# EDGAR Filing Document

**Accession Number:** 0000838131
**File Stem:** 0001193125-23-065671
**Filing Date:** 2023-3
**Character Count:** 154249
**Document Hash:** 6535d721b49122692a3c6f1e3b0aeda4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-065671.hdr.sgml**: 20230309

**ACCESSION NUMBER**: 0001193125-23-065671

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 7

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230309

**DATE AS OF CHANGE**: 20230309

**EFFECTIVENESS DATE**: 20230309

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Nuveen Multi-Market Income Fund
- **CENTRAL INDEX KEY:** 0000838131
- **IRS NUMBER:** 411999198
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05642
- **FILM NUMBER:** 23718704

**BUSINESS ADDRESS:**
- **STREET 1:** 333 WEST WACKER DRIVE
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
- **BUSINESS PHONE:** 312-917-8146

**MAIL ADDRESS:**
- **STREET 1:** 333 WEST WACKER DRIVE
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Nuveen Multi-Market Income Fund, Inc.
- **DATE OF NAME CHANGE:** 20140910

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AMERICAN INCOME FUND INC /VA
- **DATE OF NAME CHANGE:** 20010710

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** RAC INCOME FUND INC
- **DATE OF NAME CHANGE:** 19920703

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

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(Name and address of agent for service)

Registrant's telephone number, including area code: <u>(312) 917-7700</u> 

Date of fiscal year end: <u>June 30</u> 

Date of reporting period: <u>December 31, 2022</u> 

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.

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**ITEM 1. REPORTS TO STOCKHOLDERS.** 

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![LOGO](g413592g58b43.jpg)

**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

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## 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.

**or** 

**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](g413592g58b43.jpg)

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## **Table of Contents**

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| | |
|:---|:---|
|  [Chair's Letter to Shareholders](#tx413592_1) | 4 |
|  [Important Notices](#tx413592_2) | 5 |
|  [Fund Leverage](#tx413592_3) | 6 |
|  [Common Share Information](#tx413592_4) | 7 |
|  [Performance Overview and Holding Summaries](#tx413592_5) | 10 |
|  [Portfolio of Investments](#tx413592_6) | 12 |
|  [Statement of Assets and Liabilities](#tx413592_7) | 21 |
|  [Statement of Operations](#tx413592_8) | 22 |
|  [Statement of Changes in Net Assets](#tx413592_9) | 23 |
|  [Statement of Cash Flows](#tx413592_10) | 24 |
|  [Financial Highlights](#tx413592_11) | 26 |
|  [Notes to Financial Statements](#tx413592_12) | 28 |
|  [Risk Considerations](#tx413592_13) | 37 |
|  [Additional Fund Information](#tx413592_14) | 38 |
|  [Glossary of Terms Used in this Report](#tx413592_15) | 39 |

---

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## Chair's Letter to Shareholders
![LOGO](g413592g99h99.jpg)

**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](g413592g20s53.jpg)

Terence J. Toth

Chair of the Board

February 23, 2023

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## 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 <u>www.nuveen.com.</u>

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.

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## 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** | **Current Reporting Period** | **Current Reporting Period** | **Current Reporting Period** | **Current Reporting Period** | **Subsequent to the Close of**<br>**the Reporting Period** | **Subsequent to the Close of**<br>**the Reporting Period** | **Subsequent to the Close of**<br>**the Reporting Period** |
| **Outstanding<br>Balance as of<br>July 1, 2022** | **Sales** | **Purchases** | **Outstanding<br>Balance as of<br>December 31, 2022** | **Average Balance**<br> **Outstanding** | **Sales** | **Purchases** | **Outstanding<br>Balance as of<br>February 23, 2023** |
| $23958000 | $16154000 | $(14276000) | $25836000 | $26240250 | $89000 | $— | $25925000 |

---

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 <u>www.nuveen.com/en-us/closed-end-funds</u>.

**Data as of December 31, 2022** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Current Month<br>Percentage of Distributions** | **Current Month<br>Percentage of Distributions** | **Current Month<br>Percentage of Distributions** | **Calendar YTD<br>Per Share Amounts** | **Calendar YTD<br>Per Share Amounts** | **Calendar YTD<br>Per Share Amounts** | **Calendar YTD<br>Per Share Amounts** |
| **Net<br>Investment<br>Income** | **Realized<br>Gains** | **Return of<br>Capital** | **Total<br>Distributions** | **Net<br>Investment<br>Income** | **Realized<br>Gains** | **Return of<br>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** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Annualized** | **Annualized** | **Annualized** | **Cumulative** | **Cumulative** |
| <br>**Inception<br>Date** |<br>**Latest<br>Monthly<br>Per Share<br>Distribution** | **Current<br>Distribution on<br>NAV** | **1-Year<br>Return on<br>NAV** | **5-Year<br>Return on<br>NAV** | **Fiscal YTD<br>Distributions on<br>NAV** | **Fiscal<br>YTD Return<br>on NAV** |
| 12/30/1988 | $0.0300 | 5.67% | (12.79)% | (0.31)% | 2.83% | (0.47)% |

---

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**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.

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| | | |
|:---|:---|:---|
| | **JMM** | **JMM** |
|  Common shares cummulatively repurchased and retired |  | 1800 |
|  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.

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| | |
|:---|:---|
|  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)% |

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THIS PAGE INTENTIONALLY LEFT BLANK

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| | |
|:---|:---|
| **JMM** | **Nuveen Multi-Market Income Fund**<br> **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** | **Average Annual** | **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](g413592g96f61.jpg)

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

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

**Fund Allocation** 

**(% of net assets)** 

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| | |
|:---|:---|
| 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 Composition<sup>1</sup>** 

**(% of total investments)** 

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| | |
|:---|:---|
| 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%** |

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**Portfolio Credit Quality** 

**(% of total long-term investments)** 

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| | |
|:---|:---|
| 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%** |

