	Portfolio of Investments (Unaudited)

	Nuveen Preferred and Income Term Fund (JPI)
	October 31, 2012

Shares		Description (1)			Coupon				Ratings (2)	Value
		$25 Par (or similar) Preferred Securities – 34.7% (25.2% of Total Investments)
		Capital Markets – 2.6%
8,710,000		Aberdeen Asset Management PLC, (3)			7.900%				N/R	$ 8,720,888
50,000		Deutsche Bank Capital Funding Trust I			7.350%				BBB	1,271,000
50,000		Deutsche Bank Capital Funding Trust V			8.050%				BBB	1,385,000
1,972,000		Macquarie PMI LLC, (3)			8.375%				BB+	2,021,300
25,000		Morgan Stanley Capital Trust VI			6.600%				BB+	625,500
25,000		Morgan Stanley Capital Trust VII			6.600%				BB+	625,500
		Total Capital Markets								14,649,188
		Commercial Banks – 9.5%
220,000		Barclays Bank PLC			8.125%				BBB	5,687,000
332,200		Cobank Agricultural Credit Bank, (3)			6.250%				A-	35,130,150
452,617		U.S. Bancorp.			6.500%				BBB+	13,383,885
		Total Commercial Banks								54,201,035
		Diversified Financial Services – 7.8%
5,000,000		Citigroup Inc., (3)			5.950%				BB	5,153,125
840,603		ING Groep N.V.			8.500%				BBB-	21,973,362
651,000		ING Groep N.V.			7.375%				BBB-	16,424,730
40,000		ING Groep N.V.			7.200%				BBB-	1,009,200
		Total Diversified Financial Services								44,560,417
		Insurance – 14.8%
15,000		Aegon N.V.			8.000%				Baa1	416,100
100,000		Aegon N.V.			6.500%				Baa1	2,508,000
50,000		Aegon N.V.			6.375%				Baa1	1,294,000
50,000		Allianz SE, (3)			8.375%				A+	1,292,190
7,407,000		American International Group, Inc., (3)			8.175%				BBB	9,240,233
43,000		Arch Capital Group Limited			6.750%				BBB	1,157,990
50,000		Aspen Insurance Holdings Limited			7.250%				BBB-	1,340,000
17,300,000		Aviva PLC, (3)			8.250%				Baa1	18,597,500
182,123		Axis Capital Holdings Limited			6.875%				BBB	4,890,003
1,000,000		Dai-Ichi Mutual Life, 144A, (3)			7.250%				A3	1,167,700
375,000		Endurance Specialty Holdings Limited			7.500%				BBB-	10,260,000
400,000		Maiden Holdings Limited			8.250%				BB	10,372,000
130,000		PartnerRe Limited			7.250%				BBB+	3,621,800
5,000,000		Prudential PLC, (3)			7.750%				A-	5,425,000
3,000,000		Reinsurance Group of America Inc., (3)			6.750%				BBB-	3,035,246
360,000		Reinsurance Group of America Inc.			6.200%				BBB	9,835,200
13,774		Selective Insurance Group			7.500%				Baa3	350,961
		Total Insurance								84,803,923
		Total $25 Par (or similar) Preferred Securities (cost $194,948,271)								198,214,563

Principal
Amount (000)		Description (1)			Coupon		Maturity		Ratings (2)	Value
		Corporate Bonds – 8.7% (6.3% of Total Investments)
		Capital Markets – 2.8%
$	15,000	UBS AG Stamford			7.625%		8/17/22		BBB-	$ 16,176,105
		Insurance – 5.9%
11,430		Nationwide Mutual Insurance Company, 144A			9.375%		8/15/39		A-	16,569,557
16,410		QBE Capital Funding Trust II, 144A			7.250%		5/24/41		BBB+	17,148,450
27,840		Total Insurance								33,718,007
$	42,840	Total Corporate Bonds (cost $46,611,148)								49,894,112

Principal
Amount (000)/
Shares		Description (1)			Coupon		Maturity		Ratings (2)	Value
		Capital Preferred Securities – 93.4% (67.7% of Total Investments)
		Commercial Banks – 30.2%
7,275		Banco Santander Finance			7.908%		6/13/36		Ba1	$ 7,638,750
20,440		Banco Santander Finance			10.500%		N/A (4)		BB	21,462,000
13,000		Barclays Bank PLC, 144A			10.179%		6/12/21		A-	17,241,770
25,400		BNP Paribas, 144A			7.195%		N/A (4)		BBB	25,019,000
2,061		HSBC Capital Funding LP, Debt			10.176%		N/A (4)		BBB+	2,823,570
7,000		PNC Financial Services Inc.			6.750%		N/A (4)		BBB	8,072,330
29,303		Rabobank Nederland, 144A			11.000%		N/A (4)		A-	39,192,094
8,720		Societe Generale			8.750%		N/A (4)		BBB-	8,851,672
35,650		Wells Fargo & Company, Series K			7.980%		N/A (4)		BBB+	42,156,125
		Total Commercial Banks								172,457,311
		Consumer Finance – 0.8%
4,596		Capital One Capital III Corporation			7.686%		8/01/36		Baa3	4,662,182
		Diversified Financial Services – 17.8%
20,845		Bank of America Corporation			8.000%		N/A (4)		BB+	23,215,493
31,600		General Electric Capital Corporation			7.125%		N/A (4)		AA-	36,153,244
36,650		JPMorgan Chase & Company			7.900%		N/A (4)		BBB	42,210,905
		Total Diversified Financial Services								101,579,642
		Insurance – 44.0%
12,701		American General Capital II			8.500%		7/01/30		Baa2	15,558,725
34,560		AXA SA, 144A			6.379%		N/A (4)		Baa1	32,313,600
29,060		Catlin Insurance Company Limited			7.249%		N/A (4)		BBB+	29,350,600
2,640		Cloverie PLC Zurich Insurance			8.250%		N/A (4)		A	2,996,400
31,660		Financial Security Assurance Holdings, 144A			6.400%		12/15/66		Baa1	24,378,200
25,640		Glen Meadows Pass Through Trust			6.505%		2/12/67		BB+	23,332,400
11,708		Lincoln National Corporation			7.000%		5/17/66		BBB	12,000,700
23,555		MetLife Capital Trust X, 144A			9.250%		4/08/38		BBB	32,741,450
5,790		MetLife Inc.			10.750%		8/01/39		BBB	8,713,950
30,849		Prudential Financial Inc.			8.875%		6/15/38		BBB+	38,098,515
2,000		Prudential PLC			6.500%		N/A (4)		A-	1,990,000
27,226		Symetra Financial Corporation, 144A			8.300%		10/15/37		BBB-	28,042,780
2,000		White Mountains Re Group Limited			7.506%		N/A (4)		BB+	2,077,800
		Total Insurance								251,595,120
		Real Estate Investment Trust – 0.6%
3		Sovereign Real Estate Investment Trust, 144A			12.000%		N/A (4)		Ba1	3,360,314
		Total Capital Preferred Securities (cost $512,980,054)								533,654,569

