Chairman's Letter to Shareholders
|
4
|
Portfolio Manager's Comments
|
5
|
Fund Leverage
|
10
|
Common Share Information
|
12
|
Risk Considerations
|
14
|
Performance Overview and Holding Summaries
|
15
|
Shareholder Meeting Report
|
21
|
Report of Independent Registered Public Accounting Firm
|
23
|
Portfolios of Investments
|
24
|
Statement of Assets and Liabilities
|
77
|
Statement of Operations
|
79
|
Statement of Changes in Net Assets
|
81
|
Statement of Cash Flows
|
83
|
Financial Highlights
|
84
|
Notes to Financial Statements
|
92
|
Additional Fund Information
|
106
|
Glossary of Terms Used in this Report
|
107
|
Reinvest Automatically, Easily and Conveniently
|
109
|
Board Members & Officers
|
110
|
Nuveen Investments
|
3
|
4
|
Nuveen Investments
|
Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio manager as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements, and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.
|
Nuveen Investments
|
5
|
6
|
Nuveen Investments
|
Nuveen Investments
|
7
|
8
|
Nuveen Investments
|
Nuveen Investments
|
9
|
NCA
|
NCB
|
NKX
|
NAC
|
NVX
|
NZH
|
||
Effective Leverage*
|
1.58%
|
9.56%
|
32.36%
|
34.61%
|
31.30%
|
37.33%
|
|
Regulatory Leverage*
|
0.00%
|
0.00%
|
29.81%
|
28.86%
|
29.25%
|
30.75%
|
*
|
Effective leverage is a Fund's effective economic leverage, and includes both regulatory leverage and the leverage effects of certain derivative and other investments in a Fund's portfolio that increase the Fund's investment exposure. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage. Regulatory leverage consists of preferred shares issued or borrowings of a Fund. Both of these are part of a Fund's capital structure. Regulatory leverage is subject to asset coverage limits set forth in the Investment Company Act of 1940.
|
10
|
Nuveen Investments
|
iMTP Shares
|
VRDP Shares
|
|||||||||||||||
Shares
|
Shares
|
|||||||||||||||
Issued at
|
Issued at
|
|||||||||||||||
Liquidation
|
Liquidation
|
|||||||||||||||
Series
|
Preference
|
Series
|
Preference
|
Total
|
||||||||||||
NKX
|
2018
|
$
|
36,000,000
|
2
|
$
|
35,500,000
|
||||||||||
3
|
$
|
42,700,000
|
||||||||||||||
4
|
$
|
109,000,000
|
||||||||||||||
5
|
$
|
104,400,000
|
||||||||||||||
$
|
36,000,000
|
$
|
291,600,000
|
$
|
327,600,000
|
|||||||||||
NAC
|
—
|
—
|
1
|
$
|
136,200,000
|
|||||||||||
2
|
$
|
91,000,000
|
||||||||||||||
3
|
$
|
49,800,000
|
||||||||||||||
4
|
$
|
105,600,000
|
||||||||||||||
5
|
$
|
158,900,000
|
||||||||||||||
6
|
$
|
158,100,000
|
||||||||||||||
$
|
699,600,000
|
$
|
699,600,000
|
|||||||||||||
NVX
|
—
|
—
|
1
|
$
|
98,000,000
|
$
|
98,000,000
|
|||||||||
NZH
|
—
|
—
|
1
|
$
|
160,000,000
|
$
|
160,000,000
|
Nuveen Investments
|
11
|
Per Common Share Amounts
|
|||||||||||||||||||
Monthly Distributions (Ex-Dividend Date)
|
NCA
|
NCB
|
NKX
|
NAC
|
NVX
|
NZH
|
|||||||||||||
March 2015
|
$
|
0.0390
|
$
|
0.0650
|
$
|
0.0720
|
$
|
0.0800
|
$
|
0.0700
|
$
|
0.0670
|
|||||||
April
|
0.0390
|
0.0650
|
0.0720
|
0.0800
|
0.0700
|
0.0670
|
|||||||||||||
May
|
0.0390
|
0.0650
|
0.0720
|
0.0800
|
0.0700
|
0.0670
|
|||||||||||||
June
|
0.0390
|
0.0650
|
0.0720
|
0.0760
|
0.0700
|
0.0670
|
|||||||||||||
July
|
0.0390
|
0.0650
|
0.0720
|
0.0760
|
0.0700
|
0.0670
|
|||||||||||||
August
|
0.0390
|
0.0650
|
0.0720
|
0.0760
|
0.0700
|
0.0670
|
|||||||||||||
September
|
0.0390
|
0.0650
|
0.0720
|
0.0760
|
0.0675
|
0.0670
|
|||||||||||||
October
|
0.0390
|
0.0650
|
0.0720
|
0.0760
|
0.0675
|
0.0670
|
|||||||||||||
November
|
0.0390
|
0.0650
|
0.0720
|
0.0760
|
0.0675
|
0.0670
|
|||||||||||||
December
|
0.0390
|
0.0650
|
0.0720
|
0.0760
|
0.0675
|
0.0670
|
|||||||||||||
January
|
0.0390
|
0.0650
|
0.0720
|
0.0760
|
0.0675
|
0.0670
|
|||||||||||||
February 2016
|
0.0390
|
0.0650
|
0.0720
|
0.0760
|
0.0675
|
0.0670
|
|||||||||||||
Total Monthly Per Share Distributions
|
$
|
0.4680
|
$
|
0.7800
|
$
|
0.8640
|
$
|
0.9240
|
$
|
0.8250
|
$
|
0.8040
|
|||||||
Ordinary Income Distribution*
|
$
|
0.0038
|
$
|
0.0290
|
$
|
0.0047
|
$
|
0.0052
|
$
|
0.0060
|
$
|
0.0031
|
|||||||
Total Distributions from Net Investment Income
|
$
|
0.4718
|
$
|
0.8090
|
$
|
0.8687
|
$
|
0.9292
|
$
|
0.8310
|
$
|
0.8071
|
|||||||
Total Distributions from Long-Term Capital Gains*
|
$
|
—
|
$
|
0.2327
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
|||||||
Total Distributions
|
$
|
0.4718
|
$
|
1.0417
|
$
|
0.8687
|
$
|
0.9292
|
$
|
0.8310
|
$
|
0.8071
|
|||||||
Yields
|
|||||||||||||||||||
Market Yield**
|
4.34
|
%
|
4.41
|
%
|
5.53
|
%
|
5.76
|
%
|
5.19
|
%
|
5.52
|
%
|
|||||||
Taxable-Equivalent Yield**
|
6.65
|
%
|
6.75
|
%
|
8.47
|
%
|
8.82
|
%
|
7.95
|
%
|
8.45
|
%
|
*
|
Distribution paid on December 2015.
|
**
|
Market Yield is based on the Fund's current annualized monthly distribution divided by the Fund's current market price as of the end of the reporting period. Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 34.7%. When comparing a Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
|
12
|
Nuveen Investments
|
NCA
|
NCB
|
NKX
|
NAC
|
NVX
|
NZH
|
||||||||||||||
Common shares cumulatively repurchased and retired
|
—
|
—
|
—
|
—
|
50,700
|
12,900
|
|||||||||||||
Common shares authorized for repurchase
|
2,570,000
|
330,000
|
4,770,000
|
10,740,000
|
1,475,000
|
2,415,000
|
NCA
|
||
Additional common shares authorized
|
2,500,000
|
NCA
|
||||
Common shares sold through equity shelf program
|
1,043,028
|
|||
Weighted average premium to NAV per common share sold
|
2.21
|
%
|
NCA
|
NCB
|
NKX
|
NAC
|
NVX
|
NZH
|
||||||||||||||
Common share NAV
|
$
|
10.56
|
$
|
17.23
|
$
|
16.17
|
$
|
16.06
|
$
|
16.06
|
$
|
14.92
|
|||||||
Common share price
|
$
|
10.79
|
$
|
17.70
|
$
|
15.63
|
$
|
15.84
|
$
|
15.62
|
$
|
14.56
|
|||||||
Premium/(Discount) to NAV
|
2.18
|
%
|
2.73
|
%
|
(3.34
|
)%
|
(1.37
|
)%
|
(2.74
|
)%
|
(2.41
|
)%
|
|||||||
12-month average premium/(discount) to NAV
|
1.25
|
%
|
(3.32
|
)%
|
(6.10
|
)%
|
(4.04
|
)%
|
(5.93
|
)%
|
(6.77
|
)%
|
Nuveen Investments
|
13
|
14
|
Nuveen Investments
|
NCA
|
|
Nuveen California Municipal Value Fund, Inc.
|
|
Performance Overview and Holding Summaries as of February 29, 2016
|
Average Annual
|
||||
1-Year
|
5-Year
|
10-Year
|
||
NCA at Common Share NAV
|
4.81%
|
7.95%
|
5.37%
|
|
NCA at Common Share Price
|
6.08%
|
10.32%
|
6.35%
|
|
S&P Municipal Bond California Index
|
4.37%
|
6.74%
|
5.05%
|
|
S&P Municipal Bond Index
|
3.78%
|
5.63%
|
4.68%
|
|
Lipper California Municipal Debt Funds Classification Average
|
6.24%
|
10.50%
|
5.58%
|
Fund Allocation
|
|
(% of net assets)
|
|
Long-Term Municipal Bonds
|
98.9%
|
Other Assets Less Liabilities
|
2.7%
|
Net Assets Plus Floating Rate Obligations
|
101.6%
|
Floating Rate Obligations
|
(1.6)%
|
Net Assets
|
100%
|
Portfolio Composition
|
|
(% of total investments)
|
|
Tax Obligation/Limited
|
22.2%
|
Tax Obligation/General
|
20.9%
|
U.S. Guaranteed
|
19.2%
|
Health Care
|
11.9%
|
Transportation
|
9.1%
|
Water and Sewer
|
5.4%
|
Other
|
11.3%
|
Total
|
100%
|
Credit Quality
|
|
(% of total investment exposure)
|
|
AAA/U.S. Guaranteed
|
23.1%
|
AA
|
40.2%
|
A
|
15.1%
|
BBB
|
7.9%
|
BB or Lower
|
8.4%
|
N/R (not rated)
|
5.3%
|
Total
|
100%
|
Nuveen Investments
|
15
|
NCB
|
|
Nuveen California Municipal Value Fund 2
|
|
Performance Overview and Holding Summaries as of February 29, 2016
|
Average Annual
|
||||
Since
|
||||
1-Year
|
5-Year
|
Inception
|
||
NCB at Common Share NAV
|
4.57%
|
8.43%
|
8.17%
|
|
NCB at Common Share Price
|
12.91%
|
11.22%
|
8.16%
|
|
S&P Municipal Bond California Index
|
4.37%
|
6.74%
|
6.36%
|
|
S&P Municipal Bond Index
|
3.78%
|
5.63%
|
5.60%
|
|
Lipper California Municipal Debt Funds Classification Average
|
6.24%
|
10.50%
|
6.22%
|
Fund Allocation
|
|
(% of net assets)
|
|
Long-Term Municipal Bonds
|
94.8%
|
Other Assets Less Liabilities
|
5.2%
|
Net Assets
|
100%
|
Portfolio Composition
|
|
(% of total investments)
|
|
Tax Obligation/Limited
|
19.4%
|
Utilities
|
14.8%
|
Health Care
|
14.2%
|
U.S. Guaranteed
|
13.7%
|
Tax Obligation/General
|
13.3%
|
Consumer Staples
|
6.2%
|
Transportation
|
5.3%
|
Housing/Single Family
|
5.0%
|
Other
|
8.1%
|
Total
|
100%
|
Credit Quality
|
|
(% of total investment exposure)
|
|
AAA/U.S. Guaranteed
|
22.3%
|
AA
|
24.6%
|
A
|
34.4%
|
BBB
|
8.7%
|
BB or Lower
|
8.9%
|
N/R (not rated)
|
1.1%
|
Total
|
100%
|
16
|
Nuveen Investments
|
NKX
|
|
Nuveen California AMT-Free Municipal Income Fund
|
|
Performance Overview and Holding Summaries as of February 29, 2016
|
Average Annual
|
||||
1-Year
|
5-Year
|
10-Year
|
||
NKX at Common Share NAV
|
7.09%
|
10.95%
|
6.50%
|
|
NKX at Common Share Price
|
12.93%
|
12.50%
|
6.88%
|
|
S&P Municipal Bond California Index
|
4.37%
|
6.74%
|
5.05%
|
|
S&P Municipal Bond Index
|
3.78%
|
5.63%
|
4.68%
|
|
Lipper California Municipal Debt Funds Classification Average
|
6.24%
|
10.50%
|
5.58%
|
Fund Allocation
|
|
(% of net assets)
|
|
Long-Term Municipal Bonds
|
140.0%
|
Other Assets Less Liabilities
|
2.6%
|
Net Assets Plus Floating Rate Obligations, iMTP Shares, at Liquidation Preference & VRDP Shares, at Liquidation Preference
|
142.6%
|
Floating Rate Obligations
|
(0.1)%
|
iMTP Shares, at Liquidation Preference
|
(4.7)%
|
VRDP Shares, at Liquidation Preference
|
(37.8)%
|
Net Assets
|
100%
|
Portfolio Composition
|
|
(% of total investments)
|
|
Tax Obligation/Limited
|
28.5%
|
Tax Obligation/General
|
23.7%
|
Water and Sewer
|
11.2%
|
Health Care
|
11.1%
|
U.S. Guaranteed
|
8.4%
|
Consumer Staples
|
5.4%
|
Other
|
11.7%
|
Total
|
100%
|
Credit Quality
|
|
(% of total investment exposure)
|
|
AAA/U.S. Guaranteed
|
9.4%
|
AA
|
53.7%
|
A
|
14.4%
|
BBB
|
8.3%
|
BB or Lower
|
9.3%
|
N/R (not rated)
|
4.9%
|
Total
|
100%
|
Nuveen Investments
|
17
|
NAC
|
|
Nuveen California Dividend Advantage Municipal Fund
|
|
Performance Overview and Holding Summaries as of February 29, 2016
|
Average Annual
|
||||
1-Year
|
5-Year
|
10-Year
|
||
NAC at Common Share NAV
|
6.73%
|
11.43%
|
6.65%
|
|
NAC at Common Share Price
|
9.79%
|
12.28%
|
6.67%
|
|
S&P Municipal Bond California Index
|
4.37%
|
6.74%
|
5.05%
|
|
S&P Municipal Bond Index
|
3.78%
|
5.63%
|
4.68%
|
|
Lipper California Municipal Debt Funds Classification Average
|
6.24%
|
10.50%
|
5.58%
|
Fund Allocation
|
|
(% of net assets)
|
|
Long-Term Municipal Bonds
|
142.3%
|
Other Assets Less Liabilities
|
3.0%
|
Net Assets Plus Floating Rate Obligations & VRDP Shares, at Liquidation Preference
|
145.3%
|
Floating Rate Obligations
|
(4.7)%
|
VRDP Shares, at Liquidation Preference
|
(40.6)%
|
Net Assets
|
100%
|
Portfolio Composition
|
|
(% of total investments)
|
|
Tax Obligation/General
|
25.1%
|
Tax Obligation/Limited
|
21.7%
|
Health Care
|
16.6%
|
U.S. Guaranteed
|
9.6%
|
Water and Sewer
|
8.0%
|
Transportation
|
6.0%
|
Consumer Staples
|
5.5%
|
Other
|
7.5%
|
Total
|
100%
|
Credit Quality
|
|
(% of total investment exposure)
|
|
AAA/U.S. Guaranteed
|
13.1%
|
AA
|
48.4%
|
A
|
16.9%
|
BBB
|
9.3%
|
BB or Lower
|
9.3%
|
N/R (not rated)
|
3.0%
|
Total
|
100%
|
18
|
Nuveen Investments
|
NVX
|
|
Nuveen California Dividend Advantage Municipal Fund 2
|
|
Performance Overview and Holding Summaries as of February 29, 2016
|
Average Annual
|
||||
1-Year
|
5-Year
|
10-Year
|
||
NVX at Common Share NAV
|
7.03%
|
9.87%
|
6.40%
|
|
NVX at Common Share Price
|
13.22%
|
10.68%
|
6.85%
|
|
S&P Municipal Bond California Index
|
4.37%
|
6.74%
|
5.05%
|
|
S&P Municipal Bond Index
|
3.78%
|
5.63%
|
4.68%
|
|
Lipper California Municipal Debt Funds Classification Average
|
6.24%
|
10.50%
|
5.58%
|
Fund Allocation
|
|
(% of net assets)
|
|
Long-Term Municipal Bonds
|
140.1%
|
Other Assets Less Liabilities
|
1.6%
|
Net Assets Plus Floating Rate Obligations & VRDP Shares, at Liquidation Preference
|
141.7%
|
Floating Rate Obligations
|
(0.4)%
|
VRDP Shares, at Liquidation Preference
|
(41.3)%
|
Net Assets
|
100%
|
Portfolio Composition
|
|
(% of total investments)
|
|
Tax Obligation/General
|
23.4%
|
Tax Obligation/Limited
|
18.3%
|
Health Care
|
11.3%
|
Transportation
|
10.9%
|
U.S. Guaranteed
|
8.1%
|
Water and Sewer
|
9.4%
|
Utilities
|
7.7%
|
Consumer Staples
|
5.8%
|
Other
|
5.1%
|
Total
|
100%
|
Credit Quality
|
|
(% of total investment exposure)
|
|
AAA/U.S. Guaranteed
|
11.9%
|
AA
|
40.4%
|
A
|
25.5%
|
BBB
|
9.6%
|
BB or Lower
|
10.2%
|
N/R (not rated)
|
2.4%
|
Total
|
100%
|
Nuveen Investments
|
19
|
NZH
|
|
Nuveen California Dividend Advantage Municipal Fund 3
|
|
Performance Overview and Holding Summaries as of February 29, 2016
|
Average Annual
|
||||
1-Year
|
5-Year
|
10-Year
|
||
NZH at Common Share NAV
|
7.26%
|
10.67%
|
6.01%
|
|
NZH at Common Share Price
|
13.31%
|
11.37%
|
6.41%
|
|
S&P Municipal Bond California Index
|
4.37%
|
6.74%
|
5.05%
|
|
S&P Municipal Bond Index
|
3.78%
|
5.63%
|
4.68%
|
|
Lipper California Municipal Debt Funds Classification Average
|
6.24%
|
10.50%
|
5.58%
|
Fund Allocation
|
|
(% of net assets)
|
|
Long-Term Municipal Bonds
|
140.2%
|
Other Assets Less Liabilities
|
4.4%
|
Net Assets Plus Floating Rate Obligations & VRDP Shares, at Liquidation Preference
|
144.6%
|
Floating Rate Obligations
|
(0.2)%
|
VRDP Shares, at Liquidation Preference
|
(44.4)%
|
Net Assets
|
100%
|
Portfolio Composition
|
|
(% of total investments)
|
|
Tax Obligation/Limited
|
26.7%
|
Health Care
|
19.4%
|
Tax Obligation/General
|
13.3%
|
Water and Sewer
|
10.6%
|
Transportation
|
9.0%
|
Consumer Staples
|
6.9%
|
Other
|
14.1%
|
Total
|
100%
|
Credit Quality
|
|
(% of total investment exposure)
|
|
AAA/U.S. Guaranteed
|
6.3%
|
AA
|
49.9%
|
A
|
19.5%
|
BBB
|
10.6%
|
BB or Lower
|
10.5%
|
N/R (not rated)
|
3.2%
|
Total
|
100%
|
20
|
Nuveen Investments
|
NCA
|
NCB
|
NKX
|
NAC
|
||||||||||||||||
Common and
|
Common and
|
||||||||||||||||||
Preferred
|
Preferred
|
Preferred
|
Preferred
|
||||||||||||||||
shares voting
|
shares voting
|
shares voting
|
shares voting
|
||||||||||||||||
Common
|
Common
|
together
|
together
|
together
|
together
|
||||||||||||||
Shares
|
Shares
|
as a class
|
as a class
|
as a class
|
as a class
|
||||||||||||||
Approval of the Board Members was reached as follows:
|
|||||||||||||||||||
Jack B. Evans
|
|||||||||||||||||||
For
|
23,060,778
|
3,048,554
|
42,072,527
|
—
|
95,687,722
|
—
|
|||||||||||||
Withhold
|
422,216
|
41,829
|
747,683
|
—
|
2,686,543
|
—
|
|||||||||||||
Total
|
23,482,994
|
3,090,383
|
42,820,210
|
—
|
98,374,265
|
—
|
|||||||||||||
William C. Hunter
|
|||||||||||||||||||
For
|
—
|
—
|
—
|
6,671
|
—
|
5,403
|
|||||||||||||
Withhold
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||
Total
|
—
|
—
|
—
|
6,671
|
—
|
5,403
|
|||||||||||||
William J. Schneider
|
|||||||||||||||||||
For
|
22,969,174
|
3,048,554
|
—
|
6,671
|
—
|
5,403
|
|||||||||||||
Withhold
|
513,820
|
41,829
|
—
|
—
|
—
|
—
|
|||||||||||||
Total
|
23,482,994
|
3,090,383
|
—
|
6,671
|
—
|
5,403
|
|||||||||||||
Thomas S. Schreier, Jr.
|
|||||||||||||||||||
For
|
23,063,522
|
3,048,554
|
41,976,747
|
—
|
95,524,415
|
—
|
|||||||||||||
Withhold
|
419,472
|
41,829
|
843,463
|
—
|
2,849,850
|
—
|
|||||||||||||
Total
|
23,482,994
|
3,090,383
|
42,820,210
|
—
|
98,374,265
|
—
|
Nuveen Investments
|
21
|
NVX
|
NZH
|
||||||||||||
Common and
|
Common and
|
||||||||||||
Preferred
|
Preferred
|
||||||||||||
shares voting
|
shares voting
|
||||||||||||
together
|
Preferred
|
together
|
Preferred
|
||||||||||
as a class
|
Shares
|
as a class
|
Shares
|
||||||||||
Approval of the Board Members was reached as follows:
|
|||||||||||||
Jack B. Evans
|
|||||||||||||
For
|
13,199,933
|
—
|
21,844,882
|
—
|
|||||||||
Withhold
|
352,385
|
—
|
366,228
|
—
|
|||||||||
Total
|
13,552,318
|
—
|
22,211,110
|
—
|
|||||||||
William C. Hunter
|
|||||||||||||
For
|
—
|
680
|
—
|
1,470
|
|||||||||
Withhold
|
—
|
—
|
—
|
—
|
|||||||||
Total
|
—
|
680
|
—
|
1,470
|
|||||||||
William J. Schneider
|
|||||||||||||
For
|
—
|
680
|
—
|
1,470
|
|||||||||
Withhold
|
—
|
—
|
—
|
—
|
|||||||||
Total
|
—
|
680
|
—
|
1,470
|
|||||||||
Thomas S. Schreier, Jr.
|
|||||||||||||
For
|
13,171,845
|
—
|
21,738,296
|
—
|
|||||||||
Withhold
|
380,473
|
—
|
472,814
|
—
|
|||||||||
Total
|
13,552,318
|
—
|
22,211,110
|
—
|
22
|
Nuveen Investments
|
Nuveen Investments
|
23
|
NCA
|
||
Nuveen California Municipal Value Fund, Inc.
|
||
Portfolio of Investments
|
February 29, 2016
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
LONG-TERM INVESTMENTS – 98.9% (100.0% of Total Investments)
|
||||||||||
MUNICIPAL BONDS – 98.9% (100.0% of Total Investments)
|
||||||||||
Consumer Staples – 4.5% (4.6% of Total Investments)
|
||||||||||
$
|
2,000
|
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los Angeles County Securitization Corporation, Series 2006A, 5.650%, 6/01/41
|
12/18 at 100.00
|
B2
|
|
$
|
2,002,320
|
|||
195
|
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Sonoma County Tobacco Securitization Corporation, Series 2005, 4.250%, 6/01/21
|
5/16 at 100.00
|
BBB+
|
195,027
|
||||||
3,940
|
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1, 5.000%, 6/01/33
|
6/17 at 100.00
|
B–
|
3,739,612
|
||||||
3,570
|
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-2, 5.300%, 6/01/37
|
6/22 at 100.00
|
B–
|
3,369,830
|
||||||
3,500
|
Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed Bonds, Series 2005A-1, 5.500%, 6/01/45
|
5/16 at 100.00
|
B–
|
3,361,645
|
||||||
13,205
|
Total Consumer Staples
|
12,668,434
|
||||||||
Education and Civic Organizations – 0.5% (0.5% of Total Investments)
|
||||||||||
65
|
California Educational Facilities Authority, Revenue Bonds, University of Redlands, Series 2005A, 5.000%, 10/01/35
|
4/16 at 100.00
|
A3
|
65,216
|
||||||
450
|
California Municipal Finance Authority, Charter School Revenue Bonds, Rocketship Education, Multiple Projects, Series 2014A, 7.250%, 6/01/43
|
6/22 at 102.00
|
N/R
|
524,934
|
||||||
700
|
California Statewide Communities Development Authority, School Facility Revenue Bonds, Alliance College-Ready Public Schools, Series 2011A, 7.000%, 7/01/46
|
7/21 at 100.00
|
BBB–
|
789,390
|
||||||
1,215
|
Total Education and Civic Organizations
|
1,379,540
|
||||||||
Health Care – 11.8% (11.9% of Total Investments)
|
||||||||||
285
|
California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, Refunding Series 2015A, 5.000%, 8/15/43
|
8/25 at 100.00
|
AA–
|
330,118
|
||||||
555
|
California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard Children's Hospital, Series 2014A, 5.000%, 8/15/43
|
8/24 at 100.00
|
AA
|
636,502
|
||||||
350
|
California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Series 2014A, 5.000%, 10/01/38
|
10/24 at 100.00
|
AA
|
406,385
|
||||||
690
|
California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Series 2014B, 5.000%, 10/01/44
|
10/24 at 100.00
|
AA
|
789,857
|
||||||
California Health Facilities Financing Authority, Revenue Bonds, Rady Children's Hospital – San Diego, Series 2011:
|
||||||||||
560
|
5.000%, 8/15/31
|
8/21 at 100.00
|
AA–
|
650,278
|
||||||
670
|
5.250%, 8/15/41
|
8/21 at 100.00
|
AA–
|
752,765
|
||||||
1,000
|
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2011B, 6.000%, 8/15/42
|
8/20 at 100.00
|
AA–
|
1,200,660
|
||||||
5,365
|
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2007A, 5.250%, 11/15/46 (UB)
|
11/16 at 100.00
|
AA–
|
5,527,291
|
||||||
2,270
|
California Municipal Financing Authority, Certificates of Participation, Community Hospitals of Central California, Series 2007, 5.250%, 2/01/27
|
2/17 at 100.00
|
A–
|
2,346,386
|
||||||
2,625
|
California Statewide Communities Development Authority, Revenue Bonds, Kaiser Permanente, Series 2012A, 5.000%, 4/01/42
|
4/22 at 100.00
|
A+
|
2,987,906
|
||||||
3,000
|
California Statewide Community Development Authority, Health Facility Revenue Bonds, Catholic Healthcare West, Insured Series 2008K, 5.500%, 7/01/41 – AGC Insured
|
7/17 at 100.00
|
AA
|
3,151,830
|
||||||
1,000
|
California Statewide Community Development Authority, Health Facility Revenue Bonds, Catholic Healthcare West, Series 2008C, 5.625%, 7/01/35
|
7/18 at 100.00
|
A
|
1,089,600
|
24
|
Nuveen Investments
|
Principal
|
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Health Care (continued)
|
||||||||||
$
|
1,460
|
California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanente System, Series 2001C, 5.250%, 8/01/31
|
8/16 at 100.00
|
A+
|
|
$
|
1,484,382
|
|||
2,710
|
California Statewide Community Development Authority, Revenue Bonds, Sherman Oaks Health System, Series 1998A, 5.000%, 8/01/22 – AMBAC Insured
|
No Opt. Call
|
AA–
|
3,125,822
|
||||||
2,940
|
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 6.750%, 11/01/39
|
11/19 at 100.00
|
Ba1
|
3,296,034
|
||||||
2,900
|
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 6.000%, 11/01/41
|
11/20 at 100.00
|
Ba1
|
3,096,359
|
||||||
1,750
|
San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011, 7.500%, 12/01/41
|
12/21 at 100.00
|
BB+
|
2,145,150
|
||||||
30,130
|
Total Health Care
|
33,017,325
|
||||||||
Housing/Multifamily – 2.1% (2.2% of Total Investments)
|
||||||||||
1,010
|
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2010A, 6.400%, 8/15/45
|
8/20 at 100.00
|
BBB
|
1,115,495
|
||||||
1,060
|
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2012A, 5.500%, 8/15/47
|
8/22 at 100.00
|
BBB
|
1,187,486
|
||||||
California Municipal Finance Authority, Mobile Home Park Senior Revenue Bonds, Caritas Affordable Housing, Inc. Projects, Series 2014A:
|
||||||||||
65
|
5.250%, 8/15/39
|
8/24 at 100.00
|
BBB
|
73,419
|
||||||
175
|
5.250%, 8/15/49
|
8/24 at 100.00
|
BBB
|
197,026
|
||||||
2,255
|
California Statewide Community Development Authority, Multifamily Housing Revenue Bonds, Harbor City Lights, Series 1999Y, 6.650%, 7/01/39 (Alternative Minimum Tax)
|
7/16 at 100.00
|
N/R
|
2,257,661
|
||||||
1,105
|
San Dimas Housing Authority, California, Mobile Home Park Revenue Bonds, Charter Oak Mobile Home Estates Acquisition Project, Series 1998A, 5.700%, 7/01/28
|
7/16 at 100.00
|
N/R
|
1,106,790
|
||||||
5,670
|
Total Housing/Multifamily
|
5,937,877
|
||||||||
Housing/Single Family – 0.8% (0.8% of Total Investments)
|
||||||||||
2,125
|
California Department of Veteran Affairs, Home Purchase Revenue Bonds, Series 2007, 5.000%, 12/01/42 (Alternative Minimum Tax)
|
12/16 at 100.00
|
AA
|
2,164,249
|
||||||
Long-Term Care – 1.7% (1.7% of Total Investments)
|
||||||||||
4,000
|
ABAG Finance Authority for Non-Profit Corporations, California, Health Facility Revenue Bonds, The Institute on Aging, Series 2008A, 5.650%, 8/15/38
|
8/18 at 100.00
|
AA–
|
4,418,840
|
||||||
180
|
California Statewide Community Development Authority, Certificates of Participation, Internext Group, Series 1999, 5.375%, 4/01/17
|
4/16 at 100.00
|
BBB+
|
180,803
|
||||||
4,180
|
Total Long-Term Care
|
4,599,643
|
||||||||
Tax Obligation/General – 20.7% (20.9% of Total Investments)
|
||||||||||
1,000
|
California State, General Obligation Bonds, Refunding Various Purpose Series 2013, 5.000%, 2/01/29
|
No Opt. Call
|
AA–
|
1,196,350
|
||||||
1,000
|
California State, General Obligation Bonds, Various Purpose Refunding Series 2014, 5.000%, 8/01/31
|
8/24 at 100.00
|
AA–
|
1,203,100
|
||||||
3,000
|
California State, General Obligation Bonds, Various Purpose Refunding Series 2015, 5.000%, 8/01/34
|
8/25 at 100.00
|
AA–
|
3,587,130
|
||||||
California State, General Obligation Bonds, Various Purpose Series 2009:
|
||||||||||
2,500
|
6.000%, 4/01/38
|
4/19 at 100.00
|
AA–
|
2,872,650
|
||||||
1,000
|
6.000%, 11/01/39
|
11/19 at 100.00
|
AA–
|
1,175,470
|
||||||
2,000
|
California State, General Obligation Bonds, Various Purpose Series 2010, 5.500%, 3/01/40
|
3/20 at 100.00
|
AA–
|
2,316,640
|
||||||
California State, General Obligation Bonds, Various Purpose Series 2013:
|
||||||||||
2,500
|
5.000%, 4/01/37
|
4/23 at 100.00
|
AA–
|
2,917,800
|
||||||
2,500
|
5.000%, 2/01/43
|
No Opt. Call
|
AA–
|
2,876,100
|
||||||
2,240
|
5.000%, 11/01/43
|
11/23 at 100.00
|
AA–
|
2,609,981
|
Nuveen Investments
|
25
|
NCA
|
Nuveen California Municipal Value Fund, Inc.
|
|
Portfolio of Investments (continued)
|
February 29, 2016
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Tax Obligation/General (continued)
|
||||||||||
California State, General Obligation Bonds, Various Purpose Series 2014:
|
||||||||||
$
|
5,000
|
5.000%, 5/01/32
|
5/24 at 100.00
|
AA–
|
|
$
|
5,955,250
|
|||
1,970
|
5.000%, 10/01/39
|
10/24 at 100.00
|
AA–
|
2,313,568
|
||||||
290
|
Oceanside Unified School District, San Diego County, California, General Obligation Bonds, Election 2008 Series 2010B, 0.000%, 8/01/49 – AGM Insured
|
8/20 at 13.60
|
AA
|
34,635
|
||||||
10,000
|
Poway Unified School District, San Diego County, California, General Obligation Bonds, School Facilities Improvement District 2007-1, Series 2011A, 0.000%, 8/01/46
|
No Opt. Call
|
AA–
|
2,972,900
|
||||||
2,000
|
Puerto Rico, General Obligation Bonds, Public Improvement Series 2002A, 5.500%, 7/01/20 – NPFG Insured
|
No Opt. Call
|
AA–
|
2,087,120
|
||||||
11,875
|
San Mateo Union High School District, San Mateo County, California, General Obligation Bonds, Election 2010 Series 2011A, 0.000%, 9/01/41
|
9/36 at 100.00
|
Aaa
|
9,666,962
|
||||||
1,320
|
Tahoe Forest Hospital District, Placer and Nevada Counties, California, General Obligation Bonds, Series 2010B, 5.500%, 8/01/35
|
8/18 at 100.00
|
Aa3
|
1,450,350
|
||||||
20,860
|
Yosemite Community College District, California, General Obligation Bonds, Capital Appreciation, Election 2004, Series 2010D, 0.000%, 8/01/42
|
No Opt. Call
|
Aa2
|
12,697,062
|
||||||
71,055
|
Total Tax Obligation/General
|
57,933,068
|
||||||||
Tax Obligation/Limited – 22.0% (22.2% of Total Investments)
|
||||||||||
1,000
|
Artesia Redevelopment Agency, California, Tax Allocation Revenue Bonds, Artesia Redevelopment Project Area, Series 2007, 5.375%, 6/01/27
|
5/16 at 100.00
|
BBB+
|
1,001,690
|
||||||
Bell Community Redevelopment Agency, California, Tax Allocation Bonds, Bell Project Area, Series 2003:
|
||||||||||
3,000
|
5.500%, 10/01/23 – RAAI Insured
|
4/16 at 100.00
|
AA
|
3,003,900
|
||||||
1,000
|
5.625%, 10/01/33 – RAAI Insured
|
4/16 at 100.00
|
AA
|
1,000,630
|
||||||
3,500
|
California State Public Works Board, Lease Revenue Bonds, Department of Corrections & Rehabilitation, Various Correctional Facilities Series 2013F, 5.250%, 9/01/33
|
9/23 at 100.00
|
A+
|
4,189,360
|
||||||
1,250
|
California State Public Works Board, Lease Revenue Bonds, Department of Corrections & Rehabilitation, Various Correctional Facilities Series 2014A, 5.000%, 9/01/39
|
9/24 at 100.00
|
A+
|
1,458,913
|
||||||
1,000
|
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2009G-1, 5.750%, 10/01/30
|
10/19 at 100.00
|
A+
|
1,167,700
|
||||||
2,000
|
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2009-I, 6.375%, 11/01/34
|
11/19 at 100.00
|
A+
|
2,398,620
|
||||||
3,000
|
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2012G, 5.000%, 11/01/37
|
11/22 at 100.00
|
A+
|
3,484,170
|
||||||
1,005
|
Chino Redevelopment Agency, California, Merged Chino Redevelopment Project Area Tax Allocation Bonds, Series 2006, 5.000%, 9/01/38 – AMBAC Insured
|
9/16 at 101.00
|
A
|
1,033,522
|
||||||
1,000
|
Folsom Public Financing Authority, California, Special Tax Revenue Bonds, Refunding Series 2007A, 5.000%, 9/01/23 – AMBAC Insured
|
9/17 at 100.00
|
N/R
|
1,041,240
|
||||||
750
|
Fontana Redevelopment Agency, San Bernardino County, California, Tax Allocation Bonds, Jurupa Hills Redevelopment Project, Refunding Series 1997A, 5.500%, 10/01/27
|
4/16 at 100.00
|
A
|
753,293
|
||||||
8,250
|
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2015A, 5.000%, 6/01/45
|
6/25 at 100.00
|
A+
|
9,459,532
|
||||||
675
|
Inglewood Redevelopment Agency, California, Tax Allocation Bonds, Merged Redevelopment Project, Subordinate Lien Series 2007A-1, 5.000%,
5/01/25 – AMBAC Insured |
5/17 at 100.00
|
BBB+
|
692,091
|
||||||
Irvine Unified School District, California, Special Tax Bonds, Community Facilities District Series 2006A:
|
||||||||||
150
|
5.000%, 9/01/26
|
9/16 at 100.00
|
N/R
|
152,606
|
||||||
355
|
5.125%, 9/01/36
|
9/16 at 100.00
|
N/R
|
360,119
|
||||||
2,500
|
Kern County Board of Education, California, Certificates of Participation, Series 2006A, 5.000%, 6/01/31 – NPFG Insured
|
6/16 at 100.00
|
AA–
|
2,522,625
|
||||||
750
|
Lancaster Redevelopment Agency, California, Tax Allocation Bonds, Combined Redevelopment Project Areas Housing Programs, Series 2009, 6.000%, 8/01/24
|
8/19 at 100.00
|
BBB
|
859,890
|
26
|
Nuveen Investments
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Tax Obligation/Limited (continued)
|
||||||||||
$
|
3,520
|
Los Angeles County Public Works Financing Authority, California, Lease Revenue Bonds, Multiple Capital Facilities Project II, Series 2012, 5.000%, 8/01/42
|
No Opt. Call
|
AA
|
|
$
|
4,045,078
|
|||
370
|
National City Community Development Commission, California, Tax Allocation Bonds, National City Redevelopment Project, Series 2011, 6.500%, 8/01/24
|
8/21 at 100.00
|
A
|
468,213
|
||||||
140
|
Novato Redevelopment Agency, California, Tax Allocation Bonds, Hamilton Field Redevelopment Project, Series 2011, 6.750%, 9/01/40
|
9/21 at 100.00
|
BBB+
|
169,757
|
||||||
5,910
|
Palmdale Elementary School District, Los Angeles County, California, Special Tax Bonds, Community Facilities District 90-1, Series 1999, 5.800%, 8/01/29
|
No Opt. Call
|
AA
|
5,934,999
|
||||||
160
|
Patterson Public Finance Authority, California, Revenue Bonds, Community Facilities District 2001-1, Subordinate Lien Series 2013B, 5.875%, 9/01/39
|
9/23 at 100.00
|
N/R
|
177,082
|
||||||
Patterson Public Financing Authority, California, Revenue Bonds, Community Facilities District 2001-1, Senior Series 2013A:
|
||||||||||
950
|
5.250%, 9/01/30
|
9/23 at 100.00
|
N/R
|
1,053,170
|
||||||
860
|
5.750%, 9/01/39
|
9/23 at 100.00
|
N/R
|
958,126
|
||||||
440
|
Rancho Santa Fe CSD Financing Authority, California, Revenue Bonds, Superior Lien Series 2011A, 5.750%, 9/01/30
|
9/21 at 100.00
|
BBB+
|
505,718
|
||||||
80
|
Riverside County Redevelopment Agency, California, Tax Allocation Bonds, Jurupa Valley Project Area, Series 2011B, 6.500%, 10/01/25
|
10/21 at 100.00
|
A
|
99,845
|
||||||
2,000
|
Roseville, California, Special Tax Bonds, Community Facilities District 1 Fiddyment Ranch, Series 2005, 5.050%, 9/01/30
|
9/16 at 100.00
|
N/R
|
2,017,660
|
||||||
50
|
San Clemente, California, Special Tax Revenue Bonds, Community Facilities District 2006-1 Marblehead Coastal, Series 2015, 5.000%, 9/01/40
|
9/25 at 100.00
|
N/R
|
56,814
|
||||||
1,000
|
San Diego County Regional Transportation Commission, California, Sales Tax Revenue Bonds, Refunding Series 2012A, 5.000%, 4/01/42
|
4/22 at 100.00
|
AAA
|
1,144,620
|
||||||
170
|
San Francisco City and County Redevelopment Agency Successor Agency, California, Special Tax Bonds, Community Facilities District 7, Hunters Point Shipyard Phase One Improvements, Refunding Series 2014, 5.000%, 8/01/39
|
No Opt. Call
|
N/R
|
185,788
|
||||||
65
|
San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds, Mission Bay North Redevelopment Project, Series 2011C, 6.750%, 8/01/41
|
2/21 at 100.00
|
A–
|
78,547
|
||||||
San Francisco Redevelopment Financing Authority, California, Tax Allocation Revenue Bonds, Mission Bay South Redevelopment Project, Series 2011D:
|
||||||||||
65
|
7.000%, 8/01/33
|
2/21 at 100.00
|
BBB+
|
78,518
|
||||||
80
|
7.000%, 8/01/41
|
2/21 at 100.00
|
BBB+
|
96,638
|
||||||
2,750
|
San Jose Financing Authority, California, Lease Revenue Refunding Bonds, Convention Center Project, Series 2001F, 5.000%, 9/01/20 – NPFG Insured
|
3/16 at 100.00
|
AA
|
2,761,578
|
||||||
780
|
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Refunding Series 2006D, 5.000%, 8/01/23 – AMBAC Insured
|
8/17 at 100.00
|
BBB+
|
822,198
|
||||||
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2006C:
|
||||||||||
400
|
5.000%, 8/01/24 – NPFG Insured
|
8/17 at 100.00
|
AA–
|
424,808
|
||||||
590
|
5.000%, 8/01/25 – NPFG Insured
|
8/17 at 100.00
|
AA–
|
626,073
|
||||||
110
|
Signal Hill Redevelopment Agency, California, Project 1 Tax Allocation Bonds, Series 2011, 7.000%, 10/01/26
|
4/21 at 100.00
|
N/R
|
131,263
|
||||||
1,330
|
Tehachapi Redevelopment Agency, California, Tax Allocation Bonds, Series 2007, 5.250%, 12/01/37 – RAAI Insured
|
12/17 at 100.00
|
AA
|
1,371,057
|
||||||
1,000
|
Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Series 2012A, 5.000%, 10/01/32 – AGM Insured
|
10/22 at 100.00
|
AA
|
1,104,140
|
||||||
590
|
Vista Joint Powers Financing Authority, California, Special Tax Lease Revenue Refunding Bonds, Community Facilities District 90-2, Series 1997A, 5.875%, 9/01/20
|
3/16 at 100.00
|
N/R
|
591,422
|
||||||
1,730
|
West Contra Costa Healthcare District, California, Certificates of Participation, Series 2004, 5.375%, 7/01/21 – AMBAC Insured
|
5/16 at 100.00
|
N/R
|
1,736,557
|
Nuveen Investments
|
27
|
NCA
|
Nuveen California Municipal Value Fund, Inc.
|
|
Portfolio of Investments (continued)
|
February 29, 2016
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Tax Obligation/Limited (continued)
|
||||||||||
$
|
190
|
Yorba Linda Redevelopment Agency, Orange County, California, Tax Allocation Revenue Bonds, Yorba Linda Redevelopment Project, Subordinate Lien Series 2011A, 6.500%, 9/01/32
|
9/21 at 100.00
|
A–
|
|
$
|
231,374
|
|||
56,515
|
Total Tax Obligation/Limited
|
61,450,944
|
||||||||
Transportation – 9.0% (9.1% of Total Investments)
|
||||||||||
1,820
|
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Junior Lien Series 2013C, 6.500%, 1/15/43
|
1/24 at 100.00
|
BB+
|
2,171,569
|
||||||
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Series 2013A:
|
||||||||||
1,945
|
5.000%, 1/15/42 – AGM Insured
|
1/24 at 100.00
|
AA
|
2,155,585
|
||||||
4,010
|
5.750%, 1/15/46
|
1/24 at 100.00
|
BBB–
|
4,695,590
|
||||||
4,010
|
6.000%, 1/15/53
|
1/24 at 100.00
|
BBB–
|
4,719,008
|
||||||
5,665
|
Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Senior Lien Series 2015D, 5.000%, 5/15/41 (Alternative Minimum Tax)
|
5/25 at 100.00
|
AA
|
6,448,413
|
||||||
3,000
|
Los Angeles Harbors Department, California, Revenue Bonds, Series 2014C, 5.000%, 8/01/44
|
8/24 at 100.00
|
AA
|
3,460,440
|
||||||
185
|
Palm Springs Financing Authority, California, Palm Springs International Airport Revenue Bonds, Series 2006, 5.550%, 7/01/28 (Alternative Minimum Tax)
|
7/16 at 100.00
|
N/R
|
185,801
|
||||||
1,210
|
Port of Oakland, California, Revenue Bonds, Refunding Series 2012P, 5.000%, 5/01/29 (Alternative Minimum Tax)
|
No Opt. Call
|
A+
|
1,395,203
|
||||||
21,845
|
Total Transportation
|
25,231,609
|
||||||||
U.S. Guaranteed – 19.0% (19.2% of Total Investments) (4)
|
||||||||||
2,500
|
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2006F, 5.000%, 4/01/31 (Pre-refunded 4/01/16) (UB)
|
4/16 at 100.00
|
AA (4)
|
2,510,900
|
||||||
1,600
|
California Municipal Financing Authority, Certificates of Participation, Community Hospitals of Central California, Series 2007, 5.250%, 2/01/27 (Pre-refunded 2/01/17)
|
2/17 at 100.00
|
N/R (4)
|
1,671,152
|
||||||
1,000
|
California Statewide Communities Development Authority, Revenue Bonds, ValleyCare Health System, Series 2007A, 5.125%, 7/15/31 (Pre-refunded 7/15/17)
|
7/17 at 100.00
|
AA+ (4)
|
1,064,470
|
||||||
1,500
|
Castaic Lake Water Agency, California, Certificates of Participation, Series 2006C, 5.000%, 8/01/36 (Pre-refunded 8/01/16) – NPFG Insured
|
8/16 at 100.00
|
AA– (4)
|
1,530,480
|
||||||
2,005
|
Contra Costa County, California, GNMA Mortgage-Backed Securities Program Home Mortgage Revenue Bonds, Series 1988, 8.250%, 6/01/21 (Alternative Minimum Tax) (ETM)
|
No Opt. Call
|
Aaa
|
2,384,025
|
||||||
410
|
Healdsburg Public Financing Authority, California, Wastewater Revenue Bonds, Series 2006, 5.000%, 4/01/36 (Pre-refunded 4/01/16) – NPFG Insured
|
4/16 at 100.00
|
AA (4)
|
411,784
|
||||||
1,525
|
Loma Linda, California, Hospital Revenue Bonds, Loma Linda University Medical Center, Series 2008A, 8.250%, 12/01/38 (Pre-refunded 12/01/17)
|
12/17 at 100.00
|
BB+ (4)
|
1,729,838
|
||||||
1,500
|
Los Angeles Unified School District, California, General Obligation Bonds, Election of 2004, Series 2006F, 5.000%, 7/01/24
(Pre-refunded 7/01/16) – FGIC Insured |
7/16 at 100.00
|
Aa2 (4)
|
1,524,615
|
||||||
18,475
|
Merced Irrigation District, California, Certificates of Participation, Water and Hydroelectric Series 2008B, 0.000%, 9/01/23 (Pre-refunded 9/01/16)
|
9/16 at 64.56
|
A (4)
|
11,901,594
|
||||||
5,710
|
Oceanside Unified School District, San Diego County, California, General Obligation Bonds, Election 2008 Series 2010B, 0.000%, 8/01/49 (Pre-refunded 8/01/20) – AGM Insured
|
8/20 at 13.60
|
AA (4)
|
736,990
|
||||||
8,565
|
Palmdale, California, GNMA Mortgage-Backed Securities Program Single Family Mortgage Revenue Bonds, Series 1988A, 0.000%, 3/01/17 (ETM)
|
No Opt. Call
|
AA+ (4)
|
8,524,316
|
||||||
1,130
|
Pittsburg Redevelopment Agency, California, Tax Allocation Bonds, Los Medanos Community Development Project, Refunding Series 2008A, 6.500%, 9/01/28 (Pre-refunded 9/01/18)
|
9/18 at 100.00
|
BBB– (4)
|
1,292,539
|
||||||
14,950
|
San Bernardino County, California, GNMA Mortgage-Backed Securities Program Single Family Home Mortgage Revenue Bonds, Series 1988A, 0.000%, 9/01/21 (Alternative Minimum Tax) (ETM)
|
No Opt. Call
|
Aaa
|
11,100,524
|
||||||
625
|
San Mateo Union High School District, San Mateo County, California, Certificates of Participation, Phase 1, Series 2007A, 5.000%, 12/15/30 (Pre-refunded 12/15/17) – AMBAC Insured
|
12/17 at 100.00
|
N/R (4)
|
674,569
|
||||||
3,000
|
Santa Clara County Financing Authority, California, Insured Revenue Bonds, El Camino Hospital, Series 2007A, 5.750%, 2/01/41
(Pre-refunded 8/01/17) – AMBAC Insured |
8/17 at 100.00
|
A+ (4)
|
3,223,800
|
28
|
Nuveen Investments
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
U.S. Guaranteed (4) (continued)
|
||||||||||
$
|
910
|
Santa Clara Valley Transportation Authority, California, Sales Tax Revenue Bonds, Series 2007A, 5.000%, 4/01/36 (Pre-refunded 4/01/17) – AMBAC Insured
|
4/17 at 100.00
|
AA+ (4)
|
|
$
|
955,946
|
|||
1,925
|
Travis Unified School District, Solano County, California, Certificates of Participation, Series 2006, 5.000%, 9/01/26 (Pre-refunded 9/01/16) – FGIC Insured
|
9/16 at 100.00
|
A3 (4)
|
1,971,277
|
||||||
67,330
|
Total U.S. Guaranteed
|
53,208,819
|
||||||||
Utilities – 1.5% (1.5% of Total Investments)
|
||||||||||
2,000
|
California Statewide Communities Development Authority, Certificates of Participation, Rio Bravo Fresno Project, Refunding Series 1999A, 6.500%, 12/01/18
|
6/16 at 100.00
|
N/R
|
2,000,180
|
||||||
1,800
|
Long Beach Bond Finance Authority, California, Natural Gas Purchase Revenue Bonds, Series 2007A, 5.500%, 11/15/37
|
No Opt. Call
|
A
|
2,264,940
|
||||||
3,800
|
Total Utilities
|
4,265,120
|
||||||||
Water and Sewer – 5.3% (5.4% of Total Investments)
|
||||||||||
California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, Poseidon
|
||||||||||
Resources Channelside LP Desalination Project, Series 2012:
|
||||||||||
1,375
|
5.000%, 7/01/37 (Alternative Minimum Tax)
|
No Opt. Call
|
Baa3
|
1,507,660
|
||||||
2,675
|
5.000%, 11/21/45 (Alternative Minimum Tax)
|
No Opt. Call
|
Baa3
|
2,922,036
|
||||||
5,000
|
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2007A-2, 5.000%, 7/01/44 – AMBAC Insured
|
7/17 at 100.00
|
AA
|
5,273,200
|
||||||
Madera Irrigation District. California, Water Revenue Refunding Bonds, Series 2008:
|
||||||||||
1,850
|
5.500%, 1/01/33
|
1/18 at 100.00
|
A
|
1,996,335
|
||||||
3,000
|
5.500%, 1/01/38
|
1/18 at 100.00
|
A
|
3,215,070
|
||||||
13,900
|
Total Water and Sewer
|
14,914,301
|
||||||||
$
|
290,970
|
Total Long-Tem Investments (cost $245,270,711)
|
276,770,929
|
|||||||
Floating Rate Obligations – (1.6)%
|
(4,490,000
|
)
|
||||||||
Other Assets Less Liabilities – 2.7%
|
7,599,563
|
|||||||||
Net Assets Applicable to Common Shares – 100%
|
$
|
279,880,492
|
(1)
|
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
|
(2)
|
Optional Call Provisions (not covered by the report of independent registered public accounting firm): Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
|
(3)
|
Ratings (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. Ratings below BBB by Standard & Poor's, Baa by Moody's or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
|
(4)
|
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
|
(ETM)
|
Escrowed to maturity.
