# EDGAR Filing Document

**Accession Number:** 0000838131
**File Stem:** 0001193125-26-096103
**Filing Date:** 2026-3
**Character Count:** 120203
**Document Hash:** 07213c55dbf575f2df2e28bc1c3d96b8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-096103.hdr.sgml**: 20260306

**ACCESSION NUMBER**: 0001193125-26-096103

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260306

**DATE AS OF CHANGE**: 20260306

**EFFECTIVENESS DATE**: 20260306

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Nuveen Multi-Market Income Fund
- **CENTRAL INDEX KEY:** 0000838131

**ORGANIZATION NAME:**
- **EIN:** 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:** 26730108

**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 <u>811-05642</u> 

Nuveen Multi-Market Income Fund

(Exact name of registrant as specified in charter)

Nuveen Investments

333 West Wacker Drive

Chicago, Illinois 60606

(Address of principal executive offices) (Zip code)

Mark L. Winget

Vice President and Secretary

333 West Wacker Drive

Chicago, Illinois 60606

(Name and address of agent for service)

Registrant's telephone number, including area code: (<u>800) 257-8787</u>

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

Date of reporting period: <u>December</u> <u>31, 2025</u>

------

**Item 1.** **Reports to Stockholders.** <br>

------

Closed-End Funds

Closed-End Funds

Nuveen

December 31,

2025

#### Semi-Annual

#### Report
This semi-annual report contains the Fund's unaudited financial statements.

Nuveen Multi-Market Income Fund

#### JMM

#### Table

#### of Contents
Important Notices

Common Share Information

About the Fund's Benchmark

Fund Performance, Leverage and Holdings Summaries

Portfolio of Investments

Statement of Assets and Liabilities

Statement of Operations

Statement of Changes in Net Assets

Statement of Cash Flows

Financial Highlights

Notes to Financial Statements

Additional Fund Information

Glossary of Terms Used in this Report

Important Notices

Portfolio manager commentaries:

The Fund includes portfolio manager commentary in its annual shareholder report. For your Fund's most

recent annual portfolio manager discussion, please refer to the Portfolio Managers' Comments section of the Fund's annual shareholder report

.

Fund changes:

For changes that occurred to your Fund both during and after this reporting period, please refer to the Notes to Financial

Statements section of this report

.

Fund principal investment policies and principal risks:

Refer to the Shareholder Update section of your Fund's annual shareholder report

for information on the Fund's principal investment policies and principal risks

.

Fund performance:

For current information on your Fund's average annual total returns please refer to the Fund's website at

www.nuveen.

com

. For average annual total returns as of the end of this reporting period, please refer to the Fund Performance, Leverage and Holding

Summaries section within this report

.

Common Share Information

DISTRIBUTION INFORMATION

The following information regarding the Fund's distributions is current as of December 31, 2025, the Fund's fiscal and tax year end,

and may differ from previously issued distribution notifications.

The Fund's distribution policy, which may be changed by the Board, is to make regular monthly cash distributions to holders of its

common shares (stated in terms of a fixed cents per common share dividend distribution rate which may be set from time to time).

The Fund intends to distribute all or substantially all of its net investment income each year through its regular monthly distribution

and to distribute realized capital gains at least annually. In addition, in any monthly period, to maintain its declared per common

share distribution amount, the Fund may distribute more or less than its net investment income during the period. In the event the

Fund distributes more than its net investment income during any yearly period, such distributions may also include realized gains

and/or a return of capital. To the extent that a distribution includes a return of capital the NAV per share may erode. For additional

information, refer to the distribution information section below and in the Notes to Financial Statements herein.

The following table provides the estimated sources of distributions and may include amounts attributed to realized gains and/or

returns of capital. A return of capital may occur, for example, when some or all of the money that you invested in a Fund is paid back

to you. A return of capital distribution does not necessarily reflect a Fund's investment performance and should not be confused

with "yield" or "income." The Fund attributes these estimates equally to each regular distribution throughout the year.

The amounts and sources of distributions reported in this notice are for financial reporting purposes and are not being provided

for tax reporting purposes. The actual amounts and character of the distributions for tax reporting purposes will be reported to

shareholders on Form 1099-DIV, which will be sent to shareholders shortly after calendar year-end. Because distribution source

estimates are updated throughout the current fiscal year based on the Fund's performance, those estimates may differ from both the

tax information reported to you in your Fund's 1099 statement, as well as the ultimate economic sources of distributions over the

life of your investment. The figures in the table below provide the sources of distributions and may include amounts attributed to

realized gains and/or returns of capital. More details about the Fund's distributions are available on www.nuveen.com/en-us/ closed-

end-funds.

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

The Fund's Board of Trustees authorized an open-market share repurchase program, allowing the Fund to repurchase and retire an

aggregate of up to approximately 10% of its outstanding common shares.

During the current reporting period, the Fund did not repurchase any of its outstanding common shares. As of December 31, 2025,

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.

Data as of December 31, 2025

Fiscal YTD

Percentage of Distributions

Fiscal YTD

Per Share Amounts

Latest

Declared

Distribution

Net Investment

Income

Realized Gains

Return of

Capital

Total

Distributions

Net Investment

Income

Realized Gains

Return of

Capital

0.0290 85.1%

0.00%

14.9%

$0.1740

$0.1480

$0.0000

$0.0260

JMM

Common shares cumulatively repurchased and retired

1,800

Common shares authorized for repurchase

945,000

About the Fund's 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 (MBS). Index returns assume reinvestment of distributions,

but do not reflect any applicable sales charges or management fees.

#### Fund Performance, Leverage and Holdings

#### Summaries
The Fund Performance, Leverage and Holding Summaries for each Fund are shown below within this section of the

report.

Fund Performance

Performance data for the Fund shown below 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.

Total returns for a period of less than one year are not annualized (i.e. cumulative returns). Since inception returns are shown for

share classes that have less than 10-years of performance. For performance, current to the most recent month-end visit Nuveen.com

or call (800) 257-8787.

Impact of Leverage

One important factor impacting the returns of the Fund's common shares relative to its comparative benchmark was the Fund's

use of leverage through reverse repurchase agreements. 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 a 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 higher than their prior year

lows, leverage nevertheless continues to provide the opportunity for incremental common share income, particularly over longer-

term periods.

Leverage Ratios

"Effective Leverage" is a Fund's effective economic leverage, and includes both regulatory leverage and the leverage effects of

certain derivative and other investments in a Fund's portfolio that increase the Fund's investment exposure. "Regulatory Leverage"

consists of preferred shares or borrowings of a Fund. Regulatory Leverage is a part of a Fund's capital structure. Regulatory leverage

is subject to asset coverage limits set forth in the Investment Company Act of 1940. A Fund, however, may from time to time borrow

for temporary purposes, typically on a transient basis in connection with its day-to-day operations, primarily in connection with the

need to settle portfolio trades. Such temporary borrowings are excluded from the calculation of a Fund's Effective Leverage and

Regulatory Leverage ratios.

Holding Summaries

The Holdings Summaries data relates to the securities held in the Fund's portfolio of investments as of the end of this reporting

period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change. Refer to the

Fund's Portfolio of Investments for individual security information.

For financial reporting purposes the Fund uses credit quality ratings for its portfolio securities provided by Standard & Poor's Group,

Moody's Investors Service, Inc. and Fitch, Inc. If all three provide a rating for a security, the middle is used; if two of the three

agencies rate a security, the lower rating is used; and if only one rating agency rates a security, that rating is used. 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.

#### Nuveen Multi-Market Income Fund

#### Fund Performance, Leverage and Holdings Summaries December 31,

#### 2025

JMM

Performance\*

\*For purposes of Fund performance, relative results are measured against the JMM Blended Benchmark. The Fund's

Blended Benchmark consists of: 1) 75% Bloomberg U.S. Government/Mortgage Bond Index and 2) 25% Bloomberg

U.S. Corporate High Yield Bond Index.

Daily Common Share NAV and Share Price

Total Returns as of

December 31, 2025

Cumulative

Average Annual

Inception

Date

6-Month

1-Year

5-Year

10-Year

JMM at Common Share NAV

12/30/88

3.13%

8.04%

1.76%

3.11%

JMM at Common Share Price

12/30/88

(1.12)%

5.55%

1.96%

3.82%

Bloomberg U.S. Government/Mortgage Bond Index

—

3.03%

7.09%

(0.53)%

1.46%

JMM Blended Benchmark

—

3.24%

7.49%

0.73%

2.76%

Common

Share

NAV

Common

Share Price

Premium/(Discount)

to NAV

Average

Premium/(Discount)

to NAV

$6.62

$6.04

(8.76)%

(5.40)%

#### Fund Performance, Leverage and Holdings Summaries

#### December 31, 2025
(continued)

Leverage and Holdings

Leverage

Effective Leverage

29.12%

Regulatory Leverage

0.00%

Fund Allocation

(% of net assets)

Mortgage-Backed Securities

63.8%

Corporate Bonds

43.4%

Asset-Backed Securities

26.5%

Sovereign Debt

2.5%

Variable Rate Senior Loan

Interests

0.8%

Repurchase Agreements

3.0%

Other Assets & Liabilities, Net

1.4%

Reverse Repurchase

Agreements, including accrued

interest

(41.4)%

Net Assets

100%

Portfolio Credit Quality

(% of total investments)

AAA

6.9%

AA

22.3%

A

8.5%

BBB

27.2%

BB or Lower

27.3%

N/R (not rated)

5.7%

N/A (not applicable)

2.1%

Total

100%

Portfolio Composition

(% of total investments)

Mortgage-Backed Securities

45.6%

Asset-Backed Securities

18.9%

Banks

4.9%

Financial Services

4.9%

Capital Goods

3.6%

Utilities

2.8%

Other

17.2%

Repurchase Agreements

2.1%

Total

100%

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

#### Portfolio of Investments December 31, 2025

#### JMM
See Notes to Financial Statements

(Unaudited)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM INVESTMENTS - 137.0% (97.9% of Total Investments)

ASSET-BACKED SECURITIES - 26.5% (18.9% of Total Investments)

