Nuveen Intermediate Duration Quality Municipal Term Fund

 

 

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-22779

Nuveen Intermediate Duration Quality Municipal Term Fund

(Exact name of registrant as specified in charter)

Nuveen Investments

    333 West Wacker Drive, Chicago, Illinois 60606    

(Address of principal executive offices) (Zip code)

Gifford R. Zimmerman

Vice President and Secretary

    333 West Wacker Drive, Chicago, Illinois 60606    

(Name and address of agent for service)

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

Date of fiscal year end:       May 31      

Date of reporting period: August 31, 2018

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q 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 the 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. § 3507.

 

 

 

 

 


Item 1. Schedule of Investments

 

 


NIQ
Nuveen Intermediate Duration Quality Municipal Term Fund
Portfolio of Investments    August 31, 2018
(Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    LONG-TERM INVESTMENTS – 128.7% (100.0% of Total Investments)        
    MUNICIPAL BONDS – 128.7% (100.0% of Total Investments)        
    Alabama – 2.4% (1.9% of Total Investments)        
$ 2,000   Alabama Federal Aid Highway Finance Authority, Federal Highway Grant Anticipation Revenue Bonds, Tender Option Bond Trust 2016-XL0024, 15.813%, 9/01/26 (Pre-refunded 9/01/22), 144A (IF) (4)   9/22 at 100.00 AA (5) $3,165,020
1,000   Lower Alabama Gas District, Alabama, Gas Project Revenue Bonds, Series 2016A, 5.000%, 9/01/34   No Opt. Call A3 1,171,730
3,000   Total Alabama       4,336,750
    Arizona – 1.8% (1.4% of Total Investments)        
    Arizona Health Facilities Authority, Hospital Revenue Bonds, Phoenix Children's Hospital, Series 2013D:        
965   5.000%, 2/01/24   2/23 at 100.00 A+ 1,052,815
1,065   5.000%, 2/01/26   2/23 at 100.00 A+ 1,150,892
1,000   University Medical Center Corporation, Tucson, Arizona, Hospital Revenue Bonds, Series 2011, 5.000%, 7/01/19 (ETM)   No Opt. Call N/R (5) 1,026,390
3,030   Total Arizona       3,230,097
    California – 15.7% (12.2% of Total Investments)        
3,000   Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Senior Lien Series 2013A, 5.000%, 10/01/27  –  AGM Insured   10/23 at 100.00 AA 3,416,490
500   California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, Refunding Series 2017A, 5.000%, 11/15/36   11/27 at 100.00 AA- 579,375
    California Municipal Finance Authority, Revenue Bonds, Biola University, Series 2013:        
560   5.000%, 10/01/19   No Opt. Call Baa1 579,729
415   5.000%, 10/01/21   No Opt. Call Baa1 453,080
1,720   California Municipal Finance Authority, Revenue Bonds, Linxs APM Project, Senior Lien Series 2018A, 5.000%, 12/31/34 (Alternative Minimum Tax)   6/28 at 100.00 BBB+ 1,954,195
1,930   California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2014A, 5.250%, 12/01/34   12/24 at 100.00 BB 2,118,850
3,335   Eastern Municipal Water District Financing Authority, California, Water and Wastewater Revenue Bonds, Series 2017D, 5.250%, 7/01/42   7/27 at 100.00 AA+ 3,941,070
660   Hesperia Public Financing Authority, California, Redevelopment and Housing Projects Tax Allocation Bonds, Series 2007A, 5.500%, 9/01/27  –  SYNCORA GTY Insured   10/18 at 100.00 N/R 661,716
940   Independent Cities Finance Authority, California, Mobile Home Park Revenue Bonds, Rancho Vallecitos Mobile Home Park, Series 2013, 4.500%, 4/15/23   No Opt. Call A- 985,590
    Inland Empire Tobacco Securitization Authority, California, Tobacco Settlement Asset-Backed Bonds, Series 2007:        
830   4.625%, 6/01/21   10/18 at 100.00 N/R 830,207
1,040   5.000%, 6/01/21   11/18 at 100.00 N/R 1,040,385
1


