Chairman's Letter to Shareholders
|
4
|
Portfolio Manager's Comments
|
5
|
Fund Leverage
|
10
|
Common Share Information
|
12
|
Risk Considerations
|
14
|
Performance Overview and Holding Summaries
|
15
|
Shareholder Meeting Report
|
19
|
Report of Independent Registered Public Accounting Firm
|
21
|
Portfolios of Investments
|
22
|
Statement of Assets and Liabilities
|
62
|
Statement of Operations
|
63
|
Statement of Changes in Net Assets
|
64
|
Statement of Cash Flows
|
66
|
Financial Highlights
|
68
|
Notes to Financial Statements
|
73
|
Additional Fund Information
|
90
|
Glossary of Terms Used in this Report
|
91
|
Reinvest Automatically, Easily and Conveniently
|
93
|
Board Members & Officers
|
94
|
NUVEEN
|
3
|
4
|
NUVEEN
|
Target Fund
|
Symbol
|
Acquiring Fund
|
Symbol
|
Nuveen California Dividend Advantage Municipal Fund 2
|
NVX
|
Nuveen California Quality Municipal Income Fund
|
NAC
|
(formerly known as Nuveen California Dividend Advantage
|
|||
Nuveen California Dividend Advantage Municipal Fund 3
|
NZH
|
Municipal Fund)
|
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.
|
NUVEEN
|
5
|
6
|
NUVEEN
|
NUVEEN
|
7
|
8
|
NUVEEN
|
NUVEEN
|
9
|
NCA
|
NCB
|
NKX
|
NAC
|
||
Effective Leverage*
|
0.00%
|
8.91%
|
39.27%
|
36.58%
|
|
Regulatory Leverage*
|
0.00%
|
0.00%
|
37.13%
|
33.17%
|
*
|
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. A Fund, however, may from time to time borrow on a typically transient basis in connection with its day-to-day operations, primarily in connection with the need to settle portfolio trades. Such incidental borrowings are excluded from the calculation of a Fund's effective leverage ratio. Regulatory leverage is subject to asset coverage limits set forth in the Investment Company Act of 1940.
|
10
|
NUVEEN
|
iMTP Shares
|
VMTP Shares
|
VRDP Shares
|
||||||||||||||||
Series
|
Shares
Issued at Liquidation Preference |
Series
|
Shares
Issued at Liquidation Preference |
Series
|
Shares
Issued at Liquidation Preference |
Total
|
||||||||||||
NKX
|
2018
|
$
|
36,000,000
|
—
|
—
|
2
|
$
|
35,500,000
|
||||||||||
3
|
42,700,000
|
|||||||||||||||||
4
|
109,000,000
|
|||||||||||||||||
5
|
104,400,000
|
|||||||||||||||||
6
|
105,000,000
|
|||||||||||||||||
$
|
36,000,000
|
$
|
—
|
$
|
396,600,000
|
$
|
432,600,000
|
|||||||||||
NAC
|
—
|
—
|
2019
|
$145,000,000
|
1
|
$
|
136,200,000
|
|||||||||||
2
|
91,000,000
|
|||||||||||||||||
3
|
49,800,000
|
|||||||||||||||||
4
|
105,600,000
|
|||||||||||||||||
5
|
158,900,000
|
|||||||||||||||||
6
|
158,100,000
|
|||||||||||||||||
7*
|
98,000,000
|
|||||||||||||||||
8*
|
160,000,000
|
|||||||||||||||||
$
|
—
|
$145,000,000
|
$
|
957,600,000
|
$
|
1,102,600,000
|
*
|
VRDP Shares issued in connection with the Reorganization.
|
NUVEEN
|
11
|
Per Common Share Amounts
|
|||||||||||||
Monthly Distributions (Ex-Dividend Date)
|
NCA
|
NCB
|
NKX
|
NAC
|
|||||||||
March 2016
|
$
|
0.0390
|
$
|
0.0650
|
$
|
0.0720
|
$
|
0.0760
|
|||||
April
|
0.0390
|
0.0650
|
0.0720
|
0.0760
|
|||||||||
May
|
0.0390
|
0.0650
|
0.0720
|
0.0760
|
|||||||||
June
|
0.0390
|
0.0650
|
0.0720
|
0.0740
|
|||||||||
July
|
0.0390
|
0.0650
|
0.0720
|
0.0740
|
|||||||||
August
|
0.0390
|
0.0650
|
0.0720
|
0.0740
|
|||||||||
September
|
0.0360
|
0.0600
|
0.0670
|
0.0685
|
|||||||||
October
|
0.0360
|
0.0600
|
0.0670
|
0.0685
|
|||||||||
November*
|
0.0360
|
0.0600
|
0.0670
|
0.0685
|
|||||||||
December
|
0.0340
|
0.0600
|
0.0655
|
0.0685
|
|||||||||
January
|
0.0340
|
0.0600
|
0.0655
|
0.0685
|
|||||||||
February 2017
|
0.0340
|
0.0600
|
0.0655
|
0.0685
|
|||||||||
Total Monthly Per Share Distributions
|
$
|
0.4440
|
$
|
0.7500
|
$
|
0.8295
|
$
|
0.8610
|
|||||
Ordinary Income Distribution**
|
$
|
0.0004
|
$
|
0.0416
|
$
|
0.0031
|
$
|
0.0076
|
|||||
Total Distributions from Net Investment Income
|
$
|
0.4444
|
$
|
0.7916
|
$
|
0.8326
|
$
|
0.8686
|
|||||
Total Distributions from Long-Term Capital Gains**
|
$
|
—
|
$
|
0.2041
|
$
|
0.0383
|
$
|
—
|
|||||
Total Distributions
|
$
|
0.4444
|
$
|
0.9957
|
$
|
0.8709
|
$
|
0.8686
|
|||||
Yields
|
|||||||||||||
Market Yield***
|
4.00
|
%
|
4.31
|
%
|
5.38
|
%
|
5.65
|
%
|
|||||
Taxable-Equivalent Yield***
|
6.13
|
%
|
6.60
|
%
|
8.24
|
%
|
8.65
|
%
|
*
|
In connection with its reorganizations, NAC declared a dividend of $0.0061, per common share with an ex-dividend date of November 2, 2016, payable on December 1, 2016, a dividend of $0.0624, per common share with an ex-dividend date of November 15, 2016, payable on December 1, 2016.
|
**
|
Distribution paid in November 2016.
|
***
|
Market Yield is based on the Fund's current annualized monthly distribution divided by the Fund's current market price as of the end of the reporting period. Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 34.7%. When comparing a Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield would be lower.
|
12
|
NUVEEN
|
NCA
|
NAC
|
||
Additional authorized common shares
|
5,200,000
|
2,300,000
|
NCA
|
NAC
|
|||
Common shares sold through Shelf Offering
|
1,332,400
|
470,780
|
||
Weighted average premium to NAV per common share sold
|
2.92
|
% |
1.19
|
% |
NCA
|
NCB
|
NKX
|
NAC
|
||
Common shares cumulatively repurchased and retired
|
–
|
–
|
–
|
–
|
|
Common shares authorized for repurchase
|
2,570,000
|
330,000
|
4,770,000
|
10,760,000
|
NCA
|
NCB
|
NKX
|
NAC
|
||||||||||
Common share NAV
|
$
|
10.24
|
$
|
16.28
|
$
|
15.35
|
$
|
15.31
|
|||||
Common share price
|
$
|
10.21
|
$
|
16.70
|
$
|
14.62
|
$
|
14.55
|
|||||
Premium/(Discount) to NAV
|
(0.29
|
)%
|
2.58
|
%
|
(4.76
|
)%
|
(4.96
|
)%
|
|||||
12-month average premium/(discount) to NAV
|
2.05
|
2.43
|
(2.20
|
)
|
(2.60
|
)
|
NUVEEN
|
13
|
14
|
NUVEEN
|
NCA
|
|
Nuveen California Municipal Value Fund, Inc.
|
|
Performance Overview and Holding Summaries as of February 28, 2017
|
Average Annual
|
|||
1-Year
|
5-Year
|
10-Year
|
|
NCA at Common Share NAV
|
1.12%
|
4.92%
|
4.98%
|
NCA at Common Share Price
|
(1.32)%
|
4.82%
|
5.27%
|
S&P Municipal Bond California Index
|
0.35%
|
3.90%
|
4.53%
|
S&P Municipal Bond Index
|
0.76%
|
3.25%
|
4.22%
|
Fund Allocation
|
|
(% of net assets)
|
|
Long-Term Municipal Bonds
|
100.6%
|
Other Assets Less Liabilities
|
(0.6)%
|
Net Assets
|
100%
|
Portfolio Composition
|
|
(% of total investments)
|
|
Tax Obligation/General
|
21.3%
|
Tax Obligation/Limited
|
18.3%
|
U.S. Guaranteed
|
16.0%
|
Transportation
|
13.2%
|
Health Care
|
9.4%
|
Water and Sewer
|
7.0%
|
Consumer Staples
|
6.3%
|
Other
|
8.5%
|
Total
|
100%
|
Portfolio Credit Quality
|
|
(% of total investment exposure)
|
|
AAA/U.S. Guaranteed
|
22.0%
|
AA
|
45.4%
|
A
|
9.8%
|
BBB
|
8.6%
|
BB or Lower
|
9.2%
|
N/R (not rated)
|
5.0%
|
Total
|
100%
|
NUVEEN
|
15
|
NCB
|
|
Nuveen California Municipal Value Fund 2
|
|
Performance Overview and Holding Summaries as of February 28, 2017
|
Average Annual
|
|||
Since
|
|||
1-Year
|
5-Year
|
Inception
|
|
NCB at Common Share NAV
|
0.25%
|
4.96%
|
7.13%
|
NCB at Common Share Price
|
0.10%
|
6.13%
|
7.10%
|
S&P Municipal Bond California Index
|
0.35%
|
3.90%
|
5.57%
|
S&P Municipal Bond Index
|
0.76%
|
3.25%
|
4.97%
|
Fund Allocation
|
|
(% of net assets)
|
|
Long-Term Municipal Bonds
|
96.8%
|
Other Assets Less Liabilities
|
3.2%
|
Net Assets
|
100%
|
Portfolio Composition
|
|
(% of total investments)
|
|
U.S. Guaranteed
|
24.5%
|
Tax Obligation/Limited
|
19.9%
|
Utilities
|
11.7%
|
Tax Obligation/General
|
10.9%
|
Transportation
|
9.3%
|
Health Care
|
7.3%
|
Consumer Staples
|
7.1%
|
Other
|
9.3%
|
Total
|
100%
|
Portfolio Credit Quality
|
|
(% of total investment exposure)
|
|
AAA/U.S. Guaranteed
|
33.4%
|
AA
|
23.9%
|
A
|
21.2%
|
BBB
|
10.4%
|
BB or Lower
|
9.4%
|
N/R (not rated)
|
1.7%
|
Total
|
100%
|
16
|
NUVEEN
|
NKX
|
|
Nuveen California AMT-Free Quality Municipal Income Fund
|
|
(formerly known as Nuveen California AMT-Free Municipal Income Fund)
|
|
Performance Overview and Holding Summaries as of February 28, 2017
|
Average Annual
|
|||
1-Year
|
5-Year
|
10-Year
|
|
NKX at Common Share NAV
|
0.21%
|
6.68%
|
5.93%
|
NKX at Common Share Price
|
(1.10)%
|
5.54%
|
6.04%
|
S&P Municipal Bond California Index
|
0.35%
|
3.90%
|
4.53%
|
S&P Municipal Bond Index
|
0.76%
|
3.25%
|
4.22%
|
Fund Allocation
|
|
(% of net assets)
|
|
Long-Term Municipal Bonds
|
157.0%
|
Other Assets Less Liabilities
|
1.7%
|
Net Assets Plus iMTP Shares, net of deferred offering costs & VRDP Shares, net of deferred offering costs
|
158.7%
|
iMTP Shares, net of deferred offering costs
|
(4.9)%
|
VRDP Shares, net of deferred offering costs
|
(53.8)%
|
Net Assets
|
100%
|
Portfolio Composition
|
|
(% of total investments)
|
|
Tax Obligation/Limited
|
24.5%
|
Tax Obligation/General
|
18.8%
|
U.S. Guaranteed
|
15.4%
|
Health Care
|
11.4%
|
Water and Sewer
|
10.8%
|
Consumer Staples
|
6.4%
|
Transportation
|
5.2%
|
Other
|
7.5%
|
Total
|
100%
|
Portfolio Credit Quality
|
|
(% of total investment exposure)
|
|
AAA/U.S. Guaranteed
|
18.2%
|
AA
|
47.2%
|
A
|
11.4%
|
BBB
|
9.4%
|
BB or Lower
|
9.3%
|
N/R (not rated)
|
4.5%
|
Total
|
100%
|
NUVEEN
|
17
|
NAC
|
|
Nuveen California Quality Municipal Income Fund
|
|
(formerly known as Nuveen California Dividend Advantage Municipal Fund)
|
|
Performance Overview and Holding Summaries as of February 28, 2017
|
Average Annual
|
|||
1-Year
|
5-Year
|
10-Year
|
|
NAC at Common Share NAV
|
0.63%
|
6.65%
|
6.16%
|
NAC at Common Share Price
|
(2.89)%
|
5.46%
|
5.81%
|
S&P Municipal Bond California Index
|
0.35%
|
3.90%
|
4.53%
|
S&P Municipal Bond Index
|
0.76%
|
3.25%
|
4.22%
|
Fund Allocation
|
|
(% of net assets)
|
|
Long-Term Municipal Bonds
|
149.2%
|
Short-Term Municipal Bonds
|
1.2%
|
Other Assets Less Liabilities
|
1.2%
|
Net Assets Plus Floating Rate Obligations, Borrowings, VMTP Shares, net of deferred offering costs & VRDP Shares, net of deferred offering costs
|
151.6%
|
Floating Rate Obligations
|
(2.1)%
|
Borrowings
|
(0.1)%
|
VMTP Shares, net of deferred offering costs
|
(6.5)%
|
VRDP Shares, net of deferred offering costs
|
(42.9)%
|
Net Assets
|
100%
|
Portfolio Composition
|
|
(% of total investments)
|
|
Tax Obligation/General
|
22.4%
|
Tax Obligation/Limited
|
19.7%
|
Health Care
|
14.6%
|
U.S. Guaranteed
|
12.1%
|
Water and Sewer
|
8.8%
|
Transportation
|
8.2%
|
Consumer Staples
|
6.6%
|
Other
|
7.6%
|
Total
|
100%
|
Portfolio Credit Quality
|
|
(% of total investment exposure)
|
|
AAA/U.S. Guaranteed
|
17.9%
|
AA
|
43.9%
|
A
|
13.1%
|
BBB
|
12.0%
|
BB or Lower
|
10.1%
|
N/R (not rated)
|
3.0%
|
Total
|
100%
|
18
|
NUVEEN
|
NAC |
NVX
|
||||||||||||||
Common and
|
Common and
|
||||||||||||||
Preferred
|
Preferred
|
||||||||||||||
shares voting
|
shares voting
|
||||||||||||||
Common
|
together
|
Preferred
|
together
|
Preferred
|
|||||||||||
Shares
|
as a class
|
Shares
|
as a class
|
Shares
|
|||||||||||
To approve an Agreement and Plan of Reorganization
|
|||||||||||||||
For
|
—
|
—
|
6,938
|
7,966,913
|
680
|
||||||||||
Against
|
—
|
—
|
—
|
378,620
|
—
|
||||||||||
Abstain
|
—
|
—
|
—
|
223,454
|
—
|
||||||||||
Broker Non-Votes
|
—
|
—
|
2
|
5,477,662
|
—
|
||||||||||
Total
|
—
|
—
|
6,940
|
14,046,649
|
680
|
||||||||||
To approve the issuance of additional common shares
|
|||||||||||||||
For
|
54,767,855
|
54,774,793
|
—
|
—
|
—
|
||||||||||
Against
|
2,825,874
|
2,825,874
|
—
|
—
|
—
|
||||||||||
Abstain
|
2,101,341
|
2,101,341
|
—
|
—
|
—
|
||||||||||
Total
|
59,695,070
|
59,702,008
|
—
|
—
|
—
|
||||||||||
Approval of the Board Members was reached as follows:
|
|||||||||||||||
Judith M. Stockdale
|
|||||||||||||||
For
|
—
|
98,461,553
|
—
|
13,546,546
|
—
|
||||||||||
Withhold
|
—
|
4,033,416
|
—
|
500,103
|
—
|
||||||||||
Total
|
—
|
102,494,969
|
—
|
14,046,649
|
—
|
||||||||||
Carole E. Stone
|
|||||||||||||||
For
|
—
|
98,546,680
|
—
|
13,553,833
|
—
|
||||||||||
Withhold
|
—
|
3,948,289
|
—
|
492,816
|
—
|
||||||||||
Total
|
—
|
102,494,969
|
—
|
14,046,649
|
—
|
||||||||||
Margaret L. Wolff
|
|||||||||||||||
For
|
—
|
98,538,777
|
—
|
13,534,669
|
—
|
||||||||||
Withhold
|
—
|
3,956,192
|
—
|
511,980
|
—
|
||||||||||
Total
|
—
|
102,494,969
|
—
|
14,046,649
|
—
|
||||||||||
William C. Hunter
|
|||||||||||||||
For
|
—
|
—
|
6,940
|
—
|
680
|
||||||||||
Withhold
|
—
|
—
|
—
|
—
|
—
|
||||||||||
Total
|
—
|
—
|
6,940
|
—
|
680
|
||||||||||
William J. Schneider
|
|||||||||||||||
For
|
—
|
—
|
6,940
|
—
|
680
|
||||||||||
Withhold
|
—
|
—
|
—
|
—
|
—
|
||||||||||
Total
|
—
|
—
|
6,940
|
—
|
680
|
NUVEEN
|
19
|
NZH
|
NKX
|
NCA
|
NCB
|
|||||||||||||||
Common and
|
Common and
|
|||||||||||||||||
Preferred
|
Preferred
|
|||||||||||||||||
shares voting
|
shares voting
|
|||||||||||||||||
together
|
Preferred
|
together
|
Preferred
|
Common
|
Common
|
|||||||||||||
as a class
|
Shares
|
as a class
|
Shares
|
Shares
|
Shares
|
|||||||||||||
To approve an Agreement and Plan of Reorganization
|
||||||||||||||||||
For
|
12,830,542
|
1,221
|
—
|
—
|
—
|
—
|
||||||||||||
Against
|
712,427
|
—
|
—
|
—
|
—
|
—
|
||||||||||||
Abstain
|
474,373
|
—
|
—
|
—
|
—
|
—
|
||||||||||||
Broker Non-Votes
|
9,175,627
|
—
|
—
|
—
|
—
|
—
|
||||||||||||
Total
|
23,192,969
|
1,221
|
—
|
—
|
—
|
—
|
||||||||||||
To approve the issuance of additional common shares
|
||||||||||||||||||
For
|
—
|
—
|
—
|
—
|
—
|
—
|
||||||||||||
Against
|
—
|
—
|
—
|
—
|
—
|
—
|
||||||||||||
Abstain
|
—
|
—
|
—
|
—
|
—
|
—
|
||||||||||||
Total
|
—
|
—
|
—
|
—
|
—
|
—
|
||||||||||||
Approval of the Board Members was reached as follows:
|
||||||||||||||||||
Judith M. Stockdale
|
||||||||||||||||||
For
|
22,259,376
|
—
|
42,786,063
|
—
|
25,179,655
|
3,101,469
|
||||||||||||
Withhold
|
933,593
|
—
|
1,540,515
|
—
|
636,547
|
35,421
|
||||||||||||
Total
|
23,192,969
|
—
|
44,326,578
|
—
|
25,816,202
|
3,136,890
|
||||||||||||
Carole E. Stone
|
||||||||||||||||||
For
|
22,246,072
|
—
|
42,751,013
|
—
|
25,177,951
|
3,066,399
|
||||||||||||
Withhold
|
946,897
|
—
|
1,575,565
|
—
|
638,251
|
70,491
|
||||||||||||
Total
|
23,192,969
|
—
|
44,326,578
|
—
|
25,816,202
|
3,136,890
|
||||||||||||
Margaret L. Wolff
|
||||||||||||||||||
For
|
22,259,864
|
—
|
42,771,824
|
—
|
25,197,585
|
3,101,469
|
||||||||||||
Withhold
|
933,105
|
—
|
1,554,754
|
—
|
618,617
|
35,421
|
||||||||||||
Total
|
23,192,969
|
—
|
44,326,578
|
—
|
25,816,202
|
3,136,890
|
||||||||||||
William C. Hunter
|
||||||||||||||||||
For
|
—
|
1,221
|
—
|
6,639
|
25,172,377
|
3,066,878
|
||||||||||||
Withhold
|
—
|
—
|
—
|
—
|
643,825
|
70,012
|
||||||||||||
Total
|
—
|
1,221
|
—
|
6,639
|
25,816,202
|
3,136,890
|
||||||||||||
William J. Schneider
|
||||||||||||||||||
For
|
—
|
1,221
|
—
|
6,639
|
—
|
—
|
||||||||||||
Withhold
|
—
|
—
|
—
|
—
|
—
|
—
|
||||||||||||
Total
|
—
|
1,221
|
—
|
6,639
|
—
|
—
|
20
|
NUVEEN
|
NUVEEN
|
21
|
NCA
|
||
Nuveen California Municipal Value Fund, Inc.
|
||
Portfolio of Investments
|
February 28, 2017
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
LONG-TERM INVESTMENTS – 100.6% (100.0% of Total Investments)
|
|||||||||
MUNICIPAL BONDS – 100.6% (100.0% of Total Investments)
|
|||||||||
Consumer Staples – 6.3% (6.3% of Total Investments)
|
|||||||||
$
|
3,000
|
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Gold Country Settlement Funding Corporation, Refunding Series 2006, 5.250%, 6/01/46
|
3/17 at 100.00
|
CCC
|
$
|
2,891,250
|
|||
2,000
|
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los Angeles County Securitization Corporation, Series 2006A, 5.650%, 6/01/41
|
12/18 at 100.00
|
B2
|
2,036,780
|
|||||
170
|
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Sonoma County Tobacco Securitization Corporation, Series 2005, 4.250%, 6/01/21
|
4/17 at 100.00
|
BBB+
|
170,020
|
|||||
3,570
|
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Senior Convertible Series 2007A-2, 5.300%, 6/01/37
|
6/22 at 100.00
|
B–
|
3,582,031
|
|||||
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
|
|||||||||
4,850
|
5.000%, 6/01/33
|
6/17 at 100.00
|
B–
|
4,850,097
|
|||||
175
|
5.125%, 6/01/47
|
6/17 at 100.00
|
B–
|
174,990
|
|||||
3,895
|
Silicon Valley Tobacco Securitization Authority, California, Tobacco Settlement Asset-Backed Bonds, Santa Clara County Tobacco Securitization Corporation, Series 2007A, 0.000%, 6/01/41
|
6/17 at 26.07
|
N/R
|
849,889
|
|||||
3,500
|
Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed Bonds, Series 2005A-1, 5.500%, 6/01/45
|
3/17 at 100.00
|
B–
|
3,378,620
|
|||||
21,160
|
Total Consumer Staples
|
17,933,677
|
|||||||
Education and Civic Organizations – 1.6% (1.6% of Total Investments)
|
|||||||||
1,000
|
California Educational Facilities Authority, Revenue Bonds, Stanford University, Refunding Series 2014U-6, 5.000%, 5/01/45
|
No Opt. Call
|
AAA
|
1,292,830
|
|||||
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
|
508,793
|
|||||
185
|
California School Finance Authority, School Facility Revenue Bonds, Alliance for College-Ready Public Schools Project, Series 2016A, 5.000%, 7/01/46
|
7/25 at 100.00
|
BBB
|
185,803
|
|||||
1,165
|
California School Finance Authority, School Facility Revenue Bonds, Alliance for College-Ready Public Schools Project, Series 2016C, 5.250%, 7/01/52
|
7/25 at 101.00
|
BBB
|
1,178,817
|
|||||
690
|
California State University, Systemwide Revenue Bonds, Series 2016A, 4.000%, 11/01/38
|
5/26 at 100.00
|
Aa2
|
717,400
|
|||||
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–
|
789,243
|
|||||
4,190
|
Total Education and Civic Organizations
|
4,672,886
|
|||||||
Health Care – 9.5% (9.4% of Total Investments)
|
|||||||||
285
|
California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, Refunding Series 2015A, 5.000%, 8/15/43
|
8/25 at 100.00
|
AA–
|
318,069
|
|||||
4,220
|
California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, Refunding Series 2016B, 5.000%, 11/15/46
|
11/26 at 100.00
|
AA–
|
4,704,118
|
|||||
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
|
610,794
|
|||||
350
|
California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Refunding Series 2014A, 5.000%, 10/01/38
|
10/24 at 100.00
|
AA–
|
392,907
|
|||||
690
|
California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Series 2014B, 5.000%, 10/01/44
|
10/24 at 100.00
|
AA–
|
757,496
|
|||||
California Health Facilities Financing Authority, Revenue Bonds, Rady Children's Hospital – San Diego, Series 2011:
|
|||||||||
560
|
5.000%, 8/15/31
|
8/21 at 100.00
|
Aa3
|
622,031
|
|||||
670
|
5.250%, 8/15/41
|
8/21 at 100.00
|
Aa3
|
729,610
|
22
|
NUVEEN
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Health Care (continued)
|
|||||||||
$
|
1,000
|
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2011B, 6.000%, 8/15/42
|
8/20 at 100.00
|
AA–
|
$
|
1,138,970
|
|||
400
|
California Municipal Finance Authority, Revenue Bonds, NorthBay Healthcare Group, Series 2017A, 5.250%, 11/01/47
|
11/26 at 100.00
|
BBB–
|
430,120
|
|||||
California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2016A:
|
|||||||||
2,390
|
5.000%, 12/01/46
|
6/26 at 100.00
|
BB
|
2,485,026
|
|||||
2,625
|
5.250%, 12/01/56
|
6/26 at 100.00
|
BB
|
2,768,483
|
|||||
2,625
|
California Statewide Communities Development Authority, Revenue Bonds, Kaiser Permanente, Series 2012A, 5.000%, 4/01/42
|
4/22 at 100.00
|
AA–
|
2,860,751
|
|||||
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
|
1,043,920
|
|||||
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–
|
3,023,493
|
|||||
2,900
|
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 6.000%, 11/01/41
|
11/20 at 100.00
|
BBB–
|
3,157,520
|
|||||
1,750
|
San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011, 7.500%, 12/01/41
|
12/21 at 100.00
|
BB+
|
2,041,725
|
|||||
24,730
|
Total Health Care
|
27,085,033
|
|||||||
Housing/Multifamily – 2.0% (2.0% of Total Investments)
|
|||||||||
1,000
|
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2010A, 6.400%, 8/15/45
|
8/20 at 100.00
|
BBB
|
1,089,130
|
|||||
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
|
1,161,824
|
|||||
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
|
71,507
|
|||||
175
|
5.250%, 8/15/49
|
8/24 at 100.00
|
BBB
|
191,445
|
|||||
2,215
|
California Statewide Community Development Authority, Multifamily Housing Revenue Bonds, Harbor City Lights, Series 1999Y, 6.650%, 7/01/39 (Alternative Minimum Tax)
|
4/17 at 100.00
|
N/R
|
2,217,038
|
|||||
1,045
|
San Dimas Housing Authority, California, Mobile Home Park Revenue Bonds, Charter Oak Mobile Home Estates Acquisition Project, Series 1998A, 5.700%, 7/01/28
|
4/17 at 100.00
|
N/R
|
1,046,547
|
|||||
5,560
|
Total Housing/Multifamily
|
5,777,491
|
|||||||
Long-Term Care – 1.5% (1.5% of Total Investments)
|
|||||||||
4,000
|
ABAG Finance Authority for Non-Profit Corporations, California, Health Facility Revenue Bonds, The Institute on Aging, Series 2008A, 5.650%, 8/15/38
|
8/18 at 100.00
|
AA–
|
4,220,640
|
|||||
180
|
California Statewide Community Development Authority, Certificates of Participation, Internext Group, Series 1999, 5.375%, 4/01/17
|
3/17 at 100.00
|
BBB+
|
180,803
|
|||||
4,180
|
Total Long-Term Care
|
4,401,443
|
|||||||
Tax Obligation/General – 21.4% (21.3% of Total Investments)
|
|||||||||
1,000
|
California State, General Obligation Bonds, Refunding Various Purpose Series 2013, 5.000%, 2/01/29
|
2/23 at 100.00
|
AA–
|
1,147,190
|
|||||
1,000
|
California State, General Obligation Bonds, Various Purpose Refunding Series 2014, 5.000%, 8/01/31
|
8/24 at 100.00
|
AA–
|
1,156,700
|
|||||
3,000
|
California State, General Obligation Bonds, Various Purpose Refunding Series 2015, 5.000%, 8/01/34
|
8/25 at 100.00
|
AA–
|
3,431,670
|
|||||
California State, General Obligation Bonds, Various Purpose Series 2009:
|
|||||||||
2,500
|
6.000%, 4/01/38
|
4/19 at 100.00
|
AA–
|
2,758,925
|
|||||
1,000
|
6.000%, 11/01/39
|
11/19 at 100.00
|
AA–
|
1,125,680
|
|||||
2,000
|
California State, General Obligation Bonds, Various Purpose Series 2010, 5.500%, 3/01/40
|
3/20 at 100.00
|
AA–
|
2,225,940
|
NUVEEN
|
23
|
NCA
|
Nuveen California Municipal Value Fund, Inc.
