JHY Nuveen High Income 2020 Target Term Fund

ITEM 1. REPORTS TO STOCKHOLDERS.

Closed-End Funds

31 December

2019

Nuveen Closed-End Funds

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Table of Contents

3

Chair’s Letter to Shareholders

4

Portfolio Managers’ Comments

Nuveen High Income 2020 Target Term Fund (JHY)

Nuveen High Income November 2021 Target Term Fund (JHB)

Nuveen High Income 2023 Target Term Fund (JHAA)

Nuveen High Income 2020 Target Term Fund (JHY), Nuveen High Income November 2021 Target Term Fund (JHB) and Nuveen High Income 2023 Target Term Fund (JHAA) are closed-end funds that are advised by Nuveen Fund Advisors, LLC (NFAL) and feature portfolio management by Nuveen Asset Management, LLC (NAM). Kevin Lorenz, CFA, (March 26, 2019), Anders Persson, CFA, and Michael Ainge, CFA, serve as the portfolio managers on the Funds.

Effective July 31, 2019, Timothy Palmer is no longer be a portfolio manager on the Fund.

Here the Funds’ portfolio management team discusses the economy and financial markets, key investment strategies and the Funds’ performance for the twelve-month reporting period ended December 31, 2019.

What factors affected the U.S. economy and financial markets during the twelve-month reporting period ended December 31, 2019?

The U.S. economy reached the tenth year of expansion since the previous recession ended in June 2009, marking the longest expansion in U.S. history. In the fourth quarter of 2019, gross domestic product (GDP) grew at an annualized rate of 2.1%, according to the “advance” estimate by the Bureau of Economic Analysis. GDP measures the value of goods and services produced by the nation’s economy less the value of the goods and services used up in production, adjusted for price changes. In the final months of the year, the economy was boosted by moderate consumer spending, along with positive contributions from government spending and trade, which offset weakness in business investment. For 2019 as a whole, U.S. GDP grew 2.3%, a decline from 2.9% in 2018 and the slowest pace since 2016.

Consumer spending, the largest driver of the economy, remained well supported by low unemployment, wage gains and tax cuts. As reported by the Bureau of Labor Statistics, the unemployment rate fell to 3.5% in December 2019 from 3.9% in December 2018 and job gains averaged around 176,000 per month for the past twelve months. As the jobs market has tightened, average hourly earnings grew at an annualized rate of 2.9% in December 2019. However, inflation remained subdued. The Bureau of Labor Statistics said the Consumer Price Index (CPI) increased 2.3% over the twelve-month reporting period ended December 31, 2019 before seasonal adjustment.

Low mortgage rates and low inventory drove home prices moderately higher in this reporting period, despite declining new home sales and housing starts. The S&P CoreLogic Case-Shiller U.S. National Home Price Index, which covers all

This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy, sell or hold a security or an investment strategy and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on an investor’s objectives and circumstances and in consultation with his or her advisors.

Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio managers as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.

For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc. (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.

Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.

5

Portfolio Managers’ Comments (continued)

nine U.S. census divisions, was up 3.5% year-over-year in November 2019 (most recent data available at the time this report was prepared). The 10-City and 20-City Composites reported year-over-year increases of 2.0% and 2.6%, respectively.

As data pointed to slower momentum in the overall economy, the Federal Reserve (Fed) notably shifted its stance. Although the Fed had indicated in December 2018 that there could be two more rate hikes in 2019, global growth concerns kept the central bank on the sidelines. As expected by the markets, the Fed left rates unchanged throughout the first half of 2019 while speculation increased that the Fed’s next move would be a rate cut. At the July 2019, September 2019 and October 2019 policy committee meetings, the Fed announced a 0.25% cut to its main policy rate. Markets registered disappointment with the Fed’s explanation that the rate cuts were a “mid-cycle adjustment,” rather than a prolonged easing period, and its signal that there would be no additional rate cuts in 2019. Also in the latter half of 2019, the Fed announced it would stop shrinking its bond portfolio sooner than scheduled, as well as began buying short-term Treasury bills to help money markets operate smoothly and maintain short-term borrowing rates at low levels. Fed Chairman Powell emphasized that the Treasury bill purchases were not a form of quantitative easing.

