Nuveen Investments, a leading global provider of investment services to institutions and high-net-worth investors today announced the first distribution declarations for four state-specific closed-end funds. These funds include the Nuveen California Municipal Value Fund 2 (NCB), Nuveen New Jersey Municipal Value Fund (NJV), Nuveen New York Municipal Value Fund 2 (NYV) and Nuveen Pennsylvania Municipal Value Fund (NPN). The funds began trading on the NYSE Amex (AMEX) on April 28, 2009.
The funds’ primary investment objective is to provide current income exempt from regular federal and state-specific income taxes while enhancing portfolio value and total return. These funds consist primarily of investment-quality municipal securities.
Monthly distributions from Nuveen's municipal closed-end funds and portfolios are generally exempt from regular Federal income taxes, and monthly distributions of single-state municipal funds and portfolios are also exempt from state and, in some cases, local income taxes for in-state residents.
Nuveen funds generally seek to pay stable distributions at rates that reflect each fund’s past results and projected future performance. During certain periods, each fund may pay distributions at a rate that may be more or less than the amount of net investment income actually earned by the fund during the period. If a fund cumulatively earned more than it has paid in distributions, it holds the excess in reserve as undistributed net investment income (UNII) as part of the fund’s net asset value (NAV). Conversely, if a fund has cumulatively paid distributions in excess of its earnings, the excess constitutes negative UNII that is likewise reflected in the fund’s NAV. Each fund will, over time, pay all of its net investment income as distributions to shareholders. The funds’ positive or negative UNII balances are disclosed from time to time in their periodic shareholder reports, and are also on www.nuveen.com/cef
The following dates apply to today’s dividend declarations:
Record Date | Â | Â | Â | June 15, 2009 |
Ex-Dividend Date | June 11, 2009 | |||
Payable Date | July 1, 2009 |
 |  | |||||
Monthly Tax-Free Distribution | ||||||
 | ||||||
Ticker | Closed-End Funds | Amount | Â | Annualized | ||
NCB | CA Municipal Value 2 | 0.0690 | 5.52% | |||
NJV | NJ Municipal Value | 0.0640 | 5.12% | |||
NYV | NY Municipal Value 2 | 0.0640 | 5.12% | |||
NPN | PA Municipal Value | 0.0650 | 5.20% |
*Annualized distribution rate is based on initial monthly distribution and IPO price of $15.00 as of April 28, 2009.
Nuveen Investments provides high quality investment services designed to help secure the long-term goals of institutions and high net worth investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets its growing range of specialized investment solutions under the high-quality brands of HydePark, NWQ, Nuveen, Santa Barbara, Symphony, Tradewinds and Winslow Capital. In total, the Company managed $115 billion of assets on March 31, 2009.
Contacts:
Nuveen Investments
MEDIA CONTACT:
Kristyna Sujata
312-917-8343
KRISTYNA.SUJATA@NUVEEN.COM