Portfolio of Investments
|
|||||
Nuveen California Dividend Advantage Municipal Fund 2 (NVX)
|
|||||
November 30, 2015 (Unaudited)
|
|||||
Principal
|
Optional Call
|
||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
LONG-TERM INVESTMENTS – 139.5% (99.5% of Total Investments)
|
|||||
MUNICIPAL BONDS – 139.5% (99.5% of Total Investments)
|
|||||
Consumer Staples – 8.0% (5.7% of Total Investments)
|
|||||
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds,
|
|||||
Los Angeles County Securitization Corporation, Series 2006A:
|
|||||
$ 2,000
|
5.600%, 6/01/36
|
12/18 at 100.00
|
B
|
$ 1,981,960
|
|
2,000
|
5.650%, 6/01/41
|
12/18 at 100.00
|
B2
|
1,965,540
|
|
255
|
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds,
|
12/15 at 100.00
|
BBB+
|
255,003
|
|
Sonoma County Tobacco Securitization Corporation, Series 2005, 4.250%, 6/01/21
|
|||||
1,995
|
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds,
|
12/15 at 100.00
|
Baa1
|
1,995,140
|
|
Stanislaus County Tobacco Funding Corporation, Series 2002A, 5.500%, 6/01/33
|
|||||
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed
|
|||||
Bonds, Series 2007A-1:
|
|||||
3,770
|
5.000%, 6/01/33
|
6/17 at 100.00
|
B
|
3,439,220
|
|
6,040
|
5.750%, 6/01/47
|
6/17 at 100.00
|
B
|
5,595,939
|
|
3,660
|
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed
|
6/22 at 100.00
|
B
|
3,328,148
|
|
Bonds, Series 2007A-2, 5.300%, 6/01/37
|
|||||
19,720
|
Total Consumer Staples
|
18,560,950
|
|||
Education and Civic Organizations – 2.8% (2.0% of Total Investments)
|
|||||
1,775
|
ABAG Finance Authority for Non-Profit Corporations, California, Revenue Bonds, The Jackson
|
7/22 at 100.00
|
A1
|
1,974,475
|
|
Laboratory, Series 2012, 5.000%, 7/01/37
|
|||||
555
|
California Municipal Finance Authority, Charter School Revenue Bonds, Rocketship Education
|
6/22 at 102.00
|
N/R
|
627,017
|
|
Multiple Projects, Series 2014A , 7.250%, 6/01/43
|
|||||
2,500
|
California Municipal Finance Authority, Revenue Bonds, University of La Verne, Series 2010A,
|
6/20 at 100.00
|
A–
|
2,857,850
|
|
6.250%, 6/01/40
|
|||||
850
|
California Statewide Communities Development Authority, School Facility Revenue Bonds,
|
7/21 at 100.00
|
BBB–
|
956,735
|
|
Alliance College-Ready Public Schools, Series 2011A, 7.000%, 7/01/46
|
|||||
5,680
|
Total Education and Civic Organizations
|
6,416,077
|
|||
Health Care – 15.8% (11.3% of Total Investments)
|
|||||
570
|
California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health,
|
8/25 at 100.00
|
AA–
|
649,908
|
|
Refunding Series 2015A, 5.000%, 8/15/43
|
|||||
395
|
California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard
|
8/24 at 100.00
|
AA
|
444,490
|
|
Children’s Hospital, Series 2014A, 5.000%, 8/15/43
|
|||||
435
|
California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services,
|
10/24 at 100.00
|
AA
|
494,473
|
|
Series 2014A, 5.000%, 10/01/38
|
|||||
855
|
California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services,
|
10/24 at 100.00
|
AA
|
960,003
|
|
Series 2014B, 5.000%, 10/01/44
|
|||||
895
|
California Health Facilities Financing Authority, Revenue Bonds, Rady Children’s Hospital –
|
8/21 at 100.00
|
AA–
|
997,648
|
|
San Diego, Series 2011, 5.250%, 8/15/41
|
|||||
1,500
|
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2007A,
|
11/16 at 100.00
|
AA–
|
1,549,335
|
|
5.250%, 11/15/46
|
|||||
2,470
|
California Municipal Financing Authority, Certificates of Participation, Community Hospitals
|
2/17 at 100.00
|
A–
|
2,563,588
|
|
