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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-21212

Nuveen California AMT-Free Municipal Income Fund
(Exact name of registrant as specified in charter)

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

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

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

Date of fiscal year end: February 28

Date of reporting period: August 31, 2015

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

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


 
 

 


ITEM 1. REPORTS TO STOCKHOLDERS.



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

Nuveen Investments
 
3

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

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

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

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

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

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

Nuveen Investments
 
7

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

8
 
Nuveen Investments

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

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

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

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

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

10
 
Nuveen Investments

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

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

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

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

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

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

12
 
Nuveen Investments

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

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

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

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

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

Nuveen Investments
 
13

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

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

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

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

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

14
 
Nuveen Investments

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

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

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

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

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

Nuveen Investments
 
15

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

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

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

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

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

16
 
Nuveen Investments

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

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

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

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

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

Nuveen Investments
 
17


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

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

18
 
Nuveen Investments


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

Nuveen Investments
 
19


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

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Tax Obligation/General (continued)
           
     
California State, General Obligation Bonds, Various Purpose Series 2014:
           
$
5,000
 
5.000%, 5/01/32
5/24 at 100.00
 
AA–
$
5,716,950
 
 
1,970
 
5.000%, 10/01/39
10/24 at 100.00
 
AA–
 
2,232,601
 
 
6,000
 
Oceanside Unified School District, San Diego County, California, General Obligation Bonds, Election 2008 Series 2010B, 0.000%, 8/01/49 – AGM Insured
No Opt. Call
 
AA
 
682,380
 
 
10,000
 
Poway Unified School District, San Diego County, California, General Obligation Bonds, School Facilities Improvement District 2007-1, Series 2011A, 0.000%, 8/01/46
No Opt. Call
 
AA–
 
2,438,200
 
 
2,000
 
Puerto Rico, General Obligation Bonds, Public Improvement Series 2002A, 5.500%, 7/01/20 – NPFG Insured
No Opt. Call
 
AA–
 
1,967,420
 
 
11,875
 
San Mateo Union High School District, San Mateo County, California, General Obligation Bonds, Election 2010 Series 2011A, 0.000%, 9/01/41
9/36 at 100.00
 
AA+
 
8,495,375
 
 
1,320
 
Tahoe Forest Hospital District, Placer and Nevada Counties, California, General Obligation Bonds, Series 2010B, 5.500%, 8/01/35
8/18 at 100.00
 
Aa3
 
1,461,491
 
 
20,860
 
Yosemite Community College District, California, General Obligation Bonds, Capital Appreciation, Election 2004, Series 2010D, 0.000%, 8/01/42
No Opt. Call
 
Aa2
 
11,942,975
 
 
73,765
 
Total Tax Obligation/General
       
51,800,733
 
     
Tax Obligation/Limited – 23.5% (23.7% of Total Investments)
           
 
1,000
 
Artesia Redevelopment Agency, California, Tax Allocation Revenue Bonds, Artesia Redevelopment Project Area, Series 2007, 5.375%, 6/01/27
11/15 at 100.00
 
BBB+
 
1,001,160
 
     
Bell Community Redevelopment Agency, California, Tax Allocation Bonds, Bell Project Area, Series 2003:
           
 
3,000
 
5.500%, 10/01/23 – RAAI Insured
11/15 at 100.00
 
AA
 
3,002,070
 
 
1,000
 
5.625%, 10/01/33 – RAAI Insured
11/15 at 100.00
 
AA
 
1,000,140
 
 
3,500
 
California State Public Works Board, Lease Revenue Bonds, Department of Corrections & Rehabilitation, Various Correctional Facilities Series 2013F, 5.250%, 9/01/33
9/23 at 100.00
 
A+
 
4,075,365
 
 
1,250
 
California State Public Works Board, Lease Revenue Bonds, Department of Corrections & Rehabilitation, Various Correctional Facilities Series 2014A, 5.000%, 9/01/39
9/24 at 100.00
 
A+
 
1,404,988
 
 
1,000
 
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2009G-1, 5.750%, 10/01/30
10/19 at 100.00
 
A+
 
1,169,660
 
 
2,000
 
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2009-I, 6.375%, 11/01/34
11/19 at 100.00
 
A+
 
2,400,100
 
 
3,000
 
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2012G, 5.000%, 11/01/37
11/22 at 100.00
 
A+
 
3,369,810
 
 
1,005
 
Chino Redevelopment Agency, California, Merged Chino Redevelopment Project Area Tax Allocation Bonds, Series 2006, 5.000%, 9/01/38 – AMBAC Insured
9/16 at 101.00
 
A
 
1,025,110
 
 
1,000
 
Folsom Public Financing Authority, California, Special Tax Revenue Bonds, Refunding Series 2007A, 5.000%, 9/01/23 – AMBAC Insured
9/17 at 100.00
 
N/R
 
1,041,050
 
 
750
 
Fontana Redevelopment Agency, San Bernardino County, California, Tax Allocation Bonds, Jurupa Hills Redevelopment Project, Refunding Series 1997A, 5.500%, 10/01/27
4/16 at 100.00
 
A–
 
751,763
 
 
8,250
 
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2015A, 5.000%, 6/01/40
6/25 at 100.00
 
A+
 
9,142,072
 
 
675
 
Inglewood Redevelopment Agency, California, Tax Allocation Bonds, Merged Redevelopment Project, Subordinate Lien Series 2007A-1, 5.000%, 5/01/25 – AMBAC Insured
5/17 at 100.00
 
BBB+
 
685,091
 
     
Irvine Unified School District, California, Special Tax Bonds, Community Facilities District Series 2006A:
           
 
150
 
5.000%, 9/01/26
9/16 at 100.00
 
N/R
 
153,600
 
 
355
 
5.125%, 9/01/36
9/16 at 100.00
 
N/R
 
362,735
 
 
2,500
 
Kern County Board of Education, California, Certificates of Participation, Series 2006A, 5.000%, 6/01/31 – NPFG Insured
6/16 at 100.00
 
AA–
 
2,563,125
 
 
750
 
Lancaster Redevelopment Agency, California, Tax Allocation Bonds, Combined Redevelopment Project Areas Housing Programs, Series 2009, 6.000%, 8/01/24
8/19 at 100.00
 
BBB
 
857,955
 

20
 
Nuveen Investments


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

Nuveen Investments
 
21


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

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

22
 
Nuveen Investments


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

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

See accompanying notes to financial statements.
 
Nuveen Investments
 
23


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

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

24
 
Nuveen Investments


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

Nuveen Investments
 
25


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

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

26
 
Nuveen Investments


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

Nuveen Investments
 
27


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

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

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


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

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
LONG-TERM INVESTMENTS – 141.5% (99.2% of Total Investments)
           
     
MUNICIPAL BONDS – 141.5% (99.2% of Total Investments)
           
     
Consumer Staples – 7.0% (4.9% of Total Investments)
           
$
995
 
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Alameda County Tobacco Asset Securitization Corporation, Series 2002, 5.750%, 6/01/29
11/15 at 100.00
 
Baa1
$
994,970
 
     
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los Angeles County Securitization Corporation, Series 2006A:
           
 
1,350
 
5.600%, 6/01/36
12/18 at 100.00
 
B
 
1,247,576
 
 
325
 
5.650%, 6/01/41
12/18 at 100.00
 
B2
 
294,398
 
 
7,780
 
5.700%, 6/01/46
12/18 at 100.00
 
B+
 
7,040,200
 
 
95
 
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Sonoma County Tobacco Securitization Corporation, Series 2005, 4.250%, 6/01/21
11/15 at 100.00
 
BBB+
 
94,392
 
 
2,165
 
California Statewide Financing Authority, Tobacco Settlement Asset-Backed Bonds, Pooled Tobacco Securitization Program, Series 2002A, 5.625%, 5/01/29
11/15 at 100.00
 
BBB+
 
2,164,913
 
     
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
           
 
8,570
 
5.000%, 6/01/33
6/17 at 100.00
 
B
 
7,285,443
 
 
1,950
 
5.750%, 6/01/47
6/17 at 100.00
 
B
 
1,675,967
 
 
13,560
 
5.125%, 6/01/47
6/17 at 100.00
 
B
 
10,632,532
 
 
14,820
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-2, 5.300%, 6/01/37
6/22 at 100.00
 
B
 
12,225,314
 
     
Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed Bonds, Series 2005A-1:
           
 
8,450
 
5.375%, 6/01/38
11/15 at 100.00
 
B–
 
7,016,711
 
 
2,000
 
5.500%, 6/01/45
11/15 at 100.00
 
B–
 
1,618,960
 
 
62,060
 
Total Consumer Staples
       
52,291,376
 
     
Education and Civic Organizations – 2.3% (1.6% of Total Investments)
           
 
1,050
 
ABAG Finance Authority for Non-Profit Corporations, California, Revenue Bonds, The Jackson Laboratory, Series 2012, 5.000%, 7/01/37
7/22 at 100.00
 
A1
 
1,161,741
 
 
35
 
California Educational Facilities Authority, Revenue Bonds, University of Redlands, Series 2005A, 5.000%, 10/01/35
10/15 at 100.00
 
A3
 
35,046
 
 
4,475
 
California Municipal Finance Authority Charter School Revenue Bonds, Albert Einstein Academies Project, Series 2013A , 7.125%, 8/01/43
8/23 at 100.00
 
BB
 
5,180,439
 
 
1,780
 
California Municipal Finance Authority, Charter School Revenue Bonds, Rocketship Education – Multiple Projects, Series 2014A , 7.250%, 6/01/43
6/22 at 102.00
 
N/R
 
2,007,217
 
 
1,600
 
California Municipal Finance Authority, Revenue Bonds, Goodwill Industries of Sacramento Valley & Northern Nevada Project, Series 2012A, 6.875%, 1/01/42
1/22 at 100.00
 
N/R
 
1,740,192
 
 
2,000
 
California State University, Systemwide Revenue Bonds, Series 2015A, 5.000%, 11/01/38
11/25 at 100.00
 
Aa2
 
2,308,360
 
 
300
 
California Statewide Communities Development Authority, School Facility Revenue Bonds, Alliance College-Ready Public Schools, Series 2011A, 7.000%, 7/01/46
7/21 at 100.00
 
BBB–
 
341,439
 
 
185
 
California Statewide Communities Development Authority, Charter School Revenue Bonds, Rocketship 4 – Mosaic Elementary Charter School, Series 2011A, 8.500%, 12/01/41
12/21 at 100.00
 
N/R
 
214,950
 
 
4,060
 
San Diego County, California, Certificates of Participation, Burnham Institute, Series 2006, 5.000%, 9/01/34
9/15 at 102.00
 
Baa1
 
4,144,570
 
 
15,485
 
Total Education and Civic Organizations
       
17,133,954
 
     
Health Care – 17.7% (12.4% of Total Investments)
           
 
3,965
 
Antelope Valley Healthcare District, California, Revenue Bonds, Series 2011A, 6.875%, 3/01/26
No Opt. Call
 
Ba3
 
4,453,171
 

Nuveen Investments
 
29


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

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Health Care (continued)
           
$
1,630
 
California Health Facilities Financing Authority, Revenue Bonds, Childrens Hospital Los Angeles, Series 2010A, 5.250%, 7/01/38 – AGC Insured
7/20 at 100.00
 
AA
$
1,811,631
 
 
1,255
 
California Health Facilities Financing Authority, Revenue Bonds, Children's Hospital Los Angeles, Series 2012A, 5.000%, 11/15/29
No Opt. Call
 
BBB+
 
1,344,582
 
 
1,000
 
California Health Facilities Financing Authority, Revenue Bonds, City of Hope National Medical Center, Series 2012A, 5.000%, 11/15/35
No Opt. Call
 
AA–
 
1,107,840
 
 
2,520
 
California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard Children's Hospital, Series 2014A, 5.000%, 8/15/43
8/24 at 100.00
 
AA
 
2,824,870
 
 
2,000
 
California Health Facilities Financing Authority, Revenue Bonds, Memorial Health Services, Series 2012A, 5.000%, 10/01/33
No Opt. Call
 
AA–
 
2,207,820
 
 
1,405
 
California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Series 2014A, 5.000%, 10/01/38
10/24 at 100.00
 
AA
 
1,592,287
 
 
2,800
 
California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Series 2014B, 5.000%, 10/01/44
10/24 at 100.00
 
AA
 
3,131,240
 
 
335
 
California Health Facilities Financing Authority, Revenue Bonds, Rady Children's Hospital – San Diego, Series 2011, 5.250%, 8/15/41
8/21 at 100.00
 
AA–
 
372,252
 
 
10,265
 
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2007A, 5.250%, 11/15/46
11/16 at 100.00
 
AA–
 
10,679,911
 
 
750
 
California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, Series 2010A, 5.750%, 7/01/40
7/20 at 100.00
 
Baa2
 
819,345
 
 
685
 
California Municipal Financing Authority, Certificates of Participation, Community Hospitals of Central California, Series 2007, 5.250%, 2/01/46
2/17 at 100.00
 
A–
 
702,022
 
 
4,920
 
California Statewide Communities Development Authority, Revenue Bonds, Saint Joseph Health System, Trust 2554, 18.384%, 7/01/47 – AGM Insured (IF)
7/18 at 100.00
 
AA
 
6,326,674
 
 
4,000
 
California Statewide Community Development Authority, Health Facility Revenue Bonds, Catholic Healthcare West, Insured Series 2008K, 5.500%, 7/01/41 – AGC Insured
7/17 at 100.00
 
AA
 
4,249,920
 
     
California Statewide Community Development Authority, Revenue Bonds, Childrens Hospital of Los Angeles, Series 2007:
           
 
2,995
 
5.000%, 8/15/39 – NPFG Insured
8/17 at 100.00
 
AA–
 
3,140,527
 
 
6,500
 
5.000%, 8/15/47
8/17 at 100.00
 
BBB+
 
6,755,840
 
     
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A:
           
 
835
 
5.250%, 7/01/24
11/15 at 100.00
 
CCC
 
750,231
 
 
2,740
 
5.250%, 7/01/30
11/15 at 100.00
 
CCC
 
2,462,383
 
 
730
 
California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanente System, Series 2001C, 5.250%, 8/01/31
8/16 at 100.00
 
A+
 
757,412
 
 
11,335
 
California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanente System, Series 2006, 5.000%, 3/01/41
3/16 at 100.00
 
A+
 
11,524,975
 
 
5,020
 
California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanente System, Series 2006, 5.000%, 3/01/41 – BHAC Insured (UB)
3/16 at 100.00
 
AA+
 
5,119,496
 
 
2,680
 
California Statewide Community Development Authority, Revenue Bonds, Methodist Hospital Project, Series 2009, 6.750%, 2/01/38
8/19 at 100.00
 
Aa2
 
3,165,187
 
 
6,160
 
California Statewide Community Development Authority, Revenue Bonds, Sherman Oaks Health System, Series 1998A, 5.000%, 8/01/22 – AMBAC Insured
No Opt. Call
 
AA–
 
6,990,060
 
 
7,555
 
California Statewide Community Development Authority, Revenue Bonds, St. Joseph Health System, Series 2007A, 5.750%, 7/01/47 – FGIC Insured
7/18 at 100.00
 
AA–
 
8,385,597
 
 
10,000
 
California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Series 2003A, 5.000%, 8/15/38 – AMBAC Insured
8/17 at 100.00
 
AA–
 
10,661,900
 
 
1,690
 
California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Series 2005A, 5.000%, 11/15/43
11/15 at 100.00
 
AA–
 
1,704,247
 
 
2,600
 
Marysville, California, Revenue Bonds, The Fremont-Rideout Health Group, Series 2011, 5.250%, 1/01/42
1/21 at 100.00
 
A
 
2,839,980
 

30
 
Nuveen Investments


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Health Care (continued)
           
     
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009:
           
$
9,250
 
6.625%, 11/01/29
11/19 at 100.00
 
Ba1
$
10,230,685
 
 
7,500
 
6.750%, 11/01/39
11/19 at 100.00
 
Ba1
 
8,210,025
 
     
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010:
           
 
1,500
 
6.000%, 11/01/30
11/20 at 100.00
 
Ba1
 
1,611,165
 
 
2,595
 
6.000%, 11/01/41
11/20 at 100.00
 
Ba1
 
2,755,293
 
 
1,000
 
Rancho Mirage Joint Powers Financing Authority, California, Revenue Bonds, Eisenhower Medical Center, Series 2007A, 5.000%, 7/01/38
7/17 at 100.00
 
Baa2
 
1,036,470
 
 
850
 
San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011, 7.500%, 12/01/41
12/21 at 100.00
 
BB
 
1,034,255
 
 
1,000
 
The Regents of the University of California, Medical Center Pooled Revenue Bonds, Series 2009E, 5.000%, 5/15/38
5/17 at 101.00
 
AA–
 
1,052,420
 
 
122,065
 
Total Health Care
       
131,811,713
 
     
Housing/Multifamily – 2.5% (1.8% of Total Investments)
           
 
480
 
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2010A, 6.400%, 8/15/45
8/20 at 100.00
 
BBB
 
527,693
 
 
155
 
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2012A, 5.500%, 8/15/47
8/22 at 100.00
 
BBB
 
170,430
 
 
350
 
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2012B, 7.250%, 8/15/47
8/22 at 100.00
 
A1
 
404,212
 
     
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Windsor Mobile Country Club Series 2013A:
           
 
2,000
 
5.625%, 11/15/33
11/23 at 100.00
 
BBB
 
2,209,100
 
 
8,000
 
6.000%, 11/15/48
11/23 at 100.00
 
BBB
 
9,010,400
 
     
California Municipal Finance Authority, Mobile Home Park Senior Revenue Bonds, Caritas Affordable Housing, Inc. Projects, Series 2014A:
           
 
260
 
5.250%, 8/15/39
8/24 at 100.00
 
BBB
 
282,420
 
 
705
 
5.250%, 8/15/49
8/24 at 100.00
 
BBB
 
761,816
 
 
3,285
 
Independent Cities Finance Authority, California, Mobile Home Park Revenue Bonds, Rancho Vallecitos Mobile Home Park, Series 2013, 5.000%, 4/15/38
4/23 at 100.00
 
A–
 
3,509,990
 
     
La Verne, California, Mobile Home Park Revenue Bonds, Copacabana Mobile Home Park, Refunding Series 2014:
           
 
670
 
5.000%, 6/15/44
6/24 at 100.00
 
A
 
720,739
 
 
185
 
5.000%, 6/15/49
6/24 at 100.00
 
A
 
198,314
 
 
1,060
 
Poway, California, Housing Revenue Bonds, Revenue Bonds, Poinsettia Mobile Home Park, Series 2003, 5.000%, 5/01/23
11/15 at 100.00
 
AA–
 
1,062,152
 
 
17,150
 
Total Housing/Multifamily
       
18,857,266
 
     
Housing/Single Family – 0.1% (0.1% of Total Investments)
           
 
885
 
California Housing Finance Agency, California, Home Mortgage Revenue Bonds, Series 2008L, 5.500%, 8/01/38
2/18 at 100.00
 
A
 
901,019
 
     
Long-Term Care – 1.1% (0.8% of Total Investments)
           
 
3,000
 
ABAG Finance Authority for Non-Profit Corporations, California, Cal-Mortgage Insured Revenue Bonds, Channing House, Series 2010, 6.125%, 5/15/40
5/20 at 100.00
 
AA–
 
3,494,310
 
 
1,575
 
California Health Facilities Financing Authority, Insured Revenue Bonds, California-Nevada Methodist Homes, Series 2006, 5.000%, 7/01/36
7/16 at 100.00
 
AA–
 
1,626,865
 
 
1,300
 
California Health Facilities Financing Authority, Revenue Bonds, Northern California Presbyterian Homes & Services Inc., Refunding Series 2015, 5.000%, 7/01/39
7/25 at 100.00
 
AA–
 
1,455,818
 
 
1,500
 
California Statewide Communities Development Authority, Revenue Bonds, Front Porch Communities and Services Project, Series 2007A, 5.125%, 4/01/37
4/17 at 100.00
 
BBB+
 
1,541,040
 
 
7,375
 
Total Long-Term Care
       
8,118,033
 

Nuveen Investments
 
31


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

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Tax Obligation/General – 32.0% (22.4% of Total Investments)
           
$
3,000
 
Alhambra Unified School District, Los Angeles County, California, General Obligation Bonds, Refunding Series 2012A, 5.000%, 8/01/29 – AGM Insured
8/22 at 100.00
 
Aa3
$
3,478,950
 
 
1,000
 
California State, General Obligation Bonds, Refunding Series 2011, 5.250%, 9/01/25
9/21 at 100.00
 
AA–
 
1,195,380
 
 
4,910
 
California State, General Obligation Bonds, Various Purpose Refunding Series 2014, 5.000%, 10/01/32
10/24 at 100.00
 
AA–
 
5,643,505
 
     
California State, General Obligation Bonds, Various Purpose Series 2009:
           
 
2,350
 
6.000%, 11/01/39
11/19 at 100.00
 
AA–
 
2,797,558
 
 
1,300
 
5.500%, 11/01/39
11/19 at 100.00
 
AA–
 
1,512,680
 
 
6,000
 
California State, General Obligation Bonds, Various Purpose Series 2010, 6.000%, 3/01/33
3/20 at 100.00
 
AA–
 
7,234,560
 
     
California State, General Obligation Bonds, Various Purpose Series 2011:
           
 
2,000
 
5.000%, 9/01/31
No Opt. Call
 
AA–
 
2,280,580
 
 
4,090
 
5.000%, 9/01/41
9/21 at 100.00
 
AA–
 
4,562,272
 
 
2,625
 
5.000%, 10/01/41
10/21 at 100.00
 
AA–
 
2,931,889
 
     
California State, General Obligation Bonds, Various Purpose Series 2013:
           
 
3,500
 
5.000%, 4/01/37
4/23 at 100.00
 
AA–
 
3,948,770
 
 
2,000
 
5.000%, 2/01/43
No Opt. Call
 
AA–
 
2,230,360
 
 
5,520
 
5.000%, 11/01/43
11/23 at 100.00
 
AA–
 
6,211,987
 
     
California State, General Obligation Bonds, Various Purpose Series 2014:
           
 
2,460
 
5.000%, 10/01/39
10/24 at 100.00
 
AA–
 
2,787,918
 
 
9,000
 
5.000%, 12/01/43
12/23 at 100.00
 
AA–
 
10,138,230
 
 
9,000
 
5.000%, 10/01/44
10/24 at 100.00
 
AA–
 
10,109,520
 
 
9,795
 
4.000%, 11/01/44
11/24 at 100.00
 
AA–
 
9,922,335
 
 
8,000
 
California State, General Obligation Bonds, Various Purpose Series 2015, 5.000%, 3/01/45
3/25 at 100.00
 
AA–
 
9,017,920
 
 
20,750
 
Coachella Valley Unified School District, Riverside County, California, General Obligation Bonds, Election 2005 Series 2010C, 0.000%, 8/01/43 – AGM Insured
No Opt. Call
 
AA
 
5,711,438
 
 
12,050
 
Coast Community College District, Orange County, California, General Obligation Bonds, Series 2006C, 5.000%, 8/01/31 – AGM Insured
8/18 at 100.00
 
Aa1
 
13,167,396
 
 
2,500
 
Corona-Norco Unified School District, Riverside County, California, General Obligation Bonds, Election 2006 Series 2009B, 5.375%, 2/01/34 – AGC Insured
8/18 at 100.00
 
AA
 
2,780,300
 
     
East Side Union High School District, Santa Clara County, California, General Obligation Bonds, 2008 Election Series 2010B:
           
 
3,490
 
5.000%, 8/01/27 – AGC Insured
8/19 at 100.00
 
AA
 
3,886,953
 
 
3,545
 
5.000%, 8/01/28 – AGC Insured
8/19 at 100.00
 
AA
 
3,934,064
 
 
3,110
 
5.000%, 8/01/29 – AGC Insured
8/19 at 100.00
 
AA
 
3,462,456
 
 
7,100
 
Fontana Unified School District, San Bernardino County, California, General Obligation Bonds,
No Opt. Call
 
AA
 
8,662,566
 
     
Tender Option Bond Trust 2015-XF0111, 9.652%, 2/01/16 – AGM Insured (IF)
           
 
6,000
 
Hartnell Community College District, California, General Obligation Bonds, Series 2006B, 5.000%, 6/01/29 – AGM Insured (UB)
6/16 at 100.00
 
AA
 
6,200,640
 
 
2,000
 
Los Angeles Community College District, California, General Obligation Bonds, Series 2015A, 5.000%, 8/01/30
8/24 at 100.00
 
AA+
 
2,350,200
 
 
5,000
 
Los Angeles Unified School District, Los Angeles County, California, General Obligation Bonds, Refunding Series 2014C, 5.000%, 7/01/29
No Opt. Call
 
Aa2
 
5,917,700
 
 
4,500
 
Mount Diablo Unified School District, Contra Costa County, California, General Obligation Bonds, Series 2010A, 0.000%, 8/01/30 – AGM Insured
8/25 at 100.00
 
AA
 
3,732,300
 
 
3,000
 
Murrieta Valley Unified School District, Riverside County, California, General Obligation Bonds, Series 2007, 4.500%, 9/01/30 – AGM Insured
9/17 at 100.00
 
AA
 
3,174,030
 
 
10,080
 
New Haven Unified School District, Alameda County, California, General Obligation Bonds, Series 2004A, 0.000%, 8/01/26 – NPFG Insured
No Opt. Call
 
AA–
 
5,722,517
 
 
1,125
 
San Diego Unified School District, San Diego County, California, General Obligation Bonds, Election of 1998, Series 1999A, 0.000%, 7/01/21 – FGIC Insured
No Opt. Call
 
AA–
 
986,513
 
 
11,980
 
San Diego Unified School District, San Diego County, California, General Obligation Bonds, Refunding Series 2012R-1, 0.000%, 7/01/31
No Opt. Call
 
AA–
 
6,423,916
 

32
 
Nuveen Investments


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Tax Obligation/General (continued)
           
$
1,500
 
San Juan Capistano, California, General Obligation Bonds, Open Space Program, Tender Option Bond Trust 2015-XF0048, 17.918%, 8/01/17 (IF)
No Opt. Call
 
AAA
$
2,249,940
 
 
2,870
 
Sanger Unified School District, Fresno County, California, General Obligation Bonds, Election 2012, Series 2014B, 5.000%, 8/01/39 – AGM Insured
8/24 at 100.00
 
AA
 
3,218,246
 
 
10,000
 
Southwestern Community College District, San Diego County, California, General Obligation Bonds, Election of 2008, Series 2011C, 0.000%, 8/01/41
No Opt. Call
 
Aa2
 
3,106,700
 
     
Stockton Unified School District, San Joaquin County, California, General Obligation Bonds, Election 2008 Series 2011D:
           
 
23,280
 
7.400%, 8/01/47 – AGC Insured
8/37 at 100.00
 
AA
 
18,326,015
 
 
38,845
 
0.000%, 8/01/50 – AGM Insured
8/37 at 100.00
 
AA
 
30,632,778
 
 
15,780
 
Sylvan Union School District, Stanislaus County, California, General Obligation Bonds, Election of 2006, Series 2010, 0.000%, 8/01/49 – AGM Insured
No Opt. Call
 
AA
 
9,350,912
 
 
3,905
 
West Kern Community College District, California, General Obligation Bonds, Election 2004, Series 2007C, 5.000%, 10/01/32 – SYNCORA GTY Insured
11/17 at 100.00
 
A+
 
4,031,795
 
 
8,345
 
Yosemite Community College District, California, General Obligation Bonds, Capital Appreciation, Election 2004, Series 2010D, 0.000%, 8/01/42
No Opt. Call
 
Aa2
 
4,777,763
 
 
1,000
 
Yuba Community College District, California, General Obligation Bonds, Election 2006 Series 2011C, 5.250%, 8/01/47
8/21 at 100.00
 
Aa2
 
1,098,260
 
 
278,305
 
Total Tax Obligation/General
       
238,909,812
 
     
Tax Obligation/Limited – 42.2% (29.6% of Total Investments)
           
 
2,000
 
Baldwin Park Public Financing Authority, California, Sales Tax and Tax Allocation Bonds, Puente Merced Redevelopment Project, Series 2003, 5.250%, 8/01/21
8/17 at 100.00
 
BBB
 
2,035,500
 
 
655
 
Beaumont Financing Authority, California, Local Agency Revenue Bonds, Improvement Area 19C, Series 2013A, 5.000%, 9/01/27
9/23 at 100.00
 
N/R
 
702,553
 
 
1,000
 
Bell Community Redevelopment Agency, California, Tax Allocation Bonds, Bell Project Area, Series 2003, 5.625%, 10/01/33 – RAAI Insured
11/15 at 100.00
 
AA
 
1,000,140
 
 
7,895
 
Brea and Olinda Unified School District, Orange County, California, Certificates of Participation Refunding, Series 2002A, 5.125%, 8/01/26 – AGM Insured
11/15 at 100.00
 
AA
 
7,926,975
 
 
2,250
 
California Health Facilities Financing Authority, Insured Revenue Bonds, Community Program for Persons with Developmental Disabilities, Series 2011A, 6.250%, 2/01/26
2/21 at 100.00
 
AA–
 
2,719,260
 
     
California Infrastructure and Economic Development Bank, Revenue Bonds, North County Center for Self-Sufficiency Corporation, Series 2004:
           
 
1,215
 
5.000%, 12/01/19 – AMBAC Insured
11/15 at 100.00
 
AA+
 
1,219,945
 
 
1,535
 
5.000%, 12/01/20 – AMBAC Insured
11/15 at 100.00
 
AA+
 
1,541,232
 
 
1,615
 
5.000%, 12/01/21 – AMBAC Insured
11/15 at 100.00
 
AA+
 
1,621,557
 
 
1,695
 
5.000%, 12/01/22 – AMBAC Insured
11/15 at 100.00
 
AA+
 
1,701,882
 
 
1,780
 
5.000%, 12/01/23 – AMBAC Insured
11/15 at 100.00
 
AA+
 
1,787,227
 
 
1,865
 
5.000%, 12/01/24 – AMBAC Insured
11/15 at 100.00
 
AA+
 
1,872,572
 
 
7,000
 
California State Public Works Board, Lease Revenue Bonds, Department of Corrections & Rehabilitation, Various Correctional Facilities Series 2013F, 5.250%, 9/01/31
9/23 at 100.00
 
A+
 
8,194,270
 
     
California State Public Works Board, Lease Revenue Bonds, Department of Education, Riverside Campus Project, Series 2012H:
           
 
2,790
 
5.000%, 4/01/30
No Opt. Call
 
A+
 
3,169,189
 
 
2,065
 
5.000%, 4/01/31
No Opt. Call
 
A+
 
2,333,698
 
 
4,000
 
California State Public Works Board, Lease Revenue Bonds, Department of General Services, Capital East End Project, Series 2002A, 5.000%, 12/01/27 – AMBAC Insured
11/15 at 100.00
 
A+
 
4,023,040
 
 
3,100
 
California State Public Works Board, Lease Revenue Bonds, Department of Health Services, Richmond Lab, Series 2005B, 5.000%, 11/01/30 – SYNCORA GTY Insured
11/15 at 100.00
 
A+
 
3,124,583
 
 
5,920
 
California State Public Works Board, Lease Revenue Bonds, Department of Veterans Affairs, Southern California Veterans Home – Chula Vista Facility, Series 1999A, 5.600%, 11/01/19 – AMBAC Insured
11/15 at 100.00
 
A+
 
5,945,930
 
 
20,330
 
California State Public Works Board, Lease Revenue Bonds, Judicial Council of California, New Stockton Courthouse, Series 2014B, 5.000%, 10/01/39
10/24 at 100.00
 
A+
 
22,870,029
 

Nuveen Investments
 
33


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

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Tax Obligation/Limited (continued)
           
$
1,990
 
California State Public Works Board, Lease Revenue Bonds, Judicial Council of California, Various Projects Series 2013A, 5.000%, 3/01/33
No Opt. Call
 
A+
$
2,255,526
 
 
5,000
 
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2009G-1, 5.750%, 10/01/30
10/19 at 100.00
 
A+
 
5,848,300
 
 
2,000
 
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2009-I, 6.375%, 11/01/34
11/19 at 100.00
 
A+
 
2,400,100
 
 
3,020
 
Chino Redevelopment Agency, California, Merged Chino Redevelopment Project Area Tax Allocation Bonds, Series 2006, 5.000%, 9/01/38 – AMBAC Insured
9/16 at 101.00
 
A
 
3,080,430
 
 
1,430
 
Cloverdale Community Development Agency, California, Tax Allocation Bonds, Cloverdale Redevelopment Project, Refunding Series 2006, 5.000%, 8/01/36 – AMBAC Insured
8/16 at 100.00
 
N/R
 
1,437,579
 
     
Compton Community Redevelopment Agency, California, Tax Allocation Revenue Bonds, Redevelopment Projects, Second Lien Series 2010B:
           
 
1,230
 
5.000%, 8/01/25
8/20 at 100.00
 
N/R
 
1,284,649
 
 
530
 
5.750%, 8/01/26
8/20 at 100.00
 
N/R
 
569,172
 
 
3,145
 
Culver City Redevelopment Agency, California, Tax Allocation Revenue Bonds, Redevelopment Project, Series 2002A, 5.125%, 11/01/25 – NPFG Insured
11/15 at 100.00
 
AA–
 
3,148,491
 
     
El Monte, California, Senior Lien Certificates of Participation, Department of Public Services Facility Phase II, Series 2001:
           
 
8,425
 
5.000%, 1/01/21 – AMBAC Insured
1/16 at 100.00
 
A2
 
8,444,041
 
 
5,000
 
5.250%, 1/01/34 – AMBAC Insured
1/16 at 100.00
 
A2
 
5,005,800
 
 
350
 
Fontana Redevelopment Agency, San Bernardino County, California, Tax Allocation Bonds, Jurupa Hills Redevelopment Project, Refunding Series 1997A, 5.500%, 10/01/27
4/16 at 100.00
 
A–
 
350,823
 
 
1,000
 
Fullerton Community Facilities District 1, California, Special Tax Bonds, Amerige Heights, Refunding Series 2012, 5.000%, 9/01/32
9/22 at 100.00
 
A–
 
1,093,710
 
 
1,000
 
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2013A, 5.000%, 6/01/30
6/23 at 100.00
 
A+
 
1,132,910
 
 
33,000
 
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2015A, 5.000%, 6/01/45
6/25 at 100.00
 
A+
 
36,284,159
 
 
425
 
Hesperia Community Redevelopment Agency, California, Tax Allocation Bonds, Series 2005A, 5.000%, 9/01/35 – SYNCORA GTY Insured
9/15 at 100.00
 
BBB–
 
425,162
 
 
3,345
 
Hesperia Public Financing Authority, California, Redevelopment and Housing Projects Tax Allocation Bonds, Series 2007A, 5.000%, 9/01/37 – SYNCORA GTY Insured
9/17 at 100.00
 
N/R
 
3,393,904
 
 
1,700
 
Hesperia Unified School District, San Bernardino County, California, Certificates of Participation, Capital Improvement, Series 2007, 5.000%, 2/01/41 – AMBAC Insured
2/17 at 100.00
 
A–
 
1,777,503
 
 
2,115
 
Inglewood Redevelopment Agency, California, Tax Allocation Bonds, Merged Redevelopment Project, Refunding Series 1998A, 5.250%, 5/01/23 – AMBAC Insured
No Opt. Call
 
N/R
 
2,318,378
 
     
Inglewood Redevelopment Agency, California, Tax Allocation Bonds, Merged Redevelopment Project, Subordinate Lien Series 2007A-1:
           
 
1,985
 
5.000%, 5/01/24 – AMBAC Insured
5/17 at 100.00
 
BBB+
 
2,019,281
 
 
710
 
5.000%, 5/01/25 – AMBAC Insured
5/17 at 100.00
 
BBB+
 
720,615
 
     
Irvine Unified School District, California, Special Tax Bonds, Community Facilities District Series 2006A:
           
 
75
 
5.000%, 9/01/26
9/16 at 100.00
 
N/R
 
76,800
 
 
175
 
5.125%, 9/01/36
9/16 at 100.00
 
N/R
 
178,813
 
     
Lake Elsinore Public Financing Authority, California, Local Agency Revenue Bonds, Canyon Hills Improvement Area D, Series 2014A:
           
 
1,140
 
5.500%, 9/01/33
9/23 at 100.00
 
N/R
 
1,210,372
 
 
2,105
 
5.750%, 9/01/44
9/23 at 100.00
 
N/R
 
2,242,309
 
 
1,375
 
Lake Elsinore Public Financing Authority, California, Local Agency Revenue Bonds, Refunding Series 2015, 5.000%, 9/01/40
9/25 at 100.00
 
N/R
 
1,470,246
 
 
2,000
 
Lammersville Joint Unified School District, California, Community Facilities District 2007-1, Mountain House – Shea Homes, Improvement Area 1 Special Tax Bonds, Series 2013, 6.000%, 9/01/38
9/23 at 100.00
 
N/R
 
2,311,040
 

34
 
Nuveen Investments


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Tax Obligation/Limited (continued)
           
     
Lancaster Redevelopment Agency, California, Tax Allocation Bonds, Combined Redevelopment Project Areas Housing Programs, Subordinate Refunding Series 2003:
           
$
2,505
 
4.750%, 8/01/23 – NPFG Insured
8/17 at 100.00
 
AA–
$
2,557,830
 
 
2,425
 
4.750%, 8/01/27 – NPFG Insured
11/15 at 102.00
 
AA–
 
2,466,443
 
 
3,500
 
Livermore Redevelopment Agency, California, Tax Allocation Revenue Bonds, Livermore Redevelopment Project Area, Series 2001A, 5.000%, 8/01/26 – NPFG Insured
2/16 at 100.00
 
AA–
 
3,524,850
 
 
6,190
 
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
 
6,199,842
 
 
1,500
 
Los Osos, California, Improvement Bonds, Community Services Wastewater Assessment District 1, Series 2002, 5.000%, 9/02/33 – NPFG Insured
3/16 at 100.00
 
AA–
 
1,505,865
 
 
475
 
Lynwood Redevelopment Agency, California, Project A Revenue Bonds, Subordinate Lien Series 2011A, 7.250%, 9/01/38
9/21 at 100.00
 
A–
 
593,978
 
 
9,270
 
Moreno Valley Community Redevelopment Agency, California, Tax Allocation Bonds, Series 2007A, 5.000%, 8/01/38 – AMBAC Insured
8/17 at 100.00
 
A–
 
9,556,628
 
 
3,230
 
Murrieta Redevelopment Agency, California, Tax Allocation Bonds, Series 2005, 5.000%, 8/01/35 – NPFG Insured
11/15 at 100.00
 
AA–
 
3,233,262
 
 
1,000
 
Murrieta, California, Special Tax Bonds, Community Facilities District 2003-3, Creekside Village Improvement Area 1, Series 2005, 5.200%, 9/01/35
3/16 at 100.00
 
N/R
 
1,007,750
 
 
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–
 
212,090
 
 
65
 
Novato Redevelopment Agency, California, Tax Allocation Bonds, Hamilton Field Redevelopment Project, Series 2011, 6.750%, 9/01/40
9/21 at 100.00
 
BBB+
 
78,175
 
 
2,810
 
Oakland Joint Powers Financing Authority, California, Lease Revenue Bonds, Administration Building Projects, Series 2008B, 5.000%, 8/01/21 – AGC Insured
8/18 at 100.00
 
AA
 
3,107,691
 
 
3,300
 
Pacifica, California, Certificates of Participation, Series 2008, 5.375%, 1/01/37 – AMBAC Insured
1/16 at 102.00
 
A–
 
3,385,107
 
 
5,000
 
Palm Desert Financing Authority, California, Tax Allocation Revenue Bonds, Project Area 1, Refunding Series 2002, 5.000%, 4/01/25 – NPFG Insured
4/16 at 100.00
 
AA–
 
5,008,450
 
 
600
 
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
 
647,322
 
     
Patterson Public Financing Authority, California, Revenue Bonds, Community Facilities District 2001-1, Senior Series 2013A:
           
 
3,810
 
5.250%, 9/01/30
9/23 at 100.00
 
N/R
 
4,095,521
 
 
3,430
 
5.750%, 9/01/39
9/23 at 100.00
 
N/R
 
3,725,769
 
 
2,000
 
Perris Joint Powers Authority, California, Local Agency Revenue Bonds, Community Facilities District 2001-1 May Farms Improvement Area 1,2 and 3, Refunding Series 2014A, 5.375%, 9/01/33
9/23 at 100.00
 
N/R
 
2,193,860
 
 
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–
 
591,397
 
     
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A:
           
