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, 2012
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
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4
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Portfolio Manager’s Comments
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5
|
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Fund Leverage and Other Information
|
9
|
|
Common Share Dividend and Price Information
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11
|
|
Performance Overviews
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13
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Shareholder Meeting Report
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18
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Portfolios of Investments
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19
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Statement of Assets and Liabilities
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56
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Statement of Operations
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57
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Statement of Changes in Net Assets
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58
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Statement of Cash Flows
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60
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Financial Highlights
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62
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Notes to Financial Statements
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71
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Annual Investment Management Agreement Approval Process
|
86
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|
Reinvest Automatically, Easily and Conveniently
|
96
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|
Glossary of Terms Used in this Report
|
98
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Additional Fund Information
|
103
|
Chairman’s
Letter to Shareholders
Dear Shareholders,
Investors have many reasons to remain cautious. The challenges in the Euro area are casting a shadow over global economies and financial markets. The political support for addressing fiscal issues is eroding as the economic and social impacts become more visible. At the same time, member nations appear unwilling to provide adequate financial support or to surrender sufficient sovereignty to strengthen the banks or unify the Euro area financial system. The gains made in reducing deficits, and the hard-won progress on winning popular acceptance of the need for economic austerity, are at risk. To their credit, European political leaders press on to find compromise solutions, but there is increasing concern that time will begin to run out.
In the U.S., strong corporate earnings have enabled the equity markets to withstand much of the downward pressures coming from weakening job creation, slower economic growth and political uncertainty. The Fed remains committed to low interest rates and announced on September 13, 2012 (after the close of this reporting period) another program of quantitative easing (QE3) to continue until mid-2015. Pre-election maneuvering has added to the already highly partisan atmosphere in Congress. The end of the Bush-era tax cuts and implementation of the spending restrictions of the Budget Control Act of 2011, both scheduled to take place at year-end, loom closer.
During the last year, U.S. based investors have experienced a sharp decline and a strong recovery in the equity markets. The experienced investment teams at Nuveen keep their eye on a longer time horizon and use their practiced investment disciplines to negotiate through market peaks and valleys to achieve long-term goals for investors. Experienced professionals pursue investments that will weather short-term volatility and at the same time, seek opportunities that are created by markets that overreact to negative developments. Monitoring this process is an important consideration for the Fund Board as it oversees your Nuveen Fund on your behalf.
As always, I encourage you to contact your financial consultant if you have any questions about your investment in a Nuveen Fund. On behalf of the other members of your Fund Board, we look forward to continuing to earn your trust in the months and years ahead.
Sincerely,
|
Robert P. Bremner
|
|
Chairman of the Board
|
|
October 22, 2012
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4
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Nuveen Investments
|
Portfolio Manager’s Comments
|
Nuveen California Premium Income Municipal Fund (NCU)
|
|
Nuveen California Dividend Advantage Municipal Fund (NAC)
|
|
Nuveen California Dividend Advantage Municipal Fund 2 (NVX)
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Nuveen California Dividend Advantage Municipal Fund 3 (NZH)
|
|
Nuveen California AMT-Free Municipal Income Fund (NKX)
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|
Portfolio manager Scott Romans examines key investment strategies and the six-month performance of these Nuveen California Municipal Funds. Scott has managed NCU, NAC, NVX, NZH and NKX since 2003.
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|
REORGANIZATIONS
|
|
Effective before the opening of business on May 7, 2012, the following Acquired Funds were merged into the Acquiring Fund.
|
|
Acquired Funds
|
Acquiring Fund
|
||
|
•
|
Nuveen Insured California Premium
|
||
|
Income Municipal Fund, Inc. (NPC)
|
|||
|
•
|
Nuveen Insured California Premium
|
Nuveen California AMT-Free
|
|
|
Income Municipal Fund 2, Inc. (NCL)
|
Municipal Income Fund (NKX)
|
||
|
•
|
Nuveen Insured California Dividend
|
||
|
Advantage Municipal Fund (NKL)
|
Upon the closing of the reorganizations, the Acquired Funds transfered their assets to the Acquiring Fund in exchange for common and preferred shares of the Acquiring Fund, and the assumption by the Acquiring Fund of the liabilities of the Acquired Funds. The Acquired Funds were then liquidated, dissolved and terminated in accordance with their Declaration of Trust.
What key strategies were used to manage the California Funds during the six-month reporting period ended August 31, 2012?
During this reporting period, municipal bond prices generally rallied, as strong demand and tight supply combined to create favorable market conditions for municipal bonds. Although the availability of tax-exempt supply improved over that of the same six-month period a year earlier, the pattern of new issuance remained light compared with long-term historical trends. This supply/demand dynamic served as a key driver of performance. Concurrent with rising prices, yields continued to decline across most maturities, especially at the longer end of the municipal yield curve, and the yield curve flattened. During this period, we saw an increasing number of borrowers come to market seeking to take advantage of the low rate environment, with
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 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.
|
Nuveen Investments
|
5
|
approximately 60% of new municipal paper issued by borrowers that were calling existing debt and refinancing at lower rates.
In this environment, 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 and helped us keep the Funds fully invested. During this period, the Funds found value in several areas of the market, including health care. The Funds also took advantage of opportunities to move out of local general obligation (GO) bonds and into state GOs and, more broadly speaking, away from GO bonds in general and into revenue bonds. These moves were intended to reduce the Funds’ exposure to some of the fiscal problems faced by local governments in California, including local real estate valuations and Proposition 13’s constraints on property taxes, as well as pension issues. One example of a revenue credit that we purchased during this period were water bonds issued by the San Francisco Public Utilities Commission for water service to the city and Bay Area.
We also continued to add exposure to redevelopment agency (RDA) bonds in the secondary market. Because of recent changes to the RDA program, we remained very selective in our purchases in this area, evaluating issuers on a case by case basis. (In 2011, as part of cost saving measures to close gaps in the California state budget, all 400 RDAs in the state were ordered to dissolve by February 1, 2012, and successor agencies and oversight boards were created to manage obligations that were in place prior to the dissolution and take title to the RDAs’ housing and other assets.) In addition to finding opportunities in specific sectors, we also focused on taking advantage of short-term market opportunities created by supply/demand dynamics in the municipal market during this period. While demand for tax exempt paper remained consistently strong throughout the period, supply fluctuated widely. We found that periods of substantial supply provided good short term buying opportunities not only because of the increased number of issues available but also because some investors became more hesitant in their buying as supply grew, causing spreads to widen temporarily.
In general during this period, we focused on bonds with longer maturities. This enabled us to take advantage of attractive yields at the longer end of the municipal yield curve and also provided some protection for the Funds’ duration and yield curve positioning. We also purchased lower rated bonds when we found attractive opportunities, as we believed these bonds continued to offer relative value.
Cash for new purchases during this period was generated primarily by the proceeds from a meaningful number of bond calls resulting from the increase in refinancings. During this period, we worked to redeploy these proceeds as well as those from maturing bonds to keep the Funds as fully invested as possible. In addition, as discussed above, the Funds sold some local GOs and appropriation bonds and reinvested the proceeds in state GOs. Overall, selling was minimal because the bonds in our portfolios generally embedded higher yields than those on bonds available in the current marketplace.
|
6
|
Nuveen Investments
|
As of August 31, 2012, all 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 Funds perform?
Individual results for these Nuveen California Funds, as well as relevant index and peer group information, are presented in the accompanying table.
Average Annual Total Returns on Common Share Net Asset Value*
For periods ended 8/31/12
|
Fund
|
6-Month
|
1-Year
|
5-Year
|
10-Year
|
|
NCU
|
5.99%
|
18.95%
|
8.25%
|
6.75%
|
|
NAC
|
7.51%
|
19.58%
|
7.62%
|
6.74%
|
|
NVX
|
6.48%
|
18.26%
|
8.14%
|
6.95%
|
|
NZH
|
6.46%
|
18.24%
|
6.76%
|
6.23%
|
|
NKX
|
7.14%
|
16.61%
|
7.08%
|
N/A
|
|
S&P California Municipal Bond Index**
|
3.55%
|
10.79%
|
6.12%
|
5.35%
|
|
S&P Municipal Bond Index**
|
3.24%
|
9.35%
|
6.00%
|
5.28%
|
|
Lipper California Municipal Debt Funds
|
||||
|
Classification Average**
|
6.38%
|
19.48%
|
6.76%
|
6.14%
|
For the six months ended August 31, 2012, the cumulative returns on common share net asset value (NAV) for all five of these Funds exceeded the returns on the S&P California Municipal Bond Index as well as the S&P Municipal Bond Index. NAC, NVX, NZH and NKX also outperformed the average return for the Lipper California Municipal Debt Funds Classification Average, while NCU underperformed this Lipper average.
Key management factors that influenced the Funds’ returns during this period included duration and yield curve positioning, credit exposure and sector allocation. The use of regulatory leverage also was an important positive factor affecting the Funds’ performance. Leverage is discussed in more detail later in this report.
In an environment of declining rates and flattening yield curve, municipal bonds with longer maturities generally outperformed those with shorter maturities during this period. Overall, credits at the longest end of the municipal yield curve posted the strongest returns, while bonds at the shortest end produced the weakest results. Among these Funds, NAC was the most advantageously positioned in terms of duration and yield curve, with overweights in the outperforming longer part of the yield curve and underexposure to the shorter end of the curve that produced weaker returns. Overall, duration and yield curve positioning was a positive contributor to the performance of these Funds, although the net impact varied depending upon each
|
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares.
|
|
|
For additional information, see the Performance Overview for your Fund in this report.
|
|
|
*
|
Six-month returns are cumulative; all other returns are annualized.
|
|
**
|
Refer to Glossary of Terms Used in this Report for definitions. Indexes and Lipper averages are not available for direct investment.
|
|
Nuveen Investments
|
7
|
Fund’s individual weightings along the yield curve. NCU, NAC, NZH and NKX also benefited from their overweighting in zero coupon bonds, which generally outperformed the market during this period due to their longer durations. NVX was underweight in these bonds.
