# EDGAR Filing Document

**Accession Number:** 0000812801
**File Stem:** 0001999371-26-007052
**Filing Date:** 2026-3
**Character Count:** 542394
**Document Hash:** 17dd354f934e4f1d38d87ce2469cf7b4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-26-007052.hdr.sgml**: 20260327

**ACCESSION NUMBER**: 0001999371-26-007052

**CONFORMED SUBMISSION TYPE**: N-2ASR

**PUBLIC DOCUMENT COUNT**: 31

**FILED AS OF DATE**: 20260327

**DATE AS OF CHANGE**: 20260327

**EFFECTIVENESS DATE**: 20260327

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NUVEEN MUNICIPAL VALUE FUND INC
- **CENTRAL INDEX KEY:** 0000812801

**ORGANIZATION NAME:**
- **EIN:** 363513525
- **STATE OF INCORPORATION:** MN
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-2ASR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05120
- **FILM NUMBER:** 26805607

**BUSINESS ADDRESS:**
- **STREET 1:** 333 W WACKER DR
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
- **BUSINESS PHONE:** 3129178200

**MAIL ADDRESS:**
- **STREET 1:** 333 W. WACKER DR
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NUVEEN MUNICIPAL QUALITY FUND INC
- **DATE OF NAME CHANGE:** 19870504
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NUVEEN MUNICIPAL VALUE FUND INC
- **CENTRAL INDEX KEY:** 0000812801

**ORGANIZATION NAME:**
- **EIN:** 363513525
- **STATE OF INCORPORATION:** MN
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-2ASR
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-294681
- **FILM NUMBER:** 26805606

**BUSINESS ADDRESS:**
- **STREET 1:** 333 W WACKER DR
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
- **BUSINESS PHONE:** 3129178200

**MAIL ADDRESS:**
- **STREET 1:** 333 W. WACKER DR
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NUVEEN MUNICIPAL QUALITY FUND INC
- **DATE OF NAME CHANGE:** 19870504

?xml version='1.0' encoding='ASCII'? Nuveen Municipal Income Fund, Inc.

As filed with the U.S. Securities and Exchange Commission on March 27, 2026

**Securities Act Registration No.** **333-** 

Investment Company Registration No. 811-05120

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

FORM N-2

---

| | |
|:---|:---|
| ☒ | Registration Statement under the Securities Act of 1933: |
| ☐ | Pre-Effective Amendment No. |
| ☐ | Post-Effective Amendment No. |
|  | and |
| ☒ | Registration Statement under the Investment Company Act of 1940: |
| ☒ | Amendment No. 28 |

---

Nuveen Municipal Value Fund, Inc.

Exact Name of Registrant as Specified in the Articles of Incorporation

333 West Wacker Drive Chicago, Illinois 60606

Address of Principal Executive Offices (Number, Street, City, State, Zip Code)

(800) 257-8787

Registrant's Telephone Number, including Area Code

Mark L. Winget

Vice President and Secretary

333 West Wacker Drive

Chicago, Illinois 60606

Name and Address (Number, Street, City, State, Zip Code) of Agent for Service

Copies of Communications to:

---

| | | |
|:---|:---|:---|
| Eric S. Purple, Esquire | Joel D. Corriero, Esquire | Eric F. Fess |
| Stradley Ronon Stevens & Young, LLP<br> 2000 K Street, N.W., Suite 700<br> Washington, D.C. 20006 | Stradley Ronon Stevens & Young, LLP<br> 2005 Market Street, Suite 2600<br> Philadelphia, Pennsylvania 19103 | Chapman and Cutler LLP<br> 111 West Monroe<br> Chicago, Illinois 60603 |

---

Approximate Date of Commencement of Proposed Public Offering:

From time to time after the effective date of this Registration Statement.

☐ Check box if the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans.

☒ Check box if any securities being registered on this Form will be offered on a delayed or continuous basis in reliance on Rule 415 under the Securities Act of 1933 ("Securities Act"), other than securities offered in connection with a dividend reinvestment plan.

☒ Check box if this Form is a registration statement pursuant to General Instruction A.2 or a post-effective amendment thereto.

☒ Check box if this Form is a registration statement pursuant to General Instruction B or a post-effective amendment thereto that will become effective upon filing with the Commission pursuant to Rule 462(e) under the Securities Act.

☐ Check box if this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction B to register additional securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act.

It is proposed that this filing will become effective (check appropriate box)

☐ when declared effective pursuant to Section 8(c) of the Securities Act.

If appropriate, check the following box:

☐ This [post-effective] amendment designates a new effective date for a previously filed [post-effective] amendment [registration statement].

☐ This Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is: .

☐ This Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is: .

☐ This Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is: .

Check each box that appropriately characterizes the Registrant:

☒ Registered Closed-End Fund (closed-end company that is registered under the Investment Company Act of 1940 ("Investment Company Act")).

☐ Business Development Company (closed-end company that intends or has elected to be regulated as a business development company under the Investment Company Act).

☐ Interval Fund (Registered Closed-End Fund or a Business Development Company that makes periodic repurchase offers under Rule 23c-3 under the Investment Company Act).

☒ A.2 Qualified (qualified to register securities pursuant to General Instruction A.2 of this Form).

☒ Well-Known Seasoned Issuer (as defined by Rule 405 under the Securities Act).

☐ Emerging Growth Company (as defined by Rule 12b-2 under the Securities Exchange Act of 1934 ("Exchange Act").

☐ If an Emerging Growth Company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of Securities Act.

☐ New Registrant (registered or regulated under the Investment Company Act for less than 12 calendar months preceding this filing).

------

BASE PROSPECTUS

![LOGO](g799728g58b43.jpg)

Common Stock

Rights to Purchase Common Stock

Nuveen Municipal Value Fund, Inc.

------

The Offering. Nuveen Municipal Value Fund, Inc. (the "Fund") is registering for one or more offerings to be made on an immediate, continuous or delayed basis, common stock (the "Common Stock") and/or subscription rights to purchase Common Stock ("Rights," and collectively with Common Stock, "Securities"), in any combination. The Fund may offer and sell such Securities directly to one or more purchasers, to or through underwriters, through dealers or agents that the Fund designates from time to time, or through a combination of these methods. The prospectus supplement relating to any offering of Securities will describe such offering, including, as applicable, the names of any underwriters, dealers or agents and information regarding any applicable purchase price, fee, commission or discount arrangements made with those underwriters, dealers or agents or the basis upon which such amount may be calculated. The prospectus supplement relating to any Rights offering will set forth the number of Common Stock issuable upon the exercise of each Right (or number of Rights) and the other terms of such Rights offering. For more information about the manners in which the Fund may offer Securities, see "Plan of Distribution."

The Fund. The Fund is a diversified, closed-end management investment company. The Fund's primary investment objective is current income exempt from federal income tax. The Fund's secondary objective is the enhancement of portfolio value through selection of tax-exempt bonds and municipal market sectors. The Fund seeks to achieve its investment objectives by investing in a portfolio of municipal securities, a significant portion of which the Fund's investment sub-adviser believes are underrated and undervalued, based upon its bottom-up, research-driven investment strategy. There can be no assurance that the Fund will achieve its investment objectives or that the Fund's investment strategies will be successful.

This Prospectus, together with any related prospectus supplement, sets forth concisely information about the Fund that a prospective investor should know before investing, and should be retained for future reference. Investing in Securities involves risks, including the risks associated with the Fund's use of leverage. You could lose some or all of your investment. You should consider carefully these risks together with all of the other information in this Prospectus and any related prospectus supplement before making a decision to purchase any of the Securities. See "[Risk Factors](#a_001)" beginning on page 8.

The shares of Common Stock are listed on the New York Stock Exchange (the "NYSE"). The trading or "ticker" symbol of the shares of Common Stock is "NUV." The closing price of the shares of Common Stock, as reported by the NYSE on March 20, 2026, was $9.04 per share of Common Stock. The net asset value of the shares of Common Stock at the close of business on that same date was $9.04 per share of Common Stock. Rights issued by the Fund may also be listed on a securities exchange.

\* \* \*

You should read this Prospectus, together with any related prospectus supplement, which contains important information about the Fund, before deciding whether to invest and retain it for future reference. A Statement of Additional Information, dated March 27, 2026 (the "SAI"), containing additional information about the Fund has been filed with the U.S. Securities and Exchange Commission (the "SEC") and is incorporated by reference in its entirety into this Prospectus. You may request a free copy of the SAI, annual and semi-annual reports to shareholders and other information about the Fund and make shareholder inquiries by calling (800) 257-8787, by writing to the Fund at 333 West Wacker Drive, Chicago, Illinois 60606 or from the Fund's website (http://www.nuveen.com). The information contained in, or that can be accessed through, the Fund's website is not part of this Prospectus, except to the extent specifically incorporated by reference herein. You also may obtain a copy of the SAI (and other information regarding the Fund) from the SEC's web site (http://www.sec.gov).

------

The date of this Prospectus is March 27, 2026.

The Securities do not represent a deposit or obligation of, and are not guaranteed or endorsed by, any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other governmental agency.

Neither the SEC nor any state securities commission has approved or disapproved of these securities or determined if this Prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

------

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  [Prospectus Summary](#pro799728_1) | 1 |
|  [Summary of Fund Expenses](#pro799728_2) | 5 |
|  [Financial Highlights](#pro799728_3) | 5 |
|  [Trading and Net Asset Value Information](#pro799728_4) | 5 |
|  [The Fund](#pro799728_5) | 5 |
|  [Use of Proceeds](#pro799728_6) | 6 |
|  [The Fund's Investments](#pro799728_7) | 6 |
|  [Use of Leverage](#pro799728_8) | 6 |
|  [Risk Factors](#pro799728_9) | 8 |
|  [Management of the Fund](#pro799728_10) | 8 |
|  [Net Asset Value](#pro799728_11) | 10 |
|  [Distributions](#pro799728_12) | 11 |
|  [Dividend Reinvestment Plan](#pro799728_13) | 12 |
|  [Plan of Distribution](#pro799728_14) | 12 |
|  [Description of Shares](#pro799728_15) | 14 |
| [Rights Offerings](#b_001) | 15 |
|  [Certain Provisions in the Articles of Incorporation and By-Laws](#pro799728_16) | 16 |
|  [Repurchase of Fund Shares; Conversion to Open-End Fund](#pro799728_17) | 17 |
|  [Tax Matters](#pro799728_18) | 18 |
|  [Custodian and Transfer Agent](#pro799728_19) | 20 |
|  [Independent Registered Public Accounting Firm](#pro799728_20) | 20 |
|  [Legal Matters](#pro799728_21) | 21 |
|  [Available Information](#pro799728_22) | 21 |
|  [Incorporation By Reference](#pro799728_23) | 21 |

---

------

You should rely only on the information contained or incorporated by reference into this Prospectus and any related prospectus supplement. The Fund has not authorized anyone to provide you with different information. The Fund is not making an offer of these securities in any state where the offer is not permitted. You should not assume that the information contained in this Prospectus and any related prospectus supplement is accurate as of any date other than the dates on their covers. The Fund will update this Prospectus to reflect any material changes to the disclosures herein.

------

FORWARD-LOOKING STATEMENTS

Any projections, forecasts and estimates contained or incorporated by reference herein are forward looking statements and are based upon certain assumptions. Projections, forecasts and estimates are necessarily speculative in nature, and it can be expected that some or all of the assumptions underlying any projections, forecasts or estimates will not materialize or will vary significantly from actual results. Actual results may vary from any projections, forecasts and estimates and the variations may be material. Some important factors that could cause actual results to differ materially from those in any forward looking statements include changes in interest rates, market, financial or legal uncertainties, including changes in tax law, and the timing and frequency of defaults on underlying investments. Consequently, the inclusion of any projections, forecasts and estimates herein should not be regarded as a representation by the Fund or any of its affiliates or any other person or entity of the results that will actually be achieved by the Fund. Neither the Fund nor its affiliates has any obligation to update or otherwise revise any projections, forecasts and estimates including any revisions to reflect changes in economic conditions or other circumstances arising after the date hereof or to reflect the occurrence of unanticipated events, even if the underlying assumptions do not come to fruition. The Fund acknowledges that, notwithstanding the foregoing, the safe harbor for forward-looking statements under the Private Securities Litigation Reform Act of 1995 does not apply to investment companies such as the Fund.

------

PROSPECTUS SUMMARY

This is only a summary. You should review the more detailed information contained elsewhere in this Prospectus and any related prospectus supplement and in the Statement of Additional Information (the "SAI").

---

| | |
|:---|:---|
| The Fund  | Nuveen Municipal Value Fund, Inc. (the "Fund") is a diversified, closed-end management investment company. See "The Fund." The Fund's common stock, $0.01 par value per share ("Common Stock"), are traded on the New York Stock Exchange (the "NYSE") under the symbol "NUV." Rights issued by the Fund may also be listed on a securities exchange. |

---

The closing price of shares of the Common Stock, as reported by the NYSE on March 20, 2026, was $9.04 per share of Common Stock. The net asset value ("NAV") of the shares of Common Stock at the close of business on that same date was $9.04 per share of Common Stock. As of March 20, 2026, the Fund had 207,541,595 shares of Common Stock outstanding and net assets of $1,876,185,759 applicable to Common Stock. See "Description of Shares."

---

| | |
|:---|:---|
| The Offering  | The Fund is registering for one or more offerings Common Stock and/or subscription rights to purchase Common Stock ("Rights," and collectively with Common Stock, "Securities"), in any combination, on terms to be determined at the time of the offering. The Fund may offer and sell such Securities directly to one or more purchasers, to or through underwriters, through dealers or agents that the Fund designates from time to time, or through a combination of these methods. The prospectus supplement relating to any offering of Securities will describe such offering, including, as applicable, the names of any underwriters, dealers or agents and information regarding any applicable purchase price, fee, commission or discount arrangements made with those underwriters, dealers or agents or the basis upon which such amount may be calculated. For more information about the manners in which the Fund may offer Securities, see "Plan of Distribution." The prospectus supplement relating to any Rights offering will set forth the number of shares of Common Stock issuable upon the exercise of each Right (or number of Rights) and the other terms of such Rights offering. The minimum price on any day at which the Common Stock may be sold will not be less than the NAV per share of Common Stock at the time of the offering plus the per share amount of any underwriting commission or discount; provided that Common Stock offered pursuant to Rights offerings that meet certain conditions may be offered at a price below the then current NAV. See "Rights Offerings." |

---

The Fund may not sell any Securities through agents, underwriters or dealers without delivery, or deemed delivery, of a prospectus, including the appropriate prospectus supplement, describing the method and terms of the particular offering of such Securities. You should read this Prospectus and the applicable prospectus supplement carefully before you invest in our Securities.

------

---

| | |
|:---|:---|
| Investment Objectives and Policies  | Please refer to the section of the Fund's most recent [annual report](https://www.sec.gov/Archives/edgar/data/812801/000119312526006434/d30963dncsr.htm) 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 are incorporated by reference herein, for a discussion of the Fund's investment objectives and policies. |

---

There can be no assurance that such strategies will be successful. For a more complete discussion of the Fund's portfolio composition and its corresponding risks, see "The Fund's Investments" and "Risk Factors." <br>

---

| | |
|:---|:---|
| Investment Adviser  | Nuveen Fund Advisors, LLC ("Nuveen Fund Advisors"), the Fund's investment adviser, is responsible for overseeing the Fund's overall investment strategy and its implementation. Nuveen Fund Advisors offers advisory and investment management services to a broad range of investment company clients. Nuveen Fund Advisors has overall responsibility for management of the Fund, oversees the management of the Fund's portfolio, manages the Fund's business affairs and provides certain clerical, bookkeeping and other administrative services. Nuveen Fund Advisors is located at 333 West Wacker Drive, Chicago, Illinois 60606. Nuveen Fund Advisors is an indirect subsidiary of Nuveen, LLC ("Nuveen"), the investment management arm of Teachers Insurance and Annuity Association of America ("TIAA"). TIAA is a life insurance company founded in 1918 by the Carnegie Foundation for the Advancement of Teaching and is the companion organization of College Retirement Equities Fund. As of December 31, 2025, Nuveen managed approximately $1.4 trillion in assets, of which approximately $157.4 billion was managed by Nuveen Fund Advisors. |

---

---

| | |
|:---|:---|
| Sub-Adviser | Nuveen Asset Management, LLC ("Nuveen Asset Management"), located at 333 West Wacker Drive, Chicago, Illinois 60606, serves as the Fund's sub-adviser. Nuveen Asset Management, a registered investment adviser, is a wholly-owned subsidiary of Nuveen Fund Advisors. Nuveen Asset Management oversees the day-to-day investment operations of the Fund. |

---

---

| | |
|:---|:---|
| Use of Leverage  | As a fundamental policy, the Fund will not leverage its capital structure by issuing "senior securities" (as defined under the 1940 Act), such as the issuance of preferred shares of beneficial interest ("Preferred Shares") or debt instruments. However, the Fund may borrow (which may include reverse repurchase agreements) for temporary or emergency purposes, and use certain derivatives and other financing instruments that have the economic effect of leverage by creating additional investment exposures, including inverse floating rate securities. |

---

------

The Fund, along with certain other funds managed by Nuveen Fund Advisors (the "Participating Funds"), also established a 364-day, approximately $2.7 billion standby credit facility with a group of lenders, under which the Participating Funds may borrow for various purposes other than leveraging for investment purposes. A large portion of this facility's capacity is currently dedicated for use by a small number of Participating Funds, which does not include the Fund. The remaining capacity under the facility (and the corresponding portion of the facility's annual costs) is separately dedicated to most of the other open-end funds in the Nuveen fund family, along with a number of Nuveen closed-end funds, including the Fund. The credit facility expires in June 2026 unless extended or renewed.

---

| | |
|:---|:---|
| Distributions  | The Fund pays regular monthly cash distributions to shareholders of Common Stock (stated in terms of a fixed cents per share of Common Stock dividend distribution rate which may be set from time to time). The Fund intends to distribute all or substantially all of its net investment income each year through its regular monthly distributions and to distribute realized capital gains at least annually. In addition, in any monthly period, to maintain its declared per common stock distribution amount, the Fund may distribute more or less than its net investment income during the period. In the event the Fund distributes more than its net investment income during any yearly period, such distributions may also include realized gains and/or a return of capital. To the extent that a distribution includes a return of capital the NAV per share may erode. If a distribution includes anything other than net investment income, the Fund provides a notice of the best estimate of its distribution sources at the time. See "Distributions." |

---

The Fund reserves the right to change its distribution policy and the basis for establishing the rate of its monthly distributions at any time and may do so without prior notice to shareholders of Common Stock.

<br> Custodian and Transfer Agent State Street Bank and Trust Company serves as the Fund's custodian, and Computershare Inc. and Computershare Trust Company, N.A. serves as the Fund's transfer agent. See "Custodian and Transfer Agent." <br>

---

| | |
|:---|:---|
| Risk Factors  | Investment in the Fund involves risk. The Fund is designed as a long-term investment and not as a trading vehicle. The Fund is not intended to be a complete investment program. Please refer to the section of the Fund's most recent [annual report](https://www.sec.gov/Archives/edgar/data/812801/000119312526006434/d30963dncsr.htm) 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. |

---

------

Use of Proceeds Unless otherwise specified in a prospectus supplement, the Fund will use the net proceeds from any offering of Securities, pursuant to this Prospectus, to make investments in accordance with the Fund's investment objectives. See "Use of Proceeds." <br>

---

| | |
|:---|:---|
| Federal Income Tax  | The Fund has elected to be treated, and intends to qualify each year, as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"). To qualify for the favorable U.S. federal income tax treatment generally accorded to a RIC under Subchapter M of the Code the Fund must, among other requirements, derive in each taxable year at least 90% of its gross income from certain prescribed sources and satisfy a diversification test on a quarterly basis. If the Fund fails to satisfy the qualifying income or diversification requirements in any taxable year, the Fund may be eligible for relief provisions if the failures are due to reasonable cause and not willful neglect and if a penalty tax is paid with respect to each failure to satisfy the applicable requirements. Additionally, relief is provided for certain de minimis failures of the diversification requirements where the Fund corrects the failure within a specified period. In order to be eligible for the relief provisions with respect to a failure to meet the diversification requirements, the Fund may be required to dispose of certain assets. If these relief provisions were not available to the Fund and it were to fail to qualify for treatment as a RIC for a taxable year, all of its taxable income (including its net capital gain) would be subject to tax at the 21% regular corporate rate without any deduction for distributions to shareholders, and such distributions would be taxable as ordinary dividends to the extent of the Fund's current and accumulated earnings and profits. To qualify to pay exempt-interest dividends, which are treated as items of interest excludable from gross income for federal income tax purposes, at least 50% of the value of the total assets of the Fund must consist of obligations exempt from regular income tax as of the close of each quarter of the Fund's taxable year. If the proportion of taxable investments held by the Fund exceeds 50% of the Fund's total assets as of the close of any quarter of any Fund taxable year, the Fund will not for that taxable year satisfy the general eligibility test that otherwise permits it to pay exempt-interest dividends. |

---

---

| | |
|:---|:---|
|  | See "Fund Tax Risk," as contained in the section of the Fund's most recent [annual report](https://www.sec.gov/Archives/edgar/data/812801/000119312526006434/d30963dncsr.htm) on Form N-CSR entitled "Shareholder Update—Current Investment Objectives, Investment Policies and Principal Risks of the Funds—Principal Risks of the Funds—Fund Level and Other Risks."  |
| Governing Law  | The Fund's Articles of Incorporation (the "Articles") are governed by the laws of the State of Minnesota. |

---

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SUMMARY OF FUND EXPENSES

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.

---

| | | |
|:---|:---|:---|
| **Shareholder Transaction Expenses** |  |  |
| Maximum Sales Charge (as a percentage of offering price) | 1 | %<sup>\*</sup> |
| Dividend Reinvestment Plan Fees<sup>(1)</sup> | $2.5 |  |

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\* 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.

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| | |
|:---|:---|
|  | **As a<br> Percentage of<br> Net Assets**<br> **Attributable<br> to Common<br> Stock<sup>(2)</sup>** |
| **Annual Expenses** |  |
| Management Fees | 0.46% |
| Interest and Other Related Expenses<sup>(3)</sup> | 0.14% |
| Other Expenses<sup>(4)</sup> | 0.06% |
| Total Annual Expenses | 0.66% |

---

(1) 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.

(2) Stated as percentages of average net assets attributable to Common Stock for the fiscal year ended October 31, 2025.

(3) 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).

(4) 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.

**Example** 

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.

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| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $17 | $31 | $46 | $91 |

---

**The example should not be considered a representation of future expenses. Actual expenses may be greater or less than those shown above.**

FINANCIAL HIGHLIGHTS

The financial highlights table is intended to help you understand the Fund's financial performance for the periods presented. Certain information reflects financial results for a single Common Stock of the Fund. The information for the fiscal year ended October 31, 2025, has been audited by PricewaterhouseCoopers LLP ("PwC"), an independent registered public accounting firm. The report of PwC is included in the Fund's October 31, 2025 [Annual Report](https://www.sec.gov/Archives/edgar/data/812801/000119312526006434/d30963dncsr.htm), which is incorporated by reference herein. The information for the fiscal years ended prior to October 31, 2025, was audited by the Fund's previous independent registered public accounting firm. The information in the table below for the fiscal years ended October 31, 2020, October 31, 2019, October 31, 2018, October 31, 2017, and October 31, 2016, is derived from the Fund's financial statements for the fiscal year ended October 31, 2020.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
| <br>**Per Share Operating**<br>**Performance** | **2025** | **2024** | **2023** | **2022** | **2021** | **2020** | **2019** | **2018** | **2017** | **2016** |
| &nbsp;&nbsp;Beginning Common Stock Net Asset Value ("NAV") | $9.30 | $8.69 | $8.77 | $10.62 | $10.48 | $10.57 | $9.84 | $10.30 | $10.39 | $10.20 |
| &nbsp;&nbsp;Investment Operations: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income (Loss)<sup>(a)</sup> | 0.38 | 0.36 | 0.35 | 0.33 | 0.35 | 0.37 | 0.37 | 0.38 | 0.40 | 0.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Realized/Unrealized Gain (Loss) | (0.09) | 0.60 | (0.09) | (1.84) | 0.15 | (0.09) | 0.73 | (0.45) | (0.10) | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 0.29 | 0.96 | 0.26 | (1.51) | 0.50 | 0.28 | 1.10 | (0.07) | 0.30 | 0.58 |
| &nbsp;&nbsp;Less Distributions to Shareholders of Common Stock: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From Net Investment Income | (0.39) | (0.35) | (0.34) | (0.34) | (0.36) | (0.37) | (0.37) | (0.39) | (0.39) | (0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;From Accumulated Net Realized Gains |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | (0.39) | (0.35) | (0.34) | (0.34) | (0.36) | (0.37) | (0.37) | (0.39) | (0.39) | (0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stock: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premium per Share Sold through Shelf Offering |  |  |  |  |  |  |  |  |  | — <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Ending NAV | $9.20 | $9.30 | $8.69 | $8.77 | $10.62 | $10.48 | $10.57 | $9.84 | $10.30 | $10.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ending Share Price | $9.00 | $8.91 | $7.99 | $8.35 | $11.21 | $10.81 | $10.43 | $9.18 | $10.12 | $9.98 |
| &nbsp;&nbsp;Common Stock Total Returns: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Based on NAV<sup>(b)</sup> | 3.22% | 11.12% | 2.79% | (14.52)% | 4.79% | 2.72% | 11.35% | (0.71)% | 3.03% | 5.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Based on Share Price<sup>(b)</sup> | 5.57% | 16.10% | (0.52)% | (22.80)% | 7.19% | 7.41% | 17.92% | (5.55)% | 5.48% | 2.91% |
| &nbsp;&nbsp;**Supplemental Data/Ratios** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Ending Net Assets (000) | $1909370 | $1930238 | $1804453 | $1819457 | $2203176 | $2171104 | $2186923 | $2035221 | $2130046 | $2150444 |
| &nbsp;&nbsp;Ratios to Average Net Assets |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenses<sup>(c)</sup> | 0.66% | 0.60% | 0.53% | 0.50% | 0.48% | 0.51% | 0.54% | 0.54% | 0.52% | 0.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income (Loss) | 4.13% | 3.81% | 3.77% | 3.36% | 3.27% | 3.52% | 3.63% | 3.76% | 3.89% | 3.87% |
| &nbsp;&nbsp;Portfolio Turnover Rate | 37% | 21% | 17% | 29% | 11% | 11% | 13% | 20% | 17% | 11% |

---

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| | |
|:---|:---|
| <sup>(a)</sup> | Based on average shares outstanding. |
| <sup>(b)</sup> | Total Return Based on Common Stock NAV is the combination of changes in common share NAV, reinvested distributions at Common Stock NAV, if any. The last distribution declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last distribution declared in the period may often be based on the Fund's market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized. |
|  | Total Return Based on Common Stock Price is the combination of changes in the market price per share and the effect of reinvested distributions, if any, at the average price paid per share at the time of reinvestment. The last distribution declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last distribution declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized. |
| <sup>(c)</sup> | The expense ratios reflect, among other things, the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, where applicable, as follows: |

---

---

| | |
|:---|:---|
|  | **Ratios of Interest Expense to Average Net Assets Applicable to Common Stock** |
| **<u>Year Ended October 31:</u>** | |
| 2025 | 0.14% |
| 2024 | 0.06 |
| 2023 | 0.04 |
| 2022 | 0.01 |
| 2021 | 0.01 |
| 2020 | 0.02 |
| 2019 | 0.04 |
| 2018 | 0.03 |
| 2017 | 0.01 |
| 2016 | 0.01 |

---

(d) Value rounded to zero.

TRADING AND NET ASSET VALUE INFORMATION

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.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Closing Market Price per** | **Closing Market Price per** | **NAV per share of <br> Common Stock on** | **NAV per share of <br> Common Stock on** | **Premium/(Discount) on** | **Premium/(Discount) on** |
| | **share of Common Stock** | **share of Common Stock** | **Date of Market Price** | **Date of Market Price** | **Date of Market Price** | **Date of Market Price** |
| <br>**Fiscal Quarter Ended** | **High** | **Low** | **High** | **Low** | **High** | **Low** |
| January 2026 | $9.17 | $8.93 | $9.17 | $9.13 | 0.00% | (2.19)% |
| October 2025 | $9.09 | $8.58 | $9.20 | $8.90 | (1.20)% | (3.60)% |
| July 2025 | $8.75 | $8.45 | $8.96 | $8.92 | (2.34)% | (5.27)% |
| April 2025 | $8.90 | $8.43 | $9.33 | $8.87 | (4.61)% | (4.96)% |
| January 2025 | $9.02 | $8.51 | $9.44 | $9.23 | (4.45)% | (7.80)% |
| October 2024 | $9.15 | $8.69 | $9.42 | $9.47 | (2.87)% | (8.24)% |
| July 2024 | $8.77 | $8.39 | $9.33 | $9.18 | (6.00)% | (8.61)% |
| April 2024 | $8.93 | $8.41 | $9.47 | $9.28 | (5.70)% | (9.37)% |
| January 2024 | $8.81 | $8.09 | $9.42 | $8.71 | (6.48)% | (7.12)% |

---

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 $9.04, $9.04 and 0.00%, respectively. As of March 20, 2026, the Fund had 207,541,595 shares of Common Stock outstanding and net assets of $1,876,185,759 applicable to Common Stock.

THE FUND

The Fund is a diversified, closed-end management investment company registered under the 1940 Act. The Fund was incorporated on April 8, 1987, pursuant to the Articles, and is governed by the laws of the State of Minnesota. The Fund's Common Stock is listed on the NYSE under the symbol "NUV."

The following provides information about the Fund's outstanding shares of Common Stock as of March 20, 2026:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Title of Class<br>| Amount<br>Authorized  | Amount<br>Authorized  | Amount Held<br>by the Fund or<br>for its Account  | Amount Held<br>by the Fund or<br>for its Account  | Amount<br>Outstanding  | Amount<br>Outstanding  |
|  Common Stock |  | 350000000 |  | 0 |  | 207541595 |

---

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USE OF PROCEEDS

Unless otherwise specified in a prospectus supplement, the net proceeds from any offering will be invested in accordance with the Fund's investment objectives and policies as stated below. The Fund currently anticipates that it will be able to invest substantially all of the net proceeds in investments that meet the Fund's investment objectives and policies within approximately three months of the receipt of such proceeds. Pending investment, it is anticipated that the proceeds will be invested in short-term or long-term securities issued by the U.S. Government and its agencies or instrumentalities or in high-quality, short-term money market instruments.

THE FUND'S INVESTMENTS

Investment Objectives and Policies

Please refer to the section of the Fund's most recent [annual report](https://www.sec.gov/Archives/edgar/data/812801/000119312526006434/d30963dncsr.htm) 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.

Portfolio Composition and Other Information

Please refer to the section of the Fund's most recent [annual report](https://www.sec.gov/Archives/edgar/data/812801/000119312526006434/d30963dncsr.htm) on Form N-CSR entitled "Shareholder Update—Current Investment Objectives, Investment Policies and Principal Risks of the Funds—Investment Policies—Portfolio Contents," as such portfolio contents may be supplemented from time to time, which is incorporated by reference herein, for a discussion of the investments principally included in the Fund's portfolio. More detailed information about the Fund's portfolio investments are contained in the SAI under "The Fund's Investments."

**Portfolio Turnover** 

The Fund may engage in portfolio trading when considered appropriate, but short-term trading will not be used as the primary means of achieving the Fund's investment objectives. For the fiscal year ended October 31, 2025, the Fund's portfolio turnover rate was 37%. However, there are no limits on the Fund's rate of portfolio turnover, and investments may be sold without regard to length of time held when, in Nuveen Asset Management's opinion, investment considerations warrant such action. A higher portfolio turnover rate would result in correspondingly greater brokerage commissions and other transactional expenses that are borne by the Fund. Although these commissions and expenses are not reflected in the Fund's "Annual Expenses," they will be reflected in the Fund's total return. In addition, high portfolio turnover may result in the realization of net short-term capital gains by the Fund which, when distributed to shareholders, will be taxable as ordinary income. See "Tax Matters."

**Other Policies** 

Certain investment policies specifically identified in the SAI as such are considered fundamental and may not be changed without shareholder approval. See "Investment Restrictions" in the SAI.

USE OF LEVERAGE

As a fundamental policy, the Fund will not leverage its capital structure by issuing "senior securities" (as defined under the 1940 Act), such as the issuance of Preferred Shares or debt instruments. However, the Fund may borrow (which may include reverse repurchase agreements) for temporary or emergency purposes, and use certain derivatives and other financing instruments that have the economic effect of leverage by creating additional investment exposures, including inverse floating rate securities.

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The Fund, along with certain other funds managed by Nuveen Fund Advisors (the "Participating Funds"), also established a 364-day, approximately $2.7 billion standby credit facility with a group of lenders, under which the Participating Funds may borrow for various purposes other than leveraging for investment purposes. A large portion of this facility's capacity is currently dedicated for use by a small number of Participating Funds, which does not include the Fund. The remaining capacity under the facility (and the corresponding portion of the facility's annual costs) is separately dedicated to most of the other open-end funds in the Nuveen fund family, along with a number of Nuveen closed-end funds, including the Fund. The credit facility expires in June 2026 unless extended or renewed.

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RISK FACTORS

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 [annual report](https://www.sec.gov/Archives/edgar/data/812801/000119312526006434/d30963dncsr.htm) 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.

MANAGEMENT OF THE FUND

**Directors and Officers** 

The Board of Directors is responsible for the management of the Fund, including supervision of the duties performed by Nuveen Fund Advisors and Nuveen Asset Management. The names and business addresses of the directors and officers of the Fund and their principal occupations and other affiliations during the past five years are set forth under "Management of the Fund" in the SAI.

**Investment Adviser, Sub-Adviser and Portfolio Managers** 

Investment Adviser. Nuveen Fund Advisors, LLC, the Fund's investment adviser, is responsible for overseeing the Fund's overall investment strategy and implementation. Nuveen Fund Advisors offers advisory and investment management services to a broad range of investment company clients. Nuveen Fund Advisors has overall responsibility for management of the Fund, oversees the management of the Fund's portfolio, manages the Fund's business affairs and provides certain clerical, bookkeeping and other administrative services. Nuveen Fund Advisors is located at 333 West Wacker Drive, Chicago, Illinois 60606. Nuveen Fund Advisors is an indirect subsidiary of Nuveen, the investment management arm of TIAA. TIAA is a life insurance company founded in 1918 by the Carnegie Foundation for the Advancement of Teaching and is the companion organization of College Retirement Equities Fund. As of December 31, 2025, Nuveen managed approximately $1.4 trillion in assets, of which approximately $157.4 billion was managed by Nuveen Fund Advisors.

Sub-Adviser. Nuveen Asset Management, LLC, located at 333 West Wacker Drive, Chicago, Illinois 60606, serves as the Fund's sub-adviser pursuant to a sub-advisory agreement between Nuveen Fund Advisors and Nuveen Asset Management (the "Sub-Advisory Agreement"). Nuveen Asset Management, a registered investment adviser, is a wholly owned subsidiary of Nuveen Fund Advisors. Nuveen Asset Management oversees day-to-day investment operations of the Fund. Pursuant to the Sub-Advisory Agreement, Nuveen Asset Management is compensated for the services it provides to the Fund with a portion of the management fee Nuveen Fund Advisors receives from the Fund. Nuveen Fund Advisors and Nuveen Asset Management retain the right to reallocate investment advisory responsibilities and fees between themselves in the future.

Portfolio Managers. Nuveen Asset Management is responsible for the execution of specific investment strategies and day-to-day investment operations of the Fund. Nuveen Asset Management manages the Nuveen funds using a team of analysts and portfolio managers that focuses on a specific group of funds. The day-to-day operation of the Fund and the execution of its specific investment strategies is the primary responsibility of Daniel J. Close, Kristen M. DeJong and Margot Kleinman, the designated portfolio managers of the Fund. Mr. Close has served as a portfolio manager of the Fund since May 2016 and Mses. DeJong and Kleinman have served as a portfolio manager of the Fund since October 2023 and February 2026, respectively.

**Daniel J. Close, CFA**, Managing Director at Nuveen Asset Management, leads the municipal fixed income strategic direction and investment perspectives for Nuveen. He serves as lead portfolio manager for high yield municipal strategies, along with tax-exempt and taxable municipal strategies that include customized institutional portfolios, open-end funds and closed-end funds. Prior to his current role, in 2010, he helped establish and expand the platform as Head of Taxable Municipals, and he has deep experience serving clients worldwide. He helps set the direction for custom fixed income solutions and asset allocation across multi-sector portfolios. As a leading expert on taxable municipals, he serves as a trusted voice on the complexities of the taxable municipal market. After joining Nuveen in 2000, he was a municipal fixed income research analyst covering the corporate-backed, energy, transportation and utility sectors. He began working in the investment industry in 1998 as an analyst at Banc of America Securities. He received his BS in Business from Miami University and his MBA from Northwestern University's J. L. Kellogg School of Management. Mr. Close has earned the Chartered Financial Analyst designation and is a member of the CFA Institute and the CFA Society of Chicago. He joined Nuveen Investments in 2000 as a member of Nuveen's product management and development team. He then served as a research analyst for Nuveen's municipal investing team, covering corporate-backed, energy, transportation and utility credits. He received his BS in Business from Miami University and his MBA from Northwestern University's Kellogg School of Management. Mr. Close has earned the Chartered Financial Analyst designation.

**Kristen M. DeJong, CFA**, Managing Director at Nuveen Asset Management, is a portfolio manager responsible for managing taxable municipal fixed income strategies for customized institutional portfolios and closed-end funds. She began her career in the investment industry in 2005 and joined Nuveen Asset Management in 2008. Prior to her current role, she served as senior research analyst for Nuveen Asset Management's municipal fixed income team, responsible for conducting credit analysis and providing trade recommendations for separately managed accounts. Previously, she worked as a research associate at Nuveen in the wealth management services area, where she provided research and developed reports on various topics involving retirement, tax and investment planning. Before joining Nuveen, she was a financial advisor at Ameriprise Financial. She received her B.S. in Business from Miami University. Ms. DeJong holds the Chartered Financial Analyst designation and is a member of the CFA Institute and the CFA Society of Chicago.

**Margot Kleinman**, is Head of Research for the municipal fixed income team at Nuveen. She leads the firm's specialized municipal credit research team, which is among the largest and most experienced in the asset class. She is a thought leader across the platform and co-authors the "Munis in Your Community" series that explores the connection between effective municipal bond investing and Americans' lived experience. Ms. Kleinman's group was named the No. 1 team at the 2024 Smith's All-Star Municipal Analysts Awards. Ms. Kleinman is a member of the National Federation of Municipal Analysts and the Chicago Municipal Analysts Society. She is also a sponsor of the Women in Nuveen Program. Prior to joining the firm, she was a municipal credit analyst on the higher education and not for profit ratings team at Moody's Investors Service. Ms. Kleinman graduated with a B.A. from the University of Pennsylvania and a M.P.A. from New York University.

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Additional information about the Portfolio Managers' compensation, other accounts managed by the Portfolio Managers and the Portfolio Managers' ownership of securities in the Fund is provided in the SAI. The SAI is available free of charge by calling (800) 257-8787 or by visiting the Fund's website at www.nuveen.com. The information contained in, or that can be accessed through, the Fund's website is not part of this Prospectus or the SAI, except to the extent specifically incorporated by reference herein or in the SAI.

**Investment Management and Sub-Advisory Agreements** 

Investment Management Agreement. Pursuant to an investment management agreement between Nuveen Fund Advisors and the Fund (the "Investment Management Agreement"), the Fund has agreed to pay an annual management fee for the services and facilities provided by Nuveen Fund Advisors, payable on a monthly basis, based on the sum of a fund-level fee and a complex-level fee, as described below.

Fund-Level Fee. The annual fund-level fee for the Fund, payable monthly, is calculated according to the following schedule:

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| | |
|:---|:---|
| Average Daily Managed Assets\* | Fund-Level<br>Fee Rate |
|  For the first $500 million | 0.1500% |
|  For the next $500 million | 0.1250% |
|  For net assets over $1 billion | 0.1000% |

---

In addition, the Fund pays an annual management fee, payable monthly, based on gross interest income (excluding interest on bonds underlying a "self- deposited inverse floater" trust that is attributed to the Fund over and above the net interest earned on the inverse floater itself) as follows:

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| | |
|:---|:---|
| **Gross Interest Income** | **Gross Income Fee Rate** |
| For the first $50 million | 4.125% |
| For the next $50 million | 4.000% |
| For gross income over $100 million | 3.875% |

---

Complex-Level Fee. The overall complex-level fee, payable monthly, begins at a maximum rate of 0.1600% of the Fund's average daily managed assets, with breakpoints for eligible complex-level assets above $124.3 billion. Therefore, the maximum management fee rate for the Fund is the Fund-level fee plus 0.1600%. The current overall complex-level fee schedule is as follows:

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| | |
|:---|:---|
| Complex-Level Asset Breakpoint Level\* | Complex-Level Fee |
|  For the first $124.3 billion | 0.1600% |
|  For the next $75.7 billion | 0.1350% |
|  For the next $200 billion | 0.1325% |
|  For eligible assets over $400 billion | 0.1300% |

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<sup>\*</sup> See "Investment Adviser, Sub-Adviser and Portfolio Managers" in the SAI for more detailed information about the complex-level fee and eligible complex-level assets.

------

As of December 31, 2025, the complex-level fee rate for the Fund was 0.1560%.

In addition to the fee of Nuveen Fund Advisors, the Fund pays all other costs and expenses of its operations, including compensation of its directors (other than those affiliated with Nuveen Fund Advisors and Nuveen Asset Management), custodian, transfer agency and dividend disbursing expenses, legal fees, expenses of independent auditors, expenses of repurchasing shares, expenses associated with any borrowings, expenses of preparing, printing and distributing shareholder reports, notices, proxy statements and reports to governmental agencies, and taxes, if any. All fees and expenses are accrued daily and deducted before payment of dividends to investors.

A discussion regarding the basis for the Board of Directors' most recent approval of the Investment Management Agreement for the Fund may be found in the Fund's [semi-annual report](https://www.sec.gov/Archives/edgar/data/812801/000119312525155981/d947484dncsrs.htm) to shareholders dated April 30, 2025.

Sub-Advisory Agreement. Pursuant to the Sub-Advisory Agreement, Nuveen Asset Management receives from Nuveen Fund Advisors a management fee equal to 71.4286% of Nuveen Fund Advisors' net management fee from the Fund. Nuveen Fund Advisors and Nuveen Asset Management retain the right to reallocate investment advisory responsibilities and fees between themselves in the future.

A discussion regarding the basis for the Board of Directors' most recent approval of the Sub-Advisory Agreement may be found in the Fund's [semi-annual report](https://www.sec.gov/Archives/edgar/data/812801/000119312525155981/d947484dncsrs.htm) to shareholders dated April 30, 2025.

**Control Persons and Principal Holders of Common Stock**

As of March 20, 2026, no shareholders owned of record, or were known by the Fund to own of record or beneficially, five percent or more of any class of shares of the Fund.

NET ASSET VALUE

The Fund's NAV per share of Common Stock is determined as of the close of trading (normally 4:00 p.m. Eastern time) on each day the NYSE is open for business. NAV is calculated by taking the market value of the Fund's total assets, less all liabilities, and dividing by the total number of shares of Common Stock outstanding. The result, rounded to the nearest cent, is the NAV per share.

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The Fund utilizes independent pricing services approved by its valuation designee to value portfolio instruments at their market value. Independent pricing services typically value non-equity portfolio instruments utilizing a range of market-based inputs and assumptions, including market quotations obtained from broker-dealers making markets in such instruments, cash flows and transactions for comparable instruments. In valuing municipal securities, the pricing services may also consider, among other factors, the yields or prices of municipal securities of comparable quality, type of issue, coupon, maturity and rating and the obligor's credit characteristics considered relevant by the pricing service or Nuveen Fund Advisors. In pricing certain securities, particularly less liquid and lower quality securities, the pricing services may consider information about a security, its issuer or market activity provided by Nuveen Fund Advisors or Nuveen Asset Management.

If a price cannot be obtained from a pricing service or other pre-approved source, or if the Fund's valuation designee deems such price to be unreliable, or if a significant event occurs after the close of the local market but prior to the time at which the Fund's NAV is calculated, a portfolio instrument will be valued at its fair value as determined in good faith by the Fund's valuation designee. The Fund's valuation designee may determine that a price is unreliable in various circumstances. For example, a price may be deemed unreliable if it has not changed for an identified period of time, or has changed from the previous day's price by more than a threshold amount, and recent transactions and/or broker dealer price quotations differ materially from the price in question.

The Board of Directors has designated Nuveen Fund Advisors as the Fund's valuation designee pursuant to Rule 2a-5 under the 1940 Act and delegated to Nuveen Fund Advisors the day-to-day responsibility of making fair value determinations. All fair value determinations made by Nuveen Fund Advisors are subject to review by the Board of Directors. As a general principle, the fair value of a portfolio instrument is the amount that an owner might reasonably expect to receive upon the instrument's current sale. A range of factors and analysis may be considered when determining fair value, including relevant market data, interest rates, credit considerations and/or issuer specific news. However, fair valuation involves subjective judgments, and it is possible that the fair value determined for a portfolio instrument may be materially different from the value that could be realized upon the sale of that instrument.

DISTRIBUTIONS

The Fund pays regular monthly cash distributions to shareholders of Common Stock (stated in terms of a fixed cents per share of Common Stock dividend distribution rate which may be set from time to time). The Fund intends to distribute all or substantially all of its net investment income each year through its regular monthly distributions and to distribute realized capital gains at least annually. In addition, in any monthly period, to maintain its declared per share of Common Stock distribution amount, the Fund may distribute more or less than its net investment income during the period. In the event the Fund distributes more than its net investment income during any yearly period, such distributions may also include realized gains and/or a return of capital.

To the extent that a distribution includes a return of capital the NAV per share may erode. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund's investment performance and should not be confused with "yield" or "income."

If the Fund's distribution includes anything other than net investment income, the Fund will provide a notice to shareholders of Common Stock of its best estimate of the distribution sources at the time of the distribution. These estimates may not match the final tax characterization (for the full year's distributions) contained in the shareholders' 1099-DIV forms after the end of the year.

While the Fund intends to distribute all realized capital gains at least annually, the Fund may elect to retain all or a portion of any net capital gain (which is the excess of net long-term capital gain over net short-term capital loss) otherwise allocable to shareholders of Common Stock and pay U.S. federal income tax on the retained gain.

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As provided under U.S. federal income tax law, shareholders of Common Stock of record as of the end of the Fund's taxable year will include their share of the retained net capital gain in their income for the year as a long-term capital gain (regardless of their holding period in the Common Stock), and will be entitled to an income tax credit or refund for the federal income tax deemed paid on their behalf by the Fund. If the Fund's total distributions during a given year is an amount that exceeds the Fund's current and accumulated earnings and profits, the excess would be treated by shareholders of Common Stock as return of capital for federal income tax purposes to the extent of the shareholder's basis in their shares and thereafter as capital gain.

Distributions will be reinvested in additional shares of Common Stock under the Fund's Dividend Reinvestment Plan unless a shareholder elects to receive cash. The Fund reserves the right to change its distribution policy and the basis for establishing the rate of its monthly distributions at any time and may do so without prior notice to shareholders of Common Stock.

DIVIDEND REINVESTMENT PLAN

Please refer to the section of the Fund's most recent [annual report](https://www.sec.gov/Archives/edgar/data/812801/000119312526006434/d30963dncsr.htm) on Form N-CSR entitled "Shareholder Update—Dividend Reinvestment Plan," which is incorporated by reference herein, for a discussion of the Fund's dividend reinvestment plan.

PLAN OF DISTRIBUTION

The Fund may offer and sell Securities from time to time on an immediate, continuous or delayed basis, in one or more offerings under this Prospectus and a related prospectus supplement, on terms to be determined at the time of the offering. The Fund may offer and sell such Securities directly to one or more purchasers, to or through underwriters, through dealers or agents that the Fund designates from time to time, or through a combination of these methods. Sales of Securities may be made in transactions that are deemed to be "at the market" as defined in Rule 415 under the Securities Act of 1933, as amended (the "1933 Act"), including sales made directly on the NYSE or sales made to or through a market maker other than on an exchange.

The prospectus supplement relating to any offering of Securities will describe the terms of such offering, including, as applicable:

• The names of any agents, underwriters or dealers;

• any sales loads, underwriting discounts and commissions or agency fees and other items constituting underwriters' or agents' compensation;

• any discounts, commissions, fees or concessions allowed or reallowed or paid to dealers or agents;

• the public offering or purchase price of the offered Securities, the estimated net proceeds the Fund will receive from the sale and the use of proceeds; and

• any securities exchange on which the offered Securities may be listed.

The prospectus supplement relating to any Rights offering will set forth the number of Common Stock issuable upon the exercise of each Right (or number of Rights) and the other terms of such Rights offering.

**Direct Sales** 

The Fund may offer and sell Securities directly to, and solicit offers from, institutional investors or others who may be deemed to be underwriters as defined in the 1933 Act for any resales of Securities. In this case, no underwriters or agents would be involved. The Fund may use electronic media, including the Internet, to sell offered Securities directly. The Fund will describe the terms of any of those sales in a prospectus supplement.

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**By Agents** 

The Fund may offer and sell Securities through an agent or agents designated by the Fund from time to time. An agent may sell Securities it has purchased from the Fund as principal to other dealers for resale to investors and other purchasers, and may reallow all or any portion of the discount received in connection with the purchase from the Fund to the dealers. After the initial offering of Securities, the offering price (in the case of Securities to be resold at a fixed offering price), the concession and the discount may be changed.

**By Underwriters** 

If any underwriters are involved in the offer and sale of Securities, such Securities will be acquired by the underwriters and may be resold by them, either at a fixed public offering price established at the time of offering or from time to time in one or more negotiated transactions or otherwise, at prices related to prevailing market prices determined at the time of sale. Unless otherwise set forth in the applicable prospectus supplement, the obligations of the underwriters to purchase Securities will be subject to conditions precedent and the underwriters will be obligated to purchase all Securities described in the prospectus supplement if any are purchased. Any initial public offering price and any discounts or concessions allowed or re-allowed or paid to underwriters may be changed from time to time.

In connection with an offering of Common Stock, if a prospectus supplement so indicates, the Fund may grant the underwriters an option to purchase additional Common Stock at the public offering price, less the underwriting discounts and commissions, within 45 days from the date of the prospectus supplement, to cover any overallotments.

**By Dealers** 

The Fund may offer and sell Securities from time to time through one or more dealers who would purchase the securities as principal. The dealers then may resell the offered Securities to the public at fixed or varying prices to be determined by those dealers at the time of resale. The Fund will set forth the names of the dealers and the terms of the transaction in the prospectus supplement.

**General** 

Any underwriters, dealer or agent participating in an offering of Securities may be deemed to be an "underwriter," as that term is defined in the 1933 Act, of Securities so offered and sold, and any discounts and commission received by them, and any profit realized by them on resale of the offered Securities for whom they act as agent, may be deemed to be underwriting discounts and commissions under the 1933 Act.

Underwriters, dealers and agents may be entitled, under agreements entered into with the Fund, to indemnification by the Fund against some liabilities, including liabilities under the 1933 Act.

The Fund may offer to sell Securities either at a fixed price or at prices that may vary, at market prices prevailing at the time of sale, at prices related to prevailing market prices or at negotiated prices.

To facilitate an offering of Common Stock in an underwritten transaction and in accordance with industry practice, the underwriters may engage in transactions that stabilize, maintain, or otherwise affect the market price of the Common Stock or any other Security. Those transactions may include overallotment, entering stabilizing bids, effecting syndicate covering transactions, and reclaiming selling concessions allowed to an underwriter or a dealer.

• An overallotment in connection with an offering creates a short position in the Common Stock for the underwriter's own account.

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• An underwriter may place a stabilizing bid to purchase the Common Stock for the purpose of pegging, fixing, or maintaining the price of the Common Stock.

• Underwriters may engage in syndicate covering transactions to cover overallotments or to stabilize the price of the Common Stock by bidding for, and purchasing, the Common Stock or any other Securities in the open market in order to reduce a short position created in connection with the offering.

• The managing underwriter may impose a penalty bid on a syndicate member to reclaim a selling concession in connection with an offering when the Common Stock originally sold by the syndicate member are purchased in syndicate covering transactions or otherwise.

Any of these activities may stabilize or maintain the market price of the Securities above independent market levels. Underwriters are not required to engage in these activities and may end any of these activities at any time.

In connection with any Rights offering, the Fund may also enter into a standby underwriting arrangement with one or more underwriters pursuant to which the underwriter(s) will purchase Common Stock remaining unsubscribed for after the Rights offering.

Underwriters, agents and dealers may engage in transactions with or perform services, including various investment banking and other services, for the Fund and/or any of the Fund's affiliates in the ordinary course of business.

The maximum amount of compensation to be received by any Financial Industry Regulatory Authority ("FINRA") member or independent broker-dealer will not exceed the applicable FINRA limit for the sale of any securities being offered pursuant to Rule 415 under the Securities Act. We will not pay any compensation to any underwriter or agent in the form of warrants, options, consulting or structuring fees or similar arrangements.

To the extent permitted under the 1940 Act and the rules and regulations promulgated thereunder, the underwriters may from time to time act as a broker or dealer and receive fees in connection with the execution of the Fund's portfolio transactions after the underwriters have ceased to be underwriters and, subject to certain restrictions, each may act as a broker while it is an underwriter.

