-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, B+e4cp6haNmdQoQoOO1nUeEX/UycvJyOvtf3sRTBHZ1P4rJ5IrbZ2CmQBauswMgW HHSZYYm3A+QXF+CyKgusjg== 0000891804-96-000111.txt : 19960501 0000891804-96-000111.hdr.sgml : 19960501 ACCESSION NUMBER: 0000891804-96-000111 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19960229 FILED AS OF DATE: 19960430 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: NUVEEN CALIFORNIA MUNICIPAL VALUE FUND INC CENTRAL INDEX KEY: 0000818851 STANDARD INDUSTRIAL CLASSIFICATION: [] STATE OF INCORPORATION: MN FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: N-30D SEC ACT: 1940 Act SEC FILE NUMBER: 811-05235 FILM NUMBER: 96554028 BUSINESS ADDRESS: STREET 1: 333 W WACKER DR CITY: CHICAGO STATE: IL ZIP: 60606 BUSINESS PHONE: 3129178200 MAIL ADDRESS: STREET 1: 333 W. WACKER DR CITY: CHICAGO STATE: IL ZIP: 60606 N-30D 1 NUVEEN CALIFORNIA MUNICIPAL VALUE FD(NCA) Nuveen Exchange-Traded Funds Providing tax-free income to help you live your dreams. NUVEEN CALIFORNIA MUNICIPAL VALUE FUND, INC. NUVEEN CALIFORNIA PERFORMANCE PLUS MUNICIPAL FUND, INC. NUVEEN CALIFORNIA MUNICIPAL MARKET OPPORTUNITY FUND, INC. NUVEEN CALIFORNIA INVESTMENT QUALITY MUNICIPAL FUND, INC. NUVEEN CALIFORNIA SELECT QUALITY MUNICIPAL FUND, INC. NUVEEN CALIFORNIA QUALITY INCOME MUNICIPAL FUND, INC. SEMIANNUAL REPORT/FEBRUARY 29, 1996 Photographic image of man seated at breakfast table with wife standing behind him. CONTENTS 3 Dear shareholder 5 Answering your questions 10 Fund performance 13 Commonly used terms 15 Shareholder meeting report 17 Portfolio of investments 44 Statement of net assets 46 Statement of operations 48 Statement of changes in net assets 51 Notes to financial statements 62 Financial highlights Dear shareholder Photographic image of Richard Franke, Chairman of Nuveen. "Over time, municipal bonds have proven to be a valuable and dependable component of successful invest ment programs." Since the beginning of the recovery in early 1995, we've enjoyed a welcome rebound in the bond markets--a sharp contrast to 1994, which was one of the most volatile periods in bond market history. In fact, 1995 unfolded as one of the best years for bonds in a decade, as the bond market responded to a climate of slowing economic growth and diminished inflationary pressure. The changing profile of the bond markets over the past two years serves to remind us that weathering the ups and downs of the markets is a normal part of the investment process. By maintaining a long-term perspective on your investments, you can minimize the impact of short-term fluctuations and keep the focus on achieving your goals. Municipal bond funds continue to be an attractive way to invest for the long term, offering a solid source of current tax-free income and the diversification across municipal market sectors that our investors seek. Over the past year, we have kept our sights focused on successfully meeting the funds' objectives. As of February 29, 1996, the current annual yield on share price for the exchange-traded funds covered in this report ranged from 6.06% to 6.55%. To match these yields, an investor in the combined 42% federal and California state income tax bracket would have had to earn at least 10.45% on taxable alternatives. Without question, taxable yields at this level on investments of comparable quality are difficult to achieve in today's markets. Reflecting the rebound in the bond markets, each of these funds reported gains in net asset value over February 28, 1995, as well as increases in share price. The 12-month total returns on net asset value, reflecting per share gains plus reinvested dividend income, ranged from 7.70% to 13.72%, which translate to 12.47% to 18.60% on a taxable-equivalent basis. As some of you may know, on June 30, 1996, I will be retiring as the Chairman and Chief Executive Officer of John Nuveen & Co. Incorporated and as Chairman of the Board of the Nuveen Funds. As I look back over the 41 years I have spent at Nuveen, I am proud to have been associated with a firm that holds integrity, honesty, and value as the cornerstones of its business. I'm confident that these traditions will continue to be the hallmarks of Nuveen. Over the past few years, I have been working closely with other Nuveen managers to ensure that the company and the funds continue to be guided by strong and talented management following my retirement. Timothy Schwertfeger, who has been with Nuveen since 1977, will succeed me as Chief Executive Officer and Chairman of Nuveen. He currently serves as Executive Vice President of Nuveen and President of the Nuveen Funds. I am very confident in his abilities and the abilities of the entire Nuveen management team. The management transition has been well planned so that it will have no effect on portfolio management or the way dividends are set. Our management team is committed to continuing Nuveen's successful tradition of value investing and prudent management, helping our shareholders meet their need for tax-free investment income with a full range of investment choices. Our focus will continue to be on building shareholder value, providing research-oriented management, and maintaining our leadership role in the municipal bond market. With this focus, we anticipate many more years of accomplishment for our shareholders and our firm. I'd like to take this occasion to thank you for selecting Nuveen tax-free investments. Sincerely, Richard J. Franke Chairman of the Board April 15, 1996 Answering your questions Tom Spalding, head of Nuveen's portfolio management team, offers insights into the bond market recovery and the outlook for 1996. How did the investment climate over the past year affect municipal bonds? In 1995, the combination of slow economic growth and low inflation created the ideal environment for the bond markets, which responded with a sustained rally. Citing the lack of significant inflation, the Federal Reserve Board moved to cut interest rates in July and December 1995, and again at the end of January 1996. This succession of rate cuts acted to bring down long-term municipal bond yields by almost 130 basis points from their position at the beginning of 1995. The rebound of the municipal bond market was not as great as that of the taxable market due to the much-publicized discussion of major tax reform legislation and concern about its potential impact on tax-free investments. Yet, in 1995, most Nuveen exchange-traded funds enjoyed taxable-equivalent totals returns of 20% or better. Why do some funds continue to trade at a discount despite the recovery? It may be helpful to remember that each share has two prices: the net asset value (NAV), which represents the underlying value of the bonds, and the share price, which is the fund's price on the stock exchange. As the market turned around in 1995, net asset values appreciated more quickly than share prices. This is typical of a market that may take time to recognize underlying value balanced against the various factors that affect share price, such as interest rates, inflation forecasts, the relative strength of the stock market, and legislative and tax outlooks. Most of the discounts have narrowed considerably in recent months and, in fact, some funds are now trading at premiums to NAV. The net asset values for the funds covered in this report remain quite strong. For long-term investors, the current period may represent a buying opportunity, as some shares can be purchased at discount prices. Photographic image of Tom Spalding, Portfolio Manager of Nuveen. Tom Spalding, head of Nuveen's portfolio management team, answers investors' questions on developments in the municipal market. What does Nuveen see as the impact of the flat tax proposals on the municipal market? Because of the implications for tax-free investments such as municipal bonds and bond funds, we have been closely monitoring the various flat tax proposals currently being debated in Congress. While the presidential primaries spotlighted the debate, it is important to note that none of the proposals currently under discussion has gained a strong consensus. In addition, implementation of any measure that manages to pass both houses is at least two years away. As the election year progresses, focus seems to be shifting from tax reform to other economic matters. However, the high-profile discussion--and the attendant concern about the potential impact of tax reform on tax-free investments--did affect the market for municipal bonds in 1995, causing these bonds to underperform their taxable counterparts for the year. Given the low likelihood that the tax preference on municipal bonds will be eliminated or dramatically reduced in the near future, Nuveen believes that it is inadvisable to manage our funds toward one specific outcome. Instead, we will continue to follow our value investing philosophy as the optimal way to pursue our investors' objectives. In our view, this approach offers investors greater price stability in the event of volatile markets. Once the tax issue is resolved, we're confident that municipal bonds--because of their high credit quality and attractive yields--will continue to hold a strategic place in the prudent investor's portfolio. We will continue to monitor developments in the tax debate as well as changes in other economic and political conditions while keeping our focus on achieving the objectives of your fund. What is Nuveen's market outlook for 1996? Although inflation currently remains low and economic growth remains moderate, we continue to watch these factors for potential changes and impact on the bond market. During this election year, we are also closely monitoring any changes in economic and tax policy that may affect the municipal market. The fundamentals in long term are sound, with the supply of municipal bonds down from past years, and with a growing number of individual investors seeking to diversify their portfolios and to increase their tax-free income. What does Nuveen mean by "value investing"? Where are Nuveen analysts finding value today? At Nuveen, we define value investing as a disciplined approach to security selection and portfolio construction designed to deliver above-market performance by emphasizing securities that offer good intrinsic value but that are underpriced or undervalued by the market. This approach has been rewarded over the past year, as we saw many of our portfolio holdings upgraded by the rating agencies, confirming that our Research Department's judgments about credit quality were on target. As we search for value in the market today, we are constantly on the lookout for attractive issues. Our analysts continuously assess investment potential across the entire spectrum of geographical and sector opportunities nationwide. Currently, we favor revenue bonds for essential services (such as those issued by water and sewer facilities and utilities, especially public power authorities providing electricity at competitive rates) over general obligation bonds issued by counties and cities, which have suffered strained financial backing as the result of spending cuts at the state and federal levels. We also moved to protect current income by investing more of our portfolio in non-callable bonds when possible. These bonds cannot be redeemed before maturity so that their yield is assured for the long term in the event of falling interest rates. As is our policy, we continue to invest only in investment-grade quality securities. NUVEEN CALIFORNIA MUNICIPAL VALUE FUND, INC. NCA While the dividend income remains attractive compared with other unleveraged fixed income alternatives, the Fund adjusted its monthly dividend in July, seeking a level in line with its earnings. Shareholders received a capital gains distribution in December. 12 MONTH DIVIDEND HISTORY
Date Monthly Dividends Supplemental Dividends Capital Gains 3/9/95 $0.0560 4/7/95 $0.0560 5/9/95 $0.0560 6/13/95 $0.0560 7/12/95 $0.0530 8/11/95 $0.0530 9/13/95 $0.0530 10/11/95 $0.0530 11/13/95 $0.0530 12/13/95 $0.0530 $0.0628 1/10/96 $0.0530 2/13/96 $0.0530 FUND HIGHLIGHTS 2/29/96 Yield 6.06% Taxable-equivalent yield 10.45% Annual total return on NAV 7.70% Taxable-equivalent total return 12.47% Share price $10.50 NAV $10.19 The dividend history used in this chart constitutes past performance and does not necessarily predict the future dividends of the Fund.
NUVEEN CALIFORNIA PERFORMANCE PLUS MUNICIPAL FUND, INC. NCP In keeping with the Fund's objective of providing dependable tax-free income, shareholders enjoyed 12 months of stable dividends. This dividend has remained constant for the past 43 months. 12 MONTH DIVIDEND HISTORY
Date Monthly Dividends Supplemental Dividends Capital Gains 3/9/95 $0.0860 4/7/95 $0.0860 5/9/95 $0.0860 6/13/95 $0.0860 7/12/95 $0.0860 8/11/95 $0.0860 9/13/95 $0.0860 10/11/95 $0.0860 11/13/95 $0.0860 12/13/95 $0.0860 1/10/96 $0.0860 2/13/96 $0.0860 FUND HIGHLIGHTS 2/29/96 Yield 6.55% Taxable-equivalent yield 11.29% Annual total return on NAV 11.91% Taxable-equivalent total return 17.02% Share price $15.75 NAV $15.82 The dividend history used in this chart constitutes past performance and does not necessarily predict the future dividends of the Fund.
NUVEEN CALIFORNIA MUNICIPAL MARKET OPPORTUNITY FUND, INC. NCO The Fund adjusted its monthly dividend in February after 12 months at its previous rate, bringing the rate to a level in line with its earnings. In addition, shareholders received a capital gains distribution in December. 12 MONTH DIVIDEND HISTORY
Date Monthly Dividends Supplemental Dividends Capital Gains 3/9/95 $0.0860 4/7/95 $0.0860 5/9/95 $0.0860 6/13/95 $0.0860 7/12/95 $0.0860 8/11/95 $0.0860 9/13/95 $0.0860 10/11/95 $0.0860 11/13/95 $0.0860 12/13/95 $0.0860 $0.0255 1/10/96 $0.0860 2/13/96 $0.0845 FUND HIGHLIGHTS 2/29/96 Yield 6.44% Taxable-equivalent yield 11.10% Annual total return on NAV 13.56% Taxable-equivalent total return 18.63% Share price $15.75 NAV $16.12 The dividend history used in this chart constitutes past performance and does not necessarily predict the future dividends of the Fund.
NUVEEN CALIFORNIA INVESTMENT QUALITY MUNICIPAL FUND, INC. NQC In keeping with the Fund's objective of providing dependable tax-free income, shareholders enjoyed 12 months of stable dividends. This dividend has remained constant for the past 13 months. 12 MONTH DIVIDEND HISTORY
Date Monthly Dividends Supplemental Dividends Capital Gains 3/9/95 $0.0855 4/7/95 $0.0855 5/9/95 $0.0855 6/13/95 $0.0855 7/12/95 $0.0855 8/11/95 $0.0855 9/13/95 $0.0855 10/11/95 $0.0855 11/13/95 $0.0855 12/13/95 $0.0855 1/10/96 $0.0855 2/13/96 $0.0855 FUND HIGHLIGHTS 2/29/96 Yield 6.36% Taxable-equivalent yield 10.97% Annual total return on NAV 11.62% Taxable-equivalent total return 16.69% Share price $16.125 NAV $15.77 The dividend history used in this chart constitutes past performance and does not necessarily predict the future dividends of the Fund.
NUVEEN CALIFORNIA SELECT QUALITY MUNICIPAL FUND, INC. NVC In keeping with the Fund's objective of providing dependable tax-free income, shareholders enjoyed 12 months of stable dividends. In addition, shareholders received a capital gains distribution in December 1995. 12 MONTH DIVIDEND HISTORY
Date Monthly Dividends Supplemental Dividends Capital Gains 3/9/95 $0.0820 4/7/95 $0.0820 5/9/95 $0.0820 6/13/95 $0.0820 7/12/95 $0.0820 8/11/95 $0.0820 9/13/95 $0.0820 10/11/95 $0.0820 11/13/95 $0.0820 12/13/95 $0.0820 $0.0988 1/9/96 $0.0820 2/13/96 $0.0820 FUND HIGHLIGHTS 2/29/96 Yield 6.30% Taxable-equivalent yield 10.86% Annual total return on NAV 13.10% Taxable-equivalent total return 18.05% Share price $15.625 NAV $15.64 The dividend history used in this chart constitutes past performance and does not necessarily predict the future dividends of the Fund.
NUVEEN CALIFORNIA QUALITY INCOME MUNICIPAL FUND, INC. NUC In keeping with the Fund's objective of providing dependable tax-free income, shareholders enjoyed 12 months of stable dividends. In addition, shareholders received a capital gains distribution in December 1995. 12 MONTH DIVIDEND HISTORY
Date Monthly Dividends Supplemental Dividends Capital Gains 3/9/95 $0.0800 4/7/95 $0.0800 5/9/95 $0.0800 6/13/95 $0.0800 7/12/95 $0.0800 8/11/95 $0.0800 9/13/95 $0.0800 10/11/95 $0.0800 11/13/95 $0.0800 12/13/95 $0.0800 $0.0175 1/9/96 $0.0800 2/13/96 $0.0800 FUND HIGHLIGHTS 2/29/96 Yield 6.40% Taxable-equivalent yield 11.03% Annual total return on NAV 13.72% Taxable-equivalent total return 18.60% Share price $15.00 NAV $15.64 The dividend history used in this chart constitutes past performance and does not necessarily predict the future dividends of the Fund.
