UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 5, 2016
Nuveen California Municipal Value Fund, Inc.
(Exact name of registrant as specified in its charter)
| Minnesota | 811-05235 | 36-3529056 | ||
| (State or other jurisdiction of incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification No.) | ||
| 333 West Wacker Drive Chicago, Illinois |
60606 | |||
| (Address of principal executive offices) | (Zip Code) | |||
Registrant’s telephone number, including area code: (800) 257-8787
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 20e-4(c) under the Exchange Act (17 CFR 240.20e-4(c)) |
Item 8.01. Other Events.
Investment Policy Revision
Effective August 5, 2016, a number of Nuveen AMT-Free and non-AMT municipal closed-end funds have approved changes to their investment policies altering the limits on exposure to securities subject to the federal alternative minimum tax applicable to individuals (AMT).
AMT FREE MUNICIPAL FUNDS
The two AMT-Free funds listed below adopted a new investment policy to require the funds to invest 100% of its managed assets in securities the income from which is exempt from AMT at the time of purchase. While the funds were previously being managed as such, the new AMT policy will be in addition to the current policy which requires that only 80% of the funds’ assets be invested in securities exempt from the AMT. The 80% policy was adopted to meet the “Names Rule” under the Investment Company Act of 1940 and is subject to change by the board upon 60 days’ notice to shareholders. The new 100% AMT policy is subject to change by the fund’s board without shareholder notice. The new AMT policy is consistent with Nuveen’s other AMT-Free funds. The new policy was adopted for the following funds:
| Ticker |
Nuveen Fund Name | |
| NRK | Nuveen New York AMT-Free Municipal Income Fund | |
| NKX | Nuveen California AMT-Free Municipal Income Fund |
MUNICIPAL FUNDS THAT ARE NOT AMT-FREE
All of the Nuveen municipal closed-end funds listed below have adopted an investment policy to limit the amount securities subject to AMT to no more than 20% of a fund’s managed assets. As set forth below the vast majority of these funds previously did not have a limit on AMT securities while six funds had a 30% limit on AMT securities. The new AMT investment policy will replace each fund’s old investment policy. Together with a number of other Nuveen funds, these changes will create a uniform 20% limit on AMT securities across Nuveen’s municipal complex. The following is a list of the funds adopting the new 20% limit and each fund’s previous investment policy with respect to AMT securities.
| Ticker |
Nuveen Fund Name |
Prior AMT Exposure Limit |
New AMT Policy | |||
| NAZ | Nuveen Arizona Premium Income Municipal Fund | 30% | 20% | |||
| NEV | Nuveen Enhanced Municipal Value Fund | 30% | 20% | |||
| NHA | Nuveen Municipal 2021 Target Term Fund | 30% | 20% | |||
| NID | Nuveen Intermediate Duration Municipal Term Fund | 30% | 20% | |||
| NIQ | Nuveen Intermediate Duration Quality Municipal Term Fund | 30% | 20% | |||
| NMZ | Nuveen Municipal High Income Opportunity Fund | 30% | 20% | |||
| NAC | Nuveen California Dividend Advantage Municipal Fund | No Limit | 20% | |||
| NAD | Nuveen Dividend Advantage Municipal Fund | No Limit | 20% | |||
| NAN | Nuveen New York Dividend Advantage Municipal Fund | No Limit | 20% | |||
| NCA | Nuveen California Municipal Value Fund, Inc. | No Limit | 20% | |||
| NIM | Nuveen Select Maturities Municipal Fund | No Limit | 20% | |||
| NKG | Nuveen Georgia Dividend Advantage Municipal Fund 2 | No Limit | 20% | |||
| NMI | Nuveen Municipal Income Fund, Inc. | No Limit | 20% |
| NMS | Nuveen Minnesota Municipal Income Fund | No Limit | 20% | |||
| NMT | Nuveen Massachusetts Premium Income Municipal Fund | No Limit | 20% | |||
| NMY | Nuveen Maryland Premium Income Municipal Fund | No Limit | 20% | |||
| NNC | Nuveen North Carolina Premium Income Municipal Fund | No Limit | 20% | |||
| NNY | Nuveen New York Municipal Value Fund, Inc. | No Limit | 20% | |||
| NOM | Nuveen Missouri Premium Income Municipal Fund | No Limit | 20% | |||
| NPV | Nuveen Virginia Premium Income Municipal Fund | No Limit | 20% | |||
| NQP | Nuveen Pennsylvania Investment Quality Municipal Fund | No Limit | 20% | |||
| NTC | Nuveen Connecticut Premium Income Municipal Fund | No Limit | 20% | |||
| NTX | Nuveen Texas Quality Income Municipal Fund | No Limit | 20% | |||
| NUM | Nuveen Michigan Quality Income Municipal Fund | No Limit | 20% | |||
| NUO | Nuveen Ohio Quality Income Municipal Fund | No Limit | 20% | |||
| NUV | Nuveen Municipal Value Fund, Inc. | No Limit | 20% | |||
| NVX | Nuveen California Dividend Advantage Municipal Fund 2 | No Limit | 20% | |||
| NXJ | Nuveen New Jersey Dividend Advantage Municipal Fund | No Limit | 20% | |||
| NZF | Nuveen Enhanced Municipal Credit Opportunities Fund | No Limit | 20% | |||
| NZH | Nuveen California Dividend Advantage Municipal Fund 3 | No Limit | 20% |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| NUVEEN CALIFORNIA MUNICIPAL VALUE FUND, INC. | ||||||
| Date: August 5, 2016 | By: | /s/ Kevin J. McCarthy | ||||
| Kevin J. McCarthy | ||||||
| Vice President and Secretary | ||||||