | 7/28 at 86.06 | N/R | 189,115 |
| 217 | | 4.500%, 7/01/34 | 7/25 at 100.00 | N/R | 218,031 |
| 2,651 | | Total Puerto Rico | | | 2,075,625 |
| | | Rhode Island – 0.2% | | | |
| 200 | | Rhode Island Health and Educational Building Corporation, Revenue Bonds, Care New | 9/23 at 100.00 | N/R (4) | 227,312 |
| | | England Health System, Series 2013A, 5.500%, 9/01/28 (Pre-refunded 9/01/23) | | | |
| | | South Carolina – 0.1% | | | |
| 130 | | Patriots Energy Group Financing Agency, South Carolina, Gas Supply Revenue Bonds, Series | 11/23 at 100.30 | Aa2 | 134,417 |
| | | 2018A, 4.000%, 10/01/48 (Mandatory Put 2/01/24) | | | |
| | | South Dakota – 0.2% | | | |
| | | South Dakota Housing Development Authority, Homeownership Mortgage Revenue Bonds, | | | |
| | | Series 2018B: | | | |
| 50 | | 3.850%, 11/01/33 | 11/27 at 100.00 | AAA | 54,888 |
| 125 | | 4.050%, 11/01/38 | 11/27 at 100.00 | AAA | 136,923 |
| 175 | | Total South Dakota | | | 191,811 |
28
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | 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+ | $ 109,676 |
| 180 | | 5.000%, 1/01/23 | No Opt. Call | A+ | 197,089 |
| 100 | | Metropolitan Government of Nashville-Davidson County Health and Educational Facilities | No Opt. Call | N/R | 60,000 |
| | | Board, Tennessee, Revenue Bonds, Knowledge Academy Charter School, Series 2017A, 0.000%, | | | |
| | | 6/15/27, 144A (6) | | | |
| 100 | | The Tennessee Energy Acquisition Corporation, Gas Project Revenue Bonds, Series 2018, | 8/25 at 100.22 | A | 104,036 |
| | | 4.000%, 11/01/49 (Mandatory Put 11/01/25) | | | |
| 920 | | The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006C, 4.000%, | 2/23 at 100.43 | A | 942,935 |
| | | 5/01/48 (Mandatory Put 5/01/23) | | | |
| 1,405 | | Total Tennessee | | | 1,413,736 |
| | | Texas – 6.6% | | | |
| 10 | | Bexar Metropolitan Water District, Texas, Waterworks System Revenue Bonds, Refunding | 5/20 at 100.00 | AA (4) | 10,033 |
| | | Series 2010, 5.875%, 5/01/40 (Pre-refunded 5/01/20) | | | |
| 540 | | Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2011, | 1/21 at 100.00 | A– (4) | 560,417 |
| | | 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– | 1,090,610 |
| | | 5.000%, 1/01/31 | | | |
| 100 | | Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding & | No Opt. Call | A+ | 100,655 |
| | | Improvement Series 2016, 1.600%, 11/01/21, 144A (AMT) | | | |
| 205 | | Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding Series | 11/20 at 100.00 | A+ | 208,325 |
| | | 2012B, 5.000%, 11/01/35 | | | |
| 250 | | Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Bond | No Opt. Call | A+ | 271,728 |
| | | 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 | 177,549 |
| | | 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 | 454,171 |
| | | 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– | 49,750 |
| | | 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 | 472,775 |
| | | 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 | 489,030 |
| | | Series 2015, 5.000%, 11/01/28 (AMT) | | | |
| 200 | | Love Field Airport Modernization Corporation, Texas, Special Facilities Revenue Bonds, | 11/20 at 100.00 | Baa1 | 197,514 |
| | | 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 | 108,915 |
| 100 | | 5.250%, 12/01/28 | 12/25 at 100.00 | B1 | 109,578 |
| 100 | | Mission Economic Development Corporation, Texas, Revenue Bonds, Natgasoline Project, | 10/21 at 105.00 | BB– | 102,338 |
| | | Senior Lien Series 2018, 4.625%, 10/01/31, 144A (AMT) | | | |
| | | 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 (4) | 491,153 |
| 380 | | 5.000%, 8/15/25 (Pre-refunded 8/15/22) | 8/22 at 100.00 | Aa2 (4) | 414,751 |
| | | 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) (5) | 9/31 at 100.00 | N/R (4) | 290,423 |
| 490 | | 0.000%, 9/01/45 (Pre-refunded 9/01/31) (5) | 9/31 at 100.00 | N/R (4) | 686,897 |
| 760 | | North Texas Tollway Authority, Special Projects System Revenue Bonds, Current Interest | 9/21 at 100.00 | N/R (4) | 801,466 |
| | | 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+ | 511,133 |
| | | 5.000%, 1/01/23 | | | |
| 110 | | Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, | 12/22 at 100.00 | A3 | 113,650 |
| | | Series 2012, 5.000%, 12/15/32 | | | |
29
| | |
| NIM | Nuveen Select Maturities Municipal Fund Portfolio of Investments (continued) March 31, 2020 |
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | Texas (continued) | | | |
| | | Texas Private Activity Bond Surface Transportation Corporation, Revenue Bonds, NTE Mobility | | | |
| | | Partners LLC North Tarrant Express Managed Lanes Project, Refunding Senior Lien Series 2019A: | | | |
