Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
LONG-TERM INVESTMENTS – 99.1% (100.0% of Total Investments) | ||||||
MUNICIPAL BONDS – 99.1% (100.0% of Total Investments) | ||||||
Consumer Staples – 2.5% (2.5% of Total Investments) | ||||||
$70 | California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los Angeles County Securitization Corporation, Series 2020A, 4.000%, 6/01/49 | 6/30 at 100.00 | BBB+ | $81,395 | ||
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- | 3,648,968 | ||
3,550 | Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2018A-1, 5.250%, 6/01/47 | 6/22 at 100.00 | N/R | 3,632,325 | ||
4,895 | Silicon Valley Tobacco Securitization Authority, California, Tobacco Settlement Asset-Backed Bonds, Santa Clara County Tobacco Securitization Corporation, Series 2007A, 0.000%, 6/01/41 | 12/21 at 33.71 | N/R | 1,643,496 | ||
12,085 | Total Consumer Staples | 9,006,184 | ||||
Education and Civic Organizations – 1.4% (1.4% of Total Investments) | ||||||
200 | California Municipal Finance Authority, Charter School Revenue Bonds, Partnerships to Uplift Communities Project, Series 2012A, 5.250%, 8/01/42 | 8/22 at 100.00 | BB | 203,272 | ||
550 | 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 | 575,702 | ||
220 | California School Finance Authority, School Facility Revenue Bonds, Alliance for College-Ready Public Schools Project, Series 2016A, 5.000%, 7/01/46, 144A | 7/25 at 100.00 | BBB | 245,139 | ||
1,425 | 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 | 1,610,036 | ||
690 | California State University, Systemwide Revenue Bonds, Series 2016A, 4.000%, 11/01/38 | 5/26 at 100.00 | Aa2 | 780,528 | ||
1,250 | University of California, General Revenue Bonds, Series 2018AZ, 5.000%, 5/15/43 | 5/28 at 100.00 | AA | 1,546,138 | ||
4,335 | Total Education and Civic Organizations | 4,960,815 | ||||
Health Care – 7.5% (7.6% of Total Investments) | ||||||
1,155 | California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, Refunding Series 2016B, 5.000%, 11/15/46 | 11/26 at 100.00 | A1 | 1,370,165 | ||
California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, Series 2018A: | ||||||
1,200 | 5.000%, 11/15/34 | 11/27 at 100.00 | A1 | 1,482,684 | ||
2,950 | 5.000%, 11/15/48 | 11/27 at 100.00 | A1 | 3,604,870 | ||
1,090 | California Health Facilities Financing Authority, Revenue Bonds, Children's Hospital Los Angeles, Series 2017A, 5.000%, 8/15/47 | 8/27 at 100.00 | BBB+ | 1,293,056 | ||
3,830 | California Health Facilities Financing Authority, Revenue Bonds, CommonSpirit Health, Series 2020A, 4.000%, 4/01/44 | 4/30 at 100.00 | BBB+ | 4,483,819 | ||
625 | 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- | 696,756 |
NCA | Nuveen California Municipal Value Fund (continued) |
Portfolio of Investments November 30, 2021 | |
(Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Health Care (continued) | ||||||
$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- | $268,409 | ||
840 | California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Series 2014B, 5.000%, 10/01/44 | 10/24 at 100.00 | AA- | 938,179 | ||
120 | California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, Refunding Series 2017A, 5.000%, 7/01/42 | 7/27 at 100.00 | Baa2 | 143,458 | ||
California Municipal Finance Authority, Revenue Bonds, NorthBay Healthcare Group, Series 2017A: | ||||||
100 | 5.250%, 11/01/41 | 11/26 at 100.00 | BBB- | 116,883 | ||
400 | 5.250%, 11/01/47 | 11/26 at 100.00 | BBB- | 463,356 | ||