During the twelve-month reporting period, geopolitical news remained a prominent market driver. Tariff and trade policy topped the list of concerns, most prominently the U.S.-China relations. After several rounds of talks, escalating rhetoric from both sides and a series of tariff increases, tensions appeared to ease in the later months of 2019. The U.S. and China signaled their agreement on a partial trade deal, which included rolling back some tariffs, increasing China’s purchases of U.S. agriculture products and the consideration of intellectual property, technology and financial services rights. (Subsequent to the close of the reporting period, the “phase one” deal was signed on January 15, 2020.) While much of the focus remained on the U.S.-China relationship, trade spats between the U.S. and Mexico, the European Union, Brazil and Argentina also arose throughout the reporting period. More than a year after the three countries signed onto the U.S., Mexico and Canada Agreement (USMCA) trade deal, which replaces the North American Free Trade Agreement, the U.S. House of Representatives approved the deal in December 2019 (and, subsequent to the close of the reporting period, the Senate voted in January 2020 to approve it). Global manufacturing and export data continued to show evidence of trade-related slumps, which increased worries that the slowdown would spread into other segments of the global economy.

The Brexit saga also appeared to make a breakthrough by the end of 2019. After former Prime Minister Theresa May was unable to secure a Brexit deal by the original March 29, 2019 deadline, she resigned as of June 7, 2019. When her successor, Boris Johnson, failed to meet the EU’s first deadline extension of October 31, 2019, the EU approved a “flextension” to January 31, 2020. A U.K. general election was scheduled for December 2019, wherein the Conservative Party won a large majority and bolstered Prime Minister Johnson’s mandate to get Brexit done. A few days later, the British Parliament passed the Brexit Bill. In Italy, investors worried about another potential budget clash between the eurosceptic coalition government and the EU. However, following the unexpected resignation of the prime minister in August 2019, the newly formed coalition government appeared to take a less antagonistic stance. Europe also contended with the “yellow vest” protests in France, immigration policy concerns, Russian sanctions and political risk in Turkey.

Elsewhere, anti-government protests erupted across Latin America, Hong Kong and Lebanon during 2019, and Venezuela’s economic and political crisis deepened. In Argentina, markets were shocked by the defeat of incumbent President Macri, prompting concerns about the economic policies favored by the incoming Fernandez administration. Brazil’s Bolsonaro administration achieved a legislative win on pension reform and kept the economy on a path of modest growth. Europe’s traditional centrist parties lost seats in the May 2019 Parliamentary elections and populist parties saw marginal gains. The ruling parties in India and South Africa maintained their majorities, where slower economic growth could complicate their respective reform mandates.

6

Nuveen High Income 2020 Target Term Fund (JHY)

What key strategies were used to manage the Fund during this twelve-month reporting period ended December 31, 2019?

The Fund has an objective to provide a high level of current income and to return the original $9.85 net asset value (NAV) per common share on or about November 1, 2020. The Fund will seek to achieve its investment objectives by investing primarily in shorter maturity, high yield (below investment grade) corporate debt securities. High yield bonds typically offer higher yields than investment grade bonds, in exchange for greater credit risk. Bonds with shorter maturities have lower duration (or interest rate sensitivity) than longer maturity bonds, which may help mitigate price declines if rates rise.

The Fund may invest in other types of securities including senior loans, convertible securities and other types of debt instruments and derivatives that provide comparable economic exposure to the corporate debt market. At least 80% of its managed assets will be in corporate debt securities and separately, at least 80% in securities that, at the time of investment, are rated below investment grade or are unrated but judged by the portfolio managers to be of comparable quality. No more than 15% will be in securities rated CCC+/Caa1 or lower at the time of investment. Up to 30% may be in securities of non-U.S. issuers, including up to 20% in emerging market issuers and up to 10% may be in non- U.S. dollar denominated securities.

The Fund seeks to identify securities across diverse sectors and industries that the managers believe are undervalued or mispriced. In seeking to return the original NAV on or about November 1, 2020, the Fund intends to utilize various portfolio and cash flow management techniques, including setting aside a portion of its net investment income, possibly retaining gains and limiting the longest maturity of any holding to no later than May 1, 2021. The Fund also uses leverage.

How did the Fund perform during this twelve-month reporting period ended December 31, 2019?

The table in the Performance Overview and Holding Summaries section of this report provides total return performance for the Fund for the one-year and since inception periods ended December 31, 2019. For the twelve-month reporting period ended December 31, 2019, the Fund underperformed the Bloomberg Barclays U.S. High Yield 1-5 Year Cash Pay 2% Issuer Capped Index based on the Fund’s total return at NAV.

Throughout the reporting period, the high yield market continued to be supported by dovish central banks and stable credit fundamentals. The technical backdrop was also strong as capital from around the globe continued to flow into the asset class in the hunt for yield in the ultra-low rate environment. Although earnings momentum moderated in the fourth quarter 2019, the supportive macro backdrop and more favorable business sentiment going into 2020 collapsed market volatility, providing a strong tailwind for valuations in the high yield market. Spreads tightened throughout the reporting period revisiting their post-crisis lows by the end of the reporting period, particularly in the higher quality segment of the market, and the high yield asset class produced strong returns. The spread of the Bloomberg Barclays U.S. High Yield 1-5 Year Index decreased 187 basis points during the reporting period to end at 376 basis points over Treasuries, taking the yield on the index from 8.26% to 5.40%.