|
(UB)
|
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.
|
Nuveen Investments
|
29
|
NCB
|
||
Nuveen California Municipal Value Fund 2
|
||
Portfolio of Investments
|
February 29, 2016
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
LONG-TERM INVESTMENTS – 94.8% (100.0% of Total Investments)
|
||||||||||
MUNICIPAL BONDS – 94.8% (100.0% of Total Investments)
|
||||||||||
Consumer Staples – 5.9% (6.2% of Total Investments)
|
||||||||||
$
|
2,000
|
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1, 5.000%, 6/01/33
|
6/17 at 100.00
|
B–
|
|
$
|
1,898,280
|
|||
1,500
|
Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed Bonds, Series 2005A-1, 5.500%, 6/01/45
|
5/16 at 100.00
|
B–
|
1,440,705
|
||||||
3,500
|
Total Consumer Staples
|
3,338,985
|
||||||||
Education and Civic Organizations – 2.2% (2.3% of Total Investments)
|
||||||||||
865
|
California Educational Facilities Authority, Revenue Bonds, University of the Pacific, Series 2009, 5.500%, 11/01/39
|
11/19 at 100.00
|
A2
|
971,983
|
||||||
100
|
California Municipal Finance Authority, Charter School Revenue Bonds, Rocketship Education, Multiple Projects, Series 2014A, 7.250%, 6/01/43
|
6/22 at 102.00
|
N/R
|
116,652
|
||||||
150
|
California Statewide Communities Development Authority, School Facility Revenue Bonds, Alliance College-Ready Public Schools, Series 2011A, 7.000%, 7/01/46
|
7/21 at 100.00
|
BBB–
|
169,155
|
||||||
1,115
|
Total Education and Civic Organizations
|
1,257,790
|
||||||||
Health Care – 13.4% (14.2% of Total Investments)
|
||||||||||
1,000
|
ABAG Finance Authority for Non-Profit Corporations, California, Cal-Mortgage Insured Health Facility Revenue Bonds, Saint Rose Hospital, Series 2009A, 6.000%, 5/15/29
|
5/19 at 100.00
|
AA–
|
1,140,200
|
||||||
1,900
|
California Health Facilities Financing Authority, Revenue Bonds, Catholic Healthcare West, Series 2009A, 6.000%, 7/01/39
|
7/19 at 100.00
|
A
|
2,175,386
|
||||||
1,000
|
California Health Facilities Financing Authority, Revenue Bonds, Children's Hospital of Orange County, Series 2009A, 6.500%, 11/01/38
|
11/19 at 100.00
|
A
|
1,180,130
|
||||||
70
|
California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard Children's Hospital, Series 2014A, 5.000%, 8/15/43
|
8/24 at 100.00
|
AA
|
80,280
|
||||||
75
|
California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Series 2014A, 5.000%, 10/01/38
|
10/24 at 100.00
|
AA
|
87,082
|
||||||
150
|
California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Series 2014B, 5.000%, 10/01/44
|
10/24 at 100.00
|
AA
|
171,708
|
||||||
500
|
California Municipal Financing Authority, Certificates of Participation, Community Hospitals of Central California, Series 2007, 5.250%, 2/01/27
|
2/17 at 100.00
|
A–
|
516,825
|
||||||
685
|
California Statewide Communities Development Authority, Revenue Bonds, Adventist Health System West, Series 2007B, 5.000%, 3/01/37 – AGC Insured
|
3/18 at 100.00
|
AA
|
725,477
|
||||||
250
|
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 6.625%, 11/01/29
|
11/19 at 100.00
|
Ba1
|
279,660
|
||||||
725
|
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 6.000%, 11/01/41
|
11/20 at 100.00
|
Ba1
|
774,090
|
||||||
380
|
San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011, 7.500%, 12/01/41
|
12/21 at 100.00
|
BB+
|
465,804
|
||||||
6,735
|
Total Health Care
|
7,596,642
|
||||||||
Housing/Multifamily – 1.2% (1.3% of Total Investments)
|
||||||||||
225
|
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2010A, 6.400%, 8/15/45
|
8/20 at 100.00
|
BBB
|
248,501
|
||||||
70
|
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2012A, 5.500%, 8/15/47
|
8/22 at 100.00
|
BBB
|
78,419
|
||||||
250
|
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2012B, 7.250%, 8/15/47
|
8/22 at 100.00
|
A1
|
290,598
|
30
|
Nuveen Investments
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Housing/Multifamily (continued)
|
||||||||||
California Municipal Finance Authority, Mobile Home Park Senior Revenue Bonds, Caritas Affordable Housing, Inc. Projects, Series 2014A:
|
||||||||||
$
|
15
|
5.250%, 8/15/39
|
8/24 at 100.00
|
BBB
|
|
$
|
16,943
|
|||
40
|
5.250%, 8/15/49
|
8/24 at 100.00
|
BBB
|
45,034
|
||||||
600
|
Total Housing/Multifamily
|
679,495
|
||||||||
Housing/Single Family – 4.8% (5.0% of Total Investments)
|
||||||||||
240
|
California Housing Finance Agency, California, Home Mortgage Revenue Bonds, Series 2008L, 5.500%, 8/01/38
|
2/18 at 100.00
|
A
|
244,058
|
||||||
2,435
|
California Housing Finance Agency, Home Mortgage Revenue Bonds, Series 2006K, 4.625%, 8/01/26 (Alternative Minimum Tax)
|
5/16 at 100.00
|
A
|
2,452,849
|
||||||
2,675
|
Total Housing/Single Family
|
2,696,907
|
||||||||
Long-Term Care – 2.1% (2.3% of Total Investments)
|
||||||||||
1,000
|
California Health Facilities Financing Authority, Insured Revenue Bonds, Community Program for Persons with Developmental Disabilities, Series 2011A, 6.250%, 2/01/26
|
2/21 at 100.00
|
AA–
|
1,223,080
|
||||||
Tax Obligation/General – 12.6% (13.3% of Total Investments)
|
||||||||||
2,000
|
California State, General Obligation Bonds, Various Purpose Series 2007, 5.000%, 6/01/37 – NPFG Insured
|
6/17 at 100.00
|
AA–
|
2,097,480
|
||||||
2,100
|
Carlsbad Unified School District, San Diego County, California, General Obligation Bonds, Series 2009B, 0.000%, 5/01/34
|
5/24 at 100.00
|
AA
|
2,160,312
|
||||||
195
|
Oceanside Unified School District, San Diego County, California, General Obligation Bonds, Election 2008 Series 2010B, 0.000%, 8/01/49 – AGM Insured
|
8/20 at 13.60
|
AA
|
23,289
|
||||||
10,000
|
San Marcos Unified School District, San Diego County, California, General Obligation Bonds, 2010 Election, Series 2012B, 0.000%, 8/01/51
|
No Opt. Call
|
AA–
|
2,299,300
|
||||||
500
|
Western Riverside Water & Wastewater Financing Authority, California, Revenue Bonds, Western Municipal Water District, Series 2009, 5.625%,
9/01/39 – AGC Insured |
8/19 at 100.00
|
AA
|
564,140
|
||||||
14,795
|
Total Tax Obligation/General
|
7,144,521
|
||||||||
Tax Obligation/Limited – 18.4% (19.4% of Total Investments)
|
||||||||||
1,965
|
California State Public Works Board, Lease Revenue Bonds, Department of Education Riverside Campus Project, Series 2009B, 5.750%, 4/01/23
|
4/19 at 100.00
|
A+
|
2,261,656
|
||||||
500
|
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2010A-1, 6.000%, 3/01/35
|
3/20 at 100.00
|
A+
|
590,905
|
||||||
160
|
Fontana Redevelopment Agency, San Bernardino County, California, Tax Allocation Bonds, Jurupa Hills Redevelopment Project, Refunding Series 1997A, 5.500%, 10/01/27
|
4/16 at 100.00
|
A
|
160,702
|
||||||
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2015A:
|
||||||||||
180
|
5.000%, 6/01/40
|
6/25 at 100.00
|
A+
|
206,858
|
||||||
1,820
|
5.000%, 6/01/45
|
6/25 at 100.00
|
A+
|
2,086,830
|
||||||
145
|
Inglewood Redevelopment Agency, California, Tax Allocation Bonds, Merged Redevelopment Project, Subordinate Lien Series 2007A-1, 5.000%,
5/01/25 – AMBAC Insured |
5/17 at 100.00
|
BBB+
|
148,671
|
||||||
425
|
Lancaster Redevelopment Agency, California, Tax Allocation Bonds, Combined Redevelopment Project Areas Housing Programs, Series 2009, 6.875%, 8/01/39
|
No Opt. Call
|
BBB
|
487,496
|
||||||
80
|
National City Community Development Commission, California, Tax Allocation Bonds, National City Redevelopment Project, Series 2011, 6.500%, 8/01/24
|
8/21 at 100.00
|
A
|
101,235
|
||||||
30
|
Novato Redevelopment Agency, California, Tax Allocation Bonds, Hamilton Field Redevelopment Project, Series 2011, 6.750%, 9/01/40
|
9/21 at 100.00
|
BBB+
|
36,376
|
||||||
35
|
Patterson Public Finance Authority, California, Revenue Bonds, Community Facilities District 2001-1, Subordinate Lien Series 2013B, 5.875%, 9/01/39
|
9/23 at 100.00
|
N/R
|
38,737
|
||||||
Patterson Public Financing Authority, California, Revenue Bonds, Community Facilities District 2001-1, Senior Series 2013A:
|
||||||||||
210
|
5.250%, 9/01/30
|
9/23 at 100.00
|
N/R
|
232,806
|
||||||
190
|
5.750%, 9/01/39
|
9/23 at 100.00
|
N/R
|
211,679
|
Nuveen Investments
|
31
|
NCB
|
Nuveen California Municipal Value Fund 2
|
|
Portfolio of Investments (continued)
|
February 29, 2016
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Tax Obligation/Limited (continued)
|
||||||||||
$
|
95
|
Rancho Santa Fe CSD Financing Authority, California, Revenue Bonds, Superior Lien Series 2011A, 5.750%, 9/01/30
|
9/21 at 100.00
|
BBB+
|
|
$
|
109,189
|
|||
15
|
Riverside County Redevelopment Agency, California, Tax Allocation Bonds, Jurupa Valley Project Area, Series 2011B, 6.500%, 10/01/25
|
10/21 at 100.00
|
A
|
18,721
|
||||||
20
|
San Clemente, California, Special Tax Revenue Bonds, Community Facilities District 2006-1 Marblehead Coastal, Series 2015, 5.000%, 9/01/40
|
9/25 at 100.00
|
N/R
|
22,726
|
||||||
1,000
|
San Francisco City and County Redevelopment Financing Authority, California, Tax Allocation Revenue Bonds, San Francisco Redevelopment Projects, Series 2009B, 6.625%, 8/01/39
|
8/19 at 100.00
|
AA–
|
1,145,980
|
||||||
1,500
|
San Francisco City and County, California, Certificates of Participation, Multiple Capital Improvement Projects, Series 2009A, 5.250%, 4/01/31
|
4/19 at 100.00
|
AA
|
1,683,780
|
||||||
15
|
San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds, Mission Bay North Redevelopment Project, Series 2011C, 6.750%, 8/01/41
|
2/21 at 100.00
|
A–
|
18,126
|
||||||
San Francisco Redevelopment Financing Authority, California, Tax Allocation Revenue Bonds, Mission Bay South Redevelopment Project, Series 2011D:
|
||||||||||
15
|
7.000%, 8/01/33
|
2/21 at 100.00
|
BBB+
|
18,120
|
||||||
15
|
7.000%, 8/01/41
|
2/21 at 100.00
|
BBB+
|
18,120
|
||||||
585
|
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Refunding Series 2006D, 5.000%, 8/01/22 – AMBAC Insured
|
8/17 at 100.00
|
BBB+
|
617,503
|
||||||
125
|
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2006C, 5.000%, 8/01/25 – NPFG Insured
|
8/17 at 100.00
|
AA–
|
132,642
|
||||||
25
|
Signal Hill Redevelopment Agency, California, Project 1 Tax Allocation Bonds, Series 2011, 7.000%, 10/01/26
|
4/21 at 100.00
|
N/R
|
29,833
|
||||||
40
|
Yorba Linda Redevelopment Agency, Orange County, California, Tax Allocation Revenue Bonds, Yorba Linda Redevelopment Project, Subordinate Lien Series 2011A, 6.000%, 9/01/26
|
9/21 at 100.00
|
A–
|
48,893
|
||||||
9,190
|
Total Tax Obligation/Limited
|
10,427,584
|
||||||||
Transportation – 5.0% (5.3% of Total Investments)
|
||||||||||
395
|
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Junior Lien Series 2013C, 6.500%, 1/15/43
|
1/24 at 100.00
|
BB+
|
471,302
|
||||||
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Series 2013A:
|
||||||||||
865
|
5.750%, 1/15/46
|
1/24 at 100.00
|
BBB–
|
1,012,889
|
||||||
865
|
6.000%, 1/15/53
|
1/24 at 100.00
|
BBB–
|
1,017,941
|
||||||
305
|
Port of Oakland, California, Revenue Bonds, Refunding Series 2012P, 5.000%, 5/01/31 (Alternative Minimum Tax)
|
No Opt. Call
|
A+
|
347,602
|
||||||
2,430
|
Total Transportation
|
2,849,734
|
||||||||
U.S. Guaranteed – 13.0% (13.7% of Total Investments) (4)
|
||||||||||
California Educational Facilities Authority, Revenue Bonds, University of the Pacific, Series 2009:
|
||||||||||
55
|
5.500%, 11/01/39 (Pre-refunded 11/01/19)
|
11/19 at 100.00
|
N/R (4)
|
64,339
|
||||||
80
|
5.500%, 11/01/39 (Pre-refunded 11/01/19)
|
11/19 at 100.00
|
A2 (4)
|
93,647
|
||||||
350
|
California Municipal Financing Authority, Certificates of Participation, Community Hospitals of Central California, Series 2007, 5.250%, 2/01/27 (Pre-refunded 2/01/17)
|
2/17 at 100.00
|
N/R (4)
|
365,565
|
||||||
575
|
Lancaster Redevelopment Agency, California, Tax Allocation Bonds, Combined Redevelopment Project Areas Housing Programs, Series 2009, 6.875%, 8/01/39 (Pre-refunded 8/01/19)
|
8/19 at 100.00
|
N/R (4)
|
692,501
|
||||||
1,120
|
Oakland, California, General Obligation Bonds, Measure DD Series 2009B, 5.250%, 1/15/29 (Pre-refunded 1/15/19)
|
1/19 at 100.00
|
Aa2 (4)
|
1,263,987
|
||||||
3,805
|
Oceanside Unified School District, San Diego County, California, General Obligation Bonds, Election 2008 Series 2010B, 0.000%, 8/01/49 (Pre-refunded 8/01/20) – AGM Insured
|
8/20 at 13.60
|
AA (4)
|
491,111
|
||||||
2,000
|
Orange County Sanitation District, California, Certificates of Participation, Tender Option Bond Trust 3020, 18.111%, 2/01/35 (Pre-refunded 2/01/19) (IF) (5)
|
2/19 at 100.00
|
AAA
|
2,890,000
|
||||||
240
|
Pittsburg Redevelopment Agency, California, Tax Allocation Bonds, Los Medanos Community Development Project, Refunding Series 2008A, 6.500%, 9/01/28 (Pre-refunded 9/01/18)
|
9/18 at 100.00
|
BBB– (4)
|
274,522
|
32
|
Nuveen Investments
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
U.S. Guaranteed (4) (continued)
|
||||||||||
$
|
1,200
|
Westlake Village, California, Certificates of Participation, Financing Project, Series 2009, 5.000%, 6/01/39 (Pre-refunded 6/01/16)
|
6/16 at 100.00
|
AA+ (4)
|
|
$
|
1,214,904
|
|||
9,425
|
Total U.S. Guaranteed
|
7,350,576
|
||||||||
Utilities – 14.1% (14.8% of Total Investments)
|
||||||||||
1,000
|
M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009C, 6.500%, 11/01/39
|
No Opt. Call
|
A
|
1,399,410
|
||||||
2,495
|
Roseville Natural Gas Financing Authority, California, Gas Revenue Bonds, Series 2007, 5.000%, 2/15/17
|
No Opt. Call
|
A
|
2,578,982
|
||||||
2,400
|
Southern California Public Power Authority, Natural Gas Project 1 Revenue Bonds, Series 2007A, 5.250%, 11/01/24
|
No Opt. Call
|
A
|
2,864,136
|
||||||
1,000
|
Tuolumne Wind Project Authority, California, Revenue Bonds, Tuolumne Company Project, Series 2009A, 5.625%, 1/01/29
|
1/19 at 100.00
|
AA–
|
1,130,020
|
||||||
6,895
|
Total Utilities
|
7,972,548
|
||||||||
Water and Sewer – 2.1% (2.2% of Total Investments)
|
||||||||||
1,075
|
California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, Poseidon Resources Channelside LP Desalination Project, Series 2012, 5.000%, 11/21/45 (Alternative Minimum Tax)
|
No Opt. Call
|
Baa3
|
1,174,276
|
||||||
$
|
59,435
|
Total Long-Term Investments (cost $45,099,563)
|
53,712,138
|
|||||||
Other Assets Less Liabilities – 5.2%
|
2,961,340
|
|||||||||
Net Assets Applicable to Common Shares – 100%
|
$
|
56,673,478
|
(1)
|
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
|
(2)
|
Optional Call Provisions (not covered by the report of independent registered public accounting firm): Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
|
(3)
|
Ratings (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. Ratings below BBB by Standard & Poor's, Baa by Moody's or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
|
(4)
|
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
|
(5)
|
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
|
(IF)
|
Inverse floating rate investment.
|
Nuveen Investments
|
33
|
NKX
|
||
Nuveen California AMT-Free Municipal Income Fund
|
||
Portfolio of Investments
|
February 29, 2016
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
LONG-TERM INVESTMENTS – 140.0% (100.0% of Total Investments)
|
||||||||||
MUNICIPAL BONDS – 140.0% (100.0% of Total Investments)
|
||||||||||
Consumer Staples – 7.6% (5.4% of Total Investments)
|
||||||||||
$
|
995
|
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Alameda County Tobacco Asset Securitization Corporation, Series 2002, 5.750%, 6/01/29
|
5/16 at 100.00
|
Baa1
|
|
$
|
1,004,940
|
|||
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los Angeles County Securitization Corporation, Series 2006A:
|
||||||||||
6,350
|
5.600%, 6/01/36
|
12/18 at 100.00
|
B
|
6,367,018
|
||||||
325
|
5.650%, 6/01/41
|
12/18 at 100.00
|
B2
|
325,377
|
||||||
2,780
|
5.700%, 6/01/46
|
12/18 at 100.00
|
B2
|
2,782,669
|
||||||
95
|
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Sonoma County Tobacco Securitization Corporation, Series 2005, 4.250%, 6/01/21
|
5/16 at 100.00
|
BBB+
|
95,013
|
||||||
2,100
|
California Statewide Financing Authority, Tobacco Settlement Asset-Backed Bonds, Pooled Tobacco Securitization Program, Series 2002A, 5.625%, 5/01/29
|
5/16 at 100.00
|
BBB+
|
2,135,196
|
||||||
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
|
||||||||||
8,570
|
5.000%, 6/01/33
|
6/17 at 100.00
|
B–
|
8,134,130
|
||||||
1,950
|
5.750%, 6/01/47
|
6/17 at 100.00
|
B–
|
1,885,358
|
||||||
13,560
|
5.125%, 6/01/47
|
6/17 at 100.00
|
B–
|
12,173,219
|
||||||
14,820
|
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-2, 5.300%, 6/01/37
|
6/22 at 100.00
|
B–
|
13,989,043
|
||||||
Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed Bonds, Series 2005A-1:
|
||||||||||
8,450
|
5.375%, 6/01/38
|
5/16 at 100.00
|
B–
|
8,064,342
|
||||||
2,000
|
5.500%, 6/01/45
|
5/16 at 100.00
|
B–
|
1,920,940
|
||||||
61,995
|
Total Consumer Staples
|
58,877,245
|
||||||||
Education and Civic Organizations – 2.2% (1.6% of Total Investments)
|
||||||||||
1,050
|
ABAG Finance Authority for Non-Profit Corporations, California, Revenue Bonds, The Jackson Laboratory, Series 2012, 5.000%, 7/01/37
|
7/22 at 100.00
|
A1
|
1,178,741
|
||||||
3,000
|
California Educational Facilities Authority, Revenue Bonds, Pepperdine University, Series 2015, 5.000%, 9/01/40
|
9/25 at 100.00
|
AA
|
3,544,740
|
||||||
35
|
California Educational Facilities Authority, Revenue Bonds, University of Redlands, Series 2005A, 5.000%, 10/01/35
|
5/16 at 100.00
|
A3
|
35,116
|
||||||
4,475
|
California Municipal Finance Authority Charter School Revenue Bonds, Albert Einstein Academies Project, Series 2013A, 7.125%, 8/01/43
|
8/23 at 100.00
|
BB
|
5,275,533
|
||||||
1,780
|
California Municipal Finance Authority, Charter School Revenue Bonds, Rocketship Education, Multiple Projects, Series 2014A, 7.250%, 6/01/43
|
6/22 at 102.00
|
N/R
|
2,076,406
|
||||||
1,600
|
California Municipal Finance Authority, Revenue Bonds, Goodwill Industries of Sacramento Valley & Northern Nevada Project, Series 2012A, 6.875%, 1/01/42
|
1/22 at 100.00
|
N/R
|
1,791,360
|
||||||
2,000
|
California State University, Systemwide Revenue Bonds, Series 2015A, 5.000%, 11/01/38
|
11/25 at 100.00
|
Aa2
|
2,372,340
|
||||||
300
|
California Statewide Communities Development Authority, School Facility Revenue Bonds, Alliance College-Ready Public Schools, Series 2011A, 7.000%, 7/01/46
|
7/21 at 100.00
|
BBB–
|
338,310
|
||||||
185
|
California Statewide Communities Development Authority, Charter School Revenue Bonds, Rocketship 4 – Mosaic Elementary Charter School, Series 2011A, 8.500%, 12/01/41
|
12/21 at 100.00
|
N/R
|
223,491
|
||||||
14,425
|
Total Education and Civic Organizations
|
16,836,037
|
||||||||
Health Care – 15.5% (11.1% of Total Investments)
|
||||||||||
3,830
|
Antelope Valley Healthcare District, California, Revenue Bonds, Series 2011A, 6.875%, 3/01/26
|
No Opt. Call
|
Ba3
|
4,243,563
|
||||||
430
|
California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, Refunding Series 2015A, 5.000%, 8/15/43
|
8/25 at 100.00
|
AA–
|
498,073
|
34
|
Nuveen Investments
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Health Care (continued)
|
||||||||||
$
|
5,000
|
California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, Series 2016A, 5.000%, 11/15/41
|
11/25 at 100.00
|
AA–
|
|
$
|
5,823,100
|
|||
1,630
|
California Health Facilities Financing Authority, Revenue Bonds, Children's Hospital Los Angeles, Series 2010A, 5.250%, 7/01/38 – AGC Insured
|
7/20 at 100.00
|
AA
|
1,821,721
|
||||||
1,255
|
California Health Facilities Financing Authority, Revenue Bonds, Children's Hospital Los Angeles, Series 2012A, 5.000%, 11/15/29
|
No Opt. Call
|
BBB+
|
1,406,089
|
||||||
1,000
|
California Health Facilities Financing Authority, Revenue Bonds, City of Hope National Medical Center, Series 2012A, 5.000%, 11/15/35
|
No Opt. Call
|
AA–
|
1,132,730
|
||||||
2,520
|
California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard Children's Hospital, Series 2014A, 5.000%, 8/15/43
|
8/24 at 100.00
|
AA
|
2,890,062
|
||||||
2,000
|
California Health Facilities Financing Authority, Revenue Bonds, Memorial Health Services, Series 2012A, 5.000%, 10/01/33
|
No Opt. Call
|
AA–
|
2,308,540
|
||||||
1,405
|
California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Series 2014A, 5.000%, 10/01/38
|
10/24 at 100.00
|
AA
|
1,631,346
|
||||||
2,800
|
California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Series 2014B, 5.000%, 10/01/44
|
10/24 at 100.00
|
AA
|
3,205,216
|
||||||
335
|
California Health Facilities Financing Authority, Revenue Bonds, Rady Children's Hospital – San Diego, Series 2011, 5.250%, 8/15/41
|
8/21 at 100.00
|
AA–
|
376,383
|
||||||
10,265
|
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2007A, 5.250%, 11/15/46
|
11/16 at 100.00
|
AA–
|
10,575,516
|
||||||
750
|
California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, Series 2010A, 5.750%, 7/01/40
|
7/20 at 100.00
|
Baa2
|
826,388
|
||||||
605
|
California Municipal Financing Authority, Certificates of Participation, Community Hospitals of Central California, Series 2007, 5.250%, 2/01/46
|
No Opt. Call
|
A–
|
617,191
|
||||||
1,200
|
California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2014A, 5.250%, 12/01/44
|
12/24 at 100.00
|
BB+
|
1,299,204
|
||||||
4,920
|
California Statewide Communities Development Authority, Revenue Bonds, Saint Joseph Health System, Trust 2554, 18.712%, 7/01/47 – AGM Insured (IF)
|
7/18 at 100.00
|
AA
|
6,257,407
|
||||||
4,000
|
California Statewide Community Development Authority, Health Facility Revenue Bonds, Catholic Healthcare West, Insured Series 2008K, 5.500%,
7/01/41 – AGC Insured |
7/17 at 100.00
|
AA
|
4,202,440
|
||||||
California Statewide Community Development Authority, Revenue Bonds, Children's Hospital of Los Angeles, Series 2007:
|
||||||||||
2,995
|
5.000%, 8/15/39 – NPFG Insured
|
8/17 at 100.00
|
AA–
|
3,119,742
|
||||||
6,500
|
5.000%, 8/15/47
|
8/17 at 100.00
|
BBB+
|
6,728,865
|
||||||
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A:
|
||||||||||
835
|
5.500%, 7/01/24 (4)
|
5/16 at 100.00
|
CCC
|
836,077
|
||||||
4,240
|
5.500%, 7/01/30 (4)
|
5/16 at 100.00
|
CCC
|
4,239,703
|
||||||
730
|
California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanente System, Series 2001C, 5.250%, 8/01/31
|
8/16 at 100.00
|
A+
|
742,191
|
||||||
6,160
|
California Statewide Community Development Authority, Revenue Bonds, Sherman Oaks Health System, Series 1998A, 5.000%, 8/01/22 – AMBAC Insured
|
No Opt. Call
|
AA–
|
7,105,190
|
||||||
7,555
|
California Statewide Community Development Authority, Revenue Bonds, St. Joseph Health System, Series 2007A, 5.750%, 7/01/47 – FGIC Insured
|
7/18 at 100.00
|
AA–
|
8,353,715
|
||||||
10,000
|
California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Series 2003A, 5.000%, 8/15/38 – AMBAC Insured
|
8/17 at 100.00
|
AA–
|
10,554,700
|
||||||
2,600
|
Marysville, California, Revenue Bonds, The Fremont-Rideout Health Group, Series 2011, 5.250%, 1/01/42
|
1/21 at 100.00
|
BBB
|
2,872,038
|
||||||
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009:
|
||||||||||
9,250
|
6.625%, 11/01/29
|
11/19 at 100.00
|
Ba1
|
10,347,420
|
||||||
7,500
|
6.750%, 11/01/39
|
11/19 at 100.00
|
Ba1
|
8,408,250
|
Nuveen Investments
|
35
|
NKX
|
Nuveen California AMT-Free Municipal Income Fund
|
|
Portfolio of Investments (continued)
|
February 29, 2016
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Health Care (continued)
|
||||||||||
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010:
|
||||||||||
$
|
1,500
|
6.000%, 11/01/30
|
11/20 at 100.00
|
Ba1
|
|
$
|
1,618,635
|
|||
2,595
|
6.000%, 11/01/41
|
11/20 at 100.00
|
Ba1
|
2,770,707
|
||||||
1,000
|
Rancho Mirage Joint Powers Financing Authority, California, Revenue Bonds, Eisenhower Medical Center, Refunding Series 2007A, 5.000%, 7/01/38
|
7/17 at 100.00
|
Baa2
|
1,031,680
|
||||||
850
|
San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011, 7.500%, 12/01/41
|
12/21 at 100.00
|
BB+
|
1,041,930
|
||||||
1,000
|
The Regents of the University of California, Medical Center Pooled Revenue Bonds, Series 2009E, 5.000%, 5/15/38
|
5/17 at 101.00
|
AA–
|
1,045,080
|
||||||
109,255
|
Total Health Care
|
119,930,892
|
||||||||
Housing/Multifamily – 2.5% (1.8% of Total Investments)
|
||||||||||
480
|
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2010A, 6.400%, 8/15/45
|
8/20 at 100.00
|
BBB
|
530,136
|
||||||
155
|
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2012A, 5.500%, 8/15/47
|
8/22 at 100.00
|
BBB
|
173,642
|
||||||
350
|
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2012B, 7.250%, 8/15/47
|
8/22 at 100.00
|
A1
|
406,837
|
||||||
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Windsor Mobile Country Club Series 2013A:
|
||||||||||
2,000
|
5.625%, 11/15/33
|
11/23 at 100.00
|
BBB
|
2,251,820
|
||||||
8,000
|
6.000%, 11/15/48
|
11/23 at 100.00
|
BBB
|
9,145,680
|
||||||
California Municipal Finance Authority, Mobile Home Park Senior Revenue Bonds, Caritas Affordable Housing, Inc. Projects, Series 2014A:
|
||||||||||
260
|
5.250%, 8/15/39
|
8/24 at 100.00
|
BBB
|
293,678
|
||||||
705
|
5.250%, 8/15/49
|
8/24 at 100.00
|
BBB
|
793,731
|
||||||
3,285
|
Independent Cities Finance Authority, California, Mobile Home Park Revenue Bonds, Rancho Vallecitos Mobile Home Park, Series 2013, 5.000%, 4/15/38
|
4/23 at 100.00
|
A–
|
3,552,432
|
||||||
La Verne, California, Mobile Home Park Revenue Bonds, Copacabana Mobile Home Park, Refunding Series 2014:
|
||||||||||
670
|
5.000%, 6/15/44
|
6/24 at 100.00
|
A
|
743,814
|
||||||
185
|
5.000%, 6/15/49
|
6/24 at 100.00
|
A
|
204,259
|
||||||
1,060
|
Poway, California, Housing Revenue Bonds, Revenue Bonds, Poinsettia Mobile Home Park, Series 2003, 5.000%, 5/01/23
|
5/16 at 100.00
|
AA–
|
1,062,883
|
||||||
17,150
|
Total Housing/Multifamily
|
19,158,912
|
||||||||
Housing/Single Family – 0.1% (0.0% of Total Investments)
|
||||||||||
400
|
California Housing Finance Agency, California, Home Mortgage Revenue Bonds, Series 2008L, 5.500%, 8/01/38
|
2/18 at 100.00
|
A
|
406,764
|
||||||
Long-Term Care – 1.2% (0.9% of Total Investments)
|
||||||||||
3,000
|
ABAG Finance Authority for Non-Profit Corporations, California, Cal-Mortgage Insured Revenue Bonds, Channing House, Series 2010, 6.125%, 5/15/40
|
5/20 at 100.00
|
AA–
|
3,490,680
|
||||||
2,250
|
California Health Facilities Financing Authority, Insured Revenue Bonds, Community Program for Persons with Developmental Disabilities, Series 2011A, 6.250%, 2/01/26
|
2/21 at 100.00
|
AA–
|
2,751,930
|
||||||
1,300
|
California Health Facilities Financing Authority, Revenue Bonds, Northern California Presbyterian Homes & Services Inc., Refunding Series 2015, 5.000%, 7/01/39
|
7/25 at 100.00
|
AA–
|
1,499,472
|
||||||
1,500
|
California Statewide Communities Development Authority, Revenue Bonds, Front Porch Communities and Services Project, Series 2007A, 5.125%, 4/01/37
|
4/17 at 100.00
|
BBB+
|
1,535,730
|
||||||
8,050
|
Total Long-Term Care
|
9,277,812
|
||||||||
Tax Obligation/General – 33.2% (23.7% of Total Investments)
|
||||||||||
3,000
|
Alhambra Unified School District, Los Angeles County, California, General Obligation Bonds, Refunding Series 2012A, 5.000%, 8/01/29 – AGM Insured
|
8/22 at 100.00
|
Aa3
|
3,650,310
|
||||||
1,000
|
California State, General Obligation Bonds, Refunding Series 2011, 5.250%, 9/01/25
|
9/21 at 100.00
|
AA–
|
1,203,320
|
36
|
Nuveen Investments
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Tax Obligation/General (continued)
|
||||||||||
$
|
4,910
|
California State, General Obligation Bonds, Various Purpose Refunding Series 2014, 5.000%, 10/01/32
|
10/24 at 100.00
|
AA–
|
|
$
|
5,891,214
|
|||
California State, General Obligation Bonds, Various Purpose Refunding Series 2015:
|
||||||||||
2,140
|
5.000%, 8/01/28
|
8/25 at 100.00
|
AA–
|
2,653,365
|
||||||
9,055
|
5.000%, 8/01/31
|
2/25 at 100.00
|
AA–
|
10,895,338
|
||||||
1,600
|
5.000%, 9/01/32
|
9/25 at 100.00
|
AA–
|
1,930,544
|
||||||
California State, General Obligation Bonds, Various Purpose Series 2009:
|
||||||||||
2,350
|
6.000%, 11/01/39
|
11/19 at 100.00
|
AA–
|
2,762,355
|
||||||
1,300
|
5.500%, 11/01/39
|
11/19 at 100.00
|
AA–
|
1,491,620
|
||||||
6,000
|
California State, General Obligation Bonds, Various Purpose Series 2010, 6.000%, 3/01/33
|
3/20 at 100.00
|
AA–
|
7,125,600
|
||||||
California State, General Obligation Bonds, Various Purpose Series 2011: | ||||||||||
2,000
|
5.000%, 9/01/31
|
No Opt. Call
|
AA–
|
2,347,780
|
||||||
4,090
|
5.000%, 9/01/41
|
9/21 at 100.00
|
AA–
|
4,712,825
|
||||||
2,625
|
5.000%, 10/01/41
|
10/21 at 100.00
|
AA–
|
3,030,405
|
||||||
California State, General Obligation Bonds, Various Purpose Series 2013:
|
||||||||||
3,500
|
5.000%, 4/01/37
|
4/23 at 100.00
|
AA–
|
4,084,920
|
||||||
2,000
|
5.000%, 2/01/43
|
No Opt. Call
|
AA–
|
2,300,880
|
||||||
5,520
|
5.000%, 11/01/43
|
11/23 at 100.00
|
AA–
|
6,431,738
|
||||||
California State, General Obligation Bonds, Various Purpose Series 2014:
|
||||||||||
2,460
|
5.000%, 10/01/39
|
10/24 at 100.00
|
AA–
|
2,889,024
|
||||||
9,000
|
5.000%, 12/01/43
|
12/23 at 100.00
|
AA–
|
10,501,020
|
||||||
9,000
|
5.000%, 10/01/44
|
10/24 at 100.00
|
AA–
|
10,494,540
|
||||||
California State, General Obligation Bonds, Various Purpose Series 2015:
|
||||||||||
8,000
|
5.000%, 3/01/45
|
3/25 at 100.00
|
AA–
|
9,330,000
|
||||||
2,000
|
5.000%, 8/01/45
|
8/25 at 100.00
|
AA–
|
2,345,860
|
||||||
20,750
|
Coachella Valley Unified School District, Riverside County, California, General Obligation Bonds, Election 2005 Series 2010C, 0.000%, 8/01/43 – AGM Insured
|
No Opt. Call
|
AA
|
6,874,475
|
||||||
2,500
|
Corona-Norco Unified School District, Riverside County, California, General Obligation Bonds, Election 2006 Series 2009B, 5.375%, 2/01/34 – AGC Insured
|
8/18 at 100.00
|
AA
|
2,758,400
|
||||||
East Side Union High School District, Santa Clara County, California, General Obligation Bonds, 2008 Election Series 2010B:
|
||||||||||
3,490
|
5.000%, 8/01/27 – AGC Insured
|
8/19 at 100.00
|
AA
|
3,927,297
|
||||||
3,545
|
5.000%, 8/01/28 – AGC Insured
|
8/19 at 100.00
|
AA
|
3,979,014
|
||||||
3,110
|
5.000%, 8/01/29 – AGC Insured
|
8/19 at 100.00
|
AA
|
3,481,894
|
||||||
7,100
|
Fontana Unified School District, San Bernardino County, California, General Obligation Bonds, Tender Option Bond Trust 2015-XF0111, 9.789%,
8/01/17 – AGM Insured (IF) |
No Opt. Call
|
AA
|
8,547,832
|
||||||
8,295
|
Los Angeles Community College District, California, General Obligation Bonds, Series 2015A, 5.000%, 8/01/30
|
8/24 at 100.00
|
AA+
|
10,150,094
|
||||||
5,000
|
Los Angeles Unified School District, Los Angeles County, California, General Obligation Bonds, Refunding Series 2014C, 5.000%, 7/01/29
|
No Opt. Call
|
Aa2
|
6,099,500
|
||||||
4,500
|
Mount Diablo Unified School District, Contra Costa County, California, General Obligation Bonds, Series 2010A, 0.000%, 8/01/30 – AGM Insured
|
8/25 at 100.00
|
AA
|
4,002,660
|
||||||
3,000
|
Murrieta Valley Unified School District, Riverside County, California, General Obligation Bonds, Series 2007, 4.500%, 9/01/30 – AGM Insured
|
9/17 at 100.00
|
AA
|
3,142,350
|
||||||
10,080
|
New Haven Unified School District, Alameda County, California, General Obligation Bonds, Series 2004A, 0.000%, 8/01/26 – NPFG Insured
|
No Opt. Call
|
AA–
|
5,877,144
|
||||||
1,125
|
San Diego Unified School District, San Diego County, California, General Obligation Bonds, Election of 1998, Series 1999A, 0.000%, 7/01/21 – FGIC Insured
|
No Opt. Call
|
Aa2
|
1,035,698
|
||||||
11,980
|
San Diego Unified School District, San Diego County, California, General Obligation Bonds, Refunding Series 2012R-1, 0.000%, 7/01/31
|
No Opt. Call
|
Aa2
|
7,180,572
|
||||||
1,500
|
San Juan Capistano, California, General Obligation Bonds, Open Space Program, Tender Option Bond Trust 2015-XF0048, 17.948%, 8/01/17 (IF)
|
No Opt. Call
|
AAA
|
2,254,680
|
Nuveen Investments
|
37
|
NKX
|
Nuveen California AMT-Free Municipal Income Fund
|
|
Portfolio of Investments (continued)
|
February 29, 2016
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Tax Obligation/General (continued)
|
||||||||||
$
|
2,870
|
Sanger Unified School District, Fresno County, California, General Obligation Bonds, Election 2012, Series 2014B, 5.000%, 8/01/39 – AGM Insured
|
8/24 at 100.00
|
AA
|
|
$
|
3,275,990
|
|||
10,000
|
Southwestern Community College District, San Diego County, California, General Obligation Bonds, Election of 2008, Series 2011C, 0.000%, 8/01/41
|
No Opt. Call
|
Aa2
|
3,687,100
|
||||||
Stockton Unified School District, San Joaquin County, California, General Obligation Bonds, Election 2008 Series 2011D:
|
