UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-22752

Nuveen Intermediate Duration Municipal Term Fund
(Exact name of registrant as specified in charter)

Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
(Address of principal executive offices) (Zip code)

Kevin J. McCarthy
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
(Name and address of agent for service)

Registrant’s telephone number, including area code: (312) 917-7700

Date of fiscal year end: May 31

Date of reporting period: May 31, 2016

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss. 3507.





ITEM 1. REPORTS TO STOCKHOLDERS.




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Table of Contents

Chairman's Letter to Shareholders
4
   
Portfolio Managers' Comments
5
   
Fund Leverage
10
   
Common Share Information
11
   
Risk Considerations
13
   
Performance Overview and Holding Summaries
14
   
Shareholder Meeting Report
18
   
Report of Independent Registered Public Accounting Firm
19
   
Portfolios of Investments
20
   
Statement of Assets and Liabilities
48
   
Statement of Operations
49
   
Statement of Changes in Net Assets
50
   
Statement of Cash Flows
51
   
Financial Highlights
52
   
Notes to Financial Statements
54
   
Additional Fund Information
67
   
Glossary of Terms Used in this Report
68
   
Reinvest Automatically, Easily and Conveniently
70
   
Annual Investment Management Agreement Approval Process
71
   
Board Members & Officers
78

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3


Chairman's Letter to Shareholders
Dear Shareholders,
The U.S. economy is now seven years into the recovery, but its pace remains stubbornly subpar compared to past recoveries. Economic data continues to be a mixed bag, as it has been throughout this expansion period. While the unemployment rate fell below its pre-recession level and wages have grown slightly, a surprisingly weak jobs growth report in May cast doubt over the future strength of the labor market. The June employment report was much stronger, however, easing fears that a significant downtrend was emerging. The housing market has improved markedly but its contribution to the recovery has been lackluster. Deflationary pressures, including the dramatic slide in commodity prices, have kept inflation much lower for longer than many expected.
U.S. growth remains modest, while economic conditions elsewhere continue to appear vulnerable. On June 23, 2016, the U.K. voted to leave the European Union, known as "Brexit." The outcome surprised the global markets, leading to high levels of volatility across equities, fixed income and currencies in the days following the vote. Although the turbulence subsided not long after and many asset classes have largely recovered, uncertainties remain about the Brexit separation process and the economic and political impacts on the U.K., Europe and the rest of the world.
In the meantime, global central banks remain accommodative in efforts to bolster growth. The European Central Bank and Bank of Japan have been providing aggressive monetary stimulus, including adopting negative interest rates in both Europe and Japan, as their economies continue to lag the U.S.'s recovery. China's policy makers have also continued to manage its slowdown, but investors are still worried about where the world's second-largest economy might ultimately land.
Many of these ambiguities – both domestic and international – have kept the U.S. Federal Reserve (Fed) from raising short-term interest rates any further since December's first and only increase thus far. While markets rallied earlier in the year on the widely held expectation that the Fed would defer any increases until June, the unusually weak May jobs report and the Brexit concerns compelled the Fed to hold rates steady at its June meeting. Although labor market conditions improved in June, Britain's "leave" vote is expected to keep the Fed on hold until later in 2016.
With global economic growth still looking fairly fragile, financial markets have become more volatile over the past year. Although sentiment has improved and conditions have generally recovered from the intense volatility seen in early 2016 and following the Brexit vote in June, we expect that turbulence remains on the horizon for the time being. In this environment, Nuveen remains committed to both managing downside risks and seeking upside potential. If you're concerned about how resilient your investment portfolio might be, we encourage you to talk to your financial advisor.
On behalf of the other members of the Nuveen Fund Board, we look forward to continuing to earn your trust in the months and years ahead.
Sincerely,
William J. Schneider
Chairman of the Board
July 26, 2016

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Portfolio Managers' Comments
Nuveen Intermediate Duration Municipal Term Fund (NID)
Nuveen Intermediate Duration Quality Municipal Term Fund (NIQ)
These Funds feature portfolio management by Nuveen Asset Management, LLC (NAM), an affiliate of Nuveen Investments, Inc. Portfolio managers John V. Miller, CFA, Timothy T. Ryan, CFA, Steven M. Hlavin and Daniel J. Close, CFA, discuss U.S. economic and municipal market conditions, key investment strategies and the twelve-month performance of these two Nuveen Funds. John, Tim and Steve have managed NID since its inception in December 2012 and Dan has managed NIQ since its inception in February 2013.
On May 25, 2016, the Nuveen Fund Board approved the primary benchmark for NID change from the S&P Municipal Bond Intermediate Index to the S&P Intermediate Duration Municipal Yield Index. The primary benchmark was changed to better reflect the Fund's mandate in conjunction with how the Fund is being managed.
What factors affected the U.S. economy and the national municipal market during the twelve-month reporting period ended May 31, 2016?
Over the twelve-month period, U.S. economic data continued to point to subdued growth, rising employment and tame inflation. Economic activity has continued to hover around a 2% annualized growth rate since the end of the Great Recession in 2009, as measured by real gross domestic product (GDP), which is the value of the 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. For the first quarter of 2016, real GDP increased at an annual rate of 0.8%, as reported by the "second" estimate of the Bureau of Economic Analysis, down from 1.4% in the fourth quarter of 2015.
The labor and housing markets were among the bright spots in the economy during the reporting period, as both showed steady improvement. As reported by the Bureau of Labor Statistics, the unemployment rate fell to 4.7% in May 2016 from 5.5% in May 2015, and job gains averaged slightly above 200,000 per month for the past twelve months. The S&P/Case-Shiller U.S. National Home Price Index, which covers all nine U.S. census divisions, recorded a 5.0% annual gain in April 2016 (most recent data available at the time this report was prepared). The 10-City and 20-City Composites reported year-over-year increases of 4.7% and 5.4%, respectively.
Consumers, whose purchases comprise the largest component of the U.S. economy, benefited from lower gasoline prices and an improving jobs market but didn't necessarily spend more. Pessimism about the economy's future and lackluster wage growth likely contributed to consumers' somewhat muted spending. Lower energy prices and tepid wage growth also weighed on inflation

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 managers 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 Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor's, (S&P) Moody's Investors Service, Inc. (Moody's) or Fitch, Inc. (Fitch) Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below investment grade ratings. Certain bonds backed by U.S. government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
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.

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5


Portfolio Managers' Comments (continued)
during this reporting period. The Consumer Price Index (CPI) rose 1.0% over the twelve-month period ended May 2016 on a seasonally adjusted basis, as reported by the U.S. Bureau of Labor Statistics. The core CPI (which excludes food and energy) increased 2.2% during the same period, slightly above the Fed's unofficial longer term inflation objective of 2.0%.
Business investment was also rather restrained. Corporate earnings growth slowed during 2015, reflecting an array of factors ranging from weakening demand amid sluggish U.S. and global growth to the impact of falling commodity prices and a strong U.S. dollar. Energy, materials and industrials companies were hit particularly hard by the downturn in natural resource prices, as well as the expectation of rising interest rates, which would make their debts more costly to service. With demand waning, companies, especially in the health care and technology sectors, looked to consolidate with rivals as a way to boost revenues. Merger and acquisition deals, both in the U.S. and globally, reached record levels in the calendar year 2015.
With the current expansion on solid footing, the U.S. Federal Reserve (Fed) prepared to raise one of its main interest rates, which had been held near zero since December 2008 to help stimulate the economy. After delaying the rate change for most of 2015 because of a weak global economic growth outlook, the Fed announced in December 2015 that it would raise the fed funds target rate by 0.25%. The news was widely expected and therefore had a relatively muted impact on the financial markets.
Although the Fed continued to emphasize future rate increases would be gradual, investors worried about the pace. This, along with uncertainties about the global macroeconomic backdrop, another downdraft in oil prices and a spike in stock market volatility triggered significant losses across assets that carry more risk and fueled demand for "safe haven" assets such as Treasury bonds and gold from January through mid-February. However, fear began to subside in March, propelling assets that carry more risk higher. The Fed held the rate steady at both the January and March policy meetings, as well as lowered its expectations to two rate increases in 2016 from four. Also boosting investor confidence were reassuring statements from the European Central Bank, some positive economic data in the U.S. and abroad, a retreat in the U.S. dollar and an oil price rally. At its April meeting, the Fed indicated its readiness to raise its benchmark rate at the next policy meeting in June. However, a very disappointing jobs growth report in May and the significant uncertainty surrounding the U.K.'s referendum on whether Britain should leave the European Union (EU), colloquially known as "Brexit," dampened the Fed's outlook. These concerns led the Fed to again hold rates steady at its June meeting (after the close of this reporting period). Subsequent to the close of this reporting period, on June 23, 2016, the U.K. voted in favor of leaving the EU. The event triggered considerable market volatility, with a steep drop in the U.K. sterling, turbulence in global equity markets and a rotation into safe-haven assets such as gold, the U.S. dollar and U.S. Treasuries.
The broad municipal bond market performed well in the twelve-month reporting period, supported by falling interest rates, a favorable supply-demand balance and generally improving credit fundamentals. Early in the reporting period, interest rates rose on the expectation that the Fed would begin to raise short-term interest rates in the latter half of 2015. However, with the Fed's first increase delayed until December and its indication of a more gradual path of increases in 2016, interest rates trended lower over the remainder of the reporting period. Municipal market yields moved in tandem with broader interest rates, ending the reporting period below where they started. However, while the yields on intermediate- and longer-dated bonds posted sizeable declines, the yields of short-dated bonds increased slightly over the reporting period. This caused the municipal yield curve to flatten over the reporting period.
The municipal market's supply-demand balance was generally favorable over this reporting period. Over the twelve months ended May 31, 2016, municipal bond gross issuance nationwide totaled $384.5 billion, a 5.2% drop from the issuance for the twelve-month period ended May 31, 2015. Despite the drop, gross issuance remains elevated as issuers continue to actively and aggressively refund their outstanding debt given the very low interest rate environment. In these transactions the issuers are issuing new bonds and taking the bond proceeds and redeeming (calling) old bonds. These refunding transactions have ranged from 40%-60% of total issuance over the past few years. Thus, the net issuance (all bonds issued less bonds redeemed) is actually much lower than the

6
 
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gross issuance. In fact, the total municipal bonds outstanding has actually declined in each of the past four calendar years. So, the gap between gross and net issuance has been an overall positive technical factor on municipal bond investment performance.
While supply has tightened, investor demand for municipal bonds has risen. Municipal bond mutual funds reported net inflows in 2015, and the inflows for the first four months of 2016 has already exceeded 2015's total volume for the year. The bouts of heightened volatility across other risky assets, uncertainty about the Fed's rate increases and the low to negative yields of European and Asian bonds have bolstered the appeal of municipal bonds' risk-adjusted returns and tax-equivalent yields. The municipal bond market is less directly influenced by the Fed's rate adjustments and its demand base is largely comprised of U.S. investors, factors which have helped municipal bonds deliver relatively attractive returns with less volatility than other market segments.
The fundamental backdrop also remained supportive for municipal bonds. Despite the U.S. economy's rather sluggish recovery, improving state and local balance sheets have contributed to generally good credit fundamentals. Higher tax revenue growth, better expense management and a more cautious approach to new debt issuance have led to credit upgrades and stable credit outlooks for many state and local issuers. While some pockets of weakness continued to grab headlines, including Illinois, New Jersey and Puerto Rico, their problems were largely contained, with minimal spillover into the broader municipal market.
What key strategies were used to manage NID and NIQ during the twelve-month reporting period ended May 31, 2016?
Municipal bonds delivered a strong gain over the twelve-month reporting period in an environment of falling interest rates, stronger credit fundamentals and a tight supply-demand balance. Our trading activity continued to focus on pursuing the Funds' investment objectives. We continued to seek bonds in areas of the market that we expected to perform well as the economy continued to improve. The Funds' positioning emphasized intermediate (relative to their intermediate benchmark), lower rated credits and sectors offering higher yields. To fund these purchases, we generally reinvested the proceeds from called and maturing bonds. In some cases, we sold bonds that we believed had deteriorating fundamentals or could be traded for a better relative value, as well as selling short-dated, higher quality issues that we tend to hold over short timeframes as a source of liquidity.
We've also continued to be more cautious in selecting individual securities. As investor demand for municipal securities has increased and created a slight supply-demand imbalance, we've started to see underwriters bring new issues to market that are structured with terms more favorable to the issuer and perhaps less advantageous to the investor than in the recent past. We believe this shift in the marketplace merits extra vigilance on our part to ensure that every credit considered for the portfolio offers adequate reward potential for the level of risk to the bondholder. In cases where our convictions have been less certain, we've sought compensation for the additional risk or have passed on the deal all together.
The Funds were well positioned coming into the reporting period and their overall positioning remained relatively stable during the twelve-month reporting period. NIQ bought two intermediate dated credits, a BBB rated tax increment district bond and an A1 rated airport bond. Notable additions to NID included two credits we bought at deep discounts. We invested in bonds issued for Allegheny County U.S. Steel, whose prices suffered due to the company's exposure to weakening commodity prices and the negative sentiment surrounding commodity supply gluts. NID also purchased a new issue for The Chicago Board of Education, which manages the Chicago Public Schools system, because the bonds offered high yields and long maturities, and were available at attractive prices due an uncertain outlook about the credits at the time of issue. As some of the concerns about commodity oversupply eased and investors gained more clarity on the Chicago public schools system later in the reporting period, both the U.S. Steel and Chicago Board of Education positions subsequently delivered positive performance. Another addition to NID's portfolio during the reporting period was a Loma Linda University Medical Center credit offering an attractive yield.
These purchases were made primarily with the proceeds from called and maturing bonds. In addition, NID trimmed its U.S. Virgin Islands exposure during this reporting period due to our concerns about mounting fiscal pressures there. Yet, secondary market demand for Virgin Islands paper has remained relatively strong, providing an attractive exit point for some of these bonds.

NUVEEN
 
7


Portfolio Managers' Comments (continued)
Additionally, after the Fed's December interest rate hike, short-term interest rates, particularly at the shortest end of the yield curve, trended higher. This environment provided NID an opportunity to benefit from more active trading in the Fund's cash management strategy, generating additional income for the Fund.
As of May 31, 2016, both of these Funds continued to use inverse floating rate securities. We employ inverse floaters for a variety of reasons, including duration management, income enhancement and total return enhancement. As part of our duration management strategies, NID and NIQ also used duration shortening forward interest rate swaps to help maintain the Funds' ten-year maximum duration mandate. Because interest rates generally decreased during the reporting period, the swaps had a negative impact on performance.
How did NID and NIQ perform during the twelve-month reporting period ended May 31, 2016?
The tables in each Fund's Performance Overview and Holding Summaries section of this report provide the Funds' total returns for the one-year and since-inception periods ended May 31, 2016. Each Fund's total returns at common share net asset value (NAV) are compared with the performance of a corresponding market index and Lipper classification averages.
For the twelve months ended May 31, 2016, the total returns at common share NAV for NID outperformed the return for both the S&P Municipal Bond Intermediate Index and its new primary benchmark, the S&P Intermediate Duration Municipal Yield Index and NIQ outperformed the return for the S&P Municipal Bond Intermediate Index. For the same period, NID underperformed the average return for the Lipper General & Insured Leveraged Municipal Debt Funds Classification Average and NIQ outperformed the average return for the Lipper Intermediate Municipal Debt Funds Classification Average.
The main contributors to the Funds' relative outperformance during this reporting period were duration and yield curve positioning, ratings allocations and sector positioning. In terms of duration and yield curve positioning, longer maturity bonds generally outperformed shorter maturities in this reporting period. Overweight allocations to the longer end of the intermediate maturity spectrum and longer dated bonds, and underweight exposures to shorter dated bonds were advantageous to relative performance for NIQ and, to a lesser extent, NID.
Ratings allocations also drove positive relative performance for both Funds. The returns of lower quality bonds generally outpaced those of higher quality credits due to investor demand for higher yielding assets and a willingness to increase credit risk because of improving credit fundamentals. The Funds' overweight allocations to the below investment grade and not rated categories, as well as underweight allocations to AAA and AA rated credits were generally advantageous to performance. However, NID's underweight position in A rated bonds was a slight detractor from relative performance because the Fund had less exposure than the S&P Intermediate Duration Municipal Yield Index to the A rated category's gains.
Sector positioning was the main contributor to NID's relative outperformance over the period and was beneficial to NIQ's relative results as well. NID's returns were aided by underweight allocations to state and local general obligation bonds (GOs) and to the utility sector, and overweight allocations to the dedicated and incremental tax revenue sector, the health care sector and the tobacco sector. A modest overweight to the corporate-backed sector, also known as the industrial development revenue/pollution control revenue (IDR/PCR) sector, was a slight detractor from NID's performance. Corporate-backed municipal bonds declined during a price dislocation in the corporate bond market that occurred from September 2015 to mid-February 2016 when fears of rising defaults, particularly in commodity-related sectors, weighed heavily on the taxable high yield corporate market. While tax-exempt corporate-backed debt suffered along with their taxable counterparts, the tax-exempt segment's downturn was milder. We took advantage of this discount opportunity to buy Alleghany County U.S. Steel bonds at attractive prices for NID's portfolio (as described in the key strategies section of this commentary). NIQ was most helped by its overweight allocation to the tobacco sector, which was the best-performing municipal bond sector in this reporting period. Additionally, while most of NIQ's sector positions were favorable to relative performance, the Fund's higher education exposure slightly detracted from returns.

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An Update Involving Puerto Rico
As noted in the Funds' previous shareholder reports, we continue to monitor situations in the broader municipal market for any impact on the Funds' holdings and performance: the ongoing economic problems of Puerto Rico is one such case. Puerto Rico's continued economic weakening, escalating debt service obligations, and long-standing inability to deliver a balanced budget led to multiple downgrades on its debt over the past two years. Puerto Rico has warned investors since 2014 that the island's debt burden may be unsustainable and the Commonwealth has been exploring various strategies to deal with this burden, including Chapter 9 bankruptcy, which is currently not available by law. On June 30, 2016 (subsequent to the end of the reporting period), President Obama signed the Puerto Rico Oversight, Management and Economic Stability Act (PROMESA) into law. The legislation creates a path for Puerto Rico to establish an independent oversight board responsible for managing the government's financial operations and restructure debt. Implementation is expected to take time, as the law focuses on developing a comprehensive five-year fiscal plan.
In terms of Puerto Rico holdings, shareholders should note that NID had limited exposure, which was insured to Puerto Rico debt during this reporting period, generally totaling under 0.4%, while NIQ had no exposure to Puerto Rico bonds. The Puerto Rico credits offered higher yields, added diversification and triple exemption (i.e., exemption from most federal, state and local taxes). Puerto Rico general obligation debt is currently rated Caa2/CC/CC (below investment grade) by Moody's, S&P and Fitch, respectively, with negative outlooks.
A Note About Investment Valuations
The municipal securities held by the Funds are valued by the Funds' pricing service using a range of market-based inputs and assumptions. A different municipal pricing service might incorporate different assumptions and inputs into its valuation methodology, potentially resulting in different values for the same securities. These differences could be significant, both as to such individual securities, and as to the value of a given Fund's portfolio in its entirety. Thus, the current net asset value of a Fund's shares may be impacted, higher or lower, if the Fund were to change pricing service, or if its pricing service were to materially change its valuation methodology. The Funds have received notification by their current municipal bond pricing service that such service has agreed to be acquired by the parent company of another pricing service, and that the transaction is under regulatory review. Thus there is an increased risk that each Fund's pricing service may change, or that the Funds' current pricing service may change its valuation methodology, either of which could have an impact on the net asset value of each Fund's shares.

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9


Fund Leverage
IMPACT OF THE FUNDS' LEVERAGE STRATEGIES ON PERFORMANCE
One important factor impacting the returns of the Funds relative to their comparative benchmarks was the Funds' use of leverage through their issuance of preferred shares and/or investments in inverse floating rate securities, which represent leveraged investments in underlying bonds. The Funds use leverage because our research has shown that, over time, leveraging provides opportunities for additional income, particularly in the recent market environment where short-term market rates are at or near historical lows, meaning that the short-term rates the Fund has been paying on its leveraging instruments have been much lower than the interest the Fund has been earning on its portfolio of long-term bonds that it has bought with the proceeds of that leverage. However, use of leverage also can expose the Fund to additional price volatility. When a Fund uses leverage, the Fund will experience a greater increase in its net asset value if the municipal bonds acquired through the use of leverage increase in value, but it will also experience a correspondingly larger decline in its net asset value if the bonds acquired through leverage decline in value, which will make the Fund's net asset value more volatile, and its total return performance more variable over time. In addition, income in levered funds will typically decrease in comparison to unlevered funds when short-term interest rates increase and increase when short-term interest rates decrease. Leverage had a positive impact on the performance of both Funds over this reporting period.
As of May 31, 2016, the Funds' percentages of leverage are as shown in the accompanying table.

     
NID
 
NIQ
Effective Leverage*
   
35.11
%
 
35.55
%
Regulatory Leverage*
   
20.82
%
 
22.70
%

*
Effective Leverage is a Fund's effective economic leverage, and includes both regulatory leverage and the leverage effects of certain derivative and other investments in a Fund's portfolio that increase the Fund's investment exposure. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage. Regulatory leverage consists of preferred shares issued or borrowings of a Fund. Both of these are part of a Fund's capital structure. Regulatory leverage is subject to asset coverage limits set forth in the Investment Company Act of 1940.
THE FUNDS' REGULATORY LEVERAGE
As of May 31, 2016, the Funds have issued and outstanding Variable Rate MuniFund Term Preferred (VMTP) Shares as shown in the accompanying table.

     
VMTP Shares
 
         
Shares Issued at
 
           
Liquidation
 
     
Series
   
Preference
 
NID
   
2018
 
$
175,000,000
 
NIQ
   
2018
 
$
55,000,000
 
Refer to Notes to Financial Statements, Note 4 — Fund Shares, Preferred Shares for further details on VMTP Shares and each Fund's respective transactions.

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Common Share Information
COMMON SHARE DISTRIBUTION INFORMATION
The following information regarding the Funds' distributions is current as of May 31, 2016. Each Fund's distribution levels may vary over time based on each Fund's investment activity and portfolio investment value changes.
During the current reporting period, each Fund's distributions to common shareholders were as shown in the accompanying table.

     
Per Common
 
     
Share Amounts
 
Monthly Distributions (Ex-Dividend Date)
   
NID
   
NIQ
 
June 2015
 
$
0.0570
 
$
0.0495
 
July
   
0.0570
   
0.0495
 
August
   
0.0570
   
0.0495
 
September
   
0.0570
   
0.0475
 
October
   
0.0570
   
0.0475
 
November
   
0.0570
   
0.0475
 
December
   
0.0570
   
0.0475
 
January
   
0.0570
   
0.0475
 
February
   
0.0570
   
0.0475
 
March
   
0.0570
   
0.0475
 
April
   
0.0570
   
0.0475
 
May 2016
   
0.0570
   
0.0475
 
Total Distributions from Net Investment Income
 
$
0.6840
 
$
0.5760
 
               
Yields
             
Market Yield*
   
5.00
%
 
4.21
%
Taxable-Equivalent Yield*
   
6.94
%
 
5.85
%

*
Market Yield is based on the Fund's current annualized monthly dividend 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 a federal income tax rate of 28.0%. When comparing a Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield would be lower.
Each Fund in this report seeks to pay regular monthly dividends out of their net investment income at a rate that reflects its past and projected net income performance. To permit each Fund to maintain a more stable monthly dividend, the Fund may pay dividends at a rate that may be more or less than the amount of net income actually earned by the Fund during the period. If a Fund has cumulatively earned more than it has paid in dividends, it will hold the excess in reserve as undistributed net investment income (UNII) as part of the Fund's net asset value. Conversely, if a Fund has cumulatively paid in dividends more than it has earned, the excess will constitute a negative UNII that will likewise be reflected in the Fund's net asset value. Each Fund will, over time, pay all its net investment income as dividends to shareholders.
As of May 31, 2016, the Funds had positive UNII balances for tax purposes and positive UNII balances for financial reporting purposes.

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11


Common Share Information (continued)
All monthly dividends paid by each Fund during the current reporting period were paid from net investment income. If a portion of the Fund's monthly distributions was sourced from or comprised of elements other than net investment income, including capital gains and/or a return of capital, shareholders would have received a notice to that effect. For financial reporting purposes the composition and per share amounts of each Fund's dividends for the reporting period are presented in this report's Statement of Changes in Net Assets and Financial Highlights, respectively. For income tax purposes distribution information for each Fund as of its most recent tax year end is presented in Note 6 — Income Tax Information within the Notes to Financial Statements of this report.
COMMON SHARE REPURCHASES
During August 2015, the Funds' Board of Trustees reauthorized an open-market share repurchase program, allowing each Fund to repurchase an aggregate of up to approximately 10% of its outstanding shares.
As of May 31, 2016, and since the inception of the Funds' repurchase programs, the Funds have cumulatively repurchased and retired common shares as shown in the accompanying table.

     
NID
   
NIQ
 
Common shares cumulatively repurchased and retired
   
0
   
0
 
Common shares authorized for repurchase
   
4,690,000
   
1,310,000
 
OTHER COMMON SHARE INFORMATION
As of May 31, 2016, and during the current reporting period, the Funds' common share prices were trading at a premium/(discount) to their common share NAVs as shown in the accompanying table.

     
NID
   
NIQ
 
Common share NAV
 
$
14.19
 
$
14.30
 
Common share price
 
$
13.68
 
$
13.53
 
Premium/(Discount) to NAV
   
(3.59
)%
 
(5.38
)%
12-month average premium/(discount) to NAV
   
(7.51
)%
 
(7.80
)%

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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 Intermediate Duration Municipal Term Fund (NID)
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. Lower credit debt securities may be more likely to fail to make timely interest or principal payments. Leverage increases return volatility and magnifies the Fund's potential return and its risks; there is no guarantee a fund's leverage strategy will be successful. For these and other risks, including the Fund's limited term and inverse floater risk, see the Fund's web page at www.nuveen.com/NID.
Nuveen Intermediate Duration Quality Municipal Term Fund (NIQ)
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. Leverage increases return volatility and magnifies the Fund's potential return and its risks; there is no guarantee a fund's leverage strategy will be successful. For these and other risks, including the Fund's limited term and inverse floater risk, see the Fund's web page at www.nuveen.com/NIQ.

NUVEEN
 
13


NID
 
 
Nuveen Intermediate Duration Municipal Term Fund
 
Performance Overview and Holding Summaries as of May 31, 2016
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 May 31, 2016

   
Average Annual
 
     
Since
 
   
1-Year
Inception
 
NID at Common Share NAV
 
8.66%
4.58%
 
NID at Common Share Price
 
15.59%
2.53%
 
S&P Intermediate Duration Municipal Yield Index
 
4.47%
3.58%
 
S&P Municipal Bond Intermediate Index
 
5.40%
2.94%
 
Lipper General & Insured Leveraged Municipal Debt Funds Classification Average
 
10.20%
6.80%
 
Since inception returns are from 12/05/12. 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 and Lipper return information is provided for the Fund's shares at NAV only. Indexes and Lipper averages are not available for direct investment.
 
 

14
 
NUVEEN


This data relates to the securities held in the Fund's portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
Ratings shown 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. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.

Fund Allocation
 
(% of net assets)
 
Long-Term Municipal Bonds
124.0%
Other Asset Less Liabilities
2.3%
Net Asset Plus VMTP Shares, at Liquidation Preference
126.3%
VMTP Shares, at Liquidation Preference
(26.3)%
Net Assets
100%

Credit Quality
 
(% of total investment exposure)1
 
AAA/U.S. Guaranteed
3.1%
AA
23.3%
A
16.7%
BBB
14.1%
BB or Lower
24.5%
N/R (not rated)
18.3%
Total
100%

Portfolio Composition
 
(% of total investments)1
 
Tax Obligation/Limited
24.2%
Health Care
15.2%
Consumer Staples
9.9%
Education and Civic Organizations
8.0%
Industrials
8.0%
Long-Term Care
6.4%
Transportation
6.4%
Tax Obligation/General
6.3%
Utilities
5.5%
Other
10.1%
Total
100%

States and Territories
 
(as a % of total investments)1
 
Illinois
10.1%
California
9.8%
Florida
9.4%
Texas
7.1%
New Jersey
5.5%
Ohio
5.3%
Michigan
5.2%
New York
5.0%
Pennsylvania
4.8%
Colorado
3.6%
Indiana
2.5%
Alabama
2.4%
Guam
2.1%
Wisconsin
2.0%
Washington
2.0%
Iowa
1.9%
Virginia
1.9%
Other
19.4%
Total
100%

1
Excluding investments in derivatives.

NUVEEN
 
15


NIQ
 
 
Nuveen Intermediate Duration Quality Municipal Term Fund
 
Performance Overview and Holding Summaries as of May 31, 2016
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 May 31, 2016

 
Average Annual
 
   
Since
 
 
1-Year
Inception
 
NIQ at Common Share NAV
8.85%
4.11%
 
NIQ at Common Share Price
13.26%
1.33%
 
S&P Municipal Bond Intermediate Index
5.40%
3.29%
 
Lipper Intermediate Municipal Debt Funds Classification Average
7.42%
5.64%
 
Since inception returns are from 2/07/13. 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 and Lipper return information is provided for the Fund's shares at NAV only. Indexes and Lipper averages are not available for direct investment.
 

16
 
NUVEEN


This data relates to the securities held in the Fund's portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
Ratings shown 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. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.

Fund Allocation
 
(% of net assets)
 
Long-Term Municipal Bonds
126.5%
Short-Term Municipal Bonds
1.4%
Other Asset Less Liabilities
1.5%
Net Asset Plus VMTP Shares, at Liquidation Preference
129.4%
VMTP Shares, at Liquidation Preference
(29.4)%
Net Assets
100%

Credit Quality
 
(% of total investment exposure)1
 
AAA/U.S. Guaranteed
4.3%
AA
34.2%
A
24.1%
BBB
17.8%
BB or Lower
12.3%
N/R (not rated)
7.3%
Total
100%

Portfolio Composition
 
(% of total investments)1
 
Tax Obligation/Limited
18.8%
Utilities
17.4%
Health Care
14.3%
Transportation
14.1%
Tax Obligation/General
8.4%
Education and Civic Organizations
8.3%
Consumer Staples
5.8%
Other
12.9%
Total
100%

States and Territories
 
(as a % of total investments)1
 
California
11.6%
Illinois
10.1%
Texas
7.7%
Florida
7.0%
Michigan
6.0%
New Jersey
5.3%
Tennessee
4.9%
Ohio
3.9%
New York
3.8%
Pennsylvania
3.2%
Colorado
3.0%
Alabama
2.7%
Kentucky
2.3%
Missouri
2.1%
Iowa
2.1%
Mississippi
2.0%
Maine
1.9%
Indiana
1.8%
Other
18.6%
Total
100%

1
Excluding investments in derivatives.

NUVEEN
 
17


Shareholder Meeting Report
The annual meeting of shareholders was held in the offices of Nuveen Investments on April 22, 2016 for NID and NIQ; at this meeting the shareholders were asked to elect Board Members.

