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 811-22699

Nuveen Preferred and Income Term Fund

(Exact name of registrant as specified in charter)

    333 West Wacker Drive, Chicago, Illinois 60606    

(Address of principal executive offices) (Zip code)

Gifford R. Zimmerman—Vice President and Secretary

    333 West Wacker Drive, Chicago, Illinois 60606    

(Name and address of agent for service)

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

Date of fiscal year end:       July 31      

Date of reporting period:  October 31, 2016  

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.

 

 

 

 

 

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Item 1. Schedule of Investments

 

 

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JPI

 

Nuveen Preferred and Income Term Fund
Portfolio of Investments		October 31, 2016 (Unaudited)

 

Shares				Description (1)		Coupon								Ratings (2)				Value
				LONG-TERM INVESTMENTS – 139.3% (99.8% of Total Investments)
				$25 PAR (OR SIMILAR) RETAIL PREFERRED – 41.9% (30.0% of Total Investments)
				Banks – 12.9%
	143,400			AgriBank FCB, (3), (4)			6.875%								BBB+			$	15,424,463
	342,467			Citigroup Inc.			7.125%								BB+				9,767,159
	163,800			Cobank Agricultural Credit Bank, (3), (4)			6.250%								BBB+				17,460,064
	40,797			Cobank Agricultural Credit Bank, (3), (4)			6.200%								BBB+				4,284,962
	15,100			Countrywide Capital Trust III			7.000%								BBB–				388,976
	117,900			Fifth Third Bancorp.			6.625%								Baa3				3,538,179
	157,500			Huntington BancShares Inc.			6.250%								Baa3				4,214,700
	38,600			PNC Financial Services			6.125%								Baa2				1,088,520
	124,753			Private Bancorp Incorporated			7.125%								N/R				3,300,964
	54,787			Regions Financial Corporation			6.375%								Ba1				1,423,366
	331,800			Regions Financial Corporation			6.375%								Ba1				9,545,886
	19,600			U.S. Bancorp., (4)			6.500%								A3				575,260
	45,053			Zions Bancorporation			6.300%								BB–				1,410,159
				Total Banks															72,422,658
				Capital Markets – 4.3%
	94,900			Goldman Sachs Group, Inc.			5.500%								Ba1				2,474,043
	394,400			Morgan Stanley			7.125%								Ba1				11,508,592
	235,300			Morgan Stanley			6.875%								Ba1				6,837,818
	71,300			Northern Trust Corporation			5.850%								BBB+				1,918,683
	54,750			State Street Corporation			5.350%								Baa1				1,465,658
				Total Capital Markets															24,204,794
				Consumer Finance – 1.4%
	140,445			Discover Financial Services			6.500%								BB–				3,678,255
	164,926			GMAC Capital Trust I			8.125%								B+				4,210,561
				Total Consumer Finance															7,888,816
				Diversified Financial Services – 0.3%
	71,600			KKR Financial Holdings LLC			7.375%								BBB				1,860,884
				Food Products – 3.5%
	205,400			CHS Inc.			7.875%								N/R				6,441,344
	161,100			CHS Inc.			7.100%								N/R				4,768,560
	141,800			CHS Inc.			6.750%								N/R				3,984,580
	24,000			Dairy Farmers of America Inc., 144A, (3)			7.875%								Baa3				2,549,251
	20,500			Dairy Farmers of America Inc., 144A, (3)			7.875%								Baa3				2,148,656
				Total Food Products															19,892,391
				Insurance – 11.5%
	153,749			Arch Capital Group Limited, (4)			6.750%								BBB+				3,931,362
	1,061			Aspen Insurance Holdings Limited			7.250%								BBB–				27,374
	432,500			Aspen Insurance Holdings Limited			5.950%								BBB–				12,308,950
	62,000			Aspen Insurance Holdings Limited			5.625%								BBB–				1,585,340
	108,900			Axis Capital Holdings Limited, (WI/DD)			5.500%								BBB				2,722,500
	61,100			Delphi Financial Group, Inc., (3)			7.376%								BB+				1,376,662
	147,600			Hartford Financial Services Group Inc., (4)			7.875%								BBB–				4,616,928
	395,100			Kemper Corporation			7.375%								Ba1				10,545,219
	323,546			Maiden Holdings Limited			8.250%								BB				8,438,080
	163,333			Maiden Holdings NA Limited, (4)			7.750%								BBB–				4,380,591
	205,000			Reinsurance Group of America Inc.			6.200%								BBB				5,860,950
	239,900			Reinsurance Group of America, Inc.			5.750%								BBB				6,880,332
	74,800			Torchmark Corporation			6.125%								BBB+				2,021,844
				Total Insurance															64,696,132

