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)

Gifford R. Zimmerman
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
(Name and address of agent for service)

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

Date of fiscal year end: May 31

Date of reporting period: November 30, 2018

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 
8 
   
Common Share Information 
9 
   
Risk Considerations 
11 
   
Performance Overview and Holding Summaries 
12 
   
Portfolios of Investments 
16 
   
Statement of Assets and Liabilities 
46 
   
Statement of Operations 
47 
   
Statement of Changes in Net Assets 
48 
   
Statement of Cash Flows 
49 
   
Financial Highlights 
50 
   
Notes to Financial Statements 
52 
   
Additional Fund Information 
64 
   
Glossary of Terms Used in this Report 
65 
   
Reinvest Automatically, Easily and Conveniently 
67 
 
3

Chairman’s Letter to Shareholders
 
Dear Shareholders,
The global economy seemed to reach a turning point in 2018. Growth was peaking in the U.S. and slowing everywhere else. Deregulation and tax law changes, which lowered corporate and individual tax rates and encouraged companies to repatriate overseas profits, helped boost U.S. economic growth and amplify corporate earnings during 2018. Meanwhile, a weakening housing market and a flattening yield curve in the U.S. and disappointing economic growth across Europe, China and Japan signaled caution. With future corporate profits looking less certain, rising interest rates, a stronger U.S. dollar, trade wars and unpredictable politics, bearish sentiment took hold, pressuring stocks, corporate bonds and commodities alike.
Although downside risks have been rising, the likelihood of a near-term recession remains low. Global growth is indeed slowing, but it’s still positive. The U.S. economy remains strong, even in the face of late-cycle pressures. Low unemployment and firming wages should continue to support consumer spending, and the November mid-term elections resulted in change, but no major surprises. In China, the government remains committed to using fiscal stimulus to offset softening exports. Europe also remains vulnerable to trade policy as well as Brexit uncertainty, but underlying strengths in European economies, including low unemployment that drives domestic demand, remain supportive of a mild expansion. In a slower growth environment, there are opportunities for investors who seek them more selectively.
We expect volatility and challenging conditions to persist in 2019 but also think there is potential for upside. You can prepare your investment portfolio by working with your financial advisor to review your goals, timeline and risk tolerance. On behalf of the other members of the Nuveen Fund Board, we look forward to continuing to earn your trust in the months and years ahead.
Sincerely,
Terence J. Toth
Chairman of the Board
January 22, 2019
4

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, LLC. Portfolio managers John V. Miller, CFA, Timothy T. Ryan, CFA, Steven M. Hlavin and Daniel J. Close, CFA, discuss key investment strategies and the six-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.
What key strategies were used to manage NID and NIQ during the six-month reporting period ended November 30, 2018?
In the six-month reporting period, municipal bond prices fell as yields rose across the yield curve. Rates rose unevenly, however, with larger increases among shorter and longer maturities than in the middle-range maturities. Despite some pockets of high yield outflows, supply and demand conditions remained favorable and credit fundamentals continued to be relatively robust. During this time, we continued to take a bottom-up approach to discovering sectors that appeared undervalued as well as individual credits that we believed had the potential to perform well over the long term.
In this environment, 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. Both Funds’ portfolio activity included selling depreciated bonds that were bought when interest rates were lower and reinvesting the proceeds into similar bonds offering higher yield levels to capitalize on the tax loss (which can be used to offset future taxable gains) and boost the Funds’ income distribution capabilities. In the rising interest rate environment of this reporting period, we generally found more opportunities to buy attractive higher yielding bonds for this bond exchanging strategy.
NIQ was active during the reporting period, primarily exchanging bonds with lower embedded yields for bonds offering higher yields, intermediate to longer maturities and medium to lower credit ratings. We made these trades across several sectors including transportation, state general obligation, dedicated tax and health care. We also reinvested the proceeds from called bonds and from selling other lower embedded yield positions.
 

This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy or sell securities, and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on an investor’s objectives and circumstances and in consultation with his or her advisors.
Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio manager as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements, and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc. (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings, while BB, B, CCC, CC, C and D are below investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
Bond insurance guarantees only the payment of principal and interest on the bond when due, and not the value of the bonds themselves, which will fluctuate with the bond market and the financial success of the issuer and the insurer. Insurance relates specifically to the bonds in the portfolio and not to the share prices of a Fund. No representation is made as to the insurers’ ability to meet their commitments.
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
5

Portfolio Managers’ Comments (continued)
NID’s portfolio turnover was mainly driven by reinvesting the proceeds from bond calls and the one-for-one selling and buying of bonds to increase the Fund’s income distribution capability and capture tax efficiencies. We added credits issued for industrial development revenue (IDR), toll roads, higher education and tax increment financing districts. Additionally, Golden State tobacco settlement bonds were called during the reporting period, and we replaced some of the position with the new Golden State tobacco deal.
As of November 30, 2018, both 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 also used duration shortening forward interest rate swaps to help maintain the Fund’s ten-year maximum duration mandate. The interest rate swaps did not meaningfully impact performance.
How did NID and NIQ perform during the six-month reporting period ended November 30, 2018?
The tables in each Fund's Performance Overview and Holding Summaries section of this report provide the Funds’ total returns for the six-month, one-year, five-year and since-inception periods ended November 30, 2018. Each Fund's total returns at common share net asset value (NAV) are compared with the performance of a corresponding market index.
For the six months ended November 30, 2018, the total returns at common share NAV for both Funds outperformed the returns for the S&P Municipal Bond Index, while NID underperformed the S&P Intermediate Duration Municipal Yield Index and NIQ lagged the S&P Intermediate Municipal Index.
The main factors influencing the Funds’ relative performance during this reporting period were duration and yield curve positioning, ratings allocations, sector positioning and credit selection. In addition, the use of regulatory leverage was an important factor affecting the performance of the Funds. Leverage is discussed in more detail later in the Fund Leverage section of this report.
Duration and yield curve positioning were favorable to the Funds’ performance in this reporting period. The rising interest rate and steepening yield curve environment benefited the Funds’ intermediate duration profiles, as shorter maturities outperformed longer maturities. NIQ was most helped by its overweight to the zero to two-year duration bucket, which was partially offset by the negative impact from an overweight to the 10- to 12-year segment.
Credit ratings allocations were a positive contributor to the Funds’ performance. Both Funds emphasized lower rated (A rated and below) bonds, which outperformed the overall market, over high grade (AAA and AA rated) paper, which trailed the overall market. In particular, the Funds’ exposure to the high yield segment, composed of bonds rated BBB and below, and the non-rated category performed well as their higher coupons helped buffer the impact of rising interest rates.
Sector positioning detracted from performance in this reporting period. Compared to S&P Intermediate Duration Municipal Yield Index, NID had heavier exposure to a sell-off in the tobacco sector as well as lighter exposure to the appreciation in Puerto Rico bonds, which was detrimental to relative performance. However, some of the relative weakness was counteracted by the strong performance of NID’s overweight in IDR credits. Notably, holdings in FirstEnergy Solutions (for more detail see An Update on FirstEnergy Solutions Corp. following this commentary), U.S. Steel, AK Steel, Delta Airlines, USG, Iowa Fertilizer, Northrup Grumman and Boise Cascade outperformed in this reporting period. For NIQ, which is compared to the S&P Intermediate Municipal Index, an underweight to the “other transportation” sector detracted from relative results, while the Fund’s exposure to the higher education sector was beneficial. Additionally, NIQ’s credit selection in short-dated, lower rated bonds, including FirstEnergy Solutions, bolstered relative performance, but the gain was offset by weaker selection among tender option bonds.
6

 

An Update on FirstEnergy Solutions Corp.
FirstEnergy Solutions Corp. and all of its subsidiaries filed for protection under Chapter 11 of the U.S. Bankruptcy Code on March 18, 2018. FirstEnergy Solutions and its subsidiaries specialize in coal and nuclear energy production. It is one of the main energy producers in the state of Ohio and a major energy provider in Pennsylvania. Because of the challenging market environment for nuclear and coal power in the face of inexpensive natural gas, FirstEnergy Corp., FirstEnergy Solution’s parent announced in late 2016 that it would begin a strategic review of its generation assets. FirstEnergy Solutions is a unique corporate issuer in that the majority of its debt was issued in the municipal market to finance pollution control and waste disposal for its coal and nuclear plants. A substantial amount of bondholders, of which Nuveen Funds are included, entered into an “Agreement in Principal” with FirstEnergy Corp., to resolve potential claims that bondholders may have against FirstEnergy Corp. The agreement is subject to the approval of the FirstEnergy Corp. board of directors, FirstEnergy Solutions and the bankruptcy court.
In terms of FirstEnergy holdings, shareholders should note that NID had 4.12% and NIQ had 0.91% exposure, which was a mix of unsecured and secured holdings.
7

Fund Leverage
IMPACT OF THE FUNDS’ LEVERAGE STRATEGIES ON PERFORMANCE
One important factor impacting the returns of the Funds’ common shares 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 in recent years 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 can expose Fund common shares to additional price volatility. When a Fund uses leverage, the Fund common shares will experience a greater increase in their net asset value if the municipal bonds acquired through the use of leverage increase in value, but will also experience a correspondingly larger decline in their net asset value if the bonds acquired through leverage decline in value, which will make the shares’ net asset value more volatile, and total return performance more variable, over time.
In addition, common share 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. Over the last few quarters, short-term interest rates have indeed increased from their extended lows after the 2007-09 financial crisis. This increase has reduced common share net income, and also reduced potential for long-term total returns. Nevertheless, the ability to effectively borrow at current short-term rates is still resulting in enhanced common share income, and management believes that the advantages of continuation of leverage outweigh the associated increase in risk and volatility described above.
Leverage had a positive impact on the total return performance of the Funds over the reporting period.
As of November 30, 2018, the Funds’ percentages of leverage are as shown in the accompanying table.
     
 
NID 
NIQ 
Effective Leverage* 
36.97% 
36.89% 
Regulatory Leverage* 
21.66% 
23.73% 
   
*
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. A Fund, however, may from time to time borrow on a typically transient basis in connection with its day-to-day operations, primarily in connection with the need to settle portfolio trades. Such incidental borrowings are excluded from the calculation of a Fund’s effective leverage ratio. Regulatory leverage is subject to asset coverage limits set forth in the Investment Company Act of 1940. 
 
THE FUNDS’ REGULATORY LEVERAGE
As of November 30, 2018, the Funds have issued and outstanding preferred shares as shown in the accompanying table.
                   
 
       
Variable Rate
       
 
 
Variable Rate
   
Remarketed
       
 
 
Preferred*
   
Preferred**
       
 
 
Shares
   
Shares
       
 
 
Issued at
   
Issued at
       
 
 
Liquidation
   
Liquidation
       
 
 
Preference
   
Preference
   
Total
 
NID 
 
$
175,000,000
   
$
   
$
175,000,000
 
NIQ 
 
$
55,000,000
   
$
   
$
55,000,000
 
   
* 
Preferred shares of the Fund featuring a floating rate dividend based on a predetermined formula or spread to an index rate. Includes the following preferred shares AMTP, iMTP, VMTP, MFP-VRM and VRDP in Special Rate Mode, where applicable. See Notes to Financial Statements, Note 4 – Fund Shares, Preferred Shares for further details. 
**
Preferred shares of the Fund featuring floating rate dividends set by a remarketing agent via a regular remarketing. Includes the following preferred shares VRDP not in Special Rate Mode, MFP-VRRM and MFP-VRDM, where applicable. See Notes to Financial Statements, Note 4 – Fund Shares, Preferred Shares for further details. 
 
Refer to Notes to Financial Statements, Note 4 – Fund Shares, Preferred Shares for further details on preferred shares and each Funds’ respective transactions.
8

Common Share Information
COMMON SHARE DISTRIBUTION INFORMATION
The following information regarding the Funds’ distributions is current as of November 30, 2018. 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 2018 
 
$
0.0425
   
$
0.0330
 
July 
   
0.0425
     
0.0330
 
August 
   
0.0425
     
0.0330
 
September 
   
0.0425
     
0.0295
 
October 
   
0.0425
     
0.0295
 
November 2018 
   
0.0425
     
0.0295
 
Total Distributions from Net Investment Income 
 
$
0.2550
   
$
0.1875
 
                 
Yields 
               
Market Yield* 
   
4.12
%
   
2.89
%
Taxable-Equivalent Yield* 
   
5.42
%
   
3.80
%
   
*
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 24.0%. When comparing a Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield would be lower. 
 
Each Fund seeks to pay regular monthly dividends out of its net investment income at a rate that reflects its past and projected net income performance. To permit 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. Distributions to shareholders are determined on a tax basis, which may differ from amounts recorded in the accounting records. In instances where the monthly dividend exceeds the earned net investment income, the Fund would report a negative undistributed net ordinary income. Refer to Note 6 – Income Tax Information for additional information regarding the amounts of undistributed net ordinary income and undistributed net long-term capital gains and the character of the actual distributions paid by the Fund during the period.
All monthly dividends paid by 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 will be notified of those sources. For financial reporting purposes, per share amounts of each Fund’s distributions for the reporting period are presented in this report’s Financial Highlights. 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.
9

Common Share Information (continued)
COMMON SHARE REPURCHASES
During August 2018, 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 November 30, 2018, and since the inception of the Funds’ repurchase programs, the Funds have cumulatively repurchased and retired their outstanding common shares as shown in the accompanying table.
     
 
NID 
NIQ 
Common shares cumulatively repurchased and retired 
 
 
Common shares authorized for repurchase 
4,690,000 
1,310,000 
 
OTHER COMMON SHARE INFORMATION
As of November 30, 2018, 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 
 
$
13.49
   
$
13.50
 
Common share price 
 
$
12.39
   
$
12.27
 
Premium/(Discount) to NAV 
   
(8.15
)%
   
(9.11
)%
6-month average premium/(discount) to NAV 
   
(8.75
)%
   
(8.89
)%
 
10

Risk Considerations
Fund shares are not guaranteed or endorsed by any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation.
Nuveen 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.
11

   
NID 
Nuveen Intermediate Duration Municipal 
 
Term Fund 
 
Performance Overview and Holding Summaries as of 
 
November 30, 2018 
 
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 November 30, 2018
         
 
Cumulative 
Average Annual 
 
 
 
 
Since 
 
6-Month 
1-Year 
5-Year 
Inception 
NID at Common Share NAV 
1.00% 
2.55% 
6.07% 
3.71% 
NID at Common Share Price 
0.61% 
(1.32)% 
7.39% 
1.78% 
S&P Intermediate Duration Municipal Yield Index 
1.42% 
3.86% 
4.43% 
3.52% 
S&P Municipal Bond Index 
0.36% 
1.16% 
3.59% 
2.36% 
 
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 return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.
Common Share Price Performance — Weekly Closing Price
12

 

This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
   
Fund Allocation 
 
(% of net assets) 
 
Long-Term Municipal Bonds 
125.4% 
Other Assets Less Liabilities 
4.0% 
Net Assets Plus Floating Rate 
 
Obligations & AMTP Shares, 
 
net of deferred offering costs 
129.4% 
Floating Rate Obligations 
(1.8)% 
AMTP Shares, net of deferred 
 
offering costs 
(27.6)% 
Net Assets 
100% 
 
   
Portfolio Credit Quality 
 
(% of total investment exposure) 
 
U.S. Guaranteed 
5.8% 
AAA 
0.1% 
AA 
23.3% 
A 
14.3% 
BBB 
21.4% 
BB or Lower 
20.0% 
N/R (not rated) 
15.1% 
Total 
100% 
 
   
Portfolio Composition 
 
(% of total investments) 
 
Tax Obligation/Limited 
23.3% 
Health Care 
11.8% 
Tax Obligation/General 
9.7% 
Transportation 
9.5% 
Consumer Staples 
8.7% 
Education and Civic Organizations 
8.4% 
Utilities 
7.8% 
Industrials 
7.6% 
Other 
13.2% 
Total 
100% 
 
   
States and Territories 
 
(as a % of total investments) 
 
Illinois 
17.4% 
California 
9.4% 
Florida 
7.2% 
Ohio 
6.9% 
New York 
6.1% 
New Jersey 
5.9% 
Pennsylvania 
5.6% 
Texas 
4.3% 
Michigan 
3.8% 
Guam 
3.3% 
Colorado 
3.0% 
Indiana 
2.5% 
Wisconsin 
2.4% 
Iowa 
2.2% 
Washington 
2.1% 
Other 
17.9% 
Total 
100% 
 
13

   
NIQ 
Nuveen Intermediate Duration Quality 
 
Municipal Term Fund 
 
Performance Overview and Holding Summaries as of 
 
November 30, 2018 
 
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 November 30, 2018
         
 
Cumulative 
Average Annual 
 
 
 
 
Since 
 
6-Month 
1-Year 
5-Year 
Inception 
NIQ at Common Share NAV 
0.20% 
0.62% 
4.93% 
2.78% 
NIQ at Common Share Price 
(0.50)% 
(1.63)% 
5.87% 
0.61% 
S&P Municipal Bond Intermediate Index 
0.72% 
1.17% 
3.01% 
2.35% 
S&P Municipal Bond Index 
0.36% 
1.16% 
3.59% 
2.55% 
 
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 return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.
Common Share Price Performance — Weekly Closing Price
14

 

This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
   
Fund Allocation 
 
(% of net assets) 
 
Long-Term Municipal Bonds 
127.8% 
Other Assets Less Liabilities 
3.2% 
Net Assets Plus AMTP Shares, 
 
net of deferred offering costs 
131.0% 
AMTP Shares, net of deferred 
 
offering costs 
(31.0)% 
Net Assets 
100% 
 
   
Portfolio Credit Quality 
 
(% of total investment exposure) 
 
U.S. Guaranteed 
10.0% 
AAA 
0.4% 
AA 
31.7% 
A 
30.0% 
BBB 
17.9% 
BB or Lower 
5.0% 
N/R (not rated) 
5.0% 
Total 
100% 
 
   
Portfolio Composition 
 
(% of total investments) 
 
Utilities 
23.6% 
Tax Obligation/Limited 
15.6% 
Health Care 
15.3% 
Transportation 
14.9% 
Education and Civic Organizations 
9.0% 
Water and Sewer 
7.9% 
Tax Obligation/General 
5.8% 
Other 
7.9% 
Total 
100% 
 
   
States and Territories 
 
(as a % of total investments) 
 
California 
12.1% 
Illinois 
9.1% 
Florida 
8.2% 
Colorado 
7.8% 
Tennessee 
7.4% 
Texas 
7.1% 
Michigan 
4.5% 
New Jersey 
4.2% 
Pennsylvania 
3.2% 
New York 
3.0% 
Ohio 
3.0% 
Maine 
2.3% 
Kentucky 
2.2% 
Nevada 
2.0% 
South Carolina 
1.9% 
Alabama 
1.9% 
Hawaii 
1.4% 
Other 
18.7% 
Total 
100% 
 
15

   
NID 
Nuveen Intermediate Duration Municipal 
 
Term Fund 
 
Portfolio of Investments 
 
November 30, 2018 (Unaudited) 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
LONG-TERM INVESTMENTS – 125.4% (100.0% of Total Investments) 
 
 
 
 
 
MUNICIPAL BONDS – 125.4% (100.0% of Total Investments) 
 
 
 
 
 
Alaska – 0.3% (0.2% of Total Investments) 
 
 
 
$ 2,000 
 
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed 
1/19 at 100.00 
B3 
$ 1,950,200 
 
 
Bonds, Series 2006A, 5.000%, 6/01/32 
 
 
 
 
 
Arizona – 1.2% (0.9% of Total Investments) 
 
 
 
2,000 
 
Arizona Health Facilities Authority, Hospital System Revenue Bonds, Phoenix Children’s 
2/22 at 100.00 
A+ 
2,146,040 
 
 
Hospital, Refunding Series 2012A, 5.000%, 2/01/27 
 
 
 
695 
 
Estrella Mountain Ranch Community Facilities District, Goodyear City, Arizona, Special 
7/25 at 100.00 
N/R 
650,207 
 
 
Assessment Revenue Bonds, Montecito Assessment District 2, Series 2015, 4.750%, 
 
 
 
 
 
7/01/30, 144A 
 
 
 
1,050 
 
Florence Town Inc., Industrial Development Authority, Arizona, Education Revenue Bonds, 
No Opt. Call 
Ba1 
1,088,199 
 
 
Legacy Traditional School Project – Queen Creek and Casa Grande Campuses, Series 2013, 
 
 
 
 
 
5.000%, 7/01/23 
 
 
 
85 
 
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, 
7/21 at 100.00 
N/R (4) 
92,600 
 
 
Great Hearts Academies – Veritas Project, Series 2012, 6.250%, 7/01/32 (Pre-refunded 7/01/21) 
 
 
 
290 
 
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, 
7/25 at 100.00 
Ba1 
290,470 
 
 
Legacy Traditional Schools Projects, Series 2015, 5.000%, 7/01/45, 144A 
 
 
 
1,000 
 
Phoenix Industrial Development Authority, Arizona, Lease Revenue Bonds, Guam Facilities 
2/24 at 100.00 
B+ 
935,160 
 
 
Foundation, Inc. Project, Series 2014, 5.125%, 2/01/34 
 
 
 
760 
 
Pima County Industrial Development Authority, Arizona, Education Facility Revenue and 
7/20 at 102.00 
BB– 
720,389 
 
 
Refunding Bonds, Edkey Charter Schools Project, Series 2013, 5.000%, 7/01/25 
 
 
 
800 
 
University Medical Center Corporation, Tucson, Arizona, Hospital Revenue Bonds, Series 
No Opt. Call 
N/R (4) 
813,776 
 
 
2011, 5.000%, 7/01/19 (ETM) 
 
 
 
533 
 
Watson Road Community Facilities District, Arizona, Special Assessment Revenue Bonds, 
1/19 at 100.00 
N/R 
532,121 
 
 
Series 2005, 5.750%, 7/01/22 
 
 
 
7,213 
 
Total Arizona 
 
 
7,268,962 
 
 
California – 11.8% (9.4% of Total Investments) 
 
 
 
1,850 
 
Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Second 
10/26 at 100.00 
AA 
1,911,050 
 
 
Subordinate Lien Series 2016B, 4.000%, 10/01/35 (WI/DD, Settling 12/03/18) – AGM Insured 
 
 
 
2,490 
 
Alvord Unified School District, Riverside County, California, General Obligation Bonds, 
No Opt. Call 
AA 
4,838,991 
 
 
Tender Option Bond Trust 2016-XG0089, 20.170%, 8/01/30, 144A (IF) (6) 
 
 
 
790 
 
Antelope Valley Healthcare District, California, Revenue Bonds, Series 2011A, 6.875%, 
3/21 at 100.00 
N/R (4) 
855,910 
 
 
3/01/26 (Pre-refunded 3/01/21) 
 
 
 
750 
 
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, 
10/26 at 100.00 
AA 
868,147 
 
 
Tender Option Bond Trust 2016-XG0019, 5.016%, 10/01/31, 144A (IF) (6) 
 
 
 
 
 
California Municipal Finance Authority, Revenue Bonds, NorthBay Healthcare Group, 
 
 
 
 
 
Series 2017A: 
 
 
 
1,095 
 
5.250%, 11/01/29 
11/26 at 100.00 
BBB– 
1,214,235 
1,140 
 
5.000%, 11/01/30 
11/26 at 100.00 
BBB– 
1,239,545 
1,000 
 
California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, 
7/22 at 100.00 
Baa3 
1,027,940 
 
 
Poseidon Resources Channelside LP Desalination Project, Series 2012, 5.000%, 11/21/45, 144A 
 
 
 
 
 
(Alternative Minimum Tax) 
 
 
 
 
 
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 
538,070 
2,500 
 
5.250%, 12/01/34 
12/24 at 100.00 
BB 
2,652,325 
2,300 
 
California Statewide Communities Development Authority, California, Revenue Bonds, Loma 
6/26 at 100.00 
BB– 
2,481,838 
 
 
Linda University Medical Center, Series 2016A, 5.000%, 12/01/27, 144A 
 
 
 
 
16

 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
California (continued) 
 
 
 
$ 5,000 
 
Compton Community Redevelopment Agency, California, Tax Allocation Revenue Bonds, 
8/20 at 100.00 
N/R 
$ 5,208,200 
 
 
Redevelopment Projects, Second Lien Series 2010B, 5.750%, 8/01/26 
 
 
 
3,000 
 
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, 
No Opt. Call 
AA 
2,736,120 
 
 
Refunding Series 2013A, 0.000%, 1/15/29 – AGM Insured (5) 
 
 
 
 
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement 
 
 
 
 
 
Asset-Backed Bonds, Series 2018A-1: 
 
 
 
2,000 
 
5.000%, 6/01/30 
6/28 at 100.00 
BBB 
2,206,500 
3,260 
 
5.000%, 6/01/32 
6/28 at 100.00 
BBB 
3,558,420 
2,885 
 
5.000%, 6/01/33 
6/28 at 100.00 
BBB 
3,134,726 
3,805 
 
5.000%, 6/01/34 
6/28 at 100.00 
BBB 
4,115,564 
1,415 
 
5.000%, 6/01/35 
6/28 at 100.00 
BBB 
1,524,677 
2,890 
 
3.500%, 6/01/36 
6/22 at 100.00 
BBB 
2,835,784 
310 
 
Indio Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment 
1/19 at 100.00 
A 
310,676 
 
 
Project, Subordinate Lien Refunding Series 2008A, 5.000%, 8/15/23 
 
 
 
645 
 
Inland Empire Tobacco Securitization Authority, California, Tobacco Settlement 
1/19 at 100.00 
N/R 
642,871 
 
 
Asset-Backed Bonds, Series 2007A. Turbo Current Interest, 4.625%, 6/01/21 
 
 
 
2,315 
 
Lake Elsinore Public Financing Authority, California, Local Agency Revenue Bonds, 
9/25 at 100.00 
N/R 
2,485,847 
 
 
Refunding Series 2015, 5.000%, 9/01/35 
 
 
 
250 
 
National City Community Development Commission, California, Tax Allocation Bonds, 
8/21 at 100.00 
A (4) 
283,272 
 
