1
|
Convertible zero coupon bonds are tax-exempt municipal bonds that can be converted into corporate bonds of the issuing company. These bonds are generally sold at a discount from par and mature at par.
|
6-Month
|
1-Year
|
5-Year
|
10-Year | ||||||||
Uninsured Funds
|
|||||||||||
NCU
|
9.48
|
%
|
17.30
|
%
|
4.69
|
%
|
6.66
|
%
|
|||
NAC
|
8.06
|
%
|
17.03
|
%
|
4.50
|
%
|
6.93
|
%
|
|||
NVX
|
7.51
|
%
|
16.39
|
%
|
4.98
|
%
|
N/A
|
||||
NZH
|
7.51
|
%
|
17.91
|
%
|
3.64
|
%
|
N/A
|
||||
Standard & Poor’s (S&P) California Municipal Bond Index3
|
6.71
|
%
|
10.79
|
%
|
4.56
|
%
|
5.49
|
%
|
|||
Standard & Poor’s (S&P) National Municipal Bond Index4
|
5.53
|
%
|
10.19
|
%
|
4.77
|
%
|
5.67
|
%
|
|||
Lipper California Municipal Debt Funds Average5
|
9.32
|
%
|
17.96
|
%
|
3.65
|
%
|
6.00
|
%
|
|||
Insured Funds
|
|||||||||||
NPC
|
7.69
|
%
|
12.75
|
%
|
4.73
|
%
|
6.24
|
%
|
|||
NCL
|
9.69
|
%
|
15.91
|
%
|
4.89
|
%
|
6.30
|
%
|
|||
NKL
|
7.62
|
%
|
14.52
|
%
|
5.06
|
%
|
N/A
|
||||
NKX
|
6.96
|
%
|
13.23
|
%
|
4.60
|
%
|
N/A
|
||||
Standard & Poor’s (S&P) California Municipal Bond Index3
|
6.71
|
%
|
10.79
|
%
|
4.56
|
%
|
5.49
|
%
|
|||
Standard & Poor’s (S&P) Insured National Municipal Bond Index6
|
5.72
|
%
|
10.21
|
%
|
4.73
|
%
|
5.80
|
%
|
|||
Lipper Single-State Insured Municipal Debt Funds Average7
|
7.90
|
%
|
14.13
|
%
|
4.67
|
%
|
6.26
|
%
|
*
|
Six-month returns are cumulative; all other returns are annualized.
|
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares.
|
|
For additional information, see the individual Performance Overview for your Fund in this report.
|
|
2
|
An inverse floating rate security, also known as an inverse floater, is a financial instrument designed to pay long-term tax-exempt interest at a rate that varies inversely with a short-term tax-exempt interest rate index. For the Nuveen Funds, the index typically used is the Securities Industry and Financial Markets (SIFM) Municipal Swap Index (previously referred to as the Bond Market Association Index or BMA). Inverse floaters, including those inverse floating rate securities in which the Funds invested during this reporting period, are further defined within the Notes to Financial Statements and Glossary of Terms Used in this Report sections of this report.
|
3
|
The Standard & Poor’s (S&P) California Municipal Bond Index is an unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment-grade California municipal bond market. This index does not reflect any initial or ongoing expenses and is not available for direct investment.
|
4
|
The Standard & Poor’s (S&P) National Municipal Bond Index is an unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment-grade U.S. municipal bond market. This index does not reflect any initial or ongoing expenses and is not available for direct investment.
|
5
|
The Lipper California Municipal Debt Funds Average is calculated using the returns of all leveraged and unleveraged closed-end funds in this category for each period as follows: 6-month, 24 funds; 1-year, 24 funds; 5-year, 24 funds; and 10-year, 12 funds. Lipper returns account for the effects of management fees and assume reinvestment of dividends, but do not reflect any applicable sales charges. The Lipper average is not available for direct investment.
|
6
|
The Standard & Poor’s (S&P) Insured National Municipal Bond Index is an unleveraged, market value-weighted index designed to measure the performance of the insured segment of the U.S. municipal bond market. This index does not reflect any initial or ongoing expenses and is not available for direct investment.
|
7
|
The Lipper Single-State Insured Municipal Debt Funds Average is calculated using the returns of all leveraged and unleveraged closed-end funds in this category for each period as follows: 6-month, 44 funds; 1-year, 44 funds; 5-year, 44 funds; and 10-year, 24 funds. Lipper returns account for the effects of management fees and assume reinvestment of dividends, but do not reflect any applicable sales charges. The Lipper average is not available for direct investment.
|
Fund
|
Auction Rate
Preferred Shares
Redeemed
|
% of Original
Auction Rate
Preferred Share
|
|||||
NPC
|
$
|
45,000,000
|
100.0
|
%
|
|||
NCL
|
$
|
21,675,000
|
22.8
|
%
|
|||
NCU
|
$
|
8,625,000
|
20.1
|
%
|
|||
NAC
|
$
|
39,475,000
|
22.6
|
%
|
|||
NVX
|
$
|
16,225,000
|
14.8
|
%
|
|||
NZH
|
$
|
117,500,000
|
62.8
|
%
|
|||
NKL
|
$
|
14,250,000
|
12.1
|
%
|
|||
NKX
|
$
|
45,000,000
|
100.0
|
%
|
Fund
|
Common Shares
Repurchased
|
% of Outstanding
Common Shares
|
|||||
NPC
|
17,700
|
0.3
|
%
|
||||
NCL
|
53,500
|
0.4
|
%
|
||||
NCU
|
42,100
|
0.7
|
%
|
||||
NAC
|
—
|
—
|
|||||
NVX
|
50,700
|
0.3
|
%
|
||||
NZH
|
12,900
|
0.1
|
%
|
||||
NKL
|
32,700
|
0.2
|
%
|
||||
NKX
|
—
|
—
|
Fund
|
8/31/10
(-) Discount
|
Six-Month
Average (-) Discount
|
|||||
NPC
|
-3.69
|
%
|
-7.54
|
%
|
|||
NCL
|
-3.83
|
%
|
-4.25
|
%
|
|||
NCU
|
-2.95
|
%
|
-6.91
|
%
|
|||
NAC
|
-0.96
|
%
|
-5.11
|
%
|
|||
NVX
|
-1.66
|
%
|
-3.46
|
%
|
|||
NZH
|
-0.07
|
%
|
-1.32
|
%
|
|||
NKL
|
-1.37
|
%
|
-3.24
|
%
|
|||
NKX
|
-3.22
|
%
|
-5.26
|
%
|
NPC
|
Nuveen Insured California
Premium Income
Municipal Fund, Inc. as of August 31, 2010
|
|
Performance
OVERVIEW
|
||
Fund Snapshot
|
||||
Common Share Price
|
$
|
14.86
|
||
Common Share Net Asset Value (NAV)
|
$
|
15.43
|
||
Premium/(Discount) to NAV
|
-3.69
|
%
|
||
Market Yield
|
5.85
|
%
|
||
Taxable-Equivalent Yield3
|
8.99
|
%
|
||
Net Assets Applicable to Common Shares ($000)
|
$
|
99,399
|
||
Average Effective Maturity on Securities (Years)
|
16.57
|
|||
Leverage-Adjusted Duration
|
8.93
|
Average Annual Total Return
(Inception 11/19/92)
|
|||||||
On Share Price |
On NAV
|
||||||
6-Month (Cumulative)
|
15.18
|
%
|
7.69
|
%
|
|||
1-Year
|
20.75
|
%
|
12.75
|
%
|
|||
5-Year
|
4.82
|
%
|
4.73
|
%
|
|||
10-Year
|
6.53
|
%
|
6.24
|
%
|
Portfolio Composition
(as a % of total investments)
|
||||
Tax Obligation/Limited
|
35.1
|
%
|
||
Tax Obligation/General
|
23.6
|
%
|
||
U.S. Guaranteed
|
19.0
|
%
|
||
Water and Sewer
|
13.0
|
%
|
||
Other
|
9.3
|
%
|
Insurers
(as a % of total Insured investments)
|
||||
NPFG4
|
31.9
|
%
|
||
AGM
|
25.8
|
%
|
||
AMBAC
|
19.0
|
%
|
||
FGIC
|
13.5
|
%
|
||
AGC
|
7.6
|
%
|
||
SYNCORA GTY
|
2.2
|
%
|
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
|
|
1
|
The Fund intends to invest at least 80% of its managed assets in municipal securities that are covered by insurance guaranteeing the timely payment of principal and interest. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Insurance for more information. As of August 31, 2010, the Fund includes 81% (as a % of total investments) of Insured securities.
