UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-CSR

 

CERTIFIED SHAREHOLDER REPORT OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

 

Investment Company Act file number 811-22752

 

Nuveen Intermediate Duration Municipal Term Fund

(Exact name of registrant as specified in charter)

 

Nuveen Investments

333 West Wacker Drive

Chicago, IL 60606

(Address of principal executive offices) (Zip code)

 

Mark L. Winget

Nuveen Investments

333 West Wacker Drive

Chicago, IL 60606

(Name and address of agent for service)

 

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

 

Date of fiscal year end: Date: May 31

 

Date of reporting period: May 31, 2022

 

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

 

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

 

 

ITEM 1. REPORTS TO STOCKHOLDERS.

 

 

 

   
Closed-End 31 May
Funds 2022

 

Nuveen Municipal Closed-End Funds

   
NID Nuveen Intermediate Duration Municipal Term Fund
NIQ Nuveen Intermediate Duration Quality Municipal Term Fund

 

Annual Report


 
 

 

 

Life is Complex.

Nuveen makes things e-simple.

It only takes a minute to sign up for e-Reports. Once enrolled, you’ll receive an e-mail as soon as your Nuveen Fund information is ready—no more waiting for delivery by regular mail. Just click on the link within the e-mail to see the report and save it on your computer if you wish.

Free e-Reports
right to your e-mail!

www.investordelivery.com
If you receive your Nuveen Fund
dividends and statements from your
financial professional or brokerage account.

or

www.nuveen.com/client-access
If you receive your Nuveen Fund
dividends and statements directly from
Nuveen.

NOT FDIC INSURED MAY LOSE
VALUE NO BANK GUARANTEE

 


 
 

 

 

Table of Contents

Chair’s Letter to Shareholders 4
Important Notices 5
Portfolio Managers' Comments 6
Fund Leverage 9
Common Share Information 11
Performance Overview and Holding Summaries 13
Shareholder Meeting Report 17
Report of Independent Registered Public Accounting Firm 18
Portfolios of Investments 19
Statement of Assets and Liabilities 46
Statement of Operations 47
Statement of Changes in Net Assets 48
Statement of Cash Flows 49
Financial Highlights 50
Notes to Financial Statements 53
Shareholder Update 65
Important Tax Information 86
Additional Fund Information 87
Glossary of Terms Used in this Report 88
Annual Investment Management Agreement Approval Process 90
Board Members & Officers 100

 

3


 
 

 

 

Chair’s Letter
to Shareholders

 

 

Dear Shareholders,

The first half of 2022 has been challenging for financial markets. While global economic activity began to slow from post-pandemic peaks as pent-up demand waned and crisis-era monetary and fiscal support programs were phased out, persistently high inflation and central banks’ response have contributed to heightened uncertainty about financial and economic conditions.

Inflation has surged partially due to supply chain bottlenecks and exacerbated by Russia’s war in Ukraine and recent lockdowns across China to contain a large-scale COVID-19 outbreak. This has necessitated more forceful responses from the U.S. Federal Reserve (Fed) and other central banks, who now face an even more difficult task of slowing inflation without pulling their respective economies into recession. As anticipated, the Fed began the rate hiking cycle in March 2022, raising its short-term rate by 0.25% from near zero for the first time since the pandemic was declared two years ago. Larger increases of 0.50% in May and 0.75% in June 2022 followed, bringing the target fed funds rate to a range of 1.50% to 1.75%. Additional rate hikes of these larger magnitudes are expected in the remainder of this year, although Fed officials will closely monitor inflation data along with other economic measures and modify their rate setting policy based upon these factors. With inflation lingering at a 40-year high and consumer sentiment indicators slumping, markets are pricing increased recession risks.

In the meantime, while markets will likely continue fluctuating with the daily headlines, we encourage investors to keep a long-term perspective. To learn more about how well your portfolio is aligned to your time horizon, risk tolerance and investment goals, consider reviewing it with your financial professional.

On behalf of the other members of the Nuveen Fund Board, I look forward to continuing to earn your trust in the months and years ahead.

Sincerely,

 

 

Terence J. Toth
Chair of the Board
July 22, 2022

4


 
 

 

 

Important Notices

For Shareholders of

Nuveen Intermediate Duration Municipal Term Fund (NID)
Nuveen Intermediate Duration Quality Municipal Term Fund (NIQ)

NID and NIQ Announce Shareholder Proposals

On June 14, 2022, the Board of Trustees for NID and NIQ approved a proposal that will allow each fund’s shareholders the opportunity to maintain their investment in the fund and its exposure to leveraged, intermediate duration municipal securities.

In light of the upcoming scheduled terminations of NID on March 31, 2023 and NIQ on June 30, 2023, the proposal asks shareholders of each NID and NIQ to vote to amend their respective fund’s declaration of trust to eliminate the term structure at a special meeting of shareholders on October 12. For each fund, if the amendment is approved by shareholders, the fund will conduct a tender offer for 100% of its outstanding common shares at net asset value. If the fund’s common assets taking into account common shares properly tendered in the tender offer would be $70 million or greater, the tender offer will be completed and the fund’s term will be eliminated. If the fund’s common assets after the tender offer would be less than $70 million, the tender offer will be cancelled with no common shares repurchased, and instead, the fund will proceed to terminate as scheduled.

As part of the proposal, if a fund’s term is eliminated, the fund’s name will change to reflect the elimination. NID’s name will change to “Nuveen Intermediate Duration Municipal Fund” and NIQ’s name will change to “Nuveen Intermediate Duration Quality Municipal Fund.” In addition, if a fund’s term is eliminated, the common shares of the fund will continue to trade on the New York Stock Exchange under the current ticker symbol, and Nuveen will waive 50% of its net management fees over the first year following the elimination of the term, which may enhance the net earnings of the fund.

The changes described above will take effect with respect to a fund only if shareholders of such fund approves the proposal described above and the tender offer condition is satisfied for such fund.

5


 
 

 

 

Portfolio Managers’ Comments

Nuveen Intermediate Duration Municipal Term Fund (NID)

Nuveen Intermediate Duration Quality Municipal Term Fund (NIQ)

These Funds feature portfolio management by Nuveen Asset Management, LLC (NAM), an affiliate of Nuveen Fund Advisors, LLC, the Funds’ investment adviser. Portfolio managers John V. Miller, CFA, Timothy T. Ryan, CFA, Steven M. Hlavin manage the Nuveen Intermediate Duration Municipal Term Fund (NID) and Daniel J. Close, CFA, manages the Nuveen Intermediate Duration Quality Municipal Term Fund (NIQ).

Here the Funds’ portfolio managers review U.S. economic and municipal market conditions, key investment strategies and the performance of the Funds for the twelve-month reporting period ended May 31, 2022. For more information on the Funds’ investment objectives and policies, please refer to the Shareholder Update section at the end of the report.

What factors affected the U.S. economy and the municipal bond market during the twelve-month annual reporting period ended May 31, 2022?

After making a full recovery from the pandemic in 2021, the U.S. economy unexpectedly weakened at the start of 2022. Overall, 2021 gross domestic product (GDP) grew by 5.7% as the economy reopened with the help of $5.3 trillion in crisis-related aid from the federal government, low borrowing rates for businesses and individuals, an increase in COVID-19 vaccinations and improved treatments for COVID-19. In the first quarter of 2022, strong domestic consumer demand was offset by two factors: China’s lock-down to contain a domestic COVID-19 outbreak, and lingering supply chain disruptions that were exacerbated by the Russia-Ukraine war. This reduced U.S. GDP by 1.5% on an annualized basis, according to the second estimate from the U.S. Bureau of Economic Analysis.

The return of consumer demand in early 2022 put upward pressure on inflation. However, as supply chains remained under stress and labor shortages continued, inflation appeared to be more durable than initially expected. The U.S. Federal Reserve (Fed) responded by reducing its pandemic-era support programs and beginning a more aggressive interest rate hiking cycle. Starting with a 0.25% hike in March 2022, the Fed followed with larger target rate increases of 0.50% in May 2022 and (after the close of this reporting period) 0.75% in June 2022. Interest rate and stock price volatility increased as markets considered whether the Fed could cool inflation without pulling the economy into a recession. While some pandemic-related risks appeared to be receding, Russia’s invasion of Ukraine in late February 2022 caused significant economic consequences. Anticipated supply disruptions in

 

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.

6


 
 

 

 

energy, metals and grains caused inflationary pressures to rise. Downside risks to global economic growth increased, and economic sanctions from Western countries sought to block Russia’s access to the global financial system. A more uncertain outlook for inflation and economic growth also made the path toward monetary policy normalization more uncertain for the Fed and other central banks, contributing to elevated market volatility toward the end of the reporting period.

The broad municipal bond market declined over the twelve-month reporting period, primarily driven by interest rate and economic uncertainty in the second half of the reporting period. Municipal yields rose across the maturity spectrum, with a greater increase at the shorter end of the curve as markets priced in a more aggressive pace of monetary tightening. The yield curve flattened overall and shorter maturities outperformed longer maturities. Demand for municipal debt remained remarkably strong throughout 2021, but at the beginning of 2022, the municipal bond market experienced outflows. In response to the rising interest rate environment and heightened market volatility, dealers reduced their inventories and investors increased redemptions from traditional municipal bond mutual funds. For much of the reporting period, credit spreads were generally stable given relatively strong municipal fundamentals, but widening began in the later months of the period as the market sold off.

Nuveen Intermediate Duration Municipal Term Fund (NID)

What key strategies were used to manage the Funds during the twelve-month reporting period ended May 31, 2022?

The Fund’s primary investment objective is to provide current income exempt from regular federal income tax. The Fund’s secondary investment objective is to seek additional total return. NID has a 10-year term and intends to liquidate and distribute its then-current net assets to shareholders on or before March 31, 2023. As discussed in the Important Notices section of this report, the Board of Trustees for NID approved a proposal to ask shareholders to vote to amend the Fund’s declaration of trust to eliminate the term structure. The Fund uses leverage.

At the end of the reporting period, NID remained well positioned heading toward its term date in March 2023. Over the twelvemonth period, the Fund’s trading activity focused on reinvesting the proceeds from called and maturing bonds in sectors and credits that maintained the portfolio’s overall positioning. During the market sell-off in the later months of the reporting period, NID more actively pursued tax-loss swapping opportunities and deployed cash toward fundamentally attractive names that were now available at cheaper valuations. Tax-loss swapping is a strategy that entails selling depreciated positions with lower embedded yields and reinvesting into similarly structured bonds with higher embedded yields to provide tax efficiencies and support the Fund’s income generation. As the market sell-off caused price dislocations for large, established names such as Puerto Rico general obligation debt and tobacco securitization bonds, the Fund bought these bonds at attractive discounts. These types of bonds underperformed because of their greater liquidity, as they tend to be among the first bonds sold in times of market stress, and not because of fundamental reasons. The Fund continued to short interest rate futures contracts as part of its duration management strategy.

How did the Fund perform during the twelve-month reporting period ended May 31, 2022?

For the twelve months ended May 31, 2022, NID outperformed the S&P Intermediate Duration Municipal Yield Index. For the purposes of this Performance Commentary, the references to relative performance of NID are in comparison to the S&P Intermediate Duration Municipal Yield Index.

The Fund’s outperformance was largely driven by favorable credit selection, along with modest contributions from sector allocations. A small overweight to below investment grade and non-rated bonds slightly added to relative gains, as these segments outperformed. Sector allocations also modestly contributed to relative performance. The Fund held underweights to the underper-forming state and local general obligation sectors and overweights to the outperforming tobacco and utilities sectors. These positions more than offset an overweight to hospitals, an underperforming sector that detracted from relative performance.

Additionally, Energy Harbor common stock was a top individual performance contributor during this reporting period. This equity position came into the portfolio in 2020 as part of the bankruptcy restructuring of FirstEnergy Solutions, the predecessor of Energy Harbor and a former Fund holding. Energy Harbor’s shares rose meaningfully during the reporting period given strong demand for energy generation as the economy reopened. An overweight position in Brightline was another notable positive individual

7


 
 

 

 

Portfolio Managers’ Comments (continued)

contributor. The Florida high-speed passenger rail system performed well amid the post-pandemic reopening of its service and progress in construction and expansion of its train lines. Both of these positions were still held in the Fund at the end of the reporting period. The Fund also managed the duration of its portfolio by shorting interest rate futures contracts, which had a positive impact on performance during the reporting period.

Partially offsetting the relative contributors was the Fund’s use of leverage. The Fund’s use of leverage through the issuance of preferred shares and investments in floating rate securities, which represent leveraged instruments in underlying bonds, significantly detracted from relative performance during the reporting period. Please see the Fund Leverage section in this report for additional details.

