Chairman’s Letter to Shareholders
|
4
|
Portfolio Manager’s Comments
|
5
|
Fund Leverage
|
9
|
Common Share Information
|
11
|
Risk Considerations
|
13
|
Performance Overview and Holding Summaries
|
14
|
Shareholder Meeting Report
|
19
|
Portfolios of Investments
|
20
|
Statement of Assets and Liabilities
|
54
|
Statement of Operations
|
55
|
Statement of Changes in Net Assets
|
56
|
Statement of Cash Flows
|
58
|
Financial Highlights
|
60
|
Notes to Financial Statements
|
69
|
Annual Investment Management Agreement Approval Process
|
81
|
Reinvest Automatically, Easily and Conveniently
|
90
|
Glossary of Terms Used in this Report
|
91
|
Additional Fund Information
|
95
|
Nuveen Investments
|
3
|
4
|
Nuveen Investments
|
Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio manager as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements, and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below investment grade ratings. Certain bonds backed by U.S. government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
|
Nuveen Investments
|
5
|
6
|
Nuveen Investments
|
Nuveen Investments
|
7
|
•
|
Lower fund expense ratios (excluding the effects of leverage), as fixed costs are spread over a larger asset base;
|
•
|
Enhanced secondary market trading, as larger funds potentially make it easier for investors to buy and sell fund shares;
|
•
|
Lower per share trading costs through reduced bid/ask spreads due to a larger common share float; and
|
•
|
Increased fund flexibility in managing the structure and cost of leverage over time.
|
Acquired Funds
|
Acquiring Funds
|
|
Nuveen California Performance Plus Municipal Fund, Inc. (NCP)
|
||
Nuveen California Municipal Market Opportunity Fund, Inc. (NCO)
|
||
Nuveen California Investment Quality Municipal Fund, Inc. (NQC)
|
Nuveen California Dividend Advantage Municipal Fund (NAC)
|
|
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)
|
8
|
Nuveen Investments
|
NCU
|
NAC
|
NVX
|
NZH
|
NKX
|
||||||||||||
Effective Leverage*
|
38.37
|
%
|
40.51
|
%
|
40.53
|
%
|
41.79
|
%
|
39.42
|
%
|
||||||
Regulatory Leverage*
|
30.53
|
%
|
30.27
|
%
|
32.79
|
%
|
34.85
|
%
|
34.50
|
%
|
*
|
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.
|
Nuveen Investments
|
9
|
MTP Shares
|
VRDP Shares
|
|||||||||||||||||||||
Series
|
Shares Issued at Liquidation Value
|
Annual
Interest Rate
|
NYSE /
NYSE MKT
Ticker
|
Series
|
Shares Issued at Liquidation Value
|
Total
|
||||||||||||||||
NCU
|
2015
|
$
|
35,250,000
|
2.00
|
%
|
NCU PRC
|
—
|
$
|
—
|
|||||||||||||
$
|
35,250,000
|
$
|
—
|
$
|
35,250,000
|
|||||||||||||||||
NAC
|
$
|
—
|
—
|
—
|
1
|
$
|
136,200,000
|
|||||||||||||||
$
|
—
|
|
|
$
|
136,200,000
|
$
|
136,200,000 | |||||||||||||||
NVX**
|
—
|
—
|
—
|
1
|
$
|
98,000,000
|
||||||||||||||||
$
|
—
|
$
|
98,000,000
|
$
|
98,000,000
|
|||||||||||||||||
NZH
|
2014
|
$
|
27,000,000
|
2.35
|
%
|
NZH PRA
|
—
|
$
|
—
|
|||||||||||||
2014-1
|
46,294,500
|
2.25
|
%
|
NZH PRB
|
—
|
—
|
||||||||||||||||
2015
|
86,250,000
|
2.95
|
%
|
NZH PRC
|
—
|
—
|
||||||||||||||||
$
|
159,544,500
|
$
|
—
|
$
|
159,544,500
|
|||||||||||||||||
NKX
|
$
|
—
|
—
|
—
|
2
|
$
|
35,500,000
|
|||||||||||||||
—
|
—
|
—
|
3
|
42,700,000
|
||||||||||||||||||
—
|
—
|
—
|
4
|
109,000,000
|
||||||||||||||||||
—
|
—
|
—
|
5
|
104,400,000
|
||||||||||||||||||
$
|
—
|
$
|
291,600,000
|
$
|
291,600,000
|
**
|
Does not include MTP Shares noticed for redemption.
|
10
|
Nuveen Investments
|
Per Common Share Amounts
|
||||||||||||||||
NCU
|
NAC
|
NVX
|
NZH
|
NKX
|
||||||||||||
March
|
$
|
0.0700
|
$
|
0.0740
|
$
|
0.0750
|
$
|
0.0670
|
$
|
0.0700
|
||||||
April
|
0.0700
|
0.0740
|
0.0750
|
0.0670
|
0.0700
|
|||||||||||
May
|
0.0700
|
0.0740
|
0.0750
|
0.0670
|
0.0700
|
|||||||||||
June
|
0.0700
|
0.0740
|
0.0750
|
0.0670
|
0.0700
|
|||||||||||
July
|
0.0700
|
0.0740
|
0.0750
|
0.0670
|
0.0700
|
|||||||||||
August
|
0.0700
|
0.0740
|
0.0750
|
0.0670
|
0.0700
|
|||||||||||
Market Yield**
|
6.56%
|
7.23%
|
7.05%
|
6.97%
|
6.98%
|
|||||||||||
Taxable-Equivalent Yield**
|
10.05%
|
11.07%
|
10.80%
|
10.67%
|
10.69%
|
**
|
Market Yield is based on the Fund’s current annualized monthly dividend divided by the Fund’s current market price as of the end of the reporting period. Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 34.7%. When comparing a Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
|
NCU
|
NAC
|
NVX
|
NZH
|
NKX
|
||||||||||||
Common Shares Cumulatively Repurchased and Retired
|
44,500
|
—
|
50,700
|
12,900
|
—
|
|||||||||||
Common Shares Authorized for Repurchase
|
575,000
|
2,350,000
|
1,475,000
|
2,415,000
|
4,185,000
|
Nuveen Investments
|
11
|
NAC
|
NKX
|
||||||
Additional Common Shares Authorized
|
2,300,000
|
4,100,000
|
NCU
|
NAC
|
NVX
|
NZH
|
NKX
|
||||||||||||
Common Share NAV
|
$
|
13.99
|
$
|
13.33
|
$
|
13.61
|
$
|
12.35
|
$
|
13.23
|
||||||
Common Share Price
|
$
|
12.80
|
$
|
12.28
|
$
|
12.76
|
$
|
11.54
|
$
|
12.04
|
||||||
Premium/(Discount) to NAV
|
(8.51
|
)%
|
(7.88
|
)%
|
(6.25
|
)%
|
(6.56
|
)%
|
(8.99
|
)%
|
||||||
6-Month Average Premium/(Discount) to NAV
|
(5.25
|
)%
|
(5.69
|
)%
|
(6.48
|
)%
|
(7.49
|
)%
|
(7.72
|
)%
|
12
|
Nuveen Investments
|
Nuveen Investments
|
13
|
NCU
|
|
Nuveen California Premium Income Municipal Fund
|
|
Performance Overview and Holding Summaries as of August 31, 2013
|
Cumulative
|
Average Annual
|
|||||||||||||
6-Month
|
1-Year
|
5-Year
|
10-Year
|
|||||||||||
NCU at Common Share NAV
|
(9.71
|
)%
|
(6.38
|
)%
|
6.45
|
%
|
5.97
|
%
|
||||||
NCU at Common Share Price
|
(16.47
|
)%
|
(10.44
|
)%
|
6.83
|
%
|
5.96
|
%
|
||||||
S&P Municipal Bond California Index
|
(5.98
|
)%
|
(3.05
|
)%
|
4.80
|
%
|
4.80
|
%
|
||||||
S&P Municipal Bond Index
|
(5.99
|
)%
|
(3.74
|
)%
|
4.50
|
%
|
4.55
|
%
|
||||||
Lipper California Municipal Debt Funds Classification Average
|
(11.81
|
)%
|
(7.54
|
)%
|
5.00
|
%
|
5.10
|
%
|
Portfolio Composition1
|
|
(as a % of total investments)
|
|
Tax Obligation/Limited
|
33.8%
|
Tax Obligation/General
|
23.9%
|
Health Care
|
20.9%
|
U.S. Guaranteed
|
5.5%
|
Water and Sewer
|
4.6%
|
Other
|
11.3%
|
Credit Quality1,2,3
|
|
(as a % of total investment exposure)
|
|
AAA/U.S.Guaranteed
|
13.4%
|
AA
|
32.1%
|
A
|
34.4%
|
BBB
|
12.3%
|
BB or Lower
|
2.1%
|
N/R
|
3.7%
|
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this page.
|
|
1
|
Holdings are subject to change.
|
2
|
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
|
3
|
Percentages may not add to 100% due to the exclusion of other assets less liabilities from the table.
|
14
|
Nuveen Investments
|
NAC
|
|
Nuveen California Dividend Advantage Municipal Fund
|
|
Performance Overview and Holding Summaries as of August 31, 2013
|
Cumulative
|
Average Annual
|
|||||||||||||
6-Month
|
1-Year
|
5-Year
|
10-Year
|
|||||||||||
NAC at Common Share NAV
|
(13.60
|
)%
|
(8.87
|
)%
|
5.25
|
%
|
5.40
|
%
|
||||||
NAC at Common Share Price
|
(19.79
|
)%
|
(14.39
|
)%
|
5.51
|
%
|
5.24
|
%
|
||||||
S&P Municipal Bond California Index
|
(5.98
|
)%
|
(3.05
|
)%
|
4.80
|
%
|
4.80
|
%
|
||||||
S&P Municipal Bond Index
|
(5.99
|
)%
|
(3.74
|
)%
|
4.50
|
%
|
4.55
|
%
|
||||||
Lipper California Municipal Debt Funds Classification Average
|
(11.81
|
)%
|
(7.54
|
)%
|
5.00
|
%
|
5.10
|
%
|
Portfolio Composition1
|
|
(as a % of total investments)
|
|
Tax Obligation/Limited
|
28.1%
|
Health Care
|
20.5%
|
Tax Obligation/General
|
19.8%
|
Water and Sewer
|
10.3%
|
Consumer Staples
|
4.9%
|
U.S. Guaranteed
|
4.4%
|
Other
|
12.0%
|
Credit Quality1,2,3
|
|
(as a % of total investment exposure)
|
|
AAA/U.S.Guaranteed
|
4.9%
|
AA
|
42.4%
|
A
|
27.8%
|
BBB
|
10.5%
|
BB or Lower
|
6.0%
|
N/R
|
5.2%
|
1
|
Holdings are subject to change.
|
2
|
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
|
3
|
Percentage may not add to 100% due to the exclusion of other assets less liabilities from the table.
|
Nuveen Investments
|
15
|
NVX
|
|
Nuveen California Dividend Advantage Municipal Fund 2
|
|
Performance Overview and Holding Summaries as of August 31, 2013
|
Cumulative
|
Average Annual
|
|||||||||||||
6-Month
|
1-Year
|
5-Year
|
10-Year
|
|||||||||||
NVX at Common Share NAV
|
(14.24
|
)%
|
(9.85
|
)%
|
5.35
|
%
|
5.62
|
%
|
||||||
NVX at Common Share Price
|
(19.19
|
)%
|
(14.22
|
)%
|
7.10
|
%
|
6.06
|
%
|
||||||
S&P Municipal Bond California Index
|
(5.98
|
)%
|
(3.05
|
)%
|
4.80
|
%
|
4.80
|
%
|
||||||
S&P Municipal Bond Index
|
(5.99
|
)%
|
(3.74
|
)%
|
4.50
|
%
|
4.55
|
%
|
||||||
Lipper California Municipal Debt Funds Classification Average
|
(11.81
|
)%
|
(7.54
|
)%
|
5.00
|
%
|
5.10
|
%
|
Portfolio Composition1
|
|
(as a % of total investments)
|
|
Tax Obligation/General
|
23.0%
|
Health Care
|
18.8%
|
Tax Obligation/Limited
|
17.9%
|
Utilities
|
10.2%
|
U.S. Guaranteed
|
8.5%
|
Water and Sewer
|
5.7%
|
Consumer Staples
|
5.4%
|
Education and Civic Organizations
|
3.7%
|
Other
|
6.8%
|
Credit Quality1,2,3
|
|
(as a % of total investment exposure)
|
|
AAA/U.S.Guaranteed
|
9.4%
|
AA
|
28.5%
|
A
|
16.3%
|
BBB
|
12.5%
|
BB or Lower
|
3.9%
|
N/R
|
3.8%
|
1
|
Holdings are subject to change.
|
2
|
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
|
3
|
Percentage may not add to 100% due to the exclusion of other assets less liabilities from the table.
|
16
|
Nuveen Investments
|
NZH
|
|
Nuveen California Dividend Advantage Municipal Fund 3
|
|
Performance Overview and Holding Summaries as of August 31, 2013
|
Cumulative
|
Average Annual
|
|||||||||||||
6-Month
|
1-Year
|
5-Year
|
10-Year
|
|||||||||||
NZH at Common Share NAV
|
(13.54
|
)%
|
(8.91
|
)%
|
4.66
|
%
|
5.07
|
%
|
||||||
NZH at Common Share Price
|
(16.41
|
)%
|
(12.58
|
)%
|
4.70
|
%
|
5.48
|
%
|
||||||
S&P Municipal Bond California Index
|
(5.98
|
)%
|
(3.05
|
)%
|
4.80
|
%
|
4.80
|
%
|
||||||
S&P Municipal Bond Index
|
(5.99
|
)%
|
(3.74
|
)%
|
4.50
|
%
|
4.55
|
%
|
||||||
Lipper California Municipal Debt Funds Classification Average
|
(11.81
|
)%
|
(7.54
|
)%
|
5.00
|
%
|
5.10
|
%
|
Portfolio Composition1
|
|
(as a % of total investments)
|
|
Tax Obligation/Limited
|
34.2%
|
Health Care
|
18.1%
|
Tax Obligation/General
|
11.6%
|
Water and Sewer
|
6.9%
|
Utilities
|
5.6%
|
Consumer Staples
|
5.5%
|
U.S. Guaranteed
|
5.4%
|
Other
|
12.7%
|
Credit Quality1,2,3
|
|
(as a % of total investment exposure)
|
|
AAA/U.S.Guaranteed
|
4.9%
|
AA
|
33.6%
|
A
|
22.9%
|
BBB
|
21.2%
|
BB or Lower
|
5.7%
|
N/R
|
5.5%
|
1
|
Holdings are subject to change.
|
2
|
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
|
3
|
Percentage may not add to 100% due to the exclusion of other assets less liabilities from the table.
|
Nuveen Investments
|
17
|
NKX
|
|
Nuveen California AMT-Free Municipal Income Fund
|
|
Performance Overview and Holding Summaries as of August 31, 2013
|
Cumulative
|
Average Annual
|
|||||||||||||
6-Month
|
1-Year
|
5-Year
|
10-Year
|
|||||||||||
NKX at Common Share NAV
|
(12.54
|
)%
|
(8.51
|
)%
|
4.58
|
%
|
5.32
|
%
|
||||||
NKX at Common Share Price
|
(17.83
|
)%
|
(15.78
|
)%
|
3.60
|
%
|
4.76
|
%
|
||||||
S&P Municipal Bond California Index
|
(5.98
|
)%
|
(3.05
|
)%
|
4.80
|
%
|
4.80
|
%
|
||||||
S&P Municipal Bond Index
|
(5.99
|
)%
|
(3.74
|
)%
|
4.50
|
%
|
4.55
|
%
|
||||||
Lipper California Municipal Debt Funds Classification Average
|
(11.81
|
)%
|
(7.54
|
)%
|
5.00
|
%
|
5.10
|
%
|
Portfolio Composition1
|
|
(as a % of total investments)
|
|
Tax Obligation/Limited
|
38.0%
|
Tax Obligation/General
|
19.5%
|
Health Care
|
12.5%
|
Water and Sewer
|
11.7%
|
U.S. Guaranteed
|
6.7%
|
Other
|
11.6%
|
Credit Quality1,2,3
|
|
(as a % of total investment exposure)
|
|
AAA/U.S.Guaranteed
|
8.1%
|
AA
|
43.5%
|
A
|
31.8%
|
BBB
|
4.8%
|
BB or Lower
|
3.7%
|
N/R
|
4.9%
|
1
|
Holdings are subject to change.
|
2
|
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
|
3
|
Percentage may not add to 100% due to the exclusion of other assets less liabilities from the table.
|
18
|
Nuveen Investments
|
NVX
|
|
Shareholder Meeting Report
|
|
The annual meeting of shareholders for NVX was held in the offices of Nuveen Investments on November 14, 2012; at this meeting the shareholders were asked to vote on the election of Board Members, to approve the elimination of the fundamental policies relating to the Fund’s ability to make loans and to approve the new fundamental policy relating to the Fund’s ability to make loans. The meeting was subsequently adjourned to December 14, 2012, January 24, 2013, February 22, 2013 and March 14, 2013.
|
Common and
|
|||||||
Preferred
|
Preferred
|
||||||
shares voting
|
shares voting
|
||||||
together
|
together
|
||||||
as a class
|
as a class
|
||||||
To approve the elimination of the fundamental
|
|||||||
policies relating to the Fund’s ability to make loans.
|
|||||||
For
|
12,380,831
|
4,451,978
|
|||||
Against
|
737,606
|
171,651
|
|||||
Abstain
|
309,910
|
65,092
|
|||||
Broker Non-Votes
|
4,355,757
|
2,511,278
|
|||||
Total
|
17,784,104
|
7,199,999
|
|||||
To approve the new fundamental policy relating to
|
|||||||
the Fund’s ability to make loans.
|
|||||||
For
|
12,374,303
|
4,451,358
|
|||||
Against
|
735,592
|
173,251
|
|||||
Abstain
|
318,452
|
64,112
|
|||||
Broker Non-Votes
|
4,355,757
|
2,511,278
|
|||||
Total
|
17,784,104
|
7,199,999
|
Nuveen Investments
|
19
|
NCU
|
|
Nuveen California Premium Income Municipal Fund
|
|
Portfolio of Investments
|
|
August 31, 2013 (Unaudited)
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Consumer Staples – 5.6% (3.8% of Total Investments)
|
||||||||||
$
|
1,250
|
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Alameda County Tobacco Asset Securitization Corporation, Series 2002, 5.750%, 6/01/29
|
12/13 at 100.00
|
BBB+
|
$
|
1,180,613
|
||||
125
|
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
|
BB+
|
116,020
|
||||||
2,415
|
California Statewide Financing Authority, Tobacco Settlement Asset-Backed Bonds, Pooled Tobacco Securitization Program, Series 2002A, 5.625%, 5/01/29
|
11/13 at 100.00
|
BBB
|
2,252,784
|
||||||
485
|
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1, 5.750%, 6/01/47
|
6/17 at 100.00
|
B
|
358,187
|
||||||
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
|
611,226
|
||||||
5,140
|
Total Consumer Staples
|
4,518,830
|
||||||||
Education and Civic Organizations – 3.5% (2.4% of Total Investments)
|
||||||||||
70
|
California Educational Facilities Authority, Revenue Bonds, University of Redlands, Series 2005A, 5.000%, 10/01/35
|
10/15 at 100.00
|
A3
|
70,011
|
||||||
California Educational Facilities Authority, Revenue Bonds, University of the Pacific, Series 2006:
|
||||||||||
45
|
5.000%, 11/01/21
|
11/15 at 100.00
|
A2
|
46,671
|
||||||
60
|
5.000%, 11/01/25
|
11/15 at 100.00
|
A2
|
61,221
|
||||||
2,000
|
California State University, Systemwide Revenue Bonds, Series 2005C, 5.000%, 11/01/27 – NPFG Insured
|
11/15 at 100.00
|
Aa2
|
2,127,500
|
||||||
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
|
196,781
|
||||||
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–
|
310,734
|
||||||
2,660
|
Total Education and Civic Organizations
|
2,812,918
|
||||||||
Health Care – 30.9% (20.9% of Total Investments)
|
||||||||||
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
|
A+
|
336,615
|
||||||
3,525
|
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2007A, 5.250%, 11/15/46 (UB)
|
11/16 at 100.00
|
AA–
|
3,393,835
|
||||||
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
|
BBB
|
621,391
|
||||||
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
|
945,230
|
||||||
377
|
California Statewide Communities Development Authority, Revenue Bonds, Saint Joseph Health System, Trust 2554, 18.234%, 7/01/47 – AGM Insured (IF)
|
7/18 at 100.00
|
AA–
|
381,334
|
||||||
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
|
691,185
|
||||||
1,740
|
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A, 5.250%, 7/01/30
|
7/15 at 100.00
|
BBB–
|
1,745,446
|
||||||
730
|
California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanente System, Series 2001C, 5.250%, 8/01/31
|
8/16 at 100.00
|
A+
|
735,752
|
||||||
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
|
3,092,532
|
||||||
2,100
|
California Statewide Community Development Authority, Revenue Bonds, Sherman Oaks Health System, Series 1998A, 5.000%, 8/01/22 – AMBAC Insured
|
No Opt. Call
|
A1
|
2,209,158
|
||||||
1,690
|
California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Series 2005A, 5.000%, 11/15/43
|
11/15 at 100.00
|
AA–
|
1,609,015
|
20
|
Nuveen Investments
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Health Care (continued)
|
||||||||||
$
|
760
|
Loma Linda, California, Hospital Revenue Bonds, Loma Linda University Medical Center, Series 2008A, 8.250%, 12/01/38
|
12/17 at 100.00
|
BBB
|
$
|
823,977
|
||||
2,600
|
Marysville, California, Revenue Bonds, The Fremont-Rideout Health Group, Series 2011, 5.250%, 1/01/42
|
1/21 at 100.00
|
A
|
2,530,658
|
||||||
1,450
|
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 6.000%, 11/01/41
|
11/20 at 100.00
|
Baa3
|
1,383,663
|
||||||
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
|
909,380
|
||||||
850
|
San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011, 7.500%, 12/01/41
|
12/21 at 100.00
|
BB
|
917,575
|
||||||
1,415
|
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+
|
1,454,563
|
||||||
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
|
Aa2
|
974,990
|
||||||
24,752
|
Total Health Care
|
24,756,299
|
||||||||
Housing/Multifamily – 1.2% (0.8% of Total Investments)
|
||||||||||
490
|
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2010A, 6.400%, 8/15/45
|
8/20 at 100.00
|
BBB
|
503,745
|
||||||
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
|
147,687
|
||||||
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
|
329,704
|
||||||
995
|
Total Housing/Multifamily
|
981,136
|
||||||||
Housing/Single Family – 1.5% (1.0% 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
|
BBB
|
1,167,894
|
||||||
60
|
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
|
BBB
|
62,689
|
||||||
1,210
|
Total Housing/Single Family
|
1,230,583
|
||||||||
Tax Obligation/General – 35.3% (23.9% of Total Investments)
|
||||||||||
California State, General Obligation Bonds, Various Purpose Series 2009:
|
||||||||||
2,350
|
6.000%, 11/01/39
|
11/19 at 100.00
|
A1
|
2,623,611
|
||||||
1,300
|
5.500%, 11/01/39
|
11/19 at 100.00
|
A1
|
1,359,293
|
||||||
3,500
|
California State, General Obligation Bonds, Various Purpose Series 2013, 5.000%, 4/01/37
|
4/23 at 100.00
|
A1
|
3,499,860
|
||||||
4,475
|
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
|
4,594,438
|
||||||
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
|
Aa2
|
6,196,320
|
||||||
3,000
|
Los Angeles Unified School District, California, General Obligation Bonds, Series 2005A-2, 5.000%, 7/01/24 – NPFG Insured
|
7/15 at 100.00
|
Aa2
|
3,206,670
|
||||||
1,750
|
Oxnard School District, Ventura County, California, General Obligation Bonds, Election 2012 Series 2012A, 5.000%, 8/01/37 – AGM Insured
|
8/22 at 100.00
|
AA–
|
1,697,675
|
||||||
15
|
Riverside Community College District, California, General Obligation Bonds, Series 2004A, 5.250%, 8/01/22 – NPFG Insured
|
8/14 at 100.00
|
AA
|
15,646
|
||||||
1,355
|
San Jose-Evergreen Community College District, Santa Clara County, California, General Obligation Bonds, Series 2005A, 5.000%, 9/01/25 – NPFG Insured
|
9/15 at 100.00
|
Aa1
|
1,459,281
|
||||||
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
|
2,604,141
|
||||||
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
|
1,010,020
|
||||||
33,090
|
Total Tax Obligation/General
|
28,266,955
|
Nuveen Investments
|
21
|
NCU
|
Nuveen California Premium Income Municipal Fund (continued)
|
Portfolio of Investments August 31, 2013 (Unaudited)
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Tax Obligation/Limited – 49.9% (33.8% of Total Investments)
|
||||||||||
$
|
1,000
|
Bell Community Redevelopment Agency, California, Tax Allocation Bonds, Bell Project Area, Series 2003, 5.625%, 10/01/33 – RAAI Insured
|
10/13 at 100.00
|
N/R
|
$
|
828,490
|
||||
California Infrastructure and Economic Development Bank, Revenue Bonds, North County Center for Self-Sufficiency Corporation, Series 2004:
|
||||||||||
1,695
|
5.000%, 12/01/22 – AMBAC Insured
|
12/13 at 100.00
|
AA+
|
1,714,560
|
||||||
1,865
|
5.000%, 12/01/24 – AMBAC Insured
|
12/13 at 100.00
|
AA+
|
1,886,522
|
||||||
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
|
11/13 at 100.00
|
A2
|
5,942,608
|
||||||
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
|
A2
|
1,074,670
|
||||||
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
|
A2
|
2,303,080
|
||||||
535
|
California State, Economic Recovery Revenue Bonds, Series 2004A, 5.000%, 7/01/15
|
7/14 at 100.00
|
Aa2
|
556,052
|
||||||
165
|
Capistrano Unified School District, Orange County, California, Special Tax Bonds, Community Facilities District, Series 2005, 5.000%, 9/01/24 – FGIC Insured
|
9/15 at 100.00
|
A
|
165,733
|
||||||
500
|
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–
|
461,785
|
||||||
260
|
Dinuba Redevelopment Agency, California, Tax Allocation Bonds, Merged City of Dinuba Redevelopment Project and Dinuba Redevelopment Project 2, As Amended, Refunding Series 2001, 5.000%, 9/01/31 – NPFG Insured
|
3/14 at 100.00
|
A
|
236,678
|
||||||
350
|
Fontana Redevelopment Agency, California, Jurupa Hills Redevelopment Project, Tax Allocation Refunding Bonds, 1997 Series A, 5.500%, 10/01/27
|
10/13 at 100.00
|
A–
|
349,979
|
||||||
425
|
Hesperia Community Redevelopment Agency, California, Tax Allocation Bonds, Series 2005A, 5.000%, 9/01/35 – SYNCORA GTY Insured
|
9/15 at 100.00
|
BB+
|
355,717
|
||||||
320
|
Inglewood Redevelopment Agency, California, Tax Allocation Bonds, Merged Redevelopment Project, Subordinate Lien Series 2007A-1, 5.000%, 5/01/24 – AMBAC Insured
|
5/17 at 100.00
|
BB+
|
310,330
|
||||||
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
|
73,874
|
||||||
175
|
5.125%, 9/01/36
|
9/16 at 100.00
|
N/R
|
164,539
|
||||||
3,500
|
Livermore Redevelopment Agency, California, Tax Allocation Revenue Bonds, Livermore Redevelopment Project Area, Series 2001A, 5.000%, 8/01/26 – NPFG Insured
|
2/14 at 100.00
|
A
|
3,534,405
|
||||||
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
|
312,731
|
||||||
2,000
|
Los Angeles Municipal Improvement Corporation, California, Lease Revenue Bonds, Police Headquarters, Series 2006A, 4.750%, 1/01/31 – FGIC Insured
|
1/17 at 100.00
|
A+
|
1,944,620
|
||||||
475
|
Lynwood Redevelopment Agency, California, Project A Revenue Bonds, Subordinate Lien Series 2011A, 7.250%, 9/01/38
|
9/21 at 100.00
|
A–
|
529,207
|
||||||
3,230
|
Murrieta Redevelopment Agency, California, Tax Allocation Bonds, Series 2005, 5.000%, 8/01/35 – NPFG Insured
|
8/15 at 100.00
|
A
|
2,990,754
|
||||||
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–
|
197,076
|
||||||
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+
|
69,102
|
||||||
Patterson Public Finance Authority, California, Revenue Bonds, Community Facilities District 2001-1, Senior Series 2013A:
|
||||||||||
450
|
5.250%, 9/01/30
|
9/23 at 100.00
|
N/R
|
431,442
|
||||||
405
|
5.750%, 9/01/39
|
9/23 at 100.00
|
N/R
|
393,308
|
||||||
70
|
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
|
67,342
|
||||||
Perris Union High School District Financing Authority, Riverside County, California, Revenue Bonds, Series 2011:
|
||||||||||
60
|
6.000%, 9/01/33
|
9/13 at 100.00
|
N/R
|
60,227
|
||||||
135
|
6.125%, 9/01/41
|
9/13 at 100.00
|
N/R
|
134,017
|
||||||
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–
|
551,869
|
22
|
Nuveen Investments
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Tax Obligation/Limited (continued)
|
||||||||||
$
|
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+
|
$
|
219,299
|
||||
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–
|
43,602
|
||||||
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
|
1,382,445
|
||||||
1,500
|
Sacramento City Financing Authority, California, Lease Revenue Refunding Bonds, Series 1993A, 5.400%, 11/01/20 – NPFG Insured
|
No Opt. Call
|
A
|
1,676,430
|
||||||
3,000
|
Sacramento City Financing Authority, California, Lease Revenue Refunding Bonds, Series 1993B, 5.400%, 11/01/20
|
No Opt. Call
|
A
|
3,352,860
|
||||||
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
|
1,020,250
|
||||||
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
|
A
|
1,537,029
|
||||||
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–
|
2,106,320
|
||||||
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–
|
32,889
|
||||||
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
|
32,198
|
||||||
40
|
7.000%, 8/01/41
|
2/21 at 100.00
|
BBB
|
42,303
|
||||||
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
|
A
|
100,031
|
||||||
275
|
5.000%, 8/01/25 – NPFG Insured
|
8/17 at 100.00
|
A
|
272,555
|
||||||
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
|
362,786
|
||||||
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
|
51,385
|
||||||
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–
|
101,958
|
||||||
40,625
|
Total Tax Obligation/Limited
|
39,975,057
|
||||||||
Transportation – 3.4% (2.3% of Total Investments)
|
||||||||||
220
|
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2008, Trust 3211, 13.465%, 10/01/32 (IF)
|
4/18 at 100.00
|
AA
|
249,861
|
||||||
2,000
|
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Series 1995A, 5.000%, 1/01/35
|
1/14 at 100.00
|
BBB–
|
1,899,240
|
||||||
580
|
Port of Oakland, California, Revenue Refunding Bonds, Series 2012P, 5.000%, 5/01/29 (Alternative Minimum Tax)
|
No Opt. Call
|
A+
|
571,909
|
||||||
2,800
|
Total Transportation
|
2,721,010
|
||||||||
U.S. Guaranteed – 8.0% (5.5% of Total Investments) (4)
|
||||||||||
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 (4)
|
866,549
|
||||||
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
|
3,531,420
|
||||||
1,112
|
California State Public Works Board, Lease Revenue Bonds, University of California Regents, Tender Option Bond Trust 1065, 9.261%, 3/01/33 (Pre-refunded 3/01/18) (IF)
|
3/18 at 100.00
|
Aa2 (4)
|
1,142,402
|
||||||
370
|
California State, Economic Recovery Revenue Bonds, Series 2004A, 5.000%, 7/01/15 (Pre-refunded 7/01/14)
|
7/14 at 100.00
|
Aaa
|
384,878
|
||||||
135
|
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)
|
146,925
|
Nuveen Investments
|
23
|
NCU
|
Nuveen California Premium Income Municipal Fund (continued)
|
Portfolio of Investments August 31, 2013 (Unaudited)
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
U.S. Guaranteed (4) (continued)
|
||||||||||
$
|
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
|
AA– (4)
|
$
|
376,870
|
||||
5,722
|
Total U.S. Guaranteed
|
6,449,044
|
||||||||
Utilities – 1.5% (1.0% of Total Investments)
|
||||||||||
890
|
Long Beach Bond Finance Authority, California, Natural Gas Purchase Revenue Bonds, Series 2007A, 5.500%, 11/15/37
|
No Opt. Call
|
A
|
886,031
|
||||||
295
|
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
|
291,077
|
||||||
1,185
|
Total Utilities
|
1,177,108
|
||||||||
Water and Sewer – 6.8% (4.6% of Total Investments)
|
||||||||||
1,125
|
Burbank, California, Wastewater System Revenue Bonds, Series 2004A, 5.000%, 6/01/23 – AMBAC Insured
|
6/14 at 100.00
|
AA+
|
1,161,225
|
||||||
2,275
|
California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, Poseidon Resources Channelside Desalination Project, Series 2012, 5.000%, 11/21/45 (Alternative Minimum Tax)
|
No Opt. Call
|
Baa3
|
1,786,307
|
||||||
205
|
Healdsburg Public Financing Authority, California, Wastewater Revenue Bonds, Series 2006, 5.000%, 4/01/36 – NPFG Insured
|
4/16 at 100.00
|
AA–
|
205,238
|
||||||
670
|
Metropolitan Water District of Southern California, Waterworks Revenue Bonds, Tender Option Bond Trust 09-8B, 17.523%, 7/01/35 (IF) (5)
|
7/19 at 100.00
|
AAA
|
738,635
|
||||||
1,500
|
Orange County Water District, California, Revenue Certificates of Participation, Tender Option Bond Trust 11782-1, 17.816%, 2/15/35 (IF)
|
8/19 at 100.00
|
AAA
|
1,581,600
|
||||||
5,775
|
Total Water and Sewer
|
5,473,005
|
||||||||
$
|
123,954
|
Total Investments (cost $115,676,474) – 147.6%
|
118,361,945
|
|||||||
Floating Rate Obligations – (6.9)%
|
(5,525,000
|
)
|
||||||||
MuniFund Term Preferred Shares, at Liquidation Value – (43.9)% (6)
|
(35,250,000
|
)
|
||||||||
Other Assets Less Liabilities – 3.2%
|
2,628,168
|
|||||||||
Net Assets Applicable to Common Shares – 100%
|
$
|
80,215,113
|
(1)
|
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
|
(2)
|
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
|
(3)
|
Ratings: 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)
|
MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments is 29.8%.