|
2
|
Ratings shown are the highest of Standard & Poor’s Group, Moody’s Investor Service, Inc. or Fitch, Inc. AAA includes bonds with an implied AAA rating since they are backed by U.S. Government or agency securities. AAA, AA, A and BBB ratings are investment grade; BB, B, CCC, CC, C and D ratings are below-investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
|
3
|
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 34.9%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
|
4
|
MBIA’s public finance subsidiary.
|
NCL
Performance
OVERVIEW |
Nuveen Insured California
Premium Income
Municipal Fund 2, Inc.
as of August 31, 2010
|
Fund Snapshot
|
||||
Common Share Price
|
$
|
14.32
|
||
Common Share Net Asset Value (NAV)
|
$
|
14.89
|
||
Premium/(Discount) to NAV
|
-3.83
|
%
|
||
Market Yield
|
6.03
|
%
|
||
Taxable-Equivalent Yield3
|
9.26
|
%
|
||
Net Assets Applicable to Common Shares ($000)
|
$
|
188,649
|
||
Average Effective Maturity on Securities (Years)
|
17.56
|
|||
Leverage-Adjusted Duration
|
9.37
|
Average Annual Total Return
(Inception 3/18/93)
|
|||||||
On Share Price |
On NAV
|
||||||
6-Month (Cumulative)
|
16.16
|
%
|
9.69
|
%
|
|||
1-Year
|
20.92
|
%
|
15.91
|
%
|
|||
5-Year
|
4.88
|
%
|
4.89
|
%
|
|||
10-Year
|
6.20
|
%
|
6.30
|
%
|
Portfolio Composition
(as a % of total investments)
|
||||
Tax Obligation/Limited
|
41.7
|
%
|
||
Tax Obligation/General
|
20.8
|
%
|
||
Water and Sewer
|
14.4
|
%
|
||
U.S. Guaranteed
|
6.7
|
%
|
||
Utilities
|
5.6
|
%
|
||
Transportation
|
5.0
|
%
|
||
Other
|
5.8
|
%
|
Insurers
(as a % of total Insured investments)
|
||||
AMBAC
|
27.3
|
%
|
||
NPFG4
|
21.7
|
%
|
||
AGM
|
20.7
|
%
|
||
FGIC
|
18.1
|
%
|
||
AGC
|
11.6
|
%
|
||
SYNCORA GTY
|
0.6
|
%
|
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
|
|
1
|
The Fund intends to invest at least 80% of its managed assets in municipal securities that are covered by insurance guaranteeing the timely payment of principal and interest. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Insurance for more information. As of August 31, 2010, the Fund includes 96% (as a % of total investments) of Insured securities.
|
2
|
Ratings shown are the highest of Standard & Poor’s Group, Moody’s Investor Service, Inc. or Fitch, Inc. AAA includes bonds with an implied AAA rating since they are backed by U.S. Government or agency securities. AAA, AA, A and BBB ratings are investment grade; BB, B, CCC, CC, C and D ratings are below-investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
|
3
|
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 34.9%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
|
4
|
MBIA’s public finance subsidiary.
|
NCU
Performance
OVERVIEW
|
Nuveen California
Premium Income
Municipal Fund
as of August 31, 2010
|
Fund Snapshot
|
||||
Common Share Price
|
$
|
14.13
|
||
Common Share Net Asset Value (NAV)
|
$
|
14.56
|
||
Premium/(Discount) to NAV
|
-2.95
|
%
|
||
Market Yield
|
6.16
|
%
|
||
Taxable-Equivalent Yield2
|
9.46
|
%
|
||
Net Assets Applicable to Common Shares ($000)
|
$
|
83,486
|
||
Average Effective Maturity on Securities (Years)
|
17.61
|
|||
Leverage-Adjusted Duration
|
8.87
|
Average Annual Total Return
(Inception 6/18/93)
|
|||||||
On Share Price |
On NAV
|
||||||
6-Month (Cumulative)
|
20.51
|
%
|
9.48
|
%
|
|||
1-Year
|
24.58
|
%
|
17.30
|
%
|
|||
5-Year
|
5.52
|
%
|
4.69
|
%
|
|||
10-Year
|
6.74
|
%
|
6.66
|
%
|
Portfolio Composition
(as a % of total investments)
|
||||
Tax Obligation/Limited
|
30.3
|
%
|
||
Tax Obligation/General
|
18.9
|
%
|
||
Health Care
|
17.8
|
%
|
||
U.S. Guaranteed
|
8.5
|
%
|
||
Utilities
|
5.3
|
%
|
||
Water and Sewer
|
5.0
|
%
|
||
Other
|
14.2
|
%
|
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
|
|
1
|
Ratings shown are the highest of Standard & Poor’s Group, Moody’s Investor Service, Inc. or Fitch, Inc. AAA includes bonds with an implied AAA rating since they are backed by U.S. Government or agency securities. AAA, AA, A and BBB ratings are investment grade; BB, B, CCC, CC, C and D ratings are below-investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
|
2
|
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 34.9%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
|
NAC
Performance
OVERVIEW
|
Nuveen California
Dividend Advantage
Municipal Fund
as of August 31, 2010
|
Fund Snapshot
|
||||
Common Share Price
|
$
|
14.40
|
||
Common Share Net Asset Value (NAV)
|
$
|
14.54
|
||
Premium/(Discount) to NAV
|
-0.96
|
%
|
||
Market Yield
|
6.21
|
%
|
||
Taxable-Equivalent Yield2
|
9.54
|
%
|
||
Net Assets Applicable to Common Shares ($000)
|
$
|
341,415
|
||
Average Effective Maturity on Securities (Years)
|
19.41
|
|||
Leverage-Adjusted Duration
|
9.61
|
Average Annual Total Return
(Inception 5/26/99)
|
|||||||
On Share Price |
On NAV
|
||||||
6-Month (Cumulative)
|
18.05
|
%
|
8.06
|
%
|
|||
1-Year
|
25.62
|
%
|
17.03
|
%
|
|||
5-Year
|
4.61
|
%
|
4.50
|
%
|
|||
10-Year
|
7.24
|
%
|
6.93
|
%
|
Portfolio Composition
(as a % of total investments)
|
||||
Tax Obligation/Limited
|
22.7
|
%
|
||
Health Care
|
19.0
|
%
|
||
Tax Obligation/General
|
13.7
|
%
|
||
U.S. Guaranteed
|
11.7
|
%
|
||
Transportation
|
9.1
|
%
|
||
Water and Sewer
|
7.1
|
%
|
||
Education and Civic Organizations
|
4.7
|
%
|
||
Other
|
12.0
|
%
|
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
|
|
1
|
Ratings shown are the highest of Standard & Poor’s Group, Moody’s Investor Service, Inc. or Fitch, Inc. AAA includes bonds with an implied AAA rating since they are backed by U.S. Government or agency securities. AAA, AA, A and BBB ratings are investment grade; BB, B, CCC, CC, C and D ratings are below-investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
|
2
|
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 34.9%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
|
NVX
Performance
OVERVIEW
|
Nuveen California
Dividend Advantage
Municipal Fund 2
as of August 31, 2010
|
Fund Snapshot
|
||||
Common Share Price
|
$
|
14.83
|
||
Common Share Net Asset Value (NAV)
|
$
|
15.08
|
||
Premium/(Discount) to NAV
|
-1.66
|
%
|
||
Market Yield
|
6.47
|
%
|
||
Taxable-Equivalent Yield2
|
9.94
|
%
|
||
Net Assets Applicable to Common Shares ($000)
|
$
|
222,421
|
||
Average Effective Maturity on Securities (Years)
|
14.80
|
|||
Leverage-Adjusted Duration
|
8.73
|
Average Annual Total Return
(Inception 3/27/01)
|
|||||||
On Share Price
|
On NAV
|
||||||
6-Month (Cumulative)
|
13.10
|
%
|
7.51
|
%
|
|||
1-Year
|
24.51
|
%
|
16.39
|
%
|
|||
5-Year
|
5.68
|
%
|
4.98
|
%
|
|||
Since Inception
|
6.17
|
%
|
6.48
|
%
|
Portfolio Composition
(as a % of total investments)
|
||||
U.S. Guaranteed
|
25.4
|
%
|
||
Health Care
|
13.9
|
%
|
||
Tax Obligation/Limited
|
11.1
|
%
|
||
Tax Obligation/General
