JHY Nuveen High Income 2020 Target Term Fund

Closed-End Funds

30 June

2020

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 Corporate Income November 2021 Target Term Fund (JHB) (formerly known as Nuveen High Income November 2021 Target Term Fund)

Nuveen Corporate Income 2023 Target Term Fund (JHAA) (formerly known as Nuveen High Income 2023 Target Term Fund)

Nuveen High Income 2020 Target Term Fund (JHY), Nuveen Corporate Income November 2021 Target Term Fund (JHB) and Nuveen Corporate Income 2023 Target Term Fund (JHAA) are closed-end funds that feature portfolio management by Nuveen Asset Management, LLC (NAM), an affiliate of Nuveen Fund Advisors, LLC, the Fund’s investment adviser. Kevin Lorenz, CFA, Anders Persson, CFA, and Michael Ainge, CFA, serve as the portfolio managers on the Funds.

In April 2020, the Nuveen High Income 2020 Target Term Fund (JHY) entered the wind-up period in anticipation of its termination date. The Fund is a “target term” Fund that will cease its investment operations and liquidate its portfolio on November 1, 2020 and distribute the net proceeds to shareholders, unless the term is extended for a period of up to six months by a vote of the Fund’s Board of Trustees.

During the wind-up period, the Fund may deviate from its investment objectives and policies, and may invest up to 100% of its managed assets in high quality, short-term securities. High quality, short-term securities for this Fund include securities rated investment grade (BBB-/Baa3 or higher or unrated but judged by NAM to be of comparable quality) with a final or remaining maturity of 397 days or less. Consequently, for the remainder of its term, the Fund will invest at least 80% of its managed assets in below investment grade securities; and short-term investment grade securities that have a final or remaining maturity of 397 days or less, as long as the maturity does not occur later than May 1, 2021. These expanded investment parameters will provide the Fund with additional flexibility to reinvest the proceeds of matured or called portfolio securities in higher quality, short-term securities. As the Fund gets closer to its termination date, it will begin to transition its remaining below investment grade portfolio holdings to high quality, short-term securities to enhance its ability to efficiently liquidate its portfolio at termination.

Effective August 24, 2020 (subsequent to the close of the reporting period), the Nuveen High Income November 2021 Target Term Fund’s name was changed to Nuveen Corporate Income November 2021 Target Term Fund and the Nuveen High Income 2023 Target Term Fund’s name was changed to Nuveen Corporate Income 2023 Target Term Fund. Each Funds’ investment policy to invest at least 80% of its managed assets 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 has also been eliminated.

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)

Effective August 17, 2020 (subsequent to the close of the reporting period), Jake J. Fitzpatrick, CFA, and Christopher Williams, were named as portfolio managers of the Nuveen High Income November 2021 Target Term Fund and the Nuveen High Income 2023 Target Term Fund.

Effective August 17, 2020 (subsequent to the close of the reporting period), Michael Ainge, CFA, will no longer serve as portfolio manager of the Nuveen High Income 2020 Target Term Fund, the Nuveen High Income November 2021 Target Term Fund and the Nuveen High Income 2023 Target Term Fund.

Subsequent to the reporting period, management announced that effective October 1, 2020, Anders Persson, CFA, will no longer serve as a portfolio manager of the Nuveen High Income November 2021 Target Term Fund and the Nuveen High Income 2023 Target Term Fund.

Here the portfolio management team discusses their management strategies and the performance of the Fund for the six-month reporting period ended June 30, 2020.

An Update on COVID-19 Coronavirus and its Impact on the Securities Markets

Slowing COVID-19 coronavirus infection rates around the world encouraged authorities to loosen restrictions on business and social activity in recent months. While economic indicators have improved considerably from the depths of the shutdown, some regions, including the U.S., have seen an uptick in infection rates after reopening. This may slow the recovery process and contribute to short-term market volatility in the meantime.

Although the detection of the virus in China was made public in December 2019, markets did not start to fully acknowledge the risks and potential economic impact until the latter portion of February 2020, when outbreaks outside of China were first reported. Global stock markets sold off severely, with the S&P 500^® index reaching a bear market (a 20% drop from the previous high) within three weeks, the fastest bear market decline in history. Even certain parts of the bond market suffered; below investment grade municipal and corporate bonds generally dropped the furthest, mostly out of concerns for the continued financial stability of lower quality issuers. Demand for safe-haven assets, along with mounting recession fears, drove the yield on the 10-year U.S. Treasury note to 0.5% in March 2020, an all-time low. Additionally, oil prices collapsed to an 18-year low on supply glut concerns, as shutdowns across the global economy sharply reduced oil demand, although oil prices have recovered to well above those lows.

