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Table of Contents

 

Chairman's Letter to Shareholders

Dear Shareholders,

The U.S. economy is now seven years into the recovery, but its pace remains stubbornly subpar compared to past recoveries. Economic data continues to be a mixed bag, as it has been throughout this expansion period. While the unemployment rate fell below its pre-recession level and wages have grown, a surprisingly weak jobs growth report in May cast doubt over the future strength of the labor market. Subsequent employment reports have been stronger, however, easing fears that a significant downtrend was emerging. The housing market has improved markedly but its contribution to the recovery has been lackluster. Deflationary pressures, including weaker commodity prices, have kept inflation much lower for longer than many expected.

The U.S.'s modest expansion and positive employment trends led the U.S. Federal Reserve (Fed) to begin its path toward policy "normalization" by raising its benchmark interest rate at its December 2015 meeting. However, since then, the Fed has remained on hold for reasons ranging from domestic to international, which helped continue to prop up asset prices despite bouts of short-term volatility.

Outside the U.S., optimism has been harder to come by. Investors continue to adjust to the idea of a slower Chinese economy. The U.K.'s June 23rd "Brexit" vote to leave the European Union introduced new set of economic and political uncertainties to the already fragile conditions across Europe. Moreover, there are growing concerns that global central banks' unprecedented efforts to revive growth may be showing signs of fatigue. Interest rates are currently negative in Europe and Japan and near or at zero in the U.S., U.K. and elsewhere; nonetheless, growth has remained subdued.

Given muted global growth, the risk of policy errors by central banks around the world, the unfolding Brexit process and an uncertain political outlook with the November presidential election in the U.S. followed by key elections across Europe next year, we anticipate that turbulence remains on the horizon for the time being. In this environment, Nuveen remains committed to both managing downside risks and seeking upside potential. If you're concerned about how resilient your investment portfolio might be, we encourage you to talk to your financial advisor.

On behalf of the other members of the Nuveen Fund Board, we look forward to continuing to earn your trust in the months and years ahead.

Sincerely,

William J. Schneider
Chairman of the Board
October 24, 2016

 

Portfolio Manager's Comments

Nuveen California Municipal Value Fund, Inc. (NCA)
Nuveen California Municipal Value Fund 2 (NCB)
Nuveen California AMT-Free Municipal Income Fund (NKX)
Nuveen California Dividend Advantage Municipal Fund (NAC)
Nuveen California Dividend Advantage Municipal Fund 2 (NVX)
Nuveen California Dividend Advantage Municipal Fund 3 (NZH)

These Funds feature portfolio management by Nuveen Asset Management, LLC, an affiliate of Nuveen Investments, Inc. Portfolio manager Scott R. Romans, PhD, reviews key investment strategies and the six-month performance of these Nuveen California Municipal Funds. Scott has managed NCA, NKX, NAC, NVX and NZH since 2003 and NCB since its inception in 2009.

FUND REORGANIZATIONS

During May 2016, the Board of Directors/Trustees for the Nuveen Closed-End Funds approved a series of reorganizations for certain Funds included in this report (the Target Funds) to create one larger Fund (the Acquiring Fund).

The reorganizations are as follows:

During September 2016 (subsequent to the close of this reporting period), the reorganizations were approved by shareholders and expect to close prior to the opening of the New York Stock Exchange on November 7, 2016.

What key strategies were used to manage these California Funds during the six-month reporting period ended August 31, 2016?

A backdrop of supportive factors boosted the performance of the broad municipal bond market during this reporting period. The municipal yield curve flattened, with rates falling on the long end and rising slightly on the short end. Demand for municipal bonds remained robust, with strong and accelerating flows into municipal bond mutual funds and the elevated pace of refunding deals

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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.

For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor's (S&P), Moody's Investors Service, Inc. (Moody's) or Fitch, Inc. (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings, while BB, B, CCC, CC, C and D are below investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies. Ratings are not covered by the report of independent registered public accounting firm.

Bond insurance guarantees only the payment of principal and interest on the bond when due, and not the value of the bonds themselves, which will fluctuate with the bond market and the financial success of the issuer and the insurer. Insurance relates specifically to the bonds in the portfolio and not to the share prices of a Fund. No representation is made as to the insurers' ability to meet their commitments.

Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.

 

Portfolio Manager's Comments (continued)

compelling investors to reinvest proceeds from called bonds back into the municipal market. In general, California municipal bonds outpaced the overall municipal market return for the reporting period. California's economy continued to improve, as a declining unemployment rate and legislative changes improved the state's overall financial health and credit conditions.

We continued to take a bottom-up approach to discovering sectors that appeared undervalued as well as individual credits that we believed had the potential to perform well over the long term. Our trading activity continued to focus on pursuing the Funds' investment objectives. Generally speaking, throughout this reporting period, the Funds maintained their overall positioning strategies in terms of duration and yield curve positioning, credit quality exposures and sector allocations. We've also continued to be more cautious in selecting individual securities. As investor demand for municipal securities has increased and created a slight supply-demand imbalance, we've started to see underwriters bring new issues to market that are structured with terms more favorable to the issuer and perhaps less advantageous to the investor than in the recent past. We believe this shift in the marketplace merits extra vigilance on our part to ensure that every credit considered for the portfolio offers adequate reward potential for the level of risk to the bondholder. In cases where our convictions have been less certain, we've sought compensation for the additional risk or have passed on the deal all together.

To keep the Funds fully invested, we continued to focus on purchasing bonds in areas of the market that we expected to perform well as the economy continued to improve. During the reporting period, we primarily bought higher credit quality bonds (those rated AA and AAA) and found limited opportunities among the lower rated segments (in this case, BBB and below investment grade) in sectors such as tobacco, health care and transportation. The higher grade bonds generally serve as short-term placeholders in the portfolio. If the market environment presents an attractive entry point to invest in a lower rated credit at a good relative value, these higher quality bonds can provide the portfolio with a source of liquidity even in periods of heightened market volatility. At the lower end of the credit ratings spectrum, attractive values have become scarcer as credit spreads have tightened. Particularly in the retail market, investors seeking higher yields have bid up the prices of lower rated credits. However, these same investors have tended to be more risk-averse and therefore less enthusiastic about certain sectors, including tobacco, charter schools and health care, which has provided us with selective opportunities to seek and exploit pricing inefficiencies. The maturities we sought were largely in the 15- to 30-year range, with 10-year calls.

To fund these purchases, we generally reinvested the proceeds from called and maturing bonds. In some cases, we sold bonds that we believed had deteriorating fundamentals or could be traded for a better relative value, as well as selling short-dated, higher quality issues that we tend to hold over short timeframes as a source of liquidity. For some of the Funds, we also invested the proceeds from incremental preferred share offerings that were conducted as part of the overall management of the Funds' leverage.

As of August 31, 2016, all six of these Funds continued to use inverse floating rate securities. We employ inverse floaters for a variety of reasons, including duration management, income enhancement and total return enhancement.

How did the Funds perform during the six-month reporting period ended August 31, 2016?

The tables in each Fund's Performance Overview and Holding Summaries section of this report provide the Funds' total returns for the six-month, one-year, five-year, ten-year and/or since inception periods ended August 31, 2016. Each Fund's total returns at common share net asset value (NAV) are compared with the performance of corresponding market indexes and a Lipper classification average.

For the six months ended August 31, 2016, the total return at common share NAV for all six funds outpaced the returns for both the S&P Municipal Bond California Index and the national S&P Municipal Bond Index. For the same period, NCA, NKX, NAC, NVX and NZH beat the average return for the Lipper California Municipal Debt Funds Classification Average, while NCB lagged the Lipper average.

 

 

Except for NCB, the main contributor to the other five Funds' relative performance during this reporting period was yield curve and duration positioning. We continued to overweight the longer parts of the yield curve with corresponding underweights to the shorter end of the curve, which resulted in longer durations than the municipal market in general. This positioning was advantageous in this reporting period as intermediate- and longer-dated bonds generally outperformed shorter-dated bonds. Additionally, NKX, NAC, NVX and NZH benefited from the use of leverage as the yield curve flattened and leverage costs remained low. However, NCB's positioning was less favorable during this reporting period. Because the Fund was launched in 2009, when interest rates were comparatively higher and yield spreads were generally wider, NCB's portfolio has experienced fewer calls and lower turnover. Over time this has caused NCB's duration to drift lower, although its duration is still longer than that of the overall municipal market.

The Funds' credit quality exposures also contributed positively, although to a lesser extent than yield curve and duration positioning. Lower rated municipal bonds outperformed higher rated bonds during this reporting period, as the low interest rate environment continued to propel investor demand for yield. The Funds were positioned with overweight allocations to the outperforming A, BBB, below investment grade and non-rated categories and with underweight allocations to the underperforming AA and AAA rated categories. These tilts were advantageous to performance during this reporting period.

An Update Involving Puerto Rico

As noted in the Funds' previous shareholder reports, we continue to monitor situations in the broader municipal market for any impact on the Funds' holdings and performance: the ongoing economic problems of Puerto Rico is one such case. Puerto Rico's continued economic weakening, escalating debt service obligations, and long-standing inability to deliver a balanced budget led to multiple downgrades on its debt over the past two years. Puerto Rico has warned investors since 2014 that the island's debt burden may be unsustainable and the Commonwealth has been exploring various strategies to deal with this burden, including Chapter 9 bankruptcy, which is currently not available by law. On June 30, 2016, President Obama signed the Puerto Rico Oversight, Management and Economic Stability Act (PROMESA) into law. The legislation creates a path for Puerto Rico to establish an independent oversight board responsible for managing the government's financial operations and restructure debt. Implementation is expected to take time, as the law focuses on developing a comprehensive five-year fiscal plan.

In terms of Puerto Rico holdings, shareholders should note that NVX had 1.73%, NCB had no exposure and the other four Funds had allocations of less than 1% at the end of the reporting period. The Puerto Rico credits offered higher yields, added diversification and triple exemption (i.e., exemption from most federal, state and local taxes). Puerto Rico general obligation debt is currently rated Caa2/CC/CC (below investment grade) by Moody's, S&P and Fitch, respectively, with negative outlooks.

 

 

Portfolio Manager's Comments (continued)

A Note About Investment Valuations

The municipal securities held by the Funds are valued by the Funds' pricing service using a range of market-based inputs and assumptions. A different municipal pricing service might incorporate different assumptions and inputs into its valuation methodology, potentially resulting in different values for the same securities. These differences could be significant, both as to such individual securities, and as to the value of a given Fund's portfolio in its entirety. Thus, the current net asset value of a Fund's shares may be impacted, higher or lower, if the Fund were to change pricing service, or if its pricing service were to materially change its valuation methodology. On October 4, 2016 (subsequent to the close of this reporting period), the Funds' current municipal bond pricing service was acquired by the parent company of another pricing service. Thus there is an increased risk that each Fund's pricing service may change, or that the Funds' current pricing service may change its valuation methodology, either of which could have an impact on the net asset value of each Fund's shares.

 

 

Fund Leverage

IMPACT OF THE FUNDS' LEVERAGE STRATEGIES ON PERFORMANCE

One important factor impacting the returns of the Funds relative to their comparative benchmarks was the Funds' use of leverage through their issuance of preferred shares and/or investments in inverse floating rate securities, which represent leveraged investments in underlying bonds. NCA and NCB do not use regulatory leverage. The Funds use leverage because our research has shown that, over time, leveraging provides opportunities for additional income, particularly in the recent market environment where short-term market rates are at or near historical lows, meaning that the short-term rates the Fund has been paying on its leveraging instruments have been much lower than the interest the Fund has been earning on its portfolio of long-term bonds that it has bought with the proceeds of that leverage. However, use of leverage also can expose the Fund to additional price volatility. When a Fund uses leverage, the Fund will experience a greater increase in its net asset value if the municipal bonds acquired through the use of leverage increase in value, but it will also experience a correspondingly larger decline in its net asset value if the bonds acquired through leverage decline in value, which will make the Fund's net asset value more volatile, and its total return performance more variable over time. In addition, income in levered funds will typically decrease in comparison to unlevered funds when short-term interest rates increase and increase when short-term interest rates decrease. Leverage had a positive impact on the performance of the Funds over this reporting period.

As of August 31, 2016, the Funds' percentages of leverage are as shown in the accompanying table.

 

 

 

 

Fund Leverage (continued)

THE FUNDS' REGULATORY LEVERAGE

As of August 31, 2016, the following Funds have issued and outstanding Institutional MuniFund Term Preferred (iMTP) Shares, Variable Rate MuniFund Term Preferred (VMTP) Shares and Variable Rate Demand Preferred (VRDP) Shares as shown in the accompanying table. As mentioned previously, NCA and NCB do not use regulatory leverage.

		iMTP Shares								VMTP Shares								VRDP Shares
						Shares								Shares								Shares
						Issued at								Issued at								Issued at
						Liquidation								Liquidation								Liquidation
		Series				Preference				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
																			6			$	105,000,000
						$	36,000,000				—				—							$	396,600,000			$	432,600,000
NAC			—				—				2019			$	145,000,000				1			$	136,200,000
																			2			$	91,000,000
																			3			$	49,800,000
																			4			$	105,600,000
																			5			$	158,900,000
																			6			$	158,100,000
														$	145,000,000							$	699,600,000			$	844,600,000
NVX			—				—				—				—				1			$	98,000,000			$	98,000,000
NZH			—				—				—				—				1			$	160,000,000			$	160,000,000

During the current reporting period, NKX issued an additional $105,000,000 VRDP Shares at liquidation preference, which will be used to invest in additional municipal securities in accordance with its investment objectives and policies and to pay costs associated with the transaction.

During the current reporting period, NAC issued $145,000,000 VMTP Shares at liquidation preference, which will be used to invest in additional municipal securities in accordance with its investment objectives and policies and to pay costs associated with the transaction.

Refer to Notes to Financial Statements, Note 4 — Fund Shares, Preferred Shares for further details on iMTP, VMTP and VRDP Shares and each Fund's respective transactions.

 

 

Common Share Information

COMMON SHARE DISTRIBUTION INFORMATION

The following information regarding the Funds' distributions is current as of August 31, 2016. Each Fund's distribution levels may vary over time based on each Fund's investment activity and portfolio investment value changes.

During the current reporting period, each Fund's distributions to common shareholders were as shown in the accompanying table.

 

*

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 would be lower.

Each Fund in this report seeks to pay regular monthly dividends out of its net investment income at a rate that reflects its past and projected net income performance. To permit each Fund to maintain a more stable monthly dividend, the Fund may pay dividends at a rate that may be more or less than the amount of net income actually earned by the Fund during the period. If a Fund has cumulatively earned more than it has paid in dividends, it will hold the excess in reserve as undistributed net investment income (UNII) as part of the Fund's net asset value. Conversely, if a Fund has cumulatively paid in dividends more than it has earned, the excess will constitute a negative UNII that will likewise be reflected in the Fund's net asset value. Each Fund will, over time, pay all its net investment income as dividends to shareholders.

As of August 31, 2016, the Funds had positive UNII balances, based upon our best estimate, for tax purposes and positive UNII balances for financial reporting purposes.

All monthly dividends paid by each Fund during the current reporting period, were paid from net investment income. If a portion of the Fund's monthly distributions was sourced from or comprised of elements other than net investment income, including capital gains and/or a return of capital, shareholders would have received a notice to that effect. For financial reporting purposes, the composition and per share amounts of each Fund's dividends for the reporting period are presented in this report's Statement of

 

 

Common Share Information (continued)

Changes in Net Assets and Financial Highlights, respectively. For income tax purposes, distribution information for each Fund as of its most recent tax year end is presented in Note 6 – Income Tax Information within the Notes to Financial Statements of this report.

COMMON SHARE REPURCHASES

During August 2016, the Funds' Board of Directors/Trustees reauthorized an open–market share repurchase program, allowing each Fund to repurchase an aggregate of up to approximately 10% of its outstanding shares.

As of August 31, 2016, and since the inception of the Funds' repurchase programs, the Funds have cumulatively repurchased and retired their outstanding common shares as shown in the accompanying table.

 

During the current reporting period, the Funds did not repurchase any of their outstanding common shares.

COMMON SHARE EQUITY SHELF PROGRAMS

During the current reporting period, the following Funds were authorized by the Securities and Exchange Commission (SEC) to issue additional common shares through an equity shelf program (Shelf Offering). Under these programs, the Funds, subject to market conditions, may raise additional capital from time to time in varying amounts and offering methods at a net price at or above each Fund's NAV per common share. Under the Shelf Offering, each Fund is authorized to issue additional common shares as shown in the accompanying table:

 

During the current reporting period, each Fund sold common shares through its Shelf Offering at a weighted average premium to its NAV per common share as shown in the accompanying table.

 

Subsequent to the close of the reporting period, NCA filed a registration statement with the SEC to establish an additional shelf offering, which is not yet effective.

Refer to Notes to Financial Statements, Note 4 – Fund Shares, Common Shares, Equity Shelf Programs and Offering Costs for further details on shelf offerings and each Fund's respective transactions.

OTHER COMMON SHARE INFORMATION

As of August 31, 2016, and during the current reporting period, the Funds' common share prices were trading at a premium/(discount) to their common share NAVs as shown in the accompanying table.

 

 

Risk Considerations

Fund shares are not guaranteed or endorsed by any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation.

Nuveen California Municipal Value Fund, Inc. (NCA)
Nuveen California Municipal Value Fund 2 (NCB)

Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund's investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As interest rates rise, bond prices fall. State concentration makes the Fund more susceptible to local adverse economic, political, or regulatory changes affecting municipal bond issuers. These and other risk considerations such as tax risk are described in more detail on the Fund's web page at www.nuveen.com/NCA and www.nuveen.com/NCB.

Nuveen California AMT-Free Municipal Income Fund (NKX)
Nuveen California Dividend Advantage Municipal Fund (NAC)
Nuveen California Dividend Advantage Municipal Fund 2 (NVX)
Nuveen California Dividend Advantage Municipal Fund 3 (NZH)

Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund's investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As interest rates rise, bond prices fall. Leverage increases return volatility and magnifies the Fund's potential return and its risks; there is no guarantee a fund's leverage strategy will be successful. State concentration makes the Fund more susceptible to local adverse economic, political, or regulatory changes affecting municipal bond issuers. These and other risk considerations such as inverse floater risk and tax risk are described in more detail on the Fund's web page at www.nuveen.com/NKX, www.nuveen.com/NAC, www.nuveen.com/NVX and www.nuveen.com/NZH.

 

 

Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.

Average Annual Total Returns as of August 31, 2016

Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index and Lipper return information is provided for the Fund's shares at NAV only. Indexes and Lipper averages are not available for direct investment.

This data relates to the securities held in the Fund's portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.

For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor's Group, Moody's Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.

