JPI Nuveen Preferred and Income Term Fund

ITEM 1. REPORTS TO STOCKHOLDERS.

Closed-End Funds

31 July 2021

Nuveen Closed-End Funds

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Table of Contents

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Chair’s Letter to Shareholders

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Portfolio Managers’ Comments

Nuveen Preferred & Income Opportunities Fund (JPC)

Nuveen Preferred and Income Term Fund (JPI)

Nuveen Preferred & Income Securities Fund (JPS)

Nuveen Preferred and Income 2022 Term Fund (JPT)

Nuveen Asset Management, LLC (NAM) and NWQ Investment Management Company, LLC (NWQ), both affiliates of Nuveen Fund Advisors, LLC, the Funds’ investment adviser, are sub-advisers for the Nuveen Preferred & Income Opportunities Fund (JPC). NAM and NWQ each manage approximately half of the Fund’s investment portfolio. Douglas Baker, CFA and Brenda Langenfeld, CFA, are the portfolio managers for the NAM team. The NWQ income-oriented investment team is led by Thomas J. Ray, CFA and Susi Budiman, CFA. The Nuveen Preferred and Income Term Fund (JPI) is sub-advised by NAM. Douglas Baker, CFA, and Brenda Langenfeld, CFA, have served as the Fund’s portfolio managers since its inception. The Nuveen Preferred & Income Securities Fund (JPS) is sub-advised by a team of specialists at Spectrum Asset Management, Inc. (Spectrum), a wholly owned subsidiary of Principal Global Investors Holding Company (U.S.), LLC. Mark Lieb and Phil Jacoby lead the team. The Nuveen Preferred and Income 2022 Term Fund (JPT) is sub-advised by NAM. Douglas Baker, CFA, and Brenda Langenfeld, CFA, have served as the Fund’s portfolio managers since its inception.

Here the portfolio management team discusses economic and market conditions, key investment strategies and the Funds’ performance for the twelve-month reporting period ended July 31, 2021. For more information on the Funds’ investment objectives and policies, please refer to the Shareholder Update section of the report.

What factors affected the economy and the markets during the twelve-month annual reporting period ended July 31, 2021?

Supported by massive fiscal and monetary stimulus and economic reopening, the U.S. economy rebounded more quickly than expected from the deep downturn caused by the COVID-19 crisis and containment measures. The federal government’s relief measures have totaled approximately $5.3 trillion across six aid packages that have allocated direct payments to individuals and families, expanded unemployment insurance, provided loans to large and small businesses, funded hospitals and health agencies, and supported state and local governments, education and public health/vaccination. (Additionally, in August 2021, after the close of this reporting period, the Senate approved a $1 trillion infrastructure and jobs plan, which moves to the House for consideration.) The U.S. Federal Reserve (Fed) has maintained short-term interest rates near zero and enacted credit facilities to help keep the financial system stable, lowering borrowing costs for businesses and individuals. Gross domestic product (GDP) expanded at an annualized rate of 6.3% in the first quarter and 6.5% in the second quarter, according to the “advance” estimate released by the Bureau of Economic Analysis, after shrinking 3.5% (annualized) in 2020 compared to 2019’s annual level.

By the start of this reporting period, markets had largely stabilized from the initial health crisis shock. In March 2020, equity and commodity markets sold off and safe-haven assets rallied as countries initiated quarantines, restricted travel and shuttered factories and businesses, while an ill-timed oil price war between the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC member Russia amplified price volatility. In late 2020, the announcement of high efficacy rates in several COVID-19 vaccine trials, followed by regulatory authorizations and public vaccination drives across Western countries, improved the outlook for 2021, which contributed to risk-on sentiment in the markets. Increasing vaccination rates and certain surprisingly strong economic readings in the first few months of 2021 led to rising inflation concerns. However, recent Fed commentary pointed to Fed Fund rate hikes by 2023, calming market fears of inaction.

