Portfolio of Investments (Unaudited)
	Nuveen California Municipal Value Fund 2 (NCB)
	May 31, 2010
Principal		Optional Call
Amount (000)	Description (1)	Provisions (2)	Ratings (3)	Value
	Consumer Staples – 4.7% (4.8% of Total Investments)
$      3,500	Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed	6/15 at 100.00	BBB	$      2,473,380
	Bonds, Series 2005A-1, 5.500%, 6/01/45
	Education and Civic Organizations – 9.9% (10.0% of Total Investments)
500	California Educational Facilities Authority, Revenue Bonds, University of Redlands, Series	10/15 at 100.00	A3	506,745
	2005A, 5.000%, 10/01/25
2,510	California Educational Facilities Authority, Revenue Bonds, University of the Pacific, Series	11/19 at 100.00	A2	2,565,445
	2009, 5.500%, 11/01/39
1,965	California State Public Works Board, Lease Revenue Bonds, University of California Department	4/19 at 100.00	A2	2,100,271
	of Education Riverside Campus Project, Series 2009B, 5.750%, 4/01/23
4,975	Total Education and Civic Organizations			5,172,461
	Health Care – 22.0% (22.3% of Total Investments)
1,000	ABAG Finance Authority for Non-Profit Corporations, California, Cal-Mortgage Insured Health	5/19 at 100.00	A–	1,028,570
	Facility Revenue Bonds, Saint Rose Hospital, Series 2009A, 6.000%, 5/15/29
1,900	California Health Facilities Financing Authority, Revenue Bonds, Catholic Healthcare West,	7/19 at 100.00	A	2,050,309
	Series 2009A, 6.000%, 7/01/39
1,000	California Health Facilities Financing Authority, Revenue Bonds, Childrens Hospital of Orange	11/19 at 100.00	A	1,065,160
	County, Series 2009A, 6.500%, 11/01/38
2,000	California Health Facilities Financing Authority, Revenue Bonds, Kaiser Permanante System,	3/16 at 100.00	A+	1,974,640
	Series 2006, 5.250%, 3/01/45
850	California Municipal Financing Authority, Certificates of Participation, Community Hospitals	2/17 at 100.00	Baa2	811,750
	of Central California, Series 2007, 5.250%, 2/01/27
1,400	California Statewide Communities Development Authority, Revenue Bonds, Adventist Health	3/18 at 100.00	AAA	1,397,844
	System West, Series 2007B, 5.000%, 3/01/37 – AGC Insured
125	California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanante	3/16 at 100.00	A+	119,148
	System, Series 2006, 5.000%, 3/01/41
1,500	California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Series	8/18 at 100.00	AAA	1,524,075
	2004D, 5.050%, 8/15/38 – AGM Insured
800	Hospital Authority of Delaware County, Indiana, Hospital Revenue Bonds, Cardinal Health	8/16 at 100.00	Baa3	746,720
	System, Series 2006, 5.000%, 8/01/24
850	Illinois Finance Authority, Revenue Bonds, Sherman Health Systems, Series 2007A,	8/17 at 100.00	BBB	781,592
	5.500%, 8/01/37
11,425	Total Health Care			11,499,808
	Housing/Single Family – 10.7% (10.8% of Total Investments)
1,485	California Housing Finance Agency, California, Home Mortgage Revenue Bonds, Series 2008L,	2/18 at 100.00	A	1,488,564
	5.500%, 8/01/38
2,500	California Housing Finance Agency, Home Mortgage Revenue Bonds, Series 2006K, 4.625%, 8/01/26	2/16 at 100.00	A	2,161,075
	(Alternative Minimum Tax)
2,000	California State Department of Veteran Affairs, Home Purchase Revenue Bonds, Series 2007B,	12/16 at 100.00	AA–	1,929,780
	5.150%, 12/01/27 (Alternative Minimum Tax)
5,985	Total Housing/Single Family			5,579,419
	Industrials – 1.7% (1.7% of Total Investments)
900	California Enterprise Development Authority, Sewer Facilities Revenue, Anheuser-Busch Project,	9/12 at 100.00	BBB+	885,546
	Senior Lien Series 2007, 5.300%, 9/01/47 (Alternative Minimum Tax)
	Materials – 1.1% (1.1% of Total Investments)
585	Courtland Industrial Development Board, Alabama, Solid Waste Revenue Bonds, International	6/15 at 100.00	BBB	547,911
	Paper Company Project, Series 2005A, 5.200%, 6/01/25 (Alternative Minimum Tax)
	Tax Obligation/General – 12.2% (12.4% of Total Investments)
2,000	California, Various Purpose General Obligation Bonds, Series 2007, 5.000%, 6/01/37 –	6/17 at 100.00	A1	1,936,660
	NPFG Insured
2,100	Carlsbad Unified School District, San Diego County, California, General Obligation Bonds,	5/24 at 100.00	AA	1,268,652
	Series 2009B, 0.000%, 5/01/34
1,120	Oakland, California, General Obligation Bonds, Measure DD Series 2009B, 5.250%, 1/15/29	1/19 at 100.00	Aa2	1,168,877
1,895	Pacific Grove Unified School District, California, General Obligation Bonds, Series 2009C,	8/19 at 100.00	AA	2,024,258
	5.375%, 8/01/39
7,115	Total Tax Obligation/General			6,398,447
	Tax Obligation/Limited – 12.9% (13.1% of Total Investments)
500	California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series	3/20 at 100.00	A2	519,015
	2010A-1, 6.000%, 3/01/35
1,000	Lancaster Redevelopment Agency, California, Combined Project Areas Housing Programs, Tax	8/19 at 100.00	A	1,120,120
	Allocation Bonds, Series 2009, 6.875%, 8/01/39
1,500	San Francisco City and County, California, Certificates of Participation, Multiple Capital	4/19 at 100.00	AA–	1,543,710
	Improvement Projects, Series 2009A, 5.250%, 4/01/31
1,000	San Francisco City and County, California, Redevelopment Financing Authority, Tax Allocation	8/19 at 100.00	A1	1,078,170
	Revenue Bonds, San Francisco Redevelopment Projects, Series 2009B, 6.625%, 8/01/39
500	Val Verde Unified School District Financing Authority, California, Special Tax Revenue, Junior	10/13 at 102.00	N/R	494,575
	Lien Refunding Series 2003, 6.250%, 10/01/28
2,000	Westlake Village, California, Certificates of Participation, Financign Project, Series 2009,	6/16 at 100.00	AA+	2,004,100
	5.000%, 6/01/39
6,500	Total Tax Obligation/Limited			6,759,690
	Transportation – 2.0% (2.1% of Total Investments)
1,000	San Francisco Airports Commission, California, Revenue Bonds, San Francisco International	5/16 at 100.00	A1	1,047,420
	Airport, Second Series 2002, Issue 32G, 5.000%, 5/01/24 – FGIC Insured
	Utilities – 13.7% (13.8% of Total Investments)
1,000	M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009C,	No Opt. Call	A	1,110,360
	6.500% 11/01/39
2,495	Roseville Natural Gas Financing Authority, California, Gas Revenue Bonds, Series 2007,	No Opt. Call	A	2,552,934
	5.000%, 2/15/17
2,400	Southern California Public Power Authority, Natural Gas Project 1 Revenue Bonds, Series 2007A,	No Opt. Call	A	2,388,384
	5.250%, 11/01/24
1,000	Tuolumne Wind Project Authority, California, Revenue Bonds, Tuolumne Company Project, Series	1/19 at 100.00	A+	1,082,350
	2009A, 5.625%, 1/01/29
6,895	Total Utilities			7,134,028
	Water and Sewer – 7.8% (7.9% of Total Investments)
2,000	Orange County Sanitation District, California, Certificates of Participation, Series 2007,	2/19 at 100.00	AAA	2,457,840
	Trust 3020, 17.423%, 2/01/35 (IF)
1,000	San Diego Public Facilities Financing Authority, California, Sewerage Revenue Bonds, Refunding	5/19 at 100.00	Aa3	1,102,080
	Series 2009B, 5.250%, 5/15/25
500	Western Riverside Water & Wastewater Financing Authority, California, Revenue Bonds, Western	8/19 at 100.00	AAA	528,585
	Municipal Water District, Series 2009, 5.625%, 9/01/39
3,500	Total Water and Sewer			4,088,505
$     52,380	Total Investments (cost $46,481,163) – 98.7%			51,586,615
	Other Assets Less Liabilities – 1.3%			663,222
	Net Assets – 100%			$ 52,249,837

