N-Q 1 d34741dnq.htm NUVEEN PREFERRED & INCOME TERM FUND Nuveen Preferred & Income Term Fund

 

 

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-22699

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)

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:       July 31      

Date of reporting period:  October 31, 2015  

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

 

 


JPI

 

Nuveen Preferred and Income Term Fund

  

Portfolio of Investments

   October 31, 2015 (Unaudited)

 

Shares     Description (1)   Coupon            Ratings (2)      Value  
 

LONG–TERM INVESTMENTS – 138.2% (99.2% of Total Investments)

  

        
 

$25 PAR (OR SIMILAR) RETAIL PREFERRED – 42.7% (30.7% of Total Investments)

  

  
      Banks – 14.8%                         
  143,400     

AgriBank FCB, (4)

    6.875%            BBB+       $ 15,003,225   
  355,166     

Citigroup Inc.

    7.125%            BB+         9,791,927   
  44,969     

Citigroup Inc.

    6.875%            BB+         1,238,446   
  80,500     

City National Corporation

    6.750%            Baa2         2,338,525   
  163,800     

Cobank Agricultural Credit Bank, 144A, (4)

    6.250%            BBB+         16,943,063   
  37,800     

Cobank Agricultural Credit Bank, (4)

    6.200%            BBB+         3,880,408   
  15,100     

Countrywide Capital Trust III

    7.000%            BBB–         387,768   
  121,300     

Fifth Third Bancorp.

    6.625%            Baa3         3,384,270   
  38,600     

PNC Financial Services

    6.125%            Baa2         1,075,010   
  124,753     

Private Bancorp Incorporated

    7.125%            N/R         3,388,291   
  87,100     

Regions Financial Corporation

    6.375%            BB         2,264,600   
  331,800     

Regions Financial Corporation

    6.375%            BB         8,786,064   
  117,300     

Texas Capital Bancshares Inc.

    6.500%            Ba2         2,999,361   
  38,800     

U.S. Bancorp.

    6.500%            A3         1,124,424   
  182,100     

Wells Fargo & Company

    6.625%            BBB         5,124,294   
  210,100     

Zions Bancorporation

    6.300%              BB–         5,489,913   
 

Total Banks

                           83,219,589   
      Capital Markets – 4.1%                         
  94,900     

Goldman Sachs Group, Inc.

    5.500%            Ba1         2,362,061   
  511,800     

Morgan Stanley, (3)

    7.125%            Ba1         14,253,630   
  235,300     

Morgan Stanley

    6.875%              Ba1         6,364,865   
 

Total Capital Markets

                           22,980,556   
      Consumer Finance – 1.0%                         
  51,300     

Capital One Financial Corporation

    6.700%            Baa3         1,395,873   
  149,800     

Discover Financial Services

    6.500%              BB–         3,998,162   
 

Total Consumer Finance

                           5,394,035   
      Diversified Financial Services – 0.4%                         
  76,800     

KKR Financial Holdings LLC

    7.375%              BBB         2,032,896   
      Diversified Telecommunication Services – 0.3%                         
  62,000     

Verizon Communications Inc.

    5.900%              A–         1,649,200   
      Electric Utilities – 0.4%                         
  81,000     

Entergy Arkansas Inc., (4)

    6.450%              BB+         2,035,125   
      Food Products – 3.2%                         
  267,600     

CHS Inc.

    7.875%            N/R         7,685,472   
  161,100     

CHS Inc.

    7.100%            N/R         4,459,248   
  141,800     

CHS Inc.

    6.750%            N/R         3,822,928   
  20,500     

Dairy Farmers of America Inc., 144A, (4)

    7.785%              Baa3         2,083,954   
 

Total Food Products

                           18,051,602   
      Insurance – 10.7%                         
  15,000     

Aegon N.V

    8.000%            Baa1         415,200   
  168,500     

Arch Capital Group Limited

    6.750%            BBB+         4,525,910   
  59,200     

Aspen Insurance Holdings Limited

    7.250%            BBB–         1,578,272   
  432,500     

Aspen Insurance Holdings Limited

    5.950%            BBB–         11,024,425   
  177,623     

Axis Capital Holdings Limited

    6.875%            BBB         4,802,926   
  61,100     

Delphi Financial Group, Inc., (4)

    7.376%            BB+         1,504,588   
  174,000     

Endurance Specialty Holdings Limited

    7.500%            BBB–         4,532,700   
  147,600     

Hartford Financial Services Group Inc.

