0000812801
2026-03-27
2026-03-27
0000812801
dei:BusinessContactMember
2026-03-27
2026-03-27
0000812801
us-gaap:CommonStockMember
2026-03-20
0000812801
us-gaap:CommonStockMember
2026-03-20
2026-03-20
0000812801
us-gaap:CommonStockMember
2025-11-01
2026-01-31
0000812801
us-gaap:CommonStockMember
2025-08-01
2025-10-31
0000812801
us-gaap:CommonStockMember
2025-05-01
2025-07-31
0000812801
us-gaap:CommonStockMember
2025-02-01
2025-04-30
0000812801
us-gaap:CommonStockMember
2024-11-01
2025-01-31
0000812801
us-gaap:CommonStockMember
2024-08-01
2024-10-31
0000812801
us-gaap:CommonStockMember
2024-05-01
2024-07-31
0000812801
us-gaap:CommonStockMember
2024-02-01
2024-04-30
0000812801
us-gaap:CommonStockMember
2023-11-01
2024-01-31
0000812801
us-gaap:CommonStockMember
2024-12-31
0000812801
us-gaap:CommonStockMember
2023-12-31
0000812801
us-gaap:CommonStockMember
2022-12-31
0000812801
us-gaap:CommonStockMember
2021-12-31
0000812801
us-gaap:CommonStockMember
2020-12-31
0000812801
us-gaap:CommonStockMember
2019-12-31
0000812801
us-gaap:CommonStockMember
2018-12-31
0000812801
us-gaap:CommonStockMember
2017-12-31
0000812801
us-gaap:CommonStockMember
2016-12-31
0000812801
us-gaap:CommonStockMember
2015-12-31
0000812801
us-gaap:CommonStockMember
2025-12-31
iso4217:USD
shares
iso4217:USD
shares
pure
false
N-2ASR
0000812801
33-000000
Yes
811-05120
N-2
true
false
false
true
true
28
Nuveen Municipal Value Fund, Inc.
333 West Wacker Drive
Chicago
IL
60606
800
257-8787
Mark L. Winget
333 West Wacker Drive
Chicago
IL
60606
From time to time after the effective date of this Registration Statement.
false
true
true
true
false
false
false
false
false
false
true
false
false
true
false
false
9.04
9.04
9.04
9.04
207541595
<p id="xdx_804_ecef--PurposeOfFeeTableNoteTextBlock_dU_zMuq5PCayhsj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The purpose of the table and Example below are to
help you understand all fees and expenses that you, as a shareholder of Common Stock, would bear directly or indirectly. The table shows
the expenses of the Fund as a percentage of the average net assets applicable to Common Stock, and not as a percentage of total
assets or Managed Assets.</p>
<p id="xdx_801_ecef--ShareholderTransactionExpensesTableTextBlock_dU_gL1STETTB-DVDSMW_z7yg87C5DiRg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
<td style="vertical-align: top"><span style="font-size: 10pt"><b>Shareholder Transaction Expenses</b></span></td>
<td> </td>
<td style="vertical-align: bottom"> </td>
<td style="vertical-align: bottom"> </td>
<td style="vertical-align: bottom"> </td></tr>
<tr style="background-color: #CCEEFF">
<td style="vertical-align: top"><span style="font-size: 10pt">Maximum Sales Charge (<span id="xdx_906_ecef--BasisOfTransactionFeesNoteTextBlock_c20260327__20260327_zAqKhU7eCPo8">as a percentage of offering price</span>)</span></td>
<td> </td>
<td style="vertical-align: bottom"> </td>
<td id="xdx_986_ecef--SalesLoadPercent_dp_c20260327__20260327_fKg_____zkAZV6XoFM59" style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">1.00</span></td>
<td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 10pt">%<sup>*</sup></span></td></tr>
<tr style="background-color: white">
<td style="vertical-align: top"> </td>
<td> </td>
<td style="vertical-align: bottom"> </td>
<td style="vertical-align: bottom"> </td>
<td style="white-space: nowrap; vertical-align: bottom"> </td></tr>
<tr style="background-color: #CCEEFF">
<td style="vertical-align: top"><span style="font-size: 10pt">Dividend Reinvestment Plan Fees<sup>(1)</sup></span></td>
<td> </td>
<td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">$</span></td>
<td id="xdx_98A_ecef--DividendReinvestmentAndCashPurchaseFees_pp2p0_c20260327__20260327_fKDEp_zK3GOaN1pltf" style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">2.50</span></td>
<td style="white-space: nowrap; vertical-align: bottom"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td><span id="xdx_F07_zDYJPYTB9rz5" style="font-size: 10pt">*</span></td>
<td><span id="xdx_F14_zLCHGF7CVGhj" style="font-size: 10pt">The maximum sales charge for offerings made at-the-market is 1.00%. If the Common Stock are sold to or through underwriters in an offering that is not made at-the-market, the applicable Prospectus Supplement will set forth any other applicable sales load. Additionally, the applicable Prospectus Supplement will set forth the offering expenses (if any) borne by Fund common shareholders.</span></td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; display: none; visibility: hidden; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0.25in"><span id="xdx_F08_zTrePssnC1T4" style="font-size: 10pt">(1)</span></td>
