Chairman's Letter to Shareholders
|
4
|
Portfolio Manager's Comments
|
5
|
Fund Leverage
|
9
|
Common Share Information
|
11
|
Risk Considerations
|
13
|
Performance Overview and Holding Summaries
|
14
|
Portfolios of Investments
|
20
|
Statement of Assets and Liabilities
|
73
|
Statement of Operations
|
75
|
Statement of Changes in Net Assets
|
77
|
Statement of Cash Flows
|
79
|
Financial Highlights
|
80
|
Notes to Financial Statements
|
88
|
Additional Fund Information
|
103
|
Glossary of Terms Used in this Report
|
104
|
Reinvest Automatically, Easily and Conveniently
|
106
|
Annual Investment Management Agreement Approval Process
|
107
|
NUVEEN
|
3
|
4
|
NUVEEN
|
Target Funds
|
Symbol
|
Acquiring Fund
|
Symbol
|
Nuveen California Dividend Advantage Municipal Fund 2
|
NVX
|
Nuveen California Dividend Advantage Municipal Fund
|
NAC
|
To be renamed Nuveen California Quality Municipal Income Fund
|
|||
Nuveen California Dividend Advantage Municipal Fund 3
|
NZH
|
NUVEEN
|
5
|
6
|
NUVEEN
|
NUVEEN
|
7
|
8
|
NUVEEN
|
NCA
|
NCB
|
NKX
|
NAC
|
NVX
|
NZH
|
||
Effective Leverage*
|
1.06%
|
9.38%
|
37.09%
|
36.77%
|
30.28%
|
34.48%
|
|
Regulatory Leverage*
|
0.00%
|
0.00%
|
35.00%
|
31.84%
|
28.44%
|
29.95%
|
* | 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
|
9
|
iMTP Shares
|
VMTP Shares
|
VRDP Shares
|
||||||||||||||||||||||||||
Shares
|
Shares
|
Shares
|
||||||||||||||||||||||||||
Issued at
|
Issued at
|
Issued at
|
||||||||||||||||||||||||||
Liquidation
|
Liquidation
|
Liquidation
|
||||||||||||||||||||||||||
Series
|
Preference
|
Series
|
Preference
|
Series
|
Preference
|
Total
|
||||||||||||||||||||||
NKX
|
2018
|
$
|
36,000,000
|
—
|
—
|
2
|
$
|
35,500,000
|
||||||||||||||||||||
3
|
$
|
42,700,000
|
||||||||||||||||||||||||||
4
|
$
|
109,000,000
|
||||||||||||||||||||||||||
5
|
$
|
104,400,000
|
||||||||||||||||||||||||||
6
|
$
|
105,000,000
|
||||||||||||||||||||||||||
$
|
36,000,000
|
—
|
—
|
$
|
396,600,000
|
$
|
432,600,000
|
|||||||||||||||||||||
NAC
|
—
|
—
|
2019
|
$
|
145,000,000
|
1
|
$
|
136,200,000
|
||||||||||||||||||||
2
|
$
|
91,000,000
|
||||||||||||||||||||||||||
3
|
$
|
49,800,000
|
||||||||||||||||||||||||||
4
|
$
|
105,600,000
|
||||||||||||||||||||||||||
5
|
$
|
158,900,000
|
||||||||||||||||||||||||||
6
|
$
|
158,100,000
|
||||||||||||||||||||||||||
$
|
145,000,000
|
$
|
699,600,000
|
$
|
844,600,000
|
|||||||||||||||||||||||
NVX
|
—
|
—
|
—
|
—
|
1
|
$
|
98,000,000
|
$
|
98,000,000
|
|||||||||||||||||||
NZH
|
—
|
—
|
—
|
—
|
1
|
$
|
160,000,000
|
$
|
160,000,000
|
10
|
NUVEEN
|
Per Common Share Amounts | ||||||||||||||||||||||||
Monthly Distributions (Ex-Dividend Date)
|
NCA
|
NCB
|
NKX
|
NAC
|
NVX
|
NZH
|
||||||||||||||||||
March 2016
|
$
|
0.0390
|
$
|
0.0650
|
$
|
0.0720
|
$
|
0.0760
|
$
|
0.0675
|
$
|
0.0670
|
||||||||||||
April
|
0.0390
|
0.0650
|
0.0720
|
0.0760
|
$
|
0.0675
|
0.0670
|
|||||||||||||||||
May
|
0.0390
|
0.0650
|
0.0720
|
0.0760
|
$
|
0.0675
|
0.0670
|
|||||||||||||||||
June
|
0.0390
|
0.0650
|
0.0720
|
0.0740
|
$
|
0.0660
|
0.0670
|
|||||||||||||||||
July
|
0.0390
|
0.0650
|
0.0720
|
0.0740
|
$
|
0.0660
|
0.0670
|
|||||||||||||||||
August 2016
|
0.0390
|
0.0650
|
0.0720
|
0.0740
|
$
|
0.0660
|
0.0670
|
|||||||||||||||||
Total Distributions from Net Investment Income
|
$
|
0.2340
|
$
|
0.3900
|
$
|
0.4320
|
$
|
0.4500
|
$
|
0.4005
|
$
|
0.4020
|
||||||||||||
Yields
|
||||||||||||||||||||||||
Market Yield*
|
4.10
|
%
|
4.20
|
%
|
5.06
|
%
|
5.31
|
%
|
4.87
|
%
|
5.20
|
%
|
||||||||||||
Taxable-Equivalent Yield*
|
6.28
|
%
|
6.43
|
%
|
7.75
|
%
|
8.13
|
%
|
7.46
|
%
|
7.96
|
%
|
*
|
Market Yield is based on the Fund's current annualized monthly distribution divided by the Fund's current market price as of the end of the reporting period. Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 34.7%. When comparing a Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield would be lower.
|
NUVEEN
|
11
|
NCA
|
NCB
|
NKX
|
NAC
|
NVX
|
NZH
|
||
Common shares cumulatively repurchased and retired
|
–
|
–
|
–
|
–
|
50,700
|
12,900
|
|
Common shares authorized for repurchase
|
2,570,000
|
330,000
|
4,770,000
|
10,760,000
|
1,475,000
|
2,415,000
|
NCA
|
NAC
|
||
Additional authorized common shares
|
2,500,000
|
2,300,000
|
NCA
|
NAC
|
|||||||
Common shares sold through shelf offering
|
1,232,400
|
470,780
|
||||||
Weighted average premium to NAV per common share sold
|
2.85
|
%
|
1.19
|
%
|
NCA
|
NCB
|
NKX
|
NAC
|
NVX
|
NZH
|
|||||||||||||||||||
Common share NAV
|
$
|
10.90
|
$
|
17.59
|
$
|
16.84
|
$
|
16.75
|
$
|
16.70
|
$
|
15.49
|
||||||||||||
Common share price
|
$
|
11.41
|
$
|
18.56
|
$
|
17.06
|
$
|
16.72
|
$
|
16.27
|
$
|
15.45
|
||||||||||||
Premium/(Discount) to NAV
|
4.68
|
%
|
5.51
|
%
|
1.31
|
%
|
(0.18
|
)%
|
(2.57
|
)%
|
(0.26
|
)%
|
||||||||||||
6-month average premium/(discount) to NAV
|
2.76
|
%
|
2.23
|
%
|
(0.45
|
)%
|
(0.26
|
)%
|
(1.76
|
)%
|
0.70
|
%
|
12
|
NUVEEN
|
NUVEEN
|
|
13
|
NCA
|
|
Nuveen California Municipal Value Fund, Inc.