|
(ETM)
|
Escrowed to maturity.
|
(IF)
|
Inverse floating rate investment.
|
(UB)
|
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.
|
24
|
Nuveen Investments
|
NAC
|
|
Nuveen California Dividend Advantage Municipal Fund
|
|
Portfolio of Investments
|
|
August 31, 2013 (Unaudited)
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Consumer Staples – 7.5% (4.9% of Total Investments)
|
||||||||||
$
|
540
|
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
|
BB+
|
$
|
501,206
|
||||
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
|
||||||||||
20,615
|
5.750%, 6/01/47
|
6/17 at 100.00
|
B
|
15,224,796
|
||||||
2,895
|
5.125%, 6/01/47
|
6/17 at 100.00
|
B
|
1,939,968
|
||||||
8,255
|
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
|
5,833,148
|
||||||
32,305
|
Total Consumer Staples
|
23,499,118
|
||||||||
Education and Civic Organizations – 5.4% (3.6% of Total Investments)
|
||||||||||
2,500
|
California Educational Facilities Authority, Revenue Bonds, Santa Clara University, Series 2010, 5.000%, 2/01/40
|
2/20 at 100.00
|
Aa3
|
2,559,125
|
||||||
290
|
California Educational Facilities Authority, Revenue Bonds, University of Redlands, Series 2005A, 5.000%, 10/01/35
|
10/15 at 100.00
|
A3
|
290,044
|
||||||
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
|
9,792,400
|
||||||
California Educational Facilities Authority, Revenue Bonds, University of the Pacific, Series 2006:
|
||||||||||
200
|
5.000%, 11/01/21
|
11/15 at 100.00
|
A2
|
207,428
|
||||||
265
|
5.000%, 11/01/25
|
11/15 at 100.00
|
A2
|
270,393
|
||||||
1,250
|
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–
|
1,294,725
|
||||||
565
|
California Statewide Community Development Authority, Revenue Bonds, Notre Dame de Namur University, Series 2003, 6.500%, 10/01/23
|
10/13 at 100.00
|
N/R
|
565,141
|
||||||
2,000
|
University of California, General Revenue Bonds, Series 2013AF, 5.000%, 5/15/29
|
5/23 at 100.00
|
Aa1
|
2,118,180
|
||||||
17,070
|
Total Education and Civic Organizations
|
17,097,436
|
||||||||
Health Care – 31.1% (20.5% of Total Investments)
|
||||||||||
3,815
|
California Health Facilities Financing Authority, Revenue Bonds, Catholic Healthcare West, Series 2008J, 5.625%, 7/01/32
|
7/15 at 100.00
|
A
|
3,854,371
|
||||||
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
|
A+
|
1,468,995
|
||||||
1,420
|
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
|
A+
|
1,426,844
|
||||||
14,895
|
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2007A, 5.250%, 11/15/46 (UB)
|
11/16 at 100.00
|
AA–
|
14,340,757
|
||||||
6,530
|
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2011B, 6.000%, 8/15/42 (UB)
|
8/20 at 100.00
|
AA–
|
7,194,232
|
||||||
1,120
|
California Statewide Communities Development Authority, Revenue Bonds, Adventist Health System West, Series 2005A, 5.000%, 3/01/35
|
3/15 at 100.00
|
A
|
1,058,658
|
||||||
2,000
|
California Statewide Communities Development Authority, Revenue Bonds, Kaiser Permanente, Series 2012A, 5.000%, 4/01/42
|
4/22 at 100.00
|
A+
|
1,924,880
|
||||||
1,586
|
California Statewide Communities Development Authority, Revenue Bonds, Saint Joseph Health System, Trust 2554, 18.234%, 7/01/47 – AGM Insured (IF)
|
7/18 at 100.00
|
AA–
|
1,606,364
|
||||||
5,500
|
California Statewide Communities Development Authority, Revenue Bonds, Sutter Health, Series 2011A, 6.000%, 8/15/42
|
8/20 at 100.00
|
AA–
|
6,059,460
|
||||||
3,325
|
California Statewide Communities Development Authority, Revenue Bonds, ValleyCare Health System, Series 2007A, 5.125%, 7/15/31
|
7/17 at 100.00
|
N/R
|
2,819,866
|
Nuveen Investments
|
25
|
NAC
|
Nuveen California Dividend Advantage Municipal Fund (continued)
|
Portfolio of Investments August 31, 2013 (Unaudited)
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Health Care (continued)
|
||||||||||
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A:
|
||||||||||
$
|
1,760
|
5.250%, 7/01/24
|
7/15 at 100.00
|
BBB–
|
$
|
1,792,226
|
||||
3,870
|
5.250%, 7/01/30
|
7/15 at 100.00
|
BBB–
|
3,882,113
|
||||||
150
|
5.250%, 7/01/35
|
7/15 at 100.00
|
BBB–
|
149,507
|
||||||
10,140
|
California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanante System, Series 2006, 5.000%, 3/01/41
|
3/16 at 100.00
|
A+
|
9,780,334
|
||||||
3,095
|
California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanente System, Series 2001C, 5.250%, 8/01/31
|
8/16 at 100.00
|
A+
|
3,119,389
|
||||||
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+
|
9,950,359
|
||||||
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
|
2,319,399
|
||||||
5,000
|
California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Series 2008B, 5.250%, 11/15/48
|
5/18 at 100.00
|
AA–
|
4,832,800
|
||||||
1,000
|
Loma Linda, California, Hospital Revenue Bonds, Loma Linda University Medical Center, Series 2005A, 5.000%, 12/01/23
|
12/15 at 100.00
|
BBB
|
985,540
|
||||||
2,860
|
Loma Linda, California, Hospital Revenue Bonds, Loma Linda University Medical Center, Series 2008A, 8.250%, 12/01/38
|
12/17 at 100.00
|
BBB
|
3,100,755
|
||||||
1,000
|
Madera County, California, Certificates of Participation, Children’s Hospital Central California, Series 2010, 5.375%, 3/15/36
|
3/20 at 100.00
|
A+
|
996,090
|
||||||
675
|
Oak Valley Hospital District, Stanislaus County, California, Revenue Bonds, Series 2010A, 6.500%, 11/01/29
|
11/20 at 100.00
|
BB+
|
659,435
|
||||||
5,450
|
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 6.000%, 11/01/41
|
11/20 at 100.00
|
Baa3
|
5,200,663
|
||||||
2,570
|
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
|
2,337,107
|
||||||
3,500
|
San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011, 7.500%, 12/01/41
|
12/21 at 100.00
|
BB
|
3,778,250
|
||||||
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+
|
3,083,880
|
||||||
97,751
|
Total Health Care
|
97,722,274
|
||||||||
Housing/Multifamily – 2.2% (1.4% of Total Investments)
|
||||||||||
1,985
|
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2010A, 6.400%, 8/15/45
|
8/20 at 100.00
|
BBB
|
2,040,679
|
||||||
4,600
|
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2012A, 5.125%, 8/15/32
|
8/22 at 100.00
|
BBB
|
4,419,312
|
||||||
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
|
299,619
|
||||||
6,905
|
Total Housing/Multifamily
|
6,759,610
|
||||||||
Housing/Single Family – 0.6% (0.4% of Total Investments)
|
||||||||||
225
|
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
|
BBB
|
235,085
|
||||||
2,395
|
California Housing Finance Agency, Home Mortgage Revenue Bonds, Tender Option Bond Trust 3206, 8.413%, 2/01/29 (Alternative Minimum Tax) (IF)
|
2/17 at 100.00
|
BBB
|
1,528,896
|
||||||
2,620
|
Total Housing/Single Family
|
1,763,981
|
||||||||
Industrials – 0.0% (0.0% of Total Investments)
|
||||||||||
5,120
|
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
|
D
|
57,498
|
||||||
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
|
Baa1
|
1,146,910
|
26
|
Nuveen Investments
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Tax Obligation/General – 30.0% (19.8% 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
|
$
|
3,093,510
|
||||
Alvord Unified School District, Riverside County, California, General Obligation Bonds, 2007 Election Series 2011B:
|
||||||||||
21,000
|
0.000%, 8/01/41 – AGM Insured
|
No Opt. Call
|
AA–
|
3,810,870
|
||||||
16,840
|
0.000%, 8/01/43 – AGM Insured
|
No Opt. Call
|
AA–
|
2,701,473
|
||||||
2,500
|
California State, General Obligation Bonds, Various Purpose Refunding Series 2012, 5.000%, 9/01/42
|
No Opt. Call
|
A1
|
2,492,400
|
||||||
2,000
|
California State, General Obligation Bonds, Various Purpose Refunding Series 2013, 5.000%, 2/01/29
|
No Opt. Call
|
A1
|
2,083,820
|
||||||
10,000
|
California State, General Obligation Bonds, Various Purpose Series 2009, 6.000%, 11/01/39
|
11/19 at 100.00
|
A1
|
11,164,300
|
||||||
California State, General Obligation Bonds, Various Purpose Series 2010:
|
||||||||||
5,000
|
6.000%, 3/01/33
|
3/20 at 100.00
|
A1
|
5,637,750
|
||||||
8,000
|
5.500%, 3/01/40
|
3/20 at 100.00
|
A1
|
8,278,000
|
||||||
1,000
|
5.250%, 11/01/40
|
11/20 at 100.00
|
A1
|
1,015,440
|
||||||
California State, General Obligation Bonds, Various Purpose Series 2011:
|
||||||||||
5,000
|
5.250%, 10/01/28
|
No Opt. Call
|
A1
|
5,349,550
|
||||||
2,000
|
5.000%, 9/01/31
|
No Opt. Call
|
A1
|
2,065,220
|
||||||
4,330
|
5.000%, 10/01/41
|
10/21 at 100.00
|
A1
|
4,316,837
|
||||||
4,435
|
California State, General Obligation Refunding Bonds, Series 2002, 6.000%, 4/01/16 – AMBAC Insured
|
No Opt. Call
|
A1
|
5,040,954
|
||||||
3,425
|
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
|
3,516,413
|
||||||
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–
|
5,453,644
|
||||||
3,000
|
Los Angeles Unified School District, California, General Obligation Bonds, Series 2005A-2, 5.000%, 7/01/24 – NPFG Insured
|
7/15 at 100.00
|
Aa2
|
3,206,670
|
||||||
5,210
|
Oak Valley Hospital District, Stanislaus County, California, General Obligation Bonds, Series 2005, 5.000%, 7/01/35 – FGIC Insured
|
7/14 at 101.00
|
A2
|
5,244,594
|
||||||
4,000
|
San Diego Community College District, California, General Obligation Bonds, Refunding Series 2011, 5.000%, 8/01/41
|
8/21 at 100.00
|
AA+
|
4,075,800
|
||||||
50,070
|
Yosemite Community College District, California, General Obligation Bonds, Capital Appreciation, Election 2004, Series 2010D, 0.000%, 8/01/42
|
No Opt. Call
|
Aa2
|
15,624,844
|
||||||
155,960
|
Total Tax Obligation/General
|
94,172,089
|
||||||||
Tax Obligation/Limited – 42.7% (28.1% of Total Investments)
|
||||||||||
Beaumont Financing Authority, California, Local Agency Revenue Bonds, Series 2004D:
|
||||||||||
1,000
|
5.500%, 9/01/24
|
9/14 at 102.00
|
N/R
|
1,013,920
|
||||||
615
|
5.800%, 9/01/35
|
9/14 at 102.00
|
N/R
|
609,717
|
||||||
1,910
|
Borrego Water District, California, Community Facilities District 2007-1 Montesoro, Special Tax Bonds, Series 2007, 5.750%, 8/01/25 (4)
|
8/17 at 102.00
|
N/R
|
504,737
|
||||||
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
|
A2
|
1,074,670
|
||||||
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
|
A2
|
2,303,080
|
||||||
710
|
Capistrano Unified School District, Orange County, California, Special Tax Bonds, Community Facilities District, Series 2005, 5.000%, 9/01/24 – FGIC Insured
|
9/15 at 100.00
|
A
|
713,152
|
||||||
2,905
|
Carson Redevelopment Agency, California, Redevelopment Project Area 1 Tax Allocation Bonds, Series 2009A, 7.000%, 10/01/36
|
10/19 at 100.00
|
A–
|
3,180,975
|
||||||
1,225
|
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–
|
1,131,373
|
||||||
1,480
|
Commerce Joint Power Financing Authority, California, Tax Allocation Bonds, Redevelopment Projects 2 and 3, Refunding Series 2003A, 5.000%, 8/01/28 – RAAI Insured
|
2/14 at 100.00
|
BBB
|
1,381,698
|
||||||
1,040
|
Dinuba Redevelopment Agency, California, Tax Allocation Bonds, Merged City of Dinuba Redevelopment Project and Dinuba Redevelopment Project 2, As Amended, Refunding Series 2001, 5.000%, 9/01/31 – NPFG Insured
|
3/14 at 100.00
|
A
|
946,712
|
Nuveen Investments
|
27
|
NAC
|
Nuveen California Dividend Advantage Municipal Fund (continued)
|
Portfolio of Investments August 31, 2013 (Unaudited)
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Tax Obligation/Limited (continued)
|
||||||||||
$
|
1,430
|
Fontana Redevelopment Agency, California, Jurupa Hills Redevelopment Project, Tax Allocation Refunding Bonds, 1997 Series A, 5.500%, 10/01/27
|
10/13 at 100.00
|
A–
|
$
|
1,429,914
|
||||
2,890
|
Fontana, California, Senior Special Tax Refunding Bonds, Heritage Village Community Facilities District 2, Series 1998A, 5.250%, 9/01/17 – NPFG Insured
|
3/14 at 100.00
|
A
|
2,927,050
|
||||||
1,125
|
Fontana, California, Special Tax Bonds, Sierra Community Facilities District 22, Series 2004, 6.000%, 9/01/34
|
9/14 at 100.00
|
N/R
|
1,128,780
|
||||||
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–
|
965,500
|
||||||
3,980
|
Garden Grove, California, Certificates of Participation, Financing Project, Series 2002A, 5.500%, 3/01/22 – AMBAC Insured
|
3/14 at 100.00
|
A
|
4,015,780
|
||||||
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
|
A2
|
994,310
|
||||||
31,090
|
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A, 5.000%, 6/01/35 – FGIC Insured
|
6/15 at 100.00
|
AA–
|
30,401,976
|
||||||
2,850
|
Hesperia Community Redevelopment Agency, California, Tax Allocation Bonds, Series 2005A, 5.000%, 9/01/35 – SYNCORA GTY Insured
|
9/15 at 100.00
|
BB+
|
2,385,393
|
||||||
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
|
1,424,910
|
||||||
4,500
|
Inglewood Redevelopment Agency, California, Tax Allocation Bonds, Merged Redevelopment Project, Refunding Series 1998A, 5.250%, 5/01/23 – AMBAC Insured
|
No Opt. Call
|
N/R
|
4,626,810
|
||||||
1,285
|
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
|
BB+
|
1,230,645
|
||||||
Irvine Unified School District, California, Special Tax Bonds, Community Facilities District Series 2006A:
|
||||||||||
325
|
5.000%, 9/01/26
|
9/16 at 100.00
|
N/R
|
320,119
|
||||||
755
|
5.125%, 9/01/36
|
9/16 at 100.00
|
N/R
|
709,866
|
||||||
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
|
598,104
|
||||||
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+
|
884,210
|
||||||
2,290
|
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
|
2,310,175
|
||||||
1,650
|
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–
|
1,579,463
|
||||||
1,530
|
Moreno Valley Unified School District, Riverside County, California, Certificates of Participation, Series 2005, 5.000%, 3/01/24 – AGM Insured
|
3/14 at 100.00
|
AA–
|
1,561,227
|
||||||
3,500
|
Murrieta Redevelopment Agency, California, Tax Allocation Bonds, Series 2007A, 5.000%, 8/01/37 – NPFG Insured
|
8/17 at 100.00
|
A
|
3,264,170
|
||||||
695
|
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–
|
805,693
|
||||||
9,200
|
Norco Redevelopment Agency, California, Tax Allocation Refunding Bonds, Project Area 1, Series 2001, 5.000%, 3/01/19 – NPFG Insured
|
9/13 at 100.00
|
A
|
9,218,952
|
||||||
240
|
North Natomas Community Facilities District 4, Sacramento, California, Special Tax Bonds, Series 2006D, 5.000%, 9/01/33
|
9/14 at 102.00
|
N/R
|
225,828
|
||||||
260
|
Novato Redevelopment Agency, California, Tax Allocation Bonds, Hamilton Field Redevelopment Project, Series 2011, 6.750%, 9/01/40
|
9/21 at 100.00
|
BBB+
|
276,406
|
||||||
3,290
|
Oakland Redevelopment Agency, California, Subordinate Lien Tax Allocation Bonds, Central District Redevelopment Project, Series 2003, 5.500%, 9/01/16 – FGIC Insured
|
9/13 at 100.00
|
A
|
3,300,232
|
||||||
1,000
|
Palmdale Community Redevelopment Agency, California, Tax Allocation Bonds, Merged Redevelopment Project Areas, Series 2004, 5.000%, 12/01/24 – AMBAC Insured
|
12/14 at 100.00
|
A–
|
1,010,950
|
||||||
Patterson Public Finance Authority, California, Revenue Bonds, Community Facilities District 2001-1, Senior Series 2013A:
|
||||||||||
1,820
|
5.250%, 9/01/30
|
9/23 at 100.00
|
N/R
|
1,744,943
|
||||||
1,635
|
5.750%, 9/01/39
|
9/23 at 100.00
|
N/R
|
1,587,798
|
28
|
Nuveen Investments
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Tax Obligation/Limited (continued)
|
||||||||||
$
|
300
|
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
|
$
|
288,609
|
||||
Perris Union High School District Financing Authority, Riverside County, California, Revenue Bonds, Series 2011:
|
||||||||||
245
|
6.000%, 9/01/33
|
9/13 at 100.00
|
N/R
|
245,926
|
||||||
530
|
6.125%, 9/01/41
|
9/13 at 100.00
|
N/R
|
526,142
|
||||||
8,250
|
Pico Rivera Water Authority, California, Revenue Bonds, Series 2001A, 6.250%, 12/01/32
|
12/13 at 100.00
|
N/R
|
8,250,743
|
||||||
2,130
|
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–
|
2,176,817
|
||||||
1,570
|
Poway Redevelopment Agency, California, Tax Allocation Refunding Bonds, Paguay Redevelopment Project, Series 2000, 5.750%, 6/15/33 – NPFG Insured
|
3/14 at 100.00
|
A
|
1,512,412
|
||||||
2,000
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2009A, 0.000%, 8/01/32
|
8/26 at 100.00
|
A+
|
1,655,580
|
||||||
845
|
Rancho Santa Fe CSD Financing Authority, California, Revenue Bonds, Superior Lien Series 2011A, 5.750%, 9/01/30
|
9/21 at 100.00
|
BBB+
|
882,417
|
||||||
150
|
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–
|
163,506
|
||||||
1,860
|
Riverside Redevelopment Agency, California, Tax Allocation Refunding Bonds, Merged Project Areas, Series 2003, 5.250%, 8/01/22 – NPFG Insured
|
2/14 at 100.00
|
A
|
1,865,971
|
||||||
2,500
|
Sacramento City Financing Authority, California, Lease Revenue Refunding Bonds, Series 1993A, 5.400%, 11/01/20 – AMBAC Insured
|
No Opt. Call
|
A
|
2,794,050
|
||||||
1,000
|
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–
|
1,082,370
|
||||||
120
|
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–
|
131,555
|
||||||
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
|
134,160
|
||||||
155
|
7.000%, 8/01/41
|
2/21 at 100.00
|
BBB
|
163,925
|
||||||
1,000
|
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
|
1,007,960
|
||||||
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
|
A
|
999,960
|
||||||
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
|
A
|
1,100,341
|
||||||
1,235
|
5.000%, 8/01/25 – NPFG Insured
|
8/17 at 100.00
|
A
|
1,224,021
|
||||||
5,000
|
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+
|
5,640,100
|
||||||
205
|
Signal Hill Redevelopment Agency, California, Project 1 Tax Allocation Bonds, Series 2011, 7.000%, 10/01/26
|
4/21 at 100.00
|
N/R
|
210,676
|
||||||
1,200
|
Turlock Public Financing Authority, California, Tax Allocation Revenue Bonds, Series 2011, 7.500%, 9/01/39
|
3/21 at 100.00
|
BBB+
|
1,257,204
|
||||||
1,000
|
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
|
1,002,240
|
||||||
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–
|
5,462,200
|
||||||
Yorba Linda Redevelopment Agency, Orange County, California, Tax Allocation Revenue Bonds, Yorba Linda Redevelopment Project, Subordinate Lien Series 2011A:
|
||||||||||
150
|
6.000%, 9/01/26
|
9/21 at 100.00
|
A–
|
160,986
|
||||||
210
|
6.500%, 9/01/32
|
9/21 at 100.00
|
A–
|
231,149
|
||||||
135,280
|
Total Tax Obligation/Limited
|
133,960,258
|
||||||||
Transportation – 3.7% (2.5% of Total Investments)
|
||||||||||
11,150
|
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Refunding Bonds, Series 1999, 5.750%, 1/15/40
|
1/14 at 100.00
|
BBB–
|
10,365,263
|
Nuveen Investments
|
29
|
NAC
|
Nuveen California Dividend Advantage Municipal Fund (continued)
|
Portfolio of Investments August 31, 2013 (Unaudited)
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Transportation (continued)
|
||||||||||
$
|
1,250
|
Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Senior Lien Series 2010D, 5.000%, 5/15/40 (UB) (5)
|
5/20 at 100.00
|
AA
|
$
|
1,254,850
|
||||
120
|
Palm Springs Financing Authority, California, Palm Springs International Airport Revenue Bonds, Series 2006, 5.450%, 7/01/20 (Alternative Minimum Tax)
|
7/14 at 102.00
|
N/R
|
118,711
|
||||||
12,520
|
Total Transportation
|
11,738,824
|
||||||||
U.S. Guaranteed – 6.7% (4.4% of Total Investments) (6)
|
||||||||||
1,430
|
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)
|
1,588,673
|
||||||
4,685
|
California State Public Works Board, Lease Revenue Bonds, University of California Regents, Tender Option Bond Trust 1065, 9.261%, 3/01/33 (Pre-refunded 3/01/18) (IF)
|
3/18 at 100.00
|
Aa2 (6)
|
4,813,088
|
||||||
655
|
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)
|
701,472
|
||||||
3,630
|
Imperial Irrigation District, California, Certificates of Participation, Electric System Revenue Bonds, Series 2003, 5.250%, 11/01/23 (Pre-refunded 11/01/13) – AGM Insured
|
11/13 at 100.00
|
AA– (6)
|
3,661,182
|
||||||
1,725
|
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
|
AA (6)
|
2,169,308
|
||||||
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)
|
6,875,257
|
||||||
575
|
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)
|
625,790
|
||||||
600
|
West Patterson Financing Authority, California, Special Tax Bonds, Community Facilities District 01-1, Refunding Series 2009A, 8.625%, 9/01/39 (Pre-refunded 9/01/14)
|
9/14 at 105.00
|
N/R (6)
|
680,208
|
||||||
19,140
|
Total U.S. Guaranteed
|
21,114,978
|
||||||||
Utilities – 6.0% (3.9% of Total Investments)
|
||||||||||
3,775
|
Long Beach Bond Finance Authority, California, Natural Gas Purchase Revenue Bonds, Series 2007A, 5.000%, 11/15/35
|
No Opt. Call
|
A
|
3,565,827
|
||||||
5,500
|
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2005A-1, 5.000%, 7/01/31 – AGM Insured (UB)
|
7/15 at 100.00
|
AA–
|
5,740,625
|
||||||
2,355
|
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–
|
2,525,031
|
||||||
3,000
|
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Tender Option Bond Trust 3345, 18.033%, 7/01/20 (IF) (5)
|
No Opt. Call
|
AA–
|
3,127,320
|
||||||
1,270
|
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
|
1,253,109
|
||||||
2,500
|
Sacramento Municipal Utility District, California, Electric Revenue Bonds, Tender Option Bond Trust 1186, 17.265%, 8/15/41 (IF) (5)
|
8/23 at 100.00
|
AA–
|
2,538,700
|
||||||
18,400
|
Total Utilities
|
18,750,612
|
||||||||
Water and Sewer – 15.6% (10.3% of Total Investments)
|
||||||||||
Bay Area Water Supply and Conservation Agency, California, Revenue Bonds, Capital Cost Recovery Prepayment Program, Series 2013A:
|
||||||||||
2,000
|
5.000%, 10/01/29
|
4/23 at 100.00
|
AA–
|
2,107,360
|
||||||
2,100
|
5.000%, 10/01/34
|
4/23 at 100.00
|
AA–
|
2,154,621
|
||||||
California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, Poseidon Resources Channelside Desalination Project, Series 2012:
|
||||||||||
1,265
|
5.000%, 7/01/37 (Alternative Minimum Tax)
|
No Opt. Call
|
Baa3
|
1,027,344
|
||||||
6,475
|
5.000%, 11/21/45 (Alternative Minimum Tax)
|
No Opt. Call
|
Baa3
|
5,084,105
|
||||||
875
|
Healdsburg Public Financing Authority, California, Wastewater Revenue Bonds, Series 2006, 5.000%, 4/01/36 – NPFG Insured
|
4/16 at 100.00
|
AA–
|
876,015
|
||||||
2,500
|
Indio Water Authority, California, Water Revenue Bonds, Series 2006, 5.000%, 4/01/31 – AMBAC Insured
|
4/16 at 100.00
|
A
|
2,539,800
|
||||||
9,955
|
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2011A, 5.250%, 7/01/39 (UB)
|
1/21 at 100.00
|
AA
|
10,359,671
|
30
|
Nuveen Investments
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Water and Sewer (continued)
|
||||||||||
$
|
835
|
Marina Coast Water District, California, Enterprise Certificate of Participation, Series 2006, 5.000%, 6/01/31 – NPFG Insured
|
6/16 at 100.00
|
AA–
|
$
|
838,340
|
||||
2,250
|
Sacramento County Sanitation District Financing Authority, California, Revenue Bonds, Series 2006, 5.000%, 12/01/31 – FGIC Insured
|
6/16 at 100.00
|
AA
|
2,305,890
|
||||||
11,000
|
San Diego Public Facilities Financing Authority, California, Sewerage Revenue Bonds, Refunding Series 2010A, 5.250%, 5/15/26
|
5/20 at 100.00
|
AA
|
12,105,610
|
||||||
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–
|
5,643,054
|
||||||
San Francisco City and County Public Utilities Commission, California, Water Revenue Bonds, Tender Option Bond Trust 2013-4A:
|
||||||||||
750
|
17.998%, 11/01/28 (IF)
|
11/21 at 100.00
|
AA–
|
937,800
|
||||||
750
|
18.098%, 11/01/43 (IF)
|
5/22 at 100.00
|
AA–
|
787,710
|
||||||
2,000
|
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–
|
2,079,580
|
||||||
48,335
|
Total Water and Sewer
|
48,846,900
|
||||||||
$
|
552,406
|
Total Investments (cost $479,975,881) – 151.9%
|
476,630,488
|
|||||||
Floating Rate Obligations – (13.8)%
|
(43,400,000
|
)
|
||||||||
Variable Rate Demand Preferred Shares, at Liquidation Value – (43.4)% (7)
|
(136,200,000
|
)
|
||||||||
Other Assets Less Liabilities – 5.3%
|
16,724,140
|
|||||||||
Net Assets Applicable to Common Shares – 100%
|
$
|
313,754,628
|
(1)
|
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
|
(2)
|
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
|
(3)
|
Ratings: 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)
|
At 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 directed the Fund’s custodian to cease accruing additional income on the Fund’s records.