|
9.0
|
%
|
||
Transportation
|
8.6
|
%
|
||
Water and Sewer
|
7.5
|
%
|
||
Utilities
|
6.3
|
%
|
||
Education and Civic Organizations
|
5.5
|
%
|
||
Other
|
12.7
|
%
|
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
|
|
1
|
Ratings shown are the highest of Standard & Poor’s Group, Moody’s Investor Service, Inc. or Fitch, Inc. AAA includes bonds with an implied AAA rating since they are backed by U.S. Government or agency securities. AAA, AA, A and BBB ratings are investment grade; BB, B, CCC, CC, C and D ratings are below-investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
|
2
|
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 34.9%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
|
NZH
Performance
OVERVIEW
|
Nuveen California
Dividend Advantage
Municipal Fund 3
as of August 31, 2010
|
Fund Snapshot
|
||||
Common Share Price
|
$
|
13.69
|
||
Common Share Net Asset Value (NAV)
|
$
|
13.70
|
||
Premium/(Discount) to NAV
|
-0.07
|
%
|
||
Market Yield
|
6.57
|
%
|
||
Taxable-Equivalent Yield2
|
10.09
|
%
|
||
Net Assets Applicable to Common Shares ($000)
|
$
|
330,409
|
||
Average Effective Maturity on Securities (Years)
|
16.90
|
|||
Leverage-Adjusted Duration
|
8.77
|
Average Annual Total Return
(Inception 9/25/01)
|
|||||||
On Share Price |
On NAV
|
||||||
6-Month (Cumulative)
|
11.79
|
%
|
7.51
|
%
|
|||
1-Year
|
20.19
|
%
|
17.91
|
%
|
|||
5-Year
|
5.06
|
%
|
3.64
|
%
|
|||
Since Inception
|
5.24
|
%
|
5.45
|
%
|
Portfolio Composition
(as a % of total investments)
|
||||
Tax Obligation/Limited
|
28.4
|
%
|
||
Health Care
|
19.1
|
%
|
||
U.S. Guaranteed
|
13.4
|
%
|
||
Tax Obligation/General
|
11.7
|
%
|
||
Consumer Staples
|
5.2
|
%
|
||
Transportation
|
5.0
|
%
|
||
Water and Sewer
|
4.0
|
%
|
||
Other
|
13.2
|
%
|
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
|
|
1
|
Ratings shown are the highest of Standard & Poor’s Group, Moody’s Investor Service, Inc. or Fitch, Inc. AAA includes bonds with an implied AAA rating since they are backed by U.S. Government or agency securities. AAA, AA, A and BBB ratings are investment grade; BB, B, CCC, CC, C and D ratings are below-investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
|
2
|
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 34.9%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
|
NKL
Performance
OVERVIEW
|
Nuveen Insured California
Dividend Advantage
Municipal Fund
as of August 31, 2010
|
Fund Snapshot
|
||||
Common Share Price
|
$
|
15.14
|
||
Common Share Net Asset Value (NAV)
|
$
|
15.35
|
||
Premium/(Discount) to NAV
|
-1.37
|
%
|
||
Market Yield
|
6.22
|
%
|
||
Taxable-Equivalent Yield3
|
9.55
|
%
|
||
Net Assets Applicable to Common Shares ($000)
|
$
|
234,211
|
||
Average Effective Maturity on Securities (Years)
|
16.10
|
|||
Leverage-Adjusted Duration
|
7.11
|
Average Annual Total Return
(Inception 3/25/02)
|
|||||||
On Share Price |
On NAV
|
||||||
6-Month (Cumulative)
|
14.40
|
%
|
7.62
|
%
|
|||
1-Year
|
22.68
|
%
|
14.52
|
%
|
|||
5-Year
|
6.22
|
%
|
5.06
|
%
|
|||
Since Inception
|
6.39
|
%
|
6.83
|
%
|
Portfolio Composition
(as a % of total investments)
|
||||
Tax Obligation/Limited
|
32.8
|
%
|
||
Tax Obligation/General
|
19.2
|
%
|
||
U.S. Guaranteed
|
11.6
|
%
|
||
Utilities
|
9.9
|
%
|
||
Water and Sewer
|
9.8
|
%
|
||
Health Care
|
4.4
|
%
|
||
Other
|
12.3
|
%
|
Insurers
(as a % of total Insured investments)
|
||||
AGM
|
26.5
|
%
|
||
AMBAC
|
26.0
|
%
|
||
NFPG4
|
21.5
|
%
|
||
FGIC
|
17.4
|
%
|
||
SYNCORA GTY
|
5.3
|
%
|
||
Other
|
3.3
|
%
|
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
|
|
1
|
The Fund intends to invest at least 80% of its managed assets in municipal securities that are covered by insurance guaranteeing the timely payment of principal and interest. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Insurance for more information. As of August 31, 2010, the Fund includes 82% (as a % of total investments) of Insured securities.
|
2
|
Ratings shown are the highest of Standard & Poor’s Group, Moody’s Investor Service, Inc. or Fitch, Inc. AAA includes bonds with an implied AAA rating since they are backed by U.S. Government or agency securities. AAA, AA, A and BBB ratings are investment grade; BB, B, CCC, CC, C and D ratings are below-investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
|
3
|
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 34.9%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
|
4
|
MBIA’s public finance subsidiary.
|
NKX
Performance
OVERVIEW
|
Nuveen Insured California
Tax-Free Advantage
Municipal Fund
as of August 31, 2010
|
Fund Snapshot
|
||||
Common Share Price
|
$
|
14.12
|
||
Common Share Net Asset Value (NAV)
|
$
|
14.59
|
||
Premium/(Discount) to NAV
|
-3.22
|
%
|
||
Market Yield
|
5.69
|
%
|
||
Taxable-Equivalent Yield3
|
8.74
|
%
|
||
Net Assets Applicable to Common Shares ($000)
|
$
|
85,868
|
||
Average Effective Maturity on Securities (Years)
|
18.24
|
|||
Leverage-Adjusted Duration
|
8.88
|
Average Annual Total Return
(Inception 11/21/02)
|
|||||||
On Share Price |
On NAV
|
||||||
6-Month (Cumulative)
|
13.00
|
%
|
6.96
|
%
|
|||
1-Year
|
17.57
|
%
|
13.23
|
%
|
|||
5-Year
|
5.31
|
%
|
4.60
|
%
|
|||
Since Inception
|
5.01
|
%
|
5.86
|
%
|
Portfolio Composition
(as a % of total investments)
|
||||
Tax Obligation/Limited
|
32.3
|
%
|
||
Health Care
|
16.3
|
%
|
||
Tax Obligation/General
|
12.9
|
%
|
||
U.S. Guaranteed
|
11.8
|
%
|
||
Water and Sewer
|
9.7
|
%
|
||
Transportation
|
5.6
|
%
|
||
Long-Term Care
|
5.1
|
%
|
||
Other
|
6.3
|
%
|
Insurers
(as a % of total Insured investments)
|
||||
AMBAC
|
44.7
|
%
|
||
NPFG4
|
20.2
|
%
|
||
AGM
|
12.1
|
%
|
||
AGC
|
9.4
|
%
|
||
BHAC
|
5.5
|
%
|
||
SYNCORA GTY
|
4.5
|
%
|
||
FGIC
|
3.6
|
%
|
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
|
|
1
|
The Fund intends to invest at least 80% of its managed assets in municipal securities that are covered by insurance guaranteeing the timely payment of principal and interest. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Insurance for more information. As of August 31, 2010, the Fund includes 77% (as a % of total investments) of Insured securities.
|
2
|
Ratings shown are the highest of Standard & Poor’s Group, Moody’s Investor Service, Inc. or Fitch, Inc. AAA includes bonds with an implied AAA rating since they are backed by U.S. Government or agency securities. AAA, AA, A and BBB ratings are investment grade; BB, B, CCC, CC, C and D ratings are below-investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
|
3
|
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 34.9%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
|
4
|
MBIA’s public finance subsidiary.
|
Nuveen Insured California Premium Income Municipal Fund, Inc.