 
5,000
 
0.000%, 8/01/44 – NPFG Insured
No Opt. Call
 
AA–
 
842,300
 
 
7,200
 
0.000%, 8/01/45 – NPFG Insured
No Opt. Call
 
AA–
 
1,140,480
 
 
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+
 
237,922
 
 
1,115
 
Rio Elementary School District, California, Special Tax Bonds, Community Facilities District 1, Series 2013, 5.500%, 9/01/39
9/23 at 100.00
 
N/R
 
1,221,616
 
 
3,000
 
Riverside County Public Financing Authority, California, Tax Allocation Bonds, Multiple Projects, Series 2005A, 5.000%, 10/01/35 – SYNCORA GTY Insured
10/15 at 100.00
 
BBB+
 
3,002,520
 
 
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
 
49,065
 
     
Riverside County, California, Special Tax Bonds, Community Facilities District 05-8 Scott Road, Series 2013:
           
 
660
 
5.000%, 9/01/32
9/22 at 100.00
 
N/R
 
707,157
 
 
1,775
 
5.000%, 9/01/42
9/22 at 100.00
 
N/R
 
1,880,595
 

Nuveen Investments
 
35


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

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Tax Obligation/Limited (continued)
           
$
1,000
 
Rocklin Unified School District, Placer County, California, Special Tax Bonds, Community Facilities District 1, Series 2004, 5.000%, 9/01/25 – NPFG Insured
11/15 at 100.00
 
AA–
$
1,003,800
 
 
4,475
 
Roseville Finance Authority, California, Special Tax Revenue Bonds, Series 2007A, 5.000%, 9/01/33 – AMBAC Insured
9/17 at 100.00
 
N/R
 
4,551,165
 
 
1,500
 
Roseville, California, Special Tax Bonds, Community Facilities District 1 Fiddyment Ranch, Series 2005, 5.050%, 9/01/30
9/15 at 100.00
 
N/R
 
1,509,015
 
 
400
 
Roseville, California, Special Tax Bonds, Community Facilities District 1 Westpark, Refunding Series 2015, 5.000%, 9/01/33
9/25 at 100.00
 
N/R
 
428,952
 
 
1,500
 
Sacramento City Financing Authority, California, Lease Revenue Refunding Bonds, Series 1993A, 5.400%, 11/01/20 – NPFG Insured
No Opt. Call
 
AA–
 
1,647,165
 
 
3,000
 
Sacramento City Financing Authority, California, Lease Revenue Refunding Bonds, Series 1993B, 5.400%, 11/01/20
No Opt. Call
 
A+
 
3,285,540
 
 
2,630
 
San Bernardino Joint Powers Financing Authority, California, Certificates of Participation Refunding, Police Station Financing Project, Series 1999, 5.500%, 9/01/20 – NPFG Insured
9/15 at 100.00
 
AA–
 
2,630,132
 
 
1,000
 
San Diego County Regional Transportation Commission, California, Sales Tax Revenue Bonds, Series 2012A, 5.000%, 4/01/42
4/22 at 100.00
 
AAA
 
1,114,860
 
 
1,480
 
San Diego Redevelopment Agency, California, Subordinate Lien Tax Increment and Parking Revenue Bonds, Centre City Project, Series 2003B, 5.250%, 9/01/26
11/15 at 100.00
 
AA–
 
1,481,761
 
 
690
 
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
 
731,428
 
 
2,700
 
San Francisco City and County Redevelopment Financing Authority, California, Tax Allocation Revenue Bonds, San Francisco Redevelopment Projects, Series 1998D, 0.000%, 8/01/24 – NPFG Insured
No Opt. Call
 
AA–
 
2,010,555
 
 
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
 
2,233,020
 
 
30
 
San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds, Mission Bay North Redevelopment Project, Series 2011C, 6.750%, 8/01/41
2/21 at 100.00
 
A–
 
36,113
 
     
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+
 
35,936
 
 
40
 
7.000%, 8/01/41
2/21 at 100.00
 
BBB+
 
47,915
 
 
380
 
San Francisco, California, Community Facilities District 6, Mission Bay South Public Improvements, Special Tax Refunding Bonds, Series 2013A, 5.000%, 8/01/33
8/22 at 100.00
 
N/R
 
413,581
 
 
5,150
 
San Jacinto Unified School District, Riverside County, California, Certificates of Participation, Series 2010, 5.375%, 9/01/40 – AGC Insured
9/20 at 100.00
 
AA
 
5,828,822
 
 
4,000
 
San Jose Financing Authority, California, Lease Revenue Refunding Bonds, Convention Center Project, Series 2001F, 5.000%, 9/01/19 – NPFG Insured
11/15 at 100.00
 
AA
 
4,016,440
 
     
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2005A:
           
 
3,310
 
5.000%, 8/01/20 – NPFG Insured
11/15 at 100.00
 
AA–
 
3,322,843
 
 
5,025
 
5.000%, 8/01/28 – NPFG Insured
11/15 at 100.00
 
AA–
 
5,044,095
 
     
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
 
AA–
 
107,234
 
 
1,110
 
5.000%, 8/01/25 – NPFG Insured
8/17 at 100.00
 
AA–
 
1,187,667
 
 
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+
 
383,490
 
 
1,000
 
San Marcos Public Facilities Authority, California, Special Tax Revenue Bonds, Refunding Series 2012D, 5.000%, 9/01/36
9/22 at 100.00
 
N/R
 
1,057,820
 
 
3,000
 
Santa Clara Redevelopment Agency, California, Tax Allocation Bonds, Bayshore North Project, Series 1999A, 5.500%, 6/01/23 – AMBAC Insured
12/15 at 100.00
 
A–
 
3,039,150
 

36
 
Nuveen Investments


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Tax Obligation/Limited (continued)
           
$
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
$
56,325
 
 
3,500
 
Stockton Public Financing Authority, California, Lease Revenue Bonds, Series 2004, 5.250%, 9/01/34 – FGIC Insured
11/15 at 100.00
 
AA–
 
3,499,685
 
     
Sweetwater Union High School District Public Financing Authority, California, Special Tax Revenue Bonds, Series 2005A:
           
 
3,565
 
5.000%, 9/01/25 – AGM Insured
9/15 at 100.00
 
AA
 
3,578,547
 
 
5,510
 
5.000%, 9/01/28 – AGM Insured
9/15 at 100.00
 
AA
 
5,530,938
 
 
2,980
 
Temecula Public Financing Authority, California, Special Tax Bonds, Community Facilities District 03-02 Roripaugh, Series 2006, 5.500%, 9/01/36
3/16 at 101.00
 
N/R
 
2,968,974
 
 
2,160
 
Temecula Redevelopment Agency, California, Tax Allocation Revenue Bonds, Redevelopment Project 1, Series 2002, 5.125%, 8/01/27 – NPFG Insured
11/15 at 100.00
 
AA–
 
2,176,805
 
     
Tustin Community Redevelopment Agency, California, Tax Allocation Housing Bonds Series 2010:
           
 
1,205
 
5.000%, 9/01/30 – AGM Insured
9/20 at 100.00
 
AA
 
1,352,757
 
 
3,250
 
5.250%, 9/01/39 – AGM Insured
9/20 at 100.00
 
AA
 
3,681,015
 
 
4,500
 
Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding Series 2012A, 5.000%, 10/01/32 – AGM Insured
No Opt. Call
 
AA
 
5,006,610
 
 
1,020
 
Washington Unified School District, Yolo County, California, Certificates of Participation, Series 2007, 5.125%, 8/01/37 – AMBAC Insured
8/17 at 100.00
 
A
 
1,081,363
 
 
4,235
 
West Sacramento Financing Authority, California, Special Tax Revenue Bonds, Series 2014, 5.500%, 9/01/31
9/22 at 102.00
 
N/R
 
4,603,149
 
 
6,000
 
Westminster Redevelopment Agency, California, Tax Allocation Bonds, Commercial Redevelopment Project 1, Police Facility Subordinate Series 2009, 6.250%, 11/01/39
11/19 at 100.00
 
AA
 
7,039,680
 
 
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–
 
114,220
 
 
307,780
 
Total Tax Obligation/Limited
       
314,881,747
 
     
Transportation – 5.9% (4.1% of Total Investments)
           
 
1,115
 
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2013S-4, 5.250%, 4/01/48
4/23 at 100.00
 
AA–
 
1,251,286
 
 
6,750
 
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+
 
7,987,613
 
     
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Series 2013A:
           
 
14,885
 
5.750%, 1/15/46
1/24 at 100.00
 
BBB–
 
17,168,210
 
 
14,885
 
6.000%, 1/15/53
1/24 at 100.00
 
BBB–
 
17,318,101
 
 
37,635
 
Total Transportation
       
43,725,210
 
     
U.S. Guaranteed – 10.4% (7.3% of Total Investments) (4)
           
 
1,425
 
Bassett Unified School District, Los Angeles County, California, General Obligation Bonds, Series 2006B, 5.250%, 8/01/30 (Pre-refunded 8/01/16) – FGIC Insured
8/16 at 100.00
 
AA– (4)
 
1,490,664
 
 
780
 
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2006F, 5.000%, 4/01/31 (Pre-refunded 4/01/16) (UB)
4/16 at 100.00
 
AA (4)
 
801,840
 
 
220
 
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Tender Option Bond Trust 3211, 13.539%, 10/01/32 (Pre-refunded 4/01/18) (IF)
4/18 at 100.00
 
AA (4)
 
310,681
 
 
45
 
California Educational Facilities Authority, Revenue Bonds, University of the Pacific, Series 2006, 5.000%, 11/01/21 (Pre-refunded 11/01/15)
11/15 at 100.00
 
A2 (4)
 
45,361
 
 
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
 
3,643,710
 
 
2,250
 
California Infrastructure and Economic Development Bank, First Lien Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2003A, 5.000%, 7/01/36 (Pre-refunded 1/01/28) – AMBAC Insured
1/28 at 100.00
 
Aaa
 
2,861,595
 

Nuveen Investments
 
37


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

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
U.S. Guaranteed (4) (continued)
           
$
1,112
 
California State Public Works Board, Lease Revenue Bonds, University of California Regents, Tender Option Bond Trust 1065, 9.291%, 3/01/33 (Pre-refunded 3/01/18) (IF)
3/18 at 100.00
 
Aaa
$
1,347,566
 
 
1,815
 
California Statewide Communities Development Authority, Revenue Bonds, ValleyCare Health System, Series 2007A, 5.125%, 7/15/31 (Pre-refunded 7/15/17)
7/17 at 100.00
 
AA+ (4)
 
1,969,293
 
 
1,000
 
Castaic Lake Water Agency, California, Certificates of Participation, Series 2006C, 5.000%, 8/01/36 (Pre-refunded 8/01/16) – NPFG Insured
8/16 at 100.00
 
AA– (4)
 
1,043,700
 
 
805
 
Central Unified School District, Fresno County, California, General Obligation Bonds, Series 1993, 5.625%, 3/01/18 – AMBAC Insured (ETM)
3/16 at 100.00
 
N/R (4)
 
826,485
 
 
230
 
El Monte Union High School District, Los Angeles County, California, General Obligation Bonds, Series 2003A, 5.000%, 6/01/28 (Pre-refunded 10/02/15) – AGM Insured
10/15 at 100.00
 
AA (4)
 
230,874
 
 
5,000
 
Grossmont Healthcare District, California, General Obligation Bonds, Series 2007A, 5.000%, 7/15/37 (Pre-refunded 7/15/17) – AMBAC Insured
7/17 at 100.00
 
Aaa
 
5,414,400
 
 
1,685
 
Healdsburg Public Financing Authority, California, Wastewater Revenue Bonds, Series 2006, 5.000%, 4/01/36 (Pre-refunded 4/01/16) – NPFG Insured
4/16 at 100.00
 
AA (4)
 
1,732,483
 
 
6,000
 
Huntington Park Redevelopment Agency, California, Single Family Residential Mortgage Revenue Refunding Bonds, Series 1986A, 8.000%, 12/01/19 (ETM)
No Opt. Call
 
Aaa
 
7,757,160
 
 
5,000
 
Indio Water Authority, California, Water Revenue Bonds, Series 2006, 5.000%, 4/01/31 (Pre-refunded 4/01/16) – AMBAC Insured
4/16 at 100.00
 
A (4)
 
5,141,200
 
 
760
 
Loma Linda, California, Hospital Revenue Bonds, Loma Linda University Medical Center, Series 2008A, 8.250%, 12/01/38 (Pre-refunded 12/01/17)
12/17 at 100.00
 
BB+ (4)
 
888,691
 
 
12,230
 
Los Angeles County Sanitation Districts Financing Authority, California, Capital Projects Revenue Bonds, District 14, Subordinate Series 2005B, 5.000%, 10/01/34 (Pre-refunded 10/01/15) – FGIC Insured
10/15 at 100.00
 
AA– (4)
 
12,279,408
 
 
5,000
 
San Jacinto Unified School District, Riverside County, California, General Obligation Bonds, Series 2007, 5.250%, 8/01/32 (Pre-refunded 8/01/17) – AGM Insured
8/17 at 100.00
 
AA (4)
 
5,447,900
 
 
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
 
N/R (4)
 
357,107
 
     
San Ysidro School District, San Diego County, California, General Obligation Bonds, 1997 Election Series 2011F:
           
 
7,230
 
0.000%, 8/01/42 (Pre-refunded 8/01/21) – AGM Insured
8/21 at 21.00
 
AA (4)
 
1,375,291
 
 
10,740
 
0.000%, 8/01/43 (Pre-refunded 8/01/21) – AGM Insured
8/21 at 19.43
 
AA (4)
 
1,890,884
 
 
21,225
 
0.000%, 8/01/44 (Pre-refunded 8/01/21) – AGM Insured
8/21 at 17.98
 
AA (4)
 
3,457,977
 
 
12,550
 
0.000%, 8/01/45 (Pre-refunded 8/01/21) – AGM Insured
8/21 at 16.64
 
AA (4)
 
1,891,662
 
 
23,425
 
0.000%, 8/01/46 (Pre-refunded 8/01/21) – AGM Insured
8/21 at 15.39
 
AA (4)
 
3,265,914
 
 
9,085
 
Santa Clara County Financing Authority, California, Insured Revenue Bonds, El Camino Hospital, Series 2007A, 5.750%, 2/01/41 (Pre-refunded 8/01/17) – AMBAC Insured
8/17 at 100.00
 
A+ (4)
 
9,985,324
 
 
2,000
 
Sierra View Local Health Care District, California, Revenue Bonds, Series 2007, 5.250%, 7/01/37 (Pre-refunded 7/01/17)
7/17 at 100.00
 
A (4)
 
2,082,520
 
 
134,937
 
Total U.S. Guaranteed
       
77,539,690
 
     
Utilities – 4.2% (2.9% of Total Investments)
           
     
Long Beach Bond Finance Authority, California, Natural Gas Purchase Revenue Bonds, Series 2007A:
           
 
2,490
 
5.000%, 11/15/35
No Opt. Call
 
A
 
2,799,383
 
 
1,835
 
5.500%, 11/15/37
No Opt. Call
 
A
 
2,165,392
 
 
10,000
 
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2012B, 5.000%, 7/01/43
7/22 at 100.00
 
AA–
 
11,265,200
 
 
4,280
 
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2013B, 5.000%, 7/01/28
7/23 at 100.00
 
AA–
 
5,020,183
 
 
3,750
 
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Tender Option Bond Trust 3345, 18.014%, 7/01/20 (IF) (5)
No Opt. Call
 
AA–
 
5,647,800
 
 
100
 
Sacramento City Financing Authority, California, Capital Improvement Revenue Bonds, Solid Waste and Redevelopment Projects, Series 1999, 5.800%, 12/01/19 – AMBAC Insured
11/15 at 100.00
 
N/R
 
100,232
 

38
 
Nuveen Investments


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Utilities (continued)
           
$
1,000
 
Southern California Public Power Authority, California, Milford Wind Corridor Phase I Revenue Bonds, Series 2010-1, 5.000%, 7/01/28
1/20 at 100.00
 
AA–
$
1,135,030
 
 
2,975
 
Southern California Public Power Authority, California, Revenue Bonds, Apex Power Project Series 2014A, 5.000%, 7/01/37
7/24 at 100.00
 
AA–
 
3,398,848
 
 
26,430
 
Total Utilities
       
31,532,068
 
     
Water and Sewer – 16.1% (11.3% of Total Investments)
           
 
13,200
 
Atwater Public Financing Authority, California, Wastewater Revenue Bonds, Series 2010, 5.125%, 5/01/40 – AGM Insured
5/19 at 100.00
 
AA
 
13,954,775
 
 
11,600
 
Bay Area Water Supply and Conservation Agency, California, Revenue Bonds, Capital Cost Recovery Prepayment Program, Series 2013A, 5.000%, 10/01/34
4/23 at 100.00
 
AA–
 
13,281,304
 
     
California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, San Diego County Water Authority Desalination Project Pipeline, Series 2012:
           
 
8,000
 
5.000%, 7/01/37
No Opt. Call
 
Baa3
 
8,246,880
 
 
12,200
 
5.000%, 11/21/45
No Opt. Call
 
Baa3
 
12,565,512
 
 
1,000
 
East Bay Municipal Utility District, Alameda and Contra Costa Counties, California, Water System Revenue Bonds, Refunding Series 2015A, 5.000%, 6/01/31
6/25 at 100.00
 
AAA
 
1,191,240
 
 
3,000
 
Escondido Joint Powers Financing Authority, California, Revenue Bonds, Water System Financing, Series 2012, 5.000%, 9/01/41
3/22 at 100.00
 
AA–
 
3,279,660
 
 
2,250
 
Fortuna Public Finance Authority, California, Water Revenue Bonds, Series 2006, 5.000%, 10/01/36 – AGM Insured
10/16 at 100.00
 
AA
 
2,288,385
 
 
16,000
 
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2012A, 5.000%, 7/01/43
7/22 at 100.00
 
AA
 
18,137,599
 
 
12,890
 
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2014A, 5.000%, 7/01/44
7/24 at 100.00
 
AA
 
14,620,096
 
 
9,500
 
Los Angeles, California, Wastewater System Revenue Bonds, Refunding Green Series 2015A, 5.000%, 6/01/44
6/25 at 100.00
 
AA+
 
10,836,650
 
     
Los Angeles, California, Wastewater System Revenue Bonds, Refunding Subordinate Lien Series 2013A:
           
 
2,000
 
5.000%, 6/01/34
6/23 at 100.00
 
AA
 
2,283,600
 
 
3,500
 
5.000%, 6/01/35
6/23 at 100.00
 
AA
 
3,985,870
 
 
670
 
Metropolitan Water District of Southern California, Waterworks Revenue Bonds, Tender Option Bond Trust 09-8B, 17.543%, 7/01/35 (IF) (5)
7/19 at 100.00
 
AAA
 
1,019,204
 
 
1,500
 
Placerville Public Financing Authority, California, Wastewater System Refinancing and Improvement Project Revenue Bonds, Series 2006, 5.000%, 9/01/34 – SYNCORA GTY Insured
9/16 at 100.00
 
N/R
 
1,547,100
 
 
2,500
 
Sacramento County Sanitation Districts Financing Authority, California, Revenue Bonds, Sacramento Regional County Sanitation District, Series 2014A, 5.000%, 12/01/33
6/24 at 100.00
 
AA
 
2,884,250
 
 
9,000
 
San Diego County Water Authority, California, Water Revenue Certificates of Participation, Series 2008A, 5.000%, 5/01/38 – AGM Insured
5/18 at 100.00
 
AA+
 
9,826,920
 
 
108,810
 
Total Water and Sewer
       
119,949,045
 
$
1,118,917
 
Total Long-Term Investments (cost $951,777,625)
       
1,055,650,933
 

Nuveen Investments
 
39


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

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
SHORT-TERM INVESTMENTS – 1.2% (0.8% of Total Investments)
           
     
MUNICIPAL BONDS – 1.2% (0.8% of Total Investments)
           
     
Health Care – 1.2% (0.8% of Total Investments)
           
$
6,940
 
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2014A, 6.000%, 7/10/15 (6)
No Opt. Call
 
N/R
$
6,987,747
 
 
675
 
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2014B, 6.000%, 7/10/15 (6)
No Opt. Call
 
N/R
 
679,644
 
 
1,030
 
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2014C, 6.000%, 7/10/15 (6)
No Opt. Call
 
N/R
 
1,037,087
 
$
8,645
 
Total Short-Term Investments (cost $8,645,000)
       
8,704,478
 
     
Total Investments (cost $960,422,625) – 142.7%
       
1,064,355,411
 
     
Floating Rate Obligations – (0.9)%
       
(6,755,000)
 
     
Institutional MuniFund Term Preferred Shares, at Liquidation Value – (4.8)% (7)
       
(36,000,000)
 
     
Variable Rate Demand Preferred Shares, at Liquidation Value – (39.1)% (8)
       
(291,600,000)
 
     
Other Assets Less Liabilities – 2.1%
       
16,092,932
 
     
Net Assets Applicable to Common Shares – 100%
     
$
746,093,343
 

(1)
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
(2)
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3)
Ratings: Using the highest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. Ratings below BBB by Standard & Poor's, Baa by Moody's or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(5)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(6)
Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment classified as Level 3. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information.
(7)
Institutional MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments is 3.4%.
(8)
Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 27.4%.
(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, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.

See accompanying notes to financial statements.
 
40
 
Nuveen Investments


NAC
   
 
Nuveen California Dividend Advantage Municipal Fund
 
 
Portfolio of Investments
August 31, 2015 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
LONG-TERM INVESTMENTS – 144.3% (99.1% of Total Investments)
           
     
MUNICIPAL BONDS – 144.3% (99.1% of Total Investments)
           
     
Consumer Staples – 7.0% (4.8% of Total Investments)
           
$
3,305
 
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Alameda County Tobacco Asset Securitization Corporation, Series 2002, 5.750%, 6/01/29
11/15 at 100.00
 
Baa1
$
3,304,901
 
     
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los Angeles County Securitization Corporation, Series 2006A:
           
 
11,840
 
5.600%, 6/01/36
12/18 at 100.00
 
B
 
10,941,699
 
 
13,060
 
5.650%, 6/01/41
12/18 at 100.00
 
B2
 
11,830,270
 
     
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Sonoma County Tobacco Securitization Corporation, Series 2005:
           
 
1,855
 
4.250%, 6/01/21
11/15 at 100.00
 
BBB+
 
1,843,128
 
 
3,500
 
5.250%, 6/01/45
11/15 at 100.00
 
B–
 
2,875,390
 
 
3,995
 
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Stanislaus County Tobacco Funding Corporation, Series 2002A, 5.500%, 6/01/33
11/15 at 100.00
 
Baa1
 
3,991,045
 
 
5,430
 
California Statewide Financing Authority, Tobacco Settlement Asset-Backed Bonds, Pooled Tobacco Securitization Program, Series 2002A, 5.625%, 5/01/29
11/15 at 100.00
 
BBB+
 
5,429,783
 
     
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
           
 
13,375
 
5.000%, 6/01/33
6/17 at 100.00
 
B
 
11,370,221
 
 
17,775
 
5.750%, 6/01/47
6/17 at 100.00
 
B
 
15,277,079
 
 
5,075
 
5.125%, 6/01/47
6/17 at 100.00
 
B
 
3,979,358
 
 
45,585
 
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
 
37,603,977
 
     
Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed Bonds, Series 2005A-1:
           
 
8,500
 
5.375%, 6/01/38
11/15 at 100.00
 
B–
 
7,058,230
 
 
1,250
 
5.500%, 6/01/45
11/15 at 100.00
 
B–
 
1,011,850
 
 
134,545
 
Total Consumer Staples
       
116,516,931
 
     
Education and Civic Organizations – 4.5% (3.1% of Total Investments)
           
 
2,225
 
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
 
2,461,785
 
 
3,000
 
California Educational Facilities Authority, Revenue Bonds, Dominican University, Series 2006, 5.000%, 12/01/36
12/16 at 100.00
 
Baa3
 
3,107,820
 
 
2,000
 
California Educational Facilities Authority, Revenue Bonds, Occidental College, Series 2005A, 5.000%, 10/01/27 – NPFG Insured
10/15 at 100.00
 
Aa3
 
2,007,600
 
 
4,075
 
California Educational Facilities Authority, Revenue Bonds, Santa Clara University, Series 2010, 5.000%, 2/01/40
2/20 at 100.00
 
Aa3
 
4,540,121
 
 
605
 
California Educational Facilities Authority, Revenue Bonds, University of Redlands, Series 2005A, 5.000%, 10/01/35
10/15 at 100.00
 
A3
 
605,793
 
 
2,165
 
California Educational Facilities Authority, Revenue Bonds, University of San Francisco, Series 2011, 6.125%, 10/01/36
10/21 at 100.00
 
A2
 
2,628,115
 
 
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
 
10,611,400
 
 
2,470
 
California Educational Facilities Authority, Revenue Bonds, University of Southern California, Tender Option Bond Trust 09-11B, 17.695%, 10/01/38 (IF) (4)
10/18 at 100.00
 
Aa1
 
3,530,914
 
 
2,740
 
California Infrastructure and Economic Development Bond Bank, Revenue Bonds, Scripps Research Institute, Series 2005A, 5.000%, 7/01/24
11/15 at 100.00
 
Aa3
 
2,750,987
 
 
3,980
 
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
 
4,488,047
 

Nuveen Investments
 
41


NAC
Nuveen California Dividend Advantage Municipal Fund
 
 
Portfolio of Investments (continued)
August 31, 2015 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Education and Civic Organizations (continued)
           
$
1,000
 
California Municipal Finance Authority, Revenue Bonds, Biola University, Series 2013, 5.000%, 10/01/38
10/23 at 100.00
 
Baa1
$
1,073,450
 
 
2,500
 
California Municipal Finance Authority, Revenue Bonds, University of La Verne, Series 2010A, 6.250%, 6/01/40
6/20 at 100.00
 
Baa1
 
2,855,775
 
 
6,000
 
California State Public Works Board, Lease Revenue Bonds, California State University Projects, Series 1997C, 5.400%, 10/01/22
10/15 at 100.00
 
Aa3
 
6,025,680
 
 
4,000
 
California State Public Works Board, Lease Revenue Refunding Bonds, Community Colleges Projects, Series 1996B, 5.625%, 3/01/19 – AMBAC Insured
9/15 at 100.00
 
A1
 
4,055,040
 
 
5,000
 
California State University, Systemwide Revenue Bonds, Series 2015A, 5.000%, 11/01/38
11/25 at 100.00
 
Aa2
 
5,770,900
 
 
2,750
 
California Statewide Communities Development Authority, Revenue Bonds, Buck Institute for Research on Aging, Series 2014, 5.000%, 11/15/44 – AGM Insured
11/24 at 100.00
 
AA
 
3,049,255
 
 
4,300
 
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–
 
4,893,959
 
 
1,815
 
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
 
2,108,830
 
 
9,000
 
San Diego County, California, Certificates of Participation, Burnham Institute, Series 2006, 5.000%, 9/01/34
9/15 at 102.00
 
Baa1
 
9,187,470
 
 
69,625
 
Total Education and Civic Organizations
       
75,752,941
 
     
Health Care – 26.6% (18.3% of Total Investments)
           
 
3,705
 
ABAG Finance Authority for Nonprofit Corporations, California, Revenue Bonds, Sharp HealthCare, Series 2014A, 5.000%, 8/01/43
8/23 at 100.00
 
AA–
 
4,107,882
 
 
3,000
 
Antelope Valley Healthcare District, California, Revenue Bonds, Series 2011A, 7.250%, 3/01/36
3/21 at 100.00
 
Ba3
 
3,357,750
 
 
16,405
 
California Health Facilities Financing Authority, Revenue Bonds, Childrens Hospital Los Angeles, Series 2010A, 5.250%, 7/01/38 – AGC Insured
7/20 at 100.00
 
AA
 
18,233,009
 
 
5,100
 
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
 
5,716,998
 
 
1,250
 
California Health Facilities Financing Authority, Revenue Bonds, Memorial Health Services, Series 2012A, 5.000%, 10/01/33
No Opt. Call
 
AA–
 
1,379,888
 
 
3,135
 
California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Series 2014A, 5.000%, 10/01/38
10/24 at 100.00
 
AA
 
3,552,896
 
 
6,200
 
California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Series 2014B, 5.000%, 10/01/44
10/24 at 100.00
 
AA
 
6,933,460
 
 
6,420
 
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
 
AA–
 
7,133,904
 
 
3,000
 
California Health Facilities Financing Authority, Revenue Bonds, Saint Joseph Health System, Series 2009A, 5.750%, 7/01/39
7/19 at 100.00
 
AA–
 
3,433,350
 
     
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2007A
           
 
7,250
 
5.250%, 11/15/46
11/16 at 100.00
 
AA–
 
7,543,045
 
 
49,980
 
5.250%, 11/15/46 (UB)
11/16 at 100.00
 
AA–
 
52,000,192
 
     
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2011B:
           
 
2,470
 
6.000%, 8/15/42
8/20 at 100.00
 
AA–
 
2,921,565
 
 
6,530
 
6.000%, 8/15/42 (UB)
8/20 at 100.00
 
AA–
 
7,723,815
 
 
3,795
 
California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, Series 2010A, 5.750%, 7/01/40
7/20 at 100.00
 
Baa2
 
4,145,886
 
     
California Municipal Financing Authority, Certificates of Participation, Community Hospitals of Central California, Series 2007:
           
 
7,150
 
5.250%, 2/01/27
2/17 at 100.00
 
A–
 
7,455,448
 
 
7,415
 
5.250%, 2/01/46
2/17 at 100.00
 
A–
 
7,599,263
 
 
3,000
 
California Statewide Communities Development Authority, Revenue Bonds, Adventist Health System/West, Series 2015A, 5.000%, 3/01/45
3/26 at 100.00
 
A
 
3,305,220
 

42
 
Nuveen Investments


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Health Care (continued)
           
$
1,335
 
California Statewide Communities Development Authority, Revenue Bonds, Huntington Memorial Hospital, Refunding Series 2014B, 5.000%, 7/01/44
7/24 at 100.00
 
A
$
1,473,693
 
 
21,090
 
California Statewide Communities Development Authority, Revenue Bonds, Kaiser Permanente, Series 2012A, 5.000%, 4/01/42
4/22 at 100.00
 
A+
 
23,149,649
 
 
7,190
 
California Statewide Communities Development Authority, Revenue Bonds, Saint Joseph Health System, Trust 2554, 18.384%, 7/01/47 – AGM Insured (IF)
7/18 at 100.00
 
AA
 
9,245,985
 
 
23,125
 
California Statewide Communities Development Authority, Revenue Bonds, Sutter Health, Series 2011A, 6.000%, 8/15/42
8/20 at 100.00
 
AA–
 
27,352,712
 
 
1,440
 
California Statewide Community Development Authority, Revenue Bonds, Childrens Hospital of Los Angeles, Series 2007, 5.000%, 8/15/47
8/17 at 100.00
 
BBB+
 
1,496,678
 
     
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A:
           
 
13,350
 
5.250%, 7/01/24
11/15 at 100.00
 
CCC
 
11,994,708
 
 
7,405
 
5.250%, 7/01/30
11/15 at 100.00
 
CCC
 
6,654,725
 
 
150
 
5.250%, 7/01/35
11/15 at 100.00
 
CCC
 
135,066
 
 
10,000
 
5.000%, 7/01/39
11/15 at 100.00
 
CCC
 
8,948,100
 
 
3,230
 
California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanente System, Series 2001C, 5.250%, 8/01/31
8/16 at 100.00
 
A+
 
3,351,287
 
     
California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanente System, Series 2006:
           
 
24,220
 
5.000%, 3/01/41
3/16 at 100.00
 
A+
 
24,625,927
 
 
2,355
 
5.250%, 3/01/45
3/16 at 100.00
 
A+
 
2,398,002
 
 
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+
 
10,177,804
 
 
2,010
 
California Statewide Community Development Authority, Revenue Bonds, Methodist Hospital Project, Series 2009, 6.750%, 2/01/38
8/19 at 100.00
 
Aa2
 
2,373,890
 
 
3,385
 
California Statewide Community Development Authority, Revenue Bonds, Sherman Oaks Health System, Series 1998A, 5.000%, 8/01/22 – AMBAC Insured
No Opt. Call
 
AA–
 
3,841,129
 
     
California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Series 2003A:
           
 
200
 
5.000%, 8/15/38 – AMBAC Insured
8/17 at 100.00
 
AA–
 
213,238
 
 
17,470
 
5.000%, 8/15/38 – AMBAC Insured (UB) (4)
8/17 at 100.00
 
AA–
 
18,626,339
 
     
California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Series 2005A:
           
 
3,355
 
5.000%, 11/15/43
11/15 at 100.00
 
AA–
 
3,383,283
 
 
4,045
 
5.000%, 11/15/43 – AMBAC Insured (UB) (4)
11/15 at 100.00
 
AA–
 
4,079,099
 
 
5,000
 
California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Series 2008B, 5.250%, 11/15/48
5/18 at 100.00
 
AA–
 
5,349,600
 
 
4,565
 
California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Tender Option Bond Trust 3102, 18.885%, 11/15/46 (IF) (4)
11/16 at 100.00
 
AA–
 
5,302,795
 
 
8,615
 
Madera County, California, Certificates of Participation, Children's Hospital Central California, Series 2010, 5.375%, 3/15/36
3/20 at 100.00
 
AA–
 
9,581,431
 
 
6,200
 
Madera County, California, Certificates of Participation, Valley Children's Hospital Project, Series 1995, 5.750%, 3/15/28 – NPFG Insured
9/15 at 100.00
 
AA–
 
6,219,654
 
 
11,400
 
Marysville, California, Revenue Bonds, The Fremont-Rideout Health Group, Series 2011, 5.250%, 1/01/42
1/21 at 100.00
 
A
 
12,452,220
 
 
740
 
Oak Valley Hospital District, Stanislaus County, California, Revenue Bonds, Series 2010A, 6.500%, 11/01/29
11/20 at 100.00
 
BB
 
776,208
 
     
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009:
           
 
10,500
 
6.625%, 11/01/29
11/19 at 100.00
 
Ba1
 
11,613,210
 
 
6,885
 
6.750%, 11/01/39
11/19 at 100.00
 
Ba1
 
7,536,803
 

Nuveen Investments
 
43


NAC
Nuveen California Dividend Advantage Municipal Fund
 
 
Portfolio of Investments (continued)
August 31, 2015 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Health Care (continued)
           
$
27,035
 
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 6.000%, 11/01/41
11/20 at 100.00
 
Ba1
$
28,704,952
 
 
17,225
 
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
 
17,853,196
 
 
11,750
 
San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011, 7.500%, 12/01/41
12/21 at 100.00
 
BB
 
14,297,048
 
 
2,600
 
The Regents of the University of California, Medical Center Pooled Revenue Bonds, Series 2009E, 5.000%, 5/15/38
5/17 at 101.00
 
AA–
 
2,736,292
 
 
10,700
 
Upland, California, Certificates of Participation, San Antonio Community Hospital, Series 2011, 6.500%, 1/01/41
1/21 at 100.00
 
A–
 
12,358,500
 
 
414,355
 
Total Health Care
       
444,846,794
 
     
Housing/Multifamily – 1.7% (1.2% of Total Investments)
           
 
8,965
 
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2010A, 6.400%, 8/15/45
8/20 at 100.00
 
BBB
 
9,855,762
 
     
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2012A:
           
 
6,540
 
5.125%, 8/15/32
8/22 at 100.00
 
BBB
 
7,015,589
 
 
3,580
 
5.500%, 8/15/47
8/22 at 100.00
 
BBB
 
3,936,389
 
 
2,980
 
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2012B, 7.250%, 8/15/47
8/22 at 100.00
 
A1
 
3,441,572
 
     
California Municipal Finance Authority, Mobile Home Park Senior Revenue Bonds, Caritas Affordable Housing, Inc. Projects, Series 2014A:
           
 
590
 
5.250%, 8/15/39
8/24 at 100.00
 
BBB
 
640,876
 
 
1,590
 
5.250%, 8/15/49
8/24 at 100.00
 
BBB
 
1,718,138
 
 
1,230
 
Independent Cities Finance Authority, California, Mobile Home Park Revenue Bonds, Augusta Communities Mobile Home Park, Series 2012A, 5.000%, 5/15/39
5/22 at 100.00
 
A–
 
1,297,945
 
 
25,475
 
Total Housing/Multifamily
       
27,906,271
 
     
Housing/Single Family – 1.5% (1.0% of Total Investments)
           
 
16,790
 
California Housing Finance Agency, California, Home Mortgage Revenue Bonds, Series 2006M, 4.625%, 8/01/26 (Alternative Minimum Tax)
2/16 at 100.00
 
A
 
16,825,931
 
 
4,870
 
California Housing Finance Agency, California, Home Mortgage Revenue Bonds, Series 2007G, 5.050%, 2/01/29 (Alternative Minimum Tax)
2/17 at 100.00
 
A
 
4,953,326
 
 
2,395
 
California Housing Finance Agency, California, Home Mortgage Revenue Bonds, Tender Option Bond Trust 3206, 9.619%, 2/01/29 (Alternative Minimum Tax) (IF)
2/17 at 100.00
 
A
 
2,419,549
 
 
365
 
California Housing Finance Agency, Home Mortgage Revenue Bonds, Series 2006H, 5.750%, 8/01/30 – FGIC Insured (Alternative Minimum Tax)
2/16 at 100.00
 
A
 
371,566
 
 
100
 
California Housing Finance Agency, Home Mortgage Revenue Bonds, Series 2006K, 5.500%, 2/01/42 (Alternative Minimum Tax)
2/16 at 100.00
 
A
 
101,394
 
 
24,520
 
Total Housing/Single Family
       
24,671,766
 
     
Industrials – 0.3% (0.2% of Total Investments)
           
 
4,055
 
California Pollution Control Financing Authority, Solid Waste Disposal Revenue Bonds, Republic Services Inc., Series 2002C, 5.250%, 6/01/23 (Mandatory put 12/01/17) (Alternative Minimum Tax)
No Opt. Call
 
BBB+
 
4,337,836
 
 
5,120
 
California Statewide Communities Development Authority, Revenue Bonds, EnerTech Regional Biosolids Project, Series 2007A, 5.500%, 12/01/33 (Alternative Minimum Tax) (5)
No Opt. Call
 
N/R
 
16,128
 
 
9,175
 
Total Industrials
       
4,353,964
 
     
Long-Term Care – 0.5% (0.3% of Total Investments)
           
 
7,000
 
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–
 
8,153,390
 
 
175
 
California Statewide Community Development Authority, Certificates of Participation, Internext Group, Series 1999, 5.375%, 4/01/17
10/15 at 100.00
 
BBB+
 
175,747
 
 
7,175
 
Total Long-Term Care
       
8,329,137
 

44
 
Nuveen Investments


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Tax Obligation/General – 35.0% (24.1% of Total Investments)
           
$
4,125
 
Alameda Unified School District, Alameda County, California, General Obligation Bonds, Series 2004A, 0.000%, 8/01/25 – AGM Insured
No Opt. Call
 
AA
$
3,024,904
 
 
3,000
 
Alhambra Unified School District, Los Angeles County, California, General Obligation Bonds, Refunding Series 2012A, 5.000%, 8/01/29 – AGM Insured
8/22 at 100.00
 
Aa3
 
3,478,950
 
 
2,325
 
Baldwin Park Unified School District, Los Angeles County, California, General Obligation Bonds, Election 2002 Series 2006, 0.000%, 8/01/30 – AMBAC Insured
8/16 at 50.16
 
A+
 
1,136,274
 
 
8,000
 
California State, General Obligation Bonds, Refunding Various Purpose Series 2013, 5.000%, 2/01/29
No Opt. Call
 
AA–
 
9,234,880
 
 
5,245
 
California State, General Obligation Bonds, Various Purpose Refunding Series 2012, 5.000%, 9/01/36
No Opt. Call
 
AA–
 
5,934,718
 
     
California State, General Obligation Bonds, Various Purpose Refunding Series 2014:
           
 
4,690
 
5.000%, 8/01/31
8/24 at 100.00
 
AA–
 
5,399,175
 
 
4,000
 
5.000%, 8/01/33
8/24 at 100.00
 
AA–
 
4,567,920
 
 
12,000
 
5.000%, 10/01/33
10/24 at 100.00
 
AA–
 
13,731,360
 
 
2,875
 
California State, General Obligation Bonds, Various Purpose Refunding Series 2015, 5.000%, 8/01/32
2/25 at 100.00
 
AA–
 
3,318,095
 
 
140
 
California State, General Obligation Bonds, Various Purpose Series 2000, 5.625%, 5/01/22 – FGIC Insured
11/15 at 100.00
 
Aa3
 
140,641
 
 
3,200
 
California State, General Obligation Bonds, Various Purpose Series 2008, 5.125%, 4/01/33
4/18 at 100.00
 
