Certified Semi-annual Shareholder Report for Management Investment Companies (n-csrs)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES


Investment Company Act file number		811-05642

Nuveen Multi-Market Income Fund

(Exact name of registrant as specified in charter)

Nuveen Investments

333 West Wacker Drive, Chicago, IL 60606

(Address of principal executive offices) (Zip code)

Mark L. Winget

Nuveen Investments

333 West Wacker Drive, Chicago, IL 60606

(Name and address of agent for service)

Registrant’s telephone number, including area code: (312) 917-7700

Date of fiscal year end: June 30

Date of reporting period: December 31, 2022

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policy making roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss.3507.

ITEM 1. REPORTS TO STOCKHOLDERS.

LOGO

Closed-End Funds

December 31, 2022

Nuveen Closed-End Funds

This semi-annual report contains the Fund’s unaudited financial statements.


JMM		Nuveen Multi-Market Income Fund

Semi-annual Report

Life is Complex.

Nuveen makes things e-simple.

It only takes a minute to sign up for e-Reports. Once enrolled, you’ll receive an e-mail as soon as your Nuveen Fund information is ready—no more waiting for delivery by regular mail. Just click on the link within the e-mail to see the report and save it on your computer if you wish.

Free e-Reports right to your e-mail!

www.investordelivery.com

If you receive your Nuveen Fund dividends and statements from your financial professional or brokerage account.

www.nuveen.com/client-access

If you receive your Nuveen Fund dividends and statements directly from Nuveen.

NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE

LOGO

Table of Contents


Chair’s Letter to Shareholders			4

Important Notices			5

Fund Leverage			6

Common Share Information			7

Performance Overview and Holding Summaries			10

Portfolio of Investments			12

Statement of Assets and Liabilities			21

Statement of Operations			22

Statement of Changes in Net Assets			23

Statement of Cash Flows			24

Financial Highlights			26

Notes to Financial Statements			28

Risk Considerations			37

Additional Fund Information			38

Glossary of Terms Used in this Report			39

Chair’s Letter to Shareholders

LOGO

Dear Shareholders,

With more economic indicators pointing to a broadening contraction across the world’s economies, the conversation has shifted from debating whether a global recession would happen to considering how long and severe a recession would be. Higher than expected inflation has made the outcome more unpredictable, as it has dampened consumer sentiment, pushed central banks into raising interest rates more aggressively and contributed to considerable turbulence in the markets over the past year.

Inflation has surged partially due to pandemic-related supply chain bottlenecks, exacerbated by Russia’s war in Ukraine and China’s recurring COVID-19 lockdowns throughout the year until China’s zero-COVID policy effectively ended in December 2022. This necessitated forceful responses from the U.S. Federal Reserve (Fed) and other central banks, who signaled their intentions to slow inflation even if it meant tolerating materially slower economic growth and some softening in the labor market. In March 2022, the Fed began the fastest interest rate hiking cycle in its history, raising the target fed funds rate by 4.50% over a ten-month span to a range of 4.50% to 4.75% by January 2023. While inflation began to ease over the second half of 2022, it remains far higher than the Fed’s inflation target. Fed officials are closely monitoring inflation data and other economic measures to modify their rate setting policy based upon these factors and has more recently slowed the pace of monetary tightening. But additional rate hikes are expected until the Fed sees sustainable progress toward its inflation goals. Despite contracting in the first half of 2022, U.S. gross domestic product grew 2.1% in the year overall compared to 2021. Consumer spending remained relatively resilient in 2022, supported by a surprisingly strong labor market that suggested not all areas of the economy were weakening in unison.

While markets will likely continue fluctuating with the daily headlines, we encourage investors to keep a long-term perspective. To learn more about how well your portfolio is aligned to your time horizon, risk tolerance and investment goals, consider reviewing it with your financial professional.

On behalf of the other members of the Nuveen Fund Board, we look forward to continuing to earn your trust in the months and years ahead.

LOGO

Terence J. Toth

Chair of the Board

February 23, 2023

Important Notices

For Shareholders of

Nuveen Multi-Market Income Fund (JMM)

Portfolio Manager Commentaries in Semi-annual Shareholder Reports

The Funds include portfolio manager commentaries in their annual shareholder reports. For the Fund’s most recent annual portfolio manager discussion, please refer to the Portfolio Managers’ Comments section of the Fund’s June 30, 2022 annual shareholder report.

For current information on your Fund’s investment objectives, portfolio management team and average annual total returns please refer to the Fund’s website at www.nuveen.com.

For changes that occurred to your Fund both during and subsequent to this reporting period, please refer to the Notes to Financial Statements section of this report.

For average annual total returns as of the end of this reporting period, please refer to the Performance Overview and Holding Summaries section within this report.

Fund Leverage

IMPACT OF THE FUND’S LEVERAGE STRATEGY ON PERFORMANCE

One important factor impacting the returns of the Fund’s common shares relative to its comparative benchmarks was the Fund’s use of leverage through reverse repurchase agreements and mortgage dollar rolls. The 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.

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.

The Fund’s use of leverage detracted from relative performance during this reporting period. However, the Fund’s use of leverage was accretive to overall common share income.

As of December 31, 2022, the Fund’s percentages of leverage are shown in the accompanying table.


	JMM
Effective Leverage*		30.08	%
Regulatory Leverage*		30.08	%

Effective leverage is a Fund’s effective economic leverage, and includes both regulatory leverage and the leverage effects of reverse repurchase agreements, certain derivative and other investments in the Fund’s portfolio that increase the Fund’s investment exposure. Regulatory leverage consists of preferred shares issued or borrowings of a Fund. Both of these are part of a Fund’s capital structure. The Fund, however, may from time to time borrow on a typically transient basis in connection with its day-to-day operations, primarily in connection with the need to settle portfolio trades. Such incidental borrowings are excluded from the calculation of the Fund’s effective leverage ratio. Regulatory leverage is subject to asset coverage limits set forth in the Investment Company Act of 1940.

THE FUND’S LEVERAGE

Reverse Repurchase Agreements

As noted above, the Fund utilized reverse repurchase agreements in which, the Fund sells to a counterparty a security that it holds with a contemporaneous agreement to repurchase the same security at an agreed-upon price and date. The Fund’s transactions in reverse repurchase agreements are as shown in the accompanying table.


Current Reporting Period										Subsequent to the Close of the Reporting Period
Outstanding Balance as of July 1, 2022		Sales		Purchases		Outstanding Balance as of December 31, 2022		Average Balance Outstanding		Sales		Purchases		Outstanding Balance as of February 23, 2023
	$23,958,000		$16,154,000		$(14,276,000)		$25,836,000		$26,240,250		$89,000		$ —		$25,925,000

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

Common Share Information

DISTRIBUTION INFORMATION

The following information regarding the Fund’s distributions is current as of December 31, 2022, the Fund’s fiscal and tax year end, and may differ from previously issued distribution notifications.

The Fund has implemented a level distribution program. The goal of the Fund’s level distribution program is to provide shareholders with stable, but not guaranteed, cash flow, independent of the amount or timing of income earned or capital gains realized by the Fund. The Fund intends to distribute all or substantially all of its net investment income through its regular monthly distribution and to distribute realized capital gains at least annually. In any monthly period, in order to maintain its level distribution amount, the Fund may pay out more or less than its net investment income during the period. As a result, regular distributions throughout the year are expected to include net investment income and potentially a return of capital or capital gains for tax purposes. You should not draw any conclusions about the Fund’s investment performance from the amount of the distribution or from the terms of the level distribution program. A return of capital is a non-taxable distribution of a portion of a Fund’s capital. A return of capital distribution does not necessarily reflect a Fund’s investment performance and should not be confused with “yield” or “income.”

The amounts and sources of distributions reported in this notice are for financial reporting purposes and are not being provided for tax reporting purposes. The actual amounts and character of the distributions for tax reporting purposes will be reported to shareholders on Form 1099-DIV, which will be sent to shareholders shortly after calendar year-end. Because distribution source estimates are updated throughout the current fiscal year based on the Fund’s performance, those estimates may differ from both the tax information reported to you in your Fund’s 1099 statement, as well as the ultimate economic sources of distributions over the life of your investment. The figures in the table below provide the sources of distributions and may include amounts attributed to realized gains and/or returns of capital. More details about the Fund’s distributions are available on www.nuveen.com/en-us/closed-end-funds.

Data as of December 31, 2022


Current Month Percentage of Distributions						Calendar YTD Per Share Amounts
Net Investment Income		Realized Gains		Return of Capital		Total Distributions		Net Investment Income		Realized Gains		Return of Capital
	69.54%		0.00%		30.46%		$0.1800		$0.1252		$0.0000		$0.0548

The following table provides information regarding Fund distributions and total return performance over various time periods. This information is intended to help you better understand whether Fund returns for the specified time periods were sufficient to meet Fund distributions.

Data as of December 31, 2022

Annualized

Cumulative

Inception
Date

Latest
Monthly
Per Share
Distribution

Current
Distribution on
NAV

1-Year
Return on
NAV

5-Year
Return on
NAV

Fiscal YTD
Distributions on
NAV

Fiscal
YTD Return
on NAV

12/30/1988

$0.0300

5.67%

(12.79)%

(0.31)%

2.83%

(0.47)%

Common Share Information (continued)

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).

COMMON SHARE REPURCHASES

During August 2022, the Fund’s Board of Trustees reauthorized an open-market common share repurchase program, allowing the Fund to repurchase an aggregate of up to approximately 10% of its outstanding common shares.

As of December 31, 2022, and since the inception of the Fund’s repurchase program, the Fund has cumulatively repurchased and retired its outstanding common shares as shown in the accompanying table.


	JMM
Common shares cummulatively repurchased and retired		1,800
Common shares authorized for repurchase		945,000

During the current reporting period, the Fund did not repurchase any of its outstanding common shares.

OTHER SHARE INFORMATION

As of December 31, 2022, and during the current reporting period, the Fund’s common share price was trading at premium/(discount) to its NAV as shown in the accompanying table.


JMM Common share NAV	$	6.35
JMM Common share price	$	5.87
Premium/(Discount) to NAV		(7.56	)%
Average premium/(discount) to NAV		(7.50	)%

THIS PAGE INTENTIONALLY LEFT BLANK

JMM

Nuveen Multi-Market Income Fund

Performance Overview and Holding Summaries as of December 31, 2022

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

Average Annual Total Returns as of December 31, 2022*


	Cumulative		Average Annual
	6 month		1-Year		5-Year		10-Year
JMM at Common Share NAV		(0.47)%		(12.79)%		(0.31)%		2.14%
JMM at Common Share Price		(0.83)%		(17.96)%		(0.19)%		2.07%
Bloomberg U.S. Government/Mortgage Bond Index		(3.50)%		(12.12)%		(0.24)%		0.67%
JMM Blended Benchmark		(1.77)%		(11.84)%		0.44%		1.54%

*	For purposes of Fund performance, relative results are measured against the JMM Blended Benchmark. The Fund’s Blended Benchmark consists of: 1) 25% Bloomberg U.S. Corporate High Yield Bond Index and 2) 75% Bloomberg U.S. Government/Mortgage Bond Index.

Performance data shown represents past performance and does not predict or guarantee 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.

Daily Common Share NAV and Share Price

LOGO

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.

