|
Portfolio of Investments
|
|
|
|
|
|
Nuveen California Municipal Value Fund, Inc. (NCA)
|
|
|
|
|
|
November 30, 2016 (Unaudited)
|
|
|
|
|
|
|||||
|
|||||
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
LONG-TERM INVESTMENTS – 97.7% (100.0% of Total Investments)
|
|
|
|
|
|
MUNICIPAL BONDS – 97.7% (100.0% of Total Investments)
|
|
|
|
|
|
Consumer Staples – 6.0% (6.2% of Total Investments)
|
|
|
|
|
$ 3,000
|
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Gold
|
2/17 at 100.00
|
CCC
|
$ 2,796,150
|
|
|
Country Settlement Funding Corporation, Refunding Series 2006, 5.250%, 6/01/46
|
|
|
|
|
2,000
|
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los
|
12/18 at 100.00
|
B2
|
2,033,040
|
|
|
Angeles County Securitization Corporation, Series 2006A, 5.650%, 6/01/41
|
|
|
|
|
170
|
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds,
|
2/17 at 100.00
|
BBB+
|
169,738
|
|
|
Sonoma County Tobacco Securitization Corporation, Series 2005, 4.250%, 6/01/21
|
|
|
|
|
|
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed
|
|
|
|
|
|
Bonds, Series 2007A-1:
|
|
|
|
|
4,850
|
5.000%, 6/01/33
|
6/17 at 100.00
|
B–
|
4,399,726
|
|
175
|
5.125%, 6/01/47
|
6/17 at 100.00
|
B–
|
150,238
|
|
3,570
|
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed
|
6/22 at 100.00
|
B–
|
3,298,394
|
|
|
Bonds, Series 2007A-2, 5.300%, 6/01/37
|
|
|
|
|
3,895
|
Silicon Valley Tobacco Securitization Authority, California, Tobacco Settlement Asset-Backed
|
6/17 at 26.07
|
N/R
|
807,667
|
|
|
Bonds, Santa Clara County Tobacco Securitization Corporation, Series 2007A, 0.000%, 6/01/41
|
|
|
|
|
3,500
|
Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed
|
2/17 at 100.00
|
B–
|
3,271,905
|
|
|
Bonds, Series 2005A-1, 5.500%, 6/01/45
|
|
|
|
|
21,160
|
Total Consumer Staples
|
|
|
16,926,858
|
|
|
Education and Civic Organizations – 1.2% (1.2% of Total Investments)
|
|
|
|
|
1,000
|
California Educational Facilities Authority, Revenue Bonds,Stanford University, Refunding
|
No Opt. Call
|
AAA
|
1,231,420
|
|
|
Series 2014U-6, 5.000%, 5/01/45
|
|
|
|
|
450
|
California Municipal Finance Authority, Charter School Revenue Bonds, Rocketship Education
|
6/22 at 102.00
|
N/R
|
506,898
|
|
|
Multiple Projects, Series 2014A , 7.250%, 6/01/43
|
|
|
|
|
690
|
California State University, Systemwide Revenue Bonds, Series 2016A, 4.000%, 11/01/38
|
5/26 at 100.00
|
Aa2
|
691,594
|
|
700
|
California Statewide Communities Development Authority, School Facility Revenue Bonds,
|
7/21 at 100.00
|
BBB–
|
788,550
|
|
|
Alliance College-Ready Public Schools, Series 2011A, 7.000%, 7/01/46
|
|
|
|
|
2,840
|
Total Education and Civic Organizations
|
|
|
3,218,462
|
|
|
Health Care – 10.3% (10.5% of Total Investments)
|
|
|
|
|
285
|
California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health,
|
8/25 at 100.00
|
AA–
|
308,601
|
|
|
Refunding Series 2015A, 5.000%, 8/15/43
|
|
|
|
|
4,220
|
California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health,
|
11/26 at 100.00
|
AA–
|
4,578,194
|
|
|
Refunding Series 2016B, 5.000%, 11/15/46
|
|
|
|
|
555
|
California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard
|
8/24 at 100.00
|
AA
|
597,957
|
|
|
Children’s Hospital, Series 2014A, 5.000%, 8/15/43
