Chairman’s Letter to Shareholders
|
4
|
Portfolio Manager’s Comments
|
5
|
Fund Leverage and Other Information
|
12
|
Common Share Dividend and Price Information
|
15
|
Performance Overviews
|
17
|
Shareholder Meeting Report
|
25
|
Report of Independent Registered Public Accounting Firm
|
31
|
Portfolios of Investments
|
32
|
Statement of Assets and Liabilities
|
76
|
Statement of Operations
|
78
|
Statement of Changes in Net Assets
|
80
|
Statement of Cash Flows
|
83
|
Financial Highlights
|
86
|
Notes to Financial Statements
|
98
|
Board Members and Officers
|
117
|
Reinvest Automatically, Easily and Conveniently
|
122
|
Glossary of Terms Used in this Report
|
124
|
Additional Fund Information
|
127
|
4
|
Nuveen Investments
|
Nuveen Investments
|
5
|
6
|
Nuveen Investments
|
Nuveen Investments
|
7
|
1-Year
|
5-Year
|
10-Year
|
|
Uninsured Funds
|
|||
NCU
|
25.65%
|
6.45%
|
6.66%
|
NAC
|
25.30%
|
5.66%
|
6.53%
|
NVX
|
22.90%
|
6.25%
|
6.69%
|
NZH
|
22.89%
|
4.66%
|
6.06%
|
Standard & Poor’s (S&P) California Municipal Bond Index*
|
14.84%
|
5.17%
|
5.38%
|
Standard & Poor’s (S&P) National Municipal Bond Index*
|
12.87%
|
5.19%
|
5.36%
|
Lipper California Municipal Debt Funds Classification Average*
|
25.87%
|
4.71%
|
6.17%
|
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 Performance Overview page for your Fund in this report.
|
|
*
|
Refer to Glossary of Terms Used in This Report for definitions.
|
8
|
Nuveen Investments
|
1-Year
|
5-Year
|
10-Year
|
|
Insured Funds
|
|||
NPC
|
24.47%
|
6.31%
|
6.22%
|
NCL
|
25.33%
|
6.30%
|
6.24%
|
NKL
|
24.87%
|
6.59%
|
N/A
|
NKX
|
21.95%
|
5.18%
|
N/A
|
Standard & Poor’s (S&P) California Municipal Bond Index*
|
14.84%
|
5.17%
|
5.38%
|
Standard & Poor’s (S&P) Insured National Municipal Bond Index*
|
13.78%
|
5.24%
|
5.41%
|
Lipper Single-State Insured Municipal Debt Funds Classification Average*
|
21.81%
|
5.94%
|
6.06%
|
Nuveen Investments
|
9
|
•
|
Each Fund eliminated the investment policy requiring it, under normal circumstances, to invest at least 80 percent of its managed assets in municipal securities that are covered by insurance which currently guarantees the timely payment of principal and interest.
|
•
|
Each Fund adopted a new investment policy requiring it, under normal circumstances, to invest at least 80 percent of its managed assets in municipal securities that pay interest exempt from federal and California income tax.
|
10
|
Nuveen Investments
|
•
|
Each Fund eliminated the old fundamental loan policy and adopted a new fundamental loan policy, which states that each Fund may not make loans, except as permitted by the Investment Company Act of 1940, as amended, and exemptive orders granted under the Investment Company Act of 1940, as amended.
|
•
|
Each Fund will continue to invest substantially all (at least 80 percent) of its managed assets in investment grade quality municipal securities.
|
•
|
Nuveen Insured California Tax-Free Advantage Municipal Fund (NKX) will continue its policy of investing, under normal circumstances, at least 80% of its assets in AMT-free municipal securities.
|
Acquired Funds
|
Acquiring Fund
|
|
•
|
Nuveen Insured California Premium
|
|
Income Municipal Fund, Inc. (NPC)
|
||
•
|
Nuveen Insured California Premium
|
Nuveen California AMT Free
|
Income Municipal Fund 2, Inc. (NCL)
|
Municipal Income Fund (NKX)
|
|
•
|
Nuveen Insured California Dividend
|
|
Advantage Municipal Fund (NKL)
|
Nuveen Investments
|
11
|
MTP Shares Issued |
Annual
|
NYSE
|
|||||||||||
Fund
|
Series
|
at Liquidation Value |
Interest Rate
|
Ticker
|
|||||||||
NCU
|
2015
|
$
|
35,250,000
|
2.00
|
%
|
NCU PrC
|
|||||||
NVX
|
2014
|
$
|
42,846,300
|
2.35
|
%
|
NVX PrA
|
|||||||
NVX
|
2015
|
$
|
55,000,000
|
2.05
|
%
|
NVX PrC
|
|||||||
NZH
|
2014
|
$
|
27,000,000
|
2.35
|
%
|
NZH PrA
|
|||||||
NZH
|
2014-1
|
$
|
46,294,500
|
2.25
|
%
|
NZH PrB
|
|||||||
NZH
|
2015
|
$
|
86,250,000
|
2.95
|
%
|
NZH PrC
|
12
|
Nuveen Investments
|
VRDP Shares Issued
|
|||
Fund
|
at Liquidation Value
|
||
NPC
|
$
|
42,700,000
|
|
NCL
|
$
|
74,000,000
|
|
NAC
|
$
|
136,200,000
|
|
NKL
|
$
|
104,400,000
|
|
NKX
|
$
|
35,500,000
|
Nuveen Investments
|
13
|
14
|
Nuveen Investments
|
Short-Term Capital Gains
|
|||||||
Long-Term Capital Gains
|
and/or Ordinary Income
|
||||||
Fund
|
(per share)
|
(per share)
|
|||||
NPC
|
$
|
0.0780
|
$
|
0.0240
|
|||
NCL
|
—
|
$
|
0.0118
|
||||
NAC
|
—
|
$
|
0.0045
|
||||
NKL
|
—
|
$
|
0.0053
|
Nuveen Investments
|
15
|
Common Shares
|
% of Outstanding
|
|
Fund
|
Repurchased and Retired
|
Common Shares
|
NPC
|
17,700
|
0.3%
|
NCL
|
55,700
|
0.4%
|
NCU
|
44,500
|
0.8%
|
NAC
|
—
|
—
|
NVX
|
50,700
|
0.3%
|
NZH
|
12,900
|
0.1%
|
NKL
|
32,700
|
0.2%
|
NKX
|
—
|
—
|
2/29/12
|
Twelve-Month Average
|
|
Fund
|
(+)Premium/(-)Discount
|
(-)Discount
|
NPC
|
(+)1.07%
|
(-)2.41%
|
NCL
|
(+)2.54%
|
(-)2.14%
|
NCU
|
(-)1.05%
|
(-)5.57%
|
NAC
|
(+)1.82%
|
(-)3.08%
|
NVX
|
(+)0.58%
|
(-)3.20%
|
NZH
|
(+)3.16%
|
(-)2.08%
|
NKL
|
(+)2.50%
|
(-)1.01%
|
NKX
|
(+)2.24%
|
(-)5.56%
|
16
|
Nuveen Investments
|
NPC
|
Nuveen Insured California
|
|
Performance
|
Premium Income
|
|
OVERVIEW
|
Municipal Fund, Inc.
|
|
as of February 29, 2012
|
Fund Snapshot
|
||||
Common Share Price
|
$
|
16.06
|
||
Common Share Net Asset Value (NAV)
|
$
|
15.89
|
||
Premium/(Discount) to NAV
|
1.07
|
%
|
||
Market Yield
|
5.42
|
%
|
||
Taxable-Equivalent Yield1
|
8.30
|
%
|
||
Net Assets Applicable to Common Shares ($000)
|
$
|
102,481
|
||
Leverage
|
||||
Regulatory Leverage
|
29.41
|
%
|
||
Effective Leverage
|
35.25
|
%
|
Average Annual Total Returns
|
|||||||
(Inception 11/19/92)
|
|||||||
On Share Price
|
On NAV
|
||||||
1-Year
|
29.53
|
%
|
24.47
|
%
|
|||
5-Year
|
7.72
|
%
|
6.31
|
%
|
|||
10-Year
|
6.59
|
%
|
6.22
|
%
|
Portfolio Composition4
|
||||
(as a % of total investments)
|
||||
Tax Obligation/Limited
|
36.2
|
%
|
||
Tax Obligation/General
|
21.1
|
%
|
||
U.S. Guaranteed
|
18.4
|
%
|
||
Water and Sewer
|
14.6
|
%
|
||
Other
|
9.7
|
%
|
||
Insurers4
|
||||
(as a % of total Insured investments)
|
||||
NPFG5
|
28.5
|
%
|
||
AMBAC
|
25.5
|
%
|
||
FGIC
|
18.8
|
%
|
||
AGM
|
17.3
|
%
|
||
AGC
|
7.7
|
%
|
||
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
|
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 this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
|
2
|
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. At the end of the reporting period, 82% of the Fund’s total investments are invested in Insured securities.
|
3
|
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by a national rating agency.
|
4
|
Holdings are subject to change.
|
5
|
MBIA’s public finance subsidiary.
|
6
|
The Fund paid shareholders a net ordinary income distribution and a capital gains distribution in December 2011 of $0.024 and $0.078 per share.
|
Nuveen Investments
|
17
|
NCL
|
Nuveen Insured California
|
|
Performance
|
Premium Income
|
|
OVERVIEW
|
Municipal Fund 2, Inc.
|
|
as of February 29, 2012
|
Fund Snapshot
|
||||
Common Share Price
|
$
|
15.76
|
||
Common Share Net Asset Value (NAV)
|
$
|
15.37
|
||
Premium/(Discount) to NAV
|
2.54
|
%
|
||
Market Yield
|
5.75
|
%
|
||
Taxable-Equivalent Yield1
|
8.81
|
%
|
||
Net Assets Applicable to Common Shares ($000)
|
$
|
194,712
|
||
Leverage
|
||||
Regulatory Leverage
|
27.54
|
%
|
||
Effective Leverage
|
36.48
|
%
|
Average Annual Total Returns
|
|||||||
(Inception 3/18/93)
|
|||||||
On Share Price
|
On NAV
|
||||||
1-Year
|
35.03
|
%
|
25.33
|
%
|
|||
5-Year
|
8.41
|
%
|
6.30
|
%
|
|||
10-Year
|
6.78
|
%
|
6.24
|
%
|
Portfolio Composition4
|
||||
(as a % of total investments)
|
||||
Tax Obligation/Limited
|
44.3
|
%
|
||
Tax Obligation/General
|
21.4
|
%
|
||
Water and Sewer
|
14.0
|
%
|
||
Utilities
|
5.5
|
%
|
||
Other
|
14.8
|
%
|
||
Insurers4
|
||||
(as a % of total Insured investments)
|
||||
AMBAC
|
29.6
|
%
|
||
AGM
|
20.6
|
%
|
||
FGIC
|
19.0
|
%
|
||
NPFG5
|
17.9
|
%
|
||
AGC
|
12.3
|
%
|
||
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
|
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 this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
|
2
|
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. At the end of the reporting period, 90% of the Fund’s total investments are invested in Insured securities.
|
3
|
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by a national rating agency.
|
4
|
Holdings are subject to change.
|
5
|
MBIA’s public finance subsidiary.
|
6
|
The Fund paid shareholders a net ordinary income distribution in December 2011 of $0.0118 per share.
|
18
|
Nuveen Investments
|
NCU
|
Nuveen California
|
|
Performance
|
Premium Income
|
|
OVERVIEW
|
Municipal Fund
|
|
as of February 29, 2012
|
Fund Snapshot
|
||||
Common Share Price
|
$
|
15.15
|
||
Common Share Net Asset Value (NAV)
|
$
|
15.31
|
||
Premium/(Discount) to NAV
|
-1.05
|
%
|
||
Market Yield
|
5.74
|
%
|
||
Taxable-Equivalent Yield1
|
8.79
|
%
|
||
Net Assets Applicable to Common Shares ($000)
|
$
|
87,755
|
||
Leverage
|
||||
Regulatory Leverage
|
28.66
|
%
|
||
Effective Leverage
|
36.79
|
%
|
Average Annual Total Returns
|
|||||||
(Inception 6/18/93)
|
|||||||
On Share Price
|
On NAV
|
||||||
1-Year
|
31.68
|
%
|
25.65
|
%
|
|||
5-Year
|
7.64
|
%
|
6.45
|
%
|
|||
10-Year
|
7.12
|
%
|
6.66
|
%
|
Portfolio Composition3
|
||||
(as a % of total investments)
|
||||
Tax Obligation/Limited
|
28.8
|
%
|
||
Health Care
|
21.9
|
%
|
||
Tax Obligation/General
|
19.5
|
%
|
||
U.S. Guaranteed
|
7.0
|
%
|
||
Water and Sewer
|
5.0
|
%
|
||
Consumer Staples
|
4.3
|
%
|
||
Other
|
13.5
|
%
|
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
|
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 this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
|
2
|
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by a national rating agency.
|
3
|
Holdings are subject to change.
|
Nuveen Investments
|
19
|
NAC
|
Nuveen California
|
|
Performance
|
Dividend Advantage
|
|
OVERVIEW
|
Municipal Fund
|
|
as of February 29, 2012
|
Fund Snapshot
|
||||
Common Share Price
|
$
|
15.14
|
||
Common Share Net Asset Value (NAV)
|
$
|
14.87
|
||
Premium/(Discount) to NAV
|
1.82
|
%
|
||
Market Yield
|
6.10
|
%
|
||
Taxable-Equivalent Yield1
|
9.34
|
%
|
||
Net Assets Applicable to Common Shares ($000)
|
$
|
349,203
|
||
Leverage
|
||||
Regulatory Leverage
|
28.06
|
%
|
||
Effective Leverage
|
33.74
|
%
|
Average Annual Total Returns
|
|||||||
(Inception 5/26/99)
|
|||||||
On Share Price
|
On NAV
|
||||||
1-Year
|
32.82
|
%
|
25.30
|
%
|
|||
5-Year
|
6.16
|
%
|
5.66
|
%
|
|||
10-Year
|
7.43
|
%
|
6.53
|
%
|
Portfolio Composition3
|
||||
(as a % of total investments)
|
||||
Tax Obligation/Limited
|
26.8
|
%
|
||
Health Care
|
20.6
|
%
|
||
Tax Obligation/General
|
17.5
|
%
|
||
U.S. Guaranteed
|
8.9
|
%
|
||
Water and Sewer
|
6.6
|
%
|
||
Education and Civic Organizations
|
5.4
|
%
|
||
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
|
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 this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
|
2
|
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by a national rating agency.
|
3
|
Holdings are subject to change.
|
4
|
The Fund paid shareholders a net ordinary income distribution in December 2011 of $0.0045 per share.
|
20
|
Nuveen Investments
|
NVX
|
Nuveen California
|
|
Performance
|
Dividend Advantage
|
|
OVERVIEW
|
Municipal Fund 2
|
|
as of February 29, 2012
|
Fund Snapshot
|
||||
Common Share Price
|
$
|
15.58
|
||
Common Share Net Asset Value (NAV)
|
$
|
15.49
|
||
Premium/(Discount) to NAV
|
0.58
|
%
|
||
Market Yield
|
6.16
|
%
|
||
Taxable-Equivalent Yield1
|
9.43
|
%
|
||
Net Assets Applicable to Common Shares ($000)
|
$
|
228,474
|
||
Leverage
|
||||
Regulatory Leverage
|
29.98
|
%
|
||
Effective Leverage
|
37.66
|
%
|
Average Annual Total Returns
|
|||||||
(Inception 3/27/01)
|
|||||||
On Share Price
|
On NAV
|
||||||
1-Year
|
30.01
|
%
|
22.90
|
%
|
|||
5-Year
|
7.11
|
%
|
6.25
|
%
|
|||
10-Year
|
7.36
|
%
|
6.69
|
%
|
Portfolio Composition3
|
||||
(as a % of total investments)
|
||||
Health Care
|
17.4
|
%
|
||
Tax Obligation/General
|
16.9
|
%
|
||
Tax Obligation/Limited
|
14.3
|
%
|
||
U.S. Guaranteed
|
13.7
|
%
|
||
Water and Sewer
|
7.2
|
%
|
||
Education and Civic Organizations
|
6.4
|
%
|
||
Transportation
|
6.0
|
%
|
||
Utilities
|
5.9
|
%
|
||
Consumer Staples
|
5.1
|
%
|
||
Other
|
7.1
|
%
|
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
|
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 this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
|
2
|
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by a national rating agency.
|
3
|
Holdings are subject to change.
|
Nuveen Investments
|
21
|
NZH
|
Nuveen California
|
|
Performance
|
Dividend Advantage
|
|
OVERVIEW
|
Municipal Fund 3
|
|
as of February 29, 2012
|
Fund Snapshot
|
||||
Common Share Price
|
$
|
14.35
|
||
Common Share Net Asset Value (NAV)
|
$
|
13.91
|
||
Premium/(Discount) to NAV
|
3.16
|
%
|
||
Market Yield
|
6.27
|
%
|
||
Taxable-Equivalent Yield1
|
9.60
|
%
|
||
Net Assets Applicable to Common Shares ($000)
|
$
|
335,830
|
||
Leverage
|
||||
Regulatory Leverage
|
32.21
|
%
|
||
Effective Leverage
|
39.27
|
%
|
Average Annual Total Returns
|
|||||||
(Inception 9/25/01)
|
|||||||
On Share Price
|
On NAV
|
||||||
1-Year
|
31.93
|
%
|
22.89
|
%
|
|||
5-Year
|
5.63
|
%
|
4.66
|
%
|
|||
10-Year
|
6.93
|
%
|
6.06
|
%
|
Portfolio Composition3
|
||||
(as a % of total investments)
|
||||
Tax Obligation/Limited
|
29.9
|
%
|
||
Health Care
|
22.1
|
%
|
||
U.S. Guaranteed
|
11.3
|
%
|
||
Tax Obligation/General
|
9.2
|
%
|
||
Consumer Staples
|
5.7
|
%
|
||
Education and Civic Organizations
|
4.4
|
%
|
||
Water and Sewer
|
4.3
|
%
|
||
Other
|
13.1
|
%
|
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
|
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 this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
|
2
|
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by a national rating agency.
|
3
|
Holdings are subject to change.
|
22
|
Nuveen Investments
|
NKL
|
Nuveen Insured California
|
|
Performance
|
Dividend Advantage
|
|
OVERVIEW
|
Municipal Fund
|
|
as of February 29, 2012
|
Fund Snapshot
|
||||
Common Share Price
|
$
|
16.42
|
||
Common Share Net Asset Value (NAV)
|
$
|
16.02
|
||
Premium/(Discount) to NAV
|
2.50
|
%
|
||
Market Yield
|
6.07
|
%
|
||
Taxable-Equivalent Yield1
|
9.30
|
%
|
||
Net Assets Applicable to Common Shares ($000)
|
$
|
244,521
|
||
Leverage
|
||||
Regulatory Leverage
|
29.92
|
%
|
||
Effective Leverage
|
35.05
|
%
|
Average Annual Total Returns
|
|||||||
(Inception 3/25/02)
|
|||||||
On Share Price
|
On NAV
|
||||||
1-Year
|
34.78
|
%
|
24.87
|
%
|
|||
5-Year
|
7.74
|
%
|
6.59
|
%
|
|||
Since Inception
|
7.35
|
%
|
7.29
|
%
|
Portfolio Composition4
|
||||
(as a % of total investments)
|
||||
Tax Obligation/Limited
|
32.1
|
%
|
||
Tax Obligation/General
|
27.3
|
%
|
||
Water and Sewer
|
11.8
|
%
|
||
U.S. Guaranteed
|
11.3
|
%
|
||
Health Care
|
5.3
|
%
|
||
Utilities
|
5.2
|
%
|
||
Other
|
7.0
|
%
|
||
Insurers4
|
||||
(as a % of total Insured investments)
|
||||
AGM
|
31.2
|
%
|
||
AMBAC
|
24.7
|
%
|
||
FGIC
|
15.8
|
%
|
||
NPFG5
|
14.8
|
%
|
||
SYNCORA GTY
|
6.6
|
%
|
||
AGC
|
6.6
|
%
|
||
ACA
|
0.3
|
%
|
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
|
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 this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
|
2
|
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. At the end of the reporting period, 83% of the Fund’s total investments are invested in Insured securities.
|
3
|
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by a national rating agency.
|
4
|
Holdings are subject to change.
|
5
|
MBIA’s public finance subsidiary.
|
6
|
The Fund paid shareholders a net ordinary income distribution in December 2011 of $0.0053 per share.
|
Nuveen Investments
|
23
|
NKX
|
Nuveen Insured California
|
|
Performance
|
Tax-Free Advantage
|
|
OVERVIEW
|
Municipal Fund
|
|
as of February 29, 2012
|
Fund Snapshot
|
||||
Common Share Price
|
$
|
15.06
|
||
Common Share Net Asset Value (NAV)
|
$
|
14.73
|
||
Premium/(Discount) to NAV
|
2.24
|
%
|
||
Market Yield
|
5.66
|
%
|
||
Taxable-Equivalent Yield1
|
8.67
|
%
|
||
Net Assets Applicable to Common Shares ($000)
|
$
|
86,731
|
||
Leverage
|
||||
Regulatory Leverage
|
29.04
|
%
|
||
Effective Leverage
|
34.05
|
%
|
Average Annual Total Returns
|
|||||||
(Inception 11/21/02)
|
|||||||
On Share Price
|
On NAV
|
||||||
1-Year
|
36.10
|
%
|
21.95
|
%
|
|||
5-Year
|
6.54
|
%
|
5.18
|
%
|
|||
Since Inception
|
5.98
|
%
|
6.01
|
%
|
Portfolio Composition4
|
||||
(as a % of total investments)
|
||||
Tax Obligation/Limited
|
34.1
|
%
|
||
Health Care
|
17.4
|
%
|
||
U.S. Guaranteed
|
14.5
|
%
|
||
Tax Obligation/General
|
8.8
|
%
|
||
Water and Sewer
|
7.7
|
%
|
||
Transportation
|
5.9
|
%
|
||
Long-Term Care
|
5.0
|
%
|
||
Other
|
6.6
|
%
|
||
Insurers4
|
||||
(as a % of total Insured investments)
|
||||
AMBAC
|
42.7
|
%
|
||
NPFG5
|
18.9
|
%
|
||
AGM
|
14.7
|
%
|
||
AGC
|
9.2
|
%
|
||
FGIC
|
8.1
|
%
|
||
BHAC
|
5.4
|
%
|
||
SYNCORA GTY
|
1.0
|
%
|
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
|
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 this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
|
2
|
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. At the end of the reporting period, 78% of the Fund’s total investments are invested in Insured securities.
|
3
|
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by a national rating agency.
|
4
|
Holdings are subject to change.
|
5
|
MBIA’s public finance subsidiary.
|
24
|
Nuveen Investments
|
NPC
|
Shareholder Meeting Report
|
|
NCL
|
||
NCU
|
The annual meeting of shareholders for NCU, NAC, NVX and NZH was held in the offices of Nuveen Investments on November 15, 2011; at this meeting the shareholders were asked to vote on the election of Board Members, the elimination of Fundamental Investment Policies and the approval of new Fundamental Investment Policies. The meeting was subsequently adjourned to December 16, 2011. The meeting for NVX was additionally adjourned to January 31, 2012.
|
|
The annual meeting of shareholders for NPC, NCL, NKL and NKX was held in the offices of Nuveen Investments on February 24, 2012; at this meeting the shareholders were asked to vote on the election of Board Members, the elimination of Fundamental Investment Policies, the approval of new Fundamental Investment Policies and the approval of an Agreement and Plan of Reorganization. The meeting was subsequently adjourned to March 30, 2012.
|
NPC
|
NCL
|
NCU
|
|||||||||||||||||
Common and
Preferred
shares voting
together
as a class
|
Preferred
shares voting
together
as a class
|
Common and
Preferred
shares voting
together
as a class
|
Preferred
shares voting
together
as a class
|
Common and
Preferred
shares voting
together
as a class
|
Preferred
shares voting
together
as a class
|
||||||||||||||
To approve the Agreement and Plan of Reorganization.
|
|||||||||||||||||||
For
|
3,291,576
|
427
|
6,573,781
|
740
|
—
|
—
|
|||||||||||||
Against
|
130,991
|
—
|
420,457
|
—
|
—
|
—
|
|||||||||||||
Abstain
|
125,488
|
—
|
269,671
|
—
|
—
|
—
|
|||||||||||||
Broker Non-Votes
|
1,029,943
|
—
|
2,208,503
|
—
|
—
|
—
|
|||||||||||||
Total
|
4,577,998
|
427
|
9,472,412
|
740
|
—
|
—
|
|||||||||||||
To approve the issuance of additional common shares.
|
|||||||||||||||||||
For
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||
Against
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||
Abstain
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||
Broker Non-Votes
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||
Total
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||
To approve the elimination of the existing fundamental investment policy related to the Fund’s investment of at least 80% of its assets in insured municipal securities.
|
|||||||||||||||||||
For
|
3,140,564
|
427
|
6,453,010
|
740
|
—
|
—
|
|||||||||||||
Against
|
286,637
|
—
|
536,813
|
—
|
—
|
—
|
|||||||||||||
Abstain
|
120,854
|
—
|
274,086
|
—
|
—
|
—
|
|||||||||||||
Broker Non-Votes
|
1,029,943
|
—
|
2,208,503
|
—
|
—
|
—
|
|||||||||||||
Total
|
4,577,998
|
427
|
9,472,412
|
740
|
—
|
—
|
|||||||||||||
To approve a new fundamental investment policy related to the Fund’s investment of at least 80%of its assets in municipal securities.
|
|||||||||||||||||||
For
|
3,240,899
|
427
|
6,506,979
|
740
|
—
|
—
|
|||||||||||||
Against
|
182,188
|
—
|
505,824
|
—
|
—
|
—
|
|||||||||||||
Abstain
|
124,968
|
—
|
251,106
|
—
|
—
|
—
|
|||||||||||||
Broker Non-Votes
|
1,029,943
|
—
|
2,208,503
|
—
|
—
|
—
|
|||||||||||||
Total
|
4,577,998
|
427
|
9,472,412
|
740
|
—
|
—
|
|||||||||||||
To approve the elimination of the fundamental policies relating to the Fund’s ability to make loans.
|
|||||||||||||||||||
For
|
3,143,173
|
427
|
6,382,348
|
740
|
3,845,643
|
1,277,924
|
|||||||||||||
Against
|
279,180
|
—
|
563,518
|
—
|
241,976
|
78,621
|
|||||||||||||
Abstain
|
125,702
|
—
|
318,043
|
—
|
102,597
|
14,000
|
|||||||||||||
Broker Non-Votes
|
1,029,943
|
—
|
2,208,503
|
—
|
1,453,355
|
527,864
|
|||||||||||||
Total
|
4,577,998
|
427
|
9,472,412
|
740
|
5,643,571
|
1,898,409
|
|||||||||||||
To approve the new fundamental policy relating to the Fund’s ability to make loans.
|
|||||||||||||||||||
For
|
3,209,392
|
427
|
6,404,965
|
740
|
3,851,482
|
1,277,424
|
|||||||||||||
Against
|
206,961
|
—
|
561,762
|
—
|
238,765
|
79,121
|
|||||||||||||
Abstain
|
131,702
|
—
|
297,182
|
—
|
99,969
|
14,000
|
|||||||||||||
Broker Non-Votes
|
1,029,943
|
—
|
2,208,503
|
—
|
1,453,355
|
527,864
|
|||||||||||||
Total
|
4,577,998
|
427
|
9,472,412
|
740
|
5,643,571
|
1,898,409
|
Nuveen Investments
|
25
|
NPC
|
Shareholder Meeting Report (continued)
|
|
NCL
|
||
NCU
|
NPC
|
NCL
|
NCU
|
|||||||||||||||||
Common and
Preferred
shares voting
together
as a class
|
Preferred
shares voting
together
as a class
|
Common and
Preferred
shares voting
together
as a class
|
Preferred
shares voting
together
as a class
|
Common and
Preferred
shares voting
together
as a class
|
Preferred
shares voting
together
as a class
|
||||||||||||||
Approval of the Board Members was reached as follows:
|
|||||||||||||||||||
John P. Amboian
|
|||||||||||||||||||
For
|
5,048,146
|
—
|
10,001,959
|
—
|
5,390,182
|
—
|
|||||||||||||
Withhold
|
141,859
|
—
|
368,152
|
—
|
253,389
|
—
|
|||||||||||||
Total
|
5,190,005
|
—
|
10,370,111
|
—
|
5,643,571
|
—
|
|||||||||||||
Robert P. Bremner
|
|||||||||||||||||||
For
|
5,049,646
|
—
|
10,002,112
|
—
|
—
|
—
|
|||||||||||||
Withhold
|
140,359
|
—
|
367,999
|
—
|
—
|
—
|
|||||||||||||
Total
|
5,190,005
|
—
|
10,370,111
|
—
|
—
|
—
|
|||||||||||||
Jack B. Evans
|
|||||||||||||||||||
For
|
5,048,046
|
—
|
10,007,232
|
—
|
—
|
—
|
|||||||||||||
Withhold
|
141,959
|
—
|
362,879
|
—
|
—
|
—
|
|||||||||||||
Total
|
5,190,005
|
—
|
10,370,111
|
—
|
—
|
—
|
|||||||||||||
William C. Hunter
|
|||||||||||||||||||
For
|
—
|
427
|
—
|
740
|
—
|
1,804,800
|
|||||||||||||
Withhold
|
—
|
—
|
—
|
—
|
—
|
93,609
|
|||||||||||||
Total
|
—
|
427
|
—
|
740
|
—
|
1,898,409
|
|||||||||||||
David J. Kundert
|
|||||||||||||||||||
For
|
5,048,246
|
—
|
10,004,559
|
—
|
5,380,869
|
—
|
|||||||||||||
Withhold
|
141,759
|
—
|
365,552
|
—
|
262,702
|
—
|
|||||||||||||
Total
|
5,190,005
|
—
|
10,370,111
|
—
|
5,643,571
|
—
|
|||||||||||||
William J. Schneider
|
|||||||||||||||||||
For
|
—
|
427
|
—
|
740
|
—
|
1,804,800
|
|||||||||||||
Withhold
|
—
|
—
|
—
|
—
|
—
|
93,609
|
|||||||||||||
Total
|
—
|
427
|
—
|
740
|
—
|
1,898,409
|
|||||||||||||
Judith M. Stockdale
|
|||||||||||||||||||
For
|
5,041,846
|
—
|
9,999,412
|
—
|
—
|
—
|
|||||||||||||
Withhold
|
148,159
|
—
|
370,699
|
—
|
—
|
—
|
|||||||||||||
Total
|
5,190,005
|
—
|
10,370,111
|
—
|
—
|
—
|
|||||||||||||
Carole E. Stone
|
|||||||||||||||||||
For
|
5,044,646
|
—
|
10,000,512
|
—
|
—
|
—
|
|||||||||||||
Withhold
|
145,359
|
—
|
369,599
|
—
|
—
|
—
|
|||||||||||||
Total
|
5,190,005
|
—
|
10,370,111
|
—
|
—
|
—
|
|||||||||||||
Virginia L. Stringer
|
|||||||||||||||||||
For
|
5,048,946
|
—
|
10,002,685
|
—
|
—
|
—
|
|||||||||||||
Withhold
|
141,059
|
—
|
367,426
|
—
|
—
|
—
|
|||||||||||||
Total
|
5,190,005
|
—
|
10,370,111
|
—
|
—
|
—
|
|||||||||||||
Terence J. Toth
|
|||||||||||||||||||
For
|
5,049,146
|
—
|
10,001,812
|
—
|
5,397,583
|
—
|
|||||||||||||
Withhold
|
140,859
|
—
|
368,299
|
—
|
245,988
|
—
|
|||||||||||||
Total
|
5,190,005
|
—
|
10,370,111
|
—
|
5,643,571
|
—
|
26
|
Nuveen Investments
|
NAC
|
|
NVX
|
|
NZH
|
NAC
|
NVX
|
NZH
|
|||||||||||||||||
Common and
Preferred
shares voting
together
as a class
|
Preferred
shares voting
together
as a class
|
Common and
Preferred
shares voting
together
as a class
|
Preferred
shares voting
together
as a class
|
Common and
Preferred
shares voting
together
as a class
|
Preferred
shares voting
together
as a class
|
||||||||||||||
To approve the Agreement and Plan of Reorganization.
|
|||||||||||||||||||
For
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||
Against
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||
Abstain
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||
Broker Non-Votes
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||
Total
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||
To approve the issuance of additional common shares.
|
|||||||||||||||||||
For
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||
Against
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||
Abstain
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||
Broker Non-Votes
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||
Total
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||
To approve the elimination of the existing fundamental investment policy related to the Fund’s investment of at least 80% of its assets in insured municipal securities.
|
|||||||||||||||||||
For
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||
Against
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||
Abstain
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||
Broker Non-Votes
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||
Total
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||
To approve a new fundamental investment policy related to the Fund’s investment of at least 80% of its assets in municipal securities.
|
|||||||||||||||||||
For
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||
Against
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||
Abstain
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||
Broker Non-Votes
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||
Total
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||
To approve the elimination of the fundamental policies relating to the Fund’s ability to make loans.
|
|||||||||||||||||||
For
|
10,093,682
|
1,352
|
11,206,563
|
4,025,588
|
16,567,423
|
6,365,782
|
|||||||||||||
Against
|
361,206
|
—
|
725,943
|
251,156
|
875,986
|
282,007
|
|||||||||||||
Abstain
|
371,053
|
—
|
359,582
|
67,330
|
418,253
|
66,400
|
|||||||||||||
Broker Non-Votes
|
3,352,320
|
—
|
3,789,801
|
2,328,989
|
5,570,472
|
2,545,059
|
|||||||||||||
Total
|
14,178,261
|
1,352
|
16,081,889
|
6,673,063
|
23,432,134
|
9,259,248
|
|||||||||||||
To approve the new fundamental policy relating to the Fund’s ability to make loans.
|
|||||||||||||||||||
For
|
10,132,522
|
1,352
|
11,157,230
|
4,003,088
|
16,418,824
|
6,223,102
|
|||||||||||||
Against
|
380,292
|
—
|
753,423
|
273,656
|
1,025,811
|
420,187
|
|||||||||||||
Abstain
|
313,127
|
—
|
381,434
|
67,330
|
417,025
|
70,900
|
|||||||||||||
Broker Non-Votes
|
3,352,320
|
—
|
3,789,802
|
2,328,989
|
5,570,474
|
2,545,059
|
|||||||||||||
Total
|
14,178,261
|
1,352
|
16,081,889
|
6,673,063
|
23,432,134
|
9,259,248
|
Nuveen Investments
|
27
|
NAC
|
Shareholder Meeting Report (continued)
|
|
NVX
|
||
NZH
|
NAC
|
NVX
|
NZH
|
|||||||||||||||||
Common and
Preferred
shares voting
together
as a class
|
Preferred
shares voting
together
as a class
|
Common and
Preferred
shares voting
together
as a class
|
Preferred
shares voting
together
as a class
|
Common and
Preferred
shares voting
together
as a class
|
Preferred
shares voting
together
as a class
|
||||||||||||||
Approval of the Board Members was reached as follows:
|
|||||||||||||||||||
John P. Amboian
|
|||||||||||||||||||
For
|
13,822,072
|
—
|
13,983,321
|
—
|
22,358,217
|
—
|
|||||||||||||
Withhold
|
356,189
|
—
|
1,555,024
|
—
|
1,073,917
|
—
|
|||||||||||||
Total
|
14,178,261
|
—
|
15,538,345
|
—
|
23,432,134
|
—
|
|||||||||||||
Robert P. Bremner
|
|||||||||||||||||||
For
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||
Withhold
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||
Total
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||
Jack B. Evans
|
|||||||||||||||||||
For
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||
Withhold
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||
Total
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||
William C. Hunter
|
|||||||||||||||||||
For
|
—
|
1,352
|
—
|
4,911,619
|
—
|
8,740,600
|
|||||||||||||
Withhold
|
—
|
—
|
—
|
1,174,989
|
—
|
518,648
|
|||||||||||||
Total
|
—
|
1,352
|
—
|
6,086,608
|
—
|
9,259,248
|
|||||||||||||
David J. Kundert
|
|||||||||||||||||||
For
|
13,837,489
|
—
|
13,988,375
|
—
|
22,367,250
|
—
|
|||||||||||||
Withhold
|
340,772
|
—
|
1,549,970
|
—
|
1,064,884
|
—
|
|||||||||||||
Total
|
14,178,261
|
—
|
15,538,345
|
—
|
23,432,134
|
—
|
|||||||||||||
William J. Schneider
|
|||||||||||||||||||
For
|
—
|
1,352
|
—
|
4,917,319
|
—
|
8,740,600
|
|||||||||||||
Withhold
|
—
|
—
|
—
|
1,169,289
|
—
|
518,648
|
|||||||||||||
Total
|
—
|
1,352
|
—
|
6,086,608
|
—
|
9,259,248
|
|||||||||||||
Judith M. Stockdale
|
|||||||||||||||||||
For
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||
Withhold
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||
Total
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||
Carole E. Stone
|
|||||||||||||||||||
For
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||
Withhold
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||
Total
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||
Virginia L. Stringer
|
|||||||||||||||||||
For
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||
Withhold
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||
Total
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||
Terence J. Toth
|
|||||||||||||||||||
For
|
13,842,839
|
—
|
13,996,504
|
—
|
22,368,715
|
—
|
|||||||||||||
Withhold
|
335,422
|
—
|
1,541,841
|
—
|
1,063,419
|
—
|
|||||||||||||
Total
|
14,178,261
|
—
|
15,538,345
|
—
|
23,432,134
|
—
|
28
|
Nuveen Investments
|
NKL
|
|
NKX
|
|
NKL
|
NKX
|
||||||||||||
Common and
Preferred
shares voting
together
as a class
|
Preferred
shares voting
together
as a class
|
Common and
Preferred
shares voting
together
as a class
|
Preferred
shares voting
together
as a class
|
||||||||||
To approve the Agreement and
Plan of Reorganization. |
|||||||||||||
For
|
7,654,266
|
903
|
—
|
355
|
|||||||||
Against
|
386,245
|
—
|
—
|
—
|
|||||||||
Abstain
|
425,376
|
—
|
—
|
—
|
|||||||||
Broker Non-Votes
|
2,732,545
|
—
|
—
|
—
|
|||||||||
Total
|
11,198,432
|
903
|
—
|
355
|
|||||||||
To approve the issuance of additional
common shares. |
|||||||||||||
For
|
—
|
—
|
2,617,715
|
—
|
|||||||||
Against
|
—
|
—
|
183,929
|
—
|
|||||||||
Abstain
|
—
|
—
|
105,422
|
—
|
|||||||||
Broker Non-Votes
|
—
|
—
|
888,385
|
—
|
|||||||||
Total
|
—
|
—
|
3,795,451
|
—
|
|||||||||
To approve the elimination of the existing
fundamental investment policy related to |
|||||||||||||
For
|
7,589,720
|
903
|
2,668,761
|
355
|
|||||||||
Against
|
472,008
|
—
|
163,686
|
—
|
|||||||||
Abstain
|
404,159
|
—
|
74,619
|
—
|
|||||||||
Broker Non-Votes
|
2,732,545
|
—
|
888,385
|
—
|
|||||||||
Total
|
11,198,432
|
903
|
3,795,451
|
355
|
|||||||||
To approve a new fundamental
investment policy related to the |
|||||||||||||
For
|
7,625,923
|
903
|
2,677,823
|
355
|
|||||||||
Against
|
452,754
|
—
|
139,902
|
—
|
|||||||||
Abstain
|
387,210
|
—
|
89,341
|
—
|
|||||||||
Broker Non-Votes
|
2,732,545
|
—
|
888,385
|
—
|
|||||||||
Total
|
11,198,432
|
903
|
3,795,451
|
355
|
|||||||||
To approve the elimination of the
fundamental policies relating to the |
|||||||||||||
For
|
7,555,239
|
903
|
2,616,012
|
355
|
|||||||||
Against
|
475,339
|
—
|
203,575
|
—
|
|||||||||
Abstain
|
435,309
|
—
|
87,479
|
—
|
|||||||||
Broker Non-Votes
|
2,732,545
|
—
|
888,385
|
—
|
|||||||||
Total
|
11,198,432
|
903
|
3,795,451
|
355
|
|||||||||
To approve the new fundamental
policy relating to the Fund’s ability |
|||||||||||||
For
|
7,554,772
|
903
|
2,615,750
|
355
|
|||||||||
Against
|
470,657
|
—
|
206,626
|
—
|
|||||||||
Abstain
|
440,458
|
—
|
84,690
|
—
|
|||||||||
Broker Non-Votes
|
2,732,545
|
—
|
888,385
|
—
|
|||||||||
Total
|
11,198,432
|
903
|
3,795,451
|
355
|
Nuveen Investments
|
29
|
Shareholder Meeting Report (continued)
|
||
NKL
|
||
NKX
|
||
NKL
|
NKX
|
||||||||||||
Common and
Preferred
shares voting
together
as a class
|
Preferred
shares voting
together
as a class
|
Common and
Preferred
shares voting
together
as a class
|
Preferred
shares voting
together
as a class
|
||||||||||
Approval of the Board Members
was reached as follows: |
|||||||||||||
John P. Amboian
|
|||||||||||||
For
|
12,468,112
|
—
|
4,566,281
|
—
|
|||||||||
Withhold
|
188,664
|
—
|
65,693
|
—
|
|||||||||
Total
|
12,656,776
|
—
|
4,631,974
|
—
|
|||||||||
Robert P. Bremner
|
|||||||||||||
For
|
—
|
—
|
—
|
—
|
|||||||||
Withhold
|
—
|
—
|
—
|
—
|
|||||||||
Total
|
—
|
—
|
—
|
—
|
|||||||||
Jack B. Evans
|
|||||||||||||
For
|
—
|
—
|
—
|
—
|
|||||||||
Withhold
|
—
|
—
|
—
|
—
|
|||||||||
Total
|
—
|
—
|
—
|
—
|
|||||||||
William C. Hunter
|
|||||||||||||
For
|
—
|
903
|
—
|
177
|
|||||||||
Withhold
|
—
|
—
|
—
|
178
|
|||||||||
Total
|
—
|
903
|
—
|
355
|
|||||||||
David J. Kundert
|
|||||||||||||
For
|
12,471,795
|
—
|
4,567,081
|
—
|
|||||||||
Withhold
|
184,981
|
—
|
64,893
|
—
|
|||||||||
Total
|
12,656,776
|
—
|
4,631,974
|
—
|
|||||||||
William J. Schneider
|
|||||||||||||
For
|
—
|
903
|
—
|
177
|
|||||||||
Withhold
|
—
|
—
|
—
|
178
|
|||||||||
Total
|
—
|
903
|
—
|
355
|
|||||||||
Judith M. Stockdale
|
|||||||||||||
For
|
—
|
—
|
—
|
—
|
|||||||||
Withhold
|
—
|
—
|
—
|
—
|
|||||||||
Total
|
—
|
—
|
—
|
—
|
|||||||||
Carole E. Stone
|
|||||||||||||
For
|
—
|
—
|
—
|
—
|
|||||||||
Withhold
|
—
|
—
|
—
|
—
|
|||||||||
Total
|
—
|
—
|
—
|
—
|
|||||||||
Virginia L. Stringer
|
|||||||||||||
For
|
—
|
—
|
—
|
—
|
|||||||||
Withhold
|
—
|
—
|
—
|
—
|
|||||||||
Total
|
—
|
—
|
—
|
—
|
|||||||||
Terence J. Toth
|
|||||||||||||
For
|
12,474,211
|
—
|
4,566,281
|
—
|
|||||||||
Withhold
|
182,565
|
—
|
65,693
|
—
|
|||||||||
Total
|
12,656,776
|
—
|
4,631,974
|
—
|
30
|
Nuveen Investments
|
Nuveen Investments
|
31
|
Nuveen Insured California Premium Income Municipal Fund, Inc.