     
NID
   
NIQ
 
     
Common and
         
Common and
       
     
Preferred
         
Preferred
       
     
shares
         
shares
       
     
voting together
   
Preferred
   
voting together
   
Preferred
 
     
as a class
   
Shares
   
as a class
   
Shares
 
Approval of the Board Members was reached as follows:
                         
Judith M. Stockdale
                         
For
   
42,363,702
   
   
8,767,868
   
 
Withhold
   
785,207
   
   
2,372,814
   
 
Total
   
43,148,909
   
   
11,140,682
   
 
Carole E. Stone
                         
For
   
42,184,605
   
   
8,767,868
   
 
Withhold
   
964,304
   
   
2,372,814
   
 
Total
   
43,148,909
   
   
11,140,682
   
 
William C. Hunter
                         
For
   
   
1,750
   
   
550
 
Withhold
   
   
   
   
 
Total
   
   
1,750
   
   
550
 
William J. Schneider
                         
For
   
   
1,750
   
   
550
 
Withhold
   
   
   
   
 
Total
   
   
1,750
   
   
550
 
Margaret L. Wolff
                         
For
   
42,426,270
   
   
8,771,168
   
 
Withhold
   
722,639
   
   
2,369,514
   
 
Total
   
43,148,909
   
   
11,140,682
   
 

18
 
NUVEEN


Report of Independent Registered Public Accounting Firm
To the Board of Trustees and Shareholders of
Nuveen Intermediate Duration Municipal Term Fund
Nuveen Intermediate Duration Quality Municipal Term Fund:
We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Nuveen Intermediate Duration Municipal Term Fund and Nuveen Intermediate Duration Quality Municipal Term Fund (the "Funds") as of May 31, 2016, and the related statements of operations and cash flows for the year ended and the statements of changes in net assets and the financial highlights for each of the years in the two-year period then ended. The financial highlights for the periods presented through May 31, 2014, were audited by other auditors whose report dated July 28, 2014, expressed an unqualified opinion on those financial highlights. These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. Our procedures included confirmation of securities owned as of May 31, 2016, by correspondence with the custodian and brokers or other appropriate auditing procedures. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Funds as of May 31, 2016, the results of their operations and their cash flows for the year then ended and the changes in their net assets and the financial highlights for each of the years in the two-year period then ended, in conformity with U.S. generally accepted accounting principles.
/s/ KPMG LLP
Chicago, Illinois
July 28, 2016

NUVEEN
 
19


NID
   
 
Nuveen Intermediate Duration Municipal Term Fund
 
 
Portfolio of Investments
May 31, 2016

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
    Value  
     
LONG-TERM INVESTMENTS – 124.0% (100.0% of Total Investments)
             
     
MUNICIPAL BONDS – 124.0% (100.0% of Total Investments)
             
     
Alabama – 3.0% (2.4% of Total Investments)
             
$
235
 
Jefferson County Public Building Authority, Alabama, Lease Revenue Warrants, Series 2006, 5.125%, 4/01/21 – AMBAC Insured
8/16 at 100.00
 
B1
 
$
235,242
 
 
7,000
 
Jefferson County, Alabama, General Obligation Refunding Warrants, Series 2003A, 5.000%, 4/01/22 – NPFG Insured
8/16 at 100.00
 
AA–
   
7,003,990
 
 
665
 
Jefferson County, Alabama, General Obligation Warrants, Series 2004A, 5.000%, 4/01/18 – NPFG Insured
8/16 at 100.00
 
AA–
   
665,924
 
     
Jefferson County, Alabama, Limited Obligation School Warrants, Education Tax Revenue Bonds, Series 2004A:
             
 
10,000
 
5.250%, 1/01/20
8/16 at 100.00
 
A–
   
10,058,700
 
 
200
 
5.500%, 1/01/22 – AGM Insured
8/16 at 100.00
 
AA
   
201,174
 
 
2,000
 
5.250%, 1/01/23
8/16 at 100.00
 
A–
   
2,011,740
 
 
20,100
 
Total Alabama
         
20,176,770
 
     
Alaska – 0.3% (0.2% of Total Investments)
             
 
2,000
 
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 5.000%, 6/01/32
8/16 at 100.00
 
B3
   
1,925,380
 
     
Arizona – 1.5% (1.2% of Total Investments)
             
 
895
 
Arizona Health Facilities Authority, Health Care Facilities Revenue Bonds, The Beatitudes Campus Project, Series 2006, 5.100%, 10/01/22
10/16 at 100.00
 
N/R
   
898,115
 
 
2,000
 
Arizona Health Facilities Authority, Hospital System Revenue Bonds, Phoenix Children's Hospital, Refunding Series 2012A, 5.000%, 2/01/27
2/22 at 100.00
 
BBB+
   
2,266,060
 
 
695
 
Estrella Mountain Ranch Community Facilities District, Goodyear City, Arizona, Special Assessment Revenue Bonds, Montecito Assessment District 2, Series 2015, 4.750%, 7/01/30
7/25 at 100.00
 
N/R
   
706,919
 
     
Florence Town Inc., Industrial Development Authority, Arizona, Education Revenue Bonds, Legacy Traditional School Project – Queen Creek and Casa Grande Campuses, Series 2013:
             
 
90
 
4.000%, 7/01/18
No Opt. Call
 
BB
   
91,877
 
 
1,050
 
5.000%, 7/01/23
No Opt. Call
 
BB
   
1,148,626
 
 
90
 
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Great Hearts Academies – Veritas Project, Series 2012, 6.250%, 7/01/32
7/21 at 100.00
 
BB
   
100,410
 
     
Phoenix Industrial Development Authority, Arizona, Lease Revenue Bonds, Guam Facilities Foundation, Inc. Project, Series 2014:
             
 
1,295
 
5.000%, 2/01/18
No Opt. Call
 
B+
   
1,339,742
 
 
1,000
 
5.125%, 2/01/34
2/24 at 100.00
 
B+
   
1,020,900
 
 
760
 
Pima County Industrial Development Authority, Arizona, Education Facility Revenue and Refunding Bonds, Edkey Charter Schools Project, Series 2013, 5.000%, 7/01/25
7/20 at 102.00
 
BB
   
747,536
 
 
800
 
University Medical Center Corporation, Tucson, Arizona, Hospital Revenue Bonds, Series 2011, 5.000%, 7/01/19 (ETM)
No Opt. Call
 
N/R (4)
   
897,824
 
 
904
 
Watson Road Community Facilities District, Arizona, Special Assessment Revenue Bonds, Series 2005, 5.750%, 7/01/22
7/16 at 100.00
 
N/R
   
905,455
 
 
9,579
 
Total Arizona
         
10,123,464
 
     
California – 12.2% (9.8% of Total Investments)
             
 
100
 
Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Subordinate Lien Series 2004A, 5.300%, 10/01/23 (Pre-refunded 10/01/17) – AMBAC Insured
10/17 at 100.00
 
BBB+ (4)
   
106,211
 
 
2,490
 
Alvord Unified School District, Riverside County, California, General Obligation Bonds, Tender Option Bond 3306, 25.190%, 8/01/23-NPFG Insured (IF) (5)
No Opt. Call
 
AA
   
5,939,148
 
 
935
 
Antelope Valley Healthcare District, California, Revenue Bonds, Series 2011A, 6.875%, 3/01/26 (Pre-refunded 3/01/21)
3/21 at 100.00
 
Ba3 (4)
   
1,107,984
 

20
 
NUVEEN


 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
California (continued)
             
$
750
 
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Tender Option Bond Trust 2016-XG0019, 3.577%, 4/01/36 (IF), (5)
10/26 at 100.00
 
AA
 
$
715,470
 
     
California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2014A:
             
 
500
 
5.250%, 12/01/29
12/24 at 100.00
 
BB+
   
571,355
 
 
2,500
 
5.250%, 12/01/34
12/24 at 100.00
 
BB+
   
2,827,125
 
     
California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2016A:
             
 
2,300
 
5.000%, 12/01/27
6/26 at 100.00
 
BB+
   
2,716,668
 
 
2,375
 
5.000%, 12/01/28
6/26 at 100.00
 
BB+
   
2,769,345
 
     
California Statewide Community Development Authority, Revenue Bonds, International School of the Peninsula, Palo Alto, California, Series 2006:
             
 
415
 
5.000%, 11/01/16
No Opt. Call
 
N/R
   
417,739
 
 
2,125
 
5.000%, 11/01/21
11/16 at 100.00
 
N/R
   
2,141,150
 
 
5,000
 
Compton Community Redevelopment Agency, California, Tax Allocation Revenue Bonds, Redevelopment Projects, Second Lien Series 2010B, 5.750%, 8/01/26
8/20 at 100.00
 
N/R
   
5,463,150
 
     
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
             
 
13,420
 
4.500%, 6/01/27
6/17 at 100.00
 
B+
   
13,530,312
 
 
5,100
 
5.000%, 6/01/33
6/17 at 100.00
 
B–
   
5,133,456
 
 
2,355
 
Hesperia Public Financing Authority, California, Redevelopment and Housing Projects Tax Allocation Bonds, Series 2007A, 5.500%,
9/01/17 – SYNCORA GTY Insured
No Opt. Call
 
N/R
   
2,467,640
 
 
310
 
Indio Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Subordinate Lien Refunding Series 2008A, 5.000%, 8/15/23
8/18 at 100.00
 
BBB–
   
335,913
 
 
800
 
Inland Empire Tobacco Securitization Authority, California, Tobacco Settlement Asset-Backed Bonds, Series 2007, 4.625%, 6/01/21
6/17 at 100.00
 
CC
   
804,312
 
 
250
 
National City Community Development Commission, California, Tax Allocation Bonds, National City Redevelopment Project, Series 2011, 7.000%, 8/01/32
8/21 at 100.00
 
A
   
313,623
 
     
Palm Desert Financing Authority, California, Tax Allocation Revenue Bonds, Project Area 2,  Series 2006D:
             
 
1,020
 
0.000%, 8/01/18
No Opt. Call
 
N/R
   
905,107
 
 
1,165
 
0.000%, 8/01/19
No Opt. Call
 
N/R
   
974,604
 
 
1,310
 
0.000%, 8/01/20
No Opt. Call
 
N/R
   
1,031,481
 
 
1,450
 
0.000%, 8/01/21
No Opt. Call
 
N/R
   
1,072,377
 
     
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009:
             
 
2,430
 
5.500%, 11/01/19
No Opt. Call
 
Ba1
   
2,644,375
 
 
5,000
 
6.625%, 11/01/29
11/19 at 100.00
 
Ba1
   
5,578,250
 
 
700
 
Redwood City, California, Special Tax Refunding Bonds, Redwood Shores Community Facilities District 99-1, Shores Transportation Improvement Project, Series 2012B, 5.000%, 9/01/29
No Opt. Call
 
N/R
   
788,991
 
 
340
 
Riverside County, California, Special Tax Bonds, Community Facilities District 05-8 Scott Road, Series 2013, 4.000%, 9/01/21
No Opt. Call
 
N/R
   
371,824
 
 
500
 
Roseville, California, Special Tax Bonds, Community Facilities District 1 Westbrook, Series 2014, 5.000%, 9/01/29
9/24 at 100.00
 
N/R
   
563,235
 
 
2,395
 
San Bernardino Joint Powers Financing Authority, California, Tax Allocation Bonds, Series 2005A, 5.750%, 10/01/24 – AGM Insured
No Opt. Call
 
AA
   
2,982,278
 
 
260
 
San Diego, California, Community Facilities District 3 Liberty Station Special Tax Refunding Bonds Series 2013, 5.000%, 9/01/20
No Opt. Call
 
N/R
   
297,323
 
 
100
 
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Refunding Series 2006D, 5.000%,
8/01/18 – AMBAC Insured
8/17 at 100.00
 
BBB+
   
104,771
 
 
420
 
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2003, 5.000%, 8/01/25 – FGIC Insured
8/16 at 100.00
 
AA–
   
425,956
 
 
550
 
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2007B, 5.000%, 8/01/19 – SYNCORA GTY Insured
No Opt. Call
 
BBB+
   
575,388
 

NUVEEN
 
21


NID
Nuveen Intermediate Duration Municipal Term Fund
 
 
Portfolio of Investments (continued)
May 31, 2016

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
California (continued)
             
$
1,500
 
Tejon Ranch Public Facilities Financing Authority, California, Special Tax Bonds, Community Facilities District 2008-1 Tejon Industrial Complex East 2012A, 5.000%, 9/01/32
No Opt. Call
 
N/R
 
$
1,652,130
 
 
1,500
 
Tejon Ranch Public Facilities Financing Authority, California, Special Tax Bonds, Community Facilities District 2008-1 Tejon Industrial Complex East 2012B, 5.000%, 9/01/32
No Opt. Call
 
N/R
   
1,652,130
 
 
10,000
 
Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed Bonds, Refunding Series 2005A-2, 5.400%, 6/01/27
6/17 at 100.00
 
B+
   
10,025,000
 
 
1,490
 
Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed Bonds, Series 2005A-1, 4.750%, 6/01/23
8/16 at 100.00
 
B+
   
1,490,522
 
 
120
 
Vernon, California, Electric System Revenue Bonds, Series 2009A, 5.125%, 8/01/21 (Pre-refunded 8/01/19)
8/19 at 100.00
 
N/R (4)
   
130,915
 
 
280
 
Vernon, California, Electric System Revenue Bonds, Series 2009A, 5.125%, 8/01/21
8/19 at 100.00
 
A–
   
312,250
 
 
74,255
 
Total California
         
80,939,508
 
     
Colorado – 4.5% (3.6% of Total Investments)
             
 
505
 
Bromley Park Metropolitan District 2, Brighton, Colorado, General Obligation Bonds, Refunding Series 2007A, 4.375%, 12/01/18 – RAAI Insured
12/17 at 100.00
 
AA
   
519,534
 
 
2,120
 
Bromley Park Metropolitan District 3, Brighton, Colorado, General Obligation Bonds, Refunding & Improvement Series 2007, 4.750%, 12/01/37 – RAAI Insured
12/17 at 100.00
 
AA
   
2,164,902
 
 
4,005
 
Castle Oaks Metropolitan District, Castle Rock, Douglas County, Colorado, General Obligation Limited Tax Bonds, Refunding & Improvement Series 2012, 5.500%, 12/01/22 (Pre-refunded 12/01/17)
12/17 at 100.00
 
N/R (4)
   
4,281,866
 
 
765
 
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Academy of Charter Schools Project, Series 2010B, 6.125%, 11/01/20
No Opt. Call
 
B
   
813,310
 
 
500
 
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Flagstaff Academy Project, Series 2008A, 6.750%, 8/01/28
8/18 at 100.00
 
N/R
   
522,360
 
 
165
 
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Littleton Preparatory Charter School, Series 2013, 5.000%, 12/01/22
No Opt. Call
 
BB+
   
179,578
 
 
975
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Total Long-Term Care National Obligated Group Project, Series 2010A, 5.250%, 11/15/20 (ETM)
No Opt. Call
 
N/R (4)
   
1,065,811
 
 
889
 
Colorado Housing and Finance Authority, Revenue Bonds, Confluence Energy LLC Project, Series 2013, 6.875%, 10/01/27 (Alternative Minimum Tax) (6)
No Opt. Call
 
N/R
   
808,298
 
 
3,270
 
Colorado Springs, Colorado, Utilities System Revenue Bonds, Tender Option Bond Trust 2015-XF0223, 12.862%, 10/01/20 (IF)
No Opt. Call
 
AA
   
4,779,694
 
     
Colorado State Board of Governors, Colorado State University Auxiliary Enterprise System Revenue Bonds, Tender Option Bond Trust 3316:
             
 
100
 
20.878%, 9/01/22 (IF) (5)
No Opt. Call
 
Aa2
   
225,865
 
 
300
 
20.878%, 3/01/23 (IF) (5)
No Opt. Call
 
Aa2
   
697,350
 
 
430
 
20.831%, 3/01/24 (IF) (5)
No Opt. Call
 
Aa2
   
1,013,200
 
 
725
 
20.878%, 3/01/25 (IF) (5)
No Opt. Call
 
Aa2
   
1,699,110
 
 
200
 
20.878%, 9/01/25 (IF) (5)
No Opt. Call
 
Aa2
   
468,350
 
 
3,385
 
Denver Convention Center Hotel Authority, Colorado, Revenue Bonds, Convention Center Hotel, Senior Lien Series 2006, 5.125%,
12/01/24 – SYNCORA GTY Insured
11/16 at 100.00
 
BBB–
   
3,438,483
 
 
860
 
Fitzsimons Village Metropolitan District 3, Arapahoe County, Colorado, Tax Increment/Public Improvement Fee Supported Revenue Bonds, Series 2014A, 5.750%, 3/01/32
No Opt. Call
 
N/R
   
878,868
 
 
250
 
Lincoln Park Metropolitan District, Douglas County, Colorado, General Obligation Refunding and Improvement Bonds, Series 2008, 5.625%, 12/01/20 (Pre-refunded 12/01/17)
12/17 at 100.00
 
N/R (4)
   
267,748
 
 
225
 
North Range Metropolitan District 1, Adams County, Colorado, Limited Tax General Obligation Bonds, Refunding Series 2007, 4.300%, 12/15/19 – ACA Insured
12/16 at 100.00
 
N/R
   
225,961
 
     
Plaza Metropolitan District 1, Lakewood, Colorado, Tax Increment Revenue Bonds, Refunding Series 2013:
             
 
500
 
5.000%, 12/01/18
No Opt. Call
 
N/R
   
527,630
 
 
1,000
 
5.000%, 12/01/21
No Opt. Call
 
N/R
   
1,090,300
 

22
 
NUVEEN


 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Colorado (continued)
             
$
590
 
Rendezous Residential Metropolitan District, Colorado, Limited Tax General Obligation Bonds, Refunding Series 2007, 5.200%, 12/01/17
No Opt. Call
 
N/R
 
$
548,482
 
 
3,150
 
Westminster Economic Development Authority, Colorado, Tax Increment Revenue Bonds, Mandalay Gardens Urban Renewal Project, Series 2012, 5.000%, 12/01/27
No Opt. Call
 
A
   
3,588,669
 
 
24,909
 
Total Colorado
         
29,805,369
 
     
Connecticut – 0.1% (0.0% of Total Investments)
             
 
6,778
 
Mashantucket Western Pequot Tribe, Connecticut, Special Revenue Bonds, Subordinate Series 2013A, 6.050%, 7/01/31 (6)
No Opt. Call
 
N/R
   
406,682
 
     
District of Columbia – 0.7% (0.6% of Total Investments)
             
     
District of Columbia Student Dormitory Revenue Bonds, Provident Group – Howard Properties LLC Issue, Series 2013:
             
 
500
 
4.000%, 10/01/19
No Opt. Call
 
BB+
   
510,030
 
 
500
 
4.000%, 10/01/20
No Opt. Call
 
BB+
   
509,025
 
 
670
 
4.000%, 10/01/21
No Opt. Call
 
BB+
   
679,749
 
     
District of Columbia, Tax Increment Revenue Bonds, Gallery Place Project, Tender Option Bond Trust 1187:
             
 
745
 
19.445%, 6/01/29 (IF) (5)
6/21 at 100.00
 
AA–
   
1,167,489
 
 
785
 
19.375%, 6/01/30 (IF) (5)
6/21 at 100.00
 
AA–
   
1,212,982
 
 
520
 
19.445%, 6/01/31 (IF) (5)
6/21 at 100.00
 
AA–
   
795,392
 
 
3,720
 
Total District of Columbia
         
4,874,667
 
     
Florida – 11.6% (9.4% of Total Investments)
             
 
1,690
 
Arborwood Community Development District, Florida, Capital Improvement Revenue Bonds, Master Infrastructure Projects, Series 2005A-2, 5.350%, 5/01/36
No Opt. Call
 
N/R
   
1,690,777
 
     
Atlantic Beach, Florida, Healthcare Facilities Revenue Refunding Bonds, Fleet Landing Project, Series 2013A:
             
 
425
 
5.000%, 11/15/20
No Opt. Call
 
BBB
   
476,485
 
 
150
 
5.000%, 11/15/23
No Opt. Call
 
BBB
   
175,655
 
 
760
 
Ave Maria Stewardship Community District, Florida, Capital Improvement Revenue Bonds, Series 2015, 5.000%, 5/01/30
5/25 at 100.00
 
N/R
   
777,716
 
 
7,200
 
Cape Coral Health Facilities Authority, Florida, Senior Housing Revenue Bonds, Gulf Care Inc. Project, Series 2015, 5.750%, 7/01/30
7/25 at 100.00
 
N/R
   
7,611,552
 
 
430
 
Capital Projects Finance Authority, Student Housing Revenue Bonds, Capital Projects Loan Program – Florida Universities, Series 2001F, 5.000%, 10/01/31 – NPFG Insured
8/16 at 100.00
 
AA–
   
430,030
 
 
2,295
 
Capital Trust Agency, Florida, Fixed Rate Air Cargo Revenue Refunding Bonds, Aero Miami FX, LLC Project, Series 2010A, 5.350%, 7/01/29
7/20 at 100.00
 
Baa3
   
2,507,035
 
 
1,000
 
Collier County Educational Facilities Authority, Florida, Revenue Bonds, Ave Maria University, Refunding Series 2013A, 4.500%, 6/01/23
No Opt. Call
 
BBB–
   
1,073,100
 
 
3,000
 
Collier County Industrial Development Authority, Florida, Continuing Care Community Revenue Bonds, Arlington of Naples Project, TEMPS 70 Series 2014B-2, 6.500%, 5/15/20
8/16 at 100.00
 
N/R
   
3,005,460
 
 
2,610
 
Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance Charter School, Inc. Projects, Series 2011A, 6.500%, 6/15/21
No Opt. Call
 
BB–
   
2,888,122
 
 
1,045
 
Grand Bay at Doral Community Development District, Miami-Dade County, Florida, Special Assessment Bonds, Doral Breeze Project Series 2012, 5.125%, 11/01/22
No Opt. Call
 
N/R
   
1,111,023
 
     
Jacksonville Economic Development Commission, Florida, Health Care Facilities Revenue Bonds, Florida Proton Therapy Institute Project, Series 2007A:
             
 
350
 
6.000%, 9/01/17
No Opt. Call
 
N/R
   
369,782
 
 
1,500
 
6.250%, 9/01/27
9/17 at 100.00
 
N/R
   
1,563,240
 
     
Lake Powell Residential Golf Community Development District, Bay County, Florida, Special Assessment Revenue Refunding Bonds, Series 2012:
             
 
1,170
 
5.250%, 11/01/22
No Opt. Call
 
N/R
   
1,244,740
 
 
1,305
 
5.750%, 11/01/32
No Opt. Call
 
N/R
   
1,392,435
 

NUVEEN
 
23


NID
Nuveen Intermediate Duration Municipal Term Fund
 
 
Portfolio of Investments (continued)
May 31, 2016

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Florida (continued)
             
$
2,270
 
Lee County Industrial Development Authority, Florida, Charter School Revenue Bonds, Lee County Community Charter Schools, Series 2007A, 5.250%, 6/15/27
6/17 at 100.00
 
BB
 
$
2,305,026
 
 
1,000
 
Lee County Industrial Development Authority, Florida, Healthcare Facilities Revenue Bonds, Shell Point/Alliance Obligated Group, Shell Point Village/Alliance Community Project, Series 2007, 5.000%, 11/15/22
5/17 at 100.00
 
BBB
   
1,036,140
 
 
405
 
Madison County, Florida, First Mortgage Revenue Bonds, Twin Oaks Project, Series 2005A, 6.000%, 7/01/25 (6)
8/16 at 100.00
 
N/R
   
242,899
 
 
5,615
 
Martin County Industrial Development Authority, Florida, Industrial Development Revenue Refunding Bonds, Indiantown Cogeneration LP, Series 2013, 3.950%, 12/15/21 (Alternative Minimum Tax)
6/20 at 100.00
 
Ba1
   
5,920,344
 
     
Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Tender Option Bond Trust 1156:
             
 
700
 
19.735%, 7/01/22 (IF) (5)
No Opt. Call
 
A
   
1,398,425
 
 
820
 
19.735%, 7/01/23 (IF) (5)
7/22 at 100.00
 
A
   
1,757,055
 
 
1,115
 
19.735%, 7/01/24 (IF) (5)
7/22 at 100.00
 
A
   
2,328,677
 
 
800
 
19.735%, 7/01/25 (IF) (5)
7/22 at 100.00
 
A
   
1,638,240
 
 
1,080
 
Miromar Lakes Community Development District, Lee County, Florida, Capital Improvement Revenue Bonds, Refunding Series 2012, 4.875%, 5/01/22
No Opt. Call
 
N/R
   
1,169,651
 
 
1,990
 
Northern Palm Beach County Improvement District, Florida, Water Control and Improvement Bonds, Development Unit 16, Refunding Series 2012, 5.125%, 8/01/22
No Opt. Call
 
N/R
   
2,119,171
 
 
500
 
Palm Beach County Health Facilities Authority, Florida, Hospital Revenue Bonds, BRCH Corporation Obligated Group, Refunding Series 2014, 5.000%, 12/01/25
12/24 at 100.00
 
BBB+
   
600,730
 
 
900
 
Palm Beach County Health Facilities Authority, Florida, Revenue Bonds, Jupiter Medical Center, Series 2013A, 5.000%, 11/01/33
11/22 at 100.00
 
BBB+
   
993,555
 
 
1,200
 
Palm Glades Community Development District, Florida, Special Assessment Bonds, Series 2011B, 7.250%, 8/01/16
No Opt. Call
 
N/R
   
1,203,972
 
 
555
 
Pelican Marsh Community Development District, Florida, Special Assessment Revenue Bonds, Refunding Series 2013, 3.500%, 5/01/19
No Opt. Call
 
N/R
   
573,748
 
 
2,150
 
Seminole Tribe of Florida, Special Obligation Bonds, Series 2007A, 144A, 5.500%, 10/01/24
10/17 at 100.00
 
BBB–
   
2,243,224
 
 
1,735
 
South-Dade Venture Community Development District, Florida, Special Assessment Revenue Bonds, Refunding Series 2012, 5.000%, 5/01/26
No Opt. Call
 
BBB–
   
1,918,008
 
 
1,130
 
Stonegate Community Development District, Florida, Special Assessment Revenue Bonds, Refunding Series 2013, 4.000%, 5/01/25
5/23 at 100.00
 
N/R
   
1,192,794
 
     
Sumter County Industrial Development Authority, Florida, Hospital Revenue Bonds, Central Florida Health Alliance Projects, Series 2014B:
             
 
2,925
 
5.000%, 7/01/29
7/24 at 100.00
 
A–
   
3,432,604
 
 
2,350
 
5.000%, 7/01/30
7/24 at 100.00
 
A–
   
2,739,183
 
 
1,560
 
5.000%, 7/01/31
7/24 at 100.00
 
A–
   
1,812,205
 
 
1,400
 
5.000%, 7/01/32
7/24 at 100.00
 
A–
   
1,620,836
 
     
Tampa-Hillsborough County Expressway Authority, Florida, Revenue Bonds, Tender Option Bond Trust 1132:
             
 
400
 
19.716%, 7/01/27 (IF) (5)
7/22 at 100.00
 
A
   
765,300
 
 
290
 
19.716%, 7/01/28 (IF) (5)
7/22 at 100.00
 
A
   
547,984
 
 
1,000
 
14.712%, 7/01/29 (IF) (5)
7/22 at 100.00
 
A
   
1,533,800
 
 
1,000
 
14.712%, 7/01/30 (IF) (5)
7/22 at 100.00
 
A
   
1,508,250
 
 
1,000
 
19.716%, 7/01/31 (IF) (5)
7/22 at 100.00
 
A
   
1,842,600
 
 
1,800
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Series 2006, 5.400%, 5/01/37
8/16 at 100.00
 
N/R
   
1,801,836
 
 
1,695
 
Venetian Community Development District, Sarasota County, Florida, Capital Improvement Revenue Bonds, Series 2012-A2, 5.000%, 5/01/23
5/22 at 100.00
 
N/R
   
1,826,227
 
 
2,525
 
Verandah West Community Development District, Florida, Capital Improvement Revenue Bonds, Refunding Series 2013, 4.000%, 5/01/23
No Opt. Call
 
N/R
   
2,558,355
 
 
555
 
Vizcaya in Kendall Community Development District, Florida, Special Assessment Revenue Bonds, Phase Two Assessment Area, Refunding Series 2012A-2, 5.600%, 5/01/22
No Opt. Call
 
N/R
   
593,134
 
 
67,395
 
Total Florida
         
77,541,125
 

24
 
NUVEEN


 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Georgia – 1.2% (1.0% of Total Investments)
             
$
2,000
 
Clayton County Development Authority, Georgia, Special Facilities Revenue Bonds, Delta Air Lines, Inc. Project, Series 2009A, 8.750%, 6/01/29
6/20 at 100.00
 
Baa3
 
$
2,465,460
 
     
Fulton County Residential Care Facilities Elderly Authority, Georgia, First Mortgage Revenue Bonds, Lenbrook Project, Series 2006A:
             
 
1,200
 
5.000%, 7/01/17
No Opt. Call
 
N/R
   
1,224,456
 
 
4,500
 
5.000%, 7/01/27
7/17 at 100.00
 
N/R
   
4,555,665
 
 
7,700
 
Total Georgia
         
8,245,581
 
     
Guam – 2.6% (2.1% of Total Investments)
             
 
500
 
Government of Guam, Hotel Occupancy Tax Revenue Bonds, Series 2011A, 5.000%, 11/01/16
No Opt. Call
 
A–
   
508,545
 
     
Guam Government Department of Education, Certificates of Participation, John F. Kennedy High School Project, Series 2010A:
             
 
1,500
 
6.000%, 12/01/20
No Opt. Call
 
B+
   
1,615,020
 
 
325
 
6.875%, 12/01/40
12/20 at 100.00
 
B+
   
358,690
 
 
1,100
 
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Refunding Series 2014A, 5.000%, 7/01/29
7/24 at 100.00
 
A–
   
1,276,121
 
 
2,000
 
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2010, 5.250%, 7/01/25
7/20 at 100.00
 
A–
   
2,222,500
 
 
1,365
 
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2013, 5.250%, 7/01/24
7/23 at 100.00
 
A–
   
1,637,167
 
 
865
 
Guam Government, General Obligation Bonds, 2009 Series A, 6.000%, 11/15/19
No Opt. Call
 
BB–
   
958,861
 
 
2,500
 
Guam Government, General Obligation Bonds, 2009 Series A, 6.750%, 11/15/29 (Pre-refunded 11/15/19)
11/19 at 100.00
 
N/R (4)
   
2,993,425
 
 
2,000
 
Guam Government, General Obligation Bonds, Series 2007A, 5.000%, 11/15/23 (Pre-refunded 11/15/17)
11/17 at 100.00
 
BB– (4)
   
2,123,860
 
 
1,000
 
Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2009A, 5.375%, 12/01/24
12/19 at 100.00
 
BBB+
   
1,122,450
 
 
2,025
 
Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%,
10/01/30 – AGM Insured
10/22 at 100.00
 
AA
   
2,411,188
 
 
200
 
Guam Power Authority, Revenue Bonds, Series 2014A, 5.000%, 10/01/31
10/24 at 100.00
 
BBB
   
229,928
 
 
15,380
 
Total Guam
         
17,457,755
 
     
Hawaii – 1.3% (1.0% of Total Investments)
             
 
6,070
 
Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific University, Series 2015, 5.000%, 7/01/20
No Opt. Call
 
N/R
   
6,184,359
 
 
575
 
Hawaii Housing Finance and Development Corporation, Multifamily Housing Revenue Bonds, Wilikina Apartments Project, Series 2012A, 4.250%, 5/01/22
No Opt. Call
 
BBB
   
594,125
 
 
1,550
 
Hawaii State Department of Transportation, Special Facility Revenue Bonds, Continental Airlines Inc., Series 1997, 5.625%, 11/15/27 (Alternative Minimum Tax)
8/16 at 100.00
 
BB–
   
1,555,952
 
 
8,195
 
Total Hawaii
         
8,334,436
 
     
Idaho – 0.7% (0.6% of Total Investments)
             
 
4,645
 
Madison County, Idaho, Hospital Revenue Certificates of Participation, Madison Memorial Hospital, Series 2006, 5.250%, 9/01/26
9/16 at 100.00
 
BB+
   
4,664,277
 
     
Illinois – 12.5% (10.1% of Total Investments)
             
 
1,070
 
Bellwood, Illinois, General Obligation Bonds, Series 2008, 7.000%, 12/01/29 (Pre-refunded 12/01/16)
12/16 at 100.00
 
N/R (4)
   
1,104,604
 
 
8,785
 
CenterPoint Intermodal Center Program Trust, Illinois, Class A Certificates, Series 2004, 3.490%, 6/15/23
8/16 at 100.00
 
N/R
   
8,802,131
 
 
1,000
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues Series 2011C-1, 9.000%, 3/01/32
8/16 at 100.00
 
B+
   
999,610
 
 
1,000
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2016A, 7.000%, 12/01/26
12/25 at 100.00
 
B+
   
1,003,920
 

NUVEEN
 
25


NID
Nuveen Intermediate Duration Municipal Term Fund
 
 
Portfolio of Investments (continued)
May 31, 2016

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Illinois (continued)
             
     
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax Revenues, Series 1998B-1:
             
$
1,470
 
0.000%, 12/01/22 – NPFG Insured
No Opt. Call
 
AA–
 
$
1,163,373
 
 
1,500
 
0.000%, 12/01/27 – NPFG Insured
No Opt. Call
 
AA–
   
922,215
 
 
2,627
 
Chicago, Illinois, Certificates of Participation Tax Increment Bonds, 35th and State Redevelopment Project, Series 2012, 6.100%, 1/15/29
No Opt. Call
 
N/R
   
2,645,890
 
 
254
 
Chicago, Illinois, Certificates of Participation Tax Increment Bonds, MetraMarket Project, Series 2010, 6.870%, 2/15/24
8/16 at 100.00
 
Ba2
   
254,409
 
 
879
 
Chicago, Illinois, Certificates of Participation, Tax Increment Allocation Revenue Bonds, Diversey-Narragansett Project, Series 2006, 7.460%, 2/15/26 (6)
8/16 at 100.00
 
N/R
   
621,155
 
 
2,465
 
Chicago, Illinois, General Obligation Bonds, Refunding Series 2008A, 5.250%, 1/01/33
No Opt. Call
 
BBB+
   
2,464,877
 
 
1,500
 
Chicago, Illinois, General Obligation Bonds, Refunding Series 2016C, 5.000%, 1/01/25
No Opt. Call
 
BBB+
   
1,539,960
 
     
Cook County, Illinois, General Obligation Bonds, Tender Option Bond Trust 2015-XF0124:
             
 
1,000
 
19.036%, 11/15/20 (IF) (5)
No Opt. Call
 
AA–
   
1,540,150
 
 
3,040
 
19.036%, 11/15/20 (IF) (5)
No Opt. Call
 
AA–
   
4,337,928
 
 
1,000
 
Cook County, Illinois, Recovery Zone Facility Revenue Bonds, Navistar International Corporation Project, Series 2010, 6.500%, 10/15/40
10/20 at 100.00
 
Caa1
   
1,001,780
 
     
Illinois Finance Authority, Charter School Revenue Bonds, Chicago Charter School Foundation, Series 2007:
             
 
1,650
 
5.000%, 12/01/21
12/16 at 100.00
 
BBB
   
1,671,945
 
 
4,000
 
5.000%, 12/01/26
12/16 at 100.00
 
BBB
   
4,037,800
 
 
5,530
 
Illinois Finance Authority, Recovery Zone Facility Revenue Bonds, Navistar International Corporation Project, Series 2010, 6.500%, 10/15/40
10/20 at 100.00
 
Caa1
   
5,539,843
 
     
Illinois Finance Authority, Revenue Bonds, Centegra Health System, Tender Option Bond Trust 1122:
             
 
480
 
18.902%, 9/01/21 (IF) (5)
No Opt. Call
 
BBB
   
822,509
 
 
330
 
18.868%, 9/01/21 (IF) (5)
No Opt. Call
 
BBB
   
565,026
 
 
435
 
18.853%, 9/01/22 (IF) (5)
No Opt. Call
 
BBB
   
778,306
 
 
3,250
 
Illinois Finance Authority, Revenue Bonds, Friendship Village of Schaumburg, Series 2005A, 5.375%, 2/15/25
8/16 at 100.00
 
BB–
   
3,251,463
 
     
Illinois Finance Authority, Revenue Bonds, Illinois Institute of Technology, Refunding Series 2006A:
             
 
2,680
 
5.000%, 4/01/24
8/16 at 100.00
 
Baa3
   
2,681,688
 
 
1,950
 
5.000%, 4/01/26
8/16 at 100.00
 
Baa3
   
1,950,897
 
     
Illinois Finance Authority, Revenue Bonds, Ingalls Health System, Series 2013:
             
 
650
 
4.000%, 5/15/18
No Opt. Call
 
Baa1
   
677,736
 
 
770
 
4.000%, 5/15/19
No Opt. Call
 
Baa1
   
816,092
 
 
895
 
5.000%, 5/15/20
No Opt. Call
 
Baa1
   
991,767
 
 
1,035
 
5.000%, 5/15/21
No Opt. Call
 
Baa1
   
1,168,681
 
 
1,210
 
5.000%, 5/15/22
No Opt. Call
 
Baa1
   
1,386,176
 
 
1,575
 
5.000%, 5/15/24
5/22 at 100.00
 
Baa1
   
1,784,648
 
 
3,400
 
Illinois Finance Authority, Revenue Bonds, Resurrection Health Care Corporation, Refunding Series 2009, 6.125%, 5/15/25
5/19 at 100.00
 
Baa2
   
3,821,294
 
 
100
 
Illinois Finance Authority, Revenue Bonds, Resurrection Health Care Corporation, Refunding Series 2009, 6.125%, 5/15/25 (Pre-refunded 5/15/19)
5/19 at 100.00
 
N/R (4)
   
114,984
 
 
620
 
Illinois Finance Authority, Revenue Bonds, Swedish Covenant Hospital, Refunding Series 2010A, 5.000%, 8/15/17
No Opt. Call
 
BBB+
   
644,124
 
 
2,500
 
Illinois Sports Facility Authority, State Tax Supported Bonds, Refunding Series 2014, 5.000%, 6/15/27 – AGM Insured
6/24 at 100.00
 
AA
   
2,860,200
 
 
1,000
 
Illinois Sports Facility Authority, State Tax Supported Bonds, Series 2001, 0.000%, 6/15/23 – AMBAC Insured
No Opt. Call
 
A
   
809,920
 
 
1,450
 
Illinois State, General Obligation Bonds, February Series 2014, 5.000%, 2/01/24
No Opt. Call
 
A–
   
1,631,627
 
 
1,500
 
Illinois State, General Obligation Bonds, January Series 2016, 5.000%, 1/01/21
No Opt. Call
 
A–
   
1,653,885
 

26
 
NUVEEN


 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Illinois (continued)
             
     
Illinois State, General Obligation Bonds, Refunding Series 2012:
             
$
1,000
 
5.000%, 8/01/20 – AGM Insured
No Opt. Call
 
AA
 
$
1,122,310
 
 
1,750
 
5.000%, 8/01/22
No Opt. Call
 
A–
   
1,952,177
 
 
4,000
 
5.000%, 8/01/23 – AGM Insured
No Opt. Call
 
AA
   
4,641,400
 
 
2,000
 
Illinois State, General Obligation Bonds, Tender Option Bond Trust 2015-XF1010, 15.669%, 8/01/23 – AGM Insured (IF) (5)
No Opt. Call
 
AA
   
3,282,800
 
     
Romeoville, Illinois, Revenue Bonds, Lewis University Project, Series 2015:
             
 
1,100
 
5.000%, 10/01/25
8/16 at 100.00
 
BBB+
   
1,309,517
 
 
200
 
5.000%, 10/01/26
4/25 at 100.00
 
BBB+
   
235,972
 
 
2,500
 
Wauconda, Illinois, Special Service Area 1 Social Tax Bonds, Liberty Lake Project, Refunding Series 2015, 5.000%, 3/01/33 – BAM Insured
3/25 at 100.00
 
AA
   
2,896,775
 
 
77,150
 
Total Illinois
         
83,503,564
 
     
Indiana – 3.1% (2.5% of Total Investments)
             
 
1,250
 
Carmel, Indiana, Revenue Bonds, Barrington of Carmel Project, Series 2012A, 6.000%, 11/15/22
No Opt. Call
 
N/R
   
1,398,962
 
 
4,345
 
Indiana Finance Authority, Educational Facilities Revenue Bonds, 21st Century Charter School Project, Series 2013A, 6.000%, 3/01/33
3/23 at 100.00
 
B+
   
4,326,360
 
 
915
 
Indiana Finance Authority, Educational Facilities Revenue Bonds, CFM-Northwest Indiana, LLC Project, Refunding Series 2013A, 6.250%, 7/01/23
No Opt. Call
 