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Portfolio Managers’ Comments (continued)

The preferred market performed well for the reporting period with all segments of the market posting positive returns driven by a combination of lower credit spreads and the generous yield of the asset class. These two factors combined to more than offset the impact of generally higher U.S. Treasury rates and a steeper U.S. Treasury yield curve. Credit spreads decreased reflecting an overall reduction in risk premiums across risk assets, as well as positive developments more specific to the asset class’s largest issuers. Contingent capital securities (“CoCos”) were top performers, followed by $1,000 par securities and $25 par securities.

Nuveen Preferred & Income Opportunities Fund (JPC)

What key strategies were used to manage the Fund during this twelve-month reporting period ended July 31, 2021?

JPC is managed by two experienced portfolio management teams with distinctive, complementary approaches to the preferred market, each managing its own portion of the portfolio. Nuveen Asset Management employs a debt-oriented approach that combines top-down relative value analysis of industry sectors with fundamental credit analysis. NWQ Investment Management Company’s investment process identifies undervalued securities within a company’s capital structure that may offer the most attractive risk/reward potential. This multi-team approach gives investors access to a broader investment universe with greater diversification potential.

Nuveen Asset Management (NAM)

The portion of the Fund managed by NAM seeks to achieve high current income and total return by investing in preferred securities and other income producing securities, which include, but are not limited to, CoCos. The NAM portfolio seeks to benefit from strong credit fundamentals across the largest sectors within the issuer base, as well as the category’s healthy yield level. In addition, NAM will actively manage its portfolio to allocate both interest rate and credit risk consistent with its outlook for the broader financial markets, as well as to capitalize on inefficiencies that often arise between the $25 par retail and the $1,000 par institutional segments of the market. The NAM portfolio has a bias toward highly regulated sectors, such as banks, insurance companies and utilities, with the intent to benefit from the added security of regulatory oversight.

NWQ Investment Management Company (NWQ)

The portion of the Fund managed by NWQ seeks to achieve high current income and a measure of capital appreciation. While the Fund’s investments are primarily preferred securities, a portion of the Fund allows the flexibility to invest across the capital structure in any type of debt, preferred or equity securities offered by a particular company. The portfolio management team then evaluates all available investment choices within a selected company’s capital structure to determine the portfolio investment that may offer the most favorable risk-adjusted return potential. The NWQ portfolio is constructed with an emphasis on seeking a sustainable level of current income and an overall analysis for downside risk management.

How did the Fund perform during this twelve-month reporting period ended July 31, 2021?

The Fund’s portfolio outperformed its Strategy Benchmark for the reporting period. The JPC Strategy Benchmark is a blended return consisting of: (1) 50% ICE BofA Preferred Securities Fixed Rate Index, which tracks the performance of fixed-rate U.S. dollar denominated preferred securities issued in the U.S. domestic market; (2) 30% ICE BofA U.S. All Capital Securities Index (I0CS), a subset of the ICE BofA U.S. Corporate Index including all fixed-to-floating rate, perpetual callable and capital securities; and (3) 20% ICE USD Contingent Capital Index (CDLR), which tracks the performance of U.S. dollar denominated contingent capital debt publicly issued in the major domestic and Eurobond markets, including investment grade and sub-investment grade issues. Effective January 29, 2021, the Fund changed a component of its benchmark from the ICE BofA Contingent Capital (USD) Hedged Index (COCO) to the ICE USD Contingent Capital Index

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(CDLR). The CDLR more accurately represents the investable universe of JPC since the index only invests in U.S. dollar denominated contingent capital securities.