The higher quality tiers of high yield outpaced lower quality bonds for the reporting period as a whole as they had since the beginning of the reporting period. However, in the final months of the reporting period, we saw a reversal and more volatile, lower quality credits outperformed higher quality issues within the asset class, despite various sorts of headline risk. The demand for riskier assets was generally aided by improved forward-looking sentiment and the energy sector, specifically, as oil prices rose. CCC rated credit handily outperformed both the BB and B segments during December 2019, but still registered the lowest return of the ratings categories during 2019. Nonetheless, the “risk-on” mentality in the final few months of the reporting period encouraged investors to put idle dollars to work. The increased demand for risk also allowed for high yield issuance to hit record levels as the reporting period came to a close.

7

Portfolio Managers’ Comments (continued)

The Fund underperformed the benchmark during the reporting period, which is to be expected as it approaches its termination date. The Fund’s duration decreased as its investments approached their maturities in late 2020. Also, portfolio holdings, which have a shorter maturity profile than the broad high yield universe, traded at or near their call prices over the course of the year, dampening further return potential. In addition, the opportunity set of investments has substantially decreased as the Fund approaches its maturity date and bonds continued to be tendered or called by issuers. Over the course of the reporting period, rates and spreads have decreased, while issuers continued to extend their maturity profiles. As all-in yields declined and issuers extended the maturity profile of new bond issues, there were fewer available opportunities in short-term securities for the Fund.

Also, the Fund’s higher cash position was a fairly significant drag on performance given the spread tightening in the high yield and leverage loan markets. In addition, the Fund was hindered by an underweight position in the consumer non-cyclical sector. Because the Fund is getting closer to its 2020 maturity date, we had to maintain underweight exposure to certain credits in the consumer non-cyclical sector that had extended the majority of their debt issues beyond 2020.

The Fund benefited from an underweight position in CCC rated bonds versus the benchmark, because higher quality credit rallied over the course of the reporting period while lower quality broadly lagged. Additionally, security selection within high yield credit was highly accretive to return. The Fund benefited from overweight positions in credits such as JC Penney and Eldorado Gold, which provided strong total returns in a comeback after these and many other high yield credits were broadly shunned in the late 2018 sell-off. Also, limited or no exposure to credits that became distressed, went into default or had significant balance sheet restructuring events throughout the year was also a large contributor. Performance also benefited from our selection within basic industry and underweight exposure to the energy sector. Within energy, the Fund benefited from successful industry weights, including an overweight to the best performing subsector, refining, and an underweight position in the lowest returning energy subsector, oil field services.

The Fund’s NAV rose fairly significantly along with the strong high yield market conditions, driven in part by a sharp decrease in yields during the reporting period. During the reporting period as a whole, Treasury yields fell, but more so at the front end of the yield curve driven by the Fed rate cuts. The yield on one-year Treasuries, for example, fell 101 basis points to end at 1.59%, while the yield on five-year Treasury securities ended the reporting period at 1.69%, which was 80 basis points lower than it was at the end of 2018. As a result, the Treasury yield curve re-steepened following the year’s earlier inversion, which happens when short-term interest rates are higher than longer-term rates. The Fund’s NAV increased by $0.31 per share during the reporting period and ended the reporting period close to its termination target at $9.79 per share.

As noted above, we saw little in the way of fundamental credit deterioration among portfolio credits and the Fund had no defaults. We continue to position the portfolio in high income-producing investments that will make timely interest and principal payments in order to meet the objective of returning the original NAV on the final term date of the Fund. While the global economy is on stable footing, spread tightening took valuations to near peak levels over the course of the reporting period, especially in the higher quality segment of the high yield market. We have adopted a cautious stance on valuations while maintaining diversification across credits. We are currently maintaining a cash balance, which gives our team the flexibility to conduct thorough, bottom-up research on each opportunity in terms of many risk factors, including current valuations, which remain at historically elevated levels. We have maintained overweights to higher quality assets with more stable free cash flow profiles (utilities and transportation infrastructure) and remain underweight in sectors with more volatile balance sheet characteristics (energy and cyclicals). We also continued to manage calls, maturities and the cash flow profile of the Fund with the target of managing yield in light of the Fund’s approaching termination date.

8

Nuveen High Income November 2021 Target Term Fund (JHB)

What key strategies were used to manage the Fund during this twelve-month reporting period ended December 31, 2019?