A prospectus and accompanying prospectus supplement in electronic form may be made available on the websites maintained by underwriters. The underwriters may agree to allocate a number of Securities for sale to their online brokerage account holders. Such allocations of Securities for Internet distributions will be made on the same basis as other allocations. In addition, Securities may be sold by the underwriters to securities dealers who resell Securities to online brokerage account holders.

DESCRIPTION OF SHARES

**Common Stock** 

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 andBy-Laws," non-assessable, 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. 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.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.

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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.

Unlike open-end funds, closed-end 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 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 have, during other periods, traded at prices lower than NAV.

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 Open-End Fund."

**Other Shares** 

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."

RIGHTS OFFERINGS

The Fund may in the future, and at its discretion, choose to make offerings of Rights to its shareholders to purchase Common Stock. Rights may be issued independently or together with any other offered security and may or may not be transferable by the person purchasing or receiving the rights. In connection with a Rights offering to shareholders, the Fund would distribute certificates or other documentation evidencing the Rights and a prospectus supplement to the Fund's shareholders as of the record date that the Fund sets for determining the shareholders eligible to receive Rights in such Rights offering. Any such future Rights offering will be made in accordance with the 1940 Act and, to the extent such Rights are transferable, will comply with applicable interpretations of the SEC or its staff, as such interpretations may be modified in the future, which currently require that: (i) the Fund's Board of Directors make a good faith determination that such offering would result in a net benefit to existing shareholders; (ii) the offering fully protects shareholders' preemptive rights and does not discriminate among shareholders (except for the possible effect of not offering fractional rights); (iii) management uses its best efforts to ensure an adequate trading market in the Rights for use by shareholders who do not exercise such Rights; and (iv) the ratio of such transferable Rights offering does not exceed one new share for each three rights held.

The applicable prospectus supplement would describe the following terms of the Rights (to the extent each is applicable) in respect of which this Prospectus is being delivered:

• the period of time the offering would remain open;

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• the underwriter or distributor, if any, of the Rights and any associated underwriting fees or discounts applicable to purchases of the Rights;

• the title of such Rights;

• the exercise price for such Rights (or method of calculation thereof);

• the number of such Rights issued in respect of each share;

• the number of Rights required to purchase a single share;

• the extent to which such Rights are transferable and the market on which they may be traded if they are transferable;

• if such Rights are transferable, a discussion regarding the Board of Directors' basis for determining that such offering would result in a net benefit to existing shareholders;

• if applicable, a discussion of the material U.S. federal income tax considerations applicable to the issuance or exercise of such Rights;

• the date on which the right to exercise such Rights will commence, and the date on which such right will expire (subject to any extension);

• the extent to which such Rights include an over-subscription privilege with respect to unsubscribed securities and the terms of such over-subscription privilege;

• termination rights the Fund may have in connection with such Rights offering; and

• any other terms of such Rights, including exercise, settlement and other procedures and limitations relating to the transfer and exercise of such Rights.

A certain number of Rights would entitle the holder of the Right(s) to purchase for cash such number of shares at such exercise price as in each case is set forth in, or be determinable as set forth in, the prospectus supplement relating to the Rights offered thereby. Rights would be exercisable at any time up to the close of business on the expiration date for such Rights set forth in the prospectus supplement. After the close of business on the expiration date, all unexercised Rights would become void. Upon expiration of the Rights offering and the receipt of payment and the Rights certificate or other appropriate documentation properly executed and completed and duly executed at the corporate trust office of the Rights agent, or any other office indicated in the prospectus supplement, the Common Stock purchased as a result of such exercise will be issued as soon as practicable. To the extent permissible under applicable law, the Fund may determine to offer any unsubscribed offered securities directly to persons other than shareholders, to or through agents, underwriters or dealers or through a combination of such methods, as set forth in the applicable prospectus supplement.

CERTAIN PROVISIONS IN THE ARTICLES OF INCORPORATION AND BY-LAWS

Shareholder and Director Liability. Under the Minnesota Business Corporation Act, a subscriber for shares or a shareholder of a corporation is under no obligation to the corporation or its creditors with respect to the shares subscribed for or owned, except to pay the corporation the full agreed-upon consideration for the shares. However, a shareholder who receives a distribution which is made in violation of the Minnesota Business Corporation Act's limitations on distributions is liable to the corporation to the extent that the distribution exceeded the amount that properly could have been paid.

The Articles provide that the Fund's obligations are not binding upon the Fund's directors individually, but only upon the Fund's assets and property and provide for the indemnification of directors individually by the Fund for certain liabilities arising out of the performance of their duties to the Fund to the maximum extent permitted under Minnesota law. Nothing in the Articles, however, protects a director against any liability to which he or she would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office.

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Anti-Takeover Provisions. The Articles include provisions that could limit the ability of other entities or persons to acquire control of the Fund or to convert the Fund to open-end status. The Articles require the Board be divided into three classes with staggered terms. See the SAI under "Management of the Fund." This provision in the Articles could delay for up to two years the replacement of a majority of the Board. Additionally, the Articles require a vote by holders of at least two-thirds of the outstanding Common Stock to authorize (1) a conversion of the Fund from a closed-end to an open-end investment company, (2) a merger or consolidation of the Fund with any corporation or a reorganization or recapitalization (3) a sale, lease or transfer of all or substantially all of the Fund's assets (other than in the regular course of the Fund's investment activities), (4) a liquidation or dissolution of the Fund, unless such action has previously been approved, adopted or authorized by the affirmative vote of two-thirds of the total number of directors fixed in accordance with the By-Laws, or (5) a removal of directors by shareholders, and then only for cause,<sup>\*</sup> in which case the affirmative vote of the holders of at least two-thirds of the Fund's outstanding Common Stock is required. Approval of shareholders is not required, however, for any transaction, whether deemed a merger, consolidation, reorganization or otherwise whereby the Fund issues shares in connection with the acquisition of assets (including those subject to liabilities) from any other investment company or similar entity. None of the foregoing provisions may be amended except by the vote of at least two-thirds of the outstanding Common Stock. See the SAI under "Certain Provisions in the Articles of Incorporation."

The provisions of the Articles described above could have the effect of depriving the shareholders of Common Stock of opportunities to sell their shares of Common Stock at a premium over the then current market price of the shares of Common Stock by discouraging a third party from seeking to obtain control of the Fund in a tender offer or similar transaction. The overall effect of these provisions is to render more difficult the accomplishment of a merger or the assumption of control by a third party. They provide, however, the advantage of potentially requiring persons seeking control of the Fund to negotiate with its management regarding the price to be paid and facilitating the continuity of the Fund's investment objectives and policies. The Fund's Board has considered the foregoing anti-takeover provisions and concluded that they are in the best interests of the Fund and its shareholders of Common Stock.

Reference should be made to the Articles on file with the SEC for the full text of these provisions.

REPURCHASE OF FUND SHARES; CONVERSION TO OPEN-END FUND

The Fund is a closed-end investment company and as such its shareholders will not have the right to cause the Fund to redeem their shares. Instead, the shares of Common Stock will trade in the open market at a price that will be a function of several factors, including dividend levels (which are in turn affected by expenses), NAV, call protection, dividend stability, portfolio credit quality, relative demand for and supply of such shares in the market, general market and economic conditions and other factors. Because shares of closed-end investment companies may frequently trade at prices lower than NAV, the Fund's 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 in respect of shares of Common Stock, 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.

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If the Fund converted to an open-end investment company, and the Common Stock would no longer be listed on the NYSE or elsewhere and it would likely have to significantly reduce any leverage it is then employing, which may require a repositioning of its investment portfolio, which may in turn generate substantial transaction costs, which would be borne by the shareholders of Common Stock, and may adversely affect Fund performance and Fund distributions. In contrast to a closed-end investment company, shareholders of an open-end investment company may require the company to redeem their shares at any time (except in certain circumstances as authorized by the 1940 Act or the rules thereunder) at their NAV, less any redemption charge that is in effect at the time of redemption. The Fund currently expects that any such redemptions would be made in cash. The Fund may charge sales or redemption fees upon conversion to an open-end fund. In order to avoid maintaining large cash positions or liquidating favorable investments to meet redemptions, open-end investment companies typically engage in a continuous offering of their shares. Open-end investment companies are thus subject to periodic asset in-flows and out-flows that can complicate portfolio management. The Board of Directors may at any time propose conversion of the Fund to an open-end investment company depending upon its judgment as to the advisability of such action in light of circumstances then prevailing.

Before deciding whether to take any action if the shares of Common Stock trade below NAV, the Fund's Board of Directors would consider all relevant factors, including the extent and duration of the discount, the liquidity of the Fund's portfolio, the impact of any action that might be taken on the Fund or its shareholders, and market considerations. Based on these considerations, even if the Fund's shares should trade at a discount, the Board of Directors may determine that, in the interest of the Fund and its shareholders, no action should be taken.

TAX MATTERS

The following information is meant as a general summary for U.S. shareholders of Common Stock. Please see the SAI for additional information. This summary does not discuss the tax consequences of an investment in Rights. The tax consequences of such an investment will be discussed in the relevant prospectus supplement. Investors should rely on their own tax adviser for advice about the particular federal, state and local tax consequences to them of investing in the Fund.

The Fund has elected and intends to qualify each year to be treated as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended. In order to qualify for treatment as a RIC, the Fund must satisfy certain requirements regarding the sources of its income, the diversification of its assets and the distribution of its income. As a RIC, the Fund is not expected to be subject to federal income tax. The Fund primarily invests in municipal securities issued by states, cities and local authorities and certain possessions and territories of the United States (such as Puerto Rico or Guam) or municipal securities whose income is otherwise exempt from regular federal income tax. To qualify to pay exempt-interest dividends, which are treated as items of interest excludable from gross income for federal income tax purposes, at least 50% of the value of the total assets of the Fund must consist of obligations exempt from regular income tax as of the close of each quarter of the Fund's taxable year. If the proportion of taxable investments held by the Fund exceeds 50% of the Fund's total assets as of the close of any quarter of any Fund taxable year, the Fund would not for that taxable year satisfy the general eligibility test that would otherwise permit it to pay exempt-interest dividends. A shareholder treats an exempt-interest dividend as interest on state and local bonds exempt from regular federal income tax. Federal income tax law imposes an alternative minimum tax applicable to noncorporate taxpayers. Corporations which are subject to corporate alternative minimum tax may be subject to alternative minimum tax on all tax-exempt bonds. Interest on certain municipal securities, such as certain private activity bonds, is included as an item of tax preference in determining the amount of a taxpayer's alternative minimum taxable income. To the extent that the Fund receives income from such municipal securities, a portion of the dividends paid by the Fund, although exempt from regular federal income tax, will be taxable to shareholders whose tax liabilities are determined under the federal alternative minimum tax. The Fund will annually provide a report indicating the percentage of the Fund's income attributable to municipal securities and the percentage includable in federal alternative minimum taxable income.

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In addition to exempt-interest dividends, the Fund may also distribute to its shareholders amounts that are treated as long-term capital gain or ordinary income (which may include short-term capital gains). These distributions are generally subject to regular federal income tax, whether or not reinvested in additional shares. Net capital gain distributions (the excess of net long-term capital gain over net short-term capital loss) that are properly reported to fund shareholders as capital dividends are generally taxable at rates applicable to long-term capital gains regardless of how long a shareholder has held its shares. Long-term capital gains are currently taxable to non-corporate shareholders at rates of up to 20%. Distributions of net short-term capital gains for a taxable year in excess of net long-term capital losses for such taxable year generally will be taxable at ordinary income rates to a shareholder receiving such distributions. The Fund does not expect that any part of its distributions to shareholders from its investments will qualify for the dividends-received deduction available to corporate shareholders or as "qualified dividend income," which is taxable to non-corporate shareholders at preferential U.S. federal income tax rates.

A 3.8% Medicare contribution tax generally applies to all or a portion of the net investment income of a shareholder who is an individual and not a nonresident alien for U.S. federal income tax purposes and who has adjusted gross income (subject to certain adjustments) that exceeds a threshold amount($250,000 if married filing jointly or if considered a "surviving spouse" for federal income tax purposes, $125,000 if married filing separately, and $200,000 in other cases). This 3.8% tax also applies to all or a portion of the undistributed net investment income of certain shareholders that are estates and trusts. For these purposes, interest, dividends, and certain capital gains are generally taken into account in computing a shareholder's net investment income, but exempt-interest dividends are not taken into account.

As a RIC, the Fund will not be subject to federal income tax in any taxable year provided that it meets certain requirements. As described in"Distributions" above, the Fund may retain for investment some (or all) of its net capital gain. If the Fund retains any net capital gain or taxable net investment income, it will be subject to tax at the regular corporate rate on the amount retained. If the Fund retains any net capital gain, it may designate the retained amount as undistributed capital gains in a notice to its shareholders who, if subject to federal income tax on long-term capital gains, (i) will be required to include in income for federal income tax purposes, as long-term capital gain, their share of such undistributed amount; (ii) will be deemed to have paid their proportionate shares of the tax paid by the Fund on such undistributed amount and will be entitled to credit that amount of tax against their federal income tax liabilities, if any; and (iii) will be entitled to claim refunds to the extent the credit exceeds such liabilities. For federal income tax purposes, the tax basis of shares owned by a shareholder of the Fund will be increased by an amount equal to the difference between the amount of undistributed capital gains included in the shareholder's gross income and the tax deemed paid by the shareholder.

Dividends declared by the Fund in October, November or December, payable to shareholders of record in such a month, and paid during the following January will be treated as having been received by shareholders in the year the distributions were declared.

Each shareholder will receive an annual statement summarizing the U.S. federal income tax status of all distributions.

The repurchase, sale or exchange of Common Stock normally will result in capital gain or loss to holders of Common Stock who hold their shares as capital assets. Generally, a shareholder's gain or loss will be long-term capital gain or loss if the shares have been held for more than one year even though the increase in value in such Common Stock may be at least partly attributable to tax-exempt interest income. Present law taxes both long-term and short-term capital gains of corporations at the rates applicable to ordinary income. For non-corporate taxpayers, however, long-term capital gains are currently taxed at rates of up to 20%. Short-term capital gains and other ordinary income are taxed to non-corporate taxpayers at ordinary income rates. If a shareholder sells or otherwise disposes of Common Stock before holding them for six months, any loss on the sale or disposition will be treated as a long-term capital loss to the extent of any amounts treated as distributions to the shareholders of Common Stock of long-term capital gain (including any amount credited to the shareholder as undistributed capital gain) or (2) disallowed to the extent of exempt-interest dividends received by a shareholder of Common Stock. Any loss realized by a shareholder on the disposition of shares held 6 months or less is disallowed to the extent of the amount of exempt-interest dividends received by the shareholder with respect to Common Stock. Any loss realized on a sale or exchange of shares of the Fund will be disallowed to the extent those shares of the Fund are replaced by substantially identical shares of the Fund (including shares acquired by reason of participation in the Plan) within a period of 61 days beginning 30 days before and ending 30 days after the date of disposition of the original shares, or to the extent the shareholder enters into a contract or option to repurchase shares within such period. In that event, the basis of the replacement shares of the Fund will be adjusted to reflect the disallowed loss.

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Any interest on indebtedness incurred or continued to purchase or carry the Fund's shares to which exempt-interest dividends are allocated is not deductible. Under certain applicable rules, the purchase or ownership of shares may be considered to have been made with borrowed funds even though such funds are not directly used for the purchase or ownership of the shares. In addition, if you receive social security or certain railroad retirement benefits, you may be subject to U.S. federal income tax on a portion of such benefits as a result of receiving investment income, including exempt-interest dividends and other distributions paid by the Fund.

The Fund may be required to withhold (as "backup withholding") U.S. federal income tax from distributions (including exempt-interest dividends) and repurchase proceeds payable to a shareholder if the shareholder fails to provide the Fund with his or her correct taxpayer identification number or to make required certifications, or if the shareholder has been notified by the IRS that he or she is subject to backup withholding. The backup withholding rate is 24%. Backup withholding is not an additional tax; rather, it is a way in which the IRS ensures it will collect taxes otherwise due. Any amounts withheld may be credited against a shareholder's U.S. federal income tax liability.

The Fund may invest in municipal securities that pay interest that is taxable under the federal alternative minimum tax. If you are, or as a result of investment in the Fund would become, subject to the federal alternative minimum tax, the Fund may not be a suitable investment for you. In addition, distributions of taxable ordinary income (including any net short-term capital gain) will be taxable to shareholders as ordinary income (and not eligible for favorable taxation as "qualified dividend income"), and capital gain dividends will be taxable as long-term capital gains.

*Other State and Local Tax Matters.* The exemption from U.S. federal income tax for exempt-interest dividends generally does not result in exemption for such dividends under the income or other tax laws of any state or local taxing authority. In some states, however, the portion of any exempt-interest dividends derived from interest received by the Fund on its holdings of that state's securities and those of its political subdivisions and instrumentalities is exempt from the state's income tax. The Fund will report annually to its shareholders the percentage of interest income earned by the Fund during the preceding year on tax-exempt obligations indicating, on a state-by-state basis, the source of such income. Shareholders of the Fund are advised to consult their own tax advisors about the tax laws of their state and locality of residence. Please refer to the SAI for more detailed information.

CUSTODIAN AND TRANSFER AGENT

The custodian of the assets of the Fund is State Street Bank and Trust Company, located at One Congress Street, Suite 1, Boston, MA 02114-2016 (the "Custodian"). The Custodian performs custodial, fund accounting and portfolio accounting services. The Fund's transfer, shareholder services and dividend paying agent with respect to the Fund's Common Stock is Computershare Inc. and Computershare Trust Company, N.A., located at 150 Royall Street, Canton, MA 02021.

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

PricewaterhouseCoopers LLP ("PwC"), an independent registered public accounting firm, provides auditing services to the Fund. The principal business address of PwC is One North Wacker Drive, Chicago, IL 60606.

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LEGAL MATTERS

Certain legal matters in connection with the offering will be passed upon for the Fund by Stradley Ronon Stevens & Young, LLP, located at 2005 Market Street, Suite 2600, Philadelphia, PA 19103. Stradley Ronon Stevens & Young, LLP may rely as to certain matters of Minnesota law on the opinion of Dorsey & Whitney LLP. Any additional legal opinions will be described in a prospectus supplement.

AVAILABLE INFORMATION

The Fund is subject to the informational requirements of the Securities Exchange Act of 1934, as amended (the "Exchange Act") and the 1940 Act and is required to file reports, proxy statements and other information with the SEC. Reports, proxy statements, and other information about the Fund can be inspected at the offices of the NYSE.

This Prospectus does not contain all of the information in the Fund's Registration Statement, including amendments, exhibits, and schedules. Statements in this Prospectus about the contents of any contract or other document are not necessarily complete and, in each instance, reference is made to the copy of the contract or other document filed as an exhibit to the Registration Statement, each such statement being qualified in all respects by this reference.

Additional information about the Fund and the Securities can be found in the Fund's Registration Statement (including amendments, exhibits, and schedules) on Form N-2 filed with the SEC. The SEC maintains a website (http://www.sec.gov) that contains the Fund's Registration Statement, other documents incorporated by reference, and other information the Fund has filed electronically with the SEC, including proxy statements and reports filed under the Exchange Act.

INCORPORATION BY REFERENCE

The documents listed below, and any reports and other documents subsequently filed with the SEC pursuant to Section 30(b)(2) of the 1940 Act and Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act prior to the termination of the offering will be incorporated by reference into this Prospectus and deemed to be part of this Prospectus from the date of the filing of such reports and documents:

• The Fund's [SAI](#tx799728_sai) , dated March 27, 2026

• The Fund's [annual report](https://www.sec.gov/Archives/edgar/data/812801/000119312526006434/d30963dncsr.htm) on Form N-CSR for the fiscal year ended October 31, 2025; and

• The description of the Common Stock contained in the Fund's Registration Statement on Form 8-A (File No. 00-109530) filed with the SEC on May 21, 1987, including any amendment or report filed for the purpose of updating such description prior to the termination of the offering registered hereby.

The information incorporated by reference is considered to be part of this Prospectus, and later information that the Fund files with the SEC will automatically update and supersede this information. Incorporated materials not delivered with the Prospectus may be obtained, without charge, by calling (800) 257-8787, by writing to the Fund at 333 West Wacker Drive, Chicago, IL 60606, or from the Fund's website (<u>http://www.nuveen.com</u>).

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![LOGO](g799728g58b43.jpg)

All dealers that effect transactions in Common Stock, whether or not participating in this offering, may be required to deliver a Prospectus.

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EPR-NUV-0326P

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**NUVEEN MUNICIPAL VALUE FUND, INC.** 

333 West Wacker Drive

Chicago, Illinois 60606

**STATEMENT OF ADDITIONAL INFORMATION** 

March 27, 2026

Nuveen Municipal Value Fund, Inc. (the "Fund") is a diversified, closed-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Fund was incorporated under the laws of the State of Minnesota on April 8, 1987.

This Statement of Additional Information (the "SAI") relating to shares of common stock of the Fund ("Common Stock") does not constitute a prospectus, but should be read in conjunction with the Fund's prospectus relating thereto dated March 27, 2026 (the "Prospectus") and any related prospectus supplement. This SAI does not include all information that a prospective investor should consider before purchasing such shares. Investors should obtain and read the Prospectus and any related prospectus supplement prior to purchasing shares of Common Stock. In addition, the Fund's financial statements and the independent registered public accounting firm's report therein included in the Fund's [annual report](https://www.sec.gov/Archives/edgar/data/812801/000119312526006434/d30963dncsr.htm) dated October 31, 2025, are incorporated herein by reference. A copy of the Prospectus may be obtained without charge by calling (800) 257-8787. You may also obtain a copy of the Prospectus on the U.S. Securities and Exchange Commission's (the "SEC") web site (http://www.sec.gov). Capitalized terms used but not defined in this SAI have the meanings ascribed to them in the Prospectus.

**TABLE OF CONTENTS** 

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Use of Proceeds](#sai799728_1) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Investment Objectives and Policies](#sai799728_2) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Investment Restrictions](#sai799728_2a) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [The Fund's Investments](#sai799728_3) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Management of the Fund](#sai799728_4) | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Investment Adviser, Sub-Adviser and Portfolio Managers](#sai799728_5) | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Code of Ethics](#sai799728_6) | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Proxy Voting Policies](#sai799728_7) | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Portfolio Transactions and Brokerage](#sai799728_8) | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Tax Matters](#sai799728_10) | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Financial Statements](#sai799728_12) | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Custodian and Transfer Agent](#sai799728_13) | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Independent Registered Public Accounting Firm](#sai799728_14) | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Legal Matters](#sai799728_15) | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Additional Information](#sai799728_16) | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Appendix A](#sai799728_17) | A-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Appendix B](#sai799728_19) | B-1 |

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**USE OF PROCEEDS** 

Unless otherwise specified in a prospectus supplement, the net proceeds from any offering will be invested in accordance with the Fund's investment objectives and policies as stated below. The Fund currently anticipates that it will be able to invest substantially all of the net proceeds in investments that meet the Fund's investment objectives and policies within approximately three months of the receipt of such proceeds. Pending investment, it is anticipated that the proceeds will be invested in short-term or long-term securities issued by the U.S. Government and its agencies or instrumentalities or in high quality, short-term money market instruments.

**INVESTMENT OBJECTIVES AND POLICIES** 

Please refer to the section of the Fund's most recent [annual report](https://www.sec.gov/Archives/edgar/data/812801/000119312526006434/d30963dncsr.htm) 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.

**INVESTMENT RESTRICTIONS**

Except as described below, the Fund, as a fundamental policy, may not, without the approval of the holders of a majority of the outstanding Common Stock:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Issue senior securities, as defined in the 1940 Act, except to the extent such issuance might be involved with respect to borrowings described under subparagraph (2) below or with respect to transactions involving futures contracts or the writing of options within the limits described herein;<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Borrow money, except as permitted by the 1940 Act and exemptive orders granted under the 1940 Act;<sup>1,2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Underwrite any issue of securities, except to the extent that the purchase of municipal securities in accordance with its investment objectives, policies and limitations may be deemed to be an underwriting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Invest more than 25% of its total assets in securities of issuers in any one industry, provided, however, that such limitations shall not be applicable to municipal securities issued by governments or political subdivisions of governments, and obligations issued or guaranteed by the United States government, its agencies or instrumentalities;<sup>3</sup>

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<sup>1</sup> Section 18(c) of the 1940 Act generally limits a registered closed-end investment company to issuing one class of senior securities representing indebtedness and one class of senior securities representing stock, except that the class of indebtedness or stock may be issued in one or more series, and promissory notes or other evidences of indebtedness issued in consideration of any loan, extension, or renewal thereof, made by a bank or other person and privately arranged, and not intended to be publicly distributed, are not deemed a separate class of senior securities.

<sup>2</sup> Section 18(a) of the 1940 Act generally prohibits a registered closed-end fund from incurring borrowings if, immediately thereafter, the aggregate amount of its borrowings exceeds 33 <sup>1</sup>/<sub>3</sub>% of its total assets. The Fund has not applied for, and currently does not intend to apply for, any exemptive relief that would allow it to borrow outside of the limits of the 1940 Act.

<sup>3</sup> For purposes of this restriction, governments and their political subdivisions are not members of any industry.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Purchase or sell real estate, but this shall not prevent the Fund from investing in municipal securities secured by real estate or interests therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Purchase or sell physical commodities unless acquired as a result of ownership of securities or other instruments (but this shall not prevent the Fund from purchasing or selling options, futures contracts or derivative instruments or from investing in securities or other instruments backed by physical commodities);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Make loans, except as permitted by the 1940 Act and exemptive orders granted under the 1940 Act;<sup>4</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) Invest more than 5% of its total assets in securities of any one issuer, except that this limitation shall not apply to securities of the United States government, its agencies and instrumentalities or to the investment of 25% of its total assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) Pledge, mortgage or hypothecate its assets, except that, to secure borrowings permitted by subparagraph (2) above, it may pledge securities having a market value at the time of pledge not exceeding 20% of the value of the Fund's total assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) Invest more than 10% of its total assets in repurchase agreements maturing in more than seven days; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) Purchase or retain the securities of any issuer other than the securities of the Fund if, to the Fund's knowledge, those directors of the Fund, or those officers and directors of Nuveen Asset Management, who individually own beneficially more than <sup>1</sup>/<sub>2</sub> of 1% of the outstanding securities of such issuer, together own beneficially more than 5% of such outstanding securities.

For the purpose of applying the limitation set forth in subparagraph (4) above, such policy will apply to municipal securities if the payment of principal and interest for such securities is derived solely from a specific project, and in that situation the Fund will consider such municipal securities to be in an industry associated with the project.

For the purpose of applying the limitation set forth in subparagraph (8) above, a governmental issuer shall be deemed the single issuer of a security when its assets and revenues are separate from other governmental entities and its securities are backed only by its assets and revenues. Similarly, in the case of a non-governmental issuer, if the security is backed only by the assets and revenues of the non-governmental issuer, then such non-governmental issuer would be deemed to be the single issuer. Where a security is also backed by the enforceable obligation of a superior or unrelated governmental or other entity (other than a bond insurer), it shall also be included in the computation of securities owned that are issued by such governmental or other entity. Where a security is guaranteed by a governmental entity or some other facility, such as a bank guarantee or letter of credit, such a guarantee or letter of credit would be considered a separate security and would be treated as an issue of such government, other entity or bank. When a municipal security is insured by bond insurance, it shall not be considered a security that is issued or guaranteed by the insurer; instead, the issuer of such municipal security will be determined in accordance with the principles set forth above. The foregoing restrictions do not limit the percentage of the Fund's assets that may be invested in municipal securities insured by any given insurer.

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<sup>4</sup> Section 21 of the 1940 Act makes it unlawful for a registered investment company, like the Fund, to lend money or other property if (i) the investment company's policies set forth in its registration statement do not permit such a loan or (ii) the borrower controls or is under common control with the investment company. The Fund has not applied for, and currently does not intend to apply for, any exemptive relief that would allow it to make loans outside the limits of the 1940 Act.

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Under the 1940 Act, the Fund may invest only up to 10% of its total assets in the aggregate in shares of other investment companies and only up to 5% of its total assets in any one investment company, provided the investment does not represent more than 3% of the voting stock of the acquired investment company at the time such shares are purchased. As a shareholder in any investment company, the Fund will bear its ratable share of that investment company's expenses, and will remain subject to payment of the Fund's management, advisory and administrative fees with respect to assets so invested. Shareholders of Common Stock would therefore be subject to duplicative expenses to the extent the Fund invests in other investment companies. In addition, the securities of other investment companies may be leveraged and therefore will be subject to the same leverage risks described herein and magnify the Fund's leverage risk. As described in the Prospectus in the section entitled "Risk Factors", the net asset value and market value of leveraged shares will be more volatile and the yield to shareholders will tend to fluctuate more than the yield generated by unleveraged shares.

In addition to the foregoing fundamental investment policies, the Fund is also subject to the following non-fundamental restrictions and policies, which may be changed by the Board of Directors. The Fund may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) sell securities short, unless the Fund owns or has the right to obtain securities equivalent in kind and amount to the securities sold at no added cost, and provided that transactions in options, futures contracts, options on futures contracts, or other derivative instruments are not deemed to constitute selling securities short;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) purchase securities of open-end or closed-end investment companies except in compliance with the 1940 Act or any exemptive relief obtained thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) enter into futures contracts or related options or forward contracts, if more than 30% of the Fund's net assets would be represented by futures contracts or more than 5% of the Fund's net assets would be committed to initial margin deposits and premiums on futures contracts and related options; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) purchase securities of companies for the purpose of exercising control, except as otherwise permitted in the Prospectus and this SAI.

The restrictions and other limitations set forth above will apply only at the time of purchase of securities and will not be considered violated unless an excess or deficiency occurs or exists immediately after and as a result of an acquisition of securities.

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The Fund may be subject to certain restrictions imposed by either guidelines of one or more NRSROs that may issue ratings for commercial paper or notes, or, if the Fund borrows from a lender, by the lender. These guidelines may impose asset coverage or portfolio composition requirements that are more stringent than those imposed on the Fund by the 1940 Act. If these restrictions were to apply, it is not anticipated that these covenants or guidelines would impede Nuveen Fund Advisors, from managing the Fund's portfolio in accordance with the Fund's investment objectives and policies.

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**THE FUND'S INVESTMENTS**

**Municipal Securities**

*General.*&nbsp;&nbsp;&nbsp;&nbsp; The Fund may invest in various municipal securities, including municipal bonds and notes, other securities issued to finance and refinance public projects, variable rate demand obligations, and other related securities and derivative instruments creating exposure to municipal bonds, notes and securities that provide for the payment of interest income that is exempt from regular federal income tax. Municipal securities are often issued by state and local governmental entities to finance or refinance public projects such as roads, schools, and water supply systems. Municipal securities may also be issued on behalf of private entities or for private activities, such as housing, medical and educational facility construction, or for privately owned transportation, electric utility or pollution control projects. Municipal securities may be issued on a long-term basis to provide permanent financing. The repayment of such debt may be secured generally by a pledge of the full faith and credit taxing power of the issuer, a limited or special tax, or any other revenue source, including project revenues, which may include tolls, fees and other user charges, lease payments and mortgage payments. Municipal securities may also be issued to finance projects on a short-term interim basis, anticipating repayment with the proceeds of the later issuance of long-term debt. The Fund may purchase municipal securities in the form of bonds, notes, leases or certificates of participation; structured as callable or non-callable; with payment forms including fixed coupon, variable rate or zero coupon, including capital appreciation bonds, tender option bonds, residual interest bonds, floating rate securities, and inverse floating rate securities; or may be acquired through investments in pooled vehicles, partnerships or other investment companies. Inverse floating rate securities are securities that pay interest at rates that vary inversely with changes in prevailing short-term tax-exempt interest rates and represent a leveraged investment in an underlying municipal security, which could have the economic effect of leverage. The Fund may invest in municipal securities that are additionally secured by insurance, bank credit agreements or escrow accounts. In executing the Funds' investment strategies, portfolio management teams may consider in their discretion certain environmental, social, governance, climate, sustainability and other related factors to the extent any of these factors are deemed financially relevant from an investment perspective. Whether and the degree to which any of these factors are considered largely depends on the particular portfolio management team, strategy, asset classes, securities, and other factors, which could vary.

The Fund may invest in municipal securities that pay interest that is taxable under the federal alternative minimum tax applicable to noncorporate taxpayers ("AMT Bonds"). AMT Bonds may trigger adverse tax consequences for Fund shareholders who are subject to the federal alternative minimum tax.

The Fund may invest in distressed securities but may not invest in the securities of an issuer which, at the time of investment, is in default on its obligations to pay principal or interest thereon when due or that is involved in a bankruptcy proceeding (i.e., rated below C-, at the time of investment); provided, however, that the Fund's sub-adviser may determine that it is in the best interest of shareholders in pursuing a workout arrangement with issuers of defaulted securities to make loans to the defaulted issuer or another party, or purchase debt, equity or other interest from the defaulted issuer or another party, or take other related or similar steps involving the investment of additional monies, but only if that issuer's securities are already held by the Fund.

Securities of below-investment-grade quality (Ba/BB or below) are commonly referred to as "junk bonds." Municipal securities rated below-investment-grade quality are obligations of issuers that are considered predominantly speculative with respect to the issuer's capacity to pay interest and repay principal according to the terms of the obligation and, therefore, carry greater investment risk, including the possibility of issuer default and bankruptcy and increased market price volatility. Municipal securities rated below-investment-grade tend to be less marketable than higher-quality securities because the market for them is less broad. The market for unrated municipal securities is even narrower. During periods of thin trading in these markets, the spread between bid and asked prices is likely to increase significantly and the Fund may have greater difficulty selling its holdings of these types of portfolio securities. The Fund will be more dependent on the research and analysis of Nuveen Fund Advisors and/or Nuveen Asset Management when investing in these securities.

Municipal securities rated Baa or BBB are considered "investment grade" securities. Issuers of municipal securities rated BBB or Baa are regarded as having average creditworthiness relative to other U.S. municipal issuers; however, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity of the issuer to meet its financial commitments.

The credit ratings assigned by rating agencies from time to time represent their opinions as to the quality of the municipal securities they rate. However, it should be emphasized that ratings are general and are not absolute standards of quality. Consequently, municipal securities with the same maturity, coupon and rating may have different yields while obligations of the same maturity and coupon with different ratings may have the same yield. A general description of the ratings of municipal securities by S&P Global Ratings, Moody's Investors Service, Inc. and Fitch Ratings, Inc. is set forth in Appendix A to the SAI.

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Municipal securities are either general obligation or revenue bonds and typically are issued to finance public projects (such as roads or public buildings), to pay general operating expenses or to refinance outstanding debt. General obligation bonds are backed by the full faith and credit, or taxing authority, of the issuer and may be repaid from any revenue source; revenue bonds may be repaid only from the revenues of a specific facility or source. The Fund also may purchase municipal securities that represent lease obligations, municipal notes, pre-refunded municipal bonds, private activity bonds, floating rate securities and other related securities and may purchase derivative instruments that create exposure to municipal bonds, notes and securities. The yields on municipal securities depend on a variety of factors, including prevailing interest rates and the condition of the general money market and the municipal bond market, the size of a particular offering, the maturity of the obligation and the rating of the issue. A municipal security's market value generally will depend upon its form, maturity, call features, and interest rate, as well as the credit quality of the issuer, all such factors examined in the context of the municipal securities market and interest rate levels and trends. The market value of municipal securities will vary with changes in interest rate levels and as a result of changing evaluations of the ability of their issuers to meet interest and principal payments.

*Municipal Leases and Certificates of Participation.&nbsp;&nbsp;&nbsp;&nbsp;*The Fund also may purchase municipal securities that represent lease obligations and certificates of participation in such leases. These carry special risks because the issuer of the securities may not be obligated to appropriate money annually to make payments under the lease. A municipal lease is an obligation in the form of a lease or installment purchase that is issued by a state or local government to acquire equipment and facilities. Income from such obligations generally is exempt from state and local taxes in the state of issuance. Leases and installment purchase or conditional sale contracts (which normally provide for title to the leased asset to pass eventually to the governmental issuer) have evolved as a means for governmental issuers to acquire property and equipment without meeting the constitutional and statutory requirements for the issuance of debt. The debt issuance limitations are deemed to be inapplicable because of the inclusion in many leases or contracts of "non-appropriation" clauses that relieve the governmental issuer of any obligation to make future payments under the lease or contract unless money is appropriated for such purpose by the appropriate legislative body on a yearly or other periodic basis. In addition, such leases or contracts may be subject to the temporary abatement of payments in the event the issuer is prevented from maintaining occupancy of the leased premises or utilizing the leased equipment or facilities. Although the obligations may be secured by the leased equipment or facilities, the disposition of the property in the event of non-appropriation or foreclosure might prove difficult, time consuming and costly, and result in a delay in recovering, or the failure to recover fully, the Fund's original investment. To the extent that the Fund invests in unrated municipal leases or participates in such leases, the credit quality rating and risk of cancellation of such unrated leases will be monitored on an ongoing basis. In order to reduce this risk, the Fund purchases municipal securities representing lease obligations only where Nuveen Fund Advisors and/or Nuveen Asset Management believes the issuer has a strong incentive to continue making appropriations until maturity.

A certificate of participation represents an undivided interest in an unmanaged pool of municipal leases, an installment purchase agreement or other instruments. The certificates typically are issued by a municipal agency, a trust or other entity that has received an assignment of the payments to be made by the state or political subdivision under such leases or installment purchase agreements. Such certificates provide the Fund with the right to a pro rata undivided interest in the underlying municipal securities. In addition, such participations generally provide the Fund with the right to demand payment, on not more than seven days' notice, of all or any part of the Fund's participation interest in the underlying municipal securities, plus accrued interest.

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*Municipal Notes.*&nbsp;&nbsp;&nbsp;&nbsp; Municipal securities in the form of notes generally are used to provide for short-term capital needs, in anticipation of an issuer's receipt of other revenues or financing, and typically have maturities of up to three years. Such instruments may include tax anticipation notes, revenue anticipation notes, bond anticipation notes, tax and revenue anticipation notes and construction loan notes. Tax anticipation notes are issued to finance the working capital needs of governments. Generally, they are issued in anticipation of various tax revenues, such as income, sales, property, use and business taxes, and are payable from these specific future taxes. Revenue anticipation notes are issued in expectation of receipt of other kinds of revenue, such as federal revenues available under federal revenue sharing programs. Bond anticipation notes are issued to provide interim financing until long-term bond financing can be arranged. In most cases, the long-term bonds then provide the funds needed for repayment of the bond anticipation notes. Tax and revenue anticipation notes combine the funding sources of both tax anticipation notes and revenue anticipation notes. Construction loan notes are sold to provide construction financing. Mortgage notes insured by the Federal Housing Administration secure these notes; however, the proceeds from the insurance may be less than the economic equivalent of the payment of principal and interest on the mortgage note if there has been a default. The anticipated revenues from taxes, grants or bond financing generally secure the obligations of an issuer of municipal notes. However, an investment in such instruments presents a risk that the anticipated revenues will not be received or that such revenues will be insufficient to satisfy the issuer's payment obligations under the notes or that refinancing will be otherwise unavailable.

*Pre-Refunded Municipal Securities.&nbsp;&nbsp;&nbsp;&nbsp;* The principal of, and interest on, pre-refunded municipal securities are no longer paid from the original revenue source for the securities. Instead, the source of such payments is typically an escrow fund consisting of U.S. Government securities. The assets in the escrow fund are derived from the proceeds of refunding bonds issued by the same issuer as the pre-refunded municipal securities. Issuers of municipal securities use this advance refunding technique to obtain more favorable terms with respect to securities that are not yet subject to call or redemption by the issuer. For example, advance refunding enables an issuer to refinance debt at lower market interest rates, restructure debt to improve cash flow or eliminate restrictive covenants in the indenture or other governing instrument for the pre-refunded municipal securities. However, except for a change in the revenue source from which principal and interest payments are made, the pre-refunded municipal securities remain outstanding on their original terms until they mature or are redeemed by the issuer.

*Private Activity Bonds.*&nbsp;&nbsp;&nbsp;&nbsp; Private activity bonds are issued by or on behalf of public authorities to obtain funds to provide privately operated housing facilities, airport, mass transit or port facilities, sewage disposal, solid waste disposal or hazardous waste treatment or disposal facilities and certain local facilities for water supply, gas or electricity. Other types of private activity bonds, the proceeds of which are used for the construction, equipment, repair or improvement of privately operated industrial or commercial facilities, may constitute municipal securities, although the current federal tax laws place substantial limitations on the size of such issues. The Fund's distributions of its interest income from private activity bonds may subject certain investors to the federal alternative minimum tax.

*Tender Option Bonds.&nbsp;&nbsp;&nbsp;&nbsp;* A tender option bond is a municipal security (generally held pursuant to a custodial arrangement) having a relatively long maturity and bearing interest at a fixed rate substantially higher than prevailing short-term, tax-exempt rates. The bond is typically issued with the agreement of a third party, such as a bank, broker-dealer or other financial institution, which grants the security holders the option, at periodic intervals, to tender their securities to the institution and receive the face value thereof. As consideration for providing the option, the financial institution receives periodic fees equal to the difference between the bond's fixed coupon rate and the rate, as determined by a remarketing or similar agent at or near the commencement of such period, that would cause the securities, coupled with the tender option, to trade at par on the date of such determination. Thus, after payment of this fee, the security holder effectively holds a demand obligation that bears interest at the prevailing short-term, tax-exempt rate. However, an institution will not be obligated to accept tendered bonds in the event of certain defaults or a significant downgrade in the credit rating assigned to the issuer of the bond. The Fund intends to invest in tender option bonds the interest on which will, in the opinion of bond counsel, counsel for the issuer of interests therein or counsel selected by Nuveen Asset Management, be exempt from regular federal income tax. However, because there can be no assurance that the IRS will agree with such counsel's opinion in any particular case, there is a risk that the Fund will not be considered the owner of such tender option bonds and thus will not be entitled to treat such interest as exempt from such tax. Additionally, the federal income tax treatment of certain other aspects of these investments, including the proper tax treatment of tender option bonds and the associated fees in relation to various regulated investment company ("RIC") tax provisions, is unclear. The Fund intends to manage its portfolio in a manner designed to eliminate or minimize any adverse impact from the tax rules applicable to these investments.

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*Special Taxing Districts.&nbsp;&nbsp;&nbsp;&nbsp;* Special taxing districts are organized to plan and finance infrastructure developments to induce residential, commercial and industrial growth and redevelopment. The bond financing methods such as tax increment finance, tax assessment, special services district and Mello-Roos bonds, generally are payable solely from taxes or other revenues attributable to the specific projects financed by the bonds without recourse to the credit or taxing power of related or overlapping municipalities. They often are exposed to real estate development-related risks and can have more taxpayer concentration risk than general tax-supported bonds, such as general obligation bonds. Further, the fees, special taxes, or tax allocations and other revenues that are established to secure such financings generally are limited as to the rate or amount that may be levied or assessed and are not subject to increase pursuant to rate covenants or municipal or corporate guarantees. The bonds could default if development failed to progress as anticipated or if larger taxpayers failed to pay the assessments, fees and taxes as provided in the financing plans of the districts.

*Tobacco Settlement Bonds.&nbsp;&nbsp;&nbsp;&nbsp;* Included in the general category of municipal securities described in the Prospectus are "tobacco settlement bonds." The Fund may invest in tobacco settlement bonds, which are municipal securities that are backed solely by expected revenues to be derived from lawsuits involving tobacco related deaths and illnesses which were settled between certain states and American tobacco companies. Tobacco settlement bonds are secured by an issuing state's proportionate share in the Master Settlement Agreement ("MSA"). The MSA is an agreement, reached out of court in November 1998 between 46 states and nearly all of the U.S. tobacco manufacturers. The MSA provides for annual payments in perpetuity by the manufacturers to the states in exchange for releasing all claims against the manufacturers and a pledge of no further litigation. Tobacco manufacturers pay into a master escrow trust based on their market share, and each state receives a fixed percentage of the payment as set forth in the MSA. A number of states have securitized the future flow of those payments by selling bonds pursuant to indentures or through distinct governmental entities created for such purpose. The principal and interest payments on the bonds are backed by the future revenue flow related to the MSA. Annual payments on the bonds, and thus risk to the Fund, are highly dependent on the receipt of future settlement payments to the state or its governmental entity.

The actual amount of future settlement payments is further dependent on many factors, including, but not limited to, annual domestic cigarette shipments, reduced cigarette consumption, increased taxes on cigarettes, inflation, financial capability of tobacco companies, continuing litigation and the possibility of tobacco manufacturer bankruptcy. The initial and annual payments made by the tobacco companies will be adjusted based on a number of factors, the most important of which is domestic cigarette consumption. If the volume of cigarettes shipped in the U.S. by manufacturers participating in the settlement decreases significantly, payments due from them will also decrease. Demand for cigarettes in the U.S. could continue to decline due to price increases needed to recoup the cost of payments by tobacco companies. Demand could also be affected by: anti-smoking campaigns, tax increases, reduced advertising, enforcement of laws prohibiting sales to minors; elimination of certain sales venues such as vending machines; and the spread of local ordinances restricting smoking in public places. As a result, payments made by tobacco manufacturers could be negatively impacted if the decrease in tobacco consumption is significantly greater than the forecasted decline. A market share loss by the MSA companies to non-MSA participating tobacco manufacturers would cause a downward adjustment in the payment amounts. A participating manufacturer filing for bankruptcy also could cause delays or reductions in bond payments. The MSA itself has been subject to legal challenges and has, to date, withstood those challenges.

**Illiquid Securities**

The Fund may invest in municipal securities and other instruments that, at the time of investment, are illiquid (i.e., securities that are not readily marketable). For this purpose, illiquid securities may include, but are not limited to, restricted securities (securities the disposition of which is restricted under the federal securities laws), securities that may only be resold pursuant to Rule 144A under the Securities Act, that are deemed to be illiquid, and certain repurchase agreements. Inverse floating rate securities or the residual interest certificates of tender option bond trusts are not considered illiquid securities. The Board or its delegate has the ultimate authority to determine which securities are liquid or illiquid. The Board has delegated to Nuveen Asset Management the day-to-day determination of the illiquidity of any security held by the Fund, although it has retained oversight and ultimate responsibility for such determinations. Currently, no definitive liquidity criteria are used. Each Board has directed Nuveen Asset Management, when making liquidity determinations, to consider such factors as (i) the nature of the market for a security (including the institutional private resale market; the frequency of trades and quotes for the security; the number of dealers willing to purchase or sell the security; the amount of time normally needed to dispose of the security; and the method of soliciting offers and the mechanics of transfer), (ii) the terms of certain securities or other instruments allowing for the disposition to a third party or the issuer thereof (e.g., certain repurchase obligations and demand instruments), and (iii) other relevant factors. The assets used to cover OTC derivatives held by the Fund will be considered illiquid until the OTC derivatives are sold to qualified dealers who agree that the Fund may repurchase them at a maximum price to be calculated by a formula set forth in an agreement. The "cover" for an OTC derivative subject to this procedure would be considered illiquid only to the extent that the maximum repurchase price under the formula exceeds the intrinsic value of the derivative.

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Restricted securities may be sold only in privately negotiated transactions or in a public offering with respect to which a registration statement is in effect under the Securities Act. Where registration is required, the Fund may be obligated to pay all or part of the registration expenses and a considerable period may elapse between the time of the decision to sell and the time the Fund may be permitted to sell a security under an effective registration statement. If, during such a period, adverse market conditions were to develop, the Fund might obtain a less favorable price than that which prevailed when it decided to sell. Illiquid securities will be priced at a fair value as determined in good faith by the Board or its elegate. If, through the appreciation of illiquid securities or the depreciation of liquid securities, the Fund should be in a position where more than 50% of the value of its Managed Assets is invested in illiquid securities, including restricted securities that are not readily marketable, the Fund will take such steps as are deemed advisable by Nuveen Asset Management, if any, to protect liquidity.

**Inverse Floating Rate Securities and Floating Rate Securities**

*Inverse Floating Rate Securities.*&nbsp;&nbsp;&nbsp;&nbsp; Inverse floating rate securities (sometimes referred to as "inverse floaters") are securities whose interest rates bear an inverse relationship to the interest rate on another security or the value of an index. Generally, inverse floating rate securities represent beneficial interests in a special purpose trust formed by a third party sponsor for the purpose of holding municipal bonds. The special purpose trust typically sells two classes of beneficial interests or securities: floating rate securities (sometimes referred to as short-term floaters or tender option bonds) and inverse floating rate securities (sometimes referred to as inverse floaters or residual interest securities). Both classes of beneficial interests are represented by certificates. The short-term floating rate securities have first priority on the cash flow from the municipal bonds held by the special purpose trust. Typically, a third party, such as a bank, broker-dealer or other financial institution, grants the floating rate security holders the option, at periodic intervals, to tender their securities to the institution and receive the face value thereof. As consideration for providing the option, the financial institution receives periodic fees. The holder of the short-term floater effectively holds a demand obligation that bears interest at the prevailing short-term, tax-exempt rate. However, the institution granting the tender option will not be obligated to accept tendered short-term floaters in the event of certain defaults or a significant downgrade in the credit rating assigned to the bond issuer. For its inverse floating rate investment, the Fund receives the residual cash flow from the special purpose trust. Because the holder of the short-term floater is generally assured liquidity at the face value of the security, the Fund as the holder of the inverse floater assumes the interest rate cash flow risk and the market value risk associated with the municipal security deposited into the special purpose trust. The volatility of the interest cash flow and the residual market value will vary with the degree to which the trust is leveraged. This is expressed in the ratio of the total face value of the short-term floaters in relation to the value of the residual inverse floaters that are issued by the special purpose trust. The Fund expects to make limited investments in inverse floaters, with leverage ratios that may vary at inception between one and three times. In addition, all voting rights and decisions to be made with respect to any other rights relating to the municipal bonds held in the special purpose trust are passed through to the Fund, as the holder of the residual inverse floating rate securities. Because increases in the interest rate on the short-term floaters reduce the residual interest paid on inverse floaters, and because fluctuations in the value of the municipal bond deposited in the special purpose trust affect the value of the inverse floater only, and not the value of the short-term floater issued by the trust, inverse floaters' value is generally more volatile than that of fixed rate bonds. The market price of inverse floating rate securities is generally more volatile than the underlying securities due to the leveraging effect of this ownership structure. These securities generally will underperform the market of fixed rate bonds in a rising interest rate environment (i.e., when bond values are falling), but tend to outperform the market of fixed rate bonds when interest rates decline or remain relatively stable. Although volatile, inverse floaters typically offer the potential exceeding the yields available on fixed rate bonds with comparable credit quality, coupon, call provisions and maturity. Inverse floaters have varying degrees of liquidity based upon, among other things, the liquidity of the underlying securities deposited in a special purpose trust.

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The Fund may invest in inverse floating rate securities, issued by special purpose trusts that have recourse to the Fund. In Nuveen Fund Advisors' and Nuveen Asset Management's discretion, the Fund may enter into a separate shortfall and forbearance agreement with the third party sponsor of a special purpose trust. The Fund may enter into such recourse agreements (i) when the liquidity provider to the special purpose trust requires such an agreement because the level of leverage in the trust exceeds the level that the liquidity provider is willing to support absent such an agreement; and/or (ii) to seek to prevent the liquidity provider from collapsing the trust in the event that the municipal obligation held in the trust has declined in value. Such an agreement would require the Fund to reimburse the third party sponsor of such inverse floater, upon termination of the trust issuing the inverse floater, the difference between the liquidation value of the bonds held in the trust and the principal amount due to the holders of floating rate interests. Such agreements may expose the Fund to a risk of loss that exceeds its investment in the inverse floating rate securities. The Fund will segregate or earmark liquid assets with its custodian in accordance with the 1940 Act to cover its obligations with respect to its investments in special purpose trusts. Absent a shortfall and forbearance agreement, the Fund would not be required to make such a reimbursement. If the Fund chooses not to enter into such an agreement, the special purpose trust could be liquidated and the Fund could incur a loss.

The Fund may invest in both inverse floating rate securities and floating rate securities (as discussed below) issued by the same special purpose trust.

Investments in inverse floating rate securities have the economic effect of leverage. The use of leverage creates special risks for shareholders of Common Stock. See the Fund's most recent annual report on Form N-CSR under "Shareholder Update—Principal Risks of the Funds—Portfolio Level Risks—Inverse Floating Rate Securities Risk."

*Floating Rate Securities.*&nbsp;&nbsp;&nbsp;&nbsp; The Fund may also invest in floating rate securities, as described above, issued by special purpose trusts. Floating rate securities may take the form of short-term floating rate securities or the option period may be substantially longer. Generally, the interest rate earned will be based upon the market rates for municipal securities with maturities or remarketing provisions that are comparable in duration to the periodic interval of the tender option, which may vary from weekly, to monthly, to extended periods of one year or multiple years. Since the option feature has a shorter term than the final maturity or first call date of the underlying bond deposited in the trust, the Fund as the holder of the floating rate security relies upon the terms of the agreement with the financial institution furnishing the option as well as the credit strength of that institution. As further assurance of liquidity, the terms of the trust provide for a liquidation of the municipal security deposited in the trust and the application of the proceeds to pay off the floating rate security. The trusts that are organized to issue both short-term floating rate securities and inverse floaters generally include liquidation triggers to protect the investor in the floating rate security.