|
|
|
|
|
350
|
California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services,
|
10/24 at 100.00
|
AA–
|
389,242
|
|
|
Refunding Series 2014A, 5.000%, 10/01/38
|
|
|
|
|
690
|
California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services,
|
10/24 at 100.00
|
AA–
|
741,750
|
|
|
Series 2014B, 5.000%, 10/01/44
|
|
|
|
|
|
California Health Facilities Financing Authority, Revenue Bonds, Rady Children’s Hospital –
|
|
|
|
|
|
San Diego, Series 2011:
|
|
|
|
|
560
|
5.000%, 8/15/31
|
8/21 at 100.00
|
Aa3
|
614,488
|
|
670
|
5.250%, 8/15/41
|
8/21 at 100.00
|
Aa3
|
722,568
|
|
1,000
|
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2011B,
|
8/20 at 100.00
|
AA–
|
1,130,760
|
|
|
6.000%, 8/15/42
|
|
|
|
|
2,270
|
California Municipal Financing Authority, Certificates of Participation, Community Hospitals
|
2/17 at 100.00
|
A–
|
2,280,646
|
|
|
of Central California, Series 2007, 5.250%, 2/01/27
|
|
|
|
|
2,390
|
California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda
|
6/26 at 100.00
|
BB
|
2,375,278
|
|
|
University Medical Center, Series 2016A, 5.000%, 12/01/46
|
|
|
|
|
2,625
|
California Statewide Communities Development Authority, Revenue Bonds, Kaiser Permanente,
|
4/22 at 100.00
|
AA–
|
2,871,146
|
|
|
Series 2012A, 5.000%, 4/01/42
|
|
|
|
|
3,000
|
California Statewide Community Development Authority, Health Facility Revenue Bonds, Catholic
|
7/17 at 100.00
|
AA
|
3,053,730
|
|
|
Healthcare West, Insured Series 2008K, 5.500%, 7/01/41 – AGC Insured
|
|
|
|
|
1,000
|
California Statewide Community Development Authority, Health Facility Revenue Bonds, Catholic
|
7/18 at 100.00
|
A
|
1,046,360
|
|
|
Healthcare West, Series 2008C, 5.625%, 7/01/35
|
|
|
|
|
2,710
|
California Statewide Community Development Authority, Revenue Bonds, Sherman Oaks Health
|
No Opt. Call
|
AA–
|
2,998,154
|
|
|
System, Series 1998A, 5.000%, 8/01/22 – AMBAC Insured
|
|
|
|
|
2,900
|
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010,
|
11/20 at 100.00
|
BBB–
|
3,166,394
|
|
|
6.000%, 11/01/41
|
|
|
|
|
1,750
|
San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011,
|
12/21 at 100.00
|
BB+
|
2,035,565
|
|
|
7.500%, 12/01/41
|
|
|
|
|
26,975
|
Total Health Care
|
|
|
28,910,833
|
|
|
Housing/Multifamily – 2.1% (2.1% of Total Investments)
|
|
|
|
|
1,000
|
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects
|
8/20 at 100.00
|
BBB
|
1,100,520
|
|
|
Series 2010A, 6.400%, 8/15/45
|
|
|
|
|
1,060
|
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects
|
8/22 at 100.00
|
BBB
|
1,154,679
|
|
|
Series 2012A, 5.500%, 8/15/47
|
|
|
|
|
|
California Municipal Finance Authority, Mobile Home Park Senior Revenue Bonds, Caritas
|
|
|
|
|
|
Affordable Housing, Inc. Projects, Series 2014A:
|
|
|
|
|
65
|
5.250%, 8/15/39
|
8/24 at 100.00
|
BBB
|
72,206
|
|
175
|
5.250%, 8/15/49
|
8/24 at 100.00
|
BBB
|
193,037
|
|
2,235
|
California Statewide Community Development Authority, Multifamily Housing Revenue Bonds,
|
1/17 at 100.00
|
N/R
|
2,236,632
|
|
|
Harbor City Lights, Series 1999Y, 6.650%, 7/01/39 (Alternative Minimum Tax)
|
|
|
|
|
1,045
|
San Dimas Housing Authority, California, Mobile Home Park Revenue Bonds, Charter Oak Mobile
|