|
|
Portfolio of Investments (continued)
|
February 28, 2017
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Tax Obligation/General (continued)
|
|||||||||
California State, General Obligation Bonds, Various Purpose Series 2013:
|
|||||||||
$
|
2,500
|
5.000%, 4/01/37
|
4/23 at 100.00
|
AA–
|
$
|
2,806,000
|
|||
2,500
|
5.000%, 2/01/43
|
2/23 at 100.00
|
AA–
|
2,791,075
|
|||||
2,240
|
5.000%, 11/01/43
|
11/23 at 100.00
|
AA–
|
2,530,774
|
|||||
California State, General Obligation Bonds, Various Purpose Series 2014:
|
|||||||||
5,000
|
5.000%, 5/01/32
|
5/24 at 100.00
|
AA–
|
5,731,350
|
|||||
1,970
|
5.000%, 10/01/39
|
10/24 at 100.00
|
AA–
|
2,237,093
|
|||||
290
|
Oceanside Unified School District, San Diego County, California, General Obligation Bonds, Election 2008 Series 2010B, 0.000%, 8/01/49 – AGM Insured
|
8/20 at 13.60
|
AA
|
36,505
|
|||||
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–
|
2,754,600
|
|||||
2,000
|
Puerto Rico, General Obligation Bonds, Public Improvement Series 2002A, 5.500%, 7/01/20 – NPFG Insured
|
No Opt. Call
|
AA–
|
2,118,540
|
|||||
6,000
|
Rio Hondo Community College District, California, General Obligation Bonds, Election of 2004, Series 2010C, 0.000%, 8/01/42 (4)
|
8/34 at 100.00
|
AA
|
5,861,400
|
|||||
11,875
|
San Mateo Union High School District, San Mateo County, California, General Obligation Bonds, Election 2010 Series 2011A, 0.000%, 9/01/41 (4)
|
9/36 at 100.00
|
Aaa
|
9,227,705
|
|||||
20,860
|
Yosemite Community College District, California, General Obligation Bonds, Capital Appreciation, Election 2004, Series 2010D, 0.000%, 8/01/42 (4)
|
No Opt. Call
|
Aa2
|
13,281,561
|
|||||
75,735
|
Total Tax Obligation/General
|
61,222,708
|
|||||||
Tax Obligation/Limited – 18.4% (18.3% of Total Investments)
|
|||||||||
1,000
|
Artesia Redevelopment Agency, California, Tax Allocation Revenue Bonds, Artesia Redevelopment Project Area, Series 2007, 5.375%, 6/01/27
|
4/17 at 100.00
|
BBB+
|
1,001,390
|
|||||
Bell Community Redevelopment Agency, California, Tax Allocation Bonds, Bell Project Area, Series 2003:
|
|||||||||
3,000
|
5.500%, 10/01/23 – RAAI Insured
|
4/17 at 100.00
|
AA
|
3,008,610
|
|||||
1,000
|
5.625%, 10/01/33 – RAAI Insured
|
4/17 at 100.00
|
AA
|
1,001,960
|
|||||
1,500
|
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+
|
1,759,125
|
|||||
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+
|
1,407,113
|
|||||
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+
|
1,104,990
|
|||||
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+
|
3,369,090
|
|||||
1,005
|
Chino Redevelopment Agency, California, Merged Chino Redevelopment Project Area Tax Allocation Bonds, Series 2006, 5.000%, 9/01/38 – AMBAC Insured
|
4/17 at 101.00
|
A
|
1,017,733
|
|||||
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
|
1,011,490
|
|||||
750
|
Fontana Redevelopment Agency, San Bernardino County, California, Tax Allocation Bonds, Jurupa Hills Redevelopment Project, Refunding Series 1997A, 5.500%, 10/01/27
|
10/17 at 100.00
|
A
|
753,128
|
|||||
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
|
830,610
|
|||||
3,000
|
Los Angeles County Metropolitan Transportation Authority, California, Measure R Sales Tax Revenue Bonds, Senior Series 2016A, 5.000%, 6/01/38
|
6/26 at 100.00
|
AAA
|
3,484,380
|
|||||
1,150
|
Los Angeles County Metropolitan Transportation Authority, California, Proposition C Sales Tax Revenue Bonds, Senior Lien Series 2017A, 5.000%, 7/01/39
|
7/27 at 100.00
|
AA+
|
1,343,120
|
|||||
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
|
8/22 at 100.00
|
AA
|
3,996,960
|
|||||
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
|
444,111
|
|||||
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+
|
164,566
|
24
|
NUVEEN
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Tax Obligation/Limited (continued)
|
|||||||||
$
|
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
|
4/17 at 100.00
|
AA
|
$
|
5,934,467
|
|||
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
|
172,043
|
|||||
Patterson Public Financing Authority, California, Revenue Bonds, Community Facilities District 2001-1, Senior Series 2013A:
|
|||||||||
945
|
5.250%, 9/01/30
|
9/23 at 100.00
|
N/R
|
1,006,888
|
|||||
860
|
5.750%, 9/01/39
|
9/23 at 100.00
|
N/R
|
917,732
|
|||||
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
|
94,905
|
|||||
2,000
|
Roseville, California, Special Tax Bonds, Community Facilities District 1 Fiddyment Ranch, Series 2005, 5.050%, 9/01/30
|
9/17 at 100.00
|
N/R
|
2,012,980
|
|||||
50
|
San Clemente, California, Special Tax Revenue Bonds, Community Facilities District 2006-1 Marblehead Coastal, Series 2015, 5.000%, 9/01/40
|
9/25 at 100.00
|
N/R
|
52,776
|
|||||
1,000
|
San Diego County Regional Transportation Commission, California, Sales Tax Revenue Bonds, Refunding Series 2012A, 5.000%, 4/01/42
|
4/22 at 100.00
|
AAA
|
1,131,590
|
|||||
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
|
8/24 at 100.00
|
N/R
|
179,369
|
|||||
5,000
|
San Francisco City and County Redevelopment Agency Successor Agency, California, Tax Allocation Bonds, Mission Bay North Redevelopment Project, Refunding Series 2016A, 5.000%, 8/01/41 – NPFG Insured
|
8/26 at 100.00
|
AA–
|
5,627,500
|
|||||
2,750
|
San Jose Financing Authority, California, Lease Revenue Refunding Bonds, Convention Center Project, Series 2001F, 5.000%, 9/01/20 – NPFG Insured
|
3/17 at 100.00
|
AA
|
2,760,533
|
|||||
780
|
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Refunding Series 2006D, 5.000%, 8/01/23 – AMBAC Insured
|
8/17 at 100.00
|
BBB+
|
793,595
|
|||||
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–
|
407,008
|
|||||
590
|
5.000%, 8/01/25 – NPFG Insured
|
8/17 at 100.00
|
AA–
|
600,284
|
|||||
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
|
124,936
|
|||||
1,295
|
Tehachapi Redevelopment Agency, California, Tax Allocation Bonds, Series 2007, 5.250%, 12/01/37 – RAAI Insured
|
12/17 at 100.00
|
AA
|
1,309,310
|
|||||
100
|
Temecula Public Financing Authority, California, Special Tax Bonds, Community Facilities District 16-01, Series 2017, 5.750%, 9/01/32 (WI/DD, Settling 3/16/17)
|
9/27 at 100.00
|
N/R
|
99,187
|
|||||
1,000
|
Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Series 2012A, 5.000%, 10/01/32 – AGM Insured
|
10/22 at 100.00
|
AA
|
1,047,580
|
|||||
485
|
Vista Joint Powers Financing Authority, California, Special Tax Lease Revenue Refunding Bonds, Community Facilities District 90-2, Series 1997A, 5.875%, 9/01/20
|
3/17 at 100.00
|
N/R
|
486,183
|
|||||
1,730
|
West Contra Costa Healthcare District, California, Certificates of Participation, Series 2004, 5.375%, 7/01/21 – AMBAC Insured
|
4/17 at 100.00
|
N/R
|
1,742,629
|
|||||
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–
|
223,364
|
|||||
49,040
|
Total Tax Obligation/Limited
|
52,423,235
|
|||||||
Transportation – 13.3% (13.2% 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+
|
2,167,766
|
|||||
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
|
2,145,705
|
|||||
4,010
|
5.750%, 1/15/46
|
1/24 at 100.00
|
BBB–
|
4,582,829
|
|||||
4,010
|
6.000%, 1/15/53
|
1/24 at 100.00
|
BBB–
|
4,580,743
|
NUVEEN
|
25
|
NCA
|
Nuveen California Municipal Value Fund, Inc.
|
|
Portfolio of Investments (continued)
|
February 28, 2017
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Transportation (continued)
|
|||||||||
$
|
5,665
|
Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Senior Lien Series 2015D, 5.000%, 5/15/41 (Alternative Minimum Tax)
|
5/25 at 100.00
|
AA
|
$
|
6,305,258
|
|||
3,000
|
Los Angeles Harbors Department, California, Revenue Bonds, Series 2014C, 5.000%, 8/01/44
|
8/24 at 100.00
|
AA
|
3,379,620
|
|||||
175
|
Palm Springs Financing Authority, California, Palm Springs International Airport Revenue Bonds, Series 2006, 5.550%, 7/01/28 (Alternative Minimum Tax)
|
4/17 at 100.00
|
N/R
|
175,126
|
|||||
1,210
|
Port of Oakland, California, Revenue Bonds, Refunding Series 2012P, 5.000%, 5/01/29 (Alternative Minimum Tax)
|
5/22 at 100.00
|
A+
|
1,347,045
|
|||||
11,750
|
San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Second Governmental Purpose Series 2016C, 5.000%, 5/01/46
|
5/26 at 100.00
|
A+
|
13,289,835
|
|||||
33,585
|
Total Transportation
|
37,973,927
|
|||||||
U.S. Guaranteed – 16.0% (16.0% of Total Investments) (5)
|
|||||||||
2,000
|
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2009-I, 6.375%, 11/01/34 (Pre-refunded 11/01/19)
|
11/19 at 100.00
|
Aaa
|
2,280,900
|
|||||
1,000
|
California Statewide Communities Development Authority, Revenue Bonds, ValleyCare Health System, Series 2007A, 5.125%, 7/15/31 (Pre-refunded 7/15/17)
|
7/17 at 100.00
|
AA+ (5)
|
1,017,100
|
|||||
3,000
|
California Statewide Community Development Authority, Health Facility Revenue Bonds, Catholic Healthcare West, Insured Series 2008K, 5.500%, 7/01/41 (Pre-refunded 7/01/17) – AGC Insured
|
7/17 at 100.00
|
AA (5)
|
3,050,160
|
|||||
1,695
|
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
|
1,933,181
|
|||||
675
|
Inglewood Redevelopment Agency, California, Tax Allocation Bonds, Merged Redevelopment Project, Subordinate Lien Series 2007A-1, 5.000%, 5/01/25 (Pre-refunded 5/01/17) – AMBAC Insured
|
5/17 at 100.00
|
A– (5)
|
676,904
|
|||||
Irvine Unified School District Financing Authority, Orange County, California, Special Tax Bonds, Group II, Series 2006A:
|
|||||||||
90
|
5.000%, 9/01/26 (Pre-refunded 9/01/17)
|
9/17 at 100.00
|
N/R (5)
|
95,548
|
|||||
210
|
5.125%, 9/01/36 (Pre-refunded 9/01/17)
|
9/17 at 100.00
|
N/R (5)
|
223,337
|
|||||
1,525
|
Loma Linda, California, Hospital Revenue Bonds, Loma Linda University Medical Center, Series 2008A, 8.250%, 12/01/38 (Pre-refunded 12/01/17)
|
12/17 at 100.00
|
BB (5)
|
1,611,132
|
|||||
Madera Irrigation District. California, Water Revenue Bonds, Refunding Series 2008:
|
|||||||||
1,850
|
5.500%, 1/01/33 (Pre-refunded 1/01/18)
|
1/18 at 100.00
|
A (5)
|
1,924,056
|
|||||
3,000
|
5.500%, 1/01/38 (Pre-refunded 1/01/18)
|
1/18 at 100.00
|
A (5)
|
3,120,090
|
|||||
5,710
|
Oceanside Unified School District, San Diego County, California, General Obligation Bonds, Election 2008 Series 2010B, 0.000%, 8/01/49 (Pre-refunded 8/01/20) – AGM Insured
|
8/20 at 13.60
|
AA (5)
|
741,558
|
|||||
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
|
N/R (5)
|
8,564,656
|
|||||
2,940
|
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 6.750%, 11/01/39 (Pre-refunded 11/01/19)
|
11/19 at 100.00
|
Ba1 (5)
|
3,373,503
|
|||||
1,130
|
Pittsburg Redevelopment Agency, California, Tax Allocation Bonds, Los Medanos Community Development Project, Refunding Series 2008A, 6.500%, 9/01/28 (Pre-refunded 9/01/18)
|
9/18 at 100.00
|
BB+ (5)
|
1,226,005
|
|||||
440
|
Rancho Santa Fe CSD Financing Authority, California, Revenue Bonds, Superior Lien Series 2011A, 5.750%, 9/01/30 (Pre-refunded 9/01/21)
|
9/21 at 100.00
|
A– (5)
|
524,678
|
|||||
11,685
|
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
|
9,116,753
|
|||||
65
|
San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds, Mission Bay North Redevelopment Project, Series 2011C, 6.750%, 8/01/41 (Pre-refunded 2/01/21)
|
2/21 at 100.00
|
A– (5)
|
78,627
|
|||||
San Francisco Redevelopment Financing Authority, California, Tax Allocation Revenue Bonds, Mission Bay South Redevelopment Project, Series 2011D:
|
|||||||||
65
|
7.000%, 8/01/33 (Pre-refunded 2/01/21)
|
2/21 at 100.00
|
BBB+ (5)
|
79,219
|
|||||
80
|
7.000%, 8/01/41 (Pre-refunded 2/01/21)
|
2/21 at 100.00
|
BBB+ (5)
|
97,501
|
|||||
625
|
San Mateo Union High School District, San Mateo County, California, Certificates of Participation, Phase 1, Series 2007A, 5.000%, 12/15/30 (Pre-refunded 12/15/17) – AMBAC Insured
|
12/17 at 100.00
|
N/R (5)
|
646,469
|
26
|
NUVEEN
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
U.S. Guaranteed (5) (continued)
|
|||||||||
$
|
3,000
|
Santa Clara County Financing Authority, California, Insured Revenue Bonds, El Camino Hospital, Series 2007A, 5.750%, 2/01/41 (Pre-refunded 8/01/17) – AMBAC Insured
|
8/17 at 100.00
|
A+ (5)
|
$
|
3,065,250
|
|||
910
|
Santa Clara Valley Transportation Authority, California, Sales Tax Revenue Bonds, 2000 Measure A, Refunding Series 2007A, 5.000%, 4/01/36 (Pre-refunded 4/01/17) – AMBAC Insured
|
4/17 at 100.00
|
AA+ (5)
|
913,722
|
|||||
1,320
|
Tahoe Forest Hospital District, Placer and Nevada Counties, California, General Obligation Bonds, Series 2010B, 5.500%, 8/01/35 (Pre-refunded 8/01/18)
|
8/18 at 100.00
|
Aa3 (5)
|
1,408,044
|
|||||
51,580
|
Total U.S. Guaranteed
|
45,768,393
|
|||||||
Utilities – 3.5% (3.4% of Total Investments)
|
|||||||||
1,860
|
California Statewide Communities Development Authority, Certificates of Participation, Rio Bravo Fresno Project, Refunding Series 1999A, 6.500%, 12/01/18
|
4/17 at 100.00
|
N/R
|
1,853,192
|
|||||
1,800
|
Long Beach Bond Finance Authority, California, Natural Gas Purchase Revenue Bonds, Series 2007A, 5.500%, 11/15/37
|
No Opt. Call
|
A
|
2,218,230
|
|||||
1,000
|
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2016A, 5.000%, 7/01/40
|
1/26 at 100.00
|
Aa2
|
1,145,910
|
|||||
420
|
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2016B, 5.000%, 7/01/37
|
1/26 at 100.00
|
Aa2
|
482,332
|
|||||
3,605
|
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2017A, 5.000%, 7/01/47
|
1/27 at 100.00
|
Aa2
|
4,157,214
|
|||||
8,685
|
Total Utilities
|
9,856,878
|
|||||||
Water and Sewer – 7.1% (7.0% of Total Investments)
|
|||||||||
California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, Poseidon Resources Channelside LP Desalination Project, Series 2012:
|
|||||||||
1,375
|
5.000%, 7/01/37 (Alternative Minimum Tax)
|
7/22 at 100.00
|
Baa3
|
1,428,075
|
|||||
2,675
|
5.000%, 11/21/45 (Alternative Minimum Tax)
|
7/22 at 100.00
|
Baa3
|
2,780,850
|
|||||
2,000
|
Irvine Ranch Water District, California, Certificates of Participation, Irvine Ranch Water District Series 2016, 5.000%, 3/01/41
|
9/26 at 100.00
|
AAA
|
2,318,000
|
|||||
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+
|
5,064,050
|
|||||
San Diego Public Facilities Financing Authority, California, Water Utility Revenue Bonds, Refunding Subordinate Lien Series 2016B:
|
|||||||||
2,000
|
5.000%, 8/01/30
|
8/26 at 100.00
|
Aa3
|
2,380,180
|
|||||
2,335
|
5.000%, 8/01/32
|
8/26 at 100.00
|
Aa3
|
2,743,111
|
|||||
3,000
|
5.000%, 8/01/37
|
8/26 at 100.00
|
Aa3
|
3,452,130
|
|||||
18,385
|
Total Water and Sewer
|
20,166,396
|
|||||||
$
|
296,830
|
Total Long-Term Investments (cost $264,118,581)
|
287,282,067
|
||||||
Other Assets Less Liabilities – (0.6)%
|
(1,791,324
|
)
|
|||||||
Net Assets Applicable to Common Shares – 100%
|
$
|
285,490,743
|
(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. Optional Call Provisions are not covered by the report of independent registered public accounting firm.
|
(3)
|
For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor's, Baa by Moody's or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. Ratings are not covered by the report of independent registered public accounting firm.
|
(4)
|
Step-up coupon. The rate shown is the coupon as of the end of the reporting period.
|
(5)
|
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
|
(ETM)
|
Escrowed to maturity.
|
(WI/DD)
|
Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.
|
NUVEEN
|
27
|
NCB
|
||
Nuveen California Municipal Value Fund 2
|
||
Portfolio of Investments
|
February 28, 2017
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
LONG-TERM INVESTMENTS – 96.8% (100.0% of Total Investments)
|
|||||||||
MUNICIPAL BONDS – 96.8% (100.0% of Total Investments)
|
|||||||||
Consumer Staples – 6.8% (7.1% of Total Investments)
|
|||||||||
$
|
2,000
|
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1, 5.000%, 6/01/33
|
6/17 at 100.00
|
B–
|
$
|
2,000,040
|
|||
1,000
|
Silicon Valley Tobacco Securitization Authority, California, Tobacco Settlement Asset-Backed Bonds, Santa Clara County Tobacco Securitization Corporation, Series 2007A, 0.000%, 6/01/41
|
6/17 at 26.07
|
N/R
|
218,200
|
|||||
1,500
|
Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed Bonds, Series 2005A-1, 5.500%, 6/01/45
|
3/17 at 100.00
|
B–
|
1,447,980
|
|||||
4,500
|
Total Consumer Staples
|
3,666,220
|
|||||||
Education and Civic Organizations – 2.8% (2.9% 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
|
936,622
|
|||||
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
|
113,065
|
|||||
35
|
California School Finance Authority, School Facility Revenue Bonds, Alliance for College-Ready Public Schools Project, Series 2016A, 5.000%, 7/01/46
|
7/25 at 100.00
|
BBB
|
35,152
|
|||||
260
|
California School Finance Authority, School Facility Revenue Bonds, Alliance for College-Ready Public Schools Project, Series 2016C, 5.250%, 7/01/52
|
7/25 at 101.00
|
BBB
|
263,084
|
|||||
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–
|
169,124
|
|||||
1,410
|
Total Education and Civic Organizations
|
1,517,047
|
|||||||
Health Care – 7.1% (7.3% of Total Investments)
|
|||||||||
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
|
1,129,750
|
|||||
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
|
77,037
|
|||||
75
|
California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Refunding Series 2014A, 5.000%, 10/01/38
|
10/24 at 100.00
|
AA–
|
84,194
|
|||||
150
|
California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Series 2014B, 5.000%, 10/01/44
|
10/24 at 100.00
|
AA–
|
164,673
|
|||||
100
|
California Municipal Finance Authority, Revenue Bonds, NorthBay Healthcare Group, Series 2017A, 5.250%, 11/01/41
|
11/26 at 100.00
|
BBB–
|
108,106
|
|||||
150
|
California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2014A, 5.250%, 12/01/34
|
12/24 at 100.00
|
BB+
|
160,839
|
|||||
785
|
California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2016A, 5.250%, 12/01/56
|
6/26 at 100.00
|
BB
|
827,908
|
|||||
725
|
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 6.000%, 11/01/41
|
11/20 at 100.00
|
BBB–
|
789,380
|
|||||
380
|
San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011, 7.500%, 12/01/41
|
12/21 at 100.00
|
BB+
|
443,346
|
|||||
3,435
|
Total Health Care
|
3,785,233
|
|||||||
Housing/Multifamily – 1.2% (1.3% of Total Investments)
|
|||||||||
220
|
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2010A, 6.400%, 8/15/45
|
8/20 at 100.00
|
BBB
|
239,609
|
|||||
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
|
76,724
|
28
|
NUVEEN
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Housing/Multifamily (continued)
|
|||||||||
$
|
250
|
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2012B, 7.250%, 8/15/47
|
8/22 at 100.00
|
A1
|
$
|
284,185
|
|||
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
|
16,502
|
|||||
40
|
5.250%, 8/15/49
|
8/24 at 100.00
|
BBB
|
43,759
|
|||||
595
|
Total Housing/Multifamily
|
660,779
|
|||||||
Long-Term Care – 2.2% (2.2% of Total Investments)
|
|||||||||
1,000
|
California Health Facilities Financing Authority, Insured Revenue Bonds, Community Program for Persons with Developmental Disabilities, Series 2011A, 6.250%, 2/01/26
|
2/21 at 100.00
|
AA–
|
1,155,680
|
|||||
Tax Obligation/General – 10.5% (10.9% of Total Investments)
|
|||||||||
2,100
|
Carlsbad Unified School District, San Diego County, California, General Obligation Bonds, Series 2009B, 0.000%, 5/01/34 (4)
|
5/24 at 100.00
|
AA
|
2,230,158
|
|||||
195
|
Oceanside Unified School District, San Diego County, California, General Obligation Bonds, Election 2008 Series 2010B, 0.000%, 8/01/49 – AGM Insured
|
8/20 at 13.60
|
AA
|
24,547
|
|||||
1,000
|
Rio Hondo Community College District, California, General Obligation Bonds, Election of 2004, Series 2010C, 0.000%, 8/01/42 (4)
|
8/34 at 100.00
|
AA
|
976,900
|
|||||
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–
|
1,874,000
|
|||||
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+
|
544,595
|
|||||
13,795
|
Total Tax Obligation/General
|
5,650,200
|
|||||||
Tax Obligation/Limited – 19.3% (19.9% of Total Investments)
|
|||||||||
1,965
|
California State Public Works Board, Lease Revenue Bonds, Department of Education Riverside Campus Project, Series 2009B, 5.750%, 4/01/23
|
4/19 at 100.00
|
A+
|
2,146,782
|
|||||
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+
|
566,475
|
|||||
160
|
Fontana Redevelopment Agency, San Bernardino County, California, Tax Allocation Bonds, Jurupa Hills Redevelopment Project, Refunding Series 1997A, 5.500%, 10/01/27
|
10/17 at 100.00
|
A
|
160,667
|
|||||
180
|
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Refunding Series 2015A, 5.000%, 6/01/40
|
6/25 at 100.00
|
A+
|
199,481
|
|||||
425
|
Lancaster Redevelopment Agency, California, Tax Allocation Bonds, Combined Redevelopment Project Areas Housing Programs, Series 2009, 6.875%, 8/01/39
|
8/19 at 100.00
|
BBB
|
472,570
|
|||||
1,000
|
Los Angeles County Metropolitan Transportation Authority, California, Measure R Sales Tax Revenue Bonds, Senior Series 2016A, 5.000%, 6/01/38
|
6/26 at 100.00
|
AAA
|
1,161,460
|
|||||
1,150
|
Los Angeles County Metropolitan Transportation Authority, California, Proposition C Sales Tax Revenue Bonds, Senior Lien Series 2017A, 5.000%, 7/01/39
|
7/27 at 100.00
|
AA+
|
1,343,120
|
|||||
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
|
96,024
|
|||||
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+
|
35,264
|
|||||
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
|
37,634
|
|||||
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
|
223,753
|
|||||
190
|
5.750%, 9/01/39
|
9/23 at 100.00
|
N/R
|
202,755
|
|||||
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
|
17,795
|
|||||
20
|
San Clemente, California, Special Tax Revenue Bonds, Community Facilities District 2006-1 Marblehead Coastal, Series 2015, 5.000%, 9/01/40
|
9/25 at 100.00
|
N/R
|
21,110
|
NUVEEN
|
29
|
NCB
|
Nuveen California Municipal Value Fund 2
|
|
Portfolio of Investments (continued)
|
February 28, 2017
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Tax Obligation/Limited (continued)
|
|||||||||
$
|
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–
|
$
|
1,119,680
|
|||
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
|
1,615,635
|
|||||
585
|
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Refunding Series 2006D, 5.000%, 8/01/22 – AMBAC Insured
|
8/17 at 100.00
|
BBB+
|
595,220
|
|||||
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–
|
127,179
|
|||||
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
|
28,395
|
|||||
100
|
Temecula Public Financing Authority, California, Special Tax Bonds, Community Facilities District 16-01, Series 2017, 5.750%, 9/01/32 (WI/DD, Settling 3/16/17)
|
9/27 at 100.00
|
N/R
|
99,187
|
|||||
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–
|
46,645
|
|||||
9,335
|
Total Tax Obligation/Limited
|
10,316,831
|
|||||||
Transportation – 9.0% (9.3% 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+
|
470,477
|
|||||
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–
|
988,565
|
|||||
865
|
6.000%, 1/15/53
|
1/24 at 100.00
|
BBB–
|
988,115
|
|||||
305
|
Port of Oakland, California, Revenue Bonds, Refunding Series 2012P, 5.000%, 5/01/31 (Alternative Minimum Tax)
|
5/22 at 100.00
|
A+
|
336,177
|
|||||
1,820
|
San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Second Governmental Purpose Series 2016C, 5.000%, 5/01/46
|
5/26 at 100.00
|
A+
|
2,058,511
|
|||||
4,250
|
Total Transportation
|
4,841,845
|
|||||||
U.S. Guaranteed – 23.8% (24.5% of Total Investments) (5)
|
|||||||||
1,000
|
ABAG Finance Authority for Non-Profit Corporations, California, Cal-Mortgage Insured Health Facility Revenue Bonds, Saint Rose Hospital, Series 2009A, 6.000%, 5/15/29 (Pre-refunded 5/15/19)
|
5/19 at 100.00
|
AA– (5)
|
1,109,910
|
|||||
California Educational Facilities Authority, Revenue Bonds, University of the Pacific, Series 2009:
|
|||||||||
55
|
5.500%, 11/01/39 (Pre-refunded 11/01/19)
|
11/19 at 100.00
|
N/R (5)
|
61,443
|
|||||
80
|
5.500%, 11/01/39 (Pre-refunded 11/01/19)
|
11/19 at 100.00
|
A2 (5)
|
89,372
|
|||||
1,900
|
California Health Facilities Financing Authority, Revenue Bonds, Catholic Healthcare West, Series 2009A, 6.000%, 7/01/39 (Pre-refunded 7/01/19)
|
7/19 at 100.00
|
A (5)
|
2,119,298
|
|||||
California State, General Obligation Bonds, Various Purpose Series 2007:
|
|||||||||
1,230
|
5.000%, 6/01/37 (Pre-refunded 6/01/17) – NPFG Insured
|
6/17 at 100.00
|
AA– (5)
|
1,244,108
|
|||||
770
|
5.000%, 6/01/37 (Pre-refunded 6/01/17) – NPFG Insured
|
6/17 at 100.00
|
AA– (5)
|
778,832
|
|||||
680
|
California Statewide Communities Development Authority, Revenue Bonds, Adventist Health System West, Series 2007B, 5.000%, 3/01/37 (Pre-refunded 5/23/18) – AGC Insured
|
5/18 at 100.00
|
AA (5)
|
712,790
|
|||||
145
|
Inglewood Redevelopment Agency, California, Tax Allocation Bonds, Merged Redevelopment Project, Subordinate Lien Series 2007A-1, 5.000%, 5/01/25 (Pre-refunded 5/01/17) – AMBAC Insured
|
5/17 at 100.00
|
A– (5)
|
145,409
|
|||||
575
|
Lancaster Redevelopment Agency, California, Tax Allocation Bonds, Combined Redevelopment Project Areas Housing Programs, Series 2009, 6.875%, 8/01/39 (Pre-refunded 8/01/19)
|
8/19 at 100.00
|
N/R (5)
|
655,477
|
|||||
1,120
|
Oakland, California, General Obligation Bonds, Measure DD Series 2009B, 5.250%, 1/15/29 (Pre-refunded 1/15/19)
|
1/19 at 100.00
|
Aa2 (5)
|
1,210,720
|
|||||
3,805
|
Oceanside Unified School District, San Diego County, California, General Obligation Bonds, Election 2008 Series 2010B, 0.000%, 8/01/49 (Pre-refunded 8/01/20) – AGM Insured
|
8/20 at 13.60
|
AA (5)
|
494,155
|
30
|
NUVEEN
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
U.S. Guaranteed (5) (continued)
|
|||||||||
$
|
1,750
|
Orange County Sanitation District, California, Certificates of Participation, Tender Option Bond Trust 3020, 16.249%, 2/01/35 (Pre-refunded 2/01/19) (IF) (6)
|
2/19 at 100.00
|
AAA
|
$
|
2,295,300
|
|||
250
|
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 6.625%, 11/01/29 (Pre-refunded 11/01/19)
|
11/19 at 100.00
|
Ba1 (5)
|
286,078
|
|||||
240
|
Pittsburg Redevelopment Agency, California, Tax Allocation Bonds, Los Medanos Community Development Project, Refunding Series 2008A, 6.500%, 9/01/28 (Pre-refunded 9/01/18)
|
9/18 at 100.00
|
BB+ (5)
|
260,390
|
|||||
95
|
Rancho Santa Fe CSD Financing Authority, California, Revenue Bonds, Superior Lien Series 2011A, 5.750%, 9/01/30 (Pre-refunded 9/01/21)
|
9/21 at 100.00
|
A– (5)
|
113,283
|
|||||
15
|
San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds, Mission Bay North Redevelopment Project, Series 2011C, 6.750%, 8/01/41 (Pre-refunded 2/01/21)
|
2/21 at 100.00
|
A– (5)
|
18,145
|
|||||
San Francisco Redevelopment Financing Authority, California, Tax Allocation Revenue Bonds, Mission Bay South Redevelopment Project, Series 2011D:
|
|||||||||
15
|
7.000%, 8/01/33 (Pre-refunded 2/01/21)
|
2/21 at 100.00
|
BBB+ (5)
|
18,281
|
|||||
15
|
7.000%, 8/01/41 (Pre-refunded 2/01/21)
|
2/21 at 100.00
|
BBB+ (5)
|
18,281
|
|||||
1,000
|
Tuolumne Wind Project Authority, California, Revenue Bonds, Tuolumne Company Project, Series 2009A, 5.625%, 1/01/29 (Pre-refunded 1/01/19)
|
1/19 at 100.00
|
AA– (5)
|
1,086,290
|
|||||
14,740
|
Total U.S. Guaranteed
|
12,717,562
|
|||||||
Utilities – 11.3% (11.7% of Total Investments)
|
|||||||||
415
|
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2016B, 5.000%, 7/01/37
|
1/26 at 100.00
|
Aa2
|
476,590
|
|||||
1,245
|
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2017A, 5.000%, 7/01/47
|
1/27 at 100.00
|
Aa2
|
1,435,709
|
|||||
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
|
1,359,330
|
|||||
2,400
|
Southern California Public Power Authority, Natural Gas Project 1 Revenue Bonds, Series 2007A, 5.250%, 11/01/24
|
No Opt. Call
|
A
|
2,778,335
|
|||||
5,060
|
Total Utilities
|
6,049,964
|
|||||||
Water and Sewer – 2.8% (2.9% 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)
|
7/22 at 100.00
|
Baa3
|
1,117,538
|
|||||
335
|
San Diego Public Facilities Financing Authority, California, Water Utility Revenue Bonds, Refunding Subordinate Lien Series 2016B, 5.000%, 8/01/32
|
8/26 at 100.00
|
Aa3
|
393,551
|
|||||
1,410
|
Total Water and Sewer
|
1,511,089
|
|||||||
$
|
59,530
|
Total Long-Term Investments (cost $45,989,334)
|
51,872,450
|
||||||
Other Assets Less Liabilities – 3.2%
|
1,728,398
|
||||||||
Net Assets Applicable to Common Shares – 100%
|
$
|
53,600,848
|
(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. Optional Call Provisions are not covered by the report of independent registered public accounting firm.
|
(3)
|
For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor's, Baa by Moody's or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. Ratings are not covered by the report of independent registered public accounting firm.
|
(4)
|
Step-up coupon. The rate shown is the coupon as of the end of the reporting period.
|
(5)
|
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
|
(6)
|
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
|
(IF)
|
Inverse floating rate investment.
|
(WI/DD)
|
Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.
