nvx.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-10197

Nuveen California Dividend Advantage Municipal Fund 2
(Exact name of registrant as specified in charter)

Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
(Address of principal executive offices) (Zip code)

Kevin J. McCarthy
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
(Name and address of agent for service)

Registrant's telephone number, including area code: (312) 917-7700

Date of fiscal year end: February 28

Date of reporting period: August 31, 2015

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss. 3507.


 
 

 


ITEM 1. REPORTS TO STOCKHOLDERS.



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Table of Contents
 
Chairman's Letter to Shareholders
 
4
     
Portfolio Manager's Comments
 
5
     
Fund Leverage
 
7
     
Common Share Information
 
9
     
Risk Considerations
 
11
     
Performance Overview and Holding Summaries
 
12
     
Portfolios of Investments
 
18
     
Statement of Assets and Liabilities
 
71
     
Statement of Operations
 
73
     
Statement of Changes in Net Assets
 
75
     
Statement of Cash Flows
 
77
     
Financial Highlights
 
78
     
Notes to Financial Statements
 
86
     
Additional Fund Information
 
100
     
Glossary of Terms Used in this Report
 
101
     
Reinvest Automatically, Easily and Conveniently
 
103
     
Annual Investment Management Agreement Approval Process
 
104

Nuveen Investments
 
3

Chairman's Letter to Shareholders
Dear Shareholders,
For better or for worse, the financial markets have spent the past year waiting for the U.S. Federal Reserve (Fed) to end its accommodative monetary policy. The policy has propped up stock and bond markets since the Great Recession, but the question remains: how will markets behave without its influence? This uncertainty has been a considerable source of volatility for stock and bond prices lately, despite the Fed carefully conveying its intention to raise rates slowly and only when the economy shows evidence of readiness.
There may be at least one rate hike before the end of 2015. After all, the U.S. has reached "full employment" by the Fed's standards and growth has resumed-albeit unevenly. But the picture remains somewhat uncertain. Inflation has remained stubbornly low, most recently weighed down by an unexpectedly sharp decline in commodity prices since mid-2014. With the Fed poised to tighten and foreign central banks easing, the U.S. dollar has surged against other currencies, which has weighed on corporate earnings and further contributed to commodity price weakness. U.S. consumers have benefited from an improved labor market and lower prices at the gas pump, but the overall pace of economic expansion has been lackluster.
Nevertheless, the global recovery continues to be led by the United States. Policy makers around the world are deploying their available tools to try to bolster Europe and Japan's fragile growth, and manage China's slowdown. Contagion fears ebb and flow with the headlines about Greece and China. Greece reluctantly agreed to a third bailout package from the European Union in July and China's central bank and government intervened aggressively to try to stem the sell-off in stock prices. But persistent structural problems in these economies will continue to garner market attention.
Wall Street is fond of saying "markets don't like uncertainty," and asset prices are likely to continue to churn in the current macro environment. In times like these, you can look to a professional investment manager with the experience and discipline to maintain the proper perspective on short-term events. And if the daily headlines do concern you, I encourage you to reach out to your financial advisor. Your financial advisor can help you evaluate your investment strategies in light of current events, your time horizon and risk tolerance. On behalf of the other members of the Nuveen Fund Board, we look forward to continuing to earn your trust in the months and years ahead.
Sincerely,
William J. Schneider
Chairman of the Board
October 26, 2015
 
4
 
Nuveen Investments

Portfolio Manager's Comments
Nuveen California Municipal Value Fund, Inc. (NCA)
Nuveen California Municipal Value Fund 2 (NCB)
Nuveen California AMT-Free Municipal Income Fund (NKX)
Nuveen California Dividend Advantage Municipal Fund (NAC)
Nuveen California Dividend Advantage Municipal Fund 2 (NVX)
Nuveen California Dividend Advantage Municipal Fund 3 (NZH)
These Funds feature portfolio management by Nuveen Asset Management, LLC, an affiliate of Nuveen Investments, Inc. Portfolio manager Scott R. Romans, PhD, reviews key investment strategies and the six-month performance of these Nuveen California Municipal Funds. Scott has managed NCA, NKX, NAC, NVX and NZH since 2003 and NCB since its inception in 2009.
What key strategies were used to manage these California Funds during the six-month reporting period ended August 31, 2015?
Despite the municipal bond market's considerable price gyrations during the six months, yields ended the reporting period nearly where they started. The U.S. Federal Reserve (Fed) kept the target fed funds rate near zero throughout this reporting period, anchoring rates on the short end of the yield curve and keeping the yield curve steep. In general, California municipal bonds outpaced the overall municipal market return for the reporting period. We continued to take a bottom-up approach to discovering sectors that appeared undervalued as well as individual credits that had the potential to perform well over the long term.
We continued to find opportunities to purchase bonds in both the primary and secondary markets that helped keep the Funds fully invested. Overall, our emphasis in purchase activity was on relative value and credit quality, rather than sector. When considering the purchase of a lower rated bond or a slightly less liquid issue, we looked carefully at the compensation offered by the bond in question relative to its credit quality and to other opportunities available in the market. The combination of this reporting period's range-bound volatility and an increase in issuance encouraged municipal issuers to price new issues somewhat more favorably to investors. As a result, this environment provided attractive opportunities to replace some of the 4% and 5% coupon bonds that had been bought at significant premiums for similar structures offering better relative value. These transactions helped bolster the Funds' income distribution capabilities, as well as improve the tax efficiency of the overall portfolios. On a sector basis, in our view one sector wasn't necessarily more appealing than another during this reporting period. But we found the most relative value in the A rated category, which included additions in the higher education and health care sectors, as these sectors tend to have a higher proportion of A rated credits. Especially in the primary market, A rated bonds featured better pricing relative to BBB and AA rated credits. We continued to be more selective within the lower credit quality segments of the market (BBB and below investment grade), as yield spreads on lower rated bonds began to tighten.
Some of the shorter-term, more tactical strategies implemented during this reporting period included increasing exposure to high grade bonds (AA rated, AAA rated, or both). These positions helped keep the Funds fully invested and were intended as short-term holdings that could be easily sold when proceeds were needed to fund a new purchase. We also bought some new issue, 4% coupon structures when the spreads between 4% and 5% coupon bonds were wide, and sold them into the secondary market as spreads tightened. In some of the Funds, we sold tobacco bonds for structures with similar income distribution profiles but less risk.

Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio manager as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements, and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor's (S&P), Moody's Investors Service, Inc. (Moody's) or Fitch, Inc. (Fitch). Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below investment grade ratings. Certain bonds backed by U.S. government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
Bond insurance guarantees only the payment of principal and interest on the bond when due, and not the value of the bonds themselves, which will fluctuate with the bond market and the financial success of the issuer and the insurer. Insurance relates specifically to the bonds in the portfolio and not to the share prices of a Fund. No representation is made as to the insurers' ability to meet their commitments.
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
 
Nuveen Investments
 
5

Portfolio Manager's Comments (continued)
Cash for purchases was generated primarily by proceeds from called and matured bonds, which we worked to redeploy to keep the Funds fully invested and support their income streams. As with buying, the Funds' sales did not exhibit a clear sector pattern during this reporting period. When cash was needed to fund a purchase, we looked to sell bonds callable within the subsequent six months. Demand from retail investors for shorter call bonds helped bid up their prices, making them more attractive sale candidates for the Funds. The Funds then reinvested the proceeds into bonds with longer call structures.
As of August 31, 2015, all six of these Funds continued to use inverse floating rate securities. We employ inverse floaters for a variety of reasons, including duration management, income enhancement and total return enhancement.
How did the California Funds perform during the six-month reporting period ended August 31, 2015?
The tables in each Fund's Performance Overview and Holding Summaries section of this report provide the Funds' total returns for the Funds for the six-month, one-year, five-year, ten-year and/or since inception periods ended August 31, 2015. Each Fund's total returns at net asset value (NAV) are compared with the performance of corresponding market indexes and a Lipper classification average.
For the six months ended August 31, 2015, the total return at common share NAV for NCA, NCB, NAC and NVX trailed the return for the S&P Municipal Bond California Index, while NKX and NZH exceeded the state index return, and all six Funds outperformed the national S&P Municipal Bond Index. For the same period, NKX and NZH beat the average return for the Lipper California Municipal Debt Funds Classification Average, while NCA, NCB, NAC and NVX lagged the Lipper average.
Key management factors that influenced the Funds' returns during this reporting period included credit exposure and sector allocation. Duration and yield curve positioning had a negligible impact on returns during this period. In addition, the use of leverage was an important factor in performance. Among the primary reasons that the returns of NCA and NCB lagged those of the other Funds for this reporting period was that these two Funds do not use regulatory leverage. Leverage is discussed in more detail later in this report.
During this reporting period, lower rated bonds generally outperformed those with higher ratings in California's municipal market. Improving credit fundamentals helped support investor demand for lower rated bonds in the state. In addition to the upgrade in state general obligation bonds, evidence of a turnaround in other sectors further contributed to the stronger relative performance of the lower rated segments. For example, health care bonds benefited from an increase in health care utilization, driven by the improving jobs market. Improvements in the assessed value of California real estate along with an easing of uncertainty about the state's tax allocation sector boosted trading volumes for real estate-related bonds, notably special tax districts, community facilities districts and incremental tax districts. The Funds' overweights to BBB rated, below investment grade and non-rated bonds were beneficial to performance, as were their underweights to AAA and AA rated bonds.
Sector allocation had a modest impact on performance. The tobacco sector was the best performing sector in the California municipal market during this reporting period, as the sector's lower credit quality and higher yields remained in favor with investors. The housing sector also performed strongly, supported by rebounding real estate values and the improving housing market. Tax increment bonds were another leading sector in the State's market. These bonds, which are used to finance infrastructure and redevelopment projects, have benefited from expanding trading volumes after political issues overhanging the sector for the past few years have resolved. The easing of this uncertainty boosted investor confidence in the bonds' ability to cover their debt service payments in the coming years.
An Update Involving Puerto Rico
As noted in the previous Shareholder Fund Report, we continue to monitor situations in the broader municipal market for any impact on the Funds' holdings and performance: the ongoing economic problems of Puerto Rico is one such case. Puerto Rico's continued economic weakening, escalating debt service obligations, and long-standing inability to deliver a balanced budget led to multiple downgrades on its debt over the past two years. Puerto Rico has warned investors since 2014 that the island's debt burden may be unsustainable and the Commonwealth has been exploring various strategies to deal with this burden, including Chapter 9 bankruptcy.
In terms of Puerto Rico holdings, shareholders should note that NVX had 1.72%, NCB had no exposure and the other four Funds had allocations of less than 1% at the end of the reporting period. The Puerto Rico credits offered higher yields, added diversification and triple exemption (i.e., exemption from most federal, state and local taxes). However, Puerto Rico's continued economic weakening, escalating debt service obligations, and long-standing inability to deliver a balanced budget led to multiple downgrades on its debt over the past two years. Puerto Rico general obligation debt currently is rated Caa2/CC/CC (below investment grade) by Moody's, S&P and Fitch, respectively, with negative outlooks.
The Nuveen complex's entire exposure to obligations of the government of Puerto Rico and other Puerto Rico issuers totaled 0.27% of assets under management as of August 31, 2015. As of August 31, 2015, Nuveen's limited exposure to Puerto Rico generally was invested in bonds that were insured, pre-refunded (and therefore backed by securities such as U.S. Treasuries), or tobacco settlement bonds. Overall, the small size of our exposures meant that our Puerto Rico holdings had a negligible impact on performance.
 
6
 
Nuveen Investments

Fund Leverage
IMPACT OF THE FUNDS' LEVERAGE STRATEGY ON PERFORMANCE
One important factor impacting the returns of the Funds relative to their comparative benchmarks was the Funds' use of leverage through their issuance of preferred shares and/or investments in inverse floating rate securities, which represent leveraged investments in underlying bonds. As mentioned previously, NCA and NCB do not use regulatory leverage. The Funds use leverage because our research has shown that, over time, leveraging provides opportunities for additional income, particularly in the recent market environment where short-term market rates are at or near historical lows, meaning that the short-term rates the Fund has been paying on its leveraging instruments have been much lower than the interest the Fund has been earning on its portfolio of long-term bonds that it has bought with the proceeds of that leverage. However, use of leverage also can expose the Fund to additional price volatility. When a Fund uses leverage, the Fund will experience a greater increase in its net asset value if the municipal bonds acquired through the use of leverage increase in value, but it will also experience a correspondingly larger decline in its net asset value if the bonds acquired through leverage decline in value, which will make the Fund's net asset value more volatile, and its total return performance more variable over time. In addition, income in levered funds will typically decrease in comparison to unlevered funds when short-term interest rates increase and increase when short-term interest rates decrease. Leverage had a positive impact on the performance of the Funds over this reporting period. For NCA, the impact was less due to the low level of leverage used in the Fund.
As of August 31, 2015, the Funds' percentages of leverage are as shown in the accompanying table.
 