Nuveen Intermediate Duration Quality Municipal Term Fund (NIQ)

What key strategies were used to manage the Fund during the twelve-month reporting period ended May 31, 2022?

The Fund’s primary investment objective is to provide current income exempt from regular federal income tax. The Fund’s secondary investment objective is to seek additional total return. NIQ has a 10-year term and intends to liquidate and distribute its then-current net assets to shareholders on or before June 30, 2023. As discussed in the Important Notices section of this report, the Board of Trustees for NIQ approved a proposal to ask shareholders to vote to amend the Fund’s declaration of trust to eliminate the term structure. The Fund uses leverage.

At the end of the reporting period, NIQ remained well positioned to meet its term date in June 2023. Activity was relatively light in the first half of the reporting period, when buying was largely driven by the reinvestment of proceeds from called and maturing bonds into positions that maintained the Fund’s overall positioning. The market sell-off in the second half of the reporting period presented opportunities to add bonds at attractive valuations, such as New Jersey state appropriation debt, Metropolitan Washington D.C. Airport Authority Dulles Toll Road Revenue Bonds, and Buckeye Tobacco. The Fund also took advantage of prevailing market conditions to engage in tax-loss swapping. This strategy entails selling depreciated securities with lower embedded yields and reinvesting into similarly structured bonds with higher embedded yields to provide tax efficiencies and support the Fund’s income generation.

How did the Fund perform during the twelve-month reporting period ended May 31, 2022?

For the twelve months ended May 31, 2022, NIQ underperformed the S&P Municipal Bond Intermediate Index. For the purposes of this Performance Commentary, the references to relative performance of NIQ are in comparison to the S&P Municipal Bond Intermediate Index.

The Fund’s use of leverage through the issuance of preferred shares and investments in floating rate securities, which represent leveraged instruments in underlying bonds, significantly detracted from relative performance during the reporting period. Leverage is discussed in more detail later in the Fund Leverage section of this report.

Partially offsetting the detraction from leverage were positive contributions from duration (excluding the impact of leverage) and credit quality positioning. The Fund’s overweight in bonds with durations of two years and shorter was a positive contributor because shorter-duration bonds outperformed, which more than offset a slightly negative impact from overweight allocations to durations of 10 years and longer. Credit quality positioning contributed positively overall. While the portfolio’s overweight to the underperforming A rated credit category dampened relative performance, the outperformance of the portfolio’s exposures to non-rated securities, including Energy Harbor common stock, more than compensated. The Energy Harbor equity position came into the portfolio in 2020 as part of the bankruptcy restructuring of FirstEnergy Solutions, the predecessor of Energy Harbor and a former portfolio holding. Energy Harbor’s shares rose meaningfully during the reporting period given strong demand for energy generation as the economy reopened, and were still held at the end of the period.

8


 
 

 

 

Fund Leverage

IMPACT OF THE FUNDS’ LEVERAGE STRATEGIES ON PERFORMANCE

One important factor impacting the returns of the Funds’ common shares relative to their comparative benchmarks was the Funds’ use of leverage through their issuance of preferred shares and/or investments in inverse floating rate securities, which represent leveraged investments in underlying bonds. The Funds use leverage because our research has shown that, over time, leveraging provides opportunities for additional income. The opportunity arises when short-term rates that a Fund pays on its leveraging instruments are lower than the interest a Fund earns on its portfolio of long-term bonds that it has bought with the proceeds of that leverage. This has been particularly true in the recent market environment where short-term rates have been low by historical standards.

However, use of leverage can expose Fund common shares to additional price volatility. When a Fund uses leverage, the Fund’s common shares will experience a greater increase in their net asset value if the municipal bonds acquired through the use of leverage increase in value, but will also experience a correspondingly larger decline in their net asset value if the bonds acquired through leverage decline in value. All this will make the shares’ total return performance more variable over time.

In addition, common share income in levered funds will typically decrease in comparison to unlevered funds when short-term interest rates increase and increase when short-term interest rates decrease. In recent quarters, fund leverage expenses have generally tracked the overall movement of short-term tax-exempt interest rates. While fund leverage expenses are somewhat higher than their recent lows, leverage nevertheless continues to provide the opportunity for incremental common share income, particularly over longer-term periods.

Leverage had a negative impact on the total return performance of the Funds, particularly in NIQ, over the reporting period.

As of May 31, 2022, the Funds’ percentages of leverage are as shown in the accompanying table.

     
  NID NIQ
Effective Leverage* 35.63% 33.69%
Regulatory Leverage* 21.25% 23.79%

 

*Effective Leverage is a Fund’s effective economic leverage, and includes both regulatory leverage and the leverage effects of certain derivative and other investments in a Fund’s portfolio that increase the Fund’s investment exposure. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage. Regulatory leverage consists of preferred shares issued or borrowings of a Fund. Both of these are part of a Fund’s capital structure. A Fund, however, may from time to time borrow on a typically transient basis in connection with its day-to-day operations, primarily in connection with the need to settle portfolio trades. Such incidental borrowings are excluded from the calculation of a Fund’s effective leverage ratio. Regulatory leverage is subject to asset coverage limits set forth in the Investment Company Act of 1940.

9


 
 

 

 

Fund Leverage (continued)

THE FUNDS’ REGULATORY LEVERAGE

As of May 31, 2022, the Funds have issued and outstanding preferred shares as shown in the accompanying table.

    Variable Rate  
  Variable Rate Remarketed  
  Preferred* Preferred**  
  Shares Shares  
  Issued at Issued at  
  Liquidation Liquidation  
  Preference Preference Total
NID $175,000,000 $ — $175,000,000
NIQ $ 55,000,000 $ — $ 55,000,000

 

*Preferred shares of the Fund featuring a floating rate dividend based on a predetermined formula or spread to an index rate. Includes the following preferred shares AMTP, iMTP, MFP-VRM and VRDP in Special Rate Mode, where applicable. See Notes to Financial Statements, Note 5 – Fund Shares for further details.
**Preferred shares of the Fund featuring floating rate dividends set by a remarketing agent via a regular remarketing. Includes the following preferred shares VRDP not in Special Rate Mode, MFP-VRRM and MFP-VRDM, where applicable. See Notes to Financial Statements, Note 5 – Fund Shares for further details.

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

10


 
 

 

 

Common Share Information

COMMON SHARE DISTRIBUTION INFORMATION

The following information regarding the Funds’ distributions is current as of May 31, 2022. Each Fund’s distribution levels may vary

over time based on each Fund’s investment activity and portfolio investment value changes.

During the current reporting period, each Fund’s distributions to common shareholders were as shown in the accompanying table.

  Per Common
  Share Amounts
Month Distributions (Ex-Dividend Date) NID NIQ
June 2021 $0.0440 $0.0425
July 0.0465 0.0425
August 0.0465 0.0425
September 0.0465 0.0425
October 0.0465 0.0425
November 0.0465 0.0425
December 0.0465 0.0425
January 0.0465 0.0385
February 0.0465 0.0385
March 0.0465 0.0385
April 0.0465 0.0385
May 2022 0.0465 0.0385
Total Distributions from Net Investment Income $0.5555 $0.4900
Yields    
Market Yield* 4.07% 3.51%
Taxable-Equivalent Yield* 6.86% 5.93%

 

*Market Yield is based on the Fund’s current annualized monthly dividend divided by the Fund’s current market price as of the end of the reporting period. Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on an income tax rate of 40.8%. Your actual federal income tax rate may differ from the assumed rate. The Taxable-Equivalent Yield also takes into account the percentage of the Fund’s income generated and paid by the Fund (based on payments made during the previous calendar year) that was not exempt from federal income tax. Separately, if the comparison were instead to investments that generate qualified dividend income, which is taxable at a rate lower than an individual’s ordinary graduated tax rate, the fund’s Taxable-Equivalent Yield would be lower.

Each Fund seeks to pay regular monthly dividends out of its net investment income at a rate that reflects its past and projected net income performance. To permit each Fund to maintain a more stable monthly dividend, the Fund may pay dividends at a rate that may be more or less than the amount of net income actually earned by the Fund during the period. Distributions to common shareholders are determined on a tax basis, which may differ from amounts recorded in the accounting records. In instances where the monthly dividend exceeds the earned net investment income, the Fund would report a negative undistributed net ordinary income. Refer to Note 6 – Income Tax Information for additional information regarding the amounts of undistributed net ordinary income and undistributed net long-term capital gains and the character of the actual distributions paid by the Fund during the period.

11


 
 

 

 

Common Share Information (continued)

All monthly dividends paid by each Fund during the current reporting period were paid from net investment income. If a portion of the Fund’s monthly distributions 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.

NUVEEN CLOSED-END FUND DISTRIBUTION AMOUNTS

The Nuveen Closed-End Funds’ monthly and quarterly periodic distributions to shareholders are posted on www.nuveen.com and can be found on Nuveen’s enhanced closed-end fund resource page, which is at https://www.nuveen.com/resource-center-closed-end-funds, along with other Nuveen closed-end fund product updates. To ensure timely access to the latest information, shareholders may use a subscribe function, which can be activated at this web page (https://www.nuveen.com/subscriptions).

COMMON SHARE REPURCHASES

During August 2022, 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. During the current reporting period, the Funds did not repurchase any of their outstanding common shares. As of May 31, 2022 (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 0 0
Common shares authorized for repurchase 4,690,000 1,305,000

 

OTHER COMMON SHARE INFORMATION

As of May 31, 2022, the Funds’ common share prices were trading at a premium/(discount) to their common share NAVs, and trading

at an average premium/(discount) to NAV during the current reporting period, as follows:

     
  NID NIQ
Common share NAV $13.82 $13.45
Common share price $13.70 $13.15
Premium/(Discount) to NAV (0.87)% (2.23)%
Average premium/(discount) to NAV (1.05)% (1.05)%

 

12


 
 

 

 

NID Nuveen Intermediate Duration Municipal
  Term Fund
  Performance Overview and Holding Summaries as of
  May 31, 2022

 

Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.

Average Annual Total Returns as of May 31, 2022*

       
    Average Annual  
      Since
  1-Year 5-Year Inception
NID at Common Share NAV (2.73)% 4.07% 3.98%
NID at Common Share Price (1.41)% 4.58% 3.64%
S&P Intermediate Duration Municipal Yield Index (4.71)% 3.16% 3.37%

 

*For purposes of Fund performance, relative results are measured against the S&P Intermediate Duration Municipal Yield Index.

Since inception returns are from 12/05/12. Performance data shown represents past performance and does not predict or guarantee 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.

Daily Common Share NAV and Share Price

 

 

Growth of an Assumed $10,000 Investment as of May 31, 2022 - Common Share Price

 

13


 
 

 

 

NID Performance Overview and Holding Summaries as of
  May 31, 2022 (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.

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. 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 116.6%
Common Stocks 9.7%
Other Assets Less Liabilities 5.0%
Net Assets Plus Floating Rate  
Obligations & AMTP Shares,  
net of deferred offering costs 131.3%
Floating Rate Obligations (4.3)%
AMTP Shares, net of deferred  
offering costs (27.0)%
Net Assets 100%
Portfolio Credit Quality  
(% of total investment exposure)  
U.S. Guaranteed 8.1%
AAA 0.3%
AA 19.9%
A 11.1%
BBB 22.1%
BB or Lower 13.8%
N/R (not rated) 18.2%
N/A (not applicable) 6.5%
Total 100%

 

Portfolio Composition  
(% of total investments)  
Tax Obligation/Limited 21.8%
Utilities 15.4%
Transportation 14.9%
Tax Obligation/General 12.5%
Health Care 11.9%
U.S. Guaranteed 5.4%
Consumer Staples 4.9%
Other 13.2%
Total 100%

 

States and Territories1  
(as a % of total municipal bonds)  
Illinois 12.5%
New York 9.6%
New Jersey 9.3%
California 9.0%
Florida 8.8%
Puerto Rico 8.1%
Pennsylvania 4.2%
Ohio 3.7%
Texas 3.5%
Michigan 3.0%
Wisconsin 2.7%
Colorado 2.6%
Guam 2.6%
Washington 2.2%
Other 18.2%
Total 100%

 

1 See Portfolio of Investments for the states comprising “Other” and not listed in the States and Territories above.

14


 
 

 

 

NIQ Nuveen Intermediate Duration Quality
  Municipal Term Fund
  Performance Overview and Holding Summaries as of
  May 31, 2022

 

Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.

Average Annual Total Returns as of May 31, 2022*

    Average Annual  
      Since
  1-Year 5-Year Inception
NIQ at Common Share NAV (7.00)% 2.33 % 2.84%
NIQ at Common Share Price (8.23)% 3.21% 2.31%
S&P Municipal Bond Intermediate Index (5.90)% 1.69% 2.26%

 

* For purposes of Fund performance, relative results are measured against the S&P Municipal Bond Intermediate Index.

