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3
Chair’s Letter
Dear Shareholders,
Financial markets finished 2019 on a high note, despite the challenges of a weak start to the year, a slower global economy and heightened geopolitical risks. While global manufacturing languished, consumers remained resilient amid tight labor markets, growing wages and tame inflation. Global business sentiment, however, was less optimistic due to trade frictions and weaker global demand, and across advanced economies, growth in corporate profits and earnings was subdued in 2019. Nevertheless, the Federal Reserve’s (Fed) pivot to easing monetary conditions, along with liquidity provided by other central banks around the world, provided confidence that the economic cycle could be extended. Additionally, the year ended with a reduction in trade tensions and Brexit uncertainty, although the direction of policy and sentiment from here remains difficult to predict.
While we continue to anticipate muted economic growth and increased market volatility, we note that recession fears appear to have receded. The U.S. economy held steady in the third quarter, and fourth quarter economic indicators have provided upside surprises. Consumer confidence remains underpinned by low unemployment and modest wage growth. Looser financial conditions, in part driven by the Fed’s three interest rate cuts in 2019, have revived momentum in the housing market and should continue to encourage borrowing by consumers and businesses. Outside the U.S., Germany avoided a recession in the second half of 2019 and other eurozone economic indicators are pointing to stabilization and improving sentiment. Consumer spending in Europe and Japan, like in the U.S., has remained supported by jobs growth and rising wages.
At Nuveen, we still see investment opportunities in the maturing economic environment, but we are taking a selective approach. If you’re concerned about where the markets are headed from here, we encourage you to work with your financial advisor to review your time horizon, risk tolerance and investment goals. 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, 2020
4
Portfolio Managers’ Comments Nuveen Intermediate Duration Municipal Term Fund (NID)
Nuveen Intermediate Duration Quality Municipal Term Fund (NIQ)
These Funds feature portfolio management by Nuveen Asset Management, LLC (NAM), an affiliate of Nuveen, LLC. Portfolio managers John V. Miller, CFA, Timothy T. Ryan, CFA, Steven M. Hlavin and Daniel J. Close, CFA, discuss key investment strategies and the six-month performance of these two Nuveen Funds. John, Tim and Steve have managed NID since its inception in December 2012 and Dan has managed NIQ since its inception in February 2013.
What key strategies were used to manage the Funds during the six-month reporting period ended November 30, 2019?
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.
Municipal bonds performed well in the six-month reporting period. Bond prices rose as interest rates fell, under pressure from concerns about a slower economic environment and the ongoing trade tensions between the U.S. and China. With interest rates staying at low levels, investors continued to seek higher yield investments, including municipal bonds. The elevated demand and a moderate pace of supply, along with benign credit conditions, helped keep municipal credit spreads stable to narrowing. Investors also tended to favor the incremental yield offered by longer duration and lower credit quality municipal bonds, which helped credits with these characteristics outperform the broad market. During this time, we continued to take a bottom-up approach to discovering sectors that appeared undervalued as well as individual credits that we believed had the potential to perform well over the long term. In this environment, our trading activity continued to focus on pursuing the Funds’ investment objectives. We continued to seek bonds in areas of the market that we expected to perform well as the economy continued to improve.
Our portfolio activity in NID was busier than usual as we sought to reinvest the proceeds from called and maturing bonds. Among the larger calls and maturities in this reporting period were USG credits, U.S. Steel bonds (of which three different coupon issues were redeemed) and some higher coupon Guam general obligation (GO) bonds. The proceeds funded larger purchases such as U.S. Steel, CommonSpirit Health, New Jersey Transportation Trust and North Carolina Turnpike, as well as several smaller buys across the health care, housing, tobacco settlement and airport sectors.
NIQ bought across a range of sectors in bonds with intermediate to longer intermediate maturities and generally with 5% coupon structures. We purchased bonds in Tennessee, State of Illinois GOs, Michigan State Builders, CommonSpirit Health and University of Colorado. Most of the buying was funded from the proceeds of called and maturing bonds. We also sold Memphis Shelby County
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)
Airport credits to help trim the Fund’s alternative minimum tax exposure and sold San Francisco International Airport bonds, whose price depreciated, to help offset capital gains elsewhere in the portfolio and reinvest in more attractive long-term opportunities.
As of November 30, 2019, both Funds continued to use inverse floating rate securities. We employ inverse floaters for a variety of reasons, including duration management, income enhancement and total return enhancement. As part of our duration management strategies, NID 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. While the interest rate swaps and futures contracts themselves did not meaningfully impact performance, they enabled the Fund to invest in longer duration bonds that were key contributors to performance in this reporting period and that helped support the Fund’s dividend.
How did NID and NIQ perform during the six-month reporting period ended November 30, 2019?
The tables in each Fund’s Performance Overview and Holding Summaries section of this report provide the Funds’ total returns for the six-month, one-year, five-year and since-inception periods ended November 30, 2019. Each Fund’s total returns at common share net asset value (NAV) are compared with the performance of a corresponding market index.
For the six months ended November 30, 2019, the total returns at common share NAV for NID underperformed the returns for both the S&P Municipal Bond Index and 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.
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 provided a small benefit to the two Funds in this reporting period, as their longer durations than the benchmark index were advantageous in the period’s falling interest rate environment. However, as intermediate duration Funds, NID and NIQ are limited in how much longer their durations can be versus their benchmark indexes. NIQ was also modestly hurt by an overweight allocation to the shortest dated segment, which underperformed.
Credit ratings allocations had a negligible impact on NID as credit spreads contracted only slightly in this reporting period. However, for NIQ, credit ratings allocations were the largest positive contributor to performance. The Fund’s underweight to the underperforming AAA and AA rated paper and overweight allocations to the outperforming BBB and below investment grade rated categories were advantageous. Sector performance was mixed. For NID, sector positioning overall had a relatively neutral impact on performance. An overweight to tobacco settlement bonds helped, but an overweight to the hospital sector detracted modestly due to the slight underperformance of hospital bonds overall. NIQ’s sector allocations were a small detractor in aggregate. An underweight allocation to the pre-refunded sector was favorable, but the gains were more than offset by an overweight to public power sector, which detracted from performance.
Individual credit selection was an important performance driver for NID in this reporting period. An underweight exposure to Puerto Rico bonds was a drag on performance in this reporting period when Puerto Rico credits strongly outperformed. Additionally, NID’s overweight position in FirstEnergy Solutions dampened performance as the bond price retraced lower due to negative selling pressure. These two positions were the main detractors from NID’s relative performance. For NIQ, credit selection and tender option bonds (TOBs) together netted a positive contribution. NIQ’s holdings with longer durations and lower credit ratings (and therefore incrementally higher yields) tended to outperform, while short dated, high quality paper, such as pre-refunded bonds, underperformed.
6
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 the Fund pays on its leveraging instruments are lower than the interest the 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, which will make the shares’ net asset value more volatile, and total return performance more variable, over time.
In addition, common share income in levered funds will typically decrease in comparison to unlevered funds when short-term interest rates increase and increase when short-term interest rates decrease. 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 all-time lows after the 2007-2009 financial crisis, which has contributed to a reduction in common share net income and long-term total return potential, leverage nevertheless continues to provide the opportunity for incremental common share income. Management believes that the potential benefits from leverage continue to outweigh the associated increase in risk and volatility previously described.
Leverage had a positive impact on the total return performance of the Funds over the reporting period.
As of November 30, 2019, the Funds’ percentages of leverage are as shown in the accompanying table.
| | | |
| NID | NIQ |
Effective Leverage* | 36.16% | 35.25% |
Regulatory Leverage* | 20.68% | 22.47% |
| |
*
| Effective Leverage is a Fund’s effective economic leverage, and includes both regulatory leverage and the leverage effects of certain derivative and other investments in a Fund’s portfolio that increase the Fund’s investment exposure. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage. Regulatory leverage consists of preferred shares issued or borrowings of a Fund. Both of these are part of a Fund’s capital structure. A Fund, however, may from time to time borrow on a typically transient basis in connection with its day-to-day operations, primarily in connection with the need to settle portfolio trades. Such incidental borrowings are excluded from the calculation of a Fund’s effective leverage ratio. Regulatory leverage is subject to asset coverage limits set forth in the Investment Company Act of 1940. |
THE FUNDS’ REGULATORY LEVERAGE
As of November 30, 2019, 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, Preferred Shares for further details. |
**
| Preferred shares of the Fund featuring floating rate dividends set by a remarketing agent via a regular remarketing. Includes the following preferred shares VRDP not in Special Rate Mode, MFP-VRRM and MFP-VRDM, where applicable. See Notes to Financial Statements, Note 5 – Fund Shares, Preferred Shares for further details. |
Refer to Notes to Financial Statements, Note 5 – Fund Shares, Preferred Shares for further details on preferred shares and each Funds’ respective transactions.
7
COMMON SHARE DISTRIBUTION INFORMATION
The following information regarding the Funds’ distributions is current as of November 30, 2019. Each Fund’s distribution levels may vary over time based on each Fund’s investment activity and portfolio investment value changes.
During the current reporting period, each Fund’s distributions to common shareholders were as shown in the accompanying table.
| | | | | | | |
| | Per Common | |
| | Share Amounts | |
| Monthly Distributions (Ex-Dividend Date) | | NID | | | NIQ | |
June 2019 | | $ | 0.0425 | | | $ | 0.0315 | |
July | | | 0.0425 | | | | 0.0315 | |
August | | | 0.0425 | | | | 0.0315 | |
September | | | 0.0425 | | | | 0.0315 | |
October | | | 0.0425 | | | | 0.0315 | |
November 2019 | | | 0.0425 | | | | 0.0315 | |
| Total Distributions from Net Investment Income | | $ | 0.2550 | | | $ | 0.1890 | |
| Yields | | | | | | | | |
Market Yield* | | | 3.72 | % | | | 2.75 | % |
Taxable-Equivalent Yield* | | | 6.22 | % | | | 4.63 | % |
| |
*
| 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% for NID and NIQ. 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.
8
CHANGE IN METHOD OF PUBLISHING NUVEEN CLOSED-END FUND DISTRIBUTION AMOUNTS
During November 2019, the Nuveen Closed-End Funds discontinued the practice of announcing Fund distribution amounts and timing via press release. Instead, information about the Nuveen Closed-End Funds’ monthly and quarterly periodic distributions to shareholders are posted and can be found on Nuveen’s enhanced closed-end fund resource page, which is at www.nuveen.com/closed-end-fund-distributions, along with other Nuveen closed-end fund product updates. Shareholders can expect regular distribution information to be posted on www.nuveen.com on the first business day of each month. To ensure that our shareholders have timely access to the latest information, a subscribe function can be activated at this link here, or at this web page (www.nuveen.com/en-us/people/about-nuveen/for-the-media).
COMMON SHARE REPURCHASES
During August 2019, the Funds’ Board of Trustees reauthorized an open-market share repurchase program, allowing each Fund to repurchase an aggregate of up to approximately 10% of its outstanding shares.
As of November 30, 2019, 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, 2019, 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 | | $ | 14.31 | | | $ | 14.49 | |
Common share price | | $ | 13.72 | | | $ | 13.75 | |
Premium/(Discount) to NAV | | | (4.12 | )% | | | (5.11 | )% |
6-month average premium/(discount) to NAV | | | (5.05 | )% | | | (6.31 | )% |
9
Risk Considerations and Investment Policy Updates 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.
Investment Policy Updates
Change in Investment Policy
Each of the Funds has recently adopted the following policy regarding limits to investments in illiquid securities:
While there are no such limits imposed by applicable regulations, certain Nuveen Closed-End Funds formerly had investment policies that placed limits on a Fund’s ability to invest in illiquid securities. All exchange-listed Nuveen Closed-End Funds now have no formal limit on their ability to invest in such illiquid securities, but each Fund’s portfolio management team will monitor such investments in the regular, overall management of the Fund’s portfolio securities.
New Temporary Investment Policy
The Funds have adopted the following regarding their temporary investments.
Each Fund may temporarily depart from its normal investment policies and strategies – for instance, by allocating up to 100% of its assets to cash equivalents, short-term investments, or municipal bonds that do not comply with a Fund’s Name Policy – in response to adverse or unusual market, economic, political or other conditions. Such conditions could include a temporary decline in the availability of municipal bonds that comply with a Fund’s Name Policy. During these periods, the weighted average maturity of a Fund’s investment portfolio may fall below the defined range described in the respective Fund Summary under “Principal Investment Strategies” and a Fund may not achieve its investment objective to distribute income that is exempt from regular federal and state personal income tax.
10
| | |
| Nuveen Intermediate Duration Municipal |
| Term Fund |
| Performance Overview and Holding Summaries as of |
| November 30, 2019 |
| | | | | |
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, 2019 |
|
| Cumulative | Average Annual |
| | | | Since |
| 6-Month | 1-Year | 5-Year | Inception |
NID at Common Share NAV | 2.08% | 9.97% | 5.27% | 4.58% |
NID at Common Share Price | 4.47% | 15.05% | 7.05% | 3.58% |
S&P Intermediate Duration Municipal Yield Index | 2.75% | 8.50% | 4.44% | 4.22% |
S&P Municipal Bond Index | 2.31% | 8.13% | 3.55% | 3.16% |
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
11
| | |
| NID | Performance Overview and Holding Summaries as of |
| November 30, 2019 (continued) |
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 | 126.7% |
Other Assets Less Liabilities | 2.4% |
| Net Assets Plus Floating Rate | |
| Obligations & AMTP Shares, | |
| net of deferred offering costs | 129.1% |
Floating Rate Obligations | (3.0)% |
AMTP Shares, net of deferred | |
| offering costs | (26.1)% |
| Net Assets | 100% |
| | |
| Portfolio Credit Quality | |
| (% of total investment exposure) | |
U.S. Guaranteed | 4.1% |
AAA | 0.3% |
AA | 21.6% |
A | 17.7% |
BBB | 21.0% |
BB or Lower | 20.3% |
N/R (not rated) | 15.0% |
| Total | 100% |
| | |
| Portfolio Composition | |
| (% of total investments) | |
Tax Obligation/Limited | 23.9% |
Health Care | 11.7% |
Transportation | 11.6% |
Tax Obligation/General | 10.9% |
Consumer Staples | 9.3% |
Utilities | 8.0% |
Education and Civic Organizations | 7.4% |
Industrials | 6.6% |
Other | 10.6% |
| Total | 100% |
| | |
| States and Territories | |
| (as a % of total investments) | |
Illinois | 16.7% |
California | 9.2% |
New York | 7.7% |
New Jersey | 7.6% |
Florida | 7.4% |
Ohio | 6.7% |
Pennsylvania | 4.9% |
Texas | 4.4% |
Michigan | 3.6% |
Guam | 2.7% |
Colorado | 2.5% |
Washington | 2.4% |
Indiana | 2.3% |
Wisconsin | 2.1% |
Other | 19.8% |
| Total | 100% |
12
| | |
| NIQ | Nuveen Intermediate Duration Quality |
| Municipal Term Fund |
| Performance Overview and Holding Summaries as of |
| November 30, 2019 |
| | | | | |
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, 2019 |
|
| Cumulative | Average Annual |
| | | | Since |
| 6-Month | 1-Year | 5-Year | Inception |
NIQ at Common Share NAV | 2.66% | 10.17% | 4.26% | 3.83% |
NIQ at Common Share Price | 5.12% | 15.22% | 5.41% | 2.63% |
S&P Municipal Bond Intermediate Index | 2.07% | 7.83% | 3.29% | 3.14% |
S&P Municipal Bond Index | 2.31% | 8.13% | 3.55% | 3.35% |
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
13
| | |
| NIQ | Performance Overview and Holding Summaries as of |
| November 30, 2019 (continued) |
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 | 126.8% |
Other Assets Less Liabilities | 2.1% |
| Net Assets Plus AMTP Shares, | |
| net of deferred offering costs | 128.9% |
AMTP Shares, net of deferred | |
| offering costs | (28.9)% |
| Net Assets | 100% |
| | |
| Portfolio Credit Quality | |
| (% of total investment exposure) | |
U.S. Guaranteed | 8.8% |
AAA | 0.4% |
AA | 29.5% |
A | 32.1% |
BBB | 20.8% |
BB or Lower | 4.9% |
N/R (not rated) | 3.5% |
| Total | 100% |
| | |
| Portfolio Composition | |
| (% of total investments) | |
Utilities | 22.8% |
Health Care | 17.4% |
Tax Obligation/Limited | 16.1% |
Transportation | 12.1% |