|
|
Performance Overview and Holding Summaries as of August 31, 2016
|
Cumulative
|
Average Annual
|
||||||
6-Month
|
1-Year
|
5-Year
|
10-Year
|
||||
NCA at Common Share NAV
|
5.48%
|
9.97%
|
7.37%
|
5.73%
|
|||
NCA at Common Share Price
|
8.04%
|
14.44%
|
10.20%
|
6.85%
|
|||
S&P Municipal Bond California Index
|
3.47%
|
7.37%
|
5.96%
|
5.17%
|
|||
S&P Municipal Bond Index
|
3.35%
|
7.03%
|
4.99%
|
4.79%
|
|||
Lipper California Municipal Debt Funds Classification Average
|
5.40%
|
11.44%
|
9.23%
|
5.89%
|
Fund Allocation
|
|
(% of net assets)
|
|
Long-Term Municipal Bonds
|
97.3%
|
Other Assets Less Liabilities
|
3.8%
|
Net Assets Plus Floating Rate Obligations
|
101.1%
|
Floating Rate Obligations
|
(1.1)%
|
Net Assets
|
100%
|
Portfolio Composition
|
|
(% of total investments)
|
|
Tax Obligation/General
|
25.9%
|
Tax Obligation/Limited
|
20.9%
|
U.S. Guaranteed
|
15.2%
|
Health Care
|
10.8%
|
Transportation
|
8.9%
|
Consumer Staples
|
5.9%
|
Other
|
12.4%
|
Total
|
100%
|
Credit Quality
|
|
(% of total investment exposure)
|
|
AAA/U.S. Guaranteed
|
21.1%
|
AA
|
45.1%
|
A
|
11.1%
|
BBB
|
7.3%
|
BB or Lower
|
10.2%
|
N/R (not rated)
|
5.2%
|
Total
|
100%
|
14
|
NUVEEN
|
NCB
|
|
Nuveen California Municipal Value Fund 2
|
|
Performance Overview and Holding Summaries as of August 31, 2016
|
Cumulative
|
Average Annual
|
|||||
Since
|
||||||
6-Month
|
1-Year
|
5-Year
|
Inception
|
|||
NCB at Common Share NAV
|
4.38%
|
8.64%
|
7.68%
|
8.22%
|
||
NCB at Common Share Price
|
7.19%
|
19.52%
|
10.95%
|
8.61%
|
||
S&P Municipal Bond California Index
|
3.47%
|
7.37%
|
5.96%
|
6.40%
|
||
S&P Municipal Bond Index
|
3.35%
|
7.03%
|
4.99%
|
5.68%
|
||
Lipper California Municipal Debt Funds Classification Average
|
5.40%
|
11.44%
|
9.23%
|
6.36%
|
Fund Allocation
|
|
(% of net assets)
|
|
Long-Term Municipal Bonds
|
97.7%
|
Other Assets Less Liabilities
|
2.3%
|
Net Assets
|
100%
|
Portfolio Composition
|
|
(% of total investments)
|
|
Utilities
|
18.6%
|
Tax Obligation/Limited
|
18.3%
|
U.S. Guaranteed
|
16.7%
|
Tax Obligation/General
|
14.4%
|
Health Care
|
12.4%
|
Consumer Staples
|
6.6%
|
Transportation
|
5.2%
|
Other
|
7.8%
|
Total
|
100%
|
Credit Quality
|
|
(% of total investment exposure)
|
|
AAA/U.S. Guaranteed
|
26.7%
|
AA
|
25.2%
|
A
|
28.8%
|
BBB
|
8.2%
|
BB or Lower
|
9.7%
|
N/R (not rated)
|
1.4%
|
Total
|
100%
|
NUVEEN
|
15
|
NKX
|
|
Nuveen California AMT-Free Municipal Income Fund
|
|
Performance Overview and Holding Summaries as of August 31, 2016
|
Cumulative
|
Average Annual
|
|||||
6-Month
|
1-Year
|
5-Year
|
10-Year
|
|||
NKX at Common Share NAV
|
6.87%
|
13.55%
|
9.91%
|
7.01%
|
||
NKX at Common Share Price
|
12.03%
|
26.56%
|
12.32%
|
7.97%
|
||
S&P Municipal Bond California Index
|
3.47%
|
7.37%
|
5.96%
|
5.17%
|
||
S&P Municipal Bond Index
|
3.35%
|
7.03%
|
4.99%
|
4.79%
|
||
Lipper California Municipal Debt Funds Classification Average
|
5.40%
|
11.44%
|
9.23%
|
5.89%
|
Fund Allocation
|
|
(% of net assets)
|
|
Long-Term Municipal Bonds
|
151.7%
|
Other Assets Less Liabilities
|
2.2%
|
Net Assets Plus iMTP Shares, at Liquidation Preference & VRDP Shares, at Liquidation Preference
|
153.9%
|
iMTP Shares, at Liquidation Preference
|
(4.5)%
|
VRDP Shares, at Liquidation Preference
|
(49.4)%
|
Net Assets
|
100%
|
Portfolio Composition
|
|
(% of total investments)
|
|
Tax Obligation/Limited
|
24.5%
|
Tax Obligation/General
|
21.2%
|
Water and Sewer
|
12.7%
|
U.S. Guaranteed
|
11.9%
|
Health Care
|
11.5%
|
Consumer Staples
|
6.1%
|
Transportation
|
5.1%
|
Other
|
7.0%
|
Total
|
100%
|
Credit Quality
|
|
(% of total investment exposure)
|
|
AAA/U.S. Guaranteed
|
16.2%
|
AA
|
49.5%
|
A
|
11.6%
|
BBB
|
8.5%
|
BB or Lower
|
9.8%
|
N/R (not rated)
|
4.4%
|
Total
|
100%
|
16
|
NUVEEN
|
NAC
|
|
Nuveen California Dividend Advantage Municipal Fund
|
|
Performance Overview and Holding Summaries as of August 31, 2016
|
Cumulative
|
Average Annual
|
|||||
6-Month
|
1-Year
|
5-Year
|
10-Year
|
|||
NAC at Common Share NAV
|
7.16%
|
13.86%
|
10.33%
|
7.16%
|
||
NAC at Common Share Price
|
8.47%
|
22.51%
|
11.20%
|
7.27%
|
||
S&P Municipal Bond California Index
|
3.47%
|
7.37%
|
5.96%
|
5.17%
|
||
S&P Municipal Bond Index
|
3.35%
|
7.03%
|
4.99%
|
4.79%
|
||
Lipper California Municipal Debt Funds Classification Average
|
5.40%
|
11.44%
|
9.23%
|
5.89%
|
Fund Allocation
|
|
(% of net assets)
|
|
Long-Term Municipal Bonds
|
149.9%
|
Other Assets Less Liabilities
|
1.0%
|
Net Assets Plus Floating Rate Obligations, VMTP Shares, at Liquidation Preference & VRDP Shares, at Liquidation Preference
|
150.9%
|
Floating Rate Obligations
|
(4.2)%
|
VMTP Shares, at Liquidation Preference
|
(8.0)%
|
VRDP Shares, at Liquidation Preference
|
(38.7)%
|
Net Assets
|
100%
|
Portfolio Composition
|
|
(% of total investments)
|
|
Tax Obligation/General
|
25.5%
|
Tax Obligation/Limited
|
19.0%
|
Health Care
|
13.9%
|
U.S. Guaranteed
|
11.9%
|
Water and Sewer
|
10.8%
|
Transportation
|
6.4%
|
Consumer Staples
|
6.1%
|
Other
|
6.4%
|
Total
|
100%
|
Credit Quality
|
|
(% of total investment exposure)
|
|
AAA/U.S. Guaranteed
|
18.4%
|
AA
|
46.3%
|
A
|
13.5%
|
BBB
|
8.8%
|
BB or Lower
|
10.1%
|
N/R (not rated)
|
2.9%
|
Total
|
100%
|
NUVEEN
|
17
|
NVX
|
|
Nuveen California Dividend Advantage Municipal Fund 2
|
|
Performance Overview and Holding Summaries as of August 31, 2016
|
Cumulative
|
Average Annual
|
|||||
6-Month
|
1-Year
|
5-Year
|
10-Year
|
|||
NVX at Common Share NAV
|
6.53%
|
13.49%
|
9.04%
|
6.83%
|
||
NVX at Common Share Price
|
6.76%
|
18.43%
|
9.59%
|
7.23%
|
||
S&P Municipal Bond California Index
|
3.47%
|
7.37%
|
5.96%
|
5.17%
|
||
S&P Municipal Bond Index
|
3.35%
|
7.03%
|
4.99%
|
4.79%
|
||
Lipper California Municipal Debt Funds Classification Average
|
5.40%
|
11.44%
|
9.23%
|
5.89%
|
Fund Allocation
|
|
(% of net assets)
|
|
Long-Term Municipal Bonds
|
138.2%
|
Other Assets Less Liabilities
|
1.6%
|
Net Assets Plus VRDP Shares, at Liquidation Preference
|
139.8%
|
VRDP Shares, at Liquidation Preference
|
(39.8)%
|
Net Assets
|
100%
|
Portfolio Composition
|
|
(% of total investments)
|
|
Tax Obligation/General
|
23.7%
|
Tax Obligation/Limited
|
17.3%
|
Health Care
|
12.8%
|
Transportation
|
11.0%
|
Water and Sewer
|
10.7%
|
Utilities
|
7.9%
|
U.S. Guaranteed
|
6.7%
|
Consumer Staples
|
6.5%
|
Other
|
3.4%
|
Total
|
100%
|
Credit Quality
|
|
(% of total investment exposure)
|
|
AAA/U.S. Guaranteed
|
9.6%
|
AA
|
45.5%
|
A
|
22.2%
|
BBB
|
8.7%
|
BB or Lower
|
11.9%
|
N/R (not rated)
|
2.1%
|
Total
|
100%
|
18
|
NUVEEN
|
NZH
|
|
Nuveen California Dividend Advantage Municipal Fund 3
|
|
Performance Overview and Holding Summaries as of August 31, 2016
|
Cumulative
|
Average Annual
|
|||||
6-Month
|
1-Year
|
5-Year
|
10-Year
|
|||
NZH at Common Share NAV
|
6.57%
|
13.41%
|
9.84%
|
6.45%
|
||
NZH at Common Share Price
|
8.92%
|
24.89%
|
10.94%
|
6.88%
|
||
S&P Municipal Bond California Index
|
3.47%
|
7.37%
|
5.96%
|
5.17%
|
||
S&P Municipal Bond Index
|
3.35%
|
7.03%
|
4.99%
|
4.79%
|
||
Lipper California Municipal Debt Funds Classification Average
|
5.40%
|
11.44%
|
9.23%
|
5.89%
|
Fund Allocation
|
|
(% of net assets)
|
|
Long-Term Municipal Bonds
|
141.3%
|
Other Assets Less Liabilities
|
1.4%
|
Net Assets Plus VRDP Shares, at Liquidation Preference
|
142.7%
|
VRDP Shares, at Liquidation Preference
|
(42.7)%
|
Net Assets
|
100%
|
Portfolio Composition
|
|
(% of total investments)
|
|
Tax Obligation/Limited
|
23.1%
|
Health Care
|
19.3%
|
Tax Obligation/General
|
13.2%
|
Water and Sewer
|
11.4%
|
Transportation
|
8.9%
|
U.S. Guaranteed
|
8.3%
|
Consumer Staples
|
7.2%
|
Other
|
8.6%
|
Total
|
100%
|
Credit Quality
|
|
(% of total investment exposure)
|
|
AAA/U.S. Guaranteed
|
16.5%
|
AA
|
45.2%
|
A
|
12.9%
|
BBB
|
10.4%
|
BB or Lower
|
11.1%
|
N/R (not rated)
|
3.9%
|
Total
|
100%
|
NUVEEN
|
19
|
NCA
|
||
Nuveen California Municipal Value Fund, Inc.