1/17 at 100.00
|
N/R
|
1,046,233
|
|
|
Home Estates Acquisition Project, Series 1998A, 5.700%, 7/01/28
|
|
|
|
|
5,580
|
Total Housing/Multifamily
|
|
|
5,803,307
|
|
|
Long-Term Care – 1.6% (1.6% of Total Investments)
|
|
|
|
|
4,000
|
ABAG Finance Authority for Non-Profit Corporations, California, Health Facility Revenue Bonds,
|
8/18 at 100.00
|
AA–
|
4,235,400
|
|
|
The Institute on Aging, Series 2008A, 5.650%, 8/15/38
|
|
|
|
|
180
|
California Statewide Community Development Authority, Certificates of Participation, Internext
|
10/16 at 100.00
|
BBB+
|
180,709
|
|
|
Group, Series 1999, 5.375%, 4/01/17
|
|
|
|
|
4,180
|
Total Long-Term Care
|
|
|
4,416,109
|
|
|
Tax Obligation/General – 23.1% (23.7% of Total Investments)
|
|
|
|
|
1,750
|
Antelope Valley Community College District, Los Angeles County, California, General Obligation
|
2/25 at 100.00
|
Aa2
|
1,941,590
|
|
|
Bonds, Refunding Series 2015, 5.000%, 8/01/39
|
|
|
|
|
1,000
|
California State, General Obligation Bonds, Refunding Various Purpose Series 2013,
|
No Opt. Call
|
AA–
|
1,125,980
|
|
|
5.000%, 2/01/29
|
|
|
|
|
1,000
|
California State, General Obligation Bonds, Various Purpose Refunding Series 2014,
|
8/24 at 100.00
|
AA–
|
1,133,880
|
|
|
5.000%, 8/01/31
|
|
|
|
|
3,000
|
California State, General Obligation Bonds, Various Purpose Refunding Series 2015,
|
8/25 at 100.00
|
AA–
|
3,372,030
|
|
|
5.000%, 8/01/34
|
|
|
|
|
|
California State, General Obligation Bonds, Various Purpose Series 2009:
|
|
|
|
|
2,500
|
6.000%, 4/01/38
|
4/19 at 100.00
|
AA–
|
2,733,975
|
|
1,000
|
6.000%, 11/01/39
|
11/19 at 100.00
|
AA–
|
1,114,570
|
|
2,000
|
California State, General Obligation Bonds, Various Purpose Series 2010, 5.500%, 3/01/40
|
3/20 at 100.00
|
AA–
|
2,210,780
|
|
|
California State, General Obligation Bonds, Various Purpose Series 2013:
|
|
|
|
|
2,500
|
5.000%, 4/01/37
|
4/23 at 100.00
|
AA–
|
2,759,150
|
|
2,500
|
5.000%, 2/01/43
|
No Opt. Call
|
AA–
|
2,739,750
|
|
2,240
|
5.000%, 11/01/43
|
11/23 at 100.00
|
AA–
|
2,478,179
|
|
|
California State, General Obligation Bonds, Various Purpose Series 2014:
|
|
|
|
|
5,000
|
5.000%, 5/01/32
|
5/24 at 100.00
|
AA–
|
5,632,300
|
|
1,970
|
5.000%, 10/01/39
|
10/24 at 100.00
|
AA–
|
2,193,753
|
|
290
|
Oceanside Unified School District, San Diego County, California, General Obligation Bonds,
|
8/20 at 13.60
|
AA
|
35,757
|
|
|
Election 2008 Series 2010B, 0.000%, 8/01/49 – AGM Insured
|
|
|
|
|
10,000
|
Poway Unified School District, San Diego County, California, General Obligation Bonds, School
|
No Opt. Call
|
AA–
|
2,624,400
|
|
|
Facilities Improvement District 2007-1, Series 2011A, 0.000%, 8/01/46
|
|
|
|
|
2,000
|
Puerto Rico, General Obligation Bonds, Public Improvement Series 2002A, 5.500%, 7/01/20 –
|
No Opt. Call
|
AA–
|
2,180,840
|
|
|
NPFG Insured
|
|
|
|
|
6,000
|
Rio Hondo Community College District, California, General Obligation Bonds, Election of 2004,
|
8/34 at 100.00
|
AA
|
5,526,960
|
|
|
Series 2010C, 0.000%, 8/01/42 (4)
|
|
|
|
|
3,000
|
San Diego Unified School District, San Diego County, California, General Obligation Bonds,
|
7/25 at 100.00
|
AAA
|
3,340,560
|
|
|
Dedicated Unlimited Ad Valorem Property Tax, 2012 Election Series 2016F, 5.000%, 7/01/40