Education and Civic Organizations | 10.8% |
Water and Sewer | 7.9% |
Tax Obligation/General | 7.1% |
Other | 5.8% |
| Total | 100% |
| | |
| States and Territories | |
| (as a % of total investments) | |
Colorado | 11.6% |
Illinois | 9.8% |
California | 9.1% |
Florida | 7.5% |
Tennessee | 6.8% |
Texas | 6.0% |
Michigan | 5.2% |
New Jersey | 3.8% |
New York | 3.3% |
Ohio | 3.1% |
Pennsylvania | 3.0% |
Kentucky | 2.5% |
Maine | 2.3% |
Nevada | 2.0% |
Georgia | 2.0% |
Alabama | 1.9% |
South Carolina | 1.8% |
Other | 18.3% |
| Total | 100% |
14
| | |
| Nuveen Intermediate Duration Municipal |
| Term Fund |
| Portfolio of Investments |
| November 30, 2019 (Unaudited) |
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | LONG-TERM INVESTMENTS – 126.7% (100.0% of Total Investments) | | | |
| | MUNICIPAL BONDS – 126.7% (100.0% of Total Investments) | | | |
| | Alaska – 0.3% (0.2% of Total Investments) | | | |
| $ 2,000 | | Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed | 12/19 at 100.00 | B3 | $ 2,002,720 |
| | Bonds, Series 2006A, 5.000%, 6/01/32 | | | |
| | Arizona – 0.9% (0.7% of Total Investments) | | | |
| 2,000 | | Arizona Health Facilities Authority, Hospital System Revenue Bonds, Phoenix Children’s | 2/22 at 100.00 | A1 | 2,151,040 |
| | Hospital, Refunding Series 2012A, 5.000%, 2/01/27 | | | |
| 690 | | Estrella Mountain Ranch Community Facilities District, Goodyear City, Arizona, Special Assessment | 7/25 at 100.00 | N/R | 697,452 |
| | Revenue Bonds, Montecito Assessment District 2, Series 2015, 4.750%, 7/01/30, 144A | | | |
| 865 | | Florence Town Inc, Industrial Development Authority, Arizona, Education Revenue Bonds, | No Opt. Call | Ba2 | 906,416 |
| | Legacy Traditional School Project – Queen Creek and Casa Grande Campuses, Series 2013, | | | |
| | 5.000%, 7/01/23 | | | |
| 80 | | Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, | 7/21 at 100.00 | N/R (4) | 85,821 |
| | 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 | Ba2 | 309,740 |
| | 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+ | 1,020,240 |
| | Foundation, Inc Project, Series 2014, 5.125%, 2/01/34 | | | |
| 760 | | Pima County Industrial Development Authority, Arizona, Education Facility Revenue and | 7/20 at 102.00 | BB– | 753,753 |
| | Refunding Bonds, Edkey Charter Schools Project, Series 2013, 5.000%, 7/01/25 | | | |
| 398 | | Watson Road Community Facilities District, Arizona, Special Assessment Revenue Bonds, | 12/19 at 100.00 | N/R | 398,052 |
| | Series 2005, 5.750%, 7/01/22 | | | |
| 6,083 | | Total Arizona | | | 6,322,514 |
| | 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 | 2,835,720 |
| | Steel Project, Series 2019, 4.500%, 9/01/49, 144A (AMT) | | | |
| | California – 11.7% (9.2% of Total Investments) | | | |
| 1,850 | | Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Second | 10/26 at 100.00 | AA | 2,048,598 |
| | 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 | 5,708,275 |
| | Tender Option Bond Trust 2016-XG0089, 22.757%, 8/01/30, 144A (IF) (5) | | | |
| 710 | | Antelope Valley Healthcare District, California, Revenue Bonds, Series 2011A, 6.875%, | 3/21 at 100.00 | N/R (4) | 751,968 |
| | 3/01/26 (Pre-refunded 3/01/21) | | | |
| 750 | | Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, | 10/26 at 100.00 | AA | 880,890 |
| | Tender Option Bond Trust 2016-XG0019, 5.051%, 10/01/31, 144A (IF) (5) | | | |
| | California Municipal Finance Authority, Revenue Bonds, NorthBay Healthcare Group, Series 2017A: | | | |
| 1,095 | | 5.250%, 11/01/29 | 11/26 at 100.00 | BBB– | 1,298,539 |
| 1,140 | | 5.000%, 11/01/30 | 11/26 at 100.00 | BBB– | 1,325,763 |
| 1,000 | | California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, Poseidon | 7/22 at 100.00 | BBB | 1,064,110 |
| | Resources Channelside LP Desalination Project, Series 2012, 5.000%, 11/21/45 (AMT), 144A | | | |
| 1,000 | | California Public Finance Authority, Revenue Bonds, Verity Health System, Series 2015B, | No Opt. Call | N/R | 1,006,250 |
| | 7.250%, 6/10/20 (6) | | | |
| | 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 | 570,265 |
| 2,500 | | 5.250%, 12/01/34 | 12/24 at 100.00 | BB | 2,812,100 |
15
| | |
| NID | Nuveen Intermediate Duration Municipal Term Fund |
| Portfolio of Investments (continued) |
| November 30, 2019 (Unaudited) |
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | California (continued) | | | |
| $ 2,300 | | California Statewide Communities Development Authority, California, Revenue Bonds, Loma | 6/26 at 100.00 | BB | $ 2,669,472 |
| | Linda University Medical Center, Series 2016A, 5.000%, 12/01/27, 144A | | | |
| 5,000 | | Compton Community Redevelopment Agency, California, Tax Allocation Revenue Bonds, | 8/20 at 100.00 | N/R | 5,122,400 |
| | 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 | 3,137,250 |
| | Refunding Series 2013A, 0.000%, 1/15/29 – AGM Insured (7) | | | |
| | 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 | 2,408,580 |
| 3,260 | | 5.000%, 6/01/32 | 6/28 at 100.00 | BBB | 3,889,539 |
| 5,290 | | 5.000%, 6/01/33 | 6/28 at 100.00 | BBB | 6,287,482 |
| 3,805 | | 5.000%, 6/01/34 | 6/28 at 100.00 | BBB– | 4,498,081 |
| 1,415 | | 5.000%, 6/01/35 | 6/28 at 100.00 | BB+ | 1,667,068 |
| 2,505 | | 3.500%, 6/01/36 | 6/22 at 100.00 | BB– | 2,552,219 |
| 100 | | Indio Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment | 12/19 at 100.00 | A | 100,295 |
| | 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 | 2,644,124 |
| | 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) | 274,818 |
| | 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 | 4,120,172 |
| | 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 Facilities | 9/22 at 100.00 | N/R | 750,932 |
| | 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 | 2,283,258 |
| | Bonds, Refunding Series 2014A, 5.000%, 10/01/34 – AGM Insured | | | |
| 155 | | Riverside County, California, Special Tax Bonds, Community Facilities District 05-8 | No Opt. Call | N/R | 159,965 |
| | 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 | 568,205 |
| | Series 2014, 5.000%, 9/01/29 | | | |
| 2,395 | | San Bernardino Joint Powers Financing Authority, California, Tax Allocation Bonds, | No Opt. Call | AA | 2,822,508 |
| | 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 | 484,471 |
| | 2011, 7.500%, 12/01/41 | | | |
| 260 | | San Diego, California, Community Facilities District 3 Liberty Station Special Tax | No Opt. Call | N/R | 266,295 |
| | Refunding Bonds Series 2013, 5.000%, 9/01/20 | | | |
| 1,500 | | Tejon Ranch Public Facilities Financing Authority, California, Special Tax Bonds, | 3/23 at 100.00 | N/R | 1,625,385 |
| | 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 | 1,625,550 |
| | 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 | 12/19 at 100.00 | B | 10,038,400 |
| | Bonds, Refunding Series 2005A-2, 5.400%, 6/01/27 | | | |
| 1,035 | | Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed | 12/19 at 100.00 | BBB | 1,039,937 |
| | Bonds, Series 2005A-1, 4.750%, 6/01/23 | | | |
| 68,835 | | Total California | | | 78,503,164 |
| | Colorado – 3.2% (2.5% 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– | 843,878 |
| 250 | | 4.000%, 6/30/31 (AMT) | 12/27 at 100.00 | A– | 280,935 |
| 645 | | Colorado Educational and Cultural Facilities Authority, Charter School Refunding Revenue | 6/23 at 100.00 | A+ | 703,972 |
| | Bonds, Pinnacle Charter School, Inc K-8 Facility Project, Series 2013, 5.000%, 6/01/29 | | | |
16
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Colorado (continued) | | | |
| $ 170 | | Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, | No Opt. Call | B | $ 171,734 |
| | Academy of Charter Schools Project, Series 2010B, 6.125%, 11/01/20 | | | |
| 75 | | Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, | No Opt. Call | BB+ | 77,558 |
| | Littleton Preparatory Charter School, Series 2013, 5.000%, 12/01/22 | | | |
| 215 | | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Total Longterm Care | No Opt. Call | N/R (4) | 222,949 |
| | National Obligated Group Project, Series 2010A, 5.250%, 11/15/20 (ETM) | | | |
| 889 | | Colorado Housing and Finance Authority, Revenue Bonds, Confluence Energy LLC Project, | No Opt. Call | N/R | 144,263 |
| | Series 2017, 6.875%, 10/01/27 (AMT) (6), (8) | | | |
| 3,270 | | Colorado Springs, Colorado, Utilities System Revenue Bonds, Tender Option Bond Trust | 11/22 at 100.00 | AA+ | 4,136,812 |
| | 2015-XF0223, 11.131%, 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: | | | |
| 100 | | 18.253%, 3/01/25, 144A (IF) (5) | No Opt. Call | AA | 194,898 |
| 300 | | 18.253%, 3/01/26, 144A (IF) (5) | No Opt. Call | AA | 620,193 |
| 430 | | 18.214%, 3/01/27, 144A (IF) (5) | No Opt. Call | AA | 943,029 |
| 725 | | 18.253%, 3/01/28, 144A (IF) (5) | No Opt. Call | AA | 1,680,340 |
| 200 | | 18.253%, 3/01/29, 144A (IF) (5) | No Opt. Call | AA | 483,510 |
| 635 | | Denver City and County, Colorado, Special Facilities Airport Revenue Bonds, United | 10/23 at 100.00 | BB | 693,236 |
| | Airlines, Inc Project, Refunding Series 2017, 5.000%, 10/01/32 (AMT) | | | |
| 2,000 | | Denver Convention Center Hotel Authority, Colorado, Revenue Bonds, Convention Center | No Opt. Call | Baa2 | 2,387,420 |
| | Hotel, Refunding Senior Lien Series 2016, 5.000%, 12/01/26 | | | |
| 860 | | Fitzsimons Village Metropolitan District 3, Arapahoe County, Colorado, Tax Increment/Public | 3/20 at 100.00 | N/R | 844,374 |
| | Improvement Fee Supported Revenue Bonds, Series 2014A, 5.750%, 3/01/32 | | | |
| 1,000 | | Plaza Metropolitan District 1, Lakewood, Colorado, Tax Increment Revenue Bonds, | No Opt. Call | N/R | 1,055,150 |
| | 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 | 2,034,311 |
| | Refunding Series 2011, 6.000%, 11/01/26 | | | |
| 366 | | SouthGlenn Metropolitan District, Colorado, Special Revenue Bonds, Refunding Series 2016, | No Opt. Call | N/R | 367,486 |
| | 3.000%, 12/01/21 | | | |
| 3,150 | | Westminster Economic Development Authority, Colorado, Tax Increment Revenue Bonds, | 12/22 at 100.00 | AA– | 3,473,253 |
| | Mandalay Gardens Urban Renewal Project, Series 2012, 5.000%, 12/01/27 | | | |
| 17,930 | | Total Colorado | | | 21,359,301 |
| | Connecticut – 0.0% (0.0% of Total Investments) | | | |
| 7,872 | | Mashantucket Western Pequot Tribe, Connecticut, Special Revenue Bonds, Subordinate | No Opt. Call | N/R | 295,252 |
| | Series 2013A, 6.050%, 7/01/31 (cash 4.000%, PIK 2.050%) (6) | | | |
| | District of Columbia – 0.8% (0.6% of Total Investments) | | | |
| | District of Columbia Student Dormitory Revenue Bonds, Provident Group – Howard | | | |
| | Properties LLC Issue, Series 2013: | | | |
| 500 | | 4.000%, 10/01/20 | No Opt. Call | BB+ | 503,450 |
| 670 | | 4.000%, 10/01/21 | No Opt. Call | BB+ | 681,899 |
| 800 | | District of Columbia, Revenue Bonds, District of Columbia International School, Series 2019, | 7/29 at 100.00 | BBB | 962,744 |
| | 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 | 372,853 |
| | 4.125%, 7/01/27 | | | |
| | District of Columbia, Tax Increment Revenue Bonds, Gallery Place Project, Tender Option | | | |
| | Bond Trust 2016-XF2341: | | | |
| 745 | | 17.529%, 6/01/29, 144A (IF) (5) | 6/21 at 100.00 | AA+ | 941,270 |
| 785 | | 17.469%, 6/01/30, 144A (IF) (5) | 6/21 at 100.00 | AA+ | 988,637 |
| 520 | | 17.529%, 6/01/31, 144A (IF) (5) | 6/21 at 100.00 | AA+ | 653,427 |
| 4,375 | | Total District of Columbia | | | 5,104,280 |
17
| | |
| NID | Nuveen Intermediate Duration Municipal Term Fund |
| Portfolio of Investments (continued) |
| November 30, 2019 (Unaudited) |
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Florida – 9.4% (7.4% of Total Investments) | | | |
| | Atlantic Beach, Florida, Healthcare Facilities Revenue Refunding Bonds, Fleet Landing | | | |
| | Project, Series 2013A: | | | |
| $ 425 | | 5.000%, 11/15/20 | No Opt. Call | BBB | $ 437,992 |
| 150 | | 5.000%, 11/15/23 | No Opt. Call | BBB | 167,579 |
| 635 | | Ave Maria Stewardship Community District, Florida, Capital Improvement Revenue Bonds, | 5/25 at 100.00 | N/R | 654,685 |
| | Series 2015, 5.000%, 5/01/30 | | | |
| 7,200 | | Cape Coral Health Facilities Authority, Florida, Senior Housing Revenue Bonds, Gulf Care | 7/25 at 100.00 | N/R | 7,926,048 |
| | Inc Project, Series 2015, 5.750%, 7/01/30, 144A | | | |
| 430 | | Capital Projects Finance Authority, Florida, Student Housing Revenue Bonds, Capital Projects | 12/19 at 100.00 | Baa2 | 441,167 |
| | Loan Program, Series 2001F-1, 5.000%, 10/01/31 – NPFG Insured | | | |
| 1,855 | | Capital Trust Agency, Florida, Fixed Rate Air Cargo Revenue Refunding Bonds, Aero Miami | 7/20 at 100.00 | Baa3 | 1,886,832 |
| | FX, LLC Project, Series 2010A, 5.350%, 7/01/29 | | | |
| 660 | | Collier County Educational Facilities Authority, Florida, Revenue Bonds, Ave Maria | No Opt. Call | BBB– | 681,127 |
| | University, Refunding Series 2013A, 4.500%, 6/01/23 | | | |
| 215 | | Corkscrew Farms Community Development District, Lee County, Florida, Special Assessment | No Opt. Call | N/R | 216,333 |
| | Bonds, Area One Project, Series 2016, 3.500%, 11/01/21 | | | |
| 1,115 | | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, | No Opt. Call | B+ | 1,149,454 |
| | Renaissance Charter School, Inc Projects, Series 2011A, 6.500%, 6/15/21 | | | |
| 10,750 | | Florida Development Finance Corporation, Florida, Surface Transportation Facility Revenue | 2/20 at 104.00 | N/R | 10,284,525 |
| | Bonds, Virgin Trains USA Passenger Rail Project , Series 2019A, 6.250%, 1/01/49 (AMT) | | | |
| | (Mandatory Put 1/01/24), 144A | | | |
| 495 | | Grand Bay at Doral Community Development District, Miami-Dade County, Florida, Special | No Opt. Call | N/R | 518,765 |
| | 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: | | | |
| 525 | | 5.250%, 11/01/22 | No Opt. Call | N/R | 548,121 |
| 1,275 | | 5.750%, 11/01/32 | 11/23 at 100.00 | N/R | 1,341,785 |
| 1,675 | | Lee County Industrial Development Authority, Florida, Charter School Revenue Bonds, Lee | 12/19 at 100.00 | BB– | 1,675,888 |
| | County Community Charter Schools, Series 2007A, 5.250%, 6/15/27 | | | |
| 4,000 | | Martin County Industrial Development Authority, Florida, Industrial Development Revenue | 6/20 at 100.00 | BBB+ | 4,045,440 |
| | Refunding Bonds, Indiantown Cogeneration LP, Series 2013, 3.950%, 12/15/21 (AMT), 144A | | | |
| | Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Tender | | | |
| | Option Bond Trust 2016-XG0099: | | | |
| 700 | | 17.048%, 7/01/22, 144A (IF) (5) | No Opt. Call | A | 1,012,578 |
| 820 | | 17.048%, 7/01/23, 144A (IF) (5) | 7/22 at 100.00 | A | 1,206,925 |
| 1,115 | | 17.048%, 7/01/24, 144A (IF) (5) | 7/22 at 100.00 | A | 1,636,653 |
| 800 | | 17.048%, 7/01/25, 144A (IF) (5) | 7/22 at 100.00 | A | 1,170,008 |
| 545 | | Miromar Lakes Community Development District, Lee County, Florida, Capital Improvement | No Opt. Call | N/R | 563,753 |
| | Revenue Bonds, Refunding Series 2012, 4.875%, 5/01/22 | | | |
| 945 | | Northern Palm Beach County Improvement District, Florida, Water Control and Improvement | No Opt. Call | N/R | 965,762 |
| | Bonds, Development Unit 16, Refunding Series 2012, 5.125%, 8/01/22 | | | |
| 500 | | Palm Beach County Health Facilities Authority, Florida, Hospital Revenue Bonds, BRCH | 12/24 at 100.00 | N/R (4) | 587,595 |
| | 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+ | 963,144 |
| | 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 | 408,851 |
| | Beach Atlantic University Housing Project, Series 2019A, 5.000%, 4/01/39, 144A | | | |
| 2,610 | | South Fork Community Development District, Florida, Capital Improvement Revenue Bonds, | 5/27 at 100.00 | BBB | 2,826,317 |
| | 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 | 1,871,076 |
| | Bonds, Refunding Series 2012, 5.000%, 5/01/26 | | | |
| 945 | | Stonegate Community Development District, Florida, Special Assessment Revenue Bonds, | 5/23 at 100.00 | N/R | 975,098 |
| | Refunding Series 2013, 4.000%, 5/01/25 | | | |
18
| | | | | | |
| 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– | $ 3,302,939 |
| 2,350 | | 5.000%, 7/01/30 | 7/24 at 100.00 | A– | 2,639,309 |
| 1,560 | | 5.000%, 7/01/31 | 7/24 at 100.00 | A– | 1,741,147 |
| 1,400 | | 5.000%, 7/01/32 | 7/24 at 100.00 | A– | 1,556,744 |
| | Tampa-Hillsborough County Expressway Authority, Florida, Revenue Bonds, Tender Option | | | |
| | Bond Trust 2016-XG0097: | | | |
| 400 | | 17.307%, 7/01/27, 144A (IF) (5) | 7/22 at 100.00 | A+ | 580,212 |
| 290 | | 17.307%, 7/01/28, 144A (IF) (5) | 7/22 at 100.00 | A+ | 417,571 |
| 1,000 | | 12.356%, 7/01/29, 144A (IF) (5) | 7/22 at 100.00 | A+ | 1,314,920 |
| 1,000 | | 12.356%, 7/01/30, 144A (IF) (5) | 7/22 at 100.00 | A+ | 1,295,210 |
| 1,000 | | 17.307%, 7/01/31, 144A (IF) (5) | 7/22 at 100.00 | A+ | 1,431,950 |
| 1,025 | | Venetian Community Development District, Sarasota County, Florida, Capital Improvement | 5/22 at 100.00 | N/R | 1,061,941 |
| | Revenue Bonds, Series 2012-A2, 5.000%, 5/01/23 | | | |
| 1,355 | | Verandah West Community Development District, Florida, Capital Improvement Revenue | No Opt. Call | N/R | 1,378,821 |
| | Bonds, Refunding Series 2013, 4.000%, 5/01/23 | | | |
| 300 | | Vizcaya in Kendall Community Development District, Florida, Special Assessment Revenue | No Opt. Call | BBB– | 315,984 |
| | Bonds, Phase Two Assessment Area, Refunding Series 2012A-2, 5.600%, 5/01/22 | | | |
| 57,990 | | Total Florida | | | 63,200,249 |
| | Georgia – 0.5% (0.4% of Total Investments) | | | |
| 650 | | Atlanta Development Authority, Georgia, Senior Health Care Facilities Revenue Bonds, Georgia | 1/28 at 100.00 | N/R | 693,875 |
| | Proton Treatment Center Project, Current Interest Series 2017A-1, 6.500%, 1/01/29 | | | |
| 2,000 | | Clayton County Development Authority, Georgia, Special Facilities Revenue Bonds, Delta | 6/20 at 100.00 | Baa3 | 2,070,720 |
| | Air Lines, Inc Project, Series 2009A, 8.750%, 6/01/29 | | | |
| 575 | | Rockdale County Development Authority, Georgia, Revenue Bonds, Pratt Paper, LLC Project, | 1/28 at 100.00 | N/R | 610,029 |
| | Refunding Series 2018, 4.000%, 1/01/38, 144A (AMT) | | | |
| 3,225 | | Total Georgia | | | 3,374,624 |
| | Guam – 3.4% (2.7% of Total Investments) | | | |
| | Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D: | | | |
| 1,860 | | 5.000%, 11/15/24 | No Opt. Call | BB | 2,105,892 |
| 2,170 | | 5.000%, 11/15/33 | 11/25 at 100.00 | BB | 2,436,650 |
| | Guam Government Department of Education, Certificates of Participation, John F Kennedy | | | |
| | High School Project, Series 2010A: | | | |
| 500 | | 6.000%, 12/01/20 | No Opt. Call | B+ | 505,005 |
| 325 | | 6.875%, 12/01/40 | 12/20 at 100.00 | B+ | 332,953 |
| 1,100 | | Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, | 7/24 at 100.00 | A– | 1,231,395 |
| | Refunding Series 2014A, 5.000%, 7/01/29 | | | |
| 2,000 | | Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series | 7/20 at 100.00 | A– (4) | 2,048,000 |
| | 2010, 5.250%, 7/01/25 (Pre-refunded 7/01/20) | | | |
| | Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2013: | | | |