<td><span id="xdx_F11_zETbPL3eFHzl" style="font-size: 10pt">You will be charged a $2.50 service charge and pay brokerage charges if you direct Computershare Inc. and Computershare Trust Company, N.A., as agent for the Common Shareholders (the “Plan Agent”), to sell your Common Shares held in a dividend reinvestment account.</span></td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0.25in"><span style="font-size: 10pt">(1)</span></td>
<td><span style="font-size: 10pt">You will be charged a $2.50 service charge and pay brokerage charges if you direct Computershare Inc. and Computershare Trust Company, N.A., as agent for the shareholders of Common Stock (the “Plan Agent”), to sell your Common Stock held in a dividend reinvestment account.</span></td></tr>
</table>
as a percentage of offering price
0.0100
2.50
<p id="xdx_808_ecef--AnnualExpensesTableTextBlock_dU_gL1AETTB-TW_zQ4MlyxTNdLj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td colspan="2" style="border-bottom: black 1pt solid"><span style="font-size: 10pt"><b>As a<br/>
Percentage of<br/>
Net Assets</b></span><br/>
<span style="font-size: 10pt"><b>Attributable<br/>
to Common<br/>
Stock<sup>(2)</sup></b></span></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 87%"><span style="font-size: 10pt"><b>Annual Expenses</b></span></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 10%"> </td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><span style="font-size: 10pt">Management Fees</span></td>
<td> </td>
<td> </td>
<td id="xdx_988_ecef--ManagementFeesPercent_dp_c20260327__20260327_fKDIp_z5HZB3wBXGd8" style="text-align: right"><span style="font-size: 10pt">0.46%</span></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><span style="font-size: 10pt">Interest and Other Related Expenses<sup>(3)</sup></span></td>
<td> </td>
<td> </td>
<td id="xdx_981_ecef--InterestExpensesOnBorrowingsPercent_dp_c20260327__20260327_fKDIpKDMp_zSnR0C1Ioetb" style="text-align: right"><span style="font-size: 10pt">0.14%</span></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><span style="font-size: 10pt">Other Expenses<sup>(4)</sup></span></td>
<td> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td id="xdx_98C_ecef--OtherAnnualExpensesPercent_dp_c20260327__20260327_fKDIpKDQp_zoE6wUdqSSBb" style="border-bottom: black 1pt solid; text-align: right"><span style="font-size: 10pt">0.06%</span></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><span style="font-size: 10pt">Total Annual Expenses</span></td>
<td> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td id="xdx_980_ecef--TotalAnnualExpensesPercent_dp_c20260327__20260327_fKDIp_zNnx2MWd20X9" style="border-bottom: black 1pt solid; text-align: right"><span style="font-size: 10pt">0.66%</span></td>
<td> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0.25in"><span id="xdx_F0A_zh5l3yYiazt4" style="font-size: 10pt">(2)</span></td>
<td><span id="xdx_F1D_zP2LjAjnw7lb" style="font-size: 10pt">Stated as percentages of average net assets attributable to Common Stock for the fiscal year ended October 31, 2025.</span></td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0.25in"><span id="xdx_F04_zQaVbl7xPQj7" style="font-size: 10pt">(3)</span></td>
<td><span id="xdx_F1E_ze5T3nBbvD16" style="font-size: 10pt">Interest and Other Related Expenses reflect actual expenses and fees for leverage incurred by the Fund for the fiscal year ended October 31, 2025. The types of leverage used by the Fund during the fiscal year ended October 31, 2025 are described in the Fund Leverage and the Notes to Financial Statements sections of the Fund’s annual report. Actual Interest and Other Related Expenses incurred in the future may be higher or lower. If short-term market interest rates rise in the future, and if the Fund continues to maintain leverage, the cost of which is tied to short-term interest rates, the Fund’s interest expenses on its short-term borrowings can be expected to rise in tandem. The Fund’s use of leverage will increase the amount of management fees paid to the Fund’s adviser and sub-advisor(s).</span></td></tr>
<tr style="vertical-align: top">
<td><span id="xdx_F00_z7KZ2L3KVZi" style="font-size: 10pt">(4)</span></td>
<td><span id="xdx_F12_z0PEnfsMVlMg" style="font-size: 10pt"><span id="xdx_907_ecef--OtherExpensesNoteTextBlock_c20260327__20260327_z7N3HFdkNc82">Other Expenses is based on estimated amounts for the current fiscal year. Expenses attributable to the Fund’s investments, if any, in other investment companies are currently estimated not to exceed 0.01%. See “Investment Objectives and Policies-Other Investment Companies” in the SAI.</span></span></td></tr>