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**Short-Term Investments**

During temporary defensive periods (e.g., times when, in Nuveen Asset Management's opinion, temporary imbalances of supply and demand or other temporary dislocations in the tax-exempt securities market adversely affect the price municipal securities are available), or in order to keep cash on hand fully invested, including the period during which the net proceeds of an offering are being invested, the Fund may invest up to 100% of its Managed Assets in short-term investments including high quality, short-term securities that may be either tax-exempt or taxable and up to 10% of its net assets in securities of other open or closed-end investment companies that invest primarily in municipal securities of the type in which the Fund may invest directly. The Fund intends to invest in taxable short-term investments only in the event that suitable tax-exempt short-term investments are not available at reasonable prices and yields, as determined by Nuveen Asset Management, and in amounts limited to ensure that the Fund is eligible to pay exempt-interest dividends (as described in "Tax Matters" below). The Fund will invest only in taxable short-term investments which are U.S. government securities or securities rated within the highest grade by Moody's, S&P or Fitch, and which mature within one year from the date of purchase or carry a variable or floating rate of interest. Taxable short-term investments of the Fund may include certificates of deposit issued by U.S. banks with assets of at least $1 billion, or commercial paper or corporate notes, bonds or debentures with a remaining maturity of one year or less, or repurchase agreements. Short-term taxable fixed income investments are defined to include, without limitation, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government securities, including bills, notes and bonds differing as to maturity and rates of interest that are either issued or guaranteed by the U.S. Treasury or by U.S. Government agencies or instrumentalities. U.S. Government agency securities include securities issued by (a) the Federal Housing Administration, Farmers Home Administration, Export-Import Bank of the United States, Small Business Administration, and the Government National Mortgage Association, whose securities are supported by the full faith and credit of the United States; (b) the Federal Home Loan Banks, Federal Intermediate Credit Banks, and the Tennessee Valley Authority, whose securities are supported by the right of the agency to borrow from the U.S. Treasury; (c) the Federal National Mortgage Association, whose securities are supported by the discretionary authority of the U.S. Government to purchase certain obligations of the agency or instrumentality; and (d) the Student Loan Marketing Association, whose securities are supported only by its credit. While the U.S. Government provides financial support to such U.S. Government-sponsored agencies or instrumentalities, no assurance can be given that it always will do so since it is not so obligated by law. The U.S. Government, its agencies and instrumentalities do not guarantee the market value of their securities. Consequently, the value of such securities may fluctuate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Certificates of deposit issued against funds deposited in a bank or a savings and loan association. Such certificates are for a definite period of time, earn a specified rate of return, and are normally negotiable. The issuer of a certificate of deposit agrees to pay the amount deposited plus interest to the bearer of the certificate on the date specified thereon. Under current Federal Deposit Insurance Company regulations, the maximum insurance payable as to any one certificate of deposit is $250,000; therefore, certificates of deposit purchased by the Fund may not be fully insured.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase agreements, which involve purchases of debt securities. At the time the Fund purchases securities pursuant to a repurchase agreement, it simultaneously agrees to resell and redeliver such securities to the seller, who also simultaneously agrees to buy back the securities at a fixed price and time. This assures a predetermined yield for the Fund during its holding period, since the resale price is always greater than the purchase price and reflects an agreed-upon market rate. Such actions afford an opportunity for the Fund to invest temporarily available cash. The Fund may enter into repurchase agreements only with respect to obligations of the U.S. Government, its agencies or instrumentalities; certificates of deposit; or bankers' acceptances in which the Fund may invest. Repurchase agreements may be considered loans to the seller, collateralized by the underlying securities. The risk to the Fund is limited to the ability of the seller to pay the agreed-upon sum on the repurchase date; in the event of default, the repurchase agreement provides that the Fund is entitled to sell the underlying collateral. If the value of the collateral declines after the agreement is entered into, and if the seller defaults under a repurchase agreement when the value of the underlying collateral is less than the repurchase price, the Fund could incur a loss of both principal and interest. Nuveen Fund Advisors, monitors the value of the collateral at the time the action is entered into and at all times during the term of the repurchase agreement. Nuveen Fund Advisors does so in an effort to determine that the value of the collateral always equals or exceeds the agreed-upon repurchase price to be paid to the Fund. If the seller were to be subject to a federal bankruptcy proceeding, the ability of the Fund to liquidate the collateral could be delayed or impaired because of certain provisions of the bankruptcy laws.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial paper, which consists of short-term unsecured promissory notes, including variable rate master demand notes issued by corporations to finance their current operations. Master demand notes are direct lending arrangements between the Fund and a corporation. There is no secondary market for such notes. However, they are redeemable by the Fund at any time. Nuveen Fund Advisors will consider the financial condition of the corporation (e.g., earning power, cash flow, and other liquidity measures) and will continuously monitor the corporation's ability to meet all of its financial obligations, because the Fund's liquidity might be impaired if the corporation were unable to pay principal and interest on demand. Investments in commercial paper will be limited to commercial paper rated in the highest categories by a major rating agency and which mature within one year of the date of purchase or carry a variable or floating rate of interest.

To the extent the Fund invests in taxable investments, the Fund will not at such times be in a position to achieve its investment objectives of tax-exempt income.

**Short-Term Tax-Exempt Municipal Securities**

Short-term tax-exempt municipal securities are securities that are exempt from regular federal income tax and mature within three years or less from the date of issuance. Short-term tax-exempt municipal income securities are defined to include, without limitation, the following:

Bond Anticipation Notes ("BANs") are usually general obligations of state and local governmental issuers which are sold to obtain interim financing for projects that will eventually be funded through the sale of long-term debt obligations or bonds. The ability of an issuer to meet its obligations on its BANs is primarily dependent on the issuer's access to the long-term municipal bond market and the likelihood that the proceeds of such bond sales will be used to pay the principal and interest on the BANs.

Tax Anticipation Notes ("TANs") are issued by state and local governments to finance the current operations of such governments. Repayment is generally to be derived from specific future tax revenues. TANs are usually general obligations of the issuer. A weakness in an issuer's capacity to raise taxes due to, among other things, a decline in its tax base or a rise in delinquencies, could adversely affect the issuer's ability to meet its obligations on outstanding TANs.

Revenue Anticipation Notes ("RANs") are issued by governments or governmental bodies with the expectation that future revenues from a designated source will be used to repay the notes. In general, they also constitute general obligations of the issuer. A decline in the receipt of projected revenues, such as anticipated revenues from another level of government, could adversely affect an issuer's ability to meet its obligations on outstanding RANs. In addition, the possibility that the revenues would, when received, be used to meet other obligations could affect the ability of the issuer to pay the principal and interest on RANs.

Construction Loan Notes are issued to provide construction financing for specific projects. Frequently, these notes are redeemed with funds obtained from the Federal Housing Administration.

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Bank Notes are notes issued by local government bodies and agencies, such as those described above to commercial banks as evidence of borrowings. The purposes for which the notes are issued are varied but they are frequently issued to meet short-term working capital or capital-project needs. These notes may have risks similar to the risks associated with TANs and RANs.

Tax-Exempt Commercial Paper ("Municipal Paper") represents very short-term unsecured, negotiable promissory notes issued by states, municipalities and their agencies. Payment of principal and interest on issues of municipal paper may be made from various sources, to the extent the funds are available therefrom. Maturities of municipal paper generally will be shorter than the maturities of TANs, BANs or RANs. There is a limited secondary market for issues of Municipal Paper.

Certain municipal securities may carry variable or floating rates of interest whereby the rate of interest is not fixed but varies with changes in specified market rates or indices, such as a bank prime rate or a tax-exempt money market index.

While the various types of notes described above as a group represent the major portion of the short-term tax-exempt note market, other types of notes are available in the marketplace and the Fund may invest in such other types of notes to the extent permitted under its investment objectives, policies and limitations. Such notes may be issued for different purposes and may be secured differently from those mentioned above.

**Auction Rate Securities**

Municipal securities also include auction rate municipal securities and auction rate preferred securities issued by closed-end investment companies that invest primarily in municipal securities (collectively, "auction rate securities"). In recent market environments, auctions have failed, which adversely affects the liquidity and price of auction rate securities, and are unlikely to resume. Provided that the auction mechanism is successful, auction rate securities usually permit the holder to sell the securities in an auction at par value at specified intervals. The dividend is reset by "Dutch" auction in which bids are made by broker-dealers and other institutions for a certain amount of securities at a specified minimum yield. The dividend rate set by the auction is the lowest interest or dividend rate that covers all securities offered for sale. While this process is designed to permit auction rate securities to be traded at par value, there is a risk that an auction will fail due to insufficient demand for the securities. Moreover, between auctions, there may be no secondary market for these securities, and sales conducted on a secondary market may not be on terms favorable to the seller. Auction rate securities may be called by the issuer. Thus, with respect to liquidity and price stability, auction rate securities may differ substantially from cash equivalents, notwithstanding the frequency of auctions and the credit quality of the security. The Fund's investments in auction rate securities of closed-end funds are subject to the limitations prescribed by the 1940 Act. The Fund indirectly bears its proportionate share of any management and other fees paid by such closed-end funds in addition to the advisory fees payable directly by the Fund.

**When-Issued and Delayed-Delivery Transactions**

The Fund may buy and sell municipal securities on a when-issued or delayed delivery basis, making payment or taking delivery at a later date, normally within 15 to 45 days of the trade date. On such transactions, the payment obligation and the interest rate are fixed at the time the buyer enters into the commitment. Income generated by any such assets which provide taxable income for federal income tax purposes is includable in the taxable income of the Fund and, to the extent distributed, will be taxable to shareholders. The Fund may enter into contracts to purchase municipal securities on a forward basis (i.e., where settlement will occur more than 60 days from the date of the transaction) only to the extent that the Fund specifically collateralizes such obligations with a security that is expected to be called or mature within 60 days before or after the settlement date of the forward transaction. The commitment to purchase securities on a when-issued, delayed delivery or forward basis may involve an element of risk because no interest accrues on the bonds prior to settlement and, at the time of delivery, the market value may be less than cost.

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**Derivatives and Hedging Strategies**

The Fund may periodically engage in hedging transactions, and otherwise use various types of derivative instruments, described below, to reduce risk, to effectively gain particular market exposures, to seek to enhance returns, and to reduce transaction costs, among other reasons.

"Hedging" is a term used for various methods of seeking to preserve portfolio capital value by offsetting price changes in one investment through making another investment whose price should tend to move in the opposite direction.

A "derivative" is a financial contract whose value is based on (or "derived" from) a traditional security (such as a stock or a bond), an asset (such as a commodity like gold), or a market index (such as the S&P National Bond Fund Index). Some forms of derivatives may trade on exchanges, while non-standardized derivatives, which tend to be more specialized and complex, trade in "over-the-counter" ("OTC") or a one-on-one basis. It may be desirable and possible in various market environments to partially hedge the portfolio against fluctuations in market value due to market interest rate or credit quality fluctuations, or instead to gain a desired investment exposure, by entering into various types of derivative transactions, including financial futures and index futures as well as related put and call options on such instruments, structured notes, or interest rate swaps on taxable or tax-exempt securities or indexes (which may be "forward-starting"), credit default swaps, and options on interest rate swaps, among others.

These transactions present certain risks. In particular, the imperfect correlation between price movements in the futures contract and price movements in the securities being hedged creates the possibility that losses on the hedge by the Fund may be greater than gains in the value of the securities in the Fund's portfolio. In addition, futures and options markets may not be liquid in all circumstances. As a result, in volatile markets, the Fund may not be able to close out the transaction without incurring losses substantially greater than the initial deposit. Finally, the potential deposit requirements in futures contracts create an ongoing greater potential financial risk than do options transactions, where the exposure is limited to the cost of the initial premium. Losses due to hedging transactions will reduce yield. Net gains, if any, from hedging and other portfolio transactions will be distributed as taxable distributions to shareholders. The Fund will invest in these instruments only in markets believed by Nuveen Asset Management to be active and sufficiently liquid. Successful implementation of most hedging strategies will generate taxable income.

Both parties entering into a financial futures contract are required to post an initial deposit, typically equal to from 1% to 5% of the total contract price. Typically, option holders enter into offsetting closing transactions to enable settlement in cash rather than take delivery of the position in the future of the underlying security. Interest rate swap and credit default swap transactions are typically entered on a net basis, meaning that the two payment streams are netted out with the Fund receiving or paying, as the case may be, only the net amount of the two payments. The Fund will only sell covered futures contracts, which means that the Fund segregates assets equal to the amount of the obligations.

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*Swap Transactions.*&nbsp;&nbsp;&nbsp;&nbsp; The Fund may enter into total return, interest rate and credit default swap agreements and interest rate caps, floors and collars. The Fund may also enter into options on the foregoing types of swap agreements ("swap options").

The Fund may enter into swap transactions for any purpose consistent with its investment objectives and strategies, such as for the purpose of attempting to obtain or preserve a particular return or spread at a lower cost than obtaining a return or spread through purchases and/or sales of instruments in other markets, as a duration management technique, to reduce risk arising from the ownership of a particular instrument, or to gain exposure to certain sectors or markets in the most economical way possible.

Swap agreements are two-party contracts entered into primarily by institutional investors for a specified period of time. In a standard "swap" transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on a particular predetermined asset, reference rate or index. The gross returns to be exchanged or "swapped" between the parties are generally calculated with respect to a "notional amount" (i.e., the change in the value of a particular dollar amount invested at a particular interest rate, in a particular foreign currency, or in a "basket" of securities representing a particular index). The notional amount of the swap agreement generally is only used as a basis upon which to calculate the obligations that the parties to the swap agreement have agreed to exchange.

Some, but not all, swaps may be cleared, in which case a central clearing counterparty stands between each buyer and seller and effectively guarantees performance of each contract, to the extent of its available resources for such purpose. Uncleared swaps have no such protection; each party bears the risk that its direct counterparty will default.

*Interest Rate Swaps, Caps, Collars and Floors.*&nbsp;&nbsp;&nbsp;&nbsp;Interest rate swaps are bilateral contracts in which each party agrees to make periodic payments to the other party based on different referenced interest rates (e.g., a fixed rate and a floating rate) applied to a specified notional amount. The purchase of an interest rate floor entitles the purchaser, to the extent that a specified index falls below a predetermined interest rate, to receive payments of interest on a notional principal amount from the party selling such interest rate floor. The purchase of an interest rate cap entitles the purchaser, to the extent that a specified index rises above a predetermined interest rate, to receive payments of interest on a notional principal amount from the party selling such interest rate cap. Interest rate collars involve selling a cap and purchasing a floor or vice versa to protect the Fund against interest rate movements exceeding given minimum or maximum levels.

The use of interest rate transactions, such as interest rate swaps and caps, is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio security transactions. Depending on the state of interest rates in general, the Fund's use of interest rate swaps or caps could enhance or harm the overall performance of the Common Stock. To the extent there is a decline in interest rates, the value of the interest rate swap or cap could decline, and could result in a decline in the net asset value ("NAV") of the Common Stock. In addition, if the counterparty to an interest rate swap defaults, the Fund would not be able to use the anticipated net receipts under the swap to offset the interest payments on borrowings or the dividend payments on any outstanding preferred shares. Depending on whether the Fund would be entitled to receive net payments from the counterparty on the swap, which in turn would depend on the general state of short-term interest rates at that point in time, such a default could negatively impact the performance of the Common Stock. In addition, at the time an interest rate swap transaction reaches its scheduled termination date, there is a risk that the Fund would not be able to obtain a replacement transaction or that the terms of the replacement would not be as favorable as on the expiring transaction. If this occurs, it could have a negative impact on the performance of the Common Stock. The Fund could be required to prepay the principal amount of any borrowings. Such redemption or prepayment would likely result in the Fund seeking to terminate early all or a portion of any swap transaction. Early termination of a swap could result in a termination payment by or to the Fund.

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*Municipal Market Data Rate Locks.*&nbsp;&nbsp;&nbsp;&nbsp; The Fund may purchase and sell municipal market data rate locks ("MMD Rate Locks"). An MMD Rate Lock permits the Fund to lock in a specified municipal interest rate for a portion of its portfolio to preserve a return on a particular investment or a portion of its portfolio as a duration management technique or to protect against any increase in the price of securities to be purchased at a later date. By using an MMD Rate Lock, the Fund can create a synthetic long or short position, allowing the Fund to select what the manager believes is an attractive part of the yield curve. The Fund ordinarily uses these transactions as a hedge or for duration or risk management although it is permitted to enter into them to enhance income or gain or to increase the Fund's yield, for example, during periods of steep interest rate yield curves (i.e., wide differences between short term and long term interest rates). An MMD Rate Lock is a contract between the Fund and an MMD Rate Lock provider pursuant to which the parties agree to make payments to each other on a notional amount, contingent upon whether the Municipal Market Data AAA General Obligation Scale is above or below a specified level on the expiration date of the contract. For example, if the Fund buys an MMD Rate Lock and the Municipal Market Data AAA General Obligation Scale is below the specified level on the expiration date, the counterparty to the contract will make a payment to the Fund equal to the specified level minus the actual level, multiplied by the notional amount of the contract. If the Municipal Market Data AAA General Obligation Scale is above the specified level on the expiration date, the Fund makes a payment to the counterparty equal to the actual level minus the specified level, multiplied by the notional amount of the contract. In connection with investments in MMD Rate Locks, there is a risk that municipal yields will move in the opposite direction than anticipated by the Fund, which would cause the Fund to make payments to its counterparty in the transaction that could adversely affect the Fund's performance.

*Total Return Swaps.*&nbsp;&nbsp;&nbsp;&nbsp; In a total return swap, one party agrees to pay the other the "total return" of a defined underlying asset during a specified period, in return for periodic payments based on a fixed or variable interest rate or the total return from other underlying assets. A total return swap may be applied to any underlying asset but is most commonly used with equity indices, single stocks, bonds and defined baskets of loans and mortgages. The Fund might enter into a total return swap involving an underlying index or basket of securities to create exposure to a potentially widely-diversified range of securities in a single trade. An index total return swap can be used by the Adviser and/or the Sub-Adviser to assume risk, without the complications of buying the component securities from what may not always be the most liquid of markets.

*Credit Default Swaps.&nbsp;&nbsp;&nbsp;&nbsp;* A credit default swap is a bilateral contract that enables an investor to buy or sell protection against a defined-issuer credit event. The Fund may enter into credit default swap agreements either as a buyer or a seller. The Fund may buy protection to attempt to mitigate the risk of default or credit quality deterioration in an individual security or a segment of the fixed income securities market to which it has exposure, or to take a "short" position in individual bonds or market segments which it does not own. The Fund may sell protection in an attempt to gain exposure to the credit quality characteristics of particular bonds or market segments without investing directly in those bonds or market segments.

As the buyer of protection in a credit default swap, the Fund would pay a premium (by means of an upfront payment or a periodic stream of payments over the term of the agreement) in return for the right to deliver a referenced bond or group of bonds to the protection seller and receive the full notional or par value (or other agreed upon value) upon a default (or similar event) by the issuer(s) of the underlying referenced obligation(s). If no default occurs, the protection seller would keep the stream of payments and would have no further obligation to the Fund. Thus, the cost to the Fund would be the premium paid with respect to the agreement. However, if a credit event occurs the Fund may elect to receive the full notional value of the swap in exchange for an equal face amount of deliverable obligations of the reference entity that may have little or no value. The Fund bears the risk that the protection seller may fail to satisfy its payment obligations.

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If the Fund is a seller of protection in a credit default swap and no credit event occurs, the Fund would generally receive an up-front payment or a periodic stream of payments over the term of the swap. However, if a credit event occurs, generally the Fund would have to pay the buyer the full notional value of the swap in exchange for an equal face amount of deliverable obligations of the reference entity that may have little or no value. As the protection seller, the Fund effectively adds economic leverage to its portfolio because, in addition to being subject to investment exposure on its total net assets, the Fund is subject to investment exposure on the notional amount of the swap. Thus, the Fund bears the same risk as it would by buying the reference obligations directly, plus the additional risks related to obtaining investment exposure through a derivative instrument discussed below under "—Risks Associated with Swap Transactions."

*Swap Options.*&nbsp;&nbsp;&nbsp;&nbsp; A swap option is a contract that gives a counterparty the right (but not the obligation), in return for payment of a premium, to enter into a new swap agreement or to shorten, extend, cancel, or otherwise modify an existing swap agreement at some designated future time on specified terms. A cash-settled option on a swap gives the purchaser the right, in return for the premium paid, to receive an amount of cash equal to the value of the underlying swap as of the exercise date. The Fund may write (sell) and purchase put and call swap options. Depending on the terms of the particular option agreement, the Fund generally would incur a greater degree of risk when it writes a swap option than when it purchases a swap option. When the Fund purchases a swap option, it risks losing only the amount of the premium it has paid should it decide to let the option expire unexercised. However, when the Fund writes a swap option, upon exercise of the option the Fund would become obligated according to the terms of the underlying agreement.

*Risks Associated with Swap Transactions.&nbsp;&nbsp;&nbsp;&nbsp;* The use of swap transactions is a highly specialized activity which involves strategies and risks different from those associated with ordinary portfolio security transactions. If the Nuveen Fund Advisors and/or Nuveen Asset Management is incorrect in its forecasts of default risks, market spreads or other applicable factors or events, the investment performance of the Fund would diminish compared with what it would have been if these techniques were not used. As the protection seller in a credit default swap, the Fund effectively adds economic leverage to its portfolio because, in addition to being subject to investment exposure on its total net assets, the Fund is subject to investment exposure on the notional amount of the swap. The Fund generally may close out a swap, cap, floor, collar or other two-party contract only with its particular counterparty, and generally may transfer a position only with the consent of that counterparty. In addition, the price at which the Fund may close out such a two party contract may not correlate with the price change in the underlying reference asset. If the counterparty defaults, the Fund will have contractual remedies, but there can be no assurance that the counterparty will be able to meet its contractual obligations or that the Fund will succeed in enforcing its rights. It also is possible that developments in the derivatives market, including changes in government regulation, could adversely affect the Fund's ability to terminate existing swap or other agreements or to realize amounts to be received under such agreements.

*Futures and Options on Futures Generally.*&nbsp;&nbsp;&nbsp;&nbsp; A futures contract is an agreement between two parties to buy and sell a security, index or interest rate (each a "financial instrument") for a set price on a future date. Certain futures contracts, such as futures contracts relating to individual securities, call for making or taking delivery of the underlying financial instrument. However, these contracts generally are closed out before delivery by entering into an offsetting purchase or sale of a matching futures contract (same exchange, underlying financial instrument, and delivery month). Other futures contracts, such as futures contracts on interest rates and indices, do not call for making or taking delivery of the underlying financial instrument, but rather are agreements pursuant to which two parties agree to take or make delivery of an amount of cash equal to the difference between the value of the financial instrument at the close of the last trading day of the contract and the price at which the contract was originally written. These contracts also may be settled by entering into an offsetting futures contract.

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Unlike when the Fund purchases or sells a security, no price is paid or received by the Fund upon the purchase or sale of a futures contract. Initially, the Fund is required to deposit with the futures broker, known as a futures commission merchant ("FCM"), an amount of cash or securities equal to a varying specified percentage of the contract amount. This amount is known as initial margin. The margin deposit is intended to ensure completion of the contract. Minimum initial margin requirements are established by the futures exchanges and may be revised. In addition, FCMs may establish margin deposit requirements that are higher than the exchange minimums. Cash held in the margin account generally is not income producing. However, coupon-bearing securities, such as Treasury securities, held in margin accounts generally will earn income. Subsequent payments to and from the FCM, called variation margin, will be made on a daily basis as the price of the underlying financial instrument fluctuates, making the futures contract more or less valuable, a process known as marking the contract to market. Changes in variation margin are recorded by the Fund as unrealized gains or losses. At any time prior to expiration of the futures contract, the Fund may elect to close the position by taking an opposite position that will operate to terminate its position in the futures contract. A final determination of variation margin is then made, additional cash is required to be paid by or released to the Fund, and the Fund realizes a gain or loss. In the event of the bankruptcy or insolvency of an FCM that holds margin on behalf of the Fund, the Fund may be entitled to the return of margin owed to it only in proportion to the amount received by the FCM's other customers, potentially resulting in losses to the Fund. Futures transactions also involve brokerage costs.

A futures option gives the purchaser of such option the right, in return for the premium paid, to assume a long position (call) or short position (put) in a futures contract at a specified exercise price at any time during the period of the option. Upon exercise of a call option, the purchaser acquires a long position in the futures contract and the writer is assigned the opposite short position. Upon the exercise of a put option, the opposite is true.

The requirements for qualification as a regulated investment company ("RIC") under the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code") may also limit the extent to which the Fund may invest in futures, options on futures and swaps. See "Tax Matters."

*Limitations on the Use of Futures, Futures Options and Swaps.*&nbsp;&nbsp;&nbsp;&nbsp; The Adviser has claimed, with respect to the Fund, the exclusion from the definition of "commodity pool operator" under the Commodity Exchange Act, as amended ("CEA"), provided by Commodity Futures Trading Commission ("CFTC") Regulation 4.5 and is therefore not currently subject to registration or regulation as such under the CEA with respect to the Fund. In addition, the Sub-Adviser has claimed the exemption from registration as a commodity trading advisor provided by CFTC Regulation 4.14(a)(8) and is therefore not currently subject to registration or regulation as such under the CEA with respect to the Fund. In February 2012, the CFTC announced substantial amendments to certain exemptions, and to the conditions for reliance on those exemptions, from registration as a commodity pool operator. Under amendments to the exemption provided under CFTC Regulation 4.5, if the Fund uses futures, options on futures, or swaps other than for bona fide hedging purposes (as defined by the CFTC) , the aggregate initial margin and premiums on these positions (after taking into account unrealized profits and unrealized losses on any such positions and excluding the amount by which options that are "in-the-money" at the time of purchase are "in-the-money") may not exceed 5% of the Fund's NAV, or alternatively, the aggregate net notional value of those positions may not exceed 100% of the Fund's NAV (after taking into account unrealized profits and unrealized losses on any such positions) . The CFTC amendments to Regulation 4.5 took effect on December 31, 2012, and the Fund intends to comply with amended Regulation 4.5's requirements such that the Adviser will not be required to register as a commodity pool operator with the CFTC with respect to the Fund. The Fund reserves the right to employ futures, options on futures and swaps to the extent allowed by CFTC regulations in effect from time to time and in accordance with the Fund's policies. However, the requirements for qualification as a "regulated investment company" under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"), may limit the extent to which the Fund may employ futures, options on futures or swaps.

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Nuveen Fund Advisors and Nuveen Asset Management may use derivative instruments to seek to enhance return, to hedge some of the risk of the Fund's investments in municipal securities or as a substitute for a position in the underlying asset. These types of strategies may generate taxable income.

There is no assurance that these derivative strategies will be available at any time or that Nuveen Fund Advisors and Nuveen Asset Management will determine to use them for the Fund or, if used, that the strategies will be successful.

**Repurchase Agreements**

The Fund may enter into repurchase agreements (the purchase of a security coupled with an agreement to resell that security at a higher price) with respect to its permitted investments. The Fund's repurchase agreements will provide that the value of the collateral underlying the repurchase agreement will always be at least equal to the repurchase price, including any accrued interest earned on the agreement, and will be marked-to-market daily. The agreed-upon repurchase price determines the yield during the Fund's holding period.

Repurchase agreements are considered to be loans collateralized by the underlying security that is the subject of the repurchase contract. The Fund only enters into repurchase agreements with registered securities dealers or domestic banks that, in Nuveen Asset Management's opinion, present minimal credit risk. The risk to the Fund is limited to the ability of the issuer to pay the agreed-upon repurchase price on the delivery date; however, although the value of the underlying collateral at the time the transaction is entered into always equals or exceeds the agreed-upon repurchase price, if the value of the collateral declines there is a risk of loss of both principal and interest. In the event of default, the collateral may be sold but the Fund might incur a loss if the value of the collateral declines, and might incur disposition costs or experience delays in connection with liquidating the collateral. In addition, if bankruptcy proceedings are commenced with respect to the seller of the security, realization upon the collateral by the Fund may be delayed or limited. Nuveen Asset Management will monitor the value of the collateral at the time the transaction is entered into and at all times subsequent during the term of the repurchase agreement in an effort to determine that such value always equals or exceeds the agreed-upon repurchase price. In the event the value of the collateral declines below the repurchase price, Nuveen Asset Management will demand additional collateral from the issuer to increase the value of the collateral to at least that of the repurchase price, including interest.

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**Structured Notes**

The Fund may utilize structured notes and similar instruments for investment purposes and also for hedging purposes. Structured notes are privately negotiated debt obligations where the principal and/or interest is determined by reference to the performance of a benchmark asset, market or interest rate (an "embedded index"), such as selected securities, an index of securities or specified interest rates, or the differential performance of two assets or markets. The terms of such structured instruments normally provide that their principal and/or interest payments are to be adjusted upwards or downwards (but not ordinarily below zero) to reflect changes in the embedded index while the structured instruments are outstanding. As a result, the interest and/or principal payments that may be made on a structured product may vary widely, depending upon a variety of factors, including the volatility of the embedded index and the effect of changes in the embedded index on principal and/or interest payments. The rate of return on structured notes may be determined by applying a multiplier to the performance or differential performance of the referenced index or indices or other assets. Application of a multiplier involves leverage that will serve to magnify the potential for gain and the risk of loss. These types of investments may generate taxable income.

**Other Investment Companies**

The Fund may invest in securities of other open-or closed-end investment companies (including exchange-traded funds) that invest primarily in municipal securities of the types in which the Fund may invest directly. In addition, the Fund may invest a portion of its Managed Assets in pooled investment vehicles (other than investment companies) that invest primarily in municipal securities of the types in which the Fund may invest directly. The Fund generally expects that it may invest in other investment companies and/or other pooled investment vehicles either during periods when it has large amounts of uninvested cash or during periods when there is a shortage of attractive, high yielding municipal securities available in the market. The Fund may invest in investment companies that are advised by the Adviser and/or the Sub-Adviser or their affiliates to the extent permitted by applicable law. As a shareholder in an investment company, the Fund bears its ratable share of that investment company's expenses and would remain subject to payment of its own management fees with respect to assets so invested. Shareholders of Common Stock would therefore be subject to duplicative expenses to the extent the Fund invests in other investment companies.

The Nuveen Fund Advisers and/or Nuveen Asset Management will take expenses into account when evaluating the investment merits of an investment in an investment company relative to available municipal security investments. In addition, the securities of other investment companies may also be leveraged and will therefore be subject to the same leverage risks described herein. The NAV and market value of leveraged shares will be more volatile, and the yield to shareholders of Common Stock will tend to fluctuate more than the yield generated by unleveraged shares.

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**Zero Coupon Bonds**

The Fund may invest in zero coupon bonds. A zero coupon bond is a bond that typically does not pay interest for the entire life of the obligation or for an initial period after the issuance of the obligation. The market prices of zero coupon bonds are affected to a greater extent by changes in prevailing levels of interest rates and therefore tend to be more volatile in price than securities that pay interest periodically. In addition, because the Fund accrues income with respect to these securities prior to the receipt of such interest, it may have to dispose of portfolio securities under disadvantageous circumstances in order to obtain cash needed to pay income dividends in amounts necessary to avoid unfavorable tax consequences.

**No Preferred Shares**

Unless otherwise approved by shareholders the Fund will not leverage its capital structure by issuing senior securities such as preferred shares or debt instruments. However, the Fund may borrow for temporary, emergency or other purposes as permitted by the 1940 Act and invest in certain instruments, including inverse floating rate securities, that have the economic effect of financial leverage.

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**MANAGEMENT OF THE FUND** 

**Directors and Officers** 

The management of the Fund, including general supervision of the duties performed for the Fund under the Investment Management Agreement (as defined under "Investment Adviser, Sub-Adviser and Portfolio Managers—Investment Management Agreement and Related Fees"), is the responsibility of the Board. The number of Directors of the Fund is twelve, all of whom are not interested persons (referred to herein as "Independent Directors"). None of the Independent Directors has ever been a director, trustee or employee of, or consultant to, Nuveen LLC ("Nuveen"), Nuveen Fund Advisors, Nuveen Asset Management, or their affiliates. The Board is divided into three classes, Class I, Class II and Class III, the Class I Directors serving until the 2028 annual meeting, the Class II Directors serving until the 2026 annual meeting and the Class III Directors serving until the 2027 annual meeting, in each case until their respective successors are elected and qualified, as described below. Currently, Michael A.Forrester, Thomas J. Kenny, and Robert L. Young are slated in Class I, Joseph A. Boateng, Amy B. R. Lancellotta, John K. Nelson and Terence J. Toth are slated in Class II, and Joanne T. Medero, Loren M. Starr and Matthew Thornton III are slated in Class III. As each Director's term expires, shareholders will be asked to elect Directors and such Directors shall be elected for a term expiring at the time of the third succeeding annual meeting subsequent to their election or thereafter in each case when their respective successors are duly elected and qualified. These provisions could delay for up to two years the replacement of a majority of the Board. See "Certain Provisions in the Articles of Incorporation and By-Laws" in the prospectus.

The officers of the Fund serve annual terms through August of each year and are elected on an annual basis. The names, business addresses and years of birth of the Directors and officers of the Fund, their principal occupations and other affiliations during the past five years, the number of portfolios each oversees and other directorships they hold are set forth below. Except as noted in the table below, the Directors of the Fund are directors or trustees, as the case may be, of 217 Nuveen-sponsored registered investment companies (the "Nuveen Funds"), which includes 146 open-end mutual funds, 44 closed-end funds and 27 Nuveen-sponsored exchange-traded funds.

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|:---|:---|:---|:---|:---|:---|
| **Name, Business Address**<br> **and Year of Birth** | **Position(s)**<br> **Held with the**<br> **Trust** | **Term of Office**<br> **and Length of**<br> **Time Served in**<br> **the Fund**<br> **Complex** | **Principal Occupation(s)**<br> **During Past Five Years** | **Number of**<br> **Portfolios**<br> **in Fund**<br> **Complex**<br> **Overseen by**<br> **Director** | **Other**<br> **Directorships**<br> **Held by**<br> **Director**<br> **During Past**<br> **Five Years** |
| **Independent Directors:** |  |  |  |  |  |
| Thomas J. Kenny<br> 333 West Wacker Drive<br> Chicago, IL 60606<br> 1963 | Director | Term—Class I Length of Service—Since 2011. | Advisory Director (2010–2011), Partner (2004–2010), Managing Director (1999–2004) and Co- Head of Global Cash and Fixed Income Portfolio Management Team (2002– 2010), Goldman Sachs Asset Management (asset management). | 217 | Director (since 2015) and Chair of the Finance and Investment Committee (since 2018), Aflac Incorporated; formerly, Director (2021-2022), ParentSquare; formerly, Director (2021-2022) and Finance Committee Chair (2016-2022), Sansum Clinic; formerly, Advisory Board Member (2017-2019), B'Box; formerly, Member (2011-2020), the University of California at Santa Barbara Arts and Lectures Advisory Council; formerly, Investment Committee Member (2012-2020), Cottage Health System; formerly, Board Member (2009-2019) and President of the Board (2014- 2018), Crane Country Day School; Trustee (2011-2023) and Chairman (2017-2023), the College Retirement Equities Fund; Manager (2011-2023) and Chairman (2017-2023), TIAA Separate Account VA-1 |

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|:---|:---|:---|:---|:---|:---|
| **Name, Business Address**<br> **and Year of Birth** | **Position(s)**<br> **Held with the**<br> **Trust** | **Term of Office**<br> **and Length of**<br> **Time Served in**<br> **the Fund**<br> **Complex** | **Principal Occupation(s)**<br> **During Past Five Years** | **Number of**<br> **Portfolios**<br> **in Fund**<br> **Complex**<br> **Overseen by**<br> **Director** | **Other**<br> **Directorships**<br> **Held by**<br> **Director**<br> **During Past**<br> **Five Years** |
| Robert L. Young<br> 333 West Wacker Drive<br> Chicago, IL 60606<br> 1963 | Chair of the Board and Director | Term—Class I Length of Service—Since 2017, Chair since January 1, 2025. | Formerly, Chief Operating Officer and Director, J.P. Morgan Investment Management Inc. (financial services) (2010-2016); formerly, President and Principal Executive Officer (2013-2016), and Senior Vice President and Chief Operating Officer (2005-2010), of J.P. Morgan Funds; formerly, Director and various officer positions for J.P. Morgan Investment Management Inc. (formerly, JPMorgan Funds Management, Inc. and formerly, One Group Administrative Services) and JPMorgan Distribution Services, Inc. (financial services) (formerly, One Group Dealer Services, Inc.) (1999-2017). | 217 |  |

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|:---|:---|:---|:---|:---|:---|
| **Name, Business Address**<br> **and Year of Birth** | **Position(s)**<br> **Held with the**<br> **Trust** | **Term of Office**<br> **and Length of**<br> **Time Served in**<br> **the Fund**<br> **Complex** | **Principal Occupation(s)**<br> **During Past Five Years** | **Number of**<br> **Portfolios**<br> **in Fund**<br> **Complex**<br> **Overseen by**<br> **Director** | **Other**<br> **Directorships**<br> **Held by**<br> **Director**<br> **During Past**<br> **Five Years** |
| Joseph A. Boateng\*<br> 333 West Wacker Drive<br> Chicago, IL 60606<br> 1963 | Director | Term—Class II Length of Service — Since 2019. | Chief Investment Officer, Casey Family Programs (since 2007); formerly, Director of U.S. Pension Plans, Johnson & Johnson (2002-2006). | 216 | Board Member, Lumina Foundation (since 2018) and Waterside School (since 2021); Board Member (2012-2019) and Emeritus Board Member (since 2020), Year-Up Puget Sound; Investment Advisory Committee Member and Former Chair (since 2007), Seattle City Employees' Retirement System; Investment Committee Member (since 2012), The Seattle Foundation; Trustee (2018-2023), the College Retirement Equities Fund; Manager (2019- 2023), TIAA Separate Account VA- 1. |
| Michael A. Forrester\*<br> 333 West Wacker Drive<br> Chicago, IL 60606<br> 1967 | Director | Term—Class I Length of Service — Since 2007. | Formerly, Chief Executive Officer (2014–2021) and Chief Operating Officer (2007–2014), Copper Rock Capital Partners, LLC. | 216 | Director, Aflac Incorporated (since 2025); Trustee, Dexter Southfield School (since 2019); Member (since 2020), Governing Council of the Independent Directors Council (IDC); Trustee, the College Retirement Equities Fund and Manager, TIAA Separate Account VA-1 (2007-2023). |
| Amy B.R. Lancellotta<br> 333 West Wacker Drive<br> Chicago, IL 60606<br> 1959 | Director | Term—Class II Length of Service—Since 2021 | Formerly, Managing Director, IDC (supports the fund independent director community and is part of the Investment Company Institute (ICI), which represents regulated investment companies) (2006-2019); formerly, various positions with ICI (1989-2006). | 217 | President (since 2023) and Member (since 2020) of the Board of Directors, Jewish Coalition Against Domestic Abuse (JCADA). |

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|:---|:---|:---|:---|:---|:---|
| **Name, Business Address**<br> **and Year of Birth** | **Position(s)**<br> **Held with the**<br> **Trust** | **Term of Office**<br> **and Length of**<br> **Time Served in**<br> **the Fund**<br> **Complex** | **Principal Occupation(s)**<br> **During Past Five Years** | **Number of**<br> **Portfolios**<br> **in Fund**<br> **Complex**<br> **Overseen by**<br> **Director** | **Other**<br> **Directorships**<br> **Held by**<br> **Director**<br> **During Past**<br> **Five Years** |
| Joanne T. Medero<br> 333 West Wacker Drive<br> Chicago, IL 60606<br> 1954 | Director | Term—Class III Length of Service—Since 2021 | Formerly, Managing Director, Government Relations and Public Policy (2009-2020) and Senior Advisor to the Vice Chairman (2018-2020), BlackRock, Inc. (global investment management firm); formerly, Managing Director, Global Head of Government Relations and Public Policy, Barclays Group (IBIM) (investment banking, investment management businesses) (2006-2009); formerly, Managing Director, Global General Counsel and Corporate Secretary, Barclays Global Investors (global investment management firm) (1996-2006); formerly, Partner, Orrick, Herrington & Sutcliffe LLP (law firm) (1993-1995); formerly, General Counsel, Commodity Futures Trading Commission (government agency overseeing U.S. derivatives markets) (1989-1993); formerly, Deputy Associate Director/Associate Director for Legal and Financial Affairs, Office of Presidential Personnel, The White House (1986-1989). | 217 | Member (since 2019) of the Board of Directors, Baltic- American Freedom Foundation (seeks to provide opportunities for citizens of the Baltic states to gain education and professional development through exchanges in the U.S.). |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Business Address**<br> **and Year of Birth** | **Position(s)**<br> **Held with the**<br> **Trust** | **Term of Office**<br> **and Length of**<br> **Time Served in**<br> **the Fund**<br> **Complex** | **Principal Occupation(s)**<br> **During Past Five Years** | **Number of**<br> **Portfolios**<br> **in Fund**<br> **Complex**<br> **Overseen by**<br> **Director** | **Other**<br> **Directorships**<br> **Held by**<br> **Director**<br> **During Past**<br> **Five Years** |
| Albin F. Moschner<br> 333 West Wacker Drive<br> Chicago, IL 60606<br> 1952 | Director | Term—Class III Length of Service—Since 2016 | Founder and Chief Executive Officer, Northcroft Partners, LLC, (management consulting), (since 2012); previously, held positions at Leap Wireless International, Inc., (consumer wireless service) including Consultant (2011-2012), Chief Operating Officer (2008-2011) and Chief Marketing Officer (2004-2008); formerly, President, Verizon Card Services division of Verizon Communications, Inc. (telecommunications services) (2000-2003); formerly, President, One Point Services at One Point Communications (telecommunications services) (1999-2000); formerly, Vice Chairman of the Board, Diba, Incorporated (internet technology provider) (1996- 1997); formerly, various executive positions (1991- 1996) and Chief Executive Officer (1995-1996) of Zenith Electronics Corporation (consumer electronics). | 217 | Formerly, Chairman (2019), and Director (2012-2019), USA Technologies, Inc. (a provider of solutions and services to facilitate electronic payment transactions); formerly, Director, Wintrust Financial Corporation (1996-2016). |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Business Address**<br> **and Year of Birth** | **Position(s)**<br> **Held with the**<br> **Trust** | **Term of Office**<br> **and Length of**<br> **Time Served in**<br> **the Fund**<br> **Complex** | **Principal Occupation(s)**<br> **During Past Five Years** | **Number of**<br> **Portfolios**<br> **in Fund**<br> **Complex**<br> **Overseen by**<br> **Director** | **Other**<br> **Directorships**<br> **Held by**<br> **Director**<br> **During Past**<br> **Five Years** |
| John K. Nelson<br> 333 West Wacker Drive<br> Chicago, IL 60606<br> 1962 | Director | Term—Class II Length of Service—Since 2016 | Formerly, Senior External Advisor to the Financial Services practice of Deloitte Consulting LLP (consulting and accounting) (2012- 2014); Chief Executive Officer of ABN AMRO Bank N.V., North America (insurance), and Global Head of the Financial Markets Division (2007-2008),a with various executive leadership roles in ABN AMRO Bank N.V. between 1996 and 2007. | 217 | Formerly, Member of Board of Directors (2008-2023) of Core12 LLC (private firm which develops branding, marketing and communications strategies for clients); formerly, Member of the President's Council (2010-2019) of Fordham University; formerly, Director (2009-2018) of the Curran Center for Catholic American Studies; formerly, Trustee and Chairman of The Board of Trustees of Marian University (2011-2013). |
| Loren M. Starr\*<br> 333 West Wacker Drive<br> Chicago, IL 60606<br> 1961 | Director | Term—Class III Length of Service—Since 2022 | Independent Consultant/Advisor (since 2021), Vice Chair, Senior Managing Director (2020– 2021), Chief Financial Officer, Senior Managing Director (2005–2020), Invesco Ltd (asset management). | 216 | Director (since 2023) and Chair of the Board (since 2025), formerly, Chair of the Audit Committee (2024-2025), AMG; formerly, Chair and Member of the Board of Directors (2014- 2021), Georgia Leadership Institute for School Improvement (GLISI); formerly, Chair and Member of the Board of Trustees (2014- 2018), Georgia Council on Economic Education (GCEE); Trustee, the College Retirement Equities Fund and Manager, TIAA Separate Account VA-1 (2022-2023). |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name, Business Address**<br> **and Year of Birth** | **Position(s)**<br> **Held with the**<br> **Trust** | **Term of Office**<br> **and Length of**<br> **Time Served in**<br> **the Fund**<br> **Complex** | **Principal Occupation(s)**<br> **During Past Five Years** | **Number of**<br> **Portfolios**<br> **in Fund**<br> **Complex**<br> **Overseen by**<br> **Director** |
| Matthew Thornton III<br> 333 West Wacker Drive<br> Chicago, IL 60606<br> 1958 | Director | Term—Class III Length of Service — Since 2020 | Formerly, Executive Vice President and Chief Operating Officer (2018-2019), FedEx Freight Corporation, a subsidiary of FedEx Corporation ("FedEx") (provider of transportation, ecommerce and business services through its portfolio of companies); formerly, Senior Vice President, U.S. Operations (2006-2018), Federal Express Corporation, a subsidiary of FedEx. | 217 Member of the Board of Directors (since 2014), The Sherwin-Williams Company (develops, manufactures, distributes and sells paints, coatings and related products); Member of the Board of Directors (since 2020), Crown Castle International (provider of communications infrastructure); formerly, Member of the Board of Directors (2012-2018), Safe Kids Worldwide<sup>®</sup> (a non-profit organization dedicated to preventing childhood injuries). |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Business Address**<br> **and Year of Birth** | **Position(s)**<br> **Held with the**<br> **Trust** | **Term of Office**<br> **and Length of**<br> **Time Served in**<br> **the Fund**<br> **Complex** | **Principal Occupation(s)**<br> **During Past Five Years** | **Number of**<br> **Portfolios**<br> **in Fund**<br> **Complex**<br> **Overseen by**<br> **Director** | **Other**<br> **Directorships**<br> **Held by**<br> **Director**<br> **During Past**<br> **Five Years** |
| Terence J. Toth<br> 333 West Wacker Drive<br> Chicago, IL 60606<br> 1959 | Director | Term—Class II Length of Service—Since 2008 | Formerly, Co-Founding Partner, Promus Capital (investment advisory firm) (2008-2017); formerly, Director of Quality Control Corporation (manufacturing) (2012- 2021); formerly, Director, Fulcrum IT Service LLC (information technology services firm to government entities) (2010- 2019); formerly, Director, LogicMark LLC (health services) (2012-2016); formerly, Director, Legal & General Investment Management America, Inc. (asset management) (2008-2013); formerly, CEO and President, Northern Trust Global Investments (financial services) (2004-2007); Executive Vice President, Quantitative Management & Securities Lending (2000- 2004); prior thereto, various positions with Northern Trust Company (financial services) (since 1994). | 217 | Formerly, Chair and Member of the Board of Directors (2021- 2024), Kehrein Center for the Arts (philanthropy); Member of the Board of Directors (since 2008), Catalyst Schools of Chicago (philanthropy); Member of the Board of Directors (since 2012), formerly, Investment Committee Chair (2017-2022), Mather Foundation (philanthropy); formerly, Member (2005-2016), Chicago Fellowship Board (philanthropy); formerly, Member, Northern Trust Mutual Funds Board (2005-2007), Northern Trust Global Investments Board (2004- 2007), Northern Trust Japan Board (2004-2007), Northern Trust Securities Inc. Board (2003-2007) and Northern Trust Hong Kong Board (1997-2004). |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Business Address**<br> **and Year of Birth** | **Position(s)**<br> **Held with the**<br> **Trust** | **Term of Office**<br> **and Length of**<br> **Time Served in**<br> **the Fund**<br> **Complex** | **Principal Occupation(s)**<br> **During Past Five Years** | **Number of**<br> **Portfolios**<br> **in Fund**<br> **Complex**<br> **Overseen by**<br> **Director** | **Other**<br> **Directorships**<br> **Held by**<br> **Director**<br> **During Past**<br> **Five Years** |
| Margaret L. Wolff<br> 333 West Wacker Drive<br> Chicago, IL 60606<br> 1955 | Director | Term—Class I Length of Service—Since 2016 | Formerly, Of Counsel (2005- 2014), Skadden, Arps, Slate, Meagher & Flom LLP (Mergers & Acquisitions Group) (legal services). | 217 | Member of the Board of Trustees (since 2005), New York- Presbyterian Hospital; Member of the Board of Trustees (since 2004) formerly, Chair (2015-2022), The John A. Hartford Foundation (philanthropy dedicated to improving the care of older adults); formerly, Member (2005-2015) and Vice Chair (2011-2015) of the Board of Trustees of Mt. Holyoke College; formerly, Member of the Board of Directors (2013- 2017) of Travelers Insurance Company of Canada and The Dominion of Canada General Insurance Company (each, a part of Travelers Canada, the Canadian operation of The Travelers Companies, Inc.). |

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\* Mr. Boateng, Mr. Forrester and Mr. Starr were each elected or appointed as a board member of each of the Nuveen Funds except Nuveen Multi-Market Income Fund for which each serves as a consultant.