Commonly used terms Yield An exchange-traded fund's annualized monthly dividend on a given date (in the case of this report, February 29, 1996) divided by its closing price per share on that date. Taxable equivalent yield The return an investor subject to a given federal and state income tax rate would need to obtain from a fully taxable investment to equal the fund's stated annualized yield on share price. In this report, the combined tax rate is assumed to be 42% for California shareholders, based on incomes of $121,300-$263,750 for investors filing singly, and $147,700-$263,750 for those filing jointly. Net Asset Value (NAV) The market value of all securities and other assets held by an exchange-traded fund, minus any liabilities. The NAV per share is the fund's net assets, less the value of its preferred shares, if applicable, divided by the total number of shares outstanding. Total return on NAV The percentage change in a fund's NAV per common share for a given period, assuming reinvestment of all dividends and capital gains distributions, if any. Taxable equivalent total return The total return that would be generated by a taxable income fund that produced the same amount of after-tax income as the portfolio, assuming a specified tax rate. Leverage A technique used to enhance the income produced for common shareholders by a long-term municipal bond fund through the issuance of short-term preferred shares. The proceeds from the sale of the preferred shares can be used to purchase additional long-term bonds, thus increasing the portfolio's income stream. Changes in net asset value, both up and down, are also magnified by leverage. Each Fund intends to repurchase shares of its own common or preferred stock in the future at such times and in such amounts as is deemed advisable. No shares were repurchased during the six-month period ended February 29, 1996. Any future repurchases will be reported to shareholders in the next annual or semiannual report. SHAREHOLDER MEETING REPORT On November 16, 1995, the following Nuveen Exchange-Traded Funds held an Annual Meeting of Shareholders. At the meeting, shareholders voted to elect directors of the Funds and to ratify selection of Ernst & Young L.L.P. as the auditors for the Funds. The directors elected at the meeting include: Lawrence H. Brown, Richard J. Franke, Anne E. Impellizzeri, Peter R. Sawers, and Timothy R. Schwertfeger. In addition, shareholders of NCA and NCM were asked to vote on the merger of NCM with and into NCA.
NCA NCM NCP NCO NQC APPROVAL OF THE DIRECTORS WAS REACHED AS FOLLOWS: Lawrence H. Brown For 16,994,932 4,700,946 11,250,496 7,049,756 12,003,113 Abstain 305,282 112,844 178,218 93,109 142,555 ---------- --------- ---------- --------- ---------- Total 17,300,214 4,813,790 11,428,714 7,142,865 12,145,668 ========== ========= ========== ========= ========== Richard J. Franke For N/A N/A 11,256,270 7,050,336 11,999,732 Abstain N/A N/A 172,444 92,529 145,936 ---------- --------- ---------- --------- ---------- Total N/A N/A 11,428,714 7,142,865 12,145,668 ========== ========= ========== ========= ========== Anne E. Impellizzeri For N/A N/A 11,250,996 7,047,457 12,000,813 Abstain N/A N/A 177,718 95,408 144,855 ---------- --------- ---------- --------- ---------- Total N/A N/A 11,428,714 7,142,865 12,145,668 ========== ========= ========== ========= ========== Peter R. Sawers For 16,994,932 4,702,446 11,254,662 7,051,310 12,004,113 Abstain 305,282 111,344 174,052 91,555 141,555 ---------- --------- ---------- --------- ---------- Total 17,300,214 4,813,790 11,428,714 7,142,865 12,145,668 ========== ========= ========== ========= ========== Timothy R. Schwertfeger For 16,994,932 4,703,446 N/A N/A N/A Abstain 305,282 110,344 N/A N/A N/A ---------- --------- ---------- --------- ---------- Total 17,300,214 4,813,790 N/A N/A N/A ========== ========= ========== ========= ========== APPROVAL OF MERGERS WAS REACHED AS FOLLOWS: For 11,128,879 2,953,811 N/A N/A N/A Against 416,602 96,627 N/A N/A N/A Abstain 580,412 191,632 N/A N/A N/A ---------- --------- ---------- --------- ---------- Total 12,125,893 3,242,070 N/A N/A N/A ========== ========= ========== ========= ========== RATIFICATION OF AUDITORS WAS REACHED AS FOLLOWS: For 16,643,093 4,659,499 11,178,361 6,987,508 11,840,604 Against 142,714 42,248 41,640 35,114 55,357 Abstain 465,431 112,043 208,713 120,243 249,707 ---------- --------- ---------- --------- ---------- Total 17,251,238 4,813,790 11,428,714 7,142,865 12,145,668 ========== ========= ========== ========= ========== SHAREHOLDER MEETING REPORT On November 16, 1995, the following Nuveen Exchange-Traded Funds held an Annual Meeting of Shareholders. At the meeting, shareholders voted to elect directors of the Funds and to ratify selection of Ernst & Young L.L.P. as the auditors for the Funds. The directors elected at the meeting include: Lawrence H. Brown, Richard J. Franke, Anne E. Impellizzeri, Peter R. Sawers, and Timothy R. Schwertfeger. NUC NVC APPROVAL OF THE DIRECTORS WAS REACHED AS FOLLOWS: Lawrence H. Brown For 19,839,265 20,458,399 Abstain 266,102 326,986 ---------- ---------- Total 20,105,367 20,785,385 ========== ========== Richard J. Franke For 19,848,582 20,473,531 Abstain 259,785 311,854 ---------- ---------- Total 20,108,367 20,785,385 ========== ========== Anne E. Impellizzeri For 19,845,918 20,466,373 Abstain 262,449 319,012 ---------- ---------- Total 20,108,367 20,785,385 ========== ========== Peter R. Sawers For 19,851,732 20,476,324 Abstain 256,635 309,061 ---------- ---------- Total 20,108,367 20,785,385 ========== ========== Timothy R. Schwertfeger For N/A N/A Abstain N/A N/A ---------- ---------- Total N/A N/A ========== ========== APPROVAL OF MERGERS WAS REACHED AS FOLLOWS: For N/A N/A Against N/A N/A Abstain N/A N/A ---------- ---------- Total N/A N/A ========== ========== RATIFICATION OF AUDITORS WAS REACHED AS FOLLOWS: For 19,692,602 20,275,754 Against 59,472 126,475 Abstain 356,293 383,156 ---------- ---------- Total 20,108,367 20,785,385 ========== ==========
PORTFOLIO OF INVESTMENTS (Unaudited) NUVEEN CALIFORNIA MUNICIPAL VALUE FUND, INC. (NCA)
PRINCIPAL OPT. CALL MARKET AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE $ 8,000,000 California Department of Veterans Affairs, Home Purchase, Alternative Minimum Tax, 8.300%, 8/01/19 8/98 at 102 Aa $ 8,357,280 1,885,000 California General Obligation, 7.000%, 8/01/08 No Opt. Call A1 2,220,078 California Health Facilities Authority (The Whittier Institute For Diabetes and Endocrinology), Scripps Memorial Hospitals: 1,335,000 8.000%, 12/01/00 12/98 at 102 N/R 1,436,313 3,615,000 8.400%, 12/01/08 12/98 at 102 N/R 3,915,804 1,500,000 California Health Facilities Financing Authority (Sutter Health System), 8.000%, 1/01/16 (Pre-refunded to 1/01/97) 1/97 at 102 A1 1,586,625 1,000,000 California Health Facilities Financing Authority (Health Dimensions, Inc.), 7.375%, 5/01/07 (Pre-refunded to 5/01/00) 5/00 at 102 Ba 1,140,810 1,500,000 California Health Facilities Financing Authority (St. Joseph Health), 7.000%, 7/01/10 (Pre-refunded to 7/01/01) 7/01 at 102 AA 1,717,485 California Housing Finance Agency, Home Mortgage: 8,500,000 8.200%, 8/01/17 8/97 at 102 Aa 8,941,490 3,000,000 6.000%, 8/01/17 8/05 at 102 Aaa 3,049,440 California Housing Finance Agency, Home Mortgage, Alternative Minimum Tax: 1,955,000 8.600%, 8/01/19 8/98 at 102 Aa 2,065,458 365,000 8.150%, 8/01/19 8/98 at 102 Aa 383,265 California Housing Finance Agency, Alternative Minimum Tax: 2,765,000 6.100%, 8/01/15 8/05 at 102 Aaa 2,789,747 2,200,000 6.050%, 8/01/15 2/06 at 102 Aaa 2,205,434 1,085,000 8.350%, 8/01/19 8/98 at 102 Aa 1,138,360 2,090,000 8.200%, 2/01/20 8/98 at 102 Aaa 2,232,684 1,575,000 California Pollution Control Refunding (Pacific Gas and Electric Company), 7.500%, 5/01/16 6/96 at 102 A2 1,619,006 1,500,000 California Pollution Control Financing Authority (Pacific Gas and Electric Company), Alternative Minimum Tax, 8.875%, 1/01/10 12/97 at 102 A2 1,628,355 5,000,000 California Pollution Control Finance Authority, Resource Recovery (Waste Management), Alternative Minimum Tax, 7.150%, 2/01/11 2/01 at 103 A1 5,518,750 2,000,000 California Public Works Board, Department of Corrections, 5.375%, 12/01/19 (DD) 12/03 at 102 Aaa 1,917,040 685,000 California Rural Mortgage Finance Authority, Single Family Mortgage, Alternative Minimum Tax, 7.950%, 12/01/24 No Opt. Call Aaa 780,551 PRINCIPAL OPT. CALL MARKET AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE California State University Trust Certificates: $ 1,405,000 7.000%, 6/01/07 12/00 at 101 7/8 N/R $ 1,485,998 1,725,000 7.200%, 6/01/10 12/00 at 101 7/8 N/R 1,827,500 5,000,000 California Statewide Communities Development Corporation (Pacific Homes), Certificates of Participation, 6.000%, 4/01/17 4/03 at 102 A 4,996,700 2,175,000 ABAG Finance Authority for Nonprofit Corporations, Certificates of Participation (United Way of Santa Clara County), 7.200%, 7/01/11 7/01 at 102 Aa2 2,381,168 Arcadia Hospital (Methodist Hospital of Southern California): 5,000,000 7.875%, 8/01/10 8/97 at 102 A 5,324,650 1,000,000 6.500%, 11/15/12 11/02 at 102 A 1,040,640 Brea Public Financing Authority: 7,085,000 8.100%, 10/01/14 4/96 at 102 1/2 N/R 7,266,447 2,750,000 Campbell Union School District, General Obligation, 6.250%, 8/01/19 8/04 at 102 Aaa 2,924,158 5,000,000 Castaic Lake Water Agency, Certificates of Participation, 6.300%, 8/01/20 8/04 at 102 Aaa 5,324,050 2,000,000 Cerritos Public Finance Authority (Los Cerritos Redevelopment Project), 6.000%, 11/01/13 11/03 at 102 A- 2,003,580 4,000,000 Chino Unified School District, Certificates of Participation, 6.000%, 9/01/20 9/05 at 102 Aaa 4,156,720 Colma Improvement Bonds, Local Improvement District No. 1, Reassessment Project: 870,000 8.125%, 9/02/03 3/96 at 103 N/R 904,844 1,140,000 8.125%, 9/02/04 3/96 at 103 N/R 1,185,657 1,240,000 8.125%, 9/02/05 3/96 at 103 N/R 1,287,467 2,000,000 Contra Costa Water District, 5.750%, 10/01/14 10/04 at 102 Aaa 2,037,200 2,065,000 Contra Costa County Home Mortgage (GNMA), Alternative Minimum Tax, 8.250%, 6/01/21 No Opt. Call Aaa 2,782,298 Duarte Redevelopment Agency, Huntington Drive Phase II, Tax Allocation: 1,170,000 7.900%, 10/01/02 10/97 at 102 N/R 1,248,156 3,745,000 8.000%, 10/01/10 10/97 at 102 N/R 3,940,901 1,470,000 El Paso de Robles Redevelopment Agency, Tax Allocation, 7.250%, 7/01/21 7/00 at 102 BBB 1,555,216 3,600,000 Emeryville Public Financing Authority, Redevelopment Project, Subordinated Lien, 8.100%, 2/01/18 (Pre-refunded to 2/01/97) 2/97 at 102 A- 3,824,460 960,000 Inglewood Public Finance Authority (In-Town, Manchester Redevelopment Projects), 7.000%, 5/01/22 5/02 at 102 A- 1,012,637 970,000 Inglewood Public Finance Authority, 7.000%, 5/01/22 5/02 at 102 Baa 1,039,277 PRINCIPAL OPT. CALL MARKET AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE $ 1,950,000 Lassen Municipal Utility District, Certificates of Participation, Alternative Minimum Tax, 8.250%, 5/01/98 5/02 at 102 1/2 N/R $ 2,011,133 2,000,000 Long Beach Redevelopment Agency, Downtown Redevelopment Project Tax Allocation, 8.300%, 11/01/10 (Pre-refunded to 5/01/98) 5/98 at 102 N/R 2,222,200 5,000,000 Los Angeles Community Redevelopment Agency, Tax Allocation (Central Business District), 6.750%, 7/01/10 7/96 at 102 A- 5,109,800 8,515,000 Los Angeles Convention and Exhibition Center, Certificates of Participation, 9.000%, 12/01/20 (Pre-refunded to 12/01/05) 12/05 at 100 Aaa 11,448,418 1,100,000 Los Angeles Department of Water and Power Electric Plant, 7.125%, 5/15/30 (Pre-refunded to 5/15/00) 5/00 at 102 Aa 1,232,297 100,000 Los Angeles Single Family Home Mortgage (GNMA/FNMA), Alternative Minimum Tax, 6.875%, 6/01/25 12/01 at 102 AAA 103,782 7,965,000 Los Angeles Wastewater System, 8.125%, 11/01/17 (Pre-refunded to 11/01/97) 11/97 at 102 AAA 8,701,125 3,000,000 Los Angeles County Metro Transit Authority, 5.500%, 7/01/17 (DD) 7/05 at 102 Aaa 2,964,510 Los Angeles County Transportation Commission, Sales Tax: 3,465,000 7.900%, 7/01/08 (Pre-refunded to 7/01/97) 7/97 at 102 Aaa 3,730,523 2,500,000 8.000%, 7/01/16 (Pre-refunded to 7/01/97) 7/97 at 102 Aaa 2,694,825 2,635,000 Menlo Park Community Development Agency, FHA-Insured, Multi-Family Housing, 8.250%, 12/01/28 6/97 at 103 Aa 2,793,258 4,000,000 Modesto Irrigation District, 5.750%, 9/01/22 9/05 at 102 Aaa 4,031,800 8,500,000 Orange County Public Facilities Corporation, Certificates of Participation, 8.250%, 12/01/18 (Pre-refunded to 12/01/97) 12/97 at 102 AAA 9,333,170 5,000,000 Orange County Sanitation District Nos. 1, 2, and 3, 7.100%, 8/01/11 (Pre-refunded to 8/01/96) 8/96 at 102 Aaa 5,179,550 8,565,000 Palmdale Single Family (GNMA), 0.000%, 3/01/17 No Opt. Call Aaa 2,072,644 2,425,000 Pasadena Health Facilities (Pacific Clinics), 8.200%, 6/01/18 6/97 at 100 A 2,456,501 2,225,000 Pittsburg Redevelopment Agency, Los Medanos Community Development Project, 