|
||
NPC
|
Portfolio of Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Education and Civic Organizations – 3.4% (2.5% 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)
|
9/12 at 100.00
|
Baa2
|
$
|
750,870
|
|||
1,500
|
California State University, Systemwide Revenue Bonds, Series 2005A, 5.000%, 11/01/25 – AMBAC Insured
|
5/15 at 100.00
|
Aa2
|
1,671,855
|
|||||
1,000
|
California State University, Systemwide Revenue Bonds, Series 2005C, 5.000%, 11/01/27 – NPFG Insured
|
11/15 at 100.00
|
Aa2
|
1,067,500
|
|||||
3,250
|
Total Education and Civic Organizations
|
3,490,225
|
|||||||
Health Care – 5.3% (4.0% of Total Investments)
|
|||||||||
2,800
|
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–
|
3,006,612
|
|||||
724
|
California Statewide Communities Development Authority, Revenue Bonds, St. Joseph Health System, Trust 2554, 18.382%, 7/01/47 – AGM Insured (IF)
|
7/18 at 100.00
|
AA–
|
886,234
|
|||||
1,480
|
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+
|
1,579,441
|
|||||
5,004
|
Total Health Care
|
5,472,287
|
|||||||
Housing/Single Family – 0.1% (0.1% of Total Investments)
|
|||||||||
95
|
California Housing Finance Agency, Home Mortgage Revenue Bonds, Series 2006H, 5.750%, 8/01/30 – FGIC Insured (Alternative Minimum Tax)
|
2/16 at 100.00
|
BBB
|
95,065
|
|||||
Long-Term Care – 1.4% (1.1% of Total Investments)
|
|||||||||
1,250
|
California Health Facilities Financing Authority, Insured Revenue Bonds, Community Program for Persons with Developmental Disabilities, Series 2011A, 6.250%, 2/01/26
|
No Opt. Call
|
A–
|
1,459,563
|
|||||
Tax Obligation/General – 28.4% (21.1% 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–
|
2,087,978
|
|||||
1,250
|
5.250%, 8/01/25 – NPFG Insured
|
8/14 at 100.00
|
AA–
|
1,369,388
|
|||||
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–
|
2,846,927
|
|||||
1,775
|
5.250%, 9/01/22 – FGIC Insured
|
9/14 at 100.00
|
AA–
|
1,958,642
|
|||||
1,130
|
Fontana Unified School District, San Bernardino County, California, General Obligation Bonds, Trust 2668, 9.515%, 2/01/16 – AGM Insured (IF)
|
No Opt. Call
|
AA–
|
1,415,845
|
|||||
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
|
1,320,881
|
|||||
5,000
|
Grossmont Healthcare District, California, General Obligation Bonds, Series 2007A, 5.000%, 7/15/37 – AMBAC Insured
|
7/17 at 100.00
|
Aa2
|
5,270,500
|
|||||
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+
|
1,242,139
|
|||||
3,000
|
Pomona Unified School District, Los Angeles County, California, General Obligation Refunding Bonds, Series 1997A, 6.500%, 8/01/19 – NPFG Insured
|
8/12 at 102.00
|
A
|
3,124,560
|
|||||
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–
|
176,867
|
|||||
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
|
Aa3
|
3,300,450
|
|||||
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
|
AA–
|
3,259,470
|
|||||
3,770
|
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–
|
1,748,451
|
|||||
28,960
|
Total Tax Obligation/General
|
29,122,098
|
32
|
Nuveen Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Tax Obligation/Limited – 48.8% (36.2% 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
|
8/12 at 100.00
|
AA–
|
$
|
1,013,180
|
|||
California Infrastructure and Economic Development Bank, Revenue Bonds, North County Center for Self-Sufficiency Corporation, Series 2004:
|
|||||||||
1,215
|
5.000%, 12/01/19 – AMBAC Insured
|
12/13 at 100.00
|
AA
|
1,307,146
|
|||||
1,615
|
5.000%, 12/01/21 – AMBAC Insured
|
12/13 at 100.00
|
AA
|
1,735,996
|
|||||
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
|
BBB
|
200,164
|
|||||
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–
|
575,079
|
|||||
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
|
BBB
|
3,039,177
|
|||||
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
|
1,902,147
|
|||||
315
|
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
|
9/12 at 101.00
|
A–
|
316,288
|
|||||
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
|
7/12 at 100.00
|
A2
|
5,001,300
|
|||||
3,180
|
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Tender Option Bonds Trust 4686, 8.957%, 6/01/45 – AGC Insured (IF) (4)
|
6/15 at 100.00
|
AA–
|
3,224,138
|
|||||
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
|
527,226
|
|||||
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
|
A3
|
441,534
|
|||||
385
|
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+
|
383,583
|
|||||
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
|
349,140
|
|||||
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–
|
983,820
|
|||||
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+
|
1,553,310
|
|||||
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–
|
3,079,850
|
|||||
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+
|
6,999,999
|
|||||
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–
|
162,867
|
|||||
205
|
Roseville, California, Certificates of Participation, Public Facilities, Series 2003A, 5.000%, 8/01/25 – AMBAC Insured
|
8/13 at 100.00
|
AA–
|
209,348
|
|||||
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–
|
5,489,899
|
|||||
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
|
BBB
|
1,459,005
|
|||||
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
|
AA–
|
3,745,033
|
|||||
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
|
AA–
|
3,527,030
|
|||||
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
|
4/12 at 100.00
|
A2
|
2,805,673
|
|||||
49,255
|
Total Tax Obligation/Limited
|
50,031,932
|
Nuveen Investments
|
33
|
Nuveen Insured California Premium Income Municipal Fund, Inc. (continued)
|
||
NPC
|
Portfolio of Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
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+
|
$
|
2,502,336
|
|||
U.S. Guaranteed – 24.8% (18.4% of Total Investments) (5)
|
|||||||||
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
|
9,048,959
|
|||||
4,135
|
Palmdale Community Redevelopment Agency, California, Single Family Restructured Mortgage Revenue Bonds, Series 1986A, 8.000%, 3/01/16 (ETM)
|
No Opt. Call
|
Aaa
|
5,328,650
|
|||||
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
|
9,580,727
|
|||||
1,345
|
West Basin Municipal Water District, California, Revenue Certificates of Participation, Series 2003A, 5.000%, 8/01/20 (Pre-refunded 8/01/13) – NPFG Insured
|
8/13 at 100.00
|
Aa2 (5)
|
1,435,747
|
|||||
17,700
|
Total U.S. Guaranteed
|
25,394,083
|
|||||||
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
|
343,106
|
|||||
Water and Sewer – 19.7% (14.6% of Total Investments)
|
|||||||||
2,200
|
Atwater Public Financing Authority, California, Wastewater Revenue Bonds, Tender Option Bond Trust 3145, 18.131%, 5/01/40 – AGM Insured (IF)
|
5/19 at 100.00
|
AA–
|
2,854,104
|
|||||
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
|
5,413,385
|
|||||
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
|
1,300,061
|
|||||
235
|
Healdsburg Public Financing Authority, California, Wastewater Revenue Bonds, Series 2006, 5.000%, 4/01/36 – NPFG Insured
|
4/16 at 100.00
|
AA–
|
244,449
|
|||||
5,000
|
Indio Water Authority, California, Water Revenue Bonds, Series 2006, 5.000%, 4/01/31 – AMBAC Insured
|
4/16 at 100.00
|
A+
|
5,245,350
|
|||||
3,230
|
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
|
A+
|
3,427,127
|
|||||
220
|
Marina Coast Water District, California, Enterprise Certificate of Participation, Series 2006, 5.000%, 6/01/31 – NPFG Insured
|
6/16 at 100.00
|
AA–
|
230,580
|
|||||
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
|
1,422,375
|
|||||
18,870
|
Total Water and Sewer
|
20,137,431
|
|||||||
$
|
127,129
|
Total Investments (cost $126,573,381) – 134.7%
|
138,048,126
|
||||||
Variable Rate Demand Preferred Shares, at Liquidation Value – (41.7)% (6)
|
(42,700,000
|
) | |||||||
Other Assets Less Liabilities – 7.0%
|
7,132,797
|
||||||||
Net Assets Applicable to Common Shares – 100%
|
$
|
102,480,923
|
The Fund intends to invest at least 80% of its net 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 (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 collaterize the net payment obligations for investments in inverse floating rate transactions.
|
|
(5)
|
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
|
|
(6)
|
Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 30.9%.
|
|
N/R
|
Not rated.
|
|
(ETM)
|
Escrowed to maturity.
|
|
(IF)
|
Inverse floating rate investment.
|
34
|
Nuveen Investments
|
Nuveen Insured California Premium Income Municipal Fund 2, Inc.
|
||
NCL
|
Portfolio of Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Consumer Staples – 2.7% (1.9% of Total Investments)
|
|||||||||
$
|
7,500
|
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1, 5.125%, 6/01/47
|
6/17 at 100.00
|
B–
|
$
|
5,192,400
|
|||
Education and Civic Organizations – 4.5% (3.1% 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)
|
9/12 at 100.00
|
Baa2
|
750,870
|
|||||
1,500
|
California State University, Systemwide Revenue Bonds, Series 2005A, 5.000%, 11/01/25 – AMBAC Insured
|
5/15 at 100.00
|
Aa2
|
1,671,855
|
|||||
6,000
|
University of California, Revenue Bonds, Multi-Purpose Project Series 2003A, 5.000%, 5/15/27 – AMBAC Insured (UB)
|
5/13 at 100.00
|
Aa1
|
6,294,480
|
|||||
8,250
|
Total Education and Civic Organizations
|
8,717,205
|
|||||||
Health Care – 4.8% (3.4% of Total Investments)
|
|||||||||
1,410
|
California Statewide Communities Development Authority, Revenue Bonds, St. Joseph Health System, Trust 2554, 18.382%, 7/01/47 – AGM Insured (IF)
|
7/18 at 100.00
|
AA–
|
1,725,953
|
|||||
4,690
|
Santa Clara County Financing Authority, California, Insured Revenue Bonds, El Camino Hospital, Series 2007A, 5.750%, 2/01/41 – AMBAC Insured
|
8/17 at 100.00
|
A+
|
5,005,121
|
|||||
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
|
2,017,060
|
|||||
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
|
660,485
|
|||||
8,750
|
Total Health Care
|
9,408,619
|
|||||||
Housing/Single Family – 0.6% (0.4% 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
|
BBB
|
190,129
|
|||||
1,060
|
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
|
N/R
|
1,070,240
|
|||||
1,250
|
Total Housing/Single Family
|
1,260,369
|
|||||||
Long-Term Care – 1.4% (1.0% of Total Investments)
|
|||||||||
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–
|
1,596,641
|
|||||
1,000
|
California Health Facilities Financing Authority, Insured Revenue Bonds, Community Program for Persons with Developmental Disabilities, Series 2011A, 6.250%, 2/01/26
|
No Opt. Call
|
A–
|
1,167,650
|
|||||
2,575
|
Total Long-Term Care
|
2,764,291
|
|||||||
Tax Obligation/General – 30.8% (21.4% 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–
|
1,511,013
|
|||||
6,000
|
California State, General Obligation Bonds, Various Purpose Series 2010, 6.000%, 3/01/33
|
3/20 at 100.00
|
A1
|
7,194,599
|
|||||
1,000
|
California State, General Obligation Bonds, Various Purpose Series 2011, 5.250%, 9/01/25
|
No Opt. Call
|
A1
|
1,191,080
|
|||||
4,200
|
Coast Community College District, Orange County, California, General Obligation Bonds, Series 2006C, 0.000%, 8/01/31 – AGM Insured
|
8/18 at 100.00
|
Aa1
|
4,001,508
|
|||||
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
|
2,792,575
|
|||||
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–
|
3,849,400
|
|||||
3,545
|
5.000%, 8/01/28 – AGC Insured
|
8/19 at 100.00
|
AA–
|
3,891,063
|
|||||
3,110
|
5.000%, 8/01/29 – AGC Insured
|
8/19 at 100.00
|
AA–
|
3,394,472
|
|||||
2,210
|
Fontana Unified School District, San Bernardino County, California, General Obligation Bonds, Trust 2668, 9.515%, 2/01/16 – AGM Insured (IF)
|
No Opt. Call
|
AA–
|
2,769,042
|
Nuveen Investments
|
35
|
Nuveen Insured California Premium Income Municipal Fund 2, Inc. (continued)
|
||
NCL
|
Portfolio of Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Tax Obligation/General (continued)
|
|||||||||
$
|
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
|
$
|
1,397,468
|
|||
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
|
Aa2
|
4,441,320
|
|||||
Los Rios Community College District, Sacramento, El Dorado and Yolo Counties, California, General Obligation Bonds, Series 2002C:
|
|||||||||
2,110
|
5.000%, 8/01/21 – AGM Insured (UB)
|
8/14 at 102.00
|
Aa2
|
2,346,700
|
|||||
3,250
|
5.000%, 8/01/22 – AGM Insured (UB)
|
8/14 at 102.00
|
Aa2
|
3,627,098
|
|||||
3,395
|
5.000%, 8/01/23 – AGM Insured (UB)
|
8/14 at 102.00
|
Aa2
|
3,782,811
|
|||||
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
|
1,336,878
|
|||||
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–
|
337,153
|
|||||
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
|
Aa3
|
2,750,375
|
|||||
1,125
|
San Diego Unified School District, San Diego County, California, General Obligation Bonds, Election of 1998, Series 1999A, 0.000%, 7/01/21 – FGIC Insured
|
No Opt. Call
|
Aa2
|
805,084
|
|||||
2,000
|
San Francisco Community College District, California, General Obligation Bonds, Series 2002A, 5.000%, 6/15/26 – FGIC Insured
|
6/12 at 100.00
|
Aa2
|
2,020,840
|
|||||
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
|
AA–
|
2,172,980
|
|||||
3,770
|
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–
|
1,748,451
|
|||||
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+
|
2,566,101
|
|||||
56,905
|
Total Tax Obligation/General
|
59,928,011
|
|||||||
Tax Obligation/Limited – 63.7% (44.3% 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
|
AA–
|
4,111,233
|
|||||
8,000
|
0.000%, 9/01/21 – AGM Insured
|
No Opt. Call
|
AA–
|
5,313,200
|
|||||
2,235
|
Antioch Public Financing Authority, California, Lease Revenue Refunding Bonds, Municipal Facilities Project, Refunding Series 2002A, 5.500%, 1/01/32 – NPFG Insured
|
7/12 at 100.00
|
A
|
2,236,721
|
|||||
California Infrastructure and 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
|
1,650,002
|
|||||
1,780
|
5.000%, 12/01/23 – AMBAC Insured
|
12/13 at 100.00
|
AA
|
1,911,738
|
|||||
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
|
4,174,719
|
|||||
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
|
4,542,360
|
|||||
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
|
BBB
|
390,062
|
|||||
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
|
BBB
|
6,669,040
|
|||||
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–
|
1,407,149
|
|||||
575
|
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
|
9/12 at 101.00
|
A–
|
577,352
|
|||||
4,810
|
El Monte, California, Senior Lien Certificates of Participation, Department of Public Services Facility Phase II, Series 2001, 5.000%, 1/01/21 – AMBAC Insured
|
7/12 at 100.00
|
A2
|
4,816,638
|
36
|
Nuveen Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Tax Obligation/Limited (continued)
|
|||||||||
$
|
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
|
$
|
8,425,062
|
|||
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–
|
7,310,103
|
|||||
7,500
|
5.000%, 6/01/45 – AGC Insured
|
6/15 at 100.00
|
AA–
|
7,552,050
|
|||||
6,215
|
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Tender Option Bonds Trust 4686, 8.957%, 6/01/45 – AGC Insured (IF) (4)
|
6/15 at 100.00
|
AA–
|
6,301,264
|
|||||
2,000
|
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Revenue Bonds, Tender Option Bonds Trust 2040, 10.375%, 6/01/45 – FGIC Insured (IF)
|
6/15 at 100.00
|
A2
|
2,020,100
|
|||||
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
|
659,033
|
|||||
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–
|
1,683,000
|
|||||
710
|
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+
|
701,856
|
|||||
5,000
|
La Quinta Redevelopment Agency, California, Tax Allocation Refunding Bonds, Redevelopment Project Area 1, Series 1998, 5.200%, 9/01/28 – AMBAC Insured
|
9/12 at 100.00
|
A+
|
5,030,600
|
|||||
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
|
2,211,220
|
|||||
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
|
AA–
|
1,099,240
|
|||||
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+
|
4,072,600
|
|||||
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+
|
3,106,620
|
|||||
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–
|
5,983,708
|
|||||
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–
|
3,098,728
|
|||||
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
|
1,047,390
|
|||||
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
|
4,216,093
|
|||||
390
|
Poway Redevelopment Agency, California, Tax Allocation Refunding Bonds, Paguay Redevelopment Project, Series 2000, 5.750%, 6/15/33 – NPFG Insured
|
12/12 at 100.00
|
BBB
|
392,172
|
|||||
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–
|
320,798
|
|||||
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–
|
1,009,260
|
|||||
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
|
2,388,975
|
|||||
405
|
Roseville, California, Certificates of Participation, Public Facilities, Series 2003A, 5.000%, 8/01/25 – AMBAC Insured
|
8/13 at 100.00
|
AA–
|
413,590
|
|||||
4,295
|
San Bernardino Joint Powers Financing Authority, California, Certificates of Participation Refunding, Police Station Financing Project, Series 1999, 5.500%, 9/01/20 – NPFG Insured
|
9/12 at 100.00
|
BBB
|
4,300,025
|
|||||
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Project Area, Series 2005A:
|
|||||||||
3,310
|
5.000%, 8/01/20 – NPFG Insured
|
No Opt. Call
|
BBB
|
3,377,623
|
|||||
1,500
|
5.000%, 8/01/28 – NPFG Insured
|
8/15 at 100.00
|
BBB
|
1,459,005
|
|||||
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
|
AA–
|
5,727,865
|
Nuveen Investments
|
37
|
Nuveen Insured California Premium Income Municipal Fund 2, Inc. (continued)
|
||
NCL
|
Portfolio of Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Tax Obligation/Limited (continued)
|
|||||||||
$
|
1,205
|
Tustin Community Redevelopment Agency, California, Tax Allocation Housing Bonds Series 2010, 5.000%, 9/01/30 – AGM Insured
|
No Opt. Call
|
AA–
|
$
|
1,307,883
|
|||
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
|
1,060,025
|
|||||
125,845
|
Total Tax Obligation/Limited
|
124,076,102
|
|||||||
Transportation – 4.6% (3.2% 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
|
4/12 at 72.76
|
BBB
|
4,685,070
|
|||||
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
|
4,203,280
|
|||||
10,500
|
Total Transportation
|
8,888,350
|
|||||||
U.S. Guaranteed – 2.6% (1.8% of Total Investments) (5)
|
|||||||||
1,495
|
Central Unified School District, Fresno County, California, General Obligation Bonds, Series 1993, 5.625%, 3/01/18 – AMBAC Insured (ETM)
|
9/12 at 100.00
|
N/R (5)
|
1,534,961
|
|||||
2,750
|
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
|
3,572,305
|
|||||
4,245
|
Total U.S. Guaranteed
|
5,107,266
|
|||||||
Utilities – 7.9% (5.5% 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
|
666,322
|
|||||
100
|
Sacramento City Financing Authority, California, Capital Improvement Revenue Bonds, Solid Waste and Redevelopment Projects, Series 1999, 5.800%, 12/01/19 – AMBAC Insured
|
6/12 at 100.00
|
N/R
|
100,130
|
|||||
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+
|
1,955,733
|
|||||
Santa Clara, California, Subordinate Electric Revenue Bonds, Series 2003A:
|
|||||||||
2,800
|
5.000%, 7/01/24 – NPFG Insured
|
7/13 at 100.00
|
A1
|
2,910,936
|
|||||
5,000
|
5.000%, 7/01/28 – NPFG Insured
|
7/13 at 100.00
|
A1
|
5,121,150
|
|||||
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–
|
4,598,680
|
|||||
14,520
|
Total Utilities
|
15,352,951
|
|||||||
Water and Sewer – 20.2% (14.0% of Total Investments)
|
|||||||||
1,100
|
Atwater Public Financing Authority, California, Wastewater Revenue Bonds, Tender Option Bond Trust 3145, 18.131%, 5/01/40 – AGM Insured (IF)
|
5/19 at 100.00
|
AA–
|
1,427,052
|
|||||
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
|
2,113,920
|
|||||
750
|
Fortuna Public Finance Authority, California, Water Revenue Bonds, Series 2006, 5.000%, 10/01/36 – AGM Insured
|
10/16 at 100.00
|
AA–
|
785,775
|
|||||
460
|
Healdsburg Public Financing Authority, California, Wastewater Revenue Bonds, Series 2006, 5.000%, 4/01/36 – NPFG Insured
|
4/16 at 100.00
|
AA–
|
478,497
|
|||||
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
|
AA+
|
2,883,789
|
|||||
2,000
|
Los Angeles, California, Wastewater System Revenue Bonds, Series 2005A, 4.500%, 6/01/29 – NPFG Insured
|
6/15 at 100.00
|
AA
|
2,093,900
|
|||||
430
|
Marina Coast Water District, California, Enterprise Certificate of Participation, Series 2006, 5.000%, 6/01/31 – NPFG Insured
|
6/16 at 100.00
|
AA–
|
450,679
|
|||||
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
|
12,555,720
|
|||||
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
|
1,589,342
|
38
|
Nuveen Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Water and Sewer (continued)
|
|||||||||
$
|
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
|
AA+
|
$
|
1,077,100
|
|||
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+
|
4,019,054
|
|||||
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+
|
1,514,450
|
|||||
445
|
5.000%, 2/01/20 – FGIC Insured
|
2/14 at 100.00
|
AA+
|
480,400
|
|||||
465
|
5.000%, 2/01/21 – FGIC Insured
|
2/14 at 100.00
|
AA+
|
501,991
|
|||||
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
|
2,558,675
|
|||||
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
|
AA+
|
2,124,912
|
|||||
2,530
|
5.000%, 10/01/33 – FGIC Insured
|
10/13 at 100.00
|
AA+
|
2,674,640
|
|||||
36,985
|
Total Water and Sewer
|
39,329,896
|
|||||||
$
|
277,325
|
Total Investments (cost $263,273,073) – 143.8%
|
280,025,460
|
||||||
Floating Rate Obligations – (9.2)%
|
(17,880,000
|
) | |||||||
Variable Rate Demand Preferred Shares, at Liquidation Value – (38.0)% (6)
|
(74,000,000
|
) | |||||||
Other Assets Less Liabilities – 3.4%
|
6,566,572
|
||||||||
Net Assets Applicable to Common Shares – 100%
|
$
|
194,712,032
|
The Fund intends to invest at least 80% of its net 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 (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 collaterize the net payment obligations for investments in inverse floating rate transactions.
|
|
(5)
|
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
|
|
(6)
|
Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 26.4%.
|
|
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 Investments
|
39
|
Nuveen California Premium Income Municipal Fund
|
||
NCU
|
Portfolio of Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Consumer Staples – 6.2% (4.3% 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
|
Baa1
|
$
|
1,480,485
|
|||
205
|
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+
|
197,679
|
|||||
2,860
|
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
|
B2
|
2,775,544
|
|||||
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–
|
372,543
|
|||||
865
|
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-2, 0.000%, 6/01/37
|
6/22 at 100.00
|
BB–
|
603,969
|
|||||
5,915
|
Total Consumer Staples
|
5,430,220
|
|||||||
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
|
71,483
|
|||||
California Educational Facilities Authority, Revenue Bonds, University of the Pacific, Series 2006:
|
|||||||||
45
|
5.000%, 11/01/21
|
11/15 at 100.00
|
A2
|
48,394
|
|||||
60
|
5.000%, 11/01/25
|
11/15 at 100.00
|
A2
|
63,686
|
|||||
1,112
|
California State Public Works Board, Lease Revenue Bonds, University of California Regents, Tender Option Bond Trust 1065, 9.214%, 3/01/33 (IF)
|
3/18 at 100.00
|
Aa2
|
1,279,423
|
|||||
2,000
|
California State University, Systemwide Revenue Bonds, Series 2005C, 5.000%, 11/01/27 – NPFG Insured
|
11/15 at 100.00
|
Aa2
|
2,135,000
|
|||||
185
|
California Statewide Communities Development Authority, Charter School Revenue Bonds, Rocketship 4 – Mosaic Elementary Charter School, Series 2011A, 8.500%, 12/01/41
|
12/21 at 100.00
|
N/R
|
194,209
|
|||||
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
|
N/R
|
317,442
|
|||||
1,245
|
University of California, General Revenue Bonds, Series 2003A, 5.125%, 5/15/17 – AMBAC Insured (UB)
|
5/13 at 100.00
|
Aa1
|
1,316,712
|
|||||
5,017
|
Total Education and Civic Organizations
|
5,426,349
|
|||||||
Health Care – 31.3% (21.9% of Total Investments)
|
|||||||||
2,745
|
California Health Facilities Financing Authority, Hospital Revenue Bonds, Downey Community Hospital, Series 1993, 5.750%, 5/15/15
|
5/12 at 100.00
|
N/R
|
2,747,827
|
|||||
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
|
A2
|
349,586
|
|||||
3,525
|
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2007A, 5.250%, 11/15/46 (UB)
|
11/16 at 100.00
|
AA–
|
3,697,302
|
|||||
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
|
680,561
|
|||||
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
|
749,197
|
|||||
1,740
|
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A, 5.250%, 7/01/30
|
7/15 at 100.00
|
BBB
|
1,745,150
|
|||||
730
|
California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanente System, Series 2001C, 5.250%, 8/01/31
|
8/16 at 100.00
|
A+
|
783,597
|
|||||
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
|
3,594,390
|
|||||
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
|
2,327,745
|
40
|
Nuveen Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Health Care (continued)
|
|||||||||
$
|
377
|
California Statewide Community Development Authority, Revenue Bonds, St. Joseph Health System, Trust 2554, 18.382%, 7/01/47 – AGM Insured (IF)
|
7/18 at 100.00
|
AA–
|
$
|
460,866
|
|||
1,690
|
California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Series 2005A, 5.000%, 11/15/43
|
11/15 at 100.00
|
AA–
|
1,733,281
|
|||||
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
|
865,838
|
|||||
2,600
|
Marysville, California, Revenue Bonds, The Fremont-Rideout Health Group, Series 2011, 5.250%, 1/01/42
|
1/21 at 100.00
|
A
|
2,730,104
|
|||||
1,450
|
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 6.000%, 11/01/41
|
11/20 at 100.00
|
Baa3
|
1,491,282
|
|||||
850
|
San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011, 7.500%, 12/01/41
|
12/21 at 100.00
|
BB
|
958,426
|
|||||
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+
|
1,510,074
|
|||||
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
|
1,048,570
|
|||||
25,817
|
Total Health Care
|
27,473,796
|
|||||||
Housing/Multifamily – 1.2% (0.8% of Total Investments)
|
|||||||||
495
|
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2010A, 6.400%, 8/15/45
|
8/20 at 100.00
|
BBB
|
511,553
|
|||||
155
|
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2012A, 5.500%, 8/15/47 (WI/DD, Settling 3/13/12)
|
8/22 at 100.00
|
BBB
|
153,450
|
|||||
350
|
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2012B, 7.250%, 8/15/47 (WI/DD, Settling 3/13/12)
|
8/22 at 100.00
|
N/R
|
350,000
|
|||||
1,000
|
Total Housing/Multifamily
|
1,015,003
|
|||||||
Housing/Single Family – 2.8% (2.0% of Total Investments)
|
|||||||||
2,360
|
California Housing Finance Agency, California, Home Mortgage Revenue Bonds, Series 2008L, 5.500%, 8/01/38
|
2/18 at 100.00
|
BBB
|
2,380,036
|
|||||
90
|
California Housing Finance Agency, Home Mortgage Revenue Bonds, Series 2006H, 5.750%, 8/01/30 – FGIC Insured (Alternative Minimum Tax)
|
2/16 at 100.00
|
BBB
|
90,061
|
|||||
2,450
|
Total Housing/Single Family
|
2,470,097
|
|||||||
Tax Obligation/General – 27.8% (19.5% of Total Investments)
|
|||||||||
California State, General Obligation Bonds, Various Purpose Series 2009:
|
|||||||||
1,300
|
5.500%, 11/01/39
|
11/19 at 100.00
|
A1
|
1,447,186
|
|||||
2,350
|
6.000%, 11/01/39
|
11/19 at 100.00
|
A1
|
2,746,469
|
|||||
1,500
|
California, General Obligation Bonds, Series 2003, 5.000%, 2/01/31 – NPFG Insured
|
2/13 at 100.00
|
A1
|
1,529,880
|
|||||
4,475
|
Coast Community College District, Orange County, California, General Obligation Bonds, Series 2006C, 0.000%, 8/01/31 – AGM Insured
|
8/18 at 100.00
|
Aa1
|
4,263,512
|
|||||
6,000
|
Hartnell Community College District, California, General Obligation Bonds, Series 2006B, 5.000%, 6/01/29 – AGM Insured (UB)
|
6/16 at 100.00
|
Aa2
|
6,484,500
|
|||||
2,240
|
Pomona Unified School District, Los Angeles County, California, General Obligation Refunding Bonds, Series 1997A, 6.150%, 8/01/15 – NPFG Insured
|
8/12 at 102.00
|
A
|
2,334,752
|
|||||
15
|
Riverside Community College District, California, General Obligation Bonds, Series 2004A, 5.250%, 8/01/22 – NPFG Insured
|
8/14 at 100.00
|
AA
|
16,613
|
|||||
135
|
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–
|
149,232
|
|||||
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
|
1,528,345
|
|||||
8,345
|
Yosemite Community College District, California, General Obligation Bonds, Capital Appreciation, Election 2004, Series 2010D, 0.000%, 8/01/42
|
No Opt. Call
|
Aa2
|
2,788,231
|
|||||
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
|
1,098,200
|
|||||
28,715
|
Total Tax Obligation/General
|
24,386,920
|
Nuveen Investments
|
41
|
Nuveen California Premium Income Municipal Fund (continued)
|
||
NCU
|
Portfolio of Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Tax Obligation/Limited – 41.2% (28.8% of Total Investments)
|
|||||||||
$
|
1,000
|
Bell Community Redevelopment Agency, California, Tax Allocation Bonds, Bell Project Area, Series 2003, 5.625%, 10/01/33 – RAAI Insured
|
10/13 at 100.00
|
N/R
|
$
|
870,470
|
|||
California Infrastructure and Economic Development Bank, Revenue Bonds, North County Center for Self-Sufficiency Corporation, Series 2004:
|
|||||||||
1,695
|
5.000%, 12/01/22 – AMBAC Insured
|
12/13 at 100.00
|
AA
|
1,820,447
|
|||||
1,865
|
5.000%, 12/01/24 – AMBAC Insured
|
12/13 at 100.00
|
AA
|
2,003,029
|
|||||
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
|
5/12 at 100.00
|
A2
|
5,937,817
|
|||||
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
|
1,135,590
|
|||||
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
|
2,350,000
|
|||||
535
|
California, Economic Recovery Revenue Bonds, Series 2004A, 5.000%, 7/01/15
|
7/14 at 100.00
|
Aa3
|
588,072
|
|||||
165
|
Capistrano Unified School District, Orange County, California, Special Tax Bonds, Community Facilities District, Series 2005, 5.000%, 9/01/24 – FGIC Insured
|
9/15 at 100.00
|
BBB
|
169,369
|
|||||
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–
|
483,260
|
|||||
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
|
9/12 at 101.00
|
A–
|
261,063
|
|||||
350
|
Fontana, California, Redevelopment Agency, Jurupa Hills Redevelopment Project, Tax Allocation Refunding Bonds, 1997 Series A, 5.500%, 10/01/27
|
4/12 at 100.00
|
A–
|
350,245
|
|||||
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+
|
318,822
|
|||||
Irvine, California, Unified School District, Community Facilities District Special Tax Bonds, Series 2006A:
|
|||||||||
75
|
5.000%, 9/01/26
|
9/16 at 100.00
|
N/R
|
76,361
|
|||||
175
|
5.125%, 9/01/36
|
9/16 at 100.00
|
N/R
|
175,243
|
|||||
3,500
|
Livermore Redevelopment Agency, California, Tax Allocation Revenue Bonds, Livermore Redevelopment Project Area, Series 2001A, 5.000%, 8/01/26 – NPFG Insured
|
8/12 at 100.00
|
BBB+
|
3,446,870
|
|||||
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
|
313,720
|
|||||
2,000
|
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+
|
2,071,080
|
|||||
475
|
Lynwood Redevelopment Agency, California, Project A Revenue Bonds, Subordinate Lien Series 2011A, 7.250%, 9/01/38
|
9/21 at 100.00
|
A–
|
558,619
|
|||||
3,230
|
Murrieta Redevelopment Agency, California, Tax Allocation Bonds, Series 2005, 5.000%, 8/01/35 – NPFG Insured
|
8/15 at 100.00
|
A–
|
3,205,646
|
|||||
170
|
National City Community Redevelopment Agency, California, Tax Allocation Revenue Bonds, National City Redevelopment Project Area, Series 2011, 6.500%, 8/01/24
|
8/21 at 100.00
|
A–
|
196,903
|
|||||
65
|
Novato Redevelopment Agency, California, Tax Allocation Bonds, Hamilton Field Redevelopment Project, Series 2011, 6.750%, 9/01/40
|
9/21 at 100.00
|
A–
|
73,786
|
|||||
Perris Union High School District Financing Authority, Riverside County, California, Revenue Bonds, Series 2011:
|
|||||||||
60
|
6.000%, 9/01/33
|
No Opt. Call
|
N/R
|
61,923
|
|||||
135
|
6.125%, 9/01/41
|
No Opt. Call
|
N/R
|
139,266
|
|||||
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
|
560,239
|
|||||
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+
|
226,580
|
|||||
155
|
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–
|
152,996
|
42
|
Nuveen Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Tax Obligation/Limited (continued)
|
|||||||||
$
|
40
|
Riverside County Redevelopment Agency, California, Tax Allocation Bonds, Jurupa Valley Project Area, Series 2011-B, 6.500%, 10/01/25
|
10/21 at 100.00
|
A–
|
$
|
44,299
|
|||
190
|
Roseville, California, Certificates of Participation, Public Facilities, Series 2003A, 5.000%, 8/01/25 – AMBAC Insured
|
8/13 at 100.00
|
AA–
|
194,030
|
|||||
1,500
|
Sacramento City Financing Authority, California, Lease Revenue Refunding Bonds, Series 1993A, 5.400%, 11/01/20 – NPFG Insured
|
No Opt. Call
|
A1
|
1,734,345
|
|||||
3,000
|
Sacramento City Financing Authority, California, Lease Revenue Refunding Bonds, Series 1993B, 5.400%, 11/01/20
|
No Opt. Call
|
A1
|
3,468,690
|
|||||
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–
|
2,227,020
|
|||||
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–
|
33,853
|
|||||
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
|
34,159
|
|||||
40
|
7.000%, 8/01/41
|
2/21 at 100.00
|
BBB
|
45,025
|
|||||
275
|
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
|
BBB
|
276,026
|
|||||
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
|
364,072
|
|||||
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
|
53,244
|
|||||
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–
|
105,395
|
|||||
34,320
|
Total Tax Obligation/Limited
|
36,127,574
|
|||||||
Transportation – 3.4% (2.4% of Total Investments)
|
|||||||||
780
|
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2006F, 5.000%, 4/01/31 (UB)
|
4/16 at 100.00
|
AA
|
877,133
|
|||||
220
|
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2008, Trust 3211, 13.491%, 10/01/32 (IF)
|
4/18 at 100.00
|
AA
|
286,431
|
|||||
2,000
|
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Series 1995A, 5.000%, 1/01/35
|
7/12 at 100.00
|
BBB–
|
1,810,440
|
|||||
3,000
|
Total Transportation
|
2,974,004
|
|||||||
U.S. Guaranteed – 9.9% (7.0% of Total Investments) (4)
|
|||||||||
3,000
|
California Infrastructure 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
|
3,895,320
|
|||||
370
|
California, Economic Recovery Revenue Bonds, Series 2004A, 5.000%, 7/01/15 (Pre-refunded 7/01/14)
|
7/14 at 100.00
|
Aaa
|
411,007
|
|||||
3,495
|
Orange County Sanitation District, California, Certificates of Participation, Series 2003, 5.250%, 2/01/21 (Pre-refunded 8/01/13) – FGIC Insured
|
8/13 at 100.00
|
AAA
|
3,745,801
|
|||||
325
|
San Mateo Union High School District, San Mateo County, California, Certificates of Participation, Phase 1, Series 2007A, 5.000%, 12/15/30 (Pre-refunded 12/15/17) – AMBAC Insured
|
12/17 at 100.00
|
AA– (4)
|
400,270
|
|||||
255
|
University of California, General Revenue Bonds, Series 2003A, 5.125%, 5/15/17 (Pre-refunded 5/15/13) – AMBAC Insured (UB)
|
5/13 at 100.00
|
Aa1 (4)
|
269,991
|
|||||
7,445
|
Total U.S. Guaranteed
|
8,722,389
|
|||||||
Utilities – 5.6% (4.0% of Total Investments)
|
|||||||||
890
|
Long Beach Bond Finance Authority, California, Natural Gas Purchase Revenue Bonds, Series 2007A, 5.500%, 11/15/37
|
No Opt. Call
|
A–
|
975,805
|
|||||
275
|
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2003A-2, 5.000%, 7/01/21 – NPFG Insured
|
7/13 at 100.00
|
AA–
|
291,242
|
Nuveen Investments
|
43
|
Nuveen California Premium Income Municipal Fund (continued)
|
||
NCU
|
Portfolio of Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Utilities (continued)
|
|||||||||
$
|
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
|
$
|
293,380
|
|||
3,320
|
Sacramento Municipal Utility District, California, Electric Revenue Refunding Bonds, Series 2002Q, 5.250%, 8/15/20 – AGM Insured
|
No Opt. Call
|
AA–
|
3,385,836
|
|||||
4,780
|
Total Utilities
|
4,946,263
|
|||||||
Water and Sewer – 7.2% (5.0% 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+
|
1,190,340
|
|||||
205
|
Healdsburg Public Financing Authority, California, Wastewater Revenue Bonds, Series 2006, 5.000%, 4/01/36 – NPFG Insured
|
4/16 at 100.00
|
AA–
|
213,243
|
|||||
670
|
Metropolitan Water District of Southern California, Waterworks Revenue Bonds, Tender Option Bond Trust 09-8B, 18.162%, 7/01/35 (IF) (5)
|
7/19 at 100.00
|
AAA
|
1,010,280
|
|||||
1,500
|
Orange County Water District, California, Revenue Certificates of Participation, Tender Option Bond Trust 11782-1, 17.835%, 2/15/35 (IF)
|
8/19 at 100.00
|
AAA
|
2,092,620
|
|||||
1,795
|
Woodbridge Irrigation District, California, Certificates of Participation, Water Systems Project, Series 2003, 5.500%, 7/01/33
|
7/13 at 100.00
|
A+
|
1,814,458
|
|||||
5,295
|
Total Water and Sewer
|
6,320,941
|
|||||||
$
|
123,754
|
Total Investments (cost $115,646,263) – 142.8%
|
125,293,556
|
||||||
Floating Rate Obligations – (7.6)%
|
(6,650,000
|
) | |||||||
MuniFund Term Preferred Shares, at Liquidation Value – (40.2)% (6)
|
(35,250,000
|
) | |||||||
Other Assets Less Liabilities – 5.0%
|
4,361,582
|
||||||||
Net Assets Applicable to Common Shares – 100%
|
$
|
87,755,138
|
(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 collaterize 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 28.1%.
|
|
N/R
|
Not rated.
|
|
WI/DD
|
Purchased on a when-issued or delayed delivery basis.
|
|
(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.
