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Amendment No. 13
13
Nuveen California Municipal Value Fund
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
false
false
false
false
false
false
false
true
false
false
true
No
false
false
9.63
9.18
9.63
9.18
33121987
The purpose of the table and the example below
is to help you understand all fees and expenses that you, as a Common Shareholder, would
bear directly or indirectly. The table shows the expenses of the Fund as a percentage of the average net assets applicable to Common Shares,
and not as a percentage of total assets or Managed Assets.
<div id="xdx_801_ecef--ShareholderTransactionExpensesTableTextBlock_dU_gL1STETTB-BHVUGTO_zItlH2T0tqp7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
<td style="vertical-align: top; padding-left: 0; font-size: 10pt; text-indent: 0"><p style="margin-top: 0; margin-bottom: 0"><span style="font-size: 10pt"><b>Shareholder Transaction Expenses </b></span></p>
</td>
<td style="vertical-align: bottom"> </td>
<td> </td>
<td> </td>
<td> </td></tr>
<tr style="background-color: rgb(204,238,255)">
<td style="vertical-align: top; padding-left: 0; font-size: 10pt; text-indent: 0"><span style="font-size: 10pt">Maximum Sales Charge (<span id="xdx_907_ecef--BasisOfTransactionFeesNoteTextBlock_c20260520__20260520_zdWea2G0f875">as a percentage of offering price</span>)</span></td>
<td style="vertical-align: bottom; font-size: 10pt"> </td>
<td style="vertical-align: bottom; font-size: 10pt"> </td>
<td style="vertical-align: bottom; font-size: 10pt; text-align: right"><span style="font-size: 10pt"><span id="xdx_907_ecef--SalesLoadPercent_dp_c20260520__20260520_fKg_____zGu48tliO9Yd">1.00</span></span></td>
<td style="white-space: nowrap; vertical-align: bottom; font-size: 10pt"><span style="font-size: 10pt">%<sup id="xdx_F2D_zUFuqAzcqYa1">*</sup></span></td></tr>
<tr style="background-color: white">
<td style="vertical-align: top; padding-left: 0; font-size: 10pt; text-indent: 0"><span style="font-size: 10pt">Dividend Reinvestment Plan Fees<sup>(1)</sup></span></td>
<td style="vertical-align: bottom; font-size: 10pt"> </td>
<td style="vertical-align: bottom"> </td>
<td style="vertical-align: bottom; font-size: 10pt; text-align: right"><span style="font-size: 10pt">$<span id="xdx_902_ecef--DividendReinvestmentAndCashPurchaseFees_pid_c20260520__20260520_fKDEp_zOuvk5wqOjxh">2.50</span></span></td>
<td style="white-space: nowrap; vertical-align: bottom; font-size: 10pt"> </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%; border-collapse: collapse">
<tr style="vertical-align: top">
<td style="font-size: 10pt"><span id="xdx_F05_zM2qShAw2mrc" style="font-size: 10pt">*</span></td>
<td style="font-size: 10pt"><span id="xdx_F18_zXbSLf3XsAwd" style="font-size: 10pt">The maximum sales charge for offerings made at-the-market is 1.00%. If the Common Shares 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: 8pt Times New Roman, Times, Serif; display: none; visibility: hidden; margin-top: 0; margin-bottom: 0; width: 100%">
<tr style="vertical-align: top; text-align: justify"><td style="text-align: left; width: 0.25in"><span id="xdx_F04_zP0jISYLyy51" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td><td style="text-align: left"><span id="xdx_F17_zqH8Ql26tzA8" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">You will be charged a $2.50 service charge and pay brokerage charges if you direct ComputerShare as agent for the Common Shareholders (the “Plan Agent”), to sell your Common Shares held in a dividend reinvestment account.</span></td></tr>
