Nuveen, an operating division of TIAA Global Asset Management, today announced the Nuveen California Municipal Value Fund ( NYSE: NCA) has filed an initial registration statement to establish an equity shelf program. This is the fund's second equity shelf registration, with the first having been filed on March 1, 2013. The program is designed to provide the fund's portfolio managers with additional flexibility in pursuing attractive investment opportunities they believe may enhance long-term shareholder returns. Under the equity shelf program, the fund, subject to market conditions, may raise equity capital by issuing additional common shares, from time to time in varying amounts and offering methods, at a net price at or above the fund's net asset value per common share plus the per share amount of any commission. The fund has filed a registration statement with the Securities and Exchange Commission relating to its proposed shelf offering. The information contained in the fund's preliminary prospectus within the registration statement is not complete and may be changed. New shares of the fund will not be sold until its registration statement is effective. The preliminary prospectus is not an offer to sell newly registered shares and is not soliciting an offer to buy newly registered shares in any jurisdiction where the offer or sale is not permitted. Investors should consider the fund's investment objectives, risks, charges and expenses carefully before investing and may obtain full fund information by visiting Nuveen's web site at www.nuveen.com/cef or by contacting Nuveen Investments at 1-800-257-8787. Nuveen provides investment solutions designed to help secure the long-term goals of individual investors and the advisors who serve them. Through the investment expertise of leading asset managers across traditional and alternative asset classes, Nuveen is committed to delivering consultative guidance that aligns with client needs. Funds are distributed by Nuveen Securities, LLC, a subsidiary of Nuveen Investments, Inc. Nuveen is an operating division of TIAA Global Asset Management. For more information, please visit the Nuveen website at www.nuveen.com. The information contained on the Nuveen website is not a part of this press release.