    7.875%            BBB–         4,546,080   

 

Nuveen Investments     1   


JPI    Nuveen Preferred and Income Term Fund
   Portfolio of Investments (continued)    October 31, 2015 (Unaudited)

 

Shares     Description (1)   Coupon              Ratings (2)      Value  
      Insurance (continued)                           
  306,800     

Kemper Corporation

    7.375%            Ba1       $ 8,479,952   
  323,546     

Maiden Holdings Limited

    8.250%            BB         8,586,911   
  163,333     

Maiden Holdings Limited

    7.750%            BBB–         4,429,591   
  205,000     

Reinsurance Group of America Inc.

    6.200%                  BBB         5,940,900   
 

Total Insurance

                               60,367,455   
      Oil, Gas & Consumable Fuels – 1.0%                           
  219,800     

Nustar Logistics Limited Partnership

    7.625%                  Ba2         5,631,276   
      Real Estate Investment Trust – 0.5%                           
  114,600     

Wells Fargo REIT

    6.375%                  BBB+         3,023,148   
      Thrifts & Mortgage Finance – 1.5%                           
  172,400     

Federal Agricultural Mortgage Corporation

    6.875%            N/R         4,628,940   
  146,600     

Federal Agricultural Mortgage Corporation

    6.000%                  N/R         3,774,950   
 

Total Thrifts & Mortgage Finance

                               8,403,890   
      U.S. Agency – 4.8%                           
  255,100     

Farm Credit Bank of Texas, 144A, (4)

    6.750%                  Baa1         26,825,372   
 

Total $25 Par (or similar) Retail Preferred (cost $227,919,067)

  

              239,614,144   
Principal
Amount (000)
    Description (1)   Coupon      Maturity      Ratings (2)      Value  
 

CORPORATE BONDS – 8.1% (5.8% of Total Investments)

  

     
      Banks – 4.5%                           
$ 8,975     

Bank of America Corporation

    6.250%         3/05/65         BB+       $ 9,101,099   
  4,250     

Credit Agricole, S.A, 144A

    6.625%         12/23/64         BB+         4,186,250   
  3,650     

ING Groep N.V

    6.500%         10/16/65         Ba1         3,510,844   
  4,760     

JPMorgan Chase & Company

    5.300%         11/01/65         BBB–         4,774,280   
  3,790     

Standard Chartered PLC, 144A

    6.500%         10/02/65         BBB–         3,740,139   
  25,425     

Total Banks

                               25,312,612   
      Capital Markets – 1.8%                           
  9,915     

Goldman Sachs Group Inc.

    5.375%         11/10/65         Ba1         9,815,850   
      Food Products – 0.2%                           
  1,090     

Land O’ Lakes Capital Trust I, 144A

    7.450%         3/15/28         BB         1,155,400   
      Insurance – 1.6%                           
  4,430     

Nationwide Mutual Insurance Company, 144A

    9.375%         8/15/39         A–         6,696,928   
  1,965     

Security Benefit Life Insurance Company, 144A

    7.450%         10/01/33         BBB         2,410,577   
  6,395     

Total Insurance

                               9,107,505   
$ 42,825    

Total Corporate Bonds (cost $44,499,273)

                               45,391,367   
Principal
Amount (000)/
Shares
    Description (1)   Coupon      Maturity      Ratings (2)      Value  
 

$1,000 PAR (OR SIMILAR) INSTITUTIONAL PREFERRED – 87.4% (62.7% of Total Investments)

  

  
      Banks – 37.8%                           
  975     

Bank of America Corporation

    8.125%         N/A (5)         BB+       $ 1,015,307   
  6,980     

Bank of America Corporation

    8.000%         N/A (5)         BB+         7,277,348   
  8,915     

Bank of America Corporation

    6.500%         N/A (5)         BB+         9,316,264   
  4,000     

Barclays Bank PLC, 144A

    10.180%         6/12/21         A–         5,252,520   
  11,760     

Barclays PLC

    8.250%         N/A (5)         BB+         12,520,931   
  1,300     

Citigroup Inc.

