nq2.htm



 
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:         2/29/16         
 
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)
     
   
February 29, 2016 (Unaudited)
     
 
 
Principal
   
Optional Call
   
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
Value
 
   
LONG-TERM INVESTMENTS – 126.9% (99.0% of Total Investments)
     
 
   
MUNICIPAL BONDS – 126.9% (99.0% of Total Investments)
     
 
   
Alabama – 3.3% (2.6% of Total Investments)
     
$ 2,000
 
Alabama Federal Aid Highway Finance Authority, Federal Highway Grant Anticipation Revenue
9/22 at 100.00
AA
$    3,668,699
   
Bonds, Tender Option Bond Trust 2013-2W, 22.453%, 9/01/26 (IF) (4)
     
2,500
 
Jefferson County, Alabama, General Obligation Refunding Warrants, Series 2003A, 5.000%,
5/16 at 100.00
AA–
2,501,200
   
4/01/22 – NPFG Insured
     
4,500
 
Total Alabama
   
6,169,899
 
   
Arizona – 2.1% (1.7% of Total Investments)
     
405
 
Arizona Health Facilities Authority, Health Care Facilities Revenue Bonds, The Beatitudes
10/16 at 100.00
N/R
407,017
   
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+
1,139,511
1,065
 
5.000%, 2/01/26
2/23 at 100.00
BBB+
1,230,927
1,000
 
University Medical Center Corporation, Tucson, Arizona, Hospital Revenue Bonds, Series 2011,
No Opt. Call
N/R (5)
1,136,500
   
5.000%, 7/01/19 (ETM)
     
3,435
 
Total Arizona
   
3,913,955
   
California – 15.0% (11.7% of Total Investments)
     
3,000
 
Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Senior Lien
10/23 at 100.00
AA
3,622,500
   
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
626,870
415
 
5.000%, 10/01/21
No Opt. Call
Baa1
482,898
1,930
 
California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda
12/24 at 100.00
BB+
2,151,120
   
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–
2,847,420
   
Bonds, Series 2007A-1, 5.000%, 6/01/33
     
   
Hesperia Public Financing Authority, California, Redevelopment and Housing Projects Tax
     
   
Allocation Bonds, Series 2007A:
     
915
 
5.500%, 9/01/17 – SYNCORA GTY Insured
No Opt. Call
N/R
964,968
660
 
5.500%, 9/01/27 – SYNCORA GTY Insured
No Opt. Call
N/R
699,560
1,265
 
Independent Cities Finance Authority, California, Mobile Home Park Revenue Bonds, Rancho
No Opt. Call
A–
1,409,096
   
Vallecitos Mobile Home Park, Series 2013, 4.500%, 4/15/23
     
   
Inland Empire Tobacco Securitization Authority, California, Tobacco Settlement Asset-Backed
     
   
Bonds, Series 2007:
     
1,345
 
5.000%, 6/01/21
6/17 at 100.00
CC
1,354,724
1,075
 
4.625%, 6/01/21
6/17 at 100.00
CC
1,079,203
   
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
162,743
305
 
4.000%, 9/01/26
9/22 at 100.00
N/R
328,949
250
 
4.000%, 9/01/27
9/22 at 100.00
N/R
268,190
670
 
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010,
11/20 at 100.00
Ba1
726,716
   
5.250%, 11/01/21
     
1,800
 
Patterson Public Financing Authority, California, Revenue Bonds, Community Facilities District
No Opt. Call
N/R
2,047,392
   
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
A
174,311
   
0.000%, 10/01/26
     
200
 
San Bernardino County Financing Authority, California, Revenue Bonds, Courthouse Facilities
No Opt. Call
N/R
202,766
   
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
359,288
   
Bonds Series 2013, 5.000%, 9/01/17
     
2,000
 
San Francisco Airports Commission, California, Revenue Bonds, San Francisco International
No Opt. Call
A+
2,556,840
   
Airport, Second Series 2016A, 5.000%, 5/01/26
     
1,080
 
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment
5/16 at 100.00
AA–
1,084,428
   
Project, Series 2005A, 5.000%, 8/01/17 – NPFG Insured
     
955
 
Vernon, California, Electric System Revenue Bonds, Series 2009A, 5.125%, 8/01/21
8/19 at 100.00
N/R (5)
1,050,128
   
(Pre-refunded 8/01/19)
     