 
National City Redevelopment Project, Series 2011, 7.000%, 8/01/32 (Pre-refunded 8/01/21) 
 
 
 
855 
 
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 
No Opt. Call 
N/R (4) 
883,908 
 
 
2009, 5.500%, 11/01/19 (ETM) 
 
 
 
5,000 
 
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 
11/19 at 100.00 
N/R (4) 
5,219,050 
 
 
2009, 6.625%, 11/01/29 (Pre-refunded 11/01/19) 
 
 
 
700 
 
Redwood City, California, Special Tax Refunding Bonds, Redwood Shores Community 
9/22 at 100.00 
N/R 
743,561 
 
 
Facilities District 99-1, Shores Transportation Improvement Project, Series 2012B, 
 
 
 
 
 
5.000%, 9/01/29 
 
 
 
1,975 
 
Riverside County Redevelopment Agency Successor Agency, California, Tax Allocation 
10/24 at 100.00 
AA 
2,184,231 
 
 
Bonds, Refunding Series 2014A, 5.000%, 10/01/34 (WI/DD, Settling 12/03/18) – AGM Insured 
 
 
 
215 
 
Riverside County, California, Special Tax Bonds, Community Facilities District 05-8 
No Opt. Call 
N/R 
221,695 
 
 
Scott Road, Series 2013, 4.000%, 9/01/21 
 
 
 
500 
 
Roseville, California, Special Tax Bonds, Community Facilities District 1 Westbrook, 
9/24 at 100.00 
N/R 
539,490 
 
 
Series 2014, 5.000%, 9/01/29 
 
 
 
2,395 
 
San Bernardino Joint Powers Financing Authority, California, Tax Allocation Bonds, 
No Opt. Call 
AA 
2,750,945 
 
 
Series 2005A, 5.750%, 10/01/24 – AGM Insured 
 
 
 
440 
 
San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 
12/21 at 100.00 
BB 
479,851 
 
 
2011, 7.500%, 12/01/41 
 
 
 
260 
 
San Diego, California, Community Facilities District 3 Liberty Station Special Tax 
No Opt. Call 
N/R 
269,961 
 
 
Refunding Bonds Series 2013, 5.000%, 9/01/20 
 
 
 
1,500 
 
Tejon Ranch Public Facilities Financing Authority, California, Special Tax Bonds, 
3/23 at 100.00 
N/R 
1,580,040 
 
 
Community Facilities District 2008-1 Tejon Industrial Complex East 2012A, 5.000%, 9/01/32 
 
 
 
1,500 
 
Tejon Ranch Public Facilities Financing Authority, California, Special Tax Bonds, 
3/23 at 100.00 
N/R 
1,571,310 
 
 
Community Facilities District 2008-1 Tejon Industrial Complex East 2012B, 5.000%, 9/01/32 
 
 
 
10,000 
 
Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed 
1/19 at 100.00 
BB– 
10,044,300 
 
 
Bonds, Refunding Series 2005A-2, 5.400%, 6/01/27 (5) 
 
 
 
1,245 
 
Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed 
1/19 at 100.00 
Baa3 
1,251,312 
 
 
Bonds, Series 2005A-1, 4.750%, 6/01/23 
 
 
 
65 
 
Vernon, California, Electric System Revenue Bonds, Series 2009A, 5.125%, 8/01/21 
8/19 at 100.00 
N/R (4) 
66,475 
 
 
(Pre-refunded 8/01/19) 
 
 
 
68,840 
 
Total California 
 
 
74,476,837 
 
17

   
NID 
Nuveen Intermediate Duration Municipal Term Fund 
 
Portfolio of Investments (continued) 
 
November 30, 2018 (Unaudited) 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Colorado – 3.7% (3.0% of Total Investments) 
 
 
 
 
 
Colorado Bridge Enterprise, Revenue Bonds, Central 70 Project, Senior Series 2017: 
 
 
 
$ 750 
 
4.000%, 12/31/30 (Alternative Minimum Tax) 
12/27 at 100.00 
A– 
$ 772,192 
250 
 
4.000%, 6/30/31 (Alternative Minimum Tax) 
12/27 at 100.00 
A– 
256,550 
645 
 
Colorado Educational and Cultural Facilities Authority, Charter School Refunding Revenue 
6/23 at 100.00 
A+ 
693,491 
 
 
Bonds, Pinnacle Charter School, Inc. K-8 Facility Project, Series 2013, 5.000%, 6/01/29 
 
 
 
330 
 
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, 
No Opt. Call 
B+ 
333,076 
 
 
Academy of Charter Schools Project, Series 2010B, 6.125%, 11/01/20 
 
 
 
100 
 
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, 
No Opt. Call 
BB+ 
103,171 
 
 
Littleton Preparatory Charter School, Series 2013, 5.000%, 12/01/22 
 
 
 
420 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Total Longterm Care 
No Opt. Call 
N/R (4) 
436,220 
 
 
National Obligated Group Project, Series 2010A, 5.250%, 11/15/20 (ETM) 
 
 
 
889 
 
Colorado Housing and Finance Authority, Revenue Bonds, Confluence Energy LLC Project, 
No Opt. Call 
N/R 
307,559 
 
 
Series 2017, 6.875%, 10/01/27 (Alternative Minimum Tax) (7) 
 
 
 
3,270 
 
Colorado Springs, Colorado, Utilities System Revenue Bonds, Tender Option Bond Trust 
11/22 at 100.00 
AA 
3,893,589 
 
 
2015-XF0223, 9.001%, 11/15/30, 144A (IF) 
 
 
 
 
 
Colorado State Board of Governors, Colorado State University Auxiliary Enterprise System 
 
 
 
 
 
Revenue Bonds, Tender Option Bond Trust 2016-XF2354: 
 
 
 
100 
 
15.959%, 3/01/25, 144A (IF) (6) 
No Opt. Call 
AA 
177,012 
300 
 
15.959%, 3/01/26, 144A (IF) (6) 
No Opt. Call 
AA 
552,456 
430 
 
15.927%, 3/01/27, 144A (IF) (6) 
No Opt. Call 
AA 
812,618 
725 
 
15.959%, 3/01/28, 144A (IF) (6) 
No Opt. Call 
AA 
1,396,364 
200 
 
15.959%, 3/01/29, 144A (IF) (6) 
No Opt. Call 
AA 
392,080 
635 
 
Denver City and County, Colorado, Special Facilities Airport Revenue Bonds, United 
10/23 at 100.00 
BB 
667,702 
 
 
Airlines, Inc. Project, Refunding Series 2017, 5.000%, 10/01/32 (Alternative Minimum Tax) 
 
 
 
2,000 
 
Denver Convention Center Hotel Authority, Colorado, Revenue Bonds, Convention Center 
No Opt. Call 
Baa2 
2,216,340 
 
 
Hotel, Refunding Senior Lien Series 2016, 5.000%, 12/01/26 
 
 
 
5,715 
 
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A, 0.000%, 
No Opt. Call 
A 
4,194,467 
 
 
9/01/27 – NPFG Insured 
 
 
 
860 
 
Fitzsimons Village Metropolitan District 3, Arapahoe County, Colorado, Tax 
3/20 at 100.00 
N/R 
838,921 
 
 
Increment/Public Improvement Fee Supported Revenue Bonds, Series 2014A, 
 
 
 
 
 
5.750%, 3/01/32 
 
 
 
 
 
Plaza Metropolitan District 1, Lakewood, Colorado, Tax Increment Revenue Bonds, 
 
 
 
 
 
Refunding Series 2013: 
 
 
 
500 
 
5.000%, 12/01/18, 144A 
No Opt. Call 
N/R 
500,000 
1,000 
 
5.000%, 12/01/21, 144A 
No Opt. Call 
N/R 
1,053,880 
528 
 
SouthGlenn Metropolitan District, Colorado, Special Revenue Bonds, Refunding Series 
No Opt. Call 
N/R 
518,797 
 
 
2016, 3.000%, 12/01/21 
 
 
 
3,150 
 
Westminster Economic Development Authority, Colorado, Tax Increment Revenue Bonds, 
12/22 at 100.00 
AA– 
3,442,729 
 
 
Mandalay Gardens Urban Renewal Project, Series 2012, 5.000%, 12/01/27 
 
 
 
22,797 
 
Total Colorado 
 
 
23,559,214 
 
 
Connecticut – 0.0% (0.0% of Total Investments) 
 
 
 
7,714 
 
Mashantucket Western Pequot Tribe, Connecticut, Special Revenue Bonds, Subordinate 
No Opt. Call 
N/R 
260,362 
 
 
Series 2013A, 6.050%, 7/01/31 (cash 4.000%, PIK 2.050%) (8) 
 
 
 
 
 
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+ 
501,150 
500 
 
4.000%, 10/01/20 
No Opt. Call 
BB+ 
501,960 
670 
 
4.000%, 10/01/21 
No Opt. Call 
BB+ 
671,936 
355 
 
District of Columbia, Revenue Bonds, Ingleside at Rock Creek Project, Series 2017A, 
7/24 at 103.00 
N/R 
349,824 
 
 
4.125%, 7/01/27 
 
 
 
 
18

 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
District of Columbia (continued) 
 
 
 
 
 
District of Columbia, Tax Increment Revenue Bonds, Gallery Place Project, Tender Option 
 
 
 
 
 
Bond Trust 2016-XF2341: 
 
 
 
$ 745 
 
15.230%, 6/01/29, 144A (IF) (6) 
6/21 at 100.00 
Aa2 
$ 975,093 
785 
 
15.181%, 6/01/30, 144A (IF) (6) 
6/21 at 100.00 
Aa2 
1,022,619 
520 
 
15.230%, 6/01/31, 144A (IF) (6) 
6/21 at 100.00 
Aa2 
675,418 
4,075 
 
Total District of Columbia 
 
 
4,698,000 
 
 
Florida – 9.0% (7.2% of Total Investments) 
 
 
 
 
 
Atlantic Beach, Florida, Healthcare Facilities Revenue Refunding Bonds, Fleet Landing 
 
 
 
 
 
Project, Series 2013A: 
 
 
 
425 
 
5.000%, 11/15/20 
No Opt. Call 
BBB 
444,898 
150 
 
5.000%, 11/15/23 
No Opt. Call 
BBB 
163,551 
680 
 
Ave Maria Stewardship Community District, Florida, Capital Improvement Revenue Bonds, 
5/25 at 100.00 
N/R 
668,372 
 
 
Series 2015, 5.000%, 5/01/30 
 
 
 
7,200 
 
Cape Coral Health Facilities Authority, Florida, Senior Housing Revenue Bonds, Gulf Care 
7/25 at 100.00 
N/R 
7,614,720 
 
 
Inc. Project, Series 2015, 5.750%, 7/01/30, 144A 
 
 
 
430 
 
Capital Projects Finance Authority, Student Housing Revenue Bonds, Capital Projects Loan 
1/19 at 100.00 
Baa2 
432,584 
 
 
Program – Florida Universities, Series 2001F-1, 5.000%, 10/01/31 – NPFG Insured 
 
 
 
1,980 
 
Capital Trust Agency, Florida, Fixed Rate Air Cargo Revenue Refunding Bonds, Aero Miami 
7/20 at 100.00 
Baa3 
2,033,143 
 
 
FX, LLC Project, Series 2010A, 5.350%, 7/01/29 
 
 
 
805 
 
Collier County Educational Facilities Authority, Florida, Revenue Bonds, Ave Maria 
No Opt. Call 
BBB– 
821,728 
 
 
University, Refunding Series 2013A, 4.500%, 6/01/23 
 
 
 
475 
 
Corkscrew Farms Community Development District, Lee County, Florida, Special Assessment 
No Opt. Call 
N/R 
471,874 
 
 
Bonds, Area One Project, Series 2016, 3.500%, 11/01/21 
 
 
 
1,800 
 
Florida Development Finance Corporation, Educational Facilities Revenue Bonds, 
No Opt. Call 
BB 
1,866,060 
 
 
Renaissance Charter School, Inc. Projects, Series 2011A, 6.500%, 6/15/21 
 
 
 
545 
 
Florida, Development Finance Corporation, Surface Transportation Facility Revenue Bonds, 
1/19 at 105.00 
N/R 
564,522 
 
 
Brightline Passenger Rail Project – South Segment, Series 2017, 5.625%, 1/01/47, 144A 
 
 
 
 
 
(Mandatory put 1/01/28) (Alternative Minimum Tax) 
 
 
 
640 
 
Grand Bay at Doral Community Development District, Miami-Dade County, Florida, Special 
No Opt. Call 
N/R 
667,322 
 
 
Assessment Bonds, Doral Breeze Project Series 2012, 5.125%, 11/01/22 
 
 
 
 
 
Lake Powell Residential Golf Community Development District, Bay County, Florida, 
 
 
 
 
 
Special Assessment Revenue Refunding Bonds, Series 2012: 
 
 
 
700 
 
5.250%, 11/01/22 
No Opt. Call 
N/R 
727,356 
1,300 
 
5.750%, 11/01/32 
11/23 at 100.00 
N/R 
1,333,943 
1,855 
 
Lee County Industrial Development Authority, Florida, Charter School Revenue Bonds, Lee 
1/19 at 100.00 
BB– 
1,839,882 
 
 
County Community Charter Schools, Series 2007A, 5.250%, 6/15/27 
 
 
 
4,000 
 
Martin County Industrial Development Authority, Florida, Industrial Development Revenue 
6/20 at 100.00 
BBB+ 
4,072,640 
 
 
Refunding Bonds, Indiantown Cogeneration LP, Series 2013, 3.950%, 12/15/21, 144A (Alternative 
 
 
 
 
 
Minimum Tax) 
 
 
 
 
 
Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Tender 
 
 
 
 
 
Option Bond Trust 2016-XG0099: 
 
 
 
700 
 
14.868%, 7/01/22, 144A (IF) (6) 
No Opt. Call 
A+ 
1,038,926 
820 
 
14.868%, 7/01/23, 144A (IF) (6) 
7/22 at 100.00 
A+ 
1,206,671 
1,115 
 
14.868%, 7/01/24, 144A (IF) (6) 
7/22 at 100.00 
A+ 
1,624,711 
800 
 
14.868%, 7/01/25, 144A (IF) (6) 
7/22 at 100.00 
A+ 
1,154,232 
710 
 
Miromar Lakes Community Development District, Lee County, Florida, Capital Improvement 
No Opt. Call 
N/R 
733,018 
 
 
Revenue Bonds, Refunding Series 2012, 4.875%, 5/01/22 
 
 
 
1,230 
 
Northern Palm Beach County Improvement District, Florida, Water Control and Improvement 
No Opt. Call 
N/R 
1,273,702 
 
 
Bonds, Development Unit 16, Refunding Series 2012, 5.125%, 8/01/22 
 
 
 
500 
 
Palm Beach County Health Facilities Authority, Florida, Hospital Revenue Bonds, BRCH 
12/24 at 100.00 
BBB+ 
552,140 
 
 
Corporation Obligated Group, Refunding Series 2014, 5.000%, 12/01/25 
 
 
 
900 
 
Palm Beach County Health Facilities Authority, Florida, Revenue Bonds, Jupiter Medical 
11/22 at 100.00 
BBB+ 
942,228 
 
 
Center, Series 2013A, 5.000%, 11/01/33 
 
 
 
 
19

   
NID 
Nuveen Intermediate Duration Municipal Term Fund 
 
Portfolio of Investments (continued) 
 
November 30, 2018 (Unaudited) 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Florida (continued) 
 
 
 
$ 140 
 
Pelican Marsh Community Development District, Florida, Special Assessment Revenue Bonds, 
No Opt. Call 
N/R 
$ 140,136 
 
 
Refunding Series 2013, 3.500%, 5/01/19 
 
 
 
2,610 
 
South Fork Community Development District, Florida, Capital Improvement Revenue Bonds, 
5/27 at 100.00 
BBB 
2,626,626 
 
 
Refunding Series 2017, 4.000%, 5/01/31 
 
 
 
1,735 
 
South-Dade Venture Community Development District, Florida, Special Assessment Revenue 
5/22 at 100.00 
BBB 
1,861,134 
 
 
Bonds, Refunding Series 2012, 5.000%, 5/01/26 
 
 
 
1,125 
 
Stonegate Community Development District, Florida, Special Assessment Revenue Bonds, 
5/23 at 100.00 
N/R 
1,123,706 
 
 
Refunding Series 2013, 4.000%, 5/01/25 
 
 
 
 
 
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– 
3,200,564 
2,350 
 
5.000%, 7/01/30 
7/24 at 100.00 
A– 
2,556,400 
1,560 
 
5.000%, 7/01/31 
7/24 at 100.00 
A– 
1,688,404 
1,400 
 
5.000%, 7/01/32 
7/24 at 100.00 
A– 
1,509,088 
 
 
Tampa-Hillsborough County Expressway Authority, Florida, Revenue Bonds, Tender Option 
 
 
 
 
 
Bond Trust 2016-XG0097: 
 
 
 
400 
 
15.128%, 7/01/27, 144A (IF) (6) 
7/22 at 100.00 
A+ 
575,684 
290 
 
15.128%, 7/01/28, 144A (IF) (6) 
7/22 at 100.00 
A+ 
412,705 
1,000 
 
10.136%, 7/01/29, 144A (IF) (6) 
7/22 at 100.00 
A+ 
1,222,780 
1,000 
 
10.136%, 7/01/30, 144A (IF) (6) 
7/22 at 100.00 
A+ 
1,198,580 
1,000 
 
15.128%, 7/01/31, 144A (IF) (6) 
7/22 at 100.00 
A+ 
1,419,560 
1,510 
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Series 2006, 
1/19 at 100.00 
N/R 
1,511,163 
 
 
5.400%, 5/01/37 
 
 
 
1,255 
 
Venetian Community Development District, Sarasota County, Florida, Capital Improvement 
5/22 at 100.00 
N/R 
1,286,237 
 
 
Revenue Bonds, Series 2012-A2, 5.000%, 5/01/23 
 
 
 
1,945 
 
Verandah West Community Development District, Florida, Capital Improvement Revenue 
No Opt. Call 
N/R 
1,936,403 
 
 
Bonds, Refunding Series 2013, 4.000%, 5/01/23 
 
 
 
390 
 
Vizcaya in Kendall Community Development District, Florida, Special Assessment Revenue 
No Opt. Call 
BBB– 
410,884 
 
 
Bonds, Phase Two Assessment Area, Refunding Series 2012A-2, 5.600%, 5/01/22 
 
 
 
52,395 
 
Total Florida 
 
 
56,928,277 
 
 
Georgia – 0.4% (0.3% of Total Investments) 
 
 
 
2,000 
 
Clayton County Development Authority, Georgia, Special Facilities Revenue Bonds, Delta 
6/20 at 100.00 
Baa3 
2,175,120 
 
 
Air Lines, Inc. Project, Series 2009A, 8.750%, 6/01/29 
 
 
 
575 
 
Rockdale County Development Authority, Georgia, Revenue Bonds, Pratt Paper, LLC Project, 
1/28 at 100.00 
N/R 
549,079 
 
 
Refunding Series 2018, 4.000%, 1/01/38, 144A (Alternative Minimum Tax) 
 
 
 
2,575 
 
Total Georgia 
 
 
2,724,199 
 
 
Guam – 4.1% (3.3% of Total Investments) 
 
 
 
 
 
Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D: 
 
 
 
1,860 
 
5.000%, 11/15/24 
No Opt. Call 
A 
2,064,005 
2,170 
 
5.000%, 11/15/33 
11/25 at 100.00 
A 
2,315,195 
 
 
Guam Government Department of Education, Certificates of Participation, John F. Kennedy 
 
 
 
 
 
High School Project, Series 2010A: 
 
 
 
810 
 
6.000%, 12/01/20 
No Opt. Call 
B+ 
817,079 
325 
 
6.875%, 12/01/40 
12/20 at 100.00 
B+ 
333,027 
1,100 
 
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, 
7/24 at 100.00 
A– 
1,170,037 
 
 
Refunding Series 2014A, 5.000%, 7/01/29 
 
 
 
2,000 
 
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 
7/20 at 100.00 
A– (4) 
2,100,580 
 
 
2010, 5.250%, 7/01/25 (Pre-refunded 7/01/20) 
 
 
 
 
 
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, 
 
 
 
 
 
Series 2013: 
 
 
 
1,365 
 
5.250%, 7/01/24 
7/23 at 100.00 
A– 
1,487,946 
2,500 
 
5.500%, 7/01/43 
7/23 at 100.00 
A– 
2,645,675 
235 
 
Guam Government, General Obligation Bonds, 2009 Series A, 6.000%, 11/15/19 
No Opt. Call 
BB– 
240,389 
 
20

 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Guam (continued) 
 
 
 
$ 2,500 
 
Guam Government, General Obligation Bonds, 2009 Series A, 6.750%, 11/15/29 
11/19 at 100.00 
N/R (4) 
$ 2,613,500 
 
 
(Pre-refunded 11/15/19) 
 
 
 
1,000 
 
Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2009A, 5.375%, 
12/19 at 100.00 
BBB+ (4) 
1,034,080 
 
 
12/01/24 (Pre-refunded 12/01/19) 
 
 
 
 
 
Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2016A: 
 
 
 
1,000 
 
5.000%, 12/01/24 
No Opt. Call 
BBB+ 
1,110,230 
2,500 
 
5.000%, 12/01/25 
No Opt. Call 
BBB+ 
2,793,100 
2,750 
 
5.000%, 12/01/26 
No Opt. Call 
BBB+ 
3,085,472 
2,025 
 
Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/30 – AGM Insured 
10/22 at 100.00 
AA 
2,191,597 
200 
 
Guam Power Authority, Revenue Bonds, Series 2014A, 5.000%, 10/01/31 
10/24 at 100.00 
BBB 
212,538 
24,340 
 
Total Guam 
 
 
26,214,450 
 
 
Hawaii – 1.3% (1.0% of Total Investments) 
 
 
 
6,215 
 
Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific 
7/27 at 100.00 
N/R 
6,112,701 
 
 
University, Series 2018, 6.000%, 7/01/28, 144A 
 
 
 
355 
 
Hawaii Housing Finance and Development Corporation, Multifamily Housing Revenue Bonds, 
No Opt. Call 
A– 
360,329 
 
 
Wilikina Apartments Project, Series 2012A, 4.250%, 5/01/22 
 
 
 
1,550 
 
Hawaii State Department of Transportation, Special Facility Revenue Bonds, Continental 
1/19 at 100.00 
BB 
1,569,096 
 
 
Airlines Inc., Series 1997, 5.625%, 11/15/27 (Alternative Minimum Tax) 
 
 
 
8,120 
 
Total Hawaii 
 
 
8,042,126 
 
 
Idaho – 0.4% (0.3% of Total Investments) 
 
 
 
2,530 
 
Idaho Health Facilities Authority, Revenue Bonds, Madison Memorial Hospital Project, 
9/26 at 100.00 
BB+ 
2,713,501 
 
 
Refunding Series 2016, 5.000%, 9/01/30 
 
 
 
 
 
Illinois – 21.8% (17.4% of Total Investments) 
 
 
 
6,660 
 
CenterPoint Intermodal Center Program Trust, Illinois, Series 2004 Class A Certificates, 
12/22 at 100.00 
N/R 
6,679,647 
 
 
4.000%, 6/15/23, 144A (Mandatory put 12/15/22) 
 
 
 
5,000 
 
Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, 
4/27 at 100.00 
A 
5,625,400 
 
 
Series 2016, 5.750%, 4/01/34 
 
 
 
440 
 
Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, 
4/27 at 100.00 
N/R 
464,174 
 
 
Series 2017, 5.000%, 4/01/42 
 
 
 
 
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, 
 
 
 
 
 
Refunding Series 2010F: 
 
 
 
545 
 
5.000%, 12/01/18 
No Opt. Call 
BB– 
545,000 
1,275 
 
5.000%, 12/01/19 
No Opt. Call 
B+ 
1,294,597 
1,230 
 
5.000%, 12/01/20 
No Opt. Call 
BB– 
1,263,997 
3,420 
 
5.000%, 12/01/31 
12/20 at 100.00 
BB– 
3,436,040 
 
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, 
 
 
 
 
 
Refunding Series 2010F: 
 
 
 
140 
 
5.000%, 12/01/18 (ETM) 
No Opt. Call 
N/R (4) 
140,000 
325 
 
5.000%, 12/01/19 (ETM) 
No Opt. Call 
N/R (4) 
334,721 
 
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, 
 
 
 
 
 
Refunding Series 2017C: 
 
 
 
7,225 
 
5.000%, 12/01/26 
No Opt. Call 
B+ 
7,484,811 
1,875 
 
5.000%, 12/01/27 
No Opt. Call 
B+ 
1,945,106 
1,000 
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, 
12/28 at 100.00 
AA 
1,101,610 
 
 
Refunding Series 2018A, 5.000%, 12/01/30 – AGM Insured 
 
 
 
 
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, 
 
 
 
 
 
Series 2008C: 
 
 
 
1,250 
 
5.000%, 12/01/22 
12/18 at 100.00 
BB– 
1,250,887 
3,000 
 
5.250%, 12/01/25 
12/18 at 100.00 
BB– 
3,001,920 
870 
 
5.000%, 12/01/29 
12/18 at 100.00 
BB– 
870,157 
1,000 
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, 
12/25 at 100.00 
B+ 
1,168,780 
 
 
Series 2016A, 7.000%, 12/01/26 
 
 
 
 
21

   
NID 
Nuveen Intermediate Duration Municipal Term Fund 
 
Portfolio of Investments (continued) 
 
November 30, 2018 (Unaudited) 
 
           
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 
Baa2 
$ 1,286,426 
1,500 
 
0.000%, 12/01/27 – NPFG Insured 
No Opt. Call 
Baa2 
1,025,895 
2,393 
 
Chicago, Illinois, Certificates of Participation Tax Increment Bonds, 35th and State 
12/18 at 100.00 
N/R 
2,369,461 
 
 
Redevelopment Project, Series 2012, 6.100%, 1/15/29 
 
 
 
202 
 
Chicago, Illinois, Certificates of Participation Tax Increment Bonds, MetraMarket 
1/19 at 100.00 
Ba2 
202,411 
 
 
Project, Series 2010, 6.870%, 2/15/24 
 
 
 