|
(5)
|
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
|
(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)
|
Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 28.6%.
|
(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
|
31
|
NVX
|
|
Nuveen California Dividend Advantage Municipal Fund 2
|
|
Portfolio of Investments
|
|
August 31, 2013 (Unaudited)
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Consumer Staples – 7.9% (5.4% of Total Investments)
|
||||||||||
$
|
330
|
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
|
BB+
|
$
|
306,293
|
||||
2,775
|
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Stanislaus County Tobacco Funding Corporation, Series 2002A, 5.500%, 6/01/33
|
12/13 at 100.00
|
Baa1
|
2,784,407
|
||||||
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
|
||||||||||
12,540
|
5.750%, 6/01/47
|
6/17 at 100.00
|
B
|
9,261,166
|
||||||
1,270
|
5.125%, 6/01/47
|
6/17 at 100.00
|
B
|
851,040
|
||||||
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
|
2,586,229
|
||||||
20,575
|
Total Consumer Staples
|
15,789,135
|
||||||||
Education and Civic Organizations – 5.4% (3.7% 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
|
1,748,144
|
||||||
2,745
|
California Educational Facilities Authority, Revenue Bonds, University of Southern California, Tender Option Bond Trust 09-11B, 17.670%, 10/01/38 (IF) (4)
|
10/18 at 100.00
|
Aa1
|
2,900,861
|
||||||
California Educational Facilities Authority, Revenue Bonds, University of the Pacific, Series 2006:
|
||||||||||
125
|
5.000%, 11/01/21
|
11/15 at 100.00
|
A2
|
129,643
|
||||||
165
|
5.000%, 11/01/25
|
11/15 at 100.00
|
A2
|
168,358
|
||||||
1,915
|
California Educational Facilities Authority, Student Loan Revenue Bonds, Cal Loan Program, Series 2001A, 5.400%, 3/01/21 – NPFG Insured (Alternative Minimum Tax)
|
3/14 at 100.00
|
Baa1
|
1,916,341
|
||||||
2,500
|
California Municipal Finance Authority, Revenue Bonds, University of La Verne, Series 2010A, 6.250%, 6/01/40
|
6/20 at 100.00
|
BBB+
|
2,571,675
|
||||||
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–
|
880,413
|
||||||
565
|
California Statewide Community Development Authority, Revenue Bonds, Notre Dame de Namur University, Series 2003, 6.500%, 10/01/23
|
10/13 at 100.00
|
N/R
|
565,141
|
||||||
10,640
|
Total Education and Civic Organizations
|
10,880,576
|
||||||||
Health Care – 27.5% (18.8% of Total Investments)
|
||||||||||
2,500
|
California Health Facilities Financing Authority, Revenue Bonds, Catholic Healthcare West, Series 2008J, 5.625%, 7/01/32
|
7/15 at 100.00
|
A
|
2,525,800
|
||||||
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
|
A+
|
899,314
|
||||||
9,260
|
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2007A, 5.250%, 11/15/46 (UB)
|
11/16 at 100.00
|
AA–
|
8,915,435
|
||||||
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
|
BBB
|
4,234,853
|
||||||
2,520
|
California Statewide Communities Development Authority, Revenue Bonds, Adventist Health System West, Series 2005A, 5.000%, 3/01/35
|
3/15 at 100.00
|
A
|
2,381,980
|
||||||
3,200
|
California Statewide Communities Development Authority, Revenue Bonds, Kaiser Permanente, Series 2012A, 5.000%, 4/01/42
|
4/22 at 100.00
|
A+
|
3,079,808
|
||||||
California Statewide Communities Development Authority, Revenue Bonds, Saint Joseph Health System, Trust 2554:
|
||||||||||
1,325
|
18.201%, 7/01/47 – AGM Insured (IF)
|
7/18 at 100.00
|
AA–
|
1,314,201
|
||||||
998
|
18.234%, 7/01/47 – AGM Insured (IF)
|
7/18 at 100.00
|
AA–
|
1,010,308
|
||||||
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
|
1,886,978
|
||||||
5,250
|
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A, 5.250%, 7/01/35
|
7/15 at 100.00
|
BBB–
|
5,232,728
|
32
|
Nuveen Investments
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Health Care (continued)
|
||||||||||
$
|
425
|
California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanente System, Series 2001C, 5.250%, 8/01/31
|
8/16 at 100.00
|
A+
|
$
|
428,349
|
||||
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
|
1,013,410
|
||||||
California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Series 2005A:
|
||||||||||
2,705
|
5.000%, 11/15/43
|
11/15 at 100.00
|
AA–
|
2,575,376
|
||||||
3,315
|
5.000%, 11/15/43 (UB) (4)
|
11/15 at 100.00
|
AA–
|
3,156,145
|
||||||
2,000
|
Loma Linda, California, Hospital Revenue Bonds, Loma Linda University Medical Center, Series 2008A, 8.250%, 12/01/38
|
12/17 at 100.00
|
BBB
|
2,168,360
|
||||||
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+
|
1,603,705
|
||||||
455
|
Oak Valley Hospital District, Stanislaus County, California, Revenue Bonds, Series 2010A, 6.500%, 11/01/29
|
11/20 at 100.00
|
BB+
|
444,508
|
||||||
4,800
|
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 6.000%, 11/01/41
|
11/20 at 100.00
|
Baa3
|
4,580,400
|
||||||
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
|
5,260,763
|
||||||
2,250
|
San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011, 7.500%, 12/01/41
|
12/21 at 100.00
|
BB
|
2,428,875
|
||||||
56,768
|
Total Health Care
|
55,141,296
|
||||||||
Housing/Multifamily – 1.4% (1.0% of Total Investments)
|
||||||||||
1,310
|
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2010A, 6.400%, 8/15/45
|
8/20 at 100.00
|
BBB
|
1,346,746
|
||||||
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
|
390,656
|
||||||
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
|
885,489
|
||||||
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
|
191,944
|
||||||
2,865
|
Total Housing/Multifamily
|
2,814,835
|
||||||||
Housing/Single Family – 3.3% (2.3% of Total Investments)
|
||||||||||
1,490
|
California Housing Finance Agency, California, Home Mortgage Revenue Bonds, Series 2007G, 5.050%, 2/01/29 (Alternative Minimum Tax)
|
2/17 at 100.00
|
BBB
|
1,416,245
|
||||||
135
|
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
|
BBB
|
141,051
|
||||||
5,775
|
California Housing Finance Agency, Home Mortgage Revenue Bonds, Series 2006M, 4.650%, 8/01/31 (Alternative Minimum Tax)
|
2/16 at 100.00
|
BBB
|
5,126,872
|
||||||
7,400
|
Total Housing/Single Family
|
6,684,168
|
||||||||
Industrials – 0.0% (0.0% of Total Investments)
|
||||||||||
3,175
|
California Statewide Communities Development Authority, Revenue Bonds, EnerTech Regional Biosolids Project, Series 2007A, 5.500%, 12/01/33 (Alternative Minimum Tax) (5)
|
No Opt. Call
|
D
|
35,655
|
||||||
Tax Obligation/General – 33.6% (23.0% 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
|
1,340,521
|
||||||
10,000
|
California State, General Obligation Bonds, Series 2006CD, 4.600%, 12/01/32 (Alternative Minimum Tax)
|
12/15 at 100.00
|
AA
|
9,030,300
|
||||||
13,850
|
California State, General Obligation Bonds, Various Purpose Series 2009, 6.000%, 4/01/38
|
4/19 at 100.00
|
A1
|
15,340,674
|
||||||
California State, General Obligation Bonds, Various Purpose Series 2010:
|
||||||||||
2,000
|
6.000%, 3/01/33
|
3/20 at 100.00
|
A1
|
2,255,100
|
||||||
1,000
|
5.250%, 11/01/40
|
11/20 at 100.00
|
A1
|
1,015,440
|
||||||
California State, General Obligation Bonds, Various Purpose Series 2011:
|
||||||||||
4,850
|
5.250%, 10/01/28
|
No Opt. Call
|
A1
|
5,189,064
|
||||||
2,300
|
5.000%, 9/01/41
|
9/21 at 100.00
|
A1
|
2,293,123
|
||||||
2,190
|
5.000%, 10/01/41
|
10/21 at 100.00
|
A1
|
2,183,342
|
Nuveen Investments
|
33
|
NVX
|
Nuveen California Dividend Advantage Municipal Fund 2 (continued)
|
Portfolio of Investments August 31, 2013 (Unaudited)
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Tax Obligation/General (continued)
|
||||||||||
$
|
1,500
|
California State, General Obligation Bonds, Various Purpose Series 2013, 5.000%, 2/01/43
|
No Opt. Call
|
A1
|
$
|
1,493,070
|
||||
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
|
Aa2
|
4,811,310
|
||||||
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
|
1,378,741
|
||||||
13,530
|
New Haven Unified School District, Alameda County, California, General Obligation Bonds, Series 2004A, 0.000%, 8/01/24 – NPFG Insured
|
No Opt. Call
|
Aa3
|
7,637,550
|
||||||
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
|
A+
|
1,264,949
|
||||||
2,000
|
Puerto Rico, General Obligation and Public Improvement Bonds, Series 2002A, 5.500%, 7/01/20 – NPFG Insured
|
No Opt. Call
|
A
|
1,874,040
|
||||||
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
|
1,027,990
|
||||||
Yosemite Community College District, California, General Obligation Bonds, Capital Appreciation, Election 2004, Series 2010D:
|
||||||||||
6,480
|
0.000%, 8/01/31
|
No Opt. Call
|
Aa2
|
2,346,408
|
||||||
17,510
|
0.000%, 8/01/42
|
No Opt. Call
|
Aa2
|
5,464,171
|
||||||
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
|
1,616,032
|
||||||
116,390
|
Total Tax Obligation/General
|
67,561,825
|
||||||||
Tax Obligation/Limited – 26.2% (17.9% of Total Investments)
|
||||||||||
Beaumont Financing Authority, California, Local Agency Revenue Bonds, Series 2004D:
|
||||||||||
650
|
5.500%, 9/01/24
|
9/14 at 102.00
|
N/R
|
659,048
|
||||||
385
|
5.800%, 9/01/35
|
9/14 at 102.00
|
N/R
|
381,693
|
||||||
1,190
|
Borrego Water District, California, Community Facilities District 2007-1 Montesoro, Special Tax Bonds, Series 2007, 5.750%, 8/01/25 (5)
|
8/17 at 102.00
|
N/R
|
314,469
|
||||||
1,245
|
California State, Economic Recovery Revenue Bonds, Series 2004A, 5.000%, 7/01/15
|
7/14 at 100.00
|
Aa2
|
1,293,991
|
||||||
435
|
Capistrano Unified School District, Orange County, California, Special Tax Bonds, Community Facilities District, Series 2005, 5.000%, 9/01/24 – FGIC Insured
|
9/15 at 100.00
|
A
|
436,931
|
||||||
700
|
Dinuba Redevelopment Agency, California, Tax Allocation Bonds, Merged City of Dinuba Redevelopment Project and Dinuba Redevelopment Project 2, As Amended, Series 2003, 5.000%, 9/01/33 – NPFG Insured
|
9/14 at 101.00
|
A
|
628,866
|
||||||
4,265
|
Escondido Joint Powers Financing Authority, California, Lease Revenue Bonds, Water System Financing, Series 2012, 5.000%, 9/01/41
|
3/22 at 100.00
|
AA–
|
4,091,372
|
||||||
960
|
Fontana Redevelopment Agency, California, Jurupa Hills Redevelopment Project, Tax Allocation Refunding Bonds, 1997 Series A, 5.500%, 10/01/27
|
10/13 at 100.00
|
A–
|
959,942
|
||||||
750
|
Fontana, California, Special Tax Bonds, Sierra Community Facilities District 22, Series 2004, 6.000%, 9/01/34
|
9/14 at 100.00
|
N/R
|
752,520
|
||||||
1,500
|
Gilroy School Facilities Financing Authority, Santa Clara County, California, Revenue Bonds, Series 2013A, 5.000%, 8/01/46
|
8/23 at 100.00
|
Aa3
|
1,411,800
|
||||||
2,995
|
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A, 5.000%, 6/01/45 – AGM Insured
|
6/15 at 100.00
|
AA–
|
2,813,743
|
||||||
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
|
1,804,224
|
||||||
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–
|
1,651,824
|
||||||
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
|
1,424,910
|
||||||
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
|
BB+
|
860,421
|
||||||
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
|
201,921
|
||||||
470
|
5.125%, 9/01/36
|
9/16 at 100.00
|
N/R
|
441,903
|
||||||
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
|
367,723
|
34
|
Nuveen Investments
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Tax Obligation/Limited (continued)
|
||||||||||
$
|
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
|
$
|
807,048
|
||||
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–
|
1,292,288
|
||||||
750
|
Lynwood Redevelopment Agency, California, Project A Revenue Bonds, Subordinate Lien Series 2011A, 7.000%, 9/01/31
|
9/21 at 100.00
|
A–
|
818,243
|
||||||
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–
|
550,653
|
||||||
475
|
North Natomas Community Facilities District 4, Sacramento, California, Special Tax Bonds, Series 2006D, 5.000%, 9/01/33
|
9/14 at 102.00
|
N/R
|
446,951
|
||||||
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+
|
186,043
|
||||||
2,000
|
Orange County, California, Special Tax Bonds, Community Facilities District 02-1 of Ladera Ranch, Series 2003A, 5.550%, 8/15/33
|
2/14 at 100.00
|
N/R
|
2,000,340
|
||||||
Patterson Public Finance Authority, California, Revenue Bonds, Community Facilities District 2001-1, Senior Series 2013A:
|
||||||||||
1,210
|
5.250%, 9/01/30
|
9/23 at 100.00
|
N/R
|
1,160,100
|
||||||
1,090
|
5.750%, 9/01/39
|
9/23 at 100.00
|
N/R
|
1,058,532
|
||||||
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
|
192,406
|
||||||
Perris Union High School District Financing Authority, Riverside County, California, Revenue Bonds, Series 2011:
|
||||||||||
165
|
6.000%, 9/01/33
|
9/13 at 100.00
|
N/R
|
165,624
|
||||||
360
|
6.125%, 9/01/41
|
9/13 at 100.00
|
N/R
|
357,379
|
||||||
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–
|
3,152,808
|
||||||
5,000
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2009A, 0.000%, 8/01/32
|
8/26 at 100.00
|
A+
|
4,138,950
|
||||||
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+
|
574,354
|
||||||
270
|
Rialto Redevelopment Agency, California, Tax Allocation Bonds, Merged Project Area, Series 2005A, 5.000%, 9/01/35 – SYNCORA GTY Insured
|
9/15 at 100.00
|
A–
|
251,265
|
||||||
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–
|
109,004
|
||||||
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
|
1,096,760
|
||||||
1,325
|
8.000%, 8/01/38
|
8/16 at 102.00
|
A
|
1,424,587
|
||||||
990
|
San Diego, California, Special Tax Community Facilities District 4 Black Mountain Ranch Villages Bonds, Series 2008A, 6.000%, 9/01/37
|
9/13 at 100.00
|
N/R
|
1,002,335
|
||||||
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–
|
87,703
|
||||||
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
|
91,229
|
||||||
105
|
7.000%, 8/01/41
|
2/21 at 100.00
|
BBB
|
111,046
|
||||||
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
|
A
|
1,100,341
|
||||||
765
|
5.000%, 8/01/25 – NPFG Insured
|
8/17 at 100.00
|
A
|
758,199
|
||||||
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
|
1,002,701
|
||||||
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–
|
1,423,971
|
||||||
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
|
143,877
|
Nuveen Investments
|
35
|
NVX
|
Nuveen California Dividend Advantage Municipal Fund 2 (continued)
|
Portfolio of Investments August 31, 2013 (Unaudited)
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Tax Obligation/Limited (continued)
|
||||||||||
$
|
6,500
|
Ventura County Public Financing Authority, California, Lease Revenue Bonds Series 2013A, 5.000%, 11/01/38
|
11/22 at 100.00
|
AA
|
$
|
6,336,005
|
||||
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–
|
264,170
|
||||||
55,030
|
Total Tax Obligation/Limited
|
52,602,213
|
||||||||
Transportation – 5.1% (3.5% of Total Investments)
|
||||||||||
1,430
|
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2008, Trust 3211, 13.465%, 10/01/32 (IF)
|
4/18 at 100.00
|
AA
|
1,624,094
|
||||||
7,000
|
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Refunding Bonds, Series 1999, 5.875%, 1/15/27
|
1/14 at 101.00
|
BBB–
|
7,055,650
|
||||||
1,545
|
Port of Oakland, California, Revenue Refunding Bonds, Series 2012P, 5.000%, 5/01/29 (Alternative Minimum Tax)
|
No Opt. Call
|
A+
|
1,523,447
|
||||||
9,975
|
Total Transportation
|
10,203,191
|
||||||||
U.S. Guaranteed – 12.4% (8.5% of Total Investments) (6)
|
||||||||||
1,930
|
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2006F, 5.000%, 4/01/31 (Pre-refunded 4/01/16) (UB)
|
4/16 at 100.00
|
AA (6)
|
2,144,153
|
||||||
4,900
|
California State Public Works Board, Lease Revenue Bonds, Department of Corrections, Series 2003C, 5.500%, 6/01/16 (Pre-refunded 12/01/13)
|
12/13 at 100.00
|
AAA
|
4,965,905
|
||||||
2,945
|
California State Public Works Board, Lease Revenue Bonds, University of California Regents, Tender Option Bond Trust 1065, 9.261%, 3/01/33 (Pre-refunded 3/01/18) (IF)
|
3/18 at 100.00
|
Aa2 (6)
|
3,025,516
|
||||||
860
|
California State, Economic Recovery Revenue Bonds, Series 2004A, 5.000%, 7/01/15 (Pre-refunded 7/01/14)
|
7/14 at 100.00
|
Aaa
|
894,581
|
||||||
415
|
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)
|
444,444
|
||||||
4,000
|
Daly City Housing Development Finance Agency, California, Mobile Home Park Revenue Bonds, Franciscan Mobile Home Park Project, Series 2002A, 5.850%, 12/15/32 (Pre-refunded 12/15/13)
|
12/13 at 102.00
|
A (6)
|
4,145,360
|
||||||
2,000
|
Lake Elsinore Public Finance Authority, California, Local Agency Revenue Refunding Bonds, Series 2003H, 6.000%, 10/01/20 (Pre-refunded 10/01/13)
|
10/13 at 102.00
|
N/R (6)
|
2,049,380
|
||||||
2,000
|
Puerto Rico Public Finance Corporation, Commonwealth Appropriation Bonds, Series 2002E, 6.000%, 8/01/26 (ETM)
|
No Opt. Call
|
BBB– (6)
|
2,423,780
|
||||||
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 (6)
|
386,357
|
||||||
1,700
|
San Buenaventura, California, Wastewater Revenue Certificates of Participation, Series 2004, 5.000%, 3/01/24 (Pre-refunded 3/01/14) – NPFG Insured
|
3/14 at 100.00
|
AA– (6)
|
1,740,851
|
||||||
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
|
AA– (6)
|
956,670
|
||||||
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
|
Aa2 (6)
|
1,305,151
|
||||||
415
|
West Patterson Financing Authority, California, Special Tax Bonds, Community Facilities District 01-1, Refunding Series 2009A, 8.625%, 9/01/39 (Pre-refunded 9/01/14)
|
9/14 at 105.00
|
N/R (6)
|
470,477
|
||||||
23,660
|
Total U.S. Guaranteed
|
24,952,625
|
||||||||
Utilities – 15.0% (10.2% of Total Investments)
|
||||||||||
5,000
|
Anaheim Public Finance Authority, California, Second Lien Electric Distribution Revenue Bonds, Series 2004, 5.250%, 10/01/21 – NPFG Insured
|
10/14 at 100.00
|
AA–
|
5,237,600
|
||||||
2,355
|
Long Beach Bond Finance Authority, California, Natural Gas Purchase Revenue Bonds, Series 2007A, 5.000%, 11/15/35
|
No Opt. Call
|
A
|
2,224,509
|
||||||
500
|
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2005A-1, 5.000%, 7/01/31 – AGM Insured (UB)
|
7/15 at 100.00
|
AA–
|
521,875
|
||||||
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–
|
14,148,540
|
||||||
250
|
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Tender Option Bond Trust 3345, 18.033%, 7/01/20 (IF) (4)
|
No Opt. Call
|
AA–
|
260,610
|
||||||
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
|
779,493
|
||||||
1,500
|
5.250%, 9/01/36 – SYNCORA GTY Insured
|
9/15 at 100.00
|
N/R
|
1,462,845
|
36
|
Nuveen Investments
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Utilities (continued)
|
||||||||||
$
|
1,500
|
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–
|
$
|
1,581,345
|
||||
4,000
|
Southern California Public Power Authority, Natural Gas Project 1 Revenue Bonds, Series 2007A, 5.000%, 11/01/33
|
No Opt. Call
|
A–
|
3,861,000
|
||||||
29,895
|
Total Utilities
|
30,077,817
|
||||||||
Water and Sewer – 8.4% (5.7% 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–
|
2,658,425
|
||||||
5,240
|
California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, Poseidon Resources Channelside Desalination Project, Series 2012, 5.000%, 11/21/45 (Alternative Minimum Tax)
|
No Opt. Call
|
Baa3
|
4,114,396
|
||||||
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–
|
1,401,820
|
||||||
545
|
Healdsburg Public Financing Authority, California, Wastewater Revenue Bonds, Series 2006, 5.000%, 4/01/36 – NPFG Insured
|
4/16 at 100.00
|
AA–
|
545,632
|
||||||
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
|
2,047,000
|
||||||
1,160
|
Metropolitan Water District of Southern California, Waterworks Revenue Bonds, Tender Option Bond Trust 09-8B, 17.523%, 7/01/35 (IF) (4)
|
7/19 at 100.00
|
AAA
|
1,278,830
|
||||||
1,500
|
Orange County Water District, California, Revenue Certificates of Participation, Tender Option Bond Trust 11782-1, 17.816%, 2/15/35 (IF)
|
8/19 at 100.00
|
AAA
|
1,581,600
|
||||||
750
|
Sacramento County Sanitation District Financing Authority, California, Revenue Bonds, Series 2006, 5.000%, 12/01/31 – FGIC Insured
|
6/16 at 100.00
|
AA
|
768,630
|
||||||
2,400
|
San Francisco City and County Public Utilities Commission, California, Water Revenue Bonds, Series 2009B, 5.000%, 11/01/39
|
No Opt. Call
|
AA–
|
2,412,480
|
||||||
17,495
|
Total Water and Sewer
|
16,808,813
|
||||||||
$
|
353,868
|
Total Investments (cost $299,183,367) – 146.2%
|
293,552,149
|
|||||||
Floating Rate Obligations – (4.7)%
|
(9,380,000
|
)
|
||||||||
Variable Rate Demand Preferred Shares, at Liquidation Value – (48.8)% (7)
|
(98,000,000
|
)
|
||||||||
Other Assets Less Liabilities – 7.3%
|
14,665,906
|
|||||||||
Net Assets Applicable to Common Shares – 100%
|
$
|
200,838,055
|
(1)
|
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
|
(2)
|
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
|
(3)
|
Ratings: 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)
|
At 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 directed the Fund’s custodian to cease 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)
|
Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 33.4%.
