Nuveen Multi-Market Income Fund (JMM) reports that Sit Investment Associates, Inc. and Sit Fixed Income Advisors II, LLC jointly report beneficial ownership of 5,927,159 shares of its common stock, representing 62.6% of the class based on 9,462,350 shares outstanding as of December 31, 2025.
The Sit entities, both registered investment advisers, state they have shared voting and investment power over these shares through client accounts and that all reported securities are owned by those accounts. They state that no single client account generally holds more than 5% of the outstanding shares and they disclaim beneficial ownership under Rule 13d-4.
Positive
None.
Negative
None.
Key Figures
Shares beneficially owned:5,927,159 sharesOwnership percentage:62.6%Shares outstanding:9,462,350 shares+2 more
5 metrics
Shares beneficially owned5,927,159 sharesCommon stock of Nuveen Multi-Market Income Fund reported by the Sit advisers
Ownership percentage62.6%Portion of JMM common stock class reported as beneficially owned
Shares outstanding9,462,350 sharesJMM common stock outstanding as of December 31, 2025
Amendment numberAmendment No. 12Amended Schedule 13G filing for JMM
Filing dateSeptember 4, 2026Date signed by Paul Rasmussen, Vice President
Key Terms
beneficial owner, shared voting power, dispositive power, Investment Advisers Act of 1940, +1 more
5 terms
beneficial ownerregulatory
"may be deemed to be the beneficial owner of such shares"
A beneficial owner is the person who ultimately owns or controls a financial asset or property, even if their name isn't directly on official documents. Think of it like someone who secretly holds the keys to a safe deposit box—others may appear to have access, but the true owner is the one who benefits from what's inside. Identifying beneficial owners helps ensure transparency and prevent illegal activities like money laundering or fraud.
shared voting powerfinancial
"possess shared voting and investment power over securities"
Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.
dispositive powerfinancial
"shared power to dispose or to direct the disposition of"
Dispositive power is the authority to decide the final outcome of an asset, legal claim, contract, or corporate action — in effect the power to dispose of or resolve something. For investors it matters because whoever holds that authority can determine who gets paid, who controls an asset or vote, and how risks and returns are allocated; think of it like holding the key that lets you lock in the winner or loser in a deal.
Investment Advisers Act of 1940regulatory
"investment adviser registered under section 203 of the Investment Advisers Act of 1940"
A U.S. federal law that sets rules for people and firms who give investment advice, requiring them to register with regulators, be honest about conflicts, keep records, and follow basic standards of care. It matters to investors because those rules act like licensing and consumer protections — similar to having safety standards for a mechanic — helping ensure advisers act in clients’ financial interests and reducing the risk of fraud or misuse of funds.
Rule 13d-4regulatory
"Pursuant to Rule 13d-4 of the Securities Exchange Act of 1934"
FAQ
What percentage of Nuveen Multi-Market Income Fund (JMM) shares do the Sit advisers report owning?
Sit Investment Associates, Inc. and Sit Fixed Income Advisors II, LLC report beneficial ownership of 62.6% of Nuveen Multi-Market Income Fund’s common stock, based on 9,462,350 shares outstanding as of December 31, 2025.
How many JMM shares are reported as beneficially owned by the Sit advisers?
They report beneficial ownership of 5,927,159 shares of Nuveen Multi-Market Income Fund common stock, with shared voting and shared dispositive power over these shares through client accounts they advise.
On what share count is the 62.6% ownership of JMM based?
The reported 62.6% ownership is based on 9,462,350 shares of Nuveen Multi-Market Income Fund common stock outstanding as of December 31, 2025, as referenced from the fund’s Form N-CSRS.
Do Sit Investment Associates and Sit Fixed Income Advisors II claim full beneficial ownership of JMM shares?
They state they may be deemed beneficial owners due to shared voting and investment power, but disclaim beneficial ownership of the securities under Rule 13d-4, noting the shares are owned by their client accounts.
Can any single client account hold more than 5% of JMM shares under the Sit advisers?
They state that, except where this is a joint filing with a registered investment company they manage, no single client account owns more than 5% of the class of Nuveen Multi-Market Income Fund common stock.
What role do Sit Investment Associates and Sit Fixed Income Advisors II play regarding JMM?
Both entities are registered investment advisers that provide investment management to client accounts holding Nuveen Multi-Market Income Fund shares, with shared voting and investment power over the reported securities.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 12)
Nuveen Multi-Market Income Fund
(Name of Issuer)
Common stock
(Title of Class of Securities)
(CUSIP Number)
08/31/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
schemaVersion:
SCHEDULE 13G
CUSIP No.
1
Names of Reporting Persons
SIT INVESTMENT ASSOCIATES INC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
MINNESOTA
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
6
Shared Voting Power
5,927,159.00
7
Sole Dispositive Power
8
Shared Dispositive Power
5,927,159.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
5,927,159.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
62.6 %
12
Type of Reporting Person (See Instructions)
IA
SCHEDULE 13G
CUSIP No.
1
Names of Reporting Persons
SIT FIXED INCOME ADVISORS II LLC /ADV
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
6
Shared Voting Power
5,937,159.00
7
Sole Dispositive Power
8
Shared Dispositive Power
5,927,159.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
5,927,159.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
62.6 %
12
Type of Reporting Person (See Instructions)
IA
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Nuveen Multi-Market Income Fund
(b)
Address of issuer's principal executive offices:
333 WEST WACKER DRIVE, CHICAGO, ILLINOIS, 60606.
Item 2.
(a)
Name of person filing:
Sit Investment Associates, Inc.
Sit Fixed Income Advisors II, LLC
(b)
Address or principal business office or, if none, residence:
80 South Eighth Street, Suite 3300, Minneapolis, MN 55402
(c)
Citizenship:
Sit Investment Associates, Inc. Minnesota
Sit Fixed Income Advisors II, LLC Delaware
(d)
Title of class of securities:
Common stock
(e)
CUSIP No.:
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
See response to item 9 on each cover page.
(b)
Percent of class:
See response to item 11 on each cover page.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
See response to item 5 on each cover page.
(ii) Shared power to vote or to direct the vote:
See response to item 6 on each cover page.
(iii) Sole power to dispose or to direct the disposition of:
See response to item 7 on each cover page.
(iv) Shared power to dispose or to direct the disposition of:
See response to item 8 on each cover page.
The ownership percentages reported are based on 9,462,350 shares of common stock outstanding as of December 31, 2025, as reported in the Issuer's Report on Form N-CSRS filed with the Securities Exchange Commission.
Sit Investment Associates, Inc. ("SIA") is an investment adviser registered under section 203 of the Investment Advisers Act of 1940. Sit Fixed Income Advisors II, LLC ("SFI") is an investment adviser registered under section 203 of the Investment Advisers Act of 1940 and a subsidiary of SIA. SIA and SFI provide investment management services to client accounts ("Accounts"). In their roles as investment advisers SIA and SFI possess shared voting and investment power over securities of the Issuer described in this schedule 13G owned by the Accounts and may be deemed to be the beneficial owner of such shares of the Issuer owned by the Accounts. All securities reported in this schedule 13G are owned by the Accounts. Pursuant to Rule 13d-4 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), SIA and SFI disclaim beneficial ownership of such securities.
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
The Accounts are known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities.
Except as may be indicated if this is a joint filing with a registered investment company managed by SIA or SFI, not more than 5% of the class of such securities is owned by any one Account subject to the investment advice of SIA or SFI.
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