1,000 | California Statewide Communities Development Authority, California, Redlands Community Hospital, Revenue Bonds, Series 2016, 5.000%, 10/01/46 | 10/26 at 100.00 | A- | 1,156,590 | ||
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 | 169,515 | ||
California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2016A: | ||||||
2,390 | 5.000%, 12/01/46, 144A | 6/26 at 100.00 | BB | 2,738,271 | ||
3,410 | 5.250%, 12/01/56, 144A | 6/26 at 100.00 | BB | 3,925,115 | ||
1,000 | California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2018A, 5.250%, 12/01/48, 144A | 6/28 at 100.00 | BB | 1,215,230 | ||
2,625 | California Statewide Communities Development Authority, Revenue Bonds, Kaiser Permanente, Series 2012A, 5.000%, 4/01/42 | 4/22 at 100.00 | AA- | 2,665,898 | ||
23,125 | Total Health Care | 26,732,254 | ||||
Housing/Multifamily – 7.9% (8.0% of Total Investments) | ||||||
2,175 | California Community Housing Agency, California, Essential Housing Revenue Bonds, Creekwood, Series 2021A, 4.000%, 2/01/56, 144A | 8/31 at 100.00 | N/R | 2,257,998 | ||
1,100 | California Community Housing Agency, California, Essential Housing Revenue Bonds, Glendale Properties, Junior Series 2021A-2, 4.000%, 8/01/47, 144A | 8/31 at 100.00 | N/R | 1,126,554 | ||
250 | California Community Housing Agency, California, Essential Housing Revenue Bonds, Serenity at Larkspur Apartments, Series 2020A, 5.000%, 2/01/50, 144A | 2/30 at 100.00 | N/R | 277,917 | ||
905 | California Community Housing Agency, California, Essential Housing Revenue Bonds, Summit at Sausalito Apartments, Series 2021A-1, 3.000%, 2/01/57, 144A | 8/32 at 100.00 | N/R | 822,383 | ||
1,115 | California Community Housing Agency, Workforce Housing Revenue Bonds, Annadel Apartments, Series 2019A, 5.000%, 4/01/49, 144A | 4/29 at 100.00 | N/R | 1,220,747 | ||
2,251 | California Housing Finance Agency, Municipal Certificate Revenue Bonds, Class A Series 2019-2, 4.000%, 3/20/33 | No Opt. Call | BBB+ | 2,596,887 | ||
1,892 | California Housing Finance Agency, Municipal Certificate Revenue Bonds, Class A Series 2021-1, 3.500%, 11/20/35 | No Opt. Call | BBB+ | 2,160,942 | ||
334 | California Housing Finance Agency, Municipal Certificate Revenue Bonds, Class A Series2019-1, 4.250%, 1/15/35 | No Opt. Call | BBB+ | 401,465 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Housing/Multifamily (continued) | ||||||
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Affordable Housing Inc Projects, Senior Series 2014A: | ||||||
$80 | 5.250%, 8/15/39 | 8/24 at 100.00 | A- | $86,774 | ||
215 | 5.250%, 8/15/49 | 8/24 at 100.00 | A- | 232,067 | ||
1,130 | California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2012A, 5.500%, 8/15/47 | 8/22 at 100.00 | A- | 1,158,137 | ||
250 | California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2012B, 7.250%, 8/15/47 | 8/22 at 100.00 | N/R | 257,725 | ||
2,320 | CMFA Special Finance Agency I, California, Essential Housing Revenue Bonds, The Mix at Center City, Series 2021A-2, 4.000%, 4/01/56, 144A | 4/31 at 100.00 | N/R | 2,407,812 | ||
405 | CMFA Special Finance Agency, California, Essential Housing Revenue Bonds, Latitude 33, Senior Series 2021A-1, 3.000%, 12/01/56, 144A | 12/31 at 100.00 | N/R | 366,752 | ||
125 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, 777 Place-Pomona, Senior Lien Series 2021A-1, 3.600%, 5/01/47, 144A | 5/32 at 100.00 | N/R | 126,735 | ||
1,130 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, 777 Place-Pomona, Senior Lien Series 2021A-2, 3.250%, 5/01/57, 144A | 5/32 at 100.00 | N/R | 1,064,121 | ||