848 
 
Chicago, Illinois, Certificates of Participation, Tax Increment Allocation Revenue 
1/19 at 100.00 
N/R 
619,136 
 
 
Bonds, Diversey-Narragansett Project, Series 2006, 7.460%, 2/15/26 (8) 
 
 
 
1,935 
 
Chicago, Illinois, General Obligation Bonds, Project Series 2011A, 5.000%, 1/01/40 
1/21 at 100.00 
BBB+ 
1,954,660 
2,680 
 
Chicago, Illinois, General Obligation Bonds, Refunding Series 2012C, 5.000%, 1/01/23 
1/22 at 100.00 
BBB+ 
2,776,373 
 
 
Chicago, Illinois, General Obligation Bonds, Refunding Series 2016C: 
 
 
 
850 
 
5.000%, 1/01/24 
No Opt. Call 
BBB+ 
899,470 
1,500 
 
5.000%, 1/01/25 
No Opt. Call 
BBB+ 
1,596,780 
 
 
Cook County, Illinois, General Obligation Bonds, Tender Option Bond Trust 2015-XF0124: 
 
 
 
1,000 
 
14.739%, 11/15/29, 144A (IF) (6) 
11/22 at 100.00 
AA– 
1,334,980 
3,040 
 
14.739%, 11/15/33, 144A (IF) (6) 
11/22 at 100.00 
AA– 
3,833,379 
1,100 
 
Cook County, Illinois, Recovery Zone Facility Revenue Bonds, Navistar International 
10/20 at 100.00 
B+ 
1,146,442 
 
 
Corporation Project, Series 2010, 6.750%, 10/15/40 
 
 
 
5,530 
 
Illinois Finance Authority, Recovery Zone Facility Revenue Bonds, Navistar International 
10/20 at 100.00 
B+ 
5,788,030 
 
 
Corporation Project, Series 2010, 6.750%, 10/15/40 
 
 
 
 
 
Illinois Finance Authority, Revenue Bonds, Centegra Health System, Tender Option Bond 
 
 
 
 
 
Trust 2016-XF2339: 
 
 
 
480 
 
15.714%, 9/01/21, 144A (IF) (6) 
No Opt. Call 
AA+ 
656,304 
330 
 
15.688%, 9/01/21, 144A (IF) (6) 
No Opt. Call 
AA+ 
450,978 
435 
 
15.677%, 9/01/22, 144A (IF) (6) 
No Opt. Call 
AA+ 
645,257 
 
 
Illinois Finance Authority, Revenue Bonds, Illinois Institute of Technology, Refunding 
 
 
 
 
 
Series 2006A: 
 
 
 
2,680 
 
5.000%, 4/01/24 
1/19 at 100.00 
Baa3 
2,680,616 
1,950 
 
5.000%, 4/01/26 
1/19 at 100.00 
Baa3 
1,949,980 
2,000 
 
5.000%, 4/01/31 
1/19 at 100.00 
Baa3 
1,976,320 
 
 
Illinois Finance Authority, Revenue Bonds, Illinois Wesleyan University, Refunding 
 
 
 
 
 
Series 2016: 
 
 
 
1,500 
 
3.000%, 9/01/30 
9/26 at 100.00 
A– 
1,333,875 
1,475 
 
3.000%, 9/01/31 
9/26 at 100.00 
A– 
1,294,224 
 
 
Illinois Finance Authority, Revenue Bonds, Ingalls Health System, Series 2013: 
 
 
 
770 
 
4.000%, 5/15/19 
No Opt. Call 
Baa2 
774,658 
895 
 
5.000%, 5/15/20 
No Opt. Call 
Baa2 
925,269 
1,035 
 
5.000%, 5/15/21 
No Opt. Call 
Baa2 
1,092,329 
1,210 
 
5.000%, 5/15/22 
No Opt. Call 
Baa2 
1,300,944 
1,575 
 
5.000%, 5/15/24 
5/22 at 100.00 
Baa2 
1,686,982 
120 
 
Illinois Finance Authority, Revenue Bonds, Resurrection Health Care Corporation, 
5/19 at 100.00 
N/R (4) 
122,245 
 
 
Refunding Series 2009, 6.125%, 5/15/25 (Pre-refunded 5/15/19) 
 
 
 
 
 
Illinois Finance Authority, Revenue Bonds, Resurrection Health Care Corporation, 
 
 
 
 
 
Refunding Series 2009: 
 
 
 
100 
 
6.125%, 5/15/25 (Pre-refunded 5/15/19) 
5/19 at 100.00 
N/R (4) 
101,803 
3,280 
 
6.125%, 5/15/25 (Pre-refunded 5/15/19) 
5/19 at 100.00 
AA+ (4) 
3,342,123 
775 
 
Illinois Finance Authority, Student Housing & Academic Facility Revenue Bonds, 
8/27 at 100.00 
BBB– 
823,220 
 
 
CHF-Collegiate Housing Foundation – Chicago LLC University of Illinois at Chicago Project, 
 
 
 
 
 
Series 2017A, 5.000%, 2/15/37 
 
 
 
2,500 
 
Illinois Sports Facility Authority, State Tax Supported Bonds, Refunding Series 2014, 
6/24 at 100.00 
AA 
2,713,500 
 
 
5.000%, 6/15/27 – AGM Insured 
 
 
 
 
22

 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Illinois (continued) 
 
 
 
 
 
Illinois Sports Facility Authority, State Tax Supported Bonds, Series 2001: 
 
 
 
$ 4,300 
 
0.000%, 6/15/23 – AMBAC Insured 
No Opt. Call 
BBB– 
$ 3,604,905 
1,000 
 
0.000%, 6/15/25 – AMBAC Insured 
No Opt. Call 
BBB– 
769,140 
 
 
Illinois State, General Obligation Bonds, December Series 2017A: 
 
 
 
890 
 
5.000%, 12/01/27 
No Opt. Call 
BBB 
944,228 
1,020 
 
5.000%, 12/01/28 
12/27 at 100.00 
BBB 
1,077,457 
2,250 
 
Illinois State, General Obligation Bonds, February Series 2014, 5.000%, 2/01/21 
No Opt. Call 
BBB 
2,320,425 
1,500 
 
Illinois State, General Obligation Bonds, November Series 2016, 5.000%, 11/01/26 
No Opt. Call 
BBB 
1,594,515 
5,175 
 
Illinois State, General Obligation Bonds, November Series 2017D, 5.000%, 11/01/26 
No Opt. Call 
BBB 
5,501,077 
4,565 
 
Illinois State, General Obligation Bonds, October Series 2016, 5.000%, 2/01/26 
No Opt. Call 
BBB 
4,843,556 
1,870 
 
Illinois State, General Obligation Bonds, Refunding Series 2010, 5.000%, 1/01/24 
1/20 at 100.00 
BBB 
1,900,275 
 
 
Illinois State, General Obligation Bonds, Refunding Series 2012: 
 
 
 
1,750 
 
5.000%, 8/01/22 
No Opt. Call 
BBB 
1,828,925 
4,000 
 
5.000%, 8/01/23 – AGM Insured 
No Opt. Call 
AA 
4,336,160 
2,000 
 
Illinois State, General Obligation Bonds, Tender Option Bond Trust 2015-XF1010, 12.276%, 
No Opt. Call 
AA 
2,672,340 
 
 
8/01/23 – AGM Insured, 144A (IF) (6) 
 
 
 
3,560 
 
Illinois State, Sales Tax Revenue Bonds, Build Illinois, Refunding Junior Obligation 
6/26 at 100.00 
AA 
3,646,081 
 
 
September Series 2016C, 4.000%, 6/15/30 – BAM Insured 
 
 
 
2,060 
 
Illinois State, Sales Tax Revenue Bonds, First Series 2002, 6.000%, 6/15/27 – 
No Opt. Call 
A– 
2,441,965 
 
 
NPFG Insured 
 
 
 
3,525 
 
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project 
6/22 at 100.00 
BBB 
3,651,688 
 
 
Bonds, Refunding Series 2012B, 5.000%, 12/15/28 
 
 
 
1,000 
 
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project 
No Opt. Call 
BBB 
1,076,630 
 
 
Bonds, Series 2017B, 5.000%, 12/15/26 
 
 
 
3,685 
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place 
6/20 at 100.00 
BBB 
3,702,651 
 
 
Expansion Project, Refunding Series 2010B-2, 5.250%, 6/15/50 
 
 
 
 
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, 
 
 
 
 
 
Refunding Series 2018C: 
 
 
 
2,115 
 
5.000%, 12/01/23 (WI/DD, Settling 12/13/18) 
No Opt. Call 
B+ 
2,193,932 
515 
 
5.000%, 1/01/31 
1/26 at 100.00 
BBB+ 
539,653 
 
 
Romeoville, Illinois, Revenue Bonds, Lewis University Project, Series 2015: 
 
 
 
1,100 
 
5.000%, 10/01/25 
4/25 at 100.00 
BBB+ 
1,204,599 
200 
 
5.000%, 10/01/26 
4/25 at 100.00 
BBB+ 
217,828 
2,500 
 
Wauconda, Illinois, Special Service Area 1 Special Tax Bonds, Liberty Lake Project, 
3/25 at 100.00 
AA 
2,718,250 
 
 
Refunding Series 2015, 5.000%, 3/01/33 – BAM Insured 
 
 
 
132,993 
 
Total Illinois 
 
 
138,097,197 
 
 
Indiana – 3.1% (2.5% of Total Investments) 
 
 
 
880 
 
Carmel, Indiana, Revenue Bonds, Barrington of Carmel Project, Series 2012A, 
No Opt. Call 
N/R 
863,060 
 
 
6.000%, 11/15/22 
 
 
 
4,215 
 
Indiana Finance Authority, Educational Facilities Revenue Bonds, 21st Century Charter 
3/23 at 100.00 
B+ 
4,202,566 
 
 
School Project, Series 2013A, 6.000%, 3/01/33 
 
 
 
415 
 
Indiana Finance Authority, Educational Facilities Revenue Bonds, Drexel Foundation For 
10/19 at 100.00 
B 
416,747 
 
 
Educational Excellence, Inc., Series 2009A, 6.000%, 10/01/21 
 
 
 
850 
 
Indiana Finance Authority, Educational Facilities Revenue Bonds, Lighthouse Academies of 
No Opt. Call 
N/R 
859,282 
 
 
Indiana Inc. Project, Series 2016, 6.250%, 12/01/24, 144A 
 
 
 
870 
 
Indiana Finance Authority, Educational Facilities Revenue Bonds, Lighthouse Academies of 
No Opt. Call 
N/R 
879,500 
 
 
Northwest Indiana Inc. Project, Series 2016, 6.250%, 12/01/24, 144A 
 
 
 
5,590 
 
Indiana Finance Authority, Environmental Improvement Revenue Bonds, United States Steel 
6/20 at 100.00 
BB– 
5,746,240 
 
 
Corporation Project, Refunding Series 2010, 6.000%, 12/01/26 
 
 
 
6,330 
 
Indiana Finance Authority, Environmental Improvement Revenue Bonds, United States Steel 
No Opt. Call 
BB– 
6,465,525 
 
 
Corporation Project, Refunding Series 2011, 6.000%, 12/01/19 
 
 
 
 
23

   
NID 
Nuveen Intermediate Duration Municipal Term Fund 
 
Portfolio of Investments (continued) 
 
November 30, 2018 (Unaudited) 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Indiana (continued) 
 
 
 
$ 275 
 
Valparaiso, Indiana, Exempt Facilities Revenue Bonds, Pratt Paper LLC Project, Series 
No Opt. Call 
N/R 
$ 300,154 
 
 
2013, 5.875%, 1/01/24 (Alternative Minimum Tax) 
 
 
 
19,425 
 
Total Indiana 
 
 
19,733,074 
 
 
Iowa – 2.7% (2.2% of Total Investments) 
 
 
 
1,925 
 
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Alcoa Inc. 
8/22 at 100.00 
BBB– 
1,965,425 
 
 
Project, Series 2012, 4.750%, 8/01/42 
 
 
 
 
 
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer 
 
 
 
 
 
Company Project, Series 2013: 
 
 
 
1,150 
 
5.500%, 12/01/22 
12/18 at 100.00 
B 
1,151,276 
3,000 
 
5.250%, 12/01/25 
12/23 at 100.00 
B 
3,172,320 
3,990 
 
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer 
12/19 at 104.00 
B 
4,192,532 
 
 
Company Project, Series 2016, 5.875%, 12/01/26, 144A 
 
 
 
4,640 
 
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer 
12/22 at 103.00 
B 
4,850,981 
 
 
Company Project, Series 2018A, 5.250%, 12/01/50 (Mandatory put 12/01/22) 
 
 
 
200 
 
Iowa Higher Education Loan Authority, Private College Facility Revenue Bonds, Upper Iowa 
No Opt. Call 
N/R (4) 
201,506 
 
 
University Project, Series 2012, 3.000%, 9/01/19 (ETM) 
 
 
 
1,500 
 
Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, 
1/19 at 100.00 
BB– 
1,500,405 
 
 
5.600%, 6/01/34 (5) 
 
 
 
16,405 
 
Total Iowa 
 
 
17,034,445 
 
 
Kansas – 2.1% (1.7% of Total Investments) 
 
 
 
2,000 
 
Kansas Development Finance Authority Hospital Revenue Bonds, Adventist Health 
5/22 at 100.00 
AA 
2,714,120 
 
 
System/Sunbelt Obligated Group, Tender Option Bond Trust 2016-XG0056, 
 
 
 
 
 
16.043%, 11/15/32, 144A (IF) (6) 
 
 
 
310 
 
Kansas Development Finance Authority, Hospital Revenue Bonds, Adventist Health 
5/22 at 100.00 
AA 
399,265 
 
 
System/Sunbelt Obligated Group, Tender Option Bond Trust 2015-XF2190, 
 
 
 
 
 
13.076%, 11/15/32, 144A (IF) (6) 
 
 
 
200 
 
Kansas Power Pool, a Municipal Energy Agency Electric Utility Revenue Bonds, DogWood 
12/25 at 100.00 
A3 
223,322 
 
 
Facility, Series 2015A, 5.000%, 12/01/28 
 
 
 
1,750 
 
Overland Park Development Corporation, Kansas, First Tier Revenue Bonds, Overland Park 
1/19 at 100.00 
BB+ 
1,752,257 
 
 
Convention Center, Series 2007A, 5.250%, 1/01/32 – AMBAC Insured 
 
 
 
2,000 
 
Overland Park, Kansas, Sales Tax Revenue Bonds, Prairiefire Community Improvement 
12/22 at 100.00 
N/R 
1,712,480 
 
 
District No. 1 Project, Series 2012B, 6.100%, 12/15/34 
 
 
 
8,000 
 
Overland Park, Kansas, Sales Tax Special Obligation Revenue Bonds, Prairiefire at 
12/22 at 100.00 
N/R 
6,581,280 
 
 
Lionsgate Project, Series 2012, 5.250%, 12/15/29 
 
 
 
14,260 
 
Total Kansas 
 
 
13,382,724 
 
 
Kentucky – 0.9% (0.7% of Total Investments) 
 
 
 
 
 
Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Owensboro 
 
 
 
 
 
Health, Refunding Series 2017A: 
 
 
 
3,000 
 
5.000%, 6/01/30 
6/27 at 100.00 
Baa3 
3,223,500 
1,315 
 
5.000%, 6/01/31 
6/27 at 100.00 
Baa3 
1,406,550 
685 
 
Kentucky Economic Development Finance Authority, Revenue Bonds, Next Generation Kentucky 
7/25 at 100.00 
BBB+ 
756,130 
 
 
Information Highway Project, Senior Series 2015A, 5.000%, 7/01/27 
 
 
 
175 
 
Owensboro, Kentucky, Water Revenue Bonds, Refunding & Improvement Series 2014, 2.500%, 
No Opt. Call 
AA 
176,764 
 
 
9/15/21 – BAM Insured 
 
 
 
5,175 
 
Total Kentucky 
 
 
5,562,944 
 
 
Louisiana – 1.6% (1.3% of Total Investments) 
 
 
 
 
 
Jefferson Parish Hospital Service District 2, Louisiana, Hospital Revenue Bonds, East 
 
 
 
 
 
Jefferson General Hospital, Refunding Series 2011: 
 
 
 
780 
 
5.625%, 7/01/26 
7/21 at 100.00 
B+ 
766,264 
60 
 
6.250%, 7/01/31 
7/21 at 100.00 
BB 
59,189 
 
24

 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Louisiana (continued) 
 
 
 
$ 3,300 
 
Louisiana Local Government Environmental Facilities and Community Development Authority, 
11/27 at 100.00 
BBB 
$ 3,152,391 
 
 
Revenue Bonds, Westlake Chemical Corporation Projects, Refunding Series 2017, 
 
 
 
 
 
3.500%, 11/01/32 
 
 
 
2,840 
 
Louisiana Public Facilities Authority, Revenue Bonds, Loyola University Project, 
No Opt. Call 
Baa1 
2,539,329 
 
 
Refunding Series 2017, 0.000%, 10/01/31 (5) 
 
 
 
250 
 
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, 
5/21 at 100.00 
A3 (4) 
268,810 
 
 
Series 2011, 5.250%, 5/15/22 (Pre-refunded 5/15/21) 
 
 
 
500 
 
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, 
5/21 at 100.00 
A3 (4) 
549,490 
 
 
Series 2011, 6.250%, 5/15/31 (Pre-refunded 5/15/21) 
 
 
 
1,000 
 
Louisiana Stadium and Exposition District, Revenue Refunding Bonds, Senior Lien Series 
No Opt. Call 
AA– 
1,092,510 
 
 
2013A, 5.000%, 7/01/22 
 
 
 
 
 
New Orleans Aviation Board, Louisiana, General Airport Revenue Bonds, North Terminal 
 
 
 
 
 
Project, Series 2017B: 
 
 
 
500 
 
5.000%, 1/01/31 (Alternative Minimum Tax) 
1/27 at 100.00 
A– 
555,530 
800 
 
5.000%, 1/01/32 (Alternative Minimum Tax) 
1/27 at 100.00 
A– 
885,400 
285 
 
Saint Tammany Public Trust Financing Authority, Louisiana, Revenue Bonds, Christwood 
11/24 at 100.00 
N/R 
302,445 
 
 
Project, Refunding Series 2015, 5.250%, 11/15/29 
 
 
 
10,315 
 
Total Louisiana 
 
 
10,171,358 
 
 
Maine – 0.1% (0.1% of Total Investments) 
 
 
 
500 
 
Maine Finance Authority, Solid Waste Disposal Revenue Bonds, Coastal Resources of Maine 
12/26 at 100.00 
N/R 
507,025 
 
 
LLC Project, Green Series 2017, 5.375%, 12/15/33, 144A (Alternative Minimum Tax) 
 
 
 
350 
 
Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine 
No Opt. Call 
BBB 
374,293 
 
 
Medical Center Obligated Group Issue, Series 2013, 5.000%, 7/01/22 
 
 
 
850 
 
Total Maine 
 
 
881,318 
 
 
Maryland – 0.6% (0.5% of Total Investments) 
 
 
 
 
 
Baltimore, Maryland, Convention Center Hotel Revenue Bonds, Refunding Series 2017: 
 
 
 
350 
 
5.000%, 9/01/26 
No Opt. Call 
BBB– 
390,593 
1,000 
 
5.000%, 9/01/33 
9/27 at 100.00 
BBB– 
1,103,640 
2,000 
 
5.000%, 9/01/34 
9/27 at 100.00 
BBB– 
2,181,220 
3,350 
 
Total Maryland 
 
 
3,675,453 
 
 
Massachusetts – 0.9% (0.8% of Total Investments) 
 
 
 
1,000 
 
Massachusetts Development Finance Agency, Revenue Bonds, Boston Medical Center Issue, 
No Opt. Call 
BBB 
1,130,730 
 
 
Series 2016E, 5.000%, 7/01/26 
 
 
 
1,510 
 
Massachusetts Educational Financing Authority, Education Loan Revenue Bonds, Issue K, 
7/22 at 100.00 
AA 
1,592,099 
 
 
Series 2013, 5.250%, 7/01/29 (Alternative Minimum Tax) 
 
 
 
3,150 
 
Massachusetts Port Authority, Special Facilities Revenue Bonds, Delta Air Lines Inc., 
1/19 at 100.00 
N/R 
3,208,874 
 
 
Series 2001A, 5.000%, 1/01/27 – AMBAC Insured (Alternative Minimum Tax) 
 
 
 
5,660 
 
Total Massachusetts 
 
 
5,931,703 
 
 
Michigan – 4.8% (3.8% of Total Investments) 
 
 
 
185 
 
Detroit Downtown Development Authority, Michigan, Tax Increment Refunding Bonds, 
1/19 at 100.00 
Baa2 
187,407 
 
 
Development Area 1 Projects, Series 1998A, 4.750%, 7/01/25 – NPFG Insured 
 
 
 
1,265 
 
Flint Hospital Building Authority, Michigan, Building Authority Revenue Bonds, Hurley 
No Opt. Call 
BBB– 
1,324,771 
 
 
Medical Center, Series 2013A, 5.000%, 7/01/23 
 
 
 
 
 
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 
5,665,700 
5,000 
 
5.000%, 7/01/25 – AGM Insured 
7/24 at 100.00 
AA 
5,628,800 
5,000 
 
5.000%, 7/01/26 – AGM Insured 
7/24 at 100.00 
AA 
5,598,700 
1,945 
 
5.000%, 7/01/31 – AGM Insured 
7/24 at 100.00 
AA 
2,147,727 
 
25

   
NID 
Nuveen Intermediate Duration Municipal Term Fund 
 
Portfolio of Investments (continued) 
 
November 30, 2018 (Unaudited) 
 
           
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-7: 
 
 
 
$ 2,000 
 
5.000%, 7/01/25 – NPFG Insured 
7/24 at 100.00 
A 
$ 2,233,900 
2,000 
 
5.000%, 7/01/26 – NPFG Insured 
7/24 at 100.00 
A 
2,223,040 
325 
 
Michigan Finance Authority, Public School Academy Limited Obligation Revenue Bonds, Old 
No Opt. Call 
BB– 
324,695 
 
 
Redford Academy Project, Series 2010A, 5.250%, 12/01/20 
 
 
 
185 
 
Michigan Finance Authority, Public School Academy Revenue Bonds, Detroit Service 
No Opt. Call 
B 
181,139 
 
 
Learning Academy Project, Refunding Series 2011, 6.000%, 10/01/21 
 
 
 
 
 
Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Tender Option 
 
 
 
 
 
Bond Trust 2015-XF0126: 
 
 
 
7 
 
15.423%, 12/01/27, 144A (Pre-refunded 12/01/20) (IF) (6) 
12/20 at 100.00 
N/R (4) 
8,861 
818 
 
15.423%, 12/01/27, 144A (IF) (6) 
12/20 at 100.00 
AA– 
1,035,482 
330 
 
Michigan Public Educational Facilities Authority, Limited Obligation Revenue Bonds, 
1/19 at 100.00 
BBB– 
330,521 
 
 
Richfield Public School Academy, Series 2007, 5.000%, 9/01/22 
 
 
 
1,725 
 
Michigan Strategic Fund, Limited Obligation Revenue Bonds, Detroit Thermal LLC Project, 
12/23 at 100.00 
N/R 
1,919,132 
 
 
Series 2018, 7.000%, 12/01/30, 144A (Alternative Minimum Tax) 
 
 
 
1,625 
 
Star International Academy, Wayne County, Michigan, Public School Academy Revenue Bonds, 
3/20 at 101.00 
BBB 
1,656,623 
 
 
Refunding Series 2012, 5.000%, 3/01/33 
 
 
 
27,410 
 
Total Michigan 
 
 
30,466,498 
 
 
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 
270,873 
250 
 
4.000%, 5/01/26 
5/23 at 100.00 
Baa2 
258,260 
510 
 
Total Minnesota 
 
 
529,133 
 
 
Mississippi – 0.6% (0.5% of Total Investments) 
 
 
 
1,845 
 
Mississippi Business Finance Corporation, Gulf Opportunity Zone Industrial Development 
1/19 at 100.00 
BBB– 
1,840,590 
 
 
Revenue Bonds, Northrop Grumman Ship Systems Inc. Project, Series 2006, 4.550%, 12/01/28 
 
 
 
 
 
Mississippi Development Bank Special Obligation Bonds, Marshall County Industrial 
 
 
 
 
 
Development Authority, Mississippi Highway Construction Project, Tender Option 
 
 
 
 
 
Bond Trust 3315: 
 
 
 
800 
 
15.959%, 1/01/26, 144A (Pre-refunded 1/01/22) (IF) (6) 
1/22 at 100.00 
AA- (4) 
1,147,352 
500 
 
15.959%, 1/01/28, 144A (Pre-refunded 1/01/22) (IF) (6) 
1/22 at 100.00 
AA- (4) 
717,095 
3,145 
 
Total Mississippi 
 
 
3,705,037 
 
 
Missouri – 1.3% (1.0% of Total Investments) 
 
 
 
1,125 
 
Branson Industrial Development Authority, Missouri, Tax Increment Revenue Bonds, Branson 
11/25 at 100.00 
N/R 
1,103,524 
 
 
Shoppes Redevelopment Project, Refunding Series 2017A, 4.000%, 11/01/27 
 
 
 
3,000 
 
Poplar Bluff Regional Transportation Development District, Missouri, Transportation 
12/22 at 100.00 
BBB 
2,988,540 
 
 
Sales Tax Revenue Bonds, Series 2012, 4.000%, 12/01/36 
 
 
 
865 
 
Raymore, Missouri, Tax Increment Revenue Bonds, Raymore Galleria Project, Refunding & 
5/23 at 100.00 
N/R 
875,605 
 
 
Improvement Series 2014A, 5.000%, 5/01/24 
 
 
 
 
 
Saint Louis County Industrial Development Authority, Missouri, Health Facilities Revenue 
 
 
 
 
 
Bonds, Ranken-Jordan Project, Refunding & Improvement Series 2016: 
 
 
 