 
NCA
 
NCB
 
NKX
 
NAC
 
NVX
 
NZH
 
Effective Leverage*
1.66%
 
9.58%
 
33.48%
 
35.61%
 
32.12%
 
38.14%
 
Regulatory Leverage*
0.00%
 
0.00%
 
30.51%
 
29.51%
 
30.03%
 
31.49%
 

*
Effective leverage is a Fund's effective economic leverage, and includes both regulatory leverage and the leverage effects of certain derivative and other investments in a Fund's portfolio that increase the Fund's investment exposure. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage. Regulatory leverage consists of preferred shares issued or borrowings of a Fund. Both of these are part of a Fund's capital structure. Regulatory leverage is subject to asset coverage limits set forth in the Investment Company Act of 1940.

Nuveen Investments
 
7

Fund Leverage (continued)
THE FUNDS' REGULATORY LEVERAGE
As of August 31, 2015, the following Funds have issued and outstanding Institutional MuniFund Term Preferred (iMTP) Shares and Variable Rate Demand Preferred (VRDP) Shares as shown in the accompanying table. As mentioned previously, NCA and NCB do not use regulatory leverage.
 
       
iMTP Shares
       
VRDP Shares
     
       
Shares
       
Shares
     
       
Issued at
       
Issued at
     
 
Series
   
Liquidation Value
 
Series
   
Liquidation Value
   
Total
NKX
2018
 
$
36,000,000
 
2
 
$
35,500,000
     
           
3
 
$
42,700,000
     
           
4
 
$
109,000,000
     
           
5
 
$
104,400,000
     
     
$
36,000,000
     
$
291,600,000
 
$
327,600,000
NAC
   
 
1
 
$
136,200,000
     
           
2
 
$
91,000,000
     
           
3
 
$
49,800,000
     
           
4
 
$
105,600,000
     
           
5
 
$
158,900,000
     
           
6
 
$
158,100,000
     
               
$
699,600,000
 
$
699,600,000
NVX
   
 
1
 
$
98,000,000
 
$
98,000,000
NZH
   
 
1
 
$
160,000,000
 
$
160,000,000

8
 
Nuveen Investments

Common Share Information
COMMON SHARE DISTRIBUTION INFORMATION
The following information regarding the Funds' distributions is current as of August 31, 2015. Each Fund's distribution levels may vary over time based on each Fund's investment activity and portfolio investment value changes.
During the current reporting period, each Fund's distributions to common shareholders were as shown in the accompanying table.
 
   
Per Common Share Amounts
 
Ex-Dividend Date
   
NCA
   
NCB
   
NKX
   
NAC
   
NVX
   
NZH
 
March 2015
 
$
0.0390
 
$
0.0650
 
$
0.0720
 
$
0.0800
 
$
0.0700
 
$
0.0670
 
April
   
0.0390
   
0.0650
   
0.0720
   
0.0800
   
0.0700
   
0.0670
 
May
   
0.0390
   
0.0650
   
0.0720
   
0.0800
   
0.0700
   
0.0670
 
June
   
0.0390
   
0.0650
   
0.0720
   
0.0760
   
0.0700
   
0.0670
 
July
   
0.0390
   
0.0650
   
0.0720
   
0.0760
   
0.0700
   
0.0670
 
August 2015
   
0.0390
   
0.0650
   
0.0720
   
0.0760
   
0.0700
   
0.0670
 
Market Yield*
   
4.49
%
 
4.73
%
 
6.07
%
 
6.31
%
 
5.81
%
 
6.15
%
Taxable-Equivalent Yield*
   
6.88
%
 
7.24
%
 
9.30
%
 
9.66
%
 
8.90
%
 
9.42
%
 
*
Market Yield is based on the Fund's current annualized monthly distribution divided by the Fund's market price as of the end of the reporting period. Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 34.7%. When comparing a Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.

Each Fund in this report seeks to pay regular monthly dividends out of its net investment income at a rate that reflects its past and projected net income performance. To permit each Fund to maintain a more stable monthly dividend, the Fund may pay dividends at a rate that may be more or less than the amount of net income actually earned by the Fund during the period. If a Fund has cumulatively earned more than it has paid in dividends, it will hold the excess in reserve as undistributed net investment income (UNII) as part of the Fund's net asset value. Conversely, if a Fund has cumulatively paid in dividends more than it has earned, the excess will constitute a negative UNII that will likewise be reflected in the Fund's net asset value. Each Fund will, over time, pay all its net investment income as dividends to shareholders.
As of August 31, 2015, the Funds had positive UNII balances based upon our best estimate, for tax purposes and positive UNII balances for financial reporting purposes.
All monthly dividends paid by the Funds during the current reporting period, were paid from net investment income. If a portion of the Fund's monthly distributions was sourced from or comprised of elements other than net investment income, including capital gains and/or a return of capital, shareholders would have received a notice to that effect. For financial reporting purposes, the composition and per share amounts of each Fund's dividends for the reporting period are presented in this report's Statement of Changes in Net Assets and Financial Highlights, respectively. For income tax purposes, distribution information for each Fund as of its most recent tax year end is presented in Note 6 – Income Tax Information within the Notes to Financial Statements of this report.
 
Nuveen Investments
 
9

Common Share Information (continued)
COMMON SHARE REPURCHASES
During August 2015, the Funds' Board of Directors/Trustees reauthorized an open –market share repurchase program allowing each Fund to repurchase an aggregate of up to approximately 10% of its outstanding shares.
As of August 31, 2015, and since the inception of the Funds' repurchase programs, the Funds have cumulatively repurchased and retired common shares as shown in the accompanying table.
 
 
NCA
 
NCB
 
NKX
 
NAC
 
NVX
 
NZH
 
Common shares cumulatively repurchased and retired
0
 
0
 
0
 
0
 
50,700
 
12,900
 
Common shares authorized for repurchase
2,570,000
 
330,000
 
4,770,000
 
10,740,000
 
1,475,000
 
2,415,000
 
During the current reporting period, the Funds did not repurchase any of their outstanding common shares.
COMMON SHARE EQUITY SHELF PROGRAMS
During the reporting period, the following Fund was were authorized to issue additional common shares through its ongoing equity shelf programs. Under these programs, the Fund, subject to market conditions, may raise additional capital from time to time in varying amounts and offering methods at a net price at or above the Fund's NAV per common share. Under the equity shelf programs, the Fund is authorized to issue the following number of additional common shares.

   
NCA
 
Additional common shares authorized
 
2,500,000
 
During the current reporting period, NCA sold common shares through its equity shelf program at a weighted average premium to its NAV per common share as shown in the accompanying table.
 
   
NCA
 
Common shares sold through equity shelf program
 
299,952
 
Weighted average premium to NAV per common share sold
 
1.45
OTHER COMMON SHARE INFORMATION
As of August 31, 2015, and during the current reporting period, the Funds' common share prices were trading at a premium/(discount) to their common share NAVs as shown in the accompanying table.

     
NCA
   
NCB
   
NKX
   
NAC
   
NVX
   
NZH
 
Common share NAV
 
$
10.36
 
$
17.19
 
$
15.64
 
$
15.56
 
$
15.47
 
$
14.41
 
Common share price
 
$
10.42
 
$
16.50
 
$
14.24
 
$
14.45
 
$
14.46
 
$
13.07
 
Premium/(Discount) to NAV
   
0.58
%
 
(4.01
)%
 
(8.96
)%
 
(7.13
)%
 
(6.53
)%
 
(9.30
)%
6-month average premium/(discount) to NAV 
 
0.29
%
 
(4.11
)%
 
(6.88
)%
 
(4.54
)%
 
(8.50
)%
 
(7.69
)%

10
 
Nuveen Investments

Risk Considerations
Fund shares are not guaranteed or endorsed by any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation.
Nuveen California Municipal Value Fund, Inc. (NCA)
Nuveen California Municipal Value Fund 2 (NCB)
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund's investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As interest rates rise, bond prices fall. State concentration makes the Fund more susceptible to local adverse economic, political, or regulatory changes affecting municipal bond issuers. These and other risk considerations such as tax risk are described in more detail on the Fund's web page at www.nuveen.com/NCA, www.nuveen.com/NCB.
Nuveen California AMT-Free Municipal Income Fund (NKX)
Nuveen California Dividend Advantage Municipal Fund (NAC)
Nuveen California Dividend Advantage Municipal Fund 2 (NVX)
Nuveen California Dividend Advantage Municipal Fund 3 (NZH)
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund's investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As interest rates rise, bond prices fall. Leverage increases return volatility and magnifies the Fund's potential return and its risks; there is no guarantee a fund's leverage strategy will be successful. State concentration makes the Fund more susceptible to local adverse economic, political, or regulatory changes affecting municipal bond issuers. These and other risk considerations such as inverse floater risk and tax risk are described in more detail on the Fund's web page at www.Nuveen.com/NKX, www.nuveen.com/NAC, www.nuveen.com/NVX, www.nuveen.com/NZH.
 
Nuveen Investments
 
11

 
NCA
 
 
Nuveen California Municipal Value Fund, Inc.
 
Performance Overview and Holding Summaries as of August 31, 2015
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of August 31, 2015

 
Cumulative
 
Average Annual
 
 
6-Month
 
1-Year
 
5-Year
 
10-Year
 
NCA at Common Share NAV
0.52%
 
3.76%
 
5.82%
 
5.07%
 
NCA at Common Share Price
0.16%
 
7.03%
 
6.62%
 
5.72%
 
S&P Municipal Bond California Index
0.58%
 
3.14%
 
5.02%
 
4.79%
 
S&P Municipal Bond Index
0.21%
 
2.38%
 
4.11%
 
4.44%
 
Lipper California Municipal Debt Funds Classification Average
0.59%
 
4.75%
 
7.13%
 
5.19%
 
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. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index and Lipper return information is provided for the Fund's shares at NAV only. Indexes and Lipper averages are not available for direct investment.
This data relates to the securities held in the Fund's portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor's Group, Moody's Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.

Fund Allocation
 
(% of net assets)
 
Long-Term Municipal Bonds
98.8%
Short-Term Municipal Bonds
0.4%
Other Assets Less Liabilities
2.5%
Net Assets Plus Floating
 
Rate Obligations
101.7%
Floating Rate Obligations
(1.7)%
Net Assets
100%

Portfolio Composition
 
(% of total investments)
 
Tax Obligation/Limited
23.7%
Tax Obligation/General
19.6%
U.S. Guaranteed
18.5%
Health Care
14.0%
Transportation
7.0%
Water and Sewer
6.1%
Other
11.1%
Total
100%

Credit Quality
 
(% of total investment exposure)
 
AAA/U.S. Guaranteed
18.9%
AA
41.7%
A
16.8%
BBB
8.6%
BB or Lower
8.1%
N/R (not rated)
5.9%
Total
100%

12
 
Nuveen Investments

 
NCB
 
 
Nuveen California Municipal Value Fund 2
 
Performance Overview and Holding Summaries as of August 31, 2015
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of August 31, 2015

 
Cumulative
 
Average Annual
 
             
Since
 
 
6-Month
 
1-Year
 
5-Year
 
Inception
 
NCB at Common Share NAV
0.47%
 
4.07%
 
6.03%
 
8.15%
 
NCB at Common Share Price
1.28%
 
4.96%
 
6.34%
 
6.98%
 
S&P Municipal Bond California Index
0.58%
 
3.14%
 
5.02%
 
6.25%
 
S&P Municipal Bond Index
0.21%
 
2.38%
 
4.11%
 
5.47%
 
Lipper California Municipal Debt Funds Classification Average
0.59%
 
4.75%
 
7.13%
 
6.03%
 
Since inception returns are from 4/28/09. 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. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index and Lipper return information is provided for the Fund's shares at NAV only. Indexes and Lipper averages are not available for direct investment.
This data relates to the securities held in the Fund's portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor's Group, Moody's Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.

Fund Allocation
 
(% of net assets)
 
Long-Term Municipal Bonds
97.7%
Short-Term Municipal Bonds
1.0%
Other Assets Less Liabilities
1.3%
Net Assets
100%

Portfolio Composition
 
(% of total investments)
 
Tax Obligation/Limited
23.7%
Health Care
19.2%
Utilities
14.1%
Tax Obligation/General
12.9%
Water and Sewer
7.2%
Housing/Single Family
5.4%
Consumer Staples
5.2%
Transportation
5.0%
Other
7.3%
Total
100%

Credit Quality
 
(% of total investment exposure)
 
AAA/U.S. Guaranteed
17.9%
AA
26.1%
A
37.5%
BBB
8.7%
BB or Lower
7.9%
N/R (not rated)
1.9%
Total
100%

Nuveen Investments
 
13

 
NKX
 
 
Nuveen California AMT-Free Municipal Income Fund
 
Performance Overview and Holding Summaries as of August 31, 2015
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of August 31, 2015

 
Cumulative
 
Average Annual
 
 
6-Month
 
1-Year
 
5-Year
 
10-Year
 
NKX at Common Share NAV
0.79%
 
5.65%
 
7.45%
 
6.02%
 
NKX at Common Share Price
(0.03)%
 
8.73%
 
6.55%
 
5.93%
 
S&P Municipal Bond California Index
0.58%
 
3.14%
 
5.02%
 
4.79%
 
S&P Municipal Bond Index
0.21%
 
2.38%
 
4.11%
 
4.44%
 
Lipper California Municipal Debt Funds Classification Average
0.59%
 
4.75%
 
7.13%
 
5.19%
 
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. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index and Lipper return information is provided for the Fund's shares at NAV only. Indexes and Lipper averages are not available for direct investment.
This data relates to the securities held in the Fund's portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor's Group, Moody's Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.