175 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Acacia on Santa Rosa Creek, Mezzanine Lien Series 2021B, 4.000%, 10/01/46, 144A | 10/31 at 100.00 | N/R | 177,984 | ||
325 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Acacia on Santa Rosa Creek, Senior Lien Series 2021A, 4.000%, 10/01/56, 144A | 10/31 at 100.00 | N/R | 342,836 | ||
2,005 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Altana Glendale, Series 2021A-2, 4.000%, 10/01/56, 144A | 10/31 at 100.00 | N/R | 2,089,390 | ||
2,310 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Center City Anaheim, Series 2020A, 5.000%, 1/01/54, 144A | 1/31 at 100.00 | N/R | 2,583,181 | ||
CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Millennium South Bay-Hawthorne, Series 2021A-1 and A-2: | ||||||
610 | 3.375%, 7/01/43, 144A, (WI/DD, Settling 12/01/21) | 7/32 at 100.00 | N/R | 612,416 | ||
110 | 3.250%, 7/01/56, 144A, (WI/DD, Settling 12/01/21) | 7/32 at 100.00 | N/R | 104,084 | ||
1,925 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Moda at Monrovia Station, Social Series 2021A-2, 4.000%, 10/01/56, 144A | 10/31 at 100.00 | N/R | 2,006,023 | ||
1,345 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Orange City Portfolio, Senior Lien Series 2021A-2, 3.000%, 3/01/57, 144A | 3/32 at 100.00 | N/R | 1,237,534 | ||
880 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Parallel-Anaheim Series 2021A, 4.000%, 8/01/56, 144A | 8/31 at 100.00 | N/R | 912,850 | ||
500 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Pasadena Portfolio Social Bond, Mezzanine Senior Series 2021B, 4.000%, 12/01/56, 144A | 12/31 at 100.00 | N/R | 506,170 | ||
795 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Union South Bay, Series 2021A-2, 4.000%, 7/01/56, 144A | 7/31 at 100.00 | N/R | 830,393 | ||
220 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Waterscape Apartments, Senior Lien Series 2021A, 3.000%, 9/01/56, 144A | 9/31 at 100.00 | N/R | 202,552 | ||
26,877 | Total Housing/Multifamily | 28,170,429 |
NCA | Nuveen California Municipal Value Fund (continued) |
Portfolio of Investments November 30, 2021 | |
(Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Long-Term Care – 0.3% (0.3% 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 | 12/21 at 100.00 | AA | $1,004,690 | ||
Tax Obligation/General – 25.9% (26.2% of Total Investments) | ||||||
4,000 | Anaheim Union High School District, Orange County, California, General Obligation Bonds, 2014 Election Series 2019, 3.000%, 8/01/40 | 8/27 at 100.00 | AAA | 4,275,800 | ||
1,000 | California State, General Obligation Bonds, Refunding Various Purpose Series 2013, 5.000%, 2/01/29 | 2/23 at 100.00 | Aa2 | 1,055,130 | ||
3,000 | California State, General Obligation Bonds, Various Purpose Refunding Series 2015, 5.000%, 8/01/34 | 8/25 at 100.00 | Aa2 | 3,466,710 | ||
California State, General Obligation Bonds, Various Purpose Series 2013: | ||||||
2,500 | 5.000%, 4/01/37 | 4/23 at 100.00 | Aa2 | 2,650,400 | ||
2,500 | 5.000%, 2/01/43 | 2/23 at 100.00 | Aa2 | 2,631,500 | ||
2,240 | 5.000%, 11/01/43 | 11/23 at 100.00 | Aa2 | 2,432,819 | ||
California State, General Obligation Bonds, Various Purpose Series 2014: | ||||||
5,000 | 5.000%, 5/01/32 | 5/24 at 100.00 | Aa2 | 5,539,250 | ||
1,970 | 5.000%, 10/01/39 | 10/24 at 100.00 | Aa2 | 2,208,508 | ||
2,000 | California State, General Obligation Bonds, Various Purpose Series 2018, 5.000%, 10/01/47 | 4/26 at 100.00 | Aa2 | 2,335,260 | ||