–

$

43,836

(a) 321 Henderson Receivables VI LLC, Series 2010 1A

.310

%

07/15/61

$

44,333

500,000

(a),(b)

ACRE Commercial Mortgage 2021-FL4 Ltd, Series 2021 FL4,

(TSFR1M + 3.214%)

.949

12/18/37

478,839

500,000

(a) Adams Outdoor Advertising LP, Series 2023 1

.967

07/15/53

508,715

500,000

(a),(b)

AGL CLO 19 Ltd, Series 2022 19A, (TSFR3M + 1.650%)

.970

07/21/38

501,888

7,830

Bayview Financial Mortgage Pass-Through Trust 2006-C, Series

2006 C

.352

11/28/36

6,702

375,833

(a) Capital Automotive REIT, Series 2024 1

.900

05/15/54

375,637

500,000

(a) CARS-DB4 LP, Series 2020 1A

.520

02/15/50

489,703

500,000

Carvana Auto Receivables Trust 2022-P3, Series 2022 P3

.540

11/10/28

508,732

899,452

(a) CF Hippolyta Issuer LLC, Series 2020 1

.600

07/15/60

571,931

400,000

(a),(b)

CIFC Funding 2020-II Ltd, Series 2020 2A, (TSFR3M + 1.862%)

.746

10/20/34

400,393

35,256

(a) Commonbond Student Loan Trust 2017-B-GS, Series 2017 BGS

.440

09/25/42

30,207

(b) CWABS Asset-Backed Certificates Trust 2007-4, Series 2007 4

.363

04/25/47

1,107,000

(a) DB Master Finance LLC, Series 2017 1A

.030

11/20/47

1,099,630

288,000

(a) DB Master Finance LLC, Series 2021 1A

.493

11/20/51

272,555

145,700

(a) Domino's Pizza Master Issuer LLC, Series 2017 1A

.118

07/25/47

144,864

675,000

(a) Driven Brands Funding LLC, Series 2025 1A

.296

10/20/55

672,527

400,000

(a),(b)

Dryden 49 Senior Loan Fund, Series 2017 49A, (TSFR3M +

1.862%)

.746

07/18/30

401,306

500,000

(a) Frontier Issuer LLC, Series 2023 1

.600

08/20/53

504,581

475,000

(a) Hardee's Funding LLC, Series 2020 1A

.981

12/20/50

459,644

298,991

(a) J.G. Wentworth XXXVII LLC, Series 2016 1A

.190

06/17/69

278,017

499,216

(a) JGWPT XXV LLC, Series 2012 1A

.140

02/15/67

513,288

211,545

(a) JGWPT XXVI LLC, Series 2012 2A

.770

10/17/61

213,632

61,623

Mid-State Capital Corp 2005-1 Trust, Series 2005 1

.745

01/15/40

61,588

28,399

Mid-State Trust XI, Series 2003 11

.598

07/15/38

28,483

500,000

(a),(b)

Neuberger Berman Loan Advisers CLO 48 Ltd, Series 2022

48A, (TSFR3M + 1.550%)

.868

04/25/36

500,265

400,000

(a),(b)

Neuberger Berman Loan Advisers Clo 56 Ltd, Series 2024 56A,

(TSFR3M + 1.750%)

.772

07/24/37

401,180

500,000

(a),(b)

Oak Hill Credit, Series 24A, (TSFR3M + 1.550%)

.000

01/20/39

500,479

400,000

(a),(b)

OHA Credit Funding 19 Ltd, Series 2024 19A, (TSFR3M +

1.700%)

.969

07/20/37

401,454

500,000

(a) Planet Fitness Master Issuer LLC, Series 2025 1A

.274

12/06/55

502,088

477,500

(a) SERVPRO Master Issuer LLC, Series 2021 1A

.394

04/25/51

451,515

150,132

(a) Start II LTD, Series 2019 1

.095

03/15/44

149,852

990,000

(a) Subway Funding LLC, Series 2024 1A

.028

07/30/54

1,003,606

294,750

(a) Taco Bell Funding LLC, Series 2021 1A

.946

08/25/51

287,150

500,000

(a) Taco Bell Funding LLC, Series 2025 1A

.821

08/25/55

497,196

648,450

(a) Taco Bell Funding LLC, Series 2021 1A

.294

08/25/51

604,510

500,000

(a),(b)

TruPS Financials Note Securitization 2025-2, Series 2025 2A,

(TSFR3M + 1.900%)

.872

07/15/39

502,495

250,000

(a) VB-S1 Issuer LLC - VBTEL, Series 2022 1A

.288

02/15/52

246,378

553,424

(a) Wendy's Funding LLC, Series 2021 1A

.370

06/15/51

515,772

381,686

(a) Wendy's Funding LLC, Series 2018 1A

.884

03/15/48

375,159

985,000

(a) Wingstop Funding LLC, Series 2020 1A

.841

12/05/50

954,317

172,350

(a) Zaxbys Funding LLC, Series 2021 1A

.238

07/30/51

162,655

TOTAL ASSET-BACKED SECURITIES

(Cost $17,106,330)

16,623,266

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

27175680

CORPORATE BONDS - 43.4% (31.0% of Total Investments) (c)

27175680

AUTOMOBILES & COMPONENTS - 1.5%

200,000

(a) Clarios Global LP / Clarios US Finance Co

.750

02/15/30

208,762

200,000

(d) Ford Motor Credit Co LLC

.950

03/06/26

200,451

150,000

(d) Goodyear Tire & Rubber Co/The

.250

04/30/31

144,011

135,000

(a),(d)

Phinia Inc

.625

10/15/32

139,785

185,000

(a),(d)

ZF North America Capital Inc

.750

04/23/30

182,812

#### Portfolio of Investments December 31, 2025
(continued)

#### JMM

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

AUTOMOBILES & COMPONENTS

(continued)

$

50,000

(a) ZF North America Capital Inc

.500

%

03/24/31

$

50,538

TOTAL AUTOMOBILES & COMPONENTS

926,359

BANKS - 6.9%

200,000

(e),(f)

Banco Bilbao Vizcaya Argentaria SA

.375

N/A

223,199

400,000

(d),(g)

Banco Santander SA

.749

12/03/30

363,625

200,000

(e),(f)

Banco Santander SA

.625

N/A

240,787

625,000

(d),(g)

Bank of America Corp

.744

02/12/36

651,249

300,000

(e),(g)

Bank of America Corp

.625

N/A

312,585

200,000

(a),(e),(f)

BNP Paribas SA

.250

N/A

213,336

250,000

(e),(g)

Citigroup Inc

.625

N/A

262,130

240,000

(d),(g)

JPMorgan Chase & Co

.576

07/23/36

248,268

300,000

(e),(g)

JPMorgan Chase & Co

.875

N/A

318,155

200,000

(e),(f)

Lloyds Banking Group PLC

.000

N/A

216,365

295,000

(e),(g)

M&T Bank Corp

.500

N/A

285,811

250,000

(e),(f)

NatWest Group PLC

.125

N/A

281,285

300,000

(e),(g)

Truist Financial Corp

.669

N/A

300,820

400,000

(e),(g)

Wells Fargo & Co

.625

N/A

426,643

TOTAL BANKS

4,344,258

CAPITAL GOODS - 4.8%

150,000

(a) AECOM

.000

08/01/33

153,729

200,000

(a) Albion Financing 1 SARL / Aggreko Holdings Inc

.000

05/21/30

208,742

600,000

(d) Boeing Co/The

.250

02/01/28

589,709

550,000

(d) Boeing Co/The

.625

02/01/31

528,326

65,000

(a) Carpenter Technology Corp

.625

03/01/34

66,022

30,000

(a) Gates Corp/DE

.875

07/01/29

31,155

65,000

(a) Herc Holdings Inc

.625

06/15/29

67,476

85,000

(a) Herc Holdings Inc

.000

06/15/30

89,457

50,000

(a) Herc Holdings Inc

.750

03/15/31

50,742

65,000

(a) Herc Holdings Inc

.000

03/15/34

65,866

200,000

(a) Quikrete Holdings Inc

.375

03/01/32

208,176

400,000

(d) Regal Rexnord Corp

.400

04/15/33

430,254

80,000

(a) Standard Building Solutions Inc

.250

08/01/33

81,723

200,000

(a) TransDigm Inc

.375

05/31/33

205,225

100,000

(a) WESCO Distribution Inc

.375

03/15/29

103,267

135,000

(a),(d)

Windsor Holdings III LLC

.500

06/15/30

142,608

TOTAL CAPITAL GOODS

3,022,477

COMMERCIAL & PROFESSIONAL SERVICES - 0.3%

100,000

(a) AMN Healthcare Inc

.500

01/15/31

100,018

10,000

(a) CACI International Inc

.375

06/15/33

10,347

35,000

(a) Clean Harbors Inc

.750

10/15/33

35,903

50,000

(a) RR Donnelley & Sons Co

.500

08/01/29

51,525

20,000

(a) Science Applications International Corp

.875

11/01/33

20,275

TOTAL COMMERCIAL & PROFESSIONAL SERVICES

218,068

CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 1.9%

250,000

(a),(d)

Asbury Automotive Group Inc

.625

11/15/29

245,788

100,000

(a),(d)

Bath & Body Works Inc

.625

10/01/30

102,240

75,000

(a) LCM Investments Holdings II LLC

.875

05/01/29

73,891

50,000

(a) Michaels Cos Inc/The

.250

05/01/28

48,068

500,000

(a),(d)

Michaels Cos Inc/The

.875

05/01/29

461,548

85,000

(a) Park River Holdings Inc

.000

03/15/31

87,635

125,000

(a) QXO Building Products Inc

.750

04/30/32

130,552

35,000

Veritiv Operating Co

.500

11/30/30

37,632

TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL

1,187,354

CONSUMER DURABLES & APPAREL - 0.2%

145,000

(a) CD&R Smokey Buyer Inc / Radio Systems Corp

.500

10/15/29

118,263

20,000

(a) TopBuild Corp

.625

01/31/34

20,232

TOTAL CONSUMER DURABLES & APPAREL

138,495

CONSUMER SERVICES - 2.0%

180,000

(a),(d)