Fund Allocation

(% of net assets)


Asset-Backed and Mortgage-Backed Securities			94.4%
Corporate Bonds			38.3%
Contingent Capital Securities			1.6%
Sovereign Debt			1.5%
Variable Rate Senior Loan Interests			1.0%
Repurchase Agreements			4.1%
Other Assets Less Liabilities			2.3%
Net Assets Plus Reverse Repurchase Agreements			143.2%
Reverse Repurchase Agreements			(43.2)%
Net Assets			100%

Portfolio Composition¹

(% of total investments)


Asset-Backed and Mortgage-Backed Securities			67.0%
Banks			4.0%
Oil, Gas & Consumable Fuels			2.7%
Equity Real Estate Investment Trusts			2.5%
IT Services			2.0%
Chemicals			1.5%
Capital Markets			1.4%
Specialty Retail			1.2%
Sovereign			1.1%
Other			13.7%
Repurchase Agreements			2.9%
Total			100%

Portfolio Credit Quality

(% of total long-term investments)


AAA			21.2%
AA			3.0%
A			7.1%
BBB			8.5%
BB or Lower			30.9%
U.S. Treasury/Agency			22.0%
N/R (not rated)			7.3%
Total			100%

1	See the Portfolio of Investments for the industries/sectors comprising “Other” and not listed in the table above.

JMM

Nuveen Multi-Market Income Fund

Portfolio of Investments December 31, 2022

(Unaudited)


Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (2)		Value

		LONG-TERM INVESTMENTS – 136.8% (97.1% of Total Investments)

		ASSET-BACKED AND MORTGAGE-BACKED SECURITIES – 94.4% (67.0% of Total Investments)

$	135	321 Henderson Receivables VI LLC, Series 2010 1A, 144A		9.310%		7/15/61		Aaa	$	136,621
	500	ACRE Commercial Mortgage 2021-FL4 Ltd, 144A, (1-Month LIBOR reference rate + 2.600% spread), (3)		6.939%		12/18/37		N/R		475,400
	500	Adams Outdoor Advertising LP, Series 2018-1B, 144A		5.653%		11/15/48		BBB		470,956
	500	AGL CLO 19 Ltd, Series 2017-AA, 144A, (TSFR3M reference rate + 2.750% spread), (3)		4.908%		7/21/35		AA		493,275
	400	AIMCO CLO Series 2017-A, 144A, (3-Month LIBOR reference rate + 1.500% spread) 2017 A, (3)		5.743%		4/20/34		AA		383,130
	46	Alternative Loan Trust 2003-J3		5.250%		11/25/33		N/R		44,547
	51	Alternative Loan Trust 2004-J2		6.500%		3/25/34		AAA		49,287
	1,619	American Homes 4 Rent 2015-SFR2 Trust, 144A		0.000%		10/17/52		N/R		16
	175	AMSR 2019-SFR1 Trust, 144A		3.247%		1/19/39		A1		153,835
	17	Bayview Financial Mortgage Pass-Through Trust, Series 2006-C		6.352%		11/28/36		Caa3		14,806
	275	Carmax Auto Owner Trust 2019-4		2.800%		4/15/26		AA		264,185
	500	CARS-DB4 LP, Series 2020-1A, 144A		4.520%		2/15/50		BBB		431,694
	500	Carvana Auto Receivables Trust 2022-P3		5.540%		11/10/28		A		463,972
	250	Century Plaza Towers 2019-CPT, 144A		2.997%		11/13/39		N/R		167,318
	908	CF Hippolyta Issuer LLC, Series 2020-1 B2, 144A		2.600%		7/15/60		A–		716,065
	400	CIFC Funding 2020-II Ltd, Series 2020-2A, 144A, (3-Month LIBOR reference rate + 1.600% spread), (3)		5.843%		10/20/34		AA		385,664
	150	Citigroup Commercial Mortgage Trust 2014-GC23		4.578%		7/10/47		A3		140,684
	425	Citigroup Commercial Mortgage Trust 2015-GC29		4.140%		4/10/48		A–		382,742
	600	Citigroup Commercial Mortgage Trust 2016-P5, 144A		3.000%		10/10/49		BBB–		450,714
	450	Citigroup Commercial Mortgage Trust 2018-TBR, 144A, (1-Month LIBOR reference rate + 1.800% spread), (3)		6.243%		12/15/36		BBB–		429,588
	241	Citigroup Commercial Mortgage Trust 2019-GC41		3.502%		8/10/56		A–		181,501
	67	Citigroup Global Markets Mortgage Securities VII Inc, Series 2003-1, 144A		6.000%		9/25/33		N/R		44,800
	500	COMM 2013-LC13 Mortgage Trust, 144A		5.254%		8/10/46		BB–		462,827
	775	COMM 2015-CCRE22 Mortgage Trust		4.070%		3/10/48		A–		706,306
	450	COMM 2015-CCRE25 Mortgage Trust		4.518%		8/10/48		A–		402,733
	540	COMM 2015-CCRE26 Mortgage Trust		4.467%		10/10/48		A–		487,176
	108	COMM 2015-LC23 Mortgage Trust		4.554%		10/10/48		A–		96,905
	35	Commonbond Student Loan Trust 2017-B-GS, 144A		4.440%		9/25/42		Aa3		31,059
	500	Connecticut Avenue Securities Trust 2022-R01, 144A, (SOFR30A reference rate + 1.900% spread), (3)		5.828%		12/25/41		BBB		475,551
	145	Connecticut Avenue Securities Trust 2022-R03, 144A, (SOFR30A reference rate + 3.500% spread), (3)		7.428%		3/25/42		BBB–		147,014
	560	Connecticut Avenue Securities Trust 2022-R03, 144A, (SOFR30A reference rate + 6.250% spread), (3)		6.349%		3/25/42		BB–		584,054
	400	Connecticut Avenue Securities Trust 2022-R04, 144A, (SOFR30A reference rate + 3.100% spread), (3)		7.028%		3/25/42		BBB–		399,066
	500	Credit Suisse Mortgage Capital Certificates 2019-ICE4, 144A, (1-Month LIBOR reference rate + 1.600% spread), (3)		5.918%		5/15/36		Baa1		490,092
	250	CSMC 2014-USA OA LLC, 144A		4.373%		9/15/37		B–		140,103
	90	CSMC Mortgage-Backed Trust 2006-7		6.000%		8/25/36		Caa3		37,423
	1,143	DB Master Finance LLC, Series 2017-1A, 144A		4.030%		11/20/47		BBB		1,038,972
	297	DB Master Finance LLC, Series 2027-1A, 144A		2.493%		11/20/51		BBB		244,112
	1,128	Domino’s Pizza Master Issuer LLC, Series 2015-1A, 144A		4.474%		10/25/45		BBB+		1,074,922
	148	Domino’s Pizza Master Issuer LLC, Series 2017-1A, 144A		4.118%		7/25/47		BBB+		135,299
	1,420	DRIVEN BRANDS FUNDING LLC, Series 2019-1A, 144A		4.641%		4/20/49		BBB–		1,296,762
	400	Dryden 49 Senior Loan Fund, Series 2017-49A, 144A (3-Month LIBOR reference rate + 1.600% spread), (3)		5.794%		7/18/30		Aa1		388,484
	375	ELP Commercial Mortgage Trust 2021-ELP, 144A, (1-Month LIBOR reference rate + 2.118% spread), (3)		6.436%		11/15/38		N/R		346,029
	750	Fannie Mae Connecticut Avenue Securities, Series 2021-R02, 144A, (SOFR30A reference rate + 2.000% spread), (3)		2.050%		11/25/41		BB		699,129
	25	Fannie Mae Pool FN 995018, (4)		5.500%		6/01/38		N/R		26,256
	785	Fannie Mae Pool FN BM5126, (4)		3.500%		1/01/48		N/R		729,334
	12	Fannie Mae Pool FN 882685, (4)		6.000%		6/01/36		N/R		11,714


Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (2)		Value

		ASSET-BACKED AND MORTGAGE-BACKED SECURITIES (continued)

$	203	Fannie Mae Pool FN BM6038, (4)		4.000%		1/01/45		N/R	$	194,252
	571	Fannie Mae Pool FN MA4733, (4)		4.500%		9/01/52		N/R		549,689
	40	Fannie Mae Pool FN 766070, (4)		5.500%		2/01/34		N/R		40,286
	219	Fannie Mae Pool FN BM5839, (4)		3.500%		11/01/47		N/R		204,552
	3,104	Fannie Mae Pool FN CB3234, (4)		3.000%		4/01/52		N/R		2,737,036
	6	Fannie Mae Pool FN 709700, (4)		5.500%		6/01/33		N/R		6,599
	2,118	Fannie Mae Pool FN MA4438, (4)		2.500%		10/01/51		N/R		1,796,590
	627	Fannie Mae Pool FN MA4783, (4)		4.000%		10/01/52		N/R		588,574
	321	Fannie Mae Pool FN AW4182, (4)		3.500%		2/01/44		N/R		299,544
	9	Fannie Mae Pool FN 878059, (4)		5.500%		3/01/36		N/R		9,657
	489	Fannie Mae Pool FN MA4644, (4)		4.000%		5/01/52		N/R		458,660
	559	Fannie Mae Pool FN MA3305, (4)		3.500%		3/01/48		N/R		517,558
	35	Fannie Mae Pool FN 745324, (4)		6.000%		3/01/34		N/R		34,900
	14	Fannie Mae Pool FN 828346, (4)		5.000%		7/01/35		N/R		14,261
	52	Fannie Mae REMIC Trust 2002-W1		4.915%		2/25/42		N/R		50,525
	274	Fannie Mae REMIC Trust 2003-W1		2.590%		12/25/42		N/R		127,395
	499	Freddie Mac Gold Pool FG G18497, (4)		3.000%		1/01/29		N/R		478,962
	8	Freddie Mac Gold Pool FG C00676, (4)		6.500%		11/01/28		N/R		8,558
	305	Freddie Mac Gold Pool FG G08566, (4)		3.500%		1/01/44		N/R		284,985
	1,056	Freddie Mac Gold Pool FG G08528, (4)		3.000%		4/01/43		N/R		962,133
	443	Freddie Mac Gold Pool FG Q40718, (4)		3.500%		5/01/46		N/R		411,549
	734	Freddie Mac Gold Pool FG G60138, (4)		3.500%		8/01/45		N/R		684,167
	661	Freddie Mac Gold Pool FG Q40841, (4)		3.000%		6/01/46		N/R		593,166
	1,860	Freddie Mac Pool FR RA6766, (4)		2.500%		2/01/52		Aaa		1,585,328
	424	Freddie Mac Pool FR RA7402, (WI/DD)		3.500%		5/01/52		N/R		385,779
	410	Freddie Mac STACR REMIC Trust 2022-DNA3, 144A, (SOFR30A reference rate + 2.900% spread), (3)		6.828%		4/25/42		BBB		405,718
	750	Freddie Mac STACR REMIC Trust 2022-DNA4, 144A, (SOFR30A reference rate + 3.350% spread), (3)		7.278%		5/25/42		BBB–		755,046
	300	Freddie Mac STACR REMIC Trust 2021-HQA1, 144A, (SOFR30A reference rate + 2.250% spread), (3)		6.178%		8/25/33		Baa2		283,140
	500	Freddie Mac STACR REMIC Trust 2022-DNA1, 144A, (SOFR30A reference rate + 2.500% spread), (3)		6.428%		1/25/42		BB		453,101
	750	Freddie Mac STACR REMIC Trust 2022-DNA2, 144A, (SOFR30A reference rate + 2.400% spread), (3)		6.328%		2/25/42		BBB		730,394
	200	Freddie Mac STACR REMIC Trust 2022-HQA1, 144A, (SOFR30A reference rate + 3.500% spread), (3)		7.428%		3/25/42		BBB–		198,627
	500	FREMF 2017-K724 Mortgage Trust, 144A		3.498%		12/25/49		BBB		485,902
	89	Ginnie Mae I Pool GN 604567, (4)		5.500%		8/15/33		N/R		91,929
	39	Ginnie Mae I Pool GN 631574, (4)		6.000%		7/15/34		N/R		41,373
	642	GS Mortgage Securities Corp Trust 2018-TWR, 144A, (1-Month LIBOR reference rate + 1.150% spread), (3)		5.468%		7/15/31		AAA		613,058
	260	GS Mortgage Securities Trust, Series 2013-GC16		5.161%		11/10/46		Aa1		253,377
	200	GS Mortgage Securities Trust, Series 2013-GCJ14, 144A		4.718%		8/10/46		A2		183,968
	49	GSMPS Mortgage Loan Trust, Series 2001-2, 144A		7.500%		6/19/32		N/R		45,191
	325	GSMPS Mortgage Loan Trust, Series 2003-3, 144A		7.000%		6/25/43		N/R		326,296
	280	GSMPS Mortgage Loan Trust, Series 2005-RP1, 144A		8.500%		1/25/35		Caa1		280,879
	379	GSMPS Mortgage Loan Trust, Series 2005-RP2, 144A		7.500%		3/25/35		B1		359,576
	231	GSMPS Mortgage Loan Trust, Series 2005-RP3, 144A		8.000%		9/25/35		Caa1		214,633
	354	GSMPS Mortgage Loan Trust, Series 2005-RP3, 144A		7.500%		9/25/35		Caa1		337,481
	490	Hardee’s Funding LLC, Series 2020-1A A2, 144A		3.981%		12/20/50		BBB		419,616
	600	Hertz Vehicle Financing III LP, Series 2021-2A, 144A		1.680%		12/27/27		Aaa		522,213
	500	Hudson Yards 2019-55HY Mortgage Trust, 144A		2.943%		12/10/41		A1		372,345
	130	Impac Secured Assets CMN Owner Trust, Series 2000-3		8.000%		10/25/30		N/R		113,455
	418	J.G. Wentworth XXXVII LLC, Series 2016-1A, 144A		5.190%		6/17/69		Baa1		365,657
	430	J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2018-AON, 144A		4.613%		7/05/31		BBB–		374,738
	500	J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2018-BCON, 144A		3.756%		1/05/31		BBB–		499,027
	680	JGWPT XXV LLC, Series 2012-1A, 144A		7.140%		2/15/67		Aa2		690,419
	285	JGWPT XXVI LLC, Series 2012-2A, 144A		6.770%		10/17/61		Aa3		284,324
	193	JP Morgan Alternative Loan Trust, Series 2006-S1		6.500%		3/25/36		N/R		112,734
	500	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2016-JP4, 144A		3.385%		12/15/49		BBB–		359,572



