N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-05642

Nuveen Multi-Market Income Fund

(Exact name of registrant as specified in charter)

Nuveen Investments

333 West Wacker Drive, Chicago, IL 60606

(Address of principal executive offices)  (Zip code)

Gifford R. Zimmerman

Nuveen Investments

333 West Wacker Drive, Chicago, IL 60606

(Name and address of agent for service)

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

Date of fiscal year end:   June 30                       

Date of reporting period:   December 31, 2019                    

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

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

ITEM 1. REPORTS TO STOCKHOLDERS.

Closed-End Funds

31 December 2019

Nuveen Closed-End Funds

JMM Nuveen Multi-Market Income Fund

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website (www.nuveen.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you have already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically anytime by contacting the financial intermediary (such as a broker-dealer or bank) through which you hold your Fund shares or, if you are a direct investor, by enrolling at www.nuveen.com/e-reports.

You may elect to receive all future shareholder reports in paper free of charge at any time by contacting your financial intermediary or, if you are a direct investor, (i) by calling 800-257-8787 and selecting option #2 or (ii) by logging into your Investor Center account at www.computershare.com/investor and clicking on “Communication Preferences.” Your election to receive reports in paper will apply to all funds held in your account with your financial intermediary or, if you are a direct investor, to all your directly held Nuveen Funds and any other directly held funds within the same group of related investment companies.

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NOT FDIC INSURED  MAY LOSE VALUE  NO BANK GUARANTEE

Table of Contents

Chair’s Letter to Shareholders	4
Portfolio Managers’ Comments	5
Fund Leverage	8
Common Share Information	9
Risk Considerations and Investment Policy Updates	11
Performance Overview and Holding Summaries	12
Portfolio of Investments	14
Statement of Assets and Liabilities	23
Statement of Operations	24
Statement of Changes in Net Assets	25
Statement of Cash Flows	26
Financial Highlights	28
Notes to Financial Statements	30
Additional Fund Information	39
Glossary of Terms Used in this Report	40
Reinvest Automatically, Easily and Conveniently	42

3

Chair’s Letter to Shareholders

Dear Shareholders,

Financial markets finished 2019 on a high note, despite the challenges of a weak start to the year, a slower global economy and heightened geopolitical risks. While global manufacturing languished, consumers remained resilient amid tight labor markets, growing wages and tame inflation. Global business sentiment, however, was less optimistic due to trade frictions and weaker global demand. Across advanced economies growth in corporate profits and earnings was subdued in 2019. Nevertheless, the Federal Reserve’s (Fed) pivot to easing monetary conditions, along with liquidity provided by other central banks around the world, provided confidence that the economic cycle could be extended. Additionally, the year ended with a reduction in trade tensions and Brexit uncertainty, although the next phase of U.S.-China trade negotiations are expected to be more challenging and the U.K. has a relatively short transition window in which to redefine its relationship with the European Union.

We continue to anticipate muted economic growth and increased market volatility this year. The U.S. economy held steady in the second half of 2019, although growth for the year overall moderated from 2018’s pace. Consumer confidence remains underpinned by low unemployment and modest wage growth. Looser financial conditions, in part driven by the Fed’s three interest rate cuts in 2019, have revived momentum in the housing market and should continue to encourage borrowing by consumers and businesses. Although consumer spending in Europe and Japan, like in the U.S., has remained supported by jobs growth and rising wages, economic growth there appears more fragile. The COVID-19 coronavirus outbreak poses a new downside risk to the global economy, as disruptions to both demand and production ripple through global supply chains. We are closely monitoring the situation.

At Nuveen, we still see investment opportunities in the maturing economic environment, but we are taking a selective approach. If you’re concerned about where the markets are headed from here, we encourage you to work with your financial advisor to review your time horizon, risk tolerance and investment goals. On behalf of the other members of the Nuveen Fund Board, we look forward to continuing to earn your trust in the months and years ahead.

Sincerely,

Terence J. Toth

Chair of the Board

February 21, 2020

4

Portfolio Managers’

Comments

Nuveen Multi-Market Income Fund (JMM)

Nuveen Multi-Market Income Fund (JMM) features portfolio management by Nuveen Asset Management, LLC (“NAM” or the “Sub-Adviser”), an affiliate of Nuveen Fund Advisers, LLC, the Fund’s investment adviser. Throughout the reporting period, the portfolio management team has included Jason J. O’Brien, CFA, and Peter L. Agrimson, CFA.

Here the Funds’ portfolio management team discusses key investment strategies and the Fund’s performance for the six-month reporting period December 31, 2019.

What key strategies were used to manage the Fund during this six-month reporting period ended December 31, 2019?

The Fund’s investment objective is to achieve high monthly income consistent with prudent risk to capital. The management team invests the Fund’s assets primarily in debt securities, including, but not limited to, U.S. agency and privately issued mortgage-backed securities, corporate debt securities, and asset-backed securities. At least 65% of the Fund’s total assets must be invested in securities that, at the time of purchase, are rated investment grade or of comparable quality. The Fund may utilize derivatives. The Fund uses leverage.

How did the Fund perform during this six-month reporting period ended December 31, 2019?

The table in the Performance Overview and Holding Summaries section of this report provides total return performance for the Fund for the six-month, one-year, five-year and ten-year periods ended December 31, 2019. The Fund’s total return at net asset value (NAV) is compared with the performance of a corresponding market index. For the six-month reporting period ended December 31, 2019, JMM outperformed the Bloomberg Barclays U.S. Government/Mortgage Bond Index and slightly underperformed its blended benchmark, which is composed of 75% Bloomberg Barclays U.S. Government/Mortgage Index and 25% Bloomberg Barclays U.S. Corporate High-Yield Index.

The U.S. economy continued to grow at a modest pace during the reporting period, reflecting continued trade friction and global growth concerns. Consumer spending supported growth, while business spending remained disappointing and manufacturing contracted starting in September 2019. Weak global growth prompted central banks around the world to make a synchronized pivot to monetary stimulus. The Federal Reserve (Fed) cut rates three times during the reporting period in response to the global economic downshift along with trade related uncertainties in a benign inflation environment. Although businesses remained cautious, global growth stabilized as trade tensions eased, Brexit risk declined and China’s manufacturing sector improved. Financial markets responded positively with credit spreads

This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy, sell or hold a security or an investment strategy and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on an investor’s objectives and circumstances and in consultation with his or her advisors.

Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio managers as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Fund disclaims any obligation to update publicly or revise any forward-looking statements or views expressed herein.

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

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

5

Portfolio Managers’ Comments (continued)

tightening, equity markets rallying and volatility declining. At their final 2019 meeting in December, Fed policymakers held rates steady while also signaling that they expect to leave rates unchanged in 2020.

During the reporting period, Treasury yields fell, but more so at the front end of the yield curve driven by the Fed rate cuts. Three-month T-bills ended the reporting period 57 basis points lower at 1.55%, while the yield on the 10-year Treasury fell by only 8 basis points to end at 1.92%. As a result, the Treasury yield curve re-steepened following the year’s earlier inversion, which happens when short-term interest rates are higher than longer terms rates. The three-month to 10-year Treasury spread turned positive for the first time since May 2019. Globally, yields also fell and at one point during the reporting period, more than $14 trillion worth of global bonds were trading with negative yields.

Investment grade credit spreads ended the year at year-to-date tights as macroeconomic tail risks receded throughout the reporting period. Progress toward U.S.-China and the U.S.-Mexico-Canada (USMCA) trade agreements helped to fuel the rally in risk assets. Geopolitical risks were further alleviated as the prospect of a “hard Brexit” was reduced with the decisive Conservative Party victory in the U.K. election in December. Also as noted, the Fed signaled the continuation of its accommodative monetary policy in 2020. As a result, investment grade credit significantly outperformed Treasuries during the reporting period and generated its best annual total return in a decade.

In the mortgage-backed securities (MBS) market, prepayment levels increased at the beginning of the reporting period after rates rallied and the yield curve flattened. Non-agency MBS, especially securities backed by non-qualified mortgage loans, exhibited substantially higher prepayments than many investors anticipated and therefore offered little value compared to agency MBS. However, prepayment rates declined more than expected into the end of reporting period as the mini refinance wave appeared to be over. The mortgage market outperformed Treasuries, but lagged well behind investment grade corporates despite a steeper yield curve as the reporting period progressed.

Securitized sectors displayed lower volatility with modest outperformance from commercial mortgage-backed securities (CMBS) and asset-backed securities (ABS) versus Treasuries. Both high quality and credit spread product benefited from tighter spreads by the end of the year. The CMBS asset class benefited because it is a longer duration sector, which helped due to the market’s demand as rates fell. Light new supply also provided a moderate tailwind for the CMBS sector. Additionally, the economic environment continued to support consumer credit. An overwhelming majority of consumer oriented ABS assets performed well. The broader ABS market, which includes securitized corporate credit and a wide range of collateral types, also exhibited solid returns. However, we did see some pockets of deterioration especially in collateralized loan obligations (CLOs), which are collateralized by high yield leveraged loans.

The high yield market continued to be supported by dovish central banks and stable credit fundamentals, which kept recession at bay, while capital from around the globe continued to flow into the asset class in the hunt for yield. Although earnings momentum moderated in the fourth quarter, the supportive macro backdrop and more favorable business sentiment going into 2020 collapsed market volatility, providing a strong tailwind for valuations in the high yield market. Spreads tightened throughout the reporting period. The spread of the Bloomberg Barclays U.S. High Yield Index decreased 41 basis points over the reporting period to end at 336 basis points over Treasuries, taking the yield on the index from 5.87% to 5.19%. Although risk appetite did pick up later in the reporting period, the higher quality areas of the high yield market still significantly outperformed lower quality bonds for the reporting period as a whole.

The most significant driver of the Fund’s outperformance relative to its Bloomberg Barclays U.S. Government/Mortgage Bond benchmark was its sector allocations, particularly in securitized areas. We continued to position the Fund with an underweight to Treasury securities and broad overweights to securitized segments including CMBS, ABS and non-agency MBS. In particular, our focus on below AAA securities across all securitized sectors was a strong driver of positive returns as the lower rated investment grade segments of these markets outperformed the highest rated securities. Investors continued to favor these securities in their ongoing quest for higher quality yield.

6

In addition, security selection within high yield contributed modestly to performance, particularly an overweight to the single B rating category. As noted above, the single B segment of high yield significantly outperformed CCC rated securities during the reporting period. Also, security selection within the financial sector aided performance.

The Fund’s underperformance relative to its blended benchmark was in part due to our use of hedging to buffer future liabilities against higher interest rates because rates rallied into the end of the reporting period, falling across the Treasury yield curve. We had not anticipated three Fed rate cuts and a generally lower interest rate environment as we entered the reporting period.

Likewise, our yield curve positioning also modestly detracted from performance. We structured the Fund’s portfolio with an overweighting in three- and five-year maturities, while underweighting the front and back ends of the Treasury curve. The Fund’s underweight in the 30-year part of the curve hindered results as long rates fell slightly more than they did in the intermediate section, causing prices to increase more.