|
(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
|
37
|
NZH
|
|
Nuveen California Dividend Advantage Municipal Fund 3
|
|
Portfolio of Investments
|
|
August 31, 2013 (Unaudited)
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Consumer Staples – 7.9% (5.5% of Total Investments)
|
||||||||||
$
|
540
|
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
|
BB+
|
$
|
501,206
|
||||
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
|
||||||||||
19,485
|
5.750%, 6/01/47
|
6/17 at 100.00
|
B
|
14,390,257
|
||||||
6,325
|
5.125%, 6/01/47
|
6/17 at 100.00
|
B
|
4,238,446
|
||||||
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
|
4,426,974
|
||||||
32,615
|
Total Consumer Staples
|
23,556,883
|
||||||||
Education and Civic Organizations – 5.7% (4.0% of Total Investments)
|
||||||||||
290
|
California Educational Facilities Authority, Revenue Bonds, University of Redlands, Series 2005A, 5.000%, 10/01/35
|
10/15 at 100.00
|
A3
|
290,044
|
||||||
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
|
2,369,930
|
||||||
California Educational Facilities Authority, Revenue Bonds, University of the Pacific, Series 2006:
|
||||||||||
200
|
5.000%, 11/01/21
|
11/15 at 100.00
|
A2
|
207,428
|
||||||
270
|
5.000%, 11/01/25
|
11/15 at 100.00
|
A2
|
275,495
|
||||||
1,000
|
5.000%, 11/01/30
|
11/15 at 100.00
|
A2
|
1,002,070
|
||||||
1,275
|
California Educational Facilities Authority, Student Loan Revenue Bonds, Cal Loan Program, Series 2001A, 5.400%, 3/01/21 – NPFG Insured (Alternative Minimum Tax)
|
3/14 at 100.00
|
Baa1
|
1,275,893
|
||||||
6,000
|
California State University, Systemwide Revenue Bonds, Series 2005C, 5.000%, 11/01/27 – NPFG Insured
|
11/15 at 100.00
|
Aa2
|
6,382,500
|
||||||
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–
|
1,346,514
|
||||||
560
|
California Statewide Community Development Authority, Revenue Bonds, Notre Dame de Namur University, Series 2003, 6.500%, 10/01/23
|
10/13 at 100.00
|
N/R
|
560,140
|
||||||
3,000
|
University of California, General Revenue Bonds, Series 2013AF, 5.000%, 5/15/29
|
5/23 at 100.00
|
Aa1
|
3,177,270
|
||||||
16,055
|
Total Education and Civic Organizations
|
16,887,284
|
||||||||
Health Care – 25.9% (18.1% of Total Investments)
|
||||||||||
2,500
|
California Health Facilities Financing Authority, Revenue Bonds, Catholic Healthcare West, Series 2008J, 5.625%, 7/01/32
|
7/15 at 100.00
|
A
|
2,525,800
|
||||||
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
|
A+
|
1,451,965
|
||||||
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–
|
1,902,158
|
||||||
3,530
|
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2011B, 6.000%, 8/15/42
|
8/20 at 100.00
|
AA–
|
3,889,072
|
||||||
3,735
|
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Tender Option Bonds Trust 3765, 19.037%, 5/15/39 (IF) (4)
|
11/16 at 100.00
|
AA–
|
3,179,419
|
||||||
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
|
3,639,136
|
||||||
1,650
|
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–
|
1,626,438
|
||||||
1,000
|
California Statewide Communities Development Authority, Revenue Bonds, Kaiser Permanente, Series 2012A, 5.000%, 4/01/42
|
4/22 at 100.00
|
A+
|
962,440
|
||||||
1,594
|
California Statewide Communities Development Authority, Revenue Bonds, Saint Joseph Health System, Trust 2554, 18.234%, 7/01/47 – AGM Insured (IF)
|
7/18 at 100.00
|
AA–
|
1,613,961
|
38
|
Nuveen Investments
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Health Care (continued)
|
||||||||||
$
|
8,875
|
California Statewide Communities Development Authority, Revenue Bonds, Sutter Health, Series 2011A, 6.000%, 8/15/42
|
8/20 at 100.00
|
AA–
|
$
|
9,777,765
|
||||
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
|
2,913,155
|
||||||
4,500
|
California Statewide Community Development Authority, Insured Health Facility Revenue Bonds, Catholic Healthcare West, Series 2008K, 5.500%, 7/01/41 – AGC Insured
|
7/17 at 100.00
|
AA–
|
4,594,950
|
||||||
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
|
BBB–
|
2,322,334
|
||||||
645
|
California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanente System, Series 2001C, 5.250%, 8/01/31
|
8/16 at 100.00
|
A+
|
650,083
|
||||||
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–
|
4,085,578
|
||||||
5,600
|
California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Tender Option Bond Trust 3102, 18.765%, 11/15/46 (IF) (4)
|
11/16 at 100.00
|
AA–
|
4,766,776
|
||||||
2,950
|
Loma Linda, California, Hospital Revenue Bonds, Loma Linda University Medical Center, Series 2008A, 8.250%, 12/01/38
|
12/17 at 100.00
|
BBB
|
3,198,331
|
||||||
4,000
|
Marysville, California, Revenue Bonds, The Fremont-Rideout Health Group, Series 2011, 5.250%, 1/01/42
|
1/21 at 100.00
|
A
|
3,893,320
|
||||||
695
|
Oak Valley Hospital District, Stanislaus County, California, Revenue Bonds, Series 2010A, 6.500%, 11/01/29
|
11/20 at 100.00
|
BB+
|
678,973
|
||||||
1,000
|
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 6.750%, 11/01/39
|
11/19 at 100.00
|
Baa3
|
1,023,110
|
||||||
7,650
|
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 6.000%, 11/01/41
|
11/20 at 100.00
|
Baa3
|
7,300,013
|
||||||
Rancho Mirage Joint Powers Financing Authority, California, Revenue Bonds, Eisenhower Medical Center, Series 2007A:
|
||||||||||
5,790
|
5.000%, 7/01/38
|
7/17 at 100.00
|
Baa2
|
5,265,310
|
||||||
2,500
|
5.000%, 7/01/47
|
7/17 at 100.00
|
Baa2
|
2,191,900
|
||||||
3,400
|
San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011, 7.500%, 12/01/41
|
12/21 at 100.00
|
BB
|
3,670,300
|
||||||
78,299
|
Total Health Care
|
77,122,287
|
||||||||
Housing/Multifamily – 1.4% (1.0% of Total Investments)
|
||||||||||
2,010
|
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2010A, 6.400%, 8/15/45
|
8/20 at 100.00
|
BBB
|
2,066,381
|
||||||
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
|
1,924,696
|
||||||
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
|
304,301
|
||||||
4,355
|
Total Housing/Multifamily
|
4,295,378
|
||||||||
Housing/Single Family – 3.4% (2.3% of Total Investments)
|
||||||||||
230
|
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
|
BBB
|
240,309
|
||||||
California Housing Finance Agency, Home Mortgage Revenue Bonds, Tender Option Bond Trust 3206:
|
||||||||||
10,180
|
8.040%, 8/01/25 (Alternative Minimum Tax) (IF)
|
2/16 at 100.00
|
BBB
|
7,324,205
|
||||||
3,805
|
8.413%, 2/01/29 (Alternative Minimum Tax) (IF)
|
2/17 at 100.00
|
BBB
|
2,428,998
|
||||||
14,215
|
Total Housing/Single Family
|
9,993,512
|
||||||||
Industrials – 1.7% (1.2% 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
|
BBB
|
5,053,800
|
||||||
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
|
D
|
58,452
|
||||||
10,205
|
Total Industrials
|
5,112,252
|
Nuveen Investments
|
39
|
NZH
|
Nuveen California Dividend Advantage Municipal Fund 3 (continued)
|
Portfolio of Investments August 31, 2013 (Unaudited)
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Long-Term Care – 1.3% (0.9% of Total Investments)
|
||||||||||
California Health Facilities Financing Authority, Insured Senior Living Revenue Bonds, Aldersly Project, Series 2002A:
|
||||||||||
$
|
1,500
|
5.125%, 3/01/22
|
9/13 at 100.00
|
A
|
$
|
1,504,800
|
||||
1,315
|
5.250%, 3/01/32
|
9/13 at 100.00
|
A
|
1,314,908
|
||||||
1,000
|
California Municipal Finance Authority, Revenue Bonds, Harbor Regional Center Project, Series 2009, 8.000%, 11/01/29
|
11/19 at 100.00
|
Baa1
|
1,146,910
|
||||||
3,815
|
Total Long-Term Care
|
3,966,618
|
||||||||
Tax Obligation/General – 16.5% (11.6% of Total Investments)
|
||||||||||
California State, General Obligation Bonds, Various Purpose Refunding Series 2013:
|
||||||||||
1,260
|
5.000%, 2/01/29
|
No Opt. Call
|
A1
|
1,312,807
|
||||||
1,710
|
5.000%, 2/01/31
|
No Opt. Call
|
A1
|
1,755,161
|
||||||
California State, General Obligation Bonds, Various Purpose Series 2009:
|
||||||||||
3,040
|
6.000%, 11/01/39
|
11/19 at 100.00
|
A1
|
3,393,947
|
||||||
3,500
|
5.500%, 11/01/39
|
11/19 at 100.00
|
A1
|
3,659,635
|
||||||
California State, General Obligation Bonds, Various Purpose Series 2010:
|
||||||||||
1,960
|
5.500%, 3/01/40
|
3/20 at 100.00
|
A1
|
2,028,110
|
||||||
1,000
|
5.250%, 11/01/40
|
11/20 at 100.00
|
A1
|
1,015,440
|
||||||
California State, General Obligation Bonds, Various Purpose Series 2011:
|
||||||||||
1,770
|
5.250%, 10/01/28
|
No Opt. Call
|
A1
|
1,893,741
|
||||||
4,000
|
5.000%, 9/01/31
|
No Opt. Call
|
A1
|
4,130,440
|
||||||
4,315
|
5.000%, 10/01/41
|
10/21 at 100.00
|
A1
|
4,301,882
|
||||||
3,230
|
California State, General Obligation Bonds, Various Purpose Series 2012, 5.250%, 2/01/29
|
2/22 at 100.00
|
A1
|
3,418,987
|
||||||
2,465
|
California State, General Obligation Bonds, Various Purpose Series 2013, 5.000%, 4/01/37
|
4/23 at 100.00
|
A1
|
2,464,901
|
||||||
15
|
California, General Obligation Veterans Welfare Bonds, Series 2001BZ, 5.350%, 12/01/21 – NPFG Insured (Alternative Minimum Tax)
|
12/13 at 100.00
|
AA
|
15,015
|
||||||
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–
|
1,069,813
|
||||||
18,500
|
Poway Unified School District, San Diego County, California, School Facilities Improvement District 2007-1 General Obligation Bonds, Series 2011A, 0.000%, 8/01/46
|
No Opt. Call
|
Aa2
|
2,332,850
|
||||||
2,715
|
San Jose-Evergreen Community College District, Santa Clara County, California, General Obligation Bonds, Series 2005A, 5.000%, 9/01/25 – NPFG Insured
|
9/15 at 100.00
|
Aa1
|
2,923,946
|
||||||
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
|
Aa1
|
2,131,645
|
||||||
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–
|
2,139,612
|
||||||
Yosemite Community College District, California, General Obligation Bonds, Capital Appreciation, Election 2004, Series 2010D:
|
||||||||||
15,000
|
0.000%, 8/01/31
|
No Opt. Call
|
Aa2
|
5,431,500
|
||||||
12,520
|
0.000%, 8/01/42
|
No Opt. Call
|
Aa2
|
3,906,991
|
||||||
85,765
|
Total Tax Obligation/General
|
49,326,423
|
||||||||
Tax Obligation/Limited – 48.8% (34.2% of Total Investments)
|
||||||||||
1,960
|
Borrego Water District, California, Community Facilities District 2007-1 Montesoro, Special Tax Bonds, Series 2007, 5.750%, 8/01/25 (5)
|
8/17 at 102.00
|
N/R
|
517,950
|
||||||
4,000
|
California State Public Works Board, Lease Revenue Bonds, Department of General Services, Series 2002B, 5.000%, 3/01/27 – AMBAC Insured
|
9/13 at 100.00
|
A2
|
3,999,960
|
||||||
4,510
|
California State Public Works Board, Lease Revenue Bonds, Department of Mental Health, Hospital Addition, Series 2001A, 5.000%, 12/01/26 – AMBAC Insured
|
12/13 at 100.00
|
A2
|
4,509,820
|
||||||
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
|
A2
|
1,074,670
|
||||||
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
|
A2
|
2,438,856
|
||||||
715
|
Capistrano Unified School District, Orange County, California, Special Tax Bonds, Community Facilities District, Series 2005, 5.000%, 9/01/24 – FGIC Insured
|
9/15 at 100.00
|
A
|
718,175
|
||||||
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–
|
1,994,911
|
40
|
Nuveen Investments
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Tax Obligation/Limited (continued)
|
||||||||||
$
|
1,050
|
Dinuba Redevelopment Agency, California, Tax Allocation Bonds, Merged City of Dinuba Redevelopment Project and Dinuba Redevelopment Project 2, As Amended, Series 2003, 5.000%, 9/01/33 – NPFG Insured
|
9/14 at 101.00
|
A
|
$
|
943,299
|
||||
1,445
|
Fontana Redevelopment Agency, California, Jurupa Hills Redevelopment Project, Tax Allocation Refunding Bonds, 1997 Series A, 5.500%, 10/01/27
|
10/13 at 100.00
|
A–
|
1,444,913
|
||||||
1,125
|
Fontana, California, Special Tax Bonds, Sierra Community Facilities District 22, Series 2004, 6.000%, 9/01/34
|
9/14 at 100.00
|
N/R
|
1,128,780
|
||||||
3,500
|
Fremont, California, Special Tax Bonds, Community Facilities District 1, Pacific Commons, Series 2005, 6.300%, 9/01/31
|
9/13 at 100.00
|
N/R
|
3,504,935
|
||||||
1,000
|
Gilroy School Facilities Financing Authority, Santa Clara County, California, Revenue Bonds, Series 2013A, 5.000%, 8/01/46
|
8/23 at 100.00
|
Aa3
|
941,200
|
||||||
5,910
|
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A, 5.000%, 6/01/45 – AGC Insured
|
6/15 at 100.00
|
AA–
|
5,552,327
|
||||||
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
|
BB+
|
1,295,577
|
||||||
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
|
325,043
|
||||||
760
|
5.125%, 9/01/36
|
9/16 at 100.00
|
N/R
|
714,567
|
||||||
685
|
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
|
606,965
|
||||||
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+
|
884,210
|
||||||
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
|
1,321,541
|
||||||
Los Angeles Community Redevelopment Agency, California, Subordinate Lien Tax Allocation Bonds, Bunker Hill Redevelopment Project, Series 2004L:
|
||||||||||
1,715
|
5.000%, 3/01/18
|
9/13 at 100.00
|
BBB–
|
1,725,702
|
||||||
1,350
|
5.100%, 3/01/19
|
9/13 at 100.00
|
BBB–
|
1,357,547
|
||||||
7,000
|
Los Angeles County Public Works Financing Authority, California, Lease Revenue Bonds, Multiple Capital Facilities Project II, Series 2012, 5.000%, 8/01/42
|
No Opt. Call
|
AA–
|
6,700,750
|
||||||
1,675
|
Moreno Valley Unified School District, Riverside County, California, Certificates of Participation, Series 2005, 5.000%, 3/01/26 – AGM Insured
|
3/14 at 100.00
|
AA–
|
1,706,976
|
||||||
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–
|
840,471
|
||||||
240
|
North Natomas Community Facilities District 4, Sacramento, California, Special Tax Bonds, Series 2006D, 5.000%, 9/01/33
|
9/14 at 102.00
|
N/R
|
225,828
|
||||||
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+
|
287,037
|
||||||
3,000
|
Oakland Redevelopment Agency, California, Subordinate Lien Tax Allocation Bonds, Central District Redevelopment Project, Series 2003, 5.500%, 9/01/19 – FGIC Insured
|
9/13 at 100.00
|
A
|
3,005,760
|
||||||
2,000
|
Orange County, California, Special Tax Bonds, Community Facilities District 02-1 of Ladera Ranch, Series 2003A, 5.550%, 8/15/33
|
2/14 at 100.00
|
N/R
|
2,000,340
|
||||||
11,165
|
Palm Desert Financing Authority, California, Tax Allocation Revenue Refunding Bonds, Project Area 1, Series 2002, 5.100%, 4/01/30 – NPFG Insured
|
4/14 at 100.00
|
A
|
10,854,055
|
||||||
Patterson Public Finance Authority, California, Revenue Bonds, Community Facilities District 2001-1, Senior Series 2013A:
|
||||||||||
1,820
|
5.250%, 9/01/30
|
9/23 at 100.00
|
N/R
|
1,744,943
|
||||||
1,635
|
5.750%, 9/01/39
|
9/23 at 100.00
|
N/R
|
1,587,798
|
||||||
300
|
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
|
288,609
|
||||||
Perris Union High School District Financing Authority, Riverside County, California, Revenue Bonds, Series 2011:
|
||||||||||
245
|
6.000%, 9/01/33
|
9/13 at 100.00
|
N/R
|
245,926
|
||||||
540
|
6.125%, 9/01/41
|
9/13 at 100.00
|
N/R
|
536,069
|
||||||
3,000
|
Pico Rivera Water Authority, California, Revenue Bonds, Series 2001A, 6.250%, 12/01/32
|
12/13 at 100.00
|
N/R
|
3,000,270
|
Nuveen Investments
|
41
|
NZH
|
Nuveen California Dividend Advantage Municipal Fund 3 (continued)
|
Portfolio of Investments August 31, 2013 (Unaudited)
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Tax Obligation/Limited (continued)
|
||||||||||
$
|
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–
|
$
|
2,233,026
|
||||
3,250
|
Pomona Public Financing Authority, California, Revenue Refunding Bonds, Merged Redevelopment Projects, Series 2001AD, 5.000%, 2/01/27 – NPFG Insured
|
2/14 at 100.00
|
A
|
2,977,033
|
||||||
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
|
935,987
|
||||||
6,000
|
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N, 5.250%, 7/01/39 – FGIC Insured
|
No Opt. Call
|
BBB
|
4,164,420
|
||||||
8,000
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2009A, 0.000%, 8/01/32
|
8/26 at 100.00
|
A+
|
6,622,320
|
||||||
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+
|
903,302
|
||||||
625
|
Rialto Redevelopment Agency, California, Tax Allocation Bonds, Merged Project Area, Series 2005A, 5.000%, 9/01/35 – SYNCORA GTY Insured
|
9/15 at 100.00
|
A–
|
581,631
|
||||||
3,375
|
Riverside County Redevelopment Agency, California, Interstate 215 Corridor Redevelopment Project Area Tax Allocation Bonds, Series 2010E, 6.500%, 10/01/40
|
10/20 at 100.00
|
A–
|
3,548,441
|
||||||
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–
|
168,956
|
||||||
Riverside County, California, Special Tax Bonds, Community Facilities District 04-2 Lake Hill Crest, Series 2012:
|
||||||||||
995
|
5.000%, 9/01/29
|
9/22 at 100.00
|
N/R
|
945,549
|
||||||
2,625
|
5.000%, 9/01/35
|
9/22 at 100.00
|
N/R
|
2,374,890
|
||||||
3,100
|
San Diego County, California, Certificates of Participation, Burnham Institute, Series 2006, 5.000%, 9/01/34
|
9/15 at 102.00
|
Baa2
|
2,941,621
|
||||||
14,505
|
San Diego Redevelopment Agency, California, Subordinate Lien Tax Allocation Bonds, Centre City Project, Series 2001A, 5.000%, 9/01/26 – AGM Insured
|
9/13 at 100.00
|
AA–
|
14,548,515
|
||||||
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–
|
137,036
|
||||||
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
|
134,160
|
||||||
160
|
7.000%, 8/01/41
|
2/21 at 100.00
|
BBB
|
169,213
|
||||||
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
|
A
|
1,149,688
|
||||||
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
|
1,511,610
|
||||||
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
|
5,552,340
|
||||||
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
|
220,953
|
||||||
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+
|
8,254,990
|
||||||
1,500
|
Stockton Public Financing Authority, California, Lease Revenue Bonds, Series 2004, 5.250%, 9/01/34 – FGIC Insured
|
9/14 at 100.00
|
A
|
1,262,640
|
||||||
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
|
1,316,590
|
||||||
1,950
|
Ventura County Public Financing Authority, California, Lease Revenue Bonds Series 2013A, 5.000%, 11/01/38
|
11/22 at 100.00
|
AA
|
1,900,802
|
||||||
7,500
|
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–
|
8,193,300
|
||||||
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–
|
407,263
|
||||||
2,500
|
Yucaipa-Calimesa Joint Unified School District, San Bernardino County, California, Certificates of Participation, Refunding Series 2001A, 5.000%, 10/01/26 – NPFG Insured
|
10/13 at 100.00
|
A
|
2,486,850
|
||||||
152,365
|
Total Tax Obligation/Limited
|
145,668,906
|
42
|
Nuveen Investments
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Transportation – 4.7% (3.3% of Total Investments)
|
||||||||||
$
|
11,750
|
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Refunding Bonds, Series 1999, 5.875%, 1/15/28
|
1/14 at 101.00
|
BBB–
|
$
|
11,817,445
|
||||
2,350
|
Port of Oakland, California, Revenue Refunding Bonds, Series 2012P, 5.000%, 5/01/29 (Alternative Minimum Tax)
|
No Opt. Call
|
A+
|
2,317,218
|
||||||
14,100
|
Total Transportation
|
14,134,663
|
||||||||
U.S. Guaranteed – 7.7% (5.4% 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)
|
1,877,522
|
||||||
8,210
|
California State Public Works Board, Lease Revenue Bonds, Department of Corrections, Series 2003C, 5.500%, 6/01/16 (Pre-refunded 12/01/13)
|
12/13 at 100.00
|
AAA
|
8,320,425
|
||||||
660
|
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)
|
706,827
|
||||||
2,000
|
Daly City Housing Development Finance Agency, California, Mobile Home Park Revenue Bonds, Franciscan Mobile Home Park Project, Series 2002A, 5.800%, 12/15/25 (Pre-refunded 12/15/13)
|
12/13 at 102.00
|
A (6)
|
2,072,400
|
||||||
3,000
|
Lake Elsinore Public Finance Authority, California, Local Agency Revenue Refunding Bonds, Series 2003H, 6.000%, 10/01/20 (Pre-refunded 10/01/13)
|
10/13 at 102.00
|
N/R (6)
|
3,074,070
|
||||||
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
|
AA (6)
|
2,930,138
|
||||||
575
|
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)
|
625,790
|
||||||
1,000
|
San Buenaventura, California, Wastewater Revenue Certificates of Participation, Series 2004, 5.000%, 3/01/24 (Pre-refunded 3/01/14) – NPFG Insured
|
3/14 at 100.00
|
AA– (6)
|
1,024,030
|
||||||
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
|
AA– (6)
|
1,559,662
|
||||||
600
|
West Patterson Financing Authority, California, Special Tax Bonds, Community Facilities District 01-1, Refunding Series 2009A, 8.625%, 9/01/39 (Pre-refunded 9/01/14)
|
9/14 at 105.00
|
N/R (6)
|
680,208
|
||||||
21,410
|
Total U.S. Guaranteed
|
22,871,072
|
||||||||
Utilities – 8.1% (5.6% 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
|
3,603,611
|
||||||
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–
|
14,658,892
|
||||||
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
|
2,009,060
|
||||||
1,285
|
5.125%, 9/01/31 – SYNCORA GTY Insured
|
9/15 at 100.00
|
N/R
|
1,267,910
|
||||||
2,500
|
Salinas Valley Solid Waste Authority, California, Revenue Bonds, Series 2002, 5.125%, 8/01/22 – AMBAC Insured (Alternative Minimum Tax)
|
2/14 at 100.00
|
A+
|
2,508,275
|
||||||
24,105
|
Total Utilities
|
24,047,748
|
||||||||
Water and Sewer – 9.9% (6.9% of Total Investments)
|
||||||||||
Bay Area Water Supply and Conservation Agency, California, Revenue Bonds, Capital Cost Recovery Prepayment Program, Series 2013A:
|
||||||||||
3,000
|
5.000%, 10/01/29
|
4/23 at 100.00
|
AA–
|
3,161,040
|
||||||
3,000
|
5.000%, 10/01/34
|
4/23 at 100.00
|
AA–
|
3,078,030
|
||||||
1,070
|
Burbank, California, Wastewater System Revenue Bonds, Series 2004A, 5.000%, 6/01/22 – AMBAC Insured
|
6/14 at 100.00
|
AA+
|
1,105,289
|
||||||
California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, Poseidon Resources Channelside Desalination Project, Series 2012:
|
||||||||||
2,685
|
5.000%, 7/01/37 (Alternative Minimum Tax)
|
No Opt. Call
|
Baa3
|
2,180,569
|
||||||
6,155
|
5.000%, 11/21/45 (Alternative Minimum Tax)
|
No Opt. Call
|
Baa3
|
4,832,844
|
||||||
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–
|
2,925,960
|
||||||
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–
|
1,094,906
|
Nuveen Investments
|
43
|
NZH
|
Nuveen California Dividend Advantage Municipal Fund 3 (continued)
|
Portfolio of Investments August 31, 2013 (Unaudited)
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Water and Sewer (continued)
|
||||||||||
$
|
890
|
Healdsburg Public Financing Authority, California, Wastewater Revenue Bonds, Series 2006, 5.000%, 4/01/36 – NPFG Insured
|
4/16 at 100.00
|
AA–
|
$
|
891,032
|
||||
850
|
Marina Coast Water District, California, Enterprise Certificate of Participation, Series 2006, 5.000%, 6/01/31 – NPFG Insured
|
6/16 at 100.00
|
AA–
|
853,400
|
||||||
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
|
2,047,000
|
||||||
5,295
|
San Buenaventura Public Facilities Financing Authority, California, Water Revenue Bonds, Series 2012B, 5.000%, 7/01/42
|
7/22 at 100.00
|
AA
|
5,254,652
|
||||||
2,000
|
San Francisco City and County Public Utilities Commission, California, Water Revenue Bonds, Series 2009B, 5.000%, 11/01/39
|
No Opt. Call
|
AA–
|
2,010,400
|
||||||
31,070
|
Total Water and Sewer
|
29,435,122
|
||||||||
$
|
488,374
|
Total Investments (cost $436,156,884) – 143.0%
|
426,418,148
|
|||||||
Floating Rate Obligations – (0.3)%
|
(845,000
|
)
|
||||||||
MuniFund Term Preferred Shares, at Liquidation Value – (53.5)% (7)
|
(159,544,500
|
)
|
||||||||
Other Assets Less Liabilities – 10.8%
|
32,196,737
|
|||||||||
Net Assets Applicable to Common Shares – 100%
|
$
|
298,225,385
|
(1)
|
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
|
(2)
|
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
|
(3)
|
Ratings: 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)
|
At 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 directed the Fund’s custodian to cease 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)
|
MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments is 37.4%.
|
(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.