 

NUVEEN			1

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JPI		Nuveen Preferred and Income Term Fund
		Portfolio of Investments (continued)		October 31, 2016 (Unaudited)

 

Shares				Description (1)		Coupon								Ratings (2)				Value
				Mortgage Real Estate Investment Trusts – 0.6%
	114,600			Wells Fargo REIT, (4)			6.375%								BBB+			$	3,103,368
				Oil, Gas & Consumable Fuels – 1.0%
	219,800			Nustar Logistics Limited Partnership			7.625%								Ba2				5,629,078
				Thrifts & Mortgage Finance – 1.5%
	172,400			Federal Agricultural Mortgage Corporation			6.875%								N/R				4,601,357
	146,600			Federal Agricultural Mortgage Corporation			6.000%								N/R				3,986,055
				Total Thrifts & Mortgage Finance															8,587,412
				U.S. Agency – 4.9%
	255,100			Farm Credit Bank of Texas, (3)			6.750%								Baa1				27,558,782
				Total $25 Par (or similar) Retail Preferred (cost $218,048,418)															235,844,315
Principal Amount (000)				Description (1)		Coupon				Maturity				Ratings (2)				Value
				CORPORATE BONDS – 10.8% (7.7% of Total Investments)
				Banks – 7.3%
$	6,330			Bank of America Corporation			6.250%				N/A (6)				BB+			$	6,630,675
	2,850			Bank of America Corporation			6.300%				N/A (6)				BB+				3,109,778
	5,390			ING Groep N.V, (5)			6.500%				N/A (6)				BBB–				5,322,625
	12,110			JP Morgan Chase & Company			6.750%				N/A (6)				BBB–				13,442,100
	9,955			JP Morgan Chase & Company			5.300%				N/A (6)				BBB–				10,104,325
	2,110			M&T Bank Corporation			6.450%				N/A (6)				Baa2				2,368,475
	38,745			Total Banks															43,263,228
				Capital Markets – 2.1%
	11,735			Goldman Sachs Group Inc.			5.375%				N/A (6)				Ba1				11,793,675
				Diversified Financial Services – 0.6%
	3,360			BNP Paribas, 144A, (5)			7.625%				N/A (6)				BBB–				3,511,200
				Food Products – 0.3%
	1,410			Land O Lakes Capital Trust I, 144A			7.450%				3/15/28				Ba1				1,614,450
				Insurance – 0.5%
	2,600			Security Benefit Life Insurance Company, 144A			7.450%				10/01/33				BBB				3,044,345
$	57,850			Total Corporate Bonds (cost $58,599,190)															60,941,648
Principal Amount (000)/ Shares				Description (1)		Coupon				Maturity				Ratings (2)				Value
				$1,000 PAR (OR SIMILAR) INSTITUTIONAL PREFERRED – 86.6% (62.1% of Total Investments)
				Banks – 34.9%
	2,450			Australia and New Zealand Banking Group Limited of the United Kingdom, 144A, (5)			6.750%				N/A (6)				Baa1			$	2,690,279
	2,200			Banco Bilbao Vizcaya Argentaria S.A, Reg S, (5)			9.000%				N/A (6)				BB				2,285,250
	600			Banco Santander SA, Reg S, (5)			6.375%				N/A (6)				Ba1				550,808
	1,557			Bank of America Corporation			8.000%				N/A (6)				BB+				1,586,194
	6,125			Bank of America Corporation			6.500%				N/A (6)				BB+				6,645,625
	4,000			Barclays Bank PLC, 144A			10.180%				6/12/21				A–				5,058,364
	16,080			Barclays PLC, (5)			8.250%				N/A (6)				BB+				16,281,000
	325			Citigroup Inc.			6.250%				N/A (6)				BB+				349,911
	9,405			Citigroup Inc.			6.125%				N/A (6)				BB+				9,831,987
	8,435			Citigroup Inc.			5.875%				N/A (6)				BB+				8,565,743
	4,540			Citizens Financial Group Inc.			5.500%				N/A (6)				BB+				4,471,900
	4,895			Cobank Agricultural Credit Bank			6.250%				N/A (6)				BBB+				5,296,209

 