B–
   
950,886
 
 
890
 
Indiana Finance Authority, Educational Facilities Revenue Bonds, Charter Facilities Management Indianapolis LLC Project, Series 2013A, 6.250%, 7/01/23
No Opt. Call
 
B–
   
924,906
 
 
760
 
Indiana Finance Authority, Educational Facilities Revenue Bonds, Drexel Foundation For Educational Excellence, Inc., Series 2009A, 6.000%, 10/01/21
10/19 at 100.00
 
B–
   
744,823
 
 
5,590
 
Indiana Finance Authority, Environmental Improvement Revenue Bonds, United States Steel Corporation Project, Refunding Series 2010, 6.000%, 12/01/26
6/20 at 100.00
 
B
   
5,275,003
 
 
6,330
 
Indiana Finance Authority, Environmental Improvement Revenue Bonds, United States Steel Corporation Project, Refunding Series 2011, 6.000%, 12/01/19
No Opt. Call
 
B
   
6,319,745
 
 
380
 
Valparaiso, Indiana, Exempt Facilities Revenue Bonds, Pratt Paper LLC Project, Series 2013, 5.875%, 1/01/24 (Alternative Minimum Tax)
No Opt. Call
 
N/R
   
444,608
 
 
20,460
 
Total Indiana
         
20,385,293
 
     
Iowa – 2.3% (1.9% of Total Investments)
             
 
2,600
 
Iowa Finance Authority, Health Facility Revenue Bonds, Care Initiatives Project, Series 2006A, 5.500%, 7/01/25
7/16 at 100.00
 
BB+
   
2,605,798
 
     
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2013:
             
 
8,630
 
5.000%, 12/01/19
No Opt. Call
 
B+
   
8,907,886
 
 
1,150
 
5.500%, 12/01/22
12/18 at 100.00
 
B+
   
1,193,930
 
 
2,100
 
5.250%, 12/01/25
12/23 at 100.00
 
B+
   
2,247,588
 
     
Iowa Higher Education Loan Authority, Private College Facility Revenue Bonds, Upper Iowa University Project, Series 2012:
             
 
125
 
3.000%, 9/01/16
No Opt. Call
 
BB
   
125,169
 
 
180
 
4.000%, 9/01/18
No Opt. Call
 
BB
   
184,358
 
 
200
 
3.000%, 9/01/19
No Opt. Call
 
BB
   
199,516
 
 
14,985
 
Total Iowa
         
15,464,245
 
     
Kansas – 2.1% (1.7% of Total Investments)
             
 
2,000
 
Kansas Development Finance Authority Hospital Revenue Bonds, Adventist Health System/Sunbelt Obligated Group, Tender Option Bond Trust 1125, 20.713%, 11/15/32 (IF) (5)
5/22 at 100.00
 
AA
   
3,787,100
 
 
310
 
Kansas Development Finance Authority, Hospital Revenue Bonds, Adventist Health System/Sunbelt Obligated Group, Tender Option Bond Trust 2015-XF2190, 16.747%, 5/15/20 (IF) (5)
No Opt. Call
 
AA
   
533,386
 
 
200
 
Kansas Power Pool, a Municipal Energy Agency Electric Utility Revenue Bonds, DogWood Facility, Series 2015A, 5.000%, 12/01/28
12/25 at 100.00
 
A3
   
238,226
 
 
2,000
 
Overland Park, Kansas, Sales Tax Revenue Bonds, Prairiefire Community Improvement District No. 1 Project, Series 2012B, 6.100%, 12/15/34
No Opt. Call
 
N/R
   
1,991,160
 

NUVEEN
 
27


NID
Nuveen Intermediate Duration Municipal Term Fund
 
 
Portfolio of Investments (continued)
May 31, 2016

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Kansas (continued)
             
$
8,000
 
Overland Park, Kansas, Sales Tax Special Obligation Revenue Bonds, Prairiefire at Lionsgate Project, Series 2012, 5.250%, 12/15/29
No Opt. Call
 
N/R
 
$
7,300,640
 
 
12,510
 
Total Kansas
         
13,850,512
 
     
Louisiana – 1.4% (1.2% of Total Investments)
             
     
Jefferson Parish Hospital Service District 2, Louisiana, Hospital Revenue Bonds, East Jefferson General Hospital, Refunding Series 2011:
             
 
1,850
 
6.250%, 7/01/26
No Opt. Call
 
BB
   
1,856,290
 
 
60
 
6.250%, 7/01/31
7/21 at 100.00
 
BB
   
68,506
 
 
1,500
 
Louisiana Local Government Environmental Facilities & Community Development Authority, Revenue Bonds, Westlake Chemical Corporation Project, Series 2007, 6.750%, 11/01/32
11/17 at 100.00
 
BBB+
   
1,620,120
 
 
2,150
 
Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, Capital Projects and Equipment Acquisition Program, Series 2000A, 6.300%, 7/01/30 – (Pre-Refunded 7/21/16) AMBAC Insured
7/16 at 100.00
 
N/R (4)
   
2,483,744
 
     
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2011:
             
 
250
 
5.250%, 5/15/22 (Pre-refunded 5/15/21)
5/21 at 100.00
 
A– (4)
   
297,912
 
 
500
 
6.250%, 5/15/31 (Pre-refunded 5/15/21)
5/21 at 100.00
 
A– (4)
   
619,780
 
 
1,000
 
Louisiana Stadium and Exposition District, Revenue Refunding Bonds, Senior Lien Series 2013A, 5.000%, 7/01/22
No Opt. Call
 
A
   
1,199,550
 
 
1,000
 
New Orleans, Louisiana, Water Revenue Bonds, Refunding Series 2014, 5.000%, 12/01/21
No Opt. Call
 
A–
   
1,172,090
 
 
285
 
Saint Tammany Public Trust Financing Authority, Louisiana, Revenue Bonds, Christwood Project, Refunding Series 2015, 5.250%, 11/15/29
11/24 at 100.00
 
N/R
   
304,748
 
 
8,595
 
Total Louisiana
         
9,622,740
 
     
Maine – 0.1% (0.0% of Total Investments)
             
 
350
 
Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine Medical Center Obligated Group Issue, Series 2013, 5.000%, 7/01/22
No Opt. Call
 
BBB
   
406,487
 
     
Massachusetts – 1.0% (0.8% of Total Investments)
             
 
1,755
 
Massachusetts Development Finance Agency, Revenue Bonds, Boston Architectural College, Series 2006, 5.000%, 1/01/27 – ACA Insured
1/17 at 100.00
 
N/R
   
1,767,074
 
 
1,870
 
Massachusetts Educational Financing Authority, Education Loan Revenue Bonds Issue K Series 2013, 5.250%, 7/01/29 (Alternative Minimum Tax)
7/22 at 100.00
 
AA
   
2,056,177
 
 
3,150
 
Massachusetts Port Authority, Special Facilities Revenue Bonds, Delta Air Lines Inc., Series 2001A, 5.000%, 1/01/27 – AMBAC Insured (Alternative Minimum Tax)
7/16 at 100.00
 
N/R
   
3,162,506
 
 
6,775
 
Total Massachusetts
         
6,985,757
 
     
Michigan – 6.5% (5.2% of Total Investments)
             
 
205
 
Detroit Downtown Development Authority, Michigan, Tax Increment Refunding Bonds, Development Area 1 Projects, Series 1998A, 4.750%,
7/01/25 – NPFG Insured
7/16 at 100.00
 
AA–
   
205,131
 
     
Detroit, Michigan, General Obligation Bonds, Series 2001A-1:
             
 
155
 
5.375%, 4/01/18 – NPFG Insured
8/16 at 100.00
 
A3
   
155,639
 
 
310
 
5.000%, 4/01/19
8/16 at 100.00
 
A3
   
310,282
 
 
46
 
Detroit, Michigan, General Obligation Bonds, Series 2005A, 5.000%, 4/01/22 – AGM Insured
8/16 at 100.00
 
AA
   
46,603
 
 
1,080
 
East Lansing, Michigan, Economic Development Corporation Limited Obligation Bonds, Burcham Hills Retirement Community First Mortgage, Series 2007-B1, 5.250%, 7/01/37
8/16 at 100.00
 
N/R
   
1,080,594
 
 
1,270
 
Flint Hospital Building Authority, Michigan, Building Authority Revenue Bonds, Hurley Medical Center, Series 2013A, 5.000%, 7/01/23
No Opt. Call
 
BBB–
   
1,341,209
 
     
Michigan Finance Authority, Detroit, Michigan, Local Government Loan Program, Unlimited Tax General Obligation Bonds, Series 2014G-2A:
             
 
845
 
5.375%, 4/01/18 – NPFG Insured
8/16 at 100.00
 
AA–
   
848,481
 
 
1,690
 
5.000%, 4/01/19
8/16 at 100.00
 
AA–
   
1,691,538
 
 
254
 
Michigan Finance Authority, Detroit, Michigan, Local Government Loan Program, Unlimited Tax General Obligation Bonds, Series 2014G-8A, 5.000%, 4/01/22 – AGM Insured
8/16 at 100.00
 
AA
   
254,060
 

28
 
NUVEEN


 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Michigan (continued)
             
     
Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Water & Sewerage Department Water Supply System Local Project, Series 2014C-3:
             
$
5,000
 
5.000%, 7/01/24 – AGM Insured
No Opt. Call
 
AA
 
$
6,108,150
 
 
5,000
 
5.000%, 7/01/25 – AGM Insured
7/24 at 100.00
 
AA
   
6,062,550
 
 
5,000
 
5.000%, 7/01/26 – AGM Insured
7/24 at 100.00
 
AA
   
5,994,750
 
     
Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Water & Sewerage Department Water Supply System Local Project, Series 2014C-7:
             
 
2,000
 
5.000%, 7/01/25 – NPFG Insured
7/24 at 100.00
 
AA–
   
2,403,620
 
 
2,000
 
5.000%, 7/01/26 – NPFG Insured
7/24 at 100.00
 
AA–
   
2,383,260
 
 
750
 
Michigan Finance Authority, Public School Academy Limited Obligation Revenue Bonds, Old Redford Academy Project, Series 2010A, 5.250%, 12/01/20
No Opt. Call
 
BB
   
769,125
 
 
340
 
Michigan Finance Authority, Public School Academy Revenue Bonds, Detroit Service Learning Academy Project, Refunding Series 2011, 6.000%, 10/01/21
No Opt. Call
 
BB–
   
342,645
 
 
825
 
Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Tender Option Bond Trust 2015-XF0126, 20.585%, 12/01/18 (IF) (5)
No Opt. Call
 
AA–
   
1,413,778
 
 
535
 
Michigan Public Educational Facilities Authority, Limited Obligation Revenue Bonds, Richfield Public School Academy, Series 2007, 5.000%, 9/01/22
9/17 at 100.00
 
BBB–
   
544,047
 
 
1,900
 
Michigan Strategic Fund, Limited Obligation Revenue Bonds, Detroit Thermal LLC Project, Series 2013, 8.500%, 12/01/30 (Alternative Minimum Tax)
12/23 at 100.00
 
N/R
   
1,885,503
 
 
7,505
 
Michigan Strategic Fund, Limited Obligation Revenue Bonds, Events Center Project, Series 2014A, 4.125%, 7/01/45 (Mandatory put 1/01/19)
7/18 at 100.00
 
N/R
   
7,686,471
 
 
1,625
 
Star International Academy, Wayne County, Michigan, Public School Academy Revenue Bonds, Refunding Series 2012, 5.000%, 3/01/33
No Opt. Call
 
BBB
   
1,706,737
 
 
38,335
 
Total Michigan
         
43,234,173
 
     
Minnesota – 0.1% (0.1% of Total Investments)
             
     
Minnesota Higher Education Facilities Authority, Revenue Bonds, Minneapolis College of Art and Design, Series 2015-8D:
             
 
260
 
4.000%, 5/01/24
5/23 at 100.00
 
Baa2
   
284,513
 
 
250
 
4.000%, 5/01/26
5/23 at 100.00
 
Baa2
   
268,960
 
 
510
 
Total Minnesota
         
553,473
 
     
Mississippi – 0.6% (0.5% of Total Investments)
             
 
1,845
 
Mississippi Business Finance Corporation, Gulf Opportunity Zone Industrial Development Revenue Bonds, Northrop Grumman Ship Systems Inc. Project, Series 2006, 4.550%, 12/01/28
12/16 at 100.00
 
BB+
   
1,867,029
 
     
Mississippi Development Bank Special Obligation Bonds, Marshall County Industrial Development Authority, Mississippi Highway Construction Project, Tender Option Bond Trust 3315:
             
 
800
 
21.126%, 1/01/20 (IF) (5)
No Opt. Call
 
AA–
   
1,479,280
 
 
500
 
21.126%, 1/01/20 (IF) (5)
No Opt. Call
 
AA–
   
892,875
 
 
3,145
 
Total Mississippi
         
4,239,184
 
     
Missouri – 1.4% (1.2% of Total Investments)
             
 
3,500
 
Kansas City Tax Increment Financing Commission, Missouri, Tax Increment Revenue Bonds, Briarcliff West Project, Series 2006A, 5.400%, 6/01/24
6/16 at 100.00
 
N/R
   
3,506,055
 
 
590
 
Pevely, Missouri, Neighborhood Improvement District Bonds, Southern Heights Project, Series 2004, 5.250%, 3/01/22 – RAAI Insured
8/16 at 100.00
 
AA
   
591,457
 
 
3,000
 
Poplar Bluff Regional Transportation Development District, Missouri, Transportation Sales Tax Revenue Bonds, Series 2012, 4.000%, 12/01/36
No Opt. Call
 
BBB
   
3,183,270
 
 
865
 
Raymore, Missouri, Tax Increment Revenue Bonds, Raymore Galleria Project, Refunding & Improvement Series 2014A, 5.000%, 5/01/24
5/23 at 100.00
 
N/R
   
925,213
 
     
St. Joseph Industrial Development Authority, Missouri, Tax Increment Bonds, Shoppes at North Village Project, Series 2005B:
             
 
405
 
5.375%, 11/01/23
8/16 at 100.00
 
N/R
   
405,765
 
 
905
 
5.500%, 11/01/27
8/16 at 100.00
 
N/R
   
906,448
 
 
9,265
 
Total Missouri
         
9,518,208
 

NUVEEN
 
29


NID
Nuveen Intermediate Duration Municipal Term Fund
 
 
Portfolio of Investments (continued)
May 31, 2016

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Nebraska – 0.7% (0.6% of Total Investments)
             
$
2,000
 
Central Plains Energy Project, Nebraska, Gas Project 1 Revenue Bonds, Series 2007A, 5.250%, 12/01/21
No Opt. Call
 
A
 
$
2,360,940
 
 
1,445
 
Central Plains Energy Project, Nebraska, Gas Project 3 Revenue Bonds, Series 2012, 5.000%, 9/01/32
9/22 at 100.00
 
A
   
1,631,362
 
 
635
 
Douglas County Hospital Authority 2, Nebraska, Hospital Revenue Bonds, Madonna Rehabilitation Hospital Project, Series 2014, 5.000%, 5/15/26
5/24 at 100.00
 
BBB+
   
751,669
 
 
4,080
 
Total Nebraska
         
4,743,971
 
     
Nevada – 1.5% (1.2% of Total Investments)
             
 
1,630
 
Carson City, Nevada, Hospital Revenue Bonds, Carson-Tahoe Regional Healthcare Project, Refunding Series 2012, 5.000%, 9/01/27
No Opt. Call
 
BBB+
   
1,845,388
 
 
620
 
Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran International Airport, Series 2010A, 5.000%, 7/01/30
1/20 at 100.00
 
A+
   
695,194
 
     
Henderson, Nevada, Limited Obligation Bonds, Local Improvement District T-13 Cornerstone, Refunding Series 2013:
             
 
615
 
4.000%, 3/01/17
No Opt. Call
 
N/R
   
619,680
 
 
735
 
4.000%, 3/01/18
No Opt. Call
 
N/R
   
743,247
 
 
690
 
4.000%, 3/01/19
No Opt. Call
 
N/R
   
697,521
 
 
790
 
5.000%, 3/01/20
No Opt. Call
 
N/R
   
824,705
 
 
835
 
5.000%, 3/01/21
No Opt. Call
 
N/R
   
873,377
 
 
865
 
5.000%, 3/01/22
No Opt. Call
 
N/R
   
905,404
 
 
1,800
 
Henderson, Nevada, Limited Obligation Bonds, Local Improvement District T-18, Inspirada Series 2006, 5.150%, 9/01/21
9/16 at 100.00
 
N/R
   
1,779,858
 
 
1,000
 
Las Vegas Redevelopment Agency, Nevada, Tax Increment Revenue Bonds, Series 2009A, 7.500%, 6/15/23 (Pre-refunded 6/15/19)
6/19 at 100.00
 
BBB+ (4)
   
1,191,970
 
 
9,580
 
Total Nevada
         
10,176,344
 
     
New Hampshire – 0.2% (0.2% of Total Investments)
             
     
Manchester Housing and Redevelopment Authority, New Hampshire, Revenue Bonds, Series 2000B:
             
 
265
 
0.000%, 1/01/17 – ACA Insured
No Opt. Call
 
AA
   
261,277
 
 
500
 
0.000%, 1/01/18 – ACA Insured
No Opt. Call
 
AA
   
480,110
 
 
320
 
0.000%, 1/01/19 – ACA Insured
No Opt. Call
 
AA
   
298,502
 
 
370
 
0.000%, 1/01/20 – ACA Insured
No Opt. Call
 
AA
   
334,498
 
 
1,455
 
Total New Hampshire
         
1,374,387
 
     
New Jersey – 6.8% (5.5% of Total Investments)
             
 
3,275
 
Burlington County Bridge Commission, New Jersey, Economic Development Revenue Bonds, The Evergreens Project, Series 2007, 5.625%, 1/01/38
1/18 at 100.00
 
N/R
   
3,444,219
 
 
900
 
New Jersey Economic Development Authority, Cigarette Tax Revenue Refunding Bonds, Series 2012, 5.000%, 6/15/25
6/22 at 100.00
 
BBB+
   
998,748
 
     
New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Tender Option Bond Trust 1151:
             
 
1,440
 
3.045%, 9/01/25 (IF) (5)
3/25 at 100.00
 
A–
   
677,664
 
 
1,200
 
4.530%, 9/01/27 (IF) (5)
3/23 at 100.00
 
A–
   
535,620
 
     
New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental Airlines Inc., Series 1999:
             
 
3,000
 
5.125%, 9/15/23 (Alternative Minimum Tax)
9/16 at 100.00
 
BB–
   
3,360,450
 
 
7,550
 
5.250%, 9/15/29 (Alternative Minimum Tax)
9/22 at 101.00
 
BB–
   
8,396,883
 
 
7,000
 
New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint Peters University Hospital, Refunding Series 2011, 6.000%, 7/01/26
7/21 at 100.00
 
BB+
   
7,695,380
 
 
1,200
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Princeton HealthCare System, Series 2016A, 5.000%, 7/01/30
7/26 at 100.00
 
Baa2
   
1,464,108
 
 
5,000
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Joseph's Healthcare System Obligated Group Issue, Series 2008, 6.625%, 7/01/38
7/18 at 100.00
 
BBB–
   
5,478,600
 
 
910
 
New Jersey Health Care Facilities Financing Authority, Trinitas Hospital Obligated Group, Series 2007A, 5.250%, 7/01/23
7/17 at 100.00
 
BBB
   
952,269
 

30
 
NUVEEN


 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
New Jersey (continued)
             
$
500
 
New Jersey Turnpike Authority, Revenue Bonds, Tender Option Bond Trust 1154, 19.836%, 1/01/24 (IF) (5)
7/22 at 100.00
 
A+
 
$
999,675
 
 
10,985
 
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A, 4.625%, 6/01/26
6/17 at 100.00
 
B+
   
11,096,827
 
 
42,960
 
Total New Jersey
         
45,100,443
 
     
New Mexico – 0.5% (0.4% of Total Investments)
             
 
1,215
 
Bernalillo County, New Mexico, Multifamily Housing Revenue Bonds, Valencia Retirement Apartments Project, Series 2001A, 5.450%, 6/01/34 – AMBAC Insured (Alternative Minimum Tax)
8/16 at 100.00
 
N/R
   
1,215,875
 
 
2,000
 
Santa Fe, New Mexico, Retirement Facilities Revenue Bonds, EL Castillo Retirement Residences Project, Series 2012, 5.000%, 5/15/32
No Opt. Call
 
BBB–
   
2,152,740
 
 
3,215
 
Total New Mexico
         
3,368,615
 
     
New York – 6.2% (5.0% of Total Investments)
             
     
Build New York City Resource Corporation, New York, Revenue Bonds, Bronx Charter School for Excellence, Series 2013A:
             
 
505
 
4.000%, 4/01/20
No Opt. Call
 
BBB–
   
526,922
 
 
570
 
4.000%, 4/01/23
No Opt. Call
 
BBB–
   
595,616
 
     
Build New York City Resource Corporation, New York, Solid Waste Disposal Revenue Bonds, Pratt Paper NY, Inc. Project, Series 2014:
             
 
290
 
3.750%, 1/01/20 (Alternative Minimum Tax)
No Opt. Call
 
N/R
   
303,279
 
 
1,080
 
4.500%, 1/01/25 (Alternative Minimum Tax)
No Opt. Call
 
N/R
   
1,189,998
 
     
Dormitory Authority of the State of New York, Insured Revenue Bonds, Pace University, Series 2013A:
             
 
820
 
5.000%, 5/01/23
No Opt. Call
 
BB+
   
957,350
 
 
975
 
5.000%, 5/01/28
5/23 at 100.00
 
BB+
   
1,093,326
 
 
20
 
Dormitory Authority of the State of New York, Insured Revenue Bonds, Pace University, Series 2013A, 5.000%, 5/01/23 (ETM)
No Opt. Call
 
N/R (4)
   
24,463
 
 
25
 
Dormitory Authority of the State of New York, Insured Revenue Bonds, Pace University, Series 2013A, 5.000%, 5/01/28 (Pre-refunded 5/01/23)
5/23 at 100.00
 
N/R (4)
   
30,579
 
 
1,000
 
Dormitory Authority of the State of New York, Orange Regional Medical Center Obligated Group Revenue Bonds, Series 2008, 6.500%, 12/01/21
12/18 at 100.00
 
Ba1
   
1,109,980
 
 
1,000
 
Nassau County Tobacco Settlement Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Refunding Series 2006A-2, 5.250%, 6/01/26
6/16 at 100.00
 
BB–
   
1,000,810
 
 
4,850
 
New York City Industrial Development Agency, New York, American Airlines-JFK International Airport Special Facility Revenue Bonds, Series 2005, 7.625%, 8/01/25 (Alternative Minimum Tax)
8/16 at 101.00
 
N/R
   
4,954,711
 
 
200
 
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Vaughn College of Aeronautics, Series 2006A, 5.000%, 12/01/16
No Opt. Call
 
BB–
   
202,250
 
 
70
 
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Vaughn College of Aeronautics, Series 2006B, 5.000%, 12/01/16
No Opt. Call
 
BB–
   
70,788
 
 
190
 
New York City Industrial Development Agency, New York, PILOT Revenue Bonds, Queens Baseball Stadium Project, Series 2006, 5.000%,
1/01/22 – AMBAC Insured
1/17 at 100.00
 
BB+
   
193,901
 
 
6,500
 
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 2 Series 2014, 5.150%, 11/15/34
11/24 at 100.00
 
N/R
   
7,279,025
 
 
1,600
 
Seneca Nation of Indians Capital Improvements Authority, New York, Special Obligation Bonds, Series 2007A, 5.000%, 12/01/23
6/17 at 100.00
 
N/R
   
1,643,792
 
 
5,000
 
Suffolk County Industrial Development Agency, New York, Continuing Care Retirement Community Revenue Bonds, Jefferson's Ferry Project, Series 2006, 5.000%, 11/01/28
11/16 at 100.00
 
BBB–
   
5,053,750
 
     
TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006:
             
 
5,060
 
5.000%, 6/01/26
6/16 at 100.00
 
BBB
   
5,071,031
 
 
10,000
 
5.000%, 6/01/34
6/16 at 100.00
 
B
   
9,999,200
 
 
39,755
 
Total New York
         
41,300,771
 

NUVEEN
 
31


NID
Nuveen Intermediate Duration Municipal Term Fund
 
 
Portfolio of Investments (continued)
May 31, 2016

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Ohio – 6.6% (5.3% of Total Investments)
             
$
21,900
 
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2, 5.125%, 6/01/24
6/17 at 100.00
 
B–
 
$
21,341,112
 
 
2,000
 
Ohio Air Quality Development Authority, Ohio, Revenue Bonds, Ohio Valley Electric Corporation Project, Series 2009E, 5.625%, 10/01/19
No Opt. Call
 
BBB–
   
2,216,880
 
 
130
 
Ohio Air Quality Development Authority, Revenue Refunding Bonds, AK Steel Holding Corporation, Series 2012A, 6.750%, 6/01/24 (Alternative Minimum Tax)
2/22 at 100.00
 
CCC+
   
101,960
 
 
250
 
Ohio Water Development Authority, Ohio, Environmental Improvement Bonds, United States Steel Corporation Project, Refunding Series 2011, 6.600%, 5/01/29
No Opt. Call
 
B
   
235,623
 
 
3,400
 
Southeastern Ohio Port Authority, Hospital Facilities Revenue Bonds, Memorial Health System Obligated Group Project, Refunding and Improvement Series 2012, 5.000%, 12/01/22
No Opt. Call
 
BB
   
3,762,916
 
 
6,000
 
State of Ohio, Solid Waste Disposal Revenue Bonds (USG Corporation Project) Series 1997 Remarketed, 5.600%, 8/01/32 (Alternative Minimum Tax)
8/16 at 100.00
 
B
   
6,002,220
 
     
Toledo-Lucas County Port Authority, Ohio, Special Assessment Revenue Bonds, Crocker Park Public Improvement Project, Series 2003:
             
 
1,675
 
5.250%, 12/01/23 (Pre-refunded 8/12/16)
8/16 at 100.00
 
BB (4)
   
1,680,779
 
 
8,445
 
5.375%, 12/01/35 (Pre-refunded 8/12/16)
8/16 at 100.00
 
BB (4)
   
8,455,556
 
 
43,800
 
Total Ohio
         
43,797,046
 
     
Oklahoma – 0.6% (0.5% of Total Investments)
             
 
3,300
 
Tulsa Municipal Airport Trust, Oklahoma, Revenue Bonds, American Airlines Inc., Refunding Series 2015, 5.000%, 6/01/35 (Mandatory put 6/01/25) (Alternative Minimum Tax)
No Opt. Call
 
BB–
   
3,808,761
 
     
Oregon – 0.3% (0.2% of Total Investments)
             
 
1,000
 
Astoria Hospital Facilities Authority, Oregon, Hospital Revenue and Refunding Bonds, Columbia Memorial Hospital, Series 2012, 5.000%, 8/01/31
No Opt. Call
 
BBB–
   
1,087,420
 
 
730
 
Port of Saint Helens, Oregon, Pollution Control Revenue Bonds, Boise Cascade Project, Series 1997, 5.650%, 12/01/27
No Opt. Call
 
N/R
   
732,329
 
 
1,730
 
Total Oregon
         
1,819,749
 
     
Pennsylvania – 6.0% (4.8% of Total Investments)
             
 
2,229
 
Aliquippa Municipal Water Authority, Pennsylvania, Water and Sewer Revenue Bonds, Subordinated Series 2013, 5.000%, 5/15/26
No Opt. Call
 
N/R
   
2,325,082
 
     
Allegheny Country Industrial Development Authority, Pennsylvania, Environmental Improvement Revenue Bonds, United States Steel Corporation Project, Refunding Series 2009:
             
 
3,320
 
6.500%, 5/01/17
No Opt. Call
 
B
   
3,361,799
 
 
3,300
 
6.750%, 11/01/24
11/19 at 100.00
 
B
   
3,095,532
 
 
420
 
6.875%, 5/01/30
11/19 at 100.00
 
B
   
402,058
 
 
2,265
 
Allegheny County Industrial Development Authority, Pennsylvania, Revenue Bonds, United States Steel Corporation, Series 2005, 5.500%, 11/01/16
No Opt. Call
 
B
   
2,278,930
 
 
835
 
Allegheny County Redevelopment Authority, Pennsylvania, TIF Revenue Bonds, Pittsburg Mills Project, Series 2004, 5.600%, 7/01/23
8/16 at 100.00
 
N/R
   
835,042
 
 
3,685
 
Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania, Tax Revenue Bonds, Series 2012A, 5.000%, 5/01/32
No Opt. Call
 
Baa2
   
4,057,590
 
 
4,025
 
Butler County Industrial Development Authority, Pennsylvania, Revenue Refunding Bonds, AK Steel Corporation Project, Series 2012-A, 6.250%, 6/01/20 (Alternative Minimum Tax)
No Opt. Call
 
CCC+
   
3,321,511
 
 
1,450
 
Doylestown Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Series 2013A, 5.000%, 7/01/23
No Opt. Call
 
BBB
   
1,661,685
 
 
825
 
East Hempfield Township Industrial Development Authority, Pennsylvania, Student Services Inc. – Student Housing Project at Millersville University, Series 2015, 5.000%, 7/01/30
7/25 at 100.00
 
BBB–
   
924,833
 
 
1,000
 
Montgomery County Industrial Development Authority, Pennsylvania, Revenue Bonds, Whitemarsh Continuing Care Retirement Community Project, Series 2015, 5.000%, 1/01/30
1/25 at 100.00
 
N/R
   
1,036,680
 
 
1,595
 
Northampton County Industrial Development Authority, Pennsylvania, Revenue Bonds, Morningstar Senior Living, Inc., Series 2012, 5.000%, 7/01/27
No Opt. Call
 
BBB–
   
1,701,610
 

32
 
NUVEEN


 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Pennsylvania (continued)
             
$
4,000
 
Pennsylvania Economic Development Finance Authority, Solid Waste Disposal Revenue Bonds (USG Corporation Project) Series 1999, 6.000%, 6/01/31 (Alternative Minimum Tax)
6/16 at 100.00
 
B
 
$
4,001,360
 
 
750
 
Pennsylvania Economic Development Financing Authority, Sewage Sludge Disposal Revenue Bonds, Philadelphia Biosolids Facility Project, Series 2009, 6.250%, 1/01/32
1/20 at 100.00
 
BBB+
   
829,785
 
 
4,000
 
Pennsylvania Public School Building Authority, Lease Revenue Bonds, School District of Philadelphia, Series 2006B, 5.000%, 6/01/27 – AGM Insured
No Opt. Call
 
AA
   
4,683,840
 
 
1,000
 
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Hospital Revenue Bonds, Temple University Health System Obligated Group, Series 2007B, 5.500%, 7/01/26
7/17 at 100.00
 
BBB–
   
1,025,020
 
 
3,000
 
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Hospital Revenue Bonds, Temple University Health System Obligated Group, Series 2012B, 6.250%, 7/01/23
No Opt. Call
 
BBB–
   
3,126,990
 
 
1,315
 
Susquehanna Area Regional Airport Authority, Pennsylvania, Airport System Revenue Bonds, Series 2012C, 3.000%, 1/01/17
No Opt. Call
 
Ba1
   
1,327,177
 
 
39,014
 
Total Pennsylvania
         
39,996,524
 
     
Puerto Rico – 0.6% (0.4% of Total Investments)
             
 
3,500
 
Puerto Rico Infrastructure Financing Authority, Special Tax Revenue Bonds, Series 2005C, 5.500%, 7/01/27 – AMBAC Insured
No Opt. Call
 
Ca
   
3,697,750
 
     
Rhode Island – 1.0% (0.8% of Total Investments)
             
 
6,000
 
Rhode Island Health & Educational Building Corporation, Public Schools Financing Program Revenue Bonds, Pooled Series 2009E, 6.000%, 5/15/29 – AGC Insured
5/19 at 100.00
 
A3
   
6,599,160
 
     
South Carolina – 1.3% (1.0% of Total Investments)
             
 
1,450
 
South Carolina Jobs-Economic Development Authority, Economic Development Revenue Bonds, Palmetto Scholars Academy Project, Series 2015A, 5.125%, 8/15/35
2/25 at 100.00
 
BB
   
1,491,948
 
     
South Carolina Jobs-Economic Development Authority, Hospital Revenue Bonds, Bon Secours Health System Obligated Group, Tender Option Bond Trust 1141:
             
 
1,500
 
19.416%, 11/01/27 (IF) (5)
11/22 at 100.00
 
A2
   
2,805,675
 
 
1,010
 
19.398%, 11/01/28 (IF) (5)
11/22 at 100.00
 
A2
   
1,869,611
 
 
1,255
 
19.416%, 11/01/29 (IF) (5)
11/22 at 100.00
 
A2
   
2,307,129
 
 
5,215
 
Total South Carolina
         
8,474,363
 
     
Tennessee – 1.5% (1.2% of Total Investments)
             
 
2,000
 
Clarksville Natural Gas Acquisition Corporation, Tennessee, Natural Gas Revenue Bonds, Series 2006, 5.000%, 12/15/21 – SYNCORA GTY Insured
No Opt. Call
 
A
   
2,305,160
 
 
1,935
 
Knox County Health, Educational and Housing Facility Board, Tennessee, Hospital Revenue Refunding Bonds, Covenant Health, Series 2012A, 5.000%, 1/01/26
No Opt. Call
 
A
   
2,286,783
 
 
4,280
 
Knox County Health, Educational, and Housing Facilities Board, Tennessee, Revenue Bonds, Provision Center for Proton Therapy Project, Series 2014, 5.250%, 5/01/25
11/24 at 100.00
 
N/R
   
4,356,355
 
 
1,000
 
The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006C, 5.000%, 2/01/23
No Opt. Call
 
A
   
1,183,600
 
 
9,215
 
Total Tennessee
         
10,131,898
 
     
Texas – 8.8% (7.1% of Total Investments)
             
 
275
 
Austin Convention Enterprises Inc., Texas, Convention Center Hotel Revenue Bonds, First Tier Series 2006A, 5.000%, 1/01/34 – SYNCORA GTY Insured
1/17 at 100.00
 
BBB–
   
278,850
 
 
7,000
 
Austin Convention Enterprises Inc., Texas, Convention Center Hotel Revenue Bonds, Second Tier Series 2006B, 5.750%, 1/01/24
1/17 at 100.00
 
BB
   
7,112,140
 
     
Austin, Texas, Estancia Hill Country Public Improvement District, Area 1 Special Assessment Revenue Bonds, Series 2013:
             
 
1,300
 
4.500%, 11/01/18
No Opt. Call
 
N/R
   
1,343,277
 
 
1,500
 
6.000%, 11/01/28
11/23 at 100.00
 
N/R
   
1,628,940
 
 
610
 
Bexar County, Texas, Health Facilities Development Corporation Revenue Bonds, Army Retirement Residence, Series 2007, 5.000%, 7/01/27
7/17 at 100.00
 
BBB
   
625,921
 

NUVEEN
 
33


NID
Nuveen Intermediate Duration Municipal Term Fund
 
 
Portfolio of Investments (continued)
May 31, 2016

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Texas (continued)
             
$
2,095
 
Board of Managers, Joint Guadalupe County – Seguin City Hospital, Texas, FHA Insured Hospital Mortgage Revenue Bonds, Guadalupe Regional Medical Center Project, Series 2007, 5.500%, 8/15/36 (Pre-refunded 8/15/18)
8/18 at 100.00
 
Ba1 (4)
 
$
2,299,640
 
 
1,000
 
Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Idea Public Schools, Series 2012, 3.750%, 8/15/22
No Opt. Call
 
BBB
   
1,069,710
 
 
2,000
 
Dallas Area Rapid Transit, Texas, Sales Tax Revenue Bonds, Tender Option Bond Trust 3307, 22.246%, 12/01/26 – AMBAC Insured (IF) (5)
No Opt. Call
 