385 
 
5.000%, 11/15/23 
No Opt. Call 
N/R 
405,690 
800 
 
5.000%, 11/15/25 
No Opt. Call 
N/R 
851,688 
1,595 
 
Saint Louis Land Clearance for Redevelopment Authority, Missouri, Annual Appropriation 
4/27 at 100.00 
A 
1,731,229 
 
 
Revenue Bonds, Contractual Payments of St. Louis City Scottrade Center Project, Series 2018A, 
 
 
 
 
 
5.000%, 4/01/38 
 
 
 
7,770 
 
Total Missouri 
 
 
7,956,276 
 
26

 

           
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, 
No Opt. Call 
A 
$ 2,152,720 
 
 
5.250%, 12/01/21 
 
 
 
1,445 
 
Central Plains Energy Project, Nebraska, Gas Project 3 Revenue Bonds, Series 2012, 
9/22 at 100.00 
A 
1,554,993 
 
 
5.000%, 9/01/32 
 
 
 
635 
 
Douglas County Hospital Authority 2, Nebraska, Hospital Revenue Bonds, Madonna 
5/24 at 100.00 
BBB+ 
694,563 
 
 
Rehabilitation Hospital Project, Series 2014, 5.000%, 5/15/26 
 
 
 
4,080 
 
Total Nebraska 
 
 
4,402,276 
 
 
Nevada – 1.2% (1.0% of Total Investments) 
 
 
 
 
 
Carson City, Nevada, Hospital Revenue Bonds, Carson Tahoe Regional Healthcare Project, 
 
 
 
 
 
Series 2017A: 
 
 
 
320 
 
5.000%, 9/01/29 
9/27 at 100.00 
BBB+ 
357,322 
495 
 
5.000%, 9/01/31 
9/27 at 100.00 
BBB+ 
548,287 
1,630 
 
Carson City, Nevada, Hospital Revenue Bonds, Carson-Tahoe Regional Healthcare Project, 
9/22 at 100.00 
BBB+ 
1,748,094 
 
 
Refunding Series 2012, 5.000%, 9/01/27 
 
 
 
620 
 
Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran 
1/20 at 100.00 
Aa3 
638,309 
 
 
International Airport, Series 2010A, 5.000%, 7/01/30 
 
 
 
 
 
Henderson, Nevada, Limited Obligation Bonds, Local Improvement District T-13 
 
 
 
 
 
Cornerstone, Refunding Series 2013: 
 
 
 
375 
 
4.000%, 3/01/19 
No Opt. Call 
N/R 
375,026 
420 
 
5.000%, 3/01/20 
No Opt. Call 
N/R 
424,150 
440 
 
5.000%, 3/01/21 
No Opt. Call 
N/R 
446,112 
455 
 
5.000%, 3/01/22 
No Opt. Call 
N/R 
461,898 
1,465 
 
Las Vegas Redevelopment Agency, Nevada, Tax Increment Revenue Bonds, Refunding Series 
6/26 at 100.00 
BBB+ 
1,610,372 
 
 
2016, 5.000%, 6/15/31 
 
 
 
1,000 
 
Las Vegas Redevelopment Agency, Nevada, Tax Increment Revenue Bonds, Series 2009A, 
6/19 at 100.00 
BBB+ (4) 
1,029,360 
 
 
7.500%, 6/15/23 (Pre-refunded 6/15/19) 
 
 
 
175 
 
North Las Vegas, Nevada, Local Improvement Bonds, Special Improvement District 65 
12/27 at 100.00 
N/R 
170,076 
 
 
Northern Beltway Commercial Area, Series 2017, 5.000%, 12/01/37, 144A 
 
 
 
7,395 
 
Total Nevada 
 
 
7,809,006 
 
 
New Hampshire – 0.1% (0.1% of Total Investments) 
 
 
 
 
 
Manchester Housing and Redevelopment Authority, New Hampshire, Revenue Bonds, 
 
 
 
 
 
Series 2000B: 
 
 
 
320 
 
0.000%, 1/01/19 – ACA Insured 
No Opt. Call 
AA 
319,094 
370 
 
0.000%, 1/01/20 – ACA Insured 
No Opt. Call 
AA 
355,252 
690 
 
Total New Hampshire 
 
 
674,346 
 
 
New Jersey – 7.4% (5.9% of Total Investments) 
 
 
 
3,275 
 
Burlington County Bridge Commission, New Jersey, Economic Development Revenue Bonds, The 
1/19 at 100.00 
N/R 
3,086,786 
 
 
Evergreens Project, Series 2007, 5.625%, 1/01/38 
 
 
 
3,000 
 
Camden County Improvement Authority, New Jersey, Health Care Redevelopment Revenue 
2/24 at 100.00 
BBB+ 
3,219,330 
 
 
Bonds, Cooper Health System Obligated Group Issue, Refunding Series 2014A, 5.000%, 2/15/31 
 
 
 
900 
 
New Jersey Economic Development Authority, Cigarette Tax Revenue Refunding Bonds, Series 
6/22 at 100.00 
BBB+ 
957,690 
 
 
2012, 5.000%, 6/15/25 
 
 
 
1,615 
 
New Jersey Economic Development Authority, School Facilities Construction Financing 
6/24 at 100.00 
A– 
1,641,906 
 
 
Program Bonds, Refunding Series 2014PP, 4.000%, 6/15/28 
 
 
 
 
 
New Jersey Economic Development Authority, School Facilities Construction Financing 
 
 
 
 
 
Program Bonds, Tender Option Bond Trust 2016-XF2340: 
 
 
 
1,440 
 
5.031%, 9/01/25, 144A (IF) (6) 
3/25 at 100.00 
A– 
1,267,099 
1,200 
 
6.528%, 9/01/27, 144A (IF) (6) 
3/23 at 100.00 
A– 
1,112,580 
 
 
New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental 
 
 
 
 
 
Airlines Inc., Series 1999: 
 
 
 
3,000 
 
5.125%, 9/15/23 (Alternative Minimum Tax) 
3/19 at 100.00 
BB 
3,213,030 
7,550 
 
5.250%, 9/15/29 (Alternative Minimum Tax) 
8/22 at 101.00 
BB 
8,137,768 
 
27

   
NID 
Nuveen Intermediate Duration Municipal Term Fund 
 
Portfolio of Investments (continued) 
 
November 30, 2018 (Unaudited) 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
New Jersey (continued) 
 
 
 
$ 2,410 
 
New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental 
3/24 at 101.00 
BB 
$ 2,695,898 
 
 
Airlines Inc., Series 2000A & 2000B, 5.625%, 11/15/30 (Alternative Minimum Tax) 
 
 
 
5,000 
 
New Jersey Educational Facilities Authority, Revenue Bonds, Montclair State University, 
9/24 at 100.00 
A– 
5,042,450 
 
 
Series 2014A, 4.000%, 9/01/29 
 
 
 
7,000 
 
New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint 
7/21 at 100.00 
BB+ 
7,430,080 
 
 
Peters University Hospital, Refunding Series 2011, 6.000%, 7/01/26 
 
 
 
1,200 
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Princeton 
7/26 at 100.00 
AA 
1,362,936 
 
 
HealthCare System, Series 2016A, 5.000%, 7/01/30 
 
 
 
1,625 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding 
No Opt. Call 
A– 
927,518 
 
 
Series 2006C, 0.000%, 12/15/31 – FGIC Insured 
 
 
 
1,000 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 
12/24 at 100.00 
A– 
1,080,350 
 
 
2009C, 5.250%, 6/15/32 
 
 
 
 
 
New Jersey Turnpike Authority, Revenue Bonds, Tender Option Bond Trust 2016-XF1057: 
 
 
 
460 
 
14.808%, 1/01/24, 144A (Pre-refunded 7/01/22) (IF) (6) 
7/22 at 100.00 
N/R (4) 
694,375 
40 
 
14.808%, 1/01/24, 144A (Pre-refunded 7/01/22) (IF) (6) 
7/22 at 100.00 
A+ (4) 
60,380 
 
 
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed 
 
 
 
 
 
Bonds, Series 2018A: 
 
 
 
2,250 
 
5.000%, 6/01/27 
No Opt. Call 
A 
2,520,630 
1,920 
 
5.000%, 6/01/30 
6/28 at 100.00 
A– 
2,131,238 
44,885 
 
Total New Jersey 
 
 
46,582,044 
 
 
New Mexico – 0.5% (0.4% of Total Investments) 
 
 
 
1,115 
 
Bernalillo County, New Mexico, Multifamily Housing Revenue Bonds, Valencia Retirement 
1/19 at 100.00 
N/R 
1,115,245 
 
 
Apartments Project, Series 2001A, 5.450%, 6/01/34 – AMBAC Insured (Alternative Minimum Tax) 
 
 
 
2,000 
 
Santa Fe, New Mexico, Retirement Facilities Revenue Bonds, EL Castillo Retirement 
5/22 at 100.00 
BBB– 
2,049,520 
 
 
Residences Project, Series 2012, 5.000%, 5/15/32 
 
 
 
3,115 
 
Total New Mexico 
 
 
3,164,765 
 
 
New York – 7.7% (6.1% 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– 
511,954 
570 
 
4.000%, 4/01/23 
No Opt. Call 
BBB– 
585,008 
 
 
Build New York City Resource Corporation, New York, Solid Waste Disposal Revenue Bonds, 
 
 
 
 
 
Pratt Paper NY, Inc. Project, Series 2014: 
 
 
 
105 
 
3.750%, 1/01/20, 144A (Alternative Minimum Tax) 
No Opt. Call 
N/R 
105,832 
1,080 
 
4.500%, 1/01/25, 144A (Alternative Minimum Tax) 
No Opt. Call 
N/R 
1,158,170 
 
 
Dormitory Authority of the State of New York, Insured Revenue Bonds, Pace University, 
 
 
 
 
 
Series 2013A: 
 
 
 
820 
 
5.000%, 5/01/23 
No Opt. Call 
BBB– 
892,529 
975 
 
5.000%, 5/01/28 
5/23 at 100.00 
BBB– 
1,040,393 
20 
 
Dormitory Authority of the State of New York, Insured Revenue Bonds, Pace University, 
No Opt. Call 
N/R (4) 
22,519 
 
 
Series 2013A, 5.000%, 5/01/23 (ETM) 
 
 
 
25 
 
Dormitory Authority of the State of New York, Insured Revenue Bonds, Pace University, 
5/23 at 100.00 
N/R (4) 
28,037 
 
 
Series 2013A, 5.000%, 5/01/28 (Pre-refunded 5/01/23) 
 
 
 
10,000 
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2017A, 
No Opt. Call 
Aa3 
11,793,500 
 
 
5.000%, 2/15/27 (UB) (6) 
 
 
 
1,000 
 
Nassau County Tobacco Settlement Corporation, New York, Tobacco Settlement Asset-Backed 
1/19 at 100.00 
B– 
1,000,030 
 
 
Bonds, Refunding Series 2006A-2, 5.250%, 6/01/26 
 
 
 
 
 
New York City Industrial Development Agency, New York, PILOT Revenue Bonds, Queens 
 
 
 
 
 
Baseball Stadium Project, Series 2006: 
 
 
 
190 
 
5.000%, 1/01/22 – AMBAC Insured 
1/19 at 100.00 
BBB 
190,483 
2,740 
 
5.000%, 1/01/39 – AMBAC Insured 
1/19 at 100.00 
BBB 
2,774,086 
 
28

 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
New York (continued) 
 
 
 
$ 3,775 
 
New York Counties Tobacco Trust VI, New York, Tobacco Settlement Pass-Through Bonds, 
No Opt. Call 
BBB 
$ 3,984,701 
 
 
Series 2016A-1, 5.625%, 6/01/35 
 
 
 
6,500 
 
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade 
11/24 at 100.00 
N/R 
6,769,750 
 
 
Center Project, Class 2 Series 2014, 5.150%, 11/15/34, 144A 
 
 
 
 
 
New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, 
 
 
 
 
 
American Airlines, Inc. John F Kennedy International Airport Project, Refunding Series 2016: 
 
 
 
1,700 
 
5.000%, 8/01/26 (Alternative Minimum Tax) 
8/21 at 100.00 
BB– 
1,771,145 
430 
 
5.000%, 8/01/31 (Alternative Minimum Tax) 
8/21 at 100.00 
BB– 
444,009 
 
 
New York Transportation Development Corporation, New York, Special Facility Revenue 
 
 
 
 
 
Bonds, Delta Air Lines, Inc. – LaGuardia Airport Terminals C&D Redevelopment Project, 
 
 
 
 
 
Series 2018: 
 
 
 
2,000 
 
5.000%, 1/01/28 (Alternative Minimum Tax) 
No Opt. Call 
Baa3 
2,244,700 
2,000 
 
5.000%, 1/01/30 (Alternative Minimum Tax) 
1/28 at 100.00 
Baa3 
2,221,620 
 
 
New York Transportation Development Corporation, Special Facilities Bonds, LaGuardia 
 
 
 
 
 
Airport Terminal B Redevelopment Project, Series 2016A: 
 
 
 
760 
 
4.000%, 7/01/32 (Alternative Minimum Tax) 
7/24 at 100.00 
BBB 
772,137 
500 
 
4.000%, 7/01/33 (Alternative Minimum Tax) 
7/24 at 100.00 
BBB 
506,475 
 
 
Syracuse Industrial Development Authority, New York, PILOT Revenue Bonds, Carousel 
 
 
 
 
 
Center Project, Refunding Series 2016A: 
 
 
 
820 
 
5.000%, 1/01/32 (Alternative Minimum Tax) 
1/26 at 100.00 
A– 
883,681 
1,450 
 
5.000%, 1/01/35 (Alternative Minimum Tax) 
1/26 at 100.00 
A– 
1,539,451 
650 
 
5.000%, 1/01/36 (Alternative Minimum Tax) 
1/26 at 100.00 
A– 
687,635 
6,890 
 
TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006, 5.000%, 6/01/45 
6/27 at 100.00 
B+ 
6,614,469 
45,505 
 
Total New York 
 
 
48,542,314 
 
 
Ohio – 8.7% (6.9% of Total Investments) 
 
 
 
 
 
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed 
 
 
 
 
 
Revenue Bonds, Senior Lien, Series 2007A-2: 
 
 
 
5,165 
 
5.125%, 6/01/24 
1/19 at 100.00 
B– 
4,829,430 
16,290 
 
5.750%, 6/01/34 
1/19 at 100.00 
B– 
15,246,788 
4,190 
 
Ohio Air Quality Development Authority, Ohio, Air Quality Development Revenue Bonds, 
No Opt. Call 
N/R 
2,880,625 
 
 
FirstEnergy Generation Corporation Project, Series 2009A, 5.700%, 8/01/20 (8) 
 
 
 
695 
 
Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, 
No Opt. Call 
N/R 
674,150 
 
 
FirstEnergy Generation Corporation Project, Refunding Series 2009C, 5.625%, 6/01/19 (8) 
 
 
 
6,000 
 
Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, 
No Opt. Call 
N/R 
5,820,000 
 
 
FirstEnergy Generation Corporation Project, Refunding Series 2009D, 4.250%, 8/01/29 
 
 
 
 
 
(Mandatory put 9/15/21) (8) 
 
 
 
17,065 
 
Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, 
No Opt. Call 
N/R 
11,732,188 
 
 
FirstEnergy Generation Project, Refunding Series 2006A, 3.750%, 12/01/23 (8) 
 
 
 
320 
 
Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, 
No Opt. Call 
N/R 
310,400 
 
 
FirstEnergy Nuclear Generation Project, Refunding Series 2009A, 4.375%, 6/01/33 (Mandatory 
 
 
 
 
 
put 6/01/22) 
 
 
 
130 
 
Ohio Air Quality Development Authority, Ohio, Revenue Bonds, AK Steel Holding 
2/22 at 100.00 
B– 
132,604 
 
 
Corporation, Refunding Series 2012A, 6.750%, 6/01/24 (Alternative Minimum Tax) 
 
 
 
260 
 
Ohio Air Quality Development Authority, Ohio, Revenue Bonds, Pratt Paper Ohio, LLC 
1/28 at 100.00 
N/R 
256,638 
 
 
Project, Series 2017, 4.250%, 1/15/38, 144A (Alternative Minimum Tax) 
 
 
 
250 
 
Ohio Water Development Authority, Ohio, Environmental Improvement Bonds, United States 
11/21 at 100.00 
BB– 
255,333 
 
 
Steel Corporation Project, Refunding Series 2011, 6.600%, 5/01/29 
 
 
 
6,000 
 
Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy 
No Opt. Call 
N/R 
4,125,000 
 
 
Nuclear Generating Corporation Project, Series 2006B, 4.000%, 12/01/33 
 
 
 
 
 
(Mandatory put 6/03/19) (8) 
 
 
 
 
29

   
NID 
Nuveen Intermediate Duration Municipal Term Fund 
 
Portfolio of Investments (continued) 
 
November 30, 2018 (Unaudited) 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Ohio (continued) 
 
 
 
$ 2,780 
 
Southeastern Ohio Port Authority, Hospital Facilities Revenue Bonds, Memorial Health 
No Opt. Call 
BB– 
$ 2,867,459 
 
 
System Obligated Group Project, Refunding and Improvement Series 2012, 5.000%, 12/01/22 
 
 
 
6,000 
 
State of Ohio, Solid Waste Disposal Revenue Bonds (USG Corporation Project) Series 1997 
2/19 at 100.00 
BB+ 
6,007,380 
 
 
Remarketed, 5.600%, 8/01/32 (Alternative Minimum Tax) 
 
 
 
65,145 
 
Total Ohio 
 
 
55,137,995 
 
 
Oklahoma – 0.6% (0.4% of Total Investments) 
 
 
 
3,300 
 
Tulsa Municipal Airport Trust, Oklahoma, Revenue Bonds, American Airlines Inc., 
6/25 at 100.00 
BB– 
3,520,044 
 
 
Refunding Series 2015, 5.000%, 6/01/35 (Mandatory put 6/01/25) (Alternative 
 
 
 
 
 
Minimum Tax) 
 
 
 
 
 
Oregon – 0.3% (0.2% of Total Investments) 
 
 
 
1,000 
 
Astoria Hospital Facilities Authority, Oregon, Hospital Revenue and Refunding Bonds, 
8/22 at 100.00 
A– 
1,061,100 
 
 
Columbia Memorial Hospital, Series 2012, 5.000%, 8/01/31 
 
 
 
730 
 
Port of Saint Helens, Oregon, Pollution Control Revenue Bonds, Boise Cascade Project, 
1/19 at 100.00 
N/R 
729,927 
 
 
Series 1997, 5.650%, 12/01/27 
 
 
 
1,730 
 
Total Oregon 
 
 
1,791,027 
 
 
Pennsylvania – 7.0% (5.6% of Total Investments) 
 
 
 
 
 
Allegheny Country Industrial Development Authority, Pennsylvania, Environmental 
 
 
 
 
 
Improvement Revenue Bonds, United States Steel Corporation Project, Refunding Series 2009: 
 
 
 
3,300 
 
6.750%, 11/01/24 
11/19 at 100.00 
BB– 
3,357,816 
420 
 
6.875%, 5/01/30 
11/19 at 100.00 
BB– 
424,095 
640 
 
Allegheny County Redevelopment Authority, Pennsylvania, TIF Revenue Bonds, Pittsburg 
1/19 at 100.00 
N/R 
625,690 
 
 
Mills Project, Series 2004, 5.600%, 7/01/23 
 
 
 
3,685 
 
Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania, Tax 
5/22 at 100.00 
Baa3 
3,829,784 
 
 
Revenue Bonds, Series 2012A, 5.000%, 5/01/32 
 
 
 
420 
 
Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue 
No Opt. Call 
N/R 
288,750 
 
 
Bonds, FirstEnergy Nuclear Generation Project, Refunding Series 2005A, 4.000%, 1/01/35 
 
 
 
 
 
(Mandatory put 7/01/21) (8) 
 
 
 
400 
 
Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue 
No Opt. Call 
N/R 
275,000 
 
 
Refunding Bonds, FirstEnergy Nuclear Generation Project, Series 2008A, 2.700%, 4/01/35 (8) 
 
 
 
4,025 
 
Butler County Industrial Development Authority, Pennsylvania, Revenue Refunding Bonds, 
No Opt. Call 
B– 
4,056,194 
 
 
AK Steel Corporation Project, Series 2012-A, 6.250%, 6/01/20 (Alternative Minimum Tax) 
 
 
 
1,450 
 
Doylestown Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Series 2013A, 
No Opt. Call 
BBB– 
1,571,786 
 
 
5.000%, 7/01/23 
 
 
 
825 
 
East Hempfield Township Industrial Development Authority, Pennsylvania, Student Services 
7/25 at 100.00 
BBB– 
873,725 
 
 
Inc. – Student Housing Project at Millersville University, Series 2015, 5.000%, 7/01/30 
 
 
 
1,000 
 
Montgomery County Industrial Development Authority, Pennsylvania, Revenue Bonds, 
1/25 at 100.00 
N/R 
994,080 
 
 
Whitemarsh Continuing Care Retirement Community Project, Series 2015, 5.000%, 1/01/30 
 
 
 
1,595 
 
Northampton County Industrial Development Authority, Pennsylvania, Revenue Bonds, 
7/22 at 100.00 
BB+ 
1,634,763 
 
 
Morningstar Senior Living, Inc., Series 2012, 5.000%, 7/01/27 
 
 
 
1,805 
 
Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, 
No Opt. Call 
N/R 
1,240,938 
 
 
Shippingport Project, First Energy Guarantor., Series 2005A, 3.750%, 12/01/40 (Mandatory put 
 
 
 
 
 
7/01/20) (8) 
 
 
 
6,000 
 
Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue 
No Opt. Call 
B+ 
6,007,440 
 
 
Refunding Bonds, PPL Energy Supply, LLC Project, Series 2009C, 5.000%, 12/01/37 (Mandatory 
 
 
 
 
 
put 9/01/20) 
 
 
 
750 
 
Pennsylvania Economic Development Financing Authority, Sewage Sludge Disposal Revenue 
1/20 at 100.00 
BBB+ 
772,838 
 
 
Bonds, Philadelphia Biosolids Facility Project, Series 2009, 6.250%, 1/01/32 
 
 
 
4,000 
 
Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Revenue 
12/18 at 100.00 
BB+ 
3,972,240 
 
 
Bonds, USG Corporation Project, Series 1999, 6.000%, 6/01/31 (Alternative Minimum Tax) 
 
 
 
4,000 
 
Pennsylvania Public School Building Authority, Lease Revenue Bonds, School District of 
No Opt. Call 
AA 
4,557,200 
 
 
Philadelphia, Series 2006B, 5.000%, 6/01/27 – AGM Insured 
 
 
 
 
30

 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Pennsylvania (continued) 
 
 
 
$ 3,500 
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Refunding Subordinate Second 
12/27 at 100.00 
A3 
$ 3,800,685 
 
 
Series 2017, 5.000%, 12/01/35 
 
 
 
1,610 
 
Scranton, Lackawanna County, Pennsylvania, General Obligation Notes, Series 2016, 
5/24 at 100.00 
BB+ 
1,692,899 
 
 
5.000%, 11/15/32 
 
 
 
4,090 
 
The Hospitals and Higher Education Facilities Authority of Philadelphia, Pennsylvania, 
7/27 at 100.00 
BBB– 
4,346,934 
 
 
Hospital Revenue Bonds, Temple University Health System Obligated Group, Series of 2017, 
 
 
 
 
 
5.000%, 7/01/34 
 
 
 
43,515 
 
Total Pennsylvania 
 
 
44,322,857 
 
 
Puerto Rico – 0.5% (0.4% of Total Investments) 
 
 
 
3,500 
 
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N, 
No Opt. Call 
C 
3,106,250 
 
 
3.819%, 7/01/27 – AMBAC Insured 
 
 
 
 
 
Rhode Island – 1.5% (1.2% of Total Investments) 
 
 
 
 
 
Providence Redevelopment Agency, Rhode Island, Revenue Bonds, Public Safety and 
 
 
 
 
 
Municipal Building Projects, Refunding Series 2015A: 
 
 
 
1,400 
 
5.000%, 4/01/23 (WI/DD, Settling 12/03/18) 
No Opt. Call 
Baa2 
1,519,826 
1,500 
 
5.000%, 4/01/24 (WI/DD, Settling 12/03/18) 
No Opt. Call 
Baa2 
1,648,890 
6,000 
 
Rhode Island Health & Educational Building Corporation, Public Schools Financing Program 
5/19 at 100.00 
AA (4) 
6,111,660 
 
 
Revenue Bonds, Pooled Series 2009E, 6.000%, 5/15/29 (Pre-refunded 5/15/19) – AGC Insured 
 
 
 
8,900 
 
Total Rhode Island 
 
 
9,280,376 
 
 
South Carolina – 1.1% (0.9% of Total Investments) 
 
 
 
1,450 
 
South Carolina Jobs-Economic Development Authority, Economic Development Revenue Bonds, 
2/25 at 100.00 
BB 
1,436,254 
 
 
Palmetto Scholars Academy Project, Series 2015A, 5.125%, 8/15/35, 144A 
 
 
 
 
 
South Carolina Jobs-Economic Development Authority, Hospital Revenue Bonds, Bon Secours 
 
 
 
 
 
Health System Obligated Group, Tender Option Bond Trust 2016-XG0098: 
 
 
 
1,500 
 
14.988%, 11/01/27, 144A (Pre-refunded 11/01/22) (IF) (6) 
11/22 at 100.00 
A+ (4) 
2,129,325 
1,010 
 
14.975%, 11/01/28, 144A (Pre-refunded 11/01/22) (IF) (6) 
11/22 at 100.00 
A+ (4) 
1,423,585 
1,255 
 
14.988%, 11/01/29, 144A (Pre-refunded 11/01/22) (IF) (6) 
11/22 at 100.00 
A+ (4) 
1,762,158 
5,215 
 
Total South Carolina 
 
 
6,751,322 
 
 
Tennessee – 1.2% (1.0% of Total Investments) 
 
 
 
2,000 
 
Clarksville Natural Gas Acquisition Corporation, Tennessee, Natural Gas Revenue Bonds, 
No Opt. Call 
A+ 
2,139,960 
 
 
Series 2006, 5.000%, 12/15/21 – SYNCORA GTY Insured 
 
 
 
