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SCHEDULE 14A
(RULE 14A-101)
INFORMATION REQUIRED IN PROXY STATEMENT
SCHEDULE 14A INFORMATION
PROXY STATEMENT PURSUANT TO SECTION 14(a) OF THE
SECURITIES EXCHANGE ACT OF 1934 (AMENDMENT NO. )
Filed by the registrant [X]
Filed by a party other than the registrant [ ]
Check the appropriate box:
[ ] Preliminary proxy statement [ ] Confidential, for Use of the
Commission Only (as permitted by
Rule 14a-6(e)(2))
[ ] Definitive proxy statement
[X] Definitive additional materials
[ ] Soliciting material pursuant to 14a-11(c) or Rule 14a-12
NUVEEN SELECT MATURITIES MUNICIPAL FUND, INC.
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(Name of Registrant as Specified in Its Charter)
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(Name of Person(s) Filing Proxy Statement, if other than the Registrant)
Payment of filing fee (Check the appropriate box):
[X] No fee required.
[ ] $500 per each party to the controversy pursuant to Exchange Act Rule
14a-6(i)(3).
[ ] Fee computed on table below per Exchange Act Rules 14a-6(i)(4) and 0-11.
(1) Title of each class of securities to which transaction applies:
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(2) Aggregate number of securities to which transaction applies:
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(3) Per unit price or other underlying value of transaction computed
pursuant to Exchange Act Rule 0-11 (Set forth the amount on which the
filing fee is calculated and state how it was determined):
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(4) Proposed maximum aggregate value of transaction:
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(5) Total fee paid:
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[ ] Fee paid previously with preliminary materials.
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[ ] Check box if any part of the fee is offset as provided by Exchange Act
Rule 0-11(a)(2) and identify the filing for which the offsetting fee was
paid previously. Identify the previous filing by registration statement
number, or the form or schedule and the date of its filing.
(1) Amount previously paid:
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(2) Form, schedule or registration statement no.:
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(3) Filing party:
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(4) Date filed:
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NIM-7.97
NUVEEN SELECT MATURITIES MUNICIPAL FUND, INC.
ANNUAL SHAREHOLDER MEETING
IMPORTANT INFORMATION TO HELP YOU UNDERSTAND THE PROPOSALS
WHAT ARE SHAREHOLDERS BEING ASKED TO VOTE ON AT THE UPCOMING ANNUAL MEETING ON
JULY 30?
All shareholders of record as of June 2 of the Nuveen Select Maturities
Municipal Fund (NIM) are being asked to cast their ballots to elect the fund's
Board of Directors and Auditors (Ernst & Young LLP). Shareholders are also
voting on whether the fund can redefine the average maturity of the portfolio
and the securities in the portfolio.
WHY IS THE FUND'S MANAGEMENT PROPOSING TO CHANGE THE FUND'S FUNDAMENTAL
INVESTMENT POLICIES?
The goal of these changes is to ensure continued competitiveness by allowing
flexibility similar to competitor funds. Currently, the fund can purchase only
municipal bonds having remaining effective maturities of no more than 15 years,
and the fund's investment adviser must adjust the fund's portfolio to maintain
an average effective maturity of between eight and twelve years.
The fund's management is recommending that the fund be allowed to invest up to
20% of its assets in bonds with longer effective maturities, and to allow the
fund's manager to purchase bonds that could bring the fund's average effective
maturity constraint to less than eight years.
WHAT ADVANTAGES WILL THIS PRODUCE FOR FUND SHAREHOLDERS?
During certain market environments, the municipal yield curve provides
opportunities beyond fifteen years which, on a risk/reward basis, provide good
investment opportunities consistent with the fund's goal of moderating
volatility.
Likewise, fund managers can avoid having to sell shorter maturity bonds to buy
longer maturity bonds should the fund's average effective maturity dip below
eight years, thus avoiding possible taxable capital gains on the sale of the
securities.
HAS THE FUND'S BOARD OF DIRECTORS APPROVED THE PROPOSALS?
Yes. The Board of Directors of the fund has unanimously approved all of the
proposals, and recommends that you vote to approve each one.
HOW DO I VOTE MY SHARES?
You can vote your shares by completing and signing the enclosed proxy card(s),
and mailing them in the enclosed postage-paid envelope. If you need any
assistance, or have any questions regarding the proposals or how to vote your
shares, please call your financial adviser or Nuveen at (800) 257-8787.