</table>
0.0046
0.0014
0.0006
0.0066
Other Expenses is based on estimated amounts for the current fiscal year. Expenses attributable to the Fund’s investments, if any, in other investment companies are currently estimated not to exceed 0.01%. See “Investment Objectives and Policies-Other Investment Companies” in the SAI.
<p id="xdx_809_ecef--ExpenseExampleTableTextBlock_dU_zhuGJ2Jf5aKd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Example </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following example illustrates the
expenses, including the transaction fee (referred to as the “Maximum Sales Charge” in the Shareholder Transaction
Expenses table above), if any, that a shareholder of Common Stock would pay on a $1,000 investment that is held for the time periods
provided in the table. The example assumes that all dividends and other distributions are reinvested in the Fund and that the
Fund’s Annual Expenses, as provided above, remain the same. The example also assumes a 5% annual return. Actual expenses may
be greater or less than those assumed. Moreover, the Fund’s actual rate of return may be greater or less than the hypothetical
5% return shown in the example.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td colspan="2" style="border-bottom: black 1pt solid"><span style="font-size: 10pt"><b>1 Year</b></span></td>
<td> </td>
<td> </td>
<td colspan="2" style="border-bottom: black 1pt solid"><span style="font-size: 10pt"><b>3 Years</b></span></td>
<td> </td>
<td> </td>
<td colspan="2" style="border-bottom: black 1pt solid"><span style="font-size: 10pt"><b>5 Years</b></span></td>
<td> </td>
<td> </td>
<td colspan="2" style="border-bottom: black 1pt solid"><span style="font-size: 10pt"><b>10 Years</b></span></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td colspan="2"> </td>
<td> </td>
<td> </td>
<td colspan="2"> </td>
<td> </td>
<td> </td>
<td colspan="2"> </td>
<td> </td>
<td> </td>
<td colspan="2"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><span style="font-size: 10pt">$</span></td>
<td id="xdx_981_ecef--ExpenseExampleYear01_c20260327__20260327_fKDEp_zq8WhISf7uq2" style="text-align: right"><span style="font-size: 10pt">17</span></td>
<td> </td>
<td> </td>
<td><span style="font-size: 10pt">$</span></td>
<td id="xdx_984_ecef--ExpenseExampleYears1to3_c20260327__20260327_fKDEp_zY9vVL0cShyl" style="text-align: right"><span style="font-size: 10pt">31</span></td>
<td> </td>
<td> </td>
<td><span style="font-size: 10pt">$</span></td>
<td id="xdx_988_ecef--ExpenseExampleYears1to5_c20260327__20260327_fKDEp_z10f6RmwrkCb" style="text-align: right"><span style="font-size: 10pt">46</span></td>
<td> </td>
<td> </td>
<td><span style="font-size: 10pt">$</span></td>
<td id="xdx_98C_ecef--ExpenseExampleYears1to10_c20260327__20260327_fKDEp_zQJgYn5pPAbh" style="text-align: right"><span style="font-size: 10pt">91</span></td>
<td> </td></tr>
<tr>
<td style="width: 1%"> </td>
<td style="width: 16%"> </td>
<td style="width: 4%"> </td>
<td style="width: 4%"> </td>
<td style="width: 1%"> </td>
<td style="width: 16%"> </td>
<td style="width: 4%"> </td>
<td style="width: 4%"> </td>
<td style="width: 1%"> </td>
<td style="width: 16%"> </td>
<td style="width: 4%"> </td>
<td style="width: 4%"> </td>
<td style="width: 1%"> </td>
<td style="width: 16%"> </td>
<td style="width: 1%"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>The example should not be considered a representation of
future expenses. Actual expenses may be greater or less than those shown above.</b></p>
17
31
46
91
9.30
8.69
8.77
10.62
10.48
10.57
9.84
10.30
10.39
10.20
9.20
9.30
8.69
8.77
10.62
10.48
10.57
9.84
10.30
10.39
9.00
8.91
7.99
8.35
11.21
10.81
10.43
9.18
10.12
9.98
<div id="xdx_808_ecef--SharePriceTableTextBlock_dU_zXyFKxb7e2Xd" style="font-weight: bold; display: inline"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TRADING