	2			NUVEEN

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Principal Amount (000)/ Shares				Description (1)		Coupon				Maturity				Ratings (2)				Value
				Banks (continued)
	4,265			Commerzbank AG, 144A			8.125%				9/19/23				BBB			$	4,903,044
	2,939			Credit Agricole SA, 144A, (5)			8.125%				N/A (6)				BB+				3,156,016
	4,250			Credit Agricole, S.A, 144A, (5)			6.625%				N/A (6)				BB+				4,133,125
	4,351			HSBC Capital Funding LP, Debt, 144A			10.176%				N/A (6)				Baa1				6,570,010
	3,790			HSBC Holdings PLC, (5)			6.875%				N/A (6)				BBB				3,988,975
	7,485			Intesa Sanpaolo SpA, 144A, (5)			7.700%				N/A (6)				Ba3				6,839,419
	3,670			KeyCorp			5.000%				N/A (6)				Baa3				3,610,363
	21,445			Lloyd’s Banking Group PLC, (5)			7.500%				N/A (6)				BB+				22,088,349
	3,860			M&T Bank Corporation			5.125%				N/A (6)				Baa2				3,893,775
	4,390			Nordea Bank AB, 144A, (5)			6.125%				N/A (6)				BBB				4,329,638
	4,855			PNC Financial Services Inc.			6.750%				N/A (6)				Baa2				5,389,050
	4,895			PNC Financial Services			5.000%				N/A (6)				Baa2				4,870,525
	3,435			Royal Bank of Scotland Group PLC, (5)			7.500%				N/A (6)				BB–				3,151,613
	3,360			Royal Bank of Scotland Group PLC, (5)			8.625%				N/A (6)				BB–				3,343,200
	5,473			Royal Bank of Scotland Group PLC			7.648%				N/A (6)				BB				6,471,823
	10,375			Societe Generale, 144A, (5)			7.875%				N/A (6)				BB+				10,271,250
	3,775			Societe Generale, 144A, (5)			7.375%				N/A (6)				BB+				3,742,913
	775			Standard Chartered PLC, 144A, (5)			7.500%				N/A (6)				Ba1				780,328
	2,240			Standard Chartered PLC, 144A, (5)			6.500%				N/A (6)				Ba1				2,114,000
	2,695			SunTrust Bank Inc.			5.625%				N/A (6)				Baa3				2,775,850
	270			U.S. Bancorp.			5.125%				N/A (6)				A3				284,850
	4,010			Wachovia Capital Trust III			5.570%				N/A (6)				BBB				4,015,013
	9,182			Wells Fargo & Company			7.980%				N/A (6)				BBB				9,572,235
	11,675			Wells Fargo & Company			5.875%				N/A (6)				BBB				12,525,080
				Total Banks															196,433,714
				Capital Markets – 5.9%
	3,500			Bank of New York Mellon Corporation			4.950%				N/A (6)				Baa1				3,583,125
	9,407			Credit Suisse Group AG, 144A, (5)			7.500%				N/A (6)				BB				9,736,245
	2,380			Goldman Sachs Group Inc.			5.300%				N/A (6)				Ba1				2,424,625
	3,100			Morgan Stanley			5.550%				N/A (6)				Ba1				3,173,625
	2,105			State Street Corporation			5.250%				N/A (6)				Baa1				2,211,303
	7,512			UBS Group AG, Reg S, (5)			7.125%				N/A (6)				BB+				7,690,410
	3,865			UBS Group AG, Reg S, (5)			7.000%				N/A (6)				BB+				4,128,203
				Total Capital Markets															32,947,536
				Commercial Services & Supplies – 0.5%
	2,935			AerCap Global Aviation Trust			6.500%				N/A (6)				BB				3,023,050
				Consumer Finance – 2.4%
	3,635			American Express Company			5.200%				N/A (6)				Baa2				3,644,088
	2,000			American Express Company			4.900%				N/A (6)				Baa2				1,963,000
	7,600			Capital One Financial Corporation			5.550%				N/A (6)				Baa3				7,684,428
				Total Consumer Finance															13,291,516
				Diversified Financial Services – 7.4%
	15,700			Agstar Financial Services Inc., 144A			6.750%				N/A (6)				BB				16,651,813
	4,330			BNP Paribas, 144A, (5)			7.375%				N/A (6)				BBB–				4,443,663
	5,875			BNP Paribas, 144A			7.195%				N/A (6)				BBB				6,631,406
	2,500			Depository Trust & Clearing Corporation			4.875%				N/A (6)				A				2,559,375
	7,833			Rabobank Nederland, 144A			11.000%				N/A (6)				Baa2				9,437,379
	2,052			Voya Financial Inc., (4)			5.650%				5/15/53				Baa3				2,041,740
				Total Diversified Financial Services															41,765,376
				Electric Utilities – 2.5%
	2,370			Electricite de France, 144A			5.250%				N/A (6)				BBB				2,346,300
	10,705			Emera, Inc.			6.750%				6/15/76				BBB–				11,829,025
				Total Electric Utilities															14,175,325

