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, 2017  

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, 2017 (Unaudited)

 

Shares				Description (1)		Coupon								Ratings (2)				Value
				LONG-TERM INVESTMENTS – 136.2% (99.3% of Total Investments)
				$25 PAR (OR SIMILAR) RETAIL PREFERRED – 33.4% (24.3% of Total Investments)
				Banks – 10.6%
	118,400			AgriBank FCB, (3)			6.875%								BBB+			$	13,112,800
	274,167			Citigroup Inc., (4)			7.125%								BB+				7,896,010
	155,800			Cobank Agricultural Credit Bank, (3)			6.250%								BBB+				16,748,500
	40,797			Cobank Agricultural Credit Bank, (3)			6.200%								BBB+				4,369,106
	107,726			Fifth Third Bancorp., (4)			6.625%								Baa3				3,069,114
	157,500			Huntington BancShares Inc.			6.250%								Baa3				4,372,200
	313,800			Regions Financial Corporation, (4)			6.375%								Ba1				8,896,230
	114,600			Wells Fargo REIT, (4)			6.375%								BBB+				3,036,900
	41,069			Zions Bancorporation			6.300%								BB–				1,130,629
				Total Banks															62,631,489
				Capital Markets – 4.5%
	54,600			Goldman Sachs Group, Inc.			5.500%								Ba1				1,466,010
	342,100			Morgan Stanley, (4)			7.125%								BB+				9,903,795
	235,300			Morgan Stanley, (4)			6.875%								BB+				6,717,815
	191,400			Morgan Stanley			5.850%								BB+				5,167,800
	61,000			Northern Trust Corporation			5.850%								BBB+				1,618,330
	54,750			State Street Corporation			5.350%								Baa1				1,489,200
				Total Capital Markets															26,362,950
				Consumer Finance – 0.8%
	185,926			GMAC Capital Trust I			5.785%								B+				4,882,417
				Food Products – 3.1%
	185,400			CHS Inc., (4)			7.875%								N/R				5,365,476
	161,100			CHS Inc., (4)			7.100%								N/R				4,457,637
	141,800			CHS Inc., (4)			6.750%								N/R				3,871,140
	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				2,337,000
				Total Food Products															18,580,504
				Insurance – 6.7%
	398,857			Aspen Insurance Holdings Limited, (4)			5.950%								BBB–				10,745,208
	62,000			Aspen Insurance Holdings Limited			5.625%								BBB–				1,570,460
	108,900			Axis Capital Holdings Limited			5.500%								BBB				2,758,437
	61,100			Delphi Financial Group, Inc., (3), (4)			1.764%								BB+				1,298,375
	325,100			Kemper Corporation, (4)			7.375%								Ba1				8,602,146
	163,333			Maiden Holdings NA Limited			7.750%								BBB–				4,331,591
	62,847			Reinsurance Group of America Inc., (4)			6.200%								BBB				1,762,858
	239,900			Reinsurance Group of America, Inc., (4)			5.750%								BBB				6,669,220
	74,800			Torchmark Corporation			6.125%								BBB+				2,033,812
				Total Insurance															39,772,107
				Oil, Gas & Consumable Fuels – 1.3%
	84,700			Nustar Energy LP			8.500%								Ba3				2,223,375
	219,800			Nustar Logistics Limited Partnership, (4)			7.625%								Ba2				5,521,376
				Total Oil, Gas & Consumable Fuels															7,744,751
				Thrifts & Mortgage Finance – 2.3%
	103,981			Federal Agricultural Mortgage Corporation			6.875%								N/R				2,784,611
	146,332			Federal Agricultural Mortgage Corporation			6.000%								N/R				3,987,547
	240,100			New York Community Bancorp Inc.			6.375%								Ba1				6,705,993
				Total Thrifts & Mortgage Finance															13,478,151

 

NUVEEN			1

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JPI		Nuveen Preferred and Income Term Fund
		Portfolio of Investments (continued)		October 31, 2017 (Unaudited)

 