||||||||||
23,280
|
7.400%, 8/01/47 – AGC Insured
|
8/37 at 100.00
|
AA
|
19,548,913
|
||||||
38,845
|
0.000%, 8/01/50 – AGM Insured
|
8/37 at 100.00
|
AA
|
32,801,105
|
||||||
15,780
|
Sylvan Union School District, Stanislaus County, California, General Obligation Bonds, Election of 2006, Series 2010, 0.000%, 8/01/49 – AGM Insured
|
No Opt. Call
|
AA
|
10,307,969
|
||||||
5,000
|
Walnut Valley Unified School District, Los Angeles County, California, General Obligation Bonds, Election 2007 Measure S, Series 2014C, 5.000%, 8/01/39
|
8/24 at 100.00
|
Aa2
|
5,852,850
|
||||||
3,905
|
West Kern Community College District, California, General Obligation Bonds, Election 2004, Series 2007C, 5.000%, 10/01/32 – SYNCORA GTY Insured
|
11/17 at 100.00
|
A+
|
4,015,824
|
||||||
8,345
|
Yosemite Community College District, California, General Obligation Bonds, Capital Appreciation, Election 2004, Series 2010D, 0.000%, 8/01/42
|
No Opt. Call
|
Aa2
|
5,079,435
|
||||||
4,000
|
Yosemite Community College District, California, General Obligation Bonds, Refunding Series 2015, 5.000%, 8/01/32
|
No Opt. Call
|
Aa2
|
4,812,440
|
||||||
1,000
|
Yuba Community College District, California, General Obligation Bonds, Election 2006 Series 2011C, 5.250%, 8/01/47
|
8/21 at 100.00
|
Aa2
|
1,172,520
|
||||||
280,550
|
Total Tax Obligation/General
|
255,938,414
|
||||||||
Tax Obligation/Limited – 39.9% (28.5% of Total Investments)
|
||||||||||
2,000
|
Baldwin Park Public Financing Authority, California, Sales Tax and Tax Allocation Bonds, Puente Merced Redevelopment Project, Series 2003, 5.250%, 8/01/21
|
8/17 at 100.00
|
BBB
|
2,029,340
|
||||||
655
|
Beaumont Financing Authority, California, Local Agency Revenue Bonds, Improvement Area 19C, Series 2013A, 5.000%, 9/01/27
|
9/23 at 100.00
|
N/R
|
736,829
|
||||||
1,000
|
Bell Community Redevelopment Agency, California, Tax Allocation Bonds, Bell Project Area, Series 2003, 5.625%, 10/01/33 – RAAI Insured
|
5/16 at 100.00
|
AA
|
1,000,630
|
||||||
7,895
|
Brea and Olinda Unified School District, Orange County, California, Certificates of Participation Refunding, Series 2002A, 5.125%, 8/01/26 – AGM Insured
|
5/16 at 100.00
|
AA
|
7,927,922
|
||||||
California Infrastructure and Economic Development Bank, Revenue Bonds, North County Center for Self-Sufficiency Corporation, Series 2004:
|
||||||||||
1,215
|
5.000%, 12/01/19 – AMBAC Insured
|
5/16 at 100.00
|
AA
|
1,220,091
|
||||||
1,535
|
5.000%, 12/01/20 – AMBAC Insured
|
5/16 at 100.00
|
AA
|
1,541,416
|
||||||
1,615
|
5.000%, 12/01/21 – AMBAC Insured
|
5/16 at 100.00
|
AA
|
1,621,751
|
||||||
1,695
|
5.000%, 12/01/22 – AMBAC Insured
|
5/16 at 100.00
|
AA
|
1,702,085
|
||||||
1,780
|
5.000%, 12/01/23 – AMBAC Insured
|
5/16 at 100.00
|
AA
|
1,787,440
|
||||||
1,865
|
5.000%, 12/01/24 – AMBAC Insured
|
5/16 at 100.00
|
AA
|
1,872,796
|
||||||
7,000
|
California State Public Works Board, Lease Revenue Bonds, Department of Corrections & Rehabilitation, Various Correctional Facilities Series 2013F, 5.250%, 9/01/31
|
9/23 at 100.00
|
A+
|
8,453,550
|
||||||
California State Public Works Board, Lease Revenue Bonds, Department of Education, Riverside Campus Project, Series 2012H:
|
||||||||||
2,790
|
5.000%, 4/01/30
|
No Opt. Call
|
A+
|
3,279,338
|
||||||
2,065
|
5.000%, 4/01/31
|
No Opt. Call
|
A+
|
2,414,584
|
||||||
4,860
|
California State Public Works Board, Lease Revenue Bonds, Department of Veterans Affairs, Southern California Veterans Home – Chula Vista Facility, Series 1999A, 5.600%, 11/01/19 – AMBAC Insured
|
5/16 at 100.00
|
A+
|
4,881,919
|
||||||
20,330
|
California State Public Works Board, Lease Revenue Bonds, Judicial Council of California, New Stockton Courthouse, Series 2014B, 5.000%, 10/01/39
|
10/24 at 100.00
|
A+
|
23,756,824
|
||||||
1,990
|
California State Public Works Board, Lease Revenue Bonds, Judicial Council of California, Various Projects Series 2013A, 5.000%, 3/01/33
|
No Opt. Call
|
A+
|
2,313,455
|
38
|
Nuveen Investments
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Tax Obligation/Limited (continued)
|
||||||||||
$
|
5,000
|
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2009G-1, 5.750%, 10/01/30
|
10/19 at 100.00
|
A+
|
|
$
|
5,838,500
|
|||
2,000
|
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2009-I, 6.375%, 11/01/34
|
11/19 at 100.00
|
A+
|
2,398,620
|
||||||
3,020
|
Chino Redevelopment Agency, California, Merged Chino Redevelopment Project Area Tax Allocation Bonds, Series 2006, 5.000%, 9/01/38 – AMBAC Insured
|
9/16 at 101.00
|
A
|
3,105,708
|
||||||
Compton Community Redevelopment Agency, California, Tax Allocation Revenue Bonds, Redevelopment Projects, Second Lien Series 2010B:
|
||||||||||
1,230
|
5.000%, 8/01/25
|
8/20 at 100.00
|
N/R
|
1,312,484
|
||||||
530
|
5.750%, 8/01/26
|
8/20 at 100.00
|
N/R
|
579,698
|
||||||
3,145
|
Culver City Redevelopment Agency, California, Tax Allocation Revenue Bonds, Redevelopment Project, Series 2002A, 5.125%, 11/01/25 – NPFG Insured
|
5/16 at 100.00
|
AA–
|
3,150,378
|
||||||
El Monte, California, Senior Lien Certificates of Participation, Department of Public Services Facility Phase II, Series 2001:
|
||||||||||
7,185
|
5.000%, 1/01/21 – AMBAC Insured
|
7/16 at 100.00
|
A+
|
7,213,740
|
||||||
5,000
|
5.250%, 1/01/34 – AMBAC Insured
|
7/16 at 100.00
|
A+
|
5,017,700
|
||||||
350
|
Fontana Redevelopment Agency, San Bernardino County, California, Tax Allocation Bonds, Jurupa Hills Redevelopment Project, Refunding Series 1997A, 5.500%, 10/01/27
|
10/16 at 100.00
|
A
|
351,537
|
||||||
1,000
|
Fullerton Community Facilities District 1, California, Special Tax Bonds, Amerige Heights, Refunding Series 2012, 5.000%, 9/01/32
|
9/22 at 100.00
|
A–
|
1,115,530
|
||||||
1,000
|
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2013A, 5.000%, 6/01/30
|
6/23 at 100.00
|
A+
|
1,168,230
|
||||||
33,000
|
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2015A, 5.000%, 6/01/45
|
6/25 at 100.00
|
A+
|
37,838,125
|
||||||
7,500
|
Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D, 5.000%, 11/15/28
|
11/25 at 100.00
|
A
|
8,824,425
|
||||||
425
|
Hesperia Community Redevelopment Agency, California, Tax Allocation Bonds, Series 2005A, 5.000%, 9/01/35 – SYNCORA GTY Insured
|
5/16 at 100.00
|
BBB
|
425,344
|
||||||
3,345
|
Hesperia Public Financing Authority, California, Redevelopment and Housing Projects Tax Allocation Bonds, Series 2007A, 5.000%, 9/01/37 – SYNCORA GTY Insured
|
9/17 at 100.00
|
N/R
|
3,405,812
|
||||||
1,700
|
Hesperia Unified School District, San Bernardino County, California, Certificates of Participation, Capital Improvement, Series 2007, 5.000%, 2/01/41 – AMBAC Insured
|
2/17 at 100.00
|
A
|
1,755,896
|
||||||
2,115
|
Inglewood Redevelopment Agency, California, Tax Allocation Bonds, Merged Redevelopment Project, Refunding Series 1998A, 5.250%, 5/01/23 – AMBAC Insured
|
No Opt. Call
|
N/R
|
2,344,964
|
||||||
Inglewood Redevelopment Agency, California, Tax Allocation Bonds, Merged Redevelopment Project, Subordinate Lien Series 2007A-1:
|
||||||||||
1,985
|
5.000%, 5/01/24 – AMBAC Insured
|
5/17 at 100.00
|
BBB+
|
2,039,270
|
||||||
710
|
5.000%, 5/01/25 – AMBAC Insured
|
5/17 at 100.00
|
BBB+
|
727,977
|
||||||
Irvine Unified School District, California, Special Tax Bonds, Community Facilities District Series 2006A:
|
||||||||||
75
|
5.000%, 9/01/26
|
9/16 at 100.00
|
N/R
|
76,303
|
||||||
175
|
5.125%, 9/01/36
|
9/16 at 100.00
|
N/R
|
177,524
|
||||||
Lake Elsinore Public Financing Authority, California, Local Agency Revenue Bonds, Canyon Hills Improvement Area D, Series 2014A:
|
||||||||||
1,140
|
5.500%, 9/01/33
|
9/23 at 100.00
|
N/R
|
1,248,380
|
||||||
2,105
|
5.750%, 9/01/44
|
9/23 at 100.00
|
N/R
|
2,300,912
|
||||||
1,375
|
Lake Elsinore Public Financing Authority, California, Local Agency Revenue Bonds, Refunding Series 2015, 5.000%, 9/01/40
|
9/25 at 100.00
|
N/R
|
1,521,025
|
||||||
2,000
|
Lammersville Joint Unified School District, California, Community Facilities District 2007-1, Mountain House – Shea Homes, Improvement Area 1 Special Tax Bonds, Series 2013, 6.000%, 9/01/38
|
9/23 at 100.00
|
N/R
|
2,369,180
|
Nuveen Investments
|
39
|
NKX
|
Nuveen California AMT-Free Municipal Income Fund
|
|
Portfolio of Investments (continued)
|
February 29, 2016
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Tax Obligation/Limited (continued)
|
||||||||||
Lancaster Redevelopment Agency, California, Tax Allocation Bonds, Combined Redevelopment Project Areas Housing Programs, Subordinate Refunding Series 2003:
|
||||||||||
$
|
2,505
|
4.750%, 8/01/23 – NPFG Insured
|
8/17 at 100.00
|
AA–
|
|
$
|
2,559,509
|
|||
2,425
|
4.750%, 8/01/27 – NPFG Insured
|
5/16 at 100.00
|
AA–
|
2,474,931
|
||||||
3,500
|
Livermore Redevelopment Agency, California, Tax Allocation Revenue Bonds, Livermore Redevelopment Project Area, Series 2001A, 5.000%,
8/01/26 – NPFG Insured |
8/16 at 100.00
|
AA–
|
3,520,755
|
||||||
6,190
|
Los Angeles Community Redevelopment Agency, California, Lease Revenue Bonds, Manchester Social Services Project, Series 2005, 5.000%,
9/01/37 – AMBAC Insured |
5/16 at 100.00
|
A1
|
6,202,194
|
||||||
1,500
|
Los Osos, California, Improvement Bonds, Community Services Wastewater Assessment District 1, Series 2002, 5.000%, 9/02/33 – NPFG Insured
|
9/16 at 100.00
|
AA–
|
1,509,990
|
||||||
475
|
Lynwood Redevelopment Agency, California, Project A Revenue Bonds, Subordinate Lien Series 2011A, 7.250%, 9/01/38
|
9/21 at 100.00
|
A–
|
596,776
|
||||||
9,270
|
Moreno Valley Community Redevelopment Agency, California, Tax Allocation Bonds, Series 2007A, 5.000%, 8/01/38 – AMBAC Insured
|
8/17 at 100.00
|
A–
|
9,732,480
|
||||||
3,230
|
Murrieta Redevelopment Agency, California, Tax Allocation Bonds, Series 2005, 5.000%, 8/01/35 – NPFG Insured
|
5/16 at 100.00
|
AA–
|
3,240,724
|
||||||
170
|
National City Community Development Commission, California, Tax Allocation Bonds, National City Redevelopment Project, Series 2011, 6.500%, 8/01/24
|
8/21 at 100.00
|
A
|
215,125
|
||||||
65
|
Novato Redevelopment Agency, California, Tax Allocation Bonds, Hamilton Field Redevelopment Project, Series 2011, 6.750%, 9/01/40
|
9/21 at 100.00
|
BBB+
|
78,816
|
||||||
2,810
|
Oakland Joint Powers Financing Authority, California, Lease Revenue Bonds, Administration Building Projects, Series 2008B, 5.000%, 8/01/21 – AGC Insured
|
8/18 at 100.00
|
AA
|
3,089,005
|
||||||
3,300
|
Pacifica, California, Certificates of Participation, Series 2008, 5.375%,
1/01/37 – AMBAC Insured |
5/16 at 100.00
|
A–
|
3,378,771
|
||||||
5,000
|
Palm Desert Financing Authority, California, Tax Allocation Revenue Bonds, Project Area 1, Refunding Series 2002, 5.000%, 4/01/25 – NPFG Insured
|
10/16 at 100.00
|
AA–
|
5,020,150
|
||||||
600
|
Patterson Public Finance Authority, California, Revenue Bonds, Community Facilities District 2001-1, Subordinate Lien Series 2013B, 5.875%, 9/01/39
|
9/23 at 100.00
|
N/R
|
664,056
|
||||||
Patterson Public Financing Authority, California, Revenue Bonds, Community Facilities District 2001-1, Senior Series 2013A:
|
||||||||||
3,800
|
5.250%, 9/01/30
|
9/23 at 100.00
|
N/R
|
4,212,680
|
||||||
3,420
|
5.750%, 9/01/39
|
9/23 at 100.00
|
N/R
|
3,810,222
|
||||||
2,000
|
Perris Joint Powers Authority, California, Local Agency Revenue Bonds, Community Facilities District 2001-1 May Farms Improvement Area 1,2 and 3, Refunding Series 2014A, 5.375%, 9/01/33
|
9/23 at 100.00
|
N/R
|
2,288,200
|
||||||
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A:
|
||||||||||
5,000
|
0.000%, 8/01/44 – NPFG Insured
|
No Opt. Call
|
AA–
|
817,300
|
||||||
7,200
|
0.000%, 8/01/45 – NPFG Insured
|
No Opt. Call
|
AA–
|
1,110,600
|
||||||
210
|
Rancho Santa Fe CSD Financing Authority, California, Revenue Bonds, Superior Lien Series 2011A, 5.750%, 9/01/30
|
9/21 at 100.00
|
BBB+
|
241,366
|
||||||
1,115
|
Rio Elementary School District, California, Special Tax Bonds, Community Facilities District 1, Series 2013, 5.500%, 9/01/39
|
9/23 at 100.00
|
N/R
|
1,252,736
|
||||||
40
|
Riverside County Redevelopment Agency, California, Tax Allocation Bonds, Jurupa Valley Project Area, Series 2011B, 6.500%, 10/01/25
|
10/21 at 100.00
|
A
|
49,922
|
||||||
Riverside County, California, Special Tax Bonds, Community Facilities District 05-8 Scott Road, Series 2013:
|
||||||||||
660
|
5.000%, 9/01/32
|
9/22 at 100.00
|
N/R
|
726,964
|
||||||
1,775
|
5.000%, 9/01/42
|
9/22 at 100.00
|
N/R
|
1,924,775
|
||||||
1,000
|
Rocklin Unified School District, Placer County, California, Special Tax Bonds, Community Facilities District 1, Series 2004, 5.000%, 9/01/25 – NPFG Insured
|
5/16 at 100.00
|
AA–
|
1,003,910
|
||||||
4,475
|
Roseville Finance Authority, California, Special Tax Revenue Bonds, Series 2007A, 5.000%, 9/01/33 – AMBAC Insured
|
9/17 at 100.00
|
N/R
|
4,568,304
|
40
|
Nuveen Investments
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Tax Obligation/Limited (continued)
|
||||||||||
$
|
1,500
|
Roseville, California, Special Tax Bonds, Community Facilities District 1 Fiddyment Ranch, Series 2005, 5.050%, 9/01/30
|
9/16 at 100.00
|
N/R
|
|
$
|
1,513,245
|
|||
400
|
Roseville, California, Special Tax Bonds, Community Facilities District 1 Westpark, Refunding Series 2015, 5.000%, 9/01/33
|
9/25 at 100.00
|
N/R
|
446,104
|
||||||
1,280
|
Sacramento City Financing Authority, California, Lease Revenue Refunding Bonds, Series 1993A, 5.400%, 11/01/20 – NPFG Insured
|
No Opt. Call
|
AA–
|
1,413,824
|
||||||
2,565
|
Sacramento City Financing Authority, California, Lease Revenue Refunding Bonds, Series 1993B, 5.400%, 11/01/20
|
No Opt. Call
|
A+
|
2,825,809
|
||||||
2,630
|
San Bernardino Joint Powers Financing Authority, California, Certificates of Participation Refunding, Police Station Financing Project, Series 1999, 5.500%, 9/01/20 – NPFG Insured
|
3/16 at 100.00
|
AA–
|
2,630,736
|
||||||
215
|
San Clemente, California, Special Tax Revenue Bonds, Community Facilities District 2006-1 Marblehead Coastal, Series 2015, 5.000%, 9/01/40
|
9/25 at 100.00
|
N/R
|
244,300
|
||||||
1,000
|
San Diego County Regional Transportation Commission, California, Sales Tax Revenue Bonds, Refunding Series 2012A, 5.000%, 4/01/42
|
4/22 at 100.00
|
AAA
|
1,144,620
|
||||||
1,480
|
San Diego Redevelopment Agency, California, Subordinate Lien Tax Increment and Parking Revenue Bonds, Centre City Project, Series 2003B, 5.250%, 9/01/26
|
5/16 at 100.00
|
AA–
|
1,485,964
|
||||||
690
|
San Francisco City and County Redevelopment Agency Successor Agency, California, Special Tax Bonds, Community Facilities District 7, Hunters Point Shipyard Phase One Improvements, Refunding Series 2014, 5.000%, 8/01/39
|
No Opt. Call
|
N/R
|
754,080
|
||||||
2,700
|
San Francisco City and County Redevelopment Financing Authority, California, Tax Allocation Revenue Bonds, San Francisco Redevelopment Projects, Series 1998D, 0.000%, 8/01/24 – NPFG Insured
|
No Opt. Call
|
AA–
|
2,175,687
|
||||||
2,000
|
San Francisco City and County, California, Certificates of Participation, Multiple Capital Improvement Projects, Series 2009A, 5.200%, 4/01/26
|
4/19 at 100.00
|
AA
|
2,257,820
|
||||||
30
|
San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds, Mission Bay North Redevelopment Project, Series 2011C, 6.750%, 8/01/41
|
2/21 at 100.00
|
A–
|
36,252
|
||||||
San Francisco Redevelopment Financing Authority, California, Tax Allocation Revenue Bonds, Mission Bay South Redevelopment Project, Series 2011D:
|
||||||||||
30
|
7.000%, 8/01/33
|
2/21 at 100.00
|
BBB+
|
36,239
|
||||||
40
|
7.000%, 8/01/41
|
2/21 at 100.00
|
BBB+
|
48,319
|
||||||
380
|
San Francisco, California, Community Facilities District 6, Mission Bay South Public Improvements, Special Tax Refunding Bonds, Series 2013A, 5.000%, 8/01/33
|
8/22 at 100.00
|
N/R
|
424,205
|
||||||
5,150
|
San Jacinto Unified School District, Riverside County, California, Certificates of Participation, Series 2010, 5.375%, 9/01/40 – AGC Insured
|
9/20 at 100.00
|
AA
|
5,870,588
|
||||||
4,000
|
San Jose Financing Authority, California, Lease Revenue Refunding Bonds, Convention Center Project, Series 2001F, 5.000%, 9/01/19 – NPFG Insured
|
5/16 at 100.00
|
AA
|
4,016,840
|
||||||
360
|
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Refunding Series 2006D, 5.000%, 8/01/23 – AMBAC Insured
|
8/17 at 100.00
|
BBB+
|
379,476
|
||||||
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2005A:
|
||||||||||
3,310
|
5.000%, 8/01/20 – NPFG Insured
|
5/16 at 100.00
|
AA–
|
3,323,240
|
||||||
5,025
|
5.000%, 8/01/28 – NPFG Insured
|
5/16 at 100.00
|
AA–
|
5,044,648
|
||||||
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2006C:
|
||||||||||
100
|
5.000%, 8/01/24 – NPFG Insured
|
8/17 at 100.00
|
AA–
|
106,202
|
||||||
1,110
|
5.000%, 8/01/25 – NPFG Insured
|
8/17 at 100.00
|
AA–
|
1,177,865
|
||||||
1,000
|
San Marcos Public Facilities Authority, California, Special Tax Revenue Bonds, Refunding Series 2012D, 5.000%, 9/01/36
|
9/22 at 100.00
|
N/R
|
1,082,160
|
||||||
50
|
Signal Hill Redevelopment Agency, California, Project 1 Tax Allocation Bonds, Series 2011, 7.000%, 10/01/26
|
4/21 at 100.00
|
N/R
|
59,665
|
||||||
3,500
|
Stockton Public Financing Authority, California, Lease Revenue Bonds, Series 2004, 5.250%, 9/01/34 – FGIC Insured
|
5/16 at 100.00
|
AA–
|
3,500,315
|
Nuveen Investments
|
41
|
NKX
|
Nuveen California AMT-Free Municipal Income Fund
|
|
Portfolio of Investments (continued)
|
February 29, 2016
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Tax Obligation/Limited (continued)
|
||||||||||
Sweetwater Union High School District Public Financing Authority, California, Special Tax Revenue Bonds, Series 2005A:
|
||||||||||
$
|
3,565
|
5.000%, 9/01/25 – AGM Insured
|
5/16 at 100.00
|
AA
|
|
$
|
3,578,939
|
|||
5,510
|
5.000%, 9/01/28 – AGM Insured
|
5/16 at 100.00
|
AA
|
5,531,544
|
||||||
2,980
|
Temecula Public Financing Authority, California, Special Tax Bonds, Community Facilities District 03-02 Roripaugh, Series 2006, 5.500%, 9/01/36
|
9/16 at 100.00
|
N/R
|
2,983,665
|
||||||
2,160
|
Temecula Redevelopment Agency, California, Tax Allocation Revenue Bonds, Redevelopment Project 1, Series 2002, 5.125%, 8/01/27 – NPFG Insured
|
5/16 at 100.00
|
AA–
|
2,175,293
|
||||||
Tustin Community Redevelopment Agency, California, Tax Allocation Housing Bonds Series 2010:
|
||||||||||
1,205
|
5.000%, 9/01/30 – AGM Insured
|
9/20 at 100.00
|
AA
|
1,373,387
|
||||||
3,250
|
5.250%, 9/01/39 – AGM Insured
|
9/20 at 100.00
|
AA
|
3,711,923
|
||||||
4,500
|
Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding Series 2012A, 5.000%, 10/01/32 – AGM Insured
|
No Opt. Call
|
AA
|
4,968,630
|
||||||
1,020
|
Washington Unified School District, Yolo County, California, Certificates of Participation, Series 2007, 5.125%, 8/01/37 – AMBAC Insured
|
8/17 at 100.00
|
A
|
1,070,898
|
||||||
West Patterson Financing Authority, California, Special Tax Bonds, Community Facilities District 2015-1 Arambel-KDN, Refunding Series 2015:
|
||||||||||
350
|
5.250%, 9/01/35
|
9/25 at 100.00
|
N/R
|
366,300
|
||||||
790
|
5.250%, 9/01/45
|
9/25 at 100.00
|
N/R
|
818,796
|
||||||
4,235
|
West Sacramento Financing Authority, California, Special Tax Revenue Bonds, Series 2014, 5.500%, 9/01/31
|
9/22 at 102.00
|
N/R
|
4,730,156
|
||||||
6,000
|
Westminster Redevelopment Agency, California, Tax Allocation Bonds, Commercial Redevelopment Project 1, Police Facility Subordinate Series 2009, 6.250%, 11/01/39
|
11/19 at 100.00
|
AA
|
7,009,680
|
||||||
95
|
Yorba Linda Redevelopment Agency, Orange County, California, Tax Allocation Revenue Bonds, Yorba Linda Redevelopment Project, Subordinate Lien Series 2011A, 6.000%, 9/01/26
|
9/21 at 100.00
|
A–
|
116,121
|
||||||
295,340
|
Total Tax Obligation/Limited
|
307,571,028
|
||||||||
Transportation – 6.2% (4.4% of Total Investments)
|
||||||||||
1,115
|
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2013S-4, 5.250%, 4/01/48
|
4/23 at 100.00
|
AA–
|
1,295,730
|
||||||
6,750
|
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Junior Lien Series 2013C, 6.500%, 1/15/43
|
1/24 at 100.00
|
BB+
|
8,053,898
|
||||||
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Series 2013A:
|
||||||||||
14,885
|
5.750%, 1/15/46
|
1/24 at 100.00
|
BBB–
|
17,429,888
|
||||||
14,885
|
6.000%, 1/15/53
|
1/24 at 100.00
|
BBB–
|
17,516,817
|
||||||
Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Senior Lien Series 2015E:
|
||||||||||
150
|
5.000%, 5/15/31
|
5/25 at 100.00
|
AA
|
182,192
|
||||||
1,270
|
5.000%, 5/15/34
|
5/25 at 100.00
|
AA
|
1,513,599
|
||||||
1,345
|
5.000%, 5/15/36
|
5/25 at 100.00
|
AA
|
1,593,327
|
||||||
40,400
|
Total Transportation
|
47,585,451
|
||||||||
U.S. Guaranteed – 11.7% (8.4% of Total Investments) (5)
|
||||||||||
1,425
|
Bassett Unified School District, Los Angeles County, California, General Obligation Bonds, Series 2006B, 5.250%, 8/01/30
(Pre-refunded 8/01/16) – FGIC Insured |
8/16 at 100.00
|
AA– (5)
|
1,455,467
|
||||||
220
|
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Tender Option Bond Trust 3211, 13.558%, 10/01/32 (Pre-refunded 4/01/18) (IF)
|
4/18 at 100.00
|
AA (5)
|
299,594
|
||||||
780
|
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2006F, 5.000%, 4/01/31 (Pre-refunded 4/01/16) (UB)
|
4/16 at 100.00
|
AA (5)
|
783,401
|
||||||
1,575
|
California Health Facilities Financing Authority, Insured Revenue Bonds, California-Nevada Methodist Homes, Series 2006, 5.000%, 7/01/36 (Pre-refunded 7/01/16)
|
7/16 at 100.00
|
AA– (5)
|
1,600,783
|
||||||
3,000
|
California Infrastructure and Economic Development Bank, First Lien Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2003A, 5.000%,
7/01/22 – AGM Insured (ETM) |
No Opt. Call
|
AAA
|
3,707,280
|
42
|
Nuveen Investments
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
U.S. Guaranteed (5) (continued)
|
||||||||||
$
|
2,250
|
California Infrastructure and Economic Development Bank, First Lien Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2003A, 5.000%, 7/01/36 (Pre-refunded 1/01/28) – AMBAC Insured
|
1/28 at 100.00
|
Aaa
|
|
$
|
2,976,503
|
|||
80
|
California Municipal Financing Authority, Certificates of Participation, Community Hospitals of Central California, Series 2007, 5.250%, 2/01/46 (Pre-refunded 2/01/17)
|
2/17 at 100.00
|
N/R (5)
|
83,558
|
||||||
1,112
|
California State Public Works Board, Lease Revenue Bonds, University of California Regents, Tender Option Bond Trust 1065, 9.404%, 3/01/33 (Pre-refunded 3/01/18) (IF)
|
3/18 at 100.00
|
AAA
|
1,307,823
|
||||||
1,815
|
California Statewide Communities Development Authority, Revenue Bonds, ValleyCare Health System, Series 2007A, 5.125%, 7/15/31 (Pre-refunded 7/15/17)
|
7/17 at 100.00
|
AA+ (5)
|
1,932,013
|
||||||
2,680
|
California Statewide Community Development Authority, Revenue Bonds, Methodist Hospital Project, Series 2009, 6.750%, 2/01/38 (Pre-refunded 8/01/19)
|
8/19 at 100.00
|
N/R (5)
|
3,223,450
|
||||||
1,000
|
Castaic Lake Water Agency, California, Certificates of Participation, Series 2006C, 5.000%, 8/01/36 (Pre-refunded 8/01/16) – NPFG Insured
|
8/16 at 100.00
|
AA– (5)
|
1,020,320
|
||||||
550
|
Central Unified School District, Fresno County, California, General Obligation Bonds, Series 1993, 5.625%, 3/01/18 – AMBAC Insured (ETM)
|
9/16 at 100.00
|
N/R (5)
|
564,944
|
||||||
1,430
|
Cloverdale Community Development Agency, California, Tax Allocation Bonds, Cloverdale Redevelopment Project, Refunding Series 2006, 5.000%, 8/01/36 (Pre-refunded 8/01/16) – AMBAC Insured
|
8/16 at 100.00
|
N/R (5)
|
1,458,872
|
||||||
12,050
|
Coast Community College District, Orange County, California, General Obligation Bonds, Series 2006C, 5.000%, 8/01/31 (Pre-refunded 8/01/18) – AGM Insured
|
8/18 at 100.00
|
Aa1 (5)
|
13,308,623
|
||||||
5,000
|
Grossmont Healthcare District, California, General Obligation Bonds, Series 2007A, 5.000%, 7/15/37 (Pre-refunded 7/15/17) – AMBAC Insured
|
7/17 at 100.00
|
Aaa
|
5,313,800
|
||||||
6,000
|
Hartnell Community College District, California, General Obligation Bonds, Series 2006B, 5.000%, 6/01/29 (Pre-refunded 6/01/16) – AGM Insured
|
6/16 at 100.00
|
AA (5)
|
6,074,520
|
||||||
1,385
|
Healdsburg Public Financing Authority, California, Wastewater Revenue Bonds, Series 2006, 5.000%, 4/01/36 (Pre-refunded 4/01/16) – NPFG Insured
|
4/16 at 100.00
|
AA (5)
|
1,391,025
|
||||||
6,000
|
Huntington Park Redevelopment Agency, California, Single Family Residential Mortgage Revenue Refunding Bonds, Series 1986A, 8.000%, 12/01/19 (ETM)
|
No Opt. Call
|
Aaa
|
7,599,660
|
||||||
5,000
|
Indio Water Authority, California, Water Revenue Bonds, Series 2006, 5.000%, 4/01/31 (Pre-refunded 4/01/16) – AMBAC Insured
|
4/16 at 100.00
|
A (5)
|
5,021,750
|
||||||
760
|
Loma Linda, California, Hospital Revenue Bonds, Loma Linda University Medical Center, Series 2008A, 8.250%, 12/01/38 (Pre-refunded 12/01/17)
|
12/17 at 100.00
|
BB+ (5)
|
862,083
|
||||||
540
|
Pittsburg Redevelopment Agency, California, Tax Allocation Bonds, Los Medanos Community Development Project, Refunding Series 2008A, 6.500%, 9/01/28 (Pre-refunded 9/01/18)
|
9/18 at 100.00
|
BBB– (5)
|
617,674
|
||||||
5,000
|
San Jacinto Unified School District, Riverside County, California, General Obligation Bonds, Series 2007, 5.250%, 8/01/32 (Pre-refunded 8/01/17) – AGM Insured
|
8/17 at 100.00
|
AA (5)
|
5,342,050
|
||||||
325
|
San Mateo Union High School District, San Mateo County, California, Certificates of Participation, Phase 1, Series 2007A, 5.000%, 12/15/30 (Pre-refunded 12/15/17) – AMBAC Insured
|
12/17 at 100.00
|
N/R (5)
|
350,776
|
||||||
San Ysidro School District, San Diego County, California, General Obligation Bonds, 1997 Election Series 2011F:
|
||||||||||
7,230
|
0.000%, 8/01/42 (Pre-refunded 8/01/21) – AGM Insured
|
8/21 at 21.00
|
AA (5)
|
1,399,294
|
||||||
10,740
|
0.000%, 8/01/43 (Pre-refunded 8/01/21) – AGM Insured
|
8/21 at 19.43
|
AA (5)
|
1,923,856
|
||||||
21,225
|
0.000%, 8/01/44 (Pre-refunded 8/01/21) – AGM Insured
|
8/21 at 17.98
|
AA (5)
|
3,518,256
|
||||||
12,550
|
0.000%, 8/01/45 (Pre-refunded 8/01/21) – AGM Insured
|
8/21 at 16.64
|
AA (5)
|
1,924,668
|
||||||
23,425
|
0.000%, 8/01/46 (Pre-refunded 8/01/21) – AGM Insured
|
8/21 at 15.39
|
AA (5)
|
3,323,071
|
||||||
9,085
|
Santa Clara County Financing Authority, California, Insured Revenue Bonds, El Camino Hospital, Series 2007A, 5.750%, 2/01/41
(Pre-refunded 8/01/17) – AMBAC Insured |
8/17 at 100.00
|
A+ (5)
|
9,762,741
|
||||||
2,000
|
Sierra View Local Health Care District, California, Revenue Bonds, Series 2007, 5.250%, 7/01/37 (Pre-refunded 7/01/17)
|
7/17 at 100.00
|
A (5)
|
2,128,680
|
||||||
146,232
|
Total U.S. Guaranteed
|
90,276,535
|
Nuveen Investments
|
43
|
NKX
|
Nuveen California AMT-Free Municipal Income Fund
|
|
Portfolio of Investments (continued)
|
February 29, 2016
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Utilities – 4.2% (3.0% of Total Investments)
|
||||||||||
Long Beach Bond Finance Authority, California, Natural Gas Purchase Revenue Bonds, Series 2007A:
|
||||||||||
$
|
2,490
|
5.000%, 11/15/35
|
No Opt. Call
|
A
|
|
$
|
2,924,630
|
|||
1,835
|
5.500%, 11/15/37
|
No Opt. Call
|
A
|
2,308,981
|
||||||
10,000
|
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2012B, 5.000%, 7/01/43
|
7/22 at 100.00
|
AA–
|
11,555,900
|
||||||
4,280
|
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2013B, 5.000%, 7/01/28
|
7/23 at 100.00
|
AA–
|
5,227,421
|
||||||
3,750
|
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Tender Option Bond Trust 2015-XF2047,18.109%, 7/01/20 (IF) (6)
|
No Opt. Call
|
AA–
|
6,083,850
|
||||||
1,000
|
Southern California Public Power Authority, California, Milford Wind Corridor Phase I Revenue Bonds, Series 2010-1, 5.000%, 7/01/28
|
1/20 at 100.00
|
AA–
|
1,148,020
|
||||||
2,975
|
Southern California Public Power Authority, California, Revenue Bonds, Apex Power Project Series 2014A, 5.000%, 7/01/37
|
7/24 at 100.00
|
AA–
|
3,498,541
|
||||||
26,330
|
Total Utilities
|
32,747,343
|
||||||||
Water and Sewer – 15.7% (11.2% of Total Investments)
|
||||||||||
13,200
|
Atwater Public Financing Authority, California, Wastewater Revenue Bonds, Series 2010, 5.125%, 5/01/40 – AGM Insured
|
5/19 at 100.00
|
AA
|
13,997,016
|
||||||
11,600
|
Bay Area Water Supply and Conservation Agency, California, Revenue Bonds, Capital Cost Recovery Prepayment Program, Series 2013A, 5.000%, 10/01/34
|
4/23 at 100.00
|
AA–
|
13,670,948
|
||||||
California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, San Diego County Water Authority Desalination Project Pipeline, Series 2012:
|
||||||||||
8,000
|
5.000%, 7/01/37
|
No Opt. Call
|
Baa3
|
8,291,840
|
||||||
12,200
|
5.000%, 11/21/45
|
No Opt. Call
|
Baa3
|
12,488,408
|
||||||
1,000
|
East Bay Municipal Utility District, Alameda and Contra Costa Counties, California, Water System Revenue Bonds, Refunding Series 2015A, 5.000%, 6/01/31
|
6/25 at 100.00
|
AAA
|
1,230,460
|
||||||
3,000
|
Escondido Joint Powers Financing Authority, California, Revenue Bonds, Water System Financing, Series 2012, 5.000%, 9/01/41
|
3/22 at 100.00
|
AA–
|
3,443,820
|
||||||
2,250
|
Fortuna Public Finance Authority, California, Water Revenue Bonds, Series 2006, 5.000%, 10/01/36 – AGM Insured
|
10/16 at 100.00
|
AA
|
2,297,745
|
||||||
16,000
|
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2012A, 5.000%, 7/01/43
|
7/22 at 100.00
|
AA
|
18,694,559
|
||||||
10,515
|
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2014A, 5.000%, 7/01/44
|
7/24 at 100.00
|
AA
|
12,275,421
|
||||||
9,500
|
Los Angeles, California, Wastewater System Revenue Bonds, Refunding Green Series 2015A, 5.000%, 6/01/44
|
6/25 at 100.00
|
AA+
|
11,210,285
|
||||||
Los Angeles, California, Wastewater System Revenue Bonds, Refunding Subordinate Lien Series 2013A:
|
||||||||||
2,000
|
5.000%, 6/01/34
|
6/23 at 100.00
|
AA
|
2,364,760
|
||||||
3,500
|
5.000%, 6/01/35
|
6/23 at 100.00
|
AA
|
4,125,485
|
||||||
1,500
|
Metropolitan Water District of Southern California, Water Revenue Refunding Bonds, Series 2015A, 5.000%, 7/01/40
|
7/25 at 100.00
|
AAA
|
1,774,890
|
||||||
670
|
Metropolitan Water District of Southern California, Waterworks Revenue Bonds, Tender Option Bond Trust 09-8B, 17.827%, 7/01/35 (IF) (6)
|
7/19 at 100.00
|
AAA
|
1,018,346
|
44
|
Nuveen Investments
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Water and Sewer (continued)
|
||||||||||
$
|
1,500
|
Placerville Public Financing Authority, California, Wastewater System Refinancing and Improvement Project Revenue Bonds, Series 2006, 5.000%, 9/01/34 – SYNCORA GTY Insured
|
9/16 at 100.00
|
N/R
|
|
$
|
1,527,075
|
|||
2,500
|
Sacramento County Sanitation Districts Financing Authority, California, Revenue Bonds, Sacramento Regional County Sanitation District, Series 2014A, 5.000%, 12/01/33
|
6/24 at 100.00
|
AA
|
2,984,075
|
||||||
9,000
|
San Diego County Water Authority, California, Water Revenue Certificates of Participation, Series 2008A, 5.000%, 5/01/38 – AGM Insured
|
5/18 at 100.00
|
AA+
|
9,763,470
|
||||||
107,935
|
Total Water and Sewer
|
121,158,603
|
||||||||
$
|
1,108,062
|
Total Long-Term Investments (cost $954,948,829)
|
1,079,765,036
|
|||||||
Floating Rate Obligations – (0.1)%
|
(390,000
|
) | ||||||||
Institutional MuniFund Term Preferred Shares, at Liquidation Preference – (4.7)% (7)
|
(36,000,000
|
) | ||||||||
Variable Rate Demand Preferred Shares, at Liquidation Preference – (37.8)% (8)
|
(291,600,000
|
) | ||||||||
Other Assets Less Liabilities – 2.6%
|
19,691,253
|
|||||||||
Net Assets Applicable to Common Shares – 100%
|
$
|
771,466,289
|
(1)
|
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
|
(2)
|
Optional Call Provisions (not covered by the report of independent registered public accounting firm): Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
|
(3)
|
Ratings (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. Ratings below BBB by Standard & Poor's, Baa by Moody's or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
|
(4)
|
The coupon for this security increased 0.25% effective January 1, 2016 and will increase an additional 0.25% effective July 1, 2016.
|
(5)
|
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
|
(6)
|
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
|
(7)
|
Institutional MuniFund Term Preferred Shares, at Liquidation Preference as a percentage of Total Investments is 3.3%.
|
(8)
|
Variable Rate Demand Preferred Shares, at Liquidation Preference as a percentage of Total Investments is 27.0%.
|
(ETM)
|
Escrowed to maturity.
|
(IF)
|
Inverse floating rate investment.
|
(UB)
|
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.