2,100 | Carlsbad Unified School District, San Diego County, California, General Obligation Bonds, Series 2009B, 6.000%, 5/01/34 | 5/24 at 100.00 | Aa1 | 2,381,694 | ||
Los Angeles Unified School District, Los Angeles County, California, General Obligation Bonds, Election 2008 Series 2018B-1: | ||||||
1,000 | 5.000%, 7/01/37 | 1/28 at 100.00 | AA+ | 1,230,570 | ||
4,000 | 5.000%, 7/01/38 | 1/28 at 100.00 | AA+ | 4,918,520 | ||
1,000 | 5.250%, 7/01/42 | 1/28 at 100.00 | AA+ | 1,236,710 | ||
2,000 | Manhattan Beach Unified School District, Los Angeles County, California, General Obligation Bonds, Election 2016 Measure C Series 2020B, 4.000%, 9/01/45 | 9/30 at 100.00 | Aa1 | 2,395,920 | ||
3,000 | Mount San Jacinto Community College District, Riverside County, California, General Obligation Bonds, Election 2014, Series 2018B, 4.000%, 8/01/43 | 8/28 at 100.00 | Aa1 | 3,482,850 | ||
1,000 | Oxnard Union High School District, Ventura County, California, General Obligation Bonds, Election 2018 Series 2020B, 5.000%, 8/01/45 | 8/28 at 100.00 | Aa2 | 1,239,120 | ||
2,000 | Pittsburg Unified School District Financing Authority, Contra Costa County, California, General Obligation Bonds, Pittsburg Unified School District Bond Program, Series 2019, 5.000%, 9/01/47 – AGM Insured | 9/28 at 100.00 | AA | 2,458,860 | ||
840 | San Benito High School District, San Benito and Santa Clara Counties, California, General Obligation Bonds, 2016 Election Series 2017, 5.250%, 8/01/46 | 8/27 at 100.00 | Aa3 | 1,041,180 | ||
9,000 | 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- | 4,303,170 | ||
5,000 | San Mateo County Community College District, California, General Obligation Bonds, Election 2014 Series 2018B, 5.000%, 9/01/45 | 9/28 at 100.00 | AAA | 6,272,450 | ||
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 | 14,276,956 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/General (continued) | ||||||
$19,860 | Yosemite Community College District, California, General Obligation Bonds, Capital Appreciation, Election 2004, Series 2010D, 0.000%, 8/01/42 (4) | No Opt. Call | Aa2 | $20,665,919 | ||
86,885 | Total Tax Obligation/General | 92,499,296 | ||||
Tax Obligation/Limited – 11.6% (11.7% of Total Investments) | ||||||
1,000 | Artesia Redevelopment Agency, California, Tax Allocation Revenue Bonds, Artesia Redevelopment Project Area, Series 2007, 5.375%, 6/01/27 | 12/21 at 100.00 | BBB+ | 1,003,010 | ||
Bell Community Redevelopment Agency, California, Tax Allocation Bonds, Bell Project Area, Series 2003: | ||||||
1,295 | 5.500%, 10/01/23 – RAAI Insured | 12/21 at 100.00 | AA | 1,322,247 | ||
1,000 | 5.625%, 10/01/33 – RAAI Insured | 12/21 at 100.00 | AA | 1,020,430 | ||
1,175 | California Infrastructure and Economic Development Bank, Lease Revenue Bonds, California State Teachers, Retirement System Headquarters Expansion, Green Bond-Climate Bond Certified Series 2019, 5.000%, 8/01/38 | 8/29 at 100.00 | AA | 1,485,552 | ||
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 | Aa3 | 1,621,305 | ||
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 | Aa3 | 1,392,812 | ||
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 | Aa3 | 3,132,780 | ||
4,000 | 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 | 4,728,880 | ||
2,300 | 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 | AAA | 2,807,633 | ||
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+ | 3,633,555 | ||
1,000 | Los Angeles County Public Works Financing Authority, California, Lease Revenue Bonds, Series 2019E-1, 5.000%, 12/01/44 | 12/29 at 100.00 | AA+ | 1,269,280 | ||