|
|
|
|
|
11,875
|
San Mateo Union High School District, San Mateo County, California, General Obligation Bonds,
|
9/36 at 100.00
|
Aaa
|
8,983,081
|
|
|
Election 2010 Series 2011A, 0.000%, 9/01/41 (4)
|
|
|
|
|
20,860
|
Yosemite Community College District, California, General Obligation Bonds, Capital
|
No Opt. Call
|
Aa2
|
12,829,109
|
|
|
Appreciation, Election 2004, Series 2010D, 0.000%, 8/01/42 (4)
|
|
|
|
|
80,485
|
Total Tax Obligation/General
|
|
|
64,956,644
|
|
|
Tax Obligation/Limited – 15.1% (15.4% of Total Investments)
|
|
|
|
|
1,000
|
Artesia Redevelopment Agency, California, Tax Allocation Revenue Bonds, Artesia Redevelopment
|
2/17 at 100.00
|
BBB+
|
1,001,100
|
|
|
Project Area, Series 2007, 5.375%, 6/01/27
|
|
|
|
|
|
Bell Community Redevelopment Agency, California, Tax Allocation Bonds, Bell Project Area,
|
|
|
|
|
|
Series 2003:
|
|
|
|
|
3,000
|
5.500%, 10/01/23 – RAAI Insured
|
2/17 at 100.00
|
AA
|
3,007,290
|
|
1,000
|
5.625%, 10/01/33 – RAAI Insured
|
2/17 at 100.00
|
AA
|
1,001,620
|
|
1,500
|
California State Public Works Board, Lease Revenue Bonds, Department of Corrections &
|
9/23 at 100.00
|
A+
|
1,744,665
|
|
|
Rehabilitation, Various Correctional Facilities Series 2013F, 5.250%, 9/01/33
|
|
|
|
|
1,250
|
California State Public Works Board, Lease Revenue Bonds, Department of Corrections &
|
9/24 at 100.00
|
A+
|
1,386,138
|
|
|
Rehabilitation, Various Correctional Facilities Series 2014A, 5.000%, 9/01/39
|
|
|
|
|
1,000
|
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series
|
10/19 at 100.00
|
A+
|
1,103,150
|
|
|
2009G-1, 5.750%, 10/01/30
|
|
|
|
|
3,000
|
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series
|
11/22 at 100.00
|
A+
|
3,333,450
|
|
|
2012G, 5.000%, 11/01/37
|
|
|
|
|
1,005
|
Chino Redevelopment Agency, California, Merged Chino Redevelopment Project Area Tax
|
9/17 at 100.00
|
A
|
1,017,422
|
|
|
Allocation Bonds, Series 2006, 5.000%, 9/01/38 – AMBAC Insured
|
|
|
|
|
1,000
|
Folsom Public Financing Authority, California, Special Tax Revenue Bonds, Refunding Series
|
9/17 at 100.00
|
N/R
|
1,015,980
|
|
|
2007A, 5.000%, 9/01/23 – AMBAC Insured
|
|
|
|
|
750
|
Fontana Redevelopment Agency, San Bernardino County, California, Tax Allocation Bonds, Jurupa
|
4/17 at 100.00
|
A
|
760,028
|
|
|
Hills Redevelopment Project, Refunding Series 1997A, 5.500%, 10/01/27
|
|
|
|
|
675
|
Inglewood Redevelopment Agency, California, Tax Allocation Bonds, Merged Redevelopment
|
5/17 at 100.00
|
BBB+
|
679,536
|
|
|
Project, Subordinate Lien Series 2007A-1, 5.000%, 5/01/25 – AMBAC Insured
|
|
|
|
|
750
|
Lancaster Redevelopment Agency, California, Tax Allocation Bonds, Combined Redevelopment
|
8/19 at 100.00
|
BBB
|
831,353
|
|
|
Project Areas Housing Programs, Series 2009, 6.000%, 8/01/24
|
|
|
|
|
3,520
|
Los Angeles County Public Works Financing Authority, California, Lease Revenue Bonds, Multiple
|
No Opt. Call
|
AA
|
3,906,390
|
|
|
Capital Facilities Project II, Series 2012, 5.000%, 8/01/42
|
|
|
|
|
370
|
National City Community Development Commission, California, Tax Allocation Bonds, National
|
8/21 at 100.00
|
A
|
441,599
|
|
|
City Redevelopment Project, Series 2011, 6.500%, 8/01/24