|
NUVEEN
|
31
|
NKX
|
||
Nuveen California AMT-Free Quality Municipal Income Fund
|
||
(formerly known as Nuveen California AMT-Free Municipal Income Fund)
|
||
Portfolio of Investments
|
February 28, 2017
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
LONG-TERM INVESTMENTS – 157.0% (100.0% of Total Investments)
|
|||||||||
MUNICIPAL BONDS – 157.0% (100.0% of Total Investments)
|
|||||||||
Consumer Staples – 10.0% (6.4% of Total Investments)
|
|||||||||
$
|
860
|
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Alameda County Tobacco Asset Securitization Corporation, Series 2002, 5.750%, 6/01/29
|
4/17 at 100.00
|
Baa1
|
$
|
865,831
|
|||
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los Angeles County Securitization Corporation, Series 2006A:
|
|||||||||
6,350
|
5.600%, 6/01/36
|
12/18 at 100.00
|
B3
|
6,466,777
|
|||||
325
|
5.650%, 6/01/41
|
12/18 at 100.00
|
B2
|
330,977
|
|||||
2,780
|
5.700%, 6/01/46
|
12/18 at 100.00
|
B2
|
2,782,530
|
|||||
80
|
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Sonoma County Tobacco Securitization Corporation, Series 2005, 4.250%, 6/01/21
|
4/17 at 100.00
|
BBB+
|
80,010
|
|||||
1,960
|
California Statewide Financing Authority, Tobacco Settlement Asset-Backed Bonds, Pooled Tobacco Securitization Program, Series 2002A, 5.625%, 5/01/29
|
4/17 at 100.00
|
Baa2
|
1,974,269
|
|||||
16,380
|
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Senior Convertible Series 2007A-2, 5.300%, 6/01/37
|
6/22 at 100.00
|
B–
|
16,435,200
|
|||||
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
|
|||||||||
18,570
|
5.000%, 6/01/33
|
6/17 at 100.00
|
B–
|
18,570,370
|
|||||
1,950
|
5.750%, 6/01/47
|
6/17 at 100.00
|
B–
|
1,959,945
|
|||||
13,560
|
5.125%, 6/01/47
|
6/17 at 100.00
|
B–
|
13,559,185
|
|||||
Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed Bonds, Series 2005A-1:
|
|||||||||
8,450
|
5.375%, 6/01/38
|
3/17 at 100.00
|
B–
|
8,303,224
|
|||||
2,000
|
5.500%, 6/01/45
|
3/17 at 100.00
|
B–
|
1,930,640
|
|||||
73,265
|
Total Consumer Staples
|
73,258,958
|
|||||||
Education and Civic Organizations – 3.6% (2.3% 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
|
1,138,862
|
|||||
3,000
|
California Educational Facilities Authority, Revenue Bonds, Pepperdine University, Series 2015, 5.000%, 9/01/40
|
9/25 at 100.00
|
AA
|
3,408,990
|
|||||
2,000
|
California Educational Facilities Authority, Revenue Bonds, Stanford University, Refunding Series 2014U-6, 5.000%, 5/01/45
|
No Opt. Call
|
AAA
|
2,585,660
|
|||||
4,475
|
California Municipal Finance Authority Charter School Revenue Bonds, Albert Einstein Academies Project, Series 2013A , 7.125%, 8/01/43
|
8/23 at 100.00
|
B+
|
4,917,309
|
|||||
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
|
2,012,557
|
|||||
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
|
1,721,760
|
|||||
750
|
California School Finance Authority, School Facility Revenue Bonds, Alliance for College-Ready Public Schools Project, Series 2016A, 5.000%, 7/01/46
|
7/25 at 100.00
|
BBB
|
753,255
|
|||||
4,925
|
California School Finance Authority, School Facility Revenue Bonds, Alliance for College-Ready Public Schools Project, Series 2016C, 5.000%, 7/01/46
|
7/25 at 101.00
|
BBB
|
4,947,310
|
|||||
280
|
California School Finance Authority, School Facility Revenue Bonds, Value Schools, Series 2016A, 5.750%, 7/01/41
|
7/26 at 100.00
|
BB+
|
285,242
|
|||||
2,000
|
California State University, Systemwide Revenue Bonds, Refunding Series 2015A, 5.000%, 11/01/38
|
11/25 at 100.00
|
Aa2
|
2,293,580
|
|||||
1,725
|
California State University, Systemwide Revenue Bonds, Series 2016A, 4.000%, 11/01/38
|
5/26 at 100.00
|
Aa2
|
1,793,500
|
|||||
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–
|
338,247
|
32
|
NUVEEN
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Education and Civic Organizations (continued)
|
|||||||||
$
|
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
|
$
|
214,898
|
|||
24,070
|
Total Education and Civic Organizations
|
26,411,170
|
|||||||
Health Care – 17.9% (11.4% of Total Investments)
|
|||||||||
430
|
California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, Refunding Series 2015A, 5.000%, 8/15/43
|
8/25 at 100.00
|
AA–
|
479,893
|
|||||
California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, Refunding Series 2016B:
|
|||||||||
13,295
|
4.000%, 11/15/41
|
11/26 at 100.00
|
AA–
|
13,422,499
|
|||||
14,415
|
5.000%, 11/15/46
|
11/26 at 100.00
|
AA–
|
16,068,688
|
|||||
California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, Series 2016A:
|
|||||||||
18,430
|
5.000%, 11/15/41
|
11/25 at 100.00
|
AA–
|
20,460,616
|
|||||
5,500
|
5.000%, 11/15/46
|
11/25 at 100.00
|
AA–
|
6,075,575
|
|||||
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
|
1,751,093
|
|||||
1,255
|
California Health Facilities Financing Authority, Revenue Bonds, Children's Hospital Los Angeles, Series 2012A, 5.000%, 11/15/29
|
11/22 at 100.00
|
BBB+
|
1,375,405
|
|||||
1,000
|
California Health Facilities Financing Authority, Revenue Bonds, City of Hope National Medical Center, Series 2012A, 5.000%, 11/15/35
|
11/22 at 100.00
|
AA–
|
1,105,360
|
|||||
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
|
2,773,336
|
|||||
2,000
|
California Health Facilities Financing Authority, Revenue Bonds, Memorial Health Services, Series 2012A, 5.000%, 10/01/33
|
10/22 at 100.00
|
AA–
|
2,246,040
|
|||||
1,405
|
California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Refunding Series 2014A, 5.000%, 10/01/38
|
10/24 at 100.00
|
AA–
|
1,577,239
|
|||||
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–
|
3,073,896
|
|||||
3,705
|
California Health Facilities Financing Authority, Revenue Bonds, Providence Saint Joseph Health, Refunding Series 2016A, 4.000%, 10/01/47
|
10/26 at 100.00
|
AA–
|
3,691,921
|
|||||
335
|
California Health Facilities Financing Authority, Revenue Bonds, Rady Children's Hospital – San Diego, Series 2011, 5.250%, 8/15/41
|
8/21 at 100.00
|
Aa3
|
364,805
|
|||||
750
|
California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, Series 2010A, 5.750%, 7/01/40
|
7/20 at 100.00
|
Baa2
|
815,085
|
|||||
1,690
|
California Municipal Finance Authority, Revenue Bonds, NorthBay Healthcare Group, Series 2017A, 5.250%, 11/01/36
|
11/26 at 100.00
|
BBB–
|
1,833,988
|
|||||
5,200
|
California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2014A, 5.250%, 12/01/44
|
12/24 at 100.00
|
BB+
|
5,494,476
|
|||||
14,740
|
California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2016A, 5.250%, 12/01/56
|
6/26 at 100.00
|
BB
|
15,545,688
|
|||||
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–
|
3,028,574
|
|||||
6,500
|
5.000%, 8/15/47
|
8/17 at 100.00
|
BBB+
|
6,556,290
|
|||||
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A:
|
|||||||||
770
|
5.750%, 7/01/24 (4)
|
4/17 at 100.00
|
CCC
|
758,188
|
|||||
4,240
|
5.750%, 7/01/30 (4)
|
4/17 at 100.00
|
CCC
|
4,079,262
|
|||||
105
|
5.500%, 7/01/35 (4)
|
4/17 at 100.00
|
CCC
|
98,653
|
|||||
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–
|
6,872,589
|
NUVEEN
|
33
|
NKX
|
Nuveen California AMT-Free Quality Municipal Income Fund
|
|
Portfolio of Investments (continued)
|
February 28, 2017
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Health Care (continued)
|
|||||||||
Marysville, California, Revenue Bonds, Fremont-Rideout Health Group, Series 2011:
|
|||||||||
$
|
25
|
5.250%, 1/01/23
|
1/21 at 100.00
|
BBB–
|
$
|
25,167
|
|||
25
|
4.500%, 1/01/26
|
1/21 at 100.00
|
BBB–
|
24,028
|
|||||
75
|
5.000%, 1/01/29
|
1/21 at 100.00
|
BBB–
|
74,664
|
|||||
275
|
5.000%, 1/01/30
|
1/21 at 100.00
|
BBB–
|
272,412
|
|||||
525
|
5.000%, 1/01/31
|
1/21 at 100.00
|
BBB–
|
514,694
|
|||||
810
|
5.125%, 1/01/32
|
1/21 at 100.00
|
BBB–
|
805,780
|
|||||
3,750
|
5.250%, 1/01/42
|
1/21 at 100.00
|
BBB–
|
3,723,975
|
|||||
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010:
|
|||||||||
1,500
|
6.000%, 11/01/30
|
11/20 at 100.00
|
BBB–
|
1,621,290
|
|||||
2,595
|
6.000%, 11/01/41
|
11/20 at 100.00
|
BBB–
|
2,825,436
|
|||||
1,000
|
Rancho Mirage Joint Powers Financing Authority, California, Revenue Bonds, Eisenhower Medical Center, Refunding Series 2007A, 5.000%, 7/01/38
|
7/17 at 100.00
|
Baa2
|
1,007,230
|
|||||
850
|
San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011, 7.500%, 12/01/41
|
12/21 at 100.00
|
BB+
|
991,695
|
|||||
123,300
|
Total Health Care
|
131,435,530
|
|||||||
Housing/Multifamily – 2.6% (1.6% of Total Investments)
|
|||||||||
475
|
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2010A, 6.400%, 8/15/45
|
8/20 at 100.00
|
BBB
|
517,337
|
|||||
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
|
169,889
|
|||||
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
|
397,859
|
|||||
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
|
2,235,720
|
|||||
8,000
|
6.000%, 11/15/48
|
11/23 at 100.00
|
BBB
|
9,079,360
|
|||||
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
|
286,029
|
|||||
705
|
5.250%, 8/15/49
|
8/24 at 100.00
|
BBB
|
771,249
|
|||||
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–
|
3,519,352
|
|||||
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
|
728,793
|
|||||
185
|
5.000%, 6/15/49
|
6/24 at 100.00
|
A
|
199,545
|
|||||
950
|
Poway, California, Housing Revenue Bonds, Revenue Bonds, Poinsettia Mobile Home Park, Series 2003, 5.000%, 5/01/23
|
4/17 at 100.00
|
AA–
|
952,328
|
|||||
17,035
|
Total Housing/Multifamily
|
18,857,461
|
|||||||
Long-Term Care – 1.2% (0.8% of Total Investments)
|
|||||||||
3,000
|
ABAG Finance Authority for Non-Profit Corporations, California, Cal-Mortgage Insured Revenue Bonds, Channing House, Series 2010, 6.125%, 5/15/40
|
5/20 at 100.00
|
AA–
|
3,335,670
|
|||||
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–
|
2,600,280
|
|||||
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–
|
1,442,935
|
|||||
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+
|
1,502,385
|
|||||
8,050
|
Total Long-Term Care
|
8,881,270
|
34
|
NUVEEN
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Tax Obligation/General – 29.5% (18.8% of Total Investments)
|
|||||||||
$
|
3,000
|
Alhambra Unified School District, Los Angeles County, California, General Obligation Bonds, Refunding Series 2012A, 5.000%, 8/01/29 – AGM Insured
|
8/22 at 100.00
|
Aa2
|
$
|
3,465,090
|
|||
1,000
|
California State, General Obligation Bonds, Refunding Series 2011, 5.250%, 9/01/25
|
9/21 at 100.00
|
AA–
|
1,152,030
|
|||||
California State, General Obligation Bonds, Refunding Various Purpose Series 2016:
|
|||||||||
6,195
|
5.000%, 8/01/30
|
8/26 at 100.00
|
AA–
|
7,288,046
|
|||||
1,600
|
5.000%, 8/01/33
|
8/26 at 100.00
|
AA–
|
1,855,280
|
|||||
4,910
|
California State, General Obligation Bonds, Various Purpose Refunding Series 2014, 5.000%, 10/01/32
|
10/24 at 100.00
|
AA–
|
5,665,796
|
|||||
5,000
|
California State, General Obligation Bonds, Various Purpose Refunding Series 2015, 5.000%, 8/01/31
|
2/25 at 100.00
|
AA–
|
5,769,150
|
|||||
California State, General Obligation Bonds, Various Purpose Series 2009:
|
|||||||||
2,350
|
6.000%, 11/01/39
|
11/19 at 100.00
|
AA–
|
2,645,348
|
|||||
1,300
|
5.500%, 11/01/39
|
11/19 at 100.00
|
AA–
|
1,432,561
|
|||||
6,000
|
California State, General Obligation Bonds, Various Purpose Series 2010, 6.000%, 3/01/33
|
3/20 at 100.00
|
AA–
|
6,803,400
|
|||||
California State, General Obligation Bonds, Various Purpose Series 2011:
|
|||||||||
2,000
|
5.000%, 9/01/31
|
9/21 at 100.00
|
AA–
|
2,260,280
|
|||||
4,090
|
5.000%, 9/01/41
|
9/21 at 100.00
|
AA–
|
4,575,238
|
|||||
2,625
|
5.000%, 10/01/41
|
10/21 at 100.00
|
AA–
|
2,941,838
|
|||||
California State, General Obligation Bonds, Various Purpose Series 2013:
|
|||||||||
3,500
|
5.000%, 4/01/37
|
4/23 at 100.00
|
AA–
|
3,928,400
|
|||||
2,000
|
5.000%, 2/01/43
|
2/23 at 100.00
|
AA–
|
2,232,860
|
|||||
5,520
|
5.000%, 11/01/43
|
11/23 at 100.00
|
AA–
|
6,236,551
|
|||||
California State, General Obligation Bonds, Various Purpose Series 2014:
|
|||||||||
2,460
|
5.000%, 10/01/39
|
10/24 at 100.00
|
AA–
|
2,793,527
|
|||||
9,000
|
5.000%, 12/01/43
|
12/23 at 100.00
|
AA–
|
10,181,520
|
|||||
9,000
|
5.000%, 10/01/44
|
10/24 at 100.00
|
AA–
|
10,187,640
|
|||||
California State, General Obligation Bonds, Various Purpose Series 2015:
|
|||||||||
8,000
|
5.000%, 3/01/45
|
3/25 at 100.00
|
AA–
|
8,986,160
|
|||||
2,000
|
5.000%, 8/01/45
|
8/25 at 100.00
|
AA–
|
2,257,660
|
|||||
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
|
6,361,743
|
|||||
8,295
|
Los Angeles Community College District, California, General Obligation Bonds, Refunding Series 2015A, 5.000%, 8/01/30
|
8/24 at 100.00
|
AA+
|
9,746,459
|
|||||
5,000
|
Los Angeles Unified School District, Los Angeles County, California, General Obligation Bonds, Refunding Series 2014C, 5.000%, 7/01/29
|
7/24 at 100.00
|
Aa2
|
5,886,750
|
|||||
4,500
|
Mount Diablo Unified School District, Contra Costa County, California, General Obligation Bonds, Series 2010A, 0.000%, 8/01/30 – AGM Insured (5)
|
8/25 at 100.00
|
AA
|
4,070,565
|
|||||
1,125
|
San Diego Unified School District, San Diego County, California, General Obligation Bonds, Election of 1998, Series 1999A, 0.000%, 7/01/21 – FGIC Insured
|
No Opt. Call
|
Aa2
|
1,036,103
|
|||||
11,980
|
San Diego Unified School District, San Diego County, California, General Obligation Bonds, Refunding Series 2012R-1, 0.000%, 7/01/31
|
No Opt. Call
|
Aa2
|
7,001,951
|
|||||
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
|
3,202,920
|
|||||
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
|
3,416,700
|
|||||
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
|
19,453,698
|
|||||
38,845
|
0.000%, 8/01/50 – AGM Insured (5)
|
8/37 at 100.00
|
AA
|
32,667,867
|
|||||
15,780
|
Sylvan Union School District, Stanislaus County, California, General Obligation Bonds, Election of 2006, Series 2010, 0.000%, 8/01/49 – AGM Insured (5)
|
No Opt. Call
|
AA
|
10,179,678
|
|||||
5,000
|
Walnut Valley Unified School District, Los Angeles County, California, General Obligation Bonds, Election 2007 Measure S, Series 2014C, 5.000%, 8/01/39
|
8/24 at 100.00
|
Aa2
|
5,643,350
|
NUVEEN
|
35
|
NKX
|
Nuveen California AMT-Free Quality Municipal Income Fund
|
|
Portfolio of Investments (continued)
|
February 28, 2017
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Tax Obligation/General (continued)
|
|||||||||
$
|
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+
|
$
|
3,980,406
|
|||
8,345
|
Yosemite Community College District, California, General Obligation Bonds, Capital Appreciation, Election 2004, Series 2010D, 0.000%, 8/01/42 (5)
|
No Opt. Call
|
Aa2
|
5,313,262
|
|||||
4,000
|
Yosemite Community College District, California, General Obligation Bonds, Refunding Series 2015, 5.000%, 8/01/32
|
8/25 at 100.00
|
Aa2
|
4,643,280
|
|||||
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
|
1,126,010
|
|||||
246,225
|
Total Tax Obligation/General
|
216,389,117
|
|||||||
Tax Obligation/Limited – 38.6% (24.5% of Total Investments)
|
|||||||||
2,000
|
Baldwin Park Public Financing Authority, California, Sales Tax and Tax Allocation Bonds, Puente Merced Redevelopment Project, Series 2003, 5.250%, 8/01/21
|
8/17 at 100.00
|
BBB
|
2,018,240
|
|||||
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
|
711,206
|
|||||
1,000
|
Bell Community Redevelopment Agency, California, Tax Allocation Bonds, Bell Project Area, Series 2003, 5.625%, 10/01/33 – RAAI Insured
|
4/17 at 100.00
|
AA
|
1,001,960
|
|||||
7,895
|
Brea and Olinda Unified School District, Orange County, California, Certificates of Participation Refunding, Series 2002A, 5.125%, 8/01/26 – AGM Insured
|
4/17 at 100.00
|
AA
|
7,924,764
|
|||||
3,000
|
California Infrastructure and Economic Development Bank, Infrastructure State Revolving Fund Revenue Bonds, Series 2016A, 5.000%, 10/01/41
|
10/26 at 100.00
|
AAA
|
3,483,240
|
|||||
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
|
4/17 at 100.00
|
AA
|
1,254,560
|
|||||
1,535
|
5.000%, 12/01/20 – AMBAC Insured
|
4/17 at 100.00
|
AA
|
1,584,980
|
|||||
1,615
|
5.000%, 12/01/21 – AMBAC Insured
|
4/17 at 100.00
|
AA
|
1,667,584
|
|||||
1,695
|
5.000%, 12/01/22 – AMBAC Insured
|
4/17 at 100.00
|
AA
|
1,750,189
|
|||||
1,780
|
5.000%, 12/01/23 – AMBAC Insured
|
4/17 at 100.00
|
AA
|
1,837,957
|
|||||
1,865
|
5.000%, 12/01/24 – AMBAC Insured
|
4/17 at 100.00
|
AA
|
1,925,724
|
|||||
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+
|
8,218,490
|
|||||
California State Public Works Board, Lease Revenue Bonds, Department of Education, Riverside Campus Project, Series 2012H:
|
|||||||||
2,790
|
5.000%, 4/01/30
|
4/22 at 100.00
|
A+
|
3,149,240
|
|||||
2,065
|
5.000%, 4/01/31
|
4/22 at 100.00
|
A+
|
2,324,013
|
|||||
3,740
|
California State Public Works Board, Lease Revenue Bonds, Department of Veterans Affairs,
|
4/17 at 100.00
|
A+
|
3,755,708
|
|||||
Southern California Veterans Home – Chula Vista Facility, Series 1999A, 5.600%, 11/01/19 – AMBAC Insured
|
|||||||||
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+
|
22,909,876
|
|||||
1,990
|
California State Public Works Board, Lease Revenue Bonds, Judicial Council of California, Various Projects Series 2013A, 5.000%, 3/01/33
|
3/23 at 100.00
|
A+
|
2,229,397
|
|||||
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+
|
5,524,950
|
|||||
3,020
|
Chino Redevelopment Agency, California, Merged Chino Redevelopment Project Area Tax Allocation Bonds, Series 2006, 5.000%, 9/01/38 – AMBAC Insured
|
4/17 at 101.00
|
A
|
3,058,263
|
|||||
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
|
1,276,383
|
|||||
530
|
5.750%, 8/01/26
|
8/20 at 100.00
|
N/R
|
561,265
|
|||||
3,145
|
Culver City Redevelopment Agency, California, Tax Allocation Revenue Bonds, Redevelopment Project, Series 2002A, 5.125%, 11/01/25 – NPFG Insured
|
4/17 at 100.00
|
AA–
|
3,149,214
|
36
|
NUVEEN
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Tax Obligation/Limited (continued)
|
|||||||||
El Monte, California, Senior Lien Certificates of Participation, Department of Public Services Facility Phase II, Series 2001:
|
|||||||||
$
|
5,885
|
5.000%, 1/01/21 – AMBAC Insured
|
4/17 at 100.00
|
Aa3
|
$
|
6,053,546
|
|||
5,000
|
5.250%, 1/01/34 – AMBAC Insured
|
4/17 at 100.00
|
Aa3
|
5,156,250
|
|||||
350
|
Fontana Redevelopment Agency, San Bernardino County, California, Tax Allocation Bonds, Jurupa Hills Redevelopment Project, Refunding Series 1997A, 5.500%, 10/01/27
|
10/17 at 100.00
|
A
|
351,460
|
|||||
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–
|
1,089,710
|
|||||
40,825
|
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Refunding Series 2015A, 5.000%, 6/01/45
|
6/25 at 100.00
|
A+
|
45,089,579
|
|||||
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+
|
1,131,070
|
|||||
7,610
|
Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D, 5.000%, 11/15/30
|
11/25 at 100.00
|
A
|
8,115,076
|
|||||
425
|
Hesperia Community Redevelopment Agency, California, Tax Allocation Bonds, Series 2005A, 5.000%, 9/01/35 – SYNCORA GTY Insured
|
4/17 at 100.00
|
BBB
|
425,247
|
|||||
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
|
3,360,588
|
|||||
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
|
2,309,199
|
|||||
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
|
1,237,584
|
|||||
2,105
|
5.750%, 9/01/44
|
9/23 at 100.00
|
N/R
|
2,288,282
|
|||||
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
|
1,451,326
|
|||||
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
|
2,305,920
|
|||||
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
|
4/17 at 101.00
|
AA–
|
2,523,136
|
|||||
2,425
|
4.750%, 8/01/27 – NPFG Insured
|
4/17 at 101.00
|
AA–
|
2,435,985
|
|||||
1,000
|
Lathrop, California, Limited Obligation Improvement Bonds, Crossroads Assessment District, Series 2015, 5.000%, 9/02/40
|
9/25 at 100.00
|
N/R
|
993,160
|
|||||
6,190
|
Los Angeles Community Redevelopment Agency, California, Lease Revenue Bonds, Vermont Manchester Social Services Project, Series 2005, 5.000%, 9/01/37 – AMBAC Insured
|
4/17 at 100.00
|
Aa3
|
6,209,746
|
|||||
3,220
|
Los Angeles County Metropolitan Transportation Authority, California, Proposition C Sales Tax Revenue Bonds, Senior Lien Series 2017A, 5.000%, 7/01/42
|
7/27 at 100.00
|
AA+
|
3,751,429
|
|||||
1,500
|
Los Osos, California, Improvement Bonds, Community Services Wastewater Assessment District 1, Series 2002, 5.000%, 9/02/33 – NPFG Insured
|
9/17 at 100.00
|
AA–
|
1,507,320
|
|||||
475
|
Lynwood Redevelopment Agency, California, Project A Revenue Bonds, Subordinate Lien Series 2011A, 7.250%, 9/01/38
|
9/21 at 100.00
|
A–
|
573,558
|
|||||
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–
|
9,411,182
|
|||||
3,230
|
Murrieta Redevelopment Agency, California, Tax Allocation Bonds, Series 2005, 5.000%, 8/01/35 - NPFG Insured
|
4/17 at 100.00
|
AA–
|
3,240,756
|
|||||
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
|
204,051
|
|||||
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+
|
76,406
|
|||||
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
|
2,960,560
|
NUVEEN
|
37
|
NKX
|
Nuveen California AMT-Free Quality Municipal Income Fund
|
|
Portfolio of Investments (continued)
|
February 28, 2017
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Tax Obligation/Limited (continued)
|
|||||||||
$
|
590
|
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
|
$
|
634,409
|
|||
Patterson Public Financing Authority, California, Revenue Bonds, Community Facilities District 2001-1, Senior Series 2013A:
|
|||||||||
3,785
|
5.250%, 9/01/30
|
9/23 at 100.00
|
N/R
|
4,032,880
|
|||||
3,405
|
5.750%, 9/01/39
|
9/23 at 100.00
|
N/R
|
3,633,578
|
|||||
1,975
|
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
|
2,133,948
|
|||||
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–
|
1,031,250
|
|||||
7,200
|
0.000%, 8/01/45 – NPFG Insured
|
No Opt. Call
|
AA–
|
1,398,024
|
|||||
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
|
1,202,059
|
|||||
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
|
47,452
|
|||||
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
|
696,340
|
|||||
1,775
|
5.000%, 9/01/42
|
9/22 at 100.00
|
N/R
|
1,848,609
|
|||||
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
|
4/17 at 100.00
|
AA–
|
1,003,600
|
|||||
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
|
4,498,941
|
|||||
1,500
|
Roseville, California, Special Tax Bonds, Community Facilities District 1 Fiddyment Ranch, Series 2005, 5.050%, 9/01/30
|
9/17 at 100.00
|
N/R
|
1,509,735
|
|||||
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
|
428,108
|
|||||
Sacramento Area Flood Control Agency, California, Consolidated Capital Assessment District 2 Bonds, Series 2016A:
|
|||||||||
3,695
|
5.000%, 10/01/36
|
10/26 at 100.00
|
AA
|
4,240,493
|
|||||
6,000
|
5.000%, 10/01/41
|
10/26 at 100.00
|
AA
|
6,853,860
|
|||||
1,050
|
Sacramento City Financing Authority, California, Lease Revenue Refunding Bonds, Series 1993A, 5.400%, 11/01/20 – NPFG Insured
|
No Opt. Call
|
AA–
|
1,134,515
|
|||||
2,105
|
Sacramento City Financing Authority, California, Lease Revenue Refunding Bonds, Series 1993B, 5.400%, 11/01/20
|
No Opt. Call
|
A+
|
2,269,611
|
|||||
2,155
|
San Bernardino Joint Powers Financing Authority, California, Certificates of Participation Refunding, Police Station Financing Project, Series 1999, 5.500%, 9/01/20 – NPFG Insured
|
3/17 at 100.00
|
AA–
|
2,152,263
|
|||||
215
|
San Clemente, California, Special Tax Revenue Bonds, Community Facilities District 2006-1 Marblehead Coastal, Series 2015, 5.000%, 9/01/40
|
9/25 at 100.00
|
N/R
|
226,935
|
|||||
1,000
|
San Diego County Regional Transportation Commission, California, Sales Tax Revenue Bonds, Refunding Series 2012A, 5.000%, 4/01/42
|
4/22 at 100.00
|
AAA
|
1,131,590
|
|||||
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
|
4/17 at 100.00
|
AA–
|
1,485,624
|
|||||
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
|
8/24 at 100.00
|
N/R
|
728,026
|
|||||
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–
|
2,157,570
|
|||||
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
|
2,159,960
|
|||||
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
|
402,059
|
38
|
NUVEEN
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Tax Obligation/Limited (continued)
|
|||||||||
$
|
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
|
$
|
5,686,888
|
|||
4,000
|
San Jose Financing Authority, California, Lease Revenue Refunding Bonds, Convention Center Project, Series 2001F, 5.000%, 9/01/19 – NPFG Insured
|
4/17 at 100.00
|
AA
|
4,015,320
|
|||||
360
|
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Refunding Series 2006D, 5.000%, 8/01/23 – AMBAC Insured
|
8/17 at 100.00
|
BBB+
|
366,275
|
|||||
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2005A:
|
|||||||||
3,310
|
5.000%, 8/01/20 – NPFG Insured
|
4/17 at 100.00
|
AA–
|
3,322,048
|
|||||
5,025
|
5.000%, 8/01/28 – NPFG Insured
|
4/17 at 100.00
|
AA–
|
5,043,090
|
|||||
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–
|
101,752
|
|||||
1,110
|
5.000%, 8/01/25 – NPFG Insured
|
8/17 at 100.00
|
AA–
|
1,129,347
|
|||||
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
|
1,046,480
|
|||||
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
|
56,789
|
|||||
Temecula Public Financing Authority, California, Special Tax Bonds, Community Facilities District 16-01, Series 2017:
|
|||||||||
2,170
|
6.125%, 9/01/37 (WI/DD, Settling 3/16/17)
|
9/27 at 100.00
|
N/R
|
2,174,058
|
|||||
1,000
|
6.250%, 9/01/47 (WI/DD, Settling 3/16/17)
|
9/27 at 100.00
|
N/R
|
1,004,380
|
|||||
2,160
|
Temecula Redevelopment Agency, California, Tax Allocation Revenue Bonds, Redevelopment Project 1, Series 2002, 5.125%, 8/01/27 – NPFG Insured
|
4/17 at 100.00
|
AA–
|
2,191,277
|
|||||
4,500
|
Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding Series 2012A, 5.000%, 10/01/32 – AGM Insured
|
10/22 at 100.00
|
AA
|
4,714,110
|
|||||
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
|
1,034,474
|
|||||
West Patterson Financing Authority, California, Special Tax Bonds, Community Facilities District 2015-1 Arambel-KDN, Refunding Series 2015:
|
|||||||||
350
|
5.250%, 9/01/35
|
9/25 at 100.00
|
N/R
|
348,222
|
|||||
790
|
5.250%, 9/01/45
|
9/25 at 100.00
|
N/R
|
776,238
|
|||||
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
|
4,658,627
|
|||||
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–
|
110,782
|
|||||
274,945
|
Total Tax Obligation/Limited
|
282,390,925
|
|||||||
Transportation – 8.2% (5.2% of Total Investments)
|
|||||||||
9,005
|
Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Second Subordinate Lien Series 2016B, 5.000%, 10/01/36
|
10/26 at 100.00
|
BBB+
|
9,965,743
|
|||||
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–
|
1,264,979
|
|||||
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+
|
8,039,790
|
|||||
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–
|
17,011,322
|
|||||
14,885
|
6.000%, 1/15/53
|
1/24 at 100.00
|
BBB–
|
17,003,582
|
|||||
Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Senior Lien Series 2015E:
|
|||||||||
150
|
5.000%, 5/15/31
|
5/25 at 100.00
|
AA
|
175,017
|
|||||
1,270
|
5.000%, 5/15/34
|
5/25 at 100.00
|
AA
|
1,459,624
|
|||||
1,345
|
5.000%, 5/15/36
|
5/25 at 100.00
|
AA
|
1,537,389
|
NUVEEN
|
39
|
NKX
|
Nuveen California AMT-Free Quality Municipal Income Fund
|
|
Portfolio of Investments (continued)
|
February 28, 2017
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Transportation (continued)
|
|||||||||
$
|
3,500
|
Stockton Public Financing Authority, California, Lease Revenue Bonds, Parking & Capital Projects, Series 2004, 5.250%, 9/01/34 – FGIC Insured
|
4/17 at 100.00
|
AA–
|
$
|
3,465,630
|
|||
52,905
|
Total Transportation
|
59,923,076
|
|||||||
U.S. Guaranteed – 24.2% (15.4% of Total Investments) (6)
|
|||||||||
3,535
|
Antelope Valley Healthcare District, California, Revenue Bonds, Series 2011A, 6.875%, 3/01/26 (Pre-refunded 3/01/21)
|
3/21 at 100.00
|
N/R (6)
|
4,055,246
|
|||||
220
|
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Tender Option Bond Trust 3211, 12.428%, 4/01/39 (Pre-refunded 4/01/18) (IF)
|
4/18 at 100.00
|
AA (6)
|
270,015
|
|||||
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
|
3,540,450
|
|||||
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
|
2,817,653
|
|||||
1,112
|
California State Public Works Board, Lease Revenue Bonds, University of California Regents, Tender Option Bond Trust 2016-XG0003, 8.705%, 3/01/33 (Pre-refunded 3/01/18) (IF) (7)
|
3/18 at 100.00
|
Aaa
|
1,206,787
|
|||||
2,000
|
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2009-I, 6.375%, 11/01/34 (Pre-refunded 11/01/19)
|
11/19 at 100.00
|
Aaa
|
2,280,900
|
|||||
4,920
|
California Statewide Communities Development Authority, Revenue Bonds, Saint Joseph Health System, Tender Option Bond Trust 2016-XG0041, 17.332%, 7/01/47 (Pre-refunded 7/01/18) – AGM Insured (IF)
|
7/18 at 100.00
|
AA (6)
|
6,090,931
|
|||||
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+ (6)
|
1,846,037
|
|||||
4,000
|
California Statewide Community Development Authority, Health Facility Revenue Bonds, Catholic Healthcare West, Insured Series 2008K, 5.500%, 7/01/41 (Pre-refunded 7/01/17) – AGC Insured
|
7/17 at 100.00
|
AA (6)
|
4,066,880
|
|||||
2,680
|
California Statewide Community Development Authority, Revenue Bonds, Methodist Hospital Project, Series 2009, 6.750%, 2/01/38 (Pre-refunded 8/01/19)
|
8/19 at 100.00
|
N/R (6)
|
3,045,364
|
|||||
7,555
|
California Statewide Community Development Authority, Revenue Bonds, St. Joseph Health System, Series 2007A, 5.750%, 7/01/47 (Pre-refunded 7/01/18) – FGIC Insured
|
7/18 at 100.00
|
AA– (6)
|
8,055,065
|
|||||
10,000
|
California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Series 2003A, 5.000%, 8/15/38 (Pre-refunded 8/15/17) – AMBAC Insured
|
8/17 at 100.00
|
AA– (6)
|
10,201,900
|
|||||
285
|
Central Unified School District, Fresno County, California, General Obligation Bonds, Series 1993, 5.625%, 3/01/18 – AMBAC Insured (ETM)
|
9/17 at 100.00
|
N/R (6)
|
291,931
|
|||||
12,050
|
Coast Community College District, Orange County, California, General Obligation Bonds, Series 2006C, 5.000%, 8/01/31 (Pre-refunded 8/01/18) – AGM Insured
|
8/18 at 100.00
|
AA+ (6)
|
12,770,348
|
|||||
2,500
|
Corona-Norco Unified School District, Riverside County, California, General Obligation Bonds, Election 2006 Series 2009B, 5.375%, 2/01/34 (Pre-refunded 8/01/18) – AGC Insured
|
8/18 at 100.00
|
AA (6)
|
2,662,700
|
|||||
East Side Union High School District, Santa Clara County, California, General Obligation Bonds, 2008 Election Series 2010B:
|
|||||||||
3,490
|
5.000%, 8/01/27 (Pre-refunded 8/01/19) – AGC Insured
|
8/19 at 100.00
|
AA (6)
|
3,825,215
|
|||||
3,545
|
5.000%, 8/01/28 (Pre-refunded 8/01/19) – AGC Insured
|
8/19 at 100.00
|
AA (6)
|
3,885,497
|
|||||
3,110
|
5.000%, 8/01/29 (Pre-refunded 8/01/19) – AGC Insured
|
8/19 at 100.00
|
AA (6)
|
3,408,716
|
|||||
7,100
|
Fontana Unified School District, San Bernardino County, California, General Obligation Bonds, Tender Option Bond Trust 2015-XF0111, 9.174%, 8/01/28 (Pre-refunded 8/01/18) – AGM Insured (IF)
|
8/18 at 100.00
|
AA (6)
|
8,001,132
|
|||||
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
|
5,084,100
|
|||||
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
|
7,129,080
|
|||||
Irvine Unified School District Financing Authority, Orange County, California, Special Tax Bonds, Group II, Series 2006A:
|
|||||||||
45
|
5.000%, 9/01/26 (Pre-refunded 9/01/17)
|
9/17 at 100.00
|
N/R (6)
|
47,774
|
|||||
105
|
5.125%, 9/01/36 (Pre-refunded 9/01/17)
|
9/17 at 100.00
|
N/R (6)
|
111,669
|
40
|
NUVEEN
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
U.S. Guaranteed (6) (continued)
|
|||||||||
Inglewood Redevelopment Agency, California, Tax Allocation Bonds, Merged Redevelopment Project, Subordinate Lien Series 2007A-1:
|
|||||||||
$
|
1,985
|
5.000%, 5/01/24 (Pre-refunded 5/01/17) – AMBAC Insured
|
5/17 at 100.00
|
A– (6)
|
$
|
1,991,650
|
|||
710
|
5.000%, 5/01/25 (Pre-refunded 5/01/17) – AMBAC Insured
|
5/17 at 100.00
|
A– (6)
|
712,002
|
|||||
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 (6)
|
802,925
|
|||||
3,000
|
Murrieta Valley Unified School District, Riverside County, California, General Obligation Bonds, Series 2007, 4.500%, 9/01/30 (Pre-refunded 9/01/17) – AGM Insured
|
9/17 at 100.00
|
AA (6)
|
3,058,470
|
|||||
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009:
|
|||||||||
9,250
|
6.625%, 11/01/29 (Pre-refunded 11/01/19)
|
11/19 at 100.00
|
Ba1 (6)
|
10,584,867
|
|||||
7,500
|
6.750%, 11/01/39 (Pre-refunded 11/01/19)
|
11/19 at 100.00
|
Ba1 (6)
|
8,605,875
|
|||||
540
|
Pittsburg Redevelopment Agency, California, Tax Allocation Bonds, Los Medanos Community Development Project, Refunding Series 2008A, 6.500%, 9/01/28 (Pre-refunded 9/01/18)
|
9/18 at 100.00
|
BB+ (6)
|
585,878
|
|||||
210
|
Rancho Santa Fe CSD Financing Authority, California, Revenue Bonds, Superior Lien Series 2011A, 5.750%, 9/01/30 (Pre-refunded 9/01/21)
|
9/21 at 100.00
|
A– (6)
|
250,415
|
|||||
9,000
|
San Diego County Water Authority, California, Water Revenue Certificates of Participation, Series 2008A, 5.000%, 5/01/38 (Pre-refunded 5/01/18) – AGM Insured
|
5/18 at 100.00
|
AAA
|
9,449,820
|
|||||
30
|
San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds, Mission Bay North Redevelopment Project, Series 2011C, 6.750%, 8/01/41 (Pre-refunded 2/01/21)
|
2/21 at 100.00
|
A– (6)
|
36,290
|
|||||
San Francisco Redevelopment Financing Authority, California, Tax Allocation Revenue Bonds, Mission Bay South Redevelopment Project, Series 2011D:
|
|||||||||
30
|
7.000%, 8/01/33 (Pre-refunded 2/01/21)
|
2/21 at 100.00
|
BBB+ (6)
|
36,563
|
|||||
40
|
7.000%, 8/01/41 (Pre-refunded 2/01/21)
|
2/21 at 100.00
|
BBB+ (6)
|
48,750
|
|||||
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 (6)
|
5,097,050
|
|||||
1,500
|
San Juan Capistano, California, General Obligation Bonds, Open Space Program, Tender Option Bond Trust 2015-XF0048, 16.197%, 8/01/40 (Pre-refunded 8/01/19) (IF)
|
8/19 at 100.00
|
AAA
|
2,019,960
|
|||||
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 (6)
|
336,164
|
|||||
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 (6)
|
1,418,743
|
|||||
10,740
|
0.000%, 8/01/43 (Pre-refunded 8/01/21) – AGM Insured
|
8/21 at 19.43
|
AA (6)
|
1,950,599
|
|||||
21,225
|
0.000%, 8/01/44 (Pre-refunded 8/01/21) – AGM Insured
|
8/21 at 17.98
|
AA (6)
|
3,567,074
|
|||||
12,550
|
0.000%, 8/01/45 (Pre-refunded 8/01/21) – AGM Insured
|
8/21 at 16.64
|
AA (6)
|
1,951,400
|
|||||
23,425
|
0.000%, 8/01/46 (Pre-refunded 8/01/21) – AGM Insured
|
8/21 at 15.39
|
AA (6)
|
3,369,218
|
|||||
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+ (6)
|
9,282,599
|
|||||
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
|
N/R (6)
|
2,031,680
|
|||||
2,980
|
Temecula Public Financing Authority, California, Special Tax Bonds, Community Facilities District 03-02 Roripaugh, Series 2006, 5.500%, 9/01/36 (Pre-refunded 3/16/17)
|
3/17 at 100.00
|
N/R (6)
|
2,771,221
|
|||||
1,000
|
The Regents of the University of California, Medical Center Pooled Revenue Bonds, Series 2009E, 5.000%, 5/15/38 (Pre-refunded 5/15/17)
|
5/17 at 101.00
|
Aaa
|
1,019,430
|
|||||
Tustin Community Redevelopment Agency, California, Tax Allocation Housing Bonds Series 2010:
|
|||||||||
1,205
|
5.000%, 9/01/30 (Pre-refunded 9/01/20) – AGM Insured
|
9/20 at 100.00
|
AA (6)
|
1,362,867
|
|||||
3,250
|
5.250%, 9/01/39 (Pre-refunded 9/01/20) – AGM Insured
|
9/20 at 100.00
|
AA (6)
|
3,703,635
|
|||||
6,000
|
Westminster Redevelopment Agency, California, Tax Allocation Bonds, Commercial Redevelopment Project 1, Police Facility Subordinate Series 2009, 6.250%, 11/01/39 (Pre-refunded 11/01/19)
|
11/19 at 100.00
|
A2 (6)
|
6,824,700
|
|||||
226,887
|
Total U.S. Guaranteed
|
177,565,235
|
NUVEEN
|
41
|
NKX
|
Nuveen California AMT-Free Quality Municipal Income Fund
|
|
Portfolio of Investments (continued)
|
February 28, 2017
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Utilities – 4.3% (2.8% 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
|
$
|
2,876,523
|
|||
1,835
|
5.500%, 11/15/37
|
No Opt. Call
|
A
|
2,261,362
|
|||||
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
|
Aa2
|
11,338,899
|
|||||
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
|
Aa2
|
4,985,644
|
|||||
3,750
|
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Tender Option Bond Trust 2015-XF2047, 16.229%, 7/01/43 (IF) (7)
|
7/22 at 100.00
|
Aa2
|
5,758,350
|
|||||
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–
|
1,099,340
|
|||||
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–
|
3,360,173
|
|||||
26,330
|
Total Utilities
|
31,680,291
|
|||||||
Water and Sewer – 16.9% (10.8% 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
|
13,685,496
|
|||||
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–
|
13,019,840
|
|||||
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
|
7/17 at 100.00
|
Baa3
|
8,016,080
|
|||||
12,200
|
5.000%, 11/21/45
|
7/17 at 100.00
|
Baa3
|
12,205,734
|
|||||
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
|
1,178,920
|
|||||
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–
|
3,382,170
|
|||||
2,250
|
Fortuna Public Finance Authority, California, Water Revenue Bonds, Series 2006, 5.000%, 10/01/36 – AGM Insured
|
4/17 at 100.00
|
AA
|
2,257,448
|
|||||
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Refunding Series 2016B:
|
|||||||||
1,000
|
5.000%, 7/01/32
|
1/26 at 100.00
|
AA+
|
1,171,220
|
|||||
3,775
|
5.000%, 7/01/35
|
1/26 at 100.00
|
AA+
|
4,363,749
|
|||||
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+
|
17,954,239
|
|||||
10,515
|
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2014A, 5.000%, 7/01/44
|
7/24 at 100.00
|
AA+
|
11,920,750
|
|||||
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2016A:
|
|||||||||
5,680
|
5.000%, 7/01/35
|
1/26 at 100.00
|
AA+
|
6,565,853
|
|||||
1,000
|
5.000%, 7/01/36
|
1/26 at 100.00
|
AA+
|
1,152,600
|
|||||
9,500
|
Los Angeles, California, Wastewater System Revenue Bonds, Refunding Green Series 2015A, 5.000%, 6/01/44
|
6/25 at 100.00
|
AA+
|
10,761,409
|
|||||
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
|
2,257,020
|
|||||
3,500
|
5.000%, 6/01/35
|
6/23 at 100.00
|
AA
|
3,962,700
|
|||||
670
|
Metropolitan Water District of Southern California, Waterworks Revenue Bonds, Tender Option Bond Trust 2016-XL0015, 16.320%, 7/01/35 (IF) (7)
|
7/19 at 100.00
|
AAA
|
907,716
|
|||||
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
|
4/17 at 100.00
|
N/R
|
1,503,945
|
42
|
NUVEEN
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Water and Sewer (continued)
|
|||||||||
$
|
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
|
$
|
2,871,275
|
|||
4,000
|
San Diego Public Facilities Financing Authority, California, Water Utility Revenue Bonds, Refunding Subordinate Lien Series 2016B, 5.000%, 8/01/37
|
8/26 at 100.00
|
Aa3
|
4,602,840
|
|||||
112,890
|
Total Water and Sewer
|
123,741,004
|
|||||||
$
|
1,185,902
|
Total Long-Term Investments (cost $1,048,564,142)
|
1,150,534,037
|
||||||
Institutional MuniFund Term Preferred Shares, net of deferred offering costs – (4.9)% (8)
|
(35,779,570
|
)
|
|||||||
Variable Rate Demand Preferred Shares, net of deferred offering costs – (53.8)% (9)
|
(394,024,180
|
)
|
|||||||
Other Assets Less Liabilities – 1.7%
|
11,918,444
|
||||||||
Net Assets Applicable to Common Shares – 100%
|
$
|
732,648,731
|
(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. Optional Call Provisions are not covered by the report of independent registered public accounting firm.
