Nuveen Preferred and 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:  April 30, 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.

 

 

 

 

 


Item 1. Schedule of Investments

 

 


JPI

 

Nuveen Preferred and Income Term Fund

  

Portfolio of Investments

   April 30, 2016 (Unaudited)

 

Shares     Description (1)   Coupon            Ratings (2)      Value  
 

LONG-TERM INVESTMENTS – 138.0% (98.3% of Total Investments)

     
 

$25 PAR (OR SIMILAR) RETAIL PREFERRED – 44.2% (31.4% of Total Investments)

     
      Banks – 14.1%                         
  143,400     

AgriBank FCB, (3)

    6.875%            BBB+      $ 15,231,776   
  355,166     

Citigroup Inc.

    7.125%            BB+        9,930,440   
  44,969     

Citigroup Inc.

    6.875%            BB+        1,240,695   
  163,800     

Cobank Agricultural Credit Bank, (3)

    6.250%            BBB+        16,779,263   
  37,800     

Cobank Agricultural Credit Bank, (3)

    6.200%            BBB+        3,802,446   
  15,100     

Countrywide Capital Trust III

    7.000%            BBB–        384,899   
  103,100     

Fifth Third Bancorp.

    6.625%            Baa3        3,020,830   
  38,600     

PNC Financial Services

    6.125%            Baa2        1,115,926   
  124,753     

Private Bancorp Incorporated

    7.125%            N/R        3,400,767   
  87,100     

Regions Financial Corporation

    6.375%            BB        2,282,020   
  331,800     

Regions Financial Corporation

    6.375%            BB        9,111,228   
  19,600     

U.S. Bancorp.

    6.500%            A3         579,376   
  182,100     

Wells Fargo & Company

    6.625%            BBB        5,302,752   
  162,300     

Zions Bancorporation

    6.300%              BB–        4,354,509   
 

Total Banks

                           76,536,927   
      Capital Markets – 4.4%                         
  94,900     

Goldman Sachs Group, Inc.

    5.500%            Ba1        2,384,837   
  461,300     

Morgan Stanley

    7.125%            Ba1        13,262,375   
  235,300     

Morgan Stanley

    6.875%            Ba1        6,456,632   
  42,300     

Northern Trust Corporation

    5.850%            BBB+        1,142,523   
  54,750     

State Street Corporation

    5.350%              Baa1        1,439,378   
 

Total Capital Markets

                           24,685,745   
      Consumer Finance – 0.9%                         
  149,800     

Discover Financial Services

    6.500%            BB–        3,962,210   
  27,607     

GMAC Capital Trust I

    8.125%              B+        690,283   
 

Total Consumer Finance

                           4,652,493   
      Diversified Financial Services – 0.4%                         
  76,800     

KKR Financial Holdings LLC

    7.375%              BBB        2,008,320   
      Electric Utilities – 0.4%                         
  81,000     

Entergy Arkansas Inc., (3)

    6.450%              Baa3        2,040,188   
      Food Products – 3.8%                         
  267,600     

CHS Inc., (4)

    7.875%            N/R        7,543,644   
  161,100     

CHS Inc.

    7.100%            N/R        4,468,914   
  141,800     

CHS Inc.

    6.750%            N/R        3,786,060   
  24,000     

Dairy Farmers of America Inc., 144A, (3)

    7.875%            Baa3        2,547,750   
  20,500     

Dairy Farmers of America Inc., 144A, (3)

    7.875%              Baa3        2,105,735   
 

Total Food Products

                           20,452,103   
      Insurance – 12.0%                         
  15,000     

Aegon N.V

    8.000%            Baa1        402,450   
  168,500     

Arch Capital Group Limited

    6.750%            BBB+        4,439,975   
  59,200     

Aspen Insurance Holdings Limited

    7.250%            BBB–        1,564,656   
  432,500     

Aspen Insurance Holdings Limited

    5.950%            BBB–        11,526,125   
  177,623     

Axis Capital Holdings Limited

    6.875%            BBB        4,683,919   
  61,100     

Delphi Financial Group, Inc., (3)

    7.376%            BB+        1,479,769   
  174,000     

Endurance Specialty Holdings Limited

    7.500%            BBB–        4,428,300   
  147,600     

Hartford Financial Services Group Inc.