| $ 210 | | 4.000%, 12/31/38 | 12/29 at 100.00 | Baa2 | $ 213,555 |
| 125 | | 4.000%, 12/31/39 | 12/29 at 100.00 | Baa2 | 126,709 |
| 475 | | Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, Refunding | 8/24 at 100.00 | A– | 501,172 |
| | | Second Tier Series 2015C, 5.000%, 8/15/31 | | | |
| 7,825 | | Total Texas | | | 8,554,297 |
| | | Virginia – 1.2% | | | |
| 200 | | Chesapeake Industrial Development Authority, Virginia, Pollution Control Revenue Bonds, | No Opt. Call | A2 | 204,846 |
| | | Virginia Electric and Power Company Project, Refunding Series 2008A, 1.900%, 2/01/32 | | | |
| | | (Mandatory Put 6/01/23) | | | |
| 130 | | Louisa Industrial Development Authority, Virginia, Pollution Control Revenue Bonds, Virginia | No Opt. Call | A2 | 132,801 |
| | | Electric and Power Company, Refunding Series 2008A, 1.900%, 11/01/35 (Mandatory Put 6/01/23) | | | |
| 120 | | Louisa Industrial Development Authority, Virginia, Pollution Control Revenue Bonds, | No Opt. Call | A2 | 121,170 |
| | | Virginia Electric and Power Company, Series 2008C, 1.800%, 11/01/35 (Mandatory Put 4/01/22) | | | |
| 300 | | Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, 95 Express Lanes | 1/22 at 100.00 | BBB | 300,132 |
| | | LLC Project, Series 2019, 5.000%, 7/01/49 (AMT) | | | |
| 575 | | Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River | 7/22 at 100.00 | BBB | 584,045 |
| | | Crossing, Opco LLC Project, Series 2012, 5.500%, 1/01/42 (AMT) | | | |
| 200 | | Wise County Industrial Development Authority, Virginia, Solid Waste and Sewage Disposal | No Opt. Call | A2 | 199,612 |
| | | Revenue Bonds, Virginia Electric and Power Company, Series 2009A, 2.150%, 10/01/40 | | | |
| | | (Mandatory Put 9/01/20) | | | |
| 1,525 | | Total Virginia | | | 1,542,606 |
| | | Washington – 2.4% | | | |
| 1,000 | | Port of Seattle, Washington, Revenue Bonds, Intermediate Lien Series 2015C, 5.000%, | No Opt. Call | AA– | 1,098,780 |
| | | 4/01/23 (AMT) | | | |
| 105 | | Washington Health Care Facilities Authority, Revenue Bonds, CommonSpirit Health, Series | 2/25 at 100.00 | BBB+ | 120,847 |
| | | 2019B-2, 5.000%, 8/01/49 (Mandatory Put 8/01/25) | | | |
| 175 | | Washington Health Care Facilities Authority, Revenue Bonds, CommonSpirit Health, Series | 2/26 at 100.00 | BBB+ | 205,340 |
| | | 2019B-3, 5.000%, 8/01/49 (Mandatory Put 8/01/26) | | | |
| 1,050 | | Washington Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer | 1/21 at 100.00 | A+ | 1,075,662 |
| | | 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 | 637,311 |
| | | Bonds, Whidbey General Hospital, Series 2013, 5.500%, 12/01/33 | | | |
| 2,915 | | Total Washington | | | 3,137,940 |
| | | West Virginia – 0.6% | | | |
| 100 | | Monongalia County Commission, West Virginia, Special District Excise Tax Revenue, | No Opt. Call | N/R | 100,894 |
| | | University Town Centre Economic Opportunity Development District, Refunding & Improvement | | | |
| | | Series 2017A, 4.500%, 6/01/27, 144A | | | |
| 250 | | West Virginia Economic Development Authority, Solid Waste Disposal Facilities Revenue Bonds, | No Opt. Call | A– | 249,330 |
| | | 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 Bonds, | No Opt. Call | A– | 116,923 |
| | | 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 | 80,218 |
| | | 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 | 261,437 |
| | | System Obligated Group, Improvement Series 2017A, 3.375%, 6/01/29 | | | |
| 775 | | Total West Virginia | | | 808,802 |
30
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | Wisconsin – 3.6% | | | |
| $ 600 | | Public Finance Authority of Wisconsin, Limited Obligation PILOT Revenue Bonds, American | 12/27 at 100.00 | N/R | $ 591,060 |
| | | Dream @ Meadowlands Project, Series 2017, 6.500%, 12/01/37, 144A | | | |
| 350 | | Public Finance Authority of Wisconsin, Solid Waste Disposal Revenue Bonds, Waste | 5/26 at 100.00 | A– | 345,023 |
| | | Management Inc., Refunding Series 2016A-2, 2.875%, 5/01/27 (AMT) | | | |
| | | Public Finance Authority, Wisconsin, Exempt Facilities Revenue Bonds, Celanese Project, | | | |
| | | Refunding Series 2016C: | | | |
| 65 | | 4.050%, 11/01/30 | 5/26 at 100.00 | BBB | 59,972 |
| 145 | | 4.300%, 11/01/30 (AMT) | 5/26 at 100.00 | BBB | 136,734 |
| | | University of Wisconsin Hospitals and Clinics Authority, Revenue Bonds, Refunding Series | | | |
| | | 2013A: | | | |
| 755 | | 4.000%, 4/01/20 | No Opt. Call | AA– | 755,000 |
| 45 | | 5.000%, 4/01/22 | No Opt. Call | AA– | 48,336 |
| 325 | | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Health | No Opt. Call | Aa3 (4) | 328,643 |