Given the strong performance in the high yield sector, our small underweight to the segment had a modest negative impact. We had lowered high yield exposure slightly during the reporting period as spreads tightened and valuations appeared rich. Within high yield, the Fund’s underweights to the BB rating category and the utilities sector also hindered performance.

We continued to manage the Fund with many of the same overarching investment themes. We focused on generating income through broad exposure to the securitized and corporate sectors of the bond market, with an emphasis on bottom-up security selection. From a positioning standpoint, we maintained the Fund’s overweights to CMBS, non-agency MBS and ABS. However, given elevated valuations in credit, we rotated out of some of the Fund’s positions in the high yield segment as securities reached spread targets. We reallocated into the CMBS and non-agency ABS sectors. At the end of the reporting period, the Fund was positioned with a small underweight in high yield credit and modest exposure to investment grade credit. We continued to position the Fund with a fairly significant underweight in Treasuries, given our relatively constructive economic view and the unattractive duration and yield profile of the sector.

At the end of the reporting period, the Fund’s duration remained modestly longer than the benchmark as a result of finding better relative value in bonds that have modestly longer durations. In terms of yield curve positioning, we maintained the Fund’s modest overweight to the three-year and five-year segments of the yield curve, while underweighting the shortest and longest ends. That said, our focus continues to be on credit selection and sector positioning as the most significant drivers of the Fund’s performance.

We used U.S. Treasury futures as part of an overall portfolio construction strategy to manage portfolio duration and yield curve exposure. These future positions had a negative impact on performance during the reporting period. The Fund also used interest rate swaps as part of an overall portfolio construction strategy to manage duration and overall portfolio yield curve exposure. The swap positions had a negative impact on performance during the reporting period.

The Fund may also purchase securities on a when-issued or forward commitment basis. Delivery and payment for securities that have been purchased in this manner can take place a month or more after the transaction date. Such securities do not earn interest, are subject to market fluctuation and may increase or decrease in value prior to their delivery. The purchase of securities on a when-issued or forward commitment basis may increase the volatility of the Fund’s net asset value if the Fund makes such purchases while remaining substantially fully invested.

7

Fund

Leverage

IMPACT OF THE FUND’S LEVERAGE STRATEGY ON PERFORMANCE

One important factor impacting the returns of the Fund’s common shares relative to its comparative benchmarks was the Fund’s use of leverage through reverse repurchase agreements and mortgage dollar rolls. The Fund uses leverage because our research has shown that, over time, leveraging provides opportunities for additional income. The opportunity arises when short-term rates that the Fund pays on its leveraging instruments are lower than the interest the Fund earns on its portfolio securities that it has bought with the proceeds of that leverage. This has been particularly true in the recent market environment where short-term rates have been low by historical standards.

However, use of leverage can expose Fund common shares to additional price volatility. When the Fund uses leverage, the Fund’s common shares will experience a greater increase in their net asset value if the securities acquired through the use of leverage increase in value, but will also experience a correspondingly larger decline in their net asset value if the securities acquired through leverage decline in value, which will make the shares’ net asset value more volatile, and total return performance more variable, over time.

In addition, common share income in levered funds will typically decrease in comparison to unlevered funds when short-term interest rates increase and increase when short-term interest rates decrease. In recent quarters, fund leverage expenses have generally tracked the overall movement of short-term tax-exempt interest rates. While fund leverage expenses are somewhat higher than their all-time lows after the 2007-2009 financial crisis, which has contributed to a reduction in common share net income and long-term total return potential, leverage nevertheless continues to provide the opportunity for incremental common share income. Management believes that the potential benefits from leverage continue to outweigh the associated increase in risk and volatility previously described. The Fund’s use of leverage had a positive impact on performance during this reporting period.

As of December 31, 2019, the Fund’s percentages of leverage are shown in the accompanying table.

	JMM
Effective Leverage*		30.58	%
Regulatory Leverage*		0.00	%

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

THE FUND’S LEVERAGE

Reverse Repurchase Agreements

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

Current Reporting Period										Subsequent to the Close of the Reporting Period
January 1, 2019		Sales		Purchases		December 31, 2019		Average Balance Outstanding		Sales		Purchases		February 27, 2020
	$21,393,000		$95,680,000		$(107,657,768)		$33,370,768		$26,007,662		$66,971,000		$(100,341,768)		$—

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

8

Common Share

Information

COMMON SHARE DISTRIBUTION INFORMATION

The following information regarding the Fund’s distributions is current as of December 31, 2019. The Fund’s distribution levels may vary over time based on the Fund’s investment activity and portfolio investment value changes.

During the current reporting period, the Fund’s distributions to common shareholders were as shown in the accompanying table.

Monthly Distributions (Ex-Dividend Date)	Per Common Share Amounts
July 2019	$	0.0300
August		0.0300
September		0.0300
October		0.0300
November		0.0300
December 2019	$	0.0300
Total Distributions from Net Investment Income	$	0.1800

Current Distribution Rate* 4.86 % 

* Current distribution rate is based on the Fund’s current annualized monthly distribution divided by the Fund’s current market price. The Fund’s monthly distributions to its shareholders may be comprised of ordinary income, net realized capital gains and, if at the end of the fiscal year the Fund’s cumulative net ordinary income and net realized gains are less than the amount of the Fund’s distributions, a return of capital for tax purposes.

The Fund seeks to pay regular monthly dividends out of its net investment income at a rate that reflects its past and projected net income performance. To permit the Fund to maintain a more stable monthly dividend, the Fund may pay dividends at a rate that may be more or less than the amount of net income actually earned by the Fund during the period. Distributions to shareholders are determined on a tax basis, which may differ from amounts recorded in the accounting records. In instances where the monthly dividend exceeds the earned net investment income, the Fund would report a negative undistributed net ordinary income. Refer to Note 6 – Income Tax Information for additional information regarding the amounts of undistributed net ordinary income and undistributed net long-term capital gains and the character of the actual distributions paid by the Fund during the period.

All monthly dividends paid by the Fund during the current reporting period were paid from net investment income. If a portion of the Fund’s monthly distributions is sourced from or comprised of elements other than net investment income, including capital gains and/or a return of capital, shareholders will be notified of those sources. For financial reporting purposes, per share amounts of the Fund’s distributions for the reporting period are presented in this report’s Financial Highlights. For income tax purposes, distribution information for the Fund as of its most recent tax year end is presented in Note 6 – Income Tax Information within the Notes to Financial Statements of this report.

9

Common Share Information (continued)

CHANGE IN METHOD OF PUBLISHING NUVEEN CLOSED-END FUND DISTRIBUTION AMOUNTS

During November 2019, the Nuveen Closed-End Funds discontinued the practice of announcing Fund distribution amounts and timing via press release. Instead, information about the Nuveen Closed-End Funds’ monthly and quarterly periodic distributions to shareholders are posted and can be found on Nuveen’s enhanced closed-end fund resource page, which is at www.nuveen.com/closed-end-fund-distributions, along with other Nuveen closed-end fund product updates. Shareholders can expect regular distribution information to be posted on www.nuveen.com on the first business day of each month. To ensure that our shareholders have timely access to the latest information, a subscribe function can be activated at this link here, or at this web page (www.nuveen.com/en-us/people/about-nuveen/for-the-media).

COMMON SHARE REPURCHASES

During August 2019, the Fund’s Board of Trustees reauthorized an open-market common share repurchase program, allowing the Fund to repurchase an aggregate of up to approximately 10% of its outstanding common shares.

As of December 31, 2019, and since the inception of the Fund’s repurchase program, the Fund has cumulatively repurchased and retired its outstanding common shares as shown in the accompanying table.

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

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

OTHER SHARE INFORMATION

As of December 31, 2019, and during the current reporting period, the Fund’s common share price was trading at premium/(discount) to its NAV as shown in the accompanying table.

Common share NAV	$	8.01
Common share price	$	7.40
Premium/(Discount) to NAV		(7.62	)%
6-month average premium/(discount) to NAV		(8.46	)%

10

Risk Considerations and

Investment Policy Updates

Risk Considerations

Fund shares are not guaranteed or endorsed by any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation.

Nuveen Multi-Market Income Fund (JMM)

Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Investing in mortgage-backed securities entails credit risk, the risk that the servicer fails to perform its duties, liquidity risks, interest rate risks, structure risks, pre-payment risk, and geographical concentration risks. Leverage increases return volatility and magnifies the Fund’s potential return and its risks; there is no guarantee a fund’s leverage strategy will be successful. These and other risk considerations including hedging risk are described in more detail on the Fund’s web page at www.nuveen.com/JMM.

Investment Policy Updates

Change in Investment Policy

The Fund has recently adopted the following policy regarding limits to investments in illiquid securities:

While there are no such limits imposed by applicable regulations, certain Nuveen Closed-End Funds formerly had investment policies that placed limits on the Fund’s ability to invest in illiquid securities. All exchange-listed Nuveen Closed-End Funds now have no formal limit on their ability to invest in such illiquid securities, but the Fund’s portfolio management team will monitor such investments in the regular, overall management of the Fund’s portfolio securities.

11

JMM Nuveen Multi-Market Income Fund Performance Overview and Holding Summaries as of December 31, 2019

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

Average Annual Total Returns as of December 31, 2019

	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
JMM at Common Share NAV		2.27%		7.70%		3.98%		6.54%
JMM at Common Share Price		3.45%		13.53%		5.09%		6.66%
Bloomberg Barclays U.S. Government/Mortgage Bond Index		1.79%		6.63%		2.45%		3.07%
Blended Benchmark		2.35%		8.53%		3.38%		4.20%

Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.