|
44
|
Nuveen Investments
|
Nuveen California Dividend Advantage Municipal Fund
|
||
NAC
|
Portfolio of Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Consumer Staples – 7.0% (4.8% of Total Investments)
|
|||||||||
$
|
865
|
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+
|
$
|
834,111
|
|||
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
|
|||||||||
17,805
|
5.750%, 6/01/47
|
6/17 at 100.00
|
B–
|
13,676,555
|
|||||
2,000
|
5.125%, 6/01/47
|
6/17 at 100.00
|
B–
|
1,384,640
|
|||||
11,960
|
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-2, 0.000%, 6/01/37
|
6/22 at 100.00
|
BB–
|
8,350,831
|
|||||
32,630
|
Total Consumer Staples
|
24,246,137
|
|||||||
Education and Civic Organizations – 7.9% (5.4% 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
|
2,734,800
|
|||||
290
|
California Educational Facilities Authority, Revenue Bonds, University of Redlands, Series 2005A, 5.000%, 10/01/35
|
10/15 at 100.00
|
A3
|
296,142
|
|||||
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
|
10,721,100
|
|||||
California Educational Facilities Authority, Revenue Bonds, University of the Pacific, Series 2006:
|
|||||||||
200
|
5.000%, 11/01/21
|
11/15 at 100.00
|
A2
|
215,086
|
|||||
265
|
5.000%, 11/01/25
|
11/15 at 100.00
|
A2
|
281,279
|
|||||
4,685
|
California State Public Works Board, Lease Revenue Bonds, University of California Regents, Tender Option Bond Trust 1065, 9.214%, 3/01/33 (IF)
|
3/18 at 100.00
|
Aa2
|
5,390,374
|
|||||
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
|
N/R
|
1,322,675
|
|||||
605
|
California Statewide Community Development Authority, Revenue Bonds, Notre Dame de Namur University, Series 2003, 6.500%, 10/01/23
|
10/13 at 100.00
|
N/R
|
605,762
|
|||||
3,000
|
Long Beach Bond Financing Authority, California, Lease Revenue Refunding Bonds, Long Beach Aquarium of the South Pacific, Series 2001, 5.500%, 11/01/17 – AMBAC Insured
|
5/12 at 100.00
|
BBB
|
3,009,240
|
|||||
2,900
|
University of California, General Revenue Bonds, Series 2003A, 5.125%, 5/15/17 – AMBAC Insured (UB)
|
5/13 at 100.00
|
Aa1
|
3,067,040
|
|||||
25,695
|
Total Education and Civic Organizations
|
27,643,498
|
|||||||
Health Care – 30.2% (20.6% of Total Investments)
|
|||||||||
2,160
|
California Health Facilities Financing Authority, Health Facility Revenue Bonds, Adventist Health System/West, Series 2003A, 5.000%, 3/01/15
|
3/13 at 100.00
|
A
|
2,234,390
|
|||||
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
|
A2
|
1,481,827
|
|||||
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–
|
15,623,068
|
|||||
6,530
|
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2011B, 6.000%, 8/15/42
|
8/20 at 100.00
|
AA–
|
7,558,475
|
|||||
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
|
1,136,990
|
|||||
5,500
|
California Statewide Communities Development Authority, Revenue Bonds, Sutter Health, Series 2011A, 6.000%, 8/15/42
|
8/20 at 100.00
|
AA–
|
6,366,250
|
|||||
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
|
3,056,540
|
|||||
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
|
1,797,101
|
|||||
3,870
|
5.250%, 7/01/30
|
7/15 at 100.00
|
BBB
|
3,881,455
|
Nuveen Investments
|
45
|
Nuveen California Dividend Advantage Municipal Fund (continued)
|
||
NAC
|
Portfolio of Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Health Care (continued)
|
|||||||||
$
|
10,140
|
California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanante System, Series 2006, 5.000%, 3/01/41
|
3/16 at 100.00
|
A+
|
$
|
10,494,799
|
|||
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+
|
3,322,235
|
|||||
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+
|
10,291,975
|
|||||
2,250
|
California Statewide Community Development Authority, Revenue Bonds, Methodist Hospital Project, Series 2009, 6.750%, 2/01/38
|
8/19 at 100.00
|
Aa2
|
2,695,793
|
|||||
1,586
|
California Statewide Community Development Authority, Revenue Bonds, St. Joseph Health System, Trust 2554, 18.382%, 7/01/47 – AGM Insured (IF)
|
7/18 at 100.00
|
AA–
|
1,941,391
|
|||||
10,500
|
Duarte, California, Certificates of Participation, City of Hope National Medical Center, Series 1999A, 5.250%, 4/01/31
|
4/12 at 100.00
|
A+
|
10,508,715
|
|||||
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
|
1,006,380
|
|||||
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
|
3,258,284
|
|||||
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+
|
1,038,310
|
|||||
1,725
|
Newport Beach, California, Revenue Bonds, Hoag Memorial Hospital Presbyterian, Series 2011A, 6.000%, 12/01/40
|
12/21 at 100.00
|
AA
|
2,059,012
|
|||||
675
|
Oak Valley Hospital District, Stanislaus County, California, Revenue Bonds, Series 2010A, 6.500%, 11/01/29
|
11/20 at 100.00
|
BB+
|
677,936
|
|||||
5,450
|
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 6.000%, 11/01/41
|
11/20 at 100.00
|
Baa3
|
5,605,162
|
|||||
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
|
2,441,808
|
|||||
3,300
|
San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011, 7.500%, 12/01/41
|
12/21 at 100.00
|
BB
|
3,720,948
|
|||||
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+
|
3,201,570
|
|||||
99,711
|
Total Health Care
|
105,400,414
|
|||||||
Housing/Multifamily – 4.1% (2.8% of Total Investments)
|
|||||||||
2,000
|
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2010A, 6.400%, 8/15/45
|
8/20 at 100.00
|
BBB
|
2,066,880
|
|||||
4,600
|
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2012A, 5.125%, 8/15/32 (WI/DD, Settling 3/13/12)
|
8/22 at 100.00
|
BBB
|
4,554,000
|
|||||
4,665
|
Contra Costa County, California, Multifamily Housing Revenue Bonds, Delta View Apartments Project, Series 1999C, 6.750%, 12/01/30 (Alternative Minimum Tax)
|
6/12 at 100.00
|
N/R
|
4,522,298
|
|||||
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
|
315,558
|
|||||
1,725
|
Rohnert Park Finance Authority, California, Senior Lien Revenue Bonds, Rancho Feliz Mobile Home Park, Series 2003A, 5.750%, 9/15/38
|
9/13 at 100.00
|
A+
|
1,740,629
|
|||||
1,120
|
Rohnert Park Finance Authority, California, Subordinate Lien Revenue Bonds, Rancho Feliz Mobile Home Park, Series 2003B, 6.625%, 9/15/38
|
9/13 at 100.00
|
N/R
|
1,132,802
|
|||||
14,430
|
Total Housing/Multifamily
|
14,332,167
|
|||||||
Housing/Single Family – 0.6% (0.4% of Total Investments)
|
|||||||||
360
|
California Housing Finance Agency, Home Mortgage Revenue Bonds, Series 2006H, 5.750%, 8/01/30 – FGIC Insured (Alternative Minimum Tax)
|
2/16 at 100.00
|
BBB
|
360,245
|
|||||
2,395
|
California Housing Finance Agency, Home Mortgage Revenue Bonds, Tender Option Bond Trust 3206, 8.286%, 2/01/29 (Alternative Minimum Tax) (IF)
|
2/17 at 100.00
|
BBB
|
1,843,551
|
|||||
2,755
|
Total Housing/Single Family
|
2,203,796
|
46
|
Nuveen Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Industrials – 0.3% (0.2% 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
|
$
|
1,118,515
|
|||
Long-Term Care – 1.9% (1.3% 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
|
1,144,550
|
|||||
8,500
|
Riverside County Public Financing Authority, California, Certificates of Participation, Air Force Village West, Series 1999, 5.800%, 5/15/29
|
5/12 at 100.00
|
B
|
5,614,675
|
|||||
9,500
|
Total Long-Term Care
|
6,759,225
|
|||||||
Tax Obligation/General – 25.6% (17.5% of Total Investments)
|
|||||||||
Alvord Unified School District, Riverside County, California, General Obligation Bonds, 2007 Election Series 2011B:
|
|||||||||
21,000
|
0.000%, 8/01/41 – AGM Insured
|
No Opt. Call
|
AA–
|
4,169,550
|
|||||
16,840
|
0.000%, 8/01/43 – AGM Insured
|
No Opt. Call
|
AA–
|
2,986,574
|
|||||
10,000
|
California State, General Obligation Bonds, Various Purpose Series 2009, 6.000%, 11/01/39
|
11/19 at 100.00
|
A1
|
11,687,100
|
|||||
California State, General Obligation Bonds, Various Purpose Series 2010:
|
|||||||||
5,000
|
6.000%, 3/01/33
|
3/20 at 100.00
|
A1
|
5,995,500
|
|||||
8,000
|
5.500%, 3/01/40
|
3/20 at 100.00
|
A1
|
8,881,600
|
|||||
1,000
|
5.250%, 11/01/40
|
11/20 at 100.00
|
A1
|
1,091,170
|
|||||
7,000
|
California State, General Obligation Bonds, Various Purpose Series 2011, 5.000%, 10/01/41
|
10/21 at 100.00
|
A1
|
7,486,500
|
|||||
4,435
|
California, General Obligation Refunding Bonds, Series 2002, 6.000%, 4/01/16 – AMBAC Insured
|
No Opt. Call
|
A1
|
5,341,603
|
|||||
3,425
|
Coast Community College District, Orange County, California, General Obligation Bonds, Series 2006C, 0.000%, 8/01/31 – AGM Insured
|
8/18 at 100.00
|
AA–
|
3,263,135
|
|||||
5,150
|
Hacienda La Puente Unified School District Facilities Financing Authority, California, General Obligation Revenue Bonds, Series 2007, 5.000%, 8/01/26 – AGM Insured
|
No Opt. Call
|
AA–
|
6,026,530
|
|||||
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
|
A1
|
5,269,498
|
|||||
575
|
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–
|
635,617
|
|||||
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+
|
4,493,320
|
|||||
5,000
|
San Diego Unified School District, San Diego County, California, General Obligation Bonds, Series 2003E, 5.250%, 7/01/20 – AGM Insured
|
7/13 at 101.00
|
Aa2
|
5,353,200
|
|||||
50,070
|
Yosemite Community College District, California, General Obligation Bonds, Capital Appreciation, Election 2004, Series 2010D, 0.000%, 8/01/42
|
No Opt. Call
|
Aa2
|
16,729,388
|
|||||
146,705
|
Total Tax Obligation/General
|
89,410,285
|
|||||||
Tax Obligation/Limited – 39.2% (26.8% 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
|
1,017,530
|
|||||
615
|
5.800%, 9/01/35
|
9/14 at 102.00
|
N/R
|
619,594
|
|||||
1,910
|
Borrego Water District, California, Community Facilities District 2007-1 Montesoro, Special Tax Bonds, Series 2007, 5.750%, 8/01/25 (4)
|
8/17 at 102.00
|
N/R
|
611,257
|
|||||
1,990
|
Brentwood Infrastructure Financing Authority, California, Infrastructure Revenue Bonds, Refunding Series 2002A, 5.125%, 9/02/24 – AGM Insured
|
9/12 at 100.00
|
AA–
|
2,029,203
|
|||||
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
|
1,135,590
|
|||||
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
|
2,350,000
|
|||||
2,000
|
Capistrano Unified School District, Orange County, California, Special Tax Bonds, Community Facilities District 90-2 – Talega, Series 2003, 6.000%, 9/01/33
|
9/13 at 100.00
|
N/R
|
2,026,620
|
Nuveen Investments
|
47
|
Nuveen California Dividend Advantage Municipal Fund (continued)
|
||
NAC
|
Portfolio of Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Tax Obligation/Limited (continued)
|
|||||||||
$
|
710
|
Capistrano Unified School District, Orange County, California, Special Tax Bonds, Community Facilities District, Series 2005, 5.000%, 9/01/24 – FGIC Insured
|
9/15 at 100.00
|
BBB
|
$
|
728,801
|
|||
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–
|
1,183,987
|
|||||
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
|
9/12 at 101.00
|
A–
|
1,044,254
|
|||||
1,430
|
Fontana, California, Redevelopment Agency, Jurupa Hills Redevelopment Project, Tax Allocation Refunding Bonds, 1997 Series A, 5.500%, 10/01/27
|
4/12 at 100.00
|
A–
|
1,431,001
|
|||||
3,490
|
Fontana, California, Senior Special Tax Refunding Bonds, Heritage Village Community Facilities District 2, Series 1998A, 5.250%, 9/01/17 – NPFG Insured
|
9/12 at 100.00
|
BBB
|
3,527,169
|
|||||
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
|
1,135,901
|
|||||
3,980
|
Garden Grove, California, Certificates of Participation, Financing Project, Series 2002A, 5.500%, 3/01/22 – AMBAC Insured
|
3/13 at 100.50
|
A
|
4,034,606
|
|||||
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–
|
31,347,730
|
|||||
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
|
Baa3
|
2,183,870
|
|||||
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
|
4,777,245
|
|||||
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+
|
1,270,261
|
|||||
Irvine, California, Unified School District, Community Facilities District Special Tax Bonds, Series 2006A:
|
|||||||||
325
|
5.000%, 9/01/26
|
9/16 at 100.00
|
N/R
|
330,896
|
|||||
755
|
5.125%, 9/01/36
|
9/16 at 100.00
|
N/R
|
756,049
|
|||||
675
|
Lammersville School District, San Joaquin County, California, Community Facilities District 2002, Mountain House Special Tax Bonds, Series 2006, 5.125%, 9/01/35
|
9/16 at 100.00
|
N/R
|
630,038
|
|||||
2,000
|
Lee Lake Water District, Riverside County, California, Special Tax Bonds, Community Facilities District 1 of Sycamore Creek, Series 2003, 6.500%, 9/01/24
|
9/13 at 102.00
|
N/R
|
2,088,140
|
|||||
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+
|
948,300
|
|||||
1,290
|
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
|
1,305,480
|
|||||
1,530
|
Moreno Valley Unified School District, Riverside County, California, Certificates of Participation, Series 2005, 5.000%, 3/01/24 – AGM Insured
|
3/14 at 100.00
|
AA–
|
1,639,349
|
|||||
3,500
|
Murrieta Redevelopment Agency, California, Tax Allocation Bonds, Series 2007A, 5.000%, 8/01/37 – NPFG Insured
|
8/17 at 100.00
|
A–
|
3,428,320
|
|||||
695
|
National City Community Redevelopment Agency, California, Tax Allocation Revenue Bonds, National City Redevelopment Project Area, Series 2011, 6.500%, 8/01/24
|
8/21 at 100.00
|
A–
|
804,984
|
|||||
9,200
|
Norco Redevelopment Agency, California, Tax Allocation Refunding Bonds, Project Area 1, Series 2001, 5.000%, 3/01/19 – NPFG Insured
|
3/13 at 100.00
|
A
|
9,304,788
|
|||||
North Natomas Community Facilities District 4, Sacramento, California, Special Tax Bonds, Series 2006D:
|
|||||||||
535
|
5.000%, 9/01/26
|
9/14 at 102.00
|
N/R
|
529,559
|
|||||
245
|
5.000%, 9/01/33
|
9/14 at 102.00
|
N/R
|
229,369
|
|||||
260
|
Novato Redevelopment Agency, California, Tax Allocation Bonds, Hamilton Field Redevelopment Project, Series 2011, 6.750%, 9/01/40
|
9/21 at 100.00
|
A–
|
295,144
|
|||||
3,290
|
Oakland Redevelopment Agency, California, Subordinate Lien Tax Allocation Bonds, Central District Redevelopment Project, Series 2003, 5.500%,
|
3/13 at 100.00
|
A–
|
3,431,733
|
|||||
9/01/16 – FGIC Insured |
48
|
Nuveen Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Tax Obligation/Limited (continued)
|
|||||||||
$
|
5,600
|
Palm Springs Financing Authority, California, Lease Revenue Refunding Bonds, Convention Center Project, Series 2001A, 5.000%, 11/01/22 – NPFG Insured
|
5/12 at 101.00
|
BBB
|
$
|
5,658,856
|
|||
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–
|
1,008,960
|
|||||
Perris Union High School District Financing Authority, Riverside County, California, Revenue Bonds, Series 2011:
|
|||||||||
245
|
6.000%, 9/01/33
|
No Opt. Call
|
N/R
|
252,852
|
|||||
530
|
6.125%, 9/01/41
|
No Opt. Call
|
N/R
|
546,748
|
|||||
8,250
|
Pico Rivera Water Authority, California, Revenue Bonds, Series 2001A, 6.250%, 12/01/32
|
6/12 at 102.00
|
N/R
|
8,338,935
|
|||||
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
|
2,209,832
|
|||||
1,570
|
Poway Redevelopment Agency, California, Tax Allocation Refunding Bonds, Paguay Redevelopment Project, Series 2000, 5.750%, 6/15/33 – NPFG Insured
|
12/12 at 100.00
|
BBB
|
1,578,745
|
|||||
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+
|
911,713
|
|||||
620
|
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–
|
611,983
|
|||||
150
|
Riverside County Redevelopment Agency, California, Tax Allocation Bonds, Jurupa Valley Project Area, Series 2011-B, 6.500%, 10/01/25
|
10/21 at 100.00
|
A–
|
166,122
|
|||||
1,860
|
Riverside Redevelopment Agency, California, Tax Allocation Refunding Bonds, Merged Project Areas, Series 2003, 5.250%, 8/01/22 – NPFG Insured
|
8/13 at 100.00
|
A–
|
1,882,283
|
|||||
770
|
Roseville, California, Certificates of Participation, Public Facilities, Series 2003A, 5.000%, 8/01/25 – AMBAC Insured
|
8/13 at 100.00
|
AA–
|
786,332
|
|||||
2,500
|
Sacramento City Financing Authority, California, Lease Revenue Refunding Bonds, Series 1993A, 5.400%, 11/01/20 – AMBAC Insured
|
No Opt. Call
|
A1
|
2,903,250
|
|||||
1,150
|
Sacramento, California, Special Tax Bonds, North Natomas Community Facilities District 4, Series 2003C, 6.000%, 9/01/33
|
9/14 at 100.00
|
N/R
|
1,174,863
|
|||||
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–
|
135,413
|
|||||
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
|
142,329
|
|||||
155
|
7.000%, 8/01/41
|
2/21 at 100.00
|
BBB
|
174,471
|
|||||
2,695
|
San Jose Financing Authority, California, Lease Revenue Refunding Bonds, Civic Center Project, Series 2002B, 5.250%, 6/01/19 – AMBAC Insured
|
6/12 at 100.00
|
AA+
|
2,721,707
|
|||||
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
|
1,023,970
|
|||||
1,135
|
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
|
BBB
|
1,139,234
|
|||||
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
|
5,773,350
|
|||||
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
|
218,300
|
|||||
1,200
|
Turlock Public Financing Authority, California, Tax Allocation Revenue Bonds, Series 2011, 7.500%, 9/01/39
|
3/21 at 100.00
|
BBB+
|
1,332,912
|
|||||
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
|
1,039,240
|
|||||
600
|
West Patterson Financing Authority, California, Special Tax Bonds, Community Facilities District 01-1, Refunding Series 2009A, 8.625%, 9/01/39
|
9/14 at 105.00
|
N/R
|
649,044
|
|||||
2,810
|
West Patterson Financing Authority, California, Special Tax Bonds, Community Facilities District 01-1, Series 2003B, 7.000%, 9/01/38
|
9/13 at 103.00
|
N/R
|
2,828,125
|
Nuveen Investments
|
49
|
Nuveen California Dividend Advantage Municipal Fund (continued)
|
||
NAC
|
Portfolio of Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Tax Obligation/Limited (continued)
|
|||||||||
$
|
2,000
|
West Patterson Financing Authority, California, Special Tax Bonds, Community Facilities District 01-1, Series 2004B, 6.000%, 9/01/39
|
9/13 at 102.00
|
N/R
|
$
|
1,802,100
|
|||
1,350
|
West Patterson Financing Authority, California, Special Tax Bonds, Community Facilities District 2001-1, Series 2004A, 6.125%, 9/01/39
|
9/13 at 103.00
|
N/R
|
1,237,289
|
|||||
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–
|
166,413
|
|||||
210
|
6.500%, 9/01/32
|
9/21 at 100.00
|
A–
|
234,190
|
|||||
135,515
|
Total Tax Obligation/Limited
|
136,826,329
|
|||||||
Transportation – 3.6% (2.5% of Total Investments)
|
|||||||||
1,430
|
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2006F, 5.000%, 4/01/31 (UB)
|
4/16 at 100.00
|
AA
|
1,608,078
|
|||||
11,150
|
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Refunding Bonds, Series 1999, 5.750%, 1/15/40
|
7/12 at 100.00
|
BBB–
|
10,959,112
|
|||||
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
|
112,636
|
|||||
12,700
|
Total Transportation
|
12,679,826
|
|||||||
U.S. Guaranteed – 13.0% (8.9% of Total Investments) (5)
|
|||||||||
4,500
|
California Department of Water Resources, Power Supply Revenue Bonds, Series 2002A, 5.125%, 5/01/18 (Pre-refunded 5/01/12)
|
5/12 at 101.00
|
Aaa
|
4,583,835
|
|||||
675
|
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)
|
753,395
|
|||||
3,250
|
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2003A-1, 6.250%, 6/01/33 (Pre-refunded 6/01/13)
|
6/13 at 100.00
|
Aaa
|
3,450,005
|
|||||
3,630
|
Imperial Irrigation District, California, Certificates of Participation, Electric System Revenue Bonds, Series 2003, 5.250%, 11/01/23 (Pre-refunded 11/01/13) – AGM Insured
|
11/13 at 100.00
|
AA– (5)
|
3,930,237
|
|||||
1,940
|
Lincoln, California, Special Tax Bonds, Lincoln Crossing Community Facilities District 03-1, Series 2003A, 6.500%, 9/01/25 (Pre-refunded 9/01/13)
|
9/13 at 102.00
|
N/R (5)
|
2,153,982
|
|||||
1,335
|
Lincoln, California, Special Tax Bonds, Lincoln Crossing Community Facilities District 03-1, Series 2004, 6.000%, 9/01/34 (Pre-refunded 9/01/13)
|
9/13 at 102.00
|
N/R (5)
|
1,472,251
|
|||||
10,845
|
Los Angeles Unified School District, California, General Obligation Bonds, Series 2002E, 5.000%, 7/01/19 (Pre-refunded 7/01/12) – NPFG Insured
|
7/12 at 100.00
|
AA– (5)
|
11,024,051
|
|||||
5,840
|
Orange County Water District, California, Revenue Certificates of Participation, Series 1999A, 5.375%, 8/15/29 (ETM)
|
8/12 at 100.00
|
N/R (5)
|
6,509,206
|
|||||
5,115
|
San Francisco City and County Public Utilities Commission, California, Water Revenue Bonds, Series 2002A, 5.000%, 11/01/18 (Pre-refunded 11/01/12) – NPFG Insured
|
11/12 at 100.00
|
AA– (5)
|
5,281,902
|
|||||
2,860
|
Tobacco Securitization Authority of Southern California, Tobacco Settlement Asset-Backed Bonds, San Diego County Tobacco Asset Securitization Corporation, Senior Series 2001A, 5.250%, 6/01/27 (Pre-refunded 6/01/12)
|
6/12 at 100.00
|
Aaa
|
2,897,466
|
|||||
600
|
University of California, General Revenue Bonds, Series 2003A, 5.125%, 5/15/17 (Pre-refunded 5/15/13) – AMBAC Insured (UB)
|
5/13 at 100.00
|
Aa1 (5)
|
635,274
|
|||||
2,500
|
Whittier, California, Health Facility Revenue Bonds, Presbyterian Intercommunity Hospital, Series 2002, 5.600%, 6/01/22 (Pre-refunded 6/01/12)
|
6/12 at 101.00
|
N/R (5)
|
2,560,025
|
|||||
43,090
|
Total U.S. Guaranteed
|
45,251,629
|
|||||||
Utilities – 3.2% (2.2% 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–
|
3,870,470
|
|||||
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–
|
5,867,565
|
|||||
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
|
1,263,028
|
|||||
10,545
|
Total Utilities
|
11,001,063
|
50
|
Nuveen Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Water and Sewer – 9.6% (6.6% of Total Investments)
|
|||||||||
$
|
875
|
Healdsburg Public Financing Authority, California, Wastewater Revenue Bonds, Series 2006, 5.000%, 4/01/36 – NPFG Insured
|
4/16 at 100.00
|
AA–
|
$
|
910,184
|
|||
2,500
|
Indio Water Authority, California, Water Revenue Bonds, Series 2006, 5.000%, 4/01/31 – AMBAC Insured
|
4/16 at 100.00
|
A+
|
2,622,675
|
|||||
9,955
|
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2011A, 5.250%, 7/01/39
|
1/21 at 100.00
|
AA
|
11,387,126
|
|||||
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–
|
875,155
|
|||||
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
|
2,447,663
|
|||||
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
|
Aa3
|
13,232,560
|
|||||
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–
|
2,171,760
|
|||||
29,415
|
Total Water and Sewer
|
33,647,123
|
|||||||
$
|
567,811
|
Total Investments (cost $484,363,905) – 146.2%
|
510,520,007
|
||||||
Floating Rate Obligations – (8.2)%
|
(28,545,000
|
) | |||||||
Variable Rate Demand Preferred Shares, at Liquidation Value – (39.0)% (6)
|
(136,200,000
|
) | |||||||
Other Assets Less Liabilities – 1.0%
|
3,427,835
|
||||||||
Net Assets Applicable to Common Shares – 100%
|
$
|
349,202,842
|
(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 security, in the case of a bond, 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)
|
Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 26.7%.
|
|
N/R
|
Not rated.
|
|
WI/DD
|
Purchased on a when-issued or delayed delivery basis.
|
|
(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 Investments
|
51
|
Nuveen California Dividend Advantage Municipal Fund 2
|
||
NVX
|
Portfolio of Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Consumer Staples – 7.4% (5.1% of Total Investments)
|
|||||||||
$
|
535
|
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+
|
$
|
515,895
|
|||
3,940
|
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Stanislaus County Tobacco Funding Corporation, Series 2002A, 5.500%, 6/01/33
|
6/12 at 100.00
|
Baa1
|
3,713,726
|
|||||
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
|
|||||||||
7,540
|
5.750%, 6/01/47
|
6/17 at 100.00
|
B–
|
5,791,700
|
|||||
1,270
|
5.125%, 6/01/47
|
6/17 at 100.00
|
B–
|
879,246
|
|||||
8,660
|
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-2, 0.000%, 6/01/37
|
6/22 at 100.00
|
BB–
|
6,046,672
|
|||||
21,945
|
Total Consumer Staples
|
16,947,239
|
|||||||
Education and Civic Organizations – 9.3% (6.4% of Total Investments)
|
|||||||||
2,745
|
California Educational Facilities Authority, Revenue Bonds, University of Southern California, Tender Option Bond Trust 09-11B, 18.293%, 10/01/38 (IF) (4)
|
10/18 at 100.00
|
Aa1
|
3,927,354
|
|||||
California Educational Facilities Authority, Revenue Bonds, University of the Pacific, Series 2006:
|
|||||||||
125
|
5.000%, 11/01/21
|
11/15 at 100.00
|
A2
|
134,429
|
|||||
165
|
5.000%, 11/01/25
|
11/15 at 100.00
|
A2
|
175,136
|
|||||
2,250
|
California Educational Facilities Authority, Student Loan Revenue Bonds, Cal Loan Program, Series 2001A, 5.400%, 3/01/21 – NPFG Insured (Alternative Minimum Tax)
|
9/12 at 100.00
|
Baa2
|
2,252,610
|
|||||
2,500
|
California Municipal Finance Authority, Revenue Bonds, University of La Verne, Series 2010A, 6.250%, 6/01/40
|
6/20 at 100.00
|
Baa2
|
2,717,825
|
|||||
2,945
|
California State Public Works Board, Lease Revenue Bonds, University of California Regents, Tender Option Bond Trust 1065, 9.214%, 3/01/33 (IF)
|
3/18 at 100.00
|
Aa2
|
3,388,399
|
|||||
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
|
N/R
|
899,419
|
|||||
605
|
California Statewide Community Development Authority, Revenue Bonds, Notre Dame de Namur University, Series 2003, 6.500%, 10/01/23
|
10/13 at 100.00
|
N/R
|
605,762
|
|||||
3,000
|
Long Beach Bond Financing Authority, California, Lease Revenue Refunding Bonds, Long Beach Aquarium of the South Pacific, Series 2001, 5.250%, 11/01/30 – AMBAC Insured
|
5/12 at 101.00
|
BBB
|
3,011,280
|
|||||
2,680
|
University of California, General Revenue Bonds, Series 2003A, 5.000%, 5/15/33 – AMBAC Insured (UB)
|
5/13 at 100.00
|
Aa1
|
2,791,220
|
|||||
1,315
|
University of California, Limited Project Revenue Bonds, Series 2007D, 5.000%, 5/15/41 – FGIC Insured
|
5/16 at 101.00
|
Aa2
|
1,398,384
|
|||||
19,180
|
Total Education and Civic Organizations
|
21,301,818
|
|||||||
Health Care – 25.1% (17.4% of Total Investments)
|
|||||||||
2,000
|
California Health Facilities Financing Authority, Revenue Bonds, Casa Colina Inc., Series 2001, 6.000%, 4/01/22
|
4/12 at 100.00
|
BBB
|
2,003,680
|
|||||
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
|
A2
|
933,968
|
|||||
9,260
|
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2007A, 5.250%, 11/15/46 (UB)
|
11/16 at 100.00
|
AA–
|
9,712,629
|
|||||
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
|
4,310,090
|
|||||
2,520
|
California Statewide Communities Development Authority, Revenue Bonds, Adventist Health System West, Series 2005A, 5.000%, 3/01/35
|
3/15 at 100.00
|
A
|
2,558,228
|
|||||
2,225
|
California Statewide Communities Development Authority, Revenue Bonds, ValleyCare Health System, Series 2007A, 5.125%, 7/15/31
|
7/17 at 100.00
|
N/R
|
2,045,354
|
52
|
Nuveen Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Health Care (continued)
|
|||||||||
$
|
2,500
|
California Statewide Community Development Authority, Hospital Revenue Bonds, Monterey Peninsula Hospital, Series 2003B, 5.250%, 6/01/18 – AGM Insured
|
6/13 at 100.00
|
AA–
|
$
|
2,620,350
|
|||
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
|
5,166,368
|
|||||
425
|
California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanente System, Series 2001C, 5.250%, 8/01/31
|
8/16 at 100.00
|
A+
|
456,204
|
|||||
California Statewide Community Development Authority, Revenue Bonds, St. Joseph Health System, Trust 2554:
|
|||||||||
1,325
|
18.349%, 7/01/47 – AGM Insured (IF)
|
7/18 at 100.00
|
AA–
|
1,621,336
|
|||||
998
|
18.382%, 7/01/47 – AGM Insured (IF)
|
7/18 at 100.00
|
AA–
|
1,221,020
|
|||||
1,000
|
California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Series 2004D, 5.050%, 8/15/38 – AGM Insured
|
8/18 at 100.00
|
AA–
|
1,050,240
|
|||||
California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Series 2005A:
|
|||||||||
2,705
|
5.000%, 11/15/43
|
11/15 at 100.00
|
AA–
|
2,774,275
|
|||||
3,315
|
5.000%, 11/15/43 (UB)
|
11/15 at 100.00
|
AA–
|
3,399,897
|
|||||
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
|
2,278,520
|
|||||
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+
|
1,671,679
|
|||||
455
|
Oak Valley Hospital District, Stanislaus County, California, Revenue Bonds, Series 2010A, 6.500%, 11/01/29
|
11/20 at 100.00
|
BB+
|
456,979
|
|||||
4,800
|
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 6.000%, 11/01/41
|
11/20 at 100.00
|
Baa3
|
4,936,656
|
|||||
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
|
5,496,436
|
|||||
2,250
|
San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011, 7.500%, 12/01/41
|
12/21 at 100.00
|
BB
|
2,537,010
|
|||||
55,533
|
Total Health Care
|
57,250,919
|
|||||||
Housing/Multifamily – 6.1% (4.2% of Total Investments)
|
|||||||||
1,325
|
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2010A, 6.400%, 8/15/45
|
8/20 at 100.00
|
BBB
|
1,369,308
|
|||||
410
|
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2012A, 5.500%, 8/15/47 (WI/DD, Settling 3/13/12)
|
8/22 at 100.00
|
BBB
|
405,900
|
|||||
940
|
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2012B, 7.250%, 8/15/47 (WI/DD, Settling 3/13/12)
|
8/22 at 100.00
|
N/R
|
940,000
|
|||||
5,962
|
California Statewide Community Development Authority, Multifamily Housing Revenue Refunding Bonds, Claremont Village Apartments, Series 2001D, 5.500%, 6/01/31 (Mandatory put 6/01/16) (Alternative Minimum Tax)
|
6/13 at 100.00
|
AA+
|
6,093,641
|
|||||
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
|
202,155
|
|||||
1,055
|
Rohnert Park Finance Authority, California, Senior Lien Revenue Bonds, Rancho Feliz Mobile Home Park, Series 2003A, 5.750%, 9/15/38
|
9/13 at 100.00
|
A+
|
1,064,558
|
|||||
700
|
Rohnert Park Finance Authority, California, Subordinate Lien Revenue Bonds, Rancho Feliz Mobile Home Park, Series 2003B, 6.625%, 9/15/38
|
9/13 at 100.00
|
N/R
|
708,001
|
|||||
3,045
|
Yucaipa Redevelopment Agency, California, Mobile Home Park Revenue Bonds, Rancho del Sol and Grandview, Series 2001A, 6.750%, 5/15/36
|
5/12 at 101.00
|
N/R
|
3,081,388
|
|||||
13,642
|
Total Housing/Multifamily
|
13,864,951
|
|||||||
Housing/Single Family – 3.2% (2.2% of Total Investments)
|
|||||||||
1,490
|
California Housing Finance Agency, California, Home Mortgage Revenue Bonds, Series 2007G, 5.050%, 2/01/29 (Alternative Minimum Tax)
|
2/17 at 100.00
|
BBB
|
1,434,959
|
|||||
220
|
California Housing Finance Agency, Home Mortgage Revenue Bonds, Series 2006H, 5.750%, 8/01/30 –FGIC Insured (Alternative Minimum Tax)
|
2/16 at 100.00
|
BBB
|
220,150
|
Nuveen Investments
|
53
|
Nuveen California Dividend Advantage Municipal Fund 2 (continued)
|
||
NVX
|
Portfolio of Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Housing/Single Family (continued)
|
|||||||||
$
|
5,775
|
California Housing Finance Agency, Home Mortgage Revenue Bonds, Series 2006M, 4.650%, 8/01/31 (Alternative Minimum Tax)
|
2/16 at 100.00
|
BBB
|
$
|
5,293,423
|
|||
375
|
California Rural Home Mortgage Finance Authority, Mortgage-Backed Securities Program Single Family Mortgage Revenue Bonds, Series 2001A, 5.650%, 12/01/31 (Alternative Minimum Tax)
|
6/12 at 101.00
|
A–
|
388,530
|
|||||
7,860
|
Total Housing/Single Family
|
7,337,062
|
|||||||
Industrials – 0.3% (0.2% of Total Investments)
|
|||||||||
3,175
|
California Statewide Communities Development Authority, Revenue Bonds, EnerTech Regional Biosolids Project, Series 2007A, 5.500%, 12/01/33 (Alternative Minimum Tax) (5)
|
No Opt. Call
|
D
|
693,611
|
|||||
Long-Term Care – 0.7% (0.5% of Total Investments)
|
|||||||||
1,550
|
California Health Facilities Financing Authority, Cal-Mortgage Insured Revenue Bonds, Northern California Retired Officers Community Corporation – Paradise Valley Estates, Series 2002, 5.125%, 1/01/22
|
1/13 at 100.00
|
A–
|
1,576,443
|
|||||
Tax Obligation/General – 24.3% (16.9% of Total Investments)
|
|||||||||
10,000
|
California State, General Obligation Bonds, Series 2006CD, 4.600%, 12/01/32 (Alternative Minimum Tax)
|
12/15 at 100.00
|
AA
|
10,104,800
|
|||||
13,850
|
California State, General Obligation Bonds, Various Purpose Series 2009, 6.000%, 4/01/38
|
No Opt. Call
|
A1
|
16,067,939
|
|||||
California State, General Obligation Bonds, Various Purpose Series 2010:
|
|||||||||
2,000
|
6.000%, 3/01/33
|
3/20 at 100.00
|
A1
|
2,398,200
|
|||||
1,000
|
5.250%, 11/01/40
|
11/20 at 100.00
|
A1
|
1,091,170
|
|||||
California State, General Obligation Bonds, Various Purpose Series 2011:
|
|||||||||
2,300
|
5.000%, 9/01/41
|
No Opt. Call
|
A1
|
2,458,792
|
|||||
4,000
|
5.000%, 10/01/41
|
10/21 at 100.00
|
A1
|
4,278,000
|
|||||
3,615
|
Colton Joint Unified School District, San Bernardino County, California, General Obligation Bonds, Series 2002A, 5.500%, 8/01/22 – FGIC Insured
|
8/12 at 102.00
|
Aa3
|
3,761,986
|
|||||
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
|
1,477,300
|
|||||
2,000
|
Puerto Rico, General Obligation and Public Improvement Bonds, Series 2002A, 5.500%, 7/01/20 – NPFG Insured
|
No Opt. Call
|
Baa1
|
2,275,400
|
|||||
355
|
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–
|
392,424
|
|||||
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
|
1,136,390
|
|||||
Yosemite Community College District, California, General Obligation Bonds, Capital Appreciation, Election 2004, Series 2010D:
|
|||||||||
6,480
|
0.000%, 8/01/31
|
No Opt. Call
|
Aa2
|
2,552,407
|
|||||
17,510
|
0.000%, 8/01/42
|
No Opt. Call
|
Aa2
|
5,850,441
|
|||||
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
|
1,757,120
|
|||||
66,995
|
Total Tax Obligation/General
|
55,602,369
|
|||||||
Tax Obligation/Limited – 20.6% (14.3% 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
|
661,395
|
|||||
385
|
5.800%, 9/01/35
|
9/14 at 102.00
|
N/R
|
387,876
|
|||||
1,190
|
Borrego Water District, California, Community Facilities District 2007-1 Montesoro, Special Tax Bonds, Series 2007, 5.750%, 8/01/25 (5)
|
8/17 at 102.00
|
N/R
|
380,836
|
|||||
4,900
|
California State Public Works Board, Lease Revenue Bonds, Department of Corrections, Series 2003C, 5.500%, 6/01/16
|
12/13 at 100.00
|
A2
|
5,177,830
|
|||||
1,245
|
California, Economic Recovery Revenue Bonds, Series 2004A, 5.000%, 7/01/15
|
7/14 at 100.00
|
Aa3
|
1,368,504
|
|||||
1,200
|
Capistrano Unified School District, Orange County, California, Special Tax Bonds, Community Facilities District 90-2 – Talega, Series 2003, 6.000%, 9/01/33
|
9/13 at 100.00
|
N/R
|
1,215,972
|
54
|
Nuveen Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Tax Obligation/Limited (continued)
|
|||||||||
$
|
435
|
Capistrano Unified School District, Orange County, California, Special Tax Bonds, Community Facilities District, Series 2005, 5.000%, 9/01/24 – FGIC Insured
|
9/15 at 100.00
|
BBB
|
$
|
446,519
|
|||
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
|
9/13 at 102.00
|
A–
|
704,802
|
|||||
960
|
Fontana, California, Redevelopment Agency, Jurupa Hills Redevelopment Project, Tax Allocation Refunding Bonds, 1997 Series A, 5.500%, 10/01/27
|
4/12 at 100.00
|
A–
|
960,672
|
|||||
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
|
757,268
|
|||||
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
|
A–
|
1,815,381
|
|||||
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–
|
1,782,000
|
|||||
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+
|
873,480
|
|||||
Irvine, California, Unified School District, Community Facilities District Special Tax Bonds, Series 2006A:
|
|||||||||
205
|
5.000%, 9/01/26
|
9/16 at 100.00
|
N/R
|
208,719
|
|||||
470
|
5.125%, 9/01/36
|
9/16 at 100.00
|
N/R
|
470,653
|
|||||
2,000
|
Lake Elsinore Public Finance Authority, California, Local Agency Revenue Refunding Bonds, Series 2003H, 6.000%, 10/01/20
|
10/13 at 102.00
|
N/R
|
2,080,180
|
|||||
415
|
Lammersville School District, San Joaquin County, California, Community Facilities District 2002, Mountain House Special Tax Bonds, Series 2006, 5.125%, 9/01/35
|
9/16 at 100.00
|
N/R
|
387,357
|
|||||
1,265
|
Lee Lake Water District, Riverside County, California, Special Tax Bonds, Community Facilities District 1 of Sycamore Creek, Series 2003, 6.500%, 9/01/24
|
9/13 at 102.00
|
N/R
|
1,320,749
|
|||||
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
|
809,600
|
|||||
750
|
Lynwood Redevelopment Agency, California, Project A Revenue Bonds, Subordinate Lien Series 2011A, 7.000%, 9/01/31
|
9/21 at 100.00
|
A–
|
869,160
|
|||||
475
|
National City Community Redevelopment Agency, California, Tax Allocation Revenue Bonds, National City Redevelopment Project Area, Series 2011, 6.500%, 8/01/24
|
8/21 at 100.00
|
A–
|
550,169
|
|||||
485
|
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
|
454,057
|
|||||
175
|
Novato Redevelopment Agency, California, Tax Allocation Bonds, Hamilton Field Redevelopment Project, Series 2011, 6.750%, 9/01/40
|
9/21 at 100.00
|
A–
|
198,655
|
|||||
2,000
|
Orange County, California, Special Tax Bonds, Community Facilities District 02-1 of Ladera Ranch, Series 2003A, 5.550%, 8/15/33
|
8/12 at 100.00
|
N/R
|
2,005,540
|
|||||
Perris Union High School District Financing Authority, Riverside County, California, Revenue Bonds, Series 2011:
|
|||||||||
165
|
6.000%, 9/01/33
|
No Opt. Call
|
N/R
|
170,288
|
|||||
360
|
6.125%, 9/01/41
|
No Opt. Call
|
N/R
|
371,376
|
|||||
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
|
3,200,626
|
|||||
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+
|
593,423
|
|||||
385
|
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–
|
380,022
|
|||||
100
|
Riverside County Redevelopment Agency, California, Tax Allocation Revenue Bonds, Jurupa Valley Project Area Series 2011-B, 6.500%, 10/01/25
|
10/21 at 100.00
|
A–
|
110,748
|
|||||
475
|
Roseville, California, Certificates of Participation, Public Facilities, Series 2003A, 5.000%, 8/01/25 – AMBAC Insured
|
8/13 at 100.00
|
AA–
|
485,075
|
Nuveen Investments
|
55
|
Nuveen California Dividend Advantage Municipal Fund 2 (continued)
|
||
NVX
|
Portfolio of Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Tax Obligation/Limited (continued)
|
|||||||||
$
|
700
|
Sacramento, California, Special Tax Bonds, North Natomas Community Facilities District 4, Series 2003C, 6.000%, 9/01/33
|
9/14 at 100.00
|
N/R
|
$
|
715,134
|
|||
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
|
1,139,540
|
|||||
1,325
|
8.000%, 8/01/38
|
8/16 at 102.00
|
A
|
1,505,863
|
|||||
990
|
San Diego, California, Special Tax Community Facilities District 4 Black Mountain Ranch Villages Bonds, Series 2008A, 6.000%, 9/01/37
|
3/12 at 103.00
|
N/R
|
1,022,789
|
|||||
80
|
San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds, Mission Bay North Redevelopment Project, Series 2011C, 6.750%, 8/01/41
|
3/12 at 103.00
|
A–
|
90,275
|
|||||
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
|
96,784
|
|||||
105
|
7.000%, 8/01/41
|
2/21 at 100.00
|
BBB
|
118,190
|
|||||
765
|
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
|
BBB
|
767,853
|
|||||
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
|
1,006,253
|
|||||
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–
|
1,510,187
|
|||||
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
|
149,083
|
|||||
415
|
West Patterson Financing Authority, California, Special Tax Bonds, Community Facilities District 01-1, Refunding Series 2009A, 8.625%, 9/01/39
|
9/14 at 105.00
|
N/R
|
448,922
|
|||||
1,930
|
West Patterson Financing Authority, California, Special Tax Bonds, Community Facilities District 01-1, Series 2003B, 6.750%, 9/01/30
|
9/13 at 103.00
|
N/R
|
1,947,293
|
|||||
500
|
West Patterson Financing Authority, California, Special Tax Bonds, Community Facilities District 01-1, Series 2004B, 6.000%, 9/01/39
|
9/13 at 102.00
|
N/R
|
450,525
|
|||||
850
|
West Patterson Financing Authority, California, Special Tax Bonds, Community Facilities District 2001-1, Series 2004A, 6.125%, 9/01/39
|
9/13 at 103.00
|
N/R
|
779,034
|
|||||
3,715
|
Western Placer Unified School District, Placer County, California, Certificates of Participation, Series 2008, 5.000%, 8/01/47 – AGC Insured
|
8/18 at 100.00
|
AA–
|
3,822,698
|
|||||
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–
|
267,646
|
|||||
46,395
|
Total Tax Obligation/Limited
|
47,037,001
|
|||||||
Transportation – 8.6% (6.0% of Total Investments)
|
|||||||||
3,000
|
Bay Area Governments Association, California, BART SFO Extension, Airport Premium Fare Revenue Bonds, Series 2002A, 5.000%, 8/01/32 – AMBAC Insured
|
8/12 at 100.00
|
N/R
|
2,848,950
|
|||||
1,930
|
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2006F, 5.000%, 4/01/31 (UB)
|
4/16 at 100.00
|
AA
|
2,170,343
|
|||||
1,430
|
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2008, Trust 3211, 13.491%, 10/01/32 (IF)
|
4/18 at 100.00
|
AA
|
1,861,803
|
|||||
7,000
|
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Refunding Bonds, Series 1999, 5.875%, 1/15/27
|
1/14 at 101.00
|
BBB–
|
7,079,100
|
|||||
5,585
|
Port of Oakland, California, Revenue Bonds, Series 2002N, 5.000%, 11/01/16 – NPFG Insured (Alternative Minimum Tax)
|
11/12 at 100.00
|
A
|
5,706,139
|
|||||
18,945
|
Total Transportation
|
19,666,335
|
56
|
Nuveen Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
U.S. Guaranteed – 19.7% (13.7% of Total Investments) (6)
|
|||||||||
$
|
2,000
|
California Department of Water Resources, Power Supply Revenue Bonds, Series 2002A, 5.125%, 5/01/18 (Pre-refunded 5/01/12)
|
5/12 at 101.00
|
Aaa
|
$
|
2,037,260
|
|||
425
|
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)
|
474,360
|
|||||
860
|
California, Economic Recovery Revenue Bonds, Series 2004A, 5.000%, 7/01/15 (Pre-refunded 7/01/14)
|
7/14 at 100.00
|
Aaa
|
955,314
|
|||||
Contra Costa County Community College District, California, General Obligation Bonds, Series 2002:
|
|||||||||
3,005
|
5.000%, 8/01/21 (Pre-refunded 8/01/12) – FGIC Insured
|
8/12 at 100.00
|
Aa1 (6)
|
3,066,723
|
|||||
3,300
|
5.000%, 8/01/22 (Pre-refunded 8/01/12) – FGIC Insured
|
8/12 at 100.00
|
Aa1 (6)
|
3,367,782
|
|||||
4,000
|
Daly City Housing Development Finance Agency, California, Mobile Home Park Revenue Bonds, Franciscan Mobile Home Park Project, Series 2002A, 5.850%, 12/15/32 (Pre-refunded 12/15/13)
|
12/13 at 102.00
|
N/R (6)
|
4,469,360
|
|||||
2,005
|
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2003A-1, 6.250%, 6/01/33 (Pre-refunded 6/01/13)
|
6/13 at 100.00
|
Aaa
|
2,128,388
|
|||||
1,170
|
Lincoln, California, Special Tax Bonds, Lincoln Crossing Community Facilities District 03-1, Series 2003A, 6.500%, 9/01/25 (Pre-refunded 9/01/13)
|
9/13 at 102.00
|
N/R (6)
|
1,299,051
|
|||||
885
|
Lincoln, California, Special Tax Bonds, Lincoln Crossing Community Facilities District 03-1, Series 2004, 6.000%, 9/01/34 (Pre-refunded 9/01/13)
|
9/13 at 102.00
|
N/R (6)
|
975,987
|
|||||
9,510
|
Los Angeles Unified School District, California, General Obligation Bonds, Series 2002E, 5.000%, 7/01/19 (Pre-refunded 7/01/12) – NPFG Insured
|
7/12 at 100.00
|
AA– (6)
|
9,667,010
|
|||||
2,000
|
Puerto Rico Public Finance Corporation, Commonwealth Appropriation Bonds, Series 2002E, 6.000%, 8/01/26 (ETM)
|
No Opt. Call
|
AA+ (6)
|
2,884,280
|
|||||
San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Second Series 2003, Issue 29A:
|
|||||||||
2,430
|
5.250%, 5/01/18 (Pre-refunded 5/01/13) – FGIC Insured (Alternative Minimum Tax)
|
5/13 at 100.00
|
A+ (6)
|
2,573,443
|
|||||
2,555
|
5.250%, 5/01/19 (Pre-refunded 5/01/13) – FGIC Insured (Alternative Minimum Tax)
|
5/13 at 100.00
|
A+ (6)
|
2,705,822
|
|||||
1,000
|
San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Second Series 2003, Issue 29B, 5.125%, 5/01/17 (Pre-refunded 5/01/13) – FGIC Insured
|
5/13 at 100.00
|
A+ (6)
|
1,057,570
|
|||||
2,000
|
San Francisco Airports Commission, California, Revenue Refunding Bonds, San Francisco International Airport, Second Series 2002, Issue 28A, 5.250%, 5/01/17 (Pre-refunded 5/01/12) – NPFG Insured (Alternative Minimum Tax)
|
5/12 at 100.00
|
A+ (6)
|
2,015,720
|
|||||
825
|
San Mateo Union High School District, San Mateo County, California, Certificates of Participation, Phase 1, Series 2007A, 5.000%, 12/15/30 (Pre-refunded 12/15/17) – AMBAC Insured
|
12/17 at 100.00
|
AA– (6)
|
1,016,070
|
|||||
2,800
|
Tobacco Securitization Authority of Southern California, Tobacco Settlement Asset-Backed Bonds, San Diego County Tobacco Asset Securitization Corporation, Senior Series 2001A, 5.500%, 6/01/36 (Pre-refunded 6/01/12)
|
6/12 at 100.00
|
Aaa
|
2,838,472
|
|||||
1,500
|
Whittier, California, Health Facility Revenue Bonds, Presbyterian Intercommunity Hospital, Series 2002, 5.600%, 6/01/22 (Pre-refunded 6/01/12)
|
6/12 at 101.00
|
N/R (6)
|
1,536,015
|
|||||
42,270
|
Total U.S. Guaranteed
|
45,068,627
|
|||||||
Utilities – 8.6% (5.9% of Total Investments)
|
|||||||||
5,000
|
Anaheim Public Finance Authority, California, Second Lien Electric Distribution Revenue Bonds, Series 2004, 5.250%, 10/01/21 – NPFG Insured
|
10/14 at 100.00
|
A+
|
5,332,400
|
|||||
2,355
|
Long Beach Bond Finance Authority, California, Natural Gas Purchase Revenue Bonds, Series 2007A, 5.000%, 11/15/35
|
No Opt. Call
|
A–
|
2,414,558
|
|||||
1,000
|
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2003A-2, 5.000%, 7/01/23 – NPFG Insured
|
7/13 at 100.00
|
AA–
|
1,059,060
|
|||||
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–
|
533,415
|
|||||
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
|
785,663
|
|||||
1,500
|
5.250%, 9/01/36 – SYNCORA GTY Insured
|
9/15 at 100.00
|
N/R
|
1,485,705
|
|||||
2,000
|
Santa Clara, California, Subordinate Electric Revenue Bonds, Series 2003A, 5.250%, 7/01/20 – NPFG Insured
|
7/13 at 100.00
|
A1
|
2,113,420
|
Nuveen Investments
|
57
|
Nuveen California Dividend Advantage Municipal Fund 2 (continued)
|
||
NVX
|
Portfolio of Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Utilities (continued)
|
|||||||||
$
|
1,500
|
Southern California Public Power Authority, California, Milford Wind Corridor Phase I Revenue Bonds, Series 2010-1, 5.000%, 7/01/28
|
No Opt. Call
|
AA–
|
$
|
1,724,505
|
|||
4,000
|
Southern California Public Power Authority, Natural Gas Project 1 Revenue Bonds, Series 2007A, 5.000%, 11/01/33
|
No Opt. Call
|
Baa1
|
4,140,680
|
|||||
18,645
|
Total Utilities
|
19,589,406
|
|||||||
Water and Sewer – 10.4% (7.2% of Total Investments)
|
|||||||||
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–
|
1,450,162
|
|||||
545
|
Healdsburg Public Financing Authority, California, Wastewater Revenue Bonds, Series 2006, 5.000%, 4/01/36 – NPFG Insured
|
4/16 at 100.00
|
AA–
|
566,914
|
|||||
1,160
|
Metropolitan Water District of Southern California, Waterworks Revenue Bonds, Tender Option Bond Trust 09-8B, 18.162%, 7/01/35 (IF) (4)
|
7/19 at 100.00
|
AAA
|
1,749,141
|
|||||
1,500
|
Orange County Water District, California, Revenue Certificates of Participation, Tender Option Bond Trust 11782-1, 17.835%, 2/15/35 (IF)
|
8/19 at 100.00
|
AAA
|
2,092,620
|
|||||
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
|
815,888
|
|||||
1,700
|
San Buenaventura, California, Wastewater Revenue Certificates of Participation, Series 2004, 5.000%, 3/01/24 – NPFG Insured
|
3/14 at 100.00
|
AA
|
1,784,575
|
|||||
4,785
|
San Diego Public Facilities Financing Authority, California, Subordinate Lien Water Revenue Bonds, Series 2002, 5.000%, 8/01/21 – NPFG Insured
|
8/12 at 100.00
|
Aa3
|
4,865,197
|
|||||
10,000
|
San Francisco City and County Public Utilities Commission, California, Clean Water Revenue Refunding Bonds, Series 2003A, 5.250%, 10/01/20 – NPFG Insured
|
4/13 at 100.00
|
AA–
|
10,464,100
|
|||||
21,840
|
Total Water and Sewer
|
23,788,597
|
|||||||
$
|
337,975
|
Total Investments (cost $311,649,957) – 144.3%
|
329,724,378
|
||||||
Floating Rate Obligations – (5.0)%
|
(11,390,000
|
) | |||||||
MuniFund Term Preferred Shares, at Liquidation Value – (42.8)% (7)
|
(97,846,300
|
) | |||||||
Other Assets Less Liabilities – 3.5%
|
7,985,919
|
||||||||
Net Assets Applicable to Common Shares – 100%
|
$
|
228,473,997
|
(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 collaterize 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 security, in the case of a bond, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has directed the Fund’s custodian to cease accruing additional income on the Fund’s records.
