Chairman’s Letter to Shareholders
|
4
|
Portfolio Manager’s Comments
|
5
|
Fund Leverage
|
11
|
Common Share Information
|
13
|
Risk Considerations
|
15
|
Performance Overview and Holding Summaries
|
16
|
Shareholder Meeting Report
|
21
|
Report of Independent Registered Public Accounting Firm
|
25
|
Portfolios of Investments
|
26
|
Statement of Assets and Liabilities
|
62
|
Statement of Operations
|
63
|
Statement of Changes in Net Assets
|
64
|
Statement of Cash Flows
|
66
|
Financial Highlights
|
68
|
Notes to Financial Statements
|
77
|
Additional Fund Information
|
90
|
Glossary of Terms Used in this Report
|
91
|
Reinvest Automatically, Easily and Conveniently
|
93
|
Board Members & Officers
|
94
|
Nuveen Investments
|
3
|
4
|
Nuveen Investments
|
Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio manager as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements, and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.
|
Nuveen Investments
|
5
|
6
|
Nuveen Investments
|
Nuveen Investments
|
7
|
8
|
Nuveen Investments
|
Nuveen Investments
|
9
|
•
|
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 Dividend Advantage Municipal Fund (NAC)
|
Nuveen California Municipal Market Opportunity Fund, Inc. (NCO)
|
|
Nuveen California Investment Quality Municipal Fund, Inc. (NQC)
|
|
Nuveen California Select Quality Municipal Fund, Inc. (NVC)
|
|
Nuveen California Quality Income Municipal Fund, Inc. (NUC)
|
|
Nuveen California Premium Income Municipal Fund (NCU)
|
Nuveen California AMT-Free Municipal Income Fund (NKX)
|
10
|
Nuveen Investments
|
NCU
|
NAC
|
NVX
|
NZH
|
NKX
|
||||||||||||
Effective Leverage*
|
33.50
|
%
|
38.21
|
%
|
33.02
|
%
|
39.70
|
%
|
36.94
|
%
|
||||||
Regulatory Leverage*
|
29.08
|
%
|
28.28
|
%
|
30.90
|
%
|
32.93
|
%
|
32.46
|
%
|
*
|
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
|
11
|
MTP Shares
|
VRDP Shares
|
||||||||||||||||||
Series
|
Shares Issued
at Liquidation Value
|
Annual
Interest Rate
|
NYSE /
NYSE MKT
Ticker
|
Series
|
Shares Issued
at Liquidation Value
|
||||||||||||||
NCU
|
2015
|
$
|
35,250,000
|
2.00
|
%
|
NCU PRC
|
—
|
$
|
—
|
||||||||||
NAC
|
—
|
$
|
—
|
—
|
—
|
1
|
$
|
136,200,000
|
|||||||||||
NVX
|
—
|
$
|
—
|
—
|
—
|
1
|
$
|
98,000,000
|
* | ||||||||||
NZH
|
—
|
$
|
—
|
—
|
—
|
1
|
$
|
160,000,000
|
* | ||||||||||
NKX
|
—
|
$
|
—
|
—
|
—
|
2
|
$
|
35,500,000
|
|||||||||||
—
|
—
|
—
|
3
|
42,700,000
|
|||||||||||||||
—
|
—
|
—
|
4
|
109,000,000
|
|||||||||||||||
—
|
—
|
—
|
5
|
104,400,000
|
|||||||||||||||
—
|
$
|
—
|
$
|
291,600,000
|
*
|
During the current reporting period, the Fund refinanced its MTP shares with the issuance of VRDP Shares. Refer to Notes to Financial Statements, Note 1—General Information and Significant Accounting Policies for further details on MTP and VRDP Shares.
|
12
|
Nuveen Investments
|
Common Share Information
|
Per Common Share Amounts
|
||||||||||||||||
Ex-Dividend Date
|
NCU
|
NAC
|
NVX
|
NZH
|
NKX
|
|||||||||||
March 2013
|
$
|
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
|
|||||||||||
September
|
0.0700
|
0.0740
|
0.0750
|
0.0670
|
0.0700
|
|||||||||||
October
|
0.0700
|
0.0740
|
0.0750
|
0.0670
|
0.0700
|
|||||||||||
November
|
0.0700
|
0.0740
|
0.0750
|
0.0670
|
0.0700
|
|||||||||||
December
|
0.0700
|
0.0740
|
0.0750
|
0.0670
|
0.0700
|
|||||||||||
January
|
0.0700
|
0.0740
|
0.0750
|
0.0670
|
0.0700
|
|||||||||||
February 2014
|
0.0700
|
0.0740
|
0.0750
|
0.0670
|
0.0700
|
|||||||||||
Long-Term Capital Gain*
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
0.0129
|
||||||
Ordinary Income Distribution*
|
$
|
0.0004
|
$
|
0.0014
|
$
|
0.0030
|
$
|
0.0007
|
$
|
0.0028
|
||||||
Market Yield**
|
6.18
|
%
|
6.31
|
%
|
6.55
|
%
|
6.57
|
%
|
6.34
|
%
|
||||||
Taxable-Equivalent Yield**
|
9.46
|
%
|
9.66
|
%
|
10.03
|
%
|
10.06
|
%
|
9.71
|
%
|
*
|
Distribution paid in November 2013.
|
**
|
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.
|
Nuveen Investments
|
13
|
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
|
NAC
|
NKX
|
||||||
Additional Common Shares Authorized
|
2,300,000
|
4,100,000
|
NCU
|
NAC
|
NVX
|
NZH
|
NKX
|
||||||||||||
Common Share NAV
|
$
|
15.00
|
$
|
14.68
|
$
|
14.85
|
$
|
13.50
|
$
|
14.50
|
||||||
Common Share Price
|
$
|
13.60
|
$
|
14.07
|
$
|
13.75
|
$
|
12.24
|
$
|
13.25
|
||||||
Premium/(Discount) to NAV
|
(9.33
|
)%
|
(4.16
|
)%
|
(7.41
|
)%
|
(9.33
|
)%
|
(8.62
|
)%
|
||||||
12-Month Average Premium/(Discount) to NAV
|
(7.40
|
)%
|
(6.68
|
)%
|
(7.54
|
)%
|
(8.63
|
)%
|
(9.03
|
)%
|
14
|
Nuveen Investments
|
Nuveen Investments
|
15
|
NCU
|
|
Nuveen California Premium Income Municipal Fund
|
|
Performance Overview and Holding Summaries as of February 28, 2014
|
Average Annual
|
||||
1-Year
|
5-Year
|
10-Year
|
||
NCU at Common Share NAV
|
(0.37)%
|
10.14%
|
5.80%
|
|
NCU at Common Share Price
|
(8.40)%
|
13.01%
|
5.92%
|
|
S&P Municipal Bond California Index
|
0.77%
|
6.73%
|
4.77%
|
|
S&P Municipal Bond Index
|
(0.27)%
|
6.11%
|
4.45%
|
|
Lipper California Municipal Debt Funds Classification Average
|
(1.09)%
|
10.39%
|
5.14%
|
Fund Allocation
|
|
(% of net assets)
|
|
Municipal Bonds
|
139.7%
|
Floating Rate Obligations
|
(3.9)%
|
MuniFund Term Preferred Shares
|
(41.0)%
|
Other Assets Less Liabilities
|
5.2%
|
Portfolio Composition
|
|
(% of total investments)
|
|
Tax Obligation/Limited
|
32.9%
|
Tax Obligation/General
|
23.6%
|
Health Care
|
19.4%
|
U.S. Guaranteed
|
5.7%
|
Transportation
|
5.3%
|
Other Industries
|
13.1%
|
Credit Quality
|
|
(% of total investment exposure)
|
|
AAA/U.S.Guaranteed
|
9.7%
|
AA
|
30.7%
|
A
|
36.6%
|
BBB
|
15.9%
|
BB or Lower
|
2.6%
|
N/R
|
4.5%
|
16
|
Nuveen Investments
|
NAC
|
|
Nuveen California Dividend Advantage Municipal Fund
|
|
Performance Overview and Holding Summaries as of February 28, 2014
|
Average Annual
|
||||
1-Year
|
5-Year
|
10-Year
|
||
NAC at Common Share NAV
|
(1.81)%
|
10.64%
|
5.60%
|
|
NAC at Common Share Price
|
(4.95)%
|
12.54%
|
6.01%
|
|
S&P Municipal Bond California Index
|
0.77%
|
6.73%
|
4.77%
|
|
S&P Municipal Bond Index
|
(0.27)%
|
6.11%
|
4.45%
|
|
Lipper California Municipal Debt Funds Classification Average
|
(1.09)%
|
10.39%
|
5.14%
|
Fund Allocation
|
|
(% of net assets)
|
|
Municipal Bonds
|
147.0%
|
Floating Rate Obligations
|
(12.6)%
|
Variable Rate Demand Preferred Shares
|
(39.4)%
|
Other Assets Less Liabilities
|
5.0%
|
Portfolio Composition
|
|
(% of total investments)
|
|
Tax Obligation/Limited
|
26.9%
|
Health Care
|
21.4%
|
Tax Obligation/General
|
18.0%
|
Water and Sewer
|
10.3%
|
Consumer Staples
|
5.1%
|
Education and Civic Organizations
|
4.3%
|
Other Industries
|
14.0%
|
Credit Quality
|
|
(% of total investment exposure)
|
|
AAA/U.S.Guaranteed
|
4.4%
|
AA
|
42.7%
|
A
|
29.0%
|
BBB
|
11.7%
|
BB or Lower
|
6.8%
|
N/R
|
5.4%
|
Nuveen Investments
|
17
|
NVX
|
|
Nuveen California Dividend Advantage Municipal Fund 2
|
|
Performance Overview and Holding Summaries as of February 28, 2014
|
Average Annual
|
||||
1-Year
|
5-Year
|
10-Year
|
||
NVX at Common Share NAV
|
(3.42)%
|
9.55%
|
5.69%
|
|
NVX at Common Share Price
|
(9.86)%
|
12.77%
|
6.04%
|
|
S&P Municipal Bond California Index
|
0.77%
|
6.73%
|
4.77%
|
|
S&P Municipal Bond Index
|
(0.27)%
|
6.11%
|
4.45%
|
|
Lipper California Municipal Debt Funds Classification Average
|
(1.09)%
|
10.39%
|
5.14%
|
Fund Allocation
|
|
(% of net assets)
|
|
Municipal Bonds
|
140.7%
|
Floating Rate Obligations
|
(0.4)%
|
Variable Rate Demand Preferred Shares
|
(44.7)%
|
Other Assets Less Liabilities
|
4.4%
|
Portfolio Composition
|
|
(% of total investments)
|
|
Tax Obligation/General
|
20.2%
|
Tax Obligation/Limited
|
18.2%
|
Health Care
|
15.8%
|
Utilities
|
10.1%
|
Housing/Multifamily
|
7.5%
|
Transportation
|
6.3%
|
Consumer Staples
|
5.6%
|
Water and Sewer
|
5.6%
|
Other Industries
|
10.7%
|
Credit Quality
|
|
(% of total investment exposure)
|
|
AAA/U.S.Guaranteed
|
7.3%
|
AA
|
29.6%
|
A
|
34.6%
|
BBB
|
17.4%
|
BB or Lower
|
6.3%
|
N/R
|
4.8%
|
18
|
Nuveen Investments
|
NZH
|
|
Nuveen California Dividend Advantage Municipal Fund 3
|
|
Performance Overview and Holding Summaries as of February 28, 2014
|
Average Annual
|
||||
1-Year
|
5-Year
|
10-Year
|
||
NZH at Common Share NAV
|
(2.50)%
|
10.11%
|
5.05%
|
|
NZH at Common Share Price
|
(8.23)%
|
10.88%
|
5.33%
|
|
S&P Municipal Bond California Index
|
0.77%
|
6.73%
|
4.77%
|
|
S&P Municipal Bond Index
|
(0.27)%
|
6.11%
|
4.45%
|
|
Lipper California Municipal Debt Funds Classification Average
|
(1.09)%
|
10.39%
|
5.14%
|
Fund Allocation
|
|
(% of net assets)
|
|
Municipal Bonds
|
144.2%
|
Floating Rate Obligations
|
(0.3)%
|
Variable Rate Demand Preferred Shares
|
(49.1)%
|
Other Assets Less Liabilities
|
5.2%
|
Portfolio Composition
|
|
(% of total investments)
|
|
Tax Obligation/Limited
|
33.6%
|
Health Care
|
19.2%
|
Tax Obligation/General
|
9.4%
|
Water and Sewer
|
6.2%
|
Consumer Staples
|
5.6%
|
Transportation
|
5.5%
|
Education and Civic Organizations
|
5.2%
|
Utilities
|
4.8%
|
Other Industries
|
10.5%
|
Credit Quality
|
|
(% of total investment exposure)
|
|
AAA/U.S.Guaranteed
|
2.0%
|
AA
|
35.9%
|
A
|
35.9%
|
BBB
|
14.3%
|
BB or Lower
|
6.6%
|
N/R
|
5.3%
|
Nuveen Investments
|
19
|
NKX
|
|
Nuveen California AMT-Free Municipal Income Fund
|
|
Performance Overview and Holding Summaries as of February 28, 2014
|
Average Annual
|
||||
1-Year
|
5-Year
|
10-Year
|
||
NKX at Common Share NAV
|
(1.10)%
|
8.61%
|
5.31%
|
|
NKX at Common Share Price
|
(6.39)%
|
8.98%
|
4.72%
|
|
S&P Municipal Bond California Index
|
0.77%
|
6.73%
|
4.77%
|
|
S&P Municipal Bond Index
|
(0.27)%
|
6.11%
|
4.45%
|
|
Lipper California Municipal Debt Funds Classification Average
|
(1.09)%
|
10.39%
|
5.14%
|
Fund Allocation
|
|
(% of net assets)
|
|
Municipal Bonds
|
145.7%
|
Floating Rate Obligations
|
(0.6)%
|
Variable Rate Demand Preferred Shares
|
(48.1)%
|
Other Assets Less Liabilities
|
3.0%
|
Portfolio Composition
|
|
(% of total investments)
|
|
Tax Obligation/Limited
|
33.8%
|
Tax Obligation/General
|
17.9%
|
Health Care
|
12.8%
|
Water and Sewer
|
11.9%
|
U.S. Guaranteed
|
6.5%
|
Transportation
|
4.4%
|
Other Industries
|
12.7%
|
Credit Quality
|
|
(% of total investment exposure)
|
|
AAA/U.S.Guaranteed
|
7.3%
|
AA
|
46.1%
|
A
|
24.9%
|
BBB
|
10.8%
|
BB or Lower
|
4.8%
|
N/R
|
6.1%
|
20
|
Nuveen Investments
|
Shareholder Meeting Report
|
NCU
|
NAC
|
||||||||||
Common and
|
Common and
|
||||||||||
Preferred
|
Preferred
|
||||||||||
shares
|
shares
|
||||||||||
voting together |
Preferred
|
Common
|
voting together |
Preferred
|
|||||||
as a class
|
Shares
|
Shares
|
as a class
|
Shares
|
|||||||
To approve an Agreement and Plan of Reorganization
|
|||||||||||
For
|
2,480,693
|
884,641
|
—
|
—
|
1,362
|
||||||
Against
|
83,236
|
19,713
|
—
|
—
|
—
|
||||||
Abstain
|
89,970
|
34,000
|
—
|
—
|
—
|
||||||
Broker Non-Votes
|
5,624,305
|
2,333,696
|
—
|
—
|
—
|
||||||
Total
|
8,278,204
|
3,272,050
|
—
|
—
|
1,362
|
||||||
To approve the amendment and restatement of the Statement Establishing and Fixing the Rights and Preferences of Variable Rate Demand Preferred Shares.
|
|||||||||||
For
|
—
|
—
|
—
|
—
|
1,362
|
||||||
Against
|
—
|
—
|
—
|
—
|
—
|
||||||
Abstain
|
—
|
—
|
—
|
—
|
—
|
||||||
Broker Non-Votes
|
—
|
—
|
—
|
—
|
—
|
||||||
Total
|
—
|
—
|
—
|
—
|
1,362
|
||||||
To approve the issuance of additional common shares in connection with each Reorganization.
|
|||||||||||
For
|
—
|
—
|
7,293,524
|
7,294,886
|
—
|
||||||
Against
|
—
|
—
|
368,592
|
368,592
|
—
|
||||||
Abstain
|
—
|
—
|
247,183
|
247,183
|
—
|
||||||
Total
|
—
|
—
|
7,909,299
|
7,910,661
|
—
|
||||||
To approve the elimination of the fundamental investment policy.
|
|||||||||||
For
|
—
|
—
|
—
|
—
|
—
|
||||||
Against
|
—
|
—
|
—
|
—
|
—
|
||||||
Abstain
|
—
|
—
|
—
|
—
|
—
|
||||||
Broker Non-Votes
|
—
|
—
|
—
|
—
|
—
|
||||||
Total
|
—
|
—
|
—
|
—
|
—
|
||||||
To approve the new fundamental investment policy.
|
|||||||||||
For
|
—
|
—
|
—
|
—
|
—
|
||||||
Against
|
—
|
—
|
—
|
—
|
—
|
||||||
Abstain
|
—
|
—
|
—
|
—
|
—
|
||||||
Broker Non-Votes
|
—
|
—
|
—
|
—
|
—
|
||||||
Total
|
—
|
—
|
—
|
—
|
—
|
Nuveen Investments
|
21
|
NCU
|
NAC
|
||||||||||
Common and
|
Common and
|
||||||||||
Preferred
|
Preferred
|
||||||||||
shares
|
shares
|
||||||||||
voting together |
Preferred
|
Common
|
voting together |
Preferred
|
|||||||
as a class
|
Shares
|
Shares
|
as a class
|
Shares
|
|||||||
Approval of the Board Members was reached as follows:
|
|||||||||||
Judith M. Stockdale
|
|||||||||||
For
|
7,488,988
|
—
|
—
|
20,810,430
|
—
|
||||||
Withhold
|
789,216
|
—
|
—
|
602,925
|
—
|
||||||
Total
|
8,278,204
|
—
|
—
|
21,413,355
|
—
|
||||||
Carole E. Stone
|
|||||||||||
For
|
7,515,850
|
—
|
—
|
20,822,706
|
—
|
||||||
Withhold
|
762,354
|
—
|
—
|
590,649
|
—
|
||||||
Total
|
8,278,204
|
—
|
—
|
21,413,355
|
—
|
||||||
Virginia L. Stringer
|
|||||||||||
For
|
7,504,582
|
—
|
—
|
20,819,404
|
—
|
||||||
Withhold
|
773,622
|
—
|
—
|
593,951
|
—
|
||||||
Total
|
8,278,204
|
—
|
—
|
21,413,355
|
—
|
||||||
William C. Hunter
|
|||||||||||
For
|
—
|
2,684,606
|
—
|
—
|
1,362
|
||||||
Withhold
|
—
|
587,444
|
—
|
—
|
—
|
||||||
Total
|
—
|
3,272,050
|
—
|
—
|
1,362
|
||||||
William J. Schneider
|
|||||||||||
For
|
—
|
2,684,606
|
—
|
—
|
1,362
|
||||||
Withhold
|
—
|
587,444
|
—
|
—
|
—
|
||||||
Total
|
—
|
3,272,050
|
—
|
—
|
1,362
|
22
|
Nuveen Investments
|
NVX
|
NZH
|
NKX
|
|||||||||||
Common and
|
Common and
|
Common and
|
|||||||||||
Preferred
|
Preferred
|
Preferred
|
|||||||||||
shares
|
shares
|
shares
|
|||||||||||
voting together |
Preferred
|
voting together
|
Preferred
|
voting together
|
Preferred
|
||||||||
as a class
|
Shares
|
as a class
|
Shares
|
as a class
|
Shares
|
||||||||
To approve an Agreement and Plan of Reorganization
|
|||||||||||||
For
|
—
|
—
|
—
|
—
|
—
|
2,701
|
|||||||
Against
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||
Abstain
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||
Broker Non-Votes
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||
Total
|
—
|
—
|
—
|
—
|
—
|
2,701
|
|||||||
To approve the amendment and restatement of the Statement Establishing and Fixing the Rights and Preferences of Variable Rate Demand Preferred Shares.
|
|||||||||||||
For
|
—
|
—
|
—
|
—
|
—
|
2,701
|
|||||||
Against
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||
Abstain
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||
Broker Non-Votes
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||
Total
|
—
|
—
|
—
|
—
|
—
|
2,701
|
|||||||
To approve the issuance of additional common shares in connection with each Reorganization.
|
|||||||||||||
For
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||
Against
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||
Abstain
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||
Total
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||
To approve the elimination of the fundamental investment policy.
|
|||||||||||||
For
|
6,379,692
|
730
|
—
|
—
|
—
|
—
|
|||||||
Against
|
348,565
|
—
|
—
|
—
|
—
|
—
|
|||||||
Abstain
|
372,313
|
—
|
—
|
—
|
—
|
—
|
|||||||
Broker Non-Votes
|
1,879,481
|
—
|
—
|
—
|
—
|
—
|
|||||||
Total
|
8,980,051
|
730
|
—
|
—
|
—
|
—
|
|||||||
To approve the new fundamental investment policy.