Since inception returns are from 2/07/13. Performance data shown represents past performance and does not predict or guarantee 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.

Daily Common Share NAV and Share Price

 

 

Growth of an Assumed $10,000 Investment as of May 31, 2022 - Common Share Price

 

15


 
 

 

 

NIQ Performance Overview and Holding Summaries as of
  May 31, 2022 (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.

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. 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 123.4%
Common Stocks 3.6%
Other Assets Less Liabilities 4.2%
Net Assets Plus AMTP Shares,  
net of deferred offering costs 131.2%
AMTP Shares, net of deferred  
offering costs (31.2)%
Net Assets 100%
Portfolio Credit Quality  
(% of total investment exposure)  
U.S. Guaranteed 6.2%
AAA 0.3%
AA 27.8%
A 28.0%
BBB 19.7%
BB or Lower 2.7%
N/R (not rated) 12.8%
N/A (not applicable) 2.5%
Total 100%

 

Portfolio Composition  
(% of total investments)  
Utilities 29.6%
Transportation 16.6%
Tax Obligation/Limited 15.4%
Health Care 13.3%
Tax Obligation/General 8.5%
Education and Civic Organizations 7.5%
Other 9.1%
Total 100%

 

   
States and Territories1  
(as a % of total municipal bonds)  
Colorado 10.0%
Illinois 9.0%
California 8.9%
Tennessee 8.3%
New York 7.7%
Michigan 6.8%
Florida 4.5%
Texas 4.3%
District of Columbia 3.2%
Kentucky 3.0%
Ohio 2.9%
Maine 2.3%
New Jersey 2.2%
South Carolina 2.1%
Georgia 2.1%
Nevada 2.0%
Arizona 1.9%
Other 18.8%
Total 100%

 

1 See Portfolio of Investments for the states comprising “Other” and not listed in the States and Territories above.

16


 
 

 

 

Shareholder Meeting Report

The annual meeting of shareholders was held on April 8, 2022 for NID and NIQ. The meeting was held virtually due to public health concerns regarding the ongoing COVID-19 pandemic; at this meeting the shareholders were asked to elect Board members.

             
    NID     NIQ  
  Common and     Common and    
  Preferred shares     Preferred shares    
  voting together   Preferred voting together   Preferred
  as a class   Shares as a class   Shares
Approval of the Board Members was reached as follows:            
Judith M. Stockdale            
For 39,881,141   11,645,415  
Withhold 756,850   49,297  
Total 40,637,991   11,694,712  
Carole E. Stone            
For 39,882,195   11,641,046  
Withhold 755,796   53,666  
Total 40,637,991   11,694,712  
Margaret L. Wolff            
For 39,978,297   11,641,397  
Withhold 659,694   53,315  
Total 40,637,991   11,694,712  
William C. Hunter            
For   1,750   550
Withhold    
Total   1,750   550
Albin F. Moschner            
For   1,750   550
Withhold    
Total   1,750   550

 

17


 
 

  

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees

Nuveen Intermediate Duration Municipal Term Fund and Nuveen Intermediate Duration Quality Municipal Term Fund:

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of Nuveen Intermediate Duration Municipal Term Fund and Nuveen Intermediate Duration Quality Municipal Term Fund (the Funds), including the portfolios of investments, as of May 31, 2022, the related statements of operations and cash flows for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of May 31, 2022, the results of their operations and their cash flows for the year then ended, the changes in their net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of May 31, 2022, by correspondence with custodians and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

/s/ KPMG LLP

We have served as the auditor of one or more Nuveen investment companies since 2014.

Chicago, Illinois
July 28, 2022

18


 
 

 

 

   
NID Nuveen Intermediate Duration Municipal
  Term Fund
  Portfolio of Investments
  May 31, 2022

 

         
Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  LONG-TERM INVESTMENTS – 126.3% (100.0% of Total Investments)      
  MUNICIPAL BONDS – 116.6% (92.3% of Total Investments)      
  Alabama – 0.1% (0.1% of Total Investments)      
$ 755 Hoover Industrial Development Board, Alabama, Environmental Improvement Revenue Bonds, 10/29 at 100.00 B $ 818,722
  United States Steel Corporation Project, Series 2019, 5.750%, 10/01/49, (AMT)      
  Arizona – 0.7% (0.5% of Total Investments)      
680 Estrella Mountain Ranch Community Facilities District, Goodyear, Arizona, Special 7/25 at 100.00 N/R 681,578
  Assessment Revenue Bonds, Montecito Assessment District 2, Series 2015, 4.750%, 7/01/30, 144A      
230 Florence Town Inc., Industrial Development Authority, Arizona, Education Revenue Bonds, No Opt. Call BB+ (4) 234,372
  Legacy Traditional School Project – Queen Creek and Casa Grande Campuses, Series 2013,      
  5.000%, 7/01/23, (ETM)      
2,000 Phoenix Civic Improvement Corporation, Arizona, Rental Car Facility Charge Revenue 7/29 at 100.00 A3 2,255,920
  Bonds, Series 2019A, 5.000%, 7/01/32      
290 Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, 7/25 at 100.00 BB+ 295,031
  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+ 999,380
  Foundation, Inc. Project, Series 2014, 5.125%, 2/01/34      
4,200 Total Arizona     4,466,281
  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 Ba3 2,684,561
  Steel Project, Series 2019, 4.500%, 9/01/49, (AMT), 144A      
  California – 10.5% (8.4% of Total Investments)      
1,850 Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Second 10/26 at 100.00 AA 1,886,260
  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 4,188,753
  Tender Option Bond Trust 2016-XG0089, 23.904%, 8/01/30, 144A, (IF) (5)      
1,000 California Community Housing Agency, California, Essential Housing Revenue Bonds, 8/32 at 100.00 N/R 809,270
  Exchange at Bayfront Apartments, Junior Series 2021A-2, 4.000%, 8/01/51, 144A      
3,440 California Community Housing Agency, California, Essential Housing Revenue Bonds, 2/30 at 100.00 N/R 3,394,076
  Serenity at Larkspur Apartments, Series 2020A, 5.000%, 2/01/50, 144A      
400 California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, 6/30 at 100.00 A– 404,180
  Los Angeles County Securitization Corporation, Series 2020A, 4.000%, 6/01/40      
10 California Housing Finance Agency, Municipal Certificate Revenue Bonds, Class A Series No Opt. Call BBB+ 9,630
  2019-2, 4.000%, 3/20/33      
1,310 California Municipal Finance Authority, Revenue Bonds, Linxs APM Project, Senior Lien 6/28 at 100.00 N/R 1,258,949
  Series 2018A, 3.500%, 12/31/35 – AGM Insured, (AMT)      
  California Municipal Finance Authority, Revenue Bonds, NorthBay Healthcare Group, Series 2017A:      
1,095 5.250%, 11/01/29 11/26 at 100.00 BBB– 1,184,286
1,140 5.000%, 11/01/30 11/26 at 100.00 BBB– 1,217,372
1,000 California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, Poseidon 1/23 at 100.00 BBB 1,003,820
  Resources Channelside LP Desalination Project, Series 2012, 5.000%, 11/21/45, (AMT), 144A      
  California Statewide Communities Development Authority, California, Revenue Bonds, Loma      
  Linda University Medical Center, Series 2014A:      
500 5.250%, 12/01/29 12/24 at 100.00 BB 517,635
2,500 5.250%, 12/01/34 12/24 at 100.00 BB 2,576,475
2,500 5.250%, 12/01/44 12/24 at 100.00 BB 2,562,975
1,713 5.500%, 12/01/54 12/24 at 100.00 BB 1,762,523
2,300 California Statewide Communities Development Authority, California, Revenue Bonds, Loma 6/26 at 100.00 BB 2,393,771
  Linda University Medical Center, Series 2016A, 5.000%, 12/01/27, 144A      

 

19


 
 

 

 

   
NID Nuveen Intermediate Duration Municipal Term Fund
  Portfolio of Investments (continued)
  May 31, 2022

 

         
Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  California (continued)      
$ 2,765 California Statewide Community Development Authority, Certificates of Participation, 1/28 at 100.00 BBB+ $ 2,799,037
  Methodist Hospital of Southern California, Series 2018, 4.250%, 1/01/43      
3,000 Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, No Opt. Call AA 3,160,500
  Refunding Series 2013A, 0.000%, 1/15/29 – AGM Insured (6)      
  Golden State Tobacco Securitization Corporation, California, Tobacco Settlement      
  Asset-Backed Bonds, Series 2018A-1:      
2,000 5.000%, 6/01/30, (Pre-refunded 6/01/28) 6/28 at 100.00 BBB (4) 2,322,120
3,260 5.000%, 6/01/32, (Pre-refunded 6/01/28) 6/28 at 100.00 BBB (4) 3,785,056
5,290 5.000%, 6/01/33, (Pre-refunded 6/01/28) 6/28 at 100.00 BBB (4) 6,142,007
3,805 5.000%, 6/01/34, (Pre-refunded 6/01/28) 6/28 at 100.00 BBB– (4) 4,417,833
1,415 5.000%, 6/01/35, (Pre-refunded 6/01/28) 6/28 at 100.00 BB+ (4) 1,642,900
100 Indio Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment 7/22 at 100.00 A 100,301
  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 2,420,170
  Refunding Series 2015, 5.000%, 9/01/35      
4,100 Natomas Unified School District, Sacramento County, California, General Obligation 8/26 at 100.00 AA 3,519,399
  Bonds, Election 2018, Series 2019, 3.000%, 8/01/46 – AGM Insured, (UB) (5)      
700 Redwood City, California, Special Tax Refunding Bonds, Redwood Shores Community 9/22 at 100.00 N/R 703,423
  Facilities District 99-1, Shores Transportation Improvement Project, Series 2012B,      
  5.000%, 9/01/29      
1,975 Riverside County Redevelopment Agency Successor Agency, California, Tax Allocation 10/24 at 100.00 AA 2,085,659
  Bonds, Refunding Series 2014A, 5.000%, 10/01/34 – AGM Insured      
4,000 Riverside County Transportation Commission, California, Toll Revenue Second Lien Bonds, 6/31 at 100.00 N/R 3,984,800
  RCTC 91 Express Lanes, Refunding Series 2021C, 4.000%, 6/01/47      
500 Roseville, California, Special Tax Bonds, Community Facilities District 1 Westbrook, 9/24 at 100.00 N/R 519,340
  Series 2014, 5.000%, 9/01/29      
2,395 San Bernardino Joint Powers Financing Authority, California, Tax Allocation Bonds, No Opt. Call AA 2,587,295
  Series 2005A, 5.750%, 10/01/24 – AGM Insured      
1,500 Tejon Ranch Public Facilities Financing Authority, California, Special Tax Bonds, 3/23 at 100.00 N/R 1,517,850
  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 1,517,730
  Community Facilities District 2008-1 Tejon Industrial Complex East 2012B, 5.000%, 9/01/32      
63,868 Total California     68,395,395
  Colorado – 3.1% (2.4% 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– 785,430
250 4.000%, 6/30/31, (AMT) 12/27 at 100.00 A– 261,480
645 Colorado Educational and Cultural Facilities Authority, Charter School Refunding Revenue 6/23 at 100.00 A+ 659,029
  Bonds, Pinnacle Charter School, Inc. K-8 Facility Project, Series 2013, 5.000%, 6/01/29      
25 Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, No Opt. Call BB+ 25,194
  Littleton Preparatory Charter School, Series 2013, 5.000%, 12/01/22      
3,270 Colorado Springs, Colorado, Utilities System Revenue Bonds, Tender Option Bond Trust 11/22 at 100.00 AA+ 3,365,517
  2015-XF0223, 12.162%, 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 20.029%, 3/01/25, 144A, (IF) (5) No Opt. Call AA 138,460
300 20.029%, 3/01/26, 144A, (IF) (5) No Opt. Call AA 446,085
430 19.985%, 3/01/27, 144A, (IF) (5) No Opt. Call AA 681,219
725 20.029%, 3/01/28, 144A, (IF) (5) No Opt. Call AA 1,211,968
200 20.029%, 3/01/29, 144A, (IF) (5) No Opt. Call AA 350,536
2,000 Denver Convention Center Hotel Authority, Colorado, Revenue Bonds, Convention Center No Opt. Call Baa2 2,163,640
  Hotel, Refunding Senior Lien Series 2016, 5.000%, 12/01/26      
3,150 Westminster Economic Development Authority, Colorado, Tax Increment Revenue Bonds, 12/22 at 100.00 AA– 3,204,337
  Mandalay Gardens Urban Renewal Project, Series 2012, 5.000%, 12/01/27      