    7.875%            BBB–        4,689,252   
  409,700     

Kemper Corporation

    7.375%            Ba1        11,123,355   
  323,546     

Maiden Holdings Limited

    8.250%            BB        8,480,140   
  163,333     

Maiden Holdings NA Limited

    7.750%            BBB–        4,377,324   
  205,000     

Reinsurance Group of America Inc.

    6.200%            BBB        6,016,750   
  74,800     

Torchmark Corporation

    6.125%              BBB+        1,911,140   
 

Total Insurance

                           65,123,155   

 

Nuveen Investments     1   


JPI    Nuveen Preferred and Income Term Fund   
   Portfolio of Investments (continued)    April 30, 2016 (Unaudited)

 

Shares     Description (1)   Coupon              Ratings (2)      Value  
      Oil, Gas & Consumable Fuels – 1.0%                           
  219,800     

Nustar Logistics Limited Partnership

    7.625%                  Ba2      $ 5,396,090   
      Real Estate Investment Trust – 0.6%                           
  114,600     

Wells Fargo REIT

    6.375%                  BBB+        3,132,018   
      Thrifts & Mortgage Finance – 1.5%                           
  172,400     

Federal Agricultural Mortgage Corporation

    6.875%            N/R        4,603,080   
  146,600     

Federal Agricultural Mortgage Corporation

    6.000%                  N/R        3,858,512   
 

Total Thrifts & Mortgage Finance

                               8,461,592   
      U.S. Agency – 5.1%                           
  255,100     

Farm Credit Bank of Texas, (3)

    6.750%                  Baa1        27,463,122   
 

Total $25 Par (or similar) Retail Preferred (cost $226,863,015)

                               239,951,753   
Principal
Amount (000)
    Description (1)   Coupon      Maturity      Ratings (2)      Value  
 

CORPORATE BONDS – 10.7% (7.6% of Total Investments)

  

     
      Banks – 7.2%                           
$ 6,330     

Bank of America Corporation

    6.250%         3/05/65         BB+      $ 6,353,737   
  2,850     

Bank of America Corporation

    6.300%         3/10/66         BB+        2,985,375   
  5,390     

ING Groep N.V

    6.500%         10/16/65         BBB–        4,962,169   
  14,110     

JPMorgan Chase & Company

    6.750%         12/31/49         BBB–        15,610,599   
  6,910     

JPMorgan Chase & Company

    5.300%         11/01/65         BBB–        6,910,000   
  2,110     

M&T Bank Corporation

    6.450%         12/31/49         Baa2        2,278,800   
  37,700     

Total Banks

                               39,100,680   
      Capital Markets – 2.1%                           
  11,735     

Goldman Sachs Group Inc.

    5.375%         11/10/65         Ba1        11,324,275   
      Diversified Financial Services – 0.6%                           
  3,360     

BNP Paribas, 144A

    7.625%         3/30/66         BBB–        3,444,000   
      Food Products – 0.2%                           
  1,090     

Land O Lakes Capital Trust I, 144A, (4)

    7.450%         3/15/28         BB+        1,174,475   
      Insurance – 0.6%                           
  2,600     

Security Benefit Life Insurance Company, 144A

    7.450%         10/01/33         BBB        3,126,794   
$ 56,485     

Total Corporate Bonds (cost $57,332,380)

                               58,170,224   
Principal
Amount (000)/
Shares
    Description (1)   Coupon      Maturity      Ratings (2)      Value  
 

$1,000 PAR (OR SIMILAR) INSTITUTIONAL PREFERRED – 83.1% (59.3% of Total Investments)

  

  
      Banks – 28.7%                           
  600     

Banco Santander SA, Reg S

    6.375%         N/A (5)         Ba1      $ 546,069   
  6,125     

Bank of America Corporation

    6.500%         N/A (5)         BB+        6,446,563   
  3,436     

Bank of America Corporation

    8.000%         N/A (5)         BB+        3,350,100   
  4,000     

Barclays Bank PLC, 144A, (4)

    10.180%         6/12/21         A–         5,083,364   
  17,850     

Barclays PLC

    8.250%         N/A (5)         BB+        17,895,232   
  8,120     

Citigroup Inc.