Fund Allocation
(% of net assets)
Long-Term Municipal Bonds	97.3%
Other Assets Less Liabilities	3.8%
Net Assets Plus Floating Rate Obligations	101.1%
Floating Rate Obligations	(1.1)%
Net Assets	100%

Portfolio Composition
(% of total investments)
Tax Obligation/General	25.9%
Tax Obligation/Limited	20.9%
U.S. Guaranteed	15.2%
Health Care	10.8%
Transportation	8.9%
Consumer Staples	5.9%
Other	12.4%
Total	100%

Credit Quality
(% of total investment exposure)
AAA/U.S. Guaranteed	21.1%
AA	45.1%
A	11.1%
BBB	7.3%
BB or Lower	10.2%
N/R (not rated)	5.2%
Total	100%

14

NUVEEN

NCB
	Nuveen California Municipal Value Fund 2
	Performance Overview and Holding Summaries as of August 31, 2016

	Cumulative		Average Annual
					Since
	6-Month		1-Year	5-Year	Inception
NCB at Common Share NAV	4.38%		8.64%	7.68%	8.22%
NCB at Common Share Price	7.19%		19.52%	10.95%	8.61%
S&P Municipal Bond California Index	3.47%		7.37%	5.96%	6.40%
S&P Municipal Bond Index	3.35%		7.03%	4.99%	5.68%
Lipper California Municipal Debt Funds Classification Average	5.40%		11.44%	9.23%	6.36%

Fund Allocation
(% of net assets)
Long-Term Municipal Bonds	97.7%
Other Assets Less Liabilities	2.3%
Net Assets	100%

Portfolio Composition
(% of total investments)
Utilities	18.6%
Tax Obligation/Limited	18.3%
U.S. Guaranteed	16.7%
Tax Obligation/General	14.4%
Health Care	12.4%
Consumer Staples	6.6%
Transportation	5.2%
Other	7.8%
Total	100%

Credit Quality
(% of total investment exposure)
AAA/U.S. Guaranteed	26.7%
AA	25.2%
A	28.8%
BBB	8.2%
BB or Lower	9.7%
N/R (not rated)	1.4%
Total	100%

NUVEEN

15

NKX
	Nuveen California AMT-Free Municipal Income Fund
	Performance Overview and Holding Summaries as of August 31, 2016

	Cumulative		Average Annual
	6-Month		1-Year	5-Year	10-Year
NKX at Common Share NAV	6.87%		13.55%	9.91%	7.01%
NKX at Common Share Price	12.03%		26.56%	12.32%	7.97%
S&P Municipal Bond California Index	3.47%		7.37%	5.96%	5.17%
S&P Municipal Bond Index	3.35%		7.03%	4.99%	4.79%
Lipper California Municipal Debt Funds Classification Average	5.40%		11.44%	9.23%	5.89%

Fund Allocation
(% of net assets)
Long-Term Municipal Bonds	151.7%
Other Assets Less Liabilities	2.2%
Net Assets Plus iMTP Shares, at Liquidation Preference & VRDP Shares, at Liquidation Preference	153.9%
iMTP Shares, at Liquidation Preference	(4.5)%
VRDP Shares, at Liquidation Preference	(49.4)%
Net Assets	100%

Portfolio Composition
(% of total investments)
Tax Obligation/Limited	24.5%
Tax Obligation/General	21.2%
Water and Sewer	12.7%
U.S. Guaranteed	11.9%
Health Care	11.5%
Consumer Staples	6.1%
Transportation	5.1%
Other	7.0%
Total	100%

Credit Quality
(% of total investment exposure)
AAA/U.S. Guaranteed	16.2%
AA	49.5%
A	11.6%
BBB	8.5%
BB or Lower	9.8%
N/R (not rated)	4.4%
Total	100%

16

NUVEEN

NAC
	Nuveen California Dividend Advantage Municipal Fund
	Performance Overview and Holding Summaries as of August 31, 2016

	Cumulative		Average Annual
	6-Month		1-Year	5-Year	10-Year
NAC at Common Share NAV	7.16%		13.86%	10.33%	7.16%
NAC at Common Share Price	8.47%		22.51%	11.20%	7.27%
S&P Municipal Bond California Index	3.47%		7.37%	5.96%	5.17%
S&P Municipal Bond Index	3.35%		7.03%	4.99%	4.79%
Lipper California Municipal Debt Funds Classification Average	5.40%		11.44%	9.23%	5.89%

Fund Allocation
(% of net assets)
Long-Term Municipal Bonds	149.9%
Other Assets Less Liabilities	1.0%
Net Assets Plus Floating Rate Obligations, VMTP Shares, at Liquidation Preference & VRDP Shares, at Liquidation Preference	150.9%
Floating Rate Obligations	(4.2)%
VMTP Shares, at Liquidation Preference	(8.0)%
VRDP Shares, at Liquidation Preference	(38.7)%
Net Assets	100%

Portfolio Composition
(% of total investments)
Tax Obligation/General	25.5%
Tax Obligation/Limited	19.0%
Health Care	13.9%
U.S. Guaranteed	11.9%
Water and Sewer	10.8%
Transportation	6.4%
Consumer Staples	6.1%
Other	6.4%
Total	100%

Credit Quality
(% of total investment exposure)
AAA/U.S. Guaranteed	18.4%
AA	46.3%
A	13.5%
BBB	8.8%
BB or Lower	10.1%
N/R (not rated)	2.9%
Total	100%

NUVEEN

17

NVX
	Nuveen California Dividend Advantage Municipal Fund 2
	Performance Overview and Holding Summaries as of August 31, 2016

	Cumulative		Average Annual
	6-Month		1-Year	5-Year	10-Year
NVX at Common Share NAV	6.53%		13.49%	9.04%	6.83%
NVX at Common Share Price	6.76%		18.43%	9.59%	7.23%
S&P Municipal Bond California Index	3.47%		7.37%	5.96%	5.17%
S&P Municipal Bond Index	3.35%		7.03%	4.99%	4.79%
Lipper California Municipal Debt Funds Classification Average	5.40%		11.44%	9.23%	5.89%

Fund Allocation
(% of net assets)
Long-Term Municipal Bonds	138.2%
Other Assets Less Liabilities	1.6%
Net Assets Plus VRDP Shares, at Liquidation Preference	139.8%
VRDP Shares, at Liquidation Preference	(39.8)%
Net Assets	100%

Portfolio Composition
(% of total investments)
Tax Obligation/General	23.7%
Tax Obligation/Limited	17.3%
Health Care	12.8%
Transportation	11.0%
Water and Sewer	10.7%
Utilities	7.9%
U.S. Guaranteed	6.7%
Consumer Staples	6.5%
Other	3.4%
Total	100%

Credit Quality
(% of total investment exposure)
AAA/U.S. Guaranteed	9.6%
AA	45.5%
A	22.2%
BBB	8.7%
BB or Lower	11.9%
N/R (not rated)	2.1%
Total	100%

18

NUVEEN

NZH
	Nuveen California Dividend Advantage Municipal Fund 3
	Performance Overview and Holding Summaries as of August 31, 2016

	Cumulative		Average Annual
	6-Month		1-Year	5-Year	10-Year
NZH at Common Share NAV	6.57%		13.41%	9.84%	6.45%
NZH at Common Share Price	8.92%		24.89%	10.94%	6.88%
S&P Municipal Bond California Index	3.47%		7.37%	5.96%	5.17%
S&P Municipal Bond Index	3.35%		7.03%	4.99%	4.79%
Lipper California Municipal Debt Funds Classification Average	5.40%		11.44%	9.23%	5.89%

Fund Allocation
(% of net assets)
Long-Term Municipal Bonds	141.3%
Other Assets Less Liabilities	1.4%
Net Assets Plus VRDP Shares, at Liquidation Preference	142.7%
VRDP Shares, at Liquidation Preference	(42.7)%
Net Assets	100%

Portfolio Composition
(% of total investments)
Tax Obligation/Limited	23.1%
Health Care	19.3%
Tax Obligation/General	13.2%
Water and Sewer	11.4%
Transportation	8.9%
U.S. Guaranteed	8.3%
Consumer Staples	7.2%
Other	8.6%
Total	100%

Credit Quality
(% of total investment exposure)
AAA/U.S. Guaranteed	16.5%
AA	45.2%
A	12.9%
BBB	10.4%
BB or Lower	11.1%
N/R (not rated)	3.9%
Total	100%

NUVEEN

19

NCA
	Nuveen California Municipal Value Fund, Inc.
	Portfolio of Investments	August 31, 2016 (Unaudited)

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)		Value
			LONG-TERM INVESTMENTS – 97.3% (100.0% of Total Investments)
			MUNICIPAL BONDS – 97.3% (100.0% of Total Investments)
			Consumer Staples – 5.8% (5.9% of Total Investments)
$	3,000		California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Gold Country Settlement Funding Corporation, Refunding Series 2006, 5.250%, 6/01/46	11/16 at 100.00		CCC	$	3,000,090
	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		2,033,340
	170		California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Sonoma County Tobacco Securitization Corporation, Series 2005, 4.250%, 6/01/21	11/16 at 100.00		BBB+		170,077
			Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
	3,940		5.000%, 6/01/33	6/17 at 100.00		B–		3,978,809
	175		5.125%, 6/01/47	6/17 at 100.00		B–		175,707
	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–		3,666,961
	3,895		Silicon Valley Tobacco Securitization Authority, California, Tobacco Settlement Asset-Backed Bonds, Santa Clara County Tobacco Securitization Corporation, Series 2007A, 0.000%, 6/01/41	6/17 at 26.07		N/R		910,417
	3,500		Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed Bonds, Series 2005A-1, 5.500%, 6/01/45	11/16 at 100.00		B–		3,500,245
	20,250		Total Consumer Staples					17,435,646
			Education and Civic Organizations – 1.2% (1.3% of Total Investments)
	1,000		California Educational Facilities Authority, Revenue Bonds, Stanford University Series 2016U-7, 5.000%, 6/01/46	No Opt. Call		AAA		1,519,660
	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		532,355
	690		California State University, Systemwide Revenue Bonds, Series 2016A, 5.000%, 11/01/41	5/26 at 100.00		Aa2		860,796
	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–		832,517
	2,840		Total Education and Civic Organizations					3,745,328
			Health Care – 10.5% (10.8% 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–		344,391
	2,270		California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, Refunding Series 2016B, 5.000%, 11/15/46	11/26 at 100.00		AA–		2,817,615
	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		660,705
	350		California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Refunding Series 2014A, 5.000%, 10/01/38	10/24 at 100.00		AA–		428,589
	690		California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Series 2014B, 5.000%, 10/01/44	10/24 at 100.00		AA–		820,534
			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		Aa3		655,603
	670		5.250%, 8/15/41	8/21 at 100.00		Aa3		770,875
	1,000		California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2011B, 6.000%, 8/15/42	8/20 at 100.00		AA–		1,197,310
	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–		2,308,250

20

NUVEEN

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)		Value
			Health Care (continued)
$	2,390		California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2016A, 5.000%, 12/01/46	6/26 at 100.00		BB+	$	2,739,131
	2,625		California Statewide Communities Development Authority, Revenue Bonds, Kaiser Permanente, Series 2012A, 5.000%, 4/01/42	4/22 at 100.00		AA–		3,061,669
	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		3,111,450
	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		1,079,220
	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–		3,100,077
	2,940		Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 6.750%, 11/01/39	11/19 at 100.00		Ba1		3,285,626
	2,900		Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 6.000%, 11/01/41	11/20 at 100.00		Ba1		3,120,980
	1,750		San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011, 7.500%, 12/01/41	12/21 at 100.00		BB+		2,178,400
	27,965		Total Health Care					31,680,425
			Housing/Multifamily – 2.0% (2.0% of Total Investments)
	1,000		California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2010A, 6.400%, 8/15/45	8/20 at 100.00		BBB		1,143,370
	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		1,221,480
			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		76,896
	175		5.250%, 8/15/49	8/24 at 100.00		BBB		205,658
	2,235		California Statewide Community Development Authority, Multifamily Housing Revenue Bonds, Harbor City Lights, Series 1999Y, 6.650%, 7/01/39 (Alternative Minimum Tax)	1/17 at 100.00		N/R		2,238,420
	1,045		San Dimas Housing Authority, California, Mobile Home Park Revenue Bonds, Charter Oak Mobile Home Estates Acquisition Project, Series 1998A, 5.700%, 7/01/28	1/17 at 100.00		N/R		1,046,986
	5,580		Total Housing/Multifamily					5,932,810
			Housing/Single Family – 0.7% (0.7% 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		2,160,360
			Long-Term Care – 1.5% (1.5% 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–		4,380,440
	180		California Statewide Community Development Authority, Certificates of Participation, Internext Group, Series 1999, 5.375%, 4/01/17	10/16 at 100.00		BBB+		180,761
	4,180		Total Long-Term Care					4,561,201
			Tax Obligation/General – 25.2% (25.9% of Total Investments)
	1,750		Antelope Valley Community College District, Los Angeles County, California, General Obligation Bonds, Refunding Series 2015, 5.000%, 8/01/39	2/25 at 100.00		Aa2		2,129,085
	1,000		California State, General Obligation Bonds, Refunding Various Purpose Series 2013, 5.000%, 2/01/29	No Opt. Call		AA–		1,219,200
	1,000		California State, General Obligation Bonds, Various Purpose Refunding Series 2014, 5.000%, 8/01/31	8/24 at 100.00		AA–		1,252,700
	3,000		California State, General Obligation Bonds, Various Purpose Refunding Series 2015, 5.000%, 8/01/34	8/25 at 100.00		AA–		3,739,950

NUVEEN

21

NCA	Nuveen California Municipal Value Fund, Inc.
	Portfolio of Investments (continued)	August 31, 2016 (Unaudited)

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)		Value
			Tax Obligation/General (continued)
			California State, General Obligation Bonds, Various Purpose Series 2009:
$	2,500		6.000%, 4/01/38	4/19 at 100.00		AA–	$	2,833,625
	1,000		6.000%, 11/01/39	11/19 at 100.00		AA–		1,161,410
	2,000		California State, General Obligation Bonds, Various Purpose Series 2010, 5.500%, 3/01/40	3/20 at 100.00		AA–		2,299,100
			California State, General Obligation Bonds, Various Purpose Series 2013:
	2,500		5.000%, 4/01/37	4/23 at 100.00		AA–		3,011,750
	2,500		5.000%, 2/01/43	No Opt. Call		AA–		2,986,050
	2,240		5.000%, 11/01/43	11/23 at 100.00		AA–		2,723,235
			California State, General Obligation Bonds, Various Purpose Series 2014:
	5,000		5.000%, 5/01/32	5/24 at 100.00		AA–		6,213,700
	1,970		5.000%, 10/01/39	10/24 at 100.00		AA–		2,425,582
	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		36,952
	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–		3,943,100
	2,000		Puerto Rico, General Obligation Bonds, Public Improvement Series 2002A, 5.500%, 7/01/20 – NPFG Insured	No Opt. Call		AA–		2,170,260
	6,000		Rio Hondo Community College District, California, General Obligation Bonds, Election of 2004, Series 2010C, 0.000%, 8/01/42 (4)	8/34 at 100.00		AA		6,656,820
	3,000		San Diego Unified School District, San Diego County, California, General Obligation Bonds, Dedicated Unlimited Ad Valorem Property Tax, 2012 Election Series 2016F, 5.000%, 7/01/40	7/25 at 100.00		AAA		3,681,720
	11,875		San Mateo Union High School District, San Mateo County, California, General Obligation Bonds, Election 2010 Series 2011A, 0.000%, 9/01/41 (4)	9/36 at 100.00		Aaa		11,067,143
	20,860		Yosemite Community College District, California, General Obligation Bonds, Capital Appreciation, Election 2004, Series 2010D, 0.000%, 8/01/42 (4)	No Opt. Call		Aa2		16,582,864
	80,485		Total Tax Obligation/General					76,134,246
			Tax Obligation/Limited – 20.3% (20.9% of Total Investments)
	1,000		Artesia Redevelopment Agency, California, Tax Allocation Revenue Bonds, Artesia Redevelopment Project Area, Series 2007, 5.375%, 6/01/27	11/16 at 100.00		BBB+		1,002,000
			Bell Community Redevelopment Agency, California, Tax Allocation Bonds, Bell Project Area, Series 2003:
	3,000		5.500%, 10/01/23 – RAAI Insured	11/16 at 100.00		AA		3,005,040
	1,000		5.625%, 10/01/33 – RAAI Insured	11/16 at 100.00		AA		1,000,980
	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+		4,342,800
	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+		1,516,700
	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+		1,144,930
	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+		2,346,200
	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+		3,583,020
	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		1,018,216
	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		1,032,480
	750		Fontana Redevelopment Agency, San Bernardino County, California, Tax Allocation Bonds, Jurupa Hills Redevelopment Project, Refunding Series 1997A, 5.500%, 10/01/27	4/17 at 100.00		A		753,008
	8,250		Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Refunding Series 2015A, 5.000%, 6/01/45	6/25 at 100.00		A+		10,013,354

22

NUVEEN

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)		Value
			Tax Obligation/Limited (continued)
$	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+	$	687,002
			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		152,948
	355		5.125%, 9/01/36	9/16 at 100.00		N/R		360,950
	2,500		Kern County Board of Education, California, Certificates of Participation, Series 2006A, 5.000%, 6/01/31 – NPFG Insured	11/16 at 100.00		AA–		2,507,350
	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		845,970
	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		4,186,266
	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		462,748
	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+		170,103
	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		5,934,054
	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		180,693
			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		1,075,723
	860		5.750%, 9/01/39	9/23 at 100.00		N/R		977,691
	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		98,799
	2,000		Roseville, California, Special Tax Bonds, Community Facilities District 1 Fiddyment Ranch, Series 2005, 5.050%, 9/01/30	3/17 at 100.00		N/R		2,022,580
	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		57,936
	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		1,182,230
	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		191,046
	2,750		San Jose Financing Authority, California, Lease Revenue Refunding Bonds, Convention Center Project, Series 2001F, 5.000%, 9/01/20 – NPFG Insured	9/16 at 100.00		AA		2,760,423
	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+		808,571
			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–		415,892
	590		5.000%, 8/01/25 – NPFG Insured	8/17 at 100.00		AA–		613,329
	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		131,809
	1,330		Tehachapi Redevelopment Agency, California, Tax Allocation Bonds, Series 2007, 5.250%, 12/01/37 – RAAI Insured	12/17 at 100.00		AA		1,369,528
	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		1,093,550
	485		Vista Joint Powers Financing Authority, California, Special Tax Lease Revenue Refunding Bonds, Community Facilities District 90-2, Series 1997A, 5.875%, 9/01/20	9/16 at 100.00		N/R		486,300

NUVEEN

23

NCA	Nuveen California Municipal Value Fund, Inc.
	Portfolio of Investments (continued)	August 31, 2016 (Unaudited)