Caesars Entertainment Inc

.000

10/15/32

175,041

200,000

(a) Flutter Treasury DAC

.375

04/29/29

206,461

115,000

(a) Hilton Domestic Operating Co Inc

.500

03/31/34

115,790

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

CONSUMER SERVICES

(continued)

$

50,000

(a) Light & Wonder International Inc

.250

%

10/01/33

$

50,620

215,000

(a) Motion Finco Sarl

.375

02/15/32

193,072

51,175

(a) Muvico LLC, (cash 9.000%, PIK 6.000%)

.000

02/19/29

55,510

40,000

(a) NCL Corp Ltd

.875

01/15/31

39,849

150,000

(d) Service Corp International/US

.750

10/15/32

152,661

100,000

(a),(d)

Six Flags Entertainment Corp / Six Flags Theme Parks Inc

.625

05/01/32

100,841

140,000

(a),(d)

Wynn Resorts Finance LLC / Wynn Resorts Capital Corp

.250

03/15/33

143,146

TOTAL CONSUMER SERVICES

1,232,991

CONSUMER STAPLES DISTRIBUTION & RETAIL - 0.5%

200,000

(a),(d)

Albertsons Cos Inc / Safeway Inc / New Albertsons LP /

Albertsons LLC

.250

03/15/33

205,596

40,000

(a) Albertsons Cos Inc / Safeway Inc / New Albertsons LP /

Albertsons LLC

.500

03/31/31

40,422

80,000

(a) Albertsons Cos Inc / Safeway Inc / New Albertsons LP /

Albertsons LLC

.750

03/31/34

80,324

TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL

326,342

ENERGY - 3.3%

250,000

(a),(d)

Antero Midstream Partners LP / Antero Midstream Finance

Corp

.625

02/01/32

258,771

50,000

(a) Ascent Resources Utica Holdings LLC / ARU Finance Corp

.625

10/15/32

51,631

80,000

(a) Buckeye Partners LP

.750

02/01/30

83,980

150,000

(a) Chord Energy Corp

.750

03/15/33

155,118

30,000

(a) Chord Energy Corp

.000

10/01/30

30,368

30,000

(a) Civitas Resources Inc

.750

07/01/31

31,122

90,000

(a),(d)

Civitas Resources Inc

.375

07/01/28

92,735

25,000

(a) CNX Resources Corp

.250

03/01/32

26,097

50,000

Genesis Energy LP / Genesis Energy Finance Corp

.875

05/15/32

52,120

200,000

(a),(d)

Hilcorp Energy I LP / Hilcorp Finance Co

.375

11/01/33

204,211

200,000

(a) Kinetik Holdings LP

.625

12/15/28

205,935

150,000

(a) Rockies Express Pipeline LLC

.800

05/15/30

147,516

100,000

(a) Sunoco LP

.875

03/15/34

99,991

100,000

(a) Sunoco LP

.625

03/31/31

100,733

215,000

(a) Sunoco LP

.625

05/01/30

208,868

20,000

(a) USA Compression Partners LP / USA Compression Finance

Corp

.250

10/01/33

20,240

140,000

(a),(d)

USA Compression Partners LP / USA Compression Finance

Corp

.125

03/15/29

144,916

70,000

(a) Venture Global LNG Inc

.125

06/01/28

70,903

40,000

(a) Venture Global Plaquemines LNG LLC

.500

01/15/34

40,970

50,000

(a) Venture Global Plaquemines LNG LLC

.125

12/15/30

50,917

TOTAL ENERGY

2,077,142

EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 0.8%

75,000

(a) Iron Mountain Inc

.500

02/15/31

71,495

175,000

(d) MPT Operating Partnership LP / MPT Finance Corp

.500

03/15/31

127,241

300,000

(a),(d)

Prologis Targeted US Logistics Fund LP

.500

04/01/34

311,674

TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)

510,410

EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 0.2%

90,000

(a) Millrose Properties Inc

.250

09/15/32

90,808

35,000

(a) MPT Operating Partnership LP / MPT Finance Corp

.500

02/15/32

37,378

TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)

128,186

FINANCIAL SERVICES - 6.9%

250,000

(d),(g)

AerCap Ireland Capital DAC / AerCap Global Aviation Trust

.950

03/10/55

261,959

300,000

(e),(g)

American Express Co

.550

N/A

295,870

45,000

(a) Azorra Finance Ltd

.250

01/15/31

47,152

200,000

(d) Block Inc

.500

05/15/32

207,972

253,002

(a),(d)

Compass Group Diversified Holdings LLC

.250

04/15/29

234,668

200,000

(a) Encore Capital Group Inc

.500

05/15/30

214,989

85,000

(a) Encore Capital Group Inc

.625

04/15/31

85,424

215,000

(a),(d)

FirstCash Inc

.875

03/01/32

223,643

75,000

(a) Freedom Mortgage Holdings LLC

.375

04/01/32

78,950

150,000

(a) Freedom Mortgage Holdings LLC

.875

05/01/31

150,090

#### Portfolio of Investments December 31, 2025
(continued)

#### JMM

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

FINANCIAL SERVICES

(continued)

$

493,000

Global Payments Inc

.875

%

11/15/30

$

493,550

100,000

(a) Hunt Cos Inc

.250

04/15/29

97,616

200,000

(a) Icahn Enterprises LP / Icahn Enterprises Finance Corp

.000

11/15/29

199,859

200,000

(a) Jane Street Group / JSG Finance Inc

.125

11/01/32

203,512

475,000

(d) JPMorgan Chase & Co

.572

04/22/36

498,351

115,000

OneMain Finance Corp

.125

05/15/30

117,253

80,000

OneMain Finance Corp

.750

09/15/33

81,010

150,000

(a) PennyMac Financial Services Inc

.250

02/15/29

146,704

55,000

(a) Rocket Cos Inc

.375

08/01/33

57,344

100,000

(a),(d)

Starwood Property Trust Inc

.500

07/01/30

104,311

200,000

(a),(e),(f)

UBS Group AG

.250

N/A

219,450

115,000

(a) Walker & Dunlop Inc

.625

04/01/33

117,981

180,000

(a) WEX Inc

.500

03/15/33

184,259

TOTAL FINANCIAL SERVICES

4,321,917

FOOD, BEVERAGE & TOBACCO - 0.4%

100,000

(a) Darling Ingredients Inc

.000

06/15/30

101,633

80,000

(a) Post Holdings Inc

.500

03/15/36

80,108

75,000

(a),(d)

Primo Water Holdings Inc / Triton Water Holdings Inc

.375

04/30/29

72,966

TOTAL FOOD, BEVERAGE & TOBACCO

254,707

HEALTH CARE EQUIPMENT & SERVICES - 1.4%

126,000

(a),(d)

CHS/Community Health Systems Inc

.875

01/15/32

137,522

100,000

(a),(d)

DaVita Inc

.625

06/01/30

97,239

50,000

(a) DaVita Inc

.875

09/01/32

52,048

45,000

(a) DaVita Inc

.750

07/15/33

46,660

30,000

(a) Global Medical Response Inc

.375

10/01/32

31,181

130,000

(a) IQVIA Inc

.250

06/01/32

135,839

60,000

(a) Molina Healthcare Inc

.500

02/15/31

61,622

190,000

(a),(d)

Prime Healthcare Services Inc

.375

09/01/29

199,500

100,000

(a) Radiology Partners Inc

.500

07/15/32

104,464

30,000

(a) Tenet Healthcare Corp

.000

11/15/33

30,888

TOTAL HEALTH CARE EQUIPMENT & SERVICES

896,963

INSURANCE - 2.1%

100,000

(a) Acrisure LLC / Acrisure Finance Inc

.500

11/06/30

104,165

35,000

(a) Acrisure LLC / Acrisure Finance Inc

.750

07/01/32

36,054

250,000

(a),(d)

Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer

.500

10/01/31

257,671

100,000

(a) APH Somerset Investor 2 LLC / APH2 Somerset Investor 2 LLC /

APH3 Somerset Inves

.875

11/01/29

100,998

200,000

(a) Ardonagh Finco Ltd

.750

02/15/31

209,671

65,000

(a) Asurion, LLC

.000

12/31/32

67,445

165,000

(a),(d)

Panther Escrow Issuer LLC

.125

06/01/31

170,981

30,000

(a) Ryan Specialty LLC

.875

08/01/32

30,653

300,000

(a),(b)

Vitality Re XIV Ltd (UTIXX + 3.500%)

.812

01/05/27

305,910

TOTAL INSURANCE

1,283,548

MATERIALS - 1.2%

50,000

(a) Avient Corp

.250

11/01/31

51,393

75,000

(a) Clydesdale Acquisition Holdings Inc

.750

04/15/30

76,251

10,000

(a) Mineral Resources Ltd

.000

04/01/31

10,428

185,000

(a) Olin Corp

.625

04/01/33

183,607

85,000

(a) Qnity Electronics Inc

.750

08/15/32

86,908

25,000

(a) Qnity Electronics Inc

.250

08/15/33

25,914

60,000

(a) Sealed Air Corp/Sealed Air Corp US

.250

02/15/31

62,480

240,000

(a),(d)

SK Invictus Intermediate II Sarl

.000

10/30/29

237,647

15,000

(a) Solstice Advanced Materials Inc

.625

09/30/33

15,132

TOTAL MATERIALS

749,760

MEDIA & ENTERTAINMENT - 1.1%

50,000

(a) Directv Financing LLC / Directv Financing Co-Obligor Inc

.875

08/15/27

50,293

175,000

(a) Gray Media Inc

.750

10/15/30

135,738

80,000

(a) Gray Media Inc

.250

08/15/33

81,746

60,000

(a) Sirius XM Radio LLC

.000

07/15/28

58,654

75,000

(a),(d)

Univision Communications Inc

.500

05/01/29

72,043

200,000

(a) VZ Secured Financing BV

.000

01/15/32

180,991

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MEDIA & ENTERTAINMENT

(continued)

$

100,000

(a) Ziff Davis Inc

.625

%

10/15/30

$

94,976

TOTAL MEDIA & ENTERTAINMENT

674,441

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.3%

200,000

(a),(d)