|
||
Portfolio of Investments
|
August 31, 2016 (Unaudited)
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
LONG-TERM INVESTMENTS – 97.3% (100.0% of Total Investments)
|
|||||||||
MUNICIPAL BONDS – 97.3% (100.0% of Total Investments)
|
|||||||||
Consumer Staples – 5.8% (5.9% of Total Investments)
|
|||||||||
$
|
3,000
|
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Gold Country Settlement Funding Corporation, Refunding Series 2006, 5.250%, 6/01/46
|
11/16 at 100.00
|
CCC
|
$
|
3,000,090
|
|||
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
|
2,033,340
|
|||||
170
|
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Sonoma County Tobacco Securitization Corporation, Series 2005, 4.250%, 6/01/21
|
11/16 at 100.00
|
BBB+
|
170,077
|
|||||
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
|
|||||||||
3,940
|
5.000%, 6/01/33
|
6/17 at 100.00
|
B–
|
3,978,809
|
|||||
175
|
5.125%, 6/01/47
|
6/17 at 100.00
|
B–
|
175,707
|
|||||
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–
|
3,666,961
|
|||||
3,895
|
Silicon Valley Tobacco Securitization Authority, California, Tobacco Settlement Asset-Backed Bonds, Santa Clara County Tobacco Securitization Corporation, Series 2007A, 0.000%, 6/01/41
|
6/17 at 26.07
|
N/R
|
910,417
|
|||||
3,500
|
Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed Bonds, Series 2005A-1, 5.500%, 6/01/45
|
11/16 at 100.00
|
B–
|
3,500,245
|
|||||
20,250
|
Total Consumer Staples
|
17,435,646
|
|||||||
Education and Civic Organizations – 1.2% (1.3% of Total Investments)
|
|||||||||
1,000
|
California Educational Facilities Authority, Revenue Bonds, Stanford University Series 2016U-7, 5.000%, 6/01/46
|
No Opt. Call
|
AAA
|
1,519,660
|
|||||
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
|
532,355
|
|||||
690
|
California State University, Systemwide Revenue Bonds, Series 2016A, 5.000%, 11/01/41
|
5/26 at 100.00
|
Aa2
|
860,796
|
|||||
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–
|
832,517
|
|||||
2,840
|
Total Education and Civic Organizations
|
3,745,328
|
|||||||
Health Care – 10.5% (10.8% of Total Investments)
|
|||||||||
285
|
California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, Refunding Series 2015A, 5.000%, 8/15/43
|
8/25 at 100.00
|
AA–
|
344,391
|
|||||
2,270
|
California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, Refunding Series 2016B, 5.000%, 11/15/46
|
11/26 at 100.00
|
AA–
|
2,817,615
|
|||||
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
|
660,705
|
|||||
350
|
California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Refunding Series 2014A, 5.000%, 10/01/38
|
10/24 at 100.00
|
AA–
|
428,589
|
|||||
690
|
California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Series 2014B, 5.000%, 10/01/44
|
10/24 at 100.00
|
AA–
|
820,534
|
|||||
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
|
Aa3
|
655,603
|
|||||
670
|
5.250%, 8/15/41
|
8/21 at 100.00
|
Aa3
|
770,875
|
|||||
1,000
|
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2011B, 6.000%, 8/15/42
|
8/20 at 100.00
|
AA–
|
1,197,310
|
|||||
2,270
|
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–
|
2,308,250
|
20
|
NUVEEN
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Health Care (continued)
|
|||||||||
$
|
2,390
|
California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2016A, 5.000%, 12/01/46
|
6/26 at 100.00
|
BB+
|
$
|
2,739,131
|
|||
2,625
|
California Statewide Communities Development Authority, Revenue Bonds, Kaiser Permanente, Series 2012A, 5.000%, 4/01/42
|
4/22 at 100.00
|
AA–
|
3,061,669
|
|||||
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
|
3,111,450
|
|||||
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
|
1,079,220
|
|||||
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–
|
3,100,077
|
|||||
2,940
|
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 6.750%, 11/01/39
|
11/19 at 100.00
|
Ba1
|
3,285,626
|
|||||
2,900
|
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 6.000%, 11/01/41
|
11/20 at 100.00
|
Ba1
|
3,120,980
|
|||||
1,750
|
San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011, 7.500%, 12/01/41
|
12/21 at 100.00
|
BB+
|
2,178,400
|
|||||
27,965
|
Total Health Care
|
31,680,425
|
|||||||
Housing/Multifamily – 2.0% (2.0% of Total Investments)
|
|||||||||
1,000
|
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2010A, 6.400%, 8/15/45
|
8/20 at 100.00
|
BBB
|
1,143,370
|
|||||
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
|
1,221,480
|
|||||
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
|
76,896
|
|||||
175
|
5.250%, 8/15/49
|
8/24 at 100.00
|
BBB
|
205,658
|
|||||
2,235
|
California Statewide Community Development Authority, Multifamily Housing Revenue Bonds, Harbor City Lights, Series 1999Y, 6.650%, 7/01/39 (Alternative Minimum Tax)
|
1/17 at 100.00
|
N/R
|
2,238,420
|
|||||
1,045
|
San Dimas Housing Authority, California, Mobile Home Park Revenue Bonds, Charter Oak Mobile Home Estates Acquisition Project, Series 1998A, 5.700%, 7/01/28
|
1/17 at 100.00
|
N/R
|
1,046,986
|
|||||
5,580
|
Total Housing/Multifamily
|
5,932,810
|
|||||||
Housing/Single Family – 0.7% (0.7% 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
|
2,160,360
|
|||||
Long-Term Care – 1.5% (1.5% 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–
|
4,380,440
|
|||||
180
|
California Statewide Community Development Authority, Certificates of Participation, Internext Group, Series 1999, 5.375%, 4/01/17
|
10/16 at 100.00
|
BBB+
|
180,761
|
|||||
4,180
|
Total Long-Term Care
|
4,561,201
|
|||||||
Tax Obligation/General – 25.2% (25.9% of Total Investments)
|
|||||||||
1,750
|
Antelope Valley Community College District, Los Angeles County, California, General Obligation Bonds, Refunding Series 2015, 5.000%, 8/01/39
|
2/25 at 100.00
|
Aa2
|
2,129,085
|
|||||
1,000
|
California State, General Obligation Bonds, Refunding Various Purpose Series 2013, 5.000%, 2/01/29
|
No Opt. Call
|
AA–
|
1,219,200
|
|||||
1,000
|
California State, General Obligation Bonds, Various Purpose Refunding Series 2014, 5.000%, 8/01/31
|
8/24 at 100.00
|
AA–
|
1,252,700
|
|||||
3,000
|
California State, General Obligation Bonds, Various Purpose Refunding Series 2015, 5.000%, 8/01/34
|
8/25 at 100.00
|
AA–
|
3,739,950
|
NUVEEN
|
21
|
NCA
|
Nuveen California Municipal Value Fund, Inc.