7.750%, 8/01/08 (Pre-refunded to 8/01/96) 8/96 at 102 AAA 2,310,218 2,500,000 Redding Joint Powers Financing Authority Water System, 5.500%, 6/15/23 6/03 at 102 Aaa 2,466,725 4,430,000 Sacramento Public Facilities, Certificates of Participation, 8.250%, 8/01/12 (Pre-refunded to 8/01/97) 8/97 at 102 1/2 AAA 4,827,282 PRINCIPAL OPT. CALL MARKET AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE $ 7,750,000 Sacramento Sanitation District Finance Authority, 4.750%, 12/01/23 12/03 at 102 Aa $ 6,792,488 1,265,000 San Benito Hospital District, 6.750%, 12/01/21 12/01 at 102 A 1,341,899 20,415,000 San Bernardino County, Single Family Mortgage (GNMA), Alternative Minimum Tax, 0.000%, 9/01/21 No Opt. Call Aaa 3,925,396 San Diego Community College District, Certificates of Participation: 1,000,000 8.625%, 12/01/09 (Pre-refunded to 12/01/97) 12/97 at 102 N/R 1,102,170 1,000,000 8.625%, 12/01/09 (Pre-refunded to 12/01/97) 12/97 at 102 AAA 1,104,350 2,500,000 San Diego, Industrial Development (San Diego Gas and Electric Company), 7.625%, 7/01/21 7/96 at 102 Aa3 2,574,875 2,000,000 San Diego Redevelopment Agency (Horton Plaza Project), Tax Allocation, 8.125%, 7/01/08 7/98 at 102 Baa1 2,103,440 6,000,000 San Francisco Public Utility Commission, Water System, 8.000%, 11/01/11 11/97 at 102 Aa 6,521,880 3,000,000 San Francisco City and County Redevelopment Agency (GNMA-South Beach Marina), 5.700%, 3/01/29 3/04 at 102 Aaa 2,904,750 5,000,000 San Jose Redevelopment Agency, Tax Allocation, 5.000%, 8/01/20 2/04 at 102 Aaa 4,631,250 3,000,000 San Jose-Santa Clara Water Finance Authority, Sewer System, 5.375%, 11/15/20 11/05 at 101 Aaa 2,900,250 2,635,000 Southern California Home Financing Authority, Single Family Mortgage (GNMA), Alternative Minimum Tax, 8.125%, 2/01/21 No Opt. Call AAA 2,799,767 Southern California Public Power Authority: 1,100,000 4.750%, 7/01/16 7/04 at 102 Aaa 999,052 3,000,000 5.000%, 7/01/22 7/03 at 100 Aaa 2,747,610 2,000,000 University of California (UCLA Central Chiller/ Cogeneration), 5.500%, 11/01/17 11/03 at 102 Aa 1,922,760 5,050,000 University of California, 6.875%, 9/01/16 (Pre-refunded to 9/01/02) 9/02 at 102 A- 5,835,880 2,000,000 University of California Housing System, 5.500%, 11/01/18 11/03 at 102 Aaa 1,960,500 3,590,000 Walnut Valley Unified School District, Certificates of Participation, 8.200%, 1/01/13 (Pre-refunded to 1/01/97) 1/97 at 102 N/R 3,801,055 $256,105,000 Total Investments - (cost $227,961,719) - 96.3% 245,852,832 ============ PRINCIPAL OPT. CALL MARKET AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE TEMPORARY INVESTMENTS IN SHORT-TERM MUNICIPAL SECURITIES - 0.6% $ 1,500,000 California Health Facilities Financing Authority =========== (St. Joseph Health System), Series A, Variable Rate Demand Bonds, 3.150%, 7/01/13+ VMIG-1 $ 1,500,000 Other Assets Less Liabilities - 3.1% 7,969,569 Net Assets - 100% $255,322,401 ============ NUMBER MARKET MARKET STANDARD & POOR'S MOODY'S OF ISSUES VALUE PERCENT SUMMARY OF AAA Aaa 33 $114,036,819 46% RATINGS** AA+, AA, AA- Aa1, Aa, Aa2, Aa3 13 46,822,064 19 PORTFOLIO OF A+ A1 3 9,325,453 4 INVESTMENTS A, A- A, A2, A3 12 36,194,108 15 (EXCLUDING BBB+, BBB, BBB- Baal, Baa, Baa2, Baa3 3 4,697,933 2 TEMPORARY BB+, BB, BB- Ba1, Ba, Ba2, Ba3 1 1,140,810 1 INVESTMENTS): Non-rated Non-rated 14 33,635,645 13 TOTAL 79 $245,852,832 100% * 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. ** Ratings: Using the higher of Standard & Poor's or Moody's rating. N/R - Investment is not rated. (DD) Security or portion of security purchased on a delayed delivery basis (note 1). + The security has a maturity of more than one year, but has variable rate and demand features which qualify it as a short-term security. The rate disclosed is that currently in effect. This rate changes periodically based on market conditions or a specified market index. See accompanying notes to financial statements.
PORTFOLIO OF INVESTMENTS (Unaudited) NUVEEN CALIFORNIA PERFORMANCE PLUS MUNICIPAL FUND, INC. (NCP)
PRINCIPAL OPT. CALL MARKET AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE $ 7,900,000 California Department of Veterans Affairs, Home Purchase, Alternative Minimum Tax, 8.300%, 8/01/19 8/98 at 102 Aa $ 8,252,814 2,000,000 California Educational Facilities Authority (St. Mary's College of California), 7.500%, 10/01/20 (Pre-refunded to 10/01/00) 10/00 at 102 Aaa 2,308,540 6,000,000 California General Obligation, 5.750%, 3/01/14 3/05 at 101 A1 6,007,260 5,500,000 California Health Facilities Financing Authority (Pomona Valley Hospital Medical Center), 9.750%, 1/01/19 1/00 at 102 A- 6,559,850 2,000,000 California Health Facilities Financing Authority (Kaiser Permanente), 7.000%, 10/01/08 10/99 at 102 Aa3 2,178,140 6,500,000 California Health Facilities Financing Authority (Children's Hospital-San Diego), 7.000%, 7/01/13 7/00 at 102 Aaa 7,331,415 2,780,000 California Health Facilities Financing Authority (Valley Memorial Hospital), 6.000%, 5/01/17 5/03 at 102 A 2,794,317 California Health Facilities Financing Authority (Health Dimensions, Inc.): 4,175,000 7.250%, 5/01/03 (Pre-refunded to 5/01/00) 5/00 at 102 Ba 4,743,092 5,000,000 7.500%, 5/01/15 (Pre-refunded to 5/01/00) 5/00 at 102 Ba 5,727,800 4,800,000 California Health Facilities Financing Authority (Sisters of Providence), 7.500%, 10/01/10 10/00 at 102 AA- 5,540,496 6,795,000 CaliforniaHousing Finance Agency, Home Mortgage, Alternative Minimum Tax, 7.700%, 8/01/30 2/00 at 102 Aa 7,178,578 4,000,000 California Housing Finance Agency, Alternative Minimum Tax, 7.125%, 2/01/26 2/05 at 102 Aa 4,209,360 2,000,000 California Pollution Control Finance Authority, Resource Recovery (Waste Management), Alternative Minimum Tax, 7.150%, 2/01/11 2/01 at 103 A1 2,207,500 California State University Trust Certificates: 1,500,000 7.100%, 6/01/08 12/00 at 101 7/8 N/R 1,589,400 1,610,000 7.150%, 6/01/09 12/00 at 101 7/8 N/R 1,705,811 3,000,000 California Statewide Communities Development Authority (Triad Healthcare), Certificates of Participation, 6.250%, 8/01/06 No Opt. Call A 3,180,180 6,080,000 Anaheim Memorial Hospital, Certificates of Participation, 7.125%, 5/15/13 5/00 at 102 Aaa 6,884,141 7,520,000 Antelope Valley Hospital District, Certificates of Participation, 7.350%, 1/01/20 1/98 at 102 A 7,924,576 4,720,000 Central California Joint Powers Health Finance Authority, Certificates of Participation, 5.000%, 2/01/23 2/03 at 100 A 4,062,410 12,600,000 Chula Vista (San Diego Gas and Electric Company), Alternative Minimum Tax, 6.400%, 12/01/27 12/02 at 102 Aaa 13,257,594 1,850,000 Coalinga Certificates of Participation, 7.000%, 4/01/10 4/00 at 102 BBB+ 1,936,839 PRINCIPAL OPT. CALL MARKET AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE $ 4,000,000 Contra Costa Water District, 6.750%, 10/01/20 (Pre-refunded to 10/01/00) 10/00 at 102 N/R $ 4,493,000 4,000,000 Contra Costa County, Home Mortgage (GNMA), Alternative Minimum Tax, 8.250%, 6/01/21 No Opt. Call Aaa 5,389,440 2,000,000 Cudahy Redevelopment Agency, Tax Allocation, 6.700%, 9/01/24 9/03 at 102 BBB 2,012,540 3,000,000 Desert Hospital District, Certificates of Participation, 8.100%, 7/01/20 (Pre-refunded to 7/01/00) 7/00 at 102 AAA 3,521,310 10,000,000 East Bay Municipal Utility District, Water System, 7.500%, 6/01/18 (Pre-refunded to 6/01/00) 6/00 at 102 Aaa 11,478,500 3,000,000 Folsom Public Financing Authority, Local Agency, 7.250%, 10/01/10 10/00 at 102 BBB+ 3,217,110 3,000,000 Fontana Public Financing Authority, Tax Allocation (North Fontana Redevelopment Project), 7.250%, 9/01/20 9/00 at 102 A 3,233,520 Fresno Unified School District, Certificates of Participation: 1,700,000 6.600%, 5/01/08 5/00 at 102 A 1,803,666 1,765,000 6.700%, 5/01/09 5/00 at 102 A 1,872,330 2,500,000 Fruitvale School District, Certificates of Participation, 7.875%, 6/01/04 6/00 at 102 Baa 2,768,975 2,000,000 LaQuinta Redevelopment Agency, Tax Allocation, 8.400%, 9/01/12 9/00 at 102 Aaa 2,382,920 1,700,000 Lancaster Housing Authority (Brierwood Mobile Home Park Project), 7.200%, 4/01/24 4/99 at 102 BBB+ 1,736,737 6,750,000 Los Angeles Airport, 7.400%, 5/01/10 5/97 at 102 Aa 7,190,100 Los Angeles Department of Water and Power, Electric Plant: 2,500,000 7.900%, 5/01/28 5/98 at 102 Aa 2,754,875 5,915,000 5.000%, 10/15/33 10/03 at 102 Aa 5,280,025 Los Angeles Department of Water and Power, Waterworks System: 3,000,000 4.500%, 5/15/13 5/03 at 102 Aa 2,641,290 4,270,000 4.500%, 5/15/18 5/03 at 102 Aa 3,640,687 Los Angeles Wastewater System: 5,600,000 7.625%, 8/01/14 (Pre-refunded to 8/01/98) 8/98 at 102 Aaa 6,205,640 5,000,000 7.100%, 6/01/18 6/99 at 102 A1 5,474,850 2,390,000 Los Angeles County Community Development Commission (Los Tomas Apartments), FHA-Insured 6.500%, 7/15/23 5/03 at 100 Aaa 2,447,384 7,000,000 Los Angeles County Transportation Commission, Sales Tax, 8.000%, 7/01/16 (Pre-refunded to 7/01/97) 7/97 at 102 Aaa 7,545,510 2,000,000 Mendocino County, Certificates of Participation, 6.000%, 8/15/23 8/03 at 102 A 2,000,660 2,820,000 Metropolitan Water District of Southern California, 6.750%, 6/01/22 6/96 at 102 Aa 2,893,376 PRINCIPAL OPT. CALL MARKET AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE $ 2,445,000 Nevada County, Certificates of Participation, 7.250%, 6/01/08 6/01 at 102 Baa $ 2,523,753 4,100,000 Northern California Power Agency, 7.150%, 7/01/24 7/98 at 102 A 4,423,449 3,415,000 Oakland Pension Financing, 7.600%, 8/01/21 8/98 at 102 Aaa 3,730,170 4,390,000 Pleasanton Joint Powers Financing Authority, 6.000%, 9/02/05 9/03 at 102 Baa 4,666,043 8,000,000 Port of Oakland, 8.000%, 11/01/00 No Opt. Call Aaa 9,256,640 Rancho Cucamonga Redevelopment Agency Tax Allocation: 2,285,000 7.125%, 9/01/19 (Pre-refunded to 9/01/99) 9/99 at 102 Aaa 2,559,383 2,215,000 7.125%, 9/01/19 9/99 at 102 Aaa 2,439,136 3,365,000 San Bernardino CountyWaterworks District No. 8, Certificates of Participation, 6.700%, 6/01/18 (Mandatory put 6/01/96) No Opt. Call Baa2 3,376,374 2,000,000 San Diego Redevelopment Agency (Marina Redevelopment Project), 8.750%, 12/01/08 (Pre-refunded to 12/01/97) 12/97 at 101 1/2 Aaa 2,203,520 3,500,000 San Diego Redevelopment Agency, Tax Allocation, (Columbia Redevelopment Project), 8.750%, 12/01/08 (Pre-refunded to 12/01/97) 12/97 at 101 1/2 Aaa 3,856,160 2,700,000 San Diego CountyWater Authority, 7.300%, 5/01/09 (Pre-refunded to 5/01/97) 5/97 at 102 Aaa 2,874,906 2,650,000 San Diego County Water Authority, Certificates of Participation, 6.375%, 5/01/06 5/01 at 102 Aa 2,845,650 3,500,000 San Francisco Sewer, 7.250%, 10/01/15 (Pre-refunded to 10/01/97) 10/97 at 101 1/2 Aaa 3,747,835 6,470,000 San Leandro Certificates of Participation, 5.950%, 6/01/23 6/03 at 102 A 6,456,284 3,075,000 Santa Maria Hospital (Marian Medical Center), Certificates of Participation, 7.100%, 9/01/13 9/97 at 102 A 3,214,328 2,500,000 Sierra View Local Hospital District, 6.400%, 3/01/22 3/02 at 102 A 2,600,650 3,310,000 Southern California Home Financing Authority, Single Family Mortgage, Alternative Minimum Tax, 7.625%, 10/01/23 10/00 at 102 AAA 3,504,794 7,000,000 Southern California Public Power Authority, 7.375%, 7/01/21 7/96 at 102 1/2 Aa 7,266,490 2,550,000 Suisun City Redevelopment Agency, Tax Allocation, 5.900%, 10/01/23 10/03 at 102 Aaa 2,609,313 4,000,000 Tracy Community Memorial Hospital, 8.625%, 1/01/18 (Pre-refunded to 1/01/97) 1/97 at 102 A 4,249,080 3,975,000 University of California Hospital (University of California Los Angeles Medical Center), 7.300%, 12/01/20 (Pre-refunded to 12/01/98) 12/98 at 102 A+ 4,411,494 $261,685,000 Total Investments - (cost $257,356,741) - 97.9% 280,380,010 ============ PRINCIPAL OPT. CALL MARKET AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE TEMPORARY INVESTMENTS IN SHORT-TERM MUNICIPAL SECURITIES - 0.1% $ 300,000 California Pollution Control Finance Authority ========== (Shell Oil Company), Variable Rate Demand Bonds, 3.150%, 11/01/00+ VMIG-1 $ 300,000 Other Assets Less Liabilities - 2.0% 5,772,578 Net Assets - 100% $286,452,588 ============ NUMBER MARKET MARKET STANDARD & POOR'S MOODY'S OF ISSUES VALUE PERCENT SUMMARY OF AAA Aaa 21 $105,534,251 38% RATINGS** AA+, AA, AA- Aa1, Aa, Aa2, Aa3 13 61,871,881 22 PORTFOLIO OF A+ A1 4 18,101,104 6 INVESTMENTS A, A- A, A2, A3 14 54,375,300 19 (EXCLUDING BBB+, BBB, BBB- Baa1, Baa, Baa2, Baa3 8 22,238,371 8 TEMPORARY BB+, BB, BB- Ba1, Ba, Ba2, Ba3 2 10,470,892 4 INVESTMENTS): Non-rated Non-rated 3 7,788,211 3 TOTAL 65 $280,380,010 100% * 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. ** Ratings: Using the higher of Standard & Poor's or Moody's rating. N/R - Investment is not rated. + The security has a maturity of more than one year, but has variable rate and demand features which qualify it as a short-term security. The rate disclosed is that currently in effect. This rate changes periodically based on market conditions or a specified market index. See accompanying notes to financial statements.