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

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| | |
|:---|:---|
| **JMM** | **Nuveen Multi-Market Income Fund**<br>**Portfolio of Investments December 31, 2022** |
|  | (Unaudited) |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br>Amount (000)** | **Description (1)** | **Coupon** | **Maturity** | **Ratings (2)** | **Value** |
|  | **LONG-TERM INVESTMENTS – 136.8% (97.1% of Total Investments)** | **LONG-TERM INVESTMENTS – 136.8% (97.1% of Total Investments)** |  |  |  |
| | **ASSET-BACKED AND MORTGAGE-BACKED SECURITIES – 94.4% (67.0% of Total Investments)** | **ASSET-BACKED AND MORTGAGE-BACKED SECURITIES – 94.4% (67.0% of Total Investments)** | **ASSET-BACKED AND MORTGAGE-BACKED SECURITIES – 94.4% (67.0% 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 | $136621 |
| 500 | ACRE Commercial Mortgage 2021-FL4 Ltd, 144A, (1-Month LIBOR reference rate + 2.600% spread), (3) | 6.939% | 12/18/37 | N/R | 475400 |
| 500 | Adams Outdoor Advertising LP, Series 2018-1B, 144A | 5.653% | 11/15/48 | BBB | 470956 |
| 500 | AGL CLO 19 Ltd, Series 2017-AA, 144A, (TSFR3M reference rate + 2.750% spread), (3) | 4.908% | 7/21/35 | AA | 493275 |
| 400 | AIMCO CLO Series 2017-A, 144A, (3-Month LIBOR reference rate + 1.500% spread) 2017 A, (3) | 5.743% | 4/20/34 | AA | 383130 |
| 46 | Alternative Loan Trust 2003-J3 | 5.250% | 11/25/33 | N/R | 44547 |
| 51 | Alternative Loan Trust 2004-J2 | 6.500% | 3/25/34 | AAA | 49287 |
| 1619 | 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 | 153835 |
| 17 | Bayview Financial Mortgage Pass-Through Trust, Series 2006-C | 6.352% | 11/28/36 | Caa3 | 14806 |
| 275 | Carmax Auto Owner Trust 2019-4 | 2.800% | 4/15/26 | AA | 264185 |
| 500 | CARS-DB4 LP, Series 2020-1A, 144A | 4.520% | 2/15/50 | BBB | 431694 |
| 500 | Carvana Auto Receivables Trust 2022-P3 | 5.540% | 11/10/28 | A | 463972 |
| 250 | Century Plaza Towers 2019-CPT, 144A | 2.997% | 11/13/39 | N/R | 167318 |
| 908 | CF Hippolyta Issuer LLC, Series 2020-1 B2, 144A | 2.600% | 7/15/60 | A– | 716065 |
| 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 | 385664 |
| 150 | Citigroup Commercial Mortgage Trust 2014-GC23 | 4.578% | 7/10/47 | A3 | 140684 |
| 425 | Citigroup Commercial Mortgage Trust 2015-GC29 | 4.140% | 4/10/48 | A– | 382742 |
| 600 | Citigroup Commercial Mortgage Trust 2016-P5, 144A | 3.000% | 10/10/49 | BBB– | 450714 |
| 450 | Citigroup Commercial Mortgage Trust 2018-TBR, 144A, (1-Month LIBOR reference rate + 1.800% spread), (3) | 6.243% | 12/15/36 | BBB– | 429588 |
| 241 | Citigroup Commercial Mortgage Trust 2019-GC41 | 3.502% | 8/10/56 | A– | 181501 |
| 67 | Citigroup Global Markets Mortgage Securities VII Inc, Series 2003-1, 144A | 6.000% | 9/25/33 | N/R | 44800 |
| 500 | COMM 2013-LC13 Mortgage Trust, 144A | 5.254% | 8/10/46 | BB– | 462827 |
| 775 | COMM 2015-CCRE22 Mortgage Trust | 4.070% | 3/10/48 | A– | 706306 |
| 450 | COMM 2015-CCRE25 Mortgage Trust | 4.518% | 8/10/48 | A– | 402733 |
| 540 | COMM 2015-CCRE26 Mortgage Trust | 4.467% | 10/10/48 | A– | 487176 |
| 108 | COMM 2015-LC23 Mortgage Trust | 4.554% | 10/10/48 | A– | 96905 |
| 35 | Commonbond Student Loan Trust 2017-B-GS, 144A | 4.440% | 9/25/42 | Aa3 | 31059 |
| 500 | Connecticut Avenue Securities Trust 2022-R01, 144A, (SOFR30A reference rate + 1.900% spread), (3) | 5.828% | 12/25/41 | BBB | 475551 |
| 145 | Connecticut Avenue Securities Trust 2022-R03, 144A, (SOFR30A reference rate + 3.500% spread), (3) | 7.428% | 3/25/42 | BBB– | 147014 |
| 560 | Connecticut Avenue Securities Trust 2022-R03, 144A, (SOFR30A reference rate + 6.250% spread), (3) | 6.349% | 3/25/42 | BB– | 584054 |
| 400 | Connecticut Avenue Securities Trust 2022-R04, 144A, (SOFR30A reference rate + 3.100% spread), (3) | 7.028% | 3/25/42 | BBB– | 399066 |
| 500 | Credit Suisse Mortgage Capital Certificates 2019-ICE4, 144A, (1-Month LIBOR reference rate + 1.600% spread), (3) | 5.918% | 5/15/36 | Baa1 | 490092 |
| 250 | CSMC 2014-USA OA LLC, 144A | 4.373% | 9/15/37 | B– | 140103 |
| 90 | CSMC Mortgage-Backed Trust 2006-7 | 6.000% | 8/25/36 | Caa3 | 37423 |
| 1143 | DB Master Finance LLC, Series 2017-1A, 144A | 4.030% | 11/20/47 | BBB | 1038972 |
| 297 | DB Master Finance LLC, Series 2027-1A, 144A | 2.493% | 11/20/51 | BBB | 244112 |
| 1128 | Domino's Pizza Master Issuer LLC, Series 2015-1A, 144A | 4.474% | 10/25/45 | BBB+ | 1074922 |
| 148 | Domino's Pizza Master Issuer LLC, Series 2017-1A, 144A | 4.118% | 7/25/47 | BBB+ | 135299 |
| 1420 | DRIVEN BRANDS FUNDING LLC, Series 2019-1A, 144A | 4.641% | 4/20/49 | BBB– | 1296762 |
| 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 | 388484 |
| 375 | ELP Commercial Mortgage Trust 2021-ELP, 144A, (1-Month LIBOR reference rate + 2.118% spread), (3) | 6.436% | 11/15/38 | N/R | 346029 |
| 750 | Fannie Mae Connecticut Avenue Securities, Series 2021-R02, 144A, (SOFR30A reference rate + 2.000% spread), (3) | 2.050% | 11/25/41 | BB | 699129 |
| 25 | Fannie Mae Pool FN 995018, (4) | 5.500% | 6/01/38 | N/R | 26256 |
| 785 | Fannie Mae Pool FN BM5126, (4) | 3.500% | 1/01/48 | N/R | 729334 |
| 12 | Fannie Mae Pool FN 882685, (4) | 6.000% | 6/01/36 | N/R | 11714 |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br>Amount (000)** | **Description (1)** | **Coupon** | **Maturity** | **Ratings (2)** | **Value** |