NIQ Nuveen Intermediate Duration Quality Municipal Term Fund (continued)
  Portfolio of Investments August 31, 2018
  (Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    California (continued)        
    Jurupa Community Services District, California, Special Tax Bonds, Community Facilities District 31 Eastvale Area, Series 2013:        
$ 150   4.000%, 9/01/25   9/22 at 100.00 N/R $155,657
305   4.000%, 9/01/26   9/22 at 100.00 N/R 315,224
250   4.000%, 9/01/27   9/22 at 100.00 N/R 257,718
475   Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 5.250%, 11/01/21 (Pre-refunded 11/01/20)   11/20 at 100.00 BBB- (5) 496,076
1,790   Patterson Public Finance Authority, California, Revenue Bonds, Community Facilities District 2001-1, Senior Series 2013A, 5.000%, 9/01/22   No Opt. Call N/R 1,968,893
185   Riverside County Redevelopment Agency, California, Tax Allocation Housing Bonds, Series 2011A, 0.000%, 10/01/26 (ETM) (6)   No Opt. Call A (5) 190,337
1,500   San Diego Association of Governments, California, South Bay Expressway Toll Revenue Bonds, First Senior Lien Series 2017A, 5.000%, 7/01/36   7/27 at 100.00 A 1,739,790
2,000   San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Second Series 2016A, 5.000%, 5/01/26   No Opt. Call A+ 2,377,000
1,400   San Joaquin County Transportation Authority, California, Sales Tax Revenue, Limited Tax Measure K Series 2017, 5.000%, 3/01/32   3/27 at 100.00 AA 1,665,034
    Vernon, California, Electric System Revenue Bonds, Series 2009A:        
530   5.125%, 8/01/21 (Pre-refunded 8/01/19)   8/19 at 100.00 N/R (5) 547,304
895   5.125%, 8/01/21   8/19 at 100.00 A- 919,791
925   Washington Township Health Care District, California, Revenue Bonds, Series 2009A, 6.000%, 7/01/29   7/19 at 100.00 Baa1 949,152
25,335   Total California       28,142,663
    Colorado – 9.8% (7.6% of Total Investments)        
    Colorado Educational and Cultural Facilities Authority, Charter School Refunding Revenue Bonds, Pinnacle Charter School, Inc. K-8 Facility Project, Series 2013:        
310   4.000%, 6/01/20   No Opt. Call A+ 320,215
250   5.000%, 6/01/21   No Opt. Call A+ 268,775
    Colorado State Board of Governors, Colorado State University Auxiliary Enterprise System Revenue Bonds, Tender Option Bond Trust 2016-XF2354:        
100   16.293%, 3/01/25,144A (IF) (4)   No Opt. Call AA 180,617
300   16.293%, 3/01/26,144A (IF) (4)   No Opt. Call AA 563,619
430   16.260%, 3/01/27,144A (IF) (4)   No Opt. Call AA 832,454
725   16.293%, 3/01/28,144A (IF) (4)   No Opt. Call AA 1,455,785
200   16.293%, 3/01/29,144A (IF) (4)   No Opt. Call AA 399,766
1,870   Denver Convention Center Hotel Authority, Colorado, Revenue Bonds, Convention Center Hotel, Refunding Senior Lien Series 2016, 5.000%, 12/01/30   12/26 at 100.00 Baa2 2,105,377
350   E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B, 0.000%, 9/01/21  –  NPFG Insured   No Opt. Call BBB+ 327,747
8,500   Fort Collins, Colorado, Electric Utility Enterprise System Revenue Bonds, Series 2018A, 5.000%, 12/01/42   6/28 at 100.00 AA- 9,786,475
2


Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Colorado (continued)        
$ 1,000   Public Authority for Colorado Energy, Natural Gas Purchase Revenue Bonds, Colorado Springs Utilities, Series 2008, 6.500%, 11/15/38   No Opt. Call A+ $ 1,376,490
14,035   Total Colorado       17,617,320
    Florida – 10.5% (8.1% of Total Investments)        
    Atlantic Beach, Florida, Healthcare Facilities Revenue Refunding Bonds, Fleet Landing Project, Series 2013A:        
420   5.000%, 11/15/20   No Opt. Call BBB 445,137
150   5.000%, 11/15/23   No Opt. Call BBB 166,687
460   Belmont Community Development District, Florida, Capital Improvement Revenue Bonds, Phase 1 Project, Series 2013A, 5.500%, 11/01/23   No Opt. Call N/R 487,108
1,270   Broward County, Florida, Fuel System Revenue Bonds, Fort Lauderdale Fuel Facilities LLC Project, Series 2013A, 5.000%, 4/01/23  –  AGM Insured (Alternative Minimum Tax)   No Opt. Call AA 1,402,880
1,740   Cape Coral, Florida, Water and Sewer Revenue Bonds, Refunding Series 2017, 5.000%, 10/01/33   10/27 at 100.00 A+ 2,013,075
390   Capital Trust Agency, Florida, Fixed Rate Air Cargo Revenue Refunding Bonds, Aero Miami FX, LLC Project, Series 2010A, 5.350%, 7/01/29   7/20 at 100.00 Baa3 402,749
1,610   Collier County Educational Facilities Authority, Florida, Revenue Bonds, Ave Maria University, Refunding Series 2013A, 4.500%, 6/01/23   No Opt. Call BBB- 1,660,490
1,000   Florida Mid-Bay Bridge Authority, Revenue Bonds, 1st Senior Lien Series 2015A, 5.000%, 10/01/23   No Opt. Call BBB+ 1,121,930
2,960   Florida Municipal Power Agency, Revenue Bonds, Saint Lucie Project, Refunding Series 2012A, 5.000%, 10/01/26   10/22 at 100.00 A2 3,248,393
500   Gainesville, Florida, Utilities System Revenue Bonds, Series 2017A, 5.000%, 10/01/37   10/27 at 100.00 AA- 575,470
    Martin County Industrial Development Authority, Florida, Industrial Development Revenue Refunding Bonds, Indiantown Cogeneration LP, Series 2013:        
3,150   3.950%, 12/15/21 (Alternative Minimum Tax)144A   6/20 at 100.00 Baa2 3,234,955
500   4.200%, 12/15/25 (Alternative Minimum Tax)144A   6/20 at 100.00 Baa2 510,465
1,400   Palm Beach County Health Facilities Authority, Florida, Revenue Bonds, Jupiter Medical Center, Series 2013A, 5.000%, 11/01/22   No Opt. Call BBB+ 1,529,178
510   Putnam County Development Authority, Florida, Pollution Control Revenue Bonds, Seminole Electric Cooperative, Inc. Project, Refunding Series 2018B, 5.000%, 3/15/42   5/28 at 100.00 A- 571,756
305   Southeast Overtown/Park West Community Redevelopment Agency, Florida, Tax Increment Revenue Bonds, Series 2014A-1, 5.000%, 3/01/24, 144A   No Opt. Call BBB+ 339,084
1,055   Verandah West Community Development District, Florida, Capital Improvement Revenue Bonds, Refunding Series 2013, 4.000%, 5/01/23   No Opt. Call N/R 1,052,732
17,420   Total Florida       18,762,089
    Georgia – 1.7% (1.3% of Total Investments)        
1,025   Atlanta, Georgia, Tax Allocation Bonds, Perry Bolton Project Series 2014, 4.000%, 7/01/22   No Opt. Call A- 1,087,997
1,000   Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, Northeast Georgia Health Services Inc., Series 2017B, 5.500%, 2/15/42   2/27 at 100.00 AA 1,176,280
828   Liberty County Industrial Authority, Georgia, Revenue Bonds, Series 2012A-2, 3.930%, 7/01/26   11/18 at 100.00 N/R 726,211
2,853   Total Georgia       2,990,488
3