AND NET ASSET VALUE INFORMATION</span></div><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 12pt"> </div>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in">The following table shows for the periods indicated: (i) the high and low sales prices for the Common Stock reported as of the end of the day on the NYSE, (ii) the corresponding NAV per share, and (iii) the premium/(discount) to NAV per share at which the Common Stock was trading as of such date. The Fund’s Common Stock have historically traded both at premiums and discounts in relation to the Fund’s NAV per share. The Fund cannot predict whether its Common Stock will trade at a premium or discount to NAV in the future. The Board of Directors has currently determined that, at least annually, it will consider action that might be taken to reduce or eliminate any material discount from NAV, which may include the repurchase of such shares in the open market or in private transactions, the making of a tender offer for such shares at NAV, or the conversion of the Fund to an open-end investment company. The Fund cannot assure you that its Board of Directors will decide to take any of these actions, or that share repurchases or tender offers will actually reduce market discount.</p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="2" id="xdx_48B_ecef--HighestPriceOrBid_hus-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zcJ0bHlchvU5" style="font-weight: bold; text-align: center"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="2" id="xdx_483_ecef--LowestPriceOrBid_hus-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zf8ItHVy6yma" style="font-weight: bold; text-align: center"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="2" id="xdx_48F_ecef--HighestPriceOrBidNav_hus-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zeUUPX2uFgq3" style="font-weight: bold; text-align: center"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="2" id="xdx_482_ecef--LowestPriceOrBidNav_hus-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_z1bJsTM1rEyb" style="font-weight: bold; text-align: center"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="2" id="xdx_482_ecef--HighestPriceOrBidPremiumDiscountToNavPercent_dp_hus-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zA1iKP4k49Lk" style="font-weight: bold; text-align: center"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="2" id="xdx_48C_ecef--LowestPriceOrBidPremiumDiscountToNavPercent_dp_hus-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zI6XEeVlBhKa" style="font-weight: bold; text-align: center"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold"> </td>
<td colspan="6" style="font-weight: bold; text-align: center">Closing Market Price per</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td>
<td colspan="6" style="font-weight: bold; text-align: center">NAV per share of <br/>
Common Stock on</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td>
<td colspan="6" style="font-weight: bold; text-align: center">Premium/(Discount) on</td><td style="font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">share of Common Stock</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Date of Market Price</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Date of Market Price</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">Fiscal Quarter Ended</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">High</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Low</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">High</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Low</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">High</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Low</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr>
<tr id="xdx_419_20251101__20260131_zACzHsCb3hDi" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 26%; text-align: left">January 2026</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">9.17</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">8.93</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">9.17</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">9.13</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">0.00</td><td style="width: 2%; text-align: left">%</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">(2.19</td><td style="width: 2%; text-align: left">)%</td></tr>
<tr id="xdx_417_20250801__20251031_zwiWWxG4TEg8" style="vertical-align: bottom; background-color: White">
<td style="text-align: left">October 2025</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">9.09</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">8.58</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">9.20</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">8.90</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1.20</td><td style="text-align: left">)%</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(3.60</td><td style="text-align: left">)%</td></tr>
<tr id="xdx_414_20250501__20250731_zdFtGsbIXbWi" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">July 2025</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">8.75</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">8.45</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">8.96</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">8.92</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(2.34</td><td style="text-align: left">)%</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(5.27</td><td style="text-align: left">)%</td></tr>