JMM		Nuveen Multi-Market Income Fund (continued)
JMM		Portfolio of Investments December 31, 2022
		(Unaudited)


Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (2)		Value

		ASSET-BACKED AND MORTGAGE-BACKED SECURITIES (continued)

$	368	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2019-UES, 144A		4.343%		5/05/32		A–	$	342,745
	500	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2020-NNN, 144A		3.620%		1/16/37		BBB–		430,020
	697	JPMDB Commercial Mortgage Securities Trust, Series 2016-C4		3.068%		12/15/49		A–		572,287
	500	JPMDB Commercial Mortgage Securities Trust, Series 2017-C7, 144A		3.000%		10/15/50		BBB–		351,114
	400	Manhattan West, Series 2020-1MW Mortgage Trust, 144A		2.335%		9/10/39		Baa2		319,014
	236	MASTR Alternative Loan Trust, Series 2004-1		7.000%		1/25/34		N/R		234,885
	153	MASTR Alternative Loan Trust, Series 2004-5		7.000%		6/25/34		AA+		152,594
	105	MASTR Asset Securitization Trust, Series 2003-11		5.250%		12/25/33		N/R		100,004
	345	Mid-State Capital Corp 2005-1 Trust		5.745%		1/15/40		AA		338,061
	117	Mid-State Trust XI		5.598%		7/15/38		A3		113,921
	530	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C14		4.869%		2/15/47		AAA		512,964
	250	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C20		4.454%		2/15/48		N/R		230,395
	500	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C28		4.605%		1/15/49		A3		415,876
	35	Morgan Stanley Mortgage Loan Trust, Series 2006-2		5.750%		2/25/36		N/R		31,065
	500	MSCG Trust, Series 2015-ALDR, 144A		3.462%		6/07/35		BBB–		404,644
	423	MVW 2022-1 LLC, 144A		4.150%		11/21/39		AAA		404,768
	134	MVW Owner Trust, Series 2017-1, 144A		2.420%		12/20/34		AAA		130,883
	1,000	Natixis Commercial Mortgage Securities Trust, Series 2019-MILE, 144A, (1-Month LIBOR reference rate + 2.750% spread), (3)		7.068%		7/15/36		N/R		892,488
	400	Neuberger Berman Loan Advisers CLO 2019-31A Ltd, 144A, (3-Month LIBOR reference rate + 1.550% spread), (3)		5.793%		4/20/31		AA		388,065
	500	Neuberger Berman Loan Advisers CLO 2022-48A Ltd, 144A, (TSFR3M reference rate + 1.800% spread), (3)		5.860%		4/25/36		AA		477,772
	295	New Residential Mortgage Loan Trust, Series 2014-1, 144A		6.034%		1/25/54		BBB		280,184
	562	New Residential Mortgage Loan Trust, Series 2015-2, 144A		5.384%		8/25/55		Baa1		528,563
	479	Planet Fitness Master Issuer LLC, Series 2018-1A, 144A		4.666%		9/05/48		BBB–		448,309
	298	Planet Fitness Master Issuer LLC, Series 2022-1A, 144A		3.251%		12/05/51		BBB–		258,877
	500	PNMAC FMSR ISSUER TRUST, Series 2018-FT1, 144A, (1-Month LIBOR reference rate + 2.350% spread), (3)		6.739%		4/25/23		N/R		469,586
	500	PNMAC GMSR ISSUER TRUST, Series 2018-GT1, 144A, (1-Month LIBOR reference rate + 2.850% spread), (3)		7.239%		2/25/23		N/R		490,674
	500	PNMAC GMSR ISSUER TRUST, Series 2018-GT2, 144A, (1-Month LIBOR reference rate + 2.650% spread), (3)		7.039%		8/25/25		N/R		492,268
	485	RBS Commercial Funding Inc 2013-SMV Trust, 144A		3.584%		3/11/31		BBB–		457,840
	492	SERVPRO Master Issuer LLC, Series 2021-1A, 144A		2.394%		4/25/51		BBB–		385,236
	271	Sesac Finance LLC, Series 2019-A, 144A		5.216%		7/25/49		N/R		250,076
	64	Sierra Timeshare 2019-3A Receivables Funding LLC, 144A		4.180%		8/20/36		BB		59,446
	234	Sierra Timeshare 2020-2A Receivables Funding LLC, 144A		3.510%		7/20/37		BBB		220,237
	135	SLG Office Trust, Series 2021-OVA, 144A		2.851%		7/15/41		BBB–		100,786
	376	Sonic Capital LLC, Series 2020-1A, 144A		3.845%		1/20/50		BBB		333,354
	350	Stack Infrastructure Issuer LLC, Series 20201A, 144A		1.893%		8/25/45		A–		311,422
	245	START Ireland, Series 2019-1, 144A		5.095%		3/15/44		BB		166,013
	94	Structured Receivables Finance, Series 2010-A LLC, 144A		5.218%		1/16/46		AAA		92,131
	590	Taco Bell Funding LLC, Series 2016-1A, 144A		4.970%		5/25/46		BBB		566,506
	297	Taco Bell Funding LLC, Series 2021-1A, 144A		1.946%		8/25/51		BBB		250,972
	653	Taco Bell Funding LLC, Series 2021-1A, 144A		2.294%		8/25/51		BBB		524,921
	250	VB-S1 Issuer LLC, Series 2022-1A, 144A		4.288%		2/15/52		BBB–		219,378
	250	VNDO Mortgage Trust, Series 2016-350P, 144A		3.903%		1/10/35		AA–		220,161
	10	Washington Mutual MSC Mortgage Pass-Through Certificates Series 2004-RA3 Trust		5.787%		8/25/38		A		9,155
	195	Wells Fargo Commercial Mortgage Trust, Series 2016-C33		3.896%		3/15/59		A–		170,015
	500	Wells Fargo Commercial Mortgage Trust, Series 2017-C38		3.903%		7/15/50		A–		411,673
	394	Wendy’s Funding LLC, Series 2018-1A, 144A		3.884%		3/15/48		BBB		355,120
	455	Wendy’s Funding LLC, Series 2019-1A, 144A		3.783%		6/15/49		BBB		418,558
	571	Wendy’s Funding LLC, Series 2021-1A, 144A		2.370%		6/15/51		BBB		461,224
	990	Wingstop Funding LLC, Series 2020-1A A2, 144A		2.841%		12/05/50		N/R		836,629
	178	Zaxby’s Funding LLC, Series 2021-1A A2, 144A		3.238%		7/30/51		N/R		143,067
$	64,566	Total Asset-Backed and Mortgage-Backed Securities (cost $62,394,244)								56,706,562


Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (2)		Value

		CORPORATE BONDS – 38.3% (27.2% of Total Investments)

		Aerospace & Defense – 1.1%

$	200	Boeing Co, (4)		3.625%		2/01/31		Baa2	$	175,234
	350	Boeing Co, (4)		3.250%		2/01/28		Baa2		317,846
	200	Rolls-Royce PLC, 144A, (4)		5.750%		10/15/27		BB–		190,500
	750	Total Aerospace & Defense								683,580

		Air Freight & Logistics – 0.1%

	100	Cargo Aircraft Management Inc, 144A, (4)		4.750%		2/01/28		BB		90,761

		Auto Components – 0.6%

	250	Adient Global Holdings Ltd, 144A, (4)		4.875%		8/15/26		BB–		232,745
	50	Dana Inc		4.250%		9/01/30		BB+		40,281
	100	Goodyear Tire & Rubber Co		5.250%		4/30/31		BB–		83,030
	400	Total Auto Components								356,056

		Automobiles – 0.8%

	175	Ford Motor Co, (4)		3.250%		2/12/32		BB+		131,240
	400	General Motors Financial Co Inc, (4)		3.600%		6/21/30		BBB		336,625
	575	Total Automobiles								467,865

		Banks – 4.4%

	400	Banco Santander SA		2.749%		12/03/30		BBB+		306,360
	900	Bank of America Corp, (4)		1.898%		7/23/31		AA–		690,755
	150	Caelus Re VI Ltd, (3-Month U.S. Treasury Bill reference rate + 5.380% spread), 144A (3)		9.717%		6/07/23		N/R		144,735
	300	JPMorgan Chase & Co		3.650%		9/01/71		BBB+		256,875
	500	JPMorgan Chase & Co, (4)		2.580%		4/22/32		AA–		400,520
	295	M&T Bank Corp		3.500%		3/01/71		Baa2		228,628
	300	Truist Financial Corp		4.800%		3/01/71		Baa2		270,076
	400	Wells Fargo & Co		3.900%		3/15/71		Baa2		350,106
	3,245	Total Banks								2,648,055

		Beverages – 0.7%

	75	Primo Water Holdings Inc, 144A		4.375%		4/30/29		B1		64,769
	450	Triton Water Holdings Inc, 144A		6.250%		4/01/29		CCC+		360,963
	525	Total Beverages								425,732

		Capital Markets – 1.6%

	300	Bank of New York Mellon Corp		4.700%		9/20/71		Baa1		288,039
	250	Compass Group Diversified Holdings LLC, 144A, (4)		5.250%		4/15/29		B+		213,948
	500	Goldman Sachs Group Inc, (4)		1.992%		1/27/32		A2		380,908
	100	LPL Holdings Inc, 144A		4.625%		11/15/27		Baa3		93,408
	1,150	Total Capital Markets								976,303

		Chemicals – 1.8%

	25	ASP Unifrax Holdings Inc, 144A		5.250%		9/30/28		BB		20,117
	250	Calumet Specialty Products Partners LP / Calumet Finance Corp, 144A		11.000%		4/15/25		B–		260,572
	240	EverArc Escrow Sarl, 144A		5.000%		10/30/29		B+		196,800
	375	NOVA Chemicals Corp, 144A, (4)		5.000%		5/01/25		BB		353,059
	160	OCI NV, 144A		4.625%		10/15/25		BBB–		151,611
	120	Tronox Inc, 144A, (4)		4.625%		3/15/29		BB–		99,750
	1,170	Total Chemicals								1,081,909

		Commercial Services & Supplies – 0.7%

	100	GFL Environmental Inc, 144A		4.250%		6/01/25		BB–		95,520
	150	GFL Environmental Inc, 144A, (4)		3.500%		9/01/28		BB–		131,874
	200	Prime Security Services Borrower LLC / Prime Finance Inc, 144A, (4)		5.750%		4/15/26		BB–		192,500
	450	Total Commercial Services & Supplies								419,894



JMM		Nuveen Multi-Market Income Fund (continued)
JMM		Portfolio of Investments December 31, 2022
		(Unaudited)


Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (2)		Value

		Communications Equipment – 0.7%

$	500	T-Mobile USA Inc, (4)		2.250%		11/15/31		BBB–	$	393,300

		Consumer Finance – 1.0%

	300	American Express Co		3.550%		9/15/71		Baa2		246,450
	250	Navient Corp, (4)		6.125%		3/25/24		Ba3		244,905
	170	OneMain Finance Corp, (4)		3.500%		1/15/27		BB		140,755
	720	Total Consumer Finance								632,110

		Containers & Packaging – 0.3%

	200	Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC, 144A, (4)		3.250%		9/01/28		BB		169,889

		Diversified Financial Services – 0.0%

	2	Putnam RE PTE Ltd, (1-Month U.S. Treasury Bill reference rate + 5.500% spread), 144A, (3), (5)		9.837%		6/07/24		N/R		0

		Diversified Telecommunication Services – 1.1%

	600	AT&T Inc, (4)		2.750%		6/01/31		BBB+		497,228
	200	Iliad Holding SASU, 144A		6.500%		10/15/26		BB–		185,491
	800	Total Diversified Telecommunication Services								682,719

		Electronic Equipment, Instruments & Components – 0.3%

	200	Imola Merger Corp, 144A, (4)		4.750%		5/15/29		BB+		173,523

		Energy Equipment & Services – 0.4%

	250	Archrock Partners LP / Archrock Partners Finance Corp, 144A, (4)		6.875%		4/01/27		B+		238,666

		Entertainment – 0.5%

	70	Cinemark USA Inc, 144A		8.750%		5/01/25		BB+		70,687
	75	Univision Communications Inc, 144A		4.500%		5/01/29		B+		62,719
	235	Warnermedia Holdings Inc, 144A, (4)		4.279%		3/15/32		BBB–		193,585
	380	Total Entertainment								326,991