AA+
   
5,443,500
 
 
2,000
 
Gulf Coast Industrial Development Authority, Texas, Solid Waste Disposal Revenue Bonds, Citgo Petroleum Corporation Project, Series 1995, 4.875%, 5/01/25 (Alternative Minimum Tax)
10/22 at 100.00
 
BB
   
2,127,680
 
     
Harris County Cultural Education Facilities Finance Corporation, Texas, Revenue Refunding Bonds, Young Men's Christian Association of the Greater Houston Area, Series 2013A:
             
 
330
 
5.000%, 6/01/18
No Opt. Call
 
Baa3
   
351,315
 
 
1,500
 
5.000%, 6/01/20
No Opt. Call
 
Baa3
   
1,659,870
 
 
535
 
5.000%, 6/01/21
No Opt. Call
 
Baa3
   
599,500
 
 
855
 
5.000%, 6/01/22
No Opt. Call
 
Baa3
   
971,502
 
 
915
 
5.000%, 6/01/23
No Opt. Call
 
Baa3
   
1,052,881
 
 
1,500
 
Health Facilities Development District of Central Texas, Revenue Bonds, Legacy at Willow Bend Project, Series 2006A, 5.625%, 11/01/26
11/16 at 100.00
 
N/R
   
1,516,125
 
 
1,250
 
Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines Inc. Terminal Improvement Project, Refunding Series 2015C, 5.000%, 7/15/20 (Alternative Minimum Tax)
No Opt. Call
 
BB–
   
1,384,837
 
 
200
 
Love Field Airport Modernization Corporation, Texas, Special Facilities Revenue Bonds, Southwest Airlines Company – Love Field Modernization Program Project, Series 2012, 5.000%, 11/01/21 (Alternative Minimum Tax)
No Opt. Call
 
Baa1
   
230,654
 
 
250
 
Mission Economic Development Corporation, Texas, Revenue Bonds, Natgasoline Project, Series 2016B, 5.750%, 10/01/31 (Alternative Minimum Tax)
10/18 at 103.00
 
BB–
   
264,252
 
 
1,000
 
New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing Revenue Bonds, CHF-Collegiate Housing Corpus Christi I, L.L.C.-Texas A&M University-Corpus Christi Project, Series 2014A, 5.000%, 4/01/34
4/24 at 100.00
 
BBB–
   
1,090,250
 
 
1,500
 
Red River Authority, Texas, Pollution Control Revenue Bonds, AEP Texas North Company, Public Service Company of Oklahoma and AEP Texas Central Company Oklaunion Project, Refunding Series 2007, 4.450%, 6/01/20 – NPFG Insured
No Opt. Call
 
AA–
   
1,641,390
 
 
2,680
 
San Antonio Public Facilities Corporation, Texas, Lease Revenue Bonds, Convention Center Refinancing & Expansion Project, Tender Option Bond Trust 2015-XF0125, 20.494%, 9/15/20 (IF) (5)
No Opt. Call
 
AA+
   
4,965,343
 
     
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Scott & White Healthcare Project, Tender Option Bond Trust 1149:
             
 
100
 
20.603%, 8/15/22 (IF) (5)
No Opt. Call
 
AA–
   
198,130
 
 
155
 
20.414%, 8/15/24 (IF) (5)
8/23 at 100.00
 
AA–
   
319,328
 
 
200
 
20.603%, 8/15/26 (IF) (5)
8/23 at 100.00
 
AA–
   
395,750
 
 
170
 
20.377%, 8/15/27 (IF) (5)
8/23 at 100.00
 
AA–
   
329,418
 
     
Texas Municipal Gas Acquisition and Supply Corporation I, Gas Supply Revenue Bonds, Senior Lien Series 2008D:
             
 
485
 
5.625%, 12/15/17
No Opt. Call
 
BBB+
   
504,996
 
 
9,320
 
6.250%, 12/15/26
No Opt. Call
 
BBB+
   
11,722,044
 
 
5,000
 
Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012, 5.000%, 12/15/22
No Opt. Call
 
A3
   
5,901,650
 
 
1,190
 
Westlake, Texas, Special Assessment Revenue Bonds, Solana Public Improvement District, Series 2015, 6.125%, 9/01/35
9/25 at 100.00
 
N/R
   
1,218,643
 
 
46,915
 
Total Texas
         
58,247,536
 
     
Utah – 1.0% (0.8% of Total Investments)
             
 
6,000
 
Salt Lake County, Utah, Research Facility Revenue Bonds, Huntsman Cancer Foundation, Series 2013A-1, 5.000%, 12/01/33 (Mandatory put 12/15/20)
12/18 at 100.00
 
N/R
   
6,347,400
 

34
 
NUVEEN


 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Vermont – 0.6% (0.5% of Total Investments)
             
$
3,600
 
Vermont Economic Development Authority, Solid Waste Disposal Revenue Bonds, Casella Waste Systems, Inc. Project, Series 2013, 4.750%, 4/01/36 (Mandatory put 4/02/18) (Alternative Minimum Tax)
No Opt. Call
 
BB–
 
$
3,727,476
 
     
Virgin Islands – 1.7% (1.4% of Total Investments)
             
 
3,000
 
Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Working Capital Series 2014A, 5.000%, 10/01/29
10/24 at 100.00
 
BBB+
   
3,334,140
 
 
640
 
Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Senior Lien Series 2010A, 5.000%, 10/01/25
10/20 at 100.00
 
BBB
   
714,221
 
 
1,515
 
Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Senior Lien, Refunding Series 2013B, 5.000%, 10/01/24 – AGM Insured
No Opt. Call
 
AA
   
1,773,474
 
 
5,000
 
Virgin Islands Public Finance Authority, Matching Fund Revenue Loan
Note – Diageo Project, Series 2009A, 6.750%, 10/01/37
10/19 at 100.00
 
Baa3
   
5,640,300
 
 
10,155
 
Total Virgin Islands
         
11,462,135
 
     
Virginia – 2.3% (1.9% of Total Investments)
             
     
Dulles Town Center Community Development Authority, Loudon County, Virginia Special Assessment Refunding Bonds, Dulles Town Center Project, Series 2012:
             
 
1,265
 
4.000%, 3/01/20
No Opt. Call
 
N/R
   
1,319,686
 
 
1,000
 
5.000%, 3/01/21
No Opt. Call
 
N/R
   
1,096,450
 
 
1,410
 
5.000%, 3/01/22
No Opt. Call
 
N/R
   
1,558,078
 
     
Fairfax County Industrial Development Authority, Virginia, Healthcare Revenue Bonds, Inova Health System, Tender Option Bond Trust 3309:
             
 
1,800
 
20.878%, 5/15/20 (IF) (5)
No Opt. Call
 
AA+
   
3,419,820
 
 
120
 
20.878%, 5/15/20 (IF) (5)
No Opt. Call
 
AA+
   
225,564
 
 
400
 
15.928%, 5/15/20 (IF) (5)
No Opt. Call
 
AA+
   
595,840
 
 
1,598
 
Peninsula Town Center Community Development Authority, Virginia, Special Obligation Bonds, Series 2007, 5.800%, 9/01/17
No Opt. Call
 
N/R
   
1,677,213
 
 
1,000
 
Roanoke Economic Development Authority, Virginia, Residential Care Facility Mortgage Revenue Refunding Bonds, Virginia Lutheran Homes Brandon Oaks Project, Series 2012, 5.000%, 12/01/32
No Opt. Call
 
N/R
   
1,022,820
 
     
Virginia Gateway Community Development Authority, Prince William County, Virginia, Special Assessment Refunding Bonds, Series 2012:
             
 
695
 
5.000%, 3/01/25
No Opt. Call
 
N/R
   
738,882
 
 
340
 
4.500%, 3/01/29
No Opt. Call
 
N/R
   
344,845
 
 
1,505
 
5.000%, 3/01/30
No Opt. Call
 
N/R
   
1,584,043
 
 
1,410
 
Virginia Small Business Financing Authority, Revenue Bonds, Hampton University, Refunding Series 2014, 5.000%, 10/01/23
No Opt. Call
 
A
   
1,706,509
 
 
12,543
 
Total Virginia
         
15,289,750
 
     
Washington – 2.4% (2.0% of Total Investments)
             
 
485
 
Tacoma Consolidated Local Improvement District 65, Washington, Special Assessment Bonds, Series 2013, 5.750%, 4/01/43
4/17 at 100.00
 
N/R
   
486,440
 
 
2,000
 
Washington State Health Care Facilities Authority, Revenue Bonds, Group Health Cooperative of Puget Sound, Series 2006, 5.000%, 12/01/24 – RAAI Insured
12/16 at 100.00
 
AA
   
2,042,260
 
     
Washington State Housing Finance Commission, Non-Profit Housing Revenue Bonds, Mirabella Project, Series 2012A:
             
 
3,800
 
6.000%, 10/01/22
No Opt. Call
 
N/R
   
4,227,994
 
 
2,135
 
6.500%, 10/01/32
No Opt. Call
 
N/R
   
2,331,036
 
     
Washington State Housing Finance Commission, Non-Profit Revenue Bonds, Emerald Heights Project, Refunding 2013:
             
 
1,000
 
5.000%, 7/01/21
No Opt. Call
 
A–
   
1,132,150
 
 
1,000
 
5.000%, 7/01/23
No Opt. Call
 
A–
   
1,163,480
 
 
5,000
 
Washington State Health Care Facilities Authority, Tender Option Bond Trust, Series 2015-XF1017, 3.059%, 1/01/35 (Mandatory put 1/02/25) (IF) (5)
7/24 at 100.00
 
A–
   
4,834,000
 
 
15,420
 
Total Washington
         
16,217,360
 

NUVEEN
 
35


NID
Nuveen Intermediate Duration Municipal Term Fund
 
 
Portfolio of Investments (continued)
May 31, 2016

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Wisconsin – 2.5% (2.0% of Total Investments)
             
$
1,740
 
Green Bay Redevelopment Authority, Wisconsin, Industrial Development Revenue Bonds, Fort James Project, Series 1999, 5.600%, 5/01/19 (Alternative Minimum Tax)
No Opt. Call
 
N/R
 
$
1,897,957
 
     
Oneida Tribe of Indians of Wisconsin, Retail Sales Revenue Bonds, Series 2011-144A:
             
 
3,915
 
5.500%, 2/01/21
No Opt. Call
 
AA–
   
4,342,870
 
 
350
 
6.500%, 2/01/31
2/19 at 102.00
 
AA–
   
399,049
 
 
415
 
Platteville Redevelopment Authority, Wisconsin, Revenue Bonds, University of Wisconsin – Platteville Real Estate Foundation Project, Series 2012A, 5.000%, 7/01/42
7/22 at 100.00
 
BBB–
   
435,866
 
     
Public Finance Authority of Wisconsin, Educational Facility Revenue Bonds, Cottonwood Classical Preparatory School in Albuquerque, New Mexico, Series 2012A:
             
 
1,200
 
5.250%, 12/01/22
No Opt. Call
 
N/R
   
1,245,444
 
 
1,610
 
6.000%, 12/01/32
No Opt. Call
 
N/R
   
1,673,981
 
 
675
 
Public Finance Authority of Wisconsin, Revenue Bonds, Roseman University of Health Sciences, Series 2012, 5.000%, 4/01/22
No Opt. Call
 
BB–
   
715,270
 
 
3,130
 
Public Finance Authority of Wisconsin, Senior Airport Facilities Revenue and Refunding Bonds, TrIPS Obligated Group, Series 2012B, 5.000%, 7/01/22 (Alternative Minimum Tax)
No Opt. Call
 
BBB
   
3,486,695
 
 
1,115
 
Public Finance Authority of Wisconsin, Student Housing Revenue Bonds, Collegiate Housing Foundation – Cullowhee LLC – Western California University Project, Series 2015A, 5.000%, 7/01/30
7/25 at 100.00
 
BBB–
   
1,212,462
 
     
University of Wisconsin Hospitals and Clinics Authority, Revenue Bonds, Tender Option Bond Trust 2015-XF0127:
             
 
50
 
19.208%, 4/01/20 (IF) (5)
No Opt. Call
 
A+
   
97,676
 
 
100
 
19.957%, 10/01/20 (IF) (5)
No Opt. Call
 
A+
   
210,530
 
 
185
 
19.603%, 10/01/20 (IF) (5)
No Opt. Call
 
A+
   
382,317
 
 
100
 
19.957%, 10/01/20 (IF) (5)
No Opt. Call
 
A+
   
202,890
 
 
250
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Beloit Health System, Inc., Series 2010B, 5.000%, 4/01/30
4/20 at 100.00
 
A–
   
271,225
 
 
14,835
 
Total Wisconsin
         
16,574,232
 
     
Wyoming – 0.1% (0.1% of Total Investments)
             
 
595
 
Sweetwater County, Wyoming, Solid Waste Disposal Revenue Bonds, FMC Corporation, Series 2005, 5.600%, 12/01/35 (Alternative Minimum Tax)
8/16 at 100.00
 
BBB
   
597,231
 
$
759,618
 
Total Long-Term Investments (cost $797,817,477)
         
825,111,552
 
     
Variable Rate MuniFund Term Preferred Shares, at Liquidation Preference (26.3)% (7)
         
(175,000,000
) 
     
Other Assets Less Liabilities – 2.3% (8)
         
15,447,078
 
     
Net Assets Applicable to Common Shares – 100%
       
$
665,558,630
 

36
 
NUVEEN


Investments in Derivatives as of May 31, 2016
Interest Rate Swaps

                             
Optional
       
Variation
       
         
Fund
         
Fixed Rate
     
Early
       
Margin
   
Unrealized
 
     
Notional
 
Pay/Receive
 
Floating Rate
 
Fixed Rate
 
Payment
 
Effective
 
Termination
 
Termination
   
Receivable/
   
Appreciation
 
Counterparty
   
Amount
 
Floating Rate
 
Index
 
(Annualized)
 
Frequency
 
Date (9)
 
Date
 
Date
   
Payable
   
(Depreciation)
 
JPMorgan Chase
 
$
6,700,000
 
Receive
 
3-Month USD LIBOR-ICE
 
2.857%
 
Semi-Annually
 
7/13/16
 
1/05/25
 
7/13/26
 
$
10,019
 
$
 (718,428)
 
Bank N.A.*
                                               
JPMorgan Chase
   
21,400,000
 
Receive
 
Weekly USD-SIFMA
 
1.985
 
Quarterly
 
10/3/16
 
11/03/16
 
10/3/28
   
   
(1,253,373)
 
Bank N.A.
                                               
   
$
28,100,000
                             
$
10,019
 
$
 (1,971,801)
 

* Citigroup Global Markets Inc. is the clearing broker for this transaction.

(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 (not covered by the report of independent registered public accounting firm): 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.
(3)
Ratings (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. 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.
(4)
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(5)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(6)
As of, or subsequent to, the end of the reporting period, this security is non-income producing. Non-income producing, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund's Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has ceased accruing additional income on the Fund's records.
(7)
Variable Rate MuniFund Term Preferred Shares, at Liquidation Preference as a percentage of Total Investments is 21.2%.
(8)
Other assets less liabilities includes the unrealized appreciation (depreciation) of certain over-the-counter ("OTC") derivatives as presented on the Statement of Assets and Liabilities. The unrealized appreciation (depreciation) of OTC-cleared and exchange-traded derivatives is recognized as part of the cash collateral at brokers and/or the receivable or payable for variation margin as presented on the Statement of Assets and Liabilities, when applicable.
(9)
Effective date represents the date on which both the Fund and counterparty commence interest payment accruals on each contract.
(ETM)
Escrowed to maturity.
(IF)
Inverse floating rate investment.
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.
USD LIBOR-ICE
United States Dollar-London Inter-Bank Offered Rate Intercontinental Exchange
USD-SIFMA
United States Dollar-Securities Industry and Financial Markets Association

See accompanying notes to financial statements.

NUVEEN
 
37


NIQ
   
 
Nuveen Intermediate Duration Quality Municipal Term Fund
 
 
Portfolio of Investments
May 31, 2016

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
LONG-TERM INVESTMENTS – 126.5% (98.9% of Total Investments)
             
     
MUNICIPAL BONDS – 126.5% (98.9% of Total Investments)
             
     
Alabama – 3.4% (2.7% of Total Investments)
             
$
2,000
 
Alabama Federal Aid Highway Finance Authority, Federal Highway Grant Anticipation Revenue Bonds, Tender Option Bond Trust 2013-2W, 20.893%, 9/01/26 (IF) (4)
9/22 at 100.00
 
AA
 
$
3,865,900
 
 
2,500
 
Jefferson County, Alabama, General Obligation Refunding Warrants, Series 2003A, 5.000%, 4/01/22 – NPFG Insured
8/16 at 100.00
 
AA–
   
2,501,425
 
 
4,500
 
Total Alabama
         
6,367,325
 
     
Arizona – 2.1% (1.6% of Total Investments)
             
 
405
 
Arizona Health Facilities Authority, Health Care Facilities Revenue Bonds, The Beatitudes Campus Project, Series 2006, 5.100%, 10/01/22
10/16 at 100.00
 
N/R
   
406,409
 
     
Arizona Health Facilities Authority, Hospital Revenue Bonds, Phoenix Children's Hospital, Series 2013D:
             
 
965
 
5.000%, 2/01/24
2/23 at 100.00
 
BBB+
   
1,145,368
 
 
1,065
 
5.000%, 2/01/26
2/23 at 100.00
 
BBB+
   
1,238,765
 
 
1,000
 
University Medical Center Corporation, Tucson, Arizona, Hospital Revenue Bonds, Series 2011, 5.000%, 7/01/19 (ETM)
No Opt. Call
 
N/R (5)
   
1,122,280
 
 
3,435
 
Total Arizona
         
3,912,822
 
     
California – 14.8% (11.6% of Total Investments)
             
 
3,000
 
Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Senior Lien Series 2013A, 5.000%, 10/01/27 – AGM Insured
10/23 at 100.00
 
AA
   
3,660,720
 
     
California Municipal Finance Authority, Revenue Bonds, Biola University, Series 2013:
             
 
560
 
5.000%, 10/01/19
No Opt. Call
 
Baa1
   
620,295
 
 
415
 
5.000%, 10/01/21
No Opt. Call
 
Baa1
   
477,893
 
 
1,930
 
California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2014A, 5.250%, 12/01/34
12/24 at 100.00
 
BB+
   
2,182,541
 
 
3,000
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1, 5.000%, 6/01/33
6/17 at 100.00
 
B–
   
3,019,680
 
     
Hesperia Public Financing Authority, California, Redevelopment and Housing Projects Tax Allocation Bonds, Series 2007A:
             
 
915
 
5.500%, 9/01/17 – SYNCORA GTY Insured
No Opt. Call
 
N/R
   
958,764
 
 
660
 
5.500%, 9/01/27 – SYNCORA GTY Insured
No Opt. Call
 
N/R
   
694,247
 
 
1,265
 
Independent Cities Finance Authority, California, Mobile Home Park Revenue Bonds, Rancho Vallecitos Mobile Home Park, Series 2013, 4.500%, 4/15/23
No Opt. Call
 
A–
   
1,411,120
 
     
Inland Empire Tobacco Securitization Authority, California, Tobacco Settlement Asset-Backed Bonds, Series 2007:
             
 
1,290
 
5.000%, 6/01/21
6/17 at 100.00
 
CC
   
1,300,423
 
 
1,030
 
4.625%, 6/01/21
6/17 at 100.00
 
CC
   
1,035,552
 
     
Jurupa Community Services District, California, Special Tax Bonds, Community Facilities District 31 Eastvale Area, Series 2013:
             
 
150
 
4.000%, 9/01/25
9/22 at 100.00
 
N/R
   
164,334
 
 
305
 
4.000%, 9/01/26
9/22 at 100.00
 
N/R
   
332,291
 
 
250
 
4.000%, 9/01/27
9/22 at 100.00
 
N/R
   
270,610
 
 
670
 
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 5.250%, 11/01/21
11/20 at 100.00
 
Ba1
   
727,861
 
 
1,800
 
Patterson Public Financing Authority, California, Revenue Bonds, Community Facilities District 2001-1, Senior Series 2013A, 5.000%, 9/01/22
No Opt. Call
 
N/R
   
2,060,676
 
 
185
 
Riverside County Redevelopment Agency, California, Tax Allocation Housing Bonds, Series 2011A, 0.000%, 10/01/26 (6)
No Opt. Call
 
A
   
177,419
 
 
100
 
San Bernardino County Financing Authority, California, Revenue Bonds, Courthouse Facilities Project, Series 2007, 5.100%, 6/01/17
No Opt. Call
 
N/R
   
101,298
 

38
 
NUVEEN


 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
California (continued)
             
$
340
 
San Diego, California, Community Facilities District 3 Liberty Station Special Tax Refunding Bonds Series 2013, 5.000%, 9/01/17
No Opt. Call
 
N/R
 
$
356,861
 
 
2,000
 
San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Second Series 2016A, 5.000%, 5/01/26
No Opt. Call
 
A+
   
2,581,020
 
 
1,080
 
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2005A, 5.000%, 8/01/17 – NPFG Insured
8/16 at 100.00
 
AA–
   
1,084,190
 
 
955
 
Vernon, California, Electric System Revenue Bonds, Series 2009A, 5.125%, 8/01/21 (Pre-refunded 8/01/19)
8/19 at 100.00
 
N/R (5)
   
1,041,867
 
 
2,160
 
Vernon, California, Electric System Revenue Bonds, Series 2009A, 5.125%, 8/01/21
8/19 at 100.00
 
A–
   
2,408,789
 
 
925
 
Washington Township Health Care District, California, Revenue Bonds, Series 2009A, 6.000%, 7/01/29
7/19 at 100.00
 
Baa1
   
1,042,632
 
 
24,985
 
Total California
         
27,711,083
 
     
Colorado – 3.8% (3.0% of Total Investments)
             
     
Colorado Educational and Cultural Facilities Authority, Charter School Refunding Revenue Bonds, Pinnacle Charter School, Inc. K-8 Facility Project, Series 2013:
             
 
280
 
4.000%, 6/01/18
No Opt. Call
 
A
   
293,381
 
 
310
 
4.000%, 6/01/20
No Opt. Call
 
A
   
336,142
 
 
250
 
5.000%, 6/01/21
No Opt. Call
 
A
   
286,608
 
     
Colorado State Board of Governors, Colorado State University Auxiliary Enterprise System Revenue Bonds, Tender Option Bond Trust 3316:
             
 
100
 
20.878%, 9/01/22 (IF) (4)
No Opt. Call
 
Aa2
   
225,865
 
 
300
 
20.878%, 3/01/23 (IF) (4)
No Opt. Call
 
Aa2
   
697,350
 
 
430
 
20.831%, 3/01/24 (IF) (4)
No Opt. Call
 
Aa2
   
1,013,200
 
 
725
 
20.878%, 3/01/25 (IF) (4)
No Opt. Call
 
Aa2
   
1,699,110
 
 
200
 
20.878%, 9/01/25 (IF) (4)
No Opt. Call
 
Aa2
   
468,350
 
 
200
 
Denver Convention Center Hotel Authority, Colorado, Revenue Bonds, Convention Center Hotel, Senior Lien Series 2006, 4.500%, 12/01/25 – SYNCORA GTY Insured
11/16 at 100.00
 
BBB–
   
201,674
 
 
350
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B, 0.000%, 9/01/21 – NPFG Insured
No Opt. Call
 
AA–
   
314,482
 
 
1,535
 
Lincoln Park Metropolitan District, Douglas County, Colorado, General Obligation Refunding and Improvement Bonds, Series 2008, 5.625%, 12/01/20 (Pre-refunded 12/01/17)
12/17 at 100.00
 
N/R (5)
   
1,643,970
 
 
4,680
 
Total Colorado
         
7,180,132
 
     
Florida – 9.0% (7.0% of Total Investments)
             
     
Atlantic Beach, Florida, Healthcare Facilities Revenue Refunding Bonds, Fleet Landing Project, Series 2013A:
             
 
420
 
5.000%, 11/15/20
No Opt. Call
 
BBB
   
470,879
 
 
150
 
5.000%, 11/15/23
No Opt. Call
 
BBB
   
175,655
 
 
515
 
Belmont Community Development District, Florida, Capital Improvement Revenue Bonds, Phase 1 Project, Series 2013A, 5.500%, 11/01/23
No Opt. Call
 
N/R
   
558,214
 
 
1,270
 
Broward County, Florida, Fuel System Revenue Bonds, Fort Lauderdale Fuel Facilities LLC Project, Series 2013A, 5.000%, 4/01/23 – AGM Insured (Alternative Minimum Tax)
No Opt. Call
 
AA
   
1,510,868
 
 
455
 
Capital Trust Agency, Florida, Fixed Rate Air Cargo Revenue Refunding Bonds, Aero Miami FX, LLC Project, Series 2010A, 5.350%, 7/01/29
7/20 at 100.00
 
Baa3
   
497,037
 
 
2,000
 
Collier County Educational Facilities Authority, Florida, Revenue Bonds, Ave Maria University, Refunding Series 2013A, 4.500%, 6/01/23
No Opt. Call
 
BBB–
   
2,146,200
 
 
1,000
 
Florida Mid-Bay Bridge Authority, Revenue Bonds, 1st Senior Lien Series 2015A, 5.000%, 10/01/23
No Opt. Call
 
BBB+
   
1,180,480
 
 
2,960
 
Florida Municipal Power Agency, Revenue Bonds, Saint Lucie Project, Refunding Series 2012A, 5.000%, 10/01/26
No Opt. Call
 
A2
   
3,507,452
 
     
Martin County Industrial Development Authority, Florida, Industrial Development Revenue Refunding Bonds, Indiantown Cogeneration LP, Series 2013:
             
 
2,535
 
3.950%, 12/15/21 (Alternative Minimum Tax)
6/20 at 100.00
 
Ba1
   
2,672,853
 
 
500
 
4.200%, 12/15/25 (Alternative Minimum Tax)
6/20 at 100.00
 
Ba1
   
521,400
 

NUVEEN
 
39


NIQ
Nuveen Intermediate Duration Quality Municipal Term Fund
 
 
Portfolio of Investments (continued)
May 31, 2016

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Florida (continued)
             
$
1,400
 
Palm Beach County Health Facilities Authority, Florida, Revenue Bonds, Jupiter Medical Center, Series 2013A, 5.000%, 11/01/22
No Opt. Call
 
BBB+
 
$
1,618,694
 
 
250
 
Seminole Tribe of Florida, Special Obligation Bonds, Series 2007A, 144A, 5.750%, 10/01/22
10/17 at 100.00
 
BBB–
   
260,613
 
 
305
 
Southeast Overtown/Park West Community Redevelopment Agency, Florida, Tax Increment Revenue Bonds, Series 2014A-1, 5.000%, 3/01/24
No Opt. Call
 
BBB+
   
353,712
 
 
1,370
 
Verandah West Community Development District, Florida, Capital Improvement Revenue Bonds, Refunding Series 2013, 4.000%, 5/01/23
No Opt. Call
 
N/R
   
1,388,098
 
 
15,130
 
Total Florida
         
16,862,155
 
     
Georgia – 2.1% (1.6% of Total Investments)
             
 
1,025
 
Atlanta, Georgia, Tax Allocation Bonds, Perry Bolton Project Series 2014, 4.000%, 7/01/22
No Opt. Call
 
A–
   
1,160,392
 
 
2,000
 
East Point Building Authority, Georgia, Revenue Bonds, Water & Sewer Project Series 2006A, 5.000%, 2/01/34 – SYNCORA GTY Insured
8/16 at 100.00
 
N/R
   
2,002,780
 
 
890
 
Liberty County Industrial Authority, Georgia, Revenue Bonds, Series 2012A-2, 3.930%, 7/01/26
8/16 at 100.00
 
N/R
   
789,923
 
 
3,915
 
Total Georgia
         
3,953,095
 
     
Idaho – 0.5% (0.4% of Total Investments)
             
 
1,000
 
Madison County, Idaho, Hospital Revenue Certificates of Participation, Madison Memorial Hospital, Series 2006, 5.250%, 9/01/20
9/16 at 100.00
 
BB+
   
1,006,530
 
     
Illinois – 12.4% (9.7% of Total Investments)
             
 
2,500
 
Cook County, Illinois, General Obligation Bonds, Tender Option Bond Trust 2015-XF1007, 15.865%, 11/15/25 (IF) (4)
11/22 at 100.00
 
AA–
   
3,699,300
 
 
990
 
Hillside, Cook County, Illinois, Tax Increment Revenue Bonds, Mannheim Redevelopment Project, Senior Lien Series 2008, 6.550%, 1/01/20
1/18 at 102.00
 
N/R
   
1,054,974
 
 
1,000
 
Illinois Finance Authority, Charter School Revenue Bonds, Chicago Charter School Foundation, Series 2007, 5.000%, 12/01/26
12/16 at 100.00
 
BBB
   
1,009,450
 
 
1,385
 
Illinois Finance Authority, Revenue Bonds, Friendship Village of Schaumburg, Series 2005A, 5.375%, 2/15/25
8/16 at 100.00
 
BB–
   
1,385,623
 
 
2,680
 
Illinois Finance Authority, Revenue Bonds, Illinois Institute of Technology, Refunding Series 2006A, 5.000%, 4/01/24
8/16 at 100.00
 
Baa3
   
2,681,688
 
 
4,000
 
Illinois Municipal Electric Agency, Power Supply System Revenue Bonds, Refunding Series 2015A, 5.000%, 2/01/27
No Opt. Call
 
A1
   
4,882,320
 
 
5,000
 
Illinois State, General Obligation Bonds, Series 2013, 5.000%, 7/01/23
No Opt. Call
 
A–
   
5,615,251
 
 
1,790
 
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Refunding Senior Lien Series 2014A, 5.000%, 12/01/19
No Opt. Call
 
AA–
   
2,025,743
 
 
1,000
 
Southwestern Illinois Development Authority, Local Government Revenue Bonds, Edwardsville Community Unit School District 7 Project, Series 2007, 0.000%, 12/01/22 – AGM Insured
No Opt. Call
 
AA
   
850,550
 
 
20,345
 
Total Illinois
         
23,204,899
 
     
Indiana – 2.3% (1.8% of Total Investments)
             
 
1,180
 
Indiana Finance Authority, Educational Facilities Revenue Bonds, 21st Century Charter School Project, Series 2013A, 6.000%, 3/01/33
3/23 at 100.00
 
B+
   
1,174,938
 
 
1,500
 
Indiana Finance Authority, Lease Appropriation Bonds, Stadium Project, Refunding Series 2015A, 5.000%, 2/01/25
No Opt. Call
 
AA+
   
1,879,410
 
 
1,145
 
Indiana Finance Authority, Private Activity Bonds, Ohio River Bridges East End Crossing Project, Series 2013B, 5.000%, 1/01/19 (Alternative Minimum Tax)
1/17 at 100.00
 
BBB+
   
1,171,381
 
 
3,825
 
Total Indiana
         
4,225,729
 
     
Iowa – 2.6% (2.1% of Total Investments)
             
 
1,000
 
Iowa Finance Authority, Health Facility Revenue Bonds, Care Initiatives Project, Series 2006A, 5.500%, 7/01/25
7/16 at 100.00
 
BB+
   
1,002,230
 
 
1,850
 
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2013, 5.000%, 12/01/19
No Opt. Call
 
B+
   
1,909,570
 

40
 
NUVEEN


 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Iowa (continued)
             
$
2,000
 
Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, 5.600%, 6/01/34
6/17 at 100.00
 
B+
 
$
2,005,940
 
 
4,850
 
Total Iowa
         
4,917,740
 
     
Kentucky – 2.1% (1.6% of Total Investments)
             
     
Kentucky Economic Development Finance Authority, Louisville Arena Project Revenue Bonds, Louisville Arena Authority, Inc., Series 2008-A1:
             
 
1,320
 
5.750%, 12/01/28 – AGC Insured
6/18 at 100.00
 
AA
   
1,410,288
 
 
115
 
6.000%, 12/01/33 – AGC Insured
6/18 at 100.00
 
AA
   
124,152
 
 
3,000
 
Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, Downtown Crossing Project, Capital Appreciation Series 2013B, 0.000%, 7/01/23
No Opt. Call
 
Baa3
   
2,358,600
 
 
4,435
 
Total Kentucky
         
3,893,040
 
     
Louisiana – 0.9% (0.7% of Total Investments)
             
 
500
 
Louisiana Local Government Environmental Facilities & Community Development Authority, Revenue Bonds, Westlake Chemical Corporation Project, Series 2007, 6.750%, 11/01/32
11/17 at 100.00
 
BBB+
   
540,040
 
 
1,000
 
New Orleans, Louisiana, Water Revenue Bonds, Refunding Series 2014, 5.000%, 12/01/22
No Opt. Call
 
A–
   
1,188,650
 
 
1,500
 
Total Louisiana
         
1,728,690
 
     
Maine – 2.4% (1.9% of Total Investments)
             
 
1,000
 
Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine Medical Center Obligated Group Issue, Series 2013, 5.000%, 7/01/33
7/23 at 100.00
 
BBB
   
1,116,940
 
     
Maine Turnpike Authority, Special Obligation Bonds, Series 2014:
             
 
620
 
5.000%, 7/01/25
No Opt. Call
 
A+
   
761,831
 
 
340
 
5.000%, 7/01/27
No Opt. Call
 
A+
   
412,107
 
 
1,850
 
5.000%, 7/01/29
No Opt. Call
 
A+
   
2,222,553
 
 
3,810
 
Total Maine
         
4,513,431
 
     
Maryland – 0.9% (0.7% of Total Investments)
             
     
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Frederick Memorial Hospital Issue, Series 2012A:
             
 
195
 
5.000%, 7/01/20
No Opt. Call
 
Baa1
   
220,073
 
 
275
 
5.000%, 7/01/22
No Opt. Call
 
Baa1
   
322,979
 
 
1,000
 
Prince George's County, Maryland, General Obligation Consolidated Public Improvement Bonds, Series 2011A, 5.000%, 9/15/22
No Opt. Call
 
AAA
   
1,198,070
 
 
1,470
 
Total Maryland
         
1,741,122
 
     
Massachusetts – 1.9% (1.5% of Total Investments)
             
 
250
 
Massachusetts Development Finance Agency, First Mortgage Revenue Bonds, Brookhaven at Lexington Project, Series 2005A, 5.000%, 3/01/35 – RAAI Insured
8/16 at 100.00
 
AA
   
250,713
 
 
1,000
 
Massachusetts Development Finance Agency, Resource Recovery Revenue Bonds, Covanta Energy Project, Series 2012A, 4.875%, 11/01/27 (Alternative Minimum Tax)
No Opt. Call
 
BB+
   
1,005,930
 
 
420
 
Massachusetts Development Finance Agency, Revenue Bonds, Boston Medical Center Issue, Series 2012C, 5.000%, 7/01/29
7/22 at 100.00
 
BBB
   
474,226
 
     
Massachusetts Development Finance Agency, Revenue Bonds, Boston Medical Center Issue, Series 2012C:
             
 
80
 
5.000%, 7/01/29 (Pre-refunded 7/01/22)
7/22 at 100.00
 
N/R (5)
   
97,077
 
 
500
 
5.000%, 7/01/29 (Pre-refunded 7/01/22)
7/22 at 100.00
 
Baa2 (5)
   
606,730
 
     
Massachusetts Port Authority, Special Facilities Revenue Bonds, Delta Air Lines Inc., Series 2001A:
             
 
140
 
5.000%, 1/01/21 – AMBAC Insured (Alternative Minimum Tax)
8/16 at 100.00
 
N/R
   
140,556
 
 
1,000
 
5.000%, 1/01/27 – AMBAC Insured (Alternative Minimum Tax)
7/16 at 100.00
 
N/R
   
1,003,970
 
 
3,390
 
Total Massachusetts
         
3,579,202
 
     
Michigan – 7.7% (6.0% of Total Investments)
             
 
1,000
 
Detroit City School District, Wayne County, Michigan, General Obligation Bonds, Tender Option Bond Trust 3308, 21.193%, 11/01/26 – AGM Insured (IF) (4)
No Opt. Call
 
Aa1
   
2,280,800
 
 
62
 
Detroit, Michigan, General Obligation Bonds, Series 2005A, 5.000%, 4/01/25 – AGM Insured
8/16 at 100.00
 
