Unassociated Document



 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY
 
Investment Company Act file number 811-22272
 
Nuveen California Municipal Value Fund 2
(Exact name of registrant as specified in charter)
 
Nuveen Investments
        333 West Wacker Drive, Chicago, Illinois 60606         
(Address of principal executive offices) (Zip code)
 

Kevin J. McCarthy
Vice President and Secretary
        333 West Wacker Drive, Chicago, Illinois 60606         
(Name and address of agent for service)
 
Registrant's telephone number, including area code:         312-917-7700        
 
Date of fiscal year end:            2/28          
 
Date of reporting period:         11/30/12         
 
Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.
 
A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

 
 
 
 
 
Item 1. Schedule of Investments
 
 

 
           
   
Portfolio of Investments (Unaudited)
      
   
Nuveen California Municipal Value Fund 2 (NCB)
      
   
November 30, 2012
      
Principal
    
Optional Call
    
Amount (000)
  
Description (1)
Provisions (2)
Ratings (3)
Value
   
Consumer Staples – 5.1% (5.3% of Total Investments)
      
$     3,500
  
Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed
6/15 at 100.00
B–
$    3,012,135
   
Bonds, Series 2005A-1, 5.500%, 6/01/45
      
   
Education and Civic Organizations – 7.1% (7.3% of Total Investments)
      
500
  
California Educational Facilities Authority, Revenue Bonds, University of Redlands, Series
10/15 at 100.00
A3
540,380
   
2005A, 5.000%, 10/01/25
      
920
  
California Educational Facilities Authority, Revenue Bonds, University of the Pacific, Series
11/19 at 100.00
A2
1,053,142
   
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
2,404,040
   
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
BBB
172,307
   
Alliance College-Ready Public Schools, Series 2011A, 7.000%, 7/01/46
      
3,535
  
Total Education and Civic Organizations
    
4,169,869
   
Health Care – 24.1% (24.7% of Total Investments)
      
1,000
  
ABAG Finance Authority for Non-Profit Corporations, California, Cal-Mortgage Insured Health
5/19 at 100.00
A–
1,153,490
   
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
2,290,583
   
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
1,240,840
   
County, Series 2009A, 6.500%, 11/01/38
      
850
  
California Municipal Financing Authority, Certificates of Participation, Community Hospitals
2/17 at 100.00
BBB
906,687
   
of Central California, Series 2007, 5.250%, 2/01/27
      
700
  
California Statewide Communities Development Authority, Revenue Bonds, Adventist Health System
3/18 at 100.00
AA–
769,335
   
West, Series 2007B, 5.000%, 3/01/37 – AGC Insured
      
   
California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanante System,
      
   
Series 2006:
      
625
  
5.000%, 3/01/41
3/16 at 100.00
A+
686,438
2,000
  
5.250%, 3/01/45
3/16 at 100.00
A+
2,199,000
1,500
  
California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Series
8/18 at 100.00
AA
1,735,080
   
2004D, 5.050%, 8/15/38 – AGM Insured
      
800
  
Delaware County Hospital Authority, Indiana, Hospital Revenue Bonds, Cardinal Health System,
8/16 at 100.00
Baa2
864,776
   
Series 2006, 5.000%, 8/01/24
      
850
  
Illinois Finance Authority, Revenue Bonds, Sherman Health Systems, Series 2007A,
8/17 at 100.00
BBB
945,243
   
5.500%, 8/01/37
      
725
  
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010,
11/20 at 100.00
Baa3
799,537
   
6.000%, 11/01/41
      
380
  
San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011,
12/21 at 100.00
BB
480,050
   
7.500%, 12/01/41
      
12,330
  
Total Health Care
    
14,071,059
   
Housing/Multifamily – 1.0% (1.0% of Total Investments)
      
230
  
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects
8/20 at 100.00
BBB
257,862
   
Series 2010A, 6.400%, 8/15/45
      
70
  
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects
8/22 at 100.00
BBB
75,338
   
Series 2012A, 5.500%, 8/15/47
      
250
  
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects
8/22 at 100.00
A1
266,365
   