 

In determining the value of the Fund’s investments, various inputs are used. These inputs are summarized in the three broad levels listed below:

 

  Level 1 – Quoted prices in active markets for identical securities.

 

  Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

 

  Level 3 – Significant unobservable inputs (including management’s assumptions in determining the fair value of investments).

 

The inputs or methodologies used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the Fund’s fair value measurements as of May 31, 2010:

 

	Level 1	Level 2	Level 3	Total
Investments:
Municipal Bonds	$ —	$51,586,615	$ —	$51,586,615

 

The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset value of the Fund.

 

At May 31, 2010, the cost of investments was $46,369,623.

 

Gross unrealized appreciation and gross unrealized depreciation of investments at May 31, 2010, were as follows:

 

Gross unrealized:
Appreciation	$5,216,992
Depreciation	—
Net unrealized appreciation (depreciation) of investments	$5,216,992

(1)	All percentages shown in the Portfolio of Investments are based on net assets applicable to Common
	Shares unless otherwise noted.
(2)	Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption.
	There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may
	be subject to periodic principal paydowns.
(3)	Ratings: Using the highest of Standard & Poor’s Group ("Standard & Poor's"), Moody’s Investor Service, Inc.
	("Moody's") or Fitch, Inc. ("Fitch") rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB
	by Fitch are considered to be below investment grade.
N/R	Not rated.
(IF)	Inverse floating rate investment.