Nuveen Taxable Municipal Income Fund

N-CSRS 1 d81477dncsrs.htm NUVEEN TAXABLE MUNICIPAL INCOME FUND Nuveen Taxable Municipal Income Fund

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		811-22391

Nuveen Taxable Municipal Income Fund

(Exact name of registrant as specified in charter)

Nuveen Investments

333 West Wacker Drive

Chicago, Illinois 60606

(Address of principal executive offices) (Zip code)

Mark L. Winget

Vice President and Secretary

333 West Wacker Drive

Chicago, Illinois 60606

(Name and address of agent for service)

Registrant’s telephone number, including area code: (800) 257-8787

Date of fiscal year end: March 31

Date of reporting period: September 30, 2025

Item 1.

Reports to Stockholders.

Closed-End Funds

Nuveen Municipal

September 30,

2025

Semi-Annual

Report

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

Nuveen Taxable Municipal Income Fund

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Table

of Contents

Important Notices

Common Share Information

About the Fund’s Benchmark

Fund Performance, Leverage and Holdings Summaries

Portfolio of Investments

Statement of Assets and Liabilities

Statement of Operations

Statement of Changes in Net Assets

Statement of Cash Flows

Financial Highlights

Notes to Financial Statements

Shareholder Meeting Report

Additional Fund Information

Glossary of Terms Used in this Report

Statement Regarding Basis for Approval of Investment Advisory Contract

Important Notices

Portfolio manager commentaries:

The Funds include portfolio manager commentary in their annual shareholder reports. For your

Fund’s most recent annual portfolio manager discussion, please refer to the Portfolio Managers’ Comments section of the Fund’s

annual shareholder report.

Fund changes:

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

Financial Statements section of this report.

Fund principal investment policies and principal risks:

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

report for information on the Fund’s principal investment policies and principal risks.

Fund performance:

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

www.

nuveen.com

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

Holding Summaries section within this report.

Common Share Information

COMMON SHARE DISTRIBUTION INFORMATION

The following information regarding the Fund's distributions is current as of September 30, 2025. The Fund's distribution levels may

vary over time based on the Fund's investment activity and portfolio investments value changes.

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

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

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

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

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

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

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

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

includes anything other than net investment income, the Fund provides a notice of the best estimate of its distribution sources at

the time of the distribution which may be viewed at www.nuveen.com/CEFdistributions. These estimates may not match the final tax

characterization (for the full year’s distributions) contained in shareholders’ 1099-DIV forms after the end of the year.

NUVEEN CLOSED-END FUND DISTRIBUTION AMOUNTS

The Nuveen Closed-End Funds’ monthly and quarterly periodic distributions to shareholders are posted on www.nuveen.com

and can be found on Nuveen’s enhanced closed-end fund resource page, which is at https://www.nuveen.com/resource-center-

closed-end-funds, along with other Nuveen closed-end fund product updates. To ensure timely access to the latest information,

shareholders may use a subscribe function, which can be activated at this web page (https://www.nuveen.com/subscriptions).

COMMON SHARE EQUITY SHELF PROGRAMS

During the current fiscal period, the Fund was authorized by the Securities and Exchange Commission to issue additional common

shares through an equity shelf program (Shelf Offering). Under these programs, the Fund, subject to market conditions, may

raise additional capital from time to time in varying amounts and offering methods at a net price at or above the Fund's NAV per

common share. The maximum aggregate offering under these Shelf Offerings are as shown in the accompanying table.

During the current fiscal period, the Fund did not sell any common shares through its shelf offering.

Refer to Notes to Financial Statements, for further details of Shelf Offerings and the Fund’s transactions.

COMMON SHARE REPURCHASES

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

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

Per Common

Amounts

Monthly Distributions (Ex-Dividend Date)

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April

$0.0965

May

0.0965

June

0.0965

July

0.0965

August

0.0965

September

0.0965

Total Distributions from Net Investment Income

$0.5790

Yields

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Market Yield

7.14%

Market Yield is based on the Fund's current annualized monthly distribution divided by the Fund's current market price as of the end of the fiscal period.

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Maximum aggregate offering

$120,480,111

During the current fiscal period, the Fund did not repurchase any of its outstanding common shares. As of September 30, 2025, (and

since the inception of the Fund's repurchase programs), the Fund has cumulatively repurchased and retired its outstanding common

shares as shown in the accompanying table.

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Common shares cumulatively repurchased and retired

Common shares authorized for repurchase

2,935,000

About the Fund’s Benchmark

Bloomberg Taxable Municipal Long Bond Index:

A rules-based index engineered for the long-term taxable municipal

bond market. Bonds in the index have effective maturities of 10+ years. Index returns assume reinvestment of

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

Fund Performance, Leverage and Holdings

Summaries

The Fund Performance, Leverage and Holdings Summaries for the Fund are shown below within this section of the report.

Fund Performance

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

Current performance may be higher or

lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of

Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided

for the Fund’s shares at NAV only. Indexes are not available for direct investment.

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

have less than 10-years of performance. For performance, current to the most recent month-end visit Nuveen.com or call (800) 257-8787.

Impact of Leverage

One important factor impacting the returns of the Fund’s common shares relative to its comparative benchmarks was the Fund’s use of leverage

through its issuance of reverse repurchase agreements and investments in inverse floating rate securities, which represent leveraged investments in

underlying bonds. 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 of long-term bonds that it has bought with the proceeds of that leverage.

However, use of leverage can expose Fund common shares to additional price volatility. When the Fund uses leverage, the Fund’s common shares

will experience a greater increase in their net asset value if the securities acquired through the use of leverage increase in value, but will also

experience a correspondingly larger decline in their net asset value if the securities acquired through leverage decline in value. All this will make the

shares’ total return performance more variable over time.

In addition, common share income in levered funds will typically decrease in comparison to unlevered funds when short-term interest rates increase

and increase when short-term interest rates decrease. In recent quarters, fund leverage expenses have generally tracked the overall movement

of short-term interest rates. While fund leverage expenses are higher than their prior year lows, leverage nevertheless continues to provide the

opportunity for incremental common share income, particularly over longer-term periods.

Leverage Ratios

The Fund’s Effective Leverage and Regulatory Leverage Ratios are set forth below. “Effective Leverage” is a Fund’s effective economic leverage,

and includes both regulatory leverage and the leverage effects of certain derivative and other investments in a Fund’s portfolio that increase the

Fund’s investment exposure. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage

values, in addition to any regulatory leverage. “Regulatory Leverage” consists of preferred shares or borrowings of a Fund. Regulatory Leverage is a

part of a Fund’s capital structure. Regulatory leverage is subject to asset coverage limits set forth in the Investment Company Act of 1940. A Fund,

however, may from time to time borrow for temporary purposes, typically on a transient basis in connection with its day-to-day operations, primarily

in connection with the need to settle portfolio trades. Such temporary borrowings are excluded from the calculation of a Fund’s Effective Leverage

and Regulatory Leverage ratios.

Holding Summaries

The Holdings Summaries data relates to the securities held in the Fund’s portfolio of investments as of the end of this reporting period. It should

not be construed as a measure of performance for the Fund itself. Holdings are subject to change. Refer to the Fund’s Portfolio of Investments for

individual security information.

For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard &

Poor’s, 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.

Nuveen Taxable Municipal Income Fund

Fund Performance, Leverage and Holdings Summaries September 30,

2025

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SEC Form N-CSRS filed by Nuveen Taxable Municipal Income Fund