    6.250%         N/A (5)         BB+        8,251,950   
  1,940     

Citigroup Inc.

    6.250%         N/A (5)         BB+        1,995,775   
  8,435     

Citigroup Inc.

    5.875%         N/A (5)         BB+        8,159,176   
  4,540     

Citizens Financial Group Inc.,

    5.500%         N/A (5)         BB+        4,335,700   
  4,895     

Cobank Agricultural Credit Bank

    6.250%         N/A (5)         BBB+        5,066,325   
  4,265     

Commerzbank AG, 144A

    8.125%         9/19/23         BBB        5,006,470   
  490     

Credit Agricole SA, 144A

    8.125%         N/A (5)         BB+        505,925   
  4,250     

Credit Agricole, S.A, 144A

    6.625%         N/A (5)         BB+        4,005,625   
  4,351     

HSBC Capital Funding LP, Debt, 144A

    10.176%         N/A (5)         Baa1        6,390,531   
  4,005     

HSBC Holdings PLC

    6.375%         N/A (5)         BBB        3,789,730   

 

  2      Nuveen Investments


Principal
Amount (000)/
Shares
    Description (1)   Coupon      Maturity      Ratings (2)      Value  
      Banks (continued)                           
  2,400     

HSBC Holdings PLC

    6.375%         N/A (5)         BBB      $ 2,318,160   
  7,485     

Intesa Sanpaolo Spa, 144A

    7.700%         N/A (5)         Ba3        6,914,269   
  18,920     

Lloyd’s Banking Group PLC

    7.500%         N/A (5)         BB+        18,759,180   
  4,390     

Nordea Bank AB, 144A

    6.125%         N/A (5)         BBB        4,235,472   
  4,855     

PNC Financial Services Inc.

    6.750%         N/A (5)         Baa2        5,370,844   
  5,473     

Royal Bank of Scotland Group PLC

    7.648%         N/A (5)         BB        6,376,045   
  7,290     

Royal Bank of Scotland Group PLC

    7.500%         N/A (5)         BB–        6,797,925   
  14,900     

Societe Generale, 144A

    7.875%         N/A (5)         BB+        14,147,550   
  3,790     

Standard Chartered PLC, 144A

    6.500%         N/A (5)         BBB–        3,496,275   
  2,695     

SunTrust Bank Inc.

    5.625%         N/A (5)         Baa3        2,668,050   
  270     

U.S. Bancorp.

    5.125%         N/A (5)         A3         276,075   
  3,667     

Zions Bancorporation

    7.200%         N/A (5)         BB–        3,887,020   
 

Total Banks

                               156,075,400   
      Capital Market – 4.7%                           
  3,500     

Bank of New York Mellon Corporation

    4.950%         N/A (5)         Baa1        3,494,925   
  9,407     

Credit Suisse Group AG, 144A

    7.500%         N/A (5)         BB+        9,343,446   
  3,100     

Morgan Stanley

    5.550%         N/A (5)         Ba1        3,069,000   
  2,105     

State Street Corporation

    5.250%         N/A (5)         Baa1        2,144,995   
  7,512     

UBS Group AG, Reg S

    7.125%         N/A (5)         BB+        7,624,680   
 

Total Capital Market

                               25,677,046   
      Consumer Finance – 2.3%                           
  3,635     

American Express Company

    5.200%         N/A (5)         Baa2        3,444,163   
  2,000     

American Express Company

    4.900%         N/A (5)         Baa2        1,800,000   
  7,600     

Capital One Financial Corporation

    5.500%         N/A (5)         Baa3        7,543,000   
 

Total Consumer Finance

                               12,787,163   
      Diversified Financial Services – 8.7%                           
  15,700     