Fund Allocation
 
(% of net assets)
 
Long-Term Municipal Bonds
141.5%
Short-Term Municipal Bonds
1.2%
Other Assets Less Liabilities
2.1%
Net Assets Plus Floating Rate Obligations, iMTP Shares, at Liquidation Value &VRDP Shares, at Liquidation Value
144.8%
Floating Rate Obligations
(0.9)%
iMTP Shares, at Liquidation Value
(4.8)%
VRDP Shares, at Liquidation Value
(39.1)%
Net Assets
100%

Portfolio Composition
 
(% of total investments)
 
Tax Obligation/Limited
29.6%
Tax Obligation/General
22.4%
Health Care
13.2%
Water and Sewer
11.3%
U.S. Guaranteed
7.3%
Other
16.2%
Total
100%

Credit Quality
 
(% of total investment exposure)
 
AAA/U.S. Guaranteed
8.2%
AA
52.8%
A
16.0%
BBB
8.8%
BB or Lower
8.5%
N/R (not rated)
5.7%
Total
100%

14
 
Nuveen Investments

 
NAC
 
 
Nuveen California Dividend Advantage Municipal Fund
 
Performance Overview and Holding Summaries as of August 31, 2015
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of August 31, 2015

 
Cumulative
 
Average Annual
 
 
6-Month
 
1-Year
 
5-Year
 
10-Year
 
NAC at Common Share NAV
0.45%
 
5.85%
 
7.83%
 
6.15%
 
NAC at Common Share Price
(2.79)%
 
7.98%
 
6.75%
 
5.67%
 
S&P Municipal Bond California Index
0.58%
 
3.14%
 
5.02%
 
4.79%
 
S&P Municipal Bond Index
0.21%
 
2.38%
 
4.11%
 
4.44%
 
Lipper California Municipal Debt Funds Classification Average
0.59%
 
4.75%
 
7.13%
 
5.19%
 
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. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index and Lipper return information is provided for the Fund's shares at NAV only. Indexes and Lipper averages are not available for direct investment.
This data relates to the securities held in the Fund's portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor's Group, Moody's Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.

Fund Allocation
 
(% of net assets)
 
Long-Term Municipal Bonds
144.3%
Short-Term Municipal Bonds
1.2%
Other Assets Less Liabilities
2.0%
Net Assets Plus Floating Rate Obligations
 
& VRDP Shares, at Liquidation Value
147.5%
Floating Rate Obligations
(5.6)%
VRDP Shares, at Liquidation Value
(41.9)%
Net Assets
100%

Portfolio Composition
 
(% of total investments)
 
Tax Obligation/General
24.1%
Tax Obligation/Limited
23.3%
Health Care
19.2%
U.S. Guaranteed
7.9%
Water and Sewer
7.9%
Transportation
5.0%
Other
12.6%
Total
100%

Credit Quality
 
(% of total investment exposure)
 
AAA/U.S. Guaranteed
11.6%
AA
47.0%
A
19.0%
BBB
10.0%
BB or Lower
8.3%
N/R (not rated)
4.1%
Total
100%

Nuveen Investments
 
15

 
NVX
 
 
Nuveen California Dividend Advantage Municipal Fund 2
 
Performance Overview and Holding Summaries as of August 31, 2015
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of August 31, 2015

 
Cumulative
 
Average Annual
 
 
6-Month
 
1-Year
 
5-Year
 
10-Year
 
NVX at Common Share NAV
0.47%
 
5.51%
 
6.79%
 
5.88%
 
NVX at Common Share Price
2.07%
 
10.09%
 
6.06%
 
5.87%
 
S&P Municipal Bond California Index
0.58%
 
3.14%
 
5.02%
 
4.79%
 
S&P Municipal Bond Index
0.21%
 
2.38%
 
4.11%
 
4.44%
 
Lipper California Municipal Debt Funds Classification Average
0.59%
 
4.75%
 
7.13%
 
5.19%
 
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. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index and Lipper return information is provided for the Fund's shares at NAV only. Indexes and Lipper averages are not available for direct investment.
This data relates to the securities held in the Fund's portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor's Group, Moody's Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.

Fund Allocation
 
(% of net assets)
 
Long-Term Municipal Bonds
140.2%
Short-Term Municipal Bonds
0.7%
Other Assets Less Liabilities
2.4%
Net Assets Plus Floating Rate Obligations
 
& VRDP Shares, at Liquidation Value
143.3%
Floating Rate Obligations
(0.4)%
VRDP Shares, at Liquidation Value
(42.9)%
Net Assets
100%

Portfolio Composition
 
(% of total investments)
 
Tax Obligation/General
25.2%
Tax Obligation/Limited
19.4%
Health Care
13.1%
Water and Sewer
9.9%
Transportation
7.7%
Utilities
7.7%
U.S. Guaranteed
6.3%
Consumer Staples
5.4%
Other
5.3%
Total
100%

Credit Quality
 
(% of total investment exposure)
 
AAA/U.S. Guaranteed
9.9%
AA
42.0%
A
23.1%
BBB
11.7%
BB or Lower
9.8%
N/R (not rated)
3.5%
Total
100%

16
 
Nuveen Investments

 
NZH
 
 
Nuveen California Dividend Advantage Municipal Fund 3
 
Performance Overview and Holding Summaries as of August 31, 2015
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of August 31, 2015

 
Cumulative
 
Average Annual
 
 
6-Month
 
1-Year
 
5-Year
 
10-Year
 
NZH at Common Share NAV
0.79%
 
5.99%
 
7.43%
 
5.52%
 
NZH at Common Share Price
(1.18)%
 
8.46%
 
5.72%
 
5.39%
 
S&P Municipal Bond California Index
0.58%
 
3.14%
 
5.02%
 
4.79%
 
S&P Municipal Bond Index
0.21%
 
2.38%
 
4.11%
 
4.44%
 
Lipper California Municipal Debt Funds Classification Average
0.59%
 
4.75%
 
7.13%
 
5.19%
 
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. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index and Lipper return information is provided for the Fund's shares at NAV only. Indexes and Lipper averages are not available for direct investment.
This data relates to the securities held in the Fund's portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor's Group, Moody's Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.

Fund Allocation
 
(% of net assets)
 
Long-Term Municipal Bonds
141.5%
Short-Term Municipal Bonds
1.3%
Other Assets Less Liabilities
3.4%
Net Assets Plus Floating Rate Obligations
 
& VRDP Shares, at Liquidation Value
146.2%
Floating Rate Obligations
(0.2)%
VRDP Shares, at Liquidation Value
(46.0)%
Net Assets
100%

Portfolio Composition
 
(% of total investments)
 
Tax Obligation/Limited
29.5%
Health Care
19.5%
Tax Obligation/General
11.8%
Water and Sewer
10.6%
Transportation
7.5%
Consumer Staples
5.6%
Other
15.5%
Total
100%

Credit Quality
 
(% of total investment exposure)
 
AAA/U.S. Guaranteed
5.4%
AA
50.9%
A
20.5%
BBB
10.6%
BB or Lower
8.6%
N/R (not rated)
4.0%
Total
100%

Nuveen Investments
 
17


NCA
   
 
Nuveen California Municipal Value Fund, Inc.
 
 
Portfolio of Investments
August 31, 2015 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
LONG-TERM INVESTMENTS – 98.8% (99.6% of Total Investments)
           
     
MUNICIPAL BONDS – 98.8% (99.6% of Total Investments)
           
     
Consumer Staples – 4.2% (4.2% of Total Investments)
           
$
2,000
 
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los Angeles County Securitization Corporation, Series 2006A, 5.650%, 6/01/41
12/18 at 100.00
 
B2
$
1,811,680
 
 
195
 
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Sonoma County Tobacco Securitization Corporation, Series 2005, 4.250%, 6/01/21
11/15 at 100.00
 
BBB+
 
193,752
 
 
3,940
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1, 5.000%, 6/01/33
6/17 at 100.00
 
B
 
3,349,433
 
 
3,570
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-2, 5.300%, 6/01/37
6/22 at 100.00
 
B
 
2,944,964
 
 
3,500
 
Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed Bonds, Series 2005A-1, 5.500%, 6/01/45
11/15 at 100.00
 
B–
 
2,833,180
 
 
13,205
 
Total Consumer Staples
       
11,133,009
 
     
Education and Civic Organizations – 0.5% (0.5% of Total Investments)
           
 
65
 
California Educational Facilities Authority, Revenue Bonds, University of Redlands, Series 2005A, 5.000%, 10/01/35
10/15 at 100.00
 
A3
 
65,085
 
 
450
 
California Municipal Finance Authority, Charter School Revenue Bonds, Rocketship Education – Multiple Projects, Series 2014A , 7.250%, 6/01/43
6/22 at 102.00
 
N/R
 
507,443
 
 
700
 
California Statewide Communities Development Authority, School Facility Revenue Bonds, Alliance College-Ready Public Schools, Series 2011A, 7.000%, 7/01/46
7/21 at 100.00
 
BBB–
 
796,691
 
 
1,215
 
Total Education and Civic Organizations
       
1,369,219
 
     
Health Care – 13.5% (13.6% of Total Investments)
           
 
555
 
California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard Children's Hospital, Series 2014A, 5.000%, 8/15/43
8/24 at 100.00
 
AA
 
622,144
 
 
350
 
California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Series 2014A, 5.000%, 10/01/38
10/24 at 100.00
 
AA
 
396,655
 
 
690
 
California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Series 2014B, 5.000%, 10/01/44
10/24 at 100.00
 
AA
 
771,627
 
     
California Health Facilities Financing Authority, Revenue Bonds, Rady Children's Hospital – San Diego, Series 2011:
           
 
560
 
5.000%, 8/15/31
8/21 at 100.00
 
AA–
 
642,018
 
 
670
 
5.250%, 8/15/41
8/21 at 100.00
 
AA–
 
744,504
 
 
1,000
 
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2011B, 6.000%, 8/15/42
8/20 at 100.00
 
AA–
 
1,182,820
 
 
5,365
 
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2007A, 5.250%, 11/15/46 (UB)
11/16 at 100.00
 
AA–
 
5,581,853
 
 
3,870
 
California Municipal Financing Authority, Certificates of Participation, Community Hospitals of Central California, Series 2007, 5.250%, 2/01/27
2/17 at 100.00
 
A–
 
4,035,326
 
 
2,625
 
California Statewide Communities Development Authority, Revenue Bonds, Kaiser Permanente, Series 2012A, 5.000%, 4/01/42
4/22 at 100.00
 
A+
 
2,881,358
 
 
3,000
 
California Statewide Community Development Authority, Health Facility Revenue Bonds, Catholic Healthcare West, Insured Series 2008K, 5.500%, 7/01/41 – AGC Insured
7/17 at 100.00
 
AA
 
3,187,440
 
 
1,000
 
California Statewide Community Development Authority, Health Facility Revenue Bonds, Catholic Healthcare West, Series 2008C, 5.625%, 7/01/35
7/18 at 100.00
 
A
 
1,094,700
 
 
1,460
 
California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanente System, Series 2001C, 5.250%, 8/01/31
8/16 at 100.00
 
A+
 
1,514,823
 

18
 
Nuveen Investments


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Health Care (continued)
           
$
2,710
 
California Statewide Community Development Authority, Revenue Bonds, Sherman Oaks Health System, Series 1998A, 5.000%, 8/01/22 – AMBAC Insured
No Opt. Call
 
AA–
$
3,075,173
 
 
1,890
 
California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Series 2005A, 5.000%, 11/15/43
11/15 at 100.00
 
AA–
 
1,905,933
 
 
2,940
 
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 6.750%, 11/01/39
11/19 at 100.00
 
Ba1
 
3,218,330
 
 
2,900
 
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 6.000%, 11/01/41
11/20 at 100.00
 
Ba1
 
3,079,133
 
 
1,750
 
San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011, 7.500%, 12/01/41
12/21 at 100.00
 
BB
 
2,129,348
 
 
33,335
 
Total Health Care
       
36,063,185
 
     
Housing/Multifamily – 2.2% (2.2% of Total Investments)
           
 
1,010
 
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2010A, 6.400%, 8/15/45
8/20 at 100.00
 
BBB
 
1,110,354
 
 
1,060
 
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2012A, 5.500%, 8/15/47
8/22 at 100.00
 
BBB
 
1,165,523
 
     
California Municipal Finance Authority, Mobile Home Park Senior Revenue Bonds, Caritas Affordable Housing, Inc. Projects, Series 2014A:
           
 
65
 
5.250%, 8/15/39
8/24 at 100.00
 
BBB
 
70,605
 
 
175
 
5.250%, 8/15/49
8/24 at 100.00
 
BBB
 
189,103
 
 
2,275
 
California Statewide Community Development Authority, Multifamily Housing Revenue Bonds, Harbor City Lights, Series 1999Y, 6.650%, 7/01/39 (Alternative Minimum Tax)
1/16 at 100.00
 