|
44
|
Nuveen Investments
|
NKX
|
|
Nuveen California AMT-Free Municipal Income Fund
|
|
Portfolio of Investments
|
|
August 31, 2013 (Unaudited)
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Consumer Staples – 5.6% (3.8% of Total Investments)
|
||||||||||
$
|
1,350
|
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los Angeles County Securitization Corporation, Series 2006A, 5.600%, 6/01/36
|
12/18 at 100.00
|
BB–
|
$
|
1,076,814
|
||||
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
|
||||||||||
23,020
|
5.750%, 6/01/47
|
6/17 at 100.00
|
B
|
17,000,952
|
||||||
9,500
|
5.125%, 6/01/47
|
6/17 at 100.00
|
B
|
6,366,045
|
||||||
9,630
|
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-2, 5.300%, 6/01/37
|
6/22 at 100.00
|
B
|
6,804,751
|
||||||
43,500
|
Total Consumer Staples
|
31,248,562
|
||||||||
Education and Civic Organizations – 0.6% (0.4% of Total Investments)
|
||||||||||
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
|
1,628,688
|
||||||
800
|
California State University, Systemwide Revenue Bonds, Series 2005A, 5.000%, 11/01/25 – AMBAC Insured
|
5/15 at 100.00
|
Aa2
|
851,672
|
||||||
1,000
|
California State University, Systemwide Revenue Bonds, Series 2005C, 5.000%, 11/01/27 – NPFG Insured
|
11/15 at 100.00
|
Aa2
|
1,063,750
|
||||||
3,400
|
Total Education and Civic Organizations
|
3,544,110
|
||||||||
Health Care – 18.6% (12.5% of Total Investments)
|
||||||||||
5,000
|
ABAG Finance Authority for Non-Profit Corporations, California, Cal-Mortgage Insured Revenue Bonds, Sansum-Santa Barbara Medical Foundation Clinic, Series 2002A, 5.600%, 4/01/26
|
10/13 at 100.00
|
A
|
5,017,100
|
||||||
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–
|
1,563,333
|
||||||
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+
|
1,209,669
|
||||||
California Health Facilities Financing Authority, Revenue Bonds, City of Hope National Medical Center, Series 2012A:
|
||||||||||
1,000
|
5.000%, 11/15/35
|
No Opt. Call
|
AA–
|
976,980
|
||||||
1,625
|
5.000%, 11/15/39
|
No Opt. Call
|
AA–
|
1,544,108
|
||||||
2,000
|
California Health Facilities Financing Authority, Revenue Bonds, Memorial Health Services, Series 2012A, 5.000%, 10/01/33
|
No Opt. Call
|
AA–
|
2,002,800
|
||||||
5,375
|
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2007A, 5.000%, 11/15/42
|
11/16 at 100.00
|
AA–
|
5,098,134
|
||||||
2,000
|
California Statewide Communities Development Authority, Revenue Bonds, Cottage Health System Obligated Group, Series 2010, 5.000%, 11/01/40
|
11/20 at 100.00
|
AA–
|
1,949,100
|
||||||
5,585
|
California Statewide Communities Development Authority, Revenue Bonds, Kaiser Permanente, Series 2012A, 5.000%, 4/01/42
|
4/22 at 100.00
|
A+
|
5,375,227
|
||||||
4,543
|
California Statewide Communities Development Authority, Revenue Bonds, Saint Joseph Health System, Trust 2554, 18.234%, 7/01/47 – AGM Insured (IF)
|
7/18 at 100.00
|
AA–
|
4,601,332
|
||||||
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
|
848,080
|
||||||
4,000
|
California Statewide Community Development Authority, Insured Health Facility Revenue Bonds, Catholic Healthcare West, Series 2008K, 5.500%, 7/01/41 – AGC Insured
|
7/17 at 100.00
|
AA–
|
4,084,400
|
||||||
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
|
A
|
2,771,723
|
||||||
6,500
|
5.000%, 8/15/47
|
8/17 at 100.00
|
BBB+
|
5,820,815
|
||||||
1,000
|
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A, 5.250%, 7/01/30
|
7/15 at 100.00
|
BBB–
|
1,003,130
|
Nuveen Investments
|
45
|
NKX
|
Nuveen California AMT-Free Municipal Income Fund (continued)
|
Portfolio of Investments August 31, 2013 (Unaudited)
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Health Care (continued)
|
||||||||||
$
|
14,745
|
California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanante System, Series 2006, 5.000%, 3/01/41
|
3/16 at 100.00
|
A+
|
$
|
14,221,995
|
||||
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+
|
5,005,091
|
||||||
4,060
|
California Statewide Community Development Authority, Revenue Bonds, Sherman Oaks Health System, Series 1998A, 5.000%, 8/01/22 – AMBAC Insured
|
No Opt. Call
|
A1
|
4,271,039
|
||||||
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–
|
7,996,514
|
||||||
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–
|
9,721,900
|
||||||
2,735
|
California Statewide Community Development Authority, Revenue Bonds, Trinity Health, Series 2011, 5.000%, 12/01/41
|
12/21 at 100.00
|
AA
|
2,634,653
|
||||||
2,500
|
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 6.750%, 11/01/39
|
11/19 at 100.00
|
Baa3
|
2,557,775
|
||||||
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010:
|
||||||||||
1,500
|
6.000%, 11/01/30
|
11/20 at 100.00
|
Baa3
|
1,487,175
|
||||||
1,145
|
6.000%, 11/01/41
|
11/20 at 100.00
|
Baa3
|
1,092,616
|
||||||
2,400
|
Rancho Mirage Joint Powers Financing Authority, California, Revenue Bonds, Eisenhower Medical Center, Series 2007A, 5.000%, 7/01/47
|
7/17 at 100.00
|
Baa2
|
2,104,224
|
||||||
7,670
|
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+
|
7,884,453
|
||||||
104,838
|
Total Health Care
|
102,843,366
|
||||||||
Housing/Multifamily – 0.8% (0.5% of Total Investments)
|
||||||||||
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
|
BBB
|
3,031,398
|
||||||
1,165
|
Poway, California, Housing Revenue Bonds, Revenue Bonds, Poinsettia Mobile Home Park, Series 2003, 5.000%, 5/01/23
|
5/14 at 101.00
|
AA–
|
1,176,417
|
||||||
4,450
|
Total Housing/Multifamily
|
4,207,815
|
||||||||
Long-Term Care – 1.5% (1.0% 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
|
3,114,780
|
||||||
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
|
1,491,777
|
||||||
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
|
2,508,188
|
||||||
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
|
1,341,495
|
||||||
8,325
|
Total Long-Term Care
|
8,456,240
|
||||||||
Tax Obligation/General – 29.0% (19.5% 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
|
3,093,510
|
||||||
1,425
|
Bassett Unified School District, Los Angeles County, California, General Obligation Bonds, Series 2006B, 5.250%, 8/01/30 – FGIC Insured
|
8/16 at 100.00
|
A
|
1,508,377
|
||||||
6,000
|
California State, General Obligation Bonds, Various Purpose Series 2010, 6.000%, 3/01/33
|
3/20 at 100.00
|
A1
|
6,765,300
|
||||||
California State, General Obligation Bonds, Various Purpose Series 2011:
|
||||||||||
1,000
|
5.250%, 9/01/25
|
9/21 at 100.00
|
A1
|
1,104,080
|
||||||
2,000
|
5.000%, 9/01/31
|
No Opt. Call
|
A1
|
2,065,220
|
||||||
4,090
|
5.000%, 9/01/41
|
9/21 at 100.00
|
A1
|
4,077,771
|
||||||
2,625
|
5.000%, 10/01/41
|
10/21 at 100.00
|
A1
|
2,617,020
|
||||||
4,665
|
California State, General Obligation Bonds, Various Purpose Series 2012, 5.000%, 4/01/42
|
4/22 at 100.00
|
A1
|
4,650,725
|
||||||
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–
|
3,310,248
|
||||||
7,575
|
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
|
7,777,177
|
46
|
Nuveen Investments
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Tax Obligation/General (continued)
|
||||||||||
$
|
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
|
Aa2
|
$
|
2,606,000
|
||||
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–
|
3,627,157
|
||||||
3,545
|
5.000%, 8/01/28 – AGC Insured
|
8/19 at 100.00
|
AA–
|
3,656,526
|
||||||
3,110
|
5.000%, 8/01/29 – AGC Insured
|
8/19 at 100.00
|
AA–
|
3,183,427
|
||||||
230
|
El Monte Union High School District, Los Angeles County, California, General Obligation Bonds, Series 2003A, 5.000%, 6/01/28 – AGM Insured
|
12/13 at 100.00
|
AA
|
230,568
|
||||||
7,100
|
Fontana Unified School District, San Bernardino County, California, General Obligation Bonds, Trust 2668, 9.686%, 2/01/16 – AGM Insured (IF)
|
No Opt. Call
|
AA–
|
7,997,156
|
||||||
5,000
|
Grossmont Healthcare District, California, General Obligation Bonds, Series 2007A, 5.000%, 7/15/37 – AMBAC Insured
|
7/17 at 100.00
|
Aa2
|
5,004,950
|
||||||
1,255
|
Los Angeles Community College District, Los Angeles County, California, General Obligation Bonds, Series 2005A, 5.000%, 8/01/24 – AGM Insured
|
8/15 at 100.00
|
Aa1
|
1,351,321
|
||||||
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–
|
2,818,575
|
||||||
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–
|
2,950,980
|
||||||
13,880
|
New Haven Unified School District, Alameda County, California, General Obligation Bonds, Series 2004A, 0.000%, 8/01/26 – NPFG Insured
|
No Opt. Call
|
Aa3
|
7,248,691
|
||||||
2,500
|
Oakland Unified School District, Alameda County, California, General Obligation Bonds, Series 2002, 5.250%, 8/01/21 – FGIC Insured
|
2/14 at 100.00
|
A
|
2,508,800
|
||||||
16,000
|
Poway Unified School District, San Diego County, California, School Facilities Improvement District 2007-1 General Obligation Bonds, Series 2011A, 0.000%, 8/01/46
|
No Opt. Call
|
Aa2
|
2,017,600
|
||||||
5,500
|
Sacramento City Unified School District, Sacramento County, California, General Obligation Bonds, Series 2005, 5.000%, 7/01/27 – NPFG Insured
|
7/15 at 100.00
|
A1
|
5,764,825
|
||||||
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–
|
845,741
|
||||||
11,980
|
San Diego Unified School District, San Diego County, California, General Obligation Bonds, Refunding Series 2012 R-1, 0.000%, 7/01/31
|
No Opt. Call
|
AA–
|
4,388,873
|
||||||
10,000
|
San Francisco Bay Area Rapid Transit District, California, General Obligation Bonds, Election of 2004 Series 2007B, 5.000%, 8/01/32
|
8/17 at 100.00
|
AAA
|
10,448,100
|
||||||
2,000
|
San Francisco Community College District, California, General Obligation Bonds, Series 2002A, 5.000%, 6/15/26 – FGIC Insured
|
12/13 at 100.00
|
A2
|
2,006,860
|
||||||
5,000
|
San Jacinto Unified School District, Riverside County, California, General Obligation Bonds, Series 2007, 5.250%, 8/01/32 – AGM Insured
|
8/17 at 100.00
|
AA–
|
5,213,250
|
||||||
1,500
|
San Juan Capistano, California, General Obligation Bonds, Open Space Program, Tender Option Bond Trust 3646, 18.160%, 8/01/17 (IF)
|
No Opt. Call
|
AAA
|
1,548,660
|
||||||
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–
|
993,980
|
||||||
10,450
|
0.000%, 8/01/43 – AGM Insured
|
8/21 at 19.43
|
AA–
|
1,329,345
|
||||||
21,225
|
0.000%, 8/01/44 – AGM Insured
|
8/21 at 17.98
|
AA–
|
2,496,697
|
||||||
12,550
|
0.000%, 8/01/45 – AGM Insured
|
8/21 at 16.64
|
AA–
|
1,363,683
|
||||||
23,425
|
0.000%, 8/01/46 – AGM Insured
|
8/21 at 15.39
|
AA–
|
2,352,573
|
||||||
14,915
|
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
|
2,744,807
|
||||||
Stockton Unified School District, San Joaquin County, California, General Obligation Bonds, Election 2008 Series 2011D:
|
||||||||||
24,280
|
0.000%, 8/01/47 – AGC Insured
|
8/37 at 100.00
|
AA–
|
9,375,722
|
||||||
38,845
|
0.000%, 8/01/50 – AGM Insured
|
8/37 at 100.00
|
AA–
|
15,029,519
|
||||||
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–
|
4,580,934
|
||||||
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+
|
3,904,844
|
Nuveen Investments
|
47
|
NKX
|
Nuveen California AMT-Free Municipal Income Fund (continued)
|
Portfolio of Investments August 31, 2013 (Unaudited)
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Tax Obligation/General (continued)
|
||||||||||
$
|
12,520
|
Yosemite Community College District, California, General Obligation Bonds, Capital Appreciation, Election 2004, Series 2010D, 0.000%, 8/01/42
|
No Opt. Call
|
Aa2
|
$
|
3,906,991
|
||||
341,470
|
Total Tax Obligation/General
|
160,466,583
|
||||||||
Tax Obligation/Limited – 56.7% (38.0% of Total Investments)
|
||||||||||
2,235
|
Antioch Public Financing Authority, California, Lease Revenue Refunding Bonds, Municipal Facilities Project, Refunding Series 2002A, 5.500%, 1/01/32 – NPFG Insured
|
1/14 at 100.00
|
A
|
2,209,409
|
||||||
2,000
|
Baldwin Park Public Financing Authority, California, Sales Tax and Tax Allocation Bonds, Puente Merced Redevelopment Project, Series 2003, 5.250%, 8/01/21
|
8/17 at 100.00
|
BBB
|
2,045,660
|
||||||
Beaumont Financing Authority, California, Local Agency Revenue Bonds, Improvement Area 17A, Series 2013B:
|
||||||||||
1,740
|
5.000%, 9/01/28
|
9/23 at 100.00
|
N/R
|
1,663,892
|
||||||
2,075
|
5.000%, 9/01/34
|
9/23 at 100.00
|
N/R
|
1,912,756
|
||||||
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
|
635,114
|
||||||
7,895
|
Brea and Olinda Unified School District, Orange County, California, Certificates of Participation Refunding, Series 2002A, 5.125%, 8/01/26 – AGM Insured
|
2/14 at 100.00
|
AA–
|
7,922,869
|
||||||
1,165
|
Burbank Public Financing Authority, California, Revenue Refunding Bonds, Golden State Redevelopment Project, Series 2003A, 5.250%, 12/01/22 – AMBAC Insured
|
12/13 at 100.00
|
A
|
1,176,044
|
||||||
2,200
|
California Infrastructure and Economic Development Bank, Los Angeles County, Revenue Bonds, Department of Public Social Services, Series 2003, 5.000%, 9/01/28 – AMBAC Insured
|
9/14 at 100.00
|
AA–
|
2,227,236
|
||||||
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
|
12/13 at 100.00
|
AA+
|
1,229,082
|
||||||
1,535
|
5.000%, 12/01/20 – AMBAC Insured
|
12/13 at 100.00
|
AA+
|
1,552,714
|
||||||
1,615
|
5.000%, 12/01/21 – AMBAC Insured
|
12/13 at 100.00
|
AA+
|
1,633,637
|
||||||
1,780
|
5.000%, 12/01/23 – AMBAC Insured
|
12/13 at 100.00
|
AA+
|
1,800,541
|
||||||
3,725
|
California State Public Works Board, Lease Revenue Bonds, Department of Corrections & Rehabilitation, Series 2005J, 5.000%, 1/01/17 – AMBAC Insured
|
1/16 at 100.00
|
A2
|
4,067,253
|
||||||
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
|
A2
|
2,811,176
|
||||||
2,065
|
5.000%, 4/01/31
|
No Opt. Call
|
A2
|
2,055,356
|
||||||
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
|
12/13 at 100.00
|
A2
|
3,999,960
|
||||||
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
|
A2
|
3,099,783
|
||||||
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
|
A2
|
1,958,339
|
||||||
4,000
|
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2009G-1, 5.750%, 10/01/30
|
10/19 at 100.00
|
A2
|
4,298,680
|
||||||
1,210
|
Capistrano Unified School District, Orange County, California, Special Tax Bonds, Community Facilities District, Series 2005, 5.000%, 9/01/24 – FGIC Insured
|
9/15 at 100.00
|
A
|
1,215,372
|
||||||
2,520
|
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–
|
2,327,396
|
||||||
9,890
|
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
|
A
|
9,174,854
|
||||||
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
|
1,238,695
|
||||||
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
|
1,161,784
|
||||||
530
|
5.750%, 8/01/26
|
8/20 at 100.00
|
N/R
|
527,345
|
||||||
3,145
|
Culver City Redevelopment Agency, California, Tax Allocation Revenue Bonds, Redevelopment Project, Series 2002A, 5.125%, 11/01/25 – NPFG Insured
|
11/13 at 100.00
|
A
|
3,028,981
|
48
|
Nuveen Investments
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Tax Obligation/Limited (continued)
|
||||||||||
$
|
1,905
|
Dinuba Redevelopment Agency, California, Tax Allocation Bonds, Merged City of Dinuba Redevelopment Project and Dinuba Redevelopment Project 2, As Amended, Refunding Series 2001, 5.000%, 9/01/31 – NPFG Insured
|
3/14 at 100.00
|
A
|
$
|
1,734,122
|
||||
El Monte, California, Senior Lien Certificates of Participation, Department of Public Services Facility Phase II, Series 2001:
|
||||||||||
10,730
|
5.000%, 1/01/21 – AMBAC Insured
|
1/14 at 100.00
|
A2
|
10,739,979
|
||||||
5,000
|
5.250%, 1/01/34 – AMBAC Insured
|
1/14 at 100.00
|
A2
|
4,685,000
|
||||||
3,000
|
Escondido Joint Powers Financing Authority, California, Lease Revenue Bonds, Water System Financing, Series 2012, 5.000%, 9/01/41
|
3/22 at 100.00
|
AA–
|
2,877,870
|
||||||
8,280
|
Fontana Public Financing Authority, California, Tax Allocation Revenue Bonds, North Fontana Redevelopment Project, Series 2005A, 5.000%, 10/01/32 – AMBAC Insured
|
10/15 at 100.00
|
A
|
7,766,226
|
||||||
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–
|
965,500
|
||||||
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
|
A2
|
994,310
|
||||||
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–
|
7,089,558
|
||||||
11,065
|
5.000%, 6/01/45 – AMBAC Insured
|
6/15 at 100.00
|
A2
|
10,160,326
|
||||||
7,500
|
5.000%, 6/01/45 – AGC Insured
|
6/15 at 100.00
|
AA–
|
6,992,400
|
||||||
20,000
|
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Tender Option Bonds Trust 4686, 8.933%, 6/01/45 – AGC Insured (IF) (4)
|
6/15 at 100.00
|
AA–
|
17,579,200
|
||||||
2,000
|
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Revenue Bonds, Tender Option Bonds Trust 2040, 10.715%, 6/01/45 – FGIC Insured (IF)
|
6/15 at 100.00
|
A2
|
1,509,440
|
||||||
3,315
|
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
|
2,670,299
|
||||||
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–
|
1,560,056
|
||||||
435
|
Indian Wells Redevelopment Agency, California, Tax Allocation Bonds, Consolidated Whitewater Project Area, Series 2003A, 5.000%, 9/01/20 – AMBAC Insured
|
9/13 at 100.00
|
BBB–
|
435,200
|
||||||
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
|
2,174,601
|
||||||
Inglewood Redevelopment Agency, California, Tax Allocation Bonds, Merged Redevelopment Project, Subordinate Lien Series 2007A-1:
|
||||||||||
1,665
|
5.000%, 5/01/24 – AMBAC Insured
|
5/17 at 100.00
|
BB+
|
1,614,684
|
||||||
710
|
5.000%, 5/01/25 – AMBAC Insured
|
5/17 at 100.00
|
BB+
|
679,967
|
||||||
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
|
907,850
|
||||||
2,000
|
5.125%, 9/01/42
|
9/22 at 100.00
|
N/R
|
1,816,760
|
||||||
3,500
|
La Quinta Redevelopment Agency, California, Tax Allocation Bonds, Redevelopment Project Area 1, Series 2001, 5.100%, 9/01/31 – AMBAC Insured
|
3/14 at 100.00
|
A+
|
3,407,565
|
||||||
3,130
|
La Quinta Redevelopment Agency, California, Tax Allocation Bonds, Redevelopment Project Area 1, Series 2002, 5.000%, 9/01/22 – AMBAC Insured
|
9/14 at 100.00
|
A+
|
3,164,993
|
||||||
4,790
|
La Quinta Redevelopment Agency, California, Tax Allocation Refunding Bonds, Redevelopment Project Area 1, Series 1998, 5.200%, 9/01/28 – AMBAC Insured
|
3/14 at 100.00
|
A+
|
4,795,509
|
||||||
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
|
A
|
2,428,773
|
||||||
2,425
|
4.750%, 8/01/27 – NPFG Insured
|
8/15 at 102.00
|
A
|
2,206,653
|
||||||
5,880
|
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
|
5,931,803
|
||||||
1,895
|
Los Angeles Community Redevelopment Agency, California, Tax Allocation Bonds, Bunker Hill Project, Series 2004A, 5.000%, 12/01/20 – AGM Insured
|
12/14 at 100.00
|
AA–
|
1,994,431
|
||||||
6,000
|
Los Angeles Municipal Improvement Corporation, California, Lease Revenue Bonds, Police Headquarters, Series 2006A, 4.750%, 1/01/31 – FGIC Insured
|
1/17 at 100.00
|
A+
|
5,833,860
|
Nuveen Investments
|
49
|
NKX
|
Nuveen California AMT-Free Municipal Income Fund (continued)
|
Portfolio of Investments August 31, 2013 (Unaudited)
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Tax Obligation/Limited (continued)
|
||||||||||
$
|
7,460
|
Los Angeles, California, Certificates of Participation, Municipal Improvement Corporation, Series 2003AW, 5.000%, 6/01/33 – AMBAC Insured
|
12/13 at 100.00
|
A+
|
$
|
7,478,202
|
||||
1,500
|
Los Osos, California, Improvement Bonds, Community Services Wastewater Assessment District 1, Series 2002, 5.000%, 9/02/33 – NPFG Insured
|
9/13 at 100.00
|
A
|
1,321,575
|
||||||
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–
|
8,562,236
|
||||||
800
|
Moreno Valley Unified School District, Riverside County, California, Special Tax Bonds, Community Facilities District 2003-1, Series 2004, 5.550%, 9/01/29
|
9/14 at 100.00
|
N/R
|
802,856
|
||||||
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–
|
3,054,948
|
||||||
3,300
|
Pacifica, California, Certificates of Participation, Series 2008, 5.375%, 1/01/37 – AMBAC Insured
|
1/16 at 102.00
|
A–
|
3,328,908
|
||||||
5,000
|
Palm Desert Financing Authority, California, Tax Allocation Revenue Refunding Bonds, Project Area 1, Series 2002, 5.000%, 4/01/25 – NPFG Insured
|
10/13 at 101.00
|
A
|
4,962,900
|
||||||
1,000
|
Palm Springs Financing Authority, California, Lease Revenue Bonds, Convention Center Project, Refunding Series 2004A, 5.500%, 11/01/35 – NPFG Insured
|
11/14 at 102.00
|
A+
|
1,003,950
|
||||||
Patterson Public Finance Authority, California, Revenue Bonds, Community Facilities District 2001-1, Senior Series 2013A:
|
||||||||||
3,395
|
5.250%, 9/01/30
|
9/23 at 100.00
|
N/R
|
3,254,990
|
||||||
3,050
|
5.750%, 9/01/39
|
9/23 at 100.00
|
N/R
|
2,961,947
|
||||||
555
|
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
|
533,927
|
||||||
4,140
|
Plumas County, California, Certificates of Participation, Capital Improvement Program, Series 2003A, 5.000%, 6/01/28 – AMBAC Insured
|
6/14 at 100.00
|
A
|
4,084,441
|
||||||
390
|
Poway Redevelopment Agency, California, Tax Allocation Refunding Bonds, Paguay Redevelopment Project, Series 2000, 5.750%, 6/15/33 – NPFG Insured
|
12/13 at 100.00
|
A
|
375,695
|
||||||
5,745
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2009A, 0.000%, 8/01/32
|
8/26 at 100.00
|
A+
|
4,755,654
|
||||||
7,000
|
Rancho Cucamonga Redevelopment Agency, California, Tax Allocation Bonds, Housing Set-Aside, Rancho Project, Series 2007A, 5.000%, 9/01/34 – NPFG Insured
|
9/17 at 100.00
|
A+
|
6,396,390
|
||||||
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
|
2,782,290
|
||||||
Riverside County, California, Community Facilities District 05-8, Scott Road, Special Tax Bonds Series 2013:
|
||||||||||
660
|
5.000%, 9/01/32
|
9/22 at 100.00
|
N/R
|
593,366
|
||||||
1,250
|
5.000%, 9/01/42
|
9/22 at 100.00
|
N/R
|
1,059,563
|
||||||
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
|
9/13 at 100.00
|
AA–
|
1,000,090
|
||||||
5,000
|
Roseville Finance Authority, California, Special Tax Revenue Bonds, Series 2007A, 5.000%, 9/01/33 – AMBAC Insured
|
9/17 at 100.00
|
N/R
|
4,373,750
|
||||||
3,510
|
San Bernardino Joint Powers Financing Authority, California, Certificates of Participation Refunding, Police Station Financing Project, Series 1999, 5.500%, 9/01/20 – NPFG Insured
|
3/14 at 100.00
|
A
|
3,343,415
|
||||||
3,060
|
San Diego County, California, Certificates of Participation, Burnham Institute, Series 2006, 5.000%, 9/01/34
|
9/15 at 102.00
|
Baa2
|
2,903,665
|
||||||
4,930
|
San Diego Redevelopment Agency, California, Subordinate Lien Tax Increment and Parking Revenue Bonds, Centre City Project, Series 2003B, 5.250%, 9/01/26
|
9/13 at 100.00
|
A
|
4,929,606
|
||||||
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
|
362,018
|
||||||
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–
|
5,150,000
|
||||||
4,000
|
San Jose Financing Authority, California, Lease Revenue Refunding Bonds, Convention Center Project, Series 2001F, 5.000%, 9/01/19 – NPFG Insured
|
9/13 at 100.00
