N-CSRS 1 ncsr.htm NIQ

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)
Mark L. Winget
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, 2020
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
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
 
3

Chair’s Letter
to Shareholders
Dear Shareholders,
As 2020 draws to a close, the concerns that dominated much of the year are beginning to show signs of easing. COVID-19 vaccines are being administered around the world, with several of the vaccine candidates announcing high efficacy rates during their phase 3 trials. Markets took a generally positive view of Joe Biden winning the Electoral College, with Congress’s final confirmation of the Electoral College vote on January 7, 2021. The U.S. economy has made a significant, although incomplete, turnaround from the depths of a historic recession. In late December, the U.S. government enacted another $900 billion in aid to individuals and businesses, extending some of the programs enacted earlier in the crisis. Ongoing fiscal and monetary stimulus along with widening vaccine distribution have bolstered confidence that a semblance of normalcy can return in 2021.
While the markets’ longer-term outlook has brightened, we expect intermittent bouts of volatility to continue into the New Year. COVID-19 cases are still alarmingly high in some regions, and the renewed restrictions on social and business activity taken by local and, in some cases, national authorities will undoubtedly hinder the economy’s momentum. The pandemic’s course can still be unpredictable. The timeline of vaccine rollouts depends on many variables, public confidence can shift and real-world efficacy remains to be seen. Additionally, after Democrats won both of Georgia’s Senate run-off elections, which provided them with a democratic majority (the Democratic Vice President-elect casts the tie breaking vote in a 50/50 split Senate), this changing political landscape may cause investment outlooks to shift. Nevertheless, short-term market fluctuations can provide opportunities to invest in new ideas as well as upgrade existing positioning, within our goal of providing long-term value for our shareholders.
The New Year can be an opportune time to assess your portfolio’s resilience and readiness for what may come next. We encourage you to review your time horizon, risk tolerance and investment goals with your financial professional. 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
Chair of the Board
January 21, 2021
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 Fund Advisors, LLC, the Funds’ investment adviser. 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.
An Update on COVID-19 Coronavirus and its Impact on the Securities Markets
Renewed COVID-19 coronavirus outbreaks across the U.S. and Europe prompted tightening COVID-19 restrictions at the local and, in some cases, national levels during the fall of 2020, weighing on short-term economic indicators. Additionally, certain government programs supporting businesses and workers are expiring with little clarity on extensions or replacement options. In late December 2020 (subsequent to the close of this reporting period), the U.S. government approved a $900 billion relief package. In November 2020, three vaccine trials announced successful results, paving the way for selective distribution at year end 2020 and inoculation of the wider public during 2021.
Markets rallied on optimism for normalization in daily life and in the economy, furthering the recovery from the March 2020 sell-off. Although the detection of the virus in China was made public in December 2019, markets did not start to fully acknowledge the risks and potential economic impact until the latter portion of February 2020, when outbreaks outside of China were first reported. Global stock markets sold off severely, with the S&P 500® index reaching a bear market (a 20% drop from the previous high) within three weeks, the fastest bear market decline in history. Even certain parts of the bond market suffered; below investment grade municipal and corporate bonds generally dropped the furthest, mostly out of concerns for the continued financial stability of lower quality issuers. Demand for safe-haven assets, along with mounting recession fears, drove the yield on the 10-year U.S. Treasury note to 0.5% in March 2020, an all-time low. Additionally, oil prices collapsed to an 18-year low on supply glut concerns, as shutdowns across the global economy sharply reduced oil demand, although oil prices have recovered to well above those lows.
This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy, sell or hold a security or an investment strategy 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 managers as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements, and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.
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)
While most markets have recovered most of their losses, volatility will likely remain elevated until the health crisis itself is under control (via fewer new cases, lower infection rates and/or verified treatments or widespread vaccination). The situation remains fluid, given production and logistical challenges with rolling out the vaccine as well as public trust in it, and new information is incoming daily, compounding the difficulty of modeling outcomes for epidemiologists and economists alike.
Nuveen Fund Advisors, LLC, and our portfolio management teams are monitoring the situation carefully and continuously refining our views and approaches to managing the Funds to best pursue investment objectives while mitigating risks through all market environments.
What key strategies were used to manage the Funds during the six-month reporting period ended November 30, 2020?
The Funds’ primary investment objective is to provide a high level of current income exempt from regular federal income tax. The Funds’ secondary investment objective is to seek additional total return. NID has a 10-year term and intends to liquidate and distribute its then-current net assets to shareholders on or before March 31, 2023. NIQ has a 10-year term and intends to liquidate and distribute its then-current net assets to shareholders on or before June 30, 2023.
The broad municipal bond market performed well in the six-month reporting period, continuing its recovery from the COVID-19 crisis downturn earlier in 2020. Municipal yields declined meaningfully and credit spreads contracted, particularly in lower rated, higher yielding areas of the market, as investors grew more comfortable with the economic outlook and the prospects for municipal bonds in general. Positive sentiment was especially strong in the final month of the reporting period, with the election outcome suggesting that significant tax reform was unlikely and positive vaccine news spurring hope for wide distribution in 2021.
Management continues 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. NID’s trading was mainly driven by the reinvestment of coupon income and the proceeds of called and maturing bonds. There were several notable maturities during the reporting period including Navistar, PPL Energy, Guam Waterworks, Los Angeles County Tobacco Settlement and AK Steel. We bought bonds with the potential to perform well in an economic recovery that were trading at attractive credit spreads. These purchases spanned a diverse range of sectors and names such as New York Metropolitan Transportation Authority (MTA), American Airlines, United Airlines, U.S. Steel, Puerto Rico sales tax revenue (known as COFINAs), Ochsner Health (Louisiana) and South Jersey Port Marine Terminal. We also took advantage of prevailing market conditions earlier in the reporting period to do some tax loss swaps. This tactic entailed selling depreciated bonds with lower yields and buying similarly structured but higher yielding bonds. We implemented this approach to enhance the Fund’s income earning capability and seek to make the Fund more tax efficient.
NIQ added bonds across a range of sectors, in particular taking advantage of attractive credit spreads in the new issue market. We bought two tobacco deals (Los Angeles County Tobacco Settlement and Michigan Tobacco Settlement), airport revenue bonds for Port of Portland, a dedicated tax bond for Broward County (Florida) Half-Cent Sales Tax Revenue, a New York City local general obligation (GO) bond, a toll road issue for Central Texas Regional Mobility Partners and New York MTA bonds. The purchases were largely funded with the proceeds from maturing and called bonds. We also sold a pre-refunded bond and a position we bought in the mid-/late-summer 2020 that had depreciated due to yield curve movements.
As of November 30, 2020, 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 manage-
6
 

ment strategies, NID entered into interest rate swap agreements and shorted interest rate futures contracts to help reduce price volatility risk due to movements in U.S. interest rates relative to the Fund’s benchmark. We have allowed the positions to roll off over time, reducing the amount of hedging in the portfolio. The futures contracts had a negligible impact on NID’s performance in this reporting period.
How did NID and NIQ perform during the six-month reporting period ended November 30, 2020?
The tables in each Fund’s Performance Overview and Holding Summaries section of this report provide the Funds’ total returns at net asset value (NAV) for the period ended November 30, 2020. Each Fund’s total returns at common share NAV are compared with the performance of a corresponding market index.
For the six months ended November 30, 2020, the total returns at common share NAV for NID outperformed the return for the S&P Municipal Bond Index but underperformed the S&P Intermediate Duration Municipal Yield Index, and NIQ outperformed the returns for both the S&P Municipal Bond Index and the S&P Municipal Bond Intermediate Index. Please see Glossary of Terms for index definitions.
The main factors influencing the Funds’ relative performance during this reporting period were duration and yield curve positioning, credit 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 was a positive contributor for the two Funds. The Funds’ longer duration profiles relative to their benchmarks were beneficial at a time when municipal bond yields and municipal high yield spreads were both falling. Although NIQ held an overweight allocation to the 0- to 2-year duration category, which was somewhat detrimental, the outperformance of its overweight allocations to durations of 10- to 12-years and 12-years and longer more than compensated.
Credit quality allocation was a non-factor in NID’s relative performance in this reporting period because the ratings allocations closely matched that of the benchmark. NIQ strongly benefited from its credit quality positioning. NIQ’s overweight to A and BBB rated bonds and underweight to AAA and AA rated paper was advantageous as lower rated credits outperformed high grade bonds in this reporting period.
Sector positioning worked against the Funds in this reporting period. NID’s underperformance relative to the S&P Intermediate Duration Municipal Yield Index was almost entirely driven by sector allocations. NID’s overweight to hospitals was the largest sector level detractor, as credit spreads have not yet fully recovered in this COVID sensitive sector. Underweight allocations to the transportation and higher education sectors also detracted. Although these sectors were also among the more COVID sensitive areas of the market, they outperformed in this reporting period. Puerto Rico was another strong performing sector, but NID’s underweight to Puerto Rico bonds detracted from performance despite strong security selection there. NID’s overweight to the outperforming tobacco sector was advantageous and further enhanced by our favorable credit selection there. An underweight to local GOs was beneficial as the local GO sector lagged due to its higher quality. Like NID, NIQ was also negatively affected by sector allocations. Namely, underweight allocations to the “other transportation” sector, which is primarily the New York MTA bonds, and the industrial development revenue (IDR) sector detracted from NIQ’s relative performance, as these sectors performed well.
7
 

Portfolio Managers’ Comments (continued)
NID’s credit selection was positive, with our selections in New Jersey appropriate debt and IDR bonds (including Big River Steel, U.S. Steel, several airlines and Iowa Fertilizer) outperforming. NIQ also benefited from individual credit selection, with its tender option bond positions adding to performance and outperformance from lower rated, longer dated credits. However, a position in Energy Harbor common stock somewhat detracted from both Funds’ performance. The Funds acquired shares in Energy Harbor when their holdings of certain municipal bonds issued by FirstEnergy Solutions were converted into Energy Harbor equity as part of FirstEnergy Solution’s emergence from bankruptcy protection. The share price appreciated strongly post its March 2020 issuance, which increased both the size of each Fund’s position and its impact to performance. In July 2020, the stock suffered a correction on negative headline news about the predecessor company and its former parent company.
8
 

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. The opportunity arises when short-term rates that a Fund pays on its leveraging instruments are lower than the interest a Fund earns on its portfolio of long-term bonds that it has bought with the proceeds of that leverage. This has been particularly true in the recent market environment where short-term rates have been low by historical standards.
However, use of leverage can expose Fund common shares to additional price volatility. When a Fund uses leverage, the Fund’s 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. All this will make the shares’ 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. In recent quarters, fund leverage expenses have generally tracked the overall movement of short-term tax-exempt interest rates. While fund leverage expenses are somewhat higher than their recent lows, leverage nevertheless continues to provide the opportunity for incremental common share income, particularly over longer-term periods.
Leverage had a positive impact on the total return performance of the Funds over the reporting period.
As of November 30, 2020, the Funds’ percentages of leverage are as shown in the accompanying table.
     
 
NID 
NIQ 
Effective Leverage* 
37.20% 
34.84% 
Regulatory Leverage* 
20.96% 
22.17% 
 
*     
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.

9
 

Fund Leverage (continued)
THE FUNDS’ REGULATORY LEVERAGE
As of November 30, 2020, 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, MFP-VRM and VRDP in Special Rate Mode, where applicable. See Notes to Financial Statements, Note 5 – Fund 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 5 – Fund Shares for further details.

Refer to Notes to Financial Statements, Note 5 – Fund Shares for further details on preferred shares and each Funds’ respective transactions.
10
 

Common Share Information
COMMON SHARE DISTRIBUTION INFORMATION
The following information regarding the Funds’ distributions is current as of November 30, 2020. 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
 
Month Distributions (Ex-Dividend Date) 
  
NID
   
NIQ
 
June 2020 
  
$
0.0425
    
$
0.0355
  
July 
    
0.0425
      
0.0355
  
August 
    
0.0425
      
0.0355
  
September 
    
0.0425
      
0.0355
  
October 
    
0.0440
      
0.0395
  
November 2020 
    
0.0440
      
0.0395
  
Total Distributions from Net Investment Income 
  
$
0.2580
    
$
0.2210
  
Yields 
                
Market Yield* 
    
3.84
%
    
3.26
%
Taxable-Equivalent Yield* 
    
6.47
%
    
5.50
%
 
*     
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 an income tax rate of 40.8%. Your actual federal income tax rate may differ from the assumed rate. The Taxable-Equivalent Yield also takes into account the percentage of the Fund’s income generated and paid by the Fund (based on payments made during the previous calendar year) that was not exempt from federal income tax. Separately, if the comparison were instead to investments that generate qualified dividend income, which is taxable at a rate lower than an individual’s ordinary graduated tax rate, the fund’s 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 common 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 is 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.
11
 

Common Share Information (continued)
NUVEEN CLOSED-END FUND DISTRIBUTION AMOUNTS
The Nuveen Closed-End Funds’ monthly and quarterly periodic distributions to shareholders are posted on www.nuveen.com and can be found on Nuveen’s enhanced closed-end fund resource page, which is at https://www.nuveen.com/resource-center-closed-end funds, along with other Nuveen closed-end fund product updates. To ensure timely access to the latest information, shareholders may use a subscribe function, which can be activated at this web page (https://www.nuveen.com/subscriptions).
COMMON SHARE REPURCHASES
During August 2020, 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 common shares.
As of November 30, 2020, 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 
 
During the current reporting period, the Funds did not repurchase any of their outstanding common shares.
OTHER COMMON SHARE INFORMATION
As of November 30, 2020, and during the current reporting period, the Funds’ common share prices were trading at a premium/ (discount) to their common share NAVs as shown in the accompanying table.
             
 
  
NID
   
NIQ
 
Common share NAV 
  
$
14.07
    
$
14.75
  
Common share price 
  
$
13.75
    
$
14.54
  
Premium/(Discount) to NAV 
    
(2.27
)%
    
(1.42
)%
6-month average premium/(discount) to NAV 
    
(4.05
)%
    
(2.46
)%
 
12
 

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.
13
 

   
NID
Nuveen Intermediate Duration Municipal Term Fund
Performance Overview and Holding Summaries as of November 30, 2020
 
         
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, 2020 
 
 
Cumulative 
Average Annual 
 
 
 
 
Since 
 
6-Month 
1-Year 
5-Year 
Inception 
NID at Common Share NAV 
5.00% 
2.01% 
4.85% 
4.25% 
NID at Common Share Price 
5.63% 
4.12% 
6.38% 
3.65% 
S&P Intermediate Duration Municipal Yield Index 
5.75% 
3.66% 
4.59% 
4.45% 
S&P Municipal Bond Index 
3.12% 
4.68% 
3.85% 
3.35% 
 
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

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 
126.4% 
Common Stocks 
3.3% 
Other Assets Less Liabilities 
1.5% 
Net Assets Plus Floating Rate 
 
Obligations & AMTP Shares, 
 
net of deferred offering costs 
131.2% 
Floating Rate Obligations 
(4.7)% 
AMTP Shares, net of deferred 
 
offering costs 
(26.5)% 
Net Assets 
100% 

   
Portfolio Credit Quality 
 
(% of total investment exposure) 
 
U.S. Guaranteed 
6.2% 
AAA 
0.2% 
AA 
23.0% 
A 
11.1% 
BBB 
25.5% 
BB or Lower 
17.6% 
N/R (not rated) 
14.3% 
N/A (not applicable) 
2.1% 
Total 
100% 
 
   
Portfolio Composition 
 
(% of total investments) 
 
Tax Obligation/Limited 
23.9% 
Transportation 
16.3% 
Health Care 
12.8% 
Tax Obligation/General 
11.7% 
Consumer Staples 
8.4% 
Utilities 
8.4% 
Education and Civic Organizations 
5.1% 
Other 
13.4% 
Total 
100% 
 
   
States and Territories 
 
(as a % of total investments) 
 
Illinois 
14.3% 
New York 
10.8% 
California 
10.4% 
New Jersey 
8.4% 
Florida 
7.2% 
Pennsylvania 
4.4% 
Texas 
3.3% 
Michigan 
3.1% 
Ohio 
3.1% 
Guam 
2.5% 
Puerto Rico 
2.5% 
Wisconsin 
2.3% 
Colorado 
2.2% 
Washington 
2.2% 
Indiana 
1.9% 
Iowa 
1.9% 
Other1 
19.5% 
Total 
100% 
 
1 See Portfolio of Investments for details on “other” States and Territories.
15
 

   
NIQ
Nuveen Intermediate Duration Quality Municipal Term Fund
Performance Overview and Holding Summaries as of November 30, 2020
 
         
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, 2020 
 
 
Cumulative 
Average Annual 
 
 
 
 
Since 
 
6-Month 
1-Year 
5-Year 
Inception 
NIQ at Common Share NAV 
4.28% 
4.74% 
4.48% 
3.95% 
NIQ at Common Share Price 
6.30% 
8.92% 
6.36% 
8.42% 
S&P Municipal Bond Intermediate Index 
2.64% 
4.88% 
3.67% 
3.36% 
S&P Municipal Bond Index 
3.12% 
4.68% 
3.85% 
3.52% 
 
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

16
 

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 
124.3% 
Common Stocks 
1.2% 
Other Assets Less Liabilities 
2.9% 
Net Assets Plus Floating Rate 
 
Obligations & AMTP Shares, 
 
net of deferred offering costs 
128.4% 
AMTP Shares, net of deferred 
 
offering costs 
(28.4)% 
Net Assets 
100% 

   
Portfolio Credit Quality 
 
(% of total investment exposure) 
 
U.S. Guaranteed 
8.8% 
AA 
32.0% 
A 
30.4% 
BBB 
20.2% 
BB or Lower 
3.8% 
N/R (not rated) 
4.0% 
N/A (not applicable) 
0.8% 
Total 
100% 
 
   
Portfolio Composition 
 
(% of total investments) 
 
Utilities 
29.0% 
Tax Obligation/Limited 
16.3% 
Health Care 
15.8% 
Transportation 
15.0% 
Education and Civic Organizations 
8.9% 
Tax Obligation/General 
7.7% 
Other 
7.3% 
Total 
100% 
 
   
States and Territories 
 
(as a % of total investments) 
 
Colorado 
11.7% 
California 
8.5% 
Illinois 
8.4% 
Tennessee 
6.8% 
Texas 
6.2% 
Florida 
6.1% 
Michigan 
5.8% 
New York 
5.2% 
New Jersey 
3.5% 
Kentucky 
2.7% 
Pennsylvania 
2.7% 
Maine 
2.3% 
Nebraska 
2.1% 
Nevada 
2.0% 
Ohio 
1.9% 
South Carolina 
1.8% 
Virginia 
1.8% 
Alabama 
1.7% 
Other1 
18.8% 
Total 
100% 
 
1 See Portfolio of Investments for details on “other” States and Territories.
17
 

   
NID
Nuveen Intermediate Duration Municipal Term Fund
Portfolio of Investments November 30, 2020 (Unaudited)
 
           
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
LONG-TERM INVESTMENTS – 129.7% (100.0% of Total Investments) 
 
 
 
 
  
MUNICIPAL BONDS – 126.4% (97.5% of Total Investments) 
 
 
 
 
  
Alabama – 0.1% (0.1% of Total Investments) 
 
 
 
$ 755 
  
Hoover Industrial Development Board, Alabama, Environmental Improvement Revenue Bonds, 
10/29 at 100.00 
B– 
$ 688,643 
 
  
United States Steel Corporation Project, Series 2019, 5.750%, 10/01/49 (AMT) 
 
 
 
 
  
Alaska – 0.4% (0.3% of Total Investments) 
 
 
 
 
  
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed 
 
 
 
 
  
Bonds, Series 2006A: 
 
 
 
2,000 
  
5.000%, 6/01/32 
12/20 at 100.00 
B3 
2,000,840 
350 
  
5.000%, 6/01/46 
12/20 at 100.00 
B3 
351,771 
2,350 
  
Total Alaska 
 
 
2,352,611 
 
  
Arizona – 1.1% (0.8% of Total Investments) 
 
 
 
2,000 
  
Arizona Health Facilities Authority, Hospital System Revenue Bonds, Phoenix Children’s 
2/22 at 100.00 
A1 
2,103,000 
 
  
Hospital, Refunding Series 2012A, 5.000%, 2/01/27 
 
 
 
680 
  
Estrella Mountain Ranch Community Facilities District, Goodyear City, Arizona, Special 
7/25 at 100.00 
N/R 
612,354 
 
  
Assessment Revenue Bonds, Montecito Assessment District 2, Series 2015, 4.750%, 7/01/30, 144A 
 
 
 
665 
  
Florence Town Inc, Industrial Development Authority, Arizona, Education Revenue Bonds, 
No Opt. Call 
BB+ 
692,192 
 
  
Legacy Traditional School Project – Queen Creek and Casa Grande Campuses, Series 2013, 
 
 
 
 
  
5.000%, 7/01/23 
 
 
 
2,000 
  
Phoenix Civic Improvement Corporation, Arizona, Rental Car Facility Charge Revenue 
7/29 at 100.00 
A3 
2,382,240 
 
  
Bonds, Series 2019A, 5.000%, 7/01/32 
 
 
 
75 
  
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, 
7/21 at 100.00 
N/R (4) 
77,519 
 
  
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 
BB+ 
306,997 
 
  
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+ 
1,027,710 
 
  
Foundation, Inc Project, Series 2014, 5.125%, 2/01/34 
 
 
 
6,710 
  
Total Arizona 
 
 
7,202,012 
 
  
Arkansas – 0.4% (0.3% of Total Investments) 
 
 
 
2,665 
  
Arkansas Development Finance Authority, Industrial Development Revenue Bonds, Big River 
9/26 at 103.00 
B 
2,810,642 
 
  
Steel Project, Series 2019, 4.500%, 9/01/49 (AMT), 144A 
 
 
 
 
  
California – 13.5% (10.4% of Total Investments) 
 
 
 
1,850 
  
Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Second 
10/26 at 100.00 
AA 
2,075,866 
 
  
Subordinate Lien Series 2016B, 4.000%, 10/01/35 – AGM Insured 
 
 
 
2,490 
  
Alvord Unified School District, Riverside County, California, General Obligation Bonds, 
No Opt. Call 
AA 
6,023,559 
 
  
Tender Option Bond Trust 2016-XG0089, Formerly Tender Option Bond Trust 3306, 26.797%, 
 
 
 
 
  
8/01/30, 144A (IF) (5) 
 
 
 
620 
  
Antelope Valley Healthcare District, California, Revenue Bonds, Series 2011A, 6.875%, 
3/21 at 100.00 
N/R (4) 
630,112 
 
  
3/01/26 (Pre-refunded 3/01/21) 
 
 
 
750 
  
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, 
1/21 at 100.00 
AA 
795,630 
 
  
Tender Option Bond Trust 2016-XG0019, Formerly Tender Option Bond Trust 4740, 3.359%, 
 
 
 
 
  
4/01/36, 144A (IF) (5) 
 
 
 
3,440 
  
California Community Housing Agency, California, Essential Housing Revenue Bonds, 
2/30 at 100.00 
N/R 
3,894,183 
 
  
Serenity at Larkspur Apartments, Series 2020A, 5.000%, 2/01/50, 144A 
 
 
 