| | **ASSET-BACKED AND MORTGAGE-BACKED SECURITIES** (continued) | **ASSET-BACKED AND MORTGAGE-BACKED SECURITIES** (continued) | **ASSET-BACKED AND MORTGAGE-BACKED SECURITIES** (continued) | **ASSET-BACKED AND MORTGAGE-BACKED SECURITIES** (continued) | |
| $203 | Fannie Mae Pool FN BM6038, (4) | 4.000% | 1/01/45 | N/R | $194252 |
| 571 | Fannie Mae Pool FN MA4733, (4) | 4.500% | 9/01/52 | N/R | 549689 |
| 40 | Fannie Mae Pool FN 766070, (4) | 5.500% | 2/01/34 | N/R | 40286 |
| 219 | Fannie Mae Pool FN BM5839, (4) | 3.500% | 11/01/47 | N/R | 204552 |
| 3104 | Fannie Mae Pool FN CB3234, (4) | 3.000% | 4/01/52 | N/R | 2737036 |
| 6 | Fannie Mae Pool FN 709700, (4) | 5.500% | 6/01/33 | N/R | 6599 |
| 2118 | Fannie Mae Pool FN MA4438, (4) | 2.500% | 10/01/51 | N/R | 1796590 |
| 627 | Fannie Mae Pool FN MA4783, (4) | 4.000% | 10/01/52 | N/R | 588574 |
| 321 | Fannie Mae Pool FN AW4182, (4) | 3.500% | 2/01/44 | N/R | 299544 |
| 9 | Fannie Mae Pool FN 878059, (4) | 5.500% | 3/01/36 | N/R | 9657 |
| 489 | Fannie Mae Pool FN MA4644, (4) | 4.000% | 5/01/52 | N/R | 458660 |
| 559 | Fannie Mae Pool FN MA3305, (4) | 3.500% | 3/01/48 | N/R | 517558 |
| 35 | Fannie Mae Pool FN 745324, (4) | 6.000% | 3/01/34 | N/R | 34900 |
| 14 | Fannie Mae Pool FN 828346, (4) | 5.000% | 7/01/35 | N/R | 14261 |
| 52 | Fannie Mae REMIC Trust 2002-W1 | 4.915% | 2/25/42 | N/R | 50525 |
| 274 | Fannie Mae REMIC Trust 2003-W1 | 2.590% | 12/25/42 | N/R | 127395 |
| 499 | Freddie Mac Gold Pool FG G18497, (4) | 3.000% | 1/01/29 | N/R | 478962 |
| 8 | Freddie Mac Gold Pool FG C00676, (4) | 6.500% | 11/01/28 | N/R | 8558 |
| 305 | Freddie Mac Gold Pool FG G08566, (4) | 3.500% | 1/01/44 | N/R | 284985 |
| 1056 | Freddie Mac Gold Pool FG G08528, (4) | 3.000% | 4/01/43 | N/R | 962133 |
| 443 | Freddie Mac Gold Pool FG Q40718, (4) | 3.500% | 5/01/46 | N/R | 411549 |
| 734 | Freddie Mac Gold Pool FG G60138, (4) | 3.500% | 8/01/45 | N/R | 684167 |
| 661 | Freddie Mac Gold Pool FG Q40841, (4) | 3.000% | 6/01/46 | N/R | 593166 |
| 1860 | Freddie Mac Pool FR RA6766, (4) | 2.500% | 2/01/52 | Aaa | 1585328 |
| 424 | Freddie Mac Pool FR RA7402, (WI/DD) | 3.500% | 5/01/52 | N/R | 385779 |
| 410 | Freddie Mac STACR REMIC Trust 2022-DNA3, 144A, (SOFR30A reference rate + 2.900% spread), (3) | 6.828% | 4/25/42 | BBB | 405718 |
| 750 | Freddie Mac STACR REMIC Trust 2022-DNA4, 144A, (SOFR30A reference rate + 3.350% spread), (3) | 7.278% | 5/25/42 | BBB– | 755046 |
| 300 | Freddie Mac STACR REMIC Trust 2021-HQA1, 144A, (SOFR30A reference rate + 2.250% spread), (3) | 6.178% | 8/25/33 | Baa2 | 283140 |
| 500 | Freddie Mac STACR REMIC Trust 2022-DNA1, 144A, (SOFR30A reference rate + 2.500% spread), (3) | 6.428% | 1/25/42 | BB | 453101 |
| 750 | Freddie Mac STACR REMIC Trust 2022-DNA2, 144A, (SOFR30A reference rate + 2.400% spread), (3) | 6.328% | 2/25/42 | BBB | 730394 |
| 200 | Freddie Mac STACR REMIC Trust 2022-HQA1, 144A, (SOFR30A reference rate + 3.500% spread), (3) | 7.428% | 3/25/42 | BBB– | 198627 |
| 500 | FREMF 2017-K724 Mortgage Trust, 144A | 3.498% | 12/25/49 | BBB | 485902 |
| 89 | Ginnie Mae I Pool GN 604567, (4) | 5.500% | 8/15/33 | N/R | 91929 |
| 39 | Ginnie Mae I Pool GN 631574, (4) | 6.000% | 7/15/34 | N/R | 41373 |
| 642 | GS Mortgage Securities Corp Trust 2018-TWR, 144A, (1-Month LIBOR reference rate + 1.150% spread), (3) | 5.468% | 7/15/31 | AAA | 613058 |
| 260 | GS Mortgage Securities Trust, Series 2013-GC16 | 5.161% | 11/10/46 | Aa1 | 253377 |
| 200 | GS Mortgage Securities Trust, Series 2013-GCJ14, 144A | 4.718% | 8/10/46 | A2 | 183968 |
| 49 | GSMPS Mortgage Loan Trust, Series 2001-2, 144A | 7.500% | 6/19/32 | N/R | 45191 |
| 325 | GSMPS Mortgage Loan Trust, Series 2003-3, 144A | 7.000% | 6/25/43 | N/R | 326296 |
| 280 | GSMPS Mortgage Loan Trust, Series 2005-RP1, 144A | 8.500% | 1/25/35 | Caa1 | 280879 |
| 379 | GSMPS Mortgage Loan Trust, Series 2005-RP2, 144A | 7.500% | 3/25/35 | B1 | 359576 |
| 231 | GSMPS Mortgage Loan Trust, Series 2005-RP3, 144A | 8.000% | 9/25/35 | Caa1 | 214633 |
| 354 | GSMPS Mortgage Loan Trust, Series 2005-RP3, 144A | 7.500% | 9/25/35 | Caa1 | 337481 |
| 490 | Hardee's Funding LLC, Series 2020-1A A2, 144A | 3.981% | 12/20/50 | BBB | 419616 |
| 600 | Hertz Vehicle Financing III LP, Series 2021-2A, 144A | 1.680% | 12/27/27 | Aaa | 522213 |
| 500 | Hudson Yards 2019-55HY Mortgage Trust, 144A | 2.943% | 12/10/41 | A1 | 372345 |
| 130 | Impac Secured Assets CMN Owner Trust, Series 2000-3 | 8.000% | 10/25/30 | N/R | 113455 |
| 418 | J.G. Wentworth XXXVII LLC, Series 2016-1A, 144A | 5.190% | 6/17/69 | Baa1 | 365657 |
| 430 | J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2018-AON, 144A | 4.613% | 7/05/31 | BBB– | 374738 |
| 500 | J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2018-BCON, 144A | 3.756% | 1/05/31 | BBB– | 499027 |
| 680 | JGWPT XXV LLC, Series 2012-1A, 144A | 7.140% | 2/15/67 | Aa2 | 690419 |
| 285 | JGWPT XXVI LLC, Series 2012-2A, 144A | 6.770% | 10/17/61 | Aa3 | 284324 |
| 193 | JP Morgan Alternative Loan Trust, Series 2006-S1 | 6.500% | 3/25/36 | N/R | 112734 |
| 500 | JP Morgan Chase Commercial Mortgage Securities Trust, Series 2016-JP4, 144A | 3.385% | 12/15/49 | BBB– | 359572 |