The Fund has an objective to provide a high level of current income and to return the original $9.85 net asset value (NAV) per common share on or about November 1, 2021. The Fund will seek to achieve its investment objectives by investing primarily in shorter maturity, high yield (below investment grade) corporate debt securities. High yield bonds typically offer higher yields than investment grade bonds, in exchange for greater credit risk. Bonds with shorter maturities have lower duration (or interest rate sensitivity) than longer maturity bonds, which may help mitigate price declines if rates rise.

The Fund may invest in other types of securities including senior loans, convertible securities and other types of debt instruments and derivatives that provide comparable economic exposure to the corporate debt market. At least 80% of its managed assets will be in corporate debt securities and separately, at least 80% in securities that, at the time of investment, are rated below investment grade or are unrated but judged by the portfolio managers to be of comparable quality. No more than 15% will be in securities rated CCC+/Caa1 or lower at the time of investment. Up to 30% may be in securities of non-U.S. issuers, including up to 20% in emerging market issuers and up to 10% may be in non- U.S. dollar denominated securities.

The Fund seeks to identify securities across diverse sectors and industries that the managers believe are undervalued or mispriced. In seeking to return the original NAV on or about November 1, 2021, the Fund intends to utilize various portfolio and cash flow management techniques, including setting aside a portion of its net investment income, possibly retaining gains and limiting the longest maturity of any holding to no later than May 1, 2022. The Fund also uses leverage.

How did the Fund perform during this twelve-month reporting period ended December 31, 2019?

The table in the Performance Overview and Holding Summaries section of this report provides total return performance for the Fund for the one-year and since inception periods ended December 31, 2019. For the twelve-month reporting period ended December 31, 2019, the Fund outperformed the Bloomberg Barclays U.S. High Yield 1-5 Year Cash Pay 2% Issuer Capped Index based on the Fund’s total return at NAV.

Throughout the reporting period, the high yield market continued to be supported by dovish central banks and stable credit fundamentals. The technical backdrop was also strong as capital from around the globe continued to flow into the asset class in the hunt for yield in the ultra-low rate environment. Although earnings momentum moderated in the fourth quarter 2019, the supportive macro backdrop and more favorable business sentiment going into 2020 collapsed market volatility, providing a strong tailwind for valuations in the high yield market. Spreads tightened throughout the reporting period revisiting their post-crisis lows by the end of the reporting period, particularly in the higher quality segment of the market, and the high yield asset class produced strong returns. The spread of the Bloomberg Barclays U.S. High Yield 1-5 Year Index decreased 187 basis points over the reporting period to end at 376 basis points over Treasuries, taking the yield on the index from 8.26% to 5.40%.

The higher quality tiers of high yield outpaced lower quality bonds for the reporting period as a whole as they had since the beginning of the reporting period. However, in the final months of the reporting period, we saw a reversal and more volatile, lower quality credits outperformed higher quality issues within the asset class, despite various sorts of headline risk. The demand for riskier assets was generally aided by improved forward-looking sentiment and the energy sector, specifically, as oil prices rose. CCC rated credit handily outperformed both the BB and B segments during December 2019, but still registered the lowest return of the ratings categories during 2019. Nonetheless, the “risk-on” mentality in the final few months of the reporting encouraged investors to put idle dollars to work. The increased demand for risk also allowed for high yield issuance to hit record levels as the came reporting period to a close.

9

Portfolio Managers’ Comments (continued)

The Fund outperformed the benchmark during the reporting period, driven in part by the positive impact from its various credit quality exposures. In particular, performance was enhanced by overweight positions in the BB and single B rating categories and an underweight position in CCC rated bonds versus the benchmark, because higher quality credit rallied over the course of the reporting period. Additionally, security selection within high yield credit was highly accretive to return. The Fund benefited from overweight positions in credits such as AK Steel, Owens & Minor and Springleaf Finance, which provided strong total returns after these and many other high yield credits were broadly shunned in the late 2018 sell-off. Also, limited or no exposure to credits that became distressed, went into default or had significant balance sheet restructuring events throughout the year was also a large contributor. Performance also benefited from our selection within basic industry and underweight exposure to the energy sector. Within energy, the Fund benefited from successful industry weights, including an overweight to the best performing subsector, refining, and an underweight position in the lowest returning energy subsector, oil field services.

On the other hand, the Fund’s shorter duration was a drag on performance. The Fund’s duration decreased as its investments got closer to their maturities in late 2021. Also, portfolio holdings, which have a shorter maturity profile than the broad high yield universe, traded at or near their call prices over the course of the reporting period, dampening further return potential. In addition, the opportunity set of investments has substantially decreased as the Fund approaches its maturity date and bonds continued to be tendered or called by issuers. Over the course of the reporting period, rates and spreads have decreased, while issuers continued to extend their maturity profiles. As all-in yields declined and issuers extended the maturity profile of new bond issues, there were fewer available opportunities in short-term securities for the Fund.