 

20


 
 

 

 

         
Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  Colorado (continued)      
  Windler Public Improvement Authority, Aurora, Colorado, Limited Tax Supported Revenue      
  Bonds, Convertible Capital Appreciation Series 2021A-2:      
$ 1,500 0.000%, 12/01/31, 144A (6) 9/26 at 97.87 N/R $ 1,051,290
7,370 0.000%, 12/01/36, 144A (6) 9/26 at 97.58 N/R 4,880,930
1,130 0.000%, 12/01/41, 144A (6) 9/26 at 97.43 N/R 715,629
21,845 Total Colorado     19,940,744
  Connecticut – 0.1% (0.1% of Total Investments)      
900 Connecticut Health and Educational Facilities Authority, Revenue Bonds, Stamford 7/22 at 100.00 BBB+ 902,727
  Hospital, Series 2012J, 5.000%, 7/01/37      
  District of Columbia – 1.3% (1.0% of Total Investments)      
  District of Columbia, Tax Increment Revenue Bonds, Gallery Place Project, Tender Option      
  Bond Trust 2016-XF2341:      
745 18.891%, 6/01/29, 144A, (IF) (5) 6/21 at 100.00 AA+ 752,681
785 18.824%, 6/01/30, 144A, (IF) (5) 6/21 at 100.00 AA+ 792,866
520 18.891%, 6/01/31, 144A, (IF) (5) 6/21 at 100.00 AA+ 525,127
800 District of Columbia, Washington, D.C., Revenue Bonds, District of Columbia 7/29 at 100.00 BBB 830,464
  International School, Series 2019, 5.000%, 7/01/39      
300 District of Columbia, Washington, D.C., Revenue Bonds, Ingleside at Rock Creek Project, 7/24 at 103.00 N/R 300,477
  Series 2017A, 4.125%, 7/01/27      
5,000 Metropolitan Washington D.C. Airports Authority, Airport System Revenue Bonds, Refunding 10/31 at 100.00 Aa3 5,002,150
  Series 2021A, 4.000%, 10/01/51, (AMT)      
8,150 Total District of Columbia     8,203,765
  Florida – 10.3% (8.1% of Total Investments)      
150 Atlantic Beach, Florida, Healthcare Facilities Revenue Refunding Bonds, Fleet Landing No Opt. Call BBB 154,751
  Project, Series 2013A, 5.000%, 11/15/23      
470 Ave Maria Stewardship Community District, Florida, Capital Improvement Revenue Bonds, 5/25 at 100.00 N/R 475,588
  2015 Assessment Project, 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 7,300,800
  Inc. Project, Series 2015, 5.750%, 7/01/30, 144A      
1,570 Capital Trust Agency, Florida, Fixed Rate Air Cargo Revenue Refunding Bonds, Aero Miami 7/22 at 100.00 Baa3 1,572,418
  FX, LLC Project, Series 2010A, 5.350%, 7/01/29      
175 Collier County Educational Facilities Authority, Florida, Revenue Bonds, Ave Maria No Opt. Call BBB– 176,694
  University, Refunding Series 2013A, 4.500%, 6/01/23      
2,500 Escambia County Health Facilities Authority, Florida, Health Care Facilities Revenue 2/30 at 100.00 BBB+ 2,417,275
  Bonds, Baptist Health Care Corporation Obligated, Series 2020A, 4.000%, 8/15/45      
5,675 Escambia County Health Facilities Authority, Florida, Health Care Facilities Revenue 2/30 at 100.00 BBB+ 5,487,214
  Bonds, Baptist Health Care Corporation Obligated, Series 2020A, 4.000%, 8/15/45, (UB) (5)      
7,500 Florida Development Finance Corporation, Florida, Surface Transportation Facility Revenue 1/24 at 107.00 N/R 7,589,175
  Bonds, Brightline Passenger Rail Project, Green Series 2019B, 7.375%, 1/01/49, (AMT), 144A      
7,865 Florida Development Finance Corporation, Florida, Surface Transportation Facility 7/22 at 102.00 N/R 7,805,226
  Revenue Bonds, Virgin Trains USA Passenger Rail Project, Series 2019A, 6.250%, 1/01/49,      
  (AMT), (Mandatory Put 1/01/24), 144A      
1,795 Florida Development Finance Corporation, Revenue Bonds, Brightline Passenger Rail 7/22 at 102.50 N/R 1,785,020
  Expansion Project, Series 2021A-1, 6.750%, 12/01/56, (AMT), (Mandatory Put 8/15/23), 144A      
175 Grand Bay at Doral Community Development District, Miami-Dade County, Florida, Special No Opt. Call N/R 176,372
  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:      
175 5.250%, 11/01/22 No Opt. Call N/R 176,417
1,210 5.750%, 11/01/32 11/23 at 100.00 N/R 1,229,941
1,190 Lee County Industrial Development Authority, Florida, Charter School Revenue Bonds, Lee 7/22 at 100.00 BB– 1,191,071
  County Community Charter Schools, Series 2007A, 5.250%, 6/15/27      

 

21


 
 

 

 

   
NID Nuveen Intermediate Duration Municipal Term Fund
  Portfolio of Investments (continued)
  May 31, 2022

 

         
Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  Florida (continued)      
  Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Tender      
  Option Bond Trust 2016-XG0099:      
$ 700 18.448%, 7/01/22, 144A, (IF) (5) No Opt. Call A $ 709,548
820 18.448%, 7/01/23, 144A, (IF) (5) 7/22 at 100.00 A 832,193
1,115 18.448%, 7/01/24, 144A, (IF) (5) 7/22 at 100.00 A 1,130,989
800 18.448%, 7/01/25, 144A, (IF) (5) 7/22 at 100.00 A 811,472
330 Northern Palm Beach County Improvement District, Florida, Water Control and Improvement No Opt. Call N/R (4) 332,102
  Bonds, Development Unit 16, Refunding Series 2012, 5.125%, 8/01/22, (ETM)      
  Osceola County, Florida, Transportation Revenue Bonds, Osceola Parkway, Refunding &      
  Improvement Capital Appreciation Series 2019A-2:      
1,500 0.000%, 10/01/40 10/29 at 68.72 BBB+ 686,205
2,000 0.000%, 10/01/41 10/29 at 66.18 BBB+ 872,000
2,000 0.000%, 10/01/42 10/29 at 63.69 BBB+ 829,500
1,000 0.000%, 10/01/44 10/29 at 59.08 BBB+ 374,150
4,000 0.000%, 10/01/45 10/29 at 56.95 BBB+ 1,422,600
500 Palm Beach County Health Facilities Authority, Florida, Hospital Revenue Bonds, BRCH 12/24 at 100.00 N/R (4) 536,560
  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+ 905,175
  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 367,070
  Beach Atlantic University Housing Project, Series 2019A, 5.000%, 4/01/39, 144A      
1,000 Pine Island Community Development District, Florida, Special Assessment Bonds, Bella 7/22 at 100.00 N/R 1,002,860
  Collina, Series 2004, 5.750%, 5/01/35      
2,325 Saint Johns County Industrial Development Authority, Florida, First Mortgage Revenue Bonds, 8/25 at 103.00 A– 2,387,984
  Presbyterian Retirement Communities Obligated Group Project, Series 2020A, 4.000%, 8/01/55      
2,610 South Fork Community Development District, Florida, Capital Improvement Revenue Bonds, 5/27 at 100.00 BBB 2,649,515
  Refunding Series 2017, 4.000%, 5/01/31      
505 Stonegate Community Development District, Florida, Special Assessment Revenue Bonds, 5/23 at 100.00 N/R 506,470
  Refunding Series 2013, 4.000%, 5/01/25      
  Sumter County Industrial Development Authority, Florida, Hospital Revenue Bonds, Central      
  Florida Health Alliance Projects, Series 2014B:      
2,925 5.000%, 7/01/29 7/24 at 100.00 A– 3,040,333
2,350 5.000%, 7/01/30 7/24 at 100.00 A– 2,434,671
1,560 5.000%, 7/01/31 7/24 at 100.00 A– 1,612,946
1,400 5.000%, 7/01/32 7/24 at 100.00 A– 1,443,694
  Tampa-Hillsborough County Expressway Authority, Florida, Revenue Bonds, Tender Option      
  Bond Trust 2016-XG0097:      
400 19.341%, 7/01/27, (Pre-refunded 7/01/22), 144A, (IF) (5) 7/22 at 100.00 A+ (4) 406,232
290 19.341%, 7/01/28, (Pre-refunded 7/01/22), 144A, (IF) (5) 7/22 at 100.00 A+ (4) 294,518
1,000 14.390%, 7/01/29, (Pre-refunded 7/01/22), 144A, (IF) (5) 7/22 at 100.00 A+ (4) 1,011,570
1,000 14.390%, 7/01/30, (Pre-refunded 7/01/22), 144A, (IF) (5) 7/22 at 100.00 A+ (4) 1,011,570
1,000 19.341%, 7/01/31, (Pre-refunded 7/01/22), 144A, (IF) (5) 7/22 at 100.00 A+ (4) 1,015,580
355 Verandah West Community Development District, Florida, Capital Improvement Revenue No Opt. Call N/R 356,317
  Bonds, Refunding Series 2013, 4.000%, 5/01/23      
72,400 Total Florida     66,521,786
  Georgia – 0.4% (0.3% of Total Investments)      
650 Atlanta Development Authority, Georgia, Senior Health Care Facilities Revenue Bonds, 1/28 at 100.00 N/R 344,500
  Georgia Proton Treatment Center Project, Current Interest Series 2017A-1, 6.500%, 1/01/29 (7)      
1,250 Geo. L. Smith II Georgia World Congress Center Authority, Georgia, Convention Center 1/31 at 100.00 BBB– 1,137,925
  Hotel Revenue Bonds, First Tier Series 2021A, 4.000%, 1/01/54      
1,105 Georgia Housing and Finance Authority, Single Family Mortgage Bonds, Series 2018A, 6/27 at 100.00 AAA 1,112,260
  4.000%, 12/01/48      
3,005 Total Georgia     2,594,685

 

22


 
 

 

 

         
Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  Guam – 3.0% (2.4% of Total Investments)      
  Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D:      
$ 1,860 5.000%, 11/15/24 No Opt. Call BB $ 1,969,498
2,170 5.000%, 11/15/33 11/25 at 100.00 BB 2,300,699
  Guam A.B. Won Pat International Airport Authority, Revenue Bonds, Series 2013C:      
605 6.250%, 10/01/34, (AMT) 10/23 at 100.00 Baa2 630,440
395 6.250%, 10/01/34, (Pre-refunded 10/01/23), (AMT) 10/23 at 100.00 Baa2 (4) 417,468
1,100 Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, 7/24 at 100.00 A– 1,149,258
  Refunding Series 2014A, 5.000%, 7/01/29      
  Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2013:      
1,365 5.250%, 7/01/24 7/23 at 100.00 A– 1,406,400
2,500 5.500%, 7/01/43, (Pre-refunded 7/01/23) 7/23 at 100.00 A– (4) 2,599,175
  Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2016A:      
2,500 5.000%, 12/01/25 No Opt. Call BB 2,695,075
3,750 5.000%, 12/01/26 No Opt. Call BB 4,101,375
2,025 Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/30 – AGM Insured 10/22 at 100.00 AA 2,048,470
200 Guam Power Authority, Revenue Bonds, Series 2014A, 5.000%, 10/01/31 10/24 at 100.00 BBB 207,576
18,470 Total Guam     19,525,434
  Hawaii – 1.0% (0.8% of Total Investments)      
6,125 Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific 7/27 at 100.00 N/R 6,269,672
  University, Series 2018, 6.000%, 7/01/28, 144A      
  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+ 2,698,599
  Refunding Series 2016, 5.000%, 9/01/30      
  Illinois – 14.6% (11.5% of Total Investments)      
1,860 CenterPoint Intermodal Center Program Trust, Illinois, Series 2004 Class A Certificates, No Opt. Call N/R 1,860,372
  4.000%, 6/15/23, (Mandatory Put 12/15/22), 144A      
5,000 Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, 4/27 at 100.00 A– 5,348,050
  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– 450,503
  Series 2017, 5.000%, 4/01/42      
  Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues,      
  Project Series 2015C:      
470 5.250%, 12/01/35 12/24 at 100.00 BB 480,218
555 5.250%, 12/01/39 12/24 at 100.00 BB 571,261
3,405 Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, 12/22 at 100.00 BB 3,413,410
  Refunding Series 2012B, 5.000%, 12/01/33      
  Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues,      
  Refunding Series 2017C:      
7,225 5.000%, 12/01/26 No Opt. Call BB 7,643,327
1,875 5.000%, 12/01/27 No Opt. Call BB 1,995,975
1,000 Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, 12/27 at 100.00 BB 1,046,060
  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 1,113,060
  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 2,170,011
  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 1,117,260
  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 1,452,066
1,500 0.000%, 12/01/27 – NPFG Insured No Opt. Call Baa2 1,227,615