AA
   
62,137
 

NUVEEN
 
41


NIQ
Nuveen Intermediate Duration Quality Municipal Term Fund
 
 
Portfolio of Investments (continued)
May 31, 2016

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Michigan (continued)
             
     
Detroit, Michigan, Sewer Disposal System Revenue Bonds, Second Lien, Series 2006B:
             
$
50
 
5.000%, 7/01/33 – NPFG Insured
7/16 at 100.00
 
AA–
 
$
50,172
 
 
60
 
5.000%, 7/01/33 – FGIC Insured
7/16 at 100.00
 
AA–
   
60,206
 
 
1,260
 
5.000%, 7/01/36 – MBIA-NPFG Insured
7/16 at 100.00
 
AA–
   
1,264,334
 
 
5
 
Detroit, Michigan, Water Supply System Second Lien Revenue Bonds, Series 2003B, 5.000%, 7/01/34 – NPFG Insured
8/16 at 100.00
 
AA–
   
5,016
 
 
250
 
Detroit, Michigan, Water Supply System Second Lien Revenue Bonds, Series 2006A, 5.000%, 7/01/34 – AGM Insured
7/16 at 100.00
 
AA
   
250,858
 
 
290
 
Detroit, Michigan, Water Supply System Second Lien Revenue Refunding Bonds, Series 2006C, 5.000%, 7/01/33 – AGM Insured
No Opt. Call
 
AA
   
290,995
 
 
440
 
Detroit, Michigan, Water Supply System Senior Lien Revenue Bonds, Series 2003D. RMKTD, 5.000%, 7/01/33 – NPFG Insured
No Opt. Call
 
AA–
   
441,509
 
 
10
 
Detroit, Michigan, Water Supply System Senior Lien Revenue Refunding Bonds, Series 2006D, 5.000%, 7/01/32 – AGM Insured
7/16 at 100.00
 
AA
   
10,034
 
 
730
 
Flint Hospital Building Authority, Michigan, Building Authority Revenue Bonds, Hurley Medical Center, Series 2013A, 5.000%, 7/01/23
No Opt. Call
 
BBB–
   
770,931
 
 
338
 
Michigan Finance Authority, Detroit, Michigan, Local Government Loan Program, Unlimited Tax General Obligation Bonds, Series 2014G-8A, 5.000%, 4/01/25 – AGM Insured
8/16 at 100.00
 
AA
   
338,747
 
 
2,020
 
Michigan Finance Authority, Hospital Revenue Bonds, Crittenton Hospital Medical Center, Refunding Series 2012A, 4.125%, 6/01/32 (Pre-refunded 6/01/22)
6/22 at 100.00
 
N/R (5)
   
2,336,574
 
 
3,000
 
Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Water & Sewerage Department Water Supply System Local Project, Refunding Senior Loan Series 2014D-1, 5.000%, 7/01/23 – AGM Insured
No Opt. Call
 
AA
   
3,611,430
 
 
190
 
Michigan Finance Authority, Public School Academy Limited Obligation Revenue Bonds, Old Redford Academy Project, Series 2010A, 5.250%, 12/01/20
No Opt. Call
 
BB
   
194,845
 
 
1,405
 
Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Tender Option Bond Trust 2015-XF0126, 20.585%, 12/01/18 (IF) (4)
No Opt. Call
 
AA–
   
2,407,706
 
 
11,110
 
Total Michigan
         
14,376,294
 
     
Minnesota – 1.9% (1.5% of Total Investments)
             
 
550
 
Northern Municipal Power Agency, Minnesota, Electric System Revenue Bonds, Refunding Series 2016, 5.000%, 1/01/27
1/26 at 100.00
 
A–
   
686,708
 
 
750
 
Rochester, Minnesota, Health Care Facilities Revenue Bonds, Olmsted Medical Center Project, Series 2013, 5.000%, 7/01/20
No Opt. Call
 
A–
   
854,385
 
     
Saint Paul Housing and Redevelopment Authority, Minnesota, Lease Revenue Bonds, Saint Paul Conservatory for Performing Artists Charter School Project, Series 2013A:
             
 
205
 
3.550%, 3/01/21
No Opt. Call
 
BBB–
   
208,934
 
 
100
 
3.700%, 3/01/22
No Opt. Call
 
BBB–
   
102,651
 
     
Sauk Rapids, Minnesota, Health Care and Housing Facilities Revenue Bonds, Good Shepherd Lutheran Home, Refunding Series 2013:
             
 
610
 
5.000%, 1/01/17
No Opt. Call
 
N/R
   
620,333
 
 
500
 
5.000%, 1/01/18
No Opt. Call
 
N/R
   
520,785
 
 
500
 
5.000%, 1/01/19
No Opt. Call
 
N/R
   
530,300
 
 
3,215
 
Total Minnesota
         
3,524,096
 
     
Mississippi – 2.6% (2.0% of Total Investments)
             
     
Mississippi Development Bank Special Obligation Bonds, Marshall County Industrial Development Authority, Mississippi Highway Construction Project, Tender Option Bond Trust 3315:
             
 
800
 
21.126%, 1/01/20 (IF) (4)
No Opt. Call
 
AA–
   
1,530,640
 
 
1,000
 
21.126%, 1/01/20 (IF) (4)
No Opt. Call
 
AA–
   
1,886,950
 
 
200
 
21.126%, 1/01/20 (IF) (4)
No Opt. Call
 
AA–
   
369,820
 
 
1,000
 
Mississippi Hospital Equipment and Facilities Authority, Revenue Bonds, South Central Regional Medical Center, Refunding & Improvement Series 2006, 5.250%, 12/01/21
12/16 at 100.00
 
BBB
   
1,017,410
 
 
3,000
 
Total Mississippi
         
4,804,820
 
     
Missouri – 2.7% (2.1% of Total Investments)
             
 
425
 
Franklin County Industrial Development Authority, Missouri, Sales Tax Refunding Revenue Bonds, Phoenix Center II Community Improvement District Project, Series 2013A, 4.000%, 11/01/25
11/20 at 100.00
 
N/R
   
444,134
 

42
 
NUVEEN


 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Missouri (continued)
             
$
1,000
 
Kansas City Tax Increment Financing Commission, Missouri, Tax Increment Revenue Bonds, Briarcliff West Project, Series 2006A, 5.400%, 6/01/24
6/16 at 100.00
 
N/R
 
$
1,001,730
 
 
3,000
 
Missouri Joint Municipal Electric Utility Commission, Power Project Revenue Bonds, Plum Point Project, Refunding Series 2014A, 5.000%, 1/01/23
No Opt. Call
 
A
   
3,597,540
 
 
4,425
 
Total Missouri
         
5,043,404
 
     
Nebraska – 1.8% (1.4% of Total Investments)
             
 
3,000
 
Central Plains Energy Project, Nebraska, Gas Project 3 Revenue Bonds, Series 2012, 5.000%, 9/01/32
9/22 at 100.00
 
A
   
3,386,910
 
     
Nevada – 1.6% (1.3% of Total Investments)
             
     
Las Vegas Redevelopment Agency, Nevada, Tax Increment Revenue Bonds, Refunding Series 2016:
             
 
1,295
 
5.000%, 6/15/26
No Opt. Call
 
BBB+
   
1,578,178
 
 
1,210
 
5.000%, 6/15/27
6/26 at 100.00
 
BBB+
   
1,463,193
 
 
2,505
 
Total Nevada
         
3,041,371
 
     
New Jersey – 6.7% (5.3% of Total Investments)
             
 
615
 
New Jersey Economic Development Authority, Charter School Revenue Bonds, Lady Liberty Academy Charter School Project, Series 2013A, 5.150%, 8/01/23
No Opt. Call
 
B
   
520,075
 
     
New Jersey Economic Development Authority, Cigarette Tax Revenue Refunding Bonds, Series 2012:
             
 
2,000
 
5.000%, 6/15/24
6/22 at 100.00
 
BBB+
   
2,232,820
 
 
1,000
 
5.000%, 6/15/28
No Opt. Call
 
BBB+
   
1,094,250
 
     
New Jersey Economic Development Authority, Private Activity Bonds, The Goethals Bridge Replacement Project, Series 2013:
             
 
860
 
5.000%, 1/01/21 (Alternative Minimum Tax)
No Opt. Call
 
BBB
   
977,691
 
 
500
 
5.000%, 1/01/22 (Alternative Minimum Tax)
No Opt. Call
 
BBB
   
576,860
 
 
500
 
5.000%, 7/01/22 (Alternative Minimum Tax)
No Opt. Call
 
BBB
   
580,595
 
 
620
 
5.000%, 1/01/23 (Alternative Minimum Tax)
No Opt. Call
 
BBB
   
717,817
 
 
1,000
 
New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Tender Option Bond Trust 1151, 3.045%, 9/01/25 (IF) (4)
3/25 at 100.00
 
A–
   
470,600
 
 
1,000
 
New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental Airlines Inc., Series 1999, 5.250%, 9/15/29 (Alternative Minimum Tax)
9/22 at 101.00
 
BB–
   
1,112,170
 
 
1,045
 
New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint Peters University Hospital, Series 2007, 5.250%, 7/01/21
7/18 at 100.00
 
BB+
   
1,105,589
 
 
195
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Joseph's Healthcare System Obligated Group Issue, Series 2008, 6.000%, 7/01/18
No Opt. Call
 
BBB–
   
202,281
 
 
3,000
 
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A, 5.000%, 6/01/29
6/17 at 100.00
 
B
   
3,030,570
 
 
12,335
 
Total New Jersey
         
12,621,318
 
     
New York – 4.9% (3.8% of Total Investments)
             
 
495
 
Buffalo and Erie County Industrial Land Development Corporation, New York, Revenue Bonds, Catholic Health System, Inc. Project, Series 2015, 5.000%, 7/01/29
7/25 at 100.00
 
BBB+
   
588,129
 
 
500
 
Buffalo and Fort Erie Public Bridge Authority, New York, Toll Bridge System Revenue Bonds, Refunding Series 2014, 5.000%, 1/01/18
No Opt. Call
 
A+
   
532,315
 
     
New York City Industrial Development Agency, New York, American Airlines-JFK International Airport Special Facility Revenue Bonds, Series 2005:
             
 
385
 
7.500%, 8/01/16 (Alternative Minimum Tax)
No Opt. Call
 
N/R
   
389,254
 
 
2,000
 
7.625%, 8/01/25 (Alternative Minimum Tax)
8/16 at 101.00
 
N/R
   
2,043,180
 
     
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Vaughn College of Aeronautics, Series 2006A:
             
 
100
 
5.000%, 12/01/16
No Opt. Call
 
BB–
   
101,125
 
 
1,800
 
5.000%, 12/01/21
12/16 at 100.00
 
BB–
   
1,827,000
 
 
65
 
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Vaughn College of Aeronautics, Series 2006B, 5.000%, 12/01/16
No Opt. Call
 
BB–
   
65,731
 
 
2,000
 
New York Convention Center Development Corporation, New York, Hotel Unit Fee Secured Revenue Bonds, Refunding Series 2015, 5.000%, 11/15/25
No Opt. Call
 
Aa3
   
2,548,940
 

NUVEEN
 
43


NIQ
Nuveen Intermediate Duration Quality Municipal Term Fund
 
 
Portfolio of Investments (continued)
May 31, 2016

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
New York (continued)
             
$
1,000
 
Suffolk County Industrial Development Agency, New York, Continuing Care Retirement Community Revenue Bonds, Jefferson's Ferry Project, Series 2006, 5.000%, 11/01/28
11/16 at 100.00
 
BBB–
 
$
1,010,750
 
 
8,345
 
Total New York
         
9,106,424
 
     
North Carolina – 0.8% (0.6% of Total Investments)
             
 
1,040
 
North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds, Refunding Series 1993B, 6.000%, 1/01/18 – AMBAC Insured (ETM)
No Opt. Call
 
AAA
   
1,125,686
 
 
400
 
North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Series 2009A, 5.250%, 1/01/25 – AGC Insured
No Opt. Call
 
AA
   
435,840
 
 
1,440
 
Total North Carolina
         
1,561,526
 
     
Ohio – 5.0% (3.9% of Total Investments)
             
 
3,500
 
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2, 5.875%, 6/01/30
6/17 at 100.00
 
B–
   
3,485,825
 
 
2,000
 
Ohio Air Quality Development Authority, Ohio, Revenue Bonds, Ohio Valley Electric Corporation Project, Series 2009E, 5.625%, 10/01/19
No Opt. Call
 
BBB–
   
2,216,880
 
 
1,150
 
Ohio State Treasurer, Tax-Exempt Private Activity Bonds, Portsmouth Gateway Group, LLC – Borrower, Portsmouth Bypass Project, Series 2015, 5.000%, 12/31/27 – AGM Insured (Alternative Minimum Tax)
6/25 at 100.00
 
AA
   
1,365,855
 
 
2,000
 
Ross County, Ohio, Hospital Revenue Refunding Bonds, Adena Health System Series 2008, 5.750%, 12/01/28
12/18 at 100.00
 
A–
   
2,217,740
 
 
8,650
 
Total Ohio
         
9,286,300
 
     
Oregon – 0.6% (0.5% of Total Investments)
             
 
965
 
Astoria Hospital Facilities Authority, Oregon, Hospital Revenue and Refunding Bonds, Columbia Memorial Hospital, Series 2012, 5.000%, 8/01/22
No Opt. Call
 
BBB–
   
1,109,682
 
     
Pennsylvania – 4.2% (3.2% of Total Investments)
             
 
90
 
East Hempfield Township Industrial Development Authority, Pennsylvania, Student Services Inc. – Student Housing Project at Millersville University, Series 2013, 4.000%, 7/01/19
No Opt. Call
 
BBB–
   
94,835
 
     
Erie Higher Education Building Authority, Pennsylvania, Revenue Bonds, Gannon University Project, Series 2013:
             
 
465
 
4.000%, 5/01/20
No Opt. Call
 
BBB
   
508,687
 
 
480
 
4.000%, 5/01/21
No Opt. Call
 
BBB
   
532,094
 
 
500
 
4.000%, 5/01/22
No Opt. Call
 
BBB
   
559,485
 
 
520
 
4.000%, 5/01/23
No Opt. Call
 
BBB
   
588,177
 
 
2,190
 
Erie Sewer Authority, Erie County, Pennsylvania, Sewer Revenue Bonds, Series 2012A, 5.000%, 6/01/21 – AGM Insured
No Opt. Call
 
AA
   
2,557,329
 
 
1,700
 
Pennsylvania Economic Development Financing Authority, Private Activity Revenue Bonds, Pennsylvania Rapid Bridge Replacement Project, Series 2015, 5.000%, 6/30/28 (Alternative Minimum Tax)
6/26 at 100.00
 
BBB
   
2,006,918
 
     
Southcentral Pennsylvania General Authority, Revenue Bonds, Hanover Hospital Inc., Series 2013:
             
 
370
 
5.000%, 12/01/20
No Opt. Call
 
BBB
   
419,957
 
 
435
 
5.000%, 12/01/21
No Opt. Call
 
BBB
   
500,524
 
 
6,750
 
Total Pennsylvania
         
7,768,006
 
     
Rhode Island – 1.8% (1.4% of Total Investments)
             
 
3,000
 
Rhode Island Health & Educational Building Corporation, Public Schools Financing Program Revenue Bonds, Pooled Series 2009E, 6.000%, 5/15/29 – AGC Insured
5/19 at 100.00
 
A3
   
3,299,580
 
     
South Carolina – 1.8% (1.4% of Total Investments)
             
 
1,000
 
Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 2010-A2, 5.000%, 1/01/18
No Opt. Call
 
A–
   
1,063,650
 
 
2,000
 
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding Series 2014B, 5.000%, 12/01/31
6/24 at 100.00
 
AA–
   
2,386,080
 
 
3,000
 
Total South Carolina
         
3,449,730
 

44
 
NUVEEN


 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Tennessee – 6.2% (4.9% of Total Investments)
             
     
Knox County Health, Educational and Housing Facility Board, Tennessee, Hospital Revenue Refunding Bonds, Covenant Health, Series 2012A:
             
$
1,440
 
5.000%, 1/01/25
No Opt. Call
 
A
 
$
1,713,528
 
 
2,170
 
5.000%, 1/01/26
No Opt. Call
 
A
   
2,564,506
 
 
2,000
 
Memphis-Shelby County Airport Authority, Tennessee, Airport Revenue Bonds, Series 2010B, 5.750%, 7/01/22 (Alternative Minimum Tax)
7/20 at 100.00
 
A
   
2,316,500
 
 
400
 
The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006B, 5.625%, 9/01/26
No Opt. Call
 
BBB
   
471,712
 
     
The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006C:
             
 
1,020
 
5.000%, 2/01/21
No Opt. Call
 
A
   
1,178,304
 
 
1,490
 
5.000%, 2/01/24
No Opt. Call
 
A
   
1,768,943
 
 
1,365
 
5.000%, 2/01/25
No Opt. Call
 
A
   
1,625,865
 
 
9,885
 
Total Tennessee
         
11,639,358
 
     
Texas – 9.8% (7.7% of Total Investments)
             
 
200
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2010, 5.750%, 1/01/25 (Pre-refunded 1/01/20)
1/20 at 100.00
 
BBB+ (5)
   
232,856
 
 
500
 
Central Texas Regional Mobility Authority, Revenue Bonds, Subordinate Lien Refunding Series 2013, 5.000%, 1/01/22
No Opt. Call
 
BBB
   
558,670
 
 
685
 
Denton County Fresh Water Supply District 7, Texas, General Obligation Bonds, Refunding Series 2013, 4.000%, 2/15/21 – AGM Insured
No Opt. Call
 
AA
   
741,170
 
 
2,000
 
Gulf Coast Industrial Development Authority, Texas, Solid Waste Disposal Revenue Bonds, Citgo Petroleum Corporation Project, Series 1995, 4.875%, 5/01/25 (Alternative Minimum Tax)
10/22 at 100.00
 
BB
   
2,127,680
 
     
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Refunding Second Lien Series 2014C:
             
 
230
 
5.000%, 11/15/22
No Opt. Call
 
A3
   
271,345
 
 
1,660
 
5.000%, 11/15/23
No Opt. Call
 
A3
   
1,989,510
 
 
960
 
5.000%, 11/15/25
11/24 at 100.00
 
A3
   
1,156,819
 
 
515
 
Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Facilities Department, Refunding Series 2011A, 5.250%, 9/01/19
No Opt. Call
 
A2
   
581,801
 
     
Irving, Texas, Hotel Occupancy Tax Revenue Bonds, Series 2014B:
             
 
465
 
4.000%, 8/15/22
8/19 at 100.00
 
BBB+
   
489,343
 
 
535
 
4.000%, 8/15/23
8/19 at 100.00
 
BBB+
   
560,766
 
 
100
 
Love Field Airport Modernization Corporation, Texas, Special Facilities Revenue Bonds, Southwest Airlines Company – Love Field Modernization Program Project, Series 2012, 5.000%, 11/01/20 (Alternative Minimum Tax)
No Opt. Call
 
Baa1
   
112,981
 
     
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Scott & White Healthcare Project, Tender Option Bond Trust 1149:
             
 
100
 
20.603%, 8/15/22 (IF) (4)
No Opt. Call
 
AA–
   
198,130
 
 
155
 
20.414%, 8/15/24 (IF) (4)
8/23 at 100.00
 
AA–
   
319,328
 
 
200
 
20.603%, 8/15/26 (IF) (4)
8/23 at 100.00
 
AA–
   
395,750
 
 
175
 
20.377%, 8/15/27 (IF) (4)
8/23 at 100.00
 
AA–
   
339,106
 
 
3,000
 
Texas Municipal Gas Acquisition and Supply Corporation I, Gas Supply Revenue Bonds, Senior Lien Series 2008D, 6.250%, 12/15/26
No Opt. Call
 
BBB+
   
3,773,190
 
 
3,000
 
Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012, 5.000%, 12/15/27
No Opt. Call
 
A3
   
3,443,970
 
 
230
 
Texas Public Finance Authority Charter School Finance Corporation, Education Revenue Bonds, Uplift Education, Series 2007A, 5.750%, 12/01/27
12/17 at 100.00
 
BBB–
   
240,904
 
 
360
 
Texas Public Finance Authority, Revenue Bonds, Texas Southern University Financing System, Series 2011, 6.000%, 5/01/23
5/21 at 100.00
 
BBB
   
411,523
 
 
460
 
Waco Health Facilities Development Corporation, Texas, Hillcrest Health System Project, FHA Insured Mortgage Revenue Bonds, Series 2006A, 5.000%, 8/01/31 (Pre-refunded 8/01/16) – NPFG Insured
8/16 at 100.00
 
AA– (5)
   
463,427
 
 
15,530
 
Total Texas
         
18,408,269
 

NUVEEN
 
45


NIQ
Nuveen Intermediate Duration Quality Municipal Term Fund
 
 
Portfolio of Investments (continued)
May 31, 2016

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Utah – 1.7% (1.3% of Total Investments)
             
$
3,000
 
Salt Lake County, Utah, Research Facility Revenue Bonds, Huntsman Cancer Foundation, Series 2013A-1, 5.000%, 12/01/33 (Mandatory put 12/15/20)
12/18 at 100.00
 
N/R
 
$
3,173,700
 
     
Vermont – 0.5% (0.4% of Total Investments)
             
 
900
 
Vermont Economic Development Authority, Solid Waste Disposal Revenue Bonds, Casella Waste Systems, Inc. Project, Series 2013, 4.750%, 4/01/36 (Mandatory put 4/02/18) (Alternative Minimum Tax)
No Opt. Call
 
BB–
   
931,869
 
     
Virgin Islands – 1.1% (0.9% of Total Investments)
             
 
2,000
 
Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding Series 2012A, 4.000%, 10/01/22 – AGM Insured
No Opt. Call
 
AA
   
2,133,540
 
     
Virginia – 0.3% (0.2% of Total Investments)
             
 
535
 
Chesapeake, Virginia, Transportation System Senior Toll Road Revenue Bonds, Series 2012A, 5.000%, 7/15/21
No Opt. Call
 
BBB
   
613,731
 
     
Washington – 0.5% (0.4% of Total Investments)
             
 
700
 
Port of Seattle, Washington, Revenue Bonds, Intermediate Lien Series 2015A, 5.000%, 4/01/27
10/24 at 100.00
 
A+
   
860,146
 
     
West Virginia – 0.6% (0.4% of Total Investments)
             
 
1,035
 
West Virginia Economic Development Authority, Solid Waste Disposal Facilities Revenue Bonds, Appalachian Power Company – Amos Project, Refunding Series 2015A, 1.900%, 3/01/40
No Opt. Call
 
Baa1
   
1,040,900
 
     
Wisconsin – 0.5% (0.4% of Total Investments)
             
     
University of Wisconsin Hospitals and Clinics Authority, Revenue Bonds, Tender Option Bond Trust 2015-XF0127:
             
 
50
 
19.208%, 4/01/20 (IF) (4)
No Opt. Call
 
A+
   
97,676
 
 
100
 
19.957%, 10/01/20 (IF) (4)
No Opt. Call
 
A+
   
210,530
 
 
185
 
19.603%, 10/01/20 (IF) (4)
4/23 at 100.00
 
A+
   
382,317
 
 
100
 
19.957%, 10/01/20 (IF) (4)
4/23 at 100.00
 
A+
   
202,890
 
 
435
 
Total Wisconsin
         
893,413
 
$
207,030
 
Total Long-Term Investments (cost $226,217,224)
         
236,871,382
 

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
SHORT-TERM INVESTMENTS – 1.4% (1.1% of Total Investments)
             
     
MUNICIPAL BONDS – 1.4% (1.1% of Total Investments)
             
     
Illinois – 0.5% (0.4% of Total Investments)
             
$
850
 
Illinois Finance Authority, Revenue Bonds, University of Chicago, Variable Rate Demand Obligations, Tender Option Bond Floater 2015-XM0114, 0.460%, 2/01/18 (7)
No Opt. Call
 
A-1
 
$
850,000
 
     
Kentucky – 0.9% (0.7% of Total Investments)
             
 
1,750
 
Kentucky State Property and Buildings Commission, Revenue Bonds, Tender Option Bond Floater 11767, Variable Rate Demand Obligations, 0.600%, 2/01/17
No Opt. Call
 
A-1
   
1,750,000
 
$
2,600
 
Total Short-Term Investments (cost $2,600,000)
         
2,600,000
 
     
Total Investments (cost $228,817,224) – 127.9%
         
239,471,382
 
     
Variable Rate MuniFund Term Preferred Shares, at Liquidation Preference – (29.4)% (8)
         
(55,000,000
) 
     
Other Assets Less Liabilities – 1.5% (9)
         
2,851,907
 
     
Net Assets Applicable to Common Shares – 100%
       
$
187,323,289
 

46
 
NUVEEN


Investments in Derivatives as of May 31, 2016
Interest Rate Swaps

                             
Optional
       
Variation
       
         
Fund
         
Fixed Rate
     
Early
       
Margin
   
Unrealized
 
     
Notional
 
Pay/Receive
 
Floating Rate
 
Fixed Rate
 
Payment
 
Effective
 
Termination
 
Termination
   
Receivable/
   
Appreciation
 
Counterparty
   
Amount
 
Floating Rate
 
Index
 
(Annualized)
 
Frequency
 
Date (10)
 
Date
 
Date
   
Payable
   
(Depreciation)
 
Barclays Bank
 
$
4,600,000
 
Receive
 
3-Month USD LIBOR-ICE
 
2.504%
 
Semi-Annually
 
9/20/16
 
 
9/20/26
 
$
6,297
 
$
 (326,732)
 
PLC*
                                               
JPMorgan Chase
   
3,700,000
 
Receive
 
3-Month USD LIBOR-ICE
 
2.857
 
Semi-Annually
 
7/13/16
 
1/06/26
 
7/13/26
   
5,533
   
(396,743)
 
Bank N.A.*
                                               
JPMorgan Chase
   
5,500,000
 
Receive
 
Weekly USD-SIFMA
 
1.947
 
Quarterly
 
6/09/16
 
10/09/16
 
6/09/26
   
   
(346,762)
 
Bank N.A.
                                               
   
$
13,800,000
                             
$
11,830
 
$
 (1,070,237)
 

* Citigroup Global Markets Inc. is the clearing broker for this transaction.

(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 (not covered by the report of independent registered public accounting firm): 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.
(3)
Ratings (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. 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.
(4)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(5)
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(6)
Step-up coupon. The rate shown is the coupon as of the end of the reporting period.
(7)
Investment has a maturity of more than one year, but has variable rate and demand features which qualify it as a short-term investment. The rate disclosed is that in effect at the end of the reporting period. This rate changes periodically based on market conditions or a specified market index.
(8)
Variable Rate MuniFund Term Preferred Shares, at Liquidation Preference as a percentage of Total Investments is 23.0%.
(9)
Other assets less liabilities includes the unrealized appreciation (depreciation) of certain over-the-counter ("OTC") derivatives as presented on the Statement of Assets and Liabilities. The unrealized appreciation (depreciation) of OTC-cleared and exchange-traded derivatives is recognized as part of the cash collateral at brokers and/or the receivable or payable for variation margin as presented on the Statement of Assets and Liabilities, when applicable.
(10)
Effective date represents the date on which both the Fund and counterparty commence interest payment accruals on each contract.
(ETM)
Escrowed to maturity.
(IF)
Inverse floating rate investment.
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.
USD LIBOR-ICE
United States Dollar-London Inter-Bank Offered Rate Intercontinental Exchange
USD-SIFMA
United States Dollar-Securities Industry and Financial Markets Association
See accompanying notes to financial statements.

NUVEEN
 
47

Statement of
   
 
Assets and Liabilities
May 31, 2016

           
Intermediate
 
     
Intermediate
   
Duration
 
     
Duration
   
Quality
 
     
(NID
)
 
(NIQ
)
Assets
             
Long-term investments, at value (cost $797,817,477 and $226,217,224, respectively)
 
$
825,111,552
 
$
236,871,382
 
Short-term investments, at value (cost approximates value)
   
   
2,600,000
 
Cash collateral at brokers(1)
   
404,826
   
502,327
 
Receivable for:
             
Interest
   
14,758,663
   
3,914,419
 
Investments sold
   
6,020,285
   
350,000
 
Variation margin on swap contracts
   
10,019
   
11,830
 
Deferred offering costs
   
28,445
   
8,719
 
Other assets
   
32,961
   
4,795
 
Total assets
   
846,366,751
   
244,263,472
 
Liabilities
             
Cash overdraft
   
420,615
   
770,394
 
Unrealized depreciation on interest rate swaps
   
1,253,373
   
346,762
 
Payable for:
             
Dividends
   
2,532,981
   
596,434
 
Investments purchased
   
810,900
   
 
Interest
   
192,213
   
60,410
 
Variable Rate MuniFund Term Preferred ("VMTP") Shares, at liquidation preference
   
175,000,000
   
55,000,000
 
Accrued expenses:
             
Management fees
   
465,239
   
111,901
 
Trustees fees
   
26,590
   
852
 
Other
   
106,210
   
53,430
 
Total liabilities
   
180,808,121
   
56,940,183
 
Net assets applicable to common shares
 
$
665,558,630
 
$
187,323,289
 
Common shares outstanding
   
46,909,660
   
13,097,144
 
Net asset value ("NAV") per common share outstanding
 
$
14.19
 
$
14.30
 
Net assets applicable to common shares consist of:
             
Common shares, $0.01 par value per share
 
$
469,097
 
$
130,971
 
Paid-in surplus
   
670,112,474
   
186,890,877
 
Undistributed (Over-distribution of) net investment income
   
3,484,137
   
81,079
 
Accumulated net realized gain (loss)
   
(33,829,352
)
 
(9,363,559
)
Net unrealized appreciation (depreciation)
   
25,322,274
   
9,583,921
 
Net assets applicable to common shares
 
$
665,558,630
 
$
187,323,289
 
Authorized shares:
             
Common
   
Unlimited
   
Unlimited
 
Preferred
   
Unlimited
   
Unlimited
 

(1)
Cash pledged to collateralize the net payment obligations for investments in derivatives.
See accompanying notes to financial statements.
48
 
NUVEEN


Statement of
   
 
Operations
Year Ended May 31, 2016

           
Intermediate
 
     
Intermediate
   
Duration
 
     
Duration
   
Quality
 
     
(NID
)
 
(NIQ
)
Investment Income
 
$
39,939,811
 
$
9,179,770
 
Expenses
             
Management fees
   
5,416,818
   
1,301,203
 
Interest expense and amortization of offering costs
   
1,943,230
   
696,501
 
Custodian fees
   
104,907
   
42,584
 
Trustees fees
   
22,086
   
6,577
 
Professional fees
   
84,668
   
47,231
 
Shareholder reporting expenses
   
68,552
   
23,392
 
Shareholder servicing agent fees
   
17,906
   
17,890
 
Stock exchange listing fees
   
14,999
   
7,912
 
Investor relations expenses
   
66,843
   
19,485
 
Other
   
54,411
   
27,321
 
Total expenses
   
7,794,420
   
2,190,096
 
Net investment income (loss)
   
32,145,391
   
6,989,674
 
Realized and Unrealized Gain (Loss)
             
Net realized gain (loss) from:
             
Investments
   
(1,152,784
)
 
(21,298
)
Swaps
   
(9,497,055
)
 
(2,068,331
)
Change in net unrealized appreciation (depreciation) of:
             
Investments
   
25,418,559
   
9,816,310
 
Swaps
   
7,343,872
   
807,008
 
Net realized and unrealized gain (loss)
   
22,112,592
   
8,533,689
 
Net increase (decrease) in net assets applicable to common shares from operations
 
$
54,257,983
 
$
15,523,363
 
See accompanying notes to financial statements.
 
NUVEEN
 
49

Statement of
 
Changes in Net Assets
 

   
Intermediate
 
Intermediate
 
   
Duration (NID)
 
Duration Quality (NIQ)
 
     
Year
   
Year
   
Year
   
Year
 
     
Ended
   
Ended
   
Ended
   
Ended
 
     
5/31/16
   
5/31/15
   
5/31/16
   
5/31/15
 
Operations
                         
Net investment income (loss)
 
$
32,145,391
 
$
32,450,093
 
$
6,989,674
 
$
7,617,188
 
Net realized gain (loss) from:
                         
Investments
   
(1,152,784
)
 
(4,531,653
)
 
(21,298
)
 
(1,116,149
)
Swaps
   
(9,497,055
)
 
(2,150,000
)
 
(2,068,331
)
 
(2,692,675
)
Change in net unrealized appreciation (depreciation) of:
                         
Investments
   
25,418,559
   
13,987,130
   
9,816,310
   
2,954,981
 
Swaps
   
7,343,872
   
(6,487,736
)
 
807,008
   
(1,282,038
)
Net increase (decrease) in net assets applicable to common shares from operations
   
54,257,983
   
33,267,834
   
15,523,363
   
5,481,307
 
Distributions to Common Shareholders
                         
From net investment income
   
(32,086,207
)
 
(32,104,971
)
 
(7,543,955
)
 
(7,809,827
)
Decrease in net assets applicable to common shares from distributions to common shareholders
   
(32,086,207
)
 
(32,104,971
)
 
(7,543,955
)
 
(7,809,827
)
Net increase (decrease) in net assets applicable to common shares
   
22,171,776
   
1,162,863
   
7,979,408
   
(2,328,520
)
Net assets applicable to common shares at the beginning of period
   
643,386,854
   
642,223,991
   
179,343,881
   
181,672,401
 
Net assets applicable to common shares at the end of period
 
$
665,558,630
 
$
643,386,854
 
$
187,323,289
 
$
179,343,881
 
Undistributed (Over-distribution of) net investment income at the end of period
 
$
3,484,137
 
$
3,279,155
 
$
81,079
 
$
516,392
 
See accompanying notes to financial statements.
 
50
 
NUVEEN


Statement of
 
 
Cash Flows
Year Ended May 31, 2016

     
 
   
Intermediate
 
     
Intermediate
   
Duration
 
     
Duration
   
Quality
 
     
(NID
)
 
(NIQ
)
Cash Flows from Operating Activities:
             
Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations
 
$
54,257,983
 
$
15,523,363
 
Adjustments to reconcile the net increase (decrease) in net assets applicable to common shares from operations to net cash provided by (used in) operating activities:
             
Purchases of investments
   
(80,413,576
)
 
(15,820,021
)
Proceeds from sales and maturities of investments
   
97,096,712
   
17,272,335
 
Proceeds from (Purchases of) short-term investments, net
   
1,440,000
   
(360,000
)
Proceeds from (Payments for) swaps contracts, net
   
(9,497,055
)
 
(2,068,331
)
Payment-in-kind distributions
   
(392,187
)
 
 
Taxes paid on undistributed capital gains
   
(121
)
 
 
Amortization (Accretion) of premiums and discounts, net
   
6,393,319
   
2,976,925
 
Amortization of deferred offering costs
   
17,030
   
18,480
 
(Increase) Decrease in:
             
Cash collateral at brokers
   
(404,826
)
 
(502,327
)
Receivable for interest
   
(84,948
)
 
50,211
 
Receivable for investments sold
   
(5,145,285
)
 
(50,000
)
Receivable for variation margin on swap contracts
   
(10,019
)
 
(11,830
)
Other assets
   
(4,525
)
 
73
 
Increase (Decrease) in:
             
Payable for interest
   
5,466
   
8,725
 
Payable for investments purchased
   
(4,498,257
)
 
(1,145,580
)
Accrued management fees
   
7,562
   
2,525
 
Accrued Trustees fees
   
4,374
   
(21
)
Accrued other expenses
   
(3,121
)
 
3,132
 
Net realized (gain) loss from:
             
Investments
   
1,152,784
   
21,298
 
Swaps
   
9,497,055
   
2,068,331
 
Paydowns
   
   
(4,670
)
Change in net unrealized (appreciation) depreciation of:
   
(404,826
)
     
Investments
   
(25,418,559
)
 
(9,816,310
)
Swaps(1)
   
(8,062,300
)
 
(1,530,483
)
Net cash provided by (used in) operating activities
   
35,937,506
   
6,635,825
 
Cash Flows from Financing Activities
             
Increase (Decrease) in:
             
Cash overdraft
   
(3,851,354
)
 
770,394
 
Payable for offering costs
   
   
(7,077
)
Cash distribution paid to common shareholders
   
(32,086,152
)
 
(7,565,723
)
Net cash provided by (used in) financing activities
   
(35,937,506
)
 
(6,802,406
)
Net Increase (Decrease) in Cash
   
   
(166,581
)
Cash at beginning of period
   
   
166,581
 
Cash at end of period
 
$
 
$
 

           
Intermediate
 
     
Intermediate
   
Duration
 
     
Duration
   
Quality
 
Supplemental Disclosure of Cash Flow Information
   
(NID
)
 
(NIQ
)
Cash paid for interest (excluding amortization of offering costs)
 
$
1,773,624
 
$
557,500
 

(1)
Excluding OTC-cleared swaps.
See accompanying notes to financial statements.
 