Shares				Description (1)		Coupon								Ratings (2)				Value
				U.S. Agency – 4.1%
	222,100			Farm Credit Bank of Texas, 144A, (3)			6.750%								Baa1			$	24,431,000
				Total $25 Par (or similar) Retail Preferred (cost $183,216,899)															197,883,369
Principal Amount (000)				Description (1)		Coupon				Maturity				Ratings (2)				Value
				CORPORATE BONDS – 0.3% (0.2% of Total Investments)
				Insurance – 0.3%
$	1,685			Security Benefit Life Insurance Company, 144A			7.450%				10/01/33				BBB			$	2,018,767
$	1,685			Total Corporate Bonds (cost $1,995,391)															2,018,767
Principal Amount (000)/ Shares				Description (1)		Coupon				Maturity				Ratings (2)				Value
				$1,000 PAR (OR SIMILAR) INSTITUTIONAL PREFERRED – 66.3% (48.4% of Total Investments)
				Automobiles – 0.7%
$	4,025			General Motors Financial Company Inc.			5.750%				N/A (5)				BB+			$	4,201,094
				Banks – 24.8%
	6,870			Bank of America Corporation			6.500%				N/A (5)				BB+				7,857,562
	6,550			Bank of America Corporation			6.300%				N/A (5)				BB+				7,462,284
	4,000			Barclays Bank PLC, 144A, (4)			10.180%				6/12/21				A–				4,938,945
	2,320			Citigroup Inc.			6.250%				N/A (5)				BB+				2,641,900
	9,315			Citigroup Inc.			6.125%				N/A (5)				BB+				9,990,338
	10,425			Citigroup Inc.			5.875%				N/A (5)				BB+				10,913,933
	4,540			Citizens Financial Group Inc.			5.500%				N/A (5)				BB+				4,755,650
	4,265			Commerzbank AG, 144A			8.125%				9/19/23				BBB				5,183,360
	4,351			HSBC Capital Funding LP, Debt, 144A			10.176%				N/A (5)				BBB+				6,953,420
	13,479			JPMorgan Chase & Company			6.750%				N/A (5)				BBB–				15,450,304
	12,425			JPMorgan Chase & Company			5.300%				N/A (5)				BBB–				13,063,645
	3,670			KeyCorp Convertible Preferred Stock			5.000%				N/A (5)				Baa3				3,830,563
	3,000			Lloyds Bank PLC, 144A			12.000%				N/A (5)				BBB–				4,053,873
	2,110			M&T Bank Corporation			6.450%				N/A (5)				Baa2				2,400,125
	5,010			M&T Bank Corporation			5.125%				N/A (5)				Baa2				5,345,670
	4,895			PNC Financial Services			5.000%				N/A (5)				Baa2				5,188,700
	4,855			PNC Financial Services Inc.			6.750%				N/A (5)				Baa2				5,461,875
	4,201			Royal Bank of Scotland Group PLC			7.648%				N/A (5)				Ba2				5,367,618
	4,980			SunTrust Bank Inc.			5.050%				N/A (5)				Baa3				5,106,990
	270			US Bancorp			5.125%				N/A (5)				A3				286,200
	3,010			Wachovia Capital Trust III			5.570%				N/A (5)				BBB				3,021,288
	4,131			Wells Fargo & Company			5.900%				N/A (5)				BBB				4,529,848
	11,675			Wells Fargo & Company			5.875%				N/A (5)				BBB				13,052,650
				Total Banks															146,856,741
				Capital Markets – 3.2%
	3,500			Bank of New York Mellon, (4)			4.950%				N/A (5)				Baa1				3,657,500
	10,440			Goldman Sachs Group Inc.			5.375%				N/A (5)				Ba1				10,819,755
	1,475			Goldman Sachs Group Inc.			5.300%				N/A (5)				Ba1				1,581,937
	1,300			Morgan Stanley			5.550%				N/A (5)				BB+				1,365,000
	1,355			State Street Corporation			5.250%				N/A (5)				Baa1				1,427,831
				Total Capital Market															18,852,023
				Commercial Services & Supplies – 1.0%
	5,495			AerCap Global Aviation Trust			6.500%				6/15/45				BB				5,989,550
				Consumer Finance – 3.1%
	3,635			American Express Company			5.200%				N/A (5)				Baa2				3,762,225
	2,000			American Express Company			4.900%				N/A (5)				Baa2				2,052,500
	7,600			Capital One Financial Corporation			5.550%				N/A (5)				Baa3				7,970,500