|
||
NPC
|
Portfolio of Investments
|
|
August 31, 2010 (Unaudited)
|
Principal
|
Optional Call
|
|||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||
Education and Civic Organizations – 4.5% (3.3% of Total Investments)
|
||||||||
$
|
750
|
California Educational Facilities Authority, Student Loan Revenue Bonds, Cal Loan Program, Series 2001A, 5.400%, 3/01/21 – NPFG Insured (Alternative Minimum Tax)
|
9/10 at 100.00
|
Baa1
|
$
|
750,735
|
||
1,500
|
California State University, Systemwide Revenue Bonds, Series 2005A, 5.000%, 11/01/25 – AMBAC Insured
|
5/15 at 100.00
|
Aa2
|
1,616,115
|
||||
2,000
|
California State University, Systemwide Revenue Bonds, Series 2005C, 5.000%, 11/01/27 – NPFG Insured
|
11/15 at 100.00
|
Aa2
|
2,153,320
|
||||
4,250
|
Total Education and Civic Organizations
|
4,520,170
|
||||||
Health Care – 5.4% (3.9% of Total Investments)
|
||||||||
3,000
|
California Health Facilities Financing Authority, Insured Revenue Bonds, Sutter Health, Series 1998A, 5.375%, 8/15/30 – NPFG Insured
|
2/11 at 100.00
|
Aa3
|
3,001,860
|
||||
724
|
California Statewide Communities Development Authority, Revenue Bonds, Saint Joseph Health System, Trust 2554, 18.104%, 7/01/47 – AGM Insured (IF)
|
7/18 at 100.00
|
AAA
|
842,186
|
||||
1,500
|
California Statewide Community Development Authority, Certificates of Participation, Sutter Health Obligated Group, Series 1999, 5.500%, 8/15/19 – AGM Insured
|
2/11 at 100.00
|
AAA
|
1,505,985
|
||||
5,224
|
Total Health Care
|
5,350,031
|
||||||
Housing/Single Family – 0.2% (0.1% of Total Investments)
|
||||||||
145
|
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
|
148,468
|
||||
Tax Obligation/General – 32.6% (23.6% of Total Investments)
|
||||||||
Bonita Unified School District, San Diego County, California, General Obligation Bonds, Series 2004A:
|
||||||||
1,890
|
5.250%, 8/01/23 – NPFG Insured
|
8/14 at 100.00
|
AA–
|
2,111,943
|
||||
1,250
|
5.250%, 8/01/25 – NPFG Insured
|
8/14 at 100.00
|
AA–
|
1,382,638
|
||||
El Segundo Unified School District, Los Angeles County, California, General Obligation Bonds, Series 2004:
|
||||||||
2,580
|
5.250%, 9/01/21 – FGIC Insured
|
9/14 at 100.00
|
AA–
|
2,918,831
|
||||
1,775
|
5.250%, 9/01/22 – FGIC Insured
|
9/14 at 100.00
|
AA–
|
1,993,520
|
||||
1,130
|
Fontana Unified School District, San Bernardino County, California, General Obligation Bonds, Trust 2668, 9.269%, 2/01/16 – AGM Insured (IF)
|
No Opt. Call
|
AAA
|
1,351,344
|
||||
1,225
|
Fresno Unified School District, Fresno County, California, General Obligation Refunding Bonds, Series 1998A, 6.550%, 8/01/20 – NPFG Insured
|
2/13 at 103.00
|
Aa3
|
1,407,378
|
||||
1,180
|
Jurupa Unified School District, Riverside County, California, General Obligation Bonds, Series 2004, 5.000%, 8/01/21 – FGIC Insured
|
8/13 at 100.00
|
A
|
1,236,286
|
||||
3,000
|
Pomona Unified School District, Los Angeles County, California, General Obligation Refunding Bonds, Series 1997A, 6.500%, 8/01/19 – NPFG Insured
|
8/11 at 103.00
|
A
|
3,243,330
|
||||
160
|
Roseville Joint Union High School District, Placer County, California, General Obligation Bonds, Series 2006B, 5.000%, 8/01/27 – FGIC Insured
|
8/15 at 100.00
|
AA–
|
169,304
|
||||
3,000
|
Sacramento City Unified School District, Sacramento County, California, General Obligation Bonds, Series 2005, 5.000%, 7/01/27 – NPFG Insured
|
7/15 at 100.00
|
Aa2
|
3,167,610
|
||||
San Diego Unified School District, San Diego County, California, General Obligation Bonds, Election of 1998, Series 2001C:
|
||||||||
1,335
|
5.000%, 7/01/21 – AGM Insured
|
7/11 at 102.00
|
AAA
|
1,408,398
|
||||
3,500
|
5.000%, 7/01/22 – AGM Insured
|
7/11 at 102.00
|
AAA
|
3,692,430
|
||||
4,895
|
5.000%, 7/01/23 – AGM Insured
|
7/11 at 102.00
|
AAA
|
5,164,127
|
||||
3,000
|
San Jacinto Unified School District, Riverside County, California, General Obligation Bonds, Series 2007, 5.250%, 8/01/32 – AGM Insured
|
No Opt. Call
|
AAA
|
3,153,270
|
||||
29,920
|
Total Tax Obligation/General
|
32,400,409
|
||||||
Tax Obligation/Limited – 48.5% (35.1% of Total Investments)
|
||||||||
1,000
|
Brea and Olinda Unified School District, Orange County, California, Certificates of Participation Refunding, Series 2002A, 5.125%, 8/01/26 – AGM Insured
|
8/11 at 101.00
|
AAA
|
1,040,010
|
Principal
|
Optional Call
|
|||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||
Tax Obligation/Limited (continued)
|
||||||||
California Infrastructure Economic Development Bank, Revenue Bonds, North County Center for Self-Sufficiency Corporation, Series 2004:
|
||||||||
$
|
1,215
|
5.000%, 12/01/19 – AMBAC Insured
|
12/13 at 100.00
|
AA–
|
$
|
1,299,430
|
||
1,615
|
5.000%, 12/01/21 – AMBAC Insured
|
12/13 at 100.00
|
AA–
|
1,709,962
|
||||
195
|
Capistrano Unified School District, Orange County, California, Special Tax Bonds, Community Facilities District, Series 2005, 5.000%, 9/01/24 – FGIC Insured
|
9/15 at 100.00
|
A
|
198,058
|
||||
595
|
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–
|
555,563
|
||||
3,190
|
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
|
2,921,434
|
||||
1,900
|
Corona-Norco Unified School District, Riverside County, California, Special Tax Bonds, Community Facilities District 98-1, Series 2002, 5.100%, 9/01/25 – AMBAC Insured
|
9/12 at 100.00
|
N/R
|
1,908,588
|
||||
5,000
|
El Monte, California, Senior Lien Certificates of Participation, Department of Public Services Facility Phase II, Series 2001, 5.250%, 1/01/34 – AMBAC Insured
|
1/11 at 100.00
|
A2
|
5,009,100
|
||||
3,180
|
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Tender Option Bonds Trust 4686, 9.053%, 6/01/45 – AGC Insured (IF)
|
6/15 at 100.00
|
AAA
|
3,148,327
|
||||
700
|
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
|
Ba1
|
585,781
|
||||
435
|
Indian Wells Redevelopment Agency, California, Tax Allocation Bonds, Consolidated Whitewater Project Area, Series 2003A, 5.000%, 9/01/20 – AMBAC Insured
|
9/13 at 100.00
|
A
|
448,276
|
||||
345
|
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
|
322,951
|
||||
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
|
AAA
|
995,813
|
||||
1,500
|
Los Angeles, California, Municipal Improvement Corporation, Lease Revenue Bonds, Police Headquarters, Series 2006A, 4.750%, 1/01/31 – FGIC Insured
|
1/17 at 100.00
|
A+
|
1,502,760
|
||||
3,150
|
Moreno Valley Community Redevelopment Agency, California, Tax Allocation Bonds, Series 2007A, 5.000%, 8/01/38 – AMBAC Insured
|
8/17 at 100.00
|
A–
|
2,878,376
|
||||
7,000
|
Rancho Cucamonga Redevelopment Agency, California, Housing Set-Aside Tax Allocation Bonds, Series 2007A, 5.000%, 9/01/34 – NPFG Insured
|
9/17 at 100.00
|
A+
|
6,712,090
|
||||
165
|
Rialto Redevelopment Agency, California, Tax Allocation Bonds, Merged Project Area, Series 2005A, 5.000%, 9/01/35 – SYNCORA GTY Insured
|
9/15 at 100.00
|
A–
|
155,250
|
||||
205
|
Roseville, California, Certificates of Participation, Public Facilities, Series 2003A, 5.000%, 8/01/25 – AMBAC Insured
|
8/13 at 100.00
|
AA–
|
208,465
|
||||
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
|
AAA
|
5,343,640
|
||||
1,500
|
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Project Area, Series 2005A, 5.000%, 8/01/28 – NPFG Insured
|
8/15 at 100.00
|
A
|
1,516,545
|
||||
3,565
|
Sweetwater Union High School District Public Financing Authority, California, Special Tax Revenue Bonds, Series 2005A, 5.000%, 9/01/25 – AGM Insured
|
9/15 at 100.00
|
AAA
|
3,678,617
|
||||
3,250
|
Tustin Community Redevelopment Agency, California, Tax Allocation Housing Bonds Series 2010, 5.250%, 9/01/39 – AGM Insured
|
9/20 at 100.00
|
AAA
|
3,359,850
|
||||
2,805
|