Central banks and governments have responded with liquidity injections to ease the strain on financial systems and stimulus measures to buffer the shock to businesses and consumers. These measures have helped stabilize the markets over the short term, and most markets have recovered most of their losses. But volatility will likely remain elevated until the health crisis itself is under control (via fewer new cases, lower infection rates and/or verified treatments or vaccines). There are still many unknowns and new information is incoming daily, compounding the difficulty of modeling outcomes for epidemiologists and economists alike.

Nuveen, LLC and our portfolio management teams are monitoring the situation carefully and continuously refining our views and approaches to managing the Funds to best pursue investment objectives while mitigating risks through all market environments.

Nuveen High Income 2020 Target Term Fund (JHY)

What key strategies were used to manage the Fund during this six-month reporting period ended June 30, 2020?

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

6

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.

Due to recent market conditions, the Fund does not anticipate returning original NAV. This objective is not a guarantee and is dependent on a number of factors including the extent of market recovery and the cumulative level of income retained in relation to cumulative portfolio gains net of losses.

How did the Fund perform during this six-month reporting period ended June 30, 2020?

The table in the Performance Overview and Holding Summaries section of this report provides total return performance for the Fund for the six-month, one-year and since inception periods ended June 30, 2020. For the six-month reporting period ended June 30, 2020, 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.

As we entered the reporting period, the U.S. economy was growing modestly supported by consumer spending, but balanced by concerns surrounding continued trade friction, global growth, business spending and a contraction in manufacturing. Weaker global growth at the end of 2019 had prompted central banks around the world, including the Federal Reserve (Fed), to make a synchronized pivot to monetary stimulus. As a result, global growth stabilized as trade tensions eased, Brexit risk declined and China’s manufacturing sector improved. However, the tide turned abruptly as U.S. and global economies came to a screeching halt from the widespread and devastating impact of the COVID-19 crisis. As COVID-19 spread, global health care systems were overwhelmed, supply chains were disrupted and consumer activity plunged. The health crisis grew into an economic and financial crisis that was exacerbated by a collapse in oil prices. The Fed acted aggressively to address unprecedented financial market dislocations and severely strained liquidity that impacted everything from Treasuries and short-term funding markets to global credit, currency and equity markets. Fiscal authorities around the world also responded quickly with record stimulus, highlighted by Congress passing a $2.2 trillion relief package in late March 2020. Fed policymakers, fully in crisis response mode, cut the federal funds rate two times at emergency meetings in March 2020 to 0%-0.25%. The Fed also launched new repo programs, unlimited quantitative easing (QE), central bank swap lines, regulatory relief and a raft of securities purchase programs in order to stabilize financial markets.

In response, interest rates fell sharply resulting in a steepening of the Treasury yield curve. Driven by the two Fed rate cuts, three-month T-bills ended the reporting period 139 basis points lower at 0.16%. The 10-year Treasury yield hit an all-time low well below 1% during the reporting period and ended at 0.66%, which was 126 basis points lower than where it started. As a result, U.S. Treasuries were the best performing asset class in the fixed income market during the six-month reporting period, outperforming all other fixed income asset classes.

The high yield market started 2020 supported by dovish central banks and stable credit fundamentals, which kept recession at bay, while capital from around the globe continued to flow into the asset class in the hunt for yield. Although earnings momentum had moderated by the fourth quarter 2019, the supportive macro backdrop and more favorable

7

Portfolio Managers’ Comments (continued)

business sentiment going into 2020 provided a strong tailwind for valuations in the high yield market. However, the sudden onset of the COVID-19 crisis led to a near complete shutdown of the capital markets in March 2020, which was exacerbated by the sharp drop in crude oil prices. Together these forces drove a spike in risk premiums and dramatic high yield outflows. The spread of the Bloomberg Barclays U.S. High Yield 1-5 Year Index peaked at 1375 basis points before sharply retracing to end the reporting period at 730 basis points over Treasuries. Companies tapped credit facilities and more clarity emerged regarding the differentiation between sectors, credit factors and resiliency going into recession. High yield performed very well in the final three months of the reporting period as policymakers continued to support healthy market and economic functioning while portions of the country gradually reopened. As a result, high yield experienced sizable inflows back into the market, which were met with one of the largest rounds of quarterly net new issuance ($59 billion) as companies aimed to optimize their capital structure. During the reporting period, higher quality BB rated credits handily outperformed compared to lower quality B and particularly CCC rated credits.