 

23


 
 

 

 

   
NID Nuveen Intermediate Duration Municipal Term Fund
  Portfolio of Investments (continued)
  May 31, 2022

 

         
Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  Illinois (continued)      
$ 1,795 Chicago, Illinois, Certificates of Participation Tax Increment Bonds, 35th and State 6/22 at 100.00 N/R $ 1,795,107
  Redevelopment Project, Series 2012, 6.100%, 1/15/29      
655 Chicago, Illinois, Certificates of Participation, Tax Increment Allocation Revenue 7/22 at 100.00 N/R 613,912
  Bonds, Diversey-Narragansett Project, Series 2006, 7.460%, 2/15/26 (7)      
2,630 Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999, 1.000%, 1/01/34 No Opt. Call BBB+ 1,621,763
  - FGIC Insured      
225 Chicago, Illinois, General Obligation Bonds, Project and Refunding Series 2008C, No Opt. Call BBB+ 172,098
  0.000%, 1/01/29      
  Chicago, Illinois, General Obligation Bonds, Refunding Series 2016C:      
850 5.000%, 1/01/24 No Opt. Call BBB+ 873,435
1,500 5.000%, 1/01/25 No Opt. Call BBB+ 1,560,135
515 5.000%, 1/01/31 1/26 at 100.00 BBB+ 535,610
1,685 5.000%, 1/01/38 1/26 at 100.00 BBB+ 1,744,902
2,000 Chicago, Illinois, General Obligation Bonds, Series 2019A, 5.500%, 1/01/49 1/29 at 100.00 BBB+ 2,140,320
2,640 Chicago, Illinois, General Obligation Bonds, Series 2021A, 5.000%, 1/01/24 No Opt. Call N/R 2,712,785
  Cook County, Illinois, General Obligation Bonds, Tender Option Bond Trust 2015-XF0124:      
1,000 18.845%, 11/15/29, 144A, (IF) (5) 11/22 at 100.00 A+ 1,067,000
3,040 18.845%, 11/15/33, 144A, (IF) (5) 11/22 at 100.00 A+ 3,234,682
435 Illinois Finance Authority, Revenue Bonds, Centegra Health System, Tender Option Bond No Opt. Call AA+ 454,810
  Trust 2016-XF2339, 19.432%, 9/01/22, 144A, (IF) (5)      
  Illinois Finance Authority, Revenue Bonds, Illinois Wesleyan University, Refunding      
  Series 2016:      
1,500 3.000%, 9/01/30 9/26 at 100.00 A– 1,467,270
1,475 3.000%, 9/01/31 9/26 at 100.00 A– 1,433,847
775 Illinois Finance Authority, Student Housing & Academic Facility Revenue Bonds, 8/27 at 100.00 Baa3 790,221
  CHF-Collegiate Housing Foundation – Chicago LLC University of Illinois at Chicago Project,      
  Series 2017A, 5.000%, 2/15/37      
2,500 Illinois Sports Facility Authority, State Tax Supported Bonds, Refunding Series 2014, 6/24 at 100.00 AA 2,619,100
  5.000%, 6/15/27 – AGM Insured      
1,000 Illinois Sports Facility Authority, State Tax Supported Bonds, Series 2001, 0.000%, No Opt. Call BB+ 911,020
  6/15/25 – AMBAC Insured      
  Illinois State, General Obligation Bonds, December Series 2017A:      
890 5.000%, 12/01/27 No Opt. Call BBB 974,239
1,020 5.000%, 12/01/28 12/27 at 100.00 BBB 1,108,046
1,875 Illinois State, General Obligation Bonds, June Series 2016, 3.500%, 6/01/29 6/26 at 100.00 BBB 1,883,644
1,500 Illinois State, General Obligation Bonds, November Series 2016, 5.000%, 11/01/26 No Opt. Call BBB 1,629,675
5,175 Illinois State, General Obligation Bonds, November Series 2017D, 5.000%, 11/01/27 No Opt. Call BBB 5,664,141
3,050 Illinois State, General Obligation Bonds, November Series 2019B, 4.000%, 11/01/34 11/29 at 100.00 BBB 2,976,099
4,565 Illinois State, General Obligation Bonds, October Series 2016, 5.000%, 2/01/26 No Opt. Call BBB 4,912,716
  Illinois State, General Obligation Bonds, Refunding Series 2012:      
1,750 5.000%, 8/01/22 No Opt. Call BBB 1,760,028
4,000 5.000%, 8/01/23 – AGM Insured No Opt. Call AA 4,134,760
2,000 Illinois State, General Obligation Bonds, Tender Option Bond Trust 2015-XF1010, 15.502%, No Opt. Call AA 2,269,560
  8/01/23 – AGM Insured, 144A, (IF) (5)      
3,560 Illinois State, Sales Tax Revenue Bonds, Build Illinois, Refunding Junior Obligation 6/26 at 100.00 AA 3,677,551
  September Series 2016C, 4.000%, 6/15/30 – BAM Insured      
1,000 Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project No Opt. Call BBB+ 1,080,210
  Bonds, Series 2017B, 5.000%, 12/15/26      
2,250 Romeoville, Will County, Illinois, Revenue Bonds, Lewis University Project, Refunding 4/25 at 100.00 BBB 2,244,487
  Series 2018B, 4.125%, 10/01/46      
  Romeoville, Will County, Illinois, Revenue Bonds, Lewis University Project, Series 2015:      
1,100 5.000%, 10/01/25 4/25 at 100.00 BBB 1,161,083
200 5.000%, 10/01/26 4/25 at 100.00 BBB 210,442

 

24


 
 

 

 

         
Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  Illinois (continued)      
$ 435 Southwestern Illinois Development Authority, Environmental Improvement Revenue Bonds, US 8/22 at 100.00 B $ 435,296
  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 2,631,300
  Refunding Series 2015, 5.000%, 3/01/33 – BAM Insured      
92,005 Total Illinois     94,390,482
  Indiana – 1.1% (0.9% of Total Investments)      
145 Gary Local Public Improvement Bond Bank, Indiana, Economic Development Revenue Bonds, 6/30 at 100.00 N/R 141,023
  Drexel Foundation for Educational Excellence Project, Refunding Series 2020A, 5.125%,      
  6/01/32, 144A      
3,420 Indiana Finance Authority, Educational Facilities Revenue Bonds, 21st Century Charter 3/23 at 100.00 B+ 3,422,565
  School Project, Series 2013A, 6.000%, 3/01/33      
85 Indiana Finance Authority, Educational Facilities Revenue Bonds, Circle City Preparatory 12/27 at 103.00 N/R 84,593
  Inc. Project, Series 2021A, 5.000%, 12/01/30      
475 Indiana Finance Authority, Educational Facilities Revenue Bonds, Lighthouse Academies of No Opt. Call N/R 490,347
  Northwest Indiana Inc. Project, Series 2016, 6.250%, 12/01/24, 144A      
1,420 Indiana Finance Authority, Environmental Improvement Revenue Bonds, United States Steel 8/22 at 100.00 B 1,420,966
  Corporation Project, Series 2012, 5.750%, 8/01/42, (AMT)      
1,295 Indiana Finance Authority, Health Facilities Revenue Bonds, Good Samaritan Hospital No Opt. Call Baa3 1,366,341
  Project, Series 2016A, 5.500%, 4/01/24      
100 Valparaiso, Indiana, Exempt Facilities Revenue Bonds, Pratt Paper LLC Project, Series No Opt. Call N/R 102,637
  2013, 5.875%, 1/01/24, (AMT)      
6,940 Total Indiana     7,028,472
  Iowa – 0.5% (0.4% of Total Investments)      
1,925 Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Alcoa Inc. 8/22 at 100.00 BBB– 1,925,424
  Project, Series 2012, 4.750%, 8/01/42      
8,375 Iowa Tobacco Settlement Authority, Tobacco Settlement Asset-Backed Bonds, Class 2 6/31 at 25.58 N/R 1,161,361
  Capital Appreciation Senior Lien Series 2021B-2, 0.000%, 6/01/65      
10,300 Total Iowa     3,086,785
  Kansas – 0.9% (0.8% of Total Investments)      
310 Kansas Development Finance Authority Hospital Revenue Bonds, Adventist Health 5/22 at 100.00 AA 313,255
  System/Sunbelt Obligated Group, Tender Option Bond Trust 2016-XG0056, 15.956%, 11/15/32,      
  144A, (IF) (5)      
200 Kansas Power Pool, a Municipal Energy Agency Electric Utility Revenue Bonds, DogWood 12/25 at 100.00 A3 212,916
  Facility, Series 2015A, 5.000%, 12/01/28      
2,000 Overland Park, Kansas, Sales Tax Revenue Bonds, Prairiefire Community Improvement 12/22 at 100.00 N/R 1,000,000
  District No. 1 Project, Series 2012B, 0.000%, 12/15/34 (7)      
8,000 Overland Park, Kansas, Sales Tax Special Obligation Revenue Bonds, Prairiefire at 12/22 at 100.00 N/R 4,651,040
  Lionsgate Project, Series 2012, 5.250%, 12/15/29      
10,510 Total Kansas     6,177,211
  Kentucky – 1.0% (0.8% of Total Investments)      
  Ashland, Kentucky, Medical Center Revenue Bonds, Ashland Hospital Corporation d/b/a      
  King’s Daughters Medical Center Project, Refunding Series 2019:      
920 5.000%, 2/01/31 2/30 at 100.00 BBB+ 1,020,078
125 4.000%, 2/01/33 2/30 at 100.00 BBB+ 127,057
  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 Baa2 3,234,540
1,315 5.000%, 6/01/31 6/27 at 100.00 Baa2 1,411,298
685 Kentucky Economic Development Finance Authority, Revenue Bonds, Next Generation Kentucky 7/25 at 100.00 BBB+ 719,099
  Information Highway Project, Senior Series 2015A, 5.000%, 7/01/33      
6,045 Total Kentucky     6,512,072

 

25


 
 

 

 

   
NID Nuveen Intermediate Duration Municipal Term Fund
  Portfolio of Investments (continued)
  May 31, 2022

 

         
Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  Louisiana – 1.7% (1.3% of Total Investments)      
$ 3,300 Louisiana Local Government Environmental Facilities and Community Development Authority, 11/27 at 100.00 BBB $ 3,240,468
  Revenue Bonds, Westlake Chemical Corporation Projects, Refunding Series 2017, 3.500%, 11/01/32      
1,500 Louisiana Public Facilities Authority, Louisiana, Revenue Bonds, Ochsner Clinic Foundation 5/30 at 100.00 A 1,480,875
  Project, Series 2020A, 4.000%, 5/15/49      
2,840 Louisiana Public Facilities Authority, Revenue Bonds, Loyola University Project, No Opt. Call Baa1 2,752,557
  Refunding Series 2017, 0.000%, 10/01/31 (6)      
1,000 Louisiana Stadium and Exposition District, Revenue Refunding Bonds, Senior Lien Series No Opt. Call A2 1,002,880
  2013A, 5.000%, 7/01/22      
  New Orleans Aviation Board, Louisiana, General Airport Revenue Bonds, North Terminal      
  Project, Series 2017B:      
500 5.000%, 1/01/31, (AMT) 1/27 at 100.00 A2 535,365
800 5.000%, 1/01/32, (AMT) 1/27 at 100.00 A2 853,344
720 Saint John the Baptist Parish, Louisiana, Revenue Bonds, Marathon Oil Corporation No Opt. Call BBB– 713,484
  Project, Refunding Series 2017A-1, 2.000%, 6/01/37, (Mandatory Put 4/01/23)      
285 Saint Tammany Public Trust Financing Authority, Louisiana, Revenue Bonds, Christwood 11/24 at 100.00 N/R 293,641
  Project, Refunding Series 2015, 5.250%, 11/15/29      
10,945 Total Louisiana     10,872,614
  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 56,966
  LLC Project, Green Series 2017, 0.000%, 12/15/33, (AMT), 144A (7), (8)      
350 Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine No Opt. Call BBB (4) 351,075
  Medical Center Obligated Group Issue, Series 2013, 5.000%, 7/01/22, (ETM)      
850 Total Maine     408,041
  Maryland – 0.8% (0.6% of Total Investments)      
1,000 Anne Arundel County, Maryland, Special Tax District Revenue Bonds, Villages at Two 7/24 at 100.00 N/R 1,014,490
  Rivers Projects, Series 2014, 5.250%, 7/01/44      
  Baltimore, Maryland, Convention Center Hotel Revenue Bonds, Refunding Series 2017:      
350 5.000%, 9/01/26 No Opt. Call CCC 353,794
1,000 5.000%, 9/01/33 9/27 at 100.00 CCC 1,005,480
2,000 5.000%, 9/01/34 9/27 at 100.00 CCC 2,009,320
775 Maryland Economic Development Corporation, Port Facilities Revenue Bonds, CNX Marine 7/22 at 100.00 BB– 777,263
  Terminals Inc. Port of Baltimore Facility, Refunding Series 2010, 5.750%, 9/01/25      
5,125 Total Maryland     5,160,347
  Massachusetts – 0.2% (0.2% of Total Investments)      
1,000 Massachusetts Development Finance Agency, Revenue Bonds, Boston Medical Center Issue, No Opt. Call BBB 1,087,370
  Series 2016E, 5.000%, 7/01/26      
495 Massachusetts Educational Financing Authority, Education Loan Revenue Bonds, Issue K, 7/22 at 100.00 AA 496,257
  Series 2013, 5.250%, 7/01/29, (AMT)      
1,495 Total Massachusetts     1,583,627
  Michigan – 3.5% (2.7% of Total Investments)      
325 Flint Hospital Building Authority, Michigan, Building Authority Revenue Bonds, Hurley No Opt. Call BBB– 329,940
  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 5,288,600
5,000 5.000%, 7/01/25 – AGM Insured 7/24 at 100.00 AA 5,289,650
5,000 5.000%, 7/01/26 – AGM Insured 7/24 at 100.00 AA 5,284,400
1,945 5.000%, 7/01/31 – AGM Insured 7/24 at 100.00 AA 2,041,025