| | | Care, Inc., Series 2010B, 5.000%, 7/15/20 (ETM) | | | |
| 675 | | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Health | 7/21 at 100.00 | Aa3 (4) | 708,959 |
| | | Care, Inc., Series 2012A, 5.000%, 7/15/25 (Pre-refunded 7/15/21) | | | |
| 1,500 | | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, | 12/24 at 100.00 | AA– | 1,744,200 |
| | | ThedaCare Inc., Series 2015, 5.000%, 12/15/26 | | | |
| 4,460 | | Total Wisconsin | | | 4,717,927 |
| | | Wyoming – 0.1% | | | |
| 85 | | Campbell County, Wyoming Solid Waste Facilities Revenue Bonds, Basin Electric Power | 5/29 at 100.00 | A | 85,693 |
| | | Cooperative, Dry Fork Station Facilities, Series 2019A, 3.625%, 7/15/39 | | | |
| $ 122,219 | | Total Municipal Bonds (cost $119,569,669) | | | 124,358,325 |
| Shares | | Description (1) | | | Value |
| | COMMON STOCKS – 1.1% | | | |
| | Electric Utilities – 1.1% | | | |
| 65,568 | | Energy Harbor Corp (7), (8) | | | $ 1,483,476 |
| | Total Common Stocks (cost $1,235,474) | | | 1,483,476 |
| | Total Long-Term Investments (cost $120,805,143) | | | 125,841,801 |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | SHORT-TERM INVESTMENTS – 1.1% | | | |
| | | MUNICIPAL BONDS – 1.1% | | | |
| | | National – 0.2% | | | |
| $ 252 | | BB&T Municipal Trust Pool Tax Exempt Lease Certificates Class C Series 2018, Variable Rate | | | |
| | | Demand Obligations, 5.510%, 11/30/21 (SIFMA reference rate + 0.800% spread), 144A (9), (10) | No Opt. Call | A+ | $ 252,372 |
| | | Alabama – 0.5% | | | |
| 625 | | Mobile Industrial Development Board, Alabama, Pollution Control Revenue Refunding Bonds, | | | |
| | | Alabama Power Company Barry Plan, Series 2008, Variable Rate Demand Obligations, 2.900%, | | | |
| | | 7/15/34 (Mandatory Put 12/12/23) (9) | No Opt. Call | F1 | 645,125 |
| | | Florida – 0.4% | | | |
| 665 | | Florida Development Finance Corporation, Florida, Surface Transportation Facility Revenue Bonds, | | | |
| | | Virgin Trains USA Passenger Rail Project, Series 2019A, Variable Rate Demand Obligations , | | | |
| | | 6.250%, 1/01/49 (AMT) (Mandatory Put 1/01/24), 144A (9) | 6/20 at 104.00 | N/R | 602,217 |
| $ 1,542 | | Total Short-Term Investments (cost $1,542,372) | | | 1,499,714 |
| | | Total Investments (cost $122,347,515) – 98.0% | | | 127,341,515 |
| | | Other Assets Less Liabilities – 2.0% | | | 2,537,239 |
| | | Net Assets Applicable to Common Shares – 100% | | | $ 129,878,754 |
31
| | |
| NIM | Nuveen Select Maturities Municipal Fund Portfolio of Investments (continued) March 31, 2020 |
(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) 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.
(5) 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.
(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) Common Stock received as part of the bankruptcy settlement for Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generation Project, Series 2008A, 2.700%, 4/01/35; Ohio Air Quality Development Authority, Ohio, Air Quality Development Revenue Bonds, FirstEnergy Generation Corporation Project, Series 2009A, 5.700%, 8/01/20; Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy Generation Corporation Project, Refunding Series 2009B, 3.100%, 3/01/23; Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy Generation Project, Refunding Series 2006A, 3.750%, 12/01/23; Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy Nuclear Generation Corporation Project, Refunding Series 2010A, 0.000%, 7/01/33; Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy Nuclear Generation Project, Refunding Series 2006B, 3.625%, 12/01/33; Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generating Corporation Project, Series 2005B, 4.000%, 1/01/34; Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generating Corporation Project, Series 2006A, 3.000%, 5/15/20; Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generating Corporation Project, Series 2006B, 4.000%, 12/01/33; Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generating Corporation Project, Series 2008B, 3.625%, 10/01/33; Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generating Corporation Project, Series 2010A, 3.750%, 7/01/33; Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generating Corporation Project, Series 2010C, 4.000%, 6/01/33; and Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, Shippingport Project, First Energy Guarantor, Series 2006A, 2.550%, 11/01/41.
(8) For fair value measurement disclosure purposes, investment classified as Level 2. See Notes to Financial Statements, Note 3 - 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
See accompanying notes to financial statements.