Credit exposure was another important factor in the Funds’ performance during these six months, as lower quality bonds generally outperformed higher quality credits. This outperformance was due in part to the greater demand for lower rated bonds as investors looked for investment vehicles offering higher yields. As investors became more comfortable taking on additional investment risk, credit spreads or the difference in yield spreads between U.S. Treasury securities and comparable investments such as municipal bonds, narrowed through a variety of rating categories. As a result of this spread compression, the Funds generally benefited from their holdings of lower rated credits. This was especially true in NVX and NZH, which had the highest allocations of bonds rated BBB. On the other hand, NCU’s higher quality profile, including the largest allocation of AAA bonds among these Funds, detracted from its performance for the period.
During this period, revenue bonds as a whole outperformed the general municipal market. Holdings that generally made positive contributions to the Funds’ returns included health care (together with hospitals), education, housing, transportation and redevelopment agency (RDA) credits. All of these Funds benefited from good weightings in the health care sector. Tobacco credits backed by the 1998 master tobacco settlement agreement also performed very well, as these bonds benefited from several market developments, including increased demand for higher yielding investments by investors who had become less risk-averse. In addition, based on recent data showing that cigarette sales had fallen less steeply than anticipated, the 46 states participating in the agreement, including California, stand to receive increased payments from the tobacco companies. As of August 31, 2012, these Funds held tobacco credits, which benefited their performance as tobacco bonds rallied.
In contrast, pre-refunded bonds, which are often backed by U.S. Treasury securities, were the poorest performing market segment during this period. The underperformance of these bonds can be attributed primarily to their shorter effective maturities and higher credit quality. NZH had the largest allocation of these bonds as of August 31, 2012, while NAC held the fewest pre-refunded bonds. General obligation (GO) bonds and utilities credits also lagged the performance of the general municipal market for this period.
In addition, NKX had some exposure to California municipalities that experienced financial difficulties over the past six months, including Stockton and San Bernardino. Shareholders should note that all of these holdings are insured, and the insurer, National Public Finance Guaranty, has stated its intention to make payments on these bonds, if required. During this period, these holdings had no negative impact on NKX’s performance.
|
8
|
Nuveen Investments
|
Fund Leverage and
Other Information
IMPACT OF THE FUNDS’ LEVERAGE STRATEGIES ON PERFORMANCE
One important factor impacting the return of the Funds relative to their benchmarks was the Funds’ use of leverage. The Funds use leverage because their managers believe that, over time, leveraging provides opportunities for additional income and total return for common shareholders. However, use of leverage also can expose common shareholders to additional volatility. For example, as the prices of securities held by a Fund decline, the negative impact of these valuation changes on common share net asset value and common shareholder total return is magnified by the use of leverage. Conversely, leverage may enhance common share returns during periods when the prices of securities held by a Fund generally are rising. Leverage had a positive impact on the performance of the Funds over this reporting period.
THE FUNDS’ REGULATORY LEVERAGE
As of August 31, 2012, the Funds have issued and outstanding MuniFund Term Preferred (MTP) Shares and Variable Rate Demand Preferred (VRDP) Shares as shown in the accompanying tables.
MTP Shares
|
MTP Shares Issued
|
Annual
|
NYSE
|
||
|
Fund
|
Series
|
at Liquidation Value
|
Interest Rate
|
Ticker
|
|
NCU
|
2015
|
$35,250,000
|
2.00%
|
NCU PrC
|
|
NVX
|
2014
|
$42,846,300
|
2.35%
|
NVX PrA
|
|
NVX
|
2015
|
$55,000,000
|
2.05%
|
NVX PrC
|
|
NZH
|
2014
|
$27,000,000
|
2.35%
|
NZH PrA
|
|
NZH
|
2014-1
|
$46,294,500
|
2.25%
|
NZH PrB
|
|
NZH
|
2015
|
$86,250,000
|
2.95%
|
NZH PrC
|
VRDP Shares
|
VRDP Shares Issued
|
|
|
Fund
|
at Liquidation Value
|
|
NPC
|
$ 42,700,000
|
|
NCL
|
$ 74,000,000
|
|
NAC
|
$136,200,000
|
|
NKL
|
$104,400,000
|
|
NKK
|
$ 35,500,000
|
(Refer to Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies for further details on MTP and VRDP Shares.)
|
Nuveen Investments
|
9
|
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. Past performance is no guarantee of future results. Fund common shares are subject to a variety of risks, including:
Investment and Market Risk. An investment in common shares is subject to investment risk, including the possible loss of the entire principal amount that you invest. Your investment in common shares represents an indirect investment in the municipal securities owned by the Fund, which generally trade in the over-the-counter markets. Your common shares at any point in time may be worth less than your original investment, even after taking into account the reinvestment of Fund dividends and distributions.
Price Risk. Shares of closed-end investment companies like these Funds frequently trade at a discount to their NAV. Your common shares at any point in time may be worth less than your original investment, even after taking into account the reinvestment of Fund dividends and distributions.
Leverage Risk. Each Fund’s use of leverage creates the possibility of higher volatility for the Fund’s per share NAV, market price, distributions and returns. There is no assurance that a Fund’s leveraging strategy will be successful.
Tax Risk. The tax treatment of Fund distributions may be affected by new IRS interpretations of the Internal Revenue Code and future changes in tax laws and regulations.
Issuer Credit Risk. This is the risk that a security in a Fund’s portfolio will fail to make dividend or interest payments when due.
Interest Rate Risk. Fixed-income securities such as bonds, preferred, convertible and other debt securities will decline in value if market interest rates rise.
Reinvestment Risk. If market interest rates decline, income earned from a Fund’s portfolio may be reinvested at rates below that of the original bond that generated the income.
Call Risk or Prepayment Risk. Issuers may exercise their option to prepay principal earlier than scheduled, forcing a Fund to reinvest in lower-yielding securities.
Inverse Floater Risk. The Funds invest in inverse floaters. Due to their leveraged nature, these investments can greatly increase a Fund’s exposure to interest rate risk and credit risk. In addition, investments in inverse floaters involve the risk that the Fund could lose more than its original principal investment.
|
10
|
Nuveen Investments
|
Common Share Dividend
and Price Information
DIVIDEND INFORMATION
During the six-month reporting period ended August 31, 2012, the monthly dividend of NKX was increased effective July 2012. The dividends of NCU, NAC and NVX remained stable throughout the period, while the dividend of NZH was reduced once during the period.
All of the Funds in this report seek to pay stable dividends at rates that reflect each Fund’s past results and projected future performance. During certain periods, each Fund may pay dividends at a rate that may be more or less than the amount of net investment income actually earned by the Fund during the period. If a Fund has cumulatively earned more than it has paid in dividends, it holds the excess in reserve as undistributed net investment income (UNII) as part of the Fund’s NAV. Conversely, if a Fund has cumulatively paid dividends in excess of its earnings, the excess constitutes negative UNII that is likewise reflected in the Fund’s NAV. Each Fund will, over time, pay all of its net investment income as dividends to shareholders. As of August 31, 2012, all of the Funds in this report had positive UNII balances, based upon our best estimate, for tax purposes and positive UNII balances for financial reporting.
|
Nuveen Investments
|
11
|
COMMON SHARE REPURCHASES AND PRICE INFORMATION
As of August 31, 2012, and since the inception of the Funds’ repurchase program, the Funds have cumulatively repurchased and retired common shares as shown in the accompanying table. Since the inception of the Funds’ repurchase programs, NAC and NKX have not repurchased any of their outstanding common shares.
|
Common Shares
|
% of Outstanding
|
|
|
Fund
|
Repurchased and Retired
|
Common Shares
|
|
NCU
|
44,500
|
0.8%
|
|
NAC
|
—
|
—
|
|
NVX
|
50,700
|
0.3%
|
|
NZH
|
12,900
|
0.1%
|
|
NKX
|
—
|
—
|
During the six-month reporting period, the Funds did not repurchase any of their outstanding common shares.
As of August 31, 2012, and during the current reporting period, the Funds’ common share prices were trading at (+) premiums and/or (-) discounts to their common share NAVs as shown in the accompanying table.
|
8/31/12
|
Six-Month Average
|
|
|
Fund
|
(+)Premium/(-)Discount
|
(-)Discount
|
|
NCU
|
(-)4.18%
|
(-)2.22%
|
|
NAC
|
(-)1.74%
|
(-)1.36%
|
|
NVX
|
(-)1.25%
|
(-)1.66%
|
|
NZH
|
(-)2.37%
|
(-)1.30%
|
|
NKX
|
(-)0.85%
|
(-)1.11%
|
|
12
|
Nuveen Investments
|
|
NCU
|
Nuveen California
|
|
|
Performance
|
Premium Income
|
|
|
OVERVIEW
|
Municipal Fund
|
|
|
as of August 31, 2012
|
|
Fund Snapshot
|
|||||||
|
Common Share Price
|
$
|
15.12
|
|||||
|
Common Share Net Asset Value (NAV)
|
$
|
15.78
|
|||||
|
Premium/(Discount) to NAV
|
-4.18
|
%
|
|||||
|
Market Yield
|
5.75
|
%
|
|||||
|
Taxable-Equivalent Yield1
|
8.81
|
%
|
|||||
|
Net Assets Applicable to Common Shares ($000)
|
$
|
90,439
|
|||||
|
Leverage
|
|||||||
|
Regulatory Leverage
|
28.05
|
%
|
|||||
|
Effective Leverage
|
35.58
|
%
|
|||||
|
Average Annual Total Returns
|
|||||||
|
(Inception 6/18/93)
|
|||||||
|
On Share Price
|
On NAV
|
||||||
|
6-Month (Cumulative)
|
2.70
|
%
|
5.99
|
%
|
|||
|
1-Year
|
24.01
|
%
|
18.95
|
%
|
|||
|
5-Year
|
9.54
|
%
|
8.25
|
%
|
|||
|
10-Year
|
7.03
|
%
|
6.75
|
%
|
|||
|
Portfolio Composition3
|
|||||||
|
(as a % of total investments)
|
|||||||
|
Tax Obligation/Limited
|
29.2
|
%
|
|||||
|
Tax Obligation/General
|
22.7
|
%
|
|||||
|
Health Care
|
20.6
|
%
|
|||||
|
U.S. Guaranteed
|
7.7
|
%
|
|||||
|
Water and Sewer
|
5.0
|
%
|
|||||
|
Other
|
14.8
|
%
|
|||||
|
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
|
|
|
1
|
Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 34.7%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
|
|
2
|
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
|
|
3
|
Holdings are subject to change.