<tr id="xdx_41D_20250201__20250430_zVHxT2HM73h9" style="vertical-align: bottom; background-color: White">
<td style="text-align: left">April 2025</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">8.90</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">8.43</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">9.33</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">8.87</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(4.61</td><td style="text-align: left">)%</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(4.96</td><td style="text-align: left">)%</td></tr>
<tr id="xdx_41C_20241101__20250131_zvRGrhv1yApb" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">January 2025</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">9.02</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">8.51</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">9.44</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">9.23</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(4.45</td><td style="text-align: left">)%</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(7.80</td><td style="text-align: left">)%</td></tr>
<tr id="xdx_41E_20240801__20241031_zPlt7GZpFLrd" style="vertical-align: bottom; background-color: White">
<td style="text-align: left">October 2024</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">9.15</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">8.69</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">9.42</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">9.47</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(2.87</td><td style="text-align: left">)%</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(8.24</td><td style="text-align: left">)%</td></tr>
<tr id="xdx_412_20240501__20240731_zNzSR9BO9m5l" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">July 2024</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">8.77</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">8.39</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">9.33</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">9.18</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(6.00</td><td style="text-align: left">)%</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(8.61</td><td style="text-align: left">)%</td></tr>
<tr id="xdx_41C_20240201__20240430_zhPJPncWSyXj" style="vertical-align: bottom; background-color: White">
<td style="text-align: left">April 2024</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">8.93</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">8.41</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">9.47</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">9.28</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(5.70</td><td style="text-align: left">)%</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(9.37</td><td style="text-align: left">)%</td></tr>
<tr id="xdx_412_20231101__20240131_zryzAvaOqyGk" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">January 2024</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">8.81</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">8.09</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">9.42</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">8.71</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(6.48</td><td style="text-align: left">)%</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(7.12</td><td style="text-align: left">)%</td></tr>
</table>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"> </p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
net asset value per share of Common Stock, the market price, and percentage of premium/(discount) to net asset value per share of Common Stock on
March 20, 2026 was $<span id="xdx_90F_eus-gaap--NetAssetValuePerShare_iI_d0_c20260320__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zQdOrflURk45">9.04</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
$<span id="xdx_907_eus-gaap--SharePrice_iI_d0_c20260320__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_znqwP393uwtj">9.04</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and <span id="xdx_909_ecef--LatestPremiumDiscountToNavPercent_dp0_c20260320__20260320__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zBZDDrhNE7i9">0.00</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%,
respectively. As of March 20, 2026, the Fund had </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">
