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)
 

Kevin J. McCarthy
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:            5/31          
 
Date of reporting period:         8/31/16         
 
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
 
           
 
 
Portfolio of Investments 
 
 
 
 
 
 
Nuveen Intermediate Duration Quality Municipal Term Fund (NIQ) 
 
 
 
 
 
August 31, 2016 (Unaudited) 
 
 
 
 
 
 
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
 
LONG-TERM INVESTMENTS – 125.1% (98.3% of Total Investments) 
 
 
 
 
 
 
MUNICIPAL BONDS – 125.1% (98.3% of Total Investments) 
 
 
 
 
 
 
Alabama – 3.4% (2.7% of Total Investments) 
 
 
 
$ 2,000 
 
Alabama Federal Aid Highway Finance Authority, Federal Highway Grant Anticipation Revenue 
9/22 at 100.00 
AA 
$ 3,960,900 
 
 
Bonds, Tender Option Bond Trust 2016-XL0024, 20.093%, 9/01/26 (IF) (4) 
 
 
 
2,500 
 
Jefferson County, Alabama, General Obligation Refunding Warrants, Series 2003A, 5.000%, 
11/16 at 100.00 
AA– 
2,501,675 
 
 
4/01/22 – NPFG Insured 
 
 
 
4,500 
 
Total Alabama 
 
 
6,462,575 
 
 
Arizona – 2.0% (1.6% of Total Investments) 
 
 
 
355 
 
Arizona Health Facilities Authority, Health Care Facilities Revenue Bonds, The Beatitudes 
10/16 at 100.00 
N/R 
355,430 
 
 
Campus Project, Series 2006, 5.100%, 10/01/22 
 
 
 
 
 
Arizona Health Facilities Authority, Hospital Revenue Bonds, Phoenix Children’s Hospital, 
 
 
 
 
 
Series 2013D: 
 
 
 
965 
 
5.000%, 2/01/24 
2/23 at 100.00 
BBB+ 
1,153,146 
1,065 
 
5.000%, 2/01/26 
2/23 at 100.00 
BBB+ 
1,252,855 
1,000 
 
University Medical Center Corporation, Tucson, Arizona, Hospital Revenue Bonds, Series 2011, 
No Opt. Call 
N/R (5) 
1,119,070 
 
 
5.000%, 7/01/19 (ETM) 
 
 
 
3,385 
 
Total Arizona 
 
 
3,880,501 
 
 
California – 14.2% (11.1% of Total Investments) 
 
 
 
3,000 
 
Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Senior Lien 
10/23 at 100.00 
AA 
3,716,130 
 
 
Series 2013A, 5.000%, 10/01/27 – AGM Insured 
 
 
 
 
 
California Municipal Finance Authority, Revenue Bonds, Biola University, Series 2013: 
 
 
 
560 
 
5.000%, 10/01/19 
No Opt. Call 
Baa1 
619,724 
415 
 
5.000%, 10/01/21 
No Opt. Call 
Baa1 
480,753 
1,930 
 
California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda 
12/24 at 100.00 
BB+ 
2,236,021 
 
 
University Medical Center, Series 2014A, 5.250%, 12/01/34 
 
 
 
3,000 
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed 
6/17 at 100.00 
B– 
3,029,550 
 
 
Bonds, Series 2007A-1, 5.000%, 6/01/33 
 
 
 
 
 
Hesperia Public Financing Authority, California, Redevelopment and Housing Projects Tax 
 
 
 
 
 
Allocation Bonds, Series 2007A: 
 
 
 
475 
 
5.500%, 9/01/17 – SYNCORA GTY Insured 
No Opt. Call 
N/R 
493,948 
660 
 
5.500%, 9/01/27 – SYNCORA GTY Insured 
No Opt. Call 
N/R 
686,512 
1,265 
 
Independent Cities Finance Authority, California, Mobile Home Park Revenue Bonds, Rancho 
No Opt. Call 
A– 
1,419,317 
 
 
Vallecitos Mobile Home Park, Series 2013, 4.500%, 4/15/23 
 
 
 
 
 
Inland Empire Tobacco Securitization Authority, California, Tobacco Settlement Asset-Backed 
 
 
 
 
 
Bonds, Series 2007: 
 
 
 
1,290 
 
5.000%, 6/01/21 
6/17 at 100.00 
N/R 
1,299,288 
1,030 
 
4.625%, 6/01/21 
6/17 at 100.00 
N/R 
1,035,346 
 
 
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 
166,017 
305 
 
4.000%, 9/01/26 
9/22 at 100.00 
N/R 
335,759 
250 
 
4.000%, 9/01/27 
9/22 at 100.00 
N/R 
273,495 
670 
 
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 
11/20 at 100.00 
Ba1 
731,486 
 
 
5.250%, 11/01/21 
 
 
 
1,800 
 
Patterson Public Financing Authority, California, Revenue Bonds, Community Facilities District 
No Opt. Call 
N/R 
2,078,172 
 
 
2001-1, Senior Series 2013A, 5.000%, 9/01/22 
 
 
 
185 
 
Riverside County Redevelopment Agency, California, Tax Allocation Housing Bonds, Series 2011A, 
No Opt. Call 
182,867 
 
 
0.000%, 10/01/26 (6) 
 
 
 
100 
 
San Bernardino County Financing Authority, California, Revenue Bonds, Courthouse Facilities 
No Opt. Call 
N/R 
100,807 
 
 
Project, Series 2007, 5.100%, 6/01/17 
 
 
 
340 
 
San Diego, California, Community Facilities District 3 Liberty Station Special Tax Refunding 
No Opt. Call 
N/R 
354,032 
 
 
Bonds Series 2013, 5.000%, 9/01/17 
 
 
 
2,000 
 
San Francisco Airports Commission, California, Revenue Bonds, San Francisco International 
No Opt. Call 
A+ 
2,633,340 
 
 
Airport, Second Series 2016A, 5.000%, 5/01/26 
 
 
 
1,080 
 
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment 
11/16 at 100.00 
AA– 
1,084,039 
 
 
Project, Series 2005A, 5.000%, 8/01/17 – NPFG Insured 
 
 
 
800 
 
Vernon, California, Electric System Revenue Bonds, Series 2009A, 5.125%, 8/01/21 
8/19 at 100.00 
N/R (5) 
875,408 
 