Series 2012B, 7.250%, 8/15/47
      
550
  
Total Housing/Multifamily
    
599,565
   
Housing/Single Family – 6.4% (6.6% of Total Investments)
      
1,205
  
California Housing Finance Agency, California, Home Mortgage Revenue Bonds, Series 2008L,
2/18 at 100.00
BBB
1,245,355
   
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
2,494,825
   
(Alternative Minimum Tax)
      
3,705
  
Total Housing/Single Family
    
3,740,180
   
Long-Term Care – 2.1% (2.2% of Total Investments)
      
1,000
  
California Health Facilities Financing Authority, Insured Revenue Bonds, Community Program for
2/21 at 100.00
A–
1,246,520
   
Persons with Developmental Disabilities, Series 2011A, 6.250%, 2/01/26
      
   
Materials – 1.0% (1.1% of Total Investments)
      
585
  
Courtland Industrial Development Board, Alabama, Solid Waste Revenue Bonds, International
6/15 at 100.00
BBB
607,212
   
Paper Company Project, Series 2005A, 5.200%, 6/01/25 (Alternative Minimum Tax)
      
   
Tax Obligation/General – 9.0% (9.2% of Total Investments)
      
2,000
  
California State, General Obligation Bonds, Various Purpose Series 2007, 5.000%,
6/17 at 100.00
A1
2,203,160
   
6/01/37 – NPFG Insured
      
2,100
  
Carlsbad Unified School District, San Diego County, California, General Obligation Bonds,
5/24 at 100.00
AA
1,778,826
   
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
1,281,907
5,220
  
Total Tax Obligation/General
    
5,263,893
   
Tax Obligation/Limited – 17.8% (18.3% of Total Investments)
      
500
  
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series
3/20 at 100.00
A2
605,980
   
2010A-1, 6.000%, 3/01/35
      
160
  
Fontana Redevelopment Agency, California, Jurupa Hills Redevelopment Project, Tax Allocation
4/13 at 100.00
A–
160,938
   
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+
149,807
   
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+
1,163,210
   
Project Areas Housing Programs, Series 2009, 6.875%, 8/01/39
      
   
National City Community Development Commission, California, Tax Allocation Bonds, National
      
   
City Redevelopment Project, Series 2011:
      
1,135
  
5.000%, 8/01/16
No Opt. Call
A–
1,238,319
80
  
6.500%, 8/01/24
8/21 at 100.00
A–
102,060
30
  
Novato Redevelopment Agency, California, Tax Allocation Bonds, Hamilton Field Redevelopment
9/21 at 100.00
BBB+
35,601
   
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
3/13 at 103.00
N/R
30,993
60
  
6.125%, 9/01/41
3/13 at 103.00
N/R
61,966
240
  
Pittsburg Redevelopment Agency, California, Tax Allocation Bonds, Los Medanos Community
9/18 at 100.00
BBB–
265,349
   
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+
110,989
   
2011A, 5.750%, 9/01/30
      
15
  
Riverside County Redevelopment Agency, California, Tax Allocation Bonds, Jurupa Valley Project
10/21 at 100.00
A–
17,320
   
Area, Series 2011B, 6.500%, 10/01/25
      
1,000
  
San Francisco City and County Redevelopment Financing Authority, California, Tax Allocation
8/19 at 100.00
A
1,193,240
   
Revenue Bonds, San Francisco Redevelopment Projects, Series 2009B, 6.625%, 8/01/39
      
1,500
  
San Francisco City and County, California, Certificates of Participation, Multiple Capital
4/19 at 100.00
AA–
1,727,460
   
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–
18,217
   
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
17,825
15
  
7.000%, 8/01/41
2/21 at 100.00
BBB
17,595
125
  
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment
8/17 at 100.00
BBB
128,499
   
Project, Series 2006C, 5.000%, 8/01/25 – NPFG Insured
      
585
  
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment
8/17 at 100.00
BBB
599,139
   
Project, Series 2006D, 5.000%, 8/01/22 – AMBAC Insured
      
25
  
Signal Hill Redevelopment Agency, California, Project 1 Tax Allocation Bonds, Series 2011,
4/21 at 100.00
N/R
28,155
   
