Portfolio of Investments (Unaudited)
|
|||||
Nuveen California Municipal Value 2 Fund (NCB)
|
|||||
November 30, 2011
|
|||||
Principal
|
Optional Call
|
||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
Consumer Staples – 4.4% (4.4% of Total Investments)
|
|||||
$ 3,500
|
Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed
|
6/15 at 100.00
|
BB–
|
$ 2,262,085
|
|
Bonds, Series 2005A-1, 5.500%, 6/01/45
|
|||||
Education and Civic Organizations – 7.5% (7.4% of Total Investments)
|
|||||
500
|
California Educational Facilities Authority, Revenue Bonds, University of Redlands, Series
|
10/15 at 100.00
|
A3
|
509,480
|
|
2005A, 5.000%, 10/01/25
|
|||||
1,000
|
California Educational Facilities Authority, Revenue Bonds, University of the Pacific, Series
|
11/19 at 100.00
|
A2
|
1,042,610
|
|
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
|
2,141,614
|
|
of Education Riverside Campus Project, Series 2009B, 5.750%, 4/01/23
|
|||||
150
|
California Statewide Communitities Development Authority, School Facility Revenue Bonds,
|
7/21 at 100.00
|
N/R
|
148,445
|
|
Alliance College-Ready Public Schools, Series 2011A, 7.000%, 7/01/46
|
|||||
3,615
|
Total Education and Civic Organizations
|
3,842,149
|
|||
Health Care – 24.5% (24.3% of Total Investments)
|
|||||
1,000
|
ABAG Finance Authority for Non-Profit Corporations, California, Cal-Mortgage Insured Health
|
5/19 at 100.00
|
A–
|
1,045,450
|
|
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
|
2,040,334
|
|
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
|
1,079,750
|
|
County, Series 2009A, 6.500%, 11/01/38
|
|||||
850
|
California Municipal Financing Authority, Certificates of Participation, Community Hospitals
|
2/17 at 100.00
|
Baa2
|
802,366
|
|
of Central California, Series 2007, 5.250%, 2/01/27
|
|||||
1,400
|
California Statewide Communities Development Authority, Revenue Bonds, Adventist Health System
|
3/18 at 100.00
|
AA–
|
1,381,114
|
|
West, Series 2007B, 5.000%, 3/01/37 – AGC Insured
|
|||||
California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanante System,
|
|||||
Series 2006:
|
|||||
125
|
5.000%, 3/01/41
|
3/16 at 100.00
|
A+
|
122,080
|
|
2,000
|
5.250%, 3/01/45
|
3/16 at 100.00
|
A+
|
2,008,520
|
|
1,500
|
California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Series
|
8/18 at 100.00
|
AA–
|
1,502,850
|
|
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
|
781,312
|
|
System, Series 2006, 5.000%, 8/01/24
|
|||||
850
|
Illinois Finance Authority, Revenue Bonds, Sherman Health Systems, Series 2007A, 5.500%, 8/01/37
|
8/17 at 100.00
|
BBB
|
804,712
|
|
725
|
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010,
|
11/20 at 100.00
|
Baa3
|
689,294
|
|
6.000%, 11/01/41
|
|||||
380
|
San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011,
|
12/21 at 100.00
|
BB
|
399,076
|
|
7.500%, 12/01/41
|
|||||
12,530
|
Total Health Care
|
12,656,858
|
|||
Housing/Multifamily – 0.5% (0.4% of Total Investments)
|
|||||
230
|
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects
|
8/20 at 100.00
|
BBB–
|
230,094
|
|
Series 2010A, 6.400%, 8/15/45
|
|||||
Housing/Single Family – 11.0% (10.9% of Total Investments)
|
|||||
2,000
|
California Department of Veteran Affairs, Home Purchase Revenue Bonds, Series 2007B, 5.150%,