Yucaipa-Calimesa Joint Unified School District, San Bernardino County, California, General Obligation Refunding Bonds, Series 2001A, 5.000%, 10/01/31 – NPFG Insured
|
10/11 at 100.00
|
A
|
2,738,802
|
||||
48,555
|
Total Tax Obligation/Limited
|
48,237,688
|
||||||
Transportation – 2.5% (1.8% of Total Investments)
|
||||||||
2,400
|
San Diego Unified Port District, California, Revenue Bonds, Series 2004B, 5.000%, 9/01/29 – NPFG Insured
|
9/14 at 100.00
|
A+
|
2,465,568
|
||||
U.S. Guaranteed – 26.4% (19.0% of Total Investments) (4)
|
||||||||
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
|
8,932,320
|
||||
5,135
|
Palmdale Community Redevelopment Agency, California, Single Family Restructured Mortgage Revenue Bonds, Series 1986A, 8.000%, 3/01/16 (Alternative Minimum Tax) (ETM)
|
No Opt. Call
|
AAA
|
6,683,870
|
Nuveen Insured California Premium Income Municipal Fund, Inc. (continued)
|
||
NPC
|
Portfolio of Investments August 31, 2010 (Unaudited)
|
Principal
|
Optional Call
|
|||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||
U.S. Guaranteed (4) (continued)
|
||||||||
$
|
6,220
|
Riverside County, California, GNMA Mortgage-Backed Securities Program Single Family Mortgage Revenue Bonds, Series 1987A, 9.000%, 5/01/21 (Alternative Minimum Tax) (ETM)
|
No Opt. Call
|
AAA
|
$
|
8,697,488
|
||
1,485
|
San Jose, California, Single Family Mortgage Revenue Bonds, Series 1985A, 9.500%, 10/01/13 (ETM)
|
No Opt. Call
|
Aaa
|
1,890,257
|
||||
18,840
|
Total U.S. Guaranteed
|
26,203,935
|
||||||
Utilities – 0.3% (0.2% of Total Investments)
|
||||||||
345
|
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
|
322,892
|
||||
Water and Sewer – 17.9% (13.0% of Total Investments)
|
||||||||
2,200
|
Atwater Public Financing Authority, California, Wastewater Revenue Bonds, Tender Option Bond Trust 3145, 17.905%, 5/01/40 – AGM Insured (IF)
|
5/19 at 100.00
|
AAA
|
2,555,344
|
||||
5,255
|
El Dorado Irrigation District, California, Water and Sewer Certificates of Participation, Series 2003A, 5.000%, 3/01/20 – FGIC Insured
|
3/13 at 100.00
|
A1
|
5,527,577
|
||||
1,230
|
El Dorado Irrigation District, California, Water and Sewer Certificates of Participation, Series 2004A, 5.000%, 3/01/21 – FGIC Insured
|
3/14 at 100.00
|
A1
|
1,298,954
|
||||
235
|
Healdsburg Public Financing Authority, California, Wastewater Revenue Bonds, Series 2006, 5.000%, 4/01/36 – NPFG Insured
|
4/16 at 100.00
|
AA–
|
240,038
|
||||
5,000
|
Indio Water Authority, California, Water Revenue Bonds, Series 2006, 5.000%, 4/01/31 – AMBAC Insured
|
4/16 at 100.00
|
A+
|
5,155,650
|
||||
220
|
Marina Coast Water District, California, Enterprise Certificate of Participation, Series 2006, 5.000%, 6/01/31 – NPFG Insured
|
6/16 at 100.00
|
A+
|
226,008
|
||||
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
|
1,355,445
|
||||
1,345
|
West Basin Municipal Water District, California, Revenue Certificates of Participation, Series 2003A, 5.000%, 8/01/20 – NPFG Insured
|
8/13 at 100.00
|
Aa2
|
1,471,686
|
||||
16,985
|
Total Water and Sewer
|
17,830,702
|
||||||
$
|
126,664
|
Total Investments (cost $129,201,536) – 138.3%
|
137,479,863
|
|||||
Variable Rate Demand Preferred Shares, at Liquidation Value – (43.0)% (5)
|
(42,700,000
|
) | ||||||
Other Assets Less Liabilities - 4.7%
|
4,618,697
|
|||||||
Net Assets Applicable to Common Shares - 100%
|
$
|
99,398,560
|
The Fund intends to invest at least 80% of its managed assets in municipal securities that are covered by insurance guaranteeing the timely payment of principal and interest. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Insurance for more information.
|
||
(1)
|
All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted.
|
|
(2)
|
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
|
|
(3)
|
Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investor 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.
|
|
(5)
|
Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 31.1%.
|
|
N/R
|
Not rated.
|
|
(ETM)
|
Escrowed to maturity.
|
|
(IF)
|
Inverse floating rate investment.
|
Nuveen Insured California Premium Income Municipal Fund 2, Inc.
|
||
NCL
|
Portfolio of Investments
|
|
August 31, 2010 (Unaudited)
|
Principal
|
Optional Call
|
|||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||
Education and Civic Organizations – 5.0% (3.5% of Total Investments)
|
||||||||
$
|
620
|
California Educational Facilities Authority, Revenue Bonds, University of the Pacific, Series 2000, 5.875%, 11/01/20 – NPFG Insured
|
11/10 at 100.00
|
AAA
|
$
|
622,641
|
||
750
|
California Educational Facilities Authority, Student Loan Revenue Bonds, Cal Loan Program, Series 2001A, 5.400%, 3/01/21 – NPFG Insured (Alternative Minimum Tax)
|
9/10 at 100.00
|
Baa1
|
750,735
|
||||
1,500
|
California State University, Systemwide Revenue Bonds, Series 2005A, 5.000%, 11/01/25 – AMBAC Insured
|
5/15 at 100.00
|
Aa2
|
1,616,115
|
||||
6,000
|
University of California, Revenue Bonds, Multi-Purpose Projects, Series 2003A, 5.000%, 5/15/27 – AMBAC Insured (UB)
|
5/13 at 100.00
|
Aa1
|
6,441,540
|
||||
8,870
|
Total Education and Civic Organizations
|
9,431,031
|
||||||
Health Care – 2.3% (1.6% of Total Investments)
|
||||||||
1,410
|
California Statewide Communities Development Authority, Revenue Bonds, Saint Joseph Health System, Trust 2554, 18.104%, 7/01/47 – AGM Insured (IF)
|
7/18 at 100.00
|
AAA
|
1,640,168
|
||||
2,000
|
The Regents of the University of California, Medical Center Pooled Revenue Bonds, Series 2007A, 4.500%, 5/15/37 – NPFG Insured
|
5/15 at 101.00
|
Aa2
|
1,975,360
|
||||
650
|
University of California, Hospital Revenue Bonds, UCLA Medical Center, Series 2004A, 5.500%, 5/15/18 – AMBAC Insured
|
5/12 at 101.00
|
N/R
|
676,221
|
||||
4,060
|
Total Health Care
|
4,291,749
|
||||||
Housing/Single Family – 1.0% (0.7% of Total Investments)
|
||||||||
275
|
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
|
281,578
|
||||
1,530
|
California Housing Finance Agency, Home Mortgage Revenue Bonds, Series 2006K, 5.500%, 2/01/42 – AMBAC Insured (Alternative Minimum Tax)
|
2/16 at 100.00
|
Aaa
|
1,569,122
|
||||
1,805
|
Total Housing/Single Family
|
1,850,700
|
||||||
Tax Obligation/General – 29.9% (20.8% of Total Investments)
|
||||||||
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
|
1,492,730
|
||||
3,000
|
California State, General Obligation Bonds, Series 2006, 4.500%, 9/01/36 – AGM Insured
|
9/16 at 100.00
|
AAA
|
2,917,080
|
||||
4,400
|
California, General Obligation Bonds, Series 2003, 5.000%, 2/01/31 – NPFG Insured
|
2/13 at 100.00
|
A1
|
4,443,164
|
||||
3,200
|
Coast Community College District, Orange County, California, General Obligation Bonds, Series 2006C, 0.000%, 8/01/31 – AGM Insured
|
8/18 at 100.00
|
AAA
|
2,806,144
|
||||
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
|
AAA
|
2,684,700
|
||||
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
|
AAA
|
3,749,482
|
||||
3,545
|
5.000%, 8/01/28 – AGC Insured
|
8/19 at 100.00
|
AAA
|
3,775,709
|
||||
3,110
|
5.000%, 8/01/29 – AGC Insured
|
8/19 at 100.00
|
AAA
|
3,286,244
|
||||
2,210
|
Fontana Unified School District, San Bernardino County, California, General Obligation Bonds, Trust 2668, 9.269%, 2/01/16 – AGM Insured (IF)
|
No Opt. Call
|
AAA
|
2,642,895
|
||||
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
|
AAA
|
1,357,759
|
||||
4,000
|
Los Angeles Unified School District, Los Angeles County, California, General Obligation Bonds, Series 2007A, 4.500%, 7/01/24 – AGM Insured
|
7/17 at 100.00
|
AAA
|
4,214,960
|
||||
Los Rios Community College District, Sacramento, El Dorado and Yolo Counties, California, General Obligation Bonds, Series 2006C:
|
||||||||
2,110
|
5.000%, 8/01/21 – AGM Insured (UB)
|
8/14 at 102.00
|
AAA
|
2,369,066
|
||||
3,250
|
5.000%, 8/01/22 – AGM Insured (UB)
|
8/14 at 102.00
|
AAA
|
3,730,253
|
||||
3,395
|
5.000%, 8/01/23 – AGM Insured (UB)
|
8/14 at 102.00
|
AAA
|
3,896,679
|
||||
1,270
|
Merced City School District, Merced County, California, General Obligation Bonds, Series 2004, 5.000%, 8/01/22 – FGIC Insured
|
8/13 at 100.00
|
A
|
1,380,109
|
Nuveen Insured California Premium Income Municipal Fund 2, Inc. (continued)
|
||
NCL
|
Portfolio of Investments August 31, 2010 (Unaudited)
|
Principal
|
Optional Call
|
|||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||
Tax Obligation/General (continued)
|
||||||||
$
|
305
|
Roseville Joint Union High School District, Placer County, California, General Obligation Bonds, Series 2006B, 5.000%, 8/01/27 – FGIC Insured
|
8/15 at 100.00
|
AA–
|
$
|
322,736
|
||
2,500
|
Sacramento City Unified School District, Sacramento County, California, General Obligation Bonds, Series 2005, 5.000%, 7/01/27 – NPFG Insured
|
7/15 at 100.00
|
Aa2
|
2,639,675
|
||||
1,125
|
San Diego Unified School District, California, General Obligation Bonds, Election of 1998, Series 1999A, 0.000%, 7/01/21 – FGIC Insured
|
No Opt. Call
|
Aa1
|
736,414
|
||||
2,000
|
San Francisco Community College District, California, General Obligation Bonds, Series 2002A, 5.000%, 6/15/26 – FGIC Insured
|
6/11 at 101.00
|
Aa2
|
2,045,260
|
||||
2,000
|
San Jacinto Unified School District, Riverside County, California, General Obligation Bonds, Series 2007, 5.250%, 8/01/32 – AGM Insured
|
No Opt. Call
|
AAA
|
2,102,180
|
||||
1,000
|
San Ramon Valley Unified School District, Contra Costa County, California, General Obligation Bonds, Series 2004, 5.000%, 8/01/24 – AGM Insured
|
8/14 at 100.00
|
AAA
|
1,096,970
|
||||
2,445
|
Washington Unified School District, Yolo County, California, General Obligation Bonds, Series 2004A, 5.000%, 8/01/21 – FGIC Insured
|
8/13 at 100.00
|
A+
|
2,681,089
|
||||
53,535
|
Total Tax Obligation/General
|
56,371,298
|
||||||
Tax Obligation/Limited – 59.8% (41.7% of Total Investments)
|
||||||||
Anaheim Public Finance Authority, California, Subordinate Lease Revenue Bonds, Public Improvement Project, Series 1997C:
|
||||||||
5,130
|
0.000%, 9/01/18 – AGM Insured
|
No Opt. Call
|
AAA
|
3,865,250
|
||||
8,000
|
0.000%, 9/01/21 – AGM Insured
|
No Opt. Call
|
AAA
|
4,838,960
|
||||
California Infrastructure Economic Development Bank, Revenue Bonds, North County Center for Self-Sufficiency Corporation, Series 2004:
|
||||||||
1,535
|
5.000%, 12/01/20 – AMBAC Insured
|
12/13 at 100.00
|
AA–
|
1,632,258
|
||||
1,780
|
5.000%, 12/01/23 – AMBAC Insured
|
12/13 at 100.00
|
AA–
|
1,868,911
|
||||
3,725
|
California State Public Works Board, Lease Revenue Bonds, Department of Corrections & Rehabilitation, Series 2005J, 5.000%, 1/01/17 – AMBAC Insured
|
1/16 at 100.00
|
A2
|
4,088,560
|
||||
380
|
Capistrano Unified School District, Orange County, California, Special Tax Bonds, Community Facilities District, Series 2005, 5.000%, 9/01/24 – FGIC Insured
|
9/15 at 100.00
|
A
|
385,958
|
||||
7,000
|
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
|
6,410,670
|
||||
1,430
|
Cloverdale Community Development Agency, California, Tax Allocation Refunding Bonds, Cloverdale Redevelopment Project Series 2006, 5.000%, 8/01/36 – AMBAC Insured
|
No Opt. Call
|
A–
|
1,357,313
|
||||
5,625
|
El Monte, California, Senior Lien Certificates of Participation, Department of Public Services Facility Phase II, Series 2001, 5.000%, 1/01/21 – AMBAC Insured
|
1/11 at 100.00
|
A2
|
5,656,275
|
||||
8,280
|
Fontana Public Financing Authority, California, Tax Allocation Revenue Bonds, North Fontana Redevelopment Project, Series 2005A, 5.000%, 10/01/32 – AMBAC Insured
|
10/15 at 100.00
|
A
|
8,058,341
|
||||
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
|
AAA
|
7,252,465
|
||||
7,500
|
5.000%, 6/01/45 – AGC Insured
|
6/15 at 100.00
|
AAA
|
7,450,425
|
||||
6,215
|
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Tender Option Bonds Trust 4686, 9.053%, 6/01/45 – AGC Insured (IF)
|
6/15 at 100.00
|
AAA
|
6,153,099
|
||||
2,000
|
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Revenue Bonds, Tender Option Bonds Trust 2040, 10.300%, 6/01/45 – FGIC Insured (IF)
|
6/15 at 100.00
|
A2
|
1,651,640
|
||||
875
|
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
|
Ba1
|
732,226
|
||||
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–
|
1,576,223
|
||||
1,810
|
Kern County Board of Education, California, Certificates of Participation Refunding, Series 1998A, 5.200%, 5/01/28 – NPFG Insured
|
11/10 at 100.00
|
A
|
1,812,299
|
||||
5,000
|
La Quinta Redevelopment Agency, California, Tax Allocation Refunding Bonds, Redevelopment Project Area 1, Series 1998, 5.200%, 9/01/28 – AMBAC Insured
|
9/10 at 100.00
|
A+
|
5,014,050
|
||||
2,185
|
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
|
2,045,357
|
Principal
|
Optional Call
|
|||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||
Tax Obligation/Limited (continued)
|
||||||||
$
|
1,000
|
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
|
AAA
|
$
|
1,112,640
|
||
1,250
|
Los Angeles County Metropolitan Transportation Authority, California, Proposition A First Tier Senior Sales Tax Revenue Bonds, Series 2003B, 5.000%, 7/01/19 – NPFG Insured
|
7/13 at 100.00
|
AAA
|
1,381,175
|
||||
4,000
|
Los Angeles, California, Certificates of Participation, Municipal Improvement Corporation, Series 2003AW, 5.000%, 6/01/33 – AMBAC Insured
|
6/13 at 100.00
|
A+
|
4,050,920
|
||||
3,000
|
Los Angeles, California, Municipal Improvement Corporation, Lease Revenue Bonds, Police Headquarters, Series 2006A, 4.750%, 1/01/31 – FGIC Insured
|
1/17 at 100.00
|
A+
|
3,005,520
|
||||
6,120
|
Moreno Valley Community Redevelopment Agency, California, Tax Allocation Bonds, Series 2007A, 5.000%, 8/01/38 – AMBAC Insured
|
8/17 at 100.00
|
A–
|
5,592,272
|
||||
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
|
AAA
|
3,125,675
|
||||
4,140
|
Plumas County, California, Certificates of Participation, Capital Improvement Program, Series 2003A, 5.000%, 6/01/28 – AMBAC Insured
|
6/13 at 101.00
|
A–
|
4,153,000
|
||||
390
|
Poway Redevelopment Agency, California, Tax Allocation Refunding Bonds, Paguay Redevelopment Project, Series 2000, 5.750%, 6/15/33 – NPFG Insured
|
12/10 at 102.00
|
A
|
393,073
|
||||
325
|
Rialto Redevelopment Agency, California, Tax Allocation Bonds, Merged Project Area, Series 2005A, 5.000%, 9/01/35 – SYNCORA GTY Insured
|
9/15 at 100.00
|
A–
|
305,796
|
||||
1,000
|
Rocklin Unified School District, Placer County, California, Special Tax Bonds, Community Facilities District 1, Series 2004, 5.000%, 9/01/25 – NPFG Insured
|
9/13 at 100.00
|
A
|
1,012,070
|
||||
2,500
|
Roseville Financing Authority, California, Special Tax Revenue Bonds, Series 2007A, 5.000%, 9/01/33 – AMBAC Insured
|
9/17 at 100.00
|
N/R
|
2,339,525
|
||||
405
|
Roseville, California, Certificates of Participation, Public Facilities, Series 2003A, 5.000%, 8/01/25 – AMBAC Insured
|
8/13 at 100.00
|
AA–
|
411,845
|
||||
4,655
|
San Bernardino Joint Powers Financing Authority, California, Certificates of Participation Refunding, Police Station Financing Project, Series 1999, 5.500%, 9/01/20 – NPFG Insured
|
9/10 at 101.00
|
A
|
4,719,099
|
||||
1,500
|
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Project Area, Series 2005A, 5.000%, 8/01/28 – NPFG Insured
|
8/15 at 100.00
|
A
|
1,516,545
|
||||
5,510
|
Sweetwater Union High School District Public Financing Authority, California, Special Tax Revenue Bonds, Series 2005A, 5.000%, 9/01/28 – AGM Insured