    5.950%         N/A (5)         BB+         1,297,453   
  8,645     

Citigroup Inc.

    5.875%         N/A (5)         BB+         8,556,475   
  8,060     

Citigroup Inc.

    5.800%         N/A (5)         BB+         8,009,625   

 

  2      Nuveen Investments


Principal
Amount (000)/
Shares
    Description (1)   Coupon      Maturity      Ratings (2)      Value  
      Banks (continued)                           
  4,540     

Citizens Financial Group Inc., 144A

    5.500%         N/A (5)         BB+       $ 4,460,550   
  4,265     

Commerzbank AG, 144A

    8.125%         9/19/23         BBB–         4,938,529   
  1,050     

Credit Agricole SA, 144A

    7.875%         N/A (5)         BB+         1,077,429   
  2,340     

General Electric Capital Corporation

    6.250%         N/A (5)         Baa1         2,608,164   
  18,300     

General Electric Capital Corporation

    7.125%         N/A (5)         Baa1         21,502,500   
  4,351     

HSBC Capital Funding LP, Debt, 144A

    10.176%         N/A (5)         Baa1         6,570,010   
  4,005     

HSBC Holdings PLC

    6.375%         N/A (5)         BBB         3,966,993   
  2,400     

HSBC Holdings PLC

    6.375%         N/A (5)         BBB         2,370,000   
  3,945     

Intesa Sanpaolo SpA, 144A

    7.700%         N/A (5)         Ba3         3,989,381   
  11,405     

JPMorgan Chase & Company

    6.750%         N/A (5)         BBB–         12,374,425   
  5,375     

JPMorgan Chase & Company

    7.900%         N/A (5)         BBB–         5,584,625   
  18,920     

Lloyd’s Banking Group PLC

    7.500%         N/A (5)         BB+         20,102,500   
  2,110     

M&T Bank Corporation

    6.450%         N/A (5)         Baa2         2,253,083   
  4,390     

Nordea Bank AB, 144A

    6.125%         N/A (5)         BBB         4,335,125   
  4,855     

PNC Financial Services Inc.

    6.750%         N/A (5)         Baa2         5,232,282   
  5,473     

Royal Bank of Scotland Group PLC

    7.648%         N/A (5)         BB         6,813,885   
  3,480     

Royal Bank of Scotland Group PLC

    7.500%         N/A (5)         BB–         3,601,800   
  14,900     

Societe Generale, 144A

    7.875%         N/A (5)         BB+         14,946,637   
  2,695     

SunTrust Bank Inc.

    5.625%         N/A (5)         Baa3         2,718,581   
  14,652     

Wells Fargo & Company

    7.980%         N/A (5)         BBB         15,604,380   
  6,820     

Wells Fargo & Company

    5.875%         N/A (5)         BBB         7,213,514   
  6,017     

Zions Bancorporation

    7.200%         N/A (5)         BB–         6,483,318   
 

Total Banks

                               211,993,634   
      Capital Markets – 6.1%                           
  3,500     

Bank of New York Mellon Corporation

    4.950%         N/A (5)         Baa1         3,500,000   
  18,057     

Credit Suisse Group AG, 144A

    7.500%         N/A (5)         BB+         19,062,594   
  725     

Deutsche Bank AG

    7.500%         N/A (5)         BB+         690,563   
  3,100     

Morgan Stanley

    5.550%         N/A (5)         Ba1         3,096,125   
  2,105     

State Street Corporation

    5.250%         N/A (5)         Baa1         2,112,578   
  5,735     

UBS Group AG, Reg S

    7.125%         N/A (5)         BB+         5,978,967   
 

Total Capital Markets

                               34,440,827   
      Consumer Finance – 2.4%                           
  250     

Ally Financial Inc., 144A

    7.000%         N/A (5)         B         254,789   
  3,635     

American Express Company

    5.200%         N/A (5)         Baa2         3,635,000   
  2,000     

American Express Company

    4.900%         N/A (5)         Baa2         1,940,000   
  7,600     

Capital One Financial Corporation

    5.550%         N/A (5)         Baa3         7,614,250   
 

Total Consumer Finance

                               13,444,039   
      Diversified Financial Services – 10.1%                           
  15,700     