1,935 
 
Knox County Health, Educational and Housing Facility Board, Tennessee, Hospital Revenue 
1/23 at 100.00 
A+ 
2,123,121 
 
 
Bonds, Covenant Health, Refunding Series 2012A, 5.000%, 1/01/26 
 
 
 
 
 
Knox County Health, Educational, and Housing Facilities Board, Tennessee, Revenue Bonds, 
 
 
 
 
 
Provision Center for Proton Therapy Project, Series 2014: 
 
 
 
3,480 
 
5.250%, 5/01/25, 144A 
11/24 at 100.00 
N/R 
3,118,637 
525 
 
6.000%, 5/01/34, 144A 
11/24 at 100.00 
N/R 
453,637 
7,940 
 
Total Tennessee 
 
 
7,835,355 
 
 
Texas – 5.4% (4.3% of Total Investments) 
 
 
 
1,500 
 
Austin, Texas, Special Assessment Revenue Bonds, Estancia Hill Country Public 
11/23 at 100.00 
N/R 
1,525,995 
 
 
Improvement District Area 1 Series 2013, 6.000%, 11/01/28 
 
 
 
2,000 
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien, Series 2015A, 
7/25 at 100.00 
A– 
2,139,620 
 
 
5.000%, 1/01/40 
 
 
 
690 
 
Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Idea 
No Opt. Call 
BBB+ 
703,524 
 
 
Public Schools, Series 2012, 3.750%, 8/15/22 
 
 
 
2,000 
 
Dallas Area Rapid Transit, Texas, Sales Tax Revenue Bonds, Tender Option Bond Trust 
No Opt. Call 
AA+ 
4,342,560 
 
 
3307, 17.206%, 12/01/30 – AMBAC Insured, 144A (IF) (6) 
 
 
 
2,000 
 
Gulf Coast Industrial Development Authority, Texas, Solid Waste Disposal Revenue Bonds, 
10/22 at 100.00 
BB 
2,037,220 
 
 
Citgo Petroleum Corporation Project, Series 1995, 4.875%, 5/01/25 (Alternative Minimum Tax) 
 
 
 
 
31

   
NID 
Nuveen Intermediate Duration Municipal Term Fund 
 
Portfolio of Investments (continued) 
 
November 30, 2018 (Unaudited) 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Texas (continued) 
 
 
 
 
 
Harris County Cultural Education Facilities Finance Corporation, Texas, Revenue 
 
 
 
 
 
Refunding Bonds, Young Men’s Christian Association of the Greater Houston Area, Series 2013A: 
 
 
 
$ 1,500 
 
5.000%, 6/01/20 
No Opt. Call 
Baa2 
$ 1,554,570 
535 
 
5.000%, 6/01/21 
No Opt. Call 
Baa2 
565,254 
855 
 
5.000%, 6/01/22 
No Opt. Call 
Baa2 
913,037 
915 
 
5.000%, 6/01/23 
No Opt. Call 
Baa2 
986,178 
3,000 
 
Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc. 
No Opt. Call 
BB 
3,346,410 
 
 
Airport Improvement Projects, Series 2018C, 5.000%, 7/15/28 (Alternative Minimum Tax) 
 
 
 
200 
 
Love Field Airport Modernization Corporation, Texas, Special Facilities Revenue Bonds, 
No Opt. Call 
A3 
214,694 
 
 
Southwest Airlines Company – Love Field Modernization Program Project, Series 2012, 5.000%, 
 
 
 
 
 
11/01/21 (Alternative Minimum Tax) 
 
 
 
1,000 
 
New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing 
4/24 at 100.00 
BBB– 
1,020,530 
 
 
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 
 
 
 
1,500 
 
Red River Authority, Texas, Pollution Control Revenue Bonds, AEP Texas North Company, 
No Opt. Call 
A– 
1,542,780 
 
 
Public Service Company of Oklahoma and AEP Texas Central Company Oklaunion Project, 
 
 
 
 
 
Refunding Series 2007, 4.450%, 6/01/20 – NPFG Insured 
 
 
 
2,680 
 
San Antonio Public Facilities Corporation, Texas, Lease Revenue Bonds, Convention Center 
9/22 at 100.00 
AA– 
3,897,980 
 
 
Refinancing & Expansion Project, Tender Option Bond Trust 2015-XF0125, 15.524%, 
 
 
 
 
 
9/15/29, 144A (IF) (6) 
 
 
 
 
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital 
 
 
 
 
 
Revenue Bonds, Scott & White Healthcare Project, Tender Option Bond Trust 2016-XG0058: 
 
 
 
100 
 
15.963%, 8/15/22, 144A (IF) (6) 
No Opt. Call 
AA– 
147,797 
155 
 
15.830%, 8/15/24, 144A (IF) (6) 
8/23 at 100.00 
AA– 
244,485 
200 
 
15.963%, 8/15/26, 144A (IF) (6) 
8/23 at 100.00 
AA– 
310,460 
170 
 
15.803%, 8/15/27, 144A (IF) (6) 
8/23 at 100.00 
AA– 
258,718 
1,690 
 
Texas Municipal Gas Acquisition and Supply Corporation I, Gas Supply Revenue Bonds, 
No Opt. Call 
A– 
1,944,345 
 
 
Senior Lien Series 2008D, 6.250%, 12/15/26 
 
 
 
5,000 
 
Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, 
No Opt. Call 
A3 
5,474,350 
 
 
Series 2012, 5.000%, 12/15/22 
 
 
 
1,190 
 
Westlake, Texas, Special Assessment Revenue Bonds, Solana Public Improvement District, 
9/25 at 100.00 
N/R 
1,164,891 
 
 
Series 2015, 6.125%, 9/01/35 
 
 
 
28,880 
 
Total Texas 
 
 
34,335,398 
 
 
Virgin Islands – 0.3% (0.2% of Total Investments) 
 
 
 
1,515 
 
Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Senior 
No Opt. Call 
AA 
1,611,384 
 
 
Lien, Refunding Series 2013B, 5.000%, 10/01/24 – AGM Insured 
 
 
 
 
 
Virginia – 1.6% (1.3% 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 
1,274,563 
1,000 
 
5.000%, 3/01/21 
No Opt. Call 
N/R 
1,031,800 
1,410 
 
5.000%, 3/01/22 
No Opt. Call 
N/R 
1,465,427 
 
 
Fairfax County Industrial Development Authority, Virginia, Healthcare Revenue Bonds, 
 
 
 
 
 
Inova Health System, Tender Option Bond Trust 2016-XG0080: 
 
 
 
1,800 
 
15.959%, 5/15/27, 144A (IF) (6) 
5/22 at 100.00 
AA+ 
2,600,352 
120 
 
15.959%, 5/15/28, 144A (IF) (6) 
5/22 at 100.00 
AA+ 
172,733 
400 
 
10.968%, 5/15/29, 144A (IF) (6) 
5/22 at 100.00 
AA+ 
510,176 
1,000 
 
Roanoke Economic Development Authority, Virginia, Residential Care Facility Mortgage 
12/22 at 100.00 
N/R 
1,029,120 
 
 
Revenue Refunding Bonds, Virginia Lutheran Homes Brandon Oaks Project, Series 2012, 
 
 
 
 
 
5.000%, 12/01/32 
 
 
 
 
32

 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Virginia (continued) 
 
 
 
 
 
Virginia Gateway Community Development Authority, Prince William County, Virginia, 
 
 
 
 
 
Special Assessment Refunding Bonds, Series 2012: 
 
 
 
$ 695 
 
5.000%, 3/01/25 
3/22 at 100.00 
N/R 
$ 703,861 
145 
 
4.500%, 3/01/29 
3/22 at 100.00 
N/R 
137,894 
1,505 
 
5.000%, 3/01/30 
3/22 at 100.00 
N/R 
1,510,237 
9,340 
 
Total Virginia 
 
 
10,436,163 
 
 
Washington – 2.7% (2.1% of Total Investments) 
 
 
 
4,000 
 
Port of Seattle, Washington, Revenue Bonds, Series 2016B, 5.000%, 10/01/32 (Alternative 
4/26 at 100.00 
Aa2 
4,454,080 
 
 
Minimum Tax) (UB) (6) 
 
 
 
375 
 
Tacoma Consolidated Local Improvement District 65, Washington, Special Assessment Bonds, 
4/19 at 100.00 
N/R 
374,921 
 
 
Series 2013, 5.750%, 4/01/43 
 
 
 
5,000 
 
Washington Health Care Facilities Authority, Revenue Bonds, Catholic Health Initiative, 
7/24 at 100.00 
BBB+ 
5,301,250 
 
 
Tender Option Bonds Trust 2015-XF1017, 4.849%, 1/01/35 (Mandatory put 
 
 
 
 
 
1/01/25), 144A (IF) (6) 
 
 
 
 
 
Washington State Housing Finance Commission, Non-Profit Housing Revenue Bonds, Mirabella 
 
 
 
 
 
Project, Series 2012A: 
 
 
 
2,315 
 
6.000%, 10/01/22, 144A 
No Opt. Call 
N/R 
2,458,877 
2,095 
 
6.500%, 10/01/32, 144A 
10/22 at 100.00 
N/R 
2,218,689 
 
 
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– 
1,065,300 
1,000 
 
5.000%, 7/01/23 
No Opt. Call 
A– 
1,097,440 
15,785 
 
Total Washington 
 
 
16,970,557 
 
 
West Virginia – 0.3% (0.2% of Total Investments) 
 
 
 
1,170 
 
West Virginia Economic Development Authority, Energy Revenue Bonds, Morgantown Energy 
No Opt. Call 
Baa3 
1,124,253 
 
 
Associates Project, Refunding Series 2016, 2.875%, 12/15/26 (Alternative Minimum Tax) 
 
 
 
500 
 
West Virginia Economic Development Authority, Excess Lottery Revenue Bonds, Series 
7/27 at 100.00 
AAA 
578,635 
 
 
2017A, 5.000%, 7/01/30 
 
 
 
1,670 
 
Total West Virginia 
 
 
1,702,888 
 
 
Wisconsin – 3.1% (2.4% of Total Investments) 
 
 
 
1,740 
 
Green Bay Redevelopment Authority, Wisconsin, Industrial Development Revenue Bonds, Fort 
No Opt. Call 
N/R 
1,757,069 
 
 
James Project, Series 1999, 5.600%, 5/01/19 (Alternative Minimum Tax) 
 
 
 
 
 
Oneida Tribe of Indians of Wisconsin, Retail Sales Revenue Bonds, Series 2011-144A: 
 
 
 
2,475 
 
5.500%, 2/01/21, 144A 
2/19 at 102.00 
BBB+ 
2,535,118 
350 
 
6.500%, 2/01/31, 144A 
2/19 at 102.00 
BBB+ 
359,048 
415 
 
Platteville Redevelopment Authority, Wisconsin, Revenue Bonds, University of Wisconsin - 
7/22 at 100.00 
BBB– 
422,586 
 
 
Platteville Real Estate Foundation Project, Series 2012A, 5.000%, 7/01/42 
 
 
 
 
 
Public Finance Authority of Wisconsin, Educational Facility Revenue Bonds, Cottonwood 
 
 
 
 
 
Classical Preparatory School in Albuquerque, New Mexico, Series 2012A: 
 
 
 
860 
 
5.250%, 12/01/22 
No Opt. Call 
N/R 
858,469 
1,610 
 
6.000%, 12/01/32 
12/22 at 100.00 
N/R 
1,612,818 
2,635 
 
Public Finance Authority of Wisconsin, Limited Obligation Grant Revenue Bonds, American 
No Opt. Call 
N/R 
2,829,489 
 
 
Dream @ Meadowlands Project, Series 2017A, 6.250%, 8/01/27, 144A 
 
 
 
 
 
Public Finance Authority of Wisconsin, Limited Obligation PILOT Revenue Bonds, American 
 
 
 
 
 
Dream @ Meadowlands Project, Series 2017: 
 
 
 
1,200 
 
5.000%, 12/01/27, 144A 
No Opt. Call 
N/R 
1,248,468 
1,000 
 
6.500%, 12/01/37, 144A 
12/27 at 100.00 
N/R 
1,108,330 
485 
 
Public Finance Authority of Wisconsin, Revenue Bonds, Prime Healthcare Foundation, Inc., 
No Opt. Call 
N/R 
503,959 
 
 
Series 2017A, 5.000%, 12/01/27 
 
 
 
480 
 
Public Finance Authority of Wisconsin, Revenue Bonds, Roseman University of Health 
No Opt. Call 
BB 
500,510 
 
 
Sciences, Series 2012, 5.000%, 4/01/22 
 
 
 
 
33

   
NID 
Nuveen Intermediate Duration Municipal Term Fund 
 
Portfolio of Investments (continued) 
 
November 30, 2018 (Unaudited) 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Wisconsin (continued) 
 
 
 
$ 2,085 
 
Public Finance Authority of Wisconsin, Senior Airport Facilities Revenue and Refunding 
No Opt. Call 
BBB 
$ 2,188,979 
 
 
Bonds, Trips Obligated Group, Series 2012B, 5.000%, 7/01/22 (Alternative Minimum Tax) 
 
 
 
1,115 
 
Public Finance Authority of Wisconsin, Student Housing Revenue Bonds, Collegiate Housing 
7/25 at 100.00 
BBB– 
1,172,947 
 
 
Foundation – Cullowhee LLC – Western California University Project, Series 2015A, 5.000%, 
 
 
 
 
 
7/01/30 
 
 
 
1,405 
 
Public Finance Authority, Wisconsin, Educational Revenue Bonds, Lake Norman Charter 
6/26 at 100.00 
BBB– 
1,415,903 
 
 
School, Series 2018A, 4.000%, 6/15/28, 144A 
 
 
 
 
 
University of Wisconsin Hospitals and Clinics Authority, Revenue Bonds, Tender Option 
 
 
 
 
 
Bond Trust 2015-XF0127: 
 
 
 
50 
 
14.440%, 4/01/22, 144A (IF) (6) 
No Opt. Call 
AA– 
70,435 
100 
 
14.939%, 4/01/23, 144A (IF) (6) 
No Opt. Call 
AA– 
152,401 
185 
 
14.703%, 4/01/24, 144A (IF) (6) 
4/23 at 100.00 
AA– 
279,006 
100 
 
14.939%, 4/01/25, 144A (IF) (6) 
4/23 at 100.00 
AA– 
151,603 
250 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Beloit Health 
4/20 at 100.00 
A– 
256,075 
 
 
System, Inc., Series 2010B, 5.000%, 4/01/30 
 
 
 
18,540 
 
Total Wisconsin 
 
 
19,423,213 
$ 770,512 
 
Total Long-Term Investments (cost $799,022,726) 
 
 
793,362,868 
 
 
Floating Rate Obligations – (1.8)% 
 
 
(11,200,000) 
 
 
Adjustable Rate MuniFund Term Preferred Shares, net of deferred offering costs – (27.6)% (9) 
 
 
(174,835,951) 
 
 
Other Assets Less Liabilities – 4.0% (10) 
 
 
25,582,272 
 
 
Net Assets Applicable to Common Shares – 100% 
 
 
$ 632,909,189 
 
Investments in Derivatives
Interest Rate Swaps – OTC Cleared
                     
Notional 
Amount 
Fund 
Pay/Receive 
Floating Rate 
 
Floating Rate Index 
Fixed Rate 
(Annualized) 
Fixed Rate 
Payment 
Frequency 
Effective 
Date (11) 
Maturity 
Date 
Value 
Premiums 
Paid 
(Received) 
Unrealized 
Appreciation 
(Depreciation) 
Variation 
Margin 
Receivable/ 
(Payable) 
$6,200,000 
Receive 
3-Month LIBOR 
2.363% 
Semi-Annually 
9/10/18 
9/10/28 
$56,230 
$480 
$55,750 
$(11,957) 
 
34

 

   
(1) 
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted. 
(2) 
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. 
(3) 
For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. 
(4) 
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. 
(5) 
Step-up coupon bond, a bond with a coupon that increases (“steps up”), usually at regular intervals, while the bond is outstanding. The rate shown is the coupon as of the end of the reporting period. 
(6) 
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions. 
(7) 
Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment classified as Level 3. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information. 
(8) 
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. 
(9) 
Adjustable Rate MuniFund Term Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 22.0%. 
(10) 
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, when applicable. 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. 
(11) 
Effective date represents the date on which both the Fund and counterparty commence interest payment accruals on each contract. 
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. 
ETM 
Escrowed to maturity. 
IF 
Inverse floating rate security issued by a tender option bond (“TOB”) trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association (SIFMA) short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust. 
PIK 
Payment-in-kind (“PIK”) security. Depending on the terms of the security, income may be received in the form of cash, securities, or a combination of both. The PIK rate shown, where applicable, represents the annualized rate of the last PIK payment made by the issuer as of the end of the reporting period. 
UB 
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information. 
WI/DD 
Investment, or portion of investment, purchased on a when-issued or delayed delivery basis. 
LIBOR 
London Inter-Bank Offered Rate 
 
See accompanying notes to financial statements.
35

   
NIQ 
Nuveen Intermediate Duration Quality 
 
Municipal Term Fund 
 
Portfolio of Investments 
 
November 30, 2018 (Unaudited) 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
LONG-TERM INVESTMENTS – 127.8% (100.0% of Total Investments) 
 
 
 
 
 
MUNICIPAL BONDS – 127.8% (100.0% of Total Investments) 
 
 
 
 
 
Alabama – 2.4% (1.9% of Total Investments) 
 
 
 
$ 2,000 
 
Alabama Federal Aid Highway Finance Authority, Federal Highway Grant Anticipation 
9/22 at 100.00 
AA (4) 
$ 3,049,400 
 
 
Revenue Bonds, Tender Option Bond Trust 2016-XL0024, 15.355%, 9/01/26, 144A 
 
 
 
 
 
(Pre-refunded 9/01/22) (IF) (5) 
 
 
 
1,000 
 
Lower Alabama Gas District, Alabama, Gas Project Revenue Bonds, Series 2016A, 
No Opt. Call 
A3 
1,141,060 
 
 
5.000%, 9/01/34 
 
 
 
3,000 
 
Total Alabama 
 
 
4,190,460 
 
 
Arizona – 1.8% (1.4% of Total Investments) 
 
 
 
 
 
Arizona Health Facilities Authority, Hospital Revenue Bonds, Phoenix Children’s 
 
 
 
 
 
Hospital, Series 2013D: 
 
 
 
965 
 
5.000%, 2/01/24 
2/23 at 100.00 
A+ 
1,046,755 
1,065 
 
5.000%, 2/01/26 
2/23 at 100.00 
A+ 
1,151,425 
1,000 
 
University Medical Center Corporation, Tucson, Arizona, Hospital Revenue Bonds, Series 
No Opt. Call 
N/R (4) 
1,017,220 
 
 
2011, 5.000%, 7/01/19 (ETM) 
 
 
 
3,030 
 
Total Arizona 
 
 
3,215,400 
 
 
California – 15.5% (12.1% of Total Investments) 
 
 
 
3,000 
 
Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Senior 
10/23 at 100.00 
AA 
3,375,360 
 
 
Lien Series 2013A, 5.000%, 10/01/27 – AGM Insured 
 
 
 
500 
 
California Health Facilities Financing Authority, California, Revenue Bonds, Sutter 
11/27 at 100.00 
AA– 
566,000 
 
 
Health, Refunding Series 2017A, 5.000%, 11/15/36 
 
 
 
 
 
California Municipal Finance Authority, Revenue Bonds, Biola University, Series 2013: 
 
 
 
560 
 
5.000%, 10/01/19 
No Opt. Call 
Baa1 
574,129 
415 
 
5.000%, 10/01/21 
No Opt. Call 
Baa1 
446,764 
2,170 
 
California Municipal Finance Authority, Revenue Bonds, Linxs APM Project, Senior Lien 
6/28 at 100.00 
N/R 
2,332,620 
 
 
Series 2018A, 5.000%, 12/31/43 (Alternative Minimum Tax) 
 
 
 
1,930 
 
California Statewide Communities Development Authority, California, Revenue Bonds, Loma 
12/24 at 100.00 
BB 
2,047,595 
 
 
Linda University Medical Center, Series 2014A, 5.250%, 12/01/34 
 
 
 
3,335 
 
Eastern Municipal Water District Financing Authority, California, Water and Wastewater 
7/27 at 100.00 
AA+ 
3,903,051 
 
 
Revenue Bonds, Series 2017D, 5.250%, 7/01/42 
 
 
 
860 
 
Independent Cities Finance Authority, California, Mobile Home Park Revenue Bonds, 
No Opt. Call 
A– 
901,435 
 
 
Rancho Vallecitos Mobile Home Park, Series 2013, 4.500%, 4/15/23 
 
 
 
 
 
Inland Empire Tobacco Securitization Authority, California, Tobacco Settlement 
 
 
 
 
 
Asset-Backed Bonds, Series 2007A. Turbo Current Interest: 
 
 
 
1,035 
 
5.000%, 6/01/21 
1/19 at 100.00 
N/R 
1,035,041 
825 
 
4.625%, 6/01/21 
1/19 at 100.00 
N/R 
822,278 
 
 
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 
154,034 
305 
 
4.000%, 9/01/26 
9/22 at 100.00 
N/R 
312,012 
250 
 
4.000%, 9/01/27 
9/22 at 100.00 
N/R 
255,130 
365 
 
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 
11/20 at 100.00 
Ba1 (4) 
381,491 
 
 
2010, 5.250%, 11/01/21 (Pre-refunded 11/01/20) 
 
 
 
1,790 
 
Patterson Public Finance Authority, California, Revenue Bonds, Community Facilities 
No Opt. Call 
N/R 
1,942,150 
 
 
District 2001-1, Senior Series 2013A , 5.000%, 9/01/22 
 
 
 
185 
 
Riverside County Redevelopment Agency, California, Tax Allocation Housing Bonds, Series 
No Opt. Call 
A (4) 
191,148 
 
 
2011A, 0.000%, 10/01/26 (ETM) (6) 
 
 
 
 
36

 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
California (continued) 
 
 
 
$ 1,500 
 
San Diego Association of Governments, California, South Bay Expressway Toll Revenue 
7/27 at 100.00 
A 
$ 1,691,700 
 
 
Bonds, First Senior Lien Series 2017A, 5.000%, 7/01/36 
 
 
 
2,000 
 
San Francisco Airports Commission, California, Revenue Bonds, San Francisco 
No Opt. Call 
A+ 
2,389,720 
 
 
International Airport, Second Series 2016A, 5.000%, 5/01/26 
 
 
 
1,400 
 
San Joaquin County Transportation Authority, California, Sales Tax Revenue, Limited Tax 
3/27 at 100.00 
AA 
1,637,370 
 
 
Measure K Series 2017, 5.000%, 3/01/32 
 
 
 
530 
 
Vernon, California, Electric System Revenue Bonds, Series 2009A, 5.125%, 8/01/21 
8/19 at 100.00 
N/R (4) 
542,031 
 
 
(Pre-refunded 8/01/19) 
 
 
 
895 
 
Vernon, California, Electric System Revenue Bonds, Series 2009A, 5.125%, 8/01/21 
8/19 at 100.00 
A– 
911,396 
925 
 
Washington Township Health Care District, California, Revenue Bonds, Series 2009A, 
7/19 at 100.00 
Baa1 
941,511 
 
 
6.000%, 7/01/29 
 
 
 
24,925 
 
Total California 
 
 
27,353,966 
 
 
Colorado – 10.0% (7.8% of Total Investments) 
 
 
 
 
 
Colorado Educational and Cultural Facilities Authority, Charter School Refunding Revenue 
 
 
 
 
 
Bonds, Pinnacle Charter School, Inc. K-8 Facility Project, Series 2013: 
 
 
 
310 
 
4.000%, 6/01/20 
No Opt. Call 
A+ 
317,545 
250 
 
5.000%, 6/01/21 
No Opt. Call 
A+ 
265,755 
5,000 
 
Colorado Springs, Colorado, Utilities System Revenue Bonds, Refunding Series 2017A-2, 
11/27 at 100.00 
AA 
5,608,146 
 
 
5.000%, 11/15/47 
 
 
 
 
 
Colorado State Board of Governors, Colorado State University Auxiliary Enterprise System 
 
 
 
 
 
Revenue Bonds, Tender Option Bond Trust 2016-XF2354: 
 
 
 
100 
 
15.959%, 3/01/25, 144A (IF) (5) 
No Opt. Call 
AA 
177,012 
300 
 
15.959%, 3/01/26, 144A (IF) (5) 
No Opt. Call 
AA 
552,456 
430 
 
15.927%, 3/01/27, 144A (IF) (5) 
No Opt. Call 
AA 
812,618 
725 
 
15.959%, 3/01/28, 144A (IF) (5) 
No Opt. Call 
AA 
1,396,365 
200 
 
15.959%, 3/01/29, 144A (IF) (5) 
No Opt. Call 
AA 
392,080 
1,870 
 
Denver Convention Center Hotel Authority, Colorado, Revenue Bonds, Convention Center 
12/26 at 100.00 
Baa2 
2,071,137 
 
 
Hotel, Refunding Senior Lien Series 2016, 5.000%, 12/01/30 
 
 
 
350 
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B, 0.000%, 
No Opt. Call 
A 
326,778 
 
 
9/01/21 – NPFG Insured 
 
 
 
1,000 
 
Public Authority for Colorado Energy, Natural Gas Purchase Revenue Bonds, Colorado 
No Opt. Call 
A+ 
1,346,550 
 
 
Springs Utilities, Series 2008, 6.500%, 11/15/38 
 
 
 
4,000 
 
University of Northern Colorado at Greeley, Institutional Enterprise System Revenue 
6/26 at 100.00 
Aa2 
4,368,839 
 
 
Bonds, Refunding Series 2016A, 5.000%, 6/01/46 
 
 
 
14,535 
 
Total Colorado 
 
 
17,635,281 
 
 
Florida – 10.4% (8.2% 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 
439,664 
150 
 
5.000%, 11/15/23 
No Opt. Call 
BBB 
163,551 
460 
 
Belmont Community Development District, Florida, Capital Improvement Revenue Bonds, 
No Opt. Call 
N/R 
485,691 
 