Common Share Price Performance — Weekly Closing Price

12

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

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

Fund Allocation

(% of net assets)

Asset-Backed and Mortgage-Backed Securities	115.3%
Corporate Bonds	23.0%
Sovereign Debt	1.5%
Contingent Capital Securities	0.9%
Municipal Bonds	0.7%
$1,000 Par (or similar) Institutional Preferred	0.3%
Repurchase Agreements	0.4%
Other Assets Less Liabilities	1.9%
Net Assets Plus Reverse Repurchase Agreements	144.0%
Reverse Repurchase Agreements	(44.0)%
Net Assets	100%

Portfolio Composition

(% of total investments)

Asset-Backed and Mortgage-Backed Securities	81.1%
Oil, Gas & Consumable Fuels	1.4%
Chemicals	1.3%
Commercial Services & Supplies	1.3%
Diversified Telecommunication Services	1.2%
Media	1.2%
Other	12.2%
Repurchase Agreements	0.3%
Total	100%

Portfolio Credit Quality

(% of total long-term
investments)

AAA	3.0%
AA	4.0%
A	7.5%
BBB	22.6%
BB or Lower	21.7%
U.S. Treasury/Agency	33.2%
N/R (not rated)	8.0%
Total	100%

13

JMM	Nuveen Multi-Market Income Fund Portfolio of Investments    December 31, 2019
	(Unaudited)

Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (2)		Value
		LONG-TERM INVESTMENTS – 141.7% (99.7% of Total Investments)
		ASSET-BACKED AND MORTGAGE-BACKED SECURITIES – 115.3% (81.1% of Total Investments)
$	924	321 Henderson Receivables LLC, Series 2012-1A, 144A		7.140%		2/15/67		A2	$	1,113,585
	500	321 Henderson Receivables LLC, Series 2016-1A, 144A		5.190%		6/17/69		Baa2		515,745
	383	321 Henderson Receivables Trust Series 2012-2A, 144A		6.770%		10/17/61		A2		457,054
	244	321 Henderson Receivables VI LLC, Series 2010-1A, 144A		9.310%		7/15/61		Aaa		294,724
	250	ACE Securities Corp Manufactured Housing Trust, Series 2003-MH1, 144A		6.500%		8/15/30		AA		270,636
	500	Adams Outdoor Advertising LP, Series 2018-1 B, 144A		5.653%		11/15/48		BBB		516,389
	1,675	American Homes 4 Rent, Series 2015-SFR2, 144A		0.000%		10/17/52		N/R		17
	175	AMSR 2019-SFR1 Trust, Series 2019-SFR1 D, 144A		3.247%		1/19/39		Baa2		171,752
	520	Applebee’s Funding LLC / IHOP Funding LLC, Series 2019-1A, 144A		4.723%		6/07/49		BBB		533,255
	300	Barclays Commercial Mortgage, Mortgage Pass-Through Certificates, Series 2015-SRCH, 144A		4.957%		8/10/35		BBB–		324,362
	500	Barclays Commercial Mortgage, Mortgage Pass-Through Certificates, Series 2015-STP, 144A		4.284%		9/10/28		BBB–		501,962
	51	Bayview Financial Acquisition Trust Series 2006C		5.852%		11/28/36		Caa3		50,382
	41	Bayview Financial Acquisition Trust, Series 2006-C		5.638%		11/28/36		A+		40,902
	20	Bayview Financial Acquisition Trust, Series 2006-D		5.932%		12/28/36		Aaa		21,250
	11	Bayview Financial Acquisition Trust, Series 2007-A		6.205%		5/28/37		AA+		10,474
	372	Bayview Financial Mortgage Pass-Through Trust, Mortgage Pass-Through Certificate Series 2005-D		5.500%		12/28/35		AA		372,577
	440	BX Commercial Mortgage Trust 2019-XL, 144A, (1-Month LIBOR reference rate + 1.800% spread), (3)		3.540%		10/15/36		N/R		440,414
	109	Chase Funding Mortgage Loan Asset-Backed Certificates, Series 2003-3		5.160%		3/25/33		Ba1		110,353
	500	CHL GMSR Issuer Trust, Series 2018, 144A, (1-Month LIBOR reference rate + 2.750% spread), (3)		4.411%		5/25/23		N/R		501,440
	425	Citigroup Commercial Mortgage Trust 2015-GC29		4.136%		4/10/48		A–		442,233
	600	Citigroup Commercial Mortgage Trust 2016-P5, 144A		3.000%		10/10/49		BBB–		531,400
	450	Citigroup Commercial Mortgage Trust 2018-TBR, 144A, (1-Month LIBOR reference rate + 1.800% spread), (3)		3.540%		12/15/36		BBB–		448,753
	500	Citigroup Commercial Mortgage Trust 2019-PRM, 144A		4.350%		5/10/36		Baa3		519,437
	775	Commercial Mortgage Pass-Through Certificates 2015-CR22		4.125%		3/10/48		A–		809,293
	511	Commercial Mortgage Pass-Through Certificates, Series 2015-CR26		4.484%		10/10/48		A–		539,818
	204	Common bond Student Loan Trust, Series 2017-BGC, 144A		4.440%		9/25/42		Aa3		202,367
	500	Connecticut Avenue Securities Trust 2019-R03, 144A, (1-Month LIBOR reference rate + 2.150% spread), (3)		3.942%		9/25/31		Aaa		503,764
	1,000	Connecticut Avenue Securities Trust 2019-R05, 144A, (1-Month LIBOR reference rate + 2.000% spread), (3)		3.792%		7/25/39		B+		1,005,047
	103	Countrywide Alternative Loan Trust, Mortgage Pass Through Certificates, Series 2003-J3		5.250%		11/25/33		Aaa		104,804
	117	Countrywide Alternative Loan Trust, Mortgage Pass Through Certificates, Series 2004-J2		6.500%		3/25/34		AA+		119,160
	169	Countrywide Asset-Backed Certificates Trust, Series 2004-13		5.103%		5/25/35		Aaa		170,410
	250	CPT Mortgage Trust 2019, 144A		2.997%		11/13/39		N/R		232,772
	146	Credit Suisse CSMC Mortgage-Backed Trust, Pass-Through Certificates, Series 2006-7		6.000%		8/25/36		Caa3		108,888
	434	Credit Suisse First Boston Mortgage Securities Corporation, Mortgage-Backed Pass-Through Certificates, Series 2003-8		6.171%		4/25/33		AAA		438,026
	86	Credit Suisse First Boston Mortgage Securities Corporation, Mortgage-Backed Pass-Through Certificates, Series 2005-11 6A7		6.000%		12/25/35		D		6,362
	333	Credit-Based Asset Servicing and Securitization Pool 2007-SP1, 144A		5.381%		12/25/37		AA		336,735
	250	CSMC 2014-USA OA LLC 2014 E, 144A		4.373%		9/15/37		BB–		234,977
	1,176	DB Master Finance LLC 2017 1-A, 144A		4.030%		11/20/47		BBB		1,203,377
	1,161	Dominos Pizza Master Issuer LLC, Series 2015-1A, 144A		4.474%		10/25/45		BBB+		1,217,576
	123	Domino’s Pizza Master Issuer LLC, Series DPABS 2017-1A A2II, 144A		3.082%		7/25/47		BBB+		122,598
	611	Driven Brands Funding LLC, HONK-2018-1A, 144A		4.739%		4/20/48		BBB–		633,149
	1,464	Driven Brands Funding LLC, HONK-2019-1A, 144A		4.641%		4/20/49		BBB–		1,513,580
	15	Fannie Mae Mortgage Pool FN 596680, (4)		7.000%		9/01/31		N/R		16,475
	15	Fannie Mae Mortgage Pool FN 709700, (4)		5.500%		6/01/33		N/R		16,334

14

Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (2)		Value
		ASSET-BACKED AND MORTGAGE-BACKED SECURITIES (continued)
$	5	Fannie Mae Mortgage Pool FN 745279, (4)		5.000%		2/01/21		N/R	$	4,679
	84	Fannie Mae Mortgage Pool FN 745324, (4)		6.000%		3/01/34		Aaa		92,077
	44	Fannie Mae Mortgage Pool FN 763687, (4)		6.000%		1/01/34		N/R		48,442
	70	Fannie Mae Mortgage Pool FN 766070, (4)		5.500%		2/01/34		N/R		77,858
	31	Fannie Mae Mortgage Pool FN 828346, (4)		5.000%		7/01/35		N/R		34,176
	15	Fannie Mae Mortgage Pool FN 878059, (4)		5.500%		3/01/36		N/R		17,113
	13	Fannie Mae Mortgage Pool FN 882685, (4)		6.000%		6/01/36		N/R		14,334
	53	Fannie Mae Mortgage Pool FN 995018, (4)		5.500%		6/01/38		N/R		59,284
	1,147	Fannie Mae Mortgage Pool FN AW4182, (4)		3.500%		2/01/44		N/R		1,203,402
	121	Fannie Mae Mortgage Pool FN BH4019, (4)		4.000%		9/01/47		N/R		126,683
	1,099	Fannie Mae Mortgage Pool FN BM5024, (4)		3.000%		11/01/48		Aaa		1,119,311
	441	Fannie Mae Mortgage Pool FN BM5839, (4)		3.500%		11/01/47		Aaa		467,596
	541	Fannie Mae Mortgage Pool FN BM6038, (4)		4.000%		1/01/45		Aaa		575,576
	2,543	Fannie Mae Mortgage Pool FN MA3305, (4)		3.500%		3/01/48		N/R		2,639,942
	778	Fannie Mae Mortgage Pool FN MA3333, (4)		4.000%		4/01/48		Aaa		815,715
	2,116	Fannie Mae Mortgage Pool FN MA3444, (4)		4.500%		8/01/48		Aaa		2,233,097
	1,496	Fannie Mae Mortgage Pool FN MA3871, (4)		3.000%		12/01/49		N/R		1,516,571
	6,177	Fannie Mae Mortgage Pool FN MA3872, (4)		3.500%		12/01/49		N/R		6,362,112
	3,487	Fannie Mae Mortgage Pool FN MA3873, (4)		4.000%		12/01/49		N/R		3,634,027
	82	Fannie Mae REMIC, Series 2002-W1		5.638%		2/25/42		Aaa		88,722
	412	Fannie Mae REMIC, Series 2003-W1		3.384%		12/25/42		AAA		145,022
	266	Fannie Mae REMIC, Series 2018-81		3.000%		11/25/48		Aaa		37,202
	500	Finance of America Structured Securities Trust 2018-HB1, 144A		4.392%		9/25/28		A2		500,133
	1,272	Focus Brands Funding LLC, Series 2017-1A, 144A		5.093%		4/30/47		BBB		1,336,948
	300	Four Seas LP, Series 2017-1A, 144A		4.950%		8/28/27		N/R		299,233
	18	Freddie Mac Gold Pool C00676, (4)		6.500%		11/01/28		N/R		20,022
	2,567	Freddie Mac Gold Pool G08528, (4)		3.000%		4/01/43		Aaa		2,644,066
	1,026	Freddie Mac Gold Pool G08566, (4)		3.500%		1/01/44		N/R		1,078,254
	980	Freddie Mac Gold Pool G08572, (4)		3.500%		2/01/44		Aaa		1,029,744
	2,148	Freddie Mac Gold Pool G08747, (4)		3.000%		2/01/47		Aaa		2,199,709
	1,319	Freddie Mac Gold Pool G18497, (4)		3.000%		1/01/29		N/R		1,358,631
	1,449	Freddie Mac Gold Pool G60138, (4)		3.500%		8/01/45		Aaa		1,545,534
	1,617	Freddie Mac Gold Pool Q40718, (4)		3.500%		5/01/46		N/R		1,683,325
	2,321	Freddie Mac Gold Pool Q40841, (4)		3.000%		6/01/46		N/R		2,377,033
	500	Freddie Mac MultiFamily Mortgage Trust, Structured Pass Through Certificates, Series 2017-K724, 144A		3.485%		11/25/23		BBB–		505,133
	1,000	Freddie Mac Structured Agency Credit Risk Debt Notes, Series STARC 2019-HQA1, 144A, (1-Month LIBOR reference rate + 2.350% spread), (3)		4.142%		2/25/49		B+		1,010,252
	500	GMAT Trust Mortgage Pool 2013-1A, 144A		5.000%		11/25/43		N/R		292,794
	78	Goldman Sachs Mortgage Securities Corporation, GSMPS Mortgage Pass Through Certificates, Series 2001-2, 144A		7.500%		6/19/32		D		76,713
	456	Goldman Sachs Mortgage Securities Corporation, GSMPS Mortgage Pass Through Certificates, Series 2003-3, 144A		7.000%		6/25/43		BBB		510,931
	35	Goldman Sachs Mortgage Securities Corporation, Mortgage Pass-Through Certificates, Series 2003-10 1A1		4.651%		10/25/33		A		35,956
	403	Goldman Sachs Mortgage Securities Corporation, Mortgage Pass-Through Certificates, Series 2005-RP1, 144A		8.500%		1/25/35		B2		458,462
	563	Goldman Sachs Mortgage Securities Corporation, Mortgage Pass-Through Certificates, Series 2005-RP2 1A2, 144A		7.500%		3/25/35		AAA		611,972
	556	Goldman Sachs Mortgage Securities Corporation, Mortgage Pass-Through Certificates, Series 2005-RP3 1A2, 144A		7.500%		9/25/35		AAA		585,540
	355	Goldman Sachs Mortgage Securities Corporation, Mortgage Pass-Through Certificates, Series 2005-RP3 1A3, 144A		8.000%		9/25/35		B3		385,612
	500	Goldman Sachs Mortgage Securities Trust, Mortgage Pass Through Certificates, Series 2013-GC16, 144A		5.311%		11/10/46		Baa2		536,819
	550	Goldman Sachs Mortgage Securities Trust, Mortgage Pass Through Certificates, Series 2015-GC30		4.052%		5/10/50		N/R		567,362
	500	Goldman Sachs Mortgage Securities Trust, Mortgage Pass Through Certificates, Series 2015-GC32		3.345%		7/10/48		BBB–		471,684
	175	Government National Mortgage Association Pool 604567, (4)		5.500%		8/15/33		N/R		196,537
	92	Government National Mortgage Association Pool 631574, (4)		6.000%		7/15/34		N/R		104,205
	250	Horizon Aircraft Finance III Ltd, Series 2019-2B, 144A		4.458%		11/15/39		BBB		248,565
	245	Impac Secured Assets Corporation, Mortgage Pass-Through Certificates, Series 2000-3		8.000%		10/25/30		CCC		247,150