 

	2			NUVEEN

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Principal Amount (000)/ Shares				Description (1)		Coupon				Maturity				Ratings (2)				Value
				Consumer Finance (continued)
$	4,465			Discover Financial Services			5.500%				N/A (5)				BB–			$	4,554,300
				Total Consumer Finance															18,339,525
				Diversified Financial Services – 6.3%
	5,875			BNP Paribas, 144A			7.195%				N/A (5)				BBB				6,855,420
	15,700			Compeer Financial, ACA			6.750%				N/A (5)				BB				16,784,281
	2,500			Depository Trust & Clearing Corporation			4.875%				N/A (5)				A				2,593,750
	7,833			Rabobank Nederland, 144A			11.000%				N/A (5)				Baa2				8,889,887
	2,052			Voya Financial Inc., (4)			5.650%				5/15/53				Baa3				2,166,502
				Total Diversified Financial Services															37,289,840
				Electric Utilities – 2.4%
	2,370			Electricite de France, 144A			5.250%				N/A (5)				BBB				2,467,762
	10,525			Emera, Inc., (4)			6.750%				6/15/76				BBB–				12,037,969
				Total Electric Utilities															14,505,731
				Equity Real Estate Investment Trusts – 2.6%
	12,298			Sovereign Real Estate Investment Trust, 144A			12.000%				N/A (5)				Ba1				15,372,500
				Food Products – 3.2%
	2,360			Dairy Farmers of America Inc., 144A			7.125%				N/A (5)				Baa3				2,634,350
	1,410			Land O’ Lakes Capital Trust I, 144A, (4)			7.450%				3/15/28				Ba1				1,649,700
	10,170			Land O’ Lakes Incorporated, 144A			8.000%				N/A (5)				BB				11,288,700
	3,370			Land O’ Lakes Incorporated, 144A			7.250%				N/A (5)				BB				3,639,600
				Total Food Products															19,212,350
				Industrial Conglomerates – 3.7%
	21,047			General Electric Capital Corporation			5.000%				N/A (5)				A				21,908,454
				Insurance – 13.9%
	27,000			Financial Security Assurance Holdings, 144A, (4)			6.400%				12/15/66				BBB+				26,460,000
	2,299			La Mondiale SAM, Reg S			7.625%				N/A (5)				BBB				2,447,860
	4,770			MetLife Inc., 144A			9.250%				4/08/38				BBB				7,089,412
	3,655			MetLife Inc.			5.250%				N/A (5)				BBB				3,822,618
	7,703			Provident Financing Trust I, (4)			7.405%				3/15/38				Baa3				8,819,935
	3,325			Prudential Financial Inc., (4)			5.875%				9/15/42				BBB+				3,667,475
	11,260			QBE Insurance Group Limited, 144A, (4)			7.500%				11/24/43				Baa2				13,027,820
	2,335			QBE Insurance Group Limited, Reg S			6.750%				12/02/44				BBB				2,647,306
	14,226			Symetra Financial Corporation, 144A, (LIBOR reference rate + 4.177% spread), (11)			5.530%				10/15/37				Baa2				14,297,130
				Total Insurance															82,279,556
				Metals & Mining – 0.8%
	4,370			BHP Billiton Finance USA Limited, 144A			6.250%				10/19/75				A–				4,785,150
				U.S. Agency – 0.1%
	752			Farm Credit Bank of Texas, 144A			10.000%				N/A (5)				Baa1				917,440
				Wireless Telecommunication Services – 0.5%
	3,145			Viacom Inc.			5.875%				2/28/57				Ba1				3,114,336
				Total $1,000 Par (or similar) Institutional Preferred (cost $363,653,381)															393,624,290

 

NUVEEN			3

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JPI		Nuveen Preferred and Income Term Fund
		Portfolio of Investments (continued)		October 31, 2017 (Unaudited)

 