|
|
Portfolio of Investments (continued)
|
August 31, 2016 (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 2009:
|
|||||||||
$
|
2,500
|
6.000%, 4/01/38
|
4/19 at 100.00
|
AA–
|
$
|
2,833,625
|
|||
1,000
|
6.000%, 11/01/39
|
11/19 at 100.00
|
AA–
|
1,161,410
|
|||||
2,000
|
California State, General Obligation Bonds, Various Purpose Series 2010, 5.500%, 3/01/40
|
3/20 at 100.00
|
AA–
|
2,299,100
|
|||||
California State, General Obligation Bonds, Various Purpose Series 2013:
|
|||||||||
2,500
|
5.000%, 4/01/37
|
4/23 at 100.00
|
AA–
|
3,011,750
|
|||||
2,500
|
5.000%, 2/01/43
|
No Opt. Call
|
AA–
|
2,986,050
|
|||||
2,240
|
5.000%, 11/01/43
|
11/23 at 100.00
|
AA–
|
2,723,235
|
|||||
California State, General Obligation Bonds, Various Purpose Series 2014:
|
|||||||||
5,000
|
5.000%, 5/01/32
|
5/24 at 100.00
|
AA–
|
6,213,700
|
|||||
1,970
|
5.000%, 10/01/39
|
10/24 at 100.00
|
AA–
|
2,425,582
|
|||||
290
|
Oceanside Unified School District, San Diego County, California, General Obligation Bonds, Election 2008 Series 2010B, 0.000%, 8/01/49 – AGM Insured
|
8/20 at 13.60
|
AA
|
36,952
|
|||||
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–
|
3,943,100
|
|||||
2,000
|
Puerto Rico, General Obligation Bonds, Public Improvement Series 2002A, 5.500%, 7/01/20 – NPFG Insured
|
No Opt. Call
|
AA–
|
2,170,260
|
|||||
6,000
|
Rio Hondo Community College District, California, General Obligation Bonds, Election of 2004, Series 2010C, 0.000%, 8/01/42 (4)
|
8/34 at 100.00
|
AA
|
6,656,820
|
|||||
3,000
|
San Diego Unified School District, San Diego County, California, General Obligation Bonds, Dedicated Unlimited Ad Valorem Property Tax, 2012 Election Series 2016F, 5.000%, 7/01/40
|
7/25 at 100.00
|
AAA
|
3,681,720
|
|||||
11,875
|
San Mateo Union High School District, San Mateo County, California, General Obligation Bonds, Election 2010 Series 2011A, 0.000%, 9/01/41 (4)
|
9/36 at 100.00
|
Aaa
|
11,067,143
|
|||||
20,860
|
Yosemite Community College District, California, General Obligation Bonds, Capital Appreciation, Election 2004, Series 2010D, 0.000%, 8/01/42 (4)
|
No Opt. Call
|
Aa2
|
16,582,864
|
|||||
80,485
|
Total Tax Obligation/General
|
76,134,246
|
|||||||
Tax Obligation/Limited – 20.3% (20.9% of Total Investments)
|
|||||||||
1,000
|
Artesia Redevelopment Agency, California, Tax Allocation Revenue Bonds, Artesia Redevelopment Project Area, Series 2007, 5.375%, 6/01/27
|
11/16 at 100.00
|
BBB+
|
1,002,000
|
|||||
Bell Community Redevelopment Agency, California, Tax Allocation Bonds, Bell Project Area, Series 2003:
|
|||||||||
3,000
|
5.500%, 10/01/23 – RAAI Insured
|
11/16 at 100.00
|
AA
|
3,005,040
|
|||||
1,000
|
5.625%, 10/01/33 – RAAI Insured
|
11/16 at 100.00
|
AA
|
1,000,980
|
|||||
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+
|
4,342,800
|
|||||
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+
|
1,516,700
|
|||||
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+
|
1,144,930
|
|||||
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+
|
2,346,200
|
|||||
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+
|
3,583,020
|
|||||
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
|
1,018,216
|
|||||
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
|
1,032,480
|
|||||
750
|
Fontana Redevelopment Agency, San Bernardino County, California, Tax Allocation Bonds, Jurupa Hills Redevelopment Project, Refunding Series 1997A, 5.500%, 10/01/27
|
4/17 at 100.00
|
A
|
753,008
|
|||||
8,250
|
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Refunding Series 2015A, 5.000%, 6/01/45
|
6/25 at 100.00
|
A+
|
10,013,354
|
22
|
NUVEEN
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Tax Obligation/Limited (continued)
|
|||||||||
$
|
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+
|
$
|
687,002
|
|||
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
|
152,948
|
|||||
355
|
5.125%, 9/01/36
|
9/16 at 100.00
|
N/R
|
360,950
|
|||||
2,500
|
Kern County Board of Education, California, Certificates of Participation, Series 2006A, 5.000%, 6/01/31 – NPFG Insured
|
11/16 at 100.00
|
AA–
|
2,507,350
|
|||||
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
|
845,970
|
|||||
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
|
4,186,266
|
|||||
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
|
462,748
|
|||||
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+
|
170,103
|
|||||
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
|
5,934,054
|
|||||
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
|
180,693
|
|||||
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
|
1,075,723
|
|||||
860
|
5.750%, 9/01/39
|
9/23 at 100.00
|
N/R
|
977,691
|
|||||
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
|
98,799
|
|||||
2,000
|
Roseville, California, Special Tax Bonds, Community Facilities District 1 Fiddyment Ranch, Series 2005, 5.050%, 9/01/30
|
3/17 at 100.00
|
N/R
|
2,022,580
|
|||||
50
|
San Clemente, California, Special Tax Revenue Bonds, Community Facilities District 2006-1 Marblehead Coastal, Series 2015, 5.000%, 9/01/40
|
9/25 at 100.00
|
N/R
|
57,936
|
|||||
1,000
|
San Diego County Regional Transportation Commission, California, Sales Tax Revenue Bonds, Refunding Series 2012A, 5.000%, 4/01/42
|
4/22 at 100.00
|
AAA
|
1,182,230
|
|||||
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
|
191,046
|
|||||
2,750
|
San Jose Financing Authority, California, Lease Revenue Refunding Bonds, Convention Center Project, Series 2001F, 5.000%, 9/01/20 – NPFG Insured
|
9/16 at 100.00
|
AA
|
2,760,423
|
|||||
780
|
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Refunding Series 2006D, 5.000%,
8/01/23 – AMBAC Insured |
8/17 at 100.00
|
BBB+
|
808,571
|
|||||
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–
|
415,892
|
|||||
590
|
5.000%, 8/01/25 – NPFG Insured
|
8/17 at 100.00
|
AA–
|
613,329
|
|||||
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
|
131,809
|
|||||
1,330
|
Tehachapi Redevelopment Agency, California, Tax Allocation Bonds, Series 2007, 5.250%, 12/01/37 – RAAI Insured
|
12/17 at 100.00
|
AA
|
1,369,528
|
|||||
1,000
|
Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Series 2012A, 5.000%, 10/01/32 – AGM Insured
|
10/22 at 100.00
|
AA
|
1,093,550
|
|||||
485
|
Vista Joint Powers Financing Authority, California, Special Tax Lease Revenue Refunding Bonds, Community Facilities District 90-2, Series 1997A, 5.875%, 9/01/20
|
9/16 at 100.00
|
N/R
|
486,300
|
NUVEEN
|
23
|
NCA
|
Nuveen California Municipal Value Fund, Inc.