15

JMM	Nuveen Multi-Market Income Fund (continued)
	Portfolio of Investments    December 31, 2019
	(Unaudited)

Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (2)		Value
		ASSET-BACKED AND MORTGAGE-BACKED SECURITIES (continued)
$	500	JPMDB Commercial Mortgage Securities Trust, Series 2017-C7, 144A		3.000%		10/15/50		BBB–	$	443,493
	275	JPMorgan Alternative Loan Trust 2006-S1, Mortgage Pass-Through Certificates		6.500%		3/25/36		D		225,560
	500	JPMorgan Chase Commercial Mortgage Securities Corporation, Series 2016-JP4, 144A		3.439%		12/15/49		BBB–		453,805
	500	JPMorgan Chase Commercial Mortgage Securities Trust 2018-BCON, 144A		3.756%		1/05/31		BBB–		508,248
	315	Master Performing Loan Trust 2005-1, 144A		7.500%		8/25/34		D		319,718
	824	Mid-State Capital Corporation Trust Notes, Series 2004-1 A		6.005%		8/15/37		AA+		878,537
	723	Mid-State Capital Corporation Trust Notes, Series 2005-1		5.745%		1/15/40		AA		776,819
	56	Mid-State Trust 2004-A		8.900%		8/15/37		A1		62,815
	408	Mid-State Trust 2010-1, 144A		5.250%		12/15/45		AA		423,817
	350	Mid-State Trust 2010-1, 144A		7.000%		12/15/45		A		368,816
	233	Mid-State Trust XI		5.598%		7/15/38		BBB		248,056
	500	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C28		4.628%		1/15/49		A3		525,350
	80	Morgan Stanley Mortgage Loan Trust, Pass Through Certificates, 2006-2		5.750%		2/25/36		N/R		81,887
	267	Mortgage Asset Securitization Transaction inc., Alternative Loan Trust Mortgage Pass-Through Certificates Series 2004-1		7.000%		1/25/34		Aaa		276,896
	258	Mortgage Asset Securitization Transaction inc., Alternative Loan Trust Mortgage Pass-Through Certificates, 2004-5 6A1		7.000%		6/25/34		AA+		267,419
	215	Mortgage Asset Securitization Transactions inc., Mortgage Pass Through Certificates, Series 2003-11		5.250%		12/25/33		A		217,348
	500	MSCG Trust 2015-ALDR, 144A		3.462%		6/07/35		BBB–		473,303
	1,000	Natixis Commercial Mortgage Securities Trust 2019-MILE, 144A, (1-Month LIBOR reference rate + 2.750% spread), (3)		4.490%		7/15/36		N/R		999,998
	330	New Residential Mortgage LLC, Series 2018-FNT1, 144A		4.690%		5/25/23		N/R		331,719
	342	New Residential Mortgage LLC, Series 2018-FNT2, 144A		4.920%		7/25/54		N/R		344,896
	466	New Residential Mortgage Loan Trust, Series 2014-1A, 144A		6.065%		1/25/54		BBB		496,504
	767	New Residential Mortgage Loan Trust, Series 2015-2A, 144A		5.526%		8/25/55		Baa3		811,383
	298	NRZ Excess Spread-Collateralized Notes Series 2018-PLS1, 144A		4.374%		1/25/23		N/R		299,718
	311	NRZ Excess Spread-Collateralized Notes Series 2018-PLS2, 144A		4.593%		2/25/23		N/R		313,247
	494	Planet Fitness Master Issuer LLC, Series PLNT 2018-1A, 144A		4.666%		9/05/48		BBB		513,648
	500	PNMAC FMSR ISSUER TRUST 2018-FT1, 144A, (1-Month LIBOR reference rate + 2.350% spread), (3)		4.011%		4/25/23		N/R		500,529
	500	PNMAC GMSR ISSUER TRUST 2018-GT1, 144A, (1-Month LIBOR reference rate + 2.850% spread), (3)		4.642%		2/25/23		N/R		502,950
	500	PNMAC GMSR ISSUER TRUST 2018-GT2, 144A, (1-Month LIBOR reference rate + 2.650% spread), (3)		4.311%		8/25/25		N/R		501,697
	500	Progress Residential Trust, Series 2017- SFR2, 144A		3.595%		12/17/34		Baa2		500,295
	372	RALI Trust, Series RALI 2005-QS12		5.500%		8/25/35		Caa2		360,108
	485	RBS Commercial Funding inc. 2013-SMV Trust, 144A		3.584%		3/11/31		A+		480,488
	378	Residential Asset Securities Corporation , Home Equity Mortgage Asset Backed Pass Through Certificates, Series 2004-KS1		5.721%		2/25/34		AA+		383,229
	500	RMF Buyout Issuance Trust 2018-1, 144A		4.448%		11/25/28		Baa1		499,727
	117	Salomon Brothers Commercial Mortgage Trust Pass-Through VII Certificates, Series 2003-1 A2, 144A		6.000%		9/25/33		BB		117,416
	279	Sesac Finance LLC, Series 2019-1, 144A		5.216%		7/25/49		N/R		288,349
	559	Sierra Timeshare 2019-3 Receivables Funding LLC, Series 201-3A, 144A		4.180%		8/20/36		BB		556,845
	571	Sonic Capital LLC, Series 2013-1A, 144A		3.750%		7/20/43		BBB		570,037
	495	Sonic Capital LLC, Series 2018-1A, 144A		4.026%		2/20/48		BBB		505,682
	750	STACR Trust 2018-HRP2, 144A, (1-Month LIBOR reference rate + 2.400% spread), (3)		4.192%		2/25/47		BBB–		767,844
	374	STARR Trust, Series 2018-1, 144A		4.089%		5/15/43		A		381,304
	473	START Ireland Trust 2019-I, 144A		5.095%		3/15/44		BBB		483,909
	230	Structured Receivables Finance 2010-A LLC, 144A		5.218%		1/16/46		AAA		239,189
	609	Taco Bell Funding LLC, Series 2016-1A A23, 144A		4.970%		5/25/46		BBB		650,685
	488	Taco Bell Funding LLC, Series 2016-1A A2II, 144A		4.377%		5/25/46		BBB		490,717
	350	Thunderbolt Aircraft Lease Ltd, Series 2017A, 144A		4.212%		5/17/32		A		357,433
	100	Tricon American Homes 2016-SFR1 Trust, 144A		4.878%		11/17/33		N/R		101,554
	450	UBS-Barclays Commercial Mortgage Trust 2013-C5, 144A		4.082%		3/10/46		A3		457,366
	500	Vericrest Opportunity Loan Trust 2019-NPL2, 144A		6.292%		2/25/49		N/R		502,726
	150	Vericrest Opportunity Loan Trust 2019-NPL7, 144A		3.967%		10/25/49		N/R		149,304
	500	Verus Securitization Trust 2017-1, 144A		5.273%		1/25/47		A		502,762