207,541,595 shares of Common Stock outstanding and net assets of $1,876,185,759 applicable to Common Stock.</span></p>
9.17
8.93
9.17
9.13
0.0000
-0.0219
9.09
8.58
9.20
8.90
-0.0120
-0.0360
8.75
8.45
8.96
8.92
-0.0234
-0.0527
8.90
8.43
9.33
8.87
-0.0461
-0.0496
9.02
8.51
9.44
9.23
-0.0445
-0.0780
9.15
8.69
9.42
9.47
-0.0287
-0.0824
8.77
8.39
9.33
9.18
-0.0600
-0.0861
8.93
8.41
9.47
9.28
-0.0570
-0.0937
8.81
8.09
9.42
8.71
-0.0648
-0.0712
9.04
9.04
0.0000
<div id="xdx_80E_ecef--OutstandingSecuritiesTableTextBlock_dU_z2sLTuqBA8bg" style="display: inline"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following provides information about the Fund’s outstanding shares of Common Stock
as of March 20, 2026:</span></div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 12pt"> </div>
<table cellpadding="0" cellspacing="0" style="border-width: 0; font: 8pt Times New Roman, Times, Serif; margin: 0 auto; border-collapse: collapse; width: 100%">
<tr>
<td style="width: 66%"></td>
<td style="vertical-align: bottom; width: 4%"></td>
<td></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 4%"></td>
<td></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 4%"></td>
<td></td>
<td></td>
<td></td> </tr>
<tr style="font: 8pt Times New Roman, Times, Serif; page-break-inside: avoid">
<td style="vertical-align: bottom; white-space: nowrap"> <div style="font: 8pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><div style="display: inline; font-weight: bold; display: inline">Title of Class</div></div> <hr style="border-style: solid; color: #000000"/></td>
<td style="vertical-align: bottom"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: center"><div style="letter-spacing: 0px; top: 0px; display: inline"><div style="display: inline; font-weight: bold; display: inline">Amount<br/>Authorized</div></div> <hr style="border-style: solid; color: #000000"/></td>
<td style="vertical-align: bottom"> </td>
<td style="vertical-align: bottom"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: center"><div style="letter-spacing: 0px; top: 0px; display: inline"><div style="display: inline; font-weight: bold; display: inline">Amount Held<br/>by the Fund or<br/>for its Account</div></div> <hr style="border-style: solid; color: #000000"/></td>
<td style="vertical-align: bottom"> </td>
<td style="vertical-align: bottom"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: center"><div style="letter-spacing: 0px; top: 0px; display: inline"><div style="display: inline; font-weight: bold; display: inline">Amount<br/>Outstanding</div></div> <hr style="border-style: solid; color: #000000"/></td>
<td style="vertical-align: bottom"> </td> </tr>
<tr style="font: 10pt Times New Roman, Times, Serif; page-break-inside: avoid; background-color: rgb(204,238,255)">
<td style="vertical-align: top"> <div style="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em"><div style="display: inline"><span id="xdx_90F_ecef--OutstandingSecurityTitleTextBlock_c20260320__20260320__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zAMenjcnbou8">Common Stock</span></div></div> </td>
<td style="vertical-align: bottom"> </td>
<td style="vertical-align: bottom"> </td>
<td style="vertical-align: bottom; text-align: right"><div style="text-align: right; display: inline"><span id="xdx_901_ecef--OutstandingSecurityAuthorizedShares_c20260320__20260320__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zr0uYIOGbg3k">350,000,000</span></div></td>
<td style="white-space: nowrap; vertical-align: bottom"> </td>
<td style="vertical-align: bottom"> </td>
<td style="vertical-align: bottom"> </td>
<td style="vertical-align: bottom; text-align: right"><div style="display: inline"><span id="xdx_909_ecef--OutstandingSecurityHeldShares_c20260320__20260320__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zQHS8SExycr">0</span></div></td>
<td style="white-space: nowrap; vertical-align: bottom"> </td>
<td style="vertical-align: bottom"> </td>
<td style="vertical-align: bottom"> </td>
<td style="vertical-align: bottom; text-align: right"><div style="display: inline"><span id="xdx_906_ecef--OutstandingSecurityNotHeldShares_c20260320__20260320__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zbQ8blyfrMul">207,541,595</span></div></td>
<td style="white-space: nowrap; vertical-align: bottom"> </td> </tr> </table>
Common Stock
350000000
0
207541595
<div id="xdx_808_ecef--InvestmentObjectivesAndPracticesTextBlock_dU_zoYGLRv5SNOh" style="font-weight: bold; display: inline"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment
Objectives and Policies</span><div><div><div style="line-height: normal; background-color: white; display: inline"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></div></div></div></div>
</div><div style="margin-top: 0pt; margin-bottom: -6pt; font-size: 6pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></div> <div style="display: inline"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Please
refer to the section of the Fund’s most recent <a href="https://www.sec.gov/Archives/edgar/data/812801/000119312526006434/d30963dncsr.htm">annual
report</a> on Form N-CSR entitled “Shareholder Update—Current Investment Objectives,
Investment Policies and Principal Risks of the Funds—Investment Objectives” and
“—Investment Policies,” as such investment objectives and investment policies
may be supplemented from time to time, which is incorporated by reference herein, for a discussion
of the Fund’s investment objectives and policies.</span></div>
<div id="xdx_80C_ecef--RiskFactorsTableTextBlock_dU_zGN89gvqvbe7" style="font-weight: bold; display: inline"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">RISK
FACTORS</span></div><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 12pt"><span id="a_001"></span> </div> <div style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 4%">Risk is inherent in all investing.
Investing in any investment company security involves risk, including the risk that you may receive little or no return on your
investment or even that you may lose part or all of your investment. Please refer to the section of the Fund’s most recent
<a href="https://www.sec.gov/Archives/edgar/data/812801/000119312526006434/d30963dncsr.htm">annual report</a> on Form N-CSR entitled “Shareholder Update—Current Investment Objectives, Investment Policies and
Principal Risks of the Funds—Principal Risks of the Funds,” as such principal risks may be supplemented from time to
time, which is incorporated by reference herein, for a discussion of the principal risks you should consider before making an
investment in the Fund. Any additional risks applicable to a particular offering of Securities will be set forth in the
related prospectus supplement. </div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 24pt"> </div>
<div id="xdx_80F_ecef--CapitalStockTableTextBlock_dU_zqBzKFFwWMS8" style="font-weight: bold; display: inline"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DESCRIPTION
OF SHARES</span></div><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 12pt"> </div> <div style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><div style="font-weight: bold; display: inline">Common Stock </div><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt"> </div></div> <div style="margin-top: 0pt; margin-bottom: -6pt; font-size: 6pt"> </div> <div style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 4%"><div style="display: inline"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Articles authorize the issuance of 350,000,000 shares of Common Stock. The shares of Common
Stock have a par value of $0.01 per share and have equal rights to the payment of dividends
and the distribution of assets upon liquidation. The shares of Common Stock, when issued,
are fully paid and, subject to matters discussed in “Certain Provisions in the Articles
of Incorporation and</span><div style="white-space: nowrap; letter-spacing: 0px; top: 0px; display: inline"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By-Laws,”</span></div> <div style="white-space: nowrap; letter-spacing: 0px; top: 0px; display: inline"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">non-assessable,</span></div> and have no preemptive or conversion rights, except as the Board of Directors may authorize from time to time, or rights to
cumulative voting. A copy of the Articles is filed with the SEC as an exhibit to the Fund’s registration
statement of which this Prospectus is a part. </div>
<div style="display: inline"><span id="xdx_90B_ecef--SecurityVotingRightsTextBlock_c20260327__20260327_zqMxA3aqiAW" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
whole share of Common Stock has one vote with respect to matters submitted for a vote by the Fund’s shareholders of Common Stock
and on which the shareholder is entitled to vote, and each fractional share shall be entitled to a proportional fractional vote consistent
with the requirements of the 1940 Act and the rules promulgated thereunder, and will vote together as a single class.</span></div><div style="display: inline"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Whenever
the Fund incurs borrowings (in accordance with its fundamental investment policies), shareholders of Common