NUVEEN
 
51

 
Financial
 
Highlights

Selected data for a common share outstanding throughout each period:
 
                  Less Distributions to                
      Investment Operations   Common Shareholders     Common Share  
   
Beginning
   
Net
   
Net
       
From
   
From
                 
   
Common
   
Investment
   
Realized/
       
Net
   
Accumulated
               
Ending
 
   
Share
   
Income
   
Unrealized
       
Investment
   
Net Realized
       
Offering
   
Ending
   
Share
 
   
NAV
   
(Loss)
   
Gain (Loss)
   
Total
   
Income
   
Gains
   
Total
   
Costs
   
NAV
   
Price
 
Intermediate Duration (NID)
                                     
Year Ended 5/31:
                                       
2016
 
$
13.72
   
$
0.68
   
$
0.47
   
$
1.15
   
$
(0.68
)
 
$
   
$
(0.68
)
 
$
   
$
14.19
   
$
13.68
 
2015
   
13.69
     
0.69
     
0.02
     
0.71
     
(0.68
)
   
     
(0.68
)
   
     
13.72
     
12.48
 
2014
   
14.04
     
0.69
     
(0.37
)
   
0.32
     
(0.67
)
   
     
(0.67
)
   
**
   
13.69
     
12.59
 
2013(d)
   
14.33
     
0.26
     
(0.30
)
   
(0.04
)
   
(0.22
)
   
     
(0.22
)
   
(0.03
)
   
14.04
     
13.00
 
                                                                                 
Intermediate Duration Quality (NIQ)
                                                                 
Year Ended 5/31:
                                                                               
2016
   
13.69
     
0.53
     
0.66
     
1.19
     
(0.58
)
   
     
(0.58
)
   
     
14.30
     
13.53
 
2015
   
13.87
     
0.58
     
(0.16
)
   
0.42
     
(0.60
)
   
     
(0.60
)
   
     
13.69
     
12.49
 
2014
   
14.12
     
0.60
     
(0.27
)
   
0.33
     
(0.58
)
   
     
(0.58
)
   
     
13.87
     
12.92
 
2013(e)
   
14.33
     
0.14
     
(0.22
)
   
(0.08
)
   
(0.10
)
   
     
(0.10
)
   
(0.03
)
   
14.12
     
13.09
 

   
VMTP Shares
 
   
at the End of Period
 
     
Aggregate
   
Asset
 
     
Amount
   
Coverage
 
     
Outstanding
   
Per $100,000
 
     
(000
)
 
Share
 
Intermediate Duration (NID)
             
Year Ended 5/31:
             
2016
 
$
175,000
 
$
480,319
 
2015
   
175,000
   
467,650
 
2014
   
175,000
   
466,985
 
2013(d)
   
175,000
   
476,271
 
               
Intermediate Duration Quality (NIQ)
             
Year Ended 5/31:
             
2016
   
55,000
   
440,588
 
2015
   
55,000
   
426,080
 
2014
   
55,000
   
430,313
 
2013(e)
   
55,000
   
436,154
 

52
 
NUVEEN


       
Common Share Supplemental Data/
 
       
Ratios Applicable to Common Shares
 
Common Share
                 
Total Returns           Ratios to Average Net Assets(b)        
                     
   
Based on
           
Net
   
Portfolio
 
Based on
   
Share
   
Ending Net
       
Investment
   
Turnover
 
NAV
(a)   
Price
(a)   
Assets (000
)   
Expenses
(c)   
Income (Loss
)   
Rate(f)
 
                     
                     
 
8.66
%
   
15.59
%
 
$
665,559
     
1.20
%
   
4.96
%
   
10
%
 
5.29
     
4.62
     
643,387
     
1.23
     
5.01
     
18
 
 
2.66
     
2.47
     
642,224
     
1.28
     
5.33
     
19
 
 
(0.46
)
   
(11.94
)
   
658,474
     
1.05
*    
3.97
*    
20
 
                                             
                                             
 
8.85
     
13.26
     
187,323
     
1.20
     
3.83
     
7
 
 
3.01
     
1.27
     
179,344
     
1.16
     
4.17
     
15
 
 
2.70
     
3.64
     
181,672
     
1.21
     
4.57
     
13
 
 
(0.77
)
   
(12.12
)
   
184,885
     
1.10
*    
3.30
*    
1
 

(a)
Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund's market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized.
   
 
Total Return Based on Common Share Price is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.
(b)
Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to preferred shares issued by the Fund.
(c)
The expense ratios reflect, among other things, all interest expense and other costs related to preferred shares (as described in Note 4 – Fund Shares, Preferred Shares), as follows:

Intermediate Duration (NID)
       
Year Ended 5/31:
       
2016
   
0.30
%
2015
   
0.33
 
2014
   
0.36
 
2013(d)
   
0.23

Intermediate Duration Quality (NIQ)
       
Year Ended 5/31:
       
2016
   
0.38
%
2015
   
0.33
 
2014
   
0.36
 
2013(e)
   
0.30

(d)
For the period December 5, 2012 (commencement of operations) through May 31, 2013.
(e)
For the period February 7, 2013 (commencement of operations) through May 31, 2013.
(f)
Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.
*
Annualized.
**
Rounds to less than $0.01 per share.
See accompanying notes to financial statements.
 
NUVEEN
 
53


Notes to Financial Statements
1. General Information and Significant Accounting Policies
General Information
Fund Information
The funds covered in this report and their corresponding New York Stock Exchange ("NYSE") symbols are as follows (each a "Fund" and collectively, the "Funds"):
     
 
Nuveen Intermediate Duration Municipal Term Fund (NID) ("Intermediate Duration (NID)")
 
Nuveen Intermediate Duration Quality Municipal Term Fund (NIQ) ("Intermediate Duration Quality (NIQ)")

The Funds are registered under the Investment Company Act of 1940, as amended, as diversified, closed-end management investment companies. Intermediate Duration (NID) and Intermediate Duration Quality (NIQ) were organized as Massachusetts business trusts on September 11, 2012 and December 11, 2012, respectively. Intermediate Duration (NID) and Intermediate Duration Quality (NIQ) each have a term of ten years and intend to liquidate and distribute their net assets to shareholders on or before March 31, 2023 and June 30, 2023, respectively.
The end of the reporting period for the Funds is May 31, 2016, and the period covered by these Notes to Financial Statements is the fiscal year ended May 31, 2016 (the "current fiscal period").
Investment Adviser
The Funds' investment adviser is Nuveen Fund Advisors, LLC (the "Adviser"), a wholly-owned subsidiary of Nuveen Investments, Inc. ("Nuveen"). Nuveen is an operating division of TIAA Global Asset Management. The Adviser is responsible for each Fund's overall investment strategy and asset allocation decisions. The Adviser has entered into sub-advisory agreements with Nuveen Asset Management, LLC (the "Sub-Adviser"), a subsidiary of the Adviser, under which the Sub-Adviser manages the investment portfolios of the Funds.
Investment Objectives and Principal Investment Strategies
Intermediate Duration (NID) seeks to provide a high level of current income exempt from regular federal income tax with a secondary objective of seeking additional total return. The Fund will seek to achieve its investment objectives by investing in municipal securities that the Sub-Adviser believes are underrated or undervalued, based upon its bottom-up, research-driven investment strategy. The Fund also will seek to reduce the risk of rising interest rates by maintaining a portfolio with an intermediate duration of between three and ten years (including the effects of leverage). The Fund's portfolio will be actively managed, with the goal of capitalizing on historically favorable municipal credit spreads (the difference between yields on municipal securities across all debt rating categories) currently available in the market. Under normal circumstances, the Fund will invest at least 80% of its managed assets (as defined in Note 7 – Management Fees and Other Transactions with Affiliates) in municipal securities and other related investments, the income from which is exempt from regular federal income tax. The Fund will invest at least 50% of its managed assets in investment grade municipal securities; it also may invest in below investment grade securities, which are regarded as having predominately speculative characteristics with respect to an issuer's capacity to pay interest and repay principal, and are commonly referred to as junk bonds or high yield debt.
Intermediate Duration Quality (NIQ) seeks to provide current income exempt from regular federal income tax with a secondary objective of seeking additional total return. The Fund seeks to achieve its investment objectives by investing in a diversified portfolio of primarily investment grade quality municipal securities (at least 80% of managed assets), the income from which is exempt from regular federal income tax. The Fund also will seek to reduce the risk of rising interest rates by maintaining a portfolio with an intermediate duration of between three and ten years (including the effects of leverage). The Fund will emphasize the purchase of municipal securities that the Sub-Adviser believes are underrated or undervalued. The Fund's portfolio will be actively managed, seeking to capitalize on favorable relative value opportunities, with the goal of outperforming broad municipal market benchmarks over the life of the Fund.
Significant Accounting Policies
Each Fund is an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 946, "Financial Services-Investment Companies." The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with U.S. generally accepted accounting principles ("U.S. GAAP").

54
 
NUVEEN


Investment Transactions
Investment transactions are recorded on a trade date basis. Realized gains and losses from investment transactions are determined on the specific identification method, which is the same basis used for federal income tax purposes. Investments purchased on a when-issued/delayed delivery basis may have extended settlement periods. Any investments so purchased are subject to market fluctuation during this period. The Funds have earmarked securities in their portfolios with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments.
As of the end of the reporting period, the Funds did not have any when issued/delayed delivery purchase commitments.
Investment Income
Investment income, which reflects the amortization of premiums and includes accretion of discounts for financial reporting purposes, is recorded on an accrual basis. Investment income also reflects paydown gains and losses, if any.
Professional Fees
Professional fees presented on the Statement of Operations consist of legal fees incurred in the normal course of operations, audit fees, tax consulting fees and, in some cases, workout expenditures. Workout expenditures are incurred in an attempt to protect or enhance an investment or to pursue other claims or legal actions on behalf of Fund shareholders. If a refund is received for workout expenditures paid in a prior reporting period, such amounts will be recognized as "Legal fee refund" on the Statement of Operations.
Dividends and Distributions to Common Shareholders
Dividends from net investment income are declared monthly. Net realized capital gains and/or market discount from investment transactions, if any, are distributed to shareholders at least annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards.
Distributions to common shareholders of net investment income, net realized capital gains and/or market discount, if any, are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.
Indemnifications
Under the Funds' organizational documents, their officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that provide general indemnifications to other parties. The Funds' maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.
Netting Agreements
In the ordinary course of business, the Funds 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 each 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, each Fund manages its cash collateral and securities collateral on a counterparty basis.
The Funds' investments subject to netting agreements as of the end of the reporting period, if any, are further described in Note 3 – Portfolio Securities and Investments in Derivatives.
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets applicable to common shares from operations during the reporting period. Actual results may differ from those estimates.
2. Investment Valuation and Fair Value Measurements
The fair valuation input levels as described below are for fair value measurement purposes.
Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions market

NUVEEN
 
55


Notes to Financial Statements (continued)
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, prepayment speeds, credit risk, etc.).
 
Level 3 – 
Prices are determined using significant unobservable inputs (including management's assumptions in determining the fair value of investments).

Prices of fixed income securities are provided by an independent pricing service ("pricing service") approved by the Funds' Board of Trustees (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 priority of the significant inputs.
Prices of swap contracts are also provided by an independent pricing service approved by the Board using the same methods as described above, 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 a Fund's net asset value ("NAV") (as may be the case in non-U.S. markets on which the security is primarily traded) or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the pricing service, is not deemed to reflect the security's fair value. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from securities 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 priority 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 each Fund's fair value measurements as of the end of the reporting period:

Intermediate Duration (NID)
   
Level 1
   
Level 2
   
Level 3
   
Total
 
Long-Term Investments*:
                         
Municipal Bonds
 
$
 
$
825,111,552
 
$
 
$
825,111,552
 
Investments in Derivatives:
                         
Interest Rate Swaps**
   
   
(1,971,801
)
 
   
(1,971,801
)
Total
 
$
 
$
823,139,751
 
$
 
$
823,139,751
 
Intermediate Duration Quality (NIQ)
                         
Long-Term Investments*:
                         
Municipal Bonds
 
$
 
$
236,871,382
 
$
 
$
236,871,382
 
Short-Term Investments*:
                         
Municipal Bonds
   
   
2,600,000
   
   
2,600,000
 
Investments in Derivatives:
                         
Interest Rate Swaps**
   
   
(1,070,237
)
 
   
(1,070,237
)
Total
 
$
 
$
238,401,145
 
$
 
$
238,401,145
 

*
Refer to the Fund's Portfolio of Investments for state classifications.
**
Represents net unrealized appreciation (depreciation) as reported in the Fund's Portfolio of Investments.
 
The Board is responsible for the valuation process and has appointed the oversight of the daily valuation process to the Adviser's Valuation Committee. The Valuation Committee, pursuant to the valuation policies and procedures adopted by the Board is responsible for making fair value determinations, evaluating the effectiveness of the Funds' pricing policies and reporting to the Board. The Valuation Committee is aided in its efforts by the Adviser's dedicated Securities Valuation Team, which is responsible for administering the daily valuation process and applying fair value methodologies as approved by the Valuation Committee. When determining the reliability of independent pricing services for investments owned by the Funds, the Valuation Committee, among other things, conducts due diligence reviews of the pricing services and monitors the quality of security prices received through various testing reports conducted by the Securities Valuation Team.
 
56
 
NUVEEN


The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making a fair value determination, based on the facts and circumstances specific to the portfolio instrument. Fair value determinations generally will be derived as follows, using public or private market information:

 
(i)
If available, fair value determinations shall be derived by extrapolating from recent transactions or quoted prices for identical or comparable securities.
     
 
(ii)
If such information is not available, an analytical valuation methodology may be used based on other available information including, but not limited to: analyst appraisals, research reports, corporate action information, issuer financial statements and shelf registration statements. Such analytical valuation methodologies may include, but are not limited to: multiple of earnings, discount from market value of a similar freely-traded security, discounted cash flow analysis, book value or a multiple thereof, risk premium/yield analysis, yield to maturity and/or fundamental investment analysis.

The purchase price of a portfolio instrument will be used to fair value the instrument only if no other valuation methodology is available or deemed appropriate, and it is determined that the purchase price fairly reflects the instrument's current value.
For each portfolio security that has been fair valued pursuant to the policies adopted by the Board, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such testing and fair valuation occurrences are reported to the Board.
3. Portfolio Securities and Investments in Derivatives
Portfolio Securities
Inverse Floating Rate Securities
Each Fund is authorized to invest in inverse floating rate securities. An inverse floating rate security is created by depositing a municipal bond (referred to as an "Underlying Bond"), typically with a fixed interest rate, into a special purpose tender option bond ("TOB") trust (referred to as the "TOB Trust") created by or at the direction of one or more Funds. In turn, the TOB Trust issues (a) floating rate certificates (referred to as "Floaters") in face amounts equal to some fraction of the Underlying Bond's par amount or market value, and (b) an inverse floating rate certificate (referred to as an "Inverse Floater") that represents all remaining or residual interest in the TOB Trust. Floaters typically pay short-term tax-exempt interest rates to third parties who are also provided a right to tender their certificate and receive its par value, which may be paid from the proceeds of a remarketing of the Floaters, by a loan to the TOB Trust from a third party liquidity provider ("Liquidity Provider"), or by the sale of assets from the TOB Trust. The Inverse Floater is issued to a long term investor, such as one or more of the Funds. The income received by the Inverse Floater holder varies inversely with the short-term rate paid to holders of the Floaters, and in most circumstances the Inverse Floater holder bears substantially all of the Underlying Bond's downside investment risk and also benefits disproportionately from any potential appreciation of the Underlying Bond's value. The value of an Inverse Floater will be more volatile than that of the Underlying Bond because the interest rate is dependent on not only the fixed coupon rate of the Underlying Bond but also on the short-term interest paid on the Floaters, and because the Inverse Floater essentially bears the risk of loss (and possible gain) of the greater face value of the Underlying Bond.
The Inverse Floater held by a Fund gives the Fund the right to (a) cause the holders of the Floaters to tender their certificates at par (or slightly more than par in certain circumstances), and (b) have the trustee of the TOB Trust (the "Trustee") transfer the Underlying Bond held by the TOB Trust to the Fund, thereby collapsing the TOB Trust.
The Fund may acquire an Inverse Floater in a transaction where it (a) transfers an Underlying Bond that it owns to a TOB Trust created by a third party or (b) transfers an Underlying Bond that it owns, or that it has purchased in a secondary market transaction for the purpose of creating an Inverse Floater, to a TOB Trust created at its direction, and in return receives the Inverse Floater of the TOB Trust (referred to as a "self-deposited Inverse Floater"). A Fund may also purchase an Inverse Floater in a secondary market transaction from a third party creator of the TOB Trust without first owning the Underlying Bond (referred to as an "externally-deposited Inverse Floater").
An investment in a self-deposited Inverse Floater is accounted for as a "financing" transaction (i.e., a secured borrowing). For a self-deposited Inverse Floater, the Underlying Bond deposited into the TOB Trust is identified in the Fund's Portfolio of Investments as "(UB) – Underlying bond of an inverse floating rate trust reflected as a financing transaction," with the Fund recognizing as liabilities, labeled "Floating rate obligations" on the Statement of Assets and Liabilities, (a) the liquidation value of Floaters issued by the TOB Trust, and (b) the amount of any borrowings by the TOB Trust from a Liquidity Provider to enable the TOB Trust to purchase outstanding Floaters in lieu of a remarketing. In addition, the Fund recognizes in "Investment Income" the entire earnings of the Underlying Bond, and recognizes (a) the interest paid to the holders of the Floaters or on the TOB Trust's borrowings, and (b) other expenses related to remarketing, administration, trustee, liquidity and other services to a TOB Trust, as a component of "Interest expense and amortization of offering costs" on the Statement of Operations.
In contrast, an investment in an externally-deposited Inverse Floater is accounted for as a purchase of the Inverse Floater and is identified in the Fund's Portfolio of Investments as "(IF) – Inverse floating rate investment." For an externally-deposited Inverse Floater, a Fund's Statement of Assets and Liabilities recognizes the Inverse Floater and not the Underlying Bond as an asset, and the Fund does not recognize the Floaters, or any related

NUVEEN
 
57


Notes to Financial Statements (continued)
borrowings from a Liquidity Provider, as a liability. Additionally, the Fund reflects in "Investment Income" only the net amount of earnings on the Inverse Floater (net of the interest paid to the holders of the Floaters or the Liquidity Provider as lender, and the expenses of the Trust), and does not show the amount of that interest paid or the expenses of the TOB Trust as described above as interest expense on the Statement of Operations.
Fees paid upon the creation of a TOB Trust for self-deposited Inverse Floaters and externally-deposited Inverse Floaters are recognized as part of the cost basis of the Inverse Floater and are capitalized over the term of the TOB Trust.
As of the end of the reporting period, the aggregate value of Floaters issued by each Fund's TOB Trust for self-deposited Inverse Floaters and externally-deposited Inverse Floaters was as follows:

           
Intermediate
 
     
Intermediate
   
Duration
 
     
Duration
   
Quality
 
Floating Rate Obligations Outstanding
   
(NID
)
 
(NIQ
)
Floating rate obligations: self-deposited Inverse Floaters
 
$
 
$
 
Floating rate obligations: externally-deposited Inverse Floaters
   
185,060,000
   
48,320,000
 
Total
 
$
185,060,000
 
$
48,320,000
 
TOB Trusts are supported by a liquidity facility provided by a Liquidity Provider pursuant to which the Liquidity Provider agrees, in the event that Floaters are (a) tendered to the Trustee for remarketing and the remarketing does not occur, or (b) subject to mandatory tender pursuant to the terms of the TOB Trust agreement, to either purchase Floaters or to provide the Trustee with an advance from a loan facility to fund the purchase of Floaters by the TOB Trust. In certain circumstances, the Liquidity Provider may otherwise elect to have the Trustee sell the Underlying Bond to retire the Floaters that were tendered and not remarketed prior to providing such a loan. In these circumstances, the Liquidity Provider remains obligated to provide a loan to the extent that the proceeds of the sale of the Underlying Bond is not sufficient to pay the purchase price of the Floaters.
The size of the commitment under the loan facility for a given TOB Trust is at least equal to the balance of that TOB Trust's outstanding Floaters plus any accrued interest. In consideration of the loan facility, fee schedules are in place and are charged by the Liquidity Provider(s). Any loans made by the Liquidity Provider will be secured by the purchased Floaters held by the TOB Trust. Interest paid on any outstanding loan balances will be effectively borne by the Fund that owns the Inverse Floaters of the TOB Trust that has incurred the borrowing and may be at a rate that is greater than the rate that would have been paid had the Floaters been successfully remarketed.
As described above, any amounts outstanding under a liquidity facility are recognized as a component of "Floating rate obligations" on the Statement of Assets and Liabilities by the Fund holding the corresponding Inverse Floaters issued by the borrowing TOB Trust. As of the end of the reporting period there were no loans outstanding under any such facility.
Each Fund may also enter into shortfall and forbearance agreements (sometimes referred to as a "recourse arrangement" or "credit recovery swap") (TOB Trusts involving such agreements are referred to herein as "Recourse Trusts"), under which a Fund agrees to reimburse the Liquidity Provider for the Trust's Floaters, in certain circumstances, for the amount (if any) by which the liquidation value of the Underlying Bond held by the TOB Trust may fall short of the sum of the liquidation value of the Floaters issued by the TOB Trust plus any amounts borrowed by the TOB Trust from the Liquidity Provider, plus any shortfalls in interest cash flows. Under these agreements, a Fund's potential exposure to losses related to or on an Inverse Floater may increase beyond the value of the Inverse Floater as a Fund may potentially be liable to fulfill all amounts owed to holders of the Floaters or the Liquidity Provider. Any such shortfall amount in the aggregate is recognized as "Unrealized depreciation on Recourse Trusts" on the Statement of Assets and Liabilities.
As of the end of the reporting period, each Fund's maximum exposure to the Floaters issued by Recourse Trusts for self-deposited Inverse Floaters and externally-deposited Inverse Floaters was as follows:

           
Intermediate
 
     
Intermediate
   
Duration
 
     
Duration
   
Quality
 
Floating Rate Obligations – Recourse Trusts
   
(NID
)
 
(NIQ
)
Maximum exposure to Recourse Trusts: self-deposited Inverse Floaters
 
$
 
$
 
Maximum exposure to Recourse Trusts: externally-deposited Inverse Floaters
   
175,250,000
   
48,320,000
 
Total
 
$
175,250,000
 
$
48,320,000
 
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.

58
 
NUVEEN


Investments in Derivatives
In addition to the inverse floating rate securities in which each Fund may invest, which are considered portfolio securities for financial reporting purposes, each Fund is authorized to invest in certain other derivative instruments, such as futures, options and swap contracts. Each 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 Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds' investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes.
Interest Rate Swaps Contracts
Interest rate swap contracts involve a Fund's agreement with the counterparty to pay or receive a fixed rate payment in exchange for the counterparty receiving or paying a variable rate payment. Forward interest rate swap contracts involve a Fund's agreement with a counterparty to pay, in the future, a fixed or variable rate payment in exchange for the counterparty paying the Fund a variable or fixed rate payment, the accruals for which begin at a specified date in the future (the "effective date").
The amount of the payment obligation for an interest rate swap is based on the notional amount and the termination date of the contract. Interest rate swap contracts do not involve the delivery of securities or other underlying assets or principal. Accordingly, the risk of loss with respect to the swap counterparty on such transactions is limited to the net amount of interest payments that the Fund is to receive.
Interest rate swap contracts are valued daily. Upon entering into an interest rate swap contract (and beginning on the effective date for a forward interest rate swap contract), the Fund accrues the fixed rate payment expected to be paid or received and the variable rate payment expected to be received or paid on the interest rate swap contracts on a daily basis, and recognizes the daily change in the fair value of the Fund's contractual rights and obligations under the contracts. For an over-the-counter ("OTC") swap that is not cleared through a clearing house ("OTC Uncleared"), the net amount recorded on these transactions, for each counterparty, is recognized on the Statement of Assets and Liabilities as a component of "Unrealized appreciation or depreciation on interest rate swaps (, net)."
Upon the execution of an OTC swap cleared through a clearing house ("OTC Cleared"), the Fund is obligated to deposit cash or eligible securities, also known as "initial margin," into an account at its clearing broker equal to a specified percentage of the contract amount. Cash deposited by the Fund to cover initial margin requirements on open swap contracts, if any, is recognized as a component of "Cash collateral at brokers" on the Statement of Assets and Liabilities. Investments in OTC Cleared swaps obligate the Fund and the clearing broker to settle monies on a daily basis representing changes in the prior day's "mark-to-market" of the swap contract. If the Fund has unrealized appreciation, the clearing broker will credit the Fund's account with an amount equal to the appreciation. Conversely, if the Fund has unrealized depreciation, the clearing broker will debit the Fund's account with an amount equal to the depreciation. These daily cash settlements are also known as "variation margin." Variation margin for OTC Cleared swaps is recognized as a receivable and/or payable for "Variation margin on swap contracts" on the Statement of Assets and Liabilities. Upon the execution of an OTC Uncleared swap, neither the Fund nor the counterparty is required to deposit initial margin as the trades are recorded bilaterally between both parties to the swap contract, and the terms of the variation margin are subject to a predetermined threshold negotiated by the Fund and the counterparty. Variation margin for OTC Uncleared swaps is recognized as a component of "Unrealized appreciation or depreciation on interest rate swaps (, net)" as described in the preceding paragraph.
The net amount of periodic payments settled in cash are recognized as a component of "Net realized gain (loss) from swaps" on the Statement of Operations, in addition to the net realized gain or loss recorded upon the termination of the swap contract. For tax purposes, payments expected to be received or paid on the swap contracts are treated as ordinary income or expense, respectively. Changes in the value of the swap contracts during the fiscal period are recognized as a component of "Change in net unrealized appreciation (depreciation) of swaps" on the Statement of Operations. In certain instances, payments are made or received upon entering into the swap contract to compensate for differences between the stated terms of the swap agreements and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). Payments received or made at the beginning of the measurement period, if any, are recognized as "Interest rate swaps premiums paid and/or received" on the Statement of Assets and Liabilities.
During the current fiscal period, each Fund, as part of its duration management strategy, used duration shortening forward interest rate swap contracts to help maintain its ten-year duration mandate.
The average notional amount of interest rate swap contracts outstanding during the current fiscal period was as follows:
           
Intermediate
 
     
Intermediate
   
Duration
 
     
Duration
   
Quality
 
     
(NID
)
 
(NIQ
)
Average notional amount of interest rate swap contracts outstanding*
 
$
50,540,000
 
$
21,700,000
 

*
The average notional amount is calculated based on the outstanding notional at the beginning of the fiscal period and at the end of each fiscal quarter within the current fiscal period.

NUVEEN
 
59


Notes to Financial Statements (continued)
The following table presents the fair value of all swap contracts held by the Funds as of the end of the reporting period, the location of these instruments on the Statement of Assets and Liabilities and the primary underlying risk exposure.

       
Location on the Statement of Assets and Liabilities
 
       
Asset Derivatives
   
(Liability) Derivatives
 
Underlying
 
Derivative
                       
Risk Exposure
 
Instrument
 
Location
   
Value
   
Location
   
Value
 
Intermediate Duration (NID)
                       
Interest rate
 
Swaps (OTC)
 
 
$
   
Unrealized depreciation on
 
$
(1,253,373
)
                   
interest rate swaps
       
   
Swaps (OTC-Cleared)
 
Cash collateral at brokers and Receivable for variation margin on swap contracts*
   
(718,428
)
 
   
 
Total
         
$
(718,428
)
     
$
(1,253,373
)
Intermediate Duration Quality (NIQ)
                       
Interest rate
 
Swaps (OTC)
 
 
$
   
Unrealized depreciation on
 
$
(346,762
)
                   
interest rate swaps
       
   
Swaps (OTC-Cleared)
 
Cash collateral at brokers and Receivable for variation margin on swap contracts*
   
(723,475
)
 
   
 
Total
         
$
(723,475
)
     
$
(346,762
)

*
Value represents the unrealized appreciation (depreciation) of swaps as reported in the Fund's Portfolio of Investments and not the asset and/or liability amount as described in the table above.
The following table presents the swap contracts subject to netting agreements, and the collateral delivered related to those swap contracts as of the end of the reporting period.
                                 
Gross Amounts Not Offset
on the Statement of
       
         
Gross
   
Gross
   
Amounts
   
Net Unrealized
   
Assets and Liabilities
       
Fund
 
Counterparty
   
Unrealized
Appreciation on
Interest
Rate Swaps
**
 
Unrealized
(Depreciation) on
Interest
Rate Swaps
**
 
Netted on
Statement
of Assets and
Liabilities
   
Appreciation
(Depreciation) on
Interest
Rate Swaps
   
Financial
Instruments
***
 
Collateral
Pledged
to (from)
Counterparty
 
 
Net
Exposure
 
Intermediate Duration (NID)
                                           
   
JPMorgan Chase Bank N.A.
 
$
 
$
(1,253,373
)
$
 
$
(1,253,373
)
$
1,253,373
 
$
 
$
 
                                                 
Intermediate Duration Quality (NIQ)
                                           
   
JPMorgan Chase Bank N.A.
 
$
 
$
(346,762
)
$
 
$
(346,762
)
$
346,762
 
$
 
$
 
 
**
Represents gross unrealized appreciation (depreciation) for the counterparty as reported in the Fund's Portfolio of Investments.
***
Represents inverse floating rate securities available for offset.
The following table presents the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized on swap contracts on the Statement of Operations during the current fiscal period and the primary underlying risk exposure.
                       
Change in Net
 
                 
Net Realized
  Unrealized Appreciation  
     
Underlying
   
Derivative
   
Gain (Loss) from
 
 
(Depreciation) of
 
Fund
   
Risk Exposure
   
Instrument
   
Swaps
   
Swaps
 
Intermediate Duration (NID)
   
Interest rate
   
Swaps
 
$
(9,497,055
)
$
7,343,872
 
Intermediate Duration Quality (NIQ)
   
Interest rate
   
Swaps
 
$
(2,068,331
)
$
807,008
 
Market and Counterparty Credit Risk
In the normal course of business each 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 each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each 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.
 Each 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 each Fund with a value approximately equal to the amount of

60
 
NUVEEN


any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the pre-determined threshold amount.
4. Fund Shares
Common Share Transactions
The Funds did not have any transactions in common shares during current and prior fiscal periods.
Preferred Shares
Variable Rate MuniFund Term Preferred Shares
Each Fund has issued and outstanding Variable Rate MuniFund Term Preferred ("VMTP") Shares, with $100,000 liquidation preference per share. VMTP Shares are issued via private placement and are not publicly available.
As of the end of the reporting period, VMTP Shares outstanding, at liquidation preference, for each Fund was as follows:

           
Shares
   
Liquidation
 
Fund
   
Series
   
Outstanding
   
Preference
 
Intermediate Duration (NID)
   
2018
   
1,750
 
$
175,000,000
 
Intermediate Duration Quality (NIQ)
   
2018
   
550
 
$
55,000,000
 
 
Intermediate Duration (NID) and Intermediate Duration Quality (NIQ) refinanced all of their outstanding Series 2016 VMTP Shares with the issuance of new Series 2018 VMTP Shares on July 1, 2015 and October 1, 2015, respectively.
 Each Fund is obligated to redeem its VMTP Shares by the date as specified in its offering document ("Term Redemption Date"), unless earlier redeemed or repurchased by the Fund. VMTP Shares are subject to optional and mandatory redemption in certain circumstances. The VMTP Shares may be redeemed at the option of each Fund, subject to payment of premium for approximately one year following the date of issuance ("Premium Expiration Date"), and at the redemption price per share thereafter. The redemption price per share is equal to the sum of the liquidation preference per share plus any accumulated but unpaid dividends. Each Fund may be obligated to redeem a certain amount of the VMTP Shares if the Fund fails to maintain certain asset coverage and leverage ratio requirements and such failures are not cured by the applicable cure date. The Term Redemption Date and Premium Expiration Date for each Fund's VMTP Shares are as follows:
                     
           
Term
   
Premium
 
Fund
   
Series
   
Redemption Date
   
Expiration Date
 
Intermediate Duration (NID)
   
2018
   
August 1, 2018
   
June 30, 2016
 
Intermediate Duration Quality (NIQ)
   
2018
   
November 1, 2018
   
September 30, 2016
 
The average liquidation preference of VMTP Shares outstanding and annualized dividend rate for each Fund during the current fiscal period were as follows:

           
Intermediate
 
     
Intermediate
   
Duration
 
     
Duration
   
Quality
 
     
(NID
)
 
(NIQ
)
Average liquidation preference of VMTP Shares outstanding
 
$
175,000,000
 
$
55,000,000
 
Annualized dividend rate
   
1.02
%
 
1.03
%
VMTP Shares are subject to restrictions on transfer, generally do not trade, and market quotations are generally not available. VMTP Shares are short-term or short/intermediate-term instruments that pay a variable dividend rate tied to a short-term index, plus an additional fixed "spread" amount established at the time of issuance. The fair value of VMTP Shares is expected to be approximately their liquidation preference so long as the fixed "spread" on the VMTP Shares remains roughly in line with the "spread" being demanded by investors on instruments having similar terms in the current market environment. In present market conditions, the Funds' Adviser has determined that fair value of VMTP Shares is expected to be approximately their liquidation preference, but their fair value could vary if market conditions change materially. For financial reporting purposes, the liquidation preference of VMTP Shares is a liability and is recognized as "Variable Rate MuniFund Term Preferred ("VMTP") Shares, at liquidation preference" on the Statement of Assets and Liabilities.