PORTFOLIO OF INVESTMENTS (Unaudited) NUVEEN CALIFORNIA MUNICIPAL MARKET OPPORTUNITY FUND, INC. (NCO)
PRINCIPAL OPT. CALL MARKET AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE $ 6,250,000 California Health Facilities Authority (Kaiser Permanente), 7.000%, 10/01/18 10/99 at 102 Aa3 $ 6,806,688 2,000,000 California Health Facilities Financing Authority (Valley Memorial Hospital), 6.000%, 5/01/17 5/03 at 102 A 2,010,300 1,900,000 California Health Facilities Authority, Children's Hospital of San Francisco, 7.500%, 10/01/20 10/00 at 102 Aaa 2,148,330 5,000,000 California Health Facilities Financing Authority (Health Dimensions, Inc.), 7.500%, 5/01/15 (Pre-refunded to 5/01/00) 5/00 at 102 Ba 5,727,800 1,995,000 California Housing Finance Agency, Home Mortgage, Alternative Minimum Tax, 8.300%, 8/01/19 8/98 at 102 Aa 2,090,920 3,000,000 California Pollution Control Finance Authority (Pacific Gas and Electric), Alternative Minimum Tax, 8.750%, 1/01/07 12/97 at 102 A2 3,250,470 6,500,000 California State Department of Water Resources, Central Valley Project, 7.125%, 12/01/24 (Pre-refunded to 6/01/99) 6/99 at 101 1/2 Aaa 7,207,850 3,000,000 California Statewide Communities Development Authority (Triad Healthcare), Certificates of Participation, 6.250%, 8/01/06 No Opt. Call A 3,180,180 5,000,000 Castaic Lake Water Agency, Certificates of Participation, 7.125%, 8/01/16 (Pre-refunded to 8/01/00) 8/00 at 102 Aaa 5,687,250 6,800,000 Central California Joint Powers Health Finance Authority, Certificates of Participation, 5.000%, 2/01/23 2/03 at 100 A 5,852,624 8,000,000 Chula Vista (San Diego Gas and Electric Company), Alternative Minimum Tax, 6.400%, 12/01/27 12/02 at 102 Aaa 8,417,520 3,300,000 Contra Costa Water District, 6.875%, 10/01/20 (Pre-refunded to 10/01/00) 10/00 at 102 N/R 3,711,972 5,000,000 Desert Hospital District, Certificates of Participation, 8.100%, 7/01/20 (Pre-refunded to 7/01/00) 7/00 at 102 AAA 5,868,850 5,000,000 Fontana Public Financing Authority, Tax Allocation (North Fontana Redevelopment Project), 7.250%, 9/01/20 9/00 at 102 A 5,389,200 2,580,000 Inglewood Redevelopment Agency, Tax Allocation, 5.900%, 7/01/03 No Opt. Call BBB 2,639,856 1,500,000 Lancaster Housing Authority (Brierwood Mobile Home Park Project), 7.200%, 4/01/24 4/99 at 102 BBB+ 1,532,415 Loma Linda (Loma Linda University Medical Center): 5,970,000 5.750%, 12/01/03 No Opt. Call BBB 5,780,930 3,000,000 6.500%, 12/01/18 12/03 at 102 BBB 2,987,250 5,000,000 Los Angeles Convention and Exhibition Center, Certificates of Participation, 7.000%, 8/15/21 (Pre-refunded to 8/15/00) 8/00 at 102 Aaa 5,666,800 PRINCIPAL OPT. CALL MARKET AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE $ 5,000,000 Los Angeles Department of Water and Power, 7.200%, 2/15/19 2/99 at 102 Aa $ 5,494,500 4,000,000 Los Angeles Department of Harbors, Alternative Minimum Tax, 6.625%, 8/01/19 8/02 at 102 Aa 4,284,560 4,000,000 Los Angeles Wastewater System, 4.700%, 11/01/19 11/03 at 102 Aaa 3,547,520 2,000,000 Mendocino County, Certificates of Participation, 6.000%, 8/15/23 8/03 at 102 A 2,000,660 5,890,000 Mt. Diablo Unified School District, Special Tax, 7.050%, 8/01/20 8/00 at 102 Aaa 6,561,342 1,500,000 Nevada County Certificates of Participation, 7.250%, 6/01/08 6/01 at 102 Baa 1,548,315 10,900,000 Ontario Redevelopment Authority, 7.400%, 8/01/25 No Opt. Call Aaa 13,949,602 4,000,000 Orange Multi-Family Housing (Villa Santiago Rehabilitation Project), Alternative Minimum Tax, 5.600%, 10/01/27 (Mandatory put 10/01/05) 10/02 at 102 AAA 4,067,920 4,000,000 Orange County Water District, Certificates of Participation, 7.000%, 8/15/15 8/00 at 102 Aaa 4,533,440 Pomona Public Financing Authority, Lease Purchase: 4,035,000 7.700%, 10/01/07 (Pre-refunded to 10/01/00) 10/00 at 102 A- 4,676,162 2,000,000 7.875%, 10/01/15 (Pre-refunded to 10/01/00) 10/00 at 102 A- 2,332,240 4,000,000 Pomona Single Family Mortgage (GNMA and FNMA), 7.500%, 8/01/23 No Opt. Call Aaa 5,008,120 4,000,000 Port of Oakland, 7.250%, 11/01/16 5/97 at 102 Aaa 4,213,760 4,700,000 San Bernadino Certificates of Participation, 5.500%, 8/01/22 8/05 at 102 Aaa 4,581,607 7,000,000 San Diego Redevelopment Agency (Marina Redevelopment Project), 8.750%, 12/01/08 (Pre-refunded to 12/01/97) 12/97 at 101 1/2 Aaa 7,712,320 2,000,000 Sierra View Local Hospital District, 6.400%, 3/01/2 3/02 at 102 A 2,080,520 3,450,000 Southern California Public Power Authority, Transmission Project, 7.875%, 7/01/18 (Pre-refunded to 7/01/96) 7/96 at 103 AAA 3,606,009 2,000,000 Suisun City Redevelopment Agency, Tax Allocation, 5.900%, 10/01/23 10/03 at 102 Aaa 2,046,520 5,000,000 University of California Regents (Seismic Safety Projects), 7.300%, 9/01/20 9/98 at 102 BBB+ 5,510,550 4,620,000 Vista Joint Powers Financing Authority, 6.100%, 9/01/20 9/00 at 101 A- 4,588,029 $164,890,000 Total Investments - (cost $161,089,068) - 98.0% 178,300,901 ============ PRINCIPAL OPT. CALL MARKET AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE TEMPORARY INVESTMENTS IN SHORT-TERM MUNICIPAL SECURITIES - 0.8% $ 1,000,000 California Health Facilities Financing Authority (St. Joseph Health System), Series 1991B, Variable Rate Demand Bonds, 3.100%, 7/01/09+ VMIG-1 $ 1,000,000 500,000 California Health Facilities Financing Authority (St. Francis Memorial Hospital), Series 1993B, Variable Rate Demand Bonds, 3.200%, 11/01/19+ VMIG-1 500,000 $ 1,500,000 Total Temporary Investments - 0.8% 1,500,000 =========== Other Assets Less Liabilities - 1.2% 2,076,596 Net Assets - 100% $181,877,497 ============ NUMBER MARKET MARKET STANDARD & POOR'S MOODY'S OF ISSUES VALUE PERCENT SUMMARY OF AAA Aaa 17 $ 94,824,760 53% RATINGS** AA+, AA, AA- Aa1, Aa, Aa2, Aa3 4 18,676,668 11 PORTFOLIO OF A, A- A, A2, A3 10 35,360,385 20 INVESTMENTS BBB+, BBB, BBB- Baa1, Baa, Baa2, Baa3 6 19,999,316 11 (EXCLUDING BB+, BB, BB- Ba1, Ba, Ba2, Ba3 1 5,727,800 3 TEMPORARY Non-rated Non-rated 1 3,711,972 2 INVESTMENTS): TOTAL 39 $178,300,901 100% * 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. ** Ratings: Using the higher of Standard & Poor's or Moody's rating. N/R - Investment is not rated. + The security has a maturity of more than one year, but has variable rate and demand features which qualify it as a short-term security. The rate disclosed is that currently in effect. This rate changes periodically based on market conditions or a specified market index. See accompanying notes to financial statements.
PORTFOLIO OF INVESTMENTS (Unaudited) NUVEEN CALIFORNIA INVESTMENT QUALITY MUNICIPAL FUND, INC. (NQC)
PRINCIPAL OPT. CALL MARKET AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE $ 3,000,000 California Educational Facilities Authority (Chapman College), 7.300%, 1/01/02 No Opt. Call Baa $ 3,289,770 8,530,000 California Educational Facilities Authority (Loyola Marymount University), 8.125%, 10/01/17 (Pre-refunded to 10/01/97) 10/97 at 102 Aaa 9,288,658 13,335,000 California General Obligation, 5.750%, 3/01/13 3/05 at 101 A1 13,437,680 California Health Facilities Financing Authority (Health Dimensions, Inc.): 2,300,000 7.500%, 5/01/15 (Pre-refunded to 5/01/00) 5/00 at 102 Ba 2,634,788 4,395,000 7.000%, 5/01/20 (Pre-refunded to 5/01/00) 5/00 at 102 Ba 4,932,333 8,075,000 California Health Facilities Financing Authority (Cedars-Sinai Medical Center), 7.000%, 11/01/15 (Pre-refunded to 11/01/00) 11/00 at 102 N/R 9,058,535 11,995,000 California Health Facilities Financing Authority (Kaiser Permanente Medical Care Program), 7.000%, 12/01/00 12/00 at 102 Aa3 13,357,872 California Housing Finance Agency, Home Mortgage, Alternative Minimum Tax: 1,745,000 8.350%, 8/01/19 8/98 at 102 Aa 1,830,819 2,665,000 8.300%, 8/01/19 8/98 at 102 Aa 2,793,133 1,370,000 8.000%, 8/01/29 8/99 at 102 Aa 1,454,926 4,350,000 California Pollution Control Financing Authority (Pacific Gas and Electric Company), Alternative Minimum Tax, 8.875%, 1/01/10 12/97 at 102 A2 4,722,230 8,300,000 California Pollution Control Finance Authority (Laidlaw, Inc.), Alternative Minimum Tax, 6.500%, 5/01/02 5/97 at 102 Aa3 8,555,142 5,500,000 California Pollution Control Finance Authority Resource Recovery (Waste Management), Alternative Minimum Tax, 7.150%, 2/01/11 2/01 at 103 A1 6,070,625 3,500,000 California State Public Works Board, Department of Corrections (California State Prison-Monterey County), 6.875%, 11/01/14 11/04 at 102 A 3,916,920 3,000,000 California Statewide Communities Development Authority (Triad Healthcare), Certificates of Participation, 6.250%, 8/01/06 No Opt. Call A 3,180,180 7,000,000 Adelanto Certificates of Participation, 7.100%, 4/01/10 4/00 at 102 BBB 7,349,230 2,195,000 Bell Community Redevelopment Agency, Tax Allocation, 6.300%, 11/01/13 11/03 at 102 Aaa 2,351,525 5,885,000 Calaveras County Water District, Certificates of Participation, 6.900%, 5/01/16 (Pre-refunded to 5/01/01 5/01 at 102 Aaa 6,708,370 7,260,000 Central California Joint Powers, Health Finance Authority, Certificates of Participation, 5.500%, 2/01/15 2/03 at 102 A 6,856,199 PRINCIPAL OPT. CALL MARKET AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE $ 7,945,000 Chula Vista (San Diego Gas and Electric Company), Alternative Minimum Tax, 6.400%, 12/01/27 12/02 at 102 Aaa $ 8,359,650 5,500,000 Cupertino Open Space Acquisition Project, Certificates of Participation, 7.125%, 4/01/16 (Pre-refunded to 4/01/01) 4/01 at 102 N/R 6,278,085 4,500,000 Desert Hospital District, Certificates of Participation, 8.000%, 7/01/10 (Pre-refunded to 7/01/00) 7/00 at 102 AAA 5,264,235 8,650,000 Fontana Public Financing Authority, Tax Allocation, 7.750%, 12/01/20 (Pre-refunded to 12/01/01) 12/01 at 102 N/R 10,296,787 Fresno Unified School District, Certificates of Participation: 1,050,000 6.600%, 5/01/07 5/00 at 102 A 1,116,875 2,750,000 7.200%, 5/01/11 5/01 at 102 A 2,972,723 2,350,000 Lancaster Housing Authority (Brierwood Mobile Home Park Project), 7.100%, 4/01/14 4/99 at 102 BBB+ 2,431,616 5,000,000 Loma Linda (Loma Linda University Medical Center) 6.500%, 12/01/18 12/03 at 102 BBB 4,978,750 5,000,000 Los Angeles Community Redevelopment Agency Tax Allocation (Central Business District), 6.750%, 7/01/10 7/96 at 102 A- 5,109,800 7,990,000 Los Angeles Department of Water & Power Electric Plant, 7.100%, 1/15/31 1/01 at 102 Aa 9,086,707 6,000,000 Los Angeles Wastewater System, 7.100%, 2/01/21 (Pre-refunded to 2/01/99) 2/99 at 102 Aaa 6,629,760 Los Angeles County Transportation Commission, Sales Tax: 5,000,000 8.000%, 7/01/16 (Pre-refunded to 7/01/97) 7/97 at 102 Aaa 5,389,650 5,500,000 6.750%, 7/01/20 (Pre-refunded to 7/01/01) 7/01 at 102 Aaa 6,249,430 2,500,000 M-S-R Public Power Agency (San Juan Project), 6.875%, 7/01/19 1/97 at 102 A 2,602,325 1,000,000 Metropolitan Water District of Southern California, 6.750%, 6/01/22 6/96 at 102 Aa 1,026,020 8,000,000 Mt. Diablo Hospital District, 8.000%, 12/01/11 (Pre-refunded to 12/01/00) 12/00 at 102 Aaa 9,462,960 3,455,000 Northern California Power Agency, 7.150%, 7/01/24 7/98 at 102 A 3,727,565 3,600,000 Ontario Redevelopment Authority, 7.400%, 8/01/25 No Opt. Call Aaa 4,607,208 5,500,000 Orange County Water District, Certificates of Participation, 5.000%, 8/15/18 8/03 at 100 Aa 4,941,750 8,000,000 Pittsburg Redevelopment Agency (Los Medanos Community Project), Tax Allocation, 7.150%, 8/01/21 8/01 at 103 Aaa 9,320,720 6,505,000 Poway Redevelopment Agency, Certificates of Participation, 7.200%, 1/01/24 (Pre-refunded to 1/01/01) 1/01 at 102 Aaa 7,454,340 PRINCIPAL OPT. CALL MARKET AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE $ 10,000,000 Sacramento Municipal Utility District, 7.875%, 8/15/16 (Pre-refunded to 8/15/98) 8/98 at 102 Aaa $ 11,153,500 4,000,000 San Bernadino County, County Center/Justice Center Capital Improvement Project, Certificates of Participation, 7.600%, 7/01/15 7/96 at 102 Aaa 4,137,640 9,000,000 San Jose Redevelopment Agency, Tax Allocation, 4.750%, 8/01/24 2/04 at 102 Aaa 7,958,520 2,000,000 San Leandro Redevelopment Agency, Tax Allocation, 6.125%, 6/01/23 6/03 at 102 A- 2,012,400 1,785,000 Southern California Home Financing Authority, Single Family Mortgage (GNMA and FNMA), Alternative Minimum Tax, 7.350%, 9/01/24 3/01 at 102 AAA 1,876,446 3,000,000 Southern California Home Financing Authority, Single Family, Alternative Minimum Tax, 7.625%, 10/01/22 4/99 at 102 AAA 3,141,180 8,795,000 Southern California Public Power Authority, Palo Verde Project, 7.125%, 7/01/15 (Pre-refunded to 7/01/96) 7/96 at 102 AAA 9,083,652 8,000,000 Southern California Public Power Authority, 7.375%, 7/01/21 7/96 at 102 1/2 Aa 8,304,560 3,680,000 Stanislaus County Waste-to-Energy Financing Agency (Ogden Martin), 7.625%, 1/01/10 1/00 at 102 BBB+ 4,012,045 2,000,000 Vacaville Community Center, Theater & Library, Certificates of Participation, 7.200%, 12/01/13 12/98 at 102 A 2,213,320 3,500,000 West Contra Costa Hospital District, 6.500%, 11/01/17 11/04 at 102 A 3,688,300 3,365,000 West Side Hospital District, 7.500%, 2/01/23 2/01 at 102 A 3,690,092 $269,320,000 Total Investments - (cost $266,387,037) - 98.1% 290,367,546 ============ TEMPORARY INVESTMENTS IN SHORT-TERM MUNICIPAL SECURITIES - 0.8% $ 1,500,000 California Health Facilities Financing Authority (Sutter Health), Series 1990-A, Variable Rate Demand Bonds, 3.200%, 3/01/20+ VMIG-1 1,500,000 600,000 California Health Facilities Financing Authority (St. Francis Memorial Hospital), Series 1993B, Variable Rate Demand Bonds, 3.200%, 11/01/19+ VMIG-1 600,000 300,000 California Pollution Control Finance Authority (Shell Oil Company), Variable Rate Demand Bonds, 3.150%, 10/01/11+ VMIG-1 300,000 $ 2,400,000 Total Temporary Investments - 0.8% 2,400,000 ============ Other Assets Less Liabilities - 1.1% 3,149,073 Net Assets - 100% $295,916,619 ============ NUMBER MARKET MARKET STANDARD & POOR'S MOODY'S OF ISSUES VALUE PERCENT SUMMARY OF AAA Aaa 18 $118,437,444 40% RATINGS** AA+, AA, AA- Aa1, Aa, Aa2, Aa3 9 51,350,929 18 PORTFOLIO OF A+ A1 2 19,508,305 7 INVESTMENTS A, A- A, A2, A3 13 45,808,929 16 (EXCLUDING BBB+, BBB, BBB- Baa1, Baa, Baa2, Baa3 5 22,061,411 7 TEMPORARY BB+, BB, BB- Ba1, Ba, Ba2, Ba3 2 7,567,121 3 INVESTMENTS): Non-rated Non-rated 3 25,633,407 9 TOTAL 52 $290,367,546 100% * 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. ** Ratings: Using the higher of Standard & Poor's or Moody's rating. N/R - Investment is not rated. + The security has a maturity of more than one year, but has variable rate and demand features which qualify it as a short-term security. The rate disclosed is that currently in effect. This rate changes periodically based on market conditions or a specified market index. See accompanying notes to financial statements.