16

Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (2)		Value
		ASSET-BACKED AND MORTGAGE-BACKED SECURITIES (continued)
$	1,000	VOLT LXXXIV LLC Trust 2019-NP10, 144A		3.967%		12/27/49		N/R	$	998,632
	311	Washington Mutual MSC Mortgage Pass-Through Certificates Series 2003-MS4 Trust		5.500%		2/25/33		N/R		315,296
	19	Washington Mutual MSC Mortgage Pass-Through Certificates Series 2004-RA3 Trust		6.128%		8/25/38		Aaa		19,889
	980	Wendy’s Funding LLC, Series 2018-1A, 144A		3.573%		3/15/48		BBB		990,241
	498	Wendy’s Funding LLC, Series 2019-1A, 144A		3.783%		6/15/49		BBB		507,415
	250	WF-RBS Commercial Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2011-C2, 144A		5.392%		2/15/44		Aa2		255,460
	750	WF-RBS Commercial Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2011-C3, 144A		5.335%		3/15/44		A1		770,036
$	87,279	Total Asset-Backed and Mortgage-Backed Securities (cost $85,847,065)								87,327,982
Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (2)		Value
		CORPORATE BONDS – 23.0% (16.2% of Total Investments)
		Aerospace & Defense – 0.4%
$	125	Bombardier Inc, 144A		7.875%		4/15/27		B	$	128,594
	150	Triumph Group Inc		5.250%		6/01/22		CCC		149,250
	275	Total Aerospace & Defense								277,844
		Auto Components – 0.3%
	200	Panther BF Aggregator 2 LP / Panther Finance Co Inc, 144A		8.500%		5/15/27		B		212,500
		Automobiles – 0.2%
	100	Ford Motor Co, (4)		7.450%		7/16/31		BBB		118,627
		Building Products – 0.3%
	200	American Woodmark Corp, 144A		4.875%		3/15/26		BB		205,000
		Capital Markets – 0.7%
	200	Donnelley Financial Solutions Inc		8.250%		10/15/24		B		204,500
	225	Jefferies Finance LLC / JFIN Co-Issuer Corp, 144A		7.250%		8/15/24		BB–		231,750
	100	LPL Holdings Inc, 144A		4.625%		11/15/27		BB		102,000
	525	Total Capital Markets								538,250
		Chemicals – 1.9%
	250	Calumet Specialty Products Partners LP / Calumet Finance Corp, 144A		11.000%		4/15/25		B–		271,875
	200	CF Industries Inc		3.450%		6/01/23		BB+		205,816
	250	Chemours Co		5.375%		5/15/27		Ba3		221,250
	375	NOVA Chemicals Corp, 144A		5.000%		5/01/25		BB+		382,500
	250	OCI NV, 144A		6.625%		4/15/23		BB		260,625
	100	Univar Solutions USA Inc, 144A		5.125%		12/01/27		BB		104,378
	1,425	Total Chemicals								1,446,444
		Commercial Services & Supplies – 1.5%
	100	APX Group Inc		8.750%		12/01/20		CCC		100,000
	225	Covanta Holding Corp		5.875%		7/01/25		B1		237,375
	250	GFL Environmental Inc, 144A		7.000%		6/01/26		CCC+		264,100
	200	Prime Security Services Borrower LLC / Prime Finance Inc, 144A		5.750%		4/15/26		BB–		217,376
	78	RR Donnelley & Sons Co		7.875%		3/15/21		B–		80,730
	250	Waste Pro USA Inc, 144A		5.500%		2/15/26		B+		260,625
	1,103	Total Commercial Services & Supplies								1,160,206
		Communications Equipment – 0.1%
	100	CommScope Inc, 144A		8.250%		3/01/27		B–		105,250
		Consumer Finance – 0.2%
	200	Curo Group Holdings Corp, 144A		8.250%		9/01/25		B–		175,996

17

JMM	Nuveen Multi-Market Income Fund (continued)
	Portfolio of Investments    December 31, 2019
	(Unaudited)

Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (2)		Value
		Diversified Financial Services – 0.3%
$	225	Quicken Loans Inc, 144A		5.250%		1/15/28		Ba1	$	232,875
		Diversified Telecommunication Services – 1.7%
	500	Qwest Corp		6.750%		12/01/21		BBB–		537,942
	200	Sprint Capital Corp		6.875%		11/15/28		B+		215,500
	200	Telenet Finance Luxembourg Notes Sarl, 144A		5.500%		3/01/28		BB+		213,457
	300	Zayo Group LLC / Zayo Capital Inc, 144A		5.750%		1/15/27		B		304,875
	1,200	Total Diversified Telecommunication Services								1,271,774
		Electric Utilities – 0.2%
	200	Talen Energy Supply LLC		6.500%		6/01/25		B3		170,686
		Energy Equipment & Services – 1.1%
	250	Archrock Partners LP / Archrock Partners Finance Corp, 144A		6.875%		4/01/27		B+		264,374
	250	Ensign Drilling Inc, 144A		9.250%		4/15/24		BB–		235,938
	200	Transocean Inc, 144A		9.000%		7/15/23		B–		211,250
	250	Valaris plc		7.750%		2/01/26		B–		141,238
	950	Total Energy Equipment & Services								852,800
		Equity Real Estate Investment Trust – 0.3%
	250	Iron Mountain Inc, 144A		5.250%		3/15/28		BB–		260,000
		Food & Staples Retailing – 0.4%
	250	Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC, 144A		7.500%		3/15/26		BB–		280,625
		Food Products – 0.3%
	200	Post Holdings Inc, 144A		5.625%		1/15/28		B+		215,500
		Gas Utilities – 0.7%
	250	AmeriGas Partners LP / AmeriGas Finance Corp		5.500%		5/20/25		BB		270,000
	55	NGL Energy Partners LP / NGL Energy Finance Corp		6.125%		3/01/25		B+		51,837
	200	Suburban Propane Partners LP/Suburban Energy Finance Corp		5.875%		3/01/27		BB–		208,000
	505	Total Gas Utilities								529,837
		Health Care Providers & Services – 0.8%
	100	Centene Corp, 144A		4.250%		12/15/27		BBB–		102,875
	100	Centene Corp, 144A		4.625%		12/15/29		BBB–		105,385
	146	Encompass Health Corp		5.750%		11/01/24		B+		147,643
	250	Tenet Healthcare Corp, 144A		6.250%		2/01/27		Ba3		269,062
	596	Total Health Care Providers & Services								624,965
		Health Care Technology – 0.1%
	200	Exela Intermediate LLC / Exela Finance Inc, 144A		10.000%		7/15/23		CCC–		80,000
		Hotels, Restaurants & Leisure – 0.4%
	250	Viking Cruises Ltd, 144A		5.875%		9/15/27		B+		267,188
		Household Durables – 1.0%
	200	Beazer Homes USA Inc		5.875%		10/15/27		B–		202,000
	250	M/I Homes Inc		5.625%		8/01/25		BB–		261,875
	300	Mattamy Group Corp, 144A		6.500%		10/01/25		BB		320,250
	750	Total Household Durables								784,125
		Insurance – 0.7%
	250	Genworth Holdings Inc		4.800%		2/15/24		B		244,328
	250	Nationstar Mortgage Holdings Inc, 144A		8.125%		7/15/23		B		264,630
	500	Total Insurance								508,958

18

Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (2)		Value
		Leisure Products – 0.4%
$	250	Mattel Inc, 144A		6.750%		12/31/25		BB–	$	268,700
		Machinery – 0.7%
	200	Mueller Water Products Inc, 144A		5.500%		6/15/26		BB		210,750
	150	Navistar International Corp, 144A		6.625%		11/01/25		B+		152,813
	156	Titan Acquisition Ltd / Titan Co-Borrower LLC, 144A		7.750%		4/15/26		CCC+		154,440
	506	Total Machinery								518,003
		Media – 1.7%
	500	Altice France SA/France, 144A		7.375%		5/01/26		B		536,820
	250	Entercom Media Corp, 144A		7.250%		11/01/24		B–		263,125
	250	Nielsen Finance LLC / Nielsen Finance Co, 144A		5.000%		4/15/22		BB		250,937
	200	VTR Finance BV, 144A		6.875%		1/15/24		BB–		204,500
	1,200	Total Media								1,255,382
		Metals & Mining – 1.0%
	250	Alcoa Nederland Holding BV, 144A		6.125%		5/15/28		BB+		270,624
	150	Freeport-McMoRan Inc		3.875%		3/15/23		Ba1		152,735
	100	Freeport-McMoRan Inc		5.250%		9/01/29		Ba1		107,130
	250	Tronox Inc, 144A		6.500%		4/15/26		B		257,550
	750	Total Metals & Mining								788,039
		Oil, Gas & Consumable Fuels – 2.0%
	250	Denbury Resources Inc, 144A		9.000%		5/15/21		B		241,875
	250	Enable Midstream Partners LP		4.400%		3/15/27		BBB–		249,413
	100	EnLink Midstream LLC		5.375%		6/01/29		BBB–		94,000
	200	Genesis Energy LP / Genesis Energy Finance Corp		5.625%		6/15/24		B+		193,000
	275	PBF Holding Co LLC / PBF Finance Corp		7.250%		6/15/25		BB		293,563
	200	Southwestern Energy Co		7.500%		4/01/26		BB		185,000
	250	Whiting Petroleum Corp		6.625%		1/15/26		BB–		170,370
	100	WPX Energy Inc		5.250%		10/15/27		BB		105,500
	1,625	Total Oil, Gas & Consumable Fuels								1,532,721
		Pharmaceuticals – 0.7%
	100	Bausch Health Cos Inc, 144A		5.000%		1/30/28		B		102,639
	225	Endo Dac / Endo Finance LLC / Endo Finco Inc, 144A		5.875%		10/15/24		B+		218,250
	220	Teva Pharmaceutical Finance Netherlands III BV		6.750%		3/01/28		BB		223,346
	545	Total Pharmaceuticals								544,235
		Real Estate Management & Development – 0.7%
	250	Hunt Cos Inc, 144A		6.250%		2/15/26		BB–		246,875
	250	Kennedy-Wilson Inc		5.875%		4/01/24		BB		256,250
	500	Total Real Estate Management & Development								503,125
		Road & Rail – 0.7%
	200	Avis Budget Car Rental LLC / Avis Budget Finance Inc, 144A		6.375%		4/01/24		BB		207,500
	70	Hertz Corp, 144A		7.625%		6/01/22		BB–		72,800
	250	United Rentals North America Inc		4.875%		1/15/28		BB–		260,307
	520	Total Road & Rail								540,607
		Specialty Retail – 1.1%
	205	L Brands Inc		6.875%		11/01/35		Ba2		183,475
	200	PetSmart Inc, 144A		8.875%		6/01/25		CCC+		197,500
	250	PGT Escrow Issuer Inc, 144A		6.750%		8/01/26		B		267,812
	200	Staples Inc, 144A		10.750%		4/15/27		B–		203,000
	855	Total Specialty Retail								851,787
		Wireless Telecommunication Services – 0.4%
	250	Hughes Satellite Systems Corp		6.625%		8/01/26		BB		277,500
$	17,205	Total Corporate Bonds (cost $17,122,756)								17,399,549

19

JMM	Nuveen Multi-Market Income Fund (continued)
	Portfolio of Investments    December 31, 2019
	(Unaudited)

Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (2)		Value
		SOVEREIGN DEBT – 1.5% (1.1% of Total Investments)
		Argentina – 0.1%
$	200	Argentine Republic Government International Bond		4.625%		1/11/23		Caa2	$	98,700
		Bahrain – 0.4%
	250	Bahrain Government International Bond, 144A		7.000%		10/12/28		BB–		295,761
		Egypt – 0.6%
	400	Egypt Government International Bond, 144A		5.875%		6/11/25		B+		425,000
		El Salvador – 0.1%
	100	El Salvador Government International Bond, 144A		5.875%		1/30/25		B+		105,375
		Sri Lanka – 0.3%
	250	Sri Lanka Government International Bond, 144A		6.125%		6/03/25		B		243,108
$	1,200	Total Sovereign Debt (cost $1,184,487)								1,167,944
Principal Amount (000)		Description (1), (5)	Coupon		Maturity		Ratings (2)		Value
		CONTINGENT CAPITAL SECURITIES – 0.9% (0.6% of Total Investments)
		Banks – 0.6%
$	200	Banco Bilbao Vizcaya Argentaria SA		6.500%		N/A (6)		Ba2	$	211,500
	200	Societe Generale SA, 144A		6.750%		N/A (6)		BB+		220,750
	400	Total Banks								432,250
		Capital Markets – 0.3%
	200	UBS Group AG, 144A		7.000%		N/A (6)		BBB–		218,500
$	600	Total Contingent Capital Securities (cost $600,000)								650,750
Principal Amount (000)		Description (1)			Optional Call Provision (7)		Ratings (2)		Value
		MUNICIPAL BONDS – 0.7% (0.5% of Total Investments)
		Tax Obligation/General – 0.7%
$	500	Illinois State, General Obligation Bonds, Pension Funding Series 2003, 5.100%, 6/01/33				No Opt. Call		BBB	$	539,430
$	500	Total Municipal Bonds (cost $515,570)								539,430
Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (2)		Value
		$1,000 PAR (OR SIMILAR) INSTITUTIONAL PREFERRED – 0.3% (0.2% of Total Investments)
		Commercial Services & Supplies – 0.3%
$	200	AerCap Global Aviation Trust, 144A		6.500%		6/15/45		BB+	$	220,500
$	200	Total $1,000 Par (or similar) Institutional Preferred (cost $202,726)								220,500
		Total Long-Term Investments (cost $105,472,604)								107,306,155