N/R
 
2,277,116
 
 
1,105
 
San Dimas Housing Authority, California, Mobile Home Park Revenue Bonds, Charter Oak Mobile Home Estates Acquisition Project, Series 1998A, 5.700%, 7/01/28
1/16 at 100.00
 
N/R
 
1,106,459
 
 
5,690
 
Total Housing/Multifamily
       
5,919,160
 
     
Housing/Single Family – 0.8% (0.8% of Total Investments)
           
 
2,125
 
California Department of Veteran Affairs, Home Purchase Revenue Bonds, Series 2007, 5.000%, 12/01/42 (Alternative Minimum Tax)
12/16 at 100.00
 
AA
 
2,154,410
 
 
40
 
California Housing Finance Agency, Home Mortgage Revenue Bonds, Series 2006H, 5.750%, 8/01/30 – FGIC Insured (Alternative Minimum Tax)
2/16 at 100.00
 
A
 
40,720
 
 
2,165
 
Total Housing/Single Family
       
2,195,130
 
     
Long-Term Care – 1.7% (1.8% of Total Investments)
           
 
4,000
 
ABAG Finance Authority for Non-Profit Corporations, California, Health Facility Revenue Bonds, The Institute on Aging, Series 2008A, 5.650%, 8/15/38
8/18 at 100.00
 
AA–
 
4,420,320
 
 
180
 
California Statewide Community Development Authority, Certificates of Participation, Internext Group, Series 1999, 5.375%, 4/01/17
10/15 at 100.00
 
BBB+
 
180,769
 
 
4,180
 
Total Long-Term Care
       
4,601,089
 
     
Tax Obligation/General – 19.5% (19.6% of Total Investments)
           
 
1,000
 
California State, General Obligation Bonds, Refunding Various Purpose Series 2013, 5.000%, 2/01/29
No Opt. Call
 
AA–
 
1,154,360
 
 
1,000
 
California State, General Obligation Bonds, Various Purpose Refunding Series 2014, 5.000%, 8/01/31
8/24 at 100.00
 
AA–
 
1,151,210
 
     
California State, General Obligation Bonds, Various Purpose Series 2009:
           
 
2,500
 
6.000%, 4/01/38
4/19 at 100.00
 
AA–
 
2,913,875
 
 
1,000
 
6.000%, 11/01/39
11/19 at 100.00
 
AA–
 
1,190,450
 
 
2,000
 
California State, General Obligation Bonds, Various Purpose Series 2010, 5.500%, 3/01/40
3/20 at 100.00
 
AA–
 
2,324,140
 
     
California State, General Obligation Bonds, Various Purpose Series 2013:
           
 
2,500
 
5.000%, 4/01/37
4/23 at 100.00
 
AA–
 
2,820,550
 
 
2,500
 
5.000%, 2/01/43
No Opt. Call
 
AA–
 
2,787,950
 
 
2,240
 
5.000%, 11/01/43
11/23 at 100.00
 
AA–
 
2,520,806
 

Nuveen Investments
 
19


NCA
Nuveen California Municipal Value Fund, Inc.
 
 
Portfolio of Investments (continued)
August 31, 2015 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Tax Obligation/General (continued)
           
     
California State, General Obligation Bonds, Various Purpose Series 2014:
           
$
5,000
 
5.000%, 5/01/32
5/24 at 100.00
 
AA–
$
5,716,950
 
 
1,970
 
5.000%, 10/01/39
10/24 at 100.00
 
AA–
 
2,232,601
 
 
6,000
 
Oceanside Unified School District, San Diego County, California, General Obligation Bonds, Election 2008 Series 2010B, 0.000%, 8/01/49 – AGM Insured
No Opt. Call
 
AA
 
682,380
 
 
10,000
 
Poway Unified School District, San Diego County, California, General Obligation Bonds, School Facilities Improvement District 2007-1, Series 2011A, 0.000%, 8/01/46
No Opt. Call
 
AA–
 
2,438,200
 
 
2,000
 
Puerto Rico, General Obligation Bonds, Public Improvement Series 2002A, 5.500%, 7/01/20 – NPFG Insured
No Opt. Call
 
AA–
 
1,967,420
 
 
11,875
 
San Mateo Union High School District, San Mateo County, California, General Obligation Bonds, Election 2010 Series 2011A, 0.000%, 9/01/41
9/36 at 100.00
 
AA+
 
8,495,375
 
 
1,320
 
Tahoe Forest Hospital District, Placer and Nevada Counties, California, General Obligation Bonds, Series 2010B, 5.500%, 8/01/35
8/18 at 100.00
 
Aa3
 
1,461,491
 
 
20,860
 
Yosemite Community College District, California, General Obligation Bonds, Capital Appreciation, Election 2004, Series 2010D, 0.000%, 8/01/42
No Opt. Call
 
Aa2
 
11,942,975
 
 
73,765
 
Total Tax Obligation/General
       
51,800,733
 
     
Tax Obligation/Limited – 23.5% (23.7% of Total Investments)
           
 
1,000
 
Artesia Redevelopment Agency, California, Tax Allocation Revenue Bonds, Artesia Redevelopment Project Area, Series 2007, 5.375%, 6/01/27
11/15 at 100.00
 
BBB+
 
1,001,160
 
     
Bell Community Redevelopment Agency, California, Tax Allocation Bonds, Bell Project Area, Series 2003:
           
 
3,000
 
5.500%, 10/01/23 – RAAI Insured
11/15 at 100.00
 
AA
 
3,002,070
 
 
1,000
 
5.625%, 10/01/33 – RAAI Insured
11/15 at 100.00
 
AA
 
1,000,140
 
 
3,500
 
California State Public Works Board, Lease Revenue Bonds, Department of Corrections & Rehabilitation, Various Correctional Facilities Series 2013F, 5.250%, 9/01/33
9/23 at 100.00
 
A+
 
4,075,365
 
 
1,250
 
California State Public Works Board, Lease Revenue Bonds, Department of Corrections & Rehabilitation, Various Correctional Facilities Series 2014A, 5.000%, 9/01/39
9/24 at 100.00
 
A+
 
1,404,988
 
 
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
 
A+
 
1,169,660
 
 
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
 
A+
 
2,400,100
 
 
3,000
 
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2012G, 5.000%, 11/01/37
11/22 at 100.00
 
A+
 
3,369,810
 
 
1,005
 
Chino Redevelopment Agency, California, Merged Chino Redevelopment Project Area Tax Allocation Bonds, Series 2006, 5.000%, 9/01/38 – AMBAC Insured
9/16 at 101.00
 
A
 
1,025,110
 
 
1,000
 
Folsom Public Financing Authority, California, Special Tax Revenue Bonds, Refunding Series 2007A, 5.000%, 9/01/23 – AMBAC Insured
9/17 at 100.00
 
N/R
 
1,041,050
 
 
750
 
Fontana Redevelopment Agency, San Bernardino County, California, Tax Allocation Bonds, Jurupa Hills Redevelopment Project, Refunding Series 1997A, 5.500%, 10/01/27
4/16 at 100.00
 
A–
 
751,763
 
 
8,250
 
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2015A, 5.000%, 6/01/40
6/25 at 100.00
 
A+
 
9,142,072
 
 
675
 
Inglewood Redevelopment Agency, California, Tax Allocation Bonds, Merged Redevelopment Project, Subordinate Lien Series 2007A-1, 5.000%, 5/01/25 – AMBAC Insured
5/17 at 100.00
 
BBB+
 
685,091
 
     
Irvine Unified School District, California, Special Tax Bonds, Community Facilities District Series 2006A:
           
 
150
 
5.000%, 9/01/26
9/16 at 100.00
 
N/R
 
153,600
 
 
355
 
5.125%, 9/01/36
9/16 at 100.00
 
N/R
 
362,735
 
 
2,500
 
Kern County Board of Education, California, Certificates of Participation, Series 2006A, 5.000%, 6/01/31 – NPFG Insured
6/16 at 100.00
 
AA–
 
2,563,125
 
 
750
 
Lancaster Redevelopment Agency, California, Tax Allocation Bonds, Combined Redevelopment Project Areas Housing Programs, Series 2009, 6.000%, 8/01/24
8/19 at 100.00
 
BBB
 
857,955
 

20
 
Nuveen Investments


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Tax Obligation/Limited (continued)
           
$
3,520
 
Los Angeles County Public Works Financing Authority, California, Lease Revenue Bonds, Multiple Capital Facilities Project II, Series 2012, 5.000%, 8/01/42
No Opt. Call
 
AA
$
3,859,891
 
 
370
 
National City Community Development Commission, California, Tax Allocation Bonds, National City Redevelopment Project, Series 2011, 6.500%, 8/01/24
8/21 at 100.00
 
A–
 
461,608
 
 
140
 
Novato Redevelopment Agency, California, Tax Allocation Bonds, Hamilton Field Redevelopment Project, Series 2011, 6.750%, 9/01/40
9/21 at 100.00
 
BBB+
 
168,377
 
 
5,910
 
Palmdale Elementary School District, Los Angeles County, California, Special Tax Bonds, Community Facilities District 90-1, Series 1999, 5.800%, 8/01/29
No Opt. Call
 
AA
 
5,934,231
 
 
160
 
Patterson Public Finance Authority, California, Revenue Bonds, Community Facilities District 2001-1, Subordinate Lien Series 2013B , 5.875%, 9/01/39
9/23 at 100.00
 
N/R
 
172,619
 
     
Patterson Public Financing Authority, California, Revenue Bonds, Community Facilities District 2001-1, Senior Series 2013A:
           
 
950
 
5.250%, 9/01/30
9/23 at 100.00
 
N/R
 
1,021,193
 
 
860
 
5.750%, 9/01/39
9/23 at 100.00
 
N/R
 
934,158
 
 
1,130
 
Pittsburg Redevelopment Agency, California, Tax Allocation Bonds, Los Medanos Community Development Project, Refunding Series 2008A, 6.500%, 9/01/28
9/18 at 100.00
 
BBB–
 
1,237,553
 
 
440
 
Rancho Santa Fe CSD Financing Authority, California, Revenue Bonds, Superior Lien Series 2011A, 5.750%, 9/01/30
9/21 at 100.00
 
BBB+
 
498,502
 
 
80
 
Riverside County Redevelopment Agency, California, Tax Allocation Bonds, Jurupa Valley Project Area, Series 2011B, 6.500%, 10/01/25
10/21 at 100.00
 
A
 
98,130
 
 
2,000
 
Roseville, California, Special Tax Bonds, Community Facilities District 1 Fiddyment Ranch, Series 2005, 5.050%, 9/01/30
9/15 at 100.00
 
N/R
 
2,012,020
 
 
1,000
 
San Diego County Regional Transportation Commission, California, Sales Tax Revenue Bonds, Series 2012A, 5.000%, 4/01/42
4/22 at 100.00
 
AAA
 
1,114,860
 
 
170
 
San Francisco City and County Redevelopment Agency Successor Agency, California, Special Tax Bonds, Community Facilities District 7, Hunters Point Shipyard Phase One Improvements, Refunding Series 2014, 5.000%, 8/01/39
No Opt. Call
 
N/R
 
180,207
 
 
65
 
San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds, Mission Bay North Redevelopment Project, Series 2011C, 6.750%, 8/01/41
2/21 at 100.00
 
A–
 
78,244
 
     
San Francisco Redevelopment Financing Authority, California, Tax Allocation Revenue Bonds, Mission Bay South Redevelopment Project, Series 2011D:
           
 
65
 
7.000%, 8/01/33
2/21 at 100.00
 
BBB+
 
77,862
 
 
80
 
7.000%, 8/01/41
2/21 at 100.00
 
BBB+
 
95,830
 
 
2,750
 
San Jose Financing Authority, California, Lease Revenue Refunding Bonds, Convention Center Project, Series 2001F, 5.000%, 9/01/20 – NPFG Insured
9/15 at 100.00
 
AA
 
2,761,303
 
     
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2006C:
           
 
400
 
5.000%, 8/01/24 – NPFG Insured
8/17 at 100.00
 
AA–
 
428,936
 
 
590
 
5.000%, 8/01/25 – NPFG Insured
8/17 at 100.00
 
AA–
 
631,282
 
 
780
 
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2006D, 5.000%, 8/01/23 – AMBAC Insured
8/17 at 100.00
 
BBB+
 
830,895
 
 
110
 
Signal Hill Redevelopment Agency, California, Project 1 Tax Allocation Bonds, Series 2011, 7.000%, 10/01/26
4/21 at 100.00
 
N/R
 
123,915
 
 
1,360
 
Tehachapi Redevelopment Agency, California, Tax Allocation Bonds, Series 2007, 5.250%,12/01/37 – RAAI Insured
12/17 at 100.00
 
AA
 
1,400,283
 
 
1,925
 
Travis Unified School District, Solano County, California, Certificates of Participation, Series 2006, 5.000%, 9/01/26 – FGIC Insured
9/16 at 100.00
 
A3
 
2,001,538
 
 
590
 
Vista Joint Powers Financing Authority, California, Special Tax Lease Revenue Refunding Bonds, Community Facilities District 90-2, Series 1997A, 5.875%, 9/01/20
9/15 at 100.00
 
N/R
 
591,050
 
 
1,730
 
West Contra Costa Healthcare District, California, Certificates of Participation, Series 2004, 5.375%, 7/01/21 – AMBAC Insured
11/15 at 100.00
 
N/R
 
1,735,969
 

Nuveen Investments
 
21


NCA
Nuveen California Municipal Value Fund, Inc.
 