| 1,365 | | 5.250%, 7/01/24 | 7/23 at 100.00 | A– | 1,524,923 |
| 2,500 | | 5.500%, 7/01/43 | 7/23 at 100.00 | A– | 2,741,100 |
| | Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2016A: | | | |
| 2,500 | | 5.000%, 12/01/25 | No Opt. Call | BB | 2,888,250 |
| 3,750 | | 5.000%, 12/01/26 | No Opt. Call | BB | 4,401,563 |
| 2,025 | | Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/30 – AGM Insured | 10/22 at 100.00 | AA | 2,209,943 |
| 200 | | Guam Power Authority, Revenue Bonds, Series 2014A, 5.000%, 10/01/31 | 10/24 at 100.00 | BBB | 222,496 |
| 20,295 | | Total Guam | | | 22,648,170 |
| | Hawaii – 1.3% (1.0% of Total Investments) | | | |
| 6,215 | | Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific | 7/27 at 100.00 | N/R | 6,566,645 |
| | University, Series 2018, 6.000%, 7/01/28, 144A | | | |
19
| | |
| NID | Nuveen Intermediate Duration Municipal Term Fund |
| Portfolio of Investments (continued) |
| November 30, 2019 (Unaudited) |
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Hawaii (continued) | | | |
| $ 265 | | Hawaii Housing Finance and Development Corporation, Multifamily Housing Revenue Bonds, | No Opt. Call | A– | $ 271,445 |
| | Wilikina Apartments Project, Series 2012A, 4.250%, 5/01/22 | | | |
| 1,550 | | Hawaii State Department of Transportation, Special Facility Revenue Bonds, Continental | 12/19 at 100.00 | BB | 1,564,694 |
| | Airlines Inc, Series 1997, 5.625%, 11/15/27 (AMT) | | | |
| 8,030 | | Total Hawaii | | | 8,402,784 |
| | 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+ | 2,874,384 |
| | Refunding Series 2016, 5.000%, 9/01/30 | | | |
| | Illinois – 21.2% (16.7% of Total Investments) | | | |
| 5,580 | | CenterPoint Intermodal Center Program Trust, Illinois, Series 2004 Class A Certificates, 4.000%, | No Opt. Call | N/R | 5,653,377 |
| | 6/15/23, 144A (Mandatory Put 12/15/22) | | | |
| 5,000 | | Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, | 4/27 at 100.00 | A | 6,010,950 |
| | 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 | 493,860 |
| | Series 2017, 5.000%, 4/01/42 | | | |
| 470 | | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, | 12/24 at 100.00 | BB | 520,346 |
| | Project Series 2015C, 5.250%, 12/01/35 | | | |
| | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, | | | |
| | Refunding Series 2010F: | | | |
| 325 | | 5.000%, 12/01/19 (ETM) | No Opt. Call | N/R (4) | 325,000 |
| 1,275 | | 5.000%, 12/01/19 | No Opt. Call | BB– | 1,275,000 |
| 1,230 | | 5.000%, 12/01/20 | No Opt. Call | BB | 1,266,519 |
| 3,420 | | 5.000%, 12/01/31 | 12/20 at 100.00 | BB | 3,500,849 |
| | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, | | | |
| | Refunding Series 2017C: | | | |
| 7,225 | | 5.000%, 12/01/26 | No Opt. Call | BB | 8,293,505 |
| 1,875 | | 5.000%, 12/01/27 | No Opt. Call | BB | 2,183,175 |
| 1,000 | | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, | 12/27 at 100.00 | BB | 1,143,540 |
| | 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 | 1,202,910 |
| | 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 | 2,322,270 |
| | 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 | 1,249,000 |
| | 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 | 1,374,185 |
| 1,500 | | 0.000%, 12/01/27 – NPFG Insured | No Opt. Call | Baa2 | 1,211,385 |
| 2,266 | | Chicago, Illinois, Certificates of Participation Tax Increment Bonds, 35th and State | 12/19 at 100.00 | N/R | 2,267,004 |
| | Redevelopment Project, Series 2012, 6.100%, 1/15/29 | | | |
| 812 | | Chicago, Illinois, Certificates of Participation, Tax Increment Allocation Revenue | 12/19 at 100.00 | N/R | 615,156 |
| | Bonds, Diversey-Narragansett Project, Series 2006, 7.460%, 2/15/26 (6) | | | |
| 2,630 | | Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999, 0.000%, 1/01/34 – | No Opt. Call | BBB+ | 1,663,396 |
| | FGIC Insured | | | |
| 3,215 | | Chicago, Illinois, General Obligation Bonds, Project Series 2011A, 5.000%, 1/01/40 | 1/21 at 100.00 | BBB+ | 3,295,054 |
| 2,680 | | Chicago, Illinois, General Obligation Bonds, Refunding Series 2012C, 5.000%, 1/01/23 | 1/22 at 100.00 | BBB+ | 2,826,516 |
| | Chicago, Illinois, General Obligation Bonds, Refunding Series 2016C: | | | |
| 850 | | 5.000%, 1/01/24 | No Opt. Call | BBB+ | 934,099 |
| 1,500 | | 5.000%, 1/01/25 | No Opt. Call | BBB+ | 1,680,780 |
| 515 | | 5.000%, 1/01/31 | 1/26 at 100.00 | BBB+ | 576,800 |
| 1,685 | | 5.000%, 1/01/38 | 1/26 at 100.00 | BBB+ | 1,855,303 |
20
| | | | | | |
| 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 | | 16.916%, 11/15/29, 144A (IF) (5) | 11/22 at 100.00 | A+ | $ 1,409,670 |
| 3,040 | | 16.916%, 11/15/33, 144A (IF) (5) | 11/22 at 100.00 | A+ | 4,199,942 |
| 1,100 | | Cook County, Illinois, Recovery Zone Facility Revenue Bonds, Navistar International | 10/20 at 100.00 | BB | 1,132,769 |
| | Corporation Project, Series 2010, 6.750%, 10/15/40 | | | |
| 5,530 | | Illinois Finance Authority, Recovery Zone Facility Revenue Bonds, Navistar International | 10/20 at 100.00 | BB | 5,694,739 |
| | Corporation Project, Series 2010, 6.500%, 10/15/40 | | | |
| | Illinois Finance Authority, Revenue Bonds, Centegra Health System, Tender Option Bond | | | |
| | Trust 2016-XF2339: | | | |
| 330 | | 17.847%, 9/01/21, 144A (IF) (5) | No Opt. Call | AA+ | 437,234 |
| 480 | | 17.878%, 9/01/21, 144A (IF) (5) | No Opt. Call | AA+ | 636,274 |
| 435 | | 17.833%, 9/01/22, 144A (IF) (5) | No Opt. Call | AA+ | 655,319 |
| | Illinois Finance Authority, Revenue Bonds, Illinois Institute of Technology, Refunding | | | |
| | Series 2006A: | | | |
| 2,680 | | 5.000%, 4/01/24 | 12/19 at 100.00 | Baa3 | 2,682,198 |
| 1,950 | | 5.000%, 4/01/26 | 12/19 at 100.00 | Baa3 | 1,951,287 |
| 2,000 | | 5.000%, 4/01/31 | 12/19 at 100.00 | Baa3 | 2,005,880 |
| | Illinois Finance Authority, Revenue Bonds, Illinois Wesleyan University, Refunding Series 2016: | | | |
| 1,500 | | 3.000%, 9/01/30 | 9/26 at 100.00 | A– | 1,502,460 |
| 1,475 | | 3.000%, 9/01/31 | 9/26 at 100.00 | A– | 1,472,375 |
| | Illinois Finance Authority, Revenue Bonds, Ingalls Health System, Series 2013: | | | |
| 895 | | 5.000%, 5/15/20 (ETM) | No Opt. Call | A1 (4) | 910,045 |
| 1,035 | | 5.000%, 5/15/21 (ETM) | No Opt. Call | A1 (4) | 1,090,290 |
| 1,210 | | 5.000%, 5/15/22 (ETM) | No Opt. Call | A1 (4) | 1,318,222 |
| 1,575 | | 5.000%, 5/15/24 (Pre-refunded 5/15/22) | 5/22 at 100.00 | Baa2 (4) | 1,715,868 |
| 775 | | Illinois Finance Authority, Student Housing & Academic Facility Revenue Bonds, CHF-Collegiate | 8/27 at 100.00 | BBB– | 885,120 |
| | 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 | 2,817,525 |
| | 5.000%, 6/15/27 – AGM Insured | | | |
| | Illinois Sports Facility Authority, State Tax Supported Bonds, Series 2001: | | | |
| 4,300 | | 0.000%, 6/15/23 – AMBAC Insured | No Opt. Call | BBB | 3,979,865 |
| 1,000 | | 0.000%, 6/15/25 – AMBAC Insured | No Opt. Call | BBB | 874,860 |
| | Illinois State, General Obligation Bonds, December Series 2017A: | | | |
| 890 | | 5.000%, 12/01/27 | No Opt. Call | BBB | 1,032,756 |
| 1,020 | | 5.000%, 12/01/28 | 12/27 at 100.00 | BBB | 1,175,876 |
| 2,250 | | Illinois State, General Obligation Bonds, February Series 2014, 5.000%, 2/01/21 | No Opt. Call | BBB | 2,332,845 |
| 1,875 | | Illinois State, General Obligation Bonds, June Series 2016, 3.500%, 6/01/29 | 6/26 at 100.00 | BBB | 1,898,531 |
| 1,500 | | Illinois State, General Obligation Bonds, November Series 2016, 5.000%, 11/01/26 | No Opt. Call | BBB | 1,723,170 |
| 5,175 | | Illinois State, General Obligation Bonds, November Series 2017D, 5.000%, 11/01/26 | No Opt. Call | BBB | 5,902,812 |
| 4,565 | | Illinois State, General Obligation Bonds, October Series 2016, 5.000%, 2/01/26 | No Opt. Call | BBB | 5,190,405 |
| 1,870 | | Illinois State, General Obligation Bonds, Refunding Series 2010, 5.000%, 1/01/24 | 1/20 at 100.00 | BBB | 1,873,871 |
| 1,750 | | Illinois State, General Obligation Bonds, Refunding Series 2012, 5.000%, 8/01/22 | No Opt. Call | BBB | 1,883,070 |
| 4,000 | | Illinois State, General Obligation Bonds, Refunding Series 2012, 5.000%, 8/01/22 – AGM Insured | No Opt. Call | AA | 4,417,640 |
| 2,000 | | Illinois State, General Obligation Bonds, Tender Option Bond Trust 2015-XF1010, 14.810%, | No Opt. Call | AA | 2,835,300 |
| | 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 | 3,853,700 |
| | September Series 2016C, 4.000%, 6/15/30 – BAM Insured | | | |
| 2,060 | | Illinois State, Sales Tax Revenue Bonds, First Series 2002, 6.000%, 6/15/27 – NPFG Insured | No Opt. Call | A– | 2,536,375 |
| 3,525 | | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project | 6/22 at 100.00 | BBB | 3,767,767 |
| | Bonds, Refunding Series 2012B, 5.000%, 12/15/28 | | | |
21
| | |
| NID | Nuveen Intermediate Duration Municipal Term Fund |
| Portfolio of Investments (continued) |
| November 30, 2019 (Unaudited) |
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Illinois (continued) | | | |
| $ 1,000 | | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project | No Opt. Call | BBB | $ 1,156,340 |
| | Bonds, Series 2017B, 5.000%, 12/15/26 | | | |
| 3,685 | | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place | 6/20 at 100.00 | BBB | 3,728,667 |
| | Expansion Project, Refunding Series 2010B-2, 5.250%, 6/15/50 | | | |
| | Romeoville, Illinois, Revenue Bonds, Lewis University Project, Series 2015: | | | |
| 1,100 | | 5.000%, 10/01/25 | 4/25 at 100.00 | BBB+ | 1,247,367 |
| 200 | | 5.000%, 10/01/26 | 4/25 at 100.00 | BBB+ | 226,118 |
| 760 | | Sales Tax Securitization Corporation, Illinois, Sales Tax Securitization Bonds, Series | 1/29 at 100.00 | AAA | 939,360 |
| | 2018C, 5.500%, 1/01/32 | | | |
| 435 | | Southwestern Illinois Development Authority, Environmental Improvement Revenue Bonds, US | 8/22 at 100.00 | B+ | 449,124 |
| | 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 | 2,834,600 |
| | Refunding Series 2015, 5.000%, 3/01/33 – BAM Insured | | | |
| 131,608 | | Total Illinois | | | 142,117,615 |
| | Indiana – 2.9% (2.3% of Total Investments) | | | |
| 880 | | Carmel, Indiana, Revenue Bonds, Barrington of Carmel Project, Series 2012A, 6.000%, 11/15/22 (6) | No Opt. Call | N/R | 23,320 |
| 4,035 | | Indiana Finance Authority, Educational Facilities Revenue Bonds, 21st Century Charter | 3/23 at 100.00 | B+ | 4,144,389 |
| | School Project, Series 2013A, 6.000%, 3/01/33 | | | |
| 285 | | Indiana Finance Authority, Educational Facilities Revenue Bonds, Drexel Foundation For | 12/19 at 100.00 | B | 285,371 |
| | Educational Excellence, Inc, Series 2009A, 6.000%, 10/01/21 | | | |
| 730 | | Indiana Finance Authority, Educational Facilities Revenue Bonds, Lighthouse Academies of | No Opt. Call | N/R | 761,704 |
| | Indiana Inc Project, Series 2016, 6.250%, 12/01/24, 144A | | | |
| 745 | | Indiana Finance Authority, Educational Facilities Revenue Bonds, Lighthouse Academies of | No Opt. Call | N/R | 777,355 |
| | Northwest Indiana Inc Project, Series 2016, 6.250%, 12/01/24, 144A | | | |
| 5,590 | | Indiana Finance Authority, Environmental Improvement Revenue Bonds, United States Steel | 6/20 at 100.00 | B+ | 5,669,154 |
| | Corporation Project, Refunding Series 2010, 6.000%, 12/01/26 | | | |
| 6,330 | | Indiana Finance Authority, Environmental Improvement Revenue Bonds, United States Steel | No Opt. Call | B+ | 6,330,000 |
| | Corporation Project, Refunding Series 2011, 6.000%, 12/01/19 | | | |
| 1,295 | | Indiana Finance Authority, Health Facilities Revenue Bonds, Good Samaritan Hospital | No Opt. Call | Ba1 | 1,449,727 |
| | Project, Series 2016A, 5.500%, 4/01/24 | | | |
| 225 | | Valparaiso, Indiana, Exempt Facilities Revenue Bonds, Pratt Paper LLC Project, Series | No Opt. Call | N/R | 244,924 |
| | 2013, 5.875%, 1/01/24 (AMT) | | | |
| 20,115 | | Total Indiana | | | 19,685,944 |
| | 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– | 2,003,964 |
| | 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 | B+ | 3,261,750 |
| | Company Project, Series 2013, 5.250%, 12/01/25 | | | |
| 4,640 | | Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer | 12/22 at 103.00 | B+ | 4,955,845 |
| | Company Project, Series 2013A, 5.250%, 12/01/50 (Mandatory Put 12/01/33) | | | |
| 3,990 | | Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer | 12/23 at 104.00 | B+ | 4,154,428 |
| | Company Project, Series 2016, 5.875%, 12/01/26, 144A | | | |
| 1,500 | | Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, | 12/19 at 100.00 | B– | 1,501,920 |
| | 5.600%, 6/01/34 | | | |
| 15,055 | | Total Iowa | | | 15,877,907 |
| | Kansas – 1.3% (1.0% of Total Investments) | | | |
| 2,000 | | Kansas Development Finance Authority Hospital Revenue Bonds, Adventist Health System/Sunbelt | 5/22 at 100.00 | AA | 2,794,780 |
| | Obligated Group, Tender Option Bond Trust 2016-XG0056, 18.215%, 11/15/32, 144A (IF) (5) | | | |
| 310 | | Kansas Development Finance Authority, Hospital Revenue Bonds, Adventist Health System/Sunbelt | 5/22 at 100.00 | AA | 409,349 |
| | Obligated Group, Tender Option Bond Trust 2015-XF2190, 14.716%, 11/15/32, 144A (IF) (5) | | | |
22
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Kansas (continued) | | | |
| $ 200 | | Kansas Power Pool, a Municipal Energy Agency Electric Utility Revenue Bonds, DogWood | 12/25 at 100.00 | A3 | $ 235,480 |
| | 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 | 1,300,000 |
| | District No 1 Project, Series 2012B, 6.100%, 12/15/34 | | | |
| 8,000 | | Overland Park, Kansas, Sales Tax Special Obligation Revenue Bonds, Prairiefire at | 12/22 at 100.00 | N/R | 3,840,000 |
| | Lionsgate Project, Series 2012, 5.250%, 12/15/29 | | | |
| 12,510 | | Total Kansas | | | 8,579,609 |
| | Kentucky – 0.9% (0.7% of Total Investments) | | | |
| | Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Owensboro | | | |
| | Health, Refunding Series 2017A: | | | |
| 3,000 | | 5.000%, 6/01/30 | 6/27 at 100.00 | Baa3 | 3,497,490 |
| 1,315 | | 5.000%, 6/01/31 | 6/27 at 100.00 | Baa3 | 1,527,806 |
| 685 | | Kentucky Economic Development Finance Authority, Revenue Bonds, Next Generation Kentucky | 7/25 at 100.00 | BBB+ | 785,633 |
| | Information Highway Project, Senior Series 2015A, 5.000%, 7/01/27 | | | |
| 175 | | Owensboro, Kentucky, Water Revenue Bonds, Refunding & Improvement Series 2014, 2.500%, | No Opt. Call | AA | 178,346 |
| | 9/15/21 – BAM Insured | | | |
| 5,175 | | Total Kentucky | | | 5,989,275 |
| | Louisiana – 1.6% (1.3% of Total Investments) | | | |
| | Jefferson Parish Hospital Service District 2, Louisiana, Hospital Revenue Bonds, East Jefferson | | | |
| | General Hospital, Refunding Series 2011: | | | |
| 780 | | 5.625%, 7/01/26 | 7/21 at 100.00 | B | 795,850 |
| 60 | | 6.250%, 7/01/31 | 7/21 at 100.00 | B | 61,484 |
| 3,300 | | Louisiana Local Government Environmental Facilities and Community Development Authority, | 11/27 at 100.00 | BBB | 3,478,002 |
| | Revenue Bonds, Westlake Chemical Corporation Projects, Refunding Series 2017, | | | |
| | 3.500%, 11/01/32 | | | |
| 2,840 | | Louisiana Public Facilities Authority, Revenue Bonds, Loyola University Project, | No Opt. Call | Baa1 | 2,903,218 |
| | Refunding Series 2017, 0.000%, 10/01/31 (7) | | | |
| | 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) | 264,620 |
| 500 | | 6.250%, 5/15/31 (Pre-refunded 5/15/21) | 5/21 at 100.00 | A3 (4) | 536,335 |
| 1,000 | | Louisiana Stadium and Exposition District, Revenue Refunding Bonds, Senior Lien Series | No Opt. Call | AA– | 1,093,840 |
| | 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 | A– | 591,165 |
| 800 | | 5.000%, 1/01/32 (AMT) | 1/27 at 100.00 | A– | 943,152 |
| 285 | | Saint Tammany Public Trust Financing Authority, Louisiana, Revenue Bonds, Christwood | 11/24 at 100.00 | N/R | 317,063 |
| | Project, Refunding Series 2015, 5.250%, 11/15/29 | | | |
| 10,315 | | Total Louisiana | | | 10,984,729 |
| | 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 | 531,220 |
| | LLC Project, Green Series 2017, 5.375%, 12/15/33 (AMT), 144A | | | |
| 350 | | Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine | No Opt. Call | BBB | 376,915 |
| | Medical Center Obligated Group Issue, Series 2013, 5.000%, 7/01/22 | | | |
| 850 | | Total Maine | | | 908,135 |
| | Maryland – 0.7% (0.6% of Total Investments) | | | |
| | Baltimore, Maryland, Convention Center Hotel Revenue Bonds, Refunding Series 2017: | | | |
| 350 | | 5.000%, 9/01/26 | No Opt. Call | BBB– | 418,373 |
| 1,000 | | 5.000%, 9/01/33 | 9/27 at 100.00 | BBB– | 1,176,440 |
| 2,000 | | 5.000%, 9/01/34 | 9/27 at 100.00 | BBB– | 2,341,960 |
23
| | |
| NID | Nuveen Intermediate Duration Municipal Term Fund |
| Portfolio of Investments (continued) |
| November 30, 2019 (Unaudited) |
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Maryland (continued) | | | |
| $ 775 | | Maryland Economic Development Corporation, Port Facilities Revenue Bonds, CNX Marine | 9/20 at 100.00 | BB– | $ 795,119 |
| | Terminals Inc Port of Baltimore Facility, Refunding Series 2010, 5.750%, 9/01/25 | | | |
| 4,125 | | Total Maryland | | | 4,731,892 |
| | Massachusetts – 0.4% (0.3% of Total Investments) | | | |
| 1,000 | | Massachusetts Development Finance Agency, Revenue Bonds, Boston Medical Center Issue, | No Opt. Call | BBB | 1,199,820 |
| | Series 2016E, 5.000%, 7/01/26 | | | |
| 1,100 | | Massachusetts Educational Financing Authority, Education Loan Revenue Bonds, Issue K, | 7/22 at 100.00 | AA | 1,171,082 |
| | Series 2013, 5.250%, 7/01/29 (AMT) | | | |
| 2,100 | | Total Massachusetts | | | 2,370,902 |
| | Michigan – 4.6% (3.6% of Total Investments) | | | |
| 1,145 | | Flint Hospital Building Authority, Michigan, Building Authority Revenue Bonds, Hurley | No Opt. Call | BBB– | 1,212,063 |
| | 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 | 5,826,750 |
| 5,000 | | 5.000%, 7/01/25 – AGM Insured | 7/24 at 100.00 | AA | 5,835,950 |
| 5,000 | | 5.000%, 7/01/26 – AGM Insured | 7/24 at 100.00 | AA | 5,822,350 |
| 1,945 | | 5.000%, 7/01/31 – AGM Insured | 7/24 at 100.00 | AA | 2,238,384 |
| | 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 | 2,315,040 |
| 2,000 | | 5.000%, 7/01/26 – NPFG Insured | 7/24 at 100.00 | A | 2,290,560 |
| 165 | | Michigan Finance Authority, Public School Academy Limited Obligation Revenue Bonds, Old | No Opt. Call | BB– | 166,015 |
| | Redford Academy Project, Series 2010A, 5.250%, 12/01/20 | | | |
| 130 | | Michigan Finance Authority, Public School Academy Revenue Bonds, Detroit Service Learning | No Opt. Call | B | 126,445 |
| | Academy Project, Refunding Series 2011, 6.000%, 10/01/21 | | | |
| | Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Tender Option | | | |
| | Bond Trust 2015-XF0126: | | | |
| 7 | | 17.834%, 144A, (Pre-refunded 12/01/20) (IF) (5) | 12/20 at 100.00 | N/R (4) | 8,244 |
| 818 | | 17.834%, 144A (IF) (5) | 12/20 at 100.00 | N/R | 963,408 |
| 255 | | Michigan Public Educational Facilities Authority, Limited Obligation Revenue Bonds, | 12/19 at 100.00 | BBB– | 255,541 |
| | Richfield Public School Academy, Series 2007, 5.000%, 9/01/22 | | | |
| 1,635 | | Michigan Strategic Fund, Limited Obligation Revenue Bonds, Detroit Thermal LLC Project, | 12/23 at 100.00 | N/R | 1,845,948 |