|
|
|
|
|
140
|
Novato Redevelopment Agency, California, Tax Allocation Bonds, Hamilton Field Redevelopment
|
9/21 at 100.00
|
BBB+
|
163,243
|
|
|
Project, Series 2011, 6.750%, 9/01/40
|
|
|
|
|
5,910
|
Palmdale Elementary School District, Los Angeles County, California, Special Tax Bonds,
|
No Opt. Call
|
AA
|
5,932,044
|
|
|
Community Facilities District 90-1, Series 1999, 5.800%, 8/01/29
|
|
|
|
|
160
|
Patterson Public Finance Authority, California, Revenue Bonds, Community Facilities District
|
9/23 at 100.00
|
N/R
|
171,746
|
|
|
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:
|
|
|
|
|
950
|
5.250%, 9/01/30
|
9/23 at 100.00
|
N/R
|
1,009,204
|
|
860
|
5.750%, 9/01/39
|
9/23 at 100.00
|
N/R
|
915,926
|
|
80
|
Riverside County Redevelopment Agency, California, Tax Allocation Bonds, Jurupa Valley Project
|
10/21 at 100.00
|
A
|
94,278
|
|
|
Area, Series 2011B, 6.500%, 10/01/25
|
|
|
|
|
2,000
|
Roseville, California, Special Tax Bonds, Community Facilities District 1 Fiddyment Ranch,
|
3/17 at 100.00
|
N/R
|
2,005,860
|
|
|
Series 2005, 5.050%, 9/01/30
|
|
|
|
|
50
|
San Clemente, California, Special Tax Revenue Bonds, Community Facilities District 2006-1
|
9/25 at 100.00
|
N/R
|
52,577
|
|
|
Marblehead Coastal, Series 2015, 5.000%, 9/01/40
|
|
|
|
|
1,000
|
San Diego County Regional Transportation Commission, California, Sales Tax Revenue Bonds,
|
4/22 at 100.00
|
AAA
|
1,107,790
|
|
|
Refunding Series 2012A, 5.000%, 4/01/42
|
|
|
|
|
170
|
San Francisco City and County Redevelopment Agency Successor Agency, California, Special Tax
|
No Opt. Call
|
N/R
|
179,399
|
|
|
Bonds, Community Facilities District 7, Hunters Point Shipyard Phase One Improvements,
|
|
|
|
|
|
Refunding Series 2014, 5.000%, 8/01/39
|
|
|
|
|
2,750
|
San Jose Financing Authority, California, Lease Revenue Refunding Bonds, Convention Center
|
3/17 at 100.00
|
AA
|
2,759,323
|
|
|
Project, Series 2001F, 5.000%, 9/01/20 – NPFG Insured
|
|
|
|
|
780
|
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment
|
8/17 at 100.00
|
BBB+
|
799,812
|
|
|
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:
|
|
|
|
|
400
|
5.000%, 8/01/24 – NPFG Insured
|
8/17 at 100.00
|
AA–
|
410,212
|
|
590
|
5.000%, 8/01/25 – NPFG Insured
|
8/17 at 100.00
|
AA–
|
604,986
|
|
110
|
Signal Hill Redevelopment Agency, California, Project 1 Tax Allocation Bonds, Series 2011,
|
4/21 at 100.00
|
N/R
|
125,524
|
|
|
7.000%, 10/01/26
|
|
|
|
|
1,295
|
Tehachapi Redevelopment Agency, California, Tax Allocation Bonds, Series 2007, 5.250%,
|
12/17 at 100.00
|
AA
|
1,311,265
|
|
|
12/01/37 – RAAI Insured
|
|
|
|
|
1,000
|
Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Series 2012A,
|
10/22 at 100.00
|
AA
|
1,061,160
|
|
|
5.000%, 10/01/32 – AGM Insured
|
|
|
|
|
485
|
Vista Joint Powers Financing Authority, California, Special Tax Lease Revenue Refunding Bonds,
|
3/17 at 100.00
|
N/R
|
485,955
|
|
|
Community Facilities District 90-2, Series 1997A, 5.875%, 9/01/20
|
|
|
|
|
1,730
|
West Contra Costa Healthcare District, California, Certificates of Participation, Series 2004,
|
2/17 at 100.00
|
N/R
|
1,752,940
|
|
|
5.375%, 7/01/21 – AMBAC Insured
|
|
|
|
|
190
|