 
Phase 1 Project, Series 2013A, 5.500%, 11/01/23 
 
 
 
1,270 
 
Broward County, Florida, Fuel System Revenue Bonds, Fort Lauderdale Fuel Facilities LLC 
No Opt. Call 
AA 
1,389,431 
 
 
Project, Series 2013A, 5.000%, 4/01/23 – AGM Insured (Alternative Minimum Tax) 
 
 
 
1,740 
 
Cape Coral, Florida, Water and Sewer Revenue Bonds, Refunding Series 2017, 
10/27 at 100.00 
A+ 
1,991,465 
 
 
5.000%, 10/01/33 
 
 
 
390 
 
Capital Trust Agency, Florida, Fixed Rate Air Cargo Revenue Refunding Bonds, Aero 
7/20 at 100.00 
Baa3 
400,468 
 
 
Miami FX, LLC Project, Series 2010A, 5.350%, 7/01/29 
 
 
 
1,610 
 
Collier County Educational Facilities Authority, Florida, Revenue Bonds, Ave Maria 
No Opt. Call 
BBB– 
1,643,456 
 
 
University, Refunding Series 2013A, 4.500%, 6/01/23 
 
 
 
1,000 
 
Florida Mid-Bay Bridge Authority, Revenue Bonds, 1st Senior Lien Series 2015A, 
No Opt. Call 
BBB+ 
1,110,050 
 
 
5.000%, 10/01/23 
 
 
 
 
37

   
NIQ 
Nuveen Intermediate Duration Quality Municipal 
 
Term Fund 
 
Portfolio of Investments (continued) 
 
November 30, 2018 (Unaudited) 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Florida (continued) 
 
 
 
$ 2,960 
 
Florida Municipal Power Agency, Revenue Bonds, Saint Lucie Project, Refunding Series 
10/22 at 100.00 
A2 
$ 3,215,152 
 
 
2012A, 5.000%, 10/01/26 
 
 
 
500 
 
Gainesville, Florida, Utilities System Revenue Bonds, Series 2017A, 5.000%, 10/01/37 
10/27 at 100.00 
AA– 
570,180 
 
 
Martin County Industrial Development Authority, Florida, Industrial Development Revenue 
 
 
 
 
 
Refunding Bonds, Indiantown Cogeneration LP, Series 2013: 
 
 
 
3,150 
 
3.950%, 12/15/21, 144A (Alternative Minimum Tax) 
6/20 at 100.00 
BBB+ 
3,207,204 
500 
 
4.200%, 12/15/25, 144A (Alternative Minimum Tax) 
6/20 at 100.00 
BBB+ 
506,510 
1,400 
 
Palm Beach County Health Facilities Authority, Florida, Revenue Bonds, Jupiter Medical 
No Opt. Call 
BBB+ 
1,514,226 
 
 
Center, Series 2013A, 5.000%, 11/01/22 
 
 
 
510 
 
Putnam County Development Authority, Florida, Pollution Control Revenue Bonds, Seminole 
5/28 at 100.00 
A– 
557,216 
 
 
Electric Cooperative, Inc. Project, Refunding Series 2018B, 5.000%, 3/15/42 
 
 
 
305 
 
Southeast Overtown/Park West Community Redevelopment Agency, Florida, Tax Increment 
No Opt. Call 
BBB+ 
336,705 
 
 
Revenue Bonds, Series 2014A-1, 5.000%, 3/01/24, 144A 
 
 
 
1,055 
 
Verandah West Community Development District, Florida, Capital Improvement Revenue 
No Opt. Call 
N/R 
1,050,337 
 
 
Bonds, Refunding Series 2013, 4.000%, 5/01/23 
 
 
 
17,420 
 
Total Florida 
 
 
18,581,306 
 
 
Georgia – 1.7% (1.3% of Total Investments) 
 
 
 
1,025 
 
Atlanta, Georgia, Tax Allocation Bonds, Perry Bolton Project Series 2014, 
No Opt. Call 
A– 
1,079,048 
 
 
4.000%, 7/01/22 
 
 
 
1,000 
 
Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation 
2/27 at 100.00 
AA– 
1,155,460 
 
 
Certificates, Northeast Georgia Health Services Inc., Series 2017B, 5.500%, 2/15/42 
 
 
 
824 
 
Liberty County Industrial Authority, Georgia, Revenue Bonds, Series 2012A-2, 
1/19 at 100.00 
N/R 
713,018 
 
 
3.930%, 7/01/26 
 
 
 
2,849 
 
Total Georgia 
 
 
2,947,526 
 
 
Hawaii – 1.9% (1.4% of Total Investments) 
 
 
 
3,000 
 
Honolulu City and County, Hawaii, Wastewater System Revenue Bonds, First Bond 
1/28 at 100.00 
Aa2 
3,422,310 
 
 
Resolution, Senior Series 2018A, 5.000%, 7/01/37 
 
 
 
 
 
Illinois – 11.6% (9.1% of Total Investments) 
 
 
 
2,500 
 
Cook County, Illinois, General Obligation Bonds, Tender Option Bond Trust 2015-XF1007, 
11/22 at 100.00 
AA– 
3,293,250 
 
 
12.666%, 11/15/25, 144A (IF) (5) 
 
 
 
550 
 
Hillside, Cook County, Illinois, Tax Increment Revenue Bonds, Mannheim Redevelopment 
1/19 at 100.00 
N/R 
558,839 
 
 
Project, Senior Lien Series 2008, 6.550%, 1/01/20 
 
 
 
2,680 
 
Illinois Finance Authority, Revenue Bonds, Illinois Institute of Technology, Refunding 
1/19 at 100.00 
Baa3 
2,680,616 
 
 
Series 2006A, 5.000%, 4/01/24 
 
 
 
4,000 
 
Illinois Municipal Electric Agency, Power Supply System Revenue Bonds, Refunding Series 
8/25 at 100.00 
A1 
4,536,359 
 
 
2015A, 5.000%, 2/01/27 
 
 
 
5,000 
 
Illinois State, General Obligation Bonds, Series 2013, 5.000%, 7/01/23 
No Opt. Call 
BBB 
5,258,249 
790 
 
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Refunding Senior Lien 
No Opt. Call 
AA– 
812,997 
 
 
Series 2014A, 5.000%, 12/01/19 
 
 
 
290 
 
Madison, Macoupin, Jersey, Calhoun, Morgan, Scott, and Greene Counties Community College 
11/26 at 100.00 
AA 
318,580 
 
 
District 536, Illinois, General Obligation Bonds, Lewis & Clark Community College, Refunding 
 
 
 
 
 
Series 2017A, 5.000%, 11/01/33 – AGM Insured 
 
 
 
1,000 
 
Southwestern Illinois Development Authority, Local Government Revenue Bonds, 
No Opt. Call 
AA 
881,670 
 
 
Edwardsville Community Unit School District 7 Project, Series 2007, 0.000%, 12/01/22 – 
 
 
 
 
 
AGM Insured 
 
 
 
2,000 
 
Springfield, Illinois, Electric Revenue Bonds, Senior Lien Series 2015, 5.000%, 3/01/33 
3/25 at 100.00 
A 
2,187,520 
18,810 
 
Total Illinois 
 
 
20,528,080 
 
38

 

 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Indiana – 1.6% (1.3% of Total Investments) 
 
 
 
$ 1,145 
 
Indiana Finance Authority, Educational Facilities Revenue Bonds, 21st Century Charter 
3/23 at 100.00 
B+ 
$ 1,141,622 
 
 
School Project, Series 2013A, 6.000%, 3/01/33 
 
 
 
1,500 
 
Indiana Finance Authority, Lease Appropriation Bonds, Stadium Project, Refunding Series 
No Opt. Call 
AA+ 
1,719,390 
 
 
2015A, 5.000%, 2/01/25 
 
 
 
2,645 
 
Total Indiana 
 
 
2,861,012 
 
 
Iowa – 1.6% (1.3% of Total Investments) 
 
 
 
855 
 
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer 
6/19 at 105.00 
B 
903,992 
 
 
Company Project, Series 2016, 5.875%, 12/01/27, 144A 
 
 
 
2,000 
 
Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, 
1/19 at 100.00 
BB– 
2,000,540 
 
 
5.600%, 6/01/34 (6) 
 
 
 
2,855 
 
Total Iowa 
 
 
2,904,532 
 
 
Kentucky – 2.7% (2.2% of Total Investments) 
 
 
 
 
 
Kentucky Economic Development Finance Authority, Revenue Bonds, Next Generation Kentucky 
 
 
 
 
 
Information Highway Project, Senior Series 2015A: 
 
 
 
1,350 
 
5.000%, 7/01/20 
No Opt. Call 
BBB+ 
1,397,291 
925 
 
4.250%, 7/01/35 
7/25 at 100.00 
BBB+ 
910,875 
3,000 
 
Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, 
No Opt. Call 
Baa3 
2,551,620 
 
 
Downtown Crossing Project, Capital Appreciation Series 2013B, 0.000%, 7/01/23 
 
 
 
5,275 
 
Total Kentucky 
 
 
4,859,786 
 
 
Louisiana – 1.0% (0.7% of Total Investments) 
 
 
 
530 
 
New Orleans Aviation Board, Louisiana, Special Facility Revenue Bonds, Parking 
10/28 at 100.00 
AA 
586,132 
 
 
Facilities Corporation Consolidated Garage System, Series 2018A, 5.000%, 10/01/43 – 
 
 
 
 
 
AGM Insured 
 
 
 
1,000 
 
New Orleans, Louisiana, Water Revenue Bonds, Refunding Series 2014, 5.000%, 12/01/22 
No Opt. Call 
A– 
1,094,920 
1,530 
 
Total Louisiana 
 
 
1,681,052 
 
 
Maine – 3.0% (2.3% of Total Investments) 
 
 
 
1,000 
 
Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine 
7/23 at 100.00 
BBB 
1,048,250 
 
 
Medical Center Obligated Group Issue, Series 2013, 5.000%, 7/01/33 
 
 
 
 
 
Maine Health and Higher Educational Facilities Authority Revenue Bonds, MaineHealth 
 
 
 
 
 
Issue, Series 2018A: 
 
 
 
435 
 
5.000%, 7/01/43 
7/28 at 100.00 
A+ 
479,140 
565 
 
5.000%, 7/01/48 
7/28 at 100.00 
A+ 
618,856 
 
 
Maine Turnpike Authority, Special Obligation Bonds, Series 2014: 
 
 
 
620 
 
5.000%, 7/01/25 
7/24 at 100.00 
A+ 
696,062 
340 
 
5.000%, 7/01/27 
7/24 at 100.00 
A+ 
379,097 
1,850 
 
5.000%, 7/01/29 
7/24 at 100.00 
A+ 
2,050,633 
4,810 
 
Total Maine 
 
 
5,272,038 
 
 
Maryland – 1.3% (1.0% of Total Investments) 
 
 
 
615 
 
Baltimore, Maryland, Convention Center Hotel Revenue Bonds, Refunding Series 2017, 
9/27 at 100.00 
BBB– 
678,819 
 
 
5.000%, 9/01/32 
 
 
 
 
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Frederick 
 
 
 
 
 
Memorial Hospital Issue, Series 2012A: 
 
 
 
195 
 
5.000%, 7/01/20 
No Opt. Call 
A– 
203,137 
275 
 
5.000%, 7/01/22 
No Opt. Call 
A– 
299,156 
1,000 
 
Prince George’s County, Maryland, General Obligation Consolidated Public Improvement 
9/21 at 100.00 
AAA 
1,080,430 
 
 
Bonds, Series 2011A, 5.000%, 9/15/22 (Pre-refunded 9/15/21) 
 
 
 
2,085 
 
Total Maryland 
 
 
2,261,542 
 
39

   
NIQ 
Nuveen Intermediate Duration Quality Municipal 
 
Term Fund 
 
Portfolio of Investments (continued) 
 
November 30, 2018 (Unaudited) 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Massachusetts – 1.3% (1.0% of Total Investments) 
 
 
 
$ 420 
 
Massachusetts Development Finance Agency, Revenue Bonds, Boston Medical Center Issue, 
7/22 at 100.00 
BBB 
$ 446,006 
 
 
Series 2012C, 5.000%, 7/01/29 
 
 
 
 
 
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 (4) 
87,659 
500 
 
5.000%, 7/01/29 (Pre-refunded 7/01/22) 
7/22 at 100.00 
Baa2 (4) 
547,870 
 
 
Massachusetts Port Authority, Special Facilities Revenue Bonds, Delta Air Lines Inc., 
 
 
 
 
 
Series 2001A: 
 
 
 
140 
 
5.000%, 1/01/21 – AMBAC Insured (Alternative Minimum Tax) 
1/19 at 100.00 
N/R 
141,175 
1,000 
 
5.000%, 1/01/27 – AMBAC Insured (Alternative Minimum Tax) 
1/19 at 100.00 
N/R 
1,018,690 
2,140 
 
Total Massachusetts 
 
 
2,241,400 
 
 
Michigan – 5.7% (4.5% of Total Investments) 
 
 
 
1,000 
 
Detroit City School District, Wayne County, Michigan, General Obligation Bonds, Tender 
No Opt. Call 
AA 
1,950,410 
 
 
Option Bond Trust 3308, 16.526%, 5/01/30 – AGM Insured, 144A (IF) (5) 
 
 
 
5 
 
Detroit, Michigan, Sewer Disposal System Revenue Bonds, Second Lien, Series 2006B, 
1/19 at 100.00 
A 
5,010 
 
 
5.000%, 7/01/36 – FGIC Insured 
 
 
 
5 
 
Detroit, Michigan, Water Supply System Revenue Bonds, Second Lien Series 2003B, 5.000%, 
1/19 at 100.00 
A+ 
5,011 
 
 
7/01/34 – NPFG Insured 
 
 
 
730 
 
Flint Hospital Building Authority, Michigan, Building Authority Revenue Bonds, Hurley 
No Opt. Call 
BBB– 
764,493 
 
 
Medical Center, Series 2013A, 5.000%, 7/01/23 
 
 
 
2,020 
 
Michigan Finance Authority, Hospital Revenue Bonds, Crittenton Hospital Medical Center, 
6/22 at 100.00 
N/R (4) 
2,154,209 
 
 
Refunding Series 2012A, 4.125%, 6/01/32 (Pre-refunded 6/01/22) 
 
 
 
3,000 
 
Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Water & 
No Opt. Call 
AA 
3,342,870 
 
 
Sewerage Department Water Supply System Local Project, Refunding Senior Loan Series 2014D-1, 
 
 
 
 
 
5.000%, 7/01/23 – AGM Insured 
 
 
 
80 
 
Michigan Finance Authority, Public School Academy Limited Obligation Revenue Bonds, Old 
No Opt. Call 
BB– 
79,925 
 
 
Redford Academy Project, Series 2010A, 5.250%, 12/01/20 
 
 
 
 
 
Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Tender Option 
 
 
 
 
 
Bond Trust 2015-XF0126: 
 
 
 
12 
 
15.423%, 12/01/27 (Pre-refunded 12/01/20), 144A (IF) (5) 
12/20 at 100.00 
N/R (4) 
15,190 
1,393 
 
15.423%, 12/01/27, 144A (IF) (5) 
12/20 at 100.00 
AA– 
1,763,357 
8,245 
 
Total Michigan 
 
 
10,080,475 
 
 
Minnesota – 1.2% (1.0% of Total Investments) 
 
 
 
550 
 
Northern Municipal Power Agency, Minnesota, Electric System Revenue Bonds, Refunding 
1/26 at 100.00 
A– 
625,257 
 
 
Series 2016, 5.000%, 1/01/27 
 
 
 
750 
 
Rochester, Minnesota, Health Care Facilities Revenue Bonds, Olmsted Medical Center 
No Opt. Call 
A 
782,318 
 
 
Project, Series 2013, 5.000%, 7/01/20 
 
 
 
 
 
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 
BB+ 
202,513 
100 
 
3.700%, 3/01/22 
No Opt. Call 
BB+ 
98,376 
500 
 
Sauk Rapids, Minnesota, Health Care and Housing Facilities Revenue Bonds, Good Shepherd 
No Opt. Call 
N/R 
500,685 
 
 
Luthran Home, Refunding Series 2013, 5.000%, 1/01/19 
 
 
 
2,105 
 
Total Minnesota 
 
 
2,209,149 
 
 
Mississippi – 1.6% (1.3% of Total Investments) 
 
 
 
 
 
Mississippi Development Bank Special Obligation Bonds, Marshall County Industrial 
 
 
 
 
 
Development Authority, Mississippi Highway Construction Project, Tender Option Bond Trust 3315: 
 
 
 
800 
 
15.959%, 1/01/24 (Pre-refunded 1/01/22), 144A (IF) (5) 
1/22 at 100.00 
AA- (4) 
1,147,352 
1,000 
 
15.959%, 1/01/25 (Pre-refunded 1/01/22), 144A (IF) (5) 
1/22 at 100.00 
AA- (4) 
1,434,190 
200 
 
15.959%, 1/01/26 (Pre-refunded 1/01/22), 144A (IF) (5) 
1/22 at 100.00 
AA- (4) 
286,838 
2,000 
 
Total Mississippi 
 
 
2,868,380 
 
40

 

 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Missouri – 1.9% (1.4% of Total Investments) 
 
 
 
$ 90 
 
Franklin County Industrial Development Authority, Missouri, Sales Tax Refunding Revenue 
11/20 at 100.00 
N/R 
$ 87,559 
 
 
Bonds, Phoenix Center II Community Improvement District Project, Series 2013A, 
 
 
 
 
 
4.000%, 11/01/25 
 
 
 
3,000 
 
Missouri Joint Municipal Electric Utility Commission, Power Project Revenue Bonds, Plum 
No Opt. Call 
A 
3,305,550 
 
 
Point Project, Refunding Series 2014A, 5.000%, 1/01/23 
 
 
 
3,090 
 
Total Missouri 
 
 
3,393,109 
 
 
Montana – 1.4% (1.1% of Total Investments) 
 
 
 
 
 
Montana Facility Finance Authority, Healthcare Facility Revenue Bonds, Kalispell 
 
 
 
 
 
Regional Medical Center, Series 2018B: 
 
 
 
985 
 
5.000%, 7/01/28 
No Opt. Call 
BBB 
1,112,183 
1,270 
 
5.000%, 7/01/29 
7/28 at 100.00 
BBB 
1,423,378 
2,255 
 
Total Montana 
 
 
2,535,561 
 
 
Nebraska – 1.8% (1.4% of Total Investments) 
 
 
 
3,000 
 
Central Plains Energy Project, Nebraska, Gas Project 3 Revenue Bonds, Series 2012, 
9/22 at 100.00 
A 
3,228,360 
 
 
5.000%, 9/01/32 
 
 
 
 
 
Nevada – 2.6% (2.0% of Total Investments) 
 
 
 
515 
 
Carson City, Nevada, Hospital Revenue Bonds, Carson Tahoe Regional Healthcare Project, 
9/27 at 100.00 
BBB+ 
550,319 
 
 
Series 2017A, 5.000%, 9/01/47 
 
 
 
1,000 
 
Las Vegas Convention and Visitors Authority, Nevada, Revenue Bonds, Series 2018C, 
7/28 at 100.00 
Aa3 
1,131,780 
 
 
5.250%, 7/01/43 
 
 
 
 
 
Las Vegas Redevelopment Agency, Nevada, Tax Increment Revenue Bonds, Refunding 
 
 
 
 
 
Series 2016: 
 
 
 
1,295 
 
5.000%, 6/15/26 
No Opt. Call 
BBB+ 
1,475,899 
1,210 
 
5.000%, 6/15/27 
6/26 at 100.00 
BBB+ 
1,367,675 
4,020 
 
Total Nevada 
 
 
4,525,673 
 
 
New Jersey – 5.3% (4.2% of Total Investments) 
 
 
 
615 
 
New Jersey Economic Development Authority, Charter School Revenue Bonds, Lady Liberty 
No Opt. Call 
N/R 
369,000 
 
 
Academy Charter School Project, Series 2013A, 5.150%, 8/01/23 (7) 
 
 
 
 
 
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+ 
2,133,040 
1,000 
 
5.000%, 6/15/28 
6/22 at 100.00 
BBB+ 
1,053,480 
 
 
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 
902,123 
500 
 
5.000%, 1/01/22 (Alternative Minimum Tax) 
No Opt. Call 
BBB 
533,705 
500 
 
5.000%, 7/01/22 (Alternative Minimum Tax) 
No Opt. Call 
BBB 
538,045 
620 
 
5.000%, 1/01/23 (Alternative Minimum Tax) 
No Opt. Call 
BBB 
671,677 
1,000 
 
New Jersey Economic Development Authority, School Facilities Construction Financing 
3/25 at 100.00 
A– 
879,930 
 
 
Program Bonds, Tender Option Bond Trust 2016-XF2340, 5.031%, 9/01/25, 144A (IF) (5) 
 
 
 
1,000 
 
New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental 
8/22 at 101.00 
BB 
1,077,850 
 
 
Airlines Inc., Series 1999, 5.250%, 9/15/29 (Alternative Minimum Tax) 
 
 
 
800 
 
New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint 
1/19 at 100.00 
BB+ 
801,184 
 
 
Peters University Hospital, Series 2007, 5.250%, 7/01/21 
 
 
 
450 
 
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed 
6/28 at 100.00 
BBB 
451,247 
 
 
Bonds, Series 2018B, 5.000%, 6/01/46 
 
 
 
9,345 
 
Total New Jersey 
 
 
9,411,281 
 
41

   
NIQ 
Nuveen Intermediate Duration Quality Municipal 
 
Term Fund 
 
Portfolio of Investments (continued) 
 
November 30, 2018 (Unaudited) 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
New York – 3.8% (3.0% of Total Investments) 
 
 
 
$ 495 
 
Buffalo and Erie County Industrial Land Development Corporation, New York, Revenue 
7/25 at 100.00 
BBB+ 
$ 542,703 
 
 
Bonds, Catholic Health System, Inc. Project, Series 2015, 5.000%, 7/01/29 
 
 
 
3,545 
 
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 
9/27 at 100.00 
A– 
3,922,612 
 
 
2017, 5.000%, 9/01/42 
 
 
 
2,000 
 
New York Convention Center Development Corporation, New York, Revenue Bonds, Hotel Unit 
No Opt. Call 
Aa3 
2,325,340 
 
 
Fee Secured, Refunding Series 2015, 5.000%, 11/15/25 
 
 
 
6,040 
 
Total New York 
 
 
6,790,655 
 
 
North Carolina – 0.2% (0.2% of Total Investments) 
 
 
 
400 
 
North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Series 
1/19 at 100.00 
AA (4) 
401,048 
 
 
2009A, 5.250%, 1/01/25 (Pre-refunded 1/01/19) – AGC Insured 
 
 
 
 
 
Ohio – 3.8% (3.0% of Total Investments) 
 
 
 
3,500 
 
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed 
1/19 at 100.00 
B– 
3,325,035 
 
 
Revenue Bonds, Senior Lien, Series 2007A-2, 5.875%, 6/01/30 
 
 
 
3,000 
 
Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, 
No Opt. Call 
N/R 
2,062,500 
 
 
FirstEnergy Generation Project, Refunding Series 2006A, 3.750%, 12/01/23 (7) 
 
 
 
1,150 
 
Ohio State, Private Activity Bonds, Portsmouth Gateway Group, LLC – Borrower, Portsmouth 
6/25 at 100.00 
AA 
1,279,720 
 
 
Bypass Project, Series 2015, 5.000%, 12/31/27 – AGM Insured (Alternative Minimum Tax) 
 
 
 
7,650 
 
Total Ohio 
 
 
6,667,255 
 
 
Oklahoma – 0.2% (0.1% of Total Investments) 
 
 
 
255 
 
Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine 
8/28 at 100.00 
Baa3 
273,368 
 
 
Project, Series 2018B, 5.250%, 8/15/43 
 
 
 
 
 
Oregon – 0.6% (0.5% of Total Investments) 
 
 
 
965 
 
Astoria Hospital Facilities Authority, Oregon, Hospital Revenue and Refunding Bonds, 
No Opt. Call 
A– 
1,048,627 
 
 
Columbia Memorial Hospital, Series 2012, 5.000%, 8/01/22 
 
 
 
 
 
Pennsylvania – 4.1% (3.2% of Total Investments) 
 
 
 
90 
 
East Hempfield Township Industrial Development Authority, Pennsylvania, Student Services 
No Opt. Call 
BBB– 
90,662 
 
 
Inc. – Student Housing Project at Millersville University, Series 2013, 4.000%, 7/01/19 
 
 
 
 
 
Erie Higher Education Building Authority, Pennsylvania, Revenue Bonds, Gannon University 
 
 
 
 
 
Project, Series 2013: 
 
 
 
465 
 
4.000%, 5/01/20 
No Opt. Call 
BBB+ 
474,584 
480 
 
4.000%, 5/01/21 
No Opt. Call 
BBB+ 
495,014 
500 
 
4.000%, 5/01/22 
No Opt. Call 
BBB+ 
519,530 
520 
 
4.000%, 5/01/23 
No Opt. Call 
BBB+ 
542,844 
2,190 
 
Erie Sewer Authority, Erie County, Pennsylvania, Sewer Revenue Bonds, Series 2012A, 
No Opt. Call 
AA 
2,329,656 
 
 
5.000%, 6/01/21 – AGM Insured 
 
 
 
1,700 
 
Pennsylvania Economic Development Financing Authority, Private Activity Revenue Bonds, 
6/26 at 100.00 
BBB 
1,861,194 
 
 
Pennsylvania Rapid Bridge Replacement Project, Series 2015, 5.000%, 6/30/28 (Alternative 
 
 
 
 
 
Minimum Tax) 
 
 
 
 
 
Southcentral Pennsylvania General Authority, Revenue Bonds, Hanover Hospital Inc., 
 
 
 
 
 
Series 2013: 
 
 
 
370 
 
5.000%, 12/01/20 
No Opt. Call 
A+ 
389,784 
435 
 
5.000%, 12/01/21 
No Opt. Call 
A+ 
467,312 
6,750 
 
Total Pennsylvania 
 
 
7,170,580 
 
 
South Carolina – 2.4% (1.9% of Total Investments) 
 