Principal Amount (000)				Description (1)		Coupon				Maturity				Ratings (2)				Value
				CONTINGENT CAPITAL SECURITIES – 36.2% (26.4% of Total Investments) (6)
				Banks – 28.8%
$	2,450			Australia and New Zealand Banking Group Limited of the United Kingdom, 144A			6.750%				N/A (5)				Baa2			$	2,814,805
	2,600			Banco Bilbao Vizcaya Argentaria S.A, Reg S			9.000%				N/A (5)				BB				2,688,712
	1,110			Banco Mercantil del Norte, 144A			7.625%				N/A (5)				BB				1,205,737
	1,200			Banco Santander SA, Reg S			6.375%				N/A (5)				Ba1				1,248,000
	12,580			Barclays PLC			8.250%				N/A (5)				BB+				13,371,534
	4,745			Barclays PLC, Reg S			7.875%				N/A (5)				BB+				5,291,263
	8,684			Credit Agricole SA, 144A			8.125%				N/A (5)				BBB–				10,452,705
	4,305			Credit Agricole SA, 144A			7.875%				N/A (5)				BBB–				4,902,319
	4,250			Credit Agricole, S.A, 144A			6.625%				N/A (5)				BBB–				4,467,812
	3,790			HSBC Holdings PLC			6.875%				N/A (5)				BBB				4,173,738
	1,500			HSBC Holdings PLC			6.000%				N/A (5)				BBB				1,593,750
	1,000			ING Groep N.V., Reg S			6.875%				N/A (5)				BBB–				1,114,432
	5,390			ING Groep N.V.			6.500%				N/A (5)				BBB–				5,916,064
	20,000			Intesa Sanpaolo SpA, 144A			7.700%				N/A (5)				BB–				21,850,000
	22,045			Lloyds Banking Group PLC			7.500%				N/A (5)				BB+				25,158,856
	4,390			Nordea Bank AB, 144A			6.125%				N/A (5)				BBB				4,790,587
	5,360			Royal Bank of Scotland Group PLC			8.625%				N/A (5)				Ba3				6,069,664
	6,000			Royal Bank of Scotland Group PLC			8.000%				N/A (5)				Ba3				6,859,200
	5,555			Royal Bank of Scotland Group PLC			7.500%				N/A (5)				Ba3				5,952,183
	7,913			Societe Generale, 144A			7.875%				N/A (5)				BB+				8,971,364
	7,215			Societe Generale, 144A			7.375%				N/A (5)				BB+				7,972,575
	2,530			Standard Chartered PLC, 144A			7.500%				N/A (5)				Ba1				2,775,284
	2,240			Standard Chartered PLC, 144A			6.500%				N/A (5)				Ba1				2,329,600
	13,008			UniCredit SpA, Reg S			8.000%				N/A (5)				B+				14,399,544
	4,210			Westpac Banking Corp.			5.000%				N/A (5)				Baa2				4,229,854
	154,070			Total Banks															170,599,582
				Capital Markets – 5.9%
	11,007			Credit Suisse Group AG, 144A			7.500%				N/A (5)				BB				12,795,637
	1,400			Credit Suisse Group AG, Reg S			7.125%				N/A (5)				Ba2				1,533,000
	4,500			Macquarie Bank Limited, 144A			6.125%				N/A (5)				Ba1				4,719,375
	3,762			UBS Group AG, Reg S			7.125%				N/A (5)				BBB–				4,053,555
	10,635			UBS Group AG, Reg S			7.000%				N/A (5)				BBB–				12,184,371
	31,304			Total Capital Markets															35,285,938
				Diversified Financial Services – 1.5%
	3,360			BNP Paribas, 144A			7.625%				N/A (5)				BBB–				3,767,400
	4,330			BNP Paribas, 144A			7.375%				N/A (5)				BBB–				5,001,150
	7,690			Total Diversified Financial Services															8,768,550
$	193,064			Total Contingent Capital Securities (cost $199,297,123)															214,654,070
				Total Long-Term Investments (cost $748,162,794)															808,180,496
Principal Amount (000)				Description (1)		Coupon				Maturity								Value
				SHORT-TERM INVESTMENTS – 1.0% (0.7% of Total Investments)
				REPURCHASE AGREEMENTS – 1.0% (0.7% of Total Investments)
$	5,718			Repurchase Agreement with Fixed Income Clearing Corporation dated 10/31/17, repurchase price $5,717,823, collateralized by $5,835,000 U.S. Treasury Notes, 2.125%, due 5/15/17, value $5,836,797			0.120%				11/01/17							$	5,717,804
				Total Short-Term Investments (cost $5,717,804)															5,717,804
				Total Investments (cost $753,880,598) – 137.2%															813,898,300
				Borrowings – (37.9)% (7), (8)															(225,000,000	)
				Other Assets Less Liabilities – 0.7% (9)															4,348,882
				Net Assets Applicable to Common Shares – 100%														$	593,247,182