---

------

---

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br>Amount (000)** | **Description (1)** | **Coupon** | **Maturity** | **Ratings (2)** | **Value** |
| | **ASSET-BACKED AND MORTGAGE-BACKED SECURITIES** (continued) | **ASSET-BACKED AND MORTGAGE-BACKED SECURITIES** (continued) | **ASSET-BACKED AND MORTGAGE-BACKED SECURITIES** (continued) | **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– | $342745 |
| 500 | JP Morgan Chase Commercial Mortgage Securities Trust, Series 2020-NNN, 144A | 3.620% | 1/16/37 | BBB– | 430020 |
| 697 | JPMDB Commercial Mortgage Securities Trust, Series 2016-C4 | 3.068% | 12/15/49 | A– | 572287 |
| 500 | JPMDB Commercial Mortgage Securities Trust, Series 2017-C7, 144A | 3.000% | 10/15/50 | BBB– | 351114 |
| 400 | Manhattan West, Series 2020-1MW Mortgage Trust, 144A | 2.335% | 9/10/39 | Baa2 | 319014 |
| 236 | MASTR Alternative Loan Trust, Series 2004-1 | 7.000% | 1/25/34 | N/R | 234885 |
| 153 | MASTR Alternative Loan Trust, Series 2004-5 | 7.000% | 6/25/34 | AA+ | 152594 |
| 105 | MASTR Asset Securitization Trust, Series 2003-11 | 5.250% | 12/25/33 | N/R | 100004 |
| 345 | Mid-State Capital Corp 2005-1 Trust | 5.745% | 1/15/40 | AA | 338061 |
| 117 | Mid-State Trust XI | 5.598% | 7/15/38 | A3 | 113921 |
| 530 | Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C14 | 4.869% | 2/15/47 | AAA | 512964 |
| 250 | Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C20 | 4.454% | 2/15/48 | N/R | 230395 |
| 500 | Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C28 | 4.605% | 1/15/49 | A3 | 415876 |
| 35 | Morgan Stanley Mortgage Loan Trust, Series 2006-2 | 5.750% | 2/25/36 | N/R | 31065 |
| 500 | MSCG Trust, Series 2015-ALDR, 144A | 3.462% | 6/07/35 | BBB– | 404644 |
| 423 | MVW 2022-1 LLC, 144A | 4.150% | 11/21/39 | AAA | 404768 |
| 134 | MVW Owner Trust, Series 2017-1, 144A | 2.420% | 12/20/34 | AAA | 130883 |
| 1000 | 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 | 892488 |
| 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 | 388065 |
| 500 | Neuberger Berman Loan Advisers CLO 2022-48A Ltd, 144A, (TSFR3M reference rate + 1.800% spread), (3) | 5.860% | 4/25/36 | AA | 477772 |
| 295 | New Residential Mortgage Loan Trust, Series 2014-1, 144A | 6.034% | 1/25/54 | BBB | 280184 |
| 562 | New Residential Mortgage Loan Trust, Series 2015-2, 144A | 5.384% | 8/25/55 | Baa1 | 528563 |
| 479 | Planet Fitness Master Issuer LLC, Series 2018-1A, 144A | 4.666% | 9/05/48 | BBB– | 448309 |
| 298 | Planet Fitness Master Issuer LLC, Series 2022-1A, 144A | 3.251% | 12/05/51 | BBB– | 258877 |
| 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 | 469586 |
| 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 | 490674 |
| 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 | 492268 |
| 485 | RBS Commercial Funding Inc 2013-SMV Trust, 144A | 3.584% | 3/11/31 | BBB– | 457840 |
| 492 | SERVPRO Master Issuer LLC, Series 2021-1A, 144A | 2.394% | 4/25/51 | BBB– | 385236 |
| 271 | Sesac Finance LLC, Series 2019-A, 144A | 5.216% | 7/25/49 | N/R | 250076 |
| 64 | Sierra Timeshare 2019-3A Receivables Funding LLC, 144A | 4.180% | 8/20/36 | BB | 59446 |
| 234 | Sierra Timeshare 2020-2A Receivables Funding LLC, 144A | 3.510% | 7/20/37 | BBB | 220237 |
| 135 | SLG Office Trust, Series 2021-OVA, 144A | 2.851% | 7/15/41 | BBB– | 100786 |
| 376 | Sonic Capital LLC, Series 2020-1A, 144A | 3.845% | 1/20/50 | BBB | 333354 |
| 350 | Stack Infrastructure Issuer LLC, Series 20201A, 144A | 1.893% | 8/25/45 | A– | 311422 |
| 245 | START Ireland, Series 2019-1, 144A | 5.095% | 3/15/44 | BB | 166013 |
| 94 | Structured Receivables Finance, Series 2010-A LLC, 144A | 5.218% | 1/16/46 | AAA | 92131 |
| 590 | Taco Bell Funding LLC, Series 2016-1A, 144A | 4.970% | 5/25/46 | BBB | 566506 |
| 297 | Taco Bell Funding LLC, Series 2021-1A, 144A | 1.946% | 8/25/51 | BBB | 250972 |
| 653 | Taco Bell Funding LLC, Series 2021-1A, 144A | 2.294% | 8/25/51 | BBB | 524921 |
| 250 | VB-S1 Issuer LLC, Series 2022-1A, 144A | 4.288% | 2/15/52 | BBB– | 219378 |
| 250 | VNDO Mortgage Trust, Series 2016-350P, 144A | 3.903% | 1/10/35 | AA– | 220161 |
| 10 | Washington Mutual MSC Mortgage Pass-Through Certificates Series 2004-RA3 Trust | 5.787% | 8/25/38 | A | 9155 |
| 195 | Wells Fargo Commercial Mortgage Trust, Series 2016-C33 | 3.896% | 3/15/59 | A– | 170015 |
| 500 | Wells Fargo Commercial Mortgage Trust, Series 2017-C38 | 3.903% | 7/15/50 | A– | 411673 |
| 394 | Wendy's Funding LLC, Series 2018-1A, 144A | 3.884% | 3/15/48 | BBB | 355120 |
| 455 | Wendy's Funding LLC, Series 2019-1A, 144A | 3.783% | 6/15/49 | BBB | 418558 |
| 571 | Wendy's Funding LLC, Series 2021-1A, 144A | 2.370% | 6/15/51 | BBB | 461224 |
| 990 | Wingstop Funding LLC, Series 2020-1A A2, 144A | 2.841% | 12/05/50 | N/R | 836629 |
| 178 | Zaxby's Funding LLC, Series 2021-1A A2, 144A | 3.238% | 7/30/51 | N/R | 143067 |
| $64566 | Total Asset-Backed and Mortgage-Backed Securities (cost $62,394,244) | Total Asset-Backed and Mortgage-Backed Securities (cost $62,394,244) | Total Asset-Backed and Mortgage-Backed Securities (cost $62,394,244) |  | 56706562 |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br>Amount (000)** | **Description (1)** | **Coupon** | **Maturity** | **Ratings (2)** | **Value** |
|  | **CORPORATE BONDS – 38.3% (27.2% of Total Investments)** | **CORPORATE BONDS – 38.3% (27.2% of Total Investments)** | **CORPORATE BONDS – 38.3% (27.2% of Total Investments)** |  |  |
|  | **Aerospace & Defense – 1.1%** |  |  |  |  |
| $200 | Boeing Co, (4) | 3.625% | 2/01/31 | Baa2 | $175234 |
| 350 | Boeing Co, (4) | 3.250% | 2/01/28 | Baa2 | 317846 |
| 200 | Rolls-Royce PLC, 144A, (4) | 5.750% | 10/15/27 | BB– | 190500 |
| 750 | Total Aerospace & Defense |  |  |  | 683580 |
|  | **Air Freight & Logistics – 0.1%** |  |  |  |  |
| 100 | Cargo Aircraft Management Inc, 144A, (4) | 4.750% | 2/01/28 | BB | 90761 |
|  | **Auto Components – 0.6%** |  |  |  |  |
| 250 | Adient Global Holdings Ltd, 144A, (4) | 4.875% | 8/15/26 | BB– | 232745 |
| 50 | Dana Inc | 4.250% | 9/01/30 | BB+ | 40281 |
| 100 | Goodyear Tire & Rubber Co | 5.250% | 4/30/31 | BB– | 83030 |
| 400 | Total Auto Components |  |  |  | 356056 |
|  | **Automobiles – 0.8%** |  |  |  |  |
| 175 | Ford Motor Co, (4) | 3.250% | 2/12/32 | BB+ | 131240 |
| 400 | General Motors Financial Co Inc, (4) | 3.600% | 6/21/30 | BBB | 336625 |
| 575 | Total Automobiles |  |  |  | 467865 |
|  | **Banks – 4.4%** |  |  |  |  |
| 400 | Banco Santander SA | 2.749% | 12/03/30 | BBB+ | 306360 |
| 900 | Bank of America Corp, (4) | 1.898% | 7/23/31 | AA– | 690755 |
| 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 | 144735 |
| 300 | JPMorgan Chase & Co | 3.650% | 9/01/71 | BBB+ | 256875 |
| 500 | JPMorgan Chase & Co, (4) | 2.580% | 4/22/32 | AA– | 400520 |
| 295 | M&T Bank Corp | 3.500% | 3/01/71 | Baa2 | 228628 |
| 300 | Truist Financial Corp | 4.800% | 3/01/71 | Baa2 | 270076 |
| 400 | Wells Fargo & Co | 3.900% | 3/15/71 | Baa2 | 350106 |
| 3245 | Total Banks |  |  |  | 2648055 |
|  | **Beverages – 0.7%** |  |  |  |  |
| 75 | Primo Water Holdings Inc, 144A | 4.375% | 4/30/29 | B1 | 64769 |
| 450 | Triton Water Holdings Inc, 144A | 6.250% | 4/01/29 | CCC+ | 360963 |
| 525 | Total Beverages |  |  |  | 425732 |
|  | **Capital Markets – 1.6%** |  |  |  |  |
| 300 | Bank of New York Mellon Corp | 4.700% | 9/20/71 | Baa1 | 288039 |
| 250 | Compass Group Diversified Holdings LLC, 144A, (4) | 5.250% | 4/15/29 | B+ | 213948 |
| 500 | Goldman Sachs Group Inc, (4) | 1.992% | 1/27/32 | A2 | 380908 |
| 100 | LPL Holdings Inc, 144A | 4.625% | 11/15/27 | Baa3 | 93408 |
| 1150 | Total Capital Markets |  |  |  | 976303 |
|  | **Chemicals – 1.8%** |  |  |  |  |
| 25 | ASP Unifrax Holdings Inc, 144A | 5.250% | 9/30/28 | BB | 20117 |
| 250 | Calumet Specialty Products Partners LP / Calumet Finance Corp, 144A | 11.000% | 4/15/25 | B– | 260572 |
| 240 | EverArc Escrow Sarl, 144A | 5.000% | 10/30/29 | B+ | 196800 |
| 375 | NOVA Chemicals Corp, 144A, (4) | 5.000% | 5/01/25 | BB | 353059 |
| 160 | OCI NV, 144A | 4.625% | 10/15/25 | BBB– | 151611 |
| 120 | Tronox Inc, 144A, (4) | 4.625% | 3/15/29 | BB– | 99750 |
| 1170 | Total Chemicals |  |  |  | 1081909 |
|  | **Commercial Services & Supplies – 0.7%** |  |  |  |  |
| 100 | GFL Environmental Inc, 144A | 4.250% | 6/01/25 | BB– | 95520 |
| 150 | GFL Environmental Inc, 144A, (4) | 3.500% | 9/01/28 | BB– | 131874 |
| 200 | Prime Security Services Borrower LLC / Prime Finance Inc, 144A, (4) | 5.750% | 4/15/26 | BB– | 192500 |
| 450 | Total Commercial Services & Supplies |  |  |  | 419894 |