</table>
<div></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
<td style="width: 4%"><span style="font-size: 10pt">(1)</span></td>
<td style="width: 96%"><span style="font-size: 10pt">You will be charged a $2.50 service charge and pay brokerage charges if you
direct ComputerShare as agent for the Common Shareholders (the “Plan Agent”), to sell your Common Shares held in a
dividend reinvestment account.</span></td></tr>
</table>
as a percentage of offering price
0.0100
2.50
<div id="xdx_80A_ecef--AnnualExpensesTableTextBlock_dU_gL1AETTB-SVOHWK_zu7LGzRajX6k"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
<td style="width: 75%"> </td>
<td style="vertical-align: bottom; width: 1%"> </td>
<td style="width: 21%"> </td>
<td style="width: 3%"> </td></tr>
<tr style="background-color: white">
<td style="vertical-align: top"> </td>
<td style="vertical-align: bottom"> </td>
<td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt"><b>As a Percentage of Net Assets Attributable to Common Shares<sup>(2)</sup></b></span></td>
<td style="vertical-align: bottom"> </td></tr>
<tr style="background-color: white">
<td style="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><span style="font-size: 10pt"><b>Annual Expenses</b></span></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; padding-left: 0; text-indent: 0"><span style="font-size: 10pt">Management Fees</span></td>
<td style="vertical-align: bottom"> </td>
<td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt"><span id="xdx_906_ecef--ManagementFeesPercent_dp_c20260520__20260520_fKDIp_zsV6WV2Xmxc4">0.49</span></span></td>
<td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 10pt">%</span></td></tr>
<tr>
<td style="vertical-align: top"><span style="font-size: 10pt">Other Expenses<sup>(3)</sup></span></td>
<td style="vertical-align: bottom"> </td>
<td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right"><span id="xdx_90E_ecef--OtherAnnualExpensesPercent_dp_c20260520__20260520_fKDIpKDUp_zDAAvFz6Dhh5" style="font-size: 10pt">0.06</span></td>
<td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 10pt">%</span></td></tr>
<tr style="background-color: rgb(204,238,255)">
<td style="vertical-align: top; padding-left: 0; text-indent: 0"><span style="font-size: 10pt">Total Annual Expenses</span></td>
<td style="vertical-align: bottom"> </td>
<td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt"><span id="xdx_909_ecef--TotalAnnualExpensesPercent_dp_c20260520__20260520_fKDIp_zH7zXFbD1Te">0.55</span></span></td>
<td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 10pt">%</span></td></tr>
</table>
<div></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
<td style="width: 4%"><span id="xdx_F00_zo39ilBn2xce" style="font-size: 10pt">(2)</span></td>
<td><span id="xdx_F17_zBIp9PzMaOvc" style="font-size: 10pt">Stated as annualized percentages of average net assets attributable to Common Shares for the six month period ended February 28, 2026 (unaudited).</span></td></tr>
<tr style="vertical-align: top">
<td><span id="xdx_F0D_zRJUbxZGCmmc" style="font-size: 10pt">(3)</span></td>
<td><span id="xdx_909_ecef--OtherExpensesNoteTextBlock_c20260520__20260520_ztbo28Aq8k5j" style="font-size: 10pt">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 “The Fund’s Investments-Other Investment Companies”
in the SAI.</span></td></tr>
</table>
0.0049
0.0006
0.0055
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 “The Fund’s Investments-Other Investment Companies”
in the SAI.