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)		Value
			Tax Obligation/Limited (continued)
$	1,730		West Contra Costa Healthcare District, California, Certificates of Participation, Series 2004, 5.375%, 7/01/21 – AMBAC Insured	11/16 at 100.00		N/R	$	1,755,535
	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–		233,470
	55,760		Total Tax Obligation/Limited					61,521,224
			Transportation – 8.6% (8.9% 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+		2,226,297
			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		2,236,575
	4,010		5.750%, 1/15/46	1/24 at 100.00		BBB–		4,804,702
	4,010		6.000%, 1/15/53	1/24 at 100.00		BBB–		4,862,245
	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		6,761,744
	3,000		Los Angeles Harbors Department, California, Revenue Bonds, Series 2014C, 5.000%, 8/01/44	8/24 at 100.00		AA		3,626,580
	175		Palm Springs Financing Authority, California, Palm Springs International Airport Revenue Bonds, Series 2006, 5.550%, 7/01/28 (Alternative Minimum Tax)	11/16 at 100.00		N/R		175,242
	1,210		Port of Oakland, California, Revenue Bonds, Refunding Series 2012P, 5.000%, 5/01/29 (Alternative Minimum Tax)	No Opt. Call		A+		1,424,352
	21,835		Total Transportation					26,117,737
			U.S. Guaranteed – 14.8% (15.2% of Total Investments) (5)
	5,365		California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2007A, 5.250%, 11/15/46 (Pre-refunded 11/15/16) (UB)	11/16 at 100.00		AA– (5)		5,415,055
	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 (5)		1,631,008
	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+ (5)		1,040,590
	1,855		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		2,174,023
	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 (5)		1,672,605
			Madera Irrigation District. California, Water Revenue Refunding Bonds, Series 2008:
	1,850		5.500%, 1/01/33 (Pre-refunded 1/01/18)	1/18 at 100.00		A (5)		1,966,865
	3,000		5.500%, 1/01/38 (Pre-refunded 1/01/18)	1/18 at 100.00		A (5)		3,173,370
	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 (5)		750,751
	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+ (5)		8,539,904
	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		BB+ (5)		1,262,312
	440		Rancho Santa Fe CSD Financing Authority, California, Revenue Bonds, Superior Lien Series 2011A, 5.750%, 9/01/30 (Pre-refunded 9/01/21)	9/21 at 100.00		A– (5)		544,870
	13,285		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		10,161,164
	65		San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds, Mission Bay North Redevelopment Project, Series 2011C, 6.750%, 8/01/41 (Pre-refunded 2/01/21)	2/21 at 100.00		A– (5)		81,706
			San Francisco Redevelopment Financing Authority, California, Tax Allocation Revenue Bonds, Mission Bay South Redevelopment Project, Series 2011D:
	65		7.000%, 8/01/33 (Pre-refunded 2/01/21)	2/21 at 100.00		BBB+ (5)		82,410
	80		7.000%, 8/01/41 (Pre-refunded 2/01/21)	2/21 at 100.00		BBB+ (5)		101,427

24

NUVEEN

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)		Value
			U.S. Guaranteed (5) (continued)
$	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 (5)	$	661,381
	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+ (5)		3,145,650
	910		Santa Clara Valley Transportation Authority, California, Sales Tax Revenue Bonds, 2000 Measure A, Refunding Series 2007A, 5.000%, 4/01/36 (Pre-refunded 4/01/17) – AMBAC Insured	4/17 at 100.00		AA+ (5)		934,060
	1,320		Tahoe Forest Hospital District, Placer and Nevada Counties, California, General Obligation Bonds, Series 2010B, 5.500%, 8/01/35 (Pre-refunded 8/01/18)	8/18 at 100.00		Aa3 (5)		1,444,040
	51,390		Total U.S. Guaranteed					44,783,191
			Utilities – 2.7% (2.8% 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	12/16 at 100.00		N/R		2,000,840
	1,800		Long Beach Bond Finance Authority, California, Natural Gas Purchase Revenue Bonds, Series 2007A, 5.500%, 11/15/37	No Opt. Call		A		2,471,076
	1,000		Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2016A, 5.000%, 7/01/37	1/26 at 100.00		Aa2		1,244,600
			Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2016B:
	335		5.000%, 7/01/30	1/26 at 100.00		Aa2		428,036
	705		5.000%, 7/01/31	1/26 at 100.00		Aa2		896,619
	210		5.000%, 7/01/32	1/26 at 100.00		Aa2		265,637
	235		5.000%, 7/01/33	1/26 at 100.00		Aa2		296,114
	420		5.000%, 7/01/34	1/26 at 100.00		Aa2		527,188
	6,705		Total Utilities					8,130,110
			Water and Sewer – 4.0% (4.1% 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		1,552,499
	2,675		5.000%, 11/21/45 (Alternative Minimum Tax)	No Opt. Call		Baa3		3,012,612
	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+		5,179,350
	2,000		Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2016A, 5.000%, 7/01/46	1/21 at 100.00		AA+		2,475,820
	11,050		Total Water and Sewer					12,220,281
$	290,165		Total Long-Term Investments (cost $253,631,880)					294,422,559
			Floating Rate Obligations – (1.1)%					(3,240,000	)
			Other Assets Less Liabilities – 3.8%					11,364,758
			Net Assets – 100%				$	302,547,317

(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: 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)	For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. 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)	Step-up coupon. The rate shown is the coupon as of the end of the reporting period.
(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.
(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

25

NCB
	Nuveen California Municipal Value Fund 2
	Portfolio of Investments	August 31, 2016 (Unaudited)

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)		Value
			LONG-TERM INVESTMENTS – 97.7% (100.0% of Total Investments)
			MUNICIPAL BONDS – 97.7% (100.0% of Total Investments)
			Consumer Staples – 6.5% (6.6% 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–	$	2,019,700
	1,000		Silicon Valley Tobacco Securitization Authority, California, Tobacco Settlement Asset-Backed Bonds, Santa Clara County Tobacco Securitization Corporation, Series 2007A, 0.000%, 6/01/41	6/17 at 26.07		N/R		233,740
	1,500		Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed Bonds, Series 2005A-1, 5.500%, 6/01/45	11/16 at 100.00		B–		1,500,105
	4,500		Total Consumer Staples					3,753,545
			Education and Civic Organizations – 2.2% (2.2% 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		974,751
	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		118,301
	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–		178,397
	1,115		Total Education and Civic Organizations					1,271,449
			Health Care – 12.1% (12.4% of Total Investments)
	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		2,168,717
	1,000		California Health Facilities Financing Authority, Revenue Bonds, Childrens Hospital of Orange County, Series 2009A, 6.500%, 11/01/38	11/19 at 100.00		A		1,177,700
	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		83,332
	75		California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Refunding Series 2014A, 5.000%, 10/01/38	10/24 at 100.00		AA–		91,841
	150		California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Series 2014B, 5.000%, 10/01/44	10/24 at 100.00		AA–		178,377
	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–		508,425
	470		California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2016A, 5.250%, 12/01/56	6/26 at 100.00		BB+		546,281
	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		722,949
	250		Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 6.625%, 11/01/29	11/19 at 100.00		Ba1		278,853
	725		Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 6.000%, 11/01/41	11/20 at 100.00		Ba1		780,245
	380		San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011, 7.500%, 12/01/41	12/21 at 100.00		BB+		473,024
	6,205		Total Health Care					7,009,744
			Housing/Multifamily – 1.2% (1.2% of Total Investments)
	220		California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2010A, 6.400%, 8/15/45	8/20 at 100.00		BBB		251,541
	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		80,664

26

NUVEEN

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)		Value
			Housing/Multifamily (continued)
$	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	$	298,153
			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		17,745
	40		5.250%, 8/15/49	8/24 at 100.00		BBB		47,008
	595		Total Housing/Multifamily					695,111
			Housing/Single Family – 0.0% (0.1% of Total Investments)
	25		California Housing Finance Agency, California, Home Mortgage Revenue Bonds, Series 2008L, 5.500%, 8/01/38	2/18 at 100.00		AA–		25,382
			Long-Term Care – 2.1% (2.2% 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–		1,217,710
			Tax Obligation/General – 14.1% (14.4% of Total Investments)
	2,100		Carlsbad Unified School District, San Diego County, California, General Obligation Bonds, Series 2009B, 0.000%, 5/01/34 (4)	5/24 at 100.00		AA		2,302,838
	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		24,847
	1,000		Rio Hondo Community College District, California, General Obligation Bonds, Election of 2004, Series 2010C, 0.000%, 8/01/42 (4)	8/34 at 100.00		AA		1,109,470
	1,000		San Diego Unified School District, San Diego County, California, General Obligation Bonds, Dedicated Unlimited Ad Valorem Property Tax, 2012 Election Series 2016F, 5.000%, 7/01/40	7/25 at 100.00		AAA		1,227,240
	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–		2,934,199
	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+		562,950
	14,795		Total Tax Obligation/General					8,161,544
			Tax Obligation/Limited – 17.9% (18.3% 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+		2,217,915
	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+		587,325
	160		Fontana Redevelopment Agency, San Bernardino County, California, Tax Allocation Bonds, Jurupa Hills Redevelopment Project, Refunding Series 1997A, 5.500%, 10/01/27	4/17 at 100.00		A		160,642
			Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Refunding Series 2015A:
	180		5.000%, 6/01/40	6/25 at 100.00		A+		219,431
	1,820		5.000%, 6/01/45	6/25 at 100.00		A+		2,209,007
	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+		147,578
	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		489,388
	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		100,054
	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+		36,451
	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		39,527

NUVEEN

27

NCB	Nuveen California Municipal Value Fund 2
	Portfolio of Investments (continued)	August 31, 2016 (Unaudited)

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)		Value
			Tax Obligation/Limited (continued)
			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	$	237,791
	190		5.750%, 9/01/39	9/23 at 100.00		N/R		216,002
	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		18,525
	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		23,174
	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–		1,161,210
	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		1,665,735
	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+		606,704
	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–		129,943
	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		29,957
	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–		48,489
	9,050		Total Tax Obligation/Limited					10,344,848
			Transportation – 5.0% (5.2% 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+		483,180
			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–		1,036,426
	865		6.000%, 1/15/53	1/24 at 100.00		BBB–		1,048,838
	305		Port of Oakland, California, Revenue Bonds, Refunding Series 2012P, 5.000%, 5/01/31 (Alternative Minimum Tax)	No Opt. Call		A+		357,707
	2,430		Total Transportation					2,926,151
			U.S. Guaranteed – 16.3% (16.7% of Total Investments) (5)
	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 (Pre-refunded 5/15/19)	5/19 at 100.00		AA– (5)		1,143,250
			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 (5)		63,293
	80		5.500%, 11/01/39 (Pre-refunded 11/01/19)	11/19 at 100.00		A2 (5)		92,062
	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 (5)		356,783
			California State, General Obligation Bonds, Various Purpose Series 2007:
	1,230		5.000%, 6/01/37 (Pre-refunded 6/01/17) – NPFG Insured	6/17 at 100.00		AA– (5)		1,271,992
	770		5.000%, 6/01/37 (Pre-refunded 6/01/17) – NPFG Insured	6/17 at 100.00		AA– (5)		796,288
	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 (5)		678,822
	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 (5)		1,243,424
	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 (5)		500,281
	2,000		Orange County Sanitation District, California, Certificates of Participation, Tender Option Bond Trust 3020, 16.176%, 2/01/35 (Pre-refunded 02/01/19) (IF) (6)	2/19 at 100.00		AAA		2,848,759

28

NUVEEN

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)		Value
			U.S. Guaranteed (5) (continued)
$	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		BB+ (5)	$	268,102
	95		Rancho Santa Fe CSD Financing Authority, California, Revenue Bonds, Superior Lien Series 2011A, 5.750%, 9/01/30 (Pre-refunded 9/01/21)	9/21 at 100.00		A– (5)		117,642
	15		San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds, Mission Bay North Redevelopment Project, Series 2011C, 6.750%, 8/01/41 (Pre-refunded 2/01/21)	2/21 at 100.00		A– (5)		18,855
			San Francisco Redevelopment Financing Authority, California, Tax Allocation Revenue Bonds, Mission Bay South Redevelopment Project, Series 2011D:
	15		7.000%, 8/01/33 (Pre-refunded 2/01/21)	2/21 at 100.00		BBB+ (5)		19,018
	15		7.000%, 8/01/41 (Pre-refunded 2/01/21)	2/21 at 100.00		BBB+ (5)		19,018
	11,365		Total U.S. Guaranteed					9,437,589
			Utilities – 18.2% (18.6% of Total Investments)
			Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2016B:
	335		5.000%, 7/01/30	1/26 at 100.00		Aa2		428,036
	705		5.000%, 7/01/31	1/26 at 100.00		Aa2		896,619
	210		5.000%, 7/01/32	1/26 at 100.00		Aa2		265,637
	235		5.000%, 7/01/33	1/26 at 100.00		Aa2		296,114
	415		5.000%, 7/01/34	1/26 at 100.00		Aa2		520,912
	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		1,492,090
	2,495		Roseville Natural Gas Financing Authority, California, Gas Revenue Bonds, Series 2007, 5.000%, 2/15/17	No Opt. Call		A		2,534,595
	2,400		Southern California Public Power Authority, Natural Gas Project 1 Revenue Bonds, Series 2007A, 5.250%, 11/01/24	No Opt. Call		A		2,972,711
	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–		1,108,110
	8,795		Total Utilities					10,514,824
			Water and Sewer – 2.1% (2.1% 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		1,210,676
$	60,950		Total Long-Term Investments (cost $47,113,220)					56,568,573
			Other Assets Less Liabilities – 2.3%					1,333,323
			Net Assets – 100%				$	57,901,896

(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: 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)	For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. 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)	Step-up coupon. The rate shown is the coupon as of the end of the reporting period.
(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.
(IF)	Inverse floating rate investment.

NUVEEN

29

NKX
	Nuveen California AMT-Free Municipal Income Fund
	Portfolio of Investments	August 31, 2016 (Unaudited)

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)		Value
			LONG-TERM INVESTMENTS – 151.7% (100.0% of Total Investments)
			MUNICIPAL BONDS – 151.7% (100.0% of Total Investments)
			Consumer Staples – 9.2% (6.1% of Total Investments)
$	860		California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Alameda County Tobacco Asset Securitization Corporation, Series 2002, 5.750%, 6/01/29	11/16 at 100.00		Baa1	$	868,359
			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		B3		6,455,918
	325		5.650%, 6/01/41	12/18 at 100.00		B2		330,418
	2,780		5.700%, 6/01/46	12/18 at 100.00		B2		2,826,426
	80		California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Sonoma County Tobacco Securitization Corporation, Series 2005, 4.250%, 6/01/21	11/16 at 100.00		BBB+		80,036
	2,040		California Statewide Financing Authority, Tobacco Settlement Asset-Backed Bonds, Pooled Tobacco Securitization Program, Series 2002A, 5.625%, 5/01/29	11/16 at 100.00		Baa2		2,073,640
			Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
	18,570		5.000%, 6/01/33	6/17 at 100.00		B–		18,752,914
	1,950		5.750%, 6/01/47	6/17 at 100.00		B–		1,993,524
	13,560		5.125%, 6/01/47	6/17 at 100.00		B–		13,614,782
	16,380		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–		16,824,881
			Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed Bonds, Series 2005A-1:
	8,450		5.375%, 6/01/38	11/16 at 100.00		B–		8,449,493
	2,000		5.500%, 6/01/45	11/16 at 100.00		B–		2,000,140
	73,345		Total Consumer Staples					74,270,531
			Education and Civic Organizations – 2.8% (1.8% 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		1,208,235
	3,000		California Educational Facilities Authority, Revenue Bonds, Pepperdine University, Series 2015, 5.000%, 9/01/40	9/25 at 100.00		AA		3,687,960
	2,000		California Educational Facilities Authority, Revenue Bonds, Stanford University Series 2016U-7, 5.000%, 6/01/46	No Opt. Call		AAA		3,039,320
	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		B+		5,169,028
	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		2,105,758
	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		1,805,744
	2,000		California State University, Systemwide Revenue Bonds, Refunding Series 2015A, 5.000%, 11/01/38	11/25 at 100.00		Aa2		2,494,500
	1,725		California State University, Systemwide Revenue Bonds, Series 2016A, 5.000%, 11/01/41	5/26 at 100.00		Aa2		2,151,989
	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–		356,793
	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		225,128
	18,115		Total Education and Civic Organizations					22,244,455

30

NUVEEN

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)		Value
			Health Care – 17.5% (11.5% of Total Investments)
$	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–	$	519,608
	36,170		California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, Refunding Series 2016B, 5.000%, 11/15/46	11/26 at 100.00		AA–		44,895,651
	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–		6,160,750
	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		1,836,065
	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+		1,439,811
	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–		1,196,480
	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		2,999,959
	2,000		California Health Facilities Financing Authority, Revenue Bonds, Memorial Health Services, Series 2012A, 5.000%, 10/01/33	No Opt. Call		AA–		2,390,720
	1,405		California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Refunding Series 2014A, 5.000%, 10/01/38	10/24 at 100.00		AA–		1,720,479
	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–		3,329,704
	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		Aa3		385,438
	750		California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, Series 2010A, 5.750%, 7/01/40	7/20 at 100.00		Baa2		836,940
	605		California Municipal Financing Authority, Certificates of Participation, Community Hospitals of Central California, Series 2007, 5.250%, 2/01/46	2/17 at 100.00		A–		612,327
			California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2014A:
	2,400		5.250%, 12/01/34	12/24 at 100.00		BB+		2,780,544
	5,200		5.250%, 12/01/44	12/24 at 100.00		BB+		6,004,024
	745		California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2016A, 5.250%, 12/01/56	6/26 at 100.00		BB+		865,913
	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		4,148,600
			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–		3,094,344
	6,500		5.000%, 8/15/47	8/17 at 100.00		BBB+		6,694,675
			California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A:
	770		5.500%, 7/01/24 (4)	11/16 at 100.00		CCC		770,031
	4,240		5.500%, 7/01/30 (4)	11/16 at 100.00		CCC		4,240,170
	105		5.500%, 7/01/35 (4)	11/16 at 100.00		CCC		105,004
	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–		7,046,670
	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–		8,259,655
	2,600		Marysville, California, Revenue Bonds, The Fremont-Rideout Health Group, Series 2011, 5.250%, 1/01/42	1/21 at 100.00		BBB		2,924,246
			Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009:
	9,250		6.625%, 11/01/29	11/19 at 100.00		Ba1		10,317,542
	7,500		6.750%, 11/01/39	11/19 at 100.00		Ba1		8,381,700

NUVEEN

31

NKX	Nuveen California AMT-Free Municipal Income Fund
	Portfolio of Investments (continued)	August 31, 2016 (Unaudited)

	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	$	1,629,885
	2,595		6.000%, 11/01/41	11/20 at 100.00		Ba1		2,792,739
	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		1,028,310
	850		San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011, 7.500%, 12/01/41	12/21 at 100.00		BB+		1,058,080
	121,865		Total Health Care					140,466,064
			Housing/Multifamily – 2.4% (1.6% of Total Investments)
	475		California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2010A, 6.400%, 8/15/45	8/20 at 100.00		BBB		543,101
	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		178,613
	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		417,413
			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		2,335,020
	8,000		6.000%, 11/15/48	11/23 at 100.00		BBB		9,510,160
			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		307,585
	705		5.250%, 8/15/49	8/24 at 100.00		BBB		828,509
	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–		3,620,793
			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		769,448
	185		5.000%, 6/15/49	6/24 at 100.00		A		211,211
	950		Poway, California, Housing Revenue Bonds, Revenue Bonds, Poinsettia Mobile Home Park, Series 2003, 5.000%, 5/01/23	11/16 at 100.00		AA–		952,688
	17,035		Total Housing/Multifamily					19,674,541
			Housing/Single Family – 0.0% (0.0% of Total Investments)
	40		California Housing Finance Agency, California, Home Mortgage Revenue Bonds, Series 2008L, 5.500%, 8/01/38	2/18 at 100.00		AA–		40,611
			Long-Term Care – 1.2% (0.8% 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–		3,508,860
	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–		2,739,847
	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–		1,562,977
	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+		1,525,125
	8,050		Total Long-Term Care					9,336,809
			Tax Obligation/General – 32.1% (21.2% 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		Aa2		3,636,810
	4,000		Antelope Valley Community College District, Los Angeles County, California, General Obligation Bonds, Refunding Series 2015, 5.000%, 8/01/39	2/25 at 100.00		Aa2		4,866,480
	1,000		California State, General Obligation Bonds, Refunding Series 2011, 5.250%, 9/01/25	9/21 at 100.00		AA–		1,212,760