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| | | | |
|:---|:---|:---|:---|
| **Name, Business Address and Year of Birth** | **Position(s) Held with the Fund** | **Term of Office and Length of Time Served with Funds in the Fund Complex** | **Principal Occupation(s)<br> During Past Five Years** |
| **Officers of the Fund:** |  |  |  |
| David J. Lamb<br> 333 West Wacker Drive <br> Chicago, IL 60606<br> 1963 | Chief Administrative Officer (Principal Executive Officer) | Term—Indefinite Length of Service—Since 2015 | Senior Managing Director of Nuveen Fund Advisors, LLC, Nuveen Securities, LLC and Nuveen; has previously held various positions with Nuveen. |
| Brett E. Black<br> 333 West Wacker Drive <br> Chicago, IL 60606<br> 1972 | Vice President and Chief Compliance Officer | Term—Indefinite Length of Service—Since 2022 | Managing Director, Chief Compliance Officer of Nuveen; formerly, Vice President (2014-2022), Chief Compliance Officer and Anti- Money Laundering Compliance Officer (2017-2022) of BMO Funds, Inc. |
| Mark J. Czarniecki<br> 901 Marquette Avenue <br> Minneapolis, MN 55402 1979 | Vice President and Assistant Secretary | Term—Indefinite Length of Service—Since 2013 | Managing Director and Assistant Secretary of Nuveen Securities, LLC and Nuveen Fund Advisors, LLC; Managing Director and Associate General Counsel of Nuveen; Managing Director Assistant Secretary and Associate General Counsel of Nuveen Asset Management, LLC; has previously held various positions with Nuveen; Managing Director, Associate General Counsel and Assistant Secretary of Teachers Advisors, LLC and TIAA-CREF Investment Management, LLC; Managing Director, Assistant General Counsel and Assistant Secretary, Brooklyn Artificial Intelligence Inc. and Brooklyn Investment Group, LLC. |
| Marc Cardella<br> 8500 Andrew Carnegie Blvd. <br> Charlotte, NC 28262<br> 1984 | Vice President and Controller (Principal Financial Officer) | Term—Indefinite Length of Service—Since 2024 | Senior Managing Director, Head of Public Investment Finance of Nuveen; Senior Managing Director of Nuveen Fund Advisors, LLC, Nuveen Asset Management, LLC, Teachers Advisors, LLC and TIAA-CREF Investment Management, LLC, Managing Director of Teachers Insurance and Annuity Association of America and TIAA SMA Strategies LLC; Principal Financial Officer, Principal Accounting Officer and Treasurer of TIAA Separate Account VA-1 and the College Retirement Equities Fund; Senior Managing Director, Brooklyn Artificial Intelligence, Inc. and Brooklyn Investment Group, LLC. |
| Joseph T. Castro<br> 333 West Wacker Drive <br> Chicago, IL 60606<br> 1964 | Vice President | Term—Indefinite Length of Service—Since 2025 | Executive Vice President, Chief Risk and Compliance Officer, formerly, Senior Managing Director and Head of Compliance, Nuveen; Executive Vice President and Chief Risk and Compliance Officer, formerly, Senior Managing Director, Nuveen Securities, LLC and Nuveen, LLC; formerly, Senior Managing Director, Nuveen Fund Advisors, LLC. |
| Jeremy D. Franklin<br> 8500 Andrew Carnegie Blvd. <br> Charlotte, NC 28262<br> 1983 | Vice President and Assistant Secretary | Term—Indefinite Length of Service—Since 2024 | Managing Director and Assistant Secretary, Nuveen Fund Advisors, LLC; Managing Director, Associate General Counsel and Assistant Secretary, Nuveen Asset Management, LLC, Teachers Advisors, LLC and TIAA-CREF Investment Management, LLC; Vice President and Associate General Counsel, Teachers Insurance and Annuity Association of America; Vice President and Assistant Secretary, TIAA-CREF Funds and TIAA-CREF Life Funds;Vice President, Associate General Counsel, and Assistant Secretary, TIAA Separate Account VA-1 and College Retirement Equities Fund; has previously held various positions with TIAA. |

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| | | | |
|:---|:---|:---|:---|
| **Name, Business Address and Year of Birth** | **Position(s) Held with the Fund** | **Term of Office and Length of Time Served with Funds in the Fund Complex** | **Principal Occupation(s)<br> During Past Five Years** |
| Diana R. Gonzalez<br> 8500 Andrew Carnegie Blvd.<br> Charlotte, NC 28262<br> 1978 | Vice President and Assistant Secretary | Term—Indefinite Length of Service—Since 2017 | Vice President and Assistant Secretary of Nuveen Fund Advisors, LLC; Vice President,Associate General Counsel and Assistant Secretary of Nuveen Asset Management, LLC,Teachers Advisors, LLC and TIAA-CREF Investment Management, LLC; Vice President and Associate General Counsel of Nuveen. |
| Nathaniel T. Jones<br> 333 West Wacker Drive <br> Chicago, IL 60606<br> 1979 | Vice President | Term—Indefinite Length of Service—Since 2016 | Senior Managing Director, Head of Public Product of Nuveen; President, formerly, Senior Managing Director of Nuveen Fund Advisors, LLC; has previously held various positions with Nuveen, Chartered Financial Analyst. |
| Brian H. Lawrence<br> 8500 Andrew Carnegie Blvd.<br> Charlotte, NC 28262<br> 1982 | Vice President and Assistant Secretary | Term—Indefinite Length of Service—Since 2023 | Vice President and Associate General Counsel of Nuveen; Vice President, Associate General Counsel and Assistant Secretary of Teachers Advisors, LLC and TIAA-CREF Investment Management, LLC; formerly Corporate Counsel of Franklin Templeton (2018-2022). |
| Tina M. Lazar<br> 333 West Wacker Drive <br> Chicago, IL 60606<br> 1961 | Vice President | Term—Indefinite Length of Service—Since 2002 | Managing Director of Nuveen Securities, LLC. |
| Brian J. Lockhart<br> 333 West Wacker Drive <br> Chicago, IL 60606<br> 1974 | Vice President | Term—Indefinite Length of Service—Since 2019 | Senior Managing Director and Head of Investment Oversight of Nuveen; Senior Managing Director of Nuveen Fund Advisors, LLC; has previously held various positions with Nuveen; Chartered Financial Analyst and Certified Financial Risk Manager. |

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| | | | |
|:---|:---|:---|:---|
| **Name, Business Address and Year of Birth** | **Position(s) Held with the Fund** | **Term of Office and Length of Time Served with Funds in the Fund Complex** | **Principal Occupation(s)<br> During Past Five Years** |
| John M. McCann<br> 8500 Andrew Carnegie Blvd. <br> Charlotte, NC 28262<br> 1975 | Vice President and Assistant Secretary | Term—Indefinite Length of Service—Since 2022 | Senior Managing Director, Division General Counsel of Nuveen; Senior Managing Director, General Counsel and Secretary of Nuveen Fund Advisors, LLC; Senior Managing Director, Associate General Counsel and Assistant Secretary of Nuveen Asset Management, LLC, Teachers Advisors, LLC and TIAA-CREF Investment Management, LLC; Managing Director and Assistant Secretary of TIAA SMA Strategies LLC; Managing Director, Associate General Counsel and Assistant Secretary of College Retirement Equities Fund, TIAA Separate Account VA-1, TIAA-CREF Funds, TIAA-CREF Life Funds, Teachers Insurance and Annuity Association of America, and Nuveen Alternative Advisors LLC Senior Managing Director, Associate General Counsel and Assistant Secretary (since 2025), Brooklyn Artificial Intelligence, Inc. and Brooklyn Investment Group, LLC and Nuveen Alternative Advisors LLC; has previously held various positions with Nuveen/TIAA. |
| Kevin J. McCarthy<br> 333 West Wacker Drive<br> Chicago, IL 60606<br> 1966 | Vice President and Assistant Secretary | Term—Indefinite Length of Service—Since 2007 | Executive Vice President, Secretary and General Counsel of Nuveen Investments, Inc.;Executive Vice President and Assistant Secretary of Nuveen Securities, LLC and Nuveen Fund Advisors, LLC; Executive Vice President and Secretary of Nuveen Asset Management, LLC, Teachers Advisors, LLC, TIAA-CREF Investment Management, LLC and Nuveen Alternative Investments, LLC; Executive Vice President, Associate General Counsel and Assistant Secretary of TIAA-CREF Funds and TIAA-CREF Life Funds; has previously held various positions with Nuveen/TIAA; Vice President and Secretary of Winslow Capital Management, LLC; Executive Vice President, Brooklyn Artificial Intelligence, Inc. and Brooklyn Investment Group, LLC; formerly, Vice President (2007-2021) and Secretary (2016-2021) of NWQ Investment Management Company, LLC and Santa Barbara Asset Management, LLC. |
| R. Tanner Page<br> 333 West Wacker Drive <br> Chicago, IL 60606<br> 1985 | Vice President and Treasurer | Term—Indefinite Length of Service—Since 2025 | Managing Director, formerly, Vice President of Nuveen; has previously held various positions with Nuveen. |

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| | | | |
|:---|:---|:---|:---|
| **Name, Business Address and Year of Birth** | **Position(s) Held with the Fund** | **Term of Office and Length of Time Served with Funds in the Fund Complex** | **Principal Occupation(s)<br> During Past Five Years** |
| William A. Siffermann<br> 333 West Wacker Drive <br> Chicago, IL 60606 <br> 1975 | Vice President | Term—Indefinite Length of Service— Since 2017  | Senior Managing Director of Nuveen. |

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| | | | |
|:---|:---|:---|:---|
| **Name, Business Address and Year of Birth** | **Position(s) Held with the Fund** | **Term of Office and Length of Time Served with Funds in the Fund Complex** | **Principal Occupation(s)<br> During Past Five Years** |
| Mark L. Winget<br> 333 West Wacker Drive <br> Chicago, IL 60606<br> 1968 | Vice President and Secretary | Term—Indefinite Length of Service— Since 2008 | Vice President and Assistant Secretary of Nuveen Securities, LLC and Nuveen Fund Advisors, LLC; Vice President, Associate General Counsel and Assistant Secretary of Teachers Advisors, LLC and TIAA-CREF Investment Management, LLC and Nuveen Asset Management, LLC; Vice President and Associate General Counsel of Nuveen; Vice President, Associate General Counsel and Assistant Secretary, Brooklyn Artificial Intelligence, Inc. and Brooklyn Investment Group, LLC. |
| Rachael Zufall<br> 8500 Andrew Carnegie Blvd. <br> Charlotte, NC 28262<br> 1973 | Vice President and Assistant Secretary | Term—Indefinite Length of Service— Since 2022 | Managing Director and Assistant Secretary of Nuveen Fund Advisors, LLC; Managing Director, Associate General Counsel and Assistant Secretary of the College Retirement Equities Fund, TIAA Separate Account VA-1, TIAA-CREF Funds and TIAA-CREF Life Funds; Managing Director, Associate General Counsel and Assistant Secretary of Teacher Advisors, LLC and TIAA-CREF Investment Management, LLC; Managing Director of Nuveen, LLC and of TIAA. |

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**Board Leadership Structure and Risk Oversight** 

The Board oversees the operations and management of the Fund, including the duties performed for the Fund by Nuveen Fund Advisors. The Board has adopted a unitary board structure. A unitary board consists of one group of directors who serves on the board of every fund in the complex. In adopting a unitary board structure, the Directors seek to provide effective governance through establishing a board the overall composition of which will, as a body, possess the appropriate skills, diversity (including, among other things, gender, race and ethnicity), independence and experience to oversee the Fund's business. With this overall framework in mind, when the Board, through its Nominating and Governance Committee discussed below, seeks nominees for the Board, the Directors consider not only the candidate's particular background, skills and experience, among other things, but also whether such background, skills and experience enhance the Board's diversity and at the same time complement the Board given its current composition and the mix of skills and experiences of the incumbent Directors. The Nominating and Governance Committee believes that the Board generally benefits from diversity of background (including, among other things, gender, race and ethnicity), skills, experience and views among its members, and considers this a factor in evaluating the composition of the Board, but has not adopted any specific policy on diversity or any particular definition of diversity.

The Board believes the unitary board structure enhances good and effective governance, particularly given the nature of the structure of the investment company complex. Funds in the same complex generally are served by the same service providers and personnel and are governed by the same regulatory scheme which raises common issues that must be addressed by the Directors across the fund complex (such as compliance, valuation, liquidity, brokerage, trade allocation or risk management). The Board believes it is more efficient to have a single board review and oversee common policies and procedures which increases the Board's knowledge and expertise with respect to the many aspects of fund operations that are complex-wide in nature. The unitary structure also enhances the Board's influence and oversight over Nuveen Fund Advisors and other service providers.

In an effort to enhance the independence of the Board, the Board also has a Chair that is an Independent Director. The Board recognizes that a chair can perform an important role in setting the agenda for the Board, establishing the boardroom culture, establishing a point person on behalf of the Board for Fund management and reinforcing the Board's focus on the long-term interests of shareholders. The Board recognizes that a chair may be able to better perform these functions without any conflicts of interests arising from a position with Fund management. Accordingly, the Directors have elected Mr. Young to serve as the independent Chair of the Board. Pursuant to the Fund's By-Laws, the Chairs shall perform all duties incident to the office of Chair of the Board and such other duties as from time to time may be assigned to him or her by the Directors or the By-Laws. Specific responsibilities of the Chairs include (i) coordinating with fund management in the preparation of the agenda for each meeting of the Board; (ii) presiding at all meetings of the Board and of the shareholders; and (iii) serving as a liaison with other directors, the Trust's officers and other fund management personnel, and counsel to the Independent Directors.

Although the Board has direct responsibility over various matters (such as advisory contracts and underwriting contracts), the Board also exercises certain of its oversight responsibilities through several committees that it has established and which report back to the full Board. The Board believes that a committee structure is an effective means to permit Directors to focus on particular operations or issues affecting the Nuveen Funds, including risk oversight. More specifically, with respect to risk oversight, the Board has delegated matters relating to valuation, compliance and investment risk to certain committees (as summarized below). In addition, the Board believes that the periodic rotation of Directors among the different committees allows the Directors to gain additional and different perspectives of the Fund's operations. The Board has established seven standing committees: the Executive Committee, the Dividend Committee, the Audit Committee, the Compliance, Risk Management and Regulatory Oversight Committee, the Investment Committee, the Nominating and Governance Committee and the Closed-End Funds Committee. The Board may also from time to time create ad hoc committees to focus on particular issues as the need arises. The membership and functions of the standing

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committees are summarized below. For more information on the Board, please visit www.nuveen.com/fundgovernance.

The Executive Committee, which meets between regular meetings of the Board, is authorized to exercise all of the powers of the Board. The members of the Executive Committee are Mr. Young, Chair, Mr. Kenny, Mr. Nelson and Ms. Wolff. During the fiscal year ended October 31, 2025, the Executive Committee met three times.

The Dividend Committee is authorized to declare distributions (with subsequent ratification by the Board) on each Nuveen Fund's shares, including, but not limited to, regular and special dividends, capital gains and ordinary income distributions. The Dividend Committee operates under a written charter adopted and approved by the Board. The members of the Dividend Committee are Mr. Thornton, Chair, Mr. Kenny, Mr. Forrester, Ms. Lancellotta, Mr. Nelson and Mr. Starr. During the fiscal year ended October 31, 2025, the Dividend Committee met eight times.

The Board has an Audit Committee, in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934 (the "1934 Act") that is composed of Independent Directors who are also "independent" as that term is defined in the listing standards pertaining to closed-end funds of the NYSE. The Audit Committee assists the Board in: the oversight and monitoring of the accounting and financial reporting policies, processes and practices of the Nuveen Funds, and the audits of the financial statements of the Nuveen Funds; the quality and integrity of the financial statements of the Nuveen Funds; the Nuveen Funds' compliance with legal and regulatory requirements relating to the Nuveen Funds' financial statements; the independent auditors' qualifications, performance and independence; and the Valuation Policy of the Nuveen Funds and the internal valuation group of the Adviser, as valuation designee for the Nuveen Funds. It is the responsibility of the Audit Committee to select, evaluate and replace any independent auditors (subject only to Board approval and, if applicable, shareholder ratification) and to determine their compensation. The Audit Committee is also responsible for, among other things, overseeing the valuation of securities comprising the Nuveen Funds' portfolios. The Audit Committee is also primarily responsible for the oversight of the Valuation Policy and actions taken by the Adviser, as valuation designee of the Funds, though its internal valuation group which provides regular reports to the Audit Committee, reviews any issues relating to the valuation of the Nuveen Funds' securities brought to its attention, and considers the risks to the Nuveen Funds in assessing the possible resolutions to these matters. The Audit Committee may also consider any financial risk exposures for the Nuveen Funds in conjunction with performing its functions.

To fulfill its oversight duties, the Audit Committee regularly meets with Fund management to discuss the Nuveen Funds' annual and semi-annual reports and has regular meetings with the external auditors for the Nuveen Funds and the Adviser's internal audit group. In assessing financial risk disclosure, the Audit Committee also may review, in a general manner, the processes the Board or other Board committees have in place with respect to risk assessment and risk management as well as compliance with legal and regulatory matters relating to the Nuveen Funds' financial statements. The Audit Committee operates under a written Audit Committee Charter (the "Charter") adopted and approved by the Board, which Charter conforms to the listing standards of the NYSE. Members of the Audit Committee are independent (as set forth in the Charter) and free of any relationship that, in the opinion of the Directors, would interfere with their exercise of independent judgment as an Audit Committee member. The members of the Audit Committee are Mr. Nelson, Chair, Mr. Boateng, Ms. Lancellotta, Ms. Wolff, Mr. Thornton, Mr. Toth and Mr. Starr, each of whom is an Independent Director of the Nuveen Funds. Mr. Boateng, Mr. Nelson, and Mr. Starr have each been designated as an "audit committee financial expert" as defined by the rules of the SEC. A copy of the Charter is available at https://www.nuveen.com/fund-governance. During the fiscal year ended October 31, 2025, the Audit Committee met thirteen times.

The Compliance, Risk Management and Regulatory Oversight Committee (the "Compliance Committee") is responsible for the oversight of compliance issues, risk management and other regulatory matters affecting the Nuveen Funds that are not otherwise under or within the jurisdiction of the other committees. The

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Board has adopted and periodically reviews policies and procedures designed to address the Nuveen Funds' compliance and risk matters. As part of its duties, the Compliance Committee: reviews the policies and procedures relating to compliance matters and recommends modifications thereto as necessary or appropriate to the full Board; develops new policies and procedures as new regulatory matters affecting the Nuveen Funds arise from time to time; evaluates or considers any comments or reports from examinations from regulatory authorities and responses thereto; and performs any special reviews, investigations or other oversight responsibilities relating to risk management, compliance and/or regulatory matters as requested by the Board.

In addition, the Compliance Committee is responsible for risk oversight, including, but not limited to, the oversight of general risks related to investments which are not reviewed by other committees, such as liquidity and derivatives usage; risks related to product structure elements, such as leverage; techniques that may be used to address the foregoing risks, such as hedging and swaps and Fund operational risk and risks related to the overall operation of the TIAA/Nuveen enterprise and, in each case, the controls designed to address or mitigate such risks. In assessing issues brought to the Compliance Committee's attention or in reviewing a particular policy, procedure, investment technique or strategy, the Compliance Committee evaluates the risks to the Nuveen Funds in adopting a particular approach compared to the anticipated benefits to the Nuveen Funds and their shareholders. In fulfilling its obligations, the Compliance Committee meets on a quarterly basis. The Compliance Committee receives written and oral reports from the Fund's Chief Compliance Officer ("CCO") and meets privately with the CCO at each of its quarterly meetings. The CCO also provides an annual report to the full Board regarding the operations of the Nuveen Funds' and other service providers' compliance programs as well as any recommendations for modifications thereto. Certain matters not addressed at the committee level are addressed by another committee or directly by the full Board. The Compliance Committee operates under a written charter adopted and approved by the Board. The members of the Compliance Committee are Ms. Medero, Chair, Mr. Forrester, Mr. Kenny, Mr. Moschner, Mr. Starr, and Mr. Young. During the fiscal year ended October 31, 2025, the Compliance Committee met four times.

The Nominating and Governance Committee is responsible for seeking, identifying and recommending to the Board qualified candidates for election or appointment to the Board. In addition, the Nominating and Governance Committee oversees matters of corporate governance, including the evaluation of Board performance and processes, the assignment and rotation of committee members, and the establishment of corporate governance guidelines and procedures, to the extent necessary or desirable, and matters related thereto. The Nominating and Governance Committee recognizes that as demands on the Board evolve over time (such as through an increase in the number of funds overseen or an increase in the complexity of the issues raised), the Nominating and Governance Committee must continue to evaluate the Board and committee structures and their processes and modify the foregoing as may be necessary or appropriate to continue to provide effective governance. Accordingly, the Nominating and Governance Committee has a separate meeting each year to, among other things, review the Board and committee structures, their performance and functions, and recommend any modifications thereto or alternative structures or processes that would enhance the Board's governance of the Nuveen Funds.

In addition, the Nominating and Governance Committee, among other things: makes recommendations concerning the continuing education of Directors; monitors performance of legal counsel; establishes and monitors a process by which security holders are able to communicate in writing with Directors; and periodically reviews and makes recommendations about any appropriate changes to Director compensation. In the event of a vacancy on the Board, the Nominating and Governance Committee receives suggestions from various sources, including shareholders, as to suitable candidates. Suggestions should be sent in writing to William Siffermann, Manager of Fund Board Relations, Nuveen, 333 West Wacker Drive, Chicago, Illinois 60606. The Nominating and Governance Committee sets appropriate standards and requirements for nominations for new Directors and each nominee is evaluated using the same standards. However, the Nominating and Governance Committee reserves the right to interview any and all candidates and to make the final selection of any new Directors. In considering a candidate's qualifications, each candidate must meet certain basic requirements, including relevant skills and experience, time availability (including the time requirements for due diligence meetings with sub-advisers and service providers)

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and, if qualifying as an Independent Director candidate, independence from the Adviser, sub-advisers, Nuveen Asset Management, underwriters and other service providers, including any affiliates of these entities. These skill and experience requirements may vary depending on the current composition of the Board, since the goal is to ensure an appropriate range of skills, diversity and experience, in the aggregate. Accordingly, the particular factors considered and weight given to these factors will depend on the composition of the Board and the skills and backgrounds of the incumbent Directors at the time of consideration of the nominees. All candidates, however, must meet high expectations of personal integrity, independence, governance experience and professional competence. All candidates must be willing to be critical within the Board and with Fund management and yet maintain a collegial and collaborative manner toward other Directors. The Nominating and Governance Committee operates under a written charter adopted and approved by the Board, a copy of which is available on the Funds' website at https://www.nuveen.com/fund-governance, and is composed entirely of Independent Directors, who are also "independent" as defined by NYSE listing standards. Accordingly, the members of the Nominating and Governance Committee are Mr. Young, Chair, Mr. Kenny, Mr. Boateng, Mr. Forrester, Ms. Lancellotta, Ms. Medero, Mr. Moschner, Mr. Nelson, Mr. Starr, Mr. Thornton, Mr. Toth and Ms. Wolff. During the fiscal year ended October 31, 2025, the Nominating and Governance Committee met six times.

The Investment Committee is responsible for the oversight of Nuveen Fund performance, investment risk management and other portfolio-related matters affecting the Nuveen Funds which are not otherwise the jurisdiction of the other Board committees. As part of such oversight, the Investment Committee reviews each Nuveen Fund's investment performance and investment risks, which may include, but is not limited to, an evaluation of Nuveen Fund performance relative to investment objectives, benchmarks and peer group; a review of risks related to portfolio investments, such as exposures to particular issuers, market sectors, or types of securities, as well as consideration of other factors that could impact or are related to Nuveen Fund performance; and an assessment of Nuveen Fund objectives, policies and practices as such may relate to Nuveen Fund performance. In assessing issues brought to the committee's attention or in reviewing an investment policy, technique or strategy, the Investment Committee evaluates the risks to the Nuveen Funds in adopting or recommending a particular approach or resolution compared to the anticipated benefits to the Nuveen Funds and their shareholders.

In fulfilling its obligations, the Investment Committee receives quarterly reports from the investment oversight and the investment risk groups at Nuveen. Such groups also report to the full Board on a quarterly basis and the full Board participates in further discussions with fund management at its quarterly meetings regarding matters relating to Nuveen Fund performance and investment risks, including with respect to the various drivers of performance and Nuveen Fund use of leverage and hedging. Accordingly, the Board directly and/or in conjunction with the Investment Committee oversees the investment performance and investment risk management of the Nuveen Funds. The Investment Committee operates under a written charter adopted and approved by the Board. This committee is composed of the independent Directors of the Nuveen Funds. Accordingly, the members of the Investment Committee are Mr. Boateng, Chair, Mr. Forrester, Mr. Kenny, Ms. Lancellotta, Ms. Medero, Mr. Moschner, Mr. Nelson, Mr. Starr, Mr. Thornton, Mr. Toth, Ms. Wolff and Mr. Young. During the fiscal year ended October 31, 2025, the Investment Committee met four times.

The Closed-End Funds Committee is responsible for assisting the Board in the oversight and monitoring of the Nuveen funds that are registered as closed-end management investment companies ("Closed-End Funds"). The Closed-End Funds Committee may review and evaluate matters related to the formation and the initial presentation to the Board of any new Closed-End Fund and may review and evaluate any matters relating to any existing Closed-End Fund. The Closed-End Funds Committee receives updates on the secondary closed-end fund market and evaluates the premiums and discounts of the Nuveen closed-end funds, including the Fund, at each quarterly meeting. The Closed-End Funds Committee reviews, among other things, the premium and discount trends in the broader closed-end fund market, by asset category and by closed-end fund; the historical total return performance data for the Nuveen closed-end funds, including the Fund, based on net asset value and price over

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various periods; the volatility trends in the market; the use of leverage by the Nuveen closed-end funds, including the Fund; the distribution data of the Nuveen closed-end funds, including the Fund, and as compared to peer averages; and a summary of common stock issuances, if any, and stock repurchases, if any, during the applicable quarter by the Nuveen closed-end funds, including the Fund. The Closed-End Funds Committee regularly engages in more in-depth discussions of premiums and discounts of the Nuveen closed-end funds. Additionally, the Closed-End Funds Committee members participate in in-depth workshops to explore, among other things, actions to address discounts of the Nuveen closed-end funds, potential stock repurchases and available leverage strategies and their use. The Closed-End Funds Committee operates under a written charter adopted and approved by the Board. The members of the Closed-End Funds Committee are Mr. Moschner, Chair, Mr. Kenny, Mr. Nelson, Mr. Thornton, Ms. Wolff and Mr. Young. During the fiscal year ended October 31, 2025, the Closed-End Funds Committee met four times.

**Board Diversification and Director Qualifications** 

Listed below for each current Director are the experiences, qualifications, attributes and skills that led to the conclusion, as of the date of this document, that each current Director should serve as a director of the Fund.

**Joseph A. Boateng.** Since 2007, Mr. Boateng has served as the Chief Investment Officer for Casey Family Programs. He was previously Director of U.S. Pension Plans for Johnson & Johnson from 2002-2006. Mr. Boateng is a board member of the Lumina Foundation and Waterside School, an emeritus board member of Year Up Puget Sound, member of the Investment Advisory Committee and former Chair for the Seattle City Employees' Retirement System, and an Investment Committee Member for The Seattle Foundation. Mr. Boateng previously served on the Board of Trustees for the College Retirement Equities Fund (2018-2023) and on the Management Committee for TIAA Separate Account VA-1 (2019-2023). Mr. Boateng received a B.S. from the University of Ghana and an M.B.A. from the University of California, Los Angeles.

**Michael A. Forrester.** From 2007 to 2021, Mr. Forrester held various positions with Copper Rock Capital Partners, LLC ("Copper Rock"), including Chief Executive Officer (2014-2021), Chief Operating Officer ("COO") (2007-2014) and Board Member (2007-2021). Mr. Forrester is currently a member of the Independent Directors Council Governing Council of the Investment Company Institute. He also serves as a Director of Aflac Incorporated and is on the Board of Trustees of the Dexter Southfield School. Mr. Forrester previously served on the Board of Trustees for the College Retirement Equities Fund and on the Management Committee for TIAA Separate Account VA-1 (2007-2023). Mr. Forrester has a B.A. from Washington and Lee University.

**Thomas J. Kenny.** Mr. Kenny served as an Advisory Director (2010-2011), Partner (2004-2010), Managing Director (1999-2004) and Co-Head (2002-2010) of Goldman Sachs Asset Management's Global Cash and Fixed Income Portfolio Management team, having worked at Goldman Sachs since 1999. Mr. Kenny is a Director and the Chair of the Finance and Investment Committee of Aflac Incorporated and a Director of ParentSquare. He is a Former Director and Finance Committee Chair for the Sansum Clinic; former Advisory Board Member, B'Box; former Member of the University of California at Santa Barbara Arts and Lectures Advisory Council; former Investment Committee Member at Cottage Health System; and former President of the Board of Crane Country Day School. Mr. Kenny previously served on the Board of Trustees (2011-2023) and as Chairman (2017-2023) for the College Retirement Equities Fund and on the Management Committee (2011-2023) and as Chairman (2017-2023) for TIAA Separate Account VA-1. He received a B.A. from the University of California, Santa Barbara, and an M.S. from Golden Gate University. He is also a Chartered Financial Analyst.

**Amy B. R. Lancellotta.** After 30 years of service, Ms. Lancellotta retired at the end of 2019 from the Investment Company Institute ("ICI"), which represents regulated investment companies on regulatory,

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legislative and securities industry initiatives that affect funds and their shareholders. From November 2006 until her retirement, Ms. Lancellotta served as Managing Director of ICI's Independent Directors Council ("IDC"), which supports fund independent directors in fulfilling their responsibilities to promote and protect the interests of fund shareholders. At IDC, Ms. Lancellotta was responsible for all ICI and IDC activities relating to the fund independent director community. In conjunction with her responsibilities, Ms. Lancellotta advised and represented IDC, ICI, independent directors and the investment company industry on issues relating to fund governance and the role of fund directors. She also directed and coordinated IDC's education, communication, governance and policy initiatives. Prior to serving as Managing Director of IDC, Ms. Lancellotta held various other positions with ICI beginning in 1989. Before joining ICI, Ms. Lancellotta was an associate at two Washington, D.C. law firms. In addition, since 2020, she has been a member of the Board of Directors of the Jewish Coalition Against Domestic Abuse (JCADA), an organization that seeks to end power-based violence, empower survivors and ensure safe communities. Ms. Lancellotta received a B.A. degree from Pennsylvania State University in 1981 and a J.D. degree from the National Law Center, George Washington University (currently known as "George Washington University Law School") in 1984. Ms. Lancellotta joined the Board in 2021.

**Joanne T. Medero.** Ms. Medero has over 30 years of financial services experience and, most recently, from December 2009 until her retirement in July 2020, she was a Managing Director in the Government Relations and Public Policy Group at BlackRock, Inc. ("BlackRock"). From July 2018 to July 2020, she was also Senior Advisor to BlackRock's Vice Chairman, focusing on public policy and corporate governance issues. In 1996, Ms. Medero joined Barclays Global Investors ("BGI"), which merged with BlackRock in 2009. At BGI, she was a Managing Director and served as Global General Counsel and Corporate Secretary until 2006. Then, from 2006 to 2009, Ms. Medero was a Managing Director and Global Head of Government Relations and Public Policy at Barclays Group (IBIM), where she provided policy guidance and directed legislative and regulatory advocacy programs for the investment banking, investment management and wealth management businesses. Before joining BGI, Ms. Medero was a Partner at Orrick, Herrington & Sutcliffe LLP from 1993 to 1995, where she specialized in derivatives and financial markets regulation issues. Additionally, she served as General Counsel of the Commodity Futures Trading Commission (the "CFTC") from 1989 to 1993 and, from 1986 to 1989, she was Deputy Associate Director/Associate Director for Legal and Financial Affairs at The White House Office of Presidential Personnel. Further, from 2006 to 2010, Ms. Medero was a member of the CFTC Global Markets Advisory Committee and she has been actively involved in financial industry associations, serving as Chair of the Steering Committee of the SIFMA (Securities Industry and Financial Markets Association) Asset Management Group (2016-2018) and Chair of the CTA (Commodity Trading Advisor), CPO (Commodity Pool Operator) and Futures Committee of the Managed Funds Association (2010-2012). Ms. Medero also chaired the Corporations, Antitrust and Securities Practice Group of The Federalist Society for Law and Public Policy (from 2010 to 2022 and 2000 to 2002). In addition, since 2019, she has been a member of the Board of Directors of the Baltic-American Freedom Foundation, which seeks to provide opportunities for citizens of the Baltic states to gain education and professional development through exchanges in the United States. Ms. Medero received a B.A. degree from St. Lawrence University in 1975 and a J.D. degree from George Washington University Law School in 1978. Ms. Medero joined the Board in 2021.

**Albin F. Moschner.** Mr. Moschner is a consultant in the wireless industry and, in July 2012, founded Northcroft Partners, LLC, a management consulting firm that provides operational, management and governance solutions. Prior to founding Northcroft Partners, LLC, Mr. Moschner held various positions at Leap Wireless International, Inc., a provider of wireless services, where he was a consultant from February 2011 to July 2012, Chief Operating Officer from July 2008 to February 2011, and Chief Marketing Officer from August 2004 to June 2008. Before he joined Leap Wireless International, Inc., Mr. Moschner was President of the Verizon Card Services division of Verizon Communications, Inc. from 2000 to 2003, and President of One Point Services at One Point Communications from 1999 to 2000. Mr. Moschner also served at Zenith Electronics Corporation as Director, President and Chief Executive Officer from 1995 to 1996, and as Director, President and Chief Operating Officer from 1994 to 1995. Mr. Moschner was formerly Chairman (2019) and a member of the Board of Directors (2012-2019) of USA Technologies, Inc. and, from 1996 until 2016, he was a member of the Board

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of Directors of Wintrust Financial Corporation. In addition, he is emeritus (since 2018) of the Advisory Boards of the Kellogg School of Management (1995-2018) and the Archdiocese of Chicago Financial Council (2012-2018). Mr. Moschner received a Bachelor of Engineering degree in Electrical Engineering from The City College of New York in 1974 and a Master of Science degree in Electrical Engineering from Syracuse University in 1979. Mr. Moschner joined the Board in 2016.

**John K. Nelson.** Mr. Nelson formerly served on the Board of Directors of Core12, LLC from 2008 to 2023, a private firm which develops branding, marketing, and communications strategies for clients. Mr. Nelson has extensive experience in global banking and markets, having served in several senior executive positions with ABN AMRO Holdings N.V. and its affiliated entities and predecessors, including LaSalle Bank Corporation from 1996 to 2008, ultimately serving as Chief Executive Officer of ABN AMRO N.V. North America. During his tenure at the bank, he also served as Global Head of its Financial Markets Division, which encompassed the bank's Currency, Commodity, Fixed Income, Emerging Markets, and Derivatives businesses. He was a member of the Foreign Exchange Committee of the Federal Reserve Bank of the United States and during his tenure with ABN AMRO served as the bank's representative on various committees of The Bank of Canada, European Central Bank, and The Bank of England. Mr. Nelson previously served as a senior, external advisor to the financial services practice of Deloitte Consulting LLP (2012-2014). At Fordham University, he served as a director of The President's Council (2010-2019) and previously served as a director of The Curran Center for Catholic American Studies (2009-2018). He served as a trustee and Chairman of The Board of Trustees of Marian University (2011-2013). Mr. Nelson is a graduate of Fordham University, holding a BA in Economics and an MBA in Finance. Mr. Nelson joined the Board in 2013.

**Loren M. Starr.** Mr. Starr was Vice Chair, Senior Managing Director from 2020 to 2021, and Chief Financial Officer, Senior Managing Director from 2005 to 2020, for Invesco Ltd. Mr. Starr is also a Director and Chair of the Board for AMG. He is former Chair and member of the Board of Directors, Georgia Leadership Institute for School Improvement (GLISI); former Chair and member of the Board of Trustees, Georgia Council on Economic Education (GCEE). Mr. Starr previously served on the Board of Trustees for the College Retirement Equities Fund and on the Management Committee for TIAA Separate Account VA-1 (2022-2023). Mr. Starr received a B.A. and a B.S. from Columbia College, an M.B.A. from Columbia Business School, and an M.S. from Carnegie Mellon University.

**Matthew Thornton III.** Mr. Thornton has over 40 years of broad leadership and operating experience from his career with FedEx Corporation ("FedEx"), which, through its portfolio of companies, provides transportation, e-commerce and business services. In November 2019, Mr. Thornton retired as Executive Vice President and Chief Operating Officer of FedEx Freight Corporation (FedEx Freight), a subsidiary of FedEx, where, from May 2018 until his retirement, he had been responsible for day-to-day operations, strategic guidance, modernization of freight operations and delivering innovative customer solutions. From September 2006 to May 2018, Mr. Thornton served as Senior Vice President, U.S. Operations at Federal Express Corporation (FedEx Express), a subsidiary of FedEx. Prior to September 2006, Mr. Thornton held a range of positions of increasing responsibility with FedEx, including various management positions. In addition, Mr. Thornton currently (since 2014) serves on the Board of Directors of The Sherwin-Williams Company, where he is a member of the Audit Committee and the Nominating and Corporate Governance Committee, and the Board of Directors of Crown Castle International (since 2020), where he is a member of the Strategy Committee and the Compensation Committee. Formerly (2012-2018), he was a member of the Board of Directors of Safe Kids Worldwide<sup>®</sup>, a non-profit organization dedicated to the prevention of childhood injuries. Mr. Thornton is a member (since 2014) of the Executive Leadership Council (ELC), the nation's premier organization of global black senior executives. He is also a member of the National Association of Corporate Directors (NACD). Mr. Thornton has been recognized by Black Enterprise on its 2017 list of the Most Powerful Executives in Corporate America and by Ebony on its 2016 Power 100 list of the world's most influential and inspiring African Americans. Mr. Thornton received a B.B.A. degree from the University of Memphis in 1980 and an M.B.A. from the University of Tennessee in 2001. Mr. Thornton joined the Board in 2020.

**Terence J. Toth.** Mr. Toth was a Co-Founding Partner of Promus Capital (2008-2017). From 2012 to 2021, he was a Director of Quality Control Corporation, from 2008 to

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2013, he was a Director of Legal & General Investment Management America, Inc. From 2004 to 2007, he was Chief Executive Officer and President of Northern Trust Global Investments, and Executive Vice President of Quantitative Management & Securities Lending from 2000 to 2004. He also formerly served on the Board of the Northern Trust Mutual Funds. He joined Northern Trust in 1994 after serving as Managing Director and Head of Global Securities Lending at Bankers Trust (1986 to 1994) and Head of Government Trading and Cash Collateral Investment at Northern Trust from 1982 to 1986. He formerly served as Chair of the Board of the Kehrein Center for the Arts (2021-2024) and is on the Board of Catalyst Schools of Chicago since 2008. He is on the Mather Foundation Board since 2012 and was Chair of its Investment Committee from 2017 to 2022 and previously served as a Director of LogicMark LLC (2012-2016) and of Fulcrum IT Service LLC (2010-2019). Mr. Toth graduated with a Bachelor of Science degree from the University of Illinois, and received his MBA from New York University. In 2005, he graduated from the CEO Perspectives Program at Northwestern University. Mr. Toth joined the Board in 2008.

**Margaret L. Wolff.** Ms. Wolff retired from Skadden, Arps, Slate, Meagher & Flom LLP in 2014 after more than 30 years of providing client service in the Mergers & Acquisitions Group. During her legal career, Ms. Wolff devoted significant time to advising boards and senior management on U.S. and international corporate, securities, regulatory and strategic matters, including governance, shareholder, fiduciary, operational and management issues. Ms. Wolff has been a trustee of New York-Presbyterian Hospital since 2005 and, since 2004, she has served as a trustee of The John A. Hartford Foundation (a philanthropy dedicated to improving the care of older adults) where she formerly served as Chair from 2015 to 2022. From 2013 to 2017, she was a Board member of Travelers Insurance Company of Canada and The Dominion of Canada General Insurance Company (each of which is a part of Travelers Canada, the Canadian operation of The Travelers Companies, Inc.). From 2005 to 2015, she was a trustee of Mt. Holyoke College and served as Vice Chair of the Board from 2011 to 2015. Ms. Wolff received her Bachelor of Arts from Mt. Holyoke College and her Juris Doctor from Case Western Reserve University School of Law. Ms. Wolff joined the Board in 2016.

**Robert L. Young.** Mr. Young, the Nuveen Funds' Independent Chair, has more than 30 years of experience in the investment management industry. From 1997 to 2017, he held various positions with J.P. Morgan Investment Management Inc. ("J.P. Morgan Investment") and its affiliates (collectively, "J.P. Morgan"). Most recently, he served as Chief Operating Officer and Director of J.P. Morgan Investment (from 2010 to 2016) and as President and Principal Executive Officer of the J.P. Morgan Funds (from 2013 to 2016). As Chief Operating Officer of J.P. Morgan Investment, Mr. Young led service, administration and business platform support activities for J.P. Morgan's domestic retail mutual fund and institutional commingled and separate account businesses, and co-led these activities for J.P. Morgan's global retail and institutional investment management businesses. As President of the J.P. Morgan Funds, Mr. Young interacted with various service providers to these funds, facilitated the relationship between such funds and their boards, and was directly involved in establishing board agendas, addressing regulatory matters, and establishing policies and procedures. Before joining J.P. Morgan, Mr. Young, a former Certified Public Accountant (CPA), was a Senior Manager (Audit) with Deloitte & Touche LLP (formerly, Touche Ross LLP), where he was employed from 1985 to 1996. During his tenure there, he actively participated in creating, and ultimately led, the firm's midwestern mutual fund practice. Mr. Young holds a Bachelor of Business Administration degree in Accounting from the University of Dayton and, from 2008 to 2011, he served on the investment committee of its board of trustees. Mr. Young joined the Board in 2017.

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**Share Ownership** 

The following table sets forth the dollar range of equity securities beneficially owned by each Director as of December 31, 2025:

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| | | |
|:---|:---|:---|
| **Independent Directors** | **Dollar Range<br>of Equity<br>Securities<br>in the Fund** | **Aggregate Dollar Range<br>of Equity Securities in<br>All Registered<br>Investment Companies<br>Overseen by Directors in<br>Family of Investment<br>Companies<sup>1</sup>** |
|  Joseph A. Boateng |  | Over $100,000 |
|  Michael A. Forrester |  | Over $100,000 |
|  Thomas J. Kenny |  | Over $100,000 |
|  Amy B. R. Lancellotta |  | Over $100,000 |
|  Joanne T. Medero |  | Over $100,000 |
|  Albin F. Moschner |  | Over $100,000 |
|  John K. Nelson |  | Over $100,000 |
|  Loren M. Starr |  | Over $100,000 |
|  Matthew Thornton III |  | Over $100,000 |
|  Terence J. Toth |  | Over $100,000 |
|  Margaret L. Wolff |  | Over $100,000 |
|  Robert L. Young |  | Over $100,000 |

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<sup>1</sup> These amounts reflect the dollar range of equity securities beneficially owned by each Director as of December 31, 2025. 

Other than as noted in the table above, as of December 31, 2025, none of the Independent Directors or their immediate family members owned, beneficially, or of record, any security of Nuveen Fund Advisors, Nuveen Asset Management or Nuveen Investments (or any entity controlled by or under common control with Nuveen Fund Advisors, Nuveen Asset Management or Nuveen Investments).

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The table below presents information on Directors who own securities in companies (other than registered investment companies) that are advised by entities that are under common control with the Fund's investment adviser as of September 30, 2025:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name of Trustee** | **Name of<br> Owners/Relationships<br> to Trustee** | **Companies<sup>(1)</sup>** | **Title of<br> Class** | **Value of<br> Securities<sup>(2)</sup>** | **Percent of**<br> **Class<sup>(3)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;Thomas J. Kenny | Thomas Joseph Kenny 2021 Trust <br> (Mr. Kenny is Initial Trustee and Settlor.) | Global Timber Resources LLC |  | $36259 | 0.01% |
|  | KSHFO, LLC<sup>(4)</sup> | Global Timber Resources Investor Fund, LP |  | $554300 | 6.01% |
|  | KSHFO, LLC<sup>(4)</sup> | TIAA-CREF Global Agriculture II LLC |  | $784700 | 0.05% |
|  | KSHFO, LLC<sup>(4)</sup> | Global Agriculture II AIV (US) LLC |  | $685556 | 0.17% |

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<sup>(1)</sup> The Adviser, as well as the investment advisers to these Companies, are indirectly commonly controlled by Nuveen.

<sup>(2)</sup> These amounts reflect the value of holdings as of September 30, 2025. As of the date of this SAI, that is the most recent information available regarding the Companies. 

<sup>(3)</sup> These percentages reflect the overall amount committed to invest in the Companies, not current ownership percentages. 

<sup>(4)</sup> Mr. Kenny owns 6.6% of KSHFO, LLC. 

As of March 20, 2026 the officers and Trustees as a group beneficially owned less than 1% of any class of the Fund's outstanding securities. Other than as noted in the table above, as of December 31, 2025, none of the independent Trustees or their immediate family members owned, beneficially, or of record, any security of Nuveen Fund Advisors, Nuveen Asset Management or Nuveen Investments (or any entity controlled by or under common control with Nuveen Fund Advisors, Nuveen Asset Management or Nuveen Investments).

**COMPENSATION** 

The following table shows, for each Independent Director, (1) the aggregate compensation paid by the Fund for its fiscal year ended October 31, 2025, (2) the amount of total compensation paid by the Fund that has been deferred and (3) the total compensation paid to each Director by the Nuveen Funds during the calendar year ended December 31, 2025. The Fund does not have a retirement or pension plan. The officers and Directors affiliated with Nuveen Investments serve without any compensation from the Fund. Certain of the Nuveen Funds have a deferred compensation plan (the "Compensation Plan") that permits any Director who is not an "interested person" of certain Nuveen Funds to elect to defer receipt of all or a portion of his or her compensation as a Director. The deferred compensation of a participating Director is credited to the book reserve account of a Nuveen Fund when the compensation would otherwise have been paid to the Director. The value of the Director's deferral account at any time is equal to the value that the account would have had if contributions to the account had been invested and reinvested in shares of one or more of the eligible Nuveen Funds. At the time for commencing distributions from a Director's deferral account, the Director may elect to receive distributions in a lump sum or over a period of five years. The Fund is not liable for any other Nuveen Fund's obligations to make distributions under the Compensation Plan.

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| | | | |
|:---|:---|:---|:---|
|  | **Aggregate <br> Compensation <br> from Fund<sup>(1)</sup>** | **Amount of Total <br> Compensation From the <br> Fund That Has Been <br> Deferred<sup>(2)</sup>** | **Total Compensation <br> from Fund and Fund <br> Complex<sup>(3)</sup>** |
| Joseph A. Boateng<sup>(4)</sup> | $5085 | $1271 | $487250 |
| Michael A. Forrester<sup>(4)</sup> | $5098 | $5098 | $488500 |
| Thomas J. Kenny<sup>(4)</sup> | $5620 | $1205 | $538500 |
| Amy B.R. Lancellotta | $5552 | $858 | $532000 |
| Joanne T. Medero | $4981 | $1124 | $477250 |
| Albin F. Moschner | $5177 | $— | $496000 |
| John K. Nelson | $5398 | $— | $517250 |
| Loren M. Starr<sup>(4)</sup> | $5177 | $448 | $496000 |
| Matthew Thornton III | $5513 | $— | $528250 |
| Terence J. Toth | $4929 | $— | $472250 |
| Margaret L. Wolff | $5686 | $1706 | $544750 |
| Robert L. Young | $6638 | $4315 | $636000 |

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<sup>(1)</sup> The compensation paid, including deferred amounts, to the independent Directors for the fiscal year ended October 31, 2025 for services to the Fund. 

<sup>(2)</sup> Pursuant to a deferred compensation agreement with certain of the Nuveen Funds, deferred amounts are treated as though an equivalent dollar amount has been invested in shares of one or more eligible Nuveen Funds. Total deferred fees for the Fund (including the return from the assumed investment in the eligible Nuveen Funds) payable are stated above. 

<sup>(3)</sup> Based on the compensation paid (including any amounts deferred) for the calendar year ended December 31, 2025 for services to the Nuveen open-end and closed-end funds. Because the funds in the Fund Complex have different fiscal year ends, the amounts shown in this column are presented on a calendar year basis. 

<sup>(4)</sup> Messrs. Boateng, Forrester, Kenny, and Starr were appointed to the Board, effective January 1, 2024.

Prior to January 1, 2025, Independent Directors received a $350,000 annual retainer, plus they received (a) an annual retainer of $30,000 for membership on the Audit Committee and Compliance, Risk Management and Regulatory Oversight Committee, respectively; and (b) an annual retainer of $20,000 for membership on the Dividend Committee, Investment Committee, Nominating and Governance Committee and Closed-End Funds Committee, respectively. In addition to the payments described above, the Chair and/or Co-Chair of the Board received $140,000 annually; the chair and/or co-chair of the Audit Committee and Compliance, Risk Management and Regulatory Oversight Committee received $30,000 annually; and the chair and/or co-chair of the Dividend Committee, Investment Committee, Nominating and Governance Committee and Closed-End Funds Committee received $20,000 annually. Directors were paid either $1,000 or $2,500 for any ad hoc meetings of the Board or its Committees depending upon the meeting's length and immediacy. For any special assignment committees, the chair and/or co-chair were paid a quarterly fee starting at $1,250 and members were paid a quarterly fee starting at $5,000. The annual retainers, fees and expenses of the Board were allocated among the funds in the Nuveen Fund complex in an equitable manner, although a minimum amount may have been established to be allocated to

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each fund. In certain instances, fees and expenses were allocated only to those funds that were discussed at a given meeting.

Effective January 1, 2025, Independent Directors receive a $350,000, increased to $355,000 as of January 1, 2026, annual retainer, plus they receive (a) an annual retainer of $35,000 for membership on the Audit Committee and Compliance, Risk Management and Regulatory Oversight Committee, respectively; (b) an annual retainer of $30,000, increased to $35,000 as of January 1, 2026, for membership on the Investment Committee; and (c) an annual retainer of $25,000 for membership on the Dividend Committee, Nominating and Governance Committee and Closed-End Funds Committee, respectively. In addition to the payments described above, the Chair of the Board receives $150,000, increased to $160,000 as of January 1, 2026, annually; the chairs of the Audit Committee and the Compliance, Risk Management and Regulatory Oversight Committee receive $35,000 annually; the chair and/or co-chair of the Investment Committee receives $30,000, increased to $35,000 as of January 1, 2026, annually; and the chairs of the Dividend Committee, the Nominating and Governance Committee and the Closed-End Funds Committee receive $25,000 annually. Directors will be paid either $1,000 or $2,500 for any ad hoc meetings of the Board or its Committees depending upon the meeting's length and immediacy. For any special assignment committees, the chair and/or co-chair will be paid a quarterly fee starting at $1,250 and members will be paid a quarterly fee starting at $5,000. The annual retainers, fees and expenses of the Board are allocated among the funds in the Nuveen Fund complex in an equitable manner, although a minimum amount may be established to be allocated to each fund. In certain instances, fees and expenses will be allocated only to those funds that are discussed at a given meeting.

**INVESTMENT ADVISER, SUB-ADVISER AND PORTFOLIO MANAGERS** 

**Investment Adviser.** Nuveen Fund Advisors, LLC, the Fund's investment adviser, is responsible for overseeing the Fund's overall investment strategy and implementation. Nuveen Fund Advisors offers advisory and investment management services to a broad range of investment company clients. Nuveen Fund Advisors has overall responsibility for management of the Fund, oversees the management of the Fund's portfolio, manages the Fund's business affairs and provides certain clerical, bookkeeping and other administrative services. Nuveen Fund Advisors is located at 333 West Wacker Drive, Chicago, Illinois 60606. Nuveen Fund Advisors is an indirect subsidiary of Nuveen, LLC ("Nuveen"), the investment management arm of Teachers Insurance and Annuity Association of America ("TIAA"). TIAA is a life insurance company founded in 1918 by the Carnegie Foundation for the Advancement of Teaching and is the companion organization of College Retirement Equities Fund. As of December 31, 2025, Nuveen managed approximately $1.4 trillion in assets, of which approximately $157.4 billion was managed by Nuveen Fund Advisors.

**Investment Management Agreement and Related Fees.** Pursuant to an investment management agreement between Nuveen Fund Advisors and the Fund (the "Investment Management Agreement"), the Fund has agreed to pay an annual management fee for the overall advisory and administrative services and general office facilities provided by Nuveen Fund Advisors. The Fund's management fee is separated into two components—a complex-level component, based on the aggregate amount of all fund assets managed by Nuveen Fund Advisors, and a specific fund-level component, based only on the amount of assets within the Fund. This pricing structure enables Nuveen fund shareholders to benefit from growth in the assets within each individual fund as well as from growth in the amount of complex-wide assets managed by Nuveen Fund Advisors.

**Fund-Level Fee.** The annual fund-level fee for the Fund, payable monthly, is calculated according to the following schedule:

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| | |
|:---|:---|
| **<u>Average Daily Managed Assets</u>** | **Fund-Level Fee Rate** |
|  For the first $500 million | 0.1500% |
|  For the next $500 million | 0.1250% |
|  For managed assets over $1 billion | 0.1000% |

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In addition, the Fund pays an annual management fee, payable monthly, based on gross interest income (excluding interest on bonds underlying a "self- deposited inverse floater" trust that is attributed to the Fund over and above the net interest earned on the inverse floater itself) as follows:

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| | |
|:---|:---|
| **<u>Gross Interest Income</u>** | **Gross Income Fee Rate** |
| For the first $50 million | 4.125% |
| For the next $50 million | 4.000% |
| For gross income over $100 million | 3.875% |

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**Complex-Level Fee.** The overall complex-level fee, payable monthly, begins at a maximum rate of 0.1600% of the Fund's average daily managed assets, with breakpoints for eligible complex-level assets above $124.3 billion. Therefore, the maximum management fee rate for the Fund is the Fund-level fee plus 0.1600%. The current overall complex-level fee schedule is as follows:

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| | |
|:---|:---|
| **Complex-Level Asset Breakpoint Level\*** | **Complex-Level Fee** |
| For the first $124.3 billion | 0.1600% |
| For the next $75.7 billion | 0.1350% |
| For the next $200 billion | 0.1325% |
| For eligible assets over $400 billion | 0.1300% |

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\* The complex-level fee is calculated based upon the aggregate daily "eligible assets" of all Nuveen-branded closed-end funds and Nuveen Mutual Funds. Except as described below, eligible assets include the net assets of all Nuveen-branded closed-end funds and Nuveen Mutual Funds organized in the United States. Eligible assets do not include the net assets of: Nuveen fund-of-funds, Nuveen money market funds, Nuveen index funds, Nuveen Large Cap Responsible Equity Fund or Nuveen Life Large Cap Responsible Equity Fund. In addition, eligible assets include a fixed percentage of the aggregate net assets of the active equity and fixed income Nuveen Mutual Funds advised by Teachers Advisors, LLC ("TAL") (except those identified above). Eligible assets will include all of the aggregate net assets of TAL-advised active equity and fixed income Nuveen Mutual Funds (except those identified above) on May 1, 2033. Eligible assets include closed-end fund assets managed by Nuveen Fund Advisors that are attributable to financial leverage. For these purposes, financial leverage includes the closed-end funds' use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust's issuance of floating rate securities, subject to an agreement by Nuveen Fund Advisors as to certain funds to limit the amount of such assets for determining eligible assets in certain circumstances.

As of December 31, 2025, the complex-level fee rate for the Fund was 0.1560%.

The following table sets forth the management fee paid by the Fund for the last three fiscal years:

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| | | |
|:---|:---|:---|
|  | **Management Fee Net of Expense<br>Reimbursement** | **Expense<br>Reimbursement** |
|  Fiscal year ended October 31, 2023 | $8599863 | $— |
|  Fiscal year ended October 31, 2024 | $8770613 | $— |
|  Fiscal year ended October 31, 2025 | $8751194 | $— |

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In addition to the fee of Nuveen Fund Advisors, the Fund pays all other costs and expenses of its operations, including compensation of its Directors (other than those affiliated with Nuveen Fund Advisors and Nuveen Asset Management), custodian, transfer agency and dividend disbursing expenses, legal fees, expenses of independent auditors, expenses of repurchasing shares, expenses of preparing, printing and distributing shareholder reports, notices, proxy statements and reports to governmental agencies and taxes, if any. All fees and expenses are accrued daily and deducted before payment of dividends to investors.

**Investment Sub-Adviser.** Pursuant to a sub-advisory agreement between Nuveen Fund Advisors and Nuveen Asset Management (the "Sub-Advisory Agreement"), Nuveen Asset Management, LLC, located at 333 West

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Wacker Drive, Chicago, Illinois 60606, serves as the Fund's sub-adviser. Nuveen Asset Management, a registered investment adviser, is a wholly-owned subsidiary of Nuveen Fund Advisors. Nuveen Asset Management oversees day-to-day operations and provides portfolio management services to the Fund. Pursuant to the Sub-Advisory Agreement, Nuveen Asset Management is compensated for the services it provides to the Fund with a portion of the management fee Nuveen Fund Advisors receives from the Fund. Nuveen Fund Advisors and Nuveen Asset Management retain the right to reallocate investment advisory responsibilities and fees between themselves in the future.

**Sub-Advisory Agreement and Related Fees.** Pursuant to the Sub-Advisory Agreement, Nuveen Asset Management receives from Nuveen Fund Advisors a management fee equal to 71.4286% of Nuveen Fund Advisors' net management fee from the Fund. Nuveen Fund Advisors and Nuveen Asset Management retain the right to reallocate investment advisory responsibilities and fees between themselves in the future.

The following table sets forth the management fee paid by Nuveen Fund Advisors to Nuveen Asset Management for the last three fiscal years:

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| | |
|:---|:---|
|  | **Sub-Advisory Fee Paid by<br>Nuveen Fund Advisors<br>to Nuveen Asset<br>Management** |
|  Fiscal year ended October 31, 2023 | $6142759 |
|  Fiscal year ended October 31, 2024 | $6264724 |
|  Fiscal year ended October 31, 2025 | $6250853 |

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**Portfolio Managers.** Unless otherwise indicated, the information below is provided as of the date of this SAI.

*Portfolio Management*.