|
AA
|
4,015,680
|
||||||
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
|
A
|
3,403,210
|
||||||
5,025
|
5.000%, 8/01/28 – NPFG Insured
|
8/15 at 100.00
|
A
|
4,977,916
|
50
|
Nuveen Investments
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Tax Obligation/Limited (continued)
|
||||||||||
$
|
835
|
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
|
A
|
$
|
827,577
|
||||
1,000
|
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2007B, 4.250%, 8/01/36 – SYNCORA GTY Insured
|
8/17 at 100.00
|
BBB
|
792,470
|
||||||
San Marcos Public Facilities Authority, California, Special Tax Revenue Bonds, Refunding Series 2012D:
|
||||||||||
930
|
5.000%, 9/01/32
|
9/22 at 100.00
|
N/R
|
892,540
|
||||||
1,000
|
5.000%, 9/01/36
|
9/22 at 100.00
|
N/R
|
924,150
|
||||||
3,000
|
Santa Clara Redevelopment Agency, California, Tax Allocation Bonds, Bayshore North Project, Series 1999A, 5.500%, 6/01/23 – AMBAC Insured
|
12/13 at 100.00
|
A
|
3,035,070
|
||||||
Santa Clarita, California, Special Tax Bonds, Community Facilities District 2002-1 Valencia Town Center, Refunding Series 2012:
|
||||||||||
1,110
|
5.000%, 11/15/29
|
11/22 at 100.00
|
N/R
|
1,068,741
|
||||||
3,895
|
5.000%, 11/15/32
|
11/22 at 100.00
|
N/R
|
3,712,091
|
||||||
3,500
|
Stockton Public Financing Authority, California, Lease Revenue Bonds, Series 2004, 5.250%, 9/01/34 – FGIC Insured
|
9/14 at 100.00
|
A
|
2,946,160
|
||||||
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–
|
3,579,224
|
||||||
5,510
|
5.000%, 9/01/28 – AGM Insured
|
9/15 at 100.00
|
AA–
|
5,558,543
|
||||||
2,160
|
Temecula Redevelopment Agency, California, Tax Allocation Revenue Bonds, Redevelopment Project 1, Series 2002, 5.125%, 8/01/27 – NPFG Insured
|
2/14 at 100.00
|
A
|
2,193,372
|
||||||
800
|
Tustin Community Redevelopment Agency, California, MCAS Project Area Tax Allocation Bonds, Series 2010, 5.000%, 9/01/35
|
9/18 at 102.00
|
A
|
740,664
|
||||||
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–
|
1,209,941
|
||||||
3,250
|
5.250%, 9/01/39 – AGM Insured
|
9/20 at 100.00
|
AA–
|
3,276,488
|
||||||
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
|
1,022,285
|
||||||
3,455
|
William S. Hart Union High School District, Los Angeles County, California, Special Tax Bonds, Community Facilities District 2005-1, Series 2006, 5.300%, 9/01/36
|
9/15 at 100.00
|
N/R
|
3,241,274
|
||||||
2,670
|
Woodland Finance Authority, California, Lease Revenue Bonds, Series 2002, 5.000%, 3/01/32 – SYNCORA GTY Insured
|
9/13 at 100.00
|
A2
|
2,650,883
|
||||||
2,805
|
Yucaipa-Calimesa Joint Unified School District, San Bernardino County, California, Certificates of Participation, Refunding Series 2001A, 5.000%, 10/01/31 – NPFG Insured
|
10/13 at 100.00
|
A
|
2,621,048
|
||||||
326,930
|
Total Tax Obligation/Limited
|
313,756,572
|
||||||||
Transportation – 3.4% (2.3% of Total Investments)
|
||||||||||
2,000
|
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Series 1995A, 5.000%, 1/01/35
|
1/14 at 100.00
|
BBB–
|
1,899,240
|
||||||
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Refunding Bonds, Series 1999:
|
||||||||||
6,500
|
0.000%, 1/15/18 – NPFG Insured
|
1/14 at 80.02
|
A
|
5,052,905
|
||||||
7,500
|
5.875%, 1/15/29
|
1/14 at 101.00
|
BBB–
|
7,526,550
|
||||||
2,000
|
Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Senior Lien Series 2010A, 5.000%, 5/15/40
|
5/20 at 100.00
|
AA
|
1,973,720
|
||||||
2,400
|
San Diego Unified Port District, California, Revenue Bonds, Series 2004B, 5.000%, 9/01/29 – NPFG Insured
|
9/14 at 100.00
|
A+
|
2,467,320
|
||||||
20,400
|
Total Transportation
|
18,919,735
|
||||||||
U.S. Guaranteed – 10.0% (6.7% of Total Investments) (5)
|
||||||||||
Bonita Unified School District, San Diego County, California, General Obligation Bonds, Series 2004A:
|
||||||||||
1,890
|
5.250%, 8/01/23 (Pre-refunded 8/01/14) – NPFG Insured
|
8/14 at 100.00
|
AA (5)
|
1,977,866
|
||||||
1,250
|
5.250%, 8/01/25 (Pre-refunded 8/01/14) – NPFG Insured
|
8/14 at 100.00
|
AA (5)
|
1,308,113
|
||||||
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
|
2,596,140
|
||||||
2,200
|
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)
|
2,370,962
|
||||||
500
|
California State, General Obligation Bonds, Series 2004, 5.250%, 4/01/34 (Pre-refunded 4/01/14)
|
4/14 at 100.00
|
AAA
|
514,890
|
Nuveen Investments
|
51
|
NKX
|
Nuveen California AMT-Free Municipal Income Fund (continued)
|
Portfolio of Investments August 31, 2013 (Unaudited)
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
U.S. Guaranteed (5) (continued)
|
||||||||||
$
|
1,275
|
Central Unified School District, Fresno County, California, General Obligation Bonds, Series 1993, 5.625%, 3/01/18 – AMBAC Insured (ETM)
|
3/14 at 100.00
|
N/R (5)
|
$
|
1,308,023
|
||||
El Segundo Unified School District, Los Angeles County, California, General Obligation Bonds, Series 2004:
|
||||||||||
2,580
|
5.250%, 9/01/21 (Pre-refunded 9/01/14) – FGIC Insured
|
9/14 at 100.00
|
AA– (5)
|
2,710,754
|
||||||
1,775
|
5.250%, 9/01/22 (Pre-refunded 9/01/14) – FGIC Insured
|
9/14 at 100.00
|
AA– (5)
|
1,864,957
|
||||||
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
|
8,237,220
|
||||||
Los Angeles County Sanitation Districts Financing Authority, California, Senior Revenue Bonds, Capital Projects, Series 2003A:
|
||||||||||
2,700
|
5.000%, 10/01/21 (Pre-refunded 10/01/13) – AGM Insured
|
10/13 at 100.00
|
AA+ (5)
|
2,711,205
|
||||||
4,500
|
5.000%, 10/01/23 (Pre-refunded 10/01/13) – AGM Insured
|
10/13 at 100.00
|
AA+ (5)
|
4,518,675
|
||||||
Los Rios Community College District, Sacramento, El Dorado and Yolo Counties, California, General Obligation Bonds, Series 2006C:
|
||||||||||
2,110
|
5.000%, 8/01/21 (Pre-refunded 8/01/14) – AGM Insured (UB)
|
8/14 at 102.00
|
Aa2 (5)
|
2,245,378
|
||||||
3,250
|
5.000%, 8/01/22 (Pre-refunded 8/01/14) – AGM Insured (UB)
|
8/14 at 102.00
|
Aa2 (5)
|
3,458,520
|
||||||
3,395
|
5.000%, 8/01/23 (Pre-refunded 8/01/14) – AGM Insured (UB)
|
8/14 at 102.00
|
Aa2 (5)
|
3,612,823
|
||||||
1,000
|
5.000%, 8/01/25 (Pre-refunded 8/01/14) – AGM Insured (UB)
|
8/14 at 102.00
|
Aa2 (5)
|
1,064,160
|
||||||
1,710
|
Manteca Financing Authority, California, Sewerage Revenue Bonds, Series 2003B, 5.000%, 12/01/33 (Pre-refunded 12/01/13) – NPFG Insured
|
12/13 at 100.00
|
Aa3 (5)
|
1,730,845
|
||||||
4,640
|
Rancho Mirage Joint Powers Financing Authority, California, Revenue Bonds, Eisenhower Medical Center, Series 2004, 5.875%, 7/01/26 (Pre-refunded 7/01/14)
|
7/14 at 100.00
|
Baa2 (5)
|
4,860,446
|
||||||
980
|
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)
|
1,066,563
|
||||||
1,520
|
San Buenaventura, California, Water Revenue Certificates of Participation, Series 2004, 5.000%, 10/01/25 (Pre-refunded 10/01/14) – AMBAC Insured
|
10/14 at 100.00
|
AA (5)
|
1,597,566
|
||||||
Semitropic Water Storage District, Kern County, California, Water Banking Revenue Bonds, Series 2004A:
|
||||||||||
1,315
|
5.500%, 12/01/20 (Pre-refunded 12/01/14) – SYNCORA GTY Insured
|
12/14 at 100.00
|
A+ (5)
|
1,401,751
|
||||||
1,415
|
5.500%, 12/01/21 (Pre-refunded 12/01/14) – SYNCORA GTY Insured
|
12/14 at 100.00
|
A+ (5)
|
1,508,348
|
||||||
2,530
|
Yorba Linda Water District, California, Certificates of Participation, Highland Reservoir Renovation, Series 2003, 5.000%, 10/01/33 (Pre-refunded 10/01/13) – FGIC Insured
|
10/13 at 100.00
|
AA+ (5)
|
2,540,500
|
||||||
50,785
|
Total U.S. Guaranteed
|
55,205,705
|
||||||||
Utilities – 5.3% (3.6% of Total Investments)
|
||||||||||
1,000
|
Anaheim Public Finance Authority, California, Second Lien Electric Distribution Revenue Bonds, Series 2004, 5.250%, 10/01/21 – NPFG Insured
|
10/14 at 100.00
|
AA–
|
1,047,520
|
||||||
Long Beach Bond Finance Authority, California, Natural Gas Purchase Revenue Bonds, Series 2007A:
|
||||||||||
2,490
|
5.000%, 11/15/35
|
No Opt. Call
|
A
|
2,352,029
|
||||||
945
|
5.500%, 11/15/37
|
No Opt. Call
|
A
|
940,785
|
||||||
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–
|
10,106,100
|
||||||
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–
|
4,589,016
|
||||||
3,750
|
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Tender Option Bond Trust 3345, 18.033%, 7/01/20 (IF) (4)
|
No Opt. Call
|
AA–
|
3,909,150
|
||||||
2,155
|
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
|
2,126,339
|
||||||
100
|
Sacramento City Financing Authority, California, Capital Improvement Revenue Bonds, Solid Waste and Redevelopment Projects, Series 1999, 5.800%, 12/01/19 – AMBAC Insured
|
12/13 at 100.00
|
N/R
|
100,117
|
||||||
4,000
|
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–
|
4,216,920
|
||||||
28,720
|
Total Utilities
|
29,387,976
|
||||||||
Water and Sewer – 17.5% (11.7% of Total Investments)
|
||||||||||
13,200
|
Atwater Public Financing Authority, California, Wastewater Revenue Bonds, Series 2010, 5.125%, 5/01/40 – AGM Insured
|
5/19 at 100.00
|
AA–
|
12,405,492
|
||||||
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–
|
11,901,716
|
52
|
Nuveen Investments
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Water and Sewer (continued)
|
||||||||||
$
|
7,200
|
California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, Poseidon Resources Channelside Desalination Project, Series 2012, 5.000%, 11/21/45
|
No Opt. Call
|
Baa3
|
$
|
6,196,104
|
||||
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–
|
1,001,300
|
||||||
3,230
|
El Dorado Irrigation District, California, Water and Sewer Certificates of Participation, Series 2004A, 5.000%, 3/01/21 – FGIC Insured
|
3/14 at 100.00
|
A+
|
3,303,192
|
||||||
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–
|
2,189,813
|
||||||
1,480
|
Healdsburg Public Financing Authority, California, Wastewater Revenue Bonds, Series 2006, 5.000%, 4/01/36 – NPFG Insured
|
4/16 at 100.00
|
AA–
|
1,481,717
|
||||||
5,000
|
Indio Water Authority, California, Water Revenue Bonds, Series 2006, 5.000%, 4/01/31 – AMBAC Insured
|
4/16 at 100.00
|
A
|
5,079,600
|
||||||
12,230
|
Los Angeles County Sanitation Districts Financing Authority, California, Capital Projects Revenue Bonds, District 14, Series 2005, 5.000%, 10/01/34 – FGIC Insured
|
10/15 at 100.00
|
AA–
|
12,252,259
|
||||||
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
|
16,261,760
|
||||||
2,400
|
Los Angeles, California, Wastewater System Revenue Bonds, Subordinate Lien, Refunding Series 2013A, 5.000%, 6/01/35
|
6/23 at 100.00
|
AA
|
2,465,088
|
||||||
1,320
|
Marina Coast Water District, California, Enterprise Certificate of Participation, Series 2006, 5.000%, 6/01/31 – NPFG Insured
|
6/16 at 100.00
|
AA–
|
1,325,280
|
||||||
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
|
1,297,305
|
||||||
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+
|
9,032,850
|
||||||
3,675
|
San Dieguito Water District, California, Water Revenue Bonds, Refunding Series 2004, 5.000%, 10/01/23 – FGIC Insured
|
10/14 at 100.00
|
AA+
|
3,849,158
|
||||||
4,000
|
San Francisco City and County Public Utilities Commission, California, Water Revenue Bonds, Series 2011A, 5.000%, 11/01/28
|
No Opt. Call
|
AA–
|
4,250,400
|
||||||
Santa Clara Valley Water District, California, Certificates of Participation, Series 2004A:
|
||||||||||
1,400
|
5.000%, 2/01/19 – FGIC Insured
|
2/14 at 100.00
|
AAA
|
1,427,328
|
||||||
445
|
5.000%, 2/01/20 – FGIC Insured
|
2/14 at 100.00
|
AAA
|
453,646
|
||||||
465
|
5.000%, 2/01/21 – FGIC Insured
|
2/14 at 100.00
|
AAA
|
473,998
|
||||||
97,395
|
Total Water and Sewer
|
96,648,006
|
||||||||
$
|
1,030,213
|
Total Investments (cost $837,785,132) – 149.0%
|
824,684,670
|
|||||||
Floating Rate Obligations – (1.5)%
|
(8,240,000
|
)
|
||||||||
Variable Rate Demand Preferred Shares, at Liquidation Value – (52.7)% (6)
|
(291,600,000
|
)
|
||||||||
Other Assets Less Liabilities – 5.2%
|
28,800,675
|
|||||||||
Net Assets Applicable to Common Shares – 100%
|
$
|
553,645,345
|
(1)
|
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
|
(2)
|
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
|
(3)
|
Ratings: 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)
|
Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 35.4%.
|
(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
|
53
|
Statement of
|
|
Assets & Liabilities
|
|
August 31, 2013 (Unaudited)
|
|
California Premium
|
California Dividend
|
California Dividend
|
California Dividend
|
California AMT-
|
||||||||||||
Income
|
Advantage
|
Advantage 2
|
Advantage 3
|
Free Income
|
||||||||||||
(NCU
|
)
|
(NAC
|
)
|
(NVX
|
)
|
(NZH
|
)
|
(NKX
|
)
|
|||||||
Assets
|
||||||||||||||||
Investments, at value (cost $115,676,474, $479,975,881, $299,183,367, $436,156,884 and $837,785,132, respectively)
|
$
|
118,361,945
|
$
|
476,630,488
|
$
|
293,552,149
|
$
|
426,418,148
|
$
|
824,684,670
|
||||||
Cash
|
1,335,167
|
—
|
—
|
—
|
—
|
|||||||||||
Cash held in escrow(1)
|
—
|
—
|
97,893,731
|
—
|
—
|
|||||||||||
Receivable for:
|
||||||||||||||||
Interest
|
1,531,154
|
7,626,415
|
4,619,124
|
7,383,020
|
11,895,006
|
|||||||||||
Investments sold
|
—
|
19,442,954
|
12,486,100
|
28,914,155
|
26,549,987
|
|||||||||||
Deferred offering costs
|
301,710
|
828,150
|
254,930
|
624,112
|
2,675,048
|
|||||||||||
Other assets
|
7,035
|
178,207
|
122,677
|
68,139
|
313,970
|
|||||||||||
Total assets
|
121,537,011
|
504,706,214
|
408,928,711
|
463,407,574
|
866,118,681
|
|||||||||||
Liabilities
|
||||||||||||||||
Cash overdraft
|
—
|
969,691
|
1,061,204
|
2,463,068
|
3,723,802
|
|||||||||||
Floating rate obligations
|
5,525,000
|
43,400,000
|
9,380,000
|
845,000
|
8,240,000
|
|||||||||||
Payable for:
|
||||||||||||||||
Common share dividends
|
380,598
|
1,699,482
|
1,087,101
|
1,579,342
|
2,808,279
|
|||||||||||
Interest
|
58,742
|
—
|
177,025
|
351,732
|
—
|
|||||||||||
Investments purchased
|
—
|
8,129,736
|
—
|
—
|
5,078,069
|
|||||||||||
MuniFund Term Preferred (MTP) Shares noticed for redemption, at liquidation value
|
—
|
—
|
97,846,300
|
—
|
—
|
|||||||||||
Offering costs
|
—
|
132,524
|
255,000
|
—
|
236,617
|
|||||||||||
MTP Shares, at liquidation value
|
35,250,000
|
—
|
—
|
159,544,500
|
—
|
|||||||||||
Variable Rate Demand Preferred (VRDP) Shares, at liquidation value
|
—
|
136,200,000
|
98,000,000
|
—
|
291,600,000
|
|||||||||||
Accrued expenses:
|
||||||||||||||||
Management fees
|
64,686
|
269,368
|
165,026
|
250,648
|
457,136
|
|||||||||||
Reorganization
|
—
|
—
|
—
|
—
|
107,507
|
|||||||||||
Trustees fees
|
501
|
61,695
|
37,226
|
58,270
|
17,272
|
|||||||||||
Other
|
42,371
|
89,090
|
81,774
|
89,629
|
204,654
|
|||||||||||
Total liabilities
|
41,321,898
|
190,951,586
|
208,090,656
|
165,182,189
|
312,473,336
|
|||||||||||
Net assets applicable to common shares
|
$
|
80,215,113
|
$
|
313,754,628
|
$
|
200,838,055
|
$
|
298,225,385
|
$
|
553,645,345
|
||||||
Common shares outstanding
|
5,732,845
|
23,528,873
|
14,759,237
|
24,151,884
|
41,843,761
|
|||||||||||
Net asset value per common share outstanding (net assets applicable to common shares, divided by common shares outstanding)
|
$
|
13.99
|
$
|
13.33
|
$
|
13.61
|
$
|
12.35
|
$
|
13.23
|
||||||
Net assets applicable to common shares consist of:
|
||||||||||||||||
Common shares, $.01 par value per share
|
$
|
57,328
|
$
|
235,289
|
$
|
147,592
|
$
|
241,519
|
$
|
418,438
|
||||||
Paid-in surplus
|
77,489,541
|
335,117,131
|
208,783,391
|
338,049,945
|
564,098,136
|
|||||||||||
Undistributed (Over-distribution of) net investment income
|
1,086,225
|
4,568,192
|
1,450,168
|
149,311
|
4,925,652
|
|||||||||||
Accumulated net realized gain (loss)
|
(1,103,452
|
)
|
(22,820,591
|
)
|
(3,911,878
|
)
|
(30,476,654
|
)
|
(2,696,419
|
)
|
||||||
Net unrealized appreciation (depreciation)
|
2,685,471
|
(3,345,393
|
)
|
(5,631,218
|
)
|
(9,738,736
|
)
|
(13,100,462
|
)
|
|||||||
Net assets applicable to common shares
|
$
|
80,215,113
|
$
|
313,754,628
|
$
|
200,838,055
|
$
|
298,225,385
|
$
|
553,645,345
|
||||||
Authorized shares:
|
||||||||||||||||
Common
|
Unlimited
|
Unlimited
|
Unlimited
|
Unlimited
|
Unlimited
|
|||||||||||
Preferred
|
Unlimited
|
Unlimited
|
Unlimited
|
Unlimited
|
Unlimited
|
(1)
|
Amounts deposited for the payment of MTP Shares noticed for redemption.
|
54
|
Nuveen Investments
|
Statement of
|
|
Operations
|
|
Six Months ended August 31, 2013 (Unaudited)
|
|
California Premium
|
California Dividend
|
California Dividend
|
California Dividend
|
California AMT-
|
||||||||||||
Income
|
Advantage
|
Advantage 2
|
Advantage 3
|
Free Income
|
||||||||||||
(NCU
|
)
|
(NAC
|
)
|
(NVX
|
)
|
(NZH
|
)
|
(NKX
|
)
|
|||||||
Investment Income
|
$
|
3,216,843
|
$
|
13,054,322
|
$
|
8,520,691
|
$
|
13,085,147
|
$
|
22,602,503
|
||||||
Expenses
|
||||||||||||||||
Management fees
|
401,967
|
1,674,558
|
1,042,637
|
1,578,567
|
2,859,764
|
|||||||||||
Shareholder servicing agent fees and expenses
|
10,314
|
1,410
|
11,019
|
13,567
|
7,619
|
|||||||||||
Interest expense and amortization of offering costs
|
452,452
|
340,903
|
1,920,266
|
2,544,051
|
468,651
|
|||||||||||
Liquidity fees
|
—
|
683,966
|
7,486
|
—
|
1,341,559
|
|||||||||||
Remarketing fees
|
—
|
69,613
|
817
|
—
|
149,040
|
|||||||||||
Custodian fees and expenses
|
14,777
|
45,297
|
33,384
|
49,945
|
77,625
|
|||||||||||
Trustees fees and expenses
|
1,592
|
6,350
|
4,220
|
6,432
|
12,076
|
|||||||||||
Professional fees
|
14,976
|
28,176
|
19,172
|
22,485
|
61,999
|
|||||||||||
Shareholder reporting expenses
|
1,108
|
12,203
|
35,168
|
9,897
|
9,457
|
|||||||||||
Stock exchange listing fees
|
7,991
|
11,995
|
16,222
|
11,858
|
3,828
|
|||||||||||
Investor relations expenses
|
2,824
|
7,744
|
7,042
|
10,538
|
495
|
|||||||||||
Other expenses
|
15,711
|
27,177
|
20,605
|
24,055
|
59,494
|
|||||||||||
Total expenses
|
923,712
|
2,909,392
|
3,118,038
|
4,271,395
|
5,051,607
|
|||||||||||
Net investment income (loss)
|
2,293,131
|
10,144,930
|
5,402,653
|
8,813,752
|
17,550,896
|
|||||||||||
Realized and Unrealized Gain (Loss)
|
||||||||||||||||
Net realized gain (loss) from investments
|
(217,528
|
)
|
(1,235,529
|
)
|
(2,072,578
|
)
|
(4,518,231
|
)
|
(2,646,367
|
)
|
||||||
Change in net unrealized appreciation (depreciation) of investments
|
(10,790,153
|
)
|
(58,923,437
|
)
|
(37,107,266
|
)
|
(51,523,760
|
)
|
(95,087,155
|
)
|
||||||
Net realized and unrealized gain (loss)
|
(11,007,681
|
)
|
(60,158,966
|
)
|
(39,179,844
|
)
|
(56,041,991
|
)
|
(97,733,522
|
)
|
||||||
Net increase (decrease) in net assets applicable to common shares from operations
|
$
|
(8,714,550
|
)
|
$
|
(50,014,036
|
)
|
$
|
(33,777,191
|
)
|
$
|
(47,228,239
|
)
|
$
|
(80,182,626
|
)
|
Nuveen Investments
|
55
|
Statement of
|
|
Changes in Net Assets (Unaudited)
|
California Premium Income (NCU)
|
California Dividend Advantage (NAC)
|
California Dividend Advantage 2 (NVX)
|
|||||||||||||||||
Six Months
|
Year
|
Six Months
|
Year
|
Six Months
|
Year
|
||||||||||||||
Ended
|
Ended
|
Ended
|
Ended
|
Ended
|
Ended
|
||||||||||||||
8/31/13
|
2/28/13
|
8/31/13
|
2/28/13
|
8/31/13
|
2/28/13
|
||||||||||||||
Operations
|
|||||||||||||||||||
Net investment income (loss)
|
$
|
2,293,131
|
$
|
4,512,923
|
$
|
10,144,930
|
$
|
19,796,683
|
$
|
5,402,653
|
$
|
12,479,454
|
|||||||
Net realized gain (loss) from investments
|
(217,528
|
)
|
149,357
|
(1,235,529
|
)
|
(3,428,813
|
)
|
(2,072,578
|
)
|
636,916
|
|||||||||
Change in net unrealized appreciation (depreciation) of investments
|
(10,790,153
|
)
|
3,828,331
|
(58,923,437
|
)
|
29,421,942
|
(37,107,266
|
)
|
13,401,627
|
||||||||||
Net increase (decrease) in net assets applicable to common shares from operations
|
(8,714,550
|
)
|
8,490,611
|
(50,014,036
|
)
|
45,789,812
|
(33,777,191
|
)
|
26,517,997
|
||||||||||
Distributions to Common Shareholders
|
|||||||||||||||||||
From net investment income
|
(2,407,795
|
)
|
(4,943,234
|
)
|
(10,446,820
|
)
|
(21,498,537
|
)
|
(6,641,657
|
)
|
(13,939,461
|
)
|
|||||||
From accumulated net realized gains
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||
Decrease in net assets applicable to common shares from distributions to common shareholders
|
(2,407,795
|
)
|
(4,943,234
|
)
|
(10,446,820
|
)
|
(21,498,537
|
)
|
(6,641,657
|
)
|
(13,939,461
|
)
|
|||||||
Capital Share Transactions
|
|||||||||||||||||||
Common shares:
|
|||||||||||||||||||
Issued in the Reorganizations
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||
Net proceeds from shares issued to shareholders due to reinvestment of distributions
|
—
|
34,943
|
119,833
|
601,534
|
20,251
|
184,119
|
|||||||||||||
Net increase (decrease) in net assets applicable to common shares from capital share transactions
|
—
|
34,943
|
119,833
|
601,534
|
20,251
|
184,119
|
|||||||||||||
Net increase (decrease) in net assets applicable to common shares
|
(11,122,345
|
)
|
3,582,320
|
(60,341,023
|
)
|
24,892,809
|
(40,398,597
|
)
|
12,762,655
|
||||||||||
Net assets applicable to common shares at the beginning of period
|
91,337,458
|
87,755,138
|
374,095,651
|
349,202,842
|
241,236,652
|
228,473,997
|
|||||||||||||
Net assets applicable to common shares at the end of period
|
$
|
80,215,113
|
$
|
91,337,458
|
$
|
313,754,628
|
$
|
374,095,651
|
$
|
200,838,055
|
$
|
241,236,652
|
|||||||
Undistributed (Over-distribution of) net investment income at the end of period
|
$
|
1,086,225
|
$
|
1,200,889
|
$
|
4,568,192
|
$
|
4,870,082
|
$
|
1,450,168
|
$
|
2,689,172
|
56
|
Nuveen Investments
|
California Dividend Advantage 3 (NZH)
|
California AMT-Free Income (NKX)
|
||||||||||||
Six Months
|
Year
|
Six Months
|
Year
|
||||||||||
Ended
|
Ended
|
Ended
|
Ended
|
||||||||||
8/31/13
|
2/28/13
|
8/31/13
|
2/28/13
|
||||||||||
Operations
|
|||||||||||||
Net investment income (loss)
|
$
|
8,813,752
|
$
|
18,102,374
|
$
|
17,550,896
|
$
|
29,529,882
|
|||||
Net realized gain (loss) from investments
|
(4,518,231
|
)
|
150,288
|
(2,646,367
|
)
|
1,609,892
|
|||||||
Change in net unrealized appreciation (depreciation) of investments
|
(51,523,760
|
)
|
21,398,391
|
(95,087,155
|
)
|
24,647,124
|
|||||||
Net increase (decrease) in net assets applicable to common shares from operations
|
(47,228,239
|
)
|
39,651,053
|
(80,182,626
|
)
|
55,786,898
|
|||||||
Distributions to Common Shareholders
|
|||||||||||||
From net investment income
|
(9,709,057
|
)
|
(20,500,040
|
)
|
(17,574,380
|
)
|
(26,767,462
|
)
|
|||||
From accumulated net realized gains
|
—
|
—
|
—
|
(669,297
|
)
|
||||||||
Decrease in net assets applicable to common shares from distributions to common shareholders
|
(9,709,057
|
)
|
(20,500,040
|
)
|
(17,574,380
|
)
|
(27,436,759
|
)
|
|||||
Capital Share Transactions
|
|||||||||||||
Common shares:
|
|||||||||||||
Issued in the Reorganizations
|
—
|
—
|
—
|
535,519,809
|
|||||||||
Net proceeds from shares issued to shareholders due to reinvestment of distributions
|
—
|
181,312
|
—
|
801,530
|
|||||||||
Net increase (decrease) in net assets applicable to common shares from capital share transactions