NIQ Nuveen Intermediate Duration Quality Municipal Term Fund (continued)
  Portfolio of Investments August 31, 2018
  (Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Illinois – 12.2% (9.5% of Total Investments)        
$ 2,500   Cook County, Illinois, General Obligation Bonds, Tender Option Bond Trust 2015-XF1007, 12.909%, 11/15/25, 144A (IF) (4)   11/22 at 100.00 AA- $3,435,025
550   Hillside, Cook County, Illinois, Tax Increment Revenue Bonds, Mannheim Redevelopment Project, Senior Lien Series 2008, 6.550%, 1/01/20   11/18 at 100.00 N/R 561,479
2,680   Illinois Finance Authority, Revenue Bonds, Illinois Institute of Technology, Refunding Series 2006A, 5.000%, 4/01/24   11/18 at 100.00 Baa3 2,681,045
4,000   Illinois Municipal Electric Agency, Power Supply System Revenue Bonds, Refunding Series 2015A, 5.000%, 2/01/27   8/25 at 100.00 A1 4,565,160
5,000   Illinois State, General Obligation Bonds, Series 2013, 5.000%, 7/01/23   No Opt. Call BBB 5,302,550
1,790   Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Refunding Senior Lien Series 2014A, 5.000%, 12/01/19   No Opt. Call AA- 1,862,065
290   Madison, Macoupin, Jersey, Calhoun, Morgan, Scott, and Greene Counties Community College District 536, Illinois, General Obligation Bonds, Lewis & Clark Community College, Refunding Series 2017A, 5.000%, 11/01/33  –  AGM Insured   11/26 at 100.00 AA 321,485
1,000   Southwestern Illinois Development Authority, Local Government Revenue Bonds, Edwardsville Community Unit School District 7 Project, Series 2007, 0.000%, 12/01/22  –  AGM Insured   No Opt. Call AA 882,890
2,000   Springfield, Illinois, Electric Revenue Bonds, Senior Lien Series 2015, 5.000%, 3/01/33   3/25 at 100.00 A 2,200,820
19,810   Total Illinois       21,812,519
    Indiana – 1.6% (1.3% of Total Investments)        
1,145   Indiana Finance Authority, Educational Facilities Revenue Bonds, 21st Century Charter School Project, Series 2013A, 6.000%, 3/01/33   3/23 at 100.00 B+ 1,158,877
1,500   Indiana Finance Authority, Lease Appropriation Bonds, Stadium Project, Refunding Series 2015A, 5.000%, 2/01/25   No Opt. Call AA+ 1,731,210
2,645   Total Indiana       2,890,087
    Iowa – 1.6% (1.3% of Total Investments)        
855   Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2016, 5.875%, 12/01/27, 144A   6/19 at 105.00 B 906,770
2,000   Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, 5.600%, 6/01/34   11/18 at 100.00 BB- 2,018,600
2,855   Total Iowa       2,925,370
    Kentucky – 2.7% (2.1% of Total Investments)        
    Kentucky Economic Development Finance Authority, Revenue Bonds, Next Generation Kentucky Information Highway Project, Senior Series 2015A:        
1,350   5.000%, 7/01/20   No Opt. Call BBB+ 1,410,669
925   4.250%, 7/01/35   7/25 at 100.00 BBB+ 926,628
3,000   Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, Downtown Crossing Project, Capital Appreciation Series 2013B, 0.000%, 7/01/23   No Opt. Call Baa3 2,564,400
5,275   Total Kentucky       4,901,697
    Louisiana – 0.6% (0.5% of Total Investments)        
1,000   New Orleans, Louisiana, Water Revenue Bonds, Refunding Series 2014, 5.000%, 12/01/22   No Opt. Call A- 1,103,740
4


Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Maine – 3.0% (2.3% of Total Investments)        
$ 1,000   Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine Medical Center Obligated Group Issue, Series 2013, 5.000%, 7/01/33   7/23 at 100.00 BBB $1,045,190
    Maine Health and Higher Educational Facilities Authority Revenue Bonds, MaineHealth Issue, Series 2018A:        
435   5.000%, 7/01/43   7/28 at 100.00 A+ 487,283
565   5.000%, 7/01/48   7/28 at 100.00 A+ 632,410
    Maine Turnpike Authority, Special Obligation Bonds, Series 2014:        
620   5.000%, 7/01/25   7/24 at 100.00 A+ 702,045
340   5.000%, 7/01/27   7/24 at 100.00 A+ 382,248
1,850   5.000%, 7/01/29   7/24 at 100.00 A+ 2,067,190
4,810   Total Maine       5,316,366
    Maryland – 1.3% (1.0% of Total Investments)        
615   Baltimore, Maryland, Convention Center Hotel Revenue Bonds, Refunding Series 2017, 5.000%, 9/01/32   9/27 at 100.00 BBB- 698,824
    Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Frederick Memorial Hospital Issue, Series 2012A:        
195   5.000%, 7/01/20   No Opt. Call Baa1 205,232
275   5.000%, 7/01/22   No Opt. Call Baa1 302,222
1,000   Prince George's County, Maryland, General Obligation Consolidated Public Improvement Bonds, Series 2011A, 5.000%, 9/15/22 (Pre-refunded 9/15/21)   9/21 at 100.00 AAA 1,092,950
2,085   Total Maryland       2,299,228
    Massachusetts – 1.3% (1.0% of Total Investments)        
    Massachusetts Development Finance Agency, Revenue Bonds, Boston Medical Center Issue, Series 2012C:        
80   5.000%, 7/01/29 (Pre-refunded 7/01/22)   7/22 at 100.00 N/R (5) 88,694
420   5.000%, 7/01/29   7/22 at 100.00 BBB 449,320
500   5.000%, 7/01/29 (Pre-refunded 7/01/22)   7/22 at 100.00 Baa2 (5) 554,335
    Massachusetts Port Authority, Special Facilities Revenue Bonds, Delta Air Lines Inc., Series 2001A:        
140   5.000%, 1/01/21  –  AMBAC Insured (Alternative Minimum Tax)   11/18 at 100.00 N/R 141,012
1,000   5.000%, 1/01/27  –  AMBAC Insured (Alternative Minimum Tax)   1/19 at 100.00 N/R 1,009,860
2,140   Total Massachusetts       2,243,221
    Michigan – 5.8% (4.5% of Total Investments)        
1,000   Detroit City School District, Wayne County, Michigan, General Obligation Bonds, Tender Option Bond Trust 2016-XG0091, 16.850%, 5/01/30  –  AGM Insured, 144A (IF) (4)   No Opt. Call Aa1 2,017,480
5   Detroit, Michigan, Sewer Disposal System Revenue Bonds, Second Lien, Series 2006B, 5.000%, 7/01/36  –  FGIC Insured   11/18 at 100.00 A3 5,011
5   Detroit, Michigan, Water Supply System Revenue Bonds, Second Lien Series 2003B, 5.000%, 7/01/34  –  NPFG Insured   11/18 at 100.00 BBB+ 5,012
730   Flint Hospital Building Authority, Michigan, Building Authority Revenue Bonds, Hurley Medical Center, Series 2013A, 5.000%, 7/01/23   No Opt. Call BBB- 769,960
5


