Chairman’s Letter to Shareholders
|
4
|
Portfolio Manager’s Comments
|
5
|
Fund Leverage
|
10
|
Common Share Information
|
12
|
Risk Considerations
|
14
|
Performance Overview and Holding Summaries
|
15
|
Report of Independent Registered Public Accounting Firm
|
21
|
Portfolios of Investments
|
22
|
Statement of Assets and Liabilities
|
78
|
Statement of Operations
|
80
|
Statement of Changes in Net Assets
|
82
|
Statement of Cash Flows
|
84
|
Financial Highlights
|
86
|
Notes to Financial Statements
|
94
|
Additional Fund Information
|
111
|
Glossary of Terms Used in this Report
|
112
|
Reinvest Automatically, Easily and Conveniently
|
114
|
Board Members & Officers
|
115
|
Nuveen Investments
|
3
|
4
|
Nuveen Investments
|
Target Funds
|
Acquiring Funds
|
|
Nuveen California Performance Plus Municipal Fund, Inc. (NCP)
|
Nuveen California Dividend Advantage Municipal Fund (NAC)
|
|
Nuveen California Municipal Market Opportunity Fund, Inc. (NCO)
|
||
Nuveen California Investment Quality Municipal Fund, Inc. (NQC)
|
||
Nuveen California Select Quality Municipal Fund, Inc. (NVC)
|
||
Nuveen California Quality Income Municipal Fund, Inc. (NUC)
|
||
Nuveen California Premium Income Municipal Fund (NCU)
|
Nuveen California AMT-Free Municipal Income Fund (NKX)
|
Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio manager as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements, and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.
|
Nuveen Investments
|
5
|
6
|
Nuveen Investments
|
Nuveen Investments
|
7
|
8
|
Nuveen Investments
|
Nuveen Investments
|
9
|
NCA
|
NCB
|
NKX
|
NAC
|
NVX
|
NZH
|
||||||||
Effective Leverage*
|
1.65%
|
9.43%
|
34.43%
|
35.66%
|
31.64%
|
37.68%
|
|||||||
Regulatory Leverage*
|
0.00%
|
0.00%
|
30.10%
|
28.99%
|
29.57%
|
31.07%
|
*
|
Effective leverage is a Fund’s effective economic leverage, and includes both regulatory leverage and the leverage effects of certain derivative and other investments in a Fund’s portfolio that increase the Fund’s investment exposure. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage. Regulatory leverage consists of preferred shares issued or borrowings of a Fund. Both of these are part of a Fund’s capital structure. Regulatory leverage is subject to asset coverage limits set forth in the Investment Company Act of 1940.
|
10
|
Nuveen Investments
|
iMTP Shares | VRDP Shares | ||||||||||||||
Shares
|
Shares
|
||||||||||||||
Issued at
|
Issued at
|
||||||||||||||
Series
|
Liquidation Value
|
Series
|
Liquidation Value
|
Total
|
|||||||||||
NKX
|
2018
|
$
|
36,000,000
|
2
|
$
|
35,500,000
|
|||||||||
3
|
$
|
42,700,000
|
|||||||||||||
4
|
$
|
109,000,000
|
|||||||||||||
5
|
$
|
104,400,000
|
|||||||||||||
$
|
36,000,000
|
$
|
291,600,000
|
$
|
327,600,000
|
||||||||||
NAC
|
—
|
—
|
1
|
$
|
136,200,000
|
||||||||||
2
|
*
|
$
|
91,000,000
|
||||||||||||
3
|
*
|
$
|
49,800,000
|
||||||||||||
4
|
*
|
$
|
105,600,000
|
||||||||||||
5
|
*
|
$
|
158,900,000
|
||||||||||||
6
|
*
|
$
|
158,100,000
|
||||||||||||
$
|
699,600,000
|
$
|
699,600,000
|
||||||||||||
NVX
|
—
|
—
|
1
|
$
|
98,000,000
|
$
|
98,000,000
|
||||||||
NZH
|
—
|
—
|
1
|
$
|
160,000,000
|
$
|
160,000,000
|
Nuveen Investments
|
11
|
Per Common Share Amounts
|
|||||||||||||||||||
Ex-Dividend Date
|
NCA
|
NCB
|
NKX
|
NAC
|
NVX
|
NZH
|
|||||||||||||
March 2014
|
$
|
0.0390
|
$
|
0.0650
|
$
|
0.0700
|
$
|
0.0740
|
$
|
0.0750
|
$
|
0.0670
|
|||||||
April
|
0.0390
|
0.0650
|
0.0700
|
0.0740
|
0.0750
|
0.0670
|
|||||||||||||
May
|
0.0390
|
0.0650
|
0.0700
|
0.0740
|
0.0750
|
0.0670
|
|||||||||||||
June*
|
0.0390
|
0.0650
|
0.1400
|
0.1480
|
0.0700
|
0.0670
|
|||||||||||||
July
|
0.0390
|
0.0650
|
0.0000
|
0.0000
|
0.0700
|
0.0670
|
|||||||||||||
August
|
0.0390
|
0.0650
|
0.0700
|
0.0800
|
0.0700
|
0.0670
|
|||||||||||||
September
|
0.0390
|
0.0650
|
0.0700
|
0.0800
|
0.0700
|
0.0670
|
|||||||||||||
October
|
0.0390
|
0.0650
|
0.0700
|
0.0800
|
0.0700
|
0.0670
|
|||||||||||||
November
|
0.0390
|
0.0650
|
0.0700
|
0.0800
|
0.0700
|
0.0670
|
|||||||||||||
December
|
0.0390
|
0.0650
|
0.0720
|
0.0800
|
0.0700
|
0.0670
|
|||||||||||||
January
|
0.0390
|
0.0650
|
0.0720
|
0.0800
|
0.0700
|
0.0670
|
|||||||||||||
February 2015
|
0.0390
|
0.0650
|
0.0720
|
0.0800
|
0.0700
|
0.0670
|
|||||||||||||
Long-Term Capital Gain**
|
$
|
—
|
$
|
0.1119
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
|||||||
Ordinary Income Distribution**
|
$
|
—
|
$
|
0.0057
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
|||||||
Market Yield***
|
4.40
|
%
|
4.68
|
%
|
5.89
|
%
|
6.26
|
%
|
5.76
|
%
|
5.90
|
%
|
|||||||
Taxable-Equivalent Yield***
|
6.74
|
%
|
7.17
|
%
|
9.02
|
%
|
9.59
|
%
|
8.82
|
%
|
9.04
|
%
|
*
|
In connection with NKX’s reorganization, the Fund declared a dividend of $0.0700 per common share with an ex-dividend date of June 4, 2014, payable on July 1, 2014 and a dividend of $0.0700 per common share with an ex-dividend date of June 4, 2014, payable on August 1, 2014. In connection with NAC’s reorganization, the Fund declared a dividend of $0.0740 per common share with an ex-dividend date of June 4, 2014, payable on July 1, 2014, a dividend of $0.0686 per common share with an ex-dividend date of June 4, 2014, payable on August 1, 2014 and a dividend of $0.0054 per common share with an ex-dividend date of June 17, 2014, payable on August 1, 2014.
|
**
|
Distribution paid in December 2014.
|
***
|
Market Yield is based on the Fund’s current annualized monthly distribution divided by the Fund’s market price as of the end of the reporting period. Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 34.7%. When comparing a Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
|
12
|
Nuveen Investments
|
NCA
|
NCB
|
NKX
|
NAC
|
NVX
|
NZH
|
||||||||
Common Shares Cumulatively Repurchased and Retired
|
0
|
0
|
0
|
0
|
50,700
|
12,900
|
|||||||
Common Shares Authorized for Repurchase
|
2,530,000
|
330,000
|
4,770,000
|
10,740,000
|
1,475,000
|
2,415,000
|
NCA
|
NKX
|
NAC
|
|||||
Additional Common Shares Authorized
|
2,500,000
|
4,100,000
|
2,300,000
|
NCA
|
||||
Common Shares Sold through Equity Shelf Program
|
124,572
|
|||
Weighted Average Premium to NAV per Common Share Sold
|
1.22
|
%
|
NCA
|
NCB
|
NKX
|
NAC
|
NVX
|
NZH
|
||||||||||||||
Common Share NAV
|
$
|
10.54
|
$
|
17.50
|
$
|
15.95
|
$
|
15.96
|
$
|
15.82
|
$
|
14.70
|
|||||||
Common Share Price
|
$
|
10.64
|
$
|
16.68
|
$
|
14.67
|
$
|
15.34
|
$
|
14.59
|
$
|
13.63
|
|||||||
Premium/(Discount) to NAV
|
0.95
|
%
|
(4.69
|
)%
|
(8.03
|
)%
|
(3.88
|
)%
|
(7.77
|
)%
|
(7.28
|
)%
|
|||||||
12-Month Average Premium/(Discount) to NAV
|
(1.51
|
)%
|
(5.89
|
)%
|
(9.51
|
)%
|
(6.95
|
)%
|
(9.09
|
)%
|
(9.33
|
)%
|
Nuveen Investments
|
13
|
14
|
Nuveen Investments
|
NCA
|
|
Nuveen California Municipal Value Fund, Inc.
|
|
Performance Overview and Holding Summaries as of February 28, 2015
|
Average Annual
|
|||||||
1-Year
|
5-Year
|
10-Year
|
|||||
NCA at Common Share NAV
|
9.91%
|
6.91%
|
5.34%
|
||||
NCA at Common Share Price
|
16.36%
|
8.52%
|
6.28%
|
||||
S&P Municipal Bond California Index
|
7.46%
|
6.27%
|
5.11%
|
||||
S&P Municipal Bond Index
|
6.47%
|
5.19%
|
4.75%
|
||||
Lipper California Municipal Debt Funds Classification Average
|
12.44%
|
8.90%
|
5.62%
|
Fund Allocation
|
|
(% of net assets)
|
|
Long-Term Municipal Bonds
|
99.8%
|
Short-Term Municipal Bonds
|
0.4%
|
Other Assets Less Liabilities
|
1.5%
|
Net Assets Plus Floating
|
|
Rate Obligations
|
101.7%
|
Floating Rate Obligations
|
(1.7)%
|
Net Assets
|
100%
|
Portfolio Composition
|
|
(% of total investments)
|
|
Tax Obligation/Limited
|
21.1%
|
Tax Obligation/General
|
19.4%
|
U.S. Guaranteed
|
17.9%
|
Health Care
|
16.3%
|
Transportation
|
7.0%
|
Water and Sewer
|
6.8%
|
Other
|
11.5%
|
Total
|
100%
|
Credit Quality
|
|
(% of total investment exposure)
|
|
AAA/U.S. Guaranteed
|
18.3%
|
AA
|
38.7%
|
A
|
16.8%
|
BBB
|
10.2%
|
BB or Lower
|
8.6%
|
N/R (not rated)
|
7.4%
|
Total
|
100%
|
Nuveen Investments
|
15
|
NCB
|
|
Nuveen California Municipal Value Fund 2
|
|
Performance Overview and Holding Summaries as of February 28, 2015
|
Average Annual
|
|||||||
Since
|
|||||||
1-Year
|
5-Year
|
Inception1
|
|||||
NCB at Common Share NAV
|
9.68%
|
7.43%
|
8.80%
|
||||
NCB at Common Share Price
|
13.41%
|
8.28%
|
7.37%
|
||||
S&P Municipal Bond California Index
|
7.46%
|
6.27%
|
6.70%
|
||||
S&P Municipal Bond Index
|
6.47%
|
5.19%
|
5.92%
|
||||
Lipper California Municipal Debt Funds Classification Average
|
12.44%
|
8.90%
|
6.21%
|
Fund Allocation
|
|
(% of net assets)
|
|
Long-Term Municipal Bonds
|
97.8%
|
Short-Term Municipal Bonds
|
0.9%
|
Other Assets Less Liabilities
|
1.3%
|
Net Assets
|
100%
|
Portfolio Composition
|
|
(% of total investments)
|
|
Tax Obligation/Limited
|
22.5%
|
Health Care
|
19.1%
|
Tax Obligation/General
|
14.9%
|
Utilities
|
14.2%
|
Water and Sewer
|
7.4%
|
Housing/Single Family
|
5.7%
|
Consumer Staples
|
5.1%
|
Other
|
11.1%
|
Total
|
100%
|
Credit Quality
|
|
(% of total investment exposure)
|
|
AAA/U.S. Guaranteed
|
15.8%
|
AA
|
24.7%
|
A
|
38.7%
|
BBB
|
11.1%
|
BB or Lower
|
7.8%
|
N/R (not rated)
|
1.9%
|
Total
|
100%
|
16
|
Nuveen Investments
|
NKX
|
|
Nuveen California AMT-Free Municipal Income Fund
|
|
Performance Overview and Holding Summaries as of February 28, 2015
|
Average Annual
|
|||||||
1-Year
|
5-Year
|
10-Year
|
|||||
NKX at Common Share NAV
|
16.16%
|
8.74%
|
6.39%
|
||||
NKX at Common Share Price
|
17.55%
|
9.19%
|
5.97%
|
||||
S&P Municipal Bond California Index
|
7.46%
|
6.27%
|
5.11%
|
||||
S&P Municipal Bond Index
|
6.47%
|
5.19%
|
4.75%
|
||||
Lipper California Municipal Debt Funds Classification Average
|
12.44%
|
8.90%
|
5.62%
|
Fund Allocation
|
|
(% of net assets)
|
|
Long-Term Municipal Bonds
|
140.0%
|
Short-Term Municipal Bonds
|
1.2%
|
Other Assets Less Liabilities
|
2.7%
|
Net Assets Plus Floating Rate Obligations,
|
|
iMTP Shares, at Liquidation Value &
|
|
VRDP Shares, at Liquidation Value
|
143.9%
|
Floating Rate Obligations
|
(0.9)%
|
iMTP Shares, at Liquidation Value
|
(4.7)%
|
VRDP Shares, at Liquidation Value
|
(38.3)%
|
Net Assets
|
100%
|
Portfolio Composition
|
|
(% of total investments)
|
|
Tax Obligation/Limited
|
32.8%
|
Tax Obligation/General
|
22.8%
|
Health Care
|
14.7%
|
Water and Sewer
|
11.2%
|
Transportation
|
4.2%
|
Other
|
14.3%
|
Total
|
100%
|
Credit Quality
|
|
(% of total investment exposure)
|
|
AAA/U.S. Guaranteed
|
4.6%
|
AA
|
55.7%
|
A
|
17.4%
|
BBB
|
8.5%
|
BB or Lower
|
7.3%
|
N/R (not rated)
|
6.5%
|
Total
|
100%
|
Nuveen Investments
|
17
|
NAC
|
|
Nuveen California Dividend Advantage Municipal Fund
|
|
Performance Overview and Holding Summaries as of February 28, 2015
|
Average Annual
|
|||||||
1-Year
|
5-Year
|
10-Year
|
|||||
NAC at Common Share NAV
|
15.39%
|
9.42%
|
6.57%
|
||||
NAC at Common Share Price
|
16.21%
|
10.98%
|
7.04%
|
||||
S&P Municipal Bond California Index
|
7.46%
|
6.27%
|
5.11%
|
||||
S&P Municipal Bond Index
|
6.47%
|
5.19%
|
4.75%
|
||||
Lipper California Municipal Debt Funds Classification Average
|
12.44%
|
8.90%
|
5.62%
|
Fund Allocation
|
|
(% of net assets)
|
|
Long-Term Municipal Bonds
|
143.2%
|
Short-Term Municipal Bonds
|
1.2%
|
Other Assets Less Liabilities
|
1.8%
|
Net Assets Plus Floating Rate Obligations
|
|
& VRDP Shares, at Liquidation Value
|
146.2%
|
Floating Rate Obligations
|
(5.4)%
|
VRDP Shares, at Liquidation Value
|
(40.8)%
|
Net Assets
|
100%
|
Portfolio Composition
|
|
(% of total investments)
|
|
Tax Obligation/Limited
|
23.5%
|
Tax Obligation/General
|
22.3%
|
Health Care
|
21.3%
|
Water and Sewer
|
8.8%
|
U.S. Guaranteed
|
5.7%
|
Transportation
|
5.0%
|
Other
|
13.4%
|
Total
|
100%
|
Credit Quality
|
|
(% of total investment exposure)
|
|
AAA/U.S. Guaranteed
|
8.8%
|
AA
|
47.6%
|
A
|
19.2%
|
BBB
|
11.1%
|
BB or Lower
|
8.0%
|
N/R (not rated)
|
5.3%
|
Total
|
100%
|
18
|
Nuveen Investments
|
NVX
|
|
Nuveen California Dividend Advantage Municipal Fund 2
|
|
Performance Overview and Holding Summaries as of February 28, 2015
|
Average Annual
|
|||||||
1-Year
|
5-Year
|
10-Year
|
|||||
NVX at Common Share NAV
|
12.57%
|
8.25%
|
6.37%
|
||||
NVX at Common Share Price
|
12.72%
|
8.25%
|
6.78%
|
||||
S&P Municipal Bond California Index
|
7.46%
|
6.27%
|
5.11%
|
||||
S&P Municipal Bond Index
|
6.47%
|
5.19%
|
4.75%
|
||||
Lipper California Municipal Debt Funds Classification Average
|
12.44%
|
8.90%
|
5.62%
|
Fund Allocation
|
|
(% of net assets)
|
|
Long-Term Municipal Bonds
|
138.7%
|
Short-Term Municipal Bonds
|
0.7%
|
Other Assets Less Liabilities
|
3.0%
|
Net Assets Plus Floating Rate Obligations
|
|
& VRDP Shares, at Liquidation Value
|
142.4%
|
Floating Rate Obligations
|
(0.4)%
|
VRDP Shares, at Liquidation Value
|
(42.0)%
|
Net Assets
|
100%
|
Portfolio Composition
|
|
(% of total investments)
|
|
Tax Obligation/General
|
22.4%
|
Tax Obligation/Limited
|
20.9%
|
Health Care
|
15.2%
|
Water and Sewer
|
8.7%
|
Utilities
|
8.6%
|
Transportation
|
7.4%
|
U.S. Guaranteed
|
5.9%
|
Consumer Staples
|
5.5%
|
Other
|
5.4%
|
Total
|
100%
|
Credit Quality
|
|
(% of total investment exposure)
|
|
AAA/U.S. Guaranteed
|
10.1%
|
AA
|
41.6%
|
A
|
20.6%
|
BBB
|
12.9%
|
BB or Lower
|
9.8%
|
N/R (not rated)
|
5.0%
|
Total
|
100%
|
Nuveen Investments
|
19
|
NZH
|
|
Nuveen California Dividend Advantage Municipal Fund 3
|
|
Performance Overview and Holding Summaries as of February 28, 2015
|
Average Annual
|
|||||||
1-Year
|
5-Year
|
10-Year
|
|||||
NZH at Common Share NAV
|
15.18%
|
8.82%
|
5.98%
|
||||
NZH at Common Share Price
|
18.47%
|
8.36%
|
6.47%
|
||||
S&P Municipal Bond California Index
|
7.46%
|
6.27%
|
5.11%
|
||||
S&P Municipal Bond Index
|
6.47%
|
5.19%
|
4.75%
|
||||
Lipper California Municipal Debt Funds Classification Average
|
12.44%
|
8.90%
|
5.62%
|
Fund Allocation
|
|
(% of net assets)
|
|
Long-Term Municipal Bonds
|
141.3%
|
Short-Term Municipal Bonds
|
1.3%
|
Other Assets Less Liabilities
|
2.7%
|
Net Assets Plus Floating Rate Obligations
|
|
& VRDP Shares, at Liquidation Value
|
145.3%
|
Floating Rate Obligations
|
(0.2)%
|
VRDP Shares, at Liquidation Value
|
(45.1)%
|
Net Assets
|
100%
|
Portfolio Composition
|
|
(% of total investments)
|
|
Tax Obligation/Limited
|
30.4%
|
Health Care
|
21.0%
|
Tax Obligation/General
|
11.4%
|
Water and Sewer
|
9.5%
|
Transportation
|
7.5%
|
Consumer Staples
|
5.5%
|
Utilities
|
4.8%
|
Other
|
9.9%
|
Total
|
100%
|
Credit Quality
|
|
(% of total investment exposure)
|
|
AAA/U.S. Guaranteed
|
4.3%
|
AA
|
50.4%
|
A
|
19.4%
|
BBB
|
11.5%
|
BB or Lower
|
8.6%
|
N/R (not rated)
|
5.8%
|
Total
|
100%
|
20
|
Nuveen Investments
|
Nuveen Investments
|
21
|
NCA
|
||
Nuveen California Municipal Value Fund, Inc.
|
||
Portfolio of Investments
|
February 28, 2015
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
LONG-TERM INVESTMENTS – 99.8% (99.6% of Total Investments)
|
||||||||||
MUNICIPAL BONDS – 99.8% (99.6% of Total Investments)
|
||||||||||
Consumer Staples – 4.2% (4.2% of Total Investments)
|
||||||||||
$
|
2,000
|
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los Angeles County Securitization Corporation, Series 2006A, 5.650%, 6/01/41
|
12/18 at 100.00
|
B+
|
$
|
1,800,880
|
||||
225
|
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Sonoma County Tobacco Securitization Corporation, Series 2005, 4.250%, 6/01/21
|
6/15 at 100.00
|
BBB+
|
224,998
|
||||||
3,940
|
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1, 5.000%, 6/01/33
|
6/17 at 100.00
|
B
|
3,335,486
|
||||||
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
|
3,017,114
|
||||||
3,500
|
Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed Bonds, Series 2005A-1, 5.500%, 6/01/45
|
6/15 at 100.00
|
B–
|
2,853,130
|
||||||
13,235
|
Total Consumer Staples
|
11,231,608
|
||||||||
Education and Civic Organizations – 0.6% (0.6% of Total Investments)
|
||||||||||
65
|
California Educational Facilities Authority, Revenue Bonds, University of Redlands, Series 2005A, 5.000%, 10/01/35
|
10/15 at 100.00
|
A3
|
65,658
|
||||||
95
|
California Educational Facilities Authority, Revenue Bonds, University of the Pacific, Series 2006, 5.000%, 11/01/21
|
11/15 at 100.00
|
A2
|
97,908
|
||||||
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
|
513,112
|
||||||
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–
|
808,381
|
||||||
1,310
|
Total Education and Civic Organizations
|
1,485,059
|
||||||||
Health Care – 15.9% (15.9% of Total Investments)
|
||||||||||
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
|
634,082
|
||||||
350
|
California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Series 2014A, 5.000%, 10/01/38
|
10/24 at 100.00
|
AA
|
403,872
|
||||||
690
|
California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Series 2014B, 5.000%, 10/01/44
|
10/24 at 100.00
|
AA
|
785,772
|
||||||
California Health Facilities Financing Authority, Revenue Bonds, Rady Children’s Hospital – San Diego, Series 2011:
|
||||||||||
560
|
5.000%, 8/15/31
|
8/21 at 100.00
|
AA–
|
654,399
|
||||||
670
|
5.250%, 8/15/41
|
8/21 at 100.00
|
AA–
|
759,056
|
||||||
1,000
|
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2011B, 6.000%, 8/15/42
|
8/20 at 100.00
|
AA–
|
1,204,290
|
||||||
5,365
|
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2007A, 5.250%, 11/15/46 (UB)
|
11/16 at 100.00
|
AA–
|
5,786,099
|
||||||
3,870
|
California Municipal Financing Authority, Certificates of Participation, Community Hospitals of Central California, Series 2007, 5.250%, 2/01/27
|
2/17 at 100.00
|
Baa1
|
4,072,014
|
||||||
1,560
|
California Statewide Communities Development Authority, Revenue Bonds, Adventist Health System West, Series 2005A, 5.000%, 3/01/35
|
3/15 at 100.00
|
A
|
1,563,058
|
||||||
2,625
|
California Statewide Communities Development Authority, Revenue Bonds, Kaiser Permanente, Series 2012A, 5.000%, 4/01/42
|
4/22 at 100.00
|
A+
|
2,935,931
|
||||||
1,000
|
California Statewide Communities Development Authority, Revenue Bonds, ValleyCare Health System, Series 2007A, 5.125%, 7/15/31
|
7/17 at 100.00
|
N/R
|
1,030,110
|
22
|
Nuveen Investments
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Health Care (continued)
|
||||||||||
$
|
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
|
$
|
3,249,300
|
||||
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
|
1,116,330
|
||||||
1,460
|
California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanente System, Series 2001C, 5.250%, 8/01/31
|
8/16 at 100.00
|
A+
|
1,544,081
|
||||||
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
|
Aa3
|
3,147,096
|
||||||
1,890
|
California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Series 2005A, 5.000%, 11/15/43
|
11/15 at 100.00
|
AA–
|
1,947,569
|
||||||
2,940
|
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 6.750%, 11/01/39
|
11/19 at 100.00
|
Ba1
|
3,263,077
|
||||||
2,900
|
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 6.000%, 11/01/41
|
11/20 at 100.00
|
Ba1
|
3,109,612
|
||||||
1,750
|
San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011, 7.500%, 12/01/41
|
12/21 at 100.00
|
BB
|
2,152,080
|
||||||
3,000
|
Santa Clara County Financing Authority, California, Insured Revenue Bonds, El Camino Hospital, Series 2007A, 5.750%, 2/01/41 – AMBAC Insured
|
8/17 at 100.00
|
A+
|
3,256,320
|
||||||
38,895
|
Total Health Care
|
42,614,148
|
||||||||
Housing/Multifamily – 2.3% (2.2% of Total Investments)
|
||||||||||
1,020
|
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2010A, 6.400%, 8/15/45
|
8/20 at 100.00
|
BBB
|
1,140,187
|
||||||
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
|
1,161,728
|
||||||
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
|
71,728
|
||||||
175
|
5.250%, 8/15/49
|
8/24 at 100.00
|
BBB
|
192,021
|
||||||
2,290
|
California Statewide Community Development Authority, Multifamily Housing Revenue Bonds, Harbor City Lights, Series 1999Y, 6.650%, 7/01/39 (Alternative Minimum Tax)
|
7/15 at 100.00
|
N/R
|
2,292,336
|
||||||
1,160
|
San Dimas Housing Authority, California, Mobile Home Park Revenue Bonds, Charter Oak Mobile Home Estates Acquisition Project, Series 1998A, 5.700%, 7/01/28
|
7/15 at 100.00
|
N/R
|
1,161,311
|
||||||
5,770
|
Total Housing/Multifamily
|
6,019,311
|
||||||||
Housing/Single Family – 0.8% (0.8% of Total Investments)
|
||||||||||
2,125
|
California Department of Veteran Affairs, Home Purchase Revenue Bonds, Series 2007, 5.000%, 12/01/42 (Alternative Minimum Tax)
|
12/16 at 100.00
|
AA
|
2,174,470
|
||||||
55
|
California Housing Finance Agency, Home Mortgage Revenue Bonds, Series 2006H, 5.750%, 8/01/30 – FGIC Insured (Alternative Minimum Tax)
|
2/16 at 100.00
|
A–
|
57,399
|
||||||
2,180
|
Total Housing/Single Family
|
2,231,869
|
||||||||
Long-Term Care – 1.8% (1.8% 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
|
A+
|
4,512,120
|
||||||
260
|
California Statewide Community Development Authority, Certificates of Participation, Internext Group, Series 1999, 5.375%, 4/01/17
|
4/15 at 100.00
|
BBB+
|
261,100
|
||||||
4,260
|
Total Long-Term Care
|
4,773,220
|
||||||||
Tax Obligation/General – 19.5% (19.4% of Total Investments)
|
||||||||||
California State, General Obligation Bonds, Various Purpose Series 2009:
|
||||||||||
2,500
|
6.000%, 4/01/38
|
4/19 at 100.00
|
Aa3
|
3,002,450
|
||||||
1,000
|
6.000%, 11/01/39
|
11/19 at 100.00
|
Aa3
|
1,228,960
|
||||||
2,000
|
California State, General Obligation Bonds, Various Purpose Series 2010, 5.500%, 3/01/40
|
3/20 at 100.00
|
Aa3
|
2,348,880
|
Nuveen Investments
|
23
|
NCA
|
Nuveen California Municipal Value Fund, Inc.
|
|
Portfolio of Investments (continued)
|
February 28, 2015
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Tax Obligation/General (continued)
|
||||||||||
California State, General Obligation Bonds, Various Purpose Series 2013:
|
||||||||||
$
|
1,000
|
5.000%, 2/01/29
|
No Opt. Call
|
Aa3
|
$
|
1,162,360
|
||||
2,500
|
5.000%, 4/01/37
|
4/23 at 100.00
|
Aa3
|
2,851,125
|
||||||
2,500
|
5.000%, 2/01/43
|
No Opt. Call
|
Aa3
|
2,839,075
|
||||||
2,240
|
5.000%, 11/01/43
|
11/23 at 100.00
|
Aa3
|
2,568,899
|
||||||
California State, General Obligation Bonds, Various Purpose Series 2014:
|
||||||||||
5,000
|
5.000%, 5/01/32
|
5/24 at 100.00
|
Aa3
|
5,849,350
|
||||||
1,970
|
5.000%, 10/01/39
|
10/24 at 100.00
|
Aa3
|
2,283,841
|
||||||
1,000
|
5.000%, 5/01/44
|
5/24 at 100.00
|
Aa3
|
1,148,130
|
||||||
6,000
|
Oceanside Unified School District, San Diego County, California, General Obligation Bonds, Election 2008 Series 2010B, 0.000%, 8/01/49 – AGM Insured
|
No Opt. Call
|
AA
|
674,880
|
||||||
2,000
|
Puerto Rico, General Obligation Bonds, Public Improvement Series 2002A, 5.500%, 7/01/20 – NPFG Insured
|
No Opt. Call
|
AA–
|
2,143,460
|
||||||
10,000
|
San Diego Unified School District, San Diego County, California, General Obligation Bonds, Series 2010C, 0.000%, 7/01/47
|
No Opt. Call
|
AA–
|
2,644,400
|
||||||
11,875
|
San Mateo Union High School District, San Mateo County, California, General Obligation Bonds, Election 2010 Series 2011A, 0.000%, 9/01/41
|
9/36 at 100.00
|
AA+
|
7,838,212
|
||||||
1,320
|
Tahoe Forest Hospital District, Placer and Nevada Counties, California, General Obligation Bonds, Series 2010B, 5.500%, 8/01/35
|
8/18 at 100.00
|
Aa3
|
1,490,293
|
||||||
20,860
|
Yosemite Community College District, California, General Obligation Bonds, Capital Appreciation, Election 2004, Series 2010D, 0.000%, 8/01/42
|
No Opt. Call
|
Aa2
|
12,093,794
|
||||||
73,765
|
Total Tax Obligation/General
|
52,168,109
|
||||||||
Tax Obligation/Limited – 21.1% (21.1% of Total Investments)
|
||||||||||
1,000
|
Artesia Redevelopment Agency, California, Tax Allocation Revenue Bonds, Artesia Redevelopment Project Area, Series 2007, 5.375%, 6/01/27
|
6/15 at 100.00
|
BBB+
|
1,003,990
|
||||||
Bell Community Redevelopment Agency, California, Tax Allocation Bonds, Bell Project Area, Series 2003:
|
||||||||||
3,000
|
5.500%, 10/01/23 – RAAI Insured
|
5/15 at 100.00
|
N/R
|
3,002,700
|
||||||
1,000
|
5.625%, 10/01/33 – RAAI Insured
|
5/15 at 100.00
|
N/R
|
1,000,470
|
||||||
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
|
A1
|
4,110,610
|
||||||
2,500
|
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
|
A1
|
2,870,900
|
||||||
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
|
A1
|
1,193,140
|
||||||
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
|
A1
|
2,459,320
|
||||||
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
|
A1
|
3,410,820
|
||||||
340
|
Capistrano Unified School District, Orange County, California, Special Tax Bonds, Community Facilities District 98-2, Series 2005, 5.000%, 9/01/24 – FGIC Insured
|
9/15 at 100.00
|
AA–
|
347,109
|
||||||
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
|
1,032,336
|
||||||
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
|
1,057,390
|
||||||
750
|
Fontana Redevelopment Agency, San Bernardino County, California, Tax Allocation Bonds, Jurupa Hills Redevelopment Project, Refunding Series 1997A, 5.500%, 10/01/27
|
10/15 at 100.00
|
A–
|
752,062
|
||||||
615
|
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A, 5.000%, 6/01/45 – AMBAC Insured
|
6/15 at 100.00
|
A1
|
622,109
|
||||||
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+
|
703,519
|
24
|
Nuveen Investments
|
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:
|
||||||||||
$
|
150
|
5.000%, 9/01/26
|
9/16 at 100.00
|
N/R
|
$
|
153,855
|
||||
355
|
5.125%, 9/01/36
|
9/16 at 100.00
|
N/R
|
363,531
|
||||||
2,500
|
Kern County Board of Education, California, Certificates of Participation, Series 2006A, 5.000%, 6/01/31 – NPFG Insured
|
6/16 at 100.00
|
AA–
|
2,610,075
|
||||||
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
|
878,497
|
||||||
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
|
3,948,208
|
||||||
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–
|
471,495
|
||||||
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+
|
171,058
|
||||||
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
|
5,923,593
|
||||||
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
|
184,306
|
||||||
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
|
1,084,206
|
||||||
860
|
5.750%, 9/01/39
|
9/23 at 100.00
|
N/R
|
994,736
|
||||||
1,130
|
Pittsburg Redevelopment Agency, California, Tax Allocation Bonds, Los Medanos Community Development Project, Refunding Series 2008A, 6.500%, 9/01/28
|
9/18 at 100.00
|
BBB–
|
1,259,667
|
||||||
440
|
Rancho Santa Fe CSD Financing Authority, California, Revenue Bonds, Superior Lien Series 2011A, 5.750%, 9/01/30
|
9/21 at 100.00
|
BBB+
|
505,472
|
||||||
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–
|
100,350
|
||||||
2,000
|
Roseville, California, Special Tax Bonds, Community Facilities District 1 Fiddyment Ranch, Series 2005, 5.050%, 9/01/30
|
9/15 at 100.00
|
N/R
|
2,015,660
|
||||||
1,000
|
San Diego County Regional Transportation Commission, California, Sales Tax Revenue Bonds, Series 2012A, 5.000%, 4/01/42
|
4/22 at 100.00
|
AAA
|
1,135,820
|
||||||
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
|
187,510
|
||||||
65
|
San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds, Mission Bay North Redevelopment Project, Series 2011C, 6.750%, 8/01/41
|
2/21 at 100.00
|
A–
|
79,705
|
||||||
San Francisco Redevelopment Financing Authority, California, Tax Allocation Revenue Bonds, Mission Bay South Redevelopment Project, Series 2011D:
|
||||||||||
65
|
7.000%, 8/01/33
|
2/21 at 100.00
|
BBB+
|
79,274
|
||||||
80
|
7.000%, 8/01/41
|
2/21 at 100.00
|
BBB+
|
97,568
|
||||||
2,750
|
San Jose Financing Authority, California, Lease Revenue Refunding Bonds, Convention Center Project, Series 2001F, 5.000%, 9/01/20 – NPFG Insured
|
3/15 at 100.00
|
AA
|
2,761,220
|
||||||
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–
|
428,968
|
||||||
590
|
5.000%, 8/01/25 – NPFG Insured
|
8/17 at 100.00
|
AA–
|
632,728
|
||||||
780
|
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2006D, 5.000%, 8/01/23 – AMBAC Insured
|
8/17 at 100.00
|
BBB+
|
845,146
|
||||||
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
|
126,772
|
||||||
1,360
|
Tehachapi Redevelopment Agency, California, Tax Allocation Bonds, Series 2007, 5.250%, 12/01/37 – RAAI Insured
|
12/17 at 100.00
|
BB+
|
1,398,284
|
Nuveen Investments
|
25
|
NCA
|
Nuveen California Municipal Value Fund, Inc.
|
|
Portfolio of Investments (continued)
|
February 28, 2015
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Tax Obligation/Limited (continued)
|
||||||||||
$
|
1,925
|
Travis Unified School District, Solano County, California, Certificates of Participation, Series 2006, 5.000%, 9/01/26 – FGIC Insured
|
9/16 at 100.00
|
A3
|
$
|
1,975,993
|
||||
690
|
Vista Joint Powers Financing Authority, California, Special Tax Lease Revenue Refunding Bonds, Community Facilities District 90-2, Series 1997A, 5.875%, 9/01/20
|
3/15 at 100.00
|
N/R
|
691,415
|
||||||
1,730
|
West Contra Costa Healthcare District, California, Certificates of Participation, Series 2004, 5.375%, 7/01/21 – AMBAC Insured
|
5/15 at 100.00
|
A–
|
1,736,211
|
||||||
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–
|
233,523
|
||||||
52,605
|
Total Tax Obligation/Limited
|
56,641,321
|
||||||||
Transportation – 7.0% (7.0% 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+
|
2,192,026
|
||||||
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
|
2,170,756
|
||||||
4,010
|
5.750%, 1/15/46
|
1/24 at 100.00
|
BBB–
|
4,703,650
|
||||||
4,010
|
6.000%, 1/15/53
|
1/24 at 100.00
|
BBB–
|
4,746,035
|
||||||
3,000
|
Los Angeles Harbors Department, California, Revenue Bonds, Series 2014C, 5.000%, 8/01/44
|
8/24 at 100.00
|
AA
|
3,470,790
|
||||||
195
|
Palm Springs Financing Authority, California, Palm Springs International Airport Revenue Bonds, Series 2006, 5.550%, 7/01/28 (Alternative Minimum Tax)
|
7/16 at 100.00
|
N/R
|
196,170
|
||||||
1,210
|
Port of Oakland, California, Revenue Bonds, Refunding Series 2012P, 5.000%, 5/01/29 (Alternative Minimum Tax)
|
No Opt. Call
|
A+
|
1,371,862
|
||||||
16,190
|
Total Transportation
|
18,851,289
|
||||||||
U.S. Guaranteed – 17.9% (17.9% of Total Investments) (4)
|
||||||||||
2,500
|
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2006F, 5.000%, 4/01/31 (Pre-refunded 4/01/16) (UB)
|
4/16 at 100.00
|
AA (4)
|
2,630,975
|
||||||
480
|
California Department of Water Resources, Water System Revenue Bonds, Central Valley Project, Series 2005AD, 5.000%, 12/01/22 (Pre-refunded 6/01/15) – AGM Insured
|
6/15 at 100.00
|
AAA
|
486,139
|
||||||
75
|
California Educational Facilities Authority, Revenue Bonds, University of Redlands, Series 2005A, 5.000%, 10/01/35 (Pre-refunded 10/01/15)
|
10/15 at 100.00
|
N/R (4)
|
77,160
|
||||||
2,065
|
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
|
2,564,503
|
||||||
1,615
|
Loma Linda, California, Hospital Revenue Bonds, Loma Linda University Medical Center, Series 2005A, 5.000%, 12/01/22 (Pre-refunded 12/01/15)
|
12/15 at 100.00
|
BBB (4)
|
1,674,432
|
||||||
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
|
BBB (4)
|
1,838,342
|
||||||
1,500
|
Los Angeles Unified School District, California, General Obligation Bonds, Series 2006F, 5.000%, 7/01/24 (Pre-refunded 7/01/16) – FGIC Insured
|
7/16 at 100.00
|
Aa2 (4)
|
1,595,880
|
||||||
21,500
|
Merced Irrigation District, California, Certificates of Participation, Water and Hydroelectric Series 2008B, 0.000%, 9/01/23 (Pre-refunded 9/01/16)
|
9/16 at 64.56
|
A (4)
|
13,786,015
|
||||||
8,565
|
Palmdale, California, GNMA Mortgage-Backed Securities Program Single Family Mortgage Revenue Bonds, Series 1988A, 0.000%, 3/01/17 (ETM)
|
No Opt. Call
|
AA+ (4)
|
8,464,533
|
||||||
270
|
Roseville Joint Union High School District, Placer County, California, General Obligation Bonds, Series 2006B, 5.000%, 8/01/27 (Pre-refunded 8/01/15) – FGIC Insured
|
8/15 at 100.00
|
AA (4)
|
275,659
|
||||||
18,520
|
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
|
12,946,406
|
||||||
625
|
San Mateo Union High School District, San Mateo County, California, Certificates of Participation, Phase 1, Series 2007A, 5.000%, 12/15/30 (Pre-refunded 12/15/17) – AMBAC Insured
|
12/17 at 100.00
|
N/R (4)
|
700,362
|
||||||
910
|
Santa Clara Valley Transportation Authority, California, Sales Tax Revenue Bonds, Series 2007A, 5.000%, 4/01/36 (Pre-refunded 4/01/17) – AMBAC Insured
|
4/17 at 100.00
|
AA+ (4)
|
993,511
|
||||||
60,150
|
Total U.S. Guaranteed
|
48,033,917
|
26
|
Nuveen Investments
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Utilities – 1.9% (1.9% of Total Investments)
|
||||||||||
$
|
2,160
|
California Statewide Community Development Authority, Certificates of Participation Refunding, Rio Bravo Fresno Project, Series 1999A, 6.500%, 12/01/18
|
6/15 at 100.00
|
N/R
|
$
|
2,116,865
|
||||
1,800
|
Long Beach Bond Finance Authority, California, Natural Gas Purchase Revenue Bonds, Series 2007A, 5.500%, 11/15/37
|
No Opt. Call
|
A
|
2,225,034
|
||||||
605
|
Merced Irrigation District, California, Electric System Revenue Bonds, Series 2005, 5.125%, 9/01/31 – SYNCORA GTY Insured
|
9/15 at 100.00
|
N/R
|
609,997
|
||||||
4,565
|
Total Utilities
|
4,951,896
|
||||||||
Water and Sewer – 6.8% (6.8% of Total Investments)
|
||||||||||
1,000
|
Bay Area Water Supply and Conservation Agency, California, Revenue Bonds, Capital Cost Recovery Prepayment Program, Series 2013A, 5.000%, 10/01/29
|
4/23 at 100.00
|
AA–
|
1,189,410
|
||||||
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
|
1,503,769
|
||||||
2,675
|
5.000%, 11/21/45 (Alternative Minimum Tax)
|
No Opt. Call
|
Baa3
|
2,898,523
|
||||||
1,500
|
Castaic Lake Water Agency, California, Certificates of Participation, Series 2006C, 5.000%, 8/01/36 – NPFG Insured
|
8/16 at 100.00
|
AA–
|
1,585,095
|
||||||
410
|
Healdsburg Public Financing Authority, California, Wastewater Revenue Bonds, Series 2006, 5.000%, 4/01/36 – NPFG Insured
|
4/16 at 100.00
|
AA–
|
428,507
|
||||||
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
|
5,412,450
|
||||||
Madera Irrigation District. California, Water Revenue Refunding Bonds, Series 2008:
|
||||||||||
1,850
|
5.500%, 1/01/33
|
1/18 at 100.00
|
A–
|
2,043,806
|
||||||
3,000
|
5.500%, 1/01/38
|
1/18 at 100.00
|
A–
|
3,284,490
|
||||||
16,810
|
Total Water and Sewer
|
18,346,050
|
||||||||
$
|
289,735
|
Total Long-Term Investments (cost $236,880,433)
|
267,347,797
|
Nuveen Investments
|
27
|
NCA
|
Nuveen California Municipal Value Fund, Inc.