|
—
|
181,312
|
—
|
536,321,339
|
|||||||||
Net increase (decrease) in net assets applicable to common shares
|
(56,937,296
|
)
|
19,332,325
|
(97,757,006
|
)
|
564,671,478
|
|||||||
Net assets applicable to common shares at the beginning of period
|
355,162,681
|
335,830,356
|
651,402,351
|
86,730,873
|
|||||||||
Net assets applicable to common shares at the end of period
|
$
|
298,225,385
|
$
|
355,162,681
|
$
|
553,645,345
|
$
|
651,402,351
|
|||||
Undistributed (Over-distribution of) net investment income at the end of period
|
$
|
149,311
|
$
|
1,044,616
|
$
|
4,925,652
|
$
|
4,949,136
|
Nuveen Investments
|
57
|
Statement of
|
|
Cash Flows | |
Six Months ended August 31, 2013 (Unaudited)
|
|
California
|
California Dividend
|
California Dividend
|
||||||||
Premium Income
|
Advantage
|
Advantage 2
|
||||||||
(NCU
|
)
|
(NAC
|
)
|
(NVX
|
)
|
|||||
Cash Flows from Operating Activities:
|
||||||||||
Net Increase (Decrease) In Net Assets Applicable to Common Shares from Operations
|
$
|
(8,714,550
|
)
|
$
|
(50,014,036
|
)
|
$
|
(33,777,191
|
)
|
|
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
|
(12,422,302
|
)
|
(84,791,111
|
)
|
(66,372,399
|
)
|
||||
Proceeds from sales and maturities of investments
|
13,552,926
|
79,010,868
|
81,548,035
|
|||||||
Amortization (Accretion) of premiums and discounts, net
|
(56,370
|
)
|
26,852
|
(80,339
|
)
|
|||||
(Increase) Decrease in:
|
||||||||||
Receivable for interest
|
628
|
(416,772
|
)
|
143,418
|
||||||
Receivable for investments sold
|
—
|
(17,282,954
|
)
|
(1,889,717
|
)
|
|||||
Other assets
|
(6,356
|
)
|
9,740
|
(86,474
|
)
|
|||||
Increase (Decrease) in:
|
||||||||||
Payable for interest
|
(8
|
)
|
—
|
(841
|
)
|
|||||
Payable for investments purchased
|
—
|
4,906,377
|
(14,188,580
|
)
|
||||||
Accrued management fees
|
1,814
|
17,369
|
212
|
|||||||
Accrued reorganization expenses
|
—
|
—
|
—
|
|||||||
Accrued Trustees fees
|
14
|
1,505
|
1,024
|
|||||||
Accrued other expenses
|
(13,022
|
)
|
(26,211
|
)
|
(5,589
|
)
|
||||
Net realized (gain) loss from investments
|
217,528
|
1,235,529
|
2,072,578
|
|||||||
Change in net unrealized (appreciation) depreciation of investments
|
10,790,153
|
58,923,437
|
37,107,266
|
|||||||
Taxes paid on undistributed capital gains
|
(48
|
)
|
—
|
(680
|
)
|
|||||
Net cash provided by (used in) operating activities
|
3,350,407
|
(8,399,407
|
)
|
4,470,723
|
||||||
Cash Flows from Financing Activities:
|
||||||||||
Increase (Decrease) in:
|
||||||||||
Cash held in escrow(1)
|
—
|
—
|
(97,893,731
|
)
|
||||||
Deferred offering costs
|
145,437
|
(152,961
|
)
|
699,655
|
||||||
Increase (Decrease) in:
|
||||||||||
Cash overdraft
|
—
|
969,691
|
1,061,204
|
|||||||
Floating rate obligations
|
—
|
17,480,000
|
—
|
|||||||
Payable for MTP Shares noticed for redemption, at liquidation value
|
—
|
—
|
97,846,300
|
|||||||
Payable for offering costs
|
(59,753
|
)
|
132,524
|
126,276
|
||||||
MTP Shares, at liquidation value
|
—
|
—
|
(97,846,300
|
)
|
||||||
VRDP Shares, at liquidation value
|
—
|
—
|
98,000,000
|
|||||||
Cash distributions paid to common shareholders
|
(2,407,281
|
)
|
(10,234,882
|
)
|
(6,617,629
|
)
|
||||
Net cash provided by (used in) financing activities
|
(2,321,597
|
)
|
8,194,372
|
(4,624,225
|
)
|
|||||
Net Increase (Decrease) in Cash
|
1,028,810
|
(205,035
|
)
|
(153,502
|
)
|
|||||
Cash at the beginning of period
|
306,357
|
205,035
|
153,502
|
|||||||
Cash at the End of Period
|
$
|
1,335,167
|
$
|
—
|
$
|
—
|
California
|
California Dividend
|
California Dividend
|
||||||||
Premium Income
|
Advantage
|
Advantage 2
|
||||||||
(NCU
|
)
|
(NAC
|
)
|
(NVX
|
)
|
|||||
Cash paid for interest (excluding amortization of offering costs)
|
$
|
366,777
|
$
|
328,864
|
$
|
1,098,779
|
||||
Non-cash financing activities not included herein consists of reinvestments of common share distributions
|
—
|
119,833
|
20,251
|
58
|
Nuveen Investments
|
California
|
|||||||
California Dividend
|
AMT-Free
|
||||||
Advantage 3
|
Income
|
||||||
(NZH
|
)
|
(NKX
|
)
|
||||
Cash Flows from Operating Activities:
|
|||||||
Net Increase (Decrease) In Net Assets Applicable to Common Shares from Operations
|
$
|
(47,228,239
|
)
|
$
|
(80,182,626
|
)
|
|
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
|
(93,539,520
|
)
|
(123,403,076
|
)
|
|||
Proceeds from sales and maturities of investments
|
128,937,573
|
162,659,427
|
|||||
Amortization (Accretion) of premiums and discounts, net
|
210,858
|
(1,240,584
|
)
|
||||
(Increase) Decrease in:
|
|||||||
Receivable for interest
|
553,370
|
(324,458
|
)
|
||||
Receivable for investments sold
|
(28,689,155
|
)
|
(26,329,987
|
)
|
|||
Other assets
|
(11,581
|
)
|
19,522
|
||||
Increase (Decrease) in:
|
|||||||
Payable for interest
|
23
|
—
|
|||||
Payable for investments purchased
|
(9,614,586
|
)
|
5,078,069
|
||||
Accrued management fees
|
1,717
|
10,992
|
|||||
Accrued reorganization expenses
|
—
|
4,772
|
|||||
Accrued Trustees fees
|
1,536
|
3,916
|
|||||
Accrued other expenses
|
(28,731
|
)
|
(67,006
|
)
|
|||
Net realized (gain) loss from investments
|
4,518,231
|
2,646,367
|
|||||
Change in net unrealized (appreciation) depreciation of investments
|
51,523,760
|
95,087,155
|
|||||
Taxes paid on undistributed capital gains
|
(116
|
)
|
—
|
||||
Net cash provided by (used in) operating activities
|
6,635,140
|
33,962,483
|
|||||
Cash Flows from Financing Activities:
|
|||||||
Increase (Decrease) in:
|
|||||||
Cash held in escrow(1)
|
—
|
—
|
|||||
Deferred offering costs
|
712,098
|
(87,730
|
)
|
||||
Increase (Decrease) in:
|
|||||||
Cash overdraft balance
|
2,463,068
|
(296,978
|
)
|
||||
Floating rate obligations
|
—
|
(15,885,000
|
)
|
||||
Payable for MTP Shares noticed for redemption, at liquidation value
|
—
|
—
|
|||||
Payable for offering costs
|
(281,183
|
)
|
(118,302
|
)
|
|||
MTP Shares, at liquidation value
|
—
|
—
|
|||||
VRDP Shares, at liquidation value
|
—
|
—
|
|||||
Cash distributions paid to common shareholders
|
(9,707,828
|
)
|
(17,574,473
|
)
|
|||
Net cash provided by (used in) financing activities
|
(6,813,845
|
)
|
(33,962,483
|
)
|
|||
Net Increase (Decrease) in Cash
|
(178,705
|
)
|
—
|
||||
Cash at the beginning of period
|
178,705
|
—
|
|||||
Cash at the End of Period
|
$
|
—
|
$
|
—
|
California
|
|||||||
California Dividend
|
AMT-Free
|
||||||
Advantage 3
|
Income
|
||||||
(NZH
|
)
|
(NKX
|
)
|
||||
Cash paid for interest (excluding amortization of offering costs)
|
$
|
2,113,113
|
$
|
421,381
|
|||
Non-cash financing activities not included herein consists of reinvestments of common share distributions
|
—
|
—
|
Nuveen Investments
|
|
59
|
Financial
|
|
Highlights (Unaudited)
|
|
Selected data for a common share outstanding throughout each period:
|
Investment Operations
|
Less Distributions
|
||||||||||||||||||||||||||||||||||||
Beginning
Common
Share
Net Asset
Value
|
Net
Investment
Income
(Loss)
|
Net
Realized/
Unrealized
Gain (Loss)
|
Distributions
from Net
Investment
Income to
Auction Rate
Preferred Shareholders
|
(a) |
Distributions
from
Accumulated
Net
Realized
Gains to
Auction Rate
Preferred Shareholders
|
(a) |
Total
|
From
Net
Investment
Income to
Common
Share-
holders
|
From
Accumu-
lated
Net
Realized
Gains to
Common
Share-
holders
|
Total
|
Discount
from
Common
Shares
Repurchased
and
Retired
|
Ending
Common
Share
Net Asset
Value
|
Ending
Market
Value
|
||||||||||||||||||||||||
California Premium Income (NCU)
|
|||||||||||||||||||||||||||||||||||||
Year Ended 2/28-2/29:
|
|||||||||||||||||||||||||||||||||||||
2014(g)
|
$
|
15.93
|
$
|
.40
|
$
|
(1.92
|
)
|
$
|
—
|
$
|
—
|
$
|
(1.52
|
)
|
$
|
(.42
|
)
|
$
|
—
|
$
|
(.42
|
)
|
$
|
—
|
$
|
13.99
|
$
|
12.80
|
|||||||||
2013
|
15.31
|
.79
|
.69
|
—
|
—
|
1.48
|
(.86
|
)
|
—
|
(.86
|
)
|
—
|
15.93
|
15.78
|
|||||||||||||||||||||||
2012
|
12.96
|
.84
|
2.38
|
—
|
—
|
3.22
|
(.87
|
)
|
—
|
(.87
|
)
|
—
|
15.31
|
15.15
|
|||||||||||||||||||||||
2011
|
13.71
|
.92
|
(.79
|
)
|
(.02
|
)
|
—
|
.11
|
(.86
|
)
|
—
|
(.86
|
)
|
—
|
** |
12.96
|
12.28
|
||||||||||||||||||||
2010
|
12.37
|
.95
|
1.13
|
(.03
|
)
|
—
|
2.05
|
(.72
|
)
|
—
|
(.72
|
)
|
.01
|
13.71
|
12.11
|
||||||||||||||||||||||
2009(f)
|
13.67
|
.43
|
(1.29
|
)
|
(.10
|
)
|
—
|
** |
(.96
|
)
|
(.33
|
)
|
(.01
|
)
|
(.34
|
)
|
—
|
** |
12.37
|
10.06
|
|||||||||||||||||
Year Ended 8/31:
|
|||||||||||||||||||||||||||||||||||||
2008
|
14.06
|
.92
|
(.43
|
)
|
(.24
|
)
|
—
|
.25
|
(.64
|
)
|
—
|
(.64
|
)
|
—
|
13.67
|
12.58
|
|||||||||||||||||||||
California Dividend Advantage (NAC)
|
|||||||||||||||||||||||||||||||||||||
Year Ended 2/28-2/29:
|
|||||||||||||||||||||||||||||||||||||
2014(g)
|
15.90
|
.43
|
(2.56
|
)
|
—
|
—
|
(2.13
|
)
|
(.44
|
)
|
—
|
(.44
|
)
|
—
|
13.33
|
12.28
|
|||||||||||||||||||||
2013
|
14.87
|
.84
|
1.11
|
—
|
—
|
1.95
|
(.92
|
)
|
—
|
(.92
|
)
|
—
|
15.90
|
15.81
|
|||||||||||||||||||||||
2012
|
12.68
|
.94
|
2.17
|
(.01
|
)
|
—
|
3.10
|
(.91
|
)
|
—
|
(.91
|
)
|
—
|
14.87
|
15.14
|
||||||||||||||||||||||
2011
|
13.88
|
.98
|
(1.27
|
)
|
(.02
|
)
|
—
|
(.31
|
)
|
(.89
|
)
|
—
|
(.89
|
)
|
—
|
12.68
|
12.20
|
||||||||||||||||||||
2010
|
12.10
|
1.01
|
1.63
|
(.03
|
)
|
(.02
|
)
|
2.59
|
(.81
|
)
|
—
|
(.81
|
)
|
—
|
13.88
|
12.60
|
|||||||||||||||||||||
2009(f)
|
14.43
|
.49
|
(2.07
|
)
|
(.09
|
)
|
(.02
|
)
|
(1.69
|
)
|
(.38
|
)
|
(.26
|
)
|
(.64
|
)
|
—
|
12.10
|
10.82
|
||||||||||||||||||
Year Ended 8/31:
|
|||||||||||||||||||||||||||||||||||||
2008
|
14.93
|
1.02
|
(.50
|
)
|
(.23
|
)
|
(.01
|
)
|
.28
|
(.74
|
)
|
(.04
|
)
|
(.78
|
)
|
—
|
14.43
|
13.44
|
(a)
|
The amounts shown are based on common share equivalents.
|
(b)
|
Total Return Based on Market Value 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.
|
Total Return Based on Common Share Net Asset Value is the combination of changes in common share net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, 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 net asset value. 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 net asset value), and therefore may be different from the price used in the calculation. Total returns are not annualized.
|
60
|
Nuveen Investments
|
Ratios/Supplemental Data
|
||||||||||||||||||||||||
Total Returns
|
Ratios to Average Net Assets
Applicable to Common Shares
Before Reimbursement(c)
|
Ratios to Average Net Assets
Applicable to Common Shares
After Reimbursement(c)(d)
|
||||||||||||||||||||||
Based
on
Common
Share Net
Asset
Value
|
(b) |
Based
on
Market
Value
|
(b) |
Ending
Net
Assets
Applicable
to Common
Shares (000)
|
Expenses
|
(e) |
Net
Investment
Income (Loss)
|
Expenses
|
(e) |
Net
Investment
Income (Loss)
|
Portfolio
Turnover
Rate
|
(h) | ||||||||||||
(9.71
|
)%
|
(16.47
|
)%
|
$
|
80,215
|
2.09
|
%*
|
5.20
|
%*
|
N/A
|
N/A
|
10
|
%
|
|||||||||||
9.89
|
10.10
|
91,337
|
2.12
|
5.01
|
N/A
|
N/A
|
10
|
|||||||||||||||||
25.65
|
31.68
|
87,755
|
2.29
|
6.02
|
N/A
|
N/A
|
14
|
|||||||||||||||||
.63
|
8.34
|
74,275
|
1.69
|
6.66
|
N/A
|
N/A
|
5
|
|||||||||||||||||
17.06
|
28.13
|
78,581
|
1.30
|
7.18
|
N/A
|
N/A
|
10
|
|||||||||||||||||
(6.92
|
)
|
(17.22
|
)
|
71,260
|
1.57
|
* |
7.06
|
* |
N/A
|
N/A
|
14
|
|||||||||||||
1.81
|
1.51
|
78,966
|
1.34
|
6.56
|
N/A
|
N/A
|
5
|
|||||||||||||||||
(13.60
|
)
|
(19.79
|
)
|
313,755
|
1.64
|
* |
5.71
|
* |
N/A
|
N/A
|
15
|
|||||||||||||
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
|
||||||||||||||||
21.97
|
24.62
|
325,791
|
1.21
|
7.63
|
1.18
|
%
|
7.66
|
%
|
4
|
|||||||||||||||
(11.45
|
)
|
(14.14
|
)
|
284,221
|
1.31
|
* |
7.92
|
* |
1.24
|
* |
7.99
|
* |
14
|
|||||||||||
1.85
|
(.84
|
)
|
338,732
|
1.26
|
6.77
|
1.11
|
6.92
|
19
|
(c)
|
Ratios do not reflect the effect of dividend payments to Auction Rate Preferred shareholders, where applicable; Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to Auction Rate Preferred Shares (“ARPS”), MTP Shares and/or VRDP Shares, where applicable.
|
(d)
|
After expense reimbursement from the Adviser, where applicable. As of July 31, 2009, the Adviser is no longer reimbursing California Dividend Advantage (NAC) 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 Premium Income (NCU)
|
||||
Year Ended 2/28-2/29:
|
||||
2014(g)
|
1.03
|
%*
|
||
2013
|
1.01
|
|||
2012
|
1.14
|
|||
2011
|
.55
|
|||
2010
|
.06
|
|||
2009(f)
|
.20
|
* | ||
Year Ended 8/31:
|
||||
2008
|
.11
|
California Dividend Advantage (NAC)
|
||||
Year Ended 2/28-2/29:
|
||||
2014(g)
|
.62
|
%*
|
||
2013
|
.61
|
|||
2012
|
.46
|
|||
2011
|
.06
|
|||
2010
|
.08
|
|||
2009(f)
|
.14
|
* | ||
Year Ended 8/31:
|
||||
2008
|
.11
|
(f)
|
For the six months ended February 28, 2009.
|
(g)
|
For the six months ended August 31, 2013.
|
(h)
|
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.
|
*
|
Annualized.
|
**
|
Rounds to less than $.01 per share.
|
N/A
|
Fund did not have, or no longer has, a contractual reimbursement agreement with the Adviser.
|
Nuveen Investments
|
61
|
Investment Operations
|
Less Distributions
|
||||||||||||||||||||||||||||||||||||
Beginning
Common
Share
Net Asset
Value
|
Net
Investment
Income
(Loss)
|
Net
Realized/
Unrealized
Gain (Loss)
|
Distributions
from Net
Investment
Income to
Auction Rate
Preferred Shareholders
|
(a) |
Distributions
from
Accumulated
Net
Realized
Gains to
Auction Rate
Preferred Shareholders
|
(a) |
Total
|
From
Net
Investment
Income to
Common
Share-
holders
|
From
Accumu-
lated
Net
Realized
Gains to
Common
Share-
holders
|
Total
|
Discount
from
Common
Shares
Repurchased
and
Retired
|
Ending
Common
Share
Net Asset
Value
|
Ending
Market
Value
|
||||||||||||||||||||||||
California Dividend Advantage 2 (NVX)
|
|||||||||||||||||||||||||||||||||||||
Year Ended 2/28-2/29:
|
|||||||||||||||||||||||||||||||||||||
2014(g)
|
$
|
16.35
|
$
|
.37
|
$
|
(2.66
|
)
|
$
|
—
|
$
|
—
|
$
|
(2.29
|
)
|
$
|
(.45
|
)
|
$
|
—
|
$
|
(.45
|
)
|
$
|
—
|
$
|
13.61
|
$
|
12.76
|
|||||||||
2013
|
15.49
|
.85
|
.96
|
—
|
—
|
1.81
|
(.95
|
)
|
—
|
(.95
|
)
|
—
|
16.35
|
16.30
|
|||||||||||||||||||||||
2012
|
13.47
|
.90
|
2.08
|
—
|
** |
—
|
2.98
|
(.96
|
)
|
—
|
(.96
|
)
|
—
|
15.49
|
15.58
|
||||||||||||||||||||||
2011
|
14.49
|
1.03
|
(1.07
|
)
|
(.02
|
)
|
—
|
(.06
|
)
|
(.96
|
)
|
—
|
(.96
|
)
|
—
|
13.47
|
12.83
|
||||||||||||||||||||
2010
|
12.91
|
1.07
|
1.43
|
(.04
|
)
|
—
|
2.46
|
(.88
|
)
|
—
|
(.88
|
)
|
—
|
** |
14.49
|
13.56
|
|||||||||||||||||||||
2009(f)
|
14.39
|
.51
|
(1.47
|
)
|
(.11
|
)
|
(.01
|
)
|
(1.08
|
)
|
(.36
|
)
|
(.04
|
)
|
(.40
|
)
|
—
|
** |
12.91
|
10.51
|
|||||||||||||||||
Year Ended 8/31:
|
|||||||||||||||||||||||||||||||||||||
2008
|
14.69
|
1.01
|
(.37
|
)
|
(.25
|
)
|
—
|
.39
|
(.69
|
)
|
—
|
(.69
|
)
|
—
|
14.39
|
12.67
|
|||||||||||||||||||||
California Dividend Advantage 3 (NZH)
|
|||||||||||||||||||||||||||||||||||||
Year Ended 2/28-2/29:
|
|||||||||||||||||||||||||||||||||||||
2014(g)
|
14.71
|
.36
|
(2.32
|
)
|
—
|
—
|
(1.96
|
)
|
(.40
|
)
|
—
|
(.40
|
)
|
—
|
12.35
|
11.54
|
|||||||||||||||||||||
2013
|
13.91
|
.75
|
.90
|
—
|
—
|
1.65
|
(.85
|
)
|
—
|
(.85
|
)
|
—
|
14.71
|
14.25
|
|||||||||||||||||||||||
2012
|
12.13
|
.82
|
1.86
|
—
|
** |
—
|
2.68
|
(.90
|
)
|
—
|
(.90
|
)
|
—
|
13.91
|
14.35
|
||||||||||||||||||||||
2011
|
13.18
|
.88
|
(1.02
|
)
|
(.01
|
)
|
—
|
(.15
|
)
|
(.90
|
)
|
—
|
(.90
|
)
|
—
|
12.13
|
11.67
|
||||||||||||||||||||
2010
|
11.53
|
.98
|
1.53
|
(.03
|
)
|
—
|
2.48
|
(.83
|
)
|
—
|
(.83
|
)
|
—
|
13.18
|
12.67
|
||||||||||||||||||||||
2009(f)
|
13.62
|
.50
|
(2.13
|
)
|
(.09
|
)
|
—
|
(1.72
|
)
|
(.37
|
)
|
—
|
(.37
|
)
|
—
|
** |
11.53
|
10.23
|
|||||||||||||||||||
Year Ended 8/31:
|
|||||||||||||||||||||||||||||||||||||
2008
|
14.25
|
1.03
|
(.70
|
)
|
(.25
|
)
|
—
|
.08
|
(.71
|
)
|
—
|
(.71
|
)
|
—
|
13.62
|
12.87
|
(a)
|
The amounts shown are based on common share equivalents.
|
(b)
|
Total Return Based on Market Value 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.
|
Total Return Based on Common Share Net Asset Value is the combination of changes in common share net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, 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 net asset value. 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 net asset value), and therefore may be different from the price used in the calculation. Total returns are not annualized.
|
62
|
Nuveen Investments
|
Ratios/Supplemental Data
|
||||||||||||||||||||||||
Total Returns
|
Ratios to Average Net Assets
Applicable to Common Shares
Before Reimbursement(c)
|
Ratios to Average Net Assets
Applicable to Common Shares
After Reimbursement(c)(d)
|
||||||||||||||||||||||
Based
on
Common
Share Net
Asset
Value
|
(b) |
Based
on
Market
Value
|
(b) |
Ending
Net
Assets
Applicable
to Common
Shares (000)
|
Expenses
|
(e) |
Net
Investment
Income (Loss)
|
Expenses
|
(e) |
Net
Investment
Income (Loss)
|
Portfolio
Turnover
Rate
|
(h) | ||||||||||||
(14.24
|
)%
|
(19.19
|
)%
|
$
|
200,838
|
2.48
|
%*
|
4.97
|
%*
|
N/A
|
N/A
|
20
|
%
|
|||||||||||
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
|
|||||||||||||||
(.64
|
)
|
1.37
|
198,675
|
1.36
|
7.10
|
1.28
|
7.19
|
13
|
||||||||||||||||
19.52
|
38.29
|
213,687
|
1.20
|
7.58
|
1.04
|
7.74
|
4
|
|||||||||||||||||
(7.40
|
)
|
(13.83
|
)
|
190,824
|
1.37
|
* |
7.85
|
* |
1.14
|
* |
8.08
|
* |
7
|
|||||||||||
2.76
|
(2.80
|
)
|
212,890
|
1.25
|
6.56
|
.99
|
6.83
|
20
|
||||||||||||||||
(13.54
|
)
|
(16.41
|
)
|
298,225
|
2.53
|
* |
5.22
|
* |
N/A
|
N/A
|
19
|
|||||||||||||
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
|
|||||||||||||||
22.17
|
32.93
|
317,860
|
1.36
|
7.68
|
1.16
|
7.88
|
6
|
|||||||||||||||||
(12.54
|
)
|
(17.58
|
)
|
278,056
|
1.39
|
* |
8.50
|
* |
1.13
|
* |
8.75
|
* |
9
|
|||||||||||
.60
|
.46
|
328,659
|
1.21
|
6.96
|
.90
|
7.27
|
23
|
(c)
|
Ratios do not reflect the effect of dividend payments to Auction Rate Preferred 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:
|
||||
2014(g)
|
1.44
|
%*
|
||
2013
|
1.15
|
|||
2012
|
1.25
|
|||
2011
|
.26
|
|||
2010
|
.04
|
|||
2009(f)
|
.05
|
* | ||
Year Ended 8/31:
|
||||
2008
|
.09
|
California Dividend Advantage 3 (NZH)
|
||||
Year Ended 2/28-2/29:
|
||||
2014(g)
|
1.51
|
%*
|
||
2013
|
1.47
|
|||
2012
|
1.49
|
|||
2011
|
.94
|
|||
2010
|
.19
|
|||
2009(f)
|
.12
|
* | ||
Year Ended 8/31:
|
||||
2008
|
.02
|
(f)
|
For the six months ended February 28, 2009.
|
(g)
|
For the six months ended August 31, 2013.
|
(h)
|
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.
|
*
|
Annualized.
|
**
|
Rounds to less than $.01 per share.
|
N/A
|
Fund no longer has a contractual reimbursement agreement with the Adviser.
|
Nuveen Investments
|
63
|
Investment Operations
|
Less Distributions
|
||||||||||||||||||||||||||||||||||||
Beginning
Common
Share
Net Asset
Value
|
Net
Investment
Income
(Loss)
|
Net
Realized/
Unrealized
Gain (Loss)
|
Distributions
from Net
Investment
Income to
Auction Rate
Preferred Shareholders
|
(a) |
Distributions
from
Accumulated
Net Realized
Gains to
Auction Rate
Preferred Shareholders
|
(a) |
Total
|
From
Net
Investment
Income to
Common
Share-
holders
|
From
Accumu-
lated
Net
Realized
Gains to
Common
Share-
holders
|
Total
|
Discount
from
Common
Shares
Repurchased
and
Retired
|
Ending
Common
Share
Net Asset
Value
|
Ending
Market
Value
|
||||||||||||||||||||||||
California AMT-Free Income (NKX)
|
|||||||||||||||||||||||||||||||||||||
Year Ended 2/28-2/29:
|
|||||||||||||||||||||||||||||||||||||
2014(g)
|
$
|
15.57
|
$
|
.42
|
$
|
(2.34
|
)
|
$
|
—
|
$
|
—
|
$
|
(1.92
|
)
|
$
|
(.42
|
)
|
$
|
—
|
$
|
(.42
|
)
|
$
|
—
|
$
|
13.23
|
$
|
12.04
|
|||||||||
2013
|
14.73
|
.77
|
.97
|
—
|
—
|
1.74
|
(.88
|
)
|
(.02
|
)
|
(.90
|
)
|
—
|
15.57
|
15.12
|
||||||||||||||||||||||
2012
|
12.82
|
.83
|
1.91
|
—
|
—
|
2.74
|
(.83
|
)
|
—
|
(.83
|
)
|
—
|
14.73
|
15.06
|
|||||||||||||||||||||||
2011
|
14.03
|
.81
|
(1.22
|
)
|
—
|
—
|
(.41
|
)
|
(.80
|
)
|
—
|
(.80
|
)
|
—
|
12.82
|
11.78
|
|||||||||||||||||||||
2010
|
12.85
|
.85
|
1.09
|
—
|
—
|
1.94
|
(.76
|
)
|
—
|
(.76
|
)
|
—
|
14.03
|
12.87
|
|||||||||||||||||||||||
2009(f)
|
14.19
|
.39
|
(1.32
|
)
|
—
|
** |
(.01
|
)
|
(.94
|
)
|
(.35
|
)
|
(.05
|
)
|
(.40
|
)
|
—
|
12.85
|
11.75
|
||||||||||||||||||
Year Ended 8/31:
|
|||||||||||||||||||||||||||||||||||||
2008
|
14.47
|
.97
|
(.30
|
)
|
(.24
|
)
|
—
|
.43
|
(.71
|
)
|
—
|
(.71
|
)
|
—
|
14.19
|
13.78
|
(a)
|
The amounts shown are based on common share equivalents.
|
(b)
|
Total Return Based on Market Value 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.
|
Total Return Based on Common Share Net Asset Value is the combination of changes in common share net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, 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 net asset value. 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 net asset value), and therefore may be different from the price used in the calculation. Total returns are not annualized.
|
64
|
Nuveen Investments
|
Ratios/Supplemental Data
|
||||||||||||||||||||||||
Total Returns
|
Ratios to Average Net Assets
Applicable to Common Shares
Before Reimbursement(c)
|
Ratios to Average Net Assets
Applicable to Common Shares
After Reimbursement(c)(d)
|
||||||||||||||||||||||
Based
on
Common
Share Net
Asset
Value
|
(b) |
Based
on
Market
Value
|
(b) |
Ending
Net
Assets
Applicable
to Common
Shares (000)
|
Expenses
|
(e) |
Net
Investment
Income (Loss)
|
Expenses
|
(e) |
Net
Investment
Income (Loss)
|
Portfolio
Turnover
Rate
|
(h) | ||||||||||||
(12.54
|
)%
|
(17.83
|
)%
|
$
|
553,645
|
1.63
|
%*
|
5.65
|
%*
|
N/A
|
N/A
|
13
|
%
|
|||||||||||
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
|
|||||||||||||
15.49
|
16.39
|
82,579
|
1.68
|
6.11
|
1.47
|
6.32
|
—
|
*** | ||||||||||||||||
(6.42
|
)
|
(11.55
|
)
|
75,661
|
2.57
|
* |
5.89
|
* |
2.27
|
* |
6.19
|
* |
3
|
|||||||||||
2.97
|
.12
|
83,531
|
1.33
|
6.28
|
.94
|
6.67
|
28
|
(c)
|
Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to VRDP Shares, where applicable.
|
(d)
|
After expense reimbursement from the Adviser, where applicable. As of November 30, 2010, the Adviser is no longer reimbursing California AMT-Free Income (NKX) for any fees or expenses.
|
(e)
|
The expense ratios reflect, among other things, all interest expense and other costs related to 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, both as described in Note 1 – General Information and Significant Accounting Policies, 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:
|
||||
2014(g)
|
.63
|
%*
|
||
2013
|
.59
|
|||
2012
|
.67
|
|||
2011
|
.92
|
|||
2010
|
.57
|
|||
2009(f)
|
1.03
|
* | ||
Year Ended 8/31:
|
||||
2008
|
.08
|
(f)
|
For the six months ended February 28, 2009.
|
(g)
|
For the six months ended August 31, 2013.
|
(h)
|
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.
|
*
|
Annualized.
|
**
|
Rounds to less than $.01 per share.
|
***
|
Calculates to less than 1%.
|
N/A
|
Fund no longer has a contractual reimbursement agreement with the Adviser.