|
|||||||||||||
For
|
6,377,686
|
730
|
—
|
—
|
—
|
—
|
|||||||
Against
|
367,817
|
—
|
—
|
—
|
—
|
—
|
|||||||
Abstain
|
355,067
|
—
|
—
|
—
|
—
|
—
|
|||||||
Broker Non-Votes
|
1,879,481
|
—
|
—
|
—
|
—
|
—
|
|||||||
Total
|
8,980,051
|
730
|
—
|
—
|
—
|
—
|
Nuveen Investments
|
23
|
NVX
|
NZH
|
NKX
|
|||||||||||
Common and
|
Common and
|
Common and
|
|||||||||||
Preferred
|
Preferred
|
Preferred
|
|||||||||||
shares
|
shares
|
shares
|
|||||||||||
voting together
|
Preferred
|
voting together
|
Preferred
|
voting together
|
Preferred
|
||||||||
as a class
|
Shares
|
as a class
|
Shares
|
as a class
|
Shares
|
||||||||
Approval of the Board Members was reached as follows:
|
|||||||||||||
Judith M. Stockdale
|
|||||||||||||
For
|
8,525,786
|
—
|
19,769,447
|
—
|
32,615,769
|
—
|
|||||||
Withhold
|
454,265
|
—
|
869,546
|
—
|
1,404,229
|
—
|
|||||||
Total
|
8,980,051
|
—
|
20,638,993
|
—
|
34,019,998
|
—
|
|||||||
Carole E. Stone
|
|||||||||||||
For
|
8,534,876
|
—
|
20,026,126
|
—
|
32,659,513
|
—
|
|||||||
Withhold
|
445,175
|
—
|
612,867
|
—
|
1,360,485
|
—
|
|||||||
Total
|
8,980,051
|
—
|
20,638,993
|
—
|
34,019,998
|
—
|
|||||||
Virginia L. Stringer
|
|||||||||||||
For
|
8,545,829
|
—
|
19,976,054
|
—
|
32,677,776
|
—
|
|||||||
Withhold
|
434,222
|
—
|
662,939
|
—
|
1,342,222
|
—
|
|||||||
Total
|
8,980,051
|
—
|
20,638,993
|
—
|
34,019,998
|
—
|
|||||||
William C. Hunter
|
|||||||||||||
For
|
—
|
730
|
—
|
1,380
|
—
|
2,363
|
|||||||
Withhold
|
—
|
—
|
—
|
70
|
—
|
338
|
|||||||
Total
|
—
|
730
|
—
|
1,450
|
—
|
2,701
|
|||||||
William J. Schneider
|
|||||||||||||
For
|
—
|
730
|
—
|
1,380
|
—
|
2,363
|
|||||||
Withhold
|
—
|
—
|
—
|
70
|
—
|
338
|
|||||||
Total
|
—
|
730
|
—
|
1,450
|
—
|
2,701
|
24
|
Nuveen Investments
|
Report of Independent Registered Public Accounting Firm
|
Nuveen Investments
|
25
|
NCU
|
|
Nuveen California Premium Income Municipal Fund
|
|
Portfolio of Investments
|
|
February 28, 2014
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
LONG-TERM INVESTMENTS – 139.7% (100.0% of Total Investments)
|
||||||||||
MUNICIPAL BONDS – 139.7% (100.0% of Total Investments)
|
||||||||||
Consumer Staples – 5.4% (3.9% 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
|
5/14 at 100.00
|
Baa1
|
$
|
1,234,888
|
||||
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+
|
119,674
|
||||||
2,285
|
California Statewide Financing Authority, Tobacco Settlement Asset-Backed Bonds, Pooled Tobacco Securitization Program, Series 2002A, 5.625%, 5/01/29
|
5/14 at 100.00
|
BBB
|
2,246,841
|
||||||
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
|
399,679
|
||||||
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
|
678,255
|
||||||
5,010
|
Total Consumer Staples
|
4,679,337
|
||||||||
Education and Civic Organizations – 3.5% (2.5% 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
|
70,964
|
||||||
45
|
California Educational Facilities Authority, Revenue Bonds, University of the Pacific, Series 2006, 5.000%, 11/01/21
|
11/15 at 100.00
|
A2
|
47,618
|
||||||
215
|
California Municipal Finance Authority, Charter School Revenue Bonds, Rocketship Education Multiple Projects, Series 2014A, 7.250%, 6/01/43
|
6/22 at 102.00
|
N/R
|
217,365
|
||||||
2,000
|
California State University, Systemwide Revenue Bonds, Series 2005C, 5.000%, 11/01/27 – NPFG Insured
|
11/15 at 100.00
|
Aa2
|
2,138,240
|
||||||
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–
|
322,170
|
||||||
185
|
California Statewide Communitities 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
|
203,221
|
||||||
2,815
|
Total Education and Civic Organizations
|
2,999,578
|
||||||||
Health Care – 27.1% (19.4% 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
|
A1
|
352,943
|
||||||
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
|
679,705
|
||||||
1,000
|
California Statewide Communities Development Authority, Revenue Bonds, Adventist Health System West, Series 2005A, 5.000%, 3/01/35
|
3/15 at 100.00
|
A
|
1,005,260
|
||||||
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
|
727,909
|
||||||
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–
|
1,747,256
|
||||||
730
|
California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanente System, Series 2001C, 5.250%, 8/01/31
|
8/16 at 100.00
|
A+
|
751,718
|
||||||
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
|
3,162,132
|
||||||
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
|
2,279,214
|
||||||
1,690
|
California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Series 2005A, 5.000%, 11/15/43
|
11/15 at 100.00
|
AA–
|
1,706,038
|
||||||
377
|
California Statewide Communities Development Authority, Revenue Bonds, Saint Joseph Health
|
7/18 at 100.00
|
AA
|
414,828
|
||||||
System, Trust 2554, 18.668%, 7/01/47 – AGM Insured (IF)
|
26
|
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
|
$
|
836,752
|
||||
2,600
|
Marysville, California, Revenue Bonds, The Fremont-Rideout Health Group, Series 2011, 5.250%, 1/01/42
|
1/21 at 100.00
|
A
|
2,688,816
|
||||||
1,000
|
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 6.625%, 11/01/29
|
11/19 at 100.00
|
Baa3
|
1,040,280
|
||||||
1,450
|
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 6.000%, 11/01/41
|
11/20 at 100.00
|
Baa3
|
1,422,987
|
||||||
1,000
|
Rancho Mirage Joint Powers Financing Authority, California, Revenue Bonds, Eisenhower Medical Center, Series 2007A, 5.000%, 7/01/38
|
7/17 at 100.00
|
Baa2
|
1,000,540
|
||||||
850
|
San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011, 7.500%, 12/01/41
|
12/21 at 100.00
|
BB
|
959,812
|
||||||
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+
|
1,482,863
|
||||||
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
|
1,022,980
|
||||||
22,227
|
Total Health Care
|
23,282,033
|
||||||||
Housing/Multifamily – 1.2% (0.9% 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
|
513,108
|
||||||
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
|
158,624
|
||||||
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
|
360,108
|
||||||
995
|
Total Housing/Multifamily
|
1,031,840
|
||||||||
Housing/Single Family – 1.4% (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
|
A–
|
1,151,185
|
||||||
50
|
California Housing Finance Agency, Home Mortgage Revenue Bonds, Series 2006H, 5.750%, 8/01/30 – FGIC Insured (Alternative Minimum Tax)
|
2/16 at 100.00
|
A–
|
52,340
|
||||||
1,200
|
Total Housing/Single Family
|
1,203,525
|
||||||||
Tax Obligation/General – 33.0% (23.6% 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
|
2,777,794
|
||||||
1,300
|
5.500%, 11/01/39
|
11/19 at 100.00
|
A1
|
1,457,924
|
||||||
3,500
|
California State, General Obligation Bonds, Various Purpose Series 2013, 5.000%, 4/01/37
|
4/23 at 100.00
|
A1
|
3,763,059
|
||||||
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
|
4,762,026
|
||||||
6,000
|
Hartnell Community College District, California, General Obligation Bonds, Series 2006B, 5.000%, 6/01/29 – AGM Insured (UB)
|
6/16 at 100.00
|
AA
|
6,455,340
|
||||||
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
|
3,191,370
|
||||||
15
|
Riverside Community College District, California, General Obligation Bonds, Series 2004A, 5.250%, 8/01/22 – NPFG Insured
|
8/14 at 100.00
|
AA
|
15,318
|
||||||
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
|
1,444,701
|
||||||
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
|
3,415,692
|
||||||
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
|
1,055,970
|
||||||
31,340
|
Total Tax Obligation/General
|
28,339,194
|
Nuveen Investments
|
27
|
NCU
|
Nuveen California Premium Income Municipal Fund
|
Portfolio of Investments (continued)
|
|
February 28, 2014
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Tax Obligation/Limited – 46.0% (32.9% 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
|
10/33 at 100.00
|
N/R
|
$
|
894,360
|
||||
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
|
5/14 at 100.00
|
AA+
|
1,702,068
|
||||||
1,865
|
5.000%, 12/01/24 – AMBAC Insured
|
5/14 at 100.00
|
AA+
|
1,872,777
|
||||||
5,920
|
California State Public Works Board, Lease Revenue Bonds, Department of Veterans Affairs, Southern California Veterans Home – Chula Vista Facility, Series 1999A, 5.600%, 11/01/19 – AMBAC Insured
|
5/14 at 100.00
|
A2
|
5,944,682
|
||||||
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
|
1,115,210
|
||||||
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
|
2,337,560
|
||||||
535
|
California State, Economic Recovery Revenue Bonds, Series 2004A, 5.000%, 7/01/15
|
7/14 at 100.00
|
AA
|
544,074
|
||||||
165
|
Capistrano Unified School District, Orange County, California, Special Tax Bonds, Community Facilities District 98-2, Series 2005, 5.000%, 9/01/24 – FGIC Insured
|
9/15 at 100.00
|
A
|
168,665
|
||||||
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–
|
504,395
|
||||||
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
|
9/14 at 100.00
|
A
|
260,008
|
||||||
350
|
Fontana Redevelopment Agency, San Bernardino County, California, Tax Allocation Bonds, Jurupa Hills Redevelopment Project, Refunding Series 1997A, 5.500%, 10/01/27
|
10/14 at 100.00
|
A–
|
350,270
|
||||||
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+
|
387,893
|
||||||
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
|
BBB+
|
323,222
|
||||||
Irvine Unified School District, California, Special Tax Bonds, Community Facilities District Series 2006A:
|
||||||||||
75
|
5.000%, 9/01/26
|
9/16 at 100.00
|
N/R
|
76,286
|
||||||
175
|
5.125%, 9/01/36
|
9/16 at 100.00
|
N/R
|
175,830
|
||||||
3,500
|
Livermore Redevelopment Agency, California, Tax Allocation Revenue Bonds, Livermore Redevelopment Project Area, Series 2001A, 5.000%, 8/01/26 – NPFG Insured
|
8/14 at 100.00
|
A
|
3,533,284
|
||||||
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
|
315,834
|
||||||
475
|
Lynwood Redevelopment Agency, California, Project A Revenue Bonds, Subordinate Lien Series 2011A, 7.250%, 9/01/38
|
9/21 at 100.00
|
A–
|
563,265
|
||||||
3,230
|
Murrieta Redevelopment Agency, California, Tax Allocation Bonds, Series 2005, 5.000%, 8/01/35 – NPFG Insured
|
8/15 at 100.00
|
A
|
3,243,760
|
||||||
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–
|
204,411
|
||||||
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+
|
72,435
|
||||||
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
|
458,654
|
||||||
405
|
5.750%, 9/01/39
|
9/23 at 100.00
|
N/R
|
418,576
|
||||||
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
|
71,940
|
||||||
Perris Union High School District Financing Authority, Riverside County, California, Revenue Bonds, Series 2011:
|
||||||||||
60
|
6.000%, 9/01/33
|
9/14 at 100.00
|
N/R
|
61,966
|
||||||
135
|
6.125%, 9/01/41
|
9/14 at 100.00
|
N/R
|
139,343
|
||||||
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–
|
564,035
|
28
|
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+
|
$
|
230,987
|
||||
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–
|
45,054
|
||||||
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
|
1,484,535
|
||||||
1,500
|
Sacramento City Financing Authority, California, Lease Revenue Refunding Bonds, Series 1993A, 5.400%, 11/01/20 – NPFG Insured
|
No Opt. Call
|
A
|
1,696,950
|
||||||
3,000
|
Sacramento City Financing Authority, California, Lease Revenue Refunding Bonds, Series 1993B, 5.400%, 11/01/20
|
No Opt. Call
|
A
|
3,393,900
|
||||||
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
|
1,078,190
|
||||||
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
|
1,708,506
|
||||||
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
|
2,256,140
|
||||||
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–
|
34,495
|
||||||
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+
|
33,041
|
||||||
40
|
7.000%, 8/01/41
|
2/21 at 100.00
|
BBB+
|
43,450
|
||||||
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
|
103,254
|
||||||
275
|
5.000%, 8/01/25 – NPFG Insured
|
8/17 at 100.00
|
A
|
282,739
|
||||||
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
|
373,752
|
||||||
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
|
53,911
|
||||||
360
|
Temecula Public Financing Authority, California, Special Tax Bonds, Community Facilities District 03-02 Roripaugh, Series 2006, 5.500%, 9/01/36
|
9/14 at 102.00
|
N/R
|
315,050
|
||||||
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–
|
106,879
|
||||||
38,985
|
Total Tax Obligation/Limited
|
39,545,636
|
||||||||
Transportation – 7.4% (5.3% of Total Investments)
|
||||||||||
220
|
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Tender Option Bond Trust 3211, 13.595%, 10/01/32 (IF)
|
4/18 at 100.00
|
AA
|
291,441
|
||||||
2,000
|
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Series 1995A, 5.000%, 1/01/35
|
7/14 at 100.00
|
BBB–
|
1,974,380
|
||||||
620
|
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Refunding Bonds, Junior Lien Series 2013C, 6.500%, 1/15/43
|
1/24 at 100.00
|
BB+
|
657,026
|
||||||
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Refunding Bonds, Series 2013A:
|
||||||||||
1,360
|
5.750%, 1/15/46
|
1/24 at 100.00
|
BBB–
|
1,417,134
|
||||||
1,360
|
6.000%, 1/15/53
|
1/24 at 100.00
|
BBB–
|
1,430,258
|
||||||
580
|
Port of Oakland, California, Reveue Refunding Bonds, Series 2012P, 5.000%, 5/01/29 (Alternative Minimum Tax)
|
No Opt. Call
|
A+
|
621,116
|
||||||
6,140
|
Total Transportation
|
6,391,355
|
||||||||
U.S. Guaranteed – 8.0% (5.7% 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)
|
857,072
|
Nuveen Investments
|
29
|
NCU
|
Nuveen California Premium Income Municipal Fund
|
Portfolio of Investments (continued)
|
|
February 28, 2014
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
U.S. Guaranteed (4) (continued)
|
||||||||||
$
|
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
|
$
|
3,665,129
|
||||
1,112
|
California State Public Works Board, Lease Revenue Bonds, University of California Regents, Tender Option Bond Trust 1065, 9.436%, 3/01/33 (Pre-refunded 3/01/18) (IF)
|
3/18 at 100.00
|
Aaa
|
1,488,946
|
||||||
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
|
376,186
|
||||||
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)
|
144,333
|
||||||
325
|
San Mateo Union High School District, San Mateo County, California, Certificates of Participation, Phase 1, Series 2007A, 5.000%, 12/15/30 (Pre-refunded 12/15/17) – AMBAC Insured
|
12/17 at 100.00
|
N/R (4)
|
378,388
|
||||||
5,722
|
Total U.S. Guaranteed
|
6,910,054
|
||||||||
Utilities – 1.5% (1.1% 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
|
981,599
|
||||||
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
|
296,720
|
||||||
1,185
|
Total Utilities
|
1,278,319
|
||||||||
Water and Sewer – 5.2% (3.7% 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+
|
1,138,151
|
||||||
2,275
|
California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, Poseidon Resources Channelside LP Desalination Project, Series 2012, 5.000%, 11/21/45 (Alternative Minimum Tax)
|
No Opt. Call
|
Baa3
|
2,170,532
|
||||||
205
|
Healdsburg Public Financing Authority, California, Wastewater Revenue Bonds, Series 2006, 5.000%, 4/01/36 – NPFG Insured
|
4/16 at 100.00
|
AA–
|
216,400
|
||||||
670
|
Metropolitan Water District of Southern California, Waterworks Revenue Bonds, Tender Option Bond Trust 09-8B, 17.866%, 7/01/35 (IF) (5)
|
7/19 at 100.00
|
AAA
|
957,457
|
||||||
4,275
|
Total Water and Sewer
|
4,482,540
|
||||||||
$
|
119,894
|
Total Long-Term Investments (cost $111,461,257)
|
120,143,411
|
|||||||
Floating Rate Obligations – (3.9)%
|
(3,395,000
|
) | ||||||||
MuniFund Term Preferred Shares, at Liquidation Value – (41.0)% (6)
|
(35,250,000
|
) | ||||||||
Other Assets Less Liabilities – 5.2%
|
4,480,949
|
|||||||||
Net Assets Applicable to Common Shares – 100%
|
$
|
85,979,360
|
(1)
|
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
|
(2)
|
Optional Call Provisions (not covered by the report of independent registered public accounting firm): Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
|
(3)
|
Ratings (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor’s Group (“Standard & Poor’s“), Moody’s Investors Service, Inc. (“Moody’s“) or Fitch, Inc. (“Fitch“) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
|
(4)
|
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
|
(5)
|
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
|
(6)
|
MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments is 29.3%.
|
(ETM)
|
Escrowed to maturity.
|
(IF)
|
Inverse floating rate investment.
|
(UB)
|
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.
|
30
|
Nuveen Investments
|
NAC
|
|
Nuveen California Dividend Advantage Municipal Fund
|
|
Portfolio of Investments
|
|
February 28, 2014
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
LONG-TERM INVESTMENTS – 147.0% (100.0% of Total Investments)
|
||||||||||
MUNICIPAL BONDS – 147.0% (100.0% of Total Investments)
|
||||||||||
Consumer Staples – 7.6% (5.1% of Total Investments)
|
||||||||||
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los Angeles County Securitization Corporation, Series 2006A:
|
||||||||||
$
|
2,115
|
5.600%, 6/01/36
|
12/18 at 100.00
|
BB–
|
$
|
1,781,126
|
||||
5,385
|
5.650%, 6/01/41
|
12/18 at 100.00
|
BB–
|
4,361,096
|
||||||
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+
|
516,991
|
||||||
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
|
||||||||||
13,115
|
5.750%, 6/01/47
|
6/17 at 100.00
|
B
|
10,807,809
|
||||||
2,895
|
5.125%, 6/01/47
|
6/17 at 100.00
|
B
|
2,183,120
|
||||||
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
|
6,472,828
|
||||||
32,305
|
Total Consumer Staples
|
26,122,970
|
||||||||
Education and Civic Organizations – 6.3% (4.3% 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
|
2,615,200
|
||||||
290
|
California Educational Facilities Authority, Revenue Bonds, University of Redlands, Series 2005A, 5.000%, 10/01/35
|
10/15 at 100.00
|
A3
|
293,993
|
||||||
10,000
|
California Educational Facilities Authority, Revenue Bonds, University of Southern California, Series 2007A, 4.500%, 10/01/33 (UB)
|
10/17 at 100.00
|
Aa1
|
10,244,500
|
||||||
200
|
California Educational Facilities Authority, Revenue Bonds, University of the Pacific, Series 2006, 5.000%, 11/01/21
|
11/15 at 100.00
|
A2
|
211,634
|
||||||
840
|
California Municipal Finance Authority, Charter School Revenue Bonds, Rocketship Education Multiple Projects, Series 2014A , 7.250%, 6/01/43
|
6/22 at 102.00
|
N/R
|
849,240
|
||||||
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–
|
1,342,375
|
||||||
2,000
|
University of California, General Revenue Bonds, Series 2013AF, 5.000%, 5/15/29
|
5/23 at 100.00
|
Aa1
|
2,274,100
|
||||||
3,690
|
University of California, General Revenue Bonds, Series 2013AI, 5.000%, 5/15/38
|
5/23 at 100.00
|
Aa1
|
4,017,820
|
||||||
20,770
|
Total Education and Civic Organizations
|
21,848,862
|
||||||||
Health Care – 31.5% (21.4% 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
|
3,916,861
|
||||||
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
|
A1
|
1,536,675
|
||||||
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
|
A1
|
1,496,055
|
||||||
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–
|
15,103,083
|
||||||
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–
|
7,625,603
|
||||||
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
|
1,125,891
|
||||||
2,000
|
California Statewide Communities Development Authority, Revenue Bonds, Kaiser Permanente, Series 2012A, 5.000%, 4/01/42
|
4/22 at 100.00
|
A+
|
2,071,240
|
Nuveen Investments
|
31
|
NAC
|
Nuveen California Dividend Advantage Municipal Fund
|
Portfolio of Investments (continued)
|
|
February 28, 2014
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Health Care (continued)
|
||||||||||
$
|
5,500
|
California Statewide Communities Development Authority, Revenue Bonds, Sutter Health, Series 2011A, 6.000%, 8/15/42
|
8/20 at 100.00
|
AA–
|
$
|
6,422,790
|
||||
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
|
2,969,691
|
||||||
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–
|
1,788,371
|
||||||
3,870
|
5.250%, 7/01/30
|
7/15 at 100.00
|
BBB–
|
3,886,138
|
||||||
150
|
5.250%, 7/01/35
|
7/15 at 100.00
|
BBB–
|
149,417
|
||||||
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+
|
3,187,076
|
||||||
12,640
|
California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanente System, Series 2006, 5.000%, 3/01/41
|
3/16 at 100.00
|
A+
|
12,769,685
|
||||||
9,980
|
California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanente System, Series 2006, 5.000%, 3/01/41 – BHAC Insured (UB)
|
3/16 at 100.00
|
AA+
|
10,424,609
|
||||||
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
|
2,371,599
|
||||||
5,000
|
California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Series 2008B, 5.250%, 11/15/48
|
5/18 at 100.00
|
AA–
|
5,113,650
|
||||||
1,586
|
California Statewide Communities Development Authority, Revenue Bonds, Saint Joseph Health System, Trust 2554, 18.668%, 7/01/47 – AGM Insured (IF)
|
7/18 at 100.00
|
AA
|
1,747,455
|
||||||
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
|
1,007,000
|
||||||
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
|
3,148,831
|
||||||
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+
|
1,040,480
|
||||||
675
|
Oak Valley Hospital District, Stanislaus County, California, Revenue Bonds, Series 2010A, 6.500%, 11/01/29
|
11/20 at 100.00
|
BB+
|
681,089
|
||||||
4,000
|
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 6.625%, 11/01/29
|
11/19 at 100.00
|
Baa3
|
4,161,120
|
||||||
5,450
|
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 6.000%, 11/01/41
|
11/20 at 100.00
|
Baa3
|
5,348,467
|
||||||
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
|
2,571,388
|
||||||
3,500
|
San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011, 7.500%, 12/01/41
|
12/21 at 100.00
|
BB
|
3,952,165
|
||||||
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+
|
3,143,880
|
||||||
104,251
|
Total Health Care
|
108,760,309
|
||||||||
Housing/Multifamily – 2.1% (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
|
2,078,613
|
||||||
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
|
4,723,832
|
||||||
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
|
320,099
|
||||||
6,905
|
Total Housing/Multifamily
|
7,122,544
|
32
|
Nuveen Investments
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Housing/Single Family – 0.7% (0.4% of Total Investments)
|
||||||||||
$
|
185
|
California Housing Finance Agency, Home Mortgage Revenue Bonds, Series 2006H, 5.750%, 8/01/30 – FGIC Insured (Alternative Minimum Tax)
|
2/16 at 100.00
|
A–
|
$
|
193,656
|
||||
2,395
|
California Housing Finance Agency, Home Mortgage Revenue Bonds, Tender Option Bond Trust 3206, 9.710%, 2/01/29 (Alternative Minimum Tax) (IF)
|
2/17 at 100.00
|
A–
|
2,080,297
|
||||||
2,580
|
Total Housing/Single Family
|
2,273,953
|
||||||||
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
|
19,763
|
||||||
Long-Term Care – 0.3% (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
|
1,176,770
|
||||||
Tax Obligation/General – 26.4% (18.0% 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
|
3,294,810
|
||||||
10,000
|
California State, General Obligation Bonds, Various Purpose Series 2009, 6.000%, 11/01/39
|
11/19 at 100.00
|
A1
|
11,820,399
|
||||||
California State, General Obligation Bonds, Various Purpose Series 2010:
|
||||||||||
5,000
|
6.000%, 3/01/33
|
3/20 at 100.00
|
A1
|
5,969,150
|
||||||
8,000
|
5.500%, 3/01/40
|
3/20 at 100.00
|
A1
|
8,940,560
|
||||||
1,000
|
5.250%, 11/01/40
|
11/20 at 100.00
|
A1
|
1,085,650
|
||||||
California State, General Obligation Bonds, Various Purpose Series 2011:
|
||||||||||
5,000
|
5.250%, 10/01/28
|
No Opt. Call
|
A1
|
5,757,500
|
||||||
2,000
|
5.000%, 9/01/31
|
No Opt. Call
|
A1
|
2,209,780
|
||||||
4,330
|
5.000%, 10/01/41
|
10/21 at 100.00
|
A1
|
4,568,843
|
||||||
2,000
|
California State, General Obligation Bonds, Various Purpose Series 2013, 5.000%, 2/01/29
|
No Opt. Call
|
A1
|
2,253,540
|
||||||
4,435
|
California State, General Obligation Refunding Bonds, Series 2002, 6.000%, 4/01/16 – AMBAC Insured
|
No Opt. Call
|
A1
|
4,972,655
|
||||||
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
|
3,644,680
|
||||||
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–
|
5,852,769
|
||||||
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
|
3,191,370
|
||||||
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
|
5,281,429
|
||||||
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+
|
4,290,520
|
||||||
Washington Township Health Care District, Alameda County, California, General Obligation Bonds, 2004 Election Series 2013B:
|
||||||||||
2,770
|
5.500%, 8/01/38
|
8/24 at 100.00
|
Aa3
|
3,112,483
|
||||||
2,490
|
5.500%, 8/01/40
|
8/24 at 100.00
|
Aa3
|
2,784,368
|
||||||
30,100
|
Yosemite Community College District, California, General Obligation Bonds, Capital Appreciation, Election 2004, Series 2010D, 0.000%, 8/01/42
|
No Opt. Call
|
Aa2
|
12,320,230
|
||||||
100,910
|
Total Tax Obligation/General
|
91,350,736
|
||||||||
Tax Obligation/Limited – 39.5% (26.9% 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
|
1,026,580
|
||||||
615
|
5.800%, 9/01/35
|
9/14 at 102.00
|
N/R
|
623,641
|
||||||
5,000
|
California State Public Works Board, Lease Revenue Bonds, Department of Corrections & Rehabilitation, Series 2013G, 5.250%, 9/01/30
|
9/23 at 100.00
|
A2
|
5,627,150
|
Nuveen Investments
|
33
|
NAC
|
Nuveen California Dividend Advantage Municipal Fund
|
Portfolio of Investments (continued)
|
|
February 28, 2014
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Tax Obligation/Limited (continued)
|
||||||||||
$
|
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
|
$
|
1,115,210
|
||||
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
|
2,337,560
|
||||||
710
|
Capistrano Unified School District, Orange County, California, Special Tax Bonds, Community Facilities District 98-2, Series 2005, 5.000%, 9/01/24 – FGIC Insured
|
9/15 at 100.00
|
A
|
725,769
|
||||||
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–
|
3,296,420
|
||||||
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–
|
1,235,768
|
||||||
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
|
5/14 at 100.00
|
BBB
|
1,480,192
|
||||||
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
|
9/14 at 100.00
|
A
|
1,040,031
|
||||||
1,430
|
Fontana Redevelopment Agency, San Bernardino County, California, Tax Allocation Bonds, Jurupa Hills Redevelopment Project, Refunding Series 1997A, 5.500%, 10/01/27
|
10/14 at 100.00
|
A–
|
1,431,101
|
||||||
2,890
|
Fontana, California, Senior Special Tax Refunding Bonds, Heritage Village Community Facilities District 2, Series 1998A, 5.250%, 9/01/17 – NPFG Insured
|
9/14 at 100.00
|
A
|
2,947,078
|
||||||
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
|
1,130,771
|
||||||
1,000
|
Fullerton Community Facilities District 1, California, Special Tax Bonds, Amerige Heights, Refunding Series 2012, 5.000%, 9/01/32
|
9/22 at 100.00
|
A–
|
1,044,720
|
||||||
3,980
|
Garden Grove, California, Certificates of Participation, Financing Project, Series 2002A, 5.500%, 3/01/22 – AMBAC Insured
|
5/14 at 100.00
|
A
|
3,997,194
|
||||||
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
|
1,063,540
|
||||||
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–
|
31,172,075
|
||||||
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+
|
2,601,167
|
||||||
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
|
1,551,795
|
||||||
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
|
4,776,840
|
||||||
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
|
BBB+
|
1,296,180
|
||||||
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
|
330,571
|
||||||
755
|
5.125%, 9/01/36
|
9/16 at 100.00
|
N/R
|
758,579
|
||||||
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
|
677,039
|
||||||
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+
|
984,360
|
||||||
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
|
2,333,098
|
||||||
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
|
1,716,066
|
||||||
3,500
|
Murrieta Redevelopment Agency, California, Tax Allocation Bonds, Series 2007A, 5.000%, 8/01/37 – NPFG Insured
|
8/17 at 100.00
|
A
|
3,538,815
|
34
|
Nuveen Investments
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Tax Obligation/Limited (continued)
|
||||||||||
$
|
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–
|
$
|
835,682
|
||||
7,845
|
Norco Redevelopment Agency, California, Tax Allocation Refunding Bonds, Project Area 1, Series 2001, 5.000%, 3/01/19 – NPFG Insured
|
5/14 at 100.00
|
A
|
7,868,692
|
||||||
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
|
240,979
|
||||||
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+
|
289,741
|
||||||
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–
|
1,025,530
|
||||||
Patterson Public Finance Authority, California, Revenue Bonds, Community Facilities District 2001-1, Senior Series 2013A:
|
||||||||||
1,815
|
5.250%, 9/01/30
|
9/23 at 100.00
|
N/R
|
1,849,902
|
||||||
1,630
|
5.750%, 9/01/39
|
9/23 at 100.00
|
N/R
|
1,684,638
|
||||||
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
|
308,316
|
||||||
Perris Union High School District Financing Authority, Riverside County, California, Revenue Bonds, Series 2011:
|
||||||||||
245
|
6.000%, 9/01/33
|
9/14 at 100.00
|
N/R
|
253,029
|
||||||
530
|
6.125%, 9/01/41
|
9/14 at 100.00
|
N/R
|
547,050
|
||||||
7,935
|
Pico Rivera Water Authority, California, Revenue Bonds, Series 2001A, 6.250%, 12/01/32
|
6/14 at 100.00
|
N/R
|
7,939,523
|
||||||
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–
|
2,224,806
|
||||||
1,570
|
Poway Redevelopment Agency, California, Tax Allocation Refunding Bonds, Paguay Redevelopment Project, Series 2000, 5.750%, 6/15/33 – NPFG Insured
|
5/14 at 100.00
|
A
|
1,570,707
|
||||||
2,500
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 8/01/45 – NPFG Insured
|
No Opt. Call
|
AA–
|
317,075
|
||||||
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+
|
929,449
|
||||||
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–
|
168,951
|
||||||
1,860
|
Riverside Redevelopment Agency, California, Tax Allocation Refunding Bonds, Merged Project Areas, Series 2003, 5.250%, 8/01/22 – NPFG Insured
|
5/14 at 100.00
|
A
|
1,866,417
|
||||||
2,500
|
Sacramento City Financing Authority, California, Lease Revenue Refunding Bonds, Series 1993A, 5.400%, 11/01/20 – AMBAC Insured
|
No Opt. Call
|
A
|
2,828,250
|
||||||
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–
|
1,118,470
|
||||||
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–
|
137,978
|
||||||
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+
|
137,671
|
||||||
155
|
7.000%, 8/01/41
|
2/21 at 100.00
|
BBB+
|
168,370
|
||||||
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
|
1,037,710
|
||||||
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
|
1,008,440
|
Nuveen Investments
|
35
|
NAC
|
Nuveen California Dividend Advantage Municipal Fund
|
Portfolio of Investments (continued)
|
|
February 28, 2014
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Tax Obligation/Limited (continued)
|
||||||||||
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
|
$
|
1,135,794
|
||||
1,235
|
5.000%, 8/01/25 – NPFG Insured
|
8/17 at 100.00
|
A
|
1,269,753
|
||||||
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+
|
5,910,200
|
||||||
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
|
221,035
|
||||||
1,405
|
Temecula Public Financing Authority, California, Special Tax Bonds, Community Facilities District 03-02 Roripaugh, Series 2006, 5.450%, 9/01/26
|
9/14 at 102.00
|
N/R
|
1,294,679
|
||||||
1,200
|
Turlock Public Financing Authority, California, Tax Allocation Revenue Bonds, Series 2011, 7.500%, 9/01/39
|
3/21 at 100.00
|
BBB+
|
1,292,880
|
||||||
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
|
1,029,030
|
||||||
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–
|
5,636,050
|
||||||
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–
|
168,756
|
||||||
210
|
6.500%, 9/01/32
|
9/21 at 100.00
|
A–
|
243,539
|
||||||
133,775
|
Total Tax Obligation/Limited
|
136,418,402
|
||||||||
Transportation – 6.0% (4.1% of Total Investments)
|
||||||||||
3,405
|
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Refunding Bonds, Junior Lien Series 2013C, 6.500%, 1/15/43
|
1/24 at 100.00
|
BB+
|
3,608,347
|
||||||
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Refunding Bonds, Series 2013A:
|
||||||||||
7,500
|
5.750%, 1/15/46
|
1/24 at 100.00
|
BBB–
|
7,815,075
|
||||||
7,500
|
6.000%, 1/15/53
|
1/24 at 100.00
|
BBB–
|
7,887,450
|
||||||
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
|
1,321,975
|
||||||
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
|
120,540
|
||||||
19,775
|
Total Transportation
|
20,753,387
|
||||||||
U.S. Guaranteed – 5.5% (3.8% 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)
|
1,571,298
|
||||||
4,685
|
California State Public Works Board, Lease Revenue Bonds, University of California Regents, Tender Option Bond Trust 1065, 9.436%, 3/01/33 (Pre-refunded 3/01/18) (IF)
|
3/18 at 100.00
|
Aaa
|
6,273,121
|
||||||
635
|
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)
|
673,037
|
||||||
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)
|
2,233,220
|
||||||
5,840
|
Orange County Water District, California, Revenue Certificates of Participation, Series 1999A, 5.375%, 8/15/29 (ETM)
|
No Opt. Call
|
AA+ (6)
|
7,120,946
|
||||||
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)
|
614,750
|
||||||
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)
|
655,890
|
||||||
15,490
|
Total U.S. Guaranteed
|
19,142,262
|
36
|
Nuveen Investments
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Utilities – 6.0% (4.1% 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
|
$
|
3,917,355
|
||||
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–
|
5,769,775
|
||||||
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–
|
2,711,288
|
||||||
3,000
|
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Tender Option Bond Trust 3345, 18.425%, 7/01/20 (IF) (5)
|
No Opt. Call
|
AA–
|
3,847,800
|
||||||
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
|
1,277,404
|
||||||
2,500
|
Sacremento Municipal Utility District, California, Electric Revenue Bonds, Tender Option Bond Trust 1186, 17.647%, 8/15/41 (IF) (5)
|
8/23 at 100.00
|
AA–
|
3,187,800
|
||||||
18,400
|
Total Utilities
|
20,711,422
|
||||||||
Water and Sewer – 15.1% (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–
|
2,267,640
|
||||||
1,500
|
5.000%, 10/01/34
|
4/23 at 100.00
|
AA–
|
1,652,385
|
||||||
California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, Poseidon Resources Channelside LP Desalination Project, Series 2012:
|
||||||||||
1,265
|
5.000%, 7/01/37 (Alternative Minimum Tax)
|
No Opt. Call
|
Baa3
|
1,256,297
|
||||||
6,475
|
5.000%, 11/21/45 (Alternative Minimum Tax)
|
No Opt. Call
|
Baa3
|
6,177,668
|
||||||
875
|
Healdsburg Public Financing Authority, California, Wastewater Revenue Bonds, Series 2006, 5.000%, 4/01/36 – NPFG Insured
|
4/16 at 100.00
|
AA–
|
923,659
|
||||||
2,500
|
Indio Water Authority, California, Water Revenue Bonds, Series 2006, 5.000%, 4/01/31 – AMBAC Insured
|
4/16 at 100.00
|
A
|
2,645,200
|
||||||
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
|
10,826,361
|
||||||
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–
|
885,476
|
||||||
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
|
2,398,343
|
||||||
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
|
12,883,968
|
||||||
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–
|
5,954,864
|
||||||
San Francisco City and County Public Utilities Commission, California, Water Revenue Bonds, Tender Option Bond Trust 2013-4A:
|
||||||||||
750
|
18.390%, 11/01/28 (IF)
|
11/21 at 100.00
|
AA–
|
1,164,360
|
||||||
750
|
18.288%, 11/01/43 (IF)
|
5/22 at 100.00
|
AA–
|
954,030
|
Nuveen Investments
|
37
|
NAC
|
Nuveen California Dividend Advantage Municipal Fund
|
Portfolio of Investments (continued)
|
|
February 28, 2014
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Water and Sewer (continued)
|
||||||||||
$
|
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–
|
$
|
2,201,300
|
||||
47,735
|
Total Water and Sewer
|
52,191,551
|
||||||||
$
|
509,016
|
Total Long-Term Investments (cost $479,347,715)
|
507,892,931
|
|||||||
Floating Rate Obligations – (12.6)%
|
(43,400,000
|
) | ||||||||
Variable Rate Demand Preferred Shares, at Liquidation Value – (39.4)% (7)
|
(136,200,000
|
) | ||||||||
Other Assets Less Liabilities – 5.0%
|
17,169,603
|
|||||||||
Net Assets Applicable to Common Shares – 100%
|
$
|
345,462,534
|
(1)
|
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
|
(2)
|
Optional Call Provisions (not covered by the report of independent registered public accounting firm): Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
|
(3)
|
Ratings (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor’s Group (“Standard & Poor’s“), Moody’s Investors Service, Inc. (“Moody’s“) or Fitch, Inc. (“Fitch“) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
|
(4)
|
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 26.8%.