|
|
Portfolio of Investments (continued)
|
August 31, 2016 (Unaudited)
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Tax Obligation/Limited (continued)
|
|||||||||
$
|
1,730
|
West Contra Costa Healthcare District, California, Certificates of Participation, Series 2004, 5.375%, 7/01/21 – AMBAC Insured
|
11/16 at 100.00
|
N/R
|
$
|
1,755,535
|
|||
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–
|
233,470
|
|||||
55,760
|
Total Tax Obligation/Limited
|
61,521,224
|
|||||||
Transportation – 8.6% (8.9% 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+
|
2,226,297
|
|||||
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
|
2,236,575
|
|||||
4,010
|
5.750%, 1/15/46
|
1/24 at 100.00
|
BBB–
|
4,804,702
|
|||||
4,010
|
6.000%, 1/15/53
|
1/24 at 100.00
|
BBB–
|
4,862,245
|
|||||
5,665
|
Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Senior Lien Series 2015D, 5.000%, 5/15/41 (Alternative Minimum Tax)
|
5/25 at 100.00
|
AA
|
6,761,744
|
|||||
3,000
|
Los Angeles Harbors Department, California, Revenue Bonds, Series 2014C, 5.000%, 8/01/44
|
8/24 at 100.00
|
AA
|
3,626,580
|
|||||
175
|
Palm Springs Financing Authority, California, Palm Springs International Airport Revenue Bonds, Series 2006, 5.550%, 7/01/28 (Alternative Minimum Tax)
|
11/16 at 100.00
|
N/R
|
175,242
|
|||||
1,210
|
Port of Oakland, California, Revenue Bonds, Refunding Series 2012P, 5.000%, 5/01/29 (Alternative Minimum Tax)
|
No Opt. Call
|
A+
|
1,424,352
|
|||||
21,835
|
Total Transportation
|
26,117,737
|
|||||||
U.S. Guaranteed – 14.8% (15.2% of Total Investments) (5)
|
|||||||||
5,365
|
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2007A, 5.250%, 11/15/46 (Pre-refunded 11/15/16) (UB)
|
11/16 at 100.00
|
AA– (5)
|
5,415,055
|
|||||
1,600
|
California Municipal Financing Authority, Certificates of Participation, Community Hospitals of Central California, Series 2007, 5.250%, 2/01/27 (Pre-refunded 2/01/17)
|
2/17 at 100.00
|
N/R (5)
|
1,631,008
|
|||||
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+ (5)
|
1,040,590
|
|||||
1,855
|
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
|
2,174,023
|
|||||
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 (5)
|
1,672,605
|
|||||
Madera Irrigation District. California, Water Revenue Refunding Bonds, Series 2008:
|
|||||||||
1,850
|
5.500%, 1/01/33 (Pre-refunded 1/01/18)
|
1/18 at 100.00
|
A (5)
|
1,966,865
|
|||||
3,000
|
5.500%, 1/01/38 (Pre-refunded 1/01/18)
|
1/18 at 100.00
|
A (5)
|
3,173,370
|
|||||
5,710
|
Oceanside Unified School District, San Diego County, California, General Obligation Bonds, Election 2008 Series 2010B, 0.000%, 8/01/49 (Pre-refunded 8/01/20) – AGM Insured
|
8/20 at 13.60
|
AA (5)
|
750,751
|
|||||
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+ (5)
|
8,539,904
|
|||||
1,130
|
Pittsburg Redevelopment Agency, California, Tax Allocation Bonds, Los Medanos Community Development Project, Refunding Series 2008A, 6.500%, 9/01/28 (Pre-refunded 9/01/18)
|
9/18 at 100.00
|
BB+ (5)
|
1,262,312
|
|||||
440
|
Rancho Santa Fe CSD Financing Authority, California, Revenue Bonds, Superior Lien Series 2011A, 5.750%, 9/01/30 (Pre-refunded 9/01/21)
|
9/21 at 100.00
|
A– (5)
|
544,870
|
|||||
13,285
|
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
|
10,161,164
|
|||||
65
|
San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds, Mission Bay North Redevelopment Project, Series 2011C, 6.750%, 8/01/41 (Pre-refunded 2/01/21)
|
2/21 at 100.00
|
A– (5)
|
81,706
|
|||||
San Francisco Redevelopment Financing Authority, California, Tax Allocation Revenue Bonds, Mission Bay South Redevelopment Project, Series 2011D:
|
|||||||||
65
|
7.000%, 8/01/33 (Pre-refunded 2/01/21)
|
2/21 at 100.00
|
BBB+ (5)
|
82,410
|
|||||
80
|
7.000%, 8/01/41 (Pre-refunded 2/01/21)
|
2/21 at 100.00
|
BBB+ (5)
|
101,427
|
24
|
NUVEEN
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
U.S. Guaranteed (5) (continued)
|
|||||||||
$
|
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 (5)
|
$
|
661,381
|
|||
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+ (5)
|
3,145,650
|
|||||
910
|
Santa Clara Valley Transportation Authority, California, Sales Tax Revenue Bonds, 2000 Measure A, Refunding Series 2007A, 5.000%, 4/01/36 (Pre-refunded 4/01/17) – AMBAC Insured
|
4/17 at 100.00
|
AA+ (5)
|
934,060
|
|||||
1,320
|
Tahoe Forest Hospital District, Placer and Nevada Counties, California, General Obligation Bonds, Series 2010B, 5.500%, 8/01/35 (Pre-refunded 8/01/18)
|
8/18 at 100.00
|
Aa3 (5)
|
1,444,040
|
|||||
51,390
|
Total U.S. Guaranteed
|
44,783,191
|
|||||||
Utilities – 2.7% (2.8% of Total Investments)
|
|||||||||
2,000
|
California Statewide Communities Development Authority, Certificates of Participation, Rio Bravo Fresno Project, Refunding Series 1999A, 6.500%, 12/01/18
|
12/16 at 100.00
|
N/R
|
2,000,840
|
|||||
1,800
|
Long Beach Bond Finance Authority, California, Natural Gas Purchase Revenue Bonds, Series 2007A, 5.500%, 11/15/37
|
No Opt. Call
|
A
|
2,471,076
|
|||||
1,000
|
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2016A, 5.000%, 7/01/37
|
1/26 at 100.00
|
Aa2
|
1,244,600
|
|||||
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2016B:
|
|||||||||
335
|
5.000%, 7/01/30
|
1/26 at 100.00
|
Aa2
|
428,036
|
|||||
705
|
5.000%, 7/01/31
|
1/26 at 100.00
|
Aa2
|
896,619
|
|||||
210
|
5.000%, 7/01/32
|
1/26 at 100.00
|
Aa2
|
265,637
|
|||||
235
|
5.000%, 7/01/33
|
1/26 at 100.00
|
Aa2
|
296,114
|
|||||
420
|
5.000%, 7/01/34
|
1/26 at 100.00
|
Aa2
|
527,188
|
|||||
6,705
|
Total Utilities
|
8,130,110
|
|||||||
Water and Sewer – 4.0% (4.1% of Total Investments)
|
|||||||||
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
|
1,552,499
|
|||||
2,675
|
5.000%, 11/21/45 (Alternative Minimum Tax)
|
No Opt. Call
|
Baa3
|
3,012,612
|
|||||
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+
|
5,179,350
|
|||||
2,000
|
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2016A, 5.000%, 7/01/46
|
1/21 at 100.00
|
AA+
|
2,475,820
|
|||||
11,050
|
Total Water and Sewer
|
12,220,281
|
|||||||
$
|
290,165
|
Total Long-Term Investments (cost $253,631,880)
|
294,422,559
|
||||||
Floating Rate Obligations – (1.1)%
|
(3,240,000
|
) | |||||||
Other Assets Less Liabilities – 3.8%
|
11,364,758
|
||||||||
Net Assets – 100%
|
$
|
302,547,317
|
(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)
|
For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. 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)
|
Step-up coupon. The rate shown is the coupon as of the end of the reporting period.
|
(5)
|
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
|
(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.
|
NUVEEN
|
25
|
NCB
|
||
Nuveen California Municipal Value Fund 2
|
||
Portfolio of Investments
|
August 31, 2016 (Unaudited)
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
LONG-TERM INVESTMENTS – 97.7% (100.0% of Total Investments)
|
|||||||||
MUNICIPAL BONDS – 97.7% (100.0% of Total Investments)
|
|||||||||
Consumer Staples – 6.5% (6.6% 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–
|
$
|
2,019,700
|
|||
1,000
|
Silicon Valley Tobacco Securitization Authority, California, Tobacco Settlement Asset-Backed Bonds, Santa Clara County Tobacco Securitization Corporation, Series 2007A, 0.000%, 6/01/41
|
6/17 at 26.07
|
N/R
|
233,740
|
|||||
1,500
|
Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed Bonds, Series 2005A-1, 5.500%, 6/01/45
|
11/16 at 100.00
|
B–
|
1,500,105
|
|||||
4,500
|
Total Consumer Staples
|
3,753,545
|
|||||||
Education and Civic Organizations – 2.2% (2.2% 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
|
974,751
|
|||||
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
|
118,301
|
|||||
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–
|
178,397
|
|||||
1,115
|
Total Education and Civic Organizations
|
1,271,449
|
|||||||
Health Care – 12.1% (12.4% of Total Investments)
|
|||||||||
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
|
2,168,717
|
|||||
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
|
1,177,700
|
|||||
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
|
83,332
|
|||||
75
|
California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Refunding Series 2014A, 5.000%, 10/01/38
|
10/24 at 100.00
|
AA–
|
91,841
|
|||||
150
|
California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Series 2014B, 5.000%, 10/01/44
|
10/24 at 100.00
|
AA–
|
178,377
|
|||||
500
|
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–
|
508,425
|
|||||
470
|
California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2016A, 5.250%, 12/01/56
|
6/26 at 100.00
|
BB+
|
546,281
|
|||||
685
|
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
|
722,949
|
|||||
250
|
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 6.625%, 11/01/29
|
11/19 at 100.00
|
Ba1
|
278,853
|
|||||
725
|
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 6.000%, 11/01/41
|
11/20 at 100.00
|
Ba1
|
780,245
|
|||||
380
|
San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011, 7.500%, 12/01/41
|
