	Portfolio of Investments (Unaudited)

	Nuveen Preferred and Income Term Fund (JPI)
	April 30, 2013

Shares		Description (1)	Coupon		Ratings (2)	Value
		$25 Par (or similar) Retail Structures - 21.8% (15.9% of Total Investments)
		Capital Markets - 1.6%
50,000		Deutsche Bank Contingent Capital Trust V	8.050%		BBB	$ 1,463,500
16,894		Deutsche Bank Capital Funding Trust VIII	6.375%		BBB	428,094
242,100		Goldman Sachs Group, Inc.	5.500%		BB+	6,224,391
25,000		Morgan Stanley Capital Trust VI	6.600%		BB+	633,000
25,000		Morgan Stanley Capital Trust VII	6.600%		BB+	633,750
		Total Capital Markets				9,382,735
		Commercial Banks - 5.2%
199,800		Cobank Agricultural Credit Bank, 144A, (3)	6.250%		A-	21,378,600
100,000		Cobank Agricultural Credit Bank, (3)	11.000%		A-	5,556,250
153,800		Texas Capital Bancshares Inc.	6.500%		BB	3,866,532
		Total Commercial Banks				30,801,382
		Diversified Financial Services - 8.6%
432,500		Aspen Insurance Holdings Limited, WI/DD	5.950%		BBB-	11,201,750
840,603		ING Groep N.V	8.500%		BBB-	22,107,859
651,000		ING Groep N.V	7.375%		BBB-	16,665,600
40,000		ING Groep N.V	7.200%		BBB-	1,024,400
		Total Diversified Financial Services				50,999,609
		Insurance - 6.4%
15,000		Aegon N.V	8.000%		Baa1	428,250
100,000		Aegon N.V	6.500%		Baa1	2,534,000
43,000		Arch Capital Group Limited	6.750%		BBB	1,186,800
50,000		Aspen Insurance Holdings Limited	7.250%		BBB-	1,364,000
182,123		Axis Capital Holdings Limited	6.875%		BBB	5,052,092
375,000		Endurance Specialty Holdings Limited	7.500%		BBB-	10,335,000
400,000		Maiden Holdings Limited	8.250%		BB	10,640,000
130,000		PartnerRe Limited	7.250%		BBB+	3,711,500
92,800		W.R. Berkley Corporation, WI/DD	5.625%		A-	2,320,000
		Total Insurance				37,571,642
		Total $25 Par (or similar) Retail Structures (cost $125,739,985)				128,755,368

Principal
Amount (000)		Description (1)	Coupon	Maturity	Ratings (2)	Value
		Corporate Bonds - 2.1% (1.6% of Total Investments)
		Insurance - 2.1%
$	8,430	Nationwide Mutual Insurance Company, 144A	9.375%	8/15/39	A-	$ 12,698,294
$	8,430	Total Corporate Bonds (cost $11,462,304)				12,698,294