|
|
Portfolio of Investments (continued)
|
February 28, 2015
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
SHORT-TERM INVESTMENTS – 0.4% (0.4% of Total Investments)
|
||||||||||
MUNICIPAL BONDS – 0.4% (0.4% of Total Investments)
|
||||||||||
Health Care – 0.4% (0.4% of Total Investments)
|
||||||||||
$
|
880
|
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2014A, 6.000%, 7/10/15 (5)
|
No Opt. Call
|
N/R
|
$
|
887,506
|
||||
100
|
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2014B, 6.000%, 7/10/15 (5)
|
No Opt. Call
|
N/R
|
100,853
|
||||||
130
|
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2014C, 6.000%, 7/10/15 (5)
|
No Opt. Call
|
N/R
|
131,109
|
||||||
$
|
1,110
|
Total Short-Term Investments (cost $1,110,000)
|
1,119,468
|
|||||||
Total Investments (cost $237,990,433) – 100.2%
|
268,467,265
|
|||||||||
Floating Rate Obligations – (1.7)%
|
(4,490,000
|
)
|
||||||||
Other Assets Less Liabilities – 1.5%
|
4,072,256
|
|||||||||
Net Assets Applicable to Common Shares – 100%
|
$
|
268,049,521
|
(1)
|
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
|
(2)
|
Optional Call Provisions (not covered by the report of independent registered public accounting firm): Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
|
(3)
|
Ratings (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
|
(4)
|
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
|
(5)
|
Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment classified as Level 3. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information.
|
(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.
|
28
|
Nuveen Investments
|
NCB
|
||
Nuveen California Municipal Value Fund 2
|
||
Portfolio of Investments
|
February 28, 2015
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
LONG-TERM INVESTMENTS – 97.8% (99.0% of Total Investments)
|
||||||||||
MUNICIPAL BONDS – 97.8% (99.0% of Total Investments)
|
||||||||||
Consumer Staples – 5.1% (5.1% of Total Investments)
|
||||||||||
$
|
2,000
|
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1, 5.000%, 6/01/33
|
6/17 at 100.00
|
B
|
$
|
1,693,140
|
||||
1,500
|
Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed Bonds, Series 2005A-1, 5.500%, 6/01/45
|
6/15 at 100.00
|
B–
|
1,222,770
|
||||||
3,500
|
Total Consumer Staples
|
2,915,910
|
||||||||
Education and Civic Organizations – 2.3% (2.3% of Total Investments)
|
||||||||||
865
|
California Educational Facilities Authority, Revenue Bonds, University of the Pacific, Series 2009, 5.500%, 11/01/39
|
11/19 at 100.00
|
A2
|
1,005,831
|
||||||
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
|
114,025
|
||||||
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–
|
173,224
|
||||||
1,115
|
Total Education and Civic Organizations
|
1,293,080
|
||||||||
Health Care – 17.9% (18.1% of Total Investments)
|
||||||||||
1,000
|
ABAG Finance Authority for Non-Profit Corporations, California, Cal-Mortgage Insured Health Facility Revenue Bonds, Saint Rose Hospital, Series 2009A, 6.000%, 5/15/29
|
5/19 at 100.00
|
A+
|
1,165,350
|
||||||
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
|
2,212,949
|
||||||
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
|
1,204,930
|
||||||
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
|
79,974
|
||||||
75
|
California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Series 2014A, 5.000%, 10/01/38
|
10/24 at 100.00
|
AA
|
86,544
|
||||||
150
|
California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Series 2014B, 5.000%, 10/01/44
|
10/24 at 100.00
|
AA
|
170,820
|
||||||
850
|
California Municipal Financing Authority, Certificates of Participation, Community Hospitals of Central California, Series 2007, 5.250%, 2/01/27
|
2/17 at 100.00
|
Baa1
|
894,370
|
||||||
690
|
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
|
742,433
|
||||||
California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanente System, Series 2006:
|
||||||||||
125
|
5.000%, 3/01/41
|
3/16 at 100.00
|
A+
|
129,412
|
||||||
2,000
|
5.250%, 3/01/45
|
3/16 at 100.00
|
A+
|
2,076,420
|
||||||
250
|
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 6.625%, 11/01/29
|
11/19 at 100.00
|
Ba1
|
280,672
|
||||||
725
|
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 6.000%, 11/01/41
|
11/20 at 100.00
|
Ba1
|
777,403
|
||||||
380
|
San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011, 7.500%, 12/01/41
|
12/21 at 100.00
|
BB
|
467,309
|
||||||
9,215
|
Total Health Care
|
10,288,586
|
Nuveen Investments
|
29
|
NCB
|
Nuveen California Municipal Value Fund 2
|
|
Portfolio of Investments (continued)
|
February 28, 2015
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Housing/Multifamily – 1.2% (1.2% of Total Investments)
|
||||||||||
$
|
230
|
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2010A, 6.400%, 8/15/45
|
8/20 at 100.00
|
BBB
|
$
|
257,101
|
||||
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
|
76,718
|
||||||
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
|
283,653
|
||||||
California Municipal Finance Authority, Mobile Home Park Senior Revenue Bonds, Caritas Affordable Housing, Inc. Projects, Series 2014A:
|
||||||||||
15
|
5.250%, 8/15/39
|
8/24 at 100.00
|
BBB
|
16,552
|
||||||
40
|
5.250%, 8/15/49
|
8/24 at 100.00
|
BBB
|
43,890
|
||||||
605
|
Total Housing/Multifamily
|
677,914
|
||||||||
Housing/Single Family – 5.6% (5.7% of Total Investments)
|
||||||||||
690
|
California Housing Finance Agency, California, Home Mortgage Revenue Bonds, Series 2008L, 5.500%, 8/01/38
|
2/18 at 100.00
|
A–
|
703,207
|
||||||
2,500
|
California Housing Finance Agency, Home Mortgage Revenue Bonds, Series 2006K, 4.625%, 8/01/26 (Alternative Minimum Tax)
|
2/16 at 100.00
|
A–
|
2,534,325
|
||||||
3,190
|
Total Housing/Single Family
|
3,237,532
|
||||||||
Materials – 1.0% (1.0% of Total Investments)
|
||||||||||
585
|
Courtland Industrial Development Board, Alabama, Solid Waste Revenue Bonds, International Paper Company Project, Series 2005A, 5.200%, 6/01/25 (Alternative Minimum Tax)
|
6/15 at 100.00
|
BBB
|
587,849
|
||||||
Tax Obligation/General – 14.7% (14.9% of Total Investments)
|
||||||||||
2,000
|
California State, General Obligation Bonds, Various Purpose Series 2007, 5.000%, 6/01/37 – NPFG Insured
|
6/17 at 100.00
|
AA–
|
2,180,740
|
||||||
2,100
|
Carlsbad Unified School District, San Diego County, California, General Obligation Bonds, Series 2009B, 0.000%, 5/01/34
|
5/24 at 100.00
|
AA
|
1,964,151
|
||||||
1,120
|
Oakland, California, General Obligation Bonds, Measure DD Series 2009B, 5.250%, 1/15/29
|
1/19 at 100.00
|
Aa2
|
1,267,706
|
||||||
4,000
|
Oceanside Unified School District, San Diego County, California, General Obligation Bonds, Election 2008 Series 2010B, 0.000%, 8/01/49 – AGM Insured
|
No Opt. Call
|
AA
|
449,920
|
||||||
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–
|
2,023,600
|
||||||
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
|
573,700
|
||||||
19,720
|
Total Tax Obligation/General
|
8,459,817
|
||||||||
Tax Obligation/Limited – 22.2% (22.5% 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
|
A+
|
1,235,180
|
||||||
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
|
A1
|
2,316,008
|
||||||
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
|
A1
|
600,470
|
||||||
160
|
Fontana Redevelopment Agency, San Bernardino County, California, Tax Allocation Bonds, Jurupa Hills Redevelopment Project, Refunding Series 1997A, 5.500%, 10/01/27
|
10/15 at 100.00
|
A–
|
160,440
|
||||||
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+
|
151,126
|
||||||
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
|
496,430
|
30
|
Nuveen Investments
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Tax Obligation/Limited (continued)
|
||||||||||
National City Community Development Commission, California, Tax Allocation Bonds, National City Redevelopment Project, Series 2011:
|
||||||||||
$
|
1,135
|
5.000%, 8/01/16
|
No Opt. Call
|
A–
|
$
|
1,205,177
|
||||
80
|
6.500%, 8/01/24
|
8/21 at 100.00
|
A–
|
101,945
|
||||||
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+
|
36,655
|
||||||
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
|
40,317
|
||||||
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
|
239,667
|
||||||
190
|
5.750%, 9/01/39
|
9/23 at 100.00
|
N/R
|
219,767
|
||||||
240
|
Pittsburg Redevelopment Agency, California, Tax Allocation Bonds, Los Medanos Community Development Project, Refunding Series 2008A, 6.500%, 9/01/28
|
9/18 at 100.00
|
BBB–
|
267,540
|
||||||
95
|
Rancho Santa Fe CSD Financing Authority, California, Revenue Bonds, Superior Lien Series 2011A, 5.750%, 9/01/30
|
9/21 at 100.00
|
BBB+
|
109,136
|
||||||
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–
|
18,816
|
||||||
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–
|
1,166,800
|
||||||
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
|
1,713,090
|
||||||
15
|
San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds, Mission Bay North Redevelopment Project, Series 2011C, 6.750%, 8/01/41
|
2/21 at 100.00
|
A–
|
18,393
|
||||||
San Francisco Redevelopment Financing Authority, California, Tax Allocation Revenue Bonds, Mission Bay South Redevelopment Project, Series 2011D:
|
||||||||||
15
|
7.000%, 8/01/33
|
2/21 at 100.00
|
BBB+
|
18,294
|
||||||
15
|
7.000%, 8/01/41
|
2/21 at 100.00
|
BBB+
|
18,294
|
||||||
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–
|
134,053
|
||||||
585
|
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2006D, 5.000%, 8/01/22 – AMBAC Insured
|
8/17 at 100.00
|
BBB+
|
635,614
|
||||||
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
|
28,812
|
||||||
1,750
|
Westlake Village, California, Certificates of Participation, Financing Project, Series 2009, 5.000%, 6/01/39
|
6/16 at 100.00
|
AA+
|
1,816,797
|
||||||
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–
|
49,128
|
||||||
11,295
|
Total Tax Obligation/Limited
|
12,797,949
|
||||||||
Transportation – 5.0% (5.0% 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+
|
475,742
|
||||||
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–
|
1,014,628
|
||||||
865
|
6.000%, 1/15/53
|
1/24 at 100.00
|
BBB–
|
1,023,771
|
||||||
305
|
Port of Oakland, California, Revenue Bonds, Refunding Series 2012P, 5.000%, 5/01/31 (Alternative Minimum Tax)
|
No Opt. Call
|
A+
|
342,024
|
||||||
2,430
|
Total Transportation
|
2,856,165
|
Nuveen Investments
|
31
|
NCB
|
Nuveen California Municipal Value Fund 2
|
|
Portfolio of Investments (continued)
|
February 28, 2015
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
U.S. Guaranteed – 1.5% (1.6% of Total Investments) (4)
|
||||||||||
California Educational Facilities Authority, Revenue Bonds, University of the Pacific, Series 2009:
|
||||||||||
$
|
55
|
5.500%, 11/01/39 (Pre-refunded 11/01/19)
|
11/19 at 100.00
|
N/R (4)
|
$
|
66,183
|
||||
80
|
5.500%, 11/01/39 (Pre-refunded 11/01/19)
|
11/19 at 100.00
|
A2 (4)
|
95,338
|
||||||
575
|
Lancaster Redevelopment Agency, California, Tax Allocation Bonds, Combined Redevelopment Project Areas Housing Programs, Series 2009, 6.875%, 8/01/39 (Pre-refunded 8/01/19)
|
8/19 at 100.00
|
N/R (4)
|
720,090
|
||||||
710
|
Total U.S. Guaranteed
|
881,611
|
||||||||
Utilities – 14.0% (14.2% of Total Investments)
|
||||||||||
1,000
|
M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009C, 6.500%, 11/01/39
|
No Opt. Call
|
A
|
1,381,910
|
||||||
2,495
|
Roseville Natural Gas Financing Authority, California, Gas Revenue Bonds, Series 2007, 5.000%, 2/15/17
|
No Opt. Call
|
A
|
2,656,077
|
||||||
2,400
|
Southern California Public Power Authority, Natural Gas Project 1 Revenue Bonds, Series 2007A, 5.250%, 11/01/24
|
No Opt. Call
|
A
|
2,850,792
|
||||||
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–
|
1,160,430
|
||||||
6,895
|
Total Utilities
|
8,049,209
|
||||||||
Water and Sewer – 7.3% (7.4% 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
|
1,164,827
|
||||||
2,000
|
Orange County Sanitation District, California, Certificates of Participation, Tender Option Bond Trust 3020, 18.181%, 2/01/35 (IF) (5)
|
2/19 at 100.00
|
AAA
|
3,044,640
|
||||||
3,075
|
Total Water and Sewer
|
4,209,467
|
||||||||
$
|
62,335
|
Total Long-Term Investments (cost $47,056,934)
|
56,255,089
|
32
|
Nuveen Investments
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
SHORT-TERM INVESTMENTS – 0.9% (1.0% of Total Investments)
|
||||||||||
MUNICIPAL BONDS – 0.9% (1.0% of Total Investments)
|
||||||||||
Health Care – 0.9% (1.0% of Total Investments)
|
||||||||||
$
|
340
|
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2014A, 6.000%, 7/10/15 (6)
|
No Opt. Call
|
N/R
|
$
|
342,900
|
||||
100
|
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2014B, 6.000%, 7/10/15 (6)
|
No Opt. Call
|
N/R
|
100,853
|
||||||
100
|
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2014C, 6.000%, 7/10/15 (6)
|
No Opt. Call
|
N/R
|
100,853
|
||||||
$
|
540
|
Total Short-Term Investments (cost $540,000)
|
544,606
|
|||||||
Total Investments (cost $47,596,934) – 98.7%
|
56,799,695
|
|||||||||
Other Assets Less Liabilities – 1.3%
|
732,756
|
|||||||||
Net Assets Applicable to Common Shares – 100%
|
$
|
57,532,451
|
(1)
|
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
|
(2)
|
Optional Call Provisions (not covered by the report of independent registered public accounting firm): Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
|
(3)
|
Ratings (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
|
(4)
|
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
|
(5)
|
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
|
(6)
|
Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment classified as Level 3. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information.
|
(IF)
|
Inverse floating rate investment.
|
Nuveen Investments
|
33
|
NKX
|
||
Nuveen California AMT-Free Municipal Income Fund
|
||
Portfolio of Investments
|
February 28, 2015
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
LONG-TERM INVESTMENTS – 140.0% (99.2% of Total Investments)
|
||||||||||
MUNICIPAL BONDS – 140.0% (99.2% of Total Investments)
|
||||||||||
Consumer Staples – 5.4% (3.8% of Total Investments)
|
||||||||||
$
|
1,130
|
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Alameda County Tobacco Asset Securitization Corporation, Series 2002, 5.750%, 6/01/29
|
5/15 at 100.00
|
Baa1
|
$
|
1,130,181
|
||||
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los Angeles County Securitization Corporation, Series 2006A:
|
||||||||||
1,350
|
5.600%, 6/01/36
|
12/18 at 100.00
|
B+
|
1,256,391
|
||||||
325
|
5.650%, 6/01/41
|
12/18 at 100.00
|
B+
|
292,643
|
||||||
7,780
|
5.700%, 6/01/46
|
12/18 at 100.00
|
B+
|
6,968,313
|
||||||
110
|
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Sonoma County Tobacco Securitization Corporation, Series 2005, 4.250%, 6/01/21
|
6/15 at 100.00
|
BBB+
|
109,999
|
||||||
2,190
|
California Statewide Financing Authority, Tobacco Settlement Asset-Backed Bonds, Pooled Tobacco Securitization Program, Series 2002A, 5.625%, 5/01/29
|
5/15 at 100.00
|
BBB
|
2,190,219
|
||||||
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
|
||||||||||
3,570
|
5.000%, 6/01/33
|
6/17 at 100.00
|
B
|
3,022,255
|
||||||
6,950
|
5.750%, 6/01/47
|
6/17 at 100.00
|
B
|
5,976,096
|
||||||
13,560
|
5.125%, 6/01/47
|
6/17 at 100.00
|
B
|
10,648,261
|
||||||
865
|
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
|
731,037
|
||||||
Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed Bonds, Series 2005A-1:
|
||||||||||
8,450
|
5.375%, 6/01/38
|
6/15 at 100.00
|
B–
|
7,112,618
|
||||||
2,000
|
5.500%, 6/01/45
|
6/15 at 100.00
|
B–
|
1,630,360
|
||||||
48,280
|
Total Consumer Staples
|
41,068,373
|
||||||||
Education and Civic Organizations – 2.1% (1.5% 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
|
1,179,370
|
||||||
35
|
California Educational Facilities Authority, Revenue Bonds, University of Redlands, Series 2005A, 5.000%, 10/01/35
|
10/15 at 100.00
|
A3
|
35,355
|
||||||
45
|
California Educational Facilities Authority, Revenue Bonds, University of the Pacific, Series 2006, 5.000%, 11/01/21
|
11/15 at 100.00
|
A2
|
46,377
|
||||||
4,475
|
California Municipal Finance Authority Charter School Revenue Bonds, Albert Einstein Academies Project, Series 2013A, 7.125%, 8/01/43
|
8/23 at 100.00
|
BB
|
5,180,618
|
||||||
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
|
2,029,645
|
||||||
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
|
1,762,208
|
||||||
800
|
California State University, Systemwide Revenue Bonds, Series 2005A, 5.000%, 11/01/25 – AMBAC Insured
|
5/15 at 100.00
|
Aa2
|
806,848
|
||||||
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
|
218,019
|
||||||
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–
|
346,449
|
||||||
4,060
|
San Diego County, California, Certificates of Participation, Burnham Institute, Series 2006, 5.000%, 9/01/34
|
9/15 at 102.00
|
Baa1
|
4,168,240
|
||||||
14,330
|
Total Education and Civic Organizations
|
15,773,129
|
34
|
Nuveen Investments
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Health Care – 19.6% (13.9% of Total Investments)
|
||||||||||
$
|
3,965
|
Antelope Valley Healthcare District, California, Revenue Bonds, Series 2011A, 6.875%, 3/01/26
|
No Opt. Call
|
Ba2
|
$
|
4,513,122
|
||||
1,630
|
California Health Facilities Financing Authority, Revenue Bonds, Childrens Hospital Los Angeles, Series 2010A, 5.250%, 7/01/38 – AGC Insured
|
7/20 at 100.00
|
AA
|
1,842,438
|
||||||
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+
|
1,364,022
|
||||||
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–
|
1,130,560
|
||||||
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
|
2,879,075
|
||||||
2,000
|
California Health Facilities Financing Authority, Revenue Bonds, Memorial Health Services, Series 2012A, 5.000%, 10/01/33
|
No Opt. Call
|
AA–
|
2,252,440
|
||||||
1,405
|
California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Series 2014A, 5.000%, 10/01/38
|
10/24 at 100.00
|
AA
|
1,621,258
|
||||||
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
|
3,188,640
|
||||||
335
|
California Health Facilities Financing Authority, Revenue Bonds, Rady Children’s Hospital – San Diego, Series 2011, 5.250%, 8/15/41
|
8/21 at 100.00
|
AA–
|
379,528
|
||||||
10,265
|
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2007A, 5.250%, 11/15/46
|
11/16 at 100.00
|
AA–
|
11,070,700
|
||||||
750
|
California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, Series 2010A, 5.750%, 7/01/40
|
7/20 at 100.00
|
Baa2
|
834,075
|
||||||
685
|
California Municipal Financing Authority, Certificates of Participation, Community Hospitals of Central California, Series 2007, 5.250%, 2/01/46
|
2/17 at 100.00
|
Baa1
|
710,701
|
||||||
1,000
|
California Statewide Communities Development Authority, Revenue Bonds, Adventist Health System West, Series 2005A, 5.000%, 3/01/35
|
3/15 at 100.00
|
A
|
1,001,960
|
||||||
4,920
|
California Statewide Communities Development Authority, Revenue Bonds, Saint Joseph Health System, Trust 2554, 18.698%, 7/01/47 – AGM Insured (IF)
|
7/18 at 100.00
|
AA
|
6,659,626
|
||||||
1,815
|
California Statewide Communities Development Authority, Revenue Bonds, ValleyCare Health System, Series 2007A, 5.125%, 7/15/31
|
7/17 at 100.00
|
N/R
|
1,869,650
|
||||||
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
|
4,332,400
|
||||||
California Statewide Community Development Authority, Revenue Bonds, Childrens Hospital of Los Angeles, Series 2007:
|
||||||||||
2,995
|
5.000%, 8/15/39 – NPFG Insured
|
8/17 at 100.00
|
AA–
|
3,187,818
|
||||||
6,500
|
5.000%, 8/15/47
|
8/17 at 100.00
|
BBB+
|
6,841,965
|
||||||
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A:
|
||||||||||
895
|
5.250%, 7/01/24
|
7/15 at 100.00
|
CCC
|
869,842
|
||||||
2,740
|
5.250%, 7/01/30
|
7/15 at 100.00
|
CCC
|
2,617,495
|
||||||
730
|
California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanente System, Series 2001C, 5.250%, 8/01/31
|
8/16 at 100.00
|
A+
|
772,041
|
||||||
11,335
|
California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanente System, Series 2006, 5.000%, 3/01/41
|
3/16 at 100.00
|
A+
|
11,735,125
|
||||||
5,020
|
California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanente System, Series 2006, 5.000%, 3/01/41 – BHAC Insured (UB)
|
3/16 at 100.00
|
AA+
|
5,229,485
|
||||||
2,680
|
California Statewide Community Development Authority, Revenue Bonds, Methodist Hospital Project, Series 2009, 6.750%, 2/01/38
|
8/19 at 100.00
|
Aa2
|
3,228,060
|
||||||
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
|
Aa3
|
7,153,546
|
||||||
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–
|
8,560,117
|
Nuveen Investments
|
35
|
NKX
|
Nuveen California AMT-Free Municipal Income Fund
|
|
Portfolio of Investments (continued)
|
February 28, 2015
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Health Care (continued)
|
||||||||||
$
|
1,690
|
California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Series 2005A, 5.000%, 11/15/43
|
11/15 at 100.00
|
AA–
|
$
|
1,741,477
|
||||
10,000
|
California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Series 2007C, 5.000%, 8/15/38 – AMBAC Insured
|
8/17 at 100.00
|
AA–
|
10,651,200
|
||||||
2,600
|
Marysville, California, Revenue Bonds, The Fremont-Rideout Health Group, Series 2011, 5.250%, 1/01/42
|
1/21 at 100.00
|
A
|
2,900,300
|
||||||
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009:
|
||||||||||
9,250
|
6.625%, 11/01/29
|
11/19 at 100.00
|
Ba1
|
10,384,882
|
||||||
7,500
|
6.750%, 11/01/39
|
11/19 at 100.00
|
Ba1
|
8,324,175
|
||||||
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010:
|
||||||||||
1,500
|
6.000%, 11/01/30
|
11/20 at 100.00
|
Ba1
|
1,628,730
|
||||||
2,595
|
6.000%, 11/01/41
|
11/20 at 100.00
|
Ba1
|
2,782,567
|
||||||
1,000
|
Rancho Mirage Joint Powers Financing Authority, California, Revenue Bonds, Eisenhower Medical Center, Series 2007A, 5.000%, 7/01/38
|
7/17 at 100.00
|
Baa2
|
1,047,110
|
||||||
850
|
San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011, 7.500%, 12/01/41
|
12/21 at 100.00
|
BB
|
1,045,296
|
||||||
9,085
|
Santa Clara County Financing Authority, California, Insured Revenue Bonds, El Camino Hospital, Series 2007A, 5.750%, 2/01/41 – AMBAC Insured
|
8/17 at 100.00
|
A+
|
9,861,222
|
||||||
2,000
|
Sierra View Local Health Care District, California, Revenue Bonds, Series 2007, 5.250%, 7/01/37
|
9/17 at 100.00
|
A
|
2,111,760
|
||||||
1,000
|
The Regents of the University of California, Medical Center Pooled Revenue Bonds, Series 2009E, 5.000%, 5/15/38
|
5/17 at 101.00
|
AA–
|
1,068,170
|
||||||
136,025
|
Total Health Care
|
149,392,578
|
||||||||
Housing/Multifamily – 2.5% (1.8% of Total Investments)
|
||||||||||
485
|
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2010A, 6.400%, 8/15/45
|
8/20 at 100.00
|
BBB
|
542,148
|
||||||
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
|
169,875
|
||||||
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
|
397,114
|
||||||
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
|
2,232,380
|
||||||
8,000
|
6.000%, 11/15/48
|
11/23 at 100.00
|
BBB
|
9,071,680
|
||||||
California Municipal Finance Authority, Mobile Home Park Senior Revenue Bonds, Caritas Affordable Housing, Inc. Projects, Series 2014A:
|
||||||||||
260
|
5.250%, 8/15/39
|
8/24 at 100.00
|
BBB
|
286,910
|
||||||
705
|
5.250%, 8/15/49
|
8/24 at 100.00
|
BBB
|
773,568
|
||||||
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–
|
3,572,832
|
||||||
La Verne, California, Mobile Home Park Revenue Refunding Bonds, Copacabana Mobile Home Park, Series 2014:
|
||||||||||
670
|
5.000%, 6/15/44
|
6/24 at 100.00
|
A
|
713,001
|
||||||
185
|
5.000%, 6/15/49
|
6/24 at 100.00
|
A
|
196,094
|
||||||
1,165
|
Poway, California, Housing Revenue Bonds, Revenue Bonds, Poinsettia Mobile Home Park, Series 2003, 5.000%, 5/01/23
|
5/15 at 100.00
|
AA–
|
1,170,266
|
||||||
17,260
|
Total Housing/Multifamily
|
19,125,868
|
||||||||
Housing/Single Family – 0.2% (0.1% of Total Investments)
|
||||||||||
1,150
|
California Housing Finance Agency, California, Home Mortgage Revenue Bonds, Series 2008L, 5.500%, 8/01/38
|
2/18 at 100.00
|
A–
|
1,172,011
|
36
|
Nuveen Investments
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Long-Term Care – 0.9% (0.6% 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
|
A+
|
$
|
3,569,070
|
||||
1,575
|
California Health Facilities Financing Authority, Insured Revenue Bonds, California-Nevada Methodist Homes, Series 2006, 5.000%, 7/01/36
|
7/16 at 100.00
|
A+
|
1,632,629
|
||||||
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+
|
1,560,945
|
||||||
6,075
|
Total Long-Term Care
|
6,762,644
|
||||||||
Tax Obligation/General – 32.2% (22.8% of Total Investments)
|
||||||||||
3,000
|
Alhambra Unified School District, Los Angeles County, California, General Obligation Bonds, Refunding Series 2012A, 5.000%, 8/01/29 – AGM Insured
|
8/22 at 100.00
|
Aa3
|
3,450,630
|
||||||
1,000
|
California State, General Obligation Bonds, Refunding Series 2011, 5.250%, 9/01/25
|
9/21 at 100.00
|
Aa3
|
1,200,190
|
||||||
4,910
|
California State, General Obligation Bonds, Various Purpose Refunding Series 2014, 5.000%, 10/01/32
|
10/24 at 100.00
|
Aa3
|
5,777,057
|
||||||
California State, General Obligation Bonds, Various Purpose Series 2009:
|
||||||||||
2,350
|
6.000%, 11/01/39
|
11/19 at 100.00
|
Aa3
|
2,888,056
|
||||||
1,300
|
5.500%, 11/01/39
|
11/19 at 100.00
|
Aa3
|
1,534,676
|
||||||
6,000
|
California State, General Obligation Bonds, Various Purpose Series 2010, 6.000%, 3/01/33
|
3/20 at 100.00
|
Aa3
|
7,301,940
|
||||||
California State, General Obligation Bonds, Various Purpose Series 2011:
|
||||||||||
2,000
|
5.000%, 9/01/31
|
No Opt. Call
|
Aa3
|
2,301,960
|
||||||
4,090
|
5.000%, 9/01/41
|
9/21 at 100.00
|
Aa3
|
4,614,379
|
||||||
2,625
|
5.000%, 10/01/41
|
10/21 at 100.00
|
Aa3
|
2,965,410
|
||||||
California State, General Obligation Bonds, Various Purpose Series 2013:
|
||||||||||
3,500
|
5.000%, 4/01/37
|
4/23 at 100.00
|
Aa3
|
3,991,575
|
||||||
2,000
|
5.000%, 2/01/43
|
No Opt. Call
|
Aa3
|
2,271,260
|
||||||
5,520
|
5.000%, 11/01/43
|
11/23 at 100.00
|
Aa3
|
6,330,502
|
||||||
California State, General Obligation Bonds, Various Purpose Series 2014:
|
||||||||||
2,460
|
5.000%, 10/01/39
|
10/24 at 100.00
|
Aa3
|
2,851,903
|
||||||
9,000
|
5.000%, 12/01/43
|
12/23 at 100.00
|
Aa3
|
10,332,540
|
||||||
9,000
|
5.000%, 10/01/44
|
10/24 at 100.00
|
Aa3
|
10,385,280
|
||||||
20,750
|
Coachella Valley Unified School District, Riverside County, California, General Obligation Bonds, Election 2005 Series 2010C, 0.000%, 8/01/43 – AGM Insured
|
No Opt. Call
|
AA
|
6,063,150
|
||||||
12,050
|
Coast Community College District, Orange County, California, General Obligation Bonds, Series 2006C, 5.000%, 8/01/31 – AGM Insured
|
8/18 at 100.00
|
Aa1
|
13,400,082
|
||||||
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
|
2,837,225
|
||||||
East Side Union High School District, Santa Clara County, California, General Obligation Bonds, 2008 Election Series 2010B:
|
||||||||||
3,490
|
5.000%, 8/01/27 – AGC Insured
|
8/19 at 100.00
|
AA
|
3,969,177
|
||||||
3,545
|
5.000%, 8/01/28 – AGC Insured
|
8/19 at 100.00
|
AA
|
4,015,563
|
||||||
3,110
|
5.000%, 8/01/29 – AGC Insured
|
8/19 at 100.00
|
AA
|
3,509,479
|
||||||
230
|
El Monte Union High School District, Los Angeles County, California, General Obligation Bonds, Series 2003A, 5.000%, 6/01/28 – AGM Insured
|
5/15 at 100.00
|
AA
|
230,888
|
||||||
7,100
|
Fontana Unified School District, San Bernardino County, California, General Obligation Bonds, Tender Option Bond Trust 2668, 9.888%, 2/01/16 – AGM Insured (IF)
|
No Opt. Call
|
AA
|
8,909,364
|
||||||
5,000
|
Grossmont Healthcare District, California, General Obligation Bonds, Series 2007A, 5.000%, 7/15/37 – AMBAC Insured
|
7/17 at 100.00
|
Aa2
|
5,428,500
|
||||||
6,000
|
Hartnell Community College District, California, General Obligation Bonds, Series 2006B, 5.000%, 6/01/29 – AGM Insured (UB)
|
6/16 at 100.00
|
AA
|
6,347,460
|
||||||
2,000
|
Los Angeles Community College District, California, General Obligation Bonds, Series 2015A, 5.000%, 8/01/29
|
8/24 at 100.00
|
AA+
|
2,408,280
|
||||||
1,220
|
Los Angeles Community College District, Los Angeles County, California, General Obligation Bonds, Series 2005A, 5.000%, 8/01/24 – AGM Insured
|
No Opt. Call
|
AA+
|
1,245,047
|
Nuveen Investments
|
37
|
NKX
|
Nuveen California AMT-Free Municipal Income Fund
|
|
Portfolio of Investments (continued)
|
February 28, 2015
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Tax Obligation/General (continued)
|
||||||||||
$
|
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
|
$
|
5,980,500
|
||||
4,500
|
Mount Diablo Unified School District, Contra Costa County, California, General Obligation Bonds, Series 2010A, 0.000%, 8/01/30 – AGM Insured
|
8/25 at 100.00
|
AA
|
3,625,830
|
||||||
3,000
|
Murrieta Valley Unified School District, Riverside County, California, General Obligation Bonds, Series 2007, 4.500%, 9/01/30 – AGM Insured
|
9/17 at 100.00
|
AA
|
3,208,680
|
||||||
10,080
|
New Haven Unified School District, Alameda County, California, General Obligation Bonds, Series 2004A, 0.000%, 8/01/26 – NPFG Insured
|
No Opt. Call
|
AA–
|
5,625,144
|
||||||
2,500
|
Oakland Unified School District, Alameda County, California, General Obligation Bonds, Series 2002, 5.250%, 8/01/21 – FGIC Insured
|
5/15 at 100.00
|
AA–
|
2,510,150
|
||||||
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
|
AA–
|
982,271
|
||||||
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
|
AA–
|
6,532,574
|
||||||
2,000
|
San Francisco Community College District, California, General Obligation Bonds, Series 2002A, 5.000%, 6/15/26 – FGIC Insured
|
4/15 at 100.00
|
A2
|
2,007,840
|
||||||
250
|
San Jose-Evergreen Community College District, Santa Clara County, California, General Obligation Bonds, Series 2005A, 5.000%, 9/01/25 – NPFG Insured
|
No Opt. Call
|
Aa1
|
256,105
|
||||||
1,500
|
San Juan Capistano, California, General Obligation Bonds, Open Space Program, Tender Option Bond Trust 2015-XF0048, 18.017%, 8/01/17 (IF)
|
No Opt. Call
|
AAA
|
2,362,860
|
||||||
San Ysidro School District, San Diego County, California, General Obligation Bonds, 1997 Election Series 2011F:
|
||||||||||
7,230
|
0.000%, 8/01/42 – AGM Insured
|
8/21 at 21.00
|
AA
|
1,128,892
|
||||||
10,450
|
0.000%, 8/01/43 – AGM Insured
|
8/21 at 19.43
|
AA
|
1,509,189
|
||||||
21,225
|
0.000%, 8/01/44 – AGM Insured
|
8/21 at 17.98
|
AA
|
2,834,811
|
||||||
12,550
|
0.000%, 8/01/45 – AGM Insured
|
8/21 at 16.64
|
AA
|
1,549,799
|
||||||
23,425
|
0.000%, 8/01/46 – AGM Insured
|
8/21 at 15.39
|
AA
|
2,665,765
|
||||||
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
|
3,282,476
|
||||||
10,000
|
Southwestern Community College District, San Diego County, California, General Obligation Bonds, Election of 2008, Series 2011C, 0.000%, 8/01/41
|
No Opt. Call
|
Aa2
|
3,213,500
|
||||||
Stockton Unified School District, San Joaquin County, California, General Obligation Bonds, Election 2008 Series 2011D:
|
||||||||||
23,280
|
0.000%, 8/01/47 – AGC Insured
|
8/37 at 100.00
|
AA
|
18,743,659
|
||||||
38,845
|
0.000%, 8/01/50 – AGM Insured
|
8/37 at 100.00
|
AA
|
31,325,773
|
||||||
15,780
|
Sylvan Union School District, Stanislaus County, California, General Obligation Bonds, Election of 2006, Series 2010, 0.000%, 8/01/49 – AGM Insured
|
No Opt. Call
|
AA
|
8,841,692
|
||||||
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+
|
4,065,495
|
||||||
8,345
|
Yosemite Community College District, California, General Obligation Bonds, Capital Appreciation, Election 2004, Series 2010D, 0.000%, 8/01/42
|
No Opt. Call
|
Aa2
|
4,838,097
|
||||||
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
|
1,118,730
|
||||||
346,590
|
Total Tax Obligation/General
|
244,771,405
|
||||||||
Tax Obligation/Limited – 46.3% (32.8% 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
|
A–
|
2,037,560
|
||||||
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
|
751,337
|
||||||
1,000
|
Bell Community Redevelopment Agency, California, Tax Allocation Bonds, Bell Project Area, Series 2003, 5.625%, 10/01/33 – RAAI Insured
|
5/15 at 100.00
|
N/R
|
1,000,470
|
38
|
Nuveen Investments
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Tax Obligation/Limited (continued)
|
||||||||||
$
|
7,895
|
Brea and Olinda Unified School District, Orange County, California, Certificates of Participation Refunding, Series 2002A, 5.125%, 8/01/26 – AGM Insured
|
5/15 at 100.00
|
AA
|
$
|
7,926,738
|
||||
1,165
|
Burbank Public Financing Authority, California, Revenue Refunding Bonds, Golden State Redevelopment Project, Series 2003A, 5.250%, 12/01/22 – AMBAC Insured
|
4/15 at 100.00
|
A+
|
1,169,625
|
||||||
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
|
A+
|
2,779,155
|
||||||
California Infrastructure and Economic Development Bank, Revenue Bonds, North County Center for Self-Sufficiency Corporation, Series 2004:
|
||||||||||
1,215
|
5.000%, 12/01/19 – AMBAC Insured
|
5/15 at 100.00
|
AA+
|
1,219,896
|
||||||
1,535
|
5.000%, 12/01/20 – AMBAC Insured
|
5/15 at 100.00
|
AA+
|
1,541,171
|
||||||
1,615
|
5.000%, 12/01/21 – AMBAC Insured
|
5/15 at 100.00
|
AA+
|
1,621,492
|
||||||
1,695
|
5.000%, 12/01/22 – AMBAC Insured
|
5/15 at 100.00
|
AA+
|
1,701,814
|
||||||
1,780
|
5.000%, 12/01/23 – AMBAC Insured
|
5/15 at 100.00
|
AA+
|
1,787,156
|
||||||
1,865
|
5.000%, 12/01/24 – AMBAC Insured
|
5/15 at 100.00
|
AA+
|
1,872,497
|
||||||
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
|
A1
|
8,273,300
|
||||||
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
|
A1
|
3,211,429
|
||||||
2,065
|
5.000%, 4/01/31
|
No Opt. Call
|
A1
|
2,369,732
|
||||||
4,000
|
California State Public Works Board, Lease Revenue Bonds, Department of General Services, Capital East End Project, Series 2002A, 5.000%, 12/01/27 – AMBAC Insured
|
5/15 at 100.00
|
A1
|
4,025,680
|
||||||
3,100
|
California State Public Works Board, Lease Revenue Bonds, Department of Health Services, Richmond Lab, Series 2005B, 5.000%, 11/01/30 – SYNCORA GTY Insured
|
11/15 at 100.00
|
A1
|
3,202,269
|
||||||
5,920
|
California State Public Works Board, Lease Revenue Bonds, Department of Veterans Affairs, Southern California Veterans Home – Chula Vista Facility, Series 1999A, 5.600%, 11/01/19 – AMBAC Insured
|
5/15 at 100.00
|
A1
|
5,945,752
|
||||||
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
|
A1
|
23,368,318
|
||||||
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
|
A1
|
2,268,501
|
||||||
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
|
A1
|
5,965,700
|
||||||
2,000
|
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2009-I, 6.375%, 11/01/34
|
11/19 at 100.00
|
A1
|
2,459,320
|
||||||
165
|
Capistrano Unified School District, Orange County, California, Special Tax Bonds, Community Facilities District 98-2, Series 2005, 5.000%, 9/01/24 – FGIC Insured
|
9/15 at 100.00
|
AA–
|
168,450
|
||||||
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
|
3,102,144
|
||||||
1,100
|
Chula Vista Public Financing Authority, California, Pooled Community Facility District Assessment Revenue Bonds, Series 2005A, 4.500%, 9/01/27 – NPFG Insured
|
9/15 at 100.00
|
AA–
|
1,108,228
|
||||||
1,430
|
Cloverdale Community Development Agency, California, Tax Allocation Bonds, Cloverdale Redevelopment Project, Refunding Series 2006, 5.000%, 8/01/36 – AMBAC Insured
|
8/16 at 100.00
|
N/R
|
1,444,457
|
||||||
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
|
1,286,691
|
||||||
530
|
5.750%, 8/01/26
|
8/20 at 100.00
|
N/R
|
572,018
|
||||||
3,145
|
Culver City Redevelopment Agency, California, Tax Allocation Revenue Bonds, Redevelopment Project, Series 2002A, 5.125%, 11/01/25 – NPFG Insured
|
5/15 at 100.00
|
AA–
|
3,148,774
|
||||||
El Monte, California, Senior Lien Certificates of Participation, Department of Public Services Facility Phase II, Series 2001:
|
||||||||||
8,425
|
5.000%, 1/01/21 – AMBAC Insured
|
7/15 at 100.00
|
A2
|
8,445,051
|
||||||
5,000
|
5.250%, 1/01/34 – AMBAC Insured
|
7/15 at 100.00
|
A2
|
5,006,250
|
Nuveen Investments
|
39
|
NKX
|
Nuveen California AMT-Free Municipal Income Fund
|
|
Portfolio of Investments (continued)
|
February 28, 2015
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Tax Obligation/Limited (continued)
|
||||||||||
$
|
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–
|
$
|
3,334,740
|
||||
350
|
Fontana Redevelopment Agency, San Bernardino County, California, Tax Allocation Bonds, Jurupa Hills Redevelopment Project, Refunding Series 1997A, 5.500%, 10/01/27
|
10/15 at 100.00
|
A–
|
350,963
|
||||||
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–
|
1,107,370
|
||||||
1,000
|
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2013A, 5.000%, 6/01/30
|
6/23 at 100.00
|
A1
|
1,139,060
|
||||||
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A:
|
||||||||||
7,250
|
5.000%, 6/01/35 – FGIC Insured
|
6/15 at 100.00
|
AA
|
7,335,332
|
||||||
2,000
|
5.000%, 6/01/45
|
6/15 at 100.00
|
A1
|
2,023,120
|
||||||
11,065
|
5.000%, 6/01/45 – AMBAC Insured
|
6/15 at 100.00
|
A1
|
11,192,911
|
||||||
7,500
|
5.000%, 6/01/45 – AGC Insured
|
6/15 at 100.00
|
AA
|
7,586,700
|
||||||
20,000
|
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Tender Option Bonds Trust 4686, 9.129%, 6/01/45 – AGC Insured (IF) (4)
|
6/15 at 100.00
|
AA
|
20,462,400
|
||||||
2,000
|
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Revenue Bonds, Tender Option Bonds Trust 2040, 11.979%, 6/01/45 – FGIC Insured (IF)
|
6/15 at 100.00
|
A1
|
2,069,360
|
||||||
425
|
Hesperia Community Redevelopment Agency, California, Tax Allocation Bonds, Series 2005A, 5.000%, 9/01/35 – SYNCORA GTY Insured
|
9/15 at 100.00
|
BBB–
|
427,006
|
||||||
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
|
3,437,021
|
||||||
1,700
|
Hesperia Unified School District, San Bernardino County, California, Certificates of Participation, Capital Improvement, Series 2007, 5.000%, 2/01/41 – AMBAC Insured
|
2/17 at 100.00
|
A–
|
1,810,279
|
||||||
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
|
2,351,732
|
||||||
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+
|
2,075,139
|
||||||
710
|
5.000%, 5/01/25 – AMBAC Insured
|
5/17 at 100.00
|
BBB+
|
739,998
|
||||||
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
|
76,928
|
||||||
175
|
5.125%, 9/01/36
|
9/16 at 100.00
|
N/R
|
179,205
|
||||||
Jurupa Community Services District, California, Special Tax Bonds, Community Facilities District 39 Eastvale Area, Series 2012A:
|
||||||||||
1,000
|
5.000%, 9/01/37
|
9/22 at 100.00
|
N/R
|
1,038,100
|
||||||
2,000
|
5.125%, 9/01/42
|
9/22 at 100.00
|
N/R
|
2,076,960
|
||||||
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
|
1,310,179
|
||||||
2,105
|
5.750%, 9/01/44
|
