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iso4217:USD
shares
iso4217:USD
shares
pure
false
0000818851
424B2
Nuveen California Municipal Value Fund
9.36
9.07
<div id="xdx_804_ecef--PurposeOfFeeTableNoteTextBlock_dU_zWLi9bD5al01" style="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0pt; text-indent: 0.5in">The
purpose of the table and the example below is to help you understand all fees and expenses that you, as a shareholder of Common Shares
(“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 (as defined in the accompanying
prospectus).</div>
<div id="xdx_809_ecef--ShareholderTransactionExpensesTableTextBlock_dU_gL1STETTB-JXIKMT_zJOOfAyJ1TPe" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"> </div>
<table cellpadding="0" cellspacing="0" style="border-width: 0; font: 10pt Times New Roman, Times, Serif; margin: 0 auto; border-collapse: collapse; width: 100%">
<tr>
<td style="width: 94%"></td>
<td style="vertical-align: bottom; width: 4%"></td>
<td></td>
<td></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="letter-spacing: 0px; top: 0px; display: inline"><div style="font-weight: bold; display: inline">Shareholder
Transaction Expenses </div></div><span id="xdx_903_ecef--BasisOfTransactionFeesNoteTextBlock_c20260522__20260522_zVEp8b8k8qOl">(as a percentage of offering price)</span><div style="letter-spacing: 0px; top: 0px; display: inline"></div></div></td>
<td style="vertical-align: bottom"> </td>
<td style="vertical-align: bottom"></td>
<td style="vertical-align: bottom"></td>
<td style="vertical-align: bottom"></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; page-break-inside: avoid; background-color: White">
<td style="vertical-align: top"><div style="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; text-indent: -1em">Maximum
Sales Charge</div></td>
<td style="vertical-align: bottom"> </td>
<td style="vertical-align: bottom"> </td>
<td id="xdx_98F_ecef--SalesLoadPercent_dp_c20260522__20260522_fKg_____z5CCxx4j4led" style="vertical-align: bottom; text-align: right">1.00</td>
<td style="white-space: nowrap; vertical-align: bottom">%<sup>*</sup> </td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; page-break-inside: avoid; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-left: 20pt; vertical-align: top">Offering Costs<span style="font-size: 8.3px"><sup>(1)</sup></span></td>
<td style="vertical-align: bottom"> </td>
<td style="vertical-align: bottom"> </td>
<td style="vertical-align: bottom; text-align: right"><span id="xdx_901_ecef--OtherTransactionExpensesPercent_dp_c20260522__20260522_fKDEp_zl4ZqvWNFJ15">0.07</span></td>
<td style="white-space: nowrap; vertical-align: bottom">%</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; page-break-inside: avoid; background-color: White">
<td style="vertical-align: top"><div style="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; text-indent: -1em">Dividend
Reinvestment Plan Fees<div style="font-size: 75%; vertical-align: top; display: inline; font-size: 8.3px">(2)</div></div></td>
<td style="vertical-align: bottom"> </td>
<td style="vertical-align: bottom">$</td>
<td id="xdx_98B_ecef--DividendReinvestmentAndCashPurchaseFees_pp2p0_c20260522__20260522_fKDIp_z7dGNGFsCxkh" style="vertical-align: bottom; text-align: right">2.50</td>
<td style="white-space: nowrap; vertical-align: bottom"></td></tr>
</table>
<div style="border-bottom: #000000 1px solid; line-height: 8pt; margin-top: 0pt; margin-bottom: 2pt; width: 11%"> </div>
<table cellpadding="0" cellspacing="0" style="border-width: 0; font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="page-break-inside: avoid">
<td id="xdx_F0D_z4Q7riqJf8e5" style="width: 2%; vertical-align: top; text-align: left">*</td>
<td style="vertical-align: top; text-align: left; width: 98%"><div id="xdx_F17_zFH3nZbDEsOk" style="font: 8pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">The
maximum sales charge for offerings made at-the-market is 1.00%. Fund shareholders will pay
all offering expenses involved with this offering.</div></td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="border-width: 0; font: 8pt Times New Roman, Times, Serif; display: none; border-collapse: collapse; width: 100%">
<tr style="page-break-inside: avoid">
<td id="xdx_F03_zobbC0do7qgk" style="width: 4%; vertical-align: top; text-align: left">(1)</td>
<td style="vertical-align: top; text-align: left"><div id="xdx_F1B_zxu4TqTBvYJe" style="font: 8pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">Assuming
a Common Share offering price of $9.36 (the closing price of the Common Shares on the NYSE
on May 19, 2026).</div></td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="border-width: 0; font: 8pt Times New Roman, Times, Serif; display: none; border-collapse: collapse; width: 100%">