10 
  
California Housing Finance Agency, Municipal Certificate Revenue Bonds, Class A Series 
No Opt. Call 
BBB+ 
11,001 
 
  
2019-2, 4.000%, 3/20/33 
 
 
 
 
  
California Municipal Finance Authority, Revenue Bonds, NorthBay Healthcare Group, Series 
 
 
 
 
  
2017A: 
 
 
 
1,095 
  
5.250%, 11/01/29 
11/26 at 100.00 
BBB– 
1,296,349 
1,140 
  
5.000%, 11/01/30 
11/26 at 100.00 
BBB– 
1,318,752 
 
18
 

           
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
California (continued) 
 
 
 
$ 1,000 
  
California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, 
7/22 at 100.00 
BBB 
$ 1,048,990 
 
  
Poseidon Resources Channelside LP Desalination Project, Series 2012, 5.000%, 11/21/45 
 
 
 
 
  
(AMT), 144A 
 
 
 
 
  
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 
559,025 
2,500 
  
5.250%, 12/01/34 
12/24 at 100.00 
BB 
2,765,300 
2,500 
  
5.250%, 12/01/44 
12/24 at 100.00 
BB 
2,718,000 
1,713 
  
5.500%, 12/01/54 
12/24 at 100.00 
BB 
1,873,594 
2,300 
  
California Statewide Communities Development Authority, California, Revenue Bonds, Loma 
6/26 at 100.00 
BB 
2,645,759 
 
  
Linda University Medical Center, Series 2016A, 5.000%, 12/01/27, 144A 
 
 
 
2,765 
  
California Statewide Community Development Authority, Certificates of Participation, 
1/28 at 100.00 
BBB+ 
2,987,970 
 
  
Methodist Hospital of Southern California, Series 2018, 4.250%, 1/01/43 
 
 
 
5,000 
  
Compton Community Redevelopment Agency, California, Tax Allocation Revenue Bonds, 
12/20 at 100.00 
N/R 
5,018,500 
 
  
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 
3,432,330 
 
  
Refunding Series 2013A, 0.000%, 1/15/29 – AGM Insured (6) 
 
 
 
 
  
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 
2,515,600 
3,260 
  
5.000%, 6/01/32 
6/28 at 100.00 
BBB 
4,055,766 
5,290 
  
5.000%, 6/01/33 
6/28 at 100.00 
BBB 
6,547,539 
3,805 
  
5.000%, 6/01/34 
6/28 at 100.00 
BBB– 
4,678,742 
1,415 
  
5.000%, 6/01/35 
6/28 at 100.00 
BB+ 
1,733,460 
2,235 
  
3.500%, 6/01/36 
6/22 at 100.00 
BB– 
2,276,660 
100 
  
Indio Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment 
12/20 at 100.00 
A 
100,389 
 
  
Project, Subordinate Lien Refunding Series 2008A, 5.000%, 8/15/23 
 
 
 
2,315 
  
Lake Elsinore Public Financing Authority, California, Local Agency Revenue Bonds, 
9/25 at 100.00 
N/R 
2,625,534 
 
  
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) 
261,233 
 
  
National City Redevelopment Project, Series 2011, 7.000%, 8/01/32 (Pre-refunded 8/01/21) 
 
 
 
4,100 
  
Natomas Unified School District, Sacramento County, California, General Obligation 
8/26 at 100.00 
AA 
4,309,059 
 
  
Bonds, Election 2018, Series 2019, 3.000%, 8/01/46 – AGM Insured (UB) (5) 
 
 
 
700 
  
Redwood City, California, Special Tax Refunding Bonds, Redwood Shores Community 
9/22 at 100.00 
N/R 
741,762 
 
  
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 
2,260,447 
 
  
Bonds, Refunding Series 2014A, 5.000%, 10/01/34 – AGM Insured 
 
 
 
85 
  
Riverside County, California, Special Tax Bonds, Community Facilities District 05-8 
No Opt. Call 
N/R 
87,170 
 
  
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 
564,195 
 
  
Series 2014, 5.000%, 9/01/29 
 
 
 
2,395 
  
San Bernardino Joint Powers Financing Authority, California, Tax Allocation Bonds, 
No Opt. Call 
AA 
2,871,509 
 
  
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 
465,854 
 
  
2011, 7.500%, 12/01/41 
 
 
 
1,500 
  
Tejon Ranch Public Facilities Financing Authority, California, Special Tax Bonds, 
3/23 at 100.00 
N/R 
1,600,080 
 
  
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 
1,600,080 
 
  
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 
12/20 at 100.00 
B 
10,047,700 
 
  
Bonds, Refunding Series 2005A-2, 5.400%, 6/01/27 
 
 
 
880 
  
Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed 
12/20 at 100.00 
Baa1 
881,531 
 
  
Bonds, Series 2005A-1, 4.750%, 6/01/23 
 
 
 
77,418 
  
Total California 
 
 
89,319,230 
 
19
 

   
NID
Nuveen Intermediate Duration Municipal Term Fund
Portfolio of Investments (continued) November 30, 2020 (Unaudited)
 
           
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
Colorado – 2.9% (2.2% of Total Investments) 
 
 
 
 
  
Colorado Bridge Enterprise, Revenue Bonds, Central 70 Project, Senior Series 2017: 
 
 
 
$ 750 
  
4.000%, 12/31/30 (AMT) 
12/27 at 100.00 
A– 
$ 858,045 
250 
  
4.000%, 6/30/31 (AMT) 
12/27 at 100.00 
A– 
285,410 
645 
  
Colorado Educational and Cultural Facilities Authority, Charter School Refunding Revenue 
6/23 at 100.00 
A+ 
698,161 
 
  
Bonds, Pinnacle Charter School, Inc K-8 Facility Project, Series 2013, 5.000%, 6/01/29 
 
 
 
50 
  
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, 
No Opt. Call 
BB+ 
51,171 
 
  
Littleton Preparatory Charter School, Series 2013, 5.000%, 12/01/22 
 
 
 
851 
  
Colorado Housing and Finance Authority, Revenue Bonds, Confluence Energy LLC Project, 
No Opt. Call 
N/R 
11,747 
 
  
Series 2017, 6.875%, 10/01/27 (AMT) (7), (8) 
 
 
 
3,270 
  
Colorado Springs, Colorado, Utilities System Revenue Bonds, Tender Option Bond Trust 
11/22 at 100.00 
AA+ 
4,102,084 
 
  
2015-XF0223, 14.041%, 11/15/30, 144A (IF) (5) 
 
 
 
 
  
Colorado State Board of Governors, Colorado State University Auxiliary Enterprise System 
 
 
 
 
  
Revenue Bonds, Tender Option Bond Trust 2016-XF2354, Formerly Tender Option Bond Trust 3316: 
 
 
 
100 
  
22.093%, 3/01/25, 144A (IF) (5) 
No Opt. Call 
AA 
195,477 
300 
  
22.093%, 3/01/26, 144A (IF) (5) 
No Opt. Call 
AA 
649,257 
430 
  
22.043%, 3/01/27, 144A (IF) (5) 
No Opt. Call 
AA 
1,005,710 
725 
  
22.093%, 3/01/28, 144A (IF) (5) 
No Opt. Call 
AA 
1,810,543 
200 
  
22.093%, 3/01/29, 144A (IF) (5) 
No Opt. Call 
AA 
525,868 
2,000 
  
Denver Convention Center Hotel Authority, Colorado, Revenue Bonds, Convention Center 
No Opt. Call 
Baa2 
2,338,100 
 
  
Hotel, Refunding Senior Lien Series 2016, 5.000%, 12/01/26 
 
 
 
1,000 
  
Plaza Metropolitan District 1, Lakewood, Colorado, Tax Increment Revenue Bonds, 
No Opt. Call 
N/R 
1,025,670 
 
  
Refunding Series 2013, 5.000%, 12/01/21, 144A 
 
 
 
1,900 
  
Rangely Hospital District, Rio Blanco County, Colorado, General Obligation Bonds, 
11/21 at 100.00 
Baa3 
1,960,800 
 
  
Refunding Series 2011, 6.000%, 11/01/26 
 
 
 
205 
  
SouthGlenn Metropolitan District, Colorado, Special Revenue Bonds, Refunding Series 
No Opt. Call 
N/R 
205,012 
 
  
2016, 3.000%, 12/01/21 
 
 
 
3,150 
  
Westminster Economic Development Authority, Colorado, Tax Increment Revenue Bonds, 
12/22 at 100.00 
AA– 
3,432,681 
 
  
Mandalay Gardens Urban Renewal Project, Series 2012, 5.000%, 12/01/27 
 
 
 
15,826 
  
Total Colorado 
 
 
19,155,736 
 
  
Connecticut – 0.2% (0.2% of Total Investments) 
 
 
 
900 
  
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Stamford 
7/22 at 100.00 
BBB+ 
939,465 
 
  
Hospital, Series 2012J, 5.000%, 7/01/37 
 
 
 
7,995 
  
Mashantucket Western Pequot Tribe, Connecticut, Special Revenue Bonds, Subordinate 
No Opt. Call 
N/R 
519,665 
 
  
Series 2013A, 6.050%, 7/01/31, (cash 4.000%, PIK 2.050%), (8) 
 
 
 
8,895 
  
Total Connecticut 
 
 
1,459,130 
 
  
District of Columbia – 0.6% (0.5% of Total Investments) 
 
 
 
670 
  
District of Columbia Student Dormitory Revenue Bonds, Provident Group – Howard 
No Opt. Call 
BB– 
664,405 
 
  
Properties LLC Issue, Series 2013, 4.000%, 10/01/21 
 
 
 
800 
  
District of Columbia, Revenue Bonds, District of Columbia International School, Series 
7/29 at 100.00 
BBB 
944,944 
 
  
2019, 5.000%, 7/01/39 
 
 
 
355 
  
District of Columbia, Revenue Bonds, Ingleside at Rock Creek Project, Series 2017A, 
7/24 at 103.00 
N/R 
353,271 
 
  
4.125%, 7/01/27 
 
 
 
 
  
District of Columbia, Tax Increment Revenue Bonds, Gallery Place Project, Tender Option 
 
 
 
 
  
Bond Trust 2016-XF2341: 
 
 
 
745 
  
21.489%, 6/01/29, 144A (IF) (5) 
6/21 at 100.00 
AA+ 
829,461 
785 
  
21.410%, 6/01/30, 144A (IF) (5) 
6/21 at 100.00 
AA+ 
873,462 
520 
  
21.489%, 6/01/31, 144A (IF) (5) 
6/21 at 100.00 
AA+ 
578,687 
3,875 
  
Total District of Columbia 
 
 
4,244,230 
 
  
Florida – 9.4% (7.2% of Total Investments) 
 
 
 
150 
  
Atlantic Beach, Florida, Healthcare Facilities Revenue Refunding Bonds, Fleet Landing 
No Opt. Call 
BBB 
162,570 
 
  
Project, Series 2013A, 5.000%, 11/15/23 
 
 
 
590 
  
Ave Maria Stewardship Community District, Florida, Capital Improvement Revenue Bonds, 
5/25 at 100.00 
N/R 
617,524 
 
  
Series 2015, 5.000%, 5/01/30 
 
 
 
 
20
 

           
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
Florida (continued) 
 
 
 
$ 7,200 
  
Cape Coral Health Facilities Authority, Florida, Senior Housing Revenue Bonds, Gulf Care 
7/25 at 100.00 
N/R 
$ 7,329,888 
 
  
Inc Project, Series 2015, 5.750%, 7/01/30, 144A 
 
 
 
1,715 
  
Capital Trust Agency, Florida, Fixed Rate Air Cargo Revenue Refunding Bonds, Aero Miami 
12/20 at 100.00 
Baa3 
1,721,448 
 
  
FX, LLC Project, Series 2010A, 5.350%, 7/01/29 
 
 
 
505 
  
Collier County Educational Facilities Authority, Florida, Revenue Bonds, Ave Maria 
No Opt. Call 
BBB– 
515,979 
 
  
University, Refunding Series 2013A, 4.500%, 6/01/23 
 
 
 
150 
  
Corkscrew Farms Community Development District, Lee County, Florida, Special Assessment 
No Opt. Call 
N/R 
151,277 
 
  
Bonds, Area One Project, Series 2016, 3.500%, 11/01/21 
 
 
 
195 
  
Florida Development Finance Corporation, Educational Facilities Revenue Bonds, 
No Opt. Call 
N/R (4) 
198,383 
 
  
Renaissance Charter School, Inc Projects, Series 2011A, 6.500%, 6/15/21 (ETM) 
 
 
 
10,750 
  
Florida Development Finance Corporation, Florida, Surface Transportation Facility 
12/20 at 104.00 
N/R 
9,575,132 
 
  
Revenue Bonds, Virgin Trains USA Passenger Rail Project , Series 2019A, 6.250%, 1/01/49 (AMT) 
 
 
 
 
  
(Mandatory Put 1/01/24), 144A 
 
 
 
335 
  
Grand Bay at Doral Community Development District, Miami-Dade County, Florida, Special 
No Opt. Call 
N/R 
348,906 
 
  
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: 
 
 
 
355 
  
5.250%, 11/01/22 
No Opt. Call 
N/R 
370,411 
1,255 
  
5.750%, 11/01/32 
11/23 at 100.00 
N/R 
1,338,633 
1,500 
  
Lee County Industrial Development Authority, Florida, Charter School Revenue Bonds, Lee 
12/20 at 100.00 
BB– 
1,501,560 
 
  
County Community Charter Schools, Series 2007A, 5.250%, 6/15/27 
 
 
 
 
  
Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Tender 
 
 
 
 
  
Option Bond Trust 2016-XG0099: 
 
 
 
700 
  
21.370%, 7/01/22, 144A (IF) (5) 
No Opt. Call 
A 
936,705 
820 
  
21.370%, 7/01/23, 144A (IF) (5) 
7/22 at 100.00 
A 
1,096,906 
1,115 
  
21.370%, 7/01/24, 144A (IF) (5) 
7/22 at 100.00 
A 
1,488,781 
800 
  
21.370%, 7/01/25, 144A (IF) (5) 
7/22 at 100.00 
A 
1,068,184 
370 
  
Miromar Lakes Community Development District, Lee County, Florida, Capital Improvement 
No Opt. Call 
N/R 
379,990 
 
  
Revenue Bonds, Refunding Series 2012, 4.875%, 5/01/22 
 
 
 
645 
  
Northern Palm Beach County Improvement District, Florida, Water Control and Improvement 
No Opt. Call 
N/R 
667,865 
 
  
Bonds, Development Unit 16, Refunding Series 2012, 5.125%, 8/01/22 
 
 
 
 
  
Osceola County, Florida, Transportation Revenue Bonds, Osceola Parkway, Refunding & 
 
 
 
 
  
Improvement Capital Appreciation Series 2019A-2: 
 
 
 
1,500 
  
0.000%, 10/01/40 
10/29 at 68.72 
BBB+ 
796,860 
2,000 
  
0.000%, 10/01/41 
10/29 at 66.18 
BBB+ 
1,018,920 
2,000 
  
0.000%, 10/01/42 
10/29 at 63.69 
BBB+ 
976,520 
1,000 
  
0.000%, 10/01/44 
10/29 at 59.08 
BBB+ 
449,850 
4,000 
  
0.000%, 10/01/45 
10/29 at 56.95 
BBB+ 
1,730,240 
500 
  
Palm Beach County Health Facilities Authority, Florida, Hospital Revenue Bonds, BRCH 
12/24 at 100.00 
N/R (4) 
592,210 
 
  
Corporation Obligated Group, Refunding Series 2014, 5.000%, 12/01/25 (Pre-refunded 12/01/24) 
 
 
 
900 
  
Palm Beach County Health Facilities Authority, Florida, Revenue Bonds, Jupiter Medical 
11/22 at 100.00 
BBB+ 
948,159 
 
  
Center, Series 2013A, 5.000%, 11/01/33 
 
 
 
365 
  
Palm Beach County, Florida, Revenue Bonds, Provident Group – PBAU Properties LLC – Palm 
4/29 at 100.00 
Ba1 
368,690 
 
  
Beach Atlantic University Housing Project, Series 2019A, 5.000%, 4/01/39, 144A 
 
 
 
2,325 
  
Saint Johns County Industrial Development Authority, Florida, First Mortgage Revenue 
8/25 at 103.00 
A– 
2,489,633 
 
  
Bonds, Presbyterian Retirement Communities Obligated Group Project, Series 2020A, 
 
 
 
 
  
4.000%, 8/01/55 
 
 
 
2,610 
  
South Fork Community Development District, Florida, Capital Improvement Revenue Bonds, 
5/27 at 100.00 
BBB 
2,905,322 
 
  
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 
1,833,236 
 
  
Bonds, Refunding Series 2012, 5.000%, 5/01/26 
 
 
 
800 
  
Stonegate Community Development District, Florida, Special Assessment Revenue Bonds, 
5/23 at 100.00 
N/R 
824,320 
 
  
Refunding Series 2013, 4.000%, 5/01/25 
 
 
 
 
21
 

   
NID
Nuveen Intermediate Duration Municipal Term Fund
Portfolio of Investments (continued) November 30, 2020 (Unaudited)
 
           
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
Florida (continued) 
 
 
 
 
  
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– 
$ 3,279,685 
2,350 
  
5.000%, 7/01/30 
7/24 at 100.00 
A– 
2,624,363 
1,560 
  
5.000%, 7/01/31 
7/24 at 100.00 
A– 
1,738,308 
1,400 
  
5.000%, 7/01/32 
7/24 at 100.00 
A– 
1,555,932 
 
  
Tampa-Hillsborough County Expressway Authority, Florida, Revenue Bonds, Tender Option 
 
 
 
 
  
Bond Trust 2016-XG0097: 
 
 
 
400 
  
21.471%, 7/01/27 (Pre-Refunded 7/01/22), 144A (IF) (5) 
7/22 at 100.00 
A+ (4) 
550,420 
290 
  
21.471%, 7/01/28 (Pre-Refunded 7/01/22), 144A (IF) (5) 
7/22 at 100.00 
A+ (4) 
399,055 
1,000 
  
16.438%, 7/01/29 (Pre-Refunded 7/01/22), 144A (IF) (5) 
7/22 at 100.00 
A+ (4) 
1,297,220 
1,000 
  
16.438%, 7/01/30 (Pre-Refunded 7/01/22), 144A (IF) (5) 
7/22 at 100.00 
A+ (4) 
1,297,220 
1,000 
  
21.471%, 7/01/31 (Pre-Refunded 7/01/22), 144A (IF) (5) 
7/22 at 100.00 
A+ (4) 
1,376,050 
785 
  
Venetian Community Development District, Sarasota County, Florida, Capital Improvement 
5/22 at 100.00 
N/R 
811,792 
 
  
Revenue Bonds, Series 2012-A2, 5.000%, 5/01/23 
 
 
 
1,030 
  
Verandah West Community Development District, Florida, Capital Improvement Revenue 
No Opt. Call 
N/R 
1,050,157 
 
  
Bonds, Refunding Series 2013, 4.000%, 5/01/23 
 
 
 
205 
  
Vizcaya in Kendall Community Development District, Florida, Special Assessment Revenue 
No Opt. Call 
BBB– 
213,218 
 
  
Bonds, Phase Two Assessment Area, Refunding Series 2012A-2, 5.600%, 5/01/22 
 
 
 
1,230 
  
West Villages Improvement District, Florida, Special Assessment Revenue Bonds, Unit of 
No Opt. Call 
N/R 
1,238,622 
 
  
Development 3, Refunding Series 2017, 3.500%, 5/01/22 
 
 
 
64,060 
  
Total Florida 
 
 
61,836,144 
 
  
Georgia – 0.3% (0.3% of Total Investments) 
 
 
 
650 
  
Atlanta Development Authority, Georgia, Senior Health Care Facilities Revenue Bonds, 
1/28 at 100.00 
N/R 
409,883 
 
  
Georgia Proton Treatment Center Project, Current Interest Series 2017A-1, 6.500%, 1/01/29 
 
 
 
1,867 
  
Clayton County Development Authority, Georgia, Special Facilities Revenue Bonds, Delta 
12/20 at 100.00 
Baa3 
1,876,595 
 
  
Air Lines, Inc Project, Series 2009A, 8.750%, 6/01/29 
 
 
 
2,517 
  
Total Georgia 
 
 
2,286,478 
 
  
Guam – 3.2% (2.5% of Total Investments) 
 
 
 
 
  
Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D: 
 
 
 
1,860 
  
5.000%, 11/15/24 
No Opt. Call 
BB 
2,095,941 
2,170 
  
5.000%, 11/15/33 
11/25 at 100.00 
BB 
2,453,272 
340 
  
Guam Government Department of Education, Certificates of Participation, John F Kennedy 
No Opt. Call 
B+ 
340,000 
 
  
High School Project, Series 2010A, 6.000%, 12/01/20 
 
 
 
1,100 
  
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, 
7/24 at 100.00 
A– 
1,234,618 
 
  
Refunding Series 2014A, 5.000%, 7/01/29 
 
 
 
 
  
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– 
1,511,014 
2,500 
  
5.500%, 7/01/43 (Pre-refunded 7/01/23) 
7/23 at 100.00 
A– (4) 
2,833,225 
 
  
Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2016A: 
 
 
 
2,500 
  
5.000%, 12/01/25 
No Opt. Call 
BB 
2,891,075 
3,750 
  
5.000%, 12/01/26 
No Opt. Call 
BB 
4,416,413 
1,000 
  
Guam International Airport Authority, Revenue Bonds, Series 2013C, 6.250%, 10/01/34 (AMT) 
10/23 at 100.00 
Baa2 
1,085,440 
2,025 
  
Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/30 – AGM Insured 
10/22 at 100.00 
AA 
2,184,023 
200 
  
Guam Power Authority, Revenue Bonds, Series 2014A, 5.000%, 10/01/31 
10/24 at 100.00 
BBB 
222,382 
18,810 
  
Total Guam 
 
 
21,267,403 
 
  
Hawaii – 1.2% (0.9% of Total Investments) 
 
 
 
6,215 
  
Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific 
7/27 at 100.00 
N/R 
6,432,836 
 
  
University, Series 2018, 6.000%, 7/01/28, 144A 
 
 
 
160 
  
Hawaii Housing Finance and Development Corporation, Multifamily Housing Revenue Bonds, 
No Opt. Call 
BBB 
162,598 
 
  
Wilikina Apartments Project, Series 2012A, 4.250%, 5/01/22 
 
 
 
1,550 
  
Hawaii State Department of Transportation, Special Facility Revenue Bonds, Continental 
12/20 at 100.00 
Ba3 
1,552,682 
 
  
Airlines Inc, Series 1997, 5.625%, 11/15/27 (AMT) 
 
 
 
7,925 
  
Total Hawaii 
 
 
8,148,116 
 
22
 

           
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
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+ 
$ 2,914,788 
 
  
Refunding Series 2016, 5.000%, 9/01/30 
 
 
 
 
  
Illinois – 18.5% (14.3% of Total Investments) 
 
 
 
4,250 
  
CenterPoint Intermodal Center Program Trust, Illinois, Series 2004 Class A Certificates, 
No Opt. Call 
N/R 
4,279,495 
 