of Central California, Series 2007, 5.250%, 2/01/27
|
|||||
1,300
|
California Statewide Communities Development Authority, Revenue Bonds, Adventist Health
|
3/26 at 100.00
|
A
|
1,466,114
|
|
System/West, Series 2015A, 5.000%, 3/01/35
|
|||||
3,200
|
California Statewide Communities Development Authority, Revenue Bonds, Kaiser Permanente,
|
4/22 at 100.00
|
A+
|
3,572,544
|
|
Series 2012A, 5.000%, 4/01/42
|
|||||
5,245
|
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity
|
1/16 at 100.00
|
CCC
|
4,741,900
|
|
Health System, Series 2005A, 5.250%, 7/01/35
|
|||||
425
|
California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanente
|
8/16 at 100.00
|
A+
|
437,045
|
|
System, Series 2001C, 5.250%, 8/01/31
|
|||||
1,035
|
California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Series
|
8/18 at 100.00
|
AA
|
1,100,019
|
|
2004D, 5.050%, 8/15/38 – AGM Insured
|
|||||
1,610
|
Madera County, California, Certificates of Participation, Children’s Hospital Central
|
3/20 at 100.00
|
AA–
|
1,789,563
|
|
California, Series 2010, 5.375%, 3/15/36
|
|||||
455
|
Oak Valley Hospital District, Stanislaus County, California, Revenue Bonds, Series 2010A,
|
11/20 at 100.00
|
BB
|
477,946
|
|
6.500%, 11/01/29
|
|||||
1,500
|
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009,
|
11/19 at 100.00
|
Ba1
|
1,654,920
|
|
6.625%, 11/01/29
|
|||||
4,800
|
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010,
|
11/20 at 100.00
|
Ba1
|
5,101,296
|
|
6.000%, 11/01/41
|
|||||
5,785
|
Rancho Mirage Joint Powers Financing Authority, California, Revenue Bonds, Eisenhower Medical
|
7/17 at 100.00
|
Baa2
|
5,975,500
|
|
Center, Series 2007A, 5.000%, 7/01/38
|
|||||
2,250
|
San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011,
|
12/21 at 100.00
|
BB+
|
2,739,600
|
|
7.500%, 12/01/41
|
|||||
34,725
|
Total Health Care
|
36,715,892
|
|||
Housing/Multifamily – 1.4% (1.0% of Total Investments)
|
|||||
1,280
|
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects
|
8/20 at 100.00
|
BBB
|
1,437,402
|
|
Series 2010A, 6.400%, 8/15/45
|
|||||
410
|
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects
|
8/22 at 100.00
|
BBB
|
456,863
|
|
Series 2012A, 5.500%, 8/15/47
|
|||||
940
|
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects
|
8/22 at 100.00
|
A1
|
1,089,328
|
|
Series 2012B, 7.250%, 8/15/47
|
|||||
California Municipal Finance Authority, Mobile Home Park Senior Revenue Bonds, Caritas
|
|||||
Affordable Housing, Inc. Projects, Series 2014A:
|
|||||
80
|
5.250%, 8/15/39
|
8/24 at 100.00
|
BBB
|
89,788
|
|
220
|
5.250%, 8/15/49
|
8/24 at 100.00
|
BBB
|
246,096
|
|
2,930
|
Total Housing/Multifamily
|
3,319,477
|
|||
Housing/Single Family – 3.2% (2.3% of Total Investments)
|
|||||
5,775
|
California Housing Finance Agency, California, Home Mortgage Revenue Bonds, Series 2006M,
|
2/16 at 100.00
|
A
|
5,777,310
|
|
4.650%, 8/01/31 (Alternative Minimum Tax)
|
|||||
1,490
|
California Housing Finance Agency, California, Home Mortgage Revenue Bonds, Series 2007G,
|
2/17 at 100.00
|
A
|
1,514,347
|
|
5.050%, 2/01/29 (Alternative Minimum Tax)
|
|||||
45
|
California Housing Finance Agency, Home Mortgage Revenue Bonds, Series 2006H, 5.750%,
|
2/16 at 100.00
|
A
|
45,788
|
|
8/01/30 – FGIC Insured (Alternative Minimum Tax)
|
|||||
7,310
|
Total Housing/Single Family
|
7,337,445
|
|||
Industrials – 0.0% (0.0% of Total Investments)
|
|||||
3,175
|
California Statewide Communities Development Authority, Revenue Bonds, EnerTech Regional
|
No Opt. Call
|
N/R
|
10,001
|
|