Nuveen Asset Management (NAM)

For the reporting period, the portion of the portfolio managed by NAM outperformed its performance benchmark, a 60/40 blend of the ICE BofA U.S. All Capital Securities Index (I0CS) and the ICE USD Contingent Capital Index (CDLR). Within the preferred securities universe, $1,000 par preferred securities on average outperformed $25 par preferred securities. As a result, the NAM portfolio’s overweight to those structures was accretive to relative performance. NAM has maintained an overweight to $1,000 par securities for two primary reasons: relative value and interest rate risk management. First, with respect to relative value, the $1,000 par side of the market continues to be significantly cheaper than the $25 par side of the market on an option adjusted spread (OAS) basis. Second, the NAM portfolio’s overweight to $1,000 par preferred securities served to gain greater exposure to non-fixed-rate coupon securities, like floating-rate coupons, fixed-to-floating-rate coupons, and fixed-to-fixed-rate coupons. Non-fixed-rate coupon securities generally demonstrate lower sensitivity to interest rates. As of July 31, 2021, the NAM portfolio was overweight securities that have coupons with reset features.

During the reporting period, relative outperformance was driven by an overweight to $1,000 par securities, an overweight to non-fixed-rate coupon structures, a modestly shorter average duration, overall positive selection bias and a handful of credits that rebounded meaningfully after having underperformed in previous reporting periods. Preferreds issued by General Electric Co., General Motors Financial Co Inc., NuStar Energy LP, and aircraft leasing companies AerCap Global Aviation Trust and Air Lease Corp., notably contributed to relative performance. Given NAM’s constructive fundamental outlook on these issuers, exposure was added opportunistically to these holdings when their valuations dropped during the COVID-19 crisis. The Fund continues to maintain exposure to these companies.

Offsetting some of the relative outperformance was an underweight to CoCos as this segment outperformed. Positive selection within the CoCo segment helped offset some of the underperformance from the CoCo underweight. While the NAM portfolio was underweight CoCos during the reporting period, incremental exposure was added to that segment when the relative value opportunity in the CoCo market was superior to the preferred securities market. As of July 31, 2021, the Fund’s exposure to CoCos was about five percentage points higher than a year earlier.

NWQ Investment Management Company (NWQ)

During the reporting period, the portion of the portfolio managed by NWQ outperformed its performance benchmark, the ICE BofA Fixed Rate Preferred Securities Index. For the reporting period, the NWQ portfolio’s preferred and equity holdings were the largest contributors to relative performance, with high yield and convertible bonds also contributing to relative results. All of the industries in the NWQ portfolio contributed to relative performance with the exception of financials. The NWQ portfolio’s industrial and banking holdings were the top contributors to relative performance.

During the reporting period, individual holdings that contributed meaningfully to relative performance included the convertible preferred securities of Broadcom Inc., which rose on the announcement of a potential sale of its radio-frequency unit. Broadcom no longer views its wireless and industrial businesses as core and is focusing on its more stable, higher margin networking, broadband and storage solutions businesses. NWQ continues to hold the position. In addition, the preferred stock of CIT Group Inc. contributed to relative performance. The bank announced fourth quarter 2020 earnings per share up 18% year over year, which exceeded analysts’ expectations. NWQ continues to hold the position. Lastly, the preferred stock of General Motors contributed to performance. General Motors has a leading position in technology and electrification along with a highly profitable truck/SUV business. NWQ trimmed a small part of the position during the reporting period and continues to hold it in the portfolio.

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Portfolio Managers’ Comments (continued)

Holdings in the NWQ portfolio that detracted from relative performance included the preferred stock of Lloyds Bank PLC. Lloyds faced significant headwinds as a result of the COVID-19 crisis, which led to declines in revenue and significant loan impairment. As headwinds dissipate, NWQ believes the preferred securities will continue to offer attractive potential given Lloyds strong fundamentals, restructured balance sheet and restored profitability. The preferred stock of PartnerRe Finance LLC was another detractor during the reporting period. The bonds of PartnerRe were called at par during the reporting period and the NWQ portfolio no longer maintains exposure.