  
4.000%, 6/15/23 (Mandatory Put 12/15/22), 144A 
 
 
 
5,000 
  
Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, 
4/27 at 100.00 
A– 
5,848,000 
 
  
Series 2016, 5.750%, 4/01/34 
 
 
 
440 
  
Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, 
4/27 at 100.00 
A– 
478,504 
 
  
Series 2017, 5.000%, 4/01/42 
 
 
 
750 
  
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues 
12/21 at 100.00 
BB 
756,900 
 
  
Series 2011A, 5.000%, 12/01/41 
 
 
 
 
  
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, 
 
 
 
 
  
Project Series 2015C: 
 
 
 
470 
  
5.250%, 12/01/35 
12/24 at 100.00 
BB 
499,995 
555 
  
5.250%, 12/01/39 
12/24 at 100.00 
BB 
585,425 
 
  
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, 
 
 
 
 
  
Refunding Series 2010F: 
 
 
 
1,230 
  
5.000%, 12/01/20 
No Opt. Call 
BB 
1,230,000 
3,420 
  
5.000%, 12/01/31 
12/20 at 100.00 
BB 
3,424,514 
3,405 
  
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, 
12/22 at 100.00 
BB 
3,435,236 
 
  
Refunding Series 2012B, 5.000%, 12/01/33 
 
 
 
 
  
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, 
 
 
 
 
  
Refunding Series 2017C: 
 
 
 
7,225 
  
5.000%, 12/01/26 
No Opt. Call 
BB 
8,052,118 
1,875 
  
5.000%, 12/01/27 
No Opt. Call 
BB 
2,094,769 
1,000 
  
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, 
12/27 at 100.00 
BB 
1,081,650 
 
  
Refunding Series 2017G, 5.000%, 12/01/34 
 
 
 
1,000 
  
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, 
12/28 at 100.00 
AA 
1,240,180 
 
  
Refunding Series 2018A, 5.000%, 12/01/30 – AGM Insured 
 
 
 
2,115 
  
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, 
No Opt. Call 
BB 
2,270,854 
 
  
Refunding Series 2018C, 5.000%, 12/01/23 
 
 
 
1,000 
  
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, 
12/25 at 100.00 
BB 
1,217,810 
 
  
Series 2016A, 7.000%, 12/01/26 
 
 
 
 
  
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated 
 
 
 
 
  
Tax Revenues, Series 1998B-1: 
 
 
 
1,470 
  
0.000%, 12/01/22 – FGIC Insured 
No Opt. Call 
Baa2 
1,407,716 
1,500 
  
0.000%, 12/01/27 – NPFG Insured 
No Opt. Call 
Baa2 
1,243,260 
2,119 
  
Chicago, Illinois, Certificates of Participation Tax Increment Bonds, 35th and State 
12/20 at 100.00 
N/R 
2,119,377 
 
  
Redevelopment Project, Series 2012, 6.100%, 1/15/29 
 
 
 
768 
  
Chicago, Illinois, Certificates of Participation, Tax Increment Allocation Revenue 
12/20 at 100.00 
N/R 
558,980 
 
  
Bonds, Diversey-Narragansett Project, Series 2006, 7.460%, 2/15/26 (8) 
 
 
 
2,630 
  
Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999, 0.000%, 
No Opt. Call 
BBB+ 
1,684,068 
 
  
1/01/34 – FGIC Insured 
 
 
 
225 
  
Chicago, Illinois, General Obligation Bonds, Project and Refunding Series 2008C, 
No Opt. Call 
BBB+ 
168,712 
 
  
0.000%, 1/01/29 
 
 
 
3,215 
  
Chicago, Illinois, General Obligation Bonds, Project Series 2011A, 5.000%, 1/01/40 
1/21 at 100.00 
BBB+ 
3,217,186 
2,680 
  
Chicago, Illinois, General Obligation Bonds, Refunding Series 2012C, 5.000%, 1/01/23 
1/22 at 100.00 
BBB+ 
2,742,632 
 
  
Chicago, Illinois, General Obligation Bonds, Refunding Series 2016C: 
 
 
 
850 
  
5.000%, 1/01/24 
No Opt. Call 
BBB+ 
901,111 
1,500 
  
5.000%, 1/01/25 
No Opt. Call 
BBB+ 
1,615,410 
515 
  
5.000%, 1/01/31 
1/26 at 100.00 
BBB+ 
550,896 
1,685 
  
5.000%, 1/01/38 
1/26 at 100.00 
BBB+ 
1,784,752 
2,000 
  
Chicago, Illinois, General Obligation Bonds, Series 2019A, 5.500%, 1/01/49 
1/29 at 100.00 
BBB+ 
2,186,560 
 
23
 

   
NID
Nuveen Intermediate Duration Municipal Term Fund
Portfolio of Investments (continued) November 30, 2020 (Unaudited)
 
           
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
Illinois (continued) 
 
 
 
 
  
Cook County, Illinois, General Obligation Bonds, Tender Option Bond Trust 2015-XF0124: 
 
 
 
$ 1,000 
  
20.876%, 11/15/29, 144A (IF) (5) 
11/22 at 100.00 
A+ 
$ 1,340,740 
3,040 
  
20.876%, 11/15/33, 144A (IF) (5) 
11/22 at 100.00 
A+ 
3,992,310 
 
  
Illinois Finance Authority, Revenue Bonds, Centegra Health System, Tender Option Bond 
 
 
 
 
  
Trust 2016-XF2339: 
 
 
 
330 
  
21.777%, 9/01/21, 144A (IF) (5) 
No Opt. Call 
AA+ 
387,984 
480 
  
21.817%, 9/01/21, 144A (IF) (5) 
No Opt. Call 
AA+ 
564,504 
435 
  
21.759%, 9/01/22, 144A (IF) (5) 
No Opt. Call 
AA+ 
607,812 
 
  
Illinois Finance Authority, Revenue Bonds, Illinois Wesleyan University, Refunding 
 
 
 
 
  
Series 2016: 
 
 
 
1,500 
  
3.000%, 9/01/30 
9/26 at 100.00 
A– 
1,553,715 
1,475 
  
3.000%, 9/01/31 
9/26 at 100.00 
A– 
1,522,436 
 
  
Illinois Finance Authority, Revenue Bonds, Ingalls Health System, Series 2013: 
 
 
 
1,035 
  
5.000%, 5/15/21 (ETM) 
No Opt. Call 
A1 (4) 
1,055,514 
1,210 
  
5.000%, 5/15/22 (ETM) 
No Opt. Call 
A1 (4) 
1,285,431 
1,575 
  
5.000%, 5/15/24 (Pre-refunded 5/15/22) 
5/22 at 100.00 
A1 (4) 
1,673,186 
775 
  
Illinois Finance Authority, Student Housing & Academic Facility Revenue Bonds, 
8/27 at 100.00 
Baa3 
768,149 
 
  
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 
2,820,725 
 
  
5.000%, 6/15/27 – AGM Insured 
 
 
 
1,000 
  
Illinois Sports Facility Authority, State Tax Supported Bonds, Series 2001, 0.000%, 
No Opt. Call 
BB+ 
902,650 
 
  
6/15/25 – AMBAC Insured 
 
 
 
 
  
Illinois State, General Obligation Bonds, December Series 2017A: 
 
 
 
890 
  
5.000%, 12/01/27 
No Opt. Call 
BBB– 
993,552 
1,020 
  
5.000%, 12/01/28 
12/27 at 100.00 
BBB– 
1,130,762 
2,250 
  
Illinois State, General Obligation Bonds, February Series 2014, 5.000%, 2/01/21 
No Opt. Call 
BBB– 
2,263,433 
1,875 
  
Illinois State, General Obligation Bonds, June Series 2016, 3.500%, 6/01/29 
6/26 at 100.00 
BBB– 
1,883,831 
1,500 
  
Illinois State, General Obligation Bonds, November Series 2016, 5.000%, 11/01/26 
No Opt. Call 
BBB– 
1,660,725 
5,175 
  
Illinois State, General Obligation Bonds, November Series 2017D, 5.000%, 11/01/27 
No Opt. Call 
BBB– 
5,709,733 
3,050 
  
Illinois State, General Obligation Bonds, November Series 2019B, 4.000%, 11/01/34 
11/29 at 100.00 
BBB– 
3,112,403 
4,565 
  
Illinois State, General Obligation Bonds, October Series 2016, 5.000%, 2/01/26 
No Opt. Call 
BBB– 
5,021,454 
1,870 
  
Illinois State, General Obligation Bonds, Refunding Series 2010, 5.000%, 1/01/24 
12/20 at 100.00 
BBB– 
1,875,348 
 
  
Illinois State, General Obligation Bonds, Refunding Series 2012: 
 
 
 
1,750 
  
5.000%, 8/01/22 
No Opt. Call 
BBB– 
1,833,825 
4,000 
  
5.000%, 8/01/23 – AGM Insured 
No Opt. Call 
AA 
4,342,280 
2,000 
  
Illinois State, General Obligation Bonds, Tender Option Bond Trust 2015-XF1010, 17.780%, 
No Opt. Call 
AA 
2,684,560 
 
  
8/01/23, 144A (IF) (5) 
 
 
 
3,560 
  
Illinois State, Sales Tax Revenue Bonds, Build Illinois, Refunding Junior Obligation 
6/26 at 100.00 
AA 
3,957,652 
 
  
September Series 2016C, 4.000%, 6/15/30 – BAM Insured 
 
 
 
2,275 
  
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project 
6/22 at 100.00 
BBB 
2,369,617 
 
  
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 
1,151,370 
 
  
Bonds, Series 2017B, 5.000%, 12/15/26 
 
 
 
2,250 
  
Romeoville, Will County, Illinois, Revenue Bonds, Lewis University Project, Refunding 
4/25 at 100.00 
BBB 
2,317,478 
 
  
Series 2018B, 4.125%, 10/01/46 
 
 
 
 
  
Romeoville, Will County, Illinois, Revenue Bonds, Lewis University Project, Series 2015: 
 
 
 
1,100 
  
5.000%, 10/01/25 
4/25 at 100.00 
BBB 
1,230,570 
200 
  
5.000%, 10/01/26 
4/25 at 100.00 
BBB 
222,866 
435 
  
Southwestern Illinois Development Authority, Environmental Improvement Revenue Bonds, US 
8/22 at 100.00 
B– 
408,970 
 
  
Steel Corporation Project, Series 2012, 5.750%, 8/01/42 (AMT) 
 
 
 
2,500 
  
Wauconda, Illinois, Special Service Area 1 Special Tax Bonds, Liberty Lake Project, 
3/25 at 100.00 
AA 
2,877,025 
 
  
Refunding Series 2015, 5.000%, 3/01/33 – BAM Insured 
 
 
 
114,512 
  
Total Illinois 
 
 
122,198,720 
 
24
 

           
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
Indiana – 2.5% (1.9% of Total Investments) 
 
 
 
$ 880 
  
Carmel, Indiana, Revenue Bonds, Barrington of Carmel Project, Series 2012A, 
No Opt. Call 
N/R 
$ 8,800 
 
  
0.000%, 11/15/22 (8) 
 
 
 
145 
  
Gary Local Public Improvement Bond Bank, Indiana, Economic Development Revenue Bonds, 
6/30 at 100.00 
N/R 
148,505 
 
  
Drexel Foundation for Educational Excellence Project, Refunding Series 2020A, 5.125%, 
 
 
 
 
  
6/01/32, 144A 
 
 
 
3,840 
  
Indiana Finance Authority, Educational Facilities Revenue Bonds, 21st Century Charter 
3/23 at 100.00 
B+ 
3,931,776 
 
  
School Project, Series 2013A, 6.000%, 3/01/33 
 
 
 
600 
  
Indiana Finance Authority, Educational Facilities Revenue Bonds, Lighthouse Academies of 
No Opt. Call 
N/R 
636,672 
 
  
Indiana Inc Project, Series 2016, 6.250%, 12/01/24, 144A 
 
 
 
615 
  
Indiana Finance Authority, Educational Facilities Revenue Bonds, Lighthouse Academies of 
No Opt. Call 
N/R 
650,289 
 
  
Northwest Indiana Inc Project, Series 2016, 6.250%, 12/01/24, 144A 
 
 
 
5,590 
  
Indiana Finance Authority, Environmental Improvement Revenue Bonds, United States Steel 
12/20 at 100.00 
B– 
5,594,416 
 
  
Corporation Project, Refunding Series 2010, 6.000%, 12/01/26 
 
 
 
1,295 
  
Indiana Finance Authority, Health Facilities Revenue Bonds, Good Samaritan Hospital 
No Opt. Call 
Baa3 
1,463,246 
 
  
Project, Series 2016A, 5.500%, 4/01/24 
 
 
 
200 
  
Valparaiso, Indiana, Exempt Facilities Revenue Bonds, Pratt Paper LLC Project, Series 
No Opt. Call 
N/R 
213,940 
 
  
2013, 5.875%, 1/01/24 (AMT) 
 
 
 
3,000 
  
Whiting, Indiana, Environmental Facilities Refunding Revenue Bonds, BP Products North 
No Opt. Call 
A1 
3,641,550 
 
  
America Inc Project, Refunding Series 2019A, 5.000%, 12/01/44 (AMT) (Mandatory Put 6/05/26) 
 
 
 
16,165 
  
Total Indiana 
 
 
16,289,194 
 
  
Iowa – 2.4% (1.9% of Total Investments) 
 
 
 
1,925 
  
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Alcoa Inc Project, 
8/22 at 100.00 
BBB– 
1,978,881 
 
  
Series 2012, 4.750%, 8/01/42 
 
 
 
3,000 
  
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer 
12/23 at 100.00 
BB– 
3,262,260 
 
  
Company Project, Series 2013, 5.250%, 12/01/25 
 
 
 
3,990 
  
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer 
12/20 at 103.00 
BB– 
4,117,520 
 
  
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 
BB– 
4,968,327 
 
  
Company Project, Series 2018A, 5.250%, 12/01/50 (Mandatory Put 12/01/33) 
 
 
 
1,500 
  
Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, 
12/20 at 100.00 
B– 
1,522,440 
 
  
5.600%, 6/01/34 
 
 
 
15,055 
  
Total Iowa 
 
 
15,849,428 
 
  
Kansas – 1.4% (1.0% of Total Investments) 
 
 
 
 
  
Kansas Development Finance Authority Hospital Revenue Bonds, Adventist Health 
 
 
 
 
  
System/Sunbelt Obligated Group, Tender Option Bond Trust 2016-XG0056: 
 
 
 
310 
  
17.718%, 11/15/32, 144A (IF) (5) 
5/22 at 100.00 
AA 
385,150 
2,000 
  
22.100%, 11/15/32, 144A (IF) (5) 
5/22 at 100.00 
AA 
2,601,220 
200 
  
Kansas Power Pool, a Municipal Energy Agency Electric Utility Revenue Bonds, DogWood 
12/25 at 100.00 
A3 
238,836 
 
  
Facility, Series 2015A, 5.000%, 12/01/28 
 
 
 
2,000 
  
Overland Park, Kansas, Sales Tax Revenue Bonds, Prairiefire Community Improvement 
12/22 at 100.00 
N/R 
1,000,000 
 
  
District No 1 Project, Series 2012B, 0.000%, 12/15/34 (8) 
 
 
 
8,000 
  
Overland Park, Kansas, Sales Tax Special Obligation Revenue Bonds, Prairiefire at 
12/22 at 100.00 
N/R 
4,725,200 
 
  
Lionsgate Project, Series 2012, 5.250%, 12/15/29 
 
 
 
12,510 
  
Total Kansas 
 
 
8,950,406 
 
  
Kentucky – 1.1% (0.8% of Total Investments) 
 
 
 
 
  
Ashland, Kentucky, Medical Center Revenue Bonds, Ashland Hospital Corporation d/b/a 
 
 
 
 
  
King’s Daughters Medical Center Project, Refunding Series 2019: 
 
 
 
920 
  
5.000%, 2/01/31 
2/30 at 100.00 
BBB– 
1,104,156 
125 
  
4.000%, 2/01/33 
2/30 at 100.00 
BBB– 
135,359 
 
25
 

   
NID
Nuveen Intermediate Duration Municipal Term Fund
Portfolio of Investments (continued) November 30, 2020 (Unaudited)
 
           
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
Kentucky (continued) 
 
 
 
 
  
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 
$ 3,411,690 
1,315 
  
5.000%, 6/01/31 
6/27 at 100.00 
Baa3 
1,489,921 
685 
  
Kentucky Economic Development Finance Authority, Revenue Bonds, Next Generation Kentucky 
7/25 at 100.00 
BBB+ 
747,321 
 
  
Information Highway Project, Senior Series 2015A, 5.000%, 7/01/33 
 
 
 
175 
  
Owensboro, Kentucky, Water Revenue Bonds, Refunding & Improvement Series 2014, 2.500%, 
No Opt. Call 
AA 
177,881 
 
  
9/15/21 – BAM Insured 
 
 
 
6,220 
  
Total Kentucky 
 
 
7,066,328 
 
  
Louisiana – 2.0% (1.6% 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 (Pre-refunded 7/01/21) 
7/21 at 100.00 
N/R (4) 
804,352 
60 
  
6.250%, 7/01/31 (Pre-refunded 7/01/21) 
7/21 at 100.00 
N/R (4) 
62,087 
3,300 
  
Louisiana Local Government Environmental Facilities and Community Development Authority, 
11/27 at 100.00 
Baa2 
3,615,876 
 
  
Revenue Bonds, Westlake Chemical Corporation Projects, Refunding Series 2017, 3.500%, 11/01/32 
 
 
 
1,500 
  
Louisiana Public Facilities Authority, Louisiana, Revenue Bonds, Ochsner Clinic Foundation 
5/30 at 100.00 
A 
1,709,145 
 
  
Project, Series 2020A, 4.000%, 5/15/49 
 
 
 
2,840 
  
Louisiana Public Facilities Authority, Revenue Bonds, Loyola University Project, 
No Opt. Call 
Baa1 
2,831,934 
 
  
Refunding Series 2017, 0.000%, 10/01/31 (6) 
 
 
 
 
  
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, 
 
 
 
 
  
Series 2011: 
 
 
 
250 
  
5.250%, 5/15/22 (Pre-refunded 5/15/21) 
5/21 at 100.00 
A3 (4) 
255,757 
500 
  
6.250%, 5/15/31 (Pre-refunded 5/15/21) 
5/21 at 100.00 
A3 (4) 
513,775 
1,000 
  
Louisiana Stadium and Exposition District, Revenue Refunding Bonds, Senior Lien Series 
No Opt. Call 
AA– 
1,062,070 
 
  
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 (AMT) 
1/27 at 100.00 
A2 
600,945 
800 
  
5.000%, 1/01/32 (AMT) 
1/27 at 100.00 
A2 
957,944 
720 
  
Saint John the Baptist Parish, Louisiana, Revenue Bonds, Marathon Oil Corporation 
No Opt. Call 
BBB– 
727,711 
 
  
Project, Refunding Series 2017A-1, 2.000%, 6/01/37 (Mandatory Put 4/01/23) 
 
 
 
285 
  
Saint Tammany Public Trust Financing Authority, Louisiana, Revenue Bonds, Christwood 
11/24 at 100.00 
N/R 
300,242 
 
  
Project, Refunding Series 2015, 5.250%, 11/15/29 
 
 
 
12,535 
  
Total Louisiana 
 
 
13,441,838 
 
  
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 
275,000 
 
  
LLC Project, Green Series 2017, 5.375%, 12/15/33 (AMT), 144A (8) 
 
 
 
350 
  
Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine 
No Opt. Call 
BBB 
369,852 
 
  
Medical Center Obligated Group Issue, Series 2013, 5.000%, 7/01/22 
 
 
 
850 
  
Total Maine 
 
 
644,852 
 
  
Maryland – 0.6% (0.4% of Total Investments) 
 
 
 
 
  
Baltimore, Maryland, Convention Center Hotel Revenue Bonds, Refunding Series 2017: 
 
 
 
350 
  
5.000%, 9/01/26 
No Opt. Call 
BB– 
320,302 
1,000 
  
5.000%, 9/01/33 
9/27 at 100.00 
BB– 
918,220 
2,000 
  
5.000%, 9/01/34 
9/27 at 100.00 
BB– 
1,836,940 
775 
  
Maryland Economic Development Corporation, Port Facilities Revenue Bonds, CNX Marine 
12/20 at 100.00 
BB– 
783,440 
 
  
Terminals Inc Port of Baltimore Facility, Refunding Series 2010, 5.750%, 9/01/25 
 
 
 
4,125 
  
Total Maryland 
 
 
3,858,902 
 
26
 

           
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
Massachusetts – 0.3% (0.3% of Total Investments) 
 
 
 
$ 1,000 
  
Massachusetts Development Finance Agency, Revenue Bonds, Boston Medical Center Issue, 
No Opt. Call 
BBB 
$ 1,199,900 
 
  
Series 2016E, 5.000%, 7/01/26 
 
 
 
995 
  
Massachusetts Educational Financing Authority, Education Loan Revenue Bonds, Issue K, 
7/22 at 100.00 
AA 
1,047,476 
 
  
Series 2013, 5.250%, 7/01/29 (AMT) 
 
 
 
1,995 
  
Total Massachusetts 
 
 
2,247,376 
 
  
Michigan – 4.0% (3.1% of Total Investments) 
 
 
 
930 
  
Flint Hospital Building Authority, Michigan, Building Authority Revenue Bonds, Hurley 
No Opt. Call 
BBB– 
979,792 
 
  
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 
5,817,250 
5,000 
  
5.000%, 7/01/25 – AGM Insured 
7/24 at 100.00 
AA 
5,799,800 
5,000 
  
5.000%, 7/01/26 – AGM Insured 
7/24 at 100.00 
AA 
5,774,700 
1,945 
  
5.000%, 7/01/31 – AGM Insured 
7/24 at 100.00 
AA 
2,232,918 
 
  
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+ 
2,320,680 
2,000 
  
5.000%, 7/01/26 – NPFG Insured 
7/24 at 100.00 
A+ 
2,319,140 
165 
  
Michigan Finance Authority, Public School Academy Limited Obligation Revenue Bonds, Old 
No Opt. Call 
BB– 
165,000 
 
  
Redford Academy Project, Series 2010A, 5.250%, 12/01/20 
 
 
 
65 
  
Michigan Finance Authority, Public School Academy Revenue Bonds, Detroit Service 
No Opt. Call 
B 
63,909 
 
  
Learning Academy Project, Refunding Series 2011, 6.000%, 10/01/21 
 
 
 
820 
  
Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Tender Option 
1/21 at 100.00 
AA– 
834,186 
 
  
Bond Trust 2015-XF0126, 21.701%, 12/01/27, 144A (IF) (5) 
 
 
 
175 
  
Michigan Public Educational Facilities Authority, Limited Obligation Revenue Bonds, 
12/20 at 100.00 
BBB– 
175,469 
 
  
Richfield Public School Academy, Series 2007, 5.000%, 9/01/22 
 
 
 
23,100 
  
Total Michigan 
 
 
26,482,844 
 
  
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 
271,708 
250 
  
4.000%, 5/01/26 
5/23 at 100.00 
Baa2 
260,712 
510 
  
Total Minnesota 
 
 
532,420 
 
  
Mississippi – 0.5% (0.4% of Total Investments) 
 