Biosolids Project, Series 2007A, 5.500%, 12/01/33 (Alternative Minimum Tax) (4)
|
|||||
Tax Obligation/General – 32.8% (23.4% of Total Investments)
|
|||||
1,300
|
Alhambra Unified School District, Los Angeles County, California, General Obligation Bonds,
|
8/22 at 100.00
|
Aa3
|
1,511,549
|
|
Refunding Series 2012A, 5.000%, 8/01/29 – AGM Insured
|
|||||
4,000
|
California State, General Obligation Bonds, Various Purpose Refunding Series 2014,
|
8/24 at 100.00
|
AA–
|
4,683,120
|
|
5.000%, 8/01/31
|
|||||
California State, General Obligation Bonds, Various Purpose Refunding Series 2015:
|
|||||
675
|
5.000%, 8/01/32
|
2/25 at 100.00
|
AA–
|
793,139
|
|
2,000
|
5.000%, 8/01/34
|
8/25 at 100.00
|
AA–
|
2,350,020
|
|
13,850
|
California State, General Obligation Bonds, Various Purpose Series 2009, 6.000%, 4/01/38
|
4/19 at 100.00
|
AA–
|
16,146,189
|
|
California State, General Obligation Bonds, Various Purpose Series 2010:
|
|||||
2,000
|
6.000%, 3/01/33
|
3/20 at 100.00
|
AA–
|
2,402,340
|
|
1,000
|
5.250%, 11/01/40
|
11/20 at 100.00
|
AA–
|
1,166,330
|
|
California State, General Obligation Bonds, Various Purpose Series 2011:
|
|||||
4,850
|
5.250%, 10/01/28
|
No Opt. Call
|
AA–
|
5,758,163
|
|
2,300
|
5.000%, 9/01/41
|
9/21 at 100.00
|
AA–
|
2,591,778
|
|
2,190
|
5.000%, 10/01/41
|
10/21 at 100.00
|
AA–
|
2,471,568
|
|
California State, General Obligation Bonds, Various Purpose Series 2013:
|
|||||
2,500
|
5.000%, 2/01/43
|
No Opt. Call
|
AA–
|
2,834,075
|
|
2,240
|
5.000%, 11/01/43
|
11/23 at 100.00
|
AA–
|
2,567,264
|
|
California State, General Obligation Bonds, Various Purpose Series 2014:
|
|||||
2,000
|
5.000%, 5/01/32
|
5/24 at 100.00
|
AA–
|
2,324,700
|
|
1,815
|
5.000%, 10/01/44
|
10/24 at 100.00
|
AA–
|
2,076,669
|
|
32,730
|
Desert Community College District, Riverside County, California, General Obligation Bonds,
|
No Opt. Call
|
AA
|
6,598,041
|
|
Election 2004 Series 2007C, 0.000%, 8/01/46 – AGM Insured
|
|||||
1,285
|
Los Angeles Unified School District, Los Angeles County, California, General Obligation Bonds,
|
7/19 at 100.00
|
Aa2
|
1,457,653
|
|
Series 2009D, 5.000%, 7/01/27
|
|||||
1,265
|
Palomar Pomerado Health, California, General Obligation Bonds, Capital Appreciation, Election
|
8/17 at 100.00
|
AA–
|
1,332,652
|
|
of 2004, Series 2007A, 5.000%, 8/01/32 – NPFG Insured
|
|||||
10,330
|
Palomar Pomerado Health, California, General Obligation Bonds, Convertible Capital
|
No Opt. Call
|
A+
|
4,268,046
|
|
Appreciation, Election 2004 Series 2010A, 0.000%, 8/01/35
|
|||||
2,000
|
Paramount Unified School District, Los Angeles County, California, General Obligation Bonds,
|
No Opt. Call
|
A+
|
1,722,260
|
|
Election 2006 Series 2011, 0.000%, 8/01/45
|
|||||
2,000
|
Puerto Rico, General Obligation Bonds, Public Improvement Series 2002A, 5.500%, 7/01/20 –
|
No Opt. Call
|
AA–
|
2,038,380
|
|
NPFG Insured
|
|||||
1,425
|
San Joaquin Delta Community College District, California, General Obligation Bonds, Refunding
|
8/25 at 100.00
|
Aa2
|
1,680,973
|
|
Series 2015A, 5.000%, 8/01/32
|
|||||
21,000
|
San Marcos Unified School District, San Diego County, California, General Obligation Bonds,
|
No Opt. Call
|
AA–
|
4,426,170
|
|
2010 Election, Series 2012B, 0.000%, 8/01/51
|
|||||
1,000
|
Southwestern Community College District, San Diego County, California, General Obligation
|
8/21 at 100.00
|
Aa2
|
1,135,430
|
|
Bonds, Election of 2008, Series 2011C, 5.250%, 8/01/36
|
|||||
1,600
|
Yuba Community College District, California, General Obligation Bonds, Election 2006 Series
|
8/21 at 100.00