During the volatile market conditions, the Fund outperformed the benchmark on a total return basis mainly due to our more conservative positioning as it approached its termination date. However, because of those same market conditions, the Fund’s NAV fell by $0.31 per share and ended the reporting period at $9.48 per share. As a result of how close we are to the Fund’s termination date, we do not anticipate being able to return the original NAV in November 2020.

The Fund benefited from its quality mix, including an underweight position in lower quality CCC rated bonds because this segment was the worst performing benchmark category, and an overweight in high quality BB rated and investment grade securities, which were the better performers during the reporting period. Although lower rated high yield led performance for the months of May and June 2020, higher quality still outperformed during the first half of 2020, benefiting from the Fed’s support of the investment grade corporate market and “fallen angels” (investment grade bonds downgraded to high yield), which also lifted higher quality high yield.

Also, the Fund’s security selection in the consumer cyclical sector aided performance. Consumer cyclical was one of the weaker performing sectors in the index during the reporting period, but the Fund was rewarded for exposure to retailers with healthy balance sheets and strong online presence (Gap Inc. Stores) and quick service restaurants (YUM! Brands). Also, the Fund benefited from exposure to regional gaming operators/online gaming terminals rather than large destination-based gaming properties and operators in Las Vegas and Atlantic City. Gap’s bond was called in early June 2020 but we continued to own bonds from YUM! Brands (operator of KFC, Pizza Hut, Taco Bell and WingStreet).

The Fund also benefited from its overweight position in banking and non-bank financials, which included overweights to money center banks, business development companies and auto/student loan lenders. These companies have much stronger capital reserves than they did during the 2008 recession, which helped them perform well during the reporting period.

Another significant factor in the Fund’s performance was its significant underweight to the energy sector throughout the reporting period. As noted, oil prices suffered massive declines in the first part of 2020 following the price war between Saudi Arabia and Russia at the same time that demand was quickly dropping following the onset of COVID-19 crisis lockdowns. The energy market did stabilize later in the reporting period after Organization of the Petroleum Exporting Countries (OPEC) and other oil producing nations agreed to production cuts and the acute demand shock passed as economies gradually reopened, however, crude oil only recovered about half of the losses experienced earlier in 2020. This did lead higher quality and high yield energy to perform very well in the final three months of the reporting period, while lower rated high yield exploration and production (E&P) names remained challenged with a handful of bankruptcy filings in that segment.

On the negative side of the equation, an overweight cash position in preparation for the Fund’s termination at the end of 2020 was a drag on performance. Although the benchmark’s return was negative, many short-dated high yield bonds with maturities beyond the Fund’s termination date outperformed cash and cash instruments during the reporting period.

8

The Fund was also hindered by an underweight stance in the technology sector, which generally performed well in an increased online commerce and work-from-home environment. The Fund’s exposure to Dell International LLC, NortonLifeLock and Xerox outperformed the sector in the benchmark, but it was not enough to make up for the underweight. We continued to hold bonds from Xerox and NortonLifeLock at the end of the reporting period, while Dell’s bonds matured in early June 2020.

Finally, an underweight position in the insurance subsector and the Fund’s exposure to bonds issued by mortgage insurer Genworth Holdings Inc detracted. China Oceanwide’s acquisition of the company, which is seen as positive for Genworth, was again called into question after the closing date was delayed. Although all regulatory hurdles for the acquisition have been cleared, China Oceanwide ran into difficulty arranging financing to complete the transaction during the COVID-19 crisis. Genworth was also hurt by a larger-than-expected settlement in favor of AXA for a Lifestyle Protection Insurance business the company sold in 2015. The Fund continued to own bonds from Genworth at the end of the reporting period.