		Equity Real Estate Investment Trusts – 3.5%

	650	Brixmor Operating Partnership LP, (4)		4.050%		7/01/30		BBB		568,623
	200	Essential Properties LP, (4)		2.950%		7/15/31		BBB		145,425
	500	GLP Capital LP / GLP Financing II Inc, (4)		4.000%		1/15/30		BBB–		437,907
	150	GLP Capital LP / GLP Financing II Inc, (4)		4.000%		1/15/31		BBB–		128,670
	250	Iron Mountain Inc, 144A, (4)		5.250%		3/15/28		BB–		229,968
	75	Iron Mountain Inc, 144A		4.500%		2/15/31		BB–		61,645
	100	Kite Realty Group Trust		4.750%		9/15/30		BBB		88,034
	325	MPT Operating Partnership LP / MPT Finance Corp, (4)		3.500%		3/15/31		BBB–		222,782
	250	SITE Centers Corp, (4)		4.250%		2/01/26		BBB		235,462
	2,500	Total Equity Real Estate Investment Trusts								2,118,516

		Food Products – 0.4%

	250	Chobani LLC / Chobani Finance Corp Inc, 144A, (4)		4.625%		11/15/28		B1		217,652

		Gas Utilities – 1.2%

	100	Ferrellgas LP / Ferrellgas Finance Corp, 144A		5.875%		4/01/29		B		82,242
	75	Ferrellgas LP / Ferrellgas Finance Corp, 144A		5.375%		4/01/26		B		68,224
	200	Suburban Propane Partners LP/Suburban Energy Finance Corp, (4)		5.875%		3/01/27		BB–		190,040
	475	Superior Plus LP / Superior General Partner Inc, 144A, (4)		4.500%		3/15/29		BB–		406,125
	850	Total Gas Utilities								746,631

		Health Care Providers & Services – 0.9%

	35	Centene Corp		2.450%		7/15/28		BBB–		29,542
	50	CHS/Community Health Systems Inc, 144A		5.625%		3/15/27		BB–		42,873
	100	DaVita Inc, 144A		4.625%		6/01/30		B+		80,442
	400	Tenet Healthcare Corp, 144A, (4)		4.375%		1/15/30		BB–		346,226


Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (2)		Value

		Health Care Providers & Services (continued)

$	50	Tenet Healthcare Corp, 144A		4.625%		6/15/28		BB–	$	44,737
	635	Total Health Care Providers & Services								543,820

		Hotels, Restaurants & Leisure – 0.3%

	100	Cedar Fair LP / Canada’s Wonderland Co / Magnum Management Corp / Millennium Op, 144A, (4)		5.500%		5/01/25		BB+		98,912
	50	International Game Technology PLC, 144A		4.125%		4/15/26		BB+		46,633
	55	Marriott Ownership Resorts Inc, 144A		4.500%		6/15/29		B+		45,629
	205	Total Hotels, Restaurants & Leisure								191,174

		Insurance – 0.0%

	25	AmWINS Group Inc, 144A		4.875%		6/30/29		B–		21,204

		Interactive Media & Services – 0.1%

	50	Arches Buyer Inc, 144A		4.250%		6/01/28		B1		39,105

		IT Services – 2.8%

	500	Ahead DB Holdings LLC, 144A		6.625%		5/01/28		CCC+		401,875
	50	Booz Allen Hamilton Inc, 144A		3.875%		9/01/28		Baa3		44,298
	45	Booz Allen Hamilton Inc, 144A		4.000%		7/01/29		Baa3		39,606
	500	CA Magnum Holdings, 144A		5.375%		10/31/26		BB–		455,614
	150	MPH Acquisition Holdings LLC, 144A, (4)		5.500%		9/01/28		Ba3		117,015
	660	Presidio Holdings Inc, 144A		8.250%		2/01/28		CCC+		611,873
	1,905	Total IT Services								1,670,281

		Life Sciences Tools & Services – 0.6%

	340	Avantor Funding Inc, 144A, (4)		3.875%		11/01/29		BB		285,515
	75	Avantor Funding Inc, 144A		4.625%		7/15/28		BB		68,148
	415	Total Life Sciences Tools & Services								353,663

		Machinery – 0.3%

	65	Chart Industries Inc, 144A		9.500%		1/01/31		B		66,665
	60	Chart Industries Inc, 144A		7.500%		1/01/30		Ba3		60,317
	50	WASH Multifamily Acquisition Inc, 144A		5.750%		4/15/26		B–		47,125
	175	Total Machinery								174,107

		Media – 1.0%

	50	Directv Financing LLC / Directv Financing Co-Obligor Inc, 144A		5.875%		8/15/27		BBB–		44,733
	325	Gray Television Inc, 144A, (4)		4.750%		10/15/30		BB–		235,094
	200	LCPR Senior Secured Financing DAC, 144A, (4)		5.125%		7/15/29		BB+		165,682
	135	Sirius XM Radio Inc, 144A, (4)		4.000%		7/15/28		BB		117,490
	30	Sirius XM Radio Inc, 144A		3.125%		9/01/26		BB		26,638
	740	Total Media								589,637

		Metals & Mining – 1.1%

	250	Constellium SE, 144A, (4)		3.750%		4/15/29		B+		203,109
	500	SunCoke Energy Inc, 144A, (4)		4.875%		6/30/29		BB		429,194
	750	Total Metals & Mining								632,303

		Oil, Gas & Consumable Fuels – 3.8%

	35	DT Midstream Inc, 144A		4.125%		6/15/29		BB+		30,069
	30	DT Midstream Inc, 144A		4.375%		6/15/31		BB+		25,167
	250	Energy Transfer LP, (4)		4.400%		3/15/27		BBB–		237,481
	100	EnLink Midstream LLC, (4)		5.375%		6/01/29		BB+		92,528
	50	EQT Corp, 144A		3.125%		5/15/26		BBB–		45,952
	500	MEG Energy Corp, 144A (4)		5.875%		2/01/29		BB–		471,513
	500	MPLX LP, (4)		4.800%		2/15/29		BBB		478,470
	200	Occidental Petroleum Corp, (4)		5.875%		9/01/25		BB+		199,276
	50	Occidental Petroleum Corp		5.500%		12/01/25		BB+		49,830
	125	Parkland Corp/Alberta, 144A, (4)		4.500%		10/01/29		BB		104,158



JMM		Nuveen Multi-Market Income Fund (continued)
JMM		Portfolio of Investments December 31, 2022
		(Unaudited)


Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (2)		Value

		Oil, Gas & Consumable Fuels (continued)

$	315	Parkland Corp/Canada, 144A, (4)		4.625%		5/01/30		BB	$	260,663
	125	Santos Finance Ltd, 144A, (4)		3.649%		4/29/31		BBB		99,357
	250	Western Midstream Operating LP, (4)		4.550%		2/01/30		BBB–		218,230
	2,530	Total Oil, Gas & Consumable Fuels								2,312,694

		Personal Products – 0.1%

	50	Kronos Acquisition Holdings Inc / KIK Custom Products Inc, 144A		5.000%		12/31/26		B2		43,250

		Pharmaceuticals – 0.6%

	200	ORGANON & CO/ORG, 144A, (4)		5.125%		4/30/31		BB–		173,176
	220	Teva Pharmaceutical Finance Netherlands III BV		6.750%		3/01/28		Ba2		214,500
	420	Total Pharmaceuticals								387,676

		Real Estate Management & Development – 0.6%

	50	Howard Hughes Corp, 144A		4.125%		2/01/29		BB		41,875
	75	Kennedy-Wilson Inc		4.750%		3/01/29		BB		59,441
	325	Kennedy-Wilson Inc (4)		5.000%		3/01/31		BB		244,641
	450	Total Real Estate Management & Development								345,957

		Semiconductors & Semiconductor Equipment – 0.7%

	500	Broadcom Inc, 144A, (4)		2.450%		2/15/31		BBB–		393,809

		Software – 0.4%

	285	Open Text Corp, 144A, (4)		3.875%		12/01/29		BB+		229,194

		Specialty Retail – 1.8%

	325	Asbury Automotive Group Inc, 144A, (4)		5.000%		2/15/32		BB		267,377
	365	Asbury Automotive Group Inc, 144A, (4)		4.625%		11/15/29		BB		307,564
	50	Bath & Body Works Inc, 144A		6.625%		10/01/30		BB		46,920
	75	LCM Investments Holdings II LLC, 144A		4.875%		5/01/29		BB–		60,059
	500	Michaels Cos Inc, 144A		7.875%		5/01/29		Caa1		334,084
	50	Michaels Cos Inc, 144A		5.250%		5/01/28		B1		40,227
	1,365	Total Specialty Retail								1,056,231

		Tobacco – 0.8%

	600	BAT Capital Corp, (4)		2.726%		3/25/31		BBB+		468,130

		Trading Companies & Distributors – 0.9%

	455	Albion Financing 2SARL, 144A		8.750%		4/15/27		BB–		387,452
	100	H&E Equipment Services Inc, 144A		3.875%		12/15/28		BB–		85,179
	50	WESCO Distribution Inc, 144A		7.250%		6/15/28		BB		50,649
	605	Total Trading Companies & Distributors								523,280

		Wireless Telecommunication Services – 0.3%

	200	Vmed O2 UK Financing I PLC, 144A		4.750%		7/15/31		BB+		162,470
$	26,922	Total Corporate Bonds (cost $27,223,232)								22,988,137

Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (2)		Value

		SOVEREIGN DEBT – 1.5% (1.1% of Total Investments)

		Bahrain – 0.4%

$	250	Bahrain Government International Bond, 144A		7.000%		10/12/28		B+	$	251,303

		Egypt – 0.6%

	400	Egypt Government International Bond, 144A		5.875%		6/11/25		B+		368,760

		El Salvador – 0.1%

	100	El Salvador Government International Bond, 144A		5.875%		1/30/25		CCC+		64,583

Principal
Amount (000)

Description (1)

Coupon

Maturity

Ratings (2)

Value

Turkey – 0.4%

250

Turkey Government International Bond

5.950%

1/15/31

206,250

Total Sovereign Debt (cost $1,003,299)

890,896

Principal
Amount (000)

Description (1), (6)

Coupon

Maturity

Ratings (2)

Value

CONTINGENT CAPITAL SECURITIES – 1.6% (1.1% of Total Investments)

Banks – 1.3%

200

Banco Bilbao Vizcaya Argentaria SA

6.500%

N/A (7)

Ba2

191,501

200

Banco Santander SA

4.750%

N/A (7)

Ba1

161,948

200

Lloyds Banking Group PLC

7.500%

N/A (7)

Baa3

192,941

200

Societe Generale SA, 144A

8.000%

N/A (7)

200,250

800

Total Banks

746,640

Capital Markets – 0.3%

200

UBS Group AG, 144A

7.000%

N/A (7)

BBB

196,765

1,000

Total Contingent Capital Securities (cost $1,024,353)

943,405

Principal
Amount (000)

Description (1)

Coupon (8)

Reference
Rate (8)

Spread (8)

Maturity (9)

Ratings (2)

Value

VARIABLE RATE SENIOR LOAN INTERESTS – 1.0% (0.7% of Total Investments) (8)

Chemicals – 0.3%

197

INEOS Styrolution US Holding LLC, Term Loan B

7.134%

1-Month LIBOR

2.750%

1/29/26

BB+

194,045

Insurance – 0.3%

198

Alliant Holdings Intermediate, LLC, Term Loan B4

7.854%

1-Month LIBOR

3.500%

11/06/27

193,303

Trading Companies & Distributors – 0.4%

246

Core & Main LP, Term Loan B

6.889%

1 + 6 Month LIBOR

2.500%

6/10/28

B+

243,775

641

Total Variable Rate Senior Loan Interests (cost $639,962)

631,123

Total Long-Term Investments (cost $92,285,090)

82,160,123

Principal
Amount (000)

Description (1)

Coupon

Maturity

Value

SHORT-TERM INVESTMENTS – 4.1%(2.9% of Total Investments)

REPURCHASE AGREEMENTS – 4.1% (2.9% of Total Investments)

2,443

Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/30/22, repurchase price $2,443,680, collateralized by $3,240,800 U.S. Treasury Bond, 2.375%, due 02/15/42, value $2,492,250

1.280%

1/03/23

2,443,332

Total Short-Term Investments (cost $2,443,332)

2,443,332

Total Investments (cost $94,728,422) – 140.9%

84,603,455

Reverse Repurchase Agreements, including accrued interest – (43.2)%(10)

(25,968,565

)

Other Assets Less Liabilities – 2.3% (11)

1,413,514

Net Assets Applicable to Common Shares – 100%

60,048,404



JMM		Nuveen Multi-Market Income Fund (continued)
JMM		Portfolio of Investments December 31, 2022
		(Unaudited)

Investments in Derivatives

Futures Contracts – Long


Description	Number of Contracts		Expiration Date		Notional Amount		Value		Unrealized Appreciation (Depreciation)
U.S. Treasury Ultra Bond		16		3/23	$	2,171,124	$	2,149,000	$	(22,124	)

Interest Rate Swaps – OTC Uncleared

Counterparty

Notional
Amount

Fund
Pay/Receive
Floating Rate

Floating Rate Index

Fixed Rate
(Annualized)

Fixed Rate
Payment
Frequency

Effective
Date (12)

Optional
Termination
Date

Maturity
Date

Value

Unrealized
Appreciation
(Depreciation)

Morgan Stanley Capital Services LLC

17,000,000

Receive

1-Month LIBOR

1.994

Monthly

6/01/18

7/01/25

7/01/27

863,961

For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease.