 
(Pre-refunded 8/01/19) 
 
 
 
1,860 
 
Vernon, California, Electric System Revenue Bonds, Series 2009A, 5.125%, 8/01/21 
8/19 at 100.00 
A– 
2,072,393 
925 
 
Washington Township Health Care District, California, Revenue Bonds, Series 2009A, 
7/19 at 100.00 
Baa1 
1,040,301 
 
 
6.000%, 7/01/29 
 
 
 
24,090 
 
Total California 
 
 
26,944,705 
 
 
Colorado – 3.9% (3.0% of Total Investments) 
 
 
 
 
 
Colorado Educational and Cultural Facilities Authority, Charter School Refunding Revenue 
 
 
 
 
 
Bonds, Pinnacle Charter School, Inc. K-8 Facility Project, Series 2013: 
 
 
 
280 
 
4.000%, 6/01/18 
No Opt. Call 
292,370 
310 
 
4.000%, 6/01/20 
No Opt. Call 
337,500 
250 
 
5.000%, 6/01/21 
No Opt. Call 
288,085 
 
 
Colorado State Board of Governors, Colorado State University Auxiliary Enterprise System 
 
 
 
 
 
Revenue Bonds, Tender Option Bond Trust 2016-XF2354: 
 
 
 
100 
 
20.293%, 3/01/25 (IF) (4) 
No Opt. Call 
Aa2 
232,200 
300 
 
20.293%, 3/01/26 (IF) (4) 
No Opt. Call 
Aa2 
726,030 
430 
 
20.248%, 3/01/27 (IF) (4) 
No Opt. Call 
Aa2 
1,066,654 
725 
 
20.293%, 3/01/28 (IF) (4) 
No Opt. Call 
Aa2 
1,798,435 
200 
 
20.293%, 3/01/29 (IF) (4) 
No Opt. Call 
Aa2 
499,700 
200 
 
Denver Convention Center Hotel Authority, Colorado, Revenue Bonds, Convention Center Hotel, 
11/16 at 100.00 
BBB– 
200,752 
 
 
Senior Lien Series 2006, 4.500%, 12/01/25 – SYNCORA GTY Insured 
 
 
 
350 
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B, 0.000%, 9/01/21 – 
No Opt. Call 
AA– 
321,776 
 
 
NPFG Insured 
 
 
 
1,535 
 
Lincoln Park Metropolitan District, Douglas County, Colorado, General Obligation Refunding and 
12/17 at 100.00 
N/R (5) 
1,629,832 
 
 
Improvement Bonds, Series 2008, 5.625%, 12/01/20 (Pre-refunded 12/01/17) 
 
 
 
4,680 
 
Total Colorado 
 
 
7,393,334 
 
 
Florida – 8.9% (7.0% 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 
473,147 
150 
 
5.000%, 11/15/23 
No Opt. Call 
BBB 
177,267 
515 
 
Belmont Community Development District, Florida, Capital Improvement Revenue Bonds, Phase 1 
No Opt. Call 
N/R 
565,671 
 
 
Project, Series 2013A, 5.500%, 11/01/23 
 
 
 
1,270 
 
Brwoard County, Florida, Fuel System Revenue Bonds, Fort Lauderdale Fuel Facilities LLC 
No Opt. Call 
AA 
1,521,689 
 
 
Project, Series 2013A, 5.000%, 4/01/23 – AGM Insured (Alternative Minimum Tax) 
 
 
 
435 
 
Capital Trust Agency, Florida, Fixed Rate Air Cargo Revenue Refunding Bonds, Aero Miami FX, 
7/20 at 100.00 
Baa3 
476,660 
 
 
LLC Project, Series 2010A, 5.350%, 7/01/29 
 
 
 
2,000 
 
Collier County Educational Facilities Authority, Florida, Revenue Bonds, Ave Maria University, 
No Opt. Call 
BBB– 
2,162,920 
 
 
Refunding Series 2013A, 4.500%, 6/01/23 
 
 
 
1,000 
 
Florida Mid-Bay Bridge Authority, Revenue Bonds, 1st Senior Lien Series 2015A, 5.000%, 10/01/23 
No Opt. Call 
BBB+ 
1,203,420 
2,960 
 
Florida Municipal Power Agency, Revenue Bonds, Saint Lucie Project, Refunding Series 2012A, 
No Opt. Call 
A2 
3,540,663 
 
 
5.000%, 10/01/26 
 
 
 
 
 
Martin County Industrial Development Authority, Florida, Industrial Development Revenue 
 
 
 
 
 
Refunding Bonds, Indiantown Cogeneration LP, Series 2013: 
 
 
 
2,535 
 
3.950%, 12/15/21 (Alternative Minimum Tax) 
6/20 at 100.00 
Ba1 
2,683,500 
500 
 
4.200%, 12/15/25 (Alternative Minimum Tax) 
6/20 at 100.00 
Ba1 
527,915 
1,400 
 
Palm Beach County Health Facilities Authority, Florida, Revenue Bonds, Jupiter Medical Center, 
No Opt. Call 
BBB+ 
1,631,420 
 
 
Series 2013A, 5.000%, 11/01/22 
 
 
 
250 
 
Seminole Tribe of Florida, Special Obligation Bonds, Series 2007A, 144A, 5.750%, 10/01/22 
10/17 at 100.00 
BBB 
261,233 
305 
 
Southeast Overtown/Park West Community Redevelopment Agency, Florida, Tax Increment Revenue 
No Opt. Call 
BBB+ 
357,423 
 
 
Bonds, Series 2014A-1, 5.000%, 3/01/24 
 
 
 
1,370 
 
Verandah West Community Development District, Florida, Capital Improvement Revenue Bonds, 
No Opt. Call 
N/R 
1,408,716 
 
 
Refunding Series 2013, 4.000%, 5/01/23 
 
 
 
15,110 
 
Total Florida 
 
 
16,991,644 
 
 
Georgia – 2.1% (1.6% of Total Investments) 
 
 
 
1,025 
 
Atlanta, Georgia, Tax Allocation Bonds, Perry Bolton Project Series 2014, 4.000%, 7/01/22 
No Opt. Call 
A– 
1,168,849 
2,000 
 