AA–
 
3,497,088
 
     
California State, General Obligation Bonds, Various Purpose Series 2009:
           
 
64,195
 
6.000%, 11/01/39
11/19 at 100.00
 
AA–
 
76,420,938
 
 
5,005
 
5.500%, 11/01/39
11/19 at 100.00
 
AA–
 
5,823,818
 
     
California State, General Obligation Bonds, Various Purpose Series 2010:
           
 
14,000
 
6.000%, 3/01/33
3/20 at 100.00
 
AA–
 
16,880,640
 
 
13,100
 
5.500%, 3/01/40
3/20 at 100.00
 
AA–
 
15,223,117
 
 
10,605
 
5.250%, 11/01/40
11/20 at 100.00
 
AA–
 
12,362,249
 
     
California State, General Obligation Bonds, Various Purpose Series 2011:
           
 
7,215
 
5.250%, 10/01/28
No Opt. Call
 
AA–
 
8,416,730
 
 
10,520
 
5.000%, 9/01/31
No Opt. Call
 
AA–
 
11,995,851
 
 
12,725
 
5.000%, 9/01/41
9/21 at 100.00
 
AA–
 
14,194,356
 
 
14,915
 
5.000%, 10/01/41
10/21 at 100.00
 
AA–
 
16,658,713
 
     
California State, General Obligation Bonds, Various Purpose Series 2013:
           
 
7,475
 
5.000%, 4/01/37
4/23 at 100.00
 
AA–
 
8,433,445
 
 
7,255
 
5.000%, 2/01/43
No Opt. Call
 
AA–
 
8,090,631
 
 
15,145
 
5.000%, 4/01/43
4/23 at 100.00
 
AA–
 
16,924,083
 
 
5,000
 
5.000%, 11/01/43
11/23 at 100.00
 
AA–
 
5,626,800
 
     
California State, General Obligation Bonds, Various Purpose Series 2014:
           
 
22,970
 
5.000%, 5/01/32
5/24 at 100.00
 
AA–
 
26,263,668
 
 
8,910
 
5.000%, 10/01/39
10/24 at 100.00
 
AA–
 
10,097,703
 
 
10,245
 
5.000%, 12/01/43
12/23 at 100.00
 
AA–
 
11,540,685
 
 
20,000
 
4.000%, 11/01/44
11/24 at 100.00
 
AA–
 
20,260,000
 
     
California State, General Obligation Bonds, Various Purpose Series 2015:
           
 
9,500
 
5.000%, 3/01/45
3/25 at 100.00
 
AA–
 
10,708,780
 
 
3,065
 
4.000%, 8/01/45 (WI/DD, Settling 9/09/15)
8/25 at 100.00
 
AA–
 
3,105,060
 
 
3,550
 
Centinela Valley Union High School District, Los Angeles County, California, General Obligation Bonds, Series 2002A, 5.250%, 2/01/26 – NPFG Insured
No Opt. Call
 
AA–
 
4,067,910
 
 
5,425
 
Coast Community College District, Orange County, California, General Obligation Bonds, Series 2006C, 5.000%, 8/01/31 – AGM Insured
8/18 at 100.00
 
Aa1
 
5,928,060
 
 
25,000
 
Desert Community College District, Riverside County, California, General Obligation Bonds, Election 2004 Series 2007C, 0.000%, 8/01/46 – AGM Insured
No Opt. Call
 
AA
 
4,989,750
 
 
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
 
6,216,462
 
 
3,610
 
Hartnell Community College District, California, General Obligation Bonds, Series 2006B, 5.000%, 6/01/29 – AGM Insured (UB)
6/16 at 100.00
 
AA
 
3,730,718
 

Nuveen Investments
 
45


NAC
Nuveen California Dividend Advantage Municipal Fund
 
 
Portfolio of Investments (continued)
August 31, 2015 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Tax Obligation/General (continued)
           
$
5,630
 
Lake Tahoe Unified School District, El Dorado County, California, General Obligation Bonds, Series 2010, 0.000%, 8/01/45 – AGM Insured
No Opt. Call
 
AA
$
3,079,892
 
 
7,000
 
Los Angeles Community College District, California, General Obligation Bonds, Series 2015A, 5.000%, 8/01/31
8/24 at 100.00
 
AA+
 
8,189,510
 
     
Los Angeles Unified School District, Los Angeles County, California, General Obligation Bonds, Refunding Series 2014C:
           
 
5,000
 
5.000%, 7/01/29
No Opt. Call
 
Aa2
 
5,917,700
 
 
10,000
 
5.000%, 7/01/30
No Opt. Call
 
Aa2
 
11,753,500
 
 
4,100
 
Monrovia Unified School District, Los Angeles County, California, General Obligation Bonds, Series 2001B, 0.000%, 8/01/27 – FGIC Insured
No Opt. Call
 
AA–
 
2,763,400
 
 
10,765
 
North Orange County Community College District, California, General Obligation Bonds, Election of 2002 Series 2003B, 0.000%, 8/01/27 – FGIC Insured
No Opt. Call
 
Aa1
 
7,306,744
 
 
1,815
 
Orland Joint Unified School District, Glenn and Tehama Counties, California, General Obligation Bonds, 2008 Election, Series 2012B, 0.000%, 8/01/51 – AGM Insured
8/37 at 100.00
 
AA
 
868,205
 
 
1,250
 
Oxnard School District, Ventura County, California, General Obligation Bonds, Election 2012 Series 2013B, 5.000%, 8/01/43 – AGM Insured
8/23 at 100.00
 
AA
 
1,384,100
 
 
2,575
 
Oxnard School District, Ventura County, California, General Obligation Refunding Bonds, Series 2001A, 5.750%, 8/01/30 – NPFG Insured
2/22 at 103.00
 
AA–
 
3,155,585
 
 
5,000
 
Pajaro Valley Unified School District, Santa Cruz County, California, General Obligation Bonds, Refunding Election 2012 Series 2013A, 5.000%, 8/01/43
8/23 at 100.00
 
Aa2
 
5,536,400
 
 
8,250
 
Puerto Rico, General Obligation Bonds, Public Improvement Series 2002A, 5.500%, 7/01/20 – NPFG Insured
No Opt. Call
 
AA–
 
8,115,608
 
 
28,000
 
San Bernardino Community College District, California, General Obligation Bonds, Election of 2008 Series 2009B, 0.000%, 8/01/44
No Opt. Call
 
Aa2
 
7,527,240
 
 
6,500
 
San Diego Community College District, California, General Obligation Bonds, Refunding Series 2011, 5.000%, 8/01/41
8/21 at 100.00
 
AA+
 
7,357,090
 
 
1,850
 
San Juan Capistano, California, General Obligation Bonds, Open Space Program, Tender Option Bond Trust 2015-XF0048, 17.918%, 8/01/17 (IF)
No Opt. Call
 
AAA
 
2,774,926
 
 
4,970
 
San Rafael City High School District, Marin County, California, General Obligation Bonds, Series 2004B, 0.000%, 8/01/27 – FGIC Insured
No Opt. Call
 
AA+
 
3,326,272
 
 
2,200
 
Santa Maria Joint Union High School District, Santa Barbara and San Luis Obispo Counties, California, General Obligation Bonds, Series 2003B, 5.625%, 8/01/24 – AGM Insured
No Opt. Call
 
Aa3
 
2,735,656
 
 
5,245
 
Southwestern Community College District, San Diego County, California, General Obligation Bonds, Election of 2008, Series 2011C, 5.250%, 8/01/36
8/21 at 100.00
 
Aa2
 
5,922,759
 
 
4,175
 
Southwestern Community College District, San Diego County, California, General Obligation Bonds, Series 2004, 0.000%, 8/01/25 – FGIC Insured
No Opt. Call
 
Aa2
 
3,040,736
 
 
26,000
 
Sylvan Union School District, Stanislaus County, California, General Obligation Bonds, Election of 2006, Series 2010, 0.000%, 8/01/49 – AGM Insured
No Opt. Call
 
AA
 
15,407,080
 
     
Washington Township Health Care District, Alameda County, California, General Obligation Bonds, 2004 Election Series 2013B:
           
 
4,740
 
5.500%, 8/01/38
8/24 at 100.00
 
Aa3
 
5,616,142
 
 
4,830
 
5.500%, 8/01/40
8/24 at 100.00
 
Aa3
 
5,698,048
 
     
Washington Township Health Care District, Alameda County, California, General Obligation Bonds, 2012 Election Series 2013A:
           
 
2,820
 
5.500%, 8/01/38
8/24 at 100.00
 
Aa3
 
3,341,249
 
 
1,750
 
5.500%, 8/01/40
8/24 at 100.00
 
Aa3
 
2,064,510
 
 
2,015
 
Wiseburn School District, Los Angeles County, California, General Obligation Bonds, Series 2012C, 5.000%, 8/01/26
8/22 at 100.00
 
Aa3
 
2,273,504
 
 
140,160
 
Yosemite Community College District, California, General Obligation Bonds, Capital Appreciation, Election 2004, Series 2010D, 0.000%, 8/01/42
No Opt. Call
 
Aa2
 
80,245,804
 
 
2,400
 
Yuba Community College District, California, General Obligation Bonds, Election 2006 Series 2011C, 5.250%, 8/01/47
8/21 at 100.00
 
Aa2
 
2,635,824
 
 
653,220
 
Total Tax Obligation/General
       
585,461,656
 

46
 
Nuveen Investments


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Tax Obligation/Limited – 34.0% (23.3% of Total Investments)
           
$
1,655
 
Bell Community Housing Authority, California, Lease Revenue Bonds, Series 2005, 5.000%, 10/01/36 – AMBAC Insured
10/15 at 100.00
 
N/R
$
1,536,800
 
 
3,370
 
Bell Community Redevelopment Agency, California, Tax Allocation Bonds, Bell Project Area, Series 2003, 5.500%, 10/01/23 – RAAI Insured
11/15 at 100.00
 
AA
 
3,372,325
 
     
California State Public Works Board, Lease Revenue Bonds, Department of Corrections & Rehabilitation, Series 2013G:
           
 
5,000
 
5.250%, 9/01/30
9/23 at 100.00
 
A+
 
5,888,250
 
 
11,000
 
5.250%, 9/01/32
9/23 at 100.00
 
A+
 
12,850,970
 
 
7,000
 
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+
 
7,867,930
 
 
3,070
 
California State Public Works Board, Lease Revenue Bonds, Department of General Services, Capital East End Project, Series 2002A, 5.250%, 12/01/16 – AMBAC Insured
11/15 at 100.00
 
A+
 
3,082,955
 
 
2,030
 
California State Public Works Board, Lease Revenue Bonds, Department of General Services, Series 2002C, 5.250%, 3/01/21 – AMBAC Insured
11/15 at 100.00
 
A+
 
2,038,140
 
 
1,575
 
California State Public Works Board, Lease Revenue Bonds, Department of General Services, Series 2003D, 5.500%, 6/01/20
11/15 at 100.00
 
A+
 
1,581,647
 
 
17,395
 
California State Public Works Board, Lease Revenue Bonds, Judicial Council of California, New Stockton Courthouse, Series 2014B, 5.000%, 10/01/39
10/24 at 100.00
 
A+
 
19,568,331
 
 
1,000
 
California State Public Works Board, Lease Revenue Bonds, Judicial Council of California, Various Projects Series 2013A, 5.000%, 3/01/30
No Opt. Call
 
A+
 
1,145,710
 
 
1,000
 
California State Public Works Board, Lease Revenue Bonds, Judicial Council of California, Yuba City Courthouse, Series 2013D, 5.000%, 6/01/32
6/23 at 100.00
 
A+
 
1,141,050
 
 
10,650
 
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+
 
12,456,879
 
 
6,860
 
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+
 
8,232,343
 
 
2,650
 
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2012A, 5.000%, 4/01/33
No Opt. Call
 
A+
 
2,981,277
 
 
9,950
 
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2013I, 5.000%, 11/01/38
11/23 at 100.00
 
A+
 
11,227,779
 
 
9,000
 
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2014E, 5.000%, 9/01/39
9/24 at 100.00
 
A+
 
10,115,910
 
 
2,905
 
Carson Redevelopment Agency, California, Tax Allocation Bonds, Redevelopment Project Area 1, Series 2009A, 7.000%, 10/01/36
10/19 at 100.00
 
A–
 
3,407,536
 
 
3,205
 
Chino Redevelopment Agency, California, Merged Chino Redevelopment Project Area Tax Allocation Bonds, Series 2006, 5.000%, 9/01/38 – AMBAC Insured
9/16 at 101.00
 
A
 
3,269,132
 
     
Commerce Community Development Commission, California, Tax Allocation Refunding Bonds, Merged Area Development Projects 2 and 3, Series 1998A:
           
 
470
 
5.650%, 8/01/18
2/16 at 100.00
 
N/R
 
470,992
 
 
2,765
 
5.700%, 8/01/28
2/16 at 100.00
 
N/R
 
2,767,184
 
 
4,480
 
Commerce Joint Power Financing Authority, California, Tax Allocation Bonds, Redevelopment Projects 2 and 3, Refunding Series 2003A, 5.000%, 8/01/28 – RAAI Insured
11/15 at 100.00
 
AA
 
4,485,734
 
 
4,250
 
Coronado Community Development Agency, California, Tax Allocation Bonds, Community Development Project, Series 2005, 5.000%, 9/01/30 – AMBAC Insured
9/15 at 100.00
 
AA–
 
4,264,663
 
 
1,595
 
Fontana Public Financing Authority, California, Tax Allocation Revenue Bonds, North Fontana Redevelopment Project, Series 2003A, 5.375%, 9/01/25 – AMBAC Insured
11/15 at 100.00
 
A+
 
1,598,461
 
 
6,655
 
Fontana Redevelopment Agency, San Bernardino County, California, Tax Allocation Bonds, Jurupa Hills Redevelopment Project, Refunding Series 1997A, 5.500%, 10/01/27
4/16 at 100.00
 
A–
 
6,670,639
 
 
1,555
 
Fontana, California, Special Tax Bonds, Community Facilities District 2 Heritage Village, Refunding Series 1998A, 5.250%, 9/01/17 – NPFG Insured
9/15 at 100.00
 
AA–
 
1,590,236
 
 
1,000
 
Fullerton Community Facilities District 1, California, Special Tax Bonds, Amerige Heights, Refunding Series 2012, 5.000%, 9/01/32
9/22 at 100.00
 
A–
 
1,093,710
 

Nuveen Investments
 
47


NAC
Nuveen California Dividend Advantage Municipal Fund
 
 
Portfolio of Investments (continued)
August 31, 2015 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Tax Obligation/Limited (continued)
           
$
3,980
 
Garden Grove, California, Certificates of Participation, Financing Project, Series 2002A, 5.500%, 3/01/22 – AMBAC Insured
11/15 at 100.00
 
A
$
3,997,552
 
 
1,000
 
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2013A, 5.000%, 6/01/30
6/23 at 100.00
 
A+
 
1,132,910
 
     
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2015A:
           
 
15,265
 
5.000%, 6/01/40
6/25 at 100.00
 
A+
 
16,915,604
 
 
60,235
 
5.000%, 6/01/45
6/25 at 100.00
 
A+
 
66,229,586
 
     
Hawthorne Community Redevelopment Agency, California, Tax Allocation Bonds, Project Area 2, Series 2006:
           
 
1,770
 
5.000%, 9/01/26 – SYNCORA GTY Insured
9/16 at 100.00
 
N/R
 
1,797,842
 
 
3,865
 
5.250%, 9/01/36 – SYNCORA GTY Insured
9/16 at 100.00
 
N/R
 
3,941,604
 
     
Hesperia Community Redevelopment Agency, California, Tax Allocation Bonds, Series 2005A:
           
 
1,750
 
5.000%, 9/01/25 – SYNCORA GTY Insured
9/15 at 100.00
 
BBB–
 
1,751,628
 
 
6,690
 
5.000%, 9/01/35 – SYNCORA GTY Insured
9/15 at 100.00
 
BBB–
 
6,692,542
 
 
1,500
 
Hesperia Unified School District, San Bernardino County, California, Certificates of Participation, Capital Improvement, Series 2007, 5.000%, 2/01/41 – AMBAC Insured
2/17 at 100.00
 
A–
 
1,568,385
 
 
2,500
 
Hesperia Unified School District, San Bernardino County, California, Certificates of Participation, Series 2013A, 5.000%, 2/01/38 – BAM Insured
2/23 at 100.00
 
AA
 
2,707,350
 
 
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
 
4,932,720
 
     
Inglewood Redevelopment Agency, California, Tax Allocation Bonds, Merged Redevelopment Project, Subordinate Lien Series 2007A-1:
           
 
1,460
 
5.000%, 5/01/23 – AMBAC Insured
5/17 at 100.00
 
BBB+
 
1,489,244
 
 
2,435
 
5.000%, 5/01/24 – AMBAC Insured
5/17 at 100.00
 
BBB+
 
2,477,052
 
 
2,075
 
5.000%, 5/01/25 – AMBAC Insured
5/17 at 100.00
 
BBB+
 
2,106,021
 
     
Irvine Unified School District, California, Special Tax Bonds, Community Facilities District Series 2006A:
           
 
1,475
 
5.000%, 9/01/26
9/16 at 100.00
 
N/R
 
1,510,400
 
 
3,395
 
5.125%, 9/01/36
9/16 at 100.00
 
N/R
 
3,468,977
 
     
Jurupa Public Financing Authority, California, Special Tax Revenue Bonds, Series 2014A:
           
 
530
 
5.000%, 9/01/29
9/24 at 100.00
 
A–
 
598,783
 
 
1,900
 
5.000%, 9/01/30
9/24 at 100.00
 
A–
 
2,134,004
 
 
1,220
 
5.000%, 9/01/31
9/24 at 100.00
 
A–
 
1,363,240
 
 
1,955
 
Jurupa Public Financing Authority, California, Special Tax Revenue Bonds, Series 2015A, 5.000%, 9/01/43
9/25 at 100.00
 
BBB+
 
2,116,503
 
 
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
 
690,350
 
 
12,820
 
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
 
12,840,384
 
 
5,080
 
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
 
5,570,525
 
 
1,625
 
Lynwood Redevelopment Agency, California, Project A Revenue Bonds, Subordinate Lien Series 2011A, 6.750%, 9/01/26
9/21 at 100.00
 
A–
 
2,012,335
 
 
1,900
 
Modesto, California, Special Tax Bonds, Community Facilties District 2004-1 Village One 2, Refunding Series 2014, 5.000%, 9/01/31
9/24 at 100.00
 
BBB–
 
2,123,079
 
 
5,720
 
Murrieta Redevelopment Agency, California, Tax Allocation Bonds, Series 2007A, 5.000%, 8/01/37 – NPFG Insured
8/17 at 100.00
 
AA–
 
5,848,757
 
 
1,850
 
Murrieta, California, Special Tax Bonds, Community Facilities District 2000-2, The Oaks Improvement Area A, Series 2004A, 5.900%, 9/01/27
11/15 at 100.00
 
N/R
 
1,854,681
 
     
National City Community Development Commission, California, Tax Allocation Bonds, National City Redevelopment Project, Series 2011:
           
 
3,250
 
6.500%, 8/01/24
8/21 at 100.00
 
A–
 
4,054,668
 
 
3,000
 
7.000%, 8/01/32
8/21 at 100.00
 
A–
 
3,746,070
 

48
 
Nuveen Investments


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Tax Obligation/Limited (continued)
           
$
1,000
 
Norco Redevelopment Agency, California, Tax Allocation Bonds, Project Area 1, Series 2009, 7.000%, 3/01/34
3/18 at 100.00
 
A+
$
1,122,870
 
     
Norco Redevelopment Agency, California, Tax Allocation Refunding Bonds, Project Area 1, Refunding Series 2010:
           
 
3,775
 
5.875%, 3/01/32
3/20 at 100.00
 
A+
 
4,401,310
 
 
1,500
 
6.000%, 3/01/36
3/20 at 100.00
 
A+
 
1,759,005
 
 
1,210
 
Novato Redevelopment Agency, California, Tax Allocation Bonds, Hamilton Field Redevelopment Project, Series 2011, 6.750%, 9/01/40
9/21 at 100.00
 
BBB+
 
1,455,255
 
 
3,605
 
Oakland State Building Authority, California, Lease Revenue Bonds, Elihu M. Harris State Office Building, Series 1998A, 5.000%, 4/01/23 – AMBAC Insured
10/15 at 100.00
 
A+
 
3,619,492
 
 
695
 
Ontario Redevelopment Financing Authority, California, Lease Revenue Bonds, Capital Projects, Series 2001, 5.250%, 8/01/18 – AMBAC Insured
11/15 at 100.00
 
AA–
 
697,947
 
 
29,800
 
Ontario Redevelopment Financing Authority, San Bernardino County, California, Revenue Refunding Bonds, Redevelopment Project 1, Series 1995, 7.400%, 8/01/25 – NPFG Insured
No Opt. Call
 
AA–
 
36,580,692
 
 
1,180
 
Ontario, California, Special Tax Bonds, Community Facilities District 5, Freeway Interchange Project, Series 1997, 6.375%, 9/01/17
9/15 at 100.00
 
N/R
 
1,206,762
 
 
1,000
 
Palmdale Community Redevelopment Agency, California, Tax Allocation Bonds, Merged Redevelopment Project Areas, Series 2004, 5.000%, 12/01/24 – AMBAC Insured
11/15 at 100.00
 
A–
 
1,003,800
 
 
1,365
 
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
 
1,472,658
 
     
Patterson Public Financing Authority, California, Revenue Bonds, Community Facilities District 2001-1, Senior Series 2013A:
           
 
8,520
 
5.250%, 9/01/30
9/23 at 100.00
 
N/R
 
9,158,489
 
 
7,655
 
5.750%, 9/01/39
9/23 at 100.00
 
N/R
 
8,315,091
 
 
9,435
 
Pico Rivera Water Authority, California, Revenue Bonds, Series 2001A, 6.250%, 12/01/32
12/15 at 100.00
 
N/R
 
9,450,473
 
 
15,070
 
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–
 
16,504,363
 
 
8,750
 
Pittsburg Redevelopment Agency, California, Tax Allocation Bonds, Los Medanos Community Development Project, Series 1999, 0.000%, 8/01/23 – AMBAC Insured
No Opt. Call
 
A
 
6,416,988
 
 
13,655
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 8/01/45 – NPFG Insured
No Opt. Call
 
AA–
 
2,162,952
 
 
3,920
 
Rancho Santa Fe CSD Financing Authority, California, Revenue Bonds, Superior Lien Series 2011A, 5.750%, 9/01/30
9/21 at 100.00
 
BBB+
 
4,441,203
 
     
Redding Redevelopment Agency, California, Tax Allocation Bonds, Canby-Hilltop-Cypress Area Project, Series 2003A:
           
 
1,500
 
5.000%, 9/01/17 – NPFG Insured
11/15 at 100.00
 
AA–
 
1,506,015
 
 
1,500
 
5.000%, 9/01/20 – NPFG Insured
11/15 at 100.00
 
AA–
 
1,505,820
 
 
1,500
 
Riverside County Public Financing Authority, California, Tax Allocation Bonds, Multiple Projects, Series 2005A, 5.000%, 10/01/37 – SYNCORA GTY Insured
10/15 at 100.00
 
BBB+
 
1,501,170
 
 
3,375
 
Riverside County Redevelopment Agency, California, Tax Allocation Bonds, Interstate 215 Corridor Redevelopment Project Area, Series 2010E, 6.500%, 10/01/40
10/20 at 100.00
 
A–
 
3,952,699
 
 
705
 
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
 
864,774
 
 
2,885
 
Riverside County Redevelopment Agency, California, Tax Allocation Housing Bonds, Series 2010A, 6.000%, 10/01/39
10/20 at 100.00
 
A
 
3,327,271
 
     
Riverside County, California, Special Tax Bonds, Community Facilities District 05-8 Scott Road, Series 2013:
           
 
555
 
5.000%, 9/01/30
9/22 at 100.00
 
N/R
 
600,205
 
 
710
 
5.000%, 9/01/42
9/22 at 100.00
 
N/R
 
752,238
 
 
35
 
Riverside Public Financing Authority, California, Revenue Bonds, Multiple Project Loans, Series 1991A, 8.000%, 2/01/18
2/16 at 100.00
 
N/R
 
35,699
 
 
3,540
 
Rohnert Park Community Development Commission, California, Tax Allocation Bonds, Redevelopment Project Series 2007R, 5.000%, 8/01/37 – FGIC Insured
8/17 at 100.00
 
AA–
 
3,619,685
 

Nuveen Investments
 
49


NAC
Nuveen California Dividend Advantage Municipal Fund
 
 
Portfolio of Investments (continued)
August 31, 2015 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Tax Obligation/Limited (continued)
           
$
2,645
 
Roseville, California, Special Tax Bonds, Community Facilities District 1 Fiddyment Ranch, Series 2005, 5.050%, 9/01/30
9/15 at 100.00
 
N/R
$
2,660,896
 
 
385
 
Roseville, California, Special Tax Bonds, Community Facilities District 1 Westpark, Refunding Series 2015, 5.000%, 9/01/31
9/25 at 100.00
 
N/R
 
415,265
 
 
8,625
 
Sacramento City Financing Authority, California, Capital Improvement Revenue Bonds, 300 Richards Boulevard Building Acquisition, Series 2006C, 5.000%, 12/01/36 – AMBAC Insured
12/16 at 100.00
 
A+
 
9,005,794
 
     
Sacramento City Financing Authority, California, Lease Revenue Refunding Bonds, Series 1993A:
           
 
9,000
 
5.400%, 11/01/20 – AMBAC Insured
No Opt. Call
 
A+
 
9,856,620
 
 
1,000
 
5.400%, 11/01/20 – NPFG Insured
No Opt. Call
 
AA–
 
1,098,110
 
 
4,250
 
Sacramento City Financing Authority, California, Tax Allocation Revenue Bonds, Merged Downtown Sacramento and Oak Park Projects, Series 2005A, 0.000%, 12/01/31 – FGIC Insured
No Opt. Call
 
AA–
 
1,980,330
 
 
2,135
 
San Diego County Regional Transportation Commission, California, Sales Tax Revenue Bonds, Series 2012A, 5.000%, 4/01/42
4/22 at 100.00
 
AAA
 
2,380,226
 
 
10,000
 
San Diego County Regional Transportation Commission, California, Sales Tax Revenue Bonds, Series 2014A, 5.000%, 4/01/34
4/24 at 100.00
 
AAA
 
11,585,300
 
 
1,535
 
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
 
1,627,161
 
 
2,000
 
San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds, Mission Bay North Redevelopment Project, Series 2009C, 6.500%, 8/01/39
8/19 at 100.00
 
A–
 
2,296,800
 
 
575
 
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–
 
692,162
 
     
San Francisco Redevelopment Financing Authority, California, Tax Allocation Revenue Bonds, Mission Bay South Redevelopment Project, Series 2011D:
           
 
575
 
7.000%, 8/01/33
2/21 at 100.00
 
BBB+
 
688,781
 
 
715
 
7.000%, 8/01/41
2/21 at 100.00
 
BBB+
 
856,484
 
 
255
 
San Francisco, California, Community Facilities District 6, Mission Bay South Public Improvements, Special Tax Refunding Bonds, Series 2013A, 5.000%, 8/01/33
8/22 at 100.00
 
N/R
 
277,534
 
 
9,435
 
San Jose Financing Authority, California, Lease Revenue Refunding Bonds, Convention Center Project, Series 2001F, 5.000%, 9/01/20 – NPFG Insured
9/15 at 100.00
 
AA
 
9,473,778
 
 
2,750
 
San Jose Redevelopment Agency, California, Housing Set-Aside Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2010A-1, 5.500%, 8/01/35
8/20 at 100.00
 
A
 
3,016,530
 
 
2,765
 
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2003, 4.900%, 8/01/33 – FGIC Insured
11/15 at 100.00
 
AA–
 
2,813,028
 
     
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2004A:
           
 
370
 
4.360%, 8/01/16 – NPFG Insured
11/15 at 100.00
 
AA–
 
371,232
 
 
700
 
4.440%, 8/01/17 – NPFG Insured
11/15 at 100.00
 
AA–
 
702,387
 
 
1,000
 
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2005A, 5.000%, 8/01/27 – NPFG Insured
11/15 at 100.00
 
AA–
 
1,003,880
 
     
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2006C:
           
 
2,200
 
5.000%, 8/01/24 – NPFG Insured
8/17 at 100.00
 
AA–
 
2,359,148
 
 
4,710
 
5.000%, 8/01/25 – NPFG Insured
8/17 at 100.00
 
AA–
 
5,039,559
 
     
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2006D:
           
 
695
 
5.000%, 8/01/19 – AMBAC Insured
8/17 at 100.00
 
BBB+
 
747,340
 
 
910
 
5.000%, 8/01/21 – AMBAC Insured
8/17 at 100.00
 
BBB+
 
975,829
 
 
1,365
 
5.000%, 8/01/23 – AMBAC Insured
8/17 at 100.00
 
BBB+
 
1,454,066
 
 
1,825
 
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2008B, 6.250%, 8/01/20
8/18 at 100.00
 
BBB+
 
2,032,703
 
 
7,860
 
Santa Ana Community Redevelopment Agency, California, Tax Allocation Bonds, Merged Project Area, Series 2011A, 6.750%, 9/01/28
3/21 at 100.00
 
A+
 
9,483,640
 

50
 
Nuveen Investments


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Tax Obligation/Limited (continued)
           
$
2,770
 
Santa Ana Community Redevelopment Agency, Orange County, California, Tax Allocation Refunding Bonds, South Main Street Redevelopment, Series 2003B, 5.000%, 9/01/19 – FGIC Insured
11/15 at 100.00
 
AA–
$
2,777,673
 
     
Santa Clara Redevelopment Agency, California, Tax Allocation Bonds, Bayshore North Project, Series 2003:
           
 
4,625
 
5.000%, 6/01/17 – NPFG Insured
12/15 at 100.00
 
AA–
 
4,678,928
 
 
2,695
 
5.000%, 6/01/20 – NPFG Insured
12/15 at 100.00
 
AA–
 
2,726,424
 
 
1,500
 
5.000%, 6/01/21 – NPFG Insured
12/15 at 100.00
 
AA–
 
1,517,490
 
 
2,840
 
5.000%, 6/01/23 – NPFG Insured
12/15 at 100.00
 
AA–
 
2,873,114
 
 
960
 
Signal Hill Redevelopment Agency, California, Project 1 Tax Allocation Bonds, Series 2011, 7.000%, 10/01/26
4/21 at 100.00
 
N/R
 
1,081,440
 
     
Temecula Public Financing Authority, California, Special Tax Bonds, Community Facilities District 03-02 Roripaugh, Series 2006:
           
 
4,360
 
5.450%, 9/01/26
3/16 at 101.00
 
N/R
 
4,367,543
 
 
2,315
 
5.500%, 9/01/36
3/16 at 101.00
 
N/R
 
2,306,435
 
 
1,310
 
Temecula Redevelopment Agency, California, Redevelopment Project 1 Tax Allocation Housing Bonds Series 2011A, 7.000%, 8/01/39
8/21 at 100.00
 
A
 
1,629,260
 
 
1,350
 
Temecula Valley Unified School District, Riverside County, California, Special Tax Bonds, Community Facilities District 2002-1 Improvement Area 1, Series 2012, 5.000%, 9/01/33
9/22 at 100.00
 
N/R
 
1,431,716
 
 
1,200
 
Turlock Public Financing Authority, California, Tax Allocation Revenue Bonds, Series 2011, 7.500%, 9/01/39
3/21 at 100.00
 
A–
 
1,493,628
 
 
1,000
 
Union City Community Redevelopment Agency, California, Tax Allocation Revenue Bonds, Redevelopment Project, Subordinate Lien Series 2011, 6.875%, 12/01/33
12/21 at 100.00
 
A
 
1,238,090
 
 
6,870
 
Vernon Redevelopment Agency, California, Tax Allocation Bonds, Industrial Redevelopment Project, Series 2005, 5.000%, 9/01/35 – NPFG Insured
9/15 at 100.00
 
AA–
 
6,873,023
 
 
1,620
 
Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding Series 2012A, 5.000%, 10/01/32 – AGM Insured
No Opt. Call
 
AA
 
1,802,380
 
 
6,530
 
Washington Unified School District, Yolo County, California, Certificates of Participation, Series 2007, 5.125%, 8/01/37 – AMBAC Insured
8/17 at 100.00
 
A
 
6,922,845
 
 
5,000
 
Westminster Redevelopment Agency, California, Tax Allocation Bonds, Commercial Redevelopment Project 1, Police Facility Subordinate Series 2009, 6.250%, 11/01/39
11/19 at 100.00
 
AA
 
5,866,400
 
 
1,280
 
William S Hart School Financing Authority, California, Refunding Revenue Bonds, Series 2013, 5.000%, 9/01/34
9/23 at 100.00
 
A–
 
1,403,610
 
     
Yorba Linda Redevelopment Agency, Orange County, California, Tax Allocation Revenue Bonds, Yorba Linda Redevelopment Project, Subordinate Lien Series 2011A:
           
 
865
 
6.000%, 9/01/26
9/21 at 100.00
 
A–
 
1,040,007
 
 
810
 
6.500%, 9/01/32
9/21 at 100.00
 
A–
 
979,444
 
 
536,125
 
Total Tax Obligation/Limited
       
567,718,338
 
     
Transportation – 7.3% (5.0% of Total Investments)
           
 
1,715
 
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2012F-1, 5.000%, 4/01/30
No Opt. Call
 
AA
 
1,998,404
 
 
15,060
 
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+
 
17,821,251
 
     
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Series 2013A:
           
 
33,235
 
5.750%, 1/15/46
1/24 at 100.00
 
BBB–
 
38,332,917
 
 
33,235
 
6.000%, 1/15/53
1/24 at 100.00
 
BBB–
 
38,667,592
 
 
1,200
 
Long Beach, California, Harbor Revenue Bonds, Series 2015D, 5.000%, 5/15/42
5/25 at 100.00
 
AA
 
1,368,180
 
 
1,250
 
Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Senior Lien Series 2010D, 5.000%, 5/15/40 (UB) (4)
5/20 at 100.00
 
AA
 
1,407,375
 
 
1,000
 
Los Angeles Harbors Department, California, Revenue Bonds, Refunding Series 2014B, 5.000%, 8/01/44
8/24 at 100.00
 
AA
 
1,133,670
 
     
Los Angeles Harbors Department, California, Revenue Bonds, Series 2014C:
           
 
1,575
 
5.000%, 8/01/35
8/24 at 100.00
 
AA
 
1,813,156
 
 
2,000
 
5.000%, 8/01/44
8/24 at 100.00
 
AA
 
2,267,340
 

Nuveen Investments
 
51


NAC
Nuveen California Dividend Advantage Municipal Fund
 
 
Portfolio of Investments (continued)
August 31, 2015 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Transportation (continued)
           
$
120
 
Palm Springs Financing Authority, California, Palm Springs International Airport Revenue Bonds, Series 2006, 5.450%, 7/01/20 (Alternative Minimum Tax)
7/16 at 100.00
 
N/R
$
120,968
 
     
Port of Oakland, California, Revenue Bonds, Refunding Series 2012P:
           
 
1,000
 
5.000%, 5/01/29 (Alternative Minimum Tax)
No Opt. Call
 
A+
 
1,118,710
 
 
6,340
 
5.000%, 5/01/31 (Alternative Minimum Tax)
No Opt. Call
 
A+
 
7,036,069
 
 
1,180
 
Sacramento Regional Transit District, California, Farebox Revenue Bonds, Series 2012, 5.000%, 3/01/42
No Opt. Call
 
A–
 
1,303,062
 
 
4,500
 
San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Second Series 2014B, 5.000%, 5/01/44
5/24 at 100.00
 
A+
 
5,022,045
 
 
2,465
 
San Francisco Airports Commission, California, Special Facilities Lease Revenue Bonds, San Francisco International Airport, SFO Fuel Company LLC, Series 2000A, 6.125%, 1/01/27 – AGM Insured (Alternative Minimum Tax)
1/16 at 100.00
 
AA
 
2,476,462
 
 
105,875
 
Total Transportation
       
121,887,201
 
     
U.S. Guaranteed – 11.5% (7.9% of Total Investments) (6)
           
 
11,100
 
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2006F, 5.000%, 4/01/31 (Pre-refunded 4/01/16) (UB)
4/16 at 100.00
 
AA (6)
 
11,410,800
 
 
5,540
 
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Tender Option Bond Trust 3211, 13.539%, 10/01/32 (Pre-refunded 4/01/18) (IF)
4/18 at 100.00
 
AA (6)
 
7,823,532
 
 
10
 
California Department of Water Resources, Water System Revenue Bonds, Central Valley Project, Series 2002X, 5.500%, 12/01/17 – FGIC Insured (ETM)
No Opt. Call
 
AAA
 
11,087
 
     
California Educational Facilities Authority, Revenue Bonds, University of the Pacific, Series 2006:
           
 
895
 
5.000%, 11/01/21 (Pre-refunded 11/01/15)
11/15 at 100.00
 
A2 (6)
 
902,187
 
 
3,950
 
5.000%, 11/01/30 (Pre-refunded 11/01/15)
11/15 at 100.00
 
A2 (6)
 
3,981,719
 
 
5,360
 
California Infrastructure and Economic Development Bank, First Lien Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2003A, 5.000%, 7/01/23 – AGM Insured (ETM)
No Opt. Call
 
Aaa
 
6,594,730
 
 
1,000
 
California Municipal Finance Authority, Revenue Bonds, Harbor Regional Center Project, Series 2009, 8.000%, 11/01/29 (Pre-refunded 11/01/19)
11/19 at 100.00
 
A3 (6)
 
1,271,380
 
 
3,025
 
California Pollution Control Financing Authority, Solid Waste Disposal Revenue Bonds, North County Recycling Center, Series 1991A, 6.750%, 7/01/17 (ETM)
11/15 at 100.00
 
Aaa
 
3,179,699
 
 
21,235
 
California State Public Works Board, Lease Revenue Bonds, University of California Regents, Tender Option Bond Trust 1065, 9.291%, 3/01/33 (Pre-refunded 3/01/18) (IF)
3/18 at 100.00
 
Aaa
 
25,733,420
 
 
11,360
 
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+ (6)
 
12,325,714
 
 
6,000
 
Coachella Valley Unified School District, Riverside County, California, Certificates of Participation, Series 2007, 5.000%, 9/01/31 (Pre-refunded 9/01/16) – AMBAC Insured
9/16 at 100.00
 
N/R (6)
 
6,285,960
 
 
16,805
 
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
 
20,277,584
 
 
5,000
 
El Centro Financing Authority, California, Water Revenue Bonds, Series 2006A, 4.750%, 10/01/31 (Pre-refunded 10/01/16) – AGM Insured
10/16 at 100.00
 
AA (6)
 
5,241,300
 
 
3,135
 
Healdsburg Public Financing Authority, California, Wastewater Revenue Bonds, Series 2006, 5.000%, 4/01/36 (Pre-refunded 4/01/16) – NPFG Insured
4/16 at 100.00
 
AA (6)
 
3,223,344
 
 
320
 
Independent Cities Lease Finance Authority, California, Mobile Home Park Revenue Bonds, San Juan Mobile Estates, Series 2006B, 5.850%, 5/15/41 (Pre-refunded 5/15/16)
5/16 at 100.00
 
N/R (6)
 
332,573
 
 
1,000
 
Lindsay Redevelopment Agency, California, Project 1 Tax Allocation Bonds, Series 2007, 5.000%, 8/01/37 (Pre-refunded 8/01/17) – RAAI Insured
8/17 at 100.00
 
N/R (6)
 
1,084,420
 
 
13,670
 
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+ (6)
 
15,984,741
 
 
5,170
 
Newport Beach, California, Revenue Bonds, Hoag Memorial Hospital Presbyterian, Series 2011A, 6.000%, 12/01/40 (Pre-refunded 12/01/21)
12/21 at 100.00
 
N/R (6)
 
6,503,912
 
 
5,840
 
Orange County Water District, California, Revenue Certificates of Participation, Series 1999A, 5.375%, 8/15/29 (ETM)
No Opt. Call
 
N/R (6)
 
7,395,134
 

52
 
Nuveen Investments


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
U.S. Guaranteed (6) (continued)
           
$
905
 
Orange County Water District, California, Revenue Certificates of Participation, Series 2003B, 5.000%, 8/15/34 – NPFG Insured (ETM)
No Opt. Call
 
AAA
$
1,148,717
 
     
Panama-Buena Vista Union School District, California, Certificates of Participation, School Construction Project, Series 2006:
           
 
1,065
 
5.000%, 9/01/22 (Pre-refunded 9/01/16) – NPFG Insured
9/16 at 100.00
 
AA– (6)
 