Patterson Public Finance Authority, California, Revenue Bonds, Community Facilities District 2001-1, Senior Series 2013A: | ||||||
1,150 | 5.250%, 9/01/30 | 9/23 at 100.00 | N/R | 1,228,729 | ||
1,045 | 5.750%, 9/01/39 | 9/23 at 100.00 | N/R | 1,119,508 | ||
170 | 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 | 182,487 | ||
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1: | ||||||
4,795 | 0.000%, 7/01/46 | 7/28 at 41.38 | N/R | 1,603,448 | ||
3,433 | 5.000%, 7/01/58 | 7/28 at 100.00 | N/R | 3,941,256 | ||
70 | 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 | 78,656 | ||
155 | 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 | 166,439 |
NCA | Nuveen California Municipal Value Fund (continued) |
Portfolio of Investments November 30, 2021 | |
(Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/Limited (continued) | ||||||
$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 | A | $5,867,200 | ||
135 | Signal Hill Redevelopment Agency, California, Project 1 Tax Allocation Bonds, Series 2011, 7.000%, 10/01/26 | 12/21 at 100.00 | N/R | 135,648 | ||
Stockton Public Financing Authority, California, Revenue Bonds, Arch Road East Community Facility District 99-02, Series 2018A: | ||||||
1,000 | 5.000%, 9/01/33 | 9/25 at 103.00 | N/R | 1,142,280 | ||
765 | 5.000%, 9/01/43 | 9/25 at 103.00 | N/R | 866,141 | ||
200 | Temecula Public Financing Authority, California, Special Tax Bonds, Community Facilities District 16-01, Series 2017, 5.750%, 9/01/32, 144A | 9/27 at 100.00 | N/R | 227,504 | ||
185 | Transbay Joint Powers Authority, California, Tax Allocation Bonds, Senior Green Series 2020A, 5.000%, 10/01/45 | 4/30 at 100.00 | A- | 231,922 | ||
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 | 1,030,110 | ||
40,143 | Total Tax Obligation/Limited | 41,238,812 | ||||
Transportation – 17.2% (17.3% of Total Investments) | ||||||
1,500 | Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Subordinate Series 2019S-H, 5.000%, 4/01/44 | 4/29 at 100.00 | AA- | 1,871,940 | ||
1,000 | California Municipal Finance Authority, Revenue Bonds, Linxs APM Project, Senior Lien Series 2018A, 5.000%, 12/31/47 (AMT) | 6/28 at 100.00 | BBB- | 1,191,390 | ||
225 | California Municipal Finance Authority, Special Facility Revenue Bonds, United Airlines, Inc. Los Angeles International Airport Project, Series 2019, 4.000%, 7/15/29 (AMT) | No Opt. Call | B+ | 257,258 | ||
1,945 | Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Series 2013A, 5.000%, 1/15/42 – AGM Insured | 1/24 at 100.00 | AA | 2,115,829 | ||
2,580 | Long Beach, California, Harbor Revenue Bonds, Series 2017C, 5.000%, 5/15/47 | 5/27 at 100.00 | AA | 3,104,153 | ||
2,000 | Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Refunding Senior Lien Series 2018B, 5.000%, 5/15/32 (AMT) | 5/28 at 100.00 | Aa2 | 2,462,300 | ||
5,665 | Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Senior Lien Series 2015D, 5.000%, 5/15/41 (AMT) | 5/25 at 100.00 | Aa2 | 6,416,462 | ||
5,610 | Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Subordinate Lien Series 2018A, 5.250%, 5/15/48 (AMT) | 5/28 at 100.00 | Aa3 | 6,898,056 | ||
1,000 | Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Subordinate Lien Series 2019F, 5.000%, 5/15/34 (AMT) | 5/29 at 100.00 | Aa3 | 1,253,190 | ||
3,000 | Los Angeles Harbors Department, California, Revenue Bonds, Series 2014C, 5.000%, 8/01/44 | 8/24 at 100.00 | AA | 3,326,760 | ||
305 | Port of Oakland, California, Revenue Bonds, Refunding Series 2012P, 5.000%, 5/01/31 (AMT) | 5/22 at 100.00 | A+ | 311,024 | ||