32

NUVEEN

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)		Value
			Tax Obligation/General (continued)
$	1,600		California State, General Obligation Bonds, Refunding Various Purpose Series 2015, 5.000%, 9/01/32	9/25 at 100.00		AA–	$	2,007,040
	4,910		California State, General Obligation Bonds, Various Purpose Refunding Series 2014, 5.000%, 10/01/32	10/24 at 100.00		AA–		6,162,541
			California State, General Obligation Bonds, Various Purpose Refunding Series 2015:
	2,140		5.000%, 8/01/28	8/25 at 100.00		AA–		2,731,111
	9,055		5.000%, 8/01/31	2/25 at 100.00		AA–		11,260,526
			California State, General Obligation Bonds, Various Purpose Series 2009:
	2,350		6.000%, 11/01/39	11/19 at 100.00		AA–		2,729,313
	1,300		5.500%, 11/01/39	11/19 at 100.00		AA–		1,484,509
	6,000		California State, General Obligation Bonds, Various Purpose Series 2010, 6.000%, 3/01/33	3/20 at 100.00		AA–		7,072,440
			California State, General Obligation Bonds, Various Purpose Series 2011:
	2,000		5.000%, 9/01/31	No Opt. Call		AA–		2,378,460
	4,090		5.000%, 9/01/41	9/21 at 100.00		AA–		4,842,069
	2,625		5.000%, 10/01/41	10/21 at 100.00		AA–		3,115,455
			California State, General Obligation Bonds, Various Purpose Series 2013:
	3,500		5.000%, 4/01/37	4/23 at 100.00		AA–		4,216,450
	2,000		5.000%, 2/01/43	No Opt. Call		AA–		2,388,840
	5,520		5.000%, 11/01/43	11/23 at 100.00		AA–		6,710,830
			California State, General Obligation Bonds, Various Purpose Series 2014:
	2,460		5.000%, 10/01/39	10/24 at 100.00		AA–		3,028,900
	9,000		5.000%, 12/01/43	12/23 at 100.00		AA–		10,962,720
	9,000		5.000%, 10/01/44	10/24 at 100.00		AA–		11,043,540
			California State, General Obligation Bonds, Various Purpose Series 2015:
	8,000		5.000%, 3/01/45	3/25 at 100.00		AA–		9,860,400
	2,000		5.000%, 8/01/45	8/25 at 100.00		AA–		2,485,900
	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		8,330,710
	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		2,725,000
	8,295		Los Angeles Community College District, California, General Obligation Bonds, Refunding Series 2015A, 5.000%, 8/01/30	8/24 at 100.00		AA+		10,405,165
	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		6,276,100
	4,500		Mount Diablo Unified School District, Contra Costa County, California, General Obligation Bonds, Series 2010A, 0.000%, 8/01/30 – AGM Insured (5)	8/25 at 100.00		AA		4,318,425
			Peralta Community College District, Alameda County, California, General Obligation Bonds, Refunding Series 2016A:
	3,485		5.000%, 8/01/33	8/25 at 100.00		AAA		4,334,922
	2,000		5.000%, 8/01/34	8/25 at 100.00		AAA		2,480,380
	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		1,050,120
	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		7,960,111
	1,500		San Juan Capistano, California, General Obligation Bonds, Open Space Program, Tender Option Bond Trust 2015-XF0048, 16.238%, 8/01/40 (IF)	8/19 at 100.00		AAA		2,233,800
	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		3,427,871
	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		4,391,100

NUVEEN

33

NKX	Nuveen California AMT-Free Municipal Income Fund
	Portfolio of Investments (continued)	August 31, 2016 (Unaudited)

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)		Value
			Tax Obligation/General (continued)
			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	$	22,620,245
	38,845		0.000%, 8/01/50 – AGM Insured (5)	8/37 at 100.00		AA		37,979,533
	15,780		Sylvan Union School District, Stanislaus County, California, General Obligation Bonds, Election of 2006, Series 2010, 0.000%, 8/01/49 – AGM Insured (5)	No Opt. Call		AA		12,523,324
	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		6,097,250
	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+		4,075,414
	8,345		Yosemite Community College District, California, General Obligation Bonds, Capital Appreciation, Election 2004, Series 2010D, 0.000%, 8/01/42 (5)	No Opt. Call		Aa2		6,633,941
	4,000		Yosemite Community College District, California, General Obligation Bonds, Refunding Series 2015, 5.000%, 8/01/32	8/25 at 100.00		Aa2		5,012,600
	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		1,180,560
	259,710		Total Tax Obligation/General					258,253,665
			Tax Obligation/Limited – 37.2% (24.5% 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		2,031,800
	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		752,150
	1,000		Bell Community Redevelopment Agency, California, Tax Allocation Bonds, Bell Project Area, Series 2003, 5.625%, 10/01/33 – RAAI Insured	11/16 at 100.00		AA		1,000,980
	7,895		Brea and Olinda Unified School District, Orange County, California, Certificates of Participation Refunding, Series 2002A, 5.125%, 8/01/26 – AGM Insured	11/16 at 100.00		AA		7,925,238
			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	11/16 at 100.00		AA		1,219,593
	1,535		5.000%, 12/01/20 – AMBAC Insured	11/16 at 100.00		AA		1,540,802
	1,615		5.000%, 12/01/21 – AMBAC Insured	11/16 at 100.00		AA		1,621,105
	1,695		5.000%, 12/01/22 – AMBAC Insured	11/16 at 100.00		AA		1,701,407
	1,780		5.000%, 12/01/23 – AMBAC Insured	11/16 at 100.00		AA		1,786,728
	1,865		5.000%, 12/01/24 – AMBAC Insured	11/16 at 100.00		AA		1,872,050
	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+		8,706,600
			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+		3,309,442
	2,065		5.000%, 4/01/31	No Opt. Call		A+		2,447,046
	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	11/16 at 100.00		A+		4,880,412
	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+		24,708,675
	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+		2,393,851
	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+		5,724,650
	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+		2,346,200
	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		3,059,713

34

NUVEEN

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)		Value
			Tax Obligation/Limited (continued)
			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	$	1,319,175
	530		5.750%, 8/01/26	8/20 at 100.00		N/R		581,770
	3,145		Culver City Redevelopment Agency, California, Tax Allocation Revenue Bonds, Redevelopment Project, Series 2002A, 5.125%, 11/01/25 – NPFG Insured	11/16 at 100.00		AA–		3,151,070
			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	1/17 at 100.00		AA–		7,407,304
	5,000		5.250%, 1/01/34 – AMBAC Insured	1/17 at 100.00		AA–		5,167,950
	350		Fontana Redevelopment Agency, San Bernardino County, California, Tax Allocation Bonds, Jurupa Hills Redevelopment Project, Refunding Series 1997A, 5.500%, 10/01/27	4/17 at 100.00		A		351,403
	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–		1,159,020
	33,000		Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Refunding Series 2015A, 5.000%, 6/01/45	6/25 at 100.00		A+		40,053,420
	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+		1,203,920
	7,500		Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D, 5.000%, 11/15/28	11/25 at 100.00		A		8,803,950
	425		Hesperia Community Redevelopment Agency, California, Tax Allocation Bonds, Series 2005A, 5.000%, 9/01/35 – SYNCORA GTY Insured	11/16 at 100.00		BBB		425,510
	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		3,400,828
	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		2,387,031
			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+		2,022,814
	710		5.000%, 5/01/25 – AMBAC Insured	5/17 at 100.00		BBB+		722,624
			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		76,474
	175		5.125%, 9/01/36	9/16 at 100.00		N/R		177,933
			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		1,274,463
	2,105		5.750%, 9/01/44	9/23 at 100.00		N/R		2,351,559
	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		1,581,525
	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		2,452,580
			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–		2,534,860
	2,425		4.750%, 8/01/27 – NPFG Insured	11/16 at 100.00		AA–		2,452,936
	3,500		Livermore Redevelopment Agency, California, Tax Allocation Revenue Bonds, Livermore Redevelopment Project Area, Series 2001A, 5.000%, 8/01/26 – NPFG Insured	2/17 at 100.00		AA–		3,517,990
	6,190		Los Angeles Community Redevelopment Agency, California, Lease Revenue Bonds, Vermont Manchester Social Services Project, Series 2005, 5.000%, 9/01/37 – AMBAC Insured	11/16 at 100.00		A1		6,211,541
	1,500		Los Osos, California, Improvement Bonds, Community Services Wastewater Assessment District 1, Series 2002, 5.000%, 9/02/33 – NPFG Insured	3/17 at 100.00		AA–		1,513,920
	475		Lynwood Redevelopment Agency, California, Project A Revenue Bonds, Subordinate Lien Series 2011A, 7.250%, 9/01/38	9/21 at 100.00		A–		600,680

NUVEEN

35

NKX	Nuveen California AMT-Free Municipal Income Fund
	Portfolio of Investments (continued)	August 31, 2016 (Unaudited)

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)		Value
			Tax Obligation/Limited (continued)
$	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–	$	9,599,085
	3,230		Murrieta Redevelopment Agency, California, Tax Allocation Bonds, Series 2005, 5.000%, 8/01/35 – NPFG Insured	11/16 at 100.00		AA–		3,242,145
	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		212,614
	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+		78,976
	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		3,032,468
	3,300		Pacifica, California, Certificates of Participation, Series 2008, 5.375%, 1/01/37 – AMBAC Insured	10/16 at 100.00		AA–		3,379,728
	5,000		Palm Desert Financing Authority, California, Tax Allocation Revenue Bonds, Project Area 1, Refunding Series 2002, 5.000%, 4/01/25 – NPFG Insured	4/17 at 100.00		AA–		5,018,250
	590		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		666,305
			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		4,302,892
	3,415		5.750%, 9/01/39	9/23 at 100.00		N/R		3,882,343
	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		2,330,840
			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–		1,012,000
	7,200		0.000%, 8/01/45 – NPFG Insured	No Opt. Call		AA–		1,387,944
	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		1,285,517
	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		49,400
			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		743,563
	1,775		5.000%, 9/01/42	9/22 at 100.00		N/R		1,968,954
	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	11/16 at 100.00		AA–		1,003,650
	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		4,561,412
	1,500		Roseville, California, Special Tax Bonds, Community Facilities District 1 Fiddyment Ranch, Series 2005, 5.050%, 9/01/30	3/17 at 100.00		N/R		1,516,935
	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		467,500
	1,280		Sacramento City Financing Authority, California, Lease Revenue Refunding Bonds, Series 1993A, 5.400%, 11/01/20 – NPFG Insured	No Opt. Call		AA–		1,390,758
	2,565		Sacramento City Financing Authority, California, Lease Revenue Refunding Bonds, Series 1993B, 5.400%, 11/01/20	No Opt. Call		A+		2,780,947
	2,155		San Bernardino Joint Powers Financing Authority, California, Certificates of Participation Refunding, Police Station Financing Project, Series 1999, 5.500%, 9/01/20 – NPFG Insured	9/16 at 100.00		AA–		2,156,250
	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		249,125
	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		1,182,230
	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	11/16 at 100.00		AA–		1,485,639

36

NUVEEN

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)		Value
			Tax Obligation/Limited (continued)
$	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	$	775,422
	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–		2,267,028
	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		2,217,880
	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		430,711
	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		5,901,797
	4,000		San Jose Financing Authority, California, Lease Revenue Refunding Bonds, Convention Center Project, Series 2001F, 5.000%, 9/01/19 – NPFG Insured	11/16 at 100.00		AA		4,015,160
	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+		373,187
			San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2005A:
	3,310		5.000%, 8/01/20 – NPFG Insured	11/16 at 100.00		AA–		3,322,247
	5,025		5.000%, 8/01/28 – NPFG Insured	11/16 at 100.00		AA–		5,043,341
			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–		103,973
	1,110		5.000%, 8/01/25 – NPFG Insured	8/17 at 100.00		AA–		1,153,889
	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		1,104,260
	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		59,913
	3,500		Stockton Public Financing Authority, California, Lease Revenue Bonds, Series 2004, 5.250%, 9/01/34 – FGIC Insured	11/16 at 100.00		AA–		3,500,315
			Sweetwater Union High School District Public Financing Authority, California, Special Tax Revenue Bonds, Series 2005A:
	2,430		5.000%, 9/01/25 – AGM Insured	11/16 at 100.00		AA		2,438,869
	3,115		5.000%, 9/01/28 – AGM Insured	11/16 at 100.00		AA		3,126,370
	2,980		Temecula Public Financing Authority, California, Special Tax Bonds, Community Facilities District 03-02 Roripaugh, Series 2006, 5.500%, 9/01/36	3/17 at 100.00		N/R		2,989,745
	2,160		Temecula Redevelopment Agency, California, Tax Allocation Revenue Bonds, Redevelopment Project 1, Series 2002, 5.125%, 8/01/27 – NPFG Insured	11/16 at 100.00		AA–		2,173,327
			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		1,372,664
	3,250		5.250%, 9/01/39 – AGM Insured	9/20 at 100.00		AA		3,720,957
	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		4,920,975
	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		1,056,230
			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		376,845
	790		5.250%, 9/01/45	9/25 at 100.00		N/R		842,669
	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		4,820,446

NUVEEN

37

NKX	Nuveen California AMT-Free Municipal Income Fund
	Portfolio of Investments (continued)	August 31, 2016 (Unaudited)

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)		Value
			Tax Obligation/Limited (continued)
$	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–	$	115,161
	283,310		Total Tax Obligation/Limited					299,143,543
			Transportation – 7.7% (5.1% of Total Investments)
			Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Second Subordinate Lien Series 2016B:
	1,150		5.000%, 10/01/34	10/26 at 100.00		BBB+		1,412,878
	555		5.000%, 10/01/35	10/26 at 100.00		BBB+		679,642
	8,660		5.000%, 10/01/36	10/26 at 100.00		BBB+		10,561,649
	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–		1,365,975
	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+		8,256,870
			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–		17,834,909
	14,885		6.000%, 1/15/53	1/24 at 100.00		BBB–		18,048,509
			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		188,101
	1,270		5.000%, 5/15/34	5/25 at 100.00		AA		1,574,140
	1,345		5.000%, 5/15/36	5/25 at 100.00		AA		1,658,627
	50,765		Total Transportation					61,581,300
			U.S. Guaranteed – 18.1% (11.9% of Total Investments) (6)
	3,830		Antelope Valley Healthcare District, California, Revenue Bonds, Series 2011A, 6.875%, 3/01/26 (Pre-refunded 3/01/21)	3/21 at 100.00		Ba3 (6)		4,531,618
	220		Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Tender Option Bond Trust 3211, 12.501%, 4/01/39 (Pre-refunded 4/01/18) (IF)	4/18 at 100.00		AA (6)		285,743
	10,265		California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2007A, 5.250%, 11/15/46 (Pre-refunded 11/15/16)	11/16 at 100.00		AA– (6)		10,360,772
	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		3,685,980
	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		3,058,110
	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 (6)		81,550
	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+ (6)		1,888,671
	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 (6)		3,152,511
	10,000		California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Series 2003A, 5.000%, 8/15/38 (Pre-refunded 8/15/17) – AMBAC Insured	8/17 at 100.00		AA– (6)		10,432,600
	4,920		California Statewide Communities Development Authority, Revenue Bonds, Saint Joseph Health System, Trust 2554, 17.316%, 7/01/47 – AGM Insured (Pre-refunded 7/01/18) (IF)	7/18 at 100.00		AA (6)		6,213,525
	1,112		California State Public Works Board, Lease Revenue Bonds, University of California Regents, Tender Option Bond Trust 1065, 8.651%, 3/01/33 (Pre-refunded 3/01/18) (IF) (7)	3/18 at 100.00		Aaa		1,258,651
	550		Central Unified School District, Fresno County, California, General Obligation Bonds, Series 1993, 5.625%, 3/01/18 – AMBAC Insured (ETM)	3/17 at 100.00		N/R (6)		563,745
	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 (6)		13,072,563

38

NUVEEN

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)		Value
			U.S. Guaranteed (6) (continued)
			East Side Union High School District, Santa Clara County, California, General Obligation Bonds, 2008 Election Series 2010B:
$	3,490		5.000%, 8/01/27 (Pre-refunded 8/01/19) – AGC Insured	8/19 at 100.00		AA (6)	$	3,932,392
	3,545		5.000%, 8/01/28 (Pre-refunded 8/01/19) – AGC Insured	8/19 at 100.00		AA (6)		3,994,364
	3,110		5.000%, 8/01/29 (Pre-refunded 8/01/19) – AGC Insured	8/19 at 100.00		AA (6)		3,504,224
	7,100		Fontana Unified School District, San Bernardino County, California, General Obligation Bonds, Tender Option Bond Trust 2015-XF0111, 9.092%, 8/01/28 – AGM Insured (Pre-refunded 8/01/18) (IF)	8/18 at 100.00		AA (6)		8,372,604
	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		5,197,550
	1,700		Hesperia Unified School District, San Bernardino County, California, Certificates of Participation, Capital Improvement, Series 2007, 5.000%, 2/01/41 (Pre-refunded 2/01/17) – AMBAC Insured	2/17 at 100.00		A (6)		1,731,977
	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		7,411,020
	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 (6)		833,560
	3,000		Murrieta Valley Unified School District, Riverside County, California, General Obligation Bonds, Series 2007, 4.500%, 9/01/30 (Pre-refunded 9/01/17) – AGM Insured	9/17 at 100.00		AA (6)		3,118,560
	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		BB+ (6)		603,229
	210		Rancho Santa Fe CSD Financing Authority, California, Revenue Bonds, Superior Lien Series 2011A, 5.750%, 9/01/30 (Pre-refunded 9/01/21)	9/21 at 100.00		A– (6)		260,051
	9,000		San Diego County Water Authority, California, Water Revenue Certificates of Participation, Series 2008A, 5.000%, 5/01/38 (Pre-refunded 5/01/18) – AGM Insured	5/18 at 100.00		AAA		9,664,740
	30		San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds, Mission Bay North Redevelopment Project, Series 2011C, 6.750%, 8/01/41 (Pre-refunded 2/01/21)	2/21 at 100.00		A– (6)		37,711
			San Francisco Redevelopment Financing Authority, California, Tax Allocation Revenue Bonds, Mission Bay South Redevelopment Project, Series 2011D:
	30		7.000%, 8/01/33 (Pre-refunded 2/01/21)	2/21 at 100.00		BBB+ (6)		38,035
	40		7.000%, 8/01/41 (Pre-refunded 2/01/21)	2/21 at 100.00		BBB+ (6)		50,714
	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 (6)		5,215,600
	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 (6)		343,918
			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 (6)		1,439,999
	10,740		0.000%, 8/01/43 (Pre-refunded 8/01/21) – AGM Insured	8/21 at 19.43		AA (6)		1,979,812
	21,225		0.000%, 8/01/44 (Pre-refunded 8/01/21) – AGM Insured	8/21 at 17.98		AA (6)		3,620,561
	12,550		0.000%, 8/01/45 (Pre-refunded 8/01/21) – AGM Insured	8/21 at 16.64		AA (6)		1,980,641
	23,425		0.000%, 8/01/46 (Pre-refunded 8/01/21) – AGM Insured	8/21 at 15.39		AA (6)		3,419,582
	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+ (6)		9,526,077
	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		N/R (6)		2,078,980
	1,000		The Regents of the University of California, Medical Center Pooled Revenue Bonds, Series 2009E, 5.000%, 5/15/38 (Pre-refunded 5/15/17)	5/17 at 101.00		Aaa		1,041,940
	6,000		Westminster Redevelopment Agency, California, Tax Allocation Bonds, Commercial Redevelopment Project 1, Police Facility Subordinate Series 2009, 6.250%, 11/01/39 (Pre-refunded 11/01/19)	11/19 at 100.00		AA (6)		7,045,440
	194,907		Total U.S. Guaranteed					145,029,320