 
Portfolio of Investments (continued)
August 31, 2015 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Tax Obligation/Limited (continued)
           
$
190
 
Yorba Linda Redevelopment Agency, Orange County, California, Tax Allocation Revenue Bonds, Yorba Linda Redevelopment Project, Subordinate Lien Series 2011A, 6.500%, 9/01/32
9/21 at 100.00
 
A–
$
229,746
 
 
58,550
 
Total Tax Obligation/Limited
       
62,685,996
 
     
Transportation – 7.0% (7.0% of Total Investments)
           
 
1,820
 
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Junior Lien Series 2013C, 6.500%, 1/15/43
1/24 at 100.00
 
BB+
 
2,153,697
 
     
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Series 2013A:
           
 
1,945
 
5.000%, 1/15/42 – AGM Insured
1/24 at 100.00
 
AA
 
2,121,587
 
 
4,010
 
5.750%, 1/15/46
1/24 at 100.00
 
BBB–
 
4,625,094
 
 
4,010
 
6.000%, 1/15/53
1/24 at 100.00
 
BBB–
 
4,665,475
 
 
3,000
 
Los Angeles Harbors Department, California, Revenue Bonds, Series 2014C, 5.000%, 8/01/44
8/24 at 100.00
 
AA
 
3,401,010
 
 
185
 
Palm Springs Financing Authority, California, Palm Springs International Airport Revenue Bonds, Series 2006, 5.550%, 7/01/28 (Alternative Minimum Tax)
7/16 at 100.00
 
N/R
 
186,626
 
 
1,210
 
Port of Oakland, California, Revenue Bonds, Refunding Series 2012P, 5.000%, 5/01/29 (Alternative Minimum Tax)
No Opt. Call
 
A+
 
1,353,639
 
 
16,180
 
Total Transportation
       
18,507,128
 
     
U.S. Guaranteed – 18.3% (18.5% of Total Investments) (4)
           
 
2,500
 
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2006F, 5.000%, 4/01/31 (Pre-refunded 4/01/16) (UB)
4/16 at 100.00
 
AA (4)
 
2,570,000
 
 
95
 
California Educational Facilities Authority, Revenue Bonds, University of the Pacific, Series 2006, 5.000%, 11/01/21 (Pre-refunded 11/01/15)
11/15 at 100.00
 
A2 (4)
 
95,763
 
 
1,000
 
California Statewide Communities Development Authority, Revenue Bonds, ValleyCare Health System, Series 2007A, 5.125%, 7/15/31 (Pre-refunded 7/15/17)
7/17 at 100.00
 
AA+ (4)
 
1,085,010
 
 
1,500
 
Castaic Lake Water Agency, California, Certificates of Participation, Series 2006C, 5.000%, 8/01/36 (Pre-refunded 8/01/16) – NPFG Insured
8/16 at 100.00
 
AA– (4)
 
1,565,550
 
 
2,065
 
Contra Costa County, California, GNMA Mortgage-Backed Securities Program Home Mortgage Revenue Bonds, Series 1988, 8.250%, 6/01/21 (Alternative Minimum Tax) (ETM)
No Opt. Call
 
Aaa
 
2,491,712
 
 
410
 
Healdsburg Public Financing Authority, California, Wastewater Revenue Bonds, Series 2006, 5.000%, 4/01/36 (Pre-refunded 4/01/16) – NPFG Insured
4/16 at 100.00
 
AA (4)
 
421,554
 
 
1,525
 
Loma Linda, California, Hospital Revenue Bonds, Loma Linda University Medical Center, Series 2008A, 8.250%, 12/01/38 (Pre-refunded 12/01/17)
12/17 at 100.00
 
BB+ (4)
 
1,783,228
 
 
1,500
 
Los Angeles Unified School District, California, General Obligation Bonds, Election of 2004, Series 2006F, 5.000%, 7/01/24 (Pre-refunded 7/01/16) – FGIC Insured
7/16 at 100.00
 
Aa2 (4)
 
1,558,695
 
 
18,475
 
Merced Irrigation District, California, Certificates of Participation, Water and Hydroelectric Series 2008B, 0.000%, 9/01/23 (Pre-refunded 9/01/16)
9/16 at 64.56
 
A (4)
 
11,879,610
 
 
8,565
 
Palmdale, California, GNMA Mortgage-Backed Securities Program Single Family Mortgage Revenue Bonds, Series 1988A, 0.000%, 3/01/17 (ETM)
No Opt. Call
 
AA+ (4)
 
8,501,790
 
 
16,685
 
San Bernardino County, California, GNMA Mortgage-Backed Securities Program Single Family Home Mortgage Revenue Bonds, Series 1988A, 0.000%, 9/01/21 (Alternative Minimum Tax) (ETM)
No Opt. Call
 
Aaa
 
11,966,147
 
 
625
 
San Mateo Union High School District, San Mateo County, California, Certificates of Participation, Phase 1, Series 2007A, 5.000%, 12/15/30 (Pre-refunded 12/15/17) – AMBAC Insured
12/17 at 100.00
 
N/R (4)
 
686,744
 
 
3,000
 
Santa Clara County Financing Authority, California, Insured Revenue Bonds, El Camino Hospital, Series 2007A, 5.750%, 2/01/41 (Pre-refunded 8/01/17) – AMBAC Insured
8/17 at 100.00
 
A+ (4)
 
3,297,300
 
 
910
 
Santa Clara Valley Transportation Authority, California, Sales Tax Revenue Bonds, Series 2007A, 5.000%, 4/01/36 (Pre-refunded 4/01/17) – AMBAC Insured
4/17 at 100.00
 
AA+ (4)
 
975,183
 
 
58,855
 
Total U.S. Guaranteed
       
48,878,286
 
     
Utilities – 1.6% (1.6% of Total Investments)
           
 
2,160
 
California Statewide Community Development Authority, Certificates of Participation Refunding, Rio Bravo Fresno Project, Series 1999A, 6.500%, 12/01/18
12/15 at 100.00
 
N/R
 
2,113,517
 

22
 
Nuveen Investments


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Utilities (continued)
           
$
1,800
 
Long Beach Bond Finance Authority, California, Natural Gas Purchase Revenue Bonds, Series 2007A, 5.500%, 11/15/37
No Opt. Call
 
A
$
2,124,090
 
 
3,960
 
Total Utilities
       
4,237,607
 
     
Water and Sewer – 6.0% (6.1% of Total Investments)
           
 
1,000
 
Bay Area Water Supply and Conservation Agency, California, Revenue Bonds, Capital Cost Recovery Prepayment Program, Series 2013A, 5.000%, 10/01/29
4/23 at 100.00
 
AA–
 
1,168,130
 
     
California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, Poseidon Resources Channelside LP Desalination Project, Series 2012:
           
 
1,375
 
5.000%, 7/01/37 (Alternative Minimum Tax)
No Opt. Call
 
Baa3
 
1,463,619
 
 
2,675
 
5.000%, 11/21/45 (Alternative Minimum Tax)
No Opt. Call
 
Baa3
 
2,817,069
 
 
5,000
 
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2007A-2, 5.000%, 7/01/44 – AMBAC Insured
7/17 at 100.00
 
AA
 
5,290,450
 
     
Madera Irrigation District. California, Water Revenue Refunding Bonds, Series 2008:
           
 
1,850
 
5.500%, 1/01/33
1/18 at 100.00
 
A
 
2,005,234
 
 
3,000
 
5.500%, 1/01/38
1/18 at 100.00
 
A
 
3,228,840
 
 
14,900
 
Total Water and Sewer
       
15,973,342
 
$
286,000
 
Total Long-Term Investments (cost $237,169,356)
       
263,363,884
 
                   
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
SHORT-TERM INVESTMENTS – 0.4% (0.4% of Total Investments)
           
     
MUNICIPAL BONDS – 0.4% (0.4% of Total Investments)
           
     
Health Care – 0.4% (0.4% of Total Investments)
           
$
880
 
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2014A, 6.000%, 7/10/15 (5)
No Opt. Call
 
N/R
$
886,054
 
 
100
 
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2014B, 6.000%, 7/10/15 (5)
No Opt. Call
 
N/R
 
100,688
 
 
130
 
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2014C, 6.000%, 7/10/15 (5)
No Opt. Call
 
N/R
 
130,895
 
$
1,110
 
Total Short-Term Investments (cost $1,110,000)
       
1,117,637
 
     
Total Investments (cost $238,279,356) – 99.2%
       
264,481,521
 
     
Floating Rate Obligations – (1.7)%
       
(4,490,000)
 
     
Other Assets Less Liabilities – 2.5%
       
6,527,626
 
     
Net Assets Applicable to Common Shares – 100%
     
$
266,519,147
 

(1)
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
(2)
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3)
Ratings: Using the highest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. Ratings below BBB by Standard & Poor's, Baa by Moody's or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(5)
Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment classified as Level 3. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information.
(ETM)
Escrowed to maturity.
(UB)
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.

See accompanying notes to financial statements.
 
Nuveen Investments
 
23


NCB
   
 
Nuveen California Municipal Value Fund 2
 
 
Portfolio of Investments
August 31, 2015 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
LONG-TERM INVESTMENTS – 97.7% (99.0% of Total Investments)
           
     
MUNICIPAL BONDS – 97.7% (99.0% of Total Investments)
           
     
Consumer Staples – 5.2% (5.2% of Total Investments)
           
$
2,000
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1, 5.000%, 6/01/33
6/17 at 100.00
 
B
$
1,700,220
 
 
1,500
 
Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed Bonds, Series 2005A-1, 5.500%, 6/01/45
11/15 at 100.00
 
B–
 
1,214,220
 
 
3,500
 
Total Consumer Staples
       
2,914,440
 
     
Education and Civic Organizations – 2.2% (2.3% of Total Investments)
           
 
865
 
California Educational Facilities Authority, Revenue Bonds, University of the Pacific, Series 2009, 5.500%, 11/01/39
11/19 at 100.00
 
A2
 
989,153
 
 
100
 
California Municipal Finance Authority, Charter School Revenue Bonds, Rocketship Education – Multiple Projects, Series 2014A , 7.250%, 6/01/43
6/22 at 102.00
 
N/R
 
112,765
 
 
150
 
California Statewide Communities Development Authority, School Facility Revenue Bonds, Alliance College-Ready Public Schools, Series 2011A, 7.000%, 7/01/46
7/21 at 100.00
 
BBB–
 
170,720
 
 
1,115
 
Total Education and Civic Organizations
       
1,272,638
 
     
Health Care – 17.9% (18.2% of Total Investments)
           
 
1,000
 
ABAG Finance Authority for Non-Profit Corporations, California, Cal-Mortgage Insured Health Facility Revenue Bonds, Saint Rose Hospital, Series 2009A, 6.000%, 5/15/29
5/19 at 100.00
 
AA–
 
1,140,600
 
 
1,900
 
California Health Facilities Financing Authority, Revenue Bonds, Catholic Healthcare West, Series 2009A, 6.000%, 7/01/39
7/19 at 100.00
 
A
 
2,172,232
 
 
1,000
 
California Health Facilities Financing Authority, Revenue Bonds, Childrens Hospital of Orange County, Series 2009A, 6.500%, 11/01/38
11/19 at 100.00
 
A
 
1,189,150
 
 
70
 
California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard Children's Hospital, Series 2014A, 5.000%, 8/15/43
8/24 at 100.00
 
AA
 
78,469
 
 
75
 
California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Series 2014A, 5.000%, 10/01/38
10/24 at 100.00
 
AA
 
84,998
 
 
150
 
California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Series 2014B, 5.000%, 10/01/44
10/24 at 100.00
 
AA
 
167,745
 
 
850
 
California Municipal Financing Authority, Certificates of Participation, Community Hospitals of Central California, Series 2007, 5.250%, 2/01/27
2/17 at 100.00
 
A–
 
886,312
 
 
690
 
California Statewide Communities Development Authority, Revenue Bonds, Adventist Health System West, Series 2007B, 5.000%, 3/01/37 – AGC Insured
3/18 at 100.00
 
AA
 
731,621
 
     
California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanente System, Series 2006:
           
 
125
 
5.000%, 3/01/41
3/16 at 100.00
 
A+
 
127,095
 
 
2,000
 
5.250%, 3/01/45
3/16 at 100.00
 
A+
 
2,036,520
 
 
250
 
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 6.625%, 11/01/29
11/19 at 100.00
 
Ba1
 
276,505
 
 
725
 
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 6.000%, 11/01/41
11/20 at 100.00
 
Ba1
 
769,783
 
 
380
 
San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011, 7.500%, 12/01/41
12/21 at 100.00
 
BB
 
462,373
 
 
9,215
 
Total Health Care
       
10,123,403
 

24
 
Nuveen Investments


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Housing/Multifamily – 1.2% (1.2% of Total Investments)
           
$
225
 
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2010A, 6.400%, 8/15/45
8/20 at 100.00
 
BBB
$
247,356
 
 
70
 
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2012A, 5.500%, 8/15/47
8/22 at 100.00
 