|
|
(6)
|
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
|
|
(7)
|
MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments is 29.7%.
|
|
N/R
|
Not rated.
|
|
(ETM)
|
Escrowed to maturity.
|
|
WI/DD
|
Purchased on a when-issued or delayed delivery basis.
|
|
(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.
|
58
|
Nuveen Investments
|
Nuveen California Dividend Advantage Municipal Fund 3
|
||
NZH
|
Portfolio of Investments
|
|
February 29, 2012
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Consumer Staples – 8.4% (5.7% of Total Investments)
|
|||||||||
$
|
870
|
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+
|
$
|
838,932
|
|||
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
|
|||||||||
19,485
|
5.750%, 6/01/47
|
6/17 at 100.00
|
B–
|
14,967,013
|
|||||
6,325
|
5.125%, 6/01/47
|
6/17 at 100.00
|
B–
|
4,378,924
|
|||||
11,265
|
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-2, 0.000%, 6/01/37
|
6/22 at 100.00
|
B–
|
7,865,561
|
|||||
37,945
|
Total Consumer Staples
|
28,050,430
|
|||||||
Education and Civic Organizations – 6.4% (4.4% 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
|
296,142
|
|||||
2,160
|
California Educational Facilities Authority, Revenue Bonds, University of San Francisco, Series 2011, 6.125%, 10/01/36
|
10/21 at 100.00
|
A3
|
2,567,030
|
|||||
California Educational Facilities Authority, Revenue Bonds, University of the Pacific, Series 2006:
|
|||||||||
200
|
5.000%, 11/01/21
|
11/15 at 100.00
|
A2
|
215,086
|
|||||
270
|
5.000%, 11/01/25
|
11/15 at 100.00
|
A2
|
286,586
|
|||||
1,000
|
5.000%, 11/01/30
|
11/15 at 100.00
|
A2
|
1,043,680
|
|||||
1,500
|
California Educational Facilities Authority, Student Loan Revenue Bonds, Cal Loan Program, Series 2001A, 5.400%, 3/01/21 – NPFG Insured (Alternative Minimum Tax)
|
9/12 at 100.00
|
Baa2
|
1,501,740
|
|||||
6,000
|
California State University, Systemwide Revenue Bonds, Series 2005C, 5.000%, 11/01/27 – NPFG Insured
|
11/15 at 100.00
|
Aa2
|
6,405,000
|
|||||
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
|
N/R
|
1,375,582
|
|||||
605
|
California Statewide Community Development Authority, Revenue Bonds, Notre Dame de Namur University, Series 2003, 6.500%, 10/01/23
|
10/13 at 100.00
|
N/R
|
605,762
|
|||||
3,100
|
San Diego County, California, Certificates of Participation, Burnham Institute, Series 2006, 5.000%, 9/01/34
|
9/15 at 102.00
|
Baa3
|
3,114,787
|
|||||
4,000
|
University of California, General Revenue Bonds, Series 2003A, 5.000%,
|
5/13 at 100.00
|
Aa1
|
4,211,840
|
|||||
5/15/23 – AMBAC Insured (UB) | |||||||||
20,425
|
Total Education and Civic Organizations
|
21,623,235
|
|||||||
Health Care – 32.1% (22.1% of Total Investments)
|
|||||||||
California Health Facilities Financing Authority, Revenue Bonds, Casa Colina Inc., Series 2001:
|
|||||||||
4,000
|
6.000%, 4/01/22
|
4/12 at 100.00
|
BBB
|
4,007,360
|
|||||
2,000
|
6.125%, 4/01/32
|
4/12 at 100.00
|
BBB
|
2,002,440
|
|||||
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
|
A2
|
1,507,915
|
|||||
1,765
|
California Health Facilities Financing Authority, Revenue Bonds, St. Joseph Health System, Series 2009A, 5.750%, 7/01/39
|
7/19 at 100.00
|
AA–
|
1,956,697
|
|||||
3,530
|
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2011B, 6.000%, 8/15/42
|
8/20 at 100.00
|
AA–
|
4,085,975
|
|||||
3,735
|
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Tender Option Bonds Trust 3765, 18.979%, 5/15/39 (IF) (4)
|
11/16 at 100.00
|
AA–
|
4,464,744
|
|||||
2,520
|
California Statewide Communities Development Authority, Revenue Bonds, Adventist Health System West, Series 2005A, 5.000%, 3/01/35
|
3/15 at 100.00
|
A
|
2,558,228
|
|||||
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–
|
1,728,540
|
|||||
8,875
|
California Statewide Communities Development Authority, Revenue Bonds, Sutter Health, Series 2011A, 6.000%, 8/15/42
|
8/20 at 100.00
|
AA–
|
10,272,813
|
Nuveen Investments
|
59
|
Nuveen California Dividend Advantage Municipal Fund 3 (continued)
|
||
NZH
|
Portfolio of Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Health Care (continued)
|
|||||||||
$
|
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
|
$
|
3,157,658
|
|||
6,525
|
California Statewide Community Development Authority, Health Facility Revenue Refunding Bonds, Memorial Health Services, Series 2003A, 6.000%, 10/01/12
|
No Opt. Call
|
AA–
|
6,736,345
|
|||||
6,450
|
California Statewide Community Development Authority, Hospital Revenue Bonds, Monterey Peninsula Hospital, Series 2003B, 5.250%, 6/01/18 – AGM Insured
|
6/13 at 100.00
|
AA–
|
6,760,503
|
|||||
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–
|
4,775,805
|
|||||
7,665
|
California Statewide Community Development Authority, Insured Mortgage Hospital Revenue Bonds, Mission Community Hospital, Series 2001, 5.375%, 11/01/21
|
5/12 at 100.00
|
A–
|
7,676,421
|
|||||
2,000
|
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
|
1,968,140
|
|||||
645
|
California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanente System, Series 2001C, 5.250%, 8/01/31
|
8/16 at 100.00
|
A+
|
692,356
|
|||||
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–
|
4,144,829
|
|||||
1,594
|
California Statewide Community Development Authority, Revenue Bonds, St. Joseph Health System, Trust 2554, 18.382%, 7/01/47 – AGM Insured (IF)
|
7/18 at 100.00
|
AA–
|
1,950,571
|
|||||
5,600
|
California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Tender Option Bond Trust 3102, 18.374%, 11/15/46 (IF)
|
11/16 at 100.00
|
AA–
|
6,694,464
|
|||||
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
|
3,360,817
|
|||||
4,000
|
Marysville, California, Revenue Bonds, The Fremont-Rideout Health Group, Series 2011, 5.250%, 1/01/42
|
1/21 at 100.00
|
A
|
4,200,160
|
|||||
2,330
|
Newport Beach, California, Revenue Bonds, Hoag Memorial Hospital Presbyterian, Series 2011A, 6.000%, 12/01/40
|
12/21 at 100.00
|
AA
|
2,781,158
|
|||||
695
|
Oak Valley Hospital District, Stanislaus County, California, Revenue Bonds, Series 2010A, 6.500%, 11/01/29
|
11/20 at 100.00
|
BB+
|
698,023
|
|||||
7,650
|
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 6.000%, 11/01/41
|
11/20 at 100.00
|
Baa3
|
7,867,796
|
|||||
Rancho Mirage Joint Powers Financing Authority, California, Revenue Bonds, Eisenhower Medical Center, Series 2007A:
|
|||||||||
5,790
|
5.000%, 7/01/38
|
7/17 at 100.00
|
Baa2
|
5,501,195
|
|||||
2,500
|
5.000%, 7/01/47
|
7/17 at 100.00
|
Baa2
|
2,361,950
|
|||||
3,400
|
San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011, 7.500%, 12/01/41
|
12/21 at 100.00
|
BB
|
3,833,704
|
|||||
101,109
|
Total Health Care
|
107,746,607
|
|||||||
Housing/Multifamily – 3.4% (2.4% of Total Investments)
|
|||||||||
2,030
|
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2010A, 6.400%, 8/15/45
|
8/20 at 100.00
|
BBB
|
2,097,883
|
|||||
2,020
|
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2012A, 5.500%, 8/15/47 (WI/DD, Settling 3/13/12)
|
8/22 at 100.00
|
BBB
|
1,999,800
|
|||||
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
|
320,489
|
|||||
1,735
|
Rohnert Park Finance Authority, California, Senior Lien Revenue Bonds, Rancho Feliz Mobile Home Park, Series 2003A, 5.750%, 9/15/38
|
9/13 at 100.00
|
A+
|
1,750,719
|
|||||
1,125
|
Rohnert Park Finance Authority, California, Subordinate Lien Revenue Bonds, Rancho Feliz Mobile Home Park, Series 2003B, 6.625%, 9/15/38
|
9/13 at 100.00
|
N/R
|
1,137,859
|
|||||
San Jose, California, Multifamily Housing Revenue Bonds, GNMA Mortgage-Backed Securities Program, Lenzen Housing, Series 2001B:
|
|||||||||
1,250
|
5.350%, 2/20/26 (Alternative Minimum Tax)
|
8/12 at 101.00
|
AA+
|
1,258,513
|
|||||
2,880
|
5.450%, 2/20/43 (Alternative Minimum Tax)
|
8/12 at 101.00
|
AA+
|
2,912,227
|
|||||
11,365
|
Total Housing/Multifamily
|
11,477,490
|
60
|
Nuveen Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Housing/Single Family – 3.4% (2.3% of Total Investments)
|
|||||||||
$
|
370
|
California Housing Finance Agency, Home Mortgage Revenue Bonds, Series 2006H, 5.750%, 8/01/30 – FGIC Insured (Alternative Minimum Tax)
|
2/16 at 100.00
|
BBB
|
$
|
370,252
|
|||
California Housing Finance Agency, Home Mortgage Revenue Bonds, Tender Option Bond Trust 3206:
|
|||||||||
10,180
|
7.909%, 8/01/25 (Alternative Minimum Tax) (IF)
|
2/16 at 100.00
|
BBB
|
8,058,081
|
|||||
3,805
|
8.286%, 8/01/29 (Alternative Minimum Tax) (IF)
|
2/17 at 100.00
|
BBB
|
2,928,899
|
|||||
14,355
|
Total Housing/Single Family
|
11,357,232
|
|||||||
Industrials – 1.9% (1.3% of Total Investments)
|
|||||||||
5,000
|
California Pollution Control Financing Authority, Solid Waste Disposal Revenue Bonds, Waste Management Inc., Series 2005C, 5.125%, 11/01/23 (Alternative Minimum Tax)
|
11/15 at 101.00
|
BBB
|
5,214,100
|
|||||
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
|
1,137,084
|
|||||
10,205
|
Total Industrials
|
6,351,184
|
|||||||
Long-Term Care – 1.9% (1.3% of Total Investments)
|
|||||||||
2,450
|
California Health Facilities Financing Authority, Cal-Mortgage Insured Revenue Bonds, Northern California Retired Officers Community Corporation – Paradise Valley Estates, Series 2002, 5.125%, 1/01/22
|
1/13 at 100.00
|
A–
|
2,491,797
|
|||||
California Health Facilities Financing Authority, Insured Senior Living Revenue Bonds, Aldersly Project, Series 2002A:
|
|||||||||
1,500
|
5.125%, 3/01/22
|
3/13 at 100.00
|
A–
|
1,516,800
|
|||||
1,315
|
5.250%, 3/01/32
|
3/13 at 100.00
|
A–
|
1,325,546
|
|||||
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
|
1,144,550
|
|||||
6,265
|
Total Long-Term Care
|
6,478,693
|
|||||||
Tax Obligation/General – 13.3% (9.2% of Total Investments)
|
|||||||||
California State, General Obligation Bonds, Various Purpose Series 2009:
|
|||||||||
3,500
|
5.500%, 11/01/39
|
11/19 at 100.00
|
A1
|
3,896,270
|
|||||
3,040
|
6.000%, 11/01/39
|
11/19 at 100.00
|
A1
|
3,552,878
|
|||||
California State, General Obligation Bonds, Various Purpose Series 2010:
|
|||||||||
1,960
|
5.500%, 3/01/40
|
3/20 at 100.00
|
A1
|
2,175,992
|
|||||
1,000
|
5.250%, 11/01/40
|
11/20 at 100.00
|
A1
|
1,091,170
|
|||||
7,000
|
California State, General Obligation Bonds, Various Purpose Series 2011, 5.000%, 10/01/41
|
10/21 at 100.00
|
A1
|
7,486,500
|
|||||
15
|
California, General Obligation Veterans Welfare Bonds, Series 2001BZ, 5.350%, 12/01/21 – NPFG Insured (Alternative Minimum Tax)
|
6/12 at 100.00
|
AA
|
15,024
|
|||||
18,500
|
Poway Unified School District, San Diego County, California, School Facilities Improvement District 2007-1 General Obligation Bonds, Series 2011B, 0.000%, 8/01/46
|
No Opt. Call
|
Aa2
|
2,923,925
|
|||||
870
|
Puerto Rico, General Obligation and Public Improvement Bonds, Series 2001, 5.000%, 7/01/24 – AGM Insured
|
7/12 at 100.00
|
AA–
|
871,105
|
|||||
575
|
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–
|
635,617
|
|||||
4,000
|
San Diego Unified School District, San Diego County, California, General Obligation Bonds, Election of 1998, Series 2002D, 5.250%, 7/01/21 – FGIC Insured
|
7/12 at 101.00
|
Aa2
|
4,104,240
|
|||||
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
|
3,062,330
|
|||||
2,115
|
San Mateo Union High School District, San Mateo County, California, General Obligation Bonds, Election 2010 Series 2011A, 5.000%, 9/01/42
|
9/21 at 100.00
|
Aa1
|
2,345,281
|
|||||
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–
|
2,564,703
|
|||||
Yosemite Community College District, California, General Obligation Bonds, Capital Appreciation, Election 2004, Series 2010D:
|
|||||||||
15,000
|
0.000%, 8/01/31
|
No Opt. Call
|
Aa2
|
5,908,350
|
|||||
12,520
|
0.000%, 8/01/42
|
No Opt. Call
|
Aa2
|
4,183,182
|
|||||
78,340
|
Total Tax Obligation/General
|
44,816,567
|
Nuveen Investments
|
61
|
Nuveen California Dividend Advantage Municipal Fund 3 (continued)
|
||
NZH
|
Portfolio of Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Tax Obligation/Limited – 43.4% (29.9% of Total Investments)
|
|||||||||
$
|
1,960
|
Borrego Water District, California, Community Facilities District 2007-1 Montesoro, Special Tax Bonds, Series 2007, 5.750%, 8/01/25 (5)
|
8/17 at 102.00
|
N/R
|
$
|
627,259
|
|||
8,210
|
California State Public Works Board, Lease Revenue Bonds, Department of Corrections, Series 2003C, 5.500%, 6/01/16
|
12/13 at 100.00
|
A2
|
8,675,507
|
|||||
4,000
|
California State Public Works Board, Lease Revenue Bonds, Department of General Services, Series 2002B, 5.000%, 3/01/27 – AMBAC Insured
|
3/12 at 100.00
|
A2
|
4,003,920
|
|||||
4,510
|
California State Public Works Board, Lease Revenue Bonds, Department of Mental Health, Hospital Addition, Series 2001A, 5.000%, 12/01/26 – AMBAC Insured
|
12/12 at 101.00
|
A2
|
4,604,845
|
|||||
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
|
1,135,590
|
|||||
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
|
2,536,059
|
|||||
Capistrano Unified School District, Orange County, California, Special Tax Bonds, Community Facilities District 90-2 – Talega, Series 2003:
|
|||||||||
1,750
|
5.875%, 9/01/23
|
9/13 at 100.00
|
N/R
|
1,788,483
|
|||||
550
|
6.000%, 9/01/33
|
9/13 at 100.00
|
N/R
|
557,321
|
|||||
715
|
Capistrano Unified School District, Orange County, California, Special Tax Bonds, Community Facilities District, Series 2005, 5.000%, 9/01/24 – FGIC Insured
|
9/15 at 100.00
|
BBB
|
733,933
|
|||||
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–
|
2,087,683
|
|||||
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
|
9/13 at 102.00
|
A–
|
1,057,203
|
|||||
1,445
|
Fontana, California, Redevelopment Agency, Jurupa Hills Redevelopment Project, Tax Allocation Refunding Bonds, 1997 Series A, 5.500%, 10/01/27
|
4/12 at 100.00
|
A–
|
1,446,012
|
|||||
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
|
1,135,901
|
|||||
3,500
|
Fremont, California, Special Tax Bonds, Community Facilities District 1, Pacific Commons, Series 2005, 6.300%, 9/01/31
|
3/12 at 100.00
|
N/R
|
3,514,105
|
|||||
1,000
|
Fullerton Community Facilities District 1, California, Special Tax Bonds, Amerige Heights, Series 2002, 6.100%, 9/01/22
|
9/12 at 100.00
|
N/R
|
1,011,710
|
|||||
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+
|
1,315,240
|
|||||
Irvine, California, Unified School District, Community Facilities District Special Tax Bonds, Series 2006A:
|
|||||||||
330
|
5.000%, 9/01/26
|
9/16 at 100.00
|
N/R
|
335,986
|
|||||
760
|
5.125%, 9/01/36
|
9/16 at 100.00
|
N/R
|
761,056
|
|||||
3,000
|
Lake Elsinore Public Finance Authority, California, Local Agency Revenue Refunding Bonds, Series 2003H, 6.000%, 10/01/20
|
10/13 at 102.00
|
N/R
|
3,120,270
|
|||||
685
|
Lammersville School District, San Joaquin County, California, Community Facilities District 2002, Mountain House Special Tax Bonds, Series 2006, 5.125%, 9/01/35
|
9/16 at 100.00
|
N/R
|
639,372
|
|||||
5,250
|
Lammersville School District, San Joaquin County, California, Special Tax Bonds, Community Facilities District of Mountain House, Series 2002, 6.300%, 9/01/24
|
9/12 at 101.00
|
N/R
|
5,336,678
|
|||||
2,000
|
Lee Lake Water District, Riverside County, California, Special Tax Bonds, Community Facilities District 1 of Sycamore Creek, Series 2003, 6.500%, 9/01/24
|
9/13 at 102.00
|
N/R
|
2,088,140
|
|||||
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+
|
948,300
|
|||||
5,425
|
Lodi, California, Certificates of Participation, Public Improvement Financing Project, Series 2002, 5.000%, 10/01/26 – NPFG Insured
|
10/12 at 100.00
|
A
|
5,475,887
|
|||||
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
|
1,325,720
|
62
|
Nuveen Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Tax Obligation/Limited (continued)
|
|||||||||
$
|
1,675
|
Moreno Valley Unified School District, Riverside County, California, Certificates of Participation, Series 2005, 5.000%, 3/01/26 – AGM Insured
|
3/14 at 100.00
|
AA–
|
$
|
1,783,775
|
|||
725
|
National City Community Redevelopment Agency, California, Tax Allocation Revenue Bonds, National City Redevelopment Project Area, Series 2011, 6.500%, 8/01/24
|
8/21 at 100.00
|
A–
|
839,731
|
|||||
North Natomas Community Facilities District 4, Sacramento, California, Special Tax Bonds, Series 2006D:
|
|||||||||
535
|
5.000%, 9/01/26
|
9/14 at 102.00
|
N/R
|
529,559
|
|||||
245
|
5.000%, 9/01/33
|
9/14 at 102.00
|
N/R
|
229,369
|
|||||
270
|
Novato Redevelopment Agency, California, Tax Allocation Bonds, Hamilton Field Redevelopment Project, Series 2011, 6.750%, 9/01/40
|
9/21 at 100.00
|
A–
|
306,496
|
|||||
3,000
|
Oakland Redevelopment Agency, California, Subordinate Lien Tax Allocation Bonds, Central District Redevelopment Project, Series 2003, 5.500%,
|
3/13 at 100.00
|
A–
|
3,105,000
|
|||||
9/01/19 – FGIC Insured | |||||||||
4,520
|
Ontario Redevelopment Financing Authority, California, Lease Revenue Bonds, Capital Projects, Series 2001, 5.000%, 8/01/24 – AMBAC Insured
|
8/12 at 100.50
|
AA–
|
4,571,844
|
|||||
2,000
|
Orange County, California, Special Tax Bonds, Community Facilities District 02-1 of Ladera Ranch, Series 2003A, 5.550%, 8/15/33
|
8/12 at 100.00
|
N/R
|
2,005,540
|
|||||
11,165
|
Palm Desert Financing Authority, California, Tax Allocation Revenue Refunding Bonds, Project Area 1, Series 2002, 5.100%, 4/01/30 – NPFG Insured
|
4/12 at 102.00
|
BBB
|
10,957,666
|
|||||
Perris Union High School District Financing Authority, Riverside County, California, Revenue Bonds, Series 2011:
|
|||||||||
245
|
6.000%, 9/01/33
|
No Opt. Call
|
N/R
|
252,852
|
|||||
540
|
6.125%, 9/01/41
|
No Opt. Call
|
N/R
|
557,064
|
|||||
3,000
|
Pico Rivera Water Authority, California, Revenue Bonds, Series 2001A, 6.250%, 12/01/32
|
6/12 at 102.00
|
N/R
|
3,032,340
|
|||||
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
|
2,266,894
|
|||||
3,250
|
Pomona Public Financing Authority, California, Revenue Refunding Bonds, Merged Redevelopment Projects, Series 2001AD, 5.000%, 2/01/27 – NPFG Insured
|
8/12 at 100.00
|
BBB
|
3,206,190
|
|||||
1,000
|
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
|
997,460
|
|||||
6,000
|
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N, 5.250%, 7/01/39 – FGIC Insured
|
No Opt. Call
|
Baa1
|
6,346,800
|
|||||
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+
|
933,292
|
|||||
625
|
Rialto Redevelopment Agency, California, Tax Allocation Bonds, Merged Project Area, Series 2005A, 5.000%, 9/01/35 – SYNCORA GTY Insured
|
9/15 at 100.00
|
A–
|
616,919
|
|||||
155
|
Riverside County Redevelopment Agency, California, Tax Allocation Bonds, Jurupa Valley Project Area, Series 2011-B, 6.500%, 10/01/25
|
10/21 at 100.00
|
A–
|
171,659
|
|||||
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–
|
3,687,863
|
|||||
780
|
Roseville, California, Certificates of Participation, Public Facilities, Series 2003A, 5.000%, 8/01/25 – AMBAC Insured
|
8/13 at 100.00
|
AA–
|
796,544
|
|||||
1,145
|
Sacramento, California, Special Tax Bonds, North Natomas Community Facilities District 4, Series 2003C, 6.000%, 9/01/33
|
9/14 at 100.00
|
N/R
|
1,169,755
|
|||||
14,505
|
San Diego Redevelopment Agency, California, Subordinate Lien Tax Allocation Bonds, Centre City Project, Series 2001A, 5.000%, 9/01/26 – AGM Insured
|
9/12 at 100.50
|
AA–
|
14,679,349
|
|||||
2,300
|
San Francisco Bay Area Rapid Transit District, California, Sales Tax Revenue Bonds, Series 2001, 5.000%, 7/01/26 – AMBAC Insured
|
7/12 at 100.00
|
AA+
|
2,307,406
|
|||||
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–
|
141,055
|
Nuveen Investments
|
63
|
Nuveen California Dividend Advantage Municipal Fund 3 (continued)
|
||
NZH
|
Portfolio of Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Tax Obligation/Limited (continued)
|
|||||||||
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
|
$
|
142,329
|
|||
160
|
7.000%, 8/01/41
|
2/21 at 100.00
|
BBB
|
180,099
|
|||||
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
|
BBB
|
1,164,327
|
|||||
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
|
1,516,965
|
|||||
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
|
228,949
|
|||||
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+
|
8,784,122
|
|||||
1,500
|
Stockton Public Financing Authority, California, Lease Revenue Bonds, Series 2004, 5.250%, 9/01/34 – FGIC Insured
|
9/14 at 100.00
|
BBB
|
1,206,000
|
|||||
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
|
1,358,821
|
|||||
600
|
West Patterson Financing Authority, California, Special Tax Bonds, Community Facilities District 01-1, Refunding Series 2009A, 8.625%, 9/01/39
|
9/14 at 105.00
|
N/R
|
649,044
|
|||||
2,810
|
West Patterson Financing Authority, California, Special Tax Bonds, Community Facilities District 01-1, Series 2003B, 7.000%, 9/01/38
|
9/13 at 103.00
|
N/R
|
2,828,125
|
|||||
2,000
|
West Patterson Financing Authority, California, Special Tax Bonds, Community Facilities District 01-1, Series 2004B, 6.000%, 9/01/39
|
9/13 at 102.00
|
N/R
|
1,802,100
|
|||||
1,375
|
West Patterson Financing Authority, California, Special Tax Bonds, Community Facilities District 2001-1, Series 2004A, 6.125%, 9/01/39
|
9/13 at 103.00
|
N/R
|
1,260,201
|
|||||
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–
|
412,620
|
|||||
2,500
|
Yucaipa-Calimesa Joint Unified School District, San Bernardino County, California, General Obligation Refunding Bonds, Series 2001A, 5.000%, 10/01/26 – NPFG Insured
|
4/12 at 100.00
|
A2
|
2,501,975
|
|||||
144,725
|
Total Tax Obligation/Limited
|
145,790,279
|
|||||||
Transportation – 4.1% (2.8% of Total Investments)
|
|||||||||
1,690
|
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2006F, 5.000%, 4/01/31 (UB)
|
4/16 at 100.00
|
AA
|
1,900,456
|
|||||
11,750
|
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Refunding Bonds, Series 1999, 5.875%, 1/15/28
|
1/14 at 101.00
|
BBB–
|
11,964,673
|
|||||
13,440
|
Total Transportation
|
13,865,129
|
|||||||
U.S. Guaranteed – 16.4% (11.3% of Total Investments) (6)
|
|||||||||
4,000
|
Beaumont Financing Authority, California, Local Agency Revenue Bonds, Series 2002A, 6.750%, 9/01/25 (Pre-refunded 9/01/12)
|
9/12 at 102.00
|
N/R (6)
|
4,212,080
|
|||||
7,510
|
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Merced County Tobacco Funding Corporation, Series 2002A, 5.500%, 6/01/33 (Pre-refunded 6/01/12)
|
6/12 at 100.00
|
Baa3 (6)
|
7,613,187
|
|||||
California Department of Water Resources, Power Supply Revenue Bonds, Series 2002A:
|
|||||||||
3,500
|
5.375%, 5/01/17 (Pre-refunded 5/01/12) – SYNCORA GTY Insured
|
5/12 at 101.00
|
Aaa
|
3,566,710
|
|||||
2,000
|
5.125%, 5/01/18 (Pre-refunded 5/01/12)
|
5/12 at 101.00
|
Aaa
|
2,037,260
|
|||||
680
|
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)
|
758,975
|
|||||
3,000
|
Contra Costa County Community College District, California, General Obligation Bonds, Series 2002, 5.000%, 8/01/23 (Pre-refunded 8/01/12) – FGIC Insured
|
8/12 at 100.00
|
Aa1 (6)
|
3,061,620
|
|||||
2,000
|
Daly City Housing Development Finance Agency, California, Mobile Home Park Revenue Bonds, Franciscan Mobile Home Park Project, Series 2002A, 5.800%, 12/15/25 (Pre-refunded 12/15/13)
|
12/13 at 102.00
|
N/R (6)
|
2,232,880
|
64
|
Nuveen Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
U.S. Guaranteed (6) (continued)
|
|||||||||
$
|
3,815
|
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2003A-1, 6.250%, 6/01/33 (Pre-refunded 6/01/13)
|
6/13 at 100.00
|
Aaa
|
$
|
4,049,775
|
|||
1,940
|
Lincoln, California, Special Tax Bonds, Lincoln Crossing Community Facilities District 03-1, Series 2003A, 6.500%, 9/01/25 (Pre-refunded 9/01/13)
|
9/13 at 102.00
|
N/R (6)
|
2,153,982
|
|||||
1,335
|
Lincoln, California, Special Tax Bonds, Lincoln Crossing Community Facilities District 03-1, Series 2004, 6.000%, 9/01/34 (Pre-refunded 9/01/13)
|
9/13 at 102.00
|
N/R (6)
|
1,472,251
|
|||||
5,500
|
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2002D, 5.375%, 7/01/36 (Pre-refunded 7/01/12)
|
7/12 at 100.00
|
AA+ (6)
|
5,597,020
|
|||||
San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Second Series 2003, Issue 29B:
|
|||||||||
4,110
|
5.125%, 5/01/17 (Pre-refunded 5/01/13) – FGIC Insured
|
5/13 at 100.00
|
A+ (6)
|
4,346,613
|
|||||
5,140
|
5.125%, 5/01/19 (Pre-refunded 5/01/13) – FGIC Insured
|
5/13 at 100.00
|
A+ (6)
|
5,435,910
|
|||||
1,345
|
San Mateo Union High School District, San Mateo County, California, Certificates of Participation, Phase 1, Series 2007A, 5.000%, 12/15/30 (Pre-refunded 12/15/17) – AMBAC Insured
|
12/17 at 100.00
|
AA– (6)
|
1,656,502
|
|||||
4,200
|
Tobacco Securitization Authority of Southern California, Tobacco Settlement Asset-Backed Bonds, San Diego County Tobacco Asset Securitization Corporation, Senior Series 2001A, 5.500%, 6/01/36 (Pre-refunded 6/01/12)
|
6/12 at 100.00
|
Aaa
|
4,257,708
|
|||||
2,500
|
Whittier, California, Health Facility Revenue Bonds, Presbyterian Intercommunity Hospital, Series 2002, 5.600%, 6/01/22 (Pre-refunded 6/01/12)
|
6/12 at 101.00
|
N/R (6)
|
2,560,025
|
|||||
52,575
|
Total U.S. Guaranteed
|
55,012,498
|
|||||||
Utilities – 4.4% (3.0% 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–
|
3,911,481
|
|||||
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
|
2,029,500
|
|||||
1,285
|
5.125%, 9/01/31 – SYNCORA GTY Insured
|
9/15 at 100.00
|
N/R
|
1,277,945
|
|||||
5,000
|
Merced Irrigation District, California, Revenue Certificates of Participation, Electric System Project, Series 2003, 5.700%, 9/01/36
|
9/13 at 102.00
|
Baa3
|
5,023,600
|
|||||
2,500
|
Salinas Valley Solid Waste Authority, California, Revenue Bonds, Series 2002, 5.125%, 8/01/22 – AMBAC Insured (Alternative Minimum Tax)
|
8/12 at 100.00
|
A+
|
2,509,575
|
|||||
14,600
|
Total Utilities
|
14,752,101
|
|||||||
Water and Sewer – 6.2% (4.3% of Total Investments)
|
|||||||||
1,070
|
Burbank, California, Wastewater System Revenue Bonds, Series 2004A, 5.000%, 6/01/22 – AMBAC Insured
|
6/14 at 100.00
|
AA+
|
1,134,714
|
|||||
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–
|
3,239,910
|
|||||
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–
|
1,178,663
|
|||||
890
|
Healdsburg Public Financing Authority, California, Wastewater Revenue Bonds, Series 2006, 5.000%, 4/01/36 – NPFG Insured
|
4/16 at 100.00
|
AA–
|
925,787
|
|||||
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–
|
890,877
|
|||||
1,000
|
San Buenaventura, California, Wastewater Revenue Certificates of Participation, Series 2004, 5.000%, 3/01/24 – NPFG Insured
|
3/14 at 100.00
|
AA
|
1,049,750
|
Nuveen Investments
|
65
|
Nuveen California Dividend Advantage Municipal Fund 3 (continued)
|
||
NZH
|
Portfolio of Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Water and Sewer (continued)
|
|||||||||
San Diego Public Facilities Financing Authority, California, Subordinate Lien Water Revenue Bonds, Series 2002:
|
|||||||||
$
|
2,500
|
5.000%, 8/01/23 – NPFG Insured
|
8/12 at 100.00
|
Aa3
|
$
|
2,540,725
|
|||
6,260
|
5.000%, 8/01/24 – NPFG Insured
|
8/12 at 100.00
|
Aa3
|
6,355,402
|
|||||
3,315
|
San Francisco City and County Public Utilities Commission, California, Clean Water Revenue Refunding Bonds, Series 2003A, 5.250%, 10/01/18 – NPFG Insured
|
4/13 at 100.00
|
AA–
|
3,468,849
|
|||||
20,010
|
Total Water and Sewer
|
20,784,677
|
|||||||
$
|
525,359
|
Total Investments (cost $467,719,489) – 145.3%
|
488,106,122
|
||||||
Floating Rate Obligations – (1.1)%
|
(3,845,000
|
) | |||||||
MuniFund Term Preferred Shares, at Liquidation Value – (47.5)% (7)
|
(159,544,500
|
) | |||||||
Other Assets Less Liabilities – 3.3%
|
11,113,734
|
||||||||
Net Assets Applicable to Common Shares – 100%
|
$
|
335,830,356
|
(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 collaterize 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 security, in the case of a bond, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has directed the Fund’s custodian to cease accruing additional income on the Fund’s records.
|
|
(6)
|
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
|
|
(7)
|
MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments is 32.7%.
|
|
N/R
|
Not rated.
|
|
WI/DD
|
Purchased on a when-issued or delayed delivery basis.
|
|
(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.