12/21 at 100.00
|
BB+
|
473,024
|
|||||
6,205
|
Total Health Care
|
7,009,744
|
|||||||
Housing/Multifamily – 1.2% (1.2% of Total Investments)
|
|||||||||
220
|
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2010A, 6.400%, 8/15/45
|
8/20 at 100.00
|
BBB
|
251,541
|
|||||
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
|
80,664
|
26
|
NUVEEN
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Housing/Multifamily (continued)
|
|||||||||
$
|
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
|
$
|
298,153
|
|||
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
|
17,745
|
|||||
40
|
5.250%, 8/15/49
|
8/24 at 100.00
|
BBB
|
47,008
|
|||||
595
|
Total Housing/Multifamily
|
695,111
|
|||||||
Housing/Single Family – 0.0% (0.1% of Total Investments)
|
|||||||||
25
|
California Housing Finance Agency, California, Home Mortgage Revenue Bonds, Series 2008L, 5.500%, 8/01/38
|
2/18 at 100.00
|
AA–
|
25,382
|
|||||
Long-Term Care – 2.1% (2.2% 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–
|
1,217,710
|
|||||
Tax Obligation/General – 14.1% (14.4% of Total Investments)
|
|||||||||
2,100
|
Carlsbad Unified School District, San Diego County, California, General Obligation Bonds, Series 2009B, 0.000%, 5/01/34 (4)
|
5/24 at 100.00
|
AA
|
2,302,838
|
|||||
195
|
Oceanside Unified School District, San Diego County, California, General Obligation Bonds, Election 2008 Series 2010B, 0.000%, 8/01/49 – AGM Insured
|
8/20 at 13.60
|
AA
|
24,847
|
|||||
1,000
|
Rio Hondo Community College District, California, General Obligation Bonds, Election of 2004, Series 2010C, 0.000%, 8/01/42 (4)
|
8/34 at 100.00
|
AA
|
1,109,470
|
|||||
1,000
|
San Diego Unified School District, San Diego County, California, General Obligation Bonds, Dedicated Unlimited Ad Valorem Property Tax, 2012 Election Series 2016F, 5.000%, 7/01/40
|
7/25 at 100.00
|
AAA
|
1,227,240
|
|||||
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–
|
2,934,199
|
|||||
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+
|
562,950
|
|||||
14,795
|
Total Tax Obligation/General
|
8,161,544
|
|||||||
Tax Obligation/Limited – 17.9% (18.3% of Total Investments)
|
|||||||||
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+
|
2,217,915
|
|||||
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+
|
587,325
|
|||||
160
|
Fontana Redevelopment Agency, San Bernardino County, California, Tax Allocation Bonds, Jurupa Hills Redevelopment Project, Refunding Series 1997A, 5.500%, 10/01/27
|
4/17 at 100.00
|
A
|
160,642
|
|||||
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Refunding Series 2015A:
|
|||||||||
180
|
5.000%, 6/01/40
|
6/25 at 100.00
|
A+
|
219,431
|
|||||
1,820
|
5.000%, 6/01/45
|
6/25 at 100.00
|
A+
|
2,209,007
|
|||||
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+
|
147,578
|
|||||
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
|
489,388
|
|||||
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
|
100,054
|
|||||
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+
|
36,451
|
|||||
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
|
39,527
|
NUVEEN
|
27
|
NCB
|
Nuveen California Municipal Value Fund 2
|
|
Portfolio of Investments (continued)
|
August 31, 2016 (Unaudited)
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Tax Obligation/Limited (continued)
|
|||||||||
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
|
$
|
237,791
|
|||
190
|
5.750%, 9/01/39
|
9/23 at 100.00
|
N/R
|
216,002
|
|||||
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
|
18,525
|
|||||
20
|
San Clemente, California, Special Tax Revenue Bonds, Community Facilities District 2006-1 Marblehead Coastal, Series 2015, 5.000%, 9/01/40
|
9/25 at 100.00
|
N/R
|
23,174
|
|||||
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–
|
1,161,210
|
|||||
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
|
1,665,735
|
|||||
585
|
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Refunding Series 2006D, 5.000%,
8/01/22 – AMBAC Insured |
8/17 at 100.00
|
BBB+
|
606,704
|
|||||
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–
|
129,943
|
|||||
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
|
29,957
|
|||||
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–
|
48,489
|
|||||
9,050
|
Total Tax Obligation/Limited
|
10,344,848
|
|||||||
Transportation – 5.0% (5.2% 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+
|
483,180
|
|||||
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–
|
1,036,426
|
|||||
865
|
6.000%, 1/15/53
|
1/24 at 100.00
|
BBB–
|
1,048,838
|
|||||
305
|
Port of Oakland, California, Revenue Bonds, Refunding Series 2012P, 5.000%, 5/01/31 (Alternative Minimum Tax)
|
No Opt. Call
|
A+
|
357,707
|
|||||
2,430
|
Total Transportation
|
2,926,151
|
|||||||
U.S. Guaranteed – 16.3% (16.7% of Total Investments) (5)
|
|||||||||
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 (Pre-refunded 5/15/19)
|
5/19 at 100.00
|
AA– (5)
|
1,143,250
|
|||||
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 (5)
|
63,293
|
|||||
80
|
5.500%, 11/01/39 (Pre-refunded 11/01/19)
|
11/19 at 100.00
|
A2 (5)
|
92,062
|
|||||
350
|
California Municipal Financing Authority, Certificates of Participation, Community Hospitals of Central California, Series 2007, 5.250%, 2/01/27 (Pre-refunded 2/01/17)
|
2/17 at 100.00
|
N/R (5)
|
356,783
|
|||||
California State, General Obligation Bonds, Various Purpose Series 2007:
|
|||||||||
1,230
|
5.000%, 6/01/37 (Pre-refunded 6/01/17) – NPFG Insured
|
6/17 at 100.00
|
AA– (5)
|
1,271,992
|
|||||
770
|
5.000%, 6/01/37 (Pre-refunded 6/01/17) – NPFG Insured
|
6/17 at 100.00
|
AA– (5)
|
796,288
|
|||||
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 (5)
|
678,822
|
|||||
1,120
|
Oakland, California, General Obligation Bonds, Measure DD Series 2009B, 5.250%, 1/15/29 (Pre-refunded 1/15/19)
|
1/19 at 100.00
|
Aa2 (5)
|
1,243,424
|
|||||
3,805
|
Oceanside Unified School District, San Diego County, California, General Obligation Bonds, Election 2008 Series 2010B, 0.000%, 8/01/49 (Pre-refunded 8/01/20) – AGM Insured
|
8/20 at 13.60
|
AA (5)
|
500,281
|
|||||
2,000
|
Orange County Sanitation District, California, Certificates of Participation, Tender Option Bond Trust 3020, 16.176%, 2/01/35 (Pre-refunded 02/01/19) (IF) (6)
|
2/19 at 100.00
|
AAA
|
2,848,759
|
28
|
NUVEEN
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
U.S. Guaranteed (5) (continued)
|
|||||||||
$
|
240
|
Pittsburg Redevelopment Agency, California, Tax Allocation Bonds, Los Medanos Community Development Project, Refunding Series 2008A, 6.500%, 9/01/28 (Pre-refunded 9/01/18)
|
9/18 at 100.00
|
BB+ (5)
|
$
|
268,102
|
|||
95
|
Rancho Santa Fe CSD Financing Authority, California, Revenue Bonds, Superior Lien Series 2011A, 5.750%, 9/01/30 (Pre-refunded 9/01/21)
|
9/21 at 100.00
|
A– (5)
|
117,642
|
|||||
15
|
San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds, Mission Bay North Redevelopment Project, Series 2011C, 6.750%, 8/01/41 (Pre-refunded 2/01/21)
|
2/21 at 100.00
|
A– (5)
|
18,855
|
|||||
San Francisco Redevelopment Financing Authority, California, Tax Allocation Revenue Bonds, Mission Bay South Redevelopment Project, Series 2011D:
|
|||||||||
15
|
7.000%, 8/01/33 (Pre-refunded 2/01/21)
|
2/21 at 100.00
|
BBB+ (5)
|
19,018
|
|||||
15
|
7.000%, 8/01/41 (Pre-refunded 2/01/21)
|
2/21 at 100.00
|
BBB+ (5)
|
19,018
|
|||||
11,365
|
Total U.S. Guaranteed
|
9,437,589
|
|||||||
Utilities – 18.2% (18.6% of Total Investments)
|
|||||||||
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2016B:
|
|||||||||
335
|
5.000%, 7/01/30
|
1/26 at 100.00
|
Aa2
|
428,036
|
|||||
705
|
5.000%, 7/01/31
|
1/26 at 100.00
|
Aa2
|
896,619
|
|||||
210
|
5.000%, 7/01/32
|
1/26 at 100.00
|
Aa2
|
265,637
|
|||||
235
|
5.000%, 7/01/33
|
1/26 at 100.00
|
Aa2
|
296,114
|
|||||
415
|
5.000%, 7/01/34
|
1/26 at 100.00
|
Aa2
|
520,912
|
|||||
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
|
1,492,090
|
|||||
2,495
|
Roseville Natural Gas Financing Authority, California, Gas Revenue Bonds, Series 2007, 5.000%, 2/15/17
|
No Opt. Call
|
A
|
2,534,595
|
|||||
2,400
|
Southern California Public Power Authority, Natural Gas Project 1 Revenue Bonds, Series 2007A, 5.250%, 11/01/24
|
No Opt. Call
|
A
|
2,972,711
|
|||||
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–
|
1,108,110
|
|||||
8,795
|
Total Utilities
|
10,514,824
|
|||||||
Water and Sewer – 2.1% (2.1% 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
|
1,210,676
|
|||||
$
|
60,950
|
Total Long-Term Investments (cost $47,113,220)
|
56,568,573
|
||||||
Other Assets Less Liabilities – 2.3%
|
1,333,323
|
||||||||
Net Assets – 100%
|
$
|
57,901,896
|
(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)
|
For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. 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)
|
Step-up coupon. The rate shown is the coupon as of the end of the reporting period.
|
(5)
|
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
|
(6)
|
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
|
(IF)
|
Inverse floating rate investment.