32
Statement of Assets and Liabilities
March 31, 2020
| | | | |
| Assets | | | |
Long-term investments, at value (cost $120,805,143) | | $ | 125,841,801 | |
Short-term investments, at value (cost $1,542,372) | | | 1,499,714 | |
Cash | | | 181,280 | |
Receivable for: | | | | |
| Interest | | | 1,399,031 | |
| Investments sold | | | 1,415,353 | |
Other assets | | | 44 | |
| Total assets | | | 130,337,223 | |
| Liabilities | | | | |
Payable for dividends | | | 321,883 | |
Accrued expenses: | | | | |
| Management fees | | | 50,878 | |
| Trustees fees | | | 707 | |
| Custodian fees | | | 36,381 | |
| Other | | | 48,620 | |
| Total liabilities | | | 458,469 | |
Net assets applicable to common shares | | $ | 129,878,754 | |
Common shares outstanding | | | 12,445,363 | |
Net asset value (“NAV”) per share outstanding | | $ | 10.44 | |
| 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 | | | 5,910,886 | |
Net assets applicable to common shares | | $ | 129,878,754 | |
Authorized common shares | | Unlimited | |
See accompanying notes to financial statements.
33
Year Ended March 31, 2020
| | | | |
| Investment Income | | $ | 4,603,122 | |
| Expenses | | | | |
Management fees | | | 609,609 | |
Custodian fees | | | 47,703 | |
Trustees fees | | | 3,179 | |
Professional fees | | | 28,512 | |
Shareholder reporting expenses | | | 27,018 | |
Shareholder servicing agent fees | | | 2,954 | |
Stock exchange listing fees | | | 6,904 | |
Investor relations expenses | | | 8,301 | |
Other | | | 19,773 | |
Total expenses | | | 753,953 | |
Net investment income (loss) | | | 3,849,169 | |
| Realized and Unrealized Gain (Loss) | | | | |
Net realized gain (loss) from investments | | | 564,816 | |
Change in net unrealized appreciation (depreciation) of investments | | | (2,039,235 | ) |
Net realized and unrealized gain (loss) | | | (1,474,419 | ) |
Net increase (decrease) in net assets applicable to common shares from operations | | $ | 2,374,750 | |
See accompanying notes to financial statements.
34
Statement of Changes in Net Assets
| | | | | | | |
| | Year | | | Year | |
| | Ended | | | Ended | |
| | 3/31/20 | | | 3/31/19 | |
| Operations | | | | | | |
Net investment income (loss) | | $ | 3,849,169 | | | $ | 4,093,493 | |
Net realized gain (loss) from investments | | | 564,816 | | | | (65,251 | ) |
Change in net unrealized appreciation (depreciation) of investments | | | (2,039,235 | ) | | | 2,726,565 | |
Net increase (decrease) in net assets applicable to common shares from operations | | | 2,374,750 | | | | 6,754,807 | |
| Distributions to Common Shareholders | | | | | | | | |
Dividends | | | (3,957,625 | ) | | | (3,926,512 | ) |
Decrease in net assets applicable to common shares from distributions to shareholders | | | (3,957,625 | ) | | | (3,926,512 | ) |
Net increase (decrease) in net assets applicable to common shares | | | (1,582,875 | ) | | | 2,828,295 | |
Net assets applicable to common shares at the beginning of period | | | 131,461,629 | | | | 128,633,334 | |
Net assets applicable to common shares at the end of period | | $ | 129,878,754 | | | $ | 131,461,629 | |
See accompanying notes to financial statements.
35
Selected data for a common share outstanding throughout each period:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | Less Distributions to | | | | | | | |
| | | | | Investment Operations | | | Common Shareholders | | | Common Share | |
| | | | | Net | | | Net | | | | | | | | | From | | | | | | | | | | |
| | | | | Investment | | | Realized/ | | | | | | From Net | | | Accumulated | | | | | | | | | Ending | |
| | Beginning | | | Income | | | Unrealized | | | | | | Investment | | | Net Realized | | | | | | Ending | | | Share | |
| | NAV | | | (Loss) | | | Gain (Loss) | | | Total | | | Income | | | Gains | | | Total | | | NAV | | | Price | |
Year Ended 3/31: | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2020 | | $ | 10.56 | | | $ | 0.31 | | | $ | (0.11 | ) | | $ | 0.20 | | | $ | (0.32 | ) | | $ | — | | | $ | (0.32 | ) | | $ | 10.44 | | | $ | 9.77 | |
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 | |
36
| | | | | | | Common Share Supplemental Data/
| |
| | | | | | | Ratio Applicable to Common Shares
| |
Common Shares
| | | | | | | | | | | | | |
Total Returns
| | | | | | Ratios to Average Net Assets | | | | |
| | | | Based | | | | | | | | | Net | | | | |
| Based | | | on | | | Ending | | | | | | Investment | | | Portfolio | |
| on | | | Share | | | Net Assets | | | | | | Income | | | Turnover | |
| NAV(a) | | | Price(a) | | | | (000 | ) | | Expenses | | | (Loss) | | | Rate(b) | |
| | 1.83 | % | | | 1.14 | % | | $ | 129,879 | | | | 0.56 | % | | | 2.88 | % | | | 13 | % |
| | 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 | |
(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 distri- butions 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 4 – Portfolio Securities and Investments in Derivatives, 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
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, 2020, and the period covered by these Notes to Financial Statements is the fiscal year ended March 31, 2020 (the “current fiscal period”).
Investment Adviser and Sub-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.