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
515,570
   
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+
2,155,200
   
5.000%, 6/01/39
      
40
  
Yorba Linda Redevelopment Agency, Orange County, California, Tax Allocation Revenue Bonds,
9/21 at 100.00
A–
49,065
   
Yorba Linda Redevelopment Project, Subordinate Lien Series 2011A, 6.000%, 9/01/26
      
9,310
  
Total Tax Obligation/Limited
    
10,392,497
   
Transportation – 1.0% (1.0% of Total Investments)
      
500
  
San Francisco Airports Commission, California, Revenue Bonds, San Francisco International
5/16 at 100.00
A+
561,315
   
Airport, Second Series 2002, Issue 32G, 5.000%, 5/01/24 – FGIC Insured
      
   
U.S. Guaranteed – 0.2% (0.2% of Total Investments) (4)
      
80
  
California Educational Facilities Authority, Revenue Bonds, University of the Pacific, Series
11/19 at 100.00
A2 (4)
102,426
   
2009, 5.500%, 11/01/39 (Pre-refunded 11/01/19)
      
   
Utilities – 14.1% (14.5% 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
1,436,720
2,495
  
Roseville Natural Gas Financing Authority, California, Gas Revenue Bonds, Series 2007,
No Opt. Call
A
2,800,114
   
5.000%, 2/15/17
      
2,400
  
Southern California Public Power Authority, Natural Gas Project 1 Revenue Bonds, Series 2007A,
No Opt. Call
Baa1
2,815,368
   
5.250%, 11/01/24
      
1,000
  
Tuolumne Wind Project Authority, California, Revenue Bonds, Tuolumne Company Project, Series
1/19 at 100.00
A+
1,187,810
   
2009A, 5.625%, 1/01/29
      
6,895
  
Total Utilities
    
8,240,012
   
Water and Sewer – 8.4% (8.6% of Total Investments)
      
2,000
  
Orange County Sanitation District, California, Certificates of Participation, Tender Option
2/19 at 100.00
AAA
3,382,200
   
Bond Trust 2009 17.464%, 2/01/35 (IF) (5)
      
800
  
San Francisco City and County Public Utilities Commission, California, Water Revenue Bonds,
5/22 at 100.00
AA–
943,726
   
Series 2012A, 5.000%, 11/01/43
      
500
  
Western Riverside Water & Wastewater Financing Authority, California, Revenue Bonds, Western
8/19 at 100.00
AA
581,160
   
Municipal Water District, Series 2009, 5.625%, 9/01/39 – AGC Insured
      
3,300
  
Total Water and Sewer
    
4,907,086
$ 50,510
  
Total Investments (cost $45,577,190) – 97.3%
    
56,913,769
   
Other Assets Less Liabilities – 2.7% (6)
    
1,554,983
   
Net Assets Applicable to Common Shares – 100%
    
$ 58,468,752
 
 
 
 
 
 

 
                 
Forward Swaps outstanding at November 30, 2012:
            
   
Fund
    
Fixed Rate
    
Unrealized
 
Notional
Pay/Receive
Floating Rate
Fixed Rate
Payment
Effective
Termination
Appreciation
Counterparty
Amount
Floating Rate
Index
(Annualized)
Frequency
Date (7)
Date
(Depreciation)
Barclays Bank PLC
$1,000,000
Receive
3-Month USD-LIBOR
3.190%
Semi-Annually
4/30/14
4/30/34
$(96,170)
 
 
Fair Value Measurements
 
Fair value is defined as the price that the Fund would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
 
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).
 
The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of the Fund’s fair value measurements as of the end of the reporting period:
 
         
 
Level 1
Level 2
Level 3
Total
Long-Term Investments*:
        
Municipal Bonds
$ —
$56,913,769
$ —
$56,913,769
Derivatives:
        
Forward Swaps**
—
(96,170)
—
(96,170)
Total*
$ —
$56,817,599
$ —
$56,817,599
         
* Refer to the Fund’s Portfolio of Investments for industry classifications.
 