---

------

---

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br>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– | $393300 |
|  | **Consumer Finance – 1.0%** |  |  |  |  |
| 300 | American Express Co | 3.550% | 9/15/71 | Baa2 | 246450 |
| 250 | Navient Corp, (4) | 6.125% | 3/25/24 | Ba3 | 244905 |
| 170 | OneMain Finance Corp, (4) | 3.500% | 1/15/27 | BB | 140755 |
| 720 | Total Consumer Finance |  |  |  | 632110 |
|  | **Containers & Packaging – 0.3%** |  |  |  |  |
| 200 | Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC, 144A, (4) | 3.250% | 9/01/28 | BB | 169889 |
|  | **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+ | 497228 |
| 200 | Iliad Holding SASU, 144A | 6.500% | 10/15/26 | BB– | 185491 |
| 800 | Total Diversified Telecommunication Services |  |  |  | 682719 |
|  | **Electronic Equipment, Instruments & Components – 0.3%** | **Electronic Equipment, Instruments & Components – 0.3%** | **Electronic Equipment, Instruments & Components – 0.3%** |  |  |
| 200 | Imola Merger Corp, 144A, (4) | 4.750% | 5/15/29 | BB+ | 173523 |
|  | **Energy Equipment & Services – 0.4%** |  |  |  |  |
| 250 | Archrock Partners LP / Archrock Partners Finance Corp, 144A, (4) | 6.875% | 4/01/27 | B+ | 238666 |
|  | **Entertainment – 0.5%** |  |  |  |  |
| 70 | Cinemark USA Inc, 144A | 8.750% | 5/01/25 | BB+ | 70687 |
| 75 | Univision Communications Inc, 144A | 4.500% | 5/01/29 | B+ | 62719 |
| 235 | Warnermedia Holdings Inc, 144A, (4) | 4.279% | 3/15/32 | BBB– | 193585 |
| 380 | Total Entertainment |  |  |  | 326991 |
|  | **Equity Real Estate Investment Trusts – 3.5%** |  |  |  |  |
| 650 | Brixmor Operating Partnership LP, (4) | 4.050% | 7/01/30 | BBB | 568623 |
| 200 | Essential Properties LP, (4) | 2.950% | 7/15/31 | BBB | 145425 |
| 500 | GLP Capital LP / GLP Financing II Inc, (4) | 4.000% | 1/15/30 | BBB– | 437907 |
| 150 | GLP Capital LP / GLP Financing II Inc, (4) | 4.000% | 1/15/31 | BBB– | 128670 |
| 250 | Iron Mountain Inc, 144A, (4) | 5.250% | 3/15/28 | BB– | 229968 |
| 75 | Iron Mountain Inc, 144A | 4.500% | 2/15/31 | BB– | 61645 |
| 100 | Kite Realty Group Trust | 4.750% | 9/15/30 | BBB | 88034 |
| 325 | MPT Operating Partnership LP / MPT Finance Corp, (4) | 3.500% | 3/15/31 | BBB– | 222782 |
| 250 | SITE Centers Corp, (4) | 4.250% | 2/01/26 | BBB | 235462 |
| 2500 | Total Equity Real Estate Investment Trusts |  |  |  | 2118516 |
|  | **Food Products – 0.4%** |  |  |  |  |
| 250 | Chobani LLC / Chobani Finance Corp Inc, 144A, (4) | 4.625% | 11/15/28 | B1 | 217652 |
|  | **Gas Utilities – 1.2%** |  |  |  |  |
| 100 | Ferrellgas LP / Ferrellgas Finance Corp, 144A | 5.875% | 4/01/29 | B | 82242 |
| 75 | Ferrellgas LP / Ferrellgas Finance Corp, 144A | 5.375% | 4/01/26 | B | 68224 |
| 200 | Suburban Propane Partners LP/Suburban Energy Finance Corp, (4) | 5.875% | 3/01/27 | BB– | 190040 |
| 475 | Superior Plus LP / Superior General Partner Inc, 144A, (4) | 4.500% | 3/15/29 | BB– | 406125 |
| 850 | Total Gas Utilities |  |  |  | 746631 |
|  | **Health Care Providers & Services – 0.9%** |  |  |  |  |
| 35 | Centene Corp | 2.450% | 7/15/28 | BBB– | 29542 |
| 50 | CHS/Community Health Systems Inc, 144A | 5.625% | 3/15/27 | BB– | 42873 |
| 100 | DaVita Inc, 144A | 4.625% | 6/01/30 | B+ | 80442 |
| 400 | Tenet Healthcare Corp, 144A, (4) | 4.375% | 1/15/30 | BB– | 346226 |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br>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– | $44737 |
| 635 | Total Health Care Providers & Services |  |  |  | 543820 |
|  | **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+ | 98912 |
| 50 | International Game Technology PLC, 144A | 4.125% | 4/15/26 | BB+ | 46633 |
| 55 | Marriott Ownership Resorts Inc, 144A | 4.500% | 6/15/29 | B+ | 45629 |
| 205 | Total Hotels, Restaurants & Leisure |  |  |  | 191174 |
|  | **Insurance – 0.0%** |  |  |  |  |
| 25 | AmWINS Group Inc, 144A | 4.875% | 6/30/29 | B– | 21204 |
|  | **Interactive Media & Services – 0.1%** |  |  |  |  |
| 50 | Arches Buyer Inc, 144A | 4.250% | 6/01/28 | B1 | 39105 |
|  | **IT Services – 2.8%** |  |  |  |  |
| 500 | Ahead DB Holdings LLC, 144A | 6.625% | 5/01/28 | CCC+ | 401875 |
| 50 | Booz Allen Hamilton Inc, 144A | 3.875% | 9/01/28 | Baa3 | 44298 |
| 45 | Booz Allen Hamilton Inc, 144A | 4.000% | 7/01/29 | Baa3 | 39606 |
| 500 | CA Magnum Holdings, 144A | 5.375% | 10/31/26 | BB– | 455614 |
| 150 | MPH Acquisition Holdings LLC, 144A, (4) | 5.500% | 9/01/28 | Ba3 | 117015 |
| 660 | Presidio Holdings Inc, 144A | 8.250% | 2/01/28 | CCC+ | 611873 |
| 1905 | Total IT Services |  |  |  | 1670281 |
|  | **Life Sciences Tools & Services – 0.6%** |  |  |  |  |
| 340 | Avantor Funding Inc, 144A, (4) | 3.875% | 11/01/29 | BB | 285515 |
| 75 | Avantor Funding Inc, 144A | 4.625% | 7/15/28 | BB | 68148 |
| 415 | Total Life Sciences Tools & Services |  |  |  | 353663 |
|  | **Machinery – 0.3%** |  |  |  |  |
| 65 | Chart Industries Inc, 144A | 9.500% | 1/01/31 | B | 66665 |
| 60 | Chart Industries Inc, 144A | 7.500% | 1/01/30 | Ba3 | 60317 |
| 50 | WASH Multifamily Acquisition Inc, 144A | 5.750% | 4/15/26 | B– | 47125 |
| 175 | Total Machinery |  |  |  | 174107 |
|  | **Media – 1.0%** |  |  |  |  |
| 50 | Directv Financing LLC / Directv Financing Co-Obligor Inc, 144A | 5.875% | 8/15/27 | BBB– | 44733 |
| 325 | Gray Television Inc, 144A, (4) | 4.750% | 10/15/30 | BB– | 235094 |
| 200 | LCPR Senior Secured Financing DAC, 144A, (4) | 5.125% | 7/15/29 | BB+ | 165682 |
| 135 | Sirius XM Radio Inc, 144A, (4) | 4.000% | 7/15/28 | BB | 117490 |
| 30 | Sirius XM Radio Inc, 144A | 3.125% | 9/01/26 | BB | 26638 |
| 740 | Total Media |  |  |  | 589637 |
|  | **Metals & Mining – 1.1%** |  |  |  |  |
| 250 | Constellium SE, 144A, (4) | 3.750% | 4/15/29 | B+ | 203109 |
| 500 | SunCoke Energy Inc, 144A, (4) | 4.875% | 6/30/29 | BB | 429194 |
| 750 | Total Metals & Mining |  |  |  | 632303 |
|  | **Oil, Gas & Consumable Fuels – 3.8%** |  |  |  |  |
| 35 | DT Midstream Inc, 144A | 4.125% | 6/15/29 | BB+ | 30069 |
| 30 | DT Midstream Inc, 144A | 4.375% | 6/15/31 | BB+ | 25167 |
| 250 | Energy Transfer LP, (4) | 4.400% | 3/15/27 | BBB– | 237481 |
| 100 | EnLink Midstream LLC, (4) | 5.375% | 6/01/29 | BB+ | 92528 |
| 50 | EQT Corp, 144A | 3.125% | 5/15/26 | BBB– | 45952 |
| 500 | MEG Energy Corp, 144A (4) | 5.875% | 2/01/29 | BB– | 471513 |
| 500 | MPLX LP, (4) | 4.800% | 2/15/29 | BBB | 478470 |
| 200 | Occidental Petroleum Corp, (4) | 5.875% | 9/01/25 | BB+ | 199276 |
| 50 | Occidental Petroleum Corp | 5.500% | 12/01/25 | BB+ | 49830 |
| 125 | Parkland Corp/Alberta, 144A, (4) | 4.500% | 10/01/29 | BB | 104158 |

---

------

---

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br>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 | $260663 |
| 125 | Santos Finance Ltd, 144A, (4) | 3.649% | 4/29/31 | BBB | 99357 |
| 250 | Western Midstream Operating LP, (4) | 4.550% | 2/01/30 | BBB– | 218230 |
| 2530 | Total Oil, Gas & Consumable Fuels |  |  |  | 2312694 |
|  | **Personal Products – 0.1%** |  |  |  |  |
| 50 | Kronos Acquisition Holdings Inc / KIK Custom Products Inc, 144A | 5.000% | 12/31/26 | B2 | 43250 |
|  | **Pharmaceuticals – 0.6%** |  |  |  |  |
| 200 | ORGANON & CO/ORG, 144A, (4) | 5.125% | 4/30/31 | BB– | 173176 |
| 220 | Teva Pharmaceutical Finance Netherlands III BV | 6.750% | 3/01/28 | Ba2 | 214500 |
| 420 | Total Pharmaceuticals |  |  |  | 387676 |
|  | **Real Estate Management & Development – 0.6%** |  |  |  |  |
| 50 | Howard Hughes Corp, 144A | 4.125% | 2/01/29 | BB | 41875 |
| 75 | Kennedy-Wilson Inc | 4.750% | 3/01/29 | BB | 59441 |
| 325 | Kennedy-Wilson Inc (4) | 5.000% | 3/01/31 | BB | 244641 |
| 450 | Total Real Estate Management & Development |  |  |  | 345957 |
|  | **Semiconductors & Semiconductor Equipment – 0.7%** |  |  |  |  |
| 500 | Broadcom Inc, 144A, (4) | 2.450% | 2/15/31 | BBB– | 393809 |
|  | **Software – 0.4%** |  |  |  |  |
| 285 | Open Text Corp, 144A, (4) | 3.875% | 12/01/29 | BB+ | 229194 |
|  | **Specialty Retail – 1.8%** |  |  |  |  |
| 325 | Asbury Automotive Group Inc, 144A, (4) | 5.000% | 2/15/32 | BB | 267377 |
| 365 | Asbury Automotive Group Inc, 144A, (4) | 4.625% | 11/15/29 | BB | 307564 |
| 50 | Bath & Body Works Inc, 144A | 6.625% | 10/01/30 | BB | 46920 |
| 75 | LCM Investments Holdings II LLC, 144A | 4.875% | 5/01/29 | BB– | 60059 |
| 500 | Michaels Cos Inc, 144A | 7.875% | 5/01/29 | Caa1 | 334084 |
| 50 | Michaels Cos Inc, 144A | 5.250% | 5/01/28 | B1 | 40227 |
| 1365 | Total Specialty Retail |  |  |  | 1056231 |
|  | **Tobacco – 0.8%** |  |  |  |  |
| 600 | BAT Capital Corp, (4) | 2.726% | 3/25/31 | BBB+ | 468130 |
|  | **Trading Companies & Distributors – 0.9%** | **Trading Companies & Distributors – 0.9%** | **Trading Companies & Distributors – 0.9%** |  |  |
| 455 | Albion Financing 2SARL, 144A | 8.750% | 4/15/27 | BB– | 387452 |
| 100 | H&E Equipment Services Inc, 144A | 3.875% | 12/15/28 | BB– | 85179 |
| 50 | WESCO Distribution Inc, 144A | 7.250% | 6/15/28 | BB | 50649 |
| 605 | Total Trading Companies & Distributors |  |  |  | 523280 |
|  | **Wireless Telecommunication Services – 0.3%** |  |  |  |  |
| 200 | Vmed O2 UK Financing I PLC, 144A | 4.750% | 7/15/31 | BB+ | 162470 |
| $26922 | Total Corporate Bonds (cost $27,223,232) |  |  |  | 22988137 |
| **Principal<br>Amount (000)** | **Description (1)** | **Coupon** | **Maturity** | **Ratings (2)** | **Value** |
|  | **SOVEREIGN DEBT – 1.5% (1.1% of Total Investments)** | **SOVEREIGN DEBT – 1.5% (1.1% of Total Investments)** | **SOVEREIGN DEBT – 1.5% (1.1% of Total Investments)** |  |  |
|  | **Bahrain – 0.4%** |  |  |  |  |
| $250 | Bahrain Government International Bond, 144A | 7.000% | 10/12/28 | B+ | $251303 |
|  | **Egypt – 0.6%** | **Egypt – 0.6%** | **Egypt – 0.6%** |  |  |
| 400 | Egypt Government International Bond, 144A | 5.875% | 6/11/25 | B+ | 368760 |
|  | **El Salvador – 0.1%** | **El Salvador – 0.1%** | **El Salvador – 0.1%** |  |  |
| 100 | El Salvador Government International Bond, 144A | 5.875% | 1/30/25 | CCC+ | 64583 |