|
Nuveen Investments
|
45
|
NAC
|
||
Nuveen California Dividend Advantage Municipal Fund
|
||
Portfolio of Investments
|
February 29, 2016
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
LONG-TERM INVESTMENTS – 142.3% (100.0% of Total Investments)
|
||||||||||
MUNICIPAL BONDS – 142.3% (100.0% of Total Investments)
|
||||||||||
Consumer Staples – 7.8% (5.5% of Total Investments)
|
||||||||||
$
|
3,305
|
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Alameda County Tobacco Asset Securitization Corporation, Series 2002, 5.750%, 6/01/29
|
5/16 at 100.00
|
Baa1
|
|
$
|
3,338,017
|
|||
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los Angeles County Securitization Corporation, Series 2006A:
|
||||||||||
11,840
|
5.600%, 6/01/36
|
12/18 at 100.00
|
B
|
11,871,731
|
||||||
13,060
|
5.650%, 6/01/41
|
12/18 at 100.00
|
B2
|
13,075,150
|
||||||
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Sonoma County Tobacco Securitization Corporation, Series 2005:
|
||||||||||
1,855
|
4.250%, 6/01/21
|
5/16 at 100.00
|
BBB+
|
1,855,260
|
||||||
3,735
|
5.250%, 6/01/45
|
5/16 at 100.00
|
B–
|
3,668,928
|
||||||
3,995
|
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Stanislaus County Tobacco Funding Corporation, Series 2002A, 5.500%, 6/01/33
|
5/16 at 100.00
|
Baa1
|
3,995,839
|
||||||
5,265
|
California Statewide Financing Authority, Tobacco Settlement Asset-Backed Bonds, Pooled Tobacco Securitization Program, Series 2002A, 5.625%, 5/01/29
|
5/16 at 100.00
|
BBB+
|
5,353,241
|
||||||
25,000
|
California Statewide Financing Authority, Tobacco Settlement Asset-Backed Bonds, Pooled Tobacco Securitization Program, Series 2006A, 0.000%, 6/01/46
|
6/16 at 15.78
|
CCC
|
2,706,250
|
||||||
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
|
||||||||||
13,375
|
5.000%, 6/01/33
|
6/17 at 100.00
|
B–
|
12,694,748
|
||||||
17,775
|
5.750%, 6/01/47
|
6/17 at 100.00
|
B–
|
17,185,759
|
||||||
5,075
|
5.125%, 6/01/47
|
6/17 at 100.00
|
B–
|
4,555,980
|
||||||
45,585
|
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-2, 5.300%, 6/01/37
|
6/22 at 100.00
|
B–
|
43,029,046
|
||||||
Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed Bonds, Series 2005A-1:
|
||||||||||
8,500
|
5.375%, 6/01/38
|
5/16 at 100.00
|
B–
|
8,112,060
|
||||||
1,250
|
5.500%, 6/01/45
|
5/16 at 100.00
|
B–
|
1,200,588
|
||||||
2,000
|
Tobacco Securitization Authority of Southern California, Tobacco Settlement Asset-Backed Bonds, San Diego County Tobacco Asset Securitization Corporation, Senior Series 2006A, 5.125%, 6/01/46
|
5/16 at 100.00
|
B+
|
1,909,120
|
||||||
161,615
|
Total Consumer Staples
|
134,551,717
|
||||||||
Education and Civic Organizations – 3.8% (2.7% of Total Investments)
|
||||||||||
2,225
|
ABAG Finance Authority for Non-Profit Corporations, California, Revenue Bonds, The Jackson Laboratory, Series 2012, 5.000%, 7/01/37
|
7/22 at 100.00
|
A1
|
2,497,807
|
||||||
3,000
|
California Educational Facilities Authority, Revenue Bonds, Dominican University, Series 2006, 5.000%, 12/01/36
|
12/16 at 100.00
|
Ba1
|
3,071,400
|
||||||
4,075
|
California Educational Facilities Authority, Revenue Bonds, Santa Clara University, Series 2010, 5.000%, 2/01/40
|
2/20 at 100.00
|
Aa3
|
4,567,831
|
||||||
605
|
California Educational Facilities Authority, Revenue Bonds, University of Redlands, Series 2005A, 5.000%, 10/01/35
|
5/16 at 100.00
|
A3
|
607,009
|
||||||
2,165
|
California Educational Facilities Authority, Revenue Bonds, University of San Francisco, Series 2011, 6.125%, 10/01/36
|
10/21 at 100.00
|
A2
|
2,647,470
|
||||||
10,000
|
California Educational Facilities Authority, Revenue Bonds, University of Southern California, Series 2007A, 4.500%, 10/01/33 (UB)
|
10/17 at 100.00
|
Aa1
|
10,522,600
|
||||||
2,470
|
California Educational Facilities Authority, Revenue Bonds, University of Southern California, Tender Option Bond Trust 09-11B, 17.981%, 10/01/38 (IF) (4)
|
10/18 at 100.00
|
Aa1
|
3,491,493
|
||||||
965
|
California Infrastructure and Economic Development Bank, Revenue Bonds, Academy of Motion Picture Arts and Sciences Obligated Group, Series 2015A, 4.000%, 11/01/45
|
11/23 at 100.00
|
A
|
997,106
|
46
|
Nuveen Investments
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Education and Civic Organizations (continued)
|
||||||||||
$
|
2,740
|
California Infrastructure and Economic Development Bond Bank, Revenue Bonds, Scripps Research Institute, Series 2005A, 5.000%, 7/01/24
|
5/16 at 100.00
|
Aa3
|
|
$
|
2,751,289
|
|||
3,980
|
California Municipal Finance Authority, Charter School Revenue Bonds, Rocketship Education, Multiple Projects, Series 2014A , 7.250%, 6/01/43
|
6/22 at 102.00
|
N/R
|
4,642,750
|
||||||
1,000
|
California Municipal Finance Authority, Revenue Bonds, Biola University, Series 2013, 5.000%, 10/01/38
|
10/23 at 100.00
|
Baa1
|
1,095,000
|
||||||
2,500
|
California Municipal Finance Authority, Revenue Bonds, University of La Verne, Series 2010A, 6.250%, 6/01/40
|
6/20 at 100.00
|
A–
|
2,862,625
|
||||||
6,000
|
California State Public Works Board, Lease Revenue Bonds, California State University Projects, Series 1997C, 5.400%, 10/01/22
|
4/16 at 100.00
|
Aa3
|
6,026,460
|
||||||
4,000
|
California State Public Works Board, Lease Revenue Refunding Bonds, Community Colleges Projects, Series 1996B, 5.625%, 3/01/19 – AMBAC Insured
|
3/16 at 100.00
|
A1
|
4,071,200
|
||||||
5,000
|
California State University, Systemwide Revenue Bonds, Series 2015A, 5.000%, 11/01/38
|
11/25 at 100.00
|
Aa2
|
5,930,850
|
||||||
2,750
|
California Statewide Communities Development Authority, Revenue Bonds, Buck Institute for Research on Aging, Series 2014, 5.000%, 11/15/44 – AGM Insured
|
11/24 at 100.00
|
AA
|
3,112,423
|
||||||
4,300
|
California Statewide Communities Development Authority, School Facility Revenue Bonds, Alliance College-Ready Public Schools, Series 2011A, 7.000%, 7/01/46
|
7/21 at 100.00
|
BBB–
|
4,849,110
|
||||||
1,815
|
California Statewide Communities Development Authority, Charter School Revenue Bonds, Rocketship 4 – Mosaic Elementary Charter School, Series 2011A, 8.500%, 12/01/41
|
12/21 at 100.00
|
N/R
|
2,192,629
|
||||||
59,590
|
Total Education and Civic Organizations
|
65,937,052
|
||||||||
Health Care – 23.6% (16.6% of Total Investments)
|
||||||||||
3,705
|
ABAG Finance Authority for Nonprofit Corporations, California, Revenue Bonds, Sharp HealthCare, Series 2014A, 5.000%, 8/01/43
|
8/23 at 100.00
|
AA–
|
4,223,774
|
||||||
3,000
|
Antelope Valley Healthcare District, California, Revenue Bonds, Series 2011A, 7.250%, 3/01/36
|
3/21 at 100.00
|
Ba3
|
3,313,800
|
||||||
715
|
California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, Refunding Series 2015A, 5.000%, 8/15/43
|
8/25 at 100.00
|
AA–
|
828,192
|
||||||
5,135
|
California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, Series 2016A, 5.000%, 11/15/46
|
11/25 at 100.00
|
AA–
|
5,953,827
|
||||||
16,405
|
California Health Facilities Financing Authority, Revenue Bonds, Children's Hospital Los Angeles, Series 2010A, 5.250%, 7/01/38 – AGC Insured
|
7/20 at 100.00
|
AA
|
18,334,556
|
||||||
5,100
|
California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard Children's Hospital, Series 2014A, 5.000%, 8/15/43
|
8/24 at 100.00
|
AA
|
5,848,935
|
||||||
1,250
|
California Health Facilities Financing Authority, Revenue Bonds, Memorial Health Services, Series 2012A, 5.000%, 10/01/33
|
No Opt. Call
|
AA–
|
1,442,838
|
||||||
3,135
|
California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Series 2014A, 5.000%, 10/01/38
|
10/24 at 100.00
|
AA
|
3,640,049
|
||||||
6,200
|
California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Series 2014B, 5.000%, 10/01/44
|
10/24 at 100.00
|
AA
|
7,097,264
|
||||||
6,420
|
California Health Facilities Financing Authority, Revenue Bonds, Rady Children's Hospital – San Diego, Series 2011, 5.250%, 8/15/41
|
8/21 at 100.00
|
AA–
|
7,213,063
|
||||||
3,000
|
California Health Facilities Financing Authority, Revenue Bonds, Saint Joseph Health System, Series 2009A, 5.750%, 7/01/39
|
7/19 at 100.00
|
AA–
|
3,431,580
|
||||||
7,250
|
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2007A, 5.250%, 11/15/46
|
11/16 at 100.00
|
AA–
|
7,469,313
|
||||||
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2011B:
|
||||||||||
2,470
|
6.000%, 8/15/42
|
8/20 at 100.00
|
AA–
|
2,965,630
|
||||||
6,530
|
6.000%, 8/15/42 (UB)
|
8/20 at 100.00
|
AA–
|
7,840,310
|
||||||
49,980
|
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2007A, 5.250%, 11/15/46 (UB)
|
11/16 at 100.00
|
AA–
|
51,491,895
|
Nuveen Investments
|
47
|
NAC
|
Nuveen California Dividend Advantage Municipal Fund
|
|
Portfolio of Investments (continued)
|
February 29, 2016
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Health Care (continued)
|
||||||||||
$
|
3,795
|
California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, Series 2010A, 5.750%, 7/01/40
|
7/20 at 100.00
|
Baa2
|
|
$
|
4,181,521
|
|||
California Municipal Financing Authority, Certificates of Participation, Community Hospitals of Central California, Series 2007:
|
||||||||||
4,190
|
5.250%, 2/01/27
|
2/17 at 100.00
|
A–
|
4,330,994
|
||||||
6,550
|
5.250%, 2/01/46
|
No Opt. Call
|
A–
|
6,681,983
|
||||||
1,200
|
California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2014A, 5.250%, 12/01/44
|
12/24 at 100.00
|
BB+
|
1,299,204
|
||||||
3,000
|
California Statewide Communities Development Authority, Revenue Bonds, Adventist Health System/West, Series 2015A, 5.000%, 3/01/45
|
3/26 at 100.00
|
A
|
3,449,520
|
||||||
1,335
|
California Statewide Communities Development Authority, Revenue Bonds, Huntington Memorial Hospital, Refunding Series 2014B, 5.000%, 7/01/44
|
7/24 at 100.00
|
A
|
1,512,208
|
||||||
21,090
|
California Statewide Communities Development Authority, Revenue Bonds, Kaiser Permanente, Series 2012A, 5.000%, 4/01/42
|
4/22 at 100.00
|
A+
|
24,005,693
|
||||||
7,190
|
California Statewide Communities Development Authority, Revenue Bonds, Saint Joseph Health System, Trust 2554, 18.712%, 7/01/47 – AGM Insured (IF)
|
7/18 at 100.00
|
AA
|
9,144,756
|
||||||
23,125
|
California Statewide Communities Development Authority, Revenue Bonds, Sutter Health, Series 2011A, 6.000%, 8/15/42
|
8/20 at 100.00
|
AA–
|
27,698,662
|
||||||
1,440
|
California Statewide Community Development Authority, Revenue Bonds, Children's Hospital of Los Angeles, Series 2007, 5.000%, 8/15/47
|
8/17 at 100.00
|
BBB+
|
1,490,702
|
||||||
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A:
|
||||||||||
13,350
|
5.500%, 7/01/24 (5)
|
5/16 at 100.00
|
CCC
|
13,367,222
|
||||||
7,405
|
5.500%, 7/01/30 (5)
|
5/16 at 100.00
|
CCC
|
7,404,482
|
||||||
150
|
5.500%, 7/01/35 (5)
|
5/16 at 100.00
|
CCC
|
149,246
|
||||||
10,000
|
5.250%, 7/01/39 (5)
|
5/16 at 100.00
|
CCC
|
9,950,000
|
||||||
3,230
|
California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanente System, Series 2001C, 5.250%, 8/01/31
|
8/16 at 100.00
|
A+
|
3,283,941
|
||||||
3,385
|
California Statewide Community Development Authority, Revenue Bonds, Sherman Oaks Health System, Series 1998A, 5.000%, 8/01/22 – AMBAC Insured
|
No Opt. Call
|
AA–
|
3,904,394
|
||||||
California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Series 2003A:
|
||||||||||
200
|
5.000%, 8/15/38 – AMBAC Insured
|
8/17 at 100.00
|
AA–
|
211,094
|
||||||
17,470
|
5.000%, 8/15/38 – AMBAC Insured (UB) (4)
|
8/17 at 100.00
|
AA–
|
18,439,061
|
||||||
5,000
|
California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Series 2008B, 5.250%, 11/15/48
|
5/18 at 100.00
|
AA–
|
5,416,500
|
||||||
4,565
|
California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Tender Option Bond Trust 3102, 19.123%, 11/15/46 (IF) (4)
|
11/16 at 100.00
|
AA–
|
5,117,137
|
||||||
8,615
|
Madera County, California, Certificates of Participation, Children's Hospital Central California, Series 2010, 5.375%, 3/15/36
|
3/20 at 100.00
|
AA–
|
9,643,028
|
||||||
6,200
|
Madera County, California, Certificates of Participation, Valley Children's Hospital Project, Series 1995, 5.750%, 3/15/28 – NPFG Insured
|
3/16 at 100.00
|
AA–
|
6,223,188
|
||||||
11,400
|
Marysville, California, Revenue Bonds, The Fremont-Rideout Health Group, Series 2011, 5.250%, 1/01/42
|
1/21 at 100.00
|
BBB
|
12,592,782
|
||||||
740
|
Oak Valley Hospital District, Stanislaus County, California, Revenue Bonds, Series 2010A, 6.500%, 11/01/29
|
11/20 at 100.00
|
BB
|
781,262
|
||||||
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009:
|
||||||||||
10,500
|
6.625%, 11/01/29
|
11/19 at 100.00
|
Ba1
|
11,745,720
|
||||||
6,885
|
6.750%, 11/01/39
|
11/19 at 100.00
|
Ba1
|
7,718,774
|
||||||
27,035
|
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 6.000%, 11/01/41
|
11/20 at 100.00
|
Ba1
|
28,865,540
|
48
|
Nuveen Investments
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Health Care (continued)
|
||||||||||
$
|
17,225
|
Rancho Mirage Joint Powers Financing Authority, California, Revenue Bonds, Eisenhower Medical Center, Refunding Series 2007A, 5.000%, 7/01/38
|
7/17 at 100.00
|
Baa2
|
|
$
|
17,770,688
|
|||
11,750
|
San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011, 7.500%, 12/01/41
|
12/21 at 100.00
|
BB+
|
14,403,150
|
||||||
2,600
|
The Regents of the University of California, Medical Center Pooled Revenue Bonds, Series 2009E, 5.000%, 5/15/38
|
5/17 at 101.00
|
AA–
|
2,717,208
|
||||||
10,700
|
Upland, California, Certificates of Participation, San Antonio Community Hospital, Series 2011, 6.500%, 1/01/41
|
1/21 at 100.00
|
A–
|
12,434,791
|
||||||
371,615
|
Total Health Care
|
407,029,477
|
||||||||
Housing/Multifamily – 1.6% (1.2% of Total Investments)
|
||||||||||
8,965
|
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2010A, 6.400%, 8/15/45
|
8/20 at 100.00
|
BBB
|
9,901,394
|
||||||
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2012A:
|
||||||||||
6,540
|
5.125%, 8/15/32
|
8/22 at 100.00
|
BBB
|
7,235,333
|
||||||
3,580
|
5.500%, 8/15/47
|
8/22 at 100.00
|
BBB
|
4,010,567
|
||||||
2,980
|
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2012B, 7.250%, 8/15/47
|
8/22 at 100.00
|
A1
|
3,463,922
|
||||||
California Municipal Finance Authority, Mobile Home Park Senior Revenue Bonds, Caritas Affordable Housing, Inc. Projects, Series 2014A:
|
||||||||||
590
|
5.250%, 8/15/39
|
8/24 at 100.00
|
BBB
|
666,423
|
||||||
1,590
|
5.250%, 8/15/49
|
8/24 at 100.00
|
BBB
|
1,790,117
|
||||||
1,230
|
Independent Cities Finance Authority, California, Mobile Home Park Revenue Bonds, Augusta Communities Mobile Home Park, Series 2012A, 5.000%, 5/15/39
|
5/22 at 100.00
|
A–
|
1,327,859
|
||||||
25,475
|
Total Housing/Multifamily
|
28,395,615
|
||||||||
Housing/Single Family – 1.4% (1.0% of Total Investments)
|
||||||||||
16,790
|
California Housing Finance Agency, California, Home Mortgage Revenue Bonds, Series 2006M, 4.625%, 8/01/26 (Alternative Minimum Tax)
|
5/16 at 100.00
|
A
|
16,803,768
|
||||||
4,870
|
California Housing Finance Agency, California, Home Mortgage Revenue Bonds, Series 2007G, 5.050%, 2/01/29 (Alternative Minimum Tax)
|
2/17 at 100.00
|
A
|
4,947,141
|
||||||
2,395
|
California Housing Finance Agency, California, Home Mortgage Revenue Bonds, Tender Option Bond Trust 3206, 9.744%, 2/01/29 (Alternative Minimum Tax) (IF)
|
2/17 at 100.00
|
A
|
2,429,368
|
||||||
24,055
|
Total Housing/Single Family
|
24,180,277
|
||||||||
Industrials – 0.2% (0.2% of Total Investments)
|
||||||||||
4,055
|
California Pollution Control Financing Authority, Solid Waste Disposal Revenue Bonds, Republic Services Inc., Series 2002C, 5.250%, 6/01/23 (Mandatory put 12/01/17) (Alternative Minimum Tax)
|
No Opt. Call
|
BBB+
|
4,280,904
|
||||||
5,120
|
California Statewide Communities Development Authority, Revenue Bonds, EnerTech Regional Biosolids Project, Series 2007A, 5.500%, 12/01/33 (Alternative Minimum Tax) (6)
|
No Opt. Call
|
N/R
|
15,360
|
||||||
9,175
|
Total Industrials
|
4,296,264
|
||||||||
Long-Term Care – 0.5% (0.3% of Total Investments)
|
||||||||||
7,000
|
ABAG Finance Authority for Non-Profit Corporations, California, Cal-Mortgage Insured Revenue Bonds, Channing House, Series 2010, 6.125%, 5/15/40
|
5/20 at 100.00
|
AA–
|
8,144,920
|
||||||
175
|
California Statewide Community Development Authority, Certificates of Participation, Internext Group, Series 1999, 5.375%, 4/01/17
|
4/16 at 100.00
|
BBB+
|
175,781
|
||||||
7,175
|
Total-Long Term Care
|
8,320,701
|
Nuveen Investments
|
49
|
NAC
|
Nuveen California Dividend Advantage Municipal Fund
|
|
Portfolio of Investments (continued)
|
February 29, 2016
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Tax Obligation/General – 35.8% (25.1% of Total Investments)
|
||||||||||
$
|
4,125
|
Alameda Unified School District, Alameda County, California, General Obligation Bonds, Series 2004A, 0.000%, 8/01/25 – AGM Insured
|
No Opt. Call
|
AA
|
|
$
|
3,400,650
|
|||
3,000
|
Alhambra Unified School District, Los Angeles County, California, General Obligation Bonds, Refunding Series 2012A, 5.000%, 8/01/29 – AGM Insured
|
8/22 at 100.00
|
Aa3
|
3,650,310
|
||||||
2,325
|
Baldwin Park Unified School District, Los Angeles County, California, General Obligation Bonds, Election 2002 Series 2006, 0.000%, 8/01/30 – AMBAC Insured
|
8/16 at 50.16
|
A+
|
1,155,014
|
||||||
8,000
|
California State, General Obligation Bonds, Refunding Various Purpose Series 2013, 5.000%, 2/01/29
|
No Opt. Call
|
AA–
|
9,570,800
|
||||||
5,245
|
California State, General Obligation Bonds, Various Purpose Refunding Series 2012, 5.000%, 9/01/36
|
No Opt. Call
|
AA–
|
6,172,368
|
||||||
California State, General Obligation Bonds, Various Purpose Refunding Series 2014:
|
||||||||||
4,690
|
5.000%, 8/01/31
|
8/24 at 100.00
|
AA–
|
5,642,539
|
||||||
4,000
|
5.000%, 8/01/33
|
8/24 at 100.00
|
AA–
|
4,771,920
|
||||||
12,000
|
5.000%, 10/01/33
|
10/24 at 100.00
|
AA–
|
14,356,920
|
||||||
California State, General Obligation Bonds, Various Purpose Refunding Series 2015:
|
||||||||||
3,000
|
5.000%, 8/01/28
|
8/25 at 100.00
|
AA–
|
3,719,670
|
||||||
780
|
5.000%, 8/01/31
|
2/25 at 100.00
|
AA–
|
938,527
|
||||||
2,875
|
5.000%, 8/01/32
|
2/25 at 100.00
|
AA–
|
3,436,401
|
||||||
4,600
|
5.000%, 9/01/32
|
9/25 at 100.00
|
AA–
|
5,550,314
|
||||||
5,750
|
5.000%, 8/01/34
|
8/25 at 100.00
|
AA–
|
6,875,333
|
||||||
140
|
California State, General Obligation Bonds, Various Purpose Series 2000, 5.625%, 5/01/22 – FGIC Insured
|
5/16 at 100.00
|
Aa3
|
140,661
|
||||||
3,200
|
California State, General Obligation Bonds, Various Purpose Series 2008, 5.125%, 4/01/33 California State, General Obligation Bonds, Various Purpose Series 2009:
|
4/18 at 100.00
|
AA–
|
3,469,376
|
||||||
64,195
|
6.000%, 11/01/39
|
11/19 at 100.00
|
AA–
|
75,459,294
|
||||||
5,005
|
5.500%, 11/01/39
|
11/19 at 100.00
|
AA–
|
5,742,737
|
||||||
California State, General Obligation Bonds, Various Purpose Series 2010:
|
||||||||||
14,000
|
6.000%, 3/01/33
|
3/20 at 100.00
|
AA–
|
16,626,400
|
||||||
13,100
|
5.500%, 3/01/40
|
3/20 at 100.00
|
AA–
|
15,173,992
|
||||||
10,605
|
5.250%, 11/01/40
|
11/20 at 100.00
|
AA–
|
12,382,292
|
||||||
California State, General Obligation Bonds, Various Purpose Series 2011:
|
||||||||||
7,215
|
5.250%, 10/01/28
|
No Opt. Call
|
AA–
|
8,621,709
|
||||||
10,520
|
5.000%, 9/01/31
|
No Opt. Call
|
AA–
|
12,349,323
|
||||||
12,725
|
5.000%, 9/01/41
|
9/21 at 100.00
|
AA–
|
14,662,763
|
||||||
14,915
|
5.000%, 10/01/41
|
10/21 at 100.00
|
AA–
|
17,218,473
|
||||||
California State, General Obligation Bonds, Various Purpose Series 2013:
|
||||||||||
7,475
|
5.000%, 4/01/37
|
4/23 at 100.00
|
AA–
|
8,724,222
|
||||||
7,255
|
5.000%, 2/01/43
|
No Opt. Call
|
AA–
|
8,346,442
|
||||||
15,145
|
5.000%, 4/01/43
|
4/23 at 100.00
|
AA–
|
17,473,392
|
||||||
5,000
|
5.000%, 11/01/43
|
11/23 at 100.00
|
AA–
|
5,825,850
|
||||||
California State, General Obligation Bonds, Various Purpose Series 2014:
|
||||||||||
22,970
|
5.000%, 5/01/32
|
5/24 at 100.00
|
AA–
|
27,358,419
|
||||||
8,910
|
5.000%, 10/01/39
|
10/24 at 100.00
|
AA–
|
10,463,904
|
||||||
10,245
|
5.000%, 12/01/43
|
12/23 at 100.00
|
AA–
|
11,953,661
|
||||||
California State, General Obligation Bonds, Various Purpose Series 2015:
|
||||||||||
9,500
|
5.000%, 3/01/45
|
3/25 at 100.00
|
AA–
|
11,079,375
|
||||||
4,780
|
5.000%, 8/01/45
|
8/25 at 100.00
|
AA–
|
5,606,605
|
||||||
3,550
|
Centinela Valley Union High School District, Los Angeles County, California, General Obligation Bonds, Series 2002A, 5.250%, 2/01/26 – NPFG Insured
|
No Opt. Call
|
AA–
|
4,229,328
|
||||||
25,000
|
Desert Community College District, Riverside County, California, General Obligation Bonds, Election 2004 Series 2007C, 0.000%, 8/01/46 – AGM Insured
|
No Opt. Call
|
AA
|
5,074,500
|
50
|
Nuveen Investments
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Tax Obligation/General (continued)
|
||||||||||
Desert Community College District, Riverside County, California, General Obligation Bonds,
|
||||||||||
Refunding Series 2016:
|
||||||||||
$
|
1,430
|
5.000%, 8/01/33
|
2/26 at 100.00
|
AA–
|
|
$
|
1,738,194
|
|||
9,235
|
5.000%, 8/01/36
|
2/26 at 100.00
|
AA–
|
11,081,723
|
||||||
5,150
|
Hacienda La Puente Unified School District Facilities Financing Authority, California, General Obligation Revenue Bonds, Series 2007, 5.000%,
8/01/26 – AGM Insured |
No Opt. Call
|
AA
|
6,452,384
|
||||||
5,630
|
Lake Tahoe Unified School District, El Dorado County, California, General Obligation Bonds, Series 2010, 0.000%, 8/01/45 – AGM Insured
|
No Opt. Call
|
AA
|
3,404,348
|
||||||
15,335
|
Los Angeles Community College District, California, General Obligation Bonds, Series 2015A, 5.000%, 8/01/31
|
8/24 at 100.00
|
AA+
|
18,658,861
|
||||||
Los Angeles Unified School District, Los Angeles County, California, General Obligation Bonds, Refunding Series 2014C:
|
||||||||||
5,000
|
5.000%, 7/01/29
|
No Opt. Call
|
Aa2
|
6,099,500
|
||||||
10,000
|
5.000%, 7/01/30
|
No Opt. Call
|
Aa2
|
12,113,800
|
||||||
4,100
|
Monrovia Unified School District, Los Angeles County, California, General Obligation Bonds, Series 2001B, 0.000%, 8/01/27 – FGIC Insured
|
No Opt. Call
|
AA–
|
3,018,174
|
||||||
10,765
|
North Orange County Community College District, California, General Obligation Bonds, Election of 2002 Series 2003B, 0.000%, 8/01/27 – FGIC Insured
|
No Opt. Call
|
Aa1
|
7,987,307
|
||||||
1,815
|
Orland Joint Unified School District, Glenn and Tehama Counties, California, General Obligation Bonds, 2008 Election, Series 2012B, 0.000%,
8/01/51 – AGM Insured |
8/37 at 100.00
|
AA
|
946,268
|
||||||
1,250
|
Oxnard School District, Ventura County, California, General Obligation Bonds, Election 2012 Series 2013B, 5.000%, 8/01/43 – AGM Insured
|
8/23 at 100.00
|
AA
|
1,406,363
|
||||||
2,575
|
Oxnard School District, Ventura County, California, General Obligation Refunding Bonds, Series 2001A, 5.750%, 8/01/30 – NPFG Insured
|
2/22 at 103.00
|
AA–
|
3,191,996
|
||||||
5,000
|
Pajaro Valley Unified School District, Santa Cruz County, California, General Obligation Bonds, Refunding Election 2012 Series 2013A, 5.000%, 8/01/43
|
8/23 at 100.00
|
Aa2
|
5,841,900
|
||||||
8,250
|
Puerto Rico, General Obligation Bonds, Public Improvement Series 2002A, 5.500%, 7/01/20 – NPFG Insured
|
No Opt. Call
|
AA–
|
8,609,370
|
||||||
28,000
|
San Bernardino Community College District, California, General Obligation Bonds, Election of 2008 Series 2009B, 0.000%, 8/01/44
|
No Opt. Call
|
Aa2
|
8,748,880
|
||||||
6,500
|
San Diego Community College District, California, General Obligation Bonds, Refunding Series 2011, 5.000%, 8/01/41
|
8/21 at 100.00
|
AA+
|
7,567,105
|
||||||
1,850
|
San Juan Capistano, California, General Obligation Bonds, Open Space Program, Tender Option Bond Trust 2015-XF0048, 17.948%, 8/01/17 (IF)
|
No Opt. Call
|
AAA
|
2,780,772
|
||||||
4,970
|
San Rafael City High School District, Marin County, California, General Obligation Bonds, Series 2004B, 0.000%, 8/01/27 – FGIC Insured
|
No Opt. Call
|
AA+
|
3,629,889
|
||||||
2,200
|
Santa Maria Joint Union High School District, Santa Barbara and San Luis Obispo Counties, California, General Obligation Bonds, Series 2003B, 5.625%, 8/01/24 – AGM Insured
|
No Opt. Call
|
Aa3
|
2,821,192
|
||||||
4,175
|
Southwestern Community College District, San Diego County, California, General Obligation Bonds, Election of 2000, Series 2004, 0.000%, 8/01/25 – FGIC Insured
|
No Opt. Call
|
Aa2
|
3,297,499
|
||||||
5,245
|
Southwestern Community College District, San Diego County, California, General Obligation Bonds, Election of 2008, Series 2011C, 5.250%, 8/01/36
|
8/21 at 100.00
|
Aa2
|
6,132,139
|
||||||
26,000
|
Sylvan Union School District, Stanislaus County, California, General Obligation Bonds, Election of 2006, Series 2010, 0.000%, 8/01/49 – AGM Insured
|
No Opt. Call
|
AA
|
16,983,980
|
||||||
Washington Township Health Care District, Alameda County, California, General Obligation Bonds, 2004 Election Series 2013B:
|
||||||||||
4,740
|
5.500%, 8/01/38
|
8/24 at 100.00
|
Aa3
|
5,745,686
|
||||||
4,830
|
5.500%, 8/01/40
|
8/24 at 100.00
|
Aa3
|
5,814,354
|
Nuveen Investments
|
51
|
NAC
|
Nuveen California Dividend Advantage Municipal Fund
|
|
Portfolio of Investments (continued)
|
February 29, 2016
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Tax Obligation/General (continued)
|
||||||||||
Washington Township Health Care District, Alameda County, California, General Obligation Bonds, 2012 Election Series 2013A:
|
||||||||||
$
|
2,820
|
5.500%, 8/01/38
|
8/24 at 100.00
|
Aa3
|
|
$
|
3,418,319
|
|||
1,750
|
5.500%, 8/01/40
|
8/24 at 100.00
|
Aa3
|
2,106,650
|
||||||
2,015
|
Wiseburn School District, Los Angeles County, California, General Obligation Bonds, Series 2012C, 5.000%, 8/01/26
|
8/22 at 100.00
|
Aa3
|
2,319,023
|
||||||
140,160
|
Yosemite Community College District, California, General Obligation Bonds, Capital Appreciation, Election 2004, Series 2010D, 0.000%, 8/01/42
|
No Opt. Call
|
Aa2
|
85,312,586
|
||||||
2,400
|
Yuba Community College District, California, General Obligation Bonds, Election 2006 Series 2011C, 5.250%, 8/01/47
|
8/21 at 100.00
|
Aa2
|
2,814,048
|
||||||
659,030
|
Total Tax Obligation/General
|
617,265,794
|
||||||||
Tax Obligation/Limited – 30.9% (21.7% of Total Investments)
|
||||||||||
1,655
|
Bell Community Housing Authority, California, Lease Revenue Bonds, Series 2005, 5.000%, 10/01/36 – AMBAC Insured
|
5/16 at 100.00
|
N/R
|
1,591,150
|
||||||
3,370
|
Bell Community Redevelopment Agency, California, Tax Allocation Bonds, Bell Project Area, Series 2003, 5.500%, 10/01/23 – RAAI Insured
|
5/16 at 100.00
|
AA
|
3,374,381
|
||||||
California State Public Works Board, Lease Revenue Bonds, Department of Corrections & Rehabilitation, Series 2013G:
|
||||||||||
5,000
|
5.250%, 9/01/30
|
9/23 at 100.00
|
A+
|
6,084,500
|
||||||
11,000
|
5.250%, 9/01/32
|
9/23 at 100.00
|
A+
|
13,208,470
|
||||||
7,000
|
California State Public Works Board, Lease Revenue Bonds, Department of Corrections & Rehabilitation, Various Correctional Facilities Series 2014A, 5.000%, 9/01/39
|
9/24 at 100.00
|
A+
|
8,169,910
|
||||||
17,395
|
California State Public Works Board, Lease Revenue Bonds, Judicial Council of California, New Stockton Courthouse, Series 2014B, 5.000%, 10/01/39
|
10/24 at 100.00
|
A+
|
20,327,101
|
||||||
1,000
|
California State Public Works Board, Lease Revenue Bonds, Judicial Council of California, Various Projects Series 2013A, 5.000%, 3/01/30
|
No Opt. Call
|
A+
|
1,181,940
|
||||||
1,000
|
California State Public Works Board, Lease Revenue Bonds, Judicial Council of California, Yuba City Courthouse, Series 2013D, 5.000%, 6/01/32
|
6/23 at 100.00
|
A+
|
1,171,430
|
||||||
10,650
|
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2009G-1, 5.750%, 10/01/30
|
10/19 at 100.00
|
A+
|
12,436,005
|
||||||
6,860
|
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2009-I, 6.375%, 11/01/34
|
11/19 at 100.00
|
A+
|
8,227,267
|
||||||
2,650
|
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2012A, 5.000%, 4/01/33
|
No Opt. Call
|
A+
|
3,075,537
|
||||||
9,950
|
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2013I, 5.000%, 11/01/38
|
11/23 at 100.00
|
A+
|
11,488,668
|
||||||
9,000
|
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2014E, 5.000%, 9/01/39
|
9/24 at 100.00
|
A+
|
10,504,170
|
||||||
2,905
|
Carson Redevelopment Agency, California, Tax Allocation Bonds, Redevelopment Project Area 1, Series 2009A, 7.000%, 10/01/36
|
10/19 at 100.00
|
A–
|
3,391,791
|
||||||
3,205
|
Chino Redevelopment Agency, California, Merged Chino Redevelopment Project Area Tax Allocation Bonds, Series 2006, 5.000%, 9/01/38 – AMBAC Insured
|
9/16 at 101.00
|
A
|
3,295,958
|
||||||
Commerce Community Development Commission, California, Tax Allocation Bonds, Merged Area Development Projects 2 & 3, Refunding Series 1998A:
|
||||||||||
470
|
5.650%, 8/01/18
|
8/16 at 100.00
|
N/R
|
471,227
|
||||||
2,765
|
5.700%, 8/01/28
|
8/16 at 100.00
|
N/R
|
2,768,705
|
||||||
4,480
|
Commerce Joint Power Financing Authority, California, Tax Allocation Bonds, Redevelopment Projects 2 & 3, Refunding Series 2003A, 5.000%,
8/01/28 – RAAI Insured |
4/16 at 100.00
|
AA
|
4,488,064
|
||||||
4,250
|
Coronado Community Development Agency, California, Tax Allocation Bonds, Community Development Project, Series 2005, 5.000%, 9/01/30 – AMBAC Insured
|
5/16 at 100.00
|
A+
|
4,265,768
|
52
|
Nuveen Investments
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Tax Obligation/Limited (continued)
|
||||||||||
$
|
1,595
|
Fontana Public Financing Authority, California, Tax Allocation Revenue Bonds, North Fontana Redevelopment Project, Series 2003A, 5.375%, 9/01/25 – AMBAC Insured
|
5/16 at 100.00
|
A+
|
|
$
|
1,601,747
|
|||
6,655
|
Fontana Redevelopment Agency, San Bernardino County, California, Tax Allocation Bonds, Jurupa Hills Redevelopment Project, Refunding Series 1997A, 5.500%, 10/01/27
|
10/16 at 100.00
|
A
|
6,684,215
|
||||||
1,555
|
Fontana, California, Special Tax Bonds, Community Facilities District 2 Heritage Village, Refunding Series 1998A, 5.250%, 9/01/17 – NPFG Insured
|
3/16 at 100.00
|
AA–
|
1,595,601
|
||||||
1,000
|
Fullerton Community Facilities District 1, California, Special Tax Bonds, Amerige Heights, Refunding Series 2012, 5.000%, 9/01/32
|
9/22 at 100.00
|
A–
|
1,115,530
|
||||||
1,000
|
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2013A, 5.000%, 6/01/30
|
6/23 at 100.00
|
A+
|
1,168,230
|
||||||
75,500
|
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2015A, 5.000%, 6/01/45
|
6/25 at 100.00
|
A+
|
86,569,050
|
||||||
Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D:
|
||||||||||
2,500
|
5.000%, 11/15/28
|
11/25 at 100.00
|
A
|
2,941,475
|
||||||
2,000
|
5.000%, 11/15/32
|
11/25 at 100.00
|
A
|
2,298,360
|
||||||
Hesperia Community Redevelopment Agency, California, Tax Allocation Bonds, Series 2005A:
|
||||||||||
1,750
|
5.000%, 9/01/25 – SYNCORA GTY Insured
|
5/16 at 100.00
|
BBB
|
1,752,678
|
||||||
6,690
|
5.000%, 9/01/35 – SYNCORA GTY Insured
|
5/16 at 100.00
|
BBB
|
6,695,419
|
||||||
1,500
|
Hesperia Unified School District, San Bernardino County, California, Certificates of Participation, Capital Improvement, Series 2007, 5.000%, 2/01/41 – AMBAC Insured
|
2/17 at 100.00
|
A
|
1,549,320
|
||||||
2,500
|
Hesperia Unified School District, San Bernardino County, California, Certificates of Participation, Series 2013A, 5.000%, 2/01/38 – BAM Insured
|
2/23 at 100.00
|
AA
|
2,752,900
|
||||||
4,500
|
Inglewood Redevelopment Agency, California, Tax Allocation Bonds, Merged Redevelopment Project, Refunding Series 1998A, 5.250%, 5/01/23 – AMBAC Insured
|
No Opt. Call
|
N/R
|
4,989,285
|
||||||
Inglewood Redevelopment Agency, California, Tax Allocation Bonds, Merged Redevelopment Project, Subordinate Lien Series 2007A-1:
|
||||||||||
1,460
|
5.000%, 5/01/23 – AMBAC Insured
|
5/17 at 100.00
|
BBB+
|
1,502,895
|
||||||
2,435
|
5.000%, 5/01/24 – AMBAC Insured
|
5/17 at 100.00
|
BBB+
|
2,501,573
|
||||||
2,075
|
5.000%, 5/01/25 – AMBAC Insured
|
5/17 at 100.00
|
BBB+
|
2,127,539
|
||||||
Irvine Unified School District, California, Special Tax Bonds, Community Facilities District Series 2006A:
|
||||||||||
1,475
|
5.000%, 9/01/26
|
9/16 at 100.00
|
N/R
|
1,500,621
|
||||||
3,395
|
5.125%, 9/01/36
|
9/16 at 100.00
|
N/R
|
3,443,956
|
||||||
Jurupa Public Financing Authority, California, Special Tax Revenue Bonds, Series 2014A:
|
||||||||||
530
|
5.000%, 9/01/29
|
9/24 at 100.00
|
A–
|
629,762
|
||||||
1,900
|
5.000%, 9/01/30
|
9/24 at 100.00
|
A–
|
2,245,420
|
||||||
1,220
|
5.000%, 9/01/31
|
9/24 at 100.00
|
A–
|
1,434,000
|
||||||
1,955
|
Jurupa Public Financing Authority, California, Special Tax Revenue Bonds, Series 2015A, 5.000%, 9/01/43
|
9/25 at 100.00
|
BBB+
|
2,165,378
|
||||||
675
|
Lammersville School District, San Joaquin County, California, Special Tax Bonds, Community Facilities District 2002 Mountain House, Series 2006, 5.125%, 9/01/35
|
9/16 at 100.00
|
N/R
|
683,735
|
||||||
12,820
|
Los Angeles Community Redevelopment Agency, California, Lease Revenue Bonds, Manchester Social Services Project, Series 2005, 5.000%,
9/01/37 – AMBAC Insured |
5/16 at 100.00
|
A1
|
12,845,255
|
||||||
5,080
|
Los Angeles County Public Works Financing Authority, California, Lease Revenue Bonds, Multiple Capital Facilities Project II, Series 2012, 5.000%, 8/01/42
|
No Opt. Call
|
AA
|
5,837,784
|
||||||
1,625
|
Lynwood Redevelopment Agency, California, Project A Revenue Bonds, Subordinate Lien Series 2011A, 6.750%, 9/01/26
|
9/21 at 100.00
|
A–
|
2,044,169
|
||||||
1,900
|
Modesto, California, Special Tax Bonds, Community Facilities District 2004-1 Village One 2, Refunding Series 2014, 5.000%, 9/01/31
|
9/24 at 100.00
|
BBB–
|
2,184,943
|
||||||
5,720
|
Murrieta Redevelopment Agency, California, Tax Allocation Bonds, Series 2007A, 5.000%, 8/01/37 – NPFG Insured
|
8/17 at 100.00
|
AA–
|
6,005,371
|
Nuveen Investments
|
53
|
NAC
|
Nuveen California Dividend Advantage Municipal Fund
|
|
Portfolio of Investments (continued)
|
February 29, 2016
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Tax Obligation/Limited (continued)
|
||||||||||
National City Community Development Commission, California, Tax Allocation Bonds, National City Redevelopment Project, Series 2011:
|
||||||||||
$
|
3,250
|
6.500%, 8/01/24
|
8/21 at 100.00
|
A
|
|
$
|
4,112,680
|
|||
3,000
|
7.000%, 8/01/32
|
8/21 at 100.00
|
A
|
3,762,270
|
||||||
1,000
|
Norco Redevelopment Agency, California, Tax Allocation Bonds, Project Area 1, Series 2009, 7.000%, 3/01/34
|
3/18 at 100.00
|
A+
|
1,107,330
|
||||||
Norco Redevelopment Agency, California, Tax Allocation Refunding Bonds, Project Area 1, Refunding Series 2010:
|
||||||||||
3,775
|
5.875%, 3/01/32
|
3/20 at 100.00
|
A+
|
4,394,780
|
||||||
1,500
|
6.000%, 3/01/36
|
3/20 at 100.00
|
A+
|
1,755,420
|
||||||
1,210
|
Novato Redevelopment Agency, California, Tax Allocation Bonds, Hamilton Field Redevelopment Project, Series 2011, 6.750%, 9/01/40
|
9/21 at 100.00
|
BBB+
|
1,467,186
|
||||||
695
|
Ontario Redevelopment Financing Authority, California, Lease Revenue Bonds, Capital Projects, Series 2001, 5.250%, 8/01/18 – AMBAC Insured
|
5/16 at 100.00
|
AA–
|
698,037
|
||||||
29,800
|
Ontario Redevelopment Financing Authority, San Bernardino County, California, Revenue Refunding Bonds, Redevelopment Project 1, Series 1995, 7.400%, 8/01/25 – NPFG Insured
|
No Opt. Call
|
AA–
|
37,326,884
|
||||||
1,180
|
Ontario, California, Special Tax Bonds, Community Facilities District 5, Freeway Interchange Project, Series 1997, 6.375%, 9/01/17
|
3/16 at 100.00
|
N/R
|
1,208,898
|
||||||
1,000
|
Palmdale Community Redevelopment Agency, California, Tax Allocation Bonds, Merged Redevelopment Project Areas, Series 2004, 5.000%,
12/01/24 – AMBAC Insured |
5/16 at 100.00
|
A–
|
1,003,910
|
||||||
1,360
|
Patterson Public Finance Authority, California, Revenue Bonds, Community Facilities District 2001-1, Subordinate Lien Series 2013B, 5.875%, 9/01/39
|
9/23 at 100.00
|
N/R
|
1,505,194
|
||||||
Patterson Public Financing Authority, California, Revenue Bonds, Community Facilities District 2001-1, Senior Series 2013A:
|
||||||||||
8,505
|
5.250%, 9/01/30
|
9/23 at 100.00
|
N/R
|
9,428,643
|
||||||
7,635
|
5.750%, 9/01/39
|
9/23 at 100.00
|
N/R
|
8,506,154
|
||||||
8,990
|
Pico Rivera Water Authority, California, Revenue Bonds, Series 2001A, 6.250%, 12/01/32
|
6/16 at 100.00
|
N/R
|
9,009,778
|
||||||
8,750
|
Pittsburg Redevelopment Agency, California, Tax Allocation Bonds, Los Medanos Community Development Project, Series 1999, 0.000%,
8/01/23 – AMBAC Insured |
No Opt. Call
|
A+
|
6,855,363
|
||||||
13,655
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 8/01/45 – NPFG Insured
|
No Opt. Call
|
AA–
|
2,106,284
|
||||||
3,920
|
Rancho Santa Fe CSD Financing Authority, California, Revenue Bonds, Superior Lien Series 2011A, 5.750%, 9/01/30
|
9/21 at 100.00
|
BBB+
|
4,505,491
|
||||||
Redding Redevelopment Agency, California, Tax Allocation Bonds, Canby-Hilltop-Cypress Area Project, Series 2003A:
|
||||||||||
1,500
|
5.000%, 9/01/17 – NPFG Insured
|
5/16 at 100.00
|
AA–
|
1,506,180
|
||||||
1,500
|
5.000%, 9/01/20 – NPFG Insured
|
5/16 at 100.00
|
AA–
|
1,506,000
|
||||||
3,375
|
Riverside County Redevelopment Agency, California, Tax Allocation Bonds, Interstate 215 Corridor Redevelopment Project Area, Series 2010E, 6.500%, 10/01/40
|
10/20 at 100.00
|
A–
|
3,963,533
|
||||||
705
|
Riverside County Redevelopment Agency, California, Tax Allocation Bonds, Jurupa Valley Project Area, Series 2011B, 6.500%, 10/01/25
|
10/21 at 100.00
|
A
|
879,882
|
||||||
2,885
|
Riverside County Redevelopment Agency, California, Tax Allocation Housing Bonds, Series 2010A, 6.000%, 10/01/39
|
10/20 at 100.00
|
A
|
3,332,637
|
||||||
Riverside County, California, Special Tax Bonds, Community Facilities District 05-8 Scott Road, Series 2013:
|
||||||||||
555
|
5.000%, 9/01/30
|
9/22 at 100.00
|
N/R
|
616,117
|
||||||
710
|
5.000%, 9/01/42
|
9/22 at 100.00
|
N/R
|
769,910
|
||||||
25
|
Riverside Public Financing Authority, California, Revenue Bonds, Multiple Project Loans, Series 1991A, 8.000%, 2/01/18
|
8/16 at 100.00
|
N/R
|
25,557
|
||||||
3,540
|
Rohnert Park Community Development Commission, California, Tax Allocation Bonds, Redevelopment Project Series 2007R, 5.000%, 8/01/37 – FGIC Insured
|
8/17 at 100.00
|
AA–
|
3,716,611
|
||||||
2,645
|
Roseville, California, Special Tax Bonds, Community Facilities District 1 Fiddyment Ranch, Series 2005, 5.050%, 9/01/30
|
9/16 at 100.00
|
N/R
|
2,668,355
|
54
|
Nuveen Investments
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Tax Obligation/Limited (continued)
|
||||||||||
$
|
385
|
Roseville, California, Special Tax Bonds, Community Facilities District 1 Westpark, Refunding Series 2015, 5.000%, 9/01/31
|
9/25 at 100.00
|
N/R
|
$
|
432,236
|
||||
Sacramento City Financing Authority, California, Lease Revenue Refunding Bonds, Series 1993A:
|
||||||||||
7,690
|
5.400%, 11/01/20 – AMBAC Insured
|
No Opt. Call
|
A+
|
8,471,919
|
||||||
855
|
5.400%, 11/01/20 – NPFG Insured
|
No Opt. Call
|
AA–
|
944,390
|
||||||
4,250
|
Sacramento City Financing Authority, California, Tax Allocation Revenue Bonds, Merged Downtown Sacramento and Oak Park Projects, Series 2005A, 0.000%, 12/01/31 – FGIC Insured
|
No Opt. Call
|
AA–
|
2,257,855
|
||||||
475
|
San Clemente, California, Special Tax Revenue Bonds, Community Facilities District 2006-1 Marblehead Coastal, Series 2015, 5.000%, 9/01/40
|
9/25 at 100.00
|
N/R
|
539,733
|
||||||
2,135
|
San Diego County Regional Transportation Commission, California, Sales Tax Revenue Bonds, Refunding Series 2012A, 5.000%, 4/01/42
|
4/22 at 100.00
|
AAA
|
2,443,764
|
||||||
10,000
|
San Diego County Regional Transportation Commission, California, Sales Tax Revenue Bonds, Series 2014A, 5.000%, 4/01/34
|
4/24 at 100.00
|
AAA
|
11,868,700
|
||||||
1,535
|
San Francisco City and County Redevelopment Agency Successor Agency, California, Special Tax Bonds, Community Facilities District 7, Hunters Point Shipyard Phase One Improvements, Refunding Series 2014, 5.000%, 8/01/39
|
No Opt. Call
|
N/R
|
1,677,555
|
||||||
2,000
|
San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds, Mission Bay North Redevelopment Project, Series 2009C, 6.500%, 8/01/39
|
8/19 at 100.00
|
A–
|
2,289,460
|
||||||
575
|
San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds, Mission Bay North Redevelopment Project, Series 2011C, 6.750%, 8/01/41
|
2/21 at 100.00
|
A–
|
694,836
|
||||||
San Francisco Redevelopment Financing Authority, California, Tax Allocation Revenue Bonds, Mission Bay South Redevelopment Project, Series 2011D:
|
||||||||||
575
|
7.000%, 8/01/33
|
2/21 at 100.00
|
BBB+
|
694,583
|
||||||
715
|
7.000%, 8/01/41
|
2/21 at 100.00
|
BBB+
|
863,699
|
||||||
255
|
San Francisco, California, Community Facilities District 6, Mission Bay South Public Improvements, Special Tax Refunding Bonds, Series 2013A, 5.000%, 8/01/33
|
8/22 at 100.00
|
N/R
|
284,664
|
||||||
9,435
|
San Jose Financing Authority, California, Lease Revenue Refunding Bonds, Convention Center Project, Series 2001F, 5.000%, 9/01/20 – NPFG Insured
|
3/16 at 100.00
|
AA
|
9,474,721
|
||||||
2,750
|
San Jose Redevelopment Agency, California, Housing Set-Aside Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2010A-1, 5.500%, 8/01/35
|
8/20 at 100.00
|
A
|
3,116,713
|
||||||
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Refunding Series 2006D:
|
||||||||||
695
|
5.000%, 8/01/19 – AMBAC Insured
|
8/17 at 100.00
|
BBB+
|
736,881
|
||||||
910
|
5.000%, 8/01/21 – AMBAC Insured
|
8/17 at 100.00
|
BBB+
|
962,962
|
||||||
1,365
|
5.000%, 8/01/23 – AMBAC Insured
|
8/17 at 100.00
|
BBB+
|
1,438,847
|
||||||
2,765
|
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2003, 4.900%, 8/01/33 – FGIC Insured
|
5/16 at 100.00
|
AA–
|
2,810,374
|
||||||
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2004A:
|
||||||||||
370
|
4.360%, 8/01/16 – NPFG Insured
|
5/16 at 100.00
|
AA–
|
371,306
|
||||||
700
|
4.440%, 8/01/17 – NPFG Insured
|
5/16 at 100.00
|
AA–
|
702,478
|
||||||
1,000
|
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2005A, 5.000%, 8/01/27 – NPFG Insured
|
5/16 at 100.00
|
AA–
|
1,004,000
|
||||||
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2006C:
|
||||||||||
2,200
|
5.000%, 8/01/24 – NPFG Insured
|
8/17 at 100.00
|
AA–
|
2,336,444
|
||||||
4,710
|
5.000%, 8/01/25 – NPFG Insured
|
8/17 at 100.00
|
AA–
|
4,997,969
|
||||||
1,825
|
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2008B, 6.250%, 8/01/20
|
8/18 at 100.00
|
BBB+
|
2,027,411
|
||||||
7,860
|
Santa Ana Community Redevelopment Agency, California, Tax Allocation Bonds, Merged Project Area, Series 2011A, 6.750%, 9/01/28
|
3/21 at 100.00
|
AA–
|
9,641,941
|
||||||
2,770
|
Santa Ana Community Redevelopment Agency, Orange County, California, Tax Allocation Refunding Bonds, South Main Street Redevelopment, Series 2003B, 5.000%, 9/01/19 – FGIC Insured
|
5/16 at 100.00
|
AA–
|
2,781,274
|
Nuveen Investments
|
55
|
NAC
|
Nuveen California Dividend Advantage Municipal Fund
|
|
Portfolio of Investments (continued)
|
February 29, 2016
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Tax Obligation/Limited (continued)
|
||||||||||
Santa Clara Redevelopment Agency, California, Tax Allocation Bonds, Bayshore North Project, Series 2003:
|
||||||||||
$
|
4,625
|
5.000%, 6/01/17 – NPFG Insured
|
6/16 at 100.00
|
AA–
|
$
|
4,679,298
|
||||
2,695
|
5.000%, 6/01/20 – NPFG Insured
|
6/16 at 100.00
|
AA–
|
2,726,639
|
||||||
1,500
|
5.000%, 6/01/21 – NPFG Insured
|
6/16 at 100.00
|
AA–
|
1,517,610
|
||||||
2,840
|
5.000%, 6/01/23 – NPFG Insured
|
6/16 at 100.00
|
AA–
|
2,873,342
|
||||||
960
|
Signal Hill Redevelopment Agency, California, Project 1 Tax Allocation Bonds, Series 2011, 7.000%, 10/01/26
|
4/21 at 100.00
|
N/R
|
1,145,568
|
||||||
Temecula Public Financing Authority, California, Special Tax Bonds, Community Facilities District 03-02 Roripaugh, Series 2006:
|
||||||||||
4,360
|
5.450%, 9/01/26
|
9/16 at 100.00
|
N/R
|
4,369,679
|
||||||
2,315
|
5.500%, 9/01/36
|
9/16 at 100.00
|
N/R
|
2,317,847
|
||||||
1,310
|
Temecula Redevelopment Agency, California, Redevelopment Project 1 Tax Allocation Housing Bonds Series 2011A, 7.000%, 8/01/39
|
8/21 at 100.00
|
BBB+
|
1,636,753
|
||||||
1,350
|
Temecula Valley Unified School District, Riverside County, California, Special Tax Bonds, Community Facilities District 2002-1 Improvement Area 1, Series 2012, 5.000%, 9/01/33
|
9/22 at 100.00
|
N/R
|
1,471,001
|
||||||
1,200
|
Turlock Public Financing Authority, California, Tax Allocation Revenue Bonds, Series 2011, 7.500%, 9/01/39
|
3/21 at 100.00
|
A–
|
1,496,352
|
||||||
1,000
|
Union City Community Redevelopment Agency, California, Tax Allocation Revenue Bonds, Redevelopment Project, Subordinate Lien Series 2011, 6.875%, 12/01/33
|
12/21 at 100.00
|
A+
|
1,246,640
|
||||||
6,870
|
Vernon Redevelopment Agency, California, Tax Allocation Bonds, Industrial Redevelopment Project, Series 2005, 5.000%, 9/01/35 – NPFG Insured
|
5/16 at 100.00
|
AA–
|
6,875,908
|
||||||
1,620
|
Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding Series 2012A, 5.000%, 10/01/32 – AGM Insured
|
No Opt. Call
|
AA
|
1,788,707
|
||||||
6,530
|
Washington Unified School District, Yolo County, California, Certificates of Participation, Series 2007, 5.125%, 8/01/37 – AMBAC Insured
|
8/17 at 100.00
|
A
|
6,855,847
|
||||||
5,000
|
Westminster Redevelopment Agency, California, Tax Allocation Bonds, Commercial Redevelopment Project 1, Police Facility Subordinate Series 2009, 6.250%, 11/01/39
|
11/19 at 100.00
|
AA
|
5,841,400
|
||||||
1,280
|
William S Hart School Financing Authority, California, Refunding Revenue Bonds, Series 2013, 5.000%, 9/01/34
|
9/23 at 100.00
|
A–
|
1,435,366
|
||||||
Yorba Linda Redevelopment Agency, Orange County, California, Tax Allocation Revenue Bonds, Yorba Linda Redevelopment Project, Subordinate Lien Series 2011A:
|
||||||||||
865
|
6.000%, 9/01/26
|
9/21 at 100.00
|
A–
|
1,057,315
|
||||||
810
|
6.500%, 9/01/32
|
9/21 at 100.00
|
A–
|
986,386
|
||||||
492,210
|
Total Tax Obligation/Limited
|
532,315,710
|
||||||||
Transportation – 8.6% (6.0% of Total Investments)
|
||||||||||
1,715
|
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2012F-1, 5.000%, 4/01/30
|
No Opt. Call
|
AA
|
2,038,055
|
||||||
15,060
|
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Junior Lien Series 2013C, 6.500%, 1/15/43