<tr style="page-break-inside: avoid">
<td id="xdx_F07_zTZeKHQKeOYd" style="width: 4%; vertical-align: top; text-align: left">(2)</td>
<td style="vertical-align: top; text-align: left"><div id="xdx_F1A_zlWDAXOIhDY5" style="font: 8pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">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.</div></td></tr>
</table>
<div></div>
<div><table cellpadding="0" cellspacing="0" style="border-width: 0; font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="page-break-inside: avoid"><td style="width: 4%; vertical-align: top; text-align: left">(1)</td>
<td style="vertical-align: top; text-align: left"><div style="font: 8pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><span id="xdx_904_ecef--OtherTransactionFeesNoteTextBlock_c20260522__20260522_z7HvSJOOB2Tb">Assuming
a Common Share offering price of <span id="xdx_901_eus-gaap--SharePrice_iI_c20260519__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zFCgdIOEWzm4">$9.36</span>
(the
closing price of the Common Shares on the NYSE on May 19, 2026).</span></div></td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="border-width: 0; font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="page-break-inside: avoid">
<td style="width: 4%; vertical-align: top; text-align: left">(2)</td>
<td style="vertical-align: top; text-align: left"><div style="font: 8pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">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.</div></td></tr>
</table> </div>
(as a percentage of offering price)
0.0100
0.0007
2.50
<div id="xdx_80E_ecef--AnnualExpensesTableTextBlock_dU_gL1AETTB-CVGH_zccIo0Yfpcad"></div>
<table cellpadding="0" cellspacing="0" style="border-width: 0; font: 10pt Times New Roman, Times, Serif; margin: 0 auto; border-collapse: collapse; width: 100%">
<tr>
<td></td>
<td style="vertical-align: bottom"></td>
<td></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; page-break-inside: avoid; background-color: White">
<td style="vertical-align: top; width: 82%"><span style="font-family: Times New Roman, Times, Serif"> </span></td>
<td style="vertical-align: bottom; width: 5%"><span style="font-family: Times New Roman, Times, Serif"> </span></td>
<td style="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom; width: 11%"><span style="font-family: Times New Roman, Times, Serif"><b>As
a Percentage of Net Assets Attributable to Common Shares<sup>(3)</sup></b></span></td>
<td style="vertical-align: bottom; width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; page-break-inside: avoid; background-color: White">
<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="font-weight: bold; display: inline"><span style="font-family: Times New Roman, Times, Serif">Annual
Expenses</span></div></div></td>
<td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif"> </span></td>
<td style="vertical-align: bottom"></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="text-align: left; vertical-align: top"><div style="font: 10pt/normal Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt; margin-left: 20pt; text-indent: -1em"><span style="font-family: Times New Roman, Times, Serif">Management
Fees</span></div></td>
<td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif"> </span></td>
<td id="xdx_98C_ecef--ManagementFeesPercent_dp_c20260522__20260522_fKDMp_z3Luvv6z2vqk" style="vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif">0.49%</span></td>
<td style="white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; background-color: White; page-break-inside: avoid">
<td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt; vertical-align: top"><div style="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Other
Expenses <sup>(4)</sup></span></div></td>
<td style="padding-bottom: 1pt; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif"> </span></td>
<td id="xdx_981_ecef--OtherAnnualExpensesPercent_dp_c20260522__20260522_fKDMpKDQp_zBU97RgpSaz1" style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif">0.06%</span></td>
<td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; page-break-inside: avoid; background-color: rgb(204,238,255)">
<td style="text-align: left; vertical-align: top"><div style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 20pt; text-align: left; text-indent: -1em"><span style="font-family: Times New Roman, Times, Serif">Total
Annual Expenses</span></div></td>
<td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif"> </span></td>
<td id="xdx_98B_ecef--TotalAnnualExpensesPercent_dp_c20260522__20260522_fKDMp_zGHALzjnCuIg" style="vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif">0.55%</span></td>
<td style="white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr>
</table>
<div></div>