|
NUVEEN
|
29
|
NKX
|
||
Nuveen California AMT-Free Municipal Income Fund
|
||
Portfolio of Investments
|
August 31, 2016 (Unaudited)
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
LONG-TERM INVESTMENTS – 151.7% (100.0% of Total Investments)
|
|||||||||
MUNICIPAL BONDS – 151.7% (100.0% of Total Investments)
|
|||||||||
Consumer Staples – 9.2% (6.1% of Total Investments)
|
|||||||||
$
|
860
|
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Alameda County Tobacco Asset Securitization Corporation, Series 2002, 5.750%, 6/01/29
|
11/16 at 100.00
|
Baa1
|
$
|
868,359
|
|||
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los Angeles County Securitization Corporation, Series 2006A:
|
|||||||||
6,350
|
5.600%, 6/01/36
|
12/18 at 100.00
|
B3
|
6,455,918
|
|||||
325
|
5.650%, 6/01/41
|
12/18 at 100.00
|
B2
|
330,418
|
|||||
2,780
|
5.700%, 6/01/46
|
12/18 at 100.00
|
B2
|
2,826,426
|
|||||
80
|
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Sonoma County Tobacco Securitization Corporation, Series 2005, 4.250%, 6/01/21
|
11/16 at 100.00
|
BBB+
|
80,036
|
|||||
2,040
|
California Statewide Financing Authority, Tobacco Settlement Asset-Backed Bonds, Pooled Tobacco Securitization Program, Series 2002A, 5.625%, 5/01/29
|
11/16 at 100.00
|
Baa2
|
2,073,640
|
|||||
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
|
|||||||||
18,570
|
5.000%, 6/01/33
|
6/17 at 100.00
|
B–
|
18,752,914
|
|||||
1,950
|
5.750%, 6/01/47
|
6/17 at 100.00
|
B–
|
1,993,524
|
|||||
13,560
|
5.125%, 6/01/47
|
6/17 at 100.00
|
B–
|
13,614,782
|
|||||
16,380
|
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–
|
16,824,881
|
|||||
Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed Bonds, Series 2005A-1:
|
|||||||||
8,450
|
5.375%, 6/01/38
|
11/16 at 100.00
|
B–
|
8,449,493
|
|||||
2,000
|
5.500%, 6/01/45
|
11/16 at 100.00
|
B–
|
2,000,140
|
|||||
73,345
|
Total Consumer Staples
|
74,270,531
|
|||||||
Education and Civic Organizations – 2.8% (1.8% of Total Investments)
|
|||||||||
1,050
|
ABAG Finance Authority for Non-Profit Corporations, California, Revenue Bonds, The Jackson Laboratory, Series 2012, 5.000%, 7/01/37
|
7/22 at 100.00
|
A1
|
1,208,235
|
|||||
3,000
|
California Educational Facilities Authority, Revenue Bonds, Pepperdine University, Series 2015, 5.000%, 9/01/40
|
9/25 at 100.00
|
AA
|
3,687,960
|
|||||
2,000
|
California Educational Facilities Authority, Revenue Bonds, Stanford University Series 2016U-7, 5.000%, 6/01/46
|
No Opt. Call
|
AAA
|
3,039,320
|
|||||
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
|
B+
|
5,169,028
|
|||||
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
|
2,105,758
|
|||||
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
|
1,805,744
|
|||||
2,000
|
California State University, Systemwide Revenue Bonds, Refunding Series 2015A, 5.000%, 11/01/38
|
11/25 at 100.00
|
Aa2
|
2,494,500
|
|||||
1,725
|
California State University, Systemwide Revenue Bonds, Series 2016A, 5.000%, 11/01/41
|
5/26 at 100.00
|
Aa2
|
2,151,989
|
|||||
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–
|
356,793
|
|||||
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
|
225,128
|
|||||
18,115
|
Total Education and Civic Organizations
|
22,244,455
|
30
|
NUVEEN
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Health Care – 17.5% (11.5% of Total Investments)
|
|||||||||
$
|
430
|
California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, Refunding Series 2015A, 5.000%, 8/15/43
|
8/25 at 100.00
|
AA–
|
$
|
519,608
|
|||
36,170
|
California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, Refunding Series 2016B, 5.000%, 11/15/46
|
11/26 at 100.00
|
AA–
|
44,895,651
|
|||||
5,000
|
California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, Series 2016A, 5.000%, 11/15/41
|
11/25 at 100.00
|
AA–
|
6,160,750
|
|||||
1,630
|
California Health Facilities Financing Authority, Revenue Bonds, Children's Hospital Los Angeles, Series 2010A, 5.250%, 7/01/38 – AGC Insured
|
7/20 at 100.00
|
AA
|
1,836,065
|
|||||
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+
|
1,439,811
|
|||||
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–
|
1,196,480
|
|||||
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
|
2,999,959
|
|||||
2,000
|
California Health Facilities Financing Authority, Revenue Bonds, Memorial Health Services, Series 2012A, 5.000%, 10/01/33
|
No Opt. Call
|
AA–
|
2,390,720
|
|||||
1,405
|
California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Refunding Series 2014A, 5.000%, 10/01/38
|
10/24 at 100.00
|
AA–
|
1,720,479
|
|||||
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–
|
3,329,704
|
|||||
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
|
Aa3
|
385,438
|
|||||
750
|
California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, Series 2010A, 5.750%, 7/01/40
|
7/20 at 100.00
|
Baa2
|
836,940
|
|||||
605
|
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–
|
612,327
|
|||||
California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2014A:
|
|||||||||
2,400
|
5.250%, 12/01/34
|
12/24 at 100.00
|
BB+
|
2,780,544
|
|||||
5,200
|
5.250%, 12/01/44
|
12/24 at 100.00
|
BB+
|
6,004,024
|
|||||
745
|
California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2016A, 5.250%, 12/01/56
|
6/26 at 100.00
|
BB+
|
865,913
|
|||||
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
|
4,148,600
|
|||||
California Statewide Community Development Authority, Revenue Bonds, Children's Hospital of Los Angeles, Series 2007:
|
|||||||||
2,995
|
5.000%, 8/15/39 – NPFG Insured
|
8/17 at 100.00
|
AA–
|
3,094,344
|
|||||
6,500
|
5.000%, 8/15/47
|
8/17 at 100.00
|
BBB+
|
6,694,675
|
|||||
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A:
|
|||||||||
770
|
5.500%, 7/01/24 (4)
|
11/16 at 100.00
|
CCC
|
770,031
|
|||||
4,240
|
5.500%, 7/01/30 (4)
|
11/16 at 100.00
|
CCC
|
4,240,170
|
|||||
105
|
5.500%, 7/01/35 (4)
|
11/16 at 100.00
|
CCC
|
105,004
|
|||||
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–
|
7,046,670
|
|||||
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–
|
8,259,655
|
|||||
2,600
|
Marysville, California, Revenue Bonds, The Fremont-Rideout Health Group, Series 2011, 5.250%, 1/01/42
|
1/21 at 100.00
|
BBB
|
2,924,246
|
|||||
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009:
|
|||||||||
9,250
|
6.625%, 11/01/29
|
11/19 at 100.00
|
Ba1
|
10,317,542
|
|||||
7,500
|
6.750%, 11/01/39
|
11/19 at 100.00
|
Ba1
|
8,381,700
|
NUVEEN
|
31
|
NKX
|
Nuveen California AMT-Free Municipal Income Fund
|
|
Portfolio of Investments (continued)
|
August 31, 2016 (Unaudited)
|
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 2010:
|
|||||||||
$
|
1,500
|
6.000%, 11/01/30
|
11/20 at 100.00
|
Ba1
|
$
|
1,629,885
|
|||
2,595
|
6.000%, 11/01/41
|
11/20 at 100.00
|
Ba1
|
2,792,739
|
|||||
1,000
|
Rancho Mirage Joint Powers Financing Authority, California, Revenue Bonds, Eisenhower Medical Center, Refunding Series 2007A, 5.000%, 7/01/38
|
7/17 at 100.00
|
Baa2
|
1,028,310
|
|||||
850
|
San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011, 7.500%, 12/01/41
|
12/21 at 100.00
|
BB+
|
1,058,080
|
|||||
121,865
|
Total Health Care
|
140,466,064
|
|||||||
Housing/Multifamily – 2.4% (1.6% of Total Investments)
|
|||||||||
475
|
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2010A, 6.400%, 8/15/45
|
8/20 at 100.00
|
BBB
|
543,101
|
|||||
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
|
178,613
|
|||||
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
|
417,413
|
|||||
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
|
2,335,020
|
|||||
8,000
|
6.000%, 11/15/48
|
11/23 at 100.00
|
BBB
|
9,510,160