Other Matters
The outbreak of the novel coronavirus (“COVID-19”) and subsequent global pandemic began significantly impacting the U.S. and global financial markets and economies during the quarter ended March 31, 2020. The worldwide spread of COVID-19 has created significant uncertainty in the global economy. The duration and extent of COVID-19 over the long-term cannot be reasonably estimated at this time. There have been no comparable recent events that provide guidance as to the effect the spread of COVID-19 as a global pandemic may have on the Fund’s financial performance. The ultimate impact of COVID-19 and the extent to which COVID-19 impacts the Fund’s normal course of business, results of operations, investments, and cash flows will depend on future developments, which are highly uncertain and difficult to predict. Management continues to monitor and evaluate this situation.
2. Significant Accounting Principles
The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require the use of estimates made by management and the evaluation of subsequent events. Actual results may differ from those estimates. Each Fund is an investment company and follows the accounting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 946, Financial Services — Investment Companies. The net asset value (“NAV”) for financial reporting purposes may differ from the NAV for processing security and common share transactions. The NAV for financial reporting purposes includes security and common share transactions through the date of the report. Total return is computed based on the NAV used for processing security and common share transactions. The following is a summary of the significant accounting policies consistently followed by the Fund.
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.
Distributions to Common Shareholders
Distributions to common shareholders are recorded on the ex-dividend date. The amount, character and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.
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.
38
Investments and Investment Income
Securities transactions are accounted for as of the trade date for financial reporting purposes. 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 fee income, if any. PIK interest represents income received in the form of securities in lieu of cash. Dividend income is recorded on the ex-dividend date.
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 4 – Portfolio Securities and Investments in Derivatives.
New Accounting Pronouncements and Rule Issuances
FASB Accounting Standards Update (“ASU”) 2017-08 (“ASU 2017-08”) Premium Amortization on Purchased Callable Debt Securities
The FASB has issued ASU 2017-08, which shortens the premium amortization period for purchased non-contingently callable debt securities. ASU 2017-08 specifies that the premium amortization period ends at the earliest call date, for purchased non-contingently callable debt securities. ASU 2017-08 effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. During the current fiscal period, ASU 2017-08 became effective for the Fund and it did not have a material impact on the Fund’s financial statements.
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. Management has early implemented this guidance and it did not have a material impact on the Fund’s financial statements.
Reference Rate Reform
In March 2020, FASB issued ASU 2020-04, Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The main objective of the new guidance is to provide relief to companies that will be impacted by the expected change in benchmark interest rates at the end of 2021, when participating banks will no longer be required to submit London Interbank Offered Rate (LIBOR) quotes by the UK Financial Conduct Authority (FCA). The new guidance allows companies to, provided the only change to existing contracts are a change to an approved benchmark interest rate, account for modifications as a continuance of the existing contract without additional analysis. In addition, derivative contracts that qualified for hedge accounting prior to modification, will be allowed to continue to receive such treatment, even if critical terms change due to a change in the benchmark interest rate. For new and existing contracts, the Funds may elect to apply the amendments as of March 12, 2020 through December 31, 2022. Management is currently assessing the impact of the ASU’s adoption to the Fund’s financial statements and various filings.
3. Investment Valuation and Fair Value Measurements
The fair valuation input levels as described below are for fair value measurement purposes.
The Fund’s investments in securities are recorded at their estimated fair value. 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).
39
Notes to Financial Statements (continued)
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 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.
Common stocks and other equity-type securities are valued at the last sales price on the securities exchange on which such securities are primarily traded and are generally classified as Level 1. Securities primarily traded on the Nasdaq National Market (“Nasdaq”) are valued, at the Nasdaq Official Closing Price and are generally classified as Level 1. However, securities traded on a securities exchange or Nasdaq for which there were no transactions on a given day or securities not listed on a securities exchange or Nasdaq are valued at the quoted bid price and are generally classified as Level 2.
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 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* | | $ | — | | | $ | 124,358,325 | | | $ | — | | | $ | 124,358,325 | |
| Common Stocks | | | — | | | | 1,483,476 | ** | | | — | | | | 1,483,476 | |
Short-Term Investments: | | | | | | | | | | | | | | | | |
Municipal Bonds* | | | — | | | | 1,499,714 | | | | — | | | | 1,499,714 | |
Total | | $ | — | | | $ | 127,341,515 | | | $ | — | | | $ | 127,341,515 | |
* | Refer to the Fund’s Portfolio of Investments for state classifications. |
** | Refer to the Fund’s Portfolio of Investments for securities classified as Level 2. |
4. 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.
Investment Transactions
Long-term purchases and sales (including maturities) during the current fiscal period aggregated $16,919,273 and $16,973,220, respectively.
The Fund may purchase securities on a when-issued or delayed-delivery basis. Securities purchased on a when-issued or delayed-delivery basis may have extended settlement periods; interest income is not accrued until settlement date. Any securities 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. If the Fund has outstanding when-issued/delayed-delivery purchases commitments as of the end of the reporting period, such amounts are recognized on the Statement of Assets and Liabilities.
40
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.
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.
5. Fund Shares
The Fund did not have any share transactions during the current and prior fiscal period.
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, 2020.