NIQ Nuveen Intermediate Duration Quality Municipal Term Fund (continued)
  Portfolio of Investments August 31, 2018
  (Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Michigan (continued)        
$ 2,020   Michigan Finance Authority, Hospital Revenue Bonds, Crittenton Hospital Medical Center, Refunding Series 2012A, 4.125%, 6/01/32 (Pre-refunded 6/01/22)   6/22 at 100.00 N/R (5) $2,173,096
3,000   Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Water & Sewerage Department Water Supply System Local Project, Refunding Senior Loan Series 2014D-1, 5.000%, 7/01/23  –  AGM Insured   No Opt. Call AA 3,367,620
120   Michigan Finance Authority, Public School Academy Limited Obligation Revenue Bonds, Old Redford Academy Project, Series 2010A, 5.250%, 12/01/20   No Opt. Call BB- 120,567
1,405   Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Tender Option Bond Trust 2015-XF0126, 15.881%, 12/01/27, 144A (IF) (4)   12/20 at 100.00 AA- 1,859,967
8,285   Total Michigan       10,318,713
    Minnesota – 1.2% (1.0% of Total Investments)        
550   Northern Municipal Power Agency, Minnesota, Electric System Revenue Bonds, Refunding Series 2016, 5.000%, 1/01/27   1/26 at 100.00 A- 631,543
750   Rochester, Minnesota, Health Care Facilities Revenue Bonds, Olmsted Medical Center Project, Series 2013, 5.000%, 7/01/20   No Opt. Call A 790,597
    Saint Paul Housing and Redevelopment Authority, Minnesota, Lease Revenue Bonds, Saint Paul Conservatory for Performing Artists Charter School Project, Series 2013A:        
205   3.550%, 3/01/21   No Opt. Call BB+ 203,506
100   3.700%, 3/01/22   No Opt. Call BB+ 99,000
500   Sauk Rapids, Minnesota, Health Care and Housing Facilities Revenue Bonds, Good Shepherd Lutheran Home, Refunding Series 2013, 5.000%, 1/01/19   No Opt. Call N/R 503,455
2,105   Total Minnesota       2,228,101
    Mississippi – 1.7% (1.3% of Total Investments)        
    Mississippi Development Bank Special Obligation Bonds, Marshall County Industrial Development Authority, Mississippi Highway Construction Project, Tender Option Bond Trust 3315:        
800   16.293%, 1/01/24 (Pre-refunded 1/01/22),144A (IF) (4)   1/22 at 100.00 AA- (5) 1,193,216
1,000   16.293%, 1/01/25 (Pre-refunded 1/01/22),144A (IF) (4)   1/22 at 100.00 AA- (5) 1,491,520
200   16.293%, 1/01/26 (Pre-refunded 1/01/22),144A (IF) (4)   1/22 at 100.00 AA- (5) 298,304
2,000   Total Mississippi       2,983,040
    Missouri – 2.0% (1.5% of Total Investments)        
160   Franklin County Industrial Development Authority, Missouri, Sales Tax Refunding Revenue Bonds, Phoenix Center II Community Improvement District Project, Series 2013A, 4.000%, 11/01/25   11/20 at 100.00 N/R 158,032
3,000   Missouri Joint Municipal Electric Utility Commission, Power Project Revenue Bonds, Plum Point Project, Refunding Series 2014A, 5.000%, 1/01/23   No Opt. Call A 3,354,960
3,160   Total Missouri       3,512,992
    Nebraska – 1.8% (1.4% of Total Investments)        
3,000   Central Plains Energy Project, Nebraska, Gas Project 3 Revenue Bonds, Series 2012, 5.000%, 9/01/32   9/22 at 100.00 A 3,271,140
6


Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Nevada – 1.9% (1.5% of Total Investments)        
$ 515   Carson City, Nevada, Hospital Revenue Bonds, Carson Tahoe Regional Healthcare Project, Series 2017A, 5.000%, 9/01/47   9/27 at 100.00 BBB+ $562,504
    Las Vegas Redevelopment Agency, Nevada, Tax Increment Revenue Bonds, Refunding Series 2016:        
1,295   5.000%, 6/15/26   No Opt. Call BBB+ 1,484,057
1,210   5.000%, 6/15/27   6/26 at 100.00 BBB+ 1,376,714
3,020   Total Nevada       3,423,275
    New Jersey – 5.3% (4.2% of Total Investments)        
615   New Jersey Economic Development Authority, Charter School Revenue Bonds, Lady Liberty Academy Charter School Project, Series 2013A, 5.150%, 8/01/23 (7)   No Opt. Call N/R 369,000
    New Jersey Economic Development Authority, Cigarette Tax Revenue Refunding Bonds, Series 2012:        
2,000   5.000%, 6/15/24   6/22 at 100.00 BBB+ 2,153,640
1,000   5.000%, 6/15/28   6/22 at 100.00 BBB+ 1,062,430
    New Jersey Economic Development Authority, Private Activity Bonds, The Goethals Bridge Replacement Project, Series 2013:        
860   5.000%, 1/01/21 (Alternative Minimum Tax)   No Opt. Call BBB 913,595
500   5.000%, 1/01/22 (Alternative Minimum Tax)   No Opt. Call BBB 541,755
500   5.000%, 7/01/22 (Alternative Minimum Tax)   No Opt. Call BBB 547,000
620   5.000%, 1/01/23 (Alternative Minimum Tax)   No Opt. Call BBB 683,110
1,000   New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Tender Option Bond Trust 2016-XF2340, 4.810%, 9/01/25, 144A (IF) (4)   3/25 at 100.00 A- 921,600
1,000   New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental Airlines Inc., Series 1999, 5.250%, 9/15/29 (Alternative Minimum Tax)   8/22 at 101.00 BB 1,086,790
800   New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint Peters University Hospital, Series 2007, 5.250%, 7/01/21   11/18 at 100.00 BB+ 801,256
450   Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2018B, 5.000%, 6/01/46   6/28 at 100.00 BBB 485,978
9,345   Total New Jersey       9,566,154
    New York – 4.3% (3.3% of Total Investments)        
495   Buffalo and Erie County Industrial Land Development Corporation, New York, Revenue Bonds, Catholic Health System, Inc. Project, Series 2015, 5.000%, 7/01/29   7/25 at 100.00 BBB+ 549,841
4,250   Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2017, 5.000%, 9/01/47   9/27 at 100.00 A- 4,797,443
2,000   New York Convention Center Development Corporation, New York, Revenue Bonds, Hotel Unit Fee Secured, Refunding Series 2015, 5.000%, 11/15/25   No Opt. Call Aa3 2,343,100
6,745   Total New York       7,690,384
    North Carolina – 0.2% (0.2% of Total Investments)        
400   North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Series 2009A, 5.250%, 1/01/25 (Pre-refunded 1/01/19)  –  AGC Insured   1/19 at 100.00 AA (5) 404,740
7