9/23 at 100.00
|
N/R
|
2,425,907
|
||||||
2,765
|
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
|
2,769,341
|
||||||
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
|
2,390,740
|
||||||
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
|
8/15 at 102.00
|
AA–
|
2,570,631
|
||||||
2,425
|
4.750%, 8/01/27 – NPFG Insured
|
8/15 at 102.00
|
AA–
|
2,483,248
|
||||||
3,500
|
Livermore Redevelopment Agency, California, Tax Allocation Revenue Bonds, Livermore Redevelopment Project Area, Series 2001A, 5.000%, 8/01/26 – NPFG Insured
|
8/15 at 100.00
|
AA–
|
3,527,335
|
40
|
Nuveen Investments
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Tax Obligation/Limited (continued)
|
||||||||||
$
|
6,190
|
Los Angeles Community Redevelopment Agency, California, Lease Revenue Bonds, Manchester Social Services Project, Series 2005, 5.000%, 9/01/37 – AMBAC Insured
|
9/15 at 100.00
|
A1
|
$
|
6,257,347
|
||||
1,500
|
Los Osos, California, Improvement Bonds, Community Services Wastewater Assessment District 1, Series 2002, 5.000%, 9/02/33 – NPFG Insured
|
9/15 at 100.00
|
AA–
|
1,507,815
|
||||||
475
|
Lynwood Redevelopment Agency, California, Project A Revenue Bonds, Subordinate Lien Series 2011A, 7.250%, 9/01/38
|
9/21 at 100.00
|
A–
|
604,988
|
||||||
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–
|
9,658,784
|
||||||
3,230
|
Murrieta Redevelopment Agency, California, Tax Allocation Bonds, Series 2005, 5.000%, 8/01/35 – NPFG Insured
|
8/15 at 100.00
|
AA–
|
3,247,087
|
||||||
1,000
|
Murrieta, California, Special Tax Bonds, Community Facilities District 2003-3, Creekside Village Improvement Area 1, Series 2005, 5.200%, 9/01/35
|
9/15 at 100.00
|
N/R
|
1,009,870
|
||||||
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–
|
216,633
|
||||||
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+
|
79,420
|
||||||
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
|
3,158,103
|
||||||
3,300
|
Pacifica, California, Certificates of Participation, Series 2008, 5.375%, 1/01/37 – AMBAC Insured
|
1/16 at 102.00
|
A–
|
3,419,064
|
||||||
5,000
|
Palm Desert Financing Authority, California, Tax Allocation Revenue Bonds, Project Area 1, Refunding Series 2002, 5.000%, 4/01/25 – NPFG Insured
|
10/15 at 100.00
|
AA–
|
5,010,000
|
||||||
Patterson Public Financing Authority, California, Revenue Bonds, Community Facilities District 2001-1, Senior Series 2013A:
|
||||||||||
3,820
|
5.250%, 9/01/30
|
9/23 at 100.00
|
N/R
|
4,359,651
|
||||||
3,435
|
5.750%, 9/01/39
|
9/23 at 100.00
|
N/R
|
3,973,161
|
||||||
610
|
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
|
702,665
|
||||||
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
|
2,296,160
|
||||||
540
|
Pittsburg Redevelopment Agency, California, Tax Allocation Bonds, Los Medanos Community Development Project, Refunding Series 2008A, 6.500%, 9/01/28
|
9/18 at 100.00
|
BBB–
|
601,965
|
||||||
4,140
|
Plumas County, California, Certificates of Participation, Capital Improvement Program, Series 2003A, 5.000%, 6/01/28 – AMBAC Insured
|
5/15 at 100.00
|
A
|
4,145,837
|
||||||
390
|
Poway Redevelopment Agency, California, Tax Allocation Refunding Bonds, Paguay Redevelopment Project, Series 2000, 5.750%, 6/15/33 – NPFG Insured
|
5/15 at 100.00
|
AA–
|
390,823
|
||||||
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–
|
713,900
|
||||||
7,200
|
0.000%, 8/01/45 – NPFG Insured
|
No Opt. Call
|
AA–
|
962,208
|
||||||
210
|
Rancho Santa Fe CSD Financing Authority, California, Revenue Bonds, Superior Lien Series 2011A, 5.750%, 9/01/30
|
9/21 at 100.00
|
BBB+
|
241,248
|
||||||
1,250
|
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
|
1,452,950
|
||||||
3,000
|
Riverside County Public Financing Authority, California, Tax Allocation Bonds, Multiple Projects, Series 2005A, 5.000%, 10/01/35 – SYNCORA GTY Insured
|
10/15 at 100.00
|
BBB+
|
3,023,160
|
||||||
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–
|
50,175
|
||||||
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
|
737,042
|
||||||
1,775
|
5.000%, 9/01/42
|
9/22 at 100.00
|
N/R
|
1,958,553
|
Nuveen Investments
|
41
|
NKX
|
Nuveen California AMT-Free Municipal Income Fund
|
|
Portfolio of Investments (continued)
|
February 28, 2015
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Tax Obligation/Limited (continued)
|
||||||||||
$
|
1,000
|
Rocklin Unified School District, Placer County, California, Special Tax Bonds, Community Facilities District 1, Series 2004, 5.000%, 9/01/25 – NPFG Insured
|
5/15 at 100.00
|
AA–
|
$
|
1,003,770
|
||||
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
|
4,595,422
|
||||||
1,500
|
Roseville, California, Special Tax Bonds, Community Facilities District 1 Fiddyment Ranch, Series 2005, 5.050%, 9/01/30
|
9/15 at 100.00
|
N/R
|
1,511,745
|
||||||
1,500
|
Sacramento City Financing Authority, California, Lease Revenue Refunding Bonds, Series 1993A, 5.400%, 11/01/20 – NPFG Insured
|
No Opt. Call
|
AA–
|
1,665,825
|
||||||
3,000
|
Sacramento City Financing Authority, California, Lease Revenue Refunding Bonds, Series 1993B, 5.400%, 11/01/20
|
No Opt. Call
|
A+
|
3,331,650
|
||||||
3,080
|
San Bernardino Joint Powers Financing Authority, California, Certificates of Participation Refunding, Police Station Financing Project, Series 1999, 5.500%, 9/01/20 – NPFG Insured
|
3/15 at 100.00
|
AA–
|
3,080,554
|
||||||
1,000
|
San Diego County Regional Transportation Commission, California, Sales Tax Revenue Bonds, Series 2012A, 5.000%, 4/01/42
|
4/22 at 100.00
|
AAA
|
1,135,820
|
||||||
4,000
|
San Diego County Regional Transportation Commission, California, Sales Tax Revenue Bonds, Series 2014A, 5.000%, 4/01/36
|
4/24 at 100.00
|
AAA
|
4,677,640
|
||||||
1,480
|
San Diego Redevelopment Agency, California, Subordinate Lien Tax Increment and Parking Revenue Bonds, Centre City Project, Series 2003B, 5.250%, 9/01/26
|
5/15 at 100.00
|
AA–
|
1,481,894
|
||||||
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
|
761,070
|
||||||
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–
|
2,013,876
|
||||||
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
|
2,281,240
|
||||||
30
|
San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds, Mission Bay North Redevelopment Project, Series 2011C, 6.750%, 8/01/41
|
2/21 at 100.00
|
A–
|
36,787
|
||||||
San Francisco Redevelopment Financing Authority, California, Tax Allocation Revenue Bonds, Mission Bay South Redevelopment Project, Series 2011D:
|
||||||||||
30
|
7.000%, 8/01/33
|
2/21 at 100.00
|
BBB+
|
36,588
|
||||||
40
|
7.000%, 8/01/41
|
2/21 at 100.00
|
BBB+
|
48,784
|
||||||
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
|
426,026
|
||||||
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
|
5,903,548
|
||||||
4,000
|
San Jose Financing Authority, California, Lease Revenue Refunding Bonds, Convention Center Project, Series 2001F, 5.000%, 9/01/19 – NPFG Insured
|
5/15 at 100.00
|
AA
|
4,016,320
|
||||||
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2005A:
|
||||||||||
3,310
|
5.000%, 8/01/20 – NPFG Insured
|
8/15 at 100.00
|
AA–
|
3,375,439
|
||||||
5,025
|
5.000%, 8/01/28 – NPFG Insured
|
8/15 at 100.00
|
AA–
|
5,119,168
|
||||||
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–
|
107,242
|
||||||
1,110
|
5.000%, 8/01/25 – NPFG Insured
|
8/17 at 100.00
|
AA–
|
1,190,386
|
||||||
360
|
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2006D, 5.000%, 8/01/23 – AMBAC Insured
|
8/17 at 100.00
|
BBB+
|
390,067
|
||||||
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
|
1,115,560
|
||||||
3,000
|
Santa Clara Redevelopment Agency, California, Tax Allocation Bonds, Bayshore North Project, Series 1999A, 5.500%, 6/01/23 – AMBAC Insured
|
6/15 at 100.00
|
A–
|
3,040,680
|
42
|
Nuveen Investments
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Tax Obligation/Limited (continued)
|
||||||||||
$
|
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
|
$
|
57,624
|
||||
3,500
|
Stockton Public Financing Authority, California, Lease Revenue Bonds, Series 2004, 5.250%, 9/01/34 – FGIC Insured
|
5/15 at 100.00
|
AA–
|
3,500,175
|
||||||
Sweetwater Union High School District Public Financing Authority, California, Special Tax Revenue Bonds, Series 2005A:
|
||||||||||
3,565
|
5.000%, 9/01/25 – AGM Insured
|
9/15 at 100.00
|
AA
|
3,647,351
|
||||||
5,510
|
5.000%, 9/01/28 – AGM Insured
|
9/15 at 100.00
|
AA
|
5,618,988
|
||||||
2,980
|
Temecula Public Financing Authority, California, Special Tax Bonds, Community Facilities District 03-02 Roripaugh, Series 2006, 5.500%, 9/01/36
|
9/15 at 101.00
|
N/R
|
2,985,096
|
||||||
2,160
|
Temecula Redevelopment Agency, California, Tax Allocation Revenue Bonds, Redevelopment Project 1, Series 2002, 5.125%, 8/01/27 – NPFG Insured
|
5/15 at 100.00
|
AA–
|
2,177,842
|
||||||
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
|
1,351,998
|
||||||
3,250
|
5.250%, 9/01/39 – AGM Insured
|
9/20 at 100.00
|
AA
|
3,707,827
|
||||||
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
|
5,136,570
|
||||||
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
|
1,100,702
|
||||||
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
|
4,731,935
|
||||||
6,000
|
Westminster Redevelopment Agency, California, Tax Allocation Bonds, Commercial Redevelopment Project 1, Police Facility Subordinate Series 2009, 6.250%, 11/01/39
|
11/19 at 100.00
|
AA
|
7,169,160
|
||||||
95
|
Yorba Linda Redevelopment Agency, Orange County, California, Tax Allocation Revenue Bonds, Yorba Linda Redevelopment Project, Subordinate Lien Series 2011A, 6.000%, 9/01/26
|
9/21 at 100.00
|
A–
|
116,679
|
||||||
343,155
|
Total Tax Obligation/Limited
|
352,500,337
|
||||||||
Transportation – 5.8% (4.2% of Total Investments)
|
||||||||||
1,115
|
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2013S-4, 5.250%, 4/01/48
|
4/23 at 100.00
|
A+
|
1,277,099
|
||||||
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+
|
8,129,767
|
||||||
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–
|
17,459,807
|
||||||
14,885
|
6.000%, 1/15/53
|
1/24 at 100.00
|
BBB–
|
17,617,142
|
||||||
37,635
|
Total Transportation
|
44,483,815
|
||||||||
U.S. Guaranteed – 4.7% (3.3% of Total Investments) (5)
|
||||||||||
1,425
|
Bassett Unified School District, Los Angeles County, California, General Obligation Bonds, Series 2006B, 5.250%, 8/01/30 (Pre-refunded 8/01/16) – FGIC Insured
|
8/16 at 100.00
|
AA– (5)
|
1,526,261
|
||||||
780
|
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2006F, 5.000%, 4/01/31 (Pre-refunded 4/01/16) (UB)
|
4/16 at 100.00
|
AA (5)
|
820,864
|
||||||
220
|
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Tender Option Bond Trust 3211, 13.614%, 10/01/32 (Pre-refunded 4/01/18) (IF)
|
4/18 at 100.00
|
AA (5)
|
323,378
|
||||||
35
|
California Educational Facilities Authority, Revenue Bonds, University of Redlands, Series 2005A, 5.000%, 10/01/35 (Pre-refunded 10/01/15)
|
10/15 at 100.00
|
N/R (5)
|
36,008
|
||||||
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
|
3,712,350
|
||||||
2,250
|
California Infrastructure and Economic Development Bank, First Lien Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2003A, 5.000%, 7/01/36 (Pre-refunded 1/01/28) – AMBAC Insured
|
1/28 at 100.00
|
Aaa
|
2,917,845
|
Nuveen Investments
|
43
|
NKX
|
Nuveen California AMT-Free Municipal Income Fund
|
|
Portfolio of Investments (continued)
|
February 28, 2015
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
U.S. Guaranteed (5) (continued)
|
||||||||||
$
|
1,112
|
California State Public Works Board, Lease Revenue Bonds, University of California Regents, Tender Option Bond Trust 1065, 9.446%, 3/01/33 (Pre-refunded 3/01/18) (IF)
|
3/18 at 100.00
|
Aaa
|
$
|
1,393,047
|
||||
1,200
|
California State University, Systemwide Revenue Bonds, Series 2005A, 5.000%, 11/01/25 (Pre-refunded 5/01/15) – AMBAC Insured
|
5/15 at 100.00
|
Aa2 (5)
|
1,210,464
|
||||||
805
|
Central Unified School District, Fresno County, California, General Obligation Bonds, Series 1993, 5.625%, 3/01/18 – AMBAC Insured (ETM)
|
9/15 at 100.00
|
N/R (5)
|
827,669
|
||||||
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
|
7,980,840
|
||||||
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
|
BBB (5)
|
916,157
|
||||||
35
|
Los Angeles Community College District, Los Angeles County, California, General Obligation Bonds, Series 2005A, 5.000%, 8/01/24 (Pre-refunded 8/01/15) – AGM Insured
|
8/15 at 100.00
|
AA+ (5)
|
35,734
|
||||||
1,115
|
Roseville Joint Union High School District, Placer County, California, General Obligation Bonds, Series 2006B, 5.000%, 8/01/27 (Pre-refunded 8/01/15) – FGIC Insured
|
8/15 at 100.00
|
AA (5)
|
1,138,370
|
||||||
5,500
|
Sacramento City Unified School District, Sacramento County, California, General Obligation Bonds, Series 2005, 5.000%, 7/01/27 (Pre-refunded 7/01/15) – NPFG Insured
|
7/15 at 100.00
|
A1 (5)
|
5,592,510
|
||||||
5,000
|
San Jacinto Unified School District, Riverside County, California, General Obligation Bonds, Series 2007, 5.250%, 8/01/32 (Pre-refunded 8/01/17) – AGM Insured
|
8/17 at 100.00
|
AA (5)
|
5,564,600
|
||||||
1,105
|
San Jose-Evergreen Community College District, Santa Clara County, California, General Obligation Bonds, Series 2005A, 5.000%, 9/01/25 (Pre-refunded 9/01/15) – NPFG Insured
|
9/15 at 100.00
|
Aa1 (5)
|
1,132,570
|
||||||
325
|
San Mateo Union High School District, San Mateo County, California, Certificates of Participation, Phase 1, Series 2007A, 5.000%, 12/15/30 (Pre-refunded 12/15/17) – AMBAC Insured
|
12/17 at 100.00
|
N/R (5)
|
364,189
|
||||||
30,667
|
Total U.S. Guaranteed
|
35,492,856
|
||||||||
Utilities – 4.5% (3.2% of Total Investments)
|
||||||||||
Long Beach Bond Finance Authority, California, Natural Gas Purchase Revenue Bonds, Series 2007A:
|
||||||||||
2,490
|
5.000%, 11/15/35
|
No Opt. Call
|
A
|
2,907,797
|
||||||
1,835
|
5.500%, 11/15/37
|
No Opt. Call
|
A
|
2,268,299
|
||||||
10,000
|
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2012B, 5.000%, 7/01/43
|
7/22 at 100.00
|
AA–
|
11,302,100
|
||||||
4,280
|
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2013B, 5.000%, 7/01/28
|
7/23 at 100.00
|
AA–
|
5,070,644
|
||||||
3,750
|
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Tender Option Bond Trust 3345, 18.455%, 7/01/20 (IF) (4)
|
No Opt. Call
|
AA–
|
5,703,150
|
||||||
2,450
|
Merced Irrigation District, California, Electric System Revenue Bonds, Series 2005, 5.125%, 9/01/31 – SYNCORA GTY Insured
|
9/15 at 100.00
|
N/R
|
2,470,237
|
||||||
100
|
Sacramento City Financing Authority, California, Capital Improvement Revenue Bonds, Solid Waste and Redevelopment Projects, Series 1999, 5.800%, 12/01/19 – AMBAC Insured
|
5/15 at 100.00
|
N/R
|
100,241
|
||||||
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–
|
1,168,540
|
||||||
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–
|
3,464,536
|
||||||
28,880
|
Total Utilities
|
34,455,544
|
44
|
Nuveen Investments
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Water and Sewer – 15.8% (11.2% of Total Investments)
|
||||||||||
$
|
13,200
|
Atwater Public Financing Authority, California, Wastewater Revenue Bonds, Series 2010, 5.125%, 5/01/40 – AGM Insured
|
5/19 at 100.00
|
AA
|
$
|
13,895,112
|
||||
11,600
|
Bay Area Water Supply and Conservation Agency, California, Revenue Bonds, Capital Cost Recovery Prepayment Program, Series 2013A, 5.000%, 10/01/34
|
4/23 at 100.00
|
AA–
|
13,454,840
|
||||||
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
|
8,331,600
|
||||||
12,200
|
5.000%, 11/21/45
|
No Opt. Call
|
Baa3
|
12,683,242
|
||||||
1,000
|
Castaic Lake Water Agency, California, Certificates of Participation, Series 2006C, 5.000%, 8/01/36 – NPFG Insured
|
8/16 at 100.00
|
AA–
|
1,056,730
|
||||||
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
|
2,310,278
|
||||||
1,685
|
Healdsburg Public Financing Authority, California, Wastewater Revenue Bonds, Series 2006, 5.000%, 4/01/36 – NPFG Insured
|
4/16 at 100.00
|
AA–
|
1,761,061
|
||||||
5,000
|
Indio Water Authority, California, Water Revenue Bonds, Series 2006, 5.000%, 4/01/31 – AMBAC Insured
|
4/16 at 100.00
|
A
|
5,213,500
|
||||||
12,230
|
Los Angeles County Sanitation Districts Financing Authority, California, Capital Projects Revenue Bonds, District 14, Subordinate Series 2005B, 5.000%,
10/01/34 – FGIC Insured |
10/15 at 100.00
|
AA–
|
12,525,844
|
||||||
16,000
|
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2012A, 5.000%, 7/01/43
|
7/22 at 100.00
|
AA
|
18,230,400
|
||||||
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
|
9,132,438
|
||||||
Los Angeles, California, Wastewater System Revenue Bonds, Subordinate Lien, Refunding Series 2013A:
|
||||||||||
2,000
|
5.000%, 6/01/34
|
6/23 at 100.00
|
AA
|
2,316,040
|
||||||
3,500
|
5.000%, 6/01/35
|
6/23 at 100.00
|
AA
|
4,044,705
|
||||||
670
|
Metropolitan Water District of Southern California, Waterworks Revenue Bonds, Tender Option Bond Trust 09-8B, 17.896%, 7/01/35 (IF) (4)
|
7/19 at 100.00
|
AAA
|
1,057,582
|
||||||
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
|
1,521,888
|
||||||
2,500
|
Sacramento County Sanitation Districts Financing Authority, California, Revenue Bonds, Sacramento Regional County Sanitation District, Series 2014A, 5.000%, 12/01/33
|
6/24 at 100.00
|
AA
|
2,939,150
|
||||||
9,000
|
San Diego County Water Authority, California, Water Revenue Certificates of Participation, Series 2008A, 5.000%, 5/01/38 – AGM Insured
|
5/18 at 100.00
|
AA+
|
9,993,690
|
||||||
110,225
|
Total Water and Sewer
|
120,468,100
|
||||||||
$
|
1,120,272
|
Total Long-Term Investments (cost $946,834,444)
|
1,065,466,660
|
Nuveen Investments
|
45
|
NKX
|
Nuveen California AMT-Free Municipal Income Fund
|
|
Portfolio of Investments (continued)
|
February 28, 2015
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
SHORT-TERM INVESTMENTS – 1.2% (0.8% of Total Investments)
|
||||||||||
MUNICIPAL BONDS – 1.2% (0.8% of Total Investments)
|
||||||||||
Health Care – 1.2% (0.8% of Total Investments)
|
||||||||||
$
|
6,940
|
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2014A, 6.000%, 7/10/15 (6)
|
No Opt. Call
|
N/R
|
$
|
6,999,198
|
||||
675
|
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2014B, 6.000%, 7/10/15 (6)
|
No Opt. Call
|
N/R
|
680,758
|
||||||
1,030
|
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2014C, 6.000%, 7/10/15 (6)
|
No Opt. Call
|
N/R
|
1,038,786
|
||||||
$
|
8,645
|
Total Short-Term Investments (cost $8,645,000)
|
8,718,742
|
|||||||
Total Investments (cost $955,479,444) – 141.2%
|
1,074,185,402
|
|||||||||
Floating Rate Obligations – (0.9)%
|
(6,755,000
|
)
|
||||||||
Institutional MuniFund Term Preferred Shares, at Liquidation Value – (4.7)% (7)
|
(36,000,000
|
)
|
||||||||
Variable Rate Demand Preferred Shares, at Liquidation Value – (38.3)% (8)
|
(291,600,000
|
)
|
||||||||
Other Assets Less Liabilities – 2.7%
|
20,955,664
|
|||||||||
Net Assets Applicable to Common Shares – 100%
|
$
|
760,786,066
|
(1)
|
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
|
(2)
|
Optional Call Provisions (not covered by the report of independent registered public accounting firm): Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
|
(3)
|
Ratings (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
|
(4)
|
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
|
(5)
|
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 valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment classified as Level 3. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information.
|
(7)
|
Institutional MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments is 3.4%.
|
(8)
|
Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 27.1%.
|
(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.
|
46
|
Nuveen Investments
|
NAC
|
||
Nuveen California Dividend Advantage Municipal Fund
|
||
Portfolio of Investments
|
February 28, 2015
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
LONG-TERM INVESTMENTS – 143.2% (99.2% of Total Investments)
|
||||||||||
MUNICIPAL BONDS – 143.2% (99.2% of Total Investments)
|
||||||||||
Consumer Staples – 6.5% (4.5% of Total Investments)
|
||||||||||
$
|
3,760
|
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Alameda County Tobacco Asset Securitization Corporation, Series 2002, 5.750%, 6/01/29
|
5/15 at 100.00
|
Baa1
|
$
|
3,760,602
|
||||
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los Angeles County Securitization Corporation, Series 2006A:
|
||||||||||
11,840
|
5.600%, 6/01/36
|
12/18 at 100.00
|
B+
|
11,019,014
|
||||||
13,060
|
5.650%, 6/01/41
|
12/18 at 100.00
|
B+
|
11,759,746
|
||||||
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Sonoma County Tobacco Securitization Corporation, Series 2005:
|
||||||||||
2,125
|
4.250%, 6/01/21
|
6/15 at 100.00
|
BBB+
|
2,124,979
|
||||||
3,500
|
5.250%, 6/01/45
|
6/15 at 100.00
|
B–
|
2,933,350
|
||||||
4,770
|
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Stanislaus County Tobacco Funding Corporation, Series 2002A, 5.500%, 6/01/33
|
5/15 at 100.00
|
Baa1
|
4,770,095
|
||||||
5,495
|
California Statewide Financing Authority, Tobacco Settlement Asset-Backed Bonds, Pooled Tobacco Securitization Program, Series 2002A, 5.625%, 5/01/29
|
5/15 at 100.00
|
BBB
|
5,495,550
|
||||||
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
|
||||||||||
27,450
|
5.750%, 6/01/47
|
6/17 at 100.00
|
B
|
23,603,431
|
||||||
5,075
|
5.125%, 6/01/47
|
6/17 at 100.00
|
B
|
3,985,245
|
||||||
39,515
|
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
|
33,395,311
|
||||||
Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed Bonds, Series 2005A-1:
|
||||||||||
8,500
|
5.375%, 6/01/38
|
6/15 at 100.00
|
B–
|
7,154,705
|
||||||
1,250
|
5.500%, 6/01/45
|
6/15 at 100.00
|
B–
|
1,018,975
|
||||||
126,340
|
Total Consumer Staples
|
111,021,003
|
||||||||
Education and Civic Organizations – 4.4% (3.1% 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
|
2,499,142
|
||||||
3,000
|
California Educational Facilities Authority, Revenue Bonds, Dominican University, Series 2006, 5.000%, 12/01/36
|
12/16 at 100.00
|
Baa3
|
3,152,280
|
||||||
2,000
|
California Educational Facilities Authority, Revenue Bonds, Occidental College, Series 2005A, 5.000%, 10/01/27 – NPFG Insured
|
10/15 at 100.00
|
Aa3
|
2,053,700
|
||||||
4,075
|
California Educational Facilities Authority, Revenue Bonds, Santa Clara University, Series 2010, 5.000%, 2/01/40
|
2/20 at 100.00
|
Aa3
|
4,586,576
|
||||||
605
|
California Educational Facilities Authority, Revenue Bonds, University of Redlands, Series 2005A, 5.000%, 10/01/35
|
10/15 at 100.00
|
A3
|
611,129
|
||||||
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
|
2,633,095
|
||||||
10,000
|
California Educational Facilities Authority, Revenue Bonds, University of Southern California, Series 2007A, 4.500%, 10/01/33 (UB)
|
10/17 at 100.00
|
Aa1
|
10,795,000
|
||||||
2,470
|
California Educational Facilities Authority, Revenue Bonds, University of Southern California, Tender Option Bond Trust 09-11B, 18.051%, 10/01/38 (IF) (4)
|
10/18 at 100.00
|
Aa1
|
3,665,382
|
||||||
California Educational Facilities Authority, Revenue Bonds, University of the Pacific, Series 2006:
|
||||||||||
895
|
5.000%, 11/01/21
|
11/15 at 100.00
|
A2
|
922,396
|
||||||
3,950
|
5.000%, 11/01/30
|
11/15 at 100.00
|
A2
|
4,062,694
|
Nuveen Investments
|
47
|
NAC
|
Nuveen California Dividend Advantage Municipal Fund
|
|
Portfolio of Investments (continued)
|
February 28, 2015
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Education and Civic Organizations (continued)
|
||||||||||
$
|
2,740
|
California Infrastructure and Economic Development Bond Bank, Revenue Bonds, Scripps Research Institute, Series 2005A, 5.000%, 7/01/24
|
7/15 at 100.00
|
Aa3
|
$
|
2,784,881
|
||||
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
|
4,538,195
|
||||||
1,000
|
California Municipal Finance Authority, Revenue Bonds, Biola University, Series 2013, 5.000%, 10/01/38
|
10/23 at 100.00
|
Baa1
|
1,088,780
|
||||||
2,500
|
California Municipal Finance Authority, Revenue Bonds, University of La Verne, Series 2010A, 6.250%, 6/01/40
|
6/20 at 100.00
|
Baa1
|
2,931,425
|
||||||
6,000
|
California State Public Works Board, Lease Revenue Bonds, California State University Projects, Series 1997C, 5.400%, 10/01/22
|
4/15 at 100.00
|
Aa3
|
6,025,500
|
||||||
4,000
|
California State Public Works Board, Lease Revenue Refunding Bonds, Community Colleges Projects, Series 1996B, 5.625%, 3/01/19 – AMBAC Insured
|
3/15 at 100.00
|
A1
|
4,081,160
|
||||||
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
|
3,121,113
|
||||||
4,300
|
California Statewide Communities Development Authority, School Facility Revenue Bonds, Alliance College-Ready Public Schools, Series 2011A, 7.000%, 7/01/46
|
7/21 at 100.00
|
BBB–
|
4,965,769
|
||||||
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
|
2,138,941
|
||||||
9,000
|
San Diego County, California, Certificates of Participation, Burnham Institute, Series 2006, 5.000%, 9/01/34
|
9/15 at 102.00
|
Baa1
|
9,239,940
|
||||||
69,470
|
Total Education and Civic Organizations
|
75,897,098
|
||||||||
Health Care – 29.5% (20.5% 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–
|
4,182,463
|
||||||
3,000
|
Antelope Valley Healthcare District, California, Revenue Bonds, Series 2011A, 7.250%, 3/01/36
|
3/21 at 100.00
|
Ba2
|
3,403,260
|
||||||
1,500
|
California Health Facilities Financing Authority, Revenue Bonds, Cedars-Sinai Medical Center, Series 2009, 5.000%, 8/15/39
|
8/19 at 100.00
|
AA–
|
1,658,205
|
||||||
16,405
|
California Health Facilities Financing Authority, Revenue Bonds, Childrens Hospital Los Angeles, Series 2010A, 5.250%, 7/01/38 – AGC Insured
|
7/20 at 100.00
|
AA
|
18,543,064
|
||||||
5,100
|
California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard Children’s Hospital, Series 2014A, 5.000%, 8/15/43
|
8/24 at 100.00
|
AA
|
5,826,699
|
||||||
1,250
|
California Health Facilities Financing Authority, Revenue Bonds, Memorial Health Services, Series 2012A, 5.000%, 10/01/33
|
No Opt. Call
|
AA–
|
1,407,775
|
||||||
3,135
|
California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Series 2014A, 5.000%, 10/01/38
|
10/24 at 100.00
|
AA
|
3,617,539
|
||||||
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
|
7,060,560
|
||||||
6,420
|
California Health Facilities Financing Authority, Revenue Bonds, Rady Children’s Hospital – San Diego, Series 2011, 5.250%, 8/15/41
|
8/21 at 100.00
|
AA–
|
7,273,346
|
||||||
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–
|
3,488,250
|
||||||
7,250
|
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2007A, 5.250%, 11/15/46
|
11/16 at 100.00
|
AA–
|
7,819,053
|
||||||
49,980
|
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2007A, 5.250%, 11/15/46 (UB)
|
11/16 at 100.00
|
AA–
|
53,902,931
|
||||||
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2011B:
|
||||||||||
2,470
|
6.000%, 8/15/42
|
8/20 at 100.00
|
AA–
|
2,974,596
|
||||||
6,530
|
6.000%, 8/15/42 (UB)
|
8/20 at 100.00
|
AA–
|
7,864,014
|
||||||
3,795
|
California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, Series 2010A, 5.750%, 7/01/40
|
7/20 at 100.00
|
Baa2
|
4,220,420
|
48
|
Nuveen Investments
|
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:
|
||||||||||
$
|
7,150
|
5.250%, 2/01/27
|
2/17 at 100.00
|
Baa1
|
$
|
7,523,230
|
||||
7,415
|
5.250%, 2/01/46
|
2/17 at 100.00
|
Baa1
|
7,693,211
|
||||||
20,320
|
California Statewide Communities Development Authority, Revenue Bonds, Adventist Health System West, Series 2005A, 5.000%, 3/01/35
|
3/15 at 100.00
|
A
|
20,359,826
|
||||||
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
|
1,493,932
|
||||||
21,090
|
California Statewide Communities Development Authority, Revenue Bonds, Kaiser Permanente, Series 2012A, 5.000%, 4/01/42
|
4/22 at 100.00
|
A+
|
23,588,110
|
||||||
7,190
|
California Statewide Communities Development Authority, Revenue Bonds, Saint Joseph Health System, Trust 2554, 18.698%, 7/01/47 – AGM Insured (IF)
|
7/18 at 100.00
|
AA
|
9,732,570
|
||||||
23,125
|
California Statewide Communities Development Authority, Revenue Bonds, Sutter Health, Series 2011A, 6.000%, 8/15/42
|
8/20 at 100.00
|
AA–
|
27,849,205
|
||||||
11,360
|
California Statewide Communities Development Authority, Revenue Bonds, ValleyCare Health System, Series 2007A, 5.125%, 7/15/31
|
7/17 at 100.00
|
N/R
|
11,702,050
|
||||||
1,440
|
California Statewide Community Development Authority, Revenue Bonds, Childrens Hospital of Los Angeles, Series 2007, 5.000%, 8/15/47
|
8/17 at 100.00
|
BBB+
|
1,515,758
|
||||||
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A:
|
||||||||||
14,275
|
5.250%, 7/01/24
|
7/15 at 100.00
|
CCC
|
13,873,730
|
||||||
7,405
|
5.250%, 7/01/30
|
7/15 at 100.00
|
CCC
|
7,073,922
|
||||||
150
|
5.250%, 7/01/35
|
7/15 at 100.00
|
CCC
|
142,093
|
||||||
10,000
|
5.000%, 7/01/39
|
7/15 at 100.00
|
CCC
|
9,383,800
|
||||||
15,030
|
California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanente System, Series 2001C, 5.250%, 8/01/31
|
8/16 at 100.00
|
A+
|
15,895,578
|
||||||
California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanente System, Series 2006:
|
||||||||||
24,220
|
5.000%, 3/01/41
|
3/16 at 100.00
|
A+
|
25,074,965
|
||||||
2,355
|
5.250%, 3/01/45
|
3/16 at 100.00
|
A+
|
2,444,985
|
||||||
9,980
|
California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanente System, Series 2006, 5.000%, 3/01/41 – BHAC Insured (UB)
|
3/16 at 100.00
|
AA+
|
10,396,465
|
||||||
2,010
|
California Statewide Community Development Authority, Revenue Bonds, Methodist Hospital Project, Series 2009, 6.750%, 2/01/38
|
8/19 at 100.00
|
Aa2
|
2,421,045
|
||||||
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
|
Aa3
|
3,930,967
|
||||||
California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Series 2005A:
|
||||||||||
3,355
|
5.000%, 11/15/43
|
11/15 at 100.00
|
AA–
|
3,457,193
|
||||||
4,045
|
5.000%, 11/15/43 (UB) (4)
|
11/15 at 100.00
|
AA–
|
4,168,211
|
||||||
California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Series 2003A:
|
||||||||||
200
|
5.000%, 8/15/38 – AMBAC Insured
|
8/17 at 100.00
|
AA–
|
213,024
|
||||||
17,470
|
5.000%, 8/15/38 – AMBAC Insured (UB) (4)
|
8/17 at 100.00
|
AA–
|
18,607,646
|
||||||
5,000
|
California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Series 2008B, 5.250%, 11/15/48
|
5/18 at 100.00
|
AA–
|
5,462,500
|
||||||
4,565
|
California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Tender Option Bond Trust 3102, 19.199%, 11/15/46 (IF) (4)
|
11/16 at 100.00
|
AA–
|
5,997,680
|
||||||
Madera County, California, Certificates of Participation, Children s Hospital Central California, Series 2010:
|
||||||||||
1,195
|
5.500%, 3/15/36
|
3/15 at 100.00
|
A+
|
1,199,684
|
||||||
8,615
|
5.375%, 3/15/36
|
3/20 at 100.00
|
A+
|
9,752,525
|
Nuveen Investments
|
49
|
NAC
|
Nuveen California Dividend Advantage Municipal Fund
|
|
Portfolio of Investments (continued)
|
February 28, 2015
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Health Care (continued)
|
||||||||||
$
|
6,200
|
Madera County, California, Certificates of Participation, Valley Children’s Hospital Project, Series 1995, 5.750%, 3/15/28 – NPFG Insured
|
3/15 at 100.00
|
AA–
|
$
|
6,220,150
|
||||
11,400
|
Marysville, California, Revenue Bonds, The Fremont-Rideout Health Group, Series 2011, 5.250%, 1/01/42
|
1/21 at 100.00
|
A
|
12,716,700
|
||||||
740
|
Oak Valley Hospital District, Stanislaus County, California, Revenue Bonds, Series 2010A, 6.500%, 11/01/29
|
11/20 at 100.00
|
BB
|
782,979
|
||||||
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009:
|
||||||||||
10,500
|
6.625%, 11/01/29
|
11/19 at 100.00
|
Ba1
|
11,788,245
|
||||||
6,885
|
6.750%, 11/01/39
|
11/19 at 100.00
|
Ba1
|
7,641,593
|
||||||
27,035
|
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 6.000%, 11/01/41
|
11/20 at 100.00
|
Ba1
|
28,989,089
|
||||||
17,225
|
Rancho Mirage Joint Powers Financing Authority, California, Revenue Bonds, Eisenhower Medical Center, Series 2007A, 5.000%, 7/01/38
|
7/17 at 100.00
|
Baa2
|
18,036,470
|
||||||
11,750
|
San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011, 7.500%, 12/01/41
|
12/21 at 100.00
|
BB
|
14,449,680
|
||||||
5,500
|
Santa Clara County Financing Authority, California, Insured Revenue Bonds, El Camino Hospital, Series 2007A, 5.750%, 2/01/41 – AMBAC Insured
|
8/17 at 100.00
|
A+
|
5,969,920
|
||||||
2,600
|
The Regents of the University of California, Medical Center Pooled Revenue Bonds, Series 2009E, 5.000%, 5/15/38
|
5/17 at 101.00
|
AA–
|
2,777,242
|
||||||
10,700
|
Upland, California, Certificates of Participation, San Antonio Community Hospital, Series 2011, 6.500%, 1/01/41
|
1/21 at 100.00
|
A–
|
12,633,704
|
||||||
463,955
|
Total Health Care
|
506,201,852
|
||||||||
Housing/Multifamily – 1.7% (1.1% of Total Investments)
|
||||||||||
9,065
|
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2010A, 6.400%, 8/15/45
|
8/20 at 100.00
|
BBB
|
10,133,129
|
||||||
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
|
7,111,923
|
||||||
3,580
|
5.500%, 8/15/47
|
8/22 at 100.00
|
BBB
|
3,923,573
|
||||||
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
|
3,381,138
|
||||||
California Municipal Finance Authority, Mobile Home Park Senior Revenue Bonds, Caritas Affordable Housing, Inc. Projects, Series 2014A:
|
||||||||||
590
|
5.250%, 8/15/39
|
8/24 at 100.00
|
BBB
|
651,065
|
||||||
1,590
|
5.250%, 8/15/49
|
8/24 at 100.00
|
BBB
|
1,744,643
|
||||||
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–
|
1,297,687
|
||||||
320
|
Independent Cities Lease Finance Authority, California, Mobile Home Park Revenue Bonds, San Juan Mobile Estates, Series 2006B, 5.850%, 5/15/41
|
5/16 at 100.00
|
N/R
|
325,258
|
||||||
25,895
|
Total Housing/Multifamily
|
28,568,416
|
||||||||
Housing/Single Family – 1.5% (1.0% of Total Investments)
|
||||||||||
16,790
|
California Housing Finance Agency, California, Home Mortgage Revenue Bonds, Series 2006M, 4.625%, 8/01/26 (Alternative Minimum Tax)
|
2/16 at 100.00
|
A–
|
16,887,214
|
||||||
4,870
|
California Housing Finance Agency, California, Home Mortgage Revenue Bonds, Series 2007G, 5.050%, 2/01/29 (Alternative Minimum Tax)
|
2/17 at 100.00
|
A–
|
4,995,159
|
||||||
2,395
|
California Housing Finance Agency, California, Home Mortgage Revenue Bonds, Tender Option Bond Trust 3206, 9.785%, 2/01/29 (Alternative Minimum Tax) (IF)
|
2/17 at 100.00
|
A–
|
2,442,469
|
||||||
510
|
California Housing Finance Agency, Home Mortgage Revenue Bonds, Series 2006H, 5.750%, 8/01/30 – FGIC Insured (Alternative Minimum Tax)
|
2/16 at 100.00
|
A–
|
532,241
|
50
|
Nuveen Investments
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Housing/Single Family (continued)
|
||||||||||
$
|
220
|
California Housing Finance Agency, Home Mortgage Revenue Bonds, Series 2006K, 5.500%, 2/01/42 (Alternative Minimum Tax)
|
2/16 at 100.00
|
A–
|
$
|
224,547
|
||||
24,785
|
Total Housing/Single Family
|
25,081,630
|
||||||||
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+
|
4,414,030
|
||||||
5,120
|
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
|
17,664
|
||||||
9,175
|
Total Industrials
|
4,431,694
|
||||||||
Long-Term Care – 0.6% (0.4% 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
|
A+
|
8,327,830
|
||||||
1,000
|
California Municipal Finance Authority, Revenue Bonds, Harbor Regional Center Project, Series 2009, 8.000%, 11/01/29
|
11/19 at 100.00
|
A3
|
1,237,590
|
||||||
250
|
California Statewide Community Development Authority, Certificates of Participation, Internext Group, Series 1999, 5.375%, 4/01/17
|
4/15 at 100.00
|
BBB+
|
251,057
|
||||||
8,250
|
Total Long-Term Care
|
9,816,477
|
||||||||
Tax Obligation/General – 32.3% (22.3% 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
|
3,041,858
|
||||||
3,000
|
Alhambra Unified School District, Los Angeles County, California, General Obligation Bonds, Refunding Series 2012A, 5.000%, 8/01/29 – AGM Insured
|
8/22 at 100.00
|
Aa3
|
3,450,630
|
||||||
2,325
|
Baldwin Park Unified School District, Los Angeles County, California, General Obligation Bonds, Election 2002 Series 2006, 0.000%, 8/01/30 – AMBAC Insured
|
8/16 at 50.16
|
A+
|
1,124,068
|
||||||
5,245
|
California State, General Obligation Bonds, Various Purpose Refunding Series 2012, 5.000%, 9/01/36
|
No Opt. Call
|
Aa3
|
5,979,825
|
||||||
California State, General Obligation Bonds, Various Purpose Refunding Series 2014:
|
||||||||||
4,000
|
5.000%, 8/01/31
|
8/24 at 100.00
|
Aa3
|
4,713,760
|
||||||
3,875
|
5.000%, 8/01/33
|
8/24 at 100.00
|
Aa3
|
4,534,990
|
||||||
12,000
|
5.000%, 10/01/33
|
10/24 at 100.00
|
Aa3
|
14,075,160
|
||||||
140
|
California State, General Obligation Bonds, Various Purpose Series 2000, 5.625%, 5/01/22 – FGIC Insured
|
5/15 at 100.00
|
Aa3
|
140,636
|
||||||
3,200
|
California State, General Obligation Bonds, Various Purpose Series 2008, 5.125%, 4/01/33
|
4/18 at 100.00
|
Aa3
|
3,601,184
|
||||||
California State, General Obligation Bonds, Various Purpose Series 2009:
|
||||||||||
64,195
|
6.000%, 11/01/39
|
11/19 at 100.00
|
Aa3
|
78,893,086
|
||||||
5,005
|
5.500%, 11/01/39
|
11/19 at 100.00
|
Aa3
|
5,908,503
|
||||||
California State, General Obligation Bonds, Various Purpose Series 2010:
|
||||||||||
14,000
|
6.000%, 3/01/33
|
3/20 at 100.00
|
Aa3
|
17,037,860
|
||||||
13,100
|
5.500%, 3/01/40
|
3/20 at 100.00
|
Aa3
|
15,385,164
|
||||||
10,605
|
5.250%, 11/01/40
|
11/20 at 100.00
|
Aa3
|
12,427,257
|
||||||
California State, General Obligation Bonds, Various Purpose Series 2011:
|
||||||||||
7,215
|
5.250%, 10/01/28
|
No Opt. Call
|
Aa3
|
8,558,794
|
||||||
10,520
|
5.000%, 9/01/31
|
No Opt. Call
|
Aa3
|
12,108,310
|
||||||
12,725
|
5.000%, 9/01/41
|
9/21 at 100.00
|
Aa3
|
14,356,472
|
||||||
14,915
|
5.000%, 10/01/41
|
10/21 at 100.00
|
Aa3
|
16,849,177
|
||||||
California State, General Obligation Bonds, Various Purpose Series 2013:
|
||||||||||
8,000
|
5.000%, 2/01/29
|
No Opt. Call
|
Aa3
|
9,298,880
|
||||||
7,475
|
5.000%, 4/01/37
|
4/23 at 100.00
|
Aa3
|
8,524,864
|
||||||
7,255
|
5.000%, 2/01/43
|
No Opt. Call
|
Aa3
|
8,238,996
|
||||||
6,250
|
5.000%, 4/01/43
|
4/23 at 100.00
|
Aa3
|
7,113,375
|
||||||
5,000
|
5.000%, 11/01/43
|
11/23 at 100.00
|
Aa3
|
5,734,150
|
Nuveen Investments
|
51
|
NAC
|
Nuveen California Dividend Advantage Municipal Fund
|
|
Portfolio of Investments (continued)
|
February 28, 2015
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Tax Obligation/General (continued)
|
||||||||||
California State, General Obligation Bonds, Various Purpose Series 2014:
|
||||||||||
$
|
22,970
|
5.000%, 5/01/32
|
5/24 at 100.00
|
Aa3
|
$
|
26,871,913
|
||||
8,910
|
5.000%, 10/01/39
|
10/24 at 100.00
|
Aa3
|
10,329,452
|
||||||
10,245
|
5.000%, 12/01/43
|
12/23 at 100.00
|
Aa3
|
11,761,875
|
||||||
5,000
|
4.000%, 11/01/44
|
11/24 at 100.00
|
Aa3
|
5,191,050
|
||||||