|
Aa2
|
1,867,744
|
|
2011C, 5.250%, 8/01/47
|
|||||
117,355
|
Total Tax Obligation/General
|
76,204,253
|
|||
Tax Obligation/Limited – 27.1% (19.3% of Total Investments)
|
|||||
7,000
|
California State Public Works Board, Lease Revenue Bonds, Department of Corrections &
|
9/23 at 100.00
|
A+
|
8,316,209
|
|
Rehabilitation, Various Correctional Facilities Series 2013F, 5.250%, 9/01/31
|
|||||
3,525
|
California State Public Works Board, Lease Revenue Bonds, Department of Corrections &
|
9/24 at 100.00
|
A+
|
4,034,821
|
|
Rehabilitation, Various Correctional Facilities Series 2014A, 5.000%, 9/01/39
|
|||||
3,770
|
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series
|
11/22 at 100.00
|
A+
|
4,290,901
|
|
2012G, 5.000%, 11/01/37
|
|||||
4,520
|
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series
|
9/24 at 100.00
|
A+
|
5,173,728
|
|
2014E, 5.000%, 9/01/39
|
|||||
960
|
Fontana Redevelopment Agency, San Bernardino County, California, Tax Allocation Bonds,
|
4/16 at 100.00
|
A
|
969,715
|
|
Jurupa Hills Redevelopment Project, Refunding Series 1997A, 5.500%, 10/01/27
|
|||||
10,000
|
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement
|
6/25 at 100.00
|
A+
|
11,220,899
|
|
Asset-Backed Revenue Bonds, Series 2015A, 5.000%, 6/01/45
|
|||||
1,785
|
Hawthorne Community Redevelopment Agency, California, Tax Allocation Bonds, Project Area 2,
|
9/16 at 100.00
|
N/R
|
1,813,792
|
|
Series 2006, 5.250%, 9/01/36 – SYNCORA GTY Insured
|
|||||
1,800
|
Hesperia Unified School District, San Bernardino County, California, Certificates of Participation,
|
2/17 at 100.00
|
A–
|
1,871,334
|
|
Capital Improvement, Series 2007, 5.000%, 2/01/41 – AMBAC Insured
|
|||||
1,500
|
Hesperia Unified School District, San Bernardino County, California, Certificates of
|
2/23 at 100.00
|
AA
|
1,633,560
|
|
Participation, Series 2013A, 5.000%, 2/01/38 – BAM Insured
|
|||||
870
|
Inglewood Redevelopment Agency, California, Tax Allocation Bonds, Merged Redevelopment
|
5/17 at 100.00
|
BBB+
|
894,395
|
|
Project, Subordinate Lien Series 2007A-1, 5.000%, 5/01/23 – AMBAC Insured
|
|||||
Irvine Unified School District, California, Special Tax Bonds, Community Facilities District
|
|||||
Series 2006A:
|
|||||
205
|
5.000%, 9/01/26
|
9/16 at 100.00
|
N/R
|
208,579
|
|
470
|
5.125%, 9/01/36
|
9/16 at 100.00
|
N/R
|
477,515
|
|
1,000
|
Lake Elsinore Public Financing Authority, California, Local Agency Revenue Bonds, Refunding
|
9/25 at 100.00
|
N/R
|
1,069,470
|
|
Series 2015, 5.000%, 9/01/40
|
|||||
415
|
Lammersville School District, San Joaquin County, California, Special Tax Bonds, Community
|
9/16 at 100.00
|
N/R
|
422,391
|
|
Facilities District 2002 Mountain House, Series 2006, 5.125%, 9/01/35
|
|||||
800
|
Los Angeles Community Redevelopment Agency, California, Lease Revenue Bonds, Manchester
|
3/16 at 100.00
|
A1
|
801,368
|
|
Social Services Project, Series 2005, 5.000%, 9/01/37 – AMBAC Insured
|
|||||
1,350
|
Los Angeles County Public Works Financing Authority, California, Lease Revenue Bonds, Multiple
|
No Opt. Call
|
AA
|
1,523,948
|
|
Capital Facilities Project II, Series 2012, 5.000%, 8/01/42
|
|||||
750
|
Lynwood Redevelopment Agency, California, Project A Revenue Bonds, Subordinate Lien Series
|
9/21 at 100.00
|
A–
|
931,575
|
|
2011A, 7.000%, 9/01/31
|
|||||
475
|
National City Community Development Commission, California, Tax Allocation Bonds, National
|
8/21 at 100.00
|
A–
|
591,708
|
|
City Redevelopment Project, Series 2011, 6.500%, 8/01/24
|
|||||
175
|