2,000 | San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Governmental Purpose Second Series 2017B, 5.000%, 5/01/47 | 5/27 at 100.00 | A1 | 2,409,820 | ||
13,570 | 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 | A1 | 15,974,333 | ||
4,535 | San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Second Series 2017A, 5.000%, 5/01/47 (AMT) | 5/27 at 100.00 | A+ | 5,419,461 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Transportation (continued) | ||||||
$4,465 | San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Second Series 2018E, 5.000%, 5/01/48 | 5/28 at 100.00 | A1 | $5,486,771 | ||
2,000 | San Francisco Municipal Transportation Agency, California, Revenue Bonds, Green Series 2021C, 5.000%, 3/01/51 | 3/31 at 100.00 | Aa2 | 2,577,720 | ||
250 | San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Bonds, Refunding Junior Lien Series 2014B, 5.250%, 1/15/44 | 1/25 at 100.00 | BBB+ | 278,662 | ||
51,650 | Total Transportation | 61,355,129 | ||||
U.S. Guaranteed – 4.9% (4.9% of Total Investments) (5) | ||||||
285 | California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, Refunding Series 2015A, 5.000%, 8/15/43 (Pre-refunded 8/15/25) | 8/25 at 100.00 | A1 | 333,042 | ||
795 | California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, Refunding Series 2016B, 5.000%, 11/15/46 (Pre-refunded 11/15/26) | 11/26 at 100.00 | N/R | 967,801 | ||
185 | California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Refunding Series 2014A, 5.000%, 10/01/38 (Pre-refunded 10/01/24) | 10/24 at 100.00 | N/R | 209,566 | ||
2,215 | Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Junior Lien Series 2013C, 6.500%, 1/15/43 (Pre-refunded 1/15/24) | 1/24 at 100.00 | BBB+ | 2,478,718 | ||
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Series 2013A: | ||||||
4,875 | 5.750%, 1/15/46 (Pre-refunded 1/15/24) | 1/24 at 100.00 | A- | 5,433,529 | ||
4,875 | 6.000%, 1/15/53 (Pre-refunded 1/15/24) | 1/24 at 100.00 | A- | 5,455,905 | ||
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Refunding Series 2015A: | ||||||
80 | 5.000%, 6/01/40 (Pre-refunded 6/01/25) | 6/25 at 100.00 | AA- | 92,673 | ||
100 | 5.000%, 6/01/40 (Pre-refunded 6/01/25) | 6/25 at 100.00 | N/R | 115,766 | ||
1,210 | Port of Oakland, California, Revenue Bonds, Refunding Series 2012P, 5.000%, 5/01/29 (Pre-refunded 5/01/22) (AMT) | 5/22 at 100.00 | A+ | 1,233,898 | ||
1,000 | San Diego County Regional Transportation Commission, California, Sales Tax Revenue Bonds, Refunding Series 2012A, 5.000%, 4/01/42 (Pre-refunded 4/01/22) | 4/22 at 100.00 | AAA | 1,016,120 | ||
15,620 | Total U.S. Guaranteed | 17,337,018 | ||||
Utilities – 19.9% (20.1% of Total Investments) | ||||||
1,000 | California Infrastructure and Economic Development Bank. Clean Water State Revolving Fund Revenue Bonds, Green Series 2018, 5.000%, 10/01/43 | 4/28 at 100.00 | AAA | 1,239,460 | ||
California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, Poseidon Resources Channelside LP Desalination Project, Series 2012: | ||||||
2,875 | 5.000%, 7/01/37 (AMT), 144A | 1/23 at 100.00 | BBB | 2,982,295 | ||
3,750 | 5.000%, 11/21/45 (AMT), 144A | 1/23 at 100.00 | BBB | 3,889,237 | ||
4,240 | East Bay Municipal Utility District, Alameda and Contra Costa Counties, California, Water System Revenue Bonds, Green Series 2017A, 5.000%, 6/01/45 | 6/27 at 100.00 | AAA | 5,175,132 | ||
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 | 2,354,820 | ||