|
|
Nuveen Investments
|
13
|
|
NAC
|
Nuveen California
|
|
|
Performance
|
Dividend Advantage
|
|
|
OVERVIEW
|
Municipal Fund
|
|
|
as of August 31, 2012
|
|
Fund Snapshot
|
|||||||
|
Common Share Price
|
$
|
15.24
|
|||||
|
Common Share Net Asset Value (NAV)
|
$
|
15.51
|
|||||
|
Premium/(Discount) to NAV
|
-1.74
|
%
|
|||||
|
Market Yield
|
6.06
|
%
|
|||||
|
Taxable-Equivalent Yield1
|
9.28
|
%
|
|||||
|
Net Assets Applicable to Common Shares ($000)
|
$
|
364,252
|
|||||
|
Leverage
|
|||||||
|
Regulatory Leverage
|
27.22
|
%
|
|||||
|
Effective Leverage
|
32.47
|
%
|
|||||
|
Average Annual Total Returns
|
|||||||
|
(Inception 5/26/99)
|
|||||||
|
On Share Price
|
On NAV
|
||||||
|
6-Month (Cumulative)
|
3.80
|
%
|
7.51
|
%
|
|||
|
1-Year
|
21.11
|
%
|
19.58
|
%
|
|||
|
5-Year
|
8.66
|
%
|
7.62
|
%
|
|||
|
10-Year
|
7.38
|
%
|
6.74
|
%
|
|||
|
Portfolio Composition3
|
|||||||
|
(as a % of total investments)
|
|||||||
|
Tax Obligation/Limited
|
26.0
|
%
|
|||||
|
Health Care
|
21.8
|
%
|
|||||
|
Tax Obligation/General
|
21.4
|
%
|
|||||
|
Water and Sewer
|
9.2
|
%
|
|||||
|
Consumer Staples
|
5.2
|
%
|
|||||
|
Education and Civic Organizations
|
4.8
|
%
|
|||||
|
Other
|
11.6
|
%
|
|||||
|
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
|
|
|
1
|
Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 34.7%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
|
|
2
|
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.
|
|
3
|
Holdings are subject to change.
|
|
4
|
The Fund paid shareholders a net ordinary income distribution in December 2011 of $0.0045 per share.
|
|
14
|
Nuveen Investments
|
|
NVX
|
Nuveen California
|
|
|
Performance
|
Dividend Advantage
|
|
|
OVERVIEW
|
Municipal Fund 2
|
|
|
as of August 31, 2012
|
|
Fund Snapshot
|
|||||||
|
Common Share Price
|
$
|
15.80
|
|||||
|
Common Share Net Asset Value (NAV)
|
$
|
16.00
|
|||||
|
Premium/(Discount) to NAV
|
-1.25
|
%
|
|||||
|
Market Yield
|
6.08
|
%
|
|||||
|
Taxable-Equivalent Yield1
|
9.31
|
%
|
|||||
|
Net Assets Applicable to Common Shares ($000)
|
$
|
236,015
|
|||||
|
Leverage
|
|||||||
|
Regulatory Leverage
|
29.31
|
%
|
|||||
|
Effective Leverage
|
36.56
|
%
|
|||||
|
Average Annual Total Returns
|
|||||||
|
(Inception 3/27/01)
|
|||||||
|
On Share Price
|
On NAV
|
||||||
|
6-Month (Cumulative)
|
4.59
|
%
|
6.48
|
%
|
|||
|
1-Year
|
21.23
|
%
|
18.26
|
%
|
|||
|
5-Year
|
9.81
|
%
|
8.14
|
%
|
|||
|
10-Year
|
7.59
|
%
|
6.95
|
%
|
|||
|
Portfolio Composition3
|
|||||||
|
(as a % of total investments)
|
|||||||
|
Tax Obligation/General
|
19.8
|
%
|
|||||
|
Health Care
|
18.5
|
%
|
|||||
|
Tax Obligation/Limited
|
13.0
|
%
|
|||||
|
Water and Sewer
|
12.4
|
%
|
|||||
|
U.S. Guaranteed
|
7.8
|
%
|
|||||
|
Transportation
|
6.0
|
%
|
|||||
|
Utilities
|
5.8
|
%
|
|||||
|
Consumer Staples
|
5.5
|
%
|
|||||
|
Education and Civic Organizations
|
5.2
|
%
|
|||||
|
Other
|
6.0
|
%
|
|||||
|
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
|
|
|
1
|
Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 34.7%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
|
|
2
|
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.
|
|
3
|
Holdings are subject to change.
|
|
Nuveen Investments
|
15
|
|
NZH
|
Nuveen California
|
|
|
Performance
|
Dividend Advantage
|
|
|
OVERVIEW
|
Municipal Fund 3
|
|
|
as of August 31, 2012
|
|
Fund Snapshot
|
|||||||
|
Common Share Price
|
$
|
14.02
|
|||||
|
Common Share Net Asset Value (NAV)
|
$
|
14.36
|
|||||
|
Premium/(Discount) to NAV
|
-2.37
|
%
|
|||||
|
Market Yield
|
6.03
|
%
|
|||||
|
Taxable-Equivalent Yield1
|
9.23
|
%
|
|||||
|
Net Assets Applicable to Common Shares ($000)
|
$
|
346,658
|
|||||
|
Leverage
|
|||||||
|
Regulatory Leverage
|
31.52
|
%
|
|||||
|
Effective Leverage
|
38.18
|
%
|
|||||
|
Average Annual Total Returns
|
|||||||
|
(Inception 9/25/01)
|
|||||||
|
On Share Price
|
On NAV
|
||||||
|
6-Month (Cumulative)
|
0.79
|
%
|
6.46
|
%
|
|||
|
1-Year
|
19.77
|
%
|
18.24
|
%
|
|||
|
5-Year
|
7.65
|
%
|
6.76
|
%
|
|||
|
10-Year
|
6.55
|
%
|
6.23
|
%
|
|||
|
Portfolio Composition3
|
|||||||
|
(as a % of total investments)
|
|||||||
|
Tax Obligation/Limited
|
26.0
|
%
|
|||||
|
Health Care
|
21.8
|
%
|
|||||
|
Tax Obligation/General
|
13.0
|
%
|
|||||
|
U.S. Guaranteed
|
8.3
|
%
|
|||||
|
Water and Sewer
|
7.0
|
%
|
|||||
|
Consumer Staples
|
6.3
|
%
|
|||||
|
Education and Civic Organizations
|
4.4
|
%
|
|||||
|
Other
|
13.2
|
%
|
|||||
|
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
|
|
|
1
|
Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 34.7%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
|
|
2
|
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
|
|
3
|
Holdings are subject to change.
|
|
16
|
Nuveen Investments
|
|
NKX
|
Nuveen California
|
|
|
Performance
|
AMT-Free Municipal
|
|
|
OVERVIEW
|
Income Fund
|
|
|
as of August 31, 2012
|
||
|
Fund Snapshot
|
|||||||
|
Common Share Price
|
$
|
15.20
|
|||||
|
Common Share Net Asset Value (NAV)
|
$
|
15.33
|
|||||
|
Premium/(Discount) to NAV
|
-0.85
|
%
|
|||||
|
Market Yield
|
6.16
|
%
|
|||||
|
Taxable-Equivalent Yield1
|
9.43
|
%
|
|||||
|
Net Assets Applicable to Common Shares ($000)
|
$
|
640,793
|
|||||
|
Leverage
|
|||||||
|
Regulatory Leverage
|
28.59
|
%
|
|||||
|
Effective Leverage
|
34.66
|
%
|
|||||
|
Average Annual Total Returns
|
|||||||
|
(Inception 11/21/02)
|
|||||||
|
On Share Price
|
On NAV
|
||||||
|
6-Month (Cumulative)
|
3.94
|
%
|
7.14
|
%
|
|||
|
1-Year
|
25.27
|
%
|
16.61
|
%
|
|||
|
5-Year
|
7.24
|
%
|
7.08
|
%
|
|||
|
Since Inception
|
6.08
|
%
|
6.44
|
%
|
|||
|
Portfolio Composition3
|
|||||||
|
(as a % of total investments)
|
|||||||
|
Tax Obligation/Limited
|
34.8
|
%
|
|||||
|
Tax Obligation/General
|
21.5
|
%
|
|||||
|
Water and Sewer
|
15.6
|
%
|
|||||
|
Health Care
|
8.5
|
%
|
|||||
|
U.S. Guaranteed
|
7.0
|
%
|
|||||
|
Other
|
12.6
|
%
|
|||||
|
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
|
|
|
1
|
Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 34.7%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
|
|
2
|
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.
|
|
3
|
Holdings are subject to change.
|
|
Nuveen Investments
|
17
|
|
Shareholder Meeting Report
|
||
|
NVX
|
||
|
The annual meeting of shareholders for NVX was held in the offices of Nuveen Investments on November 15, 2011; at this meeting the shareholders were asked to vote on the election of Board Members, the elimination of Fundamental Investment Policies and the approval of new Fundamental Investment Policies. The meeting was subsequently adjourned to December 16, 2011. The meeting was additionally adjourned to January 31, 2012, March 5, 2012 and March 14, 2012.
|
|
NVX
|
|||
|
Common and
|
|||
|
Preferred
|
Preferred
|
||
|
shares voting
|
shares voting
|
||
|
together
|
together
|
||
|
as a class
|
as a class
|
||
|
To approve the elimination of the fundamental policies relating to the Fund’s ability to make loans.
|
|||
|
For
|
11,476,763
|
4,237,953
|
|
|
Against
|
734,549
|
256,156
|
|
|
Abstain
|
375,823
|
82,330
|
|
|
Broker Non-Votes
|
3,728,095
|
2,286,424
|
|
|
Total
|
16,315,230
|
6,862,863
|
|
|
To approve the new fundamental policy relating to the Fund’s ability to make loans.