|
(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.
|
38
|
Nuveen Investments
|
NVX
|
|
Nuveen California Dividend Advantage Municipal Fund 2
|
|
Portfolio of Investments
|
|
February 28, 2014
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
LONG-TERM INVESTMENTS – 140.7% (100.0% of Total Investments)
|
||||||||||
MUNICIPAL BONDS – 140.7% (100.0% of Total Investments)
|
||||||||||
Consumer Staples – 7.9% (5.6% of Total Investments)
|
||||||||||
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los Angeles County Securitization Corporation, Series 2006A:
|
||||||||||
$
|
2,000
|
5.600%, 6/01/36
|
12/18 at 100.00
|
BB–
|
$
|
1,684,280
|
||||
2,000
|
5.650%, 6/01/41
|
12/18 at 100.00
|
BB–
|
1,619,720
|
||||||
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+
|
315,939
|
||||||
2,775
|
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Stanislaus County Tobacco Funding Corporation, Series 2002A, 5.500%, 6/01/33
|
5/14 at 100.00
|
Baa1
|
2,760,071
|
||||||
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
|
||||||||||
8,540
|
5.750%, 6/01/47
|
6/17 at 100.00
|
B
|
7,037,643
|
||||||
1,270
|
5.125%, 6/01/47
|
6/17 at 100.00
|
B
|
957,707
|
||||||
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
|
2,869,843
|
||||||
20,575
|
Total Consumer Staples
|
17,245,203
|
||||||||
Education and Civic Organizations – 6.0% (4.2% 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
|
1,808,228
|
||||||
125
|
California Educational Facilities Authority, Revenue Bonds, University of the Pacific, Series 2006, 5.000%, 11/01/21
|
11/15 at 100.00
|
A2
|
132,271
|
||||||
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)
|
9/14 at 100.00
|
Baa1
|
1,917,815
|
||||||
555
|
California Municipal Finance Authority, Charter School Revenue Bonds, Rocketship Education Multiple Projects, Series 2014A, 7.250%, 6/01/43
|
6/22 at 102.00
|
N/R
|
561,105
|
||||||
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+
|
2,724,025
|
||||||
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–
|
912,815
|
||||||
4,610
|
University of California, General Revenue Bonds, Series 2013AI, 5.000%, 5/15/38
|
5/23 at 100.00
|
Aa1
|
5,019,552
|
||||||
12,330
|
Total Education and Civic Organizations
|
13,075,811
|
||||||||
Health Care – 22.2% (15.8% 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
|
2,566,750
|
||||||
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
|
A1
|
942,936
|
||||||
1,500
|
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2007A, 5.250%, 11/15/46
|
11/16 at 100.00
|
AA–
|
1,520,955
|
||||||
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
|
4,295,759
|
||||||
5,520
|
California Statewide Communities Development Authority, Revenue Bonds, Adventist Health System West, Series 2005A, 5.000%, 3/01/35
|
3/15 at 100.00
|
A
|
5,549,035
|
||||||
3,200
|
California Statewide Communities Development Authority, Revenue Bonds, Kaiser Permanente, Series 2012A, 5.000%, 4/01/42
|
4/22 at 100.00
|
A+
|
3,313,984
|
||||||
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
|
1,987,237
|
||||||
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–
|
5,229,578
|
Nuveen Investments
|
39
|
NVX
|
Nuveen California Dividend Advantage Municipal Fund 2
|
Portfolio of Investments (continued)
|
|
February 28, 2014
|
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+
|
$
|
437,644
|
||||
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
|
1,062,189
|
||||||
2,705
|
California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Series 2005A, 5.000%, 11/15/43
|
11/15 at 100.00
|
AA–
|
2,730,670
|
||||||
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
|
2,201,980
|
||||||
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+
|
1,675,173
|
||||||
455
|
Oak Valley Hospital District, Stanislaus County, California, Revenue Bonds, Series 2010A, 6.500%, 11/01/29
|
11/20 at 100.00
|
BB+
|
459,104
|
||||||
1,500
|
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 6.625%, 11/01/29
|
11/19 at 100.00
|
Baa3
|
1,560,420
|
||||||
4,800
|
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 6.000%, 11/01/41
|
11/20 at 100.00
|
Baa3
|
4,710,576
|
||||||
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
|
5,788,124
|
||||||
2,250
|
San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011, 7.500%, 12/01/41
|
12/21 at 100.00
|
BB
|
2,540,678
|
||||||
47,870
|
Total Health Care
|
48,572,792
|
||||||||
Housing/Multifamily – 10.5% (7.5% 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
|
1,371,780
|
||||||
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
|
419,586
|
||||||
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
|
967,147
|
||||||
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
|
205,064
|
||||||
20,000
|
Los Angeles Community Redevelopment Agency, California, Multifamily Housing Revenue Bonds, Wilshire Station Apartments, Tender Option Bond Trust 1178, 0.290%, 10/15/38
|
7/14 at 100.00
|
A1
|
20,000,000
|
||||||
22,865
|
Total Housing/Multifamily
|
22,963,577
|
||||||||
Housing/Single Family – 3.2% (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
|
A–
|
1,489,806
|
||||||
110
|
California Housing Finance Agency, Home Mortgage Revenue Bonds, Series 2006H, 5.750%, 8/01/30 – FGIC Insured (Alternative Minimum Tax)
|
2/16 at 100.00
|
A–
|
115,147
|
||||||
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
|
A–
|
5,445,248
|
||||||
7,375
|
Total Housing/Single Family
|
7,050,201
|
||||||||
Industrials – 0.0% (0.0% of Total Investments)
|
||||||||||
3,175
|
California Statewide Communities Development Authority, Revenue Bonds, EnerTech Regional Biosolids Project, Series 2007A, 5.500%, 12/01/33 (Alternative Minimum Tax) (4)
|
No Opt. Call
|
D
|
12,256
|
||||||
Tax Obligation/General – 28.5% (20.2% 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
|
1,427,751
|
||||||
10,000
|
California State, General Obligation Bonds, Series 2006CD, 4.600%, 12/01/32 (Alternative Minimum Tax)
|
12/15 at 100.00
|
AA
|
10,018,300
|
||||||
13,850
|
California State, General Obligation Bonds, Various Purpose Series 2009, 6.000%, 4/01/38
|
4/19 at 100.00
|
A1
|
16,128,464
|
40
|
Nuveen Investments
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Tax Obligation/General (continued)
|
||||||||||
California State, General Obligation Bonds, Various Purpose Series 2010:
|
||||||||||
$
|
2,000
|
6.000%, 3/01/33
|
3/20 at 100.00
|
A1
|
$
|
2,387,660
|
||||
1,000
|
5.250%, 11/01/40
|
11/20 at 100.00
|
A1
|
1,085,650
|
||||||
California State, General Obligation Bonds, Various Purpose Series 2011:
|
||||||||||
4,850
|
5.250%, 10/01/28
|
No Opt. Call
|
A1
|
5,584,775
|
||||||
2,300
|
5.000%, 9/01/41
|
9/21 at 100.00
|
A1
|
2,425,764
|
||||||
2,190
|
5.000%, 10/01/41
|
10/21 at 100.00
|
A1
|
2,310,800
|
||||||
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
|
5,408,633
|
||||||
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
|
1,472,006
|
||||||
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
|
8,100,411
|
||||||
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
|
A1
|
1,299,572
|
||||||
2,000
|
Puerto Rico, General Obligation and Public Improvement Bonds, Series 2002A, 5.500%, 7/01/20 – NPFG Insured
|
No Opt. Call
|
A
|
1,969,400
|
||||||
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
|
1,080,580
|
||||||
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
|
1,689,552
|
||||||
90,900
|
Total Tax Obligation/General
|
62,389,318
|
||||||||
Tax Obligation/Limited – 25.6% (18.2% 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
|
667,277
|
||||||
385
|
5.800%, 9/01/35
|
9/14 at 102.00
|
N/R
|
390,409
|
||||||
7,000
|
California State Public Works Board, Lease Revenue Bonds, Department of Corrections & Rehabilitation, Various Correctional Facilities Series 2013F, 5.250%, 9/01/31
|
9/23 at 100.00
|
A2
|
7,806,610
|
||||||
1,245
|
California State, Economic Recovery Revenue Bonds, Series 2004A, 5.000%, 7/01/15
|
7/14 at 100.00
|
AA
|
1,266,115
|
||||||
435
|
Capistrano Unified School District, Orange County, California, Special Tax Bonds, Community Facilities District 98-2, Series 2005, 5.000%, 9/01/24 – FGIC Insured
|
9/15 at 100.00
|
A
|
444,661
|
||||||
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
|
700,749
|
||||||
4,265
|
Escondido Joint Powers Financing Authority, California, Revenue Bonds, Water System Financing, Series 2012, 5.000%, 9/01/41
|
3/22 at 100.00
|
AA–
|
4,394,016
|
||||||
960
|
Fontana Redevelopment Agency, San Bernardino County, California, Tax Allocation Bonds, Jurupa Hills Redevelopment Project, Refunding Series 1997A, 5.500%, 10/01/27
|
10/27 at 100.00
|
A–
|
960,739
|
||||||
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
|
753,848
|
||||||
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–
|
2,995,659
|
||||||
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
|
1,838,389
|
||||||
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–
|
1,810,386
|
||||||
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
|
1,551,795
|
||||||
870
|
Inglewood Redevelopment Agency, California, Tax Allocation Bonds, Merged Redevelopment Project, Subordinate Lien Series 2007A-1, 5.000%, 5/01/23 – AMBAC Insured
|
5/17 at 100.00
|
BBB+
|
883,302
|
||||||
Irvine Unified School District, California, Special Tax Bonds, Community Facilities District Series 2006A:
|
||||||||||
205
|
5.000%, 9/01/26
|
9/16 at 100.00
|
N/R
|
208,514
|
||||||
470
|
5.125%, 9/01/36
|
9/16 at 100.00
|
N/R
|
472,228
|
Nuveen Investments
|
41
|
NVX
|
Nuveen California Dividend Advantage Municipal Fund 2
|
Portfolio of Investments (continued)
|
|
February 28, 2014
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Tax Obligation/Limited (continued)
|
||||||||||
$
|
415
|
Lammersville School District, San Joaquin County, California, Special Tax Bonds, Community Facilities District 2002 Mountain House, Series 2006, 5.125%, 9/01/35
|
9/16 at 100.00
|
N/R
|
$
|
416,253
|
||||
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
|
815,056
|
||||||
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
|
1,404,054
|
||||||
750
|
Lynwood Redevelopment Agency, California, Project A Revenue Bonds, Subordinate Lien Series 2011A, 7.000%, 9/01/31
|
9/21 at 100.00
|
A–
|
895,493
|
||||||
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–
|
571,150
|
||||||
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
|
476,938
|
||||||
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+
|
195,018
|
||||||
Patterson Public Finance Authority, California, Revenue Bonds, Community Facilities District 2001-1, Senior Series 2013A:
|
||||||||||
1,205
|
5.250%, 9/01/30
|
9/23 at 100.00
|
N/R
|
1,228,172
|
||||||
1,085
|
5.750%, 9/01/39
|
9/23 at 100.00
|
N/R
|
1,121,369
|
||||||
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
|
205,544
|
||||||
Perris Union High School District Financing Authority, Riverside County, California, Revenue Bonds, Series 2011:
|
||||||||||
165
|
6.000%, 9/01/33
|
9/33 at 100.00
|
N/R
|
170,407
|
||||||
360
|
6.125%, 9/01/41
|
9/41 at 100.00
|
N/R
|
371,581
|
||||||
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–
|
3,222,313
|
||||||
6,275
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 8/01/45 – NPFG Insured
|
No Opt. Call
|
AA–
|
795,858
|
||||||
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+
|
604,967
|
||||||
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–
|
112,634
|
||||||
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
|
1,106,100
|
||||||
1,325
|
8.000%, 8/01/38
|
8/16 at 102.00
|
A
|
1,437,678
|
||||||
990
|
San Diego, California, Special Tax Community Facilities District 4 Black Mountain Ranch Villages Bonds, Series 2008A, 6.000%, 9/01/37
|
9/14 at 100.00
|
N/R
|
1,023,591
|
||||||
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–
|
91,986
|
||||||
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+
|
93,616
|
||||||
105
|
7.000%, 8/01/41
|
2/21 at 100.00
|
BBB+
|
114,057
|
||||||
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
|
1,135,794
|
||||||
765
|
5.000%, 8/01/25 – NPFG Insured
|
8/17 at 100.00
|
A
|
786,527
|
||||||
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
|
1,033,009
|
||||||
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–
|
1,537,344
|
||||||
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
|
150,951
|
||||||
930
|
Temecula Public Financing Authority, California, Special Tax Bonds, Community Facilities District 03-02 Roripaugh, Series 2006, 5.500%, 9/01/36
|
9/14 at 102.00
|
N/R
|
813,880
|
42
|
Nuveen Investments
|
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+
|
$
|
6,867,185
|
||||
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–
|
278,330
|
||||||
59,265
|
Total Tax Obligation/Limited
|
56,221,552
|
||||||||
Transportation – 8.9% (6.3% of Total Investments)
|
||||||||||
2,000
|
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2013S-4, 5.250%, 4/01/48
|
4/23 at 100.00
|
A+
|
2,121,460
|
||||||
1,430
|
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Tender Option Bond Trust 3211, 13.595%, 10/01/32 (IF)
|
4/18 at 100.00
|
AA
|
1,894,364
|
||||||
2,240
|
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Refunding Bonds, Junior Lien Series 2013C, 6.500%, 1/15/43
|
1/24 at 100.00
|
BB+
|
2,373,773
|
||||||
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Refunding Bonds, Series 2013A:
|
||||||||||
4,940
|
5.750%, 1/15/46
|
1/24 at 100.00
|
BBB–
|
5,147,529
|
||||||
4,935
|
6.000%, 1/15/53
|
1/24 at 100.00
|
BBB–
|
5,189,942
|
||||||
Port of Oakland, California, Reveue Refunding Bonds, Series 2012P:
|
||||||||||
1,545
|
5.000%, 5/01/29 (Alternative Minimum Tax)
|
No Opt. Call
|
A+
|
1,654,525
|
||||||
1,000
|
5.000%, 5/01/31 (Alternative Minimum Tax)
|
No Opt. Call
|
A+
|
1,058,010
|
||||||
18,090
|
Total Transportation
|
19,439,603
|
||||||||
U.S. Guaranteed – 5.9% (4.2% of Total Investments) (5)
|
||||||||||
1,930
|
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2006F, 5.000%, 4/01/31 (Pre-refunded 4/01/16) (UB)
|
4/16 at 100.00
|
AA (5)
|
2,120,703
|
||||||
2,945
|
California State Public Works Board, Lease Revenue Bonds, University of California Regents, Tender Option Bond Trust 1065, 9.436%, 3/01/33 (Pre-refunded 3/01/18) (IF)
|
3/18 at 100.00
|
Aaa
|
3,943,296
|
||||||
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
|
874,379
|
||||||
405
|
California Statewide Community Development Authority, Revenue Bonds, Thomas Jefferson School of Law, Series 2005A, 4.875%, 10/01/31 (Pre-refunded 10/01/15)
|
10/15 at 100.00
|
N/R (5)
|
429,260
|
||||||
2,000
|
Puerto Rico Public Finance Corporation, Commonwealth Appropriation Bonds, Series 2002E, 6.000%, 8/01/26 (ETM)
|
No Opt. Call
|
BB (5)
|
2,498,920
|
||||||
355
|
Roseville Joint Union High School District, Placer County, California, General Obligation Bonds, Series 2006B, 5.000%, 8/01/27 (Pre-refunded 8/01/15) – FGIC Insured
|
8/15 at 100.00
|
AA (5)
|
379,541
|
||||||
825
|
San Mateo Union High School District, San Mateo County, California, Certificates of Participation, Phase 1, Series 2007A, 5.000%, 12/15/30 (Pre-refunded 12/15/17) – AMBAC Insured
|
12/17 at 100.00
|
N/R (5)
|
960,523
|
||||||
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 (5)
|
1,363,497
|
||||||
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 (5)
|
453,657
|
||||||
11,050
|
Total U.S. Guaranteed
|
13,023,776
|
||||||||
Utilities – 14.2% (10.1% of Total Investments)
|
||||||||||
5,000
|
Anaheim Public Financing Authority, California, Revenue Bonds, Electric Distribution System, Second Lien Series 2004, 5.250%, 10/01/21 – NPFG Insured
|
10/14 at 100.00
|
AA–
|
5,140,850
|
||||||
2,355
|
Long Beach Bond Finance Authority, California, Natural Gas Purchase Revenue Bonds, Series 2007A, 5.000%, 11/15/35
|
No Opt. Call
|
A
|
2,443,807
|
||||||
500
|
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2005A-1, 5.000%, 7/01/31 – AGM Insured
|
7/15 at 100.00
|
AA–
|
524,525
|
||||||
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–
|
14,989,100
|
||||||
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
|
794,606
|
||||||
1,500
|
5.250%, 9/01/36 – SYNCORA GTY Insured
|
9/15 at 100.00
|
N/R
|
1,507,755
|
||||||
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–
|
1,694,415
|
Nuveen Investments
|
43
|
NVX
|
Nuveen California Dividend Advantage Municipal Fund 2
|
Portfolio of Investments (continued)
|
|
February 28, 2014
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Utilities (continued)
|
||||||||||
$
|
4,000
|
Southern California Public Power Authority, Natural Gas Project 1 Revenue Bonds, Series 2007A, 5.000%, 11/01/33
|
No Opt. Call
|
A
|
$
|
4,090,600
|
||||
29,645
|
Total Utilities
|
31,185,658
|
||||||||
Water and Sewer – 7.8% (5.6% 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–
|
2,855,675
|
||||||
5,240
|
California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, Poseidon Resources Channelside LP Desalination Project, Series 2012, 5.000%, 11/21/45 (Alternative Minimum Tax)
|
No Opt. Call
|
Baa3
|
4,999,379
|
||||||
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–
|
1,478,652
|
||||||
545
|
Healdsburg Public Financing Authority, California, Wastewater Revenue Bonds, Series 2006, 5.000%, 4/01/36 – NPFG Insured
|
4/16 at 100.00
|
AA–
|
575,307
|
||||||
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
|
2,190,940
|
||||||
1,160
|
Metropolitan Water District of Southern California, Waterworks Revenue Bonds, Tender Option Bond Trust 09-8B, 17.866%, 7/01/35 (IF) (6)
|
7/19 at 100.00
|
AAA
|
1,657,686
|
||||||
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
|
799,448
|
||||||
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–
|
2,592,313
|
||||||
15,995
|
Total Water and Sewer
|
17,149,400
|
||||||||
$
|
339,135
|
Total Long-Term Investments (cost $295,229,631)
|
308,329,147
|
|||||||
Floating Rate Obligations – (0.4)%
|
(965,000
|
) | ||||||||
Variable Rate Demand Preferred Shares, at Liquidation Value – (44.7)% (7)
|
(98,000,000
|
) | ||||||||
Other Assets Less Liabilities – 4.4%
|
9,758,738
|
|||||||||
Net Assets Applicable to Common Shares – 100%
|
$
|
219,122,885
|
(1)
|
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
|
(2)
|
Optional Call Provisions (not covered by the report of independent registered public accounting firm): Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
|
(3)
|
Ratings (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor’s Group (“Standard & Poor’s“), Moody’s Investors Service, Inc. (“Moody’s“) or Fitch, Inc. (“Fitch“) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
|
(4)
|
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)
|
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
|
(6)
|
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate obligations.
|
(7)
|
Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 31.8%.
|
(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.