 
NUVEEN
 
61


Notes to Financial Statements (continued)
Dividends on VMTP Shares (which are treated as interest payments for financial reporting purposes) are set weekly. Unpaid dividends on VMTP Shares are recognized as a component of "Interest payable" on the Statement of Assets and Liabilities. Dividends accrued on VMTP Shares are recognized as a component of "Interest expense and amortization of offering costs" on the Statement of Operations.
Costs incurred in connection with each Fund's offering of VMTP Shares were recorded as a deferred charge, which are amortized over the life of the shares and are recognized as components of "Deferred offering costs" on the Statement of Assets and Liabilities and "Interest expense and amortization of offering costs" on the Statement of Operations.
Intermediate Duration (NID) and Intermediate Duration Quality (NIQ) incurred offering costs of $144,405 and $118,120, respectively, in connection with their issuance of Series 2018 VMTP Shares, which were expensed as incurred and are recognized as a component of "Interest expense and amortization of offering costs" on the Statement of Operations.
Preferred Share Transactions
Transactions in preferred shares for the Funds during the Funds' current and prior fiscal period, where applicable, are noted in the following tables.
Transactions in VMTP Shares for the Funds, where applicable, were as follows:

   
Year Ended
 
   
May 31, 2016
 
     
Series
   
Shares
   
Amount
 
Intermediate Duration (NID)
                   
VMTP Shares issued
   
2018
   
1,750
 
$
175,000,000
 
VMTP Shares exchanged
   
2016
   
(1,750
)
 
(175,000,000
)
Net increase (decrease)
         
 
$
 

   
Year Ended
 
   
May 31, 2016
 
Intermediate Duration Quality (NIQ)
   
Series
   
Shares
   
Amount
 
VMTP Shares issued
   
2018
   
550
 
$
55,000,000
 
VMTP Shares exchanged
   
2016
   
(550
)
 
(55,000,000
)
Net increase (decrease)
         
 
$
 
5. Investment Transactions
Long-term purchases and sales (including maturities but excluding and derivative transactions, where applicable) during the current fiscal period were as follows:

           
Intermediate
 
     
Intermediate
   
Duration
 
     
Duration
   
Quality
 
     
(NID
)
 
(NIQ
)
Purchases
 
$
80,413,576
 
$
15,820,021
 
Sales and Maturities
   
97,096,712
   
17,272,335
 
6. Income Tax Information
Each Fund is a separate taxpayer for federal income tax purposes. Each 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, each Fund intends to satisfy conditions that will enable interest from municipal securities, which is exempt from regular federal income taxes, to retain such tax-exempt status when distributed to shareholders of the Funds. Net realized capital gains and ordinary income distributions paid by the Funds are subject to federal taxation.
For all open tax years and all major taxing jurisdictions, management of the Funds 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 Funds 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, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences

62
 
NUVEEN


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 NAVs of the Funds.
As of May 31, 2016, the cost and unrealized appreciation (depreciation) of investments (excluding investments in derivatives), as determined on a federal income tax basis, were as follows:

           
Intermediate
 
     
Intermediate
   
Duration
 
     
Duration
   
Quality
 
     
(NID
)
 
(NIQ
)
Cost of Investments
 
$
796,547,605
 
$
228,664,071
 
Gross unrealized:
             
Appreciation
 
$
38,751,689
 
$
11,460,367
 
Depreciation
   
(10,187,742
)
 
(653,056
)
Net unrealized appreciation (depreciation) of investments
 
$
28,563,947
 
$
10,807,311
 
Permanent differences, primarily due to taxable market discount, federal taxes paid, paydowns and nondeductible offering costs resulted in reclassifications among the Funds' components of net assets as of May 31, 2016, the Funds' tax year end, as follows:

           
Intermediate
 
     
Intermediate
   
Duration
 
     
Duration
   
Quality
 
     
(NID
)
 
(NIQ
)
Paid-in surplus
 
$
(161,450
)
$
(126,003
)
Undistributed (Over-distribution of) net investment income
   
145,798
   
118,968
 
Accumulated net realized gain (loss)
   
15,652
   
7,035
 
The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains as of May 31, 2016, the Funds' tax year end, were as follows:

           
Intermediate
 
     
Intermediate
   
Duration
 
     
Duration
   
Quality
 
     
(NID
)
 
(NIQ
)
Undistributed net tax-exempt income1
 
$
5,051,966
 
$
610,451
 
Undistributed net ordinary income2
   
   
 
Undistributed net long-term capital gains
   
   
 

1
Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on May 2, 2016, and paid on June 1, 2016.
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 Funds' tax years ended May 31, 2016 and May 31, 2015, was designated for purposes of the dividends paid deduction as follows:

           
Intermediate
 
     
Intermediate
   
Duration
 
     
Duration
   
Quality
 
2016
   
(NID
)
 
(NIQ
)
Distributions from net tax-exempt income3
 
$
33,856,785
 
$
8,126,064
 
Distributions from net ordinary income2
   
3,046
   
1,586
 
Distributions from net long-term capital gains
   
   
 

           
Intermediate
 
     
Intermediate
   
Duration
 
     
Duration
   
Quality
 
2015
   
(NID
)
 
(NIQ
)
Distributions from net tax-exempt income
 
$
33,990,207
 
$
8,302,404
 
Distributions from net ordinary income2
   
18,764
   
30,330
 
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 Funds hereby designate these amounts paid during the fiscal year ended May 31, 2016 as Exempt Interest Dividends.

NUVEEN
 
63


Notes to Financial Statements (continued)
As of May 31, 2016, the Funds' tax year end, the Funds had unused capital losses carrying forward available for federal income tax purposes to be applied against future capital gains, if any. The capital losses are not subject to expiration.

           
Intermediate
 
     
Intermediate
   
Duration
 
     
Duration
   
Quality
 
     
(NID
)
 
(NIQ
)
Capital loss to be carried forward – not subject to expiration
 
$
33,800,989
 
$
9,363,560
 
7. Management Fees and Other Transactions with Affiliates
Management Fees
Each 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 Funds from the management fees paid to the Adviser.
Each Fund's management fee consists of two components – a fund-level fee, based only on the amount of assets within each individual 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 their respective Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.
The annual Fund-level fee, payable monthly, for each Fund is calculated according to the following schedule:

     
Intermediate
 
 
Intermediate
 
Duration
 
 
Duration
 
Quality
 
 
(NID
)
(NIQ
)
Average Daily Managed Assets*
Fund-Level Fee
 
Fund-Level Fee
 
For the first $125 million
0.4000
%
0.3000
%
For the next $125 million
0.3875
 
0.2875
 
For the next $250 million
0.3750
 
0.2750
 
For the next $500 million
0.3625
 
0.2625
 
For the next $1 billion
0.3500
 
0.2500
 
For the next $3 billion
0.3375
 
0.2375
 
For managed assets over $5 billion
0.3250
 
0.2250
 
The annual complex-level fee, payable monthly, for each Fund is calculated by multiplying the current complex-wide fee rate, determined according to the following schedule by the Funds' daily managed assets:

Complex-Level Managed Asset Breakpoint Level*
Effective 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 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 May 31, 2016, the complex-level fee for each Fund was 0.1621%.

64
 
NUVEEN


Other Transactions with Affiliates
The Funds pay 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 Funds from the Adviser or its affiliates. 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.
Each 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 Funds engaged in inter-fund trades pursuant to these procedures as follows:

           
Intermediate
 
     
Intermediate
   
Duration
 
     
Duration
   
Quality
 
     
(NID
)
 
(NIQ
)
Purchases
 
$
 
$
 
Sales
   
399,649
   
187,177
 
8. Borrowing Arrangements
Uncommitted Line of Credit
During the current fiscal period, the Funds participated in an unsecured bank line of credit ("Unsecured Credit Line") under which outstanding balances would bear interest at a variable rate. Although the Funds participated in the Unsecured Credit Line, they did not have any outstanding balances during the current fiscal period.
Committed Line of Credit
During the current fiscal period, the Funds, along with certain other funds managed by the Adviser ("Participating Funds"), have established a 364-day, approximately $2.5 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 any of the Funds covered by this shareholder report. The remaining capacity under the facility (and the corresponding portion of the facility's annual costs) is separately dedicated to most of the other open-end funds in the Nuveen fund family, along with a number of Nuveen closed-end funds, including all of the Funds covered by this shareholder report. The credit facility expires in July 2017 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 1.25% per annum or (b) the Fed Funds rate plus 1.25% per annum on amounts borrowed. Participating Funds paid administration, legal and arrangement fees, which are recognized as a component of "Other expenses" on the Statement of Operations, and along with commitment fees, have been allocated among such Participating Funds based upon the relative proportions of the facility's aggregate capacity reserved for them and other factors deemed relevant by the Adviser and the Board of each Participating Fund.
During the current fiscal period, neither Fund utilized this facility.

NUVEEN
 
65


Notes to Financial Statements (continued)
9. Subsequent Events
Management Fees
Effective August 1, 2016, the annual fund-level fee for each Fund, payable monthly, will be calculated according to the following schedule:

     
Intermediate
 
 
Intermediate
 
Duration
 
 
Duration
 
Quality
 
 
(NID
) 
(NIQ
) 
Average Daily Net Assets
Fund-Level Fee
 
Fund-Level Fee
 
For the first $125 million
0.4000
%
0.3000
%
For the next $125 million
0.3875
 
0.2875
 
For the next $250 million
0.3750
 
0.2750
 
For the next $500 million
0.3625
 
0.2625
 
For the next $1 billion
0.3500
 
0.2500
 
For the next $3 billion
0.3250
 
0.2250
 
For managed assets over $5 billion
0.3125
 
0.2125
 

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Additional Fund Information (Unaudited)
 
 
 

Board of Trustees
                   
William Adams IV*
 
Margo Cook**
 
Jack B. Evans
 
William C. Hunter
 
David J. Kundert
 
Albin F. Moschner***
John K. Nelson
 
William J. Schneider
 
Judith M. Stockdale
 
Carole E. Stone
 
Terence J. Toth
 
Margaret L Wolff
 
*
Interested Board Member.
**
Interested Board Member effective July 1, 2016.
***
Effective July 1, 2016.
   
 
Fund Manager
 
Custodian
 
Legal Counsel
 
Independent Registered
 
Transfer Agent and
Nuveen Fund Advisors, LLC
 
State Street Bank
 
Chapman and Cutler LLP
 
Public Accounting Firm
 
Shareholder Services
333 West Wacker Drive
 
& Trust Company
 
Chicago, IL 60603
 
KPMG LLP
 
State Street Bank
Chicago, IL 60606
 
One Lincoln Street
     
200 East Randolph Street
 
& Trust Company
   
Boston, MA 02111
     
Chicago, IL 60601
 
Nuveen Funds
               
P.O. Box 43071
               
Providence, RI 02940-3071
               
(800) 257-8787
               
Quarterly Form N-Q Portfolio of Investments Information
Each 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 on Form N-Q. You may obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov or in person at the SEC's Public Reference Room in Washington, D.C. Call the SEC toll-free at (800) SEC-0330 for room hours and operation.
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
Each 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. Each 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
Each 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, each 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.

 
NID
NIQ
 
Common shares repurchased
 
FINRA BrokerCheck
The Financial Industry Regulatory Authority (FINRA) provides information regarding the disciplinary history of FINRA member firms and associated investment professionals. This information as well as an investor brochure describing FINRA BrokerCheck is available to the public by calling the FINRA BrokerCheck Hotline number at (800) 289-9999 or by visiting www.FINRA.org.

NUVEEN
 
67

 
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.
   
Effective Leverage: Effective leverage is a fund's effective economic leverage, and includes both regulatory leverage (see leverage) and the leverage effects of certain derivative investments in a fund's portfolio. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage.
   
Forward Interest Rate Swap: A contractual agreement between two counterparties under which one party agrees to make periodic payments to the other for an agreed period of time based on a fixed rate, while the other party agrees to make periodic payments based on a floating rate of interest based on an underlying index. Alternatively, both series of cash flows to be exchanged could be calculated using floating rates of interest but floating rates that are based upon different underlying indices.
   
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.
   
Inverse Floating Rate Securities: Inverse floating rate securities, also known as inverse floaters or tender option bonds (TOBs), are created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust. This trust, in turn, (a) issues floating rate certificates typically paying short-term tax-exempt interest rates to third parties in amounts equal to some fraction of the deposited bond's par amount or market value, and (b) issues an inverse floating rate certificate (sometimes referred to as an "inverse floater") to an investor (such as a Fund) interested in gaining investment exposure to a long-term municipal bond. The income received by the holder of the inverse floater varies inversely with the short-term rate paid to the floating rate certificates' holders, and in most circumstances the holder of the inverse floater bears substantially all of the underlying bond's downside investment risk. The holder of the inverse floater typically also benefits disproportionately from any potential appreciation of the underlying bond's value. Hence, an inverse floater essentially represents an investment in the underlying bond on a leveraged basis.
   
Leverage: Leverage is created whenever a fund has investment exposure (both reward and/or risk) equivalent to more than 100% of the investment capital.
   
Lipper General & Insured Leveraged Municipal Debt Funds Classification Average: Calculated using the returns of all closed-end funds in this category. Lipper returns account for the effects of management fees and assume reinvestment of distributions, but do not reflect any applicable sales charges.
   
Lipper Intermediate Municipal Debt Funds Classification Average: Represents the average annualized total return for all reporting funds in the Lipper Intermediate Municipal Debt Funds Classification. Lipper returns account for the effects of management fees and assume reinvestment of distributions, but do not reflect any applicable sales charge.

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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.
   
Regulatory Leverage: Regulatory Leverage consists of preferred shares issued by or borrowings of a fund. Both of these are part of a fund's capital structure. Regulatory leverage is subject to asset coverage limits set in the Investment Company Act of 1940.
   
S&P Intermediate Duration Municipal Yield Index: An unleveraged, market value-weighted index that tracks both the investment grade municipal bond market and the high yield municipal bond market in the duration ranges of short duration: 1 to 12 years maturity range and long duration: 1 to 17 years maturity range. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
   
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.
   
Total Investment Exposure: Total investment exposure is a fund's assets managed by the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes a fund's use of preferred stock and borrowings and 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.
   
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.

NUVEEN
 
69



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 as -set 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.

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Annual Investment Management Agreement Approval Process (Unaudited) 
The Board of Trustees of each Fund (the "Board," and each Trustee a "Board Member"), including the Board Members who are not parties to the Funds' advisory or sub-advisory agreements or "interested persons" of any such parties (the "Independent Board Members"), is responsible for overseeing the performance of the investment adviser and sub-adviser to the respective Fund and determining whether to continue such Fund's advisory agreement (the "Investment Management Agreement") between the Fund and Nuveen Fund Advisors, LLC (the "Adviser") and the sub-advisory agreement (the "Sub-Advisory Agreement" and, together with the Investment Management Agreement, the "Advisory Agreements") between the Adviser and Nuveen Asset Management, LLC (the "Sub-Adviser"). Following an initial term with respect to each Fund upon its commencement of operations, the Board reviews each Investment Management Agreement and Sub-Advisory Agreement on behalf of each Fund and votes to determine whether the respective Advisory Agreement should be renewed. Accordingly, at an in-person meeting held on May 24-26, 2016 (the "May Meeting"), the Board, including a majority of the Independent Board Members, considered and approved the existing Advisory Agreements for the Funds.
During the year, the Board and its Committees met regularly to receive materials and discuss a variety of topics impacting the Funds including, among other things, overall market conditions and market performance, Fund investment performance, brokerage execution, valuation of securities, compliance matters, securities lending, leverage matters, risk management and ongoing initiatives. The Board had established several standing Committees, including the Open-end Fund Committee and Closed-end Fund Committee which permit the Board Members to delve further into the topics particularly relevant to the respective product line and enhance the Board's effectiveness and oversight of the Funds. The Board also seeks to meet with the Sub-Adviser and its investment team at least once over a multiple year rotation through site visits. The information and knowledge the Board gained throughout the year from the Board and Committee meetings, site visits and the related materials were relevant to the Board's evaluation of the Advisory Agreements, and the Board took such information into account in its review of the Advisory Agreements.
In addition to the materials received throughout the year, the Board received additional materials prepared specifically for its annual review of the Advisory Agreements in response to a request by independent legal counsel on behalf of the Independent Board Members. The materials addressed a variety of topics, including a description of the services provided by the Adviser and the Sub-Adviser (each, a "Fund Adviser"); a review of fund performance with a detailed focus on any performance outliers; an analysis of the investment teams; an analysis of the fees and expense ratios of the Funds, including information comparing such fees and expenses to that of peer groups; an assessment of shareholder services for the Funds and of the performance of certain service providers; a review of initiatives instituted or continued during the past year; and a review of premium/discount trends and leverage management as well as information regarding the profitability of the Fund Advisers, the compensation of portfolio managers, and compliance and risk matters.
As part of its annual review, the Board held a separate meeting on April 12-13, 2016 to review the Funds' investment performance and consider an analysis by the Adviser of the Sub-Adviser examining, among other things, the team's assets under management, investment performance, investment approach, and the stability and structure of the Sub-Adviser's organization and investment team. During the review, the Independent Board Members requested and received additional information from management. Throughout the year and throughout their review of the Advisory Agreements, the Independent Board Members were assisted by independent legal counsel. The Independent Board Members met separately with independent legal counsel without management present and received a memorandum from such counsel outlining their fiduciary duties and legal standards in reviewing the Advisory Agreements. The Independent Board Members' review of the Advisory Agreements reflected an ongoing process that incorporated the information and considerations that occurred over the years, including the most recent year, as well as the information specifically furnished for the renewal process. In deciding to renew the Advisory Agreements, the Independent Board Members

NUVEEN
 
71


Annual Investment Management Agreement Approval Process (Unaudited) (continued)

did not identify a particular factor as controlling, but rather the decision reflected the comprehensive consideration of all the information presented. The following summarizes the principal factors, but not all the factors, the Board considered in its review of the Advisory Agreements and its conclusions.

A.
Nature, Extent and Quality of Services
 
In evaluating the renewal of the Advisory Agreements, the Independent Board Members received and considered information regarding the nature, extent and quality of the applicable Fund Adviser's services provided to the respective Fund and the initiatives undertaken during the past year by the Adviser. The Board recognized the comprehensive set of services the Adviser provided to manage and operate the Nuveen funds, including (a) product management (such as setting dividends, positioning the product in the marketplace, maintaining and enhancing shareholder communications and reporting to the Board); (b) investment services (such as overseeing the Sub-Adviser and other service providers; analyzing investment performance and risks; overseeing risk management and disclosure; developing and interpreting investment policies; assisting in the development of products; helping to prepare financial statements and marketing disclosures; and overseeing trade execution); (c) fund administration (such as helping to prepare fund tax returns and complete other tax compliance matters; and helping to prepare regulatory filings and shareholder reports); (d) fund Board administration (such as preparing Board materials and organizing and providing assistance for Board meetings); (e) compliance (such as helping to devise and maintain the funds' compliance program and related testing); (f) legal support (such as helping to prepare registration statements and proxy statements, interpreting regulations and policies and overseeing fund activities); and (g) providing leverage management.
   
 
The Board reviewed the continued investment the Adviser had made in its business to continue to strengthen the breadth and quality of its services to the benefit of the Nuveen funds. The Board noted the Adviser's additional staffing in key areas that support the funds and the Board, including in investment services, operations, closed-end fund/structured products, fund governance, compliance, fund administration, product management, and information technology. Among the enhancements to its services, the Board recognized the Adviser's (a) expanded activities and support required as a result of regulatory developments, including in areas of compliance and reporting; (b) expanded efforts to support leverage management with a goal of seeking the most effective structure for fund shareholders given appropriate risk levels and regulatory constraints; (c) increased support for dividend management; (d) continued investment in its technical capabilities as the Adviser continued to build out a centralized fund data platform, enhance mobility and remote access capabilities, rationalize and upgrade software platforms, and automate certain regulatory liquidity determinations; (e) continued efforts to rationalize the product line through mergers, liquidations and re-positioning of Nuveen funds with the goal of increasing efficiencies, reducing costs, improving performance and addressing shareholder needs; (f) continued efforts to develop new lines of business designed to enhance the Nuveen product line and meet investor demands; and (g) continued commitment to enhance risk oversight, including the formation of the operational risk group to provide operational risk assessment, the access to platforms which provide better risk reporting to support investment teams, and the development of a new team to initially review new products and major product initiatives. The Board also recognized the Adviser's efforts to renegotiate certain fees of other service providers which culminated in reduced expenses for all funds for custody and accounting services without diminishing the breadth and quality of the services provided. The Board considered the Chief Compliance Officer's report regarding the Adviser's compliance programs, the Adviser's continued development, execution and management of its compliance program, and the additions to the compliance team to support the continued growth of the Nuveen fund family and address regulatory developments.
   
 
The Board also considered information highlighting the various initiatives that the Adviser had implemented or continued during the year to enhance or support the closed-end fund product line. The Board noted the Adviser's continued efforts during 2015 (a) to rationalize the product line through mergers designed to help reduce product overlap, offer shareholders the potential for lower fees and enhanced investor acceptance, and address persistent discounts in the secondary market; (b) to oversee and manage leverage as the Adviser facilitated the rollover of existing facilities and conducted negotiations for

72
 
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improved terms and pricing to reduce leverage costs; (c) to conduct capital management services including share repurchases and/or share issuances throughout the year and monitoring market conditions to capitalize on such opportunities for the closed-end funds; and (d) to implement data-driven market analytics which, among other things, provided a better analysis of the shareholder base, enhanced the ability to monitor the closed-end funds versus peers and helped to understand trading discounts. The Board also considered the quality and breadth of Nuveen's investment relations program through which Nuveen seeks to build awareness of, and educate investors and financial advisers with respect to, Nuveen closed-end funds which may help to build an active secondary market for the closed-end fund product line.
   
 
As noted, the Adviser also oversees the Sub-Adviser who primarily provides the portfolio advisory services to the Funds. The Board recognized the skill and competency of the Adviser in monitoring and analyzing the performance of the Sub-Adviser and managing the sub-advisory relationship. The Board noted that the Adviser recommended the renewal of each Sub-Advisory Agreement.
   
 
Based on their review, the Independent Board Members found that, overall, the nature, extent and quality of services provided to the respective Funds under each applicable Advisory Agreement were satisfactory.
   
B.
The Investment Performance of the Funds and Fund Advisers
 
The Board considered the long-term and short-term performance history of each Fund. As noted above, the Board reviewed fund performance at its quarterly meetings throughout the year and took into account the information derived from the discussions with representatives of the Adviser about fund performance at these meetings. The Board also considered the Adviser's analysis of fund performance with particular focus on any performance outliers and the factors contributing to such performance and any steps the investment team had taken to address performance concerns. The Board reviewed, among other things, each Fund's investment performance both on an absolute basis and in comparison to peer funds (the "Performance Peer Group") and to recognized and/or customized benchmarks (i.e., generally benchmarks derived from multiple recognized benchmarks) for the quarter, one- and three-year periods ending December 31, 2015 for Nuveen Intermediate Duration Municipal Term Fund (the "Intermediate Duration Fund") and the quarter and one-year periods ending December 31, 2015 for Nuveen Intermediate Duration Quality Municipal Term Fund (the "Intermediate Duration Quality Fund"), as well as performance information reflecting the first quarter of 2016 for both Funds.
   
 
In evaluating performance information, the Board recognized the following factors may impact the performance data as well as the consideration to be given to particular performance data:
   
 
•  The performance data reflected a snapshot in time, in this case as of the end of the most recent calendar year or quarter. A different performance period, however, could generate significantly different results.
   
 
•  Long-term performance can be adversely affected by even one period of significant underperformance so that a single investment decision or theme had the ability to disproportionately affect long-term performance.
   
 
•  Shareholders evaluate performance based on their own holding period which may differ from the performance period reviewed by the Board, leading to different performance results.
   
 
•  The Board recognized the difficulty in establishing appropriate peer groups and benchmarks for certain funds, including the Funds. The Board noted that management classified the Performance Peer Groups as low, medium and high in relevancy and took the relevancy of the Performance Peer Group into account when considering the comparative performance data. If the Performance Peer Group differed somewhat from a fund, the Board recognized that the comparative performance data may be of limited value. The Board also recognized that each fund operated pursuant to its own investment objective(s), parameters and restrictions which may differ from that of the Performance Peer Group or benchmark and that these variations lead to differences in performance results. Further, for funds that utilized leverage, the Board understood that leverage during different periods could provide both benefits and risks to a portfolio as compared to an unlevered benchmark.

NUVEEN
 
73


Annual Investment Management Agreement Approval Process (Unaudited) (continued)

 
In addition to the foregoing, the Independent Board Members continued to recognize the importance of secondary market trading for the shares of closed-end funds. At the quarterly meetings as well as the May Meeting, the Independent Board Members (either at the Board level or through the Closed-end Fund Committee) reviewed, among other things, the premium or discount to net asset value of the Nuveen closed-end funds as of a specified date and over various periods as well as in comparison to the premium/discount average in their respective Lipper peer category. At the May Meeting and/or prior meetings, the Independent Board Members (either at the Board level or through the Closed-end Fund Committee) reviewed, among other things, an analysis by the Adviser of the key economic, market and competitive trends that affected the closed-end fund market and Nuveen closed-end funds and considered any actions proposed periodically by the Adviser to address trading discounts of certain closed-end funds, including, among other things, share repurchases, fund reorganizations, adjusting fund investment mandates and strategies, and increasing fund awareness to investors. The Independent Board Members considered the evaluation of the premium and discount levels of the closed-end funds to be a continuing priority in their oversight of the closed-end funds.
   
 
With respect to any Nuveen funds for which the Board has identified performance concerns, the Board monitors such funds closely until performance improves, discusses with the Adviser the reasons for such results, considers those steps necessary or appropriate to address such issues, and reviews the results of any efforts undertaken. The Board was aware, however, that shareholders chose to invest or remain invested in a fund knowing that the Adviser and the applicable sub-adviser manage the fund, knowing the fund's investment strategy and seeking exposure to that strategy (even if the strategy was "out of favor" in the marketplace) and knowing the fund's fee structure.
   
 
For the Intermediate Duration Fund, the Board noted that, while the Fund ranked in its Performance Peer Group in the fourth quartile in the one- and three-year periods, the Fund outperformed its benchmark in such periods. In reviewing the comparative peer performance, the Board noted that the Performance Peer Group was classified as low for relevancy as there were few comparable funds within the peer set. In this regard, the Board noted that the Fund's generally shorter duration positioning relative to peers was the primary contributor to its underperformance compared to its peer group as longer duration bonds generally outperformed during these periods. The Board also recognized the Fund's positive absolute performance for the one-and three-year periods. Given the Fund's investment strategy and differences from the peer set, the Board was satisfied with the explanation of the variation of the Fund's performance from that of the peer set and with the Fund's performance.
   
 
For the Intermediate Duration Quality Fund, the Board noted that the Fund ranked in the third quartile for the one-year period and outperformed its benchmark during such period. The Board also recognized that the Fund ranked in the second quartile for the quarter ending March 31, 2016. The Board determined that the Fund's performance had been satisfactory.
   
C.
Fees, Expenses and Profitability
 
1. Fees and Expenses
 
The Board evaluated the management fees and other fees and expenses of each Fund. The Board reviewed, among other things, the gross and net management fees and net total expenses of each Fund (expressed as a percentage of average net assets) in absolute terms and also in comparison to the fee and expense levels of a comparable universe of funds (the "Peer Universe") selected by an independent third-party fund data provider. The Independent Board Members also reviewed the methodology regarding the construction of the applicable Peer Universe.
   
 
In their evaluation of the management fee schedule, the Independent Board Members considered the fund-level and complex-wide breakpoint schedules, as described in further detail below. In this regard, the Board considered that management recently reviewed the breakpoint schedules for the closed-end funds which resulted in reduced breakpoints and/or new breakpoints at certain asset thresholds for numerous closed-end funds, including the Funds.
   
 
In reviewing the comparative fee and expense information, the Independent Board Members recognized that various factors such as the limited size and particular composition of the Peer Universe (including the inclusion of other Nuveen funds in the peer set); expense anomalies; changes in the funds comprising the Peer Universe from year to year; levels of reimbursement or fee waivers; the timing of information used; the differences in the type and use of leverage; and differences in services provided can impact the usefulness of the comparative data in helping to assess the appropriateness of a fund's fees and expenses. In

74
 
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addition, in reviewing a fund's fees and expenses compared to the fees and expenses of its peers (excluding leverage costs and leveraged assets), the Board generally considered a fund's expenses and fees to be higher if they were over 10 basis points higher, slightly higher if they were 6 to 10 basis points higher, in line if they were within approximately 5 basis points higher than the peer average and below if they were below the peer average of the Peer Universe. The Board reviewed the net expense ratio in recognition that the net expense ratio generally best represented the net experience of the shareholders of a fund as it directly reflected the costs of investing in the respective fund. The Board noted that the majority of the Nuveen funds had a net expense ratio near or below the average of the respective peers. For funds with a net expense ratio of 6 basis points or higher than their respective peer average, the Independent Board Members reviewed the reasons for the outlier status and were satisfied with the explanation for the difference or with any steps taken to address the difference.
   
 
The Independent Board Members noted that the Funds each had a net management fee and net expense ratio below their respective peer averages.
   
 
Based on their review of the fee and expense information provided, the Independent Board Members determined that each Fund's management fees (as applicable) to a Fund Adviser were reasonable in light of the nature, extent and quality of services provided to the Fund.
   
 
2. Comparisons with the Fees of Other Clients
 
The Board also reviewed information regarding the fee rates for other types of clients advised or sub-advised by the respective Fund Adviser. For the Adviser and/or the Sub-Adviser, such other clients may include municipal separately managed accounts and passively managed exchange traded funds (ETFs).
   
 
The Board recognized that each Fund had an affiliated sub-adviser. With respect to affiliated sub-advisers, the Board reviewed, among other things, the range of advisory fee rates and average fee rate assessed for the different types of clients. The Board reviewed information regarding the different types of services provided to the Funds compared to that provided to these other clients which typically did not require the same breadth of day-to-day services required for registered funds. The Board further considered information regarding the differences in, among other things, investment policies, investor profiles, and account sizes between the Nuveen funds and the other types of clients. In addition, the Independent Board Members also recognized that the management fee rates of the foreign funds advised by the Adviser may also vary due to, among other things, differences in the client base, governing bodies, operational complexities and services covered by the management fee. The Independent Board Members recognized that the foregoing variations resulted in different economics among the product structures and culminated in varying management fees among the types of clients and funds.
   
 
The Board also was aware that, since the Funds had a sub-adviser, each Fund's management fee reflected two components, the fee retained by the Adviser for its services and the fee the Adviser paid to the Sub-Adviser. The Board noted that many of the administrative services provided to support the Funds by the Adviser may not be required to the same extent or at all for the institutional clients or other clients. In general, the Board noted that higher fee levels reflected higher levels of service provided by the Fund Adviser, increased investment management complexity, greater product management requirements and higher levels of business risk or some combination of the foregoing. Given the inherent differences in the various products, particularly the extensive services provided to the Funds, the Independent Board Members concluded such facts justify the different levels of fees.
   
 
3. Profitability of Fund Advisers
 
In conjunction with their review of fees, the Independent Board Members also considered the profitability of Nuveen for its advisory activities on an absolute basis and in comparison to other investment advisers. The Independent Board Members reviewed, among other things, Nuveen's adjusted operating margins, the gross and net revenue margins (pre-tax and after-tax) for advisory activities for the Nuveen funds, and the revenues, expenses, and net income (pre-tax and after-tax) of Nuveen for each of the last two calendar years. The Independent Board Members reviewed an analysis of the key drivers behind the changes in revenues and expenses that impacted profitability in 2015. The Independent Board Members also noted that the sub-advisory fees for the Funds are paid by the Adviser, however, the Board recognized that the Sub-Adviser is affiliated with Nuveen. In their review, the Independent Board Members recognized that profitability data is rather subjective as various

NUVEEN
 
75


Annual Investment Management Agreement Approval Process (Unaudited) (continued)

 
allocation methodologies may be reasonable to employ but yet yield different results. The Board also reviewed the results of certain alternative methodologies. The Board considered the allocation methodology employed to prepare the profitability data as well as a summary of the refinements to the methodology that had been adopted over the years which may limit some of the comparability of Nuveen's revenue margins over time. Two Independent Board Members also served as point persons for the Board throughout the year to review and discuss the methodology employed to develop the profitability analysis and any proposed changes thereto and to keep the Board apprised of such changes during the year. In reviewing the profitability data, the Independent Board Members noted that Nuveen's operating margin as well as its margins for its advisory activities to the Nuveen funds for 2015 were consistent with such margins for 2014.
   
 
The Board also considered Nuveen's adjusted operating margins compared to that of other comparable investment advisers (based on asset size and composition) with publicly available data. The Independent Board Members recognized, however, the limitations of the comparative data as the other advisers may have a different business mix, employ different allocation methodologies, have different capital structure and costs, may not be representative of the industry or other factors that limit the comparability of the profitability information. Nevertheless, the Independent Board Members noted that Nuveen's adjusted operating margins appeared comparable to the adjusted margins of the peers.
   
 
Further, as the Adviser is a wholly-owned subsidiary of Nuveen which in turn is an operating division of TIAA Global Asset Management, the investment management arm of Teachers Insurance and Annuity Association of America ("TIAA-CREF"), the Board reviewed a balance sheet for TIAA-CREF reflecting its assets, liabilities and capital and contingency reserves for the last two calendar years to have a better understanding of the financial stability and strength of the TIAA-CREF complex, together with Nuveen.
   
  Based on the information provided, the Independent Board Members noted that the Adviser appeared to be sufficiently profitable to operate as a viable investment management firm and to honor its obligations as a sponsor of the Nuveen funds. With respect to the Sub-Adviser, the Independent Board Members also considered the profitability of the Sub-Adviser from its relationship with the Nuveen funds.
   
  The Independent Board Members reviewed the Sub-Adviser's revenues, expenses and revenue margins (pre- and post-tax) for its advisory activities for the calendar year ended December 31, 2015. The Independent Board Members also reviewed profitability analysis reflecting the revenues, expenses and revenue margin (pre- and post-tax) by asset type for the Sub-Adviser for the calendar year ending December 31, 2015.
   
  In evaluating the reasonableness of the compensation, the Independent Board Members also considered other amounts paid to a Fund Adviser by the Funds as well as indirect benefits (such as soft dollar arrangements), if any, the Fund Adviser and its affiliates received or were expected to receive that were directly attributable to the management of a Fund. See Section E below for additional information on indirect benefits a Fund Adviser may receive as a result of its relationship with the Funds.
   
 
Based on their review, the Independent Board Members determined that the Adviser's and the Sub-Adviser's levels of profitability were reasonable in light of the respective services provided.
   
D.
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale
 
The Independent Board Members recognized that as the assets of a particular fund or the Nuveen complex in the aggregate increase over time, economies of scale may be realized with respect to the management of the funds, and the Independent Board Members considered the extent to which these economies are shared with the funds and their shareholders. Although the Independent Board Members recognized that economies of scale are difficult to measure with precision, the Board noted that there were several acceptable means to share economies of scale, including through breakpoints in the management fee schedule reducing the fee rates as asset levels grow, fee waiver and expense limitation agreements and the Adviser's investment in its business which can enhance the services provided to the funds. With respect to breakpoints, the Independent Board Members noted that, subject to certain exceptions, the funds in the Nuveen complex pay a management fee to the Adviser

76
 
NUVEEN


 
which is generally comprised of a fund-level component and complex-level component. The fund-level fee component declines as the assets of the particular fund grow and the complex-level fee component declines when eligible assets of all the funds in the Nuveen complex combined grow. With respect to closed-end funds, the Independent Board Members noted that, although such funds may from time-to-time make additional share offerings, the growth of their assets would occur primarily through the appreciation of such funds' investment portfolios. The complex-wide fee arrangement was designed to capture economies of scale achieved when total fund complex assets increase, even if the assets of a particular fund are unchanged or decrease. The approach reflected the notion that some of Nuveen's costs were attributable to services provided to all its funds in the complex, and therefore all funds should benefit if these costs were spread over a larger asset base.
   
 
The Independent Board Members reviewed the breakpoint and complex-wide schedules and the material savings achieved from fund-level breakpoints and complex-wide fee reductions for the 2015 calendar year.
   
 
In addition, the Independent Board Members recognized the Adviser's ongoing investment in its business to expand or enhance the services provided to the Nuveen funds. The Independent Board Members noted, among other things, the additions to groups who play a key role in supporting the funds including in closed-end funds/structured products, fund administration, operations, fund governance, investment services, compliance, product management, and technology. The Independent Board Members also recognized the investments in systems necessary to manage the funds including in areas of risk oversight, information technology and compliance.
   
 
Based on their review, the Independent Board Members concluded that the current fee structure was acceptable and reflected economies of scale to be shared with shareholders when assets under management increase.
   
E.
Indirect Benefits
 
The Independent Board Members received and considered information regarding other additional benefits the respective Fund Adviser or its affiliates may receive as a result of their relationship with the Funds, including compensation paid to affiliates and research received in connection with brokerage transactions (i.e., soft dollar arrangements). In this regard, the Independent Board Members noted any revenues received by affiliates of the Adviser for serving as co-manager in initial public offerings of new closed-end funds and as underwriter on shelf offerings for certain existing funds.
   