Yorba Linda Redevelopment Agency, Orange County, California, Tax Allocation Revenue Bonds,
|
9/21 at 100.00
|
A–
|
221,561
|
|
|
Yorba Linda Redevelopment Project, Subordinate Lien Series 2011A, 6.500%, 9/01/32
|
|
|
|
|
40,470
|
Total Tax Obligation/Limited
|
|
|
42,394,526
|
|
|
Transportation – 13.1% (13.4% of Total Investments)
|
|
|
|
|
1,820
|
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds,
|
1/24 at 100.00
|
BB+
|
2,073,544
|
|
|
Refunding Junior Lien Series 2013C, 6.500%, 1/15/43
|
|
|
|
|
|
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds,
|
|
|
|
|
|
Refunding Series 2013A:
|
|
|
|
|
1,945
|
5.000%, 1/15/42 – AGM Insured
|
1/24 at 100.00
|
AA
|
2,092,937
|
|
4,010
|
5.750%, 1/15/46
|
1/24 at 100.00
|
BBB–
|
4,419,702
|
|
4,010
|
6.000%, 1/15/53
|
1/24 at 100.00
|
BBB–
|
4,498,779
|
|
5,665
|
Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International
|
5/25 at 100.00
|
AA
|
6,139,954
|
|
|
Airport, Senior Lien Series 2015D, 5.000%, 5/15/41 (Alternative Minimum Tax)
|
|
|
|
|
3,000
|
Los Angeles Harbors Department, California, Revenue Bonds, Series 2014C, 5.000%, 8/01/44
|
8/24 at 100.00
|
AA
|
3,319,380
|
|
175
|
Palm Springs Financing Authority, California, Palm Springs International Airport Revenue
|
2/17 at 100.00
|
N/R
|
175,109
|
|
|
Bonds, Series 2006, 5.550%, 7/01/28 (Alternative Minimum Tax)
|
|
|
|
|
1,210
|
Port of Oakland, California, Revenue Bonds, Refunding Series 2012P, 5.000%, 5/01/29
|
No Opt. Call
|
A+
|
1,334,231
|
|
|
(Alternative Minimum Tax)
|
|
|
|
|
11,750
|
San Francisco Airports Commission, California, Revenue Bonds, San Francisco International
|
5/26 at 100.00
|
A+
|
12,837,932
|
|
|
Airport, Second Governmental Purpose Series 2016C, 5.000%, 5/01/46
|
|
|
|
|
33,585
|
Total Transportation
|
|
|
36,891,568
|
|
|
U.S. Guaranteed – 16.9% (17.3% of Total Investments) (5)
|
|
|
|
|
1,600
|
California Municipal Financing Authority, Certificates of Participation, Community Hospitals
|
2/17 at 100.00
|
N/R (5)
|
1,611,776
|
|
|
of Central California, Series 2007, 5.250%, 2/01/27 (Pre-refunded 2/01/17)
|
|
|
|
|
2,000
|
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series
|
11/19 at 100.00
|
Aaa
|
2,282,580
|
|
|
2009-I, 6.375%, 11/01/34 (Pre-refunded 11/01/19)
|
|
|
|
|
1,000
|
California Statewide Communities Development Authority, Revenue Bonds, ValleyCare Health
|
7/17 at 100.00
|
AA+ (5)
|
1,026,570
|
|
|
System, Series 2007A, 5.125%, 7/15/31 (Pre-refunded 7/15/17)
|
|
|
|
|
1,695
|
Contra Costa County, California, GNMA Mortgage-Backed Securities Program Home Mortgage
|
No Opt. Call
|
Aaa
|
1,922,164
|
|
|
Revenue Bonds, Series 1988, 8.250%, 6/01/21 (Alternative Minimum Tax) (ETM)
|
|
|
|
|
|
Irvine Unified School District, California, Special Tax Bonds, Community Facilities District
|
|
|
|
|
|
Series 2006A:
|
|
|
|
|
150
|
5.000%, 9/01/26 (Pre-refunded 9/01/18)
|
9/18 at 100.00
|
N/R (5)
|
151,322
|
|
355
|
5.125%, 9/01/36 (Pre-refunded 9/01/18)
|
9/18 at 100.00
|
N/R (5)
|
356,864
|
|
2,500
|
Kern County Board of Education, California, Certificates of Participation, Series 2006A,
|
1/17 at 100.00
|
AA– (5)
|
2,505,725
|
|
|
5.000%, 6/01/31 (Pre-refunded 1/31/17) – NPFG Insured
|
|
|
|
|
1,525
|
Loma Linda, California, Hospital Revenue Bonds, Loma Linda University Medical Center, Series