Organon & Co / Organon Foreign Debt Co-Issuer BV

.125

04/30/31

165,639

TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES

165,639

REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.6%

75,000

Kennedy-Wilson Inc

.750

03/01/29

72,828

325,000

(d) Kennedy-Wilson Inc

.000

03/01/31

305,657

TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT

378,485

SOFTWARE & SERVICES - 1.4%

500,000

(a),(d)

Ahead DB Holdings LLC

.625

05/01/28

503,238

30,000

(a) Fair Isaac Corp

.000

05/15/33

30,814

100,000

(a) Gen Digital Inc

.250

04/01/33

103,123

100,000

(a) Open Text Corp

.875

12/01/29

94,903

150,000

(a),(d)

Rocket Software Inc

.000

11/28/28

154,674

TOTAL SOFTWARE & SERVICES

886,752

TELECOMMUNICATION SERVICES - 1.4%

35,000

(a) CIPHER COMPUTE LLC

.125

11/15/30

35,647

200,000

(a) Holdco II SAS

.000

04/15/32

206,131

80,000

(a) Level 3 Financing Inc

.875

06/30/33

81,862

130,000

(a) Level 3 Financing Inc

.000

03/31/34

133,974

80,000

(a) Windstream Services LLC

.500

10/15/33

82,009

105,000

(a),(d)

Windstream Services LLC / Windstream Escrow Finance Corp

.250

10/01/31

110,226

200,000

(a) Zegona Finance PLC

.625

07/15/29

212,136

TOTAL TELECOMMUNICATION SERVICES

861,985

TRANSPORTATION - 0.3%

160,000

(a) Stonepeak Nile Parent LLC

.250

03/15/32

169,327

TOTAL TRANSPORTATION

169,327

UTILITIES - 3.9%

200,000

(a) ContourGlobal Power Holdings SA

.750

02/28/30

206,222

100,000

(a),(d)

Ferrellgas LP / Ferrellgas Finance Corp

.875

04/01/29

96,090

50,000

(a) Ferrellgas LP / Ferrellgas Finance Corp

.250

01/15/31

51,497

450,000

(d) Interstate Power and Light Co

.600

06/29/35

468,320

150,000

(a) NRG Energy Inc

.750

01/15/34

151,525

375,000

(a),(d)

Superior Plus LP / Superior General Partner Inc

.500

03/15/29

366,059

115,000

(a) Talen Energy Supply LLC

.625

06/01/30

121,757

85,000

(a) Talen Energy Supply LLC

.250

02/01/34

86,693

75,000

(a) Talen Energy Supply LLC

.500

02/01/36

77,557

40,000

(a) VoltaGrid LLC

.375

11/01/30

39,630

750,000

(d),(g)

WEC Energy Group Inc

.625

05/15/56

754,724

TOTAL UTILITIES

2,420,074

TOTAL CORPORATE BONDS

(Cost $27,049,889)

27,175,680

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MORTGAGE-BACKED SECURITIES - 63.8% (45.6% of Total Investments)

–

500,000

(a),(b)

ARDN 2025-ARCP Mortgage Trust, Series 2025 ARCP, (TSFR1M

+ 1.750%)

.500

06/15/35

501,626

400,000

(b) Benchmark 2018-B2 Mortgage Trust, Series 2018 B2

.084

02/15/51

387,725

1,045,329

(d) Benchmark 2019-B9 Mortgage Trust, Series 2019 B9

.751

03/15/52

1,035,698

250,000

(a),(b)

Century Plaza Towers 2019-CPT, Series 2019 CPT

.997

11/13/39

209,465

425,000

(b) Citigroup Commercial Mortgage Trust 2015-GC29, Series 2015

GC29

.976

04/10/48

388,317

600,000

(a) Citigroup Commercial Mortgage Trust 2016-P5, Series 2016 P5

.000

10/10/49

310,578

500,000

(b) Citigroup Commercial Mortgage Trust 2017-P8, Series 2017 P8

.789

09/15/50

472,097

241,000

Citigroup Commercial Mortgage Trust 2019-GC41, Series 2019

GC41

.502

08/10/56

207,763

33,879

(a) Citigroup Global Markets Mortgage Securities VII Inc, Series

2003 1

.000

09/25/33

15,289

479,082

(a),(b)

COMM 2013-LC13 Mortgage Trust, Series 2013 LC13

.370

08/10/46

449,918

#### Portfolio of Investments December 31, 2025
(continued)

#### JMM

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MORTGAGE-BACKED SECURITIES

(continued)

$

775,000

(b) COMM 2015-CCRE22 Mortgage Trust, Series 2015 CR22

.699

%

03/10/48

$

727,799

540,000

(b) COMM 2015-CCRE26 Mortgage Trust, Series 2015 CR26

.613

10/10/48

511,524

87,075

(b) COMM 2015-LC23 Mortgage Trust, Series 2015 LC23

.695

10/10/48

84,320

200,000

(a),(b)

Connecticut Avenue Securities Trust, Series 2023 R01,

(SOFR30A + 3.750%)

.106

12/25/42

209,100

1,410,000

(a),(b)

Connecticut Avenue Securities Trust, Series 2023 R06,

(SOFR30A + 2.700%)

.574

07/25/43

1,450,569

710,000

(a),(b)

Connecticut Avenue Securities Trust, Series 2023 R06,

(SOFR30A + 3.900%)

.188

07/25/43

748,521

400,000

(a),(b)

Connecticut Avenue Securities Trust 2022-R04, Series 2022

R04, (SOFR30A + 3.100%)

.974

03/25/42

409,896

1,000,000

(a),(b),(d)

Connecticut Avenue Securities Trust 2022-R07, Series 2022

R07, (SOFR30A + 4.650%)

.524

06/25/42

1,051,443

485,000

(a),(b)

Connecticut Avenue Securities Trust 2022-R08, Series 2022

R08, (SOFR + 3.600%)

.474

07/25/42

501,732

1,500,000

(a),(b),(d)

Connecticut Avenue Securities Trust 2023-R02, Series 2023

R02, (SOFR30A + 3.350%)

.706

01/25/43

1,556,383

1,000,000

(a),(b),(d)

Connecticut Avenue Securities Trust 2023-R04, Series 2023

R04, (SOFR30A + 3.550%)

.424

05/25/43

1,049,363

500,000

(a),(b)

Connecticut Avenue Securities Trust 2023-R08, Series 2023

R08, (SOFR30A + 3.550%)

.424

10/25/43

523,227

250,000

(a) CSMC 2014-USA OA LLC, Series 2014 USA

.373

09/15/37

198,988

86,717

CSMC Mortgage-Backed Trust 2006-7, Series 2006 7

.000

08/25/36

29,619

200,000

(a),(b)

DBSG 2024-ALTA Mortgage Trust, Series 2024 ALTA

.595

06/10/37

203,232

306,065

(d) Fannie Mae Pool, FN MA4919

.500

02/01/53

310,610

1,692,746

(d) Fannie Mae Pool, FN MA4438, Series 2021 1

.500

10/01/51

1,442,066

376,898

(d) Fannie Mae Pool, FN MA4644, Series 2022 1

.000

05/01/52

359,244

16,870

Fannie Mae Pool, FN 995018

.500

06/01/38

17,639

9,753

(d) Fannie Mae Pool, FN 882685

.000

06/01/36

10,119

6,258

Fannie Mae Pool, FN 878059

.500

03/01/36

6,543

8,451

Fannie Mae Pool, FN 828346

.000

07/01/35

8,669

16,470

(d) Fannie Mae Pool, FN 766070

.500

02/01/34

16,698

3,911

(d) Fannie Mae Pool, FN 709700

.500

06/01/33

3,965

574,759

(d) Fannie Mae Pool, FN BM5126

.500

01/01/48

542,287

163,176

(d) Fannie Mae Pool, FN BM5839

.500

11/01/47

155,415

511,411

(d) Fannie Mae Pool, FN MA4783

.000

10/01/52

487,315

2,472,557

(d) Fannie Mae Pool, FN MA4579

.000

04/01/52

2,193,099

455,129

(d) Fannie Mae Pool, FN MA4733

.500

09/01/52

446,123

257,593

(d) Fannie Mae Pool, FN MA4600, Series 2022 2

.500

05/01/52

238,729

140,471

Fannie Mae Pool, FN MA5039

.500

06/01/53

142,914

831,329

(d) Fannie Mae Pool, FN MA5106

.000

08/01/53

831,708

1,085,181

(d) Fannie Mae Pool, FN MA5107

.500

08/01/53

1,103,552

1,201,640

(d) Fannie Mae Pool, FN MA5164

.000

10/01/53

1,201,569

776,043

(d) Fannie Mae Pool, FN MA5165

.500

10/01/53

789,001

372,907

(d) Fannie Mae Pool, FN MA5353

.500

05/01/54

378,413

34,731

(b) Fannie Mae REMIC Trust 2002-W1, Series 2002 W1

.346

02/25/42

34,932

190,240

(b) Fannie Mae REMIC Trust 2003-W1, Series 2003 W1

.288

12/25/42

71,371

525,182

(d) Freddie Mac Gold Pool, FG G60138

.500

08/01/45

500,911

798,422

(d) Freddie Mac Gold Pool, FG G08528

.000

04/01/43

738,786

221,677

(d) Freddie Mac Gold Pool, FG G08566

.500

01/01/44

211,325

2,652

(d) Freddie Mac Gold Pool, FG C00676

.500

11/01/28

2,754

327,711

(d) Freddie Mac Gold Pool, FG Q40718

.500

05/01/46

310,374

497,153

(d) Freddie Mac Gold Pool, FG Q40841

.000

06/01/46

453,204

329,804

(d) Freddie Mac Pool, FR RA7402

.500

05/01/52

306,599

1,458,992

(d) Freddie Mac Pool, FR RA6766

.500

02/01/52

1,254,058

150,000

(a),(b)

Freddie Mac STACR REMIC Trust 2022-DNA2, Series 2022

DNA2, (SOFR30A + 4.750%)

.106

02/25/42

155,988

420,000

(a),(b)

Freddie Mac STACR REMIC Trust 2022-DNA3, Series 2022

DNA3, (SOFR30A + 5.650%)