Agstar Financial Services Inc., 144A

    6.750%         N/A (5)         BB         16,686,156   
  2,185     

Banco BTG Pactual SA/Luxembourg, 144A

    8.750%         N/A (5)         B2         1,979,610   
  4,330     

BNP Paribas, 144A

    7.375%         N/A (5)         BBB–         4,481,550   
  6,040     

BNP Paribas, 144A

    7.195%         N/A (5)         BBB         6,915,800   
  4,500     

Depository Trust & Clearing Corporation, 144A, (3)

    4.875%         N/A (5)         A+         4,522,500   
  16,188     

Rabobank Nederland, 144A

    11.000%         N/A (5)         Baa2         20,133,203   
  1,697     

Voya Financial Inc.

    5.650%         5/15/53         Baa3         1,718,213   
 

Total Diversified Financial Services

                               56,437,032   
      Food Products – 1.6%                           
  8,895     

Land O’ Lakes Incorporated, 144A

    8.000%         N/A (5)         BB         9,161,850   
      Insurance – 24.6%                           
  2,850     

Aquarius & Investments PLC fbo SwissRe, Reg S

    8.250%         N/A (5)         N/R         3,101,282   
  7,215     

Aviva PLC, Reg S

    8.250%         N/A (5)         BBB         7,884,768   
  1,265     

AXA SA

    8.600%         12/15/30         A3         1,732,266   
  7,930     

Catlin Insurance Company Limited, 144A

    7.249%         N/A (5)         BBB+         6,799,975   
  2,640     

Cloverie PLC Zurich Insurance, Reg S

    8.250%         N/A (5)         A         2,960,100   
  2,500     

CNP Assurances, Reg S

    7.500%         N/A (5)         BBB+         2,737,335   

 

Nuveen Investments     3   


JPI    Nuveen Preferred and Income Term Fund
   Portfolio of Investments (continued)    October 31, 2015 (Unaudited)

 

Principal
Amount (000)/
Shares
    Description (1)   Coupon      Maturity      Ratings (2)      Value  
      Insurance (continued)                           
  30,995     

Financial Security Assurance Holdings, 144A

    6.400%         12/15/66         BBB+       $ 22,626,350   
  2,424     

Friends Life Group PLC, Reg S

    7.875%         N/A (5)         A–         2,704,714   
  720     

Glen Meadows Pass Through Trust, 144A

    6.505%         2/12/67         BBB–         622,800   
  2,299     

La Mondiale SAM, Reg S

    7.625%         N/A (5)         BBB         2,491,541   
  5,430     

MetLife Capital Trust X, 144A

    9.250%         4/08/38         BBB         7,548,786   
  3,655     

MetLife Inc.

    5.250%         N/A (5)         BBB         3,689,266   
  7,703     

Provident Financing Trust I

    7.405%         3/15/38         Baa3         8,709,243   
  3,325     

Prudential Financial Inc.

    5.875%         9/15/42         BBB+         3,524,500   
  14,600     

QBE Cap Funding III Limited, 144A

    7.250%         5/24/41         BBB         16,169,500   
  2,135     

QBE Insurance Group Limited, Reg S

    6.750%         12/02/44         BBB         2,209,725   
  16,685     

Sirius International Group Limited, 144A

    7.506%         N/A (5)         BBB–         16,851,849   
  25,226     

Symetra Financial Corporation, 144A

    8.300%         10/15/37         BBB–         25,793,584   
 

Total Insurance

                               138,157,584   
      Machinery – 0.2%                           
  1,095     

Stanley Black & Decker Inc.

    5.750%         12/15/53         BBB+         1,157,963   
      Metals & Mining – 0.9%                           
  5,200     

BHP Billiton Finance USA Limited, 144A

    6.250%         10/19/75         A–         5,323,500   
      Real Estate Investment Trust – 3.5%                           
  15,298     

Sovereign Real Estate Investment Trust, 144A

    12.000%         N/A (5)         Ba1         19,428,460   
      U.S. Agency – 0.2%                           
  752     

Farm Credit Bank of Texas, 144A

    10.000%         N/A (5)         Baa1         947,520   
 

Total $1,000 Par (or similar) Institutional Preferred (cost $481,693,225)

  