|
12/17 at 100.00
|
BB (5)
|
1,637,255
|
|
|
2008A, 8.250%, 12/01/38 (Pre-refunded 12/01/17)
|
|
|
|
|
|
Madera Irrigation District. California, Water Revenue Refunding Bonds, Series 2008:
|
|
|
|
|
1,850
|
5.500%, 1/01/33 (Pre-refunded 1/01/18)
|
1/18 at 100.00
|
A (5)
|
1,939,078
|
|
3,000
|
5.500%, 1/01/38 (Pre-refunded 1/01/18)
|
1/18 at 100.00
|
A (5)
|
3,144,450
|
|
5,710
|
Oceanside Unified School District, San Diego County, California, General Obligation Bonds,
|
8/20 at 13.60
|
AA (5)
|
724,942
|
|
|
Election 2008 Series 2010B, 0.000%, 8/01/49 (Pre-refunded 8/01/20) – AGM Insured
|
|
|
|
|
8,565
|
Palmdale, California, GNMA Mortgage-Backed Securities Program Single Family Mortgage
|
No Opt. Call
|
AA+ (5)
|
8,547,270
|
|
|
Revenue Bonds, Series 1988A, 0.000%, 3/01/17 (ETM)
|
|
|
|
|
2,940
|
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009,
|
11/19 at 100.00
|
Ba1 (5)
|
3,365,888
|
|
|
6.750%, 11/01/39 (Pre-refunded 11/01/19)
|
|
|
|
|
1,130
|
Pittsburg Redevelopment Agency, California, Tax Allocation Bonds, Los Medanos Community
|
9/18 at 100.00
|
BB+ (5)
|
1,234,435
|
|
|
Development Project, Refunding Series 2008A, 6.500%, 9/01/28 (Pre-refunded 9/01/18)
|
|
|
|
|
440
|
Rancho Santa Fe CSD Financing Authority, California, Revenue Bonds, Superior Lien Series
|
9/21 at 100.00
|
A– (5)
|
518,298
|
|
|
2011A, 5.750%, 9/01/30 (Pre-refunded 9/01/21)
|
|
|
|
|
13,285
|
San Bernardino County, California, GNMA Mortgage-Backed Securities Program Single Family Home
|
No Opt. Call
|
Aaa
|
10,228,653
|
|
|
Mortgage Revenue Bonds, Series 1988A, 0.000%, 9/01/21 (Alternative Minimum Tax) (ETM)
|
|
|
|
|
65
|
San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds,
|
2/21 at 100.00
|
A– (5)
|
78,044
|
|
|
Mission Bay North Redevelopment Project, Series 2011C, 6.750%, 8/01/41 (Pre-refunded 2/01/21)
|
|
|
|
|
|
San Francisco Redevelopment Financing Authority, California, Tax Allocation Revenue Bonds,
|
|
|
|
|
|
Mission Bay South Redevelopment Project, Series 2011D:
|
|
|
|
|
65
|
7.000%, 8/01/33 (Pre-refunded 2/01/21)
|
2/21 at 100.00
|
BBB+ (5)
|
78,695
|
|
80
|
7.000%, 8/01/41 (Pre-refunded 2/01/21)
|
2/21 at 100.00
|
BBB+ (5)
|
96,855
|
|
625
|
San Mateo Union High School District, San Mateo County, California, Certificates of Participation,
|
12/17 at 100.00
|
N/R (5)
|
651,800
|
|
|
Phase 1, Series 2007A, 5.000%, 12/15/30 (Pre-refunded 12/15/17) – AMBAC Insured
|
|
|
|
|
3,000
|
Santa Clara County Financing Authority, California, Insured Revenue Bonds, El Camino Hospital,
|
8/17 at 100.00
|
A+ (5)
|
3,097,770
|
|
|
Series 2007A, 5.750%, 2/01/41 (Pre-refunded 8/01/17) – AMBAC Insured
|
|
|
|
|
910
|
Santa Clara Valley Transportation Authority, California, Sales Tax Revenue Bonds, 2000 Measure
|
4/17 at 100.00
|
AA+ (5)
|
922,840
|
|
|
A, Refunding Series 2007A, 5.000%, 4/01/36 (Pre-refunded 4/01/17) – AMBAC Insured
|
|
|
|
|
1,320
|
Tahoe Forest Hospital District, Placer and Nevada Counties, California, General Obligation
|
8/18 at 100.00
|
Aa3 (5)
|
1,415,146
|
|
|
Bonds, Series 2010B, 5.500%, 8/01/35 (Pre-refunded 8/01/18)
|
|
|
|
|
53,810
|
Total U.S. Guaranteed
|
|
|
47,538,420
|
|
|
Utilities – 2.4% (2.5% of Total Investments)