Tax cost of investments | | $ | 122,281,614 | |
Gross unrealized: | | | | |
| Appreciation | | $ | 6,744,087 | |
| Depreciation | | | (1,684,186 | ) |
Net unrealized appreciation (depreciation) of investments | | $ | 5,059,901 | |
Permanent differences, primarily due to taxable market discount and paydowns, resulted in reclassifications among the Fund’s components of common shares net assets as of March 31, 2020, the Fund’s tax year end.
41
Notes to Financial Statements (continued)
The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains as of March 31, 2020, the Fund’s tax year end, were as follows:
Undistributed net tax-exempt income1 | | $ | 513,603 | |
Undistributed net ordinary income2 | | | 79,468 | |
Undistributed net long-term capital gains | | | 587,717 | |
1 | Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on March 2, 2020, paid on April 1, 2020. |
2 | Net ordinary income consists of taxable market discount income and net short-term capital gains, if any. |
The tax character of distributions paid during the Fund’s tax years ended March 31, 2020 and March 31, 2019 was designated for purposes of the dividends paid deduction as follows:
| 2020 | | | |
Distributions from net tax-exempt income3 | | $ | 3,941,569 | |
Distributions from net ordinary income2 | | | 16,056 | |
Distributions from net long-term capital gains | | | — | |
| 2019 | | | | |
Distributions from net tax-exempt income | | $ | 3,867,601 | |
Distributions from net ordinary income2 | | | 52,688 | |
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, 2020, as Exempt Interest Dividends. |
During the Fund’s tax year ended March 31, 2020, the Fund utilized $63,555 of capital loss carryforwards.
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 | |
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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, 2020, the complex-level fee rate for the Fund was 0.1590%. |
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, $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 June 2020 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.
43
Notes to Financial Statements (continued)
During the current fiscal period, the Fund utilized this facility. The Fund’s maximum outstanding balance during the utilization period was a follows:
| | | | |
| Maximum outstanding balance | | $ | 716,009 | |
During the Fund’s utilization period(s) during the current fiscal period, the average daily balance outstanding and average annual interest rate on the Borrowings was a follows:
Utilization period (days outstanding) | 2
|
Average daily balance outstanding | 716,009
|
Average annual interest rate | 2.76% |
Borrowings outstanding as of the end of the reporting period are recognized as “Borrowings” on the Statement of Assets and Liabilities, where applicable.
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.
44
Additional Fund Information
(Unaudited)
| | | | | | | |
| Board of Trustees | | | | | | |
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 | | | | |
|
|
| Investment Adviser | 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 | 150 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.
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 nine. 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 Trustee oversees and other directorships they hold are set forth below.
| | | | | |
| 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: |
|
■ TERENCE J. TOTH | | | Formerly, a Co-Founding Partner, Promus Capital (2008-2017); Director, | |
| 1959 | | | Quality Control Corporation (since 2012); member: Catalyst Schools of | |
| 333 W. Wacker Drive | Chairman and | 2008 | Chicago Board (since 2008) and Mather Foundation Board (since 2012), | 156 |
| Chicago, IL 6o6o6 | Board Member | Class II | and chair of its Investment Committee; formerly, Director, Fulcrum IT | |
| | | Services LLC (2010- 2019); 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). | |
|
■ JACK B. EVANS | | | Chairman (since 2019), formerly, President (1996-2019), The Hall-Perrine | |
| 1948 | | | Foundation, a private philanthropic corporation; Director and Chairman, | |
| 333 W. Wacker Drive | Board Member | 1999 | United Fire Group, a publicly held company; Director, Public Member, | 156 |
| Chicago, IL 6o6o6 | | Class III | 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. | |
|
■ WILLIAM C. HUNTER | | | Dean Emeritus, formerly, Dean, Tippie College of Business, University of | |
| 1948 | | | Iowa (2006-2012); Director of Wellmark, Inc. (since 2009); past Director | |
| 333 W. Wacker Drive | Board Member | 2003 | (2005-2015), and past President (2010-2014) Beta Gamma Sigma, Inc., | 156 |
| Chicago, IL 6o6o6 | | Class I | 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. | |
|
■ ALBIN F. MOSCHNER | | | Founder and Chief Executive Officer, Northcroft Partners, LLC, a | |
| 1952 | | | management consulting firm (since 2012); formerly, Chairman (2019), | |
| 333 W. Wacker Drive | Board Member | 2016 | and Director (2012-2019), USA Technologies, Inc., a provider of | 156 |