.647

04/25/42

444,018

320,000

(a),(b)

Freddie Mac STACR REMIC Trust 2022-HQA2, Series 2022

HQA2, (SOFR30A + 4.000%)

.874

07/25/42

334,508

1,400,000

(a),(b),(d)

Freddie Mac STACR REMIC Trust 2023-HQA1, Series 2023

HQA1, (SOFR30A + 3.500%)

.374

05/25/43

1,467,516

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MORTGAGE-BACKED SECURITIES

(continued)

$

47,878

(d) Ginnie Mae I Pool, GN 604567

.500

%

08/15/33

$

48,655

30,834

(d) Ginnie Mae I Pool, GN 631574

.000

07/15/34

31,451

642,000

(a),(b)

GS Mortgage Securities Corp Trust 2018-TWR, Series 2018

TWR, (TSFR1M + 1.197%)

.948

07/15/31

498,680

29,771

(a),(b)

GSMPS Mortgage Loan Trust 2001-2, Series 2001 2

.500

06/19/32

29,296

261,784

(a) GSMPS Mortgage Loan Trust 2003-3, Series 2003 3

.000

06/25/43

276,637

192,783

(a) GSMPS Mortgage Loan Trust 2005-RP1, Series 2005 RP1

.500

01/25/35

201,246

270,478

(a) GSMPS Mortgage Loan Trust 2005-RP2, Series 2005 RP2

.500

03/25/35

270,710

142,518

(a) GSMPS Mortgage Loan Trust 2005-RP3, Series 2005 RP3

.000

09/25/35

141,107

224,133

(a) GSMPS Mortgage Loan Trust 2005-RP3, Series 2005 RP3

.500

09/25/35

226,739

500,000

(a),(b)

Hudson Yards 2019-55HY Mortgage Trust, Series 2019 55HY

.943

12/10/41

460,967

250,000

(a) ICNQ 2024-MF Mortgage Trust, Series 2024 MF

.074

12/10/34

257,193

69,884

(b) Impac Secured Assets CMN Owner Trust, Series 2000 3

.000

10/25/30

65,828

430,000

(a),(b)

J.P. Morgan Chase Commercial Mortgage Securities Trust

2018-AON, Series 2018 AON

.613

07/05/31

136,525

173,978

JP Morgan Alternative Loan Trust 2006-S1, Series 2006 S1

.500

03/25/36

85,511

500,000

(a),(b)

JP Morgan Chase Commercial Mortgage Securities Trust 2016-

JP4, Series 2016 JP4

.378

12/15/49

375,560

368,000

(a) JP Morgan Chase Commercial Mortgage Securities Trust 2019-

ICON UES, Series 2019 UES

.343

05/05/32

364,664

500,000

(a) JP Morgan Chase Commercial Mortgage Securities Trust 2020-

NNN, Series 2020 NNN

.620

01/16/37

235,000

697,000

(b) JPMDB Commercial Mortgage Securities Trust 2016-C4, Series

2016 C4

.018

12/15/49

597,243

500,000

(a) JPMDB Commercial Mortgage Securities Trust 2017-C7, Series

2017 C7

.000

10/15/50

378,510

500,000

(a) Legends Outlets Kansas City KS Mortgage Secured Pass-

Through Trust, Series 2024 LGND

.021

11/05/39

503,482

400,000

(a),(b)

Manhattan West 2020-1MW Mortgage Trust, Series 2020 1MW

.335

09/10/39

380,359

206,433

MASTR Alternative Loan Trust 2004-1, Series 2004 1

.000

01/25/34

209,883

65,398

MASTR Alternative Loan Trust 2004-5, Series 2004 5

.000

06/25/34

67,394

75,907

MASTR Asset Securitization Trust 2003-11, Series 2003 11

.250

12/25/33

77,095

250,000

(a),(b)

MHP Commercial Mortgage Trust 2025-MHIL2, Series 2025 A,

(TSFR1M + 1.500%)

.250

09/15/40

250,391

500,000

(b) Morgan Stanley Bank of America Merrill Lynch Trust 2016-C28,

Series 2016 C28

.583

01/15/49

434,491

17,499

Morgan Stanley Mortgage Loan Trust 2006-2, Series 2006 2

.750

02/25/36

16,529

325,000

(a),(b)

MTN Commercial Mortgage Trust 2022-LPFL, Series 2022 LPFL,

(TSFR1M + 1.896%)

.656

03/15/39

325,362

1,000,000

(a),(b)

Natixis Commercial Mortgage Securities Trust 2019-MILE,

Series 2019 MILE, (TSFR1M + 2.829%)

.580

07/15/36

817,323

183,763

(a),(b)

New Residential Mortgage Loan Trust 2014-1, Series 2014 1A

.885

01/25/54

173,905

288,848

(a),(b)

New Residential Mortgage Loan Trust 2015-2, Series 2015 2A

.256

08/25/55

288,550

500,000

(a),(b)

NYCT Trust 2024-3ELV, Series 2024 3ELV, (TSFR1M + 1.991%)

.741

08/15/29

502,235

135,000

(a) SLG Office Trust 2021-OVA, Series 2021 OVA

.851

07/15/41

117,958

250,000

(a),(b)

VNDO Trust 2016-350P, Series 2016 350P

.903

01/10/35

248,392

4,801

(b) Washington Mutual MSC Mortgage Pass-Through Certificates

Series 2004-RA3 Trust, Series 2004 RA3

.469

08/25/38

4,793

195,000

Wells Fargo Commercial Mortgage Trust 2016-C33, Series

2016 C33

.896

03/15/59

188,451

500,000

(b) Wells Fargo Commercial Mortgage Trust 2017-C38, Series

2017 C38

.903

07/15/50

463,020

TOTAL MORTGAGE-BACKED SECURITIES

(Cost $42,346,340)

39,957,349

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

1543134

SOVEREIGN DEBT - 2.5% (1.8% of Total Investments)

1543134

BAHRAIN - 0.4%

250,000

(a) Bahrain Government International Bond

.000

10/12/28

260,569

TOTAL BAHRAIN

260,569

#### Portfolio of Investments December 31, 2025
(continued)

#### JMM

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

BRAZIL - 0.4%

$

250,000

Brazilian Government International Bond

.000

%

10/20/33

$

252,625

TOTAL BRAZIL

252,625

KAZAKHSTAN - 0.4%

250,000

(a) Kazakhstan Government International Bond

.000

07/01/32

254,472

TOTAL KAZAKHSTAN

254,472

MEXICO - 0.4%

250,000

Mexico Government International Bond

.850

07/02/32

256,853

TOTAL MEXICO

256,853

TURKEY - 0.9%

250,000

Turkiye Government International Bond

.950

01/15/31

252,607

250,000

Turkiye Government International Bond

.250

05/29/32

266,008

TOTAL TURKEY

518,615

TOTAL SOVEREIGN DEBT

(Cost $1,515,225)

1,543,134

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

501235

VARIABLE RATE SENIOR LOAN INTERESTS - 0.8% (0.6% of Total Investments)

501235

CAPITAL GOODS - 0.3%

205,612

(b) Core & Main LP, Term Loan B, (TSFR3M + 2.000%)

.690

07/27/28

206,513

TOTAL CAPITAL GOODS

206,513

INSURANCE - 0.3%

157,812

(b) Alliant Holdings Intermediate, LLC, Term Loan B, (TSFR1M +

2.500%)

.216

09/19/31

158,346

TOTAL INSURANCE

158,346

MATERIALS - 0.2%

192,079

(b) INEOS Quattro Holdings UK Ltd, First Lien Term Loan B,

(TSFR1M + 4.250%)

.066

03/29/29

136,376

TOTAL MATERIALS

136,376

TOTAL VARIABLE RATE SENIOR LOAN INTERESTS

(Cost $554,831)

501,235

TOTAL LONG-TERM INVESTMENTS

(Cost $88,572,615)

85,800,664

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SHORT-TERM INVESTMENTS - 3.0%(2.1% of Total Investments)

1,875,000

REPURCHASE AGREEMENTS - 3.0% (2.1% of Total Investments)

1,875,000

1,875,000

(h) Fixed Income Clearing Corporation

.780

01/02/26

1,875,000

TOTAL REPURCHASE AGREEMENTS

(Cost $1,875,000)

1,875,000

TOTAL SHORT-TERM INVESTMENTS

(Cost $1,875,000)

1,875,000

TOTAL INVESTMENTS - 140.0%

(Cost $90,447,615)

87,675,664

REVERSE REPURCHASE AGREEMENTS, INCLUDING ACCRUED INTEREST - (41.4)%(i)

(25,916,881)

OTHER ASSETS & LIABILITIES, NET - 1.4%

871,667

NET ASSETS APPLICABLE TO COMMON SHARES - 100%

$

62,630,450

PIK

Payment-in-kind ("PIK") security. Depending on the terms of the security, income may be received in the form of cash, securities, or

a combination of both. The PIK rate shown, where applicable, represents the annualized rate of the last PIK payment made by the

issuer as of the end of the reporting period.

SOFR30A

30 Day Average Secured Overnight Financing Rate

TSFR1M

CME Term Secured Overnight Financing Rate 1 Month

TSFR3M

CME Term Secured Overnight Financing Rate 3 Month

UTIXX

Federated Hermes U.S. Treasury Cash Reserves

(a) Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are deemed liquid

and may be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.

As of the end of the fiscal period, the aggregate value of these securities is $53,009,812 or 60.5% of Total Investments.

(b) Floating or variable rate security includes the reference rate and spread, when applicable. For mortgage-backed or asset-backed

securities the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end.

(c) Contains $1,000 Par Preferred and/or Contingent Capital Securities.

See Notes to Financial Statements

Investments in Derivatives

(d) 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 fiscal period, investments with a value of $30,258,772 have been pledged as collateral

for reverse repurchase agreements.

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

(f) Contingent Capital Securities ("CoCos") are debt or preferred securities with loss absorption characteristics built into the terms

of the security for the benefit of the issuer, for example an automatic write-down of principal or a mandatory conversion into the

issuer's common stock under certain adverse circumstances, such as the issuer's capital ratio falling below a specified level. As of

the end of the reporting period, the Fund's total investment in CoCos was 1.6% of Total Investments.