1,800 | Long Beach Bond Finance Authority, California, Natural Gas Purchase Revenue Bonds, Series 2007A, 5.500%, 11/15/37 | No Opt. Call | AA- | 2,674,728 |
NCA | Nuveen California Municipal Value Fund (continued) |
Portfolio of Investments November 30, 2021 | |
(Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Utilities (continued) | ||||||
$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 | $1,167,690 | ||
835 | 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 | 976,850 | ||
4,850 | Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2017A, 5.000%, 7/01/42 | 1/27 at 100.00 | Aa2 | 5,814,519 | ||
2,630 | Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2017C, 5.000%, 7/01/42 | 7/27 at 100.00 | Aa2 | 3,204,076 | ||
1,890 | Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2018A, 5.000%, 7/01/38 | 1/28 at 100.00 | Aa2 | 2,324,001 | ||
6,000 | Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2017A, 5.000%, 7/01/41 | 1/27 at 100.00 | AA+ | 7,216,320 | ||
4,475 | Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2018A, 5.000%, 7/01/48 | 1/28 at 100.00 | AA+ | 5,459,545 | ||
4,000 | Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2018B, 5.000%, 7/01/38 | 7/28 at 100.00 | AA+ | 5,002,920 | ||
375 | Los Angeles, California, Wastewater System Revenue Bonds, Green Subordinate Lien Series 2017A, 5.250%, 6/01/47 | 6/27 at 100.00 | AA | 460,013 | ||
1,400 | Los Angeles, California, Wastewater System Revenue Bonds, Green Subordinate Series 2018A, 5.000%, 6/01/38 | 6/28 at 100.00 | AA | 1,742,762 | ||
2,355 | Mesa Water District, California, Certificates of Participation, Series 2020, 4.000%, 3/15/45 | 3/30 at 100.00 | AAA | 2,790,157 | ||
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 | 1,603,120 | ||
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2012A: | ||||||
170 | 5.500%, 7/01/28 | 7/22 at 100.00 | CCC | 174,967 | ||
635 | 5.750%, 7/01/37 | 7/22 at 100.00 | CCC | 654,475 | ||
515 | 6.000%, 7/01/47 | 7/22 at 100.00 | CCC | 531,449 | ||
1,190 | Sacramento, California, Wastewater Revenue Bonds, Series 2019, 5.000%, 9/01/39 | 9/29 at 100.00 | AA | 1,516,096 | ||
San Diego Public Facilities Financing Authority, California, Water Utility Revenue Bonds, Refunding Subordinate Lien Series 2016B: | ||||||
2,670 | 5.000%, 8/01/32 | 8/26 at 100.00 | Aa3 | 3,190,517 | ||
3,000 | 5.000%, 8/01/37 | 8/26 at 100.00 | Aa3 | 3,565,140 | ||
2,090 | San Francisco City and County Public Utilities Commission, California, Water Revenue Bonds, Refunding Green Series 2017D, 5.000%, 11/01/32 | 11/27 at 100.00 | Aa2 | 2,581,798 | ||
2,400 | Southern California Public Power Authority, Natural Gas Project 1 Revenue Bonds, Series 2007A, 5.250%, 11/01/24 | No Opt. Call | A2 | 2,726,256 | ||
59,145 | Total Utilities | 71,018,343 | ||||
$320,865 | Total Long-Term Investments (cost $307,893,552) | 353,322,970 | ||||
Other Assets Less Liabilities – 0.9% | 3,388,027 | |||||
Net Asset Applicable to Common Shares – 100% | $356,710,997 |
Level 1 | Level 2 | Level 3 | Total | |
Long-Term Investments: | ||||
Municipal Bonds | $ — | $353,322,970 | $ — | $353,322,970 |
(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) | 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. | |
(4) | Step-up coupon bond, a bond with a coupon that increases ("steps up"), usually at regular intervals, while the bond is outstanding. 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. | |
144A | Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. | |
AMT | Alternative Minimum Tax | |
WI/DD | Purchased on a when-issued or delayed delivery basis. |