Stock will not be entitled to receive any cash distributions from the Fund unless all interest on such borrowings
has been paid and asset coverage (as defined in the 1940 Act) with respect to any borrowings would be at least
300% after giving effect to the distributions. As previously noted, unless otherwise approved by shareholders,
the Fund will not issue senior securities such as preferred shares or debt instruments. However, if the Fund
issues preferred shares, shareholders of Common Stock will not be entitled to receive any cash distributions
from the Fund unless all accrued dividends on preferred shares have been paid, and unless asset coverage (as
defined in the 1940 Act) with respect to preferred shares would be at least 200% after giving effect to the
distributions. See “—Other Shares” below.</span></div><div></div> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt"> </div>
<hr style="color: #999999; height: 3px; width: 100%"/>
<div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 12pt"> </div>
<div style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 4%">
<div style="display: inline">The shares of Common Stock are listed on the NYSE and trade under the symbol “NUV.” The Fund intends to hold annual meetings of shareholders so long as the Common Stock is listed on a national securities exchange and such meetings are required as a condition to such listing. The Fund does not issue share certificates.</div> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 12pt"> </div> <div style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 4%"><div style="display: inline">Unlike <div style="white-space: nowrap; letter-spacing: 0px; top: 0px; display: inline">open-end</div> funds, <div style="white-space: nowrap; letter-spacing: 0px; top: 0px; display: inline">closed-end</div> funds like the Fund do not provide daily redemptions. Rather, if a shareholder determines to buy additional shares of Common Stock or sell shares already held, the shareholder may conveniently do so by trading on the exchange through a broker or otherwise. Shares of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px; display: inline">closed-end</div> investment companies may frequently trade on an exchange at prices lower than NAV. Common shares of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px; display: inline">closed-end</div> investment companies like the Fund have, during some periods, traded at prices higher than NAV have, during other periods,
traded at prices lower than NAV.</div> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 12pt"> </div> <div style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 4%">Because the market value of the shares of Common Stock may be influenced by such factors as distribution levels (which are in turn affected by expenses), call protection, dividend stability, portfolio credit quality, NAV, relative demand for and supply of such shares in the market, general market and economic conditions, and other factors beyond the control of the Fund, the Fund cannot assure you that shares of Common Stock will trade at a price equal to or higher than NAV in the future. The Common Stock is designed primarily for long-term investors, and investors in the Common Stock should not view the Fund as a vehicle for trading purposes. See “Repurchase of Fund Shares; Conversion to <div style="white-space: nowrap; letter-spacing: 0px; top: 0px; display: inline">Open-End</div> Fund.” </div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 18pt"> </div> <div style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><div style="font-weight: bold; display: inline">Other Shares </div><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt"> </div></div> <div style="margin-top: 0pt; margin-bottom: -6pt; font-size: 6pt"> </div> <div style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 4%">As previously noted, as
a fundamental investment policy, the Fund will not issue senior securities such as preferred shares or debt instruments without the
approval of shareholders of Common Stock. For additional information, see the SAI under “Description of Shares—No Preferred Shares.” </div><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 24pt"> </div>
Each
whole share of Common Stock has one vote with respect to matters submitted for a vote by the Fund’s shareholders of Common Stock
and on which the shareholder is entitled to vote, and each fractional share shall be entitled to a proportional fractional vote consistent
with the requirements of the 1940 Act and the rules promulgated thereunder, and will vote together as a single class.