|
(3)
|
For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor's, Baa by Moody's or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. Ratings are not covered by the report of independent registered public accounting firm.
|
(4)
|
The coupon for this security increased 0.25% effective January 1, 2016 and increased an additional 0.25% effective May 11, 2016.
|
(5)
|
Step-up coupon. The rate shown is the coupon as of the end of the reporting period.
|
(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, or portion of investment, has been pledged to collateralize the net payment obligations for investment in inverse floating rate transactions.
|
(8)
|
Institutional MuniFund Term Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 3.1%.
|
(9)
|
Variable Rate Demand Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 34.2%.
|
(ETM)
|
Escrowed to maturity.
|
(IF)
|
Inverse floating rate investment.
|
(WI/DD)
|
Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.
|
NUVEEN
|
43
|
NAC
|
||
Nuveen California Quality Municipal Income Fund
|
||
(formerly known as Nuveen California Dividend Advantage Municipal Fund)
|
||
Portfolio of Investments
|
February 28, 2017
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
LONG-TERM INVESTMENTS – 149.2% (99.2% of Total Investments)
|
|||||||||
MUNICIPAL BONDS – 149.2% (99.2% of Total Investments)
|
|||||||||
Consumer Staples – 10.0% (6.6% of Total Investments)
|
|||||||||
$
|
2,855
|
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Alameda County Tobacco Asset Securitization Corporation, Series 2002, 5.750%, 6/01/29
|
4/17 at 100.00
|
Baa1
|
$
|
2,874,357
|
|||
1,000
|
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Golden Gate Tobacco Funding Corporation, Turbo, Series 2007A, 5.000%, 6/01/47
|
6/17 at 100.00
|
N/R
|
945,590
|
|||||
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los Angeles County Securitization Corporation, Series 2006A:
|
|||||||||
13,840
|
5.600%, 6/01/36
|
12/18 at 100.00
|
B3
|
14,094,518
|
|||||
17,560
|
5.650%, 6/01/41
|
12/18 at 100.00
|
B2
|
17,882,928
|
|||||
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Sonoma County Tobacco Securitization Corporation, Series 2005:
|
|||||||||
2,175
|
4.250%, 6/01/21
|
4/17 at 100.00
|
BBB+
|
2,175,261
|
|||||
3,735
|
5.250%, 6/01/45
|
4/17 at 100.00
|
B–
|
3,624,967
|
|||||
4,795
|
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Stanislaus County Tobacco Funding Corporation, Series 2002A, 5.500%, 6/01/33
|
4/17 at 100.00
|
A3
|
4,818,304
|
|||||
4,915
|
California Statewide Financing Authority, Tobacco Settlement Asset-Backed Bonds, Pooled Tobacco Securitization Program, Series 2002A, 5.625%, 5/01/29
|
4/17 at 100.00
|
Baa2
|
4,950,781
|
|||||
50,000
|
California Statewide Financing Authority, Tobacco Settlement Asset-Backed Bonds, Pooled Tobacco Securitization Program, Series 2006A, 0.000%, 6/01/46
|
5/17 at 100.00
|
N/R
|
6,801,000
|
|||||
61,645
|
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Senior Convertible Series 2007A-2, 5.300%, 6/01/37
|
6/22 at 100.00
|
B–
|
61,852,743
|
|||||
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
|
|||||||||
44,765
|
5.000%, 6/01/33
|
6/17 at 100.00
|
B–
|
44,765,895
|
|||||
30,440
|
5.750%, 6/01/47
|
6/17 at 100.00
|
B–
|
30,595,243
|
|||||
10,875
|
5.125%, 6/01/47
|
6/17 at 100.00
|
B–
|
10,874,348
|
|||||
19,000
|
Silicon Valley Tobacco Securitization Authority, California, Tobacco Settlement Asset-Backed Bonds, Santa Clara County Tobacco Securitization Corporation, Series 2007B, 0.000%, 6/01/47
|
6/17 at 17.73
|
N/R
|
2,291,020
|
|||||
Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed Bonds, Series 2005A-1:
|
|||||||||
8,500
|
5.375%, 6/01/38
|
3/17 at 100.00
|
B–
|
8,352,355
|
|||||
1,250
|
5.500%, 6/01/45
|
3/17 at 100.00
|
B–
|
1,206,650
|
|||||
3,200
|
Tobacco Securitization Authority of Southern California, Tobacco Settlement Asset-Backed Bonds, San Diego County Tobacco Asset Securitization Corporation, Senior Series 2006A, 5.125%, 6/01/46
|
3/17 at 100.00
|
B+
|
3,187,712
|
|||||
280,550
|
Total Consumer Staples
|
221,293,672
|
|||||||
Education and Civic Organizations – 4.2% (2.8% of Total Investments)
|
|||||||||
4,000
|
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
|
4,338,520
|
|||||
3,000
|
California Educational Facilities Authority, Revenue Bonds, Dominican University, Series 2006, 5.000%, 12/01/36
|
4/17 at 100.00
|
Ba1
|
3,009,240
|
|||||
4,075
|
California Educational Facilities Authority, Revenue Bonds, Santa Clara University, Refunding Series 2010, 5.000%, 2/01/40
|
2/20 at 100.00
|
Aa3
|
4,446,885
|
|||||
4,325
|
California Educational Facilities Authority, Revenue Bonds, University of San Francisco, Series 2011, 6.125%, 10/01/36
|
10/21 at 100.00
|
A2
|
5,091,909
|
|||||
7,000
|
California Educational Facilities Authority, Revenue Bonds, Stanford University, Refunding Series 2014U-6, 5.000%, 5/01/45
|
No Opt. Call
|
AAA
|
9,049,810
|
44
|
NUVEEN
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Education and Civic Organizations (continued)
|
|||||||||
$
|
5,385
|
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
|
$
|
6,088,550
|
|||
1,000
|
California Municipal Finance Authority, Revenue Bonds, Biola University, Series 2013, 5.000%, 10/01/38
|
10/23 at 100.00
|
Baa1
|
1,076,610
|
|||||
California Municipal Finance Authority, Revenue Bonds, Creative Center of Los Altos Project – Pinewood & Oakwood Schools, Series 2016B:
|
|||||||||
800
|
4.000%, 11/01/36
|
11/26 at 100.00
|
N/R
|
732,432
|
|||||
1,000
|
4.500%, 11/01/46
|
11/26 at 100.00
|
N/R
|
915,820
|
|||||
5,000
|
California Municipal Finance Authority, Revenue Bonds, University of La Verne, Series 2010A, 6.250%, 6/01/40
|
6/20 at 100.00
|
A3
|
5,655,650
|
|||||
2,150
|
California School Finance Authority, School Facility Revenue Bonds, Alliance for College-Ready Public Schools Project, Series 2016A, 5.000%, 7/01/46
|
7/25 at 100.00
|
BBB
|
2,159,331
|
|||||
California School Finance Authority, School Facility Revenue Bonds, Alliance for College-Ready Public Schools Project, Series 2016C:
|
|||||||||
5,995
|
5.000%, 7/01/46
|
7/25 at 101.00
|
BBB
|
6,022,157
|
|||||
8,340
|
5.250%, 7/01/52
|
7/25 at 101.00
|
BBB
|
8,438,912
|
|||||
800
|
California School Finance Authority, School Facility Revenue Bonds, Value Schools, Series 2016A, 6.000%, 7/01/51
|
7/26 at 100.00
|
BB+
|
812,784
|
|||||
2,740
|
California State Public Works Board, Lease Revenue Refunding Bonds, Community Colleges Projects, Series 1996B, 5.625%, 3/01/19 – AMBAC Insured
|
3/17 at 100.00
|
A1
|
2,762,167
|
|||||
8,000
|
California State University, Systemwide Revenue Bonds, Refunding Series 2015A, 5.000%, 11/01/38
|
11/25 at 100.00
|
Aa2
|
9,174,320
|
|||||
California State University, Systemwide Revenue Bonds, Series 2016A:
|
|||||||||
1,360
|
5.000%, 11/01/30
|
5/26 at 100.00
|
Aa2
|
1,615,095
|
|||||
4,140
|
4.000%, 11/01/38
|
5/26 at 100.00
|
Aa2
|
4,304,399
|
|||||
2,640
|
5.000%, 11/01/41
|
5/26 at 100.00
|
Aa2
|
3,035,498
|
|||||
5,500
|
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
|
6,163,740
|
|||||
6,450
|
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–
|
7,272,311
|
|||||
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
|
2,108,322
|
|||||
85,515
|
Total Education and Civic Organizations
|
94,274,462
|
|||||||
Health Care – 21.9% (14.6% of Total Investments)
|
|||||||||
9,345
|
ABAG Finance Authority for Nonprofit Corporations, California, Revenue Bonds, Sharp HealthCare, Series 2014A, 5.000%, 8/01/43
|
8/23 at 100.00
|
AA–
|
10,337,532
|
|||||
1,285
|
California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, Refunding Series 2015A, 5.000%, 8/15/43
|
8/25 at 100.00
|
AA–
|
1,434,099
|
|||||
10,955
|
California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, Refunding Series 2016B, 5.000%, 11/15/46
|
11/26 at 100.00
|
AA–
|
12,211,758
|
|||||
10,000
|
California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, Series 2016A, 5.000%, 11/15/46
|
11/25 at 100.00
|
AA–
|
11,046,500
|
|||||
15,000
|
California Health Facilities Financing Authority, Revenue Bonds, Cedars-Sinai Medical Center, Refunding Series 2016B, 4.000%, 8/15/39
|
8/26 at 100.00
|
Aa3
|
15,176,850
|
|||||
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
|
17,623,726
|
|||||
6,105
|
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
|
6,718,736
|
|||||
1,250
|
California Health Facilities Financing Authority, Revenue Bonds, Memorial Health Services, Series 2012A, 5.000%, 10/01/33
|
10/22 at 100.00
|
AA–
|
1,403,775
|
|||||
4,240
|
California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Refunding Series 2014A, 5.000%, 10/01/38
|
10/24 at 100.00
|
AA–
|
4,759,782
|
NUVEEN
|
45
|
NAC
|
Nuveen California Quality Municipal Income Fund
|
|
Portfolio of Investments (continued)
|
February 28, 2017
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Health Care (continued)
|
|||||||||
$
|
8,375
|
California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Series 2014B, 5.000%, 10/01/44
|
10/24 at 100.00
|
AA–
|
$
|
9,194,243
|
|||
11,250
|
California Health Facilities Financing Authority, Revenue Bonds, Providence Saint Joseph Health, Refunding Series 2016A, 4.000%, 10/01/47
|
10/26 at 100.00
|
AA–
|
11,210,288
|
|||||
8,760
|
California Health Facilities Financing Authority, Revenue Bonds, Rady Children's Hospital – San Diego, Series 2011, 5.250%, 8/15/41
|
8/21 at 100.00
|
Aa3
|
9,539,377
|
|||||
4,765
|
California Health Facilities Financing Authority, Revenue Bonds, Saint Joseph Health System, Series 2009A, 5.750%, 7/01/39
|
7/19 at 100.00
|
AA–
|
5,172,789
|
|||||
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2011B:
|
|||||||||
6,000
|
6.000%, 8/15/42
|
8/20 at 100.00
|
AA–
|
6,833,820
|
|||||
6,530
|
6.000%, 8/15/42 (UB)
|
8/20 at 100.00
|
AA–
|
7,437,474
|
|||||
3,795
|
California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, Series 2010A, 5.750%, 7/01/40
|
7/20 at 100.00
|
Baa2
|
4,124,330
|
|||||
11,520
|
California Municipal Finance Authority, Revenue Bonds, NorthBay Healthcare Group, Series 2017A, 5.250%, 11/01/41
|
11/26 at 100.00
|
BBB–
|
12,453,810
|
|||||
1,455
|
California Public Finance Authority, Revenue Bonds, Henry Mayo Newhall Hospital, Series 2017, 5.000%, 10/15/47
|
10/26 at 100.00
|
BBB–
|
1,546,345
|
|||||
California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2014A:
|
|||||||||
7,150
|
5.250%, 12/01/34
|
12/24 at 100.00
|
BB+
|
7,666,659
|
|||||
3,200
|
5.250%, 12/01/44
|
12/24 at 100.00
|
BB+
|
3,381,216
|
|||||
California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2016A:
|
|||||||||
6,040
|
5.000%, 12/01/46
|
6/26 at 100.00
|
BB
|
6,280,150
|
|||||
46,035
|
5.250%, 12/01/56
|
6/26 at 100.00
|
BB
|
48,551,272
|
|||||
California Statewide Communities Development Authority, Revenue Bonds, Adventist Health System/West, Series 2015A:
|
|||||||||
2,345
|
5.000%, 3/01/35
|
3/26 at 100.00
|
A
|
2,634,045
|
|||||
3,000
|
5.000%, 3/01/45
|
3/26 at 100.00
|
A
|
3,301,290
|
|||||
2,670
|
California Statewide Communities Development Authority, Revenue Bonds, Huntington Memorial Hospital, Refunding Series 2014B, 5.000%, 7/01/44
|
7/24 at 100.00
|
A–
|
2,829,559
|
|||||
25,290
|
California Statewide Communities Development Authority, Revenue Bonds, Kaiser Permanente, Series 2012A, 5.000%, 4/01/42
|
4/22 at 100.00
|
AA–
|
27,561,295
|
|||||
32,000
|
California Statewide Communities Development Authority, Revenue Bonds, Sutter Health, Series 2011A, 6.000%, 8/15/42
|
8/20 at 100.00
|
AA–
|
36,447,040
|
|||||
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+
|
1,452,470
|
|||||
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A:
|
|||||||||
12,340
|
5.750%, 7/01/24 (4)
|
4/17 at 100.00
|
CCC
|
12,150,704
|
|||||
10,905
|
5.750%, 7/01/30 (4)
|
4/17 at 100.00
|
CCC
|
10,491,591
|
|||||
7,725
|
5.500%, 7/01/35 (4)
|
4/17 at 100.00
|
CCC
|
7,258,024
|
|||||
10,000
|
5.500%, 7/01/39 (4)
|
4/17 at 100.00
|
CCC
|
8,926,100
|
|||||
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–
|
3,776,577
|
|||||
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
|
1,076,038
|
|||||
5,000
|
California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Series 2008B, 5.250%, 11/15/48
|
5/18 at 100.00
|
AA–
|
5,198,400
|
|||||
10,225
|
Madera County, California, Certificates of Participation, Children's Hospital Central California, Series 2010, 5.375%, 3/15/36
|
3/20 at 100.00
|
AA–
|
11,035,331
|
|||||
6,200
|
Madera County, California, Certificates of Participation, Valley Children's Hospital Project, Series 1995, 5.750%, 3/15/28 – NPFG Insured
|
3/17 at 100.00
|
AA–
|
6,220,832
|
46
|
NUVEEN
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Health Care (continued)
|
|||||||||
$
|
Marysville, California, Revenue Bonds, Fremont-Rideout Health Group, Series 2011:
|
||||||||
275
|
5.125%, 1/01/32
|
1/21 at 100.00
|
BBB–
|
$
|
273,567
|
||||
525
|
5.200%, 1/01/34
|
1/21 at 100.00
|
BBB–
|
522,050
|
|||||
125
|
5.250%, 1/01/35
|
1/21 at 100.00
|
BBB–
|
124,275
|
|||||
250
|
5.250%, 1/01/37
|
1/21 at 100.00
|
BBB–
|
248,458
|
|||||
15,615
|
5.250%, 1/01/42
|
1/21 at 100.00
|
BBB–
|
15,506,632
|
|||||
1,890
|
Oak Valley Hospital District, Stanislaus County, California, Revenue Bonds, Series 2010A, 6.500%, 11/01/29
|
11/20 at 100.00
|
BB
|
1,928,027
|
|||||
39,485
|
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 6.000%, 11/01/41
|
11/20 at 100.00
|
BBB–
|
42,991,267
|
|||||
28,800
|
Rancho Mirage Joint Powers Financing Authority, California, Revenue Bonds, Eisenhower Medical Center, Refunding Series 2007A, 5.000%, 7/01/38
|
7/17 at 100.00
|
Baa2
|
29,008,224
|
|||||
17,400
|
San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011, 7.500%, 12/01/41
|
12/21 at 100.00
|
BB+
|
20,300,580
|
|||||
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–
|
10,181,923
|
|||||
10,700
|
Upland, California, Certificates of Participation, San Antonio Community Hospital, Series 2011, 6.500%, 1/01/41
|
1/21 at 100.00
|
BBB+
|
11,933,496
|
|||||
456,845
|
Total Health Care
|
487,482,326
|
|||||||
Housing/Multifamily – 1.7% (1.1% of Total Investments)
|
|||||||||
12,070
|
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2010A, 6.400%, 8/15/45
|
8/20 at 100.00
|
BBB
|
13,145,799
|
|||||
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
|
7,164,701
|
|||||
6,010
|
5.500%, 8/15/47
|
8/22 at 100.00
|
BBB
|
6,587,321
|
|||||
3,920
|
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2012B, 7.250%, 8/15/47
|
8/22 at 100.00
|
A1
|
4,456,021
|
|||||
California Municipal Finance Authority, Mobile Home Park Senior Revenue Bonds, Caritas Affordable Housing, Inc. Projects, Series 2014A:
|
|||||||||
1,680
|
5.250%, 8/15/39
|
8/24 at 100.00
|
BBB
|
1,848,185
|
|||||
2,150
|
5.250%, 8/15/49
|
8/24 at 100.00
|
BBB
|
2,352,036
|
|||||
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+
|
1,300,012
|
|||||
33,600
|
Total Housing/Multifamily
|
36,854,075
|
|||||||
Housing/Single Family – 0.4% (0.3% of Total Investments)
|
|||||||||
6,360
|
California Housing Finance Agency, California, Home Mortgage Revenue Bonds, Series 2007G, 5.050%, 2/01/29 (Alternative Minimum Tax)
|
4/17 at 100.00
|
AA–
|
6,367,441
|
|||||
3,070
|
California Housing Finance Agency, California, Home Mortgage Revenue Bonds, Tender Option Bond Trust 2016-XF2308, 9.274%, 8/01/37 (Alternative Minimum Tax) (IF) (5)
|
5/17 at 100.00
|
AA–
|
3,076,723
|
|||||
9,430
|
Total Housing/Single Family
|
9,444,164
|
|||||||
Industrials – 0.2% (0.1% 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+
|
4,154,185
|
|||||
Long-Term Care – 0.3% (0.2% 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–
|
7,783,230
|
|||||
175
|
California Statewide Community Development Authority, Certificates of Participation, Internext Group, Series 1999, 5.375%, 4/01/17
|
3/17 at 100.00
|
BBB+
|
175,781
|
|||||
7,175
|
Total Long-Term Care
|
7,959,011
|
NUVEEN
|
47
|
NAC
|
Nuveen California Quality Municipal Income Fund
|
|
Portfolio of Investments (continued)
|
February 28, 2017
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Tax Obligation/General – 33.7% (22.4% 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
|
$
|
3,272,115
|
|||
4,300
|
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
|
Aa2
|
4,966,629
|
|||||
5,245
|
California State, General Obligation Bonds, Refunding Various Purpose Series 2012, 5.000%, 9/01/36
|
9/22 at 100.00
|
AA–
|
5,927,375
|
|||||
California State, General Obligation Bonds, Refunding Various Purpose Series 2013:
|
|||||||||
9,260
|
5.000%, 2/01/29
|
2/23 at 100.00
|
AA–
|
10,622,978
|
|||||
1,710
|
5.000%, 2/01/31
|
2/23 at 100.00
|
AA–
|
1,948,083
|
|||||
California State, General Obligation Bonds, Refunding Various Purpose Series 2016:
|
|||||||||
3,780
|
5.000%, 8/01/30
|
8/26 at 100.00
|
AA–
|
4,446,943
|
|||||
3,750
|
5.000%, 9/01/30
|
9/26 at 100.00
|
AA–
|
4,416,225
|
|||||
4,600
|
5.000%, 8/01/33
|
8/26 at 100.00
|
AA–
|
5,333,930
|
|||||
8,000
|
5.000%, 9/01/37
|
9/26 at 100.00
|
AA–
|
9,172,480
|
|||||
California State, General Obligation Bonds, Various Purpose Refunding Series 2014:
|
|||||||||
8,690
|
5.000%, 8/01/31
|
8/24 at 100.00
|
AA–
|
10,051,723
|
|||||
4,000
|
5.000%, 8/01/33
|
8/24 at 100.00
|
AA–
|
4,583,280
|
|||||
12,000
|
5.000%, 10/01/33
|
10/24 at 100.00
|
AA–
|
13,785,120
|
|||||
California State, General Obligation Bonds, Various Purpose Refunding Series 2015:
|
|||||||||
6,700
|
5.000%, 8/01/32
|
2/25 at 100.00
|
AA–
|
7,689,657
|
|||||
11,000
|
5.000%, 8/01/34
|
8/25 at 100.00
|
AA–
|
12,582,790
|
|||||
5,000
|
California State, General Obligation Bonds, Various Purpose Refunding Series 2016, 5.000%, 9/01/36
|
9/26 at 100.00
|
AA–
|
5,740,150
|
|||||
140
|
California State, General Obligation Bonds, Various Purpose Series 2000, 5.625%, 5/01/22 – FGIC Insured
|
4/17 at 100.00
|
Aa3
|
140,606
|
|||||
3,200
|
California State, General Obligation Bonds, Various Purpose Series 2008, 5.125%, 4/01/33
|
4/18 at 100.00
|
AA–
|
3,335,264
|
|||||
California State, General Obligation Bonds, Various Purpose Series 2009:
|
|||||||||
13,850
|
6.000%, 4/01/38
|
4/19 at 100.00
|
AA–
|
15,284,445
|
|||||
67,235
|
6.000%, 11/01/39
|
11/19 at 100.00
|
AA–
|
75,685,095
|
|||||
8,505
|
5.500%, 11/01/39
|
11/19 at 100.00
|
AA–
|
9,372,255
|
|||||
California State, General Obligation Bonds, Various Purpose Series 2010:
|
|||||||||
16,000
|
6.000%, 3/01/33
|
3/20 at 100.00
|
AA–
|
18,142,400
|
|||||
15,060
|
5.500%, 3/01/40
|
3/20 at 100.00
|
AA–
|
16,761,328
|
|||||
12,605
|
5.250%, 11/01/40
|
11/20 at 100.00
|
AA–
|
14,152,264
|
|||||
California State, General Obligation Bonds, Various Purpose Series 2011:
|
|||||||||
13,835
|
5.250%, 10/01/28
|
10/21 at 100.00
|
AA–
|
15,902,917
|
|||||
14,520
|
5.000%, 9/01/31
|
9/21 at 100.00
|
AA–
|
16,409,633
|
|||||
15,025
|
5.000%, 9/01/41
|
9/21 at 100.00
|
AA–
|
16,807,566
|
|||||
21,420
|
5.000%, 10/01/41
|
10/21 at 100.00
|
AA–
|
24,005,393
|
|||||
3,230
|
California State, General Obligation Bonds, Various Purpose Series 2012, 5.250%, 2/01/29
|
2/22 at 100.00
|
AA–
|
3,705,262
|
|||||
California State, General Obligation Bonds, Various Purpose Series 2013:
|
|||||||||
9,940
|
5.000%, 4/01/37
|
4/23 at 100.00
|
AA–
|
11,156,656
|
|||||
9,755
|
5.000%, 2/01/43
|
2/23 at 100.00
|
AA–
|
10,890,775
|
|||||
15,145
|
5.000%, 4/01/43
|
4/23 at 100.00
|
AA–
|
16,953,767
|
|||||
7,240
|
5.000%, 11/01/43
|
11/23 at 100.00
|
AA–
|
8,179,824
|
|||||
California State, General Obligation Bonds, Various Purpose Series 2014:
|
|||||||||
24,970
|
5.000%, 5/01/32
|
5/24 at 100.00
|
AA–
|
28,622,362
|
|||||
8,910
|
5.000%, 10/01/39
|
10/24 at 100.00
|
AA–
|
10,118,018
|
|||||
10,245
|
5.000%, 12/01/43
|
12/23 at 100.00
|
AA–
|
11,589,964
|
|||||
1,815
|
5.000%, 10/01/44
|
10/24 at 100.00
|
AA–
|
2,054,507
|
|||||
California State, General Obligation Bonds, Various Purpose Series 2015:
|
|||||||||
9,500
|
5.000%, 3/01/45
|
3/25 at 100.00
|
AA–
|
10,671,065
|
|||||
6,345
|
5.000%, 8/01/45
|
8/25 at 100.00
|
AA–
|
7,162,426
|
48
|
NUVEEN
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Tax Obligation/General (continued)
|
|||||||||
$
|
15
|
California, General Obligation Veterans Welfare Bonds, Series 2001BZ, 5.350%, 12/01/21 – NPFG Insured (Alternative Minimum Tax)
|
4/17 at 100.00
|
AA
|
$
|
15,047
|
|||
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–
|
4,164,186
|
|||||
57,730
|
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
|
11,876,215
|
|||||
7,500
|
Desert Community College District, Riverside County, California, General Obligation Bonds, Refunding Series 2016, 5.000%, 8/01/37
|
2/26 at 100.00
|
AA
|
8,578,275
|
|||||
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
|
6,209,510
|
|||||
5,630
|
Lake Tahoe Unified School District, El Dorado County, California, General Obligation Bonds, Series 2010, 0.000%, 8/01/45 – AGM Insured (6)
|
No Opt. Call
|
AA
|
3,385,319
|
|||||
15,335
|
Los Angeles Community College District, California, General Obligation Bonds, Refunding Series 2015A, 5.000%, 8/01/31
|
8/24 at 100.00
|
AA+
|
17,906,680
|
|||||
Los Angeles Unified School District, Los Angeles County, California, General Obligation Bonds, Refunding Series 2014C:
|
|||||||||
5,000
|
5.000%, 7/01/29
|
7/24 at 100.00
|
Aa2
|
5,886,750
|
|||||
10,000
|
5.000%, 7/01/30
|
7/24 at 100.00
|
Aa2
|
11,703,600
|
|||||
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
|
1,395,536
|
|||||
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–
|
2,935,477
|
|||||
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
|
AA+
|
7,747,032
|
|||||
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
|
1,002,425
|
|||||
2,370
|
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
|
2,624,633
|
|||||
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–
|
3,074,576
|
|||||
9,385
|
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
|
10,480,042
|
|||||
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+
|
4,545,820
|
|||||
5,000
|
Paramount Unified School District, Los Angeles County, California, General Obligation Bonds, Election 2006 Series 2011, 0.000%, 8/01/45
|
No Opt. Call
|
A+
|
4,520,900
|
|||||
10,250
|
Puerto Rico, General Obligation Bonds, Public Improvement Series 2002A, 5.500%, 7/01/20 – NPFG Insured
|
No Opt. Call
|
AA–
|
10,857,518
|
|||||
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
|
7,937,160
|
|||||
4,250
|
San Diego Community College District, California, General Obligation Bonds, Refunding Series 2016, 5.000%, 8/01/41
|
8/26 at 100.00
|
Aaa
|
4,943,218
|
|||||
1,425
|
San Joaquin Delta Community College District, California, General Obligation Bonds, Refunding Series 2015A, 5.000%, 8/01/32
|
8/25 at 100.00
|
Aa2
|
1,649,537
|
|||||
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–
|
3,935,400
|
|||||
1,895
|
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
|
Aaa
|
2,129,336
|
|||||
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+
|
3,489,735
|
|||||
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
|
2,711,456
|
NUVEEN
|
49
|
NAC
|
Nuveen California Quality Municipal Income Fund
|
|
Portfolio of Investments (continued)
|
February 28, 2017
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Tax Obligation/General (continued)
|
|||||||||
$
|
3,240
|
South San Francisco Unified School District, San Mateo County, California, General Obligation Bond Anticipation Notes, Measure J, Series 2015B, 5.000%, 9/01/40
|
9/25 at 100.00
|
Aa1
|
$
|
3,692,077
|
|||
4,175
|
Southwestern Community College District, San Diego County, California, General Obligation Bonds, Election of 2000, Series 2004, 0.000%, 8/01/25 – FGIC Insured
|
No Opt. Call
|
Aa2
|
3,214,249
|
|||||
6,245
|
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
|
7,076,959
|
|||||
5,530
|
Stockton Unified School District, San Joaquin County, California, General Obligation Bonds, Election 2008 Series 2011D, 0.000%, 8/01/50 – AGM Insured (6)
|
8/37 at 100.00
|
AA
|
4,650,619
|
|||||
26,000
|
Sylvan Union School District, Stanislaus County, California, General Obligation Bonds, Election of 2006, Series 2010, 0.000%, 8/01/49 – AGM Insured (6)
|
No Opt. Call
|
AA
|
16,772,600
|
|||||
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
|
5,571,680
|
|||||
4,830
|
5.500%, 8/01/40
|
8/24 at 100.00
|
Aa3
|
5,670,420
|
|||||
Washington Township Health Care District, Alameda County, California, General Obligation Bonds, 2012 Election Series 2013A:
|
|||||||||
4,355
|
5.500%, 8/01/38
|
8/24 at 100.00
|
Aa3
|
5,119,128
|
|||||
3,500
|
5.500%, 8/01/40
|
8/24 at 100.00
|
Aa3
|
4,109,000
|
|||||
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
|
2,306,349
|
|||||
140,160
|
Yosemite Community College District, California, General Obligation Bonds, Capital Appreciation, Election 2004, Series 2010D, 0.000%, 8/01/42 (6)
|
No Opt. Call
|
Aa2
|
89,239,871
|
|||||
4,000
|
Yuba Community College District, California, General Obligation Bonds, Election 2006 Series 2011C, 5.250%, 8/01/47
|
8/21 at 100.00
|
Aa2
|
4,504,040
|
|||||
840,965
|
Total Tax Obligation/General
|
749,275,645
|
|||||||
Tax Obligation/Limited – 29.6% (19.7% 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
|
1,793,904
|
|||||
1,655
|
Bell Community Housing Authority, California, Lease Revenue Bonds, Series 2005, 5.000%, 10/01/36 – AMBAC Insured
|
4/17 at 100.00
|
N/R
|
1,506,331
|
|||||
3,370
|
Bell Community Redevelopment Agency, California, Tax Allocation Bonds, Bell Project Area, Series 2003, 5.500%, 10/01/23 – RAAI Insured
|
4/17 at 100.00
|
AA
|
3,379,672
|
|||||
21,255
|
California Infrastructure and Economic Development Bank, Infrastructure State Revolving Fund Revenue Bonds, Series 2016A, 5.000%, 10/01/41
|
10/26 at 100.00
|
AAA
|
24,678,755
|
|||||
California State Public Works Board, Lease Revenue Bonds, Department of Corrections & Rehabilitation, Series 2013G:
|
|||||||||
10,690
|
5.250%, 9/01/30
|
9/23 at 100.00
|
A+
|
12,541,401
|
|||||
18,135
|
5.250%, 9/01/32
|
9/23 at 100.00
|
A+
|
21,279,790
|
|||||
California State Public Works Board, Lease Revenue Bonds, Department of Corrections & Rehabilitation, Various Correctional Facilities Series 2013F:
|
|||||||||
8,685
|
5.250%, 9/01/31
|
9/23 at 100.00
|
A+
|
10,196,798
|
|||||
1,450
|
5.250%, 9/01/33
|
9/23 at 100.00
|
A+
|
1,700,488
|
|||||
10,525
|
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+
|
11,847,887
|
|||||
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+
|
19,602,426
|
|||||
1,000
|
California State Public Works Board, Lease Revenue Bonds, Judicial Council of California, Various Projects Series 2013A, 5.000%, 3/01/30
|
3/23 at 100.00
|
A+
|
1,131,320
|
|||||
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+
|
1,127,290
|
|||||
11,650
|
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+
|
12,873,134
|
50
|
NUVEEN
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Tax Obligation/Limited (continued)
|
|||||||||
$
|