Novato Redevelopment Agency, California, Tax Allocation Bonds, Hamilton Field Redevelopment
|
9/21 at 100.00
|
BBB+
|
211,587
|
|
Project, Series 2011, 6.750%, 9/01/40
|
|||||
195
|
Patterson Public Finance Authority, California, Revenue Bonds, Community Facilities District
|
9/23 at 100.00
|
N/R
|
210,231
|
|
2001-1, Subordinate Lien Series 2013B , 5.875%, 9/01/39
|
|||||
Patterson Public Financing Authority, California, Revenue Bonds, Community Facilities District
|
|||||
2001-1, Senior Series 2013A:
|
|||||
1,195
|
5.250%, 9/01/30
|
9/23 at 100.00
|
N/R
|
1,288,688
|
|
1,080
|
5.750%, 9/01/39
|
9/23 at 100.00
|
N/R
|
1,172,102
|
|
3,085
|
Pittsburg Redevelopment Agency, California, Tax Allocation Bonds, Los Medanos Community
|
9/18 at 100.00
|
BBB–
|
3,364,655
|
|
Development Project, Refunding Series 2008A, 6.500%, 9/01/28
|
|||||
6,275
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%,
|
No Opt. Call
|
AA–
|
933,846
|
|
8/01/45 – NPFG Insured
|
|||||
550
|
Rancho Santa Fe CSD Financing Authority, California, Revenue Bonds, Superior Lien Series
|
9/21 at 100.00
|
BBB+
|
625,603
|
|
2011A, 5.750%, 9/01/30
|
|||||
100
|
Riverside County Redevelopment Agency, California, Tax Allocation Bonds, Jurupa Valley Project
|
10/21 at 100.00
|
A
|
122,827
|
|
Area, Series 2011B, 6.500%, 10/01/25
|
|||||
225
|
Roseville, California, Special Tax Bonds, Community Facilities District 1 Westpark, Refunding
|
9/25 at 100.00
|
N/R
|
241,130
|
|
Series 2015, 5.000%, 9/01/37
|
|||||
San Buenaventura Redevelopment Agency, California, Merged Project Areas Tax Allocation Bonds,
|
|||||
Series 2008:
|
|||||
1,000
|
7.750%, 8/01/28
|
8/16 at 102.00
|
A
|
1,062,470
|
|
1,325
|
8.000%, 8/01/38
|
8/16 at 102.00
|
A
|
1,409,204
|
|
60
|
San Clemente, California, Special Tax Revenue Bonds, Community Facilities District 2006-1
|
9/25 at 100.00
|
N/R
|
64,415
|
|
Marblehead Coastal, Series 2015, 5.000%, 9/01/40 (WI/DD, Settling 12/03/15)
|
|||||
990
|
San Diego, California, Special Tax Bonds, Community Facilities District 4 Black Mountain Ranch
|
3/16 at 100.00
|
N/R
|
1,024,977
|
|
Villages, Series 2008A, 6.000%, 9/01/37
|
|||||
210
|
San Francisco City and County Redevelopment Agency Successor Agency, California, Special Tax
|
No Opt. Call
|
N/R
|
222,625
|
|
Bonds, Community Facilities District 7, Hunters Point Shipyard Phase One Improvements,
|
|||||
Refunding Series 2014, 5.000%, 8/01/39
|
|||||
80
|
San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds,
|
2/21 at 100.00
|
A–
|
96,636
|
|
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:
|
|||||
85
|
7.000%, 8/01/33
|
2/21 at 100.00
|
BBB+
|
102,190
|
|
105
|
7.000%, 8/01/41
|
2/21 at 100.00
|
BBB+
|
126,235
|
|
995
|
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment
|
8/17 at 100.00
|
BBB+
|
1,050,680
|
|
Project, Refunding Series 2006D, 5.000%, 8/01/23 – AMBAC Insured
|
|||||
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment
|
|||||
Project, Series 2006C:
|
|||||
1,100
|
5.000%, 8/01/24 – NPFG Insured
|
8/17 at 100.00
|
AA–
|
1,168,321
|
|
765
|
5.000%, 8/01/25 – NPFG Insured
|
8/17 at 100.00
|
AA–
|
810,938
|
|
140
|
Signal Hill Redevelopment Agency, California, Project 1 Tax Allocation Bonds, Series 2011,
|
4/21 at 100.00
|
N/R
|
158,144
|
|
7.000%, 10/01/26
|
|||||
930
|
Temecula Public Financing Authority, California, Special Tax Bonds, Community Facilities
|
3/16 at 100.00
|
N/R
|
930,391
|
|
District 03-02 Roripaugh, Series 2006, 5.500%, 9/01/36
|
|||||
240
|
Yorba Linda Redevelopment Agency, Orange County, California, Tax Allocation Revenue Bonds,