 

NUVEEN			3

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JPI		Nuveen Preferred and Income Term Fund
		Portfolio of Investments (continued)		October 31, 2016 (Unaudited)

 

Principal Amount (000)/ Shares				Description (1)		Coupon				Maturity				Ratings (2)				Value
				Equity Real Estate Investment Trusts – 2.8%
	12,298			Sovereign Real Estate Investment Trust, 144A			12.000%				N/A (6)				Ba1			$	15,756,813
				Food Products – 2.4%
	2,360			Dairy Farmers of America Inc., 144A			7.125%				N/A (6)				Baa3				2,460,300
	8,895			Land O’ Lakes Incorporated, 144A			8.000%				N/A (6)				BB				9,384,225
	1,275			Land O’Lakes Inc., 144A			8.000%				N/A (6)				BB				1,345,125
				Total Food Products															13,189,650
				Industrial Conglomerates – 4.5%
	24,127			General Electric Company			5.000%				N/A (6)				A				25,560,143
				Insurance – 20.9%
	7,215			Aviva PLC, Reg S			8.250%				N/A (6)				BBB				7,606,962
	2,640			Cloverie PLC Zurich Insurance			8.250%				N/A (6)				A				2,817,466
	2,500			CNP Assurances, Reg S			7.500%				N/A (6)				BBB+				2,668,770
	28,500			Financial Security Assurance Holdings, 144A, (4)			6.400%				12/15/66				BBB+				23,483,999
	2,424			Friends Life Group PLC, Reg S			7.875%				N/A (6)				A–				2,611,993
	2,299			La Mondiale SAM, Reg S			7.625%				N/A (6)				BBB				2,459,930
	4,175			MetLife Capital Trust X, 144A			9.250%				4/08/68				BBB				6,080,888
	3,655			MetLife Inc.			5.250%				N/A (6)				BBB				3,723,531
	7,703			Provident Financing Trust I			7.405%				3/15/38				Baa3				8,636,989
	3,325			Prudential Financial Inc.			5.875%				9/15/42				BBB+				3,640,875
	12,260			QBE Cap Funding III Limited, 144A			7.250%				5/24/41				BBB				13,853,800
	2,335			QBE Insurance Group Limited			6.750%				12/02/44				BBB				2,549,820
	16,770			Sirius International Group Limited, 144A			7.506%				N/A (6)				BB+				16,874,813
	20,226			Symetra Financial Corporation, 144A			8.300%				10/15/37				Baa2				20,529,389
				Total Insurance															117,539,225
				Machinery – 0.5%
	2,345			Stanley, Black, and Decker Inc., (4)			5.750%				12/15/53				BBB+				2,491,563
				Metals & Mining – 1.2%
	6,170			BHP Billiton Finance USA Limited, 144A			6.250%				10/19/75				A–				6,686,737
				Specialty Retail – 0.5%
	2,850			Aquarius & Investments PLC fbo SwissRe, Reg S			8.250%				N/A (6)				N/R				3,054,965
				U.S. Agency – 0.2%
	752			Farm Credit Bank of Texas, 144A			10.000%				N/A (6)				Baa1				917,439
				Total $1,000 Par (or similar) Institutional Preferred (cost $470,678,552)															486,833,052
				Total Long-Term Investments (cost $747,326,160)															783,619,015
Principal Amount (000)				Description (1)		Coupon				Maturity								Value
				SHORT-TERM INVESTMENTS – 0.3% (0.2% of Total Investments)
				REPURCHASE AGREEMENTS – 0.3% (0.2% of Total Investments)
$	1,919			Repurchase Agreement with Fixed Income Clearing Corporation, dated 10/31/16, repurchase price $1,918,798, collateralized by $1,605,000 U.S. Treasury Bonds, 3.625%, due 2/15/44, value $1,958,100			0.030%				11/01/16							$	1,918,798
				Total Short-Term Investments (cost $1,918,798)															1,918,798
				Total Investments (cost $749,244,958) – 139.6%															785,537,813
				Borrowings – (40.0)% (7), (8)															(225,000,000	)
				Other Assets Less Liabilities – 0.4% (9)															1,975,675
				Net Assets Applicable to Common Shares – 100%														$	562,513,488

 

	4			NUVEEN

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Investments in Derivatives as of October 31,2016

Interest Rate Swaps

 