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+
|
$
|
2,529,912
|
|||
2,650
|
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2012A, 5.000%, 4/01/33
|
4/22 at 100.00
|
A+
|
2,962,144
|
|||||
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+
|
4,233,823
|
|||||
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+
|
11,164,497
|
|||||
13,520
|
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2014E, 5.000%, 9/01/39
|
9/24 at 100.00
|
A+
|
15,219,329
|
|||||
5,365
|
Chino Redevelopment Agency, California, Merged Chino Redevelopment Project Area Tax Allocation Bonds, Series 2006, 5.000%, 9/01/38 – AMBAC Insured
|
4/17 at 101.00
|
A
|
5,432,975
|
|||||
4,250
|
Coronado Community Development Agency, California, Tax Allocation Bonds, Community Development Project, Series 2005, 5.000%, 9/01/30 – AMBAC Insured
|
4/17 at 100.00
|
A+
|
4,263,600
|
|||||
1,595
|
Fontana Public Financing Authority, California, Tax Allocation Revenue Bonds, North Fontana Redevelopment Project, Series 2003A, 5.375%, 9/01/25 – AMBAC Insured
|
4/17 at 100.00
|
A+
|
1,601,284
|
|||||
9,060
|
Fontana Redevelopment Agency, San Bernardino County, California, Tax Allocation Bonds, Jurupa Hills Redevelopment Project, Refunding Series 1997A, 5.500%, 10/01/27
|
10/17 at 100.00
|
A
|
9,097,780
|
|||||
810
|
Fontana, California, Special Tax Bonds, Community Facilities District 2 Heritage Village, Refunding Series 1998A, 5.250%, 9/01/17 – NPFG Insured
|
3/17 at 100.00
|
AA–
|
830,145
|
|||||
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–
|
1,089,710
|
|||||
86,320
|
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Refunding Series 2015A, 5.000%, 6/01/45
|
6/25 at 100.00
|
A+
|
95,336,986
|
|||||
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+
|
1,131,070
|
|||||
9,000
|
Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D, 5.000%, 11/15/29
|
11/25 at 100.00
|
A
|
9,634,860
|
|||||
Hesperia Community Redevelopment Agency, California, Tax Allocation Bonds, Series 2005A:
|
|||||||||
1,750
|
5.000%, 9/01/25 – SYNCORA GTY Insured
|
4/17 at 100.00
|
BBB
|
1,752,275
|
|||||
6,690
|
5.000%, 9/01/35 – SYNCORA GTY Insured
|
4/17 at 100.00
|
BBB
|
6,693,880
|
|||||
4,000
|
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
|
4,378,920
|
|||||
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
|
4,913,190
|
|||||
Jurupa Public Financing Authority, California, Special Tax Revenue Bonds, Series 2014A:
|
|||||||||
530
|
5.000%, 9/01/29
|
9/24 at 100.00
|
A–
|
600,532
|
|||||
1,900
|
5.000%, 9/01/30
|
9/24 at 100.00
|
A–
|
2,143,770
|
|||||
1,220
|
5.000%, 9/01/31
|
9/24 at 100.00
|
A–
|
1,371,597
|
|||||
1,955
|
Jurupa Public Financing Authority, California, Special Tax Revenue Bonds, Series 2015A, 5.000%, 9/01/43
|
9/25 at 100.00
|
BBB+
|
2,119,748
|
|||||
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
|
1,055,510
|
|||||
1,770
|
Lammersville School District, San Joaquin County, California, Special Tax Bonds, Community Facilities District 2002 Mountain House, Series 2006, 5.125%, 9/01/35
|
9/17 at 100.00
|
N/R
|
1,647,445
|
|||||
1,000
|
Lathrop, California, Limited Obligation Improvement Bonds, Crossroads Assessment District, Series 2015, 5.000%, 9/02/40
|
9/25 at 100.00
|
N/R
|
993,160
|
|||||
14,930
|
Los Angeles Community Redevelopment Agency, California, Lease Revenue Bonds, Vermont Manchester Social Services Project, Series 2005, 5.000%, 9/01/37 – AMBAC Insured
|
4/17 at 100.00
|
Aa3
|
14,977,626
|
|||||
Los Angeles County Metropolitan Transportation Authority, California, Measure R Sales Tax Revenue Bonds, Senior Series 2016A:
|
|||||||||
5,125
|
5.000%, 6/01/36
|
6/26 at 100.00
|
AAA
|
5,970,523
|
|||||
5,620
|
5.000%, 6/01/37
|
6/26 at 100.00
|
AAA
|
6,532,351
|
NUVEEN
|
51
|
NAC
|
Nuveen California Quality Municipal Income Fund
|
|
Portfolio of Investments (continued)
|
February 28, 2017
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Tax Obligation/Limited (continued)
|
|||||||||
$
|
1,780
|
Los Angeles County Metropolitan Transportation Authority, California, Proposition C Sales Tax Revenue Bonds, Senior Lien Series 2017A, 5.000%, 7/01/42
|
7/27 at 100.00
|
AA+
|
$
|
2,073,771
|
|||
9,045
|
Los Angeles County Public Works Financing Authority, California, Lease Revenue Bonds, Multiple Capital Facilities Project II, Series 2012, 5.000%, 8/01/42
|
8/22 at 100.00
|
AA
|
10,270,598
|
|||||
Lynwood Redevelopment Agency, California, Project A Revenue Bonds, Subordinate Lien Series 2011A:
|
|||||||||
1,625
|
6.750%, 9/01/26
|
9/21 at 100.00
|
A–
|
1,940,933
|
|||||
750
|
7.000%, 9/01/31
|
9/21 at 100.00
|
A–
|
897,645
|
|||||
1,900
|
Modesto, California, Special Tax Bonds, Community Facilities District 2004-1 Village One 2, Refunding Series 2014, 5.000%, 9/01/31
|
9/24 at 100.00
|
BBB–
|
2,094,655
|
|||||
5,720
|
Murrieta Redevelopment Agency, California, Tax Allocation Bonds, Series 2007A, 5.000%, 8/01/37 – NPFG Insured
|
8/17 at 100.00
|
AA–
|
5,810,719
|
|||||
National City Community Development Commission, California, Tax Allocation Bonds, National City Redevelopment Project, Series 2011:
|
|||||||||
4,450
|
6.500%, 8/01/24
|
8/21 at 100.00
|
A
|
5,341,335
|
|||||
3,000
|
7.000%, 8/01/32
|
8/21 at 100.00
|
A
|
3,600,780
|
|||||
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+
|
1,056,850
|
|||||
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+
|
4,223,923
|
|||||
1,500
|
6.000%, 3/01/36
|
3/20 at 100.00
|
A+
|
1,686,675
|
|||||
1,655
|
Novato Redevelopment Agency, California, Tax Allocation Bonds, Hamilton Field Redevelopment Project, Series 2011, 6.750%, 9/01/40
|
9/21 at 100.00
|
BBB+
|
1,945,403
|
|||||
695
|
Ontario Redevelopment Financing Authority, California, Lease Revenue Bonds, Capital Projects, Series 2001, 5.250%, 8/01/18 – AMBAC Insured
|
4/17 at 100.00
|
AA–
|
697,752
|
|||||
29,800
|
Ontario Redevelopment Financing Authority, San Bernardino County, California, Revenue Bonds, Redevelopment Project 1, Refunding Series 1995, 7.400%, 8/01/25 – NPFG Insured
|
No Opt. Call
|
AA–
|
35,807,381
|
|||||
605
|
Ontario, California, Special Tax Bonds, Community Facilities District 5, Freeway Interchange Project, Series 1997, 6.375%, 9/01/17
|
3/17 at 100.00
|
N/R
|
621,002
|
|||||
1,810
|
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
|
1,946,239
|
|||||
Patterson Public Financing Authority, California, Revenue Bonds, Community Facilities District 2001-1, Senior Series 2013A:
|
|||||||||
11,455
|
5.250%, 9/01/30
|
9/23 at 100.00
|
N/R
|
12,205,188
|
|||||
10,290
|
5.750%, 9/01/39
|
9/23 at 100.00
|
N/R
|
10,980,768
|
|||||
11,010
|
Pico Rivera Water Authority, California, Revenue Bonds, Series 2001A, 6.250%, 12/01/32
|
4/17 at 100.00
|
N/R
|
11,139,808
|
|||||
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+
|
7,348,688
|
|||||
3,250
|
Pomona Public Financing Authority, California, Revenue Refunding Bonds, Merged Redevelopment Projects, Series 2001AD, 5.000%, 2/01/27 – NPFG Insured
|
4/17 at 100.00
|
AA–
|
3,261,603
|
|||||
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–
|
2,062,500
|
|||||
29,955
|
0.000%, 8/01/45 – NPFG Insured
|
No Opt. Call
|
AA–
|
5,816,362
|
|||||
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
|
3,979,220
|
|||||
Redding Redevelopment Agency, California, Tax Allocation Bonds, Canby-Hilltop-Cypress Area Project, Series 2003A:
|
|||||||||
1,500
|
5.000%, 9/01/17 – NPFG Insured
|
5/17 at 100.00
|
AA–
|
1,505,565
|
|||||
1,500
|
5.000%, 9/01/20 – NPFG Insured
|
4/17 at 100.00
|
AA–
|
1,505,460
|
|||||
6,750
|
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–
|
7,794,900
|
|||||
960
|
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
|
1,138,858
|
52
|
NUVEEN
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Tax Obligation/Limited (continued)
|
|||||||||
$
|
2,885
|
Riverside County Redevelopment Agency, California, Tax Allocation Housing Bonds, Series 2010A, 6.000%, 10/01/39
|
10/20 at 100.00
|
A
|
$
|
3,293,718
|
|||
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
|
1,054,954
|
|||||
2,615
|
5.000%, 9/01/35
|
9/22 at 100.00
|
N/R
|
2,736,545
|
|||||
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
|
589,427
|
|||||
710
|
5.000%, 9/01/42
|
9/22 at 100.00
|
N/R
|
739,444
|
|||||
15
|
Riverside Public Financing Authority, California, Revenue Bonds, Multiple Project Loans, Series 1991A, 8.000%, 2/01/18
|
8/17 at 100.00
|
N/R
|
15,338
|
|||||
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–
|
3,596,144
|
|||||
2,645
|
Roseville, California, Special Tax Bonds, Community Facilities District 1 Fiddyment Ranch, Series 2005, 5.050%, 9/01/30
|
9/17 at 100.00
|
N/R
|
2,662,166
|
|||||
Roseville, California, Special Tax Bonds, Community Facilities District 1 Westpark, Refunding Series 2015:
|
|||||||||
385
|
5.000%, 9/01/31
|
9/25 at 100.00
|
N/R
|
416,863
|
|||||
575
|
5.000%, 9/01/37
|
9/25 at 100.00
|
N/R
|
610,581
|
|||||
4,000
|
Sacramento Area Flood Control Agency, California, Consolidated Capital Assessment District 2 Bonds, Series 2016A, 5.000%, 10/01/41
|
10/26 at 100.00
|
AA
|
4,569,240
|
|||||
Sacramento City Financing Authority, California, Lease Revenue Refunding Bonds, Series 1993A:
|
|||||||||
6,310
|
5.400%, 11/01/20 – AMBAC Insured
|
No Opt. Call
|
A+
|
6,851,398
|
|||||
700
|
5.400%, 11/01/20 – NPFG Insured
|
No Opt. Call
|
AA–
|
756,343
|
|||||
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–
|
2,323,050
|
|||||
San Buenaventura Redevelopment Agency, California, Merged Project Areas Tax Allocation Bonds, Series 2008:
|
|||||||||
1,000
|
7.750%, 8/01/28
|
4/17 at 102.00
|
A
|
1,025,560
|
|||||
1,325
|
8.000%, 8/01/38
|
4/17 at 102.00
|
A
|
1,358,774
|
|||||
630
|
San Clemente, California, Special Tax Revenue Bonds, Community Facilities District 2006-1 Marblehead Coastal, Series 2015, 5.000%, 9/01/40
|
9/25 at 100.00
|
N/R
|
664,971
|
|||||
6,500
|
San Diego County Regional Transportation Commission, California, Sales Tax Revenue Bonds, Limited Tax Series 2016A, 5.000%, 4/01/35
|
4/26 at 100.00
|
AAA
|
7,578,220
|
|||||
2,135
|
San Diego County Regional Transportation Commission, California, Sales Tax Revenue Bonds, Refunding Series 2012A, 5.000%, 4/01/42
|
4/22 at 100.00
|
AAA
|
2,415,945
|
|||||
San Diego County Regional Transportation Commission, California, Sales Tax Revenue Bonds, Series 2014A:
|
|||||||||
10,000
|
5.000%, 4/01/34
|
4/24 at 100.00
|
AAA
|
11,426,600
|
|||||
5,000
|
5.000%, 4/01/44
|
4/24 at 100.00
|
AAA
|
5,648,050
|
|||||
2,075
|
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
|
8/24 at 100.00
|
N/R
|
2,189,353
|
|||||
5,000
|
San Francisco City and County Redevelopment Agency Successor Agency, California, Tax Allocation Bonds, Mission Bay North Redevelopment Project, Refunding Series 2016A, 5.000%, 8/01/41 – NPFG Insured
|
8/26 at 100.00
|
AA–
|
5,627,500
|
|||||
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
|
269,803
|
|||||
9,435
|
San Jose Financing Authority, California, Lease Revenue Refunding Bonds, Convention Center Project, Series 2001F, 5.000%, 9/01/20 – NPFG Insured
|
3/17 at 100.00
|
AA
|
9,471,136
|
|||||
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
|
3,020,490
|
NUVEEN
|
53
|
NAC
|
Nuveen California Quality Municipal Income Fund
|
|
Portfolio of Investments (continued)
|
February 28, 2017
|
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, Refunding Series 2006D:
|
|||||||||
$
|
695
|
5.000%, 8/01/19 – AMBAC Insured
|
8/17 at 100.00
|
BBB+
|
$
|
707,218
|
|||
910
|
5.000%, 8/01/21 – AMBAC Insured
|
8/17 at 100.00
|
BBB+
|
925,943
|
|||||
3,860
|
5.000%, 8/01/23 – AMBAC Insured
|
8/17 at 100.00
|
BBB+
|
3,927,280
|
|||||
2,765
|
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2003, 4.900%, 8/01/33 – FGIC Insured
|
4/17 at 100.00
|
AA–
|
2,804,401
|
|||||
700
|
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2004A, 4.440%, 8/01/17 – NPFG Insured
|
4/17 at 100.00
|
AA–
|
702,254
|
|||||
1,000
|
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2005A, 5.000%, 8/01/27 – NPFG Insured
|
4/17 at 100.00
|
AA–
|
1,003,640
|
|||||
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2006C:
|
|||||||||
3,300
|
5.000%, 8/01/24 – NPFG Insured
|
8/17 at 100.00
|
AA–
|
3,357,816
|
|||||
6,635
|
5.000%, 8/01/25 – NPFG Insured
|
8/17 at 100.00
|
AA–
|
6,750,648
|
|||||
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+
|
1,955,999
|
|||||
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
|
AA–
|
9,186,768
|
|||||
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
|
4/17 at 100.00
|
AA–
|
2,780,138
|
|||||
4,625
|
Santa Clara Redevelopment Agency, California, Tax Allocation Bonds, Bayshore North Project, Series 2003, 5.000%, 6/01/17 – NPFG Insured
|
12/16 at 100.00
|
AA–
|
4,674,673
|
|||||
990
|
Saugus/Hart School Facilities Financing Authority, California, Special Tax Bonds, Community Facilities District 2006-1, Series 2016, 5.000%, 9/01/26
|
3/26 at 100.00
|
N/R
|
1,124,630
|
|||||
1,315
|
Signal Hill Redevelopment Agency, California, Project 1 Tax Allocation Bonds, Series 2011, 7.000%, 10/01/26
|
4/21 at 100.00
|
N/R
|
1,493,551
|
|||||
8,710
|
South Orange County Public Financing Authority, California, Special Tax Revenue Bonds, Ladera Ranch, Refunding Series 2005A, 5.000%, 8/15/32 – AMBAC Insured
|
4/17 at 100.00
|
BBB+
|
8,732,298
|
|||||
Temecula Public Financing Authority, California, Special Tax Bonds, Community Facilities District 16-01, Series 2017:
|
|||||||||
2,090
|
5.500%, 9/01/27 (WI/DD, Settling 3/16/17)
|
No Opt. Call
|
N/R
|
2,094,326
|
|||||
1,455
|
5.750%, 9/01/32 (WI/DD, Settling 3/16/17)
|
9/27 at 100.00
|
N/R
|
1,443,171
|
|||||
5,560
|
6.250%, 9/01/47 (WI/DD, Settling 3/16/17)
|
9/27 at 100.00
|
N/R
|
5,584,353
|
|||||
2,475
|
Temecula Redevelopment Agency, California, Redevelopment Project 1 Tax Allocation Housing Bonds Series 2011A, 7.000%, 8/01/39
|
8/21 at 100.00
|
BBB+
|
2,956,808
|
|||||
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
|
1,418,864
|
|||||
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+
|
1,207,420
|
|||||
6,870
|
Vernon Redevelopment Agency, California, Tax Allocation Bonds, Industrial Redevelopment Project, Series 2005, 5.000%, 9/01/35 – NPFG Insured
|
4/17 at 100.00
|
AA–
|
6,873,985
|
|||||
1,620
|
Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding Series 2012A, 5.000%, 10/01/32 – AGM Insured
|
10/22 at 100.00
|
AA
|
1,697,080
|
|||||
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
|
6,622,661
|
|||||
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–
|
1,407,296
|
|||||
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–
|
1,008,702
|
|||||
1,420
|
6.500%, 9/01/32
|
9/21 at 100.00
|
A–
|
1,669,352
|
|||||
635,815
|
Total Tax Obligation/Limited
|
657,115,307
|
54
|
NUVEEN
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Transportation – 12.3% (8.2% of Total Investments)
|
|||||||||
Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Second Subordinate Lien Series 2016B:
|
|||||||||
$
|
6,990
|
5.000%, 10/01/34
|
10/26 at 100.00
|
BBB+
|
$
|
7,777,563
|
|||
5,445
|
5.000%, 10/01/36
|
10/26 at 100.00
|
BBB+
|
6,025,927
|
|||||
1,715
|
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2012F-1, 5.000%, 4/01/30
|
4/22 at 100.00
|
AA
|
1,961,103
|
|||||
5,705
|
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–
|
6,472,380
|
|||||
20,725
|
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+
|
24,685,133
|
|||||
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Series 2013A:
|
|||||||||
45,735
|
5.750%, 1/15/46
|
1/24 at 100.00
|
BBB–
|
52,268,244
|
|||||
45,725
|
6.000%, 1/15/53
|
1/24 at 100.00
|
BBB–
|
52,233,039
|
|||||
1,200
|
Long Beach, California, Harbor Revenue Bonds, Series 2015D, 5.000%, 5/15/42
|
5/25 at 100.00
|
AA
|
1,366,968
|
|||||
Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Senior Lien Series 2015D:
|
|||||||||
2,600
|
5.000%, 5/15/31 (Alternative Minimum Tax)
|
5/25 at 100.00
|
AA
|
2,967,848
|
|||||
11,420
|
5.000%, 5/15/33 (Alternative Minimum Tax)
|
5/25 at 100.00
|
AA
|
12,920,360
|
|||||
3,000
|
5.000%, 5/15/36 (Alternative Minimum Tax)
|
5/25 at 100.00
|
AA
|
3,355,020
|
|||||
11,335
|
5.000%, 5/15/41 (Alternative Minimum Tax)
|
5/25 at 100.00
|
AA
|
12,616,082
|
|||||
2,500
|
Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Subordinate Lien Series 2016A, 5.000%, 5/15/35 (Alternative Minimum Tax)
|
5/26 at 100.00
|
AA–
|
2,805,600
|
|||||
Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Subordinate Lien Series 2016B:
|
|||||||||
1,100
|
5.000%, 5/15/30 (Alternative Minimum Tax)
|
5/26 at 100.00
|
AA–
|
1,263,746
|
|||||
3,335
|
5.000%, 5/15/46 (Alternative Minimum Tax)
|
5/26 at 100.00
|
AA–
|
3,692,679
|
|||||
1,250
|
Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Series 2010D, 5.000%, 5/15/40 (UB) (5)
|
5/20 at 100.00
|
AA
|
1,379,313
|
|||||
5,000
|
Los Angeles Harbors Department, California, Revenue Bonds, Refunding Series 2014B, 5.000%, 8/01/44
|
8/24 at 100.00
|
AA
|
5,632,700
|
|||||
Los Angeles Harbors Department, California, Revenue Bonds, Series 2014C:
|
|||||||||
1,160
|
5.000%, 8/01/34
|
8/24 at 100.00
|
AA
|
1,321,646
|
|||||
1,575
|
5.000%, 8/01/35
|
8/24 at 100.00
|
AA
|
1,788,854
|
|||||
1,865
|
5.000%, 8/01/36
|
8/24 at 100.00
|
AA
|
2,112,914
|
|||||
6,610
|
5.000%, 8/01/44
|
8/24 at 100.00
|
AA
|
7,446,429
|
|||||
120
|
Palm Springs Financing Authority, California, Palm Springs International Airport Revenue Bonds, Series 2006, 5.450%, 7/01/20 (Alternative Minimum Tax)
|
4/17 at 100.00
|
N/R
|
120,079
|
|||||
Port of Oakland, California, Revenue Bonds, Refunding Series 2012P:
|
|||||||||
4,895
|
5.000%, 5/01/29 (Alternative Minimum Tax)
|
5/22 at 100.00
|
A+
|
5,449,408
|
|||||
7,340
|
5.000%, 5/01/31 (Alternative Minimum Tax)
|
5/22 at 100.00
|
A+
|
8,090,295
|
|||||
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–
|
1,122,430
|
|||||
735
|
Sacramento Regional Transit District, California, Farebox Revenue Bonds, Refunding Series 2012, 5.000%, 3/01/42
|
9/20 at 100.00
|
A–
|
803,414
|
|||||
9,550
|
San Diego County Regional Airport Authority, California, Airport Revenue Bonds, Senior Series 2013B, 5.000%, 7/01/43 (Alternative Minimum Tax)
|
7/23 at 100.00
|
A+
|
10,346,661
|
|||||
22,930
|
San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Second Governmental Purpose Series 2016C, 5.000%, 5/01/46
|
5/26 at 100.00
|
A+
|
25,934,977
|
|||||
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+
|
4,994,100
|
|||||
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)
|
4/17 at 100.00
|
AA
|
2,476,364
|
NUVEEN
|
55
|
NAC
|
Nuveen California Quality Municipal Income Fund
|
|
Portfolio of Investments (continued)
|
February 28, 2017
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Transportation (continued)
|
|||||||||
$
|
1,500
|
Stockton Public Financing Authority, California, Lease Revenue Bonds, Parking & Capital Projects, Series 2004, 5.250%, 9/01/34 – FGIC Insured
|
4/17 at 100.00
|
AA–
|
$
|
1,485,270
|
|||
241,025
|
Total Transportation
|
272,916,546
|
|||||||
U.S. Guaranteed – 18.3% (12.1% of Total Investments) (7)
|
|||||||||
3,000
|
Antelope Valley Healthcare District, California, Revenue Bonds, Series 2011A, 7.250%, 3/01/36 (Pre-refunded 3/01/21)
|
3/21 at 100.00
|
N/R (7)
|
3,633,900
|
|||||
6,970
|
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Tender Option Bond Trust 3211, 12.428%, 4/01/39 (Pre-refunded 4/01/18) (IF)
|
4/18 at 100.00
|
AA (7)
|
8,554,560
|
|||||
California Department of Water Resources, Water System Revenue Bonds, Central Valley Project, Refunding Series 2002X:
|
|||||||||
10
|
5.500%, 12/01/17 – FGIC Insured (ETM)
|
No Opt. Call
|
AAA
|
10,367
|
|||||
210
|
5.500%, 12/01/17 – NPFG Insured (ETM)
|
No Opt. Call
|
Aa1 (7)
|
217,684
|
|||||
10,000
|
California Educational Facilities Authority, Revenue Bonds, University of Southern California, Series 2007A, 4.500%, 10/01/33 (Pre-refunded 10/01/17) (UB)
|
10/17 at 100.00
|
Aa1 (7)
|
10,228,100
|
|||||
2,470
|
California Educational Facilities Authority, Revenue Bonds, University of Southern California, Tender Option Bond Trust 11B, 16.131%, 10/01/38 (Pre-refunded 10/01/18) (IF) (5)
|
10/18 at 100.00
|
Aa1 (7)
|
3,126,526
|
|||||
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
|
6,410,185
|
|||||
2,000
|
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 (7)
|
2,361,740
|
|||||
50
|
California Pollution Control Financing Authority, Solid Waste Disposal Revenue Bonds, North County Recycling Center, Series 1991A, 6.750%, 7/01/17 (ETM)
|
5/17 at 100.00
|
Aaa
|
50,823
|
|||||
24,180
|
California State Public Works Board, Lease Revenue Bonds, University of California Regents, Tender Option Bond Trust 2016-XG0003, 8.705%, 3/01/33 (Pre-refunded 3/01/18) (IF) (5)
|
3/18 at 100.00
|
Aaa
|
26,241,103
|
|||||
6,860
|
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2009-I, 6.375%, 11/01/34 (Pre-refunded 11/01/19)
|
11/19 at 100.00
|
Aaa
|
7,823,487
|
|||||
1,605
|
California Statewide Communities Development Authority, Revenue Bonds, Adventist Health System West, Series 2007B, 5.000%, 3/01/37 (Pre-refunded 5/23/18) – AGC Insured
|
5/18 at 100.00
|
AA (7)
|
1,682,393
|
|||||
8,783
|
California Statewide Communities Development Authority, Revenue Bonds, Saint Joseph Health System, Tender Option Bond Trust 2016-XG0041, 17.332%, 7/01/47 (Pre-refunded 7/01/18) – AGM Insured (IF)
|
7/18 at 100.00
|
AA (7)
|
10,874,408
|
|||||
17,020
|
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+ (7)
|
17,311,042
|
|||||
4,500
|
California Statewide Community Development Authority, Health Facility Revenue Bonds, Catholic Healthcare West, Insured Series 2008K, 5.500%, 7/01/41 (Pre-refunded 7/01/17) – AGC Insured
|
7/17 at 100.00
|
AA (7)
|
4,575,240
|
|||||
2,010
|
California Statewide Community Development Authority, Revenue Bonds, Methodist Hospital Project, Series 2009, 6.750%, 2/01/38 (Pre-refunded 8/01/19)
|
8/19 at 100.00
|
N/R (7)
|
2,284,023
|
|||||
3,860
|
California Statewide Community Development Authority, Revenue Bonds, St. Joseph Health System, Series 2007A, 5.750%, 7/01/47 (Pre-refunded 7/01/18) – FGIC Insured
|
7/18 at 100.00
|
AA– (7)
|
4,115,493
|
|||||
California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Series 2003A:
|
|||||||||
200
|
5.000%, 8/15/38 (Pre-refunded 8/15/17) – AMBAC Insured
|
8/17 at 100.00
|
AA– (7)
|
204,038
|
|||||
17,470
|
5.000%, 8/15/38 (Pre-refunded 8/15/17) – AMBAC Insured (UB) (5)
|
8/17 at 100.00
|
AA– (7)
|
17,822,719
|
|||||
2,905
|
Carson Redevelopment Agency, California, Tax Allocation Bonds, Redevelopment Project Area 1, Series 2009A, 7.000%, 10/01/36 (Pre-refunded 10/01/19)
|
10/19 at 100.00
|
A– (7)
|
3,346,938
|
|||||
5,425
|
Coast Community College District, Orange County, California, General Obligation Bonds, Series 2006C, 5.000%, 8/01/31 (Pre-refunded 8/01/18) – AGM Insured
|
8/18 at 100.00
|
AA+ (7)
|
5,749,307
|
|||||
13,765
|
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
|
15,699,258
|
|||||
1,600
|
Eastern Municipal Water District, California, Water and Sewerage System Revenue Certificates of Participation, Tender Option Bond Trust 2015-XF0072, 13.362%, 7/01/35 (Pre-refunded 7/01/18) (IF)
|
7/18 at 100.00
|
AAA
|
2,183,408
|
56
|
NUVEEN
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
U.S. Guaranteed (7) (continued)
|
|||||||||
Inglewood Redevelopment Agency, California, Tax Allocation Bonds, Merged Redevelopment Project, Subordinate Lien Series 2007A-1:
|
|||||||||
$
|
3,640
|
5.000%, 5/01/23 (Pre-refunded 5/01/17) – AMBAC Insured
|
5/17 at 100.00
|
A– (7)
|
$
|
3,653,905
|
|||
2,435
|
5.000%, 5/01/24 (Pre-refunded 5/01/17) – AMBAC Insured
|
5/17 at 100.00
|
A– (7)
|
2,443,157
|
|||||
2,075
|
5.000%, 5/01/25 (Pre-refunded 5/01/17) – AMBAC Insured
|
5/17 at 100.00
|
A– (7)
|
2,080,852
|
|||||
Irvine Unified School District Financing Authority, Orange County, California, Special Tax Bonds, Group II, Series 2006A:
|
|||||||||
1,210
|
5.000%, 9/01/26 (Pre-refunded 9/01/17)
|
9/17 at 100.00
|
N/R (7)
|
1,284,584
|
|||||
2,755
|
5.125%, 9/01/36 (Pre-refunded 9/01/17)
|
9/17 at 100.00
|
N/R (7)
|
2,929,970
|
|||||
2,000
|
Lindsay Redevelopment Agency, California, Tax Allocation Bonds, Project 1, Series 2007, 5.000%, 8/01/37 (Pre-refunded 8/01/17) – RAAI Insured
|
8/17 at 100.00
|
N/R (7)
|
2,037,320
|
|||||
18,620
|
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 (7)
|
19,671,658
|
|||||
4,705
|
Madera Irrigation District. California, Water Revenue Bonds, Refunding Series 2008, 5.500%, 1/01/38 (Pre-refunded 1/01/18)
|
1/18 at 100.00
|
A (7)
|
4,893,341
|
|||||
7,500
|
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 (7)
|
9,079,950
|
|||||
3,380
|
Orange County Sanitation District, California, Certificates of Participation, Tender Option Bond Trust 2016-XG0022, 16.249%, 2/01/35 (Pre-refunded 2/01/19) (IF)
|
2/19 at 100.00
|
AAA
|
4,433,242
|
|||||
1,510
|
Orange County Sanitation District, California, Certificates of Participation, Tender Option Bond Trust 3020, 16.233%, 2/01/35 (Pre-refunded 2/01/19) (IF) (5)
|
2/19 at 100.00
|
AAA
|
1,980,516
|
|||||
5,840
|
Orange County Water District, California, Revenue Certificates of Participation, Series 1999A, 5.375%, 8/15/29 (ETM)
|
No Opt. Call
|
N/R (7)
|
7,307,709
|
|||||
905
|
Orange County Water District, California, Revenue Certificates of Participation, Series 2003B, 5.000%, 8/15/34 (Pre-refunded 8/15/32) – NPFG Insured
|
8/32 at 100.00
|
AAA
|
1,119,078
|
|||||
11,165
|
Palm Desert Financing Authority, California, Tax Allocation Revenue Bonds, Project Area 1, Refunding Series 2002, 5.100%, 4/01/30 (Pre-refunded 4/01/17) – NPFG Insured
|
4/17 at 100.00
|
AA– (7)
|
11,211,558
|
|||||
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009:
|
|||||||||
12,000
|
6.625%, 11/01/29 (Pre-refunded 11/01/19)
|
11/19 at 100.00
|
Ba1 (7)
|
13,731,720
|
|||||
7,885
|
6.750%, 11/01/39 (Pre-refunded 11/01/19)
|
11/19 at 100.00
|
Ba1 (7)
|
9,047,643
|
|||||
1,265
|
Palomar Pomerado Health, California, General Obligation Bonds, Capital Appreciation, Election of 2004, Series 2007A, 5.000%, 8/01/32 (Pre-refunded 8/01/17) – NPFG Insured
|
8/17 at 100.00
|
AA– (7)
|
1,288,656
|
|||||
20,340
|
Pittsburg Redevelopment Agency, California, Tax Allocation Bonds, Los Medanos Community Development Project, Refunding Series 2008A, 6.500%, 9/01/28 (Pre-refunded 9/01/18)
|
9/18 at 100.00
|
BB+ (7)
|
22,068,085
|
|||||
2,475
|
Pomona, California, GNMA/FHLMC Collateralized Single Family Mortgage Revenue Refunding Bonds, Series 1990B, 7.500%, 8/01/23 (ETM)
|
No Opt. Call
|
Aaa
|
2,978,687
|
|||||
2,000
|
Puerto Rico Public Finance Corporation, Commonwealth Appropriation Bonds, Series 2002E, 6.000%, 8/01/26 (ETM)
|
No Opt. Call
|
C (7)
|
2,543,080
|
|||||
5,335
|
Rancho Santa Fe CSD Financing Authority, California, Revenue Bonds, Superior Lien Series 2011A, 5.750%, 9/01/30 (Pre-refunded 9/01/21)
|
9/21 at 100.00
|
A– (7)
|
6,361,721
|
|||||
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– (7)