 
 
1,845 
  
Mississippi Business Finance Corporation, Gulf Opportunity Zone Industrial Development 
12/20 at 100.00 
BBB 
1,826,716 
 
  
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 
  
22.468%, 1/01/26 (Pre-Refunded 1/01/22), 144A (IF) (5) 
1/22 at 100.00 
AA- (4) 
1,008,032 
500 
  
22.468%, 1/01/28 (Pre-Refunded 1/01/22), 144A (IF) (5) 
1/22 at 100.00 
AA- (4) 
630,020 
3,145 
  
Total Mississippi 
 
 
3,464,768 
 
  
Missouri – 1.7% (1.3% of Total Investments) 
 
 
 
1,515 
  
Boone County, Missouri, Hospital Revenue Bonds, Boone Hospital Center, Refunding Series 
No Opt. Call 
BBB– 
1,652,971 
 
  
2016, 5.000%, 8/01/24 
 
 
 
1,125 
  
Branson Industrial Development Authority, Missouri, Tax Increment Revenue Bonds, Branson 
11/25 at 100.00 
N/R 
1,135,980 
 
  
Shoppes Redevelopment Project, Refunding Series 2017A, 4.000%, 11/01/27 
 
 
 
2,500 
  
Poplar Bluff Regional Transportation Development District, Missouri, Transportation 
12/22 at 100.00 
BBB 
2,585,950 
 
  
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 
878,641 
 
  
Improvement Series 2014A, 5.000%, 5/01/24 
 
 
 
 
27
 

   
NID
Nuveen Intermediate Duration Municipal Term Fund
Portfolio of Investments (continued) November 30, 2020 (Unaudited)
 
           
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
Missouri (continued) 
 
 
 
 
  
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 
$ 405,817 
800 
  
5.000%, 11/15/25 
No Opt. Call 
N/R 
866,984 
1,580 
  
Saint Louis County, Missouri, Special Obligation Bonds, Meramec Building Replacement & 
No Opt. Call 
AA 
1,580,000 
 
  
Capital Projects, Series 2017B, 5.000%, 12/01/20 
 
 
 
1,595 
  
Saint Louis Land Clearance for Redevelopment Authority, Missouri, Annual Appropriation 
4/27 at 100.00 
A 
1,788,489 
 
  
Revenue Bonds, Contractual Payments of St Louis City Scottrade Center Project, Series 2018A, 
 
 
 
 
  
5.000%, 4/01/38 
 
 
 
10,365 
  
Total Missouri 
 
 
10,894,832 
 
  
Nebraska – 0.9% (0.7% of Total Investments) 
 
 
 
2,000 
  
Central Plains Energy Project, Nebraska, Gas Project 1 Revenue Bonds, Series 2007A, 
No Opt. Call 
A 
2,095,820 
 
  
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 
1,552,176 
 
  
5.000%, 9/01/32 
 
 
 
635 
  
Douglas County Hospital Authority 2, Nebraska, Hospital Revenue Bonds, Madonna 
5/24 at 100.00 
A– 
725,354 
 
  
Rehabilitation Hospital Project, Series 2014, 5.000%, 5/15/26 
 
 
 
1,205 
  
Nebraska Investment Finance Authority, Single Family Housing Revenue Bonds, Series 
9/27 at 100.00 
AA+ 
1,333,152 
 
  
2018C, 3.750%, 9/01/38 
 
 
 
5,285 
  
Total Nebraska 
 
 
5,706,502 
 
  
Nevada – 0.8% (0.6% 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 
A– 
385,328 
495 
  
5.000%, 9/01/31 
9/27 at 100.00 
A– 
589,753 
1,630 
  
Carson City, Nevada, Hospital Revenue Bonds, Carson-Tahoe Regional Healthcare Project, 
9/22 at 100.00 
A– (4) 
1,759,520 
 
  
Refunding Series 2012, 5.000%, 9/01/27 (Pre-refunded 9/01/22) 
 
 
 
 
  
Henderson, Nevada, Limited Obligation Bonds, Local Improvement District T-13 
 
 
 
 
  
Cornerstone, Refunding Series 2013: 
 
 
 
180 
  
5.000%, 3/01/21 
No Opt. Call 
N/R 
181,168 
180 
  
5.000%, 3/01/22 
No Opt. Call 
N/R 
185,742 
1,465 
  
Las Vegas Redevelopment Agency, Nevada, Tax Increment Revenue Bonds, Refunding Series 
6/26 at 100.00 
BBB+ 
1,693,979 
 
  
2016, 5.000%, 6/15/31 
 
 
 
160 
  
North Las Vegas, Nevada, Local Improvement Bonds, Special Improvement District 65 
12/27 at 100.00 
N/R 
174,720 
 
  
Northern Beltway Commercial Area, Series 2017, 5.000%, 12/01/37, 144A 
 
 
 
4,430 
  
Total Nevada 
 
 
4,970,210 
 
  
New Jersey – 10.9% (8.4% of Total Investments) 
 
 
 
3,000 
  
Camden County Improvement Authority, New Jersey, Health Care Redevelopment Revenue 
2/24 at 100.00 
BBB+ 
3,309,180 
 
  
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 
925,578 
 
  
2012, 5.000%, 6/15/25 
 
 
 
2,500 
  
New Jersey Economic Development Authority, Lease Revenue Bonds, State Government 
12/27 at 100.00 
Baa1 
2,866,125 
 
  
Buildings-Health Department & Taxation Division Office Project, Series 2018A, 5.000%, 6/15/42 
 
 
 
1,875 
  
New Jersey Economic Development Authority, Lease Revenue Bonds, State House Project, 
12/28 at 100.00 
Baa1 
2,222,850 
 
  
Series 2017B, 5.000%, 6/15/35 
 
 
 
1,400 
  
New Jersey Economic Development Authority, New Jersey, Transit Transportation Project 
11/29 at 100.00 
Baa1 
1,529,598 
 
  
Revenue Bonds, Series 2020A, 4.000%, 11/01/37 
 
 
 
2,705 
  
New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, 
7/27 at 100.00 
BBB 
2,733,700 
 
  
Refunding Series 2017A, 3.375%, 7/01/30 
 
 
 
2,175 
  
New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 
6/27 at 100.00 
Baa1 
2,472,823 
 
  
2017DDD, 5.000%, 6/15/42 
 
 
 
1,200 
  
New Jersey Economic Development Authority, School Facilities Construction Bonds, Tender 
3/23 at 100.00 
Baa1 
1,086,264 
 
  
Option Bond Trust Series 2018-XG0168, 4.879%, 9/01/27, 144A (IF) (5) 
 
 
 
 
28
 

           
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
New Jersey (continued) 
 
 
 
$ 1,615 
  
New Jersey Economic Development Authority, School Facilities Construction Financing 
6/24 at 100.00 
Baa1 
$ 1,724,239 
 
  
Program Bonds, Refunding Series 2014PP, 4.000%, 6/15/28 
 
 
 
1,440 
  
New Jersey Economic Development Authority, School Facilities Construction Financing 
3/25 at 100.00 
Baa1 
1,273,867 
 
  
Program Bonds, Tender Option Bond Trust 2016-XF2340, 3.394%, 9/01/25, 144A (IF) (5) 
 
 
 
 
  
New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental 
 
 
 
 
  
Airlines Inc, Series 1999: 
 
 
 
2,320 
  
5.125%, 9/15/23 (AMT) 
8/22 at 101.00 
Ba3 
2,431,801 
7,550 
  
5.250%, 9/15/29 (AMT) 
8/22 at 101.00 
Ba3 
7,919,950 
2,410 
  
New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental 
3/24 at 101.00 
Ba3 
2,558,432 
 
  
Airlines Inc, Series 2000A & 2000B, 5.625%, 11/15/30 (AMT) 
 
 
 
5,000 
  
New Jersey Educational Facilities Authority, Revenue Bonds, Higher Education Capital 
9/24 at 100.00 
Baa1 
5,295,100 
 
  
Improvement Fund Issue, 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+ 
7,163,660 
 
  
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 
1,456,284 
 
  
HealthCare System, Series 2016A, 5.000%, 7/01/30 (5) 
 
 
 
1,625 
  
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding 
No Opt. Call 
Baa1 
1,266,996 
 
  
Series 2006C, 0.000%, 12/15/31 – FGIC Insured 
 
 
 
15,000 
  
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 
No Opt. Call 
Baa1 
8,228,100 
 
  
2009A, 0.000%, 12/15/39 (UB) (5) 
 
 
 
1,000 
  
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 
12/24 at 100.00 
Baa1 
1,123,970 
 
  
2009C, 5.250%, 6/15/32 
 
 
 
2,250 
  
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 
12/28 at 100.00 
Baa1 
2,718,022 
 
  
2019AA, 5.000%, 6/15/31 
 
 
 
500 
  
New Jersey Turnpike Authority, Revenue Bonds, Tender Option Bond Trust 2016-XF1057, 
7/22 at 100.00 
N/R (4) 
690,095 
 
  
22.017%, 1/01/24 (Pre-Refunded 7/01/22), 144A (IF) (5) 
 
 
 
 
  
South Jersey Port Corporation, New Jersey, Marine Terminal Revenue Bonds, Refunding 
 
 
 
 
  
Series 2016S: 
 
 
 
915 
  
5.000%, 1/01/34 
1/26 at 100.00 
Baa1 
1,030,034 
1,505 
  
5.000%, 1/01/35 
1/26 at 100.00 
Baa1 
1,692,132 
1,000 
  
5.000%, 1/01/39 
1/26 at 100.00 
Baa1 
1,111,020 
1,705 
  
South Jersey Port Corporation, New Jersey, Marine Terminal Revenue Bonds, Subordinate 
1/28 at 100.00 
Baa1 
1,909,975 
 
  
Series 2017B, 5.000%, 1/01/42 (AMT) 
 
 
 
 
  
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed 
 
 
 
 
  
Bonds, Series 2018A: 
 
 
 
2,250 
  
5.000%, 6/01/27 
No Opt. Call 
A 
2,860,740 
1,920 
  
5.000%, 6/01/30 
6/28 at 100.00 
A– 
2,461,574 
73,960 
  
Total New Jersey 
 
 
72,062,109 
 
  
New Mexico – 0.5% (0.4% of Total Investments) 
 
 
 
1,020 
  
Bernalillo County, New Mexico, Multifamily Housing Revenue Bonds, Valencia Retirement 
12/20 at 100.00 
N/R 
1,020,683 
 
  
Apartments Project, Series 2001A, 5.450%, 6/01/34 – AMBAC Insured (AMT) 
 
 
 
2,000 
  
Santa Fe, New Mexico, Retirement Facilities Revenue Bonds, EL Castillo Retirement 
5/22 at 100.00 
BB+ 
2,039,260 
 
  
Residences Project, Series 2012, 5.000%, 5/15/32 
 
 
 
3,020 
  
Total New Mexico 
 
 
3,059,943 
 
  
New York – 14.1% (10.8% of Total Investments) 
 
 
 
570 
  
Build New York City Resource Corporation, New York, Revenue Bonds, Bronx Charter School 
No Opt. Call 
BBB– 
593,991 
 
  
for Excellence, Series 2013A, 4.000%, 4/01/23 
 
 
 
985 
  
Build New York City Resource Corporation, New York, Solid Waste Disposal Revenue Bonds, 
No Opt. Call 
N/R 
1,049,242 
 
  
Pratt Paper NY, Inc Project, Series 2014, 4.500%, 1/01/25 (AMT), 144A 
 
 
 
 
29
 

   
NID
Nuveen Intermediate Duration Municipal Term Fund
Portfolio of Investments (continued) November 30, 2020 (Unaudited)
 
           
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
New York (continued) 
 
 
 
 
  
Dormitory Authority of the State of New York, Insured Revenue Bonds, Pace University, 
 
 
 
 
  
Series 2013A: 
 
 
 
$ 20 
  
5.000%, 5/01/23 (ETM) 
No Opt. Call 
N/R (4) 
$ 22,316 
820 
  
5.000%, 5/01/23 
No Opt. Call 
BBB– 
885,133 
25 
  
5.000%, 5/01/28 (Pre-refunded 5/01/23) 
5/23 at 100.00 
N/R (4) 
27,830 
975 
  
5.000%, 5/01/28 
5/23 at 100.00 
BBB– 
1,041,563 
10,000 
  
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Second Indenture 
No Opt. Call 
Aa2 
12,543,700 
 
  
Fiscal 2017 Series A, 5.000%, 2/15/27 (UB) (5) 
 
 
 
790 
  
Jefferson County Civic Facility Development Corporation, New York, Revenue Bonds, 
11/27 at 100.00 
BBB– 
798,895 
 
  
Samaritan Medical Center Project, Series 2017A, 4.000%, 11/01/42 
 
 
 
 
  
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Bond 
 
 
 
 
  
Anticipation Note Series 2019B-1: 
 
 
 
1,500 
  
5.000%, 5/15/22 
No Opt. Call 
N/R 
1,553,895 
10,000 
  
5.000%, 5/15/22 (UB) (5) 
No Opt. Call 
N/R 
10,359,300 
6,555 
  
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Bond 
No Opt. Call 
N/R 
6,836,668 
 
  
Anticipation Note Series 2019D-1, 5.000%, 9/01/22 
 
 
 
780 
  
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Bond 
No Opt. Call 
N/R 
820,778 
 
  
Anticipation Note Series 2020A-1, 5.000%, 2/01/23 
 
 
 
1,000 
  
Nassau County Tobacco Settlement Corporation, New York, Tobacco Settlement Asset-Backed 
12/20 at 100.00 
B– 
1,013,570 
 
  
Bonds, Refunding Series 2006A-2, 5.250%, 6/01/26 
 
 
 
 
  
New York City Industrial Development Agency, New York, PILOT Payment in Lieu of Taxes 
 
 
 
 
  
Revenue Bonds, Queens Baseball Stadium Project, Series 2006: 
 
 
 
190 
  
5.000%, 1/01/22 – AMBAC Insured 
12/20 at 100.00 
Baa3 
190,038 
2,740 
  
5.000%, 1/01/39 – AMBAC Insured 
12/20 at 100.00 
Baa3 
2,741,096 
3,300 
  
New York Counties Tobacco Trust VI, New York, Tobacco Settlement Pass-Through Bonds, 
No Opt. Call 
BBB 
3,561,063 
 
  
Series Series 2016A-1, 5.625%, 6/01/35 
 
 
 
1,325 
  
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade 
11/24 at 100.00 
N/R 
1,373,469 
 
  
Center Project, Class 1 Series 2014, 5.000%, 11/15/44, 144A 
 
 
 
6,500 
  
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade 
11/24 at 100.00 
N/R 
6,806,995 
 
  
Center Project, Class 2 Series 2014, 5.150%, 11/15/34, 144A 
 
 
 
2,705 
  
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 4 World Trade 
11/21 at 100.00 
A 
2,810,495 
 
  
Center Project, Series 2011, 5.000%, 11/15/31 
 
 
 
 
  
New York Transportation Development Corporation, New York, Special Facilities Bonds, 
 
 
 
 
  
LaGuardia Airport Terminal B Redevelopment Project, Series 2016A: 
 
 
 
760 
  
4.000%, 7/01/32 (AMT) 
7/24 at 100.00 
BBB 
805,091 
500 
  
4.000%, 7/01/33 (AMT) 
7/24 at 100.00 
BBB 
528,465 
 
  
New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, 
 
 
 
 
  
American Airlines, Inc John F Kennedy International Airport Project, Refunding Series 2016: 
 
 
 
2,390 
  
5.000%, 8/01/26 (AMT) 
8/21 at 100.00 
B+ 
2,411,462 
430 
  
5.000%, 8/01/31 (AMT) 
8/21 at 100.00 
B+ 
432,172 
1,135 
  
New York Transportation Development Corporation, New York, Special Facility Revenue 
8/30 at 100.00 
B+ 
1,239,170 
 
  
Bonds, American Airlines, Inc John F Kennedy International Airport Project, Series 2020, 
 
 
 
 
  
5.250%, 8/01/31 (AMT) 
 
 
 
1,000 
  
New York Transportation Development Corporation, New York, Special Facility Revenue 
No Opt. Call 
BBB 
1,002,950 
 
  
Refunding Bonds, Terminal One Group Association, LP Project, Series 2015, 5.000%, 1/01/21 (AMT) 
 
 
 
 
  
New York Transportation Development Corporation, Special Facility Revenue Bonds, Delta 
 
 
 
 
  
Air Lines, Inc – LaGuardia Airport Terminals C&D Redevelopment Project, Series 2018: 
 
 
 
2,000 
  
5.000%, 1/01/28 (AMT) 
No Opt. Call 
Baa3 
2,350,840 
2,000 
  
5.000%, 1/01/30 (AMT) 
1/28 at 100.00 
Baa3 
2,321,300 
2,315 
  
5.000%, 1/01/32 (AMT) 
1/28 at 100.00 
Baa3 
2,665,097 
1,680 
  
5.000%, 1/01/33 (AMT) 
1/28 at 100.00 
Baa3 
1,924,188 
935 
  
5.000%, 1/01/36 (AMT) 
1/28 at 100.00 
Baa3 
1,061,141 
4,110 
  
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, Two Hundred 
7/30 at 100.00 
Aa3 
4,695,634 
 
  
Twenty-one Series 2020, 4.000%, 7/15/50 (AMT) (UB) (5) 
 
 
 
 
30
 

           
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
New York (continued) 
 
 
 
 
  
Syracuse Industrial Development Authority, New York, PILOT Revenue Bonds, Carousel 
 
 
 
 
  
Center Project, Refunding Series 2016A: 
 
 
 
$ 820 
  
5.000%, 1/01/32 (AMT) 
1/26 at 100.00 
BB 
$ 753,654 
3,820 
  
5.000%, 1/01/35 (AMT) 
1/26 at 100.00 
BB 
3,396,706 
650 
  
5.000%, 1/01/36 (AMT) 
1/26 at 100.00 
BB 
571,935 
6,890 
  
TSASC Inc, New York, Tobacco Asset-Backed Bonds, Series 2006, 5.000%, 6/01/45 
6/27 at 100.00 
CCC+ 
7,258,615 
 
  
TSASC Inc, New York, Tobacco Settlement Asset-Backed Bonds, Fiscal 2017 Series B: 
 
 
 
2,000 
  
5.000%, 6/01/24 
No Opt. Call 
B– 
2,067,100 
2,250 
  
5.000%, 6/01/25 
No Opt. Call 
B– 
2,343,645 
86,465 
  
Total New York 
 
 
92,859,202 
 
  
North Carolina – 1.1% (0.9% of Total Investments) 
 
 
 
6,225 
  
North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Senior Lien 
1/30 at 100.00 
Aa1 
7,578,004 
 
  
Series 2019, 5.000%, 1/01/49 
 
 
 
 
  
Ohio – 4.0% (3.1% of Total Investments) 
 
 
 
7,450 
  
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed 
6/30 at 100.00 
BBB+ 
7,604,736 
 
  
Revenue Bonds, Refunding Senior Lien Series 2020A-2 Class 1, 3.000%, 6/01/48 
 
 
 
5,650 
  
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed 
6/30 at 100.00 
N/R 
6,354,103 
 
  
Revenue Bonds, Refunding Senior Lien Series 2020B-2 Class 2, 5.000%, 6/01/55 
 
 
 
3,240 
  
Cleveland, Ohio, Airport Special Revenue Bonds, Continental Airlines Inc Project, Series 
12/20 at 100.00 
Ba3 
3,245,022 
 
  
1998, 5.375%, 9/15/27 (AMT) 
 
 
 
560 
  
Franklin County Convention Facilities Authority, Ohio, Hotel Project Revenue Bonds, 
12/29 at 100.00 
BBB– 
578,693 
 
  
Greater Columbus Convention Center Hotel Expansion Project, Series 2019, 5.000%, 12/01/51 
 
 
 
4,190 
  
Ohio Air Quality Development Authority, Ohio, Air Quality Development Revenue Bonds, 
No Opt. Call 
N/R 
5,238 
 
  
FirstEnergy Generation Corporation Project, Series 2009A, 5.700%, 8/01/20 (8) 
 
 
 
6,000 
  
Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, 
No Opt. Call 
N/R 
6,045,000 
 
  
FirstEnergy Generation Corporation Project, Refunding Series 2009D, 4.250%, 8/01/29 
 
 
 
 
  
(Mandatory Put 9/15/21) 
 
 
 
17,065 
  
Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, 
No Opt. Call 
N/R 
21,331 
 
  
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 
322,400 
 
  
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 
CCC 
127,604 
 
  
Corporation, Refunding Series 2012A, 6.750%, 6/01/24 (AMT) 
 
 
 
260 
  
Ohio Air Quality Development Authority, Ohio, Revenue Bonds, Pratt Paper Ohio, LLC 
1/28 at 100.00 
N/R 
285,407 
 
  
Project, Series 2017, 4.250%, 1/15/38 (AMT), 144A 
 
 
 
250 
  
Ohio Water Development Authority, Ohio, Environmental Improvement Bonds, United States 
11/21 at 100.00 
B– 
252,318 
 
  
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 
7,500 
 
  
Nuclear Generating Corporation Project, Series 2006B, 4.000%, 12/01/33 (8) 
 
 
 
1,430 
  
Southeastern Ohio Port Authority, Hospital Facilities Revenue Bonds, Memorial Health 
No Opt. Call 
BB– 
1,480,708 
 
  
System Obligated Group Project, Refunding and Improvement Series 2012, 5.000%, 12/01/22 
 
 
 
52,545 
  
Total Ohio 
 
 
26,330,060 
 
  
Oklahoma – 1.1% (0.9% of Total Investments) 
 
 
 
975 
  
Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine 
8/28 at 100.00 
Baa3 
1,148,365 
 
  
Project, Series 2018B, 5.000%, 8/15/38 
 
 
 
6,050 
  
Tulsa Municipal Airport Trust, Oklahoma, Revenue Bonds, American Airlines Inc, Refunding 
6/25 at 100.00 
B– 
6,304,342 
 
  
Series 2015, 5.000%, 6/01/35 (AMT) (Mandatory Put 6/01/25) 
 
 
 
7,025 
  
Total Oklahoma 
 
 
7,452,707 
 
31
 

   
NID
Nuveen Intermediate Duration Municipal Term Fund
Portfolio of Investments (continued) November 30, 2020 (Unaudited)
 
           
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
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– 
$ 1,057,600 
 
  
Columbia Memorial Hospital, Series 2012, 5.000%, 8/01/31 
 
 
 
730 
  
Port of Saint Helens, Oregon, Pollution Control Revenue Bonds, Boise Cascade Project, 
12/20 at 100.00 
N/R 
701,202 
 
  
Series 1997, 5.650%, 12/01/27 
 
 
 
1,730 
  
Total Oregon 
 
 
1,758,802 
 
  
Pennsylvania – 5.7% (4.4% of Total Investments) 
 
 
 
 
  
Allegheny County Industrial Development Authority, Pennsylvania, Environmental 
 
 
 
 
  
Improvement Revenue Bonds, United States Steel Corp, Refunding Series 2019: 
 
 
 