NUVEEN

39

NKX	Nuveen California AMT-Free Municipal Income Fund
	Portfolio of Investments (continued)	August 31, 2016 (Unaudited)

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)		Value
			Utilities – 4.3% (2.8% 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	$	3,260,107
	1,835		5.500%, 11/15/37	No Opt. Call		A		2,519,125
	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		Aa2		11,889,400
	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		Aa2		5,331,168
	3,750		Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Tender Option Bond Trust 2015-XF2047, 16.172%, 7/01/43 (IF) (7)	7/22 at 100.00		Aa2		6,584,100
	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–		1,131,150
	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–		3,623,877
	26,330		Total Utilities					34,338,927
			Water and Sewer – 19.2% (12.7% 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		14,139,312
	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–		14,038,784
			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		8,228,720
	12,200		5.000%, 11/21/45	No Opt. Call		Baa3		12,548,798
	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		1,263,510
	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–		3,539,940
	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		2,258,415
	5,700		Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Refunding Series 2001B-1, 0.870%, 7/01/34	12/16 at 100.00		Aa2		5,700,000
	3,225		Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Refunding Series 2016B, 5.000%, 7/01/46	1/26 at 100.00		AA+		3,992,260
	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+		19,023,040
	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+		12,799,910
	12,000		Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2016A, 5.000%, 7/01/46	1/21 at 100.00		AA+		14,854,920
	9,500		Los Angeles, California, Wastewater System Revenue Bonds, Refunding Green Series 2015A, 5.000%, 6/01/44	6/25 at 100.00		AA+		11,665,810
			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		2,430,540
	3,500		5.000%, 6/01/35	6/23 at 100.00		AA		4,253,445
	1,500		Metropolitan Water District of Southern California, Water Revenue Bonds, Refunding Series 2015A, 5.000%, 7/01/40	7/25 at 100.00		AAA		1,862,670
	9,210		Metropolitan Water District of Southern California, Water Revenue Bonds, Refunding Series 2016A, 5.000%, 7/01/29	1/26 at 100.00		AAA		11,827,298
	670		Metropolitan Water District of Southern California, Waterworks Revenue Bonds, Tender Option Bond Trust 09-8B, 16.331%, 7/01/35 (IF) (7)	7/19 at 100.00		AAA		1,004,410

40

NUVEEN

	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	$	1,504,635
	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		3,070,125
	3,495		San Diego Public Facilities Financing Authority, California, Water Utility Revenue Bonds, Refunding Subordinate Lien Series 2016B, 5.000%, 8/01/39	8/26 at 100.00		Aa3		4,362,564
	132,565		Total Water and Sewer					154,369,106
$	1,186,037		Total Long-Term Investments (cost $1,059,622,100)					1,218,748,872
			Institutional MuniFund Term Preferred Shares, at Liquidation Preference – (4.5)% (8)					(36,000,000	)
			Variable Rate Demand Preferred Shares, at Liquidation Preference – (49.4)% (9)					(396,600,000	)
			Other Assets Less Liabilities – 2.2%					17,329,661
			Net Assets Applicable to Common Shares – 100%				$	803,478,533

(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: 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)	For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. 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 May 11, 2016.
(5)	Step-up coupon. The rate shown is the coupon as of the end of the reporting period.
(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 investment in inverse floating rate transactions.
(8)	Institutional MuniFund Term Preferred Shares, at Liquidation Preference as a percentage of Total Investments is 3.0%.
(9)	Variable Rate Demand Preferred Shares, at Liquidation Preference as a percentage of Total Investments is 32.5%.
(ETM)	Escrowed to maturity.
(IF)	Inverse floating rate investment.

NUVEEN

41

NAC
	Nuveen California Dividend Advantage Municipal Fund
	Portfolio of Investments	August 31, 2016 (Unaudited)

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)		Value
			LONG-TERM INVESTMENTS – 149.9% (100.0% of Total Investments)
			MUNICIPAL BONDS – 149.9% (100.0% of Total Investments)
			Consumer Staples – 9.1% (6.1% of Total Investments)
$	2,855		California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Alameda County Tobacco Asset Securitization Corporation, Series 2002, 5.750%, 6/01/29	11/16 at 100.00		Baa1	$	2,882,751
	1,000		California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Golden Gate Tobacco Funding Corporation, Turbo, Series 2007A, 5.000%, 6/01/47	6/17 at 100.00		N/R		1,000,250
			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		B3		12,037,491
	13,060		5.650%, 6/01/41	12/18 at 100.00		B2		13,277,710
			California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Sonoma County Tobacco Securitization Corporation, Series 2005:
	1,595		4.250%, 6/01/21	11/16 at 100.00		BBB+		1,595,718
	3,735		5.250%, 6/01/45	11/16 at 100.00		B–		3,735,261
	3,200		California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Stanislaus County Tobacco Funding Corporation, Series 2002A, 5.500%, 6/01/33	11/16 at 100.00		A3		3,223,200
	5,120		California Statewide Financing Authority, Tobacco Settlement Asset-Backed Bonds, Pooled Tobacco Securitization Program, Series 2002A, 5.625%, 5/01/29	11/16 at 100.00		Baa2		5,204,429
	25,000		California Statewide Financing Authority, Tobacco Settlement Asset-Backed Bonds, Pooled Tobacco Securitization Program, Series 2006A, 0.000%, 6/01/46	11/16 at 16.22		N/R		3,874,750
			Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
	24,310		5.000%, 6/01/33	6/17 at 100.00		B–		24,549,453
	17,775		5.750%, 6/01/47	6/17 at 100.00		B–		18,171,738
	10,875		5.125%, 6/01/47	6/17 at 100.00		B–		10,918,935
	49,220		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–		50,556,815
	19,000		Silicon Valley Tobacco Securitization Authority, California, Tobacco Settlement Asset-Backed Bonds, Santa Clara County Tobacco Securitization Corporation, Series 2007B, 0.000%, 6/01/47	6/17 at 17.73		N/R		2,576,020
			Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed Bonds, Series 2005A-1:
	8,500		5.375%, 6/01/38	11/16 at 100.00		B–		8,499,490
	1,250		5.500%, 6/01/45	11/16 at 100.00		B–		1,250,087
	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	11/16 at 100.00		B+		2,000,120
	200,335		Total Consumer Staples					165,354,218
			Education and Civic Organizations – 3.4% (2.3% 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		2,560,307
	3,000		California Educational Facilities Authority, Revenue Bonds, Dominican University, Series 2006, 5.000%, 12/01/36	12/16 at 100.00		Ba1		3,031,650
	4,075		California Educational Facilities Authority, Revenue Bonds, Santa Clara University, Refunding Series 2010, 5.000%, 2/01/40	2/20 at 100.00		Aa3		4,574,432
	7,000		California Educational Facilities Authority, Revenue Bonds, Stanford University Series 2016U-7, 5.000%, 6/01/46	No Opt. Call		AAA		10,637,620
	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		2,673,602
	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		Aa2		1,057,418

42

NUVEEN

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)		Value
			Education and Civic Organizations (continued)
$	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	$	4,708,380
	1,000		California Municipal Finance Authority, Revenue Bonds, Biola University, Series 2013, 5.000%, 10/01/38	10/23 at 100.00		Baa1		1,147,360
	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–		2,904,225
	4,000		California State Public Works Board, Lease Revenue Refunding Bonds, Community Colleges Projects, Series 1996B, 5.625%, 3/01/19 – AMBAC Insured	9/16 at 100.00		A1		4,053,840
	5,000		California State University, Systemwide Revenue Bonds, Refunding Series 2015A, 5.000%, 11/01/38	11/25 at 100.00		Aa2		6,236,250
			California State University, Systemwide Revenue Bonds, Series 2016A:
	3,000		5.000%, 11/01/33	5/26 at 100.00		Aa2		3,805,530
	2,415		5.000%, 11/01/41	5/26 at 100.00		Aa2		3,012,785
	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		3,293,152
	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–		5,114,033
	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		2,208,692
	50,190		Total Education and Civic Organizations					61,019,276
			Health Care – 20.9% (13.9% 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–		4,409,061
	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–		863,999
	34,755		California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, Refunding Series 2016B, 5.000%, 11/15/46	11/26 at 100.00		AA–		43,139,296
	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–		6,303,058
	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		18,478,920
	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		6,071,346
	1,250		California Health Facilities Financing Authority, Revenue Bonds, Memorial Health Services, Series 2012A, 5.000%, 10/01/33	No Opt. Call		AA–		1,494,200
	3,135		California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Refunding Series 2014A, 5.000%, 10/01/38	10/24 at 100.00		AA–		3,838,933
	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–		7,372,916
	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		Aa3		7,386,595
	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–		3,405,180
	2,470		California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2011B, 6.000%, 8/15/42	8/20 at 100.00		AA–		2,957,356
	6,530		California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2011B, 6.000%, 8/15/42 (UB)	8/20 at 100.00		AA–		7,818,434
	3,795		California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, Series 2010A, 5.750%, 7/01/40	7/20 at 100.00		Baa2		4,234,916

NUVEEN

43

NAC	Nuveen California Dividend Advantage Municipal Fund
	Portfolio of Investments (continued)	August 31, 2016 (Unaudited)

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)		Value
			Health Care (continued)
			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–	$	4,260,601
	6,550		5.250%, 2/01/46	No Opt. Call		A–		6,629,320
			California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2014A:
	5,000		5.250%, 12/01/34	12/24 at 100.00		BB+		5,792,800
	1,200		5.250%, 12/01/44	12/24 at 100.00		BB+		1,385,544
			California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2016A:
	875		5.000%, 12/01/36	6/26 at 100.00		BB+		1,017,126
	14,040		5.000%, 12/01/46	6/26 at 100.00		BB+		16,090,963
	2,845		5.250%, 12/01/56	6/26 at 100.00		BB+		3,306,743
	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		3,620,850
	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		1,575,741
	21,090		California Statewide Communities Development Authority, Revenue Bonds, Kaiser Permanente, Series 2012A, 5.000%, 4/01/42	4/22 at 100.00		AA–		24,598,321
	23,125		California Statewide Communities Development Authority, Revenue Bonds, Sutter Health, Series 2011A, 6.000%, 8/15/42	8/20 at 100.00		AA–		27,727,800
	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+		1,483,128
			California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A:
	12,340		5.500%, 7/01/24 (4)	11/16 at 100.00		CCC		12,340,494
	7,405		5.500%, 7/01/30 (4)	11/16 at 100.00		CCC		7,405,296
	150		5.500%, 7/01/35 (4)	11/16 at 100.00		CCC		150,006
	10,000		5.250%, 7/01/39 (4)	11/16 at 100.00		CCC		10,000,400
	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–		3,872,237
	5,000		California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Series 2008B, 5.250%, 11/15/48	5/18 at 100.00		AA–		5,373,450
	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–		9,726,335
	6,200		Madera County, California, Certificates of Participation, Valley Children's Hospital Project, Series 1995, 5.750%, 3/15/28 – NPFG Insured	9/16 at 100.00		AA–		6,224,490
	11,400		Marysville, California, Revenue Bonds, The Fremont-Rideout Health Group, Series 2011, 5.250%, 1/01/42	1/21 at 100.00		BBB		12,821,694
	740		Oak Valley Hospital District, Stanislaus County, California, Revenue Bonds, Series 2010A, 6.500%, 11/01/29	11/20 at 100.00		BB		788,226
			Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009:
	10,500		6.625%, 11/01/29	11/19 at 100.00		Ba1		11,711,805
	6,885		6.750%, 11/01/39	11/19 at 100.00		Ba1		7,694,401
	27,035		Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 6.000%, 11/01/41	11/20 at 100.00		Ba1		29,095,067
	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		17,712,640
	11,750		San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011, 7.500%, 12/01/41	12/21 at 100.00		BB+		14,626,400
	10,700		Upland, California, Certificates of Participation, San Antonio Community Hospital, Series 2011, 6.500%, 1/01/41	1/21 at 100.00		A–		12,588,978
	332,635		Total Health Care					377,395,066

44

NUVEEN

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)		Value
			Housing/Multifamily – 1.7% (1.1% of Total Investments)
$	8,860		California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2010A, 6.400%, 8/15/45	8/20 at 100.00		BBB	$	10,130,258
			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		7,505,827
	3,580		5.500%, 8/15/47	8/22 at 100.00		BBB		4,125,377
	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		3,553,978
			California Municipal Finance Authority, Mobile Home Park Senior Revenue Bonds, Caritas Affordable Housing, Inc. Projects, Series 2014A:
	1,475		5.250%, 8/15/39	8/24 at 100.00		BBB		1,744,954
	1,590		5.250%, 8/15/49	8/24 at 100.00		BBB		1,868,552
	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+		1,364,193
	26,255		Total Housing/Multifamily					30,293,139
			Housing/Single Family – 0.4% (0.2% of Total Investments)
	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		AA–		4,912,856
	1,750		California Housing Finance Agency, California, Home Mortgage Revenue Bonds, Tender Option Bond Trust 2016-XF2308, 9.239%, 8/01/37 (Alternative Minimum Tax) (IF) (5)	2/17 at 100.00		AA–		1,805,807
	6,620		Total Housing/Single Family					6,718,663
			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+		4,263,265
	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		51
	9,175		Total Industrials					4,263,316
			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–		8,187,340
	175		California Statewide Community Development Authority, Certificates of Participation, Internext Group, Series 1999, 5.375%, 4/01/17	10/16 at 100.00		BBB+		175,740
	7,175		Total Long-Term Care					8,363,080
			Tax Obligation/General – 38.2% (25.5% 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		3,546,304
	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		Aa2		3,636,810
	4,000		Antelope Valley Community College District, Los Angeles County, California, General Obligation Bonds, Refunding Series 2015, 5.000%, 8/01/39	2/25 at 100.00		Aa2		4,866,480
	15,000		California State, General Obligation Bonds, Refunding Various Purpose Bid Group C Series 2016, 5.000%, 9/01/31	9/26 at 100.00		AA–		19,091,400
	5,245		California State, General Obligation Bonds, Refunding Various Purpose Series 2012, 5.000%, 9/01/36	No Opt. Call		AA–		6,327,988
	8,000		California State, General Obligation Bonds, Refunding Various Purpose Series 2013, 5.000%, 2/01/29	No Opt. Call		AA–		9,753,600
	4,600		California State, General Obligation Bonds, Refunding Various Purpose Series 2015, 5.000%, 9/01/32	9/25 at 100.00		AA–		5,770,240

NUVEEN

45

NAC	Nuveen California Dividend Advantage Municipal Fund
	Portfolio of Investments (continued)	August 31, 2016 (Unaudited)

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)		Value
			Tax Obligation/General (continued)
			California State, General Obligation Bonds, Various Purpose Refunding Series 2014:
$	4,690		5.000%, 8/01/31	8/24 at 100.00		AA–	$	5,875,163
	4,000		5.000%, 8/01/33	8/24 at 100.00		AA–		4,983,880
	12,000		5.000%, 10/01/33	10/24 at 100.00		AA–		15,009,720
			California State, General Obligation Bonds, Various Purpose Refunding Series 2015:
	3,000		5.000%, 8/01/28	8/25 at 100.00		AA–		3,828,660
	780		5.000%, 8/01/31	2/25 at 100.00		AA–		969,985
	2,875		5.000%, 8/01/32	2/25 at 100.00		AA–		3,562,642
	5,750		5.000%, 8/01/34	8/25 at 100.00		AA–		7,168,237
	140		California State, General Obligation Bonds, Various Purpose Series 2000, 5.625%, 5/01/22 – FGIC Insured	11/16 at 100.00		Aa3		140,602
	3,200		California State, General Obligation Bonds, Various Purpose Series 2008, 5.125%, 4/01/33	4/18 at 100.00		AA–		3,418,336
			California State, General Obligation Bonds, Various Purpose Series 2009:
	64,195		6.000%, 11/01/39	11/19 at 100.00		AA–		74,556,715
	5,005		5.500%, 11/01/39	11/19 at 100.00		AA–		5,715,360
			California State, General Obligation Bonds, Various Purpose Series 2010:
	14,000		6.000%, 3/01/33	3/20 at 100.00		AA–		16,502,360
	13,100		5.500%, 3/01/40	3/20 at 100.00		AA–		15,059,105
	10,605		5.250%, 11/01/40	11/20 at 100.00		AA–		12,378,262
			California State, General Obligation Bonds, Various Purpose Series 2011:
	7,215		5.250%, 10/01/28	No Opt. Call		AA–		8,734,984
	10,520		5.000%, 9/01/31	No Opt. Call		AA–		12,510,700
	12,725		5.000%, 9/01/41	9/21 at 100.00		AA–		15,064,873
	14,915		5.000%, 10/01/41	10/21 at 100.00		AA–		17,701,719
			California State, General Obligation Bonds, Various Purpose Series 2013:
	7,475		5.000%, 4/01/37	4/23 at 100.00		AA–		9,005,132
	7,255		5.000%, 2/01/43	No Opt. Call		AA–		8,665,517
	15,145		5.000%, 4/01/43	4/23 at 100.00		AA–		18,161,581
	5,000		5.000%, 11/01/43	11/23 at 100.00		AA–		6,078,650
			California State, General Obligation Bonds, Various Purpose Series 2014:
	22,970		5.000%, 5/01/32	5/24 at 100.00		AA–		28,545,738
	8,910		5.000%, 10/01/39	10/24 at 100.00		AA–		10,970,527
	10,245		5.000%, 12/01/43	12/23 at 100.00		AA–		12,479,230
			California State, General Obligation Bonds, Various Purpose Series 2015:
	9,500		5.000%, 3/01/45	3/25 at 100.00		AA–		11,709,225
	4,780		5.000%, 8/01/45	8/25 at 100.00		AA–		5,941,301
	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–		4,379,457
	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		5,124,750
			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		Aa2		1,807,734
	9,235		5.000%, 8/01/36	2/26 at 100.00		Aa2		11,494,435
	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		6,658,589
	5,630		Lake Tahoe Unified School District, El Dorado County, California, General Obligation Bonds, Series 2010, 0.000%, 8/01/45 – AGM Insured (7)	No Opt. Call		AA		4,292,931
	15,335		Los Angeles Community College District, California, General Obligation Bonds, Refunding Series 2015A, 5.000%, 8/01/31	8/24 at 100.00		AA+		19,158,476
			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		6,276,100
	10,000		5.000%, 7/01/30	No Opt. Call		Aa2		12,485,300