<p id="xdx_80F_ecef--ExpenseExampleTableTextBlock_z9upinS9D1H9" 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; text-indent: 0.5in">The following example illustrates the expenses
including the applicable transaction fees (referred to as the “Maximum Sales Charge” in the Shareholder Transaction Expenses table above), if any, that a Common Shareholder 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 Total
Expenses, as provided above, remain the same. The example also assumes a transaction fee of 1.00%, as a percentage of the offering price,
and a 5% annual return.<sup>1</sup> </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>
<td> </td>
<td style="vertical-align: bottom"> </td>
<td> </td>
<td style="vertical-align: bottom"> </td>
<td> </td>
<td style="vertical-align: bottom"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid; white-space: nowrap; text-align: center"><span style="font-size: 10pt"><b>1 Year</b></span></td>
<td> </td>
<td style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>3 Years</b></span></td>
<td> </td>
<td style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>5 Years</b></span></td>
<td> </td>
<td style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>10 Years</b></span></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td id="xdx_98B_ecef--ExpenseExampleYear01_c20260520__20260520_fMQ_____z1wEw0GDN4zk" style="text-align: center"><span style="font-size: 10pt">$16</span></td>
<td> </td>
<td id="xdx_98B_ecef--ExpenseExampleYears1to3_c20260520__20260520_fMQ_____zRNDeSZNUvTf" style="text-align: center"><span style="font-size: 10pt">$27</span></td>
<td> </td>
<td id="xdx_986_ecef--ExpenseExampleYears1to5_c20260520__20260520_fMQ_____z22GcR7yju7c" style="text-align: center"><span style="font-size: 10pt">$40</span></td>
<td> </td>
<td id="xdx_986_ecef--ExpenseExampleYears1to10_c20260520__20260520_fMQ_____z2O4Trt4znj3" style="text-align: center"><span style="font-size: 10pt">$78</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><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>
<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: top">
<td><span style="font-size: 10pt"><sup id="xdx_F0F_zz3nqRH6StFc">1</sup> </span></td>
<td style="padding-top: 4pt"><span id="xdx_F1E_z54MpXaYz0Jk" style="font-size: 10pt">The example assumes that all dividends and distributions are reinvested at Common Shares NAV. 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. </span></td></tr>
</table>
16
27
40
78
8.85
9.41
9.40
9.22
10.32
10.66
11.05
10.13
10.19
10.24
10.56
10.54
9.34
8.85
9.41
9.40
9.22
10.32
10.66
11.05
10.13
10.19
10.24
10.56
9.62
8.52
8.97
8.77
8.72
9.53
10.21
10.45
9.42
9.55
10.21
10.79
<p id="xdx_800_ecef--SharePriceTableTextBlock_dU_zVn3yNgV1Sp4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b><span id="toc780884_4"></span>TRADING AND NET ASSET VALUE INFORMATION </b></p>
<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 Shares 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 Shares were trading as of such date. The Fund’s Common Shares have historically traded both at premiums and discounts in relation to the Fund’s NAV per share. The Fund cannot predict whether its Common Shares will trade at a premium or discount to NAV in the future. The Board of Trustees has currently determined that, at least annually, it will consider action that might be taken to reduce or eliminate any material discount from NAV in respect of Common Shares, 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 Trustees 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>
<td style="width: 40%"> </td>
<td style="vertical-align: bottom; width: 1%"> </td>
<td style="width: 1%"> </td>
<td id="xdx_489_ecef--HighestPriceOrBid_hus-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_z0JZk1dJqMbe" style="width: 7%"> </td>
<td style="width: 1%"> </td>
<td style="vertical-align: bottom; width: 1%"> </td>
<td style="width: 1%"> </td>
<td id="xdx_48D_ecef--LowestPriceOrBid_hus-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zK1xapEfH30d" style="width: 7%"> </td>
<td style="width: 1%"> </td>
<td style="vertical-align: bottom; width: 1%"> </td>
<td style="width: 1%"> </td>
<td id="xdx_484_ecef--HighestPriceOrBidNav_hus-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zozTRNaKuEb7" style="width: 7%"> </td>
<td style="width: 1%"> </td>
<td style="vertical-align: bottom; width: 1%"> </td>
<td style="width: 1%"> </td>
<td id="xdx_48A_ecef--LowestPriceOrBidNav_hus-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_z3nk8U1Nq1c4" style="width: 7%"> </td>
<td style="width: 1%"> </td>
<td style="vertical-align: bottom; width: 1%"> </td>
<td style="width: 1%"> </td>
<td id="xdx_480_ecef--HighestPriceOrBidPremiumDiscountToNavPercent_dp_hus-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_ze4BpIQ6iHx8" style="width: 7%"> </td>
<td style="vertical-align: bottom; width: 1%"> </td>
<td style="vertical-align: bottom; width: 1%"> </td>
<td style="width: 1%"> </td>
<td id="xdx_483_ecef--LowestPriceOrBidPremiumDiscountToNavPercent_dp_hus-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zwQcF0nGgrV7" style="width: 7%"> </td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"> </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">Closing Market Price per Common