East Point Building Authority, Georgia, Revenue Bonds, Water & Sewer Project Series 2006A, 
11/16 at 100.00 
N/R 
2,003,260 
 
 
5.000%, 2/01/34 – SYNCORA GTY Insured 
 
 
 
885 
 
Liberty County Industrial Authority, Georgia, Revenue Bonds, Series 2012A-2, 3.930%, 7/01/26 
11/16 at 100.00 
N/R 
798,570 
3,910 
 
Total Georgia 
 
 
3,970,679 
 
 
Illinois – 12.5% (9.8% of Total Investments) 
 
 
 
2,500 
 
Cook County, Illinois, General Obligation Bonds, Tender Option Bond Trust 2015-XF1007, 
11/22 at 100.00 
AA– 
4,001,300 
 
 
15.385%, 11/15/25 (IF) (4) 
 
 
 
990 
 
Hillside, Cook County, Illinois, Tax Increment Revenue Bonds, Mannheim Redevelopment Project, 
1/18 at 102.00 
N/R 
1,051,469 
 
 
Senior Lien Series 2008, 6.550%, 1/01/20 
 
 
 
1,000 
 
Illinois Finance Authority, Charter School Revenue Bonds, Chicago Charter School Foundation, 
12/16 at 100.00 
BBB 
1,005,200 
 
 
Series 2007, 5.000%, 12/01/26 
 
 
 
1,385 
 
Illinois Finance Authority, Revenue Bonds, Friendship Village of Schaumburg, Series 2005A, 
11/16 at 100.00 
BB– 
1,386,122 
 
 
5.375%, 2/15/25 
 
 
 
2,680 
 
Illinois Finance Authority, Revenue Bonds, Illinois Institute of Technology, Refunding Series 
11/16 at 100.00 
Baa3 
2,681,983 
 
 
2006A, 5.000%, 4/01/24 
 
 
 
4,000 
 
Illinois Municipal Electric Agency, Power Supply System Revenue Bonds, Refunding Series 2015A, 
No Opt. Call 
A1 
4,969,920 
 
 
5.000%, 2/01/27 
 
 
 
5,000 
 
Illinois State, General Obligation Bonds, Series 2013, 5.000%, 7/01/23 
No Opt. Call 
BBB+ 
5,719,846 
1,790 
 
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Refunding Senior Lien Series 
No Opt. Call 
AA– 
2,024,204 
 
 
2014A, 5.000%, 12/01/19 
 
 
 
1,000 
 
Southwestern Illinois Development Authority, Local Government Revenue Bonds, Edwardsville 
No Opt. Call 
AA 
861,030 
 
 
Community Unit School District 7 Project, Series 2007, 0.000%, 12/01/22 – AGM Insured 
 
 
 
20,345 
 
Total Illinois 
 
 
23,701,074 
 
 
Indiana – 2.2% (1.8% of Total Investments) 
 
 
 
1,180 
 
Indiana Finance Authority, Educational Facilities Revenue Bonds, 21st Century Charter School 
3/23 at 100.00 
B+ 
1,186,325 
 
 
Project, Series 2013A, 6.000%, 3/01/33 
 
 
 
1,500 
 
Indiana Finance Authority, Lease Appropriation Bonds, Stadium Project, Refunding Series 2015A, 
No Opt. Call 
AA+ 
1,901,760 
 
 
5.000%, 2/01/25 
 
 
 
1,145 
 
Indiana Finance Authority, Private Activity Bonds, Ohio River Bridges East End Crossing 
1/17 at 100.00 
BBB+ 
1,162,564 
 
 
Project, Series 2013B, 5.000%, 1/01/19 (Alternative Minimum Tax) 
 
 
 
3,825 
 
Total Indiana 
 
 
4,250,649 
 
 
Iowa – 2.1% (1.6% of Total Investments) 
 
 
 
1,850 
 
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company 
No Opt. Call 
B+ 
1,926,646 
 
 
Project, Series 2013, 5.000%, 12/01/19 
 
 
 
2,000 
 
Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, 
6/17 at 100.00 
B+ 
2,014,900 
 
 
5.600%, 6/01/34 
 
 
 
3,850 
 
Total Iowa 
 
 
3,941,546 
 
 
Kentucky – 2.1% (1.6% of Total Investments) 
 
 
 
 
 
Kentucky Economic Development Finance Authority, Louisville Arena Project Revenue Bonds, 
 
 
 
 
 
Louisville Arena Authority, Inc., Series 2008-A1: 
 
 
 
1,320 
 
5.750%, 12/01/28 – AGC Insured 
6/18 at 100.00 
AA 
1,403,424 
115 
 
6.000%, 12/01/33 – AGC Insured 
6/18 at 100.00 
AA 
123,410 
3,000 
 
Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, 
No Opt. Call 
Baa3 
2,427,180 
 
 
Downtown Crossing Project, Capital Appreciation Series 2013B, 0.000%, 7/01/23 
 
 
 
4,435 
 
Total Kentucky 
 
 
3,954,014 
 
 
Louisiana – 0.9% (0.7% of Total Investments) 
 
 
 
500 
 
Louisiana Local Government Environmental Facilities & Community Development Authority, Revenue 
11/17 at 100.00 
BBB 
532,840 
 
 
Bonds, Westlake Chemical Corporation Project, Series 2007, 6.750%, 11/01/32 
 
 
 
1,000 
 
New Orleans, Louisiana, Water Revenue Bonds, Refunding Series 2014, 5.000%, 12/01/22 
No Opt. Call 
A– 
1,196,160 
1,500 
 
Total Louisiana 
 
 
1,729,000 
 
 
Maine – 2.4% (1.9% of Total Investments) 
 
 
 
1,000 
 
Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine Medical 
7/23 at 100.00 
BBB 
1,138,930 
 
 
Center Obligated Group Issue, Series 2013, 5.000%, 7/01/33 
 
 
 
 
 
Maine Turnpike Authority, Special Obligation Bonds, Series 2014: 
 
 
 
620 
 
5.000%, 7/01/25 
No Opt. Call 
A+ 
770,232 
340 
 
5.000%, 7/01/27 
No Opt. Call 
A+ 
418,598 
1,850 
 
5.000%, 7/01/29 
No Opt. Call 
A+ 
2,254,281 
3,810 
 
Total Maine 
 
 
4,582,041 
 
 
Maryland – 0.9% (0.7% of Total Investments) 
 