2,160
 
Vernon, California, Electric System Revenue Bonds, Series 2009A, 5.125%, 8/01/21
8/19 at 100.00
A–
2,399,306
925
 
Washington Township Health Care District, California, Revenue Bonds, Series 2009A,
7/19 at 100.00
Baa1
1,047,590
   
6.000%, 7/01/29
     
25,185
 
Total California
   
27,647,006
   
Colorado – 3.8% (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
A
295,515
310
 
4.000%, 6/01/20
No Opt. Call
A
337,544
250
 
5.000%, 6/01/21
No Opt. Call
A
288,853
   
Colorado State Board of Governors, Colorado State University Auxiliary Enterprise System
     
   
Revenue Bonds, Tender Option Bond Trust 3316:
     
100
 
22.846%, 9/01/22 (IF) (4)
No Opt. Call
Aa2
223,235
300
 
22.846%, 3/01/23 (IF) (4)
No Opt. Call
Aa2
685,380
430
 
22.795%, 3/01/24 (IF) (4)
No Opt. Call
Aa2
989,972
725
 
22.846%, 3/01/25 (IF) (4)
No Opt. Call
Aa2
1,652,094
200
 
22.846%, 9/01/25 (IF) (4)
No Opt. Call
Aa2
450,440
200
 
Denver Convention Center Hotel Authority, Colorado, Revenue Bonds, Convention Center Hotel,
11/16 at 100.00
BBB–
202,534
   
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%,
No Opt. Call
AA–
315,935
   
9/01/21 – NPFG Insured
     
1,535
 
Lincoln Park Metropolitan District, Douglas County, Colorado, General Obligation Refunding and
12/17 at 100.00
N/R (5)
1,664,631
   
Improvement Bonds, Series 2008, 5.625%, 12/01/20 (Pre-refunded 12/01/17)
     
4,680
 
Total Colorado
   
7,106,133
   
Florida – 9.1% (7.1% 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
470,841
150
 
5.000%, 11/15/23
No Opt. Call
BBB
173,148
515
 
Belmont Community Development District, Florida, Capital Improvement Revenue Bonds, Phase 1
No Opt. Call
N/R
539,117
   
Project, Series 2013A, 5.500%, 11/01/23
     
1,270
 
Broward County, Florida, Fuel System Revenue Bonds, Fort Lauderdale Fuel Facilities LLC
No Opt. Call
AA
1,515,580
   
Project, Series 2013A, 5.000%, 4/01/23 – AGM Insured (Alternative Minimum Tax)
     
455
 
Capital Trust Agency, Florida, Fixed Rate Air Cargo Revenue Refunding Bonds, Aero Miami FX,
7/20 at 100.00
Baa3
495,914
   
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–
2,130,800
   
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+
1,183,190
2,960
 
Florida Municipal Power Agency, Revenue Bonds, Saint Lucie Project, Refunding Series 2012A,
No Opt. Call
A2
3,493,570
   
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
2,641,673
500
 
4.200%, 12/15/25 (Alternative Minimum Tax)
6/20 at 100.00
Ba1
511,815
1,400
 
Palm Beach County Health Facilities Authority, Florida, Revenue Bonds, Jupiter Medical Center,
No Opt. Call
BBB+
1,618,456
   
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–
262,093
305
 
Southeast Overtown/Park West Community Redevelopment Agency, Florida, Tax Increment Revenue
No Opt. Call
BBB+
353,260
   
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
1,374,905
   
Refunding Series 2013, 4.000%, 5/01/23
     
15,130
 
Total Florida
   
16,764,362
   
Georgia – 3.5% (2.7% of Total Investments)
     
1,025
 
Atlanta, Georgia, Tax Allocation Bonds, Perry Bolton Project Series 2014, 4.000%, 7/01/22
No Opt. Call
A–
1,131,047
560
 
Atlanta, Georgia, Tax Allocation Bonds, Princeton Lakes Project, Series 2006, 5.500%, 1/01/31
5/16 at 100.00
BBB–
560,599
2,000
 
East Point Building Authority, Georgia, Revenue Bonds, Water & Sewer Project Series 2006A,
5/16 at 100.00
N/R
2,002,420
   
5.000%, 2/01/34 – SYNCORA GTY Insured
     
2,000
 
Fulton County Development Authority, Georgia, Revenue Bonds, Robert W. Woodruff Arts
No Opt. Call
A2 (5)
2,004,300
   