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–
|
4,192,124
|
||||||
5,425
|
Coast Community College District, Orange County, California, General Obligation Bonds, Series 2006C, 5.000%, 8/01/31 – AGM Insured
|
8/18 at 100.00
|
Aa1
|
6,032,817
|
||||||
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
|
4,896,250
|
||||||
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
|
6,313,179
|
||||||
3,610
|
Hartnell Community College District, California, General Obligation Bonds, Series 2006B, 5.000%, 6/01/29 – AGM Insured (UB)
|
6/16 at 100.00
|
AA
|
3,819,055
|
||||||
5,630
|
Lake Tahoe Unified School District, El Dorado County, California, General Obligation Bonds, Series 2010, 0.000%, 8/01/45 – AGM Insured
|
No Opt. Call
|
AA
|
2,933,230
|
||||||
6,645
|
Long Beach Community College District, California, General Obligation Bonds, Series 2005B, 5.000%, 5/01/30 – FGIC Insured
|
5/15 at 100.00
|
Aa2
|
6,698,559
|
||||||
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
|
5,980,500
|
||||||
10,000
|
5.000%, 7/01/30
|
No Opt. Call
|
Aa2
|
11,906,200
|
||||||
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–
|
2,787,713
|
||||||
10,765
|
North Orange County Community College District, California, General Obligation Bonds, Series 2003B, 0.000%, 8/01/27 – FGIC Insured
|
No Opt. Call
|
Aa1
|
7,373,379
|
||||||
2,500
|
Oakland Unified School District, Alameda County, California, General Obligation Bonds, Series 2002, 5.250%, 8/01/21 – FGIC Insured
|
5/15 at 100.00
|
AA–
|
2,510,150
|
||||||
1,815
|
Orland Joint Unified School District, Glenn and Tehama Counties, California, General Obligation Bonds, 2008 Election, Series 2012B, 0.000%, 8/01/51 (Mandatory put 8/01/42) – AGM Insured
|
8/37 at 100.00
|
AA
|
869,603
|
||||||
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
|
1,413,063
|
||||||
2,575
|
Oxnard School District, Ventura County, California, General Obligation Refunding Bonds, Series 2001A, 5.750%, 8/01/30 – NPFG Insured
|
2/22 at 103.00
|
AA–
|
3,191,558
|
||||||
5,000
|
Pajaro Valley Unified School District, Santa Cruz County, California, General Obligation Bonds, Refunding Election 2012 Series 2013A, 5.000%, 8/01/43
|
8/23 at 100.00
|
Aa2
|
5,652,250
|
||||||
8,250
|
Puerto Rico, General Obligation Bonds, Public Improvement Series 2002A, 5.500%, 7/01/20 – NPFG Insured
|
No Opt. Call
|
AA–
|
8,841,773
|
||||||
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
|
7,547,400
|
||||||
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+
|
7,400,900
|
||||||
1,850
|
San Juan Capistano, California, General Obligation Bonds, Open Space Program, Tender Option Bond Trust 2015-XF0048, 18.017%, 8/01/17 (IF)
|
No Opt. Call
|
AAA
|
2,914,194
|
||||||
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+
|
3,346,351
|
||||||
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
|
2,826,890
|
||||||
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
|
5,956,379
|
52
|
Nuveen Investments
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Tax Obligation/General (continued)
|
||||||||||
$
|
4,175
|
Southwestern Community College District, San Diego County, California, General Obligation Bonds, Series 2004, 0.000%, 8/01/25 – FGIC Insured
|
No Opt. Call
|
Aa2
|
$
|
3,104,154
|
||||
1,440
|
Southwestern Community College District, San Diego County, California, General Obligation Bonds, Series 2005, 5.000%, 8/01/24 – NPFG Insured
|
8/15 at 102.00
|
AA–
|
1,498,349
|
||||||
26,000
|
Sylvan Union School District, Stanislaus County, California, General Obligation Bonds, Election of 2006, Series 2010, 0.000%, 8/01/49 – AGM Insured
|
No Opt. Call
|
AA
|
14,568,060
|
||||||
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
|
5,737,059
|
||||||
4,830
|
5.500%, 8/01/40
|
8/24 at 100.00
|
Aa3
|
5,819,474
|
||||||
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
|
3,413,187
|
||||||
1,750
|
5.500%, 8/01/40
|
8/24 at 100.00
|
Aa3
|
2,108,505
|
||||||
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
|
2,305,926
|
||||||
140,160
|
Yosemite Community College District, California, General Obligation Bonds, Capital Appreciation, Election 2004, Series 2010D, 0.000%, 8/01/42
|
No Opt. Call
|
Aa2
|
81,259,161
|
||||||
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
|
2,684,952
|
||||||
616,655
|
Total Tax Obligation/General
|
553,153,633
|
||||||||
Tax Obligation/Limited – 33.9% (23.5% of Total Investments)
|
||||||||||
Beaumont Financing Authority, California, Local Agency Revenue Bonds, Series 2004D:
|
||||||||||
1,000
|
5.500%, 9/01/24
|
9/16 at 100.00
|
N/R
|
1,022,150
|
||||||
615
|
5.800%, 9/01/35
|
9/16 at 100.00
|
N/R
|
628,382
|
||||||
1,655
|
Bell Community Housing Authority, California, Lease Revenue Bonds, Series 2005, 5.000%, 10/01/36 – AMBAC Insured
|
10/15 at 100.00
|
N/R
|
1,563,065
|
||||||
3,370
|
Bell Community Redevelopment Agency, California, Tax Allocation Bonds, Bell Project Area, Series 2003, 5.500%, 10/01/23 – RAAI Insured
|
5/15 at 100.00
|
N/R
|
3,373,033
|
||||||
1,200
|
Burbank Public Financing Authority, California, Revenue Bonds, West Olive Redevelopment Project, Series 2002, 5.125%, 12/01/22 – AMBAC Insured
|
4/15 at 100.00
|
BBB+
|
1,202,112
|
||||||
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
|
A1
|
5,930,300
|
||||||
11,000
|
5.250%, 9/01/32
|
9/23 at 100.00
|
A1
|
12,955,360
|
||||||
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
|
A1
|
8,038,520
|
||||||
3,070
|
California State Public Works Board, Lease Revenue Bonds, Department of General Services, Capital East End Project, Series 2002A, 5.250%, 12/01/16 – AMBAC Insured
|
5/15 at 100.00
|
A1
|
3,082,863
|
||||||
2,030
|
California State Public Works Board, Lease Revenue Bonds, Department of General Services, Series 2002C, 5.250%, 3/01/21 – AMBAC Insured
|
5/15 at 100.00
|
A1
|
2,038,059
|
||||||
1,575
|
California State Public Works Board, Lease Revenue Bonds, Department of General Services, Series 2003D, 5.500%, 6/01/20
|
5/15 at 100.00
|
A1
|
1,581,584
|
||||||
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
|
A1
|
19,994,683
|
||||||
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
|
A1
|
1,151,470
|
||||||
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
|
A1
|
1,146,910
|
||||||
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
|
A1
|
12,706,941
|
||||||
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
|
A1
|
8,435,468
|
Nuveen Investments
|
53
|
NAC
|
Nuveen California Dividend Advantage Municipal Fund
|
|
Portfolio of Investments (continued)
|
February 28, 2015
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Tax Obligation/Limited (continued)
|
||||||||||
$
|
2,650
|
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2012A, 5.000%, 4/01/33
|
No Opt. Call
|
A1
|
$
|
3,022,696
|
||||
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
|
A1
|
11,329,667
|
||||||
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
|
A1
|
10,335,240
|
||||||
3,175
|
Capistrano Unified School District, Orange County, California, Special Tax Bonds, Community Facilities District 98-2, Series 2005, 5.000%, 9/01/24 – FGIC Insured
|
9/15 at 100.00
|
AA–
|
3,241,389
|
||||||
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–
|
3,451,953
|
||||||
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
|
3,292,176
|
||||||
770
|
Chula Vista, California, Special Tax Bonds, Community Facilities District 12-1 McMillin Otay Ranch Village Seven, Series 2005, 5.250%, 9/01/30
|
9/15 at 100.00
|
N/R
|
782,228
|
||||||
Commerce Community Development Commission, California, Tax Allocation Refunding Bonds, Merged Area Development Projects 2 and 3, Series 1998A:
|
||||||||||
615
|
5.650%, 8/01/18
|
8/15 at 100.00
|
N/R
|
616,470
|
||||||
2,765
|
5.700%, 8/01/28
|
8/15 at 100.00
|
N/R
|
2,767,903
|
||||||
4,480
|
Commerce Joint Power Financing Authority, California, Tax Allocation Bonds, Redevelopment Projects 2 and 3, Refunding Series 2003A, 5.000%, 8/01/28 – RAAI Insured
|
5/15 at 100.00
|
BBB
|
4,485,824
|
||||||
4,250
|
Coronado Community Development Agency, California, Tax Allocation Bonds, Community Development Project, Series 2005, 5.000%, 9/01/30 – AMBAC Insured
|
9/15 at 100.00
|
AA–
|
4,341,248
|
||||||
1,595
|
Fontana Public Financing Authority, California, Tax Allocation Revenue Bonds, North Fontana Redevelopment Project, Series 2003A, 5.375%, 9/01/25 – AMBAC Insured
|
5/15 at 100.00
|
A+
|
1,598,605
|
||||||
6,655
|
Fontana Redevelopment Agency, San Bernardino County, California, Tax Allocation Bonds, Jurupa Hills Redevelopment Project, Refunding Series 1997A, 5.500%, 10/01/27
|
10/15 at 100.00
|
A–
|
6,673,301
|
||||||
2,245
|
Fontana, California, Special Tax Bonds, Community Facilities District 2 Heritage Village, Refunding Series 1998A, 5.250%, 9/01/17 – NPFG Insured
|
3/15 at 100.00
|
AA–
|
2,293,043
|
||||||
1,000
|
Fremont, California, Special Tax Bonds, Community Facilities District 1, Pacific Commons, Series 2005, 6.300%, 9/01/31
|
9/15 at 100.00
|
N/R
|
1,016,390
|
||||||
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–
|
1,107,370
|
||||||
3,980
|
Garden Grove, California, Certificates of Participation, Financing Project, Series 2002A, 5.500%, 3/01/22 – AMBAC Insured
|
5/15 at 100.00
|
A
|
3,997,432
|
||||||
1,000
|
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2013A, 5.000%, 6/01/30
|
6/23 at 100.00
|
A1
|
1,139,060
|
||||||
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A:
|
||||||||||
39,525
|
5.000%, 6/01/35 – FGIC Insured
|
6/15 at 100.00
|
AA
|
39,990,208
|
||||||
6,000
|
5.000%, 6/01/45
|
6/15 at 100.00
|
A1
|
6,069,360
|
||||||
2,705
|
5.000%, 6/01/45 – AGC Insured
|
6/15 at 100.00
|
AA
|
2,736,270
|
||||||
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Tender Option Bonds Trust 2215:
|
||||||||||
5,000
|
15.434%, 6/01/31 – FGIC Insured (IF)
|
6/15 at 100.00
|
A1
|
5,243,000
|
||||||
3,500
|
15.434%, 6/01/35 – FGIC Insured (IF)
|
6/15 at 100.00
|
A1
|
3,661,840
|
||||||
Hawthorne Community Redevelopment Agency, California, Project Area 2 Tax Allocation Bonds, Series 2006:
|
||||||||||
1,770
|
5.000%, 9/01/26 – SYNCORA GTY Insured
|
9/16 at 100.00
|
N/R
|
1,814,516
|
||||||
3,865
|
5.250%, 9/01/36 – SYNCORA GTY Insured
|
9/16 at 100.00
|
N/R
|
3,986,748
|
||||||
Hesperia Community Redevelopment Agency, California, Tax Allocation Bonds, Series 2005A:
|
||||||||||
1,750
|
5.000%, 9/01/25 – SYNCORA GTY Insured
|
9/15 at 100.00
|
BBB–
|
1,762,828
|
||||||
6,690
|
5.000%, 9/01/35 – SYNCORA GTY Insured
|
9/15 at 100.00
|
BBB–
|
6,721,577
|
54
|
Nuveen Investments
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Tax Obligation/Limited (continued)
|
||||||||||
$
|
1,500
|
Hesperia Unified School District, San Bernardino County, California, Certificates of Participation, Capital Improvement, Series 2007, 5.000%, 2/01/41 – AMBAC Insured
|
2/17 at 100.00
|
A–
|
$
|
1,597,305
|
||||
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
|
2,746,700
|
||||||
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
|
5,003,685
|
||||||
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+
|
1,531,905
|
||||||
2,435
|
5.000%, 5/01/24 – AMBAC Insured
|
5/17 at 100.00
|
BBB+
|
2,545,573
|
||||||
2,075
|
5.000%, 5/01/25 – AMBAC Insured
|
5/17 at 100.00
|
BBB+
|
2,162,669
|
||||||
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
|
1,512,908
|
||||||
3,395
|
5.125%, 9/01/36
|
9/16 at 100.00
|
N/R
|
3,476,582
|
||||||
Jurupa Public Financing Authority, California, Special Tax Revenue Bonds, Series 2014A:
|
||||||||||
530
|
5.000%, 9/01/29
|
9/24 at 100.00
|
BBB+
|
610,984
|
||||||
1,900
|
5.000%, 9/01/30
|
9/24 at 100.00
|
BBB+
|
2,180,212
|
||||||
1,220
|
5.000%, 9/01/31
|
9/24 at 100.00
|
BBB+
|
1,393,472
|
||||||
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
|
702,851
|
||||||
1,000
|
Lindsay Redevelopment Agency, California, Project 1 Tax Allocation Bonds, Series 2007, 5.000%, 8/01/37 – RAAI Insured
|
8/17 at 100.00
|
BBB+
|
1,059,970
|
||||||
12,820
|
Los Angeles Community Redevelopment Agency, California, Lease Revenue Bonds, Manchester Social Services Project, Series 2005, 5.000%, 9/01/37 – AMBAC Insured
|
9/15 at 100.00
|
A1
|
12,959,482
|
||||||
5,080
|
Los Angeles County Public Works Financing Authority, California, Lease Revenue Bonds, Multiple Capital Facilities Project II, Series 2012, 5.000%, 8/01/42
|
No Opt. Call
|
AA
|
5,697,982
|
||||||
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–
|
2,059,184
|
||||||
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–
|
2,104,554
|
||||||
5,720
|
Murrieta Redevelopment Agency, California, Tax Allocation Bonds, Series 2007A, 5.000%, 8/01/37 – NPFG Insured
|
8/17 at 100.00
|
AA–
|
5,882,963
|
||||||
1,850
|
Murrieta, California, Special Tax Bonds, Community Facilities District 2000-2, The Oaks Improvement Area A, Series 2004A, 5.900%, 9/01/27
|
5/15 at 100.00
|
N/R
|
1,855,125
|
||||||
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–
|
4,141,508
|
||||||
3,000
|
7.000%, 8/01/32
|
8/21 at 100.00
|
A–
|
3,817,230
|
||||||
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+
|
1,149,170
|
||||||
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+
|
4,469,260
|
||||||
1,500
|
6.000%, 3/01/36
|
3/20 at 100.00
|
A+
|
1,787,130
|
||||||
240
|
North Natomas Community Facilities District 4, Sacramento, California, Special Tax Bonds, Series 2006D, 5.000%, 9/01/33
|
9/15 at 101.00
|
N/R
|
245,719
|
||||||
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+
|
1,478,426
|
||||||
3,605
|
Oakland State Building Authority, California, Lease Revenue Bonds, Elihu M. Harris State Office Building, Series 1998A, 5.000%, 4/01/23 – AMBAC Insured
|
4/15 at 100.00
|
A1
|
3,619,420
|
||||||
695
|
Ontario Redevelopment Financing Authority, California, Lease Revenue Bonds, Capital Projects, Series 2001, 5.250%, 8/01/18 – AMBAC Insured
|
5/15 at 100.00
|
AA–
|
697,933
|
Nuveen Investments
|
55
|
NAC
|
Nuveen California Dividend Advantage Municipal Fund
|
|
Portfolio of Investments (continued)
|
February 28, 2015
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Tax Obligation/Limited (continued)
|
||||||||||
$
|
29,800
|
Ontario Redevelopment Financing Authority, San Bernardino County, California, Revenue Refunding Bonds, Redevelopment Project 1, Series 1995, 7.400%, 8/01/25 – NPFG Insured
|
No Opt. Call
|
AA–
|
$
|
37,484,823
|
||||
1,715
|
Ontario, California, Special Tax Bonds, Community Facilities District 5, Freeway Interchange Project, Series 1997, 6.375%, 9/01/17
|
3/15 at 100.00
|
N/R
|
1,758,235
|
||||||
1,000
|
Palmdale Community Redevelopment Agency, California, Tax Allocation Bonds, Merged Redevelopment Project Areas, Series 2004, 5.000%, 12/01/24 – AMBAC Insured
|
5/15 at 100.00
|
A–
|
1,003,770
|
||||||
Panama-Buena Vista Union School District, California, Certificates of Participation, School Construction Project, Series 2006:
|
||||||||||
1,065
|
5.000%, 9/01/22 – NPFG Insured
|
9/16 at 100.00
|
AA–
|
1,109,080
|
||||||
1,120
|
5.000%, 9/01/23 – NPFG Insured
|
9/16 at 100.00
|
AA–
|
1,163,635
|
||||||
1,170
|
5.000%, 9/01/24 – NPFG Insured
|
9/16 at 100.00
|
AA–
|
1,212,927
|
||||||
2,000
|
Paramount Redevelopment Agency, California, Tax Allocation Bonds, Redevelopment Project Area 1, Series 2003, 5.000%, 8/01/23 – NPFG Insured
|
5/15 at 100.00
|
AA–
|
2,007,540
|
||||||
1,385
|
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
|
1,595,395
|
||||||
Patterson Public Financing Authority, California, Revenue Bonds, Community Facilities District 2001-1, Senior Series 2013A:
|
||||||||||
8,535
|
5.250%, 9/01/30
|
9/23 at 100.00
|
N/R
|
9,740,739
|
||||||
7,665
|
5.750%, 9/01/39
|
9/23 at 100.00
|
N/R
|
8,865,876
|
||||||
9,435
|
Pico Rivera Water Authority, California, Revenue Bonds, Series 2001A, 6.250%, 12/01/32
|
6/15 at 100.00
|
N/R
|
9,453,587
|
||||||
15,070
|
Pittsburg Redevelopment Agency, California, Tax Allocation Bonds, Los Medanos Community Development Project, Refunding Series 2008A, 6.500%, 9/01/28
|
9/18 at 100.00
|
BBB–
|
16,799,283
|
||||||
8,750
|
Pittsburg Redevelopment Agency, California, Tax Allocation Bonds, Los Medanos Community Development Project, Series 1999, 0.000%, 8/01/23 – AMBAC Insured
|
No Opt. Call
|
A
|
6,408,325
|
||||||
1,570
|
Poway Redevelopment Agency, California, Tax Allocation Refunding Bonds, Paguay Redevelopment Project, Series 2000, 5.750%, 6/15/33 – NPFG Insured
|
5/15 at 100.00
|
AA–
|
1,573,313
|
||||||
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–
|
1,824,854
|
||||||
3,920
|
Rancho Santa Fe CSD Financing Authority, California, Revenue Bonds, Superior Lien Series 2011A, 5.750%, 9/01/30
|
9/21 at 100.00
|
BBB+
|
4,503,296
|
||||||
Redding Redevelopment Agency, California, Tax Allocation Bonds, Canby-Hilltop-Cypress Area Project, Series 2003A:
|
||||||||||
1,500
|
5.000%, 9/01/17 – NPFG Insured
|
5/15 at 100.00
|
AA–
|
1,505,970
|
||||||
1,500
|
5.000%, 9/01/20 – NPFG Insured
|
5/15 at 100.00
|
AA–
|
1,505,775
|
||||||
1,500
|
Riverside County Public Financing Authority, California, Tax Allocation Bonds, Multiple Projects, Series 2005A, 5.000%, 10/01/37 – SYNCORA GTY Insured
|
10/15 at 100.00
|
BBB+
|
1,510,950
|
||||||
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
|
BBB+
|
4,002,480
|
||||||
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–
|
884,338
|
||||||
2,885
|
Riverside County Redevelopment Agency, California, Tax Allocation Housing Bonds, Series 2010A, 6.000%, 10/01/39
|
10/20 at 100.00
|
A–
|
3,370,055
|
||||||
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
|
623,987
|
||||||
710
|
5.000%, 9/01/42
|
9/22 at 100.00
|
N/R
|
783,421
|
||||||
35
|
Riverside Public Financing Authority, California, Revenue Bonds, Multiple Project Loans, Series 1991A, 8.000%, 2/01/18
|
8/15 at 100.00
|
N/R
|
35,769
|
||||||
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–
|
3,640,855
|
||||||
2,645
|
Roseville, California, Special Tax Bonds, Community Facilities District 1 Fiddyment Ranch, Series 2005, 5.050%, 9/01/30
|
9/15 at 100.00
|
N/R
|
2,665,710
|
56
|
Nuveen Investments
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Tax Obligation/Limited (continued)
|
||||||||||
$
|
8,625
|
Sacramento City Financing Authority, California, Capital Improvement Revenue Bonds, 300 Richards Boulevard Building Acquisition, Series 2006C, 5.000%, 12/01/36 – AMBAC Insured
|
12/16 at 100.00
|
A+
|
$
|
9,186,143
|
||||
Sacramento City Financing Authority, California, Lease Revenue Refunding Bonds, Series 1993A:
|
||||||||||
9,000
|
5.400%, 11/01/20 – AMBAC Insured
|
No Opt. Call
|
A+
|
9,994,950
|
||||||
1,000
|
5.400%, 11/01/20 – NPFG Insured
|
No Opt. Call
|
AA–
|
1,110,550
|
||||||
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–
|
2,007,573
|
||||||
2,135
|
San Diego County Regional Transportation Commission, California, Sales Tax Revenue Bonds, Series 2012A, 5.000%, 4/01/42
|
4/22 at 100.00
|
AAA
|
2,424,976
|
||||||
10,000
|
San Diego County Regional Transportation Commission, California, Sales Tax Revenue Bonds, Series 2014A, 5.000%, 4/01/34
|
4/24 at 100.00
|
AAA
|
11,755,300
|
||||||
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
|
1,693,105
|
||||||
2,000
|
San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds, Mission Bay North Redevelopment Project, Series 2009C, 6.500%, 8/01/39
|
8/19 at 100.00
|
A–
|
2,336,900
|
||||||
575
|
San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds, Mission Bay North Redevelopment Project, Series 2011C, 6.750%, 8/01/41
|
2/21 at 100.00
|
A–
|
705,082
|
||||||
San Francisco Redevelopment Financing Authority, California, Tax Allocation Revenue Bonds, Mission Bay South Redevelopment Project, Series 2011D:
|
||||||||||
575
|
7.000%, 8/01/33
|
2/21 at 100.00
|
BBB+
|
701,270
|
||||||
715
|
7.000%, 8/01/41
|
2/21 at 100.00
|
BBB+
|
872,014
|
||||||
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
|
285,886
|
||||||
9,435
|
San Jose Financing Authority, California, Lease Revenue Refunding Bonds, Convention Center Project, Series 2001F, 5.000%, 9/01/20 – NPFG Insured
|
3/15 at 100.00
|
AA
|
9,473,495
|
||||||
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
|
3,061,878
|
||||||
2,765
|
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2003, 4.900%, 8/01/33 – FGIC Insured
|
5/15 at 100.00
|
AA–
|
2,812,309
|
||||||
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2004A:
|
||||||||||
370
|
4.360%, 8/01/16 – NPFG Insured
|
5/15 at 100.00
|
AA–
|
371,225
|
||||||
700
|
4.440%, 8/01/17 – NPFG Insured
|
5/15 at 100.00
|
AA–
|
702,373
|
||||||
1,000
|
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2005A, 5.000%, 8/01/27 – NPFG Insured
|
8/15 at 100.00
|
AA–
|
1,019,770
|
||||||
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–
|
2,359,324
|
||||||
4,710
|
5.000%, 8/01/25 – NPFG Insured
|
8/17 at 100.00
|
AA–
|
5,051,098
|
||||||
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2006D:
|
||||||||||
695
|
5.000%, 8/01/19 – AMBAC Insured
|
8/17 at 100.00
|
BBB+
|
761,963
|
||||||
910
|
5.000%, 8/01/21 – AMBAC Insured
|
8/17 at 100.00
|
BBB+
|
991,472
|
||||||
1,365
|
5.000%, 8/01/23 – AMBAC Insured
|
8/17 at 100.00
|
BBB+
|
1,479,005
|
||||||
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+
|
2,075,700
|
||||||
5,000
|
San Marcos Public Facilities Authority, California, Tax Allocation Bonds, Project Areas 2 and 3, Series 2005C, 5.000%, 8/01/35 – AMBAC Insured
|
8/15 at 100.00
|
A–
|
5,026,450
|
||||||
6,000
|
San Ramon Public Financing Authority, California, Tax Allocation Revenue Bonds, Series 2006A, 5.000%, 2/01/38 – AMBAC Insured
|
2/16 at 100.00
|
A–
|
6,065,940
|
||||||
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
|
A+
|
9,658,761
|
Nuveen Investments
|
57
|
NAC
|
Nuveen California Dividend Advantage Municipal Fund
|
|
Portfolio of Investments (continued)
|
February 28, 2015
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Tax Obligation/Limited (continued)
|
||||||||||
$
|
2,770
|
Santa Ana Community Redevelopment Agency, Orange County, California, Tax Allocation Refunding Bonds, South Main Street Redevelopment, Series 2003B, 5.000%, 9/01/19 – FGIC Insured
|
5/15 at 100.00
|
AA–
|
$
|
2,777,839
|
||||
Santa Clara Redevelopment Agency, California, Tax Allocation Bonds, Bayshore North Project, Series 2003:
|
||||||||||
4,625
|
5.000%, 6/01/17 – NPFG Insured
|
6/15 at 100.00
|
AA–
|
4,680,824
|
||||||
2,695
|
5.000%, 6/01/20 – NPFG Insured
|
6/15 at 100.00
|
AA–
|
2,727,529
|
||||||
1,500
|
5.000%, 6/01/21 – NPFG Insured
|
6/15 at 100.00
|
AA–
|
1,518,105
|
||||||
2,840
|
5.000%, 6/01/23 – NPFG Insured
|
6/15 at 100.00
|
AA–
|
2,874,279
|
||||||
5,250
|
Santa Cruz County Redevelopment Agency, California, Tax Allocation Bonds, Live Oak-Soquel Community Improvement Projects, Subordinate Lien Series 2000, 5.250%, 9/01/25 – AMBAC Insured
|
3/15 at 100.00
|
A
|
5,377,943
|
||||||
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
|
1,106,371
|
||||||
Temecula Public Financing Authority, California, Special Tax Bonds, Community Facilities District 03-02 Roripaugh, Series 2006:
|
||||||||||
4,360
|
5.450%, 9/01/26
|
9/15 at 101.00
|
N/R
|
4,380,012
|
||||||
2,315
|
5.500%, 9/01/36
|
9/15 at 101.00
|
N/R
|
2,318,959
|
||||||
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
|
A
|
1,645,530
|
||||||
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
|
1,486,472
|
||||||
1,200
|
Turlock Public Financing Authority, California, Tax Allocation Revenue Bonds, Series 2011, 7.500%, 9/01/39
|
3/21 at 100.00
|
A–
|
1,524,396
|
||||||
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
|
1,258,900
|
||||||
6,870
|
Vernon Redevelopment Agency, California, Tax Allocation Bonds, Industrial Redevelopment Project, Series 2005, 5.000%, 9/01/35 – NPFG Insured
|
9/15 at 100.00
|
AA–
|
6,899,678
|
||||||
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
|
1,849,165
|
||||||
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
|
7,046,654
|
||||||
5,000
|
Westminster Redevelopment Agency, California, Tax Allocation Bonds, Commercial Redevelopment Project 1, Police Facility Subordinate Series 2009, 6.250%, 11/01/39
|
11/19 at 100.00
|
AA
|
5,974,300
|
||||||
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–
|
1,420,262
|
||||||
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–
|
1,062,393
|
||||||
810
|
6.500%, 9/01/32
|
9/21 at 100.00
|
A–
|
995,547
|
||||||
548,605
|
Total Tax Obligation/Limited
|
580,762,802
|
||||||||
Transportation – 7.2% (5.0% of Total Investments)
|
||||||||||
2,715
|
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
|
3,182,767
|
||||||
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+
|
18,138,414
|
||||||
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Series 2013A:
|
||||||||||
33,235
|
5.750%, 1/15/46
|
1/24 at 100.00
|
BBB–
|
38,983,989
|
||||||
33,235
|
6.000%, 1/15/53
|
1/24 at 100.00
|
BBB–
|
39,335,283
|
||||||
1,250
|
Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Senior Lien Series 2010D, 5.000%, 5/15/40 (UB) (4)
|
5/20 at 100.00
|
AA
|
1,416,350
|
||||||
1,000
|
Los Angeles Harbors Department, California, Revenue Bonds, Refunding Series 2014B, 5.000%, 8/01/44
|
8/24 at 100.00
|
AA
|
1,156,930
|
58
|
Nuveen Investments
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Transportation (continued)
|
||||||||||
Los Angeles Harbors Department, California, Revenue Bonds, Series 2014C:
|
||||||||||
$
|
1,575
|
5.000%, 8/01/35
|
8/24 at 100.00
|
AA
|
$
|
1,844,672
|
||||
2,000
|
5.000%, 8/01/44
|
8/24 at 100.00
|
AA
|
2,313,860
|
||||||
120
|
Palm Springs Financing Authority, California, Palm Springs International Airport Revenue Bonds, Series 2006, 5.450%, 7/01/20 (Alternative Minimum Tax)
|
7/16 at 100.00
|
N/R
|
121,596
|
||||||
Port of Oakland, California, Revenue Bonds, Refunding Series 2012P:
|
||||||||||
1,000
|
5.000%, 5/01/29 (Alternative Minimum Tax)
|
No Opt. Call
|
A+
|
1,133,770
|
||||||
6,340
|
5.000%, 5/01/31 (Alternative Minimum Tax)
|
No Opt. Call
|
A+
|
7,109,613
|
||||||
1,180
|
Sacramento Regional Transit District, California, Farebox Revenue Bonds, Series 2012, 5.000%, 3/01/42
|
No Opt. Call
|
A
|
1,298,425
|
||||||
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+
|
5,178,195
|
||||||
2,465
|
San Francisco Airports Commission, California, Special Facilities Lease Revenue Bonds, San Francisco International Airport, SFO Fuel Company LLC, Series 2000A, 6.125%, 1/01/27 – AGM Insured (Alternative Minimum Tax)
|
7/15 at 100.00
|
AA
|
2,476,364
|
||||||
105,675
|
Total Transportation
|
123,690,228
|
||||||||
U.S. Guaranteed – 8.2% (5.7% of Total Investments) (6)
|
||||||||||
11,100
|
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2006F, 5.000%, 4/01/31 (Pre-refunded 4/01/16) (UB)
|
4/16 at 100.00
|
AA (6)
|
11,681,530
|
||||||
5,540
|
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Tender Option Bond Trust 3211, 13.614%, 10/01/32 (Pre-refunded 4/01/18) (IF)
|
4/18 at 100.00
|
AA (6)
|
8,143,247
|
||||||
10
|
California Department of Water Resources, Water System Revenue Bonds, Central Valley Project, Series 2002X, 5.500%, 12/01/17 – FGIC Insured (ETM)
|
No Opt. Call
|
AAA
|
11,340
|
||||||
685
|
California Educational Facilities Authority, Revenue Bonds, University of Redlands, Series 2005A, 5.000%, 10/01/35 (Pre-refunded 10/01/15)
|
10/15 at 100.00
|
N/R (6)
|
704,728
|
||||||
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
|
6,704,610
|
||||||
5,765
|
California Pollution Control Financing Authority, Solid Waste Disposal Revenue Bonds, North County Recycling Center, Series 1991A, 6.750%, 7/01/17 (ETM)
|
5/15 at 100.00
|
Aaa
|
6,072,563
|
||||||
21,235
|
California State Public Works Board, Lease Revenue Bonds, University of California Regents, Tender Option Bond Trust 1065, 9.446%, 3/01/33 (Pre-refunded 3/01/18) (IF)
|
3/18 at 100.00
|
Aaa
|
26,601,934
|
||||||
600
|
California Statewide Community Development Authority, Revenue Bonds, Thomas Jefferson School of Law, Series 2005A, 4.875%, 10/01/31 (Pre-refunded 10/01/15)
|
10/15 at 100.00
|
N/R (6)
|
614,520
|
||||||
6,000
|
Coachella Valley Unified School District, Riverside County, California, Certificates of Participation, Series 2007, 5.000%, 9/01/31 (Pre-refunded 9/01/16) – AMBAC Insured
|
9/16 at 100.00
|
N/R (6)
|
6,423,360
|
||||||
16,805
|
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
|
20,869,960
|
||||||
5,000
|
El Centro Financing Authority, California, Water Revenue Bonds, Series 2006A, 4.750%, 10/01/31 (Pre-refunded 10/01/16) – AGM Insured
|
10/16 at 100.00
|
AA (6)
|
5,350,300
|
||||||
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
|
BBB (6)
|
16,478,774
|
||||||
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 (6)
|
6,636,677
|
||||||
5,840
|
Orange County Water District, California, Revenue Certificates of Participation, Series 1999A, 5.375%, 8/15/29 (ETM)
|
No Opt. Call
|
N/R (6)
|
7,629,259
|
||||||
905
|
Orange County Water District, California, Revenue Certificates of Participation, Series 2003B, 5.000%, 8/15/34 – NPFG Insured (ETM)
|
No Opt. Call
|
AAA
|
1,198,501
|
||||||
3,025
|
Pomona, California, GNMA/FHLMC Collateralized Single Family Mortgage Revenue Refunding Bonds, Series 1990B, 7.500%, 8/01/23 (ETM)
|
No Opt. Call
|
Aaa
|
3,828,077
|
||||||
2,000
|
Puerto Rico Public Finance Corporation, Commonwealth Appropriation Bonds, Series 2002E, 6.000%, 8/01/26 – AGC Insured (ETM)
|
No Opt. Call
|
AA+ (6)
|
2,602,020
|
Nuveen Investments
|
59
|
NAC
|
Nuveen California Dividend Advantage Municipal Fund
|
|
Portfolio of Investments (continued)
|
February 28, 2015
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
U.S. Guaranteed (6) (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– (6)
|
$
|
1,567,047
|
||||
2,605
|
Roseville Joint Union High School District, Placer County, California, General Obligation Bonds, Series 2006B, 5.000%, 8/01/27 (Pre-refunded 8/01/15) – FGIC Insured
|
8/15 at 100.00
|
AA (6)
|
2,659,601
|
||||||
2,000
|
Sacramento County Sanitation Districts Financing Authority, California, Revenue Bonds, Series 2006, 5.000%, 12/01/31 (Pre-refunded 6/01/16) – FGIC Insured
|
6/16 at 100.00
|
AA (6)
|
2,120,280
|
||||||
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 (6)
|
2,913,508
|
||||||
117,375
|
Total U.S. Guaranteed
|
140,811,836
|
||||||||
Utilities – 4.5% (3.1% of Total Investments)
|
||||||||||
6,205
|
California Statewide Community Development Authority, Certificates of Participation Refunding, Rio Bravo Fresno Project, Series 1999A, 6.500%, 12/01/18
|
6/15 at 100.00
|
N/R
|
6,081,086
|
||||||
Long Beach Bond Finance Authority, California, Natural Gas Purchase Revenue Bonds, Series 2007A:
|
||||||||||
7,470
|
5.000%, 11/15/35
|
No Opt. Call
|
A
|
8,723,391
|
||||||
7,610
|
5.500%, 11/15/37
|
No Opt. Call
|
A
|
9,406,949
|
||||||
11,500
|
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2005A-1, 5.000%, 7/01/31 – AGM Insured
|
7/15 at 100.00
|
AA
|
11,701,480
|
||||||
5,230
|
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2012B, 5.000%, 7/01/43
|
7/22 at 100.00
|
AA–
|
5,910,998
|
||||||
4,865
|
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2013B, 5.000%, 7/01/28
|
7/23 at 100.00
|
AA–
|
5,763,711
|
||||||
4,000
|
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2014B, 5.000%, 7/01/43
|
1/24 at 100.00
|
AA–
|
4,583,800
|
||||||
3,000
|
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Tender Option Bond Trust 3345, 18.455%, 7/01/20 (IF) (4)
|
No Opt. Call
|
AA–
|
4,562,520
|
||||||
Merced Irrigation District, California, Electric System Revenue Bonds, Series 2005:
|
||||||||||
4,000
|
5.000%, 9/01/26 – SYNCORA GTY Insured
|
9/15 at 100.00
|
N/R
|
4,038,240
|
||||||
5,675
|
5.125%, 9/01/31 – SYNCORA GTY Insured
|
9/15 at 100.00
|
N/R
|
5,721,876
|
||||||
4,300
|
5.250%, 9/01/36 – SYNCORA GTY Insured
|
9/15 at 100.00
|
N/R
|
4,334,486
|
||||||
2,500
|
Sacramento Municipal Utility District, California, Electric Revenue Bonds, Tender Option Bond Trust 1186, 17.287%, 8/15/41 (IF) (4)
|
8/23 at 100.00
|
AA–
|
3,953,300
|
||||||
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–
|
1,830,878
|
||||||
67,920
|
Total Utilities
|
76,612,715
|
||||||||
Water and Sewer – 12.7% (8.8% of Total Investments)
|
||||||||||
Bay Area Water Supply and Conservation Agency, California, Revenue Bonds, Capital Cost Recovery Prepayment Program, Series 2013A:
|
||||||||||
7,110
|
5.000%, 10/01/28
|
4/23 at 100.00
|
AA–
|
8,481,235
|
||||||
3,010
|
5.000%, 10/01/29
|
4/23 at 100.00
|
AA–
|
3,580,124
|
||||||
4,250
|
5.000%, 10/01/30
|
4/23 at 100.00
|
AA–
|
5,037,823
|
||||||
4,000
|
5.000%, 10/01/34
|
4/23 at 100.00
|
AA–
|
4,639,600
|
||||||
1,020
|
California Department of Water Resources, Water System Revenue Bonds, Central Valley Project, Series 2002X, 5.500%, 12/01/17 – FGIC Insured
|
No Opt. Call
|
AAA
|
1,158,496
|
||||||
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
|
4,292,576
|
||||||
36,420
|
5.000%, 11/21/45 (Alternative Minimum Tax)
|
No Opt. Call
|
Baa3
|
39,463,254
|
||||||
175
|
California Statewide Community Development Authority, Water and Wastewater Revenue Bonds, Pooled Financing Program, Series 2003A, 5.250%, 10/01/23 – AGM Insured
|
5/15 at 100.00
|
AA
|
175,710
|
||||||
385
|
California Statewide Community Development Authority, Water and Wastewater Revenue Bonds, Pooled Financing Program, Series 2004A, 5.250%, 10/01/24 – AGM Insured
|
5/15 at 100.00
|
AA
|
386,528
|
60
|
Nuveen Investments
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Water and Sewer (continued)
|
||||||||||
$
|
2,500
|
Central Basin Municipal Water District, California, Certificates of Participation, Tender Option Bond Trust 3152, 18.483%, 8/01/33 – AGC Insured (IF)
|
2/20 at 100.00
|
AA
|
$
|
3,491,400
|
||||
10,000
|
East Bay Municipal Utility District, Alameda and Contra Costa Counties, California, Water System Revenue Bonds, Series 2014C, 5.000%, 6/01/44
|
6/24 at 100.00
|
AAA
|
11,615,100
|
||||||
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–
|
2,182,148
|
||||||
1,600
|
Eastern Municipal Water District, California, Water and Sewerage System Revenue Certificates of Participation, Tender Option Bond Trust 2015-XF0072, 14.634%, 1/01/30 (IF)
|
7/18 at 100.00
|
AA+
|
2,496,336
|
||||||
750
|
Fortuna Public Finance Authority, California, Water Revenue Bonds, Series 2006, 5.000%, 10/01/36 – AGM Insured
|
10/16 at 100.00
|
AA
|
770,093
|
||||||
3,135
|
Healdsburg Public Financing Authority, California, Wastewater Revenue Bonds, Series 2006, 5.000%, 4/01/36 – NPFG Insured
|
4/16 at 100.00
|
AA–
|
3,276,514
|
||||||
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
|
26,531,195
|
||||||
2,000
|
5.000%, 7/01/41
|
1/21 at 100.00
|
AA
|
2,245,940
|
||||||
6,710
|
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2014A, 5.000%, 7/01/44
|
7/24 at 100.00
|
AA
|
7,766,624
|
||||||
1,485
|
Los Angeles, California, Wastewater System Revenue Bonds, Subordinate Lien, Refunding Series 2013A, 5.000%, 6/01/35
|
6/23 at 100.00
|
AA
|
1,716,111
|
||||||
4,705
|
Madera Irrigation District. California, Water Revenue Refunding Bonds, Series 2008, 5.500%, 1/01/38
|
1/18 at 100.00
|
A–
|
5,151,175
|
||||||
670
|
Metropolitan Water District of Southern California, Waterworks Revenue Bonds, Tender Option Bond Trust 09-8B, 17.896%, 7/01/35 (IF) (4)
|
7/19 at 100.00
|
AAA
|
1,057,582
|
||||||
3,380
|
Orange County Sanitation District, California, Certificates of Participation, Tender Option Bond Trust 11738, 18.337%, 8/01/29 (IF)
|
2/19 at 100.00
|
AAA
|
5,145,340
|
||||||
1,510
|
Orange County Sanitation District, California, Certificates of Participation, Tender Option Bond Trust 3020, 18.181%, 2/01/35 (IF) (4)
|
2/19 at 100.00
|
AAA
|
2,298,703
|
||||||
2,500
|
Pajaro Valley Water Management Agency, California, Revenue Certificates of Participation, Series 1999A, 5.750%, 3/01/29 – AMBAC Insured
|
3/15 at 100.00
|
BBB+
|
2,502,625
|
||||||
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
|
3,551,065
|
||||||
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
|
3,526,980
|
||||||
2,525
|
Sacramento County Sanitation Districts Financing Authority, California, Revenue Refunding Bonds, Series 2001, 5.500%, 12/01/20 – AMBAC Insured
|
No Opt. Call
|
AA
|
3,110,421
|
||||||
San Diego Public Facilities Financing Authority, California, Sewerage Revenue Bonds, Refunding Series 2010A:
|
||||||||||
11,320
|
5.250%, 5/15/25
|
5/20 at 100.00
|
AA
|
13,402,880
|
||||||
11,000
|
5.250%, 5/15/26
|
5/20 at 100.00
|
AA
|
13,024,000
|
||||||
12,000
|
5.250%, 5/15/27
|
5/20 at 100.00
|
AA
|
14,014,919
|
||||||
7,170
|
5.250%, 5/15/28
|
5/20 at 100.00
|
AA
|
8,358,356
|
||||||
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–
|
6,328,222
|
||||||
San Francisco City and County Public Utilities Commission, California, Water Revenue Bonds, Tender Option Bond Trust 2013-4A:
|
||||||||||
750
|
18.420%, 11/01/28 (IF)
|
11/21 at 100.00
|
AA–
|
1,355,910
|
||||||
750
|
18.318%, 11/01/43 (IF)
|
5/22 at 100.00
|
AA–
|
1,147,170
|
||||||
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
|
4,486,360
|
||||||
188,215
|
Total Water and Sewer
|
217,768,515
|
||||||||
$
|
2,372,315
|
Total Long-Term Investments (cost $2,176,186,075)
|
2,453,817,899
|
Nuveen Investments
|
61
|
NAC
|
Nuveen California Dividend Advantage Municipal Fund
|
|
Portfolio of Investments (continued)
|
February 28, 2015
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
SHORT-TERM INVESTMENTS – 1.2% (0.8% of Total Investments)
|
||||||||||
MUNICIPAL BONDS – 1.2% (0.8% of Total Investments)
|
||||||||||
Health Care – 1.2% (0.8% of Total Investments)
|
||||||||||
$
|
16,630
|
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2014A, 6.000%, 7/10/15 (7)
|
No Opt. Call
|
N/R
|
$
|
16,771,854
|
||||
1,620
|
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2014B, 6.000%, 7/10/15 (7)
|
No Opt. Call
|
N/R
|
1,633,818
|
||||||
2,460
|
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2014C, 6.000%, 7/10/15 (7)
|
No Opt. Call
|
N/R
|
2,480,984
|
||||||
$
|
20,710
|
Total Short-Term Investments (cost $20,710,000)
|
20,886,656
|
|||||||
Total Investments (cost $2,196,896,075) – 144.4%
|
2,474,704,555
|
|||||||||
Floating Rate Obligations – (5.4)%
|
(92,995,000
|
)
|
||||||||
Variable Rate Demand Preferred Shares, at Liquidation Value – (40.8)% (8)
|
(699,600,000
|
)
|
||||||||
Other Assets Less Liabilities – 1.8%
|
31,518,711
|
|||||||||
Net Assets Applicable to Common Shares – 100%
|
$
|
1,713,628,266
|
(1)
|
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
|
(2)
|
Optional Call Provisions (not covered by the report of independent registered public accounting firm): Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
|
(3)
|
Ratings (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
|
(4)
|
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
|
(5)
|
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 valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment classified as Level 3. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information.