Agstar Financial Services Inc., 144A

    6.750%         N/A (5)         BB        17,461,344   
  4,330     

BNP Paribas, 144A

    7.375%         N/A (5)         BBB–        4,275,875   
  6,040     

BNP Paribas, 144A

    7.195%         N/A (5)         BBB        6,560,950   
  2,500     

Depository Trust & Clearing Corporation

    4.875%         N/A (5)         A+        2,500,000   
  12,143     

Rabobank Nederland, 144A

    11.000%         N/A (5)         Baa2        14,798,672   
  1,697     

Voya Financial Inc.

    5.650%         5/15/53         Baa3        1,589,240   
 

Total Diversified Financial Services

                               47,186,081   
      Food Products – 1.9%                           
  8,895     

Land O’ Lakes Incorporated, 144A

    8.000%         N/A (5)         BB        9,161,850   
  1,275     

Land O’Lakes Inc., 144A

    8.000%         N/A (5)         BB        1,294,125   
 

Total Food Products

                               10,455,975   
      Industrial Conglomerates – 4.6%                           
  24,127     

General Electric Company

    5.000%         N/A (5)         AA–         25,061,921   
      Insurance – 22.9%                           
  7,215     

Aviva PLC, Reg S

    8.250%         N/A (5)         BBB        7,909,760   
  1,265     

AXA SA, (4)

    8.600%         12/15/30         A3         1,695,467   
  2,640     

Cloverie PLC Zurich Insurance, Reg S

    8.250%         N/A (5)         A        2,908,620   
  2,500     

CNP Assurances, Reg S

    7.500%         N/A (5)         BBB+        2,740,610   
  30,995     

Financial Security Assurance Holdings, (4)

    6.400%         11/26/18         BBB+        21,386,550   
  2,424     

Friends Life Holdings PLC, Reg S

    7.875%         N/A (5)         A–         2,675,718   
  2,299     

La Mondiale SAM, Reg S

    7.625%         N/A (5)         BBB        2,463,126   
  4,380     

MetLife Capital Trust X, 144A

    9.250%         3/15/38         BBB        5,978,700   
  3,655     

MetLife Inc.

    5.250%         N/A (5)         BBB        3,558,874   
  7,703     

Provident Financing Trust I, (4)

    7.405%         3/15/38         Baa3        8,794,507   
  3,325     

Prudential Financial Inc., (4)

    5.875%         9/15/42         BBB+        3,593,494   
  13,600     

QBE Cap Funding III Limited, 144A, (4)

    7.250%         5/24/41         BBB        14,908,864   
  1,935     

QBE Insurance Group Limited, Reg S

    6.750%         12/2/44         BBB        2,080,125   
  19,020     

Sirius International Group Limited, 144A

    7.506%         N/A (5)         BB+        18,687,150   
  25,226     

Symetra Financial Corporation, 144A, (4)

    8.300%         10/15/37         Baa2        25,162,935   
 

Total Insurance

                               124,544,500   

 

Nuveen Investments     3   


JPI    Nuveen Preferred and Income Term Fund   
   Portfolio of Investments (continued)    April 30, 2016 (Unaudited)

 

Principal
Amount (000)/
Shares
    Description (1)   Coupon      Maturity      Ratings (2)      Value  
      Machinery – 0.4%                           
  2,345     

Stanley Black & Decker Inc.