Center, Inc. Project, Refunding Series 2009B, 5.000%, 3/15/16 (ETM)
     
897
 
Liberty County Industrial Authority, Georgia, Revenue Bonds, Series 2012A-2, 3.930%, 7/01/26
5/16 at 100.00
N/R
781,586
6,482
 
Total Georgia
   
6,479,952
   
Idaho – 0.5% (0.4% of Total Investments)
     
1,000
 
Madison County, Idaho, Hospital Revenue Certificates of Participation, Madison Memorial
9/16 at 100.00
BB+
1,012,290
   
Hospital, Series 2006, 5.250%, 9/01/20
     
   
Illinois – 12.6% (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
3,638,099
   
17.229%, 11/15/25 (IF) (4)
     
990
 
Hillside, Cook County, Illinois, Tax Increment Revenue Bonds, Mannheim Redevelopment Project,
1/18 at 102.00
N/R
1,059,082
   
Senior Lien Series 2008, 6.550%, 1/01/20
     
1,790
 
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Refunding Senior Lien Series
No Opt. Call
AA–
2,051,680
   
2014A, 5.000%, 12/01/19
     
1,000
 
Illinois Finance Authority, Charter School Revenue Bonds, Chicago Charter School Foundation,
12/16 at 100.00
BBB
1,012,530
   
Series 2007, 5.000%, 12/01/26
     
1,385
 
Illinois Finance Authority, Revenue Bonds, Friendship Village of Schaumburg, Series 2005A,
5/16 at 100.00
BB–
1,385,374
   
5.375%, 2/15/25
     
2,680
 
Illinois Finance Authority, Revenue Bonds, Illinois Institute of Technology, Refunding Series
4/16 at 100.00
Baa3
2,681,662
   
2006A, 5.000%, 4/01/24
     
195
 
Illinois Finance Authority, Revenue Bonds, Montgomery Place Project, Series 2006A,
5/17 at 100.00
N/R
197,443
   
5.500%, 5/15/26
     
4,000
 
Illinois Municipal Electric Agency, Power Supply System Revenue Bonds, Refunding Series 2015A,
No Opt. Call
A1
4,825,719
   
5.000%, 2/01/27
     
5,000
 
Illinois State, General Obligation Bonds, Series 2013, 5.000%, 7/01/23
No Opt. Call
A–
5,619,296
1,000
 
Southwestern Illinois Development Authority, Local Government Revenue Bonds, Edwardsville
No Opt. Call
AA
844,120
   
Community Unit School District 7 Project, Series 2007, 0.000%, 12/01/22 – AGM Insured
     
20,540
 
Total Illinois
   
23,315,005
   
Indiana – 2.3% (1.8% of Total Investments)
     
1,180
 
Indiana Finance Authority, Educational Facilities Revenue Bonds, 21st Century Charter School
3/23 at 100.00
B+
1,162,713
   
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+
1,864,725
   
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+
1,183,678
   
Project, Series 2013B, 5.000%, 1/01/19 (Alternative Minimum Tax)
     
3,825
 
Total Indiana
   
4,211,116
   
Iowa – 2.8% (2.2% of Total Investments)
     
1,000
 
Iowa Finance Authority, Health Facility Revenue Bonds, Care Initiatives Project, Series 2006A,
7/16 at 100.00
BB+
1,008,640
   
5.500%, 7/01/25
     
2,000
 
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company
No Opt. Call
BB–
2,084,220
   
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+
2,001,720
   
5.600%, 6/01/34
     
5,000
 
Total Iowa
   
5,094,580
   
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
1,426,907
115
 
6.000%, 12/01/33 – AGC Insured
6/18 at 100.00
AA
124,992
3,000
 
Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds,
No Opt. Call
Baa3
2,331,510
   
Downtown Crossing Project, Capital Appreciation Series 2013B, 0.000%, 7/01/23
     
4,435
 
Total Kentucky
   
3,883,409
   
Louisiana – 0.9% (0.7% of Total Investments)
     
500
 
Louisiana Local Government Environmental Facilities & Community Development Authority,
11/17 at 100.00
BBB+
537,725
   
Revenue 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–
1,197,850
1,500
 
Total Louisiana
   
1,735,575
   
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
1,100,030
   
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
756,350
340
 
5.000%, 7/01/27
No Opt. Call
A
406,868
1,850
 
5.000%, 7/01/29
No Opt. Call
A
2,188,495
3,810
 
Total Maine
   
4,451,743
   
Maryland – 1.0% (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
221,933
275
 