20

Principal Amount (000)		Description (1)	Coupon		Maturity		Value
		SHORT-TERM INVESTMENTS – 0.4% (0.3% of Total Investments)
		REPURCHASE AGREEMENTS – 0.4% (0.3% of Total Investments)
$	319	Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/31/19, repurchase price $319,246, collateralized by $290,000 U.S. Treasury Bonds, 3.000%, due 5/15/45, value $327,601		0.650%		1/02/20	$	319,234
		Total Short-Term Investments (cost $319,234)						319,234
		Total Investments (cost $105,791,838) – 142.1%						107,625,389
		Reverse Repurchase Agreements – (44.0)% (8)						(33,370,768	)
		Other Assets Less Liabilities – 1.9% (9)						1,505,119
		Net Assets Applicable to Common Shares – 100%					$	75,759,740

Investments in Derivatives

Futures Contracts

Description	Contract Position		Number of Contracts			Expiration Date		Notional Amount*			Value			Unrealized Appreciation (Depreciation)			Variation Margin Receivable/ (Payable)
U.S. Treasury 2-Year Note		Short		(23	)		3/20	$	(4,960,758	)	$	(4,956,500	)	$	4,258		$	(1,078	)
U.S. Treasury 10-Year Note		Short		(39	)		3/20		(5,061,984	)		(5,008,453	)		53,531			4,266
U.S. Treasury 10-Year Ultra Note		Short		(15	)		3/20		(2,142,392	)		(2,110,547	)		31,845			2,578
U.S. Treasury Long Bond		Short		(11	)		3/20		(1,759,522	)		(1,714,969	)		44,553			3,781
U.S. Treasury Ultra Bond		Long		35			3/20		6,540,738			6,357,969			(182,770	)		(40,469	)
								$	(7,383,918	)	$	(7,432,500	)	$	(48,583	)	$	(30,922	)
Total receivable for variation margin on futures contracts																	$	10,625
Total payable for variation margin on futures contracts																	$	(41,547	)

* The aggregate amount of long and short positions is $6,540,738 and $(13,924,656), respectively.

Interest Rate Swaps – OTC Uncleared

Counterparty

Notional Amount

Fund Pay/Receive Floating Rate

Floating Rate Index

Fixed Rate (Annualized)

Fixed Rate Payment Frequency

Effective Date (10)

Optional Termination Date

Maturity Date

Value

Unrealized Appreciation (Depreciation)

Morgan Stanley Capital Services LLC

$

17,000,000

Receive

1-Month LIBOR

1.994

%

Monthly

6/01/18

7/01/25

7/01/27

$

(521,039

)

$

(521,039

)

21

JMM	Nuveen Multi-Market Income Fund (continued)
	Portfolio of Investments    December 31, 2019
	(Unaudited)

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

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

(2) For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.

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

(4) Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in derivatives and/or reverse repurchase agreements. As of the end of the reporting period, investments with a value of $35,431,114 have been pledged as collateral for reverse repurchase agreements.

(5) Contingent Capital Securities (“CoCos”) are hybrid securities with loss absorption characteristics built into their terms for the benefit of the issuer. For example, the terms may specify 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.

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

(7) Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage backed securities may be subject to periodic principal paydowns.

(8) Reverse Repurchase Agreements as a percentage of Total Investments is 31.0%

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

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

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

LIBOR London Inter-Bank Offered Rate

See accompanying notes to financial statements.

22

Statement of Assets and Liabilities

December 31, 2019

(Unaudited)

Assets
Long-term investments, at value (cost $105,472,604)	$	107,306,155
Short-term investments, at value (cost approximates value)		319,234
Cash		155,469
Cash collateral at broker for investments in futures contracts(1)		872,577
Cash collateral at broker for investments in swaps(1)		644,796
Receivable for:
Interest		622,414
Variation margin on futures contracts		10,625
Other assets		55
Total assets		109,931,325
Liabilities
Reverse repurchase agreements		33,370,768
Unrealized depreciation on interest rate swaps		521,039
Payable for variation margin on futures contracts		41,547
Accrued expenses:
Interest		70,630
Management fees		78,952
Trustees fees		1,013
Other		87,636
Total liabilities		34,171,585
Net assets applicable to common shares	$	75,759,740
Common shares outstanding		9,462,350
Net asset value (“NAV”) per common share outstanding	$	8.01
Net assets applicable to common shares consist of:
Common shares, $0.01 par value per share	$	94,624
Paid-in surplus		82,347,966
Total distributable earnings		(6,682,850	)
Net assets applicable to common shares	$	75,759,740
Authorized common shares		Unlimited

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

See accompanying notes to financial statements.

23

Statement of Operations

Six Months Ended December 31, 2019

(Unaudited)

Investment Income
Dividends	$	11,802
Interest		2,318,505
Total investment income		2,330,307
Expenses
Management fees		456,350
Interest expense		325,567
Custodian fees		49,281
Trustees fees		1,139
Professional fees		19,884
Shareholder reporting expenses		14,581
Shareholder servicing agent fees		3,159
Stock exchange listing fees		3,459
Investor relations expense		3,541
Other		11,909
Total expenses		888,870
Net investment income (loss)		1,441,437
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		162,900
Futures contracts		(243,555	)
Swaps		17,636
Change in net unrealized appreciation (depreciation) of:
Investments		146,692
Futures contracts		147,557
Swaps		(49,121	)
Net realized and unrealized gain (loss)		182,109
Net increase (decrease) in net assets applicable to common shares from operations	$	1,623,546

See accompanying notes to financial statements.

24

Statement of Changes in Net Assets

(Unaudited)

	Six Months Ended 12/31/19			Year Ended 6/30/19
Operations
Net investment income (loss)	$	1,441,437		$	3,057,077
Net realized gain (loss) from:
Investments		162,900			191,132
Futures contracts		(243,555	)		(599,944	)
Swaps		17,636			58,371
Change in net unrealized appreciation (depreciation) of:
Investments		146,692			2,576,872
Futures contracts		147,557			(215,090	)
Swaps		(49,121	)		(1,230,891	)
Net increase (decrease) in net assets applicable to common shares from operations		1,623,546			3,837,527
Distributions to Common Shareholders
Dividends		(1,703,223	)		(3,406,446	)
Decrease in net assets applicable to common shares from distributions to common shareholders		(1,703,223	)		(3,406,446	)
Net increase (decrease) in net assets applicable to common shares		(79,677	)		431,081
Net assets applicable to common shares at the beginning of period		75,839,417			75,408,336
Net assets applicable to common shares at the end of period	$	75,759,740		$	75,839,417

See accompanying notes to financial statements.

25

Statement of Cash Flows

Six Months Ended December 31, 2019

(Unaudited)

Cash Flows from Operating Activities:
Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations	$	1,623,546
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		(56,610,094	)
Proceeds from sales and maturities of investments		54,140,415
Proceeds from (Purchases of) short-term investments, net		2,249,458
Amortization (Accretion) of premiums and discounts, net		15,319
(Increase) Decrease in:
Receivable for interest		(18,769	)
Receivable for reclaims		1,615
Receivable for variation margin on futures contracts		(8,195	)
Other assets		4,395
Increase (Decrease) in:
Payable for investments purchased – regular settlement		(784,915	)
Payable for investments purchased – when-issued/delayed-delivery settlement		(9,293,167	)
Payable for variation margin on futures contracts		37,609
Accrued interest		59,244
Accrued management fees		4,091
Accrued Trustees fees		399
Accrued other expenses		(14,199	)
Net realized (gain) loss from:
Investments		(162,900	)
Paydowns		78,057
Change in net unrealized (appreciation) depreciation of:
Investments		(146,692	)
Swaps		49,121
Net cash provided by (used in) operating activities		(8,775,662	)
Cash Flows from Financing Activities:
Proceeds from reverse repurchase agreements		107,657,768
(Purchase) for reverse repurchase agreements		(95,680,000	)
Cash distributions paid to shareholders		(1,970,505	)
Net cash provided by (used in) financing activities		10,007,263
Net Increase (Decrease) in Cash and Cash Collateral at Brokers		1,231,601
Cash and cash collateral at brokers at the beginning of period		441,241
Cash and cash collateral at brokers at the end of period	$	1,672,842
Supplemental Disclosures of Cash Flow Information
Cash paid for interest	$	266,323

See accompanying notes to financial statements.

26

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27

Financial Highlights

(Unaudited)

Selected data for a share outstanding throughout each period:

			Investment Operations							Less Distributions to Common Shareholders										Common Share
	Beginning Common Share NAV		Net Investment Income (Loss)(a)		Net Realized/ Unrealized Gain (Loss)			Total		From Net Investment Income			From Accumulated Net Realized Gains		Return of Capital		Total			Discount From Shares Repurchase and Retired			Ending NAV		Ending Share Price
Year Ended 6/30:
2020(f)	$	8.01	$	0.15	$	0.03		$	0.18	$	(0.18	)	$	—	$	—	$	(0.18	)	$	—		$	8.01	$	7.40
2019		7.97		0.32		0.08			0.40		(0.36	)		—		—		(0.36	)		—			8.01		7.33
2018		8.15		0.35		(0.13	)		0.22		(0.40	)		—		—		(0.40	)		—			7.97		7.00
2017		8.07		0.39		0.12			0.51		(0.43	)		—		—		(0.43	)		—			8.15		7.49
2016		8.40		0.41		(0.26	)		0.15		(0.48	)		—		—		(0.48	)		—	*		8.07		7.48
2015		8.72		0.47		(0.31	)		0.16		(0.48	)		—		—		(0.48	)		—			8.40		7.21

28

						Common Share Supplemental Data/ Ratios Applicable to Common Shares
Common Share Total Returns								Ratios to Average Net Assets Before Reimbursement(c)						Ratios to Average Net Assets After Reimbursement(c)(d)
Based on NAV(b)			Based on Share Price(b)			Ending Net Assets (000)		Expenses			Net Investment Income (Loss)			Expenses			Net Investment Income (Loss)			Portfolio Turnover Rate(e)
	2.27	%		3.45	%	$	75,760		2.34	%**		3.79	%**		2.34	%**		3.79	%**		51	%
	5.16			10.14			75,839		2.19			4.08			2.19			4.08			159
	2.60			(1.37	)		75,408		1.88			4.28			1.88			4.28			165
	6.62			6.08			77,147		1.71			4.72			1.64			4.79			191
	1.89			10.86			76,350		1.68			4.66			1.30			5.05			205
	1.88			(1.24	)		79,498		1.60			5.14			1.26			5.47			143

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

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

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

(c)     • Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to reverse repurchase agreements (as described in Note 8 – Fund Leverage, Reverse Repurchase Agreements), where applicable.