| | Series 2018, 7.000%, 12/01/30 (AMT), 144A | | | |
| 1,625 | | Star International Academy, Wayne County, Michigan, Public School Academy Revenue Bonds, | 3/20 at 101.00 | BBB | 1,652,203 |
| | Refunding Series 2012, 5.000%, 3/01/33 | | | |
| 26,725 | | Total Michigan | | | 30,558,901 |
| | 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 | 277,004 |
| 250 | | 4.000%, 5/01/26 | 5/23 at 100.00 | Baa2 | 264,900 |
| 510 | | Total Minnesota | | | 541,904 |
| | Mississippi – 0.5% (0.4% of Total Investments) | | | |
| 1,845 | | Mississippi Business Finance Corporation, Gulf Opportunity Zone Industrial Development | 12/19 at 100.00 | BBB | 1,846,015 |
| | 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 | | 18.253%, 1/01/26 (Pre-refunded 1/01/22), 144A (IF) (5) | 1/22 at 100.00 | AA– (4) | 1,116,976 |
| 500 | | 18.133%, 1/01/28 (Pre-refunded 1/01/22), 144A (IF) (5) | 1/22 at 100.00 | AA– (4) | 698,110 |
| 3,145 | | Total Mississippi | | | 3,661,101 |
24
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | 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 | $ 1,611,081 |
| | 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 | 1,167,570 |
| | Shoppes Redevelopment Project, Refunding Series 2017A, 4.000%, 11/01/27 | | | |
| 2,855 | | Poplar Bluff Regional Transportation Development District, Missouri, Transportation | 12/22 at 100.00 | BBB | 2,954,097 |
| | 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 | 892,654 |
| | Improvement Series 2014A, 5.000%, 5/01/24 | | | |
| | Saint Louis County Industrial Development Authority, Missouri, Health Facilities Revenue | | | |
| | Bonds, Ranken-Jordan Project, Refunding & Improvement Series 2016: | | | |
| 385 | | 5.000%, 11/15/23 | No Opt. Call | N/R | 425,564 |
| 800 | | 5.000%, 11/15/25 | No Opt. Call | N/R | 918,984 |
| 1,580 | | Saint Louis County, Missouri, Special Obligation Bonds, Meramec Building Replacement & | No Opt. Call | AA | 1,639,013 |
| | 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 | 1,899,501 |
| | Revenue Bonds, Contractual Payments of St Louis City Scottrade Center Project, Series 2018A, | | | |
| | 5.000%, 4/01/38 | | | |
| 10,720 | | Total Missouri | | | 11,508,464 |
| | Nebraska – 1.0% (0.8% of Total Investments) | | | |
| 2,000 | | Central Plains Energy Project, Nebraska, Gas Project 1 Revenue Bonds, Series 2007A, | No Opt. Call | A | 2,142,400 |
| | 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 | 1,565,412 |
| | 5.000%, 9/01/32 | | | |
| 635 | | Douglas County Hospital Authority 2, Nebraska, Hospital Revenue Bonds, Madonna | 5/24 at 100.00 | A– | 720,649 |
| | Rehabilitation Hospital Project, Series 2014, 5.000%, 5/15/26 | | | |
| 2,150 | | Nebraska Investment Finance Authority, Single Family Housing Revenue Bonds, Series | 9/27 at 100.00 | AA+ | 2,301,876 |
| | 2018C, 3.750%, 9/01/38 | | | |
| 6,230 | | Total Nebraska | | | 6,730,337 |
| | Nevada – 0.9% (0.7% 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– | 384,448 |
| 495 | | 5.000%, 9/01/31 | 9/27 at 100.00 | A– | 590,159 |
| 1,630 | | Carson City, Nevada, Hospital Revenue Bonds, Carson-Tahoe Regional Healthcare Project, | 9/22 at 100.00 | A– | 1,771,077 |
| | Refunding Series 2012, 5.000%, 9/01/27 | | | |
| 620 | | Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran | 1/20 at 100.00 | Aa3 | 621,872 |
| | International Airport, Series 2010A, 5.000%, 7/01/30 | | | |
| | Henderson, Nevada, Limited Obligation Bonds, Local Improvement District T-13 | | | |
| | Cornerstone, Refunding Series 2013: | | | |
| 205 | | 5.000%, 3/01/20 | No Opt. Call | N/R | 206,052 |
| 215 | | 5.000%, 3/01/21 | No Opt. Call | N/R | 220,151 |
| 220 | | 5.000%, 3/01/22 | No Opt. Call | N/R | 228,646 |
| 1,465 | | Las Vegas Redevelopment Agency, Nevada, Tax Increment Revenue Bonds, Refunding Series | 6/26 at 100.00 | BBB+ | 1,695,943 |
| | 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 | 175,664 |
| | Northern Beltway Commercial Area, Series 2017, 5.000%, 12/01/37, 144A | | | |
| 5,330 | | Total Nevada | | | 5,894,012 |
| | New Hampshire – 0.1% (0.0% of Total Investments) | | | |
| 370 | | Manchester Housing and Redevelopment Authority, New Hampshire, Revenue Bonds, Series | No Opt. Call | AA | 369,127 |
| | 2000B, 0.000%, 1/01/20 – RAAI Insured | | | |
25
| | |
| NID | Nuveen Intermediate Duration Municipal Term Fund |
| Portfolio of Investments (continued) |
| November 30, 2019 (Unaudited) |
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | New Jersey – 9.6% (7.6% of Total Investments) | | | |
| $ 3,000 | | Camden County Improvement Authority, New Jersey, Health Care Redevelopment Revenue | 2/24 at 100.00 | BBB+ | $ 3,349,440 |
| | 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+ | 966,582 |
| | 2012, 5.000%, 6/15/25 | | | |
| 2,500 | | New Jersey Economic Development Authority, Lease Revenue Bonds, State Government | 12/27 at 100.00 | A– | 2,814,675 |
| | 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 | A– | 2,180,906 |
| | Series 2017B, 5.000%, 6/15/35 | | | |
| 2,000 | | New Jersey Economic Development Authority, School Facilities Construction Bonds, Series | 12/28 at 100.00 | A– | 2,274,600 |
| | 2018EEE, 5.000%, 6/15/43 | | | |
| 1,615 | | New Jersey Economic Development Authority, School Facilities Construction Financing | 6/24 at 100.00 | A– | 1,720,508 |
| | Program Bonds, Refunding Series 2014PP, 4.000%, 6/15/28 | | | |
| | New Jersey Economic Development Authority, School Facilities Construction Financing | | | |
| | Program Bonds, Tender Option Bond Trust 2016-XF2340: | | | |
| 1,440 | | 5.345%, 9/01/25, 144A (IF) (5) | 3/25 at 100.00 | A– | 1,436,904 |
| 1,200 | | 6.709%, 9/01/27, 144A (IF) (5) | 3/23 at 100.00 | A– | 1,220,136 |
| | New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental | | | |
| | Airlines Inc, Series 1999: | | | |
| 3,000 | | 5.125%, 9/15/23 (AMT) | 8/22 at 101.00 | BB | 3,221,550 |
| 7,550 | | 5.250%, 9/15/29 (AMT) | 8/22 at 101.00 | BB | 8,231,841 |
| 2,410 | | New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental | 3/24 at 101.00 | BB | 2,760,414 |
| | Airlines Inc, Series 2000A & 2000B, 5.625%, 11/15/30 (AMT) | | | |
| 5,000 | | New Jersey Educational Facilities Authority, Revenue Bonds, Montclair State University, | 9/24 at 100.00 | A– | 5,321,600 |
| | 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+ | 7,396,830 |
| | 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 | 1,450,380 |
| | HealthCare System, Series 2016A, 5.000%, 7/01/30 | | | |
| 1,625 | | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding | No Opt. Call | A– | 1,158,934 |
| | Series 2006C, 0.000%, 12/15/31 – FGIC Insured | | | |
| 15,000 | | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series | No Opt. Call | A– | 7,645,200 |
| | 2009A, 0.000%, 12/15/39 (UB) (WI/DD, Settling 12/03/19) | | | |
| 1,000 | | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series | 12/24 at 100.00 | A– | 1,139,420 |
| | 2009C, 5.250%, 6/15/32 | | | |
| 2,250 | | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series | 12/28 at 100.00 | A– | 2,652,458 |
| | 2019AA, 5.000%, 6/15/31 | | | |
| | New Jersey Turnpike Authority, Revenue Bonds, Tender Option Bond Trust 2016-XF1057: | | | |
| 460 | | 17.511%, 1/01/24 (Pre-refunded 7/01/22), 144A (IF) (5) | 7/22 at 100.00 | N/R (4) | 688,579 |
| 40 | | 17.511%, 1/01/24 (Pre-refunded 7/01/22), 144A (IF) (5) | 7/22 at 100.00 | N/R (4) | 59,876 |
| 1,705 | | South Jersey Port Corporation, New Jersey, Marine Terminal Revenue Bonds, Subordinate | 1/28 at 100.00 | Baa1 | 1,970,622 |
| | 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 | 2,730,780 |
| 1,920 | | 5.000%, 6/01/30 | 6/28 at 100.00 | A– | 2,338,752 |
| 66,940 | | Total New Jersey | | | 64,730,987 |
| | New Mexico – 0.5% (0.4% of Total Investments) | | | |
| 1,070 | | Bernalillo County, New Mexico, Multifamily Housing Revenue Bonds, Valencia Retirement | 12/19 at 100.00 | N/R | 1,070,942 |
| | 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+ | 2,091,360 |
| | Residences Project, Series 2012, 5.000%, 5/15/32 | | | |
| 3,070 | | Total New Mexico | | | 3,162,302 |
26
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | New York – 9.8% (7.7% of Total Investments) | | | |
| | Build New York City Resource Corporation, New York, Revenue Bonds, Bronx Charter School | | | |
| | for Excellence, Series 2013A: | | | |
| $ 505 | | 4.000%, 4/01/20 | No Opt. Call | BBB– | $ 508,449 |
| 570 | | 4.000%, 4/01/23 | No Opt. Call | BBB– | 603,778 |
| | Build New York City Resource Corporation, New York, Solid Waste Disposal Revenue Bonds, | | | |
| | Pratt Paper NY, Inc Project, Series 2014: | | | |
| 50 | | 3.750%, 1/01/20 (AMT), 144A | No Opt. Call | N/R | 50,079 |
| 1,080 | | 4.500%, 1/01/25 (AMT), 144A | No Opt. Call | N/R | 1,193,627 |
| | 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) | 22,712 |
| 820 | | 5.000%, 5/01/23 | No Opt. Call | BBB– | 913,127 |
| 25 | | 5.000%, 5/01/28 (Pre-refunded 5/01/23) | 5/23 at 100.00 | N/R (4) | 28,300 |
| 975 | | 5.000%, 5/01/28 | 5/23 at 100.00 | BBB– | 1,069,975 |
| 10,000 | | Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Second Indenture | No Opt. Call | Aa2 | 12,503,600 |
| | Fiscal 2017 Series A, 5.000%, 2/15/27 (UB) (5) | | | |
| 1,000 | | Nassau County Tobacco Settlement Corporation, New York, Tobacco Settlement Asset-Backed | 12/19 at 100.00 | B– | 998,090 |
| | Bonds, Refunding Series 2006A-2, 5.250%, 6/01/26 | | | |
| | New York City Industrial Development Agency, New York, PILOT Revenue Bonds, Queens | | | |
| | Baseball Stadium Project, Series 2006: | | | |
| 190 | | 5.000%, 1/01/22 – AMBAC Insured | 12/19 at 100.00 | BBB | 190,507 |
| 2,740 | | 5.000%, 1/01/39 – AMBAC Insured | 12/19 at 100.00 | BBB | 2,786,717 |
| 3,610 | | New York Counties Tobacco Trust VI, New York, Tobacco Settlement Pass-Through Bonds, | No Opt. Call | BBB | 3,898,583 |
| | 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 | 1,464,006 |
| | 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 | 7,297,225 |
| | 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+ | 2,896,244 |
| | Center Project, Series 2011, 5.000%, 11/15/31 | | | |
| | 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 | BB | 2,506,752 |
| 430 | | 5.000%, 8/01/31 (AMT) | 8/21 at 100.00 | BB | 449,488 |
| | New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, | | | |
| | Delta Air Lines, Inc – LaGuardia Airport Terminals C&D Redevelopment Project, Series 2018: | | | |
| 2,000 | | 5.000%, 1/01/28 (AMT) | No Opt. Call | Baa3 | 2,431,020 |
| 2,000 | | 5.000%, 1/01/30 (AMT) | 1/28 at 100.00 | Baa3 | 2,408,280 |
| 3,250 | | 5.000%, 1/01/32 (AMT) | 1/28 at 100.00 | Baa3 | 3,885,343 |
| | New York Transportation Development Corporation, Special Facilities Bonds, LaGuardia | | | |
| | Airport Terminal B Redevelopment Project, Series 2016A: | | | |
| 760 | | 4.000%, 7/01/32 (AMT) | 7/24 at 100.00 | BBB | 808,929 |
| 500 | | 4.000%, 7/01/33 (AMT) | 7/24 at 100.00 | BBB | 531,430 |
| | 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 | BBB | 903,296 |
| 1,550 | | 5.000%, 1/01/34 (AMT) | 1/26 at 100.00 | BBB | 1,698,475 |
| 1,450 | | 5.000%, 1/01/35 (AMT) | 1/26 at 100.00 | BBB | 1,583,879 |
| 650 | | 5.000%, 1/01/36 (AMT) | 1/26 at 100.00 | BBB | 706,284 |
| 6,890 | | TSASC Inc, New York, Tobacco Asset-Backed Bonds, Series 2006, 5.000%, 6/01/45 | 6/27 at 100.00 | CCC+ | 6,858,513 |
| | TSASC Inc, New York, Tobacco Settlement Asset-Backed Bonds, Fiscal 2017 Series B: | | | |
| 2,000 | | 5.000%, 6/01/24 | No Opt. Call | B– | 2,143,520 |
| 2,250 | | 5.000%, 6/01/25 | No Opt. Call | B– | 2,439,608 |
| 59,055 | | Total New York | | | 65,779,836 |
27
| | |
| NID | Nuveen Intermediate Duration Municipal Term Fund |
| Portfolio of Investments (continued) |
| November 30, 2019 (Unaudited) |
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | 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 | $ 7,454,438 |
| | Series 2019, 5.000%, 1/01/49 (WI/DD, Settling 12/17/19) | | | |
| | Ohio – 8.4% (6.7% of Total Investments) | | | |
| | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed | | | |
| | Revenue Bonds, Senior Lien, Series 2007A-2: | | | |
| 5,105 | | 5.125%, 6/01/24 | 12/19 at 100.00 | CCC+ | 5,110,156 |
| 16,290 | | 5.750%, 6/01/34 | 1/20 at 100.00 | CCC+ | 16,318,182 |
| 670 | | Franklin County Convention Facilities Authority, Ohio, Hotel Project Revenue Bonds, | 12/29 at 100.00 | BBB– | 786,600 |
| | Greater Columbus Convention Center Hotel Expansion Project, Series 2019, 5.000%, 12/01/44 | | | |
| | (WI/DD, Settling 12/04/19) | | | |
| 4,190 | | Ohio Air Quality Development Authority, Ohio, Air Quality Development Revenue Bonds, | No Opt. Call | N/R | 3,697,675 |
| | FirstEnergy Generation Corporation Project, Series 2009A, 5.700%, 8/01/20 (6) | | | |
| 695 | | Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, | No Opt. Call | N/R | 736,700 |
| | FirstEnergy Generation Corporation Project, Refunding Series 2009C, 5.625%, 6/01/18 (6) | | | |
| 6,000 | | Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, | No Opt. Call | N/R | 6,435,000 |
| | FirstEnergy Generation Corporation Project, Refunding Series 2009D, 4.250%, 8/01/29 | | | |
| | (Mandatory Put 9/15/21) (6) | | | |
| 17,065 | | Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, | No Opt. Call | N/R | 15,059,863 |
| | FirstEnergy Generation Project, Refunding Series 2006A, 3.750%, 12/01/23 (6) | | | |
| 320 | | Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy | No Opt. Call | N/R | 343,200 |
| | Nuclear Generation Project, Refunding Series 2009A, 4.375%, 6/01/33 (Mandatory | | | |
| | Put 6/01/22) (6) | | | |
| 130 | | Ohio Air Quality Development Authority, Ohio, Revenue Bonds, AK Steel Holding | 2/22 at 100.00 | B– | 133,790 |
| | 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 | 280,530 |
| | 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+ | 260,850 |
| | 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 | 5,295,000 |
| | Nuclear Generating Corporation Project, Series 2006B, 4.000%, 12/01/33 (6) | | | |
| 2,125 | | Southeastern Ohio Port Authority, Hospital Facilities Revenue Bonds, Memorial Health | No Opt. Call | BB– | 2,208,725 |
| | System Obligated Group Project, Refunding and Improvement Series 2012, 5.000%, 12/01/22 | | | |
| 59,100 | | Total Ohio | | | 56,666,271 |
| | Oklahoma – 0.7% (0.6% of Total Investments) | | | |
| 975 | | Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine | 8/28 at 100.00 | Baa3 | 1,153,620 |
| | Project, Series 2018B, 5.000%, 8/15/38 | | | |
| 3,300 | | Tulsa Municipal Airport Trust, Oklahoma, Revenue Bonds, American Airlines Inc, Refunding | 6/25 at 100.00 | BB– | 3,708,573 |
| | Series 2015, 5.000%, 6/01/35 (AMT) (Mandatory Put 6/01/25) | | | |
| 4,275 | | Total Oklahoma | | | 4,862,193 |
| | 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– | 1,071,200 |
| | Columbia Memorial Hospital, Series 2012, 5.000%, 8/01/31 | | | |
| 730 | | Port of Saint Helens, Oregon, Pollution Control Revenue Bonds, Boise Cascade Project, | 12/19 at 100.00 | N/R | 740,191 |
| | Series 1997, 5.650%, 12/01/27 | | | |
| 1,730 | | Total Oregon | | | 1,811,391 |
| | Pennsylvania – 6.2% (4.9% 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+ | 845,008 |
| 725 | | 5.125%, 5/01/30 | No Opt. Call | B+ | 770,363 |
| 530 | | Allegheny County Redevelopment Authority, Pennsylvania, TIF Revenue Bonds, Pittsburg | 12/19 at 100.00 | N/R | 526,592 |
| | Mills Project, Series 2004, 5.600%, 7/01/23 | | | |
28
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Pennsylvania (continued) | | | |
| $ 3,685 | | Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania, Tax Revenue | 5/22 at 100.00 | Baa3 | $ 3,893,424 |
| | Bonds, Series 2012A, 5.000%, 5/01/32 | | | |
| 1,000 | | Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania, Tax Revenue | No Opt. Call | Ba3 | 1,181,260 |
| | 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 | 370,650 |
| | Bonds, FirstEnergy Nuclear Generation Project, Refunding Series 2005A, 4.000%, 1/01/35 | | | |
| | (Mandatory Put 7/01/21) (6) | | | |
| 400 | | Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue | No Opt. Call | N/R | 353,000 |
| | Refunding Bonds, FirstEnergy Nuclear Generation Project, Series 2008A, 2.700%, 4/01/35 (6) | | | |
| 4,025 | | Butler County Industrial Development Authority, Pennsylvania, Revenue Refunding Bonds, | No Opt. Call | B– | 4,050,036 |
| | AK Steel Corporation Project, Series 2012-A, 6.250%, 6/01/20 (AMT) | | | |
| 1,450 | | Doylestown Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Series 2013A, | No Opt. Call | BBB– | 1,601,409 |
| | 5.000%, 7/01/23 | | | |
| 825 | | East Hempfield Township Industrial Development Authority, Pennsylvania, Student Services | 7/25 at 100.00 | BBB– | 927,597 |
| | 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 | 1,058,230 |
| | 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+ | 1,689,807 |
| | Morningstar Senior Living, Inc, Series 2012, 5.000%, 7/01/27 | | | |
| 1,805 | | Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, | No Opt. Call | N/R | 1,592,913 |
| | Shippingport Project, First Energy Guarantor, Series 2005A, 3.750%, 12/01/40 (Mandatory | | | |
| | Put 7/01/20) (6) | | | |
| 6,000 | | Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue | No Opt. Call | B | 6,101,700 |
| | Refunding Bonds, PPL Energy Supply, LLC Project, Series 2009C, 5.000%, 12/01/37 (Mandatory | | | |
| | Put 9/01/20) | | | |
| 710 | | Pennsylvania Economic Development Financing Authority, Sewage Sludge Disposal Revenue | 1/20 at 100.00 | BBB+ | 722,517 |
| | Bonds, Philadelphia Biosolids Facility Project, Series 2009, 6.250%, 1/01/32 | | | |
| 4,000 | | Pennsylvania Public School Building Authority, Lease Revenue Bonds, School District of | No Opt. Call | AA | 4,887,720 |
| | 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 | 4,223,800 |
| | Series 2017, 5.000%, 12/01/35 | | | |
| 1,610 | | Scranton, Lackawanna County, Pennsylvania, General Obligation Notes, Series 2016, | 5/24 at 100.00 | BB+ | 1,748,170 |
| | 5.000%, 11/15/32 | | | |
| 4,090 | | The Hospitals and Higher Education Facilities Authority of Philadelphia, Pennsylvania, Hospital | 7/27 at 100.00 | BBB– | 4,752,907 |
| | Revenue Bonds, Temple University Health System Obligated Group, Series of 2017, | | | |
| | 5.000%, 7/01/34 | | | |
| 38,185 | | Total Pennsylvania | | | 41,297,103 |
| | Puerto Rico – 1.5% (1.2% of Total Investments) | | | |
| 2,000 | | Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2012A, | 7/22 at 100.00 | C | 2,137,580 |
| | 5.750%, 7/01/37 | | | |
| 3,500 | | Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N, | No Opt. Call | C | 3,255,000 |
| | 2.931%, 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 | 2,738,520 |
| 2,031 | | 4.750%, 7/01/53 | 7/28 at 100.00 | N/R | 2,101,780 |
| 11,531 | | Total Puerto Rico | | | 10,232,880 |
| | 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 | 1,535,730 |
| 1,500 | | 5.000%, 4/01/24 | No Opt. Call | BBB | 1,684,005 |
| 2,900 | | Total Rhode Island | | | 3,219,735 |
29
| | |