(1)	All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.

(2)

For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade.

(3)	Variable rate security. The rate shown is the coupon as of the end of the reporting period.

(4)	Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in reverse repurchase agreements. As of the end of the reporting period, investments with a value of $26,187,028 have been pledged as collateral for reverse repurchase agreements.

(5)	For fair value measurement disclosure purposes, investment classified as Level 3.

(6)

Contingent Capital Securities (“CoCos”) are hybrid securities with loss absorption characteristics built into the terms of the security for the benefit of the issuer. For example, the terms may specify an automatic write-down of principal or a mandatorycconversion into the issuer’s common stock under certain adverse circumstances, such as the issuer’s capital ratio falling below a specified level.

(7)	Perpetual security. Maturity date is not applicable.

(8)

Senior loans generally pay interest at rates which are periodically adjusted by reference to a base short-term, floating lending rate (Reference Rate) plus an assigned fixed rate (Spread). These floating lending rates are generally (i) the lending rate referenced by the London Inter-Bank Offered Rate (“LIBOR”), or (ii) the prime rate offered by one or more major United States banks. Senior loans may be considered restricted in that the Fund ordinarily is contractually obligated to receive approval from the agent bank and/or borrower prior to the disposition of a senior loan. The rate shown is the coupon as of the end of the reporting period.

(9)

Senior loans generally are subject to mandatory and/or optional prepayment. Because of these mandatory prepayment conditions and because there may be significant economic incentives for a borrower to prepay, prepayments of senior loans may occur. As a result, the actual remaining maturity of senior loans held may be substantially less than the stated maturities shown.

(10)	Reverse Repurchase Agreements, including accrued interest as a percentage of Total investments is 36.4%.

(11)

Other assets less liabilities includes the unrealized appreciation (depreciation) of certain over-the-counter (“OTC”) derivatives as well as the OTC cleared and exchange-traded derivatives, when applicable. The unrealized appreciation (depreciation) of OTC cleared and exchange–traded derivatives is recognized as part of the cash collateral at brokers and/or the receivable or payable for variation margin as presented on the Statement of Assets and Liabilities, when applicable.

(12)	Effective date represents the date on which both the Fund and counterparty commence interest payment accruals on each contract.

144A	Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.

LIBOR

London Inter-Bank Offered Rate

N/A	Not Applicable.

SOFR30A

30 Day Average Secured Overnight Financing Rate

TSFR3M

CME Term SOFR 3 Month

WI/DD

Purchased on a when-issued or delayed delivery basis.

See accompanying notes to financial statements.

Statement of Assets and Liabilities

December 31, 2022

(Unaudited)


Assets
Long-term investments, at value (cost $92,285,090)	$	82,160,123
Short-term investments, at value (cost approximates value)		2,443,332
Cash		5,069
Cash collateral at broker for investments in futures contracts⁽¹⁾		104,031
Cash collateral at broker for investments in reverse repurchase agreements⁽¹⁾		935,343
Unrealized appreciation on interest rate swaps		863,961
Receivable for:
Interest		563,220
Investments sold		394,664
Reclaims		876
Other assets		751
Total assets		87,471,370
Liabilities
Cash collateral due to broker		881,191
Reverse repurchase agreements, including accrued interest		25,968,565
Payable for:
Investments purchased – when-issued/delayed-delivery settlement		392,184
Variation margin on futures contracts		8,000
Accrued expenses:
Management fees		65,017
Trustees fees		1,148
Other		106,861
Total liabilities		27,422,966
Net assets applicable to common shares	$	60,048,404
Common shares outstanding		9,462,350
Net asset value (“NAV”) per common share outstanding	$	6.35
Net assets applicable to common shares consist of:
Common shares, $0.01 par value per share	$	94,624
Paid-in surplus		80,456,029
Total distributable earnings (loss)		(20,502,249	)
Net assets applicable to common shares	$	60,048,404
Authorized common shares		Unlimited

(1)	Cash pledged to collateralize the net payment obligations for investments in derivatives and reverse repurchase agreements.

See accompanying notes to financial statements.

Statement of Operations

Six Months Ended December 31, 2022

(Unaudited)


Investment Income	$	1,999,394
Expenses
Management fees		375,926
Interest expense		451,194
Custodian fees		62,092
Trustees fees		1,334
Professional fees		39,713
Shareholder reporting expenses		30,894
Shareholder servicing agent fees		4,899
Stock exchange listing fees		3,623
Investor relations expense		8,005
Other		5,764
Total expenses		983,444
Net investment income (loss)		1,015,950
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(817,221	)
Futures contracts		(268,853	)
Swaps		39,935
Change in net unrealized appreciation (depreciation) of:
Investments		(816,484	)
Futures contracts		15,361
Swaps		521,557
Net realized and unrealized gain (loss)		(1,325,705	)
Net increase (decrease) in net assets applicable to common shares from operations	$	(309,755	)

See accompanying notes to financial statements.

Statement of Changes in Net Assets


	Six Months Ended 12/31/22 (Unaudited)			Year Ended 6/30/22
Operations
Net investment income (loss)	$	1,015,950		$	2,310,003
Net realized gain (loss) from:
Investments		(817,221	)		(396,191	)
Futures contracts		(268,853	)		121,892
Swaps		39,935			(305,232	)
Change in net unrealized appreciation (depreciation) of:
Investments		(816,484	)		(11,767,469	)
Futures contracts		15,361			(57,653	)
Swaps		521,557			1,521,020
Net increase (decrease) in net assets applicable to common shares from operations		(309,755	)		(8,573,630	)
Distributions to Common Shareholders
Dividends		(1,703,223	)		(2,457,107	)
Return of Capital		—			(949,339	)
Decrease in net assets applicable to common shares from distributions to common shareholders		(1,703,223	)		(3,406,446	)
Net increase (decrease) in net assets applicable to common shares		(2,012,978	)		(11,980,076	)
Net assets applicable to common shares at the beginning of period		62,061,382			74,041,458
Net assets applicable to common shares at the end of period	$	60,048,404		$	62,061,382

See accompanying notes to financial statements.

Statement of Cash Flows

Six Months Ended December 31, 2022

(Unaudited)


Cash Flows from Operating Activities:
Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations	$	(309,755	)
Adjustments to reconcile the net increase (decrease) in net assets applicable to common shares from operations to net cash provided by (used in) operating activities:
Purchases of investments		(8,552,777	)
Proceeds from sales and maturities of investments		10,899,681
Proceeds from (Purchases of) short-term investments, net		(450,664	)
Proceeds from litigation settlement		126
Amortization (Accretion) of premiums and discounts, net		28,153
(Increase) Decrease in:
Receivable for interest		4,316
Receivable for investments sold		(392,530	)
Receivable for variation margin on futures contracts		21,094
Other assets		3,181
Increase (Decrease) in:
Payable for interest		88,244
Payable for investments purchased—when-issued/delayed-delivery settlement		(2,651,914	)
Payable for variation margin on futures contracts		8,000
Accrued management fees		2,341
Accrued Trustees fees		346
Accrued other expenses		28,095
Net realized (gain) loss from:
Investments		817,221
Paydowns		40,730
Change in net unrealized appreciation (depreciation) of:
Investments		816,484
Swaps		(521,557	)
Net cash provided by (used in) operating activities		(121,185	)
Cash Flows from Financing Activities:
Proceeds from reverse repurchase agreements		16,154,000
(Repayments of) reverse repurchase agreements		(14,276,000	)
Cash collateral due to broker		280,290
Increase (Decrease) in cash overdraft		(14,904	)
Cash distributions paid to shareholders		(1,972,338	)
Net cash provided by (used in) financing activities		171,048
Net Increase (Decrease) in Cash and Cash Collateral at Brokers		49,863
Cash and cash collateral at brokers at the beginning of period		994,580
Cash and cash collateral at brokers at the end of period	$	1,044,443

The following table provides a reconciliation of cash and cash collateral at brokers to the statement of assets and liabilities:
Cash	$	5,069
Cash collateral at brokers for investments in futures		104,031
Cash collateral at brokers for investments in swaps		935,343
Total cash and cash collateral at brokers	$	1,044,443

Supplemental Disclosures of Cash Flow Information
Cash paid for interest	$	451,202

See accompanying notes to financial statements.

THIS PAGE INTENTIONALLY LEFT BLANK

Financial Highlights

Selected data for a share outstanding throughout each period:



			Investment Operations								Less Distributions to Common Shareholders											Common Share
	Beginning Common Share NAV		Net Investment Income (Loss)(a)		Net Realized/ Unrealized Gain (Loss)			Total			From Net Investment Income			From Accumulated Net Realized Gains		Return of Capital			Total			Discount From Shares Repurchase and Retired		Ending NAV		Ending Share Price
Year Ended 6/30:
2023(e)	$	6.56	$	0.11	$	(0.14	)	$	(0.03	)	$	(0.18	)	$	—	$	—		$	(0.18	)	$	—	$	6.35	$	5.87
2022		7.82		0.24		(1.14	)		(0.90	)		(0.26	)		—		(0.10	)		(0.36	)		—		6.56		6.10
2021		7.48		0.26		0.40			0.66			(0.32	)		—		—			(0.32	)		—		7.82		7.46
2020		8.01		0.30		(0.48	)		(0.18	)		(0.35	)		—		—			(0.35	)		—		7.48		6.90
2019		7.97		0.32		0.08			0.40			(0.36	)		—		—			(0.36	)		—		8.01		7.33
2018		8.15		0.35		(0.13	)		0.22			(0.40	)		—		—			(0.40	)		—		7.97		7.00


						Common Share Supplemental Data/ Ratios Applicable to Common Shares
Common Share Total Returns								Ratios to Average Net Assets(c)
Based on NAV(b)			Based on Share Price(b)			Ending Net Assets (000)		Expenses			Net Investment Income (Loss)			Portfolio Turnover Rate(d)

	(0.47	)%		(0.83	)%	$	60,048		3.19	%*		3.29	%*		10	%
	(12.04	)		(13.94	)		62,061		1.68			3.28			89
	9.13			13.13			74,041		1.55			3.41			107
	(2.34	)		(1.14	)		70,780		2.24			3.88			87
	5.16			10.14			75,839		2.19			4.08			159
	2.60			(1.37	)		75,408		1.88			4.28			165

(a)	Per share Net Investment Income (Loss) is calculated using the average daily shares method.

(b)

Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized.

Total Return Based on Common Share Price is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.


(c)	•	Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to reverse repurchase agreements (as described in Note 8 – Fund Leverage), where applicable.
	•	Each ratio includes the effect of all interest expenses paid and other costs related to reverse repurchase agreements, where applicable, as follows:


Ratios of Interest Expense to Average Net Assets Applicable to Common Shares
Year Ended 6/30: 2023(e)	1.46	%*
2022	0.18
2021	0.10
2020	0.75
2019	0.69
2018	0.41

(d)	Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4 – Portfolio Securities and Investments in Derivatives) divided by the average long-term market value during the period.

(e)	Unaudited. For the six months ended December 31, 2022.

*	Annualized.

See accompanying notes to financial statements.

Notes to Financial Statements

(Unaudited)

1. General Information

Fund Information

Nuveen Multi-Market Income Fund (the “Fund”) is registered under the Investment Company Act of 1940, as amended, as a diversified closed-end management investment company. The Fund’s shares are listed on the New York Stock Exchange (“NYSE”) and trade under the ticker symbol “JMM.” The Fund was organized as a Massachusetts business trust on May 27, 2014 (previously organized as a Virginia corporation).

Current Fiscal Period

The end of the reporting period for the Fund is December 31, 2022, and the period covered by these Notes to Financial Statements is the six months ended December 31, 2022 (the “current fiscal period”).

Investment Adviser and Sub-Adviser

The Fund’s investment adviser is Nuveen Fund Advisors, LLC (the “Adviser”), a subsidiary of Nuveen, LLC (“Nuveen”). Nuveen is the investment management arm of Teachers Insurance and Annuity Association of America (TIAA). The Adviser has overall responsibility for management of the Fund, oversees the management of the Fund’s portfolio, manages the Fund’s business affairs and provides certain clerical, bookkeeping and other administrative services, and, if necessary, asset allocation decisions. The Adviser has entered into a sub-advisory agreement with Nuveen Asset Management, LLC (the “Sub-Adviser”), a subsidiary of the Adviser, under which the Sub-Adviser manages the Fund’s investment portfolio.