PORTFOLIO OF INVESTMENTS (Unaudited) NUVEEN CALIFORNIA SELECT QUALITY MUNICIPAL FUND, INC. (NVC)
PRINCIPAL OPT. CALL MARKET AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE California General Obligation: $10,000,000 5.150%, 10/01/19 10/03 at 102 A1 $ 9,333,800 7,025,000 5.750%, 3/01/23 3/04 at 102 A1 7,010,599 3,000,000 California Health Facilities Financing Authority (Catholic Healthcare West), 4.750%, 7/01/19 7/04 at 102 Aaa 2,668,110 15,500,000 California Health Facilities Financing Authority (Pomona Valley Hospital Medical Center), 7.000%, 1/01/18 1/00 at 101 1/2 A- 16,336,070 5,000,000 California Health Facilities Authority (H.E.L.P. Group), 7.000%, 8/01/21 8/01 at 102 A 5,381,450 7,485,000 California Health Facilities Financing Authority (Kaiser Permanente), 6.500%, 3/01/11 3/01 at 102 Aa3 7,961,645 California Housing Finance Agency, Home Mortgage: 5,150,000 7.250%, 8/01/17 2/00 at 102 Aa 5,445,971 1,360,000 8.125%, 8/01/19 8/98 at 102 Aa 1,448,672 California Housing Finance Agency, Single Family Mortgage, Alternative Minimum Tax: 6,230,000 6.350%, 8/01/15 5/05 at 102 Aaa 6,410,109 8,470,000 6.250%, 2/01/18 10/05 at 102 Aaa 8,616,108 400,000 6.300%, 8/01/24 10/05 at 102 Aaa 404,564 California Housing Finance Agency, Alternative Minimum Tax: 3,455,000 7.200%, 2/01/26 8/01 at 102 Aaa 3,662,024 6,490,000 6.150%, 8/01/27 2/06 at 102 Aaa 6,500,449 3,150,000 California Housing Finance Agency, Home Mortgage, Alternative Minimum Tax, 7.050%, 8/01/27 8/01 at 102 Aa 3,278,678 9,650,000 California Pollution Control Finance Authority, Pollution Control (Southern California Edison Company), Alternative Minimum Tax, 6.900%, 12/01/17 12/01 at 102 Aa3 10,446,511 10,350,000 California Pollution Control Finance Authority, (San Diego Gas and Electric Company), Alternative Minimum Tax, 6.800%, 6/01/15 No Opt. Call Aa3 11,867,517 3,500,000 California Pollution Control Finance Authority (Pacific Gas and Electric Company), 5.850%, 12/01/23 12/03 at 102 Aaa 3,508,645 3,000,000 California Pollution Control Finance Authority (North County Recycling Center), 6.750%, 7/01/17 7/00 at 100 Aaa 3,035,430 3,310,000 California Public Works Board (California Community Colleges), 7.250%, 9/01/05 9/01 at 102 A 3,713,324 10,525,000 California Public Works Board, Department of Corrections, 5.750%, 9/01/21 9/01 at 100 A 10,243,772 3,500,000 California Rural Mortgage Finance Authority, Single Family Mortgage (GNMA), Alternative Minimum Tax, 7.750%, 9/01/26 No Opt. Call AAA 3,907,715 PRINCIPAL OPT. CALL MARKET AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE $ 5,000,000 California State Public Works Board (Trustees of California State University), 6.000%, 9/01/15 9/05 at 100 A $ 5,065,000 3,000,000 California Statewide Communities Development Corporation (Pacific Homes), Certificates of Participation, 6.000%, 4/01/17 4/03 at 102 A 2,998,020 1,775,000 California Statewide Communities Development Authority (St. Joseph Health System), 5.500%, 7/01/23 7/03 at 102 Aa 1,701,107 6,240,000 California Statewide Communities Development Authority (Catholic Healthcare West Obligated Group), Certificates of Participation, 5.500%, 7/01/23 7/03 at 102 Aaa 6,080,256 California Veterans, General Obligation, Alternative Minimum Tax: 11,405,000 6.400%, 2/01/20 2/98 at 102 A1 11,623,292 3,550,000 6.400%, 2/01/22 2/98 at 102 A1 3,611,770 5,120,000 ABAG Finance Authority for Nonprofit Corporations (Stanford University Hospital), Certificates of Participation, 5.250%, 11/01/08 11/03 at 102 A1 5,208,986 9,725,000 Avalon Community Improvement Agency, Tax Allocation, 7.250%, 8/01/21 8/01 at 102 A- 10,617,269 Brea Public Financing Authority, Tax Allocation: 5,285,000 6.750%, 8/01/22 (Pre-refunded to 8/01/01) 8/01 at 102 Aaa 6,013,854 2,215,000 6.750%, 8/01/22 8/01 at 102 Aaa 2,461,640 3,005,000 Calaveras Unified School District, Certificates of Participation, 5.375%, 7/01/26 7/03 at 102 Aaa 2,854,179 5,000,000 Cerritos Public Finance Authority (Los Cerritos Redevelopment Project), 6.050%, 11/01/20 11/03 at 102 A- 5,004,950 285,000 Concord, Santa Cruz, South Gate, Certificates of Participation, 7.625%, 6/01/11 6/96 at 100 A- 287,542 2,110,000 Contra Costa County Home Mortgage (GNMA), Alternative Minimum Tax, 7.700%, 11/01/09 No Opt. Call Aaa 2,445,448 7,000,000 East Bay Municipal Utility District, Water System, 6.375%, 6/01/12 (Pre-refunded to 12/01/01) 12/01 at 102 Aaa 7,877,100 8,000,000 Elk Grove Unified School District, Community Facilities District, Special Tax, 6.800%, 12/01/20 (Pre-refunded to 12/01/99) 12/99 at 102 Aaa 8,923,040 8,180,000 Fresno Unified SchoolDistrict, Certificates of Participation, 6.850%, 5/01/12 5/99 at 102 A 8,563,806 Inglewood Civic Center, Certificates of Participation: 5,515,000 7.000%, 8/01/11 8/01 at 102 A 5,882,409 5,000,000 7.000%, 8/01/19 8/01 at 102 A 5,321,100 3,000,000 6.500%, 8/01/21 8/01 at 102 A 3,084,090 9,625,000 Lancaster Redevelopment Agency, Tax Allocation, 5.800%, 8/01/23 8/03 at 102 Aaa 9,760,424 PRINCIPAL OPT. CALL MARKET AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE Loma Linda (Loma Linda University Medical Center): $ 5,460,000 7.000%, 12/01/10 (Pre-refunded to 12/01/00) 12/00 at 102 Aaa $ 6,224,837 6,500,000 7.000%, 12/01/15 12/99 at 102 Aaa 7,154,420 9,350,000 5.375%, 12/01/22 12/03 at 102 Aaa 8,916,067 2,930,000 Los Angeles Certificates of Participation (Ararat Homes of Los Angeles), 7.250%, 6/01/21 6/01 at 102 A 3,173,542 Los Angeles Department of Water and Power, Electric Plant: 3,500,000 7.250%, 9/15/30 9/00 at 102 Aa 3,964,170 6,375,000 7.100%, 1/15/31 1/01 at 102 Aa 7,250,033 4,255,000 Los Angeles Unified School District, Certificates of Participation, 7.000%, 5/01/99 No Opt. Call A 4,602,421 Los Angeles Wastewater System: 3,000,000 7.100%, 6/01/18 6/99 at 102 A1 3,284,910 3,300,000 7.150%, 6/01/20 (Pre-refunded to 6/01/00) 6/00 at 100 AAA 3,743,223 6,070,000 7.100%, 2/01/21 (Pre-refunded to 2/01/99) 2/99 at 102 Aaa 6,707,107 8,130,000 Los Angeles County Metropolitan Transportation Authority, Sales Tax, 5.625%, 7/01/18 7/03 at 102 Aaa 8,068,049 10,000,000 Los Angeles County Public Works Finance Authority (Los Angeles County Regional Park and Open Space), 6.000%, 10/01/15 10/04 at 102 Aa 10,327,800 7,500,000 Los Angeles County Transportation Commission, Sales Tax, 6.900%, 7/01/21 (Pre-refunded to 7/01/01) 7/01 at 102 Aaa 8,575,200 6,000,000 Madera County Certificates of Participation, 5.750%, 3/15/28 3/05 at 102 Aaa 6,021,720 3,325,000 Mammoth County Water District, Certificates of Participation, 7.400%, 12/15/10 12/00 at 103 A- 3,682,471 10,135,000 Metropolitan Water District of Southern California, 8.000%, 7/01/08 No Opt. Call Aa 13,012,022 6,375,000 Mt. Diablo Hospital District, 7.000%, 12/01/17 (Pre-refunded to 12/01/00) 12/00 at 102 Aaa 7,268,010 14,240,000 Northern California Power Agency, 7.150%, 7/01/24 7/98 at 102 A 15,363,394 Palm Springs Financing Authority Tax Allocation: 1,705,000 6.800%, 8/01/11 (Pre-refunded to 8/01/05) 8/05 at 100 A 1,972,156 1,390,000 6.800%, 8/01/11 8/01 at 102 A 1,474,512 2,415,000 Pleasanton Joint Powers Financing Authority, 6.150%, 9/02/12 9/03 at 102 Baa 2,471,680 Riverside Public Financing Authority: 3,700,000 8.000%, 2/01/18 (Pre-refunded to 2/01/01) 2/01 at 102 N/R 4,352,310 2,550,000 8.000%, 2/01/18 2/01 at 102 N/R 2,675,715 19,000,000 Sacramento City Financing Authority, 6.800%, 11/01/20 (Pre-refunded to 11/01/01) 11/01 at 102 Aaa 21,758,610 1,350,000 St. Helena Certificates of Participation, 7.875%, 6/01/11 6/00 at 102 BBB 1,470,218 PRINCIPAL OPT. CALL MARKET AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE $ 1,250,000 San Benito County, CSAC Lease Finance, Certificates of Participation, 7.400%, 8/01/11 8/98 at 102 Baa1 $ 1,319,038 3,920,000 San Diego (Balboa Park and Mission Bay Park), Certificates of Participation, 6.900%, 7/15/21 7/01 at 100 Aa 4,136,776 3,450,000 San Francisco Airports Commission, Alternative Minimum Tax, 6.500%, 5/01/24 5/04 at 102 Aaa 3,694,881 5,235,000 San Francisco City and County Redevelopment Financing Authority, Tax Allocation, 5.125%, 8/01/18 8/03 at 103 A 4,748,877 5,000,000 San Mateo County Joint Powers Financing Authority (San Mateo County Health Center), 6.125%, 7/15/14 7/04 at 102 Aaa 5,282,750 4,000,000 Santa Clara County (Terrace of Los Gatos Project), Certificates of Participation, 6.900%, 3/01/18 3/01 at 102 A 4,232,680 Santa Clarita Public Finance Authority: 6,800,000 7.000%, 10/01/20 4/96 at 100 A- 6,805,440 3,000,000 6.750%, 10/01/21 10/01 at 102 A- 3,223,200 6,925,000 Santa Monica Community College District, Certificates of Participation, 7.150%, 6/01/08 6/01 at 102 A 7,552,058 2,920,000 Southern California Home Financing Authority, Single Family Mortgage, Alternative Minimum Tax, 6.900%, 10/01/24 10/01 at 102 AAA 3,024,185 6,500,000 Tri City Hospital District, 7.500%, 2/01/17 2/02 at 102 Aaa 7,465,964 10,000,000 Tustin Community Redevelopment Agency, Subordinate Tax Allocation, 6.800%, 12/01/16 12/01 at 102 Aaa 11,186,900 University of California: 3,300,000 6.875%, 9/01/16 (Pre-refunded to 9/01/02) 9/02 at 102 A- 3,813,545 3,000,000 6.750%, 9/01/23 (Pre-refunded to 9/01/99) 9/99 at 102 Aaa 3,323,760 3,000,000 Westminster Redevelopment Agency, Tax Allocation, 7.300%, 8/01/21 8/01 at 102 Baa1 3,197,880 1,665,000 Yosemite College District, Certificates of Participation, 7.750%, 7/01/11 7/01 at 102 BBB 1,817,730 5,715,000 Puerto Rico Housing Bank and Finance Agency, Single Family Mortgage, Alternative Minimum Tax, 6.250%, 4/01/29 4/05 at 102 Aaa 5,861,703 $460,820,000 Total Investments - (cost $453,812,455) - 98.3% 490,768,409 ============ PRINCIPAL OPT. CALL MARKET AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE TEMPORARY INVESTMENTS IN SHORT-TERM MUNICIPAL SECURITIES - 0.6% $ 400,000 California Health Facilities Financing Authority (St. Joseph Health System), Series B, Variable Rate Demand Bonds, 3.100%, 7/01/13+ VMIG-1 $ 400,000 2,500,000 California Health Facilities Financing Authority (St. Joseph Health System), Series 1991B, Variable Rate Demand Bonds, 3.100%, 7/01/09+ VMIG-1 2,500,000 300,000 California Pollution Control Finance Authority (Shell Oil Company), Variable Rate Demand Bonds, 3.150%, 10/01/07+ VMIG-1 300,000 $ 3,200,000 Total Temporary Investments - 0.6% 3,200,000 =========== Other Assets Less Liabilities - 1.1% 5,407,309 Net Assets - 100% $499,375,718 ============ NUMBER MARKET MARKET STANDARD & POOR'S MOODY'S OF ISSUES VALUE PERCENT SUMMARY OF AAA Aaa 34 $209,406,481 43% RATINGS** AA+, AA, AA- Aa1, Aa, Aa2, Aa3 12 80,840,902 17 PORTFOLIO OF A+ A1 6 40,073,357 8 INVESTMENTS A, A- A, A2, A3 25 143,143,098 29 (EXCLUDING BBB+, BBB, BBB- Baa1, Baa, Baa2, Baa3 5 10,276,546 2 TEMPORARY Non-rated Non-rated 2 7,028,025 1 INVESTMENTS): TOTAL 84 $490,768,409 100% * 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. ** Ratings: Using the higher of Standard & Poor's or Moody's rating. N/R - Investment is not rated. + The security has a maturity of more than one year, but has variable rate and demand features which qualify it as a short-term security. The rate disclosed is that currently in effect. This rate changes periodically based on market conditions or a specified market index. See accompanying notes to financial statements.