 
 
2,000 
 
South Carolina Public Service Authority, Electric System Revenue Bonds, Santee Cooper, 
6/22 at 100.00 
A+ 
2,058,660 
 
 
Refunding Series 2012D, 5.000%, 12/01/43 
 
 
 
2,000 
 
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding 
6/24 at 100.00 
A+ 
2,143,540 
 
 
Series 2014B, 5.000%, 12/01/31 
 
 
 
4,000 
 
Total South Carolina 
 
 
4,202,200 
 
42

 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Tennessee – 9.4% (7.4% of Total Investments) 
 
 
 
$ 2,605 
 
Greeneville Health and Educational Facilities Board, Tennessee, Hospital Revenue Bonds, 
7/28 at 100.00 
A 
$ 2,867,949 
 
 
Ballad Health, Series 2018A, 5.000%, 7/01/37 
 
 
 
 
 
Knox County Health, Educational and Housing Facility Board, Tennessee, Hospital Revenue 
 
 
 
 
 
Bonds, Covenant Health, Refunding Series 2012A: 
 
 
 
1,440 
 
5.000%, 1/01/25 
1/23 at 100.00 
A+ 
1,583,150 
2,170 
 
5.000%, 1/01/26 
1/23 at 100.00 
A+ 
2,380,967 
2,000 
 
Memphis-Shelby County Airport Authority, Tennessee, Airport Revenue Bonds, Series 2010B, 
7/20 at 100.00 
A 
2,104,620 
 
 
5.750%, 7/01/22 (Alternative Minimum Tax) 
 
 
 
450 
 
Metropolitan Government of Nashville-Davidson County, Tennessee, Water and Sewerage 
7/27 at 100.00 
AA 
507,794 
 
 
Revenue Bonds, Green Series 2017A, 5.000%, 7/01/42 
 
 
 
2,290 
 
Jackson, Tennessee, Hospital Revenue Bonds, Jackson-Madison County General Hospital 
10/28 at 100.00 
A 
2,515,611 
 
 
Project, Series 2018A, 5.000%, 4/01/35 
 
 
 
400 
 
The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006B, 
No Opt. Call 
BBB 
454,692 
 
 
5.625%, 9/01/26 
 
 
 
 
 
The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006C: 
 
 
 
1,020 
 
5.000%, 2/01/21 
No Opt. Call 
A 
1,072,061 
1,490 
 
5.000%, 2/01/24 
No Opt. Call 
A 
1,643,723 
1,365 
 
5.000%, 2/01/25 
No Opt. Call 
A 
1,525,701 
15,230 
 
Total Tennessee 
 
 
16,656,268 
 
 
Texas – 9.1% (7.1% of Total Investments) 
 
 
 
500 
 
Central Texas Regional Mobility Authority, Revenue Bonds, Refunding Subordinate Lien 
No Opt. Call 
BBB+ 
532,945 
 
 
Series 2013, 5.000%, 1/01/22 
 
 
 
200 
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2010, 
1/20 at 100.00 
A- (4) 
208,152 
 
 
5.750%, 1/01/25 (Pre-refunded 1/01/20) 
 
 
 
685 
 
Denton County Fresh Water Supply District 7, Texas, General Obligation Bonds, Refunding 
No Opt. Call 
AA 
708,653 
 
 
Series 2013, 4.000%, 2/15/21 – AGM Insured 
 
 
 
2,000 
 
Gulf Coast Industrial Development Authority, Texas, Solid Waste Disposal Revenue Bonds, 
10/22 at 100.00 
BB 
2,037,220 
 
 
Citgo Petroleum Corporation Project, Series 1995, 4.875%, 5/01/25 (Alternative Minimum Tax) 
 
 
 
 
 
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Refunding Second Lien 
 
 
 
 
 
Series 2014C: 
 
 
 
230 
 
5.000%, 11/15/22 
No Opt. Call 
A3 
250,268 
1,660 
 
5.000%, 11/15/23 
No Opt. Call 
A3 
1,833,437 
960 
 
5.000%, 11/15/25 
11/24 at 100.00 
A3 
1,070,275 
515 
 
Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and 
No Opt. Call 
A2 
526,510 
 
 
Entertainment Facilities Department, Refunding Series 2011A, 5.250%, 9/01/19 
 
 
 
 
 
Irving, Texas, Hotel Occupancy Tax Revenue Bonds, Series 2014B: 
 
 
 
465 
 
4.000%, 8/15/22 
8/19 at 100.00 
BBB+ 
467,813 
535 
 
4.000%, 8/15/23 
8/19 at 100.00 
BBB+ 
537,354 
100 
 
Love Field Airport Modernization Corporation, Texas, Special Facilities Revenue Bonds, 
No Opt. Call 
A3 
105,030 
 
 
Southwest Airlines Company – Love Field Modernization Program Project, Series 2012, 5.000%, 
 
 
 
 
 
11/01/20 (Alternative Minimum Tax) 
 
 
 
 
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital 
 
 
 
 
 
Revenue Bonds, Scott & White Healthcare Project, Tender Option Bond Trust 2016-XG0058: 
 
 
 
100 
 
15.963%, 8/15/22, 144A (IF) (5) 
No Opt. Call 
AA– 
147,797 
155 
 
15.830%, 8/15/24, 144A (IF) (5) 
8/23 at 100.00 
AA– 
244,484 
200 
 
15.963%, 8/15/26, 144A (IF) (5) 
8/23 at 100.00 
AA– 
310,460 
175 
 
15.803%, 8/15/27, 144A (IF) (5) 
8/23 at 100.00 
AA– 
266,327 
2,790 
 
Texas Municipal Gas Acquisition and Supply Corporation I, Gas Supply Revenue Bonds, 
No Opt. Call 
A– 
3,209,895 
 
 
Senior Lien Series 2008D, 6.250%, 12/15/26 
 
 
 
3,000 
 
Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, 
12/22 at 100.00 
A3 
3,246,090 
 
 
Series 2012, 5.000%, 12/15/27 
 
 
 
 
43

   
NIQ 
Nuveen Intermediate Duration Quality Municipal 
 
Term Fund 
 
Portfolio of Investments (continued) 
 
November 30, 2018 (Unaudited) 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Texas (continued) 
 
 
 
$ 360 
 
Texas Public Finance Authority, Revenue Bonds, Texas Southern University Financing 
5/21 at 100.00 
BBB 
$ 385,160 
 
 
System, Series 2011, 6.000%, 5/01/23 
 
 
 
14,630 
 
Total Texas 
 
 
16,087,870 
 
 
Utah – 0.7% (0.5% of Total Investments) 
 
 
 
435 
 
Utah Water Finance Agency, Revenue Bonds, Pooled Loan Financing Program, Series 2017A, 
3/27 at 100.00 
AA– 
494,177 
 
 
5.000%, 3/01/35 
 
 
 
600 
 
Utah Water Finance Agency, Revenue Bonds, Pooled Loan Financing Program, Series 2017C, 
3/27 at 100.00 
AA– 
683,922 
 
 
5.000%, 3/01/34 
 
 
 
1,035 
 
Total Utah 
 
 
1,178,099 
 
 
Virgin Islands – 0.7% (0.5% of Total Investments) 
 
 
 
1,130 
 
Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding 
No Opt. Call 
AA 
1,151,911 
 
 
Series 2012A, 4.000%, 10/01/22 – AGM Insured 
 
 
 
 
 
Virginia – 1.2% (0.9% of Total Investments) 
 
 
 
1,340 
 
Chesapeake Bay Bridge and Tunnel District, Virginia, General Resolution Revenue Bonds, 
7/26 at 100.00 
AA 
1,492,211 
 
 
First Tier Series 2016, 5.000%, 7/01/41 – AGM Insured 
 
 
 
535 
 
Chesapeake, Virginia, Transportation System Senior Toll Road Revenue Bonds, Series 
No Opt. Call 
BBB 
566,255 
 
 
2012A, 5.000%, 7/15/21 
 
 
 
1,875 
 
Total Virginia 
 
 
2,058,466 
 
 
Washington – 1.3% (1.0% of Total Investments) 
 
 
 
700 
 
Port of Seattle, Washington, Revenue Bonds, Intermediate Lien Series 2015A, 
10/24 at 100.00 
AA– 
790,923 
 
 
5.000%, 4/01/27 
 
 
 
1,445 
 
Washington State Convention Center Public Facilities District, Lodging Tax Revenue 
7/28 at 100.00 
A1 
1,579,096 
 
 
Bonds, Series 2018, 5.000%, 7/01/48 
 
 
 
2,145 
 
Total Washington 
 
 
2,370,019 
 
 
West Virginia – 0.6% (0.5% of Total Investments) 
 
 
 
1,035 
 
West Virginia Economic Development Authority, Solid Waste Disposal Facilities Revenue 
No Opt. Call 
A– 
1,033,002 
 
 
Bonds, Appalachian Power Company – Amos Project, Refunding Series 2015A, 1.900%, 3/01/40 
 
 
 
 
 
(Mandatory put 4/01/19) 
 
 
 
 
 
Wisconsin – 0.4% (0.3% of Total Investments) 
 
 
 
 
 
University of Wisconsin Hospitals and Clinics Authority, Revenue Bonds, Tender Option 
 
 
 
 
 
Bond Trust 2015-XF0127: 
 
 
 
50 
 
14.440%, 4/01/22, 144A (IF) (5) 
No Opt. Call 
AA– 
70,435 
100 
 
14.939%, 4/01/23, 144A (IF) (5) 
No Opt. Call 
AA– 
152,401 
185 
 
14.703%, 4/01/24, 144A (IF) (5) 
4/23 at 100.00 
AA– 
279,006 
100 
 
14.939%, 4/01/25, 144A (IF) (5) 
4/23 at 100.00 
AA– 
151,603 
435 
 
Total Wisconsin 
 
 
653,445 
$ 206,544 
 
Total Long-Term Investments (cost $224,820,377) 
 
 
225,950,492 
 
 
Adjustable Rate MuniFund Term Preferred Shares, net of deferred offering costs - (31.0)% (8) 
 
 
(54,877,867) 
 
 
Other Assets Less Liabilities - 3.2% 
 
 
5,718,225 
 
 
Net Assets Applicable to Common Shares - 100% 
 
 
$ 176,790,850 
 
44

 

   
(1) 
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted. 
(2) 
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. 
Certain mortgage-backed securities may be subject to periodic principal paydowns. 
(3) 
For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. 
(4) 
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. 
(5) 
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions. 
(6) 
Step-up coupon bond, a bond with a coupon that increases (“steps up”), usually at regular intervals, while the bond is outstanding. The rate shown is the coupon as of the end of the reporting period. 
(7) 
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. 
(8) 
Adjustable Rate MuniFund Term Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 24.3%. 
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. 
ETM 
Escrowed to maturity. 
IF 
Inverse floating rate security issued by a tender option bond (“TOB”) trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association (SIFMA) short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust. 
 
See accompanying notes to financial statements.
45

 
Statement of Assets and Liabilities 
November 30, 2018 (Unaudited) 
 
             
 
 
NID
   
NIQ
 
Assets 
           
Long-term investments, at value (cost $799,022,726 and $224,820,377, respectively) 
 
$
793,362,868
   
$
225,950,492
 
Cash collateral at brokers for investments in swaps(1) 
   
213,472
     
 
Interest rate swaps premiums paid 
   
480
     
 
Receivable for: 
               
Interest 
   
13,867,246
     
3,718,398
 
Investments sold 
   
26,686,097
     
8,675,347
 
Other assets 
   
86,767
     
2,400
 
Total assets 
   
834,216,930
     
238,346,637
 
Liabilities 
               
Cash overdraft 
   
906,112
     
2,552,993
 
Floating rate obligations 
   
11,200,000
     
 
Payable for: 
               
Dividends 
   
1,888,095
     
365,928
 
Interest 
   
359,301
     
112,923
 
Investments purchased 
   
11,468,676
     
3,486,060
 
Variation margin on swap contracts 
   
11,957
     
 
Adjustable Rate MuniFund Term Preferred (“AMTP”) Shares, net of deferred offering costs (liquidation preference 
               
$175,000,000 and $55,000,000, respectively) 
   
174,835,951
     
54,877,867
 
Accrued expenses: 
               
Management fees 
   
438,721
     
103,403
 
Trustees fees 
   
47,311
     
965
 
Other 
   
151,617
     
55,648
 
Total liabilities 
   
201,307,741
     
61,555,787
 
Net assets applicable to common shares 
 
$
632,909,189
   
$
176,790,850
 
Common shares outstanding 
   
46,909,660
     
13,097,144
 
Net asset value (“NAV”) per common share outstanding 
 
$
13.49
   
$
13.50
 
Net assets applicable to common shares consist of: 
               
Common shares, $0.01 par value per share 
 
$
469,097
   
$
130,971
 
Paid-in surplus 
   
670,083,852
     
186,876,846
 
Total distributable earnings 
   
(37,643,760
)
   
(10,216,967
)
Net assets applicable to common shares 
 
$
632,909,189
   
$
176,790,850
 
Authorized shares: 
               
Common 
 
Unlimited
   
Unlimited
 
Preferred 
 
Unlimited
   
Unlimited
 
   
(1)
Cash pledged to collateralize the net payment obligations for investments in swaps. 
 
See accompanying notes to financial statements.
46

 
Statement of Operations 
Six Months Ended November 30, 2018 (Unaudited) 
 
             
 
 
NID
   
NIQ
 
Investment Income 
 
$
17,991,792
   
$
4,042,435
 
Expenses 
               
Management fees 
   
2,689,801
     
634,735
 
Interest expense and amortization of offering costs 
   
2,125,141
     
639,513
 
Custodian fees 
   
54,912
     
20,696
 
Trustees fees 
   
12,091
     
3,457
 
Professional fees 
   
34,939
     
17,863
 
Shareholder reporting expenses 
   
35,050
     
12,193
 
Shareholder servicing agent fees 
   
6,937
     
6,926
 
Stock exchange listing fees 
   
6,529
     
3,395
 
Investor relations expenses 
   
25,463
     
7,655
 
Other 
   
52,641
     
18,773
 
Total expenses 
   
5,043,504
     
1,365,206
 
Net investment income (loss) 
   
12,948,288
     
2,677,229
 
Realized and Unrealized Gain (Loss) 
               
Net realized gain (loss) from: 
               
Investments 
   
514,305
     
(839,959
)
Swaps 
   
310,395
     
 
Change in net unrealized appreciation (depreciation) of: 
               
Investments 
   
(7,250,370
)
   
(1,536,270
)
Swaps 
   
(231,174
)
   
 
Net realized and unrealized gain (loss) 
   
(6,656,844
)
   
(2,376,229
)
Net increase (decrease) in net assets applicable to common shares from operations 
 
$
6,291,444
   
$
301,000
 
 
See accompanying notes to financial statements.
47

 
Statement of Changes in Net Assets 
(Unaudited) 
 
                         
 
 
NID
   
NIQ
 
 
 
Six Months
   
Year(1)
   
Six Months
   
Year(1)
 
 
 
Ended
   
Ended
   
Ended
   
Ended
 
 
 
11/30/18
   
5/31/18
   
11/30/18
   
5/31/18
 
Operations 
                       
Net investment income (loss) 
 
$
12,948,288
   
$
27,876,539
   
$
2,677,229
   
$
5,861,210
 
Net realized gain (loss) from: 
                               
Investments 
   
514,305
     
818,283
     
(839,959
)
   
77,606
 
Swaps 
   
310,395
     
1,190,068
     
     
 
Change in net unrealized appreciation (depreciation) of: 
                               
Investments 
   
(7,250,370
)
   
(5,412,911
)
   
(1,536,270
)
   
(3,697,414
)
Swaps 
   
(231,174
)
   
(871,136
)
   
     
 
Net increase (decrease) in net assets applicable to common shares 
                               
from operations 
   
6,291,444
     
23,600,843
     
301,000
     
2,241,402
 
Distributions to Common Shareholders(2) 
                               
Dividends(3) 
   
(11,961,963
)
   
(28,849,441
)
   
(2,455,715
)
   
(5,985,395
)
Decrease in net assets applicable to common shares from distributions 
                               
to common shareholders 
   
(11,961,963
)
   
(28,849,441
)
   
(2,455,715
)
   
(5,985,395
)
Net increase (decrease) in net assets applicable to common shares 
   
(5,670,519
)
   
(5,248,598
)
   
(2,154,715
)
   
(3,743,993
)
Net assets applicable to common shares at the beginning of period 
   
638,579,708
     
643,828,306
     
178,945,565
     
182,689,558
 
Net assets applicable to common shares at the end of period 
 
$
632,909,189
   
$
638,579,708
   
$
176,790,850
   
$
178,945,565
 
   
(1)
Prior period amounts have been conformed to current year presentation. See Notes to Financial Statements, Note 9 – New Accounting Pronouncements for further details. 
(2)
The composition and per share amounts of the Fund’s distributions are presented in the Financial Highlights. The distribution information for the Fund as of its most recent tax year end is presented within the Notes to Financial Statements, Note 6 – Income Tax Information. 
(3)
For the fiscal year ended May 31, 2018, the Fund’s distributions to common shareholders were paid from net investment income. 
 
See accompanying notes to financial statements.
48

 
Statement of Cash Flows 
Six Months Ended November 30, 2018 (Unaudited) 
 
             
 
 
NID
   
NIQ
 
Cash Flows from Operating Activities: 
           
Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations 
 
$
6,291,444
   
$
301,000
 
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 
   
(61,357,512
)
   
(35,899,610
)
Proceeds from sales and maturities of investments 
   
67,716,889
     
42,462,575
 
Proceeds from (Purchases of) short-term investments, net 
   
     
2,750,000
 
Payment-in-kind distributions 
   
(7,928
)
   
 
Premiums received (paid) for interest rate swaps 
   
(25
)
   
 
Taxes paid 
   
(8,594
)
   
(282
)
Amortization (Accretion) of premiums and discounts, net 
   
3,002,019
     
1,623,115
 
Amortization of deferred offering costs 
   
18,972
     
13,357
 
(Increase) Decrease in: 
               
Receivable for interest 
   
(186,806
)
   
(96,982
)
Receivable for investments sold 
   
(14,137,261
)
   
(6,535,347
)
Other assets 
   
(40,284
)
   
1,758
 
Increase (Decrease) in: 
               
Payable for interest 
   
19,801
     
6,223
 
Payable for investments purchased 
   
(1,761,334
)
   
(9,281,401
)
Payable for variation margin on swap contracts 
   
6,997
     
 
Accrued management fees 
   
(16,133
)
   
(4,221
)
Accrued Trustees fees 
   
2,118
     
(1,416
)
Accrued other expenses 
   
(20,095
)
   
(20,508
)
Net realized (gain) loss from: 
               
Investments 
   
(514,305
)
   
839,959
 
Paydowns 
   
     
(2,384
)
Change in net unrealized (appreciation) depreciation of investments 
   
7,250,370
     
1,536,270
 
Net cash provided by (used in) operating activities 
   
6,258,333
     
(2,307,894
)
Cash Flows from Financing Activities: 
               
Proceeds from borrowings 
   
24,200,000
     
 
Repayments of borrowings 
   
(24,200,000
)
   
 
Increase (Decrease) in cash overdraft 
   
906,112
     
2,552,993
 
Cash distribution paid to common shareholders 
   
(12,168,743
)
   
(2,515,081
)
Net cash provided by (used in) financing activities 
   
(11,262,631
)
   
37,912
 
Net Increase (Decrease) in Cash and Cash Collateral at Brokers 
   
(5,004,298
)
   
(2,269,982
)
Cash and cash collateral at brokers at the beginning of period 
   
5,217,770
     
2,269,982
 
Cash and cash collateral at brokers at the end of period 
 
$
213,472
   
$
 
   
(1)
Comprised of “Cash” and “Cash collateral at brokers” as presented on the Statement of Assets and Liabilities. 
 
Supplemental Disclosure of Cash Flow Information 
 
NID
   
NIQ
 
Cash paid for interest (excluding amortization of offering costs) 
 
$
2,086,367
   
$
619,933
 
 
See accompanying notes to financial statements.
49

Financial Highlights (Unaudited)
Selected data for a common share outstanding throughout each period:
                                                             
 
       
Investment Operations
   
Less Distributions to
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
 
NID 
                                                           
Year Ended 5/31:
                                           
2019(e) 
 
$
13.61
   
$
0.28
   
$
(0.14
)
 
$
0.14
   
$
(0.26
)
 
$
   
$
(0.26
)
 
$
   
$
13.49
   
$
12.39
 
2018 
   
13.72
     
0.59
     
(0.08
)
   
0.51
     
(0.62
)
   
     
(0.62
)
   
     
13.61
     
12.57
 
2017 
   
14.19
     
0.63
     
(0.43
)
   
0.20
     
(0.67
)
   
     
(0.67
)
   
     
13.72
     
13.39
 
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
 
   
NIQ 
                                                                               
Year Ended 5/31:
                                                         
2019(e) 
   
13.66
     
0.20
     
(0.17
)
   
0.03
     
(0.19
)
   
     
(0.19
)
   
     
13.50
     
12.27
 
2018 
   
13.95
     
0.45
     
(0.28
)
   
0.17
     
(0.46
)
   
     
(0.46
)
   
     
13.66
     
12.52
 
2017 
   
14.30
     
0.49
     
(0.33
)
   
0.16
     
(0.51
)
   
     
(0.51
)
   
     
13.95
     
13.15
 
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
 
 
                         
 
 
AMTP Shares
   
VMTP Shares
 
 
 
at the End of Period
   
at the End of Period
 
 
 
Aggregate
   
Asset
   
Aggregate
   
Asset
 
 
 
Amount
   
Coverage
   
Amount
   
Coverage
 
 
 
Outstanding
   
Per $100,000
   
Outstanding
   
Per $100,000
 
 
   
(000
)
 
Share
     
(000
)
 
Share
 
NID 
                           
Year Ended 5/31: 
                           
2019(e) 
 
$
175,000
   
$
461,662
   
$
   
$
 
2018 
   
175,000
     
464,903
     
     
 
2017 
   
     
     
175,000
     
467,902
 
2016 
   
     
     
175,000
     
480,319
 
2015 
   
     
     
175,000
     
467,650
 
2014 
   
     
     
175,000
     
466,985
 
   
NIQ 
                               
Year Ended 5/31: 
                               
2019(e) 
   
55,000
     
421,438
     
     
 
2018 
   
55,000
     
425,356
     
     
 
2017 
   
     
     
55,000
     
432,163
 
2016 
   
     
     
55,000
     
440,588
 
2015 
   
     
     
55,000
     
426,080
 
2014 
   
     
     
55,000
     
430,313
 
 
50

 

 
                               
           
Common Share Supplemental Data/
 
           
Ratios Applicable to Common Shares
 
Common Share
                       
Total Returns
       
Ratios to Average Net Assets(b)
       
     
Based
   
Ending
                 
Based
   
on
   
Net
       
Net
   
Portfolio
 
on
   
Share
   
Assets
       
Investment
   
Turnover
 
NAV(a)
   
Price(a)
     
(000)
 
Expenses(c)
   
Income (Loss)
   
Rate(d)
 
   
   
 
1.00
%
   
0.61
%
 
$
632,909
   
1.58
%**
   
4.06
%**
   
8
%
 
3.75
     
(1.56
)
   
638,580
   
1.48
     
4.35
     
19
 
 
1.49
     
2.84
     
643,828
   
1.32
     
4.61
     
19
 
 
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
 
   
   
   
 
0.20
     
(0.50
)
   
176,791
   
1.53
**
   
3.00
**
   
16
 
 
1.21
     
(1.37
)
   
178,946
   
1.41
     
3.24
     
10
 
 
1.20
     
1.06
     
182,690
   
1.28
     
3.55
     
8
 
 
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
 
   
(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) and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund (as described in Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities), where applicable, as follows: 
         
NID 
 
 
NIQ 
 
Year Ended 5/31: 
 
 
Year Ended 5/31: 
 
2019(e) 
0.67%** 
 
2019(e) 
0.72%** 
2018 
0.57 
 
2018 
0.61 
2017 
0.42 
 
2017 
0.47 
2016 
0.30 
 
2016 
0.38 
2015 
0.33 
 
2015 
0.33 
2014 
0.36 
 
2014 
0.36 
   
(d) 
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. 
(e) 
For the six months ended November 30, 2018. 
* 
Rounds to less than $0.01 per share. 
** 
Annualized. 
 