5.000%, 7/01/22
No Opt. Call
Baa1
324,244
1,000
 
Prince George’s County, Maryland, General Obligation Consolidated Public Improvement Bonds,
No Opt. Call
AAA
1,215,250
   
Series 2011A, 5.000%, 9/15/22
     
1,470
 
Total Maryland
   
1,761,427
   
Massachusetts – 1.9% (1.5% of Total Investments)
     
250
 
Massachusetts Development Finance Agency, First Mortgage Revenue Bonds, Brookhaven at
5/16 at 100.00
AA
250,678
   
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+
1,003,900
   
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
470,333
   
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)
98,038
500
 
5.000%, 7/01/29 (Pre-refunded 7/01/22)
7/22 at 100.00
Baa2 (5)
612,735
   
Massachusetts Port Authority, Special Facilities Revenue Bonds, Delta Air Lines Inc.,
     
   
Series 2001A:
     
140
 
5.000%, 1/01/21 – AMBAC Insured
5/16 at 100.00
N/R
140,367
1,000
 
5.000%, 1/01/27 – AMBAC Insured (Alternative Minimum Tax)
7/16 at 100.00
N/R
1,003,100
3,390
 
Total Massachusetts
   
3,579,151
   
Michigan – 7.7% (6.0% of Total Investments)
     
1,000
 
Detroit City School District, Wayne County, Michigan, General Obligation Bonds, Tender Option
No Opt. Call
Aa1
2,079,450
   
Bond Trust 3308, 23.015%, 11/01/26 – AGM Insured (IF) (4)
     
62
 
Detroit, Michigan, General Obligation Bonds, Series 2005A, 5.000%, 4/01/25 – AGM Insured
4/16 at 100.00
AA
62,136
   
Detroit, Michigan, Sewer Disposal System Revenue Bonds, Second Lien, Series 2006B:
     
50
 
5.000%, 7/01/33 – NPFG Insured
7/16 at 100.00
AA–
50,379
60
 
5.000%, 7/01/33 – FGIC Insured
7/16 at 100.00
AA–
60,455
1,260
 
5.000%, 7/01/36 – MBIA-NPFG Insured
7/16 at 100.00
AA–
1,269,513
5
 
Detroit, Michigan, Water Supply System Second Lien Revenue Bonds, Series 2003B, 5.000%,
5/16 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%,
7/16 at 100.00
AA
251,955
   
7/01/34 – AGM Insured
     
290
 
Detroit, Michigan, Water Supply System Second Lien Revenue Refunding Bonds, Series 2006C,
No Opt. Call
AA
292,279
   
5.000%, 7/01/33 – AGM Insured
     
440
 
Detroit, Michigan, Water Supply System Senior Lien Revenue Bonds, Series 2003D. RMKTD,
No Opt. Call
AA–
443,335
   
5.000%, 7/01/33 – NPFG Insured
     
10
 
Detroit, Michigan, Water Supply System Senior Lien Revenue Refunding Bonds, Series 2006D,
7/16 at 100.00
AA
10,079
   
5.000%, 7/01/32 – AGM Insured
     
730
 
Flint Hospital Building Authority, Michigan, Building Authority Revenue Bonds, Hurley Medical
No Opt. Call
BBB–
764,164
   
Center, Series 2013A, 5.000%, 7/01/23
     
338
 
Michigan Finance Authority, Detroit, Michigan, Local Government Loan Program, Unlimited Tax
4/16 at 100.00
AA
338,740
   
General Obligation Bonds, Series 2014G-8A, 5.000%, 4/01/25 – AGM Insured
     
2,020
 
Michigan Finance Authority, Hospital Revenue Bonds, Crittenton Hospital Medical Center,
6/22 at 100.00
N/R (5)
2,356,714
   
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
3,606,960
   
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
195,407
   
Redford Academy Project, Series 2010A, 5.250%, 12/01/20
     
1,405
 
Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Tender Option Bond
No Opt. Call
AA–
2,406,442
   
Trust 2015-XF0126, 22.219%, 12/01/18 (IF) (4)
     
11,110
 
Total Michigan
   
14,193,025
   
Minnesota – 1.5% (1.2% of Total Investments)
     