We continued to position the portfolio in high income producing investments that will make timely interest and principal payments as we approach the final termination date of the Fund. In an effort to buffer the portfolio as it approaches its termination, we are overweighting short-dated corporate commercial paper and investing in more investment grade securities and defensive credits, with a focus on strong liquidity profiles, consistent cash flow generation, inelastic demand and/or long-term contracts. We’ve also decreased the Fund’s weight in energy, consumer cyclicals and transportation because we expect these sectors will continue to be weighed down by the fallout from stay-at-home orders and a paradigm shift in consumer behavior. Due to the ongoing uncertainty surrounding COVID-19, we expect elevated stress in the energy and consumer discretionary sectors as well as lower quality tiers to continue. In line with that narrative, we are continuing to position the Fund with underweights in more volatile CCC rated securities and in the energy and consumer cyclical sectors. We believe CCC rated bonds offer poor risk adjusted returns as they are susceptible to any deterioration in market fundamentals. In light of the Fund’s approaching termination date before year end, we continued to manage calls, maturities and the cash flow profile of the Fund with the target of managing principal preservation and yield.

Nuveen Corporate Income November 2021 Target Term Fund (JHB) (formerly known as Nuveen High Income November 2021 Target Term Fund)

What key strategies were used to manage the Fund during this six-month reporting period ended June 30, 2020?

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 retain-

9

Portfolio Managers’ Comments (continued)

ing gains and limiting the longest maturity of any holding to no later than May 1, 2022. The Fund also uses leverage.

Recent market conditions have materially increased the risk associated with achieving the Fund’s objective to return original NAV. This objective is not a guarantee and is dependent on a number of factors including the extent of market recovery and the cumulative level of income retained in relation to cumulative portfolio gains net of losses.

How did the Fund perform during this six-month reporting period ended June 30, 2020?

The table in the Performance Overview and Holding Summaries section of this report provides total return performance for the Fund for the six-month, one-year and since inception periods ended June 30, 2020. For the six-month reporting period ended June 30, 2020, 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.

As we entered the reporting period, the U.S. economy was growing modestly supported by consumer spending, but balanced by concerns surrounding continued trade friction, global growth, business spending and a contraction in manufacturing. Weaker global growth at the end of 2019 had prompted central banks around the world, including the Federal Reserve (Fed), to make a synchronized pivot to monetary stimulus. As a result, global growth stabilized as trade tensions eased, Brexit risk declined and China’s manufacturing sector improved. However, the tide turned abruptly as U.S. and global economies came to a screeching halt from the widespread and devastating impact of the COVID-19 crisis. As COVID-19 spread, global health care systems were overwhelmed, supply chains were disrupted and consumer activity plunged. The health crisis grew into an economic and financial crisis that was exacerbated by a collapse in oil prices. The Fed acted aggressively to address unprecedented financial market dislocations and severely strained liquidity that impacted everything from Treasuries and short-term funding markets to global credit, currency and equity markets. Fiscal authorities around the world also responded quickly with record stimulus, highlighted by Congress passing a $2.2 trillion relief package in late March 2020. Fed policymakers, fully in crisis response mode, cut the federal funds rate two times at emergency meetings in March 2020 to 0%-0.25%. The Fed also launched new repo programs, unlimited quantitative easing (QE), central bank swap lines, regulatory relief and a raft of securities purchase programs in order to stabilize financial markets.

In response, interest rates fell sharply resulting in a steepening of the Treasury yield curve. Driven by the two Fed rate cuts, three-month T-bills ended the reporting period 139 basis points lower at 0.16%. The 10-year Treasury yield hit an all-time low well below 1% during the reporting period and ended at 0.66%, which was 126 basis points lower than where it started. As a result, U.S. Treasuries were the best performing asset class in the fixed income market during the reporting period, handily outperforming all other fixed income asset classes.

The high yield market started 2020 supported by dovish central banks and stable credit fundamentals, which kept recession at bay, while capital from around the globe continued to flow into the asset class in the hunt for yield. Although earnings momentum had moderated by the fourth quarter 2019, the supportive macro backdrop and more favorable business sentiment going into 2020 provided a strong tailwind for valuations in the high yield market. However, the sudden onset of the COVID-19 crisis led to a near complete shutdown of the capital markets in March 2020, which was exacerbated by the sharp drop in crude oil prices. Together these forces drove a spike in risk premiums and dramatic high yield outflows. The spread of the Bloomberg Barclays U.S. High Yield 1-5 Year Index peaked at 1375 basis points before sharply retracing to end the reporting period at 730 basis points over Treasuries. Companies tapped credit facilities and more clarity emerged regarding the differentiation between sectors, credit factors and resiliency going into recession. High yield performed very well in the final three months of the reporting period as policymakers continued to support healthy market and economic functioning while portions of the country gradually reopened. As a result, high yield experienced sizable inflows back into the market, which were met with one of the largest rounds of quarterly net new issuance ($59 billion) as companies aimed to optimize their capital structure. During the reporting period, higher quality BB rated credits handily outperformed compared to lower quality B and particularly CCC rated credits.