Share</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">NAV per Common Share on 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">Premium/(Discount) on 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_411_20251201__20260228_zQWVajk1Trv6" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">February 2026</td>
<td> </td>
<td style="text-align: left">$</td>
<td style="text-align: right">9.71</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">9.24</td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left">$</td>
<td style="text-align: right">9.16</td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">5.09</td>
<td style="text-align: left">%</td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">(4.91</td>
<td style="text-align: left">)%</td></tr>
<tr id="xdx_41B_20250901__20251130_z5FRuseTJLjd" style="vertical-align: bottom; background-color: White">
<td style="text-align: left">November 2025</td>
<td> </td>
<td style="text-align: left">$</td>
<td style="text-align: right">9.17</td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left">$</td>
<td style="text-align: right">8.52</td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left">$</td>
<td style="text-align: right">9.19</td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left">$</td>
<td style="text-align: right">8.88</td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">(0.22</td>
<td style="text-align: left">)%</td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">(4.05</td>
<td style="text-align: left">)%</td></tr>
<tr id="xdx_41C_20250601__20250831_znou8gmi3WGd" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left"><span style="font-size: 10pt">August 2025</span></td>
<td> </td>
<td style="text-align: left">$</td>
<td style="text-align: right">8.68</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">8.92</td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left">$</td>
<td style="text-align: right">8.78</td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">(2.69</td>
<td style="text-align: left">)%</td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">(4.21</td>
<td style="text-align: left">)%</td></tr>
<tr id="xdx_412_20250301__20250531_zMd1KexilC9c" style="vertical-align: bottom; background-color: White">
<td style="text-align: left"><span style="font-size: 10pt">May 2025</span></td>
<td> </td>
<td style="text-align: left">$</td>
<td style="text-align: right">8.73</td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left">$</td>
<td style="text-align: right"> 8.24</td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left">$</td>
<td style="text-align: right">9.22</td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left">$</td>
<td style="text-align: right">8.86</td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">(5.31</td>
<td style="text-align: left">)%</td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">(7.00</td>
<td style="text-align: left">)%</td></tr>
<tr id="xdx_41D_20241201__20250228_z7eyO9bv9mp4" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 34%; text-align: left"><span style="font-size: 10pt">February 2025</span></td>
<td> </td>
<td style="text-align: left">$</td>
<td style="width: 8%; text-align: right">8.84</td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left">$</td>
<td style="width: 8%; text-align: right">8.37</td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left">$</td>
<td style="width: 8%; text-align: right">9.47</td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left">$</td>
<td style="width: 8%; text-align: right">9.24</td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left"> </td>
<td style="width: 8%; text-align: right">(6.65</td>
<td style="text-align: left">)%</td>
<td> </td>
<td style="text-align: left"> </td>
<td style="width: 8%; text-align: right">(9.42</td>
<td style="text-align: left">)%</td></tr>
<tr id="xdx_41A_20240901__20241130_z7Gu7StkjF4b" style="vertical-align: bottom; background-color: White">
<td style="text-align: left"><span style="font-size: 10pt">November 2024</span></td>
<td> </td>
<td style="text-align: left">$</td>
<td style="text-align: right">9.19</td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left">$</td>
<td style="text-align: right">8.62</td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left">$</td>
<td style="text-align: right">9.49</td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left">$</td>
<td style="text-align: right">9.36</td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">(3.16</td>
<td style="text-align: left">)%</td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">(7.91</td>
<td style="text-align: left">)%</td></tr>
<tr id="xdx_412_20240601__20240831_zs3OvHXQ9Og9" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left"><span style="font-size: 10pt">August 2024</span></td>
<td> </td>
<td style="text-align: left">$</td>
<td style="text-align: right">9.10</td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left">$</td>
<td style="text-align: right">8.48</td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left">$</td>
<td style="text-align: right">9.43</td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left">$</td>
<td style="text-align: right">9.23</td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">(3.50</td>
<td style="text-align: left">)%</td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">(8.13</td>
<td style="text-align: left">)%</td></tr>