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

Ratios of Interest Expense to Average Net Assets Applicable to Common Shares
Year Ended 6/30:
2020(f)	0.86	%**
2019	0.69
2018	0.41
2017	0.23
2016	0.15
2015	0.12

(d) After fee waiver and/or expense reimbursement from the Adviser, where applicable. As of September 8, 2016, the Adviser is no longer contractually reimbursing the Fund for any fees and expenses.

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

(f) For the six months ended December 31, 2019.

* Rounds to less than $0.01 per common share.

** Annualized.

See accompanying notes to financial statements.

29

Notes to

Financial Statements

(Unaudited)

1. General Information

Fund Information

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

The end of the reporting period for the Fund is December 31, 2019, and the period covered by these Notes to Financial Statements is the six months ended December 31, 2019 (the “current fiscal period”).

Investment Adviser and Sub-Adviser

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

2. Significant Accounting Policies

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

Compensation

The Fund pays no compensation directly to those of its trustees who are affiliated with the Adviser or to its officers, all of whom receive remuneration for their services to the Fund from the Adviser or its affiliates. The Fund’s Board of 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.

Indemnifications

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

Investments and Investment Income

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

30

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.

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

New Accounting Pronouncements and Rule Issuances

FASB Accounting Standards Update (“ASU”) 2017-08 (“ASU 2017-08”) Premium Amortization on Purchased Callable Debt Securities

The FASB has issued ASU 2017-08, which shortens the premium amortization period for purchased non-contingently callable debt securities. ASU 2017- 08 specifies that the premium amortization period ends at the earliest call date, for purchased non-contingently callable debt securities. ASU 2017-08 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. During the current fiscal period, ASU 2017- 08 became effective for the Fund and it did not have a material impact on the Fund’s financial statements.

Fair Value Measurement: Disclosure Framework

During August 2018, the FASB issued ASU 2018-13 (“ASU 2018-13”), Fair Value Measurement: Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurements. ASU 2018-13 modifies the disclosures required by Topic 820, Fair Value Measurements. The amendments in ASU 2018-13 are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Management early implemented this guidance and it did not have a material impact on the Fund’s financial statements.

3. Investment Valuation and Fair Value Measurements

The fair valuation input levels as described below are for fair value measurement purposes.

The Fund’s investments in securities are recorded at their estimated fair value. 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. A three-tier hierarchy 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 the reporting entity’s own 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).

Common stocks and other equity-type securities are valued at the last sales price on the securities exchange on which such securities are primarily traded and are generally classified as Level 1. Securities primarily traded on the Nasdaq National Market (“Nasdaq”) are valued at the Nasdaq Official Closing Price and are generally classified as Level 1. However, securities traded on a securities exchange or Nasdaq for which there were no transactions on a given day or securities not listed on a securities exchange or Nasdaq are valued at the quoted bid price and are generally classified as Level 2.

Prices of fixed-income securities are provided by an independent pricing service (“pricing service”) approved by the Board. The pricing service establishes 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. These securities are generally classified as Level 2. In pricing certain securities, particularly less liquid and lower quality securities, the pricing service may consider information about a security, its issuer or market activity, provided by the Adviser. These securities are generally classified as Level 2 or Level 3 depending on the observability of the significant inputs.

Investments in investment companies are valued at their respective net asset value (“NAV”) on valuation date and are generally classified as Level 1.

Prices of swap contracts are also provided by a pricing service approved by the Board using the same methods as described above and 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.

31

Notes to Financial Statements (Unaudited) (continued)

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

Certain securities may not be able to be priced by the pre-established pricing methods as described above. Such securities may be valued by the Board and/or its appointee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; debt securities that have gone into default and for which there is no current market quotation; a security whose market price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of the Fund’s NAV (as may be the case in non-U.S. markets on which the security is primarily traded) or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the pricing service, is not deemed to reflect the security’s fair value. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. These securities are generally classified as Level 2 or Level 3 depending on the observability of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the Board and/or its appointee.

The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of the Fund’s fair value measurements as of the end of the reporting period:

	Level 1			Level 2			Level 3		Total
Long-Term Investments*:
Asset-Backed and Mortgage-Backed Securities	$	—		$	87,327,982		$	—	$	87,327,982
Corporate Bonds		—			17,399,549			—		17,399,549
Sovereign Debt		—			1,167,944			—		1,167,944
Contingent Capital Securities		—			650,750			—		650,750
Municipal Bonds		—			539,430			—		539,430
$1,000 Par (or similar) Institutional Preferred		—			220,500			—		220,500
Short-Term Investments:
Repurchase Agreements		—			319,234			—		319,234
Investments in Derivatives:
Futures Contracts**		(48,583	)		—			—		(48,583	)
Interest Rate Swaps**		—			(521,039	)		—		(521,039	)
Total	$	(48,583	)	$	107,104,350		$	—	$	107,055,767

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

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

4. Portfolio Securities and Investments in Derivatives

Portfolio Securities

Dollar Roll Transactions

The Fund is authorized to enter into dollar roll transactions (“dollar rolls”) in which the Fund purchases or sells mortgage-backed securities (“MBS”) for delivery in the future and simultaneously contracts to sell or repurchase a substantially similar (same type, coupon, and maturity) MBS on a different specified future date. Dollar rolls are identified in the Portfolio of Investments as “MDR”, when applicable. During the roll period, the Fund foregoes principal and interest paid on the MBS. The Fund is compensated by the difference between the current sales price and the lower forward price for the future purchase. Such compensation is recognized as a component of “Net realized gain (loss) from investments” on the Statement of Operations. Dollar rolls are valued daily.

Dollar rolls involve the risk that the market value of the MBS the Fund is obligated to repurchase under an agreement may decline below the repurchase price. These transactions also involve some risk to the Fund if the other party should default on its obligation and the Fund is delayed or prevented from completing the transaction. In the event that the buyer of securities under a dollar roll files for bankruptcy or becomes insolvent, the Fund’s use of proceeds of the dollar roll may be restricted pending a determination by the other party, or its trustee or receiver, whether to enforce the Fund’s obligation to repurchase the securities.

32

Repurchase Agreements

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

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

Counterparty	Short-Term Investments, at Value		Collateral Pledged (From) Counterparty*			Net Exposure
Fixed Income Clearing Corporation	$	319,234	$	(319,234	)	$	—

* As of the end of the reporting period, the value of the collateral pledged from the counterparty exceeded the value of the repurchase agreements. Refer to the Fund’s Portfolio of Investments for details on the 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.

Investment Transactions

Long-term purchases and sales (including maturities and dollar roll transactions, but excluding derivative transactions) during the current fiscal period aggregated $56,610,094 and $54,140,415 respectively.

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

Investment in Derivatives

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

Futures Contracts

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

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

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

33

Notes to Financial Statements (Unaudited) (continued)

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.

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

Average notional amount of futures contracts outstanding* $19,267,758

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

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

		Location on the Statement of Assets and Liabilities
Underlying Risk Exposure	Derivative Instrument	Asset Derivatives			(Liability) Derivatives
		Location	Value		Location	Value
Interest rate	Futures contracts	Receivable for variation margin on futures contracts*	$	129,929	Payable for variation margin on futures contracts*	$	(182,770	)
Interest rate	Futures contracts	—		—	Payable for variation margin on futures contracts*		4,258
Total			$	129,929		$	(178,512	)

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

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

Underlying Risk Exposure	Derivative Instrument	Net Realized Gain (Loss) from Futures Contracts			Change in Net Unrealized Appreciation (Depreciation) of Futures Contracts
Interest rate	Futures contracts	$	(243,555	)	$	147,557

Interest Rate Swap Contracts

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

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

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

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

34

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

During the current fiscal period, the Fund used interest rate swap contracts as part of an overall portfolio construction strategy to manage duration and overall portfolio yield curve exposure.

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

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

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

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

		Location on the Statements of Assets and Liabilities
Underlying Risk Exposure	Derivative Instrument	Asset Derivatives			(Liability) Derivatives
		Location	Value		Location	Value
Interest rate	Swaps (OTC Uncleared)	—	$	—	Unrealized depreciation on interest rate swaps	$	(521,039	)

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

									Gross Amounts not offset on the Statement of Assets and Liabilities
Counterparty	Gross Unrealized Appreciation on Interest Rate Swaps**		Gross Unrealized (Depreciation) on Interest Rate Swaps**			Net Unrealized Appreciation (Depreciation) on Interest Rate Swaps			Interest Rate Swaps Premiums Paid		Collateral Pledged to (from) Counterparty		Net Exposure
Morgan Stanley Capital Services LLC	$	—	$	(521,039	)	$	(521,039	)	$	—	$	521,039	$	—

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

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

Underlying Risk Exposure	Derivative Instrument	Net Realized Gain (Loss) from Swaps		Change in Net Unrealized Appreciation (Depreciation) of Swaps
Interest rate	Swaps	$	17,636	$	(49,121	)

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

35

Notes to Financial Statements (Unaudited) (continued)

pledge collateral daily (based on the daily valuation of the financial asset) on behalf of the Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when the Fund has an unrealized loss, the Fund has instructed the custodian to pledge assets of the Fund as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the pre-determined threshold amount.

5. Fund Shares

Common Share Transactions

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

6. Income Tax Information

The Fund intends to distribute substantially all of its net investment company taxable income to common shareholders and to 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.

For all open tax years and all major taxing jurisdictions, management of the Fund has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax year ends and the interim tax period since then). Furthermore, management of the Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing certain gains and losses on investment transactions. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts as detailed below. Temporary differences do not require reclassification. Temporary and permanent differences do not impact the common share NAV of the Fund.

The table below presents the cost and unrealized appreciation (depreciation) of the Fund’s investment portfolio, as determined on a federal income tax basis as of December 31, 2019.

For purposes of this disclosure, derivative tax cost is generally the sum of any upfront fees or premiums exchanged and any amounts unrealized for income statement reporting but realized in income and/or capital gains for tax reporting. If a particular derivative category does not disclose any tax unrealized appreciation or depreciation, the change in value of those derivatives have generally been fully realized for tax purposes.