**Daniel J. Close, CFA**, Managing Director at Nuveen Asset Management, leads the municipal fixed income strategic direction and investment perspectives for Nuveen. He serves as lead portfolio manager for high yield municipal strategies, along with tax-exempt and taxable municipal strategies that include customized institutional portfolios, open-end funds and closed-end funds. Prior to his current role, in 2010, he helped establish and expand the platform as Head of Taxable Municipals, and he has deep experience serving clients worldwide. He helps set the direction for custom fixed income solutions and asset allocation across multi sector portfolios. As a leading expert on taxable municipals, he serves as a trusted voice on the complexities of the taxable municipal market. After joining Nuveen in 2000, he was a municipal fixed income research analyst covering the corporate-backed, energy, transportation and utility sectors. He began working in the investment industry in 1998 as an analyst at Banc of America Securities. He received his BS in Business from Miami University and his MBA from Northwestern University's J. L. Kellogg School of Management. Mr. Close has earned the Chartered Financial Analyst designation and is a member of the CFA Institute and the CFA Society of Chicago. He joined Nuveen Investments in 2000 as a member of Nuveen's product management and development team. He then served as a research analyst for Nuveen's municipal investing team, covering corporate-backed, energy, transportation and utility credits. He received his BS in Business from Miami University and his MBA from Northwestern University's Kellogg School of Management. Mr. Close has earned the Chartered Financial Analyst designation.

**Kristen M. DeJong, CFA**, Managing Director at Nuveen Asset Management, is a portfolio manager responsible for managing taxable municipal fixed income strategies for customized institutional portfolios and closed-end funds. She began her career in the investment industry in 2005 and joined Nuveen Asset Management in 2008. Prior to her current role, she served as senior research analyst for Nuveen Asset Management's municipal fixed income team, responsible for conducting credit analysis and providing trade recommendations for separately managed accounts. Previously, she worked as a research associate at Nuveen in the wealth management services area, where she provided research and developed reports on various topics involving retirement, tax and investment planning. Before joining Nuveen, she was a financial advisor at Ameriprise Financial. She received her B.S. in Business from Miami University. Ms. DeJong holds the Chartered Financial Analyst designation and is a member of the CFA Institute and the CFA Society of Chicago. Margot Kleinman, is Head of Research for the municipal fixed income team at Nuveen. She leads the firm's specialized municipal credit research team, which is among the largest and most experienced in the asset class. She is a thought leader across the platform and co-authors the "Munis in Your Community" series that explores the connection between effective municipal bond investing and Americans' lived experience. Ms. Kleinman's group was named the No. 1 team at the 2024 Smith's All-Star Municipal Analysts Awards. Ms. Kleinman is a member of the National Federation of Municipal Analysts and the Chicago Municipal Analysts Society. She is also a sponsor of the Women in Nuveen Program. Prior to joining the firm, she was a municipal credit analyst on the higher education and not for profit ratings team at Moody's Investors Service. Ms. Kleinman graduated with a B.A. from the University of Pennsylvania and a M.P.A. from New York University.

**Margot Kleinman**, is Head of Research for the municipal fixed income team at Nuveen. She leads the firm's specialized municipal credit research team, which is among the largest and most experienced in the asset class. She is a thought leader across the platform and co authors the "Munis in Your Community" series that explores the connection between effective municipal bond investing and Americans' lived experience. Ms. Kleinman's group was named the No. 1 team at the 2024 Smith's All-Star Municipal Analysts Awards. Ms. Kleinman is a member of the National Federation of Municipal Analysts and the Chicago Municipal Analysts Society. She is also a sponsor of the Women in Nuveen Program. Prior to joining the firm, she was a municipal credit analyst on the higher education and not for profit ratings team at Moody's Investors Service. Ms. Kleinman graduated with a B.A. from the University of Pennsylvania and a M.P.A. from New York University.

*Other Accounts Managed.* The Portfolio Managers also have responsibility for the day-to-day management of accounts other than the Fund. Information regarding these other accounts is set forth below.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | **Type of**<br> **Account Managed** | **Number<br>of**<br>**Accounts** | **Assets** | **Number of<br>Accounts with<br>Performance-<br>Based Fees** | **Assets of<br>Accounts with<br>Performance-<br>Based Fees** |
|  Daniel J. Close | Registered Investment Company | 18 | $29.57 billion | 0 | $0 |
|  | Other Pooled Investment Vehicles | 2 | $397.03 million | 0 | $0 |
|  | Other Accounts | 45 | $17.88 billion | 0 | $0 |
|  Kristen M. DeJong | Registered Investment Company | 22 | $17.83 billion | 0 | $0 |
|  | Other Pooled Investment Vehicles | 0 | $0 | 0 | $0 |
|  | Other Accounts | 45 | $17.88 billion | 0 | $0 |
|  Margot Kleinman\* | Registered Investment Company | 1 | $294.70 million | 0 | $0 |
|  | Other Pooled Investment Vehicles | 0 | $0 | 0 | $0 |
|  | Other Accounts | 0 | $0 | 0 | $0 |

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\* Began serving as a portfolio manager of the Fund on February 27, 2026. Information provided is as of February 28, 2026.

As shown in the above table, the Portfolio Managers may manage other accounts in addition to the Fund. The potential for conflicts of interest exists when a portfolio manager manages other accounts with similar investment objectives and strategies to the Fund ("Similar Accounts"). Potential conflicts may include, for example, conflicts between investment strategies and conflicts in the allocation of investment opportunities.

Responsibility for managing Nuveen Fund Advisors' clients' portfolios is organized according to investment strategies. Generally, client portfolios with similar strategies are managed using the same objectives, approach and philosophy. Therefore, portfolio holdings, relative position sizes and sector exposures tend to be similar across similar portfolios which minimizes the potential for conflicts of interest.

Nuveen Fund Advisors may receive more compensation with respect to certain Similar Accounts than that received with respect to the Fund or may receive compensation based in part on the performance of certain Similar Accounts. This may create a potential conflict of interest for the Portfolio Managers by providing an incentive to favor these Similar Accounts when, for example, placing securities transactions. Potential conflicts of interest may arise with both the aggregation and allocation of securities transactions and allocation of limited investment opportunities. Allocations of aggregated trades, particularly trade orders that were only partially completed due to limited availability, and allocation of investment opportunities generally, could raise a potential conflict of interest.

Nuveen Asset Management has policies and procedures designed to manage these conflicts described above such as allocation of investment opportunities to achieve fair and equitable allocation of investment opportunities among its clients over time. For example, orders for the same equity security are aggregated on a continual basis throughout each trading day consistent with Nuveen Asset Management's duty of best execution for its clients. If aggregated trades are fully executed, accounts participating in the trade will be allocated their pro rata share on an average price basis. Partially completed orders will be allocated among the participating accounts on a pro-rata average price basis as well.

*Compensation.* Portfolio managers are compensated through a combination of base salary and variable components consisting of (i) a cash bonus; (ii) a long-term performance award; and (iii) participation in a profits interest plan.

*Base salary.* A portfolio manager's base salary is determined based upon an analysis of the portfolio manager's general performance, experience and market levels of base pay for such position.

*Cash bonus*. A portfolio manager is eligible to receive an annual cash bonus that is based on three variables: risk-adjusted investment performance relative to benchmark generally measured over the most recent

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one, three and five year periods (unless the portfolio manager's tenure is shorter), ranking versus Morningstar peer funds generally measured over the most recent one, three and five year periods (unless the portfolio manager's tenure is shorter), and management and peer reviews.

*Long-term performance award.* A portfolio manager is eligible to receive a long-term performance award that vests after three years. The amount of the award when granted is based on the same factors used in determining the cash bonus. The value of the award at the completion of the three-year vesting period is adjusted based on the risk-adjusted investment performance of Fund(s) managed by the portfolio manager during the vesting period and the performance of the TIAA organization as a whole.

*Profits interest plan.* Portfolio managers are eligible to receive profits interests in Nuveen Asset Management and its affiliate, Teachers Advisors, LLC, which vest over time and entitle their holders to a percentage of the firms' annual profits. Profits interests are allocated to each portfolio manager based on such person's overall contribution to the firms.

There are generally no differences between the methods used to determine compensation with respect to the Fund and the Other Accounts shown in the table above.

*Material conflicts of interest*. Actual or apparent conflicts of interest may arise when a portfolio manager has day-to-day management responsibilities with respect to more than one account. More specifically, portfolio managers who manage multiple accounts are presented a number of potential conflicts, including, among others, those discussed below.

The management of multiple accounts may result in a portfolio manager devoting unequal time and attention to the management of each account. Nuveen Asset Management seeks to manage such competing interests for the time and attention of portfolio managers by having portfolio managers focus on a particular investment discipline. Most accounts managed by a portfolio manager in a particular investment strategy are managed using the same investment models.

If a portfolio manager identifies a limited investment opportunity which may be suitable for more than one account, an account may not be able to take full advantage of that opportunity due to an allocation of filled purchase or sale orders across all eligible accounts. To deal with these situations, Nuveen Asset Management has adopted procedures for allocating limited opportunities across multiple accounts.

With respect to many of its clients' accounts, Nuveen Asset Management determines which broker to use to execute transaction orders, consistent with its duty to seek best execution of the transaction. However, with respect to certain other accounts, Nuveen Asset Management may be limited by the client with respect to the selection of brokers or may be instructed to direct trades through a particular broker. In these cases, Nuveen Asset Management may place separate, non-simultaneous, transactions for the Fund and other accounts which may temporarily affect the market price of the security or the execution of the transaction, or both, to the detriment of the Fund or the other accounts.

Some clients are subject to different regulations. As a consequence of this difference in regulatory requirements, some clients may not be permitted to engage in all the investment techniques or transactions or to engage in these transactions to the same extent as the other accounts managed by the portfolio manager. Finally, a conflict of interest arises where Nuveen Asset Management has an incentive, such as a performance-based management fee, which relates to the management of some accounts, with respect to which a portfolio manager has day-to-day management responsibilities.

Conflicts of interest may also arise when the sub-adviser invests one or more of its client accounts in different or multiple parts of the same issuer's capital structure, including investments in public versus private securities, debt versus equity, or senior versus junior/subordinated debt, or otherwise where there are different or

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inconsistent rights or benefits. Decisions or actions such as investing, trading, proxy voting, exercising, waiving or amending rights or covenants, workout activity, or serving on a board, committee or other involvement in governance may result in conflicts of interest between clients holding different securities or investments. Generally, individual portfolio managers will seek to act in a manner that they believe serves the best interest of the accounts they manage. In cases where a portfolio manager or team faces a conflict among its client accounts, it will seek to act in a manner that it believes best reflects its overall fiduciary duty, which may result in relative advantages or disadvantages for particular accounts.

Nuveen Asset Management has adopted certain compliance procedures which are designed to address these types of conflicts common among investment managers. However, there is no guarantee that such procedures will detect each and every situation in which a conflict arises.

Nuveen Asset Management or its affiliates, including TIAA, sponsor an array of financial products for retirement and other investment goals, and provide services worldwide to a diverse customer base. Accordingly, from time to time, the Fund may be restricted from purchasing or selling securities, or from engaging in other investment activities because of regulatory, legal or contractual restrictions that arise due to another client account's investments and/or the internal policies of Nuveen Asset Management, TIAA or its affiliates designed to comply with such restrictions. As a result, there may be periods, for example, when Nuveen Asset Management will not initiate or recommend certain types of transactions in certain securities or instruments with respect to which investment limits have been reached.

The investment activities of Nuveen Asset Management or its affiliates may also limit the investment strategies and rights of the Fund. For example, in certain circumstances where the Fund invests in securities issued by companies that operate in certain regulated industries, in certain emerging or international markets, or are subject to corporate or regulatory ownership definitions, or invest in certain futures and derivative transactions, there may be limits on the aggregate amount invested by Nuveen Asset Management or its affiliates for the Fund and other client accounts that may not be exceeded without the grant of a license or other regulatory or corporate consent. If certain aggregate ownership thresholds are reached or certain transactions undertaken, the ability of Nuveen Asset Management, on behalf of the Fund or other client accounts, to purchase or dispose of investments or exercise rights or undertake business transactions may be restricted by regulation or otherwise impaired. As a result, Nuveen Asset Management, on behalf of the Fund or other client accounts, may limit purchases, sell existing investments, or otherwise restrict or limit the exercise of rights (including voting rights) when Nuveen Asset Management, in its sole discretion, deems it appropriate in light of potential regulatory or other restrictions on ownership or other consequences resulting from reaching investment thresholds.

*Fund shares owned by the Portfolio Managers.* As of October 31, 2025, the Portfolio Managers beneficially owned (as determined pursuant to Rule 16a-1(a)(2) under the 1934 Act) shares of the Fund having values within the indicated dollar range.

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| | |
|:---|:---|
| **Portfolio Managers** | **Dollar Range of Equity Securities<br>Beneficially Owned in the Fund** |
| Daniel J. Close |  |
|  Kristen M. DeJong |  |
|  Margot Kleinman\* |  |
| \* Began serving as a portfolio manager of the Fund on February 27, 2026. Information provided is as of February 28, 2026. |  |

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**CODE OF ETHICS** 

The Fund, Nuveen Fund Advisors, Nuveen Asset Management, Nuveen Securities and other related entities have adopted a combined code of ethics (the "Code of Ethics") that essentially prohibits certain of their personnel, including the Portfolio Managers, from engaging in personal investments that compete or interfere with, or attempt to take advantage of a client's, including the Fund's, anticipated or actual portfolio transactions, and are designed to assure that the interests of clients, including Fund shareholders, are placed before the interests of personnel in connection with personal investment transactions. Personnel subject to the Code of

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Ethics may purchase shares of the Fund subject to the restriction set forth in the Code of Ethics. While personnel subject to the Code of Ethics may generally invest in securities in which the Fund may also invest, portfolio managers of municipal bond funds, such as the Fund, may not do so. Text-only versions of the Code of Ethics can be viewed online or downloaded from the EDGAR Database on the SEC's internet website at www.sec.gov. In addition, a copy of the Code of Ethics may be obtained, after paying the appropriate duplicating fee, by e-mail request at <u>publicinfo@sec.gov.</u>

**PROXY VOTING POLICIES** 

The Fund invests primarily in municipal securities. On rare occasions the Fund may acquire, directly or through a special purpose vehicle, equity securities of a municipal bond issuer whose bonds the Fund already owns when such bonds have deteriorated or are expected shortly to deteriorate significantly in credit quality. The purpose of acquiring equity securities generally will be to acquire control of the municipal bond issuer and to seek to prevent the credit deterioration or facilitate the liquidation or other workout of the distressed issuer's credit problem. In the course of exercising control of a distressed municipal issuer, Nuveen Asset Management may pursue the Fund's interests in a variety of ways, which may entail negotiating and executing consents, agreements and other arrangements, and otherwise influencing the management of the issuer. Nuveen Asset Management does not consider such activities proxy voting for purposes of Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended, but nevertheless provides reports to the Fund's Board on its control activities on a quarterly basis.

The Fund has delegated authority to Nuveen Fund Advisors to vote proxies for securities held by the Fund, and Nuveen Fund Advisors has in turn delegated that responsibility to Nuveen Asset Management. Nuveen Fund Advisors' proxy voting policy establishes minimum standards for the exercise of proxy voting authority by Nuveen Asset Management.

In the rare event that a municipal issuer held by the Fund were to issue a proxy, or that the Fund were to receive a proxy issued by a cash management security, Nuveen Asset Management will vote proxies in accordance with the Nuveen Proxy Voting Guidelines, which are attached, along with the Nuveen Proxy Voting Policy and Nuveen Proxy Voting Conflicts of Interest Policy and Procedures, as Appendix B to this SAI.

*Voted Proxies.* Information regarding how your Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge by accessing the Fund's Proxy Voting Report on Form N-PX, which is available through both Nuveen's website at http://www.nuveen.com/en-us/closed-end-funds or the SEC's website at http://www.sec.gov.

**PORTFOLIO TRANSACTIONS AND BROKERAGE** 

Subject to the supervision of the Board, Nuveen Asset Management is responsible for decisions to purchase and sell securities for the Fund, the negotiation of the prices to be paid and the allocation of transactions among various dealer firms. Transactions on stock exchanges involve the payment by the Fund of brokerage commissions. There generally is no stated commission in the case of securities traded in the over-the-counter ("OTC") market but the price paid by the Fund usually includes an undisclosed dealer commission or mark-up. Transactions in the OTC market can also be placed with broker-dealers who act as agents and charge brokerage commissions for effecting OTC transactions. The Fund may place its OTC transactions either directly with principal market makers, or with broker-dealers if that is consistent with Nuveen Asset Management's obligation to obtain best qualitative execution. In certain instances, the Fund may make purchases of underwritten issues at prices that include underwriting fees.

Portfolio securities may be purchased directly from an underwriter or in the OTC market from the principal dealers in such securities, unless it appears that a better price or execution may be obtained through other means. Portfolio securities will not be purchased from Nuveen Investments or its affiliates or affiliates of Nuveen Fund Advisors except in compliance with the 1940 Act.

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It is Nuveen Asset Management's policy to seek the best execution under the circumstances of each trade. Nuveen Asset Management will evaluate price as the primary consideration, with the financial condition, reputation and responsiveness of the dealer considered secondary in determining best execution. Given the best execution obtainable, it will be Nuveen Asset Management's practice to select dealers that, in addition, furnish research information (primarily credit analyses of issuers and general economic reports) and statistical and other services to Nuveen Asset Management. It is not possible to place a dollar value on information and statistical and other services received from dealers. Since it is only supplementary to Nuveen Asset Management's own research efforts, the receipt of research information is not expected to reduce significantly Nuveen Asset Management's expenses. While Nuveen Asset Management will be primarily responsible for the placement of the business of the Fund, Nuveen Asset Management's policies and practices in this regard must be consistent with the foregoing and will, at all times, be subject to review by the Board of the Fund.

Nuveen Asset Management may manage other investment accounts and investment companies for other clients that may invest in the same types of securities as the Fund and that may have investment objectives similar to those of the Fund. Nuveen Asset Management seeks to allocate portfolio transactions equitably whenever concurrent decisions are made to purchase or sell assets or securities by the Fund and another advisory account. If an aggregated order cannot be filled completely, allocations will generally be made on a pro rata basis. An order may not be allocated on a pro rata basis where, for example (i) consideration is given to portfolio managers who have been instrumental in developing or negotiating a particular investment; (ii) consideration is given to an account with specialized investment policies that coincide with the particulars of a specific investment; (iii) pro rata allocation would result in odd-lot or de minimis amounts being allocated to a portfolio or other client; or (iv) where Nuveen Asset Management reasonably determines that departure from a pro rata allocation is advisable. There may also be instances where the Fund will not participate at all in a transaction that is allocated among other accounts. While these allocation procedures could have a detrimental effect on the price or amount of the securities available to the Fund from time to time, it is the opinion of the Board that the benefits available from Nuveen Asset Management's management outweigh any disadvantage that may arise from Nuveen Asset Management's larger management activities and its need to allocate securities.

Substantially all of the Fund's trades are effected on a principal basis. The following table sets forth the aggregate amount of brokerage commissions paid by the Fund for the last three fiscal years:

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| | |
|:---|:---|
|  | **Brokerage Commissions Paid** |
|  Fiscal year ended October 31, 2023 | $— |
|  Fiscal year ended October 31, 2024 | $— |
|  Fiscal year ended October 31, 2025 | $— |

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During the fiscal year ended October 31, 2025, the Fund did not pay commissions to brokers in return for research services or hold any securities of its regular broker-dealers.

**TAX MATTERS** 

The following is intended to be a general summary of certain U.S. federal income tax consequences of investing, holding and disposing of Common Stock of the Fund. It is not intended to be a complete discussion of all such federal income tax consequences, nor does it purport to deal with all categories of investors (including investors in Common Stock with large positions in the Fund). This summary does not discuss the tax consequences of an investment in Rights. Investors are advised to consult with their own tax advisors before investing in the Fund.

The Fund has elected and intends to qualify each year to be treated, as a regulated investment company ("RIC"), under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"). The Fund also intends to satisfy conditions under which dividends on Common Stock attributable to interest on municipal securities are exempt from federal income tax in the hands of owners of such stock, subject to the possible application of the federal alternative minimum tax.

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In addition to exempt-interest dividends, the Fund may also distribute to its shareholders amounts that are treated as long-term capital gain or ordinary income (which may include short-term capital gains). These distributions (the excess of net long-term capital gain over net short-term capital loss) that are properly reported to fund shareholders as capital dividends are generally subject to regular federal income tax, whether or not reinvested in additional shares. Net capital gain distributions (the excess of net long-term capital gain over net short-term capital loss) that are properly reported to fund shareholders as capital dividends are generally taxable at rates applicable to long-term capital gains regardless of how long a shareholder has held its shares. Long-term capital gains are currently taxable to non-corporate shareholders at rates of up to 20%. Distributions of net short-term capital gains for a taxable year in excess of net long-term capital losses for such taxable year generally will be taxable at ordinary income rates to a shareholder receiving such distributions. The Fund does not expect that any part of its distributions to shareholders from its investments will qualify for the dividends received deduction available to corporate shareholders or as "qualified dividend income," which is taxable to non-corporate shareholders at reduced maximum U.S. federal income tax rates.

To qualify under Subchapter M of the Code for treatment as a RIC, the Fund must, among other things: (a) distribute to its shareholders each year at least 90% of the sum of (i) its investment company taxable income (as that term is defined in the Code, determined without regard to the deduction for dividends paid) and (ii) its net tax-exempt income (the excess of its gross tax-exempt interest income over certain disallowed deductions), (b) derive at least 90% of its gross income (including income on municipal securities exempt from regular federal income tax) for each taxable year from dividends, interest (including interest income on municipal securities exempt from regular federal income tax), payments with respect to certain securities loans, gains from the sale or other disposition of stock, securities or foreign currencies, or other income (including gains from options, futures and forward contracts) derived with respect to its business of investing in such stock, securities or currencies, and net income derived from an interest in a qualified publicly traded partnership (as defined in the Code), and (c) diversify its holdings so that, at the end of each quarter of the Fund's taxable year (i) at least 50% of the market value of the Fund's publicly traded partnership (as defined in the Internal Revenue Code's assets is represented by cash, cash items, U.S. government securities, securities of other RICs, and other securities, with these other securities limited, with respect to any one issuer, to an amount not greater in value than 5% of the Fund's total assets, and to not more than 10% of the outstanding voting securities of such issuer, and (ii) not more than 25% of the market value of the Fund's assets is invested, including through corporations in which the Fund owns a 20% or more voting stock interest, in the securities of any one issuer (other than U.S. government securities or securities of other RICs), the securities of two or more issuers (other than securities of other RICs) controlled by the Fund and engaged in the same, similar or related trades or businesses, or the securities of one or more qualified publicly traded partnerships. To meet these requirements, the Fund may need to restrict its use of certain of the investment techniques.

If the Fund fails to satisfy the qualifying income or diversification requirements in any taxable year, the Fund may be eligible for relief provisions if the failures are due to reasonable cause and not willful neglect and if a penalty tax is paid with respect to each failure to satisfy the applicable requirements. Additionally, relief is provided for certain de minimis failures of the diversification requirements where the Fund corrects the failure within a specified period of time. In order to be eligible for the relief provisions with respect to a failure to meet the diversification requirements, the Fund may be required to dispose of certain assets. If these relief provisions are not available to the Fund and it fails to qualify for treatment as a RIC for a taxable year, the Fund will be subject to tax at the regular corporate tax rate. In such an event, all distributions (including capital gains distributions and distributions derived from interest on municipal securities) will be taxable as ordinary dividends to the extent of the Fund's current and accumulated earnings and profits, subject to certain limitations the dividends-received deduction for corporate shareholders and to the lower tax rates applicable to qualified dividend income distributed to individuals. Distributions in excess of the Fund's current and accumulated earnings and profits would be treated first as a tax-free return of capital to the extent of the holder's adjusted tax basis in the shares (reducing that basis accordingly), and any remaining distributions would generally be treated as a capital gain. To requalify for treatment as a RIC in a subsequent taxable year, the Fund would be required to satisfy the RIC qualification requirements for that year and to distribute any earnings and profits from any year in which the Fund failed to qualify for tax treatment as a RIC. If the Fund failed to qualify as a RIC for a period greater than two taxable years, it would generally be required to pay a Fund-level tax on certain net built-in gains recognized with respect to certain of its assets upon a disposition of such assets within five years of qualifying as a RIC in a subsequent year.

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A RIC that fails to distribute, by the close of each calendar year, an amount at least equal to the sum of 98% of its ordinary taxable income for such year and 98.2% of its capital gain net income for the one-year period ending October 31 in such year, plus any shortfalls from the prior year's required distribution, is liable for a nondeductible 4% federal excise tax on the excess of the required distribution for such calendar year over the distributed amount for such calendar year. To avoid the imposition of this excise tax, the Fund generally intends, but makes no assurances, to make the required distributions of its ordinary taxable income, if any, and its capital gain net income.

If preferred shares are issued, certain minimum net asset value coverage limitations on distributions made with respect to Common Stock may under certain circumstances impair the ability of the Fund to maintain its qualification for treatment as a RIC or to pay distributions sufficient to avoid the imposition of the 4% federal excise tax.

The Fund may retain for investment or otherwise use some (or all) of its net capital gain. If the Fund retains any net capital gain or taxable net investment income, it will be subject to tax at the regular corporate rate on the amount retained. If the Fund retains any net capital gain, it may designate the retained amount as undistributed capital gains in a notice to its shareholders who, if subject to federal income tax on long-term capital gains, (i) will be required to include in income for federal income tax purposes, as long-term capital gain, their share of such undistributed amount; (ii) will be deemed to have paid their proportionate share of the tax paid by the Fund on such undistributed amount and will be entitled to credit that amount of tax against their federal income tax liabilities, if any; and (iii) will be entitled to claim refunds to the extent the credit exceeds such liabilities. For federal income tax purposes, the tax basis of shares owned by a shareholder of the Fund will be increased by an amount equal to the difference between the amount of undistributed capital gains included in the shareholder's gross income and the tax deemed paid by the shareholder.

The Fund intends to qualify to pay "exempt-interest" dividends, as defined in the Code, to its shareholders of Common Stock by satisfying the requirement that, at the close of each quarter of its taxable year, at least 50% of the value of its total assets consists of municipal securities. Exempt-interest dividends are dividends or any part thereof (other than a capital gain dividend) paid by the Fund which are attributable to interest on municipal securities and which are so reported by the Fund. Exempt-interest dividends will be exempt from federal income tax, subject to the possible application of the federal alternative minimum tax. Insurance proceeds received by the Fund under any insurance policies in respect of scheduled interest payments on defaulted municipal bonds, as described herein, will generally be correspondingly excludable from federal gross income. In the case of non-appropriation by a political subdivision, however, there can be no assurance that payments made by the issuer representing interest on municipal lease obligations will be excludable from gross income for federal income tax purposes. Any gains of the Fund that are attributable to market discount on municipal securities are treated as ordinary income to the extent of accrued market discount on those securities.

A 3.8% Medicare contribution tax generally applies to all or a portion of the net investment income of a shareholder who is an individual and not a nonresident alien for U.S. federal income tax purposes and who has adjusted gross income (subject to certain adjustments) that exceeds a threshold amount($250,000 if married filing jointly or if considered a "surviving spouse" for federal income tax purposes, $125,000 if married filing separately, and $200,000 in other cases). This 3.8% tax also applies to all or a portion of the undistributed net investment income of certain shareholders that are estates and trusts. For these purposes, interest, dividends, and certain capital gains are generally taken into account in computing a shareholder's net investment income, but exempt-interest dividends are not taken into account.

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A portion of the Fund's expenditures that would otherwise be deductible may not be allowed as deductions by reason of the Fund's investment in municipal securities (such disallowed portion, in general, being the same percentage of the Fund's aggregate expenses as the percentage of the Fund's aggregate gross income that constitutes exempt interest income from municipal securities). A similar disallowance rule also applies to interest expense paid or incurred by the Fund, if any. Any such disallowed deductions will offset the Fund's gross exempt-interest income for purposes of calculating the dividends that the Fund can report as exempt-interest dividends. Interest on indebtedness incurred or continued to purchase or carry the Fund's shares is not deductible to the extent the interest relates to exempt-interest dividends. Under rules used by the Internal Revenue Service ("IRS") for determining when borrowed funds are considered used for the purpose of purchasing or carrying particular assets, the purchase or ownership of shares may be considered to have been made with borrowed funds even though such funds are not directly used for the purchase or ownership of such shares.

Distributions to shareholders of net investment income received by the Fund from taxable investments, if any, including temporary taxable investments, and of net short-term capital gains realized by the Fund, if any, will be taxable to its shareholders as ordinary income. Distributions by the Fund of net capital gain (i.e., the excess of net long-term capital gain over net short-term capital loss), if any, are taxable as long-term capital gain, regardless of the length of time the shareholder has owned the shares with respect to which such distributions are made. The amount of taxable income allocable to the Fund's shares will depend upon the amount of such income realized by the Fund. Distributions of taxable income, if any, in excess of the Fund's earnings and profits will first reduce the adjusted tax basis of a shareholder's shares and, after that basis has been reduced to zero, will constitute capital gain to the shareholder (assuming the shares are held as capital assets). As long as the Fund qualifies as a RIC under the Code, it is not expected that any part of its distributions to shareholders from its investments will qualify for the dividends-received deduction available to corporate shareholders or as "qualified dividend income" taxable to non-corporate shareholders at reduced rates.

The interest on private activity bonds in most instances is not federally tax-exempt to a person who is a "substantial user" of a facility financed by such bonds or a "related person" of such "substantial user." As a result, the Fund may not be an appropriate investment for a shareholder who is considered either a "substantial user" or a "related person" within the meaning of the Code. In general, a "substantial user" of a facility includes a "nonexempt person who regularly uses a part of such facility in his trade or business." "Related persons" are in general defined to include persons among whom there exists a relationship, either by family or business, which would result in a disallowance of losses in transactions among them under various provisions of the Code (or if they are members of the same controlled group of corporations under the Code), including a partnership and each of its partners (and certain members of their families), an S corporation and each of its shareholders (and certain members of their families) and various combinations of these and other relationships. The foregoing is not a complete description of all of the provisions of the Code covering the definitions of "substantial user" and "related person."

Although dividends generally will be treated as distributed when paid, dividends declared in October, November or December, payable to shareholders of record on a specified date in one of those months and paid during the following January, will be treated as having been distributed by the Fund (and received by the shareholders) on December 31 of the year declared. The U.S. federal income tax status of all distributions will be reported to shareholders annually.

Federal income tax law imposes an alternative minimum tax applicable to noncorporate taxpayers. Interest on certain municipal securities, such as bonds issued to make loans for housing purposes or to private entities (but not to certain tax-exempt organizations such as universities and non-profit hospitals), is included as an item of tax preference in determining the amount of a taxpayer's alternative minimum taxable income. To the extent that the Fund receives income from such municipal securities, a portion of the dividends paid by the Fund, although otherwise exempt from federal income tax, will be taxable to shareholders whose tax liabilities are determined under the federal alternative minimum tax. The Fund will annually provide a report indicating the percentage of the Fund's income attributable to municipal securities and the portion thereof the interest on which is a tax preference item. Bonds issued in 2009 or 2010 generally will not be treated as private activity bonds, and interest earned on such bonds (and Fund distributions consisting of such interest) generally will not be treated as a tax preference item. Corporations which are subject to corporate alternative minimum tax may be subject to alternative minimum tax on all tax-exempt bonds.

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The Fund may invest in municipal securities that pay interest that is taxable under the federal alternative minimum tax. If you are, or as a result of investment in the Fund would become, subject to the federal alternative minimum tax, the Fund may not be a suitable investment for you. In addition, distributions of taxable ordinary income (including any net short-term capital gain) will be taxable to shareholders as ordinary income (and not eligible for favorable taxation as "qualified dividend income"), and capital gain dividends will be taxable as long-term capital gains.

Certain of the Fund's investment practices are subject to special provisions of the Code that, among other things, may affect the Fund's ability to qualify as a RIC, defer the use of certain deductions or losses of the Fund, affect the holding period of securities held by the Fund, and alter the character of the gains or losses realized by the Fund. These provisions may also require the Fund to recognize income or gain without receiving cash with which to make distributions in the amounts necessary to satisfy the requirements for maintaining RIC status and for avoiding income and excise taxes. The Fund will monitor its transactions and may make certain tax elections in order to mitigate the effect of these rules and prevent disqualification of the Fund for treatment as a RIC.

Capital losses in excess of capital gains ("net capital losses") are not permitted to be deducted against a RIC's net investment income. Instead, for U.S. federal income tax purposes, potentially subject to certain limitations, the Fund may carry net capital losses from any taxable year forward to offset capital gains in future years. The treatment of capital loss carryovers for the Fund is similar to the rules that apply to capital loss carryovers of individuals, which provide that such losses are carried over indefinitely. If the Fund has a net capital loss (that is, capital losses in excess of capital gains), the excess of the Fund's net short-term capital losses over its net long-term capital gains is treated as a short-term capital loss arising on the first day of the Fund's next taxable year, and the excess (if any) of the Fund's net long-term capital losses over its net short-term capital gains is treated as a long-term capital loss arising on the first day of the Fund's next taxable year. The carryover of capital losses may be limited under the general loss limitation rules if the Fund experiences an ownership change as defined in the Code. Generally, the Fund may not carry forward any losses other than net capital losses. Under certain circumstances, the Fund may elect to treat certain losses as though they were incurred on the first day of the taxable year immediately following the taxable year in which they were actually incurred. As of October 31, 2025, the Fund's tax year end, the Fund had unused capital loss carryforwards available for federal income tax purposes to be applied against future capital gains, if any, as follows:

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| | |
|:---|:---|
| **Not subject to expiration** |  |
| Short-Term | $49646978.0 |
| Long-Term | $73813805.0 |
| **Total** | $123460783.0 |

---

The repurchase, sale or exchange of Common Stock normally will result in capital gain or loss to holders of Common Stock who hold their shares as capital assets. Generally a shareholder's gain or loss will be long-term capital gain or loss if the shares have been held for more than one year even though the increase in value in such Common Stock may be at least partly attributable to tax-exempt interest income. Present law taxes both long-term and short-term capital gains of corporations at the rates applicable to ordinary income. For non-corporate taxpayers, however, long-term capital gains are currently taxed at rates of up to 20%. Short-term capital gains and other ordinary income are taxed to non-corporate taxpayers at ordinary income rates. If a shareholder sells or otherwise disposes of Common Stock before holding them for six months, any loss on the sale or disposition will be: (1) treated as a long-term capital loss to the extent of any amounts treated as distributions to the shareholders of Common Stock of long-term capital gain (including any amount credited to the shareholder as undistributed capital gain), or (2) disallowed to the extent of exempt interest dividends received by a shareholder. Any loss realized on a sale or exchange of (or upon entering into a contract or option to repurchase) shares of the Fund will be disallowed to the extent those shares of the Fund are replaced (including, without limitation, under the Plan) by substantially identical shares of the Fund within a period of 61 days beginning 30 days before and ending 30 days after the date of disposition of the original shares, or to the extent the shareholder enters into a contract or option to repurchase shares within such period. In that event, the basis of the replacement shares of the Fund will be adjusted to reflect the disallowed loss.

The Fund is required in certain circumstances to withhold (as "backup withholding") a portion of dividends (including exempt-interest dividends) and certain other payments paid to certain holders of the Fund's shares who do not furnish to the Fund their correct taxpayer identification numbers (in the case of individuals, their social security numbers) and certain certifications, or who are otherwise subject to backup withholding. The backup withholding rate is 24%. Backup withholding is not an additional tax. Any amounts withheld from payments made to a shareholder may be refunded or credited against such shareholder's federal income tax liability, provided the required information and forms are timely furnished to the IRS.

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The Code provides that every shareholder required to file a tax return must include for information purposes on such return the amount of tax-exempt interest received during the taxable year, including any exempt-interest dividends received from the Fund.

The description of certain federal tax provisions above relates only to U.S. federal income tax consequences for shareholders who are U.S. persons, i.e., generally, U.S. citizens or residents or U.S. corporations, partnerships, trusts or estates, and who are subject to U.S. federal income tax and hold their shares as capital assets. Except as otherwise provided, this description does not address the special tax rules that may be applicable to particular types of investors, such as financial institutions, insurance companies, securities dealers, other RICs, or tax-exempt or tax-deferred plans, accounts or entities. Investors that are not U.S. persons may be subject to different U.S. federal income tax treatment, including a non-resident alien U.S. withholding tax at the rate of 30% or any lower applicable treaty rate on amounts treated as ordinary dividends from the Fund (other than certain dividends reported by the Fund as (i) interest-related dividends, to the extent such dividends are derived from the Fund's "qualified net-interest income," or (ii) short-term capital gain dividends, to the extent such dividends are derived from the Fund's "qualified short-term gain") or, in certain circumstances, unless an effective IRS Form W-8BEN or W-8BEN-E or other authorized withholding certificate is on file, to backup withholding on certain other payments from the Fund. "Qualified net interest income" is the Fund's net income derived from U.S.-source interest and original issue discount, subject to certain exceptions and limitations. "Qualified short-term gain" generally means the excess of the net short-term capital gain of the Fund for the taxable year over its net long-term capital loss, if any. Backup withholding will not be applied to payments that have been subject to the 30% (or lower applicable treaty rate) withholding tax on shareholders who are neither citizens nor residents of the United States.

Unless certain non-U.S. entities that hold Fund shares comply with IRS requirements that will generally require them to report information regarding U.S. persons investing in, or holding accounts with, such entities, a 30% withholding tax may apply to certain Fund distributions payable to such entities. A non-U.S. shareholder may be exempt from the withholding described in this paragraph under an applicable intergovernmental agreement between the U.S. and a foreign government, provided that the shareholder and the applicable foreign government comply with the terms of such agreement.

The foregoing is a general summary of certain provisions of the Code and regulations thereunder presently in effect as they directly govern the federal income taxation of the Fund and its shareholders. These provisions are subject to change by legislative or administrative action, and any such change may be retroactive. Moreover, the foregoing does not address many of the factors that may be determinative of whether an investor will be liable for the alternative minimum tax. Shareholders are advised to consult their own tax advisors for more detailed information concerning the federal, foreign, state and local tax consequences of purchasing, holding and disposing of Fund shares.

The foregoing is based on the assumptions that the Fund will at all times qualify under Subchapter M of the Code as a regulated investment company, that the Fund will satisfy all the conditions which will cause distributions of the Fund to qualify as exempt-interest dividends to holders of Common Stock for federal income tax purposes, and that it will make such distributions of income and gains as are necessary to qualify as a regulated investment company for federal income tax purposes or to minimize the excise tax on regulated investment companies.

Shareholders are advised to consult with their own tax advisors for more detailed information concerning local tax matters.

*Other State and Local Tax Matters.* The exemption from U.S. federal income tax for exempt-interest dividends generally does not result in exemption for such dividends under the income or other tax laws of any state or local taxing authority. In some states, however, the portion of any exempt-interest dividends derived from interest received by the Fund on its holdings of that state's securities and those of its political subdivisions and instrumentalities is exempt from the state's income tax. The Fund will report annually to its shareholders the percentage of interest income earned by the Fund during the preceding year on tax-exempt obligations indicating, on a state-by-state basis, the source of such income. Shareholders of the Fund are advised to consult their own tax advisors about state and local tax matters.

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**FINANCIAL STATEMENTS** 

The audited financial statements, financial highlights and notes thereto and the independent registered public accounting firm's report thereon appearing in the Fund's [Annual Report](https://www.sec.gov/Archives/edgar/data/812801/000119312526006434/d30963dncsr.htm) for the fiscal year ended October 31, 2025 are incorporated herein by reference in this SAI. In addition, any reports and other documents subsequently filed with the SEC pursuant to Section 30(b)(2) of the 1940 Act and Sections 13(a), 13(c), 14 or 15(d) of the 1934 Act prior to the termination of the offering will be incorporated by reference into this SAI and deemed to be part of this SAI from the date of the filing of such reports and documents. The information incorporated by reference is considered to be part of this SAI, and later information that the Fund files with the SEC will automatically update and supersede this information. The information contained in, or that can be accessed through, the Fund's website is not part of this SAI.

Incorporated materials not delivered with the SAI may be obtained, without charge, by calling (800) 257-8787, by writing to the Fund at 333 West Wacker Drive, Chicago, IL 60606, or from the Fund's website (http://www.nuveen.com).

**CUSTODIAN AND TRANSFER AGENT** 

The custodian of the assets of the Fund is State Street Bank and Trust Company, located at One Congress Street, Suite 1, Boston, MA 02114-2016 (the "Custodian"). The Custodian performs custodial, fund accounting and portfolio accounting services. The Fund's transfer, shareholder services and dividend paying agent is Computershare Inc. and Computershare Trust Company, N.A., located at 150 Royall Street, Canton, MA 02021.

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

PricewaterhouseCoopers LLP ("PwC"), an independent registered public accounting firm, provides auditing services to the Fund. The principal business address of PwC is One North Wacker Drive, Chicago, IL 60606.

**LEGAL MATTERS** 

Certain legal matters in connection with the offering will be passed upon for the Fund by Stradley Ronon Stevens & Young, LLP, located at 2005 Market Street, Suite 2600, Philadelphia, PA 19103. Stradley Ronon Stevens & Young, LLP, may rely as to certain matters of Minnesota law on the opinion of Dorsey & Whitney LLP.

**ADDITIONAL INFORMATION** 

A Registration Statement on Form N-2, including amendments thereto, relating to the Securities of the Fund offered hereby, has been filed by the Fund with the SEC, Washington, DC. The Prospectus and this SAI do not contain all of the information set forth in the Registration Statement, including any exhibits and schedules thereto. For further information with respect to the Fund and the Securities offered hereby, reference is made to the Registration Statement. Statements contained in the Prospectus and this SAI as to the contents of any contract or other document referred to are not necessarily complete and, in each instance, reference is made to the copy of such contract or other document filed as an exhibit to the Registration Statement, each such statement being qualified in all respects by such reference. Copies of the Registration Statement may be inspected without charge at the SEC's principal office in Washington, DC, and copies of all or any part thereof may be obtained from the SEC upon the payment of certain fees prescribed by the SEC.

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**APPENDIX A** 

**Ratings of Investments** 

S&P Global Ratings—A brief description of the applicable S&P Global Ratings, a Division of S&P Global Inc. ("S&P"), rating symbols and their meanings (as published by S&P) follows:

A S&P issue credit rating is a current opinion of the creditworthiness of an obligor with respect to a specific financial obligation, a specific class of financial obligations, or a specific financial program (including ratings on medium-term note programs and commercial paper programs). It takes into consideration the creditworthiness of guarantors, insurers, or other forms of credit enhancement on the obligation and takes into account the currency in which the obligation is denominated. The opinion evaluates the obligor's capacity and willingness to meet its financial commitments as they come due, and may assess terms, such as collateral security and subordination, which could affect ultimate payment in the event of default. The issue credit rating is not a recommendation to purchase, sell, or hold a financial obligation, inasmuch as it does not comment as to market price or suitability for a particular investor.

Issue credit ratings are based on current information furnished by the obligors or obtained by S&P from other sources it considers reliable. S&P does not perform an audit in connection with any credit rating and may, on occasion, rely on unaudited financial information. Credit ratings may be changed, suspended, or withdrawn as a result of changes in, or unavailability of, such information, or based on other circumstances.

Issue credit ratings can be either long term or short term. Short-term ratings are generally assigned to those obligations considered short-term in the relevant market. In the U.S., for example, that means obligations with an original maturity of no more than 365 days—including commercial paper. Short-term ratings are also used to indicate the creditworthiness of an obligor with respect to put features on long-term obligations. The result is a dual rating, in which the short-term rating addresses the put feature, in addition to the usual long-term rating. Medium-term notes are assigned long-term ratings.

**Long-Term Issue Credit Ratings** 

Issue credit ratings are based, in varying degrees, on the following considerations:

● Likelihood of payment—capacity and willingness of the obligor to meet its financial commitment on an obligation in accordance with the terms of the obligation;

● Nature of and provisions of the obligation, and the promise S&P Global Ratings imputes; and

● Protection afforded by, and relative position of, the obligation in the event of bankruptcy, reorganization, or other arrangement under the laws of bankruptcy and other laws affecting creditors' rights.

Issue ratings are an assessment of default risk, but may incorporate an assessment of relative seniority or ultimate recovery in the event of default. Junior obligations are typically rated lower than senior obligations, to reflect the lower priority in bankruptcy, as noted above. (Such differentiation may apply when an entity has both senior and subordinated obligations, secured and unsecured obligations, or operating company and holding company obligations.)

AAA

An obligation rated 'AAA' has the highest rating assigned by S&P Global Ratings. The obligor's capacity to meet its financial commitments on the obligation is extremely strong.

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AA

An obligation rated 'AA' differs from the highest-rated obligations only to a small degree. The obligor's capacity to meet its financial commitments on the obligation is very strong.

A

An obligation rated 'A' is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher-rated categories. However, the obligor's capacity to meet its financial commitments on the obligation is still strong.

BBB

An obligation rated 'BBB' exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial commitments on the obligation.

BB, B, CCC, CC, and C

Obligations rated 'BB', 'B', 'CCC', 'CC', and 'C' are regarded as having significant speculative characteristics. 'BB' indicates the least degree of speculation and 'C' the highest. While such obligations will likely have some quality and protective characteristics, these may be outweighed by large uncertainties or major exposures to adverse conditions.

BB

An obligation rated 'BB' is less vulnerable to nonpayment than other speculative issues. However, it faces major ongoing uncertainties or exposure to adverse business, financial, or economic conditions which could lead to the obligor's inadequate capacity to meet its financial commitments on the obligation.

B

An obligation rated 'B' is more vulnerable to nonpayment than obligations rated 'BB', but the obligor currently has the capacity to meet its financial commitments on the obligation. Adverse business, financial, or economic conditions will likely impair the obligor's capacity or willingness to meet its financial commitments on the obligation.

CCC

An obligation rated 'CCC' is currently vulnerable to nonpayment, and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitments on the obligation. In the event of adverse business, financial, or economic conditions, the obligor is not likely to have the capacity to meet its financial commitments on the obligation.

CC

An obligation rated 'CC' is currently highly vulnerable to nonpayment. The 'CC' rating is used when a default has not yet occurred but S&P Global Ratings expects default to be a virtual certainty, regardless of the anticipated time to default.

C

An obligation rated 'C' is currently highly vulnerable to nonpayment, and the obligation is expected to have lower relative seniority or lower ultimate recovery compared with obligations that are rated higher.

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D

An obligation rated 'D' is in default or in breach of an imputed promise. For non-hybrid capital instruments, the D rating category is used when payments on an obligation are not made on the date due, unless S&P Global Ratings believes that such payments will be made within five business days in the absence of a stated grace period or within the earlier of the stated grace period or the next 30 calendar days. The D rating also will be used upon the filing of a bankruptcy petition or the taking of similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. A rating on an obligation is lowered to 'D' if its subject to a distressed debt restructuring.

Plus (+) or minus (-)

The ratings from 'AA' to 'CCC' may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories.

NR

This indicates that no rating has been requested, that there is insufficient information on which to base a rating, or that S&P does not rate a particular obligation as a matter of policy.

**Short-Term Issue Credit Ratings** 

A short-term obligation rated 'A-1' is rated in the highest category by S&P Global Ratings. The obligor's capacity to meet its financial commitment on the obligation is strong. Within this category, certain obligations are designated with a plus sign (+). This indicates that the obligor's capacity to meet its financial commitment on these obligations is extremely strong.

A short-term obligation rated 'A-2' is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher rating categories. However, the obligor's capacity to meet its financial commitment on the obligation is satisfactory.

A short-term obligation rated 'A-3' exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken an obligor's capacity to meet its financial commitment on the obligation.

B

A short-term obligation rated 'B' is regarded as vulnerable and has significant speculative characteristics. The obligor currently has the capacity to meet its financial commitments; however, it faces major ongoing uncertainties that could lead to the obligor's inadequate capacity to meet its financial commitment.

C

A short-term obligation rated 'C' is currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitment on the obligation.

D

A short-term obligation rated 'D' is in default or in breach of an imputed promise. For non-hybrid capital instruments, the 'D' rating category is used when payments on an obligation are not made on the date due, unless S&P Global Ratings believes that such payments will be made within any stated grace period. However, any stated grace period longer than five business days will be treated as five business days. The 'D' rating also will be used upon the filing of a bankruptcy petition or the taking of a similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. A rating on an obligation is lowered to 'D' if it is subject to a distressed debt restructuring.

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**Dual Ratings**

S&P assigns "dual" ratings to all debt issues that have a put option or demand feature. The first component of the rating addresses the likelihood of repayment of principal and interest as due, and the second component of the rating addresses only the demand feature as part of their structure. The first component of the rating can relate to either a short-term or long-term transaction and accordingly use either short-term or long-term rating symbols. The second component of the rating relates to the put option and is assigned a short-term rating symbol (for example, 'AAA/A-1+' or 'A-1+/A-1'). With U.S. municipal short-term demand debt, the U.S. municipal short-term note rating symbols are used for the first component of the rating (for example, 'SP-1+/A-1+').

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Moody's Investors Service, Inc.—A brief description of the applicable Moody's Investors Service, Inc. ("Moody's") rating symbols and their meanings (as published by Moody's) follows:

Credit ratings assigned on Moody's global long-term and short-term rating scales are forward-looking opinions of the relative credit risks of financial obligations issued by non-financial corporates, financial institutions, structured finance vehicles, project finance vehicles, and public-sector entities. Moody's Ratings issues ratings at the issuer level and instrument level on both the long-term scale and the short-term scale.

The contractual financial obligations addressed by Moody's ratings are those that call for, without regard to enforceability, the payment of an ascertainable amount, which may vary based upon standard sources of variation (e.g., floating interest rates), by an ascertainable date. Moody's rating addresses the issuer's ability to obtain cash sufficient to service the obligation, and its willingness to pay. Moody's ratings do not address non-standard sources of variation in the amount of the principal obligation (e.g., equity indexed), absent an express statement to the contrary in a press release accompanying an initial rating.

Long-term ratings are assigned to issuers or obligations with an original maturity of eleven months or more and reflect both on the likelihood of a default or impairment on contractual financial obligations and the expected financial loss suffered in the event of default or impairment. Short-term ratings are assigned to obligations with an original maturity of thirteen months or less and reflect both on the likelihood of a default or impairment on contractual financial obligations and the expected financial loss suffered in the event of default or impairment. Moody's issues ratings at the issuer level and instrument level on both the long-term scale and the short-term scale. Typically, ratings are made publicly available although private and unpublished ratings may also be assigned.

**Global Long-Term Rating Scale** 

Aaa

Obligations rated 'Aaa' are judged to be of the highest quality, subject to the lowest level of credit risk.

Aa

Obligations rated Aa are judged to be of high quality and are subject to very low credit risk.

A

Obligations rated A are judged to be upper-medium grade and are subject to low credit risk.

Baa

Obligations rated Baa are judged to be medium grade and subject to moderate credit risk and as such may possess certain speculative characteristics.

Ba

Obligations rated Ba are judged to be speculative and are subject to substantial credit risk.

B

Obligations rated B are considered speculative and are subject to high credit risk.

Caa

Obligations rated Caa are judged to be speculative of poor standing and are subject to very high credit risk.

Ca

Obligations rated Ca are highly speculative and are likely in, or very near, default, with some prospect of recovery of principal and interest.

C

Obligations rated C are the lowest rated and are typically in default, with little prospect for recovery of principal or interest.

Note: Moody's appends numerical modifiers 1,2 and 3 to each generic rating classification from "Aa" through "Caa". The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category. Additionally, a "(hyb)" indicator is appended to all ratings of hybrid securities issued by banks, insurers, finance companies, and securities firms.\*

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**US Municipal Short-Term Debt and Demand Obligation Ratings** 

MIG 1

This designation denotes superior credit quality. Excellent protection is afforded by established cash flows, highly reliable liquidity support, or demonstrated broad-based access to the market for refinancing.

MIG 2

This designation denotes strong credit quality. Margins of protection are ample, although not as large as in the preceding group.

MIG 3

This designation denotes acceptable credit quality. Liquidity and cash-flow protection may be narrow, and market access for refinancing is likely to be less well-established.

SG

This designation denotes speculative-grade credit quality. Debt instruments in this category may lack sufficient margins of protection.

VMIG 1

This designation denotes superior credit quality. Excellent protection is afforded by the superior short-term credit strength of the liquidity provider and structural and legal protections.

VMIG 2

This designation denotes strong credit quality. Good protection is afforded by the strong short-term credit strength of the liquidity provider and structural and legal protections.

VMIG 3

This designation denotes acceptable credit quality. Adequate protection is afforded by the satisfactory short-term credit strength of the liquidity provider and structural and legal protections.

SG

This designation denotes speculative-grade credit quality. Demand features rated in this category may be supported by a liquidity provider that does not have a sufficiently strong short-term rating or may lack the structural or legal protections.

**Global Short-Term Rating Scale (Commercial Paper)** 

Issuers (or supporting institutions) rated Prime-1 have a superior ability for repayment of senior short-term debt obligations.

Issuers (or supporting institutions) rated Prime-2 have a strong ability for repayment of senior short-term debt obligations.

Issuers (or supporting institutions) rated Prime-3 have an acceptable ability for repayment of senior short-term debt obligations.

Issuers (or supporting institutions) rated Not Prime do not fall within any of the Prime rating categories.