|
(8)
|
Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 28.3%.
|
(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.
|
62
|
Nuveen Investments
|
NVX
|
||
Nuveen California Dividend Advantage Municipal Fund 2
|
||
Portfolio of Investments
|
February 28, 2015
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
LONG-TERM INVESTMENTS – 138.7% (99.5% of Total Investments)
|
||||||||||
MUNICIPAL BONDS – 138.7% (99.5% of Total Investments)
|
||||||||||
Consumer Staples – 7.6% (5.5% 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
|
B+
|
$
|
1,861,320
|
||||
2,000
|
5.650%, 6/01/41
|
12/18 at 100.00
|
B+
|
1,800,880
|
||||||
290
|
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Sonoma County Tobacco Securitization Corporation, Series 2005, 4.250%, 6/01/21
|
6/15 at 100.00
|
BBB+
|
289,997
|
||||||
2,385
|
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Stanislaus County Tobacco Funding Corporation, Series 2002A, 5.500%, 6/01/33
|
5/15 at 100.00
|
Baa1
|
2,385,048
|
||||||
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
|
3,191,569
|
||||||
6,040
|
5.750%, 6/01/47
|
6/17 at 100.00
|
B
|
5,193,615
|
||||||
3,660
|
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-2, 5.300%, 6/01/37
|
6/22 at 100.00
|
B
|
3,093,176
|
||||||
20,145
|
Total Consumer Staples
|
17,815,605
|
||||||||
Education and Civic Organizations – 2.9% (2.0% of Total Investments)
|
||||||||||
1,775
|
ABAG Finance Authority for Non-Profit Corporations, California, Revenue Bonds, The Jackson Laboratory, Series 2012, 5.000%, 7/01/37
|
7/22 at 100.00
|
A1
|
1,993,698
|
||||||
125
|
California Educational Facilities Authority, Revenue Bonds, University of the Pacific, Series 2006, 5.000%, 11/01/21
|
11/15 at 100.00
|
A2
|
128,826
|
||||||
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
|
632,839
|
||||||
2,500
|
California Municipal Finance Authority, Revenue Bonds, University of La Verne, Series 2010A, 6.250%, 6/01/40
|
6/20 at 100.00
|
Baa1
|
2,931,425
|
||||||
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–
|
981,606
|
||||||
5,805
|
Total Education and Civic Organizations
|
6,668,394
|
||||||||
Health Care – 20.4% (14.7% of Total Investments)
|
||||||||||
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
|
451,284
|
||||||
435
|
California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Series 2014A, 5.000%, 10/01/38
|
10/24 at 100.00
|
AA
|
501,955
|
||||||
855
|
California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Series 2014B, 5.000%, 10/01/44
|
10/24 at 100.00
|
AA
|
973,674
|
||||||
895
|
California Health Facilities Financing Authority, Revenue Bonds, Rady Children’s Hospital – San Diego, Series 2011, 5.250%, 8/15/41
|
8/21 at 100.00
|
AA–
|
1,013,963
|
||||||
1,500
|
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2007A, 5.250%, 11/15/46
|
11/16 at 100.00
|
AA–
|
1,617,735
|
||||||
4,215
|
California Municipal Financing Authority, Certificates of Participation, Community Hospitals of Central California, Series 2007, 5.250%, 2/01/27
|
2/17 at 100.00
|
Baa1
|
4,435,023
|
||||||
5,520
|
California Statewide Communities Development Authority, Revenue Bonds, Adventist Health System West, Series 2005A, 5.000%, 3/01/35
|
3/15 at 100.00
|
A
|
5,530,819
|
||||||
3,200
|
California Statewide Communities Development Authority, Revenue Bonds, Kaiser Permanente, Series 2012A, 5.000%, 4/01/42
|
4/22 at 100.00
|
A+
|
3,579,040
|
||||||
2,225
|
California Statewide Communities Development Authority, Revenue Bonds, ValleyCare Health System, Series 2007A, 5.125%, 7/15/31
|
7/17 at 100.00
|
N/R
|
2,291,995
|
Nuveen Investments
|
63
|
NVX
|
Nuveen California Dividend Advantage Municipal Fund 2
|
|
Portfolio of Investments (continued)
|
February 28, 2015
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Health Care (continued)
|
||||||||||
$
|
5,245
|
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A, 5.250%, 7/01/35
|
7/15 at 100.00
|
CCC
|
$
|
4,968,536
|
||||
425
|
California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanente System, Series 2001C, 5.250%, 8/01/31
|
8/16 at 100.00
|
A+
|
449,476
|
||||||
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
|
1,119,963
|
||||||
2,705
|
California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Series 2005A, 5.000%, 11/15/43
|
11/15 at 100.00
|
AA–
|
2,787,394
|
||||||
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
|
A+
|
1,822,584
|
||||||
455
|
Oak Valley Hospital District, Stanislaus County, California, Revenue Bonds, Series 2010A, 6.500%, 11/01/29
|
11/20 at 100.00
|
BB
|
481,426
|
||||||
1,500
|
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 6.625%, 11/01/29
|
11/19 at 100.00
|
Ba1
|
1,684,035
|
||||||
4,800
|
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 6.000%, 11/01/41
|
11/20 at 100.00
|
Ba1
|
5,146,944
|
||||||
5,785
|
Rancho Mirage Joint Powers Financing Authority, California, Revenue Bonds, Eisenhower Medical Center, Series 2007A, 5.000%, 7/01/38
|
7/17 at 100.00
|
Baa2
|
6,057,531
|
||||||
2,250
|
San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011, 7.500%, 12/01/41
|
12/21 at 100.00
|
BB
|
2,766,960
|
||||||
45,050
|
Total Health Care
|
47,680,337
|
||||||||
Housing/Multifamily – 1.5% (1.1% of Total Investments)
|
||||||||||
1,295
|
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2010A, 6.400%, 8/15/45
|
8/20 at 100.00
|
BBB
|
1,447,590
|
||||||
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
|
449,348
|
||||||
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
|
1,066,533
|
||||||
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
|
88,280
|
||||||
220
|
5.250%, 8/15/49
|
8/24 at 100.00
|
BBB
|
241,397
|
||||||
205
|
Independent Cities Lease Finance Authority, California, Mobile Home Park Revenue Bonds, San Juan Mobile Estates, Series 2006B, 5.850%, 5/15/41
|
5/16 at 100.00
|
N/R
|
208,368
|
||||||
3,150
|
Total Housing/Multifamily
|
3,501,516
|
||||||||
Housing/Single Family – 3.2% (2.3% of Total Investments)
|
||||||||||
5,775
|
California Housing Finance Agency, California, Home Mortgage Revenue Bonds, Series 2006M, 4.650%, 8/01/31 (Alternative Minimum Tax)
|
2/16 at 100.00
|
A–
|
5,787,532
|
||||||
1,490
|
California Housing Finance Agency, California, Home Mortgage Revenue Bonds, Series 2007G, 5.050%, 2/01/29 (Alternative Minimum Tax)
|
2/17 at 100.00
|
A–
|
1,528,293
|
||||||
65
|
California Housing Finance Agency, Home Mortgage Revenue Bonds, Series 2006H, 5.750%, 8/01/30 – FGIC Insured (Alternative Minimum Tax)
|
2/16 at 100.00
|
A–
|
67,835
|
||||||
7,330
|
Total Housing/Single Family
|
7,383,660
|
||||||||
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) (4)
|
No Opt. Call
|
N/R
|
10,954
|
||||||
Tax Obligation/General – 31.3% (22.4% of Total Investments)
|
||||||||||
1,300
|
Alhambra Unified School District, Los Angeles County, California, General Obligation Bonds, Refunding Series 2012A, 5.000%, 8/01/29 – AGM Insured
|
8/22 at 100.00
|
Aa3
|
1,495,273
|
64
|
Nuveen Investments
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Tax Obligation/General (continued)
|
||||||||||
$
|
10,000
|
California State, General Obligation Bonds, Series 2006CD, 4.600%, 12/01/32 (Alternative Minimum Tax)
|
12/15 at 100.00
|
AA
|
$
|
10,144,800
|
||||
675
|
California State, General Obligation Bonds, Various Purpose Refunding Series 2014, 5.000%, 8/01/33
|
8/24 at 100.00
|
Aa3
|
789,966
|
||||||
13,850
|
California State, General Obligation Bonds, Various Purpose Series 2009, 6.000%, 4/01/38
|
4/19 at 100.00
|
Aa3
|
16,633,573
|
||||||
California State, General Obligation Bonds, Various Purpose Series 2010:
|
||||||||||
2,000
|
6.000%, 3/01/33
|
3/20 at 100.00
|
Aa3
|
2,433,980
|
||||||
1,000
|
5.250%, 11/01/40
|
11/20 at 100.00
|
Aa3
|
1,171,830
|
||||||
California State, General Obligation Bonds, Various Purpose Series 2011:
|
||||||||||
4,850
|
5.250%, 10/01/28
|
No Opt. Call
|
Aa3
|
5,753,313
|
||||||
2,300
|
5.000%, 9/01/41
|
9/21 at 100.00
|
Aa3
|
2,594,883
|
||||||
2,190
|
5.000%, 10/01/41
|
10/21 at 100.00
|
Aa3
|
2,473,999
|
||||||
California State, General Obligation Bonds, Various Purpose Series 2013:
|
||||||||||
2,500
|
5.000%, 2/01/43
|
No Opt. Call
|
Aa3
|
2,839,075
|
||||||
2,240
|
5.000%, 11/01/43
|
11/23 at 100.00
|
Aa3
|
2,568,899
|
||||||
California State, General Obligation Bonds, Various Purpose Series 2014:
|
||||||||||
2,000
|
5.000%, 5/01/32
|
5/24 at 100.00
|
Aa3
|
2,339,740
|
||||||
2,815
|
5.000%, 10/01/44
|
10/24 at 100.00
|
Aa3
|
3,248,285
|
||||||
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
|
6,410,171
|
||||||
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
|
1,486,334
|
||||||
1,265
|
Palomar Pomerado Health, California, General Obligation Bonds, Election of 2004, Series 2007A, 5.000%, 8/01/32 – NPFG Insured
|
8/17 at 100.00
|
AA–
|
1,359,167
|
||||||
2,000
|
Puerto Rico, General Obligation Bonds, Public Improvement Series 2002A, 5.500%, 7/01/20 – NPFG Insured
|
No Opt. Call
|
AA–
|
2,143,460
|
||||||
21,000
|
San Marcos Unified School District, San Diego County, California, General Obligation Bonds, 2010 Election, Series 2012B, 0.000%, 8/01/51
|
No Opt. Call
|
AA–
|
4,249,560
|
||||||
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
|
1,135,630
|
||||||
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
|
1,789,968
|
||||||
108,600
|
Total Tax Obligation/General
|
73,061,906
|
||||||||
Tax Obligation/Limited – 29.2% (20.9% of Total Investments)
|
||||||||||
Beaumont Financing Authority, California, Local Agency Revenue Bonds, Series 2004D:
|
||||||||||
650
|
5.500%, 9/01/24
|
9/16 at 100.00
|
N/R
|
664,397
|
||||||
385
|
5.800%, 9/01/35
|
9/16 at 100.00
|
N/R
|
393,378
|
||||||
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
|
A1
|
8,273,300
|
||||||
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
|
A1
|
4,047,969
|
||||||
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
|
A1
|
4,286,264
|
||||||
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
|
A1
|
5,190,587
|
||||||
435
|
Capistrano Unified School District, Orange County, California, Special Tax Bonds, Community Facilities District 98-2, Series 2005, 5.000%, 9/01/24 – FGIC Insured
|
9/15 at 100.00
|
AA–
|
444,096
|
||||||
4,265
|
Escondido Joint Powers Financing Authority, California, Revenue Bonds, Water System Financing, Series 2012, 5.000%, 9/01/41
|
3/22 at 100.00
|
AA–
|
4,740,889
|
||||||
960
|
Fontana Redevelopment Agency, San Bernardino County, California, Tax Allocation Bonds, Jurupa Hills Redevelopment Project, Refunding Series 1997A, 5.500%, 10/01/27
|
10/15 at 100.00
|
A–
|
962,640
|
Nuveen Investments
|
65
|
NVX
|
Nuveen California Dividend Advantage Municipal Fund 2
|
|
Portfolio of Investments (continued)
|
February 28, 2015
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Tax Obligation/Limited (continued)
|
||||||||||
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A:
|
||||||||||
$
|
2,500
|
5.000%, 6/01/45
|
6/15 at 100.00
|
A1
|
$
|
2,528,900
|
||||
2,995
|
5.000%, 6/01/45 – AGM Insured
|
6/15 at 100.00
|
AA
|
3,029,622
|
||||||
1,785
|
Hawthorne Community Redevelopment Agency, California, Project Area 2 Tax Allocation Bonds, Series 2006, 5.250%, 9/01/36 – SYNCORA GTY Insured
|
9/16 at 100.00
|
N/R
|
1,841,228
|
||||||
1,800
|
Hesperia Unified School District, San Bernardino County, California, Certificates of Participation, Capital Improvement, Series 2007, 5.000%, 2/01/41 – AMBAC Insured
|
2/17 at 100.00
|
A–
|
1,916,766
|
||||||
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
|
1,648,020
|
||||||
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+
|
912,848
|
||||||
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
|
210,268
|
||||||
470
|
5.125%, 9/01/36
|
9/16 at 100.00
|
N/R
|
481,294
|
||||||
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
|
432,123
|
||||||
800
|
Los Angeles Community Redevelopment Agency, California, Lease Revenue Bonds, Manchester Social Services Project, Series 2005, 5.000%, 9/01/37 – AMBAC Insured
|
9/15 at 100.00
|
A1
|
808,704
|
||||||
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
|
1,514,228
|
||||||
750
|
Lynwood Redevelopment Agency, California, Project A Revenue Bonds, Subordinate Lien Series 2011A, 7.000%, 9/01/31
|
9/21 at 100.00
|
A–
|
944,100
|
||||||
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–
|
605,297
|
||||||
475
|
North Natomas Community Facilities District 4, Sacramento, California, Special Tax Bonds, Series 2006D, 5.000%, 9/01/33
|
9/15 at 101.00
|
N/R
|
486,319
|
||||||
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+
|
213,822
|
||||||
200
|
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
|
230,382
|
||||||
Patterson Public Financing Authority, California, Revenue Bonds, Community Facilities District 2001-1, Senior Series 2013A:
|
||||||||||
1,200
|
5.250%, 9/01/30
|
9/23 at 100.00
|
N/R
|
1,369,524
|
||||||
1,080
|
5.750%, 9/01/39
|
9/23 at 100.00
|
N/R
|
1,249,204
|
||||||
3,085
|
Pittsburg Redevelopment Agency, California, Tax Allocation Bonds, Los Medanos Community Development Project, Refunding Series 2008A, 6.500%, 9/01/28
|
9/18 at 100.00
|
BBB–
|
3,439,004
|
||||||
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–
|
838,591
|
||||||
550
|
Rancho Santa Fe CSD Financing Authority, California, Revenue Bonds, Superior Lien Series 2011A, 5.750%, 9/01/30
|
9/21 at 100.00
|
BBB+
|
631,840
|
||||||
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–
|
125,438
|
||||||
San Buenaventura Redevelopment Agency, California, Merged Project Areas Tax Allocation Bonds, Series 2008:
|
||||||||||
1,000
|
7.750%, 8/01/28
|
8/16 at 102.00
|
A
|
1,108,690
|
||||||
1,325
|
8.000%, 8/01/38
|
8/16 at 102.00
|
A
|
1,473,652
|
||||||
3,000
|
San Diego County Regional Transportation Commission, California, Sales Tax Revenue Bonds, Series 2014A, 5.000%, 4/01/36
|
4/24 at 100.00
|
AAA
|
3,508,230
|
||||||
990
|
San Diego, California, Special Tax Community Facilities District 4 Black Mountain Ranch Villages Bonds, Series 2008A, 6.000%, 9/01/37
|
9/15 at 103.00
|
N/R
|
1,032,431
|
66
|
Nuveen Investments
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Tax Obligation/Limited (continued)
|
||||||||||
$
|
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
|
$
|
231,630
|
||||
80
|
San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds, Mission Bay North Redevelopment Project, Series 2011C, 6.750%, 8/01/41
|
2/21 at 100.00
|
A–
|
98,098
|
||||||
San Francisco Redevelopment Financing Authority, California, Tax Allocation Revenue Bonds, Mission Bay South Redevelopment Project, Series 2011D:
|
||||||||||
85
|
7.000%, 8/01/33
|
2/21 at 100.00
|
BBB+
|
103,666
|
||||||
105
|
7.000%, 8/01/41
|
2/21 at 100.00
|
BBB+
|
128,058
|
||||||
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–
|
1,179,662
|
||||||
765
|
5.000%, 8/01/25 – NPFG Insured
|
8/17 at 100.00
|
AA–
|
820,401
|
||||||
995
|
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2006D, 5.000%, 8/01/23 – AMBAC Insured
|
8/17 at 100.00
|
BBB+
|
1,078,102
|
||||||
1,530
|
San Marcos Public Facilities Authority, California, Tax Allocation Bonds, Project Areas 2 and 3, Series 2005C, 5.000%, 8/01/35 – AMBAC Insured
|
8/15 at 100.00
|
A–
|
1,538,094
|
||||||
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
|
161,346
|
||||||
930
|
Temecula Public Financing Authority, California, Special Tax Bonds, Community Facilities District 03-02 Roripaugh, Series 2006, 5.500%, 9/01/36
|
9/15 at 101.00
|
N/R
|
931,590
|
||||||
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–
|
294,977
|
||||||
67,060
|
Total Tax Obligation/Limited
|
68,149,669
|
||||||||
Transportation – 10.3% (7.4% 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
|
A+
|
2,290,760
|
||||||
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+
|
2,697,878
|
||||||
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–
|
5,794,521
|
||||||
4,935
|
6.000%, 1/15/53
|
1/24 at 100.00
|
BBB–
|
5,840,819
|
||||||
4,000
|
Los Angeles Harbors Department, California, Revenue Bonds, Refunding Series 2014B, 5.000%, 8/01/44
|
8/24 at 100.00
|
AA
|
4,627,720
|
||||||
Port of Oakland, California, Revenue Bonds, Refunding Series 2012P:
|
||||||||||
1,545
|
5.000%, 5/01/29 (Alternative Minimum Tax)
|
No Opt. Call
|
A+
|
1,751,675
|
||||||
1,000
|
5.000%, 5/01/31 (Alternative Minimum Tax)
|
No Opt. Call
|
A+
|
1,121,390
|
||||||
20,660
|
Total Transportation
|
24,124,763
|
||||||||
U.S. Guaranteed – 8.3% (5.9% of Total Investments) (5)
|
||||||||||
1,930
|
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2006F, 5.000%, 4/01/31 (Pre-refunded 4/01/16) (UB)
|
4/16 at 100.00
|
AA (5)
|
2,031,113
|
||||||
1,430
|
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Tender Option Bond Trust 3211, 13.614%, 10/01/32 (Pre-refunded 4/01/18) (IF)
|
4/18 at 100.00
|
AA (5)
|
2,101,957
|
||||||
2,500
|
California Health Facilities Financing Authority, Revenue Bonds, Catholic Healthcare West, Series 2008J, 5.625%, 7/01/32 (Pre-refunded 7/01/15)
|
7/15 at 100.00
|
A (5)
|
2,547,500
|
||||||
2,945
|
California State Public Works Board, Lease Revenue Bonds, University of California Regents, Tender Option Bond Trust 1065, 9.446%, 3/01/33 (Pre-refunded 3/01/18) (IF)
|
3/18 at 100.00
|
Aaa
|
3,689,319
|
||||||
385
|
California Statewide Community Development Authority, Revenue Bonds, Thomas Jefferson School of Law, Series 2005A, 4.875%, 10/01/31 (Pre-refunded 10/01/15)
|
10/15 at 100.00
|
N/R (5)
|
394,317
|
||||||
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
|
BBB (5)
|
2,410,940
|
Nuveen Investments
|
67
|
NVX
|
Nuveen California Dividend Advantage Municipal Fund 2
|
|
Portfolio of Investments (continued)
|
February 28, 2015
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
U.S. Guaranteed (5) (continued)
|
||||||||||
$
|
2,000
|
Puerto Rico Public Finance Corporation, Commonwealth Appropriation Bonds, Series 2002E, 6.000%, 8/01/26 (ETM)
|
No Opt. Call
|
B (5)
|
$
|
2,602,020
|
||||
355
|
Roseville Joint Union High School District, Placer County, California, General Obligation Bonds, Series 2006B, 5.000%, 8/01/27 (Pre-refunded 8/01/15) – FGIC Insured
|
8/15 at 100.00
|
AA (5)
|
362,441
|
||||||
750
|
Sacramento County Sanitation Districts Financing Authority, California, Revenue Bonds, Series 2006, 5.000%, 12/01/31 (Pre-refunded 6/01/16) – FGIC Insured
|
6/16 at 100.00
|
AA (5)
|
795,105
|
||||||
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 (5)
|
924,478
|
||||||
1,315
|
University of California, Limited Project Revenue Bonds, Series 2007D, 5.000%, 5/15/41 (Pre-refunded 5/15/16) – FGIC Insured
|
5/16 at 101.00
|
AA– (5)
|
1,392,822
|
||||||
16,435
|
Total U.S. Guaranteed
|
19,252,012
|
||||||||
Utilities – 11.9% (8.6% of Total Investments)
|
||||||||||
2,355
|
Long Beach Bond Finance Authority, California, Natural Gas Purchase Revenue Bonds, Series 2007A, 5.000%, 11/15/35
|
No Opt. Call
|
A
|
2,750,145
|
||||||
500
|
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2005A-1, 5.000%, 7/01/31 – AGM Insured
|
7/15 at 100.00
|
AA
|
508,760
|
||||||
14,000
|
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2012B, 5.000%, 7/01/43
|
7/22 at 100.00
|
AA–
|
15,822,940
|
||||||
Merced Irrigation District, California, Electric System Revenue Bonds, Series 2005:
|
||||||||||
790
|
5.125%, 9/01/31 – SYNCORA GTY Insured
|
9/15 at 100.00
|
N/R
|
796,525
|
||||||
1,500
|
5.250%, 9/01/36 – SYNCORA GTY Insured
|
9/15 at 100.00
|
N/R
|
1,512,030
|
||||||
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–
|
1,744,155
|
||||||
4,000
|
Southern California Public Power Authority, Natural Gas Project 1 Revenue Bonds, Series 2007A, 5.000%, 11/01/33
|
No Opt. Call
|
A
|
4,738,440
|
||||||
24,645
|
Total Utilities
|
27,872,995
|
||||||||
Water and Sewer – 12.1% (8.7% of Total Investments)
|
||||||||||
2,500
|
Bay Area Water Supply and Conservation Agency, California, Revenue Bonds, Capital Cost Recovery Prepayment Program, Series 2013A, 5.000%, 10/01/28
|
4/23 at 100.00
|
AA–
|
2,982,150
|
||||||
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
|
5,677,854
|
||||||
1,400
|
Castaic Lake Water Agency, California, Certificates of Participation, Series 2006C, 5.000%, 8/01/36 – NPFG Insured
|
8/16 at 100.00
|
AA–
|
1,479,422
|
||||||
545
|
Healdsburg Public Financing Authority, California, Wastewater Revenue Bonds, Series 2006, 5.000%, 4/01/36 – NPFG Insured
|
4/16 at 100.00
|
AA–
|
569,601
|
||||||
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
|
9,132,438
|
||||||
1,160
|
Metropolitan Water District of Southern California, Waterworks Revenue Bonds, Tender Option Bond Trust 09-8B, 17.896%, 7/01/35 (IF) (6)
|
7/19 at 100.00
|
AAA
|
1,831,037
|
||||||
5,825
|
Sacramento, California, Wastewater Revenue Bonds, Series 2013, 5.000%, 9/01/42
|
9/23 at 100.00
|
AA
|
6,624,015
|
||||||
24,560
|
Total Water and Sewer
|
28,296,517
|
||||||||
$
|
346,615
|
Total Long-Term Investments (cost $295,502,285)
|
323,818,328
|
68
|
Nuveen Investments
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
SHORT-TERM INVESTMENTS – 0.7% (0.5% of Total Investments)
|
||||||||||
MUNICIPAL BONDS – 0.7% (0.5% of Total Investments)
|
||||||||||
Health Care – 0.7% (0.5% of Total Investments)
|
||||||||||
$
|
1,320
|
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2014A, 6.000%, 7/10/15 (7)
|
No Opt. Call
|
N/R
|
$
|
1,331,260
|
||||
125
|
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2014B, 6.000%, 7/10/15 (7)
|
No Opt. Call
|
N/R
|
126,066
|
||||||
200
|
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2014C, 6.000%, 7/10/15 (7)
|
No Opt. Call
|
N/R
|
201,706
|
||||||
$
|
1,645
|
Total Short-Term Investments (cost $1,645,000)
|
1,659,032
|
|||||||
Total Investments (cost $297,147,285) – 139.4%
|
325,477,360
|
|||||||||
Floating Rate Obligations – (0.4)%
|
(965,000
|
)
|
||||||||
Variable Rate Demand Preferred Shares, at Liquidation Value – (42.0)% (8)
|
(98,000,000
|
)
|
||||||||
Other Assets Less Liabilities – 3.0%
|
6,922,970
|
|||||||||
Net Assets Applicable to Common Shares – 100%
|
$
|
233,435,330
|
(1)
|
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
|
(2)
|
Optional Call Provisions (not covered by the report of independent registered public accounting firm): Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
|
(3)
|
Ratings (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
|
(4)
|
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.
|
(5)
|
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
|
(6)
|
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
|
(7)
|
Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment classified as Level 3. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information.
|
(8)
|
Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 30.1%.
|
(ETM)
|
Escrowed to maturity.
|
(IF)
|
Inverse floating rate investment.
|
(UB)
|
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.
|
Nuveen Investments
|
69
|
NZH
|
||
Nuveen California Dividend Advantage Municipal Fund 3
|
||
Portfolio of Investments
|
February 28, 2015
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
LONG-TERM INVESTMENTS – 141.3% (99.1% of Total Investments)
|
||||||||||
MUNICIPAL BONDS – 141.3% (99.1% of Total Investments)
|
||||||||||
Consumer Staples – 7.9% (5.5% 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
|
B+
|
$
|
2,251,100
|
||||
475
|
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Sonoma County Tobacco Securitization Corporation, Series 2005, 4.250%, 6/01/21
|
6/15 at 100.00
|
BBB+
|
474,995
|
||||||
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
|
14,125,020
|
||||||
6,625
|
5.750%, 6/01/47
|
6/17 at 100.00
|
B
|
5,696,639
|
||||||
6,265
|
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-2, 5.300%, 6/01/37
|
6/22 at 100.00
|
B
|
5,294,739
|
||||||
32,550
|
Total Consumer Staples
|
27,842,493
|
||||||||
Education and Civic Organizations – 3.6% (2.5% of Total Investments)
|
||||||||||
135
|
California Educational Facilities Authority, Revenue Bonds, University of Redlands, Series 2005A, 5.000%, 10/01/35
|
10/15 at 100.00
|
A3
|
136,368
|
||||||
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
|
2,627,014
|
||||||
California Educational Facilities Authority, Revenue Bonds, University of the Pacific, Series 2006:
|
||||||||||
200
|
5.000%, 11/01/21
|
11/15 at 100.00
|
A2
|
206,122
|
||||||
1,000
|
5.000%, 11/01/30
|
11/15 at 100.00
|
A2
|
1,028,530
|
||||||
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
|
969,212
|
||||||
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
|
3,121,112
|
||||||
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–
|
1,501,279
|
||||||
3,100
|
San Diego County, California, Certificates of Participation, Burnham Institute, Series 2006, 5.000%, 9/01/34
|
9/15 at 102.00
|
Baa1
|
3,182,646
|
||||||
11,495
|
Total Education and Civic Organizations
|
12,772,283
|
||||||||
Health Care – 28.6% (20.1% 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–
|
6,366,827
|
||||||
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
|
696,919
|
||||||
670
|
California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Series 2014A, 5.000%, 10/01/38
|
10/24 at 100.00
|
AA
|
773,126
|
||||||
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
|
1,503,216
|
||||||
1,445
|
California Health Facilities Financing Authority, Revenue Bonds, Rady Children’s Hospital – San Diego, Series 2011, 5.250%, 8/15/41
|
8/21 at 100.00
|
AA–
|
1,637,069
|
||||||
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–
|
2,052,254
|
||||||
3,530
|
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2011B, 6.000%, 8/15/42
|
8/20 at 100.00
|
AA–
|
4,251,144
|
70
|
Nuveen Investments
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Health Care (continued)
|
||||||||||
$
|
3,735
|
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Tender Option Bond Trust 2015-XF0061, 19.110%, 5/15/39 (IF)
|
11/16 at 100.00
|
AA–
|
$
|
4,906,819
|
||||
3,850
|
California Statewide Communities Development Authority, Revenue Bonds, Adventist Health System West, Series 2005A, 5.000%, 3/01/35
|
3/15 at 100.00
|
A
|
3,857,546
|
||||||
1,625
|
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
|
1,748,484
|
||||||
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
|
1,493,932
|
||||||
1,000
|
California Statewide Communities Development Authority, Revenue Bonds, Kaiser Permanente, Series 2012A, 5.000%, 4/01/42
|
4/22 at 100.00
|
A+
|
1,118,450
|
||||||
1,594
|
California Statewide Communities Development Authority, Revenue Bonds, Saint Joseph Health System, Trust 2554, 18.698%, 7/01/47 – AGM Insured (IF)
|
7/18 at 100.00
|
AA
|
2,157,153
|
||||||
8,875
|
California Statewide Communities Development Authority, Revenue Bonds, Sutter Health, Series 2011A, 6.000%, 8/15/42
|
8/20 at 100.00
|
AA–
|
10,688,074
|
||||||
3,435
|
California Statewide Communities Development Authority, Revenue Bonds, ValleyCare Health System, Series 2007A, 5.125%, 7/15/31
|
7/17 at 100.00
|
N/R
|
3,538,428
|
||||||
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
|
4,873,950
|
||||||
2,330
|
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A, 5.250%, 7/01/35
|
7/15 at 100.00
|
CCC
|
2,207,186
|
||||||
645
|
California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanente System, Series 2001C, 5.250%, 8/01/31
|
8/16 at 100.00
|
A+
|
682,146
|
||||||
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–
|
4,373,534
|
||||||
5,600
|
California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Tender Option Bond Trust 3102, 19.199%, 11/15/46 (IF) (4)
|
11/16 at 100.00
|
AA–
|
7,357,504
|
||||||
4,000
|
Marysville, California, Revenue Bonds, The Fremont-Rideout Health Group, Series 2011, 5.250%, 1/01/42
|
1/21 at 100.00
|
A
|
4,462,000
|
||||||
695
|
Oak Valley Hospital District, Stanislaus County, California, Revenue Bonds, Series 2010A, 6.500%, 11/01/29
|
11/20 at 100.00
|
BB
|
735,366
|
||||||
1,000
|
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 6.750%, 11/01/39
|
11/19 at 100.00
|
Ba1
|
1,109,890
|
||||||
7,650
|
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 6.000%, 11/01/41
|
11/20 at 100.00
|
Ba1
|
8,202,942
|
||||||
5,790
|
Rancho Mirage Joint Powers Financing Authority, California, Revenue Bonds, Eisenhower Medical Center, Series 2007A, 5.000%, 7/01/38
|
7/17 at 100.00
|
Baa2
|
6,062,767
|
||||||
3,400
|
San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011, 7.500%, 12/01/41
|
12/21 at 100.00
|
BB
|
4,181,184
|
||||||
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–
|
10,596,884
|
||||||
88,659
|
Total Health Care
|
101,634,794
|
||||||||
Housing/Multifamily – 1.5% (1.0% of Total Investments)
|
||||||||||
1,990
|
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2010A, 6.400%, 8/15/45
|
8/20 at 100.00
|
BBB
|
2,224,482
|
||||||
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
|
2,213,859
|
||||||
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
|
137,937
|
||||||
340
|
5.250%, 8/15/49
|
8/24 at 100.00
|
BBB
|
373,068
|
Nuveen Investments
|
71
|
NZH
|
Nuveen California Dividend Advantage Municipal Fund 3
|
|
Portfolio of Investments (continued)
|
February 28, 2015
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Housing/Multifamily (continued)
|
||||||||||
$
|
325
|
Independent Cities Lease Finance Authority, California, Mobile Home Park Revenue Bonds, San Juan Mobile Estates, Series 2006B, 5.850%, 5/15/41
|
5/16 at 100.00
|
N/R
|
$
|
330,340
|
||||
4,800
|
Total Housing/Multifamily
|
5,279,686
|
||||||||
Housing/Single Family – 4.0% (2.8% of Total Investments)
|
||||||||||
California Housing Finance Agency, California, Home Mortgage Revenue Bonds, Tender Option Bond Trust 3206:
|
||||||||||
10,180
|
9.406%, 8/01/25 (Alternative Minimum Tax) (IF)
|
2/16 at 100.00
|
A–
|
10,235,176
|
||||||
3,805
|
9.785%, 2/01/29 (Alternative Minimum Tax) (IF)
|
2/17 at 100.00
|
A–
|
3,880,415
|
||||||
115
|
California Housing Finance Agency, Home Mortgage Revenue Bonds, Series 2006H, 5.750%, 8/01/30 – FGIC Insured (Alternative Minimum Tax)
|
2/16 at 100.00
|
A–
|
120,015
|
||||||
14,100
|
Total Housing/Single Family
|
14,235,606
|
||||||||
Industrials – 1.5% (1.0% of Total Investments)
|
||||||||||
5,000
|
California Pollution Control Financing Authority, Solid Waste Disposal Revenue Bonds, Waste Management Inc., Series 2005C, 5.125%, 11/01/23 (Alternative Minimum Tax)
|
11/15 at 101.00
|
A–
|
5,173,750
|
||||||
5,205
|
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
|
17,957
|
||||||
10,205
|
Total Industrials
|
5,191,707
|
||||||||
Long-Term Care – 0.4% (0.2% of Total Investments)
|
||||||||||
1,000
|
California Municipal Finance Authority, Revenue Bonds, Harbor Regional Center Project, Series 2009, 8.000%, 11/01/29
|
11/19 at 100.00
|
A3
|
1,237,590
|
||||||
Tax Obligation/General – 16.2% (11.4% of Total Investments)
|
||||||||||
5,450
|
California State, General Obligation Bonds, Various Purpose Refunding Series 2014, 5.000%, 8/01/33
|
8/24 at 100.00
|
Aa3
|
6,378,244
|
||||||
California State, General Obligation Bonds, Various Purpose Series 2009:
|
||||||||||
3,040
|
6.000%, 11/01/39
|
11/19 at 100.00
|
Aa3
|
3,736,038
|
||||||
3,500
|
5.500%, 11/01/39
|
11/19 at 100.00
|
Aa3
|
4,131,820
|
||||||
California State, General Obligation Bonds, Various Purpose Series 2010:
|
||||||||||
1,960
|
5.500%, 3/01/40
|
3/20 at 100.00
|
Aa3
|
2,301,902
|
||||||
1,000
|
5.250%, 11/01/40
|
11/20 at 100.00
|
Aa3
|
1,171,830
|
||||||
California State, General Obligation Bonds, Various Purpose Series 2011:
|
||||||||||
1,770
|
5.250%, 10/01/28
|
No Opt. Call
|
Aa3
|
2,099,662
|
||||||
4,000
|
5.000%, 9/01/31
|
No Opt. Call
|
Aa3
|
4,603,920
|
||||||
4,315
|
5.000%, 10/01/41
|
10/21 at 100.00
|
Aa3
|
4,874,569
|
||||||
3,230
|
California State, General Obligation Bonds, Various Purpose Series 2012, 5.250%, 2/01/29
|
2/22 at 100.00
|
Aa3
|
3,818,797
|
||||||
California State, General Obligation Bonds, Various Purpose Series 2013:
|
||||||||||
1,260
|
5.000%, 2/01/29
|
No Opt. Call
|
Aa3
|
1,464,574
|
||||||
1,710
|
5.000%, 2/01/31
|
No Opt. Call
|
Aa3
|
1,971,818
|
||||||
2,465
|
5.000%, 4/01/37
|
4/23 at 100.00
|
Aa3
|
2,811,209
|
||||||
1,000
|
California State, General Obligation Bonds, Various Purpose Series 2014, 5.000%, 5/01/44
|
5/24 at 100.00
|
Aa3
|
1,148,130
|
||||||
15
|
California, General Obligation Veterans Welfare Bonds, Series 2001BZ, 5.350%, 12/01/21 – NPFG Insured (Alternative Minimum Tax)
|
6/15 at 100.00
|
AA
|
15,044
|
||||||
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
|
1,266,104
|
||||||
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
|
4,957,023
|
||||||
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
|
AA+
|
2,422,415
|
||||||
5,530
|
Stockton Unified School District, San Joaquin County, California, General Obligation Bonds, Election 2008 Series 2011D, 0.000%, 8/01/50 – AGM Insured
|
8/37 at 100.00
|
AA
|
4,459,558
|
72
|
Nuveen Investments
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Tax Obligation/General (continued)
|
||||||||||
Washington Township Health Care District, Alameda County, California, General Obligation Bonds, 2012 Election Series 2013A:
|
||||||||||
$
|
1,535
|
5.500%, 8/01/38
|
8/24 at 100.00
|
Aa3
|
$
|
1,857,887
|
||||
1,750
|
5.500%, 8/01/40
|
8/24 at 100.00
|
Aa3
|
2,108,505
|
||||||
51,150
|
Total Tax Obligation/General
|
57,599,049
|
||||||||
Tax Obligation/Limited – 43.3% (30.4% of Total Investments)
|
||||||||||
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
|
A1
|
6,748,681
|
||||||
7,135
|
5.250%, 9/01/32
|
9/23 at 100.00
|
A1
|
8,403,318
|
||||||
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
|
A1
|
1,991,501
|
||||||
1,450
|
5.250%, 9/01/33
|
9/23 at 100.00
|
A1
|
1,702,967
|
||||||
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
|
A1
|
1,193,140
|
||||||
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
|
A1
|
2,642,211
|
||||||
715
|
Capistrano Unified School District, Orange County, California, Special Tax Bonds, Community Facilities District 98-2, Series 2005, 5.000%, 9/01/24 – FGIC Insured
|
9/15 at 100.00
|
AA–
|
729,951
|
||||||
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
|
2,218,752
|
||||||
1,445
|
Fontana Redevelopment Agency, San Bernardino County, California, Tax Allocation Bonds, Jurupa Hills Redevelopment Project, Refunding Series 1997A, 5.500%, 10/01/27
|
10/15 at 100.00
|
A–
|
1,448,974
|
||||||
3,500
|
Fremont, California, Special Tax Bonds, Community Facilities District 1, Pacific Commons, Series 2005, 6.300%, 9/01/31
|
9/15 at 100.00
|
N/R
|
3,557,365
|
||||||
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A:
|
||||||||||
3,000
|
5.000%, 6/01/45
|
6/15 at 100.00
|
A1
|
3,034,680
|
||||||
5,910
|
5.000%, 6/01/45 – AGC Insured
|
6/15 at 100.00
|
AA
|
5,978,320
|
||||||
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+
|
1,374,517
|
||||||
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
|
338,481
|
||||||
760
|
5.125%, 9/01/36
|
9/16 at 100.00
|
N/R
|
778,263
|
||||||
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
|
708,057
|
||||||
1,000
|
Lindsay Redevelopment Agency, California, Project 1 Tax Allocation Bonds, Series 2007, 5.000%, 8/01/37 – RAAI Insured
|
8/17 at 100.00
|
BBB+
|
1,059,970
|
||||||
1,310
|
Los Angeles Community Redevelopment Agency, California, Lease Revenue Bonds, Manchester Social Services Project, Series 2005, 5.000%, 9/01/37 – AMBAC Insured
|
9/15 at 100.00
|
A1
|
1,324,253
|
||||||
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
|
2,933,115
|
||||||
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–
|
923,875
|
||||||
240
|
North Natomas Community Facilities District 4, Sacramento, California, Special Tax Bonds, Series 2006D, 5.000%, 9/01/33
|
9/15 at 101.00
|
N/R
|
245,719
|
||||||
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+
|
329,897
|
||||||
11,165
|
Palm Desert Financing Authority, California, Tax Allocation Revenue Bonds, Project Area 1, Refunding Series 2002, 5.100%, 4/01/30 – NPFG Insured
|
10/15 at 100.00
|
AA–
|
11,182,752
|
Nuveen Investments
|
73
|
NZH
|
Nuveen California Dividend Advantage Municipal Fund 3
|
|
Portfolio of Investments (continued)
|
February 28, 2015
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Tax Obligation/Limited (continued)
|
||||||||||
$
|
295
|
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
|
$
|
339,813
|
||||
Patterson Public Financing Authority, California, Revenue Bonds, Community Facilities District 2001-1, Senior Series 2013A:
|
||||||||||
1,810
|
5.250%, 9/01/30
|
9/23 at 100.00
|
N/R
|
2,065,699
|
||||||
1,620
|
5.750%, 9/01/39
|
9/23 at 100.00
|
N/R
|
1,873,805
|
||||||
2,760
|
Pico Rivera Water Authority, California, Revenue Bonds, Series 2001A, 6.250%, 12/01/32
|
6/15 at 100.00
|
N/R
|
2,765,437
|
||||||
2,185
|
Pittsburg Redevelopment Agency, California, Tax Allocation Bonds, Los Medanos Community Development Project, Refunding Series 2008A, 6.500%, 9/01/28
|
9/18 at 100.00
|
BBB–
|
2,435,729
|
||||||
3,250
|
Pomona Public Financing Authority, California, Revenue Refunding Bonds, Merged Redevelopment Projects, Series 2001AD, 5.000%, 2/01/27 – NPFG Insured
|
8/15 at 100.00
|
AA–
|
3,254,973
|
||||||
995
|
Poway Unified School District, San Diego County, California, Special Tax Bonds, Community Facilities District 14 Del Sur, Series 2006, 5.125%, 9/01/26
|
9/16 at 100.00
|
N/R
|
1,021,925
|
||||||
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A:
|
||||||||||
10,000
|
0.000%, 8/01/44 – NPFG Insured
|
No Opt. Call
|
AA–
|
1,427,800
|
||||||
10,025
|
0.000%, 8/01/45 – NPFG Insured
|
No Opt. Call
|
AA–
|
1,339,741
|
||||||
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
|
4,069,205
|
||||||
865
|
Rancho Santa Fe CSD Financing Authority, California, Revenue Bonds, Superior Lien Series 2011A, 5.750%, 9/01/30
|
9/21 at 100.00
|
BBB+
|
993,712
|
||||||
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
|
BBB+
|
4,002,480
|
||||||
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–
|
194,429
|
||||||
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
|
1,121,789
|
||||||
2,615
|
5.000%, 9/01/35
|
9/22 at 100.00
|
N/R
|
2,885,417
|
||||||
San Diego County Regional Transportation Commission, California, Sales Tax Revenue Bonds, Series 2014A:
|
||||||||||
3,600
|
5.000%, 4/01/36
|
4/24 at 100.00
|
AAA
|
4,209,876
|
||||||
5,000
|
5.000%, 4/01/44
|
4/24 at 100.00
|
AAA
|
5,794,950
|
||||||
14,505
|
San Diego Redevelopment Agency, California, Subordinate Lien Tax Allocation Bonds, Centre City Project, Series 2001A, 5.000%, 9/01/26 – AGM Insured
|
5/15 at 100.00
|
AA
|
14,559,684
|
||||||
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
|
363,990
|
||||||
125
|
San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds, Mission Bay North Redevelopment Project, Series 2011C, 6.750%, 8/01/41
|
2/21 at 100.00
|
A–
|
153,279
|
||||||
San Francisco Redevelopment Financing Authority, California, Tax Allocation Revenue Bonds, Mission Bay South Redevelopment Project, Series 2011D:
|
||||||||||
125
|
7.000%, 8/01/33
|
2/21 at 100.00
|
BBB+
|
152,450
|
||||||
160
|
7.000%, 8/01/41
|
2/21 at 100.00
|
BBB+
|
195,136
|
||||||
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–
|
1,244,007
|
||||||
1,500
|
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2006D, 5.000%, 8/01/23 – AMBAC Insured
|
8/17 at 100.00
|
BBB+
|
1,625,280
|
||||||
6,000
|
San Marcos Public Facilities Authority, California, Tax Allocation Bonds, Project Areas 1 and 3, Series 2005A, 5.000%, 8/01/34 – AMBAC Insured
|
8/15 at 102.00
|
A
|
6,158,940
|
||||||
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
|
247,781
|
74
|
Nuveen Investments
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Tax Obligation/Limited (continued)
|
||||||||||
$
|
8,710
|
South Orange County Public Financing Authority, California, Special Tax Revenue Bonds, Ladera Ranch, Series 2005A, 5.000%, 8/15/32 – AMBAC Insured
|
8/15 at 100.00
|
BBB+
|
$
|
8,787,955
|
||||
1,500
|
Stockton Public Financing Authority, California, Lease Revenue Bonds, Series 2004, 5.250%, 9/01/34 – FGIC Insured
|
5/15 at 100.00
|
AA–
|
1,500,075
|
||||||
1,415
|
Temecula Public Financing Authority, California, Special Tax Bonds, Community Facilities District 03-02 Roripaugh, Series 2006, 5.450%, 9/01/26
|
9/15 at 101.00
|
N/R
|
1,421,495
|
||||||
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
|
A
|
1,463,391
|
||||||
Westminster Redevelopment Agency, California, Tax Allocation Bonds, Commercial Redevelopment Project 1, Police Facility Subordinate Series 2009:
|
||||||||||
7,500
|
6.250%, 11/01/39
|
11/19 at 100.00
|
AA
|
8,961,450
|
||||||
5,000
|
5.750%, 11/01/45
|
11/19 at 100.00
|
AA
|
5,857,950
|
||||||
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–
|
454,756
|
||||||
159,175
|
Total Tax Obligation/Limited
|
153,793,158
|
||||||||
Transportation – 10.6% (7.5% 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
|
A+
|
4,243,633
|
||||||
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+
|
4,125,104
|
||||||
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Series 2013A:
|
||||||||||
7,560
|
5.750%, 1/15/46
|
1/24 at 100.00
|
BBB–
|
8,867,729
|
||||||
7,555
|
6.000%, 1/15/53
|
1/24 at 100.00
|
BBB–
|
8,941,720
|
||||||
Los Angeles Harbors Department, California, Revenue Bonds, Series 2014C:
|
||||||||||
1,160
|
5.000%, 8/01/34
|
8/24 at 100.00
|
AA
|
1,361,747
|
||||||
1,865
|
5.000%, 8/01/36
|
8/24 at 100.00
|
AA
|
2,180,968
|
||||||
4,610
|
5.000%, 8/01/44
|
8/24 at 100.00
|
AA
|
5,333,447
|
||||||
2,350
|
Port of Oakland, California, Revenue Bonds, Refunding Series 2012P, 5.000%, 5/01/29 (Alternative Minimum Tax)
|
No Opt. Call
|
A+
|
2,664,360
|
||||||
32,230
|
Total Transportation
|
37,718,708
|
||||||||
U.S. Guaranteed – 3.4% (2.4% of Total Investments) (6)
|
||||||||||
1,690
|
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2006F, 5.000%, 4/01/31 (Pre-refunded 4/01/16) (UB)
|
4/16 at 100.00
|
AA (6)
|
1,778,539
|
||||||
155
|
California Educational Facilities Authority, Revenue Bonds, University of Redlands, Series 2005A, 5.000%, 10/01/35 (Pre-refunded 10/01/15)
|
10/15 at 100.00
|
N/R (6)
|
159,464
|
||||||
605
|
California Statewide Community Development Authority, Revenue Bonds, Thomas Jefferson School of Law, Series 2005A, 4.875%, 10/01/31 (Pre-refunded 10/01/15)
|
10/15 at 100.00
|
N/R (6)
|
619,641
|
||||||
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
|
BBB (6)
|
3,556,136
|
||||||
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 (6)
|
2,990,998
|
||||||
1,460
|
San Jose-Evergreen Community College District, Santa Clara County, California, General Obligation Bonds, Series 2005A, 5.000%, 9/01/25 (Pre-refunded 9/01/15) – NPFG Insured
|
9/15 at 100.00
|
Aa1 (6)
|
1,496,427
|
||||||
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 (6)
|
1,507,180
|
||||||
10,535
|
Total U.S. Guaranteed
|
12,108,385
|
Nuveen Investments
|
75
|
NZH
|
Nuveen California Dividend Advantage Municipal Fund 3
|
|
Portfolio of Investments (continued)
|
February 28, 2015
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Utilities – 6.8% (4.8% 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
|
$
|
4,455,119
|
||||
14,505
|
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2012B, 5.000%, 7/01/43
|
7/22 at 100.00
|
AA–
|
16,393,696
|
||||||
Merced Irrigation District, California, Electric System Revenue Bonds, Series 2005:
|
||||||||||
2,000
|
5.000%, 9/01/26 – SYNCORA GTY Insured
|
9/15 at 100.00
|
N/R
|
2,019,120
|
||||||
1,285
|
5.125%, 9/01/31 – SYNCORA GTY Insured
|
9/15 at 100.00
|
N/R
|
1,295,614
|
||||||
21,605
|
Total Utilities
|
24,163,549
|
||||||||
Water and Sewer – 13.5% (9.5% 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–
|
2,404,900
|
||||||
3,000
|
5.000%, 10/01/29
|
4/23 at 100.00
|
AA–
|
3,568,230
|
||||||
3,000
|
5.000%, 10/01/34
|
4/23 at 100.00
|
AA–
|
3,479,700
|
||||||
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
|
9,578,670
|
||||||
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–
|
3,357,150
|
||||||
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
|
1,155,139
|
||||||
890
|
Healdsburg Public Financing Authority, California, Wastewater Revenue Bonds, Series 2006, 5.000%, 4/01/36 – NPFG Insured
|
4/16 at 100.00
|
AA–
|
930,175
|
||||||
2,355
|
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2012B, 5.000%, 7/01/37
|
No Opt. Call
|
AA
|
2,698,383
|
||||||
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
|
10,961,241
|
||||||
Los Angeles, California, Wastewater System Revenue Bonds, Subordinate Lien, Refunding Series 2013A:
|
||||||||||
1,245
|
5.000%, 6/01/34
|
6/23 at 100.00
|
AA
|
1,441,735
|
||||||
5,355
|
5.000%, 6/01/35
|
6/23 at 100.00
|
AA
|
6,188,399
|
||||||
2,000
|
Metropolitan Water District of Southern California, Water Revenue Bonds, 2006 Authorization Series 2007A, 5.000%, 7/01/37
|
7/17 at 100.00
|
AAA
|
2,186,380
|
||||||
42,280
|
Total Water and Sewer
|
47,950,102
|
||||||||
$
|
479,784
|
Total Long-Term Investments (cost $453,703,261)
|
501,527,110
|
76
|
Nuveen Investments
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
SHORT-TERM INVESTMENTS – 1.3% (0.9% of Total Investments)
|
||||||||||
MUNICIPAL BONDS – 1.3% (0.9% of Total Investments)
|
||||||||||
Health Care – 1.3% (0.9% of Total Investments)
|
||||||||||
$
|
3,610
|
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2014A, 6.000%, 7/10/15 (7)
|
No Opt. Call
|
N/R
|
$
|
3,640,793
|
||||
350
|
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2014B, 6.000%, 7/10/15 (7)
|
No Opt. Call
|
N/R
|
352,986
|
||||||
530
|
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2014C, 6.000%, 7/10/15 (7)
|
No Opt. Call
|
N/R
|
534,521
|
||||||
$
|
4,490
|
Total Short-Term Investments (cost $4,490,000)
|
4,528,300
|
|||||||
Total Investments (cost $458,193,261) – 142.6%
|
506,055,410
|
|||||||||
Floating Rate Obligations – (0.2)%
|
(845,000
|
)
|
||||||||
Variable Rate Demand Preferred Shares, at Liquidation Value – (45.1)% (8)
|
(160,000,000
|
)
|
||||||||
Other Assets Less Liabilities – 2.7%
|
9,751,137
|
|||||||||
Net Assets Applicable to Common Shares – 100%
|
$
|
354,961,547
|
(1)
|
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
|
(2)
|
Optional Call Provisions (not covered by the report of independent registered public accounting firm): Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
|
(3)
|
Ratings (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
|
(4)
|
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
|
(5)
|
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 valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment classified as Level 3. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information.