Tax cost of investments	$	105,963,233
Gross unrealized:
Appreciation	$	2,833,347
Depreciation		(1,740,813	)
Net unrealized appreciation (depreciation) of investments	$	1,092,534
Permanent differences, primarily due to paydowns, bond premium amortization adjustments, treatment of notional principal contracts and complex securities character adjustments, resulted in reclassifications among the Fund’s components of net assets as of June 30, 2019, the Fund’s last tax year end.
The tax components of undistributed net ordinary income and net long-term capital gains as of June 30, 2019, the Fund’s last tax year end, were as follows:
Undistributed net ordinary income1	$	385,585
Undistributed net long-term capital gains		—

¹  Net ordinary income consists of net taxable income derived from dividends, interest, and net short-term capital gains, if any.

The tax character of distributions paid during the Fund’s last tax year ended June 30, 2019, was designated for purposes of the dividends paid deduction as follows:

Distributions from net ordinary income1	$	3,406,446
Distributions from net long-term capital gains		—

¹  Net ordinary income consists of net taxable income derived from dividends, interest, and net short-term capital gains, if any.

36

As of June 30, 2019, the Fund’s last tax year end, the Fund had unused capital losses carrying forward available for federal income tax purposes to be applied against future capital gains, if any. The capital losses are not subject to expiration.

Not subject to expiration:
Short-term	$	515,782
Long-term		7,205,740
Total	$	7,721,522

7. Management Fees

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

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

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

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

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

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

* For the complex-level fees, managed assets include closed-end fund assets managed by the Adviser that are attributable to certain types of leverage. For these purposes, leverage includes the funds’ use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining managed assets in certain circumstances. The complex-level fee is calculated based upon the aggregate daily managed assets of all Nuveen open-end and closed-end funds that constitute “eligible assets.” Eligible assets do not include assets attributable to investments in other Nuveen funds or assets in excess of a determined amount (originally $2 billion) added to the Nuveen fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011, but do include certain assets of certain Nuveen funds that were reorganized into funds advised by an affiliate of the Adviser during the 2019 calendar year. As of December 31, 2019, the complex-level fee for the Fund was 0.1562%.

8. Fund Leverage

Reverse Repurchase Agreements

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

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, with the Fund retaining the risk of loss that is associated with that security. The Fund will segregate assets determined to be liquid by the Adviser to cover its obligations under reverse repurchase agreements. Securities sold under reverse repurchase agreements are recorded as a liability and recognized as “Reverse repurchase agreements” on the Statement of Assets and Liabilities.

37

Notes to Financial Statements (Unaudited) (continued)

Interest payments made on reverse repurchase agreements are recognized as a component of “Interest expense” on the Statement of Operations. In periods of increased demand for the security, the Fund receives a fee for use of the security by the counterparty. This results in interest income to the Fund, which is recognized as a component of “Interest income” on the Statement of Operations.

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

Counterparty	Coupon			Principal Amount			Maturity		Value			Value and Accrued Interest
BNP Paribas		2.45	%	$	(27,647,768	)		7/01/27	$	(27,647,768	)	$	(27,657,176	)
Goldman Sachs		2.70			(5,723,000	)		7/01/27		(5,723,000	)		(5,725,146	)
				$	(33,370,768	)			$	(33,370,768	)	$	(33,382,322	)

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

Average daily balance outstanding	$	26,007,662
Average interest rate		2.49	%

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

Counterparty	Reverse Repurchase Agreements*			Collateral Pledged to Counterparty**		Net Exposure
BNP Paribas	$	(27,657,176	)	$	27,657,176	$	—
Goldman Sachs		(5,725,146	)		5,725,146		—
	$	(33,382,322	)	$	33,382,322	$	—

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

** As of the end of the reporting period, the value of the collateral pledged to the counterparty exceeded the value of the reverse repurchase agreements.

9. Borrowing Arrangements

Inter-Fund Borrowing and Lending

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

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

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

38

Additional Fund Information

Board of Trustees
Jack B. Evans	William C. Hunter	Albin F. Moschner	John K. Nelson	Judith M. Stockdale
Carole E. Stone	Terence J. Toth	Margaret L. Wolff	Robert L. Young

Investment Adviser Nuveen Fund Advisors, LLC 333 West Wacker Drive Chicago, IL 60606 Custodian State Street Bank
& Trust Company One Lincoln Street Boston, MA 02111 Legal Counsel Chapman and Cutler LLP Chicago, IL 60603 Independent Registered
Public Accounting Firm KPMG LLP 200 East Randolph Street Chicago, IL 60601 Transfer Agent and
Shareholder Services Computershare Trust
Company, N.A.
150 Royall Street Canton, MA 02021 (800) 257-8787

Portfolio of Investments Information

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

Nuveen Funds’ Proxy Voting Information

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

CEO Certification Disclosure

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

Common Share Repurchases

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

	JMM
Common shares repurchased		—

FINRA BrokerCheck

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

39

Glossary of Terms

Used in this Report

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

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

∎ Blended Benchmark: A two index blend comprised of weightings approximating the Fund’s proposed portfolio: 25% Bloomberg Barclays U.S. Corporate High-Yield Index and 75% Bloomberg Barclays U.S. Government/Mortgage Index. 1) Bloomberg Barclays U.S. Corporate High-Yield Index: An unmanaged index that covers the universe of domestic fixed-rate non-investment grade debt; and 2) Bloomberg Barclays U.S. Government/Mortgage Index: An unmanaged index considered representative of U.S. government treasury securities and agency mortgage-back securities. Benchmark returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

∎ Bloomberg Barclays U.S. Government/Mortgage Bond Index: The index measures the performance of U.S. government bonds and mortgage-related securities. Index returns assume reinvestment of distributions, but do not include the effects of any applicable sales charges or management fees.

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

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

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

40

∎ 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 the fund. Both of these are part of the fund’s capital structure. Regulatory leverage is subject to asset coverage limits set in the Investment Company Act of 1940.

41

Reinvest Automatically, Easily and Conveniently

Nuveen makes reinvesting easy. A phone call is all it takes to set up your reinvestment account.

Nuveen Closed-End Funds Automatic Reinvestment Plan

Your Nuveen Closed-End Fund allows you to conveniently reinvest distributions in additional Fund shares.

By choosing to reinvest, you’ll be able to invest money regularly and automatically, and watch your investment grow through the power of compounding. Just like distributions in cash, there may be times when income or capital gains taxes may be payable on distributions that are reinvested.

It is important to note that an automatic reinvestment plan does not ensure a profit, nor does it protect you against loss in a declining market.

Easy and convenient

To make recordkeeping easy and convenient, each quarter you’ll receive a statement showing your total distributions, the date of investment, the shares acquired and the price per share, and the total number of shares you own.

How shares are purchased

The shares you acquire by reinvesting will either be purchased on the open market or newly issued by the Fund. If the shares are trading at or above net asset value at the time of valuation, the Fund will issue new shares at the greater of the net asset value or 95% of the then-current market price. If the shares are trading at less than net asset value, shares for your account will be purchased on the open market. If the Plan Agent begins purchasing Fund shares on the open market while shares are trading below net asset value, but the Fund’s shares subsequently trade at or above their net asset value before the Plan Agent is able to complete its purchases, the Plan Agent may cease open-market purchases and may invest the uninvested portion of the distribution in newly-issued Fund shares at a price equal to the greater of the shares’ net asset value or 95% of the shares’ market value on the last business day immediately prior to the purchase date. Distributions received to purchase shares in the open market will normally be invested shortly after the distribution payment date. No interest will be paid on distributions awaiting reinvestment. Because the market price of the shares may increase before purchases are completed, the average purchase price per share may exceed the market price at the time of valuation, resulting in the acquisition of fewer shares than if the distribution had been paid in shares issued by the Fund. A pro rata portion of any applicable brokerage commissions on open market purchases will be paid by Plan participants. These commissions usually will be lower than those charged on individual transactions.

Flexible

You may change your distribution option or withdraw from the Plan at any time, should your needs or situation change.

You can reinvest whether your shares are registered in your name, or in the name of a brokerage firm, bank, or other nominee. Ask your investment advisor if his or her firm will participate on your behalf. Participants whose shares are registered in the name of one firm may not be able to transfer the shares to another firm and continue to participate in the Plan.

The Fund reserves the right to amend or terminate the Plan at any time. Although the Fund reserves the right to amend the Plan to include a service charge payable by the participants, there is no direct service charge to participants in the Plan at this time.

Call today to start reinvesting distributions

For more information on the Nuveen Automatic Reinvestment Plan or to enroll in or withdraw from the Plan, speak with your financial advisor or call us at (800) 257-8787.

42

Notes

43

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

Nuveen Securities, LLC, member FINRA and SIPC  |  333 West Wacker Drive Chicago, IL 60606  |   www.nuveen.com ESA-A-1219D
        1077315-INV-Y-02/21

Item 2. Code of Ethics.

Not applicable to this filing.

Item 3. Audit Committee Financial Expert.

Not applicable to this filing.

Item 4. Principal Accountant Fees and Services.

Not applicable to this filing.

Item 5. Audit Committee of Listed Registrants.

Not applicable to this filing.

Item 6. Schedule of Investments.

(a) See Portfolio of Investments in Item 1.

(b) Not applicable.

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

Not applicable to this filing.

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

Not applicable to this filing.

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

Not applicable.

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

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

Item 11. Controls and Procedures.

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

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

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

Not applicable.

Item 13. Exhibits.

File the exhibits listed below as part of this Form.

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

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

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

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

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

SIGNATURES

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

(Registrant) Nuveen Multi-Market Income Fund

By (Signature and Title)	/s/ Gifford R. Zimmerman
	Gifford R. Zimmerman
	Vice President and Secretary

Date: March 6, 2020

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

By (Signature and Title)	/s/ Cedric H. Antosiewicz
	Cedric H. Antosiewicz
	Chief Administrative Officer
	(principal executive officer)

Date: March 6, 2020

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

Date: March 6, 2020

EX-99.CERT

EX-99.CERT

CERTIFICATIONS PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT

CERTIFICATIONS

I, Cedric H. Antosiewicz, certify that:

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

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

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

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

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;

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;

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

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

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

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

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, 2020

/s/ Cedric H. Antosiewicz

Cedric H. Antosiewicz

Chief Administrative Officer

(principal executive officer)

I, E. Scott Wickerham, certify that:

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

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

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

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

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;

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;

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

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

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

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

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, 2020

/s/ E. Scott Wickerham

E. Scott Wickerham

Vice President and Controller

(principal financial officer)

EX-99.906CERT

EX-99.906CERT

CERTIFICATIONS PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT

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

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

1. The Form N-CSR of the Registrant for the period ended December 31, 2019 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

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

Date: March 6, 2020

/s/ Cedric H. Antosiewicz

Cedric H. Antosiewicz

Chief Administrative Officer

(principal executive officer)

/s/ E. Scott Wickerham

E. Scott Wickerham

Vice President and Controller

(principal financial officer)