PORTFOLIO OF INVESTMENTS (Unaudited) NUVEEN CALIFORNIA QUALITY INCOME MUNICIPAL FUND, INC. (NUC)
PRINCIPAL OPT. CALL MARKET AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE $ 4,050,000 California Counties Lease Financing Authority, Certificates of Participation, 7.600%, 10/01/19 (Pre-refunded to 4/01/98) 4/98 at 101 A $ 4,397,774 2,000,000 California Department of Water Resources (Central Valley Project), 6.400%, 12/01/26 6/02 at 101 1/2 Aa 2,123,200 7,430,000 California Educational Facilities Authority (University of San Francisco), 6.400%, 10/01/17 10/02 at 102 A 7,694,731 3,000,000 California Educational Facilities Authority (Santa Clara University), 6.250%, 2/01/16 2/02 at 102 A1 3,108,690 California Educational Facilities Authority (University of San Diego): 1,965,000 6.500%, 10/01/08 10/02 at 102 A 2,084,845 5,000,000 6.500%, 10/01/22 10/02 at 102 A 5,184,200 California General Obligation: 10,000,000 6.400%, 9/01/07 No Opt. Call A1 11,232,300 2,500,000 7.000%, 2/01/09 No Opt. Call A1 2,944,075 2,500,000 California Health Facilities Financing Authority (Episcopal Homes), 7.750%, 7/01/06 7/98 at 102 A 2,716,600 1,000,000 California Health Facilities Financing Authority (Los Medanos Health Corporation), 7.250%, 3/01/20 3/00 at 102 A 1,064,670 4,000,000 California Health Facilities Financing Authority (Valley Memorial Hospital), 6.000%, 5/01/17 5/03 at 102 A 4,020,600 3,680,000 California Health Facilities Financing Authority (Health Dimensions, Inc.), 7.375%, 5/01/07 (Pre-refunded to 5/01/00) 5/00 at 102 Ba 4,198,181 3,225,000 California Health Facilities Financing Authority (Kaiser Permanente Medical Care Program), 6.500%, 12/01/20 12/00 at 102 Aa3 3,461,844 6,000,000 California Health Facilities Financing Authority (Southern California Presbyterian Homes), 6.750%, 6/01/21 6/01 at 102 A 6,345,720 California Housing Finance Agency, Alternative Minimum Tax: 1,395,000 8.350%, 8/01/19 8/98 at 102 Aa 1,463,606 5,000,000 7.125%, 2/01/26 2/05 at 102 Aa 5,261,700 1,915,000 California Housing Finance Agency, Home Mortgage, Alternative Minimum Tax, 7.050%, 8/01/29 8/01 at 102 Aa 1,993,228 5,250,000 California Housing Finance Agency, Multi-Unit Rental Housing, 6.700%, 8/01/15 8/02 at 102 A1 5,447,768 5,000,000 California Pollution Control Finance Authority (Laidlaw, Inc.), Alternative Minimum Tax, 6.500%, 5/01/02 5/97 at 102 Aa3 5,153,700 PRINCIPAL OPT. CALL MARKET AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE $ 10,000,000 California Pollution Control Finance Authority Pollution Control (Southern California Edison Company), Alternative Minimum Tax, 6.900%, 12/01/17 12/01 at 102 Aa3 $ 10,825,400 5,000,000 California Pollution Control Finance Authority Pollution Control (Pacific Gas and Electric Company), Alternative Minimum Tax, 6.625%, 6/01/09 6/02 at 102 A 5,363,650 4,500,000 California Pollution Control Finance Authority Resource Recovery (Waste Management), Alternative Minimum Tax, 7.150%, 2/01/11 2/01 at 103 A1 4,966,875 8,000,000 California Pollution Control Finance Authority (North County Recycling Center), 6.750%, 7/01/17 7/00 at 100 Aaa 8,094,480 2,110,000 California Public Works Board, Department of Corrections, 6.500%, 9/01/11 9/01 at 102 A 2,260,654 10,050,000 California Public Works Board (California State University), 6.700%, 10/01/17 10/02 at 102 A 11,009,876 California State Public Works Board, Lease Revenue Bonds (Department of Corrections) (California State Prison-Monterey County): 6,950,000 6.875%, 11/01/14 11/04 at 102 A 7,777,884 7,625,000 7.000%, 11/01/19 11/04 at 102 A 8,598,789 7,985,000 California State, Various Purpose General Obligation, Alternative Minimum Tax, 5.750%, 3/01/19 3/05 at 101 A 8,007,598 1,250,000 California Statewide Community Development Authority (Cedars-Sinai Medical Center), 6.500%, 8/01/12 No Opt. Call A1 1,382,388 3,570,000 California Statewide Communities Development Authority (Triad Healthcare), Certificates of Participation, 6.250%, 8/01/06 No Opt. Call A 3,784,414 14,000,000 California Statewide Communities Development Authority (Cedars-Sinai Medical Center), 6.500%, 8/01/15 8/02 at 102 A1 14,716,240 Alameda County Certificates of Participation: 7,865,000 6.750%, 6/01/16 6/02 at 102 A 8,540,761 10,000,000 6.000%, 6/01/22 6/02 at 102 A 9,979,200 2,000,000 Coachella Valley Water District, 6.750%, 10/01/12 10/02 at 102 A 2,150,080 2,200,000 Coalinga Certificates of Participation, 7.000%, 4/01/10 4/00 at 102 BBB+ 2,303,268 3,000,000 Contra Costa Water District, 6.875%, 10/01/20 (Pre-refunded to 10/01/00) 10/00 at 102 N/R 3,374,520 12,805,000 Contra Costa County Home Mortgage (GNMA), Alternative Minimum Tax, 8.250%, 6/01/21 No Opt. Call Aaa 17,252,945 2,100,000 Cudahy Redevelopment Agency Tax Allocation, 6.700%, 9/01/24 9/03 at 102 BBB 2,113,167 PRINCIPAL OPT. CALL MARKET AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE $ 5,000,000 Culver City Redevelopment Finance Authority, Tax Allocation, 4.600%, 11/01/20 11/03 at 102 Aaa $ 4,356,450 12,745,000 Delta Counties Home Mortgage Finance Authority, Single Family Mortgage, Alternative Minimum Tax, 6.750%, 12/01/25 6/02 at 102 AAA 13,241,035 3,000,000 Fontana Public Financing Authority, Tax Allocation (North Fontana Redevelopment Project), 7.250%, 9/01/20 9/00 at 102 A 3,233,520 10,000,000 Fontana Redevelopment Agency (Jurupa Hills Project), 7.100%, 10/01/23 10/02 at 102 BBB 10,661,400 1,700,000 Foothill-de Anza Community College District, Certificates of Deposit, 7.350%, 3/01/07 3/02 at 102 A- 1,905,360 2,725,000 Fresno Certificates of Participation, 6.625%, 12/01/11 12/00 at 102 A1 2,880,134 Fresno Unified School District, Certificates of Participation: 7,000,000 7.000%, 5/01/12 5/99 at 102 Con(A) 7,365,610 5,210,000 6.700%, 5/01/12 5/00 at 102 A 5,453,932 3,250,000 Kern County Housing Authority (North Meadows Project), 6.300%, 12/01/97 No Opt. Call Baa1 3,279,088 8,000,000 Lancaster School District, Certificates of Participation, 7.000%, 3/01/22 3/02 at 102 Aaa 9,116,320 3,110,000 Loma Linda (Loma Linda University Medical Center), 6.500%, 12/01/18 12/03 at 102 BBB 3,096,783 5,435,000 Los Angeles Community Redevelopment Agency, 6.375%, 9/01/14 9/02 at 102 A 5,581,962 4,030,000 Los Angeles Department of Water and Power, Electric Plant, 7.375%, 2/01/29 2/99 at 102 Aa 4,443,760 Los Angeles Department of Water and Power, Waterworks System: 4,060,000 4.500%, 5/15/13 5/03 at 102 Aa 3,574,546 8,400,000 4.500%, 5/15/30 5/03 at 102 Aaa 6,993,252 4,500,000 Los Angles Wastewater System, 6.700%, 12/01/21 (Pre-refunded to 12/01/00) 12/00 at 102 Aaa 5,072,625 2,000,000 Moorpark Redevelopment Agency, Tax Allocation, 6.125%, 10/01/18 10/03 at 102 A- 2,002,740 10,000,000 Norco Redevelopment Agency, Tax Allocation, 6.000%, 10/01/97 10/96 at 100 A- 10,067,900 15,300,000 Northern California Power Agency, 7.150%, 7/01/24 7/98 at 102 A 16,507,017 15,300,000 Ontario Redevelopment Authority, 7.400%, 8/01/25 No Opt. Call Aaa 19,580,634 4,000,000 Orange Multi-Family Housing (Villa Santiago Rehabilitation Project), Alternative Minimum Tax, 5.600%, 10/01/27 (Mandatory put 10/01/05) 10/02 at 102 AAA 4,067,920 10,000,000 Orange County (Civic Center Expansion Project), Certificates of Participation, 6.700%, 8/01/18 8/01 at 102 Aaa 10,844,300 PRINCIPAL OPT. CALL MARKET AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE Orange County Local Transportation Authority: $ 3,100,000 6.000%, 2/15/07 No Opt. Call Aa $ 3,275,925 4,250,000 6.000%, 2/15/08 No Opt. Call Aa 4,480,095 Pomona Public Financing Authority (Southwest Pomona Redevelopment Project): 1,165,000 4.800%, 2/01/00 No Opt. Call BBB+ 1,158,791 1,230,000 4.900%, 2/01/01 No Opt. Call BBB+ 1,219,361 1,300,000 5.050%, 2/01/02 No Opt. Call BBB+ 1,288,547 1,200,000 5.150%, 2/01/03 No Opt. Call BBB+ 1,186,620 6,670,000 Redlands Solid Waste, Certificates of Participation, 6.800%, 3/01/07 3/97 at 100 Aaa 6,859,228 3,910,000 Riverside County, Single Family Mortgage (GNMA), Alternative Minimum Tax, 7.600%, 11/01/19 11/99 at 102 AAA 4,129,507 4,000,000 San Bernardino, Certificates of Participation (West Valley Detention Center), 7.600%, 11/01/06 (Pre-refunded to 11/01/98) 11/98 at 102 Aaa 4,464,600 13,525,000 San Bernardino County, Single Family (GNMA), Alternative Minimum Tax, 7.750%, 11/01/14 No Opt. Call Aaa 17,233,014 3,000,000 San Diego County Water Authority, 7.300%, 5/01/09 (Pre-refunded to 5/01/97) 5/97 at 102 Aaa 3,194,340 8,295,000 San Diego County Water Authority, Certificates of Participation, 6.300%, 5/01/05 5/01 at 102 Aa 8,918,784 3,385,000 Santa Ana Community Redevelopment Agency (South Harbor Boulevard/Fairview Street), 7.250%, 9/01/09 9/99 at 102 A 3,531,063 2,000,000 Santa Barbara Water System, Certificates of Participation, 6.700%, 4/01/27 4/02 at 102 Aaa 2,218,900 3,000,000 Santa Barbara, Certificates of Participation, 6.750%, 10/01/27 10/02 at 102 A 3,199,440 2,575,000 Santa Maria, Certificates of Participation (Marian Medical Center), 6.750%, 9/01/22 9/02 at 102 A 2,701,304 4,300,000 Sierra View Local Hospital District, 6.400%, 3/01/22 3/02 at 102 A 4,473,118 Southern California Home Financing Authority, Single Family (GNMA and FNMA), Alternative Minimum Tax: 1,715,000 6.750%, 9/01/22 3/02 at 102 AAA 1,771,629 1,730,000 7.350%, 9/01/24 3/01 at 102 AAA 1,818,627 5,500,000 Southern California Public Power Authority, 6.750%, 7/01/11 No Opt. Call A 6,282,760 1,995,000 Torrance (Little Company of Mary Hospital), 6.875%, 7/01/15 7/02 at 102 A 2,138,820 3,025,000 Tulare Local Hospital District, 6.750%, 12/01/21 12/01 at 102 A 3,243,250 8,185,000 University of California, 6.875%, 9/01/16 (Pre-refunded to 9/01/02) 9/02 at 102 A- 9,458,750 PRINCIPAL OPT. CALL MARKET AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE $ 8,000,000 Vista Multi-Family Housing (Vista Hacienda Project), 6.950%, 4/01/17 4/02 at 102 AAA $ 8,465,120 Yolo County Housing Authority (Russell Park Apartments): 1,000,000 6.900%, 11/01/08 5/02 at 103 Aa3 1,072,880 1,000,000 7.000%, 11/01/14 5/02 at 103 Aa3 1,067,460 $439,740,000 Total Investments - (cost $438,458,854) - 98.1% 474,577,842 ============ TEMPORARY INVESTMENTS IN SHORT-TERM MUNICIPAL SECURITIES - 0.5% $ 1,000,000 California Health Facilities Financing Authority (St. Joseph Health System), Series 1991B, Variable Rate Demand Bonds, 3.100%, 7/01/09+ VMIG-1 1,000,000 900,000 California Health Facilities Financing Authority (St. Francis Memorial Hospital), Series 1993B, Variable Rate Demand Bonds, 3.200%, 11/01/19+ VMIG-1 900,000 400,000 California Pollution Control Finance Authority (Shell Oil Company), Variable Rate Demand Bonds, 3.150%, 11/01/00+ VMIG-1 400,000 $ 2,300,000 Total Temporary Investments - 0.5% 2,300,000 ============ Other Assets Less Liabilities - 1.4% 6,728,699 Net Assets - 100% $483,606,541 ============ NUMBER MARKET MARKET STANDARD & POOR'S MOODY'S OF ISSUES VALUE PERCENT SUMMARY OF AAA Aaa 19 $148,774,926 30% RATINGS** AA+, AA, AA- Aa1, Aa, Aa2, Aa3 14 57,116,128 12 PORTFOLIO OF A+ A1 8 46,678,470 10 INVESTMENTS A, A- A, A2, A3 34 188,128,592 40 (EXCLUDING BBB+, BBB, BBB- Baa1, Baa, Baa2, Baa3 9 26,307,025 6 TEMPORARY BB+, BB, BB- Ba1, Ba, Ba2, Ba3 1 4,198,181 1 INVESTMENTS): Non-rated Non-rated 1 3,374,520 1 TOTAL 86 $474,577,842 100% * 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. ** Ratings: Using the higher of Standard & Poor's or Moody's rating. N/R - Investment is not rated. + The security has a maturity of more than one year, but has variable rate and demand features which qualify it as a short-term security. The rate disclosed is that currently in effect. This rate changes periodically based on market conditions or a specified market index. Con. Rating is conditional. Bonds for which the security depends upon the completion of some act or the fulfillment of some condition are rated conditionally. These are bonds secured by (a) earnings by projects under construction, (b) earnings of projects unseasoned in operation experience, (c) rentals which begin when facilities are completed, or (d) payments to which some other limiting condition attaches. Parenthetical rating denotes probable credit stature upon completion of construction or elimination of basis of condition. See accompanying notes to financial statements.