|
|||
|
For
|
11,427,435
|
4,215,453
|
|
|
Against
|
762,029
|
278,656
|
|
|
Abstain
|
397,671
|
82,330
|
|
|
Broker Non-Votes
|
3,728,095
|
2,286,424
|
|
|
Total
|
16,315,230
|
6,862,863
|
|
|
18
|
Nuveen Investments
|
|
Nuveen California Premium Income Municipal Fund
|
||
|
NCU
|
Portfolio of Investments
|
|
|
August 31, 2012 (Unaudited)
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Consumer Staples – 6.2% (4.3% of Total Investments)
|
|||||||||
|
$
|
1,500
|
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Alameda County Tobacco Asset Securitization Corporation, Series 2002, 5.750%, 6/01/29
|
12/12 at 100.00
|
BBB+
|
$
|
1,499,055
|
|||
|
190
|
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Sonoma County Tobacco Securitization Corporation, Series 2005, 4.250%, 6/01/21
|
6/15 at 100.00
|
BB+
|
184,908
|
|||||
|
2,835
|
California Statewide Financing Authority, Tobacco Settlement Asset-Backed Bonds, Pooled Tobacco Securitization Program, Series 2002A, 5.625%, 5/01/29
|
11/12 at 100.00
|
BBB
|
2,786,635
|
|||||
|
485
|
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1, 5.750%, 6/01/47
|
6/17 at 100.00
|
BB–
|
413,041
|
|||||
|
865
|
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-2, 0.000%, 6/01/37
|
6/22 at 100.00
|
BB–
|
687,095
|
|||||
|
5,875
|
Total Consumer Staples
|
5,570,734
|
|||||||
|
Education and Civic Organizations – 6.1% (4.3% of Total Investments)
|
|||||||||
|
70
|
California Educational Facilities Authority, Revenue Bonds, University of Redlands, Series 2005A, 5.000%, 10/01/35
|
10/15 at 100.00
|
A3
|
73,094
|
|||||
|
California Educational Facilities Authority, Revenue Bonds, University of the Pacific, Series 2006:
|
|||||||||
|
45
|
5.000%, 11/01/21
|
11/15 at 100.00
|
A2
|
48,612
|
|||||
|
60
|
5.000%, 11/01/25
|
11/15 at 100.00
|
A2
|
63,937
|
|||||
|
1,112
|
California State Public Works Board, Lease Revenue Bonds, University of California Regents, Tender Option Bond Trust 1065, 9.131%, 3/01/33 (IF)
|
3/18 at 100.00
|
Aa2
|
1,331,842
|
|||||
|
2,000
|
California State University, Systemwide Revenue Bonds, Series 2005C, 5.000%, 11/01/27 – NPFG Insured
|
11/15 at 100.00
|
Aa2
|
2,228,480
|
|||||
|
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
|
329,580
|
|||||
|
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
|
201,526
|
|||||
|
1,190
|
University of California, Revenue Bonds, Multi-Purpose Projects, Series 2003A, 5.125%, 5/15/17 – AMBAC Insured
|
5/13 at 100.00
|
Aa1
|
1,230,662
|
|||||
|
4,962
|
Total Education and Civic Organizations
|
5,507,733
|
|||||||
|
Health Care – 29.3% (20.6% of Total Investments)
|
|||||||||
|
335
|
California Health Facilities Financing Authority, Revenue Bonds, Rady Children’s Hospital – San Diego, Series 2011, 5.250%, 8/15/41
|
8/21 at 100.00
|
A+
|
362,453
|
|||||
|
3,525
|
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2007A, 5.250%, 11/15/46 (UB)
|
11/16 at 100.00
|
AA–
|
3,735,936
|
|||||
|
685
|
California Municipal Financing Authority, Certificates of Participation, Community Hospitals of Central California, Series 2007, 5.250%, 2/01/46
|
2/17 at 100.00
|
BBB
|
704,653
|
|||||
|
1,000
|
California Statewide Communities Development Authority, Revenue Bonds, Adventist Health System West, Series 2005A, 5.000%, 3/01/35
|
3/15 at 100.00
|
A
|
1,034,760
|
|||||
|
815
|
California Statewide Communities Development Authority, Revenue Bonds, ValleyCare Health System, Series 2007A, 5.125%, 7/15/31
|
7/17 at 100.00
|
N/R
|
839,108
|
|||||
|
1,740
|
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A, 5.250%, 7/01/30
|
7/15 at 100.00
|
BBB
|
1,818,735
|
|||||
|
730
|
California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanente System, Series 2001C, 5.250%, 8/01/31
|
8/16 at 100.00
|
A+
|
817,359
|
|||||
|
3,000
|
California Statewide Community Development Authority, Revenue Bonds, Methodist Hospital Project, Series 2009, 6.750%, 2/01/38
|
8/19 at 100.00
|
Aa2
|
3,667,470
|
|||||
|
2,100
|
California Statewide Community Development Authority, Revenue Bonds, Sherman Oaks Health System, Series 1998A, 5.000%, 8/01/22 – AMBAC Insured
|
No Opt. Call
|
A1
|
2,325,939
|
|||||
|
1,690
|
California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Series 2005A, 5.000%, 11/15/43
|
11/15 at 100.00
|
AA–
|
1,793,884
|
|||||
|
377
|
California Statewide Communities Development Authority, Revenue Bonds, Saint Joseph Health System, Trust 2554, 18.234%, 7/01/47 – AGM Insured (IF)
|
7/18 at 100.00
|
AA–
|
512,567
|
|
Nuveen Investments
|
19
|
|
Nuveen California Premium Income Municipal Fund (continued)
|
||
|
NCU
|
Portfolio of Investments August 31, 2012 (Unaudited)
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Health Care (continued)
|
|||||||||
|
$
|
760
|
Loma Linda, California, Hospital Revenue Bonds, Loma Linda University Medical Center, Series 2008A, 8.250%, 12/01/38
|
12/17 at 100.00
|
BBB
|
$
|
889,732
|
|||
|
2,600
|
Marysville, California, Revenue Bonds, The Fremont-Rideout Health Group, Series 2011, 5.250%, 1/01/42
|
1/21 at 100.00
|
A
|
2,823,444
|
|||||
|
1,450
|
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 6.000%, 11/01/41
|
11/20 at 100.00
|
Baa3
|
1,555,676
|
|||||
|
850
|
San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011, 7.500%, 12/01/41
|
12/21 at 100.00
|
BB
|
1,032,495
|
|||||
|
1,415
|
Santa Clara County Financing Authority, California, Insured Revenue Bonds, El Camino Hospital, Series 2007A, 5.750%, 2/01/41 – AMBAC Insured
|
8/17 at 100.00
|
A+
|
1,536,648
|
|||||
|
1,000
|
The Regents of the University of California, Medical Center Pooled Revenue Bonds, Series 2009E, 5.000%, 5/15/38
|
5/17 at 101.00
|
Aa2
|
1,075,930
|
|||||
|
24,072
|
Total Health Care
|
26,526,789
|
|||||||
|
Housing/Multifamily – 1.2% (0.8% of Total Investments)
|
|||||||||
|
495
|
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2010A, 6.400%, 8/15/45
|
8/20 at 100.00
|
BBB
|
541,985
|
|||||
|
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
|
163,128
|
|||||
|
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
|
365,229
|
|||||
|
1,000
|
Total Housing/Multifamily
|
1,070,342
|
|||||||
|
Housing/Single Family – 2.4% (1.7% of Total Investments)
|
|||||||||
|
2,020
|
California Housing Finance Agency, California, Home Mortgage Revenue Bonds, Series 2008L, 5.500%, 8/01/38
|
2/18 at 100.00
|
BBB
|
2,054,865
|
|||||
|
80
|
California Housing Finance Agency, Home Mortgage Revenue Bonds, Series 2006H, 5.750%, 8/01/30 – FGIC Insured (Alternative Minimum Tax)
|
2/16 at 100.00
|
BBB
|
83,504
|
|||||
|
2,100
|
Total Housing/Single Family
|
2,138,369
|
|||||||
|
Tax Obligation/General – 32.5% (22.7% of Total Investments)
|
|||||||||
|
California State, General Obligation Bonds, Various Purpose Series 2009:
|
|||||||||
|
2,350
|
6.000%, 11/01/39
|
11/19 at 100.00
|
A1
|
2,803,997
|
|||||
|
1,300
|
5.500%, 11/01/39
|
11/19 at 100.00
|
A1
|
1,486,043
|
|||||
|
4,000
|
California State, General Obligation Bonds, Various Purpose Series 2012, 5.000%, 4/01/42
|
4/22 at 100.00
|
A1
|
4,407,760
|
|||||
|
4,475
|
Coast Community College District, Orange County, California, General Obligation Bonds, Series 2006C, 0.000%, 8/01/31 – AGM Insured
|
8/18 at 100.00
|
Aa1
|
4,525,747
|
|||||
|
6,000
|
Hartnell Community College District, California, General Obligation Bonds, Series 2006B, 5.000%, 6/01/29 – AGM Insured (UB)
|
6/16 at 100.00
|
Aa2
|
6,496,560
|
|||||
|
3,000
|
Los Angeles Unified School District, California, General Obligation Bonds, Series 2005A-2, 5.000%, 7/01/24 – NPFG Insured
|
7/15 at 100.00
|
Aa2
|
3,319,680
|
|||||
|
15
|
Riverside Community College District, California, General Obligation Bonds, Series 2004A, 5.250%, 8/01/22 – NPFG Insured
|
8/14 at 100.00
|
AA
|
16,314
|
|||||
|
135
|
Roseville Joint Union High School District, Placer County, California, General Obligation Bonds, Series 2006B, 5.000%, 8/01/27 – FGIC Insured
|
8/15 at 100.00
|
AA+
|
148,779
|
|||||
|
1,355
|
San Jose-Evergreen Community College District, Santa Clara County, California, General Obligation Bonds, Series 2005A, 5.000%, 9/01/25 – NPFG Insured
|
9/15 at 100.00
|
Aa1
|
1,510,866