 
 
 
 
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 
220,836 
275 
 
5.000%, 7/01/22 
No Opt. Call 
Baa1 
325,111 
1,000 
 
Prince George’s County, Maryland, General Obligation Consolidated Public Improvement Bonds, 
No Opt. Call 
AAA 
1,191,710 
 
 
Series 2011A, 5.000%, 9/15/22 
 
 
 
1,470 
 
Total Maryland 
 
 
1,737,657 
 
 
Massachusetts – 1.9% (1.5% of Total Investments) 
 
 
 
250 
 
Massachusetts Development Finance Agency, First Mortgage Revenue Bonds, Brookhaven at 
11/16 at 100.00 
AA 
250,775 
 
 
Lexington Project, Series 2005A, 5.000%, 3/01/35 – RAAI Insured 
 
 
 
1,000 
 
Massachusetts Development Finance Agency, Resource Recovery Revenue Bonds, Covanta Energy 
No Opt. Call 
BB+ 
1,013,590 
 
 
Project, Series 2012A, 4.875%, 11/01/27 (Alternative Minimum Tax) 
 
 
 
420 
 
Massachusetts Development Finance Agency, Revenue Bonds, Boston Medical Center Issue, 
7/22 at 100.00 
BBB 
479,102 
 
 
Series 2012C, 5.000%, 7/01/29 
 
 
 
 
 
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) 
97,633 
500 
 
5.000%, 7/01/29 (Pre-refunded 7/01/22) 
7/22 at 100.00 
Baa2 (5) 
610,205 
 
 
Massachusetts Port Authority, Special Facilities Revenue Bonds, Delta Air Lines Inc., Series 2001A: 
 
 
 
140 
 
5.000%, 1/01/21 – AMBAC Insured (Alternative Minimum Tax) 
11/16 at 100.00 
N/R 
140,578 
1,000 
 
5.000%, 1/01/27 – AMBAC Insured (Alternative Minimum Tax) 
1/17 at 100.00 
N/R 
1,004,130 
3,390 
 
Total Massachusetts 
 
 
3,596,013 
 
 
Michigan – 7.5% (5.9% of Total Investments) 
 
 
 
1,000 
 
Detroit City School District, Wayne County, Michigan, General Obligation Bonds, Tender Option 
No Opt. Call 
Aa1 
2,415,800 
 
 
Bond Trust 2016-XG0091, 20.650%, 5/01/30 – AGM Insured (IF) (4) 
 
 
 
 
 
Detroit, Michigan, Sewer Disposal System Revenue Bonds, Second Lien, Series 2006B: 
 
 
 
50 
 
5.000%, 7/01/33 – NPFG Insured 
11/16 at 100.00 
AA– 
50,168 
60 
 
5.000%, 7/01/33 – FGIC Insured 
11/16 at 100.00 
AA– 
60,202 
1,260 
 
5.000%, 7/01/36 – MBIA-NPFG Insured 
11/16 at 100.00 
AA– 
1,264,221 
 
Detroit, Michigan, Water Supply System Second Lien Revenue Bonds, Series 2003B, 5.000%, 
11/16 at 100.00 
AA– 
5,017 
 
 
7/01/34 – NPFG Insured 
 
 
 
250 
 
Detroit, Michigan, Water Supply System Second Lien Revenue Bonds, Series 2006A, 5.000%, 
11/16 at 100.00 
AA 
251,028 
 
 
7/01/34 – AGM Insured 
 
 
 
290 
 
Detroit, Michigan, Water Supply System Second Lien Revenue Refunding Bonds, Series 2006C, 
No Opt. Call 
AA 
291,154 
 
 
5.000%, 7/01/33 – AGM Insured 
 
 
 
440 
 
Detroit, Michigan, Water Supply System Senior Lien Revenue Bonds, Series 2003D. RMKTD, 
No Opt. Call 
AA– 
441,478 
 
 
5.000%, 7/01/33 – NPFG Insured 
 
 
 
10 
 
Detroit, Michigan, Water Supply System Senior Lien Revenue Refunding Bonds, Series 2006D, 
11/16 at 100.00 
AA 
10,041 
 
 
5.000%, 7/01/32 – AGM Insured 
 
 
 
730 
 
Flint Hospital Building Authority, Michigan, Building Authority Revenue Bonds, Hurley Medical 
No Opt. Call 
BBB– 
780,888 
 
 
Center, Series 2013A, 5.000%, 7/01/23 
 
 
 
2,020 
 
Michigan Finance Authority, Hospital Revenue Bonds, Crittenton Hospital Medical Center, 
6/22 at 100.00 
N/R (5) 
2,353,946 
 
 
Refunding Series 2012A, 4.125%, 6/01/32 (Pre-refunded 6/01/22) 
 
 
 
3,000 
 
Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Water & 
No Opt. Call 
AA 
3,649,080 
 
 
Sewerage Department Water Supply System Local Project, Refunding Senior Loan 
 
 
 
 
 
Series 2014D-1, 5.000%, 7/01/23 – AGM Insured 
 
 
 
190 
 
Michigan Finance Authority, Public School Academy Limited Obligation Revenue Bonds, Old 
No Opt. Call 
BB– 
195,322 
 
 
Redford Academy Project, Series 2010A, 5.250%, 12/01/20 
 
 
 
1,405 
 
Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Tender Option Bond 
12/20 at 100.00 
AA– 
2,437,563 
 
 
Trust 2015-XF0126, 19.947%, 12/01/27 (IF) (4) 
 
 
 
10,710 
 
Total Michigan 
 
 
14,205,908 
 
 
Minnesota – 1.9% (1.5% of Total Investments) 
 
 
 
550 
 
Northern Municipal Power Agency, Minnesota, Electric System Revenue Bonds, Refunding Series 
1/26 at 100.00 
A– 
699,490 
 
 
2016, 5.000%, 1/01/27 
 
 
 
750 
 
Rochester, Minnesota, Health Care Facilities Revenue Bonds, Olmsted Medical Center Project, 
No Opt. Call 
A– 
855,390 
 