1,115,321
 
 
1,120
 
5.000%, 9/01/23 (Pre-refunded 9/01/16) – NPFG Insured
9/16 at 100.00
 
AA– (6)
 
1,172,920
 
 
1,170
 
5.000%, 9/01/24 (Pre-refunded 9/01/16) – NPFG Insured
9/16 at 100.00
 
AA– (6)
 
1,225,283
 
 
2,895
 
Pomona, California, GNMA/FHLMC Collateralized Single Family Mortgage Revenue Refunding Bonds, Series 1990B, 7.500%, 8/01/23 (ETM)
No Opt. Call
 
Aaa
 
3,594,635
 
 
1,460
 
Rohnert Park Community Development Commission, California, Tax Allocation Bonds, Redevelopment Project Series 2007R, 5.000%, 8/01/37 – FGIC Insured (ETM)
8/17 at 100.00
 
AA– (6)
 
1,542,957
 
 
2,000
 
Sacramento County Sanitation Districts Financing Authority, California, Revenue Bonds, Series 2006, 5.000%, 12/01/31 (Pre-refunded 6/01/16) – FGIC Insured
6/16 at 100.00
 
AA (6)
 
2,072,340
 
     
San Diego Public Facilities Financing Authority, California, Sewerage Revenue Bonds, Refunding Series 2010A:
           
 
11,320
 
5.250%, 5/15/25 (Pre-refunded 5/15/20)
5/20 at 100.00
 
AA (6)
 
13,307,452
 
 
11,000
 
5.250%, 5/15/26 (Pre-refunded 5/15/20)
5/20 at 100.00
 
AA (6)
 
12,926,320
 
 
2,600
 
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 (6)
 
2,856,854
 
 
6,000
 
San Ramon Public Financing Authority, California, Tax Allocation Revenue Bonds, Series 2006A, 5.000%, 2/01/38 (Pre-refunded 2/01/16) – AMBAC Insured
2/16 at 100.00
 
A– (6)
 
6,120,960
 
 
5,500
 
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+ (6)
 
6,045,050
 
 
167,450
 
Total U.S. Guaranteed
       
192,692,045
 
     
Utilities – 3.0% (2.0% of Total Investments)
           
 
6,205
 
California Statewide Community Development Authority, Certificates of Participation Refunding, Rio Bravo Fresno Project, Series 1999A, 6.500%, 12/01/18
12/15 at 100.00
 
N/R
 
6,071,468
 
     
Long Beach Bond Finance Authority, California, Natural Gas Purchase Revenue Bonds, Series 2007A:
           
 
7,470
 
5.000%, 11/15/35
No Opt. Call
 
A
 
8,398,148
 
 
7,610
 
5.500%, 11/15/37
No Opt. Call
 
A
 
8,980,181
 
 
5,230
 
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2012B, 5.000%, 7/01/43
7/22 at 100.00
 
AA–
 
5,891,700
 
 
4,865
 
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2013B, 5.000%, 7/01/28
7/23 at 100.00
 
AA–
 
5,706,353
 
 
4,000
 
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2014B, 5.000%, 7/01/43
1/24 at 100.00
 
AA–
 
4,491,720
 
 
3,000
 
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Tender Option Bond Trust 2015-XF2047, 18.014%, 7/01/20 (IF) (4)
No Opt. Call
 
AA–
 
4,518,240
 
 
2,500
 
Sacramento Municipal Utility District, California, Electric Revenue Bonds, Tender Option Bond Trust 1186, 16.905%, 8/15/41 (IF) (4)
8/23 at 100.00
 
AA–
 
3,853,000
 
 
1,565
 
Southern California Public Power Authority, California, Revenue Bonds, Apex Power Project Series 2014A, 5.000%, 7/01/35
7/24 at 100.00
 
AA–
 
1,801,002
 
 
42,445
 
Total Utilities
       
49,711,812
 
     
Water and Sewer – 11.4% (7.9% of Total Investments)
           
     
Bay Area Water Supply and Conservation Agency, California, Revenue Bonds, Capital Cost Recovery Prepayment Program, Series 2013A:
           
 
3,010
 
5.000%, 10/01/29
4/23 at 100.00
 
AA–
 
3,516,071
 
 
4,250
 
5.000%, 10/01/30
4/23 at 100.00
 
AA–
 
4,941,475
 
 
4,000
 
5.000%, 10/01/34
4/23 at 100.00
 
AA–
 
4,579,760
 
 
1,020
 
California Department of Water Resources, Water System Revenue Bonds, Central Valley Project, Series 2002X, 5.500%, 12/01/17 – FGIC Insured
No Opt. Call
 
AAA
 
1,132,730
 

Nuveen Investments
 
53


NAC
Nuveen California Dividend Advantage Municipal Fund
 
 
Portfolio of Investments (continued)
August 31, 2015 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Water and Sewer (continued)
           
     
California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, Poseidon Resources Channelside LP Desalination Project, Series 2012:
           
$
3,925
 
5.000%, 7/01/37 (Alternative Minimum Tax)
No Opt. Call
 
Baa3
$
4,177,966
 
 
36,420
 
5.000%, 11/21/45 (Alternative Minimum Tax)
No Opt. Call
 
Baa3
 
38,354,265
 
 
175
 
California Statewide Community Development Authority, Water and Wastewater Revenue Bonds, Pooled Financing Program, Series 2003A, 5.250%, 10/01/23 – AGM Insured
11/15 at 100.00
 
AA
 
175,716
 
 
385
 
California Statewide Community Development Authority, Water and Wastewater Revenue Bonds, Pooled Financing Program, Series 2004A, 5.250%, 10/01/24 – AGM Insured
11/15 at 100.00
 
AA
 
386,544
 
 
2,500
 
Central Basin Municipal Water District, California, Certificates of Participation, Tender Option Bond Trust 3152, 18.180%, 8/01/33 – AGC Insured (IF)
2/20 at 100.00
 
AA
 
3,611,600
 
     
East Bay Municipal Utility District, Alameda and Contra Costa Counties, California, Water System Revenue Bonds, Refunding Series 2015A:
           
 
2,000
 
5.000%, 6/01/31
6/25 at 100.00
 
AAA
 
2,382,480
 
 
10,500
 
5.000%, 6/01/32
6/25 at 100.00
 
AAA
 
12,458,670
 
 
10,000
 
East Bay Municipal Utility District, Alameda and Contra Costa Counties, California, Water System Revenue Bonds, Series 2014C, 5.000%, 6/01/44
6/24 at 100.00
 
AAA
 
11,413,000
 
 
1,950
 
East Valley Water District Financing Authority, California, Refunding Revenue Bonds, Series 2010, 5.000%, 10/01/40
10/20 at 100.00
 
AA–
 
2,160,093
 
 
1,600
 
Eastern Municipal Water District, California, Water and Sewerage System Revenue Certificates of Participation, Tender Option Bond Trust 2015-XF0072, 14.395%, 1/01/30 (IF)
7/18 at 100.00
 
AA+
 
2,392,096
 
 
750
 
Fortuna Public Finance Authority, California, Water Revenue Bonds, Series 2006, 5.000%, 10/01/36 – AGM Insured
10/16 at 100.00
 
AA
 
762,795
 
     
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2011A:
           
 
23,430
 
5.250%, 7/01/39 (UB)
1/21 at 100.00
 
AA
 
26,714,417
 
 
2,000
 
5.000%, 7/01/41
1/21 at 100.00
 
AA
 
2,246,020
 
 
6,710
 
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2014A, 5.000%, 7/01/44
7/24 at 100.00
 
AA
 
7,610,616
 
 
1,570
 
Los Angeles, California, Wastewater System Revenue Bonds, Refunding Green Series 2015A, 5.000%, 6/01/32
6/25 at 100.00
 
AA+
 
1,848,188
 
 
1,485
 
Los Angeles, California, Wastewater System Revenue Bonds, Refunding Subordinate Lien Series 2013A, 5.000%, 6/01/35
6/23 at 100.00
 
AA
 
1,691,148
 
 
4,705
 
Madera Irrigation District. California, Water Revenue Refunding Bonds, Series 2008, 5.500%, 1/01/38
1/18 at 100.00
 
A
 
5,063,897
 
 
670
 
Metropolitan Water District of Southern California, Waterworks Revenue Bonds, Tender Option Bond Trust 09-8B, 17.543%, 7/01/35 (IF) (4)
7/19 at 100.00
 
AAA
 
1,019,204
 
 
3,380
 
Orange County Sanitation District, California, Certificates of Participation, Tender Option Bond Trust 11738, 18.037%, 8/01/29 (IF)
2/19 at 100.00
 
AAA
 
4,896,606
 
 
1,510
 
Orange County Sanitation District, California, Certificates of Participation, Tender Option Bond Trust 3020, 17.884%, 2/01/35 (IF) (4)
2/19 at 100.00
 
AAA
 
2,187,567
 
 
3,500
 
Placerville Public Financing Authority, California, Wastewater System Refinancing and Improvement Project Revenue Bonds, Series 2006, 5.000%, 9/01/34 – SYNCORA GTY Insured
9/16 at 100.00
 
N/R
 
3,609,900
 
 
3,000
 
Sacramento County Sanitation Districts Financing Authority, California, Revenue Bonds, Sacramento Regional County Sanitation District, Series 2014A, 5.000%, 12/01/33
6/24 at 100.00
 
AA
 
3,461,100
 
 
2,525
 
Sacramento County Sanitation Districts Financing Authority, California, Revenue Refunding Bonds, Series 2001, 5.500%, 12/01/20 – AMBAC Insured
No Opt. Call
 
AA
 
3,040,883
 
     
San Diego Public Facilities Financing Authority, California, Sewerage Revenue Bonds, Refunding Series 2010A:
           
 
12,000
 
5.250%, 5/15/27
5/20 at 100.00
 
AA
 
14,065,560
 
 
7,170
 
5.250%, 5/15/28
5/20 at 100.00
 
AA
 
8,386,391
 
 
5,580
 
San Francisco City and County Public Utilities Commission, California, Water Revenue Bonds, Series 2011A, 5.000%, 11/01/41 (UB)
11/21 at 100.00
 
AA–
 
6,291,171
 

54
 
Nuveen Investments


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Water and Sewer (continued)
           
     
San Francisco City and County Public Utilities Commission, California, Water Revenue Bonds, Tender Option Bond Trust 2015-XF0226:
           
$
750
 
17.975%, 11/01/28 (IF)
11/21 at 100.00
 
AA–
$
1,322,310
 
 
750
 
18.073%, 11/01/43 (IF)
5/22 at 100.00
 
AA–
 
1,131,810
 
 
4,000
 
West Basin Municipal Water District, California, Certificates of Participation, Refunding Series 2008B, 5.000%, 8/01/28 – AGC Insured
8/18 at 100.00
 
AA
 
4,431,080
 
 
167,220
 
Total Water and Sewer
       
191,463,129
 
$
2,357,205
 
Total Long-Term Investments (cost $2,178,602,800)
       
2,411,311,985
 
                   
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
SHORT-TERM INVESTMENTS – 1.2% (0.9% of Total Investments)
           
     
MUNICIPAL BONDS – 1.2% (0.9% of Total Investments)
           
     
Health Care – 1.2% (0.9% of Total Investments)
           
$
16,630
 
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2014A, 6.000%, 7/10/15 (7)
No Opt. Call
 
N/R
$
16,744,414
 
 
1,620
 
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2014B, 6.000%, 7/10/15 (7)
No Opt. Call
 
N/R
 
1,631,146
 
 
2,460
 
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2014C, 6.000%, 7/10/15 (7)
No Opt. Call
 
N/R
 
2,476,925
 
$
20,710
 
Total Short-Term Investments (cost $20,710,000)
       
20,852,485
 
     
Total Investments (cost $2,199,312,800) – 145.5%
       
2,432,164,470
 
     
Floating Rate Obligations – (5.6)%
       
(92,995,000)
 
     
Variable Rate Demand Preferred Shares, at Liquidation Value – (41.9)% (8)
       
(699,600,000)
 
     
Other Assets Less Liabilities – 2.0%
       
31,539,285
 
     
Net Assets Applicable to Common Shares – 100%
     
$
1,671,108,755
 

(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)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(5)
As of, or subsequent to, the end of the reporting period this security is non-income producing. Non-income producing, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund's Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has ceased accruing additional income on the Fund's records.
(6)
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(7)
Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment classified as Level 3. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information.
(8)
Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 28.8%.
(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, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.
(WI/DD)
Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.

See accompanying notes to financial statements.

Nuveen Investments
 
55


NVX
   
 
Nuveen California Dividend Advantage Municipal Fund 2
 
 
Portfolio of Investments
August 31, 2015 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
LONG-TERM INVESTMENTS – 140.2% (99.5% of Total Investments)
           
     
MUNICIPAL BONDS – 140.2% (99.5% of Total Investments)
           
     
Consumer Staples – 7.6% (5.4% of Total Investments)
           
     
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los Angeles County Securitization Corporation, Series 2006A:
           
$
2,000
 
5.600%, 6/01/36
12/18 at 100.00
 
B
$
1,848,260
 
 
2,000
 
5.650%, 6/01/41
12/18 at 100.00
 
B2
 
1,811,680
 
 
255
 
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Sonoma County Tobacco Securitization Corporation, Series 2005, 4.250%, 6/01/21
11/15 at 100.00
 
BBB+
 
253,368
 
 
1,995
 
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Stanislaus County Tobacco Funding Corporation, Series 2002A, 5.500%, 6/01/33
11/15 at 100.00
 
Baa1
 
1,993,025
 
     
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
           
 
3,770
 
5.000%, 6/01/33
6/17 at 100.00
 
B
 
3,204,915
 
 
6,040
 
5.750%, 6/01/47
6/17 at 100.00
 
B
 
5,191,199
 
 
3,660
 
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
 
3,019,207
 
 
19,720
 
Total Consumer Staples
       
17,321,654
 
     
Education and Civic Organizations – 2.8% (2.0% of Total Investments)
           
 
1,775
 
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
 
1,963,896
 
 
555
 
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
 
625,846
 
 
2,500
 
California Municipal Finance Authority, Revenue Bonds, University of La Verne, Series 2010A, 6.250%, 6/01/40
6/20 at 100.00
 
Baa1
 
2,855,775
 
 
850
 
California Statewide Communities Development Authority, School Facility Revenue Bonds, Alliance College-Ready Public Schools, Series 2011A, 7.000%, 7/01/46
7/21 at 100.00
 
BBB–
 
967,411
 
 
5,680
 
Total Education and Civic Organizations
       
6,412,928
 
     
Health Care – 17.8% (12.6% of Total Investments)
           
 
395
 
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
 
442,787
 
 
435
 
California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Series 2014A, 5.000%, 10/01/38
10/24 at 100.00
 
AA
 
492,986
 
 
855
 
California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Series 2014B, 5.000%, 10/01/44
10/24 at 100.00
 
AA
 
956,147
 
 
895
 
California Health Facilities Financing Authority, Revenue Bonds, Rady Children's Hospital – San Diego, Series 2011, 5.250%, 8/15/41
8/21 at 100.00
 
AA–
 
994,524
 
 
1,500
 
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2007A, 5.250%, 11/15/46
11/16 at 100.00
 
AA–
 
1,560,630
 
 
4,215
 
California Municipal Financing Authority, Certificates of Participation, Community Hospitals of Central California, Series 2007, 5.250%, 2/01/27
2/17 at 100.00
 
A–
 
4,395,065
 
 
1,300
 
California Statewide Communities Development Authority, Revenue Bonds, Adventist Health System/West, Series 2015A, 5.000%, 3/01/35
3/26 at 100.00
 
A
 
1,451,333
 
 
3,200
 
California Statewide Communities Development Authority, Revenue Bonds, Kaiser Permanente, Series 2012A, 5.000%, 4/01/42
4/22 at 100.00
 
A+
 
3,512,512
 
 
5,245
 
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A, 5.250%, 7/01/35
11/15 at 100.00
 
CCC
 
4,722,808
 
 
425
 
California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanente System, Series 2001C, 5.250%, 8/01/31
8/16 at 100.00
 
A+
 
440,959
 

56
 
Nuveen Investments


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Health Care (continued)
           
$
1,035
 
California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Series 2004D, 5.050%, 8/15/38 – AGM Insured
8/18 at 100.00
 
AA
$
1,103,331
 
 
2,705
 
California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Series 2005A, 5.000%, 11/15/43
11/15 at 100.00
 
AA–
 
2,727,803
 
 
1,610
 
Madera County, California, Certificates of Participation, Children's Hospital Central California, Series 2010, 5.375%, 3/15/36
3/20 at 100.00
 
AA–
 
1,790,610
 
 
455
 
Oak Valley Hospital District, Stanislaus County, California, Revenue Bonds, Series 2010A, 6.500%, 11/01/29
11/20 at 100.00
 
BB
 
477,263
 
 
1,500
 
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 6.625%, 11/01/29
11/19 at 100.00
 
Ba1
 
1,659,030
 
 
4,800
 
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 6.000%, 11/01/41
11/20 at 100.00
 
Ba1
 
5,096,496
 
 
5,785
 
Rancho Mirage Joint Powers Financing Authority, California, Revenue Bonds, Eisenhower Medical Center, Series 2007A, 5.000%, 7/01/38
7/17 at 100.00
 
Baa2
 
5,995,979
 
 
2,250
 
San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011, 7.500%, 12/01/41
12/21 at 100.00
 
BB
 
2,737,733
 
 
38,605
 
Total Health Care
       
40,557,996
 
     
Housing/Multifamily – 1.4% (1.0% of Total Investments)
           
 
1,280
 
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2010A, 6.400%, 8/15/45
8/20 at 100.00
 
BBB
 
1,407,181
 
 
410
 
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2012A, 5.500%, 8/15/47
8/22 at 100.00
 
BBB
 
450,816
 
 
940
 
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2012B, 7.250%, 8/15/47
8/22 at 100.00
 
A1
 
1,085,597
 
     
California Municipal Finance Authority, Mobile Home Park Senior Revenue Bonds, Caritas Affordable Housing, Inc. Projects, Series 2014A:
           
 
80
 
5.250%, 8/15/39
8/24 at 100.00
 
BBB
 
86,898
 
 
220
 
5.250%, 8/15/49
8/24 at 100.00
 
BBB
 
237,730
 
 
2,930
 
Total Housing/Multifamily
       
3,268,222
 
     
Housing/Single Family – 3.2% (2.3% of Total Investments)
           
 
5,775
 
California Housing Finance Agency, California, Home Mortgage Revenue Bonds, Series 2006M, 4.650%, 8/01/31 (Alternative Minimum Tax)
2/16 at 100.00
 
A
 
5,777,541
 
 
1,490
 
California Housing Finance Agency, California, Home Mortgage Revenue Bonds, Series 2007G, 5.050%, 2/01/29 (Alternative Minimum Tax)
2/17 at 100.00
 
A
 
1,515,494
 
 
45
 
California Housing Finance Agency, Home Mortgage Revenue Bonds, Series 2006H, 5.750%, 8/01/30 – FGIC Insured (Alternative Minimum Tax)
2/16 at 100.00
 
A
 
45,810
 
 
7,310
 
Total Housing/Single Family
       
7,338,845
 
     
Industrials – 0.0% (0.0% of Total Investments)
           
 
3,175
 
California Statewide Communities Development Authority, Revenue Bonds, EnerTech Regional Biosolids Project, Series 2007A, 5.500%, 12/01/33 (Alternative Minimum Tax) (4)
No Opt. Call
 
N/R
 
10,001
 
     
Tax Obligation/General – 35.5% (25.2% of Total Investments)
           
 
1,300
 
Alhambra Unified School District, Los Angeles County, California, General Obligation Bonds, Refunding Series 2012A, 5.000%, 8/01/29 – AGM Insured
8/22 at 100.00
 
Aa3
 
1,507,545
 
 
10,000
 
California State, General Obligation Bonds, Series 2006CD, 4.600%, 12/01/32 (Alternative Minimum Tax)
12/15 at 100.00
 
AA
 
10,078,499
 
 
4,000
 
California State, General Obligation Bonds, Various Purpose Refunding Series 2014, 5.000%, 8/01/31
8/24 at 100.00
 
AA–
 
4,604,840
 
 
675
 
California State, General Obligation Bonds, Various Purpose Refunding Series 2015, 5.000%, 8/01/32
2/25 at 100.00
 
AA–
 
779,031
 
 
13,850
 
California State, General Obligation Bonds, Various Purpose Series 2009, 6.000%, 4/01/38
4/19 at 100.00
 
AA–
 
16,142,867
 

Nuveen Investments
 
57


NVX
Nuveen California Dividend Advantage Municipal Fund 2
 
 
Portfolio of Investments (continued)
August 31, 2015 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Tax Obligation/General (continued)
           
     
California State, General Obligation Bonds, Various Purpose Series 2010:
           
$
2,000
 
6.000%, 3/01/33
3/20 at 100.00
 
AA–
$
2,411,520
 
 
1,000
 
5.250%, 11/01/40
11/20 at 100.00
 
AA–
 
1,165,700
 
     
California State, General Obligation Bonds, Various Purpose Series 2011:
           
 
4,850
 
5.250%, 10/01/28
No Opt. Call
 
AA–
 
5,657,816
 
 
2,300
 
5.000%, 9/01/41
9/21 at 100.00
 
AA–
 
2,565,581
 
 
2,190
 
5.000%, 10/01/41
10/21 at 100.00
 
AA–
 
2,446,033
 
     
California State, General Obligation Bonds, Various Purpose Series 2013:
           
 
2,500
 
5.000%, 2/01/43
No Opt. Call
 
AA–
 
2,787,950
 
 
2,240
 
5.000%, 11/01/43
11/23 at 100.00
 
AA–
 
2,520,806
 
     
California State, General Obligation Bonds, Various Purpose Series 2014:
           
 
2,000
 
5.000%, 5/01/32
5/24 at 100.00
 
AA–
 
2,286,780
 
 
1,815
 
5.000%, 10/01/44
10/24 at 100.00
 
AA–
 
2,038,753
 
 
32,730
 
Desert Community College District, Riverside County, California, General Obligation Bonds, Election 2004 Series 2007C, 0.000%, 8/01/46 – AGM Insured
No Opt. Call
 
AA
 
6,532,581
 
 
1,285
 
Los Angeles Unified School District, Los Angeles County, California, General Obligation Bonds, Series 2009D, 5.000%, 7/01/27
7/19 at 100.00
 
Aa2
 
1,466,840
 
 
10,330
 
Palomar Pomerado Health, California, General Obligation Bonds, Convertible Capital Appreciation, Election 2004 Series 2010A, 0.000%, 8/01/35
No Opt. Call
 
A+
 
3,973,848
 
 
1,265
 
Palomar Pomerado Health, California, General Obligation Bonds, Election of 2004, Series 2007A, 5.000%, 8/01/32 – NPFG Insured
8/17 at 100.00
 
AA–
 
1,339,622
 
 
2,000
 
Paramount Unified School District, Los Angeles County, California, General Obligation Bonds, Election 2006 Series 2011, 0.000%, 8/01/45
No Opt. Call
 
A+
 
1,670,720
 
 
2,000
 
Puerto Rico, General Obligation Bonds, Public Improvement Series 2002A, 5.500%, 7/01/20 – NPFG Insured
No Opt. Call
 
AA–
 
1,967,420
 
 
21,000
 
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–
 
4,224,990
 
 
1,000
 
Southwestern Community College District, San Diego County, California, General Obligation Bonds, Election of 2008, Series 2011C, 5.250%, 8/01/36
8/21 at 100.00
 
Aa2
 
1,129,220
 
 
1,600
 
Yuba Community College District, California, General Obligation Bonds, Election 2006 Series 2011C, 5.250%, 8/01/47
8/21 at 100.00
 
Aa2
 
1,757,216
 
 
123,930
 
Total Tax Obligation/General
       
81,056,178
 
     
Tax Obligation/Limited – 27.3% (19.4% of Total Investments)
           
 
7,000
 
California State Public Works Board, Lease Revenue Bonds, Department of Corrections & Rehabilitation, Various Correctional Facilities Series 2013F, 5.250%, 9/01/31
9/23 at 100.00
 
A+
 
8,194,270
 
 
3,525
 
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+
 
3,962,065
 
 
3,770
 
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2012G, 5.000%, 11/01/37
11/22 at 100.00
 
A+
 
4,234,728
 
 
4,520
 
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2014E, 5.000%, 9/01/39
9/24 at 100.00
 
A+
 
5,080,435
 
 
960
 
Fontana Redevelopment Agency, San Bernardino County, California, Tax Allocation Bonds, Jurupa Hills Redevelopment Project, Refunding Series 1997A, 5.500%, 10/01/27
4/16 at 100.00
 
A–
 
962,256
 
 
10,000
 
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2015A, 5.000%, 6/01/45
6/25 at 100.00
 
A+
 
10,995,199
 
 
1,785
 
Hawthorne Community Redevelopment Agency, California, Tax Allocation Bonds, Project Area 2, Series 2006, 5.250%, 9/01/36 – SYNCORA GTY Insured
9/16 at 100.00
 
N/R
 
1,820,379
 
 
1,800
 
Hesperia Unified School District, San Bernardino County, California, Certificates of Participation, Capital Improvement, Series 2007, 5.000%, 2/01/41 – AMBAC Insured
2/17 at 100.00
 
A–
 
1,882,062
 
 
1,500
 
Hesperia Unified School District, San Bernardino County, California, Certificates of Participation, Series 2013A, 5.000%, 2/01/38 – BAM Insured
2/23 at 100.00
 
AA
 
1,624,410
 

58
 
Nuveen Investments


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Tax Obligation/Limited (continued)
           
$
870
 
Inglewood Redevelopment Agency, California, Tax Allocation Bonds, Merged Redevelopment Project, Subordinate Lien Series 2007A-1, 5.000%, 5/01/23 – AMBAC Insured
5/17 at 100.00
 
BBB+
$
887,426
 
     
Irvine Unified School District, California, Special Tax Bonds, Community Facilities District Series 2006A:
           
 
205
 
5.000%, 9/01/26
9/16 at 100.00
 
N/R
 
209,920
 
 
470
 
5.125%, 9/01/36
9/16 at 100.00
 
N/R
 
480,241
 
 
1,000
 
Lake Elsinore Public Financing Authority, California, Local Agency Revenue Bonds, Refunding Series 2015, 5.000%, 9/01/40
9/25 at 100.00
 
N/R
 
1,069,270
 
 
415
 
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
 
424,437
 
 
800
 
Los Angeles Community Redevelopment Agency, California, Lease Revenue Bonds, Manchester Social Services Project, Series 2005, 5.000%, 9/01/37 – AMBAC Insured
9/15 at 100.00
 
A1
 
801,272
 
 
1,350
 
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
 
1,480,356
 
 
750
 
Lynwood Redevelopment Agency, California, Project A Revenue Bonds, Subordinate Lien Series 2011A, 7.000%, 9/01/31
9/21 at 100.00
 
A–
 
927,540
 
 
475
 
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–
 
592,605
 
 
175
 
Novato Redevelopment Agency, California, Tax Allocation Bonds, Hamilton Field Redevelopment Project, Series 2011, 6.750%, 9/01/40
9/21 at 100.00
 
BBB+
 
210,471
 
 
195
 
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
 
210,380
 
     
Patterson Public Financing Authority, California, Revenue Bonds, Community Facilities District 2001-1, Senior Series 2013A:
           
 
1,195
 
5.250%, 9/01/30
9/23 at 100.00
 
N/R
 
1,284,553
 
 
1,080
 
5.750%, 9/01/39
9/23 at 100.00
 
N/R
 
1,173,128
 
 
3,085
 
Pittsburg Redevelopment Agency, California, Tax Allocation Bonds, Los Medanos Community Development Project, Refunding Series 2008A, 6.500%, 9/01/28
9/18 at 100.00
 
BBB–
 
3,378,630
 
 
6,275
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 8/01/45 – NPFG Insured
No Opt. Call
 
AA–
 
993,960
 
 
550
 
Rancho Santa Fe CSD Financing Authority, California, Revenue Bonds, Superior Lien Series 2011A, 5.750%, 9/01/30
9/21 at 100.00
 
BBB+
 
623,128
 
 
100
 
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
 
122,663
 
 
225
 
Roseville, California, Special Tax Bonds, Community Facilities District 1 Westpark, Refunding Series 2015, 5.000%, 9/01/37
9/25 at 100.00
 
N/R
 
241,094
 
     
San Buenaventura Redevelopment Agency, California, Merged Project Areas Tax Allocation Bonds, Series 2008:
           
 
1,000
 
7.750%, 8/01/28
8/16 at 102.00
 
A
 
1,076,150
 
 
1,325
 
8.000%, 8/01/38
8/16 at 102.00
 
A
 
1,428,933
 
 
990
 
San Diego, California, Special Tax Bonds, Community Facilities District 4 Black Mountain Ranch Villages, Series 2008A, 6.000%, 9/01/37
3/16 at 103.00
 
N/R
 
1,030,214
 
 
210
 
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
 
222,608
 
 
80
 
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–
 
96,301
 
     
San Francisco Redevelopment Financing Authority, California, Tax Allocation Revenue Bonds, Mission Bay South Redevelopment Project, Series 2011D:
           
 
85
 
7.000%, 8/01/33
2/21 at 100.00
 
BBB+
 
101,820
 
 
105
 
7.000%, 8/01/41
2/21 at 100.00
 
BBB+
 
125,777
 

Nuveen Investments
 
59


NVX
Nuveen California Dividend Advantage Municipal Fund 2
 
 
Portfolio of Investments (continued)
August 31, 2015 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Tax Obligation/Limited (continued)
           
     
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2006C:
           
$
1,100
 
5.000%, 8/01/24 – NPFG Insured
8/17 at 100.00
 
AA–
$
1,179,574
 
 
765
 
5.000%, 8/01/25 – NPFG Insured
8/17 at 100.00
 
AA–
 
818,527
 
 
995
 
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2006D, 5.000%, 8/01/23 – AMBAC Insured
8/17 at 100.00
 
BBB+
 
1,059,924
 
 
140
 
Signal Hill Redevelopment Agency, California, Project 1 Tax Allocation Bonds, Series 2011, 7.000%, 10/01/26
4/21 at 100.00
 
N/R
 
157,710
 
 
930
 
Temecula Public Financing Authority, California, Special Tax Bonds, Community Facilities District 03-02 Roripaugh, Series 2006, 5.500%, 9/01/36
3/16 at 101.00
 
N/R
 
926,559
 
 
240
 
Yorba Linda Redevelopment Agency, Orange County, California, Tax Allocation Revenue Bonds, Yorba Linda Redevelopment Project, Subordinate Lien Series 2011A, 6.500%, 9/01/32
9/21 at 100.00
 
A–
 
290,206
 
 
62,040
 
Total Tax Obligation/Limited
       
62,381,181
 
     
Transportation – 10.9% (7.7% of Total Investments)
           
 
2,000
 
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2013S-4, 5.250%, 4/01/48
4/23 at 100.00
 
AA–
 
2,244,460
 
 
2,240
 
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+
 
2,650,704
 
     
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Series 2013A:
           
 
4,940
 
5.750%, 1/15/46
1/24 at 100.00
 
BBB–
 
5,697,746
 
 
4,935
 
6.000%, 1/15/53
1/24 at 100.00
 
BBB–
 
5,741,675
 
 
4,000
 
Los Angeles Harbors Department, California, Revenue Bonds, Refunding Series 2014B, 5.000%, 8/01/44
8/24 at 100.00
 
AA
 
4,534,680
 
     
Port of Oakland, California, Revenue Bonds, Refunding Series 2012P:
           
 
1,545
 
5.000%, 5/01/29 (Alternative Minimum Tax)
No Opt. Call
 
A+
 
1,728,407
 
 
1,000
 
5.000%, 5/01/31 (Alternative Minimum Tax)
No Opt. Call
 
A+
 
1,109,790
 
 
1,000
 
Riverside County Transportation Commission, California, Toll Revenue Senior Lien Bonds, Series 2013A, 5.750%, 6/01/44
6/23 at 100.00
 
BBB–
 
1,131,930
 
 
21,660
 
Total Transportation
       
24,839,392
 
     
U.S. Guaranteed – 8.9% (6.3% of Total Investments) (5)
           
 
1,930
 
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2006F, 5.000%, 4/01/31 (Pre-refunded 4/01/16) (UB)
4/16 at 100.00
 
AA (5)
 
1,984,040
 
 
1,430
 
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Tender Option Bond Trust 3211, 13.539%, 10/01/32 (Pre-refunded 4/01/18) (IF)
4/18 at 100.00
 
AA (5)
 
2,019,432
 
 
125
 
California Educational Facilities Authority, Revenue Bonds, University of the Pacific, Series 2006, 5.000%, 11/01/21 (Pre-refunded 11/01/15)
11/15 at 100.00
 
A2 (5)
 
126,004
 
 
2,945
 
California State Public Works Board, Lease Revenue Bonds, University of California Regents, Tender Option Bond Trust 1065, 9.291%, 3/01/33 (Pre-refunded 3/01/18) (IF)
3/18 at 100.00
 
Aaa
 
3,568,869
 
 
2,225
 
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)
 
2,414,147
 
 
1,400
 
Castaic Lake Water Agency, California, Certificates of Participation, Series 2006C, 5.000%, 8/01/36 (Pre-refunded 8/01/16) – NPFG Insured
8/16 at 100.00
 
AA– (5)
 
1,461,180
 
 
545
 
Healdsburg Public Financing Authority, California, Wastewater Revenue Bonds, Series 2006, 5.000%, 4/01/36 (Pre-refunded 4/01/16) – NPFG Insured
4/16 at 100.00
 
AA (5)
 
560,358
 
 
205
 
Independent Cities Lease Finance Authority, California, Mobile Home Park Revenue Bonds, San Juan Mobile Estates, Series 2006B, 5.850%, 5/15/41 (Pre-refunded 5/15/16)
5/16 at 100.00
 
N/R (5)
 
213,054
 
 
2,000
 
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)
 
2,338,660
 
 
2,000
 
Puerto Rico Public Finance Corporation, Commonwealth Appropriation Bonds, Series 2002E, 6.000%, 8/01/26 (ETM)
No Opt. Call
 
CC (5)
 
2,573,140
 

60
 
Nuveen Investments


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
U.S. Guaranteed (5) (continued)
           
$
750
 
Sacramento County Sanitation Districts Financing Authority, California, Revenue Bonds, Series 2006, 5.000%, 12/01/31 (Pre-refunded 6/01/16) – FGIC Insured
6/16 at 100.00
 
AA (5)
$
777,128
 
 
825
 
San Mateo Union High School District, San Mateo County, California, Certificates of Participation, Phase 1, Series 2007A, 5.000%, 12/15/30 (Pre-refunded 12/15/17) – AMBAC Insured
12/17 at 100.00
 
N/R (5)
 
906,502
 
 
1,315
 
University of California, Limited Project Revenue Bonds, Series 2007D, 5.000%, 5/15/41 (Pre-refunded 5/15/16) – FGIC Insured
5/16 at 101.00
 
AA– (5)
 
1,372,755
 
 
17,695
 
Total U.S. Guaranteed
       
20,315,269
 
     
Utilities – 10.8% (7.7% of Total Investments)
           
 
2,355
 
Long Beach Bond Finance Authority, California, Natural Gas Purchase Revenue Bonds, Series 2007A, 5.000%, 11/15/35
No Opt. Call
 
A
 
2,647,609
 
 
14,000
 
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2012B, 5.000%, 7/01/43
7/22 at 100.00
 
AA–
 
15,771,279
 
 
1,500
 
Southern California Public Power Authority, California, Revenue Bonds, Apex Power Project Series 2014A, 5.000%, 7/01/38
7/24 at 100.00
 
AA–
 
1,711,215
 
 
4,000
 
Southern California Public Power Authority, Natural Gas Project 1 Revenue Bonds, Series 2007A, 5.000%, 11/01/33
No Opt. Call
 
A
 
4,540,640
 
 
21,855
 
Total Utilities
       
24,670,743
 
     
Water and Sewer – 14.0% (9.9% of Total Investments)
           
 
5,240
 
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
 
5,518,296
 
 
1,400
 
East Bay Municipal Utility District, Alameda and Contra Costa Counties, California, Water System Revenue Bonds, Refunding Series 2015A, 5.000%, 6/01/31
6/25 at 100.00
 
AAA
 
1,667,736
 
 
4,265
 
Escondido Joint Powers Financing Authority, California, Revenue Bonds, Water System Financing, Series 2012, 5.000%, 9/01/41
3/22 at 100.00
 
AA–
 
4,662,583
 
 
10,390
 
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2014A, 5.000%, 7/01/44
7/24 at 100.00
 
AA
 
11,784,545
 
 
1,160
 
Metropolitan Water District of Southern California, Waterworks Revenue Bonds, Tender Option Bond Trust 09-8B, 17.543%, 7/01/35 (IF) (6)
7/19 at 100.00
 
AAA
 
1,764,592
 
 
5,825
 
Sacramento, California, Wastewater Revenue Bonds, Series 2013, 5.000%, 9/01/42
9/23 at 100.00
 
AA
 
6,485,963
 
 
28,280
 
Total Water and Sewer
       
31,883,715
 
$
352,880
 
Total Long-Term Investments (cost $297,041,441)
       
320,056,124
 

Nuveen Investments
 
61


NVX
Nuveen California Dividend Advantage Municipal Fund 2
 
 
Portfolio of Investments (continued)
August 31, 2015 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
SHORT-TERM INVESTMENTS – 0.7% (0.5% of Total Investments)
           
     
MUNICIPAL BONDS – 0.7% (0.5% of Total Investments)
           
     
Health Care – 0.7% (0.5% of Total Investments)
           
$
1,320
 
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2014A, 6.000%, 7/10/15 (7)
No Opt. Call
 
N/R
$
1,329,082
 
 
125
 
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2014B, 6.000%, 7/10/15 (7)
No Opt. Call
 
N/R
 
125,860
 
 
200
 
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2014C, 6.000%, 7/10/15 (7)
No Opt. Call
 
N/R
 
201,376
 
$
1,645
 
Total Short-Term Investments (cost $1,645,000)
       
1,656,318
 
     
Total Investments (cost $298,686,441) – 140.9%
       
321,712,442
 
     
Floating Rate Obligations – (0.4)%
       
(965,000)
 
     
Variable Rate Demand Preferred Shares, at Liquidation Value – (42.9)% (8)
       
(98,000,000)
 
     
Other Assets Less Liabilities – 2.4%
       
5,619,387
 
     
Net Assets Applicable to Common Shares – 100%
     
$
228,366,829
 

(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)
As of, or subsequent to, the end of the reporting period this security is non-income producing. Non-income producing, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund's Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has ceased accruing additional income on the Fund's records.
(5)
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(6)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(7)
Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment classified as Level 3. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information.
(8)
Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 30.5%.
(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, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.
See accompanying notes to financial statements.
62
 
Nuveen Investments


NZH
   
 
Nuveen California Dividend Advantage Municipal Fund 3
 
 
Portfolio of Investments
August 31, 2015 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
LONG-TERM INVESTMENTS – 141.5% (99.1% of Total Investments)
           
     
MUNICIPAL BONDS – 141.5% (99.1% of Total Investments)
           
     
Consumer Staples – 8.0% (5.6% of Total Investments)
           
$
2,500
 
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
$
2,264,600
 
 
415
 
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Sonoma County Tobacco Securitization Corporation, Series 2005, 4.250%, 6/01/21
11/15 at 100.00
 
BBB+
 
412,344
 
     
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
           
 
16,685
 
5.000%, 6/01/33
6/17 at 100.00
 
B
 
14,184,085
 
 
6,625
 
5.750%, 6/01/47
6/17 at 100.00
 
B
 
5,693,989
 
 
6,265
 
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
 
5,168,124
 
 
32,490
 
Total Consumer Staples
       
27,723,142
 
     
Education and Civic Organizations – 4.3% (3.0% of Total Investments)
           
 
135
 
California Educational Facilities Authority, Revenue Bonds, University of Redlands, Series 2005A, 5.000%, 10/01/35
10/15 at 100.00
 
A3
 
135,177
 
 
2,160
 
California Educational Facilities Authority, Revenue Bonds, University of San Francisco, Series 2011, 6.125%, 10/01/36
10/21 at 100.00
 
A2
 
2,622,046
 
 
850
 
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
 
958,503
 
 
3,000
 
California State University, Systemwide Revenue Bonds, Series 2015A, 5.000%, 11/01/38
11/25 at 100.00
 
Aa2
 
3,462,540
 
 
2,750
 
California Statewide Communities Development Authority, Revenue Bonds, Buck Institute for Research on Aging, Series 2014, 5.000%, 11/15/44 – AGM Insured
11/24 at 100.00
 
AA
 
3,049,255
 
 
1,300
 
California Statewide Communities Development Authority, School Facility Revenue Bonds, Alliance College-Ready Public Schools, Series 2011A, 7.000%, 7/01/46
7/21 at 100.00
 