|
|||||
|
8,345
|
Yosemite Community College District, California, General Obligation Bonds, Capital Appreciation, Election 2004, Series 2010D, 0.000%, 8/01/42
|
No Opt. Call
|
Aa2
|
3,515,582
|
|||||
|
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
|
1,129,010
|
|||||
|
31,975
|
Total Tax Obligation/General
|
29,360,338
|
|||||||
|
Tax Obligation/Limited – 41.7% (29.2% of Total Investments)
|
|||||||||
|
1,000
|
Bell Community Redevelopment Agency, California, Tax Allocation Bonds, Bell Project Area, Series 2003, 5.625%, 10/01/33 – RAAI Insured
|
10/13 at 100.00
|
N/R
|
932,240
|
|
20
|
Nuveen Investments
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Tax Obligation/Limited (continued)
|
|||||||||
|
California Infrastructure and Economic Development Bank, Revenue Bonds, North County Center for Self-Sufficiency Corporation, Series 2004:
|
|||||||||
|
$
|
1,695
|
5.000%, 12/01/22 – AMBAC Insured
|
12/13 at 100.00
|
AA+
|
$
|
1,784,852
|
|||
|
1,865
|
5.000%, 12/01/24 – AMBAC Insured
|
12/13 at 100.00
|
AA+
|
1,963,864
|
|||||
|
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
|
11/12 at 100.00
|
A2
|
5,943,502
|
|||||
|
1,000
|
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2009G-1, 5.750%, 10/01/30
|
10/19 at 100.00
|
A2
|
1,179,530
|
|||||
|
2,000
|
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2009-I, 6.375%, 11/01/34
|
11/19 at 100.00
|
A2
|
2,428,680
|
|||||
|
535
|
California, Economic Recovery Revenue Bonds, Series 2004A, 5.000%, 7/01/15
|
7/14 at 100.00
|
Aa3
|
578,110
|
|||||
|
165
|
Capistrano Unified School District, Orange County, California, Special Tax Bonds, Community Facilities District, Series 2005, 5.000%, 9/01/24 – FGIC Insured
|
9/15 at 100.00
|
BBB
|
169,574
|
|||||
|
500
|
Chino Redevelopment Agency, California, Merged Chino Redevelopment Project Area Tax Allocation Bonds, Series 2006, 5.000%, 9/01/38 – AMBAC Insured
|
9/16 at 101.00
|
A–
|
505,615
|
|||||
|
260
|
Dinuba Redevelopment Agency, California, Tax Allocation Bonds, Merged City of Dinuba Redevelopment Project and Dinuba Redevelopment Project 2, As Amended, Refunding Series 2001, 5.000%, 9/01/31 – NPFG Insured
|
3/13 at 101.00
|
A–
|
261,700
|
|||||
|
350
|
Fontana, California, Redevelopment Agency, Jurupa Hills Redevelopment Project, Tax Allocation Refunding Bonds, 1997 Series A, 5.500%, 10/01/27
|
10/12 at 100.00
|
A–
|
350,371
|
|||||
|
320
|
Inglewood Redevelopment Agency, California, Tax Allocation Bonds, Merged Redevelopment Project, Subordinate Lien Series 2007A-1, 5.000%, 5/01/24 – AMBAC Insured
|
5/17 at 100.00
|
BBB+
|
326,512
|
|||||
|
Irvine, California, Unified School District, Community Facilities District Special Tax Bonds, Series 2006A:
|
|||||||||
|
75
|
5.000%, 9/01/26
|
9/16 at 100.00
|
N/R
|
77,523
|
|||||
|
175
|
5.125%, 9/01/36
|
9/16 at 100.00
|
N/R
|
178,194
|
|||||
|
3,500
|
Livermore Redevelopment Agency, California, Tax Allocation Revenue Bonds, Livermore Redevelopment Project Area, Series 2001A, 5.000%, 8/01/26 – NPFG Insured
|
2/13 at 100.00
|
BBB+
|
3,499,860
|
|||||
|
310
|
Los Angeles Community Redevelopment Agency, California, Lease Revenue Bonds, Manchester Social Services Project, Series 2005, 5.000%, 9/01/37 – AMBAC Insured
|
9/15 at 100.00
|
A1
|
317,493
|
|||||
|
2,000
|
Los Angeles Municipal Improvement Corporation, California, Lease Revenue Bonds, Police Headquarters, Series 2006A, 4.750%, 1/01/31 – FGIC Insured
|
1/17 at 100.00
|
A+
|
2,095,920
|
|||||
|
475
|
Lynwood Redevelopment Agency, California, Project A Revenue Bonds, Subordinate Lien Series 2011A, 7.250%, 9/01/38
|
9/21 at 100.00
|
A–
|
566,913
|
|||||
|
3,230
|
Murrieta Redevelopment Agency, California, Tax Allocation Bonds, Series 2005, 5.000%, 8/01/35 – NPFG Insured
|
8/15 at 100.00
|
A–
|
3,266,079
|
|||||
|
170
|
National City Community Development Commission, California, Tax Allocation Bonds, National City Redevelopment Project, Series 2011, 6.500%, 8/01/24
|
8/21 at 100.00
|
A–
|
210,001
|
|||||
|
65
|
Novato Redevelopment Agency, California, Tax Allocation Bonds, Hamilton Field Redevelopment Project, Series 2011, 6.750%, 9/01/40
|
9/21 at 100.00
|
A–
|
74,997
|
|||||
|
Perris Union High School District Financing Authority, Riverside County, California, Revenue Bonds, Series 2011:
|
|||||||||
|
60
|
6.000%, 9/01/33
|
9/12 at 103.00
|
N/R
|
62,094
|
|||||
|
135
|
6.125%, 9/01/41
|
9/12 at 103.00
|
N/R
|
139,644
|
|||||
|
540
|
Pittsburg Redevelopment Agency, California, Tax Allocation Bonds, Los Medanos Community Development Project, Refunding Series 2008A, 6.500%, 9/01/28
|
9/18 at 100.00
|
BBB
|
583,081
|
|||||
|
210
|
Rancho Santa Fe CSD Financing Authority, California, Revenue Bonds, Superior Lien Series 2011A, 5.750%, 9/01/30
|
9/21 at 100.00
|
BBB+
|
230,882
|
|||||
|
155
|
Rialto Redevelopment Agency, California, Tax Allocation Bonds, Merged Project Area, Series 2005A, 5.000%, 9/01/35 – SYNCORA GTY Insured
|
9/15 at 100.00
|
A–
|
156,610
|
|||||
|
40
|
Riverside County Redevelopment Agency, California, Tax Allocation Bonds, Jurupa Valley Project Area, Series 2011B, 6.500%, 10/01/25
|
10/21 at 100.00
|
A–
|
44,676
|
|||||
|
190
|
Roseville, California, Certificates of Participation, Public Facilities, Series 2003A, 5.000%, 8/01/25 – AMBAC Insured
|
8/13 at 100.00
|
AA–
|
193,099
|
|
Nuveen Investments
|
21
|
|
Nuveen California Premium Income Municipal Fund (continued)
|
||
|
NCU
|
Portfolio of Investments August 31, 2012 (Unaudited)
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Tax Obligation/Limited (continued)
|
|||||||||
|
$
|
1,500
|
Sacramento City Financing Authority, California, Lease Revenue Refunding Bonds, Series 1993A, 5.400%, 11/01/20 – NPFG Insured
|
No Opt. Call
|
A1
|
$
|
1,721,850
|
|||
|
3,000
|
Sacramento City Financing Authority, California, Lease Revenue Refunding Bonds, Series 1993B, 5.400%, 11/01/20
|
No Opt. Call
|
A1
|
3,443,700
|
|||||
|
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
|
1,153,320
|
|||||
|
2,000
|
San Francisco City and County, California, Certificates of Participation, Multiple Capital Improvement Projects, Series 2009A, 5.200%, 4/01/26
|
4/19 at 100.00
|
AA–
|
2,291,620
|
|||||
|
30
|
San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds, Mission Bay North Redevelopment Project, Series 2011C, 6.750%, 8/01/41
|
2/21 at 100.00
|
A–
|
35,118
|
|||||
|
San Francisco Redevelopment Financing Authority, California, Tax Allocation Revenue Bonds, Mission Bay South Redevelopment Project, Series 2011D:
|
|||||||||
|
30
|
7.000%, 8/01/33
|
2/21 at 100.00
|
BBB
|
34,682
|
|||||
|
40
|
7.000%, 8/01/41
|
2/21 at 100.00
|
BBB
|
45,705
|
|||||
|
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2006C:
|
|||||||||
|
100
|
5.000%, 8/01/24 – NPFG Insured
|
8/17 at 100.00
|
BBB
|
101,212
|
|||||
|
275
|
5.000%, 8/01/25 – NPFG Insured
|
8/17 at 100.00
|
BBB
|
277,731
|
|||||
|
360
|
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2006D, 5.000%, 8/01/23 – AMBAC Insured
|
8/17 at 100.00
|
BBB
|
364,046
|
|||||
|
50
|
Signal Hill Redevelopment Agency, California, Project 1 Tax Allocation Bonds, Series 2011, 7.000%, 10/01/26
|
4/21 at 100.00
|
N/R
|
55,110
|
|||||
|
95
|
Yorba Linda Redevelopment Agency, Orange County, California, Tax Allocation Revenue Bonds, Yorba Linda Redevelopment Project, Subordinate Lien Series 2011A, 6.000%, 9/01/26
|
9/21 at 100.00
|
A–
|
108,226
|
|||||
|
35,420
|
Total Tax Obligation/Limited
|
37,753,936
|
|||||||
|
Transportation – 3.5% (2.5% of Total Investments)
|
|||||||||
|
780
|
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2006F, 5.000%, 4/01/31 (UB)
|
4/16 at 100.00
|
AA
|
875,261
|
|||||
|
220
|
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2008, Trust 3211, 13.453%, 10/01/32 (IF)
|
4/18 at 100.00
|
AA
|
322,659
|
|||||
|
2,000
|
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Series 1995A, 5.000%, 1/01/35
|
1/13 at 100.00
|
BBB–
|
1,995,860
|
|||||
|
3,000
|
Total Transportation
|
3,193,780
|
|||||||
|
U.S. Guaranteed – 11.0% (7.7% of Total Investments) (4)
|
|||||||||
|
3,000
|