** Represents net unrealized appreciation (depreciation) as reported in the Fund’s Portfolio of Investments.
 
The Nuveen funds’ Board of Directors/Trustees is responsible for the valuation process and has delegated the oversight of the daily valuation process to the Adviser’s Valuation Committee. The Valuation Committee, pursuant to the valuation policies and procedures adopted by the Board of Directors/Trustees, is responsible for making fair value determinations, evaluating the effectiveness of the funds’ pricing policies, and reporting to the Board of Directors/Trustees. The Valuation Committee is aided in its efforts by the Adviser’s dedicated Securities Valuation Team, which is responsible for administering the daily valuation process and applying fair value methodologies as approved by the Valuation Committee. When determining the reliability of independent pricing services for investments owned by the funds, the Valuation Committee, among other things, conducts due diligence reviews of the pricing services and monitors the quality of security prices received through various testing reports conducted by the Securities Valuation Team.
 
The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible methodologies include, but are not limited to, multiple of earnings; discount from market of a similar freely traded security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield analysis; yield to maturity; and/or fundamental investment analysis. The Valuation Committee will also consider factors it deems relevant and appropriate in light of the facts and circumstances. Examples of possible factors include, but are not limited to, the type of security; the issuer’s financial statements; the purchase price of the security; the discount from market value of unrestricted securities of the same class at the time of purchase; analysts’ research and observations from financial institutions; information regarding any transactions or offers with respect to the security; the existence of merger proposals or tender offers affecting the security; the price and extent of public trading in similar securities of the issuer or comparable companies; and the existence of a shelf registration for restricted securities.
 
For each portfolio security that has been fair valued pursuant to the policies adopted by the Board of Directors/ Trustees, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such testing and fair valuation occurrences are reported to the Board of Directors/Trustees.
 
Derivative Instruments and Hedging Activities
 
The Fund records derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Fund's investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes.
 
The following table presents the fair value of all derivative instruments held by the Fund of November 30, 2012, the location of these instruments on the Statement of Assets and Liabilities, and the primary underlying risk exposure.
 
             
     
Location on the Statement of Assets and Liabilities
  
Underlying
Derivative
   Asset Derivatives  
Liability Derivatives
Risk Exposure
Instruments
Location
Value
  
Location
Value
Interest Rate
Swaps
      
Unrealized depreciation
  
   
—
$ —
  
on forward swaps
$(96,170)
 
Income Tax Information
 
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 November 30, 2012, the cost of investments (excluding investments in derivatives) was $45,193,681.
 
Gross unrealized appreciation and gross unrealized depreciation of investments (excluding investments in derivatives) at November 30, 2012, were as follows:
 
   
Gross unrealized:
  
Appreciation
$11,720,088
Depreciation
—
Net unrealized appreciation (depreciation) of investments
$11,720,088
 
 
     
(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. Holdings designated N/R are not rated by
   
any of these national rating agencies.
(4)
  
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities,
   
which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or
   
agency securities are regarded as having an implied rating equal to the rating of such securities.
(5)
  
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for
   
investments in inverse floating rate transactions.
(6)
  
Other Assets Less Liabilities includes the Unrealized Appreciation (Depreciation) of derivative investments
   
as noted within Investments in Derivatives at August 31, 2012.
(7)
  
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.
USD-LIBOR
  
United States Dollar-London Interbank Offered Rate.

 
 
 
 
 
 
 
Item 2. Controls and Procedures.

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

File as exhibits as part of this Form 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)), exactly as set forth below: See EX-99 CERT attached hereto.

 
 
 
 
 
SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
(Registrant)  Nuveen California Municipal Value Fund 2 
 
By (Signature and Title)     /s/ Kevin J. McCarthy                    
                                                   Kevin J. McCarthy
                                                   Vice President and Secretary
 
Date:         January 29, 2013        
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
 
By (Signature and Title)     /s/ Gifford R. Zimmerman                    
                                                    Gifford R. Zimmerman
                                                  Chief Administrative Officer (principal executive officer) 
 
Date:         January 29, 2013        
 
By (Signature and Title)     /s/ Stephen D. Foy                              
                                                   Stephen D. Foy
                                                  Vice President and Controller (principal financial officer) 
 
Date:         January 29, 2013