 

	4			NUVEEN

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Investments in Derivatives as of October 31, 2017

Interest Rate Swaps — OTC Uncleared

 

Counterparty		Notional Amount				Fund Pay/Receive Floating Rate				Floating Rate Index				Fixed Rate (Annualized)				Fixed Rate Payment Frequency				Effective Date (10)				Optional Termination Date				Maturity Date				Value				Premiums Paid (Received)				Unrealized Appreciation (Depreciation)
JPMorgan Chase Bank, N.A.		$	84,375,000				Receive				1-Month LIBOR				1.735	%			Monthly				12/01/17				12/01/18				12/01/20			$	(309,464	)		$	1,646,888			$	(1,956,352	)
Morgan Stanley Capital Services, LLC			112,000,000				Receive				1-Month LIBOR				1.928				Monthly				6/01/18				3/01/23				3/01/24				305,647				—				305,647
Total		$	196,375,000																															$	(3,817	)		$	1,646,888			$	(1,650,705	)

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		$	133,037,337			$	64,846,032			$	—			$	197,883,369
Corporate Bonds			—				2,018,767				—				2,018,767
$1,000 Par (or similar) Institutional Preferred			—				393,624,290				—				393,624,290
Contingent Capital Securities			—				214,654,070				—				214,654,070
Short-Term Investments:
Repurchase Agreements			—				5,717,804				—				5,717,804
Investments in Derivatives:
Interest Rate Swaps*			—				(1,650,705	)			—				(1,650,705	)
Total		$	133,037,337			$	679,210,258			$	—			$	812,247,595

*	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 real estate investment trust (“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.

 

NUVEEN			5

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JPI		Nuveen Preferred and Income Term Fund
		Portfolio of Investments (continued)		October 31, 2017 (Unaudited)

 

The tables below present below present the cost and unrealized appreciation (depreciation) of the Fund’s investment portfolio, as determined on a federal income tax basis, as of October 31, 2017.

For purposes of this disclosure, derivative tax cost is generally the sum of any upfront fees or premiums exchanged and any amounts unrealized for income statement reporting but realized in income and/or capital gains for tax reporting. If a particular derivative category does not disclose any tax unrealized appreciation or depreciation, the change in value of those derivatives have generally been fully realized for tax purposes.

 

Tax cost of investments		$	753,102,180
Gross unrealized:
Appreciation		$	61,555,200
Depreciation			(759,080	)
Net unrealized appreciation (depreciation) of investments		$	60,796,120
Tax cost of swaps		$	1,646,888
Net unrealized appreciation (depreciation) of swaps		$	(1,650,705	)

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 $163,152,641.

 

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

 

(6)

Contingent Capital Securities (“CoCos”) are hybrid securities with loss absorption characteristics built into the terms of the security for the benefit of the issuer. For example, the terms may specify 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.

 

(7)

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) in the Portfolio of Investments as collateral for borrowings. As of the end of the reporting period, investments with a value of $523,002,875 have been pledged as collateral for borrowings.

 

(8)	Borrowings as a percentage of Total Investments is 27.6%.

 

(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.

 

(11)	Variable rate security. The rate shown is the coupon as of the end of the reporting period.

 

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.

 

LIBOR

London Inter-Bank Offered Rate

 

REIT	Real Estate Investment Trust

 

	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 29, 2017

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 29, 2017
By (Signature and Title)		/s/ Stephen D. Foy
		Stephen D. Foy
		Vice President and Controller (principal financial officer)
Date: December 29, 2017