    5.750%         12/15/53         BBB+      $ 2,465,181   
      Metals & Mining – 1.2%                           
  6,170     

BHP Billiton Finance USA Limited, 144A

    6.250%         10/19/75         A–         6,447,650   
      Real Estate Investment Trust – 6.9%                           
  12,298     

Sovereign Real Estate Investment Trust, 144A

    12.000%         12/31/49         Ba1        15,003,560   
  14,652     

Wells Fargo & Company

    7.980%         N/A (5)         BBB        15,238,080   
  6,820     

Wells Fargo & Company

    5.875%         N/A (5)         BBB        7,284,613   
 

Total Real Estate Investment Trust

                               37,526,253   
      Specialty Retail – 0.6%                           
  2,850     

Aquarius & Investments PLC fbo SwissRe, Reg S

    8.250%         N/A (5)         N/R        3,101,188   
      U.S. Agency – 0.2%                           
  752     

Farm Credit Bank of Texas, 144A

    10.000%         N/A (5)         Baa1        924,020   
 

Total $1,000 Par (or similar) Institutional Preferred (cost $451,049,103)

                               452,252,378   
 

Total Long-Term Investments (cost $748,037,787)

                               750,374,355   
Principal
Amount (000)
    Description (1)   Coupon      Maturity              Value  
 

SHORT-TERM INVESTMENTS – 2.4% (1.7% of Total Investments)

  

  
 

REPURCHASE AGREEMENTS – 2.4% (1.7% of Total Investments)

  

  
$ 12,793     

Repurchase Agreement with Fixed Income Clearing Corporation,
dated 4/29/16, repurchase price $12,793,321,
collateralized by $12,595,000 U.S. Treasury Notes,
2.125%, due 5/15/25, value $13,051,569

    0.030%         5/02/16                $ 12,793,289   
 

Total Short-Term Investments (cost $12,793,289)

                               12,793,289   
 

Total Investments (cost $748,037,787) – 140.4%

                               763,167,644   
 

Borrowings – (41.4)% (6), (7)

                               (225,000,000
 

Other Assets Less Liabilities – 1.0% (8)

                               5,254,379   
 

Net Assets Applicable to Common Shares – 100%

                             $ 543,422,023   

Investments in Derivatives as of April 30, 2016

 

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

JPMorgan Chase Bank, N.A.

  $ 84,375,000        Receive      1-Month USD-LIBOR-ICE     1.735     Monthly        6/01/16        12/01/18        12/01/20      $ (3,038,987   $ (3,539,777

JPMorgan Chase Bank, N.A.

    84,375,000        Receive      1-Month USD-LIBOR-ICE     2.188        Monthly        6/01/16        12/01/20        12/01/22        (5,631,733     (6,325,132
    $ 168,750,000                                                          $ (8,670,720   $ (9,864,909

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.

 

  4      Nuveen Investments


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

   $ 168,501,704       $ 71,450,049       $       $ 239,951,753   

Corporate Bonds

             58,170,224                 58,170,224   

$1,000 Par (or similar) Institutional Preferred

             452,252,378                 452,252,378   

Short-Term Investments:

           

Repurchase Agreements

             12,793,289                 12,793,289   

Investments in Derivatives:

           

Interest Rate Swaps*

             (9,864,909              (9,864,909

Total

   $ 168,501,705       $ 584,801,031       $       $ 753,302,735   
* 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 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 April 30, 2016, the cost of investments (excluding investments in derivatives) was $747,228,808.

Gross unrealized appreciation and gross unrealized depreciation of investments (excluding investments in derivatives) as of April 30, 2016, were as follows:

 

Gross unrealized:

          

Appreciation

     $ 28,869,617   

Depreciation

       (12,930,781

Net unrealized appreciation (depreciation) of investments

     $ 15,938,836   

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

 

(4) Investment, or a portion of investment, is hypothecated. The total value of investments hypothecated as of the end of the reporting period was $68,661,515.

 

(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 $517,776,966 have been pledged as collateral for borrowings.

 

(7) Borrowings as a percentage of Total Investments is 29.5%.

 

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

 

Nuveen Investments     5   


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: June 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: June 29, 2016      
By (Signature and Title)    /s/ Stephen D. Foy                                                                    
   Stephen D. Foy   
   Vice President and Controller (principal financial officer)   
Date: June 29, 2016