|
9/21 at 100.00
|
A–
|
291,703
|
|
Yorba Linda Redevelopment Project, Subordinate Lien Series 2011A, 6.500%, 9/01/32
|
|||||
62,100
|
Total Tax Obligation/Limited
|
62,935,506
|
|||
Transportation – 15.5% (11.1% of Total Investments)
|
|||||
2,000
|
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series
|
4/23 at 100.00
|
AA–
|
2,279,160
|
|
2013S-4, 5.250%, 4/01/48
|
|||||
2,240
|
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds,
|
1/24 at 100.00
|
BB+
|
2,653,235
|
|
Refunding Junior Lien Series 2013C, 6.500%, 1/15/43
|
|||||
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds,
|
|||||
Refunding Series 2013A:
|
|||||
4,940
|
5.750%, 1/15/46
|
1/24 at 100.00
|
BBB–
|
5,738,897
|
|
4,935
|
6.000%, 1/15/53
|
1/24 at 100.00
|
BBB–
|
5,762,698
|
|
Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International
|
|||||
Airport, Senior Lien Series 2015D:
|
|||||
870
|
5.000%, 5/15/31 (Alternative Minimum Tax)
|
5/25 at 100.00
|
AA
|
1,008,469
|
|
3,810
|
5.000%, 5/15/33 (Alternative Minimum Tax)
|
5/25 at 100.00
|
AA
|
4,365,841
|
|
1,000
|
5.000%, 5/15/36 (Alternative Minimum Tax)
|
5/25 at 100.00
|
AA
|
1,136,270
|
|
4,000
|
Los Angeles Harbors Department, California, Revenue Bonds, Refunding Series 2014B,
|
8/24 at 100.00
|
AA
|
4,560,680
|
|
5.000%, 8/01/44
|
|||||
Port of Oakland, California, Revenue Bonds, Refunding Series 2012P:
|
|||||
1,545
|
5.000%, 5/01/29 (Alternative Minimum Tax)
|
No Opt. Call
|
A+
|
1,755,074
|
|
1,000
|
5.000%, 5/01/31 (Alternative Minimum Tax)
|
No Opt. Call
|
A+
|
1,127,170
|
|
1,000
|
Riverside County Transportation Commission, California, Toll Revenue Senior Lien Bonds, Series
|
6/23 at 100.00
|
BBB–
|
1,139,560
|
|
2013A, 5.750%, 6/01/44
|
|||||
4,000
|
San Diego County Regional Airport Authority, California, Airport Revenue Bonds, Senior Series
|
7/23 at 100.00
|
A+
|
4,393,800
|
|
2013B, 5.000%, 7/01/43 (Alternative Minimum Tax)
|
|||||
31,340
|
Total Transportation
|
35,920,854
|
|||
U.S. Guaranteed – 9.4% (6.7% of Total Investments) (5)
|
|||||
1,930
|
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series
|
4/16 at 100.00
|
AA (5)
|
1,961,131
|
|
2006F, 5.000%, 4/01/31 (Pre-refunded 4/01/16) (UB)
|
|||||
1,430
|
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Tender
|
4/18 at 100.00
|
AA (5)
|
1,965,220
|
|
Option Bond Trust 3211, 13.558%, 10/01/32 (Pre-refunded 4/01/18) (IF)
|
|||||
1,745
|
California Municipal Financing Authority, Certificates of Participation, Community Hospitals
|
2/17 at 100.00
|
N/R (5)
|
1,839,928
|
|
of Central California, Series 2007, 5.250%, 2/01/27 (Pre-refunded 2/01/17)
|
|||||
2,945
|
California State Public Works Board, Lease Revenue Bonds, University of California Regents,
|
3/18 at 100.00
|
Aaa
|
3,493,712
|
|
Tender Option Bond Trust 1065, 9.404%, 3/01/33 (Pre-refunded 3/01/18) (IF)
|
|||||
2,225
|
California Statewide Communities Development Authority, Revenue Bonds, ValleyCare Health
|
7/17 at 100.00
|
AA+ (5)
|
2,386,023
|
|
System, Series 2007A, 5.125%, 7/15/31 (Pre-refunded 7/15/17)
|
|||||
1,400
|
Castaic Lake Water Agency, California, Certificates of Participation, Series 2006C, 5.000%,
|
8/16 at 100.00
|
AA– (5)
|
1,444,086
|
|
8/01/36 (Pre-refunded 8/01/16) – NPFG Insured
|
|||||
545
|
Healdsburg Public Financing Authority, California, Wastewater Revenue Bonds, Series 2006,
|
4/16 at 100.00
|
AA (5)
|
553,764
|
|
5.000%, 4/01/36 (Pre-refunded 4/01/16) – NPFG Insured
|
|||||
205
|
Independent Cities Lease Finance Authority, California, Mobile Home Park Revenue Bonds, San
