Form N-CSRS Nuveen Intermediate Dura For: Nov 30

February 7, 2019 10:05 AM EST

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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 811-22779

Nuveen Intermediate Duration Quality 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