STATEMENT OF NET ASSETS (Unaudited)
NCA NCP NCO NQC ASSETS Investments in municipal securities, at market value (note 1) $245,852,832 $280,380,010 $178,300,901 $290,367,546 Temporary investments in short-term municipal securities, at amortized cost (note 1) 1,500,000 300,000 1,500,000 2,400,000 Cash 99,633 197,589 168,307 192,503 Receivables: Interest 3,802,632 4,963,438 2,737,331 4,292,119 Investments sold 9,030,715 1,911,104 -- -- Other assets 60,230 36,309 12,323 44,740 ------------ ------------ ------------ ------------ Total assets 260,346,042 287,788,450 182,718,862 297,296,908 ------------ ------------ ------------ ------------ LIABILITIES Payable for investments purchased 3,420,539 -- -- -- Accrued expenses: Management fees (note 6) 130,247 146,585 94,055 151,318 Other 144,640 99,268 77,679 90,529 Preferred share dividends payable N/A 22,304 4,521 22,187 Common share dividends payable 1,328,215 1,067,705 665,110 1,116,255 ------------ ------------ ------------ ------------ Total liabilities 5,023,641 1,335,862 841,365 1,380,289 ------------ ------------ ------------ ------------ Net assets (note 7) $255,322,401 $286,452,588 $181,877,497 $295,916,619 ============ ============ ============ ============ Preferred shares, at liquidation value N/A $ 90,000,000 $ 55,000,000 $ 90,000,000 ============ ============ ============ ============ Preferred shares outstanding N/A 3,600 2,200 3,600 ============ ============ ============ ============ Common shares outstanding 25,060,652 12,415,179 7,871,130 13,055,612 ============ ============ ============ ============ Net asset value per Common share outstanding (net assets less Preferred shares at liquidation value, divided by Common shares outstanding) $ 10.19 $ 15.82 $ 16.12 $ 15.77 ============ ============ ============ ============ N/A - Fund is not authorized to issue Preferred shares. See accompanying notes to financial statements.
STATEMENT OF NET ASSETS (Unaudited)
NVC NUC ASSETS Investments in municipal securities, at market value (note 1) $490,768,409 $474,577,842 Temporary investments in short-term municipal securities, at amortized cost (note 1) 3,200,000 2,300,000 Cash 171,403 63,715 Receivables: Interest 7,412,676 8,643,683 Investments sold 20,600 30,000 Other assets 62,516 54,280 ------------ ------------ Total assets 501,635,604 485,669,520 ------------ ------------ LIABILITIES Payable for investments purchased -- -- Accrued expenses: Management fees (note 6) 253,029 244,923 Other 115,331 81,318 Preferred share dividends payable 59,713 30,327 Common share dividends payable 1,831,813 1,706,411 ------------ ------------ Total liabilities 2,259,886 2,062,979 ------------ ------------ Net assets (note 7) $499,375,718 $483,606,541 ============ ============ Preferred shares, at liquidation value $150,000,000 $150,000,000 ============ ============ Preferred shares outstanding 6,000 6,000 ============ ============ Common shares outstanding 22,339,181 21,330,140 ============ ============ Net asset value per Common share outstanding (net assets less Preferred shares at liquidation value, divided by Common shares outstanding) $ 15.64 $ 15.64 ============ ============ See accompanying notes to financial statements.
STATEMENT OF OPERATIONS Six months ended February 29, 1996 (Unaudited)
NCA NCP NCO NQC INVESTMENT INCOME Tax-exempt interest income (note 1) $ 7,224,701 $ 9,134,074 $ 5,664,171 $ 9,270,472 ----------- ----------- ----------- ----------- Expenses: Management fees (note 6) 667,304 911,686 584,262 941,143 Preferred shares--auction fees N/A 118,202 68,561 112,192 Preferred shares--dividend disbursing agent fees N/A 11,754 7,480 7,479 Shareholders' servicing agent fees and expenses 38,028 16,959 11,032 17,981 Custodian's fees and expenses 23,456 28,597 30,510 29,837 Directors' fees and expenses (note 6) 2,032 1,644 1,016 1,562 Professional fees 26,429 5,480 15,892 10,159 Shareholders' reports--printing and mailing expenses 63,869 10,139 4,432 30,483 Stock exchange listing fees 13,636 11,862 8,152 12,309 Investor relations expense 1,615 7,993 3,890 8,387 Other expenses 6,952 7,378 6,272 4,546 ----------- ----------- ----------- ----------- Total expenses 843,321 1,131,694 741,499 1,176,078 ----------- ----------- ----------- ----------- Net investment income 6,381,380 8,002,380 4,922,672 8,094,394 ----------- ----------- ----------- ----------- REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS Net realized gain (loss) from investment transactions (note 3) 2,415,393 325,797 227,680 (13,223) Net change in unrealized appreciation or depreciation of investments (1,526,206) 4,406,127 3,897,846 5,307,562 ----------- ----------- ----------- ----------- Net gain from investments 889,187 4,731,924 4,125,526 5,294,339 ----------- ----------- ----------- ----------- Net increase in net assets from operations $ 7,270,567 $12,734,304 $ 9,048,198 $13,388,733 =========== =========== =========== =========== N/A - Fund is not authorized to issue Preferred shares. See accompanying notes to financial statements.
STATEMENT OF OPERATIONS Six months ended February 29, 1996 (Unaudited)
NVC NUC INVESTMENT INCOME Tax-exempt interest income (note 1) $15,275,791 $14,721,673 ------------ ------------ Expenses: Management fees (note 6) 1,573,252 1,517,030 Preferred shares--auction fees 186,986 186,986 Preferred shares--dividend disbursing agent fees 14,959 14,959 Shareholders' servicing agent fees and expenses 20,645 21,066 Custodian's fees and expenses 40,001 42,531 Directors' fees and expenses (note 6) 1,819 1,390 Professional fees 10,440 10,948 Shareholders' reports--printing and mailing expenses 47,828 36,250 Stock exchange listing fees 16,186 16,148 Investor relations expense 13,519 11,145 Other expenses 12,181 18,896 ------------ ------------ Total expenses 1,937,816 1,877,349 ------------ ------------ Net investment income 13,337,975 12,844,324 ------------ ------------ REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS Net realized gain (loss) from investment transactions (note 3) 1,435,741 206,809 Net change in unrealized appreciation or depreciation of investments 10,456,045 12,798,292 ------------ ------------ Net gain from investments 11,891,786 13,005,101 ------------ ------------ Net increase in net assets from operations $25,229,761 $25,849,425 ============ ============ See accompanying notes to financial statements.
STATEMENT OF CHANGES IN NET ASSETS (Unaudited)
NCA NCP 6 months ended Year ended 6 months ended Year ended 2/29/96 8/31/95 2/29/96 8/31/95 OPERATIONS Net investment income $ 6,381,380 $ 12,058,021 $ 8,002,380 $ 15,948,268 Net realized gain (loss) from investment transactions, net of taxes, if applicable (notes 1 and 3) 2,415,393 175,174 325,797 (255,704) Net change in unrealized appreciation or depreciation of investments (1,526,206) 418,985 4,406,127 3,611,917 ------------- ------------- ------------- ------------- Net increase in net assets from operations 7,270,567 12,652,180 12,734,304 19,304,481 ------------- ------------- ------------- ------------- DISTRIBUTIONS TO SHAREHOLDERS (note 1) From undistributed net investment income: Common shareholders (6,573,582) (12,599,784) (6,406,232) (12,812,464) Preferred shareholders N/A N/A (1,641,798) (3,606,381) From accumulated net realized gains from investment transactions: Common shareholders (1,191,439) (155,016) -- (238,372) Preferred shareholders N/A N/A -- (55,926) ------------- ------------- ------------- ------------- Decrease in net assets from distributions to shareholders (7,765,021) (12,754,800) (8,048,030) (16,713,143) ------------- ------------- ------------- ------------- CAPITAL SHARE TRANSACTIONS (note 2) Common shares: Net proceeds from Common shares issued in acquisition of NCM, as applicable (note 1) 61,944,964 -- -- -- Net proceeds from Common shares issued to shareholders due to reinvestment of distributions from net investment income and from net realized gains from investment transactions 445,982 1,291,713 -- -- ------------- ------------- ------------- ------------- Net increase in net assets derived from capital share transactions 62,390,946 1,291,713 -- -- ------------- ------------- ------------- ------------- Net increase in net assets 61,896,492 1,189,093 4,686,274 2,591,338 Net assets at beginning of period 193,425,909 192,236,816 281,766,314 279,174,976 ------------- ------------- ------------- ------------- Net assets at end of period $ 255,322,401 $ 193,425,909 $ 286,452,588 $ 281,766,314 ============= ============= ============= ============= Balance of undistributed net investment income at end of period $ 188,401 $ 314,660 $ 552,933 $ 598,583 ============= ============= ============= ============= N/A - Fund is not authorized to issue Preferred shares. See accompanying notes to financial statements.
STATEMENT OF CHANGES IN NET ASSETS (Unaudited)
NCO NQC 6 months ended Year ended 6 months ended Year ended 2/29/96 8/31/95 2/29/96 8/31/95 OPERATIONS Net investment income $ 4,922,672 $ 9,944,595 $ 8,094,394 $ 16,282,624 Net realized gain (loss) from investment transactions, net of taxes, if applicable (notes 1 and 3) 227,680 137,898 (13,223) 871,306 Net change in unrealized appreciation or depreciation of investments 3,897,846 2,661,608 5,307,562 1,946,291 ------------- ------------- ------------- ------------- Net increase in net assets from operations 9,048,198 12,744,101 13,388,733 19,100,221 ------------- ------------- ------------- ------------- DISTRIBUTIONS TO SHAREHOLDERS (note 1) From undistributed net investment income: Common shareholders (4,051,413) (8,233,329) (6,691,390) (13,492,025) Preferred shareholders (940,497) (2,056,793) (1,491,876) (3,316,269) From accumulated net realized gains from investment transactions: Common shareholders (199,350) -- -- -- Preferred shareholders (51,678) -- -- -- ------------- ------------- ------------- ------------- Decrease in net assets from distributions to shareholders (5,242,938) (10,290,122) (8,183,266) (16,808,294) ------------- ------------- ------------- ------------- CAPITAL SHARE TRANSACTIONS (note 2) Common shares: Net proceeds from Common shares issued in acquisition of NCM, as applicable (note 1) -- -- -- -- Net proceeds from Common shares issued to shareholders due to reinvestment of distributions from net investment income and from net realized gains from investment transactions -- 292,939 285,206 630,041 ------------- ------------- ------------- ------------- Net increase in net assets derived from capital share transactions -- 292,939 285,206 630,041 ------------- ------------- ------------- ------------- Net increase in net assets 3,805,260 2,746,918 5,490,673 2,921,968 Net assets at beginning of period 178,072,237 175,325,319 290,425,946 287,503,978 ------------- ------------- ------------- ------------- Net assets at end of period $ 181,877,497 $ 178,072,237 $ 295,916,619 $ 290,425,946 ============= ============= ============= ============= Balance of undistributed net investment income at end of period $ 255,651 $ 324,889 $ 430,835 $ 519,707 ============= ============= ============= ============= See accompanying notes to financial statements.
STATEMENT OF CHANGES IN NET ASSETS (Unaudited)
NVC NUC 6 months ended Year ended 6 months ended Year ended 2/29/96 8/31/95 2/29/96 8/31/95 OPERATIONS Net investment income $ 13,337,975 $ 26,997,641 $ 12,844,324 $ 25,794,073 Net realized gain (loss) from investment transactions, net of taxes, if applicable (notes 1 and 3) 1,435,741 1,877,616 206,809 235,123 Net change in unrealized appreciation or depreciation of investments 10,456,045 5,617,370 12,798,292 8,029,838 ------------- ------------- ------------- ------------- Net increase in net assets from operations 25,229,761 34,492,627 25,849,425 34,059,034 ------------- ------------- ------------- ------------- DISTRIBUTIONS TO SHAREHOLDERS (note 1) From undistributed net investment income: Common shareholders (10,983,931) (22,132,503) (10,252,139) (20,476,933) Preferred shareholders (2,321,578) (5,463,610) (2,588,166) (5,717,485) From accumulated net realized gains from investment transactions: Common shareholders (2,205,437) (774,582) (362,667) -- Preferred shareholders (576,912) (140,533) (104,250) -- ------------- ------------- ------------- ------------- Decrease in net assets from distributions to shareholders (16,087,858) (28,511,228) (13,307,222) (26,194,418) ------------- ------------- ------------- ------------- CAPITAL SHARE TRANSACTIONS (note 2) Common shares: Net proceeds from Common shares issued in acquisition of NCM, as applicable (note 1) -- -- -- -- Net proceeds from Common shares issued to shareholders due to reinvestment of distributions from net investment income and from net realized gains from investment transactions 266,884 -- -- -- ------------- ------------- ------------- ------------- Net increase in net assets derived from capital share transactions 266,884 -- -- -- ------------- ------------- ------------- ------------- Net increase in net assets 9,408,787 5,981,399 12,542,203 7,864,616 Net assets at beginning of period 489,966,931 483,985,532 471,064,338 463,199,722 ------------- ------------- ------------- ------------- Net assets at end of period $ 499,375,718 $ 489,966,931 $ 483,606,541 $ 471,064,338 ============= ============= ============= ============= Balance of undistributed net investment income at end of period $ 1,034,702 $ 1,002,236 $ 1,170,177 $ 1,166,158 ============= ============= ============= ============= See accompanying notes to financial statements.