Also, the Fund’s higher cash position was a fairly significant drag on performance given the spread tightening in the high yield and leverage loan markets. In addition, the Fund was hindered by an underweight position in the consumer non-cyclical sector. Because the Fund is getting closer to its 2021 maturity date, it had to maintain underweight exposure to certain credits in the consumer non-cyclical sector that had extended the majority of their debt issues beyond 2021.

The Fund’s NAV rose fairly significantly along with the strong high yield market conditions, driven in part by a sharp decrease in yields during the reporting period. Over the reporting period as a whole, Treasury yields fell, but more so at the front end of the yield curve driven by the Fed rate cuts. The yield on one-year Treasuries, for example, fell 101 basis points to end at 1.59%, while the yield on five-year Treasury securities ended the reporting period at 1.69%, which was 80 basis points lower than it was at the end of 2018. As a result, the Treasury yield curve re-steepened following the year’s earlier inversion, which happens when short-term interest rates are higher than longer-term rates. The Fund’s NAV increased by $0.47 per share during the reporting period and ended the reporting period above its termination target at $9.97 per share.

As noted above, we saw little in the way of fundamental credit deterioration among portfolio credits and the Fund had no defaults. We continue to position the portfolio in high income-producing investments that will make timely interest and principal payments in order to meet the objective of returning the original NAV on the final term date of the Fund. While the global economy is on stable footing, spread tightening took valuations to near peak levels over the course of the year, especially in the higher quality segment of the high yield market. We have adopted a cautious stance on valuations while maintaining diversification across credits. We have also increased allocations to leveraged loans to protect against the risk that the interest rate outlook changes from the current dovish stance across global central banks. We are currently maintaining a cash balance, which gives our team the flexibility to conduct thorough, bottom-up research on each opportunity in terms of many risk factors, including current valuations, which remain at historically elevated levels. We have maintained overweights to higher quality assets with more stable free cash flow profiles (utilities and transportation infrastructure) and remain underweight in sectors with more volatile balance sheet characteristics (energy and cyclicals). We also continued to manage calls, maturities and the cash flow profile of the Fund with the target of managing yield in light of the Fund’s termination date.

10

Nuveen High Income 2023 Target Term Fund (JHAA)

What key strategies were used to manage the Fund during this twelve-month reporting period ended December 31, 2019?

The Fund has an objective to provide a high level of current income and to return the original $9.875 net asset value (NAV) per common share on or about December 1, 2023. The Fund seeks to protect against credit losses to help ensure the goal of returning its original NAV. While the Fund is designed to own more or less a static portfolio of high yield bonds, at times we have to add new securities to replace ones that have been called away or tendered. As we replace these bonds, we will seek to maximize the Fund’s yield within the maturity, diversification and credit quality constraints described at the outset of the strategy. We may also look to maximize the Fund’s yield through opportunistic sales of securities that we believe have reached their upside potential, investing the proceeds in other securities that have a more attractive yield or credit profile. Our goal is to monetize some holdings at a gain, which should help to offset any realized or mark-to-market losses that may occur elsewhere in the portfolio. We believe the Fund’s focus on shorter dated maturities, coupled with limitations to CCC rated securities, should result in lower volatility and help buffer its NAV performance during periods of weakness for the high yield market.

How did the Fund perform during this twelve-month reporting period ended December 31, 2019?

The table in the Performance Overview and Holding Summaries section of this report provides total return performance for the Fund for the one-year and since inception periods ended December 31, 2019. For the twelve-month reporting period ended December 31, 2019, the Fund outperformed the Bloomberg Barclays U.S. High Yield 1-5 Year Cash Pay 2% Issuer Capped Index based on the Fund’s total return at NAV.

Throughout the reporting period, high yield market continued to be supported by dovish central banks and stable credit fundamentals. The technical backdrop was also strong as capital from around the globe continued to flow into the asset class in the hunt for yield in the ultra-low rate environment. Although earnings momentum moderated in the fourth quarter 2019, the supportive macro backdrop and more favorable business sentiment going into 2020 collapsed market volatility, providing a strong tailwind for valuations in the high yield market. Spreads tightened throughout the reporting period revisiting their post-crisis lows by the end of the reporting period, particularly in the higher quality segment of the market, and the high yield asset class produced strong returns. The spread of the Bloomberg Barclays U.S. High Yield 1-5 Year Index decreased 187 basis points during the reporting period to end at 376 basis points over Treasuries, taking the yield on the index from 8.26% to 5.40%.