|
(8)
|
Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 31.6%.
|
(IF)
|
Inverse floating rate investment.
|
(UB)
|
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.
|
Nuveen Investments
|
77
|
Statement of
|
||
Assets and Liabilities
|
February 28, 2015
|
California
|
California
|
California AMT-
|
||||||||
Value
|
Value 2
|
Free Income
|
||||||||
(NCA
|
)
|
(NCB
|
)
|
(NKX
|
)
|
|||||
Assets
|
||||||||||
Long-term investments, at value (cost $236,880,433, $47,056,934 and $946,834,444, respectively)
|
$
|
267,347,797
|
$
|
56,255,089
|
$
|
1,065,466,660
|
||||
Short-term investments, at value (cost $1,110,000, $540,000 and $8,645,000, respectively)
|
1,119,468
|
544,606
|
8,718,742
|
|||||||
Cash
|
1,030,428
|
277,572
|
—
|
|||||||
Receivable for:
|
||||||||||
Interest
|
2,660,903
|
619,355
|
13,577,585
|
|||||||
Investments sold
|
1,503,043
|
102,700
|
9,801,693
|
|||||||
Deferred offering costs
|
—
|
—
|
2,813,416
|
|||||||
Other assets
|
22,715
|
448
|
304,056
|
|||||||
Total assets
|
273,684,354
|
57,799,770
|
1,100,682,152
|
|||||||
Liabilities
|
||||||||||
Cash overdraft
|
—
|
—
|
1,327,505
|
|||||||
Floating rate obligations
|
4,490,000
|
—
|
6,755,000
|
|||||||
Payable for:
|
||||||||||
Common share dividends
|
924,088
|
202,036
|
3,282,958
|
|||||||
Offering costs
|
—
|
—
|
64,213
|
|||||||
Institutional MuniFund Term Preferred (“iMTP”) Shares, at liquidation value
|
—
|
—
|
36,000,000
|
|||||||
Variable Rate Demand Preferred (“VRDP”) Shares, at liquidation value
|
—
|
—
|
291,600,000
|
|||||||
Accrued expenses:
|
||||||||||
Management fees
|
109,221
|
27,545
|
516,650
|
|||||||
Directors/Trustees fees
|
24,446
|
554
|
20,553
|
|||||||
Other
|
87,078
|
37,184
|
329,207
|
|||||||
Total liabilities
|
5,634,833
|
267,319
|
339,896,086
|
|||||||
Net assets applicable to common shares
|
$
|
268,049,521
|
$
|
57,532,451
|
$
|
760,786,066
|
||||
Common shares outstanding
|
25,424,725
|
3,287,900
|
47,708,456
|
|||||||
Net asset value (“NAV”) per common share outstanding
|
$
|
10.54
|
$
|
17.50
|
$
|
15.95
|
||||
Net assets applicable to common shares consist of:
|
||||||||||
Common shares, $.01 par value per share
|
$
|
254,247
|
$
|
32,879
|
$
|
477,085
|
||||
Paid-in surplus
|
239,523,393
|
46,967,862
|
640,926,686
|
|||||||
Undistributed (Over-distribution of) net investment income
|
1,122,565
|
731,470
|
5,736,445
|
|||||||
Accumulated net realized gain (loss)
|
(3,327,516
|
)
|
597,479
|
(5,060,108
|
)
|
|||||
Net unrealized appreciation (depreciation)
|
30,476,832
|
9,202,761
|
118,705,958
|
|||||||
Net assets applicable to common shares
|
$
|
268,049,521
|
$
|
57,532,451
|
$
|
760,786,066
|
||||
Authorized shares:
|
||||||||||
Common
|
250,000,000
|
Unlimited
|
Unlimited
|
|||||||
Preferred
|
N/A
|
N/A
|
Unlimited
|
78
|
Nuveen Investments
|
California Dividend
|
California Dividend
|
California Dividend
|
||||||||
Advantage
|
Advantage 2
|
Advantage 3
|
||||||||
(NAC
|
)
|
(NVX
|
)
|
(NZH
|
)
|
|||||
Assets
|
||||||||||
Long-term investments, at value (cost $2,176,186,075, $295,502,285 and $453,703,261, respectively)
|
$
|
2,453,817,899
|
$
|
323,818,328
|
$
|
501,527,110
|
||||
Short-term investments, at value (cost $20,710,000, $1,645,000 and $4,490,000, respectively)
|
20,886,656
|
1,659,032
|
4,528,300
|
|||||||
Cash
|
448,529
|
2,815,126
|
3,411,999
|
|||||||
Receivable for:
|
||||||||||
Interest
|
33,052,061
|
4,416,854
|
7,078,493
|
|||||||
Investments sold
|
3,716,200
|
550,750
|
843,550
|
|||||||
Deferred offering costs
|
4,051,870
|
335,865
|
285,704
|
|||||||
Other assets
|
752,440
|
114,240
|
182,380
|
|||||||
Total assets
|
2,516,725,655
|
333,710,195
|
517,857,536
|
|||||||
Liabilities
|
||||||||||
Cash overdraft
|
—
|
—
|
—
|
|||||||
Floating rate obligations
|
92,995,000
|
965,000
|
845,000
|
|||||||
Payable for:
|
||||||||||
Common share dividends
|
8,168,553
|
1,018,228
|
1,585,694
|
|||||||
Offering costs
|
287,852
|
—
|
50,405
|
|||||||
Institutional MuniFund Term Preferred (“iMTP”) Shares, at liquidation value
|
—
|
—
|
—
|
|||||||
Variable Rate Demand Preferred (“VRDP”) Shares, at liquidation value
|
699,600,000
|
98,000,000
|
160,000,000
|
|||||||
Accrued expenses:
|
||||||||||
Management fees
|
1,134,598
|
158,129
|
248,355
|
|||||||
Directors/Trustees fees
|
262,804
|
36,082
|
56,433
|
|||||||
Other
|
648,582
|
97,426
|
110,102
|
|||||||
Total liabilities
|
803,097,389
|
100,274,865
|
162,895,989
|
|||||||
Net assets applicable to common shares
|
$
|
1,713,628,266
|
$
|
233,435,330
|
$
|
354,961,547
|
||||
Common shares outstanding
|
107,383,777
|
14,759,237
|
24,151,884
|
|||||||
Net asset value (“NAV”) per common share outstanding
|
$
|
15.96
|
$
|
15.82
|
$
|
14.70
|
||||
Net assets applicable to common shares consist of:
|
||||||||||
Common shares, $.01 par value per share
|
$
|
1,073,838
|
$
|
147,592
|
$
|
241,519
|
||||
Paid-in surplus
|
1,455,223,222
|
207,960,328
|
336,981,461
|
|||||||
Undistributed (Over-distribution of) net investment income
|
13,917,924
|
1,271,425
|
1,496,207
|
|||||||
Accumulated net realized gain (loss)
|
(34,395,198
|
)
|
(4,274,090
|
)
|
(31,619,789
|
)
|
||||
Net unrealized appreciation (depreciation)
|
277,808,480
|
28,330,075
|
47,862,149
|
|||||||
Net assets applicable to common shares
|
$
|
1,713,628,266
|
$
|
233,435,330
|
$
|
354,961,547
|
||||
Authorized shares:
|
||||||||||
Common
|
Unlimited
|
Unlimited
|
Unlimited
|
|||||||
Preferred
|
Unlimited
|
Unlimited
|
Unlimited
|
Nuveen Investments
|
79
|
Statement of
|
||
Operations
|
Year Ended February 28, 2015
|
California
|
California
|
California AMT-
|
||||||||
Value
|
Value 2
|
Free Income
|
||||||||
(NCA
|
)
|
(NCB
|
)
|
(NKX
|
)
|
|||||
Investment Income
|
$
|
13,240,389
|
$
|
3,179,437
|
$
|
50,792,129
|
||||
Expenses
|
||||||||||
Management fees
|
1,368,546
|
354,896
|
6,377,948
|
|||||||
Interest expense and amortization of offering costs
|
29,871
|
—
|
1,205,016
|
|||||||
Liquidity fees
|
—
|
—
|
2,550,778
|
|||||||
Remarketing fees
|
—
|
—
|
295,650
|
|||||||
Custodian fees
|
48,385
|
16,432
|
165,982
|
|||||||
Directors/Trustees fees
|
8,104
|
1,948
|
31,786
|
|||||||
Professional fees
|
33,681
|
24,448
|
71,591
|
|||||||
Shareholder reporting expenses
|
31,929
|
11,429
|
92,219
|
|||||||
Shareholder servicing agent fees
|
22,964
|
203
|
31,743
|
|||||||
Stock exchange listing fees
|
8,850
|
318
|
4,052
|
|||||||
Investor relations expenses
|
31,760
|
7,013
|
112,532
|
|||||||
Reorganization expenses
|
—
|
—
|
337,621
|
|||||||
Shelf offering expenses
|
149,228
|
—
|
186,263
|
|||||||
Other
|
18,970
|
9,319
|
130,367
|
|||||||
Total expenses before expense reimbursement
|
1,752,288
|
426,006
|
11,593,548
|
|||||||
Expense reimbursement
|
(74,614
|
)
|
—
|
(93,132
|
)
|
|||||
Net expenses
|
1,677,674
|
426,006
|
11,500,416
|
|||||||
Net investment income (loss)
|
11,562,715
|
2,753,431
|
39,291,713
|
|||||||
Realized and Unrealized Gain (Loss)
|
||||||||||
Net realized gain (loss) from investments
|
196,175
|
1,166,712
|
127,614
|
|||||||
Change in net unrealized appreciation (depreciation) of investments
|
12,999,135
|
1,327,324
|
65,081,303
|
|||||||
Net realized and unrealized gain (loss)
|
13,195,310
|
2,494,036
|
65,208,917
|
|||||||
Net increase (decrease) in net assets applicable to common shares from operations
|
$
|
24,758,025
|
$
|
5,247,467
|
$
|
104,500,630
|
80
|
Nuveen Investments
|
California Dividend
|
California Dividend
|
California Dividend
|
||||||||
Advantage
|
Advantage 2
|
Advantage 3
|
||||||||
(NAC
|
)
|
(NVX
|
)
|
(NZH
|
)
|
|||||
Investment Income
|
$
|
98,237,121
|
$
|
15,334,068
|
$
|
25,730,707
|
||||
Expenses
|
||||||||||
Management fees
|
11,530,850
|
2,026,731
|
3,174,792
|
|||||||
Interest expense and amortization of offering costs
|
1,479,527
|
152,913
|
221,488
|
|||||||
Liquidity fees
|
4,579,274
|
910,794
|
1,487,010
|
|||||||
Remarketing fees
|
552,815
|
99,360
|
162,221
|
|||||||
Custodian fees
|
292,996
|
58,633
|
84,609
|
|||||||
Directors/Trustees fees
|
57,241
|
10,140
|
15,542
|
|||||||
Professional fees
|
61,019
|
57,097
|
67,241
|
|||||||
Shareholder reporting expenses
|
94,200
|
22,621
|
25,162
|
|||||||
Shareholder servicing agent fees
|
50,851
|
1,271
|
2,122
|
|||||||
Stock exchange listing fees
|
6,422
|
—
|
—
|
|||||||
Investor relations expenses
|
201,563
|
35,429
|
53,691
|
|||||||
Reorganization expenses
|
267,428
|
—
|
—
|
|||||||
Shelf offering expenses
|
731,427
|
—
|
—
|
|||||||
Other
|
153,317
|
49,577
|
57,050
|
|||||||
Total expenses before expense reimbursement
|
20,058,930
|
3,424,566
|
5,350,928
|
|||||||
Expense reimbursement
|
(281,043
|
)
|
—
|
—
|
||||||
Net expenses
|
19,777,887
|
3,424,566
|
5,350,928
|
|||||||
Net investment income (loss)
|
78,459,234
|
11,909,502
|
20,379,779
|
|||||||
Realized and Unrealized Gain (Loss)
|
||||||||||
Net realized gain (loss) from investments
|
4,648,813
|
(208,468
|
)
|
2,904,836
|
||||||
Change in net unrealized appreciation (depreciation) of investments
|
82,447,263
|
15,230,559
|
25,190,058
|
|||||||
Net realized and unrealized gain (loss)
|
87,096,076
|
15,022,091
|
28,094,894
|
|||||||
Net increase (decrease) in net assets applicable to common shares from operations
|
$
|
165,555,310
|
$
|
26,931,593
|
$
|
48,474,673
|
Nuveen Investments
|
81
|
Statement of
|
|
Changes in Net Assets
|
California Value (NCA)
|
California Value 2 (NCB)
|
California AMT-Free Income (NKX)
|
|||||||||||||||||
Year
|
Year
|
Year
|
Year
|
Year
|
Year
|
||||||||||||||
Ended
|
Ended
|
Ended
|
Ended
|
Ended
|
Ended
|
||||||||||||||
2/28/15
|
2/28/14
|
2/28/15
|
2/28/14
|
2/28/15
|
2/28/14
|
||||||||||||||
Operations
|
|||||||||||||||||||
Net investment income (loss)
|
$
|
11,562,715
|
$
|
11,876,534
|
$
|
2,753,431
|
$
|
2,730,748
|
$
|
39,291,713
|
$
|
35,364,037
|
|||||||
Net realized gain (loss) from:
|
|||||||||||||||||||
Investments
|
196,175
|
(1,431,597
|
)
|
1,166,712
|
(52,738
|
)
|
127,614
|
(4,250,722
|
)
|
||||||||||
Swaps
|
—
|
—
|
—
|
(59,500
|
)
|
—
|
—
|
||||||||||||
Change in net unrealized appreciation (depreciation) of:
|
|||||||||||||||||||
Investments
|
12,999,135
|
(9,078,446
|
)
|
1,327,324
|
(2,615,620
|
)
|
65,081,303
|
(39,857,654
|
)
|
||||||||||
Swaps
|
—
|
—
|
—
|
32,496
|
—
|
—
|
|||||||||||||
Net increase (decrease) in net assets applicable to common shares from operations
|
24,758,025
|
1,366,491
|
5,247,467
|
35,386
|
104,500,630
|
(8,744,339
|
)
|
||||||||||||
Distributions to Common Shareholders
|
|||||||||||||||||||
From net investment income
|
(11,841,485
|
)
|
(11,863,137
|
)
|
(2,583,303
|
)
|
(2,568,508
|
)
|
(38,337,336
|
)
|
(35,265,923
|
)
|
|||||||
From accumulated net realized gains
|
—
|
—
|
(367,916
|
)
|
—
|
—
|
(539,785
|
)
|
|||||||||||
Decrease in net assets applicable to common shares from distributions to common shareholders
|
(11,841,485
|
)
|
(11,863,137
|
)
|
(2,951,219
|
)
|
(2,568,508
|
)
|
(38,337,336
|
)
|
(35,805,708
|
)
|
|||||||
Capital Share Transactions
|
|||||||||||||||||||
Common shares:
|
|||||||||||||||||||
Issued in the Reorganizations
|
—
|
—
|
—
|
—
|
87,770,468
|
—
|
|||||||||||||
Proceeds from shelf offering, net of offering costs
|
1,321,449
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||
Net proceeds from shares issued to shareholders due to reinvestment of distributions
|
173,032
|
41,527
|
—
|
—
|
—
|
—
|
|||||||||||||
Net increase (decrease) in net assets applicable to common shares from capital share transactions
|
1,494,481
|
41,527
|
—
|
—
|
87,770,468
|
—
|
|||||||||||||
Net increase (decrease) in net assets applicable to common shares
|
14,411,021
|
(10,455,119
|
)
|
2,296,248
|
(2,533,122
|
)
|
153,933,762
|
(44,550,047
|
)
|
||||||||||
Net assets applicable to common shares at the beginning of period
|
253,638,500
|
264,093,619
|
55,236,203
|
57,769,325
|
606,852,304
|
651,402,351
|
|||||||||||||
Net assets applicable to common shares at the end of period
|
$
|
268,049,521
|
$
|
253,638,500
|
$
|
57,532,451
|
$
|
55,236,203
|
$
|
760,786,066
|
$
|
606,852,304
|
|||||||
Undistributed (Over-distribution of) net investment income at the end of period
|
$
|
1,122,565
|
$
|
1,401,341
|
$
|
731,470
|
$
|
565,740
|
$
|
5,736,445
|
$
|
5,064,929
|
82
|
Nuveen Investments
|
California Dividend Advantage (NAC)
|
California Dividend Advantage 2 (NVX)
|
California Dividend Advantage 3 (NZH)
|
|||||||||||||||||
Year
|
Year
|
Year
|
Year
|
Year
|
Year
|
||||||||||||||
Ended
|
Ended
|
Ended
|
Ended
|
Ended
|
Ended
|
||||||||||||||
2/28/15
|
2/28/14
|
2/28/15
|
2/28/14
|
2/28/15
|
2/28/14
|
||||||||||||||
Operations
|
|||||||||||||||||||
Net investment income (loss)
|
$
|
78,459,234
|
$
|
19,726,181
|
$
|
11,909,502
|
$
|
11,822,336
|
$
|
20,379,779
|
$
|
17,956,430
|
|||||||
Net realized gain (loss) from:
|
|||||||||||||||||||
Investments
|
4,648,813
|
(519,724
|
)
|
(208,468
|
)
|
(2,252,230
|
)
|
2,904,836
|
(8,622,695
|
)
|
|||||||||
Swaps
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||
Change in net unrealized appreciation (depreciation) of:
|
|||||||||||||||||||
Investments
|
82,447,263
|
(27,032,828
|
)
|
15,230,559
|
(18,376,532
|
)
|
25,190,058
|
(19,112,933
|
)
|
||||||||||
Swaps
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||
Net increase (decrease) in net assets applicable to common shares from operations
|
165,555,310
|
(7,826,371
|
)
|
26,931,593
|
(8,806,426
|
)
|
48,474,673
|
(9,779,198
|
)
|
||||||||||
Distributions to Common Shareholders
|
|||||||||||||||||||
From net investment income
|
(69,293,415
|
)
|
(20,926,579
|
)
|
(12,619,148
|
)
|
(13,327,592
|
)
|
(19,461,588
|
)
|
(19,435,021
|
)
|
|||||||
From accumulated net realized gains
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||
Decrease in net assets applicable to common shares from distributions to common shareholders
|
(69,293,415
|
)
|
(20,926,579
|
)
|
(12,619,148
|
)
|
(13,327,592
|
)
|
(19,461,588
|
)
|
(19,435,021
|
)
|
|||||||
Capital Share Transactions
|
|||||||||||||||||||
Common shares:
|
|||||||||||||||||||
Issued in the Reorganizations
|
1,271,903,837
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||
Proceeds from shelf offering, net of offering costs
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||
Net proceeds from shares issued to shareholders due to reinvestment of distributions
|
—
|
119,833
|
—
|
20,251
|
—
|
—
|
|||||||||||||
Net increase (decrease) in net assets applicable to common shares from capital share transactions
|
1,271,903,837
|
119,833
|
—
|
20,251
|
—
|
—
|
|||||||||||||
Net increase (decrease) in net assets applicable to common shares
|
1,368,165,732
|
(28,633,117
|
)
|
14,312,445
|
(22,113,767
|
)
|
29,013,085
|
(29,214,219
|
)
|
||||||||||
Net assets applicable to common shares at the beginning of period
|
345,462,534
|
374,095,651
|
219,122,885
|
241,236,652
|
325,948,462
|
355,162,681
|
|||||||||||||
Net assets applicable to common shares at the end of period
|
$
|
1,713,628,266
|
$
|
345,462,534
|
$
|
233,435,330
|
$
|
219,122,885
|
$
|
354,961,547
|
$
|
325,948,462
|
|||||||
Undistributed (Over-distribution of) net investment income at the end of period
|
$
|
13,917,924
|
$
|
4,367,852
|
$
|
1,271,425
|
$
|
1,981,689
|
$
|
1,496,207
|
$
|
580,783
|
Nuveen Investments
|
83
|
Statement of
|
||
Cash Flows
|
Year Ended February 28, 2015
|
California AMT-
|
California Dividend
|
California Dividend
|
California Dividend
|
||||||||||
Free Income
|
Advantage
|
Advantage 2
|
Advantage 3
|
||||||||||
(NKX
|
)
|
(NAC
|
)
|
(NVX
|
)
|
(NZH
|
)
|
||||||
Cash Flows from Operating Activities:
|
|||||||||||||
Net Increase (Decrease) In Net Assets Applicable to Common Shares from Operations
|
$
|
104,500,630
|
$
|
165,555,310
|
$
|
26,931,593
|
$
|
48,474,673
|
|||||
Adjustments to reconcile the net increase (decrease) in net assets applicable to common shares from operations to net cash provided by (used in) operating activities:
|
|||||||||||||
Purchases of investments
|
(127,607,362
|
)
|
(218,318,411
|
)
|
(65,095,687
|
)
|
(91,137,093
|
)
|
|||||
Proceeds from sales and maturities of investments
|
136,219,205
|
174,411,621
|
44,897,069
|
72,373,329
|
|||||||||
Proceeds from (Purchases of) short-term investments, net
|
(8,718,742
|
)
|
(20,886,656
|
)
|
18,340,968
|
10,471,700
|
|||||||
Other investment transactions, net
|
71,057
|
146,282
|
14,034
|
32,334
|
|||||||||
Taxes paid on undistributed capital gains
|
(57
|
)
|
—
|
—
|
(240
|
)
|
|||||||
Amortization (Accretion) of premiums and discounts, net
|
(1,960,701
|
)
|
(1,847,880
|
)
|
(282,506
|
)
|
382,957
|
||||||
Amortization of deferred offering costs
|
190,567
|
286,106
|
2,965
|
10,015
|
|||||||||
(Increase) Decrease in:
|
|||||||||||||
Receivable for interest
|
(345,289
|
)
|
(3,898,923
|
)
|
(180,904
|
)
|
192,953
|
||||||
Receivable for investments sold
|
1,115,720
|
21,710,535
|
1,159,250
|
1,862,004
|
|||||||||
Other assets
|
197,346
|
439,379
|
1,164
|
1,666
|
|||||||||
Increase (Decrease) in:
|
|||||||||||||
Accrued management fees
|
88,340
|
879,689
|
7,358
|
13,954
|
|||||||||
Accrued Directors/Trustees fees
|
(4,543
|
)
|
197,034
|
(3,827
|
)
|
(5,996
|
)
|
||||||
Accrued reorganization expenses
|
(121,534
|
)
|
(699,950
|
)
|
—
|
—
|
|||||||
Accrued other expenses
|
(530,328
|
)
|
(2,214,212
|
)
|
4,398
|
3,481
|
|||||||
Net realized (gain) loss from investments
|
(127,614
|
)
|
(4,648,813
|
)
|
208,468
|
(2,904,836
|
)
|
||||||
Change in net unrealized (appreciation) depreciation of investments
|
(65,081,303
|
)
|
(82,447,263
|
)
|
(15,230,559
|
)
|
(25,190,058
|
)
|
|||||
Net cash provided by (used in) operating activities
|
37,885,392
|
28,663,848
|
10,773,784
|
14,580,843
|
|||||||||
Cash Flows from Financing Activities:
|
|||||||||||||
(Payments for) deferred offering costs
|
(360,000
|
)
|
—
|
—
|
—
|
||||||||
Increase (Decrease) in:
|
|||||||||||||
Cash overdraft
|
(1,287,984
|
)
|
—
|
—
|
—
|
||||||||
Floating rate obligations
|
—
|
(7,550,000
|
)
|
—
|
—
|
||||||||
Payable for offering costs
|
(12,712
|
)
|
287,852
|
—
|
(76,172
|
)
|
|||||||
Accrued shelf offering costs
|
48
|
(46,750
|
)
|
—
|
—
|
||||||||
iMTP Shares, at liquidation value
|
36,000,000
|
—
|
—
|
—
|
|||||||||
MTP Shares, at liquidation value
|
(35,250,000
|
)
|
—
|
—
|
—
|
||||||||
Cash distributions paid to common shareholders
|
(37,853,375
|
)
|
(62,823,074
|
)
|
(12,691,289
|
)
|
(19,450,462
|
)
|
|||||
Net cash provided by (used in) financing activities
|
(38,764,023
|
)
|
(70,131,972
|
)
|
(12,691,289
|
)
|
(19,526,634
|
)
|
|||||
Net Increase (Decrease) in Cash
|
(878,631
|
)
|
(41,468,124
|
)
|
(1,917,505
|
)
|
(4,945,791
|
)
|
|||||
Cash at the beginning of period
|
—
|
8,690,242
|
4,732,631
|
8,357,790
|
|||||||||
Cash acquired in connection with the Reorganizations
|
878,631
|
33,226,411
|
—
|
—
|
|||||||||
Cash at the end of period
|
$
|
—
|
$
|
448,529
|
$
|
2,815,126
|
$
|
3,411,999
|
California AMT-
|
California Dividend
|
California Dividend
|
California Dividend
|
||||||||||
Free Income
|
Advantage
|
Advantage 2
|
Advantage 3
|
||||||||||
Supplemental Disclosures of Cash Flow Information*
|
(NKX
|
)
|
(NAC
|
)
|
(NVX
|
)
|
(NZH
|
)
|
|||||
Cash paid for interest (excluding amortization of offering costs)
|
$
|
900,620
|
$
|
1,358,421
|
$
|
151,894
|
$
|
211,473
|
*
|
See Notes to Financial Statements, Note 1 – General Information and Significant Accounting Policies, Fund Reorganizations for more information of the non-cash activities related to California AMT-Free Income’s (NKX) and California Dividend Advantage’s (NAC) Reorganizations.
|
84
|
Nuveen Investments
|
Nuveen Investments
|
85
|
Financial
|
|
Highlights
|
Investment Operations
|
Less Distributions
to Common Shareholders
|
Common Share
|
|||||||||||||||||||||||||||||
Beginning
Common
Share
NAV
|
Net
Investment
Income
(Loss)
|
Net
Realized/
Unrealized
Gain (Loss)
|
Total
|
From
Net
Investment
Income
|
From
Accumu-
lated Net
Realized
Gains
|
Total
|
Premium
per
Share
Sold through
Shelf
Offering
|
Ending
NAV
|
Ending
Share
Price
|
||||||||||||||||||||||
California Value (NCA)
|
|||||||||||||||||||||||||||||||
Year Ended 2/28–2/29:
|
|||||||||||||||||||||||||||||||
2015
|
$
|
10.03
|
$
|
0.46
|
$
|
0.51
|
$
|
0.97
|
$
|
(0.47
|
)
|
$
|
—
|
$
|
(0.47
|
)
|
$
|
0.01
|
$
|
10.54
|
$
|
10.64
|
|||||||||
2014
|
10.45
|
0.47
|
(0.42
|
)
|
0.05
|
(0.47
|
)
|
—
|
(0.47
|
)
|
—
|
10.03
|
9.57
|
||||||||||||||||||
2013
|
10.08
|
0.47
|
0.37
|
0.84
|
(0.47
|
)
|
—
|
(0.47
|
)
|
—
|
10.45
|
10.45
|
|||||||||||||||||||
2012
|
9.07
|
0.48
|
0.99
|
1.47
|
(0.46
|
)
|
—
|
(0.46
|
)
|
—
|
10.08
|
10.13
|
|||||||||||||||||||
2011
|
9.53
|
0.47
|
(0.47
|
)
|
—
|
(0.46
|
)
|
—
|
(0.46
|
)
|
—
|
9.07
|
8.36
|
||||||||||||||||||
California Value 2 (NCB)
|
|||||||||||||||||||||||||||||||
Year Ended 2/28–2/29:
|
|||||||||||||||||||||||||||||||
2015
|
16.80
|
0.84
|
0.76
|
1.60
|
(0.79
|
)
|
(0.11
|
)
|
(0.90
|
)
|
—
|
17.50
|
16.68
|
||||||||||||||||||
2014
|
17.57
|
0.83
|
(0.82
|
)
|
0.01
|
(0.78
|
)
|
—
|
(0.78
|
)
|
—
|
16.80
|
15.53
|
||||||||||||||||||
2013
|
16.66
|
0.83
|
0.89
|
1.72
|
(0.80
|
)
|
(0.01
|
)
|
(0.81
|
)
|
—
|
17.57
|
16.86
|
||||||||||||||||||
2012
|
14.88
|
0.84
|
1.76
|
2.60
|
(0.80
|
)
|
(0.02
|
)
|
(0.82
|
)
|
—
|
16.66
|
16.33
|
||||||||||||||||||
2011
|
15.71
|
0.84
|
(0.84
|
)
|
—
|
(0.82
|
)
|
(0.01
|
)
|
(0.83
|
)
|
—
|
14.88
|
13.65
|
(a)
|
Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized.
|
Total Return Based on Common Share Price is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.
|
86
|
Nuveen Investments
|
Common Share Supplemental Data/
Ratios Applicable to Common Shares
|
||||||||||||||||||
Common Share
Total Returns
|
Ratios to Average Net Assets
|
|||||||||||||||||
Based
on
NAV
|
(a)
|
Based
on
Share
Price
|
(a)
|
Ending
Net
Assets (000)
|
Expenses
|
(b)
|
Net
Investment
Income (Loss)
|
Portfolio
Turnover
Rate
|
(d)
|
|||||||||
9.91
|
%
|
16.36
|
%
|
$
|
268,050
|
0.64
|
%(c)
|
4.41
|
%(c)
|
13
|
%
|
|||||||
0.62
|
(3.80
|
)
|
253,639
|
0.62
|
4.73
|
20
|
||||||||||||
8.48
|
7.99
|
264,094
|
0.64
|
4.55
|
16
|
|||||||||||||
16.58
|
27.44
|
254,563
|
0.65
|
4.98
|
8
|
|||||||||||||
(0.13
|
)
|
(2.32
|
)
|
228,948
|
0.65
|
4.92
|
14
|
|||||||||||
9.68
|
13.41
|
57,532
|
0.75
|
4.84
|
7
|
|||||||||||||
0.22
|
(3.08
|
)
|
55,236
|
0.76
|
5.00
|
12
|
||||||||||||
10.54
|
8.39
|
57,769
|
0.74
|
4.81
|
7
|
|||||||||||||
17.97
|
26.50
|
54,772
|
0.77
|
5.41
|
4
|
|||||||||||||
(0.17
|
)
|
(1.25
|
)
|
48,936
|
0.72
|
5.35
|
5
|
(b)
|
The expense ratios reflect, among other things, the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, where applicable, as described in Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities, as follows:
|
California Value (NCA)
|
||
Year Ended 2/28–2/29:
|
||
2015
|
0.01
|
%
|
2014
|
0.01
|
|
2013
|
0.01
|
|
2012
|
0.01
|
|
2011
|
0.01
|
California Value 2 (NCB)
|
||
Year Ended 2/28–2/29:
|
||
2015
|
—
|
%
|
2014
|
—
|
|
2013
|
—
|
|
2012
|
—
|
|
2011
|
—
|
(c)
|
During the fiscal year ended February 28, 2015, the Adviser voluntarily reimbursed the Fund for certain expenses incurred in connection with its common shares equity shelf program. As a result the expenses and net investment income (loss) ratios to average net assets applicable to common shares reflect the voluntary expense reimbursement from Adviser as described in Note 1 – General Information and Significant Accounting Policies, Common Shares Equity Shelf Program and Offering Costs. The expenses and net investment income (loss) ratios to average net assets applicable to common shares excluding this expense reimbursement from Adviser are as follows:
|
Net Investment
|
|||||
California Value (NCA)
|
Expenses
|
Income (Loss)
|
|||
Year Ended 2/28-2/29:
|
|||||
2015
|
0.67%
|
4.38%
|
(d)
|
Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.