BBB
 
76,969
 
 
250
 
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2012B, 7.250%, 8/15/47
8/22 at 100.00
 
A1
 
288,723
 
     
California Municipal Finance Authority, Mobile Home Park Senior Revenue Bonds, Caritas Affordable Housing, Inc. Projects, Series 2014A:
           
 
15
 
5.250%, 8/15/39
8/24 at 100.00
 
BBB
 
16,293
 
 
40
 
5.250%, 8/15/49
8/24 at 100.00
 
BBB
 
43,224
 
 
600
 
Total Housing/Multifamily
       
672,565
 
     
Housing/Single Family – 5.3% (5.4% of Total Investments)
           
 
530
 
California Housing Finance Agency, California, Home Mortgage Revenue Bonds, Series 2008L, 5.500%, 8/01/38
2/18 at 100.00
 
A
 
539,593
 
 
2,435
 
California Housing Finance Agency, Home Mortgage Revenue Bonds, Series 2006K, 4.625%, 8/01/26 (Alternative Minimum Tax)
2/16 at 100.00
 
A
 
2,456,087
 
 
2,965
 
Total Housing/Single Family
       
2,995,680
 
     
Tax Obligation/General – 12.7% (12.9% of Total Investments)
           
 
2,000
 
California State, General Obligation Bonds, Various Purpose Series 2007, 5.000%, 6/01/37 – NPFG Insured
6/17 at 100.00
 
AA–
 
2,127,580
 
 
2,100
 
Carlsbad Unified School District, San Diego County, California, General Obligation Bonds, Series 2009B, 0.000%, 5/01/34
5/24 at 100.00
 
AA
 
2,017,302
 
 
4,000
 
Oceanside Unified School District, San Diego County, California, General Obligation Bonds, Election 2008 Series 2010B, 0.000%, 8/01/49 – AGM Insured
No Opt. Call
 
AA
 
454,920
 
 
10,000
 
San Marcos Unified School District, San Diego County, California, General Obligation Bonds, 2010 Election, Series 2012B, 0.000%, 8/01/51
No Opt. Call
 
AA–
 
2,011,900
 
 
500
 
Western Riverside Water & Wastewater Financing Authority, California, Revenue Bonds, Western Municipal Water District, Series 2009, 5.625%, 9/01/39 – AGC Insured
8/19 at 100.00
 
AA
 
564,275
 
 
18,600
 
Total Tax Obligation/General
       
7,175,977
 
     
Tax Obligation/Limited – 23.4% (23.7% of Total Investments)
           
 
1,000
 
California Health Facilities Financing Authority, Insured Revenue Bonds, Community Program for Persons with Developmental Disabilities, Series 2011A, 6.250%, 2/01/26
2/21 at 100.00
 
AA–
 
1,208,560
 
 
1,965
 
California State Public Works Board, Lease Revenue Bonds, Department of Education Riverside Campus Project, Series 2009B, 5.750%, 4/01/23
4/19 at 100.00
 
A+
 
2,271,088
 
 
500
 
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2010A-1, 6.000%, 3/01/35
3/20 at 100.00
 
A+
 
590,590
 
 
160
 
Fontana Redevelopment Agency, San Bernardino County, California, Tax Allocation Bonds, Jurupa Hills Redevelopment Project, Refunding Series 1997A, 5.500%, 10/01/27
4/16 at 100.00
 
A–
 
160,376
 
 
2,000
 
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2015A, 5.000%, 6/01/40
6/25 at 100.00
 
A+
 
2,216,260
 
 
145
 
Inglewood Redevelopment Agency, California, Tax Allocation Bonds, Merged Redevelopment Project, Subordinate Lien Series 2007A-1, 5.000%, 5/01/25 – AMBAC Insured
5/17 at 100.00
 
BBB+
 
147,168
 
 
425
 
Lancaster Redevelopment Agency, California, Tax Allocation Bonds, Combined Redevelopment Project Areas Housing Programs, Series 2009, 6.875%, 8/01/39
No Opt. Call
 
BBB
 
489,179
 
 
80
 
National City Community Development Commission, California, Tax Allocation Bonds, National City Redevelopment Project, Series 2011, 6.500%, 8/01/24
8/21 at 100.00
 
A–
 
99,807
 
 
30
 
Novato Redevelopment Agency, California, Tax Allocation Bonds, Hamilton Field Redevelopment Project, Series 2011, 6.750%, 9/01/40
9/21 at 100.00
 
BBB+
 
36,081
 

Nuveen Investments
 
25


NCB
Nuveen California Municipal Value Fund 2
 
 
Portfolio of Investments (continued)
August 31, 2015 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Tax Obligation/Limited (continued)
           
$
35
 
Patterson Public Finance Authority, California, Revenue Bonds, Community Facilities District 2001-1, Subordinate Lien Series 2013B , 5.875%, 9/01/39
9/23 at 100.00
 
N/R
$
37,760
 
     
Patterson Public Financing Authority, California, Revenue Bonds, Community Facilities District 2001-1, Senior Series 2013A:
           
 
210
 
5.250%, 9/01/30
9/23 at 100.00
 
N/R
 
225,737
 
 
190
 
5.750%, 9/01/39
9/23 at 100.00
 
N/R
 
206,384
 
 
240
 
Pittsburg Redevelopment Agency, California, Tax Allocation Bonds, Los Medanos Community Development Project, Refunding Series 2008A, 6.500%, 9/01/28
9/18 at 100.00
 
BBB–
 
262,843
 
 
95
 
Rancho Santa Fe CSD Financing Authority, California, Revenue Bonds, Superior Lien Series 2011A, 5.750%, 9/01/30
9/21 at 100.00
 
BBB+
 
107,631
 
 
15
 
Riverside County Redevelopment Agency, California, Tax Allocation Bonds, Jurupa Valley Project Area, Series 2011B, 6.500%, 10/01/25
10/21 at 100.00
 
A
 
18,399
 
 
1,000
 
San Francisco City and County Redevelopment Financing Authority, California, Tax Allocation Revenue Bonds, San Francisco Redevelopment Projects, Series 2009B, 6.625%, 8/01/39
8/19 at 100.00
 
AA–
 
1,149,810
 
 
1,500
 
San Francisco City and County, California, Certificates of Participation, Multiple Capital Improvement Projects, Series 2009A, 5.250%, 4/01/31
4/19 at 100.00
 
AA
 
1,684,065
 
 
15
 
San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds, Mission Bay North Redevelopment Project, Series 2011C, 6.750%, 8/01/41
2/21 at 100.00
 
A–
 
18,056
 
     
San Francisco Redevelopment Financing Authority, California, Tax Allocation Revenue Bonds, Mission Bay South Redevelopment Project, Series 2011D:
           
 
15
 
7.000%, 8/01/33
2/21 at 100.00
 
BBB+
 
17,968
 
 
15
 
7.000%, 8/01/41
2/21 at 100.00
 
BBB+
 
17,968
 
 
125
 
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2006C, 5.000%, 8/01/25 – NPFG Insured
8/17 at 100.00
 
AA–
 
133,746
 
 
585
 
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2006D, 5.000%, 8/01/22 – AMBAC Insured
8/17 at 100.00
 
BBB+
 
624,552
 
 
25
 
Signal Hill Redevelopment Agency, California, Project 1 Tax Allocation Bonds, Series 2011, 7.000%, 10/01/26
4/21 at 100.00
 
N/R
 
28,163
 
 
1,400
 
Westlake Village, California, Certificates of Participation, Financing Project, Series 2009, 5.000%, 6/01/39
6/16 at 100.00
 
AA+
 
1,431,388
 
 
40
 
Yorba Linda Redevelopment Agency, Orange County, California, Tax Allocation Revenue Bonds, Yorba Linda Redevelopment Project, Subordinate Lien Series 2011A, 6.000%, 9/01/26
9/21 at 100.00
 
A–
 
48,093
 
 
11,810
 
Total Tax Obligation/Limited
       
13,231,672
 
     
Transportation – 5.0% (5.0% of Total Investments)
           
 
395
 
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Junior Lien Series 2013C, 6.500%, 1/15/43
1/24 at 100.00
 
BB+
 
467,423
 
     
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Series 2013A:
           
 
865
 
5.750%, 1/15/46
1/24 at 100.00
 
BBB–
 
997,682
 
 
865
 
6.000%, 1/15/53
1/24 at 100.00
 
BBB–
 
1,006,393
 
 
305
 
Port of Oakland, California, Revenue Bonds, Refunding Series 2012P, 5.000%, 5/01/31 (Alternative Minimum Tax)
No Opt. Call
 
A+
 
338,486
 
 
2,430
 
Total Transportation
       
2,809,984
 
     
U.S. Guaranteed – 3.8% (3.8% of Total Investments) (4)
           
     
California Educational Facilities Authority, Revenue Bonds, University of the Pacific, Series 2009:
           
 
55
 
5.500%, 11/01/39 (Pre-refunded 11/01/19)
11/19 at 100.00
 
N/R (4)
 
64,906
 
 
80
 
5.500%, 11/01/39 (Pre-refunded 11/01/19)
11/19 at 100.00
 
A2 (4)
 
94,444
 

26
 
Nuveen Investments


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
U.S. Guaranteed (4) (continued)
           
$
575
 
Lancaster Redevelopment Agency, California, Tax Allocation Bonds, Combined Redevelopment Project Areas Housing Programs, Series 2009, 6.875%, 8/01/39 (Pre-refunded 8/01/19)
8/19 at 100.00
 
N/R (4)
$
702,972
 
 
1,120
 
Oakland, California, General Obligation Bonds, Measure DD Series 2009B, 5.250%, 1/15/29 (Pre-refunded 1/15/16)
1/16 at 100.00
 
Aa2 (4)
 
1,281,011
 
 
1,830
 
Total U.S. Guaranteed
       
2,143,333
 
     
Utilities – 13.9% (14.1% of Total Investments)
           
 
1,000
 
M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009C, 6.500%, 11/01/39
No Opt. Call
 
A
 
1,314,070
 
 
2,495
 
Roseville Natural Gas Financing Authority, California, Gas Revenue Bonds, Series 2007, 5.000%, 2/15/17
No Opt. Call
 
A
 
2,613,238
 
 
2,400
 
Southern California Public Power Authority, Natural Gas Project 1 Revenue Bonds, Series 2007A, 5.250%, 11/01/24
No Opt. Call
 
A
 
2,779,824
 
 
1,000
 
Tuolumne Wind Project Authority, California, Revenue Bonds, Tuolumne Company Project, Series 2009A, 5.625%, 1/01/29
1/19 at 100.00
 
AA–
 
1,136,060
 
 
6,895
 
Total Utilities
       
7,843,192
 
     
Water and Sewer – 7.1% (7.2% of Total Investments)
           
 
1,075
 
California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, Poseidon Resources Channelside LP Desalination Project, Series 2012, 5.000%, 11/21/45 (Alternative Minimum Tax)
No Opt. Call
 
Baa3
 
1,132,093
 
 
2,000
 
Orange County Sanitation District, California, Certificates of Participation, Tender Option Bond Trust 3020, 17.884%, 2/01/35 (IF) (5)
2/19 at 100.00
 
AAA
 
2,897,440
 
 
3,075
 
Total Water and Sewer
       
4,029,533
 
$
62,035
 
Total Long-Term Investments (cost $47,337,055)
       
55,212,417
 

Nuveen Investments
 
27


NCB
Nuveen California Municipal Value Fund 2
 
 
Portfolio of Investments (continued)
August 31, 2015 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
SHORT-TERM INVESTMENTS – 1.0% (1.0% of Total Investments)
           
     
MUNICIPAL BONDS – 1.0% (1.0% of Total Investments)
           
     
Health Care – 1.0% (1.0% of Total Investments)
           
$
340
 
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2014A, 6.000%, 7/10/15 (6)
No Opt. Call
 
N/R
$
342,339
 
 
100
 
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2014B, 6.000%, 7/10/15 (6)
No Opt. Call
 
N/R
 
100,688
 
 
100
 
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2014C, 6.000%, 7/10/15 (6)
No Opt. Call
 
N/R
 
100,688
 
$
540
 
Total Short-Term Investments (cost $540,000)
       
543,715
 
     
Total Investments (cost $47,877,055) – 98.7%
       
55,756,132
 
     
Other Assets Less Liabilities – 1.3%
       
754,302
 
     
Net Assets Applicable to Common Shares – 100%
     
$
56,510,434
 

(1)
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
(2)
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3)
Ratings: Using the highest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. Ratings below BBB by Standard & Poor's, Baa by Moody's or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(5)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(6)
Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment classified as Level 3. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information.
(IF)
Inverse floating rate investment.
See accompanying notes to financial statements.
28
 
Nuveen Investments


NKX
   
 
Nuveen California AMT-Free Municipal Income Fund
 
 
Portfolio of Investments
August 31, 2015 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
LONG-TERM INVESTMENTS – 141.5% (99.2% of Total Investments)
           
     
MUNICIPAL BONDS – 141.5% (99.2% of Total Investments)
           
     
Consumer Staples – 7.0% (4.9% of Total Investments)
           