|
66
|
Nuveen Investments
|
Nuveen Insured California Dividend Advantage Municipal Fund
|
||
NKL
|
Portfolio of Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Consumer Staples – 4.0% (2.8% of Total Investments)
|
|||||||||
$
|
14,155
|
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-2, 0.000%, 6/01/37
|
6/22 at 100.00
|
BB–
|
$
|
9,883,446
|
|||
Education and Civic Organizations – 0.7% (0.5% of Total Investments)
|
|||||||||
1,675
|
California Educational Facilities Authority, Revenue Bonds, University of San Diego, Series 2002A, 5.250%, 10/01/30
|
10/12 at 100.00
|
A2
|
1,693,107
|
|||||
Health Care – 7.7% (5.3% 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
|
4/12 at 100.00
|
A–
|
5,007,300
|
|||||
2,815
|
California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard Children’s Hospital, Series 2003C, 5.000%, 8/15/20 – AMBAC Insured
|
8/13 at 100.00
|
AA
|
2,932,920
|
|||||
5,000
|
California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanante System, Series 2006, 5.000%, 3/01/41
|
3/16 at 100.00
|
A+
|
5,174,950
|
|||||
3,200
|
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–
|
3,436,128
|
|||||
1,748
|
California Statewide Community Development Authority, Revenue Bonds, St. Joseph Health System, Trust 2554, 18.382%, 7/01/47 – AGM Insured (IF)
|
7/18 at 100.00
|
AA–
|
2,139,080
|
|||||
17,763
|
Total Health Care
|
18,690,378
|
|||||||
Housing/Multifamily – 0.8% (0.5% of Total Investments)
|
|||||||||
1,905
|
Los Angeles, California, GNMA Mortgage-Backed Securities Program Multifamily Housing Revenue Bonds, Park Plaza West Senior Apartments, Series 2001B, 5.300%, 1/20/21 (Alternative Minimum Tax)
|
7/12 at 101.00
|
AA+
|
1,943,424
|
|||||
Housing/Single Family – 0.1% (0.1% of Total Investments)
|
|||||||||
235
|
California Housing Finance Agency, Home Mortgage Revenue Bonds, Series 2006H, 5.750%, 8/01/30 – FGIC Insured (Alternative Minimum Tax)
|
2/16 at 100.00
|
BBB
|
235,160
|
|||||
Long-Term Care – 1.2% (0.9% of Total Investments)
|
|||||||||
3,000
|
ABAG Finance Authority for Non-Profit Corporations, California, Insured Senior Living Revenue Bonds, Odd Fellows Home of California, Series 2003A, 5.200%, 11/15/22
|
11/12 at 100.00
|
A–
|
3,030,930
|
|||||
Tax Obligation/General – 39.2% (27.3% of Total Investments)
|
|||||||||
900
|
California State, General Obligation Bonds, Series 2003, 5.000%, 2/01/21
|
8/13 at 100.00
|
A1
|
948,708
|
|||||
8,250
|
California, General Obligation Refunding Bonds, Series 2002, 5.000%, 2/01/22 – NPFG Insured
|
8/12 at 100.00
|
A1
|
8,276,648
|
|||||
20,750
|
Coachella Valley Unified School District, Riverside County, California, General Obligation Bonds, Capital Appreciation, Election 2005 Series 2010C, 0.000%, 8/01/43 – AGM Insured
|
No Opt. Call
|
AA–
|
3,293,648
|
|||||
3,375
|
Coast Community College District, Orange County, California, General Obligation Bonds, Series 2006C, 0.000%, 8/01/31 – AGM Insured
|
8/18 at 100.00
|
Aa1
|
3,215,498
|
|||||
10,000
|
East Side Union High School District, Santa Clara County, California, General Obligation Bonds, Series 2005E, 0.000%, 8/01/28 – SYNCORA GTY Insured
|
8/13 at 47.75
|
A
|
4,151,800
|
|||||
230
|
El Monte Union High School District, Los Angeles County, California, General Obligation Bonds, Series 2003A, 5.000%, 6/01/28 – AGM Insured
|
6/13 at 100.00
|
AA–
|
239,442
|
|||||
2,730
|
Fontana Unified School District, San Bernardino County, California, General Obligation Bonds, Trust 2668, 9.515%, 2/01/16 – AGM Insured (IF)
|
No Opt. Call
|
AA–
|
3,420,581
|
|||||
1,000
|
Los Rios Community College District, Sacramento, El Dorado and Yolo Counties, California, General Obligation Bonds, Series 2006C, 5.000%, 8/01/25 – AGM Insured (UB)
|
8/14 at 102.00
|
Aa2
|
1,118,480
|
|||||
1,500
|
Madera Unified School District, Madera County, California, General Obligation Bonds, Series 2002, 5.000%, 8/01/28 – AGM Insured
|
8/12 at 100.00
|
AA–
|
1,522,245
|
|||||
3,325
|
Mount Diablo Unified School District, Contra Costa County, California, General Obligation Bonds, Series 2010A, 0.000%, 8/01/30 – AGM Insured
|
8/25 at 100.00
|
AA–
|
2,191,740
|
Nuveen Investments
|
67
|
Nuveen Insured California Dividend Advantage Municipal Fund (continued)
|
||
NKL
|
Portfolio of Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Tax Obligation/General (continued)
|
|||||||||
$
|
2,000
|
Murrieta Valley Unified School District, Riverside County, California, General Obligation Bonds, Series 2007, 4.500%, 9/01/30 – AGM Insured
|
9/17 at 100.00
|
AA–
|
$
|
2,138,100
|
|||
2,500
|
Oakland Unified School District, Alameda County, California, General Obligation Bonds, Series 2002, 5.250%, 8/01/21 – FGIC Insured
|
8/12 at 100.00
|
BBB
|
2,536,325
|
|||||
16,000
|
Poway Unified School District, San Diego County, California, School Facilities Improvement District 2007-1 General Obligation Bonds, Series 2011B, 0.000%, 8/01/46
|
No Opt. Call
|
Aa2
|
2,528,800
|
|||||
375
|
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–
|
414,533
|
|||||
1,500
|
San Juan Capistrano, California, General Obligation Bonds, Open Space Program, Tender Option Bond Trust 3646, 17.890%, 8/01/17 (IF)
|
No Opt. Call
|
AAA
|
2,106,300
|
|||||
3,500
|
San Mateo County Community College District, California, General Obligation Bonds, Series 2002A, 5.000%, 9/01/26 – FGIC Insured
|
9/12 at 100.00
|
Aaa
|
3,568,985
|
|||||
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–
|
908,377
|
|||||
10,450
|
0.000%, 8/01/43 – AGM Insured
|
8/21 at 19.43
|
AA–
|
1,214,081
|
|||||
21,225
|
0.000%, 8/01/44 – AGM Insured
|
8/21 at 17.98
|
AA–
|
2,279,990
|
|||||
12,550
|
0.000%, 8/01/45 – AGM Insured
|
8/21 at 16.64
|
AA–
|
1,246,090
|
|||||
23,425
|
0.000%, 8/01/46 – AGM Insured
|
8/21 at 15.39
|
AA–
|
2,149,478
|
|||||
14,915
|
Southwestern Community College District, San Diego County, California, General Obligation Bonds, Election of 2008, Series 2011C, 0.000%, 8/01/41
|
No Opt. Call
|
Aa2
|
3,036,992
|
|||||
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–
|
11,285,101
|
|||||
26,280
|
0.000%, 8/01/50 – AGM Insured
|
8/37 at 100.00
|
AA–
|
12,188,138
|
|||||
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–
|
5,453,884
|
|||||
10,000
|
Vista Unified School District, San Diego County, California, General Obligation Bonds, Series 2002A, 5.000%, 8/01/23 – AGM Insured
|
8/12 at 100.00
|
Aa2
|
10,171,900
|
|||||
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+
|
4,151,093
|
|||||
247,975
|
Total Tax Obligation/General
|
95,756,957
|
|||||||
Tax Obligation/Limited – 46.1% (32.1% of Total Investments)
|
|||||||||
1,450
|
Baldwin Park Public Financing Authority, California, Sales Tax and Tax Allocation Bonds, Puente Merced Redevelopment Project, Series 2003, 5.250%, 8/01/21
|
8/13 at 102.00
|
BBB
|
1,507,275
|
|||||
6,895
|
Brea and Olinda Unified School District, Orange County, California, Certificates of Participation Refunding, Series 2002A, 5.125%, 8/01/26 – AGM Insured
|
8/12 at 100.00
|
AA–
|
6,985,876
|
|||||
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
|
9/13 at 101.00
|
A+
|
2,256,298
|
|||||
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
|
3,199,913
|
|||||
465
|
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
|
BBB
|
477,313
|
|||||
1,400
|
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–
|
1,353,128
|
|||||
7,035
|
Corona-Norco Unified School District, Riverside County, California, Special Tax Bonds, Community Facilities District 98-1, Series 2003, 5.000%, 9/01/28 – NPFG Insured
|
9/13 at 100.00
|
BBB
|
7,038,025
|
|||||
3,145
|
Culver City Redevelopment Agency, California, Tax Allocation Revenue Bonds, Redevelopment Project, Series 2002A, 5.125%, 11/01/25 – NPFG Insured
|
5/12 at 100.00
|
BBB
|
3,145,660
|
68
|
Nuveen Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Tax Obligation/Limited (continued)
|
|||||||||
$
|
750
|
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
|
9/12 at 101.00
|
A–
|
$
|
753,068
|
|||
6,990
|
El Monte, California, Senior Lien Certificates of Participation, Department of Public Services Facility Phase II, Series 2001, 5.000%, 1/01/21 – AMBAC Insured
|
7/12 at 100.00
|
A2
|
6,999,646
|
|||||
4,000
|
Folsom Public Financing Authority, California, Special Tax Revenue Bonds, Series 2004A, 5.000%, 9/01/21 – AMBAC Insured
|
9/12 at 102.00
|
N/R
|
4,039,320
|
|||||
7,780
|
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A, 5.000%, 6/01/45 – AMBAC Insured
|
6/15 at 100.00
|
A2
|
7,806,063
|
|||||
7,700
|
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Tender Option Bonds Trust 4686, 8.957%, 6/01/45 – AGC Insured (IF) (4)
|
6/15 at 100.00
|
AA–
|
7,806,876
|
|||||
910
|
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
|
685,394
|
|||||
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
|
2,245,305
|
|||||
950
|
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+
|
946,504
|
|||||
3,500
|
La Quinta Redevelopment Agency, California, Tax Allocation Bonds, Redevelopment Project Area 1, Series 2001, 5.100%, 9/01/31 – AMBAC Insured
|
9/12 at 101.00
|
A+
|
3,543,190
|
|||||
3,400
|
La Quinta Redevelopment Agency, California, Tax Allocation Bonds, Redevelopment Project Area 1, Series 2002, 5.000%, 9/01/22 – AMBAC Insured
|
9/12 at 102.00
|
A+
|
3,503,258
|
|||||
845
|
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
|
855,140
|
|||||
1,460
|
Los Angeles, California, Certificates of Participation, Municipal Improvement Corporation, Series 2003AW, 5.000%, 6/01/33 – AMBAC Insured
|
6/13 at 100.00
|
A+
|
1,486,499
|
|||||
7,000
|
Los Angeles, California, Certificates of Participation, Series 2002, 5.200%, 4/01/27 – AMBAC Insured
|
4/12 at 100.00
|
A+
|
7,012,950
|
|||||
8,470
|
Ontario Redevelopment Financing Authority, California, Lease Revenue Bonds, Capital Projects, Series 2001, 5.200%, 8/01/29 – AMBAC Insured
|
8/12 at 100.50
|
AA–
|
8,563,927
|
|||||
5,000
|
Palm Desert Financing Authority, California, Tax Allocation Revenue Refunding Bonds, Project Area 1, Series 2002, 5.000%, 4/01/25 – NPFG Insured
|
4/12 at 102.00
|
BBB
|
5,017,450
|
|||||
405
|
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–
|
399,763
|
|||||
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
|
2,765,760
|
|||||
4,475
|
Riverside County, California, Asset Leasing Corporate Leasehold Revenue Bonds, Riverside County Hospital Project, Series 1997B, 5.000%, 6/01/19 – NPFG Insured
|
6/12 at 101.00
|
BBB
|
4,550,986
|
|||||
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
|
2,388,975
|
|||||
505
|
Roseville, California, Certificates of Participation, Public Facilities, Series 2003A, 5.000%, 8/01/25 – AMBAC Insured
|
8/13 at 100.00
|
AA–
|
515,711
|
|||||
3,175
|
San Buenaventura, California, Certificates of Participation, Series 2001C, 5.250%, 2/01/31 - AMBAC Insured
|
2/13 at 100.00
|
N/R
|
3,192,463
|
|||||
3,730
|
San Diego Redevelopment Agency, California, Subordinate Lien Tax Increment and Parking Revenue Bonds, Centre City Project, Series 2003B, 5.250%, 9/01/26
|
3/12 at 100.00
|
Baa3
|
3,732,499
|
|||||
4,000
|
San Jose Financing Authority, California, Lease Revenue Refunding Bonds, Convention Center Project, Series 2001F, 5.000%, 9/01/19 – NPFG Insured
|
3/12 at 100.00
|
AA+
|
4,014,360
|
|||||
815
|
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
|
BBB
|
818,040
|
Nuveen Investments
|
69
|
Nuveen Insured California Dividend Advantage Municipal Fund (continued)
|
||
NKL
|
Portfolio of Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Tax Obligation/Limited (continued)
|
|||||||||
$
|
1,000
|
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Project Area, Series 2005A, 5.000%, 8/01/28 – NPFG Insured
|
8/15 at 100.00
|
BBB
|
$
|
972,670
|
|||
2,160
|
Temecula Redevelopment Agency, California, Tax Allocation Revenue Bonds, Redevelopment Project 1, Series 2002, 5.125%, 8/01/27 – NPFG Insured
|
8/12 at 100.00
|
A–
|
2,161,037
|
|||||
112,325
|
Total Tax Obligation/Limited
|
112,740,342
|
|||||||
Transportation – 3.1% (2.2% of Total Investments)
|
|||||||||
7,500
|
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Refunding Bonds, Series 1999, 5.875%, 1/15/29
|
1/14 at 101.00
|
BBB–
|
7,610,850
|
|||||
U.S. Guaranteed – 16.2% (11.3% of Total Investments) (5)
|
|||||||||
2,250
|
California Infrastructure and Economic Development Bank, First Lien Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2003A, 5.000%, 7/01/36 (Pre-refunded 1/01/28) – AMBAC Insured
|
1/28 at 100.00
|
Aaa
|
3,018,735
|
|||||
9,000
|
California State University, Systemwide Revenue Bonds, Series 2002A, 5.125%, 11/01/26 (Pre-refunded 11/01/12) – AMBAC Insured
|
11/12 at 100.00
|
Aa2 (5)
|
9,301,230
|
|||||
1,000
|
California Statewide Communities Development Authority, Student Housing Revenue Bonds, EAH-East Campus Apartments, LLC-UC Irvine Project, Series 2002A, 5.500%, 8/01/22 (Pre-refunded 8/01/12) – ACA Insured
|
8/12 at 100.00
|
Baa1 (5)
|
1,022,690
|
|||||
10,000
|
Fremont Unified School District, Alameda County, California, General Obligation Bonds, Series 2002A, 5.000%, 8/01/25 (Pre-refunded 8/01/12) – FGIC Insured
|
8/12 at 101.00
|
Aa2 (5)
|
10,305,800
|
|||||
4,500
|
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2003A-2, 7.900%, 6/01/42 (Pre-refunded 6/01/13)
|
6/13 at 100.00
|
Aaa
|
4,922,145
|
|||||
3,500
|
Los Angeles Unified School District, California, General Obligation Bonds, Series 2002E, 5.125%, 1/01/27 (Pre-refunded 7/01/12) – NPFG Insured
|
7/12 at 100.00
|
AA– (5)
|
3,559,255
|
|||||
3,380
|
Rancho Mirage Joint Powers Financing Authority, California, Revenue Bonds, Eisenhower Medical Center, Series 2004, 5.875%, 7/01/26 (Pre-refunded 7/01/14)
|
7/14 at 100.00
|
Baa2 (5)
|
3,823,524
|
|||||
San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Second Series 2003, Issue 29A:
|
|||||||||
1,185
|
5.250%, 5/01/16 (Pre-refunded 5/01/13) – FGIC Insured (Alternative Minimum Tax)
|
5/13 at 100.00
|
A+ (5)
|
1,254,951
|
|||||
2,300
|
5.250%, 5/01/17 (Pre-refunded 5/01/13) – FGIC Insured (Alternative Minimum Tax)
|
5/13 at 100.00
|
A+ (5)
|
2,435,769
|
|||||
37,115
|
Total U.S. Guaranteed
|
39,644,099
|
|||||||
Utilities – 7.5% (5.2% of Total Investments)
|
|||||||||
9,000
|
Anaheim Public Finance Authority, California, Revenue Bonds, Electric System Distribution Facilities, Series 2002A, 5.000%, 10/01/27 – AGM Insured
|
10/12 at 100.00
|
AA–
|
9,189,360
|
|||||
2,490
|
Long Beach Bond Finance Authority, California, Natural Gas Purchase Revenue Bonds, Series 2007A, 5.000%, 11/15/35
|
No Opt. Call
|
A–
|
2,552,972
|
|||||
830
|
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
|
825,443
|
|||||
5,630
|
Southern California Public Power Authority, Subordinate Revenue Refunding Bonds, Transmission Project, Series 2002A, 4.750%, 7/01/19 – AGM Insured
|
7/12 at 100.00
|
AA–
|
5,704,035
|
|||||
17,950
|
Total Utilities
|
18,271,810
|
|||||||
Water and Sewer – 16.9% (11.8% of Total Investments)
|
|||||||||
2,185
|
California Department of Water Resources, Water System Revenue Bonds, Central Valley Project, Series 2002X, 5.150%, 12/01/23 – FGIC Insured
|
12/12 at 100.00
|
AAA
|
2,261,344
|
|||||
750
|
Fortuna Public Finance Authority, California, Water Revenue Bonds, Series 2006, 5.000%, 10/01/36 – AGM Insured
|
10/16 at 100.00
|
AA–
|
785,775
|
|||||
570
|
Healdsburg Public Financing Authority, California, Wastewater Revenue Bonds, Series 2006, 5.000%, 4/01/36 – NPFG Insured
|
4/16 at 100.00
|
AA–
|
592,920
|
|||||
9,000
|
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
|
A+
|
9,549,270
|
70
|
Nuveen Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Water and Sewer (continued)
|
|||||||||
$
|
4,500
|
Los Angeles County Sanitation Districts Financing Authority, California, Senior Revenue Bonds, Capital Projects, Series 2003A, 5.000%, 10/01/23 – AGM Insured
|
10/13 at 100.00
|
AA+
|
$
|
4,810,005
|
|||
1,560
|
Manteca Financing Authority, California, Sewerage Revenue Bonds, Series 2003B, 5.000%, 12/01/33 – NPFG Insured
|
12/13 at 100.00
|
Aa3
|
1,590,592
|
|||||
500
|
Marina Coast Water District, California, Enterprise Certificate of Participation, Series 2006, 5.000%, 6/01/31 – NPFG Insured
|
6/16 at 100.00
|
AA–
|
524,045
|
|||||
9,185
|
Orange County Sanitation District, California, Certificates of Participation, Series 2003, 5.000%, 2/01/33 – FGIC Insured (UB)
|
8/13 at 100.00
|
AAA
|
9,610,357
|
|||||
8,000
|
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+
|
8,616,800
|
|||||
Semitropic Water Storage District, Kern County, California, Water Banking Revenue Bonds, Series 2004A:
|
|||||||||
1,315
|
5.500%, 12/01/20 – SYNCORA GTY Insured
|
12/14 at 100.00
|
AA
|
1,475,417
|
|||||
1,415
|
5.500%, 12/01/21 – SYNCORA GTY Insured
|
12/14 at 100.00
|
AA
|
1,584,729
|
|||||
38,980
|
Total Water and Sewer
|
41,401,254
|
|||||||
$
|
500,578
|
Total Investments (cost $328,368,423) – 143.5%
|
350,901,757
|
||||||
Floating Rate Obligations – (3.0)%
|
(7,385,000
|
) | |||||||
Variable Rate Demand Preferred Shares, at Liquidation Value – (42.7)% (6)
|
(104,400,000
|
) | |||||||
Other Assets Less Liabilities – 2.2%
|
5,403,877
|
||||||||
Net Assets Applicable to Common Shares – 100%
|
$
|
244,520,634
|
The Fund intends to invest at least 80% of its net 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 (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 collaterize the net payment obligations for investments in inverse floating rate transactions.
|
(5)
|
|
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
|
(6)
|
|
Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 29.8%.
|
N/R
|
|
Not rated.
|
(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 Investments
|
71
|
Nuveen Insured California Tax-Free Advantage Municipal Fund
|
||
NKX
|
Portfolio of Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Consumer Staples – 4.9% (3.4% of Total Investments)
|
|||||||||
$
|
6,070
|
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-2, 0.000%, 6/01/37
|
6/22 at 100.00
|
BB–
|
$
|
4,238,256
|
|||
Health Care – 24.8% (17.4% of Total Investments)
|
|||||||||
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–
|
1,705,469
|
|||||
662
|
California Statewide Community Development Authority, Revenue Bonds, St. Joseph Health System, Trust 2554, 18.382%, 7/01/47 – AGM Insured (IF)
|
7/18 at 100.00
|
AA–
|
809,729
|
|||||
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–
|
4,245,160
|
|||||
1,815
|
California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanante System, Series 2006, 5.000%, 3/01/41
|
3/16 at 100.00
|
A+
|
1,878,507
|
|||||
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+
|
5,176,925
|
|||||
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
|
4,500,307
|
|||||
1,500
|
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–
|
1,610,685
|
|||||
1,500
|
Santa Clara County Financing Authority, California, Insured Revenue Bonds, El Camino Hospital, Series 2007A, 5.750%, 2/01/41 – AMBAC Insured
|
8/17 at 100.00
|
A+
|
1,600,785
|
|||||
20,187
|
Total Health Care
|
21,527,567
|
|||||||
Housing/Multifamily – 1.4% (1.0% of Total Investments)
|
|||||||||
1,165
|
Poway, California, Housing Revenue Bonds, Revenue Bonds, Poinsettia Mobile Home Park, Series 2003, 5.000%, 5/01/23
|
5/13 at 102.00
|
AA–
|
1,208,385
|
|||||
Long-Term Care – 7.2% (5.0% of Total Investments)
|
|||||||||
3,000
|
ABAG Finance Authority for Non-Profit Corporations, California, Cal-Mortgage Insured Revenue Bonds, Channing House, Series 2010, 6.125%, 5/15/40
|
5/20 at 100.00
|
A–
|
3,229,980
|
|||||
1,000
|
ABAG Finance Authority for Non-Profit Corporations, California, Insured Senior Living Revenue Bonds, Odd Fellows Home of California, Series 2003A, 5.200%, 11/15/22
|
11/12 at 100.00
|
A–
|
1,010,310
|
|||||
2,000
|
California Health Facilities Financing Authority, Cal-Mortgage Insured Revenue Bonds, Northern California Retired Officers Community Corporation – Paradise Valley Estates, Series 2002, 5.250%, 1/01/26
|
1/13 at 100.00
|
A–
|
2,029,160
|
|||||
6,000
|
Total Long-Term Care
|
6,269,450
|
|||||||
Tax Obligation/General – 12.5% (8.8% of Total Investments)
|
|||||||||
1,030
|
Fontana Unified School District, San Bernardino County, California, General Obligation Bonds, Trust 2668, 9.515%, 2/01/16 – AGM Insured (IF)
|
No Opt. Call
|
AA–
|
1,290,549
|
|||||
1,175
|
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–
|
774,525
|
|||||
1,000
|
Murrieta Valley Unified School District, Riverside County, California, General Obligation Bonds, Series 2003A, 5.000%, 9/01/26 – FGIC Insured
|
9/13 at 100.00
|
A+
|
1,051,220
|
|||||
1,000
|
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–
|
1,069,050
|
|||||
140
|
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–
|
154,759
|
|||||
5,025
|
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–
|
2,330,495
|
|||||
12,520
|
Yosemite Community College District, California, General Obligation Bonds, Capital Appreciation, Election 2004, Series 2010D, 0.000%, 8/01/42
|
No Opt. Call
|
Aa2
|
4,183,182
|
|||||
21,890
|
Total Tax Obligation/General
|
10,853,780
|
72
|
Nuveen Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Tax Obligation/Limited – 48.7% (34.1% of Total Investments)
|
|||||||||
$
|
550
|
Baldwin Park Public Financing Authority, California, Sales Tax and Tax Allocation Bonds, Puente Merced Redevelopment Project, Series 2003, 5.250%, 8/01/21
|
8/13 at 102.00
|
BBB
|
$
|
571,725
|
|||
1,165
|
Burbank Public Financing Authority, California, Revenue Refunding Bonds, Golden State Redevelopment Project, Series 2003A, 5.250%, 12/01/22 – AMBAC Insured
|
12/13 at 100.00
|
A
|
1,189,197
|
|||||
4,000
|
California State Public Works Board, Lease Revenue Bonds, Department of General Services, Capital East End Project, Series 2002A, 5.000%, 12/01/27 – AMBAC Insured
|
12/12 at 100.00
|
A2
|
4,105,760
|
|||||
170
|
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
|
BBB
|
174,502
|
|||||
525
|
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–
|
507,423
|
|||||
265
|
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
|
9/12 at 101.00
|
A–
|
266,084
|
|||||
1,610
|
Folsom Public Financing Authority, California, Special Tax Revenue Bonds, Series 2004A, 5.000%, 9/01/21 – AMBAC Insured
|
9/12 at 102.00
|
N/R
|
1,625,826
|
|||||
3,285
|
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A, 5.000%, 6/01/45 – AMBAC Insured
|
6/15 at 100.00
|
A2
|
3,296,005
|
|||||
2,905
|
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Tender Option Bonds Trust 4686, 8.957%, 6/01/45 – AGC Insured (IF) (4)
|
6/15 at 100.00
|
AA–
|
2,945,321
|
|||||
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
|
527,226
|
|||||
330
|
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+
|
328,786
|
|||||
5,125
|
Irvine Public Facilities and Infrastructure Authority, California, Assessment Revenue Bonds, Series 2003C, 5.000%, 9/02/21 – AMBAC Insured
|
9/13 at 100.00
|
N/R
|
5,214,021
|
|||||
315
|
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
|
318,780
|
|||||
1,770
|
Los Angeles Unified School District, California, Certificates of Participation, Administration Building Project II, Series 2002C, 5.000%, 10/01/27 – AMBAC Insured
|
10/12 at 100.00
|
Aa3
|
1,781,399
|
|||||
2,000
|
Los Angeles, California, Certificates of Participation, Municipal Improvement Corporation, Series 2003AW, 5.000%, 6/01/33 – AMBAC Insured
|
6/13 at 100.00
|
A+
|
2,036,300
|
|||||
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+
|
1,553,310
|
|||||
1,500
|
Los Osos, California, Improvement Bonds, Community Services Wastewater Assessment District 1, Series 2002, 5.000%, 9/02/33 – NPFG Insured
|
3/13 at 100.00
|
BBB
|
1,413,285
|
|||||
150
|
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–
|
148,061
|
|||||
190
|
Roseville, California, Certificates of Participation, Public Facilities, Series 2003A, 5.000%, 8/01/25 – AMBAC Insured
|
8/13 at 100.00
|
AA–
|
194,030
|
|||||
San Buenaventura, California, Certificates of Participation, Golf Course Financing Project, Series 2002D:
|
|||||||||
3,000
|
5.000%, 2/01/27 – AMBAC Insured
|
8/12 at 100.00
|
AA–
|
3,002,730
|
|||||
3,300
|
5.000%, 2/01/32 – AMBAC Insured
|
8/12 at 100.00
|
AA–
|
3,301,650
|
|||||
1,200
|
San Diego Redevelopment Agency, California, Subordinate Lien Tax Increment and Parking Revenue Bonds, Centre City Project, Series 2003B, 5.250%, 9/01/26
|
3/12 at 100.00
|
Baa3
|
1,200,804
|
|||||
2,770
|
San Jose Financing Authority, California, Lease Revenue Refunding Bonds, Civic Center Project, Series 2002B, 5.000%, 6/01/32 – AMBAC Insured
|
6/12 at 100.00
|
AA+
|
2,780,831
|
|||||
1,000
|
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
|
BBB
|
972,670
|
|||||
3,500
|
Stockton Public Financing Authority, California, Lease Revenue Bonds, Series 2004, 5.250%, 9/01/34 – FGIC Insured
|
9/14 at 100.00
|
BBB
|
2,814,000
|
|||||
42,825
|
Total Tax Obligation/Limited
|
42,269,726
|
Nuveen Investments
|
73
|
Nuveen Insured California Tax-Free Advantage Municipal Fund (continued)
|
||
NKX
|
Portfolio of Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Transportation – 8.4% (5.9% of Total Investments)
|
|||||||||
$
|
5,480
|
Bay Area Governments Association, California, BART SFO Extension, Airport Premium Fare Revenue Bonds, Series 2002A, 5.000%, 8/01/26 – AMBAC Insured
|
8/12 at 100.00
|
N/R
|
$
|
5,451,940
|
|||
2,000
|
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Series 1995A, 5.000%, 1/01/35
|
7/12 at 100.00
|
BBB–
|
1,810,440
|
|||||
7,480
|
Total Transportation
|
7,262,380
|
|||||||
U.S. Guaranteed – 20.7% (14.5% of Total Investments) (5)
|
|||||||||
1,000
|
Berryessa Union School District, Santa Clara County, California, General Obligation Bonds, Series 2003C, 5.000%, 8/01/21 (Pre-refunded 8/01/12) – AGM Insured
|
8/12 at 100.00
|
AA– (5)
|
1,020,580
|
|||||
2,000
|
Butte-Glenn Community College District, Butte and Glenn Counties, California, General Obligation Bonds, Series 2002A, 5.000%, 8/01/26 (Pre-refunded 8/01/12) – NPFG Insured
|
8/12 at 101.00
|
Aa2 (5)
|
2,061,060
|
|||||
500
|
California State, General Obligation Bonds, Series 2004, 5.250%, 4/01/34 (Pre-refunded 4/01/14)
|
4/14 at 100.00
|
Aaa
|
552,220
|
|||||
450
|
Fremont Unified School District, Alameda County, California, General Obligation Bonds, Series 2002A, 5.000%, 8/01/25 (Pre-refunded 8/01/12) – FGIC Insured
|
8/12 at 101.00
|
Aa2 (5)
|
463,761
|
|||||
1,625
|
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2003A-2, 7.900%, 6/01/42 (Pre-refunded 6/01/13)
|
6/13 at 100.00
|
Aaa
|
1,777,441
|
|||||
2,030
|
Hacienda La Puente Unified School District, Los Angeles County, California, General Obligation Bonds, Series 2003B, 5.000%, 8/01/27 (Pre-refunded 8/01/13) – AGM Insured
|
8/13 at 100.00
|
AA– (5)
|
2,168,466
|
|||||
2,000
|
Los Angeles, California, General Obligation Bonds, Series 2002A, 5.000%, 9/01/22 (Pre-refunded 9/01/12) – NPFG Insured
|
9/12 at 100.00
|
AA– (5)
|
2,049,220
|
|||||
1,260
|
Rancho Mirage Joint Powers Financing Authority, California, Revenue Bonds, Eisenhower Medical Center, Series 2004, 5.875%, 7/01/26 (Pre-refunded 7/01/14)
|
7/14 at 100.00
|
Baa2 (5)
|
1,425,337
|
|||||
3,855
|
San Rafael City High School District, Marin County, California, General Obligation Bonds, Series 2003A, 5.000%, 8/01/28 (Pre-refunded 8/01/12) – AGM Insured
|
8/12 at 100.00
|
AA (5)
|
3,934,336
|
|||||
2,390
|
Solano County, California, Certificates of Participation, Series 2002, 5.250%, 11/01/24 (Pre-refunded 11/01/12) – NPFG Insured
|
11/12 at 100.00
|
AA– (5)
|
2,472,001
|
|||||
17,110
|
Total U.S. Guaranteed
|
17,924,422
|
|||||||
Utilities – 3.1% (2.2% of Total Investments)
|
|||||||||
1,000
|
Anaheim Public Finance Authority, California, Second Lien Electric Distribution Revenue Bonds, Series 2004, 5.250%, 10/01/21 – NPFG Insured
|
10/14 at 100.00
|
A+
|
1,066,480
|
|||||
945
|
Long Beach Bond Finance Authority, California, Natural Gas Purchase Revenue Bonds, Series 2007A, 5.500%, 11/15/37
|
No Opt. Call
|
A–
|
1,036,107
|
|||||
275
|
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2003A-2, 5.000%, 7/01/21 – NPFG Insured
|
7/13 at 100.00
|
AA–
|
291,242
|
|||||
310
|
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
|
308,298
|
|||||
2,530
|
Total Utilities
|
2,702,127
|
|||||||
Water and Sewer – 11.1% (7.7% of Total Investments)
|
|||||||||
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–
|
1,035,830
|
|||||
750
|
Fortuna Public Finance Authority, California, Water Revenue Bonds, Series 2006, 5.000%, 10/01/36 – AGM Insured
|
10/16 at 100.00
|
AA–
|
785,775
|
|||||
215
|
Healdsburg Public Financing Authority, California, Wastewater Revenue Bonds, Series 2006, 5.000%, 4/01/36 – NPFG Insured
|
4/16 at 100.00
|
AA–
|
223,645
|
|||||
575
|
Manteca Financing Authority, California, Sewerage Revenue Bonds, Series 2003B, 5.000%, 12/01/33 – NPFG Insured
|
12/13 at 100.00
|
Aa3
|
586,276
|
|||||
170
|
Marina Coast Water District, California, Enterprise Certificate of Participation, Series 2006, 5.000%, 6/01/31 – NPFG Insured
|
6/16 at 100.00
|
AA–
|
178,175
|
74
|
Nuveen Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Water and Sewer (continued)
|
|||||||||
San Diego Public Facilities Financing Authority, California, Subordinate Lien Water Revenue Bonds, Series 2002:
|
|||||||||
$
|
3,000
|
5.000%, 8/01/22 – NPFG Insured
|
8/12 at 100.00
|
Aa3
|
$
|
3,056,070
|
|||
2,500
|
5.000%, 8/01/23 – NPFG Insured
|
8/12 at 100.00
|
Aa3
|
2,540,725
|
|||||
1,180
|
South Feather Water and Power Agency, California, Water Revenue Certificates of Participation, Solar Photovoltaic Project, Series 2003, 5.375%, 4/01/24
|
4/13 at 100.00
|
A
|
1,197,582
|
|||||
9,390
|
Total Water and Sewer
|
9,604,078
|
|||||||
$
|
134,647
|
Total Investments (cost $120,163,365) – 142.8%
|
123,860,171
|
||||||
Floating Rate Obligations – (3.9)%
|
(3,360,000
|
) | |||||||
Variable Rate Demand Preferred Shares, at Liquidation Value – (40.9)% (6)
|
(35,500,000
|
) | |||||||
Other Assets Less Liabilities – 2.0%
|
1,730,702
|
||||||||
Net Assets Applicable to Common Shares – 100%
|
$
|
86,730,873
|
The Fund intends to invest at least 80% of its net 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 (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 collaterize the net payment obligations for investments in inverse floating rate transactions.
|
|
(5)
|
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
|
|
(6)
|
Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 28.7%.
|
|
N/R
|
Not rated.
|
|
(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.
|
|
See accompanying notes to financial statements.