Principal
Amount (000)/
Shares		Description (1)	Coupon	Maturity	Ratings (2)	Value
		$1,000 Par (or similar) Institutional Structures - 112.7% (82.1% of Total Investments)
		Capital Markets - 3.5%
840		Aberdeen Asset Management LLC, Reg S	7.000%	N/A (4)	BBB-	$ 878,220
2,000		Aberdeen Asset Management, Reg S	7.900%	N/A (4)	N/A	2,025,000
3,509		Credit Suisse Guernsey, Reg S	7.875%	2/24/41	BBB-	3,851,128
1,972		Macquarie PMI LLC	8.375%	N/A (4)	BB+	2,090,320
10,000		UBS AG Stamford	7.625%	8/17/22	BBB+	11,595,440
		Total Capital Markets				20,440,108
		Commercial Banks - 32.0%
7,275		Banco Santander Finance	7.908%	6/13/36	Ba1	7,675,125
20,440		Banco Santander Finance	10.500%	N/A (4)	BB	21,766,597
13,000		Barclays Bank PLC, 144A	10.179%	6/12/21	A-	17,785,300
25,400		BNP Paribas, 144A	7.195%	N/A (4)	BBB	27,082,750
2,061		HSBC Capital Funding LP, Debt, 144A	10.176%	N/A (4)	BBB+	2,988,450
6,000		PNC Financial Services Inc.	6.750%	N/A (4)	BBB	6,890,958
32,302		Rabobank Nederland, 144A	11.000%	N/A (4)	A-	43,366,106
5,473		Royal Bank of Scotland Group PLC	7.648%	N/A (4)	BB	5,746,650
13,962		Societe Generale, Reg S	8.750%	N/A (4)	BBB-	14,939,340
35,650		Wells Fargo & Company	7.980%	N/A (4)	BBB+	41,309,438
		Total Commercial Banks				189,550,714
		Diversified Financial Services - 17.1%
20,845		Bank of America Corporation	8.000%	N/A (4)	BB+	23,680,441
5,000		Citigroup Inc.	5.950%	N/A (4)	BB	5,237,500
26,465		General Electric Capital Corporation, (5)	7.125%	N/A (4)	AA-	30,980,855
27,760		JPMorgan Chase & Company	7.900%	N/A (4)	BBB	32,330,906
8,875		JPMorgan Chase & Company	5.150%	N/A (4)	BBB	9,019,219
		Total Diversified Financial Services				101,248,921
		Insurance - 58.5%
12,701		American General Capital II	8.500%	7/01/30	BBB	17,239,499
6,680		American International Group, Inc.	8.175%	5/15/68	BBB	9,034,700
18,740		Aviva PLC, Reg S	8.250%	N/A (4)	Baa1	20,475,380
7,935		AXA SA, 144A	6.380%	N/A (4)	Baa1	7,954,838
5,740		AXA SA	8.600%	12/15/30	A3	7,399,170
30,360		Catlin Insurance Company Limited, 144A	7.249%	N/A (4)	BBB+	31,308,750
2,640		Cloverie PLC Zurich Insurance, Reg S	8.250%	N/A (4)	A	3,082,200
1,900		Dai-Ichi Mutual Life, 144A	7.250%	N/A (4)	A3	2,219,390
36,660		Financial Security Assurance Holdings, 144A	6.400%	12/15/66	BBB	33,910,500
1,450		Friends Life Group PLC, Reg S	7.875%	N/A (4)	BBB+	1,593,408
35,640		Glen Meadows Pass Through Trust	6.505%	8/15/67	BB+	34,258,950
1,410		Great West Life & Annuity Insurance Capital LP II, 144A	7.153%	5/16/46	A-	1,498,125
2,950		Liberty Mutual Group Inc., 144A	10.750%	6/15/88	Baa3	4,572,500
18,198		Lincoln National Corporation	7.000%	5/17/66	BBB	18,698,445
23,555		MetLife Capital Trust X, 144A	9.250%	4/08/68	BBB	32,977,000
5,440		MetLife Inc.	10.750%	8/01/69	BBB	8,649,600
5,305		Provident Financing Trust I	7.405%	3/15/38	Baa3	5,815,368
30,849		Prudential Financial Inc.	8.875%	6/15/68	BBB+	38,407,005
5,000		Prudential PLC	7.750%	N/A (4)	A-	5,450,000
2,000		Prudential PLC	6.500%	N/A (4)	A-	2,010,904
16,410		QBE Capital Funding Trust II, 144A	7.250%	5/24/41	BBB+	17,415,113
7,183		Reinsurance Group of America Inc.	6.750%	12/31/65	BBB-	7,308,703
2,500		Sompo Japan Insurance, 144A	5.325%	3/28/73	A-	2,596,874
28,226		Symetra Financial Corporation, 144A	8.300%	10/15/37	BBB-	29,919,560
2,000		White Mountain Re Group Limited, 144A	7.506%	N/A (4)	BB+	2,116,930
		Total Insurance				345,912,912
		Real Estate Investment Trust - 1.5%
7		Sovereign Real Estate Investment Trust, 144A	12.000%	N/A (4)	Ba1	8,945,271
		U.S. Agency - 0.1%
1		Farm Credit Bank of Texas	10.000%	N/A (4)	A3	632,677
		Total $1,000 Par (or similar) Institutional Structures (cost $625,433,162)				666,730,603