|
1/24 at 100.00
|
BB+
|
17,969,140
|
||||||
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Series 2013A:
|
||||||||||
33,235
|
5.750%, 1/15/46
|
1/24 at 100.00
|
BBB–
|
38,917,188
|
||||||
33,235
|
6.000%, 1/15/53
|
1/24 at 100.00
|
BBB–
|
39,111,280
|
||||||
1,200
|
Long Beach, California, Harbor Revenue Bonds, Series 2015D, 5.000%, 5/15/42
|
5/25 at 100.00
|
AA
|
1,410,864
|
||||||
1,250
|
Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Senior Lien Series 2010D, 5.000%, 5/15/40 (UB) (4)
|
5/20 at 100.00
|
AA
|
1,417,163
|
56
|
Nuveen Investments
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Transportation (continued)
|
||||||||||
Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Senior Lien Series 2015D:
|
||||||||||
$
|
865
|
5.000%, 5/15/31 (Alternative Minimum Tax)
|
5/25 at 100.00
|
AA
|
$
|
1,020,069
|
||||
3,805
|
5.000%, 5/15/33 (Alternative Minimum Tax)
|
5/25 at 100.00
|
AA
|
4,426,623
|
||||||
1,000
|
5.000%, 5/15/36 (Alternative Minimum Tax)
|
5/25 at 100.00
|
AA
|
1,151,190
|
||||||
11,335
|
5.000%, 5/15/41 (Alternative Minimum Tax)
|
5/25 at 100.00
|
AA
|
12,902,517
|
||||||
1,000
|
Los Angeles Harbors Department, California, Revenue Bonds, Refunding Series 2014B, 5.000%, 8/01/44
|
8/24 at 100.00
|
AA
|
1,153,480
|
||||||
Los Angeles Harbors Department, California, Revenue Bonds, Series 2014C:
|
||||||||||
1,575
|
5.000%, 8/01/35
|
8/24 at 100.00
|
AA
|
1,854,011
|
||||||
2,000
|
5.000%, 8/01/44
|
8/24 at 100.00
|
AA
|
2,306,960
|
||||||
120
|
Palm Springs Financing Authority, California, Palm Springs International Airport Revenue Bonds, Series 2006, 5.450%, 7/01/20 (Alternative Minimum Tax)
|
7/16 at 100.00
|
N/R
|
120,492
|
||||||
Port of Oakland, California, Revenue Bonds, Refunding Series 2012P:
|
||||||||||
1,000
|
5.000%, 5/01/29 (Alternative Minimum Tax)
|
No Opt. Call
|
A+
|
1,153,060
|
||||||
6,340
|
5.000%, 5/01/31 (Alternative Minimum Tax)
|
No Opt. Call
|
A+
|
7,225,571
|
||||||
1,180
|
Sacramento Regional Transit District, California, Farebox Revenue Bonds, Refunding Series 2012, 5.000%, 3/01/42
|
No Opt. Call
|
A–
|
1,323,488
|
||||||
4,550
|
San Diego County Regional Airport Authority, California, Airport Revenue Bonds, Senior Series 2013B, 5.000%, 7/01/43 (Alternative Minimum Tax)
|
7/23 at 100.00
|
A+
|
5,040,945
|
||||||
4,500
|
San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Second Series 2014B, 5.000%, 5/01/44
|
5/24 at 100.00
|
A+
|
5,140,800
|
||||||
2,465
|
San Francisco Airports Commission, California, Special Facilities Lease Revenue Bonds, San Francisco International Airport, SFO Fuel Company LLC, Series 2000A, 6.125%, 1/01/27 – AGM Insured (Alternative Minimum Tax)
|
7/16 at 100.00
|
AA
|
2,476,807
|
||||||
127,430
|
Total Transportation
|
148,159,703
|
||||||||
U.S. Guaranteed – 13.7% (9.6% of Total Investments) (7)
|
||||||||||
11,100
|
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2006F, 5.000%, 4/01/31 (Pre-refunded 4/01/16) (UB)
|
4/16 at 100.00
|
AA (7)
|
11,148,397
|
||||||
5,540
|
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Tender Option Bond Trust 3211, 13.558%, 10/01/32 (Pre-refunded 4/01/18) (IF)
|
4/18 at 100.00
|
AA (7)
|
7,544,317
|
||||||
10
|
California Department of Water Resources, Water System Revenue Bonds, Central Valley Project, Series 2002X, 5.500%, 12/01/17 – FGIC Insured (ETM)
|
No Opt. Call
|
AAA
|
10,869
|
||||||
2,000
|
California Educational Facilities Authority, Revenue Bonds, Occidental College, Series 2005A, 5.000%, 10/01/27 (Pre-refunded 4/01/16) – NPFG Insured
|
4/16 at 100.00
|
Aa3 (7)
|
2,008,680
|
||||||
5,360
|
California Infrastructure and Economic Development Bank, First Lien Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2003A, 5.000%,
7/01/23 – AGM Insured (ETM) |
No Opt. Call
|
AAA
|
6,714,097
|
||||||
1,000
|
California Municipal Finance Authority, Revenue Bonds, Harbor Regional Center Project, Series 2009, 8.000%, 11/01/29 (Pre-refunded 11/01/19)
|
11/19 at 100.00
|
A3 (7)
|
1,251,820
|
||||||
California Municipal Financing Authority, Certificates of Participation, Community Hospitals of Central California, Series 2007:
|
||||||||||
2,960
|
5.250%, 2/01/27 (Pre-refunded 2/01/17)
|
2/17 at 100.00
|
N/R (7)
|
3,091,631
|
||||||
865
|
5.250%, 2/01/46 (Pre-refunded 2/01/17)
|
2/17 at 100.00
|
N/R (7)
|
903,467
|
||||||
3,025
|
California Pollution Control Financing Authority, Solid Waste Disposal Revenue Bonds, North County Recycling Center, Series 1991A, 6.750%, 7/01/17 (ETM)
|
5/16 at 100.00
|
Aaa
|
3,091,248
|
||||||
21,235
|
California State Public Works Board, Lease Revenue Bonds, University of California Regents, Tender Option Bond Trust 1065, 9.404%, 3/01/33 (Pre-refunded 3/01//18) (IF)
|
3/18 at 100.00
|
AAA
|
24,974,484
|
||||||
11,360
|
California Statewide Communities Development Authority, Revenue Bonds, ValleyCare Health System, Series 2007A, 5.125%, 7/15/31 (Pre-refunded 7/15/17)
|
7/17 at 100.00
|
AA+ (7)
|
12,092,379
|
Nuveen Investments
|
57
|
NAC
|
Nuveen California Dividend Advantage Municipal Fund
|
|
Portfolio of Investments (continued)
|
February 29, 2016
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
U.S. Guaranteed (7) (continued)
|
||||||||||
$
|
2,010
|
California Statewide Community Development Authority, Revenue Bonds, Methodist Hospital Project, Series 2009, 6.750%, 2/01/38 (Pre-refunded 8/01/19)
|
8/19 at 100.00
|
N/R (7)
|
$
|
2,417,588
|
||||
6,000
|
Coachella Valley Unified School District, Riverside County, California, Certificates of Participation, Series 2007, 5.000%, 9/01/31 (Pre-refunded 9/01/16) – AMBAC Insured
|
9/16 at 100.00
|
N/R (7)
|
6,145,140
|
||||||
5,425
|
Coast Community College District, Orange County, California, General Obligation Bonds, Series 2006C, 5.000%, 8/01/31 (Pre-refunded 8/01/18) – AGM Insured
|
8/18 at 100.00
|
Aa1 (7)
|
5,991,641
|
||||||
16,300
|
Contra Costa County, California, GNMA Mortgage-Backed Securities Program Home Mortgage Revenue Bonds, Series 1988, 8.250%, 6/01/21 (Alternative Minimum Tax) (ETM)
|
No Opt. Call
|
Aaa
|
19,381,352
|
||||||
5,000
|
El Centro Financing Authority, California, Water Revenue Bonds, Series 2006A, 4.750%, 10/01/31 (Pre-refunded 10/01/16) – AGM Insured
|
10/16 at 100.00
|
AA (7)
|
5,132,750
|
||||||
3,610
|
Hartnell Community College District, California, General Obligation Bonds, Series 2006B, 5.000%, 6/01/29 (Pre-refunded 6/01/16) – AGM Insured
|
6/16 at 100.00
|
AA (7)
|
3,654,836
|
||||||
Hawthorne Community Redevelopment Agency, California, Tax Allocation Bonds, Project Area 2, Series 2006:
|
||||||||||
1,770
|
5.000%, 9/01/26 (Pre-refunded 9/01/16) – SYNCORA GTY Insured
|
9/16 at 100.00
|
N/R (7)
|
1,812,551
|
||||||
3,865
|
5.250%, 9/01/36 (Pre-refunded 9/01/16) – SYNCORA GTY Insured
|
9/16 at 100.00
|
N/R (7)
|
3,962,785
|
||||||
3,135
|
Healdsburg Public Financing Authority, California, Wastewater Revenue Bonds, Series 2006, 5.000%, 4/01/36 (Pre-refunded 4/01/16) – NPFG Insured
|
4/16 at 100.00
|
AA (7)
|
3,148,637
|
||||||
320
|
Independent Cities Lease Finance Authority, California, Mobile Home Park Revenue Bonds, San Juan Mobile Estates, Series 2006B, 5.850%, 5/15/41 (Pre-refunded 5/15/16)
|
5/16 at 100.00
|
N/R (7)
|
323,846
|
||||||
1,000
|
Lindsay Redevelopment Agency, California, Project 1 Tax Allocation Bonds, Series 2007, 5.000%, 8/01/37 (Pre-refunded 8/01/17) – RAAI Insured
|
8/17 at 100.00
|
N/R (7)
|
1,064,570
|
||||||
13,670
|
Loma Linda, California, Hospital Revenue Bonds, Loma Linda University Medical Center, Series 2008A, 8.250%, 12/01/38 (Pre-refunded 12/01/17)
|
12/17 at 100.00
|
BB+ (7)
|
15,506,154
|
||||||
5,170
|
Newport Beach, California, Revenue Bonds, Hoag Memorial Hospital Presbyterian, Series 2011A, 6.000%, 12/01/40 (Pre-refunded 12/01/21)
|
12/21 at 100.00
|
N/R (7)
|
6,589,475
|
||||||
3,380
|
Orange County Sanitation District, California, Certificates of Participation, Tender Option Bond Trust 11738, 18.266%, 8/01/29 (Pre-refunded 2/01/19) (IF)
|
2/19 at 100.00
|
AAA
|
4,884,032
|
||||||
1,510
|
Orange County Sanitation District, California, Certificates of Participation, Tender Option Bond Trust 3020, 18.111%, 2/01/35 (Pre-refunded 2/01/19) (IF) (4)
|
2/19 at 100.00
|
AAA
|
2,181,950
|
||||||
5,840
|
Orange County Water District, California, Revenue Certificates of Participation, Series 1999A, 5.375%, 8/15/29 (ETM)
|
No Opt. Call
|
N/R (7)
|
7,622,485
|
||||||
905
|
Orange County Water District, California, Revenue Certificates of Participation, Series 2003B, 5.000%, 8/15/34 – NPFG Insured (ETM)
|
No Opt. Call
|
AAA
|
1,167,767
|
||||||
Panama-Buena Vista Union School District, California, Certificates of Participation, School Construction Project, Series 2006:
|
||||||||||
1,065
|
5.000%, 9/01/22 (Pre-refunded 9/01/16) – NPFG Insured
|
9/16 at 100.00
|
AA– (7)
|
1,090,762
|
||||||
1,120
|
5.000%, 9/01/23 (Pre-refunded 9/01/16) – NPFG Insured
|
9/16 at 100.00
|
AA– (7)
|
1,147,093
|
||||||
1,170
|
5.000%, 9/01/24 (Pre-refunded 9/01/16) – NPFG Insured
|
9/16 at 100.00
|
AA– (7)
|
1,198,302
|
||||||
15,070
|
Pittsburg Redevelopment Agency, California, Tax Allocation Bonds, Los Medanos Community Development Project, Refunding Series 2008A, 6.500%, 9/01/28 (Pre-refunded 9/01/18)
|
9/18 at 100.00
|
BBB– (7)
|
17,237,669
|
||||||
2,760
|
Pomona, California, GNMA/FHLMC Collateralized Single Family Mortgage Revenue Refunding Bonds, Series 1990B, 7.500%, 8/01/23 (ETM)
|
No Opt. Call
|
Aaa
|
3,449,972
|
||||||
1,460
|
Rohnert Park Community Development Commission, California, Tax Allocation Bonds, Redevelopment Project Series 2007R, 5.000%, 8/01/37 – FGIC Insured (ETM)
|
8/17 at 100.00
|
AA– (7)
|
1,525,218
|
||||||
8,625
|
Sacramento City Financing Authority, California, Capital Improvement Revenue Bonds, 300 Richards Boulevard Building Acquisition, Series 2006C, 5.000%, 12/01/36 (Pre-refunded 12/01/16) – AMBAC Insured
|
12/16 at 100.00
|
A+ (7)
|
8,930,066
|
58
|
Nuveen Investments
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
U.S. Guaranteed (7) (continued)
|
||||||||||
$
|
2,000
|
Sacramento County Sanitation Districts Financing Authority, California, Revenue Bonds, Series 2006, 5.000%, 12/01/31 (Pre-refunded 6/01/16) – FGIC Insured
|
6/16 at 100.00
|
AA (7)
|
$
|
2,024,840
|
||||
San Diego Public Facilities Financing Authority, California, Sewerage Revenue Bonds, Refunding Series 2010A:
|
||||||||||
11,320
|
5.250%, 5/15/25 (Pre-refunded 5/15/20)
|
5/20 at 100.00
|
AA+ (7)
|
13,387,711
|
||||||
11,000
|
5.250%, 5/15/26 (Pre-refunded 5/15/20)
|
5/20 at 100.00
|
AA+ (7)
|
13,009,260
|
||||||
2,600
|
San Mateo Union High School District, San Mateo County, California, Certificates of Participation, Phase 1, Series 2007A, 5.000%, 12/15/30 (Pre-refunded 12/15/17) – AMBAC Insured
|
12/17 at 100.00
|
N/R (7)
|
2,806,206
|
||||||
5,500
|
Santa Clara County Financing Authority, California, Insured Revenue Bonds, El Camino Hospital, Series 2007A, 5.750%, 2/01/41
(Pre-refunded 8/01/17) – AMBAC Insured |
8/17 at 100.00
|
A+ (7)
|
5,910,300
|
||||||
207,055
|
Total U.S. Guaranteed
|
235,536,347
|
||||||||
Utilities – 3.0% (2.1% of Total Investments)
|
||||||||||
5,735
|
California Statewide Communities Development Authority, Certificates of Participation, Rio Bravo Fresno Project, Refunding Series 1999A, 6.500%, 12/01/18
|
6/16 at 100.00
|
N/R
|
5,735,516
|
||||||
Long Beach Bond Finance Authority, California, Natural Gas Purchase Revenue Bonds, Series 2007A:
|
||||||||||
7,970
|
5.000%, 11/15/35
|
No Opt. Call
|
A
|
9,361,164
|
||||||
7,610
|
5.500%, 11/15/37
|
No Opt. Call
|
A
|
9,575,663
|
||||||
5,230
|
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2012B, 5.000%, 7/01/43
|
7/22 at 100.00
|
AA–
|
6,043,736
|
||||||
4,865
|
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2013B, 5.000%, 7/01/28
|
7/23 at 100.00
|
AA–
|
5,941,916
|
||||||
4,000
|
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2014B, 5.000%, 7/01/43
|
1/24 at 100.00
|
AA–
|
4,636,720
|
||||||
3,000
|
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Tender Option Bond Trust 2015-XF2047, 18.109%, 7/01/20 (IF) (4)
|
No Opt. Call
|
AA–
|
4,867,080
|
||||||
2,500
|
Sacramento Municipal Utility District, California, Electric Revenue Bonds, Tender Option Bond Trust 1186, 17.519%, 8/15/41 (IF) (4)
|
8/23 at 100.00
|
AA–
|
4,074,000
|
||||||
1,565
|
Southern California Public Power Authority, California, Revenue Bonds, Apex Power Project Series 2014A, 5.000%, 7/01/35
|
7/24 at 100.00
|
AA–
|
1,855,214
|
||||||
42,475
|
Total Utilities
|
52,091,009
|
||||||||
Water and Sewer – 11.4% (8.0% of Total Investments)
|
||||||||||
Bay Area Water Supply and Conservation Agency, California, Revenue Bonds, Capital Cost Recovery Prepayment Program, Series 2013A:
|
||||||||||
3,010
|
5.000%, 10/01/29
|
4/23 at 100.00
|
AA–
|
3,630,512
|
||||||
4,250
|
5.000%, 10/01/30
|
4/23 at 100.00
|
AA–
|
5,094,943
|
||||||
4,000
|
5.000%, 10/01/34
|
4/23 at 100.00
|
AA–
|
4,714,120
|
||||||
1,020
|
California Department of Water Resources, Water System Revenue Bonds, Central Valley Project, Series 2002X, 5.500%, 12/01/17 – FGIC Insured
|
No Opt. Call
|
AAA
|
1,111,310
|
||||||
California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, Poseidon Resources Channelside LP Desalination Project, Series 2012:
|
||||||||||
3,925
|
5.000%, 7/01/37 (Alternative Minimum Tax)
|
No Opt. Call
|
Baa3
|
4,303,684
|
||||||
36,420
|
5.000%, 11/21/45 (Alternative Minimum Tax)
|
No Opt. Call
|
Baa3
|
39,783,384
|
||||||
175
|
California Statewide Community Development Authority, Water and Wastewater Revenue Bonds, Pooled Financing Program, Series 2003A, 5.250%, 10/01/23 – AGM Insured
|
5/16 at 100.00
|
AA
|
175,737
|
||||||
385
|
California Statewide Community Development Authority, Water and Wastewater Revenue Bonds, Pooled Financing Program, Series 2004A, 5.250%, 10/01/24 – AGM Insured
|
5/16 at 100.00
|
AA
|
386,586
|
Nuveen Investments
|
59
|
NAC
|
Nuveen California Dividend Advantage Municipal Fund
|
|
Portfolio of Investments (continued)
|
February 29, 2016
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Water and Sewer (continued)
|
||||||||||
$
|
2,500
|
Central Basin Municipal Water District, California, Certificates of Participation, Tender Option Bond Trust 3152, 18.411%, 8/01/33 – AGM Insured (IF)
|
2/20 at 100.00
|
AA
|
$
|
3,693,300
|
||||
East Bay Municipal Utility District, Alameda and Contra Costa Counties, California, Water System Revenue Bonds, Refunding Series 2015A:
|
||||||||||
2,000
|
5.000%, 6/01/31
|
6/25 at 100.00
|
AAA
|
2,460,920
|
||||||
10,500
|
5.000%, 6/01/32
|
6/25 at 100.00
|
AAA
|
12,821,655
|
||||||
10,000
|
East Bay Municipal Utility District, Alameda and Contra Costa Counties, California, Water System Revenue Bonds, Series 2014C, 5.000%, 6/01/44
|
6/24 at 100.00
|
AAA
|
11,659,300
|
||||||
1,950
|
East Valley Water District Financing Authority, California, Refunding Revenue Bonds, Series 2010, 5.000%, 10/01/40
|
10/20 at 100.00
|
AA–
|
2,211,417
|
||||||
1,600
|
Eastern Municipal Water District, California, Water and Sewerage System Revenue Certificates of Participation, Tender Option Bond Trust 2015-XF0072, 14.573%, 1/01/30 (IF)
|
7/18 at 100.00
|
AA+
|
2,361,760
|
||||||
750
|
Fortuna Public Finance Authority, California, Water Revenue Bonds, Series 2006, 5.000%, 10/01/36 – AGM Insured
|
10/16 at 100.00
|
AA
|
765,915
|
||||||
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2011A:
|
||||||||||
23,430
|
5.250%, 7/01/39 (UB)
|
1/21 at 100.00
|
AA+
|
27,112,259
|
||||||
2,000
|
5.000%, 7/01/41
|
1/21 at 100.00
|
AA
|
2,284,300
|
||||||
6,710
|
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2014A, 5.000%, 7/01/44
|
7/24 at 100.00
|
AA
|
7,833,388
|
||||||
1,570
|
Los Angeles, California, Wastewater System Revenue Bonds, Refunding Green Series 2015A, 5.000%, 6/01/32
|
6/25 at 100.00
|
AA+
|
1,921,523
|
||||||
1,485
|
Los Angeles, California, Wastewater System Revenue Bonds, Refunding Subordinate Lien Series 2013A, 5.000%, 6/01/35
|
6/23 at 100.00
|
AA
|
1,750,384
|
||||||
4,705
|
Madera Irrigation District. California, Water Revenue Refunding Bonds, Series 2008, 5.500%, 1/01/38
|
1/18 at 100.00
|
A
|
5,042,301
|
||||||
2,000
|
Metropolitan Water District of Southern California, Water Revenue Refunding Bonds, Series 2015A, 5.000%, 7/01/40
|
7/25 at 100.00
|
AAA
|
2,366,520
|
||||||
670
|
Metropolitan Water District of Southern California, Waterworks Revenue Bonds, Tender Option Bond Trust 09-8B, 17.827%, 7/01/35 (IF) (4)
|
7/19 at 100.00
|
AAA
|
1,018,346
|
||||||
3,500
|
Placerville Public Financing Authority, California, Wastewater System Refinancing and Improvement Project Revenue Bonds, Series 2006, 5.000%, 9/01/34 – SYNCORA GTY Insured
|
9/16 at 100.00
|
N/R
|
3,563,175
|
||||||
2,525
|
Sacramento County Sanitation Districts Financing Authority, California, Revenue Bonds, Crossover Refunding Series 2001, 5.500%, 12/01/20 – AMBAC Insured
|
No Opt. Call
|
AA
|
3,062,926
|
||||||
3,000
|
Sacramento County Sanitation Districts Financing Authority, California, Revenue Bonds, Sacramento Regional County Sanitation District, Series 2014A, 5.000%, 12/01/33
|
6/24 at 100.00
|
AA
|
3,580,890
|
||||||
San Diego Public Facilities Financing Authority, California, Sewerage Revenue Bonds, Refunding Series 2010A:
|
||||||||||
12,000
|
5.250%, 5/15/27
|
5/20 at 100.00
|
AA+
|
14,152,920
|
||||||
7,170
|
5.250%, 5/15/28
|
5/20 at 100.00
|
AA+
|
8,436,867
|
||||||
5,580
|
San Francisco City and County Public Utilities Commission, California, Water Revenue Bonds, Series 2011A, 5.000%, 11/01/41 (UB)
|
11/21 at 100.00
|
AA–
|
6,466,662
|
||||||
San Francisco City and County Public Utilities Commission, California, Water Revenue Bonds, Tender Option Bond Trust 2015-XF0226:
|
||||||||||
750
|
18.203%, 11/01/28 (IF)
|
11/21 at 100.00
|
AA–
|
1,403,910
|
||||||
750
|
18.103%, 11/01/43 (IF)
|
5/22 at 100.00
|
AA–
|
1,219,770
|
||||||
Silicon Valley Clean Water, Mateo County, California, Wastewater Revenue Bonds, Series 2015:
|
||||||||||
3,000
|
5.000%, 8/01/40
|
8/25 at 100.00
|
AA
|
3,548,670
|
||||||
1,600
|
5.000%, 8/01/45
|
8/25 at 100.00
|
AA
|
1,882,464
|
60
|
Nuveen Investments
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Water and Sewer (continued)
|
||||||||||
$
|
4,000
|
West Basin Municipal Water District, California, Certificates of Participation, Refunding Series 2008B, 5.000%, 8/01/28 – AGC Insured
|
8/18 at 100.00
|
AA
|
$
|
4,402,240
|
||||
168,930
|
Total Water and Sewer
|
196,224,058
|
||||||||
$
|
2,355,830
|
Total Long-Term Investments (cost $2,174,696,806)
|
2,454,303,724
|
|||||||
Floating Rate Obligations – (4.7)%
|
(81,490,000
|
) | ||||||||
Variable Rate Demand Preferred Shares, at Liquidation Preference – (40.6)% (8)
|
(699,600,000
|
) | ||||||||
Other Assets Less Liabilities – 3.0%
|
51,531,846
|
|||||||||
Net Assets Applicable to Common Shares – 100%
|
$
|
1,724,745,570
|
(1)
|
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
|
(2)
|
Optional Call Provisions (not covered by the report of independent registered public accounting firm): Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
|
(3)
|
Ratings (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. Ratings below BBB by Standard & Poor's, Baa by Moody's or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
|
(4)
|
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
|
(5)
|
The coupon for this security increased 0.25% effective January 1, 2016 and will increase an additional 0.25% effective July 1, 2016.
|
(6)
|
As of, or subsequent to, the end of the reporting period this security is non-income producing. Non-income producing, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund's Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has ceased accruing additional income on the Fund's records.
|
(7)
|
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
|
(8)
|
Variable Rate Demand Preferred Shares, at Liquidation Preference as a percentage of Total Investments is 28.5%.
|
(ETM)
|
Escrowed to maturity.
|
(IF)
|
Inverse floating rate investment.
|
(UB)
|
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.
|
See accompanying notes to financial statements.
|
Nuveen Investments
|
61
|
NVX
|
||
Nuveen California Dividend Advantage Municipal Fund 2
|
||
Portfolio of Investments
|
February 29, 2016
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
LONG-TERM INVESTMENTS – 140.1% (100.0% of Total Investments)
|
||||||||||
MUNICIPAL BONDS – 140.1% (100.0% of Total Investments)
|
||||||||||
Consumer Staples – 8.1% (5.8% of Total Investments)
|
||||||||||
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los Angeles County Securitization Corporation, Series 2006A:
|
||||||||||
$
|
2,000
|
5.600%, 6/01/36
|
12/18 at 100.00
|
B
|
$
|
2,005,360
|
||||
2,000
|
5.650%, 6/01/41
|
12/18 at 100.00
|
B2
|
2,002,320
|
||||||
255
|
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Sonoma County Tobacco Securitization Corporation, Series 2005, 4.250%, 6/01/21
|
5/16 at 100.00
|
BBB+
|
255,036
|
||||||
1,995
|
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Stanislaus County Tobacco Funding Corporation, Series 2002A, 5.500%, 6/01/33
|
5/16 at 100.00
|
Baa1
|
1,995,419
|
||||||
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
|
||||||||||
3,770
|
5.000%, 6/01/33
|
6/17 at 100.00
|
B–
|
3,578,258
|
||||||
6,040
|
5.750%, 6/01/47
|
6/17 at 100.00
|
B–
|
5,839,774
|
||||||
3,660
|
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-2, 5.300%, 6/01/37
|
6/22 at 100.00
|
B–
|
3,454,784
|
||||||
19,720
|
Total Consumer Staples
|
19,130,951
|
||||||||
Education and Civic Organizations – 2.7% (1.9% of Total Investments)
|
||||||||||
1,775
|
ABAG Finance Authority for Non-Profit Corporations, California, Revenue Bonds, The Jackson Laboratory, Series 2012, 5.000%, 7/01/37
|
7/22 at 100.00
|
A1
|
1,992,633
|
||||||
555
|
California Municipal Finance Authority, Charter School Revenue Bonds, Rocketship Education, Multiple Projects, Series 2014A, 7.250%, 6/01/43
|
6/22 at 102.00
|
N/R
|
647,419
|
||||||
2,500
|
California Municipal Finance Authority, Revenue Bonds, University of La Verne, Series 2010A, 6.250%, 6/01/40
|
6/20 at 100.00
|
A–
|
2,862,625
|
||||||
850
|
California Statewide Communities Development Authority, School Facility Revenue Bonds, Alliance College-Ready Public Schools, Series 2011A, 7.000%, 7/01/46
|
7/21 at 100.00
|
BBB–
|
958,545
|
||||||
5,680
|
Total Education and Civic Organizations
|
6,461,222
|
||||||||
Health Care – 15.8% (11.3% of Total Investments)
|
||||||||||
570
|
California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, Refunding Series 2015A, 5.000%, 8/15/43
|
8/25 at 100.00
|
AA–
|
660,237
|
||||||
395
|
California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard Children's Hospital, Series 2014A, 5.000%, 8/15/43
|
8/24 at 100.00
|
AA
|
453,006
|
||||||
435
|
California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Series 2014A, 5.000%, 10/01/38
|
10/24 at 100.00
|
AA
|
505,079
|
||||||
855
|
California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Series 2014B, 5.000%, 10/01/44
|
10/24 at 100.00
|
AA
|
978,736
|
||||||
895
|
California Health Facilities Financing Authority, Revenue Bonds, Rady Children's Hospital – San Diego, Series 2011, 5.250%, 8/15/41
|
8/21 at 100.00
|
AA–
|
1,005,559
|
||||||
1,500
|
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2007A, 5.250%, 11/15/46
|
11/16 at 100.00
|
AA–
|
1,545,375
|
||||||
2,470
|
California Municipal Financing Authority, Certificates of Participation, Community Hospitals of Central California, Series 2007, 5.250%, 2/01/27
|
2/17 at 100.00
|
A–
|
2,553,116
|
||||||
1,300
|
California Statewide Communities Development Authority, Revenue Bonds, Adventist Health System/West, Series 2015A, 5.000%, 3/01/35
|
3/26 at 100.00
|
A
|
1,532,531
|
||||||
3,200
|
California Statewide Communities Development Authority, Revenue Bonds, Kaiser Permanente, Series 2012A, 5.000%, 4/01/42
|
4/22 at 100.00
|
A+
|
3,642,400
|
62
|
Nuveen Investments
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Health Care (continued)
|
||||||||||
$
|
5,245
|
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A, 5.500%, 7/01/35 (4)
|
5/16 at 100.00
|
CCC
|
$
|
5,218,618
|
||||
425
|
California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanente System, Series 2001C, 5.250%, 8/01/31
|
8/16 at 100.00
|
A+
|
432,098
|
||||||
1,035
|
California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Series 2004D, 5.050%, 8/15/38 – AGM Insured
|
8/18 at 100.00
|
AA
|
1,102,203
|
||||||
1,610
|
Madera County, California, Certificates of Participation, Children's Hospital Central California, Series 2010, 5.375%, 3/15/36
|
3/20 at 100.00
|
AA–
|
1,802,121
|
||||||
455
|
Oak Valley Hospital District, Stanislaus County, California, Revenue Bonds, Series 2010A, 6.500%, 11/01/29
|
11/20 at 100.00
|
BB
|
480,371
|
||||||
1,500
|
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 6.625%, 11/01/29
|
11/19 at 100.00
|
Ba1
|
1,677,960
|
||||||
4,800
|
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 6.000%, 11/01/41
|
11/20 at 100.00
|
Ba1
|
5,125,008
|
||||||
5,785
|
Rancho Mirage Joint Powers Financing Authority, California, Revenue Bonds, Eisenhower Medical Center, Refunding Series 2007A, 5.000%, 7/01/38
|
7/17 at 100.00
|
Baa2
|
5,968,269
|
||||||
2,250
|
San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011, 7.500%, 12/01/41
|
12/21 at 100.00
|
BB+
|
2,758,050
|
||||||
34,725
|
Total Health Care
|
37,440,737
|
||||||||
Housing/Multifamily – 1.4% (1.0% of Total Investments)
|
||||||||||
1,280
|
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2010A, 6.400%, 8/15/45
|
8/20 at 100.00
|
BBB
|
1,413,696
|
||||||
410
|
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2012A, 5.500%, 8/15/47
|
8/22 at 100.00
|
BBB
|
459,311
|
||||||
940
|
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2012B, 7.250%, 8/15/47
|
8/22 at 100.00
|
A1
|
1,092,647
|
||||||
California Municipal Finance Authority, Mobile Home Park Senior Revenue Bonds, Caritas Affordable Housing, Inc. Projects, Series 2014A:
|
||||||||||
80
|
5.250%, 8/15/39
|
8/24 at 100.00
|
BBB
|
90,362
|
||||||
220
|
5.250%, 8/15/49
|
8/24 at 100.00
|
BBB
|
247,689
|
||||||
2,930
|
Total Housing/Multifamily
|
3,303,705
|
||||||||
Housing/Single Family – 3.1% (2.2% of Total Investments)
|
||||||||||
5,775
|
California Housing Finance Agency, California, Home Mortgage Revenue Bonds, Series 2006M, 4.650%, 8/01/31 (Alternative Minimum Tax)
|
5/16 at 100.00
|
A
|
5,777,483
|
||||||
1,490
|
California Housing Finance Agency, California, Home Mortgage Revenue Bonds, Series 2007G, 5.050%, 2/01/29 (Alternative Minimum Tax)
|
2/17 at 100.00
|
A
|
1,513,602
|
||||||
7,265
|
Total Housing/Single Family
|
7,291,085
|
||||||||
Industrials – 0.0% (0.0% of Total Investments)
|
||||||||||
3,175
|
California Statewide Communities Development Authority, Revenue Bonds, EnerTech Regional Biosolids Project, Series 2007A, 5.500%, 12/01/33 (Alternative Minimum Tax) (5)
|
No Opt. Call
|
N/R
|
9,525
|
||||||
Tax Obligation/General – 32.8% (23.4% of Total Investments)
|
||||||||||
1,300
|
Alhambra Unified School District, Los Angeles County, California, General Obligation Bonds, Refunding Series 2012A, 5.000%, 8/01/29 – AGM Insured
|
8/22 at 100.00
|
Aa3
|
1,581,801
|
||||||
4,000
|
California State, General Obligation Bonds, Various Purpose Refunding Series 2014, 5.000%, 8/01/31
|
8/24 at 100.00
|
AA–
|
4,812,400
|
||||||
California State, General Obligation Bonds, Various Purpose Refunding Series 2015:
|
||||||||||
675
|
5.000%, 8/01/32
|
2/25 at 100.00
|
AA–
|
806,807
|
||||||
2,000
|
5.000%, 8/01/34
|
8/25 at 100.00
|
AA–
|
2,391,420
|
Nuveen Investments
|
63
|
NVX
|
Nuveen California Dividend Advantage Municipal Fund 2
|
|
Portfolio of Investments (continued)
|
February 29, 2016
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Tax Obligation/General (continued)
|
||||||||||
$
|
13,850
|
California State, General Obligation Bonds, Various Purpose Series 2009, 6.000%, 4/01/38
|
4/19 at 100.00
|
AA–
|
$
|
15,914,480
|
||||
California State, General Obligation Bonds, Various Purpose Series 2010:
|
||||||||||
2,000
|
6.000%, 3/01/33
|
3/20 at 100.00
|
AA–
|
2,375,200
|
||||||
1,000
|
5.250%, 11/01/40
|
11/20 at 100.00
|
AA–
|
1,167,590
|
||||||
California State, General Obligation Bonds, Various Purpose Series 2011:
|
||||||||||
4,850
|
5.250%, 10/01/28
|
No Opt. Call
|
AA–
|
5,795,605
|
||||||
2,300
|
5.000%, 9/01/41
|
9/21 at 100.00
|
AA–
|
2,650,244
|
||||||
2,190
|
5.000%, 10/01/41
|
10/21 at 100.00
|
AA–
|
2,528,224
|
||||||
California State, General Obligation Bonds, Various Purpose Series 2013:
|
||||||||||
2,500
|
5.000%, 2/01/43
|
No Opt. Call
|
AA–
|
2,876,100
|
||||||
2,240
|
5.000%, 11/01/43
|
11/23 at 100.00
|
AA–
|
2,609,981
|
||||||
California State, General Obligation Bonds, Various Purpose Series 2014:
|
||||||||||
2,000
|
5.000%, 5/01/32
|
5/24 at 100.00
|
AA–
|
2,382,100
|
||||||
1,815
|
5.000%, 10/01/44
|
10/24 at 100.00
|
AA–
|
2,116,399
|
||||||
32,730
|
Desert Community College District, Riverside County, California, General Obligation Bonds, Election 2004 Series 2007C, 0.000%, 8/01/46 – AGM Insured
|
No Opt. Call
|
AA
|
6,643,535
|
||||||
1,285
|
Los Angeles Unified School District, Los Angeles County, California, General Obligation Bonds, Series 2009D, 5.000%, 7/01/27
|
7/19 at 100.00
|
Aa2
|
1,467,033
|
||||||
1,265
|
Palomar Pomerado Health, California, General Obligation Bonds, Capital Appreciation, Election of 2004, Series 2007A, 5.000%, 8/01/32 – NPFG Insured
|
8/17 at 100.00
|
AA–
|
1,327,010
|
||||||
10,330
|
Palomar Pomerado Health, California, General Obligation Bonds, Convertible Capital Appreciation, Election 2004 Series 2010A, 0.000%, 8/01/35
|
No Opt. Call
|
A+
|
4,791,157
|
||||||
2,000
|
Paramount Unified School District, Los Angeles County, California, General Obligation Bonds, Election 2006 Series 2011, 0.000%, 8/01/45
|
No Opt. Call
|
A+
|
1,779,840
|
||||||
2,000
|
Puerto Rico, General Obligation Bonds, Public Improvement Series 2002A, 5.500%, 7/01/20 – NPFG Insured
|
No Opt. Call
|
AA–
|
2,087,120
|
||||||
1,425
|
San Joaquin Delta Community College District, California, General Obligation Bonds, Refunding Series 2015A, 5.000%, 8/01/32
|
8/25 at 100.00
|
Aa2
|
1,714,432
|
||||||
21,000
|
San Marcos Unified School District, San Diego County, California, General Obligation Bonds, 2010 Election, Series 2012B, 0.000%, 8/01/51
|
No Opt. Call
|
AA–
|
4,828,530
|
||||||
1,000
|
Southwestern Community College District, San Diego County, California, General Obligation Bonds, Election of 2008, Series 2011C, 5.250%, 8/01/36
|
8/21 at 100.00
|
Aa2
|
1,169,140
|
||||||
1,600
|
Yuba Community College District, California, General Obligation Bonds, Election 2006 Series 2011C, 5.250%, 8/01/47
|
8/21 at 100.00
|
Aa2
|
1,876,032
|
||||||
117,355
|
Total Tax Obligation/General
|
77,692,180
|
||||||||
Tax Obligation/Limited – 25.7% (18.3% of Total Investments)
|
||||||||||
7,000
|
California State Public Works Board, Lease Revenue Bonds, Department of Corrections & Rehabilitation, Various Correctional Facilities Series 2013F, 5.250%, 9/01/31
|
9/23 at 100.00
|
A+
|
8,453,549
|
||||||
3,525
|
California State Public Works Board, Lease Revenue Bonds, Department of Corrections & Rehabilitation, Various Correctional Facilities Series 2014A, 5.000%, 9/01/39
|
9/24 at 100.00
|
A+
|
4,114,133
|
||||||
3,770
|
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2012G, 5.000%, 11/01/37
|
11/22 at 100.00
|
A+
|
4,378,440
|
||||||
4,520
|
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2014E, 5.000%, 9/01/39
|
9/24 at 100.00
|
A+
|
5,275,428
|
||||||
960
|
Fontana Redevelopment Agency, San Bernardino County, California, Tax Allocation Bonds, Jurupa Hills Redevelopment Project, Refunding Series 1997A, 5.500%, 10/01/27
|
10/16 at 100.00
|
A
|
964,214
|
||||||
10,000
|
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2015A, 5.000%, 6/01/45
|
6/25 at 100.00
|
A+
|
11,466,099
|
||||||
2,000
|
Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D, 5.000%, 11/15/28
|
11/25 at 100.00
|
A
|
2,353,180
|
||||||
1,800
|
Hesperia Unified School District, San Bernardino County, California, Certificates of Participation, Capital Improvement, Series 2007, 5.000%, 2/01/41 – AMBAC Insured
|
2/17 at 100.00
|
A
|
1,859,184
|
64
|
Nuveen Investments
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Tax Obligation/Limited (continued)
|
||||||||||
$
|
1,500
|
Hesperia Unified School District, San Bernardino County, California, Certificates of Participation, Series 2013A, 5.000%, 2/01/38 – BAM Insured
|
2/23 at 100.00
|
AA
|
$
|
1,651,740
|
||||
870
|
Inglewood Redevelopment Agency, California, Tax Allocation Bonds, Merged Redevelopment Project, Subordinate Lien Series 2007A-1, 5.000%,
5/01/23 – AMBAC Insured |
5/17 at 100.00
|
BBB+
|
895,561
|
||||||
Irvine Unified School District, California, Special Tax Bonds, Community Facilities District Series 2006A:
|
||||||||||
205
|
5.000%, 9/01/26
|
9/16 at 100.00
|
N/R
|
208,561
|
||||||
470
|
5.125%, 9/01/36
|
9/16 at 100.00
|
N/R
|
476,777
|
||||||
1,000
|
Lake Elsinore Public Financing Authority, California, Local Agency Revenue Bonds, Refunding Series 2015, 5.000%, 9/01/40
|
9/25 at 100.00
|
N/R
|
1,106,200
|
||||||
415
|
Lammersville School District, San Joaquin County, California, Special Tax Bonds, Community Facilities District 2002 Mountain House, Series 2006, 5.125%, 9/01/35
|
9/16 at 100.00
|
N/R
|
420,370
|
||||||
800
|
Los Angeles Community Redevelopment Agency, California, Lease Revenue Bonds, Manchester Social Services Project, Series 2005, 5.000%,
9/01/37 – AMBAC Insured |
5/16 at 100.00
|
A1
|
801,576
|
||||||
1,350
|
Los Angeles County Public Works Financing Authority, California, Lease Revenue Bonds, Multiple Capital Facilities Project II, Series 2012, 5.000%, 8/01/42
|
No Opt. Call
|
AA
|
1,551,380
|
||||||
750
|
Lynwood Redevelopment Agency, California, Project A Revenue Bonds, Subordinate Lien Series 2011A, 7.000%, 9/01/31
|
9/21 at 100.00
|
A–
|
932,625
|
||||||
475
|
National City Community Development Commission, California, Tax Allocation Bonds, National City Redevelopment Project, Series 2011, 6.500%, 8/01/24
|
8/21 at 100.00
|
A
|
601,084
|
||||||
175
|
Novato Redevelopment Agency, California, Tax Allocation Bonds, Hamilton Field Redevelopment Project, Series 2011, 6.750%, 9/01/40
|
9/21 at 100.00
|
BBB+
|
212,196
|
||||||
195
|
Patterson Public Finance Authority, California, Revenue Bonds, Community Facilities District 2001-1, Subordinate Lien Series 2013B, 5.875%, 9/01/39
|
9/23 at 100.00
|
N/R
|
215,818
|
||||||
Patterson Public Financing Authority, California, Revenue Bonds, Community Facilities District 2001-1, Senior Series 2013A:
|
||||||||||
1,190
|
5.250%, 9/01/30
|
9/23 at 100.00
|
N/R
|
1,319,234
|
||||||
1,075
|
5.750%, 9/01/39
|
9/23 at 100.00
|
N/R
|
1,197,658
|
||||||
6,275
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 8/01/45 – NPFG Insured
|
No Opt. Call
|
AA–
|
967,919
|
||||||
550
|
Rancho Santa Fe CSD Financing Authority, California, Revenue Bonds, Superior Lien Series 2011A, 5.750%, 9/01/30
|
9/21 at 100.00
|
BBB+
|
632,148
|
||||||
100
|
Riverside County Redevelopment Agency, California, Tax Allocation Bonds, Jurupa Valley Project Area, Series 2011B, 6.500%, 10/01/25
|
10/21 at 100.00
|
A
|
124,806
|
||||||
225
|
Roseville, California, Special Tax Bonds, Community Facilities District 1 Westpark, Refunding Series 2015, 5.000%, 9/01/37
|
9/25 at 100.00
|
N/R
|
249,467
|
||||||
San Buenaventura Redevelopment Agency, California, Merged Project Areas Tax Allocation Bonds, Series 2008:
|
||||||||||
1,000
|
7.750%, 8/01/28
|
8/16 at 102.00
|
A
|
1,047,410
|
||||||
1,325
|
8.000%, 8/01/38
|
8/16 at 102.00
|
A
|
1,389,991
|
||||||
60
|
San Clemente, California, Special Tax Revenue Bonds, Community Facilities District 2006-1 Marblehead Coastal, Series 2015, 5.000%, 9/01/40
|
9/25 at 100.00
|
N/R
|
68,177
|
||||||
990
|
San Diego, California, Special Tax Bonds, Community Facilities District 4 Black Mountain Ranch Villages, Series 2008A, 6.000%, 9/01/37
|
9/16 at 100.00
|
N/R
|
1,023,056
|
||||||
210
|
San Francisco City and County Redevelopment Agency Successor Agency, California, Special Tax Bonds, Community Facilities District 7, Hunters Point Shipyard Phase One Improvements, Refunding Series 2014, 5.000%, 8/01/39
|
No Opt. Call
|
N/R
|
229,503
|
||||||
80
|
San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds, Mission Bay North Redevelopment Project, Series 2011C, 6.750%, 8/01/41
|
2/21 at 100.00
|
A–
|
96,673
|
Nuveen Investments
|
65
|
NVX
|
Nuveen California Dividend Advantage Municipal Fund 2
|
|
Portfolio of Investments (continued)
|
February 29, 2016
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Tax Obligation/Limited (continued)
|
||||||||||
San Francisco Redevelopment Financing Authority, California, Tax Allocation Revenue Bonds, Mission Bay South Redevelopment Project, Series 2011D:
|
||||||||||
$
|
85
|
7.000%, 8/01/33
|
2/21 at 100.00
|
BBB+
|
$
|
102,677
|
||||
105
|
7.000%, 8/01/41
|
2/21 at 100.00
|
BBB+
|
126,837
|
||||||
995
|
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Refunding Series 2006D, 5.000%, 8/01/23 – AMBAC Insured
|
8/17 at 100.00
|
BBB+
|
1,048,830
|
||||||
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2006C:
|
||||||||||
1,100
|
5.000%, 8/01/24 – NPFG Insured
|
8/17 at 100.00
|
AA–
|
1,168,222
|
||||||
765
|
5.000%, 8/01/25 – NPFG Insured
|
8/17 at 100.00
|
AA–
|
811,772
|
||||||
140
|
Signal Hill Redevelopment Agency, California, Project 1 Tax Allocation Bonds, Series 2011, 7.000%, 10/01/26
|
4/21 at 100.00
|
N/R
|
167,062
|
||||||
930
|
Temecula Public Financing Authority, California, Special Tax Bonds, Community Facilities District 03-02 Roripaugh, Series 2006, 5.500%, 9/01/36
|
9/16 at 100.00
|
N/R
|
931,144
|
||||||
240
|
Yorba Linda Redevelopment Agency, Orange County, California, Tax Allocation Revenue Bonds, Yorba Linda Redevelopment Project, Subordinate Lien Series 2011A, 6.500%, 9/01/32
|
9/21 at 100.00
|
A–
|
292,262
|
||||||
59,220
|
Total Tax Obligation/Limited
|
60,932,963
|
||||||||
Transportation – 15.3% (10.9% of Total Investments)
|
||||||||||
2,000
|
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2013S-4, 5.250%, 4/01/48
|
4/23 at 100.00
|
AA–
|
2,324,180
|
||||||
2,240
|
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Junior Lien Series 2013C, 6.500%, 1/15/43
|
1/24 at 100.00
|
BB+
|
2,672,701
|
||||||
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Series 2013A:
|
||||||||||
4,940
|
5.750%, 1/15/46
|
1/24 at 100.00
|
BBB–
|
5,784,592
|
||||||
4,935
|
6.000%, 1/15/53
|
1/24 at 100.00
|
BBB–
|
5,807,557
|
||||||
Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Senior Lien Series 2015D:
|
||||||||||
870
|
5.000%, 5/15/31 (Alternative Minimum Tax)
|
5/25 at 100.00
|
AA
|
1,025,965
|
||||||
3,810
|
5.000%, 5/15/33 (Alternative Minimum Tax)
|
5/25 at 100.00
|
AA
|
4,432,440
|
||||||
1,000
|
5.000%, 5/15/36 (Alternative Minimum Tax)
|
5/25 at 100.00
|
AA
|
1,151,190
|
||||||
4,000
|
Los Angeles Harbors Department, California, Revenue Bonds, Refunding Series 2014B, 5.000%, 8/01/44
|
8/24 at 100.00
|
AA
|
4,613,920
|
||||||
Port of Oakland, California, Revenue Bonds, Refunding Series 2012P:
|
||||||||||
1,545
|
5.000%, 5/01/29 (Alternative Minimum Tax)
|
No Opt. Call
|
A+
|
1,781,478
|
||||||
1,000
|
5.000%, 5/01/31 (Alternative Minimum Tax)
|
No Opt. Call
|
A+
|
1,139,680
|
||||||
1,000
|
Riverside County Transportation Commission, California, Toll Revenue Senior Lien Bonds, Series 2013A, 5.750%, 6/01/44
|
6/23 at 100.00
|
BBB–
|
1,153,390
|
||||||
4,000
|
San Diego County Regional Airport Authority, California, Airport Revenue Bonds, Senior Series 2013B, 5.000%, 7/01/43 (Alternative Minimum Tax)
|
7/23 at 100.00
|
A+
|
4,431,600
|
||||||
31,340
|
Total Transportation
|
36,318,693
|
||||||||
U.S. Guaranteed – 11.4% (8.1% of Total Investments) (6)
|
||||||||||
1,930
|
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2006F, 5.000%, 4/01/31 (Pre-refunded 4/01/16) (UB)
|
4/16 at 100.00
|
AA (6)
|
1,938,415
|
||||||
1,430
|
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Tender Option Bond Trust 3211, 13.558%, 10/01/32 (Pre-refunded 4/01/18) (IF)
|
4/18 at 100.00
|
AA (6)
|
1,947,360
|
||||||
1,745
|
California Municipal Financing Authority, Certificates of Participation, Community Hospitals of Central California, Series 2007, 5.250%, 2/01/27 (Pre-refunded 2/01/17)
|
2/17 at 100.00
|
N/R (6)
|
1,822,600
|
66
|
Nuveen Investments
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
U.S. Guaranteed (6) (continued)
|
||||||||||
$
|
2,225
|
California Statewide Communities Development Authority, Revenue Bonds, ValleyCare Health System, Series 2007A, 5.125%, 7/15/31 (Pre-refunded 7/15/17)
|
7/17 at 100.00
|
AA+ (6)
|
$
|
2,368,446
|
||||
2,945
|
California State Public Works Board, Lease Revenue Bonds, University of California Regents, Tender Option Bond Trust 1065, 9.404%, 3/01/33
(Pre-refunded 3/01/18) (IF) |
3/18 at 100.00
|
AAA
|
3,463,615
|
||||||
1,400
|
Castaic Lake Water Agency, California, Certificates of Participation, Series 2006C, 5.000%, 8/01/36 (Pre-refunded 8/01/16) – NPFG Insured
|
8/16 at 100.00
|
AA– (6)
|
1,428,448
|
||||||
1,785
|
Hawthorne Community Redevelopment Agency, California, Tax Allocation Bonds, Project Area 2, Series 2006, 5.250%, 9/01/36
(Pre-refunded 3/01/16) – SYNCORA GTY Insured |
3/16 at 100.00
|
N/R (6)
|
1,830,161
|
||||||
545
|
Healdsburg Public Financing Authority, California, Wastewater Revenue Bonds, Series 2006, 5.000%, 4/01/36 (Pre-refunded 4/01/16) – NPFG Insured
|
4/16 at 100.00
|
AA (6)
|
547,371
|
||||||
205
|
Independent Cities Lease Finance Authority, California, Mobile Home Park Revenue Bonds, San Juan Mobile Estates, Series 2006B, 5.850%, 5/15/41 (Pre-refunded 5/15/16)
|
5/16 at 100.00
|
N/R (6)
|
207,464
|
||||||
2,000
|
Loma Linda, California, Hospital Revenue Bonds, Loma Linda University Medical Center, Series 2008A, 8.250%, 12/01/38 (Pre-refunded 12/01/17)
|
12/17 at 100.00
|
BB+ (6)
|
2,268,640
|
||||||
3,085
|
Pittsburg Redevelopment Agency, California, Tax Allocation Bonds, Los Medanos Community Development Project, Refunding Series 2008A, 6.500%, 9/01/28 (Pre-refunded 9/01/18)
|
9/18 at 100.00
|
BBB– (6)
|
3,528,746
|
||||||
2,000
|
Puerto Rico Public Finance Corporation, Commonwealth Appropriation Bonds, Series 2002E, 6.000%, 8/01/26 (ETM)
|
No Opt. Call
|
C (6)
|
2,637,480
|
||||||
750
|
Sacramento County Sanitation Districts Financing Authority, California, Revenue Bonds, Series 2006, 5.000%, 12/01/31 (Pre-refunded 6/01/16) – FGIC Insured
|
6/16 at 100.00
|
AA (6)
|
759,315
|
||||||
825
|
San Mateo Union High School District, San Mateo County, California, Certificates of Participation, Phase 1, Series 2007A, 5.000%, 12/15/30 (Pre-refunded 12/15/17) – AMBAC Insured
|
12/17 at 100.00
|
N/R (6)
|
890,431
|
||||||
1,315
|
University of California, Limited Project Revenue Bonds, Series 2007D, 5.000%, 5/15/41 (Pre-refunded 5/15/16) – FGIC Insured
|
5/16 at 101.00
|
AA– (6)
|
1,341,695
|
||||||
24,185
|
Total U.S. Guaranteed
|
26,980,187
|
||||||||
Utilities – 10.7% (7.7% of Total Investments)
|
||||||||||
2,355
|
Long Beach Bond Finance Authority, California, Natural Gas Purchase Revenue Bonds, Series 2007A, 5.000%, 11/15/35
|
No Opt. Call
|
A
|
2,766,065
|
||||||
14,000
|
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2012B, 5.000%, 7/01/43
|
7/22 at 100.00
|
AA–
|
16,178,256
|
||||||
1,500
|
Southern California Public Power Authority, California, Revenue Bonds, Apex Power Project Series 2014A, 5.000%, 7/01/38
|
7/24 at 100.00
|
AA–
|
1,758,450
|
||||||
4,000
|
Southern California Public Power Authority, Natural Gas Project 1 Revenue Bonds, Series 2007A, 5.000%, 11/01/33
|
No Opt. Call
|
A
|
4,756,360
|
||||||
21,855
|
Total Utilities
|
25,459,131
|
||||||||
Water and Sewer – 13.1% (9.4% of Total Investments)
|
||||||||||
5,240
|
California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, Poseidon Resources Channelside LP Desalination Project, Series 2012, 5.000%, 11/21/45 (Alternative Minimum Tax)
|
No Opt. Call
|
Baa3
|
5,723,914
|
||||||
1,400
|
East Bay Municipal Utility District, Alameda and Contra Costa Counties, California, Water System Revenue Bonds, Refunding Series 2015A, 5.000%, 6/01/31
|
6/25 at 100.00
|
AAA
|
1,722,644
|
||||||
4,265
|
Escondido Joint Powers Financing Authority, California, Revenue Bonds, Water System Financing, Series 2012, 5.000%, 9/01/41
|
3/22 at 100.00
|
AA–
|
4,895,964
|
||||||
7,890
|
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2014A, 5.000%, 7/01/44
|
7/24 at 100.00
|
AA
|
9,210,943
|
Nuveen Investments
|
67
|
NVX
|
Nuveen California Dividend Advantage Municipal Fund 2
|
|
Portfolio of Investments (continued)
|
February 29, 2016
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Water and Sewer (continued)
|
||||||||||
$
|
1,000
|
Metropolitan Water District of Southern California, Water Revenue Refunding Bonds, Series 2015A, 5.000%, 7/01/40
|
7/25 at 100.00
|
AAA
|
$
|
1,183,260
|
||||
1,160
|
Metropolitan Water District of Southern California, Waterworks Revenue Bonds, Tender Option Bond Trust 09-8B, 17.827%, 7/01/35 (IF) (7)
|
7/19 at 100.00
|
AAA
|
1,763,107
|
||||||
5,825
|
Sacramento, California, Wastewater Revenue Bonds, Series 2013, 5.000%, 9/01/42
|
9/23 at 100.00
|
AA
|
6,594,366
|
||||||
26,780
|
Total Water and Sewer
|
31,094,198
|
||||||||
$
|
354,230
|
Total Long-Term Investments (cost $301,835,208)
|
332,114,577
|
|||||||
Floating Rate Obligations – (0.4)%
|
(965,000
|
) | ||||||||
Variable Rate Demand Preferred Shares, at Liquidation Preference – (41.3)% (8)
|
(98,000,000
|
) | ||||||||
Other Assets Less Liabilities – 1.6%
|
3,948,512
|
|||||||||
Net Assets Applicable to Common Shares – 100%
|
$
|
237,098,089
|
(1)
|
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
|
(2)
|
Optional Call Provisions (not covered by the report of independent registered public accounting firm): Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
|
(3)
|
Ratings (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. Ratings below BBB by Standard & Poor's, Baa by Moody's or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
|
(4)
|
The coupon for this security increased 0.25% effective January 1, 2016 and will increase an additional 0.25% effective July 1, 2016.