Developments Regarding the Fund’s Control Share By-Law

On October 5, 2020, the Fund and certain other closed-end funds in the Nuveen fund complex amended their by-laws. Among other things, the amended by-laws included provisions pursuant to which, in summary, a shareholder who obtains beneficial ownership of common shares in a Control Share Acquisition (as defined in the by-laws) shall have the same voting rights as other common shareholders only to the extent authorized by the other disinterested shareholders (the “Control Share By-Law”). On January 14, 2021, a shareholder of certain Nuveen closed-end funds filed a civil complaint in the U.S. District Court for the Southern District of New York (the “District Court”) against certain Nuveen funds and their trustees, seeking a declaration that such funds’ Control Share By-Laws violate the 1940 Act, rescission of such fund’s Control Share By-Laws and a permanent injunction against such funds applying the Control Share By-Laws. On February 18, 2022, the District Court granted judgment in favor of the plaintiff’s claim for rescission of such funds’ Control Share By-Laws and the plaintiff’s declaratory judgment claim, and declared that such funds’ Control Share By-Laws violate Section 18(i) of the 1940 Act. Following review of the judgment of the District Court, on February 22, 2022, the Board of Trustees amended the Fund’s by-laws to provide that the Fund’s Control Share By-Law shall be of no force and effect for so long as the judgment of the District Court is effective and that if the judgment of the District Court is reversed, overturned, vacated, stayed, or otherwise nullified, the Fund’s Control Share By-Law will be automatically reinstated and apply to any beneficial owner of common shares acquired in a Control Share Acquisition, regardless of whether such Control Share Acquisition occurs before or after such reinstatement, for the duration of the stay or upon issuance of the mandate reversing, overturning, vacating or otherwise nullifying the judgment of the District Court. On February 25, 2022, the Board and the Funds appealed the District Court’s decision to the U.S. Court of Appeals for the Second Circuit.

2. Significant Accounting Policies

The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require the use of estimates made by management and the evaluation of subsequent events. Actual results may differ from those estimates. The Fund is an investment company and follows the accounting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 946, Financial Services – Investment Companies. The net asset value (“NAV”) for financial reporting purposes may differ from the NAV for processing security and common share transactions. The NAV for financial reporting purposes includes security and common share transactions through the date of the report. Total return is computed based on the NAV used for processing security and common share transactions. The following is a summary of the significant accounting policies consistently followed by the Fund.

Compensation

The Fund pays no compensation directly to those of its trustees or to its officers, all of whom receive remuneration for their services to the Fund from the Adviser or its affiliates. The Fund’s Board of the Trustees (the “Board”) has adopted a deferred compensation plan for independent trustees that enables trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.

Distributions to Common Shareholders

Distributions to common shareholders are recorded on the ex-dividend date. The amount, character and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.

The Fund has implemented a level distribution program to provide shareholders with stable, but not guaranteed, cash flow, independent of the amount or timing of income earned or capital gains realized by the Fund. Under this program, the Fund’s regular monthly distribution, in order to maintain its level distribution amount, may include net investment income, return of capital and potentially capital gains for tax purposes. The amounts and sources of distributions are reported for financial reporting purposes and are not being provided for tax reporting purposes. The actual amounts and character of the distributions for tax reporting purposes will be reported to shareholders on Form 1099-DIV which will be sent to shareholders shortly after calendar year-end. More details about the Fund’s distributions and the basis for these estimates are available on www.nuveen.com/cef.

Indemnifications

Under the Fund’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund enters into contracts that provide general indemnifications to other parties. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. However, the Fund has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

Investments and Investment Income

Securities transactions are accounted for as of the trade date for financial reporting purposes. Realized gains and losses on securities transactions are based upon the specific identification method. Dividend income is recorded on the ex-dividend date or, for foreign securities, when information is available. Non-cash dividends received in the form of stock, if any, are recognized on the ex-dividend date and recorded at fair value. Interest income, which reflects the amortization of premiums and includes accretion of discounts for financial reporting purposes, is recorded on an accrual basis. Interest income also reflects payment-in-kind (“PIK”) interest, fees earned from reverse repurchase agreements and paydown gains and losses, if any. PIK interest represents income received in the form of securities in lieu of cash. Fees earned from reverse repurchase agreements are further described in Note 8 – Fund Leverage, Reverse Repurchase Agreements.

Netting Agreements

In the ordinary course of business, the Fund may enter into transactions subject to enforceable, International Swaps and Derivatives Association, Inc. (ISDA) master agreements or other similar arrangements (“netting agreements”). Generally, the right to offset in netting agreements allows the Fund to offset certain securities and derivatives with a specific counterparty, when applicable, as well as any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, the Fund manages its cash collateral and securities collateral on a counterparty basis.

The Fund’s investments subject to netting agreements as of the end of the reporting period, if any, are further described in Note 4 – Portfolio Securities and Investments in Derivatives.

New Accounting Pronouncements and Rule Issuances

Reference Rate Reform

In March 2020, FASB issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The main objective of the new guidance is to provide relief to companies that will be impacted by the expected change in benchmark interest rates, when participating banks will no longer be required to submit London Interbank Offered Rate (LIBOR) quotes by the UK Financial Conduct Authority (FCA). The new guidance allows companies to, provided the only changes to existing contracts are a change to an approved benchmark interest rate, account for modifications as a continuance of the existing contract without additional analysis. For new and existing contracts, the Funds may elect to apply the amendments as of March 12, 2020 through December 31, 2022. In December 2022, FASB deferred ASU 2022-04 and issued ASU 2022-06, Reference Rate Reform: Deferral of the Sunset Date of Topic 848, which extends the application of the amendments through December 31, 2024. Management has not yet elected to apply the amendments, is continuously evaluating the potential effect a discontinuation of LIBOR could have on the Fund’s investments and has currently determined that it is unlikely the ASU’s adoption will have a significant impact on the Fund’s financial statements and various filings.

New Rules to Modernize Fund Valuation Framework Take Effect

A new rule adopted by the Securities and Exchange Commission (the “SEC”) governing fund valuation practices, Rule 2a-5 under the 1940 Act, has established requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 permits fund boards to designate certain parties to perform fair value determinations, subject to board oversight and certain other conditions. Rule 2a-5 also defines when market quotations are “readily available” for purposes of Section 2(a)(41) of the 1940 Act, which requires a fund to fair value a security when market quotations are not readily available.

Notes to Financial Statements (continued)

(Unaudited)

Separately, new SEC Rule 31a-4 under the 1940 Act sets forth the recordkeeping requirements associated with fair value determinations. The Funds adopted a valuation policy conforming to the new rules, effective September 1, 2022, and there was no material impact to the Funds.

3. Investment Valuation and Fair Value Measurements

The Fund’s investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Adviser, subject to oversight of the Board. Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. U.S. GAAP establishes the three-tier hierarchy which is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect management’s assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.


Level 1 –		Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2 –		Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.).
Level 3 –		Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).

A description of the valuation techniques applied to the Fund’s major classifications of assets and liabilities measured at fair value follows:

Prices of fixed-income securities are generally provided by pricing services approved by the Adviser, which is subject to review by the Adviser and oversight of the Board. Pricing services establish a security’s fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. In pricing certain securities, particularly less liquid and lower quality securities, pricing services may consider information about a security, its issuer or market activity provided by the Adviser. These securities are generally classified as Level 2.

Repurchase agreements are valued at contract amount plus accrued interest, which approximates market value. These securities are generally classified as Level 2.

Futures contracts are valued using the closing settlement price or, in the absence of such a price, the last traded price and are generally classified as Level 1.

Swap contracts are marked-to-market daily based upon a price supplied by a pricing service. Swaps are generally classified as Level 2.

For any portfolio security or derivative for which market quotations are not readily available or for which the Adviser deems the valuations derived using the valuation procedures described above not to reflect fair value, the Adviser will determine a fair value in good faith using alternative procedures approved by the Adviser, subject to the oversight of the Board. As a general principle, the fair value of a security is the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. To the extent the inputs are observable and timely, the values would be classified as Level 2; otherwise they would be classified as Level 3.

The following table summarizes the market value of the Funds’ investments as of the end of the reporting period, based on the inputs used to value them:


	Level 1			Level 2		Level 3			Total
Long-Term Investments*:
Asset-Backed and Mortgage-Backed Securities	$	—		$	56,706,562	$	—		$	56,706,562
Corporate Bonds		—			22,988,137		—	***		22,988,137
Variable Rate Senior Loan Interests		—			631,123		—			631,123
Sovereign Debt		—			890,896		—			890,896
Contingent Capital Securities		—			943,405		—			943,405
Short-Term Investments:
Repurchase Agreements		—			2,443,332		—			2,443,332
Investments in Derivatives:
Futures Contracts**		(22,124	)		—		—			(22,124	)
Interest Rate Swaps**		—			863,961		—			863,961
Total	$	(22,124	)	$	85,467,416	$	—		$	85,445,292

*	Refer to the Fund’s Portfolio of Investments for industry and country classifications, where applicable.

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

***	Refer to the Fund’s Portfolio of Investments for securities classified as Level 3. Value equals zero as of the end of the reporting period.

4. Portfolio Securities and Investments in Derivatives

Portfolio Securities

Dollar Roll Transactions

The Fund may enter into mortgage dollar rolls in which a Fund sells mortgage securities for delivery in the current month, realizing a gain (loss), and simultaneously contracts to repurchase similar securities on a specified future date. During the roll period, a Fund forgoes principal and interest paid on the securities. The Fund is compensated by the interest earned on the cash proceeds of the initial sale and by the lower repurchase price at the future date. The difference between the sales proceeds and the repurchase price is recorded as a realized gain or loss.

Repurchase Agreements

In connection with transactions in repurchase agreements, it is the Fund’s policy that its custodian take possession of the underlying collateral securities, the fair value of which exceeds the principal amount of the repurchase transaction, including accrued interest, at all times. If the counterparty defaults, and the fair value of the collateral declines, realization of the collateral may be delayed or limited.

The following table presents the repurchase agreements for the Fund that are subject to netting agreements as of the end of the reporting period, and the collateral delivered related to those repurchase agreements.


Counterparty	Short-Term Investments, at Value		Collateral Pledged (From) Counterparty
Fixed Income Clearing Corporation	$	2,443,332	$	(2,492,250	)

Zero Coupon Securities

A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. Income to the holder of the security comes from accretion of the difference between the original purchase price of the security at issuance and the par value of the security at maturity and is effectively paid at maturity. The market prices of zero coupon securities generally are more volatile than the market prices of securities that pay interest periodically.

Investment Transactions

Long-term purchases and sales (including maturities and dollar roll transactions, but excluding derivative transactions) during the current fiscal period aggregated $8,552,777 and $10,899,681 respectively.

The Fund may purchase securities on a when-issued or delayed-delivery basis. Securities purchased on a when-issued or delayed-delivery basis may have extended settlement periods; interest income is not accrued until settlement date. Any securities so purchased are subject to market fluctuation during this period. The Fund has earmarked securities in its portfolio with a current value at least equal to the amount of the when-issued/delayed-delivery purchase commitments. If the Fund has outstanding when-issued/delayed-delivery purchases commitments as of the end of the reporting period, such amounts are recognized on the Statement of Assets and Liabilities.

Investments in Derivatives

The Fund is authorized to invest in certain derivative instruments such as futures, options and swap contracts. The Fund limits its investments in futures, options on futures and swap contracts to the extent necessary for the Adviser to claim the exclusion from registration by the Commodity Futures Trading Commission as a commodity pool operator with respect to the Fund. The Fund records derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Fund’s investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes.

Futures Contracts

Upon execution of a futures contract, the Fund is obligated to deposit cash or eligible securities, also known as “initial margin,” into an account at its clearing broker equal to a specified percentage of the contract amount. Cash held by the broker to cover initial margin requirements on open futures contracts, if any, is recognized as “Cash collateral at brokers for investments in futures contracts” on the Statement of Assets and Liabilities. Investments in futures contracts obligate the Fund and the clearing broker to settle monies on a daily basis representing changes in the prior days “mark-to-market” of the open contracts. If the Fund has unrealized appreciation the clearing broker will credit the Fund’s account with an amount equal to appreciation. Conversely, if the Fund has unrealized depreciation the clearing broker will debit the Fund’s account with an amount equal to depreciation. These daily cash settlements are also known as “variation margin.” Variation margin is recognized as a receivable and/or payable for “Variation margin on futures contracts” on the Statement of Assets and Liabilities.