46

NUVEEN

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)		Value
			Tax Obligation/General (continued)
$	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–	$	3,211,489
	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		AA+		8,490,786
	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		1,134,266
	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		1,459,437
	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–		3,224,930
	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		6,061,450
	8,250		Puerto Rico, General Obligation Bonds, Public Improvement Series 2002A, 5.500%, 7/01/20 – NPFG Insured	No Opt. Call		AA–		8,952,322
	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		10,585,120
	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+		7,627,165
	1,850		San Juan Capistano, California, General Obligation Bonds, Open Space Program, Tender Option Bond Trust 2015-XF0048, 16.238%, 8/01/40 (IF)	8/19 at 100.00		AAA		2,755,020
	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+		3,865,417
	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		2,838,066
	5,240		South San Francisco Unified School District, San Mateo County, California, General Obligation Bond Anticipation Notes, Measure J, Series 2015B, 5.000%, 9/01/40	9/25 at 100.00		Aa1		6,427,279
	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		3,444,124
	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		6,175,673
	26,000		Sylvan Union School District, Stanislaus County, California, General Obligation Bonds, Election of 2006, Series 2010, 0.000%, 8/01/49 – AGM Insured (7)	No Opt. Call		AA		20,634,120
			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		5,901,869
	4,830		5.500%, 8/01/40	8/24 at 100.00		Aa3		6,005,960
			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		3,511,238
	1,750		5.500%, 8/01/40	8/24 at 100.00		Aa3		2,176,072
	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		2,419,068
	140,160		Yosemite Community College District, California, General Obligation Bonds, Capital Appreciation, Election 2004, Series 2010D, 0.000%, 8/01/42 (7)	No Opt. Call		Aa2		111,421,594
	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		2,833,344
	680,945		Total Tax Obligation/General					690,564,607
			Tax Obligation/Limited – 28.5% (19.0% of Total Investments)
	1,655		Bell Community Housing Authority, California, Lease Revenue Bonds, Series 2005, 5.000%, 10/01/36 – AMBAC Insured	11/16 at 100.00		N/R		1,655,033
	3,370		Bell Community Redevelopment Agency, California, Tax Allocation Bonds, Bell Project Area, Series 2003, 5.500%, 10/01/23 – RAAI Insured	11/16 at 100.00		AA		3,375,662

NUVEEN

47

NAC	Nuveen California Dividend Advantage Municipal Fund
	Portfolio of Investments (continued)	August 31, 2016 (Unaudited)

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)		Value
			Tax Obligation/Limited (continued)
			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+	$	6,219,000
	11,000		5.250%, 9/01/32	9/23 at 100.00		A+		13,640,550
	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+		8,493,520
	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+		21,141,535
	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+		1,205,680
	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+		1,209,580
	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+		12,193,504
	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+		8,047,466
	2,650		California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2012A, 5.000%, 4/01/33	No Opt. Call		A+		3,132,485
	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+		12,096,513
	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+		10,920,240
	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–		3,420,492
	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		3,247,146
	4,250		Coronado Community Development Agency, California, Tax Allocation Bonds, Community Development Project, Series 2005, 5.000%, 9/01/30 – AMBAC Insured	11/16 at 100.00		A+		4,265,045
	1,595		Fontana Public Financing Authority, California, Tax Allocation Revenue Bonds, North Fontana Redevelopment Project, Series 2003A, 5.375%, 9/01/25 – AMBAC Insured	11/16 at 100.00		A+		1,601,316
	6,655		Fontana Redevelopment Agency, San Bernardino County, California, Tax Allocation Bonds, Jurupa Hills Redevelopment Project, Refunding Series 1997A, 5.500%, 10/01/27	4/17 at 100.00		A		6,681,687
	810		Fontana, California, Special Tax Bonds, Community Facilities District 2 Heritage Village, Refunding Series 1998A, 5.250%, 9/01/17 – NPFG Insured	9/16 at 100.00		AA–		829,683
	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–		1,159,020
	75,500		Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Refunding Series 2015A, 5.000%, 6/01/45	6/25 at 100.00		A+		91,637,370
	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+		1,203,920
			Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D:
	2,500		5.000%, 11/15/28	11/25 at 100.00		A		2,934,650
	2,000		5.000%, 11/15/32	11/25 at 100.00		A		2,305,680
			Hesperia Community Redevelopment Agency, California, Tax Allocation Bonds, Series 2005A:
	1,750		5.000%, 9/01/25 – SYNCORA GTY Insured	11/16 at 100.00		BBB		1,753,308
	6,690		5.000%, 9/01/35 – SYNCORA GTY Insured	11/16 at 100.00		BBB		6,698,028
	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		2,916,725
	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		5,078,790

48

NUVEEN

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)		Value
			Tax Obligation/Limited (continued)
			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+	$	1,489,127
	2,435		5.000%, 5/01/24 – AMBAC Insured	5/17 at 100.00		BBB+		2,481,387
	2,075		5.000%, 5/01/25 – AMBAC Insured	5/17 at 100.00		BBB+		2,111,894
			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		1,503,984
	3,395		5.125%, 9/01/36	9/16 at 100.00		N/R		3,451,900
			Jurupa Public Financing Authority, California, Special Tax Revenue Bonds, Series 2014A:
	530		5.000%, 9/01/29	9/24 at 100.00		A–		645,545
	1,900		5.000%, 9/01/30	9/24 at 100.00		A–		2,306,942
	1,220		5.000%, 9/01/31	9/24 at 100.00		A–		1,475,297
	1,955		Jurupa Public Financing Authority, California, Special Tax Revenue Bonds, Series 2015A, 5.000%, 9/01/43	9/25 at 100.00		BBB+		2,273,118
	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		676,667
	12,820		Los Angeles Community Redevelopment Agency, California, Lease Revenue Bonds, Vermont Manchester Social Services Project, Series 2005, 5.000%, 9/01/37 – AMBAC Insured	11/16 at 100.00		A1		12,864,614
	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		6,041,542
	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–		2,021,175
	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–		2,247,016
	5,720		Murrieta Redevelopment Agency, California, Tax Allocation Bonds, Series 2007A, 5.000%, 8/01/37 – NPFG Insured	8/17 at 100.00		AA–		5,944,567
			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		4,064,678
	3,000		7.000%, 8/01/32	8/21 at 100.00		A		3,777,030
	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+		1,092,980
			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+		4,375,565
	1,500		6.000%, 3/01/36	3/20 at 100.00		A+		1,746,735
	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+		1,470,174
	695		Ontario Redevelopment Financing Authority, California, Lease Revenue Bonds, Capital Projects, Series 2001, 5.250%, 8/01/18 – AMBAC Insured	11/16 at 100.00		AA–		697,766
	29,800		Ontario Redevelopment Financing Authority, San Bernardino County, California, Revenue Bonds, Redevelopment Project 1, Refunding Series 1995, 7.400%, 8/01/25 – NPFG Insured	No Opt. Call		AA–		37,094,146
	605		Ontario, California, Special Tax Bonds, Community Facilities District 5, Freeway Interchange Project, Series 1997, 6.375%, 9/01/17	9/16 at 100.00		N/R		620,724
	1,340		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		1,513,302
			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		9,630,552
	7,625		5.750%, 9/01/39	9/23 at 100.00		N/R		8,668,481
	8,990		Pico Rivera Water Authority, California, Revenue Bonds, Series 2001A, 6.250%, 12/01/32	12/16 at 100.00		N/R		9,113,433
	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+		7,633,150

NUVEEN

49

NAC	Nuveen California Dividend Advantage Municipal Fund
	Portfolio of Investments (continued)	August 31, 2016 (Unaudited)

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)		Value
			Tax Obligation/Limited (continued)
$	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–	$	2,632,274
			Redding Redevelopment Agency, California, Tax Allocation Bonds, Canby-Hilltop-Cypress Area Project, Series 2003A:
	1,500		5.000%, 9/01/17 – NPFG Insured	11/16 at 100.00		AA–		1,505,625
	1,500		5.000%, 9/01/20 – NPFG Insured	11/16 at 100.00		AA–		1,505,550
	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–		4,055,366
	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		870,668
	2,885		Riverside County Redevelopment Agency, California, Tax Allocation Housing Bonds, Series 2010A, 6.000%, 10/01/39	10/20 at 100.00		A		3,419,648
			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		629,875
	710		5.000%, 9/01/42	9/22 at 100.00		N/R		787,582
	25		Riverside Public Financing Authority, California, Revenue Bonds, Multiple Project Loans, Series 1991A, 8.000%, 2/01/18	2/17 at 100.00		N/R		25,588
	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–		3,678,980
	2,645		Roseville, California, Special Tax Bonds, Community Facilities District 1 Fiddyment Ranch, Series 2005, 5.050%, 9/01/30	3/17 at 100.00		N/R		2,674,862
	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		454,319
			Sacramento City Financing Authority, California, Lease Revenue Refunding Bonds, Series 1993A:
	7,690		5.400%, 11/01/20 – AMBAC Insured	No Opt. Call		A+		8,391,636
	855		5.400%, 11/01/20 – NPFG Insured	No Opt. Call		AA–		928,983
	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–		2,490,628
	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		550,392
	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		2,524,061
	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		12,227,000
	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		1,725,033
	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		289,030
	9,435		San Jose Financing Authority, California, Lease Revenue Refunding Bonds, Convention Center Project, Series 2001F, 5.000%, 9/01/20 – NPFG Insured	9/16 at 100.00		AA		9,470,759
	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		3,127,878
			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+		721,758
	910		5.000%, 8/01/21 – AMBAC Insured	8/17 at 100.00		BBB+		944,180
	1,365		5.000%, 8/01/23 – AMBAC Insured	8/17 at 100.00		BBB+		1,415,000
	2,765		San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2003, 4.900%, 8/01/33 – FGIC Insured	11/16 at 100.00		AA–		2,806,364
	700		San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2004A, 4.440%, 8/01/17 – NPFG Insured	11/16 at 100.00		AA–		702,254

50

NUVEEN

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)		Value
			Tax Obligation/Limited (continued)
$	1,000		San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2005A, 5.000%, 8/01/27 – NPFG Insured	11/16 at 100.00		AA–	$	1,003,700
			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–		2,287,406
	4,710		5.000%, 8/01/25 – NPFG Insured	8/17 at 100.00		AA–		4,896,233
	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+		2,000,711
	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–		9,538,582
	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	11/16 at 100.00		AA–		2,780,304
			Santa Clara Redevelopment Agency, California, Tax Allocation Bonds, Bayshore North Project, Series 2003:
	4,625		5.000%, 6/01/17 – NPFG Insured	12/16 at 100.00		AA–		4,676,245
	2,695		5.000%, 6/01/20 – NPFG Insured	12/16 at 100.00		AA–		2,724,861
	1,500		5.000%, 6/01/21 – NPFG Insured	12/16 at 100.00		AA–		1,516,620
	2,840		5.000%, 6/01/23 – NPFG Insured	12/16 at 100.00		AA–		2,871,467
	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		1,150,330
			Temecula Public Financing Authority, California, Special Tax Bonds, Community Facilities District 03-02 Roripaugh, Series 2006:
	4,360		5.450%, 9/01/26	3/17 at 100.00		N/R		4,378,530
	2,315		5.500%, 9/01/36	3/17 at 100.00		N/R		2,322,570
	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+		1,639,413
	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		1,496,462
	1,200		Turlock Public Financing Authority, California, Tax Allocation Revenue Bonds, Series 2011, 7.500%, 9/01/39	3/21 at 100.00		A–		1,501,092
	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+		1,268,810
	6,870		Vernon Redevelopment Agency, California, Tax Allocation Bonds, Industrial Redevelopment Project, Series 2005, 5.000%, 9/01/35 – NPFG Insured	11/16 at 100.00		AA–		6,879,137
	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		1,771,551
	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		6,761,946
	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–		1,504,986
			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–		1,048,570
	810		6.500%, 9/01/32	9/21 at 100.00		A–		995,320
	467,490		Total Tax Obligation/Limited					515,667,258
			Transportation – 9.5% (6.4% of Total Investments)
	12,510		Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Second Subordinate Lien Series 2016B, 5.000%, 10/01/37	10/26 at 100.00		BBB+		15,232,176
	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		2,073,401
	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+		18,421,994

NUVEEN

51

NAC	Nuveen California Dividend Advantage Municipal Fund
	Portfolio of Investments (continued)	August 31, 2016 (Unaudited)

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)		Value
			Transportation (continued)
			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–	$	39,821,512
	33,235		6.000%, 1/15/53	1/24 at 100.00		BBB–		40,298,435
	1,200		Long Beach, California, Harbor Revenue Bonds, Series 2015D, 5.000%, 5/15/42	5/25 at 100.00		AA		1,475,520
			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		1,052,843
	3,805		5.000%, 5/15/33 (Alternative Minimum Tax)	5/25 at 100.00		AA		4,604,507
	1,000		5.000%, 5/15/36 (Alternative Minimum Tax)	5/25 at 100.00		AA		1,200,520
	11,335		5.000%, 5/15/41 (Alternative Minimum Tax)	5/25 at 100.00		AA		13,529,456
			Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Subordinate Lien Series 2016A:
	3,000		5.000%, 5/15/33 (Alternative Minimum Tax)	5/26 at 100.00		AA–		3,695,010
	1,000		5.000%, 5/15/35 (Alternative Minimum Tax)	5/26 at 100.00		AA–		1,226,800
	1,250		Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Series 2010D, 5.000%, 5/15/40 (UB) (5)	5/20 at 100.00		AA		1,421,113
	1,000		Los Angeles Harbors Department, California, Revenue Bonds, Refunding Series 2014B, 5.000%, 8/01/44	8/24 at 100.00		AA		1,208,860
			Los Angeles Harbors Department, California, Revenue Bonds, Series 2014C:
	1,575		5.000%, 8/01/35	8/24 at 100.00		AA		1,920,634
	2,000		5.000%, 8/01/44	8/24 at 100.00		AA		2,417,720
	120		Palm Springs Financing Authority, California, Palm Springs International Airport Revenue Bonds, Series 2006, 5.450%, 7/01/20 (Alternative Minimum Tax)	11/16 at 100.00		N/R		120,160
			Port of Oakland, California, Revenue Bonds, Refunding Series 2012P:
	1,000		5.000%, 5/01/29 (Alternative Minimum Tax)	No Opt. Call		A+		1,177,150
	6,340		5.000%, 5/01/31 (Alternative Minimum Tax)	No Opt. Call		A+		7,435,615
	1,180		Sacramento Regional Transit District, California, Farebox Revenue Bonds, Refunding Series 2012, 5.000%, 3/01/42	No Opt. Call		A–		1,335,170
	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+		5,247,970
	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+		5,349,375
	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)	1/17 at 100.00		AA		2,476,166
	143,940		Total Transportation					172,742,107
			U.S. Guaranteed – 17.9% (11.9% of Total Investments) (8)
	3,000		Antelope Valley Healthcare District, California, Revenue Bonds, Series 2011A, 7.250%, 3/01/36 (Pre-refunded 3/01/21)	3/21 at 100.00		Ba3 (8)		3,767,100
	5,540		Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Tender Option Bond Trust 3211, 12.501%, 4/01/39 (Pre-refunded 4/01/18) (IF)	4/18 at 100.00		AA (8)		7,195,518
			California Department of Water Resources, Water System Revenue Bonds, Central Valley Project, Refunding Series 2002X:
	10		5.500%, 12/01/17 – FGIC Insured (ETM)	No Opt. Call		AAA		10,630
	210		5.500%, 12/01/17 – NPFG Insured (ETM)	No Opt. Call		Aa1 (8)		223,194
	2,470		California Educational Facilities Authority, Revenue Bonds, University of Southern California, Tender Option Bond Trust 09-11B, 16.282%, 10/01/38 (Pre-refunded 10/01/18) (IF) (5)	10/18 at 100.00		Aa1 (8)		3,334,698
	10,000		California Educational Facilities Authority, Revenue Bonds, University of Southern California, Series 2007A, 4.500%, 10/01/33 (Pre-refunded 10/01/17) (UB)	10/17 at 100.00		Aa1 (8)		10,416,800
	49,980		California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2007A, 5.250%, 11/15/46 (Pre-refunded 11/15/16) (UB)	11/16 at 100.00		Aa3 (8)		50,446,314

52

NUVEEN

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)		Value
			U.S. Guaranteed (8) (continued)
$	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	$	6,738,485
	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 (8)		1,224,010
			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 (8)		3,017,365
	865		5.250%, 2/01/46 (Pre-refunded 2/01/17)	2/17 at 100.00		N/R (8)		881,764
	50		California Pollution Control Financing Authority, Solid Waste Disposal Revenue Bonds, North County Recycling Center, Series 1991A, 6.750%, 7/01/17 (ETM)	1/17 at 100.00		Aaa		52,037
	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+ (8)		11,821,102
	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 (8)		2,364,383
	17,670		California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Series 2003A, 5.000%, 8/15/38 (Pre-refunded 8/15/17) – AMBAC Insured (UB) (5)	8/17 at 100.00		AA– (8)		18,434,404
	7,190		California Statewide Communities Development Authority, Revenue Bonds, Saint Joseph Health System, Trust 2554, 17.136%, 7/01/47 (Pre-refunded 7/01/18) – AGM Insured (IF)	7/18 at 100.00		AA (8)		9,080,626
	4,565		California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Tender Option Bond Trust 2016-XF2351, 17.437%, 11/15/46 (Pre-refunded 11/15/16) (IF) (5)	11/16 at 100.00		AA– (8)		4,735,274
	21,235		California State Public Works Board, Lease Revenue Bonds, University of California Regents, Tender Option Bond Trust 2016-XG0003, 8.651%, 3/01/33 (Pre-refunded 3/01/18) (IF) (5)	3/18 at 100.00		Aaa		24,035,472
	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 (8)		5,885,366
	15,060		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		17,650,019
	1,600		Eastern Municipal Water District, California, Water and Sewerage System Revenue Certificates of Participation, Tender Option Bond Trust 2015-XF0072, 13.282%, 7/01/35 (Pre-refunded 7/01/18) (IF)	7/18 at 100.00		AAA		2,304,464
	1,500		Hesperia Unified School District, San Bernardino County, California, Certificates of Participation, Capital Improvement, Series 2007, 5.000%, 2/01/41 (Pre-refunded 2/01/17) – AMBAC Insured	2/17 at 100.00		A (8)		1,528,215
	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 (8)		1,041,510
	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 (8)		14,993,119
	4,705		Madera Irrigation District. California, Water Revenue Refunding Bonds, Series 2008, 5.500%, 1/01/38 (Pre-refunded 1/01/18)	1/18 at 100.00		A (8)		4,976,902
	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 (8)		6,513,425
	5,840		Orange County Water District, California, Revenue Certificates of Participation, Series 1999A, 5.375%, 8/15/29 (ETM)	8/29 at 100.00		N/R (8)		7,889,022
	905		Orange County Water District, California, Revenue Certificates of Participation, Series 2003B, 5.000%, 8/15/34 – NPFG Insured (ETM)	No Opt. Call		AAA		1,234,402
	3,380		Orange County Sanitation District, California, Certificates of Participation,Tender Option Bond Trust 11738, 16.221%, 2/01/35 (Pre-refunded 2/01/19) (IF)	2/19 at 100.00		AAA		4,814,337
	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		BB+ (8)		16,834,546
	2,620		Pomona, California, GNMA/FHLMC Collateralized Single Family Mortgage Revenue Refunding Bonds, Series 1990B, 7.500%, 8/01/23 (ETM)	No Opt. Call		Aaa		3,238,241
	3,920		Rancho Santa Fe CSD Financing Authority, California, Revenue Bonds, Superior Lien Series 2011A, 5.750%, 9/01/30 (Pre-refunded 9/01/21)	9/21 at 100.00		A– (8)		4,854,293

NUVEEN

53

NAC	Nuveen California Dividend Advantage Municipal Fund
	Portfolio of Investments (continued)	August 31, 2016 (Unaudited)