815 
  
4.875%, 11/01/24 
No Opt. Call 
B– 
794,348 
725 
  
5.125%, 5/01/30 
No Opt. Call 
B– 
675,511 
530 
  
Allegheny County Redevelopment Authority, Pennsylvania, TIF Revenue Bonds, Pittsburg 
12/20 at 100.00 
N/R 
477,000 
 
  
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 
3,835,643 
 
  
Revenue Bonds, Series 2012A, 5.000%, 5/01/32 
 
 
 
1,000 
  
Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania, Tax Revenue 
No Opt. Call 
Baa3 
1,125,670 
 
  
Bonds, City Center Project, Series 2018, 5.000%, 5/01/28, 144A 
 
 
 
420 
  
Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue 
No Opt. Call 
N/R 
525 
 
  
Bonds, FirstEnergy Nuclear Generation Project, Refunding Series 2005A, 4.000%, 1/01/35 (8) 
 
 
 
400 
  
Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue 
No Opt. Call 
N/R 
500 
 
  
Bonds, FirstEnergy Nuclear Generation Project, Refunding Series 2008A, 2.700%, 4/01/35 (8) 
 
 
 
1,450 
  
Doylestown Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Series 2013A, 
No Opt. Call 
BBB– 
1,573,192 
 
  
5.000%, 7/01/23 
 
 
 
825 
  
East Hempfield Township Industrial Development Authority, Pennsylvania, Student Services 
7/25 at 100.00 
BB+ 
834,718 
 
  
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 
1,029,680 
 
  
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+ 
1,631,191 
 
  
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 
2,256 
 
  
Shippingport Project, First Energy Guarantor, Series 2005A, 3.750%, 12/01/40 (8) 
 
 
 
1,970 
  
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University of 
8/29 at 100.00 
AA 
2,272,868 
 
  
Pennsylvania Health System, Series 2019, 4.000%, 8/15/49 
 
 
 
4,000 
  
Pennsylvania Public School Building Authority, Lease Revenue Bonds, School District of 
No Opt. Call 
AA 
4,994,640 
 
  
Philadelphia, Series 2006B, 5.000%, 6/01/27 – AGM Insured 
 
 
 
3,500 
  
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Refunding Subordinate Second 
12/27 at 100.00 
A3 
4,260,655 
 
  
Series 2017, 5.000%, 12/01/35 
 
 
 
10,980 
  
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Hospital 
7/27 at 100.00 
BBB– 
12,608,663 
 
  
Revenue Bonds, Temple University Health System Obligated Group, Series of 2017, 5.000%, 7/01/34 
 
 
 
1,610 
  
Scranton, Lackawanna County, Pennsylvania, General Obligation Notes, Series 2016, 
5/24 at 100.00 
BB+ 
1,743,566 
 
  
5.000%, 11/15/32 
 
 
 
36,310 
  
Total Pennsylvania 
 
 
37,860,626 
 
  
Puerto Rico – 3.3% (2.5% of Total Investments) 
 
 
 
3,000 
  
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2012A, 
7/22 at 100.00 
CCC 
3,150,000 
 
  
5.750%, 7/01/37 
 
 
 
3,500 
  
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N, 
No Opt. Call 
C 
3,297,140 
 
  
2.430%, 7/01/27 
 
 
 
 
  
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1: 
 
 
 
4,000 
  
0.000%, 7/01/31 
7/28 at 91.88 
N/R 
3,058,840 
3,041 
  
0.000%, 7/01/33 
7/28 at 86.06 
N/R 
2,146,703 
449 
  
4.500%, 7/01/34 
7/25 at 100.00 
N/R 
481,386 
1,245 
  
0.000%, 7/01/51 
7/28 at 30.01 
N/R 
270,128 
2,031 
  
4.750%, 7/01/53 
7/28 at 100.00 
N/R 
2,206,539 
4,500 
  
5.000%, 7/01/58 
7/28 at 100.00 
N/R 
4,963,365 
 
32
 

           
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
Puerto Rico (continued) 
 
 
 
$ 1,791 
  
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Taxable 
7/28 at 100.00 
N/R 
$ 1,914,507 
 
  
Restructured Cofina Project Series 2019A-2, 4.329%, 7/01/40 
 
 
 
23,557 
  
Total Puerto Rico 
 
 
21,488,608 
 
  
Rhode Island – 0.5% (0.4% 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 
No Opt. Call 
BBB 
1,492,890 
1,500 
  
5.000%, 4/01/24 
No Opt. Call 
BBB 
1,638,345 
2,900 
  
Total Rhode Island 
 
 
3,131,235 
 
  
South Carolina – 1.1% (0.8% of Total Investments) 
 
 
 
1,450 
  
South Carolina Jobs-Economic Development Authority, Economic Development Revenue Bonds, 
2/25 at 100.00 
BB+ 
1,548,281 
 
  
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 
  
21.701%, 11/01/27 (Pre-Refunded 11/01/22), 144A (IF) (5) 
11/22 at 100.00 
N/R (4) 
2,179,755 
1,010 
  
21.680%, 11/01/28 (Pre-Refunded 11/01/22), 144A (IF) (5) 
11/22 at 100.00 
N/R (4) 
1,467,247 
1,255 
  
21.701%, 11/01/29 (Pre-Refunded 11/01/22), 144A (IF) (5) 
11/22 at 100.00 
N/R (4) 
1,823,729 
5,215 
  
Total South Carolina 
 
 
7,019,012 
 
  
Tennessee – 1.0% (0.8% of Total Investments) 
 
 
 
2,000 
  
Clarksville Natural Gas Acquisition Corporation, Tennessee, Natural Gas Revenue Bonds, 
No Opt. Call 
A+ 
2,091,180 
 
  
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+ 
2,104,893 
 
  
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: 
 
 
 
3,055 
  
5.250%, 5/01/25, 144A (8) 
11/24 at 100.00 
N/R 
2,291,250 
525 
  
6.000%, 5/01/34, 144A (8) 
11/24 at 100.00 
N/R 
393,750 
7,515 
  
Total Tennessee 
 
 
6,881,073 
 
  
Texas – 4.3% (3.3% of Total Investments) 
 
 
 
1,265 
  
Austin, Travis, Williamson and Hays Counties, Texas, Special Assessment Revenue Bonds, 
11/23 at 100.00 
N/R 
1,315,347 
 
  
Estancia Hill Country Public Improvement District, 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– 
2,298,100 
 
  
5.000%, 1/01/40 
 
 
 
355 
  
Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Idea 
No Opt. Call 
A– 
365,281 
 
  
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+ 
6,038,020 
 
  
3307, 23.461%, 12/01/30, 144A (IF) (5) 
 
 
 
2,000 
  
Gulf Coast Industrial Development Authority, Texas, Solid Waste Disposal Revenue Bonds, 
10/22 at 100.00 
BB 
2,027,660 
 
  
Citgo Petroleum Corporation Project, Series 1995, 4.875%, 5/01/25 (AMT) 
 
 
 
 
  
Harris County Cultural Education Facilities Finance Corporation, Texas, Revenue 
 
 
 
 
  
Refunding Bonds, Young Men’s Christian Association of the Greater Houston Area, Series 2013A: 
 
 
 
535 
  
5.000%, 6/01/21 
No Opt. Call 
Baa2 
540,880 
855 
  
5.000%, 6/01/22 
No Opt. Call 
Baa2 
881,633 
915 
  
5.000%, 6/01/23 
No Opt. Call 
Baa2 
960,512 
3,750 
  
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Third Lien Series 2004A-3, 
11/24 at 49.42 
Baa2 
1,637,962 
 
  
0.000%, 11/15/36 
 
 
 
3,000 
  
Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc 
No Opt. Call 
B 
3,297,030 
 
  
Airport Improvement Projects, Series 2018C, 5.000%, 7/15/28 (AMT) 
 
 
 
250 
  
Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc 
No Opt. Call 
BB– 
273,550 
 
  
Terminal Improvements Project, Refunding Series 2020B-2, 5.000%, 7/15/27 (AMT) 
 
 
 
200 
  
Love Field Airport Modernization Corporation, Texas, Special Facilities Revenue Bonds, 
No Opt. Call 
Baa1 
207,520 
 
  
Southwest Airlines Company – Love Field Modernization Program Project, Series 2012, 5.000%, 
 
 
 
 
  
11/01/21 (AMT) 
 
 
 
 
33
 

   
NID
Nuveen Intermediate Duration Municipal Term Fund
Portfolio of Investments (continued) November 30, 2020 (Unaudited)
 
           
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
Texas (continued) 
 
 
 
$ 1,000 
  
New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing 
4/24 at 100.00 
B– 
$ 942,300 
 
  
Revenue Bonds, CHF-Collegiate Housing Corpus Christi I, LLC-Texas A&M University-Corpus 
 
 
 
 
  
Christi Project, Series 2014A, 5.000%, 4/01/34 
 
 
 
2,680 
  
San Antonio Public Facilities Corporation, Texas, Lease Revenue Bonds, Convention Center 
9/22 at 100.00 
AA+ 
3,601,116 
 
  
Refinancing & Expansion Project, Tender Option Bond Trust 2015-XF0125, 21.613%, 
 
 
 
 
  
9/15/29, 144A (IF) (5) 
 
 
 
 
  
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital 
 
 
 
 
  
Revenue Bonds, Scott & White Healthcare Project, Tender Option Bond Trust 2016-XG0058: 
 
 
 
100 
  
22.273%, 8/15/22, 144A (IF) (5) 
No Opt. Call 
AA– 
136,678 
155 
  
22.064%, 8/15/24, 144A (IF) (5) 
8/23 at 100.00 
AA– 
249,397 
200 
  
22.273%, 8/15/26, 144A (IF) (5) 
8/23 at 100.00 
AA– 
323,780 
170 
  
22.023%, 8/15/27, 144A (IF) (5) 
8/23 at 100.00 
AA– 
271,194 
1,675 
  
Texas Department of Housing and Community Affairs, Single Family Mortgage Revenue Bonds, 
9/27 at 100.00 
Aaa 
1,867,508 
 
  
Series 2018A, 4.250%, 9/01/48 
 
 
 
1,190 
  
Westlake, Texas, Special Assessment Revenue Bonds, Solana Public Improvement District, 
9/25 at 100.00 
N/R 
1,211,896 
 
  
Series 2015, 6.125%, 9/01/35 
 
 
 
24,295 
  
Total Texas 
 
 
28,447,364 
 
  
Virgin Islands – 0.2% (0.1% of Total Investments) 
 
 
 
1,085 
  
Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Senior 
No Opt. Call 
AA 
1,176,129 
 
  
Lien, Refunding Series 2013B, 5.000%, 10/01/24 – AGM Insured 
 
 
 
 
  
Virginia – 1.8% (1.4% of Total Investments) 
 
 
 
 
  
Dulles Town Center Community Development Authority, Loudon County, Virginia Special 
 
 
 
 
  
Assessment Refunding Bonds, Dulles Town Center Project, Series 2012: 
 
 
 
1,000 
  
5.000%, 3/01/21 
No Opt. Call 
N/R 
1,004,320 
1,410 
  
5.000%, 3/01/22 
No Opt. Call 
N/R 
1,438,468 
 
  
Fairfax County Industrial Development Authority, Virginia, Healthcare Revenue Bonds, 
 
 
 
 
  
Inova Health System,Tender Option Bond Trust 2016-XG0080, Formerly Tender Option 
 
 
 
 
  
Bond Trust 3309: 
 
 
 
1,800 
  
22.216%, 5/15/27, 144A (IF) (5) 
5/22 at 100.00 
AA+ 
2,397,996 
400 
  
17.239%, 5/15/29, 144A (IF) (5) 
5/22 at 100.00 
AA+ 
492,116 
120 
  
22.216%, 5/15/29, 144A (IF) (5) 
5/22 at 100.00 
AA+ 
159,677 
1,000 
  
Roanoke Economic Development Authority, Virgina, Residential Care Facility Mortgage 
12/22 at 100.00 
N/R 
1,007,740 
 
  
Revenue Refunding Bonds, Virginia Lutheran Homes Brandon Oaks Project, Series 2012, 
 
 
 
 
  
5.000%, 12/01/32 
 
 
 
 
  
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 
703,159 
120 
  
4.500%, 3/01/29 
3/22 at 100.00 
N/R 
119,993 
1,505 
  
5.000%, 3/01/30 
3/22 at 100.00 
N/R 
1,515,926 
2,500 
  
Virginia Housing Development Authority, Rental Housing Bonds, Series 2018E, 
12/27 at 100.00 
AA+ 
2,794,600 
 
  
4.150%, 12/01/49 
 
 
 
10,550 
  
Total Virginia 
 
 
11,633,995 
 
  
Washington – 2.8% (2.2% of Total Investments) 
 
 
 
2,200 
  
Port of Seattle Industrial Development Corporation, Washington, Special Facilities 
4/23 at 100.00 
BB+ 
2,337,808 
 
  
Revenue Refunding Bonds, Delta Air Lines, Inc Project, Series 2012, 5.000%, 4/01/30 (AMT) 
 
 
 
4,000 
  
Port of Seattle, Washington, Revenue Bonds, Refunding First Lien Series 2016B, 5.000%, 
4/26 at 100.00 
Aa2 
4,668,040 
 
  
10/01/32 (AMT) (UB) 
 
 
 
270 
  
Tacoma Consolidated Local Improvement District 65, Washington, Special Assessment Bonds, 
12/20 at 100.00 
N/R 
270,308 
 
  
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+ 
4,826,900 
 
  
Tender Option Bonds Trust 2015-XF1017, 3.717%, 1/01/35, 144A (IF) (5) 
 
 
 
970 
  
Washington Health Care Facilities Authority, Revenue Bonds, CommonSpirit Health, Series 
8/29 at 100.00 
BBB+ 
1,207,572 
 
  
2019A-2, 5.000%, 8/01/35 
 
 
 
 
  
Washington State Housing Finance Commission, Non-Profit Housing Revenue Bonds, Mirabella 
 
 
 
 
  
Project, Series 2012A: 
 
 
 
1,200 
  
6.000%, 10/01/22, 144A 
No Opt. Call 
N/R 
1,233,012 
2,085 
  
6.500%, 10/01/32, 144A 
10/22 at 100.00 
N/R 
2,133,018 
 
34
 

           
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
Washington (continued) 
 
 
 
 
  
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– 
$ 1,014,070 
1,000 
  
5.000%, 7/01/23 
No Opt. Call 
A– 
1,056,940 
17,725 
  
Total Washington 
 
 
18,747,668 
 
  
West Virginia – 0.1% (0.1% of Total Investments) 
 
 
 
500 
  
West Virginia Economic Development Authority, Excess Lottery Revenue Bonds, Series 
7/27 at 100.00 
AAA 
633,270 
 
  
2017A, 5.000%, 7/01/30 
 
 
 
 
  
Wisconsin – 3.0% (2.3% of Total Investments) 
 
 
 
415 
  
Platteville Redevelopment Authority, Wisconsin, Revenue Bonds, University of Wisconsin - 
7/22 at 100.00 
BBB– 
421,354 
 
  
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: 
 
 
 
450 
  
5.250%, 12/01/22 (ETM) 
No Opt. Call 
N/R (4) 
467,991 
1,610 
  
6.000%, 12/01/32 (Pre-refunded 12/01/22) 
12/22 at 100.00 
N/R (4) 
1,791,222 
3,190 
  
Public Finance Authority of Wisconsin, Limited Obligation Grant Revenue Bonds, American 
No Opt. Call 
N/R 
2,767,006 
 
  
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 
1,064,724 
1,000 
  
6.500%, 12/01/37, 144A 
12/27 at 100.00 
N/R 
876,180 
395 
  
Public Finance Authority of Wisconsin, Revenue Bonds, Prime Healthcare Foundation, Inc, 
No Opt. Call 
BBB– 
434,302 
 
  
Series 2017A, 5.000%, 12/01/27 
 
 
 
255 
  
Public Finance Authority of Wisconsin, Revenue Bonds, Roseman University of Health 
No Opt. Call 
BB 
259,618 
 
  
Sciences, Series 2012, 5.000%, 4/01/22 
 
 
 
390 
  
Public Finance Authority of Wisconsin, Senior Airport Facilities Revenue and Refunding 
No Opt. Call 
BBB+ 
406,126 
 
  
Bonds, TrIPS Obligated Group, Series 2012B, 5.000%, 7/01/22 (AMT) 
 
 
 
4,300 
  
Public Finance Authority of Wisconsin, Solid Waste Disposal Revenue Bonds, Waste 
5/26 at 100.00 
A– 
4,631,874 
 
  
Management Inc, Refunding Series 2016A-2, 2.875%, 5/01/27 (AMT) 
 
 
 
1,115 
  
Public Finance Authority of Wisconsin, Student Housing Revenue Bonds, Collegiate Housing 
7/25 at 100.00 
BBB– 
1,181,722 
 
  
Foundation – Cullowhee LLC – Western California University Project, Series 2015A, 
 
 
 
 
  
5.000%, 7/01/30 
 
 
 
 
  
University of Wisconsin Hospitals and Clinics Authority, Revenue Bonds, Tender Option 
 
 
 
 
  
Bond Trust 2015-XF0127: 
 
 
 
50 
  
20.386%, 4/01/22, 144A (IF) (5) 
No Opt. Call 
AA– 
63,806 
100 
  
21.198%, 4/01/23, 144A (IF) (5) 
No Opt. Call 
AA– 
149,756 
185 
  
20.813%, 4/01/24, 144A (IF) (5) 
4/23 at 100.00 
AA– 
274,897 
100 
  
21.198%, 4/01/25, 144A (IF) (5) 
4/23 at 100.00 
AA– 
149,404 
 
  
Wisconsin Center District, Dedicated Tax Revenue Bonds, Refunding Junior Series 1999: 
 
 
 
5 
  
5.250%, 12/15/23 
No Opt. Call 
AA 
5,599 
10 
  
5.250%, 12/15/23 (ETM) 
No Opt. Call 
AA (4) 
10,651 
5 
  
5.250%, 12/15/27 (ETM) 
No Opt. Call 
AA (4) 
6,262 
10 
  
5.250%, 12/15/27 
No Opt. Call 
AA 
12,473 
2,175 
  
Wisconsin Housing and Economic Development Authority, Housing Revenue Bonds, Series 
11/26 at 100.00 
AA 
2,368,162 
 
  
2017A, 4.000%, 11/01/47 
 
 
 
2,000 
  
Wisconsin Housing and Economic Development Authority, Housing Revenue Bonds, Series 
11/28 at 100.00 
AA 
2,140,400 
 
  
2019A, 3.150%, 11/01/44 
 
 
 
18,960 
  
Total Wisconsin 
 
 
19,483,529 
$ 824,720 
  
Total Municipal Bonds (cost $807,459,611) 
 
 
833,887,119 
 
35
 

   
NID
Nuveen Intermediate Duration Municipal Term Fund
Portfolio of Investments (continued) November 30, 2020 (Unaudited)
 
       
Shares 
  
Description (1) 
Value 
 
  
COMMON STOCKS – 3.3% (2.5% of Total Investments) 
 
 
  
Electric Utilities – 3.3% (2.5% of Total Investments) 
 
965,836 
  
Energy Harbor Corp (9), (10), (11) 
$ 21,792,158 
 
  
Total Common Stocks (cost $25,699,081) 
21,792,158 
 
  
Total Long-Term Investments (cost $833,158,692) 
855,679,277 
 
  
Floating Rate Obligations – (4.7)% 
(30,968,000) 
 
  
Adjustable Rate MuniFund Term Preferred Shares, net of deferred offering costs – (26.5)% (12) 
(174,911,185) 
 
  
Other Assets Less Liabilities – 1.5% (13) 
10,191,511 
 
  
Net Assets Applicable to Common Shares – 100% 
$ 659,991,603 
 
Investments in Derivatives
Futures Contracts
               
 
 
 
 
 
 
 
Variation 
 
 
 
 
 
 
Unrealized 
Margin 
 
Contract 
Number of 
Expiration 
Notional 
 
Appreciation 
Receivable/ 
Description 
Position 
Contracts 
Date 
Amount 
Value 
(Depreciation) 
(Payable) 
U.S. Treasury Ultra Bond 
Short 
(17) 
3/21 
$(3,685,308) 
$(3,672,531) 
$12,777 
$(531) 
 
   
(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) 
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 3 - Investment Valuation and Fair Value Measurements for more information. 
(8) 
Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy. 
(9) 
For fair value measurement disclosure purposes, investment classified as Level 2. See Notes to Financial Statements, Note 3 - Investment Valuation and Fair Value Measurements for more information. 
(10) 
Common Stock received as part of the bankruptcy settlement for Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Bonds, FirstEnergy Nuclear Generation Project, Refunding Series 2005A, 4.000%, 1/01/35, Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generation Project, Series 2008A, 2.700%, 4/01/35, Ohio Air Quality Development Authority, Ohio, Air Quality Development Revenue Bonds, FirstEnergy Generation Corporation Project, Series 2009A, 5.700%, 8/01/20, Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy Generation Project, Refunding Series 2006A, 3.750%, 12/01/23, Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generating Corporation Project, Series 2006B, 0.000%, 12/01/33 and Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, Shippingport Project, First Energy Guarantor, Series 2005A, 3.750%, 12/01/40. 
(11) 
Non-income producing; issuer has not declared an ex-dividend date within the past twelve months. 
(12) 
Adjustable Rate MuniFund Term Preferred Shares, net of deferred offering cost as a percentage of Total Investments is 20.4%. 
(13) 
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. 
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. 
AMT 
Alternative Minimum Tax 
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 4 – Portfolio Securities and Investments in Derivatives, for more information. 
 
See accompanying notes to financial statements. 
 