California Infrastructure and Economic Development Bank, First Lien Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2003A, 5.000%, 7/01/22 – AGM Insured (ETM)
|
No Opt. Call
|
Aaa
|
3,875,640
|
|||||
|
California State, General Obligation Bonds, Series 2003:
|
|||||||||
|
500
|
5.000%, 2/01/31 (Pre-refunded 2/01/13) – NPFG Insured
|
2/13 at 100.00
|
Aaa
|
510,045
|
|||||
|
770
|
5.000%, 2/01/31 (Pre-refunded 2/01/13) – NPFG Insured
|
2/13 at 100.00
|
A1 (4)
|
781,065
|
|||||
|
370
|
California, Economic Recovery Revenue Bonds, Series 2004A, 5.000%, 7/01/15 (Pre-refunded 7/01/14)
|
7/14 at 100.00
|
Aaa
|
402,234
|
|||||
|
3,495
|
Orange County Sanitation District, California, Certificates of Participation, Series 2003, 5.250%, 2/01/21 (Pre-refunded 8/01/13) – FGIC Insured
|
8/13 at 100.00
|
AAA
|
3,656,958
|
|||||
|
325
|
San Mateo Union High School District, San Mateo County, California, Certificates of Participation, Phase 1, Series 2007A, 5.000%, 12/15/30 (Pre-refunded 12/15/17) – AMBAC Insured
|
12/17 at 100.00
|
AA– (4)
|
397,056
|
|||||
|
University of California, Revenue Bonds, Multi-Purpose Projects, Series 2003A:
|
|||||||||
|
255
|
5.125%, 5/15/17 (Pre-refunded 5/15/13) – AMBAC Insured
|
5/13 at 100.00
|
Aa1 (4)
|
263,718
|
|||||
|
55
|
5.125%, 5/15/17 (Pre-refunded 5/15/13) – AMBAC Insured
|
5/13 at 100.00
|
Aa1 (4)
|
56,913
|
|||||
|
8,770
|
Total U.S. Guaranteed
|
9,943,629
|
| 22 | Nuveen Investments |
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Utilities – 1.7% (1.2% of Total Investments)
|
|||||||||
|
$
|
890
|
Long Beach Bond Finance Authority, California, Natural Gas Purchase Revenue Bonds, Series 2007A, 5.500%, 11/15/37
|
No Opt. Call
|
A
|
$
|
973,544
|
|||
|
275
|
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2003A-2, 5.000%, 7/01/21 – NPFG Insured
|
7/13 at 100.00
|
AA–
|
285,324
|
|||||
|
295
|
Merced Irrigation District, California, Electric System Revenue Bonds, Series 2005, 5.125%, 9/01/31 – SYNCORA GTY Insured
|
9/15 at 100.00
|
N/R
|
302,449
|
|||||
|
1,460
|
Total Utilities
|
1,561,317
|
|||||||
|
Water and Sewer – 7.2% (5.0% of Total Investments)
|
|||||||||
|
1,125
|
Burbank, California, Wastewater System Revenue Bonds, Series 2004A, 5.000%, 6/01/23 – AMBAC Insured
|
6/14 at 100.00
|
AA+
|
1,206,979
|
|||||
|
205
|
Healdsburg Public Financing Authority, California, Wastewater Revenue Bonds, Series 2006, 5.000%, 4/01/36 – NPFG Insured
|
4/16 at 100.00
|
AA–
|
215,512
|
|||||
|
670
|
Metropolitan Water District of Southern California, Waterworks Revenue Bonds, Tender Option Bond Trust 09-8B, 17.929%, 7/01/35 (IF) (5)
|
7/19 at 100.00
|
AAA
|
1,040,537
|
|||||
|
1,500
|
Orange County Water District, California, Revenue Certificates of Participation, Tender Option Bond Trust 11782-1, 17.486%, 2/15/35 (IF)
|
8/19 at 100.00
|
AAA
|
2,214,240
|
|||||
|
1,795
|
Woodbridge Irrigation District, California, Certificates of Participation, Water Systems Project, Series 2003, 5.500%, 7/01/33
|
7/13 at 100.00
|
A+
|
1,811,890
|
|||||
|
5,295
|
Total Water and Sewer
|
6,489,158
|
|||||||
|
$
|
123,929
|
Total Investments (cost $116,652,863) – 142.8%
|
129,116,125
|
||||||
|
Floating Rate Obligations – (6.1)%
|
(5,525,000
|
)
|
|||||||
|
MuniFund Term Preferred Shares, at Liquidation Value – (39.0)% (6)
|
(35,250,000
|
)
|
|||||||
|
Other Assets Less Liabilities – 2.3%
|
2,097,645
|
||||||||
|
Net Assets Applicable to Common Shares – 100%
|
$
|
90,438,770
|
|
(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)
|
MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments is 27.3%.
|
|
|
N/R
|
Not rated.
|
|
|
(ETM)
|
Escrowed to maturity.
|
|
|
(IF)
|
Inverse floating rate investment.
|
|
|
(UB)
|
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities for more information.
|
See accompanying notes to financial statements.
|
Nuveen Investments
|
23
|
|
Nuveen California Dividend Advantage Municipal Fund
|
||
|
NAC
|
Portfolio of Investments
|
|
|
August 31, 2012 (Unaudited)
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Consumer Staples – 7.5% (5.2% of Total Investments)
|
|||||||||
|
$
|
810
|
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Sonoma County Tobacco Securitization Corporation, Series 2005, 4.250%, 6/01/21
|
6/15 at 100.00
|
BB+
|
$
|
788,292
|
|||
|
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
|
|||||||||
|
20,615
|
5.750%, 6/01/47
|
6/17 at 100.00
|
BB–
|
17,556,351
|
|||||
|
2,895
|
5.125%, 6/01/47
|
6/17 at 100.00
|
BB–
|
2,232,740
|
|||||
|
8,255
|
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-2, 0.000%, 6/01/37
|
6/22 at 100.00
|
BB–
|
6,557,194
|
|||||
|
32,575
|
Total Consumer Staples
|
27,134,577
|
|||||||
|
Education and Civic Organizations – 6.8% (4.8% of Total Investments)
|
|||||||||
|
2,500
|
California Educational Facilities Authority, Revenue Bonds, Santa Clara University, Series 2010, 5.000%, 2/01/40
|
2/20 at 100.00
|
Aa3
|
2,785,350
|
|||||
|
290
|
California Educational Facilities Authority, Revenue Bonds, University of Redlands, Series 2005A, 5.000%, 10/01/35
|
10/15 at 100.00
|
A3
|
302,818
|
|||||
|
10,000
|
California Educational Facilities Authority, Revenue Bonds, University of Southern California, Series 2007A, 4.500%, 10/01/33 (UB)
|
10/17 at 100.00
|
Aa1
|
10,822,200
|
|||||
|
California Educational Facilities Authority, Revenue Bonds, University of the Pacific, Series 2006:
|
|||||||||
|
200
|
5.000%, 11/01/21
|
11/15 at 100.00
|
A2
|
216,052
|
|||||
|
265
|
5.000%, 11/01/25
|
11/15 at 100.00
|
A2
|
282,389
|
|||||
|
4,685
|
California State Public Works Board, Lease Revenue Bonds, University of California Regents, Tender Option Bond Trust 1065, 9.131%, 3/01/33 (IF)
|
3/18 at 100.00
|
Aa2
|
5,611,225
|
|||||
|
1,250
|
California Statewide Communities Development Authority, School Facility Revenue Bonds, Alliance College-Ready Public Schools, Series 2011A, 7.000%, 7/01/46
|
7/21 at 100.00
|
BBB
|
1,373,250
|
|||||
|
605
|
California Statewide Community Development Authority, Revenue Bonds, Notre Dame de Namur University, Series 2003, 6.500%, 10/01/23
|
10/13 at 100.00
|
N/R
|
613,276
|
|||||
|
2,775
|
University of California, Revenue Bonds, Multi-Purpose Projects, Series 2003A, 5.125%, 5/15/17 – AMBAC Insured
|
5/13 at 100.00
|
Aa1
|
2,869,822
|
|||||
|
22,570
|
Total Education and Civic Organizations
|
24,876,382
|
|||||||
|
Health Care – 31.0% (21.8% of Total Investments)
|
|||||||||
|
2,160
|
California Health Facilities Financing Authority, Health Facility Revenue Bonds, Adventist Health System/West, Series 2003A, 5.000%, 3/01/15
|
3/13 at 100.00
|
A
|
2,203,826
|
|||||
|
3,815
|
California Health Facilities Financing Authority, Revenue Bonds, Catholic Healthcare West, Series 2008J, 5.625%, 7/01/32
|
7/15 at 100.00
|
A+
|
4,172,427
|
|||||
|
1,420
|
California Health Facilities Financing Authority, Revenue Bonds, Rady Children’s Hospital – San Diego, Series 2011, 5.250%, 8/15/41
|
8/21 at 100.00
|
A+
|
1,536,369
|
|||||
|
14,895
|
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2007A, 5.250%, 11/15/46 (UB)
|
11/16 at 100.00
|
AA–
|
15,786,317
|
|||||
|
6,530
|
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2011B, 6.000%, 8/15/42
|
8/20 at 100.00
|
AA–
|
7,838,155
|
|||||
|
1,120
|
California Statewide Communities Development Authority, Revenue Bonds, Adventist Health System West, Series 2005A, 5.000%, 3/01/35
|
3/15 at 100.00
|
A
|
1,158,931
|
|||||
|
5,500
|
California Statewide Communities Development Authority, Revenue Bonds, Sutter Health, Series 2011A, 6.000%, 8/15/42
|
8/20 at 100.00
|
AA–
|
6,601,815
|
|||||
|
3,325
|
California Statewide Communities Development Authority, Revenue Bonds, ValleyCare Health System, Series 2007A, 5.125%, 7/15/31
|
7/17 at 100.00
|
N/R
|
3,423,354
|
|||||
|
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A:
|
|||||||||
|
1,760
|
5.250%, 7/01/24
|
7/15 at 100.00
|
BBB
|
1,855,691
|
|||||
|
3,870
|
5.250%, 7/01/30
|
7/15 at 100.00
|
BBB
|
4,045,118
|
|
24
|
Nuveen Investments
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Health Care (continued)
|
|||||||||
|
$
|
10,140
|
California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanante System, Series 2006, 5.000%, 3/01/41