The Fund used short interest rate futures during the reporting period to manage its exposure to various points along the yield curve, with a net effect of decreasing the Fund’s overall interest rate sensitivity. During the reporting period, the interest rate futures had a negligible impact on overall Fund performance.

Nuveen Preferred and Income Term Fund (JPI)

What key strategies were used to manage the Fund during this twelve-month reporting period ended July 31, 2021?

Nuveen Asset Management (NAM) employs a credit-based investment approach. The team uses a bottom-up process that includes fundamental credit research, security structure selection and option adjusted spread (OAS) analysis, while also incorporating a top-down process to position the portfolio in a manner that reflects the investment team’s overall macro-economic outlook. The process begins with identifying the primary investable universe of $1,000 par preferred, $25 par preferred, and CoCos. In an effort to capitalize on the inefficiencies between different investor bases within this universe, NAM tactically and strategically shifts capital between the various segments of the market. Periods of volatility may drive material differences in valuations between the $25 par preferred, $1,000 par preferred, and CoCo markets. This divergence is often related to differences in how retail and institutional investors measure price risk, as well as differences in retail and institutional investors’ ability to source substitute investments. In addition, technical factors such as new issue supply or redemption activity may also influence the relative valuations between the $25 par preferred, $1,000 par preferred and CoCo markets.

How did the Fund perform during this twelve-month reporting period ended July 31, 2021?

The Fund’s portfolio outperformed the JPI Strategy Benchmark for the reporting period. For the purposes of this Performance Commentary, references to relative performance are in comparison to the JPI Strategy Benchmark, a blended return consisting of: (1) 60% ICE BofA U.S. All Capital Securities Index (I0CS), a subset of the ICE BofA U.S. Corporate Index including all fixed to- floating rate, perpetual callable and capital securities; and (2) 40% ICE USD Contingent Capital Index (CDLR), which tracks the performance of U.S. dollar denominated contingent capital debt publicly issued in the major domestic and Eurobond markets, including investment grade and sub-investment grade issues. Effective January 29, 2021, the Fund changed a component of its benchmark from the ICE BofA Contingent Capital (USD) Hedged Index (COCO) to the ICE USD Contingent Capital Index (CDLR). The CDLR more accurately represents the investable universe of the Fund since the index only invests in U.S. dollar denominated contingent capital securities.

During the reporting period, the Fund’s overweight to $1,000 par preferred securities was accretive to relative performance. The Fund has maintained an overweight to $1,000 par securities for two primary reasons: relative value and interest rate risk management. First, with respect to relative value, the $1,000 par side of the market continues to be significantly cheaper than the $25 par side of the market on an OAS basis. Second, the overweight to $1,000 par preferred securities served to gain greater exposure to non-fixed rate coupon securities, like floating rate coupons, fixed-to-floating-rate coupons, and fixed-to-fixed-rate coupons. Non-fixed-rate coupon securities generally demonstrate lower sensitivity to interest rates. As of July 31, 2021, the Fund was overweight securities that have coupons with reset features.

For the reporting period, outperformance was driven by an overweight to $1,000 par securities, an overweight to non-fixed-rate coupon structures, a modestly shorter average duration, overall positive selection bias, and a handful of

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credits that rebounded meaningfully after having underperformed in previous reporting periods. Preferreds issued by General Electric Co., General Motors Financial Co Inc., NuStar Energy LP and aircraft leasing companies AerCap Global Aviation Trust and Air Lease Corp. notably contributed to relative performance. Given the team’s constructive fundamental outlook on these issuers, exposure was added opportunistically when their valuations dropped during the COVID-19 crisis. The Fund continues to maintain exposure to these companies.

Offsetting some of the relative outperformance was an underweight to CoCos as this segment outperformed. Positive selection within the CoCo segment helped offset some of the underperformance from the CoCo underweight. While the Fund was underweight CoCos during the reporting period, incremental exposure was added to that segment when the relative value opportunity in the CoCo market was superior to the preferred securities market. As of July 31, 2021, the Fund’s exposure to CoCos was about five percentage points higher than a year earlier.