<tr id="xdx_41C_20240301__20240531_zTodtf4AfX23" style="vertical-align: bottom; background-color: White">
<td style="text-align: left"><span style="font-size: 10pt">May 2024</span></td>
<td> </td>
<td style="text-align: left">$</td>
<td style="text-align: right">9.04</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">9.37</td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left">$</td>
<td style="text-align: right">9.22</td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">(3.52</td>
<td style="text-align: left">)%</td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">(9.00</td>
<td style="text-align: left">)%</td></tr>
<tr id="xdx_41A_20231201__20240229_zinyykGcCx82" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left"><span style="font-size: 10pt">February 2024</span></td>
<td> </td>
<td style="text-align: left">$</td>
<td style="text-align: right">9.06</td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left">$</td>
<td style="text-align: right">8.35</td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left">$</td>
<td style="text-align: right">9.44</td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left">$</td>
<td style="text-align: right">9.24</td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">(4.03</td>
<td style="text-align: left">)%</td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">(9.63</td>
<td style="text-align: left">)%</td></tr>
<tr id="xdx_413_20230901__20231130_z2HDJ4CSxaLh" style="vertical-align: bottom; background-color: White">
<td style="text-align: left"><span style="font-size: 10pt">November 2023</span></td>
<td> </td>
<td style="text-align: left">$</td>
<td style="text-align: right">8.78</td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left">$</td>
<td style="text-align: right">7.82</td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left">$</td>
<td style="text-align: right">9.13</td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left">$</td>
<td style="text-align: right"><p style="margin-top: 0; margin-bottom: 0">8.70</p></td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">(3.83</td>
<td style="text-align: left">)%</td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">(10.11</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 Common Share, the market price, and percentage of premium/(discount) to net asset value per Common Share on May 13, 2026, $<span id="xdx_90B_eus-gaap--NetAssetValuePerShare_iI_d0_c20260513__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zuyliEhay6Xe">9.18</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
$<span id="xdx_907_eus-gaap--SharePrice_iI_d0_c20260513__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zExnN0j5cZg4">9.63</span>
</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and <span id="xdx_90E_ecef--LatestPremiumDiscountToNavPercent_dp0_c20260513__20260513__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zudzdqgYnWP">4.90</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%,
respectively. As of May 13, 2026, the Fund had <span id="xdx_900_ecef--OutstandingSecurityNotHeldShares_d0_c20260513__20260513__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zjhETYpwN10i">33,121,987</span></span>
<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common Shares outstanding and net assets applicable to Common
Shares of $304,089,898.</span></p>
9.71
8.71
9.24
9.16
0.0509
-0.0491
9.17
8.52
9.19
8.88
-0.0022
-0.0405
8.68
8.41
8.92
8.78
-0.0269
-0.0421
8.73
8.24
9.22
8.86
-0.0531
-0.0700
8.84
8.37
9.47
9.24
-0.0665
-0.0942
9.19
8.62
9.49
9.36
-0.0316
-0.0791
9.10
8.48
9.43
9.23
-0.0350
-0.0813
9.04
8.39
9.37
9.22
-0.0352
-0.0900
9.06
8.35
9.44
9.24
-0.0403
-0.0963
8.78
7.82
9.13
8.70
-0.0383
-0.1011
9.18
9.63
0.0490
33121987
<p id="xdx_80E_ecef--OutstandingSecuritiesTableTextBlock_dU_zgfGtrpwiNQh" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in">The
following provides information about the Fund’s outstanding Common Shares as of May 13, 2026: </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> </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">
<td style="border-bottom: Black 1pt solid; font-weight: bold">Title of Class</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">Amount<br/>Authorized</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">Amount Held<br/>by the Fund or<br/>for
its Account</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">Amount<br/>Outstanding</td>
<td style="padding-bottom: 1pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 61%"><span id="xdx_90B_ecef--OutstandingSecurityTitleTextBlock_c20260513__20260513__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_z80zfPOXP8L1">Common
Shares</span></td>
<td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td>
<td style="width: 10%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unlimited</span></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: 10%; text-align: right"><span id="xdx_90E_ecef--OutstandingSecurityHeldShares_c20260513__20260513__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zxI72YdSOGC3">0</span></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: 10%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90C_ecef--OutstandingSecurityNotHeldShares_c20260513__20260513__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zaeI8RGFhoWk">33,121,987</span></span></td>
<td style="width: 1%; text-align: left"> </td></tr>
</table>
Common
Shares
0
33121987