|
44
|
Nuveen Investments
|
NZH
|
|
Nuveen California Dividend Advantage Municipal Fund 3
|
|
Portfolio of Investments
|
|
February 28, 2014
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
LONG-TERM INVESTMENTS – 144.2% (100.0% of Total Investments)
|
||||||||||
MUNICIPAL BONDS – 144.2% (100.0% of Total Investments)
|
||||||||||
Consumer Staples – 8.0% (5.6% of Total Investments)
|
||||||||||
$
|
2,500
|
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los Angeles County Securitization Corporation, Series 2006A, 5.650%, 6/01/41
|
12/18 at 100.00
|
BB–
|
$
|
2,024,650
|
||||
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+
|
516,991
|
||||||
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
|
||||||||||
16,985
|
5.750%, 6/01/47
|
6/17 at 100.00
|
B
|
13,996,998
|
||||||
6,325
|
5.125%, 6/01/47
|
6/17 at 100.00
|
B
|
4,769,683
|
||||||
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
|
4,912,449
|
||||||
32,615
|
Total Consumer Staples
|
26,220,771
|
||||||||
Education and Civic Organizations – 7.5% (5.2% 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
|
293,993
|
||||||
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
|
2,525,062
|
||||||
California Educational Facilities Authority, Revenue Bonds, University of the Pacific, Series 2006:
|
||||||||||
200
|
5.000%, 11/01/21
|
11/15 at 100.00
|
A2
|
211,634
|
||||||
1,000
|
5.000%, 11/01/30
|
11/15 at 100.00
|
A2
|
1,058,600
|
||||||
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)
|
9/14 at 100.00
|
Baa1
|
1,276,874
|
||||||
850
|
California Municipal Finance Authority, Charter School Revenue Bonds, Rocketship Education Multiple Projects, Series 2014A , 7.250%, 6/01/43
|
6/22 at 102.00
|
N/R
|
859,350
|
||||||
6,000
|
California State University, Systemwide Revenue Bonds, Series 2005C, 5.000%, 11/01/27 – NPFG Insured
|
11/15 at 100.00
|
Aa2
|
6,414,720
|
||||||
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–
|
1,396,070
|
||||||
3,100
|
San Diego County, California, Certificates of Participation, Burnham Institute, Series 2006, 5.000%, 9/01/34
|
9/15 at 102.00
|
Baa1
|
3,115,810
|
||||||
3,000
|
University of California, General Revenue Bonds, Series 2013AF, 5.000%, 5/15/29
|
5/23 at 100.00
|
Aa1
|
3,411,150
|
||||||
3,690
|
University of California, General Revenue Bonds, Series 2013AI, 5.000%, 5/15/38
|
5/23 at 100.00
|
Aa1
|
4,017,820
|
||||||
22,865
|
Total Education and Civic Organizations
|
24,581,083
|
||||||||
Health Care – 27.6% (19.2% 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
|
2,566,750
|
||||||
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
|
A1
|
1,522,394
|
||||||
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–
|
1,995,421
|
||||||
3,530
|
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2011B, 6.000%, 8/15/42
|
8/20 at 100.00
|
AA–
|
4,122,263
|
||||||
3,735
|
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Tender Option Bonds Trust 3765, 19.446%, 5/15/39 (IF) (4)
|
11/16 at 100.00
|
AA–
|
3,943,562
|
||||||
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
|
3,870,251
|
Nuveen Investments
|
45
|
NZH
|
Nuveen California Dividend Advantage Municipal Fund 3
|
Portfolio of Investments (continued)
|
|
February 28, 2014
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Health Care (continued)
|
||||||||||
$
|
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–
|
$
|
1,690,970
|
||||
1,000
|
California Statewide Communities Development Authority, Revenue Bonds, Kaiser Permanente, Series 2012A, 5.000%, 4/01/42
|
4/22 at 100.00
|
A+
|
1,035,620
|
||||||
8,875
|
California Statewide Communities Development Authority, Revenue Bonds, Sutter Health, Series 2011A, 6.000%, 8/15/42
|
8/20 at 100.00
|
AA–
|
10,364,047
|
||||||
3,435
|
California Statewide Communities Development Authority, Revenue Bonds, ValleyCare Health System, Series 2007A, 5.125%, 7/15/31
|
7/17 at 100.00
|
N/R
|
3,067,936
|
||||||
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–
|
4,900,590
|
||||||
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–
|
2,320,936
|
||||||
645
|
California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanente System, Series 2001C, 5.250%, 8/01/31
|
8/16 at 100.00
|
A+
|
664,189
|
||||||
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–
|
4,321,502
|
||||||
5,600
|
California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Tender Option Bond Trust 3102, 19.169%, 11/15/46 (IF) (4)
|
11/16 at 100.00
|
AA–
|
5,912,760
|
||||||
1,594
|
California Statewide Communities Development Authority, Revenue Bonds, Saint Joseph Health System, Trust 2554, 18.668%, 7/01/47 – AGM Insured (IF)
|
7/18 at 100.00
|
AA
|
1,755,718
|
||||||
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
|
3,247,921
|
||||||
4,000
|
Marysville, California, Revenue Bonds, The Fremont-Rideout Health Group, Series 2011, 5.250%, 1/01/42
|
1/21 at 100.00
|
A
|
4,136,640
|
||||||
695
|
Oak Valley Hospital District, Stanislaus County, California, Revenue Bonds, Series 2010A, 6.500%, 11/01/29
|
11/20 at 100.00
|
BB+
|
701,269
|
||||||
1,000
|
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 6.750%, 11/01/39
|
11/19 at 100.00
|
Baa3
|
1,030,670
|
||||||
7,650
|
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 6.000%, 11/01/41
|
11/20 at 100.00
|
Baa3
|
7,507,481
|
||||||
5,790
|
Rancho Mirage Joint Powers Financing Authority, California, Revenue Bonds, Eisenhower Medical Center, Series 2007A, 5.000%, 7/01/38
|
7/17 at 100.00
|
Baa2
|
5,793,127
|
||||||
3,400
|
San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011, 7.500%, 12/01/41
|
12/21 at 100.00
|
BB
|
3,839,246
|
||||||
8,760
|
The Regents of the University of California, Medical Center Pooled Revenue Bonds, Series 2013J, 5.250%, 5/15/31
|
5/23 at 100.00
|
Aa2
|
9,778,876
|
||||||
84,559
|
Total Health Care
|
90,090,139
|
||||||||
Housing/Multifamily – 6.0% (4.1% 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
|
2,104,792
|
||||||
2,020
|
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2012A, 5.500%, 8/15/47
|
8/22 at 100.00
|
BBB
|
2,067,228
|
||||||
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
|
325,101
|
||||||
15,000
|
Los Angeles Community Redevelopment Agency, California, Multifamily Housing Revenue Bonds, Wilshire Station Apartments, Tender Option Bond Trust 1178, 0.290%, 10/15/38
|
7/14 at 100.00
|
A1
|
15,000,000
|
||||||
19,355
|
Total Housing/Multifamily
|
19,497,121
|
||||||||
Housing/Single Family – 3.8% (2.6% of Total Investments)
|
||||||||||
190
|
California Housing Finance Agency, Home Mortgage Revenue Bonds, Series 2006H, 5.750%, 8/01/30 – FGIC Insured (Alternative Minimum Tax)
|
2/16 at 100.00
|
A–
|
198,890
|
46
|
Nuveen Investments
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Housing/Single Family (continued)
|
||||||||||
California Housing Finance Agency, Home Mortgage Revenue Bonds, Tender Option Bond Trust 3206:
|
||||||||||
$
|
10,180
|
9.331%, 8/01/25 (Alternative Minimum Tax) (IF)
|
2/16 at 100.00
|
A–
|
$
|
8,727,009
|
||||
3,805
|
9.710%, 2/01/29 (Alternative Minimum Tax) (IF)
|
2/17 at 100.00
|
A–
|
3,305,023
|
||||||
14,175
|
Total Housing/Single Family
|
12,230,922
|
||||||||
Industrials – 1.6% (1.1% of Total Investments)
|
||||||||||
5,000
|
California Pollution Control Financing Authority, Solid Waste Disposal Revenue Bonds, Waste Management Inc., Series 2005C, 5.125%, 11/01/23 (Alternative Minimum Tax)
|
11/15 at 101.00
|
A–
|
5,248,250
|
||||||
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
|
20,091
|
||||||
10,205
|
Total Industrials
|
5,268,341
|
||||||||
Long-Term Care – 1.2% (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
|
5/14 at 100.00
|
A
|
1,505,220
|
||||||
1,315
|
5.250%, 3/01/32
|
5/14 at 100.00
|
A
|
1,319,313
|
||||||
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
|
1,176,770
|
||||||
3,815
|
Total Long-Term Care
|
4,001,303
|
||||||||
Tax Obligation/General – 13.6% (9.4% of Total Investments)
|
||||||||||
California State, General Obligation Bonds, Various Purpose Series 2009:
|
||||||||||
3,040
|
6.000%, 11/01/39
|
11/19 at 100.00
|
A1
|
3,593,402
|
||||||
3,500
|
5.500%, 11/01/39
|
11/19 at 100.00
|
A1
|
3,925,180
|
||||||
California State, General Obligation Bonds, Various Purpose Series 2010:
|
||||||||||
1,960
|
5.500%, 3/01/40
|
3/20 at 100.00
|
A1
|
2,190,437
|
||||||
1,000
|
5.250%, 11/01/40
|
11/20 at 100.00
|
A1
|
1,085,650
|
||||||
California State, General Obligation Bonds, Various Purpose Series 2011:
|
||||||||||
1,770
|
5.250%, 10/01/28
|
No Opt. Call
|
A1
|
2,038,155
|
||||||
4,000
|
5.000%, 9/01/31
|
No Opt. Call
|
A1
|
4,419,560
|
||||||
4,315
|
5.000%, 10/01/41
|
10/21 at 100.00
|
A1
|
4,553,015
|
||||||
3,230
|
California State, General Obligation Bonds, Various Purpose Series 2012, 5.250%, 2/01/29
|
2/22 at 100.00
|
A1
|
3,669,603
|
||||||
California State, General Obligation Bonds, Various Purpose Series 2013:
|
||||||||||
1,260
|
5.000%, 2/01/29
|
No Opt. Call
|
A1
|
1,419,730
|
||||||
1,710
|
5.000%, 2/01/31
|
No Opt. Call
|
A1
|
1,890,627
|
||||||
2,465
|
5.000%, 4/01/37
|
4/23 at 100.00
|
A1
|
2,650,269
|
||||||
15
|
California, General Obligation Veterans Welfare Bonds, Series 2001BZ, 5.350%, 12/01/21 – NPFG Insured (Alternative Minimum Tax)
|
6/14 at 100.00
|
AA
|
15,026
|
||||||
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–
|
1,170,915
|
||||||
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
|
2,894,733
|
||||||
2,115
|
San Mateo Union High School District, San Mateo County, California, General Obligation Bonds, Election 2010 Series 2011A, 5.000%, 9/01/42
|
9/21 at 100.00
|
AA+
|
2,239,045
|
||||||
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–
|
2,721,424
|
||||||
Washington Township Health Care District, Alameda County, California, General Obligation Bonds, 2012 Election Series 2013A:
|
||||||||||
1,535
|
5.500%, 8/01/38
|
8/24 at 100.00
|
Aa3
|
1,724,787
|
||||||
1,750
|
5.500%, 8/01/40
|
8/24 at 100.00
|
Aa3
|
1,956,885
|
||||||
43,030
|
Total Tax Obligation/General
|
44,158,443
|
Nuveen Investments
|
47
|
NZH
|
Nuveen California Dividend Advantage Municipal Fund 3
|
Portfolio of Investments (continued)
|
|
February 28, 2014
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Tax Obligation/Limited – 48.5% (33.6% of Total Investments)
|
||||||||||
California State Public Works Board, Lease Revenue Bonds, Department of Corrections & Rehabilitation, Series 2013G:
|
||||||||||
$
|
5,690
|
5.250%, 9/01/30
|
9/23 at 100.00
|
A2
|
$
|
6,403,697
|
||||
7,135
|
5.250%, 9/01/32
|
9/23 at 100.00
|
A2
|
7,867,265
|
||||||
California State Public Works Board, Lease Revenue Bonds, Department of Corrections & Rehabilitation, Various Correctional Facilities Series 2013F:
|
||||||||||
1,685
|
5.250%, 9/01/31
|
9/23 at 100.00
|
A2
|
1,879,163
|
||||||
1,450
|
5.250%, 9/01/33
|
9/23 at 100.00
|
A2
|
1,583,183
|
||||||
4,000
|
California State Public Works Board, Lease Revenue Bonds, Department of General Services, Series 2002B, 5.000%, 3/01/27 – AMBAC Insured
|
5/14 at 100.00
|
A2
|
4,012,760
|
||||||
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
|
5/14 at 100.00
|
A2
|
4,523,801
|
||||||
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
|
1,115,210
|
||||||
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
|
2,537,935
|
||||||
715
|
Capistrano Unified School District, Orange County, California, Special Tax Bonds, Community Facilities District 98-2, Series 2005, 5.000%, 9/01/24 – FGIC Insured
|
9/15 at 100.00
|
A
|
730,880
|
||||||
2,160
|
Chino Redevelopment Agency, California, Merged Chino Redevelopment Project Area Tax Allocation Bonds, Series 2006, 5.000%, 9/01/38 – AMBAC Insured
|
9/16 at 101.00
|
A–
|
2,178,986
|
||||||
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
|
1,051,124
|
||||||
1,445
|
Fontana Redevelopment Agency, San Bernardino County, California, Tax Allocation Bonds, Jurupa Hills Redevelopment Project, Refunding Series 1997A, 5.500%, 10/01/27
|
10/14 at 100.00
|
A–
|
1,446,113
|
||||||
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
|
1,130,771
|
||||||
3,500
|
Fremont, California, Special Tax Bonds, Community Facilities District 1, Pacific Commons, Series 2005, 6.300%, 9/01/31
|
9/14 at 100.00
|
N/R
|
3,515,960
|
||||||
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A:
|
||||||||||
3,000
|
5.000%, 6/01/45
|
6/15 at 100.00
|
A2
|
2,973,990
|
||||||
5,910
|
5.000%, 6/01/45 – AGC Insured
|
6/15 at 100.00
|
AA–
|
5,911,300
|
||||||
1,310
|
Inglewood Redevelopment Agency, California, Tax Allocation Bonds, Merged Redevelopment Project, Subordinate Lien Series 2007A-1, 5.000%, 5/01/23 – AMBAC Insured
|
5/17 at 100.00
|
BBB+
|
1,330,030
|
||||||
Irvine Unified School District, California, Special Tax Bonds, Community Facilities District Series 2006A:
|
||||||||||
330
|
5.000%, 9/01/26
|
9/16 at 100.00
|
N/R
|
335,656
|
||||||
760
|
5.125%, 9/01/36
|
9/16 at 100.00
|
N/R
|
763,602
|
||||||
680
|
Lammersville School District, San Joaquin County, California, Special Tax Bonds, Community Facilities District 2002 Mountain House, Series 2006, 5.125%, 9/01/35
|
9/16 at 100.00
|
N/R
|
682,054
|
||||||
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+
|
984,360
|
||||||
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
|
1,334,654
|
||||||
Los Angeles Community Redevelopment Agency, California, Subordinate Lien Tax Allocation Bonds, Bunker Hill Redevelopment Project, Series 2004L:
|
||||||||||
1,715
|
5.000%, 3/01/18
|
9/14 at 100.00
|
BBB–
|
1,736,369
|
||||||
1,350
|
5.100%, 3/01/19
|
9/14 at 100.00
|
BBB–
|
1,365,917
|
||||||
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
|
7,280,280
|
||||||
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–
|
871,755
|
48
|
Nuveen Investments
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Tax Obligation/Limited (continued)
|
||||||||||
$
|
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
|
$
|
240,979
|
||||
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+
|
300,885
|
||||||
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
|
11,166,897
|
||||||
Patterson Public Finance Authority, California, Revenue Bonds, Community Facilities District 2001-1, Senior Series 2013A:
|
||||||||||
1,815
|
5.250%, 9/01/30
|
9/23 at 100.00
|
N/R
|
1,849,902
|
||||||
1,630
|
5.750%, 9/01/39
|
9/23 at 100.00
|
N/R
|
1,684,638
|
||||||
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
|
308,316
|
||||||
Perris Union High School District Financing Authority, Riverside County, California, Revenue Bonds, Series 2011:
|
||||||||||
245
|
6.000%, 9/01/33
|
9/14 at 100.00
|
N/R
|
253,029
|
||||||
540
|
6.125%, 9/01/41
|
9/14 at 100.00
|
N/R
|
557,372
|
||||||
2,885
|
Pico Rivera Water Authority, California, Revenue Bonds, Series 2001A, 6.250%, 12/01/32
|
6/14 at 100.00
|
N/R
|
2,886,644
|
||||||
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–
|
2,282,254
|
||||||
3,250
|
Pomona Public Financing Authority, California, Revenue Refunding Bonds, Merged Redevelopment Projects, Series 2001AD, 5.000%, 2/01/27 – NPFG Insured
|
8/14 at 100.00
|
A
|
3,253,055
|
||||||
995
|
Poway Unified School District, San Diego County, California, Special Tax Bonds, Community Facilities District 14 Del Sur, Series 2006, 5.125%, 9/01/26
|
9/16 at 100.00
|
N/R
|
1,010,253
|
||||||
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A:
|
||||||||||
10,000
|
0.000%, 8/01/44 – NPFG Insured
|
No Opt. Call
|
AA–
|
1,354,500
|
||||||
10,025
|
0.000%, 8/01/45 – NPFG Insured
|
No Opt. Call
|
AA–
|
1,271,471
|
||||||
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+
|
951,448
|
||||||
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–
|
3,642,368
|
||||||
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–
|
174,583
|
||||||
Riverside County, California, Special Tax Bonds, Community Facilities District 04-2 Lake Hill Crest, Series 2012:
|
||||||||||
990
|
5.000%, 9/01/29
|
9/22 at 100.00
|
N/R
|
1,017,621
|
||||||
2,615
|
5.000%, 9/01/35
|
9/22 at 100.00
|
N/R
|
2,584,431
|
||||||
14,505
|
San Diego Redevelopment Agency, California, Subordinate Lien Tax Allocation Bonds, Centre City Project, Series 2001A, 5.000%, 9/01/26 – AGM Insured
|
5/14 at 100.00
|
AA–
|
14,551,850
|
||||||
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–
|
143,728
|
||||||
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+
|
137,671
|
||||||
160
|
7.000%, 8/01/41
|
2/21 at 100.00
|
BBB+
|
173,802
|
||||||
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
|
1,192,642
|
||||||
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
|
1,557,300
|
||||||
6,000
|
San Marcos Public Facilities Authority, California, Tax Allocation Bonds, Project Areas 1 and 3, Series 2005A, 5.000%, 8/01/34 – AMBAC Insured
|
8/15 at 102.00
|
A
|
6,058,920
|
||||||
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
|
231,817
|
Nuveen Investments
|
49
|
NZH
|
Nuveen California Dividend Advantage Municipal Fund 3
|
Portfolio of Investments (continued)
|
|
February 28, 2014
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Tax Obligation/Limited (continued)
|
||||||||||
$
|
8,710
|
South Orange County Public Financing Authority, California, Special Tax Revenue Bonds, Ladera Ranch, Series 2005A, 5.000%, 8/15/32 – AMBAC Insured
|
8/15 at 100.00
|
BBB+
|
$
|
8,814,607
|
||||
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
|
1,330,290
|
||||||
1,415
|
Temecula Public Financing Authority, California, Special Tax Bonds, Community Facilities District 03-02 Roripaugh, Series 2006, 5.450%, 9/01/26
|
9/14 at 102.00
|
N/R
|
1,303,894
|
||||||
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
|
1,374,851
|
||||||
1,950
|
Ventura County Public Financing Authority, California, Lease Revenue Bonds Series 2013A, 5.000%, 11/01/38
|
11/22 at 100.00
|
AA+
|
2,060,156
|
||||||
Westminster Redevelopment Agency, California, Tax Allocation Bonds, Commercial Redevelopment Project 1, Police Facility Subordinate Series 2009:
|
||||||||||
7,500
|
6.250%, 11/01/39
|
11/19 at 100.00
|
AA–
|
8,454,075
|
||||||
5,000
|
5.750%, 11/01/45
|
11/19 at 100.00
|
AA–
|
5,321,200
|
||||||
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–
|
429,093
|
||||||
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
|
4/14 at 100.00
|
A
|
2,507,650
|
||||||
170,260
|
Total Tax Obligation/Limited
|
157,981,007
|
||||||||
Transportation – 7.9% (5.5% of Total Investments)
|
||||||||||
3,705
|
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2013S-4, 5.250%, 4/01/48
|
4/23 at 100.00
|
A+
|
3,930,005
|
||||||
3,425
|
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Refunding Bonds, Junior Lien Series 2013C, 6.500%, 1/15/43
|
1/24 at 100.00
|
BB+
|
3,629,541
|
||||||
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Refunding Bonds, Series 2013A:
|
||||||||||
7,560
|
5.750%, 1/15/46
|
1/24 at 100.00
|
BBB–
|
7,877,596
|
||||||
7,555
|
6.000%, 1/15/53
|
1/24 at 100.00
|
BBB–
|
7,945,291
|
||||||
2,350
|
Port of Oakland, California, Reveue Refunding Bonds, Series 2012P, 5.000%, 5/01/29 (Alternative Minimum Tax)
|
No Opt. Call
|
A+
|
2,516,592
|
||||||
24,595
|
Total Transportation
|
25,899,025
|
||||||||
U.S. Guaranteed – 2.6% (1.8% 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)
|
1,856,989
|
||||||
640
|
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)
|
678,336
|
||||||
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)
|
3,016,465
|
||||||
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)
|
614,750
|
||||||
1,345
|
San Mateo Union High School District, San Mateo County, California, Certificates of Participation, Phase 1, Series 2007A, 5.000%, 12/15/30 (Pre-refunded 12/15/17) – AMBAC Insured
|
12/17 at 100.00
|
N/R (6)
|
1,565,943
|
||||||
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)
|
655,890
|
||||||
7,180
|
Total U.S. Guaranteed
|
8,388,373
|
||||||||
Utilities – 7.0% (4.8% of Total Investments)
|
||||||||||
3,815
|
Long Beach Bond Finance Authority, California, Natural Gas Purchase Revenue Bonds, Series 2007A, 5.000%, 11/15/35
|
No Opt. Call
|
A
|
3,958,864
|
||||||
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–
|
15,529,774
|
50
|
Nuveen Investments
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Utilities (continued)
|
||||||||||
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
|
$
|
2,024,020
|
||||
1,285
|
5.125%, 9/01/31 – SYNCORA GTY Insured
|
9/15 at 100.00
|
N/R
|
1,292,492
|
||||||
21,605
|
Total Utilities
|
22,805,150
|
||||||||
Water and Sewer – 8.9% (6.2% of Total Investments)
|
||||||||||
Bay Area Water Supply and Conservation Agency, California, Revenue Bonds, Capital Cost Recovery Prepayment Program, Series 2013A:
|
||||||||||
2,000
|
5.000%, 10/01/27
|
4/23 at 100.00
|
AA–
|
2,305,420
|
||||||
3,000
|
5.000%, 10/01/29
|
4/23 at 100.00
|
AA–
|
3,401,460
|
||||||
3,000
|
5.000%, 10/01/34
|
4/23 at 100.00
|
AA–
|
3,304,770
|
||||||
1,070
|
Burbank, California, Wastewater System Revenue Bonds, Series 2004A, 5.000%, 6/01/22 – AMBAC Insured
|
6/14 at 100.00
|
AA+
|
1,082,808
|
||||||
8,840
|
California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, Poseidon Resources Channelside LP Desalination Project, Series 2012, 5.000%, 11/21/45 (Alternative Minimum Tax)
|
No Opt. Call
|
Baa3
|
8,434,067
|
||||||
3,000
|
East Valley Water District Financing Authority, California, Refunding Revenue Bonds, Series 2010, 5.000%, 10/01/40
|
10/20 at 100.00
|
AA–
|
3,097,560
|
||||||
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–
|
1,143,664
|
||||||
890
|
Healdsburg Public Financing Authority, California, Wastewater Revenue Bonds, Series 2006, 5.000%, 4/01/36 – NPFG Insured
|
4/16 at 100.00
|
AA–
|
939,493
|
||||||
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–
|
901,383
|
||||||
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
|
2,190,940
|
||||||
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–
|
2,160,260
|
||||||
27,775
|
Total Water and Sewer
|
28,961,825
|
||||||||
$
|
482,034
|
Total Long-Term Investments (cost $447,411,412)
|
470,083,503
|
|||||||
Floating Rate Obligations – (0.3)%
|
(845,000
|
) | ||||||||
Variable Rate Demand Preferred Shares, at Liquidation Value – (49.1)% (7)
|
(160,000,000
|
) | ||||||||
Other Assets Less Liabilities – 5.2%
|
16,709,959
|
|||||||||
Net Assets Applicable to Common Shares – 100%
|
$
|
325,948,462
|
(1)
|
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
|
(2)
|
Optional Call Provisions (not covered by the report of independent registered public accounting firm): Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
|
(3)
|
Ratings (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor’s Group (“Standard & Poor’s“), Moody’s Investors Service, Inc. (“Moody’s“) or Fitch, Inc. (“Fitch“) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
|
(4)
|
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
|
(5)
|
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 34.0%.
