Nuveen Municipal Value Fund, Inc. (NUV), Nuveen AMT-Free Municipal Value Fund (NUW) and Nuveen Municipal Income Fund, Inc. (NMI) report full-year results for the period ended October 31, 2025. All three funds invest primarily in long-duration, mid- to lower-rated municipal bonds and used periods of market weakness to add higher-yielding positions.
Over the 12 months, NUV returned 3.22% and NUW 3.42% at net asset value, both trailing the S&P Municipal Bond Index at 4.14%. NMI returned 2.74%, underperforming the S&P Municipal Yield Index at 3.19%. Leverage via inverse floating rate securities and selected longer-maturity bonds aided results, while exposures to tobacco settlement bonds, very long durations and lower credit tiers weighed on relative performance.
Monthly distributions were steady, totaling per share $0.3885 for NUV, $0.5800 for NUW and $0.4560 for NMI, with market yields of 4.33%, 4.05% and 4.54%, respectively. NMI also raised equity through a shelf program, selling 1,218,817 common shares at a 2.45% average premium to NAV, while no fund repurchased common shares. The independent auditor issued an unqualified opinion on the 2025 financial statements.
Nuveen Municipal Value Fund Inc. (NUV) filed an initial statement of beneficial ownership (Form 3) for an officer listed as VP and Treasurer, effective 09/10/2025. The filing states that no securities are beneficially owned by the reporting person. This is a routine Section 16 disclosure that establishes the insider’s baseline holdings at the time of becoming an officer.