<div><table cellpadding="0" cellspacing="0" style="border-width: 0; font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="page-break-inside: avoid"><td id="xdx_F00_zzfPFYczDzF1" style="width: 4%; vertical-align: top; text-align: left">(3)</td>
<td style="vertical-align: top; text-align: left"><div id="xdx_F11_ziB2CB7XVx2h" style="font: 8pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">Stated
as annualized percentages of average net assets attributable to Common Shares for the six
month period ended February 28, 2026 (unaudited).</div></td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="border-width: 0; font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="page-break-inside: avoid">
<td id="xdx_F05_zwTd2eWolia3" style="width: 4%; vertical-align: top; text-align: left">(4)</td>
<td style="vertical-align: top; text-align: left"><div id="xdx_F19_zazR6mho4Tx3" style="font: 8pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><span id="xdx_90D_ecef--OtherExpensesNoteTextBlock_c20260522__20260522_zAyorjtzwpC2">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></div></td></tr>
<tr style="page-break-inside: avoid">
<td style="vertical-align: top; text-align: left"> </td>
<td style="vertical-align: top; text-align: left"> </td></tr>
</table>
</div>
0.0049
0.0006
0.0055
Assuming
a Common Share offering price of <span id="xdx_901_eus-gaap--SharePrice_iI_c20260519__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zFCgdIOEWzm4">$9.36</span>
(the
closing price of the Common Shares on the NYSE on May 19, 2026).
9.36
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.
<div id="xdx_809_ecef--ExpenseExampleTableTextBlock_dU_zm3qx6bv3aUg" style="font: bold 10pt Times New Roman, Times, Serif; display: inline">Example</div><div style="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0pt; text-indent: 0.5in">The following example
illustrates the expenses including the applicable transaction fees (referred to as the “Maximum Sales Charge” in the fee
table above), if any, and estimated offering costs, 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.<div style="font-size: 75%; vertical-align: top; display: inline; font-size: 9.1px">1</div> </div>
<div style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"> </div>
<table cellpadding="0" cellspacing="0" style="border-width: 0; font: 8pt Times New Roman, Times, Serif; margin: 0 auto; border-collapse: collapse; width: 60%">
<tr>
<td></td>
<td style="vertical-align: bottom; width: 25%"></td>
<td></td>
<td style="vertical-align: bottom; width: 25%"></td>
<td></td>
<td style="vertical-align: bottom; width: 25%"></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif; page-break-inside: avoid">
<td style="border-bottom: #000000 1pt solid; vertical-align: bottom; white-space: nowrap; text-align: center"><div style="letter-spacing: 0px; top: 0px; display: inline"><div style="font-weight: bold; display: inline">1 Year</div></div></td>
<td style="vertical-align: bottom; padding-bottom: 0.5pt"> </td>
<td style="border-bottom: #000000 1pt solid; vertical-align: bottom; text-align: center"><div style="letter-spacing: 0px; top: 0px; display: inline"><div style="font-weight: bold; display: inline">3 Years</div></div></td>
<td style="vertical-align: bottom; padding-bottom: 0.5pt"> </td>
<td style="border-bottom: #000000 1pt solid; vertical-align: bottom; text-align: center"><div style="letter-spacing: 0px; top: 0px; display: inline"><div style="font-weight: bold; display: inline">5 Years</div></div></td>
<td style="vertical-align: bottom; padding-bottom: 0.5pt"> </td>
<td style="border-bottom: #000000 1pt solid; vertical-align: bottom; text-align: center"><div style="letter-spacing: 0px; top: 0px; display: inline"><div style="font-weight: bold; display: inline">10 Years</div></div></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; page-break-inside: avoid; background-color: #cceeff">
<td id="xdx_980_ecef--ExpenseExampleYear01_c20260522__20260522_fMQ_____zss8vC3nsEH6" style="vertical-align: bottom; text-align: center">$16</td>
<td style="vertical-align: bottom"> </td>
<td id="xdx_98C_ecef--ExpenseExampleYears1to3_c20260522__20260522_fMQ_____zt2RUIRLgiL4" style="vertical-align: bottom; text-align: center">$28</td>
<td style="vertical-align: bottom"> </td>
<td id="xdx_98B_ecef--ExpenseExampleYears1to5_c20260522__20260522_fMQ_____z6J1fitX3Cke" style="vertical-align: bottom; text-align: center">$41</td>
<td style="vertical-align: bottom"> </td>
<td id="xdx_98A_ecef--ExpenseExampleYears1to10_c20260522__20260522_fMQ_____z3QUYBqDYI7c" style="vertical-align: bottom; text-align: center">$79</td></tr>
</table>
<div style="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0pt; text-indent: 0.5in"><div style="font-weight: bold; display: inline">The
example should not be considered a representation of future expenses. Actual expenses may