|
1,479,038
|
|||||
445
|
Sacramento Regional Transit District, California, Farebox Revenue Bonds, Refunding Series 2012, 5.000%, 3/01/42 (Pre-refunded 9/01/20)
|
9/20 at 100.00
|
N/R (7)
|
503,135
|
|||||
6,500
|
San Diego Community College District, California, General Obligation Bonds, Refunding Series 2011, 5.000%, 8/01/41 (Pre-refunded 8/01/21)
|
8/21 at 100.00
|
Aaa
|
7,529,795
|
|||||
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+ (7)
|
12,793,638
|
|||||
11,000
|
5.250%, 5/15/26 (Pre-refunded 5/15/20)
|
5/20 at 100.00
|
AA+ (7)
|
12,431,980
|
|||||
12,000
|
5.250%, 5/15/27 (Pre-refunded 5/15/20)
|
5/20 at 100.00
|
AA+ (7)
|
13,562,160
|
|||||
7,170
|
5.250%, 5/15/28 (Pre-refunded 5/15/20)
|
5/20 at 100.00
|
AA+ (7)
|
8,103,391
|
NUVEEN
|
57
|
NAC
|
Nuveen California Quality Municipal Income Fund
|
|
Portfolio of Investments (continued)
|
February 28, 2017
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
U.S. Guaranteed (7) (continued)
|
|||||||||
$
|
2,000
|
San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds, Mission Bay North Redevelopment Project, Series 2009C, 6.500%, 8/01/39 (Pre-refunded 8/01/19)
|
8/19 at 100.00
|
A– (7)
|
$
|
2,263,800
|
|||
780
|
San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds, Mission Bay North Redevelopment Project, Series 2011C, 6.750%, 8/01/41 (Pre-refunded 2/01/21)
|
2/21 at 100.00
|
A– (7)
|
943,527
|
|||||
San Francisco Redevelopment Financing Authority, California, Tax Allocation Revenue Bonds, Mission Bay South Redevelopment Project, Series 2011D:
|
|||||||||
785
|
7.000%, 8/01/33 (Pre-refunded 2/01/21)
|
2/21 at 100.00
|
BBB+ (7)
|
956,727
|
|||||
980
|
7.000%, 8/01/41 (Pre-refunded 2/01/21)
|
2/21 at 100.00
|
BBB+ (7)
|
1,194,385
|
|||||
1,850
|
San Juan Capistano, California, General Obligation Bonds, Open Space Program, Tender Option Bond Trust 2015-XF0048, 16.197%, 8/01/40 (Pre-refunded 08/01/19) (IF)
|
8/19 at 100.00
|
AAA
|
2,491,284
|
|||||
4,770
|
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 (7)
|
4,933,850
|
|||||
220
|
San Mateo Union High School District, San Mateo County, California, General Obligation Bonds, Election 2010 Series 2011A, 5.000%, 9/01/42 (Pre-refunded 9/01/21)
|
9/21 at 100.00
|
N/R (7)
|
255,352
|
|||||
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+ (7)
|
5,619,625
|
|||||
Santa Clara Redevelopment Agency, California, Tax Allocation Bonds, Bayshore North Project, Series 2003:
|
|||||||||
2,695
|
5.000%, 6/01/20 (Pre-refunded 6/01/17) – NPFG Insured
|
6/17 at 100.00
|
AA– (7)
|
2,725,696
|
|||||
1,500
|
5.000%, 6/01/21 (Pre-refunded 6/01/17) – NPFG Insured
|
6/17 at 100.00
|
AA– (7)
|
1,517,085
|
|||||
2,840
|
5.000%, 6/01/23 (Pre-refunded 6/01/17) – NPFG Insured
|
6/17 at 100.00
|
AA– (7)
|
2,872,348
|
|||||
Temecula Public Financing Authority, California, Special Tax Bonds, Community Facilities District 03-02 Roripaugh, Series 2006:
|
|||||||||
5,775
|
5.450%, 9/01/26 (Pre-refunded 3/16/17)
|
3/17 at 100.00
|
N/R (7)
|
5,518,937
|
|||||
3,245
|
5.500%, 9/01/36 (Pre-refunded 3/16/17)
|
3/17 at 100.00
|
N/R (7)
|
3,017,655
|
|||||
2,600
|
The Regents of the University of California, Medical Center Pooled Revenue Bonds, Series 2009E, 5.000%, 5/15/38 (Pre-refunded 5/15/17)
|
5/17 at 101.00
|
Aaa
|
2,650,518
|
|||||
1,200
|
Turlock Public Financing Authority, California, Tax Allocation Revenue Bonds, Series 2011, 7.500%, 9/01/39 (Pre-refunded 3/01/21)
|
3/21 at 100.00
|
A– (7)
|
1,488,264
|
|||||
4,000
|
West Basin Municipal Water District, California, Certificates of Participation, Refunding Series 2008B, 5.000%, 8/01/28 (Pre-refunded 8/01/18) – AGC Insured
|
8/18 at 100.00
|
AA (7)
|
4,238,520
|
|||||
Westminster Redevelopment Agency, California, Tax Allocation Bonds, Commercial Redevelopment Project 1, Police Facility Subordinate Series 2009:
|
|||||||||
12,500
|
6.250%, 11/01/39 (Pre-refunded 11/01/19)
|
11/19 at 100.00
|
A2 (7)
|
14,218,125
|
|||||
5,000
|
5.750%, 11/01/45 (Pre-refunded 11/01/19)
|
11/19 at 100.00
|
A2 (7)
|
5,621,450
|
|||||
367,428
|
Total U.S. Guaranteed
|
405,583,459
|
|||||||
Utilities – 4.6% (3.1% of Total Investments)
|
|||||||||
5,340
|
California Statewide Communities Development Authority, Certificates of Participation, Rio Bravo Fresno Project, Refunding Series 1999A, 6.500%, 12/01/18
|
4/17 at 100.00
|
N/R
|
5,320,456
|
|||||
Long Beach Bond Finance Authority, California, Natural Gas Purchase Revenue Bonds, Series 2007A:
|
|||||||||
14,140
|
5.000%, 11/15/35
|
No Opt. Call
|
A
|
16,334,952
|
|||||
7,610
|
5.500%, 11/15/37
|
No Opt. Call
|
A
|
9,378,184
|
|||||
33,735
|
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2012B, 5.000%, 7/01/43
|
7/22 at 100.00
|
Aa2
|
38,251,778
|
|||||
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
|
Aa2
|
5,667,093
|
|||||
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
|
Aa2
|
4,504,520
|
|||||
6,150
|
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2017A, 5.000%, 7/01/47
|
1/27 at 100.00
|
Aa2
|
7,092,057
|
|||||
3,000
|
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Tender Option Bond Trust 2015-XF2047, 16.229%, 7/01/43 (IF) (5)
|
7/22 at 100.00
|
Aa2
|
4,606,680
|
58
|
NUVEEN
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Utilities (continued)
|
|||||||||
$
|
2,500
|
Sacramento Municipal Utility District, California, Electric Revenue Bonds, Tender Option Bond Trust 2016-XG0060, 16.242%, 8/15/41 (IF) (5)
|
8/23 at 100.00
|
AA–
|
$
|
3,685,800
|
|||
Southern California Public Power Authority, California, Revenue Bonds, Apex Power Project Series 2014A:
|
|||||||||
1,565
|
5.000%, 7/01/35
|
7/24 at 100.00
|
AA–
|
1,776,432
|
|||||
1,500
|
5.000%, 7/01/38
|
7/24 at 100.00
|
AA–
|
1,691,040
|
|||||
4,000
|
Southern California Public Power Authority, Natural Gas Project 1 Revenue Bonds, Series 2007A, 5.000%, 11/01/33
|
No Opt. Call
|
A
|
4,637,160
|
|||||
88,405
|
Total Utilities
|
102,946,152
|
|||||||
Water and Sewer – 12.0% (8.0% 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–
|
2,321,920
|
|||||
6,010
|
5.000%, 10/01/29
|
4/23 at 100.00
|
AA–
|
6,904,288
|
|||||
4,250
|
5.000%, 10/01/30
|
4/23 at 100.00
|
AA–
|
4,850,695
|
|||||
7,000
|
5.000%, 10/01/34
|
4/23 at 100.00
|
AA–
|
7,856,800
|
|||||
810
|
California Department of Water Resources, Water System Revenue Bonds, Central Valley Project, Refunding Series 2002X, 5.500%, 12/01/17 – NPFG Insured
|
No Opt. Call
|
AAA
|
839,816
|
|||||
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)
|
7/22 at 100.00
|
Baa3
|
4,076,505
|
|||||
65,500
|
5.000%, 11/21/45 (Alternative Minimum Tax)
|
7/22 at 100.00
|
Baa3
|
68,091,834
|
|||||
175
|
California Statewide Community Development Authority, Water and Wastewater Revenue Bonds, Pooled Financing Program, Series 2003A, 5.250%, 10/01/23 – AGM Insured
|
4/17 at 100.00
|
AA
|
175,677
|
|||||
385
|
California Statewide Community Development Authority, Water and Wastewater Revenue Bonds, Pooled Financing Program, Series 2004A, 5.250%, 10/01/24 – AGM Insured
|
4/17 at 100.00
|
AA
|
386,475
|
|||||
2,500
|
Central Basin Municipal Water District, California, Certificates of Participation, Tender Option Bond Trust 2016-XG 0038, 15.869%, 8/01/39 – AGC Insured (IF) (5)
|
2/20 at 100.00
|
AA
|
3,358,900
|
|||||
East Bay Municipal Utility District, Alameda and Contra Costa Counties, California, Water System Revenue Bonds, Refunding Series 2015A:
|
|||||||||
7,000
|
5.000%, 6/01/31
|
6/25 at 100.00
|
AAA
|
8,252,440
|
|||||
10,500
|
5.000%, 6/01/32
|
6/25 at 100.00
|
AAA
|
12,310,515
|
|||||
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
|
11,428,500
|
|||||
4,950
|
East Valley Water District Financing Authority, California, Refunding Revenue Bonds, Series 2010, 5.000%, 10/01/40
|
10/20 at 100.00
|
AA–
|
5,449,406
|
|||||
2,405
|
Eastern Municipal Water District, California, Water and Wastewater Revenue Bonds, Refunding Series 2016A, 5.000%, 7/01/42
|
7/26 at 100.00
|
AA+
|
2,760,459
|
|||||
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–
|
4,808,318
|
|||||
1,875
|
Fortuna Public Finance Authority, California, Water Revenue Bonds, Series 2006, 5.000%, 10/01/36 – AGM Insured
|
4/17 at 100.00
|
AA
|
1,881,206
|
|||||
2,000
|
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2011A, 5.000%, 7/01/41
|
1/21 at 100.00
|
AA+
|
2,224,680
|
|||||
2,355
|
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2012B, 5.000%, 7/01/37
|
7/22 at 100.00
|
AA+
|
2,657,688
|
|||||
24,070
|
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2014A, 5.000%, 7/01/44
|
7/24 at 100.00
|
AA+
|
27,287,917
|
|||||
1,570
|
Los Angeles, California, Wastewater System Revenue Bonds, Refunding Green Series 2015A, 5.000%, 6/01/32
|
6/25 at 100.00
|
AA+
|
1,824,277
|
NUVEEN
|
59
|
NAC
|
Nuveen California Quality Municipal Income Fund
|
|
Portfolio of Investments (continued)
|
February 28, 2017
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Water and Sewer (continued)
|
|||||||||
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
|
$
|
1,404,995
|
|||
6,840
|
5.000%, 6/01/35
|
6/23 at 100.00
|
AA
|
7,744,248
|
|||||
1,830
|
Metropolitan Water District of Southern California, Waterworks Revenue Bonds, Tender Option Bond Trust 2016-XL0015, 16.320%, 7/01/35 (IF) (5)
|
7/19 at 100.00
|
AAA
|
2,479,284
|
|||||
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
|
4/17 at 100.00
|
N/R
|
3,509,205
|
|||||
2,525
|
Sacramento County Sanitation Districts Financing Authority, California, Revenue Bonds, Crossover Refunding Series 2001, 5.500%, 12/01/20 – AMBAC Insured
|
No Opt. Call
|
AA
|
2,921,072
|
|||||
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
|
3,445,530
|
|||||
5,825
|
Sacramento, California, Wastewater Revenue Bonds, Series 2013, 5.000%, 9/01/42
|
9/23 at 100.00
|
AA
|
6,523,767
|
|||||
San Diego Public Facilities Financing Authority, California, Water Utility Revenue Bonds, Refunding Subordinate Lien Series 2016B:
|
|||||||||
7,000
|
5.000%, 8/01/30
|
8/26 at 100.00
|
Aa3
|
8,330,630
|
|||||
4,000
|
5.000%, 8/01/37
|
8/26 at 100.00
|
Aa3
|
4,602,840
|
|||||
San Francisco City and County Public Utilities Commission, California, Water Revenue Bonds, Refunding Series 2016A:
|
|||||||||
4,385
|
5.000%, 11/01/31
|
11/26 at 100.00
|
AA–
|
5,230,296
|
|||||
6,470
|
5.000%, 11/01/32
|
11/26 at 100.00
|
AA–
|
7,668,826
|
|||||
5,000
|
5.000%, 11/01/33
|
11/26 at 100.00
|
AA–
|
5,893,950
|
|||||
3,620
|
5.000%, 11/01/34
|
11/26 at 100.00
|
AA–
|
4,247,165
|
|||||
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–
|
6,316,727
|
|||||
San Francisco City and County Public Utilities Commission, California, Water Revenue Bonds, Tender Option Bond Trust 2015-XF0226:
|
|||||||||
750
|
16.324%, 11/01/28 (IF)
|
11/21 at 100.00
|
AA–
|
1,227,180
|
|||||
750
|
16.223%, 11/01/43 (IF)
|
5/22 at 100.00
|
AA–
|
1,141,980
|
|||||
7,500
|
Santa Clara Valley Water District, California, Water System Revenue Bonds, Refunding Series 2016A, 5.000%, 6/01/46
|
12/25 at 100.00
|
Aa1
|
8,603,925
|
|||||
Silicon Valley Clean Water, Mateo County, California, Wastewater Revenue Bonds, Series 2015:
|
|||||||||
3,000
|
5.000%, 8/01/40
|
8/25 at 100.00
|
AA
|
3,431,670
|
|||||
1,600
|
5.000%, 8/01/45
|
8/25 at 100.00
|
AA
|
1,823,856
|
|||||
237,965
|
Total Water and Sewer
|
266,295,462
|
|||||||
$
|
3,288,773
|
Total Long-Term Investments (cost $3,030,466,705)
|
3,315,594,466
|
60
|
NUVEEN
|
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)
|
|||||||||
Water and Sewer – 1.2% (0.8% of Total Investments)
|
|||||||||
$
|
23,430
|
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2011A, 5.250%, 7/01/39 (UB) (8)
|
1/21 at 100.00
|
AA+
|
$
|
26,566,106
|
|||
Total Short-Term Investments (cost $25,350,646)
|
26,566,106
|
||||||||
Total Investments (cost $3,055,817,351) – 150.4%
|
3,342,160,572
|
||||||||
Floating Rate Obligations – (2.1)%
|
(45,725,000
|
)
|
|||||||
Borrowings – (0.1)% (9)
|
(2,000,000
|
)
|
|||||||
Variable Rate MuniFund Term Preferred Shares, net of deferred offering costs – (6.5)% (10)
|
(144,876,973
|
)
|
|||||||
Variable Rate Demand Preferred Shares, net of deferred offering costs – (42.9)% (11)
|
(953,560,371
|
)
|
|||||||
Other Assets Less Liabilities – 1.2%
|
25,596,320
|
||||||||
Net Assets Applicable to Common Shares – 100%
|
$
|
2,221,594,548
|
(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. Optional Call Provisions are not covered by the report of independent registered public accounting firm.
|
(3)
|
For financial reporting purposes, the ratings disclosed are the lowest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor's, Baa by Moody's or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. Ratings are not covered by the report of independent registered public accounting firm.
|
(4)
|
The coupon for this security increased 0.25% effective January 1, 2016 and increased an additional 0.25% effective May 11, 2016.
|
(5)
|
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
|
(6)
|
Step-up coupon. The rate shown is the coupon as of the end of the reporting period.
|
(7)
|
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.
|
(8)
|
Investment has a maturity of more than one year, but has variable rate and demand features which qualify it as a short-term investment. The rate disclosed is that in effect at the end of the reporting period. This rate changes periodically based on market conditions or a specified market index.
|
(9)
|
Borrowings as a percentage of Total Investments is 0.1%.
|
(10)
|
Variable Rate MuniFund Term Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 4.3%.
|
(11)
|
Variable Rate Demand Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 28.5%.
|
(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.
|
(WI/DD)
|
Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.
|
NUVEEN
|
61
|
Statement of
|
||
Assets and Liabilities
|
February 28, 2017
|
NCA
|
NCB
|
NKX
|
NAC
|
|||||||||||||
Assets
|
||||||||||||||||
Long-term investments, at value (cost $264,118,581, $45,989,334, $1,048,564,142 and $3,030,466,705, respectively)
|
$
|
287,282,067
|
$
|
51,872,450
|
$
|
1,150,534,037
|
$
|
3,315,594,466
|
||||||||
Short-term investments, at value (cost $—, $—, $— and $25,350,646, respectively)
|
—
|
—
|
—
|
26,566,106
|
||||||||||||
Cash
|
—
|
1,502,887
|
—
|
—
|
||||||||||||
Receivable for:
|
||||||||||||||||
Interest
|
2,846,351
|
569,765
|
13,718,361
|
42,329,700
|
||||||||||||
Investments sold
|
1,298,278
|
5,000
|
6,275,524
|
4,010,000
|
||||||||||||
Other assets
|
31,512
|
425
|
412,678
|
1,241,492
|
||||||||||||
Total assets
|
291,458,208
|
53,950,527
|
1,170,940,600
|
3,389,741,764
|
||||||||||||
Liabilities
|
||||||||||||||||
Borrowings
|
—
|
—
|
—
|
2,000,000
|
||||||||||||
Cash overdraft
|
4,757,564
|
—
|
1,508,880
|
686,075
|
||||||||||||
Floating rate obligations
|
—
|
—
|
—
|
45,725,000
|
||||||||||||
Payable for:
|
||||||||||||||||
Dividends
|
891,742
|
190,336
|
2,978,852
|
9,587,735
|
||||||||||||
Interest
|
—
|
—
|
—
|
185,678
|
||||||||||||
Investments purchased
|
98,489
|
98,489
|
3,170,000
|
9,083,015
|
||||||||||||
Offering costs
|
—
|
—
|
14,025
|
—
|
||||||||||||
Institutional MuniFund Term Preferred ("iMTP") Shares, net of deferred offering costs (liquidation preference $—, $—, $36,000,000 and $—, respectively)
|
—
|
—
|
35,779,570
|
—
|
||||||||||||
Variable Rate MuniFund Term Preferred ("VMTP") Shares, net of deferred offering costs (liquidation preference $—, $—, $—, and $145,000,000, respectively)
|
—
|
—
|
—
|
144,876,973
|
||||||||||||
Variable Rate Demand Preferred ("VRDP") Shares, net of deferred offering costs (liquidation preference $—, $—, $396,600,000, and $957,600,000, respectively)
|
—
|
—
|
394,024,180
|
953,560,371
|
||||||||||||
Accrued expenses:
|
||||||||||||||||
Management fees
|
117,421
|
25,287
|
536,084
|
1,493,277
|
||||||||||||
Directors/Trustees fees
|
33,868
|
598
|
116,734
|
472,082
|
||||||||||||
Professional fees
|
24,704
|
23,546
|
32,283
|
48,797
|
||||||||||||
Other
|
43,677
|
11,423
|
131,261
|
428,213
|
||||||||||||
Total liabilities
|
5,967,465
|
349,679
|
438,291,869
|
1,168,147,216
|
||||||||||||
Net assets applicable to common shares
|
$
|
285,490,743
|
$
|
53,600,848
|
$
|
732,648,731
|
$
|
2,221,594,548
|
||||||||
Common shares outstanding
|
27,871,359
|
3,292,668
|
47,735,729
|
145,105,059
|
||||||||||||
Net asset value ("NAV") per common share outstanding
|
$
|
10.24
|
$
|
16.28
|
$
|
15.35
|
$
|
15.31
|
||||||||
Net assets applicable to common shares consist of:
|
||||||||||||||||
Common shares, $0.01 par value per share
|
$
|
278,714
|
$
|
32,927
|
$
|
477,357
|
$
|
1,451,051
|
||||||||
Paid-in surplus
|
264,526,849
|
47,050,540
|
640,604,676
|
1,973,671,975
|
||||||||||||
Undistributed (Over-distribution of) net investment income
|
6,343
|
644,750
|
700,459
|
1,208,716
|
||||||||||||
Accumulated net realized gain (loss)
|
(2,484,649
|
)
|
(10,485
|
)
|
(11,103,656
|
)
|
(41,080,415
|
)
|
||||||||
Net unrealized appreciation (depreciation)
|
23,163,486
|
5,883,116
|
101,969,895
|
286,343,221
|
||||||||||||
Net assets applicable to common shares
|
$
|
285,490,743
|
$
|
53,600,848
|
$
|
732,648,731
|
$
|
2,221,594,548
|
||||||||
Authorized shares:
|
||||||||||||||||
Common
|
250,000,000
|
Unlimited
|
Unlimited
|
Unlimited
|
||||||||||||
Preferred
|
N/
|
A
|
N/
|
A
|
Unlimited
|
Unlimited
|
62
|
NUVEEN
|
Statement of
|
||
Operations
|
Year Ended February 28, 2017
|
NCA
|
NCB
|
NKX
|
NAC
|
|||||||||||||
Investment Income
|
$
|
13,335,322
|
$
|
2,955,870
|
$
|
50,317,139
|
$
|
127,660,143
|
||||||||
Expenses
|
||||||||||||||||
Management fees
|
1,458,197
|
348,261
|
7,026,493
|
16,699,944
|
||||||||||||
Interest expense and amortization of offering costs
|
26,071
|
—
|
2,883,853
|
7,643,207
|
||||||||||||
Liquidity fees
|
—
|
—
|
3,038,646
|
6,535,743
|
||||||||||||
Remarketing fees
|
—
|
—
|
366,816
|
791,017
|
||||||||||||
Custodian fees
|
39,204
|
15,602
|
124,211
|
268,937
|
||||||||||||
Directors/Trustees fees
|
8,260
|
1,642
|
33,121
|
79,503
|
||||||||||||
Professional fees
|
38,447
|
26,377
|
293,760
|
511,133
|
||||||||||||
Shareholder reporting expenses
|
34,515
|
11,117
|
54,966
|
119,302
|
||||||||||||
Shareholder servicing agent fees
|
19,480
|
198
|
16,555
|
67,153
|
||||||||||||
Stock exchange listing fees
|
13,434
|
746
|
17,810
|
34,460
|
||||||||||||
Investor relations expenses
|
19,572
|
1,731
|
100,027
|
205,289
|
||||||||||||
Reorganization expenses
|
—
|
—
|
—
|
498,493
|
||||||||||||
Other
|
39,373
|
12,959
|
173,036
|
347,203
|
||||||||||||
Total expenses
|
1,696,553
|
418,633
|
14,129,294
|
33,801,384
|
||||||||||||
Net investment income (loss)
|
11,638,769
|
2,537,237
|
36,187,845
|
93,858,759
|
||||||||||||
Realized and Unrealized Gain (Loss)
|
||||||||||||||||
Net realized gain (loss) from investments
|
(535,868
|
)
|
323,661
|
(11,055,503
|
)
|
(28,031,598
|
)
|
|||||||||
Change in net unrealized appreciation (depreciation) of investments
|
(8,336,732
|
)
|
(2,729,459
|
)
|
(22,846,312
|
)
|
(74,873,407
|
)
|
||||||||
Net realized and unrealized gain (loss)
|
(8,872,600
|
)
|
(2,405,798
|
)
|
(33,901,815
|
)
|
(102,905,005
|
)
|
||||||||
Net increase (decrease) in net assets applicable to common shares from operations
|
$
|
2,766,169
|
$
|
131,439
|
$
|
2,286,030
|
$
|
(9,046,246
|
)
|
NUVEEN
|
63
|
Statement of
|
|
Changes in Net Assets
|
NCA
|
NCB
|
|||||||||||||||
Year
|
Year
|
Year
|
Year
|
|||||||||||||
Ended
|
Ended
|
Ended
|
Ended
|
|||||||||||||
2/28/17
|
2/29/16
|
2/28/17
|
2/29/16
|
|||||||||||||
Operations
|
||||||||||||||||
Net investment income (loss)
|
$
|
11,638,769
|
$
|
11,723,179
|
$
|
2,537,237
|
$
|
2,707,331
|
||||||||
Net realized gain (loss) from investments
|
(535,868
|
)
|
(136,942
|
)
|
323,661
|
439,298
|
||||||||||
Change in net unrealized appreciation (depreciation) of investments
|
(8,336,732
|
)
|
1,023,386
|
(2,729,459
|
)
|
(590,186
|
)
|
|||||||||
Net increase (decrease) in net assets applicable to common shares from operations
|
2,766,169
|
12,609,623
|
131,439
|
2,556,443
|
||||||||||||
Distributions to Common Shareholders
|
||||||||||||||||
From net investment income
|
(12,200,503
|
)
|
(12,188,914
|
)
|
(2,605,187
|
)
|
(2,659,984
|
)
|
||||||||
From accumulated net realized gains
|
—
|
—
|
(671,947
|
)
|
(765,094
|
)
|
||||||||||
Decrease in net assets applicable to common shares from distributions to common shareholders
|
(12,200,503
|
)
|
(12,188,914
|
)
|
(3,277,134
|
)
|
(3,425,078
|
)
|
||||||||
Capital Share Transactions
|
||||||||||||||||
Common shares:
|
||||||||||||||||
Issued in the Reorganizations
|
—
|
—
|
—
|
—
|
||||||||||||
Proceeds from shelf offering, net of offering costs
|
14,620,324
|
11,081,737
|
—
|
—
|
||||||||||||
Net proceeds from shares issued to shareholders due to reinvestment of distributions
|
424,261
|
328,525
|
73,065
|
9,662
|
||||||||||||
Net increase (decrease) in net assets applicable to common shares from capital share transactions
|
15,044,585
|
11,410,262
|
73,065
|
9,662
|
||||||||||||
Net increase (decrease) in net assets applicable to common shares
|
5,610,251
|
11,830,971
|
(3,072,630
|
)
|
(858,973
|
)
|
||||||||||
Net assets applicable to common shares at the beginning of period
|
279,880,492
|
268,049,521
|
56,673,478
|
57,532,451
|
||||||||||||
Net assets applicable to common shares at the end of period
|
$
|
285,490,743
|
$
|
279,880,492
|
$
|
53,600,848
|
$
|
56,673,478
|
||||||||
Undistributed (Over-distribution of) net investment income at the end of period
|
$
|
6,343
|
$
|
568,478
|
$
|
644,750
|
$
|
751,985
|
64
|
NUVEEN
|
NKX
|
NAC
|
||||||||||||
Year
|
Year
|
Year
|
Year
|
||||||||||
Ended
|
Ended
|
Ended
|
Ended
|
||||||||||
2/28/17
|
2/29/16
|
2/28/17
|
2/29/16
|
||||||||||
Operations
|
|||||||||||||
Net investment income (loss)
|
$
|
36,187,845
|
$
|
39,277,932
|
$
|
93,858,759
|
$
|
94,833,177
|
|||||
Net realized gain (loss) from investments
|
(11,055,503
|
)
|
6,736,377
|
(28,031,598
|
)
|
14,266,694
|
|||||||
Change in net unrealized appreciation (depreciation) of investments
|
(22,846,312
|
)
|
6,110,249
|
(74,873,407
|
)
|
1,798,438
|
|||||||
Net increase (decrease) in net assets applicable to common shares from operations
|
2,286,030
|
52,124,558
|
(9,046,246
|
)
|
110,898,309
|
||||||||
Distributions to Common Shareholders
|
|||||||||||||
From net investment income
|
(39,733,964
|
)
|
(41,444,335
|
)
|
(103,779,084
|
)
|
(99,781,005
|
)
|
|||||
From accumulated net realized gains
|
(1,828,278
|
)
|
—
|
—
|
—
|
||||||||
Decrease in net assets applicable to common shares from distributions to common shareholders
|
(41,562,242
|
)
|
(41,444,335
|
)
|
(103,779,084
|
)
|
(99,781,005
|
)
|
|||||
Capital Share Transactions
|
|||||||||||||
Common shares:
|
|||||||||||||
Issued in the Reorganizations
|
—
|
—
|
600,903,986
|
—
|
|||||||||
Proceeds from shelf offering, net of offering costs
|
—
|
—
|
7,881,993
|
—
|
|||||||||
Net proceeds from shares issued to shareholders due to reinvestment of distributions
|
458,654
|
—
|
888,329
|
—
|
|||||||||
Net increase (decrease) in net assets applicable to common shares from capital share transactions
|
458,654
|
—
|
609,674,308
|
—
|
|||||||||
Net increase (decrease) in net assets applicable to common shares
|
(38,817,558
|
)
|
10,680,223
|
496,848,978
|
11,117,304
|
||||||||
Net assets applicable to common shares at the beginning of period
|
771,466,289
|
760,786,066
|
1,724,745,570
|
1,713,628,266
|
|||||||||
Net assets applicable to common shares at the end of period
|
$
|
732,648,731
|
$
|
771,466,289
|
$
|
2,221,594,548
|
$
|
1,724,745,570
|
|||||
Undistributed (Over-distribution of) net investment income at the end of period
|
$
|
700,459
|
$
|
4,026,162
|
$
|
1,208,716
|
$
|
9,020,920
|
NUVEEN
|
65
|
Statement of
|
||
Cash Flows
|
Year Ended February 28, 2017
|
NKX
|
NAC
|
|||||||
Cash Flows from Operating Activities:
|
||||||||
Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations
|
$
|
2,286,030
|
$
|
(9,046,246
|
)
|
|||
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
|
(389,205,422
|
)
|
(823,892,461
|
)
|
||||
Proceeds from sales and maturities of investments
|
284,465,697
|
650,755,317
|
||||||
Proceeds from (Purchases of) short-term investments, net
|
—
|
404,470
|
||||||
Taxes paid
|
(15,822
|
)
|
(540
|
)
|
||||
Amortization (Accretion) of premiums and discounts, net
|
84,731
|
4,645,336
|
||||||
Amortization of deferred offering costs
|
265,623
|
124,262
|
||||||
(Increase) Decrease in:
|
||||||||
Receivable for interest
|
(902,160
|
)
|
385,350
|
|||||
Receivable for investments sold
|
8,116,610
|
38,625,263
|
||||||
Other assets
|
(81,938
|
)
|
(140,935
|
)
|
||||
Increase (Decrease) in:
|
||||||||
Payable for interest
|
—
|
185,678
|
||||||
Payable for investments purchased
|
3,170,000
|
9,083,015
|
||||||
Payable for offering costs
|
14,025
|
—
|
||||||
Accrued management fees
|
4,886
|
315,316
|
||||||
Accrued Directors/Trustees fees
|
12,100
|
142,676
|
||||||
Accrued professional fees
|
(1,251
|
)
|
5,425
|
|||||
Accrued other expenses
|
39,162
|
(628,401
|
)
|
|||||
Net realized (gain) loss from investments
|
11,055,503
|
28,031,598
|
||||||
Change in net unrealized (appreciation) depreciation of investments
|
22,846,312
|
74,873,407
|
||||||
Net cash provided by (used in) operating activities
|
(57,845,914
|
)
|
(26,131,470
|
)
|
||||
Cash Flows from Financing Activities:
|
||||||||
Proceeds from borrowings
|
—
|
99,395,809
|
||||||
Repayments of borrowings
|
—
|
(97,395,809
|
)
|
|||||
Proceeds from VRDP Shares issued, at liquidation preference
|
105,000,000
|
—
|
||||||
Proceeds from VMTP Shares issued, at liquidation preference
|
—
|
145,000,000
|
||||||
(Payments for) deferred offering costs
|
(435,000
|
)
|
(145,000
|
)
|
||||
Increase (Decrease) in:
|
||||||||
Cash overdraft
|
(4,916,062
|
)
|
(6,161,539
|
)
|
||||
Floating rate obligations
|
(390,000
|
)
|
(35,765,000
|
)
|
||||
Cash distributions paid to common shareholders
|
(41,413,024
|
)
|
(101,091,738
|
)
|
||||
Proceeds from shelf offering, net of offering costs
|
—
|
7,881,993
|
||||||
Net cash provided by (used in) financing activities
|
57,845,914
|
11,718,716
|
||||||
Net Increase (Decrease) in Cash
|
—
|
(14,412,754
|
)
|
|||||
Cash at the beginning of period
|
—
|
—
|
||||||
Cash acquired in connection with the Reorganizations
|
—
|
14,412,754
|
||||||
Cash at the end of period
|
$
|
—
|
$
|
—
|
||||
Supplemental Disclosures of Cash Flow Information(1)
|
NKX
|
NAC
|
||||||
Cash paid for interest (excluding amortization of offering costs)
|
$
|
2,618,229
|
$
|
7,270,854
|
||||
Non-cash financing activities not included herein consists of reinvestments of common share distributions
|
458,654
|
888,329
|
(1)
|
See Notes to Financial Statements, Note 1 — General Information and Significant Accounting Policies, Fund Reorganizations for more information of the non-cash activities related to NAC Reorganizations.