BBB–
 
1,479,569
 
 
3,100
 
San Diego County, California, Certificates of Participation, Burnham Institute, Series 2006, 5.000%, 9/01/34
9/15 at 102.00
 
Baa1
 
3,164,573
 
 
13,295
 
Total Education and Civic Organizations
       
14,871,663
 
     
Health Care – 26.5% (18.6% of Total Investments)
           
 
5,640
 
ABAG Finance Authority for Nonprofit Corporations, California, Revenue Bonds, Sharp HealthCare, Series 2014A, 5.000%, 8/01/43
8/23 at 100.00
 
AA–
 
6,253,294
 
 
610
 
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
 
683,798
 
 
670
 
California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Series 2014A, 5.000%, 10/01/38
10/24 at 100.00
 
AA
 
759,311
 
 
1,320
 
California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Series 2014B, 5.000%, 10/01/44
10/24 at 100.00
 
AA
 
1,476,156
 
 
1,445
 
California Health Facilities Financing Authority, Revenue Bonds, Rady Children's Hospital – San Diego, Series 2011, 5.250%, 8/15/41
8/21 at 100.00
 
AA–
 
1,605,684
 
 
1,765
 
California Health Facilities Financing Authority, Revenue Bonds, Saint Joseph Health System, Series 2009A, 5.750%, 7/01/39
7/19 at 100.00
 
AA–
 
2,019,954
 
 
3,530
 
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2011B, 6.000%, 8/15/42
8/20 at 100.00
 
AA–
 
4,175,355
 
 
3,735
 
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Tender Option Bond Trust 2015-XF0061, 18.797%, 5/15/16 (IF)
No Opt. Call
 
AA–
 
4,338,464
 

Nuveen Investments
 
63


NZH
Nuveen California Dividend Advantage Municipal Fund 3
 
 
Portfolio of Investments (continued)
August 31, 2015 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Health Care (continued)
           
$
1,625
 
California Statewide Communities Development Authority, Revenue Bonds, Adventist Health System West, Series 2007B, 5.000%, 3/01/37 – AGC Insured
3/18 at 100.00
 
AA
$
1,723,020
 
 
1,045
 
California Statewide Communities Development Authority, Revenue Bonds, Adventist Health System/West, Series 2015A, 5.000%, 3/01/35
3/26 at 100.00
 
A
 
1,166,648
 
 
1,335
 
California Statewide Communities Development Authority, Revenue Bonds, Huntington Memorial Hospital, Refunding Series 2014B, 5.000%, 7/01/44
7/24 at 100.00
 
A
 
1,473,693
 
 
1,000
 
California Statewide Communities Development Authority, Revenue Bonds, Kaiser Permanente, Series 2012A, 5.000%, 4/01/42
4/22 at 100.00
 
A+
 
1,097,660
 
 
1,594
 
California Statewide Communities Development Authority, Revenue Bonds, Saint Joseph Health System, Trust 2554, 18.384%, 7/01/47 – AGM Insured (IF)
7/18 at 100.00
 
AA
 
2,049,305
 
 
8,875
 
California Statewide Communities Development Authority, Revenue Bonds, Sutter Health, Series 2011A, 6.000%, 8/15/42
8/20 at 100.00
 
AA–
 
10,497,528
 
 
4,500
 
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
 
4,781,160
 
 
2,330
 
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A, 5.250%, 7/01/35
11/15 at 100.00
 
CCC
 
2,098,025
 
 
645
 
California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanente System, Series 2001C, 5.250%, 8/01/31
8/16 at 100.00
 
A+
 
669,220
 
 
3,860
 
California Statewide Community Development Authority, Revenue Bonds, St. Joseph Health System, Series 2007A, 5.750%, 7/01/47 – FGIC Insured
7/18 at 100.00
 
AA–
 
4,284,368
 
 
5,600
 
California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Tender Option Bond Trust 3102, 18.885%, 11/15/46 (IF) (4)
11/16 at 100.00
 
AA–
 
6,505,072
 
 
4,000
 
Marysville, California, Revenue Bonds, The Fremont-Rideout Health Group, Series 2011, 5.250%, 1/01/42
1/21 at 100.00
 
A
 
4,369,200
 
 
695
 
Oak Valley Hospital District, Stanislaus County, California, Revenue Bonds, Series 2010A, 6.500%, 11/01/29
11/20 at 100.00
 
BB
 
729,006
 
 
1,000
 
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 6.750%, 11/01/39
11/19 at 100.00
 
Ba1
 
1,094,670
 
 
7,650
 
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 6.000%, 11/01/41
11/20 at 100.00
 
Ba1
 
8,122,541
 
 
5,790
 
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
 
6,001,161
 
 
3,400
 
San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011, 7.500%, 12/01/41
12/21 at 100.00
 
BB
 
4,137,018
 
 
8,760
 
The Regents of the University of California, Medical Center Pooled Revenue Bonds, Series 2013J, 5.250%, 5/15/31
5/23 at 100.00
 
AA–
 
10,178,594
 
 
82,419
 
Total Health Care
       
92,289,905
 
     
Housing/Multifamily – 1.4% (1.0% of Total Investments)
           
 
1,970
 
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2010A, 6.400%, 8/15/45
8/20 at 100.00
 
BBB
 
2,165,739
 
 
2,020
 
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2012A, 5.500%, 8/15/47
8/22 at 100.00
 
BBB
 
2,221,091
 
     
California Municipal Finance Authority, Mobile Home Park Senior Revenue Bonds, Caritas Affordable Housing, Inc. Projects, Series 2014A:
           
 
125
 
5.250%, 8/15/39
8/24 at 100.00
 
BBB
 
135,779
 
 
340
 
5.250%, 8/15/49
8/24 at 100.00
 
BBB
 
367,401
 
 
4,455
 
Total Housing/Multifamily
       
4,890,010
 

64
 
Nuveen Investments


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Housing/Single Family – 4.0% (2.8% of Total Investments)
           
     
California Housing Finance Agency, California, Home Mortgage Revenue Bonds, Tender Option Bond Trust 3206:
           
$
10,180
 
9.246%, 8/01/25 (Alternative Minimum Tax) (IF)
2/16 at 100.00
 
A
$
10,191,096
 
 
3,805
 
9.619%, 2/01/29 (Alternative Minimum Tax) (IF)
2/17 at 100.00
 
A
 
3,844,001
 
 
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
 
A
 
81,439
 
 
14,065
 
Total Housing/Single Family
       
14,116,536
 
     
Industrials – 1.5% (1.0% of Total Investments)
           
 
5,000
 
California Pollution Control Financing Authority, Solid Waste Disposal Revenue Bonds, Waste Management Inc., Series 2005C, 5.125%, 11/01/23 (Alternative Minimum Tax)
11/15 at 101.00
 
A–
 
5,087,550
 
 
5,205
 
California Statewide Communities Development Authority, Revenue Bonds, EnerTech Regional Biosolids Project, Series 2007A, 5.500%, 12/01/33 (Alternative Minimum Tax) (5)
No Opt. Call
 
N/R
 
16,396
 
 
10,205
 
Total Industrials
       
5,103,946
 
     
Tax Obligation/General – 16.8% (11.8% of Total Investments)
           
     
California State, General Obligation Bonds, Refunding Various Purpose Series 2013:
           
 
1,260
 
5.000%, 2/01/29
No Opt. Call
 
AA–
 
1,454,494
 
 
1,710
 
5.000%, 2/01/31
No Opt. Call
 
AA–
 
1,959,096
 
 
3,150
 
California State, General Obligation Bonds, Various Purpose Refunding Series 2015, 5.000%, 8/01/32
2/25 at 100.00
 
AA–
 
3,635,478
 
     
California State, General Obligation Bonds, Various Purpose Series 2009:
           
 
3,040
 
6.000%, 11/01/39
11/19 at 100.00
 
AA–
 
3,618,968
 
 
3,500
 
5.500%, 11/01/39
11/19 at 100.00
 
AA–
 
4,072,600
 
     
California State, General Obligation Bonds, Various Purpose Series 2010:
           
 
1,960
 
5.500%, 3/01/40
3/20 at 100.00
 
AA–
 
2,277,657
 
 
1,000
 
5.250%, 11/01/40
11/20 at 100.00
 
AA–
 
1,165,700
 
     
California State, General Obligation Bonds, Various Purpose Series 2011:
           
 
1,770
 
5.250%, 10/01/28
No Opt. Call
 
AA–
 
2,064,811
 
 
4,000
 
5.000%, 9/01/31
No Opt. Call
 
AA–
 
4,561,160
 
 
4,315
 
5.000%, 10/01/41
10/21 at 100.00
 
AA–
 
4,819,467
 
 
3,230
 
California State, General Obligation Bonds, Various Purpose Series 2012, 5.250%, 2/01/29
2/22 at 100.00
 
AA–
 
3,747,285
 
 
2,465
 
California State, General Obligation Bonds, Various Purpose Series 2013, 5.000%, 4/01/37
4/23 at 100.00
 
AA–
 
2,781,062
 
 
3,065
 
California State, General Obligation Bonds, Various Purpose Series 2015, 4.000%, 8/01/45 (WI/DD, Settling 9/09/15)
8/25 at 100.00
 
AA–
 
3,105,060
 
 
15
 
California, General Obligation Veterans Welfare Bonds, Series 2001BZ, 5.350%, 12/01/21 – NPFG Insured (Alternative Minimum Tax)
12/15 at 100.00
 
AA
 
15,047
 
 
1,120
 
Oxnard School District, Ventura County, California, General Obligation Bonds, Election 2012 Series 2013B, 5.000%, 8/01/43 – AGM Insured
8/23 at 100.00
 
AA
 
1,240,154
 
 
4,385
 
Pajaro Valley Unified School District, Santa Cruz County, California, General Obligation Bonds, Refunding Election 2012 Series 2013A, 5.000%, 8/01/43
8/23 at 100.00
 
Aa2
 
4,855,423
 
 
3,000
 
Paramount Unified School District, Los Angeles County, California, General Obligation Bonds, Election 2006 Series 2011, 0.000%, 8/01/45
No Opt. Call
 
A+
 
2,506,080
 
 
2,115
 
San Mateo Union High School District, San Mateo County, California, General Obligation Bonds, Election 2010 Series 2011A, 5.000%, 9/01/42
9/21 at 100.00
 
AA+
 
2,407,779
 
 
5,530
 
Stockton Unified School District, San Joaquin County, California, General Obligation Bonds, Election 2008 Series 2011D, 0.000%, 8/01/50 – AGM Insured
8/37 at 100.00
 
AA
 
4,360,903
 
     
Washington Township Health Care District, Alameda County, California, General Obligation Bonds, 2012 Election Series 2013A:
           
 
1,535
 
5.500%, 8/01/38
8/24 at 100.00
 
Aa3
 
1,818,729
 
 
1,750
 
5.500%, 8/01/40
8/24 at 100.00
 
Aa3
 
2,064,510
 
 
53,915
 
Total Tax Obligation/General
       
58,531,463
 

Nuveen Investments
 
65


NZH
Nuveen California Dividend Advantage Municipal Fund 3
 
 
Portfolio of Investments (continued)
August 31, 2015 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Tax Obligation/Limited – 42.1% (29.5% of Total Investments)
           
$
1,680
 
Beaumont Financing Authority, California, Local Agency Revenue Bonds, Improvement Area 19A, Series 2015B, 5.000%, 9/01/35
9/25 at 100.00
 
N/R
$
1,814,954
 
     
California State Public Works Board, Lease Revenue Bonds, Department of Corrections & Rehabilitation, Series 2013G:
           
 
5,690
 
5.250%, 9/01/30
9/23 at 100.00
 
A+
 
6,700,829
 
 
7,135
 
5.250%, 9/01/32
9/23 at 100.00
 
A+
 
8,335,606
 
     
California State Public Works Board, Lease Revenue Bonds, Department of Corrections & Rehabilitation, Various Correctional Facilities Series 2013F:
           
 
1,685
 
5.250%, 9/01/31
9/23 at 100.00
 
A+
 
1,972,478
 
 
1,450
 
5.250%, 9/01/33
9/23 at 100.00
 
A+
 
1,688,366
 
 
1,000
 
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2009G-1, 5.750%, 10/01/30
10/19 at 100.00
 
A+
 
1,169,660
 
 
2,260
 
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2010A-1, 5.750%, 3/01/30
3/20 at 100.00
 
A+
 
2,642,076
 
 
2,160
 
Chino Redevelopment Agency, California, Merged Chino Redevelopment Project Area Tax Allocation Bonds, Series 2006, 5.000%, 9/01/38 – AMBAC Insured
9/16 at 101.00
 
A
 
2,203,222
 
 
1,445
 
Fontana Redevelopment Agency, San Bernardino County, California, Tax Allocation Bonds, Jurupa Hills Redevelopment Project, Refunding Series 1997A, 5.500%, 10/01/27
4/16 at 100.00
 
A–
 
1,448,396
 
 
15,750
 
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2015A, 5.000%, 6/01/45
6/25 at 100.00
 
A+
 
17,317,439
 
 
1,310
 
Inglewood Redevelopment Agency, California, Tax Allocation Bonds, Merged Redevelopment Project, Subordinate Lien Series 2007A-1, 5.000%, 5/01/23 – AMBAC Insured
5/17 at 100.00
 
BBB+
 
1,336,239
 
     
Irvine Unified School District, California, Special Tax Bonds, Community Facilities District Series 2006A:
           
 
330
 
5.000%, 9/01/26
9/16 at 100.00
 
N/R
 
337,920
 
 
760
 
5.125%, 9/01/36
9/16 at 100.00
 
N/R
 
776,560
 
 
680
 
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
 
695,463
 
 
1,310
 
Los Angeles Community Redevelopment Agency, California, Lease Revenue Bonds, Manchester Social Services Project, Series 2005, 5.000%, 9/01/37 – AMBAC Insured
9/15 at 100.00
 
A1
 
1,312,083
 
 
2,615
 
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
 
2,867,504
 
 
725
 
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–
 
904,503
 
 
270
 
Novato Redevelopment Agency, California, Tax Allocation Bonds, Hamilton Field Redevelopment Project, Series 2011, 6.750%, 9/01/40
9/21 at 100.00
 
BBB+
 
324,726
 
 
11,165
 
Palm Desert Financing Authority, California, Tax Allocation Revenue Bonds, Project Area 1, Refunding Series 2002, 5.100%, 4/01/30 – NPFG Insured
4/16 at 100.00
 
AA–
 
11,179,738
 
 
290
 
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
 
312,872
 
     
Patterson Public Financing Authority, California, Revenue Bonds, Community Facilities District 2001-1, Senior Series 2013A:
           
 
1,805
 
5.250%, 9/01/30
9/23 at 100.00
 
N/R
 
1,940,267
 
 
1,615
 
5.750%, 9/01/39
9/23 at 100.00
 
N/R
 
1,754,261
 
 
2,760
 
Pico Rivera Water Authority, California, Revenue Bonds, Series 2001A, 6.250%, 12/01/32
12/15 at 100.00
 
N/R
 
2,764,526
 
 
2,185
 
Pittsburg Redevelopment Agency, California, Tax Allocation Bonds, Los Medanos Community Development Project, Refunding Series 2008A, 6.500%, 9/01/28
9/18 at 100.00
 
BBB–
 
2,392,968
 
 
3,250
 
Pomona Public Financing Authority, California, Revenue Refunding Bonds, Merged Redevelopment Projects, Series 2001AD, 5.000%, 2/01/27 – NPFG Insured
2/16 at 100.00
 
AA–
 
3,254,713
 
     
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A:
           
 
10,000
 
0.000%, 8/01/44 – NPFG Insured
No Opt. Call
 
AA–
 
1,684,600
 
 
10,025
 
0.000%, 8/01/45 – NPFG Insured
No Opt. Call
 
AA–
 
1,587,960
 

66
 
Nuveen Investments


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Tax Obligation/Limited (continued)
           
$
3,500
 
Rancho Cucamonga Redevelopment Agency Successor Agency, California, Tax Allocation Bonds, Rancho Redevelopment Project, Series 2014, 5.000%, 9/01/30
9/24 at 100.00
 
AA
$
4,024,720
 
 
865
 
Rancho Santa Fe CSD Financing Authority, California, Revenue Bonds, Superior Lien Series 2011A, 5.750%, 9/01/30
9/21 at 100.00
 
BBB+
 
980,010
 
 
3,375
 
Riverside County Redevelopment Agency, California, Tax Allocation Bonds, Interstate 215 Corridor Redevelopment Project Area, Series 2010E, 6.500%, 10/01/40
10/20 at 100.00
 
A–
 
3,952,699
 
 
155
 
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
 
190,128
 
     
Riverside County, California, Special Tax Bonds, Community Facilities District 04-2 Lake Hill Crest, Series 2012:
           
 
990
 
5.000%, 9/01/29
9/22 at 100.00
 
N/R
 
1,078,922
 
 
2,615
 
5.000%, 9/01/35
9/22 at 100.00
 
N/R
 
2,803,515
 
 
350
 
Roseville, California, Special Tax Bonds, Community Facilities District 1 Westpark, Refunding Series 2015, 5.000%, 9/01/37
9/25 at 100.00
 
N/R
 
375,036
 
 
5,000
 
San Diego County Regional Transportation Commission, California, Sales Tax Revenue Bonds, Series 2014A, 5.000%, 4/01/44
4/24 at 100.00
 
AAA
 
5,678,750
 
 
14,505
 
San Diego Redevelopment Agency, California, Subordinate Lien Tax Allocation Bonds, Centre City Project, Series 2001A, 5.000%, 9/01/26 – AGM Insured
11/15 at 100.00
 
AA
 
14,560,118
 
 
330
 
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
 
349,813
 
 
125
 
San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds, Mission Bay North Redevelopment Project, Series 2011C, 6.750%, 8/01/41
2/21 at 100.00
 
A–
 
150,470
 
     
San Francisco Redevelopment Financing Authority, California, Tax Allocation Revenue Bonds, Mission Bay South Redevelopment Project, Series 2011D:
           
 
125
 
7.000%, 8/01/33
2/21 at 100.00
 
BBB+
 
149,735
 
 
160
 
7.000%, 8/01/41
2/21 at 100.00
 
BBB+
 
191,661
 
 
1,160
 
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2006C, 5.000%, 8/01/25 – NPFG Insured
8/17 at 100.00
 
AA–
 
1,241,165
 
 
1,500
 
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2006D, 5.000%, 8/01/23 – AMBAC Insured
8/17 at 100.00
 
BBB+
 
1,597,875
 
 
215
 
Signal Hill Redevelopment Agency, California, Project 1 Tax Allocation Bonds, Series 2011, 7.000%, 10/01/26
4/21 at 100.00
 
N/R
 
242,198
 
 
8,710
 
South Orange County Public Financing Authority, California, Special Tax Revenue Bonds, Ladera Ranch, Series 2005A, 5.000%, 8/15/32 – AMBAC Insured
11/15 at 100.00
 
BBB+
 
8,736,043
 
 
1,500
 
Stockton Public Financing Authority, California, Lease Revenue Bonds, Series 2004, 5.250%, 9/01/34 – FGIC Insured
11/15 at 100.00
 
AA–
 
1,499,865
 
 
1,415
 
Temecula Public Financing Authority, California, Special Tax Bonds, Community Facilities District 03-02 Roripaugh, Series 2006, 5.450%, 9/01/26
3/16 at 101.00
 
N/R
 
1,417,448
 
 
1,165
 
Temecula Redevelopment Agency, California, Redevelopment Project 1 Tax Allocation Housing Bonds Series 2011A, 7.000%, 8/01/39
8/21 at 100.00
 
A
 
1,448,922
 
     
Westminster Redevelopment Agency, California, Tax Allocation Bonds, Commercial Redevelopment Project 1, Police Facility Subordinate Series 2009:
           
 
7,500
 
6.250%, 11/01/39
11/19 at 100.00
 
AA
 
8,799,600
 
 
5,000
 
5.750%, 11/01/45
11/19 at 100.00
 
AA
 
5,751,600
 
 
370
 
Yorba Linda Redevelopment Agency, Orange County, California, Tax Allocation Revenue Bonds, Yorba Linda Redevelopment Project, Subordinate Lien Series 2011A, 6.500%, 9/01/32
9/21 at 100.00
 
A–
 
447,400
 
 
151,980
 
Total Tax Obligation/Limited
       
146,387,622
 

Nuveen Investments
 
67


NZH
Nuveen California Dividend Advantage Municipal Fund 3
 
 
Portfolio of Investments (continued)
August 31, 2015 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Transportation – 10.6% (7.5% of Total Investments)
           
$
3,705
 
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2013S-4, 5.250%, 4/01/48
4/23 at 100.00
 
AA–
$
4,157,862
 
 
3,425
 
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+
 
4,052,974
 
     
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Series 2013A:
           
 
7,560
 
5.750%, 1/15/46
1/24 at 100.00
 
BBB–
 
8,719,628
 
 
7,555
 
6.000%, 1/15/53
1/24 at 100.00
 
BBB–
 
8,789,940
 
     
Los Angeles Harbors Department, California, Revenue Bonds, Series 2014C:
           
 
1,160
 
5.000%, 8/01/34
8/24 at 100.00
 
AA
 
1,338,338
 
 
1,865
 
5.000%, 8/01/36
8/24 at 100.00
 
AA
 
2,145,440
 
 
4,610
 
5.000%, 8/01/44
8/24 at 100.00
 
AA
 
5,226,219
 
 
2,350
 
Port of Oakland, California, Revenue Bonds, Refunding Series 2012P, 5.000%, 5/01/29 (Alternative Minimum Tax)
No Opt. Call
 
A+
 
2,628,969
 
 
32,230
 
Total Transportation
       
37,059,370
 
     
U.S. Guaranteed – 5.2% (3.5% of Total Investments) (6)
           
 
1,690
 
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2006F, 5.000%, 4/01/31 (Pre-refunded 4/01/16) (UB)
4/16 at 100.00
 
AA (6)
 
1,737,320
 
     
California Educational Facilities Authority, Revenue Bonds, University of the Pacific, Series 2006:
           
 
200
 
5.000%, 11/01/21 (Pre-refunded 11/01/15)
11/15 at 100.00
 
A2 (6)
 
201,606
 
 
1,000
 
5.000%, 11/01/30 (Pre-refunded 11/01/15)
11/15 at 100.00
 
A2 (6)
 
1,008,030
 
 
1,000
 
California Municipal Finance Authority, Revenue Bonds, Harbor Regional Center Project, Series 2009, 8.000%, 11/01/29 (Pre-refunded 11/01/19)
11/19 at 100.00
 
A3 (6)
 
1,271,380
 
 
3,435
 
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+ (6)
 
3,727,009
 
 
890
 
Healdsburg Public Financing Authority, California, Wastewater Revenue Bonds, Series 2006, 5.000%, 4/01/36 (Pre-refunded 4/01/16) – NPFG Insured
4/16 at 100.00
 
AA (6)
 
915,080
 
 
325
 
Independent Cities Lease Finance Authority, California, Mobile Home Park Revenue Bonds, San Juan Mobile Estates, Series 2006B, 5.850%, 5/15/41 (Pre-refunded 5/15/16)
5/16 at 100.00
 
N/R (6)
 
337,769
 
 
1,000
 
Lindsay Redevelopment Agency, California, Project 1 Tax Allocation Bonds, Series 2007, 5.000%, 8/01/37 (Pre-refunded 8/01/17) – RAAI Insured
8/17 at 100.00
 
N/R (6)
 
1,084,420
 
 
2,950
 
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+ (6)
 
3,449,524
 
 
2,330
 
Newport Beach, California, Revenue Bonds, Hoag Memorial Hospital Presbyterian, Series 2011A, 6.000%, 12/01/40 (Pre-refunded 12/01/21)
12/21 at 100.00
 
N/R (6)
 
2,931,163
 
 
1,345
 
San Mateo Union High School District, San Mateo County, California, Certificates of Participation, Phase 1, Series 2007A, 5.000%, 12/15/30 (Pre-refunded 12/15/17) – AMBAC Insured
12/17 at 100.00
 
N/R (6)
 
1,477,873
 
 
16,165
 
Total U.S. Guaranteed
       
18,141,174
 
     
Utilities – 5.9% (4.2% of Total Investments)
           
 
3,815
 
Long Beach Bond Finance Authority, California, Natural Gas Purchase Revenue Bonds, Series 2007A, 5.000%, 11/15/35
No Opt. Call
 
A
 
4,289,014
 
 
14,505
 
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2012B, 5.000%, 7/01/43
7/22 at 100.00
 
AA–
 
16,340,173
 
 
18,320
 
Total Utilities
       
20,629,187
 

68
 
Nuveen Investments


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Water and Sewer – 15.2% (10.6% of Total Investments)
           
     
Bay Area Water Supply and Conservation Agency, California, Revenue Bonds, Capital Cost Recovery Prepayment Program, Series 2013A:
           
$
2,000
 
5.000%, 10/01/27
4/23 at 100.00
 
AA–
$
2,363,480
 
 
3,000
 
5.000%, 10/01/29
4/23 at 100.00
 
AA–
 
3,504,390
 
 
3,000
 
5.000%, 10/01/34
4/23 at 100.00
 
AA–
 
3,434,820
 
 
8,840
 
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
 
9,309,492
 
 
5,000
 
East Bay Municipal Utility District, Alameda and Contra Costa Counties, California, Water System Revenue Bonds, Refunding Series 2015A, 5.000%, 6/01/31
6/25 at 100.00
 
AAA
 
5,956,200
 
 
3,000
 
East Valley Water District Financing Authority, California, Refunding Revenue Bonds, Series 2010, 5.000%, 10/01/40
10/20 at 100.00
 
AA–
 
3,323,220
 
 
1,125
 
Fortuna Public Finance Authority, California, Water Revenue Bonds, Series 2006, 5.000%, 10/01/36 – AGM Insured
10/16 at 100.00
 
AA
 
1,144,193
 
 
2,355
 
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2012B, 5.000%, 7/01/37
No Opt. Call
 
AA
 
2,672,901
 
 
11,970
 
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2014A, 5.000%, 7/01/44
7/24 at 100.00
 
AA
 
13,576,613
 
     
Los Angeles, California, Wastewater System Revenue Bonds, Refunding Subordinate Lien Series 2013A:
           
 
1,245
 
5.000%, 6/01/34
6/23 at 100.00
 
AA
 
1,421,541
 
 
5,355
 
5.000%, 6/01/35
6/23 at 100.00
 
AA
 
6,098,381
 
 
46,890
 
Total Water and Sewer
       
52,805,231
 
$
476,429
 
Total Long-Term Investments (cost $451,851,504)
       
492,549,249
 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
SHORT-TERM INVESTMENTS – 1.3% (0.9% of Total Investments)
           
     
MUNICIPAL BONDS – 1.3% (0.9% of Total Investments)
           
     
Health Care – 1.3% (0.9% of Total Investments)
           
$
3,610
 
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2014A, 6.000%, 7/10/15 (7)
No Opt. Call  
N/R
 $ 3,634,837  
 
350
 
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2014B, 6.000%, 7/10/15 (7)
No Opt. Call
 
N/R
 
352,408
 
 
530
 
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2014C, 6.000%, 7/10/15 (7)
No Opt. Call
 
N/R
 
533,646
 
$
4,490
 
Total Short-Term Investments (cost $4,490,000)
       
4,520,891
 
     
Total Investments (cost $456,341,504) – 142.8%
       
497,070,140
 
     
Floating Rate Obligations – (0.2)%
       
(845,000)
 
     
Variable Rate Demand Preferred Shares, at Liquidation Value – (46.0)% (8)
       
(160,000,000)
 
     
Other Assets Less Liabilities – 3.4%
       
11,845,257
 
     
Net Assets Applicable to Common Shares – 100%
     
$
348,070,397
 

Nuveen Investments
 
69


NZH
Nuveen California Dividend Advantage Municipal Fund 3
 
 
Portfolio of Investments (continued)
August 31, 2015 (Unaudited)

(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)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(5)
As of, or subsequent to, the end of the reporting period this security is non-income producing. Non-income producing, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund's Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has ceased accruing additional income on the Fund's records.
(6)
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(7)
Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment classified as Level 3. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information.
(8)
Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 32.2%.
(IF)
Inverse floating rate investment.
(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.
(WI/DD)
Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.
See accompanying notes to financial statements.
 
70
 
Nuveen Investments


Statement of
 
Assets and Liabilities
August 31, 2015 (Unaudited)

     
California
   
California
   
California AMT-
 
     
Value
   
Value 2
   
Free Income
 
     
(NCA
)
 
(NCB
)
 
(NKX
)
Assets
                   
Long-term investments, at value (cost $237,169,356, $47,337,055 and $951,777,625, respectively)
 
$
263,363,884
 
$
55,212,417
 
$
1,055,650,933
 
Short-term investments, at value (cost $1,110,000, $540,000 and $8,645,000, respectively)
   
1,117,637
   
543,715
   
8,704,478
 
Cash
   
1,030,863
   
387,234
   
 
Receivable for:
                   
Common shares sold
   
5,183
   
   
 
Interest
   
2,631,306
   
625,860
   
13,273,831
 
Investments sold
   
3,977,143
   
   
12,101,206
 
Deferred offering costs
   
   
   
2,805,893
 
Other assets
   
33,986
   
822
   
332,428
 
Total assets
   
272,160,002
   
56,770,048
   
1,092,868,769
 
Liabilities
                   
Cash overdraft
   
   
   
8,148,989
 
Floating rate obligations
   
4,490,000
   
   
6,755,000
 
Payable for:
                   
Common share dividends
   
934,322
   
202,470
   
3,288,580
 
Investments purchased
   
   
   
 
Offering costs
   
   
   
64,213
 
Institutional MuniFund Term Preferred ("iMTP") Shares, at liquidation value
   
   
   
36,000,000
 
Variable Rate Demand Preferred ("VRDP") Shares, at liquidation value
   
   
   
291,600,000
 
Accrued expenses:
                   
Management fees
   
116,556
   
29,886
   
555,953
 
Directors/Trustees fees
   
31,910
   
226
   
107,347
 
Other
   
68,067
   
27,032
   
255,344
 
Total liabilities
   
5,640,855
   
259,614
   
346,775,426
 
Net assets applicable to common shares
 
$
266,519,147
 
$
56,510,434
 
$
746,093,343
 
Common shares outstanding
   
25,732,359
   
3,287,900
   
47,708,456
 
Net asset value ("NAV") per common share outstanding
 
$
10.36
 
$
17.19
 
$
15.64
 
Net assets applicable to common shares consist of:
                   
Common shares, $0.01 par value per share
 
$
257,324
 
$
32,879
 
$
477,085
 
Paid-in surplus
   
242,759,229
   
46,967,862
   
640,926,609
 
Undistributed (Over-distribution of) net investment income
   
938,698
   
801,796
   
4,849,150
 
Accumulated net realized gain (loss)
   
(3,638,269
)
 
828,820
   
(4,092,287
)
Net unrealized appreciation (depreciation)
   
26,202,165
   
7,879,077
   
103,932,786
 
Net assets applicable to common shares
 
$
266,519,147
 
$
56,510,434
 
$
746,093,343
 
Authorized shares:
                   
Common
   
250,000,000
   
Unlimited
   
Unlimited
 
Preferred
   
N/A
   
N/A
   
Unlimited
 
N/A – Fund is not authorized to issue Preferred shares.
                   
See accompanying notes to financial statements.
 
Nuveen Investments
 
71

Statement of Assets and Liabilities (Unaudited) (continued)
     
California Dividend
   
California Dividend
   
California Dividend
 
     
Advantage
   
Advantage 2
   
Advantage 3
 
     
(NAC
)
 
(NVX
)
 
(NZH
)
Assets
                   
Long-term investments, at value (cost $2,178,602,800, $297,041,441 and $451,851,504, respectively)
 
$
2,411,311,985
 
$
320,056,124
 
$
492,549,249
 
Short-term investments, at value (cost $20,710,000, $1,645,000 and $4,490,000, respectively)
   
20,852,485
   
1,656,318
   
4,520,891
 
Cash
   
   
   
2,347,450
 
Receivable for:
                   
Common shares sold
   
   
   
 
Interest
   
32,617,831
   
4,236,895
   
6,899,650
 
Investments sold
   
22,945,890
   
3,214,750
   
7,257,400
 
Deferred offering costs
   
3,972,551
   
329,913
   
280,655
 
Other assets
   
847,947
   
129,213
   
195,166
 
Total assets
   
2,492,548,689
   
329,623,213
   
514,050,461
 
Liabilities
                   
Cash overdraft
   
15,741,677
   
978,150
   
 
Floating rate obligations
   
92,995,000
   
965,000
   
845,000
 
Payable for:
                   
Common share dividends
   
7,763,484
   
1,015,050
   
1,582,494
 
Investments purchased
   
3,077,321
   
   
3,077,321
 
Offering costs
   
287,852
   
   
50,405
 
Institutional MuniFund Term Preferred ("iMTP") Shares, at liquidation value
   
   
   
 
Variable Rate Demand Preferred ("VRDP") Shares, at liquidation value
   
699,600,000
   
98,000,000
   
160,000,000
 
Accrued expenses:
                   
Management fees
   
1,231,570
   
171,872
   
270,473
 
Directors/Trustees fees
   
342,992
   
47,163
   
73,464
 
Other
   
400,038
   
79,149
   
80,907
 
Total liabilities
   
821,439,934
   
101,256,384
   
165,980,064
 
Net assets applicable to common shares
 
$
1,671,108,755
 
$
228,366,829
 
$
348,070,397
 
Common shares outstanding
   
107,383,777
   
14,759,237
   
24,151,884
 
Net asset value ("NAV") per common share outstanding
 
$
15.56
 
$
15.47
 
$
14.41
 
Net assets applicable to common shares consist of:
                   
Common shares, $0.01 par value per share
 
$
1,073,838
 
$
147,592
 
$
241,519
 
Paid-in surplus
   
1,455,222,973
   
207,960,301
   
336,981,273
 
Undistributed (Over-distribution of) net investment income
   
11,255,006
   
1,128,573
   
1,945,442
 
Accumulated net realized gain (loss)
   
(29,294,732
)
 
(3,895,638
)
 
(31,826,473
)
Net unrealized appreciation (depreciation)
   
232,851,670
   
23,026,001
   
40,728,636
 
Net assets applicable to common shares
 
$
1,671,108,755
 
$
228,366,829
 
$
348,070,397
 
Authorized shares:
                   
Common
   
Unlimited
   
Unlimited
   
Unlimited
 
Preferred
   
Unlimited
   
Unlimited
   
Unlimited
 
See accompanying notes to financial statements.
 
72
 
Nuveen Investments


Statement of 
 
 
Operations
Six Months Ended August 31, 2015 (Unaudited)

     
California
   
California
   
California AMT-
 
     
Value
   
Value 2
   
Free Income
 
     
(NCA
)
 
(NCB
)
 
(NKX
)
Investment Income
 
$
6,684,558
 
$
1,563,354
 
$
25,460,728
 
Expenses
                   
Management fees
   
696,600
   
177,941
   
3,310,923
 
Interest expense and amortization of offering costs
   
15,034
   
   
463,501
 
Liquidity fees
   
   
   
1,255,321
 
Remarketing fees
   
   
   
149,040
 
Custodian fees
   
20,614
   
7,772
   
64,437
 
Directors/Trustees fees
   
3,786
   
801
   
18,744
 
Professional fees
   
84,280
   
11,895
   
173,367
 
Shareholder reporting expenses
   
16,686
   
3,498
   
29,830
 
Shareholder servicing agent fees
   
11,652
   
108
   
9,383
 
Stock exchange listing fees
   
3,939
   
426
   
9,399
 
Investor relations expenses
   
4,719
   
3,287
   
27,734
 
Reorganization expenses
   
   
   
157,635
 
Other
   
12,704
   
5,019
   
68,656
 
Total expenses
   
870,014
   
210,747
   
5,737,970
 
Net investment income (loss)
   
5,814,544
   
1,352,607
   
19,722,758
 
Realized and Unrealized Gain (Loss)
                   
Net realized gain (loss) from investments
   
(310,753
)
 
231,341
   
967,744
 
Change in net unrealized appreciation (depreciation) of investments
   
(4,274,667
)
 
(1,323,684
)
 
(14,773,172
)
Net realized and unrealized gain (loss)
   
(4,585,420
)
 
(1,092,343
)
 
(13,805,428
)
Net increase (decrease) in net assets applicable to common shares from operations
 
$
1,229,124
 
$
260,264
 
$
5,917,330
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
73


Statement of Operations (Unaudited) (continued)

     
California Dividend
   
California Dividend
   
California Dividend
 
     
Advantage
   
Advantage 2
   
Advantage 3
 
     
(NAC
)
 
(NVX
)
 
(NZH
)
Investment Income
 
$
59,695,136
 
$
7,751,494
 
$
12,815,784
 
Expenses
                   
Management fees
   
7,322,499
   
1,022,011
   
1,607,537
 
Interest expense and amortization of offering costs
   
873,520
   
83,087
   
115,252
 
Liquidity fees
   
2,913,282
   
459,139
   
749,616
 
Remarketing fees
   
357,576
   
50,090
   
81,780
 
Custodian fees
   
138,298
   
23,239
   
33,855
 
Directors/Trustees fees
   
34,954
   
4,622
   
7,184
 
Professional fees
   
39,548
   
20,184
   
20,955
 
Shareholder reporting expenses
   
57,492
   
15,680
   
13,862
 
Shareholder servicing agent fees
   
31,499
   
651
   
1,032
 
Stock exchange listing fees
   
21,299
   
1,913
   
3,130
 
Investor relations expenses
   
40,708
   
1,329
   
7,410
 
Reorganization expenses
   
199,086
   
   
 
Other
   
72,686
   
13,521
   
15,879
 
Total expenses
   
12,102,447
   
1,695,466
   
2,657,492
 
Net investment income (loss)
   
47,592,689
   
6,056,028
   
10,158,292
 
Realized and Unrealized Gain (Loss)
                   
Net realized gain (loss) from investments
   
5,100,217
   
378,426
   
(206,872
)
Change in net unrealized appreciation (depreciation) of investments
   
(44,956,810
)
 
(5,304,075
)
 
(7,133,513
)
Net realized and unrealized gain (loss)
   
(39,856,593
)
 
(4,925,649
)
 
(7,340,385
)
Net increase (decrease) in net assets applicable to common shares from operations
 
$
7,736,096
 
$
1,130,379
 
$
2,817,907
 
See accompanying notes to financial statements.
 