|
9/15 at 100.00
|
AAA
|
5,633,369
|
||||
1,205
|
Tustin Community Redevelopment Agency, California, Tax Allocation Housing Bonds Series 2010, 5.000%, 9/01/30 – AGM Insured
|
No Opt. Call
|
AAA
|
1,254,080
|
||||
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
|
1,040,471
|
||||
118,250
|
Total Tax Obligation/Limited
|
112,897,355
|
||||||
Transportation – 7.1% (5.0% of Total Investments)
|
||||||||
6,500
|
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Refunding Bonds, Series 1999, 0.000%, 1/15/18 – NPFG Insured
|
1/11 at 68.38
|
A
|
4,105,660
|
||||
4,000
|
Orange County Transportation Authority, California, Toll Road Revenue Bonds, 91 Express Lanes Project, Series 2003A, 5.000%, 8/15/18 – AMBAC Insured
|
8/13 at 100.00
|
A1
|
4,354,840
|
||||
5,000
|
San Francisco Airports Commission, California, Revenue Refunding Bonds, San Francisco International Airport, Second Series 2001, Issue 27A, 5.250%, 5/01/31 – NPFG Insured (Alternative Minimum Tax)
|
5/11 at 100.00
|
A1
|
5,008,550
|
||||
15,500
|
Total Transportation
|
13,469,050
|
||||||
U.S. Guaranteed – 9.7% (6.7% of Total Investments) (4)
|
||||||||
1,380
|
California Educational Facilities Authority, Revenue Bonds, University of the Pacific, Series 2000, 5.875%, 11/01/20 (Pre-refunded 11/01/10) – NPFG Insured
|
11/10 at 100.00
|
A2 (4)
|
1,393,069
|
||||
1,900
|
Central Unified School District, Fresno County, California, General Obligation Bonds, Series 1993, 5.625%, 3/01/18 – AMBAC Insured (ETM)
|
9/10 at 100.00
|
N/R (4)
|
1,945,600
|
||||
3,000
|
Escondido Union High School District, San Diego County, California, General Obligation Bonds, Series 1996, 5.700%, 11/01/10 – NPFG Insured (ETM)
|
No Opt. Call
|
AAA
|
3,027,390
|
Nuveen Insured California Premium Income Municipal Fund 2, Inc. (continued)
|
||
NCL
|
Portfolio of Investments August 31, 2010 (Unaudited)
|
Principal
|
Optional Call
|
|||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||
U.S. Guaranteed (4) (continued)
|
||||||||
Manteca Unified School District, San Joaquin County, California, General Obligation Bonds, Series 2004:
|
||||||||
$
|
1,000
|
5.250%, 8/01/21 (Pre-refunded 8/01/14) – AGM Insured
|
8/14 at 100.00
|
AAA
|
$
|
1,180,110
|
||
1,000
|
5.250%, 8/01/22 (Pre-refunded 8/01/14) – AGM Insured
|
8/14 at 100.00
|
AAA
|
1,180,110
|
||||
1,610
|
Poway Redevelopment Agency, California, Tax Allocation Refunding Bonds, Paguay Redevelopment Project, Series 2000, 5.750%, 6/15/33 (Pre-refunded 12/15/10) – NPFG Insured
|
12/10 at 102.00
|
AAA
|
1,668,041
|
||||
4,320
|
Riverside County, California, GNMA Mortgage-Backed Securities Program Single Family Mortgage Revenue Bonds, Series 1987B, 8.625%, 5/01/16 (Alternative Minimum Tax) (ETM)
|
No Opt. Call
|
AAA
|
5,917,104
|
||||
1,000
|
Sacramento County Sanitation District Financing Authority, California, Revenue Bonds, Series 2000A, 5.500%, 12/01/20 (Pre-refunded 12/01/10) – AMBAC Insured
|
12/10 at 101.00
|
N/R (4)
|
1,023,270
|
||||
905
|
University of California, Hospital Revenue Bonds, UCLA Medical Center, Series 2004A, 5.500%, 5/15/18 (Pre-refunded 5/15/12) – AMBAC Insured
|
5/12 at 101.00
|
N/R (4)
|
994,405
|
||||
16,115
|
Total U.S. Guaranteed
|
18,329,099
|
||||||
Utilities – 8.1% (5.6% of Total Investments)
|
||||||||
670
|
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
|
627,066
|
||||
100
|
Sacramento City Financing Authority, California, Capital Improvement Revenue Bonds, Solid Waste and Redevelopment Projects, Series 1999, 5.800%, 12/01/19 – AMBAC Insured
|
12/10 at 101.00
|
N/R
|
101,800
|
||||
1,950
|
Salinas Valley Solid Waste Authority, California, Revenue Bonds, Series 2002, 5.250%, 8/01/27 – AMBAC Insured (Alternative Minimum Tax)
|
8/12 at 100.00
|
A+
|
1,950,780
|
||||
Santa Clara, California, Subordinate Electric Revenue Bonds, Series 2003A:
|
||||||||
2,800
|
5.000%, 7/01/24 – NPFG Insured
|
7/13 at 100.00
|
A1
|
2,926,840
|
||||
5,000
|
5.000%, 7/01/28 – NPFG Insured
|
7/13 at 100.00
|
A1
|
5,170,350
|
||||
4,000
|
Southern California Public Power Authority, California, Milford Wind Corridor Phase I Revenue Bonds, Series 2010-1, 5.000%, 7/01/28
|
No Opt. Call
|
AA–
|
4,428,680
|
||||
14,520
|
Total Utilities
|
15,205,516
|
||||||
Water and Sewer – 20.7% (14.4% of Total Investments)
|
||||||||
1,100
|
Atwater Public Financing Authority, California, Wastewater Revenue Bonds, Tender Option Bond Trust 3145, 17.905%, 5/01/40 – AGM Insured (IF)
|
5/19 at 100.00
|
AAA
|
1,277,672
|
||||
2,000
|
El Dorado Irrigation District, California, Water and Sewer Certificates of Participation, Series 2004A, 5.000%, 3/01/21 – FGIC Insured
|
3/14 at 100.00
|
A1
|
2,112,120
|
||||
750
|
Fortuna Public Finance Authority, California, Water Revenue Bonds, Series 2006, 5.000%, 10/01/36 – AGM Insured
|
10/16 at 100.00
|
AAA
|
769,133
|
||||
460
|
Healdsburg Public Financing Authority, California, Wastewater Revenue Bonds, Series 2006, 5.000%, 4/01/36 – NPFG Insured
|
4/16 at 100.00
|
AA–
|
469,862
|
||||
2,700
|
Los Angeles County Sanitation Districts Financing Authority, California, Senior Revenue Bonds, Capital Projects, Series 2003A,
5.000%, 10/01/21 – AGM Insured |
10/13 at 100.00
|
AAA
|
3,016,170
|
||||
2,000
|
Los Angeles, California, Wastewater System Revenue Bonds, Series 2005A, 4.500%, 6/01/29 – NPFG Insured
|
6/15 at 100.00
|
AA
|
2,044,940
|
||||
430
|
Marina Coast Water District, California, Enterprise Certificate of Participation, Series 2006, 5.000%, 6/01/31 – NPFG Insured
|
6/16 at 100.00
|
A+
|
441,743
|
||||
12,000
|
Orange County Sanitation District, California, Certificates of Participation, Series 2003, 5.000%, 2/01/33 – FGIC Insured (UB)
|
8/13 at 100.00
|
AAA
|
12,361,920
|
||||
1,520
|
San Buenaventura, California, Water Revenue Certificates of Participation, Series 2004, 5.000%, 10/01/25 – AMBAC Insured
|
10/14 at 100.00
|
AA
|
1,586,287
|
||||
1,000
|
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
|
AAA
|
1,056,960
|
||||
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+
|
4,023,317
|
Principal
|
Optional Call
|
|||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||
Water and Sewer (continued)
|
||||||||
Santa Clara Valley Water District, California, Certificates of Participation, Series 2004A:
|
||||||||
$
|
1,400
|
5.000%, 2/01/19 – FGIC Insured
|
2/14 at 100.00
|
AA+
|
$
|
1,517,208
|
||
445
|
5.000%, 2/01/20 – FGIC Insured
|
2/14 at 100.00
|
AA+
|
477,730
|
||||
465
|
5.000%, 2/01/21 – FGIC Insured
|
2/14 at 100.00
|
AA+
|
496,569
|
||||
2,500
|
West Basin Municipal Water District, California, Revenue Certificates of Participation, Series 2003A, 5.000%, 8/01/30 – NPFG Insured
|
8/13 at 100.00
|
Aa2
|
2,561,875
|
||||
Yorba Linda Water District, California, Certificates of Participation, Highland Reservoir Renovation, Series 2003:
|
||||||||
2,010
|
5.000%, 10/01/28 – FGIC Insured
|
10/13 at 100.00
|
AAA
|
2,185,192
|
||||
2,530
|
5.000%, 10/01/33 – FGIC Insured
|
10/13 at 100.00
|
AAA
|
2,686,405
|
||||
36,985
|
Total Water and Sewer
|
39,085,103
|
||||||
$
|
269,640
|
Total Investments (cost $260,027,897) – 143.6%
|
270,930,901
|
|||||
Floating Rate Obligations – (9.5)%
|
(17,880,000
|
) | ||||||
Other Assets Less Liabilities – 4.8%
|
8,923,092
|
|||||||
Auction Rate Preferred Shares, at Liquidation Value – (38.9)% (5)
|
(73,325,000
|
) | ||||||
Net Assets Applicable to Common Shares – 100%
|
$
|
188,648,993
|
|
The Fund intends to invest at least 80% of its managed assets in municipal securities that are covered by insurance guaranteeing the timely payment of principal and interest. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Insurance for more information.