36
 

   
NIQ
Nuveen Intermediate Duration Quality Municipal Term Fund
Portfolio of Investments November 30, 2020 (Unaudited)
 
           
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
LONG-TERM INVESTMENTS – 125.5% (100.0% of Total Investments) 
 
 
 
 
  
MUNICIPAL BONDS – 124.3% (99.1% of Total Investments) 
 
 
 
 
  
Alabama – 2.2% (1.7% of Total Investments) 
 
 
 
$ 2,000 
  
Alabama Federal Aid Highway Finance Authority, Federal Highway Grant Anticipation Revenue 
9/22 at 100.00 
AA (5) 
$ 2,840,440 
 
  
Bonds, Tender Option Bond Trust 2016-XL0024, 21.613%, 9/01/26 (Pre-Refunded 9/01/22), 
 
 
 
 
  
144A (IF) (4) 
 
 
 
1,000 
  
Lower Alabama Gas District, Alabama, Gas Project Revenue Bonds, Series 2016A, 5.000%, 9/01/34 
No Opt. Call 
A 
1,376,170 
290 
  
Tuscaloosa County Industrial Development Authority, Alabama, Gulf Opportunity Zone Bonds, 
5/29 at 100.00 
N/R 
322,129 
 
  
Hunt Refining Project, Refunding Series 2019A, 4.500%, 5/01/32, 144A 
 
 
 
3,290 
  
Total Alabama 
 
 
4,538,739 
 
  
Arizona – 1.1% (0.9% 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 
A1 
1,059,531 
1,065 
  
5.000%, 2/01/26 
2/23 at 100.00 
A1 
1,168,273 
2,030 
  
Total Arizona 
 
 
2,227,804 
 
  
California – 10.7% (8.5% of Total Investments) 
 
 
 
3,000 
  
Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Senior 
10/23 at 100.00 
AA 
3,351,780 
 
  
Lien Series 2013A, 5.000%, 10/01/27 – AGM Insured 
 
 
 
55 
  
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, 
6/30 at 100.00 
BBB+ 
62,634 
 
  
Los Angeles County Securitization Corporation, Series 2020A, 4.000%, 6/01/49 
 
 
 
500 
  
California Health Facilities Financing Authority, California, Revenue Bonds, Sutter 
11/27 at 100.00 
A+ 
627,200 
 
  
Health, Refunding Series 2017A, 5.000%, 11/15/36 
 
 
 
415 
  
California Municipal Finance Authority, Revenue Bonds, Biola University, Series 2013, 
No Opt. Call 
Baa1 
426,935 
 
  
5.000%, 10/01/21 
 
 
 
2,170 
  
California Municipal Finance Authority, Revenue Bonds, Linxs APM Project, Senior Lien 
6/28 at 100.00 
BBB– 
2,546,148 
 
  
Series 2018A, 5.000%, 12/31/43 (AMT) 
 
 
 
370 
  
California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, San 
1/29 at 100.00 
BBB 
430,236 
 
  
Diego County Water Authority Desalination Project Pipeline, Refunding Series 2019, 5.000%, 
 
 
 
 
  
11/21/45, 144A 
 
 
 
1,930 
  
California Statewide Communities Development Authority, California, Revenue Bonds, Loma 
12/24 at 100.00 
BB 
2,134,812 
 
  
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+ 
4,163,080 
 
  
Revenue Bonds, Series 2017D, 5.250%, 7/01/42 
 
 
 
500 
  
Independent Cities Finance Authority, California, Mobile Home Park Revenue Bonds, 
No Opt. Call 
A– 
524,220 
 
  
Rancho Vallecitos Mobile Home Park, Series 2013, 4.500%, 4/15/23 
 
 
 
 
  
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 
158,271 
305 
  
4.000%, 9/01/26 
9/22 at 100.00 
N/R 
321,318 
250 
  
4.000%, 9/01/27 
9/22 at 100.00 
N/R 
262,858 
1,775 
  
Patterson Public Finance Authority, California, Revenue Bonds, Community Facilities 
No Opt. Call 
N/R 
1,901,912 
 
  
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 (5) 
217,895 
 
  
2011A, 0.000%, 10/01/26 (ETM) (6) 
 
 
 
1,500 
  
San Diego Association of Governments, California, South Bay Expressway Toll Revenue 
7/27 at 100.00 
A 
1,775,070 
 
  
Bonds, First Senior Lien Series 2017A, 5.000%, 7/01/36 
 
 
 
1,400 
  
San Joaquin County Transportation Authority, California, Sales Tax Revenue, Limited Tax 
3/27 at 100.00 
AA 
1,755,068 
 
  
Measure K Series 2017, 5.000%, 3/01/32 
 
 
 
17,840 
  
Total California 
 
 
20,659,437 
 
37
 

   
NIQ
Nuveen Intermediate Duration Quality Municipal Term Fund
Portfolio of Investments (continued) November 30, 2020 (Unaudited)
 
           
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
Colorado – 14.7% (11.7% of Total Investments) 
 
 
 
$ 250 
  
Colorado Educational and Cultural Facilities Authority, Charter School Refunding Revenue 
No Opt. Call 
A+ 
$ 254,835 
 
  
Bonds, Pinnacle Charter School, Inc K-8 Facility Project, Series 2013, 5.000%, 6/01/21 
 
 
 
3,045 
  
Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, 
8/29 at 100.00 
BBB+ 
3,889,348 
 
  
Series 2019A-2, 5.000%, 8/01/30 
 
 
 
5,000 
  
Colorado Springs, Colorado, Utilities System Revenue Bonds, Refunding Series 2017A-2, 
11/27 at 100.00 
AA+ 
6,176,800 
 
  
5.000%, 11/15/47 
 
 
 
 
  
Colorado State Board of Governors, Colorado State University Auxiliary Enterprise System 
 
 
 
 
  
Revenue Bonds, Tender Option Bond Trust 2016-XF2354, Formerly Tender Option Bond Trust 3316: 
 
 
 
100 
  
22.093%, 3/01/25, 144A (IF) (4) 
No Opt. Call 
AA 
195,477 
300 
  
22.093%, 3/01/26, 144A (IF) (4) 
No Opt. Call 
AA 
649,257 
430 
  
22.043%, 3/01/27, 144A (IF) (4) 
No Opt. Call 
AA 
1,005,710 
725 
  
22.093%, 3/01/28, 144A (IF) (4) 
No Opt. Call 
AA 
1,810,542 
200 
  
22.093%, 3/01/29, 144A (IF) (4) 
No Opt. Call 
AA 
525,868 
1,870 
  
Denver Convention Center Hotel Authority, Colorado, Revenue Bonds, Convention Center 
12/26 at 100.00 
Baa2 
2,137,111 
 
  
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 
348,723 
 
  
9/01/21 – NPFG Insured 
 
 
 
1,000 
  
Public Authority for Colorado Energy, Natural Gas Purchase Revenue Bonds, Colorado 
No Opt. Call 
A+ 
1,583,240 
 
  
Springs Utilities, Series 2008, 6.500%, 11/15/38 
 
 
 
4,000 
  
University of Colorado, Enterprise System Revenue Bonds, Refunding Series 2019B, 
6/29 at 100.00 
Aa1 
5,119,240 
 
  
5.000%, 6/01/44 
 
 
 
4,000 
  
University of Northern Colorado at Greeley, Institutional Enterprise System Revenue 
6/26 at 100.00 
Aa2 
4,667,160 
 
  
Bonds, Refunding Series 2016A, 5.000%, 6/01/46 
 
 
 
21,270 
  
Total Colorado 
 
 
28,363,311 
 
  
Florida – 7.7% (6.1% of Total Investments) 
 
 
 
150 
  
Atlantic Beach, Florida, Healthcare Facilities Revenue Refunding Bonds, Fleet Landing 
No Opt. Call 
BBB 
162,570 
 
  
Project, Series 2013A, 5.000%, 11/15/23 
 
 
 
365 
  
Belmont Community Development District, Florida, Capital Improvement Revenue Bonds, 
No Opt. Call 
N/R 
386,758 
 
  
Phase 1 Project, Series 2013A, 5.500%, 11/01/23 
 
 
 
825 
  
Broward County, Florida, Half-Cent Sales Tax Revenue Bonds, Refunding Series 2020, 
10/30 at 100.00 
AA+ 
1,007,152 
 
  
4.000%, 10/01/40 
 
 
 
1,270 
  
Broward County, Florida, Fuel System Revenue Bonds, Fort Lauderdale Fuel Facilities LLC 
No Opt. Call 
AA 
1,403,248 
 
  
Project, Series 2013A, 5.000%, 4/01/23 – AGM Insured (AMT) 
 
 
 
1,740 
  
Cape Coral, Florida, Water and Sewer Revenue Bonds, Refunding Series 2017, 5.000%, 10/01/33 
10/27 at 100.00 
A+ 
2,185,806 
340 
  
Capital Trust Agency, Florida, Fixed Rate Air Cargo Revenue Refunding Bonds, Aero Miami 
12/20 at 100.00 
Baa3 
341,278 
 
  
FX, LLC Project, Series 2010A, 5.350%, 7/01/29 
 
 
 
1,010 
  
Collier County Educational Facilities Authority, Florida, Revenue Bonds, Ave Maria 
No Opt. Call 
BBB– 
1,031,957 
 
  
University, Refunding Series 2013A, 4.500%, 6/01/23 
 
 
 
1,000 
  
Florida Mid-Bay Bridge Authority, Revenue Bonds, 1st Senior Lien Series 2015A, 5.000%, 10/01/23 
No Opt. Call 
BBB+ 
1,107,480 
2,960 
  
Florida Municipal Power Agency, Revenue Bonds, Saint Lucie Project, Refunding Series 
10/22 at 100.00 
A2 
3,204,911 
 
  
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– 
625,060 
1,400 
  
Palm Beach County Health Facilities Authority, Florida, Revenue Bonds, Jupiter Medical 
No Opt. Call 
BBB+ 
1,508,416 
 
  
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– 
621,608 
 
  
Electric Cooperatice, 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+ 
343,400 
 
  
Revenue Bonds, Series 2014A-1, 5.000%, 3/01/24, 144A 
 
 
 
560 
  
Verandah West Community Development District, Florida, Capital Improvement Revenue 
No Opt. Call 
N/R 
570,959 
 
  
Bonds, Refunding Series 2013, 4.000%, 5/01/23 
 
 
 
12,935 
  
Total Florida 
 
 
14,500,603 
 
38
 

           
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
Georgia – 2.1% (1.7% of Total Investments) 
 
 
 
$ 1,025 
  
Atlanta, Georgia, Tax Allocation Bonds, Perry Bolton Project Series 2014, 4.000%, 7/01/22 
No Opt. Call 
A– 
$ 1,080,903 
1,000 
  
Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation 
2/27 at 100.00 
AA 
1,225,620 
 
  
Certificates, Northeast Georgia Health Services Inc, Series 2017B, 5.500%, 2/15/42 
 
 
 
1,465 
  
Municipal Electric Authority of Georgia, General Resolution Projects Subordinated Bonds, 
1/28 at 100.00 
A1 
1,782,202 
 
  
Series 20188HH, 5.000%, 1/01/44 
 
 
 
3,490 
  
Total Georgia 
 
 
4,088,725 
 
  
Hawaii – 2.0% (1.6% of Total Investments) 
 
 
 
3,000 
  
Honolulu City and County, Hawaii, Wastewater System Revenue Bonds, First Bond 
1/28 at 100.00 
Aa2 
3,780,510 
 
  
Resolution, Senior Series 2018A, 5.000%, 7/01/37 
 
 
 
 
  
Illinois – 10.6% (8.4% of Total Investments) 
 
 
 
2,500 
  
Cook County, Illinois, General Obligation Bonds, Tender Option Bond Trust 2015-XF1007, 
11/22 at 100.00 
A+ 
3,259,675 
 
  
17.259%, 11/15/25, 144A (IF) (4) 
 
 
 
4,000 
  
Illinois Municipal Electric Agency, Power Supply System Revenue Bonds, Refunding Series 
8/25 at 100.00 
A1 
4,750,760 
 
  
2015A, 5.000%, 2/01/27 
 
 
 
2,500 
  
Illinois State, General Obligation Bonds, November Series 2017D, 5.000%, 11/01/27 
No Opt. Call 
BBB– 
2,758,325 
5,000 
  
Illinois State, General Obligation Bonds, Series 2013, 5.000%, 7/01/23 
No Opt. Call 
BBB– 
5,327,900 
290 
  
Madison, Macoupin, Jersey, Calhoun, Morgan, Scott, and Greene Counties Community College 
11/26 at 100.00 
AA 
353,365 
 
  
District 536, Illinois, General Obligation Bonds, Lewis & Clark Community College, Refunding 
 
 
 
 
  
Series 2017A, 5.000%, 11/01/33 – AGM Insured 
 
 
 
665 
  
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project 
12/29 at 100.00 
BBB 
681,113 
 
  
Bonds, Refunding Series 2020A, 4.000%, 6/15/50 
 
 
 
1,000 
  
Southwestern Illinois Development Authority, Local Government Revenue Bonds, Edwardsville 
No Opt. Call 
AA 
979,890 
 
  
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 
2,332,260 
17,955 
  
Total Illinois 
 
 
20,443,288 
 
  
Indiana – 1.5% (1.2% of Total Investments) 
 
 
 
1,045 
  
Indiana Finance Authority, Educational Facilities Revenue Bonds, 21st Century Charter 
3/23 at 100.00 
B+ 
1,069,975 
 
  
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+ 
1,788,510 
 
  
2015A, 5.000%, 2/01/25 
 
 
 
2,545 
  
Total Indiana 
 
 
2,858,485 
 
  
Iowa – 1.5% (1.2% of Total Investments) 
 
 
 
855 
  
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer 
12/20 at 103.00 
BB– 
882,326 
 
  
Company Project, Series 2016, 5.875%, 12/01/27, 144A 
 
 
 
2,000 
  
Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, 
12/20 at 100.00 
B– 
2,029,920 
 
  
5.600%, 6/01/34 
 
 
 
2,855 
  
Total Iowa 
 
 
2,912,246 
 
  
Kentucky – 3.3% (2.7% of Total Investments) 
 
 
 
1,000 
  
Kentucky Bond Development Corporation, Transient Room Tax Revenue Bonds, Lexington 
9/28 at 100.00 
A2 
1,143,500 
 
  
Center Corporation Project, Series 2018A, 5.000%, 9/01/43 
 
 
 
 
  
Kentucky Economic Development Finance Authority, Revenue Bonds, Next Generation Kentucky 
 
 
 
 
  
Information Highway Project, Senior Series 2015A: 
 
 
 
925 
  
4.250%, 7/01/35 
7/25 at 100.00 
BBB+ 
970,898 
1,400 
  
5.000%, 1/01/45 
7/25 at 100.00 
BBB+ 
1,499,848 
3,000 
  
Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, 
No Opt. Call 
Baa3 
2,838,570 
 
  
Downtown Crossing Project, Capital Appreciation Series 2013B, 0.000%, 7/01/23 
 
 
 
6,325 
  
Total Kentucky 
 
 
6,452,816 
 
39
 

   
NIQ
Nuveen Intermediate Duration Quality Municipal Term Fund
Portfolio of Investments (continued) November 30, 2020 (Unaudited)
 
           
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
Louisiana – 0.9% (0.7% of Total Investments) 
 
 
 
$ 530 
  
New Orleans Aviation Board, Louisiana, Special Facility Revenue Bonds, Parking 
10/28 at 100.00 
AA 
$ 638,782 
 
  
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– 
1,088,270 
1,530 
  
Total Louisiana 
 
 
1,727,052 
 
  
Maine – 2.8% (2.3% of Total Investments) 
 
 
 
1,000 
  
Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine 
7/23 at 100.00 
BBB 
1,062,780 
 
  
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+ 
527,320 
565 
  
5.000%, 7/01/48 
7/28 at 100.00 
A+ 
679,622 
 
  
Maine Turnpike Authority, Special Obligation Bonds, Series 2014: 
 
 
 
620 
  
5.000%, 7/01/25 
7/24 at 100.00 
A+ 
716,298 
340 
  
5.000%, 7/01/27 
7/24 at 100.00 
A+ 
390,850 
1,850 
  
5.000%, 7/01/29 
7/24 at 100.00 
A+ 
2,113,977 
4,810 
  
Total Maine 
 
 
5,490,847 
 
  
Maryland – 0.5% (0.4% of Total Investments) 
 
 
 
615 
  
Baltimore, Maryland, Convention Center Hotel Revenue Bonds, Refunding Series 2017, 
9/27 at 100.00 
BB– 
564,859 
 
  
5.000%, 9/01/34 
 
 
 
310 
  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Frederick 
No Opt. Call 
A– 
329,849 
 
  
Memorial Hospital Issue, Series 2012A, 5.000%, 7/01/22 
 
 
 
925 
  
Total Maryland 
 
 
894,708 
 
  
Massachusetts – 0.5% (0.4% of Total Investments) 
 
 
 
 
  
Massachusetts Development Finance Agency, Revenue Bonds, Boston Medical Center Issue, 
 
 
 
 
  
Series 2012C: 
 
 
 
80 
  
5.000%, 7/01/29 (Pre-refunded 7/01/22) 
7/22 at 100.00 
N/R (5) 
85,950 
420 
  
5.000%, 7/01/29 
7/22 at 100.00 
BBB 
443,495 
500 
  
5.000%, 7/01/29 (Pre-refunded 7/01/22) 
7/22 at 100.00 
Baa2 (5) 
537,190 
1,000 
  
Total Massachusetts 
 
 
1,066,635 
 
  
Michigan – 7.3% (5.8% of Total Investments) 
 
 
 
1,000 
  
Detroit City School District, Wayne County, Michigan, General Obligation Bonds, Tender 
No Opt. Call 
Aa1 
2,739,970 
 
  
Option Bond Trust 3308, 22.450%, 5/01/30, 144A (IF) (4) 
 
 
 
5 
  
Detroit, Michigan, Sewer Disposal System Revenue Bonds, Second Lien, Series 2006B, 
12/20 at 100.00 
A+ 
5,018 
 
  
5.000%, 7/01/36 – FGIC Insured 
 
 
 
5 
  
Detroit, Michigan, Water Supply System Revenue Bonds, Second Lien Series 2003B, 5.000%, 
12/20 at 100.00 
A+ 
5,019 
 
  
7/01/34 – NPFG Insured 
 
 
 
540 
  
Flint Hospital Building Authority, Michigan, Building Authority Revenue Bonds, Hurley 
No Opt. Call 
BBB– 
568,912 
 
  
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 (5) 
2,137,523 
 
  
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 
3,359,340 
 
  
Sewerage Department Water Supply System Local Project, Refunding Senior Loan Series 2014D-1, 
 
 
 
 
  
5.000%, 7/01/23 – AGM Insured 
 
 
 
40 
  
Michigan Finance Authority, Public School Academy Limited Obligation Revenue Bonds, Old 
No Opt. Call 
BB– 
40,000 
 
  
Redford Academy Project, Series 2010A, 5.250%, 12/01/20 
 
 
 
1,390 
  
Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Tender Option 
1/21 at 100.00 
AA– 
1,414,047 
 
  
Bond Trust 2015-XF0126, 21.701%, 12/01/27, 144A (IF) (4) 
 
 
 
1,500 
  
Michigan Finance Authority, Tobacco Settlement Asset- Backed Bonds, 2007 Sold Tobacco 
12/30 at 100.00 
BBB– 
1,799,055 
 
  
Receipts, Series 2020B-1-CL2, 5.000%, 6/01/49 
 
 
 
1,500 
  
Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 
10/29 at 100.00 
Aa2 
1,969,230 
 
  
2019-I, 5.000%, 4/15/36 
 
 
 
11,000 
  
Total Michigan 
 
 
14,038,114 
 
40
 

           
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
Minnesota – 1.3% (1.0% of Total Investments) 
 
 
 
$ 2,000 
  
Duluth Economic Development Authority, Minnesota, Health Care Facilities Revenue Bonds, 
2/28 at 100.00 
A– 
$ 2,213,820 
 
  
Essentia Health Obligated Group, Series 2018A, 4.250%, 2/15/43 
 
 
 
 
  
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 
205,523 
100 
  
3.700%, 3/01/22 
No Opt. Call 
BB 
101,400 
2,305 
  
Total Minnesota 
 
 
2,520,743 
 
  
Mississippi – 1.3% (1.0% of Total Investments) 
 
 
 
 
  
Mississippi Development Bank Special Obligation Bonds, Marshall County Industrial 
 
 
 
 
  
Development Authority, Mississippi Highway Construction Project, Tender Option Bond Trust 3315: 
 
 
 
800 
  
22.468%, 1/01/24 (Pre-Refunded 1/01/22), 144A (IF) (4) 
1/22 at 100.00 
AA- (5) 
1,008,032 
1,000 
  
22.468%, 1/01/25 (Pre-Refunded 1/01/22), 144A (IF) (4) 
1/22 at 100.00 
AA- (5) 
1,260,040 
200 
  
22.468%, 1/01/26 (Pre-Refunded 1/01/22), 144A (IF) (4) 
1/22 at 100.00 
AA- (5) 
252,008 
2,000 
  
Total Mississippi 
 
 
2,520,080 
 
  
Missouri – 1.7% (1.4% of Total Investments) 
 
 
 
3,000 
  
Missouri Joint Municipal Electric Utility Commission, Power Project Revenue Bonds, Plum 
No Opt. Call 
A 
3,288,150 
 
  
Point Project, Refunding Series 2014A, 5.000%, 1/01/23 
 
 
 
 
  
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 
1,226,975 
1,270 
  
5.000%, 7/01/29 
7/28 at 100.00 
BBB 
1,559,992 
2,255 
  
Total Montana 
 
 
2,786,967 
 
  
Nebraska – 2.6% (2.1% of Total Investments) 
 
 
 
3,000 
  
Central Plains Energy Project, Nebraska, Gas Project 3 Revenue Bonds, Series 2012, 
9/22 at 100.00 
A 
3,222,510 
 
  
5.000%, 9/01/32 
 
 
 
1,270 
  
Lincoln, Nebraska, Electric System Revenue Bonds, Series 2020A, 5.000%, 9/01/31 
3/30 at 100.00 
AA 
1,747,622 
4,270 
  
Total Nebraska 
 
 
4,970,132 
 
  
Nevada – 2.5% (2.0% of Total Investments) 
 
 
 
515 
  
Carson City, Nevada, Hospital Revenue Bonds, Carson Tahoe Regional Healthcare Project, 
9/27 at 100.00 
A– 
591,426 
 
  
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 
1,202,440 
 
  
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+ 
1,540,053 
1,210 
  
5.000%, 6/15/27 
6/26 at 100.00 
BBB+ 
1,430,087 
4,020 
  
Total Nevada 
 
 
4,764,006 
 
  
New Jersey – 4.3% (3.5% of Total Investments) 
 
 
 
 
  
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 
2,058,140 
1,000 
  
5.000%, 6/15/28 
6/22 at 100.00 
BBB 
1,022,410 
 
  
New Jersey Economic Development Authority, Private Activity Bonds, The Goethals Bridge 
 
 
 
 
  
Replacement Project, Series 2013: 
 
 
 
860 
  
5.000%, 1/01/21 (AMT) 
No Opt. Call 
A2 
862,821 
500 
  
5.000%, 1/01/22 (AMT) 
No Opt. Call 
A2 
521,725 
500 
  
5.000%, 7/01/22 (AMT) 
No Opt. Call 
A2 
531,630 
620 
  
5.000%, 1/01/23 (AMT) 
No Opt. Call 
A2 
671,392 
1,000 
  
New Jersey Economic Development Authority, School Facilities Construction Financing 
3/25 at 100.00 
Baa1 
884,630 
 
  
Program Bonds, Tender Option Bond Trust 2016-XF2340, 3.394%, 9/01/25, 144A (IF) (4) 
 
 
 
1,000 
  
New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental 
8/22 at 101.00 
Ba3 
1,049,000 
 
  
Airlines Inc, Series 1999, 5.250%, 9/15/29 (AMT) 
 
 
 
 
41
 

   
NIQ
Nuveen Intermediate Duration Quality Municipal Term Fund
Portfolio of Investments (continued) November 30, 2020 (Unaudited)
 
           
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
New Jersey (continued) 
 
 
 
$ 275 
  
New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint 
12/20 at 100.00 
BB+ 
$ 275,712 
 
  
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 
BB+ 
518,503 
 
  
Bonds, Series 2018B, 5.000%, 6/01/46 
 
 
 
8,205 
  
Total New Jersey 
 
 
8,395,963 
 
  
New York – 6.5% (5.2% of Total Investments) 
 
 
 
495 
  
Buffalo and Erie County Industrial Land Development Corporation, New York, Revenue 
7/25 at 100.00 
BBB 
569,092 
 