| NID | Nuveen Intermediate Duration Municipal Term Fund |
| Portfolio of Investments (continued) |
| November 30, 2019 (Unaudited) |
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | South Carolina – 1.1% (0.9% of Total Investments) | | | |
| $ 1,450 | | South Carolina Jobs-Economic Development Authority, Economic Development Revenue Bonds, | 2/25 at 100.00 | BB | $ 1,546,135 |
| | 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 | | 18.061%, 11/01/27 (Pre-refunded 11/01/22), 144A (IF) (5) | 11/22 at 100.00 | A+ (4) | 2,317,425 |
| 1,010 | | 18.044%, 11/01/28 (Pre-refunded 11/01/22), 144A (IF) (5) | 11/22 at 100.00 | A+ (4) | 1,559,854 |
| 1,255 | | 18.061%, 11/01/29 (Pre-refunded 11/01/22), 144A (IF) (5) | 11/22 at 100.00 | A+ (4) | 1,938,912 |
| 5,215 | | Total South Carolina | | | 7,362,326 |
| | Tennessee – 1.1% (0.9% of Total Investments) | | | |
| 2,000 | | Clarksville Natural Gas Acquisition Corporation, Tennessee, Natural Gas Revenue Bonds, | No Opt. Call | A+ | 2,135,980 |
| | 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+ | 2,138,794 |
| | 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 | 11/24 at 100.00 | N/R | 2,798,502 |
| 525 | | 6.000%, 5/01/34, 144A | 11/24 at 100.00 | N/R | 462,945 |
| 7,515 | | Total Tennessee | | | 7,536,221 |
| | Texas – 5.6% (4.4% of Total Investments) | | | |
| 1,385 | | Austin, Travis, Williamson and Hays Counties, Texas, Special Assessment Revenue Bonds, | 11/23 at 100.00 | N/R | 1,453,876 |
| | 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– | 2,291,940 |
| | 5.000%, 1/01/40 | | | |
| 525 | | Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Idea | No Opt. Call | A– | 541,947 |
| | 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+ | 5,557,820 |
| | 2016-XG0080, 19.501%, 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 | 2,040,340 |
| | 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: | | | |
| 1,500 | | 5.000%, 6/01/20 | No Opt. Call | Baa2 | 1,523,070 |
| 535 | | 5.000%, 6/01/21 | No Opt. Call | Baa2 | 558,722 |
| 855 | | 5.000%, 6/01/22 | No Opt. Call | Baa2 | 911,601 |
| 915 | | 5.000%, 6/01/23 | No Opt. Call | Baa2 | 993,315 |
| 3,000 | | Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc | No Opt. Call | BB | 3,584,910 |
| | Airport Improvement Projects, Series 2018C, 5.000%, 7/15/28 (AMT) | | | |
| 200 | | Love Field Airport Modernization Corporation, Texas, Special Facilities Revenue Bonds, Southwest | No Opt. Call | A3 | 213,264 |
| | Airlines Company – Love Field Modernization Program Project, Series 2012, | | | |
| | 5.000%, 11/01/21 (AMT) | | | |
| 1,000 | | New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing Revenue | 4/24 at 100.00 | BBB– | 1,004,220 |
| | Bonds, CHF-Collegiate Housing Corpus Christi I, LLC-Texas A&M University-Corpus Christi | | | |
| | Project, Series 2014A, 5.000%, 4/01/34 | | | |
| 1,500 | | Red River Authority, Texas, Pollution Control Revenue Bonds, AEP Texas North Company, Public | No Opt. Call | A– | 1,521,420 |
| | Service Company of Oklahoma and AEP Texas Central Company Oklaunion Project, Refunding | | | |
| | Series 2007, 4.450%, 6/01/20 – NPFG Insured | | | |
| 2,680 | | San Antonio Public Facilities Corporation, Texas, Lease Revenue Bonds, Convention Center | 9/22 at 100.00 | AA+ | 3,971,278 |
| | Refinancing & Expansion Project, Tender Option Bond Trust 2015-XF0125, 17.698%, | | | |
| | 9/15/29, 144A (IF) (5) | | | |
30
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Texas (continued) | | | |
| | Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, | | | |
| | Scott & White Healthcare Project, Tender Option Bond Trust 2016-XG0058: | | | |
| $ 100 | | 18.433%, 8/15/22, 144A (IF) (5) | No Opt. Call | AA– | $ 148,934 |
| 155 | | 18.271%, 8/15/24, 144A (IF) (5) | 8/23 at 100.00 | AA– | 256,734 |
| 200 | | 18.433%, 8/15/26, 144A (IF) (5) | 8/23 at 100.00 | AA– | 329,456 |
| 170 | | 18.239%, 8/15/27, 144A (IF) (5) | 8/23 at 100.00 | AA– | 276,170 |
| 1,675 | | Texas Department of Housing and Community Affairs, Single Family Mortgage Revenue Bonds, | 9/27 at 100.00 | Aaa | 1,817,275 |
| | Series 2018A, 4.250%, 9/01/48 | | | |
| 1,545 | | Texas Municipal Gas Acquisition and Supply Corporation I, Gas Supply Revenue Bonds, | No Opt. Call | A2 | 1,798,071 |
| | Senior Lien Series 2008D, 6.250%, 12/15/26 | | | |
| 5,000 | | Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, | No Opt. Call | A3 | 5,489,700 |
| | Series 2012, 5.000%, 12/15/22 | | | |
| 1,190 | | Westlake, Texas, Special Assessment Revenue Bonds, Solana Public Improvement District, | 9/25 at 100.00 | N/R | 1,232,602 |
| | Series 2015, 6.125%, 9/01/35 | | | |
| 30,130 | | Total Texas | | | 37,516,665 |
| | Virgin Islands – 0.2% (0.2% of Total Investments) | | | |
| 1,310 | | Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Senior | No Opt. Call | AA | 1,428,005 |
| | Lien, Refunding Series 2013B, 5.000%, 10/01/24 – AGM Insured | | | |
| | Virginia – 1.6% (1.2% of Total Investments) | | | |
| | Dulles Town Center Community Development Authority, Loudon County, Virginia Special | | | |
| | Assessment Refunding Bonds, Dulles Town Center Project, Series 2012: | | | |
| 1,265 | | 4.000%, 3/01/20 | No Opt. Call | N/R | 1,269,061 |
| 1,000 | | 5.000%, 3/01/21 | No Opt. Call | N/R | 1,026,800 |
| 1,410 | | 5.000%, 3/01/22 | No Opt. Call | N/R | 1,471,335 |
| | Fairfax County Industrial Development Authority, Virginia, Healthcare Revenue Bonds, Inova | | | |
| | Health System, Tender Option Bond Trust 2016-XG0080: | | | |
| 1,800 | | 18.133%, 5/15/27, 144A (IF) (5) | 5/22 at 100.00 | AA+ | 2,617,488 |
| 400 | | 13.183%, 5/15/29, 144A (IF) (5) | 5/22 at 100.00 | AA+ | 521,772 |
| 120 | | 18.133%, 5/15/29, 144A (IF) (5) | 5/22 at 100.00 | AA+ | 173,738 |
| 1,000 | | Roanoke Economic Development Authority, Virginia, Residential Care Facility Mortgage | 12/22 at 100.00 | N/R | 1,047,220 |
| | 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 | 713,341 |
| 130 | | 4.500%, 3/01/29 | 3/22 at 100.00 | N/R | 131,015 |
| 1,505 | | 5.000%, 3/01/30 | 3/22 at 100.00 | N/R | 1,538,200 |
| 9,325 | | Total Virginia | | | 10,509,970 |
| | Washington – 3.0% (2.4% of Total Investments) | | | |
| 2,200 | | Port of Seattle Industrial Development Corporation, Washington, Special Facilities Revenue | 4/23 at 100.00 | BBB– | 2,399,320 |
| | 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 | 4,706,360 |
| | 10/01/32 (AMT) (UB) (5) | | | |
| 305 | | Tacoma Consolidated Local Improvement District 65, Washington, Special Assessment Bonds, | 12/19 at 100.00 | N/R | 305,927 |
| | Series 2013, 5.750%, 4/01/43 | | | |
| 5,000 | | Washington Health Care Facilities Authority, Revenue Bonds, Catholic Health Initiative, | 7/24 at 100.00 | BBB+ | 5,462,900 |
| | Tender Option Bonds Trust 2015-XF1017, 5.382%, 1/01/35, 144A (IF) (5) | | | |
| 970 | | Washington Health Care Facilities Authority, Revenue Bonds, CommonSpirit Health, Series | 8/29 at 100.00 | BBB+ | 1,173,642 |
| | 2019A-2, 5.000%, 8/01/35 | | | |
| | Washington State Housing Finance Commission, Non-Profit Housing Revenue Bonds, Mirabella | | | |
| | Project, Series 2012A: | | | |
| 1,775 | | 6.000%, 10/01/22, 144A | No Opt. Call | N/R | 1,885,370 |
| 2,090 | | 6.500%, 10/01/32, 144A | 10/22 at 100.00 | N/R | 2,234,586 |
31
| | |
| NID | Nuveen Intermediate Duration Municipal Term Fund |
| Portfolio of Investments (continued) |
| November 30, 2019 (Unaudited) |
| | | | | | |
| 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– | $ 1,054,770 |
| 1,000 | | 5.000%, 7/01/23 | No Opt. Call | A– | 1,116,910 |
| 18,340 | | Total Washington | | | 20,339,785 |
| | West Virginia – 0.2% (0.2% of Total Investments) | | | |
| 1,040 | | West Virginia Economic Development Authority, Energy Revenue Bonds, Morgantown Energy | No Opt. Call | Baa3 | 1,052,293 |
| | Associates Project, Refunding Series 2016, 2.875%, 12/15/26 (AMT) | | | |
| 500 | | West Virginia Economic Development Authority, Excess Lottery Revenue Bonds, Series | 7/27 at 100.00 | AAA | 615,220 |
| | 2017A, 5.000%, 7/01/30 | | | |
| 1,540 | | Total West Virginia | | | 1,667,513 |
| | Wisconsin – 2.6% (2.1% of Total Investments) | | | |
| 415 | | Platteville Redevelopment Authority, Wisconsin, Revenue Bonds, University of Wisconsin - | 7/22 at 100.00 | BBB– | 432,696 |
| | 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: | | | |
| 660 | | 5.250%, 12/01/22 | No Opt. Call | N/R | 670,791 |
| 1,610 | | 6.000%, 12/01/32 (Pre-refunded 12/01/22) | 12/22 at 100.00 | N/R (4) | 1,677,411 |
| 2,635 | | Public Finance Authority of Wisconsin, Limited Obligation Grant Revenue Bonds, American | No Opt. Call | N/R | 3,002,214 |
| | 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 | 1,352,196 |
| 1,000 | | 6.500%, 12/01/37, 144A | 12/27 at 100.00 | N/R | 1,196,070 |
| 440 | | Public Finance Authority of Wisconsin, Revenue Bonds, Prime Healthcare Foundation, Inc, | No Opt. Call | BBB– | 485,118 |
| | Series 2017A, 5.000%, 12/01/27 | | | |
| 355 | | Public Finance Authority of Wisconsin, Revenue Bonds, Roseman University of Health | No Opt. Call | BB | 366,019 |
| | Sciences, Series 2012, 5.000%, 4/01/22 | | | |
| 1,595 | | Public Finance Authority of Wisconsin, Senior Airport Facilities Revenue and Refunding | No Opt. Call | BBB+ | 1,669,901 |
| | 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– | 4,503,218 |
| | 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– | 1,239,579 |
| | 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 | | 16.738%, 4/01/22, 144A (IF) (5) | No Opt. Call | AA– | 70,563 |
| 100 | | 17.358%, 4/01/23, 144A (IF) (5) | No Opt. Call | AA– | 160,145 |
| 185 | | 17.064%, 4/01/24, 144A (IF) (5) | 4/23 at 100.00 | AA– | 293,218 |
| 100 | | 17.358%, 4/01/25, 144A (IF) (5) | 4/23 at 100.00 | AA– | 159,276 |
| | Wisconsin Center District, Dedicated Tax Revenue Bonds, Refunding Junior Series 1999: | | | |
| 20 | | 5.250%, 12/15/23 – AGM Insured | No Opt. Call | AA | 21,948 |
| 15 | | 5.250%, 12/15/27 – AGM Insured | No Opt. Call | AA | 18,005 |
| 250 | | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Beloit Health | 4/20 at 100.00 | A | 253,143 |
| | System, Inc, Series 2010B, 5.000%, 4/01/30 | | | |
| 16,045 | | Total Wisconsin | | | 17,571,511 |
| $ 799,144 | | Total Long-Term Investments (cost $818,903,164) | | | 850,582,148 |
| | Floating Rate Obligations – (3.0)% | | | (20,112,000) |
| | Adjustable Rate MuniFund Term Preferred Shares, net of deferred offering costs – (26.1)% (9) | | | (174,872,945) |
| | Other Assets Less Liabilities – 2.4% (10) | | | 15,675,785 |
| | Net Assets Applicable to Common Shares – 100% | | | $ 671,272,988 |
32
| | | | | | | | |
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 | (18) | 3/20 | $(3,361,024) | $(3,378,938) | $(17,914) | $7,313 |
| | |
(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) | Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy. |
(7) | 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. |
(8) | 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. |
(9) | Adjustable Rate MuniFund Term Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 20.6%. |
(10) | Other assets less liabilities includes the unrealized appreciation (depreciation) of certain over-the-counter (“OTC”) derivatives as presented on the Statement of Assets and Liabilities, when applicable. The unrealized appreciation (depreciation) of OTC cleared and exchange-traded derivatives is recognized as part of the cash collateral at brokers and/or the receivable or payable for variation margin as presented on the Statement of Assets and Liabilities, when applicable. |
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, Inverse Floating Rate Securities for more information. |
WI/DD | Purchased on a when-issued or delayed delivery basis. |
| See accompanying notes to financial statements. |
33
| | |
| NIQ | Nuveen Intermediate Duration Quality |
| Municipal Term Fund |
| Portfolio of Investments |
| November 30, 2019 (Unaudited) |
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | LONG-TERM INVESTMENTS – 126.8% (100.0% of Total Investments) | | | |
| | MUNICIPAL BONDS – 126.8% (100.0% of Total Investments) | | | |
| | Alabama – 2.5% (1.9% of Total Investments) | | | |
| $ 2,000 | | Alabama Federal Aid Highway Finance Authority, Federal Highway Grant Anticipation Revenue | 9/22 at 100.00 | AA (4) | $ 3,057,060 |
| | Bonds, Tender Option Bond Trust 2016-XL0024, 17.773%, 9/01/26, 144A (Pre-refunded | | | |
| | 9/01/22) (IF) (5) | | | |
| 1,000 | | Lower Alabama Gas District, Alabama, Gas Project Revenue Bonds, Series 2016A, | No Opt. Call | A | 1,306,350 |
| | 5.000%, 9/01/34 | | | |
| 290 | | Tuscaloosa County Industrial Development Authority, Alabama, Gulf Opportunity Zone Bonds, | 5/29 at 100.00 | N/R | 318,194 |
| | Hunt Refining Project, Refunding Series 2019A, 4.500%, 5/01/32, 144A | | | |
| 3,290 | | Total Alabama | | | 4,681,604 |
| | Arizona – 1.2% (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 | 1,068,274 |
| 1,065 | | 5.000%, 2/01/26 | 2/23 at 100.00 | A1 | 1,176,538 |
| 2,030 | | Total Arizona | | | 2,244,812 |
| | California – 11.5% (9.1% of Total Investments) | | | |
| 3,000 | | Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Senior | 10/23 at 100.00 | AA | 3,422,610 |
| | Lien Series 2013A, 5.000%, 10/01/27 – AGM Insured | | | |
| 500 | | California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, | 11/27 at 100.00 | AA– | 617,925 |
| | Refunding Series 2017A, 5.000%, 11/15/36 | | | |
| 415 | | California Municipal Finance Authority, Revenue Bonds, Biola University, Series 2013, | No Opt. Call | Baa1 | 442,718 |
| | 5.000%, 10/01/21 | | | |
| 2,170 | | California Municipal Finance Authority, Revenue Bonds, Linxs APM Project, Senior Lien | 6/28 at 100.00 | BBB | 2,542,849 |
| | Series 2018A, 5.000%, 12/31/43 (AMT) | | | |
| 370 | | California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, San Diego | 1/29 at 100.00 | BBB | 442,376 |
| | 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 | 2,170,941 |
| | 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+ | 4,130,364 |
| | Revenue Bonds, Series 2017D, 5.250%, 7/01/42 | | | |
| 680 | | Independent Cities Finance Authority, California, Mobile Home Park Revenue Bonds, Rancho | No Opt. Call | A– | 718,413 |
| | 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 | 157,230 |
| 305 | | 4.000%, 9/01/26 | 9/22 at 100.00 | N/R | 319,204 |
| 250 | | 4.000%, 9/01/27 | 9/22 at 100.00 | N/R | 261,235 |
| 250 | | Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, | 11/20 at 100.00 | Ba1 (4) | 259,680 |
| | 5.250%, 11/01/21 (Pre-refunded 11/01/20) | | | |
| 1,780 | | Patterson Public Finance Authority, Revenue Bonds, California, Community Facilities District 2001-1, | No Opt. Call | N/R | 1,935,803 |
| | Senior Series 2013A, 5.000%, 9/01/22 | | | |
| 185 | | Riverside County Redevelopment Agency, California, Tax Allocation Housing Bonds, Series | No Opt. Call | A (4) | 207,257 |
| | 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 | 1,829,190 |
| | Bonds, First Senior Lien Series 2017A, 5.000%, 7/01/36 | | | |
34
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | California (continued) | | | |
| $ 1,400 | | San Joaquin County Transportation Authority, California, Sales Tax Revenue, Limited Tax | 3/27 at 100.00 | AA | $ 1,734,292 |
| | Measure K Series 2017, 5.000%, 3/01/32 | | | |
| 590 | | Vernon, California, Electric System Revenue Bonds, Series 2009A, 5.125%, 8/01/21 | 12/19 at 100.00 | BBB+ | 598,856 |
| 18,810 | | Total California | | | 21,790,943 |
| | Colorado – 14.7% (11.6% of Total Investments) | | | |
| | Colorado Educational and Cultural Facilities Authority, Charter School Refunding Revenue | | | |
| | Bonds, Pinnacle Charter School, Inc K-8 Facility Project, Series 2013: | | | |
| 310 | | 4.000%, 6/01/20 | No Opt. Call | A+ | 313,466 |
| 250 | | 5.000%, 6/01/21 | No Opt. Call | A+ | 261,970 |
| 3,045 | | Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, | 8/29 at 100.00 | BBB+ | 3,763,437 |
| | 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+ | 6,028,200 |
| | 5.000%, 11/15/47 | | | |
| | Colorado State Board of Governors, Colorado State University Auxiliary Enterprise System | | | |
| | Revenue Bonds, Tender Option Bond Trust 2016-XF2354: | | | |
| 100 | | 18.253%, 3/01/25, 144A (IF) (5) | No Opt. Call | AA | 194,898 |
| 300 | | 18.253%, 3/01/26, 144A (IF) (5) | No Opt. Call | AA | 620,193 |
| 430 | | 18.214%, 3/01/27, 144A (IF) (5) | No Opt. Call | AA | 943,029 |
| 725 | | 18.253%, 3/01/28, 144A (IF) (5) | No Opt. Call | AA | 1,680,340 |
| 200 | | 18.253%, 3/01/29, 144A (IF) (5) | No Opt. Call | AA | 483,510 |
| 1,870 | | Denver Convention Center Hotel Authority, Colorado, Revenue Bonds, Convention Center | 12/26 at 100.00 | Baa2 | 2,187,863 |
| | 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 | 341,940 |
| | 9/01/21 – NPFG Insured | | | |
| 1,000 | | Public Authority for Colorado Energy, Natural Gas Purchase Revenue Bonds, Colorado | No Opt. Call | A+ | 1,518,560 |
| | 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 | 4,945,240 |
| | 5.000%, 6/01/44 | | | |
| 4,000 | | University of Northern Colorado at Greeley, Institutional Enterprise System Revenue Bonds, | 6/26 at 100.00 | Aa2 | 4,668,000 |
| | Refunding Series 2016A, 5.000%, 6/01/46 | | | |
| 21,580 | | Total Colorado | | | 27,950,646 |
| | Florida – 9.6% (7.5% of Total Investments) | | | |
| | Atlantic Beach, Florida, Healthcare Facilities Revenue Refunding Bonds, Fleet Landing Project, | | | |
| | Series 2013A: | | | |
| 420 | | 5.000%, 11/15/20 | No Opt. Call | BBB | 432,839 |
| 150 | | 5.000%, 11/15/23 | No Opt. Call | BBB | 167,579 |
| 375 | | Belmont Community Development District, Florida, Capital Improvement Revenue Bonds, | No Opt. Call | N/R | 398,820 |
| | Phase 1 Project, Series 2013A, 5.500%, 11/01/23 | | | |
| 1,270 | | Broward County, Florida, Fuel System Revenue Bonds, Fort Lauderdale Fuel Facilities LLC | No Opt. Call | AA | 1,406,550 |
| | 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+ | 2,134,336 |
| 365 | | Capital Trust Agency, Florida, Fixed Rate Air Cargo Revenue Refunding Bonds, Aero Miami FX, | 7/20 at 100.00 | Baa3 | 371,263 |
| | LLC Project, Series 2010A, 5.350%, 7/01/29 | | | |
| 1,315 | | Collier County Educational Facilities Authority, Florida, Revenue Bonds, Ave Maria University, | No Opt. Call | BBB– | 1,357,093 |
| | 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+ | 1,121,320 |
| 2,960 | | Florida Municipal Power Agency, Revenue Bonds, Saint Lucie Project, Refunding Series | 10/22 at 100.00 | A2 | 3,246,528 |
| | 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– | 610,270 |
35
| | |
| NIQ | Nuveen Intermediate Duration Quality Municipal |
| Term Fund |
| Portfolio of Investments (continued) |
| November 30, 2019 (Unaudited) |
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Florida (continued) | | | |
| | Martin County Industrial Development Authority, Florida, Industrial Development Revenue | | | |
| | Refunding Bonds, Indiantown Cogeneration LP, Series 2013: | | | |