The higher quality tiers of high yield outpaced lower quality bonds for the reporting period as a whole as they had since the beginning of the reporting period. However, in the final months of the reporting period, we saw a reversal and more volatile, lower quality credits outperformed higher quality issues within the asset class, despite various sorts of headline risk. The demand for riskier assets was generally aided by improved forward-looking sentiment and the energy sector, specifically, as oil prices rose. CCC rated credit handily outperformed both the BB and B segments during December 2019, but still registered the lowest return of the ratings categories during 2019. Nonetheless, the “risk-on” mentality in the final few months of the reporting period encouraged investors to put idle dollars to work. The increased demand for risk also allowed for high yield issuance to hit record levels as the year came to a close.

The Fund outperformed the benchmark during the reporting period, driven in part by the positive impact from its various credit quality exposures. In particular, performance was enhanced by overweight positions in the BB and single B rating categories and an underweight position in CCC rated bonds versus the benchmark, because higher quality credit rallied over the course of the reporting period. Additionally, security selection within high yield credit was highly accretive to return. The Fund benefited from overweight positions in credits such as FMG Resources, Nova Chemicals and Springleaf Finance, which provided strong total returns in a comeback after these and many other high yield credits were broadly shunned in the late 2018 sell-off. Also, limited or no exposure to credits that became distressed was also a

11

Portfolio Managers’ Comments (continued)

large contributor. The Fund had no exposure to credits that went into default or had significant balance sheet restructuring events throughout the reporting period. Performance also benefited from our underweight exposure to the energy sector, but beneficial industry weights within the sector including an overweight and market weight to the two best performing subsectors, refining and midstream. The Fund was also rewarded for an underweight position in the lowest returning energy subsector, oil field services.

The Fund’s large exposure to leveraged loans was a detractor during the reporting period. The potential for further price appreciation in the loan asset class was limited as the interest rate outlook shifted over the course of the reporting period and the Fed cut rates. Loans are a floating-rate asset class and their coupons decrease as rates decrease. As a result, the segment underperformed the high yield market and therefore detracted on a relative basis versus the benchmark, which is comprised of all high yield securities.

The Fund’s NAV rose fairly significantly along with the strong high yield market conditions, driven in part by a sharp decrease in yields during the reporting period. Over the reporting period as a whole, Treasury yields fell, but more so at the front end of the yield curve driven by the Fed rate cuts. The yield on one-year Treasuries, for example, fell 101 basis points to end at 1.59%, while the yield on five-year Treasury securities ended the reporting period at 1.69%, which was 80 basis points lower than it was at the end of 2018. As a result, the Treasury yield curve re-steepened following the year’s earlier inversion, which happens when short-term interest rates are higher than longer-term rates. The Fund’s NAV increased by $0.51 per share during the reporting and ended the reporting period well above its termination target at $10.36 per share.

As noted above, we saw little in the way of fundamental credit deterioration among portfolio credits and the Fund had no defaults. We continue to position the portfolio in high income-producing investments that will make timely interest and principal payments in order to meet the objective of returning the original NAV on the final term date of the Fund. While the global economy is on stable footing, spread tightening took valuations to near peak levels over the course of the year, especially in the higher quality segment of the high yield market. We have adopted a cautious stance on valuations while maintaining diversification across BB and B rated credits. At the same time, we have increased allocations to leveraged loans and lower rated bonds where we believe our underwriting process has identified appropriately priced opportunities. We are currently maintaining a cash balance, which gives our team the flexibility to conduct thorough, bottom-up research on each opportunity in terms of many risk factors, including current valuations, which remain at historically elevated levels. We have maintained overweights to higher quality assets with more stable free cash flow profiles (utilities and transportation infrastructure) and remain underweight in sectors with more volatile balance sheet characteristics (energy). We also continued to manage calls, maturities and the cash flow profile of the Fund with the target of managing yield in light of the Fund’s termination date.

12

Fund Leverage

IMPACT OF THE FUNDS’ LEVERAGE STRATEGIES ON PERFORMANCE

One important factor impacting the returns of the Funds’ common shares relative to their comparative benchmarks was the Funds’ use of leverage through borrowings as well as the use of reverse repurchase agreements for JHAA. The Funds use leverage because our research has shown that, over time, leveraging provides opportunities for additional income. The opportunity arises when short-term rates that the Fund pays on its leveraging instruments are lower than the interest the Funds earn on its portfolio securities that it has bought with the proceeds of that leverage. This has been particularly true in the recent market environment where short-term rates have been low by historical standards.