74
 
Nuveen Investments

Statement of
   
 
Changes in Net Assets
(Unaudited)

   
California Value (NCA)
 
California Value 2 (NCB)
 
California AMT-Free Income (NKX)
 
   
Six Months
 
Year
 
Six Months
 
Year
 
Six Months
 
Year
 
   
Ended
 
Ended
 
Ended
 
Ended
 
Ended
 
Ended
 
   
8/31/15
 
2/28/15
 
8/31/15
 
2/28/15
 
8/31/15
 
2/28/15
 
Operations
                                     
Net investment income (loss)
 
$
5,814,544
 
$
11,562,715
 
$
1,352,607
 
$
2,753,431
 
$
19,722,758
 
$
39,291,713
 
Net realized gain (loss) from
                                     
Investments
   
(310,753
)
 
196,175
   
231,341
   
1,166,712
   
967,744
   
127,614
 
Change in net unrealized appreciation (depreciation) of
                                     
Investments
   
(4,274,667
)
 
12,999,135
   
(1,323,684
)
 
1,327,324
   
(14,773,172
)
 
65,081,303
 
Net increase (decrease) in net assets applicable to common shares from operations
   
1,229,124
   
24,758,025
   
260,264
   
5,247,467
   
5,917,330
   
104,500,630
 
Distributions to Common Shareholders
                                     
From net investment income
   
(5,998,411
)
 
(11,841,485
)
 
(1,282,281
)
 
(2,583,303
)
 
(20,610,053
)
 
(38,337,336
)
From accumulated net realized gains
   
   
   
   
(367,916
)
 
   
 
Decrease in net assets applicable to common shares from distributions to common shareholders
   
(5,998,411
)
 
(11,841,485
)
 
(1,282,281
)
 
(2,951,219
)
 
(20,610,053
)
 
(38,337,336
)
Capital Share Transactions
                                     
Common shares:
                                     
Issued in the Reorganizations
   
   
   
   
   
   
87,770,468
 
Proceeds from shelf offering, net of offering costs
   
3,158,302
   
1,321,449
   
   
   
   
 
Net proceeds from shares issued to shareholders due to reinvestment of distributions
   
80,611
   
173,032
   
   
   
   
 
Net increase (decrease) in net assets applicable to common shares from capital share transactions
   
3,238,913
   
1,494,481
   
   
   
   
87,770,468
 
Net increase (decrease) in net assets applicable to common shares
   
(1,530,374
)
 
14,411,021
   
(1,022,017
)
 
2,296,248
   
(14,692,723
)
 
153,933,762
 
Net assets applicable to common shares at the beginning of period
   
268,049,521
   
253,638,500
   
57,532,451
   
55,236,203
   
760,786,066
   
606,852,304
 
Net assets applicable to common shares at the end of period
 
$
266,519,147
 
$
268,049,521
 
$
56,510,434
 
$
57,532,451
 
$
746,093,343
 
$
760,786,066
 
Undistributed (Over-distribution of) net investment income at the end of period
 
$
938,698
 
$
1,122,565
 
$
801,796
 
$
731,470
 
$
4,849,150
 
$
5,736,445
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
75

Statement of Changes in Net Assets (Unaudited) (continued)

   
California Dividend Advantage (NAC)
 
California Dividend Advantage 2 (NVX)
 
California Dividend Advantage 3 (NZH)
 
   
Six Months
 
Year
 
Six Months
 
Year
 
Six Months
 
Year
 
   
Ended
 
Ended
 
Ended
 
Ended
 
Ended
 
Ended
 
   
8/31/15
 
2/28/15
 
8/31/15
 
2/28/15
   
8/31/15
   
2/28/15
 
Operations
                                     
Net investment income (loss)
 
$
47,592,689
 
$
78,459,234
 
$
6,056,028
 
$
11,909,502
 
$
10,158,292
 
$
20,379,779
 
Net realized gain (loss) from
                                     
Investments
   
5,100,217
   
4,648,813
   
378,426
   
(208,468
)
 
(206,872
)
 
2,904,836
 
Change in net unrealized appreciation (depreciation) of
                                     
Investments
   
(44,956,810
)
 
82,447,263
   
(5,304,075
)
 
15,230,559
   
(7,133,513
)
 
25,190,058
 
Net increase (decrease) in net assets applicable to common shares from operations
   
7,736,096
   
165,555,310
   
1,130,379
   
26,931,593
   
2,817,907
   
48,474,673
 
Distributions to Common Shareholders
                                     
From net investment income
   
(50,255,607
)
 
(69,293,415
)
 
(6,198,880
)
 
(12,619,148
)
 
(9,709,057
)
 
(19,461,588
)
From accumulated net realized gains
   
   
   
   
   
   
 
Decrease in net assets applicable to common shares from distributions to common shareholders
   
(50,255,607
)
 
(69,293,415
)
 
(6,198,880
)
 
(12,619,148
)
 
(9,709,057
)
 
(19,461,588
)
Capital Share Transactions
                                     
Common shares:
                                     
Issued in the Reorganizations
   
   
1,271,903,837
   
   
   
   
 
Proceeds from shelf offering, net of offering costs
   
   
   
   
   
   
 
Net proceeds from shares issued to shareholders due to reinvestment of distributions
   
   
   
   
   
   
 
Net increase (decrease) in net assets applicable to common shares from capital share transactions
   
   
1,271,903,837
   
   
   
   
 
Net increase (decrease) in net assets applicable to common shares
   
(42,519,511
)
 
1,368,165,732
   
(5,068,501
)
 
14,312,445
   
(6,891,150
)
 
29,013,085
 
Net assets applicable to common shares at the beginning of period
   
1,713,628,266
   
345,462,534
   
233,435,330
   
219,122,885
   
354,961,547
   
325,948,462
 
Net assets applicable to common shares at the end of period
 
$
1,671,108,755
 
$
1,713,628,266
 
$
228,366,829
 
$
233,435,330
 
$
348,070,397
 
$
354,961,547
 
Undistributed (Over-distribution of) net investment income at the end of period
 
$
11,255,006
 
$
13,917,924
 
$
1,128,573
 
$
1,271,425
 
$
1,945,442
 
$
1,496,207
 
See accompanying notes to financial statements.
 
76
 
Nuveen Investments


Statement of
   
 
Cash Flows
Six Months Ended August 31, 2015 (Unaudited)

   
California AMT-
 
California Dividend
 
California Dividend
 
California Dividend
 
   
Free Income
 
Advantage
 
Advantage 2
 
Advantage 3
 
   
(NKX
)
(NAC
)
(NVX
)
(NZH
)
Cash Flows from Operating Activities:
                         
Net Increase (Decrease) in Net Assets Applicable to
                         
Common Shares from Operations
 
$
5,917,330
 
$
7,736,096
 
$
1,130,379
 
$
2,817,907
 
Adjustments to reconcile the net increase (decrease) in net assets applicable to common shares from operations to net cash provided by (used in) operating activities:
                         
Purchases of investments
   
(142,778,267
)
 
(261,093,311
)
 
(42,238,136
)
 
(59,840,403
)
Proceeds from sales and maturities of investments
   
139,555,089
   
263,365,695
   
41,025,784
   
61,069,008
 
Investment transaction adjustments, net
   
(6,980
)
 
(13,629
)
 
   
 
Taxes paid on undistributed capital gains
   
(77
)
 
(249
)
 
(26
)
 
(188
)
Amortization (Accretion) of premiums and discounts, net
   
(745,202
)
 
424,986
   
51,647
   
416,468
 
Amortization of deferred offering costs
   
7,523
   
79,319
   
5,952
   
5,049
 
(Increase) Decrease in:
                         
Receivable for interest
   
303,754
   
434,230
   
179,959
   
178,843
 
Receivable for investments sold
   
(2,299,513
)
 
(19,229,690
)
 
(2,664,000
)
 
(6,413,850
)
Other assets
   
(28,372
)
 
(95,507
)
 
(14,973
)
 
(12,786
)
Increase (Decrease) in:
                         
Payable for investments purchased
   
   
3,077,321
   
   
3,077,321
 
Accrued management fees
   
39,303
   
96,972
   
13,743
   
22,118
 
Accrued Directors/Trustees fees
   
86,794
   
80,188
   
11,081
   
17,031
 
Accrued other expenses
   
(73,863
)
 
(248,544
)
 
(18,277
)
 
(29,195
)
Net realized (gain) loss from investments
   
(967,744
)
 
(5,100,217
)
 
(378,426
)
 
206,872
 
Change in net unrealized (appreciation) depreciation of investments
   
14,773,172
   
44,956,810
   
5,304,075
   
7,133,513
 
Net cash provided by (used in) operating activities
   
13,782,947
   
34,470,470
   
2,408,782
   
8,647,708
 
Cash Flows from Financing Activities:
                         
Increase (Decrease) in cash overdraft
   
6,821,484
   
15,741,677
   
978,150
   
 
Cash distributions paid to common shareholders
   
(20,604,431
)
 
(50,660,676
)
 
(6,202,058
)
 
(9,712,257
)
Net cash provided by (used in) financing activities
   
(13,782,947
)
 
(34,918,999
)
 
(5,223,908
)
 
(9,712,257
)
Net Increase (Decrease) in Cash
   
   
(448,529
)
 
(2,815,126
)
 
(1,064,549
)
Cash at the beginning of period
   
   
448,529
   
2,815,126
   
3,411,999
 
Cash at the end of period
 
$
 
$
 
$
 
$
2,347,450
 

     
California AMT-
   
California Dividend
   
California Dividend
   
California Dividend
 
     
Free Income
   
Advantage
   
Advantage 2
   
Advantage 3
 
Supplemental Disclosures of Cash Flow Information
   
(NKX
)
 
(NAC
)
 
(NVX
)
 
(NZH
)
Cash paid for interest (excluding amortization of offering costs)
 
$
339,744
 
$
794,201
 
$
77,135
 
$
110,204
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
77

 
Financial
 
 
Highlights (Unaudited)
Selected data for a common share outstanding throughout each period:
 
   
Investment Operations
   
Less Distributions
to Common Shareholders
   
Common Share
 
   
Beginning
Common
Share
NAV
   
Net
Investment
Income
(Loss
 
Net
Realized/
Unrealized
Gain (Loss
 
Total
   
From
Net
Investment
Income
   
From
Accumu-
lated Net
Realized
Gains
   
Total
   
Premium
per
Share
Sold through
Shelf
Offering
   
Ending
NAV
   
Ending
Share
Price
 
California Value (NCA)
                                                 
Year Ended 2/28–2/29:
                                                       
2016(e)
 
$
10.54
   
$
0.23
   
$
(0.19
)
 
$
0.04
   
$
(0.23
)
 
$
   
$
(0.23
)
 
$
0.01
   
$
10.36
   
$
10.42
 
2015
   
10.03
     
0.46
     
0.51
     
0.97
     
(0.47
)
   
     
(0.47
)
   
0.01
     
10.54
     
10.64
 
2014
   
10.45
     
0.47
     
(0.42
)
   
0.05
     
(0.47
)
   
     
(0.47
)
   
     
10.03
     
9.57
 
2013
   
10.08
     
0.47
     
0.37
     
0.84
     
(0.47
)
   
     
(0.47
)
   
     
10.45
     
10.45
 
2012
   
9.07
     
0.48
     
0.99
     
1.47
     
(0.46
)
   
     
(0.46
)
   
     
10.08
     
10.13
 
2011
   
9.53
     
0.47
     
(0.47
)
   
     
(0.46
)
   
     
(0.46
)
   
     
9.07
     
8.36
 
                                                                                 
California Value 2 (NCB)
                                                                 
Year Ended 2/28–2/29:
                                                                         
2016(e)
   
17.50
     
0.41
     
(0.33
)
   
0.08
     
(0.39
)
   
     
(0.39
)
   
     
17.19
     
16.50
 
2015
   
16.80
     
0.84
     
0.76
     
1.60
     
(0.79
)
   
(0.11
)
   
(0.90
)
   
     
17.50
     
16.68
 
2014
   
17.57
     
0.83
     
(0.82
)
   
0.01
     
(0.78
)
   
     
(0.78
)
   
     
16.80
     
15.53
 
2013
   
16.66
     
0.83
     
0.89
     
1.72
     
(0.80
)
   
(0.01
)
   
(0.81
)
   
     
17.57
     
16.86
 
2012
   
14.88
     
0.84
     
1.76
     
2.60
     
(0.80
)
   
(0.02
)
   
(0.82
)
   
     
16.66
     
16.33
 
2011
   
15.71
     
0.84
     
(0.84
)
   
     
(0.82
)
   
(0.01
)
   
(0.83
)
   
     
14.88
     
13.65
 

(a)
Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund's market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized.
   
 
Total Return Based on Common Share Price is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.

78
 
Nuveen Investments

 
     
Common Share Supplemental Data/
Ratios Applicable to Common Shares
 
Common Share
Total Returns
     
Ratios to Average Net Assets
     
                         
 
Based
on
NAV
(a)
Based
on
Share
Price
(a)
Ending
Net
Assets (000
Expenses
(b)
Net
Investment
Income (Loss
Portfolio
Turnover
Rate
(d)
                                     
                                     
   
0.52
%
 
0.16
%
$
266,519
   
0.65
%*
 
4.34
%*
 
5
%
   
9.91
   
16.36
   
268,050
   
0.64
(c)
 
4.41
(c)
 
13
 
   
0.62
   
(3.80
)
 
253,639
   
0.62
   
4.73
   
20
 
   
8.48
   
7.99
   
264,094
   
0.64
   
4.55
   
16
 
   
16.58
   
27.44
   
254,563
   
0.65
   
4.98
   
8
 
   
(0.13
)
 
(2.32
)
 
228,948
   
0.65
   
4.92
   
14
 
                                     
                                     
   
0.47
   
1.28
   
56,510
   
0.74
*
 
4.74
*
 
4
 
   
9.68
   
13.41
   
57,532
   
0.75
   
4.84
   
7
 
   
0.22
   
(3.08
)
 
55,236
   
0.76
   
5.00
   
12
 
   
10.54
   
8.39
   
57,769
   
0.74
   
4.81
   
7
 
   
17.97
   
26.50
   
54,772
   
0.77
   
5.41
   
4
 
   
(0.17
)
 
(1.25
)
 
48,936
   
0.72
   
5.35
   
5
 

(b)
The expense ratios reflect, among other things, the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, where applicable, as described in Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities, as follows:

California Value (NCA)
   
Year Ended 2/28–2/29:
   
2016(e)
0.01
%*
2015
0.01
 
2014
0.01
 
2013
0.01
 
2012
0.01
 
2011
0.01
 

California Value 2 (NCB)
   
Year Ended 2/28–2/29:
   
2016(e)
%*
2015
 
2014
 
2013
 
2012
 
2011
 

(c)
During the fiscal year ended February 28, 2015, the Adviser voluntarily reimbursed the Fund for certain expenses incurred in connection with its common shares equity shelf program. As a result the expenses and net investment income (loss) ratios to average net assets applicable to common shares reflect the voluntary expense reimbursement from Adviser as described in Note 4 – Fund Shares, Common Shares Equity Shelf Programs and Offering Costs. The expenses and net investment income (loss) ratios to average net assets applicable to common shares excluding this expense reimbursement from Adviser are as follows:

           
Net Investment
 
California Value (NCA)
   
Expenses
   
Income (Loss
)
Year Ended 2/28-2/29:
             
2016(e)
   
%
 
%
2015
   
0.67
   
4.38
 

(d)
Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.
(e)
For the six months ended August 31, 2015.
*
Annualized.
See accompanying notes to financial statements.
 
Nuveen Investments
 
79

 
Financial Highlights (Unaudited) (continued)
Selected data for a common share outstanding throughout each period:
 
         
Investment Operations
   
Less Distributions
to Common Shareholders
   
Common Share
 
   
Beginning
Common
Share
NAV
   
Net
Investment
Income
(Loss
 
Net
Realized/
Unrealized
Gain (Loss
 
Distributions
from Net
Investment
Income to
ARPS
Shareholders
(a)
 
Distributions
from
Accumulated
Net
Realized
Gains to
ARPS
Shareholders
(a)
 
Total
   
From
Net
Investment
Income
   
From
Accumu-
lated
Net
Realized
Gains
   
Total
   
Ending
NAV
   
Ending
Share
Price
 
California AMT-Free Income (NKX)
                                                 
Year Ended 2/28-2/29:
                                                       
2016(h)
 
$
15.95
   
$
0.41
   
$
(0.29
)
 
$
   
$
   
$
0.12
   
$
(0.43
)
 
$
   
$
(0.43
)
 
$
15.64
   
$
14.24
 
2015
   
14.50
     
0.85
     
1.45
     
     
     
2.30
     
(0.85
)
   
     
(0.85
)
   
15.95
     
14.67
 
2014
   
15.57
     
0.84
     
(1.06
)
   
     
     
(0.22
)
   
(0.84
)
   
(0.01
)
   
(0.85
)
   
14.50
     
13.25
 
2013
   
14.73
     
0.77
     
0.97
     
     
     
1.74
     
(0.88
)
   
(0.02
)
   
(0.90
)
   
15.57
     
15.12
 
2012
   
12.82
     
0.83
     
1.91
     
     
     
2.74
     
(0.83
)
   
     
(0.83
)
   
14.73
     
15.06
 
2011
   
14.03
     
0.81
     
(1.22
)
   
     
     
(0.41
)
   
(0.80
)
   
     
(0.80
)
   
12.82
     
11.78
 
                                                                                         
California Dividend Advantage (NAC)
                                                                 
Year Ended 2/28-2/29:
                                                                         
2016(h)
   
15.96
     
0.44
     
(0.37
)
   
     
     
0.07
     
(0.47
)
   
     
(0.47
)
   
15.56
     
14.45
 
2015
   
14.68
     
0.87
     
1.34
     
     
     
2.21
     
(0.93
)
   
     
(0.93
)
   
15.96
     
15.34
 
2014
   
15.90
     
0.84
     
(1.17
)
   
     
     
(0.33
)
   
(0.89
)
   
     
(0.89
)
   
14.68
     
14.07
 
2013
   
14.87
     
0.84
     
1.11
     
     
     
1.95
     
(0.92
)
   
     
(0.92
)
   
15.90
     
15.81
 
2012
   
12.68
     
0.94
     
2.17
     
(0.01
)
   
     
3.10
     
(0.91
)
   
     
(0.91
)
   
14.87
     
15.14
 
2011
   
13.88
     
0.98
     
(1.27
)
   
(0.02
)
   
     
(0.31
)
   
(0.89
)
   
     
(0.89
)
   
12.68
     
12.20
 

(a)
The amounts shown for Auction Rate Preferred Shares ("ARPS") are based on common share equivalents.
(b)
Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund's market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized.
   
 
Total Return Based on Common Share Price is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.
(c)
Ratios do not reflect the effect of dividend payments to ARPS shareholders, where applicable; Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to ARPS, iMTP Shares, MTP Shares and/or VRDP Shares, where applicable.
(d)
After expense reimbursement from the Adviser, where applicable. As of November 30, 2010 and July 31, 2009, the Adviser is no longer reimbursing California AMT-Free Income (NKX) and California Dividend Advantage (NAC) for any fees or expenses.

80
 
Nuveen Investments


     
Common Share Supplemental Data/
Ratios Applicable to Common Shares
 
Common Share
Total Returns
     
Ratios to Average Net Assets
Before Reimbursement(c)
 
Ratios to Average Net Assets
After Reimbursement(c)(d)
     
                                 
 
Based
on
NAV
(b)
Based
on
Share
Price
(b)
Ending
Net
Assets (000
Expenses
(e)
Net
Investment
Income (Loss)
 
Expenses
(e)
Net
Investment
Income (Loss
Portfolio
Turnover
Rate
(g)
                                                 
                                                 
   
0.79
%
 
(0.03
)%
$
746,093
   
1.53
%*
 
5.25
%*
 
N/A
   
N/A
   
13
%
   
16.16
   
17.55
   
760,786
   
1.63
   
5.51
   
1.62
(f)
 
5.53
(f)
 
13
 
   
(1.10
)
 
(6.39
)
 
606,852
   
1.64
   
5.93
   
N/A
   
N/A
   
32
 
   
12.08
   
6.53
   
651,402
   
1.64
   
5.48
   
N/A
   
N/A
   
20
 
   
21.95
   
36.10
   
86,731
   
1.90
   
6.03
   
N/A
   
N/A
   
7
 
   
(3.18
)
 
(2.71
)
 
75,493
   
2.06
   
5.74
   
1.97
%
 
5.83
%
 
8
 
                                                 
                                                 
   
0.45
   
(2.79
)
 
1,671,109
   
1.44
*
 
5.65
*
 
N/A
   
N/A
   
11
 
   
15.39
   
16.21
   
1,713,628
   
1.53
   
5.95
   
1.50
(f)
 
5.97
(f)
 
9
 
   
(1.81
)
 
(4.95
)
 
345,463
   
1.86
   
5.79
   
N/A
   
N/A
   
25
 
   
13.39
   
10.80
   
374,096
   
1.60
   
5.44
   
N/A
   
N/A
   
12
 
   
25.30
   
32.82
   
349,203
   
1.50
   
6.84
   
N/A
   
N/A
   
13
 
   
(2.57
)
 
3.54
   
297,629
   
1.18
   
7.18
   
N/A
   
N/A
   
20
 

(e)
The expense ratios reflect, among other things, all interest expense and other costs related to preferred shares (as described in Note 4 – Fund Shares, Preferred Shares) and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund (as described in Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Shares), where applicable, as follows:

California AMT-Free Income (NKX)
   
Year Ended 2/28-2/29:
   
2016(h)
0.50
%*
2015
0.57
 
2014
0.62
 
2013
0.59
 
2012
0.67
 
2011
0.92
 

California Dividend Advantage (NAC)
   
Year Ended 2/28-2/29:
   
2016(h)
0.49
%*
2015
0.50
 
2014
0.61
 
2013
0.61
 
2012
0.46
 
2011
0.06
 

(f)
During the fiscal year ended February 28, 2015, the Adviser voluntarily reimbursed the Fund for certain expenses incurred in connection with its common shares equity shelf program as described in Note 4 – Fund Shares, Common Shares Equity Shelf Programs and Offering Costs.
(g)
Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.
(h)
For the six months ended August 31, 2015.
N/A
Fund no longer has a contractual reimbursement agreement with the Adviser.
*
Annualized.
See accompanying notes to financial statements.
 
Nuveen Investments
 
81


Financial Highlights (Unaudited) (continued)
Selected data for a common share outstanding throughout each period:
 
         
Investment Operations
   
Less Distributions
to Common Shareholders
   
Common Share
 
   
Beginning
Common
Share
NAV
   
Net
Investment
Income
(Loss
 
Net
Realized/
Unrealized
Gain (Loss
 
Distributions
from Net
Investment
Income to
ARPS
Shareholders
 
(a)
 
Distributions
from
Accumulated
Net
Realized
Gains to
ARPS
Shareholders
 
(a)
 
Total
   
From
Net
Investment
Income
   
From
Accumu-
lated
Net
Realized
Gains
   
Total
   
Ending
NAV
   
Ending
Share
Price
 
California Dividend Advantage 2 (NVX)
                                                 
Year Ended 2/28-2/29:
                                                             
2016(g)
 
$
15.82
   
$
0.41
   
$
(0.34
)
 
$
   
$
   
$
0.07
   
$
(0.42
)
 
$
   
$
(0.42
)
 
$
15.47
   
$
14.46
 
2015
   
14.85
     
0.81
     
1.02
     
     
     
1.83
     
(0.86
)
   
     
(0.86
)
   
15.82
     
14.59
 
2014
   
16.35
     
0.80
     
(1.40
)
   
     
     
(0.60
)
   
(0.90
)
   
     
(0.90
)
   
14.85
     
13.75
 
2013
   
15.49
     
0.85
     
0.96
     
     
     
1.81
     
(0.95
)
   
     
(0.95
)
   
16.35
     
16.30
 
2012
   
13.47
     
0.90
     
2.08
     
*
   
     
2.98
     
(0.96
)
   
     
(0.96
)
   
15.49
     
15.58
 
2011
   
14.49
     
1.03
     
(1.07
)
   
(0.02
)
   
     
(0.06
)
   
(0.96
)
   
     
(0.96
)
   
13.47
     
12.83
 
                                                                                         
California Dividend Advantage 3 (NZH)
                                                                 
Year Ended 2/28-2/29:
                                                                                 
2016(g)
   
14.70
     
0.42
     
(0.31
)
   
     
     
0.11
     
(0.40
)
   
     
(0.40
)
   
14.41
     
13.07
 
2015
   
13.50
     
0.84
     
1.17
     
     
     
2.01
     
(0.81
)
   
     
(0.81
)
   
14.70
     
13.63
 
2014
   
14.71
     
0.74
     
(1.15
)
   
     
     
(0.41
)
   
(0.80
)
   
     
(0.80
)
   
13.50
     
12.24
 
2013
   
13.91
     
0.75
     
0.90
     
     
     
1.65
     
(0.85
)
   
     
(0.85
)
   
14.71
     
14.25
 
2012
   
12.13
     
0.82
     
1.86
     
*
   
     
2.68
     
(0.90
)
   
     
(0.90
)
   
13.91
     
14.35
 
2011
   
13.18
     
0.88
     
(1.02
)
   
(0.01
)
   
     
(0.15
)
   
(0.90
)
   
     
(0.90
)
   
12.13
     
11.67
 

(a)
The amounts shown for ARPS are based on common share equivalents.
(b)
Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund's market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized.
   
 
Total Return Based on Common Share Price is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation.
Total returns are not annualized.
*
Rounds to less than $.01 per share.

82
 
Nuveen Investments


     
Common Share Supplemental Data/
Ratios Applicable to Common Shares
 
Common Share
Total Returns
     
Ratios to Average Net Assets
Before Reimbursement(c)
 
Ratios to Average Net Assets
After Reimbursement(c)(d)
     
                                 
 
Based
on
NAV
(b)
Based
on
Share
Price
(b)
Ending
Net
Assets (000
Expenses
(e)
Net
Investment
Income (Loss
Expenses
(e)
Net
Investment
Income (Loss
Portfolio
Turnover
Rate
(f)
                                                 
                                                 
   
0.47
%
 
2.07
%
$
228,367
   
1.47
%**
 
5.26
%**
 
N/A
   
N/A
   
13
%
   
12.57
   
12.72
   
233,435
   
1.50
   
5.23
   
N/A
   
N/A
   
14
 
   
(3.42
)
 
(9.86
)
 
219,123
   
2.24
   
5.43
   
N/A
   
N/A
   
39
 
   
11.94
   
11.03
   
241,237
   
2.19
   
5.29
   
N/A
   
N/A
   
23
 
   
22.90
   
30.01
   
228,474
   
2.30
   
6.29
   
2.30
%
 
6.30
%
 
12
 
   
(0.64
)
 
1.37
   
198,675
   
1.36
   
7.10
   
1.28
   
7.19
   
13
 
                                                 
                                                 
   
0.79
   
(1.18
)
 
348,070
   
1.52
**
 
5.80
**
 
N/A
   
N/A
   
12
 
   
15.18
   
18.47
   
354,962
   
1.56
   
5.93
   
N/A
   
N/A
   
15
 
   
(2.50
)
 
(8.23
)
 
325,948
   
2.42
   
5.57
   
N/A
   
N/A
   
41
 
   
12.15
   
5.41
   
355,163
   
2.53
   
5.22
   
N/A
   
N/A
   
20
 
   
22.89
   
31.93
   
335,830
   
2.56
   
6.28
   
2.52
   
6.33
   
18
 
   
(1.40
)
 
(1.21
)
 
292,563
   
2.07
   
6.61
   
1.94
   
6.74
   
16
 

(c)
Ratios do not reflect the effect of dividend payments to ARPS shareholders, where applicable; Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to ARPS, MTP Shares and/or VRDP Shares, where applicable.
(d)
After expense reimbursement from the Adviser, where applicable. As of March 31, 2011 and September 30, 2011, the Adviser is no longer reimbursing California Dividend Advantage 2 (NVX) and California Dividend Advantage 3 (NZH), respectively, for any fees or expenses.
(e)
The expense ratios reflect, among other things, all interest expense and other costs related to preferred shares (as described in Note 4 – Fund Shares, Preferred Shares) and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund (as described in Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities), where applicable, as follows:

California Dividend Advantage 2 (NVX)
   
Year Ended 2/28-2/29:
   
2016(g)
0.51
%**
2015
0.51
 
2014
1.18
 
2013
1.15
 
2012
1.25
 
2011
0.26
 

California Dividend Advantage 3 (NZH)
   
Year Ended 2/28-2/29:
   
2016(g)
0.54
%**
2015
0.54
 
2014
1.37
 
2013
1.47
 
2012
1.49
 
2011
0.94
 

(f)
Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.
(g)
For the six months ended August 31, 2015.
N/A
Fund no longer has a contractual reimbursement agreement with the Adviser.
**
Annualized.
See accompanying notes to financial statements.
 
Nuveen Investments
 
83


Financial Highlights (Unaudited) (continued)
 
   
ARPS at the End of Period
   
iMTP Shares at the End of Period
   
VRDP Shares at the End of Period
   
iMTP and
VRDP Shares at
the End of Period
 
   
Aggregate
Amount
Outstanding
(000
 
Asset
Coverage
Per $25,000
Share
   
Aggregate
Amount
Outstanding
(000
 
Asset
Coverage
Per $5,000
Share
   
Aggregate
Amount
Outstanding
(000
 
Asset
Coverage
Per $100,000
Share
   
Asset Coverage
Per $1
Liquidation
Preference
 
California AMT-Free Income (NKX)
                               
Year Ended 2/28-2/29:
                                     
2016(a)
 
$
   
$
   
$
36,000
   
$
16,387
   
$
291,600
   
$
327,745
   
$
3.28
 
2015(b)
   
     
     
36,000
     
16,612
     
291,600
     
332,230
     
3.32
 
2014
   
     
     
     
     
291,600
     
308,111
     
 
2013
   
     
     
     
     
291,600
     
323,389
     
 
2012
   
     
     
     
     
35,500
     
344,312
     
 
2011
   
     
     
     
     
35,500
     
312,655
     
 
                                                         
California Dividend Advantage (NAC)
                                 
Year Ended 2/28-2/29:
                                                 
2016(a)
   
     
     
     
     
699,600
     
338,866
     
 
2015
   
     
     
     
     
699,600
     
344,944
     
 
2014
   
     
     
     
     
136,200
     
353,644
     
 
2013
   
     
     
     
     
136,200
     
374,666
     
 
2012
   
     
     
     
     
136,200
     
356,390
     
 
2011
   
135,525
     
79,903
     
     
     
     
     
 

(a)
For the six months ended August 31, 2015.
(b)
The Ending and Average Market Value Per Share for each Series of the Fund's MTP Shares were as follows:

         
     
2015
 
California AMT-Free Income (NKX)
       
Series 2015 (NKX PRC)
       
Ending Market Value per Share
 
$
 
Average Market Value per Share
   
10.03
Ω

Ω
For the period June 9, 2014 (effective date of the Reorganizations) through December 29, 2014.
See accompanying notes to financial statements.
 
84
 
Nuveen Investments


   
ARPS at the End of Period
   
VRDP Shares at the End of Period
   
MTP Shares at the End of Period (a)
   
ARPS and/or
MTP Shares at
the
End of Period
 
   
Aggregate
Amount
Outstanding
(000
 
Asset
Coverage
Per $25,000
Share
   
Aggregate
Amount
Outstanding
(000
 
Asset
Coverage
Per $100,000
Share
   
Aggregate
Amount
Outstanding
(000
 
Asset
Coverage
Per $10
Share
   
Asset Coverage
Per $1
Liquidation
Preference
 
California Dividend Advantage 2 (NVX)
                               
Year Ended 2/28-2/29:
                               
2016(a)
 
$
   
$
   
$
98,000
   
$
333,027
   
$
   
$
   
$
 
2015
   
     
     
98,000
     
338,199
     
     
     
 
2014
   
     
     
98,000
     
323,595
     
     
     
 
2013
   
     
     
     
     
97,846
     
34.65
     
 
2012
   
     
     
     
     
97,846
     
33.35
     
 
2011
   
39,950
     
77,310
     
     
     
55,000
     
30.92
     
3.09
 
                                                         
California Dividend Advantage 3 (NZH)
                                         
Year Ended 2/28-2/29:
                                                 
2016(a)
   
     
     
160,000
     
317,544
     
     
     
 
2015
   
     
     
160,000
     
321,851
     
     
     
 
2014
   
     
     
160,000
     
303,718
     
     
     
 
2013
   
     
     
     
     
159,545
     
32.26
     
 
2012
   
     
     
     
     
159,545
     
31.05
     
 
2011
   
69,500
     
71,960
     
     
     
86,250
     
28.78
     
2.88
 

(a)
For the six months ended August 31, 2015.
(b)
The Ending and Average Market Value Per Share for each Series of the Fund's MTP Shares were as follows:

     
2014
   
2013
   
2012
   
2011
 
California Dividend Advantage 2 (NVX)
                         
Series 2014 (NVX PRA)
                         
Ending Market Value per Share
 
$
 
$
10.05
 
$
10.11
 
$
 
Average Market Value per Share
   
10.03
Δ
 
10.07
   
10.09
Ω
 
 
Series 2015 (NVX PRC)
                         
Ending Market Value per Share
   
   
10.05
   
10.01
   
9.82
 
Average Market Value per Share
   
10.02
Δ
 
10.04
   
9.89
   
9.72
^
                           
California Dividend Advantage 3 (NZH)
                         
Series 2014 (NZH PRA)
                         
Ending Market Value per Share
   
   
10.05
   
10.17
   
 
Average Market Value per Share
   
10.04
ΔΔ
 
10.09
   
10.11
ΩΩ
 
 
Series 2014-1 (NZH PRB)
                         
Ending Market Value per Share
   
   
10.05
   
10.15
   
 
Average Market Value per Share
   
10.03
ΔΔ
 
10.08
   
10.12
ΩΩΩ
 
 
Series 2015 (NZH PRC)
                         
Ending Market Value per Share
   
   
10.14
   
10.18
   
10.06
 
Average Market Value per Share
   
10.07
ΔΔ
 
10.13
   
10.11
   
10.14
 

^
For the period October 22, 2010 (first issuance date of shares) through February 28, 2011.
Ω
For the period March 29, 2011 (first issuance date of shares) through February 29, 2012.
ΩΩ
For the period April 11, 2011 (first issuance date of shares) through February 29, 2012.
ΩΩΩ
For the period June 6, 2011 (first issuance date of shares) through February 29, 2012.
Δ
For the period March 1, 2013 through September 9, 2013.
ΔΔ
For the period March 1, 2013 through October 7, 2013.
See accompanying notes to financial statements.
 
Nuveen Investments
 
85


 
Notes to Financial Statements (Unaudited)
1. General Information and Significant Accounting Policies
General Information
Fund Information
The funds covered in this report and their corresponding New York Stock Exchange ("NYSE") or NYSE MKT symbols are as follows (each a "Fund" and collectively, the "Funds"):
•  Nuveen California Municipal Value Fund, Inc. (NCA) ("California Value (NCA)")
•  Nuveen California Municipal Value Fund 2 (NCB) ("California Value 2 (NCB)")
•  Nuveen California AMT-Free Municipal Income Fund (NKX) ("California AMT-Free Income (NKX)")
•  Nuveen California Dividend Advantage Municipal Fund (NAC) ("California Dividend Advantage (NAC)")
•  Nuveen California Dividend Advantage Municipal Fund 2 (NVX) ("California Dividend Advantage 2 (NVX)")
•  Nuveen California Dividend Advantage Municipal Fund 3 (NZH) ("California Dividend Advantage 3 (NZH)")
The Funds are registered under the Investment Company Act of 1940, as amended, as diversified closed-end management investment companies. Common shares of California Value (NCA), California AMT-Free Income (NKX) and California Dividend Advantage (NAC) are traded on the NYSE (Common shares of California AMT-Free Income (NKX) were formerly traded on the NYSE MKT). Common shares of California Value 2 (NCB), California Dividend Advantage 2 (NVX) and California Dividend Advantage 3 (NZH) are traded on the NYSE MKT. California Value (NCA) was incorporated under the state laws of Minnesota on July 15, 1987. California Value 2 (NCB), California AMT-Free Income (NKX), California Dividend Advantage (NAC), California Dividend Advantage 2 (NVX) and California Dividend Advantage 3 (NZH) were organized as Massachusetts business trusts on January 26, 2009, July 29, 2002, December 1, 1998, June 1, 1999 and April 6, 2001, respectively.
The end of the reporting period for the Funds is August 31, 2015, and the period covered by these Notes to Financial Statements is the six months ended August 31, 2015 (the "current fiscal period").
Investment Adviser
The Funds' investment adviser is Nuveen Fund Advisors, LLC (the "Adviser"), a wholly-owned subsidiary of Nuveen Investments, Inc. ("Nuveen"). The Adviser is responsible for each Fund's overall investment strategy and asset allocation decisions. The Adviser has entered into sub-advisory agreements with Nuveen Asset Management, LLC, (the "Sub-Adviser"), a subsidiary of the Adviser, under which the Sub-Adviser manages the investment portfolios of the Funds.
Investment Objectives and Principal Investment Strategies
Each Fund seeks to provide current income exempt from both regular federal and California state income taxes, and in the case of California AMT-Free Income (NKX) the alternative minimum tax applicable to individuals, by investing primarily in a portfolio of municipal obligations issued by state and local government authorities within the state of California or certain U.S. territories.
Significant Accounting Policies
Each Fund is an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 946 "Financial Services – Investment Companies." The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with U.S. generally accepted accounting principles ("U.S. GAAP").
Investment Transactions
Investment transactions are recorded on a trade date basis. Realized gains and losses from investment transactions are determined on the specific identification method, which is the same basis used for federal income tax purposes. Investments purchased on a when-issued/delayed delivery basis may have extended settlement periods. Any investments so purchased are subject to market fluctuation during this period. The Funds have earmarked securities in their portfolios with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments.
 
86
 
Nuveen Investments

 
As of the end of the reporting period, the following Funds' outstanding when-issued/delayed delivery purchase commitments were as follows:
 
   
California
 
California
 
   
Dividend
 
Dividend
 
   
Advantage
 
Advantage 3
 
   
(NAC
)
(NZH
)
Outstanding when-issued/delayed delivery purchase commitments
 
$
3,077,321
 
$
3,077,321
 
Investment Income
Investment income, which reflects the amortization of premiums and accretion of discounts for financial reporting purposes, is recorded on an accrual basis. Investment income also reflects paydown gains and losses, if any.
Professional Fees
Professional fees presented on the Statement of Operations consist of legal fees incurred in the normal course of operations, audit fees, tax consulting fees and, in some cases, workout expenditures. Workout expenditures are incurred in an attempt to protect or enhance an investment or to pursue other claims or legal actions on behalf of Fund shareholders. If a refund is received for workout expenditures paid in a prior reporting period, such amounts will be recognized as "Legal fee refund" on the Statement of Operations.
Dividends and Distributions to Common Shareholders
Dividends from net investment income are declared monthly. Net realized capital gains and/or market discount from investment transactions, if any, are distributed to shareholders at least annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards.
 
Distributions to common shareholders of net investment income, net realized capital gains and/or market discount, if any, are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.
Indemnifications
Under the Funds' organizational documents, their officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that provide general indemnifications to other parties. The Funds' maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.
Netting Agreements
In the ordinary course of business, the Funds may enter into transactions subject to enforceable International Swaps and Derivative Association, Inc. ("ISDA") master agreements or other similar arrangements ("netting agreements"). Generally, the right to offset in netting agreements allows each Fund to offset certain securities and derivatives with a specific counterparty with any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, each Fund manages its cash collateral and securities collateral on a counterparty basis.
The Funds' investments subject to netting agreements as of the end of the reporting period, if any, are further described in Note 3 – Portfolio Securities and Investments in Derivatives.
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets applicable to common shares from operations during the reporting period. Actual results may differ from those estimates.
2. Investment Valuation and Fair Value Measurements
The fair valuation input levels as described below are for fair value measurement purposes.
Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
 
Nuveen Investments
 
87


Notes to Financial Statements (Unaudited) (continued)
 
 Level 1 –
 Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
 Level 2 –
 Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
 Level 3 –
 Prices are determined using significant unobservable inputs (including management's assumptions in determining the fair value of investments).
Prices of fixed income securities are provided by a pricing service approved by the Funds' Board of Directors/Trustees (the "Board"). The pricing service establishes a security's fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor's credit characteristics considered relevant. These securities are generally classified as Level 2. In pricing certain securities, particularly less liquid and lower quality securities, the pricing service may consider information about a security, its issuer or market activity, provided by the Adviser. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs.
Certain securities may not be able to be priced by the pre-established pricing methods as described above. Such securities may be valued by the Board and/or its appointee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; debt securities that have gone into default and for which there is no current market quotation; a security whose market price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of a Fund's NAV (as may be the case in non-U.S. markets on which the security is primarily traded) or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the pricing service, is not deemed to reflect the security's fair value. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor's credit characteristics considered relevant. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the Board and/or its appointee.
The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of each Fund's fair value measurements as of the end of the reporting period:
 
                           
California Value (NCA)
   
Level 1
   
Level 2
   
Level 3
   
Total
 
Long-Term Investments*:
                         
Municipal Bonds
 
$
 
$
263,363,884
 
$
 
$
263,363,884
 
Short-Term Investments:
                         
Municipal Bonds
   
   
   
1,117,637
**
 
1,117,637
 
Total
 
$
 
$
263,363,884
 
$
1,117,637
 
$
264,481,521
 
California Value 2 (NCB)
                         
Long-Term Investments*:
                         
Municipal Bonds
 
$
 
$
55,212,417
 
$
 
$
55,212,417
 
Short-Term Investments:
                         
Municipal Bonds
   
   
   
543,715
**
 
543,715
 
Total
 
$
 
$
55,212,417
 
$
543,715
 
$
55,756,132
 
California AMT-Free Income (NKX)
                         
Long-Term Investments*:
                         
Municipal Bonds
 
$
 
$
1,055,650,933
 
$
 
$
1,055,650,933
 
Short-Term Investments:
                         
Municipal Bonds
   
   
   
8,704,478
**
 
8,704,478
 
Total
 
$
 
$
1,055,650,933
 
$
8,704,478
 
$
1,064,355,411
 
California Dividend Advantage (NAC)
                         
Long-Term Investments*:
                         
Municipal Bonds
 
$
 
$
2,411,311,985
 
$
 
$
2,411,311,985
 
Short-Term Investments:
                         
Municipal Bonds
   
   
   
20,852,485
**
 
20,852,485
 
Total
 
$
 
$
2,411,311,985
 
$
20,852,485
 
$
2,432,164,470
 

88
 
Nuveen Investments


California Dividend Advantage 2 (NVX)
   
Level 1
   
Level 2
   
Level 3
   
Total
 
Long-Term Investments*:
                         
Municipal Bonds
 
$
 
$
320,056,124
 
$
 
$
320,056,124
 
Short-Term Investments:
                         
Municipal Bonds
   
   
   
1,656,318
**
 
1,656,318
 
Total
 
$
 
$
320,056,124
 
$
1,656,318
 
$
321,712,442
 
California Dividend Advantage 3 (NZH)
                         
Long-Term Investments*:
                         
Municipal Bonds
 
$
 
$
492,549,249
 
$
 
$
492,549,249
 
Short-Term Investments:
                         
Municipal Bonds
   
   
   
4,520,891
**
 
4,520,891
 
Total
 
$
 
$
492,549,249
 
$
4,520,891
 
$
497,070,140
 

*
Refer to the Fund's Portfolio of Investments for industry classifications.
**
Refer to the Funds' Portfolio of Investments for breakdown of these securities classified as Level 3.
The following is a reconciliation of the following Funds' Level 3 investments held at the beginning and end of the measurement period:
 
   
California
 
California
 
California
 
   
AMT-Free
 
Dividend
 
Dividend
 
   
Income
 
Advantage
 
Advantage 3
 
   
(NKX
)
(NAC
)
(NZH
)
   
Level 3
 
Level 3
 
Level 3
 
   
Short-Term
 
Short-Term
 
Short-Term
 
   
Municipal
 
Municipal
 
Municipal
 
   
Bonds
 
Bonds
 
Bonds
 
Balance at the beginning of period
 
$
8,718,742
 
$
20,886,656
 
$
4,528,300
 
Gain (losses):
                   
Net realized gains (losses)
   
   
   
 
Change in net unrealized appreciation (depreciation)
   
(14,264
)
 
(34,171
)
 
(7,409
)
Purchases at cost
   
   
   
 
Sales at proceeds
   
   
   
 
Net discounts (premiums)
   
   
   
 
Transfers in to
   
   
   
 
Transfers (out of)
   
   
   
 
Balance at the end of period
 
$
8,704,478
 
$
20,852,485
 
$
4,520,891
 
Change in net unrealized appreciation (depreciation) during the period of Level 3 securities held as of the end of the reporting period
 
$
(14,264
)
$
(34,171
)
$
(7,409
)
The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements of assets as of the end of the reporting period, were as follows:
 
                           
     
Market Value
   
Techniques
   
Unobservable Inputs
   
Range
 
California AMT-Free Income (NKX)
                         
Short-Term Municipal Bonds
 
$
8,704,478
   
Discounted Cash Flow
   
Municipal BBB Benchmark
   
1 - 4
%
                 
B - Rated Hospital Sector
       
California Dividend Advantage (NAC)
                         
Short-Term Municipal Bonds
 
$
20,852,485
   
Discounted Cash Flow
   
Municipal BBB Benchmark
   
1 - 4
%
                 
B - Rated Hospital Sector
       
California Dividend Advantage 3 (NZH)
                         
Short-Term Municipal Bonds
 
$
4,520,891
   
Discounted Cash Flow
   
Municipal BBB Benchmark
   
1 - 4
%
                 
B - Rated Hospital Sector
       
The Board is responsible for the valuation process and has appointed the oversight of the daily valuation process to the Adviser's Valuation Committee. The Valuation Committee, pursuant to the valuation policies and procedures adopted by the Board, is responsible for making fair value determinations, evaluating the effectiveness of the Funds' pricing policies and reporting to the Board. The Valuation Committee is aided in its efforts by the Adviser's dedicated Securities Valuation Team, which is responsible for administering the daily valuation process and applying fair value methodologies as approved by the Valuation Committee. When determining the reliability of independent pricing services for investments owned by the Funds, the Valuation Committee, among other things, conducts due diligence reviews of the pricing services and monitors the quality of security prices received through various testing reports conducted by the Securities Valuation Team.
 