| $ 3,150 | | 3.950%, 12/15/21 (AMT), 144A | 6/20 at 100.00 | BBB+ | $ 3,185,784 |
| 500 | | 4.200%, 12/15/25 (AMT), 144A | 6/20 at 100.00 | BBB+ | 505,720 |
| 1,400 | | Palm Beach County Health Facilities Authority, Florida, Revenue Bonds, Jupiter Medical | No Opt. Call | BBB+ | 1,528,898 |
| | 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– | 604,304 |
| | Electric Cooperative, Inc Project, Refunding Series 2018B, 5.000%, 3/15/42 | | | |
| 305 | | Southeast Overtown/Park West Community Redevelopment Agency, Florida, Tax Increment | No Opt. Call | BBB+ | 344,400 |
| | Revenue Bonds, Series 2014A-1, 5.000%, 3/01/24, 144A | | | |
| 735 | | Verandah West Community Development District, Florida, Capital Improvement Revenue | No Opt. Call | N/R | 747,921 |
| | Bonds, Refunding Series 2013, 4.000%, 5/01/23 | | | |
| 16,695 | | Total Florida | | | 18,163,625 |
| | Georgia – 2.5% (2.0% of Total Investments) | | | |
| 1,025 | | Atlanta, Georgia, Tax Allocation Bonds, Perry Bolton Project Series 2014, 4.000%, 7/01/22 | No Opt. Call | A– | 1,090,969 |
| 1,000 | | Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation | 2/27 at 100.00 | AA | 1,231,180 |
| | Certificates, Northeast Georgia Health Services Inc, Series 2017B, 5.500%, 2/15/42 | | | |
| 793 | | Liberty County Industrial Authority, Georgia, Revenue Bonds, Series 2012A-2, 3.930%, 7/01/26 | 12/19 at 100.00 | N/R | 725,178 |
| 1,465 | | Municipal Electric Authority of Georgia, General Resolution Projects Subordinated Bonds, | 1/28 at 100.00 | A1 | 1,721,067 |
| | Series 20188HH, 5.000%, 1/01/44 | | | |
| 4,283 | | Total Georgia | | | 4,768,394 |
| | Hawaii – 1.9% (1.5% of Total Investments) | | | |
| 3,000 | | Honolulu City and County, Hawaii, Wastewater System Revenue Bonds, First Bond Resolution, | 1/28 at 100.00 | Aa2 | 3,669,480 |
| | Senior Series 2018A, 5.000%, 7/01/37 | | | |
| | Illinois – 12.4% (9.8% of Total Investments) | | | |
| 2,500 | | Cook County, Illinois, General Obligation Bonds, Tender Option Bond Trust 2015-XF1007, | 11/22 at 100.00 | A+ | 3,379,675 |
| | 14.379%, 11/15/25, 144A (IF) (5) | | | |
| 2,680 | | Illinois Finance Authority, Revenue Bonds, Illinois Institute of Technology, Refunding | 12/19 at 100.00 | Baa3 | 2,682,198 |
| | Series 2006A, 5.000%, 4/01/24 | | | |
| 4,000 | | Illinois Municipal Electric Agency, Power Supply System Revenue Bonds, Refunding Series | 8/25 at 100.00 | A1 | 4,721,920 |
| | 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 | 2,879,050 |
| 5,000 | | Illinois State, General Obligation Bonds, Series 2013, 5.000%, 7/01/23 | No Opt. Call | BBB | 5,474,900 |
| 790 | | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Refunding Senior Lien | No Opt. Call | AA– | 790,000 |
| | Series 2014A, 5.000%, 12/01/19 | | | |
| 290 | | Madison, Macoupin, Jersey, Calhoun, Morgan, Scott, and Greene Counties Community College | 11/26 at 100.00 | AA | 338,436 |
| | District 536, Illinois, General Obligation Bonds, Lewis & Clark Community College, Refunding | | | |
| | Series 2017A, 5.000%, 11/01/33 – AGM Insured | | | |
| 1,000 | | Southwestern Illinois Development Authority, Local Government Revenue Bonds, Edwardsville | No Opt. Call | AA | 943,170 |
| | 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 | 2,290,040 |
| 20,760 | | Total Illinois | | | 23,499,389 |
| | Indiana – 1.5% (1.2% of Total Investments) | | | |
| 1,095 | | Indiana Finance Authority, Educational Facilities Revenue Bonds, 21st Century Charter | 3/23 at 100.00 | B+ | 1,124,685 |
| | 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+ | 1,778,940 |
| | 2015A, 5.000%, 2/01/25 | | | |
| 2,595 | | Total Indiana | | | 2,903,625 |
36
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Iowa – 1.5% (1.2% of Total Investments) | | | |
| $ 855 | | Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer | 12/19 at 104.00 | B+ | $ 890,192 |
| | Company Project, Series 2016, 5.875%, 12/01/27, 144A | | | |
| 2,000 | | Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, | 12/19 at 100.00 | B– | 2,002,560 |
| | 5.600%, 6/01/34 | | | |
| 2,855 | | Total Iowa | | | 2,892,752 |
| | Kentucky – 3.1% (2.5% of Total Investments) | | | |
| | Kentucky Economic Development Finance Authority, Revenue Bonds, Next Generation Kentucky | | | |
| | Information Highway Project, Senior Series 2015A: | | | |
| 715 | | 5.000%, 7/01/20 | No Opt. Call | BBB+ | 727,327 |
| 925 | | 4.250%, 7/01/35 | 7/25 at 100.00 | BBB+ | 976,236 |
| 1,400 | | 5.000%, 1/01/45 | 7/25 at 100.00 | BBB+ | 1,530,830 |
| 3,000 | | Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, | No Opt. Call | Baa3 | 2,728,410 |
| | Downtown Crossing Project, Capital Appreciation Series 2013B, 0.000%, 7/01/23 | | | |
| 6,040 | | Total Kentucky | | | 5,962,803 |
| | Louisiana – 0.9% (0.7% of Total Investments) | | | |
| 530 | | New Orleans Aviation Board, Louisiana, Special Facility Revenue Bonds, Parking Facilities | 10/28 at 100.00 | AA | 632,401 |
| | 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– | 1,098,920 |
| 1,530 | | Total Louisiana | | | 1,731,321 |
| | Maine – 2.9% (2.3% of Total Investments) | | | |
| 1,000 | | Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine | 7/23 at 100.00 | BBB | 1,082,300 |
| | 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+ | 517,158 |
| 565 | | 5.000%, 7/01/48 | 7/28 at 100.00 | A+ | 667,745 |
| | Maine Turnpike Authority, Special Obligation Bonds, Series 2014: | | | |
| 620 | | 5.000%, 7/01/25 | 7/24 at 100.00 | A+ | 713,862 |
| 340 | | 5.000%, 7/01/27 | 7/24 at 100.00 | A+ | 389,786 |
| 1,850 | | 5.000%, 7/01/29 | 7/24 at 100.00 | A+ | 2,115,161 |
| 4,810 | | Total Maine | | | 5,486,012 |
| | Maryland – 1.2% (1.0% of Total Investments) | | | |
| 615 | | Baltimore, Maryland, Convention Center Hotel Revenue Bonds, Refunding Series 2017, | 9/27 at 100.00 | BBB– | 725,964 |
| | 5.000%, 9/01/32 | | | |
| | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Frederick | | | |
| | Memorial Hospital Issue, Series 2012A: | | | |
| 195 | | 5.000%, 7/01/20 | No Opt. Call | A– | 198,990 |
| 275 | | 5.000%, 7/01/22 | No Opt. Call | A– | 299,852 |
| 1,000 | | Prince George’s County, Maryland, General Obligation Consolidated Public Improvement | 9/21 at 100.00 | AAA | 1,069,220 |
| | Bonds, Series 2011A, 5.000%, 9/15/22 (Pre-refunded 9/15/21) | | | |
| 2,085 | | Total Maryland | | | 2,294,026 |
| | Massachusetts – 0.6% (0.5% 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 (4) | 87,736 |
| 420 | | 5.000%, 7/01/29 | 7/22 at 100.00 | BBB | 452,491 |
| 500 | | 5.000%, 7/01/29 (Pre-refunded 7/01/22) | 7/22 at 100.00 | Baa2 (4) | 548,350 |
| 1,000 | | Total Massachusetts | | | 1,088,577 |
37
| | |
| NIQ | Nuveen Intermediate Duration Quality Municipal |
| Term Fund |
| Portfolio of Investments (continued) |
| November 30, 2019 (Unaudited) |
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Michigan – 6.6% (5.2% of Total Investments) | | | |
| $ 1,000 | | Detroit City School District, Wayne County, Michigan, General Obligation Bonds, Tender | No Opt. Call | Aa1 | $ 2,581,660 |
| | Option Bond Trust 2016-XG0091, 18.810%, 5/01/30, 144A (IF) (5) | | | |
| 5 | | Detroit, Michigan, Sewer Disposal System Revenue Bonds, Second Lien, Series 2006B, | 12/19 at 100.00 | A | 5,013 |
| | 5.000%, 7/01/36 – FGIC Insured | | | |
| 5 | | Detroit, Michigan, Water Supply System Revenue Bonds, Second Lien Series 2003B, 5.000%, | 12/19 at 100.00 | A+ | 5,014 |
| | 7/01/34 – NPFG Insured | | | |
| 660 | | Flint Hospital Building Authority, Michigan, Building Authority Revenue Bonds, Hurley | No Opt. Call | BBB– | 698,656 |
| | Medical Center, Series 2013A, 5.000%, 7/01/23 | | | |
| 2,020 | | Michigan Finance Authority, Hospital Revenue Bonds, Crittenton Hospital Medical Center, | 6/22 at 100.00 | N/R (4) | 2,165,804 |
| | 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 | 3,394,320 |
| | 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– | 40,246 |
| | Redford Academy Project, Series 2010A, 5.250%, 12/01/20 | | | |
| 12 | | Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Tender Option | 12/20 at 100.00 | N/R (4) | 14,133 |
| | Bond Trust 2015-XF0126, 17.834%, 12/01/27 (Pre-refunded 12/01/20), 144A (IF) (5) | | | |
| 1,393 | | Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Tender Option | 12/20 at 100.00 | AA– | 1,640,620 |
| | Bond Trust 2015-XF0126, 17.834%, 12/01/27, 144A (IF) (5) | | | |
| 1,500 | | Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2019-I, | 10/29 at 100.00 | Aa2 | 1,902,360 |
| | 5.000%, 4/15/36 | | | |
| 9,635 | | Total Michigan | | | 12,447,826 |
| | Minnesota – 1.7% (1.4% of Total Investments) | | | |
| 2,000 | | Duluth Economic Development Authority, Minnesota, Health Care Facilities Revenue Bonds, | 2/28 at 100.00 | A– | 2,210,100 |
| | Essentia Health Obligated Group, Series 2018A, 4.250%, 2/15/43 | | | |
| 750 | | Rochester, Minnesota, Health Care Facilities Revenue Bonds, Olmsted Medical Center | No Opt. Call | A | 765,608 |
| | Project, Series 2013, 5.000%, 7/01/20 | | | |
| | Saint Paul Housing and Redevelopment Authority, Minnesota, Lease Revenue Bonds, Saint | | | |
| | Paul Conservatory for Performing Artists Charter School Project, Series 2013A: | | | |
| 205 | | 3.550%, 3/01/21 | No Opt. Call | BB+ | 205,338 |
| 100 | | 3.700%, 3/01/22 | No Opt. Call | BB+ | 100,424 |
| 3,055 | | Total Minnesota | | | 3,281,470 |
| | Mississippi – 1.5% (1.2% of Total Investments) | | | |
| | Mississippi Development Bank Special Obligation Bonds, Marshall County Industrial Development | | | |
| | Authority, Mississippi Highway Construction Project, Tender Option Bond Trust 3315: | | | |
| 800 | | 18.253%, 1/01/24 (Pre-refunded 1/01/22), 144A (IF) (5) | 1/22 at 100.00 | AA– (4) | 1,116,976 |
| 1,000 | | 18.253%, 1/01/25 (Pre-refunded 1/01/22), 144A (IF) (5) | 1/22 at 100.00 | AA– (4) | 1,396,220 |
| 200 | | 18.253%, 1/01/26 (Pre-refunded 1/01/22), 144A (IF) (5) | 1/22 at 100.00 | AA– (4) | 279,244 |
| 2,000 | | Total Mississippi | | | 2,792,440 |
| | Missouri – 1.8% (1.4% of Total Investments) | | | |
| 3,000 | | Missouri Joint Municipal Electric Utility Commission, Power Project Revenue Bonds, Plum | No Opt. Call | A | 3,333,210 |
| | 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 | 1,184,945 |
| 1,270 | | 5.000%, 7/01/29 | 7/28 at 100.00 | BBB | 1,496,606 |
| 2,255 | | Total Montana | | | 2,681,551 |
| | Nebraska – 1.7% (1.3% of Total Investments) | | | |
| 3,000 | | Central Plains Energy Project, Nebraska, Gas Project 3 Revenue Bonds, Series 2012, | 9/22 at 100.00 | A | 3,249,990 |
| | 5.000%, 9/01/32 | | | |
38
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | 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– | $ 594,974 |
| | 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 | 1,221,830 |
| | 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+ | 1,546,204 |
| 1,210 | | 5.000%, 6/15/27 | 6/26 at 100.00 | BBB+ | 1,434,407 |
| 4,020 | | Total Nevada | | | 4,797,415 |
| | New Jersey – 4.8% (3.8% of Total Investments) | | | |
| 615 | | New Jersey Economic Development Authority, Charter School Revenue Bonds, Lady Liberty | No Opt. Call | N/R | 202,950 |
| | Academy Charter School Project, Series 2013A, 5.150%, 8/01/23 (7) | | | |
| | New Jersey Economic Development Authority, Cigarette Tax Revenue Refunding Bonds, | | | |
| | Series 2012: | | | |
| 2,000 | | 5.000%, 6/15/24 | 6/22 at 100.00 | BBB+ | 2,153,180 |
| 1,000 | | 5.000%, 6/15/28 | 6/22 at 100.00 | BBB+ | 1,067,650 |
| | 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 | BBB | 891,106 |
| 500 | | 5.000%, 1/01/22 (AMT) | No Opt. Call | BBB | 534,275 |
| 500 | | 5.000%, 7/01/22 (AMT) | No Opt. Call | BBB | 542,215 |
| 620 | | 5.000%, 1/01/23 (AMT) | No Opt. Call | BBB | 682,043 |
| 1,000 | | New Jersey Economic Development Authority, School Facilities Construction Financing | 3/25 at 100.00 | A– | 997,850 |
| | Program Bonds, Tender Option Bond Trust 2016-XF2340, 5.345%, 9/01/25, 144A (IF) (5) | | | |
| 1,000 | | New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental | 8/22 at 101.00 | BB | 1,090,310 |
| | Airlines Inc, Series 1999, 5.250%, 9/15/29 (AMT) | | | |
| 545 | | New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint | 12/19 at 100.00 | BB+ | 546,199 |
| | 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+ | 497,529 |
| | Bonds, Series 2018B, 5.000%, 6/01/46 | | | |
| 9,090 | | Total New Jersey | | | 9,205,307 |
| | New York – 4.1% (3.3% of Total Investments) | | | |
| 495 | | Buffalo and Erie County Industrial Land Development Corporation, New York, Revenue | 7/25 at 100.00 | BBB+ | 580,719 |
| | 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 | 620,362 |
| | 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 | 4,249,569 |
| | 2017, 5.000%, 9/01/42 | | | |
| 2,000 | | New York Convention Center Development Corporation, New York, Revenue Bonds, Hotel Unit | No Opt. Call | Aa3 | 2,421,460 |
| | Fee Secured, Refunding Series 2015, 5.000%, 11/15/25 | | | |
| 6,475 | | Total New York | | | 7,872,110 |
| | North Dakota – 0.7% (0.6% of Total Investments) | | | |
| 1,250 | | Cass County, North Dakota, Health Care Facilities Revenue Bonds, Essential Health Obligated | 2/28 at 100.00 | A– | 1,365,038 |
| | Group, Series 2018B, 4.250%, 2/15/43 | | | |
| | Ohio – 4.0% (3.1% of Total Investments) | | | |
| 3,500 | | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed | 12/19 at 100.00 | CCC+ | 3,517,535 |
| | Revenue Bonds, Senior Lien, Series 2007A-2, 5.875%, 6/01/30 | | | |
| 3,000 | | Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, | No Opt. Call | N/R | 2,647,500 |
| | FirstEnergy Generation Project, Refunding Series 2006A, 3.750%, 12/01/23 (7) | | | |
| 1,150 | | Ohio State, Private Activity Bonds, Portsmouth Gateway Group, LLC – Borrower, Portsmouth | 6/25 at 100.00 | AA | 1,341,912 |
| | Bypass Project, Series 2015, 5.000%, 12/31/27 – AGM Insured (AMT) | | | |
| 7,650 | | Total Ohio | | | 7,506,947 |
39
| | |
| NIQ | Nuveen Intermediate Duration Quality Municipal |
| Term Fund |
| Portfolio of Investments (continued) |
| November 30, 2019 (Unaudited) |
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | 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 | $ 304,475 |
| | Project, Series 2018B, 5.250%, 8/15/43 | | | |
| | Oregon – 0.5% (0.4% of Total Investments) | | | |
| 965 | | Astoria Hospital Facilities Authority, Oregon, Hospital Revenue and Refunding Bonds, | No Opt. Call | A– | 1,052,024 |
| | Columbia Memorial Hospital, Series 2012, 5.000%, 8/01/22 | | | |
| | Pennsylvania – 3.8% (3.0% of Total Investments) | | | |
| | Erie Higher Education Building Authority, Pennsylvania, Revenue Bonds, Gannon University | | | |
| | Project, Series 2013: | | | |
| 465 | | 4.000%, 5/01/20 | No Opt. Call | BBB+ | 469,334 |
| 480 | | 4.000%, 5/01/21 | No Opt. Call | BBB+ | 494,645 |
| 500 | | 4.000%, 5/01/22 | No Opt. Call | BBB+ | 524,690 |
| 520 | | 4.000%, 5/01/23 | No Opt. Call | BBB+ | 554,341 |
| 1,905 | | Erie Sewer Authority, Erie County, Pennsylvania, Sewer Revenue Bonds, Series 2012A, | No Opt. Call | AA | 2,005,203 |
| | 5.000%, 6/01/21 – AGM Insured | | | |
| 1,700 | | Pennsylvania Economic Development Financing Authority, Private Activity Revenue Bonds, | 6/26 at 100.00 | BBB | 1,992,077 |
| | 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 | 326,741 |
| | 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+ | 383,183 |
| 435 | | 5.000%, 12/01/21 | No Opt. Call | A+ | 465,163 |
| 6,660 | | Total Pennsylvania | | | 7,215,377 |
| | Puerto Rico – 1.3% (1.0% of Total Investments) | | | |
| 2,350 | | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured | 7/28 at 100.00 | N/R | 2,432,791 |
| | 2018A-1, 4.550%, 7/01/40 | | | |
| | 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 | 2,129,360 |
| | Refunding Series 2012D, 5.000%, 12/01/43 | | | |
| 2,000 | | South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding | 6/24 at 100.00 | A | 2,272,620 |
| | Series 2014B, 5.000%, 12/01/31 | | | |
| 4,000 | | Total South Carolina | | | 4,401,980 |
| | Tennessee – 8.7% (6.8% of Total Investments) | | | |
| 2,605 | | Greeneville Health and Educational Facilities Board, Tennessee, Hospital Revenue Bonds, | 7/28 at 100.00 | A | 3,090,598 |
| | Ballad Health, Series 2018A, 5.000%, 7/01/37 | | | |
| 2,290 | | Jackson, Tennessee, Hospital Revenue Bonds, Jackson-Madison County General Hospital | 10/28 at 100.00 | A | 2,788,899 |
| | 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+ | 1,593,029 |
| 2,170 | | 5.000%, 1/01/26 | 1/23 at 100.00 | A+ | 2,398,544 |
| 450 | | Metropolitan Government of Nashville-Davidson County, Tennessee, Water and Sewerage | 7/27 at 100.00 | AA | 541,296 |
| | 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 | 1,706,838 |
| | 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 | 1,059,698 |
| 1,490 | | 5.000%, 2/01/24 | No Opt. Call | A | 1,677,055 |
| 1,365 | | 5.000%, 2/01/25 | No Opt. Call | A | 1,569,436 |
| 14,230 | | Total Tennessee | | | 16,425,393 |
40
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Texas – 7.6% (6.0% of Total Investments) | | | |
| $ 500 | | Central Texas Regional Mobility Authority, Revenue Bonds, Refunding Subordinate Lien | No Opt. Call | BBB+ | $ 535,350 |
| | Series 2013, 5.000%, 1/01/22 | | | |
| 200 | | Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2010, | 1/20 at 100.00 | A– (4) | 200,712 |
| | 5.750%, 1/01/25 (Pre-refunded 1/01/20) | | | |
| 685 | | Denton County Fresh Water Supply District 7, Texas, General Obligation Bonds, Refunding | No Opt. Call | AA | 705,447 |
| | 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 | 2,040,340 |
| | Citgo Petroleum Corporation Project, Series 1995, 4.875%, 5/01/25 (AMT) | | | |
| | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Refunding Second Lien | | | |
| | Series 2014C: | | | |
| 230 | | 5.000%, 11/15/22 | No Opt. Call | A3 | 252,144 |
| 1,660 | | 5.000%, 11/15/23 | No Opt. Call | A3 | 1,865,989 |
| 960 | | 5.000%, 11/15/25 | 11/24 at 100.00 | A3 | 1,104,998 |
| 1,005 | | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Third Lien Series 2004A-3, | 11/24 at 59.10 | Baa2 | 513,083 |
| | 0.000%, 11/15/33 – NPFG Insured | | | |
| | Irving, Texas, Hotel Occupancy Tax Revenue Bonds, Series 2014B: | | | |
| 465 | | 4.000%, 8/15/22 | 12/19 at 100.00 | BBB+ | 466,502 |
| 535 | | 4.000%, 8/15/23 | 12/19 at 100.00 | BBB+ | 536,728 |
| 100 | | Love Field Airport Modernization Corporation, Texas, Special Facilities Revenue Bonds, | No Opt. Call | A3 | 103,191 |
| | Southwest Airlines Company – Love Field Modernization Program Project, Series 2012, | | | |
| | 5.000%, 11/01/20 (AMT) | | | |
| | Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue | | | |
| | Bonds, Scott & White Healthcare Project, Tender Option Bond Trust 2016-XG0058: | | | |
| 100 | | 18.433%, 8/15/22, 144A (IF) (5) | No Opt. Call | AA– | 148,934 |
| 155 | | 18.271%, 8/15/24, 144A (IF) (5) | 8/23 at 100.00 | AA– | 256,734 |
| 200 | | 18.433%, 8/15/26, 144A (IF) (5) | 8/23 at 100.00 | AA– | 329,456 |
| 175 | | 18.239%, 8/15/27, 144A (IF) (5) | 8/23 at 100.00 | AA– | 284,293 |