10

During the volatile market conditions, the Fund outperformed the benchmark on a total return basis mainly due to our more conservative positioning as we come closer its termination date. However, because of those same market conditions, the Fund’s NAV fell by $0.68 per share during the six months and ended the reporting period at $9.29 per share.

The Fund benefited from its quality mix, including an underweight position in lower quality CCC rated bonds because this segment was the worst performing benchmark category, and an overweight in high quality BB and BBB rated securities, which were the better performers during the reporting period. Although lower rated high yield led performance for the months of May and June 2020, higher quality still outperformed during the first half of 2020, benefiting from the Fed’s support of the investment grade corporate market and “fallen angels” (investment grade bonds downgraded to high yield), which also lifted higher quality high yield.

Also, the Fund’s security selection in the consumer cyclical sector aided performance. Consumer cyclical was one of the weaker performing sectors in the index during the first half of the year, but the Fund was rewarded for exposure to retailers with healthy balance sheets and strong online presence (Gap Inc Stores and PetSmart Inc.). Also, the Fund benefited from exposure to regional gaming operators/online gaming terminals rather than large destination based gaming properties and operators in Las Vegas and Atlantic City. The Fund continued to own a term loan from PetSmart at the end of the reporting period, while Gap’s bonds were called in early June 2020.

Another significant factor in the Fund’s performance was its significant underweight to the energy sector throughout the reporting period. As noted, oil prices suffered massive declines in the first part of 2020 following the price war between Saudi Arabia and Russia at the same time that demand was quickly dropping following the onset of the COVID-19 crisis lockdowns. The energy market did stabilize later in the reporting period after Organization of the Petroleum Exporting Countries (OPEC) and other oil producing nations agreed to production cuts and the acute demand shock passed as economies gradually reopened; however, crude oil only recovered about half of the losses experienced earlier in 2020. This did lead higher quality and high yield energy to perform very well in the final three months of the reporting period, while lower rated high yield exploration and production (E&P) names remained challenged with a handful of bankruptcy filings in that segment.

On the negative side of the equation, the Fund’s performance was hindered by a slight overweight to airlines in the transportation sector that received less third-party support than others. As a result, this subsector gained less traction in the market rebound than other cyclical sectors, given the expectation that air travel will likely remain depressed beyond year end.

Performance was also hurt by an underweight versus the index in the basic materials sector. An improvement in the macroeconomic backdrop increased the demand for basic materials. However, we remained somewhat cautious given questions surrounding the pace of recovery and the volatility that the sector could experience going forward. As a result, we kept the Fund underweight in basic materials and with a higher quality bias among our holdings. Naturally, miners and materials producers are heavily correlated with an improvement in industrial and manufacturing activity and infrastructure spending. Although lower supply in the space has reduced concerns of near-term surplus, we will need to see continued growth in demand for the sector to outperform.

The Fund was also hindered by an underweight stance in the consumer non-cyclical sector, which features more businesses that are resilient to negative impacts from the COVID-19 crisis. For example, pharmaceuticals, food and beverage, and certain other areas in health care strengthened more than the broad market in the second quarter as active managers attempted to position their portfolios more defensively. Although the Fund outperformed the benchmark on a total return basis, the underweight cost some relative performance given the small amount of non-cyclical exposures that exist in the very short-dated high yield universe relative to the benchmark.

We continued to position the portfolio in high income producing investments that will make timely interest and principal payments as we get closer to the final termination date of the Fund. In an effort to better position the portfolio, we are taking advantage of structural security as well as positioning across sectors in defensive credits, with a focus on strong liquidity

11

Portfolio Managers’ Comments (continued)

profiles, consistent cash flow generation, inelastic demand and/or long-term contracts. Due to the ongoing uncertainty surrounding COVID-19, we expect elevated stress in the energy and consumer discretionary sectors as well as lower quality tiers to continue. In line with that narrative, we are continuing to position the Fund more cautiously with underweights in more volatile CCC rated securities and in the energy, consumer cyclical and transportation sectors. We believe CCC rated bonds offer poor risk-adjusted returns as they are susceptible to any deterioration in market fundamentals.