Nuveen Investments
 
89


Notes to Financial Statements (Unaudited) (continued)
The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making a fair value determination, based on the facts and circumstances specific to the portfolio instrument. Fair value determinations generally will be derived as follows, using public or private market information:

 
(i)
If available, fair value determinations shall be derived by extrapolating from recent transactions or quoted prices for identical or comparable securities.
     
 
(ii)
If such information is not available, an analytical valuation methodology may be used based on other available information including, but not limited to: analyst appraisals, research reports, corporate action information, issuer financial statements and shelf registration statements. Such analytical valuation methodologies may include, but are not limited to: multiple of earnings, discount from market value of a similar freely-traded security, discounted cash flow analysis, book value or a multiple thereof, risk premium/yield analysis, yield to maturity and/or fundamental investment analysis.
The purchase price of a portfolio instrument will be used to fair value the instrument only if no other valuation methodology is available or deemed appropriate, and it is determined that the purchase price fairly reflects the instrument's current value.
For each portfolio security that has been fair valued pursuant to the policies adopted by the Board, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such testing and fair valuation occurrences are reported to the Board.
3. Portfolio Securities and Investments in Derivatives
Portfolio Securities
Inverse Floating Rate Securities
Each Fund is authorized to invest in inverse floating rate securities. An inverse floating rate security is created by depositing a municipal bond (referred to as an "Underlying Bond"), typically with a fixed interest rate, into a special purpose tender option bond ("TOB") trust (referred to as the "TOB Trust") created by or at the direction of one or more Funds. In turn, the TOB Trust issues (a) floating rate certificates (referred to as "Floaters"), in face amounts equal to some fraction of the Underlying Bond's par amount or market value, and (b) an inverse floating rate certificate (referred to as an "Inverse Floater") that represents all remaining or residual interest in the TOB Trust. Floaters typically pay short-term tax-exempt interest rates to third parties who are also provided a right to tender their certificate and receive its par value, which may be paid from the proceeds of a remarketing of the Floaters, by a loan to the TOB Trust from a third party liquidity provider ("Liquidity Provider"), or by the sale of assets from the TOB Trust. The Inverse Floater is issued to a long term investor, such as one or more of the Funds. The income received by the Inverse Floater holder varies inversely with the short-term rate paid to holders of the Floaters, and in most circumstances the Inverse Floater holder bears substantially all of the Underlying Bond's downside investment risk and also benefits disproportionately from any potential appreciation of the Underlying Bond's value. The value of an Inverse Floater will be more volatile than that of the Underlying Bond because the interest rate is dependent on not only the fixed coupon rate of the Underlying Bond but also on the short-term interest paid on the Floaters, and because the Inverse Floater essentially bears the risk of loss (and possible gain) of the greater face value of the Underlying Bond.
The Inverse Floater held by a Fund gives the Fund the right to (a) cause the holders of the Floaters to tender their certificates at par (or slightly more than par in certain circumstances), and (b) have the trustee of the TOB Trust (the "Trustee") transfer the Underlying Bond held by the TOB Trust to the Fund, thereby collapsing the TOB Trust.
The Fund may acquire an Inverse Floater in a transaction where it (a) transfers an Underlying Bond that it owns to a TOB Trust created by a third party or (b) transfers an Underlying Bond that it owns, or that it has purchased in a secondary market transaction for the purpose of creating an Inverse Floater, to a TOB Trust created at its direction, and in return receives the Inverse Floater of the TOB Trust (referred to as a "self-deposited Inverse Floater"). A Fund may also purchase an Inverse Floater in a secondary market transaction from a third party creator of the TOB Trust without first owning the Underlying Bond (referred to as an "externally-deposited Inverse Floater").
An investment in a self-deposited Inverse Floater is accounted for as a "financing" transaction (i.e., a secured borrowing). For a self-deposited Inverse Floater, the Underlying Bond deposited into the TOB Trust is identified in the Fund's Portfolio of Investments as "(UB) – Underlying bond of an inverse floating rate trust reflected as a financing transaction," with the Fund recognizing as liabilities, labeled "Floating rate obligations" on the Statement of Assets and Liabilities, (a) the liquidation value of Floaters issued by the TOB Trust, and (b) the amount of any borrowings by the TOB Trust from a Liquidity Provider to enable the TOB Trust to purchase outstanding Floaters in lieu of a remarketing. In addition, the Fund recognizes in "Investment Income" the entire earnings of the Underlying Bond, and recognizes (a) the interest paid to the holders of the Floaters or on the TOB Trust's borrowings, and (b) other expenses related to remarketing, administration, trustee, liquidity and other services to a TOB Trust, as a component of "Interest expense" on the Statement of Operations.
In contrast, an investment in an externally-deposited Inverse Floater is accounted for as a purchase of the Inverse Floater and is identified in the Fund's Portfolio of Investments as "(IF) – Inverse floating rate investment." For an externally-deposited Inverse Floater, a Fund's Statement of Assets and Liabilities recognizes the Inverse Floater and not the Underlying Bond as an asset, and the Fund does not recognize the Floaters, or any related borrowings from a Liquidity Provider, as a liability. Additionally, the Fund reflects in "Investment Income" only the net amount of earnings on the
 
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Inverse Floater (net of the interest paid to the holders of the Floaters or the Liquidity Provider as lender, and the expenses of the Trust), and does not show the amount of that interest paid or the expenses of the TOB Trust as described above as interest expense on the Statement of Operations.
Fees paid upon the creation of a TOB Trust for self-deposited Inverse Floaters and externally-deposited Inverse Floaters are recognized as part of the cost basis of the Inverse Floater and are capitalized over the term of the TOB Trust.
As of the end of the reporting period, the aggregate value of Floaters issued by each Fund's TOB Trust for self-deposited Inverse Floaters and externally-deposited Inverse Floaters was as follows:
 
           
California
 
California
 
California
 
California
 
   
California
 
California
 
AMT-Free
 
Dividend
 
Dividend
 
Dividend
 
   
Value
 
Value 2
 
Income
 
Advantage
 
Advantage 2
 
Advantage 3
 
Floating Rate Obligations Outstanding
 
(NCA
)
(NCB
)
(NKX
)
(NAC
)
(NVX
)
(NZH
)
Floating rate obligations: self-deposited Inverse Floaters
 
$
4,490,000
 
$
 
$
6,755,000
 
$
92,995,000
 
$
965,000
 
$
845,000
 
Floating rate obligations: externally-deposited Inverse Floaters
   
   
5,990,000
   
41,148,500
   
131,640,500
   
9,075,000
   
53,741,500
 
Total
 
$
4,490,000
 
$
5,990,000
 
$
47,903,500
 
$
224,635,500
 
$
10,040,000
 
$
54,586,500
 
During the current fiscal period, the average amount of floating rate obligations (including any borrowings from a Liquidity Provider) outstanding, and the average annual interest rate and fees related to self-deposited Inverse Floaters, were as follows:
 
           
California
 
California
 
California
 
California
 
   
California
 
California
 
AMT-Free
 
Dividend
 
Dividend
 
Dividend
 
   
Value
 
Value 2
 
Income
 
Advantage
 
Advantage 2
 
Advantage 3
 
Self-Deposited Inverse Floaters
 
(NCA
)
(NCB
)
(NKX
)
(NAC
)
(NVX
)
(NZH
)
Average floating rate obligations outstanding
 
$
4,490,000
 
$
 
$
6,755,000
 
$
92,995,000
 
$
965,000
 
$
845,000
 
Average annual interest rate and fees
   
0.67
%
 
%
 
0.67
%
 
0.66
%
 
0.62
%
 
0.62
%
TOB Trusts are supported by a liquidity facility provided by a Liquidity Provider pursuant to which the Liquidity Provider agrees, in the event that Floaters are (a) tendered to the Trustee for remarketing and the remarketing does not occur, or (b) subject to mandatory tender pursuant to the terms of the TOB Trust agreement, to either purchase Floaters or to provide the Trustee with an advance from a loan facility to fund the purchase of Floaters by the TOB Trust. In certain circumstances, the Liquidity Provider may otherwise elect to have the Trustee sell the Underlying Bond to retire the Floaters that were tendered and not remarketed prior to providing such a loan. In these circumstances, the Liquidity Provider remains obligated to provide a loan to the extent that the proceeds of the sale of the Underlying Bond is not sufficient to pay the purchase price of the Floaters.
The size of the commitment under the loan facility for a given TOB Trust is at least equal to the balance of that TOB Trust's outstanding Floaters plus any accrued interest. In consideration of the loan facility, fee schedules are in place and are charged by the Liquidity Provider(s). Any loans made by the Liquidity Provider will be secured by the purchased Floaters held by the TOB Trust. Interest paid on any outstanding loan balances will be effectively borne by the Fund that owns the Inverse Floaters of the TOB Trust that has incurred the borrowing and may be at a rate that is greater than the rate that would have been paid had the Floaters been successfully remarketed.
As described above, any amounts outstanding under a liquidity facility are recognized as a component of "Floating rate obligations" on the Statement of Assets and Liabilities by the Fund holding the corresponding Inverse Floaters issued by the borrowing TOB Trust. As of the end of the reporting period, there were no loans outstanding under any such facility.
Each Fund may also enter into shortfall and forbearance agreements (sometimes referred to as a "recourse arrangement" or "credit recovery swap") (TOB Trusts involving such agreements are referred to herein as "Recourse Trusts"), under which a Fund agrees to reimburse the Liquidity Provider for the Trust's Floaters, in certain circumstances, for the amount (if any) by which the liquidation value of the Underlying Bond held by the TOB Trust may fall short of the sum of the liquidation value of the Floaters issued by the TOB Trust plus any amounts borrowed by the TOB Trust from the Liquidity Provider, plus any shortfalls in interest cash flows. Under these agreements, a Fund's potential exposure to losses related to or on an Inverse Floater may increase beyond the value of the Inverse Floater as a Fund may potentially be liable to fulfill all amounts owed to holders of the Floaters or the Liquidity Provider. Any such shortfall amount in the aggregate is recognized as "Unrealized depreciation on Recourse Trusts" on the Statement of Assets and Liabilities.
As of the end of the reporting period, each Fund's maximum exposure to the Floaters issued by Recourse Trusts for self-deposited Inverse Floaters and externally-deposited Inverse Floaters was as follows:

           
California
 
California
 
California
 
California
 
   
California
 
California
 
AMT-Free
 
Dividend
 
Dividend
 
Dividend
 
Floating Rate Obligations –
 
Value
 
Value 2
 
Income
 
Advantage
 
Advantage 2
 
Advantage 3
 
Externally-Deposited Recourse Trusts
 
(NCA
)
(NCB
)
(NKX
)
(NAC
)
(NVX
)
(NZH
)
Maximum exposure to Recourse Trusts: self-deposited Inverse Floaters
 
$
 
$
 
$
 
$
21,090,000
 
$
 
$
 
Maximum exposure to Recourse Trusts: externally-deposited Inverse Floaters
   
   
   
13,260,000
   
50,700,000
   
3,480,000
   
37,765,000
 
Total
 
$
 
$
 
$
13,260,000
 
$
71,790,000
 
$
3,480,000
 
$
37,765,000
 

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Notes to Financial Statements
(Unaudited) (continued)
Zero Coupon Securities
A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. Income to the holder of the security comes from accretion of the difference between the original purchase price of the security at issuance and the par value of the security at maturity and is effectively paid at maturity. The market prices of zero coupon securities generally are more volatile than the market prices of securities that pay interest periodically.
Investments in Derivatives
In addition to the inverse floating rate securities in which each Fund may invest, which are considered portfolio securities for financial reporting purposes, each Fund is authorized to invest in certain other derivative instruments such as futures, options and swap contracts. Each Fund limits its investments in futures, options on futures and swap contracts to the extent necessary for the Adviser to claim the exclusion from registration by the Commodity Futures Trading Commission as a commodity pool operator with respect to the Fund. The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds' investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes.
Although the Funds are authorized to invest in derivative instruments and may do so in future, they did not make any such investments during the current fiscal period.
Market and Counterparty Credit Risk
In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each Fund's exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities.
Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the pre-determined threshold amount.
4. Fund Shares
Common Shares
Common Shares Equity Shelf Programs and Offering Costs
California Value (NCA) has filed a registration statement with the Securities and Exchange Commission ("SEC") authorizing the Fund to issue additional common shares through an equity shelf program ("Shelf Offering"), which became effective with the SEC during a prior fiscal period.
Under this Shelf Offering, the Fund, subject to market conditions, may raise additional equity capital from time to time in varying amounts and offering methods at a net price at or above the Fund's NAV per common share.
Authorized common shares, common shares issued and offering proceeds, net of offering costs under the Fund's Shelf Offering during the Fund's current and prior fiscal period were as follows:
 
   
California Value (NCA)
 
   
Six Months
 
Year
 
   
Ended
 
Ended
 
   
8/31/15
 
2/28/15
 
Authorized common shares
   
2,500,000
   
2,500,000
 
Common shares issued
   
299,952
   
124,572
 
Offering proceeds, net of offering costs
 
$
3,158,302
 
$
1,321,449
 
Costs incurred by the Fund in connection with its Shelf Offering was recorded as a deferred charge and recognized as a component of "Deferred offering costs" on the Statement of Assets and Liabilities. The deferred asset is reduced during the one-year period that additional shares are sold by reducing the proceeds from such sales and recognized as a component of "Proceeds from shelf offering, net of offering costs" on the Statement of Changes in Net Assets, when applicable. At the end of the one-year life of the Shelf Offering period, any remaining deferred charges will be expensed accordingly and recognized as a component of "Other expenses" on the Statement of Operations, when applicable. Any additional costs the Funds may incur in connection with their Shelf Offerings are expensed as incurred and recognized as a component of "Proceeds from shelf offering, net of offering costs" on the Statement of Changes in Net Assets, when applicable.

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Common Share Transactions
Transactions in common shares during the following Funds' current and prior fiscal period were as follows:

   
California Value (NCA)
 
   
Six Months
 
Year
 
   
Ended
 
Ended
 
   
8/31/15
 
2/28/15
 
Common shares:
             
Sold through shelf offering
   
299,952
   
124,572
 
Issued to shareholders due to reinvestment of distributions
   
7,682
   
16,402
 
     
307,634
   
140,974
 
Weighted average common share:
             
Premium to NAV per shelf offering share sold
   
1.45
%
 
1.22
%

   
California AMT-Free
 
California Dividend
 
   
Income (NKX)
 
Advantage (NAC)
 
   
Six Months
 
Year
 
Six Months
 
Year
 
   
Ended
 
Ended
 
Ended
 
Ended
 
   
8/31/15
 
2/28/15
 
8/31/15
 
2/28/15
 
Common shares:
                         
Issued in the Reorganization
   
   
5,864,695
   
   
83,854,904
 
     
   
5,864,695
   
   
83,854,904
 
Preferred Shares
Institutional MuniFund Term Preferred Shares
California AMT-Free Income (NKX) had issued and outstanding Institutional MuniFund Term Preferred ("iMTP") Shares, with a $5,000 liquidation value per share. iMTP Shares are issued via private placement and are not publicly available.
As of the end of the reporting period, details of iMTP Shares outstanding were as follows:

           
Shares
 
           
Outstanding
 
           
at $5,000
 
       
Shares
 
Per Share
 
   
Series
 
Outstanding
 
Liquidation Value
 
California AMT-Free Income (NKX)
   
2018
   
7,200
 
$
36,000,000
 
The Fund is obligated to redeem its iMTP Shares by the date as specified in its offering document ("Term Redemption Date"), unless earlier redeemed or repurchased by the Fund. iMTP Shares are subject to optional and mandatory redemption in certain circumstances. The iMTP Shares are not subject to redemption at the option of the Fund for one year following the date of issuance ("Non-Call Expiration Date"), at which point the Fund may begin to redeem at its option ("Optional Redemption Date"). The Fund may be obligated to redeem certain of the iMTP Shares if the Fund fails to maintain certain asset coverage and leverage ratio requirements and such failures are not cured by the applicable cure date. The redemption price per share is equal to the sum of the liquidation value per share plus any accumulated but unpaid dividends. The Term Redemption Date, Optional Redemption Date and Non-Call Expiration Date for the Fund's iMTP Shares are as follows:

       
Term
 
Optional
 
Non-Call
 
   
Series
 
Redemption Date
 
Redemption Date
 
Expiration Date
 
California AMT-Free Income (NKX)
   
2018
   
July 1, 2018
   
January 1, 2016
   
December 31, 2015
 
The average liquidation value of iMTP Shares outstanding and annualized dividend rate for the Fund during the current fiscal period, were as follows:

     
California
 
     
AMT-Free
 
     
Income
 
     
(NKX
)
Average liquidation value of iMTP Shares outstanding
 
$
36,000,000
 
Annualized dividend rate
   
0.52
%
iMTP Shares generally do not trade, and market quotations are generally not available. iMTP Shares are short-term or short/intermediate-term instruments that pay a variable dividend rate tied to a short-term index, plus an additional fixed "spread" amount established at the time of issuance. The fair value of iMTP Shares is expected to be approximately their liquidation par value so long as the fixed "spread" on the iMTP Shares remains roughly in line with the "spread" rates being demanded by investors on instruments having similar terms in the current market environment. In present

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Notes to Financial Statements (Unaudited) (continued)
market conditions, the Fund's Adviser has determined that the fair value of iMTP Shares is their liquidation value, but their fair value could vary if market conditions change materially. For financial reporting purposes, the liquidation value of iMTP Shares is recorded as a liability and recognized as "Institutional MuniFund Term Preferred ("iMTP") Shares, at liquidation value" on the Statement of Assets and Liabilities.
Dividends on the iMTP Shares (which are treated as interest payments for financial reporting purposes) are set weekly. Unpaid dividends on iMTP Shares are recognized as a component of "Interest payable" on the Statement of Assets and Liabilities, when applicable. Dividends accrued on iMTP Shares are recognized as a component of "Interest expense and amortization of offering costs" on the Statement of Operations.
Costs incurred by the Fund in connection with its offering of iMTP Shares were recorded as a deferred charge, which are amortized over the life of the shares and recognized as components of "Deferred offering costs" on the Statement of Assets and Liabilities and "Interest expense and amortization of offering costs" on the Statement of Operations.
Variable Rate Demand Preferred Shares
The following Funds have issued and outstanding Variable Rate Demand Preferred ("VRDP") Shares, with a $100,000 liquidation value per share. VRDP Shares are issued via private placement and are not publicly available.
As of the end of the reporting period, details of the Funds' VRDP Shares outstanding were as follows:

           
Shares
     
           
Outstanding
     
       
Shares
 
at $100,000 Per Share
     
Fund
 
Series
 
Outstanding
 
Liquidation Value
 
Maturity
 
California AMT-Free Income (NKX)
                         
     
2
   
355
 
$
35,500,000
   
June 1, 2040
 
     
3
   
427
   
42,700,000
   
March 1, 2040
 
     
4
   
1,090
   
109,000,000
   
December 1, 2040
 
     
5
   
1,044
   
104,400,000
   
June 1, 2041
 
                           
California Dividend Advantage (NAC)
                         
     
1
   
1,362
 
$
136,200,000
   
June 1, 2041
 
     
2
 
910
   
91,000,000
   
December 1, 2040
 
     
3
 
498
   
49,800,000
   
March 1, 2040
 
     
4
 
1,056
   
105,600,000
   
December 1, 2042
 
     
5
 
1,589
   
158,900,000
   
August 1, 2040
 
     
6
 
1,581
   
158,100,000
   
August 1, 2040
 
                           
California Dividend Advantage 2 (NVX)
                         
     
1
   
980
 
$
98,000,000
   
August 3, 2043
 
                           
California Dividend Advantage 3 (NZH)
                         
     
1
   
1,600
 
$
160,000,000
   
September 1, 2043
 
*VRDP Shares issued in connection with the Reorganization.
VRDP Shares include a liquidity feature that allows VRDP shareholders to have their shares purchased by a liquidity provider with whom each Fund has contracted in the event that purchase orders for VRDP Shares in a remarketing are not sufficient in number to be matched with the sale orders in that remarketing. Each Fund is required to redeem any VRDP Shares that are still owned by the liquidity provider after six months of continuous, unsuccessful remarketing. Each Fund pays an annual remarketing fee of 0.10% on the aggregate principal amount of all VRDP Shares outstanding. Each Fund's VRDP Shares have successfully remarketed since issuance.
Dividends on the VRDP Shares (which are treated as interest payments for financial reporting purposes) are set weekly at a rate established by a remarketing agent; therefore, the market value of the VRDP Shares is expected to approximate its liquidation value. If remarketings for VRDP Shares are continuously unsuccessful for six months, the maximum rate is designed to escalate according to a specified schedule in order to enhance the remarketing agent's ability to successfully remarket the VRDP Shares.
Subject to certain conditions, VRDP Shares may be redeemed, in whole or in part, at any time at the option of each Fund. Each Fund may also redeem certain of the VRDP Shares if the Fund fails to maintain certain asset coverage requirements and such failures are not cured by the applicable cure date. The redemption price per share is equal to the sum of the liquidation value per share plus any accumulated but unpaid dividends.

94
 
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The average liquidation value of VRDP Shares outstanding and annualized dividend rate for each Fund during the current fiscal period were as follows:

   
California
 
California
 
California
 
California
 
   
AMT-Free
 
Dividend
 
Dividend
 
Dividend
 
   
Income
 
Advantage
 
Advantage 2
 
Advantage 3
 
   
(NKX
)
(NAC
)
(NVX
)
(NZH
)
Average liquidation value of VRDP Shares outstanding
 
$
291,600,000
 
$
699,600,000
 
$
98,000,000
 
$
160,000,000
 
Annualized dividend rate
   
0.15
%
 
0.14
%
 
0.15
%
 
0.13
%
For financial reporting purposes, the liquidation value of VRDP Shares is a liability and is recognized as "Variable Rate Demand Preferred ("VRDP") Shares, at liquidation value" on the Statement of Assets and Liabilities. Unpaid dividends on VRDP Shares are recognized as a component of "Interest payable" on the Statement of Assets and Liabilities, when applicable. Dividends accrued on the VRDP Shares are recognized as a component of "Interest expense and amortization of offering costs" on the Statement of Operations. Costs incurred by the Funds in connection with their offerings of VRDP Shares were recorded as a deferred charge, which are amortized over the life of the shares and are recognized as a component of "Deferred offering costs" on the Statement of Assets and Liabilities and "Interest expense and amortization of offerings costs" on the Statement of Operations. In addition to interest expense, each Fund also pays a per annum liquidity fee to the liquidity provider, as well as a remarketing fee, which are recognized as "Liquidity fees" and "Remarketing fees," respectively, on the Statement of Operations.
Preferred Share Transactions
Transactions in preferred shares for the Funds during the Funds' current and prior fiscal period, where applicable, are noted in the following tables.

Transactions in iMTP Shares for the Funds, where applicable, were as follows:

   
Year Ended February 28, 2015
 
     
Series
   
Shares
   
Amount
 
California AMT-Free Income (NKX)
                   
iMTP Shares issued
   
2018
   
7,200
 
$
36,000,000
 
Transactions in MTP Shares for the Funds, where applicable, were as follows:

   
Year Ended February 28, 2015
 
           
NYSE
             
     
Series
   
Ticker
   
Shares
   
Amount
 
California AMT-Free Income (NKX)
                         
MTP Shares issued in connection with the reorganization
   
2015
   
NKX PRC
   
3,525,000
 
$
35,250,000
 
MTP Shares redeemed
   
2015
   
NKX PRC
   
(3,525,000
)
$
(35,250,000
)
Transactions in VRDP Shares for the Funds, where applicable, were as follows:

   
Year Ended February 28, 2015
 
     
Series
   
Shares
   
Amount
 
California Dividend Advantage (NAC)
                   
VRDP Shares issued in connection with the reorganizations:
   
2
   
910
 
$
91,000,000
 
     
3
   
498
   
49,800,000
 
     
4
   
1,056
   
105,600,000
 
     
5
   
1,589
   
158,900,000
 
     
6
   
1,581
   
158,100,000
 
Total
   
 
 
 
5,634
  $ 563,400,000  
5. Investment Transactions
Long-term purchases and sales (including maturities) during the current fiscal period were as follows:

           
California
 
California
 
California
 
California
 
   
California
 
California
 
AMT-Free
 
Dividend
 
Dividend
 
Dividend
 
   
Value
 
Value 2
 
Income
 
Advantage
 
Advantage 2
 
Advantage 3
 
     
(NCA
)
 
(NCB
)
 
(NKX
)
 
(NAC
)
 
(NVX
)
 
(NZH
)
Purchases
 
$
12,960,068
 
$
2,285,580
 
$
142,778,267
 
$
261,093,311
 
$
42,238,136
 
$
59,840,403
 
Sales and maturities
   
13,688,545
   
2,380,751
   
139,555,089
   
263,365,695
   
41,025,784
   
61,069,008
 

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95


Notes to Financial Statements (Unaudited) (continued)
6. Income Tax Information
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and to otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required. Furthermore, each Fund intends to satisfy conditions that will enable interest from municipal securities, which is exempt from regular federal and California state income taxes, and in the case of California AMT-Free Income (NKX) the alternative minimum tax applicable to individuals, to retain such tax-exempt status when distributed to shareholders of the Funds. Net realized capital gains and ordinary income distributions paid by the Funds are subject to federal taxation.
For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax year ends and the interim tax period since then). Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts as detailed below. Temporary differences do not require reclassification. Temporary and permanent differences do not impact the NAVs of the Funds.
As of August 31, 2015, the cost and unrealized appreciation (depreciation) of investments, as determined on a federal income tax basis, were as follows:

           
California
 
California
 
California
 
California
 
   
California
 
California
 
AMT-Free
 
Dividend
 
Dividend
 
Dividend
 
   
Value
 
Value 2
 
Income
 
Advantage
 
Advantage 2
 
Advantage 3
 
     
(NCA
)
 
(NCB
)
 
(NKX
)
 
(NAC
)
 
(NVX
)
 
(NZH
)
Cost of investments
 
$
233,827,674
 
$
47,272,822
 
$
952,518,232
 
$
2,103,168,677
 
$
297,693,437
 
$
454,650,398
 
Gross unrealized:
                                     
Appreciation
 
$
27,196,935
 
$
8,552,668
 
$
105,810,574
 
$
250,261,930
 
$
27,585,755
 
$
47,368,312
 
Depreciation
   
(1,032,287
)
 
(69,358
)
 
(726,264
)
 
(14,264,141
)
 
(4,531,750
)
 
(5,793,570
)
Net unrealized appreciation (depreciation) of investments
 
$
26,164,648
 
$
8,483,310
 
$
105,084,310
 
$
235,997,789
 
$
23,054,005
 
$
41,574,742
 
Permanent differences, primarily due to federal taxes paid, taxable market discount, nondeductible offering costs, nondeductible reorganization expenses and reorganization adjustments, resulted in reclassifications among the Funds' components of common share net assets as of February 28, 2015, the Funds' last tax year end, as follows:

           
California
 
California
 
California
 
California
 
   
California
 
California
 
AMT-Free
 
Dividend
 
Dividend
 
Dividend
 
   
Value
 
Value 2
 
Income
 
Advantage
 
Advantage 2
 
Advantage 3
 
     
(NCA
)
 
(NCB
)
 
(NKX
)
 
(NAC
)
 
(NVX
)
 
(NZH
)
Paid-in-surplus
 
$
 
$
 
$
705,807
 
$
16,580,696
 
$
(1,019
)
$
(9,565
)
Undistributed (Over-distribution of) net investment income
   
(6
)
 
(4,398
)
 
(282,861
)
 
384,253
   
(618
)
 
(2,767
)
Accumulated net realized gain (loss)
   
6
   
4,398
   
(422,946
)
 
(16,964,949
)
 
1,637
   
12,332
 
The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains as of February 28, 2015, the Funds' last tax year end, were as follows:

           
California
 
California
 
California
 
California
 
   
California
 
California
 
AMT-Free
 
Dividend
 
Dividend
 
Dividend
 
   
Value
 
Value 2
 
Income
 
Advantage
 
Advantage 2
 
Advantage 3
 
     
(NCA
)
 
(NCB
)
 
(NKX
)
 
(NAC
)
 
(NVX
)
 
(NZH
)
Undistributed net tax-exempt income1
 
$
1,794,956
 
$
303,937
 
$
7,958,255
 
$
18,977,545
 
$
1,493,856
 
$
2,338,254
 
Undistributed net ordinary income2
   
28,992
   
59,719
   
21,426
   
144,243
   
13,715
   
18,834
 
Undistributed net long-term capital gains
   
   
597,480
   
   
   
   
 

1
Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on February 2, 2015, paid on March 2, 2015.
2
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.

96
 
Nuveen Investments


The tax character of distributions paid during the Funds' last tax year ended February 28, 2015, was designated for purposes of the dividends paid deduction as follows:

           
California
 
California
 
California
 
California
 
   
California
 
California
 
AMT-Free
 
Dividend
 
Dividend
 
Dividend
 
   
Value
 
Value 2
 
Income
 
Advantage
 
Advantage 2
 
Advantage 3
 
     
(NCA
)
 
(NCB
)
 
(NKX
)
 
(NAC
)
 
(NVX
)
 
(NZH
)
Distributions from net tax-exempt income
 
$
11,836,940
 
$
2,564,562
 
$
38,666,107
 
$
63,182,286
 
$
12,838,870
 
$
19,624,362
 
Distributions from net ordinary income2
   
   
18,741
   
28,625
   
   
   
43,473
 
Distributions from net long-term capital gains
   
   
367,916
   
   
   
   
 

2
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
As of February 28, 2015, the Funds' last tax year end, the following Funds had unused capital loss carryforwards available for federal income tax purposes to be applied against future capital gains, if any. If not applied, the carryforwards will expire as shown in the following table. The losses not subject to expiration will be utilized first by a Fund.
           
California
   
California
   
California
   
California
 
     
California
   
AMT-Free
   
Dividend
   
Dividend
   
Dividend
 
     
Value
   
Income
   
Advantage
   
Advantage 2
   
Advantage 3
 
     
(NCA
)
 
(NKX
)3
 
(NAC
)3
 
(NVX
)
 
(NZH
)
Expiration:
                               
February 29, 2016
   
   
   
855,623
   
   
3,869,938
 
February 28, 2017
   
1,426,925
   
632,234
   
15,801,342
   
   
4,536,999
 
February 28, 2018
   
251,409
   
530,894
   
731,149
   
705,843
   
10,646,251
 
February 28, 2019
   
   
   
   
   
1,340,157
 
Not subject to expiration
   
1,271,090
   
3,790,991
   
16,887,599
   
2,601,453
   
11,242,857
 
Total
 
$
2,949,424
 
$
4,954,119
 
$
34,275,713
 
$
3,307,296
 
$
31,636,202
 

3
A portion of California AMT-Free Income's (NKX) and California Dividend Advantage's (NAC) capital loss carryforward is subject to limitation under the Internal Revenue Code and related regulations.
During the Funds' last tax year ended February 28, 2015, the following Funds utilized capital loss carryforwards as follows:

                 
California
   
California
 
     
California
   
California
   
Dividend
   
Dividend
 
     
Value
   
Value 2
   
Advantage
   
Advantage 3
 
     
(NCA
)
 
(NCB
)
 
(NAC
)
 
(NZH
)
Utilized capital loss carryforwards
   
135,985
   
205,714
   
4,106,809
   
591,751
 
The Funds have elected to defer late-year losses in accordance with federal income tax rules. These losses are treated as having arisen on the first day of the current fiscal year. The following Funds have elected to defer losses as follows:

           
California
 
     
California
   
Dividend
 
     
Value
   
Advantage 2
 
     
(NCA
)
 
(NVX
)
Post-October capital losses4
 
$
60,575
 
$
161,458
 
Late-year ordinary losses5
   
   
 

4
Capital losses incurred from November 1, 2014 through February 28, 2015, the Funds' last tax year end.
5
Ordinary losses incurred from January 1, 2015 through February 28, 2015, and specified losses incurred from November 1, 2014 through February 28, 2015.
7. Management Fees and Other Transactions with Affiliates
Each Fund's management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Sub-Adviser is compensated for its services to the Funds from the management fees paid to the Adviser.
Each Fund's management fee consists of two components – a fund-level fee, based only on the amount of assets within the Fund, and a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser, and for California Value (NCA) a gross interest income component. This pricing structure enables Fund shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.
California Value (NCA) pays an annual fund-level fee, payable monthly, of 0.15% of the average daily net assets* of the Fund, as well as 4.125% of the gross interest income (excluding interest on bonds underlying a "self-deposited inverse floater" trust that is attributed to the Fund over and above the net interest earned on the inverse floater itself) of the Fund.

Nuveen Investments
 
97


Notes to Financial Statements (Unaudited) (continued)
The annual Fund-level fee, payable monthly, for each Fund (excluding California Value (NCA)) is calculated according to the following schedules:

 
California Value 2 (NCB)
Average Daily Managed Assets*
Fund-Level Fee
For the first $125 million
0.4000
%
For the next $125 million
0.3875
 
For the next $250 million
0.3750
 
For the next $500 million
0.3625
 
For the next $1 billion
0.3500
 
For managed assets over $2 billion
0.3375
 

 
California AMT-Free Income (NKX)
 
California Dividend Advantage (NAC)
 
California Dividend Advantage 2 (NVX)
 
California Dividend Advantage 3 (NZH)
Average Daily Managed Assets*
Fund-Level Fee
For the first $125 million
0.4500
%
For the next $125 million
0.4375
 
For the next $250 million
0.4250
 
For the next $500 million
0.4125
 
For the next $1 billion
0.4000
 
For managed assets over $2 billion
0.3750
 
The annual complex-level fee, payable monthly, for each Fund is calculated according to the following schedule:

Complex-Level Managed Asset Breakpoint Level*
Effective Rate at Breakpoint Level
$55 billion
0.2000
%
$56 billion
0.1996
 
$57 billion
0.1989
 
$60 billion
0.1961
 
$63 billion
0.1931
 
$66 billion
0.1900
 
$71 billion
0.1851
 
$76 billion
0.1806
 
$80 billion
0.1773
 
$91 billion
0.1691
 
$125 billion
0.1599
 
$200 billion
0.1505
 
$250 billion
0.1469
 
$300 billion
0.1445
 

*
For the fund-level and complex-level fees, managed assets include closed-end fund assets managed by the Adviser that are attributable to certain types of leverage. For these purposes, leverage includes the funds' use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust's issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining managed assets in certain circumstances. The complex-level fee is calculated based upon the aggregate daily managed assets of all Nuveen funds that constitute "eligible assets." Eligible assets do not include assets attributable to investments in other Nuveen funds and assets in excess of $2 billion added to the Nuveen fund complex in connection with the Adviser's assumption of the management of the former First American Funds effective January 1, 2011. As of August 31, 2015, the complex-level fee rate for each Fund was 0.1643%.
The Funds pay no compensation directly to those of its directors/trustees who are affiliated with the Adviser or to its officers, all of whom receive remuneration for their services to the Funds from the Adviser or its affiliates. The Board has adopted a deferred compensation plan for independent directors/trustees that enables directors/trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.
8. Borrowing Arrangements
During the current fiscal period, the Funds participated in an unsecured bank line of credit ("Unsecured Credit Line") under which outstanding balances would bear interest at a variable rate. On December 31, 2014, California Value 2 (NCB), California AMT-Free Income (NKX), California Dividend Advantage (NAC), California Dividend Advantage 2 (NVX) and California Dividend Advantage 3 (NZH) utilized $1,998,328, $5,382,341, $26,194,034, $268,482 and $5,697,332, respectively, of the Unsecured Credit Line at an annualized interest rate of 1.34% on its respective outstanding balance. California Value (NCA) did not draw on this Unsecured Credit Line during the current fiscal period.
 
98
 
Nuveen Investments


During July 2015, the Funds, along with certain other funds managed by the Adviser ("Participating Funds"), established a 364-day, $2.53 billion standby credit facility with a group of lenders, under which the Participating Funds may borrow for various purposes other than leveraging for investment purposes. This credit agreement replaces the Unsecured Credit Line described above. A large portion of this facility's capacity (and its associated costs as described below) is currently dedicated for use by a small number of Participating Funds, which does not include any of the Funds covered by this shareholder report. The remaining capacity under the facility (and the corresponding portion of the facility's annual costs) is separately dedicated to most of the other open-end funds in the Nuveen fund family, along with a number of Nuveen closed-end funds, including all of the Funds covered by this shareholder report. The credit facility expires in July 2016 unless extended or renewed.
The credit facility has the following terms: a fee of 0.15% per annum on unused commitment amounts, and interest at a rate equal to the higher of (a) one-month LIBOR (London Inter-Bank Offered Rate) plus 1.25% per annum or (b) the Fed Funds rate plus 1.25% per annum on amounts borrowed. Participating Funds paid administration, legal and arrangement fees, which are recognized as a component of "other expenses" on the Statement of Operations, and along with commitment fees, have been allocated among such Participating Funds based upon the relative proportions of the facility's aggregate capacity reserved for them and other factors deemed relevant by the Adviser and the Board of each Participating Fund.
During the current fiscal period, none of the Funds utilized this facility.
9.  New Accounting Pronouncement
Financial Accounting Standards Board ("FASB") Transfers and Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures
In June 2014, the FASB issued Accounting Standards Update ("ASU") 2014-11, Transfers and Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures" ("ASU 2014-11"), that expanded secured borrowing accounting for certain reverse repurchase agreements. ASU 2014-11 also sets forth additional disclosure requirements for certain transactions accounted for as sales in order to provide financial statement users with information to compare to similar transactions accounted for as secured borrowings. ASU 2014-11 is effective prospectively for annual periods beginning after December 15, 2014, and interim periods beginning after March 15, 2015. Management is currently evaluating the impact, if any, of ASU 2014-11 on the Funds' financial statement disclosures.