---

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Principal<br>Amount (000)** | **Description (1)** | | | **Coupon** | **Maturity** | **Ratings (2)** | **Value** |
| | **Turkey – 0.4%** | **Turkey – 0.4%** | **Turkey – 0.4%** | **Turkey – 0.4%** | **Turkey – 0.4%** | | |
| $250 | Turkey Government International Bond | Turkey Government International Bond | Turkey Government International Bond | 5.950% | 1/15/31 | B | $206250 |
|  | Total Sovereign Debt (cost $1,003,299) | Total Sovereign Debt (cost $1,003,299) | Total Sovereign Debt (cost $1,003,299) | Total Sovereign Debt (cost $1,003,299) |  |  | 890896 |
| **Principal<br>Amount (000)** | **Description (1), (6)** |  |  | **Coupon** | **Maturity** | **Ratings (2)** | **Value** |
|  | **CONTINGENT CAPITAL SECURITIES – 1.6% (1.1% of Total Investments)** | **CONTINGENT CAPITAL SECURITIES – 1.6% (1.1% of Total Investments)** | **CONTINGENT CAPITAL SECURITIES – 1.6% (1.1% of Total Investments)** | **CONTINGENT CAPITAL SECURITIES – 1.6% (1.1% of Total Investments)** | **CONTINGENT CAPITAL SECURITIES – 1.6% (1.1% of Total Investments)** |  |  |
|  | **Banks – 1.3%** |  |  |  |  |  |  |
| $200 | Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA | 6.500% | N/A (7) | Ba2 | $191501 |
| 200 | Banco Santander SA | Banco Santander SA | Banco Santander SA | 4.750% | N/A (7) | Ba1 | 161948 |
| 200 | Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC | 7.500% | N/A (7) | Baa3 | 192941 |
| 200 | Societe Generale SA, 144A |  |  | 8.000% | N/A (7) | BB | 200250 |
| 800 | Total Banks | Total Banks | Total Banks |  |  |  | 746640 |
|  | **Capital Markets – 0.3%** |  |  |  |  |  |  |
| 200 | UBS Group AG, 144A | UBS Group AG, 144A | UBS Group AG, 144A | 7.000% | N/A (7) | BBB | 196765 |
| $1000 | Total Contingent Capital Securities (cost $1,024,353) | Total Contingent Capital Securities (cost $1,024,353) | Total Contingent Capital Securities (cost $1,024,353) |  |  |  | 943405 |
| **Principal<br>Amount (000)** | **Description (1)** | **Coupon (8)** | **Reference<br>Rate (8)** | **Spread (8)** | **Maturity (9)** | **Ratings (2)** | **Value** |
|  | **VARIABLE RATE SENIOR LOAN INTERESTS – 1.0% (0.7% of Total Investments) (8)** | **VARIABLE RATE SENIOR LOAN INTERESTS – 1.0% (0.7% of Total Investments) (8)** | **VARIABLE RATE SENIOR LOAN INTERESTS – 1.0% (0.7% of Total Investments) (8)** | **VARIABLE RATE SENIOR LOAN INTERESTS – 1.0% (0.7% of Total Investments) (8)** | **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+ | $194045 |
|  | **Insurance – 0.3%** |  |  |  |  |  |  |
| 198 | Alliant Holdings Intermediate, LLC, Term Loan B4 | 7.854% | 1-Month LIBOR | 3.500% | 11/06/27 | B | 193303 |
|  | **Trading Companies & Distributors – 0.4%** | **Trading Companies & Distributors – 0.4%** |  |  |  |  |  |
| 246 | Core & Main LP, Term Loan B | 6.889% | 1 + 6 Month LIBOR | 2.500% | 6/10/28 | B+ | 243775 |
| $641 | Total Variable Rate Senior Loan Interests (cost $639,962) | Total Variable Rate Senior Loan Interests (cost $639,962) | Total Variable Rate Senior Loan Interests (cost $639,962) | Total Variable Rate Senior Loan Interests (cost $639,962) | Total Variable Rate Senior Loan Interests (cost $639,962) |  | 631123 |
|  | **Total Long-Term Investments (cost $92,285,090)** | **Total Long-Term Investments (cost $92,285,090)** | **Total Long-Term Investments (cost $92,285,090)** | **Total Long-Term Investments (cost $92,285,090)** |  |  | **82160123** |
| **Principal<br>Amount (000)** | **Description (1)** |  |  | **Coupon** | **Maturity** |  | **Value** |
|  | **SHORT-TERM INVESTMENTS – 4.1%(2.9% of Total Investments)** | **SHORT-TERM INVESTMENTS – 4.1%(2.9% of Total Investments)** | **SHORT-TERM INVESTMENTS – 4.1%(2.9% of Total Investments)** | **SHORT-TERM INVESTMENTS – 4.1%(2.9% of Total Investments)** |  |  |  |
|  | **REPURCHASE AGREEMENTS – 4.1% (2.9% of Total Investments)** | **REPURCHASE AGREEMENTS – 4.1% (2.9% of Total Investments)** | **REPURCHASE AGREEMENTS – 4.1% (2.9% of Total Investments)** | **REPURCHASE AGREEMENTS – 4.1% (2.9% of Total Investments)** |  |  |  |
| $2443 | 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 | 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 | 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 |  | $2443332 |
|  | **Total Short-Term Investments (cost $2,443,332)** | **Total Short-Term Investments (cost $2,443,332)** | **Total Short-Term Investments (cost $2,443,332)** | **Total Short-Term Investments (cost $2,443,332)** | **Total Short-Term Investments (cost $2,443,332)** |  | **2443332** |
|  | **Total Investments (cost $94,728,422) – 140.9%** | **Total Investments (cost $94,728,422) – 140.9%** | **Total Investments (cost $94,728,422) – 140.9%** | **Total Investments (cost $94,728,422) – 140.9%** | **Total Investments (cost $94,728,422) – 140.9%** |  | **84603455** |
|  | **Reverse Repurchase Agreements, including accrued interest – (43.2)%(10)** | **Reverse Repurchase Agreements, including accrued interest – (43.2)%(10)** | **Reverse Repurchase Agreements, including accrued interest – (43.2)%(10)** | **Reverse Repurchase Agreements, including accrued interest – (43.2)%(10)** | **Reverse Repurchase Agreements, including accrued interest – (43.2)%(10)** |  | **(25968565)** |
|  | **Other Assets Less Liabilities – 2.3% (11)** | **Other Assets Less Liabilities – 2.3% (11)** | **Other Assets Less Liabilities – 2.3% (11)** | **Other Assets Less Liabilities – 2.3% (11)** | **Other Assets Less Liabilities – 2.3% (11)** |  | **1413514** |
|  | **Net Assets Applicable to Common Shares – 100%** | **Net Assets Applicable to Common Shares – 100%** | **Net Assets Applicable to Common Shares – 100%** | **Net Assets Applicable to Common Shares – 100%** | **Net Assets Applicable to Common Shares – 100%** |  | $**60048404** |