|
5/16 at 100.00
|
N/R (5)
|
210,244
|
|
Juan Mobile Estates, Series 2006B, 5.850%, 5/15/41 (Pre-refunded 5/15/16)
|
|||||
2,000
|
Loma Linda, California, Hospital Revenue Bonds, Loma Linda University Medical Center, Series
|
12/17 at 100.00
|
BB+ (5)
|
2,299,640
|
|
2008A, 8.250%, 12/01/38 (Pre-refunded 12/01/17)
|
|||||
2,000
|
Puerto Rico Public Finance Corporation, Commonwealth Appropriation Bonds, Series 2002E,
|
No Opt. Call
|
CC (5)
|
2,672,820
|
|
6.000%, 8/01/26 (ETM)
|
|||||
750
|
Sacramento County Sanitation Districts Financing Authority, California, Revenue Bonds, Series
|
6/16 at 100.00
|
AA (5)
|
767,903
|
|
2006, 5.000%, 12/01/31 (Pre-refunded 6/01/16) – FGIC Insured
|
|||||
825
|
San Mateo Union High School District, San Mateo County, California, Certificates of Participation,
|
12/17 at 100.00
|
N/R (5)
|
896,808
|
|
Phase 1, Series 2007A, 5.000%, 12/15/30 (Pre-refunded 12/15/17) – AMBAC Insured
|
|||||
1,315
|
University of California, Limited Project Revenue Bonds, Series 2007D, 5.000%, 5/15/41
|
5/16 at 101.00
|
AA– (5)
|
1,356,409
|
|
(Pre-refunded 5/15/16) – FGIC Insured
|
|||||
19,315
|
Total U.S. Guaranteed
|
21,847,688
|
|||
Utilities – 10.8% (7.7% of Total Investments)
|
|||||
2,355
|
Long Beach Bond Finance Authority, California, Natural Gas Purchase Revenue Bonds, Series
|
No Opt. Call
|
A
|
2,708,344
|
|
2007A, 5.000%, 11/15/35
|
|||||
14,000
|
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series
|
7/22 at 100.00
|
AA–
|
15,886,639
|
|
2012B, 5.000%, 7/01/43
|
|||||
1,500
|
Southern California Public Power Authority, California, Revenue Bonds, Apex Power Project
|
7/24 at 100.00
|
AA–
|
1,725,570
|
|
Series 2014A, 5.000%, 7/01/38
|
|||||
4,000
|
Southern California Public Power Authority, Natural Gas Project 1 Revenue Bonds, Series 2007A,
|
No Opt. Call
|
A
|
4,636,640
|
|
5.000%, 11/01/33
|
|||||
21,855
|
Total Utilities
|
24,957,193
|
|||
Water and Sewer – 12.7% (9.0% of Total Investments)
|
|||||
5,240
|
California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, Poseidon
|
No Opt. Call
|
Baa3
|
5,554,610
|
|
Resources Channelside LP Desalination Project, Series 2012, 5.000%, 11/21/45 (Alternative
|
|||||
Minimum Tax)
|
|||||
1,400
|
East Bay Municipal Utility District, Alameda and Contra Costa Counties, California, Water
|
6/25 at 100.00
|
AAA
|
1,690,472
|
|
System Revenue Bonds, Refunding Series 2015A, 5.000%, 6/01/31
|
|||||
4,265
|
Escondido Joint Powers Financing Authority, California, Revenue Bonds, Water System Financing,
|
3/22 at 100.00
|
AA–
|
4,811,048
|
|
Series 2012, 5.000%, 9/01/41
|
|||||
7,890
|
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series
|
7/24 at 100.00
|
AA
|
9,063,558
|
|
2014A, 5.000%, 7/01/44
|
|||||
1,160
|
Metropolitan Water District of Southern California, Waterworks Revenue Bonds, Tender Option
|
7/19 at 100.00
|
AAA
|
1,751,832
|
|
Bond Trust 09-8B, 17.633%, 7/01/35 (IF) (6)
|
|||||
5,825
|
Sacramento, California, Wastewater Revenue Bonds, Series 2013, 5.000%, 9/01/42
|
9/23 at 100.00
|
AA
|
6,535,302
|
|
25,780
|
Total Water and Sewer
|
29,406,822
|
|||
$ 351,285
|
Total Long-Term Investments (cost $298,432,660)
|
323,632,158
|
|||
Principal
|
Optional Call
|
||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
SHORT-TERM INVESTMENTS – 0.7% (0.5% of Total Investments)
|
|||||
MUNICIPAL BONDS – 0.7% (0.5% of Total Investments)
|
|||||
Health Care – 0.7% (0.5% of Total Investments)
|
|||||
$ 1,320
|
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity
|
No Opt. Call
|
N/R
|
$ 1,321,042
|
|
Health System, Series 2014A, 6.000%, 12/15/15 (7)
|
|||||
125
|
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity
|
No Opt. Call
|
N/R
|
125,099
|
|
Health System, Series 2014B, 6.000%, 12/15/15 (7)
|
|||||
200
|
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity
|
No Opt. Call
|
N/R
|
200,158
|
|
Health System, Series 2014C, 6.000%, 12/15/15 (7)
|
|||||
$ 1,645
|
Total Short-Term Investments (cost $1,645,000)
|
1,646,299
|
|||
Total Investments (cost $300,077,660) – 140.2%
|
325,278,457
|
||||
Floating Rate Obligations – (0.4)%
|
(965,000)
|
||||
Variable Rate Demand Preferred Shares, at Liquidation Value – (42.2)% (8)
|
(98,000,000)
|
||||
Other Assets Less Liabilities – 2.4%
|
5,720,413
|
||||
Net Assets Applicable to Common Shares – 100%
|
$ 232,033,870
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|
Long-Term Investments:
|
||||
Municipal Bonds
|
$ —
|
$323,632,158
|
$ —
|
$323,632,158
|
Short-Term Investments:
|
||||
Municipal Bonds
|
—
|
—
|
1,646,299
|
1,646,299
|
Total
|
$ —
|
$323,632,158
|
$1,646,299
|
$325,278,457
|
Gross unrealized:
|
|
Appreciation
|
$29,108,534
|
Depreciation
|
(4,064,940)
|
Net unrealized appreciation (depreciation) of investments
|
$25,043,594
|
(1)
|
All percentages shown in the Portfolio of Investments are based on net assets applicable to common
|
|
shares unless otherwise noted.
|
||
(2)
|
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption.
|
|
There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities
|
||
may be subject to periodic principal paydowns.
|
||
(3)
|
Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service,
|
|
Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s
|
||
or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by
|
||
any of these national rating agencies.
|
||
(4)
|
As of, or subsequent to, the end of the reporting period this security is non-income producing. Non-income
|
|
producing, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on
|
||
the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the
|
||
Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations
|
||
and has ceased accruing additional income on the Fund’s records.
|
||
(5)
|
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities,
|
|
which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or
|
||
agency securities are regarded as having an implied rating equal to the rating of such securities.
|
||
(6)
|
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for
|
|
investments in inverse floating rate transactions.
|
||
(7)
|
Investment valued at fair value using methods determined in good faith by, or at the discretion of, the
|
|
Board. For fair value measurement disclosure purposes, investment classified as Level 3.
|
||
(8)
|
Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 30.1%.
|
|
ETM
|
Escrowed to maturity.
|
|
(WI/DD)
|
Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.
|
|
(IF)
|
Inverse floating rate investment.
|
|
(UB)
|
Underlying bond of an inverse floating rate trust reflected as a financing transaction.
|
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.
|
By (Signature and Title) | /s/ Kevin J. McCarthy |
Kevin J. McCarthy
Vice President and Secretary
|
By (Signature and Title) | /s/ Gifford R. Zimmerman |
Gifford R. Zimmerman
Chief Administrative Officer (principal executive officer)
|
By (Signature and Title) | /s/ Stephen D. Foy |
Stephen D. Foy
Vice President and Controller (principal financial officer)
|