 

26


 
 

 

 

         
Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  Michigan (continued)      
  Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Water &      
  Sewerage Department Water Supply System Local Project, Series 2014C-7:      
$ 2,000 5.000%, 7/01/25 – NPFG Insured 7/24 at 100.00 A+ $ 2,109,160
2,000 5.000%, 7/01/26 – NPFG Insured 7/24 at 100.00 A+ 2,107,080
21,270 Total Michigan     22,449,855
  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 261,500
250 4.000%, 5/01/26 5/23 at 100.00 Baa2 250,900
510 Total Minnesota     512,400
  Mississippi – 0.3% (0.2% of Total Investments)      
1,845 Mississippi Business Finance Corporation, Gulf Opportunity Zone Industrial Development 7/22 at 100.00 BBB– 1,800,406
  Revenue Bonds, Northrop Grumman Ship Systems Inc. Project, Series 2006, 4.550%, 12/01/28      
  Missouri – 1.2% (1.0% of Total Investments)      
1,515 Boone County, Missouri, Hospital Revenue Bonds, Boone Hospital Center, Refunding Series No Opt. Call BBB– 1,585,538
  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 1,094,512
  Shoppes Redevelopment Project, Refunding Series 2017A, 4.000%, 11/01/27      
1,830 Poplar Bluff Regional Transportation Development District, Missouri, Transportation 12/22 at 100.00 BBB 1,833,935
  Sales Tax Revenue Bonds, Series 2012, 4.000%, 12/01/36      
465 Raymore, Missouri, Tax Increment Revenue Bonds, Raymore Galleria Project, Refunding & 5/23 at 100.00 N/R 465,139
  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 394,148
800 5.000%, 11/15/25 No Opt. Call N/R 839,488
1,595 Saint Louis Land Clearance for Redevelopment Authority, Missouri, Annual Appropriation 4/27 at 100.00 A 1,755,250
  Revenue Bonds, Contractual Payments of St. Louis City Scottrade Center Project, Series 2018A,      
  5.000%, 4/01/38      
7,715 Total Missouri     7,968,010
  Nebraska – 0.3% (0.3% of Total Investments)      
1,445 Central Plains Energy Project, Nebraska, Gas Project 3 Revenue Bonds, Series 2012, 9/22 at 100.00 A2 1,456,531
  5.000%, 9/01/32      
635 Douglas County Hospital Authority 2, Nebraska, Hospital Revenue Bonds, Madonna 5/24 at 100.00 A– 663,150
  Rehabilitation Hospital Project, Series 2014, 5.000%, 5/15/26      
2,080 Total Nebraska     2,119,681
  Nevada – 0.6% (0.5% 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– 349,382
495 5.000%, 9/01/31 9/27 at 100.00 A– 535,140
1,630 Carson City, Nevada, Hospital Revenue Bonds, Carson-Tahoe Regional Healthcare Project, 9/22 at 100.00 A– (4) 1,644,735
  Refunding Series 2012, 5.000%, 9/01/27, (Pre-refunded 9/01/22)      
1,465 Las Vegas Redevelopment Agency, Nevada, Tax Increment Revenue Bonds, Refunding Series 6/26 at 100.00 BBB+ 1,558,042
  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 167,075
  Northern Beltway Commercial Area, Series 2017, 5.000%, 12/01/37, 144A      
4,070 Total Nevada     4,254,374

 

27


 
 

 

 

   
NID Nuveen Intermediate Duration Municipal Term Fund
  Portfolio of Investments (continued)
  May 31, 2022

 

         
Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  New Jersey – 10.8% (8.6% of Total Investments)      
$ 3,000 Camden County Improvement Authority, New Jersey, Health Care Redevelopment Revenue 2/24 at 100.00 BBB+ $ 3,079,650
  Bonds, Cooper Health System Obligated Group Issue, Refunding Series 2014A, 5.000%, 2/15/31      
2,500 New Jersey Economic Development Authority, Lease Revenue Bonds, State Government 12/27 at 100.00 Baa1 2,661,325
  Buildings-Health Department & Taxation Division Office Project, Series 2018A, 5.000%, 6/15/42      
1,875 New Jersey Economic Development Authority, Lease Revenue Bonds, State House Project, 12/28 at 100.00 Baa1 2,032,650
  Series 2017B, 5.000%, 6/15/35      
1,400 New Jersey Economic Development Authority, New Jersey, Transit Transportation Project 11/29 at 100.00 Baa1 1,414,490
  Revenue Bonds, Series 2020A, 4.000%, 11/01/37      
2,705 New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, 7/27 at 100.00 Baa3 2,664,966
  Refunding Subordinate Series 2017A, 3.375%, 7/01/30      
2,175 New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 6/27 at 100.00 Baa1 2,303,825
  2017DDD, 5.000%, 6/15/42      
1,200 New Jersey Economic Development Authority, School Facilities Construction Bonds, Tender 3/23 at 100.00 Baa1 1,243,536
  Option Bond Trust Series 2018-XG0168, 5.131%, 9/01/27, 144A, (IF) (5)      
1,615 New Jersey Economic Development Authority, School Facilities Construction Financing 6/24 at 100.00 Baa1 (4) 1,683,137
  Program Bonds, Refunding Series 2014PP, 4.000%, 6/15/28, (Pre-refunded 6/15/24)      
1,440 New Jersey Economic Development Authority, School Facilities Construction Financing 3/25 at 100.00 Baa1 1,525,579
  Program Bonds, Tender Option Bond Trust 2016-XF2340, 3.622%, 9/01/25, 144A, (IF) (5)      
  New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental      
  Airlines Inc., Series 1999:      
1,595 5.125%, 9/15/23, (AMT) 8/22 at 101.00 Ba3 1,615,432
7,550 5.250%, 9/15/29, (AMT) 8/22 at 101.00 Ba3 7,603,907
2,410 New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental 3/24 at 101.00 Ba3 2,454,344
  Airlines Inc., Series 2000A & 2000B, 5.625%, 11/15/30, (AMT)      
5,000 New Jersey Educational Facilities Authority, Revenue Bonds, Higher Education Capital 9/24 at 100.00 Baa1 5,097,050
  Improvement Fund Issue, Series 2014A, 4.000%, 9/01/29      
5,760 New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint 7/22 at 100.00 BB+ 5,771,808
  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 1,300,860
  HealthCare System, Series 2016A, 5.000%, 7/01/30      
1,625 New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding No Opt. Call Baa1 1,191,222
  Series 2006C, 0.000%, 12/15/31 – FGIC Insured      
15,000 New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series No Opt. Call Baa1 7,479,150
  2009A, 0.000%, 12/15/39, (UB) (5)      
1,000 New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 12/24 at 100.00 Baa1 1,042,900
  2009C, 5.250%, 6/15/32      
2,250 New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 12/28 at 100.00 Baa1 2,454,638
  2019AA, 5.000%, 6/15/31      
  New Jersey Turnpike Authority, Revenue Bonds, Tender Option Bond Trust 2016-XF1057:      
459 22.257%, 1/01/24, (Pre-refunded 7/01/22), 144A, (IF) (5) 7/22 at 100.00 N/R (4) 466,243
41 22.257%, 1/01/24, (Pre-refunded 7/01/22), 144A, (IF) (5) 7/22 at 100.00 A+ (4) 41,647
  South Jersey Port Corporation, New Jersey, Marine Terminal Revenue Bonds, Refunding      
  Series 2016S:      
915 5.000%, 1/01/34 1/26 at 100.00 Baa1 960,320
1,505 5.000%, 1/01/35 1/26 at 100.00 Baa1 1,578,324
1,000 5.000%, 1/01/39 1/26 at 100.00 Baa1 1,043,320
1,705 South Jersey Port Corporation, New Jersey, Marine Terminal Revenue Bonds, Subordinate 1/28 at 100.00 Baa1 1,774,700
  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 2,439,472
1,920 5.000%, 6/01/30 6/28 at 100.00 A 2,081,933

 

28


 
 

 

 

         
Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  New Jersey (continued)      
$ 5,000 Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed 6/28 at 100.00 BB+ $ 5,143,350
  Bonds, Series 2018B, 5.000%, 6/01/46      
76,095 Total New Jersey     70,149,778
  New Mexico – 0.3% (0.2% of Total Investments)      
2,000 Santa Fe, New Mexico, Retirement Facilities Revenue Bonds, EL Castillo Retirement 7/22 at 100.00 BB+ 2,000,060
  Residences Project, Series 2012, 5.000%, 5/15/32      
  New York – 11.1% (8.8% of Total Investments)      
570 Build New York City Resource Corporation, New York, Revenue Bonds, Bronx Charter School No Opt. Call BBB– 579,057
  for Excellence, Series 2013A, 4.000%, 4/01/23      
675 Build New York City Resource Corporation, New York, Solid Waste Disposal Revenue Bonds, No Opt. Call N/R 690,680
  Pratt Paper NY, Inc. Project, Series 2014, 4.500%, 1/01/25, (AMT), 144A      
  Dormitory Authority of the State of New York, Insured Revenue Bonds, Pace University,      
  Series 2013A:      
820 5.000%, 5/01/23 No Opt. Call BBB– 838,401
20 5.000%, 5/01/23, (ETM) No Opt. Call N/R (4) 20,635
975 5.000%, 5/01/28 5/23 at 100.00 BBB– 988,660
25 5.000%, 5/01/28, (Pre-refunded 5/01/23) 5/23 at 100.00 N/R (4) 25,770
10,000 Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Second Indenture No Opt. Call Aa3 11,204,600
  Fiscal 2017 Series A, 5.000%, 2/15/27, (UB) (5)      
790 Jefferson County Civic Facility Development Corporation, New York, Revenue Bonds, 11/27 at 100.00 BB 739,930
  Samaritan Medical Center Project, Series 2017A, 4.000%, 11/01/42      
1,555 Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Bond No Opt. Call N/R 1,567,860
  Anticipation Note Series 2019D-1, 5.000%, 9/01/22      
780 Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Bond No Opt. Call N/R 793,603
  Anticipation Note Series 2020A-1, 5.000%, 2/01/23      
5,000 Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green 5/31 at 100.00 A3 4,943,650
  Climate Bond Certified Series 2021A-1, 4.000%, 11/15/44      
1,000 Nassau County Tobacco Settlement Corporation, New York, Tobacco Settlement Asset-Backed 6/22 at 100.00 CCC+ 1,002,140
  Bonds, Refunding Series 2006A-2, 5.250%, 6/01/26      
2,450 New York Counties Tobacco Trust VI, New York, Tobacco Settlement Pass-Through Bonds, No Opt. Call BBB 2,543,320
  Series 2016A-1, 5.625%, 6/01/35      
1,500 New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade 11/24 at 100.00 N/R 1,506,480
  Center Project, Class 1 Series 2014, 5.000%, 11/15/44, 144A      
6,500 New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade 11/24 at 100.00 N/R 6,611,995
  Center Project, Class 2 Series 2014, 5.150%, 11/15/34, 144A      
1,355 New York Transportation Development Corporation, New York, Facility Revenue Bonds, 10/31 at 100.00 BBB– 1,289,784
  Thruway Service Areas Project, Series 2021, 4.000%, 10/31/46, (AMT)      
  New York Transportation Development Corporation, New York, Special Facilities Bonds,      
  LaGuardia Airport Terminal B Redevelopment Project, Series 2016A:      
760 4.000%, 7/01/32, (AMT) 7/24 at 100.00 BBB 761,011
500 4.000%, 7/01/33, (AMT) 7/24 at 100.00 BBB 500,345
1,000 4.000%, 7/01/46 – AGM Insured, (AMT) 7/24 at 100.00 AA 999,850
430 New York Transportation Development Corporation, New York, Special Facility Revenue 6/22 at 100.00 B 430,030
  Bonds, American Airlines, Inc. John F Kennedy International Airport Project, Refunding Series      
  2016, 5.000%, 8/01/31, (AMT)      
1,065 New York Transportation Development Corporation, New York, Special Facility Revenue 8/30 at 100.00 B 1,132,585
  Bonds, American Airlines, Inc. John F Kennedy International Airport Project, Series 2020,      
  5.250%, 8/01/31, (AMT)      