(g) $1,000 Par Institutional Preferred security. As of the end of the period, the percent of $1,000 Par Institutional Preferred securities was

5.1% of Total Investments.

(h) Agreement with Fixed Income Clearing Corporation, 3.780% dated 12/31/25 to be repurchased at $1,875,394 on 1/2/26,

collateralized by Government Agency Securities, with coupon rate 3.625% and maturity date 10/31/30, valued at $1,912,632.

(i) Reverse Repurchase Agreements, including accrued interest as a percentage of Total investments is 29.6%.

Futures Contracts - Long

Description

Number of

Contracts

Expiration

Date

Notional

Amount

Value

Unrealized

Appreciation

(Depreciation)

U.S. Treasury 5-Year Note

3/26

$

3,938,922

$

3,934,969

$

(3,953)

U.S. Treasury Ultra 10-Year Note

3/26

7,386,381

7,361,000

(25,381)

U.S. Treasury Ultra Bond

3/26

5,377,594

5,310,000

(67,594)

Total

$16,702,897

$16,605,969

$(96,928)

Statement of Assets and Liabilities

See Notes to Financial Statements.

December 31, 2025 (Unaudited)

JMM

ASSETS

Long-term investments, at value

†

$

85,800,664

Short-term investments, at value

◊

1,875,000

Cash collateral at broker for investments in futures contracts

(1) 448,242

Cash collateral at broker for investments in reverse repurchase agreements

(1) 9,303

Receivables:

Interest

613,682

Investments sold

204,936

Other

Total assets

88,952,110

LIABILITIES

Cash overdraft

204,396

Reverse repurchase agreements, including accrued interest

25,916,881

Payables:

Management fees

64,236

Variation margin on futures contracts

33,094

Accrued expenses:

Custodian fees

51,475

Investor relations fees

1,955

Trustees fees

1,908

Professional fees

27,619

Shareholder reporting expenses

9,009

Shareholder servicing agent fees

2,496

Other

8,591

Total liabilities

26,321,660

Net assets applicable to common shares

$

62,630,450

Common shares outstanding

9,462,350

Net asset value ("NAV") per common share outstanding

$

.62

NET ASSETS APPLICABLE TO COMMON SHARES CONSIST OF:

Common shares, $0.01 par value per share

$

94,624

Paid-in capital

80,433,659

Total distributable earnings (loss)

(17,897,833)

Net assets applicable to common shares

$

62,630,450

Authorized shares:

Common

Unlimited

†

&nbsp;&nbsp;&nbsp;&nbsp; Long-term investments, cost

$

88,572,615

◊

&nbsp;&nbsp;&nbsp;&nbsp; Short-term investments, cost

$

1,875,000

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

Statement of Operations

See Notes to Financial Statements.

Six Months Ended December 31, 2025 (Unaudited)

JMM

INVESTMENT INCOME

Interest

$

2,395,260

Tax withheld

(1,959)

Total investment income

2,393,301

EXPENSES

–

Management fees

380,943

Shareholder servicing agent fees

4,742

Interest expense

605,751

Trustees fees

1,517

Custodian expenses

25,698

Investor relations expenses

6,394

Professional fees

32,125

Shareholder reporting expenses

11,502

Stock exchange listing fees

3,891

Other

3,110

Total expenses

1,075,673

Net investment income (loss)

1,317,628

REALIZED AND UNREALIZED GAIN (LOSS)

Realized gain (loss) from:

Investments

(417,953)

Futures contracts

480,826

Swap contracts

34,496

Foreign currency transactions

1,791

Net realized gain (loss)

99,160

Change in unrealized appreciation (depreciation) on:

Investments

971,658

Futures contracts

(388,161)

Swap contracts

(40,188)

Net change in unrealized appreciation (depreciation)

543,309

Net realized and unrealized gain (loss)

642,469

Net increase (decrease) in net assets applicable to common shares from operations

$

1,960,097

Statement of Changes in Net Assets

See Notes to Financial Statements

JMM

Unaudited

Six Months Ended

12/31/25

Year Ended

6/30/25

OPERATIONS

Net investment income (loss)

$

1,317,628

$

2,501,658

Net realized gain (loss)

99,160

(255,852)

Net change in unrealized appreciation (depreciation)

543,309

2,297,532

Net increase (decrease) in net assets applicable to common shares from operations

1,960,097

4,543,338

DISTRIBUTIONS TO COMMON SHAREHOLDERS

Dividends

(1,646,449)

(3,158,649)

Return of Capital

–

(63,281)

Total distributions

(1,646,449)

(3,221,930)

Net increase (decrease) in net assets applicable to common shares

313,648

1,321,408

Net assets applicable to common shares at the beginning of period

62,316,802

60,995,394

Net assets applicable to common shares at the end of period

$

62,630,450

$

62,316,802

Statement of Cash Flows

See Notes to Financial Statements

The following table provides a reconciliation of cash and cash collateral at brokers to the Statement of Assets and Liabilities:

Six Months Ended December 31, 2025 (Unaudited)

JMM

CASH FLOWS FROM OPERATING ACTIVITIES

Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations

$

1,960,097

Adjustments to reconcile the net increase (decrease) in net assets applicable to common shares from operations to net cash provided by (used in)

operating activities:

Purchases of investments

(10,787,768)

Proceeds from sale and maturities of investments

11,278,926

Proceeds from (Purchase of) short-term investments, net

(100,000)

Proceeds from litigation settlement

Amortization (Accretion) of premiums and discounts, net

15,088

(Increase) Decrease in:

Receivable for interest

13,496

Receivable for reclaims

1,959

Receivable for investments sold

(203,798)

Receivable for variation margin on futures contracts

80,109

Other assets

4,975

Increase (Decrease) in:

Payable for interest

77,387

Payable for investments purchased - regular settlement

(40,000)

Payable for investments purchased - when-issued/delayed-delivery settlement

(565,000)

Payable for variation margin on futures contracts

33,094

Payable for management fees

2,781

Accrued custodian fees

17,016

Accrued investor relations fees

(204)

Accrued Trustees fees

(224)

Accrued professional fees

(13,650)

Accrued shareholder reporting expenses

4,270

Accrued shareholder servicing agent fees

732

Accrued other expenses

7,036

Net realized (gain) loss from investments

417,953

Net realized (gain) loss from affiliated investments

—

Net realized (gain) loss from foreign currency transactions

(1,791)

Net realized (gain) loss from paydowns

19,001

Net change in unrealized (appreciation) depreciation of investments

(971,658)

Net change in unrealized (appreciation) depreciation of swap contracts

40,188

Net cash provided by (used in) operating activities

1,290,293

CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from reverse repurchase agreements

99,077,884

(Repayments of) reverse repurchase agreements

(99,051,884)

Increase (Decrease) in:

Cash overdraft

204,396

Cash collateral due to broker

(68,508)

Cash distributions paid to common shareholders

(1,865,980)

Net cash provided by (used in) financing activities

(1,704,092)

Net increase (decrease) in cash and cash collateral at brokers

(413,799)

Cash and cash collateral at brokers at the beginning of period

871,344

Cash and cash collateral at brokers at the end of period

$

457,545

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION

JMM

Cash paid for interest

$

528,011

JMM

Cash collateral at broker for investments in futures contracts

$

448,242

Cash collateral at broker for investments in reverse repurchase agreements

9,303

Total cash and cash collateral at brokers

$

457,545

Financial Highlights

The following data is for a common share outstanding for each fiscal year end unless otherwise noted:

Investment Operations

Less Distributions to

Common Shareholders

Common Share

Common

Share

Net Asset

Value,

Beginning

of Period

Net

Investment

Income (NII)

(Loss)

(a) Net

Realized/

Unrealized

Gain (Loss)

Total

From

NII

From Net

Realized

Gains

Return of

Capital

Total

Net Asset

Value,

End of

Period

Share

Price,

End of

Period

JMM

12/31/25

(d) $

6.59 $

0.14 $

0.06 $

0.20 $

(0.17)

$

—

$

—

$

(0.17)

$

6.62 $

6.04 6/30/25

6.45 0.26 0.22 0.48 (0.33)

—

(0.01)

(0.34)

6.59 6.28 6/30/24

6.38 0.24 0.16 0.40 (0.31)

—

(0.02)

(0.33)

6.45 5.97 6/30/23

6.56 0.22 (0.05)

0.17 (0.27)

—

(0.08)

(0.35)

6.38 5.80 6/30/22

7.82 0.24 (1.14)

(0.90)

(0.26)

—

(0.10)

(0.36)

6.56 6.10 6/30/21

7.48 0.26 0.40 0.66 (0.32)

—

—

(0.32)

7.82 7.46 (a) Based on average shares outstanding.

(b) Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested distributions at Common Share NAV, if any. The last

distribution 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 distribution 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 distributions, if any, at

the average price paid per share at the time of reinvestment. The last distribution 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 distribution 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.

See Notes to Financial Statements

Ratios of Interest

Expense to

Average Net Assets

Applicable

to Common Shares

JMM

12/31/25

(c) 1.92 %

(e) 6/30/25

2.04 6/30/24

2.45 6/30/23

1.81 6/30/22

0.18 6/30/21

0.10 Common Share Supplemental Data/

Ratios Applicable to Common Shares

Common Share

Total Returns

Ratios to Average

Net Assets

Based

on

Net Asset

Value

(b) Based

on

Share

Price

(b) Net

Assets,

End of

Period (000)

Expenses

(c) Net

Investment

Income

(Loss)

(c) Portfolio

Turnover

Rate

3.13 %

(1.12)

%

$

62,630

3.41 %

(e) 4.18 %

(e) 13

%

7.61 11.14 62,317

3.59 4.05 30

6.48 8.87 60,995

3.91 3.80 19

2.59 0.75 60,364

3.45 3.43 18

(12.04)

(13.94)

62,061

1.68 3.28 89

9.13 13.13 74,041

1.55 3.41 107

(c) • Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to reverse repurchase agreements (as described in Notes

to Financial Statements), where applicable.