Counterparty		Notional Amount				Fund Pay/Receive Floating Rate				Floating Rate Index				Fixed Rate (Annualized)				Fixed Rate Payment Frequency				Effective Date (10)				Optional Termination Date				Termination Date				Value				Unrealized Appreciation (Depreciation)
JP Morgan Chase Bank, N.A.		$	84,375,000				Receive				1-Month USD-LIBOR-ICE				1.735	%			Monthly				1/03/17				12/01/18				12/01/20			$	(2,414,464	)		$	(3,364,159	)
JP Morgan Chase Bank, N.A.			84,375,000				Receive				1-Month USD-LIBOR-ICE				2.188				Monthly				1/03/17				12/01/20				12/01/22				(5,007,679	)			(6,377,480	)
		$	168,750,000																															$	(7,422,143	)		$	(9,741,639	)

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:
$25 Par (or similar) Retail Preferred		$	165,041,476			$	70,802,839			$	—			$	235,844,315
Corporate Bonds			—				60,941,648				—				60,941,648
$1,000 Par (or similar) Institutional Preferred			—				486,833,052				—				486,833,052
Short-Term Investments:
Repurchase Agreements			—				1,918,798				—				1,918,798
Investments in Derivatives:
Interest Rate Swaps*			—				(9,741,639	)			—				(9,741,639	)
Total		$	165,041,476			$	610,754,698			$	—			$	775,796,174

*	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 recognizing of premium amortization, timing differences in recognition of income on REIT investments and timing difference in recognizing certain gains and losses on investment transactions. 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 October 31, 2016, the cost of investments (excluding investments in derivatives) was $748,666,606.

 

NUVEEN			5

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JPI		Nuveen Preferred and Income Term Fund
		Portfolio of Investments (continued)		October 31, 2016 (Unaudited)

 

Gross unrealized appreciation and gross unrealized depreciation of investments (excluding investments in derivatives) as of October 31, 2016, were as follows:

 

Gross unrealized:
Appreciation		$	41,011,820
Depreciation			(4,140,613	)
Net unrealized appreciation (depreciation) of investments		$	36,871,207

For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease.

 

(1)	All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.

 

(2)

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.

 

(3)	For fair value measurement disclosure purposes, investment classified as Level 2.

 

(4)	Investment, or portion of investment, is hypothecated. The total value of investments hypothecated as of the end of the reporting period was $21,204,136.

 

(5)

Contingent Capital Securities (“CoCos”) are debt or preferred securities with loss absorption characteristics built into the terms of the security for the benefit of the issuer, for example an automatic write-down of principal or a mandatory conversion into the issuer’s common stock under certain adverse circumstances, such as the issuer’s capital ratio falling below a specified level. As of the end of the reporting period, the Fund’s total investment in CoCos was $124,578,509, representing 22.1% and 15.9% of Net Assets Applicable to Common Shares and Total Investments, respectively.

 

(6)	Perpetual security. Maturity date is not applicable.

 

(7)

The Fund may pledge up to 100% of its eligible investments (excluding any investments separately pledged as collateral for specific investments in derivatives) in the Portfolio of Investments as collateral for borrowings. As of the end of the reporting period, investments with a value of $508,739,554 have been pledged as collateral for borrowings.

 

(8)	Borrowings as a percentage of Total Investments is 28.6%.

 

(9)	Other assets less liabilities includes the unrealized appreciation (depreciation) of certain over-the-counter (“OTC”) derivatives as well as the OTC-cleared and exchange-traded derivatives, when applicable.

 

(10)	Effective date represents the date on which both the Fund and Counterparty commence interest payment accruals on each contract.

 

(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.

 

Reg S

Regulation S allows U.S. companies to sell securities to persons or entities located outside of the United States without registering those securities with the Securities and Exchange Commission. Specifically, Regulation S provides a safe harbor from the registration requirements of the Securities Act for the offers and sales of securities by both foreign and domestic issuers that are made outside the United States.

 

REIT	Real Estate Investment Trust

 

USD-LIBOR-ICE

United States Dollar – London Inter-Bank Offered Rate – Intercontinental Exchange

 

	6			NUVEEN

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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: EX-99 CERT Attached hereto.

 

 

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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 Preferred and Income Term Fund
By (Signature and Title)		/s/ Gifford R. Zimmerman
		Gifford R. Zimmerman
		Vice President and Secretary

Date: December 30, 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: December 30, 2016
By (Signature and Title)		/s/ Stephen D. Foy
		Stephen D. Foy
		Vice President and Controller (principal financial officer)
Date: December 30, 2016