be greater or less than those shown above.</div></div>
<div style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"> </div>
<div style="border-bottom: #000000 1px solid; line-height: 8pt; margin-top: 0pt; margin-bottom: 2pt; width: 11%"> </div>
<table cellpadding="0" cellspacing="0" style="border-width: 0; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="page-break-inside: avoid">
<td style="width: 2%; vertical-align: top; text-align: left"><div id="xdx_F03_zdcu2upjeYG1" style="font-size: 75%; vertical-align: top; display: inline; font-size: 9.1px">1</div> </td>
<td style="vertical-align: top; text-align: left"><div id="xdx_F11_zgxHNzYJxFZ5" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">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.</div></td></tr>
</table>
<div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt"> </div>
<div style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></div>
16
28
41
79
<div id="xdx_808_ecef--SharePriceTableTextBlock_dU_zJmeh4HmEk5f" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><div style="text-align: center; font-weight: bold; display: inline"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="tnavi"></span>TRADING
AND NET ASSET VALUE INFORMATION</span></div></div>
<div style="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; 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.</div>
<div style="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0pt; text-indent: 0.5in"><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_483_ecef--HighestPriceOrBid_zJjOqB25Ctzd" 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_481_ecef--LowestPriceOrBid_zyy9ohW5DbF6" 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_481_ecef--HighestPriceOrBidNav_zxzPamwPwY5l" 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_48D_ecef--LowestPriceOrBidNav_z3w3c64ocZtf" 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_48E_ecef--HighestPriceOrBidPremiumDiscountToNavPercent_dp_zp7iuLVIKT5f" 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--LowestPriceOrBidPremiumDiscountToNavPercent_dp_z8MTOnKu7eU6" style="font-weight: bold; text-align: center"> </td>
<td style="padding-bottom: 1pt; font-weight: bold"> </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_410_20251201__20260228__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_z2lieGuijepl" 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">$</td>
<td style="text-align: right">9.16</td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">5.09</td>
<td style="text-align: left">%</td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">(4.91</td>
<td style="text-align: left">)%</td></tr>
<tr id="xdx_412_20250901__20251130__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zsOQGS2YpHBb" style="vertical-align: bottom; background-color: White">
<td style="text-align: left">November 2025</td>
<td> </td>
<td style="text-align: left">$</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">$</td>
<td style="text-align: right">8.88</td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">(0.22</td>
<td style="text-align: left">)%</td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">(4.05</td>
<td style="text-align: left">)%</td></tr>
<tr id="xdx_413_20250601__20250831__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zxxLfs7SG924" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left"><span style="font-size: 10pt">August 2025</span></td>
<td> </td>
<td style="text-align: left">$</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">$</td>
<td style="text-align: right">8.78</td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">(2.69</td>
<td style="text-align: left">)%</td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">(4.21</td>
<td style="text-align: left">)%</td></tr>
<tr id="xdx_419_20250301__20250531__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zGBKyB9Wqqgb" style="vertical-align: bottom; background-color: White">
<td style="text-align: left"><span style="font-size: 10pt">May 2025</span></td>
<td> </td>
<td style="text-align: left">$</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">$</td>
<td style="text-align: right">8.86</td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">(5.31</td>
<td style="text-align: left">)%</td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">(7.00</td>
<td style="text-align: left">)%</td></tr>
<tr id="xdx_41C_20241201__20250228__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_z57SBnWXbWN1" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 34%; text-align: left"><span style="font-size: 10pt">February 2025</span></td>
<td style="width: 1%"> </td>
<td style="text-align: left; width: 1%">$</td>
<td style="width: 8%; text-align: right">8.84</td>