750
 
Rochester, Minnesota, Health Care Facilities Revenue Bonds, Olmsted Medical Center Project,
No Opt. Call
A–
861,390
   
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–
209,231
100
 
3.700%, 3/01/22
No Opt. Call
BBB–
102,596
   
Sauk Rapids, Minnesota, Health Care and Housing Facilities Revenue Bonds, Good Shepherd
     
   
Lutheran Home, Refunding Series 2013:
     
610
 
5.000%, 1/01/17
No Opt. Call
N/R
623,945
500
 
5.000%, 1/01/18
No Opt. Call
N/R
522,495
500
 
5.000%, 1/01/19
No Opt. Call
N/R
530,785
2,665
 
Total Minnesota
   
2,850,442
   
Mississippi – 2.6% (2.0% of Total Investments)
     
   
Mississippi Development Bank Special Obligation Bonds, Marshall County Industrial Development
     
   
Authority, Mississippi Highway Construction Project, Tender Option Bond Trust 3315:
     
800
 
22.846%, 1/01/20 (IF) (4)
No Opt. Call
AA–
1,530,680
1,000
 
22.846%, 1/01/20 (IF) (4)
No Opt. Call
AA–
1,870,800
200
 
22.846%, 1/01/20 (IF) (4)
No Opt. Call
AA–
366,320
1,000
 
Mississippi Hospital Equipment and Facilities Authority, Revenue Bonds, South Central Regional
12/16 at 100.00
BBB
1,025,950
   
Medical Center, Refunding & Improvement Series 2006, 5.250%, 12/01/21
     
3,000
 
Total Mississippi
   
4,793,750
   
Missouri – 2.8% (2.2% of Total Investments)
     
500
 
Franklin County Industrial Development Authority, Missouri, Sales Tax Refunding Revenue Bonds,
11/20 at 100.00
N/R
520,180
   
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,
6/16 at 100.00
N/R
1,004,930
   
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
A
3,621,480
   
Project, Refunding Series 2014A, 5.000%, 1/01/23
     
4,500
 
Total Missouri
   
5,146,590
   
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
A
3,341,160
   
5.000%, 9/01/32
     
   
New Jersey – 6.7% (5.2% of Total Investments)
     
615
 
New Jersey Economic Development Authority, Charter School Revenue Bonds, Lady Liberty
No Opt. Call
B
516,668
   
Academy 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+
2,189,460
1,000
 
5.000%, 6/15/28
No Opt. Call
BBB+
1,070,820
   
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
975,859
500
 
5.000%, 1/01/22 (Alternative Minimum Tax)
No Opt. Call
BBB
574,530
500
 
5.000%, 7/01/22 (Alternative Minimum Tax)
No Opt. Call
BBB
577,660
620
 
5.000%, 1/01/23 (Alternative Minimum Tax)
No Opt. Call
BBB
713,285
1,000
 
New Jersey Economic Development Authority, School Facilities Construction Financing Program
3/25 at 100.00
A–
481,450
   
Bonds, Tender Option Bond Trust 1151, 2.712%, 9/01/25 (IF) (4)
     
1,000
 
New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental
9/22 at 101.00
BB–
1,098,220
   
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+
1,096,957
   
University Hospital, Series 2007, 5.250%, 7/01/21
     
195
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Joseph’s
No Opt. Call
BBB–
204,255
   
Healthcare System Obligated Group Issue, Series 2008, 6.000%, 7/01/18
     
3,000
 
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds,
6/17 at 100.00
B
2,873,490
   
Series 2007-1A, 5.000%, 6/01/29
     
12,335
 
Total New Jersey
   
12,372,654
   
New York – 4.9% (3.9% of Total Investments)
     
495
 
Buffalo and Erie County Industrial Land Development Corporation, New York, Revenue Bonds,
7/25 at 100.00
BBB+
580,155
   
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+
538,825
   
Refunding Series 2014, 5.000%, 1/01/18
     
   
New York City Industrial Development Agency, New York, American Airlines-JFK International
     
   
Airport Special Facility Revenue Bonds, Series 2005:
     
385
 
7.500%, 8/01/16 (Alternative Minimum Tax)
No Opt. Call
N/R
395,145
2,000
 
7.625%, 8/01/25 (Alternative Minimum Tax)
8/16 at 101.00
N/R
2,071,840
   
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–
101,727
1,800
 
5.000%, 12/01/21
12/16 at 100.00
BB–
1,845,468
65
 
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Vaughn
No Opt. Call
BB–
66,123
   