Notes to Financial Statements (continued)

(Unaudited)

During the period the futures contract is open, changes in the value of the contract are recognized as an unrealized gain or loss by “marking-to-market” on a daily basis to reflect the changes in market value of the contract, which is recognized as a component of “Change in net unrealized appreciation (depreciation) of futures contracts” on the Statement of Operations. When the contract is closed or expired, a Fund records a realized gain or loss equal to the difference between the value of the contract on the closing date and value of the contract when originally entered into, which is recognized as a component of “Net realized gain (loss) from futures contracts” on the Statement of Operations.

Risks of investments in futures contracts include the possible adverse movement in the price of the securities or indices underlying the contracts, the possibility that there may not be a liquid secondary market for the contracts and/or that a change in the value of the contract may not correlate with a change in the value of the underlying securities or indices.

During the current fiscal period, the Fund used interest rate futures to partially hedge the portfolio against movements in interest rates.

The average notional amount of futures contracts outstanding during the current fiscal period was as follows:


Average notional amount of futures contracts outstanding*			$1,985,130

*	The average notional amount is calculated based on the absolute aggregate notional amount of contracts outstanding at the beginning of the current fiscal period and at the end of each fiscal quarter within the current fiscal period.

The following table presents the fair value of all futures contracts held by the Fund as of the end of the reporting period, the location of these instruments on the Statement of Assets and Liabilities and the primary underlying risk exposure.

Location on the Statement of Assets and Liabilities

Underlying
Risk Exposure

Derivative
Instrument

Asset Derivatives

(Liability) Derivatives

Location

Value

Location

Value

Interest rate

Futures contracts

—

Payable for variation margin on futures contracts*

(22,124

)

*	Value represents the cumulative unrealized appreciation (depreciation) of futures contracts as reported in the Fund’s Portfolio of Investments and not the daily asset and/or liability derivative location as described in the table above.

The following table presents the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized on futures contracts on the Statement of Operations during the current fiscal period, and the primary underlying risk exposure.

Underlying Risk Exposure

Derivative

Instrument

Net Realized
Gain (Loss)
from Futures
Contracts

Change in Net
Unrealized
Appreciation
(Depreciation) of
Futures Contracts

Interest rate

Futures contracts

(268,853

)

15,361

Interest Rate Swap Contracts

Interest rate swap contracts involve the Fund’s agreement with the counterparty to pay or receive a fixed rate payment in exchange for the counterparty receiving or paying a variable rate payment. Forward interest rate swap contracts involve the Fund’s agreement with a counterparty to pay, in the future, a fixed or variable rate payment in exchange for the counterparty paying the Fund a variable or fixed rate payment, the accruals for which would begin at a specified date in the future (the “effective date”).

The amount of the payment obligation for an interest rate swap is based on the notional amount and the termination date of the contract. Interest rate swap contracts do not involve the delivery of securities or other underlying assets or principal. Accordingly, the risk of loss with respect to the swap counterparty on such transactions is limited to the net amount of interest payments that the Fund is to receive.

Interest rate swap contracts are valued daily. Upon entering into an interest rate swap contract (and beginning on the effective date for a forward interest rate swap contract), the Fund accrues the fixed rate payment expected to be paid or received and the variable rate payment expected to be received or paid on the interest rate swap contracts on a daily basis, and recognizes the daily change in the fair value of the Fund’s contractual rights and obligations under the contracts. For an over-the-counter (“OTC”) swap that is not cleared through a clearing house (“OTC Uncleared”), the amount recorded on these transactions is recognized on the Statement of Assets and Liabilities as a component of “Unrealized appreciation or depreciation on interest rate swaps.”

Upon the execution of an OTC swap cleared through a clearing house (“OTC Cleared”), the Fund is obligated to deposit cash or eligible securities, also known as “initial margin,” into an account at its clearing broker equal to a specified percentage of the contract amount. Cash deposited by the Fund to cover initial margin requirements on open swap contracts, if any, is recognized as a component of “Cash collateral at brokers for investments in swaps” on

the Statement of Assets and Liabilities. Investments in OTC Cleared swaps obligate the Fund and the clearing broker to settle monies on a daily basis representing changes in the prior day’s “mark-to-market” of the swap contract. If the Fund has unrealized appreciation, the clearing broker will credit the Fund’s account with an amount equal to the appreciation. Conversely, if the Fund has unrealized depreciation, the clearing broker will debit the Fund’s account with an amount equal to the depreciation. These daily cash settlements are also known as “variation margin.” Variation margin for OTC Cleared swaps is recognized as a receivable and/or payable for “Variation margin on swap contracts” on the Statement of Assets and Liabilities. Upon the execution of an OTC Uncleared swap, neither the Fund nor the counterparty is required to deposit initial margin as the trades are recorded bilaterally between both parties to the swap contract, and the terms of the variation margin are subject to a predetermined threshold negotiated by the Fund and the counterparty. Variation margin for OTC Uncleared swaps is recognized as a component of “Unrealized appreciation or depreciation on interest rate swaps” as described in the preceding paragraph.

The net amount of periodic payments settled in cash are recognized as a component of “Net realized gain (loss) from swaps” on the Statement of Operations, in addition to the net realized gain or loss recorded upon the termination of the swap contract. For tax purposes, payments expected to be received or paid on the swap contracts are treated as ordinary income or expense, respectively. Changes in the value of the swap contracts during the fiscal period are recognized as a component of “Change in net unrealized appreciation (depreciation) of swaps” on the Statement of Operations. In certain instances, payments are made or received upon entering into the swap contract to compensate for differences between the stated terms of the swap agreements and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). Payments received or made at the beginning of the measurement period, if any, are recognized as “Interest rate swaps premiums received and/or paid” on the Statement of Assets and Liabilities.

During the current fiscal period, the Fund used interest rate swap contracts to partially hedge its interest cost of leverage.

The average notional amount of interest rate swap contracts outstanding during the current fiscal period was as follows:


Average notional amount of interest rate swap contracts outstanding*		$	17,000,000

*	The average notional amount is calculated based on the outstanding notional at the beginning of the current fiscal period and at the end of each fiscal quarter within the current fiscal period.

The following table presents the fair value of all swap contracts held by the Fund as of the end of the reporting period, the location of these instruments on the Statement of Assets and Liabilities and the primary underlying risk exposure.

Location on the Statements of Assets and Liabilities

Underlying

Risk Exposure

Derivative

Instrument

Asset Derivatives

(Liability) Derivatives

Location

Value

Location

Value

Interest rate

Swaps (OTC Uncleared)

Unrealized appreciation on interest rate swaps

863,961

—

The following table presents the swap contracts subject to netting agreements and the collateral delivered related to those swap contracts as of the end of the reporting period.


							Gross Amounts not offset on the Statement of Assets and Liabilities
Counterparty	Gross Unrealized Appreciation on Interest Rate Swaps**		Gross Unrealized (Depreciation) on Interest Rate Swaps**		Net Unrealized Appreciation (Depreciation) on Interest Rate Swaps		Interest Rate Swaps Premiums Paid		Collateral Pledged to (from) Counterparty			Net Exposure
Morgan Stanley Capital Services LLC		$863,961	$	—	$	863,961	$	—	$	(881,901	)	$	(17,940	)

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

The following table presents the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized on swap contracts on the Statement of Operations during the current fiscal period, and the primary underlying risk exposure.


Underlying Risk Exposure	Derivative Instrument	Net Realized Gain (Loss) from Swaps		Change in Net Unrealized Appreciation (Depreciation) of Swaps
Interest rate	Swaps	$	39,935	$	521,557

Notes to Financial Statements (continued)

(Unaudited)

Market and Counterparty Credit Risk

In the normal course of business the Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose the Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of the Fund’s exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities.

The Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of the Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when the Fund has an unrealized loss, the Fund has instructed the custodian to pledge assets of the Fund as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the pre-determined threshold amount.

5. Fund Shares

Common Share Transactions

The Fund did not have any transactions in common shares during the current and prior fiscal periods.

6. Income Tax Information

The Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required.

The Fund files income tax returns in U.S. federal and applicable state and local jurisdictions. A Fund’s federal income tax returns are generally subject to examination for a period of three fiscal years after being filed. State and local tax returns may be subject to examination for an additional period of time depending on the jurisdiction. Management has analyzed the Fund’s tax positions taken for all open tax years and has concluded that no provision for income tax is required in the Fund’s financial statements.

As of the end of the reporting period, the aggregate cost and the net unrealized appreciation/(depreciation) of all investments for federal income tax purposes was as follows:


Fund	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
JMM	$	94,945,579	$	921,722	$	(10,422,009	)	$	(9,500,287	)

For purposes of this disclosure, tax cost generally includes the cost of portfolio investments as well as up-front fees or premiums exchanged on derivatives and any amounts unrealized for income statement reporting but realized income and/or capital gains for tax reporting, if applicable.

As of prior fiscal period end, the components of accumulated earnings on a tax basis were as follows:


Fund	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Unrealized Appreciation (Depreciation)			Capital Loss Carryforwards			Late-Year Loss Deferrals		Other Book-to-Tax Differences			Total
JMM	$	—	$	—	$	(9,188,289	)	$	(9,961,319	)	$	—	$	(282,260	)	$	(19,431,868	)

As of prior fiscal period end, the Fund had capital loss carryforwards, which will not expire:


Fund	Short-Term		Long-Term		Total
JMM	$	992,239	$	8,969,080	$	9,961,319

7. Management Fees

The Fund’s management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Sub-Adviser is compensated for its services to the Fund from the management fees paid to the Adviser.

The Fund’s management fee consists of two components – a fund-level fee, based only on the amount of assets within the Fund, and a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser. This pricing structure enables Fund shareholders to benefit from growth in the assets within the Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.

The annual fund-level fee, payable monthly, is calculated according to the following schedule:


Average Daily Managed Assets*	Fund-Level Fee Rate
For the first $125 million		0.7000	%
For the next $125 million		0.6875
For the next $150 million		0.6750
For the next $600 million		0.6625
For managed assets over $1 billion		0.6500

The annual complex-level fee, payable monthly, is calculated by multiplying the current complex-wide fee rate, determined according to the following schedule by the Fund’s daily managed assets:


Complex-Level Eligible Asset Breakpoint Level*	Effective Complex-Level Fee Rate at Breakpoint Level
$55 billion		0.2000	%
$56 billion		0.1996
$57 billion		0.1989
$60 billion		0.1961
$63 billion		0.1931
$66 billion		0.1900
$71 billion		0.1851
$76 billion		0.1806
$80 billion		0.1773
$91 billion		0.1691
$125 billion		0.1599
$200 billion		0.1505
$250 billion		0.1469
$300 billion		0.1445

For the complex-level fees, managed assets include closed-end fund assets managed by the Adviser that are attributable to certain types of leverage. For these purposes, leverage includes the funds’ use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining managed assets in certain circumstances. The complex-level fee is calculated based upon the aggregate daily managed assets of all Nuveen open-end and closed-end funds that constitute “eligible assets.” Eligible assets do not include assets attributable to investments in other Nuveen funds or assets in excess of a determined amount (originally $2 billion) added to the Nuveen fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011, but do include certain assets of certain Nuveen Funds that were reorganized into funds advised by an affiliate of the Adviser during the 2019 calendar year. As of December 31, 2022, the complex-level fee for the Fund was 0.1590%.

8. Fund Leverage

Reverse Repurchase Agreements

During the current fiscal period, the Fund entered into reverse repurchase agreements as a means of leverage.

The Fund may enter into a reverse repurchase agreement with brokers, dealers, banks or other financial institutions that have been determined by the Adviser to be creditworthy. In a reverse repurchase agreement, the Fund sells to the counterparty a security that it holds with a contemporaneous agreement to repurchase the same security at an agreed-upon price and date, reflecting the interest rate effective for the term of the agreement. It may also be viewed as the borrowing of money by the Fund. Cash received in exchange for securities delivered, plus accrued interest payments to be made by the Fund to a counterparty, are reflected as a liability on the Statement of Assets and Liabilities. Interest payments made by the Fund to counterparties are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.

In a reverse repurchase agreement, the Fund retains the risk of loss associated with the sold security. In order to minimize risk, the Fund identifies for coverage securities and cash as collateral with a fair value at least equal to its purchase obligations under these agreements (including accrued interest). Reverse repurchase agreements also involve the risk that the purchaser fails to return the securities as agreed upon, files for bankruptcy or becomes insolvent. Upon a bankruptcy or insolvency of a counterparty, the Fund is considered to be an unsecured creditor with respect to excess collateral and as such the return of excess collateral may be delayed. The Fund will pledge assets determined to be liquid by the Adviser to cover its obligations under reverse repurchase agreements.