|
12/16 at 100.00
|
AA
|
2,034,800
|
|
12/01/27 (Alternative Minimum Tax)
|
|||||
1,485
|
California Housing Finance Agency, California, Home Mortgage Revenue Bonds, Series 2008L,
|
2/18 at 100.00
|
BBB
|
1,379,253
|
|
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
|
BBB
|
2,278,000
|
|
(Alternative Minimum Tax)
|
|||||
5,985
|
Total Housing/Single Family
|
5,692,053
|
|||
Industrials – 1.7% (1.7% of Total Investments)
|
|||||
900
|
California Enterprise Development Authority, Sewer Facilities Revenue, Anheuser-Busch Project,
|
9/12 at 100.00
|
A–
|
896,346
|
|
Senior Lien Series 2007, 5.300%, 9/01/47 (Alternative Minimum Tax)
|
|||||
Long-Term Care – 2.1% (2.1% of Total Investments)
|
|||||
1,000
|
California Health Facilities Financing Authority, Insured Revenue Bonds, Community Program for
|
No Opt. Call
|
A–
|
1,079,890
|
|
Persons with Developmental Disabilities, Series 2011A, 6.250%, 2/01/26
|
|||||
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
|
569,515
|
|
Paper Company Project, Series 2005A, 5.200%, 6/01/25 (Alternative Minimum Tax)
|
|||||
Tax Obligation/General – 8.9% (8.9% of Total Investments)
|
|||||
2,000
|
California State, Various Purpose General Obligation Bonds, Series 2007, 5.000%, 6/01/37 –
|
6/17 at 100.00
|
A1
|
2,003,340
|
|
NPFG Insured
|
|||||
2,100
|
Carlsbad Unified School District, San Diego County, California, General Obligation Bonds,
|
5/24 at 100.00
|
AA
|
1,423,359
|
|
Series 2009B, 0.000%, 5/01/34
|
|||||
1,120
|
Oakland, California, General Obligation Bonds, Measure DD Series 2009B, 5.250%, 1/15/29 (4)
|
1/19 at 100.00
|
Aa2
|
1,184,299
|
|
5,220
|
Total Tax Obligation/General
|
4,610,998
|
|||
Tax Obligation/Limited – 17.5% (17.4% of Total Investments)
|
|||||
500
|
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series
|
3/20 at 100.00
|
A2
|
532,555
|
|
2010A-1, 6.000%, 3/01/35
|
|||||
1,000
|
City and County of San Francisco, California, Redevelopment Financing Authority, Tax
|
8/19 at 100.00
|
A1
|
1,065,990
|
|
Allocation Revenue Bonds, San Francisco Redevelopment Projects, Series 2009B, 6.625%, 8/01/39
|
|||||
Community Development Commission of City of National City, California, National City
|
|||||
Redevelopment Project 2011 Tax Allocation Bonds:
|
|||||
1,135
|
5.000%, 8/01/16
|
No Opt. Call
|
A–
|
1,202,635
|
|
80
|
6.500%, 8/01/24
|
8/21 at 100.00
|
A–
|
88,465
|
|
160
|
Fontana Redevelopment Agency, California, Jurupa Hills Redevelopment Project, Tax Allocation
|
4/12 at 100.00
|
A–
|
160,035
|
|
Refunding Bonds, 1997 Series A, 5.500%, 10/01/27
|
|||||
145
|
Inglewood Redevelopment Agency, California, Tax Allocation Bonds, Merged Redevelopment
|
5/17 at 100.00
|
BBB+
|
131,632
|
|
Project, Subordinate Lien Series 2007A-1, 5.000%, 5/01/25 – AMBAC Insured
|
|||||
1,000
|
Lancaster Redevelopment Agency, California, Tax Allocation Bonds, Combined Redevelopment
|
8/19 at 100.00
|
BBB+
|
1,026,130
|
|
Project Areas Housing Programs, Series 2009, 6.875%, 8/01/39
|
|||||
30
|
Novato Redevelopment Agency, California, Tax Allocation Bonds, Hamilton Field Redevelopment
|
9/21 at 100.00
|
A–
|
32,352
|
|
Project, Series 2011, 6.750%, 9/01/40
|
|||||
Perris Union High School District Financing Authority, Riverside County, California, Revenue
