NIM - Nuveen Select Maturities Municipal Fund

What this means for you

1607 Capital specializes in closed-end funds trading below the value of their holdings - not a bank or an index fund holding shares for clients - and has told the regulator it is not seeking changes. 2 other large investors own more than 5% of this fund and have said the same; that is common for banks, brokers and index funds that hold shares for their clients.

Nothing is required of you. If an investor changes its mind, it must file a new notice within days, and it will show up here.

Email me if this changes

What happened, and when

1. Aug 14, 2026

   1607 Capital cut its stake to 5.1% (from 6.5%), as a passive investor.

   Original document →

2. Feb 13, 2026

   1607 Capital cut its stake to 6.5% (from 8.2%), as a passive investor.

   Original document →

3. Nov 7, 2025

   Morgan Stanley raised its stake to 5.1% (from 4.7%), as a passive investor.

   Original document →

4. Feb 13, 2025

   1607 Capital raised its stake to 8.2% (from 6.4%), as a passive investor.

   Original document →

5. Jan 14, 2025

   Tortoise Investment Management, LLC now owns 5.4%, as a passive investor.

   Original document →

About this fund

• Run by Nuveen Fund Advisors, LLC. Part of the Nuveen fund family. As of March 31, 2026, from the fund's yearly report. Original document →
• Size: about $124 million of holdings, as of June 30, 2026. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund borrows about 2% on top of its own money, as of June 30, 2026. Borrowed money makes gains and losses bigger. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Costs: 0.5% a year in management fees; 0.6% a year in total, including interest on borrowed money. Fiscal year ended March 31, 2026. As of March 31, 2026, from the fund's yearly report. Original document →
  Among the 76 funds we follow that invest in tax-free municipal bonds, 4 charge a lower management fee and 3 charge less in total, at their last yearly reports. Both numbers are measured against the fund's own money, not the money it borrows on top, so a fund that borrows more shows higher costs on both counts.
• Payouts: last fiscal year (ended March 31, 2026) the fund paid $0.34 a share, all of it income. Most funds announce their monthly or quarterly payout on their own website, not in a filing with the regulator, so a cut or a raise there does not show up here until the next yearly report. A few funds do file a notice about a fixed payout; those appear under What happened, and when. As of March 31, 2026, from the fund's annual report. Original document →
• Value of holdings per share at the last fiscal year end (March 31, 2026): $9.87. The shares traded at $9.45, about 4.3% below that. As of March 31, 2026, from the fund's yearly report. Original document →
• How the holdings did: up 1.8% over the last three months we have (April-June 2026), before the share price is taken into account. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 1995.

How this has changed

• Payouts per share: $0.34 in the fiscal year ended March 31, 2026; $0.36 in the year ended March 31, 2025; $0.31 in the year ended March 31, 2024.As of March 31, 2026, from the fund's annual report. Original document →
• None of those payouts was your own money back; all of it was income or gains.As of March 31, 2026, from the fund's annual report. Original document →
• Costs, including interest on borrowed money: 0.58% a year in the fiscal year ended March 31, 2026; 0.6% a year in the year ended March 31, 2025; 0.58% a year in the year ended March 31, 2024.As of March 31, 2026, from the fund's annual report. Original document →
• Size of the holdings: about $123 million at March 31, 2026; $122 million at March 31, 2025; $125 million at March 31, 2024. From the fund's quarterly holdings reports. Original documents: March 31, 2026 →, March 31, 2025 →, March 31, 2024 →.
• Borrowing: none at March 31, 2026; none at March 31, 2025; 3% at March 31, 2024. From the fund's quarterly holdings reports. Original documents: March 31, 2026 →, March 31, 2025 →, March 31, 2024 →.
• The fund had about 12.5 million shares at March 31, 2026, about the same as at March 31, 2024.As of March 31, 2026, from the fund's annual report. Original document →

What these lines mean: a payout that is your own money back, what a fund costs, borrowing.

What a holder made

• The year ended March 31, 2026: the shares returned +5.2%, counting payouts; the holdings +3.9%. The holdings figure is what the fund's investments earned, before the share price is taken into account. As of March 31, 2026, from the fund's annual report. Original document →
• The year ended March 31, 2025: the shares returned +7.9%, counting payouts; the holdings +1.5%. As of March 31, 2025, from the fund's annual report. Original document →
• The year ended March 31, 2024: the shares returned +0.9%, counting payouts; the holdings +3.6%. As of March 31, 2024, from the fund's annual report. Original document →
• The year ended March 31, 2023: the shares returned -0.8%, counting payouts; the holdings +0.2%. As of March 31, 2023, from the fund's annual report. Original document →
• The year ended March 31, 2022: the shares returned -8%, counting payouts; the holdings -2.3%. As of March 31, 2022, from the fund's annual report. Original document →
• Those five years together: the shares returned +4.4%. $10,000 of shares bought at the start (April 1, 2021) would have become about $10,400 by March 31, 2026, with every payout counted, before tax. As of March 31, 2026, from the fund's annual report. Original document →
• The holdings over the last twelve months we have, to June 30, 2026: +5.2%. The quarterly reports carry no share price, so this is the holdings alone. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Of the 58 funds that invest in tax-free municipal bonds with a fiscal year ending within six months of this one, 41 reported a higher share return for that year and 16 a lower one. As of March 31, 2026, from the fund's annual report. Original document →
• A past year says nothing about the next one. All figures are the fund's own, from its reports to the regulator.

Why the shares and the holdings can differ: the gap between price and value. Why payouts count: a payout that is your own money back.

What the fund holds

Almost all tax-free municipal bonds (99%). All of it issued in the U.S.

1. Ohio State, Turnpike Revenue Bonds, Ohio Turnpike and Infrastructutre Commission Infrastructure Projects, Junior Lien, Capital Appreciation - 2.3%
2. Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, ThedaCare - 1.3%
3. San Diego Community College District, California, General Obligation Bonds, Refunding - 1.1%
4. Beaverton School District 48J, Washington and Multnomah Counties, Oregon, General Obligation Bonds, Deferred Interest - 0.9%
5. Georgia State, General Obligation Bonds - 0.8%
6. Dallas, Texas, General Obligation Bonds, Refunding and Improvement - 0.8%
7. California Municipal Finance Authority, Revenue Bonds, Linxs APM Project, Senior Lien - 0.8%
8. New Jersey Economic Development Authority, School Facilities Construction Bonds, Refunding - 0.8%
9. New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital Appreciation - 0.8%
10. South Carolina Housing Finance and Development Authority, Mortgage Revenue Bonds - 0.8%

As of June 30, 2026, from the fund's quarterly holdings report. Original document →