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Fitch Ratings—A brief description of the applicable Fitch Ratings ("Fitch") ratings symbols and meanings (as published by Fitch) follows:

Fitch Ratings publishes credit ratings that are forward-looking opinions on the relative ability of an entity or obligation to meet financial commitments. Issuer default ratings (IDRs) are assigned to corporations, sovereign entities, financial institutions such as banks, leasing companies and insurers, and public finance entities (local and regional governments). Issue level ratings are also assigned, often include an expectation of recovery and may be notched above or below the issuer level rating. Issue ratings are assigned to secured and unsecured debt securities, loans, preferred stock and other instruments, Structured finance ratings are issue ratings to securities backed by receivables or other financial assets that consider the obligations' relative vulnerability to default.

**Long-Term Credit Ratings** 

Investment Grade

AAA

Highest credit quality. 'AAA' ratings denote the lowest expectation of credit risk. They are assigned only in case of exceptionally strong capacity for timely payment of financial commitments. This capacity is highly unlikely to be adversely affected by foreseeable events.

AA

Very high credit quality. 'AA' ratings denote expectations of very low default risk. They indicate very strong capacity for payment of financial commitments. This capacity is not significantly vulnerable to foreseeable events.

A

High credit quality. 'A' ratings denote expectations of low default risk. The capacity for payment of financial commitments is considered strong. This capacity may, nevertheless, be more vulnerable to changes in circumstances or in economic conditions than is the case for higher ratings.

BBB

Good credit quality. 'BBB' ratings indicate that expectations of default risk are currently low. The capacity for payment of financial commitments is considered adequate, but adverse business or economic conditions are more likely to impair this capacity.

Speculative Grade

BB

Speculative. 'BB' ratings indicate an elevated vulnerability to default risk, particularly in the event of adverse changes in business or economic conditions over time; however, business or financial flexibility exists that supports the servicing of financial commitments.

B

Highly speculative. 'B' ratings indicate that material default risk is present, but a limited margin of safety remains. Financial commitments are currently being met; however, capacity for continued payment is vulnerable to deterioration in the business and economic environment.

CCC

Substantial credit risk. Very low margin for safety. Default is a real possibility.

CC

Very high levels of credit risk. Default of some kind appears probable.

C

Near default. A default or default like process has begun, or for a closed funding vehicle, payment capacity is irrevocably impaired.

RD and D

Restricted default. 'RD' ratings indicate an issuer that in Fitch's opinion has experienced an uncured payment default or distressed debt exchange on a bond, loan or other material financial obligation, but has not entered into bankruptcy filings, administration, receivership, liquidation, or other formal winding-up procedure, and has not otherwise ceased operating. 'D' ratings indicate an issuer that in Fitch's opinion has entered into bankruptcy filings, administration, receivership, liquidation or other formal winding-up procedure or that has otherwise ceased business and debt is still outstanding.

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**Short-Term Credit Ratings** 

The following ratings scale applies to foreign currency and local currency ratings. A Short-term rating has a time horizon of less than 13 months for most obligations, or up to three years for US public finance, in line with industry standards, to reflect unique risk characteristics of bond, tax, and revenue anticipation notes that are commonly issued with terms up to three years. Short-term ratings thus place greater emphasis on the liquidity necessary to meet financial commitments in a timely manner.

Fl

Highest short-term credit quality. Indicates the strongest intrinsic capacity for timely payment of financial commitments; may have an added "+" to denote any exceptionally strong credit feature.

F2

Good short-term credit quality. Good intrinsic capacity for timely payment of financial commitments.

F3

Fair short-term credit quality. The intrinsic capacity for timely payment of financial commitments is adequate.

B

Speculative short-term credit quality. Minimal capacity for timely payment of financial commitments, plus heightened vulnerability to near term adverse changes in financial and economic conditions.

C

High short-term default risk. Default is a real possibility.

RD

Restricted Default. Indicates an entity that has defaulted on one or more of its financial commitments, although it continues to meet other financial obligations. Typically applicable to entity ratings only.

D

Default. Indicates a broad-based default event for an entity, or the default of a short-term obligation.

Notes to Long-term and Short-term ratings:

"+" or "-" may be appended to a rating to denote relative status within major rating categories. Such suffixes are not added to the 'AAA' Long-term rating category, to categories below 'CCC, or to Short-term ratings other than 'FT.

'NR' indicates that Fitch Ratings does not rate the issuer or issue in question.

'Withdrawn': The rating has been withdrawn and the issue or issuer is no longer rated by Fitch. When a public rating is withdrawn, Fitch will issue a RAC that details the current rating and Outlook or Watch status (if applicable), a statement that the rating is withdrawn and the reason for the withdrawal. A RAC is not required when an issue has been redeemed, matured, repaid or paid in full. Withdrawals cannot be used to forestall a rating action. Every effort is therefore made to ensure that the rating opinion upon withdrawal reflects an updated view. However, this is not always possible, for example if a rating is withdrawn due to a lack of information. Rating Watches are also resolved prior to or concurrent with withdrawal unless the timing of the event driving the Rating Watch does not support an immediate resolution. Ratings that have been withdrawn will be indicated by the symbol 'WD'.

------

Rating Watch: Ratings are placed on Rating Watch to notify investors that there is a reasonable probability of a rating change and the likely direction of such change. These are designated as "Positive", indicating a potential upgrade, "Negative", for a potential downgrade, or "Evolving", if ratings may be raised, lowered or maintained. Rating Watch is typically resolved over a relatively short period.

A Rating Outlook indicates the direction a rating is likely to move over a one to two year period. Outlooks may be positive, stable, or negative. A positive or negative Rating Outlook does not imply a rating change is inevitable. Similarly, ratings for which outlooks are 'stable' could be downgraded before an outlook moves to positive or negative if circumstances warrant such an action. Occasionally, Fitch Ratings may be unable to identify the fundamental trend. In these cases, the Rating Outlook may be described as evolving.

------

**Appendix B**

**Nuveen proxy voting policies**

**Nuveen proxy voting policy**

&nbsp;&nbsp;&nbsp;Nuveen Proxy Voting Policy

---

| | |
|:---|:---|
| **Policy Purpose and Statement**<br>Proxy voting is the primary means by which shareholders may influence a publicly traded company's governance and operations and thus create the potential for value and positive long-term investment performance. In certain cases, the Advisers may engage with Portfolio Companies as part of their process to make informed vote decisions and generally consider various factors including insights gained through engagement where that occurs. While the Advisers may generally share their views on a particular topic, these are not for the purpose of changing control of the issuer.<br>When an SEC registered investment adviser has proxy voting authority, the adviser has a fiduciary duty to vote proxies in the best interests of its clients and must not subrogate its clients' interests to its own. In their capacity as fiduciaries and investment advisers, Advisers, vote proxies for the Portfolio Companies held by their respective clients, including investment companies and other pooled investment vehicles, institutional and retail separate accounts, and other clients as applicable. The Advisers have adopted this Policy, the Nuveen Proxy Voting Guidelines, and the Nuveen Proxy Voting Conflicts of Interest Policy for voting the proxies of the Portfolio Companies they manage. The Advisers leverage the expertise and services of an internal group referred to as Nuveen's Stewardship Group to administer the Advisers' proxy voting. The Stewardship Group adheres to the Advisers' Proxy Voting Guidelines which are reasonably designed to ensure that the Advisers vote client securities in the best interests of the Advisers' clients. | Applicability<br>This Policy applies to Nuveen associates acting on behalf of Nuveen Asset Management, LLC, ("NAM"), Teachers Advisors, LLC, ("TAL") and TIAA-CREF Investment Management, LLC ("TCIM"), each an "Adviser" and collectively referred to as the "Advisers" |

---

&nbsp;&nbsp;&nbsp;Policy Statement<br>Proxy voting is a key component of a Portfolio Company's corporate governance program and is the primary method for exercising shareholder rights and articulating Nuveen's position on the Portfolio Company's behavior in an effort to enhance long-term shareholder value. Nuveen makes informed voting decisions in compliance with Rule 206(4)-6 (the "Rule") of the Investment Advisers Act of 1940, as amended (the "Advisers Act"), and applicable laws and regulations, (e.g., the Employee Retirement Income Security Act of 1974, "ERISA").<br>

------

**Enforcement**

As provided in the TIAA Code of Business Conduct, all associates are expected to comply with applicable laws and regulations, as well as the relevant policies, procedures and compliance manuals that apply to Nuveen's business activities. Violation of this Policy may result in disciplinary action up to and including termination of employment.

**Terms and Definitions**

***Advisory Personnel*** includes the Adviser's portfolio managers and research analysts.

 

***Proxy Voting Guidelines*** *(the ''Guidelines'')* are a set of pre-determined principles setting forth the manner in which the Advisers intend to vote on specific voting categories, and serve to assist clients, Portfolio Companies, and other interested parties in understanding how the Advisers generally intend to vote on proxy-related matters. The Guidelines are not exhaustive and do not necessarily dictate how the Advisers will ultimately vote with respect to any proposal or resolution. While the Guidelines are developed, maintained, and implemented by the Stewardship Group, and reviewed by the Nuveen Proxy Voting Committee, the portfolio managers of the Advisers maintain the ultimate authority with respect to how proxies will be voted and may determine to vote contrary to the Guidelines if such portfolio manager believes it is in the best interest of the respective Adviser's clients to do so.

***Portfolio Company*** refers to any publicly traded operating company held in an account that is managed by an Adviser or a Nuveen Affiliated Entity. For the avoidance of doubt, Portfolio Company excludes investment companies.

**Policy Requirements**

Investment advisers, in accordance with the Rule, are required to (i) adopt and implement written policies and procedures that are reasonably designed to ensure that proxies are voted in the best interest of clients, and address resolution of material conflicts that may arise, (ii) describe their proxy voting procedures to their clients and provide copies on request, and (iii) disclose to clients how they may obtain information on how the Advisers voted their proxies. Portfolio Companies may obtain information on how many shares the Advisers hold through regulatory filings and in public reports.

The Nuveen Proxy Voting Committee (the "Committee"), the Advisers, the Stewardship Group and Nuveen Compliance are subject to the respective requirements outlined below under Roles and Responsibilities.

Although it is the general policy to vote all applicable proxies received in a timely fashion with respect to securities selected by an Adviser for current clients, the Adviser may refrain from voting in certain circumstances where such voting would be disadvantageous, materially burdensome or impractical, or otherwise inconsistent with the overall best interest of clients.

------

**Roles and Responsibilities**

Nuveen Proxy Voting Committee

The purpose of the Committee is to establish a governance framework to oversee the proxy voting activities of the Advisers in accordance with the Policy. The Committee's voting members will be comprised from Research, the Advisers, and the Stewardship Group. Non-voting members will be comprised from Nuveen Legal, Nuveen Compliance, Nuveen Advisory Product, and Nuveen Investment Risk. The Committee may invite others on a standing, routine and/or an ad hoc basis to attend Committee meetings. The CCOs of the CREF Funds and the Nuveen Funds shall be standing, non-voting invitees. The Committee has delegated responsibility for the implementation and ongoing administration of the Policy to the Stewardship Group, subject to the Committee's ultimate oversight and responsibility as outlined in the Committee's Proxy Voting Charter.

Advisers

&nbsp;&nbsp;&nbsp;&nbsp;1. Advisory
 Personnel maintain the ultimate decision-making authority with respect to how proxies will
 be voted, unless otherwise instructed by a client, and may determine to vote contrary to
 the Guidelines
and/or a vote recommendation of the Stewardship Group if such Advisory Personnel determines it is in the best interest of the Adviser's
clients to do so. The rationale for all such contrary vote determinations will be documented and maintained.

&nbsp;&nbsp;&nbsp;&nbsp;2. When
 voting proxies for different groups of client accounts, Advisory Personnel may vote proxies
 held by the respective client accounts differently depending on the facts and circumstances
 specific to such client accounts. The rationale for all such vote determinations will be
 documented and maintained.

&nbsp;&nbsp;&nbsp;&nbsp;3. Advisory
 Personnel must comply with the Nuveen Proxy Voting Conflicts of Interest Policy with respect
 to potential material conflicts of interest

Nuveen Stewardship Group

&nbsp;&nbsp;&nbsp;&nbsp;1. Performs
 day-to-day administration of the Advisers' proxy voting processes.

&nbsp;&nbsp;&nbsp;&nbsp;2. Seeks
 to vote proxies in adherence to the Guidelines, which have been constructed in a manner intended
 to align with the best interests of clients. In applying the Guidelines, the Stewardship
 Group, on behalf of the Advisers, takes into account several factors, including, but not
 limited to:

● Input from Advisory Personnel

● Third party research

● Specific Portfolio Company context, including environmental, social and governance practices, and financial performance.

&nbsp;&nbsp;&nbsp;&nbsp;3. Assists
 in the development of securities lending recall protocols in cooperation with the Securities
 Lending Committee.

&nbsp;&nbsp;&nbsp;&nbsp;4. Performs
 Form N-PX filings in accordance with regulatory requirements.

&nbsp;&nbsp;&nbsp;&nbsp;5. Delivers
 copies of the Advisers' Policy to clients and prospective clients upon request in a
 timely manner, as appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;6. Assists
 with the disclosure of proxy votes as applicable on corporate websites and elsewhere as required
 by applicable regulations.

&nbsp;&nbsp;&nbsp;&nbsp;7. Prepares
 reports of proxies voted on behalf of the Advisers' investment company clients
 to their Boards or committees thereof, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;8. Performs
 an annual vote reconciliation for review by the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;9. Arranges
 the annual service provider due diligence of proxy voting vendors, including a review of
 the service provider's potential conflicts of interests, and presents the results to
 the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;10. Facilitates
 quarterly Committee meetings, including agenda and meeting minute preparation.

&nbsp;&nbsp;&nbsp;&nbsp;11. Complies
 with the Nuveen Proxy Voting Conflicts of Interest Policy with respect to potential material
 conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;12. Creates
 and retains certain records in accordance with Nuveen's Record Management program.

&nbsp;&nbsp;&nbsp;&nbsp;13. Oversees
 the proxy voting service provider with respect to its responsibilities, including making
 and retaining certain records as required under applicable regulation.

------

Nuveen Compliance

&nbsp;&nbsp;&nbsp;&nbsp;1. Seeks
 to ensure proper disclosure of Advisers' Policy to clients as required by regulation
 or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;2. Seeks
 to ensure proper disclosure to clients of how they may obtain information on how the Advisers
 voted their proxies.

&nbsp;&nbsp;&nbsp;&nbsp;3. Assists
 the Stewardship Group with arranging the annual service provider due diligence and presenting
 the results to the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;4. Assesses
 regulatory developments, pronouncements and guidance notes in coordination with Legal partners
 to determine policy and process implications. Shares assessment results with the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;5. Monitors
 for compliance with this Policy and retains records relating to its monitoring activities
 pursuant to Nuveen's Records Management program.

Nuveen Legal

&nbsp;&nbsp;&nbsp;&nbsp;1. Provides
 legal guidance as requested.

**Governance**

Review and Approval

This Policy will be reviewed at least annually and will be updated sooner if substantive changes are necessary. The Policy Owner, the Committee and the NEFI Compliance Committee are responsible for the review and approval of this Policy.

Implementation

Nuveen has established the Committee to provide centralized management and oversight of the proxy voting process administered by the Stewardship Group for the Advisers in accordance with its Proxy Voting Committee Charter and this Policy.

Exceptions

Any request for a proposed exception or variation to this Policy will be submitted to the Committee for approval and reported to the appropriate governance committee(s), where appropriate.

**Related Documents**

● Nuveen Proxy Voting Committee Charter

● Nuveen Proxy Voting Guidelines

● Nuveen Proxy Voting Conflicts of Interest Policy and Procedures

● Nuveen Policy Statement on Responsible Investing

---

| | |
|:---|:---|
| Policy Adoption Date | February 3, 2020 |
| Effective Date of Current Policy/Last Date Reviewed | September 22, 2025 |
| Governance | NEFI Compliance Committee |
| Policy Owner | Nuveen Proxy Voting Committee |
| Policy Leader | Nuveen Compliance |

---

------

**PART C—OTHER INFORMATION** 

**Item 25: Financial Statements and Exhibits.**

1. Contained in Part A: <br>Financial Highlights of Nuveen Municipal Value Fund, Inc. (the "Fund" or the "Registrant") for:

• Fiscal years ended October 31, 2025, October 31, 2024, October
31, 2023, October 31, 2022, and October 31, 2021 are included in Part A.

• Fiscal
years ended October 31, 2020, October 31, 2019, October 31, 2018, October 31, 2017, and October 31, 2016 are included in Part A.

Contained in Part B:

• Financial Statements are incorporated in Part B by reference to
the Registrant's October 31, 2025 [Annual Report](https://www.sec.gov/Archives/edgar/data/812801/000119312526006434/d30963dncsr.htm) (audited) on Form N-CSR, as filed with the SEC via EDGAR Accession No. 0001193125-26-006434 on January 7, 2026.

---

| | |
|:---|:---|
| &nbsp;&nbsp;2. | &nbsp;&nbsp;Exhibits: |
| &nbsp;&nbsp;a.1 | &nbsp;&nbsp;[Registrant's Articles of Incorporation dated April 7, 1987, is incorporated herein by reference to Exhibit a.1 of the Registrant's Registration Statement on Form N-2 (File No. 333-166840), as filed with the SEC via EDGAR Accession No. 0001193125-10-217664 on September 27, 2010.](https://www.sec.gov/Archives/edgar/data/812801/000119312510217664/dex99a1.htm) |
| &nbsp;&nbsp;a.2 | &nbsp;&nbsp;[Articles of Amendment to Articles of Incorporation is incorporated herein by reference to Exhibit a.2 of the Registrant's Registration Statement on Form N-2 (File No. 333-166840), as filed with the SEC via EDGAR Accession No. 0001193125-10-217664 on September 27, 2010.](https://www.sec.gov/Archives/edgar/data/812801/000119312510217664/dex99a2.htm) |
| &nbsp;&nbsp;b. | &nbsp;&nbsp;[Amended and Restated By-Laws of Registrant dated May 20, 2020, is incorporated herein by reference to Item B.1b of Nuveen New York Municipal Value Fund, Inc.'s Annual Report on Form N-CEN (File Nos. 811-05238), as filed with the SEC via EDGAR Accession No. 0001145549-21-026337 on May 14, 2021.](https://www.sec.gov/Archives/edgar/data/818850/000114554921026337/nuveeng1b1_mn022821.htm) |
| &nbsp;&nbsp;c. | &nbsp;&nbsp;Not applicable. |
| &nbsp;&nbsp;d. | &nbsp;&nbsp;Not applicable. |
| &nbsp;&nbsp;e. | &nbsp;&nbsp;[Terms and Conditions of the Dividend Reinvestment and Cash Purchase Plan dated October 1, 1995, is incorporated herein by reference to Exhibit e. of the Registrant's Registration Statement on Form N-2 (File No. 333-166840), as filed with the SEC via EDGAR Accession No. 0001193125-10-217664 on September 27, 2010.](https://www.sec.gov/Archives/edgar/data/812801/000119312510217664/dex99e.htm) |
| &nbsp;&nbsp;f. | &nbsp;&nbsp;Not applicable. |
| &nbsp;&nbsp;g.1 | &nbsp;&nbsp;[Investment Management Agreement between the Registrant and Nuveen Asset Management dated October 1, 2014, is filed herewith.](ex99-g1.htm) |
| &nbsp;&nbsp;g.2 | &nbsp;&nbsp;[Amendment of Investment Management Agreement between the Registrant and Nuveen Fund Advisors, LLC dated August 1, 2019, is incorporated herein by reference to Item G.1b of Nuveen Municipal Income Fund, Inc.'s Annual Report on Form N-CEN (File No. 811-05488), as filed with the SEC via EDGAR Accession No. 0001145549-20-001269 on January 14, 2020.](https://www.sec.gov/Archives/edgar/data/830271/000114554920001269/invstmgmtamnd_103119.htm) |
| &nbsp;&nbsp;g.3 | &nbsp;&nbsp;[Continuance and Amendment of Management Agreements between the Registrant and Nuveen Fund Advisors, LLC dated May 1, 2024, is filed herewith.](ex99-g3.htm) |
| &nbsp;&nbsp;g.4 | &nbsp;&nbsp;[Investment Sub-Advisory Agreement between Nuveen Fund Advisors, LLC and Nuveen Asset Management, LLC dated October 1, 2014, is filed herewith.](ex99-g4.htm) |
| &nbsp;&nbsp;h. | &nbsp;&nbsp;None. |

---

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;i. | &nbsp;&nbsp;[Nuveen/TIAA-CREF Funds Board Voluntary Deferred Compensation Plan for Independent Directors and Trustees, effective April 29, 2025, is incorporated herein by reference to Exhibit f. of Nuveen Investments Fund, Inc.'s Registration Statement on Form N-1A (File No. 033-16905), as filed with the SEC via EDGAR Accession No. 0001193125-26-079024 on February 27, 2026.](https://www.sec.gov/Archives/edgar/data/820892/000119312526079024/d86423dex99f.htm) |
| &nbsp;&nbsp;j.1 | &nbsp;&nbsp;[Amended and Restated Master Custodian Agreement dated July 15, 2015 between the Registrant and State Street Bank and Trust Company is incorporated herein by reference to Exhibit j.1 of Nuveen Variable Rate Preferred & Income Fund's Registration Statement on Form N-2 (File No. 333-256744), as filed with the SEC via EDGAR Accession No. 0001193125-21-328325 on November 15, 2021.](https://www.sec.gov/Archives/edgar/data/1865389/000119312521328325/d471492dex99j1.htm) |
| &nbsp;&nbsp;j.2 | &nbsp;&nbsp;[Appendix A to the Amended and Restated Master Custodian Agreement (Updated as of August 1, 2017) is incorporated by reference to Exhibit j.2 of the Nuveen California AMT-Free Quality Municipal Income Fund Registration Statement on Form N-2 (File No. 333-184971), as filed with the SEC via EDGAR Accession No. 0001193125-17-345678 on November 16, 2017.](http://www.sec.gov/Archives/edgar/data/1195738/000119312517345678/d266913dex99j2.htm) |
| &nbsp;&nbsp;j.3 | &nbsp;&nbsp;[Amendment and Revised Appendix A to the Custodian Agreement (Updated as of July 31, 2020) is incorporated by reference to Exhibit j.2 of Nuveen Taxable Municipal Income Fund's Registration Statement on Form N-2 (File No. 333-248493), as filed with the SEC via SEC Accession No. 0001193125-20-234901 on August 31, 2020.](http://www.sec.gov/Archives/edgar/data/1478888/000119312520234901/d940665dex99j2.htm) |
| &nbsp;&nbsp;j.4 | &nbsp;&nbsp;[Amendment and Revised Appendix A, effective September 8, 2022, to the Amended and Restated Master Custodian Agreement between the Registrant and State Street Bank and Trust Company dated July 15, 2015 is incorporated herein by reference to Exhibit g.3 of Post-Effective Amendment No. 81 to Nuveen Investment Trust V's Registration Statement on Form N-1A (File Nos. 333-138592 and 811-21979), as filed with the SEC via EDGAR Accession No. 0001193125-22-314076 on December 29, 2022.](https://www.sec.gov/Archives/edgar/data/1380786/000119312522314076/d403340dex99g3.htm) |
| &nbsp;&nbsp;j.5 | &nbsp;&nbsp;[Amendment to the Amended and Restated Master Custodian Agreement, effective February 20, 2024, is incorporated herein by reference to Exhibit (j)(8) of Nuveen California Quality Municipal Income Fund's Registration Statement on Form N-2 (File No. 333-289350 and 811-09161), as filed with the SEC via EDGAR Accession No. 0001999371-25-010856 on August 7, 2025.](https://www.sec.gov/Archives/edgar/data/1074952/000199937125010856/ex99-j8.htm) |
| &nbsp;&nbsp;j.6 | &nbsp;&nbsp;[Amendment to the Amended and Restated Master Custodian Agreement, effective December 11, 2024, is incorporated herein by reference to Exhibit (j)(9) of Nuveen California Quality Municipal Income Fund's Registration Statement on Form N-2 (File No. 333-289350 and 811-09161), as filed with the SEC via EDGAR Accession No. 0001999371-25-010856 on August 7, 2025.](https://www.sec.gov/Archives/edgar/data/1074952/000199937125010856/ex99-j9.htm) |
| &nbsp;&nbsp;k.1 | &nbsp;&nbsp;[Transfer Agency and Service Agreement dated June 15, 2017, between the Registrant and ComputerShare Inc. and ComputerShare Trust Company, N.A., is incorporated herein by reference to Exhibit k.1 of Nuveen Dynamic Municipal Opportunities Fund's Registration Statement on Form N-2 (File No. 333-234592), as filed with the SEC via EDGAR Accession No. 0001193125-20-174170 on June 19, 2020.](https://www.sec.gov/Archives/edgar/data/1793129/000119312520174170/d820867dex99k1.htm) |
| &nbsp;&nbsp;k.2 | &nbsp;&nbsp;[First Amendment, dated September 7, 2017, to the Transfer Agency and Service Agreement dated June 15, 2017 between the Registrant and ComputerShare Inc. and ComputerShare Trust Company, N.A. is incorporated herein by reference to Exhibit k.2 of Nuveen Municipal Credit Opportunities Fund's Registration Statement on Form N-2 (File Nos. 333-254678 and 811-23440), as filed with the SEC via EDGAR Accession No. 0001193125-21-092969 on March 25, 2021.](https://www.sec.gov/Archives/edgar/data/1774342/000119312521092969/d60524dex99k2.htm) |
| &nbsp;&nbsp;k.3 | &nbsp;&nbsp;[Second Amendment, dated February 26, 2018, to the Transfer Agency and Service Agreement dated June 15, 2017 between the Registrant and ComputerShare Inc. and ComputerShare Trust Company, N.A. is incorporated herein by reference to Exhibit k.3 of Nuveen Municipal Credit Opportunities Fund's Registration Statement on Form N-2 (File Nos. 333-254678 and 811-23440), as filed with the SEC via EDGAR Accession No. 0001193125-21-092969 on March 25, 2021](https://www.sec.gov/Archives/edgar/data/1774342/000119312521092969/d60524dex99k3.htm). |
| &nbsp;&nbsp;k.4 | &nbsp;&nbsp;[Third Amendment, effective May 11, 2020, to the Transfer Agency and Service Agreement dated June 15, 2017 between the Registrant and ComputerShare Inc. and ComputerShare Trust Company, N.A. is incorporated herein by reference to Exhibit k.4 of Nuveen Municipal Credit Opportunities Fund's Registration Statement on Form N-2 (File Nos. 333-254678 and 811-23440), as filed with the SEC via EDGAR Accession No. 0001193125-21-092969 on March 25, 2021.](https://www.sec.gov/Archives/edgar/data/1774342/000119312521092969/d60524dex99k4.htm) |
| &nbsp;&nbsp;k.5 | &nbsp;&nbsp;[Amended and Restated Schedule A, effective March 28, 2023, to the Transfer Agency and Service Agreement dated June 15, 2017 between the Registrant and ComputerShare Inc. and ComputerShare Trust Company, N.A. is incorporated herein by reference to Exhibit k.5 of Nuveen Select Tax-Free Income Portfolio's Registration Statement on Form N-2 (File Nos. 333-271575 and 811-06548), as filed with the SEC via EDGAR Accession No. 0001193125-23-132482 on May 2, 2023.](https://www.sec.gov/Archives/edgar/data/883618/000119312523132482/d501638dex99k5.htm) |

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------

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| | |
|:---|:---|
| &nbsp;&nbsp;k.6 | &nbsp;&nbsp;[Rule 12d1-4 Investment Agreement between River North Funds as Acquiring Funds and Nuveen CEFs as Acquired Funds, dated January 19, 2022, is incorporated herein by reference to Exhibit k.6 of Nuveen Select Tax-Free Income Portfolio's Registration Statement on Form N-2 (Files Nos. 333-271575 and 811-06548), as filed with the SEC via EDGAR Accession No. 0001193125-23-132482 on May 2, 2023.](https://www.sec.gov/Archives/edgar/data/883618/000119312523132482/d501638dex99k6.htm) |
| &nbsp;&nbsp;k.7 | &nbsp;&nbsp;[Amended and Restated Schedule A, effective June 30, 2023, to the Transfer Agency and Service Agreement dated June 15, 2017, between the Registrant and Computershare Inc. and Computershare Trust Company, N.A., is incorporated herein by reference to Exhibit (k)(6) of Nuveen California Quality Municipal Income Fund's Registration Statement on Form N-2 (File No. 333-289350 and 811-09161), as filed with the SEC via EDGAR Accession No. 0001999371-25-010856 on August 7, 2025.](https://www.sec.gov/Archives/edgar/data/1074952/000199937125010856/ex99-k6.htm) |
| &nbsp;&nbsp;k.8 | &nbsp;&nbsp;[Rule 12d1-4 Investment Agreement between First Trust CEF Income Opportunity ETF and Nuveen CEFs as Acquired Funds dated August 31, 2023 is incorporated herein by reference to Exhibit (k)(8) of Nuveen California Quality Municipal Income Fund's Registration Statement on Form N-2 (File No. 333-289350 and 811-09161), as filed with the SEC via EDGAR Accession No. 0001999371-25-010856 on August 7, 2025.](https://www.sec.gov/Archives/edgar/data/1074952/000199937125010856/ex99-k8.htm) |
| &nbsp;&nbsp;l.1 | &nbsp;&nbsp;[Opinion and Consent of Stradley Ronon Stevens & Young, LLP](ex99-l1.htm) is filed herewith. |
| &nbsp;&nbsp;l.2 | &nbsp;&nbsp;[Opinion and Consent of Dorsey & Whitney LLP](ex99-l2.htm) is filed herewith. |
| &nbsp;&nbsp;m. | &nbsp;&nbsp;Not applicable. |
| &nbsp;&nbsp;n.1 | &nbsp;&nbsp;[Consent of PricewaterhouseCoopers LLP, an independent registered public accounting firm](ex99-n1.htm), is filed herewith. |
| &nbsp;&nbsp;n.2 | &nbsp;&nbsp;[Consent of KPMG LLP, an independent registered public accounting firm](ex99-n2.htm), is filed herewith. |
| &nbsp;&nbsp;o. | &nbsp;&nbsp;Not applicable. |
| &nbsp;&nbsp;p. | &nbsp;&nbsp;Not applicable. |
| &nbsp;&nbsp;q. | &nbsp;&nbsp;Not applicable. |
| &nbsp;&nbsp;r.1 | &nbsp;&nbsp;[Code of Ethics and Reporting Requirements of Nuveen, as amended July 30, 2025, is incorporated by reference to Exhibit r.1 to the Nuveen Real Asset Income & Growth Fund's Registration Statement on Form N-2 (File Nos. 333-291585 and 811-22658) as filed with the SEC via EDGAR Accession No. 0001999371-26-001398 on January 21, 2026.](http://www.sec.gov/Archives/edgar/data/0001539337/000199937126001398/ex99-r1.htm) |
| &nbsp;&nbsp;r.2 | &nbsp;&nbsp;[Code of Ethics for the Independent Trustees of the Nuveen Funds and TIAA-CREF Funds, dated November 20, 2024, is incorporated by reference to Exhibit r.2 to the Nuveen Real Asset Income & Growth Fund's Registration Statement on Form N-2 (File Nos. 333-291585 and 811-22658) as filed with the SEC via EDGAR Accession No. 0001999371-26-001398 on January 21, 2026.](http://www.sec.gov/Archives/edgar/data/1539337/000199937126001398/ex99-r2.htm) |
| &nbsp;&nbsp;s. | &nbsp;&nbsp;[Calculation of Filing Fees Table is filed herewith.](ex99-s.htm) |
| &nbsp;&nbsp;t. | &nbsp;&nbsp;[Powers of Attorney are filed herewith.](ex99-t.htm) |

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------

**Item 26: Marketing Arrangements.** 

None.

**Item 27: Other Expenses of Issuance and Distribution** 

---

| | |
|:---|:---|
| Printing and Engraving Fees | $5000 |
| Legal Fees | $50000.0 |
| Accounting Fees | $7750.0 |
| Stock Exchange Listing Fees | $2500.0 |
| Securities and Exchange Commission Registration Fees | $27000.0 |
| Miscellaneous Fees | $2750.0 |
|  | $95000.0 |

---

**Item 28: Persons Controlled by or under Common Control.** 

Not applicable.

------

**Item 29: Number of Holders of Securities.** 

As of February 28, 2026:

---

| | |
|:---|:---|
| **Title of Class** | **Number of Record Holders** |
| Shares of Common Stock, $0.01 par value | 45455 |

---

**Item 30: Indemnification.** 

Article EIGHTH of the Registrant's Articles of Incorporation provides as follows: To the maximum extent permitted by the Minnesota Business Corporation Act, as from time to time amended, the Corporation shall indemnify its currently acting and its former directors, officers, employees and agents, and those persons who, at the request of the Corporation serve or have served another corporation, partnership, joint venture, trust or other enterprise in one or more such capacities. The indemnification provided for herein shall not be deemed exclusive of any other rights to which those seeking indemnification may otherwise be entitled.

Expenses (including attorneys' fees) incurred in defending a civil or criminal action, suit or proceeding (including costs connected with the preparation of a settlement) may be paid by the Corporation in advance of the final disposition of such action, suit or proceeding, if authorized by the Board of Directors in the specific case, upon receipt of an undertaking by or on behalf of the director, officer, employee or agent to repay that amount of the advance which exceeds the amount which it is ultimately determined that he is entitled to receive from the Corporation by reason of indemnification as authorized herein; provided, however, that prior to making any such advance at least one of the following conditions shall have been met: (1) the indemnitee shall provide a security for his undertaking, (2) the Corporation shall be insured against losses arising by reason of any lawful advances, or (3) a majority of a quorum of the disinterested, non-party directors of the Corporation, or an independent legal counsel in a written opinion, shall determine, based on a review of readily available facts, that there is reason to believe that the indemnitee ultimately will be found entitled to indemnification.

Nothing in these Articles of Incorporation or in the By-Laws shall be deemed to protect or provide indemnification to any director or officer of the Corporation against any liability to the Corporation or to its security holders to which he would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his office ("disabling conduct"), and the Corporation shall not indemnify any of its officers or directors against any liability to the Corporation or to its security holders unless a determination shall have been made in the manner provided hereafter that such liability has not arisen from such officer's or director's disabling conduct. A determination that an officer or director is entitled to indemnification shall have been properly made if it is based upon (1) a final decision on the merits by a court or other body before whom the proceeding was brought that the indemnitee was not liable by reason of disabling conduct or, (2) in the absence of such a decision, a reasonable determination, based upon a review of the facts, that the indemnitee was not liable by reason of disabling conduct, by (a) the vote of a majority of a quorum of directors who are neither "interested persons" of the Corporation as defined in the Investment Company Act of 1940 nor parties to the proceeding, or (b) an independent legal counsel in a written opinion.

The directors, trustees and officers of the Registrant are covered by Joint errors and omissions insurance policies against liability and expenses of claims of wrongful acts arising out of their position with the Registrant and other Nuveen funds, subject to such policies' coverage limits, exclusions and retention.

Insofar as indemnification for liability arising under the Securities Act of 1933 (the "1933 Act") may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or

------

otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the 1933 Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the 1933 Act and will be governed by the final adjudication of such issue.

**Item 31: Business and Other Connections of Investment Adviser and Sub-Adviser.** 

Nuveen Fund Advisors, LLC ("Nuveen Fund Advisors" or the "Adviser") manages the Registrant and serves as investment adviser or manager to other open-end and closed-end management investment companies and to separately managed accounts. The principal business address for all of these investment companies and the persons named below is 333 West Wacker Drive, Chicago, Illinois 60606.

A description of any other business, profession, vocation or employment of a substantial nature in which the directors and officers of Nuveen Fund Advisors who serve as officers or Trustees of the Registrant have engaged during the last two years for his or her account or in the capacity of director, officer, employee, partner or trustee appears under "Management of the Fund" in the Statement of Additional Information. Such information for the remaining senior officers appears below:

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| | |
|:---|:---|
| **Name and Position with Nuveen Fund Advisors** | **Other Business, Profession, Vocation or**<br> **Employment During Past Two Years** |
| Oluseun Salami, Executive Vice President and Chief Financial Officer | Senior Vice President (since 2020) NIS/R&T, Inc.; Senior Vice President and Chief Financial Officer (since 2020), Nuveen Alternative Advisors LLC Executive Vice President (since 2024) and Chief Financial Officer (since 2020), formerly, Senior Vice President (2020-2024), TIAA-CREF Asset Management LLC; formerly, Senior Vice President and Chief Financial Officer (2020-2023), Teachers Advisors, LLC and TIAA-CREF Investment Management, LLC; Executive Vice President (since 2022), formerly, Senior Vice President (2020-2022), and Chief Financial Officer (since 2020), Nuveen, LLC; Executive Vice President and Chief Financial Officer (since 2022), Nuveen Investments, Inc.; Executive Vice President (since 2021), formerly, Senior Vice President, Chief Financial Officer (2018-2021), Business Finance and Planning (2020) Chief Accounting Officer (2019-2020), Corporate Controller (2018-2020), Teachers Insurance and Annuity Association of America; Chief Financial Officer and Executive Vice President (since 2025), Brooklyn Artificial Intelligence, Inc. and Brooklyn Investment Group, LLC; formerly, Senior Vice President, Corporate Controller, College Retirement Equities Fund, TIAA Board of Overseers, TIAA Separate Account VA-1, TIAA-CREF Funds, TIAA-CREF Life Funds (2018-2020). |
| Kehinde Akibayo, Managing Director and Controller | Managing Director and Controller (since 2025) of NIS/R&T, Inc., Nuveen Asset Management, LLC, Nuveen Investments, Inc., Nuveen Securities, LLC, Nuveen, LLC, Teachers Advisors, LLC, TIAA-CREF Asset Management, LLC ,TIAA-CREF Investment Management, LLC, Brooklyn Artificial Intelligence, Inc. and Brooklyn Investment Group, LLC; Vice President and Controller (since 2025) of Winslow Capital Management, LLC and Nuveen Canada Company. |

---

---

| | |
|:---|:---|
| Nathaniel T. Jones, President | Senior Managing Director, Head of Public Product of Nuveen; has previously held various positions with Nuveen. |
| Erik Mogavero, Managing Director and Chief Compliance Officer | Formerly employed by Deutsche Bank (2013-2017) as Managing Director, Head of Asset Management and Wealth Management Compliance for the Americas region and Chief Compliance Officer of Deutsche Investment Management Americas. |

---

Nuveen Asset Management LLC ("Nuveen Asset Management") currently serves as sub-adviser to the Fund and as an investment adviser or sub-adviser to certain other open-end and closed-end funds and as investment adviser to separately managed accounts. The address for Nuveen Asset Management is 333 West Wacker Drive, Chicago, Illinois 60606. See "Investment Adviser, Sub-Adviser and Portfolio Managers" in Part B of the Registration Statement.

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Set forth below is a list of each director and officer of Nuveen Asset Management, indicating each business, profession, vocation or employment of a substantial nature in which such person has been, at any time during the past two fiscal years, engaged for his or her own account or in the capacity of director, officer, partner or trustee.

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| | |
|:---|:---|
| **Name and Position with Nuveen Asset Management** | **Other Business Profession, Vocation or**<br> **Employment During Past Two Years** |
| William T. Huffman, President | Chief Executive Officer and President (since 2024), formerly, Executive Vice President (2020-2024) of Nuveen, LLC; formerly, Executive Vice President (2020-2023) of Nuveen Securities, LLC; Chief Executive Officer (since 2025) and President (since 2020), Nuveen Investments, Inc., Teachers Advisors, LLC and TIAA-CREF Investment Management, LLC (since 2019); Senior Managing Director (since 2019) of Nuveen Alternative Advisors LLC; Senior Managing Director (since 2022) and Chairman (since 2019) of Churchill Asset Management LLC; Executive Vice President (since 2025), Brooklyn Artificial Intelligence, Inc. and Brooklyn Investment Group, LLC. |
| Stuart J. Cohen, Managing Director and Head of Legal | Managing Director and Assistant Secretary (since 2002) of Nuveen Securities, LLC; Managing Director (since 2007) and Assistant Secretary (since 2003) of Nuveen Fund Advisors, LLC; Managing Director, Associate General Counsel and Assistant Secretary (since 2023) of Nuveen Alternatives Investments, LLC and (since 2019) of Teachers Advisors, LLC; Managing Director, Assistant Secretary (since 2019) and Assistant General Counsel (since 2023), formerly, General Counsel (2019-2023) of TIAA-CREF Investment Management, LLC; Vice President and Assistant Secretary (since 2008) of Winslow Capital Management, LLC; Managing Director, Associate General Counsel and Assistant Secretary (since 2025), Brooklyn Artificial Intelligence, Inc. and Brooklyn Investment Group, LLC; formerly, Vice President (2007-2021) and Assistant Secretary (2003-2021) of NWQ Investment Management Company, LLC; formerly Vice President (2007-2021) and Assistant Secretary (2006-2021) of Santa Barbara Asset Management, LLC. |

---

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| | |
|:---|:---|
| Travis M. Pauley, Managing Director and Chief Compliance Officer | Managing Director (since 2025), Brooklyn Artificial Intelligence, Inc. and Brooklyn Investment Group, LLC; Managing Director (since 2023) Teachers Advisors, LLC and TIAA-CREF Investment Management, LLC; Regional Head of Compliance and Regulatory Legal (2013-2020) of AXA Investment Managers. |
| Kehinde Akibayo, Managing Director and Controller | Managing Director and Controller (since 2025) of NIS/R&T, Inc., Nuveen Fund Advisors, LLC, Nuveen Investments, Inc., Nuveen Securities, LLC, Nuveen, LLC, Teachers Advisors, LLC, TIAA-CREF Asset Management, LLC ,TIAA-CREF Investment Management, LLC, Brooklyn Artificial Intelligence, Inc. and Brooklyn Investment Group, LLC; Vice President and Controller (since 2025) of Winslow Capital Management, LLC and Nuveen Canada Company. |

---

------

**Item 32: Location of Accounts and Records.** 

Nuveen Fund Advisors, 333 West Wacker Drive, Chicago, Illinois 60606, maintains the Articles of Incorporation, By-Laws, minutes of the director and shareholder meetings, and contracts of the Registrant and all advisory material of the investment adviser. Nuveen Asset Management in its capacity as sub-adviser, may also hold certain accounts and records of the Fund.

State Street Bank and Trust Company, One Congress Street, Suite 1, Boston, Massachusetts 02114-2016, maintains all general and subsidiary ledgers, journals, trial balances, records of all portfolio purchases and sales, and all other required records not maintained by Nuveen Fund Advisors or Nuveen Asset Management.

**Item 33: Management Services.** 

Not applicable.

**Item 34: Undertakings.** 

1. Not applicable.

2. Not applicable.

3. The Registrant undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. that, for the purpose of determining any liability under the Securities Act, each post-effective amendment to this registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of those securities at that time shall be deemed to be the initial bona fide offering thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. to remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. that, for the purpose of determining liability under the Securities Act to any purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) if the Registrant is relying on Rule 430B:

(A) Each prospectus filed by the Registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part of and included in the registration statement; and

(B) Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (x), or (xi) for the purpose of providing the information required by Section 10(a) of the Securities Act shall be deemed to be part of and included in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date; or

(2) if the Registrant is subject to Rule 430C: each prospectus filed pursuant to Rule 424 under the Securities Act as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in this registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. that for the purpose of determining liability of the Registrant under the Securities Act to any purchaser in the initial distribution of securities:

The undersigned Registrant undertakes that in a primary offering of securities of the undersigned Registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned Registrant will be a seller to the purchaser and will be considered to offer or sell such securities to the purchaser:

(1) any preliminary prospectus or prospectus of the undersigned Registrant relating to the offering required to be filed pursuant to Rule 424 under the Securities Act;

(2) free writing prospectus relating to the offering prepared by or on behalf of the undersigned Registrant or used or referred to by the undersigned Registrants;

(3) the portion of any other free writing prospectus or advertisement pursuant to Rule 482 under the Securities Act relating to the offering containing material information about the undersigned Registrant or its securities provided by or on behalf of the undersigned Registrant; and

------

(4) any other communication that is an offer in the offering made by the undersigned Registrant to the purchaser.

4. The Registrant undertakes that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. for the purpose of determining any liability under the Securities Act, the information omitted from the form of prospectus filed as part of this Registration Statement in reliance upon Rule 430A and contained in a form of prospectus filed by the Registrant under Rule 424(b)(1) under the Securities Act shall be deemed to be part of this Registration Statement as of the time it was declared effective; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. for the purpose of determining any liability under the Securities Act, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of the securities at that time shall be deemed to be the initial bona fide offering thereof.

5. The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing of the Registrant's annual report pursuant to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 that is incorporated by reference into the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

6. Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

7. The Registrant undertakes to send by first class mail or other means designed to ensure equally prompt delivery, within two business days of receipt of a written or oral request, any prospectus or Statement of Additional Information.

------

**SIGNATURES** 

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in this City of Chicago, and State of Illinois, on the 27th day of March 2026.

---

| |
|:---|
|  NUVEEN MUNICIPAL VALUE FUND, INC. |
| /s/ MARK L. WINGET |
|  Mark L. Winget<br> Vice President and Secretary |

---

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed below by the following persons in the capacities and on the date indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ MARC CARDELLA | Vice President and Controller <br> (Principal Financial and Accounting Officer) | March 27, 2026 |
| Marc Cardella | Vice President and Controller <br> (Principal Financial and Accounting Officer) | March 27, 2026 |
| /s/ DAVID J. LAMB | Chief Administrative Officer <br> (Principal Executive Officer) | March 27, 2026 |
| David J. Lamb | Chief Administrative Officer <br> (Principal Executive Officer) | March 27, 2026 |
| Thomas J. Kenny\* | Director |  |
| Terence J. Toth\* | Director |  |
| Joseph A. Boateng\* | Director |  |
| Michael A. Forrester\* | Director |  |
| Amy B. R. Lancellotta\* | Director |  |
| Joanne T. Medero\* | Director |  |
| Albin F. Moschner\* | Director |  |
| John K. Nelson\* | Director |  |
| Loren M. Starr\* | Director |  |
| Matthew Thornton III\* | Director |  |
| Margaret L. Wolff\* | Director |  |
| Robert L. Young\* | Chair of the Board and Director |  |

---

---

| | |
|:---|:---|
| By\*: | /s/ MARK L. WINGET |
|  | Mark L. Winget |
|  | Attorney-in-Fact |
|  | March 27, 2026 |

---

------

\* The powers of attorney authorizing Mark L. Winget, among others, to execute this Registration Statement, and Amendments thereto, for the Directors of the Registrant on whose behalf this Registration Statement is filed herewith. 

------

**EXHIBIT INDEX** 

---

| | |
|:---|:---|
| **Exhibit No.** | **Exhibit** |
| g.1 | [Investment Management Agreement between the Registrant and Nuveen Asset Management](ex99-g1.htm) |
| g.3 | [Continuance and Amendment of Management Agreements between the Registrant and Nuveen Fund Advisors, LLC](ex99-g3.htm) |
| g.4 | [Investment Sub-Advisory Agreement between Nuveen Fund Advisors, LLC and Nuveen Asset Management, LLC](ex99-g4.htm) |
| l.1 | [Opinion and Consent of Stradley Ronon Stevens & Young, LLP](ex99-l1.htm) |
| l.2 | [Opinion and Consent of Dorsey & Whitney LLP](ex99-l2.htm) |
| n.1 | [Consent of PricewaterhouseCoopers LLP](ex99-n1.htm) |
| n.2 | [Consent of KPMG LLP](ex99-n2.htm) |
| s. | [Calculation of Filings Fees Table](ex99-s.htm) |
| t. | [Powers of Attorney](ex99-t.htm) |

---

## Ex-99.(G)(1)

[Nuveen Municipal Value Fund, Inc. N-2ASR](nuv-n2asr_032726.htm)

**Exhibit 99.(g)(1)**

<u>INVESTMENT MANAGEMENT_AGREEMENT</u>

AGREEMENT made this 1st day of October 2014, by and between Nuveen Municipal Value Fund, Inc. a Minnesota corporation (the "Fund"), and NUVEEN FUND ADVISORS, LLC, a Delaware limited liability company (the "Adviser").

WITNESSETH

In consideration of the mutual covenants hereinafter contained, it is hereby agreed by and between the parties hereto as follows:

1. The Fund hereby employs the Adviser to act as the investment adviser for, and to manage the investment and reinvestment of the assets of the Fund in accordance with the Fund's investment objective and policies and limitations, and to administer the Fund's affairs to the extent requested by and subject to the supervision of the Board of Trustees of the Fund for the period and upon the terms herein set forth. The investment of the Fund's assets shall be subject to the Fund's policies, restrictions and limitations with respect to securities investments as set forth in the Fund's then current registration statement under the Investment Company Act of 1940, and all applicable laws and the regulations of the Securities and Exchange Commission relating to the management of registered closed-end, diversified management investment companies.

The Adviser accepts such employment and agrees during such period to render such services, to furnish office facilities and equipment and clerical, bookkeeping and administrative services (other than such services, if any, provided by the Fund's transfer agent) for the Fund, to permit any of its officers or employees to serve without compensation as trustees or officers of the Fund if elected to such positions, and to assume the obligations herein set forth for the compensation herein provided. The Adviser shall, for all purposes herein provided, be deemed to be an independent contractor and, unless otherwise expressly provided or authorized, shall have no authority to act for nor represent the Fund in any way, nor otherwise be deemed an agent of the Fund.

2. For the services and facilities described in Section 1, the Fund will pay to the Adviser, at the end of each calendar month, an investment management fee equal to the sum of a Fund-Level Fee and a Complex-Level Fee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Fund Level Fee shall be computed by applying the following annual rate to the average total weekly net assets of the Fund:

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| | |
|:---|:---|
| **<u>Average Total Weekly Net Assets</u>** | **<u>Rate</u>** |
| For the first $500 million | .1500% |
| For the next $500 million | .1250% |
| For net assets of $1 billion and over | .1000% |

---

Plus 4.125% of the first $50 million of gross interest inoome (i.e. inoome other than gains from the sale of securities or gains realized from futures contracts), 4.00% of the next $50 million of gross interest income and 3.875% of gross interest income in excess of $100 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Complex-Level Fee for the Fund shall be computed by applying the Complex-Level Fee Rate, expressed as a daily equivalent, to the average daily managed assets of the Fund. The Complex-Level Fee Rate shall be determined based upon the total daily net assets of all Eligible Funds, as defined below (with such daily net assets to include - in the case of Eligible Funds whose advisory fees are calculated by reference to net assets that include net assets attributable to preferred stock issued by or borrowings by the Eligible Fund - such leveraging net assets), pursuant to the annual fee schedule shown below in this section, with the following exclusions (as adjusted, "Complex-Level Assets"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) in
 the case of Eligible Funds that invest in other Eligible Funds ("Funds of Funds"),
 that portion of the net assets of such Funds of Funds attributable to investments in such
 other Eligible Funds; and

ii) that portion of the net assets of each Eligible Fund comprising the daily "Fund Asset Limit Amount" (as defined below).

The Complex-Level Fee Rate shall be calculated in such a manner that it results in the effective rate at the specified Complex-Level Asset amounts shown in the following annual fee schedule:

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| | |
|:---|:---|
| **Complex-Level Asset**<br> Breakpoint Level<br> ($ million) | Effective Rate at Breakpoint <br>Level <br>(%) |
| *55000* | 0.2000 |
| 56000 | 0.1996 |
| **57000** | **0.1989** |
| 60000 | 0.1961 |
| 63000 | 0.1931 |
| 66000 | 0.1900 |
| 71000 | **0.1851** |
| 76000 | **0.1806** |
| 80000 | 0.1773 |
| 91000 | 0.1691 |
| 125000 | 0.1599 |
| 200000 | 0.1505 |
| 250000 | **0.1469** |
| 300000 | **0.1445** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. "Eligible Funds," for purposes of the Agreement, shall mean all Nuveen-branded closed-end and open-end registered investment companies organized in the United States. Any open-end or closed-end funds that subsequently become part of the Nuveen complex because either (a) Nuveen Investments, Inc. or its affiliates acquire the investment adviser to such funds (or the adviser's parent), or (b) Nuveen Investments, Inc. or its affiliates acquire the fund's adviser's rights under the management agreement for such fund (in either case, such acquisition an "Acquisition" and such fund an "Acquired Fund"), will be evaluated by both Nuveen management and the Nuveen Funds' Board, on a case-by-case basis, as to whether or not the assets of such Acquired Funds would be included in the Complex-Level Assets and, if so, whether there would be a basis for any adjustments to the complex-level breakpoint schedule and/or its application.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. The "Fund Asset Limit Amount" as of any calculation date shall for each Fund be equal to the lesser of (i) the Initial Fund Asset Limit Amount (defined below) and (ii) the Eligible Fund's current net assets. The "Initial Fund Asset Limit Amount" for an Eligible Fund shall be determined as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) In
 the case of Nuveen-branded Funds that qualified as Eligible Funds on or prior to June 30,
 20I0, as well as Eligible Funds launched thereafter that are not Acquired Funds, the Initial
 Fund Asset Limit Amount shall be equal to zero, except to extent that such Fund may later
 participate in a subsequent Fund consolidation as described in (iii) below.

ii) In the case of Acquired Funds, the Initial Fund Asset Limit Amount is equal to the product of (i) 1 minus the Aggregate Eligible Asset Percentage (defined below) and (ii) an Acquired Fund's net assets as of the effective date of such Fund's Acquisition.

iii) In the event of a consolidation or merger of one or more Eligible Funds, the Initial Fund Asset Limit Amount of the combined fund will be equal to the sum of the Initial Fund Asset Limit Amounts of each individual Eligible Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Following
 are additional definitions of terms used above:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) "Acquisition
 Assets'': With respect to an Acquisition, the aggregate net assets as of the effective date
 of such Acquisition of all Acquired Funds.

ii) "Aggregate Eligible Asset Amount": With respect to an Acquisition, that portion of the aggregate net assets of Acquired Funds as of the effective date of such Acquisition that is included in Complex-Level Assets. With respect to the series of First American Investment Funds, Inc. that became Acquired Funds as of January 1, 2011, the Aggregate Eligible Asset Amount is $2 billion.

iii) "Aggregate Eligible Asset Percentage": The ratio of the Aggregate Eligible Asset Amount to Acquisition Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. For the month and year in which this Agreement becomes effective, or terminates, there shall be an appropriate proration on the basis of the number of days that the Agreement shall have been in effect during the month and year, respectively. The services of the Adviser to the Fund under this Agreement are not to be deemed exclusive, and the Adviser shall be free to render similar services or other services to others so long as its services hereunder are not impaired thereby.