|
(1)
|
All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted.
|
(2)
|
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
|
(3)
|
Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investor 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. Such investments are normally considered to be equivalent to AAA rated securities.
|
(5)
|
Auction Rate Preferred Shares, at Liquidation Value as a percentage of Total Investments is 27.1%.
|
N/R
|
Not rated.
|
(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, Footnote 1 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities for more information.
|
Nuveen California Premium Income Municipal Fund
|
||
NCU
|
Portfolio of Investments
|
|
August 31, 2010 (Unaudited)
|
Principal
|
Optional Call
|
|||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||
Consumer Staples – 6.5% (4.5% of Total Investments)
|
||||||||
$
|
1,500
|
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Alameda County Tobacco Asset Securitization Corporation, Series 2002, 5.750%, 6/01/29
|
6/12 at 100.00
|
Baa3
|
$
|
1,500,585
|
||
215
|
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Sonoma County Tobacco Securitization Corporation, Series 2005, 4.250%, 6/01/21
|
6/15 at 100.00
|
BBB
|
203,003
|
||||
2,950
|
California Statewide Financing Authority, Tobacco Settlement Asset-Backed Bonds, Pooled Tobacco Securitization Program, Series 2002A, 5.625%, 5/01/29
|
5/12 at 100.00
|
Baa3
|
2,917,845
|
||||
1,350
|
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-2, 0.000%, 6/01/37
|
6/22 at 100.00
|
BBB
|
846,950
|
||||
6,015
|
Total Consumer Staples
|
5,468,383
|
||||||
Education and Civic Organizations – 6.2% (4.3% 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
|
70,293
|
||||
California Educational Facilities Authority, Revenue Bonds, University of the Pacific, Series 2006:
|
||||||||
45
|
5.000%, 11/01/21
|
11/15 at 100.00
|
A2
|
48,520
|
||||
60
|
5.000%, 11/01/25
|
11/15 at 100.00
|
A2
|
63,116
|
||||
1,112
|
California State Public Works Board, Lease Revenue Bonds, University of California Regents, Tender Option Bond Trust 1065,
9.041%, 3/01/33 (IF) |
3/18 at 100.00
|
Aa2
|
1,173,583
|
||||
2,000
|
California State University, Systemwide Revenue Bonds, Series 2005C, 5.000%, 11/01/27 – NPFG Insured
|
11/15 at 100.00
|
Aa2
|
2,153,320
|
||||
University of California, General Revenue Bonds, Series 2003A:
|
||||||||
255
|
5.125%, 5/15/17 – AMBAC Insured (UB)
|
5/13 at 100.00
|
Aa1
|
285,368
|
||||
1,245
|
5.125%, 5/15/17 – AMBAC Insured (UB)
|
5/13 at 100.00
|
Aa1
|
1,377,530
|
||||
4,787
|
Total Education and Civic Organizations
|
5,171,730
|
||||||
Energy – 0.6% (0.4% of Total Investments)
|
||||||||
500
|
Virgin Islands Public Finance Authority, Revenue Bonds, Refinery Project Hovensa LLC, Series 2007, 4.700%, 7/01/22 (Alternative Minimum Tax)
|
1/15 at 100.00
|
Baa3
|
466,005
|
||||
Health Care – 25.9% (17.8% of Total Investments)
|
||||||||
3,435
|
California Health Facilities Financing Authority, Hospital Revenue Bonds, Downey Community Hospital, Series 1993, 5.750%, 5/15/15 (5)
|
11/10 at 100.00
|
N/R
|
2,275,825
|
||||
155
|
California Health Facilities Financing Authority, Revenue Bonds, Kaiser Permanante System, Series 2006, 5.000%, 4/01/37
|
4/16 at 100.00
|
A+
|
155,668
|
||||
3,525
|
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2007A, 5.250%, 11/15/46 (UB)
|
11/16 at 100.00
|
Aa3
|
3,572,376
|
||||
1,500
|
California Infrastructure Economic Development Bank, Revenue Bonds, Kaiser Hospital Assistance LLC, Series 2001A, 5.550%, 8/01/31
|
8/11 at 102.00
|
A+
|
1,534,305
|
||||
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
|
Baa2
|
638,173
|
||||
1,000
|
California Statewide Community Development Authority, Insured Health Facility Revenue Bonds, Henry Mayo Newhall Memorial Hospital, Series 2007A, 5.000%, 10/01/37
|
10/17 at 100.00
|
A–
|
978,180
|
||||
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
|
1,604,837
|
||||
490
|
California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanante System, Series 2006, 5.000%, 3/01/41
|
3/16 at 100.00
|
A+
|
490,701
|
||||
730
|
California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanente System, Series 2001C, 5.250%, 8/01/31
|
8/16 at 100.00
|
A+
|
748,228
|
||||
3,000
|
California Statewide Community Development Authority, Revenue Bonds, Methodist Hospital Project, Series 2009, 6.750%, 2/01/38
|
8/19 at 100.00
|
Aa2
|
3,422,490
|
||||
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
|
2,201,892
|
||||
1,690
|
California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Series 2005A, 5.000%, 11/15/43
|
11/15 at 100.00
|
Aa3
|
1,692,873
|
Principal
|
Optional Call
|
|||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||
Health Care (continued)
|
||||||||
$
|
377
|
California Statewide Communities Development Authority, Revenue Bonds, Saint Joseph Health System, Trust 2554, 18.104%, 7/01/47 – AGM Insured (IF)
|
7/18 at 100.00
|
AAA
|
$
|
437,960
|
||
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
|
871,249
|
||||
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
|
1,036,470
|
||||
22,187
|
Total Health Care
|
21,661,227
|
||||||
Housing/Single Family – 3.2% (2.2% of Total Investments)
|
||||||||
2,500
|
California Housing Finance Agency, California, Home Mortgage Revenue Bonds, Series 2008L, 5.500%, 8/01/38
|
2/18 at 100.00
|
A
|
2,539,400
|
||||
130
|
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
|
133,110
|
||||
2,630
|
Total Housing/Single Family
|
2,672,510
|
||||||
Industrials – 0.6% (0.4% of Total Investments)
|
||||||||
500
|
California Pollution Control Financing Authority, Solid Waste Disposal Revenue Bonds, Waste Management Inc., Series 2002A, 5.000%, 1/01/22 (Alternative Minimum Tax)
|
1/16 at 102.00
|
BBB
|
<