|
Nuveen Investments
|
75
|
Statement of
|
||
Assets & Liabilities
|
||
February 29, 2012 |
Insured California
Premium Income
(NPC
|
) |
Insured California
Premium Income 2
(NCL
|
) |
California Premium
Income
(NCU
|
) |
California Dividend
Advantage
(NAC
|
) | ||||||
Assets
|
|||||||||||||
Investments, at value (cost $126,573,381, $263,273,073, $115,646,263 and $484,363,905, respectively)
|
$
|
138,048,126
|
$
|
280,025,460
|
$
|
125,293,556
|
$
|
510,520,007
|
|||||
Cash
|
5,040,057
|
1,721,865
|
1,031,216
|
1,740,120
|
|||||||||
Receivables:
|
|||||||||||||
Interest
|
2,358,079
|
3,315,739
|
1,486,133
|
7,650,415
|
|||||||||
Investments sold
|
—
|
2,409,626
|
2,350,000
|
—
|
|||||||||
Deferred offering costs
|
802,028
|
602,503
|
619,858
|
635,430
|
|||||||||
Other assets
|
38,431
|
85,157
|
3,474
|
182,657
|
|||||||||
Total assets
|
146,286,721
|
288,160,350
|
130,784,237
|
520,728,629
|
|||||||||
Liabilities
|
|||||||||||||
Floating rate obligations
|
—
|
17,880,000
|
6,650,000
|
28,545,000
|
|||||||||
Payables:
|
|||||||||||||
Common share dividends
|
429,090
|
899,997
|
394,913
|
1,760,133
|
|||||||||
Interest
|
—
|
—
|
60,701
|
—
|
|||||||||
Investments purchased
|
—
|
—
|
503,450
|
4,554,000
|
|||||||||
Offering costs
|
186,672
|
121,533
|
54,715
|
38,004
|
|||||||||
MuniFund Term Preferred (MTP) Shares, at liquidation value
|
—
|
—
|
35,250,000
|
—
|
|||||||||
Variable Rate Demand Preferred (VRDP) Shares, at liquidation value
|
42,700,000
|
74,000,000
|
—
|
136,200,000
|
|||||||||
Accrued expenses:
|
|||||||||||||
Management fees
|
73,062
|
141,188
|
63,815
|
251,791
|
|||||||||
Other
|
416,974
|
405,600
|
51,505
|
176,859
|
|||||||||
Total liabilities
|
43,805,798
|
93,448,318
|
43,029,099
|
171,525,787
|
|||||||||
Net assets applicable to Common shares
|
$
|
102,480,923
|
$
|
194,712,032
|
$
|
87,755,138
|
$
|
349,202,842
|
|||||
Common shares outstanding
|
6,449,565
|
12,671,099
|
5,730,688
|
23,483,222
|
|||||||||
Net asset value per Common share outstanding (net assets applicable to Common shares, divided by Common shares outstanding)
|
$
|
15.89
|
$
|
15.37
|
$
|
15.31
|
$
|
14.87
|
|||||
Net assets applicable to Common shares consist of:
|
|||||||||||||
Common shares, $.01 par value per share
|
$
|
64,496
|
$
|
126,711
|
$
|
57,307
|
$
|
234,832
|
|||||
Paid-in surplus
|
88,909,756
|
175,580,095
|
77,627,379
|
334,377,186
|
|||||||||
Undistributed (Over-distribution of) net investment income
|
1,541,439
|
3,188,005
|
1,458,906
|
6,736,623
|
|||||||||
Accumulated net realized gain (loss)
|
490,487
|
(935,166
|
)
|
(1,035,747
|
)
|
(18,301,901
|
)
|
||||||
Net unrealized appreciation (depreciation)
|
11,474,745
|
16,752,387
|
9,647,293
|
26,156,102
|
|||||||||
Net assets applicable to Common shares
|
$
|
102,480,923
|
$
|
194,712,032
|
$
|
87,755,138
|
$
|
349,202,842
|
|||||
Authorized shares:
|
|||||||||||||
Common
|
200,000,000
|
200,000,000
|
Unlimited
|
Unlimited
|
|||||||||
Auction Rate Preferred Shares (ARPS)
|
1,000,000
|
1,000,000
|
Unlimited
|
Unlimited
|
|||||||||
MTP
|
—
|
—
|
Unlimited
|
—
|
|||||||||
VRDP
|
50,000
|
50,000
|
—
|
Unlimited
|
76
|
Nuveen Investments
|
California Dividend
Advantage 2
(NVX
|
) |
California Dividend
Advantage 3
(NZH
|
) |
Insured California
Dividend Advantage
(NKL
|
) |
Insured California
Tax-Free Advantage
(NKX
|
) | ||||||
Assets
|
|||||||||||||
Investments, at value (cost $311,649,957, $467,719,489, $328,368,423 and $120,163,365, respectively)
|
$
|
329,724,378
|
$
|
488,106,122
|
$
|
350,901,757
|
$
|
123,860,171
|
|||||
Cash
|
4,687,040
|
5,820,018
|
498,690
|
368,231
|
|||||||||
Receivables:
|
|||||||||||||
Interest
|
4,923,825
|
7,983,472
|
3,980,798
|
1,486,095
|
|||||||||
Investments sold
|
10,300
|
1,390,980
|
1,792,434
|
—
|
|||||||||
Deferred offering costs
|
1,480,243
|
2,126,839
|
567,000
|
472,840
|
|||||||||
Other assets
|
40,509
|
65,133
|
134,502
|
35,665
|
|||||||||
Total assets
|
340,866,295
|
505,492,564
|
357,875,181
|
126,223,002
|
|||||||||
Liabilities
|
|||||||||||||
Floating rate obligations
|
11,390,000
|
3,845,000
|
7,385,000
|
3,360,000
|
|||||||||
Payables:
|
|||||||||||||
Common share dividends
|
1,153,849
|
1,755,752
|
1,232,542
|
401,243
|
|||||||||
Interest
|
183,813
|
363,454
|
—
|
—
|
|||||||||
Investments purchased
|
1,345,900
|
3,383,534
|
—
|
—
|
|||||||||
Offering costs
|
197,948
|
372,133
|
33,247
|
—
|
|||||||||
MuniFund Term Preferred (MTP) Shares, at liquidation value
|
97,846,300
|
159,544,500
|
—
|
—
|
|||||||||
Variable Rate Demand Preferred (VRDP) Shares, at liquidation value
|
—
|
—
|
104,400,000
|
35,500,000
|
|||||||||
Accrued expenses:
|
|||||||||||||
Management fees
|
165,690
|
250,563
|
161,285
|
62,578
|
|||||||||
Other
|
108,798
|
147,272
|
142,473
|
168,308
|
|||||||||
Total liabilities
|
112,392,298
|
169,662,208
|
113,354,547
|
39,492,129
|
|||||||||
Net assets applicable to Common shares
|
$
|
228,473,997
|
$
|
335,830,356
|
$
|
244,520,634
|
$
|
86,730,873
|
|||||
Common shares outstanding
|
14,746,722
|
24,139,232
|
15,265,697
|
5,888,875
|
|||||||||
Net asset value per Common share outstanding (net assets applicable to Common shares, divided by Common shares outstanding)
|
$
|
15.49
|
$
|
13.91
|
$
|
16.02
|
$
|
14.73
|
|||||
Net assets applicable to Common shares consist of:
|
|||||||||||||
Common shares, $.01 par value per share
|
$
|
147,467
|
$
|
241,392
|
$
|
152,657
|
$
|
58,889
|
|||||
Paid-in surplus
|
209,062,269
|
338,696,024
|
216,833,807
|
82,740,430
|
|||||||||
Undistributed (Over-distribution of) net investment income
|
3,684,167
|
2,623,057
|
4,728,415
|
1,216,642
|
|||||||||
Accumulated net realized gain (loss)
|
(2,494,327
|
)
|
(26,116,750
|
)
|
272,421
|
(981,894
|
)
|
||||||
Net unrealized appreciation (depreciation)
|
18,074,421
|
20,386,633
|
22,533,334
|
3,696,806
|
|||||||||
Net assets applicable to Common shares
|
$
|
228,473,997
|
$
|
335,830,356
|
$
|
244,520,634
|
$
|
86,730,873
|
|||||
Authorized shares:
|
|||||||||||||
Common
|
Unlimited
|
Unlimited
|
Unlimited
|
Unlimited
|
|||||||||
Auction Rate Preferred Shares (ARPS)
|
Unlimited
|
Unlimited
|
Unlimited
|
Unlimited
|
|||||||||
MTP
|
Unlimited
|
Unlimited
|
—
|
—
|
|||||||||
VRDP
|
—
|
—
|
Unlimited
|
Unlimited
|
Nuveen Investments
|
77
|
Statement of
|
||
Operations
|
||
Year Ended February 29, 2012 |
Insured California
Premium Income
(NPC
|
) |
Insured California
Premium Income 2
(NCL
|
) |
California Premium
Income
(NCU
|
) |
California Dividend
Advantage
(NAC
|
) | ||||||
Investment Income
|
$
|
7,384,524
|
$
|
14,109,847
|
$
|
6,676,429
|
$
|
26,810,378
|
|||||
Expenses
|
|||||||||||||
Management fees
|
881,605
|
1,702,059
|
765,538
|
3,038,856
|
|||||||||
Auction fees
|
—
|
—
|
—
|
56,375
|
|||||||||
Dividend disbursing agent fees
|
—
|
—
|
—
|
8,353
|
|||||||||
Shareholders’ servicing agent fees and expenses
|
6,435
|
10,095
|
20,617
|
3,190
|
|||||||||
Interest expense and amortization of offering costs
|
163,551
|
363,073
|
914,462
|
446,722
|
|||||||||
Fees on VRDP Shares
|
485,559
|
649,922
|
—
|
1,036,757
|
|||||||||
Custodian’s fees and expenses
|
25,022
|
45,582
|
23,875
|
81,688
|
|||||||||
Directors’/Trustees’ fees and expenses
|
4,191
|
7,573
|
3,543
|
13,008
|
|||||||||
Professional fees
|
25,108
|
24,031
|
27,359
|
—
|
|||||||||
Shareholders’ reports – printing and mailing expenses
|
18,785
|
29,252
|
23,714
|
43,113
|
|||||||||
Stock exchange listing fees
|
8,911
|
8,911
|
21,451
|
26,370
|
|||||||||
Investor relations expense
|
9,404
|
16,708
|
9,211
|
27,887
|
|||||||||
Reorganization expense
|
365,000
|
290,000
|
—
|
—
|
|||||||||
Other expenses
|
31,638
|
39,238
|
31,901
|
34,332
|
|||||||||
Total expenses before custodian fee credit and expense reimbursement
|
2,025,209
|
3,186,444
|
1,841,671
|
4,816,651
|
|||||||||
Custodian fee credit
|
(588
|
)
|
(782
|
)
|
(433
|
)
|
(1,970
|
)
|
|||||
Expense reimbursement
|
—
|
—
|
—
|
—
|
|||||||||
Net expenses
|
2,024,621
|
3,185,662
|
1,841,238
|
4,814,681
|
|||||||||
Net investment income (loss)
|
5,359,903
|
10,924,185
|
4,835,191
|
21,995,697
|
|||||||||
Realized and Unrealized Gain (Loss)
|
|||||||||||||
Net realized gain (loss) from:
|
|||||||||||||
Investments
|
872,050
|
750,538
|
(69,508
|
)
|
(4,191,786
|
)
|
|||||||
Forward swaps
|
—
|
(346,971
|
)
|
—
|
—
|
||||||||
Change in net unrealized appreciation (depreciation) of:
|
|||||||||||||
Investments
|
14,571,360
|
29,265,714
|
13,699,675
|
55,341,444
|
|||||||||
Forward swaps
|
—
|
15,872
|
—
|
—
|
|||||||||
Net realized and unrealized gain (loss)
|
15,443,410
|
29,685,153
|
13,630,167
|
51,149,658
|
|||||||||
Distributions to Auction Rate Preferred Shareholders
|
|||||||||||||
From net investment income
|
—
|
—
|
—
|
(164,318
|
)
|
||||||||
Decrease in net assets applicable to Common shares from distributions to Auction Rate Preferred shareholders
|
—
|
—
|
—
|
(164,318
|
)
|
||||||||
Net increase (decrease) in net assets applicable to Common shares from operations
|
$
|
20,803,313
|
$
|
40,609,338
|
$
|
18,465,358
|
$
|
72,981,037
|
78
|
Nuveen Investments
|
California Dividend
Advantage 2
(NVX
|
) |
California Dividend
Advantage 3
(NZH
|
) |
Insured California
Dividend Advantage
(NKL
|
) |
Insured California
Tax-Free Advantage
(NKX
|
) | ||||||
Investment Income
|
$
|
18,196,091
|
$
|
27,559,307
|
$
|
18,469,354
|
$
|
6,453,342
|
|||||
Expenses
|
|||||||||||||
Management fees
|
2,006,917
|
3,042,367
|
2,113,341
|
759,435
|
|||||||||
Auction fees
|
—
|
7,192
|
28,892
|
—
|
|||||||||
Dividend disbursing agent fees
|
3,342
|
13,425
|
23,342
|
—
|
|||||||||
Shareholders’ servicing agent fees and expenses
|
21,836
|
23,741
|
1,508
|
769
|
|||||||||
Interest expense and amortization of offering costs
|
2,643,277
|
4,656,322
|
257,870
|
140,179
|
|||||||||
Fees on VRDP Shares
|
—
|
—
|
794,694
|
403,684
|
|||||||||
Custodian’s fees and expenses
|
49,740
|
75,912
|
55,515
|
22,146
|
|||||||||
Directors’/Trustees’ fees and expenses
|
9,418
|
14,163
|
9,522
|
3,542
|
|||||||||
Professional fees
|
23,828
|
—
|
22,119
|
—
|
|||||||||
Shareholders’ reports – printing and mailing expenses
|
43,144
|
54,210
|
30,804
|
16,628
|
|||||||||
Stock exchange listing fees
|
33,918
|
29,816
|
2,002
|
773
|
|||||||||
Investor relations expense
|
21,009
|
28,370
|
20,129
|
7,846
|
|||||||||
Reorganization expense
|
—
|
—
|
20,000
|
160,000
|
|||||||||
Other expenses
|
19,338
|
40,249
|
36,447
|
30,590
|
|||||||||
Total expenses before custodian fee credit and expense reimbursement
|
4,875,767
|
7,985,767
|
3,416,185
|
1,545,592
|
|||||||||
Custodian fee credit
|
(1,583
|
)
|
(2,283
|
)
|
(922
|
)
|
(827
|
)
|
|||||
Expense reimbursement
|
(13,080
|
)
|
(142,842
|
)
|
(185,280
|
)
|
—
|
||||||
Net expenses
|
4,861,104
|
7,840,642
|
3,229,983
|
1,544,765
|
|||||||||
Net investment income (loss)
|
13,334,987
|
19,718,665
|
15,239,371
|
4,908,577
|
|||||||||
Realized and Unrealized Gain (Loss)
|
|||||||||||||
Net realized gain (loss) from:
|
|||||||||||||
Investments
|
(1,141,813
|
)
|
(5,120,796
|
)
|
1,662,629
|
29,958
|
|||||||
Forward swaps
|
—
|
—
|
—
|
—
|
|||||||||
Change in net unrealized appreciation (depreciation) of:
|
|||||||||||||
Investments
|
31,781,569
|
50,296,977
|
33,515,295
|
11,150,968
|
|||||||||
Forward swaps
|
—
|
—
|
—
|
—
|
|||||||||
Net realized and unrealized gain (loss)
|
30,639,756
|
45,176,181
|
35,177,924
|
11,180,926
|
|||||||||
Distributions to Auction Rate Preferred Shareholders
|
|||||||||||||
From net investment income
|
(18,547
|
)
|
(62,212
|
)
|
(125,654
|
)
|
—
|
||||||
Decrease in net assets applicable to Common shares from distributions to Auction Rate Preferred shareholders
|
(18,547
|
)
|
(62,212
|
)
|
(125,654
|
)
|
—
|
||||||
Net increase (decrease) in net assets applicable to Common shares from operations
|
$
|
43,956,196
|
$
|
64,832,634
|
$
|
50,291,641
|
$
|
16,089,503
|
Nuveen Investments
|
79
|
Statement of
|
||
Changes in Net Assets
|
Insured California
Premium Income (NPC)
|
Insured California
Premium Income 2 (NCL)
|
California Premium
Income (NCU)
|
|||||||||||||||||
Year
Ended
2/29/12
|
Year
Ended
2/28/11
|
Year
Ended
2/29/12
|
Year
Ended
2/28/11
|
Year
Ended
2/29/12
|
Year
Ended
2/28/11
|
||||||||||||||
Operations
|
|||||||||||||||||||
Net investment income (loss)
|
$
|
5,359,903
|
$
|
5,688,214
|
$
|
10,924,185
|
$
|
11,578,448
|
$
|
4,835,191
|
$
|
5,256,437
|
|||||||
Net realized gain (loss) from:
|
|||||||||||||||||||
Investments
|
872,050
|
171,851
|
750,538
|
3,862,920
|
(69,508
|
)
|
17,475
|
||||||||||||
Forward swaps
|
—
|
—
|
(346,971
|
)
|
—
|
—
|
—
|
||||||||||||
Change in net unrealized appreciation (depreciation) of:
|
|||||||||||||||||||
Investments
|
14,571,360
|
(7,233,345
|
)
|
29,265,714
|
(16,035,141
|
)
|
13,699,675
|
(4,515,299
|
)
|
||||||||||
Forward swaps
|
—
|
—
|
15,872
|
(15,872
|
)
|
—
|
—
|
||||||||||||
Distributions to Auction Rate Preferred Shareholders from net investment income
|
—
|
(25,864
|
)
|
—
|
(280,073
|
)
|
—
|
(91,616
|
)
|
||||||||||
Net increase (decrease) in net assets applicable to Common shares from operations
|
20,803,313
|
(1,399,144
|
)
|
40,609,338
|
(889,718
|
)
|
18,465,358
|
666,997
|
|||||||||||
Distributions to Common Shareholders
|
|||||||||||||||||||
From net investment income
|
(5,638,153
|
)
|
(5,537,014
|
)
|
(11,358,398
|
)
|
(10,941,930
|
)
|
(4,985,699
|
)
|
(4,944,267
|
)
|
|||||||
From accumulated net realized gains
|
(624,887
|
)
|
(180,380
|
)
|
—
|
—
|
—
|
—
|
|||||||||||
Decrease in net assets applicable to Common shares from distributions to Common shareholders
|
(6,263,040
|
)
|
(5,717,394
|
)
|
(11,358,398
|
)
|
(10,941,930
|
)
|
(4,985,699
|
)
|
(4,944,267
|
)
|
|||||||
Capital Share Transactions
|
|||||||||||||||||||
Common shares:
|
|||||||||||||||||||
Net proceeds issued to shareholders due to reinvestment of distributions
|
113,629
|
—
|
101,875
|
36,242
|
—
|
—
|
|||||||||||||
Repurchased and retired
|
—
|
—
|
—
|
(14,592
|
)
|
—
|
(28,416
|
)
|
|||||||||||
Net increase (decrease) in net assets applicable to Common shares from capital share transactions
|
113,629
|
—
|
101,875
|
21,650
|
—
|
(28,416
|
)
|
||||||||||||
Net increase (decrease) in net assets applicable to Common shares
|
14,653,902
|
(7,116,538
|
)
|
29,352,815
|
(11,809,998
|
)
|
13,479,659
|
(4,305,686
|
)
|
||||||||||
Net assets applicable to Common shares at the beginning of period
|
87,827,021
|
94,943,559
|
165,359,217
|
177,169,215
|
74,275,479
|
78,581,165
|
|||||||||||||
Net assets applicable to Common shares at the end of period
|
$
|
102,480,923
|
$
|
87,827,021
|
$
|
194,712,032
|
$
|
165,359,217
|
$
|
87,755,138
|
$
|
74,275,479
|
|||||||
Undistributed (Over-distribution of) net investment income at the end of period
|
$
|
1,541,439
|
$
|
1,493,036
|
$
|
3,188,005
|
$
|
3,319,135
|
$
|
1,458,906
|
$
|
1,445,417
|
80
|
Nuveen Investments
|
California Dividend
Advantage (NAC)
|
California Dividend
Advantage 2 (NVX)
|
California Dividend
Advantage 3 (NZH)
|
|||||||||||||||||
Year
Ended
2/29/12
|
Year
Ended
2/28/11
|
Year
Ended
2/29/12
|
Year
Ended
2/28/11
|
Year
Ended
2/29/12
|
Year
Ended
2/28/11
|
||||||||||||||
Operations
|
|||||||||||||||||||
Net investment income (loss)
|
$
|
21,995,697
|
$
|
23,199,120
|
$
|
13,334,987
|
$
|
15,204,018
|
$
|
19,718,665
|
$
|
21,221,264
|
|||||||
Net realized gain (loss) from:
|
|||||||||||||||||||
Investments
|
(4,191,786
|
)
|
504,735
|
(1,141,813
|
)
|
1,606,851
|
(5,120,796
|
)
|
(1,730,418
|
)
|
|||||||||
Forward swaps
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||
Change in net unrealized appreciation (depreciation) of:
|
|||||||||||||||||||
Investments
|
55,341,444
|
(30,484,773
|
)
|
31,781,569
|
(17,378,595
|
)
|
50,296,977
|
(22,899,118
|
)
|
||||||||||
Forward swaps
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||
Distributions to Auction Rate Preferred Shareholders from net investment income
|
(164,318
|
)
|
(565,279
|
)
|
(18,547
|
)
|
(331,826
|
)
|
(62,212
|
)
|
(290,939
|
)
|
|||||||
Net increase (decrease) in net assets applicable to Common shares from operations
|
72,981,037
|
(7,346,197
|
)
|
43,956,196
|
(899,552
|
)
|
64,832,634
|
(3,699,211
|
)
|
||||||||||
Distributions to Common Shareholders
|
|||||||||||||||||||
From net investment income
|
(21,449,669
|
)
|
(20,815,246
|
)
|
(14,156,853
|
)
|
(14,112,614
|
)
|
(21,716,912
|
)
|
(21,711,954
|
)
|
|||||||
From accumulated net realized gains
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||
Decrease in net assets applicable to Common shares from distributions to Common shareholders
|
(21,449,669
|
)
|
(20,815,246
|
)
|
(14,156,853
|
)
|
(14,112,614
|
)
|
(21,716,912
|
)
|
(21,711,954
|
)
|
|||||||
Capital Share Transactions
|
|||||||||||||||||||
Common shares:
|
|||||||||||||||||||
Net proceeds issued to shareholders due to reinvestment of distributions
|
42,394
|
—
|
—
|
—
|
151,583
|
114,072
|
|||||||||||||
Repurchased and retired
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||
Net increase (decrease) in net assets applicable to Common shares from capital share transactions
|
42,394
|
—
|
—
|
—
|
151,583
|
114,072
|
|||||||||||||
Net increase (decrease) in net assets applicable to Common shares
|
51,573,762
|
(28,161,443
|
)
|
29,799,343
|
(15,012,166
|
)
|
43,267,305
|
(25,297,093
|
)
|
||||||||||
Net assets applicable to Common shares at the beginning of period
|
297,629,080
|
325,790,523
|
198,674,654
|
213,686,820
|
292,563,051
|
317,860,144
|
|||||||||||||
Net assets applicable to Common shares at the end of period
|
$
|
349,202,842
|
$
|
297,629,080
|
$
|
228,473,997
|
$
|
198,674,654
|
$
|
335,830,356
|
$
|
292,563,051
|
|||||||
Undistributed (Over-distribution of) net investment income at the end of period
|
$
|
6,736,623
|
$
|
6,424,912
|
$
|
3,684,167
|
$
|
4,037,577
|
$
|
2,623,057
|
$
|
3,952,914
|
Nuveen Investments
|
81
|
Statement of
|
||
Changes in Net Assets (continued)
|
Insured California
Dividend Advantage (NKL)
|
Insured California
Tax-Free Advantage (NKX)
|
||||||||||||
Year
Ended
2/29/12
|
Year
Ended
2/28/11
|
Year
Ended
2/29/12
|
Year
Ended
2/28/11
|
||||||||||
Operations
|
|||||||||||||
Net investment income (loss)
|
$
|
15,239,371
|
$
|
15,829,293
|
$
|
4,908,577
|
$
|
4,750,929
|
|||||
Net realized gain (loss) from:
|
|||||||||||||
Investments
|
1,662,629
|
93,837
|
29,958
|
105,651
|
|||||||||
Forward swaps
|
—
|
—
|
—
|
—
|
|||||||||
Change in net unrealized appreciation (depreciation) of:
|
|||||||||||||
Investments
|
33,515,295
|
(16,671,070
|
)
|
11,150,968
|
(7,235,385
|
)
|
|||||||
Forward swaps
|
—
|
—
|
—
|
—
|
|||||||||
Distributions to Auction Rate Preferred Shareholders from net investment income
|
(125,654
|
)
|
(435,387
|
)
|
—
|
—
|
|||||||
Net increase (decrease) in net assets applicable to Common shares from operations
|
50,291,641
|
(1,183,327
|
)
|
16,089,503
|
(2,378,805
|
)
|
|||||||
Distributions to Common Shareholders
|
|||||||||||||
From net investment income
|
(14,866,235
|
)
|
(14,210,033
|
)
|
(4,874,826
|
)
|
(4,715,499
|
)
|
|||||
From accumulated net realized gains
|
—
|
—
|
—
|
—
|
|||||||||
Decrease in net assets applicable to Common shares from distributions to Common shareholders
|
(14,866,235
|
)
|
(14,210,033
|
)
|
(4,874,826
|
)
|
(4,715,499
|
)
|
|||||
Capital Share Transactions
|
|||||||||||||
Common shares:
|
|||||||||||||
Net proceeds issued to shareholders due to reinvestment of distributions
|
145,163
|
42,871
|
23,555
|
8,413
|
|||||||||
Repurchased and retired
|
—
|
—
|
—
|
—
|
|||||||||
Net increase (decrease) in net assets applicable to Common shares from capital share transactions
|
145,163
|
42,871
|
23,555
|
8,413
|
|||||||||
Net increase (decrease) in net assets applicable to Common shares
|
35,570,569
|
(15,350,489
|
)
|
11,238,232
|
(7,085,891
|
)
|
|||||||
Net assets applicable to Common shares at the beginning of period
|
208,950,065
|
224,300,554
|
75,492,641
|
82,578,532
|
|||||||||
Net assets applicable to Common shares at the end of period
|
$
|
244,520,634
|
$
|
208,950,065
|
$
|
86,730,873
|
$
|
75,492,641
|
|||||
Undistributed (Over-distribution of)net investment income at the end of period
|
$
|
4,728,415
|
$
|
4,534,074
|
$
|
1,216,642
|
$
|
1,034,878
|
82
|
Nuveen Investments
|
Statement of
|
||
Cash Flows
|
Insured California
Premium Income
(NPC
|
)
|
Insured California
Premium Income 2
(NCL
|
)
|
California
Premium Income
(NCU
|
)
|
|||||
Cash Flows from Operating Activities:
|
||||||||||
Net Increase (Decrease) In Net Assets Applicable to Common Shares from Operations
|
$
|
20,803,313
|
$
|
40,609,338
|
$
|
18,465,358
|
||||
Adjustments to reconcile the net increase (decrease) in net assets applicable to Common shares from operations to net cash provided by (used in) operating activities:
|
||||||||||
Purchases of investments
|
(12,983,889
|
)
|
(12,024,117
|
)
|
(16,847,836
|
)
|
||||
Proceeds from sales and maturities of investments
|
18,528,716
|
16,165,459
|
19,281,830
|
|||||||
Proceeds from (Payments for) forward swap contracts, net
|
—
|
(346,971
|
)
|
—
|
||||||
Amortization (Accretion) of premiums and discounts, net
|
391,594
|
(490,055
|
)
|
(224,862
|
)
|
|||||
(Increase) Decrease in:
|
||||||||||
Receivable for interest
|
63,056
|
99,017
|
31,830
|
|||||||
Receivable for investments sold
|
—
|
(2,214,626
|
)
|
(2,350,000
|
)
|
|||||
Other assets
|
608
|
(8,162
|
)
|
10,994
|
||||||
Increase (Decrease) in:
|
||||||||||
Payable for Auction Rate Preferred Share dividends
|
—
|
—
|
—
|
|||||||
Payable for interest
|
—
|
—
|
1,951
|
|||||||
Payable for investments purchased
|
—
|
—
|
503,450
|
|||||||
Accrued management fees
|
9,228
|
18,194
|
8,474
|
|||||||
Accrued other expenses
|
379,611
|
312,186
|
17,693
|
|||||||
Net realized (gain) loss from:
|
||||||||||
Investments
|
(872,050
|
)
|
(750,538
|
)
|
69,508
|
|||||
Forward swaps
|
—
|
346,971
|
—
|
|||||||
Change in net unrealized (appreciation) depreciation of:
|
||||||||||
Investments
|
(14,571,360
|
)
|
(29,265,714
|
)
|
(13,699,675
|
)
|
||||
Forward swaps
|
—
|
(15,872
|
)
|
—
|
||||||
Taxes paid on undistributed capital gains
|
(10,023
|
)
|
(6,394
|
)
|
(528
|
)
|
||||
Net cash provided by (used in) operating activities
|
11,738,804
|
12,428,716
|
5,268,187
|
|||||||
Cash Flows from Financing Activities:
|
||||||||||
(Increase) Decrease in deferred offering costs
|
28,701
|
20,997
|
171,163
|
|||||||
Increase (Decrease) in:
|
||||||||||
Cash overdraft balance
|
(400,154
|
)
|
—
|
—
|
||||||
Payable for offering costs
|
(185,071
|
)
|
(209,163
|
)
|
(109,428
|
)
|
||||
MTP Shares, at liquidation value
|
—
|
—
|
—
|
|||||||
VRDP Shares, at liquidation value
|
—
|
—
|
—
|
|||||||
ARPS, at liquidation value
|
—
|
—
|
—
|
|||||||
Cash distributions paid to Common shareholders
|
(6,142,223
|
)
|
(11,207,831
|
)
|
(4,980,304
|
)
|
||||
Net cash provided by (used in) financing activities
|
(6,698,747
|
)
|
(11,395,997
|
)
|
(4,918,569
|
)
|
||||
Net Increase (Decrease) in Cash
|
5,040,057
|
1,032,719
|
349,618
|
|||||||
Cash at the beginning of period
|
—
|
689,146
|
681,598
|
|||||||
Cash at the End of Period
|
$
|
5,040,057
|
$
|
1,721,865
|
$
|
1,031,216
|
Insured California
|
Insured California
|
California
|
||||||||
Premium Income
|
Premium Income 2
|
Premium Income
|
||||||||
(NPC
|
)
|
(NCL
|
)
|
(NCU
|
)
|
|||||
$
|
113,629
|
$
|
101,875
|
$
|
—
|
Insured California
|
Insured California
|
California
|
||||||||
Premium Income
|
Premium Income 2
|
Premium Income
|
||||||||
(NPC
|
)
|
(NCL
|
)
|
(NCU
|
)
|
|||||
$
|
134,849
|
$
|
342,076
|
$
|
741,348
|
Nuveen Investments
|
83
|
Statement of
|
||
Cash Flows (continued)
|
California Dividend
|
California Dividend
|
California Dividend
|
||||||||
Advantage
|
Advantage 2
|
Advantage 3
|
||||||||
(NAC
|
)
|
(NVX
|
)
|
(NZH
|
)
|
|||||
Cash Flows from Operating Activities:
|
||||||||||
Net Increase (Decrease) In Net Assets Applicable to Common Shares from Operations
|
$
|
72,981,037
|
$
|
43,956,196
|
$
|
64,832,634
|
||||
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
|
(62,499,012
|
)
|
(36,098,754
|
)
|
(81,633,691
|
)
|
||||
Proceeds from sales and maturities of investments
|
64,252,705
|
38,147,419
|
83,209,836
|
|||||||
Proceeds from (Payments for) forward swap contracts, net
|
—
|
—
|
—
|
|||||||
Amortization (Accretion) of premiums and discounts, net
|
(1,986,095
|
)
|
(727,019
|
)
|
(1,192,373
|
)
|
||||
(Increase) Decrease in:
|
||||||||||
Receivable for interest
|
(31,486
|
)
|
(138,619
|
)
|
(310,631
|
)
|
||||
Receivable for investments sold
|
5,439,776
|
—
|
3,393,955
|
|||||||
Other assets
|
(38,623
|
)
|
28,930
|
80,600
|
||||||
Increase (Decrease) in:
|
||||||||||
Payable for Auction Rate Preferred Share dividends
|
(3,082
|
)
|
(4,536
|
)
|
(8,496
|
)
|
||||
Payable for interest
|
—
|
89,855
|
151,423
|
|||||||
Payable for investments purchased
|
(1,955,060
|
)
|
1,345,900
|
19,356
|
||||||
Accrued management fees
|
30,942
|
31,514
|
45,953
|
|||||||
Accrued other expenses
|
19,279
|
(526
|
)
|
(11,311
|
)
|
|||||
Net realized (gain) loss from:
|
||||||||||
Investments
|
4,191,786
|
1,141,813
|
5,120,796
|
|||||||
Forward swaps
|
—
|
—
|
—
|
|||||||
Change in net unrealized (appreciation) depreciation of:
|
||||||||||
Investments
|
(55,341,444
|
)
|
(31,781,569
|
)
|
(50,296,977
|
)
|
||||
Forward swaps
|
—
|
—
|
—
|
|||||||
Taxes paid on undistributed capital gains
|
(742
|
)
|
(1,782
|
)
|
(1,609
|
)
|
||||
Net cash provided by (used in) operating activities
|
25,059,981
|
15,988,822
|
23,399,465
|
|||||||
Cash Flows from Financing Activities:
|
||||||||||
(Increase) Decrease in deferred offering costs
|
(635,430
|
)
|
(392,849
|
)
|
(859,977
|
)
|
||||
Increase (Decrease) in:
|
||||||||||
Cash overdraft balance
|
(2,056,012
|
)
|
—
|
—
|
||||||
Payable for offering costs
|
38,004
|
(32,967
|
)
|
111,504
|
||||||
MTP Shares, at liquidation value
|
—
|
42,846,300
|
73,294,500
|
|||||||
VRDP Shares, at liquidation value
|
136,200,000
|
—
|
—
|
|||||||
ARPS, at liquidation value
|
(135,525,000
|
)
|
(39,950,000
|
)
|
(69,500,000
|
)
|
||||
Cash distributions paid to Common shareholders
|
(21,341,423
|
)
|
(14,154,605
|
)
|
(21,546,243
|
)
|
||||
Net cash provided by (used in) financing activities
|
(23,319,861
|
)
|
(11,684,121
|
)
|
(18,500,216
|
)
|
||||
Net Increase (Decrease) in Cash
|
1,740,120
|
4,304,701
|
4,899,249
|
|||||||
Cash at the beginning of period
|
—
|
382,339
|
920,769
|
|||||||
Cash at the End of Period
|
$
|
1,740,120
|
$
|
4,687,040
|
$
|
5,820,018
|
California Dividend
|
California Dividend
|
California Dividend
|
||||||||
Advantage
|
Advantage 2
|
Advantage 3
|
||||||||
(NAC
|
)
|
(NVX
|
)
|
(NZH
|
)
|
|||||
$
|
42,394
|
$
|
—
|
$
|
151,583
|
California Dividend
|
California Dividend
|
California Dividend
|
||||||||
Advantage
|
Advantage 2
|
Advantage 3
|
||||||||
(NAC
|
)
|
(NVX
|
)
|
(NZH
|
)
|
|||||
$
|
432,152
|
$
|
2,053,192
|
$
|
3,755,590
|
84
|
Nuveen Investments
|
Insured California
|
Insured California
|
||||||
Dividend Advantage
|
Tax-Free Advantage
|
||||||
(NKL
|
)
|
(NKX
|
)
|
||||
Cash Flows from Operating Activities:
|
|||||||
Net Increase (Decrease) In Net Assets Applicable to Common Shares from Operations
|
$
|
50,291,641
|
$
|
16,089,503
|
|||
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
|
(43,559,316
|
)
|
(7,965,183
|
)
|
|||
Proceeds from sales and maturities of investments
|
46,057,683
|
7,893,115
|
|||||
Proceeds from (Payments for) forward swap contracts, net
|
—
|
—
|
|||||
Amortization (Accretion) of premiums and discounts, net
|
(2,565,685
|
)
|
(483,911
|
)
|
|||
(Increase) Decrease in:
|
|||||||
Receivable for interest
|
205,983
|
17,920
|
|||||
Receivable for investments sold
|
(1,792,434
|
)
|
—
|
||||
Other assets
|
(56,175
|
)
|
(582
|
)
|
|||
Increase (Decrease) in:
|
|||||||
Payable for Auction Rate Preferred Share dividends
|
(4,345
|
)
|
—
|
||||
Payable for interest
|
—
|
—
|
|||||
Payable for investments purchased
|
—
|
—
|
|||||
Accrued management fees
|
32,161
|
7,656
|
|||||
Accrued other expenses
|
23,851
|
143,037
|
|||||
Net realized (gain) loss from:
|
|||||||
Investments
|
(1,662,629
|
)
|
(29,958
|
)
|
|||
Forward swaps
|
—
|
—
|
|||||
Change in net unrealized (appreciation) depreciation of:
|
|||||||
Investments
|
(33,515,295
|
)
|
(11,150,968
|
)
|
|||
Forward swaps
|
—
|
—
|
|||||
Taxes paid on undistributed capital gains
|
(575
|
)
|
(4,340
|
)
|
|||
Net cash provided by (used in) operating activities
|
13,454,865
|
4,516,289
|
|||||
Cash Flows from Financing Activities:
|
|||||||
(Increase) Decrease in deferred offering costs
|
(567,000
|
)
|
16,944
|
||||
Increase (Decrease) in:
|
|||||||
Cash overdraft balance
|
—
|
—
|
|||||
Payable for offering costs
|
33,247
|
(71,729
|
)
|
||||
MTP Shares, at liquidation value
|
—
|
—
|
|||||
VRDP Shares, at liquidation value
|
104,400,000
|
—
|
|||||
ARPS, at liquidation value
|
(103,750,000
|
)
|
—
|
||||
Cash distributions paid to Common shareholders
|
(14,644,799
|
)
|
(4,830,297
|
)
|
|||
Net cash provided by (used in) financing activities
|
(14,528,552
|
)
|
(4,885,082
|
)
|
|||
Net Increase (Decrease) in Cash
|
(1,073,687
|
)
|
(368,793
|
)
|
|||
Cash at the beginning of period
|
1,572,377
|
737,024
|
|||||
Cash at the End of Period
|
$
|
498,690
|
$
|
368,231
|
Insured California
|
Insured California
|
||||||
Dividend Advantage
|
Tax-Free Advantage
|
||||||
(NKL
|
)
|
(NKX
|
)
|
||||
$
|
145,163
|
$
|
23,555
|
Insured California
|
Insured California
|
||||||
Dividend Advantage
|
Tax-Free Advantage
|
||||||
(NKL
|
)
|
(NKX
|
)
|
||||
$
|
244,870
|
$
|
123,235
|
Nuveen Investments
|
85
|
Financial
|
||
Highlights
|
||
Selected data for a Common share outstanding throughout each period: |
Investment Operations
|
Less Distributions
|
||||||||||||||||||||||||||||||||||||
Beginning
Common Share
Net Asset
Value
|
Net
Investment
Income (Loss)
|
Net
Realized/
Unrealized Gain (Loss)
|
Distributions
from Net
Investment
Income to
Auction Rate
Preferred
Shareholders
|
(a)
|
Distributions
from
Capital
Gains to
Auction Rate
Preferred
Shareholders
|
(a)
|
Total
|
Net
Investment
Income to Common Share- holders
|
Capital Gains to Common Share- holders
|
Total
|
Discount from Common Shares
Repurchased and
Retired
|
Ending
Common Share
Net Asset
Value
|
Ending Market
Value
|
||||||||||||||||||||||||
Insured California Premium Income (NPC)
|
|||||||||||||||||||||||||||||||||||||
Year Ended 2/28-2/29:
|
|||||||||||||||||||||||||||||||||||||
2012
|
$
|
13.63
|
$
|
.83
|
$
|
2.41
|
$
|
—
|
$
|
—
|
$
|
3.24
|
$
|
(.88
|
)
|
$
|
(.10
|
)
|
$
|
(.98
|
)
|
$
|
—
|
$
|
15.89
|
$
|
16.06
|
||||||||||
2011
|
14.74
|
.88
|
(1.10
|
)
|
—
|
**
|
—
|
(.22
|
)
|
(.86
|
)
|
(.03
|
)
|
(.89
|
)
|
—
|
13.63
|
13.26
|
|||||||||||||||||||
2010
|
14.03
|
.96
|
.55
|
(.03
|
)
|
(.02
|
)
|
1.46
|
(.75
|
)
|
—
|
(.75
|
)
|
—
|
**
|
14.74
|
13.30
|
||||||||||||||||||||
2009(f)
|
14.93
|
.47
|
(.74
|
)
|
(.11
|
)
|
(.02
|
)
|
(.40
|
)
|
(.36
|
)
|
(.14
|
)
|
(.50
|
)
|
—
|
**
|
14.03
|
12.04
|
|||||||||||||||||
Year Ended 8/31:
|
|||||||||||||||||||||||||||||||||||||
2008
|
15.04
|
.95
|
(.10
|
)
|
(.22
|
)
|
—
|
**
|
.63
|
(.73
|
)
|
(.01
|
)
|
(.74
|
)
|
—
|
14.93
|
13.89
|
|||||||||||||||||||
2007
|
15.58
|
.90
|
(.40
|
)
|
(.21
|
)
|
(.02
|
)
|
.27
|
(.73
|
)
|
(.08
|
)
|
(.81
|
)
|
—
|
15.04
|
14.96
|
|||||||||||||||||||
Insured California Premium Income 2 (NCL)
|
|||||||||||||||||||||||||||||||||||||
Year Ended 2/28-2/29:
|
|||||||||||||||||||||||||||||||||||||
2012
|
13.06
|
.86
|
2.35
|
—
|
—
|
3.21
|
(.90
|
)
|
—
|
(.90
|
)
|
—
|
15.37
|
15.76
|
|||||||||||||||||||||||
2011
|
13.99
|
.91
|
(.96
|
)
|
(.02
|
)
|
—
|
(.07
|
)
|
(.86
|
)
|
—
|
(.86
|
)
|
—
|
**
|
13.06
|
12.45
|
|||||||||||||||||||
2010
|
12.85
|
.98
|
.99
|
(.03
|
)
|
(.02
|
)
|
1.92
|
(.78
|
)
|
—
|
(.78
|
)
|
—
|
**
|
13.99
|
12.72
|
||||||||||||||||||||
2009(f)
|
14.13
|
.44
|
(1.12
|
)
|
(.10
|
)
|
(.02
|
)
|
(.80
|
)
|
(.34
|
)
|
(.14
|
)
|
(.48
|
)
|
—
|
**
|
12.85
|
10.89
|
|||||||||||||||||
Year Ended 8/31:
|
|||||||||||||||||||||||||||||||||||||
2008
|
14.50
|
.95
|
(.44
|
)
|
(.24
|
)
|
—
|
.27
|
(.64
|
)
|
—
|
(.64
|
)
|
—
|
14.13
|
12.66
|
|||||||||||||||||||||
2007
|
14.99
|
.89
|
(.46
|
)
|
(.25
|
)
|
—
|
.18
|
(.67
|
)
|
—
|
(.67
|
)
|
—
|
14.50
|
13.71
|
(a)
|
The amounts shown are based on Common share equivalents.
|
(b)
|
Total Return Based on Market Value is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.
|
Total Return Based on Common Share Net Asset Value is the combination of changes in Common share net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending net asset value. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its net asset value), and therefore may be different from the price used in the calculation. Total returns are not annualized.
|
86
|
Nuveen Investments
|
|
Ratios/Supplemental Data
|
||||||||||||||||
Total Returns
|
Ratios to Average Net Assets
Applicable to Common Shares(c)(d)
|
||||||||||||||||
Based
on
Market
Value
|
(b)
|
Based
on
Common
Share Net
Asset
Value
|
(b)
|
Ending
Net
Assets
Applicable
to Common
Shares (000
|
)
|
Expenses
|
(e)
|
Net
Investment
Income (Loss
|
)
|
Portfolio
Turnover
Rate
|
|||||||
29.53
|
%
|
24.47
|
%
|
$
|
102,481
|
2.13
|
%
|
5.65
|
%
|
10
|
%
|
||||||
6.29
|
(1.75
|
)
|
87,827
|
1.77
|
6.03
|
6
|
|||||||||||
17.13
|
10.66
|
94,944
|
1.19
|
6.68
|
10
|
||||||||||||
(9.25
|
)
|
(2.43
|
)
|
90,531
|
1.27
|
* |
6.88
|
*
|
1
|
||||||||
(2.21
|
)
|
4.23
|
96,462
|
1.19
|
6.24
|
17
|
|||||||||||
4.61
|
1.70
|
97,176
|
1.22
|
5.84
|
9
|
||||||||||||
35.03
|
25.33
|
194,712
|
1.78
|
6.10
|
5
|
||||||||||||
4.38
|
(.72
|
)
|
165,359
|
1.29
|
6.53
|
26
|
|||||||||||
24.41
|
15.35
|
177,169
|
1.27
|
7.25
|
7
|
||||||||||||
(9.95
|
)
|
(5.40
|
)
|
162,831
|
1.53
|
* |
7.15
|
*
|
9
|
||||||||
(3.06
|
)
|
1.86
|
179,734
|
1.23
|
6.56
|
12
|
|||||||||||
1.26
|
1.18
|
184,343
|
1.24
|
6.00
|
19
|
(c)
|
Ratios do not reflect the effect of dividend payments to Auction Rate Preferred shareholders, where applicable; Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to ARPS and/or VRDP Shares, where applicable.
|
(d)
|
Ratios do not reflect the effect of custodian fee credits earned on the Fund’s net cash on deposit with the custodian bank, where applicable.
|
(e)
|
The expense ratios reflect, among other things, all interest expense and other costs related to VRDP Shares and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, where applicable, both as described in Footnote 1 – General Information and Significant Accounting Policies, Variable Rate Demand Preferred Shares and Inverse Floating Rate Securities, respectively, as follows:
|
Insured California Premium Income (NPC)
|
||||
Year Ended 2/28-2/29:
|
||||
2012
|
.68
|
%
|
||
2011
|
.60
|
|||
2010
|
—
|
|||
2009(f)
|
—
|
*
|
||
Year Ended 8/31:
|
||||
2008
|
—
|
|||
2007
|
.06
|
|||
Insured California Premium Income 2 (NCL)
|
||||
Year Ended 2/28-2/29:
|
||||
2012
|
.57
|
|||
2011
|
.17
|
|||
2010
|
.09
|
|||
2009(f)
|
.29
|
*
|
||
Year Ended 8/31:
|
||||
2008
|
.02
|
|||
2007
|
.06
|
(f)
|
For the six months ended February 28, 2009.
|
*
|
Annualized.
|
**
|
Rounds to less than $.01 per share.
|
See accompanying notes to financial statements.
|
||
Nuveen Investments
|
87
|
Financial
|
||
Highlights (continued)
|
||
Selected data for a Common share outstanding throughout each period: |
Investment Operations
|
Less Distributions
|
||||||||||||||||||||||||||||||||||||
Beginning
Common
Share
Net Asset
Value
|
Net
Investment
Income
(Loss)
|
Net
Realized/
Unrealized
Gain (Loss)
|
Distributions
from Net
Investment
Income to
Auction Rate
Preferred
Shareholders
|
(a) |
Distributions
from
Capital
Gains to
Auction Rate
Preferred
Shareholders
|
(a) |
Total
|
Net
Investment
Income to
Common
Share-
holders
|
Capital
Gains to
Common
Share-
holders
|
Total
|
Discount
from
Common
Shares
Repurchased
and
Retired
|
Ending
Common
Share
Net Asset
Value
|
Ending
Market
Value
|
||||||||||||||||||||||||
California Premium Income (NCU)
|
|||||||||||||||||||||||||||||||||||||
Year Ended 2/28-2/29:
|
|||||||||||||||||||||||||||||||||||||
2012
|
$
|
12.96
|
$
|
.84
|
$
|
2.38
|
$
|
—
|
$
|
—
|
$
|
3.22
|
$
|
(.87
|
)
|
$
|
—
|
$
|
(.87
|
)
|
$
|
—
|
$
|
15.31
|
$
|
15.15
|
|||||||||||
2011
|
13.71
|
.92
|
(.79
|
)
|
(.02
|
)
|
—
|
.11
|
(.86
|
)
|
—
|
(.86
|
)
|
—
|
**
|
12.96
|
12.28
|
||||||||||||||||||||
2010
|
12.37
|
.95
|
1.13
|
(.03
|
)
|
—
|
2.05
|
(.72
|
)
|
—
|
(.72
|
)
|
.01
|
13.71
|
12.11
|
||||||||||||||||||||||
2009(f)
|
13.67
|
.43
|
(1.29
|
)
|
(.10
|
)
|
—
|
**
|
(.96
|
)
|
(.33
|
)
|
(.01
|
)
|
(.34
|
)
|
—
|
**
|
12.37
|
10.06
|
|||||||||||||||||
Year Ended 8/31:
|
|||||||||||||||||||||||||||||||||||||
2008
|
14.06
|
.92
|
(.43
|
)
|
(.24
|
)
|
—
|
.25
|
(.64
|
)
|
—
|
(.64
|
)
|
—
|
13.67
|
12.58
|
|||||||||||||||||||||
2007
|
14.63
|
.90
|
(.52
|
)
|
(.24
|
)
|
(.01
|
)
|
.13
|
(.67
|
)
|
(.03
|
)
|
(.70
|
)
|
—
|
14.06
|
13.03
|
|||||||||||||||||||
California Dividend Advantage (NAC)
|
|||||||||||||||||||||||||||||||||||||
Year Ended 2/28-2/29:
|
|||||||||||||||||||||||||||||||||||||
2012
|
12.68
|
.94
|
2.17
|
(.01
|
)
|
—
|
3.10
|
(.91
|
)
|
—
|
(.91
|
)
|
—
|
14.87
|
15.14
|
||||||||||||||||||||||
2011
|
13.88
|
.98
|
(1.27
|
)
|
(.02
|
)
|
—
|
(.31
|
)
|
(.89
|
)
|
—
|
(.89
|
)
|
—
|
12.68
|
12.20
|
||||||||||||||||||||
2010
|
12.10
|
1.01
|
1.63
|
(.03
|
)
|
(.02
|
)
|
2.59
|
(.81
|
)
|
—
|
(.81
|
)
|
—
|
13.88
|
12.60
|
|||||||||||||||||||||
2009(f)
|
14.43
|
.49
|
(2.07
|
)
|
(.09
|
)
|
(.02
|
)
|
(1.69
|
)
|
(.38
|
)
|
(.26
|
)
|
(.64
|
)
|
—
|
12.10
|
10.82
|
||||||||||||||||||
Year Ended 8/31:
|
|||||||||||||||||||||||||||||||||||||
2008
|
14.93
|
1.02
|
(.50
|
)
|
(.23
|
)
|
(.01
|
)
|
.28
|
(.74
|
)
|
(.04
|
)
|
(.78
|
)
|
—
|
14.43
|
13.44
|
|||||||||||||||||||
2007
|
15.59
|
1.00
|
(.56
|
)
|
(.24
|
)
|
(.01
|
)
|
.19
|
(.80
|
)
|
(.05
|
)
|
(.85
|
)
|
—
|
14.93
|
14.34
|
(a)
|
The amounts shown are based on Common share equivalents.