• Each ratio includes the effect of all interest expenses paid and other costs related to reverse repurchase agreements, where applicable, as follows:

(d) Unaudited.

(e) Annualized.

Notes to Financial Statements

#### (U

#### naudited)
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

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, 2025, and the period covered by these Notes to Financial

Statements is the six months ended December 31, 2025 (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 investment portfolio of the Fund.

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 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 officers, all of whom receive remuneration for their services to the Fund from

the Adviser or its affiliates. The Board of 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's distribution policy, which may be changed by the Board, is to make regular monthly cash distributions to holders of their common shares

(stated in terms of a fixed cents per common share dividend distributions rate which may be set from time to time). The Fund intends to distribute

all or substantially all of its net investment income each year through its regular monthly distribution and to distribute realized capital gains at least

annually. In addition, in any monthly period, to maintain its declared per common share distribution amount, the Fund may distribute more or less

than its net investment income during the period. In the event the Fund distributes more than its net investment income during any yearly period,

such distributions may also include realized gains and/or a return of capital. To the extent that a distribution includes a return of capital the NAV per

share may erode.

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 later in these Notes to Financial Statements.

Netting Agreements:

In the ordinary course of business, the Fund may enter into transactions subject to enforceable master repurchase agreements,

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. With respect to certain counterparties, in accordance with the terms of the netting agreements,

collateral posted to the Fund is held in a segregated account by the Fund's custodian and/or with respect to those amounts which can be sold or

repledged, are presented in the Fund's Portfolio of Investments or Statement of Assets and Liabilities.

The Fund's investments subject to netting agreements as of the end of the current fiscal period, if any, are further described later in these Notes to

Financial Statements.

Segment Reporting:

The Fund represents a single operating segment. The officers of the Fund act as the chief operating decision maker ("CODM"),

as defined in U.S. GAAP. The CODM monitors the operating results of the Fund as a whole and is responsible for the Fund's long-term strategic

asset allocation in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio

managers as a team. The financial information in the form of the Fund's portfolio composition, total returns, expense ratios and changes in net

assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's

performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with

that presented within the Fund's financial statements. Segment assets are reflected on the Statement of Assets and Liabilities as "total assets" and

significant segment revenues and expenses are listed on the Statement of Operations.

New Accounting Pronouncement (ASU No. 2023-09):

In December 2023, the FASB issued Accounting Standard Update ("ASU") No. 2023-09,

Income Taxes (Topic 740) Improvements to Income tax disclosures ("ASU 2023-09"). The primary purpose of the amendments within ASU 2023-09

is to enhance the transparency and decision usefulness of income tax disclosures primarily related to the rate reconciliation table and income taxes

paid information. The amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. During the current fiscal

period, the Fund adopted the new guidance. Management is currently evaluating the implications of these changes on the financial statements.

New Accounting Pronouncement (ASU No. 2025-11):

In December 2025, the FASB issued ASU No. 2025-11, Interim Reporting (Topic 270) Narrow

Scope Improvements ("ASU 2025-11"). The amendments in ASU 2025-11 provide a comprehensive list of interim disclosures that are required

by U.S. GAAP. ASU 2025-11 also includes a disclosure principle that requires entities to disclose events since the end of the last annual reporting

period that have a material impact on the entity. The amendments in ASU 2025-11 are effective for interim reporting periods within annual reporting

periods beginning after December 15, 2027. Early adoption is permitted for all entities. Management is currently evaluating the implications of these

changes on the financial statements.

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

#### Notes to Financial Statements
(continued)

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 Fund's investments as of the end of the current fiscal period, based on the inputs used to

value them:

4. Portfolio Securities

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 current fiscal

period, and the collateral delivered related to those repurchase agreements.

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.

Purchases and Sales:

Long-term purchases and sales during the current fiscal period were as follows:

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. If the Fund has outstanding when-issued/delayed-delivery purchases commitments as of the end of the current fiscal period, such

amounts are recognized on the Statement of Assets and Liabilities.

5. Derivative Investments

The Fund is authorized to invest in certain derivative instruments. As defined by U.S. GAAP, a derivative is a financial instrument whose value is

derived from an underlying security price, foreign exchange rate, interest rate, index of prices or rates, or other variables. Investments in derivatives

as of the end of and/or during the current fiscal period, if any, are included within the Statement of Assets and Liabilities and the Statement of

Operations, respectively.

JMM

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Asset-Backed Securities

$

–

$

16,623,266

$

–

$

16,623,266

Corporate Bonds

–

27,175,680

–

27,175,680

Mortgage-Backed Securities

–

39,957,349

–

39,957,349

Sovereign Debt

–

1,543,134

–

1,543,134

Variable Rate Senior Loan Interests

–

501,235

–

501,235

Short-Term Investments:

Repurchase Agreements

–

1,875,000

–

1,875,000

Investments in Derivatives:

Futures Contracts\*

(96,928)

–

–

(96,928)

Total

$

(96,928)

$

87,675,664

$

–

$

87,578,736

\*

Represents net unrealized appreciation (depreciation).

Fund

Counterparty

Short-term

Investments,

at Value

Collateral

Pledged (From)

Counterparty

JMM

Fixed Income Clearing Corporation

$

1,875,000

$

(1,912,632)

Fund

Non-U.S.

Government

Purchases

U.S.

Government

Purchases

Non-U.S.

Government Sales

and Maturities

U.S.

Government

Sales

JMM

$

10,386,761

$

401,007

$

10,698,803

$

580,123

Futures Contracts:

During the current fiscal period, the Fund used U.S. Treasury futures as part of an overall portfolio construction strategy to

manage portfolio duration and yield curve exposure.

A futures contract is an agreement between two parties to buy and sell a financial instrument for a set price on a future date. 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. Securities deposited for initial margin, if any, are identified in the Portfolio of Investments

and cash deposited for initial margin, if any, is reflected on the Statement of Assets and Liabilities.

During the period the futures contract is open, changes in the market value of the contract are recognized as an unrealized gain or loss by "marking-

to-market" on a daily basis. The Fund and the clearing broker are obligated to settle monies on a daily basis representing the changes in the value

of the contracts. These daily cash settlements are known as "variation margin" and is recognized on the Statement of Assets and Liabilities as a

receivable or payable for variation margin on futures contracts. When the contract is closed or expired, the 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. The net realized

gain or loss and the change in unrealized appreciation (depreciation) on futures contracts held during the period is included 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.

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

Interest Rate Swap Contracts:

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

leverage.

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").

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.

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 on such transactions

is limited to the net amount of interest payments that the Fund is to receive from the counterparty. Payments paid (received) at the beginning of

the measurement period are reflected as swap premiums paid (received) on the Statement of Assets and Liabilities, when applicable. Interest rate

swaps can be settled either directly with the counterparty ("OTC") or through a central clearinghouse ("centrally cleared"). For OTC swaps, the daily

change in the market value of the swap contract, along with any daily interest fees accrued, are recognized as unrealized appreciation (depreciation)

on interest rate swaps contracts on the Statement of Assets and Liabilities.

Upon the execution of a centrally cleared swap, a 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. Securities deposited for initial margin, if any, are identified

in the Portfolio of Investments and cash deposited for initial margin, if any, is reflected on the Statement of Assets and Liabilities. The Fund and

the clearing broker are obligated to settle monies on a daily basis representing the changes in the value of the swap contracts. These daily cash

settlements are known as "variation margin" and is recognized on the Statement of Assets and Liabilities as a receivable or payable for variation

margin on interest rate swaps contracts.

Changes in the value of the swap contracts during the fiscal period are recognized as net unrealized appreciation (depreciation) of swaps

contracts on the Statement of Operations. The net amount of periodic payments settled in cash are recognized as net realized gain (loss) from swap

contracts on the Statement of Operations, in addition to the net realized gain or loss recorded upon the termination of the swap contract.

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

Fund

Average Notional Amount of Futures

Contracts Outstanding

\*

JMM

$

15,900,491

\*

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.

Fund

Average Notional Amount of Interest Rate

Swap Contracts Outstanding

\*

JMM

$

5,666,667

\*

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.

(continued)

At the end of the reporting period, the fund has invested in derivative contracts which are reflected in the Statement of Assets and Liabilities as

follows:

During the current fiscal period, the effect of derivative contracts on the Fund's Statement of Operations was as follows:

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.

6. Fund Shares

Common Shares:

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

7. 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 were as follows:

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:

Asset Derivatives

Liability Derivatives

Derivative Instrument

Risk Exposure

Location

Value

Location

Value

JMM

Futures Contracts

Interest rate

-

$

–

Unrealized depreciation on

futures contracts

\*

$

(96,928)

\*

The fair value presented includes cumulative gain (loss) on open futures contracts; however, the value reflected in the accompanying Statement of Assets and

Liabilities is only the receivable or payable for variation margin on open futures contracts.

Derivative Instrument

Risk Exposure

Net Realized Gain

(Loss)

Change in

Unrealized

Appreciation

(Depreciation)

JMM

Futures contracts

Interest rate

$

480,826

$

(388,161)

Swap contracts

Interest rate

34,496

(40,188)

Fund

Tax Cost

Gross Unrealized

Appreciation

Gross

Unrealized

(Depreciation)

Net

Unrealized

Appreciation

(Depreciation)

JMM

$

90,563,632

$

1,009,878

$

(3,994,774)

$

(2,984,896)

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

8. Management Fees and Other Transactions with Affiliates

Management Fees:

The Fund's management fee compensates the Adviser for the 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 the Fund's 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:

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

\* The complex-level fee is calculated based upon the aggregate daily "eligible assets" of all Nuveen-branded closed-end funds and Nuveen branded open-end funds ("Nuveen Mutual

Funds"). Except as described below, eligible assets include the assets of all Nuveen-branded closed-end funds and Nuveen Mutual Funds organized in the United States. Eligible assets do

not include the net assets of: Nuveen fund-of-funds, Nuveen money market funds, Nuveen index funds, Nuveen Large Cap Responsible Equity Fund or Nuveen Life Large Cap Responsible

Equity Fund. In addition, eligible assets include a fixed percentage of the aggregate net assets of the active equity and fixed income Nuveen Mutual Funds advised by the Adviser's affiliate,

Teachers Advisors, LLC (except those identified above). The fixed percentage will increase annually until May 1, 2033, at which time eligible assets will include all of the aggregate net assets

of the active equity and fixed income Nuveen Mutual Funds advised by Teachers Advisors, LLC (except those identified above). Eligible assets include closed-end fund assets managed by

the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes the closed-end 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 eligible assets in

certain circumstances.