<td style="text-align: left; width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="text-align: left; width: 1%">$</td>
<td style="width: 8%; text-align: right">8.37</td>
<td style="text-align: left; width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="text-align: left; width: 1%">$</td>
<td style="width: 8%; text-align: right">9.47</td>
<td style="text-align: left; width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="text-align: left; width: 1%">$</td>
<td style="width: 8%; text-align: right">9.24</td>
<td style="text-align: left; width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="text-align: left; width: 1%"> </td>
<td style="width: 8%; text-align: right">(6.65</td>
<td style="text-align: left; width: 1%">)%</td>
<td style="width: 1%"> </td>
<td style="text-align: left; width: 1%"> </td>
<td style="width: 8%; text-align: right">(9.42</td>
<td style="text-align: left; width: 1%">)%</td></tr>
<tr id="xdx_41A_20240901__20241130__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_z17STI33qWtb" style="vertical-align: bottom; background-color: White">
<td style="text-align: left"><span style="font-size: 10pt">November 2024</span></td>
<td> </td>
<td style="text-align: left">$</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">$</td>
<td style="text-align: right">9.36</td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">(3.16</td>
<td style="text-align: left">)%</td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">(7.91</td>
<td style="text-align: left">)%</td></tr>
<tr id="xdx_417_20240601__20240831__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zVKMLmyyt2O4" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left"><span style="font-size: 10pt">August 2024</span></td>
<td> </td>
<td style="text-align: left">$</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">$</td>
<td style="text-align: right">9.23</td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">(3.50</td>
<td style="text-align: left">)%</td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">(8.13</td>
<td style="text-align: left">)%</td></tr>
<tr id="xdx_411_20240301__20240531__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_z4H0D5RMdYzh" style="vertical-align: bottom; background-color: White">
<td style="text-align: left"><span style="font-size: 10pt">May 2024</span></td>
<td> </td>
<td style="text-align: left">$</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">$</td>
<td style="text-align: right">9.22</td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">(3.52</td>
<td style="text-align: left">)%</td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">(9.00</td>
<td style="text-align: left">)%</td></tr>
<tr id="xdx_411_20231201__20240229__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zNm5MNGYok9e" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left"><span style="font-size: 10pt">February 2024</span></td>
<td> </td>
<td style="text-align: left">$</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">$</td>
<td style="text-align: right">9.24</td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">(4.03</td>
<td style="text-align: left">)%</td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">(9.63</td>
<td style="text-align: left">)%</td></tr>
<tr id="xdx_41B_20230901__20231130__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_z4rDiiqXEiCf" style="vertical-align: bottom; background-color: White">
<td style="text-align: left"><span style="font-size: 10pt">November 2023</span></td>
<td> </td>
<td style="text-align: left">$</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>
</div>
<p style="text-align: center; margin-top: 0; margin-bottom: 0"></p>
<div style="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0pt; text-indent: 0.5in">The NAV per Common Share,
the market price and percentage of premium/(discount) to NAV per Common Share on May 19, 2026 was $<span id="xdx_90E_eus-gaap--NetAssetValuePerShare_iI_c20260519__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zTMtvBtabe54">9.07</span>,
$<span id="xdx_909_eus-gaap--SharePrice_iI_c20260519__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zdaP6qpsDVCl">9.36</span>
and <span id="xdx_90F_ecef--LatestPremiumDiscountToNavPercent_c20260519__20260519__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zKw2DzLdCXN3">3.20%</span>,
respectively. As of May 19, 2026, the Fund had <span id="xdx_90C_ecef--OutstandingSecurityNotHeldShares_c20260519__20260519__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_z3PpfBnWApzd">33,121,987</span>
Common Shares outstanding, and net assets applicable to Common Shares of $300,568,570. See “Repurchase of Fund Shares; Conversion
to Open-End Fund” in the accompanying prospectus.</div>
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
9.07
9.36
0.0320
33121987
9.36
9.36
33121987
36421987
9.07
9.09