 

29


 
 

 

 

   
NID Nuveen Intermediate Duration Municipal Term Fund
  Portfolio of Investments (continued)
  May 31, 2022

 

         
Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  New York (continued)      
  New York Transportation Development Corporation, Special Facility Revenue Bonds, Delta      
  Air Lines, Inc. – LaGuardia Airport Terminals C&D Redevelopment Project, Series 2018:      
$ 2,000 5.000%, 1/01/28, (AMT) No Opt. Call Baa3 $ 2,104,440
2,000 5.000%, 1/01/30, (AMT) 1/28 at 100.00 Baa3 2,090,400
2,315 5.000%, 1/01/32, (AMT) 1/28 at 100.00 Baa3 2,407,785
1,680 5.000%, 1/01/33, (AMT) 1/28 at 100.00 Baa3 1,744,563
935 5.000%, 1/01/36, (AMT) 1/28 at 100.00 Baa3 967,304
4,110 Port Authority of New York and New Jersey, Consolidated Revenue Bonds, Two Hundred 7/30 at 100.00 Aa3 4,088,299
  Twenty-One Series 2020, 4.000%, 7/15/50, (AMT), (UB) (5)      
  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 Caa1 686,127
5,000 5.000%, 1/01/33, (AMT) 1/26 at 100.00 Caa1 4,101,100
3,820 5.000%, 1/01/35, (AMT) 1/26 at 100.00 Caa1 3,051,416
650 5.000%, 1/01/36, (AMT) 1/26 at 100.00 Caa1 511,225
6,890 TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006, 5.000%, 6/01/45 6/27 at 100.00 CCC+ 7,026,215
  TSASC Inc., New York, Tobacco Settlement Asset-Backed Bonds, Fiscal 2017 Series B:      
2,000 5.000%, 6/01/24 No Opt. Call B– 2,004,020
2,250 5.000%, 6/01/25 No Opt. Call B– 2,249,370
72,240 Total New York     72,202,650
  North Carolina – 1.1% (0.9% of Total Investments)      
750 Bay Area Toll Authority, North Carolina, Revenue Bonds, San Francisco Bay Area Toll 10/26 at 100.00 AA 762,900
  Bridge, Tender Option Bond Trust 2016-XG0019, 3.658%, 4/01/36, 144A, (IF) (5)      
6,225 North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Senior Lien 1/30 at 100.00 Aa1 6,591,528
  Series 2019, 5.000%, 1/01/49      
6,975 Total North Carolina     7,354,428
  North Dakota – 0.7% (0.5% of Total Investments)      
5,000 Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System 12/31 at 100.00 AA 4,279,150
  Obligated Group, Series 2021, 3.000%, 12/01/46 – AGM Insured      
  Ohio – 4.3% (3.4% of Total Investments)      
9,070 Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed 6/30 at 100.00 BBB+ 8,784,658
  Revenue Bonds, Refunding Senior Lien Series 2020A-2 Class 1, 4.000%, 6/01/48      
5,535 Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed 6/30 at 100.00 N/R 5,622,453
  Revenue Bonds, Refunding Senior Lien Series 2020B-2 Class 2, 5.000%, 6/01/55      
3,240 Cleveland, Ohio, Airport Special Revenue Bonds, Continental Airlines Inc. Project, 7/22 at 100.00 Ba3 3,242,754
  Series 1998, 5.375%, 9/15/27, (AMT)      
2,650 County of Lucas, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, 11/28 at 100.00 BBB 2,650,530
  Series 2018A, 5.250%, 11/15/48      
560 Franklin County Convention Facilities Authority, Ohio, Hotel Project Revenue Bonds, 12/29 at 100.00 BBB– 571,082
  Greater Columbus Convention Center Hotel Expansion Project, Series 2019, 5.000%, 12/01/51      
4,190 Ohio Air Quality Development Authority, Ohio, Air Quality Development Revenue Bonds, No Opt. Call N/R 5,238
  FirstEnergy Generation Corporation Project, Series 2009A, 5.700%, 8/01/22      
6,000 Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, No Opt. Call N/R 5,472,900
  FirstEnergy Generation Corporation Project, Refunding Series 2009D, 3.375%, 8/01/29,      
  (Mandatory Put 9/15/21)      
17,065 Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, No Opt. Call N/R 21,331
  FirstEnergy Generation Project, Refunding Series 2006A, 3.750%, 12/01/23 (7)      
700 Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, No Opt. Call N/R 700,000
  FirstEnergy Nuclear Generation Project, Refunding Series 2009A, 4.750%, 6/01/33, (Mandatory      
  Put 6/01/22), (WI/DD, Settling 6/01/22)      
260 Ohio Air Quality Development Authority, Ohio, Revenue Bonds, Pratt Paper Ohio, LLC 1/28 at 100.00 N/R 259,399
  Project, Series 2017, 4.250%, 1/15/38, (AMT), 144A      
6,000 Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy No Opt. Call N/R 7,500
  Nuclear Generating Corporation Project, Series 2006B, 4.000%, 12/01/33 (7)      

 

30


 
 

 

 

         
Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  Ohio (continued)      
$ 730 Southeastern Ohio Port Authority, Hospital Facilities Revenue Bonds, Memorial Health No Opt. Call BB– $ 739,169
  System Obligated Group Project, Refunding and Improvement Series 2012, 5.000%, 12/01/22      
56,000 Total Ohio     28,077,014
  Oklahoma – 1.1% (0.9% of Total Investments)      
975 Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine 8/28 at 100.00 Baa3 982,527
  Project, Series 2018B, 5.000%, 8/15/38      
6,050 Tulsa Municipal Airport Trust, Oklahoma, Revenue Bonds, American Airlines Inc., 6/25 at 100.00 B– 6,209,176
  Refunding Series 2015, 5.000%, 6/01/35, (AMT), (Mandatory Put 6/01/25)      
7,025 Total Oklahoma     7,191,703
  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– 1,005,710
  Columbia Memorial Hospital, Series 2012, 5.000%, 8/01/31      
730 Port of Saint Helens, Oregon, Pollution Control Revenue Bonds, Boise Cascade Project, 7/22 at 100.00 N/R 730,168
  Series 1997, 5.650%, 12/01/27      
1,730 Total Oregon     1,735,878
  Pennsylvania – 4.9% (3.9% 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 834,430
725 5.125%, 5/01/30 No Opt. Call B 769,783
419 Allegheny County Redevelopment Authority, Pennsylvania, TIF Revenue Bonds, Pittsburg 7/22 at 100.00 N/R 377,547
  Mills Project, Series 2004, 5.600%, 7/01/23 (7)      
1,000 Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania, Tax Revenue No Opt. Call Ba3 1,077,680
  Bonds, City Center Project, Series 2018, 5.000%, 5/01/28, 144A      
420 Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue No Opt. Call N/R 525
  Bonds, FirstEnergy Nuclear Generation Project, Refunding Series 2005A, 4.000%, 1/01/35 (7)      
400 Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue No Opt. Call N/R 500
  Bonds, FirstEnergy Nuclear Generation Project, Refunding Series 2008A, 2.700%, 4/01/35 (7)      
1,450 Doylestown Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Series 2013A, No Opt. Call BBB– 1,492,210
  5.000%, 7/01/23      
825 East Hempfield Township Industrial Development Authority, Pennsylvania, Student Services 7/25 at 100.00 N/R (4) 895,851
  Inc – Student Housing Project at Millersville University, Series 2015, 5.000%, 7/01/30,      
  (Pre-refunded 7/01/25)      
1,000 Montgomery County Industrial Development Authority, Pennsylvania, Revenue Bonds, 1/25 at 100.00 N/R 1,019,090
  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+ 1,595,622
  Morningstar Senior Living, Inc., Series 2012, 5.000%, 7/01/27      
1,805 Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, No Opt. Call N/R 2,256
  Shippingport Project, First Energy Guarantor., Series 2005A, 3.750%, 12/01/40 (7)      
1,970 Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University of 8/29 at 100.00 AA 1,978,688
  Pennsylvania Health System, Series 2019, 4.000%, 8/15/49 (5)      
4,000 Pennsylvania Public School Building Authority, Lease Revenue Bonds, School District of No Opt. Call AA 4,468,600
  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 3,811,570
  Series 2017, 5.000%, 12/01/35      
10,980 Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Hospital 7/27 at 100.00 BBB– 11,691,175
  Revenue Bonds, Temple University Health System Obligated Group, Series of 2017, 5.000%, 7/01/34      
1,610 Scranton, Lackawanna County, Pennsylvania, General Obligation Notes, Series 2016, 5/24 at 100.00 BB+ 1,638,899
  5.000%, 11/15/32      
32,514 Total Pennsylvania     31,654,426

 

31


 
 

 

 

   
NID Nuveen Intermediate Duration Municipal Term Fund
  Portfolio of Investments (continued)
  May 31, 2022

 

         
Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  Puerto Rico – 9.5% (7.5% of Total Investments)      
  Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Refunding Senior Lien Series 2020A:      
$ 5,000 5.000%, 7/01/30, 144A No Opt. Call N/R $ 5,373,950
4,750 5.000%, 7/01/35, 144A 7/30 at 100.00 N/R 5,004,600
1,000 5.000%, 7/01/47, 144A 7/30 at 100.00 N/R 1,039,010
3,000 Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2012A, 7/22 at 100.00 CCC 3,010,530
  5.750%, 7/01/37      
3,500 Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N, No Opt. Call N/R 3,411,450
  8.991%, 7/01/27 – AMBAC Insured (12MTA reference rate + 1.120% spread) (9)      
  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 2,750,240
8,470 1.000%, 7/01/33 7/28 at 86.06 N/R 5,183,471
449 4.500%, 7/01/34 7/25 at 100.00 N/R 459,565
1,245 0.000%, 7/01/51 7/28 at 30.01 N/R 275,083
2,031 4.750%, 7/01/53 7/28 at 100.00 N/R 2,043,389
5,340 5.000%, 7/01/58 7/28 at 100.00 N/R 5,442,581
  Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Taxable      
  Restructured Cofina Project Series 2019A-2:      
2,500 4.329%, 7/01/40 7/28 at 100.00 N/R 2,503,100
1,791 4.329%, 7/01/40 7/28 at 100.00 N/R 1,793,221
  Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1:      
1,834 5.250%, 7/01/23 No Opt. Call N/R 1,858,917
324 0.010%, 7/01/24 No Opt. Call N/R 298,306
1,722 5.375%, 7/01/25 No Opt. Call N/R 1,813,787
696 5.625%, 7/01/27 No Opt. Call N/R 760,157
685 5.625%, 7/01/29 No Opt. Call N/R 757,657
665 5.750%, 7/01/31 No Opt. Call N/R 753,478
3,812 0.000%, 7/01/33 7/31 at 89.94 N/R 2,262,185
631 4.000%, 7/01/33 7/31 at 103.00 N/R 618,458
567 4.000%, 7/01/35 7/31 at 103.00 N/R 548,326
487 4.000%, 7/01/37 7/31 at 103.00 N/R 470,599
4,161 4.000%, 7/01/41 7/31 at 103.00 N/R 3,953,090
7,953 4.000%, 7/01/46 7/31 at 103.00 N/R 7,440,540
3,149 Puerto Rico, General Obligation Bonds, Vintage CW NT Claims Taxable Series 2022, No Opt. Call N/R 1,633,521
  0.000%, 11/01/43      
69,762 Total Puerto Rico     61,459,211
  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 1,425,662
1,500 5.000%, 4/01/24 No Opt. Call BBB 1,550,445
2,900 Total Rhode Island     2,976,107
  South Carolina – 0.8% (0.7% of Total Investments)      
1,450 South Carolina Jobs-Economic Development Authority, Economic Development Revenue Bonds, 2/25 at 100.00 BB+ 1,495,806
  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 19.718%, 11/01/27, (Pre-refunded 11/01/22), 144A, (IF) (5) 11/22 at 100.00 N/R (4) 1,613,610
1,010 19.699%, 11/01/28, (Pre-refunded 11/01/22), 144A, (IF) (5) 11/22 at 100.00 N/R (4) 1,086,427
1,255 19.718%, 11/01/29, (Pre-refunded 11/01/22), 144A, (IF) (5) 11/22 at 100.00 N/R (4) 1,350,053
5,215 Total South Carolina     5,545,896
  Tennessee – 2.0% (1.6% of Total Investments)      
1,935 Knox County Health, Educational and Housing Facility Board, Tennessee, Hospital Revenue 1/23 at 100.00 A+ 1,961,877
  Bonds, Covenant Health, Refunding Series 2012A, 5.000%, 1/01/26      