---

------

---

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

---

**Investments in Derivatives** 

**Futures Contracts – Long** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Value** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  U.S. Treasury Ultra Bond | 16 | 3/23 | $2171124 | $2149000 | $(22124) |

---

**Interest Rate Swaps – OTC Uncleared** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Notional<br>Amount** | **Fund<br>Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate<br>(Annualized)** | **Fixed Rate<br>Payment<br>Frequency** | **Effective<br>Date (12)** | **Optional<br>Termination<br>Date** | **Maturity<br>Date** | **Value** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  Morgan Stanley Capital Services LLC | $17000000 | Receive | 1-Month LIBOR | 1.994% | Monthly | 6/01/18 | 7/01/25 | 7/01/27 | $863961 | $863961 |

---

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) | $82160123 |
|  Short-term investments, at value (cost approximates value) | 2443332 |
|  Cash | 5069 |
|  Cash collateral at broker for investments in futures contracts<sup>(1)</sup>  | 104031 |
|  Cash collateral at broker for investments in reverse repurchase agreements<sup>(1)</sup> | 935343 |
|  Unrealized appreciation on interest rate swaps | 863961 |
|  Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 563220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 394664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reclaims | 876 |
|  Other assets | 751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total assets | 87471370 |
|  **Liabilities** |  |
|  Cash collateral due to broker | 881191 |
|  Reverse repurchase agreements, including accrued interest | 25968565 |
|  Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments purchased – when-issued/delayed-delivery settlement | 392184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 8000 |
|  Accrued expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fees | 65017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees fees | 1148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | 106861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 27422966 |
|  Net assets applicable to common shares | $60048404 |
|  Common shares outstanding | 9462350 |
|  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 | $94624 |
|  Paid-in surplus | 80456029 |
|  Total distributable earnings (loss) | (20502249) |
|  Net assets applicable to common shares | $60048404 |
|  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** | $1999394 |
|  **Expenses** |  |
|  Management fees | 375926 |
|  Interest expense | 451194 |
|  Custodian fees | 62092 |
|  Trustees fees | 1334 |
|  Professional fees | 39713 |
|  Shareholder reporting expenses | 30894 |
|  Shareholder servicing agent fees | 4899 |
|  Stock exchange listing fees | 3623 |
|  Investor relations expense | 8005 |
|  Other | 5764 |
|  Total expenses | 983444 |
|  Net investment income (loss) | 1015950 |
|  **Realized and Unrealized Gain (Loss)** |  |
|  Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | (817221) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (268853) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps | 39935 |
|  Change in net unrealized appreciation (depreciation) of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | (816484) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 15361 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps | 521557 |
|  Net realized and unrealized gain (loss) | (1325705) |
|  Net increase (decrease) in net assets applicable to common shares from operations | $(309755) |

---

*See accompanying notes to financial statements.* 

------

## Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| | **Six Months**<br> **Ended**<br> **12/31/22**<br> **(Unaudited)** | **Year**<br> **Ended**<br> **6/30/22** |
|  **Operations** |  |  |
|  Net investment income (loss) | $1015950 | $2310003 |
|  Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | (817221) | (396191) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (268853) | 121892 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps | 39935 | (305232) |
|  Change in net unrealized appreciation (depreciation) of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | (816484) | (11767469) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 15361 | (57653) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps | 521557 | 1521020 |
|  Net increase (decrease) in net assets applicable to common shares from operations | (309755) | (8573630) |
|  **Distributions to Common Shareholders** |  |  |
|  Dividends | (1703223) | (2457107) |
|  Return of Capital |  | (949339) |
|  Decrease in net assets applicable to common shares from distributions to common shareholders | (1703223) | (3406446) |
|  Net increase (decrease) in net assets applicable to common shares | (2012978) | (11980076) |
|  Net assets applicable to common shares at the beginning of period | 62061382 | 74041458 |
|  Net assets applicable to common shares at the end of period | $60048404 | $62061382 |

---

*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** | $(309755) |
|  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: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchases of investments | (8552777) |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales and maturities of investments | 10899681 |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from (Purchases of) short-term investments, net | (450664) |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from litigation settlement | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amortization (Accretion) of premiums and discounts, net | 28153 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Increase) Decrease in: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for interest | 4316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | (392530) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for variation margin on futures contracts | 21094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | 3181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (Decrease) in: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for interest | 88244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased—when-issued/delayed-delivery settlement | (2651914) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for variation margin on futures contracts | 8000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued management fees | 2341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued Trustees fees | 346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued other expenses | 28095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized (gain) loss from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 817221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paydowns | 40730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 816484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps | (521557) |
|  Net cash provided by (used in) operating activities | (121185) |
|  **Cash Flows from Financing Activities:** |  |
|  Proceeds from reverse repurchase agreements | 16154000 |
|  (Repayments of) reverse repurchase agreements | (14276000) |
|  Cash collateral due to broker | 280290 |
|  Increase (Decrease) in cash overdraft | (14904) |
|  Cash distributions paid to shareholders | (1972338) |
|  Net cash provided by (used in) financing activities | 171048 |
|  **Net Increase (Decrease) in Cash and Cash Collateral at Brokers** | 49863 |
|  Cash and cash collateral at brokers at the beginning of period | 994580 |
|  Cash and cash collateral at brokers at the end of period | $1044443 |
|  The following table provides a reconciliation of cash and cash collateral at brokers to the statement of assets and liabilities: |  |
|  Cash | $5069 |
|  Cash collateral at brokers for investments in futures | 104031 |
|  Cash collateral at brokers for investments in swaps | 935343 |
|  Total cash and cash collateral at brokers | $1044443 |
| **Supplemental Disclosures of Cash Flow Information** |  |
|  Cash paid for interest | $451202 |

---

*See accompanying notes to financial statements.* 

------

THIS PAGE INTENTIONALLY LEFT BLANK

------

## Financial Highlights
Selected data for a share outstanding throughout each period:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions to<br>Common Shareholders** | **Less Distributions to<br>Common Shareholders** | **Less Distributions to<br>Common Shareholders** | **Less Distributions to<br>Common Shareholders** | **Common Share** | **Common Share** | **Common Share** |
| |<br>**Beginning**<br> **Common**<br> **Share**<br> **NAV** | **Net<br>Investment<br>Income<br>(Loss)(a)** | **Net<br>Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From<br>Net<br>Investment<br>Income** | **From<br>Accumulated<br>Net<br>Realized<br>Gains** | **Return<br>of<br>Capital** | **Total** | **Discount<br>From<br>Shares<br>Repurchase<br>and Retired** | **Ending<br>NAV** | **Ending<br>Share<br>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) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.10) | (0.36) | &nbsp;&nbsp;&nbsp;&nbsp;— | 6.56 | 6.10 |
| 2021 | 7.48 | 0.26 | 0.40 | 0.66 | (0.32) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.32) | &nbsp;&nbsp;&nbsp;&nbsp;— | 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/<br>Ratios Applicable to Common Shares** | **Common Share Supplemental Data/<br>Ratios Applicable to Common Shares** | **Common Share Supplemental Data/<br>Ratios Applicable to Common Shares** | **Common Share Supplemental Data/<br>Ratios Applicable to Common Shares** | **Common Share Supplemental Data/<br>Ratios Applicable to Common Shares** | **Common Share Supplemental Data/<br>Ratios Applicable to Common Shares** |
| **<br>Common Share<br>Total Returns** | **<br>Common Share<br>Total Returns** | | **Ratios to Average Net Assets(c)** | **Ratios to Average Net Assets(c)** | **Ratios to Average Net Assets(c)** |  | |
| **Based<br>on<br>NAV(b)** | **<br>Based<br>on<br>Share<br>Price(b)** |<br>**Ending<br>Net<br>Assets<br>(000)** | **Expenses** | | **Net<br>Investment<br>Income (Loss)** | |<br>**Portfolio<br>Turnover<br>Rate(d)** |
| (0.47)% | (0.83)% | $60048 | 3.19 | %\* | 3.29 | %\* | 10% |
| (12.04) | (13.94) | 62061 | 1.68 |  | 3.28 |  | 89 |
| 9.13 | 13.13 | 74041 | 1.55 |  | 3.41 |  | 107 |
| (2.34) | (1.14) | 70780 | 2.24 |  | 3.88 |  | 87 |
| 5.16 | 10.14 | 75839 | 2.19 |  | 4.08 |  | 159 |
| 2.60 | (1.37) | 75408 | 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<br>to Average Net Assets<br>Applicable to Common Shares** | **Ratios of Interest Expense<br>to Average Net Assets<br>Applicable to Common Shares** | |
|  Year Ended 6/30:<br> 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\*: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed and Mortgage-Backed Securities | $— | $56706562 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | $56706562 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds |  | 22988137 |  | \*\*\* | 22988137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variable Rate Senior Loan Interests |  | 631123 |  |  | 631123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Debt |  | 890896 |  |  | 890896 |
| &nbsp;&nbsp;&nbsp;&nbsp; Contingent Capital Securities |  | 943405 |  |  | 943405 |
|  Short-Term Investments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  | 2443332 |  |  | 2443332 |
|  Investments in Derivatives: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts\*\* | (22124) |  |  |  | (22124) |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Swaps\*\* |  | 863961 |  |  | 863961 |
|  Total | $(22124) | $85467416 | $— |  | $85445292 |