|
(b)
|
Total Return Based on Market Value is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.
|
Total Return Based on Common Share Net Asset Value is the combination of changes in Common share net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending net asset value. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its net asset value), and therefore may be different from the price used in the calculation. Total returns are not annualized.
|
88
|
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
Market
Value
|
(b)
|
Based
on
Common
Share Net
Asset
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
|
|||||||||
31.68
|
%
|
25.65
|
%
|
$
|
87,755
|
2.29
|
%
|
6.02
|
%
|
N/A
|
N/A
|
14
|
%
|
||||||||||
8.34
|
.63
|
74,275
|
1.69
|
6.66
|
N/A
|
N/A
|
5
|
||||||||||||||||
28.13
|
17.06
|
78,581
|
1.30
|
7.18
|
N/A
|
N/A
|
10
|
||||||||||||||||
(17.22
|
)
|
(6.92
|
)
|
71,260
|
1.57
|
*
|
7.06
|
*
|
N/A
|
N/A
|
14
|
||||||||||||
1.51
|
1.81
|
78,966
|
1.34
|
6.56
|
N/A
|
N/A
|
5
|
||||||||||||||||
(2.21
|
)
|
.82
|
81,200
|
1.29
|
6.14
|
N/A
|
N/A
|
11
|
|||||||||||||||
32.82
|
25.30
|
349,203
|
1.50
|
6.84
|
N/A
|
N/A
|
13
|
||||||||||||||||
3.54
|
(2.57
|
)
|
297,629
|
1.18
|
7.18
|
N/A
|
N/A
|
20
|
|||||||||||||||
24.62
|
21.97
|
325,791
|
1.21
|
7.63
|
1.18
|
%
|
7.66
|
%
|
4
|
||||||||||||||
(14.14
|
)
|
(11.45
|
)
|
284,221
|
1.31
|
*
|
7.92
|
*
|
1.24
|
*
|
7.99
|
*
|
14
|
||||||||||
(.84
|
)
|
1.85
|
338,732
|
1.26
|
6.77
|
1.11
|
6.92
|
19
|
|||||||||||||||
(5.19
|
)
|
1.16
|
350,523
|
1.17
|
6.24
|
.95
|
6.46
|
20
|
(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. Ratios do not reflect the effect of custodian fee credits earned on the Fund’s net cash on deposit with the custodian bank, 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 Footnote 1 – General Information and Significant Accounting Policies, MuniFund Term Preferred Shares, Variable Rate Demand Preferred Shares and Inverse Floating Rate Securities, respectively, as follows:
|
California Premium Income (NCU)
|
||||
Year Ended 2/28-2/29:
|
||||
2012
|
1.14
|
%
|
||
2011
|
.55
|
|||
2010
|
.06
|
|||
2009(f)
|
.20
|
*
|
||
Year Ended 8/31:
|
||||
2008
|
.11
|
|||
2007
|
.08
|
|||
California Dividend Advantage (NAC)
|
||||
Year Ended 2/28-2/29:
|
||||
2012
|
.46
|
|||
2011
|
.06
|
|||
2010
|
.08
|
|||
2009(f)
|
.14
|
*
|
||
Year Ended 8/31:
|
||||
2008
|
.11
|
|||
2007
|
.05
|
(f)
|
For the six months ended February 28, 2009.
|
*
|
Annualized.
|
**
|
Rounds to less than $.01 per share.
|
N/A | Fund did not have, or no longer has, a contractual reimbursement agreement with the Adviser. |
See accompanying notes to financial statements.
|
||
Nuveen Investments
|
89
|
Financial
|
||
Highlights (continued)
|
||
Selected data for a Common share outstanding throughout each period: |
Investment Operations
|
Less Distributions
|
||||||||||||||||||||||||||||||||||||
Beginning
Common
Share
Net Asset
Value
|
Net
Investment
Income
(Loss
|
)
|
Net
Realized/
Unrealized
Gain (Loss
|
)
|
Distributions
from Net
Investment
Income to
Auction Rate
Preferred
Shareholders
|
(a)
|
Distributions
from
Capital
Gains to
Auction Rate
Preferred
Shareholders
|
(a)
|
Total
|
Net
Investment
Income to
Common
Share-
holders
|
Capital
Gains to
Common
Share-
holders
|
Total
|
Discount
from
Common
Shares
Repurchased
and
Retired
|
Ending
Common
Share
Net Asset
Value
|
Ending
Market
Value
|
||||||||||||||||||||||
California Dividend Advantage 2 (NVX)
|
|||||||||||||||||||||||||||||||||||||
Year Ended 2/28-2/29:
|
|||||||||||||||||||||||||||||||||||||
2012
|
$
|
13.47
|
$
|
.90
|
$
|
2.08
|
$
|
—
|
**
|
$
|
—
|
$
|
2.98
|
$
|
(.96
|
)
|
$
|
—
|
$
|
(.96
|
)
|
$
|
—
|
$
|
15.49
|
$
|
15.58
|
||||||||||
2011
|
14.49
|
1.03
|
(1.07
|
)
|
(.02
|
)
|
—
|
(.06
|
)
|
(.96
|
)
|
—
|
(.96
|
)
|
—
|
13.47
|
12.83
|
||||||||||||||||||||
2010
|
12.91
|
1.07
|
1.43
|
(.04
|
)
|
—
|
2.46
|
(.88
|
)
|
—
|
(.88
|
)
|
—
|
** |
14.49
|
13.56
|
|||||||||||||||||||||
2009(f)
|
14.39
|
.51
|
(1.47
|
)
|
(.11
|
)
|
(.01
|
)
|
(1.08
|
)
|
(.36
|
)
|
(.04
|
)
|
(.40
|
)
|
—
|
** |
12.91
|
10.51
|
|||||||||||||||||
Year Ended 8/31:
|
|||||||||||||||||||||||||||||||||||||
2008
|
14.69
|
1.01
|
(.37
|
)
|
(.25
|
)
|
—
|
.39
|
(.69
|
)
|
—
|
(.69
|
)
|
—
|
14.39
|
12.67
|
|||||||||||||||||||||
2007
|
15.36
|
.96
|
(.62
|
)
|
(.25
|
)
|
—
|
.09
|
(.76
|
)
|
—
|
(.76
|
)
|
—
|
14.69
|
13.73
|
|||||||||||||||||||||
California Dividend Advantage 3 (NZH)
|
|||||||||||||||||||||||||||||||||||||
Year Ended 2/28-2/29:
|
|||||||||||||||||||||||||||||||||||||
2012
|
12.13
|
.82
|
1.86
|
—
|
**
|
—
|
2.68
|
(.90
|
)
|
—
|
(.90
|
)
|
—
|
13.91
|
14.35
|
||||||||||||||||||||||
2011
|
13.18
|
.88
|
(1.02
|
)
|
(.01
|
)
|
—
|
(.15
|
)
|
(.90
|
)
|
—
|
(.90
|
)
|
—
|
12.13
|
11.67
|
||||||||||||||||||||
2010
|
11.53
|
.98
|
1.53
|
(.03
|
)
|
—
|
2.48
|
(.83
|
)
|
—
|
(.83
|
)
|
—
|
13.18
|
12.67
|
||||||||||||||||||||||
2009(f)
|
13.62
|
.50
|
(2.13
|
)
|
(.09
|
)
|
—
|
(1.72
|
)
|
(.37
|
)
|
—
|
(.37
|
)
|
—
|
** |
11.53
|
10.23
|
|||||||||||||||||||
Year Ended 8/31:
|
|||||||||||||||||||||||||||||||||||||
2008
|
14.25
|
1.03
|
(.70
|
)
|
(.25
|
)
|
—
|
.08
|
(.71
|
)
|
—
|
(.71
|
)
|
—
|
13.62
|
12.87
|
|||||||||||||||||||||
2007
|
15.03
|
.98
|
(.73
|
)
|
(.27
|
)
|
—
|
(.02
|
)
|
(.76
|
)
|
—
|
(.76
|
)
|
—
|
14.25
|
13.52
|
(a)
|
The amounts shown are based on Common share equivalents.
|
(b)
|
Total Return Based on Market Value is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.
|
Total Return Based on Common Share Net Asset Value is the combination of changes in Common share net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending net asset value. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its net asset value), and therefore may be different from the price used in the calculation. Total returns are not annualized.
|
90
|
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
Market
Value
|
(b)
|
Based
on
Common
Share Net
Asset
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
|
|||||||||
30.01
|
%
|
22.90
|
%
|
$
|
228,474
|
2.30
|
%
|
6.29
|
%
|
2.30
|
%
|
6.30
|
%
|
12
|
%
|
||||||||
1.37
|
(.64
|
)
|
198,675
|
1.36
|
7.10
|
1.28
|
7.19
|
13
|
|||||||||||||||
38.29
|
19.52
|
213,687
|
1.20
|
7.58
|
1.04
|
7.74
|
4
|
||||||||||||||||
(13.83
|
)
|
(7.40
|
)
|
190,824
|
1.37
|
*
|
7.85
|
*
|
1.14
|
*
|
8.08
|
*
|
7
|
||||||||||
(2.80
|
)
|
2.76
|
212,890
|
1.25
|
6.56
|
.99
|
6.83
|
20
|
|||||||||||||||
(3.39
|
)
|
.46
|
217,332
|
1.25
|
5.97
|
.91
|
6.31
|
21
|
|||||||||||||||
31.93
|
22.89
|
335,830
|
2.56
|
6.28
|
2.52
|
6.33
|
18
|
||||||||||||||||
(1.21
|
)
|
(1.40
|
)
|
292,563
|
2.07
|
6.61
|
1.94
|
6.74
|
16
|
||||||||||||||
32.93
|
22.17
|
317,860
|
1.36
|
7.68
|
1.16
|
7.88
|
6
|
||||||||||||||||
(17.58
|
)
|
(12.54
|
)
|
278,056
|
1.39
|
*
|
8.50
|
*
|
1.13
|
*
|
8.75
|
*
|
9
|
||||||||||
.46
|
.60
|
328,659
|
1.21
|
6.96
|
.90
|
7.27
|
23
|
||||||||||||||||
(4.12
|
)
|
(.32
|
)
|
343,806
|
1.22
|
6.16
|
.83
|
6.54
|
23
|
(c)
|
Ratios do not reflect the effect of dividend payments to Auction Rate Preferred shareholders, where applicable; Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to ARPS and/or MTP Shares, where applicable.
|
(d)
|
After expense reimbursement from the Adviser, where applicable. Ratios do not reflect the effect of custodian fee credits earned on the Fund’s net cash on deposit with the custodian bank, 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 and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, where applicable, both as described in Footnote 1 – General Information and Significant Accounting Polices, MuniFund Term Preferred Shares and Inverse Floating Rate Securities, respectively, as follows:
|
California Dividend Advantage 2 (NVX)
|
||||
Year Ended 2/28-2/29:
|
||||
2012
|
1.25
|
%
|
||
2011
|
.26
|
|||
2010
|
.04
|
|||
2009(f)
|
.05
|
*
|
||
Year Ended 8/31:
|
||||
2008
|
.09
|
|||
2007
|
.08
|
|||
California Dividend Advantage 3 (NZH)
|
||||
Year Ended 2/28-2/29:
|
||||
2012
|
1.49
|
|||
2011
|
.94
|
|||
2010
|
.19
|
|||
2009(f)
|
.12
|
*
|
||
Year Ended 8/31:
|
||||
2008
|
.02
|
|||
2007
|
.06
|
(f)
|
For the six months ended February 28, 2009.
|
*
|
Annualized.
|
**
|
Rounds to less than $.01 per share.
|
See accompanying notes to financial statements.
|
||
Nuveen Investments
|
91
|
Financial
|
||
Highlights (continued)
|
||
Selected data for a Common share outstanding throughout each period: |
Investment Operations
|
Less Distributions
|
||||||||||||||||||||||||||||||||||||
Beginning
Common
Share
Net Asset
Value
|
Net
Investment
Income
(Loss
|
)
|
Net
Realized/
Unrealized
Gain (Loss
|
)
|
Distributions
from Net
Investment
Income to
Auction Rate
Preferred
Shareholders
|
(a)
|
Distributions
from
Capital
Gains to
Auction Rate
Preferred
Shareholders
|
(a)
|
Total
|
Net
Investment
Income to
Common
Share-
holders
|
Capital
Gains to
Common
Share-
holders
|
Total
|
Discount
from
Common
Shares
Repurchased
and
Retired
|
Ending
Common
Share
Net Asset
Value
|
Ending
Market
Value
|
||||||||||||||||||||||
Insured California Dividend Advantage (NKL)
|
|||||||||||||||||||||||||||||||||||||
Year Ended 2/28-2/29:
|
|||||||||||||||||||||||||||||||||||||
2012
|
$
|
13.70
|
$
|
1.00
|
$
|
2.30
|
$
|
(.01
|
)
|
$
|
—
|
$
|
3.29
|
$
|
(.97
|
)
|
$
|
—
|
$
|
(.97
|
)
|
$
|
—
|
$
|
16.02
|
$
|
16.42
|
||||||||||
2011
|
14.71
|
1.04
|
(1.09
|
)
|
(.03
|
)
|
—
|
(.08
|
)
|
(.93
|
)
|
—
|
(.93
|
)
|
—
|
13.70
|
13.02
|
||||||||||||||||||||
2010
|
13.52
|
1.06
|
1.01
|
(.04
|
)
|
—
|
2.03
|
(.84
|
)
|
—
|
(.84
|
)
|
—
|
**
|
14.71
|
13.66
|
|||||||||||||||||||||
2009(f)
|
14.61
|
.50
|
(1.07
|
)
|
(.10
|
)
|
(.01
|
)
|
(.68
|
)
|
(.37
|
)
|
(.04
|
)
|
(.41
|
)
|
—
|
**
|
13.52
|
11.16
|
|||||||||||||||||
Year Ended 8/31:
|
|||||||||||||||||||||||||||||||||||||
2008
|
14.91
|
1.03
|
(.33
|
)
|
(.25
|
)
|
(.01
|
)
|
.44
|
(.72
|
)
|
(.02
|
)
|
(.74
|
)
|
—
|
14.61
|
13.50
|
|||||||||||||||||||
2007
|
15.50
|
1.01
|
(.57
|
)
|
(.26
|
)
|
—
|
**
|
.18
|
(.77
|
)
|
—
|
**
|
(.77
|
)
|
—
|
14.91
|
14.24
|
|||||||||||||||||||
Insured California Tax-Free Advantage (NKX)
|
|||||||||||||||||||||||||||||||||||||
Year Ended 2/28-2/29:
|
|||||||||||||||||||||||||||||||||||||
2012
|
12.82
|
.83
|
1.91
|
—
|
—
|
2.74
|
(.83
|
)
|
—
|
(.83
|
)
|
—
|
14.73
|
15.06
|
|||||||||||||||||||||||
2011
|
14.03
|
.81
|
(1.22
|
)
|
—
|
—
|
(.41
|
)
|
(.80
|
)
|
—
|
(.80
|
)
|
—
|
12.82
|
11.78
|
|||||||||||||||||||||
2010
|
12.85
|
.85
|
1.09
|
—
|
—
|
1.94
|
(.76
|
)
|
—
|
(.76
|
)
|
—
|
14.03
|
12.87
|
|||||||||||||||||||||||
2009(f)
|
14.19
|
.39
|
(1.32
|
)
|
—
|
**
|
(.01
|
)
|
(.94
|
)
|
(.35
|
)
|
(.05
|
)
|
(.40
|
)
|
—
|
12.85
|
11.75
|
||||||||||||||||||
Year Ended 8/31:
|
|||||||||||||||||||||||||||||||||||||
2008
|
14.47
|
.97
|
(.30
|
)
|
(.24
|
)
|
—
|
.43
|
(.71
|
)
|
—
|
(.71
|
)
|
—
|
14.19
|
13.78
|
|||||||||||||||||||||
2007
|
14.92
|
.96
|
(.46
|
)
|
(.24
|
)
|
—
|
.26
|
(.71
|
)
|
—
|
(.71
|
)
|
—
|
14.47
|
14.47
|
(a)
|
The amounts shown are based on Common share equivalents.
|
(b)
|
Total Return Based on Market Value is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.
|
Total Return Based on Common Share Net Asset Value is the combination of changes in Common share net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending net asset value. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its net asset value), and therefore may be different from the price used in the calculation. Total returns are not annualized.
|
92
|
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
Market
Value
|
Based
on
Common
Share Net
Asset
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
|
||||||||||
34.78
|
%
|
24.87
|
%
|
$
|
244,521
|
1.52
|
%
|
6.70
|
%
|
1.44
|
%
|
6.78
|
%
|
13
|
%
|
||||||||
1.81
|
(.75
|
)
|
208,950
|
1.13
|
6.94
|
.97
|
7.10
|
7
|
|||||||||||||||
30.55
|
15.42
|
224,301
|
1.19
|
7.21
|
.95
|
7.45
|
1
|
||||||||||||||||
(14.22
|
)
|
(4.50
|
)
|
206,467
|
1.32
|
*
|
7.36
|
*
|
1.01
|
*
|
7.67
|
*
|
3
|
||||||||||
(.03
|
)
|
2.98
|
223,356
|
1.19
|
6.52
|
.84
|
6.87
|
6
|
|||||||||||||||
(4.64
|
)
|
1.13
|
227,923
|
1.21
|
6.12
|
.79
|
6.54
|
12
|
|||||||||||||||
36.10
|
21.95
|
86,731
|
1.90
|
6.03
|
N/A
|
N/A
|
7
|
||||||||||||||||
(2.71
|
)
|
(3.18
|
)
|
75,493
|
2.06
|
5.74
|
1.97
|
5.83
|
8
|
||||||||||||||
16.39
|
15.49
|
82,579
|
1.68
|
6.11
|
1.47
|
6.32
|
—
|
***
|
|||||||||||||||
(11.55
|
)
|
(6.42
|
)
|
75,661
|
2.57
|
*
|
5.89
|
*
|
2.27
|
*
|
6.19
|
*
|
3
|
||||||||||
.12
|
2.97
|
83,531
|
1.33
|
6.28
|
.94
|
6.67
|
28
|
||||||||||||||||
6.35
|
1.69
|
85,144
|
1.27
|
5.95
|
.79
|
6.43
|
15
|
(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 and/or VRDP Shares, where applicable.
|
(d)
|
After expense reimbursement from the Adviser, where applicable. Ratios do not reflect the effect of custodian fee credits earned on the Fund’s net cash on deposit with the custodian bank, where applicable. As of November 30, 2010, the Adviser is no longer reimbursing Insured California Tax-Free Advantage (NKX) for any fees or expenses.
|
(e)
|
The expense ratios reflect, among other things, all interest expense and other costs related to VRDP Shares and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, where applicable, both as described in Footnote 1 – General Information and Significant Accounting Policies, Variable Rate Demand Preferred Shares and Inverse Floating Rate Securities, respectively, as follows:
|
Insured California Dividend Advantage (NKL)
|
||||
Year Ended 2/28-2/29:
|
||||
2012
|
.47
|
%
|
||
2011
|
.02
|
|||
2010
|
.03
|
|||
2009(f)
|
.09
|
*
|
||
Year Ended 8/31:
|
||||
2008
|
—
|
|||
2007
|
.05
|
|||
Insured California Tax-Free Advantage (NKX)
|
||||
Year Ended 2/28-2/29:
|
||||
2012
|
.67
|
|||
2011
|
.92
|
|||
2010
|
.57
|
|||
2009(f)
|
1.03
|
*
|
||
Year Ended 8/31:
|
||||
2008
|
.08
|
|||
2007
|
.06
|
(f)
|
For the six months ended February 28, 2009.
|
*
|
Annualized.
|
**
|
Rounds to less than $.01 per share.
|
***
|
Calculates to less than 1%.
|
N/A | Fund did not have, or no longer has, a contractual reimbursement agreement with the Adviser. |
See accompanying notes to financial statements.
|
||
Nuveen Investments
|
93
|
Financial
|
||
Highlights (continued)
|
ARPS at the End of Period
|
VRDP Shares at the End of Period
|
||||||||||||||||||
Aggregate
Amount
Outstanding
(000
|
)
|
Liquidation
Value
Per Share
|
Asset
Coverage
Per Share
|
Aggregate
Amount
Outstanding
(000
|
)
|
Liquidation
Value
Per Share
|
Asset
Coverage
Per Share
|
||||||||||||
Insured California Premium Income (NPC)
|
|||||||||||||||||||
Year Ended 2/28-2/29:
|
|||||||||||||||||||
2012
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
42,700
|
$
|
100,000
|
$
|
340,002
|
|||||||
2011
|
—
|
—
|
—
|
42,700
|
100,000
|
305,684
|
|||||||||||||
2010
|
45,000
|
25,000
|
77,746
|
—
|
—
|
—
|
|||||||||||||
2009(f)
|
45,000
|
25,000
|
75,295
|
—
|
—
|
—
|
|||||||||||||
Year Ended 8/31:
|
|||||||||||||||||||
2008
|
45,000
|
25,000
|
78,590
|
—
|
—
|
—
|
|||||||||||||
2007
|
45,000
|
25,000
|
78,987
|
—
|
—
|
—
|
|||||||||||||
Insured California Premium Income 2 (NCL)
|
|||||||||||||||||||
Year Ended 2/28-2/29:
|
|||||||||||||||||||
2012
|
—
|
—
|
—
|
74,000
|
100,000
|
363,124
|
|||||||||||||
2011
|
—
|
—
|
—
|
74,000
|
100,000
|
323,458
|
|||||||||||||
2010
|
79,825
|
25,000
|
80,487
|
—
|
—
|
—
|
|||||||||||||
2009(f)
|
79,825
|
25,000
|
75,996
|
—
|
—
|
—
|
|||||||||||||
Year Ended 8/31:
|
|||||||||||||||||||
2008
|
87,400
|
25,000
|
76,411
|
—
|
—
|
—
|
|||||||||||||
2007
|
95,000
|
25,000
|
73,511
|
—
|
—
|
—
|
94
|
Nuveen Investments
|
ARPS at the End of Period
|
VRDP Shares at the End of Period
|
MTP Shares at the End of Period (g)
|
||||||||||||||||||||||||||
Aggregate
Amount
Outstanding
(000
|
)
|
Liquidation
Value
Per Share
|
Asset
Coverage
Per Share
|
Aggregate
Amount
Outstanding
(000
|
)
|
Liquidation
Value
Per Share
|
Asset
Coverage
Per Share
|
Aggregate
Amount
Outstanding
(000
|
)
|
Liquidation
Value
Per Share
|
Asset
Coverage
Per Share
|
|||||||||||||||||
California Premium Income (NCU)
|
||||||||||||||||||||||||||||
Year Ended 2/28-2/29:
|
||||||||||||||||||||||||||||
2012
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
35,250
|
$
|
10.00
|
$
|
34.90
|
||||||||||
2011
|
—
|
—
|
—
|
—
|
—
|
—
|
35,250
|
10.00
|
31.07
|
|||||||||||||||||||
2010
|
34,375
|
25,000
|
82,150
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||||||||
2009(f)
|
40,875
|
25,000
|
68,584
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||||||||
Year Ended 8/31:
|
||||||||||||||||||||||||||||
2008
|
43,000
|
25,000
|
70,910
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||||||||
2007
|
43,000
|
25,000
|
72,209
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||||||||
California Dividend Advantage (NAC)
|
||||||||||||||||||||||||||||
Year Ended 2/28-2/29:
|
||||||||||||||||||||||||||||
2012
|
—
|
—
|
—
|
136,200
|
100,000
|
356,390
|
—
|
—
|
—
|
|||||||||||||||||||
2011
|
135,525
|
25,000
|
79,903
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||||||||
2010
|
135,525
|
25,000
|
85,098
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||||||||
2009(f)
|
135,525
|
25,000
|
77,430
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||||||||
Year Ended 8/31:
|
||||||||||||||||||||||||||||
2008
|
135,525
|
25,000
|
87,485
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||||||||
2007
|
175,000
|
25,000
|
75,075
|
—
|
—
|
—
|
—
|
—
|
—
|
(f)
|
For the six months ended February 28, 2009.
|
(g)
|
The Ending and Average Market Value Per Share for each Series of the Fund’s MTP Shares were as follows:
|
Series
|
Ending
Market Value
Per Share
|
Average
Market Value
Per Share
|
||||||||
California Premium Income (NCU)
|
||||||||||
Year Ended 2/28-2/29:
|
||||||||||
2012
|
2015
|
$
|
10.06
|
$
|
9.84
|
|||||
2011
|
2015
|
9.63
|
9.74
|
^
|
||||||
2010
|
—
|
—
|
—
|
|||||||
2009(f)
|
—
|
—
|
—
|
|||||||
Year Ended 8/31:
|
||||||||||
2008
|
—
|
—
|
—
|
|||||||
2007
|
—
|
—
|
—
|
|||||||
California Dividend Advantage (NAC)
|
||||||||||
Year Ended 2/28-2/29:
|
||||||||||
2012
|
—
|
—
|
—
|
|||||||
2011
|
—
|
—
|
—
|
|||||||
2010
|
—
|
—
|
—
|
|||||||
2009(f)
|
—
|
—
|
—
|
|||||||
Year Ended 8/31:
|
||||||||||
2008
|
—
|
—
|
—
|
|||||||
2007
|
—
|
—
|
—
|
^
|
For the period September 22, 2010 (first issuance date of shares) through February 28, 2011.
|
See accompanying notes to financial statements.
|
||
Nuveen Investments
|
95
|
Financial
|
||
Highlights (continued)
|
ARPS at the End of Period
|
MTP Shares at the End of Period (g)
|
ARPS and
MTP Shares at
the End of Period
|
||||||||||||||||||||
Aggregate
Amount
Outstanding
(000
|
)
|
Liquidation
Value
Per Share
|
Asset
Coverage
Per Share
|
Aggregate
Amount
Outstanding
(000
|
)
|
Liquidation
Value
Per Share
|
Asset
Coverage
Per Share
|
Asset Coverage
Per $1
Liquidation
Preference
|
||||||||||||||
California Dividend Advantage 2 (NVX)
|
||||||||||||||||||||||
Year Ended 2/28-2/29:
|
||||||||||||||||||||||
2012
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
97,846
|
$
|
10.00
|
$
|
33.35
|
$
|
—
|
||||||||
2011
|
39,950
|
25,000
|
77,310
|
55,000
|
10.00
|
30.92
|
3.09
|
|||||||||||||||
2010
|
93,775
|
25,000
|
81,968
|
—
|
—
|
—
|
—
|
|||||||||||||||
2009(f)
|
110,000
|
25,000
|
68,369
|
—
|
—
|
—
|
—
|
|||||||||||||||
Year Ended 8/31:
|
||||||||||||||||||||||
2008
|
110,000
|
25,000
|
73,384
|
—
|
—
|
—
|
—
|
|||||||||||||||
2007
|
110,000
|
25,000
|
74,394
|
—
|
—
|
—
|
—
|
|||||||||||||||
California Dividend Advantage 3 (NZH)
|
||||||||||||||||||||||
Year Ended 2/28-2/29:
|
||||||||||||||||||||||
2012
|
—
|
—
|
—
|
159,545
|
10.00
|
31.05
|
—
|
|||||||||||||||
2011
|
69,500
|
25,000
|
71,960
|
86,250
|
10.00
|
28.78
|
2.88
|
|||||||||||||||
2010
|
69,500
|
25,000
|
76,021
|
86,250
|
10.00
|
30.41
|
3.04
|
|||||||||||||||
2009(f)
|
154,075
|
25,000
|
70,117
|
—
|
—
|
—
|
—
|
|||||||||||||||
Year Ended 8/31:
|
||||||||||||||||||||||
2008
|
159,925
|
25,000
|
76,377
|
—
|
—
|
—
|
—
|
|||||||||||||||
2007
|
187,000
|
25,000
|
70,963
|
—
|
—
|
—
|
—
|
(f)
|
For the six months ended February 28, 2009.
|
(g)
|
The Ending and Average Market Value Per Share for each Series of the Fund’s MTP Shares were as follows:
|
Series
|
Ending
Market Value
Per Share
|
Average
Market Value
Per Share
|
Series
|
Ending
Market Value
Per Share
|
Average
Market Value
Per Share
|
Series
|
Ending
Market Value
Per Share
|
Average
Market Value
Per Share
|
||||||||||||||||||||
California Dividend Advantage 2 (NVX)
|
||||||||||||||||||||||||||||
Year Ended 2/28-2/29:
|
||||||||||||||||||||||||||||
2012
|
—
|
$
|
—
|
$
|
—
|
2014
|
$
|
10.11
|
$
|
10.09
|
Ω |
2015
|
$
|
10.01
|
$
|
9.89
|
||||||||||||
2011
|
—
|
—
|
—
|
—
|
—
|
—
|
2015
|
9.82
|
9.72
|
^^
|
||||||||||||||||||
2010
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||||||||
2009(f)
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||||||||
Year Ended 8/31:
|
||||||||||||||||||||||||||||
2008
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||||||||
2007
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||||||||
California Dividend Advantage 3 (NZH)
|
||||||||||||||||||||||||||||
Year Ended 2/28-2/29:
|
||||||||||||||||||||||||||||
2012
|
2014
|
10.17
|
10.11
|
ΩΩ |
2014-1
|
10.15
|
10.12
|
ΩΩΩ |
2015
|
10.18
|
10.11
|
|||||||||||||||||
2011
|
—
|
—
|
—
|
—
|
—
|
—
|
2015
|
10.06
|
10.14
|
|||||||||||||||||||
2010
|
—
|
—
|
—
|
—
|
—
|
—
|
2015
|
10.11
|
10.09
|
^ | ||||||||||||||||||
2009(f)
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||||||||
Year Ended 8/31:
|
||||||||||||||||||||||||||||
2008
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||||||||
2007
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
^
|
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.
|
96
|
Nuveen Investments
|
ARPS at the End of Period
|
VRDP Shares at the End of Period
|
||||||||||||||||||
Aggregate
Amount
Outstanding
(000
|
)
|
Liquidation
Value
Per Share
|
Asset
Coverage
Per Share
|
Aggregate
Amount
Outstanding
(000
|
)
|
Liquidation
Value
Per Share
|
Asset
Coverage
Per Share
|
||||||||||||
Insured California Dividend Advantage (NKL)
|
|||||||||||||||||||
Year Ended 2/28-2/29:
|
|||||||||||||||||||
2012
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
104,400
|
$
|
100,000
|
$
|
334,215
|
|||||||
2011
|
103,750
|
25,000
|
75,349
|
—
|
—
|
—
|
|||||||||||||
2010
|
108,250
|
25,000
|
76,802
|
—
|
—
|
—
|
|||||||||||||
2009(f)
|
108,250
|
25,000
|
72,683
|
—
|
—
|
—
|
|||||||||||||
Year Ended 8/31:
|
|||||||||||||||||||
2008
|
118,000
|
25,000
|
72,321
|
—
|
—
|
—
|
|||||||||||||
2007
|
118,000
|
25,000
|
73,289
|
—
|
—
|
—
|
|||||||||||||
Insured California Tax-Free Advantage (NKX)
|
|||||||||||||||||||
Year Ended 2/28-2/29:
|
|||||||||||||||||||
2012
|
—
|
—
|
—
|
35,500
|
100,000
|
344,312
|
|||||||||||||
2011
|
—
|
—
|
—
|
35,500
|
100,000
|
312,655
|
|||||||||||||
2010
|
—
|
—
|
—
|
35,500
|
100,000
|
332,616
|
|||||||||||||
2009(f)
|
—
|
—
|
—
|
35,500
|
100,000
|
313,131
|
|||||||||||||
Year Ended 8/31:
|
|||||||||||||||||||
2008
|
—
|
—
|
—
|
35,500
|
100,000
|
335,299
|
|||||||||||||
2007
|
45,000
|
25,000
|
72,302
|
—
|
—
|
—
|
See accompanying notes to financial statements.
|
||
Nuveen Investments
|
97
|
Notes to
|
||
Financial Statements
|
●
|
Each Fund eliminated the investment policy requiring it, under normal circumstances, to invest at least 80 percent of its managed assets in municipal securities that are covered by insurance which currently guarantees the timely payment of principal and interest.
|
●
|
Each Fund adopted a new investment policy requiring it, under normal circumstances, to invest at least 80 percent of its managed assets in municipal securities that pay interest exempt from federal and California income tax.
|
●
|
Each Fund eliminated the old fundamental loan policy and adopted a new fundamental loan policy, which states that each Fund may not make loans, except as permitted by the Investment Company Act of 1940, as amended, and exemptive orders granted under the Investment Company Act of 1940, as amended.
|
●
|
Each Fund will continue to invest substantially all (at least 80 percent) of its managed assets in investment grade quality municipal securities.
|
●
|
Nuveen Insured California Tax-Free Advantage Municipal Fund (NKX) will continue its policy of investing, under normal circumstances, at least 80% of its assets in AMT-free municipal securities.
|
Acquired Funds
|
Acquiring Fund
|
|||
●
|
Insured California Premium Income (NPC)
|
●
|
Nuveen California AMT Free Municipal Income Fund (NKX)
|
|
●
|
Insured California Premium Income 2 (NCL)
|
|||
●
|
Insured California Dividend Advantage (NKL)
|
98
|
Nuveen Investments
|
Nuveen Investments
|
99
|
Notes to
|
||
Financial Statements (continued)
|
Insured
California
Premium
Income
(NPC
|
)
|
Insured
California
Premium
Income 2
(NCL
|
)
|
California
Premium
Income
(NCU
|
)
|
California
Dividend
Advantage
(NAC
|
)
|
||||||
ARPS redeemed, at liquidation value
|
$
|
45,000,000
|
$
|
95,000,000
|
$
|
43,000,000
|
$
|
175,000,000
|
California
Dividend
Advantage 2
(NVX
|
)
|
California
Dividend
Advantage 3
(NZH
|
)
|
Insured
California
Dividend
Advantage
(NKL
|
)
|
Insured
California
Tax-Free
Advantage
(NKX
|
)
|
||||||
ARPS redeemed, at liquidation value
|
$
|
110,000,000
|
$
|
187,000,000
|
$
|
118,000,000
|
$
|
45,000,000
|
100
|
Nuveen Investments
|
California Premium Income (NCU)
|
||||||||||
Shares
Outstanding
|
Annual
Interest
Rate
|
NYSE
Ticker
|
||||||||
Series 2015
|
35,250,000
|
2.00
|
%
|
NCU Pr C
|
California Dividend Advantage 2 (NVX)
|
California Dividend Advantage 3 (NZH)
|
||||||||||||||||||
Shares
Outstanding
|
Annual
Interest
Rate
|
NYSE
Ticker
|
Shares
Outstanding
|
Annual
Interest
Rate
|
NYSE
Ticker
|
||||||||||||||
Series:
|
|||||||||||||||||||
2014
|
42,846,300
|
2.35
|
%
|
NVX Pr A
|
27,000,000
|
2.35
|
%
|
NZH Pr A
|
|||||||||||
2014-1
|
—
|
—
|
—
|
46,294,500
|
2.25
|
NZH Pr B
|
|||||||||||||
2015
|
55,000,000
|
2.05
|
NVX Pr C
|
86,250,000
|
2.95
|
NZH Pr C
|
California
Premium
Income
(NCU
Series 2015
|
)
|
California
Dividend
Advantage 2
(NVX
Series 2014
|
)
|
California
Dividend
Advantage 2
(NVX
Series 2015
|
)
|
California
Dividend
Advantage 3
(NZH
Series 2014
|
)
|
California
Dividend Advantage 3
(NZH
Series 2014-1
|
)
|
California
Dividend
Advantage 3
(NZH
Series 2015
|
)
|
||||||||
Term Redemption Date
|
October 1, 2015
|
April 1, 2014
|
November 1, 2015
|
May 1, 2014
|
July 1, 2014
|
January 1, 2015
|
|||||||||||||
Optional Redemption Date
|
October 1, 2011
|
April 1, 2012
|
November 1, 2011
|
May 1, 2012
|
July 1, 2012
|
January 1, 2011
|
|||||||||||||
Premium Expiration Date
|
September 30, 2012
|
March 31, 2013
|
October 31, 2012
|
April 30, 2013
|
June 30, 2013
|
December 31, 2011
|
California
|
California
|
California
|
||||||||
Premium
|
Dividend
|
Dividend
|
||||||||
Income
|
Advantage 2
|
Advantage 3
|
||||||||
(NCU
|
)
|
(NVX
|
)
|
(NZH
|
)
|
|||||
Average liquidation value of MTP Shares outstanding
|
$
|
35,250,000
|
$
|
94,479,248
|
$
|
144,226,510
|
California
|
California
|
California
|
||||||||
Premium
|
Dividend
|
Dividend
|
||||||||
Income
|
Advantage 2
|
Advantage 3
|
||||||||
(NCU
|
)
|
(NVX
|
)
|
(NZH
|
)
|
|||||
Net amounts earned by Nuveen
|
$
|
2,021
|
$
|
4,454
|
$
|
1,895
|
Nuveen Investments
|
101
|
Notes to
|
||
Financial Statements (continued)
|
Insured
|
Insured
|
Insured
|
Insured
|
|||||||||||||
California
|
California
|
California
|
California
|
California
|
||||||||||||
Premium
|
Premium
|
Dividend
|
Dividend
|
Tax-Free
|
||||||||||||
Income
|
Income 2
|
Advantage
|
Advantage
|
Advantage
|
||||||||||||
(NPC
|
)
|
(NCL
|
)
|
(NAC
|
)
|
(NKL
|
)
|
(NKX
|
)
|
|||||||
Series
|
1
|
1
|
1
|
1
|
2
|
|||||||||||
Shares outstanding
|
427
|
740
|
1,362
|
1,044
|
355
|
|||||||||||
Maturity
|
March 1, 2040
|
December 1, 2040
|
June 1, 2041
|
June 1, 2041
|
June 1, 2040
|
Insured
|
Insured
|
Insured
|
Insured
|
|||||||||||||
California
|
California
|
California
|
California
|
California
|
||||||||||||
Premium
|
Premium
|
Dividend
|
Dividend
|
Tax-Free
|
||||||||||||
Income
|
Income 2
|
Advantage
|
Advantage
|
Advantage
|
||||||||||||
(NPC
|
)
|
(NCL
|
)
|
(NAC
|
)*
|
(NKL
|
)*
|
(NKX
|
)
|
|||||||
Average liquidation value outstanding
|
$
|
42,700,000
|
$
|
74,000,000
|
$
|
136,200,000
|
$
|
104,400,000
|
$
|
35,500,000
|
||||||
Annualized dividend rate
|
0.32
|
%
|
0.32
|
%
|
0.28
|
%
|
0.28
|
%
|
0.27
|
%
|
*
|
For the period June 28, 2011 (issuance date of shares) through February 29, 2012.
|
102
|
Nuveen Investments
|
Insured
|
Insured
|
Insured
|
Insured
|
||||||||||||||||||||||
California
|
California
|
California
|
California
|
California
|
California
|
California
|
California
|
||||||||||||||||||
Premium
|
Premium
|
Premium
|
Dividend
|
Dividend
|
Dividend
|
Dividend
|
Tax-Free
|
||||||||||||||||||
Income
|
Income 2
|
Income
|
Advantage
|
Advantage 2
|
Advantage 3
|
Advantage
|
Advantage
|
||||||||||||||||||
(NPC
|
)
|
(NCL
|
)
|
(NCU
|
)
|
(NAC
|
)
|
(NVX
|
)
|
(NZH
|
)
|
(NKL
|
)
|
(NKX
|
)
|
||||||||||
Maximum exposure to
Recourse Trusts |
$
|
9,780,000
|
$
|
9,515,000
|
$
|
6,510,000
|
$
|
3,590,000
|
$
|
16,210,000
|
$
|
48,960,000
|
$
|
7,700,000
|
$
|
2,905,000
|
Nuveen Investments
|
103
|
Notes to
|
||
Financial Statements (continued)
|
Insured
|
||||||||||
California
|
California
|
California
|
||||||||
Premium
|
Premium
|
Dividend
|
||||||||
Income 2
|
Income
|
Advantage
|
||||||||
(NCL
|
)
|
(NCU
|
)
|
(NAC
|
)
|
|||||
Average floating rate obligations outstanding
|
$
|
17,880,000
|
$
|
6,650,000
|
$
|
28,545,000
|
||||
Average annual interest rate and fees
|
0.59
|
%
|
0.55
|
%
|
0.60
|
%
|
Insured
|
Insured
|
||||||||||||
California
|
California
|
California
|
California
|
||||||||||
Dividend
|
Dividend
|
Dividend
|
Tax-Free
|
||||||||||
Advantage 2
|
Advantage 3
|
Advantage
|
Advantage
|
||||||||||
(NVX
|
)
|
(NZH
|
)
|
(NKL
|
)
|
(NKX
|
)
|
||||||
Average floating rate obligations outstanding
|
$
|
11,390,000
|
$
|
3,845,000
|
$
|
7,385,000
|
$
|
3,360,000
|
|||||
Average annual interest rate and fees
|
0.61
|
%
|
0.54
|
%
|
0.61
|
%
|
0.77
|
%
|
Insured
|
||||
California
|
||||
Premium
|
||||
Income 2
|
||||
(NCL
|
)
|
|||
Average notional amount of forward interest rate swap contracts outstanding*
|
$
|
2,300,000
|
* |
The average notional amount is calculated based on the outstanding notional at the beginning of the fiscal year and at the end of each fiscal quarter within the current fiscal year.