| 1,180 | | Texas Municipal Gas Acquisition and Supply Corporation I, Gas Supply Revenue Bonds, | No Opt. Call | A2 | 1,373,284 |
| | 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 | 3,273,420 |
| | Series 2012, 5.000%, 12/15/27 | | | |
| 360 | | Texas Public Finance Authority, Revenue Bonds, Texas Southern University Financing | 5/21 at 100.00 | BBB | 379,735 |
| | System, Series 2011, 6.000%, 5/01/23 | | | |
| 13,510 | | Total Texas | | | 14,370,340 |
| | 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 | 526,180 |
| | 5.000%, 3/01/35 | | | |
| 600 | | Utah Water Finance Agency, Revenue Bonds, Pooled Loan Financing Program, Series 2017C, | 3/27 at 100.00 | AA | 727,296 |
| | 5.000%, 3/01/34 | | | |
| 1,035 | | Total Utah | | | 1,253,476 |
| | Virgin Islands – 0.1% (0.1% of Total Investments) | | | |
| 210 | | Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding | No Opt. Call | AA | 219,446 |
| | Series 2012A, 4.000%, 10/01/22 – AGM Insured | | | |
| | Virginia – 1.1% (0.9% of Total Investments) | | | |
| 1,340 | | Chesapeake Bay Bridge and Tunnel District, Virginia, General Resolution Revenue Bonds, | 7/26 at 100.00 | AA | 1,582,701 |
| | 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 | 564,436 |
| | 2012A, 5.000%, 7/15/21 | | | |
| 1,875 | | Total Virginia | | | 2,147,137 |
41
| | |
| NIQ | Nuveen Intermediate Duration Quality Municipal |
| Term Fund |
| Portfolio of Investments (continued) |
| November 30, 2019 (Unaudited) |
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Washington – 1.3% (1.0% of Total Investments) | | | |
| $ 700 | | Port of Seattle, Washington, Revenue Bonds, Intermediate Lien Series 2015A, 5.000%, 4/01/27 | 10/24 at 100.00 | AA– | $ 813,736 |
| 1,445 | | Washington State Convention Center Public Facilities District, Lodging Tax Revenue | 7/28 at 100.00 | A1 | 1,702,904 |
| | Bonds, Series 2018, 5.000%, 7/01/48 | | | |
| 2,145 | | Total Washington | | | 2,516,640 |
| | Wisconsin – 0.4% (0.3% of Total Investments) | | | |
| | University of Wisconsin Hospitals and Clinics Authority, Revenue Bonds, Tender Option Bond | | | |
| | Trust 2015-XF0127: | | | |
| 50 | | 16.738%, 4/01/22, 144A (IF) (5) | No Opt. Call | AA– | 70,563 |
| 100 | | 17.358%, 4/01/23, 144A (IF) (5) | No Opt. Call | AA– | 160,145 |
| 185 | | 17.064%, 4/01/24, 144A (IF) (5) | 4/23 at 100.00 | AA– | 293,218 |
| 100 | | 17.358%, 4/01/25, 144A (IF) (5) | 4/23 at 100.00 | AA– | 159,276 |
| 435 | | Total Wisconsin | | | 683,202 |
| $ 210,463 | | Total Long-Term Investments (cost $227,133,459) | | | 240,683,594 |
| | Adjustable Rate MuniFund Term Preferred Shares, net of deferred offering costs – (28.9)% (8) | | | (54,903,639) |
| | Other Assets Less Liabilities – 2.1% | | | 3,998,321 |
| | Net Assets Applicable to Common Shares – 100% | | | $ 189,778,276 |
| | |
(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) | 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) | Adjustable Rate MuniFund Term Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 22.8%. |
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. |
42
Statement of Assets and Liabilities November 30, 2019 (Unaudited)
| | | | | | | |
| | NID | | | NIQ | |
| Assets | | | | | | |
Long-term investments, at value (cost $818,903,164 and $227,133,459, respectively) | | $ | 850,582,148 | | | $ | 240,683,594 | |
Cash | | | 1,075,666 | | | | 642,187 | |
Cash collateral at brokers for investments in futures contracts(1) | | | 86,941 | | | | — | |
Receivable for: | | | | | | | | |
| Interest | | | 14,546,944 | | | | 3,520,712 | |
| Investments sold | | | 12,915,659 | | | | 485,000 | |
| Variation margin on futures contracts | | | 7,313 | | | | — | |
Other assets | | | 47,255 | | | | 866 | |
| Total assets | | | 879,261,926 | | | | 245,332,359 | |
| Liabilities | | | | | | | | |
Floating rate obligations | | | 20,112,000 | | | | — | |
Payable for: | | | | | | | | |
| Dividends | | | 1,892,732 | | | | 390,476 | |
| Interest | | | 379,104 | | | | 88,075 | |
| | | 10,092,378 | | | | — | |
Adjustable Rate MuniFund Term Preferred (“AMTP”) Shares, net of deferred offering costs (liquidation preference | | | | | | | | |
| $175,000,000 and $55,000,000, respectively) | | | 174,872,945 | | | | 54,903,639 | |
Accrued expenses: | | | | | | | | |
| Management fees | | | 453,964 | | | | 107,448 | |
| Trustees fees | | | 53,294 | | | | 2,513 | |
| Other | | | 132,521 | | | | 61,932 | |
| Total liabilities | | | 207,988,938 | | | | 55,554,083 | |
Net assets applicable to common shares | | $ | 671,272,988 | | | $ | 189,778,276 | |
Common shares outstanding | | | 46,909,660 | | | | 13,097,144 | |
Net asset value (“NAV”) per common share outstanding | | $ | 14.31 | | | $ | 14.49 | |
| Net assets applicable to common shares consist of: | | | | | | | | |
Common shares, $0.01 par value per share | | $ | 469,097 | | | $ | 130,971 | |
Paid-in surplus | | | 670,092,741 | | | | 186,851,700 | |
Total distributable earnings | | | 711,150 | | | | 2,795,605 | |
Net assets applicable to common shares | | $ | 671,272,988 | | | $ | 189,778,276 | |
Authorized shares: | | | | | | | | |
| Common | | Unlimited | | | Unlimited | |
| Preferred | | Unlimited | | | Unlimited | |
| | |
(1) | Cash pledged to collateralize the net payment obligations for investments in futures contracts. |
See accompanying notes to financial statements.
43
| |
|
|
| Six Months Ended November 30, 2019 (Unaudited) |
|
|
|
| | |
| | NID | | | NIQ | |
| Investment Income | | $ | 18,085,547 | | | $ | 4,073,054 | |
| Expenses | | | | | | | | |
Management fees | | | 2,770,271 | | | | 657,144 | |
Interest expense and amortization of offering costs | | | 2,096,906 | | | | 626,795 | |
Custodian fees | | | 51,755 | | | | 21,096 | |
Trustees fees | | | 11,541 | | | | 3,330 | |
Professional fees | | | 27,531 | | | | 18,181 | |
Shareholder reporting expenses | | | 31,303 | | | | 10,827 | |
Shareholder servicing agent fees | | | 6,832 | | | | 6,822 | |
Stock exchange listing fees | | | 6,617 | | | | 3,440 | |
Investor relations expenses | | | 24,128 | | | | 7,154 | |
Other | | | 36,183 | | | | 15,542 | |
Total expenses | | | 5,063,067 | | | | 1,370,331 | |
Net investment income (loss) | | | 13,022,480 | | | | 2,702,723 | |
| Realized and Unrealized Gain (Loss) | | | | | | | | |
Net realized gain (loss) from: | | | | | | | | |
| Investments | | | (149,418 | ) | | | 137,116 | |
| Futures contracts | | | 72,955 | | | | — | |
| Swaps | | | (804,923 | ) | | | — | |
Change in net unrealized appreciation (depreciation) of: | | | | | | | | |
| Investments | | | 1,230,352 | | | | 2,075,077 | |
| Futures contracts | | | (17,914 | ) | | | — | |
| Swaps | | | 502,317 | | | | — | |
Net realized and unrealized gain (loss) | | | 833,369 | | | | 2,212,193 | |
Net increase (decrease) in net assets applicable to common shares from operations | | $ | 13,855,849 | | | $ | 4,914,916 | |
See accompanying notes to financial statements.
44
Statement of Changes in Net Assets (Unaudited)
| | | | | | | | | | | | | |
| | NID
| | | NIQ
| |
| | Six Months | | | Year | | | Six Months | | | Year | |
| | Ended | | | Ended | | | Ended | | | Ended | |
| | 11/30/19 | | | 5/31/19 | | | 11/30/19 | | | 5/31/19 | |
| Operations | | | | | | | | | | | | |
Net investment income (loss) | | $ | 13,022,480 | | | $ | 25,394,051 | | | $ | 2,702,723 | | | $ | 5,310,515 | |
Net realized gain (loss) from: | | | | | | | | | | | | | | | | |
| Investments | | | (149,418 | ) | | | 947,725 | | | | 137,116 | | | | (873,541 | ) |
| Futures contracts | | | 72,955 | | | | — | | | | — | | | | — | |
| Swaps | | | (804,923 | ) | | | 312,666 | | | | — | | | | — | |
Change in net unrealized appreciation (depreciation) of: | | | | | | | | | | | | | | | | |
| Investments | | | 1,230,352 | | | | 28,858,120 | | | | 2,075,077 | | | | 8,808,673 | |
| Futures contracts | | | (17,914 | ) | | | — | | | | — | | | | — | |
| Swaps | | | 502,317 | | | | (789,241 | ) | | | — | | | | — | |
Net increase (decrease) in net assets applicable to common shares | | | | | | | | | | | | | | | | |
| from operations | | | 13,855,849 | | | | 54,723,321 | | | | 4,914,916 | | | | 13,245,647 | |
| Distributions to Common Shareholders | | | | | | | | | | | | | | | | |
Dividends | | | (11,961,963 | ) | | | (23,923,927 | ) | | | (2,475,360 | ) | | | (4,852,492 | ) |
Decrease in net assets applicable to common shares from distributions | | | | | | | | | | | | | | | | |
| to common shareholders | | | (11,961,963 | ) | | | (23,923,927 | ) | | | (2,475,360 | ) | | | (4,852,492 | ) |
Net increase (decrease) in net assets applicable to common shares | | | 1,893,886 | | | | 30,799,394 | | | | 2,439,556 | | | | 8,393,155 | |
Net assets applicable to common shares at the beginning of period | | | 669,379,102 | | | | 638,579,708 | | | | 187,338,720 | | | | 178,945,565 | |
Net assets applicable to common shares at the end of period | | $ | 671,272,988 | | | $ | 669,379,102 | | | $ | 189,778,276 | | | $ | 187,338,720 | |
See accompanying notes to financial statements.
45
| |
|
|
| Six Months Ended November 30, 2019 (Unaudited) |
|
|
|
| | |
| | NID | | | NIQ | |
| Cash Flows from Operating Activities: | | | | | | |
| Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations | | $ | 13,855,849 | | | $ | 4,914,916 | |
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 | | | (66,732,681 | ) | | | (15,005,334 | ) |
Proceeds from sales and maturities of investments | | | 49,701,867 | | | | 13,226,972 | |
Payment-in-kind distributions | | | 2,996 | | | | — | |
Premiums received (paid) for interest rate swaps | | | 458 | | | | — | |
Taxes paid | | | (6,372 | ) | | | (210 | ) |
Amortization (Accretion) of premiums and discounts, net | | | 2,806,159 | | | | 1,598,586 | |
Amortization of deferred offering costs | | | 19,141 | | | | 13,508 | |
(Increase) Decrease in: | | | | | | | | |
| Receivable for interest | | | (663,937 | ) | | | 73,941 | |
| Receivable for investments sold | | | (9,341,659 | ) | | | 425,000 | |
| Receivable for variation margin on futures contracts | | | (7,313 | ) | | | — | |
| Other assets | | | 1,259 | | | | 3,347 | |
Increase (Decrease) in: | | | | | | | | |
| Payable for interest | | | 14,001 | | | | (26,672 | ) |
| Payable for investments purchased | | | 8,537,943 | | | | — | |
| Payable for variation margin on swap contracts | | | (52,546 | ) | | | — | |
| Accrued management fees | | | (13,125 | ) | | | (2,945 | ) |
| Accrued Trustees fees | | | 5,837 | | | | 180 | |
| Accrued other expenses | | | (19,590 | ) | | | (7,288 | ) |
Net realized (gain) loss from: | | | | | | | | |
| Investments | | | 149,418 | | | | (137,116 | ) |
| Paydowns | | | — | | | | (2,352 | ) |
Change in net unrealized appreciation (depreciation) of investments | | | (1,230,352 | ) | | | (2,075,077 | ) |
Net cash provided by (used in) operating activities | | | (2,972,647 | ) | | | 2,999,456 | |
| Cash Flow from Financing Activities: | | | | | | | | |
Proceeds from borrowings | | | (10,300,000 | ) | | | — | |
Repayments of borrowings | | | 10,300,000 | | | | — | |
Proceeds from floating rate obligations | | | 8,912,000 | | | | — | |
Cash distributions paid to common shareholders | | | (11,958,674 | ) | | | (2,476,769 | ) |
Net cash provided by (used in) financing activities | | | (3,046,674 | ) | | | (2,476,769 | ) |
| Net Increase (Decrease) in Cash and Cash Collateral at Brokers | | | (6,019,321 | ) | | | 522,687 | |
Cash and cash collateral at brokers at the beginning of period | | | 7,181,928 | | | | 119,500 | |
Cash and cash collateral at brokers at the end of period | | $ | 1,162,607 | | | $ | 642,187 | |
| | |
| Supplemental Disclosure of Cash Flow Information | | NID | | | NIQ | |
Cash paid for interest (excluding amortization of offering costs) | | $ | 2,063,764 | | | $ | 639,960 | |
See accompanying notes to financial statements.
46
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47
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: | | | | | | | | | | | | | | | | |
2020(e) | | $ | 14.27 | | | $ | 0.28 | | | $ | 0.02 | | | $ | 0.30 | | | $ | (0.26 | ) | | $ | — | | | $ | (0.26 | ) | | $ | 14.31 | | | $ | 13.72 | |
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 | |
2015 | | | 13.69 | | | | 0.69 | | | | 0.02 | | | | 0.71 | | | | (0.68 | ) | | | — | | | | (0.68 | ) | | | 13.72 | | | | 12.48 | |
| | |
| NIQ | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Year Ended 5/31:
| | | | | | | | | | | | | | | | | | | | | |
2020(e) | | | 14.30 | | | | 0.21 | | | | 0.17 | | | | 0.38 | | | | (0.19 | ) | | | — | | | | (0.19 | ) | | | 14.49 | | | | 13.75 | |
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 | |
2015 | | | 13.87 | | | | 0.58 | | | | (0.16 | ) | | | 0.42 | | | | (0.60 | ) | | | — | | | | (0.60 | ) | | | 13.69 | | | | 12.49 | |
| | | | | | | | | | | | | |
| | 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:
| | | | |
2020(e) | | $ | 175,000 | | | $ | 483,585 | | | $ | — | | | $ | — | |
2019 | | | 175,000 | | | | 482,502 | | | | — | | | | — | |
2018 | | | 175,000 | | | | 464,903 | | | | — | | | | — | |
2017 | | | — | | | | — | | | | 175,000 | | | | 467,902 | |
2016 | | | — | | | | — | | | | 175,000 | | | | 480,319 | |
2015 | | | — | | | | — | | | | 175,000 | | | | 467,650 | |
| | |
| NIQ | | | | | | | | | | | | | | | | |
Year Ended 5/31:
| | | | | |
2020(e) | | | 55,000 | | | | 445,051 | | | | — | | | | — | |
2019 | | | 55,000 | | | | 440,616 | | | | — | | | | — | |
2018 | | | 55,000 | | | | 425,356 | | | | — | | | | — | |
2017 | | | — | | | | — | | | | 55,000 | | | | 432,163 | |
2016 | | | — | | | | — | | | | 55,000 | | | | 440,588 | |
2015 | | | — | | | | — | | | | 55,000 | | | | 426,080 | |
48
| | | | | | | | | | | | | | | | | |
| | | | | | | 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(c) | | | Net Investment Income (Loss) | | | Portfolio Turnover Rate(d) | |
| | |
| | |
| | 2.08 | % | | | 4.47 | % | | $ | 671,273 | | | | 1.51 | %* | | | 3.88 | %* | | | 6 | % |
| | 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 | |
| | 5.29 | | | | 4.62 | | | | 643,387 | | | | 1.23 | | | | 5.01 | | | | 18 | |
| | |
| | |
| | |
| | 2.66 | | | | 5.12 | | | | 189,778 | | | | 1.44 | * | | | 2.85 | * | | | 5 | |
| | 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 | |
| | 3.01 | | | | 1.27 | | | | 179,344 | | | | 1.16 | | | | 4.17 | | | | 15 | |
| | |
(a) | Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized. |
| Total Return Based on Common Share Price is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized. |
(b) | Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to preferred shares issued by the Fund. |
(c) | The expense ratios reflect, among other things, all interest expense and other costs related to preferred shares (as described in Note 5 – Fund Shares, Preferred Shares) and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund (as described in Note 4 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities), where applicable, as follows: |
| | | | | |
| NID | | | NIQ | |
Year Ended 5/31: | | Year Ended 5/31: |
2020(e) | 0.62%* | | 2020(e) | 0.66%* |
2019 | 0.69 | | 2019 | 0.74 |
2018 | 0.57 | | 2018 | 0.61 |
2017 | 0.42 | | 2017 | 0.47 |
2016 | 0.30 | | 2016 | 0.38 |
2015 | 0.33 | | 2015 | 0.33 |
| | |
(d) | 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, Investment Transactions) divided by the average long-term market value during the period. |
(e) | For the six months ended November 30, 2019. |
* | Annualized. |
See accompanying notes to financial statements.
49
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, 2019, and the period covered by these Notes to Financial Statements is the six months ended November 30, 2019 (the “current fiscal period”).
Investment Adviser
The Funds’ investment adviser is Nuveen Fund Advisors, LLC (the “Adviser”), a subsidiary of Nuveen, LLC (“Nuveen”). Nuveen is the investment management arm of Teachers Insurance and Annuity Association of America (TIAA). The Adviser has overall responsibility for management of the Funds, oversees the management of the Funds’ portfolios, manages the Funds’ business affairs and provides certain clerical, bookkeeping and other administrative services, and, if necessary, asset allocation decisions. The Adviser has entered into sub-advisory agreements with Nuveen Asset Management, LLC (the “Sub-Adviser”), a subsidiary of the Adviser, under which the Sub-Adviser manages the investment portfolios of the Funds.
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 common 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.
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.
50
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 reflects the amortization of premiums and accretion of discounts for financial reporting purposes and, is recorded on an accrual basis. Investment income also reflects payment-in-kind (“PIK”) interest and paydown gains and losses, if any. PIK interest represents income received in the form of securities in lieu of cash.
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
FASB Accounting Standards Update (“ASU”) 2017-08 (“ASU 2017-08”) Premium Amortization on Purchased Callable Debt Securities
The FASB has issued ASU 2017-08, which shortens the premium amortization period for purchased non-contingently callable debt securities. ASU 2017-08 specifies that the premium amortization period ends at the earliest call date, for purchased non-contingently callable debt securities. ASU 2017-08 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. During the current fiscal period, ASU 2017-08 became effective for the Funds and it did not have a material impact on the Funds’ financial statements.
Fair Value Measurement: Disclosure Framework
During August 2018, the FASB issued ASU 2018-13 (“ASU 2018-13”), Fair Value Measurement: Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurements. ASU 2018-13 modifies the disclosures required by Topic 820, Fair Value Measurements. The amendments in ASU 2018-13 are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Management has early implemented this guidance and it did not have a material impact on the Funds’ financial statements.
3. Investment Valuation and Fair Value Measurements
The fair valuation input levels as described below are for fair value measurement purposes.
The Funds’ investments in securities are recorded at their estimated fair value. Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.).
Level 3 – Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).
Prices of fixed income securities are provided by an independent pricing service (“pricing service”) approved by the Board. The pricing service establishes a security’s fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. These securities are generally classified as Level 2. In pricing certain securities, particularly less liquid and lower quality securities, the pricing service may consider information about a security, its issuer or market activity, provided by the Adviser. These securities are generally classified as Level 2 or Level 3 depending on the observability of the significant inputs.