|
3/16 at 100.00
|
A+
|
$
|
10,700,235
|
|||
|
3,095
|
California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanente System, Series 2001C, 5.250%, 8/01/31
|
8/16 at 100.00
|
A+
|
3,465,379
|
|||||
|
9,980
|
California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanente System, Series 2006, 5.000%, 3/01/41 – BHAC Insured (UB)
|
3/16 at 100.00
|
AA+
|
10,752,053
|
|||||
|
2,250
|
California Statewide Community Development Authority, Revenue Bonds, Methodist Hospital Project, Series 2009, 6.750%, 2/01/38
|
8/19 at 100.00
|
Aa2
|
2,750,603
|
|||||
|
1,586
|
California Statewide Communities Development Authority, Revenue Bonds, Saint Joseph Health System, Trust 2554, 18.234%, 7/01/47 – AGM Insured (IF)
|
7/18 at 100.00
|
AA–
|
2,159,180
|
|||||
|
10,500
|
Duarte, California, Certificates of Participation, City of Hope National Medical Center, Series 1999A, 5.250%, 4/01/31
|
10/12 at 100.00
|
AA–
|
10,511,655
|
|||||
|
1,000
|
Loma Linda, California, Hospital Revenue Bonds, Loma Linda University Medical Center, Series 2005A, 5.000%, 12/01/23
|
12/15 at 100.00
|
BBB
|
1,015,470
|
|||||
|
2,860
|
Loma Linda, California, Hospital Revenue Bonds, Loma Linda University Medical Center, Series 2008A, 8.250%, 12/01/38
|
12/17 at 100.00
|
BBB
|
3,348,202
|
|||||
|
1,000
|
Madera County, California, Certificates of Participation, Children’s Hospital Central California, Series 2010, 5.375%, 3/15/36
|
3/20 at 100.00
|
A+
|
1,070,900
|
|||||
|
1,725
|
Newport Beach, California, Revenue Bonds, Hoag Memorial Hospital Presbyterian, Series 2011A, 6.000%, 12/01/40
|
12/21 at 100.00
|
AA
|
2,122,199
|
|||||
|
675
|
Oak Valley Hospital District, Stanislaus County, California, Revenue Bonds, Series 2010A, 6.500%, 11/01/29
|
11/20 at 100.00
|
BB+
|
718,409
|
|||||
|
5,450
|
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 6.000%, 11/01/41
|
11/20 at 100.00
|
Baa3
|
5,847,196
|
|||||
|
2,570
|
Rancho Mirage Joint Powers Financing Authority, California, Revenue Bonds, Eisenhower Medical Center, Series 2007A, 5.000%, 7/01/38
|
7/17 at 100.00
|
Baa2
|
2,621,194
|
|||||
|
3,300
|
San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011, 7.500%, 12/01/41
|
12/21 at 100.00
|
BB
|
4,008,510
|
|||||
|
3,000
|
Santa Clara County Financing Authority, California, Insured Revenue Bonds, El Camino Hospital, Series 2007A, 5.750%, 2/01/41 – AMBAC Insured
|
8/17 at 100.00
|
A+
|
3,257,910
|
|||||
|
103,526
|
Total Health Care
|
112,971,098
|
|||||||
|
Housing/Multifamily – 2.8% (2.0% of Total Investments)
|
|||||||||
|
1,995
|
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2010A, 6.400%, 8/15/45
|
8/20 at 100.00
|
BBB
|
2,184,365
|
|||||
|
4,600
|
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2012A, 5.125%, 8/15/32
|
8/22 at 100.00
|
BBB
|
4,847,434
|
|||||
|
320
|
Independent Cities Lease Finance Authority, California, Mobile Home Park Revenue Bonds, San Juan Mobile Estates, Series 2006B, 5.850%, 5/15/41
|
5/16 at 100.00
|
N/R
|
326,362
|
|||||
|
1,725
|
Rohnert Park Finance Authority, California, Senior Lien Revenue Bonds, Rancho Feliz Mobile Home Park, Series 2003A, 5.750%, 9/15/38
|
9/13 at 100.00
|
A+
|
1,749,064
|
|||||
|
1,120
|
Rohnert Park Finance Authority, California, Subordinate Lien Revenue Bonds, Rancho Feliz Mobile Home Park, Series 2003B, 6.625%, 9/15/38
|
9/13 at 100.00
|
N/R
|
1,135,478
|
|||||
|
9,760
|
Total Housing/Multifamily
|
10,242,703
|
|||||||
|
Housing/Single Family – 0.6% (0.4% of Total Investments)
|
|||||||||
|
315
|
California Housing Finance Agency, Home Mortgage Revenue Bonds, Series 2006H, 5.750%, 8/01/30 – FGIC Insured (Alternative Minimum Tax)
|
2/16 at 100.00
|
BBB
|
328,797
|
|||||
|
2,395
|
California Housing Finance Agency, Home Mortgage Revenue Bonds, Tender Option Bond Trust 3206, 8.248%, 2/01/29 (Alternative Minimum Tax) (IF)
|
2/17 at 100.00
|
BBB
|
1,963,780
|
|||||
|
2,710
|
Total Housing/Single Family
|
2,292,577
|
|
Nuveen Investments
|
25
|
|
Nuveen California Dividend Advantage Municipal Fund (continued)
|
||
|
NAC
|
Portfolio of Investments August 31, 2012 (Unaudited)
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Industrials – 0.1% (0.1% of Total Investments)
|
|||||||||
|
$
|
5,120
|
California Statewide Communities Development Authority, Revenue Bonds, EnerTech Regional Biosolids Project, Series 2007A, 5.500%, 12/01/33 (Alternative Minimum Tax) (4)
|
No Opt. Call
|
D
|
$
|
408,064
|
|||
|
Long-Term Care – 0.3% (0.2% of Total Investments)
|
|||||||||
|
1,000
|
California Municipal Finance Authority, Revenue Bonds, Harbor Regional Center Project, Series 2009, 8.000%, 11/01/29
|
11/19 at 100.00
|
Baa1
|
1,197,380
|
|||||
|
Tax Obligation/General – 30.5% (21.4% of Total Investments)
|
|||||||||
|
Alvord Unified School District, Riverside County, California, General Obligation Bonds, 2007 Election Series 2011B:
|
|||||||||
|
21,000
|
0.000%, 8/01/41 – AGM Insured
|
No Opt. Call
|
AA–
|
4,351,410
|
|||||
|
16,840
|
0.000%, 8/01/43 – AGM Insured
|
No Opt. Call
|
AA–
|
3,098,560
|
|||||
|
10,000
|
California State, General Obligation Bonds, Various Purpose Series 2009, 6.000%, 11/01/39
|
11/19 at 100.00
|
A1
|
11,931,900
|
|||||
|
California State, General Obligation Bonds, Various Purpose Series 2010:
|
|||||||||
|
5,000
|
6.000%, 3/01/33
|
3/20 at 100.00
|
A1
|
6,157,350
|
|||||
|
8,000
|
5.500%, 3/01/40
|
3/20 at 100.00
|
A1
|
9,180,960
|
|||||
|
1,000
|
5.250%, 11/01/40
|
11/20 at 100.00
|
A1
|
1,132,810
|
|||||
|
California State, General Obligation Bonds, Various Purpose Series 2011:
|
|||||||||
|
1,650
|
5.000%, 9/01/41
|
9/21 at 100.00
|
A1
|
1,812,261
|
|||||
|
7,000
|
5.000%, 10/01/41
|
10/21 at 100.00
|
A1
|
7,693,560
|
|||||
|
California State, General Obligation Bonds, Various Purpose Series 2012:
|
|||||||||
|
2,000
|
5.250%, 2/01/28
|
No Opt. Call
|
A1
|
2,355,060
|
|||||
|
5,000
|
5.250%, 2/01/29
|
No Opt. Call
|
A1
|
5,851,950
|
|||||
|
2,000
|
5.000%, 4/01/42
|
4/22 at 100.00
|
A1
|
2,203,880
|
|||||
|
4,435
|
California State, General Obligation Refunding Bonds, Series 2002, 6.000%, 4/01/16 – AMBAC Insured
|
No Opt. Call
|
A1
|
5,258,934
|
|||||
|
3,425
|
Coast Community College District, Orange County, California, General Obligation Bonds, Series 2006C, 0.000%, 8/01/31 – AGM Insured
|
8/18 at 100.00
|
Aa1
|
3,463,840
|
|||||
|
5,150
|
Hacienda La Puente Unified School District Facilities Financing Authority, California, General Obligation Revenue Bonds, Series 2007, 5.000%, 8/01/26 – AGM Insured
|
No Opt. Call
|
AA–
|
6,208,892
|
|||||
|
3,000
|
Los Angeles Unified School District, California, General Obligation Bonds, Series 2005A-2, 5.000%, 7/01/24 – NPFG Insured
|
7/15 at 100.00
|
Aa2
|
3,319,680
|
|||||
|
5,210
|
Oak Valley Hospital District, Stanislaus County, California, General Obligation Bonds, Series 2005, 5.000%, 7/01/35 – FGIC Insured
|
7/14 at 101.00
|
A1
|
5,334,623
|
|||||
|
575
|
Roseville Joint Union High School District, Placer County, California, General Obligation Bonds, Series 2006B, 5.000%, 8/01/27 – FGIC Insured
|
8/15 at 100.00
|
AA+
|
633,690
|
|||||
|
4,000
|
San Diego Community College District, California, General Obligation Bonds, Refunding Series 2011, 5.000%, 8/01/41
|
8/21 at 100.00
|
AA+
|
4,593,040
|
|||||
|
5,000
|
San Diego Unified School District, San Diego County, California, General Obligation Bonds, Series 2003E, 5.250%, 7/01/20 – AGM Insured
|
7/13 at 101.00
|
Aa2
|
5,245,050
|
|||||
|
50,070
|
Yosemite Community College District, California, General Obligation Bonds, Capital Appreciation, Election 2004, Series 2010D, 0.000%, 8/01/42
|
No Opt. Call
|
Aa2
|
21,093,489
|
|||||
|
160,355
|
Total Tax Obligation/General
|
110,920,939
|
|||||||
|
Tax Obligation/Limited – 37.1% (26.0% of Total Investments)
|
|||||||||
|
Beaumont Financing Authority, California, Local Agency Revenue Bonds, Series 2004D:
|
|||||||||
|
1,000
|
5.500%, 9/01/24
|
9/14 at 102.00
|
N/R
|
1,036,610
|
|||||
|
615
|
5.800%, 9/01/35
|
9/14 at 102.00
|
N/R
|
631,740
|
|||||
|
1,910
|
Borrego Water District, California, Community Facilities District 2007-1 Montesoro, Special Tax Bonds, Series 2007, 5.750%, 8/01/25 (4)