|
|
|
|
|
1,860
|
California Statewide Communities Development Authority, Certificates of Participation, Rio
|
12/16 at 100.00
|
N/R
|
1,851,388
|
|
|
Bravo Fresno Project, Refunding Series 1999A, 6.500%, 12/01/18
|
|
|
|
|
1,800
|
Long Beach Bond Finance Authority, California, Natural Gas Purchase Revenue Bonds, Series
|
No Opt. Call
|
A
|
2,093,616
|
|
|
2007A, 5.500%, 11/15/37
|
|
|
|
|
1,000
|
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series
|
1/26 at 100.00
|
Aa2
|
1,126,640
|
|
|
2016A, 5.000%, 7/01/37
|
|
|
|
|
|
Los Angeles Department of Water and Power, California, Power System Revenue Bonds,
|
|
|
|
|
|
Series 2016B:
|
|
|
|
|
705
|
5.000%, 7/01/31
|
1/26 at 100.00
|
Aa2
|
811,554
|
|
210
|
5.000%, 7/01/32
|
1/26 at 100.00
|
Aa2
|
240,305
|
|
235
|
5.000%, 7/01/33
|
1/26 at 100.00
|
Aa2
|
267,522
|
|
420
|
5.000%, 7/01/34
|
1/26 at 100.00
|
Aa2
|
476,351
|
|
6,230
|
Total Utilities
|
|
|
6,867,376
|
|
|
Water and Sewer – 5.9% (6.1% of Total Investments)
|
|
|
|
|
|
California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, Poseidon
|
|
|
|
|
|
Resources Channelside LP Desalination Project, Series 2012:
|
|
|
|
|
1,375
|
5.000%, 7/01/37 (Alternative Minimum Tax)
|
No Opt. Call
|
Baa3
|
1,459,508
|
|
2,675
|
5.000%, 11/21/45 (Alternative Minimum Tax)
|
No Opt. Call
|
Baa3
|
2,852,995
|
|
2,000
|
Irvine Ranch Water District, California, Certificates of Participation, Irvine Ranch Water
|
9/26 at 100.00
|
AAA
|
2,261,859
|
|
|
District Series 2016, 5.000%, 3/01/41
|
|
|
|
|
5,000
|
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series
|
7/17 at 100.00
|
AA+
|
5,099,599
|
|
|
2007A-2, 5.000%, 7/01/44 – AMBAC Insured
|
|
|
|
|
|
San Diego Public Facilities Financing Authority, California, Water Utility Revenue Bonds,
|
|
|
|
|
|
Refunding Subordinate Lien Series 2016B:
|
|
|
|
|
2,000
|
5.000%, 8/01/30
|
8/26 at 100.00
|
Aa3
|
2,308,079
|
|
2,335
|
5.000%, 8/01/32
|
8/26 at 100.00
|
Aa3
|
2,667,456
|
|
15,385
|
Total Water and Sewer
|
|
|
16,649,496
|
|
$ 290,700
|
Total Long-Term Investments (cost $255,861,696)
|
|
|
274,573,599
|
|
|
Other Assets Less Liabilities – 2.3%
|
|
|
6,585,224
|
|
|
Net Assets Applicable to Common Shares – 100%
|
|
|
$ 281,158,823
|
|
Level 1
|
Level 2
|
Level 3
|
Total
|
Long-Term Investments:
|
|
|
|
|
Municipal Bonds
|
$ —
|
$274,573,599
|
$ —
|
$274,573,599
|
Gross unrealized:
|
|
Appreciation
|
$21,932,750
|
Depreciation
|
(3,238,172)
|
Net unrealized appreciation (depreciation) of investments
|
$18,694,578
|
(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. 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. Certain bonds backed by U.S. Government or
|
|
|
agency securities are regarded as having an implied rating equal to the rating of such securities.
|
|
(ETM)
|
Escrowed to maturity.
|
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/ Gifford R. Zimmerman |
Gifford R. Zimmerman
Vice President and Secretary
|
By (Signature and Title) | /s/ Cedric H. Antosiewicz |
Cedric H. Antosiewicz
Chief Administrative Officer (principal executive officer)
|
By (Signature and Title) | /s/ Stephen D. Foy |
Stephen D. Foy
Vice President and Controller (principal financial officer)
|