              490,492,409   
 

Total Long-Term Investments (cost $754,111,565)

  

              775,497,920   
Principal
Amount (000)
    Description (1)   Coupon      Maturity              Value  
      SHORT-TERM INVESTMENTS – 1.1% (0.8% of Total Investments)                
      REPURCHASE AGREEMENTS – 1.1% (0.8% of Total Investments)                
$ 6,457     

Repurchase Agreement with Fixed Income Clearing Corporation, dated 10/30/15, repurchase price $6,456,622, collateralized by $6,640,000 U.S. Treasury Notes, 1.750%, due 9/30/22, value $6,590,200

    0.000%         11/02/15                $ 6,456,622   
 

Total Short-Term Investments (cost $6,456,622)

                               6,456,622   
 

Total Investments (cost $760,568,187) – 139.3%

                               781,954,542   
 

Borrowings – (40.1)% (6), (7)

                               (225,000,000
 

Other Assets Less Liabilities – 0.8% (8)

                               4,249,417   
 

Net Assets Applicable to Common Shares – 100%

                             $ 561,203,959   

Investments in Derivatives as of October 31, 2015

Interest Rate Swaps Outstanding:

 

Counterparty   Notional
Amount
    Fund
Pay/Receive
Floating Rate
    Floating Rate Index     Fixed Rate
(Annualized)
    Fixed Rate
Payment
Frequency
    Effective
Date (9)
    Termination
Date
    Unrealized
Appreciation
(Depreciation)
 

JPMorgan

  $ 84,375,000        Receive        1-Month USA-LIBOR-ICE        1.735     Monthly        12/01/15        12/01/20      $ (2,565,603

JPMorgan

    84,375,000        Receive        1-Month USA-LIBOR-ICE        2.188        Monthly        12/01/15        12/01/22        (4,302,308
    $ 168,750,000                                                      $ (6,867,911

 

  4      Nuveen Investments


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:

           

$25 Par (or similar) Retail Preferred

   $ 171,338,409       $ 68,275,735       $       $ 239,614,144   

Corporate Bonds

             45,391,367                 45,391,367   

$1,000 Par (or similar) Institutional Preferred

             490,492,409                 490,492,409   

Short-Term Investments:

           

Repurchase Agreements

             6,456,622                 6,456,622   

Investments in Derivatives:

           

Interest Rate Swaps*

             (6,867,911              (6,867,911

Total

   $ 171,338,409       $ 603,748,222       $       $ 775,086,631   
* 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 recognition of premium amortization, timing differences in the recognition of income on REIT investments and timing differences 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, 2015, the cost of investments (excluding investments in derivatives) was $759,793,865.

Gross unrealized appreciation and gross unrealized depreciation of investments (excluding investments in derivatives) as of October 31, 2015, were as follows:

 

Gross unrealized:

          

Appreciation

     $ 26,760,260   

Depreciation

       (4,599,583

Net unrealized appreciation (depreciation) of investments

     $ 22,160,677   

 

Nuveen Investments     5   


JPI    Nuveen Preferred and Income Term Fund
   Portfolio of Investments (continued)    October 31, 2015 (Unaudited)

 

 

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) 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.

 

(3) Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in derivatives.

 

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

 

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

 

(6) The Fund may pledge up to 100% of its eligible investments (excluding any investments separately pledged as collateral for specific investments in derivatives, when applicable) as collateral for borrowings. As of the end of the reporting period, investments with a value of $505,609,308 have been pledged as collateral for borrowings.

 

(7) Borrowings as a percentage of Total Investments is 28.8%.

 

(8) Other assets less liabilities includes the unrealized appreciation (depreciation) of certain over-the-counter derivatives as presented on the Statement of Assets and Liabilities. The unrealized appreciation (depreciation) of exchange-cleared and exchange-traded derivatives, when applicable. Other assets less liabilities alson includes the value of options.

 

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

 

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 Investments


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.

 

 


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/ Kevin J. McCarthy                                                               
   Kevin J. McCarthy   
   Vice President and Secretary   

Date: December 30, 2015

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: December 30, 2015      
By (Signature and Title)    /s/ Stephen D. Foy                                                                    
   Stephen D. Foy   
   Vice President and Controller (principal financial officer)   
Date: December 30, 2015