College of Aeronautics, Series 2006B, 5.000%, 12/01/16
     
2,000
 
New York Convention Center Development Corporation, New York, Hotel Unit Fee Secured Revenue
No Opt. Call
Aa3
2,527,660
   
Bonds, 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–
1,016,170
   
Revenue Bonds, Jefferson’s Ferry Project, Series 2006, 5.000%, 11/01/28
     
8,345
 
Total New York
   
9,143,113
   
North Carolina – 0.9% (0.7% of Total Investments)
     
1,040
 
North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds, Refunding Series
No Opt. Call
AAA
1,142,440
   
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
435,460
   
5.250%, 1/01/25 – AGC Insured
     
1,440
 
Total North Carolina
   
1,577,900
   
Ohio – 4.9% (3.8% of Total Investments)
     
3,500
 
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue
6/17 at 100.00
B–
3,208,800
   
Bonds, Senior Lien, Series 2007A-2, 5.875%, 6/01/30
     
2,000
 
Ohio Air Quality Development Authority, Ohio, Revenue Bonds, Ohio Valley Electric Corporation
No Opt. Call
BBB–
2,242,080
   
Project, Series 2009E, 5.625%, 10/01/19
     
1,150
 
Ohio State Treasurer, Tax-Exempt Private Activity Bonds, Portsmouth Gateway Group, LLC –
6/25 at 100.00
AA
1,352,412
   
Borrower, Portsmouth 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–
2,232,060
   
5.750%, 12/01/28
     
8,650
 
Total Ohio
   
9,035,352
   
Oregon – 0.6% (0.5% of Total Investments)
     
965
 
Astoria Hospital Facilities Authority, Oregon, Hospital Revenue and Refunding Bonds, Columbia
No Opt. Call
BBB–
1,109,933
   
Memorial Hospital, Series 2012, 5.000%, 8/01/22
     
   
Pennsylvania – 4.2% (3.3% of Total Investments)
     
90
 
East Hempfield Township Industrial Development Authority, Pennsylvania, Student Services Inc –
No Opt. Call
BBB–
95,014
   
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
511,644
480
 
4.000%, 5/01/21
No Opt. Call
BBB
534,182
500
 
4.000%, 5/01/22
No Opt. Call
BBB
559,630
520
 
4.000%, 5/01/23
No Opt. Call
BBB
585,822
2,190
 
Erie Sewer Authority, Erie County, Pennsylvania, Sewer Revenue Bonds, Series 2012A, 5.000%,
No Opt. Call
AA
2,584,419
   
6/01/21 – AGM Insured
     
1,700
 
Pennsylvania Economic Development Financing Authority, Private Activity Revenue Bonds,
6/26 at 100.00
BBB
1,962,599
   
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
423,387
435
 
5.000%, 12/01/21
No Opt. Call
BBB
502,695
6,750
 
Total Pennsylvania
   
7,759,392
   
Rhode Island – 1.8% (1.4% of Total Investments)
     
3,000
 
Rhode Island Health & Educational Building Corporation, Public Schools Financing Program
5/19 at 100.00
A3
3,290,310
   
Revenue Bonds, Pooled Series 2009E, 6.000%, 5/15/29 – AGC Insured
     
   
South Carolina – 1.9% (1.4% of Total Investments)
     
1,000
 
Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 2010-A2,
No Opt. Call
A–
1,076,310
   
5.000%, 1/01/18
     
2,000
 
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding Series
6/24 at 100.00
AA–
2,354,480
   
2014B, 5.000%, 12/01/31
     
3,000
 
Total South Carolina
   
3,430,790
   
Tennessee – 6.2% (4.9% 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
A
1,706,213
2,170
 
5.000%, 1/01/26
No Opt. Call
A
2,551,508
2,000
 
Memphis-Shelby County Airport Authority, Tennessee, Airport Revenue Bonds, Series 2010B,
7/20 at 100.00
A
2,336,040
   
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
465,952
   
The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006C:
     
1,020
 
5.000%, 2/01/21
No Opt. Call
A
1,164,340
1,490
 
5.000%, 2/01/24
No Opt. Call
A
1,729,458
1,365
 
5.000%, 2/01/25
No Opt. Call
A
1,597,077
9,885
 
Total Tennessee
   
11,550,588
   
Texas – 9.9% (7.7% of Total Investments)
     