Notes to Financial Statements (continued)

(Unaudited)

As of the end of the reporting period, the Fund’s outstanding balances on its reverse repurchase agreements were as follows:


Counterparty	Coupon			Principal Amount			Maturity		Value			Value and Accrued Interest
BNP Paribas		4.800	%	$	(9,058,000	)		1/23/23	$	(9,058,000	)	$	(9,071,285	)
Goldman Sachs		4.600	%		(4,203,000	)		1/23/23		(4,203,000	)		(4,208,979	)
TD Securities (USA), LLC		4.770	%		(12,575,000	)		1/24/23		(12,575,000	)		(12,688,301	)
				$	(25,836,000	)			$	(25,836,000	)	$	(25,968,565	)

During the current fiscal period, the average daily balance outstanding (which was for the entire current reporting period) and average interest rate on the Fund’s reverse repurchase agreements were as follows:


Average daily balance outstanding	$	25,548,739
Average interest rate		3.50	%

The following table presents the reverse repurchase agreements subject to netting agreements and the collateral delivered related to those reverse repurchase agreements.


Counterparty	Reverse Repurchase Agreements*			Collateral Pledged to Counterparty
BNP Paribas	$	(9,071,285	)	$	7,993,183
Goldman Sachs		(4,208,979	)		3,640,758
TD Securities (USA), LLC		(12,688,301	)		14,553,087
	$	(25,968,565	)	$	26,187,028

*	Represents gross value and accrued interest for the counterparty as reported in the preceding table.

9. Borrowing Arrangements

Inter-Fund Borrowing and Lending

The SEC has granted an exemptive order permitting registered open-end and closed-end Nuveen funds to participate in an inter-fund lending facility whereby the Nuveen funds may directly lend to and borrow money from each other for temporary purposes (e.g., to satisfy redemption requests or when a sale of securities “fails,” resulting in an unanticipated cash shortfall) (the “Inter-Fund Program”). The closed-end Nuveen funds, including the Fund covered by this shareholder report, will participate only as lenders, and not as borrowers, in the Inter-Fund Program because such closed-end funds rarely, if ever, need to borrow cash to meet redemptions. The Inter-Fund Program is subject to a number of conditions, including, among other things, the requirements that (1) no fund may borrow or lend money through the Inter-Fund Program unless it receives a more favorable interest rate than is typically available from a bank or other financial institution for a comparable transaction; (2) no fund may borrow on an unsecured basis through the Inter-Fund Program unless the fund’s outstanding borrowings from all sources immediately after the inter-fund borrowing total 10% or less of its total assets; provided that if the borrowing fund has a secured borrowing outstanding from any other lender, including but not limited to another fund, the inter-fund loan must be secured on at least an equal priority basis with at least an equivalent percentage of collateral to loan value; (3) if a fund’s total outstanding borrowings immediately after an inter-fund borrowing would be greater than 10% of its total assets, the fund may borrow through the inter-fund loan on a secured basis only; (4) no fund may lend money if the loan would cause its aggregate outstanding loans through the Inter-Fund Program to exceed 15% of its net assets at the time of the loan; (5) a fund’s inter-fund loans to any one fund shall not exceed 5% of the lending fund’s net assets; (6) the duration of inter-fund loans will be limited to the time required to receive payment for securities sold, but in no event more than seven days; and (7) each inter-fund loan may be called on one business day’s notice by a lending fund and may be repaid on any day by a borrowing fund. In addition, a Nuveen fund may participate in the Inter-Fund Program only if and to the extent that such participation is consistent with the fund’s investment objective and investment policies. The Board is responsible for overseeing the Inter-Fund Program.

The limitations detailed above and the other conditions of the SEC exemptive order permitting the Inter-Fund Program are designed to minimize the risks associated with Inter-Fund Program for both the lending fund and the borrowing fund. However, no borrowing or lending activity is without risk. When a fund borrows money from another fund, there is a risk that the loan could be called on one day’s notice or not renewed, in which case the fund may have to borrow from a bank at a higher rate or take other actions to payoff such loan if an inter-fund loan is not available from another fund. Any delay in repayment to a lending fund could result in a lost investment opportunity or additional borrowing costs.

During the current reporting period, the Fund did not enter into any inter-fund loan activity.

Risk

Considerations (Unaudited)

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 Multi-Market Income Fund (JMM)

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. Investing in mortgage-backed securities entails credit risk, the risk that the servicer fails to perform its duties, liquidity risks, interest rate risks, structure risks, pre-payment risk, and geographical concentration risks. 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. These and other risk considerations including hedging risk are described in more detail on the Fund’s web page at www.nuveen.com/JMM.

Additional Fund Information (Unaudited)


Board of Trustees
Jack B. Evans	William C. Hunter	Amy B. R. Lancellotta	Joanne T. Medero	Albin F. Moschner	John K. Nelson
Judith M. Stockdale*	Carole E. Stone*	Matthew Thornton III	Terence J. Toth	Margaret L. Wolff	Robert L. Young

*	Retired from the Fund’s Board of Trustees effective December 31, 2022.

Investment Adviser

Nuveen Fund Advisors, LLC

333 West Wacker Drive

Chicago, IL 60606

Custodian

State Street Bank
& Trust Company

One Lincoln Street

Boston, MA 02111

Legal Counsel

Chapman and Cutler LLP

Chicago, IL 60603

Independent Registered
Public Accounting Firm

KPMG LLP

200 East Randolph Street

Chicago, IL 60601

Transfer Agent and
Shareholder Services

Computershare Trust

Company, N.A.

150 Royall Street

Canton, MA 02021

(800) 257-8787

Portfolio of Investments Information

The Fund is required to file its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its report on Form N-PORT. You may obtain this information on the SEC’s website at http://www.sec.gov.

Nuveen Funds’ Proxy Voting Information

You may obtain (i) information regarding how each fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, without charge, upon request, by calling Nuveen toll-free at (800) 257-8787 or on Nuveen’s website at www.nuveen.com and (ii) a description of the policies and procedures that each fund used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen toll free at (800) 257-8787. You may also obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov.

CEO Certification Disclosure

The Fund’s Chief Executive Officer (CEO) has submitted to the New York Stock Exchange (NYSE) the annual CEO certification as required by Section 303A.12(a) of the NYSE Listed Company Manual. The Fund has filed with the SEC the certification of its CEO and Chief Financial Officer required by Section 302 of the Sarbanes-Oxley Act.

Common Share Repurchases

The Fund intends to repurchase, through its open-market share repurchase program, shares of its own common stock at such times and in such amounts as is deemed advisable. During the period covered by this report, the Fund repurchased shares of its common stock, as shown in the accompanying table. Any future repurchases will be reported to shareholders in the next annual or semi-annual report.


	JMM
Common shares repurchased		0

FINRA BrokerCheck

The Financial Industry Regulatory Authority (FINRA) provides information regarding the disciplinary history of FINRA member firms and associated investment professionals. This information as well as an investor brochure describing FlNRA BrokerCheck is available to the public by calling the FINRA BrokerCheck Hotline number at (800) 289-9999 or by visiting www.FINRA.org.

Glossary of Terms Used in this Report

(Unaudited)

∎

Average Annual Total Return: This is a commonly used method to express an investment’s performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment’s actual cumulative performance (including change in NAV or market price and reinvested dividends and capital gains distributions, if any) over the time period being considered.

∎

Beta: A measure of the variability of the change in the share price for a fund in relation to a change in the value of the fund’s market benchmark. Securities with betas higher than 1.0 have been, and are expected to be, more volatile than the benchmark; securities with betas lower than 1.0 have been, and are expected to be, less volatile than the benchmark.

∎

Bloomberg U.S. Corporate High Yield Bond Index: An index designed to measure the performance of the USD-denominated, fixed-rate corporate high yield bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

∎

Bloomberg U.S. Government/Mortgage Bond Index: An index designed to measure the performance of U.S. Treasury securities and agency mortgage-backed securities. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

∎

Contingent Capital Securities (CoCos): CoCos are debt or capital securities of primarily non-U.S. issuers with loss absorption contingency mechanisms built into the terms of the security, for example a mandatory conversion into common stock of the issuer, or a principal write-down, which if triggered would likely cause the CoCo investment to lose value. Loss absorption mechanisms would become effective upon the occurrence of a specified contingency event, or at the discretion of a regulatory body. Specified contingency events, as identified in the CoCo’s governing documents, usually reference a decline in the issuer’s capital below a specified threshold level, and/or certain regulatory events. A loss absorption contingency event for CoCos would likely be the result of, or related to, the deterioration of the issuer’s financial condition and/or its status as a going concern. In such a case, with respect to CoCos that provide for conversion into common stock upon the occurrence of the contingency event, the market price of the issuer’s common stock received by the Acquiring Fund will have likely declined, perhaps substantially, and may continue to decline after conversion. CoCos rated below investment grade should be considered high yield securities, or “junk,” but often are issued by entities whose more senior securities are rated investment grade. CoCos are a relatively new type of security; and there is a risk that CoCo security issuers may suffer the sort of future financial distress that could materially increase the likelihood (or the market’s perception of the likelihood) that an automatic write-down or conversion event on those issuers’ CoCos will occur. Additionally, the trading behavior of a given issuer’s CoCo may be strongly impacted by the trading behavior of other issuers’ CoCos, such that negative information from an unrelated CoCo security may cause a decline in value of one or more CoCos held by the Fund. Accordingly, the trading behavior of CoCos may not follow the trading behavior of other types of debt and preferred securities. Despite these concerns, the prospective reward vs. risk characteristics of at least certain CoCos may be very attractive relative to other fixed-income alternatives.

∎

Duration: Duration is a measure of the expected period over which a bond’s principal and interest will be paid, and consequently is a measure of the sensitivity of a bond’s or bond fund’s value to changes when market interest rates change. Generally, the longer a bond’s or fund’s duration, the more the price of the bond or fund will change as interest rates change.

∎

Effective Leverage: Effective leverage is a fund’s effective economic leverage, and includes both regulatory leverage (see below) and the leverage effects of certain derivative investments in the fund’s portfolio.

∎

JMM Blended Benchmark: Consists of: 1) 25% Bloomberg U.S. Corporate High Yield Bond Index (defined herein), and 2) 75% Bloomberg U.S. Government/Mortgage Bond Index (defined herein). Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

Glossary of Terms Used in this Report (continued)

(Unaudited)

∎

Leverage: Leverage is created whenever a fund has investment exposure (both reward and/or risk) equivalent to more than 100% of the investment capital.

∎

Mortgage Dollar Roll: A transaction into which a Fund sells mortgage securities for delivery in the current month, realizing a gain (loss), and simultaneously contracts to repurchase similar securities on a specified future date. During the roll period, a Fund forgoes principal and interest paid on the securities. The Fund is compensated by the interest earned on the cash proceeds of the initial sale and by the lower repurchase price at the future date. The difference between the sales proceeds and the repurchase price is recorded as a realized gain or loss.

∎

Net Asset Value (NAV) Per Share: A fund’s Net Assets is equal to its total assets (securities, cash, accrued earnings and receivables) less its total liabilities. NAV per share is equal to the fund’s Net Assets divided by its number of shares outstanding.

∎

Regulatory Leverage: Regulatory leverage consists of preferred shares issued by or borrowings of the fund. Both of these are part of the fund’s capital structure. Regulatory leverage is subject to asset coverage limits set in the Investment Company Act of 1940.

∎

19(a) Notice: Section 19(a) of the Investment Company Act of 1940 requires that the payment of any distribution which is made from a source other than the fund’s net income be accompanied by a written notice that discloses the estimated sources of such payment.

Notes

LOGO

Nuveen:

Serving Investors for Generations

Since 1898, financial professionals and their clients have relied on Nuveen to provide
dependable investment solutions through continued adherence to proven, long-term investing
principles. Today, we offer a range of high quality solutions designed to
be integral components of a well-diversified core portfolio.

Focused on meeting investor needs.

Nuveen is the investment manager of TIAA. We have grown into one of the world’s premier global asset managers, with specialist knowledge across all major asset classes and particular strength in solutions that provide income for investors and that draw on our expertise in alternatives and responsible investing. Nuveen is driven not only by the independent investment processes across the firm, but also the insights, risk management, analytics and other tools and resources that a truly world-class platform provides. As a global asset manager, our mission is to work in partnership with our clients to create solutions which help them secure their financial future.

Find out how we can help you.

To learn more about how the products and services of Nuveen may be able to help you meet your financial goals, talk to your financial professional, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.

Learn more about Nuveen Funds at: www.nuveen.com/closed-end-funds


Nuveen Securities, LLC, member FINRA and SIPC \| 333 West Wacker Drive Chicago, IL 60606 \| www.nuveen.com				ESA-A-1222D 2703147-INV-B-02/24

Item 2. Code of Ethics.