Principal
Amount (000)		Description (1)	Coupon	Maturity	Ratings (2)	Value
		Short -Term Investments - 0.6% (0.4% of Total Investments)
$	3,573	Repurchase Agreement with Fixed Income Clearing Corporation, dated 4/30/13, repurchase price $3,572,753, collateralized by $2,330,000 U.S. Treasury Bonds, 8.125%, due 5/15/17, value $3,649,891	0.010%	5/1/2013	AAA	$ 3,572,752
		Total Short-Term Investments (cost $3,572,752)				3,572,752
		Total Investments (cost $766,208,203) - 137.2%				811,757,017
		Borrowings - (38.0)% (6), (7)				(225,000,000)
		Other Assets Less Liabilities - 0.8% (8)				4,596,461
		Net Assets - 100%				$ 591,353,478

Investments in Derivatives as of April 30, 2013

Interest Rate Swaps outstanding :

Fund

Fixed Rate

Unrealized

Notional

Pay/Receive

Fixed Rate

Payment

Effective

Termination

Appreciation

Counterparty

Amount

Floating Rate

Floating Rate Index

(Annualized)

Frequency

Date(9)

Date

(Depreciation)(8)

JPMorgan

$84,375,000

Receive

1-Month USD-LIBOR

1.498

Monthly

12/01/14

12/1/18

$ (1,066,001)

JPMorgan

84,375,000

Receive

1-Month USD-LIBOR

1.995

Monthly

12/01/14

12/1/20

(1,620,950)

$ (2,686,951)

Fair Value Measurements

Fair value is defined as the price that the Fund 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) Retail Structures				$	101,820,518		$	26,934,850		$	–		$		128,755,368
Corporate Bonds				–			12,698,294			–			12,698,294
$1,000 Par (or similar) Institutional Structures				–			666,730,603			–			666,730,603
Short-Term Investments:
Repurchase Agreements				–			3,572,752			–			3,572,752
Derivatives:
Interest Rate Swaps*				–			(2,686,951		)	–			(2,686,951					)
Total				$	101,820,518		$	707,249,548		$	–		$		809,070,066

* Represents net unrealized appreciation (depreciation) as reported in the Fund’s Portfolio of Investments.

The table below presents the transfers in and out of the three valuation levels for the Fund as of the end of the reporting period when compared to the valuation levels as of the end of the previous fiscal year. Changes in valuation inputs or methodologies may result in transfers into or out of an assigned level within the fair value hierarchy. Transfers in or out of levels are generally due to the availability of publicly available information and to the significance or extent a manager determines that the valuation inputs or methodologies may impact the valuation of those securities.

Level 1			Level 2						Level 3
Transfers In		(Transfers Out)	Transfers In			(Transfers Out)			Transfers In			(Transfers Out)
$ –		$ (8,945,271)	$ 8,945,271			$ –			$ –			$ –

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. As of April 30,2013, the cost of investments (excluding investments in derivatives) was $766,612,853. Gross unrealized appreciation and gross unrealized depreciation of investments (excluding investments in derivatives) as of April 30, 2013, were as follows:

Gross unrealized:
Appreciation														$		45,362,265
Depreciation														(218,101			)
Net unrealized appreciation (depreciation) of investments														$		45,144,164

	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.
(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) Retail Structures classified as Level 2.
(4)	Perpetual security. Maturity date is not applicable.
(5)	Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in derivatives.
(6)	The Fund may pledge up to 100% of its eligible investments in the Portfolio of Investments as collateral for Borrowings. As of April 30, 2013, investments with a value of $477,057,374 have been pledged as collateral for Borrowings.
(7)	Borrowings as a percentage of Total Investments is 27.7%.
(8)	Other Assets Less Liabilities includes the Unrealized Appreciation (Depreciation) of derivative instruments as listed within Investments in Derivatives as of the end of the reporting period.
(9)	Effective date represents the date on which both the Fund and Counterparty commence interest payment accruals on each swap contract.
WI/DD	Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.
144A	Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.
Reg S	Regulation S allows U.S. companies to sell securities to persons or entities located outside of the United States without registering those securities with the Securities and Exchange Commission. Specifically, Regulation S provides a safe harbor from the registration requirements of the Securities Act for the offers and sales of securities by both foreign and domestic issuers that are made outside the United States.
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)