|
66
|
NUVEEN
|
NUVEEN
|
67
|
Financial
|
|
Highlights
|
Investment Operations
|
Less Distributions
to Common Shareholders |
Common Share
|
||||||||||||||||||||||||||||||||||||||
Premium
|
||||||||||||||||||||||||||||||||||||||||
Net
|
From
|
per
|
||||||||||||||||||||||||||||||||||||||
Beginning
|
Net
|
Realized/
|
From
|
Accumu-
|
Share
|
|||||||||||||||||||||||||||||||||||
Common
|
Investment
|
Unrealized
|
Net
|
lated Net | Sold through |
Ending
|
||||||||||||||||||||||||||||||||||
Share
|
Income
|
Gain |
Investment
|
Realized
|
Shelf
|
Ending
|
Share
|
|||||||||||||||||||||||||||||||||
NAV
|
(Loss)
|
(Loss)
|
Total
|
Income
|
Gains
|
Total
|
Offering
|
NAV
|
Price
|
|||||||||||||||||||||||||||||||
NCA
|
||||||||||||||||||||||||||||||||||||||||
Year Ended 2/28–2/29:
|
||||||||||||||||||||||||||||||||||||||||
2017
|
$
|
10.56
|
$
|
0.42
|
$
|
(0.32
|
)
|
$
|
0.10
|
$
|
(0.44
|
)
|
$
|
—
|
$
|
(0.44
|
)
|
$
|
0.02
|
$
|
10.24
|
$
|
10.21
|
|||||||||||||||||
2016
|
10.54
|
0.45
|
0.03
|
0.48
|
(0.47
|
)
|
—
|
(0.47
|
)
|
0.01
|
10.56
|
10.79
|
||||||||||||||||||||||||||||
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
|
||||||||||||||||||||||||||||
NCB
|
||||||||||||||||||||||||||||||||||||||||
Year Ended 2/28–2/29:
|
||||||||||||||||||||||||||||||||||||||||
2017
|
17.23
|
0.77
|
(0.73
|
)
|
0.04
|
(0.79
|
)
|
(0.20
|
)
|
(0.99
|
)
|
—
|
16.28
|
16.70
|
||||||||||||||||||||||||||
2016
|
17.50
|
0.82
|
(0.05
|
)
|
0.77
|
(0.81
|
)
|
(0.23
|
)
|
(1.04
|
)
|
—
|
17.23
|
17.70
|
||||||||||||||||||||||||||
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
|
(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.
|
68
|
NUVEEN
|
Common Share Supplemental Data/
|
||||||||||||||||||||||
Ratios Applicable to Common Shares
|
||||||||||||||||||||||
Common Share
|
||||||||||||||||||||||
Total Returns
|
Ratios to Average Net Assets
|
|||||||||||||||||||||
Based
|
Ending
|
|||||||||||||||||||||
Based
|
on
|
Net
|
Net
|
Portfolio
|
||||||||||||||||||
on
|
Share
|
Assets
|
Investment
|
Turnover
|
||||||||||||||||||
NAV
|
(a) |
Price
|
(a) |
(000
|
)
|
Expenses
|
(b) |
Income (Loss)
|
Rate
|
(d) | ||||||||||||
1.12
|
%
|
(1.32
|
)%
|
$
|
285,491
|
0.58
|
%
|
4.00
|
%
|
25
|
%
|
|||||||||||
4.81
|
6.08
|
279,880
|
0.64
|
4.35
|
10
|
|||||||||||||||||
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
|
|||||||||||||||||
0.25
|
0.10
|
53,601
|
0.74
|
4.52
|
23
|
|||||||||||||||||
4.57
|
12.91
|
56,673
|
0.74
|
4.78
|
8
|
|||||||||||||||||
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
|
(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, (as described in Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities), where applicable, as follows:
|
NCA
|
||
Year Ended 2/28–2/29:
|
||
2017
|
0.01
|
%
|
2016
|
0.01
|
|
2015
|
0.01
|
|
2014
|
0.01
|
|
2013
|
0.01
|
NCB
|
||
Year Ended 2/28–2/29:
|
||
2017
|
—
|
%
|
2016
|
—
|
|
2015
|
—
|
|
2014
|
—
|
|
2013
|
—
|
(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. 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:
|
Ratio to Average Net Assets
|
||||||||
Net Investment
|
||||||||
NCA
|
Expenses
|
Income (Loss
|
)
|
|||||
Year Ended 2/28-2/29:
|
||||||||
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.
|
NUVEEN
|
69
|
Less Distributions
|
||||||||||||||||||||||||||||||||||||||||
Investment Operations
|
to Common Shareholders
|
Common Share
|
||||||||||||||||||||||||||||||||||||||
Premium
|
||||||||||||||||||||||||||||||||||||||||
From
|
per
|
|||||||||||||||||||||||||||||||||||||||
Net
|
Accumu-
|
Share
|
||||||||||||||||||||||||||||||||||||||
Beginning
|
Net
|
Realized/
|
From
|
lated
|
Sold
|
|||||||||||||||||||||||||||||||||||
Common
|
Investment
|
Unrealized
|
Net
|
Net
|
through
|
Ending
|
||||||||||||||||||||||||||||||||||
Share
|
Income
|
Gain |
Investment
|
Realized
|
Shelf
|
Ending
|
Share
|
|||||||||||||||||||||||||||||||||
NAV
|
(Loss)
|
(Loss)
|
Total
|
Income
|
Gains
|
Total
|
Offering
|
NAV
|
Price
|
|||||||||||||||||||||||||||||||
NKX
|
||||||||||||||||||||||||||||||||||||||||
Year Ended 2/28-2/29:
|
||||||||||||||||||||||||||||||||||||||||
2017
|
$
|
16.17
|
$
|
0.76
|
$
|
(0.71
|
)
|
$
|
0.05
|
$
|
(0.83
|
)
|
$
|
(0.04
|
)
|
$
|
(0.87
|
)
|
$
|
—
|
$
|
15.35
|
$
|
14.62
|
||||||||||||||||
2016
|
15.95
|
0.82
|
0.27
|
1.09
|
(0.87
|
)
|
—
|
(0.87
|
)
|
—
|
16.17
|
15.63
|
||||||||||||||||||||||||||||
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
|
|||||||||||||||||||||||||||
NAC
|
||||||||||||||||||||||||||||||||||||||||
Year Ended 2/28-2/29:
|
||||||||||||||||||||||||||||||||||||||||
2017
|
16.06
|
0.78
|
(0.66
|
)
|
0.12
|
(0.87
|
)
|
—
|
(0.87
|
)
|
—
|
*
|
15.31
|
14.55
|
||||||||||||||||||||||||||
2016
|
15.96
|
0.88
|
0.15
|
1.03
|
(0.93
|
)
|
—
|
(0.93
|
)
|
—
|
16.06
|
15.84
|
||||||||||||||||||||||||||||
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
|
(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.
|
|
*
|
Rounds to less than $0.01 per share.
|
70
|
NUVEEN
|
Common Share Supplemental Data/ | ||||||||||||||||||||||
Ratios Applicable to Common Shares | ||||||||||||||||||||||
Common Share
|
||||||||||||||||||||||
Total Returns
|
Ratios to Average Net Assets(c)
|
|||||||||||||||||||||
Based
|
Ending
|
|||||||||||||||||||||
Based
|
on
|
Net
|
Net
|
Portfolio
|
||||||||||||||||||
on
|
Share
|
Assets
|
Investment
|
Turnover
|
||||||||||||||||||
NAV
|
(a) |
Price
|
(a) |
(000
|
)
|
Expenses
|
(b) |
Income (Loss)
|
Rate
|
(e) | ||||||||||||
0.21
|
%
|
(1.10
|
)%
|
$
|
732,649
|
1.83
|
%
|
4.70
|
%
|
25
|
%
|
|||||||||||
7.09
|
12.93
|
771,466
|
1.48
|
5.22
|
20
|
|||||||||||||||||
16.16
|
17.55
|
760,786
|
1.62
|
(d)
|
5.53
|
(d)
|
13
|
|||||||||||||||
(1.10
|
)
|
(6.39
|
)
|
606,852
|
1.64
|
5.93
|
32
|
|||||||||||||||
12.08
|
6.53
|
651,402
|
1.64
|
5.48
|
20
|
|||||||||||||||||
0.63
|
(2.89
|
)
|
2,221,595
|
1.77
|
4.93
|
23
|
||||||||||||||||
6.73
|
9.79
|
1,724,746
|
1.42
|
5.62
|
15
|
|||||||||||||||||
15.39
|
16.21
|
1,713,628
|
1.50
|
(d)
|
5.97
|
(d)
|
9
|
|||||||||||||||
(1.81
|
)
|
(4.95
|
)
|
345,463
|
1.86
|
5.79
|
25
|
|||||||||||||||
13.39
|
10.80
|
374,096
|
1.60
|
5.44
|
12
|
(b)
|
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:
|
NKX
|
||
Year Ended 2/28-2/29:
|
||
2017
|
0.82
|
%
|
2016
|
0.48
|
|
2015
|
0.57
|
|
2014
|
0.62
|
|
2013
|
0.59
|
NAC
|
||
Year Ended 2/28-2/29:
|
||
2017
|
0.79
|
%
|
2016
|
0.48
|
|
2015
|
0.50
|
|
2014
|
0.61
|
|
2013
|
0.61
|
(c)
|
Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to preferred shares issued by the Fund.
|
(d)
|
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. 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:
|
Ratio to Average Net Assets
|
|||||||
Net Investment
|
|||||||
NKX
|
Expenses
|
Income (Loss
|
)
|
||||
Year Ended 2/28-2/29:
|
|||||||
2015
|
1.63
|
%
|
5.51
|
%
|
Ratio to Average Net Assets
|
|||||||
Net Investment
|
|||||||
NAC
|
Expenses
|
Income (Loss
|
)
|
||||
Year Ended 2/28-2/29:
|
|||||||
2015
|
1.53
|
%
|
5.95
|
%
|
(e)
|
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.
|
NUVEEN
|
71
|
VMTP, iMTP and/or
|
||||||||||||||||||||||||||||
VMTP Shares at the
|
iMTP Shares
|
VRDP Shares |
VRDP Shares at
|
|||||||||||||||||||||||||
End of the Period
|
at the End of Period
|
at the End of Period
|
the End of Period
|
|||||||||||||||||||||||||
Aggregate
|
Asset
|
Aggregate
|
Asset
|
Aggregate
|
Asset
|
Asset Coverage
|
||||||||||||||||||||||
Amount
|
Coverage
|
Amount
|
Coverage
|
Amount
|
Coverage
|
Per $1
|
||||||||||||||||||||||
Outstanding
|
Per $100,000
|
Outstanding
|
Per $5,000
|
Outstanding
|
Per $100,000
|
Liquidation
|
||||||||||||||||||||||
(000
|
)
|
Share
|
(000
|
)
|
Share
|
(000
|
)
|
Share
|
Preference
|
|||||||||||||||||||
NKX
|
||||||||||||||||||||||||||||
Year Ended 2/28-2/29:
|
||||||||||||||||||||||||||||
2017
|
$
|
—
|
$
|
—
|
$
|
36,000
|
$
|
13,468
|
$
|
396,600
|
$
|
269,359
|
$
|
2.69
|
||||||||||||||
2016
|
—
|
—
|
36,000
|
16,775
|
291,600
|
335,490
|
3.35
|
|||||||||||||||||||||
2015(a)
|
—
|
—
|
36,000
|
16,612
|
291,600
|
332,230
|
3.32
|
|||||||||||||||||||||
2014
|
—
|
—
|
—
|
—
|
291,600
|
308,111
|
—
|
|||||||||||||||||||||
2013
|
—
|
—
|
—
|
—
|
291,600
|
323,389
|
—
|
|||||||||||||||||||||
NAC
|
||||||||||||||||||||||||||||
Year Ended 2/28-2/29:
|
||||||||||||||||||||||||||||
2017
|
145,000
|
301,487
|
—
|
—
|
957,600
|
301,487
|
3.01
|
|||||||||||||||||||||
2016
|
—
|
—
|
—
|
—
|
699,600
|
346,533
|
—
|
|||||||||||||||||||||
2015
|
—
|
—
|
—
|
—
|
699,600
|
344,944
|
—
|
|||||||||||||||||||||
2014
|
—
|
—
|
—
|
—
|
136,200
|
353,644
|
—
|
|||||||||||||||||||||
2013
|
—
|
—
|
—
|
—
|
136,200
|
374,666
|
—
|
(a)
|
The Ending and Average Market Value Per Share for each Series of the Fund's MTP Shares were as follows:
|
2015
|
||||
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.
|
72
|
NUVEEN
|
•
|
Nuveen California Municipal Value Fund, Inc. (NCA)
|
|
•
|
Nuveen California Municipal Value Fund 2 (NCB)
|
|
•
|
Nuveen California AMT-Free Quality Municipal Income Fund (NKX)
|
|
•
|
Nuveen California Quality Municipal Income Fund (NAC)
|
Target Funds
|
Acquiring Fund
|
Nuveen California Dividend Advantage Municipal Fund 2 (NVX)
|
NAC
|
Nuveen California Dividend Advantage Municipal Fund 3 (NZH)
|
NUVEEN
|
73
|
NCA
|
NCB
|
NKX
|
NAC
|
||||||||||
Outstanding when-issued/delayed delivery purchase commitments
|
$
|
98,489
|
$
|
98,489
|
$
|
3,170,000
|
$
|
9,083,015
|
74
|
NUVEEN
|
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).
|
NUVEEN
|
75
|
NCA
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||
Long-Term Investments*:
|
|||||||||||||
Municipal Bonds
|
$
|
—
|
$
|
287,282,067
|
$
|
—
|
$
|
287,282,067
|
|||||
NCB
|
|||||||||||||
Long-Term Investments*:
|
|||||||||||||
Municipal Bonds
|
$
|
—
|
$
|
51,872,450
|
$
|
—
|
$
|
51,872,450
|
|||||
NKX
|
|||||||||||||
Long-Term Investments*:
|
|||||||||||||
Municipal Bonds
|
$
|
—
|
$
|
1,150,534,037
|
$
|
—
|
$
|
1,150,534,037
|
|||||
NAC
|
|||||||||||||
Long-Term Investments*:
|
|||||||||||||
Municipal Bonds
|
$
|
—
|
$
|
3,315,594,466
|
$
|
—
|
$
|
3,315,594,466
|
|||||
Short-Term Investments:
|
|||||||||||||
Municipal Bonds
|
—
|
26,566,106
|
—
|
26,566,106
|
|||||||||
Total
|
$
|
—
|
$
|
3,342,160,572
|
$
|
—
|
$
|
3,342,160,572
|
*
|
Refer to the Fund's Portfolio of Investments for industry classifications.
|
(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.
|
76
|
NUVEEN
|
Floating Rate Obligations Outstanding
|
NCA
|
NCB
|
NKX
|
NAC
|
|||||||||
Floating rate obligations: self-deposited Inverse Floaters
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
45,725,000
|
|||||
Floating rate obligations: externally-deposited Inverse Floaters
|
—
|
5,240,000
|
41,148,500
|
132,797,000
|
|||||||||
Total
|
$
|
—
|
$
|
5,240,000
|
$
|
41,148,500
|
$
|
178,522,000
|
Self-Deposited Inverse Floaters
|
NCA
|
NCB
|
NKX
|
NAC
|
|||||||||
Average floating rate obligations outstanding
|
$
|
2,417,534
|
$
|
—
|
$
|
34,192
|
$
|
67,734,589
|
|||||
Average annual interest rate and fees
|
1.08
|
%
|
—
|
%
|
0.72
|
%
|
1.09
|
%
|
NUVEEN
|
77
|
Floating Rate Obligations – Recourse Trusts
|
NCA
|
NCB
|
NKX
|
NAC
|
|||||||||
Maximum exposure to Recourse Trusts: self-deposited Inverse Floaters
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
18,060,000
|
|||||
Maximum exposure to Recourse Trusts: externally-deposited Inverse Floaters
|
—
|
—
|
14,373,000
|
75,785,000
|
|||||||||
Total
|
$
|
—
|
$
|
—
|
$
|
14,373,000
|
$
|
93,845,000
|
78
|
NUVEEN
|
NCA
|
NAC
|
||||||||||||
Year
|
Year
|
Year
|
Year
|
||||||||||
Ended
|
Ended
|
Ended
|
Ended
|
||||||||||
2/28/17
|
2/29/16
|
2/28/17
|
* |
2/29/16
|
|||||||||
Additional authorized common shares
|
5,200,000
|
2,500,000
|
2,300,000
|
—
|
|||||||||
Common shares sold
|
1,332,400
|
1,043,028
|
470,780
|
—
|
|||||||||
Offering proceeds, net of offering costs
|
$
|
14,620,324
|
$
|
11,081,737
|
$
|
7,881,993
|
—
|
*
|
Represents additional authorized shares for the period May 9, 2016 through February 28, 2017.
|
NCA
|
NCB
|
NKX
|
||||||||||||||||||||||
Year
|
Year
|
Year
|
Year
|
Year
|
Year
|
|||||||||||||||||||
Ended
|
Ended
|
Ended
|
Ended
|
Ended
|
Ended
|
|||||||||||||||||||
2/28/17
|
2/29/16
|
2/28/17
|
2/29/16
|
2/28/17
|
2/29/16
|
|||||||||||||||||||
Common shares:
|
||||||||||||||||||||||||
Sold through shelf offering
|
1,332,400
|
1,043,028
|
N/
|
A
|
N/
|
A
|
N/
|
A
|
N/
|
A
|
||||||||||||||
Issued to shareholders due to reinvestment of distributions
|
39,833
|
31,373
|
4,207
|
561
|
27,273
|
—
|
||||||||||||||||||
Weighted average common share:
|
||||||||||||||||||||||||
Premium to NAV per shelf offering share sold
|
2.92
|
%
|
2.21
|
%
|
N/
|
A
|
N/
|
A
|
N/
|
A
|
N/
|
A
|
NUVEEN
|
79
|
NAC
|
||||||||
Year
|
Year
|
|||||||
Ended
|
Ended
|
|||||||
2/28/17
|
2/29/16
|
|||||||
Common shares:
|
||||||||
Issued in Reorganizations
|
37,197,283
|
—
|
||||||
Sold through shelf offering
|
470,780
|
—
|
||||||
Issued to shareholders due to reinvestment of distributions
|
53,219
|
—
|
||||||
Weighted average common share:
|
||||||||
Premium to NAV per shelf offering share sold
|
1.19
|
%
|
—
|
Shares
|
Liquidation
|
|||||||||
Fund
|
Series
|
Outstanding
|
Preference
|
|||||||
NKX
|
2018
|
7,200
|
$
|
36,000,000
|
Term
|
Optional
|
|||
Fund
|
Series
|
Redemption Date
|
Redemption Date
|
|
NKX
|
2018
|
July 1, 2018
|
July 1, 2016
|
NKX
|
||||
Average liquidation preference of iMTP Shares outstanding
|
$
|
36,000,000
|
||
Annualized dividend rate
|
0.99
|
%
|
80
|
NUVEEN
|
Shares
|
Liquidation
|
|||||||||
Fund
|
Series
|
Outstanding
|
Preference
|
|||||||
NAC
|
2019
|
1,450
|
$
|
145,000,000
|
Term
|
||||||||||
Redemption |
Premium
|
|||||||||
Fund
|
Series
|
Date
|
Expiration Date
|
|||||||
NAC
|
2019
|
July 1, 2019
|
June 10, 2017
|
NAC
|
*
|
|||
Average liquidation preference of VMTP Shares outstanding
|
$
|
145,000,000
|
||
Annualized dividend rate
|
1.52
|
%
|
*
|
For the period June 10, 2016 (first issuance date of shares) through February 28, 2017.
|
NUVEEN
|
81
|
Shares
|
Liquidation
|
||||||||||||
Fund
|
Series
|
Outstanding
|
Preference
|
Maturity
|
|||||||||
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
|
||||||||||
6
|
1,050
|
105,000,000
|
June 1, 2046
|
||||||||||
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
|
||||||||||
7
|
*
|
980
|
98,000,000
|
August 3, 2043
|
|||||||||
8
|
*
|
1,600
|
160,000,000
|
November 6, 2026
|
*
|
VRDP Shares issued in connection with the Reorganization.
|
NKX
|
NAC
|
||||||
Average liquidation preference of VRDP Shares outstanding
|
$
|
361,791,781
|
$
|
780,180,822
|
|||
Annualized dividend rate
|
0.63
|
%
|
0.66
|
%
|
82
|
NUVEEN
|
Year Ended
|
|||||||||
February 28, 2017
|
|||||||||
NAC
|
Series
|
Shares
|
Amount
|
||||||
VMTP Shares issued
|
2019
|
1,450
|
$
|
145,000,000
|
Year Ended
|
||||||||||||
February 28, 2017
|
||||||||||||
NKX
|
Series
|
Shares
|
Amount
|
|||||||||
VRDP Shares issued
|
6
|
1,050
|
$
|
105,000,000
|
Year Ended
|
||||||||||||
February 28, 2017
|
||||||||||||
NAC
|
Series
|
Shares
|
Amount
|
|||||||||
VRDP Shares issued in connection with the Reorganization
|
7
|
980
|
$
|
98,000,000
|
||||||||
8
|
1,600
|
160,000,000
|
||||||||||
Total
|
2,580
|
$
|
258,000,000
|
NCA
|
NCB
|
NKX
|
NAC
|
|||||||||||||
Purchases
|
$
|
88,540,402
|
$
|
13,105,367
|
$
|
389,205,422
|
$
|
823,892,461
|
||||||||
Sales and maturities
|
71,085,280
|
12,871,255
|
284,465,697
|
650,755,317
|
NUVEEN
|
83
|
NCA
|
NCB
|
NKX
|
NAC
|
|||||||||||||
Cost of investments
|
$
|
264,063,349
|
$
|
45,730,710
|
$
|
1,047,325,103
|
$
|
3,006,398,394
|
||||||||
Gross unrealized:
|
||||||||||||||||
Appreciation
|
$
|
24,675,797
|
$
|
6,493,379
|
$
|
104,720,414
|
$
|
292,627,275
|
||||||||
Depreciation
|
(1,457,079
|
)
|
(351,639
|
)
|
(1,511,480
|
)
|
(2,590,169
|
)
|
||||||||
Net unrealized appreciation (depreciation) of investments
|
$
|
23,218,718
|
$
|
6,141,740
|
$
|
103,208,934
|
$
|
290,037,106
|
NCA
|
NCB
|
NKX
|
NAC
|
|||||||||||||
Paid-in-surplus
|
$
|
(1,426,925
|
)
|
$
|
—
|
$
|
(253,436
|
)
|
$
|
(8,691,253
|
)
|
|||||
Undistributed (Over-distribution of) net investment income
|
(401
|
)
|
(39,285
|
)
|
220,416
|
2,108,121
|
||||||||||
Accumulated net realized gain (loss)
|
1,427,326
|
39,285
|
33,020
|
6,583,132
|
NCA
|
NCB
|
NKX
|
NAC
|
|||||||||||||
Undistributed net tax-exempt income1
|
$
|
620,775
|
$
|
270,546
|
$
|
2,463,658
|
$
|
7,463,109
|
||||||||
Undistributed net ordinary income2
|
124,120
|
313,140
|
50,727
|
267,517
|
||||||||||||
Undistributed net long-term capital gains
|
—
|
—
|
—
|
—
|
1
|
Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on February 1, 2017, paid on March 1, 2017.
|
2
|
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
|
2017
|
NCA
|
NCB
|
NKX
|
NAC
|
||||||||||||
Distributions from net tax-exempt income3
|
$
|
12,270,923
|
$
|
2,484,420
|
$
|
42,512,284
|
$
|
107,442,833
|
||||||||
Distributions from net ordinary income2
|
11,146
|
137,195
|
149,109
|
1,102,798
|
||||||||||||
Distributions from net long-term capital gains4
|
—
|
671,709
|
1,827,150
|
—
|
||||||||||||
2016
|
NCA
|
NCB
|
NKX
|
NAC
|
||||||||||||
Distributions from net tax-exempt income
|
$
|
12,050,691
|
$
|
2,564,599
|
$
|
41,789,520
|
$
|
100,506,954
|
||||||||
Distributions from net ordinary income2
|
99,642
|
95,349
|
224,230
|
558,396
|
||||||||||||
Distributions from net long-term capital gains
|
—
|
765,094
|
—
|
—
|
2
|
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
|
3
|
The Funds hereby designate these amounts paid during the fiscal year ended February 28, 2017, as Exempt Interest Dividends.
|
4
|
The Funds designate as long-term capital gain dividend, pursuant to the Internal Revenue Code Section 852(b)(3), the amount necessary to reduce earnings and profits of the Funds related to net capital gain to zero for the tax year ended February 28, 2017.
|
NCA
|
NKX
|
NAC5
|
||||||||||
Expiration:
|
||||||||||||
February 28, 2018
|
$
|
251,409
|
$
|
—
|
$
|
2,071,306
|
||||||
Not subject to expiration
|
2,079,398
|
11,029,931
|
39,109,658
|
|||||||||
Total
|
$
|
2,330,807
|
$
|
11,029,931
|
$
|
41,180,964
|
5
|
A portion of NAC's capital loss carryforward is subject to limitation under the Internal Revenue Code and related regulations.
|
NCA
|
NAC
|
|||||||
Expired capital loss carryforwards
|
$
|
1,426,925
|
$
|
25,215,905
|
84
|
NUVEEN
|
NCB
|
||||
Post-October capital losses6
|
$
|
10,485
|
||
Late-year ordinary losses7
|
—
|
6
|
Capital losses incurred from November 1, 2016 through February 28, 2017, the Funds' tax year end.
|
7
|
Ordinary losses incurred from January 1, 2017 through February 28, 2017 and/or specified losses incurred from November 1, 2016 through February 28, 2017.
|
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
|
NKX
|
||||
NAC
|
||||
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
|
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 the next $3 billion
|
0.3250
|
|||
For managed assets over $5 billion
|
0.3125
|
NUVEEN
|
85
|
NKX
|
||||
NAC
|
||||
Average Daily Managed Assets*
|
Fund-Level Fee
|
|||
For the next $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 the next $3 billion
|
0.3750
|
|||
For managed assets over $5 billion
|
0.3625
|
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 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 or assets in excess of a determined amount (originally $2 billion) added to the Nuveen fund complex in connection with the Adviser's assumption of the management of the former First American Funds effective January 1, 2011. As of February 28, 2017, the complex-level fee for each Fund was 0.1617%.