As of the end of the reporting period, the complex-level fee rate for the Fund was as follows:

9. Fund Leverage

Reverse Repurchase Agreements:

During the current fiscal period, the Fund utilized 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

Fund

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital Gains

Unrealized

Appreciation

(Depreciation)

Capital Loss

Carryforwards

Late-Year Loss

Deferrals

Other

Book-to-Tax

Differences

Total

JMM

$

—

$

—

$

(4,049,070)

$

(13,888,003)

$

—

$

(274,408)

$

(18,211,481)

Fund

Short-Term

Long-Term

Total

JMM

$

1,614,905

$

12,273,098

$

13,888,003

JMM

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 Complex-Level Asset Breakpoint Level\*

Complex-Level Fee

For the first $124.3 billion

0.1600 %

For the next $75.7 billion

0.1350 For the next $200 billion

0.1325 For eligible assets over $400 billion

0.1300 Fund

Complex-Level Fee

JMM

0.1560 %

(continued)

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" on the Statement of Operations.

In a reverse repurchase agreement, the Fund retains the risk of loss associated with the sold security. 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.

As of the end of the current fiscal period, the Fund's outstanding balances on its reverse repurchase agreements were as follows:

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:

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

repurchase agreements.

10. Borrowing Arrangements

Inter-Fund Lending Program:

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.

Fund

Counterparty

Rate

Principal

Amount

Maturity

Value

Value and Accrued

Interest

JMM

BNP Paribas SA

4.18%

$

(9,961,671)

1/30/26

$

(9,961,671)

$

(10,034,072)

JMM

Goldman Sachs Group Inc/The

4.23%

(3,318,000)

1/29/26

(3,318,000)

(3,342,951)

JMM

RBC USA Holdco Corp

4.70%

(5,012,000)

1/12/26

(5,012,000)

(5,026,381)

JMM

TD Securities (USA), LLC

4.53%

(7,444,600)

1/15/26

(7,444,600)

(7,513,477)

Total

$(25,736,271)

$(25,736,271)

$(25,916,881)

Fund

Utilization

Period (Days

Outstanding)

Average

Daily Balance

Outstanding

Average Annual

Interest Rate

JMM

$

(25,703,347)

4.67 %

Fund

Counterparty

Reverse

Repurchase

Agreements\*

Collateral

Pledged to

Counterparty

JMM

BNP Paribas

$

(10,034,072)

$

10,753,411

JMM

Goldman Sachs

(3,342,951)

3,418,796

JMM

RBC USA Holdco Corp

(5,026,381)

6,497,067

JMM

TD Securities (USA), LLC

(7,513,477)

9,589,498

Total

$(25,916,881)

$30,258,772

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

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 fiscal period, the Fund did not enter into any inter-fund loan activity.

Additional Fund Information

(Unaudited)

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 the 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 the 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.

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 FINRA BrokerCheck is available to the public by calling the FINRA BrokerCheck Hotline

number at (800) 289-9999 or by visiting www.FINRA.org.

Board of Trustees

Joseph A. Boateng\*

Michael A. Forrester\*

Thomas J. Kenny

Amy B.R. Lancellotta

Joanne T. Medero

Albin F. Moschner

John K. Nelson

Loren M. Starr\*

Matthew Thornton III

Terence J. Toth

Margaret L. Wolff

Robert L. Young

\*Serves as a consultant.

Investment Adviser

Nuveen Fund Advisors, LLC

333 West Wacker Drive

Chicago, IL 60606

Custodian

State Street Bank

& Trust Company

One Congress Street

Suite 1

Boston, MA 02114-2016

Legal Counsel

Chapman and Cutler

LLP

Chicago, IL 60606

Independent Registered

Public Accounting Firm

PricewaterhouseCoopers

LLP

One North Wacker Drive

Chicago, IL 60606

Transfer Agent and

Shareholder Services

Computershare Trust Company,

N.A.

150 Royall Street

Canton, MA 02021

(800) 257-8787

JMM

Common shares repurchased

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 offer 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.

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

leverage) and the leverage effects of certain derivative investments in a fund's portfolio. Currently, the leverage effects of Tender

Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage.

Leverage:

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

of the investment capital.

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 a fund. Both of these are part

of a fund's capital structure. Regulatory leverage is subject to asset coverage limits set in the Investment Company Act of 1940.

Nuveen Securities, LLC, member FINRA and SIPC

333 West Wacker Drive

Chicago, IL 60606

www.nuveen.com

ESA-A-1225P 5093109

Nuveen:

Serving Investors for Generations

Since 1898, financial advisors and their clients have relied on Nuveen to provide dependable

investment solutions through continued adherence to proven, long-term investing principles. Today,

we offer a range of high quality solutions designed to be integral components of a well-diversified core

portfolio.

Focused on meeting investor needs.

Nuveen is the investment manager of TIAA. We have grown into one of the world's premier global

asset managers, with specialist knowledge across all major asset classes and particular strength

in solutions that provide income for investors and that draw on our expertise in alternatives and

responsible investing. Nuveen is driven not only by the independent investment processes across

the firm, but also the insights, risk management, analytics and other tools and resources that a truly

world-class platform provides. As a global asset manager, our mission is to work in partnership with

our clients to create solutions which help them secure their financial future.

Find out how we can help you.

To learn more about how the products and services of Nuveen may be able to help you meet your

financial goals, talk to your financial advisor, 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

NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE

------

**Item 2.** **Code of Ethics.** <br>

Not applicable to this filing.

------

**Item 3.** **Audit Committee Financial Expert.** <br>

Not applicable to this filing.

------

**Item 4.** **Principal Accountant Fees and Services.** <br>

Not applicable to this filing.

------

**Item 5.** **Audit Committee of Listed Registrants.** <br>

Not applicable to this filing.

------

**Item 6.** **Investments.** <br>

(a) Schedule of Investments is included as part of the Portfolio of Investments filed under Item 1 of this Form N-CSR.

(b) Not applicable.

------

**Item 7.** **Financial Statements and Financial Highlights for Open-End Management Investment Companies.** <br>

Not applicable to closed-end investment companies.

------

**Item 8.** **Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** <br>

Not applicable to closed-end investment companies.

------

**Item 9.** **Proxy Disclosures for Open-End Management Investment Companies.** <br>

Not applicable to closed-end investment companies.

------

**Item 10.** **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** <br>

Not applicable to closed-end investment companies.

------

**Item 11.** **Statement Regarding Basis for Approval of Investment Advisory Contract.** <br>

Not applicable.

------

**Item 12.** **Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** <br>

Not applicable to this filing.

------

**Item 13.** **Portfolio Managers of Closed-End Management Investment Companies.** <br>

Not applicable to this filing.

------

**Item 14.** **Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** <br>

Not applicable.

------

**Item 15.** **Submission of Matters to a Vote of Security Holders.** <br>

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 16.** **Controls and Procedures.** <br>

(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 17.** **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** <br>

Not applicable.

------

**Item 18.** **Recovery of Erroneously Awarded Compensation.** <br>

(a) Not applicable.

(b) Not applicable.

------

**Item 19.** **Exhibits.** <br>

---

| | |
|:---|:---|
| (a)(1) | Not applicable to this filing. |
| (a)(2) | Not applicable to this filing. |
| (a)(3) | [Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](d60529dex99cert.htm) |
| (a)(4) | Not applicable. |
| (a)(5) | Not applicable. |
| (b) | [Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002 is attached hereto.](d60529dex99906cert.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.

<u>Nuveen Multi-Market Income Fund</u> 

---

| | | |
|:---|:---|:---|
| Date: March 6, 2026 | By: | <u>/s/ David J. Lamb</u> |
|  |  | David J. Lamb |
|  |  | Chief Administrative Officer |

---

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.

---

| | | |
|:---|:---|:---|
| Date: March 6, 2026 | By: | <u>/s/ David J. Lamb</u> |
|  |  | David J. Lamb |
|  |  | Chief Administrative Officer |
|  |  | (principal executive officer) |
| Date: March 6, 2026 | By: | <u>/s/ Marc Cardella</u> |
|  |  | Marc Cardella |
|  |  | Vice President and Controller |
|  |  | (principal financial officer) |

---

## Ex-99.Cert

**Exhibit 19(a)(3)** 

**<u>CERTIFICATION</u>**

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(s) 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;&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;&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;&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;&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(s) 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;&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;&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 6, 2026 | By: | <u>/s/ David J. Lamb</u> |
|  |  | David J. Lamb |
|  |  | Chief Administrative Officer |
|  |  | (principal executive officer) |

---

------

**<u>CERTIFICATION</u>**

I, Marc Cardella, 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(s) 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;&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;&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;&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;&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(s) 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;&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;&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 6, 2026 | By: | <u>/s/ Marc Cardella</u> |
|  |  | Marc Cardella |
|  |  | Vice President and Controller |
|  |  | (principal financial officer) |

---

## Exhibit 99.906

**Exhibit 19(b)** 

**<u>CERTIFICATION</u>**

**Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002** 

**(Subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code)** 

In connection with the semi-annual report of the Nuveen Multi-Market Income Fund (the "Fund") on Form N-CSR for the period ended December 31, 2025, as filed with the Securities and Exchange Commission (the "Report"), the undersigned officers of the Fund certify that, to the best of each such officer's knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. 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;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and
results of operations of the Fund.

---

| | | |
|:---|:---|:---|
|  Date: March 6, 2026 | By: | <u>/s/ David J. Lamb</u>  |
|  |  | David J. Lamb |
|  |  | Chief Administrative Officer |
|  |  | (principal executive officer) |
|  Date: March 6, 2026 | By: | <u>/s/ Marc Cardella</u>  |
|  |  | Marc Cardella |
|  |  | Vice President and Controller |
|  |  | (principal financial officer) |

---