|
(5)
|
As of, or subsequent to, the end of the reporting period this security is non-income producing. Non-income producing, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund's Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has ceased accruing additional income on the Fund's records.
|
(6)
|
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
|
(7)
|
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
|
(8)
|
Variable Rate Demand Preferred Shares, at Liquidation Preference as a percentage of Total Investments is 29.5%.
|
(ETM)
|
Escrowed to maturity.
|
(IF)
|
Inverse floating rate investment.
|
(UB)
|
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.
|
See accompanying notes to financial statements.
|
68
|
Nuveen Investments
|
NZH
|
||
Nuveen California Dividend Advantage Municipal Fund 3
|
||
Portfolio of Investments
|
February 29, 2016
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
LONG-TERM INVESTMENTS – 140.2% (100.0% of Total Investments)
|
||||||||||
MUNICIPAL BONDS – 140.2% (100.0% of Total Investments)
|
||||||||||
Consumer Staples – 9.6% (6.9% of Total Investments)
|
||||||||||
$
|
2,500
|
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los Angeles County Securitization Corporation, Series 2006A, 5.650%, 6/01/41
|
12/18 at 100.00
|
B2
|
$
|
2,502,900
|
||||
415
|
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Sonoma County Tobacco Securitization Corporation, Series 2005, 4.250%, 6/01/21
|
5/16 at 100.00
|
BBB+
|
415,058
|
||||||
25,000
|
California Statewide Financing Authority, Tobacco Settlement Asset-Backed Bonds, Pooled Tobacco Securitization Program, Series 2006A, 0.000%, 6/01/46
|
6/16 at 15.78
|
CCC
|
2,706,250
|
||||||
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
|
||||||||||
16,685
|
5.000%, 6/01/33
|
6/17 at 100.00
|
B–
|
15,836,401
|
||||||
6,625
|
5.750%, 6/01/47
|
6/17 at 100.00
|
B–
|
6,405,381
|
||||||
6,265
|
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-2, 5.300%, 6/01/37
|
6/22 at 100.00
|
B–
|
5,913,721
|
||||||
1,000
|
Tobacco Securitization Authority of Southern California, Tobacco Settlement Asset-Backed Bonds, San Diego County Tobacco Asset Securitization Corporation, Senior Series 2006A, 5.125%, 6/01/46
|
5/16 at 100.00
|
B+
|
954,560
|
||||||
58,490
|
Total Consumer Staples
|
34,734,271
|
||||||||
Education and Civic Organizations – 3.3% (2.3% of Total Investments)
|
||||||||||
135
|
California Educational Facilities Authority, Revenue Bonds, University of Redlands, Series 2005A, 5.000%, 10/01/35
|
5/16 at 100.00
|
A3
|
135,448
|
||||||
2,160
|
California Educational Facilities Authority, Revenue Bonds, University of San Francisco, Series 2011, 6.125%, 10/01/36
|
10/21 at 100.00
|
A2
|
2,641,356
|
||||||
850
|
California Municipal Finance Authority, Charter School Revenue Bonds, Rocketship Education, Multiple Projects, Series 2014A, 7.250%, 6/01/43
|
6/22 at 102.00
|
N/R
|
991,542
|
||||||
3,000
|
California State University, Systemwide Revenue Bonds, Series 2015A, 5.000%, 11/01/38
|
11/25 at 100.00
|
Aa2
|
3,558,510
|
||||||
2,750
|
California Statewide Communities Development Authority, Revenue Bonds, Buck Institute for Research on Aging, Series 2014, 5.000%, 11/15/44 – AGM Insured
|
11/24 at 100.00
|
AA
|
3,112,423
|
||||||
1,300
|
California Statewide Communities Development Authority, School Facility Revenue Bonds, Alliance College-Ready Public Schools, Series 2011A, 7.000%, 7/01/46
|
7/21 at 100.00
|
BBB–
|
1,466,010
|
||||||
10,195
|
Total Education and Civic Organizations
|
11,905,289
|
||||||||
Health Care – 27.2% (19.4% of Total Investments)
|
||||||||||
5,640
|
ABAG Finance Authority for Nonprofit Corporations, California, Revenue Bonds, Sharp HealthCare, Series 2014A, 5.000%, 8/01/43
|
8/23 at 100.00
|
AA–
|
6,429,713
|
||||||
1,215
|
California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, Series 2016A, 5.000%, 11/15/46
|
11/25 at 100.00
|
AA–
|
1,408,744
|
||||||
610
|
California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard Children's Hospital, Series 2014A, 5.000%, 8/15/43
|
8/24 at 100.00
|
AA
|
699,579
|
||||||
670
|
California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Series 2014A, 5.000%, 10/01/38
|
10/24 at 100.00
|
AA
|
777,937
|
||||||
1,320
|
California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Series 2014B, 5.000%, 10/01/44
|
10/24 at 100.00
|
AA
|
1,511,030
|
||||||
1,445
|
California Health Facilities Financing Authority, Revenue Bonds, Rady Children's Hospital – San Diego, Series 2011, 5.250%, 8/15/41
|
8/21 at 100.00
|
AA–
|
1,623,501
|
Nuveen Investments
|
69
|
NZH
|
Nuveen California Dividend Advantage Municipal Fund 3
|
|
Portfolio of Investments (continued)
|
February 29, 2016
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Health Care (continued)
|
||||||||||
$
|
1,765
|
California Health Facilities Financing Authority, Revenue Bonds, Saint Joseph Health System, Series 2009A, 5.750%, 7/01/39
|
7/19 at 100.00
|
AA–
|
$
|
2,018,913
|
||||
3,530
|
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2011B, 6.000%, 8/15/42
|
8/20 at 100.00
|
AA–
|
4,238,330
|
||||||
3,735
|
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Tender Option Bond Trust 2015-XF0061, 19.034%, 5/15/16 (IF)
|
No Opt. Call
|
AA–
|
4,186,599
|
||||||
1,615
|
California Statewide Communities Development Authority, Revenue Bonds, Adventist Health System West, Series 2007B, 5.000%, 3/01/37 – AGC Insured
|
3/18 at 100.00
|
AA
|
1,710,430
|
||||||
1,045
|
California Statewide Communities Development Authority, Revenue Bonds, Adventist Health System/West, Series 2015A, 5.000%, 3/01/35
|
3/26 at 100.00
|
A
|
1,231,919
|
||||||
1,335
|
California Statewide Communities Development Authority, Revenue Bonds, Huntington Memorial Hospital, Refunding Series 2014B, 5.000%, 7/01/44
|
7/24 at 100.00
|
A
|
1,512,208
|
||||||
1,000
|
California Statewide Communities Development Authority, Revenue Bonds, Kaiser Permanente, Series 2012A, 5.000%, 4/01/42
|
4/22 at 100.00
|
A+
|
1,138,250
|
||||||
1,594
|
California Statewide Communities Development Authority, Revenue Bonds, Saint Joseph Health System, Trust 2554, 18.712%, 7/01/47 – AGM Insured (IF)
|
7/18 at 100.00
|
AA
|
2,026,868
|
||||||
8,875
|
California Statewide Communities Development Authority, Revenue Bonds, Sutter Health, Series 2011A, 6.000%, 8/15/42
|
8/20 at 100.00
|
AA–
|
10,630,298
|
||||||
4,500
|
California Statewide Community Development Authority, Health Facility Revenue Bonds, Catholic Healthcare West, Insured Series 2008K, 5.500%,
7/01/41 – AGC Insured |
7/17 at 100.00
|
AA
|
4,727,745
|
||||||
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A:
|
||||||||||
3,500
|
5.500%, 7/01/30 (4)
|
5/16 at 100.00
|
CCC
|
3,499,755
|
||||||
2,330
|
5.500%, 7/01/35 (4)
|
5/16 at 100.00
|
CCC
|
2,318,280
|
||||||
645
|
California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanente System, Series 2001C, 5.250%, 8/01/31
|
8/16 at 100.00
|
A+
|
655,772
|
||||||
3,860
|
California Statewide Community Development Authority, Revenue Bonds, St. Joseph Health System, Series 2007A, 5.750%, 7/01/47 – FGIC Insured
|
7/18 at 100.00
|
AA–
|
4,268,079
|
||||||
5,600
|
California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Tender Option Bond Trust 3102, 19.123%, 11/15/46 (IF) (5)
|
11/16 at 100.00
|
AA–
|
6,277,320
|
||||||
4,000
|
Marysville, California, Revenue Bonds, The Fremont-Rideout Health Group, Series 2011, 5.250%, 1/01/42
|
1/21 at 100.00
|
BBB
|
4,418,520
|
||||||
695
|
Oak Valley Hospital District, Stanislaus County, California, Revenue Bonds, Series 2010A, 6.500%, 11/01/29
|
11/20 at 100.00
|
BB
|
733,753
|
||||||
1,000
|
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 6.750%, 11/01/39
|
11/19 at 100.00
|
Ba1
|
1,121,100
|
||||||
7,650
|
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 6.000%, 11/01/41
|
11/20 at 100.00
|
Ba1
|
8,167,982
|
||||||
5,790
|
Rancho Mirage Joint Powers Financing Authority, California, Revenue Bonds, Eisenhower Medical Center, Refunding Series 2007A, 5.000%, 7/01/38
|
7/17 at 100.00
|
Baa2
|
5,973,427
|
||||||
3,400
|
San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011, 7.500%, 12/01/41
|
12/21 at 100.00
|
BB+
|
4,167,720
|
||||||
8,760
|
The Regents of the University of California, Medical Center Pooled Revenue Bonds, Series 2013J, 5.250%, 5/15/31
|
5/23 at 100.00
|
AA–
|
10,566,487
|
||||||
87,124
|
Total Health Care
|
98,040,259
|
70
|
Nuveen Investments
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Housing/Multifamily – 1.4% (1.0% of Total Investments)
|
||||||||||
$
|
1,970
|
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2010A, 6.400%, 8/15/45
|
8/20 at 100.00
|
BBB
|
$
|
2,175,767
|
||||
2,020
|
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2012A, 5.500%, 8/15/47
|
8/22 at 100.00
|
BBB
|
2,262,945
|
||||||
California Municipal Finance Authority, Mobile Home Park Senior Revenue Bonds, Caritas Affordable Housing, Inc. Projects, Series 2014A:
|
||||||||||
125
|
5.250%, 8/15/39
|
8/24 at 100.00
|
BBB
|
141,191
|
||||||
340
|
5.250%, 8/15/49
|
8/24 at 100.00
|
BBB
|
382,792
|
||||||
4,455
|
Total Housing/Multifamily
|
4,962,695
|
||||||||
Housing/Single Family – 3.9% (2.8% of Total Investments)
|
||||||||||
California Housing Finance Agency, California, Home Mortgage Revenue Bonds, Tender Option Bond Trust 3206:
|
||||||||||
10,180
|
9.367%, 8/01/25 (Alternative Minimum Tax) (IF)
|
5/16 at 100.00
|
A
|
10,190,893
|
||||||
3,805
|
9.744%, 2/01/29 (Alternative Minimum Tax) (IF)
|
2/17 at 100.00
|
A
|
3,859,602
|
||||||
13,985
|
Total Housing/Single Family
|
14,050,495
|
||||||||
Industrials – 0.0% (0.0% of Total Investments)
|
||||||||||
5,205
|
California Statewide Communities Development Authority, Revenue Bonds, EnerTech Regional Biosolids Project, Series 2007A, 5.500%, 12/01/33 (Alternative Minimum Tax) (6)
|
No Opt. Call
|
N/R
|
15,615
|
||||||
Tax Obligation/General – 18.7% (13.3% of Total Investments)
|
||||||||||
California State, General Obligation Bonds, Refunding Various Purpose Series 2013:
|
||||||||||
1,260
|
5.000%, 2/01/29
|
No Opt. Call
|
AA–
|
1,507,401
|
||||||
1,710
|
5.000%, 2/01/31
|
No Opt. Call
|
AA–
|
2,021,870
|
||||||
California State, General Obligation Bonds, Various Purpose Refunding Series 2015:
|
||||||||||
3,150
|
5.000%, 8/01/32
|
2/25 at 100.00
|
AA–
|
3,765,101
|
||||||
5,000
|
5.000%, 8/01/34
|
8/25 at 100.00
|
AA–
|
5,978,550
|
||||||
California State, General Obligation Bonds, Various Purpose Series 2009:
|
||||||||||
3,040
|
6.000%, 11/01/39
|
11/19 at 100.00
|
AA–
|
3,573,429
|
||||||
3,500
|
5.500%, 11/01/39
|
11/19 at 100.00
|
AA–
|
4,015,900
|
||||||
California State, General Obligation Bonds, Various Purpose Series 2010:
|
||||||||||
1,960
|
5.500%, 3/01/40
|
3/20 at 100.00
|
AA–
|
2,270,307
|
||||||
1,000
|
5.250%, 11/01/40
|
11/20 at 100.00
|
AA–
|
1,167,590
|
||||||
California State, General Obligation Bonds, Various Purpose Series 2011:
|
||||||||||
1,770
|
5.250%, 10/01/28
|
No Opt. Call
|
AA–
|
2,115,097
|
||||||
4,000
|
5.000%, 9/01/31
|
No Opt. Call
|
AA–
|
4,695,560
|
||||||
4,315
|
5.000%, 10/01/41
|
10/21 at 100.00
|
AA–
|
4,981,409
|
||||||
3,230
|
California State, General Obligation Bonds, Various Purpose Series 2012, 5.250%, 2/01/29
|
2/22 at 100.00
|
AA–
|
3,851,291
|
||||||
2,465
|
California State, General Obligation Bonds, Various Purpose Series 2013, 5.000%, 4/01/37
|
4/23 at 100.00
|
AA–
|
2,876,951
|
||||||
1,565
|
California State, General Obligation Bonds, Various Purpose Series 2015, 5.000%, 8/01/45
|
8/25 at 100.00
|
AA–
|
1,835,635
|
||||||
15
|
California, General Obligation Veterans Welfare Bonds, Series 2001BZ, 5.350%, 12/01/21 – NPFG Insured (Alternative Minimum Tax)
|
6/16 at 100.00
|
AA
|
15,048
|
||||||
1,980
|
Desert Community College District, Riverside County, California, General Obligation Bonds, Refunding Series 2016, 5.000%, 8/01/35
|
2/26 at 100.00
|
AA–
|
2,385,524
|
||||||
1,120
|
Oxnard School District, Ventura County, California, General Obligation Bonds, Election 2012 Series 2013B, 5.000%, 8/01/43 – AGM Insured
|
8/23 at 100.00
|
AA
|
1,260,101
|
||||||
4,385
|
Pajaro Valley Unified School District, Santa Cruz County, California, General Obligation Bonds, Refunding Election 2012 Series 2013A, 5.000%, 8/01/43
|
8/23 at 100.00
|
Aa2
|
5,123,346
|
||||||
3,000
|
Paramount Unified School District, Los Angeles County, California, General Obligation Bonds, Election 2006 Series 2011, 0.000%, 8/01/45
|
No Opt. Call
|
A+
|
2,669,760
|
Nuveen Investments
|
71
|
NZH
|
Nuveen California Dividend Advantage Municipal Fund 3
|
|
Portfolio of Investments (continued)
|
February 29, 2016
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Tax Obligation/General (continued)
|
||||||||||
$
|
2,115
|
San Mateo Union High School District, San Mateo County, California, General Obligation Bonds, Election 2010 Series 2011A, 5.000%, 9/01/42
|
9/21 at 100.00
|
Aaa
|
$
|
2,474,275
|
||||
5,530
|
Stockton Unified School District, San Joaquin County, California, General Obligation Bonds, Election 2008 Series 2011D, 0.000%, 8/01/50 – AGM Insured
|
8/37 at 100.00
|
AA
|
4,669,587
|
||||||
Washington Township Health Care District, Alameda County, California, General Obligation Bonds, 2012 Election Series 2013A:
|
||||||||||
1,535
|
5.500%, 8/01/38
|
8/24 at 100.00
|
Aa3
|
1,860,681
|
||||||
1,750
|
5.500%, 8/01/40
|
8/24 at 100.00
|
Aa3
|
2,106,650
|
||||||
59,395
|
Total Tax Obligation/General
|
67,221,063
|
||||||||
Tax Obligation/Limited – 37.5% (26.7% of Total Investments)
|
||||||||||
1,680
|
Beaumont Financing Authority, California, Local Agency Revenue Bonds, Improvement Area 19A, Series 2015B, 5.000%, 9/01/35
|
9/25 at 100.00
|
N/R
|
1,876,022
|
||||||
California State Public Works Board, Lease Revenue Bonds, Department of Corrections & Rehabilitation, Series 2013G:
|
||||||||||
5,690
|
5.250%, 9/01/30
|
9/23 at 100.00
|
A+
|
6,924,161
|
||||||
7,135
|
5.250%, 9/01/32
|
9/23 at 100.00
|
A+
|
8,567,494
|
||||||
California State Public Works Board, Lease Revenue Bonds, Department of Corrections & Rehabilitation, Various Correctional Facilities Series 2013F:
|
||||||||||
1,685
|
5.250%, 9/01/31
|
9/23 at 100.00
|
A+
|
2,034,890
|
||||||
1,450
|
5.250%, 9/01/33
|
9/23 at 100.00
|
A+
|
1,735,592
|
||||||
1,000
|
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2009G-1, 5.750%, 10/01/30
|
10/19 at 100.00
|
A+
|
1,167,700
|
||||||
2,260
|
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2010A-1, 5.750%, 3/01/30
|
3/20 at 100.00
|
A+
|
2,658,867
|
||||||
2,160
|
Chino Redevelopment Agency, California, Merged Chino Redevelopment Project Area Tax Allocation Bonds, Series 2006, 5.000%, 9/01/38 – AMBAC Insured
|
9/16 at 101.00
|
A
|
2,221,301
|
||||||
1,445
|
Fontana Redevelopment Agency, San Bernardino County, California, Tax Allocation Bonds, Jurupa Hills Redevelopment Project, Refunding Series 1997A, 5.500%, 10/01/27
|
10/16 at 100.00
|
A
|
1,451,344
|
||||||
15,750
|
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2015A, 5.000%, 6/01/45
|
6/25 at 100.00
|
A+
|
18,059,107
|
||||||
3,225
|
Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D, 5.000%, 11/15/28
|
11/25 at 100.00
|
A
|
3,794,503
|
||||||
1,310
|
Inglewood Redevelopment Agency, California, Tax Allocation Bonds, Merged Redevelopment Project, Subordinate Lien Series 2007A-1, 5.000%,
5/01/23 – AMBAC Insured |
5/17 at 100.00
|
BBB+
|
1,348,488
|
||||||
Irvine Unified School District, California, Special Tax Bonds, Community Facilities District Series 2006A:
|
||||||||||
330
|
5.000%, 9/01/26
|
9/16 at 100.00
|
N/R
|
335,732
|
||||||
760
|
5.125%, 9/01/36
|
9/16 at 100.00
|
N/R
|
770,959
|
||||||
680
|
Lammersville School District, San Joaquin County, California, Special Tax Bonds, Community Facilities District 2002 Mountain House, Series 2006, 5.125%, 9/01/35
|
9/16 at 100.00
|
N/R
|
688,799
|
||||||
1,310
|
Los Angeles Community Redevelopment Agency, California, Lease Revenue Bonds, Manchester Social Services Project, Series 2005, 5.000%,
9/01/37 – AMBAC Insured |
5/16 at 100.00
|
A1
|
1,312,581
|
||||||
2,615
|
Los Angeles County Public Works Financing Authority, California, Lease Revenue Bonds, Multiple Capital Facilities Project II, Series 2012, 5.000%, 8/01/42
|
No Opt. Call
|
AA
|
3,005,080
|
||||||
725
|
National City Community Development Commission, California, Tax Allocation Bonds, National City Redevelopment Project, Series 2011, 6.500%, 8/01/24
|
8/21 at 100.00
|
A
|
917,444
|
||||||
270
|
Novato Redevelopment Agency, California, Tax Allocation Bonds, Hamilton Field Redevelopment Project, Series 2011, 6.750%, 9/01/40
|
9/21 at 100.00
|
BBB+
|
327,389
|
||||||
11,165
|
Palm Desert Financing Authority, California, Tax Allocation Revenue Bonds, Project Area 1, Refunding Series 2002, 5.100%, 4/01/30 – NPFG Insured
|
10/16 at 100.00
|
AA–
|
11,205,752
|
72
|
Nuveen Investments
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Tax Obligation/Limited (continued)
|
||||||||||
$
|
290
|
Patterson Public Finance Authority, California, Revenue Bonds, Community Facilities District 2001-1, Subordinate Lien Series 2013B, 5.875%, 9/01/39
|
9/23 at 100.00
|
N/R
|
$
|
320,960
|
||||
Patterson Public Financing Authority, California, Revenue Bonds, Community Facilities District 2001-1, Senior Series 2013A:
|
||||||||||
1,800
|
5.250%, 9/01/30
|
9/23 at 100.00
|
N/R
|
1,995,480
|
||||||
1,610
|
5.750%, 9/01/39
|
9/23 at 100.00
|
N/R
|
1,793,701
|
||||||
2,630
|
Pico Rivera Water Authority, California, Revenue Bonds, Series 2001A, 6.250%, 12/01/32
|
6/16 at 100.00
|
N/R
|
2,635,786
|
||||||
3,250
|
Pomona Public Financing Authority, California, Revenue Refunding Bonds, Merged Redevelopment Projects, Series 2001AD, 5.000%, 2/01/27 – NPFG Insured
|
8/16 at 100.00
|
AA–
|
3,262,415
|
||||||
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A:
|
||||||||||
10,000
|
0.000%, 8/01/44 – NPFG Insured
|
No Opt. Call
|
AA–
|
1,634,600
|
||||||
10,025
|
0.000%, 8/01/45 – NPFG Insured
|
No Opt. Call
|
AA–
|
1,546,356
|
||||||
3,500
|
Rancho Cucamonga Redevelopment Agency Successor Agency, California, Tax Allocation Bonds, Rancho Redevelopment Project, Series 2014, 5.000%, 9/01/30
|
9/24 at 100.00
|
AA
|
4,149,985
|
||||||
865
|
Rancho Santa Fe CSD Financing Authority, California, Revenue Bonds, Superior Lien Series 2011A, 5.750%, 9/01/30
|
9/21 at 100.00
|
BBB+
|
994,196
|
||||||
3,375
|
Riverside County Redevelopment Agency, California, Tax Allocation Bonds, Interstate 215 Corridor Redevelopment Project Area, Series 2010E, 6.500%, 10/01/40
|
10/20 at 100.00
|
A–
|
3,963,533
|
||||||
155
|
Riverside County Redevelopment Agency, California, Tax Allocation Bonds, Jurupa Valley Project Area, Series 2011B, 6.500%, 10/01/25
|
10/21 at 100.00
|
A
|
193,449
|
||||||
Riverside County, California, Special Tax Bonds, Community Facilities District 04-2 Lake Hill Crest, Series 2012:
|
||||||||||
990
|
5.000%, 9/01/29
|
9/22 at 100.00
|
N/R
|
1,106,642
|
||||||
2,615
|
5.000%, 9/01/35
|
9/22 at 100.00
|
N/R
|
2,866,406
|
||||||
350
|
Roseville, California, Special Tax Bonds, Community Facilities District 1 Westpark, Refunding Series 2015, 5.000%, 9/01/37
|
9/25 at 100.00
|
N/R
|
388,059
|
||||||
100
|
San Clemente, California, Special Tax Revenue Bonds, Community Facilities District 2006-1 Marblehead Coastal, Series 2015, 5.000%, 9/01/40
|
9/25 at 100.00
|
N/R
|
113,628
|
||||||
5,000
|
San Diego County Regional Transportation Commission, California, Sales Tax Revenue Bonds, Series 2014A, 5.000%, 4/01/44
|
4/24 at 100.00
|
AAA
|
5,775,500
|
||||||
330
|
San Francisco City and County Redevelopment Agency Successor Agency, California, Special Tax Bonds, Community Facilities District 7, Hunters Point Shipyard Phase One Improvements, Refunding Series 2014, 5.000%, 8/01/39
|
No Opt. Call
|
N/R
|
360,647
|
||||||
125
|
San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds, Mission Bay North Redevelopment Project, Series 2011C, 6.750%, 8/01/41
|
2/21 at 100.00
|
A–
|
151,051
|
||||||
San Francisco Redevelopment Financing Authority, California, Tax Allocation Revenue Bonds, Mission Bay South Redevelopment Project, Series 2011D:
|
||||||||||
125
|
7.000%, 8/01/33
|
2/21 at 100.00
|
BBB+
|
150,996
|
||||||
160
|
7.000%, 8/01/41
|
2/21 at 100.00
|
BBB+
|
193,275
|
||||||
1,500
|
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Refunding Series 2006D, 5.000%, 8/01/23 – AMBAC Insured
|
8/17 at 100.00
|
BBB+
|
1,581,150
|
||||||
1,160
|
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2006C, 5.000%, 8/01/25 – NPFG Insured
|
8/17 at 100.00
|
AA–
|
1,230,922
|
||||||
215
|
Signal Hill Redevelopment Agency, California, Project 1 Tax Allocation Bonds, Series 2011, 7.000%, 10/01/26
|
4/21 at 100.00
|
N/R
|
256,560
|
||||||
8,710
|
South Orange County Public Financing Authority, California, Special Tax Revenue Bonds, Ladera Ranch, Refunding Series 2005A, 5.000%,
8/15/32 – AMBAC Insured |
5/16 at 100.00
|
BBB+
|
8,737,785
|
Nuveen Investments
|
73
|
NZH
|
Nuveen California Dividend Advantage Municipal Fund 3
|
|
Portfolio of Investments (continued)
|
February 29, 2016
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Tax Obligation/Limited (continued)
|
||||||||||
$
|
1,500
|
Stockton Public Financing Authority, California, Lease Revenue Bonds, Series 2004, 5.250%, 9/01/34 – FGIC Insured
|
5/16 at 100.00
|
AA–
|
$
|
1,500,135
|
||||
1,415
|
Temecula Public Financing Authority, California, Special Tax Bonds, Community Facilities District 03-02 Roripaugh, Series 2006, 5.450%, 9/01/26
|
9/16 at 100.00
|
N/R
|
1,418,141
|
||||||
1,165
|
Temecula Redevelopment Agency, California, Redevelopment Project 1 Tax Allocation Housing Bonds Series 2011A, 7.000%, 8/01/39
|
8/21 at 100.00
|
BBB+
|
1,455,586
|
||||||
Westminster Redevelopment Agency, California, Tax Allocation Bonds, Commercial Redevelopment Project 1, Police Facility Subordinate Series 2009:
|
||||||||||
7,500
|
6.250%, 11/01/39
|
11/19 at 100.00
|
AA
|
8,762,100
|
||||||
5,000
|
5.750%, 11/01/45
|
11/19 at 100.00
|
AA
|
5,738,900
|
||||||
370
|
Yorba Linda Redevelopment Agency, Orange County, California, Tax Allocation Revenue Bonds, Yorba Linda Redevelopment Project, Subordinate Lien Series 2011A, 6.500%, 9/01/32
|
9/21 at 100.00
|
A–
|
450,571
|
||||||
138,475
|
Total Tax Obligation/Limited
|
135,131,720
|
||||||||
Transportation – 12.6% (9.0% of Total Investments)
|
||||||||||
3,705
|
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2013S-4, 5.250%, 4/01/48
|
4/23 at 100.00
|
AA–
|
4,305,543
|
||||||
3,425
|
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Junior Lien Series 2013C, 6.500%, 1/15/43
|
1/24 at 100.00
|
BB+
|
4,086,607
|
||||||
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Series 2013A:
|
||||||||||
7,560
|
5.750%, 1/15/46
|
1/24 at 100.00
|
BBB–
|
8,852,533
|
||||||
7,555
|
6.000%, 1/15/53
|
1/24 at 100.00
|
BBB–
|
8,890,800
|
||||||
Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Senior Lien Series 2015D:
|
||||||||||
865
|
5.000%, 5/15/31 (Alternative Minimum Tax)
|
5/25 at 100.00
|
AA
|
1,020,069
|
||||||
3,805
|
5.000%, 5/15/33 (Alternative Minimum Tax)
|
5/25 at 100.00
|
AA
|
4,426,623
|
||||||
1,000
|
5.000%, 5/15/36 (Alternative Minimum Tax)
|
5/25 at 100.00
|
AA
|
1,151,190
|
||||||
Los Angeles Harbors Department, California, Revenue Bonds, Series 2014C:
|
||||||||||
1,160
|
5.000%, 8/01/34
|
8/24 at 100.00
|
AA
|
1,371,259
|
||||||
1,865
|
5.000%, 8/01/36
|
8/24 at 100.00
|
AA
|
2,190,778
|
||||||
4,610
|
5.000%, 8/01/44
|
8/24 at 100.00
|
AA
|
5,317,543
|
||||||
2,350
|
Port of Oakland, California, Revenue Bonds, Refunding Series 2012P, 5.000%, 5/01/29 (Alternative Minimum Tax)
|
No Opt. Call
|
A+
|
2,709,691
|
||||||
1,000
|
San Diego County Regional Airport Authority, California, Airport Revenue Bonds, Senior Series 2013B, 5.000%, 7/01/43 (Alternative Minimum Tax)
|
7/23 at 100.00
|
A+
|
1,107,900
|
||||||
38,900
|
Total Transportation
|
45,430,536
|
||||||||
U.S. Guaranteed – 5.3% (3.8% of Total Investments) (7)
|
||||||||||
1,690
|
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2006F, 5.000%, 4/01/31 (Pre-refunded 4/01/16) (UB)
|
4/16 at 100.00
|
AA (7)
|
1,697,368
|
||||||
1,000
|
California Municipal Finance Authority, Revenue Bonds, Harbor Regional Center Project, Series 2009, 8.000%, 11/01/29 (Pre-refunded 11/01/19)
|
11/19 at 100.00
|
A3 (7)
|
1,251,820
|
||||||
3,435
|
California Statewide Communities Development Authority, Revenue Bonds, ValleyCare Health System, Series 2007A, 5.125%, 7/15/31 (Pre-refunded 7/15/17)
|
7/17 at 100.00
|
AA+ (7)
|
3,656,454
|
||||||
890
|
Healdsburg Public Financing Authority, California, Wastewater Revenue Bonds, Series 2006, 5.000%, 4/01/36 (Pre-refunded 4/01/16) – NPFG Insured
|
4/16 at 100.00
|
AA (7)
|
893,872
|
||||||
325
|
Independent Cities Lease Finance Authority, California, Mobile Home Park Revenue Bonds, San Juan Mobile Estates, Series 2006B, 5.850%, 5/15/41 (Pre-refunded 5/15/16)
|
5/16 at 100.00
|
N/R (7)
|
328,907
|
74
|
Nuveen Investments
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
U.S. Guaranteed (7) (continued)
|
||||||||||
$
|
1,000
|
Lindsay Redevelopment Agency, California, Project 1 Tax Allocation Bonds, Series 2007, 5.000%, 8/01/37 (Pre-refunded 8/01/17) – RAAI Insured
|
8/17 at 100.00
|
N/R (7)
|
$
|
1,064,570
|
||||
2,950
|
Loma Linda, California, Hospital Revenue Bonds, Loma Linda University Medical Center, Series 2008A, 8.250%, 12/01/38 (Pre-refunded 12/01/17)
|
12/17 at 100.00
|
BB+ (7)
|
3,346,244
|
||||||
2,330
|
Newport Beach, California, Revenue Bonds, Hoag Memorial Hospital Presbyterian, Series 2011A, 6.000%, 12/01/40 (Pre-refunded 12/01/21)
|
12/21 at 100.00
|
N/R (7)
|
2,969,725
|
||||||
2,185
|
Pittsburg Redevelopment Agency, California, Tax Allocation Bonds, Los Medanos Community Development Project, Refunding Series 2008A, 6.500%, 9/01/28 (Pre-refunded 9/01/18)
|
9/18 at 100.00
|
BBB– (7)
|
2,499,290
|
||||||
1,345
|
San Mateo Union High School District, San Mateo County, California, Certificates of Participation, Phase 1, Series 2007A, 5.000%, 12/15/30 (Pre-refunded 12/15/17) – AMBAC Insured
|
12/17 at 100.00
|
N/R (7)
|
1,451,672
|
||||||
17,150
|
Total U.S. Guaranteed
|
19,159,922
|
||||||||
Utilities – 5.9% (4.2% of Total Investments)
|
||||||||||
3,815
|
Long Beach Bond Finance Authority, California, Natural Gas Purchase Revenue Bonds, Series 2007A, 5.000%, 11/15/35
|
No Opt. Call
|
A
|
4,480,908
|
||||||
14,505
|
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2012B, 5.000%, 7/01/43
|
7/22 at 100.00
|
AA–
|
16,761,833
|
||||||
18,320
|
Total Utilities
|
21,242,741
|
||||||||
Water and Sewer – 14.8% (10.6% of Total Investments)
|
||||||||||
Bay Area Water Supply and Conservation Agency, California, Revenue Bonds, Capital Cost Recovery Prepayment Program, Series 2013A:
|
||||||||||
2,000
|
5.000%, 10/01/27
|
4/23 at 100.00
|
AA–
|
2,446,460
|
||||||
3,000
|
5.000%, 10/01/29
|
4/23 at 100.00
|
AA–
|
3,618,450
|
||||||
3,000
|
5.000%, 10/01/34
|
4/23 at 100.00
|
AA–
|
3,535,590
|
||||||
8,840
|
California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, Poseidon Resources Channelside LP Desalination Project, Series 2012, 5.000%, 11/21/45 (Alternative Minimum Tax)
|
No Opt. Call
|
Baa3
|
9,656,374
|
||||||
5,000
|
East Bay Municipal Utility District, Alameda and Contra Costa Counties, California, Water System Revenue Bonds, Refunding Series 2015A, 5.000%, 6/01/31
|
6/25 at 100.00
|
AAA
|
6,152,300
|
||||||
3,000
|
East Valley Water District Financing Authority, California, Refunding Revenue Bonds, Series 2010, 5.000%, 10/01/40
|
10/20 at 100.00
|
AA–
|
3,402,180
|
||||||
1,125
|
Fortuna Public Finance Authority, California, Water Revenue Bonds, Series 2006, 5.000%, 10/01/36 – AGM Insured
|
10/16 at 100.00
|
AA
|
1,148,873
|
||||||
2,355
|
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2012B, 5.000%, 7/01/37
|
No Opt. Call
|
AA
|
2,760,955
|
Nuveen Investments
|
75
|
NZH
|
Nuveen California Dividend Advantage Municipal Fund 3
|
|
Portfolio of Investments (continued)
|
February 29, 2016
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Water and Sewer (continued)
|
||||||||||
$
|
9,470
|
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2014A, 5.000%, 7/01/44
|
7/24 at 100.00
|
AA
|
$
|
11,055,467
|
||||
Los Angeles, California, Wastewater System Revenue Bonds, Refunding Subordinate Lien Series 2013A:
|
||||||||||
1,245
|
5.000%, 6/01/34
|
6/23 at 100.00
|
AA
|
1,472,063
|
||||||
5,355
|
5.000%, 6/01/35
|
6/23 at 100.00
|
AA
|
6,311,992
|
||||||
1,500
|
Metropolitan Water District of Southern California, Water Revenue Refunding Bonds, Series 2015A, 5.000%, 7/01/40
|
7/25 at 100.00
|
AAA
|
1,774,890
|
||||||
45,890
|
Total Water and Sewer
|
53,335,594
|
||||||||
$
|
497,584
|
Total Long-Term Investments (cost $452,963,292)
|
505,230,200
|
|||||||
Floating Rate Obligations – (0.2)%
|
(845,000
|
) | ||||||||
Variable Rate Demand Preferred Shares, at Liquidation Preference – (44.4)% (8)
|
(160,000,000
|
) | ||||||||
Other Assets Less Liabilities – 4.4%
|
15,899,142
|
|||||||||
Net Assets Applicable to Common Shares – 100%
|
$
|
360,284,342
|
(1)
|
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
|
(2)
|
Optional Call Provisions (not covered by the report of independent registered public accounting firm): Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
|
(3)
|
Ratings (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. Ratings below BBB by Standard & Poor's, Baa by Moody's or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
|
(4)
|
The coupon for this security increased 0.25% effective January 1, 2016 and will increase an additional 0.25% effective July 1, 2016.
|
(5)
|
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
|
(6)
|
As of, or subsequent to, the end of the reporting period this security is non-income producing. Non-income producing, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund's Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has ceased accruing additional income on the Fund's records.
|
(7)
|
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
|
(8)
|
Variable Rate Demand Preferred Shares, at Liquidation Preference as a percentage of Total Investments is 31.7%.
|
(IF)
|
Inverse floating rate investment.
|
(UB)
|
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.
|
76
|
Nuveen Investments
|
Statement of
|
|
|
Assets and Liabilities
|
February 29, 2016
|
California
|
California
|
California AMT-
|
||||||||
Value
|
Value 2
|
Free Income
|
||||||||
(NCA
|
)
|
(NCB
|
)
|
(NKX
|
)
|
|||||
Assets
|
||||||||||
Long-term investments, at value (cost $245,270,711, $45,099,563 and $954,948,829, respectively)
|
$
|
276,770,929
|
$
|
53,712,138
|
$
|
1,079,765,036
|
||||
Cash
|
4,824,462
|
481,030
|
—
|
|||||||
Receivable for:
|
||||||||||
Common shares sold
|
185,022
|
—
|
—
|
|||||||
Interest
|
2,654,349
|
618,163
|
12,816,201
|
|||||||
Investments sold
|
1,083,258
|
2,130,000
|
14,392,134
|
|||||||
Deferred offering costs
|
—
|
—
|
2,626,873
|
|||||||
Other assets
|
30,867
|
461
|
330,740
|
|||||||
Total assets
|
285,548,887
|
56,941,792
|
1,109,930,984
|
|||||||
Liabilities
|
||||||||||
Cash overdraft
|
—
|
—
|
6,424,942
|
|||||||
Floating rate obligations
|
4,490,000
|
—
|
390,000
|
|||||||
Payable for dividends
|
963,437
|
203,818
|
3,288,288
|
|||||||
Institutional MuniFund Term Preferred ("iMTP") Shares, at liquidation preference
|
—
|
—
|
36,000,000
|
|||||||
Variable Rate Demand Preferred ("VRDP") Shares, at liquidation preference
|
—
|
—
|
291,600,000
|
|||||||
Accrued expenses:
|
||||||||||
Management fees
|
114,798
|
28,095
|
531,198
|
|||||||
Directors/Trustees fees
|
30,874
|
244
|
104,634
|
|||||||
Professional fees
|
24,893
|
23,672
|
33,534
|
|||||||
Other
|
44,393
|
12,485
|
92,099
|
|||||||
Total liabilities
|
5,668,395
|
268,314
|
338,464,695
|
|||||||
Net assets applicable to common shares
|
$
|
279,880,492
|
$
|
56,673,478
|
$
|
771,466,289
|
||||
Common shares outstanding
|
26,499,126
|
3,288,461
|
47,708,456
|
|||||||
Net asset value ("NAV") per common share outstanding
|
$
|
10.56
|
$
|
17.23
|
$
|
16.17
|
||||
Net assets applicable to common shares consist of:
|
||||||||||
Common shares, $0.01 par value per share
|
$
|
264,991
|
$
|
32,885
|
$
|
477,085
|
||||
Paid-in surplus
|
250,922,912
|
46,977,517
|
640,399,730
|
|||||||
Undistributed (Over-distribution of) net investment income
|
568,478
|
751,985
|
4,026,162
|
|||||||
Accumulated net realized gain (loss)
|
(3,376,107
|
)
|
298,516
|
1,747,105
|
||||||
Net unrealized appreciation (depreciation)
|
31,500,218
|
8,612,575
|
124,816,207
|
|||||||
Net assets applicable to common shares
|
$
|
279,880,492
|
$
|
56,673,478
|
$
|
771,466,289
|
||||
Authorized shares:
|
||||||||||
Common
|
250,000,000
|
Unlimited
|
Unlimited
|
|||||||
Preferred
|
N/A
|
N/A
|
Unlimited
|
|||||||
N/A – Fund is not authorized to issue Preferred shares.