$
995
 
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Alameda County Tobacco Asset Securitization Corporation, Series 2002, 5.750%, 6/01/29
11/15 at 100.00
 
Baa1
$
994,970
 
     
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los Angeles County Securitization Corporation, Series 2006A:
           
 
1,350
 
5.600%, 6/01/36
12/18 at 100.00
 
B
 
1,247,576
 
 
325
 
5.650%, 6/01/41
12/18 at 100.00
 
B2
 
294,398
 
 
7,780
 
5.700%, 6/01/46
12/18 at 100.00
 
B+
 
7,040,200
 
 
95
 
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Sonoma County Tobacco Securitization Corporation, Series 2005, 4.250%, 6/01/21
11/15 at 100.00
 
BBB+
 
94,392
 
 
2,165
 
California Statewide Financing Authority, Tobacco Settlement Asset-Backed Bonds, Pooled Tobacco Securitization Program, Series 2002A, 5.625%, 5/01/29
11/15 at 100.00
 
BBB+
 
2,164,913
 
     
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
           
 
8,570
 
5.000%, 6/01/33
6/17 at 100.00
 
B
 
7,285,443
 
 
1,950
 
5.750%, 6/01/47
6/17 at 100.00
 
B
 
1,675,967
 
 
13,560
 
5.125%, 6/01/47
6/17 at 100.00
 
B
 
10,632,532
 
 
14,820
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-2, 5.300%, 6/01/37
6/22 at 100.00
 
B
 
12,225,314
 
     
Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed Bonds, Series 2005A-1:
           
 
8,450
 
5.375%, 6/01/38
11/15 at 100.00
 
B–
 
7,016,711
 
 
2,000
 
5.500%, 6/01/45
11/15 at 100.00
 
B–
 
1,618,960
 
 
62,060
 
Total Consumer Staples
       
52,291,376
 
     
Education and Civic Organizations – 2.3% (1.6% of Total Investments)
           
 
1,050
 
ABAG Finance Authority for Non-Profit Corporations, California, Revenue Bonds, The Jackson Laboratory, Series 2012, 5.000%, 7/01/37
7/22 at 100.00
 
A1
 
1,161,741
 
 
35
 
California Educational Facilities Authority, Revenue Bonds, University of Redlands, Series 2005A, 5.000%, 10/01/35
10/15 at 100.00
 
A3
 
35,046
 
 
4,475
 
California Municipal Finance Authority Charter School Revenue Bonds, Albert Einstein Academies Project, Series 2013A , 7.125%, 8/01/43
8/23 at 100.00
 
BB
 
5,180,439
 
 
1,780
 
California Municipal Finance Authority, Charter School Revenue Bonds, Rocketship Education – Multiple Projects, Series 2014A , 7.250%, 6/01/43
6/22 at 102.00
 
N/R
 
2,007,217
 
 
1,600
 
California Municipal Finance Authority, Revenue Bonds, Goodwill Industries of Sacramento Valley & Northern Nevada Project, Series 2012A, 6.875%, 1/01/42
1/22 at 100.00
 
N/R
 
1,740,192
 
 
2,000
 
California State University, Systemwide Revenue Bonds, Series 2015A, 5.000%, 11/01/38
11/25 at 100.00
 
Aa2
 
2,308,360
 
 
300
 
California Statewide Communities Development Authority, School Facility Revenue Bonds, Alliance College-Ready Public Schools, Series 2011A, 7.000%, 7/01/46
7/21 at 100.00
 
BBB–
 
341,439
 
 
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
 
214,950
 
 
4,060
 
San Diego County, California, Certificates of Participation, Burnham Institute, Series 2006, 5.000%, 9/01/34
9/15 at 102.00
 
Baa1
 
4,144,570
 
 
15,485
 
Total Education and Civic Organizations
       
17,133,954
 
     
Health Care – 17.7% (12.4% of Total Investments)
           
 
3,965
 
Antelope Valley Healthcare District, California, Revenue Bonds, Series 2011A, 6.875%, 3/01/26
No Opt. Call
 
Ba3
 
4,453,171
 

Nuveen Investments
 
29


NKX
Nuveen California AMT-Free Municipal Income Fund
 
 
Portfolio of Investments (continued)
August 31, 2015 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Health Care (continued)
           
$
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
$
1,811,631
 
 
1,255
 
California Health Facilities Financing Authority, Revenue Bonds, Children's Hospital Los Angeles, Series 2012A, 5.000%, 11/15/29
No Opt. Call
 
BBB+
 
1,344,582
 
 
1,000
 
California Health Facilities Financing Authority, Revenue Bonds, City of Hope National Medical Center, Series 2012A, 5.000%, 11/15/35
No Opt. Call
 
AA–
 
1,107,840
 
 
2,520
 
California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard Children's Hospital, Series 2014A, 5.000%, 8/15/43
8/24 at 100.00
 
AA
 
2,824,870
 
 
2,000
 
California Health Facilities Financing Authority, Revenue Bonds, Memorial Health Services, Series 2012A, 5.000%, 10/01/33
No Opt. Call
 
AA–
 
2,207,820
 
 
1,405
 
California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Series 2014A, 5.000%, 10/01/38
10/24 at 100.00
 
AA
 
1,592,287
 
 
2,800
 
California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Series 2014B, 5.000%, 10/01/44
10/24 at 100.00
 
AA
 
3,131,240
 
 
335
 
California Health Facilities Financing Authority, Revenue Bonds, Rady Children's Hospital – San Diego, Series 2011, 5.250%, 8/15/41
8/21 at 100.00
 
AA–
 
372,252
 
 
10,265
 
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2007A, 5.250%, 11/15/46
11/16 at 100.00
 
AA–
 
10,679,911
 
 
750
 
California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, Series 2010A, 5.750%, 7/01/40
7/20 at 100.00
 
Baa2
 
819,345
 
 
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
 
A–
 
702,022
 
 
4,920
 
California Statewide Communities Development Authority, Revenue Bonds, Saint Joseph Health System, Trust 2554, 18.384%, 7/01/47 – AGM Insured (IF)
7/18 at 100.00
 
AA
 
6,326,674
 
 
4,000
 
California Statewide Community Development Authority, Health Facility Revenue Bonds, Catholic Healthcare West, Insured Series 2008K, 5.500%, 7/01/41 – AGC Insured
7/17 at 100.00
 
AA
 
4,249,920
 
     
California Statewide Community Development Authority, Revenue Bonds, Childrens Hospital of Los Angeles, Series 2007:
           
 
2,995
 
5.000%, 8/15/39 – NPFG Insured
8/17 at 100.00
 
AA–
 
3,140,527
 
 
6,500
 
5.000%, 8/15/47
8/17 at 100.00
 
BBB+
 
6,755,840
 
     
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A:
           
 
835
 
5.250%, 7/01/24
11/15 at 100.00
 
CCC
 
750,231
 
 
2,740
 
5.250%, 7/01/30
11/15 at 100.00
 
CCC
 
2,462,383
 
 
730
 
California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanente System, Series 2001C, 5.250%, 8/01/31
8/16 at 100.00
 
A+
 
757,412
 
 
11,335
 
California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanente System, Series 2006, 5.000%, 3/01/41
3/16 at 100.00
 
A+
 
11,524,975
 
 
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+
 
5,119,496
 
 
2,680
 
California Statewide Community Development Authority, Revenue Bonds, Methodist Hospital Project, Series 2009, 6.750%, 2/01/38
8/19 at 100.00
 
Aa2
 
3,165,187
 
 
6,160
 
California Statewide Community Development Authority, Revenue Bonds, Sherman Oaks Health System, Series 1998A, 5.000%, 8/01/22 – AMBAC Insured
No Opt. Call
 
AA–
 
6,990,060
 
 
7,555
 
California Statewide Community Development Authority, Revenue Bonds, St. Joseph Health System, Series 2007A, 5.750%, 7/01/47 – FGIC Insured
7/18 at 100.00
 
AA–
 
8,385,597
 
 
10,000
 
California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Series 2003A, 5.000%, 8/15/38 – AMBAC Insured
8/17 at 100.00
 
AA–
 
10,661,900
 
 
1,690
 
California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Series 2005A, 5.000%, 11/15/43
11/15 at 100.00
 
AA–
 
1,704,247
 
 
2,600
 
Marysville, California, Revenue Bonds, The Fremont-Rideout Health Group, Series 2011, 5.250%, 1/01/42
1/21 at 100.00
 
A
 
2,839,980
 

30
 
Nuveen Investments


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Health Care (continued)
           
     
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009:
           
$
9,250
 
6.625%, 11/01/29
11/19 at 100.00
 
Ba1
$
10,230,685
 
 
7,500
 
6.750%, 11/01/39
11/19 at 100.00
 
Ba1
 
8,210,025
 
     
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010:
           
 
1,500
 
6.000%, 11/01/30
11/20 at 100.00
 
Ba1
 
1,611,165
 
 
2,595
 
6.000%, 11/01/41
11/20 at 100.00
 
Ba1
 
2,755,293
 
 
1,000
 
Rancho Mirage Joint Powers Financing Authority, California, Revenue Bonds, Eisenhower Medical Center, Series 2007A, 5.000%, 7/01/38
7/17 at 100.00
 
Baa2
 
1,036,470
 
 
850
 
San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011, 7.500%, 12/01/41
12/21 at 100.00
 
BB
 
1,034,255
 
 
1,000
 
The Regents of the University of California, Medical Center Pooled Revenue Bonds, Series 2009E, 5.000%, 5/15/38
5/17 at 101.00
 
AA–
 
1,052,420
 
 
122,065
 
Total Health Care
       
131,811,713
 
     
Housing/Multifamily – 2.5% (1.8% of Total Investments)
           
 
480
 
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2010A, 6.400%, 8/15/45
8/20 at 100.00
 
BBB
 
527,693
 
 
155
 
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2012A, 5.500%, 8/15/47
8/22 at 100.00
 
BBB
 
170,430
 
 
350
 
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2012B, 7.250%, 8/15/47
8/22 at 100.00
 
A1
 
404,212
 
     
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Windsor Mobile Country Club Series 2013A:
           
 
2,000
 
5.625%, 11/15/33
11/23 at 100.00
 
BBB
 
2,209,100
 
 
8,000
 
6.000%, 11/15/48
11/23 at 100.00
 
BBB
 
9,010,400
 
     
California Municipal Finance Authority, Mobile Home Park Senior Revenue Bonds, Caritas Affordable Housing, Inc. Projects, Series 2014A:
           
 
260
 
5.250%, 8/15/39
8/24 at 100.00
 
BBB
 
282,420
 
 
705
 
5.250%, 8/15/49
8/24 at 100.00
 
BBB
 
761,816
 
 
3,285
 
Independent Cities Finance Authority, California, Mobile Home Park Revenue Bonds, Rancho Vallecitos Mobile Home Park, Series 2013, 5.000%, 4/15/38
4/23 at 100.00
 
A–
 
3,509,990
 
     
La Verne, California, Mobile Home Park Revenue Bonds, Copacabana Mobile Home Park, Refunding Series 2014:
           
 
670
 
5.000%, 6/15/44
6/24 at 100.00
 
A
 
720,739
 
 
185
 
5.000%, 6/15/49
6/24 at 100.00
 
A
 
198,314
 
 
1,060
 
Poway, California, Housing Revenue Bonds, Revenue Bonds, Poinsettia Mobile Home Park, Series 2003, 5.000%, 5/01/23
11/15 at 100.00
 
AA–
 
1,062,152
 
 
17,150
 
Total Housing/Multifamily
       
18,857,266
 
     
Housing/Single Family – 0.1% (0.1% of Total Investments)
           
 
885
 
California Housing Finance Agency, California, Home Mortgage Revenue Bonds, Series 2008L, 5.500%, 8/01/38
2/18 at 100.00
 
A
 
901,019
 
     
Long-Term Care – 1.1% (0.8% 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
 
AA–
 
3,494,310
 
 
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
 
AA–
 
1,626,865
 
 
1,300
 
California Health Facilities Financing Authority, Revenue Bonds, Northern California Presbyterian Homes & Services Inc., Refunding Series 2015, 5.000%, 7/01/39
7/25 at 100.00
 
AA–
 
1,455,818
 
 
1,500
 
California Statewide Communities Development Authority, Revenue Bonds, Front Porch Communities and Services Project, Series 2007A, 5.125%, 4/01/37
4/17 at 100.00
 
BBB+
 
1,541,040
 
 
7,375
 
Total Long-Term Care
       
8,118,033
 

Nuveen Investments
 
31


NKX
Nuveen California AMT-Free Municipal Income Fund
 
 
Portfolio of Investments (continued)
August 31, 2015 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Tax Obligation/General – 32.0% (22.4% of Total Investments)
           
$
3,000
 
Alhambra Unified School District, Los Angeles County, California, General Obligation Bonds, Refunding Series 2012A, 5.000%, 8/01/29 – AGM Insured
8/22 at 100.00
 
Aa3
$
3,478,950
 
 
1,000
 
California State, General Obligation Bonds, Refunding Series 2011, 5.250%, 9/01/25
9/21 at 100.00
 
AA–
 
1,195,380
 
 
4,910
 
California State, General Obligation Bonds, Various Purpose Refunding Series 2014, 5.000%, 10/01/32
10/24 at 100.00
 