3. The Adviser shall arrange for officers or employees of the Adviser to serve, without compensation from the Fund, as directors, officers or agents of the Fund, if duJy elected or appointed to such positions, and subject to their individual consent and to any limitations imposed by law.

4. Subject to applicable statutes and regulations, it is understood that officers, directors, or agents of the Fund are, or may be, interested in the Adviser as officers, directors, agents, shareholders or otherwise, and that the officers, directors, shareholders and agents of the Adviser may be interested in the Fund otherwise than as directors, officers or agents.

5. The Adviser shall not be liable for any loss sustained by reason of the purchase, sale or retention of any security, whether or not such purchase, sale or retention shall have been based upon the investigation and research made by any other individual, firm or corporation, if such recommendation shall have been selected with due care and in good faith, except loss resulting from willful misfeasance, bad faith, or gross negligence on the part of the Adviser in the performance of its obligations and duties, or by reason of its reckless disregard of its obligations and duties under this Agreement.

6. The Adviser currently manages other investment accounts and funds, including those with investment objectives similar to the Fund, and reserves the right to manage other such accounts and funds in the future. Securities considered as investments for the Fund may also be appropriate for other investment accounts and funds that may be managed by the Adviser. Subject to applicable laws and regulations, the Adviser will attempt to allocate equitably portfolio transactions among the portfolios of its other investment accounts and funds purchasing securities whenever decisions are made to purchase or sell securities by the Fund and one or more of such other accounts or funds simultaneously. In making such allocations, the main factors to be considered by the Adviser will be the respective investment objectives of the Fund and such other accounts and funds, the relative size of portfolio holdings of the same or comparable securities, the availability of cash for investment by the Fund and such other accounts and funds, the size of investment commitments generally held by the Fund and such accounts and funds, and the opinions of the persons responsible for recommending investments to the Fund and such other accounts and funds.

7. This Agreement shall continue in effect until August 1, 2015, unless and until terminated by either party as hereinafter provided, and shall continue in force from year to year thereafter, but only as long as such continuance is specifically approved, at least annually, in the manner required by the Investment Company Act of 1940.

This Agreement shall automatically terminate in the event of its assignment, and may be terminated at any time without the payment of any penalty by the Fund or by the Adviser upon no less than sixty (60) days' written notice to the other party. The Fund may effect termination by action of the Board of Directors or by vote of a majority of the outstanding voting securities of the Fund, accompanied by appropriate notice.

This Agreement may be terminated, at any time, without the payment of any penalty, by the Board of Directors of the Fund, or by vote of a majority of the outstanding voting securities of the Fund, in the event that it shall have been established by a court of competent jurisdiction that the Adviser, or any officer or director of the Adviser, has taken any action which results in a breach of the covenants of the Adviser set forth herein.

Termination of this Agreement shall not affect the right of the Adviser to receive payments on any unpaid balance of the compensation, described in Section 2, earned prior to such termination.

8. If any provision of this Agreement shall be held or made invalid by a court decision, statute, rule, or otherwise, the remainder shall not be thereby affected.

9. Any notice under this Agreement shall be in writing, addressed and delivered or mailed, postage prepaid, to the other party at such address as such other party may designate for receipt of such notice.

IN WITNESS WHEREOF, the Fund and the Adviser have caused this Agreement to be executed on the day and year above written.

---

| | | | |
|:---|:---|:---|:---|
|  |  | NUVEEN MUNICIPAL VALUE FUND, INC. | NUVEEN MUNICIPAL VALUE FUND, INC. |
|  |  | by: | /s/ Kevin J. McCarthy |
|  |  |  | Vice President |
| Attest: | /s/ Mark L. Winget |  |  |
|  |  | NUVEEN FUND ADVISORS, LLC | NUVEEN FUND ADVISORS, LLC |
|  |  | by: | /s/ Gifford R. Zimmerman |
|  |  |  | Managing Director |
| Attest: | /s/ Mark L. Winget |  |  |

---

## Ex-99.(G)(3)

[Nuveen Municipal Value Fund, Inc. N-2ASR](nuv-n2asr_032726.htm)

**Exhibit 99.(g)(3)**

**<u>CONTINUANCE and AMENDMENT OF MANAGEMENT AGREEMENTS</u>**

Agreement made as of this 1st day of May 2024, by and between the entities listed on <u>Appendix A</u> (the "Funds") and Nuveen Fund Advisors, LLC, a Delaware limited liability company (the "Adviser"), to be effective May 1, 2024.

WITNESSETH THAT:

WHEREAS, the parties hereto are the contracting parties under each certain Investment Management Agreement (the "Agreements") pursuant to which the Adviser furnishes investment management and other services to each Fund; and

WHEREAS, the Agreements for all of the Funds except those listed in <u>Appendix B</u> hereto terminate on August 1, 2024, unless continued in the manner required by the Investment Company Act of 1940; and

WHEREAS, the Adviser and the Board of Directors/Trustees of the Funds have agreed to amend Schedule B of the Agreement for Nuveen Real Estate Securities Fund to lower the Fund's fund-level management fee rate as specified in <u>Appendix C</u> hereto; and

WHEREAS, the Adviser and the Board of Directors/Trustees have agreed to amend the description and calculation of the Complex-Level Fee (as defined in each relevant Fund's respective Agreement) as specified in <u>Appendix D</u> hereto; and

WHEREAS, the Board of Directors/Trustees, at meetings held April 18-19, 2024, have approved: (i) the continuance of each Agreement, except those for the Funds listed in <u>Appendix B</u> hereto, until May 1, 2025, in the manner required by the Investment Company Act of 1940, as amended; (ii) the amendments to Schedule B of the Agreement for Nuveen Real Estate Securities Fund as specified in <u>Appendix C</u> hereto; and (iii) the amendments to the Complex-Level Fee specified in <u>Appendix D</u> hereto.

NOW THEREFORE, in consideration of the mutual covenants contained in each Agreement the parties hereto do hereby continue and amend the Agreements as specified herein and ratify and confirm the Agreements, as amended, in all respects.

[Signature Page Follows]

IN WITNESS WHEREOF, each of the parties has caused this Agreement to be executed in its name and on its behalf by a duly authorized officer as of the day and year first above written.

---

| | | | |
|:---|:---|:---|:---|
|  |  | On behalf of the Nuveen Funds | On behalf of the Nuveen Funds |
|  |  | Listed on Appendix A | Listed on Appendix A |
|  |  | By: | /s/ Mark Czarniecki |
|  |  |  | Vice President |
| Attest: | /s/ Celeste Clayton |  |  |
|  |  | NUVEEN FUND ADVISORS, LLC | NUVEEN FUND ADVISORS, LLC |
|  |  | By: | /s/ John M. McCann |
|  |  |  | Managing Director |
| Attest: | /s/ Celeste Clayton |  |  |

---

**<u>Appendix A</u>**

**As of May 1, 2024**

**<u>NUVEEN OPEN-END MUTUAL FUNDS</u>**

**NUVEEN MUNICIPAL TRUST**

Nuveen All-American Municipal Bond Fund

Nuveen High Yield Municipal Bond Fund

Nuveen Intermediate Duration Municipal Bond Fund

Nuveen Limited Term Municipal Bond Fund

Nuveen Short Duration High Yield Municipal Bond Fund

Nuveen Strategic Municipal Opportunities Fund

**NUVEEN MULTISTATE TRUST I**

Nuveen Arizona Municipal Bond Fund

Nuveen Colorado Municipal Bond Fund

Nuveen Maryland Municipal Bond Fund

Nuveen New Mexico Municipal Bond Fund

Nuveen Pennsylvania Municipal Bond Fund

Nuveen Virginia Municipal Bond Fund

**NUVEEN MULTISTATE TRUST II**

Nuveen California Municipal Bond Fund

Nuveen California High Yield Municipal Bond Fund

Nuveen Connecticut Municipal Bond Fund

Nuveen Massachusetts Municipal Bond Fund

Nuveen New Jersey Municipal Bond Fund

Nuveen New York Municipal Bond Fund

**NUVEEN MULTISTATE TRUST III**

Nuveen Georgia Municipal Bond Fund

Nuveen Louisiana Municipal Bond Fund

Nuveen North Carolina Municipal Bond Fund

**NUVEEN MULTISTATE TRUST IV**

Nuveen Kansas Municipal Bond Fund

Nuveen Kentucky Municipal Bond Fund

Nuveen Michigan Municipal Bond Fund

Nuveen Missouri Municipal Bond Fund

Nuveen Ohio Municipal Bond Fund

Nuveen Wisconsin Municipal Bond Fund

**NUVEEN INVESTMENT TRUST**

Nuveen Global Equity Income Fund

Nuveen Large Cap Value Fund *name change to Nuveen Large Cap Value Opportunities Fund eff. 5/1/24*

Nuveen Multi Cap Value Fund

Nuveen Small/Mid Cap Value Fund

Nuveen Small Cap Value Opportunities Fund

**NUVEEN INVESTMENT TRUST II** 

Nuveen Equity Long/Short Fund

Nuveen International Value Fund

Nuveen Dividend Growth Fund

Nuveen Global Dividend Growth Fund

Nuveen International Dividend Growth Fund

Nuveen International Small Cap Fund

Nuveen Winslow Large-Cap Growth ESG Fund

**NUVEEN INVESTMENT TRUST III**

Nuveen Floating Rate Income Fund

Nuveen High Yield Income Fund

**NUVEEN INVESTMENT TRUST V**

Nuveen Global Real Estate Securities Fund

Nuveen Flexible Income Fund

Nuveen Preferred Securities and Income Fund

**NUVEEN MANAGED ACCOUNTS PORTFOLIOS TRUST**

Municipal Total Return Managed Accounts Portfolio

Nuveen Core Impact Bond Managed Accounts Portfolio

Nuveen Emerging Markets Debt Managed Accounts Portfolio

Nuveen High Yield Managed Accounts Portfolio

Nuveen Preferred Securities and Income Managed Accounts Portfolio

Nuveen Securitized Credit Managed Accounts Portfolio

Nuveen Ultra Short Municipal Managed Accounts Portfolio

**NUVEEN INVESTMENT FUNDS, INC.**

Nuveen Dividend Value Fund

Nuveen Global Infrastructure Fund

Nuveen Credit Income Fund

Nuveen Large Cap Select Fund

Nuveen Mid Cap Growth Opportunities Fund

Nuveen Mid Cap Value Fund *name change to Nuveen Mid Cap Value 1 Fund eff. 5/1/24*

Nuveen Minnesota Intermediate Municipal Bond Fund

Nuveen Minnesota Municipal Bond Fund

Nuveen Nebraska Municipal Bond Fund

Nuveen Oregon Intermediate Municipal Bond Fund

Nuveen Real Asset Income Fund

Nuveen Real Estate Securities Fund

Nuveen Short Term Municipal Bond Fund

Nuveen Small Cap Growth Opportunities Fund

Nuveen Small Cap Select Fund

Nuveen Small Cap Value Fund

Nuveen Strategic Income Fund

**<u>NUVEEN EXCHANGE-TRADED FUNDS</u>**

**NuSHARES ETF TRUST**

Nuveen Enhanced Yield U.S. Aggregate Bond ETF (NUAG)

Nuveen Short-Term REIT ETF (NURE)

Nuveen ESG Large-Cap Growth ETF (NULG)

Nuveen ESG Large-Cap Value ETF (NULV)

Nuveen ESG Mid-Cap Growth ETF (NUMG)

Nuveen ESG Mid-Cap Value ETF (NUMV)

Nuveen ESG Small-Cap ETF (NUSC)

Nuveen ESG 1-5 Year U.S. Aggregate Bond ETF (NUSA)

Nuveen ESG Emerging Markets Equity ETF (NUEM)

Nuveen ESG International Developed Markets Equity ETF (NUDM)

Nuveen ESG U.S. Aggregate Bond ETF (NUBD)

Nuveen ESG Large-Cap ETF (NULC)

Nuveen ESG High Yield Corporate Bond ETF (NUHY)

Nuveen Dividend Growth ETF (NDVG)

Nuveen Small Cap Select ETF (NSCS)

Nuveen Winslow Large-Cap Growth ESG ETF (NWLG)

Nuveen ESG Dividend ETF (NUDV)

Nuveen Growth Opportunities ETF (NUGO)

Nuveen Global Net Zero Transition ETF (NTZG)

Nuveen Core Plus Bond ETF (NCPB)

Nuveen Preferred and Income ETF (NPFI)

Nuveen Ultra Short Income ETF (NUSB)

Nuveen Sustainable Core ETF (NSCR)

**<u>NUVEEN CLOSED-END FUNDS</u>**

---

| | |
|:---|:---|
|  | **<u>TICKER SYMBOL</u>** |
| Nuveen Municipal Value Fund, Inc. | NUV |
| Nuveen California Municipal Value Fund | NCA |
| Nuveen New York Municipal Value Fund | NNY |
| Nuveen Municipal Income Fund, Inc. | NMI |
| Nuveen AMT-Free Municipal Value Fund | NUW |
| Nuveen Select Maturities Municipal Fund | NIM |
| Nuveen Select Tax-Free Income Portfolio | NXP |
| Nuveen California Select Tax-Free Income Portfolio | NXC |
| Nuveen New York Select Tax-Free Income Portfolio | NXN |
| Nuveen Real Estate Income Fund | JRS |
| Nuveen Preferred & Income Opportunities Fund | JPC |
| Nuveen Credit Strategies Income Fund | JQC |
| Nuveen S&P 500 Buy-Write Income Fund | BXMX |
| Nuveen S&P 500 Dynamic Overwrite Fund | SPXX |
| Nuveen Core Equity Alpha Fund | JCE |
| Nuveen Mortgage and Income Fund f/k/a Nuveen Mortgage Opportunity Term Fund | JLS |
| Nuveen Taxable Municipal Income Fund *f/k/a* Nuveen Build America Bond Fund (11/19/18) | NBB |
| Nuveen Real Asset Income and Growth Fund | JRI |
| Nuveen Preferred and Income Term Fund | JPI |
| Nuveen Multi-Market Income Fund | JMM |
| Nuveen Global High Income Fund | JGH |
| Nuveen Dow 30<sup>SM</sup> Dynamic Overwrite Fund | DIAX |
| Nuveen NASDAQ 100 Dynamic Overwrite Fund | QQQX |
| Nuveen Core Plus Impact Fund | NPCT |
| Nuveen Multi-Asset Income Fund | NMAI |
| Nuveen Variable Rate Preferred & Income Fund | NPFD |
| Nuveen Floating Rate Income Fund | JFR |
| Nuveen Pennsylvania Quality Municipal Income Fund | NQP |
| Nuveen Arizona Quality Municipal Income Fund | NAZ |
| Nuveen Massachusetts Quality Municipal Income Fund | NMT |
| Nuveen Virginia Quality Municipal Income Fund | NPV |

---

---

| | |
|:---|:---|
| Nuveen Missouri Quality Municipal Income Fund | NOM |
| Nuveen California Quality Municipal Income Fund | NAC |
| Nuveen New York Quality Municipal Income Fund | NAN |
| Nuveen Quality Municipal Income Fund | NAD |
| Nuveen New Jersey Quality Municipal Income Fund | NXJ |
| Nuveen Municipal Credit Income Fund | NZF |
| Nuveen AMT-Free Municipal Credit Income Fund | NVG |
| Nuveen AMT-Free Quality Municipal Income Fund | NEA |
| Nuveen California AMT-Free Quality Municipal Income Fund | NKX |
| Nuveen New York AMT-Free Quality Municipal Income Fund | NRK |
| Nuveen Municipal High Income Opportunity Fund | NMZ |
| Nuveen Minnesota Quality Municipal Income Fund | NMS |
| Nuveen Municipal Credit Opportunities Fund | NMCO |
| Nuveen Dynamic Municipal Opportunities Fund | NDMO |

---

**<u>NUVEEN INTERVAL FUND</u>**

Nuveen Enhanced High Yield Municipal Bond Fund

**<u>Appendix B</u>**

The Agreements for the following Funds have the effective date and initial term specified below and are not subject to continuance as of May 1, 2024.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;FUND | &nbsp;&nbsp;EFFECTIVE DATE | &nbsp;&nbsp;INITIAL TERM |
| &nbsp;&nbsp;Nuveen Core Plus Bond ETF (NCBP) | &nbsp;&nbsp;March 6, 2024 | &nbsp;&nbsp;Until August 1, 2025 |
| &nbsp;&nbsp;Nuveen Preferred and Income ETF (NPFI) | &nbsp;&nbsp;March 6, 2024 | &nbsp;&nbsp;Until August 1, 2025 |
| &nbsp;&nbsp;Nuveen Ultra Short Income ETF (NUSB) | &nbsp;&nbsp;March 6, 2024 | &nbsp;&nbsp;Until August 1, 2025 |
| &nbsp;&nbsp;Nuveen Sustainable Core ETF (NSCR) | &nbsp;&nbsp;March 6, 2024 | &nbsp;&nbsp;Until August 1, 2025 |
| &nbsp;&nbsp;Nuveen Ultra Short Municipal Managed Accounts Portfolio | &nbsp;&nbsp;February 29, 2024 | &nbsp;&nbsp;Until August 1, 2025 |

---

**<u>Appendix C</u>**

**Nuveen Investment Funds, Inc.<br> Management Agreement**

**Schedule B<br> Amended as of May 1, 2024**

The Fund-Level Fee for Nuveen Real Estate Securities Fund shall be computed by applying the following annual rate to the average total daily net assets of the Fund:

---

| | |
|:---|:---|
| &nbsp;&nbsp;<u>Average Total Daily Net Assets</u><br>| &nbsp;&nbsp;<u>Rate</u> |
|  | &nbsp;&nbsp;Nuveen Real Estate Securities Fund |
| &nbsp;&nbsp;For the first $125 million | &nbsp;&nbsp;0.6500% |
| &nbsp;&nbsp;For the next $125 million | &nbsp;&nbsp;0.6375% |
| &nbsp;&nbsp;For the next $250 million | &nbsp;&nbsp;0.6250% |
| &nbsp;&nbsp;For the next $500 million | &nbsp;&nbsp;0.6125% |
| &nbsp;&nbsp;For the next $1 billion | &nbsp;&nbsp;0.6000% |
| &nbsp;&nbsp;For the next $3 billion | &nbsp;&nbsp;0.5750% |
| &nbsp;&nbsp;For the next $2.5 billion | &nbsp;&nbsp;0.5500% |
| &nbsp;&nbsp;For the next $2.5 billion | &nbsp;&nbsp;0.5375% |
| &nbsp;&nbsp;Over $10 billion | &nbsp;&nbsp;0.5250% |

---

Except as provided herein, the terms and conditions contained in the Agreement shall remain in full force and effect. Capitalized terms herein that are not defined shall have the meanings ascribed to them in the Agreement.

**<u>Appendix D</u>**

MEMORIALIZATION OF CHANGES

TO THE COMPLEX-LEVEL FEE IN

NUVEEN OPEN-END AND CLOSED-END FUND

INVESTMENT MANAGEMENT AGREEMENTS

MEMORIALIZATION made as of this 1st day of May, 2024, by and between Nuveen Open-End, Interval and Closed-End Funds (excluding Nuveen Exchange-Traded Funds) listed on <u>Exhibit A</u> (the "Funds"), and Nuveen Fund Advisors, LLC, a Delaware limited liability company (the "Adviser").

<u>W I T N E S S E T H</u>

WHEREAS, each Investment Management Agreement between each of the Funds and the Adviser currently in effect includes, as a component of the management fee to be paid by each Fund to the Adviser, a Complex-Level Fee (capitalized terms not otherwise defined herein shall be as defined in each Fund's respective Investment Management Agreement);

WHEREAS, the Adviser and the Board of Directors/Trustees of each of the Funds (the "Board") have agreed to a revised Complex-Level Fee schedule and to include certain assets of the mutual funds overseen by the Board and advised by Teachers Advisors, LLC as Complex-Level Assets for purposes of calculating the Complex-Level Fee, which will have the effect of reducing the fees paid to the Adviser by the Funds.

NOW THEREFORE, the parties hereby memorialize that understanding by replacing the description of the Complex-Level Fee included in each Fund's Investment Management Agreement with the following:

The Complex-Level Fee for each Fund shall be computed by applying the Complex-Level Fee Rate to the average total daily net assets of the Fund if it is an open-end registered investment company or the average total daily managed assets of the Fund if it is a closed-end registered investment company. The Complex-Level Fee Rate shall be determined based upon the aggregate daily net assets of all Eligible Funds, as defined below (with such daily net assets to include — in the case of Eligible Funds whose advisory fees are calculated by reference to net assets that include net assets attributable to preferred stock issued by or borrowings by the Eligible Fund — such leveraging net assets) (such assets referred to as "Complex-Level Assets"), and shall be computed by applying the following annual rate to the average daily Complex-Level Assets:

---

| | |
|:---|:---|
| &nbsp;&nbsp;Complex-Level Asset | &nbsp;&nbsp;Complex-Level Fee Rate at Breakpoint |
| &nbsp;&nbsp;Breakpoint Level | &nbsp;&nbsp;Level |
| &nbsp;&nbsp;For the first $124.3 billion | &nbsp;&nbsp;0.1600% |
| &nbsp;&nbsp;For the next $75.7 billion | &nbsp;&nbsp;0.1350% |
| &nbsp;&nbsp;For the next $200 billion | &nbsp;&nbsp;0.1325% |
| &nbsp;&nbsp;For amounts over $400 billion | &nbsp;&nbsp;0.1300% |

---

Except as described below, "Eligible Funds," for purposes of the Agreement, shall mean all Nuveen-branded closed-end and open-end registered investment companies organized in the United States. Eligible Funds do not include Nuveen-branded exchange-traded open-end registered investment companies, Nuveen-branded open-end registered investment companies operating as funds-of-funds, Nuveen-branded open-end registered investment companies operating as money market funds, Nuveen-branded open-end registered investment companies operating as index funds, Nuveen Large Cap Responsible Equity Fund or Nuveen Life Large Cap Responsible Equity Fund. Eligible Funds include the active equity and fixed income Nuveen-branded open-end registered investment companies advised by Teachers Advisors, LLC (except those identified immediately above) (the "Eligible TAL-Advised Funds"); however, Complex-Level Assets will include only the specified percentage of the aggregate average daily net assets of the Eligible TAL-Advised Funds as of the dates noted in the following schedule:

---

| | |
|:---|:---|
| &nbsp;&nbsp;Effective Date | &nbsp;&nbsp;Percent of Eligible TAL-Advised Fund <br> Assets Included as Complex-Level Assets |
| &nbsp;&nbsp;May 1, 2024 | &nbsp;&nbsp;11.00% |
| &nbsp;&nbsp;May 1, 2025 | &nbsp;&nbsp;21.00% |
| &nbsp;&nbsp;May 1, 2026 | &nbsp;&nbsp;31.00% |
| &nbsp;&nbsp;May 1, 2027 | &nbsp;&nbsp;41.00% |
| &nbsp;&nbsp;May 1, 2028 | &nbsp;&nbsp;51.00% |
| &nbsp;&nbsp;May 1, 2029 | &nbsp;&nbsp;61.00% |
| &nbsp;&nbsp;May 1, 2030 | &nbsp;&nbsp;71.00% |
| &nbsp;&nbsp;May 1, 2031 | &nbsp;&nbsp;81.00% |
| &nbsp;&nbsp;May 1, 2032 | &nbsp;&nbsp;91.00% |
| &nbsp;&nbsp;May 1, 2033 | &nbsp;&nbsp;100.00% |

---

Any open-end or closed-end funds that subsequently become a Nuveen-branded fund because either (a) Nuveen, LLC or its affiliates acquire the investment adviser to such funds (or the adviser's parent), or (b) Nuveen, LLC or its affiliates acquire the fund's adviser's rights under the management agreement for such fund (in either case, such acquisition an "Acquisition" and such fund an "Acquired Fund"), will be evaluated by both Nuveen management and the Nuveen Funds' Board, on a case-by-case basis, as to whether or not the assets of such Acquired Funds would be included in Complex-Level Assets and, if so, whether there would be a basis for any adjustments to the complex-level breakpoint schedule and/or its application. Any such adjustments would be reflected in a future amendment to the Agreement.

IN WITNESS WHEREOF, each Fund and the Adviser have caused this Agreement to be executed as of the day and year above written.

---

| | | | |
|:---|:---|:---|:---|
|  |  | ALL NUVEEN FUNDS LISTED ON EXHIBIT A | ALL NUVEEN FUNDS LISTED ON EXHIBIT A |
|  |  | by: | /s/ Mark Czarniecki |
|  |  |  | Vice President |
| Attest: | /s/ Celeste Clayton |  |  |
|  |  | NUVEEN FUND ADVISORS, LLC | NUVEEN FUND ADVISORS, LLC |
|  |  | by: | /s/ John M. McCann |
|  |  |  | Managing Director |
| Attest: | /s/ Celeste Clayton |  |  |

---

<u>EXHIBIT A</u>

**As of May 1, 2024**

**<u>NUVEEN OPEN-END MUTUAL FUNDS</u>**

**NUVEEN MUNICIPAL TRUST**

Nuveen All-American Municipal Bond Fund

Nuveen High Yield Municipal Bond Fund

Nuveen Intermediate Duration Municipal Bond Fund

Nuveen Limited Term Municipal Bond Fund

Nuveen Short Duration High Yield Municipal Bond Fund

Nuveen Strategic Municipal Opportunities Fund

**NUVEEN MULTISTATE TRUST I**

Nuveen Arizona Municipal Bond Fund

Nuveen Colorado Municipal Bond Fund

Nuveen Maryland Municipal Bond Fund

Nuveen New Mexico Municipal Bond Fund

Nuveen Pennsylvania Municipal Bond Fund

Nuveen Virginia Municipal Bond Fund

**NUVEEN MULTISTATE TRUST II**

Nuveen California Municipal Bond Fund

Nuveen California High Yield Municipal Bond Fund

Nuveen Connecticut Municipal Bond Fund

Nuveen Massachusetts Municipal Bond Fund

Nuveen New Jersey Municipal Bond Fund

Nuveen New York Municipal Bond Fund

**NUVEEN MULTISTATE TRUST III**

Nuveen Georgia Municipal Bond Fund

Nuveen Louisiana Municipal Bond Fund

Nuveen North Carolina Municipal Bond Fund

**NUVEEN MULTISTATE TRUST IV**

Nuveen Kansas Municipal Bond Fund

Nuveen Kentucky Municipal Bond Fund

Nuveen Michigan Municipal Bond Fund

Nuveen Missouri Municipal Bond Fund

Nuveen Ohio Municipal Bond Fund

Nuveen Wisconsin Municipal Bond Fund

**NUVEEN INVESTMENT TRUST**

Nuveen Global Equity Income Fund

Nuveen Large Cap Value Fund *name change to Nuveen Large Cap Value Opportunities Fund eff. 5/1/24*

Nuveen Multi Cap Value Fund

Nuveen Small/Mid Cap Value Fund

Nuveen Small Cap Value Opportunities Fund

**NUVEEN INVESTMENT TRUST II** 

Nuveen Equity Long/Short Fund

Nuveen International Value Fund

Nuveen Dividend Growth Fund

Nuveen Global Dividend Growth Fund

Nuveen International Dividend Growth Fund

Nuveen International Small Cap Fund

Nuveen Winslow Large-Cap Growth ESG Fund

**NUVEEN INVESTMENT TRUST III**

Nuveen Floating Rate Income Fund

Nuveen High Yield Income Fund

**NUVEEN INVESTMENT TRUST V**

Nuveen Global Real Estate Securities Fund

Nuveen Flexible Income Fund

Nuveen Preferred Securities and Income Fund

**NUVEEN INVESTMENT FUNDS, INC.**

Nuveen Dividend Value Fund

Nuveen Global Infrastructure Fund

Nuveen Credit Income Fund

Nuveen Large Cap Select Fund

Nuveen Mid Cap Growth Opportunities Fund

Nuveen Mid Cap Value Fund *name change to Nuveen Mid Cap Value 1 Fund eff. 5/1/24*

Nuveen Minnesota Intermediate Municipal Bond Fund

Nuveen Minnesota Municipal Bond Fund

Nuveen Nebraska Municipal Bond Fund

Nuveen Oregon Intermediate Municipal Bond Fund

Nuveen Real Asset Income Fund

Nuveen Real Estate Securities Fund

Nuveen Short Term Municipal Bond Fund

Nuveen Small Cap Growth Opportunities Fund

Nuveen Small Cap Select Fund

Nuveen Small Cap Value Fund

Nuveen Strategic Income Fund

**<u>NUVEEN CLOSED-END FUNDS</u>**

---

| | |
|:---|:---|
|  | **<u>TICKER SYMBOL</u>** |
| Nuveen Municipal Value Fund, Inc. | NUV |
| Nuveen California Municipal Value Fund | NCA |
| Nuveen New York Municipal Value Fund | NNY |
| Nuveen Municipal Income Fund, Inc. | NMI |
| Nuveen AMT-Free Municipal Value Fund | NUW |
| Nuveen Select Maturities Municipal Fund | NIM |
| Nuveen Select Tax-Free Income Portfolio | NXP |
| Nuveen California Select Tax-Free Income Portfolio | NXC |
| Nuveen New York Select Tax-Free Income Portfolio | NXN |
| Nuveen Real Estate Income Fund | JRS |
| Nuveen Preferred & Income Opportunities Fund | JPC |
| Nuveen Credit Strategies Income Fund | JQC |
| Nuveen S&P 500 Buy-Write Income Fund | BXMX |
| Nuveen S&P 500 Dynamic Overwrite Fund | SPXX |
| Nuveen Core Equity Alpha Fund | JCE |

---

---

| | |
|:---|:---|
| Nuveen Mortgage and Income Fund f/k/a Nuveen Mortgage Opportunity Term Fund | JLS |
| Nuveen Taxable Municipal Income Fund *f/k/a* Nuveen Build America Bond Fund (11/19/18) | NBB |
| Nuveen Real Asset Income and Growth Fund | JRI |
| Nuveen Preferred and Income Term Fund | JPI |
| Nuveen Multi-Market Income Fund | JMM |
| Nuveen Global High Income Fund | JGH |
| Nuveen Dow 30<sup>SM</sup> Dynamic Overwrite Fund | DIAX |
| Nuveen NASDAQ 100 Dynamic Overwrite Fund | QQQX |
| Nuveen Core Plus Impact Fund | NPCT |
| Nuveen Multi-Asset Income Fund | NMAI |
| Nuveen Variable Rate Preferred & Income Fund | NPFD |
| Nuveen Floating Rate Income Fund | JFR |
| Nuveen Pennsylvania Quality Municipal Income Fund | NQP |
| Nuveen Arizona Quality Municipal Income Fund | NAZ |
| Nuveen Massachusetts Quality Municipal Income Fund | NMT |
| Nuveen Virginia Quality Municipal Income Fund | NPV |
| Nuveen Missouri Quality Municipal Income Fund | NOM |
| Nuveen California Quality Municipal Income Fund | NAC |
| Nuveen New York Quality Municipal Income Fund |  |
| Nuveen Quality Municipal Income Fund | NAD |
| Nuveen New Jersey Quality Municipal Income Fund | NXJ |
| Nuveen Municipal Credit Income Fund | NZF |
| Nuveen AMT-Free Municipal Credit Income Fund | NVG |
| Nuveen AMT-Free Quality Municipal Income Fund | NEA |
| Nuveen California AMT-Free Quality Municipal Income Fund | NKX |
| Nuveen New York AMT-Free Quality Municipal Income Fund | NRK |
| Nuveen Municipal High Income Opportunity Fund | NMZ |
| Nuveen Minnesota Quality Municipal Income Fund | NMS |
| Nuveen Municipal Credit Opportunities Fund | NMCO |
| Nuveen Dynamic Municipal Opportunities Fund | NDMO |

---

**<u>NUVEEN INTERVAL FUND</u>**

Nuveen Enhanced High Yield Municipal Bond Fund

## Ex-99.(G)(4)

[Nuveen Municipal Value Fund, Inc. N-2ASR](nuv-n2asr_032726.htm)

**Exhibit 99.(g)(4)**

 **INVESTMENT SUB-ADVISORY AGREEMENT**

**(Nuveen Closed-End Municipal Bond Funds)**

THIS AGREEMENT is made as of the 1st day of October 2014, between Nuveen Fund Advisors, LLC, a Delaware limited liability company (the "Advise"'), and Nuveen Asset Management, LLC a Delaware limited liability company (the "Sub-Adviser").

WHEREAS, the Adviser acts as the investment adviser for each of the closed-end management investment companies registered under the Investment Company Act of 1940, as amended (the "1940 Act") listed on Appendix A (each a "Fund" and collectively, the "Funds"), pursuant to investment advisory agreements between the Adviser and each Fund (the "Advisory Agreement");

WHEREAS, the Adviser desires to retain the Sub-Adviser to furnish investment advisory services for each Fund, upon the terms and conditions hereafter set forth;

NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants contained herein, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Appointment of Sub-Adviser</u>. The Adviser desires to engage and hereby appoints the Sub-Adviser to provide certain sub-investment advisory services to each Fund for the period and on the terms set forth in this Agreement. The Sub-Adviser accepts the appointment and agrees to furnish the services described herein for the compensation set forth below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Duties of Sub-Adviser</u>.

The Sub-Adviser is hereby employed and authorized to conduct a continual program of investment, evaluation and, if appropriate, sale and reinvestment of the assets in each Fund. In connection therewith, the Sub-Adviser will (a) make investment decisions for the Fund; (b) place purchase and sale orders for portfolio transactions in the Fund; (c) employ professional portfolio managers and securities analysts to provide research services relating to the Fund; (d) employ qualified personnel to assist in the supervision of the Fund's investment program and to monitor the level of risk incurred by the Fund in connection with its investment program; (e) provide input requested by the Adviser with respect to the possible forms and levels of leverage employed by the Fund, and help monitor the Fund's compliance with leverage limits imposed under the 1940 Act; (f) provide assistance in connection with determining dividend and distribution levels for the Fund and preparing and reviewing dividend and distribution notices to shareholders; and (g) discuss with the Adviser, and take into account, tax issues arising in connection with management of the Fund's portfolio. Subject to the supervision of each Fund's Board of Directors (the "Board") and the Adviser, the Sub-Adviser will manage the assets in each Fund in accordance with (a) the Fund's investment objective(s), policies and restrictions, to the extent the Sub-Adviser has been notified of such objectives, policies and restrictions, (b) the Charter Documents (as such term is defined below) of the Fund, to the extent that they have been provided to the Sub-Adviser, and (c) applicable laws and regulations.

The Adviser has furnished to the Sub-Adviser each Fund's compliance procedures pursuant to Rules l0f-3, 17a-7, and 17e-l under the 1940 Act (collectively, the "Compliance Procedures"), the Articles of Incorporation or Declaration of Trust and Bylaws of each Fund, each as amended to date (the "Charter Documents"), and each Fund's investment objective(s), policies and restrictions. The Adviser agrees, on an ongoing basis, to provide to the Sub-Adviser, as promptly as practicable, copies of all amendments and supplements to the Compliance Procedures, all amendments to the Charter Documents and all revisions to a Fund's investment objective(s), policies and restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Brokerage</u>. In selecting brokers or dealers to execute transactions on behalf of a Fund, the Sub-Adviser will seek the best overall terms available. In assessing the best overall terms available for any transaction, the Sub-Adviser will consider factors it deems relevant, including, without limitation, the breadth of the market in the security, the price of the security, the financial condition and execution capability of the broker or dealer and the reasonableness of the commission, if any, for the specific transaction and on a continuing basis. In selecting brokers or dealers to execute a particular transaction, and in evaluating the best overall terms available, the Sub-Adviser is authorized to consider brokerage and research services (within the meaning of Section 28(e) of the Securities Exchange Act of 1934, as amended). The Sub-Adviser will not execute any portfolio transactions with a broker or dealer which is an "affiliated person" (as defined in the 1940 Act) of the Sub-Adviser or the Adviser, except pursuant to the any 17e-1 Policies and Procedures for affiliated brokerage transactions that have been approved by Board for such Fund. The Adviser will provide the Sub-Adviser with a list of brokers and dealers that are "affiliated persons" of the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Proxy Voting</u>. The Sub-Adviser shall vote all proxies with respect to securities held in a Fund in accordance with the Sub-Adviser's proxy voting guidelines and procedures in effect from time to time. In the event material changes are made to such proxy voting guidelines, the Sub-Adviser agrees to provide the Adviser with a copy of the revised proxy voting guidelines. The Adviser agrees to instruct each Fund's custodian to forward all proxy materials and related shareholder communications to the Sub-Adviser promptly upon receipt. The Sub-Adviser agrees to promptly inform the Adviser and any Fund of any conflict of interest of which the Sub-Adviser is aware that the Sub-Adviser has in voting proxies with respect to securities held in such Fund. The Sub-Adviser shall not be liable with regard to voting of proxies or other corporate actions if the proxy materials and related communications are not received in a timely manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Information Provided to the Adviser</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Sub-Adviser will keep the Adviser informed of developments materially affecting any Fund and will, on its own initiative, furnish the Adviser from time to time with whatever information the Sub-Adviser believes is appropriate for this purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Sub-Adviser will confer with the Adviser as the Adviser may reasonably request regarding the investment and management of each Fund. The Sub-Adviser will not be required to advise the Adviser or act for the Adviser or any Fund in any legal proceedings, including bankruptcies or class actions, involving securities in any Fund or the issuers of the securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Sub-Adviser agrees to comply with all reporting requirements that the Board or the Adviser reasonably adopt and communicate to the Sub-Adviser in writing, including reporting requirements related to performance of any Fund, brokerage practices, and proxy voting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Sub-Adviser will monitor the pricing of portfolio securities, and events relating to the issuers of those securities and the markets in which the securities trade in the ordinary course of managing the portfolio securities of each Fund, and will notify the Adviser promptly of any issuer-specific or market events or other situations that occur that may materially impact the pricing of one or more securities in such Fund. In addition, upon the request of Adviser, the Sub-Adviser will assist the Adviser in evaluating the impact that such an event may have on the net asset value of a Fund and in determining a recommended fair value of the affected security or securities. Sub-Adviser shall not be liable for any valuation determined or adopted by any Fund, unless such determination is made based upon information provided by the Sub-Adviser that is materially incorrect or incomplete as a result of the Sub-Adviser's gross negligence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Sub-Adviser has provided the Adviser with a true and complete copy of its compliance policies and procedures that are reasonably designed to prevent violations of the "federal securities laws" (as such term is defined in Rule 38a-1 under the 1940 Act) and Rule 206(4)-7 under the Investment Advisers Act of 1940, as amended (the "Advisers Act") (the "Sub-Adviser Compliance Policies"). The Sub-Adviser's chief compliance officer (the "Sub-Adviser CCO") shall provide to the Fund's chief compliance officer (the "Fund CCO") or his or her delegate, promptly (and in no event more than 10 business days) after the occurrence of the triggering event, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a
 report of any material changes to the Sub-Adviser Compliance Policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a
 report of any "material compliance matters," as defined by Rule 38a-1 under the 1940 Act,
 that have occurred in connection with the Sub-Adviser Compliance Policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a copy of a summary of the Sub-Adviser CCO's report with respect to the annual review of the Sub-Adviser Compliance Policies pursuant to Rule 206(4)-7 under the Advisers Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) an annual (or more frequently as the Fund CCO may request) certification regarding the Sub-Adviser's compliance with Rule 206(4)-7 under the Advisers Act and Section 38a-1 under the 1940 Act as well as the foregoing sub-paragraphs (i) - (iii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Sub-Adviser will timely notify the Adviser of any material violations by the Sub-Adviser of a Fund's investment policies or restrictions or any applicable law or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Standard of Care</u>. The Sub-Adviser shall exercise its best judgment in rendering the services described in paragraphs 2, 3 and 4 above. The Sub-Adviser shall not be liable for any error of judgment or mistake of law or for any loss suffered by any Fund or the Adviser in connection with the matters to which this Agreement relates, except a loss resulting from willful misfeasance, bad faith or gross negligence on the Sub-Adviser's part in the performance of its duties or from reckless disregard by the Sub-Adviser of its obligations and duties under this Agreement (each such act or omission shall be referred to as "Disqualifying Conduct"). Neither the Sub-Adviser nor its members, partners, officers, employees and agents shall be liable to the Adviser, any Fund, any Fund's shareholders or any other person (a) for the acts, omissions, errors of judgment or mistakes of law of any other fiduciary or other person with respect to a Fund or (b) for any failure or delay in performance of the Sub-Adviser's obligations under this Agreement arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including, without limitation, acts of civil or military authority, national emergencies, labor difficulties, fire, mechanical breakdowns, flood or catastrophe, acts of God, insurrection, war, riots or failure of the mails, transportation, communication or power supply.

The Sub-Adviser does not guarantee the future performance of any Fund or any specific level of performance, the success of any investment decision or strategy that the Sub-Adviser may use, or the success of the Sub-Adviser's overall management of a Fund. The Adviser understands that investment decisions made for a Fund by the Sub-Adviser are subject to various market, currency, economic, political and business risks, and that those investment decisions will not always be profitable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Compensation</u>. In consideration of the services rendered pursuant to this Agreement, the Adviser will pay the Sub-Adviser on the fifth business day of each month a fee equal to the percentage allocation of the fees (net of applicable breakpoints, waivers and reimbursements) paid by each Fund to the Adviser under the Advisory Agreement for such Fund as set forth in Appendix A. The fee for the period from the date of this Agreement to the end of the calendar month shall be prorated according to the proportion that such period bears to the full monthly period. Upon any termination of this Agreement before the end of a month, the fee for such part of that month shall be prorated according to the proportion that such period bears to the full monthly period and shall be payable upon the date of termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Expenses</u>. The Sub-Adviser will bear all of its expenses in connection with the performance of its services under this Agreement. All other expenses to be incurred in the operation of a Fund will be borne by such Fund, except to the extent specifically assumed by the Adviser or Sub-Adviser. The expenses to be borne by a Fund include, by way of example, but not by way of limitation, (a) brokerage and commission expenses; (b) Federal, state, local and foreign taxes, including issue and transfer taxes incurred by or levied on the Fund; (c) interest charges on borrowings; (d) the Fund's organizational and offering expenses; (e) fees and expenses of registering the Fund's shares under the appropriate Federal securities laws and qualifying the Fund's shares under applicable state securities laws; (f) fees and expenses of listing and maintaining the listing of the Fund's shares on the principal securities exchanges where listed, or, if the Fund's shares are not so listed, fees and expenses of listing and maintaining the quotation of the Fund's shares on the principal securities market where traded; (g) expenses of printing and distributing reports to shareholders; (h) expenses of shareholders' meetings and proxy solicitation; (i) charges and expenses of the Fund's administrator, custodian and registrar, transfer agent and dividend disbursing agent; G) compensation of the Fund's officers, directors and employees that are not affiliated persons or interested persons (as defined in Section 2(a)(19) of the 1940 Act and the rules, regulations and releases relating thereto) of the Adviser or Sub-Adviser; (k) legal and auditing expenses; (1) cost of certificates representing shares of the Fund; (m) costs of stationery and supplies; (n) insurance expenses; and (o) association membership dues.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Services to Other Companies or Accounts</u>. The Adviser understands that the Sub-Adviser now acts, will continue to act and may act in the future as investment adviser to fiduciary and other managed accounts and as investment adviser to other investment companies, and the Adviser has no objection to the Sub-Adviser so acting, provided that whenever a Fund and one or more other accounts or investment companies advised by the Sub-Adviser have available funds for investment, investments suitable and appropriate for each will be allocated in accordance with a methodology believed to be equitable to each entity. The Sub-Adviser agrees to similarly allocate opportunities to sell securities. The Adviser recognizes that, in some cases, this procedure may limit the size of the position that may be acquired or sold for a Fund. In addition, the Adviser understands that the persons employed by the Sub-Adviser to assist in the performance of the Sub-Adviser's duties hereunder will not devote their full time to such service and nothing contained herein shall be deemed to limit or restrict the right of the Sub-Adviser or any affiliate of the Sub-Adviser to engage in and devote time and attention to other business or to render services of whatever kind or nature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Books and Records</u>. In compliance with the requirements of Rule 3 la-3 under the 1940 Act, the Sub-Adviser hereby agrees that all records which it specifically maintains for a Fund are the property of the Fund and further agrees to surrender promptly to the Fund copies of any of such records upon the Fund's or the Adviser's request. The Sub-Adviser further agrees to preserve for the periods prescribed by Rule 31a-2 under the 1940 Act the records relating to its activities hereunder required to be maintained by Rule 31a-1 under the 1940 Act and to preserve the records relating to its activities hereunder required by Rule 204-2 under the Advisers Act for the period specified in said Rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Term of Agreement</u>. Unless sooner terminated, as to each Fund, this Agreement shall become effective on such date and shall continue in effect for each Fund until such date specified in Appendix A. Thereafter, this Agreement shall continue automatically for successive annual periods, provided such continuance is specifically approved at least annually by the Board of each Fund in the manner required by the 1940 Act. This Agreement is terminable, without penalty, on 60 days' written notice (the date of termination may be less than 60 days after the written notice of termination so long as the duration of the notice period is agreed upon by the Adviser and Sub-Adviser) by the Adviser, by a Fund's Board, by vote of a majority of a Fund's outstanding voting securities, or by the Sub-Adviser, and will immediately terminate upon termination of the Advisory Agreement with respect to a Fund. This Agreement also will terminate automatically in the event of its assignment (as defined in the 1940 Act). Any termination of this Agreement with respect to a Fund or Funds will not result in the termination of this Agreement with respect to any other Fund or Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Trade Settlement at Termination</u>. Termination will be without prejudice to the completion of any transaction already initiated. On, or after, the effective date of termination, the Sub-Adviser shall be entitled, without prior notice to the Adviser or a Fund, to direct the Fund's custodian to retain and/or realize any assets of the Fund as may be required to settle transactions already initiated. Following the date of effective termination, any new transactions will only be executed by mutual agreement between the Adviser and the Sub-Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Indemnification</u>. (a) The Adviser agrees to indemnify and hold harmless the Sub-Adviser and its members, partners, officers, employees, agents, successors and assigns (each a "Sub-Adviser Indemnified Person") from and against any and all claims, losses, liabilities or damages (including reasonable attorneys' fees and other related expenses) to which any Sub-Adviser Indemnified Person may become subject as a result of the Adviser's material breach of this Agreement or as a result of the Adviser's willful misfeasance, bad faith, gross negligence or reckless disregard of its obligations and duties hereunder or violation of applicable law; <u>provided</u>, <u>however</u>, that no Sub-Adviser Indemnified Person shall be indemnified for any claim, loss, liability or damage that may be sustained as a result of the Sub-Adviser's Disqualifying Conduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Sub-Adviser agrees to indemnify and hold harmless the Adviser and any Fund and their respective shareholders, members, partners, directors, officers, employees, agents, successors and assigns (each an "Adviser Indemnified Person") from and against any and all claims, losses, liabilities or damages (including reasonable attorney's fees and other related expenses) to which any Adviser Indemnified Person may become subject as a result of the Sub-Adviser's material breach of this Agreement or as a result of the Sub-Adviser's willful misfeasance, bad faith, gross negligence or reckless disregard of its obligations and duties hereunder or violation of applicable law; <u>provided</u>, <u>however</u>, that no Adviser Indemnified Person shall be indemnified for any claim, loss, liability or damage that may be sustained as a result of the Adviser's Disqualifying Conduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Delegation to Third Parties</u>. Except where prohibited by applicable law or regulation, the Sub-Adviser may delegate or may employ a third party to perform any accounting, administrative, reporting and ancillary services required to enable the Sub-Adviser to perform its functions under this Agreement. Notwithstanding any other provision of the Agreement, the Sub-Adviser may provide information about the Adviser and any Fund to any such third party for the purposes of this paragraph, provided that the third party is subject to a confidentiality agreement that specifically prevents the misuse of any such information, including portfolio holdings. The Sub-Adviser will act in good faith and with due diligence in the selection, use and monitoring of third parties and shall be solely responsible for any loss, mistake, gross negligence or misconduct caused by such third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Disclosure</u>. (a) Neither the Adviser, on its own behalf or on behalf of any Fund, or the Sub-Adviser shall disclose information of a confidential nature acquired in consequence of this Agreement, except for information that they may be entitled or bound to disclose by law, regulation or that is disclosed to their advisors where reasonably necessary for the performance of their professional services or, in the case of the Sub-Adviser, as permitted in accordance with Section 14 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the provisions of Subsection 15(a), to the extent that any market counterparty with whom the Sub-Adviser deals requires information relating to any Fund (including, but not limited to, the identity of the Adviser or the Fund and market value of the Fund), the Sub-Adviser shall be permitted to disclose such information to the extent necessary to effect transactions on behalf of a Fund in accordance with the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding the provisions of Subsections 15(a) and 15(b), the Sub-Adviser acknowledges that the Adviser and each Fund intend to rely on Rule l7a-7, Rule l7a-10, Rule 10f-3, Rule 12d3-1 and Rule 17e-1 under the 1940 Act, and the Sub-Adviser hereby agrees that it shall not consult with any other sub-adviser to a fund under common control with a Fund with respect to transactions for a Fund in securities or other assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Instructions to Custodian</u>. The Sub-Adviser shall have authority to issue to each Fund's custodian such instructions as it may consider appropriate in connection with the settlement of any transaction relating to a Fund that it has initiated. The Adviser shall ensure that each Fund's custodian is obliged to comply with any instructions of the Sub-Adviser given in accordance with this Agreement. The Sub-Adviser will not be responsible for supervising a Fund's custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Representations and Warranties</u>. (a) The Adviser represents and warrants to the Sub-Adviser that the Adviser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) has full power and authority to appoint the Sub-Adviser to manage a Fund in accordance with the terms of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) this Agreement is valid and has been duly authorized by appropriate action of the Adviser, the Board of each Fund and each Fund's shareholders, does not violate any obligation by which the Adviser is bound, and when so executed and delivered, will be binding upon the Adviser in accordance with its terms subject to applicable bankruptcy, insolvency, reorganization or similar laws affecting creditors' rights generally and general principles of equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Toe
 Sub-Adviser represents and warrants to the Adviser that the Sub-Adviser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is registered as an "investment adviser" under the Advisers Act and will continue to be so registered for so long as this Agreement remains in effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is not currently the subject of, and has not been the subject of during the last three (3) years, any enforcement action by a regulator, except as previously disclosed to the Adviser; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) maintains insurance coverage in an appropriate amount and shall upon request provide to the Adviser any information it may reasonably require concerning the amount of or scope of such insurance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Notices</u>. All notices provided for by this Agreement shall be in writing and shall be deemed given when received, against appropriate receipt, by the General Counsel of the Adviser or Sub-Adviser, as the case may be, or such other person as a party shall designate by notice to the other parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Amendment</u>. This Agreement may be amended at any time, but only by written agreement between the Adviser and the Sub-Adviser, which amendment must be approved by the Board of each affected Fund in the manner required by the 1940 Act. Notwithstanding the foregoing and subject to approval by the Board of a new Fund in the manner required by the 1940 Act, this Agreement may be amended at any time to add additional Funds to Appendix A and the compensation to the Sub-Adviser for such additional Funds to Appendix B, such mutual agreement between the Adviser and the Sub-Adviser to be evidenced by a revised Appendix A and Appendix B and performance of each parties obligations hereunder with respect to such new Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Entire Agreement</u>. This Agreement constitutes the entire agreement among the parties hereto and supersedes any prior agreement among the parties relating to the subject matter hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Severability</u>. If any provision of this Agreement will be held or made invalid by a court decision, statute, rule or otherwise, the remainder of this Agreement will not be affected thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Headings</u>. The paragraph headings of this Agreement are for convenience of reference and do not constitute a part hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Governing Law</u>. This Agreement shall be governed in accordance with the internal laws of the State of Illinois, without giving effect to principles of conflict of laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Use of Sub-Adviser's Name</u>. The Adviser shall furnish to the Sub-Adviser all prospectuses, proxy statements, reports to shareholders, sales literature or other material prepared for distribution which refers to the Sub-Adviser by name prior to the use thereof. The Adviser shall not use or cause any Fund to use any such materials if the Sub-Adviser reasonably objects to such use. This paragraph shall survive the termination of this Agreement.

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their respective duly authorized representatives as of the date first written above.

