NEW YORK--(BUSINESS WIRE)--Shareholders of the Nuveen New Jersey Municipal Value Fund (NYSE: NJV) and shareholders of the Nuveen Pennsylvania Municipal Value Fund (NYSE: NPN) have approved the funds’ reorganization into Nuveen AMT-Free Municipal Value Fund (NYSE: NUW). Additionally, shareholders of the Nuveen California Municipal Value Fund, Inc. (NYSE: NCA) have approved a change of domicile reorganization from a Minnesota corporation to a Massachusetts business trust. Upon completion of the change of domicile, NCA will become Nuveen California Municipal Value Fund. Shareholders of the Nuveen California Municipal Value Fund 2 (NYSE: NCB) also have approved the fund’s reorganization into NCA. Subject to the satisfaction of certain customary closing conditions, the transactions are expected to become effective before the market opens on March 8, 2021.

The monthly distributions typically declared the first business day of the month for NJV, NPN, NUW, NCB and NCA will be replaced by pre-reorganization distributions declared February 23, 2021, with a record date of March 5, 2021. The payable date will remain April 1, 2021. Following the transactions, the surviving funds, NUW and NCA, are expected to declare an additional post-reorganization distribution, with a record date of March 18, 2021, payable April 1, 2021. For each fund, the total per-common share dollar amount of the pre- and post-reorganization tax-exempt distributions received on April 1, 2021 will be equal to or greater than the per-common share dollar amount of the prior month’s tax-exempt distribution.

For more information, please visit Nuveen’s CEF homepage www.nuveen.com/closed-end-funds.

About Nuveen

Nuveen, the investment manager of TIAA, offers a comprehensive range of outcome-focused investment solutions designed to secure the long-term financial goals of institutional and individual investors. Nuveen has $1.2 trillion in assets under management as of 31 Dec 2020 and operations in 27 countries. Its investment specialists offer deep expertise across a comprehensive range of traditional and alternative investments through a wide array of vehicles and customized strategies. For more information, please visit www.nuveen.com.