  
Bonds, Catholic Health System, Inc Project, Series 2015, 5.000%, 7/01/29 
 
 
 
435 
  
Liberty Development Corporation, New York, Goldman Sachs Headquarters Revenue Bonds 
No Opt. Call 
A 
658,803 
 
  
Series 2007, 5.500%, 10/01/37 
 
 
 
3,545 
  
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 
9/27 at 100.00 
A 
4,339,151 
 
  
2017, 5.000%, 9/01/42 
 
 
 
1,390 
  
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green 
5/30 at 100.00 
A3 
1,596,345 
 
  
Climate Bond Certified Series 2020C-1, 5.000%, 11/15/50 
 
 
 
750 
  
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding 
No Opt. Call 
A3 
891,015 
 
  
Green Climate Certified Series 2020E, 5.000%, 11/15/30 
 
 
 
710 
  
New York City, New York, General Obligation Bonds, Fiscal 2021 Series C, 5.000%, 8/01/43 
8/30 at 100.00 
AA 
901,004 
2,000 
  
New York Convention Center Development Corporation, New York, Revenue Bonds, Hotel Unit 
No Opt. Call 
A1 
2,350,800 
 
  
Fee Secured, Refunding Series 2015, 5.000%, 11/15/25 
 
 
 
1,000 
  
New York State Power Authority, General Revenue Bonds, Series 2020A, 4.000%, 11/15/50 
5/30 at 100.00 
AA 
1,181,560 
10,325 
  
Total New York 
 
 
12,487,770 
 
  
North Dakota – 0.7% (0.6% of Total Investments) 
 
 
 
1,250 
  
Cass County, North Dakota, Health Care Facilities Revenue Bonds, Essential Health 
2/28 at 100.00 
A– 
1,383,638 
 
  
Obligated Group, Series 2018B, 4.250%, 2/15/43 
 
 
 
 
  
Ohio – 2.3% (1.9% of Total Investments) 
 
 
 
620 
  
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed 
6/30 at 100.00 
BBB+ 
700,991 
 
  
Revenue Bonds, Refunding Senior Lien Series 2020A-2 Class 1, 4.000%, 6/01/48 
 
 
 
2,175 
  
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed 
6/30 at 100.00 
N/R 
2,446,048 
 
  
Revenue Bonds, Refunding Senior Lien Series 2020B-2 Class 2, 5.000%, 6/01/55 
 
 
 
3,000 
  
Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, 
No Opt. Call 
N/R 
3,750 
 
  
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 
1,355,229 
 
  
Bypass Project, Series 2015, 5.000%, 12/31/27 – AGM Insured (AMT) 
 
 
 
6,945 
  
Total Ohio 
 
 
4,506,018 
 
  
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 
302,369 
 
  
Project, Series 2018B, 5.250%, 8/15/43 
 
 
 
 
  
Oregon – 1.8% (1.4% of Total Investments) 
 
 
 
965 
  
Astoria Hospital Facilities Authority, Oregon, Hospital Revenue and Refunding Bonds, 
No Opt. Call 
A– 
1,034,181 
 
  
Columbia Memorial Hospital, Series 2012, 5.000%, 8/01/22 
 
 
 
2,000 
  
Port of Portland, Oregon, International Airport Revenue Bonds, Series 2017-24B, 5.000%, 
1/27 at 100.00 
A+ 
2,358,100 
 
  
7/01/36 (AMT) 
 
 
 
2,965 
  
Total Oregon 
 
 
3,392,281 
 
  
Pennsylvania – 3.4% (2.7% of Total Investments) 
 
 
 
 
  
Erie Higher Education Building Authority, Pennsylvania, Revenue Bonds, Gannon University 
 
 
 
 
  
Project, Series 2013: 
 
 
 
480 
  
4.000%, 5/01/21 
No Opt. Call 
BBB+ 
482,040 
500 
  
4.000%, 5/01/22 
No Opt. Call 
BBB+ 
507,140 
520 
  
4.000%, 5/01/23 
No Opt. Call 
BBB+ 
533,790 
 
42
 

           
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
Pennsylvania (continued) 
 
 
 
$ 1,905 
  
Erie Sewer Authority, Erie County, Pennsylvania, Sewer Revenue Bonds, Series 2012A, 
No Opt. Call 
AA 
$ 1,947,615 
 
  
5.000%, 6/01/21 – AGM Insured 
 
 
 
1,700 
  
Pennsylvania Economic Development Financing Authority, Private Activity Revenue Bonds, 
6/26 at 100.00 
BBB 
2,024,020 
 
  
Pennsylvania Rapid Bridge Replacement Project, Series 2015, 5.000%, 6/30/28 (AMT) 
 
 
 
285 
  
Pittsburgh Water and Sewer Authority, Pennsylvania, Water and Sewer System Revenue 
9/29 at 100.00 
AA 
343,419 
 
  
Bonds, Refunding Subordinate Series 2019B, 4.000%, 9/01/34 – AGM Insured 
 
 
 
 
  
Southcentral Pennsylvania General Authority, Revenue Bonds, Hanover Hospital Inc, Series 2013: 
 
 
 
370 
  
5.000%, 12/01/20 
No Opt. Call 
A 
370,000 
435 
  
5.000%, 12/01/21 
No Opt. Call 
A 
453,779 
6,195 
  
Total Pennsylvania 
 
 
6,661,803 
 
  
Puerto Rico – 1.6% (1.3% of Total Investments) 
 
 
 
 
  
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1: 
 
 
 
660 
  
4.500%, 7/01/34 
7/25 at 100.00 
N/R 
707,606 
2,175 
  
4.550%, 7/01/40 
7/28 at 100.00 
N/R 
2,356,895 
2,835 
  
Total Puerto Rico 
 
 
3,064,501 
 
  
South Carolina – 2.3% (1.8% of Total Investments) 
 
 
 
2,000 
  
South Carolina Public Service Authority, Electric System Revenue Bonds, Santee Cooper, 
6/22 at 100.00 
A (5) 
2,142,500 
 
  
Refunding Series 2012D, 5.000%, 12/01/43 (Pre-refunded 6/01/22) 
 
 
 
2,000 
  
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding 
6/24 at 100.00 
A 
2,286,580 
 
  
Series 2014B, 5.000%, 12/01/31 
 
 
 
4,000 
  
Total South Carolina 
 
 
4,429,080 
 
  
Tennessee – 8.5% (6.8% of Total Investments) 
 
 
 
 
  
Greeneville Health and Educational Facilities Board, Tennessee, Hospital Revenue Bonds, 
 
 
 
 
  
Ballad Health, Series 2018A: 
 
 
 
1,000 
  
5.000%, 7/01/36 
7/28 at 100.00 
A 
1,212,330 
1,605 
  
5.000%, 7/01/37 
7/28 at 100.00 
A 
1,940,654 
2,290 
  
Jackson, Tennessee, Hospital Revenue Bonds, Jackson-Madison County General Hospital 
10/28 at 100.00 
A 
2,830,005 
 
  
Project, Series 2018A, 5.000%, 4/01/35 
 
 
 
 
  
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+ 
1,565,409 
2,170 
  
5.000%, 1/01/26 
1/23 at 100.00 
A+ 
2,360,526 
450 
  
Metropolitan Government of Nashville-Davidson County, Tennessee, Water and Sewerage 
7/27 at 100.00 
AA 
551,799 
 
  
Revenue Bonds, Green Series 2017A, 5.000%, 7/01/42 
 
 
 
1,400 
  
The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006B, 
No Opt. Call 
BBB 
1,718,878 
 
  
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 
1,027,793 
1,490 
  
5.000%, 2/01/24 
No Opt. Call 
A 
1,683,327 
1,365 
  
5.000%, 2/01/25 
No Opt. Call 
A 
1,586,294 
14,230 
  
Total Tennessee 
 
 
16,477,015 
 
  
Texas – 7.8% (6.2% of Total Investments) 
 
 
 
1,225 
  
Bexar County Hospital District, Texas, Certificates of Obligation, Series 2020, 5.000%, 2/15/45 
2/29 at 100.00 
Aa1 
1,541,907 
500 
  
Central Texas Regional Mobility Authority, Revenue Bonds, Refunding Subordinate Lien 
No Opt. Call 
BBB+ 
522,270 
 
  
Series 2013, 5.000%, 1/01/22 
 
 
 
1,070 
  
Central Texas Regional Mobility Authority, Revenue Bonds, Refunding Subordinate Lien 
1/30 at 100.00 
BBB+ 
1,215,927 
 
  
Series 2020G, 4.000%, 1/01/45 
 
 
 
685 
  
Denton County Fresh Water Supply District 7, Texas, General Obligation Bonds, Refunding 
No Opt. Call 
AA 
689,877 
 
  
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 
2,027,660 
 
  
Citgo Petroleum Corporation Project, Series 1995, 4.875%, 5/01/25 (AMT) 
 
 
 
 
43
 

   
NIQ
Nuveen Intermediate Duration Quality Municipal Term Fund
Portfolio of Investments (continued) November 30, 2020 (Unaudited)
 
           
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
Texas (continued) 
 
 
 
$ 
  Harris County-Houston Sports Authority, Texas, Revenue Bonds, Refunding Second Lien
 
 
 
 
  
Series 2014C: 
 
 
 
1,660 
  
5.000%, 11/15/23 
No Opt. Call 
Baa1 
$ 1,758,737 
960 
  
5.000%, 11/15/25 
11/24 at 100.00 
Baa1 
1,032,576 
1,005 
  
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Third Lien Series 2004A-3, 
11/24 at 59.10 
Baa2 
526,771 
 
  
0.000%, 11/15/33 – NPFG Insured 
 
 
 
 
  
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital 
 
 
 
 
  
Revenue Bonds, Scott & White Healthcare Project, Tender Option Bond Trust 2016-XG0058: 
 
 
 
100 
  
22.273%, 8/15/22, 144A (IF) (4) 
No Opt. Call 
AA– 
136,678 
155 
  
22.064%, 8/15/24, 144A (IF) (4) 
8/23 at 100.00 
AA– 
249,397 
200 
  
22.273%, 8/15/26, 144A (IF) (4) 
8/23 at 100.00 
AA– 
323,780 
175 
  
22.023%, 8/15/27, 144A (IF) (4) 
8/23 at 100.00 
AA– 
279,170 
1,055 
  
Texas Municipal Gas Acquisition and Supply Corporation I, Gas Supply Revenue Bonds, 
No Opt. Call 
A2 
1,238,000 
 
  
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 
3,234,600 
 
  
Series 2012, 5.000%, 12/15/27 
 
 
 
360 
  
Texas Public Finance Authority, Revenue Bonds, Texas Southern University Financing 
5/21 at 100.00 
BBB 
365,911 
 
  
System, Series 2011, 6.000%, 5/01/23 
 
 
 
14,150 
  
Total Texas 
 
 
15,143,261 
 
  
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 
536,890 
 
  
5.000%, 3/01/35 
 
 
 
600 
  
Utah Water Finance Agency, Revenue Bonds, Pooled Loan Financing Program, Series 2017C, 
3/27 at 100.00 
AA 
741,678 
 
  
5.000%, 3/01/34 
 
 
 
1,035 
  
Total Utah 
 
 
1,278,568 
 
  
Virgin Islands – 0.1% (0.1% of Total Investments) 
 
 
 
175 
  
Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding 
No Opt. Call 
AA 
181,906 
 
  
Series 2012A, 4.000%, 10/01/22 – AGM Insured 
 
 
 
 
  
Virginia – 2.3% (1.8% of Total Investments) 
 
 
 
1,340 
  
Chesapeake Bay Bridge and Tunnel District, Virginia, General Resolution Revenue Bonds, 
7/26 at 100.00 
AA 
1,587,230 
 
  
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+ 
549,531 
 
  
2012A, 5.000%, 7/15/21 
 
 
 
1,900 
  
Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, 
10/29 at 100.00 
A– 
2,307,892 
 
  
Dulles Metrorail & Capital improvement Projects, Refunding & Subordinate Lien Series 2019B, 
 
 
 
 
  
5.000%, 10/01/47 
 
 
 
3,775 
  
Total Virginia 
 
 
4,444,653 
 
  
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– 
807,548 
 
  
5.000%, 4/01/27 
 
 
 
1,445 
  
Washington State Convention Center Public Facilities District, Lodging Tax Revenue 
7/28 at 100.00 
A3 
1,626,897 
 
  
Bonds, Series 2018, 5.000%, 7/01/43 
 
 
 
2,145 
  
Total Washington 
 
 
2,434,445 
 
44
 

           
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
Wisconsin – 0.3% (0.3% of Total Investments) 
 
 
 
 
  
University of Wisconsin Hospitals and Clinics Authority, Revenue Bonds, Tender Option 
 
 
 
 
  
Bond Trust 2015-XF0127: 
 
 
 
$ 50 
  
20.386%, 4/01/22, 144A (IF) (4) 
No Opt. Call 
AA– 
$ 63,807 
100 
  
21.198%, 4/01/23, 144A (IF) (4) 
No Opt. Call 
AA– 
149,756 
185 
  
20.813%, 4/01/24, 144A (IF) (4) 
4/23 at 100.00 
AA– 
274,897 
100 
  
21.198%, 4/01/25, 144A (IF) (4) 
4/23 at 100.00 
AA– 
149,404 
435 
  
Total Wisconsin 
 
 
637,864 
$ 209,570 
  
Total Municipal Bonds (cost $222,562,111) 
 
 
240,114,533 

 
Shares 
  
Description (1) 
 
 
Value 
 
  
COMMON STOCKS – 1.2% (0.9% of Total Investments) 
 
 
 
 
  
Electric Utilities – 1.2% (0.9% of Total Investments) 
 
 
 
97,015 
  
Energy Harbor Corp (8), (9), (10) 
 
 
$ 2,188,949 
 
  
Total Common Stocks (cost $2,765,568) 
 
 
2,188,949 
 
  
Total Long-Term Investments (cost $225,327,679) 
 
 
242,303,482 
 
  
Adjustable Rate MuniFund Term Preferred Shares, net of deferred offering costs – (28.4)% (11) 
 
 
(54,930,624) 
 
  
Other Assets Less Liabilities – 2.9% 
 
 
5,759,613 
 
  
Net Assets Applicable to Common Shares – 100% 
 
 
$ 193,132,471 
 
   
(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) 
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions. 
(5) 
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. 
(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) 
Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy. 
(8) 
For fair value measurement disclosure purposes, investment classified as Level 2. See Notes to Financial Statements, Note 3 - Investment Valuation and Fair Value Measurements for more information. 
(9) 
Non-income producing; issuer has not declared an ex-dividend date within the past twelve months. 
(10) 
Common Stock received as part of the bankruptcy settlement for Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy Generation Project, Refunding Series 2006A, 3.750%, 12/01/23. 
(11) 
Adjustable Rate MuniFund Term Preferred Shares, net of deferred offering cost as a percentage of Total Investments is 22.7%. 
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. 
AMT 
Alternative Minimum Tax 
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, 2020 (Unaudited)
             
 
  
NID
   
NIQ
 
Assets 
            
Long-term investments, at value (cost $833,158,692 and $225,327,679, respectively) 
  
$
855,679,277
    
$
242,303,482
  
Cash collateral at brokers for investments in futures contracts(1) 
    
153,003
      
—
  
Cash collateral at brokers for investments in inverse floating rate transactions(1) 
    
850,000
      
—
  
Receivable for: 
                
Interest 
    
14,334,318
      
3,714,263
  
Investments sold 
    
7,445,939
      
3,792,944
  
Other assets 
    
49,300
      
618
  
Total assets 
    
878,511,837
      
249,811,307
  
Liabilities 
                
Cash overdraft 
    
9,908,437
      
1,082,900
  
Floating rate obligations 
    
30,968,000
      
—
  
Payable for: 
                
Dividends 
    
1,967,460
      
495,025
  
Interest 
    
121,700
      
—
  
Variation margin on futures contracts 
    
531
      
—
  
Adjustable Rate MuniFund Term Preferred (“AMTP”) Shares, net of deferred offering costs (liquidation preference 
                
$175,000,000 and $55,000,000, respectively) 
    
174,911,185
      
54,930,624
  
Accrued expenses: 
                
Management fees 
    
453,341
      
108,373
  
Trustees fees 
    
50,033
      
810
  
Other 
    
139,547
      
61,104
  
Total liabilities 
    
218,520,234
      
56,678,836
  
Net Assets applicable to common shares 
  
$
659,991,603
    
$
193,132,471
  
Common shares outstanding 
    
46,909,660
      
13,097,144
  
Net asset value (“NAV”) per common share outstanding 
  
$
14.07
    
$
14.75
  
Net assets applicable to common shares consist of: 
                
Common shares, $0.01 par value per share 
  
$
469,097
    
$
130,971
  
Paid-in surplus 
    
670,084,824
      
186,825,698
  
Total distributable earnings 
    
(10,562,318
)
    
6,175,802
  
Net assets applicable to common shares 
  
$
659,991,603
    
$
193,132,471
  
Authorized shares: 
                
Common 
  
Unlimited
   
Unlimited
 
Preferred 
  
Unlimited
   
Unlimited
 

(1)
Cash pledged to collateralize the net payment obligations for investments in derivatives and inverse floating rate transactions.
 
See accompanying notes to financial statements.
46
 

Statement of Operations
Six Months Ended November 30, 2020 (Unaudited)
             
 
  
NID
   
NIQ
 
Investment Income 
  
$
17,496,715
    
$
4,202,503
  
Expenses 
                
Management fees 
    
2,751,788
      
661,621
  
Interest expense and amortization of offering costs 
    
957,834
      
279,732
  
Custodian fees 
    
40,259
      
15,627
  
Trustees fees 
    
12,022
      
3,573
  
Professional fees 
    
33,237
      
21,166
  
Shareholder reporting expenses 
    
32,809
      
11,584
  
Shareholder servicing agent fees 
    
6,870
      
6,860
  
Stock exchange listing fees 
    
6,181
      
3,216
  
Investor relations expenses 
    
17,497
      
5,091
  
Other 
    
28,769
      
15,231
  
Total expenses 
    
3,887,266
      
1,023,701
  
Net investment income (loss) 
    
13,609,449
      
3,178,802
  
Realized and Unrealized Gain (Loss) 
                
Net realized gain (loss) from: 
                
Investments 
    
(26,318
)
    
(459,642
)
Futures contracts 
    
36,636
      
—
  
Change in net unrealized appreciation (depreciation) of: 
                
Investments 
    
18,284,352
      
5,283,556
  
Futures contracts 
    
25,747
      
—
  
Net realized and unrealized gain (loss) 
    
18,320,417
      
4,823,914
  
Net increase (decrease) in net assets applicable to common shares from operations 
  
$
31,929,866
    
$
8,002,716
  
 
See accompanying notes to financial statements.
47
 

Statement of Changes in Net Assets
(Unaudited)
                         
 
  
NID
   
NIQ
 
 
  
Six Months
   
Year
   
Six Months
   
Year
 
 
  
Ended
   
Ended
   
Ended
   
Ended
 
 
  
11/30/20
   
5/31/20
   
11/30/20
   
5/31/20
 
Operations 
                        
Net investment income (loss) 
  
$
13,609,449
    
$
25,433,661
    
$
3,178,802
    
$
5,405,009
  
Net realized gain (loss) from: 
                                
Investments 
    
(26,318
)
    
(3,706,295
)
    
(459,642
)
    
66,415
  
Futures contracts 
    
36,636
      
(490,137
)
    
—
      
—
  
Swaps 
    
—
      
(804,923
)
    
—
      
—
  
Change in net unrealized appreciation (depreciation) of: 
                                
Investments 
    
18,284,352
      
(26,212,399
)
    
5,283,556
      
217,189
  
Futures contracts 
    
25,747
      
(12,970
)
    
—
      
—
  
Swaps 
    
—
      
502,317
      
—
      
—
  
Net increase (decrease) in net assets applicable to common shares 
                                
from operations 
    
31,929,866
      
(5,290,746
)
    
8,002,716
      
5,688,613
  
Distributions to Common Shareholders 
                                
Dividends 
    
(12,102,692
)
    
(23,923,927
)
    
(2,894,469
)
    
(5,003,109
)
Decrease in net assets applicable to common shares from distributions 
                                
to common shareholders 
    
(12,102,692
)
    
(23,923,927
)
    
(2,894,469
)
    
(5,003,109
)
Net increase (decrease) in net assets applicable to common shares 
    
19,827,174
      
(29,214,673
)
    
5,108,247
      
685,504
  
Net assets applicable to common shares at the beginning of period 
    
640,164,429
      
669,379,102
      
188,024,224
      
187,338,720
  
Net assets applicable to common shares at the end of period 
  
$
659,991,603
    
$
640,164,429
    
$
193,132,471
    
$
188,024,224
  
 
See accompanying notes to financial statements.
48
 

Statement of Cash Flows
Six Months Ended November 30, 2020 (Unaudited)
             
 
  
NID
   
NIQ
 
Cash Flows from Operating Activities: 
            
Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations 
  
$
31,929,866
    
$
8,002,716
  
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 
    
(61,282,858
)
    
(8,954,939
)
Proceeds from sales and maturities of investments 
    
46,783,050
      
8,602,351
  
Payment-in-kind distributions 
    
(2,650
)
    
—
  
Amortization (Accretion) of premiums and discounts, net 
    
4,000,589
      
1,760,061
  
Amortization of deferred offering costs 
    
19,120
      
13,493
  
(Increase) Decrease in: 
                
Receivable for interest 
    
(566,627
)
    
(161,697
)
Receivable for investments sold 
    
(5,620,939
)
    
(3,097,944
)
Other assets 
    
3,423
      
3,213
  
Increase (Decrease) in: 
                
Payable for interest 
    
1,936
      
—
  
Payable for variation margin on futures contracts 
    
(45,032
)
    
—
  
Accrued management fees 
    
(960
)
    
(1,280
)
Accrued Trustees fees 
    
(2,095
)
    
(1,496
)
Accrued other expenses 
    
(1,104
)
    
(8,028
)
Net realized (gain) loss from: 
                
Investments 
    
26,318
      
459,642
  
Paydowns 
    
(24
)
    
—
  
Change in net unrealized appreciation (depreciation) of investments 
    
(18,284,352
)
    
(5,283,556
)
Net cash provided by (used in) operating activities 
    
(3,042,339
)
    
1,332,536
  
Cash Flow from Financing Activities: 
                
Increase (Decrease) in cash overdraft 
    
4,116,536
      
1,082,900
  
Proceeds from floating rate obligations 
    
10,856,000
      
—
  
Cash distributions paid to common shareholders 
    
(12,033,594
)
    
(2,840,663
)
Net cash provided by (used in) financing activities 
    
2,938,942
      
(1,757,763
)
Net Increase (Decrease) in Cash and Cash Collateral at Brokers 
    
(103,397
)
    
(425,227
)
Cash and cash collateral at brokers at the beginning of period 
    
1,106,400
      
425,227
  
Cash and cash collateral at brokers at the end of period 
  
$
1,003,003
    
$
—
  
   
Supplemental Disclosure of Cash Flow Information 
                
Cash paid for interest (excluding amortization of offering costs) 
  