|
Nuveen Investments
|
87
|
Investment Operations
|
Less Distributions
to Common Shareholders
|
Common Share
|
||||||||||||||||||||||||||||||||
Beginning
Common
Share
NAV
|
Net
Investment
Income
(Loss)
|
Net
Realized/
Unrealized
Gain (Loss)
|
Distributions
from Net
Investment
Income to
ARPS
Shareholders
|
(a)
|
Distributions
from
Accumulated
Net
Realized
Gains to
ARPS
Shareholders
|
(a)
|
Total
|
From
Net
Investment
Income
|
From
Accumu-
lated
Net
Realized
Gains
|
Total
|
Ending
NAV
|
Ending
Share
Price
|
||||||||||||||||||||||
California AMT-Free Income (NKX)
|
||||||||||||||||||||||||||||||||||
Year Ended 2/28-2/29:
|
||||||||||||||||||||||||||||||||||
2015
|
$
|
14.50
|
$
|
0.85
|
$
|
1.45
|
$
|
—
|
$
|
—
|
$
|
2.30
|
$
|
(0.85
|
)
|
$
|
—
|
$
|
(0.85
|
)
|
$
|
15.95
|
$
|
14.67
|
||||||||||
2014
|
15.57
|
0.84
|
(1.06
|
)
|
—
|
—
|
(0.22
|
)
|
(0.84
|
)
|
(0.01
|
)
|
(0.85
|
)
|
14.50
|
13.25
|
||||||||||||||||||
2013
|
14.73
|
0.77
|
0.97
|
—
|
—
|
1.74
|
(0.88
|
)
|
(0.02
|
)
|
(0.90
|
)
|
15.57
|
15.12
|
||||||||||||||||||||
2012
|
12.82
|
0.83
|
1.91
|
—
|
—
|
2.74
|
(0.83
|
)
|
—
|
(0.83
|
)
|
14.73
|
15.06
|
|||||||||||||||||||||
2011
|
14.03
|
0.81
|
(1.22
|
)
|
—
|
—
|
(0.41
|
)
|
(0.80
|
)
|
—
|
(0.80
|
)
|
12.82
|
11.78
|
|||||||||||||||||||
California Dividend Advantage (NAC)
|
||||||||||||||||||||||||||||||||||
Year Ended 2/28-2/29:
|
||||||||||||||||||||||||||||||||||
2015
|
14.68
|
0.87
|
1.34
|
—
|
—
|
2.21
|
(0.93
|
)
|
—
|
(0.93
|
)
|
15.96
|
15.34
|
|||||||||||||||||||||
2014
|
15.90
|
0.84
|
(1.17
|
)
|
—
|
—
|
(0.33
|
)
|
(0.89
|
)
|
—
|
(0.89
|
)
|
14.68
|
14.07
|
|||||||||||||||||||
2013
|
14.87
|
0.84
|
1.11
|
—
|
—
|
1.95
|
(0.92
|
)
|
—
|
(0.92
|
)
|
15.90
|
15.81
|
|||||||||||||||||||||
2012
|
12.68
|
0.94
|
2.17
|
(0.01
|
)
|
—
|
3.10
|
(0.91
|
)
|
—
|
(0.91
|
)
|
14.87
|
15.14
|
||||||||||||||||||||
2011
|
13.88
|
0.98
|
(1.27
|
)
|
(0.02
|
)
|
—
|
(0.31
|
)
|
(0.89
|
)
|
—
|
(0.89
|
)
|
12.68
|
12.20
|
(a)
|
The amounts shown for Auction Rate Preferred Shares (“ARPS”) are based on common share equivalents.
|
(b)
|
Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized.
|
Total Return Based on Common Share Price is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.
|
|
(c)
|
Ratios do not reflect the effect of dividend payments to ARPS shareholders, where applicable; Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to ARPS, iMTP Shares, MTP Shares and/or VRDP Shares, where applicable.
|
(d)
|
After expense reimbursement from the Adviser, where applicable. As of November 30, 2010 and July 31, 2009, the Adviser is no longer reimbursing California AMT-Free Income (NKX) and California Dividend Advantage (NAC) for any fees or expenses.
|
88
|
Nuveen Investments
|
Common Share Supplemental Data/
Ratios Applicable to Common Shares
|
||||||||||||||||||||||||
Common Share
Total Returns
|
Ratios to Average Net Assets
Before Reimbursement(c)
|
Ratios to Average Net Assets
After Reimbursement(c)(d)
|
||||||||||||||||||||||
Based
on
NAV
|
(b)
|
Based
on
Share
Price
|
(b)
|
Ending
Net
Assets (000)
|
Expenses
|
(e)
|
Net
Investment
Income (Loss)
|
Expenses
|
(e)
|
Net
Investment
Income (Loss)
|
Portfolio
Turnover
Rate
|
(g)
|
||||||||||||
16.16
|
%
|
17.55
|
%
|
$
|
760,786
|
1.63
|
%
|
5.51
|
%
|
1.62
|
%(f)
|
5.53
|
%(f)
|
13
|
%
|
|||||||||
(1.10
|
)
|
(6.39
|
)
|
606,852
|
1.64
|
5.93
|
N/A
|
N/A
|
32
|
|||||||||||||||
12.08
|
6.53
|
651,402
|
1.64
|
5.48
|
N/A
|
N/A
|
20
|
|||||||||||||||||
21.95
|
36.10
|
86,731
|
1.90
|
6.03
|
N/A
|
N/A
|
7
|
|||||||||||||||||
(3.18
|
)
|
(2.71
|
)
|
75,493
|
2.06
|
5.74
|
1.97
|
%
|
5.83
|
%
|
8
|
|||||||||||||
15.39
|
16.21
|
1,713,628
|
1.53
|
5.95
|
1.50
|
(f)
|
5.97
|
(f)
|
9
|
|||||||||||||||
(1.81
|
)
|
(4.95
|
)
|
345,463
|
1.86
|
5.79
|
N/A
|
N/A
|
25
|
|||||||||||||||
13.39
|
10.80
|
374,096
|
1.60
|
5.44
|
N/A
|
N/A
|
12
|
|||||||||||||||||
25.30
|
32.82
|
349,203
|
1.50
|
6.84
|
N/A
|
N/A
|
13
|
|||||||||||||||||
(2.57
|
)
|
3.54
|
297,629
|
1.18
|
7.18
|
N/A
|
N/A
|
20
|
(e)
|
The expense ratios reflect, among other things, all interest expense and other costs related to iMTP Shares, MTP Shares, VRDP Shares and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, where applicable, each as described in Note 1 – General Information and Significant Accounting Policies, Institutional MuniFund Term Preferred Shares, MuniFund Term Preferred Shares and Variable Rate Demand Preferred Shares and Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities, respectively, as follows:
|
California AMT-Free Income (NKX)
|
||
Year Ended 2/28-2/29:
|
||
2015
|
0.57
|
%
|
2014
|
0.62
|
|
2013
|
0.59
|
|
2012
|
0.67
|
|
2011
|
0.92
|
California Dividend Advantage (NAC)
|
||
Year Ended 2/28-2/29:
|
||
2015
|
0.50
|
%
|
2014
|
0.61
|
|
2013
|
0.61
|
|
2012
|
0.46
|
|
2011
|
0.06
|
(f)
|
During the fiscal year ended February 28, 2015, the Adviser voluntarily reimbursed the Fund for certain expenses incurred in connection with its common shares equity shelf program as described in Note 1 – General Information and Significant Accounting Policies, Common Shares Equity Shelf Program and Offering Costs.
|
(g)
|
Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.
|
N/A
|
Fund no longer has a contractual reimbursement agreement with the Adviser.
|
Nuveen Investments
|
89
|
Investment Operations
|
Less Distributions
to Common Shareholders
|
Common Share
|
||||||||||||||||||||||||||||||||
Beginning
Common
Share
NAV
|
Net
Investment
Income
(Loss)
|
Net
Realized/
Unrealized
Gain (Loss)
|
Distributions
from Net
Investment
Income to
ARPS
Shareholders
|
(a)
|
Distributions
from
Accumulated
Net
Realized
Gains to
ARPS
Shareholders
|
(a)
|
Total
|
From
Net
Investment
Income
|
From
Accumu-
lated
Net
Realized
Gains
|
Total
|
Ending
NAV
|
Ending
Share
Price
|
||||||||||||||||||||||
California Dividend Advantage 2 (NVX)
|
||||||||||||||||||||||||||||||||||
Year Ended 2/28-2/29:
|
||||||||||||||||||||||||||||||||||
2015
|
$
|
14.85
|
$
|
0.81
|
$
|
1.02
|
$
|
—
|
$
|
—
|
$
|
1.83
|
$
|
(0.86
|
)
|
$
|
—
|
$
|
(0.86
|
)
|
$
|
15.82
|
$
|
14.59
|
||||||||||
2014
|
16.35
|
0.80
|
(1.40
|
)
|
—
|
—
|
(0.60
|
)
|
(0.90
|
)
|
—
|
(0.90
|
)
|
14.85
|
13.75
|
|||||||||||||||||||
2013
|
15.49
|
0.85
|
0.96
|
—
|
—
|
1.81
|
(0.95
|
)
|
—
|
(0.95
|
)
|
16.35
|
16.30
|
|||||||||||||||||||||
2012
|
13.47
|
0.90
|
2.08
|
—
|
*
|
—
|
2.98
|
(0.96
|
)
|
—
|
(0.96
|
)
|
15.49
|
15.58
|
||||||||||||||||||||
2011
|
14.49
|
1.03
|
(1.07
|
)
|
(0.02
|
)
|
—
|
(0.06
|
)
|
(0.96
|
)
|
—
|
(0.96
|
)
|
13.47
|
12.83
|
||||||||||||||||||
California Dividend Advantage 3 (NZH)
|
||||||||||||||||||||||||||||||||||
Year Ended 2/28-2/29:
|
||||||||||||||||||||||||||||||||||
2015
|
13.50
|
0.84
|
1.17
|
—
|
—
|
2.01
|
(0.81
|
)
|
—
|
(0.81
|
)
|
14.70
|
13.63
|
|||||||||||||||||||||
2014
|
14.71
|
0.74
|
(1.15
|
)
|
—
|
—
|
(0.41
|
)
|
(0.80
|
)
|
—
|
(0.80
|
)
|
13.50
|
12.24
|
|||||||||||||||||||
2013
|
13.91
|
0.75
|
0.90
|
—
|
—
|
1.65
|
(0.85
|
)
|
—
|
(0.85
|
)
|
14.71
|
14.25
|
|||||||||||||||||||||
2012
|
12.13
|
0.82
|
1.86
|
—
|
*
|
—
|
2.68
|
(0.90
|
)
|
—
|
(0.90
|
)
|
13.91
|
14.35
|
||||||||||||||||||||
2011
|
13.18
|
0.88
|
(1.02
|
)
|
(0.01
|
)
|
—
|
(0.15
|
)
|
(0.90
|
)
|
—
|
(0.90
|
)
|
12.13
|
11.67
|
(a)
|
The amounts shown for ARPS are based on common share equivalents.
|
(b)
|
Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized.
|
Total Return Based on Common Share Price is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.
|
|
*
|
Rounds to less than $.01 per share.
|
90
|
Nuveen Investments
|
Common Share Supplemental Data/
Ratios Applicable to Common Shares
|
||||||||||||||||||||||||
Common Share
Total Returns
|
Ratios to Average Net Assets
Before Reimbursement(c)
|
Ratios to Average Net Assets
After Reimbursement(c)(d)
|
||||||||||||||||||||||
Based
on
NAV
|
(b)
|
Based
on
Share
Price
|
(b)
|
Ending
Net
Assets (000)
|
Expenses
|
(e)
|
Net
Investment
Income (Loss)
|
Expenses
|
(e)
|
Net
Investment
Income (Loss)
|
Portfolio
Turnover
Rate
|
(f)
|
||||||||||||
12.57
|
%
|
12.72
|
%
|
$
|
233,435
|
1.50
|
%
|
5.23
|
%
|
N/A
|
N/A
|
14
|
%
|
|||||||||||
(3.42
|
)
|
(9.86
|
)
|
219,123
|
2.24
|
5.43
|
N/A
|
N/A
|
39
|
|||||||||||||||
11.94
|
11.03
|
241,237
|
2.19
|
5.29
|
N/A
|
N/A
|
23
|
|||||||||||||||||
22.90
|
30.01
|
228,474
|
2.30
|
6.29
|
2.30
|
%
|
6.30
|
%
|
12
|
|||||||||||||||
(0.64
|
)
|
1.37
|
198,675
|
1.36
|
7.10
|
1.28
|
7.19
|
13
|
||||||||||||||||
15.18
|
18.47
|
354,962
|
1.56
|
5.93
|
N/A
|
N/A
|
15
|
|||||||||||||||||
(2.50
|
)
|
(8.23
|
)
|
325,948
|
2.42
|
5.57
|
N/A
|
N/A
|
41
|
|||||||||||||||
12.15
|
5.41
|
355,163
|
2.53
|
5.22
|
N/A
|
N/A
|
20
|
|||||||||||||||||
22.89
|
31.93
|
335,830
|
2.56
|
6.28
|
2.52
|
6.33
|
18
|
|||||||||||||||||
(1.40
|
)
|
(1.21
|
)
|
292,563
|
2.07
|
6.61
|
1.94
|
6.74
|
16
|
(c)
|
Ratios do not reflect the effect of dividend payments to ARPS shareholders, where applicable; Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to ARPS, MTP Shares and/or VRDP Shares, where applicable.
|
(d)
|
After expense reimbursement from the Adviser, where applicable. As of March 31, 2011 and September 30, 2011, the Adviser is no longer reimbursing California Dividend Advantage 2 (NVX) and California Dividend Advantage 3 (NZH), respectively, for any fees or expenses.
|
(e)
|
The expense ratios reflect, among other things, all interest expense and other costs related to MTP Shares, VRDP Shares and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, where applicable, each as described in Note 1 – General Information and Significant Accounting Policies, MuniFund Term Preferred Shares and Variable Rate Demand Preferred Shares and Note 3 –Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities, respectively, as follows:
|
California Dividend Advantage 2 (NVX)
|
||
Year Ended 2/28-2/29:
|
||
2015
|
0.51
|
%
|
2014
|
1.18
|
|
2013
|
1.15
|
|
2012
|
1.25
|
|
2011
|
0.26
|
California Dividend Advantage 3 (NZH)
|
||
Year Ended 2/28-2/29:
|
||
2015
|
0.54
|
%
|
2014
|
1.37
|
|
2013
|
1.47
|
|
2012
|
1.49
|
|
2011
|
0.94
|
(f)
|
Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.
|
N/A
|
Fund no longer has a contractual reimbursement agreement with the Adviser.
|
Nuveen Investments
|
91
|
ARPS at the End of Period
|
iMTP Shares at the End of Period
|
VRDP Shares at the End of Period
|
iMTP and
VRDP Shares at
the End of Period
|
|||||||||||||||||||
Aggregate
|
Asset
|
Aggregate
|
Asset
|
Aggregate
|
Asset
|
Asset Coverage
|
||||||||||||||||
Amount
|
Coverage
|
Amount
|
Coverage
|
Amount
|
Coverage
|
Per $1
|
||||||||||||||||
Outstanding
|
Per $25,000
|
Outstanding
|
Per $5,000
|
Outstanding
|
Per $100,000
|
Liquidation
|
||||||||||||||||
(000
|
)
|
Share
|
(000
|
)
|
Share
|
(000
|
)
|
Share
|
Preference
|
|||||||||||||
California AMT-Free Income (NKX)
|
||||||||||||||||||||||
Year Ended 2/28-2/29:
|
||||||||||||||||||||||
2015(a)
|
$
|
—
|
$
|
—
|
$
|
36,000
|
$
|
16,612
|
$
|
291,600
|
$
|
332,230
|
$
|
3.32
|
||||||||
2014
|
—
|
—
|
—
|
—
|
291,600
|
308,111
|
—
|
|||||||||||||||
2013
|
—
|
—
|
—
|
—
|
291,600
|
323,389
|
—
|
|||||||||||||||
2012
|
—
|
—
|
—
|
—
|
35,500
|
344,312
|
—
|
|||||||||||||||
2011
|
—
|
—
|
—
|
—
|
35,500
|
312,655
|
—
|
|||||||||||||||
California Dividend Advantage (NAC)
|
||||||||||||||||||||||
Year Ended 2/28-2/29:
|
||||||||||||||||||||||
2015
|
—
|
—
|
—
|
—
|
699,600
|
344,944
|
—
|
|||||||||||||||
2014
|
—
|
—
|
—
|
—
|
136,200
|
353,644
|
—
|
|||||||||||||||
2013
|
—
|
—
|
—
|
—
|
136,200
|
374,666
|
—
|
|||||||||||||||
2012
|
—
|
—
|
—
|
—
|
136,200
|
356,390
|
—
|
|||||||||||||||
2011
|
135,525
|
79,903
|
—
|
—
|
—
|
—
|
—
|
(a)
|
The Ending and Average Market Value Per Share for each Series of the Fund’s MTP Shares were as follows:
|
2015
|
|||
California AMT-Free Income (NKX)
|
|||
Series 2015 (NKX PRC)
|
|||
Ending Market Value per Share
|
—
|
||
Average Market Value per Share
|
10.03
|
Ω
|
Ω
|
For the period June 9, 2014 (effective date of the Reorganizations) through December 29, 2014.
|
92
|
Nuveen Investments
|
ARPS at the End of Period
|
VRDP Shares at the End of Period
|
MTP Shares at the End of Period (a)
|
ARPS and/or
MTP Shares at
the End of Period
|
|||||||||||||||||||
Aggregate
Amount
Outstanding
(000
|
)
|
Asset
Coverage
Per $25,000
Share
|
Aggregate
Amount
Outstanding
(000
|
)
|
Asset
Coverage
Per $100,000
Share
|
Aggregate
Amount
Outstanding
(000
|
)
|
Asset
Coverage
Per $10
Share
|
Asset Coverage
Per $1
Liquidation
Preference
|
|||||||||||||
California Dividend Advantage 2 (NVX)
|
||||||||||||||||||||||
Year Ended 2/28-2/29:
|
||||||||||||||||||||||
2015
|
$
|
—
|
$
|
—
|
$
|
98,000
|
$
|
338,199
|
$
|
—
|
$
|
—
|
$
|
—
|
||||||||
2014
|
—
|
—
|
98,000
|
323,595
|
—
|
—
|
—
|
|||||||||||||||
2013
|
—
|
—
|
—
|
—
|
97,846
|
34.65
|
—
|
|||||||||||||||
2012
|
—
|
—
|
—
|
—
|
97,846
|
33.35
|
—
|
|||||||||||||||
2011
|
39,950
|
77,310
|
—
|
—
|
55,000
|
30.92
|
3.09
|
|||||||||||||||
California Dividend Advantage 3 (NZH)
|
||||||||||||||||||||||
Year Ended 2/28-2/29:
|
||||||||||||||||||||||
2015
|
—
|
—
|
160,000
|
321,851
|
—
|
—
|
—
|
|||||||||||||||
2014
|
—
|
—
|
160,000
|
303,718
|
—
|
—
|
—
|
|||||||||||||||
2013
|
—
|
—
|
—
|
—
|
159,545
|
32.26
|
—
|
|||||||||||||||
2012
|
—
|
—
|
—
|
—
|
159,545
|
31.05
|
—
|
|||||||||||||||
2011
|
69,500
|
71,960
|
—
|
—
|
86,250
|
28.78
|
2.88
|
(a)
|
The Ending and Average Market Value Per Share for each Series of the Fund’s MTP Shares were as follows:
|
2015
|
2014
|
2013
|
2012
|
2011
|
||||||||||||
California Dividend Advantage 2 (NVX)
|
||||||||||||||||
Series 2014 (NVX PRA)
|
||||||||||||||||
Ending Market Value per Share
|
$
|
—
|
$
|
—
|
$
|
10.05
|
$
|
10.11
|
$
|
—
|
||||||
Average Market Value per Share
|
—
|
10.03
|
△
|
10.07
|
10.09
|
Ω
|
—
|
|||||||||
Series 2015 (NVX PRC)
|
||||||||||||||||
Ending Market Value per Share
|
—
|
—
|
10.05
|
10.01
|
9.82
|
|||||||||||
Average Market Value per Share
|
—
|
10.02
|
△
|
10.04
|
9.89
|
9.72
|
^
|
|||||||||
California Dividend Advantage 3 (NZH)
|
||||||||||||||||
Series 2014 (NZH PRA)
|
||||||||||||||||
Ending Market Value per Share
|
—
|
—
|
10.05
|
10.17
|
—
|
|||||||||||
Average Market Value per Share
|
—
|
10.04
|
△△
|
10.09
|
10.11
|
ΩΩ
|
—
|
|||||||||
Series 2014-1 (NZH PRB)
|
||||||||||||||||
Ending Market Value per Share
|
—
|
—
|
10.05
|
10.15
|
—
|
|||||||||||
Average Market Value per Share
|
—
|
10.03
|
△△
|
10.08
|
10.12
|
ΩΩΩ
|
—
|
|||||||||
Series 2015 (NZH PRC)
|
||||||||||||||||
Ending Market Value per Share
|
—
|
—
|
10.14
|
10.18
|
10.06
|
|||||||||||
Average Market Value per Share
|
—
|
10.07
|
△△
|
10.13
|
10.11
|
10.14
|
^
|
For the period October 22, 2010 (first issuance date of shares) through February 28, 2011.
|
Ω
|
For the period March 29, 2011 (first issuance date of shares) through February 29, 2012.
|
ΩΩ
|
For the period April 11, 2011 (first issuance date of shares) through February 29, 2012.
|
ΩΩΩ
|
For the period June 6, 2011 (first issuance date of shares) through February 29, 2012.
|
△
|
For the period March 1, 2013 through September 9, 2013.
|
△△
|
For the period March 1, 2013 through October 7, 2013.
|
Nuveen Investments
|
93
|
Notes to Financial Statements
|
Target Funds
|
Acquiring Fund
|
Nuveen California Performance Plus Municipal Fund, Inc. (NCP)
|
California Dividend Advantage (NAC)
|
(“California Performance Plus (NCP)”)
|
|
Nuveen California Municipal Market Opportunity Fund, Inc. (NCO)
|
|
(“California Opportunity (NCO)”)
|
|
Nuveen California Investment Quality Municipal Fund, Inc. (NQC)
|
|
“California Investment Quality (NQC)”)
|
|
Nuveen California Select Quality Municipal Fund, Inc. (NVC)
|
|
(“California Select Quality (NVC)”)
|
|
Nuveen California Quality Income Municipal Fund, Inc. (NUC)
|
|
(“California Quality Income (NUC)”)
|
94
|
Nuveen Investments
|
Target Funds
|
Acquiring Fund
|
Nuveen California Premium Income Municipal Fund (NCU)
|
California AMT-Free Income (NKX)
|
(“California Premium Income (NCU)”)
|
California
|
California
|
California
|
California
|
||||||||||||||||
California
|
California
|
AMT-Free
|
Dividend
|
Dividend
|
Dividend
|
||||||||||||||
Value
|
Value 2
|
Income
|
Advantage
|
Advantage 2
|
Advantage 3
|
||||||||||||||
(NCA
|
)
|
(NCB
|
)
|
(NKX
|
)
|
(NAC
|
)
|
(NVX
|
)
|
(NZH
|
)
|
||||||||
Outstanding when-issued/delayed delivery purchase commitments
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
Nuveen Investments
|
95
|
Shares
|
||||||||||
Outstanding
|
||||||||||
at $5,000
|
||||||||||
Shares
|
Per Share
|
|||||||||
Series
|
Outstanding
|
Liquidation Value
|
||||||||
California AMT-Free Income (NKX)
|
2018
|
7,200
|
$
|
36,000,000
|
Term
|
Optional
|
Non-Call
|
|||||||||||
Series
|
Redemption Date
|
Redemption Date
|
Expiration Date
|
||||||||||
California AMT-Free Income (NKX)
|
2018
|
July 1, 2018
|
January 1, 2016
|
December 31, 2015
|
California
|
||||
AMT-Free
|
||||
Income
|
||||
(NKX
|
)*
|
|||
Average liquidation value of iMTP Shares outstanding
|
$
|
36,000,000
|
||
Annualized dividend rate
|
0.49
|
%
|
California
|
||||
AMT-Free
|
||||
Income
|
||||
(NKX
|
)*
|
|||
Average liquidation value of MTP Shares outstanding
|
$
|
35,250,000
|
*
|
MTP Shares issued in connection with its Reorganization for the period June 9, 2014 through December 29, 2014.
|
96
|
Nuveen Investments
|
Shares
|
|||||||||||||
Outstanding
|
|||||||||||||
Shares
|
at $100,000 Per Share
|
||||||||||||
Series
|
Outstanding
|
Liquidation Value
|
Maturity
|
||||||||||
California AMT-Free Income (NKX)
|
|||||||||||||
2
|
355
|
$
|
35,500,000
|
June 1, 2040
|
|||||||||
3
|
427
|
42,700,000
|
March 1, 2040
|
||||||||||
4
|
1,090
|
109,000,000
|
December 1, 2040
|
||||||||||
5
|
1,044
|
104,400,000
|
June 1, 2041
|
||||||||||
California Dividend Advantage (NAC)
|
|||||||||||||
1
|
1,362
|
$
|
136,200,000
|
June 1, 2041
|
|||||||||
2
|
*
|
910
|
91,000,000
|
December 1, 2040
|
|||||||||
3
|
*
|
498
|
49,800,000
|
March 1, 2040
|
|||||||||
4
|
*
|
1,056
|
105,600,000
|
December 1, 2042
|
|||||||||
5
|
*
|
1,589
|
158,900,000
|
August 1, 2040
|
|||||||||
6
|
*
|
1,581
|
158,100,000
|
August 1, 2040
|
|||||||||
California Dividend Advantage 2 (NVX)
|
|||||||||||||
1
|
980
|
$
|
98,000,000
|
August 3, 2043
|
|||||||||
California Dividend Advantage 3 (NZH)
|
|||||||||||||
1
|
1,600
|
$
|
160,000,000
|
September 1, 2043
|
Nuveen Investments
|
97
|
California
|
California
|
California
|
California
|
||||||||||
AMT-Free
|
Dividend
|
Dividend
|
Dividend
|
||||||||||
Income
|
Advantage
|
Advantage 2
|
Advantage 3
|
||||||||||
(NKX
|
)
|
(NAC
|
)*
|
(NVX
|
)
|
(NZH
|
)
|
||||||
Average liquidation value of VRDP Shares outstanding
|
$
|
291,600,000
|
$
|
545,243,836
|
$
|
98,000,000
|
$
|
160,000,000
|
|||||
Annualized dividend rate
|
0.15
|
%
|
0.14
|
%
|
0.15
|
%
|
0.13
|
%
|
California Value (NCA)
|
California AMT-Free
Income (NKX)
|
California Dividend
Advantage (NAC)
|
|||||||||||||||||
Year
|
Year
|
Year
|
Year
|
Year
|
Year
|
||||||||||||||
Ended
|
Ended
|
Ended
|
Ended
|
Ended
|
Ended
|
||||||||||||||
2/28/15
|
2/28/14
|
2/28/15
|
2/28/14
|
2/28/15
|
2/28/14
|
||||||||||||||
Authorized common shares
|
2,500,000
|
2,500,000
|
4,100,000
|
4,100,000
|
2,300,000
|
2,300,000
|
|||||||||||||
Common shares issued
|
124,572
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||
Offering proceeds, net of offering costs
|
$
|
1,321,449
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
98
|
Nuveen Investments
|
Level 1 –
|
Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
|
Level 2 –
|
Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
|
Level 3 –
|
Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).
|
Nuveen Investments
|
99
|
California Value (NCA)
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||
Long-Term Investments*:
|
|||||||||||||
Municipal Bonds
|
$
|
—
|
$
|
267,347,797
|
$
|
—
|
$
|
267,347,797
|
|||||
Short-Term Investments:
|
|||||||||||||
Municipal Bonds
|
—
|
—
|
1,119,468
|
** |
1,119,468
|
||||||||
Total
|
$
|
—
|
$
|
267,347,797
|
$
|
1,119,468
|
$
|
268,467,265
|
|||||
California Value 2 (NCB)
|
|||||||||||||
Long-Term Investments*:
|
|||||||||||||
Municipal Bonds
|
$
|
—
|
$
|
56,255,089
|
$
|
—
|
$
|
56,255,089
|
|||||
Short-Term Investments:
|
|||||||||||||
Municipal Bonds
|
—
|
—
|
544,606
|
** |
544,606
|
||||||||
Total
|
$
|
—
|
$
|
56,255,089
|
$
|
544,606
|
$
|
56,799,695
|
|||||
California AMT-Free Income (NKX)
|
|||||||||||||
Long-Term Investments*:
|
|||||||||||||
Municipal Bonds
|
$
|
—
|
$
|
1,065,466,660
|
$
|
—
|
$
|
1,065,466,660
|
|||||
Short-Term Investments:
|
|||||||||||||
Municipal Bonds
|
—
|
—
|
8,718,742
|
** |
8,718,742
|
||||||||
Total
|
$
|
—
|
$
|
1,065,466,660
|
$
|
8,718,742
|
$
|
1,074,185,402
|
|||||
California Dividend Advantage (NAC)
|
|||||||||||||
Long-Term Investments*:
|
|||||||||||||
Municipal Bonds
|
$
|
—
|
$
|
2,453,817,899
|
$
|
—
|
$
|
2,453,817,899
|
|||||
Short-Term Investments:
|
|||||||||||||
Municipal Bonds
|
—
|
—
|
20,886,656
|
** |
20,886,656
|
||||||||
Total
|
$
|
—
|
$
|
2,453,817,899
|
$
|
20,886,656
|
$
|
2,474,704,555
|
|||||
California Dividend Advantage 2 (NVX)
|
|||||||||||||
Long-Term Investments*:
|
|||||||||||||
Municipal Bonds
|
$
|
—
|
$
|
323,818,328
|
$
|
—
|
$
|
323,818,328
|
|||||
Short-Term Investments:
|
|||||||||||||
Municipal Bonds
|
—
|
—
|
1,659,032
|
** |
1,659,032
|
||||||||
Total
|
$
|
—
|
$
|
323,818,328
|
$
|
1,659,032
|
$
|
325,477,360
|
|||||
California Dividend Advantage 3 (NZH)
|
|||||||||||||
Long-Term Investments*:
|
|||||||||||||
Municipal Bonds
|
$
|
—
|
$
|
501,527,110
|
$
|
—
|
$
|
501,527,110
|
|||||
Short-Term Investments:
|
|||||||||||||
Municipal Bonds
|
—
|
—
|
4,528,300
|
** |
4,528,300
|
||||||||
Total
|
$
|
—
|
$
|
501,527,110
|
$
|
4,528,300
|
$
|
506,055,410
|
*
|
Refer to the Fund’s Portfolio of Investments for industry classifications.
|
**
|
Refer to the Funds’ Portfolio of Investments for breakdown of these securities classified as Level 3.
|
100
|
Nuveen Investments
|
California
|
California
|
California
|
||||||||
AMT-Free
|
Dividend
|
Dividend
|
||||||||
Income
|
Advantage
|
Advantage 3
|
||||||||
(NKX
|
)
|
(NAC
|
)
|
(NZH
|
)
|
|||||
Level 3
|
Level 3
|
Level 3
|
||||||||
Short-Term
|
Short-Term
|
Short-Term
|
||||||||
Municipal
|
Municipal
|
Municipal
|
||||||||
Bonds
|
Bonds
|
Bonds
|
||||||||
Balance at the beginning of period
|
$
|
—
|
$
|
—
|
$
|
—
|
||||
Gain (losses):
|
||||||||||
Net realized gains (losses)
|
—
|
—
|
—
|
|||||||
Change in net unrealized appreciation (depreciation)
|
73,742
|
176,656
|
38,300
|
|||||||
Purchases at cost
|
8,645,000
|
20,710,000
|
4,490,000
|
|||||||
Sales at proceeds
|
—
|
—
|
—
|
|||||||
Net discounts (premiums)
|
—
|
—
|
—
|
|||||||
Transfers in to
|
—
|
—
|
—
|
|||||||
Transfers out of
|
—
|
—
|
—
|
|||||||
Balance at the end of period
|
$
|
8,718,742
|
$
|
20,886,656
|
$
|
4,528,300
|
||||
Change in net unrealized appreciation (depreciation) during the period of Level 3 securities held as of the end of the reporting period
|
$
|
73,742
|
$
|
176,656
|
$
|
38,300
|
Market Value
|
Techniques
|
Unobservable Inputs
|
Range
|
|||||||
California AMT-Free Income (NKX)
|
||||||||||
Short-Term Municipal Bonds
|
$
|
8,718,742
|
Discounted Cash Flow
|
Municipal BBB Benchmark
|
1% - 4%
|
|||||
B - Rated Hospital Sector
|
||||||||||
California Dividend Advantage (NAC)
|
||||||||||
Short-Term Municipal Bonds
|
$
|
20,886,656
|
Discounted Cash Flow
|
Municipal BBB Benchmark
|
1% - 4%
|
|||||
B - Rated Hospital Sector
|
||||||||||
California Dividend Advantage 3 (NZH)
|
||||||||||
Short-Term Municipal Bonds
|
$
|
4,528,300
|
Discounted Cash Flow
|
Municipal BBB Benchmark
|
1% - 4%
|
|||||
B - Rated Hospital Sector
|
(i)
|
If available, fair value determinations shall be derived by extrapolating from recent transactions or quoted prices for identical or comparable securities.
|
|
(ii)
|
If such information is not available, an analytical valuation methodology may be used based on other available information including, but not limited to: analyst appraisals, research reports, corporate action information, issuer financial statements and shelf registration statements. Such analytical valuation methodologies may include, but are not limited to: multiple of earnings, discount from market value of a similar freely-traded security, discounted cash flow analysis, book value or a multiple thereof, risk premium/yield analysis, yield to maturity and/or fundamental investment analysis.
|
Nuveen Investments
|
101
|
California
|
California
|
California
|
California
|
||||||||||||||||
California
|
California
|
AMT-Free
|
Dividend
|
Dividend
|
Dividend
|
||||||||||||||
Value
|
Value 2
|
Income
|
Advantage
|
Advantage 2
|
Advantage 3
|
||||||||||||||
Self-Deposited Inverse Floaters
|
(NCA
|
)
|
(NCB
|
)
|
(NKX
|
)
|
(NAC
|
)
|
(NVX
|
)
|
(NZH
|
)
|
|||||||
Average floating rate obligations outstanding
|
$
|
4,490,000
|
$
|
—
|
$
|
6,755,000
|
$
|
99,303,904
|
$
|
965,000
|
$
|
845,000
|
|||||||
Average annual interest rate and fees
|
0.67
|
%
|
—
|
%
|
0.55
|
%
|
0.62
|
%
|
0.62
|
%
|
0.62
|
%
|
California
|
California
|
California
|
California
|
||||||||||||||||
California
|
California
|
AMT-Free
|
Dividend
|
Dividend
|
Dividend
|
||||||||||||||
Value
|
Value 2
|
Income
|
Advantage
|
Advantage 2
|
Advantage 3
|
||||||||||||||
Floating Rate Obligations Outstanding
|
(NCA
|
)
|
(NCB
|
)
|
(NKX
|
)
|
(NAC
|
)
|
(NVX
|
)
|
(NZH
|
)
|
|||||||
Floating rate obligations: self-deposited Inverse Floaters
|
$
|
4,490,000
|
$
|
—
|
$
|
6,755,000
|
$
|
92,995,000
|
$
|
965,000
|
$
|
845,000
|
|||||||
Floating rate obligations: externally-deposited Inverse Floaters
|
—
|
5,990,000
|
65,148,500
|
157,140,500
|
9,075,000
|
53,741,500
|
|||||||||||||
Total
|
$
|
4,490,000
|
$
|
5,990,000
|
$
|
71,903,500
|
$
|
250,135,500
|
$
|
10,040,000
|
$
|
54,586,500
|
102
|
Nuveen Investments
|
California
|
California
|
California
|
California
|
||||||||||||||||
California
|
California
|
AMT-Free
|
Dividend
|
Dividend
|
Dividend
|
||||||||||||||
Floating Rate Obligations –
|
Value
|
Value 2
|
Income
|
Advantage
|
Advantage 2
|
Advantage 3
|
|||||||||||||
Externally-Deposited Recourse Trusts
|
(NCA
|
)
|
(NCB
|
)
|
(NKX
|
)
|
(NAC
|
)
|
(NVX
|
)
|
(NZH
|
)
|
|||||||
Maximum exposure to Recourse Trusts
|
$
|
—
|
$
|
—
|
$
|
33,260,000
|
$
|
55,200,000
|
$
|
3,480,000
|
$
|
37,765,000
|
California Value (NCA)
|
California Value 2 (NCB)
|
||||||||||||
Year
|
Year
|
Year
|
Year
|
||||||||||
Ended
|
Ended
|
Ended
|
Ended
|
||||||||||
2/28/15
|
2/28/14
|
2/28/15
|
2/28/14
|
||||||||||
Common shares:
|
|||||||||||||
Sold through shelf offering*
|
124,572
|
—
|
—
|
—
|
|||||||||
Issued to shareholders due to reinvestment of distributions
|
16,402
|
3,970
|
—
|
—
|
|||||||||
140,974
|
3,970
|
—
|
—
|
||||||||||
Weighted average common share:
|
|||||||||||||
Premium to NAV per shelf offering share sold*
|
1.22
|
%
|
—
|
—
|
—
|
Nuveen Investments
|
103
|
California AMT-Free
|
California Dividend
|
||||||||||||
Income (NKX)
|
Advantage (NAC)
|
||||||||||||
Year
|
Year
|
Year
|
Year
|
||||||||||
Ended
|
Ended
|
Ended
|
Ended
|
||||||||||
2/28/15
|
2/28/14
|
2/28/15
|
2/28/14
|
||||||||||
Common shares:
|
|||||||||||||
Issued in the Reorganization**
|
5,864,695
|
—
|
83,854,904
|
—
|
|||||||||
Sold through shelf offering*
|
—
|
—
|
—
|
—
|
|||||||||
Issued to shareholders due to reinvestment of distributions
|
—
|
—
|
—
|
7,517
|
|||||||||
5,864,695
|
—
|
83,854,904
|
7,517
|
||||||||||
Weighted average common share:
|
|||||||||||||
Premium to NAV per shelf offering share sold*
|
—
|
—
|
—
|
—
|
California Dividend
|
California Dividend
|
||||||||||||
Advantage 2 (NVX)
|
Advantage 3 (NZH)
|
||||||||||||
Year
|
Year
|
Year
|
Year
|
||||||||||
Ended
|
Ended
|
Ended
|
Ended
|
||||||||||
2/28/15
|
2/28/14
|
2/28/15
|
2/28/14
|
||||||||||
Common shares:
|
|||||||||||||
Sold through shelf offering*
|
—
|
—
|
—
|
—
|
|||||||||
Issued to shareholders due to reinvestment of distributions
|
—
|
1,236
|
—
|
—
|
|||||||||
—
|
1,236
|
—
|
—
|
||||||||||
Weighted average common share:
|
|||||||||||||
Premium to NAV per shelf offering share sold*
|
—
|
—
|
—
|
—
|
*
|
California Value 2 (NCB), California Dividend Advantage 2 (NVX) and California Dividend Advantage 3 (NZH) are not authorized to issue additional common shares through a shelf offering as of the end of the reporting period.
|
**
|
Refer to Note 8 — Fund Reorganizations for further details.
|
Year Ended February 28, 2015
|
||||||||||
Series
|
Shares
|
Amount
|
||||||||
California AMT-Free Income (NKX)
|
||||||||||
iMTP Shares issued
|
2018
|
7,200
|
$
|
36,000,000
|
Year Ended February 28, 2015
|
|||||||||||||
NYSE
|
|||||||||||||
Series
|
Ticker
|
Shares
|
Amount
|
||||||||||
California AMT-Free Income (NKX)
|
|||||||||||||
MTP Shares issued in connection with the Reorganization
|
2015
|
NKX PRC
|
3,525,000
|
$
|
35,250,000
|
||||||||
MTP Shares redeemed
|
2015
|
NKX PRC
|
(3,525,000
|
)
|
$
|
(35,250,000
|
)
|
Year Ended February 28, 2014
|
|||||||||||||
NYSE/
|
|||||||||||||
NYSE MKT
|
|||||||||||||
Series
|
Ticker
|
Shares
|
Amount
|
||||||||||
California Dividend Advantage 2 (NVX)
|
|||||||||||||
MTP Shares redeemed:
|
2014
|
NVX PRA
|
(4,284,630
|
)
|
$
|
(42,846,300
|
)
|
||||||
2015
|
NVX PRC
|
(5,500,000
|
)
|
(55,000,000
|
)
|
||||||||
Total
|
(9,784,630
|
)
|
$
|
(97,846,300
|
)
|
104
|
Nuveen Investments
|
Year Ended February 28, 2014
|
|||||||||||||
NYSE/
|
|||||||||||||
NYSEMKT
|
|||||||||||||
Series
|
Ticker
|
Shares
|
Amount
|
||||||||||
California Dividend Advantage 3 (NZH)
|
|||||||||||||
MTP Shares redeemed:
|
2014
|
NZH PRA
|
(2,700,000
|
)
|
$
|
(27,000,000
|
)
|
||||||
2014-1
|
NZH PRB
|
(8,625,000
|
)
|
(86,250,000
|
)
|
||||||||
2015
|
NZH PRC
|
(4,629,450
|
)
|
(46,294,500
|
)
|
||||||||
Total
|
(15,954,450
|
)
|
$
|
(159,544,500
|
)
|
Year Ended February 28, 2015
|
||||||||||
Series
|
Shares
|
Amount
|
||||||||
California Dividend Advantage (NAC)
|
||||||||||
VRDP Shares issued in connection with the Reorganizations:
|
2
|
910
|
$
|
91,000,000
|
||||||
3
|
498
|
49,800,000
|
||||||||
4
|
1,056
|
105,600,000
|
||||||||
5
|
1,589
|
158,900,000
|
||||||||
6
|
1,581
|
158,100,000
|
||||||||
Total
|
5,634
|
$
|
563,400,000
|
Year Ended February 28, 2014
|
||||||||||
Series
|
Shares
|
Amount
|
||||||||
California Dividend Advantage 2 (NVX)
|
||||||||||
VRDP Shares issued
|
1
|
980
|
$
|
98,000,000
|
||||||
California Dividend Advantage 3 (NZH)
|
||||||||||
VRDP Shares issued
|
1
|
1,600
|
$
|
160,000,000
|
California
|
California
|
California
|
California
|
||||||||||||||||
California
|
California
|
AMT-Free
|
Dividend
|
Dividend
|
Dividend
|
||||||||||||||
Value
|
Value 2
|
Income
|
Advantage
|
Advantage 2
|
Advantage 3
|
||||||||||||||
(NCA
|
)
|
(NCB
|
)
|
(NKX
|
)
|
(NAC
|
)
|
(NVX
|
)
|
(NZH
|
)
|
||||||||
Purchases
|
$
|
34,745,528
|
$
|
4,000,068
|
$
|
127,607,362
|
$
|
218,318,411
|
$
|
65,095,687
|
$
|
91,137,093
|
|||||||
Sales and maturities
|
38,828,142
|
4,922,752
|
136,219,205
|
174,411,621
|
44,897,069
|
72,373,329
|
Nuveen Investments
|
105
|
California
|
California
|
California
|
California
|
||||||||||||||||
California
|
California
|
AMT-Free
|
Dividend
|
Dividend
|
Dividend
|
||||||||||||||
Value
|
Value 2
|
Income
|
Advantage
|
Advantage 2
|
Advantage 3
|
||||||||||||||
(NCA
|
)
|
(NCB
|
)
|
(NKX
|
)
|
(NAC
|
)
|
(NVX
|
)
|
(NZH
|
)
|
||||||||
Cost of investments
|
$
|
233,529,850
|
$
|
47,015,407
|
$
|
947,640,601
|
$
|
2,100,630,434
|
$
|
296,190,617
|
$
|
456,574,553
|
|||||||
Gross unrealized:
|
|||||||||||||||||||
Appreciation
|
$
|
31,080,252
|
$
|
9,785,948
|
$
|
120,331,950
|
$
|
292,764,225
|
$
|
32,578,393
|
$
|
54,417,314
|
|||||||
Depreciation
|
(631,710
|
)
|
(1,660
|
)
|
(540,211
|
)
|
(11,688,396
|
)
|
(4,256,650
|
)
|
(5,781,457
|
)
|
|||||||
Net unrealized appreciation (depreciation) of investments
|
$
|
30,448,542
|
$
|
9,784,288
|
$
|
119,791,739
|
$
|
281,075,829
|
$
|
28,321,743
|
$
|
48,635,857
|
California
|
California
|
California
|
California
|
|||||||||||||||||||||
California
|
California
|
AMT-Free
|
Dividend
|
Dividend
|
Dividend
|
|||||||||||||||||||
Value
|
Value 2
|
Income
|
Advantage
|
Advantage 2
|
Advantage 3
|
|||||||||||||||||||
(NCA)
|
(NCB)
|
(NKX)
|
(NAC)
|
(NVX)
|
(NZH)
|
|||||||||||||||||||
Paid-in-surplus
|
$ | — | $ | — | $ | 705,807 | $ | 16,580,696 | $ | (1,019 | ) | $ | (9,565 | ) | ||||||||||
Undistributed (Over-distribution of) net investment income
|
(6 | ) | (4,398 | ) | (282,861 | ) | 384,253 | (618 | ) | (2,767 | ) | |||||||||||||
Accumulated net realized gain (loss)
|
6 | 4,398 | (422,946 | ) | (16,964,949 | ) | 1,637 | 12,332 |
California
|
California
|
California
|
California
|
||||||||||||||||
California
|
California
|
AMT-Free
|
Dividend
|
Dividend
|
Dividend
|
||||||||||||||
Value
|
Value 2
|
Income
|
Advantage
|
Advantage 2
|
Advantage 3
|
||||||||||||||
(NCA
|
)
|
(NCB
|
)
|
(NKX
|
)
|
(NAC
|
)
|
(NVX
|
)
|
(NZH
|
)
|
||||||||
Undistributed net tax-exempt income1
|
$
|
1,794,956
|
$
|
303,937
|
$
|
7,958,255
|
$
|
18,977,545
|
$
|
1,493,856
|
$
|
2,338,254
|
|||||||
Undistributed net ordinary income2
|
28,992
|
59,719
|
21,426
|
144,243
|
13,715
|
18,834
|
|||||||||||||
Undistributed net long-term capital gains
|
—
|
597,480
|
—
|
—
|
—
|
—
|
1
|
Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on February 2, 2015, paid on March 2, 2015.