| Chicago, IL 6o6o6 | | Class III | solutions and services to facilitate electronic payment transactions; | |
| | | 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. | |
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 | | | Member of Board of Directors of Core12 LLC. (since 2008), a private firm | |
| 1962 | | | which develops branding, marketing and communications strategies for | |
| 333 W. Wacker Drive | Board Member | 2013 | clients; served on The President’s Council of Fordham University (2010- | 156 |
| Chicago, IL 6o6o6 | | Class II | 2019) and previously 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); former | |
| | | Chair of the Board of Trustees of Marian University (2010-2014 as trustee, | |
| | | 2011-2014 as Chair); formerly Chief Executive Officer of ABN AMRO | |
| | | Bank N.V., North America, and Global Head of the Financial Markets | |
| | | Division (2007-2008), with various executive leadership roles in ABN | |
| | | AMRO Bank N.V. between 1996 and 2007. | |
|
■ JUDITH M. STOCKDALE | | | Board Member, Land Trust Alliance (since 2013); formerly, Board Member, | |
| 1947 | | | U.S. Endowment for Forestry and Communities (2013-2019); formerly, | |
| 333 W. Wacker Drive | Board Member | 1997 | Executive Director (1994-2012), Gaylord and Dorothy Donnelley | 156 |
| Chicago, IL 6o6o6 | | Class I | Foundation; prior thereto, Executive Director, Great Lakes Protection | |
| | | Fund (1990-1994). | |
|
■ CAROLE E. STONE | | | Former Director, Chicago Board Options Exchange, Inc. (2006-2017); | |
| 1947 | | | and C2 Options Exchange, Incorporated (2009-2017); former Director, | |
| 333 W. Wacker Drive | Board Member | 2007 | Cboe, Global Markets, Inc., formerly, CBOE Holdings, Inc. (2010-May | 156 |
| Chicago, IL 6o6o6 | | Class I | 2020); formerly, Commissioner, New York State Commission on Public | |
| | | Authority Reform (2005-2010). | |
|
■ MARGARET L. WOLFF | | | Formerly, member of the Board of Directors (2013-2017) of Travelers | |
| 1955 | | | Insurance Company of Canada and The Dominion of Canada General | |
| 333 W. Wacker Drive | Board Member | 2016 | Insurance Company (each, a part of Travelers Canada, the Canadian | 156 |
| Chicago, IL 6o6o6 | | Class I | 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. | |
|
■ ROBERT L. YOUNG | | | Formerly, Chief Operating Officer and Director, J.P.Morgan Investment | |
| 1963 | | | Management Inc. (2010-2016); formerly, President and Principal | |
| 333 W. Wacker Drive | Board Member | 2017 | Executive Officer (2013-2016), and Senior Vice President and Chief | 156 |
| Chicago, IL 6o6o6 | | Class II | 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). | |
49
Board Members & Officers (Unaudited) (continued)
| | | | |
| Name, | Position(s) Held | Year First | Principal |
| Year of Birth | with the Funds | Elected or | Occupation(s) |
| & Address | | Appointed(2) | During Past 5 Years |
|
Officers of the Funds:
|
|
■ CEDRIC H. ANTOSIEWICZ | | | Senior Managing Director (since 2017), formerly, Managing Director |
| 1962 | Chief | | (2004-2017) of Nuveen Securities, LLC; Senior Managing Director (since |
| 333 W. Wacker Drive | Administrative | 2007 | 2017), formerly, Managing Director (2014-2017) of Nuveen Fund |
| Chicago, IL 6o6o6 | Officer | | Advisors, LLC. |
|
■ NATHANIEL T. JONES | | | Managing Director (since 2017), formerly, Senior Vice President |
| 1979 | | | (2016-2017), formerly, Vice President (2011-2016) of Nuveen; Managing |
| 333 W. Wacker Drive | Vice President | 2016 | Director (since 2015) of Nuveen Fund Advisors, LLC; Chartered Financial Analyst. |
| Chicago, IL 6o6o6 | and Treasurer | | |
|
■ WALTER M. KELLY | | | Managing Director (since 2017), formerly, Senior Vice President |
| 1970 | Chief Compliance | | (2008-2017) of Nuveen. |
| 333 W. Wacker Drive | Officer and | 2003 | |
| Chicago, IL 6o6o6 | Vice President | | |
|
■ DAVID J. LAMB | | | Managing Director (since 2017), formerly, Senior Vice President of |
| 1963 | | | Nuveen (since 2006), Vice President prior to 2006. |
| 333 W. Wacker Drive | Vice President | 2015 | |
| Chicago, IL 6o6o6 | | | |
|
■ TINA M. LAZAR | | | Managing Director (since 2017), formerly, Senior Vice President |
| 1961 | | | (2014-2017) of Nuveen Securities, LLC. |
| 333 W. Wacker Drive | Vice President | 2002 | |
| Chicago, IL 6o6o6 | | | |
|
■ BRIAN J. LOCKHART | | | Managing Director (since 2019) of Nuveen Fund Advisors, LLC; Managing Director |
| 1974 | | | (since 2017), formerly, Vice President (2010-2017) of Nuveen; Head of Investment |
| 333 W. Wacker Drive | Vice President | 2019 | Oversight (since 2017), formerly, Team Leader of Manager Oversight (2015-2017); |
| Chicago, IL 6o6o6 | | | Chartered Financial Analyst and Certified Financial Risk Manager. |
|
■ JACQUES M. LONGERSTAEY | | | Senior Managing Director, Chief Risk Officer, Nuveen, LLC (since May 2019); Senior |
| 1963 | | | Managing Director (since May 2019) of Nuveen Fund Advisors, LLC; formerly, Chief |
| 8500 Andrew Carnegie Blvd. | Vice President | 2019 | Investment and Model Risk Officer, Wealth & Investment Management Division, |