 

32


 
 

 

 

         
Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  Tennessee (continued)      
  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 (7) 11/24 at 100.00 N/R $ 1,435,850
525 6.000%, 5/01/34, 144A (7) 11/24 at 100.00 N/R 246,750
9,050 Tennergy Corporation, Tennessee, Gas Revenue Bonds, Series 2021A, 4.000%, 12/01/51, 6/28 at 100.68 A1 9,356,071
  (Mandatory Put 9/01/28)      
14,565 Total Tennessee     13,000,548
  Texas – 4.1% (3.2% of Total Investments)      
1,110 Austin, Travis, Williamson and Hays Counties, Texas, Special Assessment Revenue Bonds, 11/23 at 100.00 N/R 1,116,782
  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– (4) 2,174,880
  5.000%, 1/01/40, (Pre-refunded 7/01/25)      
180 Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Idea No Opt. Call A– 180,769
  Public Schools, Series 2012, 3.750%, 8/15/22      
2,000 Dallas Area Rapid Transit, Texas, Sales Tax Revenue Bonds, Tender Option Bond Trust No Opt. Call AA+ 4,053,240
  3307, 21.152%, 12/01/30 – AMBAC Insured, 144A, (IF) (5)      
2,000 Gulf Coast Industrial Development Authority, Texas, Solid Waste Disposal Revenue Bonds, 10/22 at 100.00 BB 2,000,080
  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:      
855 5.000%, 6/01/22 No Opt. Call Baa2 855,000
915 5.000%, 6/01/23 No Opt. Call Baa2 925,733
3,750 Harris County-Houston Sports Authority, Texas, Revenue Bonds, Third Lien Series 2004A-3, 11/24 at 49.42 Baa2 1,680,975
  0.000%, 11/15/36      
3,000 Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc. No Opt. Call B 3,081,000
  Airport Improvement Projects, Series 2018C, 5.000%, 7/15/28, (AMT)      
250 Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc. No Opt. Call B– 259,110
  Terminal Improvements Project, Refunding Series 2020B-2, 5.000%, 7/15/27, (AMT)      
1,000 Love Field Airport Modernization Corporation, Texas, Special Facilities Revenue Bonds, 11/22 at 100.00 Baa1 1,012,400
  Southwest Airlines Company – Love Field Modernization Program Project, Series 2012, 5.000%,      
  11/01/28, (AMT)      
1,000 New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing 4/24 at 100.00 N/R (4) 1,055,050
  Revenue Bonds, CHF-Collegiate Housing Corpus Christi I, L.L.C.-Texas A&M University-Corpus      
  Christi Project, Series 2014A, 5.000%, 4/01/34, (Pre-refunded 4/01/24)      
1,500 Port Beaumont Navigation District, Jefferson County, Texas, Dock and Wharf Facility 7/22 at 103.00 N/R 1,336,245
  Revenue Bonds, Jefferson Gulf Coast Energy Project, Series 2020, 3.625%, 1/01/35, (AMT), 144A      
1,250 Port Beaumont Navigation District, Jefferson County, Texas, Dock and Wharf Facility 7/23 at 103.00 N/R 905,175
  Revenue Bonds, Jefferson Gulf Coast Energy Project, Series 2021A, 2.875%, 1/01/41, (AMT), 144A      
2,680 San Antonio Public Facilities Corporation, Texas, Lease Revenue Bonds, Convention Center 9/22 at 100.00 AA+ 2,775,649
  Refinancing & Expansion Project, Tender Option Bond Trust 2015-XF0125, 19.305%, 9/15/29,      
  144A, (IF) (5)      
  Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital      
  Revenue Bonds, Scott & White Healthcare Project, Tender Option Bond Trust 2016-XG0058:      
100 19.415%, 8/15/22, 144A, (IF) (5) No Opt. Call AA– 103,815
155 19.240%, 8/15/24, (Pre-refunded 8/15/23), 144A, (IF) (5) 8/23 at 100.00 AA– (4) 185,918
200 19.415%, 8/15/26, (Pre-refunded 8/15/23), 144A, (IF) (5) 8/23 at 100.00 AA– (4) 240,284
170 19.205%, 8/15/27, (Pre-refunded 8/15/23), 144A, (IF) (5) 8/23 at 100.00 AA– (4) 203,844
1,210 Texas Department of Housing and Community Affairs, Single Family Mortgage Revenue Bonds, 9/27 at 100.00 Aaa 1,237,612
  Series 2018A, 4.250%, 9/01/48 (5)      
1,190 Westlake, Texas, Special Assessment Revenue Bonds, Solana Public Improvement District, 9/25 at 100.00 N/R 1,156,775
  Series 2015, 6.125%, 9/01/35      
26,515 Total Texas     26,540,336

 

33


 
 

 

 

NID Nuveen Intermediate Duration Municipal Term Fund
  Portfolio of Investments (continued)
  May 31, 2022

 

         
Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  Virgin Islands – 0.1% (0.1% of Total Investments)      
$ 840 Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, No Opt. Call AA $ 875,356
  Refunding Senior Lien Series 2013B, 5.000%, 10/01/24 – AGM Insured      
  Virginia – 0.9% (0.7% of Total Investments)      
1,000 Roanoke Economic Development Authority, Virgina, Residential Care Facility Mortgage 12/22 at 100.00 N/R (4) 1,017,710
  Revenue Refunding Bonds, Virginia Lutheran Homes Brandon Oaks Project, Series 2012, 5.000%,      
  12/01/32, (Pre-refunded 12/01/22)      
  Virginia Gateway Community Development Authority, Prince William County, Virginia,      
  Special Assessment Refunding Bonds, Series 2012:      
695 5.000%, 3/01/25 7/22 at 100.00 N/R 695,049
110 4.500%, 3/01/29 7/22 at 100.00 N/R 104,937
1,505 5.000%, 3/01/30 7/22 at 100.00 N/R 1,484,938
2,500 Virginia Housing Development Authority, Rental Housing Bonds, Series 2018E, 12/27 at 100.00 AA+ 2,553,200
  4.150%, 12/01/49      
5,810 Total Virginia     5,855,834
  Washington – 2.6% (2.0% of Total Investments)      
2,200 Port of Seattle Industrial Development Corporation, Washington, Special Facilities 4/23 at 100.00 BB+ 2,212,826
  Revenue Refunding Bonds, Delta Air Lines, Inc. Project, Series 2012, 5.000%, 4/01/30, (AMT)      
4,000 Port of Seattle, Washington, Revenue Bonds, Refunding First Lien Series 2016B, 5.000%, 4/26 at 100.00 Aa2 4,326,800
  10/01/32, (AMT), (UB) (5)      
270 Tacoma Consolidated Local Improvement District 65, Washington, Special Assessment Bonds, 6/22 at 100.00 N/R 267,370
  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+ 5,086,250
  Tender Option Bonds Trust 2015-XF1017, 3.978%, 1/01/35, 144A, (IF) (5)      
970 Washington Health Care Facilities Authority, Revenue Bonds, CommonSpirit Health, Series 8/29 at 100.00 BBB+ 1,025,863
  2019A-2, 5.000%, 8/01/35      
  Washington State Housing Finance Commission, Non-Profit Housing Revenue Bonds, Mirabella      
  Project, Series 2012A:      
585 6.000%, 10/01/22, (ETM), 144A No Opt. Call N/R (4) 594,132
2,080 6.500%, 10/01/32, (Pre-refunded 10/03/22), 144A 10/22 at 100.00 N/R (4) 2,115,235
1,000 Washington State Housing Finance Commission, Non-Profit Revenue Bonds, Emerald Heights No Opt. Call A– 1,029,550
  Project, Refunding 2013, 5.000%, 7/01/23      
16,105 Total Washington     16,658,026
  West Virginia – 0.1% (0.1% of Total Investments)      
500 West Virginia Economic Development Authority, Excess Lottery Revenue Bonds, Series 7/27 at 100.00 AAA 562,715
  2017A, 5.000%, 7/01/30      
  Wisconsin – 3.2% (2.5% of Total Investments)      
415 Platteville Redevelopment Authority, Wisconsin, Revenue Bonds, University of Wisconsin - 7/22 at 100.00 BBB– 415,108
  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:      
230 5.250%, 12/01/22, (ETM) No Opt. Call N/R (4) 234,322
1,610 6.000%, 12/01/32, (Pre-refunded 12/01/22) 12/22 at 100.00 N/R (4) 1,646,370
3,190 Public Finance Authority of Wisconsin, Limited Obligation Grant Revenue Bonds, American No Opt. Call N/R 3,054,202
  Dream @ Meadowlands Project, Series 2017A, 3.125%, 8/01/27, 144A (7)      
  Public Finance Authority of Wisconsin, Limited Obligation PILOT Revenue Bonds, American      
  Dream @ Meadowlands Project, Series 2017:      
870 5.000%, 12/01/27, 144A No Opt. Call N/R 798,034
1,000 6.500%, 12/01/37, 144A 12/27 at 100.00 N/R 937,910
345 Public Finance Authority of Wisconsin, Revenue Bonds, Prime Healthcare Foundation, Inc., No Opt. Call BBB– 362,681
  Series 2017A, 5.000%, 12/01/27      

 

34


 
 

 

 

         
Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  Wisconsin (continued)      
$ 155 Public Finance Authority of Wisconsin, Senior Airport Facilities Revenue and Refunding No Opt. Call BBB+ $ 155,251
  Bonds, TrIPS Obligated Group, Series 2012B, 5.000%, 7/01/22      
4,300 Public Finance Authority of Wisconsin, Solid Waste Disposal Revenue Bonds, Waste 5/26 at 100.00 A– 4,153,112
  Management Inc., Refunding Series 2016A-2, 2.875%, 5/01/27      
1,115 Public Finance Authority of Wisconsin, Student Housing Revenue Bonds, Collegiate Housing 7/25 at 100.00 BBB– 1,142,752
  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:      
100 19.200%, 4/01/23, 144A, (IF) (5) No Opt. Call AA– 114,054
185 18.864%, 4/01/24, 144A, (IF) (5) 4/23 at 100.00 AA– 210,508
100 19.200%, 4/01/25, 144A, (IF) (5) 4/23 at 100.00 AA– 114,054
  Wisconsin Center District, Dedicated Tax Revenue Bonds, Refunding Junior Series 1999:      
5 5.250%, 12/15/23 No Opt. Call AA 5,167
5 5.250%, 12/15/23, (ETM) No Opt. Call AA (4) 5,060
5 5.250%, 12/15/27, (ETM) No Opt. Call AA (4) 5,568
10 5.250%, 12/15/27 No Opt. Call AA 11,085
6,000 Wisconsin Center District, Dedicated Tax Revenue Bonds, Supported by State Moral 12/30 at 56.77 AA 2,217,180
  Obligation Junior Series 2020D, 0.000%, 12/15/45 – AGM Insured      
1,175 Wisconsin Housing and Economic Development Authority, Housing Revenue Bonds, Series 11/26 at 100.00 AA 1,189,476
  2017A, 4.000%, 11/01/47      
2,000 Wisconsin Housing and Economic Development Authority, Housing Revenue Bonds, Series 11/28 at 100.00 AA 1,783,520
  2019A, 3.150%, 11/01/44      
2,480 Wisconsin Housing and Economic Development Authority, Housing Revenue Bonds, Series 5/31 at 100.00 N/R 1,955,207
  2021C, 2.850%, 11/01/51      
25,295 Total Wisconsin     20,510,621
$ 813,704 Total Municipal Bonds (cost $773,218,808)     755,976,485
 
Shares Description (1)     Value
  COMMON STOCKS – 9.7% (7.7% of Total Investments)      
  Independent Power and Renewable Electricity Producers – 9.7% (7.7% of Total Investments)