|
(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
|
51
|
NKX
|
|
Nuveen California AMT-Free Municipal Income Fund
|
|
Portfolio of Investments
|
|
February 28, 2014
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
LONG-TERM INVESTMENTS – 145.7% (100.0% of Total Investments)
|
||||||||||
MUNICIPAL BONDS – 145.7% (100.0% of Total Investments)
|
||||||||||
Consumer Staples – 5.7% (3.9% of Total Investments)
|
||||||||||
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los Angeles County Securitization Corporation, Series 2006A:
|
||||||||||
$
|
1,350
|
5.600%, 6/01/36
|
12/18 at 100.00
|
BB–
|
$
|
1,136,889
|
||||
325
|
5.650%, 6/01/41
|
12/18 at 100.00
|
BB–
|
263,205
|
||||||
7,780
|
5.700%, 6/01/46
|
12/18 at 100.00
|
BB–
|
6,194,747
|
||||||
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
|
||||||||||
6,465
|
5.750%, 6/01/47
|
6/17 at 100.00
|
B
|
5,327,677
|
||||||
7,500
|
5.125%, 6/01/47
|
6/17 at 100.00
|
B
|
5,655,750
|
||||||
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
|
7,550,979
|
||||||
Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed Bonds, Series 2005A-1:
|
||||||||||
8,450
|
5.375%, 6/01/38
|
6/15 at 100.00
|
B–
|
6,724,764
|
||||||
2,000
|
5.500%, 6/01/45
|
6/15 at 100.00
|
B–
|
1,567,080
|
||||||
43,500
|
Total Consumer Staples
|
34,421,091
|
||||||||
Education and Civic Organizations – 4.1% (2.8% of Total Investments)
|
||||||||||
1,050
|
ABAG Finance Authority for Non-Profit Corporations, California, Revenue Bonds, The Jackson Laboratory, Series 2012, 5.000%, 7/01/37
|
7/22 at 100.00
|
A1
|
1,069,656
|
||||||
4,475
|
California Municipal Finance Authority Charter School Revenue Bonds, Albert Einstein Academies Project, Series 2013A , 7.125%, 8/01/43
|
8/23 at 100.00
|
BB
|
4,597,347
|
||||||
1,565
|
California Municipal Finance Authority, Charter School Revenue Bonds, Rocketship Education Multiple Projects, Series 2014A, 7.250%, 6/01/43
|
6/22 at 102.00
|
N/R
|
1,582,215
|
||||||
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
|
1,662,576
|
||||||
800
|
California State University, Systemwide Revenue Bonds, Series 2005A, 5.000%, 11/01/25 – AMBAC Insured
|
5/15 at 100.00
|
Aa2
|
840,776
|
||||||
1,000
|
California State University, Systemwide Revenue Bonds, Series 2005C, 5.000%, 11/01/27 – NPFG Insured
|
11/15 at 100.00
|
Aa2
|
1,069,120
|
||||||
4,060
|
San Diego County, California, Certificates of Participation, Burnham Institute, Series 2006, 5.000%, 9/01/34
|
9/15 at 102.00
|
Baa1
|
4,080,706
|
||||||
9,220
|
University of California, General Revenue Bonds, Series 2013AI, 5.000%, 5/15/38
|
5/23 at 100.00
|
Aa1
|
10,039,105
|
||||||
23,770
|
Total Education and Civic Organizations
|
24,941,501
|
||||||||
Health Care – 18.6% (12.8% 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
|
5/14 at 100.00
|
A
|
5,018,200
|
||||||
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–
|
1,680,367
|
||||||
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+
|
1,299,741
|
||||||
1,000
|
California Health Facilities Financing Authority, Revenue Bonds, City of Hope National Medical Center, Series 2012A, 5.000%, 11/15/35
|
No Opt. Call
|
AA–
|
1,044,450
|
||||||
2,000
|
California Health Facilities Financing Authority, Revenue Bonds, Memorial Health Services, Series 2012A, 5.000%, 10/01/33
|
No Opt. Call
|
AA–
|
2,112,100
|
||||||
10,265
|
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2007A, 5.250%, 11/15/46
|
11/16 at 100.00
|
AA–
|
10,408,402
|
52
|
Nuveen Investments
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Health Care (continued)
|
||||||||||
$
|
750
|
California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, Series 2010A, 5.750%, 7/01/40
|
7/20 at 100.00
|
Baa2
|
$
|
778,748
|
||||
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
|
893,140
|
||||||
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–
|
4,356,080
|
||||||
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
|
3,017,642
|
||||||
6,500
|
5.000%, 8/15/47
|
8/17 at 100.00
|
BBB+
|
6,464,250
|
||||||
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A:
|
||||||||||
950
|
5.250%, 7/01/24
|
7/15 at 100.00
|
BBB–
|
965,314
|
||||||
1,000
|
5.250%, 7/01/30
|
7/15 at 100.00
|
BBB–
|
1,004,170
|
||||||
11,335
|
California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanente System, Series 2006, 5.000%, 3/01/41
|
3/16 at 100.00
|
A+
|
11,451,297
|
||||||
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+
|
5,243,641
|
||||||
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
|
4,406,480
|
||||||
7,555
|
California Statewide Community Development Authority, Revenue Bonds, St. Joseph Health System, Series 2007A, 5.750%, 7/01/47 – FGIC Insured
|
7/18 at 100.00
|
AA–
|
8,458,276
|
||||||
10,000
|
California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Series 2007C, 5.000%, 8/15/38 – AMBAC Insured
|
8/17 at 100.00
|
AA–
|
10,182,600
|
||||||
4,543
|
California Statewide Communities Development Authority, Revenue Bonds, Saint Joseph Health System, Trust 2554, 18.668%, 7/01/47 – AGM Insured (IF)
|
7/18 at 100.00
|
AA
|
5,005,477
|
||||||
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009:
|
||||||||||
8,250
|
6.625%, 11/01/29
|
11/19 at 100.00
|
Baa3
|
8,582,310
|
||||||
7,500
|
6.750%, 11/01/39
|
11/19 at 100.00
|
Baa3
|
7,730,025
|
||||||
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010:
|
||||||||||
1,500
|
6.000%, 11/01/30
|
11/20 at 100.00
|
Baa3
|
1,511,310
|
||||||
1,145
|
6.000%, 11/01/41
|
11/20 at 100.00
|
Baa3
|
1,123,669
|
||||||
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+
|
8,037,853
|
||||||
2,000
|
Sierra View Local Health Care District, California, Revenue Bonds, Series 2007, 5.250%, 7/01/37
|
9/17 at 100.00
|
A
|
2,025,500
|
||||||
108,923
|
Total Health Care
|
112,801,042
|
||||||||
Housing/Multifamily – 2.4% (1.7% of Total Investments)
|
||||||||||
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Windsor Mobile Country Club Series 2013A:
|
||||||||||
2,000
|
5.625%, 11/15/33
|
11/23 at 100.00
|
BBB–
|
2,030,460
|
||||||
8,000
|
6.000%, 11/15/48
|
11/23 at 100.00
|
BBB–
|
8,212,320
|
||||||
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
|
3,280,237
|
||||||
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–
|
1,186,098
|
||||||
14,450
|
Total Housing/Multifamily
|
14,709,115
|
||||||||
Long-Term Care – 1.0% (0.7% 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
|
3,227,820
|
||||||
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
|
1,592,231
|
||||||
Nuveen Investments
|
53
|
NKX
|
Nuveen California AMT-Free Municipal Income Fund
|
Portfolio of Investments (continued)
|
|
February 28, 2014
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Long-Term Care (continued)
|
||||||||||
$
|
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+
|
$
|
1,500,570
|
||||
6,075
|
Total-Long Term Care
|
6,320,621
|
||||||||
Tax Obligation/General – 26.2% (17.9% 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
|
3,294,810
|
||||||
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
|
1,529,809
|
||||||
1,000
|
California State, General Obligation Bonds, Refunding Series 2011, 5.250%, 9/01/25
|
9/21 at 100.00
|
A1
|
1,191,340
|
||||||
6,000
|
California State, General Obligation Bonds, Various Purpose Series 2010, 6.000%, 3/01/33
|
3/20 at 100.00
|
A1
|
7,162,980
|
||||||
California State, General Obligation Bonds, Various Purpose Series 2011:
|
||||||||||
2,000
|
5.000%, 9/01/31
|
No Opt. Call
|
A1
|
2,209,780
|
||||||
4,090
|
5.000%, 9/01/41
|
9/21 at 100.00
|
A1
|
4,313,641
|
||||||
2,625
|
5.000%, 10/01/41
|
10/21 at 100.00
|
A1
|
2,769,795
|
||||||
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–
|
4,228,020
|
||||||
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
|
8,060,861
|
||||||
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
|
2,810,050
|
||||||
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–
|
3,764,733
|
||||||
3,545
|
5.000%, 8/01/28 – AGC Insured
|
8/19 at 100.00
|
AA–
|
3,797,439
|
||||||
3,110
|
5.000%, 8/01/29 – AGC Insured
|
8/19 at 100.00
|
AA–
|
3,310,937
|
||||||
230
|
El Monte Union High School District, Los Angeles County, California, General Obligation Bonds, Series 2003A, 5.000%, 6/01/28 – AGM Insured
|
5/14 at 100.00
|
AA
|
230,849
|
||||||
7,100
|
Fontnana Unified School District, San Bernardino County, California, General Obligation Bonds, Trust 2668, 9.878%, 2/01/16 – AGM Insured (IF)
|
No Opt. Call
|
AA
|
8,864,066
|
||||||
5,000
|
Grossmont Healthcare District, California, General Obligation Bonds, Series 2007A, 5.000%, 7/15/37 – AMBAC Insured
|
7/17 at 100.00
|
Aa2
|
5,237,150
|
||||||
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
|
1,335,320
|
||||||
4,500
|
Mount Diablo Unified School District, Contra Costa County, California, General Obligation Bonds, Series 2010A, 0.000%, 8/01/30 – AGM Insured
|
8/25 at 100.00
|
AA–
|
3,144,060
|
||||||
3,000
|
Murrieta Valley Unified School District, Riverside County, California, General Obligation Bonds, Series 2007, 4.500%, 9/01/30 – AGM Insured
|
9/17 at 100.00
|
AA–
|
3,035,400
|
||||||
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
|
7,422,052
|
||||||
2,500
|
Oakland Unified School District, Alameda County, California, General Obligation Bonds, Series 2002, 5.250%, 8/01/21 – FGIC Insured
|
5/14 at 100.00
|
A
|
2,509,650
|
||||||
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–
|
917,629
|
||||||
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–
|
5,280,664
|
||||||
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
|
11,005,900
|
||||||
2,000
|
San Francisco Community College District, California, General Obligation Bonds, Series 2002A, 5.000%, 6/15/26 – FGIC Insured
|
5/14 at 100.00
|
A2
|
2,007,500
|
||||||
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–
|
5,465,950
|
54
|
Nuveen Investments
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Tax Obligation/General (continued)
|
||||||||||
$
|
1,500
|
San Juan Capistano, California, General Obligation Bonds, Open Space Program, Tender Option Bond Trust 3646, 18.195%, 8/01/17 (IF)
|
No Opt. Call
|
AAA
|
$
|
1,987,860
|
||||
San Ysidro School District, San Diego County, California, General Obligation Bonds, 1997 Election Series 2011F:
|
||||||||||
7,230
|
0.000%, 8/01/42 – AGM Insured
|
8/21 at 21.00
|
AA–
|
1,069,245
|
||||||
10,450
|
0.000%, 8/01/43 – AGM Insured
|
8/21 at 19.43
|
AA–
|
1,429,351
|
||||||
21,225
|
0.000%, 8/01/44 – AGM Insured
|
8/21 at 17.98
|
AA–
|
2,684,538
|
||||||
12,550
|
0.000%, 8/01/45 – AGM Insured
|
8/21 at 16.64
|
AA–
|
1,466,468
|
||||||
23,425
|
0.000%, 8/01/46 – AGM Insured
|
8/21 at 15.39
|
AA–
|
2,529,900
|
||||||
10,000
|
Southwestern Community College District, San Diego County, California, General Obligation Bonds, Election of 2008, Series 2011C, 0.000%, 8/01/41
|
No Opt. Call
|
Aa2
|
2,358,700
|
||||||
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–
|
11,926,579
|
||||||
38,845
|
0.000%, 8/01/50 – AGM Insured
|
8/37 at 100.00
|
AA–
|
19,116,398
|
||||||
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–
|
5,216,868
|
||||||
3,905
|
West Kern Community College District, California, General Obligation Bonds, Election 2004, Series 2007C, 5.000%, 10/01/32 – SYNCORA GTY Insured
|
11/17 at 100.00
|
A+
|
4,020,198
|
||||||
297,870
|
Total Tax Obligation/General
|
158,706,490
|
||||||||
Tax Obligation/Limited – 49.3% (33.8% 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
|
5/14 at 100.00
|
A
|
2,236,453
|
||||||
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
|
2,043,160
|
||||||
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
|
678,731
|
||||||
7,895
|
Brea and Olinda Unified School District, Orange County, California, Certificates of Participation Refunding, Series 2002A, 5.125%, 8/01/26 – AGM Insured
|
5/14 at 100.00
|
AA–
|
7,925,475
|
||||||
1,165
|
Burbank Public Financing Authority, California, Revenue Refunding Bonds, Golden State Redevelopment Project, Series 2003A, 5.250%, 12/01/22 – AMBAC Insured
|
5/14 at 100.00
|
A
|
1,168,879
|
||||||
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
|
2,588,333
|
||||||
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
|
2,229,942
|
||||||
California Infrastructure and Economic Development Bank, Revenue Bonds, North County Center for Self-Sufficiency Corporation, Series 2004:
|
||||||||||
1,215
|
5.000%, 12/01/19 – AMBAC Insured
|
5/14 at 100.00
|
AA+
|
1,220,079
|
||||||
1,535
|
5.000%, 12/01/20 – AMBAC Insured
|
5/14 at 100.00
|
AA+
|
1,541,401
|
||||||
1,615
|
5.000%, 12/01/21 – AMBAC Insured
|
5/14 at 100.00
|
AA+
|
1,621,735
|
||||||
1,780
|
5.000%, 12/01/23 – AMBAC Insured
|
5/14 at 100.00
|
AA+
|
1,787,423
|
||||||
7,000
|
California State Public Works Board, Lease Revenue Bonds, Department of Corrections & Rehabilitation, Various Correctional Facilities Series 2013F, 5.250%, 9/01/31
|
9/23 at 100.00
|
A2
|
7,806,610
|
||||||
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
|
3,034,432
|
||||||
2,065
|
5.000%, 4/01/31
|
No Opt. Call
|
A2
|
2,229,436
|
||||||
4,000
|
California State Public Works Board, Lease Revenue Bonds, Department of General Services, Capital East End Project, Series 2002A, 5.000%, 12/01/27 – AMBAC Insured
|
5/14 at 100.00
|
A2
|
4,012,760
|
||||||
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
|
3,240,740
|
||||||
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
|
2,122,992
|
Nuveen Investments
|
55
|
NKX
|
Nuveen California AMT-Free Municipal Income Fund
|
Portfolio of Investments (continued)
|
|
February 28, 2014
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Tax Obligation/Limited (continued)
|
||||||||||
$
|
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
|
$
|
4,460,840
|
||||
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–
|
2,542,151
|
||||||
1,100
|
Chula Vista Public Financing Authority, California, Pooled Community Facility District Assessment Revenue Bonds, Series 2005A, 4.500%, 9/01/27 – NPFG Insured
|
9/15 at 100.00
|
A
|
1,108,745
|
||||||
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
|
1,391,419
|
||||||
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
|
1,227,306
|
||||||
530
|
5.750%, 8/01/26
|
8/20 at 100.00
|
N/R
|
545,868
|
||||||
3,145
|
Culver City Redevelopment Agency, California, Tax Allocation Revenue Bonds, Redevelopment Project, Series 2002A, 5.125%, 11/01/25 – NPFG Insured
|
5/14 at 100.00
|
A
|
3,145,283
|
||||||
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
|
9/14 at 100.00
|
A
|
1,905,057
|
||||||
El Monte, California, Senior Lien Certificates of Participation, Department of Public Services Facility Phase II, Series 2001:
|
||||||||||
9,605
|
5.000%, 1/01/21 – AMBAC Insured
|
7/14 at 100.00
|
A2
|
9,621,425
|
||||||
5,000
|
5.250%, 1/01/34 – AMBAC Insured
|
7/14 at 100.00
|
A2
|
5,001,300
|
||||||
3,000
|
Escondido Joint Powers Financing Authority, California, Revenue Bonds, Water System Financing, Series 2012, 5.000%, 9/01/41
|
3/22 at 100.00
|
AA–
|
3,090,750
|
||||||
1,000
|
Fullerton Community Facilities District 1, California, Special Tax Bonds, Amerige Heights, Refunding Series 2012, 5.000%, 9/01/32
|
9/22 at 100.00
|
A–
|
1,044,720
|
||||||
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
|
1,063,540
|
||||||
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–
|
7,269,140
|
||||||
11,065
|
5.000%, 6/01/45 – AMBAC Insured
|
6/15 at 100.00
|
A2
|
10,969,066
|
||||||
7,500
|
5.000%, 6/01/45 – AGC Insured
|
6/15 at 100.00
|
AA–
|
7,501,650
|
||||||
20,000
|
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Tender Option Bonds Trust 4686, 9.119%, 6/01/45 – AGC Insured (IF) (5)
|
6/15 at 100.00
|
AA
|
20,008,797
|
||||||
2,000
|
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Revenue Bonds, Tender Option Bonds Trust 2040, 11.939%, 6/01/45 – FGIC Insured (IF)
|
6/15 at 100.00
|
A2
|
1,947,980
|
||||||
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
|
3,031,170
|
||||||
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–
|
1,709,809
|
||||||
435
|
Indian Wells Redevelopment Agency, California, Tax Allocation Bonds, Consolidated Whitewater Project Area, Series 2003A, 5.000%, 9/01/20 – AMBAC Insured
|
5/14 at 100.00
|
BBB
|
435,657
|
||||||
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
|
2,245,115
|
||||||
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
|
BBB+
|
1,681,767
|
||||||
710
|
5.000%, 5/01/25 – AMBAC Insured
|
5/17 at 100.00
|
BBB+
|
716,177
|
||||||
Jurupa Community Services District, California, Special Tax Bonds, Community Facilities District 39 Eastvale Area, Series 2012A:
|
||||||||||
1,000
|
5.000%, 9/01/37
|
9/22 at 100.00
|
N/R
|
1,003,890
|
||||||
2,000
|
5.125%, 9/01/42
|
9/22 at 100.00
|
N/R
|
2,014,840
|
56
|
Nuveen Investments
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Tax Obligation/Limited (continued)
|
||||||||||
Lake Elsinore Public Financing Authority, Riverside County, California, Community Facilities District 2003-2, Canyon Hills Improvement Area D Special Tax, Series 2014A:
|
||||||||||
$
|
1,140
|
5.500%, 9/01/33
|
9/23 at 100.00
|
N/R
|
$
|
1,172,285
|
||||
2,105
|
5.750%, 9/01/44
|
9/23 at 100.00
|
N/R
|
2,171,855
|
||||||
2,765
|
Lake Elsinore, California, Special Tax Bonds, Community Facilities District 2004-3, Rosetta Canyon Improvement Area 2, Series 2006, 5.250%, 9/01/37
|
9/14 at 100.00
|
N/R
|
2,769,065
|
||||||
2,000
|
Lammersville Joint Unified School District, California, Community Facilities District 2007-1, Mountain House – Shea Homes, Improvement Area 1 Special Tax Bonds, Series 2013, 6.000%, 9/01/38
|
9/23 at 100.00
|
N/R
|
2,084,780
|
||||||
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
|
2,548,061
|
||||||
2,425
|
4.750%, 8/01/27 – NPFG Insured
|
8/15 at 102.00
|
A
|
2,404,727
|
||||||
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
|
5,990,662
|
||||||
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–
|
1,949,519
|
||||||
3,000
|
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+
|
3,057,690
|
||||||
7,460
|
Los Angeles, California, Certificates of Participation, Municipal Improvement Corporation, Series 2003AW, 5.000%, 6/01/33 – AMBAC Insured
|
5/14 at 100.00
|
A+
|
7,485,812
|
||||||
1,500
|
Los Osos, California, Improvement Bonds, Community Services Wastewater Assessment District 1, Series 2002, 5.000%, 9/02/33 – NPFG Insured
|
9/14 at 100.00
|
A
|
1,462,590
|
||||||
9,270
|
Moreno Valley Community Redevelopment Agency, California, Tax Allocation Bonds, Series 2007A, 5.000%, 8/01/38 – AMBAC Insured
|
8/17 at 100.00
|
A–
|
9,402,098
|
||||||
1,000
|
Murrieta, California, Special Tax Bonds, Community Facilities District 2003-3, Creekside Village Improvement Area 1, Series 2005, 5.200%, 9/01/35
|
9/14 at 100.00
|
N/R
|
1,001,480
|
||||||
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–
|
3,127,249
|
||||||
3,300
|
Pacifica, California, Certificates of Participation, Series 2008, 5.375%, 1/01/37 – AMBAC Insured
|
1/16 at 102.00
|
A–
|
3,424,476
|
||||||
5,000
|
Palm Desert Financing Authority, California, Tax Allocation Revenue Refunding Bonds, Project Area 1, Series 2002, 5.000%, 4/01/25 – NPFG Insured
|
4/14 at 100.00
|
A
|
5,001,950
|
||||||
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+
|
1,026,260
|
||||||
Patterson Public Finance Authority, California, Revenue Bonds, Community Facilities District 2001-1, Senior Series 2013A:
|
||||||||||
3,385
|
5.250%, 9/01/30
|
9/23 at 100.00
|
N/R
|
3,450,094
|
||||||
3,045
|
5.750%, 9/01/39
|
9/23 at 100.00
|
N/R
|
3,147,068
|
||||||
550
|
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
|
565,246
|
||||||
2,000
|
Perris Joint Powers Authority, California, Local Agency Revenue Bonds, Community Facilities District 2001-1 May Farms Improvement Area 1,2 and 3, Refunding Series 2014A, 5.375%, 9/01/33
|
9/23 at 100.00
|
N/R
|
2,053,140
|
||||||
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
|
4,147,990
|
||||||
390
|
Poway Redevelopment Agency, California, Tax Allocation Refunding Bonds, Paguay Redevelopment Project, Series 2000, 5.750%, 6/15/33 – NPFG Insured
|
5/14 at 100.00
|
A
|
390,176
|
||||||
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A:
|
||||||||||
5,000
|
0.000%, 8/01/44 – NPFG Insured
|
No Opt. Call
|
AA–
|
677,250
|
||||||
7,200
|
0.000%, 8/01/45 – NPFG Insured
|
No Opt. Call
|
AA–
|
913,176
|
||||||
1,250
|
Rio Elementary School District, California, Special Tax Bonds, Community Facilities District 1, Series 2013, 5.500%, 9/01/39
|
9/23 at 100.00
|
N/R
|
1,306,775
|
||||||
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
|
2,990,040
|
Nuveen Investments
|
57
|
NKX
|
Nuveen California AMT-Free Municipal Income Fund
|
Portfolio of Investments (continued)
|
|
February 28, 2014
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Tax Obligation/Limited (continued)
|
||||||||||
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
|
$
|
674,527
|
||||
1,775
|
5.000%, 9/01/42
|
9/22 at 100.00
|
N/R
|
1,785,171
|
||||||
1,000
|
Rocklin Unified School District, Placer County, California, Special Tax Bonds, Community Facilities District 1, Series 2004, 5.000%, 9/01/25 – NPFG Insured
|
5/14 at 100.00
|
AA–
|
1,003,060
|
||||||
4,475
|
Roseville Finance Authority, California, Special Tax Revenue Bonds, Series 2007A, 5.000%, 9/01/33 – AMBAC Insured
|
9/17 at 100.00
|
N/R
|
4,417,362
|
||||||
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
|
9/14 at 100.00
|
A
|
3,339,484
|
||||||
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
|
5/14 at 100.00
|
A
|
4,933,303
|
||||||
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
|
392,719
|
||||||
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–
|
5,385,510
|
||||||
4,000
|
San Jose Financing Authority, California, Lease Revenue Refunding Bonds, Convention Center Project, Series 2001F, 5.000%, 9/01/19 – NPFG Insured
|
5/14 at 100.00
|
AA
|
4,016,960
|
||||||
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
|
3,420,521
|
||||||
5,025
|
5.000%, 8/01/28 – NPFG Insured
|
8/15 at 100.00
|
A
|
5,059,120
|
||||||
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
|
858,497
|
||||||
1,000
|
San Marcos Public Facilities Authority, California, Special Tax Revenue Bonds, Refunding Series 2012D, 5.000%, 9/01/36
|
9/22 at 100.00
|
N/R
|
1,012,670
|
||||||
3,000
|
Santa Clara Redevelopment Agency, California, Tax Allocation Bonds, Bayshore North Project, Series 1999A, 5.500%, 6/01/23 – AMBAC Insured
|
6/14 at 100.00
|
A
|
3,036,570
|
||||||
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
|
3,104,010
|
||||||
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–
|
3,752,876
|
||||||
5,510
|
5.000%, 9/01/28 – AGM Insured
|
9/15 at 100.00
|
AA–
|
5,621,027
|
||||||
2,620
|
Temecula Public Financing Authority, California, Special Tax Bonds, Community Facilities District 03-02 Roripaugh, Series 2006, 5.500%, 9/01/36
|
9/14 at 102.00
|
N/R
|
2,292,867
|
||||||
2,160
|
Temecula Redevelopment Agency, California, Tax Allocation Revenue Bonds, Redevelopment Project 1, Series 2002, 5.125%, 8/01/27 – NPFG Insured
|
5/14 at 100.00
|
A
|
2,180,023
|
||||||
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–
|
1,269,564
|
||||||
3,250
|
5.250%, 9/01/39 – AGM Insured
|
9/20 at 100.00
|
AA–
|
3,417,050
|
||||||
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
|
1,049,611
|
||||||
4,235
|
West Sacramento Financing Authority, California, Special Tax Revenue Bonds, Series 2014, 5.500%, 9/01/31
|
9/22 at 102.00
|
N/R
|
4,262,951
|
||||||
6,000
|
Westminster Redevelopment Agency, California, Tax Allocation Bonds, Commercial Redevelopment Project 1, Police Facility Subordinate Series 2009, 6.250%, 11/01/39
|
11/19 at 100.00
|
AA–
|
6,763,260
|
||||||
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
|
3,473,519
|
||||||
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
|
10/14 at 100.00
|
A
|
2,805,701
|
||||||
305,100
|
Total Tax Obligation/Limited
|
299,221,490
|
58
|
Nuveen Investments
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Transportation – 6.4% (4.4% of Total Investments)
|
||||||||||
$
|
2,000
|
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Series 1995A, 5.000%, 1/01/35
|
7/14 at 100.00
|
BBB–
|
$
|
1,974,380
|
||||
6,130
|
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Refunding Bonds, Junior Lien Series 2013C, 6.500%, 1/15/43
|
1/24 at 100.00
|
BB+
|
6,496,084
|
||||||
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Refunding Bonds, Series 2013A:
|
||||||||||
13,525
|
5.750%, 1/15/46
|
1/24 at 100.00
|
BBB–
|
14,093,182
|
||||||
13,525
|
6.000%, 1/15/53
|
1/24 at 100.00
|
BBB–
|
14,223,699
|
||||||
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
|
2,111,780
|
||||||
37,180
|
Total Transportation
|
38,899,125
|
||||||||
U.S. Guaranteed – 9.4% (6.5% of Total Investments) (4)
|
||||||||||
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 (4)
|
1,931,297
|
||||||
1,250
|
5.250%, 8/01/25 (Pre-refunded 8/01/14) – NPFG Insured
|
8/14 at 100.00
|
AA (4)
|
1,277,313
|
||||||
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
|
2,749,433
|
||||||
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 (4)
|
2,325,796
|
||||||
500
|
California State, General Obligation Bonds, Series 2004, 5.250%, 4/01/34 (Pre-refunded 4/01/14)
|
4/14 at 100.00
|
AAA
|
502,370
|
||||||
1,045
|
Central Unified School District, Fresno County, California, General Obligation Bonds, Series 1993, 5.625%, 3/01/18 – AMBAC Insured (ETM)
|
9/14 at 100.00
|
AA (4)
|
1,073,654
|
||||||
3,230
|
El Dorado Irrigation District, California, Water and Sewer Certificates of Participation, Series 2004A, 5.000%, 3/01/21 (Pre-refunded 4/04/14) – FGIC Insured
|
4/14 at 100.00
|
A+ (4)
|
3,245,762
|
||||||
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– (4)
|
2,647,390
|
||||||
1,775
|
5.250%, 9/01/22 (Pre-refunded 9/01/14) – FGIC Insured
|
9/14 at 100.00
|
AA– (4)
|
1,821,363
|
||||||
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
|
8,307,600
|
||||||
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
|
8/14 at 102.00
|
Aa2 (4)
|
2,195,539
|
||||||
3,250
|
5.000%, 8/01/22 (Pre-refunded 8/01/14) – AGM Insured
|
8/14 at 102.00
|
Aa2 (4)
|
3,381,755
|
||||||
3,395
|
5.000%, 8/01/23 (Pre-refunded 8/01/14) – AGM Insured
|
8/14 at 102.00
|
Aa2 (4)
|
3,532,633
|
||||||
1,000
|
5.000%, 8/01/25 (Pre-refunded 8/01/14) – AGM Insured
|
8/14 at 102.00
|
Aa2 (4)
|
1,040,540
|
||||||
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 (4)
|
4,731,408
|
||||||
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 (4)
|
1,047,747
|
||||||
5,500
|
Sacramento City Unified School District, Sacramento County, California, General Obligation Bonds, Series 2005, 5.000%, 7/01/27 (Pre-refunded 7/01/15) – NPFG Insured
|
7/15 at 100.00
|
A1 (4)
|
5,857,005
|
||||||
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 (4)
|
1,563,806
|
||||||
2,400
|
San Diego Unified Port District, California, Revenue Bonds, Series 2004B, 5.000%, 9/01/29 (Pre-refunded 9/01/14) – NPFG Insured
|
9/14 at 100.00
|
A+ (4)
|
2,459,184
|
||||||
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+ (4)
|
1,368,481
|
||||||
1,415
|
5.500%, 12/01/21 (Pre-refunded 12/01/14) – SYNCORA GTY Insured
|
12/14 at 100.00
|
A+ (4)
|
1,472,548
|
Nuveen Investments
|
59
|
NKX
|
Nuveen California AMT-Free Municipal Income Fund
|
Portfolio of Investments (continued)
|
|
February 28, 2014
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
U.S. Guaranteed (4) (continued)
|
||||||||||
$
|
2,670
|
Woodland Finance Authority, California, Lease Revenue Bonds, Series 2002, 5.000%, 3/01/32 (Pre-refunded 4/01/14) – SYNCORA GTY Insured
|
4/14 at 101.00
|
A2 (4)
|
$
|
2,693,363
|
||||
52,915
|
Total U.S. Guaranteed
|
57,225,987
|
||||||||
Utilities – 5.3% (3.6% of Total Investments)
|
||||||||||
1,000
|
Anaheim Public Financing Authority, California, Revenue Bonds, Electric Distribution System, Second Lien Series 2004, 5.250%, 10/01/21 – NPFG Insured
|
10/14 at 100.00
|
AA–
|
1,028,170
|
||||||
Long Beach Bond Finance Authority, California, Natural Gas Purchase Revenue Bonds, Series 2007A:
|
||||||||||
2,490
|
5.000%, 11/15/35
|
No Opt. Call
|
A
|
2,583,898
|
||||||
945
|
5.500%, 11/15/37
|
No Opt. Call
|
A
|
1,042,259
|
||||||
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–
|
10,706,500
|
||||||
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–
|
4,927,521
|
||||||
3,750
|
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Tender Option Bond Trust 3345, 18.425%, 7/01/20 (IF) (5)
|
No Opt. Call
|
AA–
|
4,809,750
|
||||||
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
|
2,167,564
|
||||||
100
|
Sacramento City Financing Authority, California, Capital Improvement Revenue Bonds, Solid Waste and Redevelopment Projects, Series 1999, 5.800%, 12/01/19 – AMBAC Insured
|
5/14 at 100.00
|
N/R
|
100,222
|
||||||
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–
|
4,518,440
|
||||||
28,720
|
Total Utilities
|
31,884,324
|
||||||||
Water and Sewer – 17.3% (11.9% of Total Investments)
|
||||||||||
13,200
|
Atwater Public Financing Authority, California, Wastewater Revenue Bonds, Series 2010, 5.125%, 5/01/40 – AGM Insured
|
5/19 at 100.00
|
AA–
|
13,261,512
|
||||||
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–
|
12,778,444
|
||||||
California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, San Diego County Water Authority Desalination Project Pipeline, Series 2012:
|
||||||||||
8,000
|
5.000%, 7/01/37
|
No Opt. Call
|
Baa3
|
8,034,880
|
||||||
7,200
|
5.000%, 11/21/45
|
No Opt. Call
|
Baa3
|
7,199,424
|
||||||
1,000
|
Castaic Lake Water Agency, California, Certificates of Participation, Series 2006C, 5.000%, 8/01/36 – NPFG Insured
|
8/16 at 100.00
|
AA–
|
1,056,180
|
||||||
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–
|
2,287,328
|
||||||
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–
|
1,562,303
|
||||||
5,000
|
Indio Water Authority, California, Water Revenue Bonds, Series 2006, 5.000%, 4/01/31 – AMBAC Insured
|
4/16 at 100.00
|
A
|
5,290,400
|
||||||
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–
|
12,860,457
|
||||||
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
|
17,189,117
|
||||||
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
|
2,629,752
|
||||||
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–
|
1,399,794
|
||||||
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
|
1,455,990
|
||||||
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+
|
9,709,110
|
60
|
Nuveen Investments
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Water and Sewer (continued)
|
||||||||||
$
|
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+
|
$
|
3,775,622
|
||||
4,000
|
San Francisco City and County Public Utilities Commission, California, Water Revenue Bonds, Series 2011A, 5.000%, 11/01/28
|
11/21 at 100.00
|
AA–
|
4,552,480
|
||||||
99,855
|
Total Water and Sewer
|
105,042,793
|
||||||||
$
|
1,018,358
|
Total Long-Term Investments (cost $842,044,540)
|
884,173,579
|
|||||||
Floating Rate Obligations – (0.6)%
|
(3,360,000
|
) | ||||||||
Variable Rate Demand Preferred Shares, at Liquidation Value – (48.1)% (6)
|
(291,600,000
|
) | ||||||||
Other Assets Less Liabilities – 3.0%
|
17,638,725
|
|||||||||
Net Assets Applicable to Common Shares – 100%
|
$
|
606,852,304
|
(1)
|
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
|
(2)
|
Optional Call Provisions (not covered by the report of independent registered public accounting firm): Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
|
(3)
|
Ratings (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor’s Group (“Standard & Poor’s“), Moody’s Investors Service, Inc. (“Moody’s“) or Fitch, Inc. (“Fitch“) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
|
(4)
|
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
|
(5)
|
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
|
(6)
|
Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 33.0%.