| Charlotte, NC 28262 | | | Wells Fargo Bank (NA) (from 2013-2019). |
50
| | | | |
| Name, | Position(s) Held | Year First | Principal |
| Year of Birth | with the Funds | Elected or | Occupation(s) |
| & Address | | Appointed(2) | During Past 5 Years |
|
Officers of the Funds (continued): |
|
■ KEVIN J. MCCARTHY | | | Senior Managing Director (since 2017) and Secretary and General Counsel |
| 1966 | Vice President | | (since 2016) of Nuveen Investments, Inc., formerly, Executive Vice |
| 333 W. Wacker Drive | and Assistant | 2007 | President (2016-2017) and Managing Director and Assistant Secretary |
| Chicago, IL 6o6o6 | 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. |
|
■ JON SCOTT MEISSNER | | | Managing Director of Mutual Fund Tax and Financial Reporting groups at |
| 1973 | | | Nuveen (since 2017); Managing Director of Nuveen Fund Advisors, LLC |
| 8500 Andrew Carnegie Blvd. | Vice President | 2019 | (since 2019); Senior Director of Teachers Advisors, LLC and TIAA-CREF |
| Charlotte, NC 28262 | | | Investment Management, LLC (since 2016); Senior Director (since 2015) Mutual |
| | | Fund Taxation to the TIAA-CREF Funds, the TIAA-CREF Life Funds, the TIAA |
| | | Separate Account VA-1 and the CREF Accounts; has held various positions with |
| | | TIAA since 2004. |
|
■ WILLIAM T. MEYERS | | | Senior Managing Director (since 2017), formerly, Managing Director |
| 1966 | | | (2016-2017), Senior Vice President (2010-2016) of Nuveen Securities, LLC |
| 333 W. Wacker Drive | Vice President | 2018 | and Nuveen Fund Advisors, LLC; Senior Managing Director (since 2017), |
| Chicago, IL 60606 | | | formerly, Managing Director (2016-2017), Senior Vice President (2010-2016) |
| | | of Nuveen, has held various positions with Nuveen since 1991. |
|
■ DEANN D. MORGAN | | | Executive Vice President, Global Head of Product at Nuveen (since November |
| 1969 | | | 2019); Co-Chief Executive Officer of Nuveen Securities, LLC (since March 2020); |
| 100 Park Avenue | Vice President | 2020 | Managing Member MDR Collaboratory LLC (since 2018); Managing Director, |
| New York, NY 10016 | | | Head of Wealth Management Product Structuring & COO Multi Asset Investing, |
| | | The Blackstone Group (2013-2017). |
|
■ MICHAEL A. PERRY | | | Executive Vice President (since 2017), previously Managing Director |
| 1967 | | | from 2016), of Nuveen Fund Advisors, LLC and Nuveen Alternative |
| 333 W. Wacker Drive | Vice President | 2017 | Investments, LLC; Executive Vice President (since 2017), formerly, |
| Chicago, IL 6o6o6 | | | Managing Director (2015-2017), of Nuveen Securities, LLC; formerly, |
| | | Managing Director (2010-2015) of UBS Securities, LLC. |
|
■ CHRISTOPHER M. ROHRBACHER | | | Managing Director (since 2017) and Assistant Secretary of Nuveen |
| 1971 | Vice President | | Securities, LLC; Managing Director (since 2017), formerly, Senior |
| 333 W. Wacker Drive | and Assistant | 2008 | Vice President (2016-2017), Co-General Counsel (since 2019) and |
| Chicago, IL 6o6o6 | Secretary | | Assistant Secretary (since 2016) of Nuveen Fund Advisors, LLC; |
| | | Managing Director (since 2017), formerly, Senior Vice President |
| | | (2012-2017) and Associate General Counsel (since 2016), formerly, |
| | | Assistant General Counsel (2008-2016) of Nuveen. |
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(2) | During Past 5 Years |
|
Officers of the Funds (continued):
|
|
■ WILLIAM A. SIFFERMANN | | | Managing Director (since 2017), formerly Senior Vice President |
| 1975 | | | (2016-2017) and Vice President (2011-2016) of Nuveen. |
| 333 W. Wacker Drive | Vice President | 2017 | |
| Chicago, IL 6o6o6 | | | |
|
■ E. SCOTT WICKERHAM | | | Senior Managing Director, Head of Fund Administration at Nuveen, LLC |
| 1973 | Vice President | | (since 2019), formerly, Managing Director; Senior Managing Director |
| TIAA | and Controller | 2019 | (since 2019), Nuveen Fund Advisers, LLC; Principal Financial Officer, |
| 730 Third Avenue | | | Principal Accounting Officer and Treasurer (since 2017) to the TIAA-CREF Funds, |
| New York, NY 10017 | | | 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. |
|
■ MARK L. WINGET | | | Vice President and Assistant Secretary of Nuveen Securities, LLC (since |
| 1968 | Vice President | | 2008); Vice President and Assistant Secretary of Nuveen Fund Advisors, LLC |
| 333 W. Wacker Drive | and Assistant | 2008 | (since 2019); Vice President (since 2010) and Associate General Counsel |
| Chicago, IL 60606 | Secretary | | (since 2016), formerly, Assistant General Counsel (2008-2016) of Nuveen. |
|
■ GIFFORD R. ZIMMERMAN | | | Managing Director (since 2002), and Assistant Secretary of Nuveen |
| 1956 | Vice President | | Securities, LLC; Managing Director (since 2004) and Assistant Secretary |
| 333 W. Wacker Drive | Secretary | 1988 | (since 1994) of Nuveen Investments, Inc.; Managing Director (since |
| Chicago, IL 60606 | | | 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) | 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-0320D 1172651-INV-Y-05/21