200
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2010,
1/20 at 100.00
BBB+
230,634
   
5.750%, 1/01/25
     
500
 
Central Texas Regional Mobility Authority, Revenue Bonds, Subordinate Lien Refunding Series
No Opt. Call
BBB
556,435
   
2013, 5.000%, 1/01/22
     
685
 
Denton County Fresh Water Supply District 7, Texas, General Obligation Bonds, Refunding Series
No Opt. Call
AA
748,212
   
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
2,109,540
   
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
272,771
1,660
 
5.000%, 11/15/23
No Opt. Call
A3
1,988,946
960
 
5.000%, 11/15/25
11/24 at 100.00
A3
1,147,834
515
 
Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment
No Opt. Call
A2
589,315
   
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+
491,556
535
 
4.000%, 8/15/23
8/19 at 100.00
BBB+
562,408
100
 
Love Field Airport Modernization Corporation, Texas, Special Facilities Revenue Bonds, Southwest
No Opt. Call
Baa1
112,791
   
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 1149:
     
100
 
22.163%, 8/15/22 (IF) (4)
No Opt. Call
AA–
203,415
155
 
21.955%, 8/15/24 (IF) (4)
8/23 at 100.00
AA–
311,800
200
 
22.163%, 8/15/26 (IF) (4)
8/23 at 100.00
AA–
383,690
175
 
21.914%, 8/15/27 (IF) (4)
8/23 at 100.00
AA–
327,049
3,000
 
Texas Municipal Gas Acquisition and Supply Corporation I, Gas Supply Revenue Bonds, Senior
No Opt. Call
BBB+
3,660,539
   
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
3,407,850
   
2012, 5.000%, 12/15/27
     
230
 
Texas Public Finance Authority Charter School Finance Corporation, Education Revenue Bonds,
12/17 at 100.00
BBB–
242,222
   
Uplift Education, Series 2007A, 5.750%, 12/01/27
     
360
 
Texas Public Finance Authority, Revenue Bonds, Texas Southern University Financing System,
5/21 at 100.00
BBB
413,507
   
Series 2011, 6.000%, 5/01/23
     
460
 
Waco Health Facilities Development Corporation, Texas, Hillcrest Health System Project, FHA
8/16 at 100.00
AA– (5)
469,122
   
Insured Mortgage Revenue Bonds, Series 2006A, 5.000%, 8/01/31 (Pre-refunded 8/01/16) –
     
   
NPFG Insured
     
15,530
 
Total Texas
   
18,229,636
   
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
3,174,600
   
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
BB–
907,695
   
Systems, Inc. Project, Series 2013, 4.750%, 4/01/36 (Mandatory put 4/02/18) (Alternative
     
   
Minimum Tax)
     
   
Virgin Islands – 1.2% (0.9% of Total Investments)
     
2,000
 
Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding Series
No Opt. Call
AA
2,153,020
   
2012A, 4.000%, 10/01/22 – AGM Insured
     
   
Virginia – 0.3% (0.2% of Total Investments)
     
535
 
Chesapeake, Virginia, Transportation System Senior Toll Road Revenue Bonds, Series 2012A,
No Opt. Call
BBB
620,397
   
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+
844,564
   
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
1,048,921
   
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
 
20.690%, 4/01/20 (IF) (4)
No Opt. Call
Aa3
100,222
100
 
21.517%, 10/01/20 (IF) (4)
No Opt. Call
Aa3
212,755
185
 
21.126%, 10/01/20 (IF) (4)
No Opt. Call
Aa3
379,294
100
 
21.517%, 10/01/20 (IF) (4)
No Opt. Call
Aa3
200,330
435
 
Total Wisconsin
   
892,601
$ 207,162
 
Total Long-Term Investments (cost $226,411,524)
   
234,592,036
 
Principal
   
Optional Call
   
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
Value
           
   
SHORT-TERM INVESTMENTS 1.2% (1.0% of Total Investments)
     
           
   
MUNICIPAL BONDS – 1.2% (1.0% of Total Investments)
     
           
   
Kentucky – 0.9% (0.8% of Total Investments)
     
$ 1,750
 
Kentucky State Property and Buildings Commission, Revenue Bonds, Tender Option Bond Floater
No Opt. Call
A-1
$    1,750,000
   