|
(ETM)
|
Escrowed to maturity.
|
(IF)
|
Inverse floating rate investment.
|
(UB)
|
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.
|
Nuveen Investments
|
61
|
Statement of
|
|
Assets and Liabilities
|
|
February 28, 2014
|
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 $111,461,257, $479,347,715, $295,229,631, $447,411,412 and $842,044,540, respectively)
|
$
|
120,143,411
|
$
|
507,892,931
|
$
|
308,329,147
|
$
|
470,083,503
|
$
|
884,173,579
|
||||||
Cash
|
1,773,341
|
8,690,242
|
4,732,631
|
8,357,790
|
—
|
|||||||||||
Receivable for:
|
||||||||||||||||
Interest
|
1,542,946
|
7,431,251
|
4,235,950
|
7,271,446
|
11,807,438
|
|||||||||||
Investments sold
|
2,062,081
|
2,895,000
|
1,710,000
|
2,705,554
|
9,155,616
|
|||||||||||
Deferred offering costs
|
229,950
|
848,881
|
338,830
|
295,719
|
2,643,983
|
|||||||||||
Other assets
|
669
|
167,192
|
115,404
|
184,046
|
311,367
|
|||||||||||
Total assets
|
125,752,398
|
527,925,497
|
319,461,962
|
488,898,058
|
908,091,983
|
|||||||||||
Liabilities
|
||||||||||||||||
Cash overdraft
|
—
|
—
|
—
|
—
|
2,615,489
|
|||||||||||
Floating rate obligations
|
3,395,000
|
43,400,000
|
965,000
|
845,000
|
3,360,000
|
|||||||||||
Payable for:
|
||||||||||||||||
Common share dividends
|
383,188
|
1,698,212
|
1,090,369
|
1,574,568
|
2,798,997
|
|||||||||||
Interest
|
58,750
|
—
|
—
|
—
|
—
|
|||||||||||
Offering costs
|
—
|
—
|
—
|
126,577
|
76,925
|
|||||||||||
MuniFund Term Preferred (“MTP”) Shares, at liquidation value
|
35,250,000
|
—
|
—
|
—
|
—
|
|||||||||||
Variable Rate Demand Preferred (“VRDP”) Shares, at liquidation value
|
—
|
136,200,000
|
98,000,000
|
160,000,000
|
291,600,000
|
|||||||||||
Accrued expenses:
|
||||||||||||||||
Management fees
|
60,045
|
254,909
|
150,771
|
234,401
|
428,310
|
|||||||||||
Reorganization
|
574,950
|
699,950
|
—
|
—
|
121,534
|
|||||||||||
Shelf offering costs
|
—
|
46,750
|
—
|
—
|
—
|
|||||||||||
Trustees fees
|
1,313
|
65,770
|
39,909
|
62,429
|
25,096
|
|||||||||||
Other
|
49,792
|
97,372
|
93,028
|
106,621
|
213,328
|
|||||||||||
Total liabilities
|
39,773,038
|
182,462,963
|
100,339,077
|
162,949,596
|
301,239,679
|
|||||||||||
Net assets applicable to common shares
|
$
|
85,979,360
|
$
|
345,462,534
|
$
|
219,122,885
|
$
|
325,948,462
|
$
|
606,852,304
|
||||||
Common shares outstanding
|
5,732,845
|
23,528,873
|
14,759,237
|
24,151,884
|
41,843,761
|
|||||||||||
Net asset value (“NAV”) per common share outstanding (net assets applicable to common shares, divided by common shares outstanding)
|
$
|
15.00
|
$
|
14.68
|
$
|
14.85
|
$
|
13.50
|
$
|
14.50
|
||||||
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
|
76,757,417
|
334,393,239
|
207,961,347
|
336,991,026
|
564,004,674
|
|||||||||||
Undistributed (Over-distribution of) net investment income
|
1,147,236
|
4,367,852
|
1,981,689
|
580,783
|
5,064,929
|
|||||||||||
Accumulated net realized gain (loss)
|
(664,775
|
)
|
(22,079,062
|
)
|
(4,067,259
|
)
|
(34,536,957
|
)
|
(4,764,776
|
)
|
||||||
Net unrealized appreciation (depreciation)
|
8,682,154
|
28,545,216
|
13,099,516
|
22,672,091
|
42,129,039
|
|||||||||||
Net assets applicable to common shares
|
$
|
85,979,360
|
$
|
345,462,534
|
$
|
219,122,885
|
$
|
325,948,462
|
$
|
606,852,304
|
||||||
Authorized shares:
|
||||||||||||||||
Common
|
Unlimited
|
Unlimited
|
Unlimited
|
Unlimited
|
Unlimited
|
|||||||||||
Preferred
|
Unlimited
|
Unlimited
|
Unlimited
|
Unlimited
|
Unlimited
|
62
|
Nuveen Investments
|
Statement of
|
|
Operations
|
|
Year Ended February 28, 2014
|
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
|
$
|
6,431,417
|
$
|
26,069,327
|
$
|
16,696,491
|
$
|
25,742,818
|
$
|
45,144,096
|
||||||
Expenses
|
||||||||||||||||
Management fees
|
784,832
|
3,286,928
|
2,013,322
|
3,062,299
|
5,573,225
|
|||||||||||
Shareholders servicing agent fees and expenses
|
20,547
|
2,912
|
20,008
|
26,242
|
15,593
|
|||||||||||
Interest expense and amortization of offering costs
|
888,381
|
619,526
|
2,067,963
|
3,695,626
|
774,920
|
|||||||||||
Liquidity fees
|
—
|
1,311,672
|
459,141
|
635,544
|
2,641,778
|
|||||||||||
Remarketing fees
|
—
|
138,090
|
50,088
|
69,333
|
295,650
|
|||||||||||
Custodian fees and expenses
|
29,437
|
81,886
|
61,640
|
89,014
|
146,742
|
|||||||||||
Trustees fees and expenses
|
3,227
|
12,747
|
8,477
|
12,999
|
24,048
|
|||||||||||
Professional fees
|
32,966
|
63,962
|
46,711
|
57,253
|
120,198
|
|||||||||||
Shareholder reporting expenses
|
3,838
|
12,522
|
46,082
|
24,354
|
16,268
|
|||||||||||
Stock exchange listing fees
|
15,832
|
23,746
|
32,138
|
28,434
|
6,771
|
|||||||||||
Investor relations expenses
|
9,563
|
32,088
|
24,030
|
36,242
|
40,856
|
|||||||||||
Reorganization expenses
|
575,000
|
700,000
|
—
|
—
|
15,000
|
|||||||||||
Other expenses
|
35,137
|
57,067
|
44,555
|
49,048
|
109,010
|
|||||||||||
Total expenses
|
2,398,760
|
6,343,146
|
4,874,155
|
7,786,388
|
9,780,059
|
|||||||||||
Net investment income (loss)
|
4,032,657
|
19,726,181
|
11,822,336
|
17,956,430
|
35,364,037
|
|||||||||||
Realized and Unrealized Gain (Loss)
|
||||||||||||||||
Net realized gain (loss) from investments
|
220,598
|
(519,724
|
)
|
(2,252,230
|
)
|
(8,622,695
|
)
|
(4,250,722
|
)
|
|||||||
Change in net unrealized appreciation (depreciation) of investments
|
(4,793,470
|
)
|
(27,032,828
|
)
|
(18,376,532
|
)
|
(19,112,933
|
)
|
(39,857,654
|
)
|
||||||
Net realized and unrealized gain (loss)
|
(4,572,872
|
)
|
(27,552,552
|
)
|
(20,628,762
|
)
|
(27,735,628
|
)
|
(44,108,376
|
)
|
||||||
Net increase (decrease) in net assets applicable to common shares from operations
|
$
|
(540,215
|
)
|
$
|
(7,826,371
|
)
|
$
|
(8,806,426
|
)
|
$
|
(9,779,198
|
)
|
$
|
(8,744,339
|
)
|
Nuveen Investments
|
63
|
Statement of
|
|
Changes in Net Assets
|
California Premium Income (NCU)
|
California Dividend Advantage (NAC)
|
California Dividend Advantage 2 (NVX)
|
|||||||||||||||||
Year
|
Year
|
Year
|
Year
|
Year
|
Year
|
||||||||||||||
Ended
|
Ended
|
Ended
|
Ended
|
Ended
|
Ended
|
||||||||||||||
2/28/14
|
2/28/13
|
2/28/14
|
2/28/13
|
2/28/14
|
2/28/13
|
||||||||||||||
Operations
|
|||||||||||||||||||
Net investment income (loss)
|
$
|
4,032,657
|
$
|
4,512,923
|
$
|
19,726,181
|
$
|
19,796,683
|
$
|
11,822,336
|
$
|
12,479,454
|
|||||||
Net realized gain (loss) from investments
|
220,598
|
149,357
|
(519,724
|
)
|
(3,428,813
|
)
|
(2,252,230
|
)
|
636,916
|
||||||||||
Change in net unrealized appreciation (depreciation) of investments
|
(4,793,470
|
)
|
3,828,331
|
(27,032,828
|
)
|
29,421,942
|
(18,376,532
|
)
|
13,401,627
|
||||||||||
Net increase (decrease) in net assets applicable to common shares from operations
|
(540,215
|
)
|
8,490,611
|
(7,826,371
|
)
|
45,789,812
|
(8,806,426
|
)
|
26,517,997
|
||||||||||
Distributions to Common Shareholders
|
|||||||||||||||||||
From net investment income
|
(4,817,883
|
)
|
(4,943,234
|
)
|
(20,926,579
|
)
|
(21,498,537
|
)
|
(13,327,592
|
)
|
(13,939,461
|
)
|
|||||||
From accumulated net realized gains
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||
Decrease in net assets applicable to common shares from distributions to common shareholders
|
(4,817,883
|
)
|
(4,943,234
|
)
|
(20,926,579
|
)
|
(21,498,537
|
)
|
(13,327,592
|
)
|
(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
|
(5,358,098
|
)
|
3,582,320
|
(28,633,117
|
)
|
24,892,809
|
(22,113,767
|
)
|
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
|
$
|
85,979,360
|
$
|
91,337,458
|
$
|
345,462,534
|
$
|
374,095,651
|
$
|
219,122,885
|
$
|
241,236,652
|
|||||||
Undistributed (Over-distribution of) net investment income at the end of period
|
$
|
1,147,236
|
$
|
1,200,889
|
$
|
4,367,852
|
$
|
4,870,082
|
$
|
1,981,689
|
$
|
2,689,172
|
64
|
Nuveen Investments
|
California Dividend Advantage 3 (NZH)
|
California AMT-Free Income (NKX)
|
||||||||||||
Year
|
Year
|
Year
|
Year
|
||||||||||
Ended
|
Ended
|
Ended
|
Ended
|
||||||||||
2/28/14
|
2/28/13
|
2/28/14
|
2/28/13
|
||||||||||
Operations
|
|||||||||||||
Net investment income (loss)
|
$
|
17,956,430
|
$
|
18,102,374
|
$
|
35,364,037
|
$
|
29,529,882
|
|||||
Net realized gain (loss) from investments
|
(8,622,695
|
)
|
150,288
|
(4,250,722
|
)
|
1,609,892
|
|||||||
Change in net unrealized appreciation (depreciation) of investments
|
(19,112,933
|
)
|
21,398,391
|
(39,857,654
|
)
|
24,647,124
|
|||||||
Net increase (decrease) in net assets applicable to common shares from operations
|
(9,779,198
|
)
|
39,651,053
|
(8,744,339
|
)
|
55,786,898
|
|||||||
Distributions to Common Shareholders
|
|||||||||||||
From net investment income
|
(19,435,021
|
)
|
(20,500,040
|
)
|
(35,265,923
|
)
|
(26,767,462
|
)
|
|||||
From accumulated net realized gains
|
—
|
—
|
(539,785
|
)
|
(669,297
|
)
|
|||||||
Decrease in net assets applicable to common shares from distributions to common shareholders
|
(19,435,021
|
)
|
(20,500,040
|
)
|
(35,805,708
|
)
|
(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
|
(29,214,219
|
)
|
19,332,325
|
(44,550,047
|
)
|
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
|
$
|
325,948,462
|
$
|
355,162,681
|
$
|
606,852,304
|
$
|
651,402,351
|
|||||
Undistributed (Over-distribution of) net investment income at the end of period
|
$
|
580,783
|
$
|
1,044,616
|
$
|
5,064,929
|
$
|
4,949,136
|
Nuveen Investments
|
65
|
Statement of
|
|
Cash Flows
|
|
Year Ended February 28, 2014
|
California
|
California
|
California
|
||||||||
Premium
|
Dividend
|
Dividend
|
||||||||
Income
|
Advantage
|
Advantage 2
|
||||||||
(NCU
|
)
|
(NAC
|
)
|
(NVX
|
)
|
|||||
Cash Flows from Operating Activities:
|
||||||||||
Net Increase (Decrease) In Net Assets Applicable to Common Shares from Operations
|
$
|
(540,215
|
)
|
$
|
(7,826,371
|
)
|
$
|
(8,806,426
|
)
|
|
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
|
(17,145,935
|
)
|
(133,539,978
|
)
|
(124,994,790
|
)
|
||||
Proceeds from sales and maturities of investments
|
22,945,825
|
128,821,776
|
144,090,862
|
|||||||
Amortization (Accretion) of premiums and discounts, net
|
(72,293
|
)
|
308,783
|
(226,692
|
)
|
|||||
(Increase) Decrease in:
|
||||||||||
Receivable for interest
|
(11,164
|
)
|
(221,608
|
)
|
526,592
|
|||||
Receivable for investments sold
|
(2,062,081
|
)
|
(735,000
|
)
|
8,886,383
|
|||||
Other assets
|
10
|
20,755
|
(79,201
|
)
|
||||||
Increase (Decrease) in:
|
||||||||||
Payable for interest
|
—
|
—
|
(177,866
|
)
|
||||||
Payable for investments purchased
|
—
|
(3,223,359
|
)
|
(14,188,580
|
)
|
|||||
Accrued management fees
|
(2,827
|
)
|
2,910
|
(14,043
|
)
|
|||||
Accrued reorganization expenses
|
574,950
|
699,950
|
—
|
|||||||
Accrued Trustees fees
|
826
|
5,580
|
3,707
|
|||||||
Accrued other expenses
|
(5,601
|
)
|
(17,929
|
)
|
5,665
|
|||||
Net realized (gain) loss from investments
|
(220,598
|
)
|
519,724
|
2,252,230
|
||||||
Change in net unrealized (appreciation) depreciation of investments
|
4,793,470
|
27,032,828
|
18,376,532
|
|||||||
Taxes paid on undistributed capital gains
|
(48
|
)
|
—
|
(680
|
)
|
|||||
Net cash provided by (used in) operating activities
|
8,254,319
|
11,848,061
|
25,653,693
|
|||||||
Cash Flows from Financing Activities:
|
||||||||||
(Increase) Decrease in deferred offering costs
|
217,197
|
(173,692
|
)
|
615,755
|
||||||
Increase (Decrease) in:
|
||||||||||
Cash overdraft
|
—
|
—
|
—
|
|||||||
Floating rate obligations
|
(2,130,000
|
)
|
17,480,000
|
(8,415,000
|
)
|
|||||
Payable for offering costs
|
(59,753
|
)
|
—
|
(128,724
|
)
|
|||||
Payable for shelf offering costs
|
—
|
46,750
|
—
|
|||||||
MTP Shares, at liquidation value
|
—
|
—
|
(97,846,300
|
)
|
||||||
VRDP Shares, at liquidation value
|
—
|
—
|
98,000,000
|
|||||||
Cash distributions paid to common shareholders
|
(4,814,779
|
)
|
(20,715,912
|
)
|
(13,300,295
|
)
|
||||
Net cash provided by (used in) financing activities
|
(6,787,335
|
)
|
(3,362,854
|
)
|
(21,074,564
|
)
|
||||
Net Increase (Decrease) in Cash
|
1,466,984
|
8,485,207
|
4,579,129
|
|||||||
Cash at the beginning of period
|
306,357
|
205,035
|
153,502
|
|||||||
Cash at the end of period
|
$
|
1,773,341
|
$
|
8,690,242
|
$
|
4,732,631
|
||||
Supplemental Disclosures of Cash Flow Information
|
||||||||||
California
|
California
|
California
|
||||||||
Premium
|
Dividend
|
Dividend
|
||||||||
Income
|
Advantage
|
Advantage 2
|
||||||||
(NCU
|
)
|
(NAC
|
)
|
(NVX
|
)
|
|||||
Cash paid for interest (excluding amortization of offering costs)
|
$
|
730,938
|
$
|
595,634
|
$
|
1,419,254
|
||||
Non-cash financing activities not included herein consists of reinvestments of common share distributions
|
—
|
119,833
|
20,251
|
66
|
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
|
$
|
(9,779,198
|
)
|
$
|
(8,744,339
|
)
|
|
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
|
(193,984,067
|
)
|
(292,522,568
|
)
|
|||
Proceeds from sales and maturities of investments
|
213,801,182
|
327,209,022
|
|||||
Amortization (Accretion) of premiums and discounts, net
|
432,804
|
(2,535,729
|
)
|
||||
(Increase) Decrease in:
|
|||||||
Receivable for interest
|
664,944
|
(236,890
|
)
|
||||
Receivable for investments sold
|
(2,480,554
|
)
|
(8,935,616
|
)
|
|||
Other assets
|
(127,488
|
)
|
22,125
|
||||
Increase (Decrease) in:
|
|||||||
Payable for interest
|
(351,709
|
)
|
—
|
||||
Payable for investments purchased
|
(9,614,586
|
)
|
—
|
||||
Accrued management fees
|
(14,530
|
)
|
(17,834
|
)
|
|||
Accrued reorganization expenses
|
—
|
18,799
|
|||||
Accrued Trustees fees
|
5,695
|
11,740
|
|||||
Accrued other expenses
|
(11,739
|
)
|
(58,332
|
)
|
|||
Net realized (gain) loss from investments
|
8,622,695
|
4,250,722
|
|||||
Change in net unrealized (appreciation) depreciation of investments
|
19,112,933
|
39,857,654
|
|||||
Taxes paid on undistributed capital gains
|
(116
|
)
|
1,278
|
||||
Net cash provided by (used in) operating activities
|
26,276,266
|
58,320,032
|
|||||
Cash Flows from Financing Activities:
|
|||||||
(Increase) Decrease in deferred offering costs
|
1,040,491
|
(56,665
|
)
|
||||
Increase (Decrease) in:
|
|||||||
Cash overdraft
|
—
|
(1,405,291
|
)
|
||||
Floating rate obligations
|
—
|
(20,765,000
|
)
|
||||
Payable for offering costs
|
(154,606
|
)
|
(277,994
|
)
|
|||
Payable for shelf offering costs
|
—
|
—
|
|||||
MTP Shares, at liquidation value
|
(159,544,500
|
)
|
—
|
||||
VRDP Shares, at liquidation value
|
160,000,000
|
—
|
|||||
Cash distributions paid to common shareholders
|
(19,438,566
|
)
|
(35,815,082
|
)
|
|||
Net cash provided by (used in) financing activities
|
(18,097,181
|
)
|
(58,320,032
|
)
|
|||
Net Increase (Decrease) in Cash
|
8,179,085
|
—
|
|||||
Cash at the beginning of period
|
178,705
|
—
|
|||||
Cash at the end of period
|
$
|
8,357,790
|
$
|
—
|
|||
Supplemental Disclosures of Cash Flow Information
|
|||||||
California
|
California
|
||||||
Dividend
|
AMT-Free
|
||||||
Advantage 3
|
Income
|
||||||
(NZH
|
)
|
(NKX
|
)
|
||||
Cash paid for interest (excluding amortization of offering costs)
|
$
|
2,988,027
|
$
|
681,151
|
|||
Non-cash financing activities not included herein consists of reinvestments of common share distributions
|
—
|
—
|
Nuveen Investments
|
67
|
Financial
|
|
Highlights
|
Investment Operations
|
Less Distributions
|
||||||||||||||||||||||||||||||||||||
Beginning
Common
Share
NAV
|
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
Shareholders
|
From
Accumulated
Net
Realized
Gains to
Common
Shareholders
|
Total
|
Discount
from
Common
Shares
Repurchased
and
Retired
|
Ending
Common
Share
NAV
|
Ending
Market
Value
|
||||||||||||||||||||||||
California Premium Income (NCU)
|
|||||||||||||||||||||||||||||||||||||
Year Ended 2/28-2/29:
|
|||||||||||||||||||||||||||||||||||||
2014
|
$
|
15.93
|
$
|
.70
|
$
|
(.79
|
)
|
$
|
—
|
$
|
—
|
$
|
(.09
|
)
|
$
|
(.84
|
)
|
$
|
—
|
$
|
(.84
|
)
|
$
|
—
|
$
|
15.00
|
$
|
13.60
|
|||||||||
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
|
||||||||||||||||||||||
California Dividend Advantage (NAC)
|
|||||||||||||||||||||||||||||||||||||
Year Ended 2/28-2/29:
|
|||||||||||||||||||||||||||||||||||||
2014
|
15.90
|
.84
|
(1.17
|
)
|
—
|
—
|
(.33
|
)
|
(.89
|
)
|
—
|
(.89
|
)
|
—
|
14.68
|
14.07
|
|||||||||||||||||||||
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
|
(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 NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized.
|
|
*
|
Rounds to less than $.01 per share.