|
104
|
Nuveen Investments
|
California
|
California
|
California
|
||||||||
Premium
|
Dividend
|
Dividend
|
||||||||
Income
|
Advantage 2
|
Advantage 3
|
||||||||
(NCU
|
)
|
(NVX
|
)
|
(NZH
|
)
|
|||||
MTP Shares offering costs
|
$
|
868,750
|
$
|
2,055,579
|
$
|
3,269,931
|
Insured
|
Insured
|
|
Insured
|
Insured
|
||||||||||||
California
|
California
|
California
|
California
|
California
|
||||||||||||
Premium
|
Premium
|
Dividend
|
Dividend
|
Tax-Free
|
||||||||||||
Income
|
Income 2
|
Advantage
|
Advantage
|
Advantage
|
||||||||||||
(NPC
|
)
|
(NCL
|
)
|
(NAC
|
)
|
(NKL
|
)
|
(NKX
|
)
|
|||||||
VRDP Shares offering costs
|
$
|
857,000
|
$
|
627,000
|
$
|
650,000
|
$
|
580,000
|
$
|
530,000
|
Nuveen Investments
|
105
|
Notes to | ||
Financial Statements (continued)
|
Level 1 – | Quoted prices in active markets for identical securities. | |
Level 2 – | Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). | |
Level 3 – | Significant unobservable inputs (including management’s assumptions in determining the fair value of investments). |
Insured California Premium Income (NPC)
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||
Investments:
|
|||||||||||||
Municipal Bonds
|
$
|
—
|
$
|
138,048,126
|
$
|
—
|
$
|
138,048,126
|
|||||
Insured California Premium Income 2 (NCL)
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||
Investments:
|
|||||||||||||
Municipal Bonds
|
$
|
—
|
$
|
280,025,460
|
$
|
—
|
$
|
280,025,460
|
|||||
California Premium Income (NCU)
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||
Investments:
|
|||||||||||||
Municipal Bonds
|
$
|
—
|
$
|
125,293,556
|
$
|
—
|
$
|
125,293,556
|
|||||
California Dividend Advantage (NAC)
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||
Investments:
|
|||||||||||||
Municipal Bonds
|
$
|
—
|
$
|
510,520,007
|
$
|
—
|
$
|
510,520,007
|
|||||
California Dividend Advantage 2 (NVX)
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||
Investments:
|
|||||||||||||
Municipal Bonds
|
$
|
—
|
$
|
329,724,378
|
$
|
—
|
$
|
329,724,378
|
|||||
California Dividend Advantage 3 (NZH)
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||
Investments:
|
|||||||||||||
Municipal Bonds
|
$
|
—
|
$
|
488,106,122
|
$
|
—
|
$
|
488,106,122
|
|||||
Insured California Dividend Advantage (NKL)
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||
Investments:
|
|||||||||||||
Municipal Bonds
|
$
|
—
|
$
|
350,901,757
|
$
|
—
|
$
|
350,901,757
|
|||||
Insured California Tax-Free Advantage (NKX)
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||
Investments:
|
|||||||||||||
Municipal Bonds
|
$
|
—
|
$
|
123,860,171
|
$
|
—
|
$
|
123,860,171
|
California
|
California
|
California
|
California
|
||||||||||
Premium
|
Dividend
|
Dividend
|
Dividend
|
||||||||||
Income
|
Advantage
|
Advantage 2
|
Advantage 3
|
||||||||||
(NCU
|
)
|
(NAC
|
)
|
(NVX
|
)
|
(NZH
|
)
|
||||||
Level 3
|
Level 3
|
Level 3
|
Level 3
|
||||||||||
Municipal
|
Municipal
|
Municipal
|
Municipal
|
||||||||||
Bonds
|
Bonds
|
Bonds
|
Bonds
|
||||||||||
Balance at the beginning of period
|
$
|
2,746,970
|
$
|
1,229,601
|
$
|
766,086
|
$
|
1,261,789
|
|||||
Gains (losses):
|
|||||||||||||
Net realized gains (losses)
|
—
|
—
|
—
|
—
|
|||||||||
Net change in unrealized appreciation (depreciation)
|
690,857
|
(610,913
|
)
|
(380,621
|
)
|
(626,905
|
)
|
||||||
Purchases at cost
|
—
|
—
|
—
|
—
|
|||||||||
Sales at proceeds
|
(690,000
|
)
|
(7,431
|
)
|
(4,629
|
)
|
(7,625
|
)
|
|||||
Net discounts (premiums)
|
—
|
—
|
—
|
—
|
|||||||||
Transfers in to
|
—
|
—
|
—
|
—
|
|||||||||
Transfers out of
|
(2,747,827
|
)
|
(611,257
|
)
|
(380,836
|
)
|
(627,259
|
)
|
|||||
Balance at the end of period
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
|||||
Change in net unrealized appreciation (depreciation) during the period of Level 3 securities held as of February 29, 2012
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
106
|
Nuveen Investments
|
Insured
|
||||
California
|
||||
Premium
|
||||
Income 2
|
||||
Net Realized Gain (Loss) from Forward Swaps
|
(NCL
|
)
|
||
Risk Exposure
|
||||
Interest Rate
|
$
|
(346,971
|
)
|
Insured
|
||||
California
|
||||
Premium
|
||||
Income 2
|
||||
Change in Net Unrealized Appreciation (Depreciation) of Forward Swaps
|
(NCL
|
)
|
||
Risk Exposure
|
||||
Interest Rate
|
$
|
15,872
|
Insured California
Premium Income (NPC)
|
Insured California
Premium Income 2 (NCL)
|
||||||||||||
Year Ended
|
Year Ended
|
Year Ended
|
Year Ended
|
||||||||||
2/29/12
|
2/28/11
|
2/29/12
|
2/28/11
|
||||||||||
Common shares:
|
|||||||||||||
Issued to shareholders due
|
|||||||||||||
to reinvestment of distributions
|
7,433
|
—
|
6,877
|
2,552
|
|||||||||
Repurchased and retired
|
—
|
—
|
—
|
(1,200
|
)
|
||||||||
Weighted average Common share:
|
|||||||||||||
Price per share repurchased and retired
|
—
|
—
|
—
|
$
|
12.14
|
||||||||
Discount per share repurchased and retired
|
—
|
—
|
—
|
13.47
|
%
|
California Premium
Income (NCU)
|
California Dividend
Advantage (NAC)
|
||||||||||||
Year Ended
|
Year Ended
|
Year Ended
|
Year Ended
|
||||||||||
2/29/12
|
2/28/11
|
2/29/12
|
2/28/11
|
||||||||||
Common shares:
|
|||||||||||||
Issued to shareholders due
|
|||||||||||||
to reinvestment of distributions
|
—
|
—
|
2,968
|
—
|
|||||||||
Repurchased and retired
|
—
|
(2,400
|
)
|
—
|
—
|
||||||||
Weighted average Common share:
|
|||||||||||||
Price per share repurchased and retired
|
—
|
$
|
11.82
|
—
|
—
|
||||||||
Discount per share repurchased and retired
|
—
|
14.53
|
%
|
—
|
—
|
Nuveen Investments
|
107
|
Notes to
|
||
Financial Statements (continued)
|
California Dividend
Advantage 2 (NVX)
|
California Dividend
Advantage 3 (NZH)
|
||||||||||||
Year Ended
|
Year Ended
|
Year Ended
|
Year Ended
|
||||||||||
2/29/12
|
2/28/11
|
2/29/12
|
2/28/11
|
||||||||||
Common shares:
|
|||||||||||||
Issued to shareholders due
|
|||||||||||||
to reinvestment of distributions
|
—
|
—
|
11,313
|
8,485
|
|||||||||
Repurchased and retired
|
—
|
—
|
—
|
—
|
|||||||||
Weighted average Common share:
|
|||||||||||||
Price per share repurchased and retired
|
—
|
—
|
—
|
—
|
|||||||||
Discount per share repurchased and retired
|
—
|
—
|
—
|
—
|
Insured California Dividend
Advantage (NKL)
|
Insured California Tax-Free
Advantage (NKX)
|
||||||||||||
Year Ended
|
Year Ended
|
Year Ended
|
Year Ended
|
||||||||||
2/29/12
|
2/28/11
|
2/29/12
|
2/28/11
|
||||||||||
Common shares:
|
|||||||||||||
Issued to shareholders due
|
|||||||||||||
to reinvestment of distributions
|
9,519
|
2,873
|
1,612
|
596
|
|||||||||
Repurchased and retired
|
—
|
—
|
—
|
—
|
|||||||||
Weighted average Common share:
|
|||||||||||||
Price per share repurchased and retired
|
—
|
—
|
—
|
—
|
|||||||||
Discount per share repurchased and retired
|
—
|
—
|
—
|
—
|
Insured California
Premium Income (NPC)
|
Insured California
Premium Income 2 (NCL)
|
||||||||||||||||||||||||
Year Ended
2/29/12
|
Year Ended
2/28/11
|
Year Ended
2/29/12
|
Year Ended
2/28/11
|
||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
Shares
|
Amount
|
Shares
|
Amount
|
||||||||||||||||||
ARPS redeemed:
|
|||||||||||||||||||||||||
Series T
|
N/A
|
N/A
|
1,800
|
$
|
45,000,000
|
N/A
|
N/A
|
1,597
|
$
|
39,925,000
|
|||||||||||||||
Series TH
|
N/A
|
N/A
|
—
|
—
|
N/A
|
N/A
|
1,596
|
39,900,000
|
|||||||||||||||||
Total
|
N/A
|
N/A
|
1,800
|
$
|
45,000,000
|
N/A
|
N/A
|
3,193
|
$
|
79,825,000
|
California
Premium Income (NCU)
|
California Dividend
Advantage (NAC)
|
||||||||||||||||||||||||
Year Ended
2/29/12
|
Year Ended
2/28/11
|
Year Ended
2/29/12
|
Year Ended
2/28/11
|
||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
Shares
|
Amount
|
Shares
|
Amount
|
||||||||||||||||||
ARPS redeemed:
|
|||||||||||||||||||||||||
Series M
|
N/A
|
N/A
|
1,375
|
$
|
34,375,000
|
—
|
$
|
—
|
—
|
$
|
—
|
||||||||||||||
Series TH
|
N/A
|
N/A
|
—
|
—
|
2,710
|
67,750,000
|
—
|
—
|
|||||||||||||||||
Series F
|
N/A
|
N/A
|
—
|
—
|
2,711
|
67,775,000
|
—
|
—
|
|||||||||||||||||
Total
|
N/A
|
N/A
|
1,375
|
$
|
34,375,000
|
5,421
|
$
|
135,525,000
|
—
|
$
|
—
|
108
|
Nuveen Investments
|
California Dividend
Advantage 2 (NVX)
|
California Dividend
Advantage 3 (NZH)
|
||||||||||||||||||||||||
Year Ended
2/29/12
|
Year Ended
2/29/12
|
Year Ended
2/28/11
|
Year Ended
2/28/11
|
||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
Shares
|
Amount
|
Shares
|
Amount
|
||||||||||||||||||
ARPS redeemed:
|
|||||||||||||||||||||||||
Series M
|
799
|
$
|
19,975,000
|
1,076
|
$
|
26,900,000
|
1,389
|
$
|
34,725,000
|
—
|
$
|
—
|
|||||||||||||
Series TH
|
—
|
—
|
—
|
—
|
1,391
|
34,775,000
|
—
|
—
|
|||||||||||||||||
Series F
|
799
|
19,975,000
|
1,077
|
26,925,000
|
—
|
—
|
—
|
—
|
|||||||||||||||||
Total
|
1,598
|
$
|
39,950,000
|
2,153
|
$
|
53,825,000
|
2,780
|
$
|
69,500,000
|
—
|
$
|
—
|
Insured California
Dividend Advantage (NKL)
|
|||||||||||||
Year Ended
2/29/12
|
Year Ended
2/28/11
|
||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
||||||||||
ARPS redeemed:
|
|||||||||||||
Series T
|
2,075
|
$
|
51,875,000
|
90
|
$
|
2,250,000
|
|||||||
Series F
|
2,075
|
51,875,000
|
90
|
2,250,000
|
|||||||||
Total
|
4,150
|
$
|
103,750,000
|
180
|
$
|
4,500,000
|
California
Premium Income (NCU)
|
California Dividend
Advantage 2 (NVX)
|
||||||||||||||||||||||||
Year Ended
2/29/12
|
Year Ended
2/28/11
|
Year Ended
2/29/12
|
Year Ended
2/28/11
|
||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
Shares
|
Amount
|
Shares
|
Amount
|
||||||||||||||||||
MTP Shares issued:
|
|||||||||||||||||||||||||
Series 2014
|
—
|
$
|
—
|
—
|
$
|
—
|
4,284,630
|
$
|
42,846,300
|
—
|
$
|
—
|
|||||||||||||
Series 2015
|
—
|
—
|
3,525,000
|
35,250,000
|
—
|
—
|
5,500,000
|
55,000,000
|
|||||||||||||||||
Total
|
—
|
$
|
—
|
3,525,000
|
$
|
35,250,000
|
4,284,630
|
$
|
42,846,300
|
5,500,000
|
$
|
55,000,000
|
California Dividend
Advantage 3 (NZH)
|
|||||||||||||
Year Ended
2/29/12
|
Year Ended
2/28/11
|
||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
||||||||||
MTP Shares issued:
|
|||||||||||||
Series 2014
|
2,700,000
|
$
|
27,000,000
|
—
|
$
|
—
|
|||||||
Series 2014-1
|
4,629,450
|
46,294,500
|
—
|
—
|
|||||||||
Total
|
7,329,450
|
$
|
73,294,500
|
—
|
$
|
—
|
Insured California
Premium Income (NPC)
|
Insured California
Premium Income 2 (NCL)
|
||||||||||||||||||||||||
Year Ended
2/29/12
|
Year Ended
2/28/11
|
Year Ended
2/29/12
|
Year Ended
2/28/11
|
||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
Shares
|
Amount
|
Shares
|
Amount
|
||||||||||||||||||
VRDP Shares issued:
|
|||||||||||||||||||||||||
Series 1
|
—
|
$
|
—
|
427
|
$
|
42,700,000
|
—
|
$
|
—
|
740
|
$
|
74,000,000
|
Nuveen Investments
|
109
|
Notes to
|
||
Financial Statements (continued)
|
California
Dividend Advantage (NAC)
|
Insured California
Dividend Advantage (NKL)
|
||||||||||||||||||||||||
Year Ended
2/29/12
|
Year Ended
2/28/11
|
Year Ended
2/29/12
|
Year Ended
2/28/11
|
||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
Shares
|
Amount
|
Shares
|
Amount
|
||||||||||||||||||
VRDP Shares issued:
|
|||||||||||||||||||||||||
Series 1
|
1,362
|
$
|
136,200,000
|
—
|
$
|
—
|
1,044
|
$
|
104,400,000
|
—
|
$
|
—
|
Insured
|
Insured
|
||||||||||||
California
|
California
|
California
|
California
|
||||||||||
Premium
|
Premium
|
Premium
|
Dividend
|
||||||||||
Income
|
Income 2
|
Income
|
Advantage
|
||||||||||
(NPC
|
)
|
(NCL
|
)
|
(NCU
|
)
|
(NAC
|
)
|
||||||
Purchases
|
$
|
12,983,889
|
$
|
12,024,117
|
$
|
16,847,836
|
$
|
62,499,012
|
|||||
Sales and maturities
|
18,528,716
|
16,165,459
|
19,281,830
|
64,252,705
|
|
|
Insured
|
Insured
|
||||||||||
California
|
California
|
California
|
California
|
||||||||||
Dividend
|
Dividend
|
Dividend
|
Tax-Free
|
||||||||||
Advantage 2
|
Advantage 3
|
Advantage
|
Advantage
|
||||||||||
(NVX
|
)
|
(NZH
|
)
|
(NKL
|
)
|
(NKX
|
)
|
||||||
Purchases
|
$
|
36,098,754
|
$
|
81,633,691
|
$
|
43,559,316
|
$
|
7,965,183
|
|||||
Sales and maturities
|
38,147,419
|
83,209,836
|
46,057,683
|
7,893,115
|
Insured
|
Insured
|
||||||||||||
California
|
California
|
California
|
California
|
||||||||||
Premium
|
Premium
|
Premium
|
Dividend
|
||||||||||
Income
|
Income 2
|
Income
|
Advantage
|
||||||||||
(NPC
|
)
|
(NCL
|
)
|
(NCU
|
)
|
(NAC
|
)
|
||||||
Cost of investments
|
$
|
126,528,290
|
$
|
245,024,969
|
$
|
108,875,141
|
$
|
455,349,270
|
|||||
Gross unrealized:
|
|||||||||||||
Appreciation
|
$
|
11,907,834
|
$
|
17,458,674
|
$
|
10,350,251
|
$
|
39,816,855
|
|||||
Depreciation
|
(387,998
|
)
|
(338,616
|
)
|
(586,753
|
)
|
(13,189,771
|
)
|
|||||
Net unrealized appreciation (depreciation) of investments
|
$
|
11,519,836
|
$
|
17,120,058
|
$
|
9,763,498
|
$
|
26,627,084
|
110
|
Nuveen Investments
|
Insured
|
Insured
|
||||||||||||
California
|
California
|
California
|
California
|
||||||||||
Dividend
|
Dividend
|
Dividend
|
Tax-Free
|
||||||||||
Advantage 2
|
Advantage 3
|
Advantage
|
Advantage
|
||||||||||
(NVX
|
)
|
(NZH
|
)
|
(NKL
|
)
|
(NKX
|
)
|
||||||
Cost of investments
|
$
|
300,581,480
|
$
|
463,612,399
|
$
|
320,549,062
|
$
|
116,755,749
|
|||||
Gross unrealized:
|
|||||||||||||
Appreciation
|
$
|
24,871,158
|
$
|
30,783,299
|
$
|
27,128,588
|
$
|
6,269,924
|
|||||
Depreciation
|
(7,115,399
|
)
|
(10,134,576
|
)
|
(4,160,520
|
)
|
(2,523,009
|
)
|
|||||
Net unrealized appreciation (depreciation) of investments
|
$
|
17,755,759
|
$
|
20,648,723
|
$
|
22,968,068
|
$
|
3,746,915
|
Insured
|
Insured
|
||||||||||||
California
|
California
|
California
|
California
|
||||||||||
Premium
|
Premium
|
Premium
|
Dividend
|
||||||||||
Income
|
Income 2
|
Income
|
Advantage
|
||||||||||
(NPC
|
)
|
(NCL
|
)
|
(NCU
|
)
|
(NAC
|
)
|
||||||
Paid-in-surplus
|
$
|
(394,792
|
)
|
$
|
(313,044
|
)
|
$
|
(168,169
|
)
|
$
|
(12,769
|
)
|
|
Undistributed (Over-distribution of) net investment income
|
326,653
|
303,083
|
163,997
|
(69,999
|
)
|
||||||||
Accumulated net realized gain (loss)
|
68,139
|
9,961
|
4,172
|
82,768
|
Insured
|
Insured
|
||||||||||||
California
|
California
|
California
|
California
|
||||||||||
Dividend
|
Dividend
|
Dividend
|
Tax-Free
|
||||||||||
Advantage 2
|
Advantage 3
|
Advantage
|
Advantage
|
||||||||||
(NVX
|
)
|
(NZH
|
)
|
(NKL
|
)
|
(NKX
|
)
|
||||||
Paid-in-surplus
|
$
|
(490,135
|
)
|
$
|
(1,066,267
|
)
|
$
|
(29,745
|
)
|
$
|
(152,353
|
)
|
|
Undistributed (Over-distribution of) net investment income
|
487,003
|
730,602
|
(53,141
|
)
|
148,013
|
||||||||
Accumulated net realized gain (loss)
|
3,132
|
335,665
|
82,886
|
4,340
|
Insured
|
Insured
|
||||||||||||
California
|
California
|
California
|
California
|
||||||||||
Premium
|
Premium
|
Premium
|
Dividend
|
||||||||||
Income
|
Income 2
|
Income
|
Advantage
|
||||||||||
(NPC
|
)
|
(NCL
|
)
|
(NCU
|
)
|
(NAC
|
)
|
||||||
Undistributed net tax-exempt income *
|
$
|
1,963,940
|
$
|
3,870,061
|
$
|
1,798,508
|
$
|
8,081,307
|
|||||
Undistributed net ordinary income **
|
—
|
7,581
|
—
|
49,220
|
|||||||||
Undistributed net long-term capital gains
|
490,487
|
—
|
—
|
—
|
Insured
|
Insured
|
||||||||||||
California
|
California
|
California
|
California
|
||||||||||
Dividend
|
Dividend
|
Dividend
|
Tax-Free
|
||||||||||
Advantage 2
|
Advantage 3
|
Advantage
|
Advantage
|
||||||||||
(NVX
|
)
|
(NZH
|
)
|
(NKL
|
)
|
(NKX
|
)
|
||||||
Undistributed net tax-exempt income *
|
$
|
4,680,509
|
$
|
4,535,787
|
$
|
5,438,634
|
$
|
1,584,639
|
|||||
Undistributed net ordinary income **
|
50,953
|
50,691
|
—
|
—
|
|||||||||
Undistributed net long-term capital gains
|
—
|
—
|
394,520
|
—
|
*
|
Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on February 1, 2012, paid on March 1, 2012.
|
**
|
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
|
Nuveen Investments
|
111
|
Notes to
|
||
Financial Statements (continued)
|
Insured
|
Insured
|
||||||||||||
California
|
California
|
California
|
California
|
||||||||||
Premium
|
Premium
|
Premium
|
Dividend
|
||||||||||
Income
|
Income 2
|
Income
|
Advantage
|
||||||||||
2012
|
(NPC
|
)
|
(NCL
|
)
|
(NCU
|
)
|
(NAC
|
)
|
|||||
Distributions from net tax-exempt income***
|
$
|
5,740,015
|
$
|
11,401,551
|
$
|
5,690,713
|
$
|
21,712,743
|
|||||
Distributions from net ordinary income **
|
154,979
|
149,438
|
—
|
105,661
|
|||||||||
Distributions from net long-term capital gains****
|
502,357
|
—
|
—
|
—
|
|
|
Insured
|
Insured
|
||||||||||
California
|
California
|
California
|
California
|
||||||||||
Dividend
|
Dividend
|
Dividend
|
Tax-Free
|
||||||||||
Advantage 2
|
Advantage 3
|
Advantage
|
Advantage
|
||||||||||
2012
|
(NVX
|
)
|
(NZH
|
)
|
(NKL
|
)
|
(NKX
|
)
|
|||||
Distributions from net tax-exempt income***
|
$
|
16,164,056
|
$
|
25,521,629
|
$
|
15,045,390
|
$
|
4,948,448
|
|||||
Distributions from net ordinary income **
|
—
|
—
|
80,899
|
—
|
|||||||||
Distributions from net long-term capital gains****
|
—
|
—
|
—
|
—
|
Insured
|
Insured
|
||||||||||||
California
|
California
|
California
|
California
|
||||||||||
Premium
|
Premium
|
Premium
|
Dividend
|
||||||||||
Income
|
Income 2
|
Income
|
Advantage
|
||||||||||
2011
|
(NPC
|
)
|
(NCL
|
)
|
(NCU
|
)
|
(NAC
|
)
|
|||||
Distributions from net tax-exempt income
|
$
|
5,686,773
|
$
|
11,251,372
|
$
|
5,256,853
|
$
|
21,325,264
|
|||||
Distributions from net ordinary income **
|
—
|
—
|
—
|
—
|
|||||||||
Distributions from net long-term capital gains
|
180,380
|
—
|
—
|
—
|
Insured
|
Insured
|
||||||||||||
California
|
California
|
California
|
California
|
||||||||||
Dividend
|
Dividend
|
Dividend
|
Tax-Free
|
||||||||||
Advantage 2
|
Advantage 3
|
Advantage
|
Advantage
|
||||||||||
2011
|
(NVX
|
)
|
(NZH
|
)
|
(NKL
|
)
|
(NKX
|
)
|
|||||
Distributions from net tax-exempt income
|
$
|
14,738,103
|
$
|
24,545,542
|
$
|
14,593,850
|
$
|
4,850,289
|
|||||
Distributions from net ordinary income **
|
—
|
—
|
—
|
—
|
|||||||||
Distributions from net long-term capital gains
|
—
|
—
|
—
|
—
|
**
|
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
|
***
|
The Funds hereby designate these amounts paid during the fiscal year ended February 29, 2012, as Exempt Interest Dividends.
|
****
|
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 29, 2012.
|
Insured
|
Insured
|
||||||||||||||||||
California
|
California
|
California
|
California
|
California
|
California
|
||||||||||||||
Premium
|
Premium
|
Dividend
|
Dividend
|
Dividend
|
Tax-Free
|
||||||||||||||
Income 2
|
Income
|
Advantage
|
Advantage 2
|
Advantage 3
|
Advantage
|
||||||||||||||
(NCL
|
)
|
(NCU
|
)
|
(NAC
|
)
|
(NVX
|
)
|
(NZH
|
)
|
(NKX
|
)
|
||||||||
Expiration:
|
|||||||||||||||||||
February 29, 2016
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
3,869,938
|
$
|
—
|
|||||||
February 28, 2017
|
—
|
59,969
|
10,106,897
|
—
|
4,536,999
|
451,000
|
|||||||||||||
February 28, 2018
|
1,035,810
|
881,108
|
731,149
|
705,843
|
10,646,251
|
530,894
|
|||||||||||||
February 28, 2019
|
—
|
—
|
—
|
—
|
1,340,157
|
—
|
|||||||||||||
Total
|
$
|
1,035,810
|
$
|
941,077
|
$
|
10,838,046
|
$
|
705,843
|
$
|
20,393,345
|
$
|
981,894
|
112
|
Nuveen Investments
|
Insured
California
Premium
Income 2
(NCL
|
) |
Insured
California
Dividend
Advantage
(NKL
|
) |
Insured
California
Tax-Free
Advantage
(NKX
|
) | |||||
Utilized capital loss carryforwards
|
$
|
408,471
|
$
|
1,350,995
|
$
|
34,298
|
California
Premium
Income
(NCU
|
) |
California
Dividend
Advantage
(NAC
|
) |
California
Dividend
Advantage 2
(NVX
|
) |
California
Dividend
Advantage 3
(NZH
|
) | ||||||
Post-enactment losses
|
|||||||||||||
Short-term
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
|||||
Long-term
|
1,569
|
5,081,879
|
345,491
|
1,853,006
|
California
Premium
Income
(NCU
|
) |
California
Dividend
Advantage
(NAC
|
) |
California
Dividend
Advantage 2
(NVX
|
) |
California
Dividend
Advantage 3
(NZH
|
) | ||||||
Post-October capital losses
|
$
|
72,731
|
$
|
2,438,655
|
$
|
808,072
|
$
|
3,922,013
|
|||||
Late-year ordinary losses
|
—
|
—
|
—
|
—
|
Nuveen Investments
|
113
|
Notes to
|
||
Financial Statements (continued)
|
Insured California Premium Income (NPC
|
) | |||
Insured California Premium Income 2 (NCL
|
) | |||
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 | ) | |||
Insured California Dividend Advantage (NKL | ) | |||
Insured California Tax-Free Advantage (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 financial leverage. For these purposes, financial 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 29, 2012, the complex-level fee rate for these Funds was .1724%. |
114
|
Nuveen Investments
|
Year Ending
March 31,
|
Year Ending
March 31,
|
||||
2001*
|
.30
|
%
|
2007
|
.25
|
%
|
2002
|
.30
|
2008
|
.20
|
||
2003
|
.30
|
2009
|
.15
|
||
2004
|
.30
|
2010
|
.10
|
||
2005
|
.30
|
2011
|
.05
|
||
2006
|
.30
|
Year Ending
September 30,
|
Year Ending
September 30,
|
||||
2001*
|
.30
|
%
|
2007
|
.25
|
%
|
2002
|
.30
|
2008
|
.20
|
||
2003
|
.30
|
2009
|
.15
|
||
2004
|
.30
|
2010
|
.10
|
||
2005
|
.30
|
2011
|
.05
|
||
2006
|
.30
|
Year Ending
March 31,
|
Year Ending
March 31,
|
||||
2002*
|
.30
|
%
|
2008
|
.25
|
%
|
2003
|
.30
|
2009
|
.20
|
||
2004
|
.30
|
2010
|
.15
|
||
2005
|
.30
|
2011
|
.10
|
||
2006
|
.30
|
2012
|
.05
|
||
2007
|
.30
|
Nuveen Investments
|
115
|
Notes to
|
||
Financial Statements (continued)
|
116
|
Nuveen Investments
|
The management of the Funds, including general supervision of the duties performed for the Funds by the Adviser, is the responsibility of the board members of the Funds. The number of board members of the Funds is currently set at ten. None of the board members who are not “interested” persons of the Funds (referred to herein as “independent board members”) has ever been a director or employee of, or consultant to, Nuveen or its affiliates. The names and business addresses of the board members and officers of the Funds, their principal occupations and other affiliations during the past five years, the number of portfolios each oversees and other directorships they hold are set forth below.
|
Name,
Birthdate
& Address
|
Position(s)
Held with the Funds
|
Year First
Elected or
Appointed
and Term(1)
|
Principal
Occupation(s)
including other
Directorships
During Past 5 Years
|
Number
of Portfolios
in Fund Complex
Overseen by
Board Member
|
|||||
Independent Board Members:
|
|||||||||
■
|
ROBERT P. BREMNER
8/22/40
333 W. Wacker Drive
Chicago, IL 60606
|
Chairman of
the Board
and 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.
|
235
|
||||
■
|
JACK B. EVANS
10/22/48
333 W. Wacker Drive
Chicago, IL 60606
|
Board Member
|
1999
Class III
|
President, The Hall-Perrine Foundation, a private philanthropic corporation (since 1996); Director and Chairman, United Fire Group, a publicly held company; member of the Board of Regents for the State of Iowa University System; Director, Source Media Group; Life Trustee of Coe College and the Iowa College Foundation; 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.
|
235
|
||||
■
|
WILLIAM C. HUNTER
3/6/48
333 W. Wacker Drive
Chicago, IL 60606
|
Board Member
|
2004
Class I
|
Dean, Tippie College of Business, University of Iowa (since 2006); Director (since 2004) of Xerox Corporation; Director (since 2005), Beta Gamma Sigma 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.
|
235
|
||||
■
|
DAVID J. KUNDERT
10/28/42
333 W. Wacker Drive
Chicago, IL 60606
|
Board Member
|
2005
Class II
|
Director, Northwestern Mutual Wealth Management Company; 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; Member, Board of Regents, 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.
|
235
|
||||
■
|
WILLIAM J. SCHNEIDER
9/24/44
333 W. Wacker Drive
Chicago, IL 60606
|
Board Member
|
1996
Class III
|
Chairman of Miller-Valentine Partners Ltd., a real estate investment company; formerly, Senior Partner and Chief Operating Officer(retired 2004) of Miller-Valentine Group; member, University of Dayton Business School Advisory Council; member, Mid-America Health System Board; formerly, member and chair, Dayton Philharmonic Orchestra Association; formerly, member, Business Advisory Council, Cleveland Federal Reserve Bank.
|
235
|
Nuveen Investments
|
117
|
Name,
Birthdate
& Address
|
Position(s) Held
with the Funds
|
Year First
Elected or
Appointed
and Term(1)
|
Principal
Occupation(s)
Including other
Directorships
During Past 5 Years
|
Number
of Portfolios
in Fund Complex
Overseen by
Board Member
|
|||||
Independent Board Members:
|
|||||||||
■
|
JUDITH M. STOCKDALE
12/29/47
333 W. Wacker Drive
Chicago, IL 60606
|
Board Member
|
1997
Class I
|
Executive Director, Gaylord and Dorothy Donnelley Foundation (since 1994); prior thereto, Executive Director, Great Lakes Protection Fund (1990-1994).
|
235
|
||||
|
|||||||||
■
|
CAROLE E. STONE
6/28/47
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); formerly, Commissioner, New York State Commission on Public Authority Reform (2005-2010); formerly, Chair, New York Racing Association Oversight Board (2005-2007).
|
235
|
||||
■
|
VIRGINIA L. STRINGER
8/16/44
333 W. Wacker Drive
Chicago, IL 60606
|
Board Member
|
2011
|
Board Member, Mutual Fund Directors Forum; Member, Governing Board, Investment Company Institute’s Independent Directors Council; governance consultant and non-profit board member; former Owner and President, Strategic Management Resources, Inc. a management consulting firm; 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).
|
235
|
||||
■
|
TERENCE J. TOTH
9/29/59
333 W. Wacker Drive
Chicago, IL 60606
|
Board Member
|
2008
Class II
|
Director, Legal & General Investment Management America, Inc. (since 2008); Managing Partner, Promus Capital (since 2008);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: Goodman Theatre Board (since 2004), Chicago Fellowship Board (since 2005) and Catalyst Schools of Chicago Board (since 2008); 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).
|
235
|
||||
Interested Board Member:
|
|||||||||
■
|
JOHN P. AMBOIAN(2)
6/14/61
333 W. Wacker Drive
Chicago, IL 60606
|
Board Member
|
2008
Class II
|
Chief Executive Officer and Chairman (since 2007) and Director (since 1999) of Nuveen Investments, Inc., formerly, President (1999-2007);Chief Executive Officer (since 2007) of Nuveen Investments Advisers, Inc.; Director (since 1998) formerly, Chief Executive Officer (2007-2010) of Nuveen Fund Advisors, Inc.
|
235
|
118
|
Nuveen Investments
|
Name,
Birthdate
and Address
|
Position(s) Held
with the Funds
|
Year First
Elected or
Appointed(3)
|
Principal
Occupation(s)
During Past 5 Years
|
Number
of Portfolios
in Fund Complex
Overseen by Officer
|
|||||
Officers of the Funds: | |||||||||
■
|
GIFFORD R. ZIMMERMAN
9/9/56
333 W. Wacker Drive
Chicago, IL 60606
|
Chief
Administrative
Officer
|
1988
|
Managing Director (since 2002), Assistant Secretary and Associate General Counsel 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, Inc.; 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 Inc. (since 2010) Chief Administrative Officer and Chief Compliance Officer (since 2010) of Nuveen Commodities Asset Management, LLC; Chartered Financial Analyst.
|
235
|
||||
■
|
WILLIAM ADAMS IV
6/9/55
333 W. Wacker Drive
Chicago, IL 60606
|
Vice President
|
2007
|
Senior Executive Vice President, Global Structured Products (since 2010), formerly, Executive Vice President (1999-2010) of Nuveen Securities, LLC; Co-President of Nuveen Fund Advisors, Inc. (since 2011); formerly, Managing Director (2010-2011) of Nuveen Commodities Asset Management, LLC.
|
133
|
||||
■
|
CEDRIC H. ANTOSIEWICZ
1/11/62
333 W. Wacker Drive
Chicago, IL 60606
|
Vice President
|
2007
|
Managing Director of Nuveen Securities, LLC.
|
133
|
||||
■
|
MARGO L. COOK
4/11/64
333 W. Wacker Drive
Chicago, IL 60606
|
Vice President
|
2009
|
Executive Vice President (since 2008) of Nuveen Investments, Inc. and of Nuveen Fund Advisors, Inc. (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.
|
235
|
||||
■
|
LORNA C. FERGUSON
10/24/45
333 W. Wacker Drive
Chicago, IL 60606
|
Vice President
|
1998
|
Managing Director (since 2005) of Nuveen Fund Advisors, Inc. and Nuveen Securities, LLC (since 2004).
|
235
|
||||
■
|
STEPHEN D. FOY
5/31/54
333 W. Wacker Drive
Chicago, IL 60606
|
Vice President
and Controller
|
1998
|
Senior Vice President (since 2010), formerly, Vice President (2005-2010) and Funds Controller of Nuveen Securities, LLC; Vice President of Nuveen Fund Advisors, Inc.; Chief Financial Officer of Nuveen Commodities Asset Management, LLC; (since 2010) Certified Public Accountant.
|
235
|
Nuveen Investments
|
119
|
Name,
Birthdate
and Address
|
Position(s) Held
with the Funds
|
Year First
Elected or
Appointed(3)
|
Principal
Occupation(s)
During Past 5 Years
|
Number
of Portfolios
in Fund Complex
Overseen
by Officer
|
|||||
Officers of the Funds:
|
|||||||||
■
|
SCOTT S. GRACE
8/20/70
333 W. Wacker Drive
Chicago, IL 60606
|
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, Inc., Nuveen Investment Solutions, Inc., 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, Inc.; 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.
|
235
|
||||
■
|
WALTER M. KELLY
2/24/70
333 W. Wacker Drive
Chicago, IL 60606
|
Chief Compliance
Officer and
Vice President
|
2003
|
Senior Vice President (since 2008) and Assistant Secretary (since 2003) of Nuveen Fund Advisors, Inc.
|
235
|
||||
■
|
TINA M. LAZAR
8/27/61
333 W. Wacker Drive
Chicago, IL 60606
|
Vice President
|
2002
|
Senior Vice President (since 2010), formerly, Vice President (2005-2010) of Nuveen Fund Advisors, Inc.
|
235
|
||||
■
|
KEVIN J. MCCARTHY
3/26/66
333 W. Wacker Drive
Chicago, IL 60606
|
Vice President
and Secretary
|
2007
|
Managing Director (since 2008), formerly, Vice President (2007-2008), Nuveen Securities, LLC; Managing Director (since 2008), Assistant Secretary (since 2007) and Co-General Counsel (since 2011)of Nuveen Fund Advisors, Inc.; 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, Inc. (since 2010); Vice President and Secretary (since 2010) of Nuveen Commodities Asset Management, LLC; prior thereto, Partner, Bell, Boyd & Lloyd LLP (1997-2007).
|
235
|
120
|
Nuveen Investments
|
Name,
Birthdate
and Address
|
Position(s) Held
with the Funds
|
Year First
Elected or
Appointed(3)
|
Principal
Occupation(s)
During Past 5 Years
|
Number
of Portfolios
in Fund Complex
Overseen
by Officer
|
|||||
Officers of the Funds:
|
|||||||||
■
|
KATHLEEN L. PRUDHOMME
3/30/53
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, Inc.; 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).
|
235
|
(1)
|
For California Premium Income (NCU), California Dividend Advantage (NAC), California Dividend Advantage 2 (NVX), California Dividend Advantage 3 (NZH), Insured California Dividend Advantage (NKL) and Insured California Tax-Free Advantage (NKX), 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. For Insured California Premium Income (NPC) and Insured California Premium Income 2 (NCL), the Board Members serve a one year term to serve until the next annual meeting or until their successors shall have been duly elected and qualified. 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)
|
Mr. Amboian is an interested trustee because of his position with Nuveen Investments, Inc. and certain of its subsidiaries, which are affiliates of the Nuveen Funds.
|
(3)
|
Officers serve one year terms through August of each year. The year first elected or appointed represents the year in which the Officer was first elected or appointed to any fund in the Nuveen Complex.
|
Nuveen Investments
|
121
|
122
|
Nuveen Investments
|
Nuveen Investments
|
123
|
■
|
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.
|
■
|
Average Effective Maturity: The market-value-weighted average of the effective maturity dates of the individual securities including cash. In the case of a bond that has been advance-refunded to a call date, the effective maturity is the date on which the bond is scheduled to be redeemed using the proceeds of an escrow account. In most other cases the effective maturity is the stated maturity date of the security.
|
■
|
Effective Leverage: Effective leverage is a Fund’s effective economic leverage, and includes both regulatory leverage (see below) 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.
|
■
|
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: Using borrowed money to invest in securities or other assets, seeking to increase the return of an investment or portfolio.
|
124
|
Nuveen Investments
|
■
|
Leverage-Adjusted 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. Leverage-adjusted duration takes into account the leveraging process for a Fund and therefore is longer than the duration of the Fund’s portfolio of bonds.
|
■
|
Lipper California Municipal Debt Funds Classification Average: Calculated using the returns of all closed-end funds in this category for each period as follows: 1-year,7 funds; 5-year, 7 funds; and 10-year, 4 funds. Lipper returns account for the effects of management fees and assume reinvestment of distributions, but do not reflect any applicable sales charges. The Lipper average is not available for direct investment.
|
■
|
Lipper Single-State Insured Municipal Debt Funds Classification Average: Calculated using the returns of all closed-end funds in this category for each period as follows: 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.
|
■
|
Market Yield (also known as Dividend Yield or Current Yield): An investment’s current annualized dividend divided by its current market price.
|
■
|
Net Asset Value (NAV): The net market value of all securities held in a portfolio.
|
■
|
Net Asset Value (NAV) Per Share: The market value of one share of a mutual fund or closed-end fund. For a Fund, the NAV is calculated daily by taking the Fund’s total assets (securities, cash, and accrued earnings), subtracting the Fund’s liabilities, and dividing by the number of shares outstanding.
|
■
|
Pre-Refunding: Pre-Refunding, also known as advanced refundings or refinancings, is a procedure used by state and local governments to refinance municipal bonds to lower interest expenses. The issuer sells new bonds with a lower yield and uses the proceeds to buy U.S. Treasury securities, the interest from which is used to make payments on the higher-yielding bonds. Because of this collateral, pre-refunding generally raises a bond’s credit rating and thus its value.
|
■
|
Regulatory Leverage: Regulatory leverage consists of preferred shares issued by or borrowings of a fund. Both of these are part of a Fund’s capital structure. Regulatory leverage is sometimes referred to as “‘40 Act Leverage” and is subject to asset coverage limits set in the Investment Company Act of 1940.
|
■
|
Standard & Poor’s (S&P) California Municipal Bond Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment California municipal bond market, respectively. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees. It is not possible to invest directly in an index.
|
Nuveen Investments
|
125
|
■
|
Standard & Poor’s (S&P) Insured National Municipal Bond Index: An unleveraged, market value-weighted index designed to measure the performance of the insured segment of the U.S. municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees. It is not possible to invest directly in an index.
|
■
|
Standard & Poor’s (S&P) National 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. It is not possible to invest directly in an index.
|
■
|
Taxable-Equivalent Yield: The yield necessary from a fully taxable investment to equal, on an after-tax basis, the yield of a municipal bond investment.
|
■
|
Zero Coupon Bond: 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.
|
126
|
Nuveen Investments
|
Fund
|
Common Shares
Repurchased
|
Preferred Shares
Redeemed
|
|||||
NPC
|
—
|
—
|
|||||
NCL
|
—
|
—
|
|||||
NCU
|
—
|
—
|
|||||
NAC
|
—
|
5,421
|
|||||
NVX
|
—
|
1,598
|
|||||
NZH
|
—
|
2,780
|
|||||
NKL
|
—
|
4,150
|
|||||
NKX
|
—
|
—
|
Nuveen Investments
|
127
|
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 29, 2012
|
$ | 21,200 | $ | 12,500 | $ | 0 | $ | 0 | |||||||
Percentage approved
|
0 | % | 0 | % | 0 | % | 0 | % | |||||||
pursuant to
|
|||||||||||||||
pre-approval
|
|||||||||||||||
exception
|
|||||||||||||||
February 28, 2011
|
$ | 18,200 | $ | 6,250 | $ | 0 | $ | 850 | |||||||
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 and are not reported under "Audit Fees".
|
|||||||||||||||
3 "Tax Fees" are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning.
|
|||||||||||||||
4 "All Other Fees" are the aggregate fees billed for products and services for agreed upon procedures engagements performed for leveraged funds.
|
Fiscal Year Ended
|
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
|
|
Service Providers
|
Service Providers
|
Service Providers
|
|
February 29, 2012
|
$ 0
|
$ 0
|
$ 0
|
Percentage approved
|
0%
|
0%
|
0%
|
pursuant to
|
|||
pre-approval
|
|||
exception
|
|||
February 28, 2011
|
$ 0
|
$ 0
|
$ 0
|
Percentage approved
|
0%
|
0%
|
0%
|
pursuant to
|
|||
pre-approval
|
|||
exception
|
Fiscal Year Ended
|
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
|
||
Billed to Fund
|
reporting of the Fund)
|
engagements)
|
Total
|
|
February 29, 2012
|
$ 0
|
$ 0
|
$ 0
|
$ 0
|
February 28, 2011
|
$ 850
|
$ 0
|
$ 0
|
$ 850
|
"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.
|
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
|
31
|
$6.49 billion
|
Other Pooled Investment Vehicles
|
0
|
$0
|
|
Other Accounts
|
2
|
$1.026 million
|
*
|
Assets are as of February 29, 2012. None of the assets in these accounts are subject to an advisory fee based on performance.
|
Item 8(a)(3).
|
FUND MANAGER COMPENSATION
|
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
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Scott R. Romans
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Nuveen California Dividend Advantage Municipal Fund 2
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$0
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$0
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(a)
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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)).
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(b)
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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.
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(a)(1)
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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 and there were no amendments during the period covered by this report. (To view the code, click on Fund Governance and then Code of Conduct.)
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(a)(2)
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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.
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(a)(3)
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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.
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(b)
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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.
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