AA–
 
5,643,505
 
     
California State, General Obligation Bonds, Various Purpose Series 2009:
           
 
2,350
 
6.000%, 11/01/39
11/19 at 100.00
 
AA–
 
2,797,558
 
 
1,300
 
5.500%, 11/01/39
11/19 at 100.00
 
AA–
 
1,512,680
 
 
6,000
 
California State, General Obligation Bonds, Various Purpose Series 2010, 6.000%, 3/01/33
3/20 at 100.00
 
AA–
 
7,234,560
 
     
California State, General Obligation Bonds, Various Purpose Series 2011:
           
 
2,000
 
5.000%, 9/01/31
No Opt. Call
 
AA–
 
2,280,580
 
 
4,090
 
5.000%, 9/01/41
9/21 at 100.00
 
AA–
 
4,562,272
 
 
2,625
 
5.000%, 10/01/41
10/21 at 100.00
 
AA–
 
2,931,889
 
     
California State, General Obligation Bonds, Various Purpose Series 2013:
           
 
3,500
 
5.000%, 4/01/37
4/23 at 100.00
 
AA–
 
3,948,770
 
 
2,000
 
5.000%, 2/01/43
No Opt. Call
 
AA–
 
2,230,360
 
 
5,520
 
5.000%, 11/01/43
11/23 at 100.00
 
AA–
 
6,211,987
 
     
California State, General Obligation Bonds, Various Purpose Series 2014:
           
 
2,460
 
5.000%, 10/01/39
10/24 at 100.00
 
AA–
 
2,787,918
 
 
9,000
 
5.000%, 12/01/43
12/23 at 100.00
 
AA–
 
10,138,230
 
 
9,000
 
5.000%, 10/01/44
10/24 at 100.00
 
AA–
 
10,109,520
 
 
9,795
 
4.000%, 11/01/44
11/24 at 100.00
 
AA–
 
9,922,335
 
 
8,000
 
California State, General Obligation Bonds, Various Purpose Series 2015, 5.000%, 3/01/45
3/25 at 100.00
 
AA–
 
9,017,920
 
 
20,750
 
Coachella Valley Unified School District, Riverside County, California, General Obligation Bonds, Election 2005 Series 2010C, 0.000%, 8/01/43 – AGM Insured
No Opt. Call
 
AA
 
5,711,438
 
 
12,050
 
Coast Community College District, Orange County, California, General Obligation Bonds, Series 2006C, 5.000%, 8/01/31 – AGM Insured
8/18 at 100.00
 
Aa1
 
13,167,396
 
 
2,500
 
Corona-Norco Unified School District, Riverside County, California, General Obligation Bonds, Election 2006 Series 2009B, 5.375%, 2/01/34 – AGC Insured
8/18 at 100.00
 
AA
 
2,780,300
 
     
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
 
3,886,953
 
 
3,545
 
5.000%, 8/01/28 – AGC Insured
8/19 at 100.00
 
AA
 
3,934,064
 
 
3,110
 
5.000%, 8/01/29 – AGC Insured
8/19 at 100.00
 
AA
 
3,462,456
 
 
7,100
 
Fontana Unified School District, San Bernardino County, California, General Obligation Bonds,
No Opt. Call
 
AA
 
8,662,566
 
     
Tender Option Bond Trust 2015-XF0111, 9.652%, 2/01/16 – AGM Insured (IF)
           
 
6,000
 
Hartnell Community College District, California, General Obligation Bonds, Series 2006B, 5.000%, 6/01/29 – AGM Insured (UB)
6/16 at 100.00
 
AA
 
6,200,640
 
 
2,000
 
Los Angeles Community College District, California, General Obligation Bonds, Series 2015A, 5.000%, 8/01/30
8/24 at 100.00
 
AA+
 
2,350,200
 
 
5,000
 
Los Angeles Unified School District, Los Angeles County, California, General Obligation Bonds, Refunding Series 2014C, 5.000%, 7/01/29
No Opt. Call
 
Aa2
 
5,917,700
 
 
4,500
 
Mount Diablo Unified School District, Contra Costa County, California, General Obligation Bonds, Series 2010A, 0.000%, 8/01/30 – AGM Insured
8/25 at 100.00
 
AA
 
3,732,300
 
 
3,000
 
Murrieta Valley Unified School District, Riverside County, California, General Obligation Bonds, Series 2007, 4.500%, 9/01/30 – AGM Insured
9/17 at 100.00
 
AA
 
3,174,030
 
 
10,080
 
New Haven Unified School District, Alameda County, California, General Obligation Bonds, Series 2004A, 0.000%, 8/01/26 – NPFG Insured
No Opt. Call
 
AA–
 
5,722,517
 
 
1,125
 
San Diego Unified School District, San Diego County, California, General Obligation Bonds, Election of 1998, Series 1999A, 0.000%, 7/01/21 – FGIC Insured
No Opt. Call
 
AA–
 
986,513
 
 
11,980
 
San Diego Unified School District, San Diego County, California, General Obligation Bonds, Refunding Series 2012R-1, 0.000%, 7/01/31
No Opt. Call
 
AA–
 
6,423,916
 

32
 
Nuveen Investments


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Tax Obligation/General (continued)
           
$
1,500
 
San Juan Capistano, California, General Obligation Bonds, Open Space Program, Tender Option Bond Trust 2015-XF0048, 17.918%, 8/01/17 (IF)
No Opt. Call
 
AAA
$
2,249,940
 
 
2,870
 
Sanger Unified School District, Fresno County, California, General Obligation Bonds, Election 2012, Series 2014B, 5.000%, 8/01/39 – AGM Insured
8/24 at 100.00
 
AA
 
3,218,246
 
 
10,000
 
Southwestern Community College District, San Diego County, California, General Obligation Bonds, Election of 2008, Series 2011C, 0.000%, 8/01/41
No Opt. Call
 
Aa2
 
3,106,700
 
     
Stockton Unified School District, San Joaquin County, California, General Obligation Bonds, Election 2008 Series 2011D:
           
 
23,280
 
7.400%, 8/01/47 – AGC Insured
8/37 at 100.00
 
AA
 
18,326,015
 
 
38,845
 
0.000%, 8/01/50 – AGM Insured
8/37 at 100.00
 
AA
 
30,632,778
 
 
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
 
9,350,912
 
 
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+
 
4,031,795
 
 
8,345
 
Yosemite Community College District, California, General Obligation Bonds, Capital Appreciation, Election 2004, Series 2010D, 0.000%, 8/01/42
No Opt. Call
 
Aa2
 
4,777,763
 
 
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
 
1,098,260
 
 
278,305
 
Total Tax Obligation/General
       
238,909,812
 
     
Tax Obligation/Limited – 42.2% (29.6% of Total Investments)
           
 
2,000
 
Baldwin Park Public Financing Authority, California, Sales Tax and Tax Allocation Bonds, Puente Merced Redevelopment Project, Series 2003, 5.250%, 8/01/21
8/17 at 100.00
 
BBB
 
2,035,500
 
 
655
 
Beaumont Financing Authority, California, Local Agency Revenue Bonds, Improvement Area 19C, Series 2013A, 5.000%, 9/01/27
9/23 at 100.00
 
N/R
 
702,553
 
 
1,000
 
Bell Community Redevelopment Agency, California, Tax Allocation Bonds, Bell Project Area, Series 2003, 5.625%, 10/01/33 – RAAI Insured
11/15 at 100.00
 
AA
 
1,000,140
 
 
7,895
 
Brea and Olinda Unified School District, Orange County, California, Certificates of Participation Refunding, Series 2002A, 5.125%, 8/01/26 – AGM Insured
11/15 at 100.00
 
AA
 
7,926,975
 
 
2,250
 
California Health Facilities Financing Authority, Insured Revenue Bonds, Community Program for Persons with Developmental Disabilities, Series 2011A, 6.250%, 2/01/26
2/21 at 100.00
 
AA–
 
2,719,260
 
     
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
11/15 at 100.00
 
AA+
 
1,219,945
 
 
1,535
 
5.000%, 12/01/20 – AMBAC Insured
11/15 at 100.00
 
AA+
 
1,541,232
 
 
1,615
 
5.000%, 12/01/21 – AMBAC Insured
11/15 at 100.00
 
AA+
 
1,621,557
 
 
1,695
 
5.000%, 12/01/22 – AMBAC Insured
11/15 at 100.00
 
AA+
 
1,701,882
 
 
1,780
 
5.000%, 12/01/23 – AMBAC Insured
11/15 at 100.00
 
AA+
 
1,787,227
 
 
1,865
 
5.000%, 12/01/24 – AMBAC Insured
11/15 at 100.00
 
AA+
 
1,872,572
 
 
7,000
 
California State Public Works Board, Lease Revenue Bonds, Department of Corrections & Rehabilitation, Various Correctional Facilities Series 2013F, 5.250%, 9/01/31
9/23 at 100.00
 
A+
 
8,194,270
 
     
California State Public Works Board, Lease Revenue Bonds, Department of Education, Riverside Campus Project, Series 2012H:
           
 
2,790
 
5.000%, 4/01/30
No Opt. Call
 
A+
 
3,169,189
 
 
2,065
 
5.000%, 4/01/31
No Opt. Call
 
A+
 
2,333,698
 
 
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
11/15 at 100.00
 
A+
 
4,023,040
 
 
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
 
A+
 
3,124,583
 
 
5,920
 
California State Public Works Board, Lease Revenue Bonds, Department of Veterans Affairs, Southern California Veterans Home – Chula Vista Facility, Series 1999A, 5.600%, 11/01/19 – AMBAC Insured
11/15 at 100.00
 
A+
 
5,945,930
 
 
20,330
 
California State Public Works Board, Lease Revenue Bonds, Judicial Council of California, New Stockton Courthouse, Series 2014B, 5.000%, 10/01/39
10/24 at 100.00
 
A+
 
22,870,029
 

Nuveen Investments
 
33


NKX
Nuveen California AMT-Free Municipal Income Fund
 
 
Portfolio of Investments (continued)
August 31, 2015 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Tax Obligation/Limited (continued)
           
$
1,990
 
California State Public Works Board, Lease Revenue Bonds, Judicial Council of California, Various Projects Series 2013A, 5.000%, 3/01/33
No Opt. Call
 
A+
$
2,255,526
 
 
5,000
 
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2009G-1, 5.750%, 10/01/30
10/19 at 100.00
 
A+
 
5,848,300
 
 
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
 
A+
 
2,400,100
 
 
3,020
 
Chino Redevelopment Agency, California, Merged Chino Redevelopment Project Area Tax Allocation Bonds, Series 2006, 5.000%, 9/01/38 – AMBAC Insured
9/16 at 101.00
 
A
 
3,080,430
 
 
1,430
 
Cloverdale Community Development Agency, California, Tax Allocation Bonds, Cloverdale Redevelopment Project, Refunding Series 2006, 5.000%, 8/01/36 – AMBAC Insured
8/16 at 100.00
 
N/R
 
1,437,579
 
     
Compton Community Redevelopment Agency, California, Tax Allocation Revenue Bonds, Redevelopment Projects, Second Lien Series 2010B:
           
 
1,230
 
5.000%, 8/01/25
8/20 at 100.00
 
N/R
 
1,284,649
 
 
530
 
5.750%, 8/01/26
8/20 at 100.00
 
N/R
 
569,172
 
 
3,145
 
Culver City Redevelopment Agency, California, Tax Allocation Revenue Bonds, Redevelopment Project, Series 2002A, 5.125%, 11/01/25 – NPFG Insured
11/15 at 100.00
 
AA–
 
3,148,491
 
     
El Monte, California, Senior Lien Certificates of Participation, Department of Public Services Facility Phase II, Series 2001:
           
 
8,425
 
5.000%, 1/01/21 – AMBAC Insured
1/16 at 100.00
 
A2
 
8,444,041
 
 
5,000
 
5.250%, 1/01/34 – AMBAC Insured
1/16 at 100.00
 
A2
 
5,005,800
 
 
350
 
Fontana Redevelopment Agency, San Bernardino County, California, Tax Allocation Bonds, Jurupa Hills Redevelopment Project, Refunding Series 1997A, 5.500%, 10/01/27
4/16 at 100.00
 
A–
 
350,823
 
 
1,000
 
Fullerton Community Facilities District 1, California, Special Tax Bonds, Amerige Heights, Refunding Series 2012, 5.000%, 9/01/32
9/22 at 100.00
 
A–
 
1,093,710
 
 
1,000
 
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2013A, 5.000%, 6/01/30
6/23 at 100.00
 
A+
 
1,132,910
 
 
33,000
 
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2015A, 5.000%, 6/01/45
6/25 at 100.00
 
A+
 
36,284,159
 
 
425
 
Hesperia Community Redevelopment Agency, California, Tax Allocation Bonds, Series 2005A, 5.000%, 9/01/35 – SYNCORA GTY Insured
9/15 at 100.00
 
BBB–
 
425,162
 
 
3,345
 
Hesperia Public Financing Authority, California, Redevelopment and Housing Projects Tax Allocation Bonds, Series 2007A, 5.000%, 9/01/37 – SYNCORA GTY Insured
9/17 at 100.00
 
N/R
 
3,393,