Nuveen Preferred and Income Term Fund seeks to provide a high level of current income and total return by investing at least 80% of its managed assets in preferred and other income-producing securities, including hybrid securities such as contingent capital securities, with a focus on securities issued by financial and insurance firms. At least 50% of its managed assets are rated investment grade at the time of purchase or, if unrated, judged to be of comparable quality by the fund’s portfolio team. The Fund uses leverage and has a 12-year term and intends to liquidate and distribute its then-current net assets to shareholders on or before 31 Aug 2024.