See accompanying notes to financial statements.
51

Notes to Financial Statements (Unaudited)
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)
•   Nuveen Intermediate Duration Quality Municipal Term Fund (NIQ)
The Funds are registered under the Investment Company Act of 1940, as amended, as diversified, closed-end management investment companies. NID and NIQ were organized as Massachusetts business trusts on September 11, 2012 and December 11, 2012, respectively. NID and 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 November 30, 2018, and the period covered by these Notes to Financial Statements is the six months ended November 30, 2018 (the “current fiscal period”).
Investment Adviser
The Funds’ investment adviser is Nuveen Fund Advisors, LLC (the “Adviser”), a subsidiary of Nuveen, LLC (“Nuveen”). Nuveen is the investment management arm of Teachers Insurance and Annuity Association of America (TIAA). The Adviser has overall responsibility for management of the Funds, oversees the management of the Funds’ portfolios, manages the Funds’ business affairs and provides certain clerical, bookkeeping and other administrative services, and, if necessary, 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
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.
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”).
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
52


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’ outstanding when-issued/delayed delivery purchase commitments were as follows:
       
 
 
NID
 
Outstanding when-issued/delayed delivery purchase commitments 
 
$
9,472,010
 
 
Investment Income
Dividend income is recorded on the ex-dividend date. Investment income is comprised of interest income, which reflects the amortization of premiums and accretion of discounts for financial reporting purposes, and is recorded on an accrual basis. Investment income also reflects payment-in-kind (“PIK”) interest and paydown gains and losses, if any. PIK interest represents income received in the form of securities in lieu of cash.
Professional Fees
Professional fees presented on the Statement of Operations consist of legal fees incurred in the normal course of operations, audit fees, tax consulting fees and, in some cases, workout expenditures. Workout expenditures are incurred in an attempt to protect or enhance an investment or to pursue other claims or legal actions on behalf of Fund shareholders. If a refund is received for workout expenditures paid in a prior reporting period, such amounts will be recognized as “Legal fee refund” on the Statement of Operations.
Dividends and Distributions to Common Shareholders
Dividends from net investment income, if any, are declared monthly. Net realized capital gains and/or market discount from investment transactions, if any, are distributed to shareholders at least annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards.
Distributions to common shareholders of net investment income, net realized capital gains and/or market discount, if any, are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.
Compensation
The 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 Funds’ Board of Trustees (the “Board”) has adopted a deferred compensation plan for independent trustees that enables trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.
Indemnifications
Under the 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 Derivatives 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 current fiscal period. Actual results may differ from those estimates.
53


Notes to Financial Statements (Unaudited) (continued)
2. Investment Valuation and Fair Value Measurements
The fair valuation input levels as described below are for fair value measurement purposes.
Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.).
Level 3 – Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).
Prices of fixed income securities are provided by an independent pricing service (“pricing service”) approved by the Board. The pricing service establishes a security’s fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. These securities are generally classified as Level 2. In pricing certain securities, particularly less liquid and lower quality securities, the pricing service may consider information about a security, its issuer or market activity, provided by the Adviser. These securities are generally classified as Level 2 or Level 3 depending on the observability of the significant inputs.
Prices of swap contracts are also provided by a 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 observability of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the Board and/or its appointee.
The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of each Fund’s fair value measurements as of the end of the reporting period:
                         
NID 
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Long-Term Investments*: 
                       
Municipal Bonds 
 
$
   
$
793,055,309
   
$
307,559
**
 
$
793,362,868
 
Investments in Derivatives: 
                               
Interest Rate Swaps*** 
   
     
55,750
     
     
55,750
 
Total 
 
$
   
$
793,111,059
   
$
307,559
   
$
793,418,618
 
   
NIQ 
                               
Long-Term Investments*: 
                               
Municipal Bonds 
 
$
   
$
225,950,492
   
$
   
$
225,950,492
 
   
* 
Refer to the Fund’s Portfolio of Investments for state classifications. 
** 
Refer to the Fund’s Portfolio of Investments for securities classified as Level 3. 
*** 
Represents net unrealized appreciation (depreciation) as reported in the Fund’s Portfolio of Investments. 
 
54


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 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:
             
Floating Rate Obligations Outstanding 
 
NID
   
NIQ
 
Floating rate obligations: self-deposited Inverse Floaters 
 
$
11,200,000
   
$
 
Floating rate obligations: externally-deposited Inverse Floaters 
   
185,060,000
     
48,320,000
 
Total 
 
$
196,260,000
   
$
48,320,000
 
 
55


Notes to Financial Statements (Unaudited) (continued)
During the current fiscal period, the average amount of Floaters (including any borrowings from a Liquidity Provider) outstanding, and the average annual interest rate and fees related to self-deposited Inverse Floaters, were as follows:
             
Self-Deposited Inverse Floaters 
 
NID
   
NIQ
 
Average floating rate obligations outstanding 
 
$
11,200,000
   
$
 
Average annual interest rate and fees 
   
2.03
%
   
%
 
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, NID and NIQ had outstanding borrowings under such liquidity facilities in the amount of $14,450,380 and $4,960,314, respectively, which is recognized as a component of “Floating rate obligations” on the Statement of Assets and Liabilities.
Each Fund may also enter into shortfall and forbearance agreements (sometimes referred to as a “recourse arrangement”) (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:
             
Floating Rate Obligations – Recourse Trusts 
 
NID
   
NIQ
 
Maximum exposure to Recourse Trusts: self-deposited Inverse Floaters 
 
$
11,200,000
   
$
 
Maximum exposure to Recourse Trusts: externally-deposited Inverse Floaters 
   
175,250,000
     
48,320,000
 
Total 
 
$
186,450,000
   
$
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.
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,
56


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 swap 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), a 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 amount recorded on these transactions is recognized on the Statement of Assets and Liabilities as a component of “Unrealized appreciation or depreciation on interest rate swaps.”
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 for investments in swaps” 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” 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, NID continues to use duration shortening forward interest rate swap contracts to help maintain the Fund’s ten-year duration mandate.
The average notional amount of interest rate swap contracts outstanding during the current fiscal period was as follows:
       
 
 
NID
 
Average notional amount of interest rate swap contracts outstanding* 
 
$
6,200,000
 
   
*
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. 
 
The following table presents the fair value of all swap contracts held by NID 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 
NID 
 
 
 
 
 
 
Interest rate 
Swaps (OTC Cleared) 
 
$ — 
 
Payable for 
variation margin on 
swap contracts** 
$55,750 
 
 
**
Some swap contracts require a counterparty to pay or receive a premium, which is disclosed on the Statement of Assets and Liabilities and is not reflected in the cumulative unrealized appreciation (depreciation) presented above. 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. 
 
57


Notes to Financial Statements (Unaudited) (continued)
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.
         
Fund 
Underlying 
Risk Exposure 
Derivative 
Instrument 
Net Realized 
Gain (Loss) from 
Swaps 
Change in Net 
Unrealized Appreciation 
(Depreciation) of 
Swaps 
NID 
Interest rate 
Swaps 
$310,395 
$(231,174) 
 
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 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 period.
Preferred Shares
Adjustable Rate MuniFund Term Preferred Shares
The Funds have issued and have outstanding Adjustable Rate MuniFund Term Preferred (“AMTP”) Shares, with a $100,000 liquidation preference per share. AMTP Shares are issued via private placement and are not publicly available.
As of the end of the reporting period, details of each Fund’s AMTP Shares outstanding were as follows:
                     
 
 
             
Liquidation
 
 
 
             
Preference,
 
 
  
 
Shares
   
Liquidation
   
net of deferred
 
Fund 
Series 
 
Outstanding
   
Preference
   
offering cost
 
NID 
2023 
   
1,750
   
$
175,000,000
   
$
174,835,951
 
NIQ 
2023 
   
550
   
$
55,000,000
   
$
54,877,867
 
 
Each Fund is obligated to redeem its AMTP Shares by the date as specified in its offering document (“Term Redemption Date”), unless earlier redeemed by the Fund. AMTP Shares are subject to optional and mandatory redemption in certain circumstances. The AMTP Shares may be redeemed at the option of each Fund, subject to payment of premium for approximately six months 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.
AMTP 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 which is initially established at the time of issuance and may be adjusted in the future based upon a mutual agreement between the majority owner and each Fund. From time-to-time the majority owner may propose to each Fund an adjustment to the dividend rate. Should the majority owner and the Funds fail to agree upon an adjusted dividend rate, and such proposed dividend rate adjustment is not withdrawn, the Funds will be required to redeem all outstanding shares upon the end of a notice period.
58


In addition, the Funds may be obligated to redeem a certain amount of the AMTP Shares if the Funds fail 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 AMTP Shares are as follows:
         
Fund 
Notice 
Period 
 
Series 
Term 
Redemption Date 
Premium 
Expiration Date 
NID 
360-day 
2023 
March 31, 2023* 
August 31, 2018 
NIQ 
360-day 
2023 
June 30, 2023* 
August 31, 2018 
   
*
Subject to early termination by either the Fund or the holder. 
 
The average liquidation preference of AMTP Shares outstanding and annualized dividend rate for the Funds during the current fiscal period were as follows:
             
 
 
NID
   
NIQ
 
Average liquidation preference of AMTP Shares outstanding 
 
$
175,000,000
   
$
55,000,000
 
Annualized dividend rate 
   
2.27
%
   
2.27
%
 
AMTP Shares are subject to restrictions on transfer, generally do not trade, and market quotations are generally not available. The fair value of AMTP Shares is expected to be approximately their liquidation preference so long as the fixed “spread” on the AMTP 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 the fair value of AMTP Shares is approximately their liquidation preference, but their fair value could vary if market conditions change materially. For financial reporting purposes, the liquidation preference of AMTP Shares is a liability and is recognized as a component of “Adjustable Rate MuniFund Term Preferred (“AMTP”) Shares, net of deferred offering costs” on the Statement of Assets and Liabilities.
AMTP Share dividends are treated as interest payments for financial reporting purposes. Unpaid dividends on AMTP Shares are recognized as a component of “Interest payable” on the Statement of Assets and Liabilities. Dividends accrued on AMTP Shares are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.
5. Investment Transactions
Long-term purchases and sales (including maturities but excluding derivative transactions, where applicable) during the current fiscal period were as follows:
             
 
 
NID
   
NIQ
 
Purchases 
 
$
61,357,512
   
$
35,899,610
 
Sales and maturities 
   
67,716,889
     
42,462,575
 
 
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 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.
59


Notes to Financial Statements (Unaudited) (continued)
The tables below present the cost and unrealized appreciation (depreciation) of each Fund’s investment portfolio, as determined on a federal income tax basis, as of November 30, 2018.
For purposes of this disclosure, derivative tax cost is generally the sum of any upfront fees or premiums exchanged and any amounts unrealized for income statement reporting but realized in income and/or capital gains for tax reporting. If a particular derivative category does not disclose any tax unrealized appreciation or depreciation, the change in value of those derivatives have generally been fully realized for tax purposes.
             
 
 
NID
   
NIQ
 
Tax cost of investments 
 
$
786,865,433
   
$
224,660,321
 
Gross unrealized: 
               
Appreciation 
 
$
16,419,328
   
$
3,268,687
 
Depreciation 
   
(21,121,865
)
   
(1,978,516
)
Net unrealized appreciation (depreciation) of investments 
 
$
(4,702,537
)
 
$
1,290,171
 
 
 
NID
   
NIQ
 
Tax cost of swaps 
 
$
480
   
$
 
Net unrealized appreciation (depreciation) of swaps 
   
55,750
     
 
 
Permanent differences, primarily due to taxable market discount, treatment of notional principal contracts, federal taxes paid, paydowns and nondeductible offering costs, resulted in reclassifications among the Funds’ components of net assets as of May 31, 2018, the Funds’ last tax year end, as follows:
             
 
 
NID
   
NIQ
 
Paid-in surplus 
 
$
(5,421
)
 
$
(9,919
)
Undistributed (Over-distribution of) net investment income 
   
(190,389
)
   
(22,444
)
Accumulated net realized gain (loss) 
   
195,810
     
32,363
 
 
The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains as of May 31, 2018, the Funds’ last tax year end, were as follows:
             
 
 
NID
   
NIQ
 
Undistributed net tax-exempt income1 
 
$
2,199,190
   
$
50,417
 
Undistributed net ordinary income2 
   
506,759
     
12,518
 
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 1, 2018, and paid on June 1, 2018. 
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’ last tax year ended May 31, 2018 was designated for purposes of the dividends paid deduction as follows:
             
 
 
NID
   
NIQ
 
Distributions from net tax-exempt income 
 
$
32,221,620
   
$
7,123,805
 
Distributions from net ordinary income2 
   
281,458
     
13,097
 
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. 
 
As of May 31, 2018, the Funds’ last 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.
             
 
 
NID
   
NIQ
 
Not subject to expiration: 
           
Short-term 
 
$
15,740,426
   
$
7,107,520
 
Long-term 
   
18,833,190
     
3,324,870
 
Total 
 
$
34,573,616
   
$
10,432,390
 
 
During the Funds' last tax year ended May 31, 2018, the Funds utilized capital loss carryforwards as follows:
             
 
 
NID
   
NIQ
 
Utilized capital loss carryforwards 
 
$
2,204,161
   
$
109,969
 
 
60


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 was calculated according to the following schedule:
             
 
 
NID
   
NIQ
 
Average Daily Managed Assets* 
 
Fund-Level Fee Rate
   
Fund-Level Fee Rate
 
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
 
 
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 Fund’s daily managed assets:
       
Complex-Level Eligible Asset Breakpoint Level* 
 
Effective Complex-Level Fee Rate at Breakpoint Level
 
$55 billion 
   
0.2000
%
$56 billion 
   
0.1996
 
$57 billion 
   
0.1989
 
$60 billion 
   
0.1961
 
$63 billion 
   
0.1931
 
$66 billion 
   
0.1900
 
$71 billion 
   
0.1851
 
$76 billion 
   
0.1806
 
$80 billion 
   
0.1773
 
$91 billion 
   
0.1691
 
$125 billion 
   
0.1599
 
$200 billion 
   
0.1505
 
$250 billion 
   
0.1469
 
$300 billion 
   
0.1445
 
   
*
For the complex-level fees, managed assets include closed-end fund assets managed by the Adviser that are attributable to certain types of leverage. For these purposes, leverage includes the funds’ use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining managed assets in certain circumstances. The complex-level fee is calculated based upon the aggregate daily managed assets of all Nuveen open-end and closed-end funds that constitute “eligible assets.” Eligible assets do not include assets attributable to investments in other Nuveen Funds or assets in excess of a determined amount (originally $2 billion) added to the Nuveen fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011. As of November 30, 2018, the complex-level fee for each Fund was 0.1595%. 
 
Other Transactions with Affiliates
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 did not engage in inter-fund trades pursuant to these procedures.
61

Notes to Financial Statements (Unaudited) (continued)
8. Borrowing Arrangements
Committed Line of Credit
The Funds, along with certain other funds managed by the Adviser (“Participating Funds”), have established a 364-day, approximately $2.65 billion standby credit facility with a group of lenders, under which the Participating Funds may borrow for various purposes other than leveraging for investment purposes. Each Participating Fund is allocated a designated proportion of the facility’s capacity (and its associated costs, as described below) based upon a multi-factor assessment of the likelihood and frequency of its need to draw on the facility, the size of the Fund and its anticipated draws, and the potential importance of such draws to the operations and well-being of the Fund, relative to those of the other Funds. A Fund may effect draws on the facility in excess of its designated capacity if and to the extent that other Participating Funds have undrawn capacity. The credit facility expires in July 2019 unless extended or renewed.
The credit facility has the following terms: a fee of 0.15% per annum on unused commitment amounts, and interest at a rate equal to the higher of (a) one-month LIBOR (London Inter-Bank Offered Rate) plus 1.00% per annum or (b) the Fed Funds rate plus 1.00% per annum on amounts borrowed. Participating Funds paid administration, legal and arrangement fees, which are recognized as a component of “Other expenses” on the Statement of Operations, and along with commitment fees, have been allocated among such Participating Funds based upon the relative proportions of the facility’s aggregate capacity reserved for them and other factors deemed relevant by the Adviser and the Board of each Participating Fund.
During the current fiscal period, the following Fund utilized this facility. The Fund’s maximum outstanding balance during the utilization period was as follows:
       
 
 
NID
 
Maximum Outstanding Balance 
 
$
22,800,000
 
 
During the current fiscal period, and during the Fund’s utilization period, the average daily balance outstanding and average annual interest rate on the Borrowings were as follows:
       
 
 
NID
 
Average daily balance outstanding 
 
$
7,085,366
 
Average annual interest rate 
   
3.08
%
 
Borrowings outstanding as of the end of the reporting period are recognized as “Borrowings” on the Statement of Assets and Liabilities, where applicable. NIQ did not utilize this facility during the current period.
Inter-Fund Borrowing and Lending
The Securities and Exchange Commission (“SEC”) has granted an exemptive order permitting registered open-end and closed-end Nuveen funds to participate in an inter-fund lending facility whereby the Nuveen funds may directly lend to and borrow money from each other for temporary purposes (e.g., to satisfy redemption requests or when a sale of securities “fails,” resulting in an unanticipated cash shortfall) (the “Inter-Fund Program”). The closed-end Nuveen funds, including the Funds covered by this shareholder report, will participate only as lenders, and not as borrowers, in the Inter-Fund Program because such closed-end funds rarely, if ever, need to borrow cash to meet redemptions. The Inter-Fund Program is subject to a number of conditions, including, among other things, the requirements that (1) no fund may borrow or lend money through the Inter-Fund Program unless it receives a more favorable interest rate than is typically available from a bank or other financial institution for a comparable transaction; (2) no fund may borrow on an unsecured basis through the Inter-Fund Program unless the fund’s outstanding borrowings from all sources immediately after the inter-fund borrowing total 10% or less of its total assets; provided that if the borrowing fund has a secured borrowing outstanding from any other lender, including but not limited to another fund, the inter-fund loan must be secured on at least an equal priority basis with at least an equivalent percentage of collateral to loan value; (3) if a fund’s total outstanding borrowings immediately after an inter-fund borrowing would be greater than 10% of its total assets, the fund may borrow through the inter-fund loan on a secured basis only; (4) no fund may lend money if the loan would cause its aggregate outstanding loans through the Inter-Fund Program to exceed 15% of its net assets at the time of the loan; (5) a fund’s inter-fund loans to any one fund shall not exceed 5% of the lending fund’s net assets; (6) the duration of inter-fund loans will be limited to the time required to receive payment for securities sold, but in no event more than seven days; and (7) each inter-fund loan may be called on one business day’s notice by a lending fund and may be repaid on any day by a borrowing fund. In addition, a Nuveen fund may participate in the Inter-Fund Program only if and to the extent that such participation is consistent with the fund’s investment objective and investment policies. The Board is responsible for overseeing the Inter-Fund Program.
The limitations detailed above and the other conditions of the SEC exemptive order permitting the Inter-Fund Program are designed to minimize the risks associated with Inter-Fund Program for both the lending fund and the borrowing fund. However, no borrowing or lending activity is without risk. When a fund borrows money from another fund, there is a risk that the loan could be called on one day’s notice or not renewed, in which case the fund may have to borrow from a bank at a higher rate or take other actions to payoff such loan if an inter-fund loan is not available from another fund. Any delay in repayment to a lending fund could result in a lost investment opportunity or additional borrowing costs.
During the current reporting period, none of the Funds covered by this shareholder report have entered into any inter-fund loan activity.
62


9. New Accounting Pronouncements
FASB Accounting Standards Update (“ASU”) 2017-08 (“ASU 2017-08”) Premium Amortization on Purchased Callable Debt Securities
The FASB has issued ASU 2017-08, which shortens the premium amortization period for purchased non-contingently callable debt securities. ASU 2017-08 specifies that the premium amortization period ends at the earliest call date, for purchased non-contingently callable debt securities. ASU 2017-08 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Management is currently evaluating the implications of ASU 2017-08, if any.
Disclosure Update and Simplification
During August 2018, the SEC issued Final Rule Release No. 33-10532, Disclosure Update and Simplification (“Final Rule Release No. 33-10532”). Final Rule Release No. 33-10532 amends certain financial statement disclosure requirements to conform to U.S. GAAP. The amendments to Rule 6-04.17 of Regulation S-X (balance sheet) remove the requirement to separately state the book basis components of net assets: undistributed (over-distribution of) net investment income (“UNII”), accumulated undistributed net realized gains (losses), and net unrealized appreciation (depreciation) at the balance sheet date. Instead, consistent with U.S. GAAP, funds will be required to disclose total distributable earnings. The amendments to Rule 6-09 of Regulation S-X (statement of changes in net assets) remove the requirement to separately state the sources of distributions paid. Instead, consistent with U.S. GAAP, funds will be required to disclose the total amount of distributions paid, except that any tax return of capital must be separately disclosed. The amendments also remove the requirement to parenthetically state the book basis amount of UNII on the statement of changes in net assets.
The requirements of Final Rule Release No. 33-10532 are effective November 5, 2018, and the Funds’ Statement of Assets and Liabilities and Statement of Changes in Net Assets for the current reporting period have been modified accordingly. In addition, certain amounts within each Fund’s Statement of Changes in Net Assets for the prior fiscal period have been modified to conform to Final Rule Release No. 33-10532.
For the prior fiscal period, the total amount of distributions paid to shareholders from net investment income and from accumulated net realized gains, if any, are recognized as “Dividends” on the Statement of Changes in Net Assets.
As of May 31, 2018, the Funds’ Statement of Changes in Net Assets reflected the following UNII balances.
             
 
 
NID
   
NIQ
 
UNII at the end of period 
 
$
725,830
   
$
(296,529
)
 
63

Additional Fund Information
             
Board of Trustees 
 
 
 
 
 
Margo Cook* 
Jack B. Evans 
William C. Hunter 
Albin F. Moschner 
John K. Nelson 
William J. Schneider** 
Judith M. Stockdale 
Carole E. Stone 
Terence J. Toth 
Margaret L Wolff 
Robert L. Young 
 
 
* 
Interested Board Member. 
** 
Retired from the Funds’ Board of Trustees effective December 31, 2018. 

         
Fund Manager 
Custodian 
Legal Counsel 
Independent Registered 
Transfer Agent and 
Nuveen Fund Advisors, LLC 
State Street Bank 
Chapman and Cutler LLP 
Public Accounting Firm 
Shareholder Services 
333 West Wacker Drive 
& Trust Company 
Chicago, IL 60603 
KPMG LLP 
Computershare Trust 
Chicago, IL 60606 
One Lincoln Street 
 
200 East Randolph Street 
Company, N.A. 
 
Boston, MA 02111 
 
Chicago, IL 60601 
250 Royall Street 
 
 
 
 
Canton, MA 02021 
 
 
 
 
(800) 257-8787 

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.
64

Glossary of Terms Used in this Report
·
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.
·
Industrial Development Revenue Bond (IDR): A unique type of revenue bond issued by a state or local government agency on behalf of a private sector company and intended to build or acquire factories or other heavy equipment and tools.
·
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.
·
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.
65

Glossary of Terms Used in this Report (continued)
·
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 Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment-grade U.S. municipal bond market. Index returns assume investment 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.
66

Reinvest Automatically, Easily and Conveniently
 
Nuveen makes reinvesting easy. A phone call is all it takes to set up your reinvestment account.

Nuveen Closed-End Funds Automatic Reinvestment Plan
Nuveen Closed-End Fund allows you to conveniently reinvest distributions in additional Fund shares. By choosing to reinvest, you’ll be able to invest money regularly and automatically, and watch your investment grow through the power of compounding. Just like distributions in cash, there may be times when income or capital gains taxes may be payable on distributions that are reinvested. It is important to note that an automatic reinvestment plan does not ensure a profit, nor does it protect you against loss in a declining market.
Easy and convenient
To make recordkeeping easy and convenient, each month you’ll receive a statement showing your total distributions, the date of investment, the shares acquired and the price per share, and the total number of shares you own.
How shares are purchased
The shares you acquire by reinvesting will either be purchased on the open market or newly issued by the Fund. If the shares are trading at or above net asset value at the time of valuation, the Fund will issue new shares at the greater of the net asset value or 95% of the then-current market price. If the shares are trading at less than net asset value, shares for your account will be purchased on the open market. If the Plan Agent begins purchasing Fund shares on the open market while shares are trading below net asset value, but the Fund’s shares subsequently trade at or above their net asset value before the Plan Agent is able to complete its purchases, the Plan Agent may cease open-market purchases and may invest the uninvested portion of the distribution in newly-issued Fund shares at a price equal to the greater of the shares’ net asset value or 95% of the shares’ market value on the last business day immediately prior to the purchase date. Distributions received to purchase shares in the open market will normally be invested shortly after the distribution payment date. No interest will be paid on distributions awaiting reinvestment. Because the market price of the shares may increase before purchases are completed, the average purchase price per share may exceed the market price at the time of valuation, resulting in the acquisition of fewer shares than if the distribution had been paid in shares issued by the Fund. A pro rata portion of any applicable brokerage commissions on open market purchases will be paid by Plan participants. These commissions usually will be lower than those charged on individual transactions.
Flexible
You may change your distribution option or withdraw from the Plan at any time, should your needs or situation change. You can reinvest whether your shares are registered in your name, or in the name of a brokerage firm, bank, or other nominee. Ask your investment advisor if his or her firm will participate on your behalf. Participants whose shares are registered in the name of one firm may not be able to transfer the shares to another firm and continue to participate in the Plan. The Fund reserves the right to amend or terminate the Plan at any time. Although the Fund reserves the right to amend the Plan to include a service charge payable by the participants, there is no direct service charge to participants in the Plan at this time.
Call today to start reinvesting distributions
For more information on the Nuveen Automatic Reinvestment Plan or to enroll in or withdraw from the Plan, speak with your financial advisor or call us at (800) 257-8787.
67

 
Nuveen:
Serving Investors for Generations
Since 1898, financial advisors and their clients have relied on Nuveen to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality solutions designed to be integral components of a well-diversified core portfolio.
Focused on meeting investor needs.
Nuveen is the investment manager of TIAA. We have grown into one of the world’s premier global asset managers, with specialist knowledge across all major asset classes and particular strength in solutions that provide income for investors and that draw on our expertise in alternatives and responsible investing. Nuveen is driven not only by the independent investment processes across the firm, but also the insights, risk management, analytics and other tools and resources that a truly world-class platform provides. As a global asset manager, our mission is to work in partnership with our clients to create solutions which help them secure their financial future.
Find out how we can help you.
To learn more about how the products and services of Nuveen may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully.
Learn more about Nuveen Funds at: www.nuveen.com/closed-end-funds
 
Distributed by Nuveen Securities, LLC | 333 West Wacker Drive Chicago, IL 60606 | www.nuveen.com  
ESA-C-1118D 702455-INV-B-01/19

 



 
ITEM 2. CODE OF ETHICS.

Not applicable to this filing.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable to this filing.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable to this filing.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable to this filing.

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.

Not applicable to this filing.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to this filing.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

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

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

ITEM 11. CONTROLS AND PROCEDURES.

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

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

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
 
ITEM 13. EXHIBITS.

File the exhibits listed below as part of this Form.
 
(a)(1)
Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable to this filing.

(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: See Ex-99.CERT attached hereto.

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

(a)(4)
Change in the registrant’s independent public accountant. Not applicable.
 
(b)
If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)); Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference: See 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/ Gifford R. Zimmerman
Gifford R. Zimmerman
Vice President and Secretary

Date: February 7, 2019
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title) /s/ Cedric H. Antosiewicz
Cedric H. Antosiewicz
Chief Administrative Officer
(principal executive officer)

Date: February 7, 2019
 
By (Signature and Title) /s/ Stephen D. Foy
Stephen D. Foy
Vice President and Controller
(principal financial officer)

Date: February 7, 2019