|
Nuveen Investments
|
65
|
ARPS at the End of Period
|
VRDP Shares at the End of Period
|
MTP Shares at the End of Period (a)
|
|||||||||||||||||
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
|
|||||||||||
California Premium Income (NCU)
|
|||||||||||||||||||
Year Ended 2/28-2/29:
|
|||||||||||||||||||
2014(b)
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
35,250
|
$
|
32.76
|
|||||||
2013
|
—
|
—
|
—
|
—
|
35,250
|
35.91
|
|||||||||||||
2012
|
—
|
—
|
—
|
—
|
35,250
|
34.90
|
|||||||||||||
2011
|
—
|
—
|
—
|
—
|
35,250
|
31.07
|
|||||||||||||
2010
|
34,375
|
82,150
|
—
|
—
|
—
|
—
|
|||||||||||||
2009(c)
|
40,875
|
68,584
|
—
|
—
|
—
|
—
|
|||||||||||||
Year Ended 8/31:
|
|||||||||||||||||||
2008
|
43,000
|
70,910
|
—
|
—
|
—
|
—
|
|||||||||||||
California Dividend Advantage (NAC)
|
|||||||||||||||||||
Year Ended 2/28-2/29:
|
|||||||||||||||||||
2014(b)
|
—
|
—
|
136,200
|
330,363
|
—
|
—
|
|||||||||||||
2013
|
—
|
—
|
136,200
|
374,666
|
—
|
—
|
|||||||||||||
2012
|
—
|
—
|
136,200
|
356,390
|
—
|
—
|
|||||||||||||
2011
|
135,525
|
79,903
|
—
|
—
|
—
|
—
|
|||||||||||||
2010
|
135,525
|
85,098
|
—
|
—
|
—
|
—
|
|||||||||||||
2009(c)
|
135,525
|
77,430
|
—
|
—
|
—
|
—
|
|||||||||||||
Year Ended 8/31:
|
|||||||||||||||||||
2008
|
135,525
|
87,485
|
—
|
—
|
—
|
—
|
(a)
|
The Ending and Average Market Value Per Share for each Series of the Fund’s MTP Shares were as follows:
|
2014
|
(b)
|
2013
|
2012
|
2011
|
(d)
|
||||||||
California Premium Income (NCU)
|
|||||||||||||
Series 2015 (NCU PRC)
|
|||||||||||||
Ending Market Value per Share
|
$
|
10.02
|
$
|
10.05
|
$
|
10.06
|
$
|
9.63
|
|||||
Average Market Value per Share
|
10.02
|
10.05
|
9.84
|
9.74
|
^ |
(b)
|
For the six months ended August 31, 2013.
|
(c)
|
For the six months ended February 28, 2009.
|
(d)
|
The Fund did not issue MTP Shares prior to the fiscal year ended February 28, 2011.
|
^
|
For the period September 22, 2010 (first issuance date of shares) through February 28, 2011.
|
66
|
Nuveen Investments
|
ARPS at the End of Period
|
VRDP Shares at the End of Period
|
MTP Shares at the End of Period (a)
|
ARPS MTP and/or
VRDP 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:
|
||||||||||||||||||||||
2014(b)
|
$
|
—
|
$
|
—
|
$
|
98,000
|
$
|
202,548
|
$
|
97,846
|
$
|
20.25
|
$
|
2.03
|
||||||||
2013
|
—
|
—
|
—
|
—
|
97,846
|
34.65
|
—
|
|||||||||||||||
2012
|
—
|
—
|
—
|
—
|
97,846
|
33.35
|
—
|
|||||||||||||||
2011
|
39,950
|
77,310
|
—
|
—
|
55,000
|
30.92
|
3.09
|
|||||||||||||||
2010
|
93,775
|
81,968
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||||
2009(c)
|
110,000
|
68,369
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||||
Year Ended 8/31:
|
||||||||||||||||||||||
2008
|
110,000
|
73,384
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||||
California Dividend Advantage 3 (NZH)
|
||||||||||||||||||||||
Year Ended 2/28-2/29:
|
||||||||||||||||||||||
2014(b)
|
—
|
—
|
—
|
—
|
159,545
|
28.69
|
—
|
|||||||||||||||
2013
|
—
|
—
|
—
|
—
|
159,545
|
32.26
|
—
|
|||||||||||||||
2012
|
—
|
—
|
—
|
—
|
159,545
|
31.05
|
—
|
|||||||||||||||
2011
|
69,500
|
71,960
|
—
|
—
|
86,250
|
28.78
|
2.88
|
|||||||||||||||
2010
|
69,500
|
76,021
|
—
|
—
|
86,250
|
30.41
|
3.04
|
|||||||||||||||
2009(c)
|
154,075
|
70,117
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||||
Year Ended 8/31:
|
||||||||||||||||||||||
2008
|
159,925
|
76,377
|
—
|
—
|
—
|
—
|
—
|
(a)
|
The Ending and Average Market Value Per Share for each Series of the Fund’s MTP Shares were as follows:
|
2014
|
(b)
|
2013
|
2012
|
2011
|
2010
|
(d)
|
||||||||||
California Dividend Advantage 2 (NVX)
|
||||||||||||||||
Series 2014 (NVX PRA)
|
||||||||||||||||
Ending Market Value per Share
|
$
|
9.98
|
$
|
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
|
9.98
|
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
|
10.02
|
10.05
|
10.17
|
—
|
—
|
|||||||||||
Average Market Value per Share
|
10.04
|
10.09
|
10.11
|
ΩΩ |
—
|
—
|
||||||||||
Series 2014-1 (NZH PRA)
|
||||||||||||||||
Ending Market Value per Share
|
10.02
|
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
|
10.03
|
10.14
|
10.18
|
10.06
|
10.11
|
|||||||||||
Average Market Value per Share
|
10.08
|
10.13
|
10.11
|
10.14
|
10.09
|
^ |
(b)
|
For the six months ended August 31, 2013.
|
(c)
|
For the six months ended February 28, 2009.
|
(d)
|
California Dividend Advantage 2 (NVX) and California Dividend Advantage 3 (NZH) did not issue MTP Shares prior to the fiscal year ended February 28, 2011 and February 28, 2010, respectively.
|
^
|
For the period December 21, 2009 (first issuance date of shares) through February 28, 2010.
|
^^
|
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.
|
Nuveen Investments
|
67
|
VRDP Shares at the End of Period
|
|||||||
Aggregate
|
|||||||
Amount
|
Asset
|
||||||
Outstanding
|
Coverage Per
|
||||||
(000
|
)
|
$100,000 Share
|
|||||
California AMT-Free Income (NKX)
|
|||||||
Year Ended 2/28-2/29:
|
|||||||
2014(b)
|
$
|
291,600
|
$
|
289,865
|
|||
2013
|
291,600
|
323,389
|
|||||
2012
|
35,500
|
344,312
|
|||||
2011
|
35,500
|
312,655
|
|||||
2010
|
35,500
|
332,616
|
|||||
2009(c)
|
35,500
|
313,131
|
|||||
Year Ended 8/31:
|
|||||||
2008
|
35,500
|
335,299
|
68
|
Nuveen Investments
|
Notes to
|
|
Financial Statements (Unaudited)
|
Nuveen Investments
|
69
|
Shares
|
||||||||||||||||
NYSE/
|
Outstanding
|
Annual
|
||||||||||||||
NYSE MKT
|
Shares
|
at $10 Per Share
|
Interest
|
|||||||||||||
Series
|
Ticker
|
Outstanding
|
Liquidation Value
|
Rate
|
||||||||||||
California Premium Income (NCU)
|
||||||||||||||||
2015
|
NCU PRC
|
3,525,000
|
$
|
35,250,000
|
2.00
|
%
|
||||||||||
California Dividend Advantage 2 (NVX)
|
||||||||||||||||
2014
|
* |
NVX PRA
|
4,284,630
|
$
|
42,846,300
|
2.35
|
%
|
|||||||||
2015
|
* |
NVX PRC
|
5,500,000
|
55,000,000
|
2.05
|
|||||||||||
California Dividend Advantage 3 (NZH)
|
||||||||||||||||
2014
|
NZH PRA
|
2,700,000
|
$
|
27,000,000
|
2.35
|
%
|
||||||||||
2014-1
|
NZH PRB
|
4,629,450
|
46,294,500
|
2.25
|
||||||||||||
2015
|
NZH PRC
|
8,625,000
|
86,250,000
|
2.95
|
|
NYSE/
|
Term
|
Optional
|
Premium
|
||||||||||||
|
NYSE MKT
|
Redemption
|
Redemption
|
Expiration
|
||||||||||||
Series
|
Ticker
|
Date
|
Date
|
Date
|
||||||||||||
California Premium Income (NCU)
|
||||||||||||||||
2015
|
NCU PRC
|
October 1, 2015
|
October 1, 2011
|
September 30, 2012
|
||||||||||||
California Dividend Advantage 2 (NVX)
|
||||||||||||||||
2014
|
* |
NVX PRA
|
April 1, 2014
|
April 1, 2012
|
March 31, 2013
|
|||||||||||
2015
|
* |
NVX PRC
|
November 1, 2015
|
November 1, 2011
|
October 31, 2012
|
70
|
Nuveen Investments
|
NYSE/
|
Term
|
Optional
|
Premium
|
|||||||||||||
NYSE MKT
|
Redemption
|
Redemption
|
Expiration
|
|||||||||||||
Series
|
Ticker
|
Date
|
Date
|
Date
|
||||||||||||
California Dividend Advantage 3 (NZH)
|
||||||||||||||||
2014
|
NZH PRA
|
May 1, 2014
|
May 1, 2012
|
April 30, 2013
|
||||||||||||
2014-1
|
NZH PRB
|
July 1, 2014
|
July 1, 2012
|
June 30, 2013
|
||||||||||||
2015
|
NZH PRC
|
January 1, 2015
|
January 1, 2011
|
December 31, 2011
|
California
|
California
|
California
|
||||||||
Premium
|
Dividend
|
Dividend
|
||||||||
Income
|
Advantage 2
|
Advantage 3
|
||||||||
(NCU
|
)
|
(NVX
|
)
|
(NZH
|
)
|
|||||
Average liquidation value of MTP Shares outstanding
|
$
|
35,250,000
|
$
|
97,846,300
|
$
|
159,544,500
|
Shares Outstanding at
|
|||||||||||||
Shares
|
$100,000 Per Share
|
||||||||||||
Series
|
Outstanding
|
Liquidation Value
|
Maturity
|
||||||||||
California Dividend Advantage (NAC)
|
|||||||||||||
1
|
1,362
|
$
|
136,200,000
|
June 1, 2041
|
|||||||||
California Dividend Advantage 2 (NVX)
|
|||||||||||||
1
|
980
|
$
|
98,000,000
|
August 3, 2043
|
|||||||||
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
|
Nuveen Investments
|
71
|
California
|
California
|
California
|
||||||||
Dividend
|
Dividend
|
AMT-Free
|
||||||||
Advantage
|
Advantage 2
|
Income
|
||||||||
(NAC
|
)
|
(NVX
|
)
|
(NKX
|
)
|
|||||
Average liquidation value of VRDP Shares outstanding
|
$
|
136,200,000
|
$
|
98,000,000
|
$
|
291,600,000
|
||||
Annualized dividend rate
|
0.29%
|
|
0.16%
|
|
0.23%
|
|
72
|
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).
|
California Premium Income (NCU)
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||
Long-Term Investments*:
|
|||||||||||||
Municipal Bonds
|
$
|
—
|
$
|
118,361,945
|
$
|
—
|
$
|
118,361,945
|
|||||
California Dividend Advantage (NAC)
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||
Long-Term Investments*:
|
|||||||||||||
Municipal Bonds
|
$
|
—
|
$
|
476,630,488
|
$
|
—
|
$
|
476,630,488
|
|||||
California Dividend Advantage 2 (NVX)
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||
Long-Term Investments*:
|
|||||||||||||
Municipal Bonds
|
$
|
—
|
$
|
293,552,149
|
$
|
—
|
$
|
293,552,149
|
|||||
California Dividend Advantage 3 (NZH)
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||
Long-Term Investments*:
|
|||||||||||||
Municipal Bonds
|
$
|
—
|
$
|
426,418,148
|
$
|
—
|
$
|
426,418,148
|
|||||
California AMT-Free Income (NKX)
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||
Long-Term Investments*:
|
|||||||||||||
Municipal Bonds
|
$
|
—
|
$
|
824,684,670
|
$
|
—
|
$
|
824,684,670
|
*
|
Refer to the Fund’s Portfolio of Investments for industry classifications.
|
Nuveen Investments
|
73
|
(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.
|
74
|
Nuveen Investments
|
California
|
California
|
California
|
California
|
California
|
||||||||||||
Premium
|
Dividend
|
Dividend
|
Dividend
|
AMT-Free
|
||||||||||||
Income
|
Advantage
|
Advantage 2
|
Advantage 3
|
Income
|
||||||||||||
(NCU
|
)
|
(NAC
|
)
|
(NVX
|
)
|
(NZH
|
)
|
(NKX
|
)
|
|||||||
Maximum exposure to Recourse Trusts
|
$
|
6,510,000
|
$
|
24,590,000
|
$
|
16,960,000
|
$
|
48,960,000
|
$
|
31,250,000
|
California
|
California
|
California
|
California
|
California
|
||||||||||||
Premium
|
Dividend
|
Dividend
|
Dividend
|
AMT-Free
|
||||||||||||
Income
|
Advantage
|
Advantage 2
|
Advantage 3
|
Income
|
||||||||||||
(NCU
|
)
|
(NAC
|
)
|
(NVX
|
)
|
(NZH
|
)
|
(NKX
|
)
|
|||||||
Average floating rate obligations outstanding
|
$
|
5,525,000
|
$
|
43,841,223
|
$
|
9,783,533
|
$
|
845,000
|
$
|
27,588,043
|
||||||
Average annual interest rate and fees
|
0.51%
|
|
0.59%
|
|
0.60%
|
|
0.68%
|
|
0.60%
|
|
Nuveen Investments
|
75
|
California Premium
|
California Dividend
|
||||||||||||
Income (NCU)
|
Advantage (NAC)
|
||||||||||||
Six Months
|
Year
|
Six Months
|
Year
|
||||||||||
Ended
|
Ended
|
Ended
|
Ended
|
||||||||||
8/31/13
|
2/28/13
|
8/31/13
|
2/28/13
|
||||||||||
Common shares:
|
|||||||||||||
Issued to shareholders due to reinvestment of distributions
|
—
|
2,157
|
7,517
|
38,134
|
California Dividend | California Dividend | ||||||||||||
Advantage 2 (NVX) |
|
Advantage 3 (NZH) | |||||||||||
Six Months
|
Year
|
Six Months
|
Year
|
||||||||||
Ended
|
Ended
|
Ended
|
Ended
|
||||||||||
8/31/13
|
2/28/13
|
8/31/13
|
2/28/13
|
||||||||||
Common shares:
|
|||||||||||||
Issued to shareholders due to reinvestment of distributions
|
1,236
|
11,279
|
—
|
12,652
|
California AMT-Free
|
|||||||
Income (NKX)
|
|||||||
Six Months
|
Year
|
||||||
Ended
|
Ended
|
||||||
8/31/13
|
2/28/13
|
||||||
Common shares:
|
|||||||
Issued in reorganizations
|
—
|
35,902,926
|
|||||
Issued to shareholders due to reinvestment of distributions
|
—
|
51,960
|
Six Months Ended
|
|||||||||||||
August 31, 2013
|
|||||||||||||
NYSE/
|
|||||||||||||
NYSE MKT
|
|||||||||||||
Series
|
Ticker
|
Shares
|
Amount
|
||||||||||
California Dividend Advantage 2 (NVX)
|
|||||||||||||
MTP Shares noticed for redemption
|
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
|
)
|
76
|
Nuveen Investments
|
Six Months Ended
|
||||||||||
August 31, 2013
|
||||||||||
Series
|
Shares
|
Amount
|
||||||||
California Dividend Advantage 2 (NVX)
|
||||||||||
VRDP Shares issued
|
1
|
980
|
$
|
98,000,000
|
Year Ended
|
||||||||||
February 28, 2013
|
||||||||||
Series
|
Shares
|
Amount
|
||||||||
California AMT-Free Income (NKX)
|
||||||||||
VRDP Shares issued
|
3
|
* |
427
|
$
|
42,700,000
|
|||||
4
|
* |
740
|
74,000,000
|
|||||||
4
|
530
|
53,000,000
|
||||||||
5
|
* |
1,044
|
104,400,000
|
|||||||
Total
|
2,741
|
$
|
274,100,000
|
California
|
California
|
California
|
California
|
California
|
||||||||||||
Premium
|
Dividend
|
Dividend
|
Dividend
|
AMT-Free
|
||||||||||||
Income
|
Advantage
|
Advantage 2
|
Advantage 3
|
Income
|
||||||||||||
(NCU
|
)
|
(NAC
|
)
|
(NVX
|
)
|
(NZH
|
)
|
(NKX
|
)
|
|||||||
Purchases
|
$
|
12,422,302
|
$
|
84,791,111
|
$
|
66,372,399
|
$
|
93,539,520
|
$
|
123,403,076
|
||||||
Sales and maturities
|
13,552,926
|
79,010,868
|
81,548,035
|
128,937,573
|
162,659,427
|
California
|
California
|
California
|
California
|
California
|
||||||||||||
Premium
|
Dividend
|
Dividend
|
Dividend
|
AMT-Free
|
||||||||||||
Income
|
Advantage
|
Advantage 2
|
Advantage 3
|
Income
|
||||||||||||
(NCU
|
)
|
(NAC
|
)
|
(NVX
|
)
|
(NZH
|
)
|
(NKX
|
)
|
|||||||
Cost of investments
|
$
|
109,998,503
|
$
|
436,002,009
|
$
|
289,917,318
|
$
|
434,778,575
|
$
|
828,666,601
|
||||||
Gross unrealized:
|
||||||||||||||||
Appreciation
|
$
|
5,334,280
|
$
|
18,681,482
|
$
|
9,508,052
|
$
|
12,611,166
|
$
|
20,073,828
|
||||||
Depreciation
|
(2,499,667
|
)
|
(21,452,613
|
)
|
(15,250,471
|
)
|
(21,816,593
|
)
|
(32,293,368
|
)
|
||||||
Net unrealized appreciation (depreciation) of investments
|
$
|
2,834,613
|
$
|
(2,771,131
|
)
|
$
|
(5,742,419
|
)
|
$
|
(9,205,427
|
)
|
$
|
(12,219,540
|
)
|
Nuveen Investments
|
77
|
California
|
California
|
California
|
California
|
California
|
||||||||||||
Premium
|
Dividend
|
Dividend
|
Dividend
|
AMT-Free
|
||||||||||||
Income
|
Advantage
|
Advantage 2
|
Advantage 3
|
Income
|
||||||||||||
(NCU
|
)
|
(NAC
|
)
|
(NVX
|
)
|
(NZH
|
)
|
(NKX
|
)
|
|||||||
Paid-in-surplus
|
$
|
(172,712
|
)
|
$
|
19,035
|
$
|
(482,443
|
)
|
$
|
(827,148
|
)
|
$
|
(962,599
|
)
|
||
Undistributed (Over-distribution of) net investment income
|
172,294
|
(164,687
|
)
|
465,012
|
819,225
|
970,074
|
||||||||||
Accumulated net realized gain (loss)
|
418
|
145,652
|
17,431
|
7,923
|
(7,475
|
)
|
California
|
California
|
California
|
California
|
California
|
||||||||||||
Premium
|
Dividend
|
Dividend
|
Dividend
|
AMT-Free
|
||||||||||||
Income
|
Advantage
|
Advantage 2
|
Advantage 3
|
Income
|
||||||||||||
(NCU
|
)
|
(NAC
|
)
|
(NVX
|
)
|
(NZH
|
)
|
(NKX
|
)
|
|||||||
Undistributed net tax-exempt income1
|
$
|
1,490,902
|
$
|
6,150,666
|
$
|
3,497,312
|
$
|
2,620,061
|
$
|
6,311,700
|
||||||
Undistributed net ordinary income2
|
2,839
|
208
|
38,199
|
2,246
|
17,111
|
|||||||||||
Undistributed net long-term capital gains
|
—
|
—
|
—
|
—
|
554,018
|
1
|
Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on February 1, 2013, paid on March 1, 2013.
|
2
|
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
|
California
|
California
|
California
|
California
|
California
|
||||||||||||
Premium
|
Dividend
|
Dividend
|
Dividend
|
AMT-Free
|
||||||||||||
Income
|
Advantage
|
Advantage 2
|
Advantage 3
|
Income
|
||||||||||||
(NCU
|
)
|
(NAC
|
)
|
(NVX
|
)
|
(NZH
|
)
|
(NKX
|
)
|
|||||||
Distributions from net tax-exempt income
|
$
|
5,662,424
|
$
|
22,042,288
|
$
|
16,146,699
|
$
|
24,912,763
|
$
|
24,898,294
|
||||||
Distributions from net ordinary income2
|
—
|
—
|
—
|
—
|
—
|
|||||||||||
Distributions from net long-term capital gains
|
—
|
—
|
—
|
—
|
669,297
|
2
|
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
|
California
|
California
|
California
|
California
|
California
|
||||||||||||
Premium
|
Dividend
|
Dividend
|
Dividend
|
AMT-Free
|
||||||||||||
Income
|
Advantage
|
Advantage 2
|
Advantage 3
|
Income
|
||||||||||||
(NCU
|
)
|
(NAC
|
)
|
(NVX
|
)
|
(NZH
|
)
|
(NKX
|
)5
|
|||||||
Expiration:
|
||||||||||||||||
February 29, 2016
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
3,869,938
|
$
|
—
|
||||||
February 28, 2017
|
—
|
10,106,897
|
—
|
4,536,999
|
185,948
|
|||||||||||
February 28, 2018
|
850,963
|
731,149
|
705,843
|
10,646,251
|
530,894
|
|||||||||||
February 28, 2019
|
—
|
—
|
—
|
1,340,157
|
—
|
|||||||||||
Not subject to expiration:
|
||||||||||||||||
Short-term losses
|
—
|
—
|
—
|
—
|
—
|
|||||||||||
Long-term losses
|
—
|
10,769,460
|
499,216
|
5,616,809
|
—
|
|||||||||||
Total
|
$
|
850,963
|
$
|
21,607,506
|
$
|
1,205,059
|
$
|
26,010,154
|
$
|
716,842
|
5
|
A portion of California AMT-Free Income’s (NKX) capital loss carryforward is subject to limitation under the Internal Revenue Code and related regulations.
|
California
|
California
|
||||||
Premium
|
AMT-Free
|
||||||
Income
|
Income
|
||||||
(NCU
|
)
|
(NKX
|
)
|
||||
Utilized capital loss carryforwards
|
$
|
91,683
|
$
|
265,052
|
78
|
Nuveen Investments
|
California Premium Income (NCU)
|
||
Average Daily Managed Assets*
|
Fund-Level Fee Rate
|
|
For the first $125 million
|
.4500
|
%
|
For the next $125 million
|
.4375
|
|
For the next $250 million
|
.4250
|
|
For the next $500 million
|
.4125
|
|
For the next $1 billion
|
.4000
|
|
For the next $3 billion
|
.3875
|
|
For managed assets over $5 billion
|
.3750
|
California Dividend Advantage (NAC)
|
||
California Dividend Advantage 2 (NVX)
|
||
California Dividend Advantage 3 (NZH)
|
||
California AMT-Free Income (NKX)
|
||
Average Daily Managed Assets*
|
Fund-Level Fee Rate
|
|
For the first $125 million
|
.4500
|
%
|
For the next $125 million
|
.4375
|
|
For the next $250 million
|
.4250
|
|
For the next $500 million
|
.4125
|
|
For the next $1 billion
|
.4000
|
|
For managed assets over $2 billion
|
.3750
|
Complex-Level Managed Asset Breakpoint Level*
|
Effective Rate at Breakpoint Level
|
|
$55 billion
|
.2000
|
%
|
$56 billion
|
.1996
|
|
$57 billion
|
.1989
|
|
$60 billion
|
.1961
|
|
$63 billion
|
.1931
|
|
$66 billion
|
.1900
|
|
$71 billion
|
.1851
|
|
$76 billion
|
.1806
|
|
$80 billion
|
.1773
|
|
$91 billion
|
.1691
|
|
$125 billion
|
.1599
|
|
$200 billion
|
.1505
|
|
$250 billion
|
.1469
|
|
$300 billion
|
.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 August 31, 2013, the complex-level fee rate for these Funds was .1694%.
|
Nuveen Investments
|
79
|
•
|
Lower fund expense ratios (excluding the effects of leverage), as fixed costs are spread over a larger asset base;
|
|
•
|
Enhanced secondary market trading, as larger funds potentially make it easier for investors to buy and sell fund shares;
|
|
•
|
Lower per share trading costs through reduced bid/ask spreads due to a larger common share float; and
|
|
•
|
Increased fund flexibility in managing the structure and cost of leverage over time.
|
Acquired Funds
|
Acquiring Funds
|
|
Nuveen California Performance Plus Municipal Fund, Inc. (NCP)
|
||
Nuveen California Municipal Market Opportunity Fund, Inc. (NCO)
|
||
Nuveen California Investment Quality Municipal Fund, Inc. (NQC)
|
California Dividend Advantage (NAC)
|
|
Nuveen California Select Quality Municipal Fund, Inc. (NVC)
|
||
Nuveen California Quality Income Municipal Fund, Inc. (NUC)
|
||
California Premium Income (NCU)
|
California AMT-Free Income (NKX)
|
80
|
Nuveen Investments
|
Agreement Approval Process (Unaudited) |
Nuveen Investments
|
81
|
82
|
Nuveen Investments
|
Nuveen Investments
|
83
|
84
|
Nuveen Investments
|
Nuveen Investments
|
85
|
86
|
Nuveen Investments
|
Nuveen Investments
|
87
|
88
|
Nuveen Investments
|
Nuveen Investments
|
89
|
Easily and Conveniently |
90
|
Nuveen Investments
|
■
|
Auction Rate Bond: An auction rate bond is a security whose interest payments are adjusted periodically through an auction process, which process typically also serves as a means for buying and selling the bond. Auctions that fail to attract enough buyers for all the shares offered for sale are deemed to have “failed,” with current holders receiving a formula-based interest rate until the next scheduled auction.
|
■
|
Average Annual Total Return: This is a commonly used method to express an investment’s performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment’s actual cumulative performance (including change in NAV or market price and reinvested dividends and capital gains distributions, if any) over the time period being considered.
|
■
|
Duration: Duration is a measure of the expected period over which a bond’s principal and interest will be paid, and consequently is a measure of the sensitivity of a bond’s or bond fund’s value to changes when market interest rates change. Generally, the longer a bond’s or fund’s duration, the more the price of the bond or fund will change as interest rates change.
|
■
|
Effective Leverage: Effective leverage is a fund’s effective economic leverage, and includes both regulatory leverage (see leverage) and the leverage effects of certain derivative investments in the fund’s portfolio. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage.
|
■
|
Gross Domestic Product (GDP): The total market value of all final goods and services produced in a country/region in a given year, equal to total consumer, investment and government spending, plus the value of exports, minus the value of imports.
|
■
|
Inverse Floating Rate Securities: Inverse floating rate securities, also known as inverse floaters or tender option bonds (TOBs), are created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust created by a broker-dealer. 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.
|
Nuveen Investments
|
91
|
■
|
Net Asset Value (NAV): The net market value of all securities held in a portfolio.
|
■
|
Net Asset Value (NAV) Per Share: The market value of one share of a mutual fund or closed-end fund. For a fund, NAV is calculated daily by taking the fund’s total assets (securities, cash, and accrued earnings), subtracting the fund’s liabilities, and dividing by the number of shares outstanding.
|
■
|
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. Tax-exempt 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.
|
92
|
Nuveen Investments
|
Nuveen Investments
|
93
|
94
|
Nuveen Investments
|
Board of 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
|
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
|
Ernst & Young LLP
|
State Street Bank
|
Chicago, IL 60606
|
Boston, MA 02111
|
Chicago, IL 60606
|
& Trust Company
|
|
Nuveen Funds
|
||||
P.O. Box 43071
|
||||
Providence, RI 02940-3071
|
||||
(800) 257-8787
|
NCU
|
NAC
|
NVX
|
NZH
|
NKX
|
||
Common shares repurchased
|
—
|
—
|
—
|
—
|
—
|
Nuveen Investments
|
95
|
Serving Investors for Generations |
Distributed by Nuveen Investments, LLC | 333 West Wacker Drive | Chicago, IL 60606 | www.nuveen.com
|
(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 to this filing.
|
(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: See 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: See Ex-99.906 CERT attached hereto.
|