Prices of swap contracts are also provided by a pricing service approved by the Board using the same methods as described above and are generally classified as Level 2.
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.
51
Notes to Financial Statements (Unaudited) (continued)
Certain securities may not be able to be priced by the pre-established pricing methods as described above. Such securities may be valued by the Board and/or its appointee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; debt securities that have gone into default and for which there is no current market quotation; a security whose market price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of a Fund’s NAV (as may be the case in non-U.S. markets on which the security is primarily traded) or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the pricing service, is not deemed to reflect the security’s fair value. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from securities dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. These securities are generally classified as Level 2 or Level 3 depending on the observability of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the Board and/or its appointee.
The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of each Fund’s fair value measurements as of the end of the reporting period:
| | | | | | | | | | | | | |
| NID | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| | |
Long-Term Investments: | | | | | | | | | | | | |
| Municipal Bonds* | | $ | — | | | $ | 850,437,885 | | | $ | 144,263 | ** | | $ | 850,582,148 | |
Investments in Derivatives: | | | | | | | | | | | | | | | | |
| Futures Contracts*** | | | (17,914 | ) | | | — | | | | — | | | | (17,914 | ) |
Total | | $ | (17,914 | ) | | $ | 850,437,885 | | | $ | 144,263 | | | $ | 850,564,234 | |
| | |
| NIQ | | | | | | | | | | | | | | | | |
| | |
Long-Term Investments: | | | | | | | | | | | | | | | | |
| Municipal Bonds* | | $ | — | | | $ | 240,683,594 | | | $ | — | | | $ | 240,683,594 | |
| | |
* | Refer to the Fund’s Portfolio of Investments for state classifications. |
** | Refer to the Fund’s Portfolio of Investments for securities classified as Level 3. |
*** | Represents net unrealized appreciation (depreciation) as reported in the Fund’s Portfolio of Investments. |
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.
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
52
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 | | $ | 20,112,000 | | | $ | — | |
Floating rate obligations: externally-deposited Inverse Floaters | | | 185,060,000 | | | | 48,320,000 | |
Total | | $ | 205,172,000 | | | $ | 48,320,000 | |
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 | | $ | 13,135,738 | | | $ | — | |
Average annual interest rate and fees | | | 1.92 | % | | | — | % |
TOB Trusts are supported by a liquidity facility provided by a Liquidity Provider pursuant to which the Liquidity Provider agrees, in the event that Floaters are (a) tendered to the Trustee for remarketing and the remarketing does not occur, or (b) subject to mandatory tender pursuant to the terms of the TOB Trust agreement, to either purchase Floaters or to provide the Trustee with an advance from a loan facility to fund the purchase of Floaters by the TOB Trust. In certain circumstances, the Liquidity Provider may otherwise elect to have the Trustee sell the Underlying Bond to retire the Floaters that were tendered and not remarketed prior to providing such a loan. In these circumstances, the Liquidity Provider remains obligated to provide a loan to the extent that the proceeds of the sale of the Underlying Bond is not sufficient to pay the purchase price of the Floaters.
The size of the commitment under the loan facility for a given TOB Trust is at least equal to the balance of that TOB Trust’s outstanding Floaters plus any accrued interest. In consideration of the loan facility, fee schedules are in place and are charged by the Liquidity Provider(s). Any loans made by the Liquidity Provider will be secured by the purchased Floaters held by the TOB Trust. Interest paid on any outstanding loan balances will be effectively borne by the Fund that owns the Inverse Floaters of the TOB Trust that has incurred the borrowing and may be at a rate that is greater than the rate that would have been paid had the Floaters been successfully remarketed.
As described above, any amounts outstanding under a liquidity facility are recognized as a component of “Floating rate obligations” on the Statement of Assets and Liabilities by the Fund holding the corresponding Inverse Floaters issued by the borrowing TOB Trust. As of the end of the reporting period there were no loans outstanding under any such facility.
Each Fund may also enter into shortfall and forbearance agreements (sometimes referred to as a “recourse arrangement”) (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
53
Notes to Financial Statements (Unaudited) (continued)
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 | | $ | 20,112,000 | | | $ | — | |
Maximum exposure to Recourse Trusts: externally-deposited Inverse Floaters | | | 185,060,000 | | | | 48,320,000 | |
Total | | $ | 205,172,000 | | | $ | 48,320,000 | |
Zero Coupon Securities
A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. Income to the holder of the security comes from accretion of the difference between the original purchase price of the security at issuance and the par value of the security at maturity and is effectively paid at maturity. The market prices of zero coupon securities generally are more volatile than the market prices of securities that pay interest periodically.
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 | | $ | 67,732,681 | | | $ | 15,005,334 | |
Sales and maturities | | | 49,701,867 | | | | 13,226,972 | |
Investments purchased on a when-issued/delayed delivery basis may have extended settlement periods. Any investments so purchased are subject to market fluctuation during this period. The Funds have earmarked securities in their portfolios with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments.
As of the end of the reporting period, the following Fund’s outstanding when-issued/delayed delivery purchase commitments were as follows:
| | | | |
| | NID | |
Outstanding when-issued/delayed delivery purchase commitments | | $ | 10,089,120 | |
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, the Fund is obligated to deposit cash or eligible securities, also known as “initial margin,” into an account at its clearing broker equal to a specified percentage of the contract amount. Cash 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 the 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 the Fund has unrealized appreciation the clearing broker would credit the Fund’s account with an amount equal to appreciation and conversely if the 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.
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.
54
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* | | $ | 1,120,341 | |
| |
*
| 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 quarter within the current fiscal period 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 | Receivable for | $(17,914) | | — | $ — |
| | variation margin on | | | | |
| | futures contracts | | | | |
| |
*
| Value represents unrealized appreciation (depreciation) of futures contracts as reported in the Fund’s Portfolio of Investments and not the asset and/or liability derivative 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 | $72,955 | $(17,914) |
Interest Rate Swap Contracts
Interest rate swap contracts involve a Fund’s agreement with the counterparty to pay or receive a fixed rate payment in exchange for the counterparty receiving or paying a variable rate payment. Forward interest rate swap contracts involve a Fund’s agreement with a counterparty to pay, in the future, a fixed or variable rate payment in exchange for the counterparty paying the Fund a variable or fixed rate payment, the accruals for which would begin at a specified date in the future (the “effective date”).
The amount of the payment obligation for an interest rate swap is based on the notional amount and the termination date of the contract. Interest rate swap contracts do not involve the delivery of securities or other underlying assets or principal. Accordingly, the risk of loss with respect to the swap counterparty on such transactions is limited to the net amount of interest payments that the Fund is to receive.
Interest rate swap contracts are valued daily. Upon entering into an interest rate swap contract (and beginning on the effective date for a forward interest rate swap contract), a Fund accrues the fixed rate payment expected to be paid or received and the variable rate payment expected to be received or paid on the interest rate swap contracts on a daily basis, and recognizes the daily change in the fair value of the Fund’s contractual rights and obligations under the contracts. For an over-the-counter (“OTC”) swap that is not cleared through a clearing house (“OTC Uncleared”), the amount recorded on these transactions is recognized on the Statement of Assets and Liabilities as a component of “Unrealized appreciation or depreciation on interest rate swaps.”
Upon the execution of an OTC swap cleared through a clearing house (“OTC Cleared”), the Fund is obligated to deposit cash or eligible securities, also known as “initial margin,” into an account at its clearing broker equal to a specified percentage of the contract amount. Cash deposited by the Fund to cover initial margin requirements on open swap contracts, if any, is recognized as a component of “Cash collateral at brokers for investments in swaps” on the Statement of Assets and Liabilities. Investments in OTC Cleared swaps obligate the Fund and the clearing broker to settle monies on a daily basis representing changes in the prior day’s “mark-to-market” of the swap contract. If the Fund has unrealized appreciation, the clearing broker will credit the Fund’s account with an amount equal to the appreciation. Conversely, if the Fund has unrealized depreciation, the clearing broker will debit the Fund’s account with an amount equal to the depreciation. These daily cash settlements are also known as “variation margin.” Variation margin for OTC Cleared swaps is recognized as a receivable and/or payable for “Variation margin on swap contracts” on the Statement of Assets and
55
Notes to Financial Statements (Unaudited) (continued)
Liabilities. Upon the execution of an OTC Uncleared swap, neither the Fund nor the counterparty is required to deposit initial margin as the trades are recorded bilaterally between both parties to the swap contract, and the terms of the variation margin are subject to a predetermined threshold negotiated by the Fund and the counterparty. Variation margin for OTC Uncleared swaps is recognized as a component of “Unrealized appreciation or depreciation on interest rate swaps” as described in the preceding paragraph.
The net amount of periodic payments settled in cash are recognized as a component of “Net realized gain (loss) from swaps” on the Statement of Operations, in addition to the net realized gain or loss recorded upon the termination of the swap contract. For tax purposes, payments expected to be received or paid on the swap contracts are treated as ordinary income or expense, respectively. Changes in the value of the swap contracts during the fiscal period are recognized as a component of “Change in net unrealized appreciation (depreciation) of swaps” on the Statement of Operations. In certain instances, payments are made or received upon entering into the swap contract to compensate for differences between the stated terms of the swap agreements and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). Payments received or made at the beginning of the measurement period, if any, are recognized as “Interest rate swaps premiums received and/or paid” on the Statement of Assets and Liabilities.
During the current fiscal period, NID used duration shortening forward interest rate swap contracts to help maintain the Fund’s ten-year duration mandate.
The average notional amount of interest rate swap contracts outstanding during the current fiscal period was as follows:
| | | | |
| | NID | |
Average notional amount of interest rate swap contracts outstanding* | | $ | 4,133,333 | |
| |
*
| The average notional amount is calculated based on the outstanding notional 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 amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized on swap contracts on the Statement of Operations during the current fiscal period, and the primary underlying risk exposure.
| | | | | |
| | | | Change in Net |
| | | Net Realized | Unrealized Appreciation |
| Underlying | Derivative | Gain (Loss) from | (Depreciation) of |
| Fund | Risk Exposure | Instrument | Swaps | Swaps |
| NID | Interest rate | Swaps | $(804,923) | $502,317 |
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.
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.
56
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 | | | $ | 174,872,945 | |
| NIQ | 2023 | | | 550 | | | $ | 55,000,000 | | | $ | 54,903,639 | |
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 | | | 2.23 | % | | | 2.23 | % |
AMTP Shares are subject to restrictions on transfer, generally do not trade, and market quotations are generally not available. The fair value of AMTP Shares is expected to be approximately their liquidation preference so long as the fixed “spread” on the AMTP Shares remains roughly in line with the “spread” being demanded by investors on instruments having similar terms in the current market environment. In present market conditions, the Funds’ Adviser has determined that the fair value of AMTP Shares is approximately their liquidation preference, but their fair value could vary if market conditions change materially. For financial reporting purposes, the liquidation preference of AMTP Shares is a liability and is recognized as a component of “Adjustable Rate MuniFund Term Preferred (“AMTP”) Shares, net of deferred offering costs” on the Statement of Assets and Liabilities.
AMTP Share dividends are treated as interest payments for financial reporting purposes. Unpaid dividends on AMTP Shares are recognized as a component of “Interest payable” on the Statement of Assets and Liabilities. Dividends accrued on AMTP Shares are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.
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.
57
Notes to Financial Statements (Unaudited) (continued)
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, 2019.
| | | | | | | |
| | NID | | | NIQ | |
Tax cost of investments | | $ | 797,001,484 | | | $ | 226,945,869 | |
Gross unrealized: | | | | | | | | |
| Appreciation | | $ | 47,866,568 | | | $ | 14,568,595 | |
| Depreciation | | | (14,387,678 | ) | | | (830,870 | ) |
Net unrealized appreciation (depreciation) of investments | | $ | 33,478,890 | | | $ | 13,737,725 | |
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, 2019, 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, 2019, the Funds’ last tax year end, were as follows:
| | | | | | | |
| | NID | | | NIQ | |
Undistributed net tax-exempt income1 | | $ | 3,304,563 | | | $ | 500,627 | |
Undistributed net ordinary income2 | | | 199,108 | | | | 4,752 | |
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, 2019, and paid on June 1, 2019. |
2
| Net ordinary income consists of taxable market discount income and net short-term capital gains, if any. |
The tax character of distributions paid during the Funds’ last tax year ended May 31, 2019 was designated for purposes of the dividends paid deduction as follows:
| | | | | | | |
| | NID | | | NIQ | |
Distributions from net tax-exempt income | | $ | 27,692,217 | | | $ | 6,154,101 | |
Distributions from net ordinary income2 | | | 563,597 | | | | 32,789 | |
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. |
58
As of May 31, 2019, the Funds’ last tax year end, the Funds had unused capital losses carrying forward available for federal income tax purposes to be applied against future capital gains, if any. The capital losses are not subject to expiration.
| | | | | | | |
| | NID | | | NIQ | |
Not subject to expiration: | | | | | | |
| Short-term | | $ | 15,752,654 | | | $ | 7,988,644 | |
Long-term
| | | 17,331,176 | | | | 3,285,048 | |
Total | | $ | 33,083,830 | | | $ | 11,273,692 | |
During the Funds’ last tax year ended May 31, 2019, NID utilized $1,489,786 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 | |
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, 2019, the complex-level fee for each Fund was 0.1562%. |
59
Notes to Financial Statements (Unaudited) (continued)
Other Transactions with Affiliates
Each Fund is permitted to purchase or sell securities from or to certain other funds managed by the Adviser (“inter-fund trade”) under specified conditions outlined in procedures adopted by the Board. These procedures have been designed to ensure that any inter-fund trade of securities by the Fund from or to another fund that is, or could be, considered an affiliate of the Fund under certain limited circumstances by virtue of having a common investment adviser (or affiliated investment adviser), common officer and/or common trustee complies with Rule 17a-7 of the 1940 Act. Further, as defined under these procedures, each inter-fund trade is effected at the current market price as provided by an independent pricing service. Unsettled inter-fund trades as of the end of the reporting period are recognized as a component of “Receivable for investments sold” and/or “Payable for investments purchased” on the Statement of Assets and Liabilities, when applicable.
During the current fiscal period, the following Fund engaged in inter-fund trades pursuant to these procedures as follows:
| | | | |
| Inter-Fund Trades | | NID | |
Purchases | | $ | — | |
Sales | | | 1,479,296 | |
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, $2.65 billion standby credit facility with a group of lenders, under which the Participating Funds may borrow for various purposes other than leveraging for investment purposes. Each Participating Fund is allocated a designated proportion of the facility’s capacity (and its associated costs, as described below) based upon a multi-factor assessment of the likelihood and frequency of its need to draw on the facility, the size of the Fund and its anticipated draws, and the potential importance of such draws to the operations and well-being of the Fund, relative to those of the other Funds. A Fund may effect draws on the facility in excess of its designated capacity if and to the extent that other Participating Funds have undrawn capacity. The credit facility expires in June 2020 unless extended or renewed.
The credit facility has the following terms: a fee of 0.15% per annum on unused commitment amounts, and interest at a rate equal to the higher of (a) one-month LIBOR (London Inter-Bank Offered Rate) plus 1.00% per annum or (b) the Fed Funds rate plus 1.00% per annum on amounts borrowed. Participating Funds paid administration, legal and arrangement fees, which are recognized as a component of “Other expenses” on the Statement of Operations, and along with commitment fees, have been allocated among such Participating Funds based upon the relative proportions of the facility’s aggregate capacity reserved for them and other factors deemed relevant by the Adviser and the Board of each Participating Fund.
During the current fiscal period, the following Fund utilized this facility. The Fund’s maximum outstanding balance during the utilization period was as follows:
| | | | |
| | NID | |
Maximum outstanding balance | | $ | 10,300,000 | |
During the Fund’s utilization period(s) during the current fiscal period, the average daily balance outstanding and average annual interest rate on the Borrowings were as follows:
| | | | |
| | NID | |
Utilization period (days outstanding) | | | 8 | |
Average daily balance outstanding | | $ | 5,400,000 | |
Average annual interest rate | | | 2.78 | % |
Borrowings outstanding as of the end of the reporting period are recognized as “Borrowings” on the Statement of Assets and Liabilities, where applicable. NIQ did not utilize this facility during the current fiscal period.
Inter-Fund Borrowing and Lending
The Securities and Exchange Commission (“SEC”) has granted an exemptive order permitting registered open-end and closed-end Nuveen funds to participate in an inter-fund lending facility whereby the Nuveen funds may directly lend to and borrow money from each other for temporary purposes (e.g., to satisfy redemption requests or when a sale of securities “fails,” resulting in an unanticipated cash shortfall) (the “Inter-Fund Program”). The closed-end Nuveen funds, including the Funds covered by this shareholder report, will participate only as lenders, and not as borrowers, in the Inter-Fund Program because such closed-end funds rarely, if ever, need to borrow cash to meet redemptions. The Inter-Fund Program is subject to a number of conditions, including, among other things, the requirements that (1) no fund may borrow or lend money through the Inter-Fund Program unless it receives a more favorable interest rate than is typically available from a bank or other financial institution for a comparable transaction; (2) no fund may borrow on an unsecured basis through the Inter-Fund Program unless the fund’s outstanding borrowings from all sources immediately after
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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.
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Additional Fund
Information | | | | | | |
| Board of Trustees | | | | | |
Margo Cook* | Jack B. Evans | William C. Hunter | Albin F. Moschner | John K. Nelson | Judith M. Stockdale |
Carole E. Stone | Terence J. Toth | Margaret L Wolff | Robert L. Young | | |
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* Interested Board Member.
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| Fund Manager | Custodian | Legal Counsel | Independent Registered | Transfer Agent and |
Nuveen Fund Advisors, LLC | State Street Bank | Chapman and Cutler LLP | Public Accounting Firm | Shareholder Services |
333 West Wacker Drive | & Trust Company | Chicago, IL 60603 | KPMG LLP | | Computershare Trust |
Chicago, IL 60606 | One Lincoln Street | | 200 East Randolph Street | Company, N.A. |
| Boston, MA 02111 | | Chicago, IL 60601 | 250 Royall Street |
| | | | | Canton, MA 02021 |
| | | | | (800) 257-8787 |
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 InformationYou 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 DisclosureEach 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 RepurchasesEach 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.
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 float- ing 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 govern- ments 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. |
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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 lever- age. 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. |
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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 PlanNuveen Closed-End Fund allows you to conveniently reinvest distributions in additional Fund shares. By choosing to reinvest, you’ll be able to invest money regularly and automatically, and watch your investment grow through the power of compounding. Just like distributions in cash, there may be times when income or capital gains taxes may be payable on distributions that are reinvested. It is important to note that an automatic reinvestment plan does not ensure a profit, nor does it protect you against loss in a declining market.
Easy and convenient
To make recordkeeping easy and convenient, each month you’ll receive a statement showing your total distributions, the date of investment, the shares acquired and the price per share, and the total number of shares you own.
How shares are purchased
The shares you acquire by reinvesting will either be purchased on the open market or newly issued by the Fund. If the shares are trading at or above net asset value at the time of valuation, the Fund will issue new shares at the greater of the net asset value or 95% of the then-current market price. If the shares are trading at less than net asset value, shares for your account will be purchased on the open market. If the Plan Agent begins purchasing Fund shares on the open market while shares are trading below net asset value, but the Fund’s shares subsequently trade at or above their net asset value before the Plan Agent is able to complete its purchases, the Plan Agent may cease open-market purchases and may invest the uninvested portion of the distribution in newly-issued Fund shares at a price equal to the greater of the shares’ net asset value or 95% of the shares’ market value on the last business day immediately prior to the purchase date. Distributions received to purchase shares in the open market will normally be invested shortly after the distribution payment date. No interest will be paid on distributions awaiting reinvestment. Because the market price of the shares may increase before purchases are completed, the average purchase price per share may exceed the market price at the time of valuation, resulting in the acquisition of fewer shares than if the distribution had been paid in shares issued by the Fund. A pro rata portion of any applicable brokerage commissions on open market purchases will be paid by Plan participants. These commissions usually will be lower than those charged on individual transactions.
Flexible
You may change your distribution option or withdraw from the Plan at any time, should your needs or situation change. You can reinvest whether your shares are registered in your name, or in the name of a brokerage firm, bank, or other nominee. Ask your investment advisor if his or her firm will participate on your behalf. Participants whose shares are registered in the name of one firm may not be able to transfer the shares to another firm and continue to participate in the Plan. The Fund reserves the right to amend or terminate the Plan at any time. Although the Fund reserves the right to amend the Plan to include a service charge payable by the participants, there is no direct service charge to participants in the Plan at this time.
Call today to start reinvesting distributions
For more information on the Nuveen Automatic Reinvestment Plan or to enroll in or withdraw from the Plan, speak with your financial advisor or call us at (800) 257-8787.
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Notes
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Notes
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Nuveen:
Serving Investors for Generations
Since 1898, financial advisors and their clients have relied on Nuveen to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality solutions designed to be integral components of a well-diversified core portfolio.
Focused on meeting investor needs.
Nuveen is the investment manager of TIAA. We have grown into one of the world’s premier global asset managers, with specialist knowledge across all major asset classes and particular strength in solutions that provide income for investors and that draw on our expertise in alternatives and responsible investing. Nuveen is driven not only by the independent investment processes across the firm, but also the insights, risk management, analytics and other tools and resources that a truly world-class platform provides. As a global asset manager, our mission is to work in partnership with our clients to create solutions which help them secure their financial future.
Find out how we can help you.
To learn more about how the products and services of Nuveen may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. 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-C-1119D 1049641-INV-B-01/21