The Fund used short interest rate futures during the reporting period to manage its exposure to various points along the yield curve, with a net effect of decreasing the Fund’s overall interest rate sensitivity. During the reporting period, the interest rate futures had a negligible impact on overall Fund performance.

Nuveen Preferred & Income Securities Fund (JPS)

What key strategies were used to manage the Fund during this twelve-month reporting period ended July 31, 2021?

Spectrum maintains a high-income philosophy and a junior subordinated capital securities orientation throughout the investment process. Within $25 par preferred securities, $1,000 par preferred securities and contingent capital securities, the investment team seeks to create alpha through security selection by modeling spread and relative value analysis, among other guideline considerations. Fundamental analysis is completed that values capital, asset quality, management, earnings and liquidity into enterprise rankings with fundamental outlooks.

How did the Fund perform during this twelve-month reporting period ended July 31, 2021?

The Fund’s portfolio outperformed the JPS Strategy Benchmark for the reporting period. For the purposes of this Performance Commentary, references to relative performance are in comparison to the JPS Strategy Benchmark, a blended return consisting of: (1) 40% of the ICE USD Contingent Capital Index (CDLR), which tracks the performance of all contingent capital debt publicly issued in the major domestic and Eurobond markets, including investment grade and sub-investment-grade issues; and (2) 60% of the ICE BofA U.S. All Capital Securities Index (I0CS), a subset of the ICE BofA Corporate Index including all fixed-to-floating rate, perpetual callable and capital securities. Effective January 29, 2021, the Fund changed a component of its benchmark from the ICE BofA Contingent Capital (USD) Hedged Index (COCO) to the ICE USD Contingent Capital Index (CDLR). The CDLR more accurately represents the investable universe of the Fund since the index only invests in U.S. dollar denominated contingent capital securities.

Factors in the market environment that contributed to the outperformance of the Fund’s portfolio during the reporting period included significant overall demand for credit given investors’ confidence in the economy’s ability to recover, with a significant boost from COVID-19 vaccinations and surging government spending. As a result, yields for junior subordinated capital securities declined 60-70 basis points and spreads tightened by 95-115 basis points during the reporting period. The Fund’s overweight to insurance hybrids, $1,000 par preferred stock and banking hybrids contributed to relative performance. Within the CoCo allocation, the portfolio’s exposure to Societe Generale S.A. and security selection in the United Kingdom, including exposures to Standard Chartered PLC and Barclays PLC, contributed to relative performance. In addition, an overweight to Dairy Farmers of America $1,000 par preferred securities contributed to relative results. The Fund’s portfolio continues to maintain exposure to these companies.

Offsetting some of the outperformance was the portfolio’s underweight to CoCos, which detracted from benchmark relative performance as that segment of the market generally outperformed $25 par and $1,000 par preferred securities

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Portfolio Managers’ Comments (continued)

during the reporting period. Individual detractors from performance included Credit Suisse Group AG, UBS Group AG and Public Storage. The Fund’s portfolio continues to hold these companies with the exception of Public Storage, whose shares were called during the reporting period.

Nuveen Preferred and Income 2022 Term Fund (JPT)

What key strategies were used to manage the Fund during this twelve-month reporting period ended July 31, 2021?

Nuveen Asset Management (NAM) employs a credit-based investment approach. The team uses a bottom-up process that includes fundamental credit research, security structure selection and option adjusted spread (OAS) analysis, while also incorporating a top-down process to position the portfolio in a manner that reflects the investment team’s overall macro-economic outlook. The process begins with identifying the primary investable universe of $1,000 par preferred and $25 par preferred securities. In an effort to capitalize on the inefficiencies between different investor bases within this universe, NAM tactically and strategically shifts capital between the various segments of the market. Periods of volatility may drive material differences in valuations between the $1,000 par preferred and $25 par preferred markets. This divergence is often related to differences in how retail and institutional investors measure and price risk, as well as differences in retail and institutional investors’ ability to source substitute investments. In addition, technical factors such as new issue supply or redemption activity may also influence the relative valuations between the $1,000 par preferred and the $25 par preferred markets.