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)		Value
			U.S. Guaranteed (8) (continued)
$	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– (8)	$	1,502,238
			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+ (8)		13,199,573
	11,000		5.250%, 5/15/26 (Pre-refunded 5/15/20)	5/20 at 100.00		AA+ (8)		12,826,440
	12,000		5.250%, 5/15/27 (Pre-refunded 5/15/20)	5/20 at 100.00		AA+ (8)		13,992,480
	7,170		5.250%, 5/15/28 (Pre-refunded 5/15/20)	5/20 at 100.00		AA+ (8)		8,360,507
	2,000		San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds, Mission Bay North Redevelopment Project, Series 2009C, 6.500%, 8/01/39 (Pre-refunded 8/01/19)	8/19 at 100.00		A– (8)		2,338,200
	575		San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds, Mission Bay North Redevelopment Project, Series 2011C, 6.750%, 8/01/41 (Pre-refunded 2/01/21)	2/21 at 100.00		A– (8)		722,787
			San Francisco Redevelopment Financing Authority, California, Tax Allocation Revenue Bonds, Mission Bay South Redevelopment Project, Series 2011D:
	575		7.000%, 8/01/33 (Pre-refunded 2/01/21)	2/21 at 100.00		BBB+ (8)		729,008
	715		7.000%, 8/01/41 (Pre-refunded 2/01/21)	2/21 at 100.00		BBB+ (8)		906,506
	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 (8)		2,751,346
	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+ (8)		5,767,025
	2,600		The Regents of the University of California, Medical Center Pooled Revenue Bonds, Series 2009E, 5.000%, 5/15/38 (Pre-refunded 5/15/17)	5/17 at 101.00		Aaa		2,709,044
	5,000		Westminster Redevelopment Agency, California, Tax Allocation Bonds, Commercial Redevelopment Project 1, Police Facility Subordinate Series 2009, 6.250%, 11/01/39 (Pre-refunded 11/01/19)	11/19 at 100.00		AA (8)		5,871,200
	287,855		Total U.S. Guaranteed					323,213,391
			Utilities – 3.4% (2.3% 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	12/16 at 100.00		N/R		5,737,409
			Long Beach Bond Finance Authority, California, Natural Gas Purchase Revenue Bonds, Series 2007A:
	7,970		5.000%, 11/15/35	No Opt. Call		A		10,434,962
	7,610		5.500%, 11/15/37	No Opt. Call		A		10,447,160
	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		Aa2		6,218,156
	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		Aa2		6,059,844
	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		Aa2		4,820,680
			Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2016B:
	2,210		5.000%, 7/01/42	1/26 at 100.00		Aa2		2,744,223
	2,760		5.000%, 7/01/45	1/26 at 100.00		Aa2		3,419,254
	3,000		Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Tender Option Bond Trust 2015-XF2047, 16.172%, 7/01/43 (IF) (5)	7/22 at 100.00		Aa2		5,267,280
	2,500		Sacramento Municipal Utility District, California, Electric Revenue Bonds, Tender Option Bond Trust 1186, 16.241%, 8/15/41 (IF) (5)	8/23 at 100.00		AA–		4,641,500
	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–		1,919,066
	47,445		Total Utilities					61,709,534

54

NUVEEN

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)		Value
			Water and Sewer – 16.2% (10.8% 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–	$	3,693,421
	4,250		5.000%, 10/01/30	4/23 at 100.00		AA–		5,164,260
	4,000		5.000%, 10/01/34	4/23 at 100.00		AA–		4,840,960
	810		California Department of Water Resources, Water System Revenue Bonds, Central Valley Project, Refunding Series 2002X, 5.500%, 12/01/17 – NPFG Insured	No Opt. Call		AAA		861,273
			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		4,431,678
	36,420		5.000%, 11/21/45 (Alternative Minimum Tax)	No Opt. Call		Baa3		41,016,568
	175		California Statewide Community Development Authority, Water and Wastewater Revenue Bonds, Pooled Financing Program, Series 2003A, 5.250%, 10/01/23 – AGM Insured	11/16 at 100.00		AA		175,684
	385		California Statewide Community Development Authority, Water and Wastewater Revenue Bonds, Pooled Financing Program, Series 2004A, 5.250%, 10/01/24 – AGM Insured	11/16 at 100.00		AA		386,486
	2,500		Central Basin Municipal Water District, California, Certificates of Participation, Tender Option Bond Trust 3152, 15.812%, 8/01/39 – AGC Insured (IF) (5)	2/20 at 100.00		AA		3,711,300
			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		2,527,020
	10,500		5.000%, 6/01/32	6/25 at 100.00		AAA		13,208,685
	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		12,232,000
	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–		2,224,931
	750		Fortuna Public Finance Authority, California, Water Revenue Bonds, Series 2006, 5.000%, 10/01/36 – AGM Insured	10/16 at 100.00		AA		752,805
			Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Refunding Series 2016B:
	3,870		5.000%, 7/01/32	1/26 at 100.00		AA+		4,895,318
	4,750		5.000%, 7/01/33	1/26 at 100.00		AA+		5,985,285
	3,775		5.000%, 7/01/35	1/26 at 100.00		AA+		4,720,147
	5,000		5.000%, 7/01/36	1/26 at 100.00		AA+		6,232,600
	1,780		5.000%, 7/01/37	1/26 at 100.00		AA+		2,215,388
	2,000		5.000%, 7/01/38	1/26 at 100.00		AA+		2,485,380
			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+		27,587,654
	2,000		5.000%, 7/01/41	1/21 at 100.00		AA+		2,322,700
	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+		8,168,083
			Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2016A:
	5,435		5.000%, 7/01/32	1/26 at 100.00		AA+		6,874,949
	1,000		5.000%, 7/01/33	1/26 at 100.00		AA+		1,260,060
	1,000		5.000%, 7/01/34	1/26 at 100.00		AA+		1,255,210
	5,680		5.000%, 7/01/35	1/26 at 100.00		AA+		7,102,102
	1,000		5.000%, 7/01/36	1/26 at 100.00		AA+		1,246,520
	20,255		5.000%, 7/01/46	1/21 at 100.00		AA+		25,073,867
	1,570		Los Angeles, California, Wastewater System Revenue Bonds, Refunding Green Series 2015A, 5.000%, 6/01/32	6/25 at 100.00		AA+		1,975,013
	4,235		Los Angeles, California, Wastewater System Revenue Bonds, Refunding Series 2015B, 5.000%, 6/01/34	6/25 at 100.00		AA+		5,288,626
	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		1,804,676

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55

NAC	Nuveen California Dividend Advantage Municipal Fund
	Portfolio of Investments (continued)	August 31, 2016 (Unaudited)

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)		Value
			Water and Sewer (continued)
$	2,000		Metropolitan Water District of Southern California, Water Revenue Bonds, Refunding Series 2015A, 5.000%, 7/01/40	7/25 at 100.00		AAA	$	2,483,560
			Metropolitan Water District of Southern California, Water Revenue Bonds, Refunding Series 2016A:
	18,275		5.000%, 7/01/32	1/26 at 100.00		AAA		23,170,324
	5,125		5.000%, 7/01/35	1/26 at 100.00		AAA		6,427,980
	670		Metropolitan Water District of Southern California, Waterworks Revenue Bonds, Tender Option Bond Trust 09-8B, 16.331%, 7/01/35 (IF) (5)	7/19 at 100.00		AAA		1,004,410
	1,510		Orange County Sanitation District, California, Certificates of Participation, Tender Option Bond Trust 3020, 16.176%, 2/01/35 (IF) (5)	2/19 at 100.00		AAA		2,150,814
	5,490		Orange County Sanitation District, California, Wastewater Revenue Bonds, Refunding Series 2016A, 5.000%, 2/01/35	2/26 at 100.00		AAA		6,929,423
	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		3,510,815
	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		3,022,021
	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		3,684,150
	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–		6,555,440
			San Francisco City and County Public Utilities Commission, California, Water Revenue Bonds, Tender Option Bond Trust 2015-XF0226:
	750		16.295%, 11/01/28 (IF)	11/21 at 100.00		AA–		1,356,060
	750		16.393%, 11/01/43 (IF)	5/22 at 100.00		AA–		1,303,440
	7,500		Santa Clara Valley Water District, California, Water System Revenue Bonds, Refunding Series 2016A, 5.000%, 6/01/46	12/25 at 100.00		Aa1		9,291,150
			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		3,706,800
	1,600		5.000%, 8/01/45	8/25 at 100.00		AA		1,971,104
	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		4,319,880
	240,925		Total Water and Sewer					292,608,020
$	2,500,985		Total Long-Term Investments (cost $2,354,149,978)					2,709,911,675
			Floating Rate Obligations – (4.2)%					(75,940,000	)
			Borrowings – (1.7)% (9)					(30,000,000	)
			Variable Rate MuniFund Term Preferred Shares, at Liquidation Preference (8.0)% (10)					(145,000,000	)
			Variable Rate Demand Preferred Shares, at Liquidation Preference – (38.7)% (11)					(699,600,000	)
			Other Assets Less Liabilities – 1.0%					48,397,944
			Net Assets Applicable to Common Shares – 100%				$	1,807,769,619

56

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(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: 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)	For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. 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 May 11, 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)	Step-up coupon. The rate shown is the coupon as of the end of the reporting period.
(8)	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.
(9)	Borrowings as a percentage of Total Investments is 1.1%.
(10)	Variable Rate MuniFund Term Preferred Shares, at Liquidation Preference as a percentage of Total Investments is 5.4%.
(11)	Variable Rate Demand Preferred Shares, at Liquidation Preference as a percentage of Total Investments is 25.8%.
(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

57

NVX
	Nuveen California Dividend Advantage Municipal Fund 2
	Portfolio of Investments	August 31, 2016 (Unaudited)

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)		Value
			LONG-TERM INVESTMENTS – 138.2% (100.0% of Total Investments)
			MUNICIPAL BONDS – 138.2% (100.0% of Total Investments)
			Consumer Staples – 9.0% (6.5% 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		B3	$	2,033,360
	2,000		5.650%, 6/01/41	12/18 at 100.00		B2		2,033,340
	220		California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Sonoma County Tobacco Securitization Corporation, Series 2005, 4.250%, 6/01/21	11/16 at 100.00		BBB+		220,099
	1,595		California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Stanislaus County Tobacco Funding Corporation, Series 2002A, 5.500%, 6/01/33	11/16 at 100.00		A3		1,606,564
			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–		3,807,135
	6,040		5.750%, 6/01/47	6/17 at 100.00		B–		6,174,813
	6,160		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–		6,327,306
	21,785		Total Consumer Staples					22,202,617
			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		2,042,493
	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		656,571
	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–		2,904,225
	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–		1,010,914
	5,680		Total Education and Civic Organizations					6,614,203
			Health Care – 17.7% (12.8% 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–		688,782
	3,750		California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, Refunding Series 2016B, 5.000%, 11/15/46	11/26 at 100.00		AA–		4,654,650
	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		470,232
	435		California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Refunding Series 2014A, 5.000%, 10/01/38	10/24 at 100.00		AA–		532,675
	855		California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Series 2014B, 5.000%, 10/01/44	10/24 at 100.00		AA–		1,016,749
	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		Aa3		1,029,751
	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–		2,511,620
	2,000		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+		2,309,240
	600		California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2016A, 5.250%, 12/01/56	6/26 at 100.00		BB+		697,380

58

NUVEEN

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)		Value
			Health Care (continued)
$	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	$	1,598,623
	3,200		California Statewide Communities Development Authority, Revenue Bonds, Kaiser Permanente, Series 2012A, 5.000%, 4/01/42	4/22 at 100.00		AA–		3,732,320
	5,245		California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A, 5.500%, 7/01/35 (4)	11/16 at 100.00		CCC		5,245,210
	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		1,111,569
	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–		1,817,690
	455		Oak Valley Hospital District, Stanislaus County, California, Revenue Bonds, Series 2010A, 6.500%, 11/01/29	11/20 at 100.00		BB		484,652
	1,500		Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 6.625%, 11/01/29	11/19 at 100.00		Ba1		1,673,115
	4,800		Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 6.000%, 11/01/41	11/20 at 100.00		Ba1		5,165,760
	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		5,948,773
	2,250		San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011, 7.500%, 12/01/41	12/21 at 100.00		BB+		2,800,800
	39,150		Total Health Care					43,489,591
			Housing/Multifamily – 1.4% (1.0% of Total Investments)
	1,265		California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2010A, 6.400%, 8/15/45	8/20 at 100.00		BBB		1,446,363
	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		472,459
	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		1,121,053
			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		94,642
	220		5.250%, 8/15/49	8/24 at 100.00		BBB		258,542
	2,915		Total Housing/Multifamily					3,393,059
			Housing/Single Family – 0.6% (0.5% of Total Investments)
	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		AA–		1,503,112
			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		32
			Tax Obligation/General – 32.7% (23.7% 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		Aa2		1,575,951
	4,000		California State, General Obligation Bonds, Various Purpose Refunding Series 2014, 5.000%, 8/01/31	8/24 at 100.00		AA–		5,010,800
			California State, General Obligation Bonds, Various Purpose Refunding Series 2015:
	675		5.000%, 8/01/32	2/25 at 100.00		AA–		836,447
	2,000		5.000%, 8/01/34	8/25 at 100.00		AA–		2,493,300
	13,850		California State, General Obligation Bonds, Various Purpose Series 2009, 6.000%, 4/01/38	4/19 at 100.00		AA–		15,698,282

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59

NVX	Nuveen California Dividend Advantage Municipal Fund 2
	Portfolio of Investments (continued)	August 31, 2016 (Unaudited)

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)		Value
			Tax Obligation/General (continued)
			California State, General Obligation Bonds, Various Purpose Series 2010:
$	2,000		6.000%, 3/01/33	3/20 at 100.00		AA–	$	2,357,480
	1,000		5.250%, 11/01/40	11/20 at 100.00		AA–		1,167,210
			California State, General Obligation Bonds, Various Purpose Series 2011:
	4,850		5.250%, 10/01/28	No Opt. Call		AA–		5,871,750
	2,300		5.000%, 9/01/41	9/21 at 100.00		AA–		2,722,924
	2,190		5.000%, 10/01/41	10/21 at 100.00		AA–		2,599,180
			California State, General Obligation Bonds, Various Purpose Series 2013:
	2,500		5.000%, 2/01/43	No Opt. Call		AA–		2,986,050
	2,240		5.000%, 11/01/43	11/23 at 100.00		AA–		2,723,235
			California State, General Obligation Bonds, Various Purpose Series 2014:
	2,000		5.000%, 5/01/32	5/24 at 100.00		AA–		2,485,480
	1,815		5.000%, 10/01/44	10/24 at 100.00		AA–		2,227,114
	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		6,709,323
	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		1,439,161
	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–		1,309,199
	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+		5,284,415
	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+		2,000,480
	2,000		Puerto Rico, General Obligation Bonds, Public Improvement Series 2002A, 5.500%, 7/01/20 – NPFG Insured	No Opt. Call		AA–		2,170,260
	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		1,785,739
	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–		6,161,820
	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		1,177,440
	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		1,888,896
	117,355		Total Tax Obligation/General					80,681,936
			Tax Obligation/Limited – 23.9% (17.3% 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+		8,706,599
	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+		4,277,094
	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+		4,502,662
	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+		5,484,387
	960		Fontana Redevelopment Agency, San Bernardino County, California, Tax Allocation Bonds, Jurupa Hills Redevelopment Project, Refunding Series 1997A, 5.500%, 10/01/27	4/17 at 100.00		A		963,850
	10,000		Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Refunding Series 2015A, 5.000%, 6/01/45	6/25 at 100.00		A+		12,137,399
	2,000		Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D, 5.000%, 11/15/28	11/25 at 100.00		A		2,347,720
	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		1,750,035
	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+		887,357

60

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	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)		Value
			Tax Obligation/Limited (continued)
			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	$	209,028
	470		5.125%, 9/01/36	9/16 at 100.00		N/R		477,877
	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		1,150,200
	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		416,025
	800		Los Angeles Community Redevelopment Agency, California, Lease Revenue Bonds, Vermont Manchester Social Services Project, Series 2005, 5.000%, 9/01/37 – AMBAC Insured	11/16 at 100.00		Aa3		802,784
	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		1,605,528
	750		Lynwood Redevelopment Agency, California, Project A Revenue Bonds, Subordinate Lien Series 2011A, 7.000%, 9/01/31	9/21 at 100.00		A–		939,495
	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		594,068
	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+		212,629
	190		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		214,573
			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		1,347,485
	1,075		5.750%, 9/01/39	9/23 at 100.00		N/R		1,222,114
	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–		1,209,632
	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		123,499
	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		261,612
			San Buenaventura Redevelopment Agency, California, Merged Project Areas Tax Allocation Bonds, Series 2008:
	1,000		7.750%, 8/01/28	8/18 at 100.00		A		1,049,620
	1,325		8.000%, 8/01/38	8/18 at 100.00		A		1,390,879
	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		69,523
	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		235,998
	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+		1,031,447
			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–		1,143,703
	765		5.000%, 8/01/25 – NPFG Insured	8/17 at 100.00		AA–		795,248
	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		167,756
	930		Temecula Public Financing Authority, California, Special Tax Bonds, Community Facilities District 03-02 Roripaugh, Series 2006, 5.500%, 9/01/36	3/17 at 100.00		N/R		933,041
	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–		294,910
	55,605		Total Tax Obligation/Limited					58,955,777

NUVEEN

61

NVX	Nuveen California Dividend Advantage Municipal Fund 2
	Portfolio of Investments (continued)	August 31, 2016 (Unaudited)

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)		Value
			Transportation – 15.3% (11.0% 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–	$	2,450,180
	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+		2,740,058
			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–		5,919,009
	4,935		6.000%, 1/15/53	1/24 at 100.00		BBB–		5,983,836
			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		1,058,929
	3,810		5.000%, 5/15/33 (Alternative Minimum Tax)	5/25 at 100.00		AA		4,610,557
	1,000		5.000%, 5/15/36 (Alternative Minimum Tax)	5/25 at 100.00		AA		1,200,520
	4,000		Los Angeles Harbors Department, California, Revenue Bonds, Refunding Series 2014B, 5.000%, 8/01/44	8/24 at 100.00		AA		4,835,440
			Port of Oakland, California, Revenue Bonds, Refunding Series 2012P:
	1,545		5.000%, 5/01/29 (Alternative Minimum Tax)	No Opt. Call		A+		1,818,697
	1,000		5.000%, 5/01/31 (Alternative Minimum Tax)	No Opt. Call		A+		1,172,810
	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–		1,193,130
	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+		4,613,600
	31,340		Total Transportation					37,596,766
			U.S. Guaranteed – 9.3% (6.7% of Total Investments) (6)
	1,430		Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Tender Option Bond Trust 3211, 12.501%, 4/01/39 (Pre-refunded 4/01/18) (IF)	4/18 at 100.00		AA (6)		1,857,327
	1,500		California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2007A, 5.250%, 11/15/46 (Pre-refunded 11/15/16)	11/16 at 100.00		AA– (6)		1,513,995
	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)		1,778,818
	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)		2,315,313
	2,945		California State Public Works Board, Lease Revenue Bonds, University of California Regents, Tender Option Bond Trust 1065, 8.651%, 3/01/33 (Pre-refunded 3/01/18) (IF) (7)	3/18 at 100.00		Aaa		3,333,387
	1,800		Hesperia Unified School District, San Bernardino County, California, Certificates of Participation, Capital Improvement, Series 2007, 5.000%, 2/01/41 (Pre-refunded 2/01/17) – AMBAC Insured	2/17 at 100.00		A (6)		1,833,858
	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)		2,193,580
	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		BB+ (6)		3,446,223
	2,000		Puerto Rico Public Finance Corporation, Commonwealth Appropriation Bonds, Series 2002E, 6.000%, 8/01/26 (ETM)	No Opt. Call		C (6)		2,738,860
	550		Rancho Santa Fe CSD Financing Authority, California, Revenue Bonds, Superior Lien Series 2011A, 5.750%, 9/01/30 (Pre-refunded 9/01/21)	9/21 at 100.00		A– (6)		681,087
	80		San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds, Mission Bay North Redevelopment Project, Series 2011C, 6.750%, 8/01/41 (Pre-refunded 2/01/21)	2/21 at 100.00		A– (6)		100,562
			San Francisco Redevelopment Financing Authority, California, Tax Allocation Revenue Bonds, Mission Bay South Redevelopment Project, Series 2011D:
	85		7.000%, 8/01/33 (Pre-refunded 2/01/21)	2/21 at 100.00		BBB+ (6)		107,766
	105		7.000%, 8/01/41 (Pre-refunded 2/01/21)	2/21 at 100.00		BBB+ (6)		133,123