|
|||||
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
|
307,585
|
|||||
705
|
5.250%, 8/15/49
|
8/24 at 100.00
|
BBB
|
828,509
|
|||||
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–
|
3,620,793
|
|||||
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
|
769,448
|
|||||
185
|
5.000%, 6/15/49
|
6/24 at 100.00
|
A
|
211,211
|
|||||
950
|
Poway, California, Housing Revenue Bonds, Revenue Bonds, Poinsettia Mobile Home Park, Series 2003, 5.000%, 5/01/23
|
11/16 at 100.00
|
AA–
|
952,688
|
|||||
17,035
|
Total Housing/Multifamily
|
19,674,541
|
|||||||
Housing/Single Family – 0.0% (0.0% of Total Investments)
|
|||||||||
40
|
California Housing Finance Agency, California, Home Mortgage Revenue Bonds, Series 2008L, 5.500%, 8/01/38
|
2/18 at 100.00
|
AA–
|
40,611
|
|||||
Long-Term Care – 1.2% (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–
|
3,508,860
|
|||||
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–
|
2,739,847
|
|||||
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–
|
1,562,977
|
|||||
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+
|
1,525,125
|
|||||
8,050
|
Total Long-Term Care
|
9,336,809
|
|||||||
Tax Obligation/General – 32.1% (21.2% 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
|
Aa2
|
3,636,810
|
|||||
4,000
|
Antelope Valley Community College District, Los Angeles County, California, General Obligation Bonds, Refunding Series 2015, 5.000%, 8/01/39
|
2/25 at 100.00
|
Aa2
|
4,866,480
|
|||||
1,000
|
California State, General Obligation Bonds, Refunding Series 2011, 5.250%, 9/01/25
|
9/21 at 100.00
|
AA–
|
1,212,760
|
32
|
NUVEEN
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Tax Obligation/General (continued)
|
|||||||||
$
|
1,600
|
California State, General Obligation Bonds, Refunding Various Purpose Series 2015, 5.000%, 9/01/32
|
9/25 at 100.00
|
AA–
|
$
|
2,007,040
|
|||
4,910
|
California State, General Obligation Bonds, Various Purpose Refunding Series 2014, 5.000%, 10/01/32
|
10/24 at 100.00
|
AA–
|
6,162,541
|
|||||
California State, General Obligation Bonds, Various Purpose Refunding Series 2015:
|
|||||||||
2,140
|
5.000%, 8/01/28
|
8/25 at 100.00
|
AA–
|
2,731,111
|
|||||
9,055
|
5.000%, 8/01/31
|
2/25 at 100.00
|
AA–
|
11,260,526
|
|||||
California State, General Obligation Bonds, Various Purpose Series 2009:
|
|||||||||
2,350
|
6.000%, 11/01/39
|
11/19 at 100.00
|
AA–
|
2,729,313
|
|||||
1,300
|
5.500%, 11/01/39
|
11/19 at 100.00
|
AA–
|
1,484,509
|
|||||
6,000
|
California State, General Obligation Bonds, Various Purpose Series 2010, 6.000%, 3/01/33
|
3/20 at 100.00
|
AA–
|
7,072,440
|
|||||
California State, General Obligation Bonds, Various Purpose Series 2011:
|
|||||||||
2,000
|
5.000%, 9/01/31
|
No Opt. Call
|
AA–
|
2,378,460
|
|||||
4,090
|
5.000%, 9/01/41
|
9/21 at 100.00
|
AA–
|
4,842,069
|
|||||
2,625
|
5.000%, 10/01/41
|
10/21 at 100.00
|
AA–
|
3,115,455
|
|||||
California State, General Obligation Bonds, Various Purpose Series 2013:
|
|||||||||
3,500
|
5.000%, 4/01/37
|
4/23 at 100.00
|
AA–
|
4,216,450
|
|||||
2,000
|
5.000%, 2/01/43
|
No Opt. Call
|
AA–
|
2,388,840
|
|||||
5,520
|
5.000%, 11/01/43
|
11/23 at 100.00
|
AA–
|
6,710,830
|
|||||
California State, General Obligation Bonds, Various Purpose Series 2014:
|
|||||||||
2,460
|
5.000%, 10/01/39
|
10/24 at 100.00
|
AA–
|
3,028,900
|
|||||
9,000
|
5.000%, 12/01/43
|
12/23 at 100.00
|
AA–
|
10,962,720
|
|||||
9,000
|
5.000%, 10/01/44
|
10/24 at 100.00
|
AA–
|
11,043,540
|
|||||
California State, General Obligation Bonds, Various Purpose Series 2015:
|
|||||||||
8,000
|
5.000%, 3/01/45
|
3/25 at 100.00
|
AA–
|
9,860,400
|
|||||
2,000
|
5.000%, 8/01/45
|
8/25 at 100.00
|
AA–
|
2,485,900
|
|||||
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
|
8,330,710
|
|||||
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
|
2,725,000
|
|||||
8,295
|
Los Angeles Community College District, California, General Obligation Bonds, Refunding Series 2015A, 5.000%, 8/01/30
|
8/24 at 100.00
|
AA+
|
10,405,165
|
|||||
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
|
6,276,100
|
|||||
4,500
|
Mount Diablo Unified School District, Contra Costa County, California, General Obligation Bonds, Series 2010A, 0.000%, 8/01/30 – AGM Insured (5)
|
8/25 at 100.00
|
AA
|
4,318,425
|
|||||
Peralta Community College District, Alameda County, California, General Obligation Bonds, Refunding Series 2016A:
|
|||||||||
3,485
|
5.000%, 8/01/33
|
8/25 at 100.00
|
AAA
|
4,334,922
|
|||||
2,000
|
5.000%, 8/01/34
|
8/25 at 100.00
|
AAA
|
2,480,380
|
|||||
1,125
|
San Diego Unified School District, San Diego County, California, General Obligation Bonds, Election of 1998, Series 1999A, 0.000%, 7/01/21 – FGIC Insured
|
No Opt. Call
|
Aa2
|
1,050,120
|
|||||
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
|
Aa2
|
7,960,111
|
|||||
1,500
|
San Juan Capistano, California, General Obligation Bonds, Open Space Program, Tender Option Bond Trust 2015-XF0048, 16.238%, 8/01/40 (IF)
|
8/19 at 100.00
|
AAA
|
2,233,800
|
|||||
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
|
3,427,871
|
|||||
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
|
4,391,100
|
NUVEEN
|
33
|
NKX
|
Nuveen California AMT-Free Municipal Income Fund
|
|
Portfolio of Investments (continued)
|
August 31, 2016 (Unaudited)
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Tax Obligation/General (continued)
|
|||||||||
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
|
$
|
22,620,245
|
|||
38,845
|
0.000%, 8/01/50 – AGM Insured (5)
|
8/37 at 100.00
|
AA
|
37,979,533
|
|||||
15,780
|
Sylvan Union School District, Stanislaus County, California, General Obligation Bonds, Election of 2006, Series 2010, 0.000%, 8/01/49 – AGM Insured (5)
|
No Opt. Call
|
AA
|
12,523,324
|
|||||
5,000
|
Walnut Valley Unified School District, Los Angeles County, California, General Obligation Bonds, Election 2007 Measure S, Series 2014C, 5.000%, 8/01/39
|
8/24 at 100.00
|
Aa2
|
6,097,250
|
|||||
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+
|
4,075,414
|
|||||
8,345
|
Yosemite Community College District, California, General Obligation Bonds, Capital Appreciation, Election 2004, Series 2010D, 0.000%, 8/01/42 (5)
|
No Opt. Call
|
Aa2
|
6,633,941
|
|||||
4,000
|
Yosemite Community College District, California, General Obligation Bonds, Refunding Series 2015, 5.000%, 8/01/32
|
8/25 at 100.00
|
Aa2
|
5,012,600
|
|||||
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
|
1,180,560
|
|||||
259,710
|
Total Tax Obligation/General
|
258,253,665
|
|||||||
Tax Obligation/Limited – 37.2% (24.5% 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
|
2,031,800
|
|||||
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
|
752,150
|
|||||
1,000
|
Bell Community Redevelopment Agency, California, Tax Allocation Bonds, Bell Project Area, Series 2003, 5.625%, 10/01/33 – RAAI Insured
|
11/16 at 100.00
|
AA
|
1,000,980
|
|||||
7,895
|
Brea and Olinda Unified School District, Orange County, California, Certificates of Participation Refunding, Series 2002A, 5.125%, 8/01/26 – AGM Insured
|
11/16 at 100.00
|
AA
|
7,925,238
|
|||||
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
|
11/16 at 100.00
|
AA
|
1,219,593
|
|||||
1,535
|
5.000%, 12/01/20 – AMBAC Insured
|
11/16 at 100.00
|
AA
|
1,540,802
|
|||||
1,615
|
5.000%, 12/01/21 – AMBAC Insured
|
11/16 at 100.00
|
AA
|
1,621,105
|
|||||
1,695
|
5.000%, 12/01/22 – AMBAC Insured
|
11/16 at 100.00
|
AA
|
1,701,407
|
|||||
1,780
|
5.000%, 12/01/23 – AMBAC Insured
|
11/16 at 100.00
|
AA
|
1,786,728
|
|||||
1,865
|
5.000%, 12/01/24 – AMBAC Insured
|
11/16 at 100.00
|
AA
|
1,872,050
|
|||||