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Nuveen California Dividend Advantage Municipal Fund is a closed-ended fixed income mutual fund launched by Nuveen Investments, Inc. The fund is co-managed by Nuveen Fund Advisors LLC and Nuveen Asset Management, LLC. It invests in the fixed income markets of California. The fund invests in undervalued municipal securities and other related investments the income, exempt from regular federal and California income taxes that are rated Baa or BBB or better by Moody's Investors Service, Inc. or Standard & Poor's and having an average maturity of 20.96 years. It employs fundamental analysis with bottom-up stock picking approach to create its portfolio. The fund benchmarks the performance of its portfolio against the Standard & Poor's (S&P) California Municipal Bond Index and Standard & Poor's (S&P) National Municipal Bond Index. Nuveen California Dividend Advantage Municipal Fund was formed on December 1, 1998 and is domiciled in the United States.