|
|||||
Bonds, Series 2011:
|
|||||
30
|
6.000%, 9/01/33
|
9/21 at 100.00
|
N/R
|
29,888
|
|
60
|
6.125%, 9/01/41
|
9/21 at 100.00
|
N/R
|
59,871
|
|
240
|
Pittsburg Redevelopment Agency, California, Tax Allocation Bonds, Los Medanos Community
|
9/18 at 100.00
|
BBB
|
239,726
|
|
Development Project, Refunding Series 2008A, 6.500%, 9/01/28
|
|||||
95
|
Rancho Santa Fe CSD Financing Authority, California, Revenue Bonds, Superior Lien Series
|
9/21 at 100.00
|
BBB+
|
96,909
|
|
2011A, 5.750%, 9/01/30
|
|||||
15
|
Riverside County Redevelopment Agency, California, Jurupa Valley Project Area 2011 Tax Allocation
|
10/21 at 100.00
|
A–
|
15,595
|
|
Bonds Series B, 6.500%, 10/01/25
|
|||||
1,500
|
San Francisco City and County, California, Certificates of Participation, Multiple Capital
|
4/19 at 100.00
|
AA–
|
1,559,550
|
|
Improvement Projects, Series 2009A, 5.250%, 4/01/31
|
|||||
15
|
San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds,
|
2/21 at 100.00
|
A–
|
16,077
|
|
Mission Bay North Redevelopment Project, Series 2011C, 6.750%, 8/01/41
|
|||||
San Francisco Redevelopment Financing Authority, California, Tax Allocation Revenue Bonds,
|
|||||
Mission Bay South Redevelopment Project, Series 2011D:
|
|||||
15
|
7.000%, 8/01/33
|
2/21 at 100.00
|
BBB
|
15,882
|
|
15
|
7.000%, 8/01/41
|
2/21 at 100.00
|
BBB
|
15,828
|
|
125
|
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment
|
8/17 at 100.00
|
Baa1
|
116,646
|
|
Project, Series 2006C, 5.000%, 8/01/25 – NPFG Insured
|
|||||
25
|
Signal Hill Redevelopment Agency, California, Project 1 Tax Allocation Bonds, Series 2011,
|
4/21 at 100.00
|
N/R
|
25,546
|
|
7.000%, 10/01/26
|
|||||
500
|
Val Verde Unified School District Financing Authority, California, Special Tax Revenue, Junior
|
10/13 at 102.00
|
N/R
|
500,115
|
|
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+
|
2,061,300
|
|
5.000%, 6/01/39
|
|||||
40
|
Yorba Linda Redevelopment Agency, Orange County, California, Tax Allocation Revenue Bonds,
|
9/21 at 100.00
|
A–
|
42,060
|
|
Yorba Linda Redevelopment Project, Subordinate Lien Series 2011A, 6.000%, 9/01/26
|
|||||
8,725
|
Total Tax Obligation/Limited
|
9,034,787
|
|||
Transportation – 2.1% (2.1% of Total Investments)
|
|||||
1,000
|
San Francisco Airports Commission, California, Revenue Bonds, San Francisco International
|
5/16 at 100.00
|
A+
|
1,070,840
|
|
Airport, Second Series 2002, Issue 32G, 5.000%, 5/01/24 – FGIC Insured
|
|||||
Utilities – 13.7% (13.6% of Total Investments)
|
|||||
1,000
|
M-S-R Energy Authority, California, Gas Revenue Bonds, Series 2009C, 6.500%, 11/01/39
|
No Opt. Call
|
A
|
1,097,670
|
|
2,495
|
Roseville Natural Gas Financing Authority, California, Gas Revenue Bonds, Series 2007,
|
No Opt. Call
|
A
|
2,537,590
|
|
5.000%, 2/15/17
|
|||||
2,400
|
Southern California Public Power Authority, Natural Gas Project 1 Revenue Bonds, Series 2007A,
|
No Opt. Call
|
Baa1
|
2,359,392
|
|
5.250%, 11/01/24
|
|||||
1,000
|
Tuolumne Wind Project Authority, California, Revenue Bonds, Tuolumne Company Project, Series
|
1/19 at 100.00
|
A+
|
1,093,240
|
|
2009A, 5.625%, 1/01/29
|
|||||
6,895
|
Total Utilities
|
7,087,892
|
|||
Water and Sewer – 5.8% (5.7% of Total Investments)