$
936,778
    
$
266,239
  
 
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
Common
Share
NAV
   
Net
Investment
Income
(Loss)
   
Net
Realized/
Unrealized
Gain (Loss)
   
Total
   
From
Net
Investment
Income
   
From
Accumulated
Net Realized
Gains
   
Total
   
Ending
NAV
   
Ending
Share
Price
 
NID
                                           
Year Ended 5/31:
                                     
2021(d) 
  
$
13.65
    
$
0.29
    
$
0.39
    
$
0.68
    
$
(0.26
)
  
$
—
    
$
(0.26
)
  
$
14.07
    
$
13.75
  
2020 
    
14.27
      
0.54
      
(0.65
)
    
(0.11
)
    
(0.51
)
    
—
      
(0.51
)
    
13.65
      
13.27
  
2019 
    
13.61
      
0.54
      
0.63
      
1.17
      
(0.51
)
    
—
      
(0.51
)
    
14.27
      
13.38
  
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
  
   
NIQ
                                                         
Year Ended 5/31:
                                         
2021(d) 
    
14.36
      
0.24
      
0.37
      
0.61
      
(0.22
)
    
—
      
(0.22
)
    
14.75
      
14.54
  
2020 
    
14.30
      
0.41
      
0.03
      
0.44
      
(0.38
)
    
—
      
(0.38
)
    
14.36
      
13.89
  
2019 
    
13.66
      
0.41
      
0.60
      
1.01
      
(0.37
)
    
—
      
(0.37
)
    
14.30
      
13.26
  
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
  

   
 
  
AMTP Shares
at the End of Period
   
VMTP Shares
at the End of Period
 
 
  
Aggregate
Amount
Outstanding
(000)
   
Asset
Coverage
Per $100,000
Share
   
Aggregate
Amount
Outstanding
(000)
   
Asset
Coverage
Per $100,000
Share
 
NID 
                        
Year Ended 5/31:
             
2021(d) 
  
$
175,000
    
$
477,138
    
$
—
    
$
—
  
2020 
    
175,000
      
465,808
      
—
      
—
  
2019 
    
175,000
      
482,502
      
—
      
—
  
2018 
    
175,000
      
464,903
      
—
      
—
  
2017 
    
—
      
—
      
175,000
      
467,902
  
2016 
    
—
      
—
      
175,000
      
480,319
  
   
NIQ 
                                
Year Ended 5/31:
                 
2021(d) 
    
55,000
      
451,150
      
—
      
—
  
2020 
    
55,000
      
441,862
      
—
      
—
  
2019 
    
55,000
      
440,616
      
—
      
—
  
2018 
    
55,000
      
425,356
      
—
      
—
  
2017 
    
—
      
—
      
55,000
      
432,163
  
2016 
    
—
      
—
      
55,000
      
440,588
  
 
50
 

                                 
           
Common Share Supplemental Data/
Ratios Applicable to Common Shares
 
Common Share
Total Returns
         
Ratios to Average Net Assets(b)
       
Based
on
NAV(a)
   
Based
on
Share
Price(a)
   
Ending
Net
Assets
(000)
   
Expenses
   
Net
Investment
Income (Loss)
   
Portfolio
Turnover
Rate(c)
 
   
   
 
5.00
%
    
5.63
%
  
$
659,992
      
1.19
%*
    
4.17
%*
    
6
%
 
(0.83
)
    
2.97
      
640,164
      
1.51
      
3.83
      
17
  
 
8.80
      
10.80
      
669,379
      
1.59
      
3.95
      
13
  
 
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
  
   
   
   
 
4.28
      
6.30
      
193,132
      
1.07
      
3.32
      
4
  
 
3.11
      
7.70
      
188,024
      
1.43
      
2.86
      
13
  
 
7.54
      
9.06
      
187,339
      
1.55
      
2.96
      
20
  
 
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
  
 
   
(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. 
 
•  The expense ratios reflect, among other things, all interest expense and other costs related to preferred shares (as described in Note 5 – Fund 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 4 – Portfolio Securities and Investments in Derivatives), where applicable, as follows: 
 
         
NID 
 
  
NIQ 
 
Year Ended 5/31: 
 
  
Year Ended 5/31: 
 
2021(d) 
0.29%* 
  
2021(d) 
0.29%* 
2020 
0.62 
  
2020 
0.64 
2019 
0.69 
  
2019 
0.74 
2018 
0.57 
  
2018 
0.61 
2017 
0.42 
  
2017 
0.47 
2016 
0.30 
  
2016 
0.38 
 
   
(c) 
Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4 – Portfolio Securities and Investments in Derivatives), divided by the average long-term market value during the period. 
(d) 
For the six months ended November 30, 2020. 
* 
Annualized. 
 
See accompanying notes to financial statements.
51
 

Notes to
Financial Statements (Unaudited)
1. 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 (the “1940 Act”), 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, 2020, and the period covered by these Notes to Financial Statements is the six months ended November 30, 2020 (the “current fiscal period”).
Investment Adviser and Sub-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.
Other Matters
The outbreak of the novel coronavirus (“COVID-19”) and subsequent global pandemic began significantly impacting the U.S. and global financial markets and economies during the calendar quarter ended March 31, 2020. The worldwide spread of COVID-19 has created significant uncertainty in the global economy. The duration and extent of COVID-19 over the long term cannot be reasonably estimated at this time. The ultimate impact of COVID-19 and the extent to which COVID-19 impacts the Funds’ normal course of business, results of operations, investments, and cash flows will depend on future developments, which are highly uncertain and difficult to predict. Management continues to monitor and evaluate this situation.
2. Significant Accounting Policies
The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require the use of estimates made by management and the evaluation of subsequent events. Actual results may differ from those estimates. Each Fund is an investment company and follows the accounting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 946, Financial Services—Investment Companies. The net asset value (“NAV”) for financial reporting purposes may differ from the NAV for processing security and common share transactions. The NAV for financial reporting purposes includes security and common share transactions through the date of the report. Total return is computed based on the NAV used for processing security and common share transactions. The following is a summary of the significant accounting policies consistently followed by the Funds.
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.
Distributions to Common Shareholders
Distributions to common shareholders are recorded on the ex-dividend date. The amount, character and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.
52
 

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.
Investments and Investment Income
Securities transactions are accounted for as of the trade date for financial reporting purposes. Realized gains and losses on securities transactions are based upon the specific identification method. Investment income is comprised of interest income, which is recorded on an accrual basis and includes accretion of discounts and amortization of premiums for financial reporting purposes. 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. Investment income also reflects dividend income, which is recorded on the ex-dividend date.
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 4 – Portfolio Securities and Investments in Derivatives.
New Accounting Pronouncements and Rule Issuances
Reference Rate Reform
In March 2020, FASB issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The main objective of the new guidance is to provide relief to companies that will be impacted by the expected change in benchmark interest rates at the end of 2021, when participating banks will no longer be required to submit London Interbank Offered Rate (LIBOR) quotes by the UK Financial Conduct Authority (FCA). The new guidance allows companies to, provided the only change to existing contracts are a change to an approved benchmark interest rate, account for modifications as a continuance of the existing contract without additional analysis. For new and existing contracts, the Funds may elect to apply the amendments as of March 12, 2020 through December 31, 2022. Management has not yet elected to apply the amendments, but is currently assessing the impact of the ASU’s adoption to the Funds’ financial statements and various filings.
3. Investment Valuation and Fair Value Measurements
The Funds’ investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Board. 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. U.S. GAAP establishes the 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 management’s 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).
A description of the valuation techniques applied to the Funds’ major classifications of assets and liabilities measured at fair value follows:
Prices of fixed-income securities are generally 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. 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.
53
 

Notes to Financial Statements (Unaudited) (continued)
Equity securities and exchange-traded fund listed or traded on a national market or exchange are valued based on their sale price at the official close of business of such market or exchange on the valuation date. Foreign equity securities are valued at the last sale price or official closing price reported on the exchange where traded and converted to U.S. dollars at the prevailing rates of exchange on the date of valuation. To the extent these securities are actively traded and that valuation adjustments are not applied, they are generally classified as Level 1. If there is no official close of business, then the latest available sale price is utilized. If no sales are reported, then the mean of the latest available bid and ask prices is utilized and are generally classified as Level 2.
Futures contracts are valued using the closing settlement price or, in the absence of such a price, the last traded price and are generally classified as Level 1.
Any portfolio security or derivative for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued at fair value, as determined in good faith using procedures approved by the Board. 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 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. To the extent the inputs are observable and timely, the values would be classified as Level 2 of the fair value hierarchy; otherwise they would be classified as Level 3.
The following table summarizes the market value of the Funds’ investments as of the end of the reporting period, based on the inputs used to value them:
                         
NID 
  
Level 1
   
Level 2
   
Level 3
   
Total
 
Long-Term Investments*: 
                        
Municipal Bonds 
  
$
—
    
$
833,875,372
    
$
11,747
**
  
$
833,887,119
  
Common Stocks 
    
—
      
21,792,158
***
    
—
      
21,792,158
  
Investments in Derivatives: 
                                
Futures Contracts**** 
    
12,777
      
—
      
—
      
12,777
  
Total 
  
$
12,777
    
$
855,667,530
    
$
11,747
    
$
855,692,054
  
   
NIQ 
                                
Long-Term Investments*: 
                                
Municipal Bonds 
  
$
—
    
$
240,114,533
    
$
—
    
$
240,114,533
  
Common Stocks 
    
—
      
2,188,949
***
    
—
      
2,188,949
  
Total 
  
$
—
    
$
242,303,482
    
$
—
    
$
242,303,482
  
 
 
*
 Refer to the Fund’s Portfolio of Investments for state and/or industry classifications, where applicable.
**
 Refer to the Fund’s Portfolio of Investments for securities classified as Level 2.
***
 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.

4. 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.
54
 

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. Earnings due from the Underlying Bond and interest due to the holders of the Floaters as of the end of the reporting period are recognized as components of “Receivable for interest” and “Payable for interest” on the Statement of Assets and Liabilities, respectively.
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 
  
$
30,968,000
    
$
—
  
Floating rate obligations: externally-deposited Inverse Floaters 
    
185,041,250
      
48,263,750
  
Total 
  
$
216,009,250
    
$
48,263,750
  
 
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 
  
$
24,544,781
    
$
—
  
Average annual interest rate and fees 
    
0.74
%
    
—
%
 
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.
55
 

Notes to Financial Statements (Unaudited) (continued)
As described above, any amounts outstanding under a liquidity facility are recognized as a component of “Floating rate obligations” on the Statement of Assets and Liabilities by the Fund holding the corresponding Inverse Floaters issued by the borrowing TOB Trust. As of the end of the reporting period there were no loans outstanding under any such facility.
Each Fund may also enter into shortfall and forbearance agreements (sometimes referred to as a “recourse arrangement”) (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 
  
$
30,968,000
    
$
—
  
Maximum exposure to Recourse Trusts: externally-deposited Inverse Floaters 
    
185,041,250
      
48,263,750
  
Total 
  
$
216,009,250
    
$
48,263,750
  
 
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.
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 
  
$
61,282,858
    
$
8,954,939
  
Sales and maturities 
    
46,783,050
      
8,602,351
  
 
The Funds may purchase securities on a when-issued or delayed-delivery basis. Securities purchased on a when-issued or delayed-delivery basis may have extended settlement periods; interest income is not accrued until settlement date. Any securities 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. If the Funds have outstanding when-issued/delayed-delivery purchases commitments as of the end of the reporting period, such amounts are recognized on the Statement of Assets and Liabilities.
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.
Futures Contracts
Upon execution of a futures contract, a 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 held by the broker to cover initial margin requirements on open futures contracts, if any, is recognized as “Cash collateral at brokers for investments in futures contracts” on the Statement of Assets and Liabilities. Investments in futures contracts obligate a Fund and the clearing broker to settle monies on a daily basis representing changes in the prior days “mark-to-market” of the open contracts. If a Fund has unrealized appreciation the clearing broker would credit the Fund’s account with an amount equal to appreciation and conversely if a Fund has unrealized depreciation the clearing broker would debit the Fund’s account with an amount equal to depreciation. These daily cash settlements are also known as “variation margin.” Variation margin is recognized as a receivable and/or payable for “Variation margin on futures contracts” on the Statement of Assets and Liabilities.
56
 

During the period the futures contract is open, changes in the value of the contract are recognized as an unrealized gain or loss by “marking-to-market” on a daily basis to reflect the changes in market value of the contract, which is recognized as a component of “Change in net unrealized appreciation (depreciation) of futures contracts” on the Statement of Operations. When the contract is closed or expired, a Fund records a realized gain or loss equal to the difference between the value of the contract on the closing date and value of the contract when originally entered into, which is recognized as a component of “Net realized gain (loss) from futures contracts” on the Statement of Operations.
Risks of investments in futures contracts include the possible adverse movement in the price of the securities or indices underlying the contracts, the possibility that there may not be a liquid secondary market for the contracts and/or that a change in the value of the contract may not correlate with a change in the value of the underlying securities or indices.
During the current fiscal period, NID invested in interest rate futures to manage the duration of its portfolio by shorting interest rate futures contracts.
The average notional amount of futures contracts outstanding during the current fiscal period was as follows:
   
 
NID 
Average notional amount of futures contracts outstanding* 
$2,272,299 
 
*  The average notional amount is calculated based on the absolute aggregate notional amount of contracts outstanding at the beginning of the current fiscal period and at the end of each fiscal quarter within the current fiscal period.
The following table presents the fair value of all futures contracts held by the Fund 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 
Futures contracts 
— 
$ — 
  
Payable for 
$12,777 
 
 
 
 
  
variation margin on 
 
 
 
 
 
  
futures contracts* 
 
 
*  Value represents the cumulative unrealized appreciation (depreciation) of futures contracts as reported in the Fund’s Portfolio of Investments and not the daily asset and/or liability derivatives location as described in the table above.
The following table presents the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized on futures contracts on the Statement of Operations during the current fiscal period, and the primary underlying risk exposure.
       
 
 
 
Change in Net 
 
 
Net Realized 
Unrealized Appreciation 
Underlying 
Derivative 
Gain (Loss) from 
(Depreciation) of 
Risk Exposure 
Instrument 
Futures Contracts 
Futures Contracts 
Interest rate 
Futures contracts 
$36,636 
$25,747 
 
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.
57
 

Notes to Financial Statements (Unaudited) (continued)
5. 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 
$174,911,185 
NIQ 
2023 
550 
$55,000,000 
$54,930,624 
 
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.
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:
         
 
Notice 
 
Term 
Premium 
Fund 
Period 
Series 
Redemption Date 
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 
    
0.97
%
    
0.97
%
 
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.
58
 

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.
Costs incurred in connection each Fund’s offering of AMTP Shares were recorded as deferred charges, which are amortized over the life of the shares and are recognized as components of “Adjustable Rate MuniFund Term Preferred (“AMTP”) Shares, net of deferred offering costs” on the Statement of Assets and Liabilities and “Interest expense and amortization of offering costs” on the Statement of Operations.
Preferred Share Transactions
The Funds did not have any transactions in preferred shares during the current or prior fiscal period.
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 tax, 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.
The table below presents the cost and unrealized appreciation (depreciation) of each Fund’s investment portfolio, as determined on a federal income tax basis, as of November 30, 2020.
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 
  
$
802,417,617
    
$
225,278,959
  
Gross unrealized: 
                
Appreciation 
  
$
44,597,952
    
$
17,763,270
  
Depreciation 
    
(22,291,603
)
    
(738,747
)
Net unrealized appreciation (depreciation) of investments 
  
$
22,306,349
    
$
17,024,523
  
 
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, 2020, the Funds’ last tax year end.
The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains as of May 31, 2020, the Funds’ last tax year end, were as follows:
             
 
  
NID
   
NIQ
 
Undistributed net tax-exempt income1 
  
$
3,566,224
    
$
869,397
  
Undistributed net ordinary income2 
    
196,564
      
125,834
  
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, 2020, and paid on June 1, 2020.
2
 Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.

59
 

Notes to Financial Statements (Unaudited) (continued)
The tax character of distributions paid during the Funds’ last tax years ended May 31, 2020 was designated for purposes of the dividends paid deduction as follows:
             
 
  
NID
   
NIQ
 
Distributions from net tax-exempt income 
  
$
23,750,762
    
$
4,998,837
  
Distributions from net ordinary income2 
    
173,165
      
4,272
  
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, 2020, 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 
  
$
20,019,259
    
$
8,007,051
  
Long-term 
    
16,087,876
      
3,191,632
  
Total 
  
$
36,107,135
    
$
11,198,683
  
 
During the Funds’ last tax year ended May 31, 2020, NIQ utilized $75,009 of its capital loss carryforward.
7. Management Fees and Other Transactions with Affiliates
Management Fees
Each Fund’s management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Sub-Adviser is compensated for its services to the Funds from the management fees paid to the Adviser.
Each Fund’s management fee consists of two components – a fund-level fee, based only on the amount of assets within each individual Fund, and a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser. This pricing structure enables Fund shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.
The annual fund-level fee, payable monthly, for each Fund is calculated according to the following schedule:
             
 
  
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
  
 
60
 

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, but do not include certain Nuveen funds that were reorganized into funds advised by an affiliate of the Adviser during the 2019 calendar year. As of November 30, 2020, the complex-level fee for each Fund was 0.1561%.

Other Transactions with Affiliates
Each Fund is permitted to purchase or sell securities from or to certain other funds or accounts managed by the Sub-Adviser (“Affiliated Entity”) under specified conditions outlined in procedures adopted by the Board (“cross-trade”). These procedures have been designed to ensure that any cross-trade of securities by the Fund from or to an Affiliated Entity by virtue of having a common investment adviser (or affiliated investment adviser), common officer and/or common trustee complies with Rule 17a-7 under the 1940 Act. These transactions are effected at the current market price (as provided by an independent pricing service) without incurring broker commissions.
During the current fiscal period, the Funds did not engage in cross-trades pursuant to these procedures.
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, $2.405 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 June 2021 unless extended or renewed.
The credit facility has the following terms: a fee of 0.10% upfront fee, 0.15% per annum on unused commitment amounts, and interest at a rate equal to the higher of (a) one-month LIBOR (London Inter-Bank Offered Rate) plus 1.25% (1.00% prior to June 24, 2020) per annum or (b) the Fed Funds rate plus 1.25% (1.00% prior to June 24, 2020) 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.
61
 

Notes to Financial Statements (Unaudited) (continued)
During the current fiscal period, the Funds did not utilized this facility.
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
 

Shareholder Update
Changes Occurring During the Reporting Period
The following information in this semi-annual report is a summary of certain changes during the reporting period. This information may not reflect all of the changes that have occurred since you purchased shares of the Fund.
Amended and Restated By-Laws
On October 5, 2020, after a rigorous and deliberative review, and consistent with the interests of each Fund’s long-term shareholders, the Board of Trustees of each Fund adopted Amended and Restated By-Laws.
Among other changes, the Amended and Restated By-Laws require compliance with certain amended deadlines and procedural and informational requirements in connection with advance notice of shareholder proposals or nominations, including certain information about the proponent and the proposal, or in the case of a nomination, the nominee. Any shareholder considering making a nomination or other proposal should carefully review and comply with those provisions of the Amended and Restated By-Laws.
The Amended and Restated By-Laws also include provisions (the “Control Share By-Law”) pursuant to which, in summary, a shareholder who obtains beneficial ownership of common shares of a Fund in a “Control Share Acquisition” may exercise voting rights with respect to such shares only to the extent the authorization of such voting rights is approved by other shareholders of the Fund. The Control Share By-Law is primarily intended to protect the interests of the Fund and its long-term shareholders by limiting the risk that the Fund will become subject to undue influence by opportunistic traders pursuing short-term agendas adverse to the best interests of the Fund and its long-term shareholders. The Control Share By-Law does not eliminate voting rights for common shares acquired in Control Share Acquisitions, but rather entrusts the Fund’s other “non-interested” shareholders with determining whether to approve the authorization of the voting rights of the person acquiring such shares.
Subject to various conditions and exceptions, the Control Share By-Law defines a “Control Share Acquisition” to include an acquisition of common shares that, but for the Control Share By-Law, would give the beneficial owner, upon the acquisition of such shares, the ability to exercise voting power in the election of Trustees of a Fund in any of the following ranges:
(i) one-tenth or more, but less than one-fifth of all voting power;
(ii) one-fifth or more, but less than one-third of all voting power;
(iii) one-third or more, but less than a majority of all voting power; or
(iv) a majority or more of all voting power.
The Control Share By-Law generally excludes certain acquisitions of common shares from the definition of a Control Share Acquisition, including acquisitions of common shares that occurred prior to October 5, 2020, though such shares are included in assessing whether any subsequent share acquisition exceeds one of the enumerated thresholds.
Subject to certain conditions and procedural requirements set forth in the Control Share By-Law, including the delivery of a “Control Share Acquisition Statement” to the Funds’ Secretary setting forth certain required information, a shareholder who obtains or proposes to obtain beneficial ownership of common shares in a Control Share Acquisition generally may demand a special meeting of shareholders for the purpose of considering whether the voting rights of such acquiring person with respect to such shares shall be authorized.
This discussion is only a high-level summary of certain aspects of the Amended and Restated By-Laws, and is qualified in its entirety by reference to the Amended and Restated By-Laws. Shareholders should refer to the Amended and Restated By-Laws for more information. A copy of the Amended and Restated By-Laws can be found in the Current Report on Form 8-K filed by the Funds with the Securities and Exchange Commission on October 6, 2020, which is available at www.sec.gov, and may also be obtained by writing to the Secretary of the Funds at 333 West Wacker Drive, Chicago, Illinois 60606.
63
 

Additional Fund
Information
             
Board of Trustees 
 
 
 
 
 
 
Jack B. Evans 
William C. Hunter 
Albin F. Moschner 
John K. Nelson 
Judith M. Stockdale 
Carole E. Stone 
Matthew Thornton III 
Terence J. Toth 
Margaret L Wolff 
Robert L. Young 
 
 
 
 
Investment Adviser 
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 
150 Royall Street 
 
 
 
 
 
Canton, MA 02021 
 
 
 
 
 
(800) 257-8787 
 
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 as an exhibit to its report on Form N-PORT. You may obtain this information on the SEC’s website at http://www.sec.gov.
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

■
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.
■
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.

65
 

Glossary of Terms Used in this Report (continued)

■
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 professional or call us at (800) 257-8787.
67
 


Nuveen:
Serving Investors for Generations
Since 1898, financial professionals 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 professional, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.
Learn more about Nuveen Funds at: www.nuveen.com/closed-end-funds

Nuveen Securities, LLC member of FINRA and SIPC | 333 West Wacker Drive Chicago, IL 60606 | www.nuveen.com
ESA-B-1120D 1466043-INV-B-01/22

 
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)(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.
 
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 Quality Municipal Term Fund
By (Signature and Title) /s/ Mark L. Winget
Mark L. Winget
Vice President and Secretary
Date: February 5, 2021
 
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/ David J. Lamb
David J. Lamb
Chief Administrative Officer
(principal executive officer)
Date: February 5, 2021
 
By (Signature and Title) /s/ E. Scott Wickerham
E. Scott Wickerham
Vice President and Controller
(principal financial officer)
Date: February 5, 2021