11767, Variable Rate Demand Obligations, 0.210%, 2/01/17 (6)
     
   
Tennessee – 0.3% (0.2% of Total Investments)
     
500
 
Metropolitan Government of Nashville-Davidson County, Tennessee, Water and Sewerage
No Opt. Call
A-1
500,000
   
Revenue Bonds, Tender Option Bond Trust 4416, Variable Rate Demand Obligations,
     
   
0.060%, 7/01/21 (6)
     
$ 2,250
 
Total Short-Term Investments (cost $2,250,000)
   
2,250,000
   
Total Investments (cost $228,661,524) – 128.1%
   
236,842,036
   
Variable Rate MuniFund Term Preferred Shares, at Liquidation Preference – (29.8)% (7)
   
(55,000,000)
   
Other Assets Less Liabilities – 1.7% (8)
   
3,085,938
   
Net Assets Applicable to Common Shares – 100%
   
$ 184,927,974
 
 
 

 
 
                   
Investments in Derivatives as of Febraury 29, 2016
           
Interest Rate Swaps outstanding:
                 
 
               
Variation
 
   
Fund
   
Fixed Rate
   
Margin
Unrealized
 
Notional
Pay/Receive
Floating Rate
Fixed Rate
Payment
Effective
Termination
Receivable/
Appreciation
Counterparty
Amount
Floating Rate
Index
(Annualized)
Frequency
Date (9)
Date
(Payable)
(Depreciation)
Barclays Bank PLC*
$ 4,600,000
Receive
3-Month USD-LIBOR-ICE
2.504%
 Semi-Annually
9/20/16
9/20/26
$ 8,104
$ (364,100)
JPMorgan Chase Bank, N.A.
5,500,000
Receive
Weekly USD-SIFMA
1.947
Quarterly
6/09/16
6/09/26
(399,214)
JPMorgan Chase Bank, N.A.*
3,700,000
Receive
3-Month USD-LIBOR-ICE
2.857
Semi-Annually
7/13/16
7/13/26
6,406
(427,977)
 
$13,800,000
           
$14,510
$(1,191,291)
*Citigroup Global Markets Inc. is the clearing broker for this transaction.
 
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
$ —
$234,592,036
$ —
$234,592,036
Short-Term Investments:
       
Municipal Bonds
2,250,000
2,250,000
Investments in Derivatives:
       
Interest Rate Swaps*
(1,191,291)
(1,191,291)
Total
$ —
$235,650,745
$ —
$235,650,745
* Represents net unrealized appreciation (depreciation).
 
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 February 29, 2016, the cost of investments (excluding investments in derivatives) was $228,518,907.
 
Gross unrealized appreciation and gross unrealized depreciation of investments (excluding investments in derivatives) as of February 29, 2016, were as follows:
 
   
Gross unrealized:
 
Appreciation
$9,153,359
Depreciation
(830,230)
Net unrealized appreciation (depreciation) of investments
$8,323,129
 
(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)
 
Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service,
   
Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. 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 derivatives and/or 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)
 
Investment has a maturity of more than one year, but has variable rate and 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.
(7)
 
Variable Rate MuniFund Term Preferred Shares, at Liquidation Preference as a percentage of Total
   
Investments is 23.2%.
(8)
 
Other assets less liabilities includes the unrealized appreciation (depreciation) of certain over-the-counter
   
derivatives as well as the exchange-cleared and exchange-traded derivatives, when applicable.
(9)
 
Effective date represents the date on which both the Fund and counterparty commence interest payment
   
accruals on each contract.
(ETM)
 
Escrowed to maturity.
(IF)
 
Inverse floating rate investment.
     
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.
USD-LIBOR-ICE
 
United States Dollar-London Inter-Bank Offered Rate-Intercontinental Exchange
USD-SIFMA
 
United States Dollar-Securities Industry and Financial Markets Association
 
 
 
 

 
 
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/ Kevin J. McCarthy                    
       Kevin J. McCarthy
     Vice President and Secretary
                                         
Date:         April 29, 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/ Gifford R. Zimmerman            
       Gifford R. Zimmerman
     Chief Administrative Officer (principal executive officer)
                        
Date:         April 29, 2016        
 
By (Signature and Title) /s/ Stephen D. Foy                         
 
     Stephen D. Foy
     Vice President and Controller (principal financial officer)
                                                                                         
Date:         April 29, 2016