Nuveen Investments
 
99


Additional Fund Information

Board of Directors/Trustees
       
William Adams IV*
Jack B. Evans
William C. Hunter
David J. Kundert
John K. Nelson
William J. Schneider
Thomas S. Schreier, Jr.*
Judith M. Stockdale
Carole E. Stone
Virginia L. Stringer**
Terence J. Toth
 
           
           

* Interested Board Member.
** Will retire from the Funds' Board of Trustees effective December 31, 2015.
 

         
Fund Manager
Custodian
Legal Counsel
Independent Registered
Transfer Agent and
Nuveen Fund Advisors, LLC
State Street Bank
Chapman and Cutler LLP
Public Accounting Firm
Shareholder Services
333 West Wacker Drive
& Trust Company
Chicago, IL 60603
KPMG LLP 
State Street Bank
Chicago, IL 60606
Boston, MA 02111
 
Chicago, IL 60601 
& Trust Company
        
Nuveen Funds
        
P.O. Box 43071
        
Providence, RI 02940-3071
        
(800) 257-8787
          
Quarterly Form N-Q Portfolio of Investments Information
Each Fund is required to file its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q. You may obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov or in person at the SEC's Public Reference Room in Washington, D.C. Call the SEC toll-free at (800) SEC-0330 for room hours and operation.
Nuveen Funds' Proxy Voting Information
You may obtain (i) information regarding how each fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, without charge, upon request, by calling Nuveen Investments toll-free at (800) 257-8787 or on Nuveen's website at www.nuveen.com and (ii) a description of the policies and procedures that each fund used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen Investments toll free at (800) 257-8787. You may also obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov.

CEO Certification Disclosure
Each Fund's Chief Executive Officer (CEO) has submitted to the New York Stock Exchange (NYSE) the annual CEO certification as required by Section 303A.12(a) of the NYSE Listed Company Manual. Each Fund has filed with the SEC the certification of its CEO and Chief Financial Officer required by Section 302 of the Sarbanes –Oxley Act.

Common Share Repurchases
Each Fund intends to repurchase, through its open-market share repurchase program, shares of its own common stock at such times and in such amounts as is deemed advisable. During the period covered by this report, each Fund repurchased shares of its common stock as shown in the accompanying table. Any future repurchases will be reported to shareholders in the next annual or semi-annual report.

 
NCA
NCB
NKX
NAC
NVX
NZH
Common shares repurchased
FINRA BrokerCheck
The Financial Industry Regulatory Authority (FINRA) provides information regarding the disciplinary history of FINRA member firms and associated investment professionals. This information as well as an investor brochure describing FINRA BrokerCheck is available to the public by calling the FINRA BrokerCheck Hotline number at (800) 289-9999 or by visiting www.FINRA.org.

100
 
Nuveen Investments


Glossary of Terms Used in this Report

Auction Rate Bond: An auction rate bond is a security whose interest payments are adjusted periodically through an auction process, which process typically also serves as a means for buying and selling the bond. Auctions that fail to attract enough buyers for all the shares offered for sale are deemed to have "failed," with current holders receiving a formula-based interest rate until the next scheduled auction.
   
Average Annual Total Return: This is a commonly used method to express an investment's performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment's actual cumulative performance (including change in NAV or market price and reinvested dividends and capital gains distributions, if any) over the time period being considered.
   
Duration: Duration is a measure of the expected period over which a bond's principal and interest will be paid, and consequently is a measure of the sensitivity of a bond's or bond fund's value to changes when market interest rates change. Generally, the longer a bond's or fund's duration, the more the price of the bond or fund will change as interest rates change.
   
Effective Leverage: Effective leverage is a fund's effective economic leverage, and includes both regulatory leverage (see leverage) and the leverage effects of certain derivative investments in the fund's portfolio. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage.
   
Inverse Floating Rate Securities: Inverse floating rate securities, also known as inverse floaters or tender option bonds (TOBs), are created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust. This trust, in turn, (a) issues floating rate certificates typically paying short-term tax-exempt interest rates to third parties in amounts equal to some fraction of the deposited bond's par amount or market value, and (b) issues an inverse floating rate certificate (sometimes referred to as an "inverse floater") to an investor (such as a fund) interested in gaining investment exposure to a long-term municipal bond. The income received by the holder of the inverse floater varies inversely with the short-term rate paid to the floating rate certificates' holders, and in most circumstances the holder of the inverse floater bears substantially all of the underlying bond's downside investment risk. The holder of the inverse floater typically also benefits disproportionately from any potential appreciation of the underlying bond's value. Hence, an inverse floater essentially represents an investment in the underlying bond on a leveraged basis.
   
Leverage: Leverage is created whenever a fund has investment exposure (both reward and/or risk) equivalent to more than 100% of the investment capital.
   
Lipper California Municipal Debt Funds Classification Average: Calculated using the returns of all closed-end funds in this category. Lipper returns account for the effects of management fees and assume reinvestment of distributions, but do not reflect any applicable sales charges.
   
Net Asset Value (NAV) Per Share: A fund's Net Assets is equal to its total assets (securities, cash, accrued earnings and receivables) less its total liabilities. NAV per share is equal to the fund's Net Assets divided by its number of shares outstanding.
   
Pre-Refunding: Pre-Refunding, also known as advanced refundings or refinancings, is a procedure used by state and local governments to refinance municipal bonds to lower interest expenses. The issuer sells new bonds with a lower yield and uses the proceeds to buy U.S. Treasury securities, the interest from which is used to make payments on the higher-yielding bonds. Because of this collateral, pre-refunding generally raises a bond's credit rating and thus its value.

Nuveen Investments
 
101


Glossary of Terms Used in this Report (continued)

Regulatory Leverage: Regulatory leverage consists of preferred shares issued by or borrowings of a fund. Both of these are part of a fund's capital structure. Regulatory leverage is subject to asset coverage limits set in the Investment Company Act of 1940.
   
S&P Municipal Bond California Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment-grade California municipal bond market. Index returns assume reinvestment of distributions but do not reflect any applicable sales charges or management fees.
   
S&P Municipal Bond Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment-grade U.S. municipal bond market. Index returns assume reinvestment of distributions but do not reflect any applicable sales charges or management fees.
   
Total Investment Exposure: Total investment exposure is a fund's assets managed by the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes a fund's use of preferred stock and borrowings and investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust's issuance of floating rate securities.
   
Zero Coupon Bond: A zero coupon bond does not pay a regular interest coupon to its holders during the life of the bond. Income to the holder of the bond comes from accretion of the difference between the original purchase price of the bond at issuance and the par value of the bond at maturity and is effectively paid at maturity. The market prices of zero coupon bonds generally are more volatile than the market prices of bonds that pay interest periodically.

102
 
Nuveen Investments


Reinvest Automatically, Easily and Conveniently
Nuveen makes reinvesting easy. A phone call is all it takes to set up your reinvestment account.

Nuveen Closed-End Funds Automatic Reinvestment Plan
Nuveen Closed-End Fund allows you to conveniently reinvest distributions in additional Fund shares. By choosing to reinvest, you'll be able to invest money regularly and automatically, and watch your investment grow through the power of compounding. Just like distributions in cash, there may be times when income or capital gains taxes may be payable on distributions that are reinvested. It is important to note that an automatic reinvestment plan does not ensure a profit, nor does it protect you against loss in a declining market.
Easy and convenient
To make recordkeeping easy and convenient, each month you'll receive a statement showing your total distributions, the date of investment, the shares acquired and the price per share, and the total number of shares you own.
How shares are purchased
The shares you acquire by reinvesting will either be purchased on the open market or newly issued by the Fund. If the shares are trading at or above net asset value at the time of valuation, the Fund will issue new shares at the greater of the net asset value or 95% of the then-current market price. If the shares are trading at less than net asset value, shares for your account will be purchased on the open market. If the Plan Agent begins purchasing Fund shares on the open market while shares are trading below net asset value, but the Fund's shares subsequently trade at or above their net asset value before the Plan Agent is able to complete its purchases, the Plan Agent may cease open-market purchases and may invest the uninvested portion of the distribution in newly-issued Fund shares at a price equal to the greater of the shares' net asset value or 95% of the shares' market value on the last business day immediately prior to the purchase date. Distributions received to purchase shares in the open market will normally be invested shortly after the distribution payment date. No interest will be paid on distributions awaiting reinvestment. Because the market price of the shares may increase before purchases are completed, the average purchase price per share may exceed the market price at the time of valuation, resulting in the acquisition of fewer shares than if the distribution had been paid in shares issued by the Fund. A pro rata portion of any applicable brokerage commissions on open market purchases will be paid by Plan participants. These commissions usually will be lower than those charged on individual transactions.
Flexible
You may change your distribution option or withdraw from the Plan at any time, should your needs or situation change. You can reinvest whether your shares are registered in your name, or in the name of a brokerage firm, bank, or other nominee. Ask your investment advisor if his or her firm will participate on your behalf. Participants whose shares are registered in the name of one firm may not be able to transfer the shares to another firm and continue to participate in the Plan. The Fund reserves the right to amend or terminate the Plan at any time. Although the Fund reserves the right to amend the Plan to include a service charge payable by the participants, there is no direct service charge to participants in the Plan at this time.
Call today to start reinvesting distributions
For more information on the Nuveen Automatic Reinvestment Plan or to enroll in or withdraw from the Plan, speak with your financial advisor or call us at (800) 257-8787.

Nuveen Investments
 
103


Annual Investment Management Agreement Approval Process (Unaudited)
The Board of Directors or Trustees (as the case may be) of each Fund (each, a "Board" and each Director or Trustee, a "Board Member"), including the Board Members who are not parties to the Funds' advisory or sub-advisory agreements or "interested persons" of any such parties (the "Independent Board Members"), is responsible for overseeing the performance of the investment adviser and sub-adviser to the respective Fund and determining whether to continue such Fund's advisory agreement (the "Investment Management Agreement") between the Fund and Nuveen Fund Advisors, LLC (the "Adviser") and the sub-advisory agreement (the "Sub-Advisory Agreement" and, together with the Investment Management Agreement, the "Advisory Agreements") between the Adviser and Nuveen Asset Management, LLC (the "Sub-Adviser"). Following an initial term with respect to each Fund upon its commencement of operations, the Board is required to consider the continuation of the Advisory Agreements on an annual basis pursuant to the requirements of the Investment Company Act of 1940, as amended (the "1940 Act"). Accordingly, at an in-person meeting held on May 11-13, 2015 (the "May Meeting"), the Board, including a majority of the Independent Board Members, considered and approved the existing Advisory Agreements for the Funds.
In preparation for its considerations at the May Meeting, the Board received in advance of the meeting extensive materials prepared in connection with the review of the Advisory Agreements. The materials provided a broad range of information regarding the Funds, including, among other things, the nature, extent and quality of services provided by the Adviser and Sub-Adviser (the Adviser and Sub-Adviser are collectively, the "Fund Advisers" and each, a "Fund Adviser"); Fund performance including performance assessments against peers and the appropriate benchmark(s); fee and expense information of the Funds compared to peers; a description and assessment of shareholder service levels for the Funds; a summary of the performance of certain service providers; a review of product initiatives and shareholder communications; and profitability information of the Fund Advisers as described in further detail below. As part of its annual review, the Board also held a separate meeting on April 14-15, 2015 to review the Funds' investment performance and consider an analysis by the Adviser of the Sub-Adviser which generally evaluated the Sub-Adviser's investment team, investment mandate, organizational structure and history, investment philosophy and process, and the performance of the Funds, and any significant changes to the foregoing. During the review, the Independent Board Members asked questions of and requested additional information from management.
The Board considered that the evaluation process with respect to the Fund Advisers is an ongoing process that encompassed the information and knowledge gained throughout the year. The Board, acting directly or through its committees, met regularly during the course of the year and received information and considered factors at each meeting that would be relevant to its annual consideration of the Advisory Agreements, including information relating to Fund performance; Fund expenses; investment team evaluations; and valuation, compliance, regulatory and risk matters. In addition to regular reports, the Adviser provided special reports to the Board to enhance the Board's understanding on topics that impact some or all of the Nuveen funds and the Adviser (such as presentations on risk and stress testing; the new governance, risk and compliance system; cybersecurity developments; Nuveen fund accounting and reporting matters; regulatory developments impacting the investment company industry and the business plans or other matters impacting the Adviser). The Board also met with key investment personnel managing certain Nuveen fund portfolios during the year.
The Board had created several standing committees including the Open-End Funds Committee and the Closed-End Funds Committee to assist the full Board in monitoring and gaining a deeper insight into the distinctive business practices of closed-end and open-end funds. These Committees met prior to each quarterly Board meeting, and the Adviser provided presentations to these Committees permitting them to delve further into specific matters or initiatives impacting the respective product line.

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The Board also continued its program of seeking to have the Board Members or a subset thereof visit each sub-adviser to the Nuveen funds at least once over a multiple year rotation, meeting with key investment and business personnel. In this regard, the Independent Board Members made site visits to multiple equity and fixed-income investment teams of the Sub-Adviser in June 2014.
The Board considered the information provided and knowledge gained at these meetings and visits during the year when performing its annual review of the Advisory Agreements. The Independent Board Members also were assisted throughout the process by independent legal counsel. During the course of the year and during their deliberations regarding the review of advisory contracts, the Independent Board Members met with independent legal counsel in executive sessions without management present. The Independent Board Members also received a memorandum from independent legal counsel outlining the legal standards for their consideration of the proposed continuation of the Advisory Agreements. In addition, it is important to recognize that the management arrangements for the Nuveen funds are the result of many years of review and discussion between the Independent Board Members and Fund management and that the Board Members' conclusions may be based, in part, on their consideration of fee arrangements and other factors developed in previous years.
The Board took into account all factors it believed relevant with respect to each Fund, including, among other things: (a) the nature, extent and quality of the services provided by the Fund Advisers; (b) the investment performance of the Funds and Fund Advisers; (c) the advisory fees and costs of the services to be provided to the Funds and the profitability of the Fund Advisers; (d) the extent of any economies of scale; (e) any benefits derived by the Fund Advisers from the relationship with the Funds; and (f) other factors. Each Board Member may have accorded different weight to the various factors in reaching his or her conclusions with respect to the Advisory Agreements for each Fund. The Independent Board Members did not identify any single factor as all-important or controlling. The Independent Board Members' considerations were instead based on a comprehensive consideration of all the information presented. The principal factors considered by the Board and its conclusions are described below.
A.
Nature, Extent and Quality of Services
   
 
In evaluating the renewal of the Advisory Agreements, the Independent Board Members received and considered information regarding the nature, extent and quality of the applicable Fund Adviser's services provided to each respective Fund. The Board reviewed information regarding, among other things, each Fund Adviser's organization and business, the types of services that each Fund Adviser or its affiliates provided to the Funds, the performance record of the Funds (as described in further detail below), and any initiatives that had been undertaken on behalf of the closed-end product line. The Board recognized the high quality of services the Adviser had provided to the Funds over the years and the conscientiousness with which the Adviser provided these services. The Board also considered the improved capital structure of Nuveen Investments, Inc. ("Nuveen") (the parent of the Adviser) following the acquisition of Nuveen by TIAA-CREF in 2014 (the "TIAA-CREF Transaction").
With respect to the services, the Board noted the Funds were registered investment companies that operated in a regulated industry and considered the myriad of investment management, administrative, compliance, oversight and other services the Adviser provided to manage and operate the Funds. Such services included, among other things: (a) product management (such as analyzing ways to better position a Nuveen fund in the marketplace, setting dividends; maintaining relationships to gain access to distribution platforms; and providing shareholder communications); (b) fund administration (such as preparing tax returns and other tax compliance services, preparing regulatory filings and shareholder reports; managing fund budgets and expenses; overseeing a fund's various service providers and supporting and analyzing new and existing funds); (c) Board administration (such as supporting the Board and its committees, in relevant part, by organizing and administering the Board and committee meetings and preparing the necessary reports to assist the Board in its duties); (d) compliance (such as monitoring adherence to a fund's investment policies and procedures and applicable law; reviewing the compliance program periodically and developing new policies or updating existing compliance policies and procedures as considered necessary or appropriate; responding to regulatory requests; and overseeing compliance testing of the funds' sub-advisers); (e) legal support (such as preparing or reviewing fund registration statements, proxy statements and other necessary materials; interpreting regulatory

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requirements and compliance thereof; and maintaining applicable registrations); and (f) investment services (such as overseeing and reviewing the funds' sub-advisers and their investment teams; analyzing performance of the funds; overseeing investment and risk management; evaluating brokerage transactions and securities lending, overseeing the daily valuation process for portfolio securities and developing and recommending valuation policies and methodologies and changes thereto; reporting to the Board on various matters including performance, risk and valuation; and participating in fund development, leverage management, and the developing or interpreting of investment policies and parameters). With respect to closed-end funds, the Adviser also monitored asset coverage levels on leveraged funds, managed leverage, negotiated the terms of leverage, evaluated alternative forms and types of leverage, promoted an orderly secondary market for common shares and maintained an asset maintenance system for compliance with certain rating agency criteria.
In its review, the Board considered information highlighting the various initiatives that the Adviser had implemented or continued during the last year to enhance its services to the Nuveen funds. The Board recognized that some of these initiatives are a result of a multi-year process. In reviewing the activities of 2014, the Board recognized the Adviser's continued focus on fund rationalization for closed-end funds through mergers, fund closures or repositioning the funds in seeking to enhance shareholder value, reduce costs, improve performance, eliminate fund overlap and better meet shareholder needs. The Board noted the Adviser's investment in additional staffing to strengthen and improve its services to the Nuveen funds, including with respect to risk management and valuation. The Board recognized that expanding the depth and range of its risk oversight activities had been a major priority for the Adviser in recent years, and the Adviser continued to add to the risk management team, develop additional risk management programs and create committees or other teams designated to oversee or evaluate certain risks, such as liquidity risk, enterprise risk, investment risk and cybersecurity risk. The Adviser had also continued to add to the valuation team, launched its centralized securities valuation system which is intended to provide for uniform pricing and reporting across the complex as the system continues to develop, continued to refine its valuation analysis and updated related policies and procedures and evaluated and assessed pricing services. The Board considered the Adviser's ongoing investment in information technology and operations and the various projects of the information technology team to support the continued growth and complexity of the Nuveen funds and increase efficiencies in their operations. The Board also recognized the Adviser's strong commitment to compliance and reviewed information reflecting the compliance group's ongoing activities to enhance its compliance system and refine its compliance procedures as well as the Chief Compliance Officer's report regarding the compliance team, the initiatives the team had undertaken in 2014 and proposed for 2015, the compliance functions and reporting process, the record of compliance with the policies and procedures and its supervision activities of other service providers.
With respect to the closed-end funds, the Board recognized the extensive resources, expertise and efforts required to oversee and manage the various forms of leverage utilized by various funds, including the development of new forms of leverage to achieve cost savings and/or broaden the array of leverage structures available to the closed-end funds, the development of enhanced reports analyzing the impact of leverage on performance, and the development of new forms of tender option bond structures to address new regulatory requirements. The Board also noted the Adviser's continued capital management services conducting share repurchases and/or share issuances throughout the year and monitoring market conditions to capitalize on opportunities for the closed-end funds. The Board further recognized the Adviser's use of data systems to more effectively solicit shareholder participation when seeking shareholder approvals and to monitor flow trends in various closed-end funds. The Board considered Nuveen's continued commitment to supporting the closed-end fund product line by providing an extensive investor relations program that encompassed, among other things, maintaining and enhancing the closed-end fund website; participating in conferences and education seminars; enhancing the ability for investors to access information; preparing educational materials; and implementing campaigns to educate financial advisers and investors on topics related to closed-end funds and their strategies.

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As noted, the Adviser also oversees the Sub-Adviser who primarily provides the portfolio advisory services to the Funds. The Board recognized the skill and competency of the Adviser in monitoring and analyzing the performance of the Sub-Adviser and managing the sub-advisory relationship. In considering the Sub-Advisory Agreements and supplementing its prior knowledge, the Board considered a current report provided by the Adviser analyzing, among other things, the Sub-Adviser's investment team and changes thereto, investment approach, organization and history, and assets under management, and the investment performance of each Fund.
Based on their review, the Independent Board Members found that, overall, the nature, extent and quality of services provided to the Funds under each respective Advisory Agreement were satisfactory.
   
B.
The Investment Performance of the Funds and Fund Advisers
   
 
The Board, including the Independent Board Members, considered the performance history of each Fund over various time periods. The Board reviewed reports, including an analysis of the Funds' performance and the investment team. The Board reviewed, among other things, each Fund's investment performance both on an absolute basis and in comparison to peer funds (the "Performance Peer Group") and to recognized and/or customized benchmarks (i.e., generally benchmarks derived from multiple recognized benchmarks) for the quarter, one-, three-and five-year periods ending December 31, 2014, as well as performance information reflecting the first quarter of 2015. The Independent Board Members also recognized the importance of the secondary market trading levels for the closed-end fund shares and therefore devoted significant time and focus evaluating the premium and discount levels of the closed-end funds at each of the quarterly meetings throughout the year. At these prior meetings as well as the May Meeting, the Board reviewed, among other things, the respective closed-end fund's premium or discount to net asset value as of a specified date and over various periods as well as in comparison to the premium/discount average in its Lipper peer category. At the May Meeting and/or prior meetings, the Board also reviewed information regarding the key economic, market and competitive trends affecting the closed-end fund market and considered any actions periodically proposed by the Adviser to address the trading discounts of certain funds. The Independent Board Members considered the evaluation of the premium and discount levels of the closed-end funds (either at the Board level or through the Closed-End Funds Committee) to be a continuing priority in their oversight of the closed-end funds. In its review, the Board noted that it also reviewed Fund performance results at each of its quarterly meetings.
In evaluating performance, the Board recognized several factors that may impact the performance data as well as the consideration given to particular performance data.
  The performance data reflected a snapshot in time, in this case as of the end of the most recent calendar year or quarter. A different performance period, however, could generate significantly different results.
  Long-term performance can be adversely affected by even one period of significant underperformance so that a single investment decision or theme had the ability to disproportionately affect long-term performance.
  The investment experience of a particular shareholder in a fund would vary depending on when such shareholder invested in the fund, the class held (if multiple classes are offered in the fund) and the performance of the fund (or respective class) during that shareholder's investment period.
  The Board recognized that the funds in the Performance Peer Group may differ somewhat from the Nuveen fund with which it is being compared and due to these differences, performance comparisons between certain of the Nuveen funds and their Performance Peer Groups may be inexact and the relevancy limited. The Board considered that management had classified the Performance Peer Group as low, medium and high in relevancy. The Board took the analysis of the relevancy of the Performance Peer Group into account when considering the comparative performance data. The Board also considered comparative performance of an applicable benchmark. While the Board was cognizant of the relative performance of a Fund's peer set and/or benchmark(s), the Board evaluated Fund performance in light of the respective Fund's investment objectives, investment

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parameters and guidelines and considered that the variations between the objectives and investment parameters or guidelines of the Fund with its peers and/or benchmarks result in differences in performance results. Further, for funds that utilized leverage, the Board understood that leverage during different periods could provide both benefits and risks to a portfolio as compared to an unlevered benchmark.
With respect to any Nuveen funds for which the Board has identified performance concerns, the Board monitors such funds closely until performance improves, discusses with the Adviser the reasons for such results, considers those steps necessary or appropriate to address such issues, and reviews the results of any efforts undertaken. The Board is aware, however, that shareholders chose to invest or remain invested in a fund knowing that the Adviser manages the fund and knowing the fund's fee structure.
In considering the performance data, the Independent Board Members noted the following with respect to the Funds:
For Nuveen California Municipal Value Fund, Inc. (the "Municipal Value Fund"), the Board noted that, although the Fund ranked in its Performance Peer Group in the fourth quartile in the one-, three-and five-year periods, the Fund outperformed its benchmark in each of such periods. The Board recognized that the Fund's ranking compared to its peers was primarily due to its low-leverage mandate. The underlying bond portfolio, however, produced unlevered returns in line with that of other Nuveen California funds that ranked higher in the peer group. The Board also recognized the Fund's positive absolute performance for the one-, three-and five-year periods.
For Nuveen California Municipal Value Fund 2 (the "Municipal Value Fund 2"), the Board noted that, although the Fund ranked in its Performance Peer Group in the fourth quartile in the one-and five-year periods, it ranked in the third quartile in the three-year period. The Fund also outperformed its benchmark in the one-, three-and five-year periods. The Board recognized that the Fund's ranking compared to its peers was primarily due to its low-leverage mandate. The underlying bond portfolio, however, produced unlevered returns in line with that of other Nuveen California funds that ranked higher in the peer group. The Board also recognized the Fund's positive absolute performance for the one-, three-and five-year periods.
For Nuveen California AMT-Free Municipal Income Fund (the "AMT-Free Fund"), the Board noted that the Fund ranked in its Performance Peer Group in the third quartile in the five-year period, the second quartile in the three-year period and the first quartile in the one-year period. The Fund also outperformed its benchmark in the one-, three-and five-year periods.
For Nuveen California Dividend Advantage Municipal Fund (the "Dividend Advantage Fund"), the Board noted that the Fund ranked in its Performance Peer Group in the first quartile in the one-and three-year periods and second quartile in the five-year period. The Fund also outperformed its benchmark in the one-, three-and five-year periods.
For Nuveen California Dividend Advantage Municipal Fund 2 (the "Dividend Advantage Fund 2"), the Board noted that the Fund ranked in its Performance Peer Group in the second quartile in the one-year period and the third quartile in the three-and five-year periods. The Fund also outperformed its benchmark in the one-, three-and five-year periods.
For Nuveen California Dividend Advantage Municipal Fund 3 (the "Dividend Advantage Fund 3"), the Board noted that the Fund ranked in its Performance Peer Group in the first quartile in the one-year period and second quartile in the three-and five-year periods and outperformed its benchmark in the one-, three-and five-year periods.
Based on their review, the Independent Board Members determined that each Fund's investment performance had been satisfactory.
   
C.
Fees, Expenses and Profitability
   
 
1.            Fees and Expenses
The Board evaluated the management fees and other fees and expenses of each Fund (expressed as a percentage of average net assets) in absolute terms and in comparison to the fee and expense levels of a comparable universe of funds (the "Peer
 
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Universe") selected by an independent third-party fund data provider. The Independent Board Members reviewed the methodology regarding the construction of the Peer Universe for each Fund. The Board reviewed, among other things, such Fund's gross management fees, net management fees and net expense ratios in absolute terms as well as compared to the average and median fee and expense levels of the Peer Universe. The Board noted that the net total expense ratios paid by investors in the Funds were the most representative of an investor's net experience.
In reviewing the comparative fee and expense information, the Independent Board Members recognized that various factors such as the limited size and particular composition of the Peer Universe (including the inclusion of other Nuveen funds in the peer set); expense anomalies; changes in the funds comprising the Peer Universe from year to year; levels of reimbursement or fee waivers; the timing of information used; the differences in the type and use of leverage (with respect to closed-end funds); differences in services provided and differences in the states reflected in the Peer Universe (with respect to state municipal funds) can impact the comparative data limiting the usefulness of the data to help make a conclusive assessment of the Funds' fees and expenses.
In reviewing the fee schedule for a fund, the Independent Board Members also considered the fund-level and complex-wide breakpoint schedules (described in further detail below) and any fee waivers and reimbursements provided by Nuveen. In reviewing fees and expenses (excluding leverage costs and leveraged assets for the closed-end funds), the Board considered the expenses and fees to be higher if they were over 10 basis points higher, slightly higher if they were approximately 6 to 10 basis points higher, in line if they were within approximately 5 basis points higher than the peer average and below if they were below the peer average of the Peer Universe. In reviewing the reports, the Board noted that the majority of the Nuveen funds had a net expense ratio near or below their peer average.
The Board noted that the Municipal Value Fund, the Municipal Value Fund 2 and the Dividend Advantage Fund 2 each had a net management fee and net expense ratio below or in line with their peer averages, the AMT-Free Fund and the Dividend Advantage Fund 3 each had a slightly higher net management fee than the peer average but a net expense ratio below or in line with the peer average, and the Dividend Advantage Fund had a slightly higher net management fee and a higher net expense ratio compared to its peer averages (with the higher relative expense ratio generally due to the one-time cost associated with being the acquiring fund in a merger as well as the differences with the peers in the Peer Universe, as some peers were unlevered funds and some peers had employed management fee waivers).
Based on their review of the fee and expense information provided, the Independent Board Members determined that each Fund's management fees (as applicable) to a Fund Adviser were reasonable in light of the nature, extent and quality of services provided to the Fund.
2.            Comparisons with the Fees of Other Clients
The Board considered information regarding the fees a Fund Adviser assessed to the Nuveen funds compared to that of other clients as described in further detail below. With respect to municipal funds, such other clients of a Fund Adviser may include municipal separately managed accounts and passively managed exchange traded funds (ETFs) sub-advised by the Sub-Adviser.
The Board recognized that each Fund had an affiliated sub-adviser and therefore the overall Fund management fee can be divided into two components, the fee retained by the Adviser and the fee paid to the Sub-Adviser. In reviewing the nature of the services provided by the Adviser, including through its affiliated sub-advisers, the Board considered the range of advisory fee rates for retail and institutional managed accounts advised by Nuveen-affiliated sub-advisers. The Board also reviewed, among other things, the average fee the affiliated sub-advisers assessed such clients as well as the range of fee rates assessed to the different types of clients (such as retail, institutional and wrap accounts as well as non-Nuveen funds) applicable to such sub-advisers.
 
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In reviewing the comparative information, the Board also reviewed information regarding the differences between the Funds and the other clients, including differences in services provided, investment policies, investor profiles, compliance and regulatory requirements and account sizes. The Board recognized the breadth of services necessary to operate a registered investment company (as described above) and that, in general terms, the Adviser provided the administrative and other support services to the Funds and, although the Sub-Adviser may provide some of these services, the Sub-Adviser essentially provided the portfolio management services. In general, the Board noted that higher fee levels reflected higher levels of service provided by the Fund Adviser, increased investment management complexity, greater product management requirements and higher levels of business risk or some combination of the foregoing. The Independent Board Members considered the differences in structure and operations of separately managed accounts and hedge funds from registered funds and noted that the range of day-to-day services was not generally of the breadth required for the registered funds. Many of the additional administrative services provided by the Adviser were not required for institutional clients or funds sub-advised by a Nuveen-affiliated sub-adviser that were offered by other fund groups. The Independent Board Members also recognized that the management fee rates of the foreign funds advised by the Adviser may vary due to, among other things, differences in the client base, governing bodies, operational complexities and services covered by the management fee. Given the inherent differences in the various products, particularly the extensive services provided to the Funds, the Independent Board Members believed such facts justify the different levels of fees.
3.            Profitability of Fund Advisers
In conjunction with their review of fees, the Independent Board Members also considered the profitability of Nuveen for its advisory activities and its financial condition. The Independent Board Members reviewed, among other things, the adjusted operating margins for Nuveen for the last two calendar years, the revenues, expenses, net income (pre-tax and after-tax) and net revenue margins (pre-tax and after-tax) of Nuveen's managed fund advisory activities for the last two calendar years, the allocation methodology used by Nuveen in preparing the profitability data and a history of the adjustments to the methodology due to changes in the business over time. The Independent Board Members also reviewed the revenues, expenses, net income (pre-tax and after-tax) and revenue margin (pre-tax and post-tax) of the Adviser and, as described in further detail below, each affiliated sub-adviser for the 2014 calendar year. In reviewing the profitability data, the Independent Board Members noted the subjective nature of cost allocation methodologies used to determine profitability as other reasonable methods could also have been employed but yield different results. The Independent Board Members reviewed an analysis of the key drivers behind the changes in revenues and expenses that impacted profitability in 2014. The Independent Board Members recognized that Nuveen's net revenue margin from advisory activities for 2014 was consistent with 2013. The Independent Board Members also considered the profitability of Nuveen in comparison to the adjusted operating margins of other investment advisers with publicly available data and with comparable assets under management (based on asset size and asset composition) to Nuveen. The Independent Board Members noted that Nuveen's adjusted operating margins appeared to be reasonable in relation to such other advisers. The Independent Board Members, however, recognized the difficulty of making comparisons of profitability from fund investment advisory contracts as the information is not generally publicly available, the information for the investment advisers that was publicly available may not be representative of the industry and various other factors would impact the profitability data such as differences in services offered, business mix, expense methodology and allocations, capital structure and costs, complex size, and types of funds and other accounts managed.
The Independent Board Members noted this information supplemented the profitability information requested and received during the year and noted that two Independent Board Members served as point persons to review the profitability analysis and methodologies employed, and any changes thereto, and to keep the Board apprised of such changes during the year.
The Independent Board Members determined that Nuveen appeared to be sufficiently profitable to operate as a viable investment management firm and to honor its obligations as a sponsor of the Nuveen funds. The Independent Board Members noted the Adviser's continued expenditures to upgrade its investment technology and increase personnel and recognized the
 
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  Adviser's continued commitment to its business to enhance the Adviser's capacity and capabilities in providing the services necessary to meet the needs of the Nuveen funds as they grow or change over time. The Independent Board Members also noted that the sub-advisory fees for the Nuveen funds are paid by the Adviser, however, the Board recognized that many of the sub-advisers, including the Sub-Adviser, are affiliated with Nuveen. The Independent Board Members also noted the increased resources and support available to Nuveen as well as an improved capital structure as a result of the TIAA-CREF Transaction.
With respect to the Sub-Adviser, the Independent Board Members reviewed the Sub-Adviser's revenues, expenses and revenue margins (pre-and post-tax) for its advisory activities for the calendar year ended December 31, 2014. The Independent Board Members also reviewed profitability analysis reflecting the revenues, expenses and the revenue margin (pre-and post-tax) by asset type for the Sub-Adviser for the calendar year ended December 31, 2014.
In evaluating the reasonableness of the compensation, the Independent Board Members also considered other amounts paid to a Fund Adviser by the Funds as well as indirect benefits (such as soft dollar arrangements), if any, the Fund Adviser and its affiliates received or were expected to receive that were directly attributable to the management of a Fund. See Section E below for additional information on indirect benefits a Fund Adviser may receive as a result of its relationship with the Funds.
Based on their review, the Independent Board Members determined that the Adviser's and the Sub-Adviser's level of profitability was reasonable in light of the respective services provided.
   
D.
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale
   
 
The Independent Board Members recognized that, as the assets of a particular fund or the Nuveen complex in the aggregate increase over time, economies of scale may be realized, and the Independent Board Members considered the extent to which the funds benefit from such economies of scale. Although the Independent Board Members recognized that economies of scale are difficult to measure, the Board recognized that one method to help ensure the shareholders share in these benefits is to include breakpoints in the management fee schedule reducing fee rates as asset levels grow. The Independent Board Members noted that, subject to certain exceptions, the management fees of the funds in the Nuveen complex are generally comprised of a fund-level component and complex-level component. Each component of the management fee for each Fund included breakpoints to reduce management fee rates of the Fund as the Fund grows and, as described below, as the Nuveen complex grows. The Independent Board Members noted that, in the case of closed-end funds, however, such funds may from time-to-time make additional share offerings, but the growth of their assets would occur primarily through the appreciation of such funds' investment portfolios. In addition to fund-specific breakpoint schedules which reduce the fee rates of a particular fund as its assets increase, the Independent Board Members recognized that the Adviser also passed on the benefits of economies of scale through the complex-wide fee arrangement which reduced management fee rates as assets in the fund complex reached certain levels. The complex-wide fee arrangement seeks to provide the benefits of economies of scale to fund shareholders when total fund complex assets increase, even if assets of a particular fund are unchanged or have decreased. The approach reflected the notion that some of Nuveen's costs were attributable to services provided to all its funds in the complex, and therefore all funds benefit if these costs were spread over a larger asset base. The Independent Board Members reviewed the breakpoint and complex-wide schedules and the fee reductions achieved as a result of such structures for the 2014 calendar year.
The Independent Board Members further considered that as part of the TIAA-CREF Transaction, Nuveen agreed, for a period of two years from the date of the closing of the TIAA-CREF Transaction, not to increase contractual management fees for any Nuveen fund. The commitment would not limit or otherwise affect mergers or liquidations of any funds in the ordinary course.
Based on their review, the Independent Board Members concluded that the current fee structure was acceptable and reflected economies of scale to be shared with shareholders when assets under management increase.

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E.
Indirect Benefits
   
 
The Independent Board Members received and considered information regarding potential "fall out" or ancillary benefits the respective Fund Adviser or its affiliates may receive as a result of its relationship with the Funds. With respect to closed-end funds, the Independent Board Members noted any revenues received by affiliates of the Adviser for serving as co-manager in initial public offerings of new closed-end funds.
In addition to the above, the Independent Board Members considered whether the Fund Adviser received any benefits from soft dollar arrangements whereby a portion of the commissions paid by a Fund for brokerage may be used to acquire research that may be useful to the Fund Adviser in managing the assets of the Fund and other clients. The Funds' portfolio transactions are allocated by the Sub-Adviser. Accordingly, the Independent Board Members considered that the Sub-Adviser may benefit from research provided by broker-dealers executing portfolio transactions on behalf of the Funds. With respect to any fixed income securities, however, the Board recognized that such securities generally trade on a principal basis that does not generate soft dollar credits. Similarly, the Board recognized that any research received pursuant to soft dollar arrangements by the Sub-Adviser may also benefit the Funds and shareholders to the extent the research enhanced the ability of the Sub-Adviser to manage the Funds. The Independent Board Members noted that the Sub-Adviser's profitability may be somewhat lower if it had to acquire any such research services directly.
Based on their review, the Independent Board Members concluded that any indirect benefits received by a Fund Adviser as a result of its relationship with the Funds were reasonable and within acceptable parameters.
 
F.
Other Considerations
   
  The Independent Board Members did not identify any single factor discussed previously as all-important or controlling. The Board Members, including the Independent Board Members, concluded that the terms of each Advisory Agreement were fair and reasonable, that the respective Fund Adviser's fees were reasonable in light of the services provided to each Fund and that the Advisory Agreements be renewed.

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Nuveen Investments provides high-quality investment services designed to help secure the long-term goals of institutional and individual investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets a wide range of specialized investment solutions which provide investors access to capabilities of its high-quality boutique investment affiliates—Nuveen Asset Management, Symphony Asset Management, NWQ Investment Management Company, Santa Barbara Asset Management, Tradewinds Global Investors, Winslow Capital Management and Gresham Investment Management. In total, Nuveen Investments managed more than $220 billion as of September 30, 2015.

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To learn more about how the products and services of Nuveen Investments may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen Investments, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.
Learn more about Nuveen Funds at: www.nuveen.com/cef
 
Distributed by Nuveen Investments, LLC | 333 West Wacker Drive | Chicago, IL 60606 | www.nuveen.com
 
ESA-A-0815D 11046-INV-B-10/16

ITEM 2. CODE OF ETHICS.

Not applicable to this filing.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable to this filing.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable to this filing.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable to this filing.

ITEM 6. SCHEDULE OF INVESTMENTS.

(a) See Portfolio of Investments in Item 1.

(b) Not applicable.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to this filing.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to this filing.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's Board implemented after the registrant last provided disclosure in response to this Item.

ITEM 11. CONTROLS AND PROCEDURES.

(a)
The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the "Exchange Act")(17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b)
There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

ITEM 12. EXHIBITS.

File the exhibits listed below as part of this Form.

(a)(1)
Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable to this filing.

(a)(2)
A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: See Ex-99.CERT attached hereto.

(a)(3)
Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the  report by or on behalf of the registrant to 10 or more persons: Not applicable.

(b)
If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)); Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed "filed" for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference: See Ex-99.906 CERT attached hereto.


 
 

 
 
SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Nuveen California AMT-Free Municipal Income Fund

By (Signature and Title) /s/ Kevin J. McCarthy
Kevin J. McCarthy
Vice President and Secretary

Date: November 5, 2015
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title) /s/ Gifford R. Zimmerman
Gifford R. Zimmerman
Chief Administrative Officer
(principal executive officer)

Date: November 5, 2015
 
By (Signature and Title) /s/ Stephen D. Foy
Stephen D. Foy
Vice President and Controller
 (principal financial officer)

Date: November 5, 2015