|
Inter-Fund Trades
|
NKX
|
NAC
|
||||||
Purchases
|
$
|
26,960,420
|
$
|
49,108,621
|
||||
Sales
|
25,624,231
|
94,035,108
|
86
|
NUVEEN
|
NCA
|
NCB
|
NKX
|
NAC
|
||||||||||
Outstanding balance at December 31, 2016
|
$
|
1,238,760
|
$
|
671,155
|
$
|
5,894
|
$
|
12,395,809
|
NAC
|
||||
Maximum Outstanding Balance
|
$
|
50,000,000
|
NAC
|
||||
Average daily balance outstanding
|
$
|
20,987,654
|
||
Average annual interest rate
|
1.83
|
%
|
NVX
|
NZH
|
||||||
Cost of investments
|
$
|
293,582,793
|
$
|
447,481,471
|
|||
Fair value of investments
|
325,491,626
|
497,182,348
|
|||||
Net unrealized appreciation (depreciation) of investments
|
31,908,833
|
49,700,877
|
NUVEEN
|
87
|
Target Funds – Prior to Reorganizations
|
NVX
|
NZH
|
||||||
Common shares outstanding
|
14,761,782
|
24,164,683
|
||||||
Net assets applicable to common shares
|
$
|
238,757,076
|
$
|
362,146,910
|
||||
NAV per common share outstanding
|
$
|
16.17
|
$
|
14.99
|
Acquiring Fund – Prior to Reorganizations
|
NAC
|
|||
Common shares outstanding
|
107,907,776
|
|||
Net assets applicable to common shares
|
$
|
1,743,191,811
|
||
NAV per common share outstanding
|
$
|
16.15
|
Acquiring Fund – Post Reorganizations
|
NAC
|
|||
Common shares outstanding
|
145,105,059
|
|||
Net assets applicable to common shares
|
$
|
2,344,095,797
|
||
NAV per common share outstanding
|
$
|
16.15
|
Shares
|
Liquidation
|
||||||||||||
Target Funds
|
Series
|
Outstanding
|
Preference
|
Maturity
|
|||||||||
NVX
|
1
|
980
|
$
|
98,000,000
|
August 3, 2043
|
||||||||
NZH
|
1
|
1,600
|
$
|
160,000,000
|
September 1, 2043
|
Shares
|
Liquidation
|
||||||||||||
Acquiring Fund
|
Series
|
Outstanding
|
Preference
|
Maturity
|
|||||||||
NAC
|
7
|
980
|
$
|
98,000,000
|
August 3, 2043
|
||||||||
8
|
1,600
|
160,000,000
|
November 6, 2026
|
Acquiring Fund – Pro Forma Results from Operations
|
NAC
|
|||
Net investment income (loss)
|
$
|
113,621,474
|
||
Net realized and unrealized gains (losses)
|
(95,710,362
|
)
|
||
Change in net assets resulting from operations
|
17,911,112
|
88
|
NUVEEN
|
NUVEEN
|
89
|
Additional Fund Information (Unaudited)
|
Board of Directors/Trustees
|
|||||
William Adams IV*
|
Margo Cook*
|
Jack B. Evans
|
William C. Hunter
|
David J. Kundert
|
Albin F. Moschner
|
John K. Nelson
|
William J. Schneider
|
Judith M. Stockdale
|
Carole E. Stone
|
Terence J. Toth
|
Margaret L. Wolff
|
* Interested Board Member.
|
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
|
One Lincoln Street
|
200 East Randolph Drive
|
& Trust Company
|
||
Boston, MA 02111
|
Chicago, IL 60601
|
Nuveen Funds
|
|||
P.O. Box 43071
|
|||||
Providence, RI 02940-3071
|
|||||
(800) 257-8787
|
|
|
NCA
|
NCB
|
NKX
|
NAC
|
||
Common shares repurchased
|
—
|
—
|
—
|
—
|
90
|
NUVEEN
|
Glossary of Terms Used in this Report (Unaudited)
|
|
■
|
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.
|
■
|
Gross Domestic Product (GDP): The total market value of all final goods and services produced in a country/region in a given year, equal to total consumer, investment and government spending, plus the value of exports, minus the value of imports.
|
■
|
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.
|
■
|
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
|
91
|
■
|
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.
|
92
|
NUVEEN
|
Reinvest Automatically, Easily and Conveniently
|
|
NUVEEN
|
93
|
Board Members & Officers (Unaudited)
|
Name,
|
Position(s) Held
|
Year First
|
Principal
|
Number
|
|||||
Year of Birth
|
with the Funds
|
Elected or
|
Occupation(s)
|
of Portfolios
|
|||||
& Address
|
Appointed
|
Including other
|
in Fund Complex
|
||||||
and Term(1)
|
Directorships
|
Overseen by
|
|||||||
During Past 5 Years
|
Board Member
|
||||||||
Independent Board Members: | |||||||||
■
|
WILLIAM J. SCHNEIDER
1944 333 W. Wacker Drive Chicago, IL 6o6o6 |
Chairman and
Board Member |
1996
Class III |
Chairman of Miller-Valentine Partners, a real estate investment company; Board Member of WDPR Public Radio station; formerly, Senior Partner and Chief Operating Officer (retired (2004) of Miller-Valentine Group; formerly, Board member, Business Advisory Council of the Cleveland Federal Reserve Bank and University of Dayton Business School Advisory Council; past Chair and Director, Dayton Development Coalition.
|
181
|
||||
■
|
JACK B. EVANS
1948 333 W. Wacker Drive Chicago, IL 6o6o6 |
Board Member
|
1999
Class III |
President, The Hall-Perrine Foundation, a private philanthropic corporation (since 1996); Director and Chairman, United Fire Group, a publicly held company; Director, The Gazette Company; Life Trustee of Coe College and the Iowa College Foundation; formerly, President Pro-Tem of the Board of Regents for the State of Iowa University System; formerly, Director, Alliant Energy; formerly, Director, Federal Reserve Bank of Chicago; formerly, President and Chief Operating Officer, SCI Financial Group, Inc., a regional financial services firm.
|
181
|
||||
■
|
WILLIAM C. HUNTER
1948 333 W. Wacker Drive Chicago, IL 6o6o6 |
Board Member
|
2003
Class I |
Dean Emeritus, formerly, Dean, Tippie College of Business, University of Iowa (2006-2012); Director (since 2004) of Xerox Corporation; past Director (2005- 2015), and past President (2010-2014) Beta Gamma Sigma, Inc., The International Business Honor Society; Director of Wellmark, Inc. (since 2009); formerly, Dean and Distinguished Professor of Finance, School of Business at the University of Connecticut (2003-2006); previously, Senior Vice President and Director of Research at the Federal Reserve Bank of Chicago (1995-2003); formerly, Director (1997-2007), Credit Research Center at Georgetown University.
|
181
|
||||
■
|
DAVID J. KUNDERT
1942 333 W. Wacker Drive Chicago, IL 6o6o6 |
Board Member
|
2005
Class II |
Formerly, Director, Northwestern Mutual Wealth Management Company (2006-2013), retired (since 2004) as Chairman, JPMorgan Fleming Asset Management, President and CEO, Banc One Investment Advisors Corporation, and President, One Group Mutual Funds; prior thereto, Executive Vice President, Banc One Corporation and Chairman and CEO, Banc One Investment Management Group; Regent Emeritus, Member of Investment Committee, Luther College; member of the Wisconsin Bar Association; member of Board of Directors and Chair of Investment Committee, Greater Milwaukee Foundation; member of the Board of Directors (Milwaukee), College Possible; Board member of Milwaukee Repertory Theatre (since 2016).
|
181
|
94
|
NUVEEN
|
Name,
|
Position(s) Held
|
Year First
|
Principal
|
Number
|
|||||
Year of Birth
|
with the Funds
|
Elected or
|
Occupation(s)
|
of Portfolios
|
|||||
& Address
|
Appointed
|
Including other
|
in Fund Complex
|
||||||
and Term(1)
|
Directorships
|
Overseen by
|
|||||||
During Past 5 Years
|
Board Member
|
||||||||
Independent Board Members (continued): | |||||||||
■
|
ALBIN F. MOSCHNER(2)
1952 333 W. Wacker Drive Chicago, IL 60606 |
Board Member
|
2016
Class III |
Founder and Chief Executive Officer, Northcroft Partners, LLC, a management consulting firm (since 2012); previously, held positions at Leap Wireless International, Inc., including Consultant (2011-2012), Chief Operating Officer (2008-2011), and Chief Marketing Officer (2004-2008); formerly, President, Verizon Card Services division of Verizon Communications, Inc. (2000-2003); formerly, President, One Point Services at One Point Communications (1999- 2000); formerly, Vice Chairman of the Board, Diba, Incorporated (1996-1997); formerly, various executive positions with Zenith Electronics Corporation (1991- 1996). Director, USA Technologies, Inc., a provider of solutions and services to facilitate electronic payment transactions (since 2012); formerly, Director, Wintrust Financial Corporation (1996-2016).
|
181
|
||||
■
|
JOHN K. NELSON
1962 333 W. Wacker Drive Chicago, IL 6o6o6 |
Board Member
|
2013
Class II |
Member of Board of Directors of Core12 LLC (since 2008), a private firm which develops branding, marketing and communications strategies for clients; Director of The Curran Center for Catholic American Studies (since 2009) and The President's Council, Fordham University (since 2010); formerly, senior external advisor to the financial services practice of Deloitte Consulting LLP (2012- 2014): formerly, Chairman of the Board of Trustees of Marian University (2010 as trustee, 2011-2014 as Chairman); formerly, Chief Executive Officer of ABN AMRO N.V. North America, and Global Head of its Financial Markets Division (2007-2008); prior senior positions held at ABN AMRO include Corporate Executive Vice President and Head of Global Markets-the Americas (2006-2007), CEO of Wholesale Banking North America and Global Head of Foreign Exchange and Futures Markets (2001-2006), and Regional Commercial Treasurer and Senior Vice President Trading-North America (1996-2001); formerly, Trustee at St. Edmund Preparatory School in New York City.
|
181
|
||||
■
|
JUDITH M. STOCKDALE
1947 333 W. Wacker Drive Chicago, IL 6o6o6 |
Board Member
|
1997
Class I |
Board Member, Land Trust Alliance (since 2013) and U.S. Endowment for Forestry and Communities (since 2013); formerly, Executive Director (1994- 2012), Gaylord and Dorothy Donnelley Foundation; prior thereto, Executive Director, Great Lakes Protection Fund (1990-1994).
|
181
|
||||
■
|
CAROLE E. STONE
1947 333 W. Wacker Drive Chicago, IL 6o6o6 |
Board Member
|
2007
Class I |
Director, Chicago Board Options Exchange, Inc. (since 2006); Director, C2 Options Exchange, Incorporated (since 2009); Director, CBOE Holdings, Inc.(since 2010); formerly, Commissioner, New York State Commission on Public Authority Reform (2005-2010).
|
181
|
||||
■
|
TERENCE J. TOTH
1959 333 W. Wacker Drive Chicago, IL 6o6o6 |
Board Member
|
2008
Class II |
Co-Founding Partner, Promus Capital (since 2008); Director, Fulcrum IT Service LLC (since 2010) and Quality Control Corporation (since 2012); member: Catalyst Schools of Chicago Board (since 2008) and Mather Foundation Board (since 2012), and chair of its Investment Committee; formerly, Director, Legal & General Investment Management America, Inc.(2008-2013); formerly, CEO and President, Northern Trust Global Investments (2004-2007): Executive Vice President, Quantitative Management & Securities Lending (2000- 2004); prior thereto, various positions with Northern Trust Company (since 1994); formerly, Member, Northern Trust Mutual Funds Board (2005-2007), Northern Trust Global Investments Board (2004-2007), Northern Trust Japan Board (2004-2007), Northern Trust Securities Inc. Board (2003- 2007) and Northern Trust Hong Kong Board (1997-2004).
|
181
|
NUVEEN
|
95
|
Board Members & Officers (Unaudited) (continued)
|
Name,
|
Position(s) Held
|
Year First
|
Principal
|
Number
|
|||||
Year of Birth
|
with the Funds
|
Elected or
|
Occupation(s)
|
of Portfolios
|
|||||
& Address
|
Appointed
|
Including other
|
in Fund Complex
|
||||||
and Term(1)
|
Directorships
|
Overseen by
|
|||||||
During Past 5 Years
|
Board Member
|
||||||||
Independent Board Members (continued):
|
|||||||||
■
|
MARGARET L. WOLFF
1955 333 W. Wacker Drive Chicago, IL 6o6o6 |
Board Member
|
2016
Class I |
Member of the Board of Directors (since 2013) of Travelers Insurance Company of Canada and The Dominion of Canada General Insurance Company (each, a part of Travelers Canada, the Canadian operation of The Travelers Companies, Inc.); formerly, Of Counsel, Skadden, Arps, Slate, Meagher & Flom LLP (Mergers & Acquisitions Group) (2005- 2014); Member of the Board of Trustees of New York-Presbyterian Hospital (since 2005); Member (since 2004) and Chair (since 2015) of the Board of Trustees of The John A. Hartford Foundation (a philanthropy dedicated to improving the care of older adults); formerly, Member (2005-2015) and Vice Chair (2011-2015) of the Board of Trustees of Mt. Holyoke College.
|
181
|
||||
Interested Board Members: | |||||||||
■
|
WILLIAM ADAMS IV(3)
1955 333 W. Wacker Drive Chicago, IL 6o6o6 |
Board Member
|
2013
Class II |
Co-Chief Executive Officer and Co-President (since March 2016), formerly, Senior Executive Vice President, Global Structured Products (2010-2016) of Nuveen Investments, Inc.; Executive Vice President (since February 2017) of Nuveen, LLC; Co-President of Nuveen Fund Advisors, LLC (since 2011); Co-Co-President, Global Products and Solutions (since January 2017), formerly, Chief Executive Officer (2016- 2017), formerly, Senior Executive Vice President of Nuveen Securities, LLC; President (since 2011), of Nuveen Commodities Asset Management, LLC; Board Member of the Chicago Symphony Orchestra and of Gilda's Club Chicago; formerly, Executive Vice President, U.S. Structured Products, of Nuveen Investments, Inc. (1999-2010).
|
181
|
||||
■
|
MARGO L. COOK(2)(3)
1964 333 W. Wacker Drive Chicago, IL 6o6o6 |
Board Member
|
2016
Class III |
Co-Chief Executive Officer and Co-President (since March 2016), formerly, Senior Executive Vice President of Nuveen Investments, Inc.; Co-President, Global Products and Solutions (since January 2017), formerly, Co-Chief Executive Officer (2015-2016), formerly, Executive Vice President (2013-2015), of Nuveen Securities, LLC; Executive Vice President (since February 2017) of Nuveen, LLC; Co-President (since October 2016), formerly Senior Executive Vice President of Nuveen Fund Advisors, LLC (Executive Vice President since 2011); formerly, Managing Director of Nuveen Commodities Asset Management, LLC (2011-2016); Chartered Financial Analyst.
|
181
|
Name,
|
Position(s) Held
|
Year First
|
Principal
|
Number
|
|||||
Year of Birth
|
with the Funds
|
Elected or
|
Occupation(s)
|
of Portfolios
|
|||||
& Address
|
Appointed(4)
|
During Past 5 Years
|
in Fund Complex
|
||||||
Overseen
|
|||||||||
by Officer
|
|||||||||
Officers of the Funds:
|
|||||||||
■
|
CEDRIC H. ANTOSIEWICZ
1962 333 W. Wacker Drive Chicago, IL 6o6o6 |
Chief
Administrative Officer |
2007
|
Senior Managing Director (since January 2017), formerly, Managing Director (2004-2017) of Nuveen Securities, LLC; Senior Managing Director (since February 2017), formerly, Managing Director (2014-2017) of Nuveen Fund Advisors, LLC.
|
76
|
||||
■
|
LORNA C. FERGUSON
1945 333 W. Wacker Drive Chicago, IL 6o6o6 |
Vice President
|
1998
|
Managing Director (since 2004) of Nuveen.
|
182
|
96
|
NUVEEN
|
Name,
|
Position(s) Held
|
Year First
|
Principal
|
Number
|
|||||
Year of Birth
|
with the Funds
|
Elected or
|
Occupation(s)
|
of Portfolios
|
|||||
& Address
|
Appointed(4)
|
During Past 5 Years
|
in Fund Complex
|
||||||
Overseen
|
|||||||||
by Officer
|
|||||||||
Officers of the Funds (continued):
|
|||||||||
■
|
STEPHEN D. FOY
1954 333 W. Wacker Drive Chicago, IL 6o6o6 |
Vice President
and Controller |
1998
|
Managing Director (since 2014), formerly, Senior Vice President (2013- 2014) and Vice President (2005-2013) of Nuveen Fund Advisors, LLC; Chief Financial Officer of Nuveen Commodities Asset Management, LLC (since 2010); Managing Director (since 2016) of Nuveen Securities, LLC; Certified Public Accountant.
|
182
|
||||
■
|
NATHANIEL T. JONES
1979 333 W. Wacker Drive Chicago, IL 6o6o6 |
Vice President
and Treasurer |
2016
|
Managing Director (since January 2017), formerly, Senior Vice President (2016-2017), formerly, Vice President (2011-2016) of Nuveen.; Chartered Financial Analyst.
|
182
|
||||
■
|
WALTER M. KELLY
197o 333 W. Wacker Drive Chicago, IL 6o6o6 |
Chief Compliance
Officer and Vice President |
2003
|
Managing Director (since January 2017), formerly, Senior Vice President (2008-2017) of Nuveen.
|
182
|
||||
■
|
DAVID J. LAMB
1963 333 W. Wacker Drive Chicago, IL 6o6o6 |
Vice President
|
2015
|
Managing Director (since January 2017), formerly, Senior Vice President of Nuveen Investments Holdings, Inc. (since 2006), Vice President prior to 2006.
|
76
|
||||
■
|
TINA M. LAZAR
1961 333 W. Wacker Drive Chicago, IL 6o6o6 |
Vice President
|
2002
|
Managing Director (since January 2017), formerly, Senior Vice President (2014-2017) of Nuveen Securities, LLC.
|
182
|
||||
■
|
KEVIN J. MCCARTHY
1966 333 W. Wacker Drive Chicago, IL 6o6o6 |
Vice President and
Assistant Secretary |
2007
|
Senior Managing Director (since February 2017), formerly, Executive Vice President (2016-2017), Secretary (since 2016) and General Counsel (since 2016), formerly, Managing Director and Assistant Secretary of Nuveen Investments, Inc.; Senior Managing Director (since January 2017), formerly, Executive Vice President (2016-2017), formerly, Managing Director (2008-2016), and Assistant Secretary (since 2008) of Nuveen Securities, LLC; Senior Managing Director (since February 2017), formerly, Executive Vice President (2016-2017), and Secretary (since 2016), formerly, Managing Director (2008-2016) and Assistant Secretary (2007-2016), and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Senior Managing Director (since February 2017), formerly, Executive Vice President (2016-2017) and Secretary (since 2016), formerly, Managing Director, Assistant Secretary (2011-2016), and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC; Senior Managing Director (since February 2017), formerly, Executive Vice President (2016- 2017) and Secretary (since 2016) of Nuveen Investments Advisers, LLC; Vice President (since 2007) and Secretary (since 2016) of NWQ Investment Management Company, LLC, Symphony Asset Management LLC, Santa Barbara Asset Management, LLC and Winslow Capital Management, LLC (since 2010); Vice President (since 2010) and Secretary (since 2016), formerly, Assistant Secretary of Nuveen Commodities Asset Management, LLC.
|
182
|
||||
■
|
KATHLEEN L. PRUDHOMME
1953 9o1 Marquette Avenue Minneapolis, MN 554o2 |
Vice President and
Assistant Secretary |
2011
|
Managing Director, Assistant Secretary and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant Secretary and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC; Managing Director and Assistant Secretary (since 2011) of Nuveen Securities, LLC; formerly, Deputy General Counsel, FAF Advisors, Inc. (2004-2010).
|
182
|
NUVEEN
|
97
|
Name,
|
Position(s) Held
|
Year First
|
Principal
|
Number
|
|||||
Year of Birth
|
with the Funds
|
Elected or
|
Occupation(s)
|
of Portfolios
|
|||||
& Address
|
Appointed(4)
|
During Past 5 Years
|
in Fund Complex
|
||||||
Overseen
|
|||||||||
by Officer
|
|||||||||
Officers of the Funds (continued): | |||||||||
■
|
CHRISTOPHER M. ROHRBACHER
1971 333 W. Wacker Drive Chicago, IL 6o6o6 |
Vice President and
Assistant Secretary |
2008
|
Managing Director (since January 2017) of Nuveen Securities, LLC; Managing Director (since January 2017), formerly, Senior Vice President (2016-2017) and Assistant Secretary (since October 2016) of Nuveen Fund Advisors, LLC; Vice President and Assistant Secretary (since 2010) of Nuveen Commodities Asset Management, LLC.
|
182
|
||||
■
|
JOEL T. SLAGER
1978 333 W. Wacker Drive Chicago, IL 6o6o6 |
Vice President and
Assistant Secretary |
2013
|
Fund Tax Director for Nuveen Funds (since 2013); previously, Vice President of Morgan Stanley Investment Management, Inc., Assistant Treasurer of the Morgan Stanley Funds (from 2010 to 2013).
|
182
|
||||
■
|
GIFFORD R. ZIMMERMAN
1956 333 W. Wacker Drive Chicago, IL 6o6o6 |
Vice President and
Secretary |
1988
|
Managing Director (since 2002), and Assistant Secretary of Nuveen Securities, LLC; Managing Director (since 2004) and Assistant Secretary (since 1994) of Nuveen Investments, Inc.; Managing Director (since 2002), Assistant Secretary (since 1997) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant Secretary and Associate General Counsel of Nuveen Asset Management, LLC (since 2011); Vice President (since February 2017), formerly, Managing Director (2003-2017) and Assistant Secretary (since 2003) of Symphony Asset Management LLC; Managing Director and Assistant Secretary (since 2002) of Nuveen Investments Advisers, LLC; Vice President and Assistant Secretary of NWQ Investment Management Company, LLC (since 2002), Santa Barbara Asset Management, LLC (since 2006), and of Winslow Capital Management, LLC, (since 2010); Chartered Financial Analyst.
|
182
|
(1)
|
The Board of Trustees is divided into three classes, Class I, Class II, and Class III, with each being elected to serve until the third succeeding annual shareholders' meeting subsequent to its election or thereafter in each case when its respective successors are duly elected or appointed, except two board members are elected by the holders of Preferred Shares, when applicable, to serve until the next annual shareholders' meeting subsequent to its election or thereafter in each case when its respective successors are duly elected or appointed. The year first elected or appointed represents the year in which the board member was first elected or appointed to any fund in the Nuveen Complex.
|
(2)
|
On June 22, 2016, Ms. Cook and Mr. Moschner were appointed as Board members, effective July 1, 2016.
|
(3)
|
"Interested person" as defined in the 1940 Act, by reason of his position with Nuveen Investments, Inc. and certain of its subsidiaries, which are affiliates of the Nuveen Funds.
|
(4)
|
Officers serve one year terms through August of each year. The year first elected or appointed represents the year in which the Officer was first elected or appointed to any fund in the Nuveen Complex.
|
98
|
NUVEEN
|
NUVEEN
|
99
|
|
|
|
Securities offered through Nuveen Securities, LLC, member FINRA and SIPC | 333 West Wacker Drive Chicago, IL 60606 | www.nuveen.com
|
![]() |
EAN-A-0217D 138478
|
Audit Fees
Billed
|
Audit-Related
Fees
|
Tax Fees
|
All Other Fees
|
|||||||||||||
Fiscal Year Ended
|
to Fund 1
|
Billed to Fund 2
|
Billed to Fund 3
|
Billed to Fund 4
|
||||||||||||
February 28, 2017
|
$
|
24,090
|
$
|
0
|
$
|
0
|
$
|
0
|
||||||||
Percentage approved
|
0
|
%
|
0
|
%
|
0
|
%
|
0
|
%
|
||||||||
pursuant to
|
||||||||||||||||
pre-approval
|
||||||||||||||||
exception
|
||||||||||||||||
February 29, 2016
|
$
|
23,270
|
$
|
0
|
$
|
0
|
$
|
64
|
||||||||
Percentage approved
|
0
|
%
|
0
|
%
|
0
|
%
|
0
|
%
|
||||||||
pursuant to
|
||||||||||||||||
pre-approval
|
||||||||||||||||
exception
|
||||||||||||||||
1 "Audit Fees" are the aggregate fees billed for professional services for the audit of the Fund's annual financial statements and services provided in
|
||||||||||||||||
connection with statutory and regulatory filings or engagements.
|
||||||||||||||||
2 "Audit Related Fees" are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of
|
||||||||||||||||
financial statements that are not reported under "Audit Fees". These fees include offerings related to the Fund's common shares and leverage.
|
||||||||||||||||
3 "Tax Fees" are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global
|
||||||||||||||||
withholding tax services; excise and state tax reviews; capital gain, tax equalization and taxable basis calculation performed by the principal accountant.
|
||||||||||||||||
4 "All Other Fees" are the aggregate fees billed for products and services other than "Audit Fees", "Audit-Related Fees" and "Tax Fees". These fees
|
||||||||||||||||
represent all "Agreed-Upon Procedures" engagements pertaining to the Fund's use of leverage.
|
Audit-Related Fees
|
Tax Fees Billed to
|
All Other Fees
|
|
Billed to Adviser and
|
Adviser and
|
Billed to Adviser
|
|
Affiliated Fund
|
Affiliated Fund
|
and Affiliated Fund
|
|
Fiscal Year Ended
|
Service Providers
|
Service Providers
|
Service Providers
|
February 28, 2017
|
$ 0
|
$ 0
|
$ 0
|
Percentage approved
|
0%
|
0%
|
0%
|
pursuant to
|
|||
pre-approval
|
|||
exception
|
|||
February 29, 2016
|
$ 0
|
$ 0
|
$ 0
|
Percentage approved
|
0%
|
0%
|
0%
|
pursuant to
|
|||
pre-approval
|
|||
exception
|
Total Non-Audit Fees
|
||||
billed to Adviser and
|
||||
Affiliated Fund Service
|
Total Non-Audit Fees
|
|||
Providers (engagements
|
billed to Adviser and
|
|||
related directly to the
|
Affiliated Fund Service
|
|||
Total Non-Audit Fees
|
operations and financial
|
Providers (all other
|
||
Fiscal Year Ended
|
Billed to Fund
|
reporting of the Fund)
|
engagements)
|
Total
|
February 28, 2017
|
$ 0
|
$ 0
|
$ 0
|
$ 0
|
February 29, 2016
|
$ 64
|
$ 0
|
$ 0
|
$ 64
|
"Non-Audit Fees billed to Fund" for both fiscal year ends represent "Tax Fees" and "All Other Fees" billed to Fund in their respective
|
||||
amounts from the previous table.
|
||||
Less than 50 percent of the hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent
|
||||
fiscal year were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.
|
Portfolio Manager
|
Type of Account
Managed |
Number of
Accounts |
Assets*
|
Scott R. Romans
|
Registered Investment Company
|
13
|
$13.34 billion
|
|
Other Pooled Investment Vehicles
|
0
|
$0
|
|
Other Accounts
|
2
|
$.9 million
|
* | Assets are as of February 28, 2017. None of the assets in these accounts are subject to an advisory fee based on performance. |
Name of Portfolio Manager
|
None
|
$1 - $10,000
|
$10,001-$50,000
|
$50,001-$100,000
|
$100,001-$500,000
|
$500,001-$1,000,000
|
Over $1,000,000
|
Scott R. Romans
|
X
|
(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.
|
(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 because the code is posted on registrant’s website at www.nuveen.com/CEF/Shareholder/FundGovernance.aspx and there were no amendments during the period covered by this report. (To view the code, click on Code of Conduct.)
|
(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: 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. Ex-99.906 CERT attached hereto.
|
1.
|
I have reviewed this report on Form N-CSR of Nuveen California Municipal Value Fund 2;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
|
(a)
|
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
|
(d)
|
disclosed in this report any change in the registrant's internal control over financial reporting 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; and
|
5.
|
The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
(a)
|
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
|
(b)
|
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
1.
|
I have reviewed this report on Form N-CSR of Nuveen California Municipal Value Fund 2;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
|
(a)
|
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
|
(d)
|
disclosed in this report any change in the registrant's internal control over financial reporting 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; and
|
5.
|
The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
(a)
|
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
|
(b)
|
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
1.
|
The Form N-CSR of the Fund for the period ended February 28, 2017 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
2.
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Fund.
|
1 | NAM does not vote proxies where a client withholds proxy voting authority, and in certain non-discretionary and model programs NAM votes proxies in accordance with its policies and procedures in effect from time to time. Clients may opt to vote proxies themselves, or to have proxies voted by an independent third party or other named fiduciary or agent, at the client’s cost. i ISS has separate polices for Taft Hartley plans and it is NAM’s policy to apply the Taft Hartley polices to accounts that are Taft Hartley Plans. |
1. | The following relationships or circumstances may give rise to conflicts of interest2: |
a.
|
The issuer or proxy proponent (e.g., a special interest group) is TIAA-CREF, the ultimate principal owner of NAM, or any of its affiliates.
|
b.
|
The issuer is an entity in which an executive officer of NAM or a spouse or domestic partner of any such executive officer is or was (within the past three years of the proxy vote) an executive officer or director.
|
c.
|
The issuer is a registered or unregistered fund for which NAM or another affiliated adviser serves as investment adviser or sub-adviser (e.g., Nuveen Funds and TIAA Funds).
|
d.
|
Any other circumstances that NAM is aware of where NAM’s duty to serve its clients’ interests, typically referred to as its “duty of loyalty,” could be materially compromised.
|
2. | NAM will vote proxies in the best interest of its clients regardless of such real or perceived conflicts of interest. By adopting ISS policies, NAM believes the risk related to conflicts will be minimized. |
3. | To further minimize this risk, Compliance will review ISS’ conflict avoidance policy at least annually to ensure that it adequately addresses both the actual and perceived conflicts of interest the proxy voting service may face. |
2 | A conflict of interest shall not be considered material for the purposes of these Policies and Procedures with respect to a specific vote or circumstance if the matter to be voted on relates to a restructuring of the terms of existing securities or the issuance of new securities or a similar matter arising out of the holding of securities, other than common equity, in the context of a bankruptcy or threatened bankruptcy of the issuer. |
4. | In the event that ISS faces a material conflict of interest with respect to a specific vote, the PVC shall direct ISS how to vote. The PVC shall receive voting direction from appropriate investment personnel. Before doing so, the PVC will consult with Legal to confirm that NAM faces no material conflicts of its own with respect to the specific proxy vote. |
5. | Where ISS and NAM are determined to face a conflict, the PVC will recommend to NAM’s Compliance Committee or designee a course of action designed to address the conflict. Such actions could include, but are not limited to: |
a. | Obtaining instructions from the affected client(s) on how to vote the proxy; |
b. | Disclosing the conflict to the affected client(s) and seeking their consent to permit NAM to vote the proxy; |
c. | Voting in proportion to the other shareholders; |
e.
|
Recusing the individual with the actual or potential conflict of interest from all discussion or consideration of the matter, if the material conflict is due to such person’s actual or potential conflict of interest; or
|
f.
|
Following the recommendation of a different independent third party.
|
6. | In addition to all of the above-mentioned and other conflicts, the Head of Equity Research, NGO and any member of the PVC must notify NAM’s Chief Compliance Officer (“CCO”) of any direct, indirect or perceived improper influence exerted by any employee, officer or director of TIAA or its subsidiaries with regard to how NAM should vote proxies. NAM Compliance will investigate any such allegations and will report the findings to NAM’s Compliance Committee. If it is determined that improper influence was attempted, appropriate action shall be taken. Such appropriate action may include disciplinary action, notification of the appropriate senior managers, or notification of the appropriate regulatory authorities. In all cases, NAM will not consider any improper influence in determining how to vote proxies, and will vote in the best interests of clients. |
1. | In order to generate incremental revenue, some clients may participate in a securities lending program. If a client has elected to participate in the lending program then it will not have the right to vote the proxies of any securities that are on loan as of the shareholder meeting record date. A client, or a Portfolio Manager, may place restrictions on loaning securities and/or recall a security on loan at any time. Such actions must be affected prior to the record date for a meeting if the purpose for the restriction or recall is to secure the vote. |
2. | Portfolio Managers and/or analysts who become aware of upcoming proxy issues relating to any securities in portfolios they manage, or issuers they follow, will consider the desirability of recalling the affected securities that are on loan or restricting the affected securities prior to the record date for the matter. If the proxy issue is determined to be material, and the determination is made prior to the shareholder meeting record date the Portfolio Manager(s) will contact the Securities Lending Agent to recall securities on loan or restrict the loaning of any security held in any portfolio they manage, if they determine that it is in the best interest of shareholders to do so. |
J. | Review and Reports. |
1. | The PVC shall maintain a review schedule. The schedule shall include reviews of the proxy voting policy (including the policies of any Sub-adviser engaged by NAM), the proxy voting record, account maintenance, |
and other reviews as deemed appropriate by the PVC. The PVC shall review the schedule at least annually. |
2. | The PVC will report to NAM’s Compliance Committee with respect to all identified conflicts and how they were addressed. These reports will include all accounts, including those that are sub-advised. NAM also shall provide the Funds that it sub-advises with information necessary for preparing Form N-PX. |
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