The Fund’s cash balance increased during the reporting period because the busy primary market resulted in many holdings in the portfolio being refinanced. We also actively increased exposure to communications because we believe the sector will continue to benefit from the high demand for connectivity. We reduced exposure to the energy and transportation sectors in line with our more defensive positioning. The Fund remains overweight in financial companies (including money-center banks, business development companies and auto/student loan lenders), banks and utilities. Financial companies have much stronger capital reserves than they did during the 2008 recession, which helped them perform well during the reporting period. We are also maintaining some tactical exposure to sovereign bonds less impacted by the COVID-19 crisis. We continued to manage calls, maturities and the cash flow profile of the Fund with the target of managing principal preservation and yield in light of the Fund’s termination date.

Nuveen Corporate Income 2023 Target Term Fund (JHAA) (formerly known as Nuveen High Income 2023 Target Term Fund)

What key strategies were used to manage the Fund during this six-month reporting period ended June 30, 2020?

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.

Recent market conditions have materially increased the risk associated with achieving the Fund’s objective to return original NAV. This objective is not a guarantee and is dependent on a number of factors including the extent of market recovery and the cumulative level of income retained in relation to cumulative portfolio gains net of losses.

How did the Fund perform during this six-month reporting period ended June 30, 2020?

The table in the Performance Overview and Holding Summaries section of this report provides total return performance for the Fund for the six-month, one-year and since inception periods ended June 30, 2020. For the six-month reporting period ended June 30, 2020, 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.

As we entered the reporting period, the U.S. economy was growing modestly supported by consumer spending, but balanced by concerns surrounding continued trade friction, global growth, business spending and a contraction in manufacturing. Weaker global growth at the end of 2019 had prompted central banks around the world, including the Federal Reserve (Fed), to make a synchronized pivot to monetary stimulus. As a result, global growth stabilized as trade tensions eased, Brexit risk declined and China’s manufacturing sector improved. However, the tide turned abruptly as

12

U.S. and global economies came to a screeching halt from the widespread and devastating impact of the COVID-19 crisis. As COVID-19 spread, global health care systems were overwhelmed, supply chains were disrupted and consumer activity plunged. The health crisis grew into an economic and financial crisis that was exacerbated by a collapse in oil prices. The Fed acted aggressively to address unprecedented financial market dislocations and severely strained liquidity that impacted everything from Treasuries and short-term funding markets to global credit, currency and equity markets. Fiscal authorities around the world also responded quickly with record stimulus, highlighted by Congress passing a $2.2 trillion relief package in late March 2020. Fed policymakers, fully in crisis response mode, cut the federal funds rate two times at emergency meetings in March 2020 to 0%-0.25%. The Fed also launched new repo programs, unlimited quantitative easing (QE), central bank swap lines, regulatory relief and a raft of securities purchase programs in order to stabilize financial markets.

In response, interest rates fell sharply resulting in a steepening of the Treasury yield curve. Driven by the two Fed rate cuts, three-month T-bills ended the reporting period 139 basis points lower at 0.16%. The 10-year Treasury yield hit an all-time low well below 1% during the reporting period and ended at 0.66%, which was 126 basis points lower than where it started. As a result, U.S. Treasuries were the best performing asset class in the fixed income market during the reporting period, handily outperforming all other fixed income asset classes.

The high yield market started 2020 supported by dovish central banks and stable credit fundamentals, which kept recession at bay, while capital from around the globe continued to flow into the asset class in the hunt for yield. Although earnings momentum had moderated by the fourth quarter 2019, the supportive macro backdrop and more favorable business sentiment going into 2020 provided a strong tailwind for valuations in the high yield market. However, the sudden onset of the COVID-19 crisis led to a near complete shutdown of the capital markets in March 2020, which was exacerbated by the sharp drop in crude oil prices. Together these forces drove a spike in risk premiums and dramatic high yield outflows. The spread of the Bloomberg Barclays U.S. High Yield 1-5 Year Index peaked at 1375 basis points before sharply retracing to end the reporting period at 730 basis points over Treasuries. Companies tapped credit facilities and more clarity emerged regarding the differentiation between sectors, credit factors and resiliency going into recession. High yield performed very well in the final three months of the reporting period as policymakers continued to support healthy market and economic functioning while portions of the country gradually reopened. As a result, high yield experienced sizable inflows back into the market, which were met with one of the largest rounds of quarterly net new issuance ($59 billion) as companies aimed to optimize their capital structure. During the reporting period, higher quality BB rated credits handily outperformed compared to lower quality B and particularly CCC rated credits.