|
8/17 at 102.00
|
N/R
|
515,872
|
|||||
|
1,000
|
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2009G-1, 5.750%, 10/01/30
|
10/19 at 100.00
|
A2
|
1,179,530
|
|||||
|
2,000
|
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2009-I, 6.375%, 11/01/34
|
11/19 at 100.00
|
A2
|
2,428,680
|
|
26
|
Nuveen Investments
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Tax Obligation/Limited (continued)
|
|||||||||
|
$
|
2,000
|
Capistrano Unified School District, Orange County, California, Special Tax Bonds, Community Facilities District 90-2 – Talega, Series 2003, 6.000%, 9/01/33
|
9/13 at 100.00
|
N/R
|
$
|
2,029,020
|
|||
|
710
|
Capistrano Unified School District, Orange County, California, Special Tax Bonds, Community Facilities District, Series 2005, 5.000%, 9/01/24 – FGIC Insured
|
9/15 at 100.00
|
BBB
|
729,681
|
|||||
|
1,225
|
Chino Redevelopment Agency, California, Merged Chino Redevelopment Project Area Tax Allocation Bonds, Series 2006, 5.000%, 9/01/38 – AMBAC Insured
|
9/16 at 101.00
|
A–
|
1,238,757
|
|||||
|
1,480
|
Commerce Joint Power Financing Authority, California, Tax Allocation Bonds, Redevelopment Projects 2 and 3, Refunding Series 2003A, 5.000%, 8/01/28 – RAAI Insured
|
8/13 at 100.00
|
BBB
|
1,485,091
|
|||||
|
1,040
|
Dinuba Redevelopment Agency, California, Tax Allocation Bonds, Merged City of Dinuba Redevelopment Project and Dinuba Redevelopment Project 2, As Amended, Refunding Series 2001, 5.000%, 9/01/31 – NPFG Insured
|
3/13 at 101.00
|
A–
|
1,046,802
|
|||||
|
1,430
|
Fontana, California, Redevelopment Agency, Jurupa Hills Redevelopment Project, Tax Allocation Refunding Bonds, 1997 Series A, 5.500%, 10/01/27
|
10/12 at 100.00
|
A–
|
1,431,516
|
|||||
|
3,490
|
Fontana, California, Senior Special Tax Refunding Bonds, Heritage Village Community Facilities District 2, Series 1998A, 5.250%, 9/01/17 – NPFG Insured
|
3/13 at 100.00
|
BBB
|
3,534,951
|
|||||
|
1,125
|
Fontana, California, Special Tax Bonds, Sierra Community Facilities District 22, Series 2004, 6.000%, 9/01/34
|
9/14 at 100.00
|
N/R
|
1,145,948
|
|||||
|
3,980
|
Garden Grove, California, Certificates of Participation, Financing Project, Series 2002A, 5.500%, 3/01/22 – AMBAC Insured
|
3/13 at 100.50
|
A
|
4,034,566
|
|||||
|
31,090
|
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A, 5.000%, 6/01/35 – FGIC Insured
|
6/15 at 100.00
|
AA–
|
32,065,912
|
|||||
|
2,850
|
Hesperia Community Redevelopment Agency, California, Tax Allocation Bonds, Series 2005A, 5.000%, 9/01/35 – SYNCORA GTY Insured
|
9/15 at 100.00
|
BB+
|
2,532,681
|
|||||
|
4,500
|
Inglewood Redevelopment Agency, California, Tax Allocation Bonds, Merged Redevelopment Project, Refunding Series 1998A, 5.250%, 5/01/23 – AMBAC Insured
|
No Opt. Call
|
N/R
|
4,996,665
|
|||||
|
1,285
|
Inglewood Redevelopment Agency, California, Tax Allocation Bonds, Merged Redevelopment Project, Subordinate Lien Series 2007A-1, 5.000%, 5/01/25 – AMBAC Insured
|
5/17 at 100.00
|
BBB+
|
1,307,372
|
|||||
|
Irvine, California, Unified School District, Community Facilities District Special Tax Bonds, Series 2006A:
|
|||||||||
|
325
|
5.000%, 9/01/26
|
9/16 at 100.00
|
N/R
|
335,933
|
|||||
|
755
|
5.125%, 9/01/36
|
9/16 at 100.00
|
N/R
|
768,779
|
|||||
|
675
|
Lammersville School District, San Joaquin County, California, Special Tax Bonds, Community Facilities District 2002 Mountain House, Series 2006, 5.125%, 9/01/35
|
9/16 at 100.00
|
N/R
|
676,330
|
|||||
|
2,000
|
Lee Lake Water District, Riverside County, California, Special Tax Bonds, Community Facilities District 1 of Sycamore Creek, Series 2003, 6.500%, 9/01/24
|
9/13 at 102.00
|
N/R
|
2,083,760
|
|||||
|
1,000
|
Lindsay Redevelopment Agency, California, Project 1 Tax Allocation Bonds, Series 2007, 5.000%, 8/01/37 – RAAI Insured
|
8/17 at 100.00
|
BBB+
|
1,004,060
|
|||||
|
1,290
|
Los Angeles Community Redevelopment Agency, California, Lease Revenue Bonds, Manchester Social Services Project, Series 2005, 5.000%, 9/01/37 – AMBAC Insured
|
9/15 at 100.00
|
A1
|
1,321,179
|
|||||
|
1,530
|
Moreno Valley Unified School District, Riverside County, California, Certificates of Participation, Series 2005, 5.000%, 3/01/24 – AGM Insured
|
3/14 at 100.00
|
AA–
|
1,613,630
|
|||||
|
3,500
|
Murrieta Redevelopment Agency, California, Tax Allocation Bonds, Series 2007A, 5.000%, 8/01/37 – NPFG Insured
|
8/17 at 100.00
|
A–
|
3,552,395
|
|||||
|
695
|
National City Community Development Commission, California, Tax Allocation Bonds, National City Redevelopment Project, Series 2011, 6.500%, 8/01/24
|
8/21 at 100.00
|
A–
|
858,534
|
|||||
|
9,200
|
Norco Redevelopment Agency, California, Tax Allocation Refunding Bonds, Project Area 1, Series 2001, 5.000%, 3/01/19 – NPFG Insured
|
3/13 at 100.00
|
A
|
9,289,240
|
|||||
|
North Natomas Community Facilities District 4, Sacramento, California, Special Tax Bonds, Series 2006D:
|
|||||||||
|
535
|
5.000%, 9/01/26
|
9/14 at 102.00
|
N/R
|
544,106
|
|||||
|
245
|
5.000%, 9/01/33
|
9/14 at 102.00
|
N/R
|
245,527
|
|||||
|
260
|
Novato Redevelopment Agency, California, Tax Allocation Bonds, Hamilton Field Redevelopment Project, Series 2011, 6.750%, 9/01/40
|
9/21 at 100.00
|
A–
|
299,988
|
|
Nuveen Investments
|
27
|
|
Nuveen California Dividend Advantage Municipal Fund (continued)
|
||
|
NAC
|
Portfolio of Investments August 31, 2012 (Unaudited)
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Tax Obligation/Limited (continued)
|
|||||||||
|
$
|
3,290
|
Oakland Redevelopment Agency, California, Subordinate Lien Tax Allocation Bonds, Central District Redevelopment Project, Series 2003, 5.500%, 9/01/16 – FGIC Insured
|
3/13 at 100.00
|
A–
|
$
|
3,350,273
|
|||
|
1,000
|
Palmdale Community Redevelopment Agency, California, Tax Allocation Bonds, Merged Redevelopment Project Areas, Series 2004, 5.000%, 12/01/24 – AMBAC Insured
|
12/14 at 100.00
|
A–
|
1,022,380
|
|||||
|
Perris Union High School District Financing Authority, Riverside County, California, Revenue Bonds, Series 2011:
|
|||||||||
|
245
|
6.000%, 9/01/33
|
9/12 at 103.00
|
N/R
|
253,551
|
|||||
|
530
|
6.125%, 9/01/41
|
9/12 at 103.00
|
N/R
|
548,232
|
|||||
|
8,250
|
Pico Rivera Water Authority, California, Revenue Bonds, Series 2001A, 6.250%, 12/01/32
|
12/12 at 101.00
|
N/R
|
8,370,698
|
|||||
|
2,130
|
Pittsburg Redevelopment Agency, California, Tax Allocation Bonds, Los Medanos Community Development Project, Refunding Series 2008A, 6.500%, 9/01/28
|
9/18 at 100.00
|
BBB
|
2,299,931
|
|||||
|
1,570
|
Poway Redevelopment Agency, California, Tax Allocation Refunding Bonds, Paguay Redevelopment Project, Series 2000, 5.750%, 6/15/33 – NPFG Insured
|
12/12 at 100.00
|
BBB
|
1,575,197
|
|||||
|
845
|
Rancho Santa Fe CSD Financing Authority, California, Revenue Bonds, Superior Lien Series 2011A, 5.750%, 9/01/30
|
9/21 at 100.00
|
BBB+
|
929,027
|
|||||
|
620
|
Rialto Redevelopment Agency, California, Tax Allocation Bonds, Merged Project Area, Series 2005A, 5.000%, 9/01/35 – SYNCORA GTY Insured
|
9/15 at 100.00
|
A–
|
626,442
|
|||||
|
150
|
Riverside County Redevelopment Agency, California, Tax Allocation Bonds, Jurupa Valley Project Area, Series 2011B, 6.500%, 10/01/25
|
10/21 at 100.00
|
A–
|
167,535
|
|||||
|
1,860
|
Riverside Redevelopment Agency, California, Tax Allocation Refunding Bonds, Merged Project Areas, Series 2003, 5.250%, 8/01/22 – NPFG Insured
|
8/13 at 100.00
|
A–
|
1,885,408
|
|||||
|
770
|
Roseville, California, Certificates of Participation, Public Facilities, Series 2003A, 5.000%, 8/01/25 – AMBAC Insured
|
8/13 at 100.00
|
AA–
|
782,559
|
|||||
|
2,500
|
Sacramento City Financing Authority, California, Lease Revenue Refunding Bonds, Series 1993A, 5.400%, 11/01/20 – AMBAC Insured
|
No Opt. Call
|
A1
|
2,855,150
|
|||||
|
1,150
|
Sacramento, California, Special Tax Bonds, North Natomas Community Facilities District 4, Series 2003C, 6.000%, 9/01/33
|
9/14 at 100.00
|
N/R
|
1,180,924
|
|||||
|
120
|
San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds, Mission Bay North Redevelopment Project, Series 2011C, 6.750%, 8/01/41
|
2/21 at 100.00
|
A–
|
140,471
|