|
Nuveen Investments
|
77
|
Statement of Assets and Liabilities (continued)
|
California
|
California
|
California
|
||||||||
Dividend
|
Dividend
|
Dividend
|
||||||||
Advantage
|
Advantage 2
|
Advantage 3
|
||||||||
(NAC
|
)
|
(NVX
|
)
|
(NZH
|
)
|
|||||
Assets
|
||||||||||
Long-term investments, at value (cost $2,174,696,806, $301,835,208 and $452,963,292 respectively)
|
$
|
2,454,303,724
|
$
|
332,114,577
|
$
|
505,230,200
|
||||
Cash
|
—
|
552,063
|
—
|
|||||||
Receivable for:
|
||||||||||
Common shares sold
|
—
|
—
|
—
|
|||||||
Interest
|
31,817,757
|
4,186,775
|
6,806,442
|
|||||||
Investments sold
|
31,737,207
|
10,000
|
14,525,000
|
|||||||
Deferred offering costs
|
3,606,367
|
324,025
|
225,276
|
|||||||
Other assets
|
841,702
|
126,064
|
193,337
|
|||||||
Total assets
|
2,522,306,757
|
337,313,504
|
526,980,255
|
|||||||
Liabilities
|
||||||||||
Cash overdraft
|
6,847,614
|
—
|
3,869,736
|
|||||||
Floating rate obligations
|
81,490,000
|
965,000
|
845,000
|
|||||||
Payable for dividends
|
7,788,718
|
980,144
|
1,581,603
|
|||||||
Institutional MuniFund Term Preferred ("iMTP") Shares, at liquidation preference
|
—
|
—
|
—
|
|||||||
Variable Rate Demand Preferred ("VRDP") Shares, at liquidation preference
|
699,600,000
|
98,000,000
|
160,000,000
|
|||||||
Accrued expenses:
|
||||||||||
Management fees
|
1,177,961
|
165,267
|
259,414
|
|||||||
Directors/Trustees fees
|
329,406
|
45,328
|
70,413
|
|||||||
Professional fees
|
43,372
|
28,413
|
30,011
|
|||||||
Other
|
284,116
|
31,263
|
39,736
|
|||||||
Total liabilities
|
797,561,187
|
100,215,415
|
166,695,913
|
|||||||
Net assets applicable to common shares
|
$
|
1,724,745,570
|
$
|
237,098,089
|
$
|
360,284,342
|
||||
Common shares outstanding
|
107,383,777
|
14,760,104
|
24,151,884
|
|||||||
Net asset value ("NAV") per common share outstanding
|
$
|
16.06
|
$
|
16.06
|
$
|
14.92
|
||||
Net assets applicable to common shares consist of:
|
||||||||||
Common shares, $0.01 par value per share
|
$
|
1,073,838
|
$
|
147,601
|
$
|
241,519
|
||||
Paid-in surplus
|
1,454,675,843
|
207,962,588
|
333,101,519
|
|||||||
Undistributed (Over-distribution of) net investment income
|
9,020,920
|
1,014,086
|
2,243,808
|
|||||||
Accumulated net realized gain (loss)
|
(19,631,949
|
)
|
(2,305,555
|
)
|
(27,569,412
|
)
|
||||
Net unrealized appreciation (depreciation)
|
279,606,918
|
30,279,369
|
52,266,908
|
|||||||
Net assets applicable to common shares
|
$
|
1,724,745,570
|
$
|
237,098,089
|
$
|
360,284,342
|
||||
Authorized shares:
|
||||||||||
Common
|
Unlimited
|
Unlimited
|
Unlimited
|
|||||||
Preferred
|
Unlimited
|
Unlimited
|
Unlimited
|
78
|
Nuveen Investments
|
Statement of
|
|
|
Operations
|
Year Ended February 29, 2016
|
California
|
California
|
California AMT-
|
||||||||
Value
|
Value 2
|
Free Income
|
||||||||
(NCA
|
)
|
(NCB
|
)
|
(NKX
|
)
|
|||||
Investment Income
|
$
|
13,443,379
|
$
|
3,127,251
|
$
|
50,437,367
|
||||
Expenses
|
||||||||||
Management fees
|
1,397,303
|
353,649
|
6,606,749
|
|||||||
Interest expense and amortization of offering costs
|
29,100
|
—
|
858,800
|
|||||||
Liquidity fees
|
—
|
—
|
2,484,830
|
|||||||
Remarketing fees
|
—
|
—
|
292,775
|
|||||||
Custodian fees
|
36,452
|
14,497
|
118,007
|
|||||||
Directors/Trustees fees
|
7,435
|
1,561
|
33,194
|
|||||||
Professional fees
|
108,460
|
25,820
|
256,272
|
|||||||
Shareholder reporting expenses
|
68,005
|
8,946
|
41,658
|
|||||||
Shareholder servicing agent fees
|
21,609
|
203
|
16,270
|
|||||||
Stock exchange listing fees
|
7,954
|
786
|
16,955
|
|||||||
Investor relations expenses
|
12,578
|
4,934
|
29,016
|
|||||||
Other
|
31,304
|
9,524
|
404,909
|
|||||||
Total expenses
|
1,720,200
|
419,920
|
11,159,435
|
|||||||
Net investment income (loss)
|
11,723,179
|
2,707,331
|
39,277,932
|
|||||||
Realized and Unrealized Gain (Loss)
|
||||||||||
Net realized gain (loss) from investments
|
(136,942
|
)
|
439,298
|
6,736,377
|
||||||
Change in net unrealized appreciation (depreciation) of investments
|
1,023,386
|
(590,186
|
)
|
6,110,249
|
||||||
Net realized and unrealized gain (loss)
|
886,444
|
(150,888
|
)
|
12,846,626
|
||||||
Net increase (decrease) in net assets applicable to common shares from operations
|
$
|
12,609,623
|
$
|
2,556,443
|
$
|
52,124,558
|
Nuveen Investments
|
79
|
California
|
California
|
California
|
||||||||
Dividend
|
Dividend
|
Dividend
|
||||||||
Advantage
|
Advantage 2
|
Advantage 3
|
||||||||
(NAC
|
)
|
(NVX
|
)
|
(NZH
|
)
|
|||||
Investment Income
|
$
|
118,818,811
|
$
|
15,483,288
|
$
|
25,549,659
|
||||
Expenses
|
||||||||||
Management fees
|
14,626,844
|
2,044,512
|
3,215,037
|
|||||||
Interest expense and amortization of offering costs
|
1,596,545
|
146,847
|
204,621
|
|||||||
Liquidity fees
|
5,802,339
|
913,289
|
1,455,550
|
|||||||
Remarketing fees
|
711,262
|
99,634
|
162,668
|
|||||||
Custodian fees
|
231,337
|
42,115
|
57,224
|
|||||||
Directors/Trustees fees
|
67,526
|
9,078
|
14,126
|
|||||||
Professional fees
|
164,011
|
39,585
|
60,705
|
|||||||
Shareholder reporting expenses
|
104,442
|
16,433
|
28,677
|
|||||||
Shareholder servicing agent fees
|
57,975
|
1,222
|
1,938
|
|||||||
Stock exchange listing fees
|
38,305
|
3,528
|
5,774
|
|||||||
Investor relations expenses
|
82,586
|
8,678
|
19,221
|
|||||||
Other
|
502,462
|
40,870
|
47,360
|
|||||||
Total expenses
|
23,985,634
|
3,365,791
|
5,272,901
|
|||||||
Net investment income (loss)
|
94,833,177
|
12,117,497
|
20,276,758
|
|||||||
Realized and Unrealized Gain (Loss)
|
||||||||||
Net realized gain (loss) from investments
|
14,266,694
|
1,846,986
|
134,264
|
|||||||
Change in net unrealized appreciation (depreciation) of investments
|
1,798,438
|
1,949,294
|
4,404,759
|
|||||||
Net realized and unrealized gain (loss)
|
16,065,132
|
3,796,280
|
4,539,023
|
|||||||
Net increase (decrease) in net assets applicable to common shares from operations
|
$
|
110,898,309
|
$
|
15,913,777
|
$
|
24,815,781
|
80
|
Nuveen Investments
|
Statement of
|
|
Changes in Net Assets
|
California Value (NCA)
|
California Value 2 (NCB)
|
California AMT-Free Income (NKX) | |||||||||||||||||
Year
|
Year
|
Year
|
Year
|
Year
|
Year
|
||||||||||||||
Ended
|
Ended
|
Ended
|
Ended
|
Ended
|
Ended
|
||||||||||||||
2/29/16
|
2/28/15
|
2/29/16
|
2/28/15
|
2/29/16
|
2/28/15
|
||||||||||||||
Operations
|
|||||||||||||||||||
Net investment income (loss)
|
$
|
11,723,179
|
$
|
11,562,715
|
$
|
2,707,331
|
$
|
2,753,431
|
$
|
39,277,932
|
$
|
39,291,713
|
|||||||
Net realized gain (loss) from Investments
|
(136,942
|
)
|
196,175
|
439,298
|
1,166,712
|
6,736,377
|
127,614
|
||||||||||||
Change in net unrealized appreciation (depreciation) of Investments
|
1,023,386
|
12,999,135
|
(590,186
|
)
|
1,327,324
|
6,110,249
|
65,081,303
|
||||||||||||
Net increase (decrease) in net assets applicable to common shares from operations
|
12,609,623
|
24,758,025
|
2,556,443
|
5,247,467
|
52,124,558
|
104,500,630
|
|||||||||||||
Distributions to Common Shareholders
|
|||||||||||||||||||
From net investment income
|
(12,188,914
|
)
|
(11,841,485
|
)
|
(2,659,984
|
)
|
(2,583,303
|
)
|
(41,444,335
|
)
|
(38,337,336
|
)
|
|||||||
From accumulated net realized gains
|
—
|
—
|
(765,094
|
)
|
(367,916
|
)
|
—
|
—
|
|||||||||||
Decrease in net assets applicable to common shares from distributions to common shareholders
|
(12,188,914
|
)
|
(11,841,485
|
)
|
(3,425,078
|
)
|
(2,951,219
|
)
|
(41,444,335
|
)
|
(38,337,336
|
)
|
|||||||
Capital Share Transactions
|
|||||||||||||||||||
Common shares:
|
|||||||||||||||||||
Issued in the reorganizations
|
—
|
—
|
—
|
—
|
—
|
87,770,468
|
|||||||||||||
Proceeds from shelf offering, net of offering costs
|
11,081,737
|
1,321,449
|
—
|
—
|
—
|
—
|
|||||||||||||
Net proceeds from shares issued to shareholders due to reinvestment of distributions
|
328,525
|
173,032
|
9,662
|
—
|
—
|
—
|
|||||||||||||
Net increase (decrease) in net assets applicable to common shares from capital share transactions
|
11,410,262
|
1,494,481
|
9,662
|
—
|
—
|
87,770,468
|
|||||||||||||
Net increase (decrease) in net assets applicable to common shares
|
11,830,971
|
14,411,021
|
(858,973
|
)
|
2,296,248
|
10,680,223
|
153,933,762
|
||||||||||||
Net assets applicable to common shares at the beginning of period
|
268,049,521
|
253,638,500
|
57,532,451
|
55,236,203
|
760,786,066
|
606,852,304
|
|||||||||||||
Net assets applicable to common shares at the end of period
|
$
|
279,880,492
|
$
|
268,049,521
|
$
|
56,673,478
|
$
|
57,532,451
|
$
|
771,466,289
|
$
|
760,786,066
|
|||||||
Undistributed (Over-distribution of) net investment income at the end of period
|
$
|
568,478
|
$
|
1,122,565
|
$
|
751,985
|
$
|
731,470
|
$
|
4,026,162
|
$
|
5,736,445
|
Nuveen Investments
|
81
|
California Dividend Advantage (NAC) | California Dividend Advantage 2 (NVX) | California Dividend Advantage 3 (NZH) | |||||||||||||||||
Year
|
Year
|
Year
|
Year
|
Year
|
Year
|
||||||||||||||
Ended
|
Ended
|
Ended
|
Ended
|
Ended
|
Ended
|
||||||||||||||
2/29/16
|
2/28/15
|
2/29/16
|
2/28/15
|
2/29/16
|
2/28/15
|
||||||||||||||
Operations
|
|||||||||||||||||||
Net investment income (loss)
|
$
|
94,833,177
|
$
|
78,459,234
|
$
|
12,117,497
|
$
|
11,909,502
|
$
|
20,276,758
|
$
|
20,379,779
|
|||||||
Net realized gain (loss) from Investments
|
14,266,694
|
4,648,813
|
1,846,986
|
(208,468
|
)
|
134,264
|
2,904,836
|
||||||||||||
Change in net unrealized appreciation (depreciation) of Investments
|
1,798,438
|
82,447,263
|
1,949,294
|
15,230,559
|
4,404,759
|
25,190,058
|
|||||||||||||
Net increase (decrease) in net assets applicable to common shares from operations
|
110,898,309
|
165,555,310
|
15,913,777
|
26,931,593
|
24,815,781
|
48,474,673
|
|||||||||||||
Distributions to Common Shareholders
|
|||||||||||||||||||
From net investment income
|
(99,781,005
|
)
|
(69,293,415
|
)
|
(12,264,985
|
)
|
(12,619,148
|
)
|
(19,492,986
|
)
|
(19,461,588
|
)
|
|||||||
From accumulated net realized gains
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||
Decrease in net assets applicable to common shares from distributions to common shareholders
|
(99,781,005
|
)
|
(69,293,415
|
)
|
(12,264,985
|
)
|
(12,619,148
|
)
|
(19,492,986
|
)
|
(19,461,588
|
)
|
|||||||
Capital Share Transactions
|
|||||||||||||||||||
Common shares:
|
|||||||||||||||||||
Issued in the reorganizations
|
—
|
1,271,903,837
|
—
|
—
|
—
|
—
|
|||||||||||||
Proceeds from shelf offering, net of offering costs
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||
Net proceeds from shares issued to shareholders due to reinvestment of distributions
|
—
|
—
|
13,967
|
—
|
—
|
—
|
|||||||||||||
Net increase (decrease) in net assets applicable to common shares from capital share transactions
|
—
|
1,271,903,837
|
13,967
|
—
|
—
|
—
|
|||||||||||||
Net increase (decrease) in net assets applicable to common shares
|
11,117,304
|
1,368,165,732
|
3,662,759
|
14,312,445
|
5,322,795
|
29,013,085
|
|||||||||||||
Net assets applicable to common shares at the beginning of period
|
1,713,628,266
|
345,462,534
|
233,435,330
|
219,122,885
|
354,961,547
|
325,948,462
|
|||||||||||||
Net assets applicable to common shares at the end of period
|
$
|
1,724,745,570
|
$
|
1,713,628,266
|
$
|
237,098,089
|
$
|
233,435,330
|
$
|
360,284,342
|
$
|
354,961,547
|
|||||||
Undistributed (Over-distribution of) net investment income at the end of period
|
$
|
9,020,920
|
$
|
13,917,924
|
$
|
1,014,086
|
$
|
1,271,425
|
$
|
2,243,808
|
$
|
1,496,207
|
82
|
Nuveen Investments
|
Statement of
|
|
|
Cash Flows
|
Year Ended February 29, 2016
|
California
|
California
|
California
|
California
|
||||||||||
AMT-
|
Dividend
|
Dividend
|
Dividend
|
||||||||||
Free Income
|
Advantage
|
Advantage 2
|
Advantage 3
|
||||||||||
(NKX
|
)
|
(NAC
|
)
|
(NVX
|
)
|
(NZH
|
)
|
||||||
Cash Flows from Operating Activities:
|
|||||||||||||
Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations
|
$
|
52,124,558
|
$
|
110,898,309
|
$
|
15,913,777
|
$
|
24,815,781
|
|||||
Adjustments to reconcile the net increase (decrease) in net assets applicable to common shares from operations to net cash provided by (used in) operating activities:
|
|||||||||||||
Purchases of investments
|
(210,596,889
|
)
|
(374,550,863
|
)
|
(61,217,728
|
)
|
(91,024,304
|
)
|
|||||
Proceeds from sales and maturities of investments
|
210,556,260
|
389,509,288
|
56,742,209
|
91,161,106
|
|||||||||
Proceeds from (Purchases of) short-term investments, net
|
8,645,000
|
20,710,000
|
1,645,000
|
4,490,000
|
|||||||||
Taxes paid
|
(77
|
)
|
(249
|
)
|
(26
|
)
|
(188
|
)
|
|||||
Amortization (Accretion) of premiums and discounts, net
|
(1,337,302
|
)
|
797,787
|
(10,392
|
)
|
737,619
|
|||||||
Amortization of deferred offering costs
|
186,543
|
445,503
|
11,840
|
60,428
|
|||||||||
(Increase) Decrease in:
|
|||||||||||||
Receivable for interest
|
761,384
|
1,234,304
|
230,079
|
272,051
|
|||||||||
Receivable for investments sold
|
(4,590,441
|
)
|
(28,021,007
|
)
|
540,750
|
(13,681,450
|
)
|
||||||
Other assets
|
(26,684
|
)
|
(89,262
|
)
|
(11,824
|
)
|
(10,957
|
)
|
|||||
Increase (Decrease) in:
|
|||||||||||||
Accrued management fees
|
14,548
|
43,363
|
7,138
|
11,059
|
|||||||||
Accrued Directors/Trustees fees
|
84,081
|
66,602
|
9,246
|
13,980
|
|||||||||
Accrued professional fees
|
2,521
|
(131,507
|
)
|
619
|
967
|
||||||||
Accrued other expenses
|
(206,095
|
)
|
(189,587
|
)
|
(38,369
|
)
|
(41,322
|
)
|
|||||
Net realized (gain) loss from investments
|
(6,736,377
|
)
|
(14,266,694
|
)
|
(1,846,986
|
)
|
(134,264
|
)
|
|||||
Change in net unrealized (appreciation) depreciation of investments
|
(6,110,249
|
)
|
(1,798,438
|
)
|
(1,949,294
|
)
|
(4,404,759
|
)
|
|||||
Net cash provided by (used in) operating activities
|
42,770,781
|
104,657,549
|
10,026,039
|
12,265,747
|
|||||||||
Cash Flows from Financing Activities
|
|||||||||||||
Increase (Decrease) in:
|
|||||||||||||
Cash overdraft
|
5,097,437
|
6,847,614
|
—
|
3,869,736
|
|||||||||
Floating rate obligations
|
(6,365,000
|
)
|
(11,505,000
|
)
|
—
|
—
|
|||||||
Payable for offering costs
|
(64,213
|
)
|
(287,852
|
)
|
—
|
(50,405
|
)
|
||||||
Cash distribution paid to common shareholders
|
(41,439,005
|
)
|
(100,160,840
|
)
|
(12,289,102
|
)
|
(19,497,077
|
)
|
|||||
Net cash provided by (used in) financing activities
|
(42,770,781
|
)
|
(105,106,078
|
)
|
(12,289,102
|
)
|
(15,677,746
|
)
|
|||||
Net Increase (Decrease) in Cash
|
—
|
(448,529
|
)
|
(2,263,063
|
)
|
(3,411,999
|
)
|
||||||
Cash at the beginning of period
|
—
|
448,529
|
2,815,126
|
3,411,999
|
|||||||||
Cash at the end of period
|
$
|
—
|
$
|
—
|
$
|
552,063
|
$
|
—
|
California
|
California
|
California
|
California
|
||||||||||
AMT-
|
Dividend
|
Dividend
|
Dividend
|
||||||||||
|
Free Income
|
Advantage
|
Advantage 2
|
Advantage 3
|
|||||||||
Supplemental Disclosures of Cash Flow Information
|
(NKX
|
)
|
(NAC
|
)
|
(NVX
|
)
|
(NZH
|
)
|
|||||
Cash paid for interest (excluding amortization of offering costs)
|
$
|
608,525
|
$
|
1,438,894
|
$
|
135,007
|
$
|
194,598
|
|||||
Non-cash financing activities not included herein consists of reinvestments of common share distributions
|
—
|
—
|
13,967
|
—
|
Nuveen Investments
|
83
|
Financial
|
|
Highlights
|
Investment Operations
|
Less Distributions
to Common Shareholders |
Common Share
|
|||||||||||||||||||||||||||||
Beginning
Common Share NAV |
Net
Investment Income (Loss |
)
|
Net
Realized/ Unrealized Gain (Loss |
)
|
Total
|
From
Net Investment Income |
From
Accumu- lated Net Realized Gains |
Total
|
Premium
per Share Sold through Shelf Offering |
Ending
NAV |
Ending
Share Price |
||||||||||||||||||||
California Value (NCA)
|
|||||||||||||||||||||||||||||||
Year Ended 2/28–2/29:
|
|||||||||||||||||||||||||||||||
2016
|
$
|
10.54
|
$
|
0.45
|
$
|
0.03
|
$
|
0.48
|
$
|
(0.47
|
)
|
$
|
—
|
$
|
(0.47
|
)
|
$
|
0.01
|
$
|
10.56
|
$
|
10.79
|
|||||||||
2015
|
10.03
|
0.46
|
0.51
|
0.97
|
(0.47
|
)
|
—
|
(0.47
|
)
|
0.01
|
10.54
|
10.64
|
|||||||||||||||||||
2014
|
10.45
|
0.47
|
(0.42
|
)
|
0.05
|
(0.47
|
)
|
—
|
(0.47
|
)
|
—
|
10.03
|
9.57
|
||||||||||||||||||
2013
|
10.08
|
0.47
|
0.37
|
0.84
|
(0.47
|
)
|
—
|
(0.47
|
)
|
—
|
10.45
|
10.45
|
|||||||||||||||||||
2012
|
9.07
|
0.48
|
0.99
|
1.47
|
(0.46
|
)
|
—
|
(0.46
|
)
|
—
|
10.08
|
10.13
|
|||||||||||||||||||
California Value 2 (NCB)
|
|||||||||||||||||||||||||||||||
Year Ended 2/28–2/29:
|
|||||||||||||||||||||||||||||||
2016
|
17.50
|
0.82
|
(0.05
|
)
|
0.77
|
(0.81
|
)
|
(0.23
|
)
|
(1.04
|
)
|
—
|
17.23
|
17.70
|
|||||||||||||||||
2015
|
16.80
|
0.84
|
0.76
|
1.60
|
(0.79
|
)
|
(0.11
|
)
|
(0.90
|
)
|
—
|
17.50
|
16.68
|
||||||||||||||||||
2014
|
17.57
|
0.83
|
(0.82
|
)
|
0.01
|
(0.78
|
)
|
—
|
(0.78
|
)
|
—
|
16.80
|
15.53
|
||||||||||||||||||
2013
|
16.66
|
0.83
|
0.89
|
1.72
|
(0.80
|
)
|
(0.01
|
)
|
(0.81
|
)
|
—
|
17.57
|
16.86
|
||||||||||||||||||
2012
|
14.88
|
0.84
|
1.76
|
2.60
|
(0.80
|
)
|
(0.02
|
)
|
(0.82
|
)
|
—
|
16.66
|
16.33
|
(a)
|
Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund's market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized.
|
Total Return Based on Common Share Price is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.
|
84
|
Nuveen Investments
|
Common Share Supplemental Data/
Ratios Applicable to Common Shares |
|||||||||||||||||
Common Share
Total Returns |
Ratios to Average Net Assets
|
||||||||||||||||
Based
|
Ending
|
||||||||||||||||
Based
|
on
|
Net
|
Net
|
Portfolio
|
|||||||||||||
on
|
Share
|
Assets
|
Investment
|
Turnover
|
|||||||||||||
NAV
|
(a) |
Price
|
(a) |
(000)
|
Expenses
|
(b) |
Income (Loss
|
) |
Rate
|
(d) | |||||||
4.81
|
%
|
6.08
|
%
|
$
|
279,880
|
0.64
|
%
|
4.35
|
%
|
10
|
%
|
||||||
9.91
|
16.36
|
268,050
|
0.64
|
(c)
|
4.41
|
(c)
|
13
|
||||||||||
0.62
|
(3.80
|
)
|
253,639
|
0.62
|
4.73
|
20
|
|||||||||||
8.48
|
7.99
|
264,094
|
0.64
|
4.55
|
16
|
||||||||||||
16.58
|
27.44
|
254,563
|
0.65
|
4.98
|
8
|
||||||||||||
4.57
|
12.91
|
56,673
|
0.74
|
4.78
|
8
|
||||||||||||
9.68
|
13.41
|
57,532
|
0.75
|
4.84
|
7
|
||||||||||||
0.22
|
(3.08
|
)
|
55,236
|
0.76
|
5.00
|
12
|
|||||||||||
10.54
|
8.39
|
57,769
|
0.74
|
4.81
|
7
|
||||||||||||
17.97
|
26.50
|
54,772
|
0.77
|
5.41
|
4
|
(b)
|
The expense ratios reflect, among other things, the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, (as described in Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities), where applicable, as follows:
|
California Value (NCA)
|
||||
Year Ended 2/28–2/29:
|
||||
2016
|
0.01
|
%
|
||
2015
|
0.01
|
|||
2014
|
0.01
|
|||
2013
|
0.01
|
|||
2012
|
0.01
|
California Value 2 (NCB)
|
||||
Year Ended 2/28–2/29:
|
||||
2016
|
—
|
%
|
||
2015
|
—
|
|||
2014
|
—
|
|||
2013
|
—
|
|||
2012
|
—
|
(c)
|
During the fiscal year ended February 28, 2015, the Adviser voluntarily reimbursed the Fund for certain expenses incurred in connection with its common shares equity shelf program. As a result the expenses and net investment income (loss) ratios to average net assets applicable to common shares reflect the voluntary expense reimbursement from Adviser as described in Note 4 – Fund Shares, Common Shares Equity Shelf Programs and Offering Costs. The expenses and net investment income (loss) ratios to average net assets applicable to common shares excluding this expense reimbursement from Adviser are as follows:
|
Net Investment
|
|||||||
California Value (NCA)
|
Expenses
|
Income (Loss
|
)
|
||||
Year Ended 2/28-2/29:
|
|||||||
2015
|
0.67
|
%
|
4.38
|
%
|
(d)
|
Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.
|
Nuveen Investments
|
85
|
Investment Operations
|
Less Distributions
to Common Shareholders |
Common Share
|
||||||||||||||||||||||||||||||||
Beginning
Common Share NAV |
Net
Investment Income (Loss |
) |
Net
Realized/ Unrealized Gain (Loss |
) |
Distributions
from Net Investment Income to ARPS Shareholders |
(a) |
Distributions
from Accumulated Net Realized Gains to ARPS Shareholders |
(a) |
Total
|
From
Net Investment Income |
From
Accumu- lated Net Realized Gains |
Total
|
Ending
NAV |
Ending
Share Price |
||||||||||||||||||||
California AMT-Free Income (NKX)
|
||||||||||||||||||||||||||||||||||
Year Ended 2/28-2/29:
|
||||||||||||||||||||||||||||||||||
2016
|
$
|
15.95
|
$
|
0.82
|
$
|
0.27
|
$
|
—
|
$
|
—
|
$
|
1.09
|
$
|
(0.87
|
)
|
$
|
—
|
$
|
(0.87
|
)
|
$
|
16.17
|
$
|
15.63
|
||||||||||
2015
|
14.50
|
0.85
|
1.45
|
—
|
—
|
2.30
|
(0.85
|
)
|
—
|
(0.85
|
)
|
15.95
|
14.67
|
|||||||||||||||||||||
2014
|
15.57
|
0.84
|
(1.06
|
)
|
—
|
—
|
(0.22
|
)
|
(0.84
|
)
|
(0.01
|
)
|
(0.85
|
)
|
14.50
|
13.25
|
||||||||||||||||||
2013
|
14.73
|
0.77
|
0.97
|
—
|
—
|
1.74
|
(0.88
|
)
|
(0.02
|
)
|
(0.90
|
)
|
15.57
|
15.12
|
||||||||||||||||||||
2012
|
12.82
|
0.83
|
1.91
|
—
|
—
|
2.74
|
(0.83
|
)
|
—
|
(0.83
|
)
|
14.73
|
15.06
|
|||||||||||||||||||||
California Dividend Advantage (NAC)
|
||||||||||||||||||||||||||||||||||
Year Ended 2/28-2/29:
|
||||||||||||||||||||||||||||||||||
2016
|
15.96
|
0.88
|
0.15
|
—
|
—
|
1.03
|
(0.93
|
)
|
—
|
(0.93
|
)
|
16.06
|
15.84
|
|||||||||||||||||||||
2015
|
14.68
|
0.87
|
1.34
|
—
|
—
|
2.21
|
(0.93
|
)
|
—
|
(0.93
|
)
|
15.96
|
15.34
|
|||||||||||||||||||||
2014
|
15.90
|
0.84
|
(1.17
|
)
|
—
|
—
|
(0.33
|
)
|
(0.89
|
)
|
—
|
(0.89
|
)
|
14.68
|
14.07
|
|||||||||||||||||||
2013
|
14.87
|
0.84
|
1.11
|
—
|
—
|
1.95
|
(0.92
|
)
|
—
|
(0.92
|
)
|
15.90
|
15.81
|
|||||||||||||||||||||
2012
|
12.68
|
0.94
|
2.17
|
(0.01
|
)
|
—
|
3.10
|
(0.91
|
)
|
—
|
(0.91
|
)
|
14.87
|
15.14
|
(a)
|
The amounts shown for Auction Rate Preferred Shares ("ARPS") are based on common share equivalents.
|
(b)
|
Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund's market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized.
|
Total Return Based on Common Share Price is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.
|
|
(c)
|
Ratios do not reflect the effect of dividend payments to ARPS shareholders, during periods when ARPS were outstanding; Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to ARPS and other subsequent forms of preferred shares issued by the Fund, where applicable.
|
86
|
Nuveen Investments
|
Common Share Supplemental Data/
Ratios Applicable to Common Shares |
|||||||||||||||||
Common Share
Total Returns |
Ratios to Average Net Assets(c)
|
||||||||||||||||
Based
|
|||||||||||||||||
Based
|
on
|
Ending
|
Net
|
Portfolio
|
|||||||||||||
on
|
Share
|
Net
|
Investment
|
Turnover
|
|||||||||||||
NAV
|
(b) |
Price
|
(b) |
Assets (000)
|
Expenses
|
(d) |
Income (Loss)
|
Rate
|
(f) | ||||||||
7.09
|
%
|
12.93
|
%
|
$
|
771,466
|
1.48
|
%
|
5.22
|
%
|
20
|
%
|
||||||
16.16
|
17.55
|
760,786
|
1.62
|
(e)
|
5.53
|
(e)
|
13
|
||||||||||
(1.10
|
)
|
(6.39
|
)
|
606,852
|
1.64
|
5.93
|
32
|
||||||||||
12.08
|
6.53
|
651,402
|
1.64
|
5.48
|
20
|
||||||||||||
21.95
|
36.10
|
86,731
|
1.90
|
6.03
|
7
|
||||||||||||
6.73
|
9.79
|
1,724,746
|
1.42
|
5.62
|
15
|
||||||||||||
15.39
|
16.21
|
1,713,628
|
1.50
|
(e)
|
5.97
|
(e)
|
9
|
||||||||||
(1.81
|
)
|
(4.95
|
)
|
345,463
|
1.86
|
5.79
|
25
|
||||||||||
13.39
|
10.80
|
374,096
|
1.60
|
5.44
|
12
|
||||||||||||
25.30
|
32.82
|
349,203
|
1.50
|
6.84
|
13
|
(d)
|
The expense ratios reflect, among other things, all interest expense and other costs related to preferred shares (as described in Note 4 – Fund Shares, Preferred Shares) and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund (as described in Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities), where applicable, as follows:
|
California AMT-Free Income (NKX)
|
||||
Year Ended 2/28-2/29:
|
||||
2016
|
0.48
|
%
|
||
2015
|
0.57
|
|||
2014
|
0.62
|
|||
2013
|
0.59
|
|||
2012
|
0.67
|
California Dividend Advantage (NAC)
|
||||
Year Ended 2/28-2/29:
|
||||
2016
|
0.48
|
%
|
||
2015
|
0.50
|
|||
2014
|
0.61
|
|||
2013
|
0.61
|
|||
2012
|
0.46
|
(e)
|
During the fiscal year ended February 28, 2015, the Adviser voluntarily reimbursed the Fund for certain expenses incurred in connection with its common shares equity shelf program as described in Note 4 – Fund Shares, Common Shares Equity Shelf Programs and Offering Costs. The expenses and net investment income (loss) ratios to average net assets applicable to common shares excluding this expense reimbursement from Adviser are as follows:
|
Net Investment
|
|||||||
California AMT-Free Income (NKX)
|
Expenses
|
Income (Loss
|
)
|
||||
Year Ended 2/28-2/29:
|
|||||||
2015
|
1.63
|
%
|
5.51
|
%
|
Net Investment
|
|||||||
California Dividend Advantage (NAC)
|
Expenses
|
Income (Loss
|
)
|
||||
Year Ended 2/28-2/29:
|
|||||||
2015
|
1.53
|
%
|
5.95
|
%
|
(f)
|
Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.
|
Nuveen Investments
|
87
|
Investment Operations
|
Less Distributions
to Common Shareholders |
Common Share
|
||||||||||||||||||||||||||||||||
Beginning
Common Share NAV |
Net
Investment Income (Loss) |
Net
Realized/ Unrealized Gain (Loss) |
Distributions
from Net Investment Income to ARPS Shareholders |
(a) |
Distributions
from Accumulated Net Realized Gains to ARPS Shareholders |
(a) |
Total
|
From
Net Investment Income |
From
Accumu- lated Net Realized Gains |
Total
|
Ending
NAV |
Ending
Share Price |
||||||||||||||||||||||
California Dividend Advantage 2 (NVX)
|
||||||||||||||||||||||||||||||||||
Year Ended 2/28-2/29:
|
||||||||||||||||||||||||||||||||||
2016
|
$
|
15.82
|
$
|
0.82
|
$
|
0.25
|
$
|
—
|
$
|
—
|
$
|
1.07
|
$
|
(0.83
|
)
|
$
|
—
|
$
|
(0.83
|
)
|
$
|
16.06
|
$
|
15.62
|
||||||||||
2015
|
14.85
|
0.81
|
1.02
|
—
|
—
|
1.83
|
(0.86
|
)
|
—
|
(0.86
|
)
|
15.82
|
14.59
|
|||||||||||||||||||||
2014
|
16.35
|
0.80
|
(1.40
|
)
|
—
|
—
|
(0.60
|
)
|
(0.90
|
)
|
—
|
(0.90
|
)
|
14.85
|
13.75
|
|||||||||||||||||||
2013
|
15.49
|
0.85
|
0.96
|
—
|
—
|
1.81
|
(0.95
|
)
|
—
|
(0.95
|
)
|
16.35
|
16.30
|
|||||||||||||||||||||
2012
|
13.47
|
0.90
|
2.08
|
—
|
* |
—
|
2.98
|
(0.96
|
)
|
—
|
(0.96
|
)
|
15.49
|
15.58
|
||||||||||||||||||||
California Dividend Advantage 3 (NZH)
|
||||||||||||||||||||||||||||||||||
Year Ended 2/28-2/29:
|
||||||||||||||||||||||||||||||||||
2016
|
14.70
|
0.84
|
0.19
|
—
|
—
|
1.03
|
(0.81
|
)
|
—
|
(0.81
|
)
|
14.92
|
14.56
|
|||||||||||||||||||||
2015
|
13.50
|
0.84
|
1.17
|
—
|
—
|
2.01
|
(0.81
|
)
|
—
|
(0.81
|
)
|
14.70
|
13.63
|
|||||||||||||||||||||
2014
|
14.71
|
0.74
|
(1.15
|
)
|
—
|
—
|
(0.41
|
)
|
(0.80
|
)
|
—
|
(0.80
|
)
|
13.50
|
12.24
|
|||||||||||||||||||
2013
|
13.91
|
0.75
|
0.90
|
—
|
—
|
1.65
|
(0.85
|
)
|
—
|
(0.85
|
)
|
14.71
|
14.25
|
|||||||||||||||||||||
2012
|
12.13
|
0.82
|
1.86
|
—
|
* |
—
|
2.68
|
(0.90
|
)
|
—
|
(0.90
|
)
|
13.91
|
14.35
|
(a)
|
The amounts shown for ARPS are based on common share equivalents.
|
(b)
|
Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund's market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized.
|
Total Return Based on Common Share Price is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.
|
|
*
|
Rounds to less than $0.01 per share.
|
88
|
Nuveen Investments
|
Common Share Supplemental Data/
Ratios Applicable to Common Shares |
||||||||||||||||||||||
Common Share
Total Returns |
Ratios to Average Net Assets
Before Reimbursement(c) |
Ratios to Average Net Assets
After Reimbursement(c)(d) |
||||||||||||||||||||
Based
|
Net
|
Net
|
||||||||||||||||||||
Based
|
on
|
Ending
|
Investment
|
Investment
|
Portfolio
|
|||||||||||||||||
on
|
Share
|
Net
|
Income
|
Income
|
Turnover
|
|||||||||||||||||
NAV
|
(b) |
Price
|
(b) |
Assets (000)
|
Expenses
|
(e) |
(Loss)
|
Expenses
|
(e) |
(Loss)
|
Rate
|
(f) | ||||||||||
7.03
|
%
|
13.22
|
%
|
$
|
237,098
|
1.46
|
%
|
5.25
|
%
|
N/A
|
N/A
|
17
|
%
|
|||||||||
12.57
|
12.72
|
233,435
|
1.50
|
5.23
|
N/A
|
N/A
|
14
|
|||||||||||||||
(3.42
|
)
|
(9.86
|
)
|
219,123
|
2.24
|
5.43
|
N/A
|
N/A
|
39
|
|||||||||||||
11.94
|
11.03
|
241,237
|
2.19
|
5.29
|
N/A
|
N/A
|
23
|
|||||||||||||||
22.90
|
30.01
|
228,474
|
2.30
|
6.29
|
2.30
|
%
|
6.30
|
%
|
12
|
|||||||||||||
7.26
|
13.31
|
360,284
|
1.50
|
5.77
|
N/A
|
N/A
|
18
|
|||||||||||||||
15.18
|
18.47
|
354,962
|
1.56
|
5.93
|
N/A
|
N/A
|
15
|
|||||||||||||||
(2.50
|
)
|
(8.23
|
)
|
325,948
|
2.42
|
5.57
|
N/A
|
N/A
|
41
|
|||||||||||||
12.15
|
5.41
|
355,163
|
2.53
|
5.22
|
N/A
|
N/A
|
20
|
|||||||||||||||
22.89
|
31.93
|
335,830
|
2.56
|
6.28
|
2.52
|
6.33
|
18
|
(c)
|
Ratios do not reflect the effect of dividend payments to ARPS shareholders, during periods when ARPS were outstanding; Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to ARPS and other subsequent forms of preferred shares issued by the Fund, where applicable.
|
(d)
|
After expense reimbursement from the Adviser, where applicable. As of March 31, 2011 and September 30, 2011, the Adviser is no longer reimbursing California Dividend Advantage 2 (NVX) and California Dividend Advantage 3 (NZH), respectively, for any fees or expenses.
|
(e)
|
The expense ratios reflect, among other things, all interest expense and other costs related to preferred shares (as described in Note 4 – Fund Shares, Preferred Shares) and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund (as described in Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities), where applicable, as follows:
|
California Dividend Advantage 2 (NVX)
|
||||
Year Ended 2/28-2/29:
|
||||
2016
|
0.50
|
%
|
||
2015
|
0.51
|
|||
2014
|
1.18
|
|||
2013
|
1.15
|
|||
2012
|
1.25
|
California Dividend Advantage 3 (NZH)
|
||||
Year Ended 2/28-2/29:
|
||||
2016
|
0.52
|
%
|
||
2015
|
0.54
|
|||
2014
|
1.37
|
|||
2013
|
1.47
|
|||
2012
|
1.49
|
(f)
|
Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.
|
N/A
|
Fund no longer has a contractual reimbursement agreement with the Adviser.
|
Nuveen Investments
|
89
|
iMTP Shares at the End of Period
|
VRDP Shares at the End of Period
|
iMTP and
VRDP Shares at the End of Period |
||||||||||||||
Aggregate
|
Asset
|
Aggregate
|
Asset
|
Asset Coverage
|
||||||||||||
Amount
|
Coverage
|
Amount
|
Coverage
|
Per $1
|
||||||||||||
Outstanding
|
Per $5,000
|
Outstanding
|
Per $100,000
|
Liquidation
|
||||||||||||
(000
|
)
|
Share
|
(000
|
)
|
Share
|
Preference
|
||||||||||
California AMT-Free Income (NKX)
|
||||||||||||||||
Year Ended 2/28-2/29:
|
||||||||||||||||
2016
|
$
|
36,000
|
$
|
16,775
|
$
|
291,600
|
$
|
335,490
|
$
|
3.35
|
||||||
2015(a)
|
36,000
|
16,612
|
291,600
|
332,230
|
3.32
|
|||||||||||
2014
|
—
|
—
|
291,600
|
308,111
|
—
|
|||||||||||
2013
|
—
|
—
|
291,600
|
323,389
|
—
|
|||||||||||
2012
|
—
|
—
|
35,500
|
344,312
|
—
|
|||||||||||
California Dividend Advantage (NAC)
|
||||||||||||||||
Year Ended 2/28-2/29:
|
||||||||||||||||
2016
|
—
|
—
|
699,600
|
346,533
|
—
|
|||||||||||
2015
|
—
|
—
|
699,600
|
344,944
|
—
|
|||||||||||
2014
|
—
|
—
|
136,200
|
353,644
|
—
|
|||||||||||
2013
|
—
|
—
|
136,200
|
374,666
|
—
|
|||||||||||
2012
|
—
|
—
|
136,200
|
356,390
|
—
|
(a)
|
The Ending and Average Market Value Per Share for each Series of the Fund's MTP Shares were as follows:
|
2015
|
||||
California AMT-Free Income (NKX)
|
||||
Series 2015 (NKX PRC)
|
||||
Ending Market Value per Share
|
$
|
—
|
||
Average Market Value per Share
|
10.03
|
Ω
|
Ω
|
For the period June 9, 2014 (effective date of the Reorganizations) through December 29, 2014.
|
90
|
Nuveen Investments
|
VRDP Shares at the End of Period
|
MTP Shares at the End of Period (a)
|
||||||||||||
Aggregate
|
Asset
|
Aggregate
|
Asset
|
||||||||||
Amount
|
Coverage
|
Amount
|
Coverage
|
||||||||||
Outstanding
|
Per $100,000
|
Outstanding
|
Per $10
|
||||||||||
(000
|
)
|
Share
|
(000
|
)
|
Share
|
||||||||
California Dividend Advantage 2 (NVX)
|
|||||||||||||
Year Ended 2/28-2/29:
|
|||||||||||||
2016
|
$
|
98,000
|
$
|
341,937
|
$
|
—
|
$
|
—
|
|||||
2015
|
98,000
|
338,199
|
—
|
—
|
|||||||||
2014
|
98,000
|
323,595
|
—
|
—
|
|||||||||
2013
|
—
|
—
|
97,846
|
34.65
|
|||||||||
2012
|
—
|
—
|
97,846
|
33.35
|
|||||||||
California Dividend Advantage 3 (NZH)
|
|||||||||||||
Year Ended 2/28-2/29:
|
|||||||||||||
2016
|
160,000
|
325,178
|
—
|
—
|
|||||||||
2015
|
160,000
|
321,851
|
—
|
—
|
|||||||||
2014
|
160,000
|
303,718
|
—
|
—
|
|||||||||
2013
|
—
|
—
|
159,545
|
32.26
|
|||||||||
2012
|
—
|
—
|
159,545
|
31.05
|
(a)
|
The Ending and Average Market Value Per Share for each Series of the Fund's MTP Shares were as follows:
|
2014
|
2013
|
2012
|
||||||||
California Dividend Advantage 2 (NVX)
|
||||||||||
Series 2014 (NVX PRA)
|
||||||||||
Ending Market Value per Share
|
$
|
—
|
$
|
10.05
|
$
|
10.11
|
||||
Average Market Value per Share
|
10.03
|
Δ |
10.07
|
10.093
|
Ω | |||||
Series 2015 (NVX PRC)
|
||||||||||
Ending Market Value per Share
|
—
|
10.05
|
10.01
|
|||||||
Average Market Value per Share
|
10.02
|
Δ |
10.04
|
9.89
|
California Dividend Advantage 3 (NZH)
|
||||||||||
Series 2014 (NZH PRA)
|
||||||||||
Ending Market Value per Share
|
—
|
10.05
|
10.17
|
|||||||
Average Market Value per Share
|
10.04
|
ΔΔ |
10.09
|
10.11
|
ΩΩ | |||||
Series 2014-1 (NZH PRB)
|
||||||||||
Ending Market Value per Share
|
—
|
10.05
|
10.15
|
|||||||
Average Market Value per Share
|
10.03
|
ΔΔ |
10.08
|
10.12
|
ΩΩΩ | |||||
Series 2015 (NZH PRC)
|
||||||||||
Ending Market Value per Share
|
—
|
10.14
|
10.18
|
|||||||
Average Market Value per Share
|
10.07
|
ΔΔ |
10.13
|
10.11
|
Ω
|
For the period March 29, 2011 (first issuance date of shares) through February 29, 2012.
|
ΩΩ
|
For the period April 11, 2011 (first issuance date of shares) through February 29, 2012.
|
ΩΩΩ
|
For the period June 6, 2011 (first issuance date of shares) through February 29, 2012.
|
Δ
|
For the period March 1, 2013 through September 9, 2013.
|
ΔΔ
|
For the period March 1, 2013 through October 7, 2013.
|
Nuveen Investments
|
91
|
•
|
Nuveen California Municipal Value Fund, Inc. (NCA) ("California Value (NCA)")
|
|
•
|
Nuveen California Municipal Value Fund 2 (NCB) ("California Value 2 (NCB)")
|
|
•
|
Nuveen California AMT-Free Municipal Income Fund (NKX) ("California AMT-Free Income (NKX)")
|
|
•
|
Nuveen California Dividend Advantage Municipal Fund (NAC) ("California Dividend Advantage (NAC)")
|
|
•
|
Nuveen California Dividend Advantage Municipal Fund 2 (NVX) ("California Dividend Advantage 2 (NVX)")
|
|
•
|
Nuveen California Dividend Advantage Municipal Fund 3 (NZH) ("California Dividend Advantage 3 (NZH)")
|
92
|
Nuveen Investments
|
Level 1 –
|
Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
|
Level 2 –
|
Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
|
Level 3 –
|
Prices are determined using significant unobservable inputs (including management's assumptions in determining the fair value of investments).
|
Nuveen Investments
|
93
|
California Value (NCA)
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||
Long-Term Investments*:
|
|||||||||||||
Municipal Bonds
|
$
|
—
|
$
|
276,770,929
|
$
|
—
|
$
|
276,770,929
|
|||||
California Value 2 (NCB)
|
|||||||||||||
Long-Term Investments*:
|
|||||||||||||
Municipal Bonds
|
$
|
—
|
$
|
53,712,138
|
$
|
—
|
$
|
53,712,138
|
|||||
California AMT-Free Income (NKX)
|
|||||||||||||
Long-Term Investments*:
|
|||||||||||||
Municipal Bonds
|
$
|
—
|
$
|
1,079,765,036
|
$
|
—
|
$
|
1,079,765,036
|
|||||
California Dividend Advantage (NAC)
|
|||||||||||||
Long-Term Investments*:
|
|||||||||||||
Municipal Bonds
|
$
|
—
|
$
|
2,454,303,724
|
$
|
—
|
$
|
2,454,303,724
|
|||||
California Dividend Advantage 2 (NVX)
|
|||||||||||||
Long-Term Investments*:
|
|||||||||||||
Municipal Bonds
|
$
|
—
|
$
|
332,114,577
|
$
|
—
|
$
|
332,114,577
|
|||||
California Dividend Advantage 3 (NZH)
|
|||||||||||||
Long-Term Investments*:
|
|||||||||||||
Municipal Bonds
|
$
|
—
|
$
|
505,230,200
|
$
|
—
|
$
|
505,230,200
|
*
|
Refer to the Fund's Portfolio of Investments for industry classifications.
|
94
|
Nuveen Investments
|
(i)
|
If available, fair value determinations shall be derived by extrapolating from recent transactions or quoted prices for identical or comparable securities.
|
|
(ii)
|
If such information is not available, an analytical valuation methodology may be used based on other available information including, but not limited to: analyst appraisals, research reports, corporate action information, issuer financial statements and shelf registration statements. Such analytical valuation methodologies may include, but are not limited to: multiple of earnings, discount from market value of a similar freely-traded security, discounted cash flow analysis, book value or a multiple thereof, risk premium/yield analysis, yield to maturity and/or fundamental investment analysis.