|
68
|
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
NAV
|
(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
|
(f)
|
||||||||||||
(.37
|
)%
|
(8.40
|
)%
|
$
|
85,979
|
2.81
|
%
|
4.72
|
%
|
N/A
|
N/A
|
14
|
%
|
|||||||||||
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
|
|||||||||||||||||
(1.81
|
)
|
(4.95
|
)
|
345,463
|
1.86
|
5.79
|
N/A
|
N/A
|
25
|
|||||||||||||||
13.39
|
10.80
|
374,096
|
1.60
|
5.44
|
N/A
|
N/A
|
12
|
|||||||||||||||||
25.30
|
32.82
|
349,203
|
1.50
|
6.84
|
N/A
|
N/A
|
13
|
|||||||||||||||||
(2.57
|
)
|
3.54
|
297,629
|
1.18
|
7.18
|
N/A
|
N/A
|
20
|
||||||||||||||||
21.97
|
24.62
|
325,791
|
1.21
|
7.63
|
1.18
|
%
|
7.66
|
%
|
4
|
(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
|
1.04
|
%
|
|
2013
|
1.01
|
||
2012
|
1.14
|
||
2011
|
.55
|
||
2010
|
.06
|
||
California Dividend Advantage (NAC)
|
|||
Year Ended 2/28-2/29:
|
|||
2014
|
.61
|
%
|
|
2013
|
.61
|
||
2012
|
.46
|
||
2011
|
.06
|
||
2010
|
.08
|
(f)
|
Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.
|
N/A
|
Fund did not have, or no longer has, a contractual reimbursement agreement with the Adviser.
|
Nuveen Investments
|
69
|
Investment Operations
|
Less Distributions
|
||||||||||||||||||||||||||||||||||||
Beginning
Common
Share
NAV
|
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
Shareholders
|
From
Accumulated
Net
Realized
Gains to
Common
Shareholders
|
Total
|
Discount
from
Common
Shares
Repurchased
and
Retired
|
Ending
Common
Share
NAV
|
Ending
Market
Value
|
||||||||||||||||||||||||
California Dividend Advantage 2 (NVX)
|
|||||||||||||||||||||||||||||||||||||
Year Ended 2/28-2/29:
|
|||||||||||||||||||||||||||||||||||||
2014
|
$
|
16.35
|
$
|
.80
|
$
|
(1.40
|
)
|
$
|
—
|
$
|
—
|
$
|
(.60
|
)
|
$
|
(.90
|
)
|
$
|
—
|
$
|
(.90
|
)
|
$
|
—
|
$
|
14.85
|
$
|
13.75
|
|||||||||
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
|
|||||||||||||||||||||
California Dividend Advantage 3 (NZH)
|
|||||||||||||||||||||||||||||||||||||
Year Ended 2/28-2/29:
|
|||||||||||||||||||||||||||||||||||||
2014
|
14.71
|
.74
|
(1.15
|
)
|
—
|
—
|
(.41
|
)
|
(.80
|
)
|
—
|
(.80
|
)
|
—
|
13.50
|
12.24
|
|||||||||||||||||||||
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
|
(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 NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized.
|
|
*
|
Rounds to less than $.01 per share.
|
70
|
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
NAV
|
(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
|
(f)
|
||||||||||||
(3.42
|
)%
|
(9.86
|
)%
|
$
|
219,123
|
2.24
|
%
|
5.43
|
%
|
N/A
|
N/A
|
39
|
%
|
|||||||||||
11.94
|
11.03
|
241,237
|
2.19
|
5.29
|
N/A
|
N/A
|
23
|
|||||||||||||||||
22.90
|
30.01
|
228,474
|
2.30
|
6.29
|
2.30
|
%
|
6.30
|
%
|
12
|
|||||||||||||||
(.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
|
|||||||||||||||||
(2.50
|
)
|
(8.23
|
)
|
325,948
|
2.42
|
5.57
|
N/A
|
N/A
|
41
|
|||||||||||||||
12.15
|
5.41
|
355,163
|
2.53
|
5.22
|
N/A
|
N/A
|
20
|
|||||||||||||||||
22.89
|
31.93
|
335,830
|
2.56
|
6.28
|
2.52
|
6.33
|
18
|
|||||||||||||||||
(1.40
|
)
|
(1.21
|
)
|
292,563
|
2.07
|
6.61
|
1.94
|
6.74
|
16
|
|||||||||||||||
22.17
|
32.93
|
317,860
|
1.36
|
7.68
|
1.16
|
7.88
|
6
|
(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
|
1.18
|
%
|
|
2013
|
1.15
|
||
2012
|
1.25
|
||
2011
|
.26
|
||
2010
|
.04
|
||
California Dividend Advantage 3 (NZH)
|
|||
Year Ended 2/28-2/29:
|
|||
2014
|
1.37
|
%
|
|
2013
|
1.47
|
||
2012
|
1.49
|
||
2011
|
.94
|
||
2010
|
.19
|
(f)
|
Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.
|
N/A
|
Fund no longer has a contractual reimbursement agreement with the Adviser.
|
Nuveen Investments
|
71
|
Financial Highlights (continued)
|
Investment Operations
|
Less Distributions
|
||||||||||||||||||||||||||||||
Beginning
Common
Share
NAV
|
Net
Investment
Income
(Loss)
|
Net
Realized/
Unrealized
Gain (Loss)
|
Total
|
From
Net
Investment
Income to
Common
Shareholders
|
From
Accumulated
Net
Realized
Gains to
Common
Shareholders
|
Total
|
Discount
from
Common
Shares
Repurchased
and
Retired
|
Ending
Common
Share
NAV
|
Ending
Market
Value
|
||||||||||||||||||||||
California AMT-Free Income (NKX)
|
|||||||||||||||||||||||||||||||
Year Ended 2/28-2/29:
|
|||||||||||||||||||||||||||||||
2014
|
$
|
15.57
|
$
|
.84
|
$
|
(1.06
|
)
|
$
|
(.22
|
)
|
$
|
(.84
|
)
|
$
|
(.01
|
)
|
$
|
(.85
|
)
|
$
|
—
|
$
|
14.50
|
$
|
13.25
|
||||||
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
|
(a)
|
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 NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized.
|
72
|
Nuveen Investments
|
Ratios/Supplemental Data
|
||||||||||||||||||||||
Total Returns
|
Ratios to Average Net Assets
Applicable to Common Shares
Before Reimbursement(b)
|
Ratios to Average Net Assets
Applicable to Common Shares
After Reimbursement(b)(c)
|
||||||||||||||||||||
Based
on
Common
Share
NAV
|
(a)
|
Based
on
Market
Value
|
(a)
|
Ending
Net
Assets
Applicable
to Common
Shares (000)
|
Expenses
|
(d)
|
Net
Investment
Income (Loss)
|
Expenses
|
(d)
|
Net
Investment
Income (Loss)
|
Portfolio
Turnover
Rate
|
(e)
|
||||||||||
(1.10
|
)%
|
(6.39
|
)%
|
$
|
606,852
|
1.64
|
%
|
5.93
|
%
|
N/A
|
N/A
|
32
|
%
|
|||||||||
12.08
|
6.53
|
651,402
|
1.64
|
5.48
|
N/A
|
N/A
|
20
|
|||||||||||||||
21.95
|
36.10
|
86,731
|
1.90
|
6.03
|
N/A
|
N/A
|
7
|
|||||||||||||||
(3.18
|
)
|
(2.71
|
)
|
75,493
|
2.06
|
5.74
|
1.97
|
%
|
5.83
|
%
|
8
|
|||||||||||
15.49
|
16.39
|
82,579
|
1.68
|
6.11
|
1.47
|
6.32
|
—
|
*
|
(b)
|
Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to VRDP Shares.
|
(c)
|
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.
|
(d)
|
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, each 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
|
.62
|
%
|
|
2013
|
.59
|
||
2012
|
.67
|
||
2011
|
.92
|
||
2010
|
.57
|
(e)
|
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.
|
*
|
Calculates to less than 1%.
|
N/A
|
Fund no longer has a contractual reimbursement agreement with the Adviser.
|
Nuveen Investments
|
73
|
ARPS at the End of Period
|
VRDP Shares at the End of Period
|
MTP Shares at the End of Period (a)
|
|||||||||||||||||
Aggregate
|
Asset
|
Aggregate
|
Asset
|
Aggregate
|
Asset
|
||||||||||||||
Amount
|
Coverage
|
Amount
|
Coverage
|
Amount
|
Coverage
|
||||||||||||||
Outstanding
|
Per $25,000
|
Outstanding
|
Per $100,000
|
Outstanding
|
Per $10
|
||||||||||||||
(000
|
)
|
Share
|
(000
|
)
|
Share
|
(000
|
)
|
Share
|
|||||||||||
California Premium Income (NCU)
|
|||||||||||||||||||
Year Ended 2/28-2/29:
|
|||||||||||||||||||
2014
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
35,250
|
$
|
34.39
|
|||||||
2013
|
—
|
—
|
—
|
—
|
35,250
|
35.91
|
|||||||||||||
2012
|
—
|
—
|
—
|
—
|
35,250
|
34.90
|
|||||||||||||
2011
|
—
|
—
|
—
|
—
|
35,250
|
31.07
|
|||||||||||||
2010
|
34,375
|
82,150
|
—
|
—
|
—
|
—
|
|||||||||||||
California Dividend Advantage (NAC)
|
|||||||||||||||||||
Year Ended 2/28-2/29:
|
|||||||||||||||||||
2014
|
—
|
—
|
136,200
|
353,644
|
—
|
—
|
|||||||||||||
2013
|
—
|
—
|
136,200
|
374,666
|
—
|
—
|
|||||||||||||
2012
|
—
|
—
|
136,200
|
356,390
|
—
|
—
|
|||||||||||||
2011
|
135,525
|
79,903
|
—
|
—
|
—
|
—
|
|||||||||||||
2010
|
135,525
|
85,098
|
—
|
—
|
—
|
—
|
(a)
|
The Ending and Average Market Value Per Share for each Series of the Fund’s MTP Shares were as follows:
|
2014
|
2013
|
2012
|
2011(b
|
)
|
|||||||||
California Premium Income (NCU)
|
|||||||||||||
Series 2015 (NCU PRC)
|
|||||||||||||
Ending Market Value per Share
|
$
|
10.04
|
$
|
10.05
|
$
|
10.06
|
$
|
9.63
|
|||||
Average Market Value per Share
|
10.03
|
10.05
|
9.84
|
9.74
|
^
|
(b)
|
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.
|
74
|
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
|
Asset
|
Aggregate
|
Asset
|
Aggregate
|
Asset
|
Asset Coverage
|
||||||||||||||||
Amount
|
Coverage
|
Amount
|
Coverage
|
Amount
|
Coverage
|
Per $1
|
||||||||||||||||
Outstanding
|
Per $25,000
|
Outstanding
|
Per $100,000
|
Outstanding
|
Per $10
|
Liquidation
|
||||||||||||||||
(000
|
)
|
Share
|
(000
|
)
|
Share
|
(000
|
)
|
Share
|
Preference
|
|||||||||||||
California Dividend Advantage 2 (NVX)
|
||||||||||||||||||||||
Year Ended 2/28-2/29:
|
||||||||||||||||||||||
2014
|
$
|
—
|
$
|
—
|
$
|
98,000
|
$
|
323,595
|
$
|
—
|
$
|
—
|
$
|
—
|
||||||||
2013
|
—
|
—
|
—
|
—
|
97,846
|
34.65
|
—
|
|||||||||||||||
2012
|
—
|
—
|
—
|
—
|
97,846
|
33.35
|
—
|
|||||||||||||||
2011
|
39,950
|
77,310
|
—
|
—
|
55,000
|
30.92
|
3.09
|
|||||||||||||||
2010
|
93,775
|
81,968
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||||
California Dividend Advantage 3 (NZH)
|
||||||||||||||||||||||
Year Ended 2/28-2/29:
|
||||||||||||||||||||||
2014
|
—
|
—
|
160,000
|
303,718
|
—
|
—
|
—
|
|||||||||||||||
2013
|
—
|
—
|
—
|
—
|
159,545
|
32.26
|
—
|
|||||||||||||||
2012
|
—
|
—
|
—
|
—
|
159,545
|
31.05
|
—
|
|||||||||||||||
2011
|
69,500
|
71,960
|
—
|
—
|
86,250
|
28.78
|
2.88
|
|||||||||||||||
2010
|
69,500
|
76,021
|
—
|
—
|
86,250
|
30.41
|
3.04
|
(a)
|
The Ending and Average Market Value Per Share for each Series of the Fund’s MTP Shares were as follows:
|
2014
|
2013
|
2012
|
2011
|
(b)
|
2010
|
(b)
|
||||||||||
California Dividend Advantage 2 (NVX)
|
||||||||||||||||
Series 2014 (NVX PRA)
|
||||||||||||||||
Ending Market Value per Share
|
$
|
—
|
$
|
10.05
|
$
|
10.11
|
$
|
—
|
$
|
—
|
||||||
Average Market Value per Share
|
10.03
|
∆
|
10.07
|
10.09
|
Ω |
—
|
—
|
|||||||||
Series 2015 (NVX PRC)
|
||||||||||||||||
Ending Market Value per Share
|
—
|
10.05
|
10.01
|
9.82
|
—
|
|||||||||||
Average Market Value per Share
|
10.02
|
∆
|
10.04
|
9.89
|
9.72
|
^^
|
—
|
|||||||||
California Dividend Advantage 3 (NZH)
|
||||||||||||||||
Series 2014 (NZH PRA)
|
||||||||||||||||
Ending Market Value per Share
|
—
|
10.05
|
10.17
|
—
|
—
|
|||||||||||
Average Market Value per Share
|
10.04
|
∆∆
|
10.09
|
10.11
|
ΩΩ |
—
|
—
|
|||||||||
Series 2014-1 (NZH PRB)
|
||||||||||||||||
Ending Market Value per Share
|
—
|
10.05
|
10.15
|
—
|
—
|
|||||||||||
Average Market Value per Share
|
10.03
|
∆∆
|
10.08
|
10.12
|
ΩΩΩ |
—
|
—
|
|||||||||
Series 2015 (NZH PRC)
|
||||||||||||||||
Ending Market Value per Share
|
—
|
10.14
|
10.18
|
10.06
|
10.11
|
|||||||||||
Average Market Value per Share
|
10.07
|
∆∆
|
10.13
|
10.11
|
10.14
|
10.09
|
^
|
(b)
|
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.
|
∆
|
For the period March 1, 2013 through September 9, 2013.
|
∆∆
|
For the period March 1, 2013 through October 7, 2013.
|
Nuveen Investments
|
75
|
VRDP Shares at the End of Period
|
|||||||
Aggregate
|
Asset
|
||||||
Amount
|
Coverage
|
||||||
Outstanding
|
Per $100,000
|
||||||
(000
|
)
|
Share
|
|||||
California AMT-Free Income (NKX)
|
|||||||
Year Ended 2/28-2/29:
|
|||||||
2014
|
$
|
291,600
|
$
|
308,111
|
|||
2013
|
291,600
|
323,389
|
|||||
2012
|
35,500
|
344,312
|
|||||
2011
|
35,500
|
312,655
|
|||||
2010
|
35,500
|
332,616
|
76
|
Nuveen Investments
|
Notes to
|
|
Financial Statements
|
•
|
Nuveen California Premium Income Municipal Fund (NCU) (“California Premium Income (NCU)”)
|
|
•
|
Nuveen California Dividend Advantage Municipal Fund (NAC) (“California Dividend Advantage (NAC)”)
|
|
•
|
Nuveen California Dividend Advantage Municipal Fund 2 (NVX) (“California Dividend Advantage 2 (NVX)”)
|
|
•
|
Nuveen California Dividend Advantage Municipal Fund 3 (NZH) (“California Dividend Advantage 3 (NZH)”)
|
|
•
|
Nuveen California AMT-Free Municipal Income Fund (NKX) (“California AMT-Free Income (NKX)”)
|
•
|
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)
|
California Dividend Advantage (NAC)
|
Nuveen California Municipal Market Opportunity Fund, Inc. (NCO)
|
|
Nuveen California Investment Quality Municipal Fund, Inc. (NQC)
|
|
Nuveen California Select Quality Municipal Fund, Inc. (NVC)
|
|
Nuveen California Quality Income Municipal Fund, Inc. (NUC)
|
|
California Premium Income (NCU)
|
California AMT-Free Income (NKX)
|
Nuveen Investments
|
77
|
Shares Outstanding
|
Annual
|
|||||||||||||||
NYSE MKT
|
Shares
|
at $10 Per Share
|
Dividend
|
|||||||||||||
Series
|
Ticker
|
Outstanding
|
Liquidation Value
|
Rate
|
||||||||||||
California Premium Income (NCU)
|
2015
|
NCU PRC
|
3,525,000
|
$
|
35,250,000
|
2.00
|
%
|
78
|
Nuveen Investments
|
NYSE MKT
|
Term
|
Optional
|
Premium
|
|||||||||||||
Series
|
Ticker
|
Redemption Date | Redemption Date |
Expiration Date
|
||||||||||||
California Premium Income (NCU)
|
2015
|
NCU PRC
|
October 1, 2015
|
October 1, 2011
|
September 30, 2012 |
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
|
*
|
For the period March 1, 2013 through September 9, 2013.
|
**
|
For the period March 1, 2013 through October 7, 2013.
|
Shares
|
|||||||||||||
Outstanding
|
|||||||||||||
Shares
|
at $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 Dividend Advantage 3 (NZH)
|
|||||||||||||
1
|
1,600
|
*
|
$
|
160,000,000
|
September 1, 2043
|
Nuveen Investments
|
79
|
Shares
|
|||||||||||||
Outstanding
|
|||||||||||||
Shares
|
at $100,000 Per Share
|
||||||||||||
Series
|
Outstanding
|
Liquidation Value
|
Maturity
|
||||||||||
California AMT-Free Income (NKX)
|
|||||||||||||
2
|
355
|
$
|
35,500,000
|
June 1, 2040
|
|||||||||
3
|
427
|
42,700,000
|
March 1, 2040
|
||||||||||
4
|
1,090
|
109,000,000
|
December 1, 2040
|
||||||||||
5
|
1,044
|
104,400,000
|
June 1, 2041
|
California
|
California
|
California
|
California
|
||||||||||
Dividend
|
Dividend
|
Dividend
|
AMT-Free
|
||||||||||
Advantage
|
Advantage 2
|
Advantage 3
|
Income
|
||||||||||
(NAC
|
)
|
(NVX
|
)*
|
(NZH
|
)**
|
(NKX
|
)
|
||||||
Average liquidation value of VRDP Shares outstanding
|
$
|
136,200,000
|
$
|
98,000,000
|
$
|
160,000,000
|
$
|
291,600,000
|
|||||
Annualized dividend rate
|
0.26
|
%
|
0.16
|
%
|
0.14
|
%
|
0.20
|
%
|
*
|
For the period August 29, 2013 (first issuance date of shares) through February 28, 2014.
|
**
|
For the period September 26, 2013 (first issuance date of shares) through February 28, 2014.
|
80
|
Nuveen Investments
|
Level 1 – |
Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
|
|
Level 2 – |
Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
|
|
Level 3 – |
Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).
|
Nuveen Investments
|
81
|
California Premium Income (NCU)
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||
Long-Term Investments*:
|
|||||||||||||
Municipal Bonds
|
$
|
—
|
$
|
120,143,411
|
$
|
—
|
$
|
120,143,411
|
|||||
California Dividend Advantage (NAC)
|
|||||||||||||
Long-Term Investments*:
|
|||||||||||||
Municipal Bonds
|
$
|
—
|
$
|
507,892,931
|
$
|
—
|
$
|
507,892,931
|
|||||
California Dividend Advantage 2 (NVX)
|
|||||||||||||
Long-Term Investments*:
|
|||||||||||||
Municipal Bonds
|
$
|
—
|
$
|
308,329,147
|
$
|
—
|
$
|
308,329,147
|
|||||
California Dividend Advantage 3 (NZH)
|
|||||||||||||
Long-Term Investments*:
|
|||||||||||||
Municipal Bonds
|
$
|
—
|
$
|
470,083,503
|
$
|
—
|
$
|
470,083,503
|
|||||
California AMT-Free Income (NKX)
|
|||||||||||||
Long-Term Investments*:
|
|||||||||||||
Municipal Bonds
|
$
|
—
|
$
|
884,173,579
|
$
|
—
|
$
|
884,173,579
|
(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.
|
82
|
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
|
)
|
|||||||
Average floating rate obligations outstanding
|
$
|
5,314,918
|
$
|
43,622,425
|
$
|
8,607,123
|
$
|
845,000
|
$
|
17,605,808
|
||||||
Average annual interest rate and fees
|
0.49
|
%
|
0.57
|
%
|
0.58
|
%
|
0.65
|
%
|
0.58
|
%
|
California
|
California
|
California
|
California
|
California
|
||||||||||||
Premium
|
Dividend
|
Dividend
|
Dividend
|
AMT-Free
|
||||||||||||
Income
|
Advantage
|
Advantage 2
|
Advantage 3
|
Income
|
||||||||||||
(NCU
|
)
|
(NAC
|
)
|
(NVX
|
)
|
(NZH
|
)
|
(NKX
|
)
|
|||||||
Floating rate obligations: self-deposited inverse floaters
|
$
|
3,395,000
|
$
|
43,400,000
|
$
|
965,000
|
$
|
845,000
|
$
|
3,360,000
|
||||||
Floating rate obligations: externally-deposited inverse floaters
|
4,671,500
|
34,034,000
|
9,075,000
|
53,741,500
|
60,477,000
|
|||||||||||
Total
|
$
|
8,066,500
|
$
|
77,434,000
|
$
|
10,040,000
|
$
|
54,586,500
|
$
|
63,837,000
|
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
|
$
|
2,010,000
|
$
|
24,590,000
|
$
|
3,480,000
|
$
|
48,960,000
|
$
|
31,250,000
|
Nuveen Investments
|
83
|
California Premium
Income (NCU)
|
California Dividend
Advantage (NAC)
|
||||||||||||
Year
|
Year
|
Year
|
Year
|
||||||||||
Ended
|
Ended
|
Ended
|
Ended
|
||||||||||
2/28/14
|
2/28/13
|
2/28/14
|
2/28/13
|
||||||||||
Common shares:
|
|||||||||||||
Issued to shareholders due to reinvestment of distributions
|
—
|
2,157
|
7,517
|
38,134
|
California Dividend
Advantage 2 (NVX)
|
California Dividend
Advantage 3 (NZH)
|
||||||||||||
Year
|
Year
|
Year
|
Year
|
||||||||||
Ended
|
Ended
|
Ended
|
Ended
|
||||||||||
2/28/14
|
2/28/13
|
2/28/14
|
2/28/13
|
||||||||||
Common shares:
|
|||||||||||||
Issued to shareholders due to reinvestment of distributions
|
1,236
|
11,279
|
—
|
12,652
|
California AMT-Free
|
|||||||
Income (NKX)
|
|||||||
Year
|
Year
|
||||||
Ended
|
Ended
|
||||||
2/28/14
|
2/28/13
|
||||||
Common shares:
|
|||||||
Issued in reorganizations
|
—
|
35,902,926
|
|||||
Issued to shareholders due to reinvestment of distributions
|
—
|
51,960
|
84
|
Nuveen Investments
|
Year Ended February 28, 2014
|
|||||||||||||
NYSE/
|
|||||||||||||
NYSE MKT
|
|||||||||||||
Series
|
Ticker
|
Shares
|
Amount
|
||||||||||
California Dividend Advantage 2 (NVX)
|
|||||||||||||
MTP Shares redeemed:
|
2014
|
NVX PRA
|
(4,284,630
|
)
|
$
|
(42,846,300
|
)
|
||||||
2015
|
NVX PRC
|
(5,500,000
|
)
|
(55,000,000
|
)
|
||||||||
Total
|
(9,784,630
|
)
|
$
|
(97,846,300
|
)
|
||||||||
California Dividend Advantage 3 (NZH)
|
|||||||||||||
MTP Shares redeemed:
|
2014
|
NZH PRA
|
(2,700,000
|
)
|
$
|
(27,000,000
|
)
|
||||||
2014-1
|
NZH PRB
|
(8,625,000
|
)
|
(86,250,000
|
)
|
||||||||
2015
|
NZH PRC
|
(4,629,450
|
)
|
(46,294,500
|
)
|
||||||||
Total
|
(15,954,450
|
)
|
$
|
(159,544,500
|
)
|
Year Ended February 28, 2014
|
||||||||||
Series
|
Shares
|
Amount
|
||||||||
California Dividend Advantage 2 (NVX)
|
||||||||||
VRDP Shares issued
|
1
|
980
|
$
|
98,000,000
|
||||||
California Dividend Advantage 3 (NZH)
|
||||||||||
VRDP Shares issued
|
1
|
1,600
|
$
|
160,000,000
|
||||||
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
|
*
|
VRDP Shares issued in connection with the reorganizations.
|
California
|
California
|
California
|
California
|
California
|
||||||||||||
Premium
|
Dividend
|
Dividend
|
Dividend
|
AMT-Free
|
||||||||||||
Income
|
Advantage
|
Advantage 2
|
Advantage 3
|
Income
|
||||||||||||
(NCU
|
)
|
(NAC
|
)
|
(NVX
|
)
|
(NZH
|
)
|
(NKX
|
)
|
|||||||
Purchases
|
$
|
17,145,935
|
$
|
133,539,978
|
$
|
124,994,790
|
$
|
193,984,067
|
$
|
292,522,568
|
||||||
Sales and maturities
|
22,945,825
|
128,821,776
|
144,090,862
|
213,801,182
|
327,209,022
|
Nuveen Investments
|
85
|
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
|
$
|
107,899,882
|
$
|
434,633,401
|
$
|
294,479,358
|
$
|
446,003,182
|
$
|
837,920,267
|
||||||
Gross unrealized:
|
||||||||||||||||
Appreciation
|
$
|
9,367,565
|
$
|
38,310,751
|
$
|
19,300,068
|
$
|
29,982,518
|
$
|
48,228,071
|
||||||
Depreciation
|
(519,795
|
)
|
(8,451,404
|
)
|
(6,415,279
|
)
|
(6,747,197
|
)
|
(5,332,230
|
)
|
||||||
Net unrealized appreciation (depreciation) of investments
|
$
|
8,847,770
|
$
|
29,859,347
|
$
|
12,884,789
|
$
|
23,235,321
|
$
|
42,895,841
|
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
|
$
|
(732,172
|
)
|
$
|
(723,892
|
)
|
$
|
(822,724
|
)
|
$
|
(1,059,035
|
)
|
$
|
(92,184
|
)
|
|
Undistributed (Over-distribution of) net investment income
|
731,573
|
698,168
|
797,773
|
1,014,758
|
17,679
|
|||||||||||
Accumulated net realized gain (loss)
|
599
|
25,724
|
24,951
|
44,277
|
74,505
|
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
|
$
|
1,403,593
|
$
|
5,477,063
|
$
|
2,498,025
|
$
|
1,642,067
|
$
|
6,313,916
|
||||||
Undistributed net ordinary income2
|
—
|
—
|
—
|
5,401
|
27,237
|
|||||||||||
Undistributed net long-term capital gains
|
—
|
—
|
—
|
—
|
—
|
1
|
Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on February 3, 2014, paid on March 3, 2014.