---

\* 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<br>Investments, at Value** | **Collateral<br>Pledged (From)<br>Counterparty** |
|  Fixed Income Clearing Corporation | $2443332 | $(2492250) |

---

*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\* | $1985130 |

---

\* 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** | **Location on the Statement of Assets and Liabilities** | **Location on the Statement of Assets and Liabilities** | **Location on the Statement of Assets and Liabilities** |
| **Underlying<br>Risk Exposure** | **Derivative<br>Instrument** | **Asset Derivatives** | **Asset Derivatives** | **(Liability) Derivatives** | **(Liability) Derivatives** |
| **Underlying<br>Risk Exposure** | **Derivative<br>Instrument** | **Location** | **Value** | **Location** | **Value** |
| Interest rate | Futures contracts |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | Payable for variation margin on futures contracts\* | $(22124) |

---

\* 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**<br> **Instrument** | **Net Realized<br>Gain (Loss)<br>from Futures<br>Contracts** | **Change in Net<br>Unrealized<br>Appreciation<br>(Depreciation) of<br>Futures Contracts** |
| Interest rate | Futures contracts | $(268853) | $15361 |

---

*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\* | $17000000 |

---

\* 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** | **Location on the Statements of Assets and Liabilities** | **Location on the Statements of Assets and Liabilities** | **Location on the Statements of Assets and Liabilities** |
| **Underlying**<br> **Risk Exposure** | **Derivative**<br> **Instrument** | **Asset Derivatives** | **Asset Derivatives** | **(Liability) Derivatives** | **(Liability) Derivatives** |
| **Underlying**<br> **Risk Exposure** | **Derivative**<br> **Instrument** | **Location** | **Value** | **Location** | **Value** |
| Interest rate | Swaps (OTC Uncleared) | Unrealized appreciation on interest rate swaps | $863961 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

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<br>offset on the Statement of<br>Assets and Liabilities** | **Gross Amounts not<br>offset on the Statement of<br>Assets and Liabilities** | |
| <br>**Counterparty** |<br>**Gross<br>Unrealized<br>Appreciation<br>on Interest<br>Rate Swaps\*\*** |<br>**Gross<br>Unrealized<br>(Depreciation)<br>on Interest<br>Rate Swaps\*\*** |<br>**Net Unrealized<br>Appreciation<br>(Depreciation) on<br>Interest Rate<br>Swaps** | **Interest<br>Rate Swaps<br>Premiums Paid** | **Collateral<br>Pledged**<br> **to (from)<br>Counterparty** |<br>**Net<br>Exposure** |
|  Morgan Stanley Capital Services LLC | $863961 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $863961 | $— | $(881901) | $(17940) |

---

\*\* 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<br>Instrument** | **Net Realized<br>Gain (Loss)<br>from Swaps** | **Change in Net<br>Unrealized<br>Appreciation<br>(Depreciation)<br>of Swaps** |
| Interest rate | Swaps | $39935 | $521557 |

---

------

**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<br>Appreciation** | **Gross Unrealized<br>(Depreciation)** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
|  JMM | $94945579 | $921722 | $(10422009) | $(9500287) |

---

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<br>Ordinary<br>Income** | **Undistributed<br>Long-Term<br>Capital Gains** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Capital Loss<br>Carryforwards** | **Late-Year Loss<br>Deferrals** | **Other<br>Book-to-Tax<br>Differences** | **Total** |
|  JMM | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $(9188289) | $(9961319) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $(282260) | $(19431868) |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Short-Term** | **Long-Term** | **Total** |
|  JMM | $992239 | $8969080 | $9961319 |

---

**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**<br> **Amount** | **Maturity** | **Value** | **Value and**<br> **Accrued**<br> **Interest** |
| BNP Paribas | 4.800% | $(9058000) | 1/23/23 | $(9058000) | $(9071285) |
| Goldman Sachs | 4.600% | (4203000) | 1/23/23 | (4203000) | (4208979) |
| TD Securities (USA), LLC | 4.770% | (12575000) | 1/24/23 | (12575000) | (12688301) |
|  |  | $(25836000) |  | $(25836000) | $(25968565) |

---

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 | $25548739 |
| 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<br>Agreements\*** | **Collateral Pledged<br>to Counterparty** |
| BNP Paribas | $(9071285) | $7993183 |
| Goldman Sachs | (4208979) | 3640758 |
| TD Securities (USA), LLC | (12688301) | 14553087 |
|  | $(25968565) | $26187028 |

---

\* 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**<br> Nuveen Fund Advisors, LLC<br> 333 West Wacker Drive<br> Chicago, IL 60606 | **Custodian**<br> State Street Bank<br>& Trust Company<br> One Lincoln Street<br> Boston, MA 02111 | **Legal Counsel**<br> Chapman and Cutler LLP<br> Chicago, IL 60603 | **Independent Registered<br>Public Accounting Firm**<br> KPMG LLP<br> 200 East Randolph Street<br> Chicago, IL 60601 | **Transfer Agent and<br>Shareholder Services**<br> Computershare Trust<br>Company, N.A.<br>150 Royall Street<br> Canton, MA 02021<br> (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** | **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

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![LOGO](g413592g58b43.jpg)

## Nuveen:

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

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.<br>

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**

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

------

**Item 2. Code of Ethics.** 

Not applicable to this filing.

**Item 3. Audit Committee Financial Expert.** 

Not applicable to this filing.

**Item 4. Principal Accountant Fees and Services.** 

Not applicable to this filing.

**Item 5. Audit Committee of Listed Registrants.** 

Not applicable to this filing.

**Item 6. Schedule of Investments.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) See Portfolio of Investments in Item 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** 

Not applicable to this filing.

**Item 8. Portfolio Managers of Closed-End Management Investment Companies.** 

Not applicable to this filing.

**Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** 

Not applicable.

**Item 10. Submission of Matters to a Vote of Security Holders.** 

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's Board implemented after the registrant last provided disclosure in response to this item.

**Item 11. Controls and Procedures.** 

(a) The registrant's principal executive and principal financial officers, or persons performing similar
functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date
within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b)
or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the "Exchange Act") (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule
30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 12. Disclosure of Securities Lending Activity for Closed-End Management Investment Companies.** 

Not applicable.

**Item 13. Exhibits.** 

File the exhibits listed below as part of this Form.

(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable to this filing.

[(a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: See EX-99.CERT attached hereto.](d413592dex99cert.htm)

(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons: Not applicable.

(a)(4) Change in registrant's independent public accountant. Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2 (b) under the 1940 Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an Exhibit. A certification furnished pursuant to this paragraph will not be deemed "filed" for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registration specifically incorporates it by reference: See EX-99.906 CERT attached hereto.](d413592dex99906cert.htm)

------

**SIGNATURES** 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Nuveen Multi-Market Income Fund

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Mark L. Winget |
|  | Mark L. Winget |
|  | Vice President and Secretary |

---

Date: March 9, 2023

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ David J. Lamb |
|  | David J. Lamb |
|  | Chief Administrative Officer |
|  | (principal executive officer) |

---

Date: March 9, 2023

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ E. Scott Wickerham |
|  | E. Scott Wickerham |
|  | Vice President and Controller |
|  | (principal financial officer) |

---

Date: March 9, 2023

## Ex-99.Cert

**EX-99.CERT** 

CERTIFICATIONS PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT

**CERTIFICATIONS** 

I, David J. Lamb, certify that:

1. I have reviewed this report on Form N-CSR of Nuveen Multi-Market Income Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and
have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the
audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

Date: March 9, 2023

---

| |
|:---|
| /s/ David J. Lamb |
| David J. Lamb |
| Chief Administrative Officer |
| (principal executive officer) |

---

------

I, E. Scott Wickerham, certify that:

1. I have reviewed this report on Form N-CSR of Nuveen Multi-Market Income Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and
have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the
audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

Date: March 9, 2023

---

| |
|:---|
| /s/ E. Scott Wickerham |
| E. Scott Wickerham |
| Vice President and Controller |
| (principal financial officer) |

---

## Exhibit 99.906

**EX-99.906CERT** 

CERTIFICATIONS PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT

Certification Pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002; provided by the Chief Executive Officer and Chief Financial Officer, based on each such officer's knowledge and belief.

The undersigned officers of Nuveen Multi-Market Income Fund (the "Registrant"), certify that, to the best of each such officer's knowledge and belief:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant for the period ended December 31, 2022 (the "Report") fully complies
with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and
results of operations of the Registrant.

Date: March 9, 2023

---

| |
|:---|
| /s/ David J. Lamb |
| David J. Lamb |
| Chief Administrative Officer |
| (principal executive officer) |
| /s/ E. Scott Wickerham |
| E. Scott Wickerham |
| Vice President and Controller |
| (principal financial officer) |

---