During the volatile market conditions, the Fund underperformed the benchmark on a total return basis. Because of the volatility, the Fund’s NAV also fell by $1.07 per share during the six months and ended the reporting period at $9.29 per share.

The Fund was hindered by an underweight stance in the technology sector, which generally performed well in an environment of increased online commerce and working from home. Also, within the sector, the Fund’s exposure to IT process outsourcing companies (Pitney Bowes Inc and DTI Holdings, Inc.) performed poorly as weakness in near-term results was exacerbated by the COVID-19 crisis headwinds. It was more difficult for both firms to win new business, especially from small- and medium-sized enterprises, as customers looked to bring work back in house. Both Pitney Bowes and DTI are also attempting to pivot toward higher margin/growth business in an effort to deleverage their balance sheets. Similarly, an underweight position in the communications sector also detracted as the high connectivity needs associated with the work-from-home and at-home entertainment demands aided performance in the sector relative to the benchmark. The Fund continued to own bonds from Pitney Bowes at the end of the reporting period, but sold a DTI term loan.

In addition, a slight overweight to non-bank finance companies detracted from performance, including aircraft lessor Park Aerospace Holdings Ltd. Aircraft leasing companies generally underperformed during the reporting period given too many aircrafts in a market where demand is not expected to return to pre-COVID-19 crisis levels in the near term.

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Portfolio Managers’ Comments (continued)

The Fund’s exposure to mortgage insurer Genworth Holdings Inc. also hindered results. China Oceanwide’s acquisition of the company, which is seen as positive for Genworth, was again called into question after the closing date was delayed. Although all regulatory hurdles for the acquisition have been cleared, China Oceanwide ran into difficulty arranging financing to complete the transaction during the shutdown. Genworth was also hurt by a larger-than-expected settlement in favor of AXA for a Lifestyle Protection Insurance business the company sold in 2015. The Fund continued to own bonds from both Park Aerospace and Genworth at the end of the reporting period.

The Fund benefited from its quality mix, including an underweight position in lower quality CCC rated bonds because this segment was the worst performing benchmark category, and an overweight in high quality BB rated securities and cash, which were the better performers during the reporting period. Although lower rated high yield led performance for the months of May and June 2020, higher quality still outperformed during the first half of 2020, benefiting from the Fed’s support of the investment grade corporate market and “fallen angels” (investment grade bonds downgraded to high yield), which also lifted higher quality high yield.

Also, the Fund’s security selection in the consumer cyclical sector aided performance. Consumer cyclical was one of the weaker performing sectors in the index during the first half of the year, but the Fund was rewarded for exposure to retailers with healthy balance sheets and strong online presence (Gap Inc. Stores and PetSmart Inc.) and quick service restaurants (YUM! Brands and Restaurant Brands International). Also, the Fund benefited from exposure to regional gaming operators/online gaming terminals rather than large destination-based gaming properties and operators in Las Vegas and Atlantic City. At the end of the reporting period, the Fund continued to own bonds and a term loan from PetSmart and bonds from YUM! Brands (operator of KFC, Pizza Hut, Taco Bell and WingStreet) and Restaurant Brands International (operator of Burger King, Tim Hortons and Popeyes).

Another significant factor in the Fund’s performance was its significant underweight to the energy sector throughout the reporting period. As noted, oil prices suffered massive declines in the first part of 2020 following the price war between Saudi Arabia and Russia at the same time that demand was quickly dropping following the onset of the COVID-19 crisis lockdowns. The energy market did stabilize later in the reporting period after Organization of the Petroleum Exporting Countries (OPEC) and other oil producing nations agreed to production cuts and the acute demand shock passed as economies gradually reopened; however, crude oil only recovered about half of the losses experienced earlier in 2020. This did lead higher quality and high yield energy to perform very well in the final three months of the reporting period, while lower rated high yield exploration and production (E&P) names remained challenged with a handful of bankruptcy filings in that segment.