|
Nuveen Investments
|
95
|
California
|
California
|
California
|
California
|
||||||||||||||||
California
|
California
|
AMT-Free
|
Dividend
|
Dividend
|
Dividend
|
||||||||||||||
|
Value
|
Value 2
|
Income
|
Advantage
|
Advantage 2
|
Advantage 3
|
|||||||||||||
Floating Rate Obligations Outstanding
|
(NCA
|
)
|
(NCB
|
)
|
(NKX
|
)
|
(NAC
|
)
|
(NVX
|
)
|
(NZH
|
)
|
|||||||
Floating rate obligations: self-deposited Inverse Floaters
|
$
|
4,490,000
|
$
|
—
|
$
|
390,000
|
$
|
81,490,000
|
$
|
965,000
|
$
|
845,000
|
|||||||
Floating rate obligations: externally-deposited Inverse Floaters
|
—
|
5,990,000
|
41,148,500
|
131,640,500
|
9,075,000
|
53,741,500
|
|||||||||||||
Total
|
$
|
4,490,000
|
$
|
5,990,000
|
$
|
41,538,500
|
$
|
213,130,500
|
$
|
10,040,000
|
$
|
54,586,500
|
California
|
California
|
California
|
California
|
||||||||||||||||
California
|
California
|
AMT-Free
|
Dividend
|
Dividend
|
Dividend
|
||||||||||||||
|
Value
|
Value 2
|
Income
|
Advantage
|
Advantage 2
|
Advantage 3
|
|||||||||||||
Self-Deposited Inverse Floaters
|
(NCA
|
)
|
(NCB
|
)
|
(NKX
|
)
|
(NAC
|
)
|
(NVX
|
)
|
(NZH
|
)
|
|||||||
Average floating rate obligations outstanding
|
$
|
4,490,000
|
$
|
—
|
$
|
5,966,803
|
$
|
91,653,607
|
$
|
965,000
|
$
|
845,000
|
|||||||
Average annual interest rate and fees
|
0.65
|
%
|
—
|
%
|
0.66
|
%
|
0.64
|
%
|
0.60
|
%
|
0.60
|
%
|
96
|
Nuveen Investments
|
California
|
California
|
California
|
California
|
||||||||||||||||
California
|
California
|
AMT-Free
|
Dividend
|
Dividend
|
Dividend
|
||||||||||||||
|
Value
|
Value 2
|
Income
|
Advantage
|
Advantage 2
|
Advantage 3
|
|||||||||||||
Floating Rate Obligations – Recourse Trusts
|
(NCA
|
)
|
(NCB
|
)
|
(NKX
|
)
|
(NAC
|
)
|
(NVX
|
)
|
(NZH
|
)
|
|||||||
Maximum exposure to Recourse Trusts: self-deposited Inverse Floaters
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
18,060,000
|
$
|
—
|
$
|
—
|
|||||||
Maximum exposure to Recourse Trusts: externally-deposited Inverse Floaters
|
—
|
—
|
13,260,000
|
50,700,000
|
3,480,000
|
37,765,000
|
|||||||||||||
Total
|
$
|
—
|
$
|
—
|
$
|
13,260,000
|
$
|
68,760,000
|
$
|
3,480,000
|
$
|
37,765,000
|
Nuveen Investments
|
97
|
California Value (NCA)
|
|||||||
Year
|
Year
|
||||||
Ended
|
Ended
|
||||||
2/29/16
|
2/28/15
|
||||||
Common shares authorized
|
2,500,000
|
2,500,000
|
|||||
Common shares issued
|
1,043,028
|
124,572
|
|||||
Offering proceeds, net of offering costs
|
$
|
11,081,737
|
$
|
1,321,449
|
California Value (NCA)
|
California Value 2 (NCB)
|
California Dividend
Advantage 2 (NVX) |
|||||||||||||||||
Year
|
Year
|
Year
|
Year
|
Year
|
Year
|
||||||||||||||
Ended
|
Ended
|
Ended
|
Ended
|
Ended
|
Ended
|
||||||||||||||
2/29/16
|
2/28/15
|
2/29/16
|
2/28/15
|
2/29/16
|
2/28/15
|
||||||||||||||
Common shares:
|
|||||||||||||||||||
Sold through shelf offering
|
1,043,028
|
124,572
|
N/A
|
N/A
|
N/A
|
N/A
|
|||||||||||||
Issued to shareholders due to reinvestment of distributions
|
31,373
|
16,402
|
561
|
—
|
867
|
—
|
|||||||||||||
Weighted average common share:
|
|||||||||||||||||||
Premium to NAV per shelf offering share sold
|
2.21
|
%
|
1.22
|
%
|
N/A
|
N/A
|
N/A
|
N/A
|
California AMT-Free
Income (NKX) |
California Dividend
Advantage (NAC) |
||||||||||||
Year
|
Year
|
Year
|
Year
|
||||||||||
Ended
|
Ended
|
Ended
|
Ended
|
||||||||||
2/29/16
|
2/28/15
|
2/29/16
|
2/28/15
|
||||||||||
Common shares:
|
|||||||||||||
Issued in the reorganization
|
—
|
5,864,695
|
—
|
83,854,904
|
98
|
Nuveen Investments
|
Shares
|
Liquidation
|
|||||||||
Fund
|
Series
|
Outstanding
|
Preference
|
|||||||
California ATM-Free Income (NKX)
|
2018
|
7,200
|
$
|
36,000,000
|
Term
|
Optional
|
|||||||||
Redemption
|
Redemption
|
|||||||||
Fund
|
Series
|
Date
|
Date
|
|||||||
California ATM-Free Income (NKX)
|
2018
|
July 1, 2018
|
July 1, 2016
|
California
|
||||
AMT-Free
|
||||
Income
|
||||
(NKX
|
)
|
|||
Average liquidation preference of iMTP Shares outstanding
|
$
|
36,000,000
|
||
Annualized dividend rate
|
0.50
|
%
|
Nuveen Investments
|
99
|
Shares
|
Liquidation
|
||||||||||||
Fund
|
Series
|
Outstanding
|
Preference
|
Maturity
|
|||||||||
California AMT-Free Income (NKX)
|
|||||||||||||
2
|
355
|
$
|
35,500,000
|
June 1, 2040
|
|||||||||
3
|
427
|
42,700,000
|
March 1, 2040
|
||||||||||
4
|
1,090
|
109,000,000
|
December 1, 2040
|
||||||||||
5
|
1,044
|
104,400,000
|
June 1, 2041
|
||||||||||
California Divdend Advantage (NAC)
|
|||||||||||||
1
|
1,362
|
$
|
136,200,000
|
June 1, 2041
|
|||||||||
2
|
910
|
91,000,000
|
December 1, 2040
|
||||||||||
3
|
498
|
49,800,000
|
March 1, 2040
|
||||||||||
4
|
1,056
|
105,600,000
|
December 1, 2042
|
||||||||||
5
|
1,589
|
158,900,000
|
August 1, 2040
|
||||||||||
6
|
1,581
|
158,100,000
|
August 1, 2040
|
||||||||||
California Dividend Advantage 2 (NVX)
|
|||||||||||||
1
|
980
|
$
|
98,000,000
|
August 3, 2043
|
|||||||||
California Dividend Advantage 3 (NZH)
|
|||||||||||||
1
|
1,600
|
$
|
160,000,000
|
September 1, 2043
|
California
|
California
|
California
|
California
|
||||||||||
AMT-Free
|
Dividend
|
Dividend
|
Dividend
|
||||||||||
Income
|
Advantage
|
Advantage 2
|
Advantage 3
|
||||||||||
(NKX
|
)
|
(NAC
|
)
|
(NVX
|
)
|
(NZH
|
)
|
||||||
Average liquidation preference of VRDP Shares outstanding
|
$
|
291,600,000
|
$
|
699,600,000
|
$
|
98,000,000
|
$
|
160,000,000
|
|||||
Annualized dividend rate
|
0.13
|
%
|
0.12
|
%
|
0.13
|
%
|
0.12
|
%
|
100
|
Nuveen Investments
|
Year Ended February 28, 2015
|
||||||||||
California AMT-Free Income (NKX)
|
Series
|
Shares
|
Amount
|
|||||||
iMTP Shares issued
|
2018
|
7,200
|
$
|
36,000,000
|
Year Ended February 28, 2015
|
|||||||||||||
NYSE
|
|||||||||||||
California AMT-Free Income (NKX)
|
Series
|
Ticker
|
Shares
|
Amount
|
|||||||||
MTP Shares issued in connection with the reorganization
|
2015
|
NKX PRC
|
3,525,000
|
$
|
35,250,000
|
||||||||
MTP Shares redeemed
|
2015
|
NKX PRC
|
(3,525,000
|
)
|
$
|
(35,250,000
|
)
|
Year Ended February 28, 2015
|
||||||||||
California Dividend Advantage (NAC)
|
Series
|
Shares
|
Amount
|
|||||||
VRDP Shares issued in connection with the reorganizations:
|
2
|
910
|
$
|
91,000,000
|
||||||
3
|
498
|
49,800,000
|
||||||||
4
|
1,056
|
105,600,000
|
||||||||
5
|
1,589
|
158,900,000
|
||||||||
6
|
1,581
|
158,100,000
|
||||||||
Total
|
5,634
|
$
|
563,400,000
|
California
|
California
|
California
|
California
|
||||||||||||||||
California
|
California
|
AMT-Free
|
Dividend
|
Dividend
|
Dividend
|
||||||||||||||
Value
|
Value 2
|
Income
|
Advantage
|
Advantage 2
|
Advantage 3
|
||||||||||||||
(NCA
|
)
|
(NCB
|
)
|
(NKX
|
)
|
(NAC
|
)
|
(NVX
|
)
|
(NZH
|
)
|
||||||||
Purchases
|
$
|
33,209,869
|
$
|
4,299,319
|
$
|
210,596,889
|
$
|
374,550,863
|
$
|
61,217,728
|
$
|
91,024,304
|
|||||||
Sales and maturities
|
27,337,781
|
7,007,480
|
210,556,260
|
389,509,288
|
56,742,209
|
91,161,106
|
Nuveen Investments
|
101
|
California
|
California
|
California
|
California
|
||||||||||||||||
California
|
California
|
AMT-Free
|
Dividend
|
Dividend
|
Dividend
|
||||||||||||||
Value
|
Value 2
|
Income
|
Advantage
|
Advantage 2
|
Advantage 3
|
||||||||||||||
(NCA
|
)
|
(NCB
|
)
|
(NKX
|
)
|
(NAC
|
)
|
(NVX
|
)
|
(NZH
|
)
|
||||||||
Cost of Investments
|
$
|
240,807,101
|
$
|
44,452,278
|
$
|
953,569,205
|
$
|
2,090,392,511
|
$
|
300,985,475
|
$
|
451,272,942
|
|||||||
Gross unrealized:
|
|||||||||||||||||||
Appreciation
|
$
|
31,796,128
|
$
|
9,259,862
|
$
|
126,159,015
|
$
|
288,922,017
|
$
|
34,051,375
|
$
|
58,328,861
|
|||||||
Depreciation
|
(321,588
|
)
|
(2
|
)
|
(353,184
|
)
|
(6,501,599
|
)
|
(3,887,273
|
)
|
(5,216,603
|
)
|
|||||||
Net unrealized appreciation (depreciation) of investments
|
$
|
31,474,540
|
$
|
9,259,860
|
$
|
125,805,831
|
$
|
282,420,418
|
$
|
30,164,102
|
$
|
53,112,258
|
California
|
California
|
California
|
California
|
||||||||||||||||
California
|
California
|
AMT-Free
|
Dividend
|
Dividend
|
Dividend
|
||||||||||||||
Value
|
Value 2
|
Income
|
Advantage
|
Advantage 2
|
Advantage 3
|
||||||||||||||
(NCA
|
)
|
(NCB
|
)
|
(NKX
|
)
|
(NAC
|
)
|
(NVX
|
)
|
(NZH
|
)
|
||||||||
Paid-in-surplus
|
$
|
1
|
$
|
(1
|
)
|
$
|
(526,956
|
)
|
$
|
(547,379
|
)
|
$
|
(11,698
|
)
|
$
|
(3,879,942
|
)
|
||
Undistributed (Over-distribution of) net investment income
|
(88,352
|
)
|
(26,832
|
)
|
456,120
|
50,824
|
(109,851
|
)
|
(36,171
|
)
|
|||||||||
Accumulated net realized gain (loss)
|
88,351
|
26,833
|
70,836
|
496,555
|
121,549
|
3,916,113
|
California
|
California
|
California
|
California
|
||||||||||||||||
California
|
California
|
AMT-Free
|
Dividend
|
Dividend
|
Dividend
|
||||||||||||||
Value
|
Value 2
|
Income
|
Advantage
|
Advantage 2
|
Advantage 3
|
||||||||||||||
(NCA
|
)
|
(NCB
|
)
|
(NKX
|
)
|
(NAC
|
)
|
(NVX
|
)
|
(NZH
|
)
|
||||||||
Undistributed net tax-exempt income1
|
$
|
1,305,832
|
$
|
300,823
|
$
|
6,218,000
|
$
|
13,697,287
|
$
|
1,165,639
|
$
|
2,902,562
|
|||||||
Undistributed net ordinary income2
|
—
|
17,627
|
147,558
|
461,664
|
152,701
|
—
|
|||||||||||||
Undistributed net long-term capital gains
|
—
|
298,516
|
1,853,094
|
—
|
—
|
—
|
1
|
Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on February 1, 2016, paid on March 1, 2016.
|
2
|
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
|
California
|
California
|
California
|
California
|
||||||||||||||||
California
|
California
|
AMT-Free
|
Dividend
|
Dividend
|
Dividend
|
||||||||||||||
Value
|
Value 2
|
Income
|
Advantage
|
Advantage 2
|
Advantage 3
|
||||||||||||||
2016
|
(NCA
|
)
|
(NCB
|
)
|
(NKX
|
)
|
(NAC
|
)
|
(NVX
|
)
|
(NZH
|
)
|
|||||||
Distributions from net tax-exempt income3
|
$
|
12,050,691
|
$
|
2,564,599
|
$
|
41,789,520
|
$
|
100,506,954
|
$
|
12,342,474
|
$
|
19,606,265
|
|||||||
Distributions from net ordinary income2
|
99,642
|
95,349
|
224,230
|
558,396
|
88,555
|
76,238
|
|||||||||||||
Distributions from net long-term capital gains4
|
—
|
765,094
|
—
|
—
|
—
|
—
|
California
|
California
|
California
|
California
|
||||||||||||||||
California
|
California
|
AMT-Free
|
Dividend
|
Dividend
|
Dividend
|
||||||||||||||
Value
|
Value 2
|
Income
|
Advantage
|
Advantage 2
|
Advantage 3
|
||||||||||||||
2015
|
(NCA
|
)
|
(NCB
|
)
|
(NKX
|
)
|
(NAC
|
)
|
(NVX
|
)
|
(NZH
|
)
|
|||||||
Distributions from net tax-exempt income
|
$
|
11,836,940
|
$
|
2,564,562
|
$
|
38,666,107
|
$
|
63,182,286
|
$
|
12,838,870
|
$
|
19,624,362
|
|||||||
Distributions from net ordinary income2
|
—
|
18,741
|
28,625
|
—
|
—
|
43,473
|
|||||||||||||
Distributions from net long-term capital gains
|
—
|
367,916
|
—
|
—
|
—
|
—
|
2
|
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
|
3
|
The Funds hereby designate these amounts paid during the fiscal year ended February 29, 2016, as Exempt Interest Dividends.
|
4
|
The Funds designate as long-term capital gain dividend, pursuant to the Internal Revenue Code Section 852(b)(3), the amount necessary to reduce earnings and profits of the Funds related to net capital gain to zero for the tax year ended February 29, 2016.
|
102
|
Nuveen Investments
|
California
|
California
|
California
|
|||||||||||
California
|
Dividend
|
Dividend
|
Dividend
|
||||||||||
Value
|
Advantage
|
Advantage 2
|
Advantage 3
|
||||||||||
(NCA
|
)
|
(NAC
|
)5
|
(NVX
|
)
|
(NZH
|
)
|
||||||
Expiration:
|
|||||||||||||
February 28, 2017
|
$
|
1,426,925
|
$
|
13,863,811
|
$
|
—
|
$
|
4,536,999
|
|||||
February 28, 2018
|
251,409
|
731,149
|
705,843
|
10,646,251
|
|||||||||
February 28, 2019
|
—
|
—
|
—
|
1,340,157
|
|||||||||
Not subject to expiration
|
1,380,257
|
4,827,353
|
792,392
|
10,931,933
|
|||||||||
Total
|
$
|
3,058,591
|
$
|
19,422,313
|
$
|
1,498,235
|
$
|
27,455,340
|
5
|
A portion of California Dividend Advantage's (NAC) capital loss carryforward is subject to limitation under the Internal Revenue Code and related regulations.
|
California
|
California
|
California
|
California
|
||||||||||
AMT-Free
|
Dividend
|
Dividend
|
Dividend
|
||||||||||
Income
|
Advantage
|
Advantage 2
|
Advantage 3
|
||||||||||
(NKX
|
)
|
(NAC
|
)
|
(NVX
|
)
|
(NZH
|
)
|
||||||
Utilized capital loss carryforwards
|
$
|
4,954,119
|
$
|
14,788,322
|
$
|
1,809,061
|
$
|
310,924
|
California
|
California
|
||||||
Dividend
|
Dividend
|
||||||
Advantage
|
Advantage 3
|
||||||
(NAC
|
)
|
(NZH
|
)
|
||||
Expired capital loss carryforwards
|
$
|
65,078
|
$
|
3,869,938
|
Nuveen Investments
|
103
|
California Value 2 (NCB)
|
||||
Average Daily Managed Assets*
|
Fund-Level Fee
|
|||
For the first $125 million
|
0.4000
|
%
|
||
For the next $125 million
|
0.3875
|
|||
For the next $250 million
|
0.3750
|
|||
For the next $500 million
|
0.3625
|
|||
For the next $1 billion
|
0.3500
|
|||
For managed assets over $2 billion
|
0.3375
|
California AMT-Free Income (NKX)
|
||||
California Dividend Advantage (NAC)
|
||||
California Dividend Advantage 2 (NVX)
|
||||
California Dividend Advantage 3 (NZH)
|
||||
Average Daily Managed Assets*
|
Fund-Level Fee
|
|||
For the first $125 million
|
0.4500
|
%
|
||
For the next $125 million
|
0.4375
|
|||
For the next $250 million
|
0.4250
|
|||
For the next $500 million
|
0.4125
|
|||
For the next $1 billion
|
0.4000
|
|||
For managed assets over $2 billion
|
0.3750
|
Complex-Level Managed Asset Breakpoint Level*
|
Effective Rate at Breakpoint Level
|
|||
$55 billion
|
0.2000
|
%
|
||
$56 billion
|
0.1996
|
|||
$57 billion
|
0.1989
|
|||
$60 billion
|
0.1961
|
|||
$63 billion
|
0.1931
|
|||
$66 billion
|
0.1900
|
|||
$71 billion
|
0.1851
|
|||
$76 billion
|
0.1806
|
|||
$80 billion
|
0.1773
|
|||
$91 billion
|
0.1691
|
|||
$125 billion
|
0.1599
|
|||
$200 billion
|
0.1505
|
|||
$250 billion
|
0.1469
|
|||
$300 billion
|
0.1445
|
*
|
For the fund-level and complex-level fees, managed assets include closed-end fund assets managed by the Adviser that are attributable to certain types of leverage. For these purposes, leverage includes the funds' use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust's issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining managed assets in certain circumstances. The complex-level fee is calculated based upon the aggregate daily managed assets of all Nuveen funds that constitute "eligible assets." Eligible assets do not include assets attributable to investments in other Nuveen funds and assets in excess of $2 billion added to the Nuveen fund complex in connection with the Adviser's assumption of the management of the former First American Funds effective January 1, 2011. As of February 29, 2016, the complex-level fee for each Fund was 0.1640%.
|
104
|
Nuveen Investments
|
California
|
California
|
||||||
AMT-Free
|
Dividend
|
||||||
Income
|
Advantage 2
|
||||||
(NKX
|
)
|
(NVX
|
)
|
||||
Purchases
|
$
|
27,134,250
|
$
|
10,853,700
|
|||
Sales
|
32,145,300
|
10,905,600
|
Nuveen Investments
|
105
|
Board of Directors/Trustees
|
||||||||||
William Adams IV*
|
Jack B. Evans
|
William C. Hunter
|
David J. Kundert
|
John K. Nelson
|
William J. Schneider
|
|||||
Thomas S. Schreier, Jr.**
|
Judith M. Stockdale
|
Carole E. Stone
|
Terence J. Toth
|
Margaret L. Wolff
|
|
*
|
Interested Board Member.
|
**
|
Interested Board Member and will retire from the Funds' Board of Directors/Trustees effective May 31, 2016.
|
Fund Manager
|
Custodian
|
Legal Counsel
|
Independent Registered
|
Transfer Agent and
|
||||
Nuveen Fund Advisors, LLC
|
State Street Bank
|
Chapman and Cutler LLP
|
Public Accounting Firm
|
Shareholder Services
|
||||
333 West Wacker Drive
|
& Trust Company
|
Chicago, IL 60603
|
KPMG LLP
|
State Street Bank
|
||||
Chicago, IL 60606
|
Boston, MA 02111
|
Chicago, IL 60601
|
& Trust Company
|
|||||
Nuveen Funds
|
||||||||
P.O. Box 43071
|
||||||||
Providence, RI 02940-3071
|
||||||||
(800) 257-8787
|
||||||||
NCA
|
NCB
|
NKX
|
NAC
|
NVX
|
NZH
|
||||||||||||||
Common shares repurchased
|
—
|
—
|
—
|
—
|
—
|
—
|
106
|
Nuveen Investments
|
■
|
Auction Rate Bond: An auction rate bond is a security whose interest payments are adjusted periodically through an auction process, which process typically also serves as a means for buying and selling the bond. Auctions that fail to attract enough buyers for all the shares offered for sale are deemed to have "failed," with current holders receiving a formula-based interest rate until the next scheduled auction.
|
■
|
Average Annual Total Return: This is a commonly used method to express an investment's performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment's actual cumulative performance (including change in NAV or market price and reinvested dividends and capital gains distributions, if any) over the time period being considered.
|
■
|
Duration: Duration is a measure of the expected period over which a bond's principal and interest will be paid, and consequently is a measure of the sensitivity of a bond's or bond fund's value to changes when market interest rates change. Generally, the longer a bond's or fund's duration, the more the price of the bond or fund will change as interest rates change.
|
■
|
Effective Leverage: Effective leverage is a fund's effective economic leverage, and includes both regulatory leverage (see leverage) and the leverage effects of certain derivative investments in the fund's portfolio. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage.
|
■
|
Gross Domestic Product (GDP): The total market value of all final goods and services produced in a country/region in a given year, equal to total consumer, investment and government spending, plus the value of exports, minus the value of imports.
|
■
|
Inverse Floating Rate Securities: Inverse floating rate securities, also known as inverse floaters or tender option bonds (TOBs), are created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust. This trust, in turn, (a) issues floating rate certificates typically paying short-term tax-exempt interest rates to third parties in amounts equal to some fraction of the deposited bond's par amount or market value, and (b) issues an inverse floating rate certificate (sometimes referred to as an "inverse floater") to an investor (such as a fund) interested in gaining investment exposure to a long-term municipal bond. The income received by the holder of the inverse floater varies inversely with the short-term rate paid to the floating rate certificates' holders, and in most circumstances the holder of the inverse floater bears substantially all of the underlying bond's downside investment risk. The holder of the inverse floater typically also benefits disproportionately from any potential appreciation of the underlying bond's value. Hence, an inverse floater essentially represents an investment in the underlying bond on a leveraged basis.
|
■
|
Leverage: Leverage is created whenever a fund has investment exposure (both reward and/or risk) equivalent to more than 100% of the investment capital.
|
■
|
Lipper California Municipal Debt Funds Classification Average: Calculated using the returns of all closed-end funds in this category. Lipper returns account for the effects of management fees and assume reinvestment of distributions, but do not reflect any applicable sales charges.
|
■
|
Net Asset Value (NAV) Per Share: A fund's Net Assets is equal to its total assets (securities, cash, accrued earnings and receivables) less its total liabilities. NAV per share is equal to the fund's Net Assets divided by its number of shares outstanding.
|
Nuveen Investments
|
107
|
■
|
Pre-Refunding: Pre-Refunding, also known as advanced refundings or refinancings, is a procedure used by state and local governments to refinance municipal bonds to lower interest expenses. The issuer sells new bonds with a lower yield and uses the proceeds to buy U.S. Treasury securities, the interest from which is used to make payments on the higher-yielding bonds. Because of this collateral, pre-refunding generally raises a bond's credit rating and thus its value.
|
■
|
Regulatory Leverage: Regulatory leverage consists of preferred shares issued by or borrowings of a fund. Both of these are part of a fund's capital structure. Regulatory leverage is subject to asset coverage limits set in the Investment Company Act of 1940.
|
■
|
S&P Municipal Bond California Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment-grade California municipal bond market. Index returns assume reinvestment of distributions but do not reflect any applicable sales charges or management fees.
|
■
|
S&P Municipal Bond Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment-grade U.S. municipal bond market. Index returns assume reinvestment of distributions but do not reflect any applicable sales charges or management fees.
|
■
|
Total Investment Exposure: Total investment exposure is a fund's assets managed by the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes a fund's use of preferred stock and borrowings and investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust's issuance of floating rate securities.
|
■
|
Zero Coupon Bond: A zero coupon bond does not pay a regular interest coupon to its holders during the life of the bond. Income to the holder of the bond comes from accretion of the difference between the original purchase price of the bond at issuance and the par value of the bond at maturity and is effectively paid at maturity. The market prices of zero coupon bonds generally are more volatile than the market prices of bonds that pay interest periodically.
|
108
|
Nuveen Investments
|
Reinvest Automatically, Easily and Conveniently
|
Nuveen Investments
|
109
|
Name,
|
Position(s) Held
|
Year First
|
Principal
|
Number
|
|||||
Year of Birth
|
with the Funds
|
Elected or
|
Occupation(s)
|
of Portfolios
|
|||||
& Address
|
Appointed
|
Including other
|
in Fund Complex
|
||||||
and Term(1)
|
Directorships
|
Overseen by
|
|||||||
During Past 5 Years
|
Board Member
|
||||||||
Independent Board Members:
|
|||||||||
■
|
WILLIAM J. SCHNEIDER
1944 333 W. Wacker Drive Chicago, IL 6o6o6 |
Chairman and
Board Member
|
1996
Class III |
Chairman of Miller-Valentine Partners, a real estate investment company; formerly, Senior Partner and Chief Operating Officer (retired (2004) of Miller-Valentine Group; an owner in several other Miller Valentine entities; Board Member of Med-America Health System, and WDPR Public Radio station; formerly, member, Business Advisory Council, Cleveland Federal Reserve Bank and University of Dayton Business School Advisory Council.
|
191
|
||||
■
|
JACK B. EVANS
1948 333 W. Wacker Drive Chicago, IL 6o6o6 |
Board Member
|
1999
Class III |
President, The Hall-Perrine Foundation, a private philanthropic corporation (since 1996); Director and Chairman, United Fire Group, a publicly held company; Director, The Gazette Company; Life Trustee of Coe College; formerly, President Pro-Tem of the Board of Regents for the State of Iowa University System; formerly, Director, Alliant Energy; formerly, Director, Federal Reserve Bank of Chicago; formerly, President and Chief Operating Officer, SCI Financial Group, Inc., a regional financial services firm.
|
191
|
||||
■
|
WILLIAM C. HUNTER
1948 333 W. Wacker Drive Chicago, IL 6o6o6 |
Board Member
|
2004
Class I |
Dean Emeritus, formerly, Dean, Tippie College of Business, University of Iowa (2006-2012); Director (since 2004) of Xerox Corporation; Director (since 2005), and past President (2010-2014) Beta Gamma Sigma, Inc., The International Business Honor Society; Director of Wellmark, Inc. (since 2009); formerly, Dean and Distinguished Professor of Finance, School of Business at the University of Connecticut (2003-2006); previously, Senior Vice President and Director of Research at the Federal Reserve Bank of Chicago (1995-2003); formerly, Director (1997-2007), Credit Research Center at Georgetown University.
|
191
|
||||
■
|
DAVID J. KUNDERT
1942 333 W. Wacker Drive Chicago, IL 6o6o6
|
Board Member
|
2005
Class II |
Formerly, Director, Northwestern Mutual Wealth Management Company (2006-2013), retired (since 2004) as Chairman, JPMorgan Fleming Asset Management, President and CEO, Banc One Investment Advisors Corporation, and President, One Group Mutual Funds; prior thereto, Executive Vice President, Banc One Corporation and Chairman and CEO, Banc One Investment Management Group; Regent Emeritus, Member of Investment Committee, Luther College; member of the Wisconsin Bar Association; member of Board of Directors and Chair of Investment Committee, Greater Milwaukee Foundation; member of the Board of Directors (Milwaukee), College Possible; Board member of Milwaukee Repertory Theatre (since 2016).
|
191
|
110
|
Nuveen Investments
|
Name,
|
Position(s) Held
|
Year First
|
Principal
|
Number
|
|||||
Year of Birth
|
with the Funds
|
Elected or
|
Occupation(s)
|
of Portfolios
|
|||||
& Address
|
Appointed
|
Including other
|
in Fund Complex
|
||||||
and Term(1)
|
Directorships
|
Overseen by
|
|||||||
During Past 5 Years
|
Board Member
|
||||||||
Independent Board Members (continued):
|
|||||||||
■
|
JOHN K. NELSON
1962 333 W. Wacker Drive Chicago, IL 6o6o6
|
Board Member
|
2013
Class II |
Member of Board of Directors of Core12 LLC (since 2008), a private firm which develops branding, marketing and communications strategies for clients; Director of The Curran Center for Catholic American Studies (since 2009) and The President's Council, Fordham University (since 2010); formerly, senior external advisor to the financial services practice of Deloitte Consulting LLP (2012- 2014): formerly, Chairman of the Board of Trustees of Marian University (2010 as trustee, 2011-2014 as Chairman); formerly, Chief Executive Officer of ABN AMRO N.V. North America, and Global Head of its Financial Markets Division (2007-2008); prior senior positions held at ABN AMRO include Corporate Executive Vice President and Head of Global Markets-the Americas (2006- 2007), CEO of Wholesale Banking North America and Global Head of Foreign Exchange and Futures Markets (2001-2006), and Regional Commercial Treasurer and Senior Vice President Trading – North America (1996-2001); formerly, Trustee at St. Edmund Preparatory School in New York City.
|
191
|
||||
■
|
JUDITH M. STOCKDALE
1947
333 W. Wacker Drive Chicago, IL 6o6o6
|
Board Member
|
1997
Class I |
Board Member, Land Trust Alliance (since 2013) and U.S. Endowment for Forestry and Communities (since 2013); formerly, Executive Director (1994-2012), Gaylord and Dorothy Donnelley Foundation; prior thereto, Executive Director, Great Lakes Protection Fund (1990-1994).
|
191
|
||||
■
|
CAROLE E. STONE
1947 333 W. Wacker Drive Chicago, IL 6o6o6
|
Board Member
|
2007
Class I |
Director, Chicago Board Options Exchange, Inc. (since 2006); Director, C2 Options Exchange, Incorporated (since 2009); Director, CBOE Holdings, Inc. (since 2010); formerly, Commissioner, New York State Commission on Public Authority Reform (2005-2010).
|
191
|
||||
■
|
TERENCE J. TOTH
1959 333 W. Wacker Drive Chicago, IL 6o6o6
|
Board Member
|
2008
Class II |
Managing Partner, Promus Capital (since 2008); Director, Fulcrum IT Service LLC (since 2010), Quality Control Corporation (since 2012) and LogicMark LLC (since 2012); formerly, Director, Legal & General Investment Management America, Inc. (2008-2013); formerly, CEO and President, Northern Trust Global Investments (2004-2007): Executive Vice President, Quantitative Management & Securities Lending (2000-2004); prior thereto, various positions with Northern Trust Company (since 1994); member: Chicago Fellowship Board (since 2005), Catalyst Schools of Chicago Board (since 2008) and Mather Foundation Board (since 2012), and chair of its investment committee; formerly, Member, Northern Trust Mutual Funds Board (2005-2007), Northern Trust Global Investments Board (2004- 2007), Northern Trust Japan Board (2004-2007), Northern Trust Securities Inc. Board (2003-2007) and Northern Trust Hong Kong Board (1997-2004).
|
191
|
||||
■
|
MARGARET L. WOLFF
1955 333 W. Wacker Drive Chicago, IL 6o6o6
|
Board Member
|
2016
Class I |
Member of the Board of Directors (since 2013) of Travelers Insurance Company of Canada and The Dominion of Canada General Insurance Company (each, a part of Travelers Canada, the Canadian operation of The Travelers Companies, Inc.); formerly, Of Counsel, Skadden, Arps, Slate, Meagher & Flom LLP (Mergers & Acquisitions Group) (2005-2014); Member of the Board of Trustees of New York- Presbyterian Hospital (since 2005); Member (since 2004) and Chair (since 2015) of the Board of Trustees of The John A. Hartford Foundation (a philanthropy dedicated to improving the care of older adults); formerly, Member (2005-2015) and Vice Chair (2011-2015) of the Board of Trustees of Mt. Holyoke College.
|
191
|
Nuveen Investments
|
111
|
Name,
|
Position(s) Held
|
Year First
|
Principal
|
Number
|
|||||
Year of Birth
|
with the Funds
|
Elected or
|
Occupation(s)
|
of Portfolios
|
|||||
& Address
|
Appointed
|
Including other
|
in Fund Complex
|
||||||
and Term(1)
|
Directorships
|
Overseen by
|
|||||||
During Past 5 Years
|
Board Member
|
||||||||
Interested Board Members:
|
|||||||||
■
|
WILLIAM ADAMS IV(2)
1955
333 W. Wacker Drive
Chicago, IL 6o6o6
|
Board Member
|
2013
Class II |
Co-Chief Executive Officer and Co-President (since March 2016), formerly, Senior Executive Vice President, Global Structured Products (2010-2015) of Nuveen Investments, Inc.; Co-President of Nuveen Fund Advisors, LLC (since 2011); Senior Executive Vice President of Nuveen Securities, LLC; President (since 2011), formerly, Managing Director (2010-2011) of Nuveen Commodities Asset Management, LLC; Board Member of the Chicago Symphony Orchestra and of Gilda's Club Chicago; formerly, Executive Vice President, U.S. Structured Products, of Nuveen Investments, Inc. (1999-2010).
|
191
|
||||
■
|
THOMAS S. SCHREIER, JR.(2)(3)
1962 333 W. Wacker Drive Chicago, IL 6o6o6
|
Board Member
|
2013
Class III |
Vice Chairman, Wealth Management of Nuveen Investments, Inc. (since 2011); Co-President of Nuveen Fund Advisors, LLC; Chairman of Nuveen Asset Management, LLC (since 2011); Co-Chief Executive Officer of Nuveen Securities, LLC (since 2011); Member of Board of Governors and Chairman's Council of the Investment Company Institute; Director and Vice Chair of Allina Health and a member of its Finance, Audit and Investment Committees; Director of the Minneapolis Museum of Art; formerly, Chief Executive Officer (2000- 2010) and Chief Investment Officer (2007-2010) of FAF Advisors, Inc.; formerly, President of First American Funds (2001-2010).
|
191
|
Name,
|
Position(s) Held
|
Year First
|
Principal
|
Number
|
|||||
Year of Birth
|
with the Funds
|
Elected or
|
Occupation(s)
|
of Portfolios
|
|||||
& Address
|
Appointed(4)
|
During Past 5 Years
|
in Fund Complex
|
||||||
Overseen
|
|||||||||
by Officer
|
|||||||||
Officers of the Funds:
|
|||||||||
■
|
GIFFORD R. ZIMMERMAN
1956 333 W. Wacker Drive Chicago, IL 6o6o6
|
Chief
Administrative
Officer
|
1988
|
Managing Director (since 2002), and Assistant Secretary of Nuveen Securities, LLC; Managing Director (since 2004) and Assistant Secretary (since 1994) of Nuveen Investments, Inc.; Managing Director (since 2002), Assistant Secretary (since 1997) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant Secretary and Associate General Counsel of Nuveen Asset Management, LLC (since 2011); Managing Director and Assistant Secretary of Symphony Asset Management LLC (since 2003); Vice President and Assistant Secretary of NWQ Investment Management Company, LLC (since 2002), Nuveen Investments Advisers Inc. (since 2002), Santa Barbara Asset Management, LLC (since 2006), and of Winslow Capital Management, LLC, (since 2010); Vice President and Assistant Secretary (since 2013), formerly, Chief Administrative Officer and Chief Compliance Officer (2006-2013) of Nuveen Commodities Asset Management, LLC; Chartered Financial Analyst.
|
192
|
||||
■
|
CEDRIC H. ANTOSIEWIC
1962
333 W. Wacker Drive Chicago, IL 6o6o6
|
Vice President
|
2007
|
Managing Director of Nuveen Securities, LLC. (since 2004); Managing Director of Nuveen Fund Advisors, LLC (since 2014).
|
84
|
||||
■
|
MARGO L. COOK
1964 333 W. Wacker Drive Chicago, IL 6o6o6
|
Vice President
|
2009
|
Co-Chief Executive Officer and Co-President (since March 2016), formerly, Senior Executive Vice President of Nuveen Investments, Inc; Senior Executive Vice President of Nuveen Fund Advisors, LLC (Executive Vice President since 2011); Managing Director – Investment Services of Nuveen Commodities Asset Management, LLC (since 2011); Co-Chief Executive Officer (since 2015), previously, Executive Vice President (2013-2015) of Nuveen Securities, LLC; Chartered Financial Analyst.
|
192
|
112
|
Nuveen Investments
|
Name,
|
Position(s) Held
|
Year First
|
Principal
|
Number
|
|||||
Year of Birth
|
with the Funds
|
Elected or
|
Occupation(s)
|
of Portfolios
|
|||||
& Address
|
Appointed(4)
|
During Past 5 Years
|
in Fund Complex
|
||||||
Overseen
|
|||||||||
by Officer
|
|||||||||
Officers of the Funds (continued):
|
|||||||||
■
|
LORNA C. FERGUSON
1945
333 W. Wacker Drive Chicago, IL 6o6o6
|
Vice President
|
1998
|
Managing Director (since 2004) of Nuveen Investments Holdings, Inc.
|
192
|
||||
■
|
STEPHEN D. FOY
1954 333 W. Wacker Drive Chicago, IL 6o6o6
|
Vice President
and Controller
|
1998
|
Managing Director (since 2014), formerly, Senior Vice President (2013-2014) and Vice President (2005-2013) of Nuveen Fund Advisors, LLC; Chief Financial Officer of Nuveen Commodities Asset Management, LLC (since 2010); Certified Public Accountant.
|
192
|
||||
■
|
SHERRI A. HLAVACEK
1962
333 W. Wacker Drive Chicago, IL 6o6o6
|
Vice President
and Treasurer
|
2015
|
Executive Vice President (since 2015, formerly, Managing Director) and Controller of Nuveen Fund Advisors, LLC; Managing Director and Controller of Nuveen Commodities Asset Management, LLC; Executive Vice President (since 2015, formerly, Managing Director), Treasurer and Controller of Nuveen Asset Management, LLC; Executive Vice President, Principal Financial Officer (since 2015, formerly, Managing Director), Treasurer and Corporate Controller of Nuveen Investments, Inc.; Executive Vice President (since 2015, formerly, Managing Director), Treasurer and Corporate Controller of Nuveen Investments Advisers, LLC and Nuveen Investments Holdings, Inc.; Managing Director, Chief Financial Officer and Corporate Controller of Nuveen Securities, LLC; Vice President, Controller and Treasurer of NWQ Investment Management Company, LLC; Vice President and Controller of Santa Barbara Asset Management, LLC, Tradewinds Global Investors, LLC, Symphony Asset Management LLC and Winslow Capital Management, LLC; Certified Public Accountant.
|
192
|
||||
■
|
WALTER M. KELLY
197o 333 W. Wacker Drive Chicago, IL 6o6o6
|
Chief Compliance
Officer and
Vice President
|
2003
|
Senior Vice President (since 2008) of Nuveen Investment Holdings, Inc.
|
192
|
||||
■
|
DAVID J. LAMB
1963 333 W. Wacker Drive Chicago, IL 6o6o6
|
Vice President
|
2015
|
Senior Vice President of Nuveen Investments Holdings, Inc. (since 2006), Vice President prior to 2006.
|
84
|
||||
■
|
TINA M. LAZAR
1961 333 W. Wacker Drive Chicago, IL 6o6o6
|
Vice President
|
2002
|
Senior Vice President of Nuveen Investments Holdings, Inc. and Nuveen Securities, LLC.
|
192
|
||||
■
|
KEVIN J. MCCARTHY
1966 333 W. Wacker Drive Chicago, IL 6o6o6
|
Vice President
and Secretary
|
2007
|
Executive Vice President, Secretary and General Counsel (since March 2016), formerly, Managing Director and Assistant Secretary of Nuveen Investments, Inc.; Executive Vice President (since March 2016), formerly, Managing Director and Assistant Secretary (since 2008) of Nuveen Securities, LLC; Executive Vice President and Secretary (since March 2016), formerly, Managing Director (2008-2016) and Assistant Secretary (2007-2016) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Executive Vice President and Secretary (since March 2016), formerly, Managing Director, Assistant Secretary (2011-2016) and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC; Executive Vice President and Secretary of Nuveen Investments Advisers, LLC; Vice President (since 2007) and Secretary (since March 2016) of NWQ Investment Management Company, LLC, Symphony Asset Management LLC, Santa Barbara Asset Management, LLC (since 2010) Winslow Capital Management, LLC and Tradewinds Global Investors, LLC (since 2016); Vice President (since 2010) and Secretary (since 2016), formerly, Assistant Secretary of Nuveen Commodities Asset Management, LLC.
|
192
|
Nuveen Investments
|
113
|
Name,
|
Position(s) Held
|
Year First
|
Principal
|
Number
|
|||||
Year of Birth
|
with the Funds
|
Elected or
|
Occupation(s)
|
of Portfolios
|
|||||
& Address
|
Appointed(4)
|
During Past 5 Years
|
in Fund Complex
|
||||||
Overseen
|
|||||||||
by Officer
|
|||||||||
Officers of the Funds (continued):
|
|||||||||
■
|
KATHLEEN L. PRUDHOMME
1953 9o1 Marquette Avenue Minneapolis, MN 554o2
|
Vice President and
Assistant Secretary
|
2011
|
Managing Director, Assistant Secretary and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant Secretary and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC; Managing Director and Assistant Secretary (since 2011) of Nuveen Securities, LLC; formerly, Deputy General Counsel, FAF Advisors, Inc. (2004-2010).
|
192
|
||||
■
|
JOEL T. SLAGER
1978 333 W. Wacker Drive Chicago, IL 6o6o6
|
Vice President and
Assistant Secretary
|
2013
|
Fund Tax Director for Nuveen Funds (since 2013); previously, Vice President of Morgan Stanley Investment Management, Inc., Assistant Treasurer of the Morgan Stanley Funds (from 2010 to 2013).
|
192
|
(1)
|
The Board of Trustees is divided into three classes, Class I, Class II, and Class III, with each being elected to serve until the third succeeding annual shareholders' meeting subsequent to its election or thereafter in each case when its respective successors are duly elected or appointed, except two board members are elected by the holders of Preferred Shares, when applicable, to serve until the next annual shareholders' meeting subsequent to its election or thereafter in each case when its respective successors are duly elected or appointed. The year first elected or appointed represents the year in which the board member was first elected or appointed to any fund in the Nuveen Complex.
|
(2)
|
"Interested person" as defined in the 1940 Act, by reason of his position with Nuveen Investments, Inc. and certain of its subsidiaries, which are affiliates of the Nuveen Funds.
|
(3)
|
Mr. Schreier will retire from the Funds' Board of Trustees effective May 31, 2016.
|
(4)
|
Officers serve one year terms through August of each year. The year first elected or appointed represents the year in which the Officer was first elected or appointed to any fund in the Nuveen Complex.
|
114
|
Nuveen Investments
|
Nuveen Investments
|
115
|
Distributed by Nuveen Investments, LLC | 333 West Wacker Drive | Chicago, IL 60606 | www.nuveen.com
|
Audit Fees Billed
|
Audit-Related Fees
|
Tax Fees
|
All Other Fees
|
||||||||||||
Fiscal Year Ended
|
to Fund 1
|
Billed to Fund 2
|
Billed to Fund 3
|
Billed to Fund 4
|
|||||||||||
February 29, 2016
|
$ | 26,375 | $ | 0 | $ | 0 | $ | 808 | |||||||
Percentage approved
|
0 | % | 0 | % | 0 | % | 0 | % | |||||||
pursuant to
|
|||||||||||||||
pre-approval
|
|||||||||||||||
exception
|
|||||||||||||||
February 28, 2015
|
$ | 25,500 | $ | 20,000 | $ | 0 | $ | 0 | |||||||
Percentage approved
|
0 | % | 0 | % | 0 | % | 0 | % | |||||||
pursuant to
|
|||||||||||||||
pre-approval
|
|||||||||||||||
exception
|
|||||||||||||||
1 "Audit Fees" are the aggregate fees billed for professional services for the audit of the Fund's annual financial statements and services provided in
|
|||||||||||||||
connection with statutory and regulatory filings or engagements.
|
|||||||||||||||
2 "Audit Related Fees" are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of
|
|||||||||||||||
financial statements that are not reported under "Audit Fees". These fees include offerings related to the Fund's common shares and leverage.
|
|||||||||||||||
3 "Tax Fees" are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global
|
|||||||||||||||
withholding tax services; excise and state tax reviews; capital gain, tax equalization and taxable basis calculation performed by the principal accountant.
|
|||||||||||||||
4 "All Other Fees" are the aggregate fees billed for products and services other than "Audit Fees", "Audit-Related Fees" and "Tax Fees". These fees
|
|||||||||||||||
represent all "Agreed-Upon Procedures" engagements pertaining to the Fund's use of leverage.
|
Audit-Related Fees
|
Tax Fees Billed to
|
All Other Fees
|
|
Billed to Adviser and
|
Adviser and
|
Billed to Adviser
|
|
Affiliated Fund
|
Affiliated Fund
|
and Affiliated Fund
|
|
Fiscal Year Ended
|
Service Providers
|
Service Providers
|
Service Providers
|
February 29, 2016
|
$ 0
|
$ 0
|
$ 0
|
Percentage approved
|
0%
|
0%
|
0%
|
pursuant to
|
|||
pre-approval
|
|||
exception
|
|||
February 28, 2015
|
$ 0
|
$ 0
|
$ 0
|
Percentage approved
|
0%
|
0%
|
0%
|
pursuant to
|
|||
pre-approval
|
|||
exception
|
Total Non-Audit Fees
|
||||
billed to Adviser and
|
||||
Affiliated Fund Service
|
Total Non-Audit Fees
|
|||
Providers (engagements
|
billed to Adviser and
|
|||
related directly to the
|
Affiliated Fund Service
|
|||
Total Non-Audit Fees
|
operations and financial
|
Providers (all other
|
||
Fiscal Year Ended
|
Billed to Fund
|
reporting of the Fund)
|
engagements)
|
Total
|
February 29, 2016
|
$ 808
|
$ 0
|
$ 0
|
$ 808
|
February 28, 2015
|
$ 0
|
$ 0
|
$ 0
|
$ 0
|
"Non-Audit Fees billed to Fund" for both fiscal year ends represent "Tax Fees" and "All Other Fees" billed to Fund in their respective
|
||||
amounts from the previous table.
|
||||
Less than 50 percent of the hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent
|
||||
fiscal year were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.
|
Portfolio Manager
|
Type of Account
Managed
|
Number of
Accounts
|
Assets*
|
Scott R. Romans
|
Registered Investment Company
|
13
|
$8.39 billion
|
Other Pooled Investment Vehicles
|
0
|
$0
|
|
Other Accounts
|
2
|
$2.03 million
|
*
|
Assets are as of February 29, 2016. None of the assets in these accounts are subject to an advisory fee based on performance.
|
Name of Portfolio Manager
|
None
|
$1 - $10,000
|
$10,001-$50,000
|
$50,001-$100,000
|
$100,001-$500,000
|
$500,001-$1,000,000
|
Over $1,000,000
|
Scott R. Romans
|
X
|
(a)
|
The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (17 CFR 240.13a-15(b) or 240.15d-15(b)).
|
(b)
|
There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
|
(a)(1)
|
Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable because the code is posted on registrant’s website at www.nuveen.com/CEF/Shareholder/FundGovernance.aspx and there were no amendments during the period covered by this report. (To view the code, click on Code of Conduct.)
|
(a)(2)
|
A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: Ex-99.CERT Attached hereto.
|
(a)(3)
|
Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable.
|
(b)
|
If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)); Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference. Ex-99.906 CERT attached hereto.
|