62

NUVEEN

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)		Value
			U.S. Guaranteed (6) (continued)
$	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)	$	873,023
	20,375		Total U.S. Guaranteed					22,906,922
			Utilities – 10.8% (7.9% 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		3,083,354
	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		Aa2		16,645,157
	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–		1,825,950
	4,000		Southern California Public Power Authority, Natural Gas Project 1 Revenue Bonds, Series 2007A, 5.000%, 11/01/33	No Opt. Call		A		5,173,640
	21,855		Total Utilities					26,728,101
			Water and Sewer – 14.8% (10.7% 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		5,901,340
	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–		5,032,615
	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+		9,604,496
	6,000		Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2016A, 5.000%, 7/01/46	1/21 at 100.00		AA+		7,427,460
	1,160		Metropolitan Water District of Southern California, Waterworks Revenue Bonds, Tender Option Bond Trust 09-8B, 16.331%, 7/01/35 (IF) (7)	7/19 at 100.00		AAA		1,738,979
	5,825		Sacramento, California, Wastewater Revenue Bonds, Series 2013, 5.000%, 9/01/42	9/23 at 100.00		AA		6,832,434
	30,380		Total Water and Sewer					36,537,324
$	351,105		Total Long-Term Investments (cost $301,410,124)					340,609,440
			Variable Rate Demand Preferred Shares, at Liquidation Preference – (39.8)% (8)					(98,000,000	)
			Other Assets Less Liabilities – 1.6%					3,932,786
			Net Assets Applicable to Common Shares – 100%				$	246,542,226

NUVEEN

63

NVX	Nuveen California Dividend Advantage Municipal Fund 2
	Portfolio of Investments (continued)	August 31, 2016 (Unaudited)

(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: 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)	For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. 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 May 11, 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 28.8%.
(ETM)	Escrowed to maturity.
(IF)	Inverse floating rate investment.

64

NUVEEN

NZH
	Nuveen California Dividend Advantage Municipal Fund 3
	Portfolio of Investments	August 31, 2016 (Unaudited)

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)		Value
			LONG-TERM INVESTMENTS – 141.3% (100.0% of Total Investments)
			MUNICIPAL BONDS – 141.3% (100.0% of Total Investments)
			Consumer Staples – 10.2% (7.2% 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	$	2,541,675
	360		California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Sonoma County Tobacco Securitization Corporation, Series 2005, 4.250%, 6/01/21	11/16 at 100.00		BBB+		360,162
	25,000		California Statewide Financing Authority, Tobacco Settlement Asset-Backed Bonds, Pooled Tobacco Securitization Program, Series 2006A, 0.000%, 6/01/46	11/16 at 16.22		N/R		3,874,750
			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–		16,849,346
	6,625		5.750%, 6/01/47	6/17 at 100.00		B–		6,772,870
	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–		6,435,157
	1,200		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	11/16 at 100.00		B+		1,200,072
	58,635		Total Consumer Staples					38,034,032
			Education and Civic Organizations – 4.2% (3.0% of Total Investments)
	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		2,667,427
	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		1,005,559
	3,000		California State University, Systemwide Revenue Bonds, Refunding Series 2015A, 5.000%, 11/01/38	11/25 at 100.00		Aa2		3,741,750
			California State University, Systemwide Revenue Bonds, Series 2016A:
	1,000		5.000%, 11/01/33	5/26 at 100.00		Aa2		1,268,510
	1,725		5.000%, 11/01/41	5/26 at 100.00		Aa2		2,151,989
	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		3,293,153
	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–		1,546,103
	12,785		Total Education and Civic Organizations					15,674,491
			Health Care – 27.2% (19.3% 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–		6,711,769
	9,090		California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, Refunding Series 2016B, 5.000%, 11/15/46	11/26 at 100.00		AA–		11,282,871
	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–		1,491,376
	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		726,181
	670		California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Refunding Series 2014A, 5.000%, 10/01/38	10/24 at 100.00		AA–		820,442
	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–		1,569,718
	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		Aa3		1,662,559

NUVEEN

65

NZH	Nuveen California Dividend Advantage Municipal Fund 3
	Portfolio of Investments (continued)	August 31, 2016 (Unaudited)

	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–	$	2,003,381
	3,530		California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2011B, 6.000%, 8/15/42	8/20 at 100.00		AA–		4,226,504
	1,150		California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2014A, 5.250%, 12/01/34	12/24 at 100.00		BB+		1,332,344
	3,060		California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2016A, 5.250%, 12/01/56	6/26 at 100.00		BB+		3,556,638
	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		1,704,471
	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		1,285,047
	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		1,575,741
	1,000		California Statewide Communities Development Authority, Revenue Bonds, Kaiser Permanente, Series 2012A, 5.000%, 4/01/42	4/22 at 100.00		AA–		1,166,350
	8,875		California Statewide Communities Development Authority, Revenue Bonds, Sutter Health, Series 2011A, 6.000%, 8/15/42	8/20 at 100.00		AA–		10,641,480
	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		4,667,175
			California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A:
	3,500		5.500%, 7/01/30 (4)	11/16 at 100.00		CCC		3,500,140
	2,330		5.500%, 7/01/35 (4)	11/16 at 100.00		CCC		2,330,093
	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–		4,220,022
	4,000		Marysville, California, Revenue Bonds, The Fremont-Rideout Health Group, Series 2011, 5.250%, 1/01/42	1/21 at 100.00		BBB		4,498,840
	695		Oak Valley Hospital District, Stanislaus County, California, Revenue Bonds, Series 2010A, 6.500%, 11/01/29	11/20 at 100.00		BB		740,293
	1,000		Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 6.750%, 11/01/39	11/19 at 100.00		Ba1		1,117,560
	7,650		Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 6.000%, 11/01/41	11/20 at 100.00		Ba1		8,232,930
	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		5,953,915
	3,400		San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011, 7.500%, 12/01/41	12/21 at 100.00		BB+		4,232,320
	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–		10,729,248
	88,850		Total Health Care					101,979,408
			Housing/Multifamily – 1.4% (0.9% of Total Investments)
	1,945		California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2010A, 6.400%, 8/15/45	8/20 at 100.00		BBB		2,223,855
	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		2,327,727
			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		147,878
	340		5.250%, 8/15/49	8/24 at 100.00		BBB		399,565
	4,430		Total Housing/Multifamily					5,099,025

66

NUVEEN

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)		Value
			Housing/Single Family – 0.8% (0.5% of Total Investments)
$	2,780		California Housing Finance Agency, California, Home Mortgage Revenue Bonds, Tender Option Bond Trust 2016-XF2308, 9.239%, 8/01/37 (Alternative Minimum Tax) (IF) (5)	2/17 at 100.00		AA–	$	2,868,654
			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		52
			Tax Obligation/General – 18.6% (13.2% of Total Investments)
			California State, General Obligation Bonds, Refunding Various Purpose Series 2013:
	1,260		5.000%, 2/01/29	No Opt. Call		AA–		1,536,192
	1,710		5.000%, 2/01/31	No Opt. Call		AA–		2,077,137
			California State, General Obligation Bonds, Various Purpose Refunding Series 2015:
	3,150		5.000%, 8/01/32	2/25 at 100.00		AA–		3,903,417
	5,000		5.000%, 8/01/34	8/25 at 100.00		AA–		6,233,250
			California State, General Obligation Bonds, Various Purpose Series 2009:
	3,040		6.000%, 11/01/39	11/19 at 100.00		AA–		3,530,686
	3,500		5.500%, 11/01/39	11/19 at 100.00		AA–		3,996,755
			California State, General Obligation Bonds, Various Purpose Series 2010:
	1,960		5.500%, 3/01/40	3/20 at 100.00		AA–		2,253,118
	1,000		5.250%, 11/01/40	11/20 at 100.00		AA–		1,167,210
			California State, General Obligation Bonds, Various Purpose Series 2011:
	1,770		5.250%, 10/01/28	No Opt. Call		AA–		2,142,886
	4,000		5.000%, 9/01/31	No Opt. Call		AA–		4,756,920
	4,315		5.000%, 10/01/41	10/21 at 100.00		AA–		5,121,215
	3,230		California State, General Obligation Bonds, Various Purpose Series 2012, 5.250%, 2/01/29	2/22 at 100.00		AA–		3,917,796
	2,465		California State, General Obligation Bonds, Various Purpose Series 2013, 5.000%, 4/01/37	4/23 at 100.00		AA–		2,969,586
	1,565		California State, General Obligation Bonds, Various Purpose Series 2015, 5.000%, 8/01/45	8/25 at 100.00		AA–		1,945,217
	15		California, General Obligation Veterans Welfare Bonds, Series 2001BZ, 5.350%, 12/01/21 – NPFG Insured (Alternative Minimum Tax)	12/16 at 100.00		AA		15,047
	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		Aa2		2,479,772
	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		1,307,656
	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		5,315,892
	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+		3,000,720
	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		2,493,014
	5,530		Stockton Unified School District, San Joaquin County, California, General Obligation Bonds, Election 2008 Series 2011D, 0.000%, 8/01/50 – AGM Insured (7)	8/37 at 100.00		AA		5,406,792
			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		1,911,259
	1,750		5.500%, 8/01/40	8/24 at 100.00		Aa3		2,176,073
	59,395		Total Tax Obligation/General					69,657,610
			Tax Obligation/Limited – 32.7% (23.1% 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		1,935,662
			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+		7,077,222
	7,135		5.250%, 9/01/32	9/23 at 100.00		A+		8,847,757

NUVEEN

67

NZH	Nuveen California Dividend Advantage Municipal Fund 3
	Portfolio of Investments (continued)	August 31, 2016 (Unaudited)

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)		Value
			Tax Obligation/Limited (continued)
			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+	$	2,095,803
	1,450		5.250%, 9/01/33	9/23 at 100.00		A+		1,799,160
	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+		1,144,930
	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+		2,641,940
	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		2,188,404
	1,445		Fontana Redevelopment Agency, San Bernardino County, California, Tax Allocation Bonds, Jurupa Hills Redevelopment Project, Refunding Series 1997A, 5.500%, 10/01/27	4/17 at 100.00		A		1,450,794
	15,750		Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Refunding Series 2015A, 5.000%, 6/01/45	6/25 at 100.00		A+		19,116,404
	3,225		Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D, 5.000%, 11/15/28	11/25 at 100.00		A		3,785,699
	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+		1,336,135
			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		336,485
	760		5.125%, 9/01/36	9/16 at 100.00		N/R		772,738
	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		681,680
	1,310		Los Angeles Community Redevelopment Agency, California, Lease Revenue Bonds, Vermont Manchester Social Services Project, Series 2005, 5.000%, 9/01/37 – AMBAC Insured	11/16 at 100.00		Aa3		1,314,559
	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		3,109,967
	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		906,736
	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+		328,055
	11,165		Palm Desert Financing Authority, California, Tax Allocation Revenue Bonds, Project Area 1, Refunding Series 2002, 5.100%, 4/01/30 – NPFG Insured	4/17 at 100.00		AA–		11,202,626
	285		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		321,859
			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		2,038,212
	1,610		5.750%, 9/01/39	9/23 at 100.00		N/R		1,830,329
	2,630		Pico Rivera Water Authority, California, Revenue Bonds, Series 2001A, 6.250%, 12/01/32	12/16 at 100.00		N/R		2,666,110
	3,250		Pomona Public Financing Authority, California, Revenue Refunding Bonds, Merged Redevelopment Projects, Series 2001AD, 5.000%, 2/01/27 – NPFG Insured	2/17 at 100.00		AA–		3,261,700
			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–		2,024,000
	10,025		0.000%, 8/01/45 – NPFG Insured	No Opt. Call		AA–		1,932,519
	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		4,281,375
	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–		4,055,366
	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		191,423

68

NUVEEN

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)		Value
			Tax Obligation/Limited (continued)
			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	$	1,125,927
	2,615		5.000%, 9/01/35	9/22 at 100.00		N/R		2,922,550
	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		406,952
	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		115,872
	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		6,038,750
	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		370,854
	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+		1,554,945
	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–		1,205,866
	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		257,626
	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	11/16 at 100.00		BBB+		8,736,391
	1,500		Stockton Public Financing Authority, California, Lease Revenue Bonds, Series 2004, 5.250%, 9/01/34 – FGIC Insured	11/16 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	3/17 at 100.00		N/R		1,421,014
	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+		1,457,951
	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–		454,652
	124,695		Total Tax Obligation/Limited					122,245,134
			Transportation – 12.5% (8.9% 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–		4,538,958
	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+		4,189,597
			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–		9,058,241
	7,555		6.000%, 1/15/53	1/24 at 100.00		BBB–		9,160,664
			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		1,052,843
	3,805		5.000%, 5/15/33 (Alternative Minimum Tax)	5/25 at 100.00		AA		4,604,507
	1,000		5.000%, 5/15/36 (Alternative Minimum Tax)	5/25 at 100.00		AA		1,200,520
			Los Angeles Harbors Department, California, Revenue Bonds, Series 2014C:
	1,160		5.000%, 8/01/34	8/24 at 100.00		AA		1,419,318
	1,865		5.000%, 8/01/36	8/24 at 100.00		AA		2,268,176
	4,610		5.000%, 8/01/44	8/24 at 100.00		AA		5,572,845
	2,350		Port of Oakland, California, Revenue Bonds, Refunding Series 2012P, 5.000%, 5/01/29 (Alternative Minimum Tax)	No Opt. Call		A+		2,766,303

NUVEEN

69

NZH	Nuveen California Dividend Advantage Municipal Fund 3
	Portfolio of Investments (continued)	August 31, 2016 (Unaudited)

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)		Value
			Transportation (continued)
$	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+	$	1,153,400
	38,900		Total Transportation					46,985,372
			U.S. Guaranteed – 11.7% (8.3% of Total Investments) (8)
	3,735		California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Tender Option Bond Trust 2015-XF0061, 17.118%, 11/15/46 (Pre-refunded 11/15/16) (IF)	11/16 at 100.00		AA– (8)		3,874,278
	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 (8)		1,224,010
	1,594		California Statewide Communities Development Authority, Revenue Bonds, Saint Joseph Health System, Tender Option Bond Trust 2016-XG0041, 17.316%, 7/01/47 (Pre-refunded 7/01/18) – AGM Insured (IF)	7/18 at 100.00		AA (8)		2,012,654
	5,600		California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Tender Option Bond Trust 2016-XF2351, 17.437%, 11/15/46 (Pre-refunded 11/15/16) (IF) (5)	11/16 at 100.00		AA– (8)		5,808,880
	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+ (8)		3,574,427
	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 (8)		1,041,510
	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 (8)		3,235,531
	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 (8)		2,935,451
	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		BB+ (8)		2,440,842
	865		Rancho Santa Fe CSD Financing Authority, California, Revenue Bonds, Superior Lien Series 2011A, 5.750%, 9/01/30 (Pre-refunded 9/01/21)	9/21 at 100.00		A– (8)		1,071,164
	125		San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds, Mission Bay North Redevelopment Project, Series 2011C, 6.750%, 8/01/41 (Pre-refunded 2/01/21)	2/21 at 100.00		A– (8)		157,128
			San Francisco Redevelopment Financing Authority, California, Tax Allocation Revenue Bonds, Mission Bay South Redevelopment Project, Series 2011D:
	125		7.000%, 8/01/33 (Pre-refunded 2/01/21)	2/21 at 100.00		BBB+ (8)		158,480
	160		7.000%, 8/01/41 (Pre-refunded 2/01/21)	2/21 at 100.00		BBB+ (8)		202,854
	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 (8)		1,423,292
			Westminster Redevelopment Agency, California, Tax Allocation Bonds, Commercial Redevelopment Project 1, Police Facility Subordinate Series 2009:
	7,500		6.250%, 11/01/39 (Pre-refunded 11/01/19)	11/19 at 100.00		AA (8)		8,806,800
	5,000		5.750%, 11/01/45 (Pre-refunded 11/01/19)	11/19 at 100.00		AA (8)		5,793,000
	38,949		Total U.S. Guaranteed					43,760,301
			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		4,994,903
	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		Aa2		17,245,574
	18,320		Total Utilities					22,240,477

70

NUVEEN

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)		Value
			Water and Sewer – 16.1% (11.4% 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–	$	2,462,600
	3,000		5.000%, 10/01/29	4/23 at 100.00		AA–		3,681,150
	3,000		5.000%, 10/01/34	4/23 at 100.00		AA–		3,630,720
	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		9,955,696
	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		6,317,550
	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–		3,422,970
	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		1,129,208
	2,355		Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2012B, 5.000%, 7/01/37	No Opt. Call		AA+		2,815,897
	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+		11,527,830
			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		1,513,011
	5,355		5.000%, 6/01/35	6/23 at 100.00		AA		6,507,771
	1,500		Metropolitan Water District of Southern California, Water Revenue Bonds, Refunding Series 2015A, 5.000%, 7/01/40	7/25 at 100.00		AAA		1,862,670
			Santa Clara Valley Water District, California, Water System Revenue Bonds, Refunding Series 2016A:
	2,175		5.000%, 6/01/32	12/25 at 100.00		Aa1		2,752,854
	2,180		5.000%, 6/01/33	12/25 at 100.00		Aa1		2,748,609
	50,245		Total Water and Sewer					60,328,536
$	503,189		Total Long-Term Investments (cost $466,252,372)					528,873,092
			Variable Rate Demand Preferred Shares, at Liquidation Preference – (42.7)% (9)					(160,000,000	)
			Other Assets Less Liabilities – 1.4%					5,308,060
			Net Assets Applicable to Common Shares – 100%				$	374,181,152

NUVEEN

71

NZH	Nuveen California Dividend Advantage Municipal Fund 3
	Portfolio of Investments (continued)	August 31, 2016 (Unaudited)

(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: 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)	For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. 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 May 11, 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)	Step-up coupon. The rate shown is the coupon as of the end of the reporting period.
(8)	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.
(9)	Variable Rate Demand Preferred Shares, at Liquidation Preference as a percentage of Total Investments is 30.3%.
(IF)	Inverse floating rate investment.

72

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