We continued to position the portfolio in high income producing investments that will make timely interest and principal payments as we attempt to meet the objective of returning the original NAV on the final term date of the Fund. In an effort to better position the portfolio, we are taking advantage of structural security as well as positioning across sectors in defensive credits, with a focus on strong liquidity profiles, consistent cash flow generation, inelastic demand and/or long-term contracts. We increased exposures to communications because we believe the sector will continue to benefit from the high demand for connectivity mentioned above and utilities in order to position the Fund more defensively. We’ve also decreased the Fund’s weight in energy and consumer cyclicals because we expect these sectors will continue to be weighed down by the fallout from stay-at-home orders and a paradigm shift in consumer behavior. Due to the ongoing uncertainty surrounding the COVID-19 crisis, we expect elevated stress in the energy and consumer discretionary sectors as well as lower quality tiers to continue. In line with that narrative, we are continuing to position the Fund more cautiously with underweights in more volatile CCC rated securities and in the energy and consumer cyclical sectors. We believe CCC rated bonds offer poor risk-adjusted returns as they are susceptible to any deterioration in market fundamentals. At the end of the reporting period, the Fund’s sector overweights included transportation (rail, truck and travel services), utilities and basic industry (chemical producers). We continued to manage calls, maturities and the cash flow profile of the Fund with the target of managing principal preservation and yield in light of the Fund’s termination date.

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Fund Leverage

IMPACT OF THE FUNDS’ LEVERAGE STRATEGIES ON PERFORMANCE

One important factor impacting the returns of each Fund’s common shares relative to its comparative benchmarks was the Fund’s use of leverage through bank borrowings. As of the end of the reporting period, JHY is no longer using borrowings. Each Fund uses 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 Fund earns 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 the 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. All this will make the shares’ 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 interest rates. While fund leverage expenses are somewhat higher than their recent lows, leverage nevertheless continues to provide the opportunity for incremental common share income, particularly over longer-term periods.

JHY’s use of leverage had a negative impact on total return performance during this reporting period. Consistent with its mandate and in anticipation of its November 1, 2020 termination date, the Fund began paying down leverage at the beginning of the reporting period and completely de-levered in early April generally sourcing cash proceeds from maturities and call activity in the underlying portfolio. Although the Fund wasn’t fully levered during the brief but severe COVID-19 induced market downturn in March, leverage detracted from total return performance. Conversely, while financial markets recovered and asset prices steadied, the Fund maintained its de-levered status throughout the remainder of the reporting period.

JHB’s use of leverage had a negative impact on total return performance during this reporting period. The negative impact of leverage during the brief but severe COVID-19 induced market downturn in March was greater than the positive impact of leverage during the remainder of the reporting period as the Fund continued to lower its leverage ratio driven by the limited options to reinvest shorter dated cash proceeds in securities that paid more than the cost of leverage amid the shrinking investable universe. The Fund fully de-levered subsequent to the reporting period.

JHAA’s use of leverage had a negative impact on total return performance during this reporting period. The negative impact of leverage during the brief but severe COVID-19 induced market downturn in March was greater than the positive impact of leverage during the remainder of the reporting period. Management believes, however, that the potential benefits from leverage continue to outweigh the associated increase in risk and total return variability previously described.

As of June 30, 2020, the Funds’ percentages of leverage are shown in the accompanying table.

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

Refer to Notes to Financial Statements, Note 8 – Fund Leverage, 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 June 30, 2020. 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.

NUVEEN CLOSED-END FUND DISTRIBUTION AMOUNTS

The Nuveen Closed-End Funds’ monthly and quarterly periodic distributions to shareholders are posted on www.nuveen.com and can be found on Nuveen’s enhanced closed-end fund resource page, which is at https://www.nuveen.com/resource-center-closed-end-funds, along with other Nuveen closed-end fund product updates. To ensure timely access to the latest information, shareholders may use a subscribe function, which can be activated at this web page (https://www.nuveen.com/subscriptions).

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Common Share Information (continued)

COMMON SHARE REPURCHASES

During August 2020 (subsequent to the close of the reporting period), the Funds’ Board of Trustees reauthorized an open-market to participate in share repurchase program, allowing each Fund to repurchase an aggregate of up to approximately 10% of its outstanding shares.

As of June 30, 2020, 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.

In connection with the objective of returning Original NAV, 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.

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. Recent market conditions have materially increased the risk associated with achieving the Fund’s objective to return Original NAV. This objective is not a guarantee and is dependent on a number of factors including the extent of market recovery and the cumulative level of income retained in relation to cumulative portfolio gains net of losses.

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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 Corporate Income November 2021 Target Term Fund (JHB) (formerly Nuveen High Income November 2021 Target Term Fund)

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 Corporate Income 2023 Target Term Fund (JHAA) (formerly Nuveen High Income 2023 Target Term Fund)

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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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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