 
Series 2013, 5.000%, 7/01/20 
 
 
 
 
 
Saint Paul Housing and Redevelopment Authority, Minnesota, Lease Revenue Bonds, Saint Paul 
 
 
 
 
 
Conservatory for Performing Artists Charter School Project, Series 2013A: 
 
 
 
205 
 
3.550%, 3/01/21 
No Opt. Call 
BBB– 
210,047 
100 
 
3.700%, 3/01/22 
No Opt. Call 
BBB– 
103,315 
 
 
Sauk Rapids, Minnesota, Health Care and Housing Facilities Revenue Bonds, Good Shepherd 
 
 
 
 
 
Luthran Home, Refunding Series 2013: 
 
 
 
610 
 
5.000%, 1/01/17 
No Opt. Call 
N/R 
616,417 
500 
 
5.000%, 1/01/18 
No Opt. Call 
N/R 
519,220 
500 
 
5.000%, 1/01/19 
No Opt. Call 
N/R 
530,365 
3,215 
 
Total Minnesota 
 
 
3,534,244 
 
 
Mississippi – 2.5% (2.0% of Total Investments) 
 
 
 
 
 
Mississippi Development Bank Special Obligation Bonds, Marshall County Industrial Development 
 
 
 
 
 
Authority, Mississippi Highway Construction Project, Tender Option Bond Trust 2016-XG0092: 
 
 
 
800 
 
20.293%, 1/01/24 (IF) (4) 
1/22 at 100.00 
AA– 
1,548,800 
1,000 
 
20.293%, 1/01/25 (IF) (4) 
1/22 at 100.00 
AA– 
1,913,350 
200 
 
20.293%, 1/01/26 (IF) (4) 
1/22 at 100.00 
AA– 
377,610 
1,000 
 
Mississippi Hospital Equipment and Facilities Authority, Revenue Bonds, South Central Regional 
12/16 at 100.00 
BBB 
1,009,260 
 
 
Medical Center, Refunding & Improvement Series 2006, 5.250%, 12/01/21 
 
 
 
3,000 
 
Total Mississippi 
 
 
4,849,020 
 
 
Missouri – 2.7% (2.1% of Total Investments) 
 
 
 
425 
 
Franklin County Industrial Development Authority, Missouri, Sales Tax Refunding Revenue Bonds, 
11/20 at 100.00 
N/R 
447,372 
 
 
Phoenix Center II Community Improvement District Project, Series 2013A, 4.000%, 11/01/25 
 
 
 
1,000 
 
Kansas City Tax Increment Financing Commission, Missouri, Tax Increment Revenue Bonds, 
11/16 at 100.00 
N/R 
1,001,940 
 
 
Briarcliff West Project, Series 2006A, 5.400%, 6/01/24 
 
 
 
3,000 
 
Missouri Joint Municipal Electric Utility Commission, Power Project Revenue Bonds, Plum Point 
No Opt. Call 
3,621,990 
 
 
Project, Refunding Series 2014A, 5.000%, 1/01/23 
 
 
 
4,425 
 
Total Missouri 
 
 
5,071,302 
 
 
Nebraska – 1.8% (1.4% of Total Investments) 
 
 
 
3,000 
 
Central Plains Energy Project, Nebraska, Gas Project 3 Revenue Bonds, Series 2012, 
9/22 at 100.00 
3,420,870 
 
 
5.000%, 9/01/32 
 
 
 
 
 
Nevada – 1.6% (1.3% of Total Investments) 
 
 
 
 
 
Las Vegas Redevelopment Agency, Nevada, Tax Increment Revenue Bonds, Refunding Series 2016: 
 
 
 
1,295 
 
5.000%, 6/15/26 
No Opt. Call 
BBB+ 
1,607,924 
1,210 
 
5.000%, 6/15/27 
6/26 at 100.00 
BBB+ 
1,495,306 
2,505 
 
Total Nevada 
 
 
3,103,230 
 
 
New Jersey – 6.7% (5.3% of Total Investments) 
 
 
 
615 
 
New Jersey Economic Development Authority, Charter School Revenue Bonds, Lady Liberty Academy 
No Opt. Call 
525,831 
 
 
Charter School Project, Series 2013A, 5.150%, 8/01/23 
 
 
 
 
 
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+ 
2,260,200 
1,000 
 
5.000%, 6/15/28 
No Opt. Call 
BBB+ 
1,107,960 
 
 
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 
979,600 
500 
 
5.000%, 1/01/22 (Alternative Minimum Tax) 
No Opt. Call 
BBB 
578,525 
500 
 
5.000%, 7/01/22 (Alternative Minimum Tax) 
No Opt. Call 
BBB 
582,845 
620 
 
5.000%, 1/01/23 (Alternative Minimum Tax) 
No Opt. Call 
BBB 
721,494 
1,000 
 
New Jersey Economic Development Authority, School Facilities Construction Financing Program 
3/25 at 100.00 
A– 
598,250 
 
 
Bonds, Tender Option Bond Trust 2016-XF2340, 3.341%, 9/01/25 (IF) (4) 
 
 
 
1,000 
 
New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental 
9/22 at 101.00 
BB– 
1,121,750 
 
 
Airlines Inc., Series 1999, 5.250%, 9/15/29 (Alternative Minimum Tax) 
 
 
 
1,045 
 
New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint Peters 
7/18 at 100.00 
BB+ 
1,103,384 
 
 
University Hospital, Series 2007, 5.250%, 7/01/21 
 
 
 
135 
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Joseph’s 
No Opt. Call 
BBB– (5) 
143,982 
 
 
Healthcare System Obligated Group Issue, Series 2008, 6.000%, 7/01/18 (ETM) 
 
 
 
3,000 
 
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, 
6/17 at 100.00 
3,028,920 
 
 
Series 2007-1A, 5.000%, 6/01/29 
 
 
 
12,275 
 
Total New Jersey 
 
 
12,752,741 
 
 
New York – 3.5% (2.8% of Total Investments) 
 
 
 
495 
 
Buffalo and Erie County Industrial Land Development Corporation, New York, Revenue Bonds, 
7/25 at 100.00 
BBB+ 
598,198 
 
 
Catholic Health System, Inc. Project, Series 2015, 5.000%, 7/01/29 
 
 
 