|
2
|
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
|
86
|
Nuveen Investments
|
California
|
California
|
California
|
California
|
California
|
||||||||||||
Premium
|
Dividend
|
Dividend
|
Dividend
|
AMT-Free
|
||||||||||||
Income
|
Advantage
|
Advantage 2
|
Advantage 3
|
Income
|
||||||||||||
2014
|
(NCU
|
)
|
(NAC
|
)
|
(NVX
|
)
|
(NZH
|
)
|
(NKX
|
)
|
||||||
Distributions from net tax-exempt income3
|
$
|
5,520,377
|
$
|
21,240,833
|
$
|
14,651,657
|
$
|
22,400,636
|
$
|
35,727,060
|
||||||
Distributions from net ordinary income2
|
2,520
|
33,376
|
45,313
|
16,906
|
117,778
|
|||||||||||
Distributions from net long-term capital gains4
|
—
|
—
|
—
|
—
|
539,170
|
|||||||||||
California
|
California
|
California
|
California
|
California
|
||||||||||||
Premium
|
Dividend
|
Dividend
|
Dividend
|
AMT-Free
|
||||||||||||
Income
|
Advantage
|
Advantage 2
|
Advantage 3
|
Income
|
||||||||||||
2013
|
(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.
|
3
|
The Funds hereby designate this amount paid during the fiscal year ended February 28, 2014, as Exempt Interest Dividends.
|
4
|
The Funds designated as a long-term capital gain dividend, pursuant to the Internal Revenue Code Section 852 (b)(3), the amount necessary to reduce earnings and profits of the Funds related to net capital gain to zero for the tax year ended February 28, 2014.
|
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
|
516,529
|
731,149
|
705,843
|
10,646,251
|
530,894
|
|||||||||||
February 28, 2019
|
—
|
—
|
—
|
1,340,157
|
—
|
|||||||||||
Not subject to expiration:
|
—
|
11,335,952
|
917,611
|
11,834,608
|
1,652,724
|
|||||||||||
Total
|
$
|
516,529
|
$
|
22,173,998
|
$
|
1,623,454
|
$
|
32,227,953
|
$
|
2,369,566
|
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
|
||||
Premium
|
||||
Income
|
||||
(NCU
|
)
|
|||
Utilized capital loss carryforwards
|
$
|
334,434
|
California
|
California
|
California
|
California
|
California
|
||||||||||||
Premium
|
Dividend
|
Dividend
|
Dividend
|
AMT-Free
|
||||||||||||
Income
|
Advantage
|
Advantage 2
|
Advantage 3
|
Income
|
||||||||||||
(NCU
|
)
|
(NAC
|
)
|
(NVX
|
)
|
(NZH
|
)
|
(NKX
|
)
|
|||||||
Post-October capital losses6
|
$
|
110,168
|
$
|
587,271
|
$
|
1,638,468
|
$
|
2,320,743
|
$
|
2,378,128
|
||||||
Late-year ordinary losses7
|
—
|
—
|
—
|
—
|
—
|
6
|
Capital losses incurred from November 1, 2013 through February 28, 2014, the Funds’ tax year end.
|
7
|
Ordinary losses incurred from January 1, 2014 through February 28, 2014, and specified losses incurred from November 1, 2013 through February 28, 2014.
|
Nuveen Investments
|
87
|
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 February 28, 2014, the complex-level fee rate for these Funds was .1672%.
|
88
|
Nuveen Investments
|
Nuveen Investments
|
89
|
Additional Fund Information
|
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
|
* Interested Board Member.
|
Fund Manager
|
Custodian
|
Legal Counsel
|
Independent Registered
|
Transfer Agent and
|
|
Nuveen Fund Advisors, LLC
|
State Street Bank
|
Chapman and Cutler LLP
|
Public Accounting Firm
|
Shareholder Services
|
|
333 West Wacker Drive
|
& Trust Company
|
Chicago, IL 60603
|
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
|
—
|
—
|
—
|
—
|
—
|
90
|
Nuveen Investments
|
Glossary of Terms Used in this Report
|
■
|
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) Per Share: A fund’s Net Assets is equal to its total assets (securities, cash, accrued earnings and receivables) less its total liabilities. NAV per share is equal to the fund’s Net Assets divided by its number of shares outstanding.
|
■
|
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
|
Reinvest Automatically, Easily and Conveniently
|
Nuveen Investments
|
93
|
Board Members & Officers (Unaudited)
|
Name,
|
Position(s) Held
|
Year First
|
Principal
|
Number
|
|||||
Year of Birth
|
with the Funds
|
Elected or
|
Occupation(s)
|
of Portfolios
|
|||||
& Address
|
|
Appointed
|
Including other
|
in Fund Complex
|
|||||
and Term(1)
|
Directorships
|
Overseen by
|
|||||||
During Past 5 Years
|
Board Member
|
||||||||
Independent Board Members: | |||||||||
■
|
WILLIAM J. SCHNEIDER
1944
333 W. Wacker Drive
Chicago, IL 60606
|
Chairman and
Board Member
|
1996
Class III
|
Chairman of Miller-Valentine Partners, a real estate investment company; formerly, Senior Partner and Chief Operating Officer (retired (2004) of Miller-Valentine Group; an owner in several other Miller Valentine entities; Board Member of Med-America Health System, Tech Town, Inc., a not-for-profit community development company, Board Member of WDPR Public Radio station; formerly, member, Business Advisory Council, Cleveland Federal Reserve Bank and University of Dayton Business School Advisory Council.
|
208
|
||||
■
|
ROBERT P. BREMNER
1940
333 W. Wacker Drive
Chicago, IL 60606
|
Board Member
|
1996
Class III
|
Private Investor and Management Consultant; Treasurer and Director, Humanities Council of Washington, D.C.; Board Member, Independent Directors Council affiliated with the Investment Company Institute. Company Institute.
|
208
|
||||
■
|
JACK B. EVANS
1948
333 W. Wacker Drive
Chicago, IL 60606
|
Board Member
|
1999
Class III
|
President, The Hall-Perrine Foundation, a private philanthropic corporation (since 1996); Chairman, United Fire Group, a publicly held company; formerly, Member and President Pro-Tem of the Board of Regents for the State of Iowa University System; Director, Source Media Group; Life Trustee of Coe College; formerly, Director, Alliant Energy; formerly, Director, Federal Reserve Bank of Chicago; formerly, President and Chief Operating Officer, SCI Financial Group, Inc., a regional financial services firm.
|
208
|
||||
■
|
WILLIAM C. HUNTER
1948
333 W. Wacker Drive
Chicago, IL 60606
|
Board Member
|
2004
Class I
|
Dean Emeritus (since June 30, 2012), formerly, Dean, Tippie College of Business, University of Iowa (2006-2012); Director (since 2004) of Xerox Corporation; Director (since 2005), and President (since July 2012) Beta Gamma Sigma, Inc., The International Honor Society; Director of Wellmark, Inc. (since 2009); formerly, Dean and Distinguished Professor of Finance, School of Business at the University of Connecticut (2003-2006); previously, Senior Vice President and Director of Research at the Federal Reserve Bank of Chicago (1995-2003); formerly, Director (1997-2007), Credit Research Center at Georgetown University.
|
208
|
||||
■
|
DAVID J. KUNDERT
1942
333 W. Wacker Drive
Chicago, IL 60606
|
Board Member
|
2005
Class II
|
Formerly, Director, Northwestern Mutual Wealth Management Company (2006-2013), retired (since 2004) as Chairman, JPMorgan Fleming Asset Management, President and CEO, Banc One Investment Advisors Corporation, and President, One Group Mutual Funds; prior thereto, Executive Vice President, Banc One Corporation and Chairman and CEO, Banc One Investment Management Group; Regent Emeritus, Member of Investment Committee, Luther College; member of the Wisconsin Bar Association; member of Board of Directors, Friends of Boerner Botanical Gardens; member of Board of Directors and Chair of Investment Committee, Greater Milwaukee Foundation; member of the Board of Directors (Milwaukee), College Possible.
|
208
|
94
|
Nuveen Investments
|
Name,
|
Position(s) Held
|
Year First
|
Principal
|
Number
|
|||||
Year of Birth
|
with the Funds
|
Elected or
|
Occupation(s)
|
of Portfolios
|
|||||
& Address
|
|
Appointed
|
Including other
|
in Fund Complex
|
|||||
and Term(1)
|
Directorships
|
Overseen by
|
|||||||
During Past 5 Years
|
Board Member
|
||||||||
Independent Board Members (continued): | |||||||||
■
|
JOHN K. NELSON
1962
333 West Wacker Drive
Chicago, IL 60606
|
Board Member
|
2013
Class II
|
Senior external advisor to the financial services practice of Deloitte Consulting LLP (since 2012); Member of Board of Directors of Core12 LLC since 2008), a private firm which develops branding, marketing and communications strategies for clients; Director of The Curran Center for Catholic American Studies (since 2009) and The President’s Council, Fordham University (since 2010); formerly, Chairman of the Board of Trustees of Marian University (2010 as trustee, 2011-2014 as Chairman); formerly, Chief Executive Officer of ABN AMRO N.V. North America, and Global Head of its Financial Markets Division (2007-2008); prior senior positions held at ABN AMRO include Corporate Executive Vice President and Head of Global Markets-the Americas (2006-2007), CEO of Whole- sale Banking North America and Global Head of Foreign Exchange and Futures Markets (2001-2006), and Regional Commercial Treasurer and Senior Vice President Trading-North America (1996-2001); formerly, Trustee at St. Edmund Preparatory School in New York City.
|
208
|
||||
■
|
JUDITH M. STOCKDALE
1947
333 W. Wacker Drive
Chicago, IL 60606
|
Board Member
|
1997
Class I
|
Board Member, Land Trust Alliance (since June 2013) and U.S. Endowment for Forestry and Communities (since November 2013); formerly, Executive Director (1994-2012), Gaylord and Dorothy Donnelley Foundation (since 1994); prior thereto, Executive Director, Great Lakes Protection Fund (1990-1994).
|
208
|
||||
|
|
|
|
|
|||||
■
|
CAROLE E. STONE
1947
333 W. Wacker Drive
Chicago, IL 60606
|
Board Member
|
2007
Class I
|
Director, Chicago Board Options Exchange (since 2006); Director, C2 Options Exchange, Incorporated (since 2009); Director, CBOE Holdings, Inc. (since 2010); formerly, Commissioner, New York State Commission on Public Authority Reform (2005-2010); formerly, Chair, New York Racing Association Oversight Board (2005-2007).
|
208
|
||||
|
|
|
|
|
|||||
■
|
VIRGINIA L. STRINGER
1944
333 W. Wacker Drive
Chicago, IL 60606
|
Board Member
|
2011
Class I
|
Board Member, Mutual Fund Directors Forum; former governance consultant and non-profit board member; former Owner and President, Strategic Management Resources, Inc., a management consulting firm; former Member, Governing Board, Investment Company Institute’s Independent Directors Council; previously, held several executive positions in general management, marketing and human resources at IBM and The Pillsbury Company; Independent Director, First American Fund Complex (1987-2010) and Chair (1997-2010).
|
208
|
||||
|
|
|
|
|
|||||
■
|
TERENCE J. TOTH
1959
333 W. Wacker Drive
Chicago, IL 60606
|
Board Member
|
2008
Class II
|
Managing Partner, Promus Capital (since 2008); Director, Fulcrum IT Service LLC (since 2010), Quality Control Corporation (since 2012) and LogicMark LLC (since 2012); formerly, Director, Legal & General Investment Management America, Inc. (2008-2013); formerly, CEO and President, Northern Trust Global Investments (2004-2007); Executive Vice President, Quantitative Management & Securities Lending (2000-2004); prior thereto, various positions with Northern Trust Company (since 1994); member: Chicago Fellowship Board (since 2005), Catalyst Schools of Chicago Board (since 2008) and Chairman, and Mather Foundation Board (since 2012), and a member of its investment committee; formerly, Member, Northern Trust Mutual Funds Board (2005-2007), Northern Trust Global Investments Board (2004-2007), Northern Trust Japan Board (2004-2007), Northern Trust Securities Inc. Board (2003-2007) and Northern Trust Hong Kong Board (1997-2004).
|
208
|
Nuveen Investments
|
95
|
Name,
|
Position(s) Held
|
Year First
|
Principal
|
Number
|
|||||
Year of Birth
|
with the Funds
|
Elected or
|
Occupation(s)
|
of Portfolios
|
|||||
& Address
|
|
Appointed
|
Including other
|
in Fund Complex
|
|||||
and Term(1)
|
Directorships
|
Overseen by
|
|||||||
During Past 5 Years
|
Board Member
|
||||||||
Interested Board Members: | |||||||||
■
|
WILLIAM ADAMS IV[2]
1955
333 W. Wacker Drive
Chicago, IL 60606
|
Board Member
|
2013
Class II
|
Senior Executive Vice President, Global Structured Products (since 2010); formerly, Executive Vice President, U.S. Structured Products, of Nuveen Investments, Inc. (1999-2010); Co-President of Nuveen Fund Advisors, LLC (since 2011); President (since 2011), formerly, Managing Director (2010-2011) of Nuveen Commodities Asset Management, LLC; Board Member of the Chicago Symphony Orchestra and of Gilda s Club Chicago.
|
133
|
||||
■
|
THOMAS S. SCHREIER, JR.[2]
1962
333 W. Wacker Drive
Chicago, IL 60606
|
Board Member
|
2013
Class III
|
Vice Chairman, Wealth Management of Nuveen Investments, Inc. (since 2011); Co-President of Nuveen Fund Advisors, LLC; Chairman of Nuveen Asset Management, LLC (since 2011); Co-Chief Executive Officer of Nuveen Securities, LLC (since 2011); Member of Board of Governors and Chairman’s Council of the Investment Company Institute; formerly, Chief Executive Officer (2000-2010) and Chief Investment Officer (2007-2010) of FAF Advisors, Inc.; formerly, President of First American Funds (2001-2010).
|
133
|
||||
Name,
|
Position(s) Held
|
Year First
|
Principal
|
Number
|
|||||
Year of Birth
|
with the Funds
|
Elected or
|
Occupation(s)
|
of Portfolios
|
|||||
& Address
|
Appointed(3)
|
During Past 5 Years
|
in Fund Complex
|
||||||
Overseen
|
|||||||||
Officers of the Funds: |
by Officer
|
||||||||
■
|
GIFFORD R. ZIMMERMAN
1956
333 W. Wacker Drive
Chicago, IL 60606
|
Chief Administrative Officer
|
1988
|
Managing Director (since 2002), and Assistant Secretary of Nuveen Securities, LLC; Managing Director (since 2004) and Assistant Secretary (since 1994) of Nuveen Investments, Inc.; Managing Director (since 2002), Assistant Secretary (since 1997) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant Secretary and Associate General Counsel of Nuveen Asset Management, LLC (since 2011); Managing Director, Associate General Counsel and Assistant Secretary, of Symphony Asset Management LLC (since 2003); Vice President and Assistant Secretary of NWQ Investment Management Company, LLC (since 2002), Nuveen Investments Advisers Inc. (since 2002), Santa Barbara Asset Management, LLC (since 2006), and of Winslow Capital Management, LLC, (since 2010); Vice President and Assistant Secretary (since 2013), formerly, Chief Administrative Officer and Chief Compliance Officer (2006-2013) of Nuveen Commodities Asset Management, LLC; Chartered Financial Analyst.
|
208
|
||||
■
|
CEDRIC H. ANTOSIEWICZ
1962
333 W. Wacker Drive
Chicago, IL 60606
|
Vice President
|
2007
|
Managing Director of Nuveen Securities, LLC.
|
101
|
||||
|
|
|
|
||||||
■
|
MARGO L. COOK
1964
333 W. Wacker Drive
Chicago, IL 60606
|
Vice President
|
2009
|
Executive Vice President (since 2008) of Nuveen Investments, Inc. and of Nuveen Fund Advisors, LLC (since 2011); Managing Director-Investment Services of Nuveen Commodities Asset Management, LLC (since August 2011), previously, Head of Institutional Asset Management (2007-2008) of Bear Stearns Asset Management; Head of Institutional Asset Management (1986-2007) of Bank of NY Mellon; Chartered Financial Analyst.
|
208
|
96
|
Nuveen Investments
|
Name,
|
Position(s) Held
|
Year First
|
Principal
|
Number
|
|||||
Year of Birth
|
with the Funds
|
Elected or
|
Occupation(s)
|
of Portfolios
|
|||||
& Address
|
|
Appointed(3)
|
During Past 5 Years
|
in Fund Complex
|
|||||
Overseen
|
|||||||||
by Officer
|
|||||||||
Officers of the Funds (continued): | |||||||||
■
|
LORNA C. FERGUSON
1945
333 W. Wacker Drive
Chicago, IL 60606
|
Vice President
|
1998
|
Managing Director (since 2005) of Nuveen Fund Advisors, LLC and Nuveen Securities, LLC (since 2004).
|
208
|
||||
■
|
STEPHEN D. FOY
1954
333 W. Wacker Drive
Chicago, IL 60606
|
Vice President and Controller
|
1998
|
Managing Director (since 2014), formerly, Senior Vice President (2013-2014), and Vice President of Nuveen Fund Advisors, LLC; Chief Financial Officer of Nuveen Commodities Asset Management, LLC (since 2010); Senior Vice President (2010-2011), Formerly Vice President (2005-2010) and Funds Controller of Nuveen Securities, LLC; Certified Public Accountant.
|
208
|
||||
■
|
SCOTT S. GRACE
1970
333 W. Wacker Drive
|
Vice President and Treasurer
|
2009
|
Managing Director, Corporate Finance & Development, Treasurer (since 2009) of Nuveen Securities, LLC; Managing Director and Treasurer (since 2009) of Nuveen Fund Advisors, LLC, Nuveen Investments Advisers, Inc., Nuveen Investments Holdings Inc. and (since 2011) Nuveen Asset Management, LLC; Vice President and Treasurer of NWQ Investment Management Company, LLC, Tradewinds Global Investors, LLC, Symphony Asset Management LLC and Winslow Capital Management, LLC.; Vice President of Santa Barbara Asset Management, LLC; formerly, Treasurer (2006-2009), Senior Vice President (2008-2009), previously, Vice President (2006-2008) of Janus Capital Group, Inc.; formerly, Senior Associate in Morgan Stanley’s Global Financial Services Group (2000-2003); Chartered Accountant Designation.
|
208
|
||||
■
|
WALTER M. KELLY
1970
333 W. Wacker Drive
Chicago, IL 60606
|
Chief Compliance Officer and Vice President
|
2003
|
Senior Vice President (since 2008) of Nuveen Investment Holdings, Inc.
|
208
|
||||
■
|
TINA M. LAZAR
1961
333 W. Wacker Drive
Chicago, IL 60606
|
Vice President
|
2002
|
Senior Vice President of Nuveen Investment Holdings, Inc.
|
208
|
||||
■
|
KEVIN J. MCCARTHY
1966
333 W. Wacker Drive
Chicago, IL 60606
|
Vice President and Secretary
|
2007
|
Managing Director and Assistant Secretary (since 2008), Nuveen Securities, LLC; Managing Director (since 2008), Assistant Secretary since 2007) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant Secretary and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC; Managing Director (since 2008), and Assistant Secretary, Nuveen Investment Holdings, Inc.; Vice President (since 2007) and Assistant Secretary of Nuveen Investments Advisers Inc., NWQ Investment Management Company, LLC, NWQ Holdings, LLC, Symphony Asset Management LLC, Santa Barbara Asset Management, LLC, and of Winslow Capital Management, LLC. (since 2010); Vice President and Secretary (since 2010) of Nuveen Commodities Asset Management, LLC.
|
208
|
Nuveen Investments
|
97
|
Name,
|
Position(s) Held
|
Year First
|
Principal
|
Number
|
|||||
Year of Birth
|
with the Funds
|
Elected or
|
Occupation(s)
|
of Portfolios
|
|||||
& Address
|
|
Appointed(3)
|
During Past 5 Years
|
in Fund Complex
|
|||||
Overseen
|
|||||||||
by Officer
|
|||||||||
Officers of the Funds (continued): | |||||||||
■
|
KATHLEEN L. PRUDHOMME
1953
901 Marquette Avenue
Minneapolis, MN 55402
|
Vice President and Assistant Secretary
|
2011
|
Managing Director, Assistant Secretary and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant Secretary and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC; Managing Director and Assistant Secretary (since 2011) of Nuveen Securities, LLC; formerly, Deputy General Counsel, FAF Advisors, Inc. (2004-2010).
|
208
|
||||
■
|
JOEL T. SLAGER
1978
333 West Wacker Drive
Chicago, IL 60606
|
Vice President and Assistant Secretary
|
2013
|
Fund Tax Director for Nuveen Funds (since May, 2013); previously, Vice President of Morgan Stanley Investment Management, Inc., Assistant Treasurer of the Morgan Stanley Funds (from 2010 to 2013); Tax Director at PricewaterhouseCoopers LLP (from 2008 to 2010).
|
208
|
(1)
|
The Board of Trustees is divided into three classes, Class I, Class II, and Class III, with each being elected to serve until the third succeeding annual shareholders’ meeting subsequent to its election or thereafter in each case when its respective successors are duly elected or appointed, except two board members are elected by the holders of Preferred Shares to serve until the next annual shareholders’ meeting subsequent to its election or thereafter in each case when its respective successors are duly elected or appointed. The year first elected or appointed represents the year in which the board member was first elected or appointed to any fund in the Nuveen Complex.
|
(2)
|
“Interested person” as defined in the 1940 Act, by reason of his position with Nuveen Investments, Inc. and certain of its subsidiaries, which are affiliates of the Nuveen Funds.
|
(3)
|
Officers serve one year terms through August of each year. The year first elected or appointed represents the year in which the Officer was first elected or appointed to any fund in the Nuveen Complex.
|
98
|
Nuveen Investments
|
Nuveen Investments
|
99
|
Nuveen Investments:
|
|
Serving Investors for Generations
|
Distributed by Nuveen Investments, LLC | 333 West Wacker Drive | Chicago, IL 60606 | www.nuveen.com
|
Audit Fees Billed
|
Audit-Related Fees
|
Tax Fees
|
All Other Fees
|
||||||||||||
Fiscal Year Ended
|
to Fund 1
|
Billed to Fund 2
|
Billed to Fund 3
|
Billed to Fund 4
|
|||||||||||
February 28, 2014
|
$ | 24,750 | $ | 1,500 | $ | 673 | $ | 0 | |||||||
Percentage approved
|
0 | % | 0 | % | 0 | % | 0 | % | |||||||
pursuant to
|
|||||||||||||||
pre-approval
|
|||||||||||||||
exception
|
|||||||||||||||
February 28, 2013
|
$ | 22,250 | $ | 0 | $ | 0 | $ | 0 | |||||||
Percentage approved
|
0 | % | 0 | % | 0 | % | 0 | % | |||||||
pursuant to
|
|||||||||||||||
pre-approval
|
|||||||||||||||
exception
|
|||||||||||||||
1 "Audit Fees" are the aggregate fees billed for professional services for the audit of the Fund's annual financial statements and services provided in
|
|||||||||||||||
connection with statutory and regulatory filings or engagements.
|
|||||||||||||||
2 "Audit Related Fees" are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of
|
|||||||||||||||
financial statements that are not reported under "Audit Fees". These fees include offerings related to the Fund's common shares and leverage.
|
|||||||||||||||
3 "Tax Fees" are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global
|
|||||||||||||||
withholding tax services; excise and state tax reviews; capital gain, tax equalization and taxable basis calculation performed by the principal accountant.
|
|||||||||||||||
4 "All Other Fees" are the aggregate fees billed for products and services other than "Audit Fees", "Audit-Related Fees" and "Tax Fees". These fees
|
|||||||||||||||
represent all "Agreed-Upon Procedures" engagements pertaining to the Fund's use of leverage.
|
Audit-Related Fees
|
Tax Fees Billed to
|
All Other Fees
|
|
Billed to Adviser and
|
Adviser and
|
Billed to Adviser
|
|
Affiliated Fund
|
Affiliated Fund
|
and Affiliated Fund
|
|
Fiscal Year Ended
|
Service Providers
|
Service Providers
|
Service Providers
|
February 28, 2014
|
$ 0
|
$ 0
|
$ 0
|
Percentage approved
|
0%
|
0%
|
0%
|
pursuant to
|
|||
pre-approval
|
|||
exception
|
|||
February 28, 2013
|
$ 0
|
$ 0
|
$ 0
|
Percentage approved
|
0%
|
0%
|
0%
|
pursuant to
|
|||
pre-approval
|
|||
exception
|
Total Non-Audit Fees
|
||||
billed to Adviser and
|
||||
Affiliated Fund Service
|
Total Non-Audit Fees
|
|||
Providers (engagements
|
billed to Adviser and
|
|||
related directly to the
|
Affiliated Fund Service
|
|||
Total Non-Audit Fees
|
operations and financial
|
Providers (all other
|
||
Fiscal Year Ended
|
Billed to Fund
|
reporting of the Fund)
|
engagements)
|
Total
|
February 28, 2014
|
$ 673
|
$ 0
|
$ 0
|
$ 673
|
February 28, 2013
|
$ 0
|
$ 0
|
$ 0
|
$ 0
|
"Non-Audit Fees billed to Fund" for both fiscal year ends represent "Tax Fees" and "All Other Fees" billed to Fund in their respective
|
||||
amounts from the previous table.
|
||||
Less than 50 percent of the hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent
|
||||
fiscal year were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.
|
Name
|
Fund
|
Scott R. Romans
|
Nuveen California Dividend Advantage Municipal Fund 2
|
Portfolio Manager
|
Type of Account
Managed
|
Number of
Accounts
|
Assets*
|
Scott R. Romans
|
Registered Investment Company
|
21
|
$8.21 billion
|
Other Pooled Investment Vehicles
|
0
|
$0
|
|
Other Accounts
|
2
|
$1.57 million
|
*
|
Assets are as of February 28, 2014. None of the assets in these accounts are subject to an advisory fee based on performance.
|
Name of Portfolio Manager
|
Fund
|
Dollar range of equity
securities beneficially
owned in Fund
|
Dollar range of equity securities
beneficially owned in the remainder of
Nuveen funds managed by Nuveen Asset
Management’s municipal investment team
|
Scott R. Romans
|
Nuveen California Dividend Advantage Municipal Fund 2
|
$0
|
$0
|
(a)
|
The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (17 CFR 240.13a-15(b) or 240.15d-15(b)).
|
(b)
|
There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.
|
(a)(1)
|
Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable because the code is posted on registrant's website at www.nuveen.com/CEF/Shareholder/FundGovernance.aspx and there were no amendments during the period covered by this report. (To view the code, click on Code of Conduct.)
|
(a)(2)
|
A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: Ex-99.CERT Attached hereto.
|
(a)(3)
|
Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable.
|
(b)
|
If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)); Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference. Ex-99.906 CERT attached hereto.
|