|
|||||
2,000
|
Orange County Sanitation District, California, Certificates of Participation, Series 2009,
|
2/19 at 100.00
|
AAA
|
2,434,800
|
|
Trust 3020, 17.435%, 2/01/35 (IF)
|
|||||
500
|
Western Riverside Water & Wastewater Financing Authority, California, Revenue Bonds, Western
|
8/19 at 100.00
|
AA–
|
531,890
|
|
Municipal Water District, Series 2009, 5.625%, 9/01/39 – AGC Insured
|
|||||
2,500
|
Total Water and Sewer
|
2,966,690
|
|||
$ 52,685
|
Total Investments (cost $46,953,130) – 100.8%
|
52,000,197
|
|||
Other Assets Less Liabilities – (0.8)% (5)
|
(393,691)
|
||||
Net Assets Applicable to Common Shares – 100%
|
$ 51,606,506
|
Investments in Derivatives at November 30, 2011:
|
||||||||
Forward Swaps outstanding:
|
||||||||
Fund
|
Fixed Rate
|
Unrealized
|
||||||
Notional
|
Pay/Receive
|
Floating Rate
|
Fixed Rate
|
Payment
|
Effective
|
Termination
|
Appreciation
|
|
Counterparty
|
Amount
|
Floating Rate
|
Index
|
(Annualized)
|
Frequency
|
Date (6)
|
Date
|
(Depreciation)
|
Barclays Bank PLC
|
$2,000,000
|
Receive
|
3-Month USD-LIBOR
|
4.746%
|
Semi-Annually
|
3/30/12
|
3/30/35
|
$(724,390)
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|
Investments:
|
||||
Municipal Bonds
|
$ —
|
$52,000,197
|
$ —
|
$52,000,197
|
Derivatives:
|
||||
Forward Swaps*
|
—
|
(724,390)
|
—
|
(724,390)
|
Total
|
$ —
|
$51,275,807
|
$ —
|
$51,275,807
|
Location on the Statement of Assets and Liabilities | ||||||
Underlying
|
Derivative
|
Asset Derivatives
|
Liability Derivatives
|
|||
Risk Exposure
|
Instrument
|
Location
|
Value
|
Location
|
Value
|
|
Interest Rate
|
Swaps
|
Unrealized appreciation
|
$ —
|
Unrealized appreciation
|
$724,390
|
|
on forward swaps*
|
on forward swaps*
|
Gross unrealized:
|
|
Appreciation
|
$5,433,162
|
Depreciation
|
(100,667)
|
Net unrealized appreciation (depreciation) of investments
|
$5,332,495
|
(1)
|
All percentages shown in the Portfolio of Investments are based on net assets applicable to Common
|
|
shares unless otherwise noted.
|
||
(2)
|
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption.
|
|
There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities
|
||
may be subject to periodic principal paydowns.
|
||
(3)
|
Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service,
|
|
Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or
|
||
BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any
|
||
of these national rating agencies.
|
||
(4)
|
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for
|
|
Investments in Derivatives.
|
||
(5)
|
Other Assets Less Liabilities includes the Unrealized Appreciation (Depreciation ) of derivative investments
|
|
as noted within Investments in Derivatives at November 30, 2011.
|
||
(6)
|
Effective date represents the date on which both the Fund and Counterparty commence interest payment
|
|
accruals on each forward swap contract.
|
||
N/R
|
Not rated.
|
|
(IF)
|
Inverse floating rate investment.
|
|
USB-LIBOR
|
United States Dollar-London Interbank Offered Rate.
|
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 Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (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 registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.
|