<p id="xdx_807_ecef--InvestmentObjectivesAndPracticesTextBlock_dU_zql8FEhxrl44" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Investment Objectives and Policies </b></span></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in"><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/818851/000119312525269206/d20197dncsr.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></p>
<p id="xdx_80E_ecef--RiskFactorsTableTextBlock_dU_zkcR6SqpekVd" style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="toc780884_9"></span>RISK FACTORS </b></span></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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/818851/000119312525269206/d20197dncsr.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.</span></p>
<p id="xdx_80C_ecef--CapitalStockTableTextBlock_dU_zSZidLPlZhOk" style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b><span id="toc780884_15"></span>DESCRIPTION OF SHARES </b></p>
<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"><b>Common Shares </b></p>
<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 Declaration of Trust authorizes the issuance of an unlimited number of Common Shares. The Common Shares have a par value of $0.01 per share and, subject to the rights of holders of any preferred shares, have equal rights to the payment of dividends and the distribution of assets upon liquidation. The Common Shares when issued, are fully paid and, subject to matters discussed in “Certain Provisions in the Declaration of Trust and By-Laws,” non-assessable, and have no preemptive or conversion rights, except as the Trustees may authorize from time to time, or rights to cumulative voting. A copy of the Declaration of Trust is filed with the SEC as an exhibit to the Fund’s registration statement of which this Prospectus is a part. </p>
<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"><span id="xdx_90E_ecef--SecurityVotingRightsTextBlock_c20260520__20260520__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zPnADqht4h53">Each whole Common Share has one vote with respect to matters submitted for a vote by the Fund’s Common Shareholders 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> <span id="xdx_906_ecef--SecurityDividendsTextBlock_c20260520__20260520__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zQ13pIkmRp16">Whenever the Fund incurs borrowings and/or preferred shares are outstanding, Common Shareholders will not be entitled to receive any cash distributions from the Fund unless all interest on such borrowings has been paid and all accumulated dividends on preferred shares, if any, have 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 and asset coverage (as defined in the 1940 Act) with respect to preferred shares would be at least 200% after giving effect to the distributions.</span> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in">The Common Shares are listed on the NYSE and trade under the ticker symbol “NCA.” The Fund intends to hold annual meetings of shareholders so long as the Common Shares are listed on a national securities exchange and such meetings are required as a condition to such listing. The Fund does not issue share certificates. </p>
<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">Unlike open-end funds, closed-end funds like the Fund do not provide daily redemptions. Rather, if a shareholder determines to buy additional Common Shares or sell shares already held, the shareholder may conveniently do so by trading on the exchange through a broker or otherwise. Common shares of closed-end investment companies may frequently trade on an exchange at prices lower than NAV. Common shares of closed-end investment companies like the Fund have during some periods traded at prices higher than NAV and have during other periods traded at prices lower than NAV. </p>
<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">Because the market value of the Common Shares 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 Common Shares will trade at a price equal to or higher than NAV in the future. The Common Shares are designed primarily for long-term investors, and investors in the Common Shares should not view the Fund as a vehicle for trading purposes. See “Repurchase of Fund Shares; Conversion to Open-End Fund.” </p>
<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"><b>Preferred Shares </b></p>
<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"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in">As a fundamental policy, the Fund will not leverage its capital structure by issuing senior securities (as defined under the 1940 Act),
such as preferred shares or debt instruments. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in"></p>
Each whole Common Share has one vote with respect to matters submitted for a vote by the Fund’s Common Shareholders 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.
Whenever the Fund incurs borrowings and/or preferred shares are outstanding, Common Shareholders will not be entitled to receive any cash distributions from the Fund unless all interest on such borrowings has been paid and all accumulated dividends on preferred shares, if any, have 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 and asset coverage (as defined in the 1940 Act) with respect to preferred shares would be at least 200% after giving effect to the distributions.