500 
 
Buffalo and Fort Erie Public Bridge Authority, New York, Toll Bridge System Revenue Bonds, 
No Opt. Call 
A+ 
528,135 
 
 
Refunding Series 2014, 5.000%, 1/01/18 
 
 
 
 
 
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Vaughn 
 
 
 
 
 
College of Aeronautics, Series 2006A: 
 
 
 
100 
 
5.000%, 12/01/16 
No Opt. Call 
BB– 
100,555 
1,800 
 
5.000%, 12/01/21 
12/16 at 100.00 
BB– 
1,814,004 
65 
 
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Vaughn 
No Opt. Call 
BB– 
65,361 
 
 
College of Aeronautics, Series 2006B, 5.000%, 12/01/16 
 
 
 
2,000 
 
New York Convention Center Development Corporation, New York, Revenue Bonds, Hotel Unit Fee 
No Opt. Call 
Aa3 
2,585,820 
 
 
Secured Refunding Series 2015, 5.000%, 11/15/25 
 
 
 
1,000 
 
Suffolk County Industrial Development Agency, New York, Continuing Care Retirement Community 
11/16 at 100.00 
BBB– 
1,004,800 
 
 
Revenue Bonds, Jefferson’s Ferry Project, Series 2006, 5.000%, 11/01/28 
 
 
 
5,960 
 
Total New York 
 
 
6,696,873 
 
 
North Carolina – 0.8% (0.6% of Total Investments) 
 
 
 
1,040 
 
North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds, Refunding Series 
No Opt. Call 
AAA 
1,114,963 
 
 
1993B, 6.000%, 1/01/18 – AMBAC Insured (ETM) 
 
 
 
400 
 
North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Series 2009A, 
No Opt. Call 
AA 
434,644 
 
 
5.250%, 1/01/25 – AGC Insured 
 
 
 
1,440 
 
Total North Carolina 
 
 
1,549,607 
 
 
Ohio – 6.5% (5.1% of Total Investments) 
 
 
 
3,500 
 
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue 
6/17 at 100.00 
B– 
3,494,715 
 
 
Bonds, Senior Lien, Series 2007A-2, 5.875%, 6/01/30 
 
 
 
3,000 
 
Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy 
No Opt. Call 
Ba2 
2,980,080 
 
 
Generation Project, Refunding Series 2006A, 3.750%, 12/01/23 (Mandatory put 12/03/18) 
 
 
 
2,000 
 
Ohio Air Quality Development Authority, Ohio, Revenue Bonds, Ohio Valley Electric Corporation 
No Opt. Call 
BBB– 
2,218,240 
 
 
Project, Series 2009E, 5.625%, 10/01/19 
 
 
 
1,150 
 
Ohio State, Private Activity Bonds, Portsmouth Gateway Group, LLC – Borrower, Portsmouth 
6/25 at 100.00 
AA 
1,391,776 
 
 
Bypass Project, Series 2015, 5.000%, 12/31/27 – AGM Insured (Alternative Minimum Tax) 
 
 
 
2,000 
 
Ross County, Ohio, Hospital Revenue Refunding Bonds, Adena Health System Series 2008, 
12/18 at 100.00 
A– 
2,206,680 
 
 
5.750%, 12/01/28 
 
 
 
11,650 
 
Total Ohio 
 
 
12,291,491 
 
 
Oregon – 0.6% (0.5% of Total Investments) 
 
 
 
965 
 
Astoria Hospital Facilities Authority, Oregon, Hospital Revenue and Refunding Bonds, Columbia 
No Opt. Call 
BBB– 
1,127,824 
 
 
Memorial Hospital, Series 2012, 5.000%, 8/01/22 
 
 
 
 
 
Pennsylvania – 4.1% (3.2% of Total Investments) 
 
 
 
90 
 
East Hempfield Township Industrial Development Authority, Pennsylvania, Student Services Inc. – 
No Opt. Call 
BBB– 
95,243 
 
 
Student Housing Project at Millersville University, Series 2013, 4.000%, 7/01/19 
 
 
 
 
 
Erie Higher Education Building Authority, Pennsylvania, Revenue Bonds, Gannon University 
 
 
 
 
 
Project, Series 2013: 
 
 
 
465 
 
4.000%, 5/01/20 
No Opt. Call 
BBB 
511,212 
480 
 
4.000%, 5/01/21 
No Opt. Call 
BBB 
535,646 
500 
 
4.000%, 5/01/22 
No Opt. Call 
BBB 
563,220 
520 
 
4.000%, 5/01/23 
No Opt. Call 
BBB 
593,081 
2,190 
 
Erie Sewer Authority, Erie County, Pennsylvania, Sewer Revenue Bonds, Series 2012A, 5.000%, 
No Opt. Call 
AA 
2,568,476 
 
 
6/01/21 – AGM Insured 
 
 
 
1,700 
 
Pennsylvania Economic Development Financing Authority, Private Activity Revenue Bonds, 
6/26 at 100.00 
BBB 
2,078,437 
 
 
Pennsylvania Rapid Bridge Replacement Project, Series 2015, 5.000%, 6/30/28 (Alternative 
 
 
 
 
 
Minimum Tax) 
 
 
 
 
 
Southcentral Pennsylvania General Authority, Revenue Bonds, Hanover Hospital Inc., Series 2013: 
 
 
 
370 
 
5.000%, 12/01/20 
No Opt. Call 
BBB 
421,585 
435 
 
5.000%, 12/01/21 
No Opt. Call 
BBB 
503,869 
6,750 
 
Total Pennsylvania 
 
 
7,870,769 
 
 
Rhode Island – 1.7% (1.4% of Total Investments) 
 
 
 
3,000 
 
Rhode Island Health & Educational Building Corporation, Public Schools Financing Program 
5/19 at 100.00 
A3 
3,308,700 
 
 
Revenue Bonds, Pooled Series 2009E, 6.000%, 5/15/29 – AGC Insured 
 
 
 
 
 
South Carolina – 1.8% (1.4% of Total Investments) 
 
 
 
1,000 
 
Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 2010-A2, 
No Opt. Call 
A– 
1,055,440 
 
 
5.000%, 1/01/18 
 
 
 
2,000 
 
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding Series 
6/24 at 100.00 
AA– 
2,412,780 
 