Principal
Amount (000)		Description (1)			Coupon		Maturity			Value
		Short-Term Investments – 1.1% (0.8% of Total Investments)
$	6,437	Repurchase Agreement with State Street Bank, dated 10/31/12, repurchase price $6,436,543, collateralized by: $5,975,000 U.S. Treasury Bonds, 3.125%, due 11/15/41, value $6,382,836 and $180,000 U.S. Treasury Notes, 1.500%, due 6/30/16, value $187,301			0.010%		11/01/12			$ 6,436,541
		Total Short-Term Investments (cost $6,436,541)								6,436,541
		Total Investments (cost $760,976,014) – 137.9%								788,199,785
		Borrowings – (39.4)% (5), (6)								(225,000,000			)
		Other Assets Less Liabilities – 1.5%								8,453,788
		Net Assets Applicable to Common Shares – 100%								$571,653,573

		Fair Value Measurements

		Fair value is defined as the price that the Funds would receive 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) Preferred Securities		$ 108,431,231		$ 89,783,332		$ —			$ 198,214,563
		Corporate Bonds		—		49,894,112		—			49,894,112
		Capital Preferred Securities		—		533,654,569		—			533,654,569
		Short-Term Investments:
		Repurchase Agreements		—		6,436,541		—			6,436,541
		Total		$ 108,431,231		$ 679,768,554		$ —			$ 788,199,785

		* Refer to the Fund’s Portfolio of Investments for industry classification and breakdown of $25 Par (or similar) Preferred Securities classified as Level 2. The Nuveen funds’ Board of Directors/Trustees is responsible for the valuation process and has delegated the oversight of the daily valuation process to the Adviser’s Valuation Committee. The Valuation Committee, pursuant to the valuation policies and procedures adopted by the Board of Directors/Trustees, is responsible for making fair value determinations, evaluating the effectiveness of the funds’ pricing policies, and reporting to the Board of Directors/Trustees. The Valuation Committee is aided in its efforts by the Adviser’s dedicated Securities Valuation Team, which is responsible for administering the daily valuation process and applying fair value methodologies as approved by the Valuation Committee. When determining the reliability of independent pricing services for investments owned by the funds, the Valuation Committee, among other things, conducts due diligence reviews of the pricing services and monitors the quality of security prices received through various testing reports conducted by the Securities Valuation Team. The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible methodologies include, but are not limited to, multiple of earnings; discount from market of a similar freely traded security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield analysis; yield to maturity; and/or fundamental investment analysis. The Valuation Committee will also consider factors it deems relevant and appropriate in light of the facts and circumstances. Examples of possible factors include, but are not limited to, the type of security; the issuer’s financial statements; the purchase price of the security; the discount from market value of unrestricted securities of the same class at the time of purchase; analysts’ research and observations from financial institutions; information regarding any transactions or offers with respect to the security; the existence of merger proposals or tender offers affecting the security; the price and extent of public trading in similar securities of the issuer or comparable companies; and the existence of a shelf registration for restricted securities. For each portfolio security that has been fair valued pursuant to the policies adopted by the Board of Directors/Trustees, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such testing and fair valuation occurrences are reported to the Board of Directors/Trustees. 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 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. At October 31, 2012, the cost of investments was $761,093,421. Gross unrealized appreciation and gross unrealized depreciation of investments at October 31, 2012, were as follows:


		Gross unrealized:
		Appreciation									$ 27,828,642
		Depreciation									(722,278	)

		Net unrealized appreciation (depreciation) of investments									$ 27,106,364


			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, $25 Par (or similar) Preferred Security categorized as Level 2.
		(4)	Perpetual security. Maturity date is not applicable.
		(5)	Borrowings as a percentage of Total Investments is 28.5%.
		(6)	The Fund may pledge up to 100% of its eligible investments in the Portfolio of Investments as collateral for Borrowings. As of October 31, 2012, investments with a value of $582,753,594 have been pledged as collateral for Borrowings.
		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.
		N/A	Not applicable.

By (Signature and Title)	/s/ Kevin J. McCarthy
	Kevin J. McCarthy
	Vice President and Secretary

By (Signature and Title)	/s/ Gifford R. Zimmerman
	Gifford R. Zimmerman
	Chief Administrative Officer (principal executive officer)

By (Signature and Title)	/s/ Stephen D. Foy
	Stephen D. Foy
	Vice President and Controller (principal financial officer)