How did the Fund perform during this twelve-month reporting period ended July 31, 2021?

The Fund’s portfolio outperformed the ICE BofA U.S. All Capital Securities Index for the reporting period. For the purposes of this Performance Commentary, references to relative performance are in comparison to the ICE BofA U.S. All Capital Securities Index.

The Fund’s overweight to $1,000 par preferred securities served to gain greater exposure to non-fixed-rate coupon securities, like floating rate coupons, fixed-to-floating-rate coupons and fixed-to-fixed-rate coupons. Non-fixed-rate coupon securities generally demonstrate lower sensitivity to interest rates. As of July 31, 2021, the Fund was overweight securities that have coupons with reset features. During the reporting period, non-fixed-rate coupon structures outperformed securities with fixed-rate coupons, and the Fund’s relative positioning contributed to relative performance. Lastly, preferreds issued by General Electric Co., General Motors Financial Co Inc., NuStar Energy LP, and aircraft leasing companies AerCap Global Aviation Trust and Air Lease Corp., notably contributed to relative performance. Given the team’s constructive fundamental outlook on these issuers, exposure was opportunistically added when their valuations dropped during the COVID-19 crisis. The Fund continues to maintain exposure to these companies.

The Fund used short interest rate futures during the reporting period to manage its exposure to various points along the yield curve, with a net effect of decreasing the Fund’s overall interest rate sensitivity. During the reporting period, the interest rate futures had a negligible impact on overall Fund performance.

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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 bank borrowings as well as the use of reverse repurchase agreements for JPC, JPI and JPS. 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 a Fund pays on its leveraging instruments are lower than the interest 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 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. 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 tax-exempt interest rates. While fund leverage expenses are somewhat higher than their all-time lows, leverage nevertheless continues to provide the opportunity for incremental common share income, particularly over longer-term periods.

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

JPC, JPI and JPS continued to use interest rate swap contracts to partially hedge the interest cost of leverage. During the period, these interest rate swaps had a positive impact on the overall fund performance of JPC and JPS. During the period, these interest rate swaps had a negligible impact on the overall fund performance of JPI.

As of July 31, 2021, the Funds’ percentages of leverage are as 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 July 31, 2021. 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, each Fund’s 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 common 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 each Fund 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

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Common Share Information (continued)

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).

COMMON SHARE EQUITY SHELF PROGRAMS

During the current reporting period, JPC and JPS were authorized by the Securities and Exchange Commission to issue additional common shares through an equity shelf program (Shelf Offering). Under these programs, JPC and JPS, subject to market conditions, may raise additional capital from time to time in varying amounts and offering methods at a net price at or above each Fund’s NAV per common share. The maximum aggregate offering under these Shelf Offerings, are as shown in the accompanying table.

During the current reporting period, JPS and JPC sold common shares through their Shelf Offerings at a weighted average premium to its NAV per common share as shown in the accompanying table.

Refer to Notes to Financial Statements, Note 5 – Fund Shares for further details of Shelf Offerings and each Fund’s transactions.

COMMON SHARE REPURCHASES

During August 2021 (subsequent to the close of the reporting period), the Funds’ Board of Trustees reauthorized an open-market share repurchase program, allowing each Fund to repurchase an aggregate of up to approximately 10% of its outstanding shares.

As of July 31, 2021, 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.

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

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. Performance for indexes that were created after the Fund’s inception are linked to the Fund’s previous benchmark.

Daily Common Share NAV and Share Price

Growth of an Assumed $10,000 Investment as of July 31, 2021 — Common Share 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.