 
In addition to the above, the Independent Board Members considered that the Funds' portfolio transactions are allocated by the Sub-Adviser and the Sub-Adviser may benefit from research received through soft-dollar arrangements. The Board noted, however, that with respect to transactions in fixed income securities, such securities generally trade on a principal basis and do not generate soft dollar credits. Although the Board recognized the Sub-Adviser may benefit from a soft dollar arrangement if it does not have to pay for this research out of its own assets, the Board also recognized that any such research may benefit the Funds to the extent it enhances the ability of the Sub-Adviser to manage the Funds.
   
 
Based on their review, the Independent Board Members concluded that any indirect benefits received by a Fund Adviser as a result of its relationship with the Funds were reasonable and within acceptable parameters.
   
F.
Other Considerations
 
The Independent Board Members did not identify any single factor discussed previously as all-important or controlling. The Board Members, including the Independent Board Members, concluded that the terms of each Advisory Agreement were fair and reasonable, that the respective Fund Adviser's fees were reasonable in light of the services provided to each Fund and that the Advisory Agreements be renewed.

NUVEEN
 
77


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 twelve, effective July 1, 2016. None of the trustees who are not "interested" persons of the Funds (referred to herein as "independent trustees") has ever been a director or employee of, or consultant to, Nuveen or its affiliates. The names and business addresses of the trustees and officers of the Funds, their principal occupations and other affiliations during the past five years, the number of portfolios each oversees and other directorships they hold are set forth below.

 
Name,
 
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:              
                   
WILLIAM J. SCHNEIDER
1944
333 W. Wacker Drive
Chicago, IL 6o6o6
 
 
 
Chairman and
Board Member
 
 
 
1996
Class III
 
Chairman of Miller-Valentine Partners, a real estate investment company; Board Member of Med-America Health System and WDPR Public Radio station; formerly, Senior Partner and Chief Operating Officer (retired (2004) of Miller-Valentine Group; formerly, Board member, Business Advisory Council of the Cleveland Federal Reserve Bank and University of Dayton Business School Advisory Council; past Chair and Director, Dayton Development Coalition.
 
 
 
184
                   
JACK B. EVANS
1948
333 W. Wacker Drive
Chicago, IL 6o6o6
 
 
 
Board Member
 
 
 
1999
Class III
 
President, The Hall-Perrine Foundation, a private philanthropic corporation (since 1996); Director and Chairman, United Fire Group, a publicly held company; Director, The Gazette Company; 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; formerly, Director, Federal Reserve Bank of Chicago; formerly, President and Chief Operating Officer, SCI Financial Group, Inc., a regional financial services firm.
 
 
 
184
                   
WILLIAM C. HUNTER
1948
333 W. Wacker Drive
Chicago, IL 6o6o6
 
 
 
Board Member
 
 
 
2004
Class I
 
Dean Emeritus, formerly, Dean, Tippie College of Business, University of Iowa (2006-2012); Director (since 2004) of Xerox Corporation; Director (since 2005), and past President (2010-2014) Beta Gamma Sigma, Inc., The International Business Honor Society; Director of Wellmark, Inc. (since 2009); formerly, 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.
 
 
 
184
                   
DAVID J. KUNDERT
1942
333 W. Wacker Drive
Chicago, IL 6o6o6
 
 
 
Board Member
 
 
 
2005
Class II
 
Formerly, Director, Northwestern Mutual Wealth Management Company (2006-2013), retired (since 2004) as Chairman, JPMorgan Fleming Asset Management, President and CEO, Banc One Investment Advisors Corporation, and President, One Group Mutual Funds; prior thereto, Executive Vice President, Banc One Corporation and Chairman and CEO, Banc One Investment Management Group; Regent Emeritus, Member of Investment Committee, Luther College; member of the Wisconsin Bar Association; member of Board of Directors and Chair of Investment Committee, Greater Milwaukee Foundation; member of the Board of Directors (Milwaukee), College Possible; Board member of Milwaukee Repertory Theatre (since 2016).
 
 
 
184

78
 
NUVEEN


 
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):              
             
ALBIN F. MOSCHNER(2)
1952
333 W. Wacker Drive
Chicago, IL 6o6o6
 
 
 
Board Member
 
 
 
2016
Class III
 
Founder and Chief Executive Officer, Northcroft Partners, LLC, a management consulting firm (since 2012); 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 with Zenith Electronics Corporation (1991-1996). Director, USA Technologies, Inc., a provider of solutions and services to facilitate electronic payment transactions (since 2012); formerly, Director, Wintrust Financial Corporation (1996-2016).
 
 
 
184
                   
JOHN K. NELSON
1962
333 W. Wacker Drive
Chicago, IL 6o6o6
 
 
 
Board Member
 
 
 
2013
Class II
 
Member of Board of Directors of Core12 LLC (since 2008), a private firm which develops branding, marketing and communications strategies for clients; Director of The Curran Center for Catholic American Studies (since 2009) and The President's Council, Fordham University (since 2010); formerly, senior external advisor to the financial services practice of Deloitte Consulting LLP (2012- 2014): formerly, Chairman of the Board of Trustees of Marian University (2010 as trustee, 2011-2014 as Chairman); formerly, Chief Executive Officer of ABN AMRO N.V. North America, and Global Head of its Financial Markets Division (2007-2008); prior senior positions held at ABN AMRO include Corporate Executive Vice President and Head of Global Markets-the Americas (2006- 2007), CEO of Wholesale Banking North America and Global Head of Foreign Exchange and Futures Markets (2001-2006), and Regional Commercial Treasurer and Senior Vice President Trading – North America (1996-2001); formerly, Trustee at St. Edmund Preparatory School in New York City.
 
 
 
184
                   
JUDITH M. STOCKDALE
1947
333 W. Wacker Drive
Chicago, IL 6o6o6
 
 
 
Board Member
 
 
 
1997
Class I
 
Board Member, Land Trust Alliance (since 2013) and U.S. Endowment for Forestry and Communities (since 2013); formerly, Executive Director (1994-2012), Gaylord and Dorothy Donnelley Foundation; prior thereto, Executive Director, Great Lakes Protection Fund (1990-1994).
 
 
 
184
                   
CAROLE E. STONE
1947
333 W. Wacker Drive
Chicago, IL 6o6o6
 
 
 
Board Member
 
 
 
2007
Class I
 
Director, Chicago Board Options Exchange, Inc. (since 2006); Director, C2 Options Exchange, Incorporated (since 2009); Director, CBOE Holdings, Inc. (since 2010); formerly, Commissioner, New York State Commission on Public Authority Reform (2005-2010).
 
 
 
184
                   
TERENCE J. TOTH
1959
333 W. Wacker Drive
Chicago, IL 6o6o6
 
 
 
Board Member
 
 
 
2008
Class II
 
Managing Partner, Promus Capital (since 2008); Director, Fulcrum IT Service LLC (since 2010), Quality Control Corporation (since 2012) and LogicMark LLC (since 2012); member: Chicago Fellowship Board (since 2005), Catalyst Schools of Chicago Board (since 2008) and Mather Foundation Board (since 2012), and chair of its investment committee; formerly, Director, Legal & General Investment Management America, Inc. (2008-2013); formerly, CEO and President, Northern Trust Global Investments (2004-2007): Executive Vice President, Quantitative Management & Securities Lending (2000-2004); prior thereto, various positions with Northern Trust Company (since 1994); formerly, Member, Northern Trust Mutual Funds Board (2005-2007), Northern Trust Global Investments Board (2004-2007), Northern Trust Japan Board (2004-2007), Northern Trust Securities Inc. Board (2003-2007) and Northern Trust Hong Kong Board (1997-2004).
 
 
 
184

NUVEEN
 
79


Board Members & Officers (Unaudited) (continued)

 
Name,
 
Position(s) Held
 
Year First
 
Principal
 
Number
 
Year of Birth
 
with the Funds
 
Elected or
 
Occupation(s)
 
of Portfolios
 
& Address
     
Appointed
 
Including other
 
in Fund Complex
         
and Term(1)
 
Directorships
 
Overseen by
             
During Past 5 Years
 
Board Member
                   
Independent Board Members (continued):
           
             
MARGARET L. WOLFF
1955
333 W. Wacker Drive
Chicago, IL 6o6o6
 
 
 
Board Member
 
 
 
2016
Class I
 
Member of the Board of Directors (since 2013) of Travelers Insurance Company of Canada and The Dominion of Canada General Insurance Company (each, a part of Travelers Canada, the Canadian operation of The Travelers Companies, Inc.); formerly, Of Counsel, Skadden, Arps, Slate, Meagher & Flom LLP (Mergers & Acquisitions Group) (2005-2014); Member of the Board of Trustees of New York- Presbyterian Hospital (since 2005); Member (since 2004) and Chair (since 2015) of the Board of Trustees of The John A. Hartford Foundation (a philanthropy dedicated to improving the care of older adults); formerly, Member (2005-2015) and Vice Chair (2011-2015) of the Board of Trustees of Mt. Holyoke College.
 
 
 
184
                   
Interested Board Members:
           
             
WILLIAM ADAMS IV(3)
1955
333 W. Wacker Drive
Chicago, IL 6o6o6
 
 
 
Board Member
 
 
 
2013
Class II
 
Co-Chief Executive Officer and Co-President (since March 2016), formerly, Senior Executive Vice President, Global Structured Products (2010-2016), prior thereto, Executive Vice President, U.S. Structured Products, (1999-2010) of Nuveen Investments, Inc.; Co-President of Nuveen Fund Advisors, LLC (since 2011); Co-Chief Executive Officer (since 2016), formerly, Senior Executive Vice President of Nuveen Securities, LLC; President (since 2011), of Nuveen Commodities Asset Management, LLC; Board Member of the Chicago Symphony Orchestra and of Gilda's Club Chicago.
 
 
 
184
                   
MARGO L. COOK(2)(3)
1964
333 W. Wacker Drive
Chicago, IL 6o6o6
 
 
 
Board Member
 
 
 
2016
Class III
 
Co-Chief Executive Officer and Co-President (since March 2016), formerly, Senior Executive Vice President of Nuveen Investments, Inc; Co-Chief Executive Officer (since 2015), previously, Executive Vice President (2013-2015) of Nuveen Securities, LLC; Senior Executive Vice President (since 2015) of Nuveen Fund Advisors, LLC (Executive Vice President 2011-2015); formerly, Managing Director of Nuveen Commodities Asset Management, LLC (2011-2016); Chartered Financial Analyst.
 
 
 
184
                   
 
Name,
 
Position(s) Held
 
Year First
 
Principal
 
Number
 
Year of Birth
 
with the Funds
 
Elected or
 
Occupation(s)
 
of Portfolios
 
& Address
     
Appointed(4)
 
During Past 5 Years
 
in Fund Complex
                 
Overseen
                 
by Officer
                   
Officers of the Funds:
           
                   
GIFFORD R. ZIMMERMAN
1956
333 W. Wacker Drive
Chicago, IL 6o6o6
 
 
Chief
Administrative
Officer
 
 
 
1988
 
Managing Director (since 2002), and Assistant Secretary of Nuveen Securities, LLC; Managing Director (since 2004) and Assistant Secretary (since 1994) of Nuveen Investments, Inc.; Managing Director (since 2002), Assistant Secretary (since 1997) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant Secretary and Associate General Counsel of Nuveen Asset Management, LLC (since 2011); Managing Director and Assistant Secretary of Nuveen Investments Advisers, LLC (since 2002) and Symphony Asset Management LLC (since 2003); 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); Vice President and Assistant Secretary (since 2013), formerly, Chief Administrative Officer and Chief Compliance Officer (2006-2013) of Nuveen Commodities Asset Management, LLC; Chartered Financial Analyst.
 
 
 
185

80
 
NUVEEN


 
Name,
 
Position(s) Held
 
Year First
 
Principal
 
Number
 
Year of Birth
 
with the Funds
 
Elected or
 
Occupation(s)
 
of Portfolios
 
& Address
     
Appointed(4)
 
During Past 5 Years
 
in Fund Complex
                 
Overseen
                 
by Officer
                   
Officers of the Funds (continued):  
           
                   
CEDRIC H. ANTOSIEWICZ
1962
333 W. Wacker Drive
Chicago, IL 6o6o6
 
 
 
Vice President
 
 
 
2007
 
Managing Director of Nuveen Securities, LLC. (since 2004); Managing Director of Nuveen Fund Advisors, LLC (since 2014).
 
 
 
83
                   
LORNA C. FERGUSON
1945
333 W. Wacker Drive
Chicago, IL 6o6o6
 
 
 
Vice President
 
 
 
1998
 
Managing Director (since 2004) of Nuveen Investments Holdings, Inc.
 
 
 
185
                   
STEPHEN D. FOY
1954
333 W. Wacker Drive
Chicago, IL 6o6o6
 
 
Vice President
and Controller
 
 
 
1998
 
Managing Director (since 2014), formerly, Senior Vice President (2013-2014) and Vice President (2005-2013) of Nuveen Fund Advisors, LLC; Chief Financial Officer of Nuveen Commodities Asset Management, LLC (since 2010); Managing Director (since 2016) of Nuveen Securities, LLC; Certified Public Accountant.
 
 
 
185
                   
NATHANIEL T. JONES
1979
333 W. Wacker Drive
Chicago, IL 6o6o6
 
 
Vice President
and Treasurer
 
 
 
2016
 
Senior Vice President (since 2016), formerly, Vice President (2011-2016) of Nuveen Investments Holdings, Inc.; Chartered Financial Analyst.
 
 
 
184
                   
WALTER M. KELLY
197o
333 W. Wacker Drive
Chicago, IL 6o6o6
 
 
Chief Compliance
Officer and
Vice President
 
 
 
2003
 
Senior Vice President (since 2008) of Nuveen Investment Holdings, Inc.
 
 
 
185
                   
DAVID J. LAMB
1963
333 W. Wacker Drive
Chicago, IL 6o6o6
 
 
 
Vice President
 
 
 
2015
 
Senior Vice President of Nuveen Investments Holdings, Inc. (since 2006), Vice President prior to 2006.
 
 
 
83
                   
TINA M. LAZAR
1961
333 W. Wacker Drive
Chicago, IL 6o6o6
 
 
 
Vice President
 
 
 
2002
 
Senior Vice President of Nuveen Investments Holdings, Inc. and Nuveen Securities, LLC.
 
 
 
185
                   
KEVIN J. MCCARTHY
1966
333 W. Wacker Drive
Chicago, IL 6o6o6
 
 
Vice President
and Secretary
 
 
 
2007
 
Executive Vice President, Secretary and General Counsel (since March 2016), formerly, Managing Director and Assistant Secretary of Nuveen Investments, Inc.; Executive Vice President (since March 2016), formerly, Managing Director, and Assistant Secretary (since 2008) of Nuveen Securities, LLC; Executive Vice President and Secretary (since March 2016), formerly, Managing Director (2008-2016) and Assistant Secretary (2007-2016), and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Executive Vice President and Secretary (since March 2016), formerly, Managing Director, Assistant Secretary (2011-2016), and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC; Executive Vice President and Secretary of Nuveen Investments Advisers, LLC; Vice President (since 2007) and Secretary (since March 2016) of NWQ Investment Management Company, LLC, Symphony Asset Management LLC, Santa Barbara Asset Management, LLC, Winslow Capital Management, LLC (since 2010) and Tradewinds Global Investors, LLC (since 2016); Vice President (since 2010) and Secretary (since 2016), formerly, Assistant Secretary of Nuveen Commodities Asset Management, LLC.
 
 
 
185

NUVEEN
 
81


Board Members & Officers (Unaudited) (continued)

 
Name,
 
Position(s) Held
 
Year First
 
Principal
 
Number
 
Year of Birth
 
with the Funds
 
Elected or
 
Occupation(s)
 
of Portfolios
 
& Address
     
Appointed(4)
 
During Past 5 Years
 
in Fund Complex
                 
Overseen
                 
by Officer
                   
Officers of the Funds (continued):
           
                   
KATHLEEN L. PRUDHOMME
1953
9o1 Marquette Avenue
Minneapolis, MN 554o2
 
 
Vice President and
Assistant Secretary
 
 
 
2011
 
Managing Director, Assistant Secretary and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant Secretary and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC; Managing Director and Assistant Secretary (since 2011) of Nuveen Securities, LLC; formerly, Deputy General Counsel, FAF Advisors, Inc. (2004-2010).
 
 
 
185
                   
JOEL T. SLAGER
1978
333 W. Wacker Drive
Chicago, IL 6o6o6
 
 
Vice President and
Assistant Secretary
 
 
 
2013
 
Fund Tax Director for Nuveen Funds (since 2013); previously, Vice President of Morgan Stanley Investment Management, Inc., Assistant Treasurer of the Morgan Stanley Funds (from 2010 to 2013).
 
 
 
185

(1)
The Board of Trustees is divided into three classes, Class I, Class II, and Class III, with each being elected to serve until the third succeeding annual shareholders' meeting subsequent to its election or thereafter in each case when its respective successors are duly elected or appointed, except two board members are elected by the holders of Preferred Shares, when applicable, to serve until the next annual shareholders' meeting subsequent to its election or thereafter in each case when its respective successors are duly elected or appointed. The year first elected or appointed represents the year in which the board member was first elected or appointed to any fund in the Nuveen Complex.
(2)
On June 22, 2016, Ms. Cook and Mr. Moschner were appointed as Board members, effective July 1, 2016.
(3)
"Interested person" as defined in the 1940 Act, by reason of his position with Nuveen Investments, Inc. and certain of its subsidiaries, which are affiliates of the Nuveen Funds.
(4)
Officers serve one year terms through August of each year. The year first elected or appointed represents the year in which the Officer was first elected or appointed to any fund in the Nuveen Complex.

82
 
NUVEEN


Notes

NUVEEN
 
83


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 equity and fixed-income solutions designed to be integral components of a well-diversified core portfolio.

Focused on meeting investor needs.
Nuveen helps secure the long-term goals of individual investors and the advisors who serve them. As an operating division of TIAA Global Asset Management, Nuveen provides access to investment expertise from leading asset managers and solutions across traditional and alternative asset classes. Built on more than a century of industry leadership, Nuveen's teams of experts align with clients' specific financial needs and goals, demonstrating commitment to advisors and investors through market perspectives and wealth management and portfolio advisory services. Nuveen manages more than $239 billion in assets as of June 30, 2016.

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/cef

Distributed by Nuveen Investments, LLC | 333 West Wacker Drive | Chicago, IL 60606 | www.nuveen.com

EAN-C-0516D 17350-INV-Y-07/17


ITEM 2. CODE OF ETHICS.

As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no amendments to or waivers from the Code during the period covered by this report. The registrant has posted the code of ethics on its website at www.nuveen.com/CEF/Shareholder/FundGovernance.aspx. (To view the code, click on Code of Conduct.)

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The registrant’s Board of Directors or Trustees (“Board”) determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its Audit Committee. The registrant’s audit committee financial experts are Carole E. Stone and Jack B. Evans, who are “independent” for purposes of Item 3 of Form N-CSR.
 
Ms. Stone served for five years as Director of the New York State Division of the Budget. As part of her role as Director, Ms. Stone was actively involved in overseeing the development of the State’s operating, local assistance and capital budgets, its financial plan and related documents; overseeing the development of the State’s bond-related disclosure documents and certifying that they fairly presented the State’s financial position; reviewing audits of various State and local agencies and programs; and coordinating the State’s system of internal audit and control. Prior to serving as Director, Ms. Stone worked as a budget analyst/examiner with increasing levels of responsibility over a 30 year period, including approximately five years as Deputy Budget Director. Ms. Stone has also served as Chair of the New York State Racing Association Oversight Board, as Chair of the Public Authorities Control Board, as a Commissioner on the New York State Commission on Public Authority Reform and as a member of the Boards of Directors of several New York State public authorities. These positions have involved overseeing operations and finances of certain entities and assessing the adequacy of project/entity financing and financial reporting. Currently, Ms. Stone is on the Board of Directors of CBOE Holdings, Inc., of the Chicago Board Options Exchange, and of C2 Options Exchange. Ms. Stone’s position on the boards of these entities and as a member of both CBOE Holdings’ Audit Committee and its Finance Committee has involved, among other things, the oversight of audits, audit plans and preparation of financial statements.
 
Mr. Evans was formerly President and Chief Operating Officer of SCI Financial Group, Inc., a full service registered broker-dealer and registered investment adviser (“SCI”). As part of his role as President and Chief Operating Officer, Mr. Evans actively supervised the Chief Financial Officer (the “CFO”) and actively supervised the CFO’s preparation of financial statements and other filings with various regulatory authorities. In such capacity, Mr. Evans was actively involved in the preparation of SCI’s financial statements and the resolution of issues raised in connection therewith. Mr. Evans has also served on the audit committee of various reporting companies. At such companies, Mr. Evans was involved in the oversight of audits, audit plans, and the preparation of financial statements. Mr. Evans also formerly chaired the audit committee of the Federal Reserve Bank of Chicago.
 
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Nuveen Intermediate Duration Municipal Term Fund

The following tables show the amount of fees that KPMG LLP, the Funds’ auditor, billed to the Funds’ during the Funds’ last two full fiscal years. The Audit Committee approved in advance all audit services and non-audit services that KPMG LLP provided to the Funds, except for those non-audit services that were subject to the pre-approval exception under Rule 2-01 of Regulation S-X (the “pre-approval exception”). The preapproval exception for services provided directly to the Funds waives the pre-approval requirement for services other than audit, review or attest services if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid by the Funds during the fiscal year in which the services are provided; (B) the Funds did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee’s attention, and the Committee (or its delegate) approves the services before the audit is completed.

The Audit Committee has delegated certain pre-approval responsibilities to its Chairman (or, in his absence, any other member of the Audit Committee).
 
SERVICES THAT THE FUND’S AUDITOR BILLED TO THE FUND
 
   
Audit Fees Billed
   
Audit-Related Fees
   
Tax Fees
   
All Other Fees
 
Fiscal Year Ended
 
to Fund 1
   
Billed to Fund 2
   
Billed to Fund 3
   
Billed to Fund 4
 
May 31, 2016
 
$
26,375
   
$
0
   
$
0
   
$
1,995
 
                                 
Percentage approved
   
0
%
   
0
%
   
0
%
   
0
%
pursuant to
                               
pre-approval
                               
exception
                               
                                 
May 31, 2015
 
$
25,500
   
$
0
   
$
0
   
$
0
 
                                 
Percentage approved
   
0
%
   
0
%
   
0
%
   
0
%
pursuant to
                               
pre-approval
                               
exception
                               
                                 
1 "Audit Fees" are the aggregate fees billed for professional services for the audit of the Fund's annual financial statements and services provided in
 
connection with statutory and regulatory filings or engagements.
                         
                                 
2 "Audit Related Fees" are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of
         
financial statements that are not reported under "Audit Fees". These fees include offerings related to the Fund's common shares and leverage.
         
                                 
3 "Tax Fees" are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global
         
withholding tax services; excise and state tax reviews; capital gain, tax equalization and taxable basis calculation performed by the principal accountant.
         
                                 
4 "All Other Fees" are the aggregate fees billed for products and services other than "Audit Fees", "Audit-Related Fees" and "Tax Fees". These fees
         
represent all engagements pertaining to the Fund's use of leverage.
                         

SERVICES THAT THE FUND’S AUDITOR BILLED TO THE ADVISER AND AFFILIATED FUND SERVICE PROVIDERS

The following tables show the amount of fees billed by KPMG LLP to Nuveen Fund Advisors, LLC (formerly Nuveen Fund Advisors, Inc.) (the “Adviser”), and any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Fund (“Affiliated Fund Service Provider”), for engagements directly related to the Fund’s operations and financial reporting, during the Fund’s last two full fiscal years.

The tables also show the percentage of fees subject to the pre-approval exception. The pre-approval exception for services provided to the Adviser and any Affiliated Fund Service Provider (other than audit, review or attest services) waives the pre-approval requirement if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid to KPMG LLP by the Fund, the Adviser and Affiliated Fund Service Providers during the fiscal year in which the services are provided that would have to be pre-approved by the Audit Committee; (B) the Fund did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee’s attention, and the Committee (or its delegate) approves the services before the Fund’s audit is completed.
 
 
Audit-Related Fees
Tax Fees Billed to
All Other Fees
 
Billed to Adviser and
Adviser and
Billed to Adviser
 
Affiliated Fund
Affiliated Fund
and Affiliated Fund
Fiscal Year Ended
Service Providers
Service Providers
Service Providers
May 31, 2016
 $                                0
 $                                      0
 $                                    0
       
Percentage approved
0%
0%
0%
pursuant to
     
pre-approval
     
exception
     
May 31, 2015
 $                                0
 $                                      0
 $                                    0
       
Percentage approved
0%
0%
0%
pursuant to
     
pre-approval
     
exception
     

NON-AUDIT SERVICES

The following table shows the amount of fees that KPMG LLP billed during the Fund’s last two full fiscal years for non-audit services. The Audit Committee is required to pre-approve non- audit services that KPMG LLP provides to the Adviser and any Affiliated Fund Services Provider, if the engagement related directly to the Fund’s operations and financial reporting (except for those subject to the pre-approval exception described above). The Audit Committee requested and received information from KPMG LLP about any non-audit services that KPMG LLP rendered during the Fund’s last fiscal year to the Adviser and any Affiliated Fund Service Provider. The Committee considered this information in evaluating KPMG LLP’s independence.

   
Total Non-Audit Fees
   
   
billed to Adviser and
   
   
Affiliated Fund Service
Total Non-Audit Fees
 
   
Providers (engagements
billed to Adviser and
 
   
related directly to the
Affiliated Fund Service
 
 
Total Non-Audit Fees
operations and financial
Providers (all other
 
Fiscal Year Ended
Billed to Fund
reporting of the Fund)
engagements)
Total
May 31, 2016
 $                         1,995
 $                                      0
 $                                    0
 $                    1,995
May 31, 2015
 $                                0
 $                                      0
 $                                    0
 $                           0
         
         
"Non-Audit Fees billed to Fund" for both fiscal year ends represent "Tax Fees" and "All Other Fees" billed to Fund in their respective
 
amounts from the previous table.
       
         
Less than 50 percent of the hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent
fiscal year were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.
 

Audit Committee Pre-Approval Policies and Procedures. Generally, the Audit Committee must approve (i) all non-audit services to be performed for the Fund by the Fund’s independent accountants and (ii) all audit and non-audit services to be performed by the Fund’s independent accountants for the Affiliated Fund Service Providers with respect to operations and financial reporting of the Fund. Regarding tax and research projects conducted by the independent accountants for the Fund and Affiliated Fund Service Providers (with respect to operations and financial reports of the Fund) such engagements will be (i) pre-approved by the Audit Committee if they are expected to be for amounts greater than $10,000; (ii) reported to the Audit Committee chairman for his verbal approval prior to engagement if they are expected to be for amounts under $10,000 but greater than $5,000; and (iii) reported to the Audit Committee at the next Audit Committee meeting if they are expected to be for an amount under $5,000.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
 
The registrant’s Board has a separately designated Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended (15 U.S.C. 78c(a)(58)(A)). The members of the audit committee are Jack B. Evans, David J. Kundert, John K. Nelson, Carole E. Stone and Terence J. Toth.
 
ITEM 6. SCHEDULE OF INVESTMENTS.

a) See Portfolio of Investments in Item 1.

b) Not applicable.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Nuveen Fund Advisors, LLC is the registrant’s investment adviser (also referred to as the “Adviser”). The Adviser is responsible for the on-going monitoring of the Fund’s investment portfolio, managing the Fund’s business affairs and providing certain clerical, bookkeeping and administrative services. The Adviser has engaged Nuveen Asset Management, LLC (“Sub-Adviser”) as Sub-Adviser to provide discretionary investment advisory services. As part of these services, the Adviser has delegated to the Sub-Adviser the full responsibility for proxy voting on securities held in the registrant’s portfolio and related duties in accordance with the Sub-Adviser’s policies and procedures. The Adviser periodically monitors the Sub-Adviser’s voting to ensure that it is carrying out its duties. The Sub-Adviser’s proxy voting policies and procedures are attached to this filing as an exhibit and incorporated herein by reference.
 
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Nuveen Fund Advisors, LLC is the registrant’s investment adviser (also referred to as the “Adviser”).  The Adviser is responsible for the selection and on-going monitoring of the Fund’s investment portfolio, managing the Fund’s business affairs and providing certain clerical, bookkeeping and administrative services.  The Adviser has engaged Nuveen Asset Management, LLC (“Nuveen Asset Management” or “Sub-Adviser”) as Sub-Adviser to provide discretionary investment advisory services. The following section provides information on the portfolio managers at the Sub-Adviser:

Item 8(a)(1). PORTFOLIO MANAGER BIOGRAPHIES

Steven M. Hlavin is a senior Vice President at Nuveen Asset Management, LLC. He manages several open-end, closed-end and exchange-traded funds as well as a number of institutional portfolios. In addition to his portfolio management duties, he manages the firm’s tender option bond program. Currently, he manages investments for 6 Nuveen-sponsored investment companies.  Prior to his current position, Mr. Hlavin was a senior analyst responsible for the firm’s risk management and performance reporting process. Mr. Hlavin joined the firm in 2003.

John V. Miller, CFA, joined Nuveen's investment management team as a credit analyst in 1996, with three prior years of experience in the municipal market with C.W. Henderson & Assoc., a municipal bond manager for private accounts. He has a BA in Economics and Political Science from Duke University, and an MA in Economics from Northwestern University and an MBA with honors in Finance from the University of Chicago. He has been responsible for analysis of high yield credits in the utility, solid waste and energy related sectors. He is a Managing Director and Co-Head of Fixed Income of Nuveen Asset Management. He manages investments for 10 Nuveen-sponsored investment companies.
Timothy T. Ryan, CFA, is a portfolio manager for the firm’s SPDR Nuveen Exchange Traded Funds (ETFs) as well as several institutional portfolios.  During his asset management career, he has held positions in credit research, trading and portfolio management at various firms including State Street Global Advisors. Tim joined Nuveen Asset Management as a portfolio manager in 2010 when the firm entered into a sub-advisory agreement with State Street Global Advisors. His portfolio management responsibilities have included overseeing a number of mutual funds as well as separately managed accounts for institutions and individuals.
Item 8(a)(2). OTHER ACCOUNTS MANAGED BY THE PORTFOLIO MANAGERS

Other Accounts Managed. In addition to managing the registrant, the portfolio manager is also primarily responsible for the day-to-day portfolio management of the following accounts:
 
Portfolio Manager
Type of Account
Managed
Number of
Accounts
Assets*
Steven Hlavin
Registered Investment Company
12
$10.027 billion
 
Other Pooled Investment Vehicles
0
$0
 
Other Accounts
1
$5.42 million
John Miller
Registered Investment Company
10
$23.738 billion
 
Other Pooled Investment Vehicles
7
$230 million
 
Other Accounts
12
$12 million
Timothy Ryan
Registered Investment Company
8
$9.096 billion
 
Other Pooled Investment Vehicles
0
$0
 
Other Accounts
6
$887 million
* Assets are as of May 31, 2016.  None of the assets in these accounts are subject to an advisory fee based on performance.

POTENTIAL MATERIAL CONFLICTS OF INTEREST

Actual or apparent conflicts of interest may arise when a portfolio manager has day-to-day management responsibilities with respect to more than one account. More specifically, portfolio managers who manage multiple accounts are presented a number of potential conflicts, including, among others, those discussed below.

The management of multiple accounts may result in a portfolio manager devoting unequal time and attention to the management of each account. Nuveen Asset Management seeks to manage such competing interests for the time and attention of portfolio managers by having portfolio managers focus on a particular investment discipline. Most accounts managed by a portfolio manager in a particular investment strategy are managed using the same investment models.

If a portfolio manager identifies a limited investment opportunity which may be suitable for more than one account, an account may not be able to take full advantage of that opportunity due to an allocation of filled purchase or sale orders across all eligible accounts. To deal with these situations, Nuveen Asset Management has adopted procedures for allocating limited opportunities across multiple accounts.

With respect to many of its clients’ accounts, Nuveen Asset Management determines which broker to use to execute transaction orders, consistent with its duty to seek best execution of the transaction. However, with respect to certain other accounts, Nuveen Asset Management may be limited by the client with respect to the selection of brokers or may be instructed to direct trades through a particular broker. In these cases, Nuveen Asset Management may place separate, non-simultaneous, transactions for a Fund and other accounts which may temporarily affect the market price of the security or the execution of the transaction, or both, to the detriment of the Fund or the other accounts.

Some clients are subject to different regulations. As a consequence of this difference in regulatory requirements, some clients may not be permitted to engage in all the investment techniques or transactions or to engage in these transactions to the same extent as the other accounts managed by the portfolio manager. Finally, the appearance of a conflict of interest may arise where Nuveen Asset Management has an incentive, such as a performance-based management fee, which relates to the management of some accounts, with respect to which a portfolio manager has day-to-day management responsibilities.

Nuveen Asset Management has adopted certain compliance procedures which are designed to address these types of conflicts common among investment managers. However, there is no guarantee that such procedures will detect each and every situation in which a conflict arises.

Item 8(a)(3). FUND MANAGER COMPENSATION

Portfolio manager compensation consists primarily of base pay, an annual cash bonus and long term incentive payments.

Base pay. Base pay is determined based upon an analysis of the portfolio manager’s general performance, experience, and market levels of base pay for such position.

Annual cash bonus.  The Fund’s portfolio managers are eligible for an annual cash bonus based on investment performance, qualitative evaluation and financial performance of Nuveen Asset Management.

A portion of each portfolio manager’s annual cash bonus is based on the Fund’s investment performance, generally measured over the past one- and three or five-year periods unless the portfolio manager’s tenure is shorter. Investment performance for the Fund generally is determined by evaluating the Fund’s performance relative to its benchmark(s) and/or Lipper industry peer group.

A portion of the cash bonus is based on a qualitative evaluation made by each portfolio manager’s supervisor taking into consideration a number of factors, including the portfolio manager’s team collaboration, expense management, support of personnel responsible for asset growth, and his or her compliance with Nuveen Asset Management’s policies and procedures.
 
The final factor influencing a portfolio manager’s cash bonus is the financial performance of Nuveen Asset Management based on its operating earnings.

Long-term incentive compensation. Certain key employees of Nuveen Investments and its affiliates, including certain portfolio managers, participate in a Long-Term Performance Plan designed to provide compensation opportunities that links a portion of each participant’s compensation to Nuveen Investments’ financial and operational performance.  In addition, certain key employees of Nuveen Asset Management, including certain portfolio managers, have received profits interests in Nuveen Asset Management which entitle their holders to participate in the firm’s growth over time.

There are generally no differences between the methods used to determine compensation with respect to the Fund and the Other Accounts shown in the table above.

Item 8(a)(4). OWNERSHIP OF NID AS OF MAY 31, 2016

Name of Portfolio Manager
None
$1 - $10,000
$10,001-$50,000
$50,001-$100,000
$100,001-$500,000
$500,001-$1,000,000
Over $1,000,000
Steven Hlavin
X
           
John V. Miller
X
           
Timothy Ryan
X
           
 
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board implemented after the registrant last provided disclosure in response to this Item.

ITEM 11. CONTROLS AND PROCEDURES.

(a)
The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b)
There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12. EXHIBITS.

File the exhibits listed below as part of this Form.

(a)(1)
Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable because the code is posted on registrant’s website at www.nuveen.com/CEF/Shareholder/FundGovernance.aspx and there were no amendments during the period covered by this report. (To view the code, click on Code of Conduct.)

(a)(2)
A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: Ex-99.CERT Attached hereto.

(a)(3)
Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable.

(b)
If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)); Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference. Ex-99.906 CERT attached hereto.




SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Nuveen Intermediate Duration Municipal Term Fund

By (Signature and Title) /s/ Kevin J. McCarthy
Kevin J. McCarthy
Vice President and Secretary

Date: August 8, 2016

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title) /s/ Gifford R. Zimmerman
Gifford R. Zimmerman
Chief Administrative Officer
(principal executive officer)

Date: August 8, 2016
 
By (Signature and Title) /s/ Stephen D. Foy
Stephen D. Foy
Vice President and Controller
(principal financial officer)

Date: August 8, 2016