However, use of leverage can expose Fund common shares to additional price volatility. When a Fund uses leverage, the Fund’s common shares will experience a greater increase in their net asset value if the securities acquired through the use of leverage increase in value, but will also experience a correspondingly larger decline in their net asset value if the securities acquired through leverage decline in value, which will make the shares’ net asset value more volatile, and total return performance more variable, over time.

In addition, common share income in levered funds will typically decrease in comparison to unlevered funds when short-term interest rates increase and increase when short-term interest rates decrease. In recent quarters, fund leverage expenses have generally tracked the overall movement of short-term tax-exempt interest rates. While fund leverage expenses are somewhat higher than their all-time lows after the 2007-2009 financial crisis, which has contributed to a reduction in common share net income and long-term total return potential, leverage nevertheless continues to provide the opportunity for incremental common share income. Management believes that the potential benefits from leverage continue to outweigh the associated increase in risk and volatility previously described.

The Funds’ use of leverage had a positive impact on total return performance during this reporting period.

As of December 31, 2019, the Funds’ percentages of leverage are shown in the accompanying table.

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Fund Leverage (continued)

Refer to Notes to Financial Statements, Note 8 – Fund Leverage, Borrowings for further details.

Refer to Notes to Financial Statements, Note 8 – Fund Leverage, Reverse Repurchase Agreements for further details.

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Common Share Information

COMMON SHARE DISTRIBUTION INFORMATION

The following information regarding the Funds’ distributions is current as of December 31, 2019. Each Fund’s distribution levels may vary over time based on each Fund’s investment activity and portfolio investment value changes.

During the current reporting period, the Funds’ distributions to common shareholders were as shown in the accompanying table.

Each Fund seeks to pay regular monthly dividends out of its net investment income at a rate that reflects its past and projected net income performance. To permit each Fund to maintain a more stable monthly dividend, the Fund may pay dividends at a rate that may be more or less than the amount of net income actually earned by the Fund during the period. Distributions to shareholders are determined on a tax basis, which may differ from amounts recorded in the accounting records. In instances where the monthly dividend exceeds the earned net investment income, the Fund would report a negative undistributed net ordinary income. Refer to Note 6 – Income Tax Information for additional information regarding the amounts of undistributed net ordinary income and undistributed net long-term capital gains and the character of the actual distributions paid by the Fund during the period.

All monthly dividends paid by JHY and JHAA during the current reporting period were paid from net investment income. If a portion of the Fund’s monthly distributions is sourced or comprised of elements other than net investment income, including capital gains and/or a return of capital, shareholders will be notified of those sources. For financial reporting purposes, the per share amounts of each Fund’s distributions for the reporting period are presented in this report’s Financial Highlights. For income tax purposes, distribution information for each Fund as of its most recent tax year end is presented in Note 6 – Income Tax Information within the Notes to Financial Statements of this report.

JHB pays a regular monthly distribution to shareholders based on dividends and interest received from portfolio securities, net of expense. During the current fiscal year, JHB realized long term gains on its investments. As a result, a portion of JHB’s fiscal year distributions have been deemed to be long term gains, which is identified in the following table.

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Common Share Information (continued)

The amounts and sources of distributions reported in this notice are for financial reporting purposes and are not being provided for tax reporting purposes. The actual amounts and character of the distributions for tax reporting purposes is reported to shareholders on Form 1099-DIV which will be sent to shareholders shortly after calendar year-end. More details about the Fund’s distributions and the basis for these estimates are available on www.nuveen.com/closed-end-funds.

CHANGE IN METHOD OF PUBLISHING NUVEEN CLOSED-END FUND DISTRIBUTION AMOUNTS

During November 2019, the Nuveen Closed-End Funds discounted the practice of announcing Fund distribution amounts and timing via press release. Instead, information about the Nuveen Closed-End Funds’ monthly and quarterly periodic distributions to shareholders are posted and can be found on Nuveen’s enhanced closed-end fund resource page, which is at www.nuveen.com/closed-end-fund-distributions, along with other Nuveen closed-end fund product updates. Shareholders can expect regular distribution information to be posted on www.nuveen.com on the first business day of each month. To ensure that our shareholders have timely access to the latest information, a subscribe function can be activated at this link here, or at this web page (www.nuveen.com/en-us/people/about-nuveen/for-the-media).

COMMON SHARE REPURCHASES

During August 2019, the Funds’ Board of Trustees reauthorized JHY and JHB and authorized JHAA to participate in Nuveen’s closed-end fund complex-wide share repurchase program, allowing each Fund to repurchase an aggregate of up to approximately 10% of its outstanding shares.

As of December 31, 2019, and since the inception of the Funds’ repurchase programs, the Funds have cumulatively repurchased and retired their outstanding common shares as shown in the accompanying table.