 
2014B, 5.000%, 12/01/31 
 
 
 
3,000 
 
Total South Carolina 
 
 
3,468,220 
 
 
Tennessee – 6.2% (4.8% of Total Investments) 
 
 
 
 
 
Knox County Health, Educational and Housing Facility Board, Tennessee, Hospital Revenue 
 
 
 
 
 
Refunding Bonds, Covenant Health, Series 2012A: 
 
 
 
1,440 
 
5.000%, 1/01/25 
No Opt. Call 
1,723,666 
2,170 
 
5.000%, 1/01/26 
No Opt. Call 
2,584,557 
2,000 
 
Memphis-Shelby County Airport Authority, Tennessee, Airport Revenue Bonds, Series 2010B, 
7/20 at 100.00 
2,315,880 
 
 
5.750%, 7/01/22 (Alternative Minimum Tax) 
 
 
 
400 
 
The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006B, 5.625%, 9/01/26 
No Opt. Call 
BBB 
476,972 
 
 
The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006C: 
 
 
 
1,020 
 
5.000%, 2/01/21 
No Opt. Call 
1,177,672 
1,490 
 
5.000%, 2/01/24 
No Opt. Call 
1,789,833 
1,365 
 
5.000%, 2/01/25 
No Opt. Call 
1,656,004 
9,885 
 
Total Tennessee 
 
 
11,724,584 
 
 
Texas – 10.6% (8.3% of Total Investments) 
 
 
 
500 
 
Central Texas Regional Mobility Authority, Revenue Bonds, Refunding Subordinate Lien Series 
No Opt. Call 
BBB 
591,055 
 
 
2013, 5.000%, 1/01/22 
 
 
 
200 
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2010, 5.750%, 
1/20 at 100.00 
BBB+ (5) 
232,534 
 
 
1/01/25 (Pre-refunded 1/01/20) 
 
 
 
685 
 
Denton County Fresh Water Supply District 7, Texas, General Obligation Bonds, Refunding Series 
No Opt. Call 
AA 
764,261 
 
 
2013, 4.000%, 2/15/21 – AGM Insured 
 
 
 
2,000 
 
Gulf Coast Industrial Development Authority, Texas, Solid Waste Disposal Revenue Bonds, Citgo 
10/22 at 100.00 
BB 
2,146,840 
 
 
Petroleum Corporation Project, Series 1995, 4.875%, 5/01/25 (Alternative Minimum Tax) 
 
 
 
 
 
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Refunding Second Lien 
 
 
 
 
 
Series 2014C: 
 
 
 
230 
 
5.000%, 11/15/22 
No Opt. Call 
A3 
272,953 
1,660 
 
5.000%, 11/15/23 
No Opt. Call 
A3 
2,006,376 
960 
 
5.000%, 11/15/25 
11/24 at 100.00 
A3 
1,172,765 
515 
 
Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment 
No Opt. Call 
A2 
580,178 
 
 
Facilities Department, Refunding Series 2011A, 5.250%, 9/01/19 
 
 
 
 
 
Irving, Texas, Hotel Occupancy Tax Revenue Bonds, Series 2014B: 
 
 
 
465 
 
4.000%, 8/15/22 
8/19 at 100.00 
BBB+ 
490,431 
535 
 
4.000%, 8/15/23 
8/19 at 100.00 
BBB+ 
562,371 
100 
 
Love Field Airport Modernization Corporation, Texas, Special Facilities Revenue Bonds, 
No Opt. Call 
Baa1 
113,239 
 
 
Southwest Airlines Company – Love Field Modernization Program Project, Series 2012, 
 
 
 
 
 
5.000%, 11/01/20 (Alternative Minimum Tax) 
 
 
 
 
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue 
 
 
 
 
 
Bonds, Scott & White Healthcare Project, Tender Option Bond Trust 2016-XG0058: 
 
 
 
100 
 
19.489%, 8/15/22 (IF) (4) 
No Opt. Call 
AA– 
200,780 
155 
 
19.313%, 8/15/24 (IF) (4) 
8/23 at 100.00 
AA– 
325,568 
200 
 
19.489%, 8/15/26 (IF) (4) 
8/23 at 100.00 
AA– 
409,800 
175 
 
19.279%, 8/15/27 (IF) (4) 
8/23 at 100.00 
AA– 
352,441 
3,000 
 
Texas Municipal Gas Acquisition and Supply Corporation I, Gas Supply Revenue Bonds, Senior 
No Opt. Call 
BBB+ 
3,802,620 
 
 
Lien Series 2008D, 6.250%, 12/15/26 
 
 
 
3,000 
 
Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 
No Opt. Call 
A3 
3,498,420 
 
 
2012, 5.000%, 12/15/27 
 
 
 
230 
 
Texas Public Finance Authority Charter School Finance Corporation, Education Revenue Bonds, 
12/17 at 100.00 
BBB– (5) 
244,573 
 
 
Uplift Education, Series 2007A, 5.750%, 12/01/27 (Pre-refunded 12/01/17) 
 
 
 
360 
 
Texas Public Finance Authority, Revenue Bonds, Texas Southern University Financing System, 
5/21 at 100.00 
BBB 
412,571 
 
 
Series 2011, 6.000%, 5/01/23 
 
 
 
1,480 
 
Texas State, General Obligation Bonds, Water Financial Assistance, Refunding Series 2016B1, 
No Opt. Call 
AAA 
1,941,849 
 
 
5.000%, 8/01/26 
 
 
 
16,550 
 
Total Texas 
 
 
20,121,625 
 
 
Utah – 1.7% (1.3% of Total Investments) 
 
 
 
3,000 
 
Salt Lake County, Utah, Research Facility Revenue Bonds, Huntsman Cancer Foundation, Series 
12/18 at 100.00 
N/R 
3,170,130 
 
 
2013A-1, 5.000%, 12/01/33 (Mandatory put 12/15/20) 
 
 
 
 
 
Vermont – 0.5% (0.4% of Total Investments) 
 
 
 
900 
 
Vermont Economic Development Authority, Solid Waste Disposal Revenue Bonds, Casella Waste 
No Opt. Call 
B1 
930,330 
 