|
2
|
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
|
California
|
California
|
California
|
California
|
||||||||||||||||
California
|
California
|
AMT-Free
|
Dividend
|
Dividend
|
Dividend
|
||||||||||||||
Value
|
Value 2
|
Income
|
Advantage
|
Advantage 2
|
Advantage 3
|
||||||||||||||
2015
|
(NCA
|
)
|
(NCB
|
)
|
(NKX
|
)
|
(NAC
|
)
|
(NVX
|
)
|
(NZH
|
)
|
|||||||
Distributions from net tax-exempt income3
|
$
|
11,836,940
|
$
|
2,564,562
|
$
|
38,666,107
|
$
|
63,182,286
|
$
|
12,838,870
|
$
|
19,624,362
|
|||||||
Distributions from net ordinary income2
|
—
|
18,741
|
28,625
|
—
|
—
|
43,473
|
|||||||||||||
Distributions from net long-term capital gains4
|
—
|
367,916
|
—
|
—
|
—
|
—
|
California
|
California
|
California
|
California
|
||||||||||||||||
California
|
California
|
AMT-Free
|
Dividend
|
Dividend
|
Dividend
|
||||||||||||||
Value
|
Value 2
|
Income
|
Advantage
|
Advantage 2
|
Advantage 3
|
||||||||||||||
2014
|
(NCA
|
)
|
(NCB
|
)
|
(NKX
|
)
|
(NAC
|
)
|
(NVX
|
)
|
(NZH
|
)
|
|||||||
Distributions from net tax-exempt income
|
$
|
11,832,802
|
$
|
2,564,399
|
$
|
35,727,060
|
$
|
21,240,833
|
$
|
14,651,657
|
$
|
22,400,636
|
|||||||
Distributions from net ordinary income2
|
30,180
|
4,109
|
117,778
|
33,376
|
45,313
|
16,906
|
|||||||||||||
Distributions from net long-term capital gains
|
—
|
—
|
539,170
|
—
|
—
|
—
|
2
|
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
|
3
|
The Funds hereby designate these amounts paid during the fiscal year ended February 28, 2015, as Exempt Interest Dividends.
|
4
|
The Funds designate as long-term capital gain dividend, pursuant to the Internal Revenue Code Section 852(b)(3), the amount necessary to reduce earnings and profits of the Funds related to net capital gain to zero for the tax year ended February 28, 2015.
|
106
|
Nuveen Investments
|
California
|
California
|
California
|
California
|
|||||||||||||
California
|
AMT-Free
|
Dividend
|
Dividend
|
Dividend
|
||||||||||||
Value
|
Income
|
Advantage
|
Advantage 2
|
Advantage 3
|
||||||||||||
(NCA
|
)
|
(NKX5
|
)
|
(NAC5
|
)
|
(NVX
|
)
|
(NZH
|
)
|
|||||||
Expiration:
|
||||||||||||||||
February 29, 2016
|
—
|
—
|
855,623
|
—
|
3,869,938
|
|||||||||||
February 28, 2017
|
1,426,925
|
632,234
|
15,801,342
|
—
|
4,536,999
|
|||||||||||
February 28, 2018
|
251,409
|
530,894
|
731,149
|
705,843
|
10,646,251
|
|||||||||||
February 28, 2019
|
—
|
—
|
—
|
—
|
1,340,157
|
|||||||||||
Not subject to expiration
|
1,271,090
|
3,790,991
|
16,887,599
|
2,601,453
|
11,242,857
|
|||||||||||
Total
|
$
|
2,949,424
|
$
|
4,954,119
|
$
|
34,275,713
|
$
|
3,307,296
|
$
|
31,636,202
|
5
|
A portion of California AMT-Free Income’s (NKX) and California Dividend Advantage’s (NAC) capital loss carryforward is subject to limitation under the Internal Revenue Code and related regulations.
|
California
|
California
|
||||||||||||
California
|
California
|
Dividend
|
Dividend
|
||||||||||
Value
|
Value 2
|
Advantage
|
Advantage 3
|
||||||||||
(NCA
|
)
|
(NCB
|
)
|
(NAC
|
)
|
(NZH
|
)
|
||||||
Utilized capital loss carryforwards
|
135,985
|
205,714
|
4,106,809
|
591,751
|
California
|
|||||||
California
|
Dividend
|
||||||
Value
|
Advantage 2
|
||||||
(NCA
|
)
|
(NVX
|
)
|
||||
Post-October capital losses6
|
$
|
60,575
|
$
|
161,458
|
|||
Late-year ordinary losses7
|
—
|
—
|
6
|
Capital losses incurred from November 1, 2014 through February 28, 2015, the Funds’ tax year end.
|
7
|
Ordinary losses incurred from January 1, 2015 through February 28, 2015, and specified losses incurred from November 1, 2014 through February 28, 2015.
|
California Value 2 (NCB)
|
||
Average Daily Managed Assets*
|
Fund-Level Fee
|
|
For the first $125 million
|
0.4000
|
%
|
For the next $125 million
|
0.3875
|
|
For the next $250 million
|
0.3750
|
|
For the next $500 million
|
0.3625
|
|
For the next $1 billion
|
0.3500
|
|
For managed assets over $2 billion
|
0.3375
|
Nuveen Investments
|
107
|
California AMT-Free Income (NKX)
|
||
California Dividend Advantage (NAC)
|
||
California Dividend Advantage 2 (NVX)
|
||
California Dividend Advantage 3 (NZH)
|
||
Average Daily Managed Assets*
|
Fund-Level Fee
|
|
For the first $125 million
|
0.4500
|
%
|
For the next $125 million
|
0.4375
|
|
For the next $250 million
|
0.4250
|
|
For the next $500 million
|
0.4125
|
|
For the next $1 billion
|
0.4000
|
|
For managed assets over $2 billion
|
0.3750
|
Complex-Level Managed Asset Breakpoint Level*
|
Effective Rate at Breakpoint Level
|
|
$55 billion
|
0.2000
|
% |
$56 billion
|
0.1996
|
|
$57 billion
|
0.1989
|
|
$60 billion
|
0.1961
|
|
$63 billion
|
0.1931
|
|
$66 billion
|
0.1900
|
|
$71 billion
|
0.1851
|
|
$76 billion
|
0.1806
|
|
$80 billion
|
0.1773
|
|
$91 billion
|
0.1691
|
|
$125 billion
|
0.1599
|
|
$200 billion
|
0.1505
|
|
$250 billion
|
0.1469
|
|
$300 billion
|
0.1445
|
*
|
For the fund-level and complex-level fees, managed assets include closed-end fund assets managed by the Adviser that are attributable to certain types of leverage. For these purposes, leverage includes the funds’ use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining managed assets in certain circumstances. The complex-level fee is calculated based upon the aggregate daily managed assets of all Nuveen funds that constitute “eligible assets.” Eligible assets do not include assets attributable to investments in other Nuveen funds and assets in excess of $2 billion added to the Nuveen fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011. As of February 28, 2015, the complex-level fee rate for each Fund was 0.1635%.
|
California
|
||||
Premium
|
||||
Income
|
||||
(NCU
|
)
|
|||
Cost of investments
|
$
|
107,915,691
|
||
Fair value of investments
|
119,411,307
|
|||
Net unrealized appreciation (depreciation) of investments
|
11,495,616
|
108
|
Nuveen Investments
|
California
|
California
|
California
|
California
|
|||||||||||||
Performance
|
California
|
Investment
|
Select
|
Quality
|
||||||||||||
Plus
|
Opportunity
|
Quality
|
Quality
|
Income
|
||||||||||||
(NCP
|
)
|
(NCO
|
)
|
(NQC
|
)
|
(NVC
|
)
|
(NUC
|
)
|
|||||||
Cost of investments
|
$
|
256,939,914
|
$
|
156,908,639
|
$
|
281,684,420
|
$
|
454,328,018
|
$
|
439,398,515
|
||||||
Fair value of investments
|
277,147,560
|
175,421,545
|
306,932,829
|
503,803,106
|
492,770,466
|
|||||||||||
Net unrealized appreciation (depreciation) of investments
|
20,207,646
|
18,512,906
|
25,248,409
|
49,475,088
|
53,371,951
|
California
|
||||
Premium
|
||||
Income
|
||||
Target Fund – Prior to Reorganizations
|
(NCU
|
)
|
||
Common shares outstanding
|
5,732,845
|
|||
Net assets applicable to common shares
|
$
|
87,770,468
|
||
NAV per common share outstanding
|
15.31
|
California
|
California
|
California
|
California
|
|||||||||||||
Performance
|
California
|
Investment
|
Select
|
Quality
|
||||||||||||
Plus
|
Opportunity
|
Quality
|
Quality
|
Income
|
||||||||||||
Target Funds – Prior to Reorganizations
|
(NCP
|
)
|
(NCO
|
)
|
(NQC
|
)
|
(NVC
|
)
|
(NUC
|
)
|
||||||
Common shares outstanding
|
13,019,195
|
8,170,445
|
13,654,705
|
23,319,003
|
22,204,378
|
|||||||||||
Net assets applicable to common shares
|
$
|
200,670,257
|
$
|
129,835,114
|
$
|
213,670,486
|
$
|
370,311,540
|
$
|
357,416,440
|
||||||
NAV per common share outstanding
|
15.41
|
15.89
|
15.65
|
15.88
|
16.10
|
California
|
California
|
||||||
AMT-Free
|
Dividend
|
||||||
Income
|
Advantage
|
||||||
Acquiring Funds – Prior to Reorganizations
|
(NKX
|
)
|
(NAC
|
)
|
|||
Common shares outstanding
|
41,843,761
|
23,528,873
|
|||||
Net assets applicable to common shares
|
$
|
626,229,196
|
$
|
356,884,296
|
|||
NAV per common share outstanding
|
14.97
|
15.17
|
California
|
California
|
||||||
AMT-Free
|
Dividend
|
||||||
Income
|
Advantage
|
||||||
Acquiring Funds – Post Reorganizations
|
(NKX
|
)
|
(NAC
|
)
|
|||
Common shares outstanding
|
47,708,456
|
107,383,777
|
|||||
Net assets applicable to common shares
|
$
|
713,999,664
|
$
|
1,628,788,133
|
|||
NAV per common share outstanding
|
14.97
|
15.17
|
Shares Outstanding
|
Annual
|
|||||||||||||||
NYSE MKT
|
Shares
|
at $10 Per Share
|
Dividend
|
|||||||||||||
Target Fund
|
Series
|
Ticker
|
Outstanding
|
Liquidation Value
|
Rate
|
|||||||||||
California Premium Income (NCU)
|
2015
|
NCU PRC
|
3,525,000
|
$
|
35,250,000
|
2.00
|
%
|
Nuveen Investments
|
109
|
Shares
|
|||||||||||||
Outstanding
|
|||||||||||||
Shares
|
at $100,000 Per Share
|
||||||||||||
Target Funds
|
Series
|
Outstanding
|
Liquidation Value
|
Maturity
|
|||||||||
California Performance Plus (NCP)
|
1
|
910
|
$
|
91,000,000
|
December 1, 2040
|
||||||||
California Opportunity (NCO)
|
1
|
498
|
$
|
49,800,000
|
March 1, 2040
|
||||||||
California Investment Quality (NQC)
|
2
|
1,056
|
$
|
105,600,000
|
December 1, 2042
|
||||||||
California Select Quality (NVC)
|
1
|
1,589
|
$
|
158,900,000
|
August 1, 2040
|
||||||||
California Quality Income (NUC)
|
1
|
1,581
|
$
|
158,100,000
|
August 1, 2040
|
Shares Outstanding
|
Annual
|
|||||||||||||||
NYSE
|
Shares
|
at $10 Per Share
|
Dividend
|
|||||||||||||
Acquiring Fund
|
Series
|
Ticker
|
Outstanding
|
Liquidation Value
|
Rate
|
|||||||||||
California AMT-Free Income (NKX)
|
2015
|
NKX PRC
|
3,525,000
|
$
|
35,250,000
|
2.00
|
%
|
Shares
|
|||||||||||||
Outstanding
|
|||||||||||||
Shares
|
at $100,000 Per Share
|
||||||||||||
Acquiring Fund
|
Series
|
Outstanding
|
Liquidation Value
|
Maturity
|
|||||||||
California Dividend Advantage (NAC)
|
|||||||||||||
2
|
910
|
$
|
91,000,000
|
December 1, 2040
|
|||||||||
3
|
498
|
$
|
49,800,000
|
March 1, 2040
|
|||||||||
4
|
1,056
|
$
|
105,600,000
|
December 1, 2042
|
|||||||||
5
|
1,589
|
$
|
158,900,000
|
August 1, 2040
|
|||||||||
6
|
1,581
|
$
|
158,100,000
|
August 1, 2040
|
California
|
California
|
||||||
AMT-Free
|
Dividend
|
||||||
Income
|
Advantage
|
||||||
Acquiring Fund – Pro Forma Results of Operations
|
(NKX
|
)
|
(NAC
|
)
|
|||
Net investment income (loss)
|
$
|
40,444,671
|
$
|
98,969,164
|
|||
Net realized and unrealized gains (losses)
|
68,208,604
|
140,373,330
|
|||||
Change in net assets resulting from operations
|
108,653,275
|
239,342,494
|
110
|
Nuveen Investments
|
Additional Fund Information (Unaudited)
|
Board of Directors/Trustees
|
||||||||||
William Adams IV*
|
Robert P. Bremner
|
Jack B. Evans
|
William C. Hunter
|
David J. Kundert
|
John K. Nelson
|
|||||
William J. Schneider
|
Thomas S. Schreier, Jr.*
|
Judith M. Stockdale
|
Carole E. Stone
|
Virginia L. Stringer
|
Terence J. Toth
|
* Interested Board Member.
|
Fund Manager
|
Custodian
|
Legal Counsel
|
Independent Registered
|
Transfer Agent and
|
||||
Nuveen Fund Advisors, LLC
|
State Street Bank
|
Chapman and Cutler LLP
|
Public Accounting Firm
|
Shareholder Services
|
||||
333 West Wacker Drive
|
& Trust Company
|
Chicago, IL 60603
|
KPMG LLP
|
State Street Bank
|
||||
Chicago, IL 60606
|
Boston, MA 02111
|
Chicago, IL 60601
|
& Trust Company
|
|||||
Nuveen Funds
|
||||||||
P.O. Box 43071
|
||||||||
Providence, RI 02940-3071
|
||||||||
(800) 257-8787
|
NCA
|
NCB
|
NKX
|
NAC
|
NVX
|
NZH
|
||
Common shares repurchased
|
—
|
—
|
—
|
—
|
—
|
—
|
Nuveen Investments
|
111
|
Glossary of Terms Used in this Report (Unaudited)
|
■
|
Auction Rate Bond: An auction rate bond is a security whose interest payments are adjusted periodically through an auction process, which process typically also serves as a means for buying and selling the bond. Auctions that fail to attract enough buyers for all the shares offered for sale are deemed to have “failed,” with current holders receiving a formula-based interest rate until the next scheduled auction.
|
■
|
Average Annual Total Return: This is a commonly used method to express an investment’s performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment’s actual cumulative performance (including change in NAV or market price and reinvested dividends and capital gains distributions, if any) over the time period being considered.
|
■
|
Duration: Duration is a measure of the expected period over which a bond’s principal and interest will be paid, and consequently is a measure of the sensitivity of a bond’s or bond fund’s value to changes when market interest rates change. Generally, the longer a bond’s or fund’s duration, the more the price of the bond or fund will change as interest rates change.
|
■
|
Effective Leverage: Effective leverage is a fund’s effective economic leverage, and includes both regulatory leverage (see leverage) and the leverage effects of certain derivative investments in the fund’s portfolio. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage.
|
■
|
Gross Domestic Product (GDP): The total market value of all final goods and services produced in a country/region in a given year, equal to total consumer, investment and government spending, plus the value of exports, minus the value of imports.
|
■
|
Inverse Floating Rate Securities: Inverse floating rate securities, also known as inverse floaters or tender option bonds (TOBs), are created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust. This trust, in turn, (a) issues floating rate certificates typically paying short-term tax-exempt interest rates to third parties in amounts equal to some fraction of the deposited bond’s par amount or market value, and (b) issues an inverse floating rate certificate (sometimes referred to as an “inverse floater”) to an investor (such as a fund) interested in gaining investment exposure to a long-term municipal bond. The income received by the holder of the inverse floater varies inversely with the short-term rate paid to the floating rate certificates’ holders, and in most circumstances the holder of the inverse floater bears substantially all of the underlying bond’s downside investment risk. The holder of the inverse floater typically also benefits disproportionately from any potential appreciation of the underlying bond’s value. Hence, an inverse floater essentially represents an investment in the underlying bond on a leveraged basis.
|
■
|
Leverage: Leverage is created whenever a fund has investment exposure (both reward and/or risk) equivalent to more than 100% of the investment capital.
|
■
|
Lipper California Municipal Debt Funds Classification Average: Calculated using the returns of all closed-end funds in this category. Lipper returns account for the effects of management fees and assume reinvestment of distributions, but do not reflect any applicable sales charges.
|
■
|
Net Asset Value (NAV) Per Share: A fund’s Net Assets is equal to its total assets (securities, cash, accrued earnings and receivables) less its total liabilities. NAV per share is equal to the fund’s Net Assets divided by its number of shares outstanding.
|
112
|
Nuveen Investments
|
■
|
Pre-Refunding: Pre-Refunding, also known as advanced refundings or refinancings, is a procedure used by state and local governments to refinance municipal bonds to lower interest expenses. The issuer sells new bonds with a lower yield and uses the proceeds to buy U.S. Treasury securities, the interest from which is used to make payments on the higher-yielding bonds. Because of this collateral, pre-refunding generally raises a bond’s credit rating and thus its value.
|
■
|
Regulatory Leverage: Regulatory leverage consists of preferred shares issued by or borrowings of a fund. Both of these are part of a fund’s capital structure. Regulatory leverage is subject to asset coverage limits set in the Investment Company Act of 1940.
|
■
|
S&P Municipal Bond California Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment-grade California municipal bond market. Index returns assume reinvestment of distributions but do not reflect any applicable sales charges or management fees.
|
■
|
S&P Municipal Bond Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment-grade U.S. municipal bond market. Index returns assume reinvestment of distributions but do not reflect any applicable sales charges or management fees.
|
■
|
Total Investment Exposure: Total investment exposure is a fund’s assets managed by the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes a fund’s use of preferred stock and borrowings and investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities.
|
■
|
Zero Coupon Bond: A zero coupon bond does not pay a regular interest coupon to its holders during the life of the bond. Income to the holder of the bond comes from accretion of the difference between the original purchase price of the bond at issuance and the par value of the bond at maturity and is effectively paid at maturity. The market prices of zero coupon bonds generally are more volatile than the market prices of bonds that pay interest periodically.
|
Nuveen Investments
|
113
|
Reinvest Automatically, Easily and Conveniently
|
114
|
Nuveen Investments
|
Board Members & Officers
|
Name,
|
Position(s) Held
|
Year First
|
Principal
|
Number
|
|||||
Year of Birth
|
with the Funds
|
Elected or
|
Occupation(s)
|
of Portfolios
|
|||||
& Address
|
Appointed
|
Including other
|
in Fund Complex
|
||||||
and Term(1)
|
Directorships
|
Overseen by
|
|||||||
During Past 5 Years
|
Board Member
|
||||||||
Independent Board Members: | |||||||||
■ |
WILLIAM J. SCHNEIDER
1944
333 W. Wacker Drive
Chicago, IL 60606
|
Chairman and
Board Member
|
1996
Class III
|
Chairman of Miller-Valentine Partners, a real estate investment company; formerly, Senior Partner and Chief Operating Officer (retired (2004) of Miller-Valentine Group; an owner in several other Miller Valentine entities; Board Member of Med-America Health System, Board Member of WDPR Public Radio station; formerly, member, Business Advisory Council, Cleveland Federal Reserve Bank and University of Dayton Business School Advisory Council.
|
195
|
||||
■ |
JACK B. EVANS
1948
333 W. Wacker Drive
Chicago, IL 60606
|
Board Member
|
1999
Class III
|
President, The Hall-Perrine Foundation, a private philanthropic corporation (since 1996); Director and Chairman, United Fire Group, a publicly held company; formerly, President Pro-Tem of the Board of Regents for the State of Iowa University System; Director, Source Media Group; Life Trustee of Coe College; formerly, Director, Alliant Energy; formerly, Director, Federal Reserve Bank of Chicago; formerly, President and Chief Operating Officer, SCI Financial Group, Inc., a regional financial services firm.
|
195
|
||||
■ |
WILLIAM C. HUNTER
1948
333 W. Wacker Drive
Chicago, IL 60606
|
Board Member
|
2004
Class I
|
Dean Emeritus, formerly, Dean, Tippie College of Business, University of Iowa (2006-2012); Director (since 2004) of Xerox Corporation; Director (since 2005), and President (since July 2012) Beta Gamma Sigma, Inc., The International Business Honor Society; Director of Wellmark, Inc. (since 2009); formerly, Dean and Distinguished Professor of Finance, School of Business at the University of Connecticut (2003-2006); previously, Senior Vice President and Director of Research at the Federal Reserve Bank of Chicago (1995-2003); formerly, Director (1997-2007), Credit Research Center at Georgetown University.
|
195
|
||||
■ |
DAVID J. KUNDERT
1942
333 W. Wacker Drive
Chicago, IL 60606
|
Board Member
|
2005
Class II
|
Formerly, Director, Northwestern Mutual Wealth Management Company (2006-2013), retired (since 2004) as Chairman, JPMorgan Fleming Asset Management, President and CEO, Banc One Investment Advisors Corporation, and President, One Group Mutual Funds; prior thereto, Executive Vice President, Banc One Corporation and Chairman and CEO, Banc One Investment Management Group; Regent Emeritus, Member of Investment Committee, Luther College; member of the Wisconsin Bar Association; member of Board of Directors and Chair of Investment Committee, Greater Milwaukee Foundation; member of the Board of Directors (Milwaukee), College Possible.
|
195
|
Nuveen Investments
|
115
|
Name,
|
Position(s) Held
|
Year First
|
Principal
|
Number
|
|||||
Year of Birth
|
with the Funds
|
Elected or
|
Occupation(s)
|
of Portfolios
|
|||||
& Address
|
Appointed(1)
|
During Past 5 Years
|
in Fund Complex
|
||||||
Overseen by
|
|||||||||
Board Member
|
|||||||||
Independent Board Members (continued): | |||||||||
■ |
JOHN K. NELSON
1962
333 W. Wacker Drive
Chicago, IL 60606
|
Board Member
|
2013
Class II
|
Member of Board of Directors of Core12 LLC since 2008), a private firm which develops branding, marketing and communications strategies for clients; Director of The Curran Center for Catholic American Studies (since 2009) and The President’s Council, Fordham University (since 2010); formerly, senior external advisor to the financial services practice of Deloitte Consulting LLP (2012- 2014); formerly, Chairman of the Board of Trustees of Marian University (2010 as trustee, 2011-2014 as Chairman); formerly, Chief Executive Officer of ABN AMRO N.V. North America, and Global Head of its Financial Markets Division (2007-2008); prior senior positions held at ABN AMRO include Corporate Executive Vice President and Head of Global Markets-the Americas (2006- 2007), CEO of Wholesale Banking North America and Global Head of Foreign Exchange and Futures Markets (2001-2006), and Regional Commercial Treasurer and Senior Vice President Trading- North America (1996-2001); formerly, Trustee at St. Edmund Preparatory School in New York City.
|
195
|
||||
■ |
JUDITH M. STOCKDALE
1947
333 W. Wacker Drive
Chicago, IL 60606
|
Board Member
|
1997
Class I
|
Board Member, Land Trust Alliance (since 2013) and U.S. Endowment for Forestry and Communities (since 2013); formerly, Executive Director (1994-2012), Gaylord and Dorothy Donnelley Foundation; prior thereto, Executive Director, Great Lakes Protection Fund (1990-1994).
|
195
|
||||
■ |
CAROLE E. STONE
1947
333 W. Wacker Drive
Chicago, IL 60606
|
Board Member
|
2007
Class I
|
Director, Chicago Board Options Exchange, Inc. (since 2006); Director, C2 Options Exchange, Incorporated (since 2009); Director, CBOE Holdings, Inc. (since 2010); formerly, Commissioner, New York State Commission on Public Authority Reform (2005-2010).
|
195
|
||||
■ |
VIRGINIA L. STRINGER
1944
333 W. Wacker Drive
Chicago, IL 60606
|
Board Member
|
2011
Class I
|
Board Member, Mutual Fund Directors Forum; non-profit board member and former governance consultant; former Owner , and President Strategic Management Resources, Inc., a management consulting firm; former Member, Governing Board, Investment Company Institute’s Independent Directors Council; previously, held several executive positions in general management, marketing and human resources at IBM and The Pillsbury Company; Independent Director, First American Fund Complex (1987-2010) and Chair (1997-2010).
|
195
|
||||
■ |
TERENCE J. TOTH
1959
333 W. Wacker Drive
Chicago, IL 60606
|
Board Member
|
2008
Class II
|
Managing Partner, Promus Capital (since 2008); Director, Fulcrum IT Service LLC (since 2010), Quality Control Corporation (since 2012) and LogicMark LLC (since 2012); formerly, Director, Legal & General Investment Management America, Inc. (2008-2013); formerly, CEO and President, Northern Trust Global Investments (2004-2007); Executive Vice President, Quantitative Management & Securities Lending (2000-2004); prior thereto, various positions with Northern Trust Company (since 1994); member: Chicago Fellowship Board (since 2005), Catalyst Schools of Chicago Board (since 2008) and Chairman, and Mather Foundation Board (since 2012), and a member of its investment committee; formerly, Member, Northern Trust Mutual Funds Board (2005-2007), Northern Trust Global Investments Board (2004-2007), Northern Trust Japan Board (2004-2007), Northern Trust Securities Inc. Board (2003-2007) and Northern Trust Hong Kong Board (1997-2004).
|
195
|
116
|
Nuveen Investments
|
Name,
|
Position(s) Held
|
Year First
|
Principal
|
Number
|
|||||
Year of Birth
|
with the Funds
|
Elected or
|
Occupation(s)
|
of Portfolios
|
|||||
& Address
|
Appointed(1)
|
Including other Directorships
|
in Fund Complex
|
||||||
During Past 5 Years
|
Overseen by
|
||||||||
Board Member
|
|||||||||
Interested Board Members: | |||||||||
■ |
WILLIAM ADAMS IV(2)
1955
333 W. Wacker Drive
Chicago, IL 60606
|
Board Member
|
2013
Class II
|
Senior Executive Vice President, Global Structured Products (since 2010); formerly, Executive Vice President, U.S. Structured Products, of Nuveen Investments, Inc. (1999-2010); Co-President of Nuveen Fund Advisors, LLC (since 2011); President (since 2011), formerly, Managing Director (2010-2011) of Nuveen Commodities Asset Management, LLC; Board Member of the Chicago Symphony Orchestra and of Gilda’s Club Chicago.
|
195
|
||||
■ |
THOMAS S. SCHREIER, JR.(2)
1962
333 W. Wacker Drive
Chicago, IL 60606
|
Board Member
|
2013
Class III
|
Vice Chairman, Wealth Management of Nuveen Investments, Inc. (since 2011); Co-President of Nuveen Fund Advisors, LLC; Chairman of Nuveen Asset Management, LLC (since 2011); Co-Chief Executive Officer of Nuveen Securities, LLC (since 2011); Member of Board of Governors and Chairman’s Council of the Investment Company Institute; Director of Allina Health and a member of its Finance, Audit and Investment Committees: formerly, Chief Executive Officer (2000-2010) and Chief Investment Officer (2007- 2010) of FAF Advisors, Inc.; formerly, President of First American Funds (2001-2010).
|
195
|
||||
Name,
|
Position(s) Held
|
Year First
|
Principal
|
Number
|
|||||
Year of Birth
|
|
with the Funds
|
Elected or
|
Occupation(s)
|
of Portfolios
|
||||
& Address
|
Appointed(3)
|
During Past 5 Years
|
in Fund Complex
|
||||||
Overseen
|
|||||||||
by Officer
|
|||||||||
Officers of the Funds: | |||||||||
■ |
GIFFORD R. ZIMMERMAN
1956
333 W. Wacker Drive
Chicago, IL 60606
|
Chief
Administrative
Officer
|
1988
|
Managing Director (since 2002), and Assistant Secretary of Nuveen Securities, LLC; Managing Director (since 2004) and Assistant Secretary (since 1994) of Nuveen Investments, Inc.; Managing Director (since 2002), Assistant Secretary (since 1997) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant Secretary and Associate General Counsel of Nuveen Asset Management, LLC (since 2011); Managing Director, Associate General Counsel and Assistant Secretary, of Symphony Asset Management LLC (since 2003); Vice President and Assistant Secretary of NWQ Investment Management Company, LLC (since 2002), Nuveen Investments Advisers Inc. (since 2002), Santa Barbara Asset Management, LLC (since 2006), and of Winslow Capital Management, LLC, (since 2010); Vice President and Assistant Secretary (since 2013), formerly, Chief Administrative Officer and Chief Compliance Officer (2006-2013) of Nuveen Commodities Asset Management, LLC; Chartered Financial Analyst.
|
196
|
||||
■ |
CEDRIC H. ANTOSIEWICZ
1962
333 W. Wacker Drive
Chicago, IL 60606
|
Vice President
|
2007
|
Managing Director of Nuveen Securities, LLC. (since 2004); Managing Director of Nuveen Fund Advisors, LLC (since 2014).
|
89
|
||||
■ |
MARGO L. COOK
1964
333 W. Wacker Drive
Chicago, IL 60606
|
Vice President
|
2009
|
Executive Vice President (since 2008) of Nuveen Investments, Inc. and of Nuveen Fund Advisors, LLC (since 2011); Managing Director- Investment Services of Nuveen Commodities Asset Management, LLC (since August 2011), previously, Head of Institutional Asset Management (2007-2008) of Bear Stearns Asset Management; Chartered Financial Analyst.
|
196
|
Nuveen Investments
|
117
|
Name,
|
Position(s) Held
|
Year First
|
Principal
|
Number
|
|||||
Year of Birth
|
with the Funds
|
Elected or
|
Occupation(s)
|
of Portfolios
|
|||||
& Address
|
Appointed(3)
|
During Past 5 Years
|
in Fund Complex
|
||||||
Overseen
|
|||||||||
by Officer
|
|||||||||
Officers of the Funds (continued): | |||||||||
■ |
LORNA C. FERGUSON
1945
333 W. Wacker Drive
Chicago, IL 60606
|
Vice President
|
1998
|
Managing Director (since 2005) of Nuveen Fund Advisors, LLC and Nuveen Securities, LLC (since 2004).
|
196
|
||||
■ |
STEPHEN D. FOY
1954
333 W. Wacker Drive
Chicago, IL 60606
|
Vice President
and Controller
|
1998
|
Managing Director (since 2014), formerly, Senior Vice President (2013-2014) and Vice President (2005-2013) of Nuveen Fund Advisors, LLC; Chief Financial Officer of Nuveen Commodities Asset Management, LLC (since 2010); Certified Public Accountant.
|
196
|
||||
■ |
SCOTT S. GRACE
1970
333 W. Wacker Drive
Chicago, IL 60606
|
Vice President
and Treasurer
|
2009
|
Managing Director, Head of Business Development and Strategy, Global Structured Products Group (since November 2014); Managing Director (since 2009) and, formerly, Treasurer, of Nuveen Investments Advisers Inc., Nuveen Investments Holdings, Inc., Nuveen Fund Advisors, LLC, Nuveen Securities, LLC and (since 2011) Nuveen Asset Management LLC; Vice President and, formerly, Treasurer of NWQ Investment Management Company, LLC, Tradewinds Global Investors, LLC, Symphony Asset Management LLC and Winslow Capital Management, LLC.; Vice President of Santa Barbara Asset Management, LLC; formerly, Treasurer (2006-2009), Senior Vice President (2008-2009), previously, Vice President (2006-2008) of Janus Capital Group, Inc.; Chartered Accountant Designation.
|
196
|
||||
■ |
WALTER M. KELLY
1970
333 W. Wacker Drive
Chicago, IL 60606
|
Chief Compliance
Officer and
Vice President
|
2003
|
Senior Vice President (since 2008) of Nuveen Investment Holdings, Inc.
|
196
|
||||
■ |
TINA M. LAZAR
1961
333 W. Wacker Drive
Chicago, IL 60606
|
Vice President
|
2002
|
Senior Vice President of Nuveen Investment Holdings, Inc. and Nuveen Securities, LLC.
|
196
|
||||
■ |
KEVIN J. MCCARTHY
1966
333 W. Wacker Drive
Chicago, IL 60606
|
Vice President
and Secretary
|
2007
|
Managing Director and Assistant Secretary (since 2008), Nuveen Securities, LLC; Managing Director (since 2008), Assistant Secretary since 2007) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant Secretary and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC; Managing Director and Assistant Secretary, Nuveen Investments, Inc.; Vice President (since 2007) and Assistant Secretary of Nuveen Investments Advisers Inc., NWQ Investment Management Company, LLC, Symphony Asset Management LLC, Santa Barbara Asset Management, LLC, and of Winslow Capital Management, LLC. (since 2010); Vice President and Secretary (since 2010) of Nuveen Commodities Asset Management, LLC.
|
196
|
118
|
Nuveen Investments
|
Name,
|
Position(s) Held
|
Year First
|
Principal
|
Number
|
|||||
Year of Birth
|
with the Funds
|
Elected or
|
Occupation(s)
|
of Portfolios
|
|||||
& Address
|
|
Appointed(3)
|
During Past 5 Years
|
in Fund Complex
|
|||||
Overseen
|
|||||||||
by Officer
|
|||||||||
Officers of the Funds (continued): | |||||||||
■ |
KATHLEEN L. PRUDHOMME
1953
901 Marquette Avenue
Minneapolis, MN 55402
|
Vice President and
Assistant Secretary
|
2011
|
Managing Director, Assistant Secretary and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant Secretary and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC; Managing Director and Assistant Secretary (since 2011) of Nuveen Securities, LLC; formerly, Deputy General Counsel, FAF Advisors, Inc. (2004-2010).
|
196
|
||||
■ |
JOEL T. SLAGER
1978
333 W. Wacker Drive
Chicago, IL 60606
|
Vice President and
Assistant Secretary
|
2013
|
Fund Tax Director for Nuveen Funds (since 2013); previously, Vice President of Morgan Stanley Investment Management, Inc., Assistant Treasurer of the Morgan Stanley Funds (from 2010 to 2013).
|
196
|
(1)
|
The Board of Trustees is divided into three classes, Class I, Class II, and Class III, with each being elected to serve until the third succeeding annual shareholders’ meeting subsequent to its election or thereafter in each case when its respective successors are duly elected or appointed, except two board members are elected by the holders of Preferred Shares to serve until the next annual shareholders’ meeting subsequent to its election or thereafter in each case when its respective successors are duly elected or appointed. The year first elected or appointed represents the year in which the board member was first elected or appointed to any fund in the Nuveen Complex.
|
(2)
|
“Interested person” as defined in the 1940 Act, by reason of his position with Nuveen Investments, Inc. and certain of its subsidiaries, which are affiliates of the Nuveen Funds.
|
(3)
|
Officers serve one year terms through August of each year. The year first elected or appointed represents the year in which the Officer was first elected or appointed to any fund in the Nuveen Complex.
|
Nuveen Investments
|
119
|
Nuveen Investments:
|
|
Serving Investors for Generations
|
Distributed by Nuveen Investments, LLC | 333 West Wacker Drive | Chicago, IL 60606 | www.nuveen.com
|
Audit Fees Billed
|
Audit-Related Fees
|
Tax Fees
|
All Other Fees
|
||||||||||||
Fiscal Year Ended
|
to Fund 1
|
Billed to Fund 2
|
Billed to Fund 3
|
Billed to Fund 4
|
|||||||||||
February 28, 2015
|
$ | 25,500 | $ | 0 | $ | 0 | $ | 0 | |||||||
Percentage approved
|
0 | % | 0 | % | 0 | % | 0 | % | |||||||
pursuant to
|
|||||||||||||||
pre-approval
|
|||||||||||||||
exception
|
|||||||||||||||
February 28, 2014
|
$ | 24,750 | $ | 1,500 | $ | 673 | $ | 0 | |||||||
Percentage approved
|
0 | % | 0 | % | 0 | % | 0 | % | |||||||
pursuant to
|
|||||||||||||||
pre-approval
|
|||||||||||||||
exception
|
|||||||||||||||
1 "Audit Fees" are the aggregate fees billed for professional services for the audit of the Fund's annual financial statements and services provided in
|
|||||||||||||||
connection with statutory and regulatory filings or engagements.
|
|||||||||||||||
2 "Audit Related Fees" are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of
|
|||||||||||||||
financial statements that are not reported under "Audit Fees". These fees include offerings related to the Fund's common shares and leverage.
|
|||||||||||||||
3 "Tax Fees" are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global
|
|||||||||||||||
withholding tax services; excise and state tax reviews; capital gain, tax equalization and taxable basis calculation performed by the principal accountant.
|
|||||||||||||||
4 "All Other Fees" are the aggregate fees billed for products and services other than "Audit Fees", "Audit-Related Fees" and "Tax Fees". These fees
|
|||||||||||||||
represent all "Agreed-Upon Procedures" engagements pertaining to the Fund's use of leverage.
|
|||||||||||||||
Audit-Related Fees
|
Tax Fees Billed to
|
All Other Fees
|
|
Billed to Adviser and
|
Adviser and
|
Billed to Adviser
|
|
Affiliated Fund
|
Affiliated Fund
|
and Affiliated Fund
|
|
Fiscal Year Ended
|
Service Providers
|
Service Providers
|
Service Providers
|
February 28, 2015
|
$ 0
|
$ 0
|
$ 0
|
Percentage approved
|
0%
|
0%
|
0%
|
pursuant to
|
|||
pre-approval
|
|||
exception
|
|||
February 28, 2014
|
$ 0
|
$ 0
|
$ 0
|
Percentage approved
|
0%
|
0%
|
0%
|
pursuant to
|
|||
pre-approval
|
|||
exception
|
Total Non-Audit Fees
|
||||
billed to Adviser and
|
||||
Affiliated Fund Service
|
Total Non-Audit Fees
|
|||
Providers (engagements
|
billed to Adviser and
|
|||
related directly to the
|
Affiliated Fund Service
|
|||
Total Non-Audit Fees
|
operations and financial
|
Providers (all other
|
||
Fiscal Year Ended
|
Billed to Fund
|
reporting of the Fund)
|
engagements)
|
Total
|
February 28, 2015
|
$ 0
|
$ 0
|
$ 0
|
$ 0
|
February 28, 2014
|
$ 673
|
$ 0
|
$ 0
|
$ 673
|
"Non-Audit Fees billed to Fund" for both fiscal year ends represent "Tax Fees" and "All Other Fees" billed to Fund in their respective
|
||||
amounts from the previous table.
|
||||
Less than 50 percent of the hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent
|
||||
fiscal year were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.
|
Name
|
Fund
|
Scott R. Romans
|
Nuveen California Dividend Advantage Municipal Fund 2
|
Portfolio Manager
|
Type of Account
Managed
|
Number of
Accounts
|
Assets*
|
Scott R. Romans
|
Registered Investment Company
|
15
|
$8.76 billion
|
Other Pooled Investment Vehicles
|
0
|
$0
|
|
Other Accounts
|
2
|
$2.03 million
|
*
|
Assets are as of February 28, 2015. None of the assets in these accounts are subject to an advisory fee based on performance.
|
Name of Portfolio Manager
|
Fund
|
Dollar range of equity
securities beneficially
owned in Fund
|
Dollar range of equity securities
beneficially owned in the remainder of
Nuveen funds managed by Nuveen Asset
Management’s municipal investment team
|
Scott R. Romans
|
Nuveen California Dividend Advantage Municipal Fund 2
|
$0
|
$0
|
(a)
|
The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (17 CFR 240.13a-15(b) or 240.15d-15(b)).
|
(b)
|
There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
|
(a)(1)
|
Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable because the code is posted on registrant’s website at www.nuveen.com/CEF/Shareholder/FundGovernance.aspx and there were no amendments during the period covered by this report. (To view the code, click on Code of Conduct.)
|
(a)(2)
|
A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: Ex-99.CERT Attached hereto.
|
(a)(3)
|
Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable.
|
(b)
|
If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)); Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference. Ex-99.906 CERT attached hereto.
|