During the current reporting period, the Funds did not repurchase any of their outstanding common shares.

JHY, JHB and JHAA each have an investment objective to return $9.85, $9.85 and $9.875, respectively (the original net asset value following each Fund’s initial public offering (the “Original NAV”)) to shareholders on or about the end of the Fund’s term. There can be no assurance that the Funds will be able to return the Original NAV to shareholders, and such return is not backed or otherwise guaranteed by the Funds’ investment adviser, Nuveen Fund Advisors, LLC (the “Adviser”), or any other entity.

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Each Fund’s ability to return Original NAV to common shareholders on or about the termination date will depend on market conditions and the success of various portfolio and cash flow management techniques. Each Fund currently intends to set aside and retain in its net assets a portion of its net investment income and possibly all or a portion of its gains. This will reduce the amounts otherwise available for distribution prior to the liquidation of each Fund, and the Fund may incur taxes on such retained amount, which will reduce the overall amounts that the Fund would have otherwise been able to distribute. Such retained income or gains, net of any taxes, would constitute a portion of the liquidating distribution returned to investors at the end of each Fund’s term. In addition, each Fund’s investment in shorter term and lower yielding securities, especially as the Fund nears the end of its term, may reduce investment income and, therefore, the monthly dividends during the period prior to termination. Investors that purchase shares in the secondary market (particularly if their purchase price differs meaningfully from the Original NAV) may receive more or less than their original investment.

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Risk Considerations and Investment Policy Updates

Risk Considerations

Fund shares are not guaranteed or endorsed by any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation.

Nuveen High Income 2020 Target Term Fund (JHY)

Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As interest rates rise, bond prices fall. Lower credit debt securities may be more likely to fail to make timely interest or principal payments and may be subject to higher liquidity risk. Leverage increases return volatility and magnifies the Fund’s potential return and its risks; there is no guarantee a fund’s leverage strategy will be successful. Foreign investments involve additional risks, including currency fluctuation, political and economic instability, lack of liquidity and differing legal and accounting standards. The risks of foreign investments are magnified in emerging markets. These and other risk considerations including the Fund’s limited term and call risk are described in more detail on the Fund’s web page at www.nuveen.com/JHY.

Nuveen High Income November 2021 Target Term Fund (JHB)

Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As interest rates rise, bond prices fall. Lower credit debt securities may be more likely to fail to make timely interest or principal payments and may be subject to higher liquidity risk. Leverage increases return volatility and magnifies the Fund’s potential return and its risks; there is no guarantee a fund’s leverage strategy will be successful. Foreign investments involve additional risks, including currency fluctuation, political and economic instability, lack of liquidity and differing legal and accounting standards. The risks of foreign investments are magnified in emerging markets. These and other risk considerations including the Fund’s limited term and call risk are described in more detail on the Fund’s web page at www.nuveen.com/JHB.

Nuveen High Income 2023 Target Term Fund (JHAA)

Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As interest rates rise, bond prices fall. Lower credit debt securities may be more likely to fail to make timely interest or principal payments and may be subject to higher liquidity risk. Adjustable Rate Senior Loans may not be fully secured by collateral, generally do not trade on exchanges, and are typically issued by unrated or below-investment grade companies, and therefore are subject to greater liquidity and credit risk. Leverage increases return volatility and magnifies the Fund’s potential return and its risks; there is no guarantee a fund’s leverage strategy will be successful. Foreign investments involve additional risks, including currency fluctuation, political and economic instability, lack of liquidity and differing legal and accounting standards. The risks of foreign investments are magnified in emerging markets. These and other risk considerations including the Fund’s limited term and call risk are described in more detail on the Fund’s web page at www.nuveen.com/JHAA.

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Investment Policy Updates

Change in Investment Policy

Each of the Funds has recently adopted the following policy regarding limits to investments in illiquid securities:

While there are no such limits imposed by applicable regulations, certain Nuveen Closed-End Funds formerly had investment policies that placed limits on a Fund’s ability to invest in illiquid securities. All exchange-listed Nuveen Closed-End Funds now have no formal limit on their ability to invest in such illiquid securities, but each Fund’s portfolio management team will monitor such investments in the regular, overall management of the Fund’s portfolio securities.

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Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.

Since inception returns are from 7/28/15. Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.

Common Share Price Performance — Weekly Closing Price

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This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.

For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.

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Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.

Since inception returns are from 8/23/16. Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.

Common Share Price Performance — Weekly Closing Price

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This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.

For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.

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Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.

Since inception returns are from 12/18/18. Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.

Common Share Price Performance — Weekly Closing Price

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This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.

For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.

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