 
Systems, Inc. Project, Series 2013, 4.750%, 4/01/36 (Mandatory put 4/02/18) (Alternative 
 
 
 
 
 
Minimum Tax) 
 
 
 
 
 
Virgin Islands – 1.1% (0.9% of Total Investments) 
 
 
 
2,000 
 
Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding Series 
No Opt. Call 
AA 
2,132,560 
 
 
2012A, 4.000%, 10/01/22 – AGM Insured 
 
 
 
 
 
Virginia – 0.3% (0.3% of Total Investments) 
 
 
 
535 
 
Chesapeake, Virginia, Transportation System Senior Toll Road Revenue Bonds, Series 2012A, 
No Opt. Call 
BBB 
617,064 
 
 
5.000%, 7/15/21 
 
 
 
 
 
Washington – 0.5% (0.4% of Total Investments) 
 
 
 
700 
 
Port of Seattle, Washington, Revenue Bonds, Intermediate Lien Series 2015A, 5.000%, 4/01/27 
10/24 at 100.00 
A+ 
874,076 
 
 
West Virginia – 0.5% (0.4% of Total Investments) 
 
 
 
1,035 
 
West Virginia Economic Development Authority, Solid Waste Disposal Facilities Revenue Bonds, 
No Opt. Call 
Baa1 
1,046,426 
 
 
Appalachian Power Company – Amos Project, Refunding Series 2015A, 1.900%, 3/01/40 
 
 
 
 
 
Wisconsin – 0.5% (0.4% of Total Investments) 
 
 
 
 
 
University of Wisconsin Hospitals and Clinics Authority, Revenue Bonds, Tender Option Bond 
 
 
 
 
 
Trust 2015-XF0127: 
 
 
 
50 
 
18.600%, 4/01/22 (IF) (4) 
No Opt. Call 
Aa3 
98,679 
100 
 
19.317%, 4/01/23 (IF) (4) 
No Opt. Call 
Aa3 
214,420 
185 
 
18.978%, 4/01/24 (IF) (4) 
4/23 at 100.00 
Aa3 
390,248 
100 
 
19.317%, 4/01/25 (IF) (4) 
4/23 at 100.00 
Aa3 
207,915 
435 
 
Total Wisconsin 
 
 
911,262 
$ 205,235 
 
Total Long-Term Investments (cost $224,090,496) 
 
 
237,914,288 
 
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
           
 
 
SHORT-TERM INVESTMENTS – 2.2% (1.7% of Total Investments) 
 
 
 
           
 
 
MUNICIPAL BONDS – 2.2% (1.7% of Total Investments) 
 
 
 
           
 
 
Illinois – 0.9% (0.7% of Total Investments) 
 
 
 
$ 1,650 
 
Illinois Finance Authority, Revenue Bonds, University of Chicago, Variable Rate Demand Obligations, 
7/18 at 100.00 
A-1 
$ 1,650,000 
 
 
Tender Option Bond Floater 2015-XM0114, 0.590%, 7/01/37 (WI/DD, Settling 9/06/16) (7) 
 
 
 
 
 
Kentucky – 0.9% (0.7% of Total Investments) 
 
 
 
1,750 
 
Kentucky State Property and Buildings Commission, Revenue Bonds, Tender Option Bond Floater 11767, 
2/19 at 100.00 
A-1 
1,750,000 
 
 
0.760%, 2/01/27 (7) 
 
 
 
 
 
Maine – 0.1% (0.1% of Total Investments) 
 
 
 
200 
 
Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Bowdoin College, Tender 
7/19 at 100.00 
VMIG-1 
200,000 
 
 
Option Bond Floater 2009-XF0402, 0.590%, 7/01/39 (7) 
 
 
 
 
 
Massachusetts – 0.3% (0.2% of Total Investments 
 
 
 
500 
 
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Tender Option Bond 
No Opt. Call 
A-1 
500,000 
 
 
Floater 3691, 0.590%, 2/01/17 (WI/DD, Settling 9/07/16) 
 
 
 
$ 4,100 
 
Total Short-Term Investments (cost $4,100,000) 
 
 
4,100,000 
 
 
Total Investments (cost $228,190,496) – 127.3% 
 
 
242,014,288 
 
 
Variable Rate MuniFund Term Preferred Shares, at Liquidation Preference – (28.9)% (8) 
 
 
(55,000,000) 
 
 
Other Assets Less Liabilities – 1.6% (9) 
 
 
3,150,316 
 
 
Net Assets Applicable to Common Shares – 100% 
 
 
$ 190,164,604 
 


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 risk 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 
$ — 
$237,914,288 
$ — 
$237,914,288 
Short-Term Investments: 
 
 
 
 
Municipal Bonds 
— 
4,100,000 
— 
4,100,000 
Total 
$ — 
$242,014,288 
$ — 
$242,014,288 
 
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.
As of August 31, 2016, the cost of investments was $228,023,667.
Gross unrealized appreciation and gross unrealized depreciation of investments as of August 31, 2016, were as follows:
Gross unrealized: 
 
Appreciation 
$14,519,776 
Depreciation 
(529,155) 
Net unrealized appreciation (depreciation) of investments 
$13,990,621 
 
     
(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. Certain bonds backed by U.S. Government or 
 
 
agency securities are regarded as having an implied rating equal to the rating of such securities. 
(6) 
 
Step-up coupon. The rate shown is the coupon as of the end of the reporting period. 
(7) 
 
Investment has a maturity of greater than one year, but has variable rate and/or demand features which 
 
 
qualify it as a short-term investment. The rate disclosed is that in effect at the end of the reporting period. 
 
 
This rate changes periodically based on market conditions or a specified market index. 
(8) 
 
Variable Rate MuniFund Term Preferred Shares, at Liquidation Preference as a percentage of Total 
 
 
Investments is 22.7%. 
(ETM) 
 
Escrowed to maturity. 
(IF) 
 
Inverse floating rate investment. 
(WI/DD) 
 
Investment, or portion of investment, purchased on a when-issued or delayed delivery basis. 
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. 
 
 

 
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 28, 2016        
 
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 28, 2016        
 
By (Signature and Title) /s/ Stephen D. Foy                         
 
     Stephen D. Foy
     Vice President and Controller (principal financial officer)
                                                                                         
Date:         October 28, 2016