---

| | |
|:---|:---|
| Nuveen Fund Advisors, LLC | Nuveen Fund Advisors, LLC |
| By: | /s/ Kevin J. McCarthy |
| Name: | Kevin J. McCarthy |
| Title: | Managing Director |
| Nuveen Asset Management, LLC | Nuveen Asset Management, LLC |
| By: | /s/ Gifford R. Zimmerman |
| Name: | Gifford R. Zimmerman |
| Title: | Managing Director |

---

**APPENDIX A**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Nuveen Closed-End Municipal Bond Funds** | &nbsp;&nbsp;% **Allocation of Management Fee (net of applicable breakpoints, waivers and reimbursements** | &nbsp;&nbsp;**Effective Date** | &nbsp;&nbsp;**Period End** |
| &nbsp;&nbsp;Nuveen AMT-Free Municipal Income Fund (NEA) | &nbsp;&nbsp;38.4615% | &nbsp;&nbsp;10/1/2014 | &nbsp;&nbsp;8/1/2015 |
| &nbsp;&nbsp;Nuveen AMT-Free Municipal Value Fund (NUW) | &nbsp;&nbsp;41.6667% | &nbsp;&nbsp;10/1/2014 | &nbsp;&nbsp;8/1/2015 |
| &nbsp;&nbsp;Nuveen Arizona Premium Income Municipal Fund (NAZ) | &nbsp;&nbsp;38.4615% | &nbsp;&nbsp;10/1/2014 | &nbsp;&nbsp;8/1/2015 |
| &nbsp;&nbsp;Nuveen California AMT-Free Municipal Income Fund (NKX) | &nbsp;&nbsp;38.4615% | &nbsp;&nbsp;10/1/2014 | &nbsp;&nbsp;8/1/2015 |
| &nbsp;&nbsp;Nuveen California Dividend Advantage Municipal Fund (NAC) | &nbsp;&nbsp;38.4615% | &nbsp;&nbsp;10/1/2014 | &nbsp;&nbsp;8/1/2015 |
| &nbsp;&nbsp;Nuveen California Dividend Advantage Municipal Fund 2 (NVX) | &nbsp;&nbsp;38.4615% | &nbsp;&nbsp;10/1/2014 | &nbsp;&nbsp;8/1/2015 |
| &nbsp;&nbsp;Nuveen California Dividend Advantage Municipal Fund 3 (NZH) | &nbsp;&nbsp;38.4615% | &nbsp;&nbsp;10/1/2014 | &nbsp;&nbsp;8/1/2015 |
| &nbsp;&nbsp;Nuveen California Municipal Value Fund 2 (NCB) | &nbsp;&nbsp;41.6667% | &nbsp;&nbsp;10/1/2014 | &nbsp;&nbsp;8/1/2015 |
| &nbsp;&nbsp;Nuveen California Municipal Value Fund, Inc. (NCAX)(\*) | &nbsp;&nbsp;71.4286% | &nbsp;&nbsp;10/1/2014 | &nbsp;&nbsp;8/1/2015 |
| &nbsp;&nbsp;Nuveen California Select Tax-Free Income Portfolio (NXC) | &nbsp;&nbsp;42.8571% | &nbsp;&nbsp;10/1/2014 | &nbsp;&nbsp;8/1/2015 |
| &nbsp;&nbsp;Nuveen Connecticut Premium Income Municipal Fund (NTC) | &nbsp;&nbsp;38.4615% | &nbsp;&nbsp;10/1/2014 | &nbsp;&nbsp;8/1/2015 |
| &nbsp;&nbsp;Nuveen Dividend Advantage Municipal Fund (NAO) | &nbsp;&nbsp;38.4615% | &nbsp;&nbsp;10/1/2014 | &nbsp;&nbsp;8/1/2015 |
| &nbsp;&nbsp;Nuveen Dividend Advantage Municipal Fund 2 (NXZ) | &nbsp;&nbsp;38.4615% | &nbsp;&nbsp;10/1/2014 | &nbsp;&nbsp;8/1/2015 |
| &nbsp;&nbsp;Nuveen Dividend Advantage Municipal Fund 3 (NZF) | &nbsp;&nbsp;38.4615% | &nbsp;&nbsp;10/1/2014 | &nbsp;&nbsp;8/1/2015 |
| &nbsp;&nbsp;Nuveen Dividend Advantage Municipal Income Fund (NVG) | &nbsp;&nbsp;38.4615% | &nbsp;&nbsp;10/1/2014 | &nbsp;&nbsp;8/1/2015 |
| &nbsp;&nbsp;Nuveen Enhanced Municipal Value Fund (NEV) | &nbsp;&nbsp;38.4615% | &nbsp;&nbsp;10/1/2014 | &nbsp;&nbsp;8/1/2015 |
| &nbsp;&nbsp;Nuveen Georgia Dividend Advantage Municipal Fund 2 (NKG) | &nbsp;&nbsp;38.4615% | &nbsp;&nbsp;10/1/2014 | &nbsp;&nbsp;8/1/2015 |
| &nbsp;&nbsp;Nuveen Intermediate Duration Municipal Tenn Fund (NID) | &nbsp;&nbsp;50.0000% | &nbsp;&nbsp;10/1/2014 | &nbsp;&nbsp;8/1/2015 |
| &nbsp;&nbsp;Nuveen Intermediate Duration Quality Municipal Tenn Fund (NIQ) | &nbsp;&nbsp;50.0000% | &nbsp;&nbsp;10/1/2014 | &nbsp;&nbsp;8/1/2015 |
| &nbsp;&nbsp;Nuveen Investment Quality Municipal Fund, Inc. (NQM) | &nbsp;&nbsp;38.4615% | &nbsp;&nbsp;10/1/2014 | &nbsp;&nbsp;8/1/2015 |
| &nbsp;&nbsp;Nuveen Maryland Premium Income Municipal Fund (NMY) | &nbsp;&nbsp;38.4615% | &nbsp;&nbsp;10/1/2014 | &nbsp;&nbsp;8/1/2015 |
| &nbsp;&nbsp;Nuveen Massachusetts Premium Income Municipal Fund (NMT) | &nbsp;&nbsp;38.4615% | &nbsp;&nbsp;10/1/2014 | &nbsp;&nbsp;8/1/2015 |
| &nbsp;&nbsp;Nuveen Michigan Quality Income Municipal Fund (NUM) | &nbsp;&nbsp;38.4615% | &nbsp;&nbsp;10/1/2014 | &nbsp;&nbsp;8/1/2015 |
| &nbsp;&nbsp;Nuveen Missouri Premium Income Municipal Fund (NOM) | &nbsp;&nbsp;38.4615% | &nbsp;&nbsp;10/1/2014 | &nbsp;&nbsp;8/1/2015 |
| &nbsp;&nbsp;Nuveen Municipal Advantage Fund, Inc. (NMA) | &nbsp;&nbsp;38.4615% | &nbsp;&nbsp;10/1/2014 | &nbsp;&nbsp;8/1/2015 |
| &nbsp;&nbsp;Nuveen Municipal High Income Opportunity Fund (NMZ) | &nbsp;&nbsp;46.6667% | &nbsp;&nbsp;10/1/2014 | &nbsp;&nbsp;8/1/2015 |
| &nbsp;&nbsp;Nuveen Municipal Income Fund, Inc. (NMI)(\*) | &nbsp;&nbsp;71.4286% | &nbsp;&nbsp;10/1/2014 | &nbsp;&nbsp;8/1/2015 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Nuveen Municipal Market Opportunity Fund, Inc. (NMO) | &nbsp;&nbsp;38.4615% | &nbsp;&nbsp;10/1/2014 | &nbsp;&nbsp;8/1/2015 |
| &nbsp;&nbsp;Nuveen Municipal Opportunity Fund, Inc. (NIO) | &nbsp;&nbsp;38.4615% | &nbsp;&nbsp;10/1/2014 | &nbsp;&nbsp;8/1/2015 |
| &nbsp;&nbsp;Nuveen Municipal Value Fund, Inc. (NUV)(\*) | &nbsp;&nbsp;71.4286% | &nbsp;&nbsp;10/1/2014 | &nbsp;&nbsp;8/1/2015 |
| &nbsp;&nbsp;Nuveen New Jersey Dividend Advantage Municipal Fund (NXJ) | &nbsp;&nbsp;38.4615% | &nbsp;&nbsp;10/1/2014 | &nbsp;&nbsp;8/1/2015 |
| &nbsp;&nbsp;Nuveen New Jersey Dividend Advantage Municipal Fund 2 (NUJ) | &nbsp;&nbsp;38.4615% | &nbsp;&nbsp;10/1/2014 | &nbsp;&nbsp;8/1/2015 |
| &nbsp;&nbsp;Nuveen New Jersey Investment Quality Municipal Fund, Inc. (NQJ) | &nbsp;&nbsp;38.4615% | &nbsp;&nbsp;10/1/2014 | &nbsp;&nbsp;8/1/2015 |
| &nbsp;&nbsp;Nuveen New Jersey Municipal Value Fund (NJV) | &nbsp;&nbsp;41.6667% | &nbsp;&nbsp;10/1/2014 | &nbsp;&nbsp;8/1/2015 |
| &nbsp;&nbsp;Nuveen New Jersey Premium Income Municipal Fund, Inc. (NNJ) | &nbsp;&nbsp;38.4615% | &nbsp;&nbsp;10/1/2014 | &nbsp;&nbsp;8/1/2015 |
| &nbsp;&nbsp;Nuveen New York AMT-Free Municipal Income Fund (NRK) | &nbsp;&nbsp;38.4615% | &nbsp;&nbsp;10/1/2014 | &nbsp;&nbsp;8/1/2015 |
| &nbsp;&nbsp;Nuveen New York Dividend Advantage Municipal Fund (NAN) | &nbsp;&nbsp;38.4615% | &nbsp;&nbsp;10/1/2014 | &nbsp;&nbsp;8/1/2015 |
| &nbsp;&nbsp;Nuveen New York Dividend Advantage Municipal Fund 2 (NXK) | &nbsp;&nbsp;38.4615% | &nbsp;&nbsp;10/1/2014 | &nbsp;&nbsp;8/1/2015 |
| &nbsp;&nbsp;Nuveen New York Municipal Value Fund 2 (NYV) | &nbsp;&nbsp;41.6667% | &nbsp;&nbsp;10/1/2014 | &nbsp;&nbsp;8/1/2015 |
| &nbsp;&nbsp;Nuveen New York Municipal Value Fund, Inc. (NNY)(\*) | &nbsp;&nbsp;71.4286% | &nbsp;&nbsp;10/1/2014 | &nbsp;&nbsp;8/1/2015 |
| &nbsp;&nbsp;Nuveen New York Performance Plus Municipal Fund, Inc. (NNP) | &nbsp;&nbsp;38.4615% | &nbsp;&nbsp;10/1/2014 | &nbsp;&nbsp;8/1/2015 |
| &nbsp;&nbsp;Nuveen New York Select Tax-Free Income Portfolio (NXN) | &nbsp;&nbsp;42.8571% | &nbsp;&nbsp;10/1/2014 | &nbsp;&nbsp;8/1/2015 |
| &nbsp;&nbsp;Nuveen North Carolina Premium Income Municipal Fund (NNC) | &nbsp;&nbsp;38.4615% | &nbsp;&nbsp;10/1/2014 | &nbsp;&nbsp;8/1/2015 |
| &nbsp;&nbsp;Nuveen Ohio Quality Income Municipal Fund (NUO) | &nbsp;&nbsp;38.4615% | &nbsp;&nbsp;10/1/2014 | &nbsp;&nbsp;8/1/2015 |
| &nbsp;&nbsp;Nuveen Pennsylvania Investment Quality Municipal Fund (NQP) | &nbsp;&nbsp;38.4615% | &nbsp;&nbsp;10/1/2014 | &nbsp;&nbsp;8/1/2015 |
| &nbsp;&nbsp;Nuveen Pennsylvania Municipal Value Fund (NPN) | &nbsp;&nbsp;41.6667% | &nbsp;&nbsp;10/1/2014 | &nbsp;&nbsp;8/1/2015 |
| &nbsp;&nbsp;Nuveen Performance Plus Municipal Fund, Inc. (NPP) | &nbsp;&nbsp;38.4615% | &nbsp;&nbsp;10/1/2014 | &nbsp;&nbsp;8/1/2015 |
| &nbsp;&nbsp;Nuveen Premier Municipal Income Fund, Inc. (NPF) | &nbsp;&nbsp;38.4615% | &nbsp;&nbsp;10/1/2014 | &nbsp;&nbsp;8/1/2015 |
| &nbsp;&nbsp;Nuveen Premium Income Municipal Fund 2, Inc. (NPM) | &nbsp;&nbsp;38.4615% | &nbsp;&nbsp;10/1/2014 | &nbsp;&nbsp;8/1/2015 |
| &nbsp;&nbsp;Nuveen Premium Income Municipal Fund 4, Inc. (NPT) | &nbsp;&nbsp;38.4615% | &nbsp;&nbsp;10/1/2014 | &nbsp;&nbsp;8/1/2015 |
| &nbsp;&nbsp;Nuveen Premium Income Municipal Fund, Inc. (NPD) | &nbsp;&nbsp;38.4615% | &nbsp;&nbsp;10/1/2014 | &nbsp;&nbsp;8/1/2015 |
| &nbsp;&nbsp;Nuveen Quality Income Municipal Fund, Inc. (NQU) | &nbsp;&nbsp;38.4615% | &nbsp;&nbsp;10/1/2014 | &nbsp;&nbsp;8/1/2015 |
| &nbsp;&nbsp;Nuveen Quality Municipal Fund, Inc. (NQI) | &nbsp;&nbsp;38.4615% | &nbsp;&nbsp;10/1/2014 | &nbsp;&nbsp;8/1/2015 |
| &nbsp;&nbsp;Nuveen Select Maturities Municipal Fund (NIM) | &nbsp;&nbsp;40.0000%, | &nbsp;&nbsp;10/1/2014 | &nbsp;&nbsp;8/1/2015 |
| &nbsp;&nbsp;Nuveen Select Quality Municipal Fund, Inc. (NQS) | &nbsp;&nbsp;38.4615% | &nbsp;&nbsp;I 0/1/2014 | &nbsp;&nbsp;8/1/2015 |
| &nbsp;&nbsp;Nuveen Select Tax-Free Income Portfolio (NXP) | &nbsp;&nbsp;60.0000% | &nbsp;&nbsp;10/1/2014 | &nbsp;&nbsp;8/1/2015 |
| &nbsp;&nbsp;Nuveen Select Tax-Free Income Portfolio 2 (NXQ) | &nbsp;&nbsp;42.8571% | &nbsp;&nbsp;10/1/2014 | &nbsp;&nbsp;8/1/2015 |
| &nbsp;&nbsp;Nuveen Select Tax-Free Income Portfolio 3 (NXR) | &nbsp;&nbsp;42.8571% | &nbsp;&nbsp;10/1/2014 | &nbsp;&nbsp;8/1/2015 |
| &nbsp;&nbsp;Nuveen Texas Quality Income Municipal Fund (NTX) | &nbsp;&nbsp;38.4615% | &nbsp;&nbsp;10/1/2014 | &nbsp;&nbsp;8/1/2015 |
| &nbsp;&nbsp;Nuveen Virginia Premium Income Municipal Fund (NPV) | &nbsp;&nbsp;38.4615% | &nbsp;&nbsp;10/1/2014 | &nbsp;&nbsp;8/1/2015 |

---

---

| | |
|:---|:---|
| (\*) | Funds pay both an asset-based as well as an income-based management fee. NAM LLC receives the specified percentage of the asset-based fee. |

---

## Ex-99.(L)(1)

[Nuveen Municipal Value Fund, Inc. N-2ASR](nuv-n2asr_032726.htm)

**Exhibit 99.(l)(1)**

---

| | |
|:---|:---|
| ![](ex99l1001.jpg) | 2005 Market Street<br> Suite 2600<br> Philadelphia, PA 19103<br> T: 215.564.8000 |

---

March 27, 2026

Nuveen Municipal Value Fund, Inc.<br> 333 West Wacker Drive<br> Chicago, Illinois 60606

---

| | |
|:---|:---|
| Re: | **<u>Registration Statement on Form N-2</u>** |

---

Ladies and Gentlemen:

We have acted as counsel to Nuveen Municipal Value Fund, Inc. (the "Fund"), a Minnesota corporation, in connection with the registration of an indeterminate number of (i) common stock, $0.01 par value per share ("Common Stock") and (ii) subscription rights to purchase Common Stock ("Rights," and collectively with Common Stock, "Securities"), pursuant to a registration statement on Form N-2 to be filed on or about the date hereof (the "Registration Statement") with the U.S. Securities and Exchange Commission under the Investment Company Act of 1940 (the "Investment Company Act") and the Securities Act of 1933 (the "Securities Act").

This opinion is furnished in accordance with the requirements of Item 25.2(l) of Form N 2 under the Investment Company Act and the Securities Act.

In this connection, we have examined originals, or copies certified or otherwise identified to our satisfaction, of such documents, corporate and other records, certificates and other papers as we deemed it necessary to examine for the purpose of this opinion, including the Fund's Articles of Incorporation, as amended (the "Articles"), and Amended and Restated By-Laws (the "By-Laws"), actions of the Board of Directors of the Fund (the "Board") authorizing the registration of the Securities, and the Registration Statement.

In our examination, we have assumed the legal capacity of all natural persons, the genuineness of all signatures, the authenticity of all documents submitted to us as originals, the conformity to original documents of all documents submitted to us as facsimile, electronic, certified, conformed or photostatic copies and the authenticity of the originals of such copies. As to any facts material to the opinions expressed herein that we did not independently establish or verify, we have relied upon statements and representations of officers and other representatives of the Fund and others.

We have assumed the following for purposes of this opinion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Securities will be issued in accordance with the Articles and By-Laws, each as is in existence as of the date of this opinion, and that the Board will take all actions and pass all resolutions necessary to authorize, issue and sell the Securities, and that the specific terms of the Securities will be determined in accordance with all Board resolutions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Securities will be issued against payment therefor as described in the Prospectus, including the applicable Prospectus Supplement, and the Statement of Additional Information relating thereto included in the Registration Statement.

**Stradley Ronon Stevens & Young, LLP** \| **stradley.com**

Chicago \| Los Angeles \| New York \| Philadelphia \| Washington, D.C

Nuveen Municipal Value Fund, Inc.

March 27, 2026

Based upon the foregoing, we are of the opinion that when the Securities are issued and sold after the Registration Statement has been declared effective and the authorized consideration therefor is received by the Fund, (i) any Rights so issued and sold will be a binding obligation of the Fund under the laws of Minnesota, and (ii) any Common Stock, including those Common Stock underlying Rights, so issued and sold will be legally issued, fully paid and non-assessable by the Fund, except that, as set forth in the Registration Statement, shareholders of the Fund may under certain circumstances be held personally liable for obligations of the Fund.

In rendering the foregoing opinion, we have relied upon the opinion of Dorsey & Whitney LLP expressed in their letter to us dated March 27, 2026.

We hereby consent to the use of this opinion as an exhibit to the Registration Statement of the Fund and we further consent to reference in the Registration Statement of the Fund to the fact that this opinion concerning the legality of the issue has been rendered by us.

---

| |
|:---|
| Very truly yours, |
| /s/ Stradley Ronon Stevens & Young, LLP |
| Stradley Ronon Stevens & Young, LLP |

---

## Ex-99.(L)(1)

[Nuveen Municipal Value Fund, Inc. N-2ASR](nuv-n2asr_032726.htm)

**Exhibit 99.(l)(2)**

![](dorseylogo.jpg)

March 27, 2026

Stradley Ronon Stevens & Young, LLP 191 North Wacker Drive, Suite 1601 Chicago, IL 60606

Re: Nuveen Municipal Value Fund, inc.

To Whom It May Concern:

We have acted as special Minnesota counsel to Nuveen Municipal Value Fund, Inc., a Minnesota corporation (the "Fund"), in connection with the Fund's registration statement on Form N-2 to be filed with the Securities and Exchange Commission (the "Commission") on or about the date hereof (the "Registration Statement"), with respect to an offering of an unspecified number of (i) shares of the Fund's common stock, par value $0.01 per share (the "Common Shares") including Common Shares to be issued upon exercise of any Subscription Rights (as defined below) and (ii) subscription rights to purchase Common Shares ("Subscription Rights", and collectively with the Common Shares, the "Securities"), which may be issued under one or more subscription rights certificates, agreements or other instruments (each, a "Rights Instrument"), in any combination.

In rendering the opinions hereinafter expressed, we have reviewed such questions of law and have examined certificates of an officer of the Fund and public officials and such other documents as we have deemed necessary as a basis for such opinions, including the following documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) a certificate dated as of a recent date issued by the Office of the Secretary of State of the State of Minnesota as
to the good standing of the Fund (the "Good Standing Certificate");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) a copy of the Fund's Articles of Incorporation, dated as of April 7, 1987, as filed with the Office of the
Secretary of State of the State of Minnesota on April 8, 1987, and a copy of each amendment to the Fund's Articles of Incorporation
filed prior to the date hereof (collectively, the "Articles");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) a copy of the Fund's By-laws, as amended and restated as of May 20, 2020 (the "By-laws");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) a certificate executed by an officer of the Fund, certifying as to the Articles, the By-laws, certain resolutions adopted
by the Fund's Board of Directors at a meeting held on March 16, 2026 (the "Prior Resolutions," and together with
the Articles and the By-laws, the "Existing Governing Instruments"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) a printer's proof of the Registration Statement received on March 18, 2026.

50 South Sixth Street \| Suite 1500 \| Minneapolis, MN \| 55402-1498 \| T 612.340.2600 \| F 612.340.2868 \| dorsey.com

Stradley Ronon Stevens & Young, LLP

March 27, 2026

As to the various matters of fact material to such opinions, we have, when such facts were not independently established, relied upon the accuracy of the certifications of an officer of the Fund and the certificates of public officials, including the certificates referred to above. In connection with such review and examination, we have assumed that all copies of documents provided to us conform to the originals, that all signatures are genuine and the legal capacity and competence of each individual executing any document. We have also assumed that the Registration Statement, when filed with the Commission, will be in substantially the form of the printer's proof of the Registration Statement referenced in subparagraph e) above.

We understand that the Securities to be registered under the Registration Statement will be offered on an immediate, delayed or continuous basis in reliance on Rule 415 under the Securities Act of 1933 (the "1933 Act"). In this regard, we have presumed for the purposes of our opinions below that in connection with any such offering of the Common Shares pursuant to the Registration Statement (a "Common Offering") and any offering of Subscription Rights pursuant to the Registration Statement (a "Rights Offering" and, in each case, a "Securities Offering"), each of the applicable following conditions (collectively, the "Required Conditions") shall have occurred prior to the issuance of the Securities referred to therein:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Fund will file with the Commission a prospectus supplement pursuant to Rule 424 under the 1933 Act relating to
such Securities Offering (each, an "Offering Supplement") and that each such Offering Supplement will identify and describe
(a) the number of Securities to be offered pursuant to such Securities Offering, (b) the terms, rights and preferences of such
Securities, (c) any agents or underwriters involved in the sale of the Securities pursuant to such Securities Offering (the "Distributors"),
(d) the applicable purchase price of the Securities offered in the Securities Offering or the basis on which such amount may be
calculated, (e) any applicable fee, commission or discount arrangement between any Distributor named in the Offering Supplement
and the Fund, or among such one or more Distributors, or the basis on which such amount may be calculated, (f) any other material
terms of any agreement by and between the Fund and any such Distributor relating to the conditions under which the Securities will be
issued and sold (in each case, a "Distribution Agreement") and (g) any other specific terms of the Securities Offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if not taken in the Prior Resolutions, the Board of Directors or a duly constituted committee of the Board of Directors,
acting pursuant to delegated authority (the "Directors") will have taken, by resolution (the "Subsequent Resolutions",
such Subsequent Resolutions and the Prior Resolutions referred to herein as the "Resolutions"), all appropriate action as
contemplated by the Existing Governing Instruments in the exercise of their fiduciary duty (a) to authorize the issuance of the
number of Securities to be offered pursuant to such Securities Offering and the applicable purchase price of such Securities, (b) to
appoint the Distributors and authorize the entering into, by the Fund, of the Distribution Agreements, (c) to authorize any applicable
fee, commission or discount arrangement between the Distributors and the Fund, and (d) to authorize any other actions, including
the entering into of such other agreements as may be considered appropriate or necessary in connection with such Securities Offering
(the "Offering Actions"), and in each case as described in the Offering Supplement;

Stradley Ronon Stevens & Young, LLP

March 27, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) that with respect to a Rights Offering, the Directors will have duly authorized and the Fund will have prepared and,
if applicable, duly executed and delivered any subscription rights or similar agreements or certificates (collectively, the "Rights
Instruments"), and such Rights Instruments will have been authorized, executed and delivered by the other parties thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) if applicable, the Fund will have duly entered into such Distribution Agreements, and will have duly taken all of the
other Offering Actions in accordance with the Existing Governing Instruments, the Rights Instruments, and the Resolutions (collectively,
the "Governing Instruments");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) that the Directors, a majority of whom will have been disinterested for the purposes of Minnesota law at the time of
taking such action, will have acted in a manner consistent with their fiduciary duties as required under applicable Minnesota law and
that the activities of the Fund have been and will be conducted in accordance with the Governing Instruments and applicable Minnesota
law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) that no event has occurred that would cause a termination of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) that the consideration per share received by the Fund for Common Shares will not be less than the par value of the
Common Shares or less than the net asset value per share of the Common Stock at such time, determined in accordance with the Articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the issuance of such Securities will not result in the Fund having more Common Shares outstanding or reserved for future
issuance (including Common Shares reserved for issuance pursuant to the Rights Instruments) than is authorized by the Articles as then
in effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) that the required consideration for the Securities is paid in accordance with the terms, conditions, requirements and
procedures set forth in the Governing Instruments and the Distribution Agreements and that the Securities are otherwise issued in accordance
with the terms, conditions, requirements, limitations and procedures set forth in the Governing Instruments, the Distribution Agreements
and Minnesota law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) that, with respect to the Securities, (a) there will be no changes in applicable law between the date of this
opinion and any date of issuance or delivery of any Securities and (b) at the time of delivery of any Securities, all contemplated
additional actions shall have been taken and the authorization of the issuance of the Securities will not have been modified or rescinded;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) that the Fund's Governing Instruments will be in full force and effect and the Existing Governing Instruments
will not have been modified, supplemented or otherwise amended in any manner that would affect the issuance of the Securities.

Stradley Ronon Stevens & Young, LLP

March 27, 2026

This opinion is based entirely on our review of the documents listed above and such investigation of law as we have deemed necessary or appropriate. We have made no other review or investigation of any kind whatsoever, and we have assumed, without independent inquiry, the accuracy of the information set forth in such documents. We have further assumed that there are no other documents that are contrary to or inconsistent with the opinions expressed herein.

As to all matters of fact (including factual conclusions and characterizations and descriptions of purpose, intention or other state of mind), we have relied entirely upon the certificate referred to in subparagraph d) above and the disclosures of the Fund in the Registration Statement, and have assumed, without independent inquiry, the accuracy of those disclosures and that certificate. The opinion in paragraph 1. below as to the due incorporation, valid existence and good standing of the Fund relies entirely upon and is limited by the certificate described in subparagraph a) above.

In connection with our opinion below with respect to the binding obligation under Minnesota law of the Rights Instruments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) We have assumed without any independent investigation that (i) each party to the Rights Instruments other than
the Fund, at all times relevant thereto, is validly existing and in good standing under the laws of the jurisdiction in which it is organized,
and is qualified to do business and in good standing under the laws of each jurisdiction where such qualification is required generally
or necessary in order for such party to enforce its rights under such Rights Instruments, (ii) each party to the Right Instruments
other than the Fund at all times relevant thereto, had and has the full power, authority and legal right under its articles of incorporation,
certificate of incorporation, articles of formation, certificate of formation, partnership agreement, by-laws, limited liability company
agreement and other governing organizational documents, and the applicable corporate, limited liability company, partnership, or other
enterprise legislation and other applicable laws, as the case may be, to execute and deliver the various Rights Instruments, and to perform
its obligations under the Rights Instruments, (iii) each party to the Rights Instruments, other than the Fund, has duly authorized,
executed, and delivered each of the Rights Instruments to which it is a party, and (iv) the Rights Instruments are valid and binding
obligations of each party thereto other than the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) We have assumed without any independent investigation that the Rights Instruments are valid and binding obligations
of the Fund to the extent that laws other than those of the State of Minnesota are relevant thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) The enforcement of any obligations of the Fund or any other person, whether under any of the Rights Instruments or
otherwise, may be limited by bankruptcy, insolvency, reorganization, moratorium, marshaling or other laws and rules of law affecting
the enforcement generally of creditors' rights and remedies (including such as may deny giving effect to waivers of debtors'
or guarantors' rights); and we express no opinion as to the status under any fraudulent conveyance laws or fraudulent transfer
laws of any of the obligations of the Fund or any other person, whether under any of the Rights Instruments or otherwise.

Stradley Ronon Stevens & Young, LLP

March 27, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) We express no opinion as to the availability of any remedy of specific performance or equitable relief of any kind
and no opinion as to the enforceability of any particular provision of the Rights Instruments relating to remedies after default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) The enforcement of any rights may in all cases be subject to an implied duty of good faith and fair dealing and to
general principles of equity, including, without limitation, concepts of materiality and reasonableness (regardless of whether such enforceability
is considered in a proceeding at law or in equity).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) We express no opinion as to the enforceability of any particular provision of the Rights Instruments relating to or
constituting (i) waivers of rights to object to jurisdiction or venue, or consents to jurisdiction or venue, (ii) waivers of
rights to (or methods of) service of process, or rights to trial by jury, or other rights or benefits bestowed by operation of law, (iii) waivers
of any applicable defenses, setoffs, recoupments, or counterclaims, (iv) exculpation or exoneration clauses, indemnity clauses,
and clauses relating to releases or waivers of unmatured claims or rights, (v) submission to binding arbitration or mandatory negotiation,
(vi) provisions that attempt to modify or waive, or have the effect of modifying or waiving, any statute of limitations, or (vii) the
imposition of a penalty or the payment of any premium, liquidated damages, or other amount which may be held by any court to be a "penalty"
or a "forfeiture."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g) We express no opinion concerning the determination that a court of competent jurisdiction may make regarding whether
the Directors would be required to redeem or terminate, or take other action with respect to the Subscription Rights at some future time
based on the facts and circumstances existing at that time, and our opinion addresses the Subscription Rights and the Rights Instruments
in their entirety and it is not settled whether the invalidity of any particular provision of a Rights Instrument or the Subscription
Rights issued thereunder would result in invalidating such rights in their entirety and our opinion is so qualified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h) To the extent applicable, we have assumed without any independent investigation that each party to the Rights Instruments
has agreed that such Instruments may be electronically signed, and that any electronic signatures appearing on such Instruments are the
same as handwritten signatures for the purposes of validity, enforceability and admissibility.

We understand that all of the foregoing assumptions, qualifications and limitations are acceptable to you. Based upon and subject to the foregoing, please be advised that it is our opinion that, assuming the Required Conditions have been met:

Stradley Ronon Stevens & Young, LLP

March 27, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Fund has been duly incorporated and is validly existing and in good standing as a corporation under the laws of
the State of Minnesota.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Securities, when issued, sold and delivered in accordance with the terms, conditions, requirements and procedures
set forth in the Governing Instruments, and following the due adoption by the Directors of the Resolutions, will be validly issued, fully
paid and nonassessable and the Rights Instruments will constitute valid and binding obligations of the Fund under the laws of the State
of Minnesota.

Our opinions are limited to the laws of the State of Minnesota, and we do not express any opinion as to the state securities or "Blue Sky" laws of that state or of any other jurisdiction, or as to any federal securities laws, including, without limitation, the 1933 Act or the Investment Company Act of 1940, as amended. In addition, to the extent that the Fund's Governing Instruments refer to, incorporate or require compliance with the Investment Company Act of 1940, as amended, or any other law or regulation applicable to the Fund, except for the internal substantive laws of the State of Minnesota, as aforesaid, we have assumed compliance by the Fund with such Act and such other laws and regulations. Further, we express no opinion with respect to, and we assume no responsibility for, any offering documentation relating to the Fund, including the Registration Statement and any Offering Supplement, any Securities Offering or the Securities.

This opinion is given as of the date hereof and we assume no obligation to update this opinion to reflect any changes in law or any other facts or circumstances which may hereafter come to our attention. We hereby consent to the reference to our name in the Registration Statement and in the prospectus forming a part thereof under the heading "Legal Matters" and to the filing of this opinion as an exhibit to the Registration Statement. In rendering this opinion and giving this consent, we do not concede that we are in the category of persons whose consent is required under Section 7 of the 1933 Act.

Very truly yours,

JVH

## Ex-99.(N)(1)

[Nuveen Municipal Value Fund, Inc. N-2ASR](nuv-n2asr_032726.htm)

**Exhibit 99.(n)(1)**

<u>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>

We hereby consent to the incorporation by reference in this Registration Statement on Form N-2 of Nuveen Municipal Value Fund, Inc. of our report dated December 26, 2025, relating to the financial statements and financial highlights which appears in Nuveen Municipal Value Fund, Inc's Certified Shareholder Report on Form N-CSR for the year ended October 31, 2025. We also consent to the references to us under the headings "Independent Registered Public Accounting Firm" and "Financial Highlights" in such Registration Statement.

---

| |
|:---|
| /s/ PricewaterhouseCoopers LLP |
| Chicago, Illinois |
| March 27, 2026 |

---

## Ex-99.(N)(2)

[Nuveen Municipal Value Fund, Inc. N-2ASR](nuv-n2asr_032726.htm)

**Exhibit 99.(n)(2)**

---

| | |
|:---|:---|
| ![](kpmg.jpg) |  |
|  | KPMG LLP<br> Aon Center<br> Suite 5500<br> 200 E. Randolph Street<br> Chicago, IL 60601-6436 |

---

**Consent of Independent Registered Public Accounting Firm**

We consent to the use of our report dated December 26, 2024, with respect to the financial statements and financial highlights of Nuveen Municipal Value Fund, Inc.

---

| | |
|:---|:---|
|  | ![](kpmg_002.jpg) |
| Chicago, Illinois |  |
| March 27, 2026 |  |

---

## Ex-Filing

?xml version='1.0' encoding='ASCII'? EX-FILING FEES

[Nuveen Municipal Value Fund, Inc. N-2ASR](nuv-n2asr_032726.htm)

**Exhibit 99.(s)**

**Calculation of Filing Fee Tables Form N-2**

(Form Type)

**Nuveen Municipal Value Fund, Inc.**

(Exact Name of Registrant as Specified in its Charter)

**Table 1: Newly Registered and Carry Forward Securities**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp; <br>**Security Type** | &nbsp;&nbsp;&nbsp; <br>**Security Class Title** | <br>**Fee Calculation or Carry Forward Rule** | &nbsp;&nbsp; <br>**Amount Registered** | <br>**Proposed Maximum Offering Price Per Unit** | <br>**Maximum Aggregate Offering Price** | &nbsp;&nbsp;&nbsp; <br>**Fee Rate** | <br>**Amount of Registration Fee** | <br>**Carry Forward Form Type** | <br>**Carry Forward File Number** | <br>**Carry Forward Initial effective date** | **Filing Fee Previously Paid in Connection with Unsold Securities to be Carried Forward** |
| **Newly Registered Securities<sup>(1)(2)</sup>** | **Newly Registered Securities<sup>(1)(2)</sup>** | **Newly Registered Securities<sup>(1)(2)</sup>** | **Newly Registered Securities<sup>(1)(2)</sup>** | **Newly Registered Securities<sup>(1)(2)</sup>** | **Newly Registered Securities<sup>(1)(2)</sup>** | **Newly Registered Securities<sup>(1)(2)</sup>** | **Newly Registered Securities<sup>(1)(2)</sup>** | **Newly Registered Securities<sup>(1)(2)</sup>** | **Newly Registered Securities<sup>(1)(2)</sup>** | **Newly Registered Securities<sup>(1)(2)</sup>** | **Newly Registered Securities<sup>(1)(2)</sup>** | **Newly Registered Securities<sup>(1)(2)</sup>** |
| Fees to Be Paid | Equity | Common Shares<br> $0.01 par value per share | Rule 456(b) and<br> Rule 457(r) |  |  |  |  |  |  |  |  |  |
|  | Other | Rights to purchase Common Shares<sup>(3)</sup> |  |  |  |  |  |  |  |  |  |  |
|  | Unallocated (Universal) Shelf | N/A | Rule 456(b) and<br> Rule 457(r) |  |  |  |  |  |  |  |  |  |
| Fees Previously Paid | Equity | Common Shares,<br> $0.01 par value per share |  |  |  |  |  |  |  |  |  |  |
|  | Other | Rights to purchase Common<br> Shares<sup>(3)</sup> |  |  |  |  |  |  |  |  |  |  |
|  | Unallocated (Universal) Shelf | N/A |  |  |  |  |  |  |  |  |  |  |
| **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** |
| Carry Forward Securities | Equity | Common Shares,<br> $0.01 par value per share |  |  |  |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Offering Amounts** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Offering Amounts** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Offering Amounts** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Offering Amounts** |  |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Fees Previously Paid** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Fees Previously Paid** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Fees Previously Paid** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Fees Previously Paid** |  |  |  |  |  |  |  |  |
|  | **Total Fee Offsets** | **Total Fee Offsets** | **Total Fee Offsets** | **Total Fee Offsets** |  |  |  |  |  |  |  |  |
|  | **Net Fee Due** | **Net Fee Due** | **Net Fee Due** | **Net Fee Due** |  |  |  |  |  |  |  |  |

---

<sup>(1)</sup> An indeterminate number of common stock, and subscription rights to purchase common stock are being registered as may from time to time be offered, on an immediate, continuous or delayed basis, at indeterminate prices.

<sup>(2)</sup> In accordance with Rule 456(b) and Rule 457(r) under the Securities Act of 1933, as amended, the Registrant is deferring payment of all of the registration fees and will pay any registration fees subsequently in advance or on a pay-as-you-go basis.

<sup>(3)</sup> No separate consideration will be received by the Registrant. Any shares issued pursuant to an offering of rights to purchase common stock, including any shares issued pursuant to an over-subscription privilege or a secondary over subscription privilege, will be shares registered under this Registration Statement.

– N/A N/A

See Offering Note 1

## Ex-99.(T)

[Nuveen Municipal Value Fund, Inc. N-2ASR](nuv-n2asr_032726.htm)

**Exhibit 99.(t)**

**Nuveen Closed-End Funds**

**POWER OF ATTORNEY**

KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned, a director/trustee of the organizations listed on Appendix A, hereby constitutes and appoints MARK J. CZARNIECKI, JEREMY FRANKLIN, DIANA R. GONZALEZ, BRIAN H. LAWRENCE, KEVIN J. MCCARTHY, JOHN M. MCCANN, MARK L. WINGET and RACHAEL ZUFALL, and each of them (with full power to each of them to act alone) his true and lawful attorney-in-fact and agent, for him on his behalf and in Registration Statements on Form N-2 under the Securities Act of 1933 and the Investment Company Act of 1940, including any amendment or amendments thereto, with all exhibits, and any and all other documents required to be filed with any regulatory authority, federal or state, relating to the registration thereof, or the issuance of shares thereof, without limitation, granting unto said attorneys, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises in order to effectuate the same as fully to all intents and purposes as he might or could do if personally present, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, may lawfully do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, the undersigned trustee of the above-referenced organization has hereunto set his hand this 12th day of February 2026.

---

| |
|:---|
| /s/ Joseph A. Boateng |
| Joseph A. Boateng |

---

**Nuveen Closed-End Funds**

**POWER OF ATTORNEY**

KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned, a director/trustee of the organizations listed on Appendix A, hereby constitutes and appoints MARK J. CZARNIECKI, JEREMY FRANKLIN, DIANA R. GONZALEZ, BRIAN H. LAWRENCE, KEVIN J. MCCARTHY, JOHN M. MCCANN, MARK L. WINGET and RACHAEL ZUFALL, and each of them (with full power to each of them to act alone) his true and lawful attorney-in-fact and agent, for him on his behalf and in Registration Statements on Form N-2 under the Securities Act of 1933 and the Investment Company Act of 1940, including any amendment or amendments thereto, with all exhibits, and any and all other documents required to be filed with any regulatory authority, federal or state, relating to the registration thereof, or the issuance of shares thereof, without limitation, granting unto said attorneys, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises in order to effectuate the same as fully to all intents and purposes as he might or could do if personally present, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, may lawfully do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, the undersigned trustee of the above-referenced organization has hereunto set his hand this 12th day of February 2026.

---

| |
|:---|
| /s/ Michael A. Forrester |
| Michael A. Forrester |

---

**Nuveen Closed-End Funds**

**POWER OF ATTORNEY**

KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned, a director/trustee of the organizations listed on Appendix A, hereby constitutes and appoints MARK J. CZARNIECKI, JEREMY FRANKLIN, DIANA R. GONZALEZ, BRIAN H. LAWRENCE, KEVIN J. MCCARTHY, JOHN M. MCCANN, MARK L. WINGET and RACHAEL ZUFALL, and each of them (with full power to each of them to act alone) her true and lawful attorney-in-fact and agent, for him on his behalf and in Registration Statements on Form N-2 under the Securities Act of 1933 and the Investment Company Act of 1940, including any amendment or amendments thereto, with all exhibits, and any and all other documents required to be filed with any regulatory authority, federal or state, relating to the registration thereof, or the issuance of shares thereof, without limitation, granting unto said attorneys, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises in order to effectuate the same as fully to all intents and purposes as he might or could do if personally present, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, may lawfully do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, the undersigned trustee of the above-referenced organization has hereunto set his hand this 12th day of February 2026.

---

| |
|:---|
| /s/ Thomas J. Kenny |
| Thomas J. Kenny |

---

**Nuveen Closed-End Funds**

**POWER OF ATTORNEY**

KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned, a director/trustee of the organizations listed on Appendix A, hereby constitutes and appoints MARK J. CZARNIECKI, JEREMY FRANKLIN, DIANA R. GONZALEZ, BRIAN H. LAWRENCE, KEVIN J. MCCARTHY, JOHN M. MCCANN, MARK L. WINGET and RACHAEL ZUFALL, and each of them (with full power to each of them to act alone) her true and lawful attorney-in-fact and agent, for her on her behalf and in Registration Statements on Form N-2 under the Securities Act of 1933 and the Investment Company Act of 1940, including any amendment or amendments thereto, with all exhibits, and any and all other documents required to be filed with any regulatory authority, federal or state, relating to the registration thereof, or the issuance of shares thereof, without limitation, granting unto said attorneys, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises in order to effectuate the same as fully to all intents and purposes as she might or could do if personally present, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, may lawfully do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, the undersigned trustee of the above-referenced organization has hereunto set her hand this 12th day of February 2026.

---

| |
|:---|
| /s/ Amy B. R. Lancellotta |
| Amy B. R. Lancellotta |

---

**Nuveen Closed-End Funds**

**POWER OF ATTORNEY**

KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned, a director/trustee of the organizations listed on Appendix A, hereby constitutes and appoints MARK J. CZARNIECKI, JEREMY FRANKLIN, DIANA R. GONZALEZ, BRIAN H. LAWRENCE, KEVIN J. MCCARTHY, JOHN M. MCCANN, MARK L. WINGET and RACHAEL ZUFALL, and each of them (with full power to each of them to act alone) her true and lawful attorney-in-fact and agent, for her on her behalf and in Registration Statements on Form N-2 under the Securities Act of 1933 and the Investment Company Act of 1940, including any amendment or amendments thereto, with all exhibits, and any and all other documents required to be filed with any regulatory authority, federal or state, relating to the registration thereof, or the issuance of shares thereof, without limitation, granting unto said attorneys, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises in order to effectuate the same as fully to all intents and purposes as she might or could do if personally present, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, may lawfully do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, the undersigned trustee of the above-referenced organization has hereunto set her hand this 12th day of February 2026.

---

| |
|:---|
| /s/ Joanne T. Medero |
| Joanne T. Medero |

---

**Nuveen Closed-End Funds**

**POWER OF ATTORNEY**

KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned, a director/trustee of the organizations listed on Appendix A, hereby constitutes and appoints MARK J. CZARNIECKI, JEREMY FRANKLIN, DIANA R. GONZALEZ, BRIAN H. LAWRENCE, KEVIN J. MCCARTHY, JOHN M. MCCANN, MARK L. WINGET and RACHAEL ZUFALL, and each of them (with full power to each of them to act alone) his true and lawful attorney-in-fact and agent, for him on his behalf and in Registration Statements on Form N-2 under the Securities Act of 1933 and the Investment Company Act of 1940, including any amendment or amendments thereto, with all exhibits, and any and all other documents required to be filed with any regulatory authority, federal or state, relating to the registration thereof, or the issuance of shares thereof, without limitation, granting unto said attorneys, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises in order to effectuate the same as fully to all intents and purposes as he might or could do if personally present, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, may lawfully do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, the undersigned trustee of the above-referenced organization has hereunto set his hand this 12th day of February 2026.

---

| |
|:---|
| /s/ Albin F. Moschner |
| &nbsp;&nbsp;&nbsp;&nbsp;Albin F. Moschner |

---

**Nuveen Closed-End Funds**

**POWER OF ATTORNEY**

KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned, a director/trustee of the organizations listed on Appendix A, hereby constitutes and appoints MARK J. CZARNIECKI, JEREMY FRANKLIN, DIANA R. GONZALEZ, BRIAN H. LAWRENCE, KEVIN J. MCCARTHY, JOHN M. MCCANN, MARK L. WINGET and RACHAEL ZUFALL, and each of them (with full power to each of them to act alone) his true and lawful attorney-in-fact and agent, for him on his behalf and in Registration Statements on Form N-2 under the Securities Act of 1933 and the Investment Company Act of 1940, including any amendment or amendments thereto, with all exhibits, and any and all other documents required to be filed with any regulatory authority, federal or state, relating to the registration thereof, or the issuance of shares thereof, without limitation, granting unto said attorneys, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises in order to effectuate the same as fully to all intents and purposes as he might or could do if personally present, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, may lawfully do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, the undersigned trustee of the above-referenced organization has hereunto set his hand this 12th day of February 2026.

---

| |
|:---|
| /s/ John K. Nelson |
| &nbsp;&nbsp;&nbsp;&nbsp;John K. Nelson |

---

**Nuveen Closed-End Funds**

**POWER OF ATTORNEY**

KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned, a director/trustee of the organizations listed on Appendix A, hereby constitutes and appoints MARK J. CZARNIECKI, JEREMY FRANKLIN, DIANA R. GONZALEZ, BRIAN H. LAWRENCE, KEVIN J. MCCARTHY, JOHN M. MCCANN, MARK L. WINGET and RACHAEL ZUFALL, and each of them (with full power to each of them to act alone) his true and lawful attorney-in-fact and agent, for him on his behalf and in Registration Statements on Form N-2 under the Securities Act of 1933 and the Investment Company Act of 1940, including any amendment or amendments thereto, with all exhibits, and any and all other documents required to be filed with any regulatory authority, federal or state, relating to the registration thereof, or the issuance of shares thereof, without limitation, granting unto said attorneys, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises in order to effectuate the same as fully to all intents and purposes as he might or could do if personally present, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, may lawfully do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, the undersigned trustee of the above-referenced organization has hereunto set his hand this 12th day of February 2026.

---

| |
|:---|
| /s/ Loren M. Starr |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loren M. Starr |

---

**Nuveen Closed-End Funds**

**POWER OF ATTORNEY**

KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned, a director/trustee of the organizations listed on Appendix A, hereby constitutes and appoints MARK J. CZARNIECKI, JEREMY FRANKLIN, DIANA R. GONZALEZ, BRIAN H. LAWRENCE, KEVIN J. MCCARTHY, JOHN M. MCCANN, MARK L. WINGET and RACHAEL ZUFALL, and each of them (with full power to each of them to act alone) his true and lawful attorney-in-fact and agent, for him on his behalf and in Registration Statements on Form N-2 under the Securities Act of 1933 and the Investment Company Act of 1940, including any amendment or amendments thereto, with all exhibits, and any and all other documents required to be filed with any regulatory authority, federal or state, relating to the registration thereof, or the issuance of shares thereof, without limitation, granting unto said attorneys, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises in order to effectuate the same as fully to all intents and purposes as he might or could do if personally present, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, may lawfully do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, the undersigned trustee of the above-referenced organization has hereunto set his hand this 12th day of February 2026.

---

| |
|:---|
| /s/ Matthew Thornton III |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Matthew Thornton III |

---

**Nuveen Closed-End Funds**

**POWER OF ATTORNEY**

KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned, a director/trustee of the organizations listed on Appendix A, hereby constitutes and appoints MARK J. CZARNIECKI, JEREMY FRANKLIN, DIANA R. GONZALEZ, BRIAN H. LAWRENCE, KEVIN J. MCCARTHY, JOHN M. MCCANN, MARK L. WINGET and RACHAEL ZUFALL, and each of them (with full power to each of them to act alone) his true and lawful attorney-in-fact and agent, for him on his behalf and in Registration Statements on Form N-2 under the Securities Act of 1933 and the Investment Company Act of 1940, including any amendment or amendments thereto, with all exhibits, and any and all other documents required to be filed with any regulatory authority, federal or state, relating to the registration thereof, or the issuance of shares thereof, without limitation, granting unto said attorneys, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises in order to effectuate the same as fully to all intents and purposes as he might or could do if personally present, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, may lawfully do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, the undersigned trustee of the above-referenced organization has hereunto set his hand this 12th day of February 2026.

---

| |
|:---|
| /s/ Terence J. Toth |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Terence J. Toth |

---

**Nuveen Closed-End Funds**

**POWER OF ATTORNEY**

KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned, a director/trustee of the organizations listed on Appendix A, hereby constitutes and appoints MARK J. CZARNIECKI, JEREMY FRANKLIN, DIANA R. GONZALEZ, BRIAN H. LAWRENCE, KEVIN J. MCCARTHY, JOHN M. MCCANN, MARK L. WINGET and RACHAEL ZUFALL, and each of them (with full power to each of them to act alone) her true and lawful attorney-in-fact and agent, for her on her behalf and in Registration Statements on Form N-2 under the Securities Act of 1933 and the Investment Company Act of 1940, including any amendment or amendments thereto, with all exhibits, and any and all other documents required to be filed with any regulatory authority, federal or state, relating to the registration thereof, or the issuance of shares thereof, without limitation, granting unto said attorneys, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises in order to effectuate the same as fully to all intents and purposes as she might or could do if personally present, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, may lawfully do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, the undersigned trustee of the above-referenced organization has hereunto set her hand this 12th day of February 2026.

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| |
|:---|
| /s/ Margaret L. Wolff |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Margaret L. Wolff |

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**Nuveen Closed-End Funds**

**POWER OF ATTORNEY**

KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned, a director/trustee of the organizations listed on Appendix A, hereby constitutes and appoints MARK J. CZARNIECKI, JEREMY FRANKLIN, DIANA R. GONZALEZ, BRIAN H. LAWRENCE, KEVIN J. MCCARTHY, JOHN M. MCCANN, MARK L. WINGET and RACHAEL ZUFALL, and each of them (with full power to each of them to act alone) his true and lawful attorney-in-fact and agent, for him on his behalf and in Registration Statements on Form N-2 under the Securities Act of 1933 and the Investment Company Act of 1940, including any amendment or amendments thereto, with all exhibits, and any and all other documents required to be filed with any regulatory authority, federal or state, relating to the registration thereof, or the issuance of shares thereof, without limitation, granting unto said attorneys, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises in order to effectuate the same as fully to all intents and purposes as he might or could do if personally present, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, may lawfully do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, the undersigned trustee of the above-referenced organization has hereunto set his hand this 12th day of February 2026.

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| |
|:---|
| /s/ Robert L. Young |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Robert L. Young |

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**Nuveen Closed-End Funds**

**APPENDIX A**

**Nuveen AMT-Free Municipal Credit Income Fund (NVG)**

**Nuveen AMT-Free Municipal Value Fund (NUW)**

**Nuveen AMT-Free Quality Municipal Income Fund (NEA)**

**Nuveen Arizona Quality Municipal Income Fund (NAZ)**

**Nuveen California AMT-Free Quality Municipal Income Fund (NKX)**

**Nuveen California Quality Municipal Income Fund (NAC)**

**Nuveen California Municipal Value Fund (NCA)**

**Nuveen California Select Tax-Free Income Portfolio (NXC)**

**Nuveen Core Equity Alpha Fund (JCE)**

**Nuveen Credit Strategies Income Fund (JQC)**

**Nuveen Dow 30 Dynamic Overwrite Fund (DIAX)**

**Nuveen Dynamic Municipal Opportunities Fund (NDMO)**

**Nuveen Floating Rate Income Fund (JFR)**

**Nuveen Global High Income Fund (JGH)**

**Nuveen Massachusetts Quality Municipal Income Fund (NMT)**

**Nuveen Minnesota Quality Municipal Income Fund (NMS)**

**Nuveen mortgage and income fund (JLS)**

**Nuveen Municipal Credit Income Fund (NZF)**

**Nuveen Municipal Credit Opportunities Fund (NMCO)**

**Nuveen Municipal High Income Opportunity Fund (NMZ)**

**Nuveen Municipal Income Fund, Inc. (NMI)**

**Nuveen Municipal Value Fund, Inc. (NUV)**

**Nuveen NASDAQ 100 Dynamic Overwrite Fund (QQQX)**

**Nuveen New York Quality Municipal Income Fund (NAN)**

**Nuveen Preferred & Income Opportunities Fund (JPC)**

**Nuveen Quality Municipal Income fund (NAD)**

**Nuveen Real Asset Income and Growth Fund (JRI)**

**Nuveen Real Estate Income Fund (JRS)**

**Nuveen S&P 500 Buy-Write Income Fund (BXMX)**

**Nuveen S&P 500 Dynamic Overwrite Fund (SPXX)**

**Nuveen Select Tax-Free Income Portfolio (NXP)**

**Nuveen Taxable Municipal Income Fund (NBB)**

**Nuveen Virginia Quality Municipal Income Fund (NPV)**