NIQ Nuveen Intermediate Duration Quality Municipal Term Fund (continued)
  Portfolio of Investments August 31, 2018
  (Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Ohio – 4.8% (3.7% of Total Investments)        
$ 3,500   Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2, 5.875%, 6/01/30   11/18 at 100.00 B- $3,516,065
3,000   Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy Generation Project, Refunding Series 2006A, 3.750%, 12/01/23 (Mandatory Put 12/03/18) (7)   No Opt. Call N/R 1,800,000
1,150   Ohio State, Private Activity Bonds, Portsmouth Gateway Group, LLC - Borrower, Portsmouth Bypass Project, Series 2015, 5.000%, 12/31/27  –  AGM Insured (Alternative Minimum Tax)   6/25 at 100.00 AA 1,287,828
2,000   Ross County, Ohio, Hospital Revenue Refunding Bonds, Adena Health System Series 2008, 5.750%, 12/01/28 (Pre-refunded 12/01/18)   12/18 at 100.00 A- (5) 2,019,940
9,650   Total Ohio       8,623,833
    Oklahoma – 0.2% (0.1% of Total Investments)        
255   Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine Project, Series 2018B, 5.250%, 8/15/43   8/28 at 100.00 Baa3 286,051
    Oregon – 0.6% (0.5% of Total Investments)        
965   Astoria Hospital Facilities Authority, Oregon, Hospital Revenue and Refunding Bonds, Columbia Memorial Hospital, Series 2012, 5.000%, 8/01/22   No Opt. Call A- 1,059,116
    Pennsylvania – 4.1% (3.2% of Total Investments)        
90   East Hempfield Township Industrial Development Authority, Pennsylvania, Student Services Inc. - Student Housing Project at Millersville University, Series 2013, 4.000%, 7/01/19   No Opt. Call BBB- 91,252
    Erie Higher Education Building Authority, Pennsylvania, Revenue Bonds, Gannon University Project, Series 2013:        
465   4.000%, 5/01/20   No Opt. Call BBB+ 478,141
480   4.000%, 5/01/21   No Opt. Call BBB+ 499,128
500   4.000%, 5/01/22   No Opt. Call BBB+ 523,710
520   4.000%, 5/01/23   No Opt. Call BBB+ 547,279
2,190   Erie Sewer Authority, Erie County, Pennsylvania, Sewer Revenue Bonds, Series 2012A, 5.000%, 6/01/21  –  AGM Insured   No Opt. Call AA 2,354,469
1,700   Pennsylvania Economic Development Financing Authority, Private Activity Revenue Bonds, Pennsylvania Rapid Bridge Replacement Project, Series 2015, 5.000%, 6/30/28 (Alternative Minimum Tax)   6/26 at 100.00 BBB 1,902,640
    Southcentral Pennsylvania General Authority, Revenue Bonds, Hanover Hospital Inc., Series 2013:        
370   5.000%, 12/01/20   No Opt. Call A+ 393,251
435   5.000%, 12/01/21   No Opt. Call A+ 472,575
6,750   Total Pennsylvania       7,262,445
    South Carolina – 2.4% (1.8% of Total Investments)        
2,000   South Carolina Public Service Authority, Electric System Revenue Bonds, Santee Cooper, Refunding Series 2012D, 5.000%, 12/01/43   6/22 at 100.00 A+ 2,086,340
8


Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    South Carolina (continued)        
$ 2,000   South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding Series 2014B, 5.000%, 12/01/31   6/24 at 100.00 A+ $ 2,165,460
4,000   Total South Carolina       4,251,800
    Tennessee – 8.0% (6.2% of Total Investments)        
2,605   Greeneville Health and Educational Facilities Board, Tennessee, Hospital Revenue Bonds, Ballad Health, Series 2018A, 5.000%, 7/01/37   7/28 at 100.00 A 2,918,095
    Knox County Health, Educational and Housing Facility Board, Tennessee, Hospital Revenue Bonds, Covenant Health, Refunding Series 2012A:        
1,440   5.000%, 1/01/25   1/23 at 100.00 A 1,594,670
2,170   5.000%, 1/01/26   1/23 at 100.00 A 2,395,550
2,000   Memphis-Shelby County Airport Authority, Tennessee, Airport Revenue Bonds, Series 2010B, 5.750%, 7/01/22 (Alternative Minimum Tax)   7/20 at 100.00 A 2,130,140
450   Metropolitan Government of Nashville-Davidson County, Tennessee, Water and Sewerage Revenue Bonds, Green Series 2017A, 5.000%, 7/01/42   7/27 at 100.00 AA 518,913
400   The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006B, 5.625%, 9/01/26   No Opt. Call BBB 457,292
    The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006C:        
1,020   5.000%, 2/01/21   No Opt. Call Baa2 1,086,790
1,490   5.000%, 2/01/24   No Opt. Call A 1,664,434
1,365   5.000%, 2/01/25   No Opt. Call A 1,538,232
12,940   Total Tennessee       14,304,116
    Texas – 9.2% (7.2% of Total Investments)        
500   Central Texas Regional Mobility Authority, Revenue Bonds, Refunding Subordinate Lien Series 2013, 5.000%, 1/01/22   No Opt. Call BBB 540,425
200   Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2010, 5.750%, 1/01/25 (Pre-refunded 1/01/20)   1/20 at 100.00 BBB+ (5) 210,406
685   Denton County Fresh Water Supply District 7, Texas, General Obligation Bonds, Refunding Series 2013, 4.000%, 2/15/21  –  AGM Insured   No Opt. Call AA 714,846
2,000   Gulf Coast Industrial Development Authority, Texas, Solid Waste Disposal Revenue Bonds, Citgo Petroleum Corporation Project, Series 1995, 4.875%, 5/01/25 (Alternative Minimum Tax)   10/22 at 100.00 BB 2,065,100
    Harris County-Houston Sports Authority, Texas, Revenue Bonds, Refunding Second Lien Series 2014C:        
230   5.000%, 11/15/22   No Opt. Call A3 252,273
1,660   5.000%, 11/15/23   No Opt. Call A3 1,850,634
960   5.000%, 11/15/25   11/24 at 100.00 A3 1,078,147
515   Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Facilities Department, Refunding Series 2011A, 5.250%, 9/01/19   No Opt. Call A2 531,511
    Irving, Texas, Hotel Occupancy Tax Revenue Bonds, Series 2014B:        
465   4.000%, 8/15/22   8/19 at 100.00 BBB+ 469,813
535   4.000%, 8/15/23   8/19 at 100.00 BBB+ 539,339
9


NIQ Nuveen Intermediate Duration Quality Municipal Term Fund (continued)
  Portfolio of Investments August 31, 2018
  (Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Texas (continued)        
$ 100   Love Field Airport Modernization Corporation, Texas, Special Facilities Revenue Bonds, Southwest Airlines Company - Love Field Modernization Program Project, Series 2012, 5.000%, 11/01/20 (Alternative Minimum Tax)   No Opt. Call A3 $106,187
    Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Scott & White Healthcare Project, Tender Option Bond Trust 2016-XG0058:        
100   16.295%, 8/15/22,144A (IF) (4)   No Opt. Call AA- 153,609
155   16.158%, 8/15/24,144A (IF) (4)   8/23 at 100.00 AA- 252,083
200   16.295%, 8/15/26,144A (IF) (4)   8/23 at 100.00 AA- 317,558
175   16.130%, 8/15/27,144A (IF) (4)   8/23 at 100.00 AA- 273,259
3,000   Texas Municipal Gas Acquisition and Supply Corporation I, Gas Supply Revenue Bonds, Senior Lien Series 2008D, 6.250%, 12/15/26   No Opt. Call A- 3,476,460
3,000   Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012, 5.000%, 12/15/27   12/22 at 100.00 A3 3,266,730
360   Texas Public Finance Authority, Revenue Bonds, Texas Southern University Financing System, Series 2011, 6.000%, 5/01/23   5/21 at 100.00 BBB 389,174
14,840   Total Texas       16,487,554
    Utah – 2.4% (1.8% of Total Investments)        
3,000   Salt Lake County, Utah, Research Facility Revenue Bonds, Huntsman Cancer Foundation, Series 2013A-1, 5.000%, 12/01/33 (Pre-refunded 12/17/18) (Mandatory put 12/15/20)   12/18 at 100.00 N/R (5) 3,028,710
435   Utah Water Finance Agency, Revenue Bonds, Pooled Loan Financing Program, Series 2017A, 5.000%, 3/01/35   3/27 at 100.00 AA 500,124
600   Utah Water Finance Agency, Revenue Bonds, Pooled Loan Financing Program, Series 2017C, 5.000%, 3/01/34   3/27 at 100.00 AA 691,770
4,035   Total Utah       4,220,604
    Virgin Islands – 1.1% (0.9% of Total Investments)        
2,000   Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding Series 2012A, 4.000%, 10/01/22  –  AGM Insured   No Opt. Call AA 2,030,080
    Virginia – 1.2% (0.9% of Total Investments)        
1,340   Chesapeake Bay Bridge and Tunnel District, Virginia, General Resolution Revenue Bonds, First Tier Series 2016, 5.000%, 7/01/41  –  AGM Insured   7/26 at 100.00 AA 1,516,585
535   Chesapeake, Virginia, Transportation System Senior Toll Road Revenue Bonds, Series 2012A, 5.000%, 7/15/21   No Opt. Call BBB 573,686
1,875   Total Virginia       2,090,271
    Washington – 1.4% (1.0% of Total Investments)        
700   Port of Seattle, Washington, Revenue Bonds, Intermediate Lien Series 2015A, 5.000%, 4/01/27   10/24 at 100.00 AA- 796,740
1,445   Washington State Convention Center Public Facilities District, Lodging Tax Revenue Bonds, Series 2018, 5.000%, 7/01/43   7/28 at 100.00 A1 1,622,504
2,145   Total Washington       2,419,244
10


Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    West Virginia – 2.5% (2.0% of Total Investments)        
$ 1,035   West Virginia Economic Development Authority, Solid Waste Disposal Facilities Revenue Bonds, Appalachian Power Company - Amos Project, Refunding Series 2015A, 1.900%, 3/01/40 (Mandatory Put 4/01/19)   No Opt. Call A- $1,034,224
3,000   West Virginia State, General Obligation Bonds, State Road Competitive Series 2018B, 5.000%, 12/01/39   6/28 at 100.00 Aa2 3,464,940
4,035   Total West Virginia       4,499,164
    Wisconsin – 0.4% (0.3% of Total Investments)        
    University of Wisconsin Hospitals and Clinics Authority, Revenue Bonds, Tender Option Bond Trust 2015-XF0127:        
50   14.876%, 4/01/22,144A (IF) (4)   No Opt. Call AA- 74,003
100   15.397%, 4/01/23,144A (IF) (4)   No Opt. Call AA- 161,267
185   15.151%, 4/01/24,144A (IF) (4)   4/23 at 100.00 AA- 291,586
100   15.397%, 4/01/25,144A (IF) (4)   4/23 at 100.00 AA- 157,344
435   Total Wisconsin       684,200
$ 208,278   Total Long-Term Investments (cost $227,833,966)       230,188,652
    Adjustable Rate MuniFund Term Preferred Shares, net of deferred offering costs – (30.7)% (8)       (54,871,224)
    Other Assets Less Liabilities – 2.0%       3,515,665
    Net Assets Applicable to Common Shares – 100%       $ 178,833,093
Fair Value Measurements
Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
Level 1  –     Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2  –     Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3  –     Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).
The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of the Fund's fair value measurements as of the end of the reporting period:
  Level 1 Level 2 Level 3 Total
Long-Term Investments:        
Municipal Bonds $ — $230,188,652 $ — $230,188,652
11


NIQ Nuveen Intermediate Duration Quality Municipal Term Fund (continued)
  Portfolio of Investments August 31, 2018
  (Unaudited)
Income Tax Information
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset value of the Fund.
The table below presents the cost and unrealized appreciation (depreciation) of the Fund's investment portfolio, as determined on a federal income tax basis, as of August 31, 2018.
Tax cost of investments $227,682,991
Gross unrealized:  
Appreciation $ 4,634,612
Depreciation (2,128,951)
Net unrealized appreciation (depreciation) of investments $ 2,505,661
(1) All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.  
(2) Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.  
(3) For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.  
(4) Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.  
(5) Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest.  
(6) Step-up coupon bond, a bond with a coupon that increases ("steps up"), usually at regular intervals, while the bond is outstanding. The rate shown is the coupon as of the end of the reporting period.  
(7) As of, or subsequent to, the end of the reporting period, this security is non-income producing. Non-income producing, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has ceased accruing additional income on the Fund’s records.  
(8) Adjustable Rate MuniFund Term Preferred Shares, net of deferred offering cost as a percentage of Total Investments is 23.8%.  
144A Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.  
ETM Escrowed to maturity.  
IF Inverse floating rate security issued by a tender option bond (“TOB”) trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association (SIFMA) short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust.  
12


Item 2. Controls and Procedures.

 

  a.

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

 

  b.

There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

File as exhibits as part of this Form a separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)), exactly as set forth below: See EX-99 CERT attached hereto.

 

 


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

(Registrant)    Nuveen Intermediate Duration Quality Municipal Term Fund   
By (Signature and Title)    /s/ Gifford R. Zimmerman                                                       
   Gifford R. Zimmerman   
   Vice President and Secretary   

Date: October 30, 2018

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

 

By (Signature and Title)    /s/ Cedric H. Antosiewicz                                                        
   Cedric H. Antosiewicz   
   Chief Administrative Officer (principal executive officer)   
Date: October 30, 2018      
By (Signature and Title)    /s/ Stephen D. Foy                                                                    
   Stephen D. Foy   
   Vice President and Controller (principal financial officer)   
Date: October 30, 2018