NOTES TO FINANCIAL STATEMENTS (Unaudited) 1. GENERAL INFORMATION AND SIGNIFICANT ACCOUNTING POLICIES At February 29, 1996, the California Funds (the "Funds") covered in this report and their corresponding New York Stock Exchange symbols are Nuveen California Municipal Value Fund, Inc. (NCA), Nuveen California Performance Plus Municipal Fund, Inc. (NCP), Nuveen California Municipal Market Opportunity Fund, Inc. (NCO), Nuveen California Investment Quality Municipal Fund, Inc. (NQC), Nuveen California Select Quality Municipal Fund, Inc. (NVC) and Nuveen California Quality Income Municipal Fund, Inc. (NUC). NCA is not authorized by its Articles of Incorporation to issue Preferred shares. Therefore, in the Notes to Financial Statements "N/A" represents not-applicable. The Funds are registered under the Investment Company Act of 1940 as closed-end, diversified management investment companies. On January 8, 1996, NCA acquired all of the net assets of Nuveen California Municipal Income Fund, Inc. (NCM) pursuant to a plan of reorganization approved by the shareholders of NCM on November 16, 1995. The acquisition was accomplished by a tax-free exchange of 6,045,848 shares of NCA for the 5,209,911 shares of NCM outstanding on January 8, 1996. NCM's net assets at that date of $61,944,964 included $3,919,735 of unrealized appreciation which was combined with that of NCA. The combined net assets of NCA immediately after the acquisition were $256,603,995. The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with generally accepted accounting principles. Securities Valuation Portfolio securities for which market quotations are readily available are valued at the mean between the quoted bid and asked prices or the yield equivalent. Portfolio securities for which market quotations are not readily available are valued at fair value by consistent application of methods determined in good faith by the Board of Directors. Temporary investments in securities that have variable rate and demand features qualifying them as short-term securities are traded and valued at amortized cost. Securities Transactions Securities transactions are recorded on a trade date basis. Realized gains and losses from such transactions are determined on the specific identification method. Securities purchased or sold on a when-issued or delayed delivery basis may be settled a month or more after the transaction date. The securities so purchased are subject to market fluctuation during this period. The Funds have instructed the custodian to segregate assets in a separate account with a current value at least equal to the amount of their purchase commitments. At February 29, 1996, NCA had outstanding purchase commitments that amounted to $3,420,539. There were no such purchase commitments in any of the other Funds. InterestIncome Interest income is determined on the basis of interest accrued, adjusted for amortization of premiums and accretion of discounts on long-term debt securities when required for federal income tax purposes. Income Taxes The Funds intend to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies by distributing all of their net investment income, in addition to any significant amounts of net realized gains from investments, to shareholders. The Funds currently consider significant net realized gains as amounts in excess of $.001 per Common share for NCA and $.01 per Common share for NCP, NCO, NQC, NVC and NUC. Furthermore, each Fund intends to satisfy conditions which will enable interest from municipal securities, which is exempt from regular federal and California state income taxes, to retain such tax-exempt status when distributed to shareholders of the Funds. Dividends and Distributions to Shareholders Net investment income is declared as a dividend monthly and payment is made or reinvestment is credited to shareholder accounts after month-end. Net realized gains from investment transactions are distributed to shareholders not less frequently than annually only to the extent they exceed available capital loss carryovers. Distributions to shareholders of net investment income and net realized gains are recorded on the ex-dividend date. The amount and timing of such distributions are determined in accordance with federal income tax regulations, which may differ from generally accepted accounting principles. Accordingly, temporary over-distributions as a result of these differences may result and will beclassified as either distributions in excess of net investment income or distributions in excess of net realized gains from investment transactions, if applicable. Preferred Shares The following Funds have issued and outstanding $25,000 stated value Preferred shares. Each Fund's Preferred shares are issued in one or more Series. The dividend rate on each Series may change every seven days, as set by the Auction Agent. The number of shares outstanding, by Series and in total, at February 29, 1996, were as follows:
NCP NCO NQC NVC Number of shares: Series M -- -- 3,600 -- Series T 1,800 -- -- 2,400 Series W -- 2,200 -- -- Series Th -- -- -- 3,600 Series F 1,800 -- -- -- ----- ----- ----- ----- Total 3,600 2,200 3,600 6,000 ===== ===== ===== ===== NUC Number of shares: Series M -- Series T -- Series W 3,000 Series Th -- Series F 3,000 ----- Total 6,000 =====
Derivative Financial Instruments In October 1994, the Financial Accounting Standards Board (FASB) issued Statement of Financial Accounting Standards No. 119 Disclosure about Derivative Financial Instruments and Fair Value of Financial Instruments which prescribes disclosure requirements for transactions in certain derivative financial instruments including future, forward, swap, and option contracts, and other financial instruments with similar characteristics. Although the Funds are authorized to invest in such financial instruments, and may do so in the future, they did not make any such investments during the six months ended February 29, 1996, other than occasional purchases of high quality synthetic money market securities, if applicable. 2. FUND SHARES Transactions in Common shares were as follows:
NCA NCP 6 months ended Year ended 6 months ended Year ended 2/29/96 8/31/95 2/29/96 8/31/95 Common shares: Shares issued in acquisition of NCM, as applicable (note 1) 6,045,848 -- -- -- Shares issued to shareholders due to reinvestment of distributions from net investment income and from net realized gains from investment transactions 42,856 122,410 -- -- ---------- ------- ------ ------ Net increase 6,088,704 122,410 -- -- ========== ======= ====== ====== NCO NQC 6 months ended Year ended 6 months ended Year ended 2/29/96 8/31/95 2/29/96 8/31/95 Common shares: Shares issued in acquisition of NCM, as applicable (note 1) -- -- -- -- Shares issued to shareholders due to reinvestment of distributions from net investment income and from net realized gains from investment transactions -- 19,399 17,966 41,108 -------- ------- ------ ------ Net increase -- 19,399 17,966 41,108 ======== ======= ====== ====== NVC NUC 6 months ended Year ended 6 months ended Year ended 2/29/96 8/31/95 2/29/96 8/31/95 Common shares: Shares issued in acquisition of NCM, as applicable (note 1) -- -- -- -- Shares issued to shareholders due to reinvestment of distributions from net investment income and from net realized gains from investment transactions 16,945 -- -- -- ------- -------- ------- ------ Net increase 16,945 -- -- -- ======= ======== ======= ======
3. SECURITIES TRANSACTIONS Purchases and sales (including maturities) of investments in municipal securities and temporary municipal investments during the six months ended February 29, 1996, were as follows:
NCA NCP NCO NQC PURCHASES Investments in municipal securities $78,214,889 $ 6,129,208 $ 4,155,421 $ 8,813,083 Temporary municipal investments 15,615,000 10,555,000 7,655,000 7,800,000 SALES AND MATURITIES Investments in municipal securities 28,298,486 6,927,213 5,885,560 5,204,909 Temporary municipal investments 14,115,000 11,155,000 6,355,000 8,300,000 =========== =========== =========== =========== NVC NUC PURCHASES Investments in municipal securities $15,360,350 $18,211,554 Temporary municipal investments 35,555,000 13,200,000 SALES AND MATURITIES Investments in municipal securities 25,716,400 19,766,612 Temporary municipal investments 35,655,000 11,900,000 =========== =========== At February 29, 1996, the identified cost of investments owned for federal income tax purposes was the same as the cost for financial reporting purposes for each Fund.
At August 31, 1995, the Funds' last fiscal year end, the following Funds had unused capital loss carryovers available for federal income tax purposes to be applied against future capital gains, if any. If not applied, the carryovers will expire as follows:
NCA* NCP NQC Expiration year: 2002 $ -- $ -- $ 75,116 2003 22,044 21,213 181,857 --------- --------- -------- Total $ 22,044 $ 21,213 $256,973 ========= ========= ======== *Due to the acquisition of NCM by NCA (note 1), NCM had net realized losses from investment transactions of $22,044 which were carried forward by NCA, as permitted under applicable tax regulations. 4. DISTRIBUTIONS TO COMMON SHAREHOLDERS On March 1, 1996, the Funds declared Common share dividend distributions from their ordinary income that were paid April 1, 1996, to shareholders of record on March 15, 1996, as follows: NCA NCP NCO NQC Dividend per share $.0530 $.0860 $.0845 $.0855 ====== ====== ====== ====== NVC NUC Dividend per share $.0820 $.0800 ====== ======
5. UNREALIZED APPRECIATION (DEPRECIATION) Gross unrealized appreciation and gross unrealized depreciation of investments at February 29, 1996, were as follows:
NCA NCP NCO NQC Gross unrealized: Appreciation $18,248,283 $23,079,734 $17,270,349 $24,001,759 Depreciation (357,170) (56,465) (58,516) (21,250) ------------- ------------ ------------ ----------- Net unrealized appreciation $17,891,113 $23,023,269 $17,211,833 $23,980,509 ============ ============ ============ =========== NVC NUC Gross unrealized: Appreciation $37,062,195 $36,123,584 Depreciation (106,241) (4,596) ------------ ------------ Net unrealized appreciation $36,955,954 $36,118,988 ============ ============
6. MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES Under NCA's investment management agreement with Nuveen Advisory Corp. ("the Adviser"), a wholly owned subsidiary of The John Nuveen Company, the Fund pays to the Adviser an annual management fee, payable monthly of .35 of 1% of the average daily net asset value of the Fund, as well as 4.125% of the gross interest income of the Fund. Under NCP's, NCO's, NQC's, NVC's and NUC's investment management agreements with the Adviser, each Fund pays to the Adviser an annual management fee, payable monthly, at the rates set forth below, which are based upon the average daily net asset value of each Fund:
Average daily net asset value Management fee For the first $125,000,000 .65 of 1% For the next $125,000,000 .6375 of 1 For the next $250,000,000 .625 of 1 For the next $500,000,000 .6125 of 1 For the next $1,000,000,000 .6 of 1 For net assets over $2,000,000,000 .5875 of 1 The fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Funds pay no compensation directly to those directors who are affiliated with the Adviser or to their officers, all of whom receive remuneration for their services to the Funds from the Adviser.
7. COMPOSITION OF NET ASSETS At February 29, 1996, net assets consisted of:
NCA NCP NCO NQC Preferred shares, $25,000 stated value per share, at liquidation value $ N/A $ 90,000,000 $ 55,000,000 $ 90,000,000 Common shares, $.01 par value per share 250,607 124,152 78,711 130,556 Paid-in surplus 235,691,102 172,682,142 109,335,273 181,644,914 Balance of undistributed net investment income 188,401 552,933 255,651 430,835 Accumulated net realized gain (loss) from investment transactions 1,301,178 70,092 (3,971) (270,195) Net unrealized appreciation of investments 17,891,113 23,023,269 17,211,833 23,980,509 ------------- ------------- ------------- ------------- Net assets $ 255,322,401 $ 286,452,588 $ 181,877,497 $ 295,916,619 ============= ============= ============= ============= Authorized shares: Common 250,000,000 200,000,000 200,000,000 200,000,000 Preferred N/A 1,000,000 1,000,000 1,000,000 ============= ============= ============= ============= NVC NUC Preferred shares, $25,000 stated value per share, at liquidation value $150,000,000 $150,000,000 Common shares, $.01 par value per share 223,392 213,301 Paid-in surplus 310,630,662 296,126,271 Balance of undistributed net investment income 1,034,702 1,170,177 Accumulated net realized gain (loss) from investment transactions 531,008 (22,196) Net unrealized appreciation of investments 36,955,954 36,118,988 ------------ ------------ Net assets $499,375,718 $483,606,541 ============ ============ Authorized shares: Common 200,000,000 200,000,000 Preferred 1,000,000 1,000,000 ============ ============
8. INVESTMENT COMPOSITION Each Fund invests in municipal securities which include general obligation, escrowed and revenue bonds. At February 29, 1996, the revenue sources by municipal purpose for these investments, expressed as a percent of total investments, were as follows:
NCA NCP NCO NQC Revenue Bonds: Health Care Facilities 8% 19% 17% 12% Lease Rental Facilities 4 10 5 8 Housing Facilities 16 9 4 4 Water / Sewer Facilities 10 7 8 2 Pollution Control Facilities 6 6 6 7 Electric Utilities 2 4 -- 5 Educational Facilities 2 -- 3 1 Transportation -- 6 5 -- Other 17 10 20 18 General Obligation Bonds 2 2 -- 5 Escrowed Bonds 33 27 32 38 ----- ----- ----- ----- 100% 100% 100% 100% ===== ===== ===== ===== NVC NUC Revenue Bonds: Health Care Facilities 18% 11% Lease Rental Facilities 15 17 Housing Facilities 10 11 Water / Sewer Facilities 4 6 Pollution Control Facilities 5 4 Electric Utilities 5 6 Educational Facilities 2 6 Transportation 1 -- Other 15 20 General Obligation Bonds 6 5 Escrowed Bonds 19 14 ----- ----- 100% 100% ===== =====
Certain long-term and intermediate-term investments owned by the Funds are either covered by insurance issued by several private insurers or are backed by an escrow or trust containing U.S. Government or U.S. Government agency securities, both of which ensure the timely payment of principal and interest in the event of default (53% for NCA, 44% for NCP, 56% for NCO, 51% for NQC, 40% for NVC and 27% for NUC). Such insurance or escrow, however, does not guarantee the market value of the municipal securities or the value of any of the Funds' shares. All of the temporary investments in short-term municipal securities have credit enhancements (letters of credit, guarantees or insurance) issued by third party domestic or foreign banks or other institutions. For additional information regarding each investment security, refer to the Portfolio of Investments of each Fund. FINANCIAL HIGHLIGHTS (Unaudited) SELECTED DATA FOR A COMMON SHARE OUTSTANDING THROUGHOUT EACH PERIOD IS AS FOLLOWS:
Operating performance Dividends from net investment income Net realized & Net asset Net unrealized value invest- gain (loss) To To beginning ment from invest- Common Preferred of period income ments** shareholders shareholders++ NCA 6 mos. ended 2/29/96 $10.200 $.309 $.062 $ (.318) $ N/A Year ended 8/31, 1995 10.200 .637 .037 (.666) N/A 1994 10.740 .653 (.514) (.669) N/A 1993 10.480 .667 .265 (.670) N/A 1 mo. ended 8/31/92 10.610 .056 (.130) (.056) N/A Year ended 7/31, 1992 10.250 .668 .379 (.664) N/A 1991 10.120 .667 .123 (.660) N/A 1990 10.190 .664 (.037) (.666) N/A 1989 9.670 .664 .602 (.670) N/A 10/7/87 to 7/31/88 9.350 .482 .259 (.421) N/A NCP 6 mos. ended 2/29/96 15.450 .644 .374 (.516) (.132) Year ended 8/31, 1995 15.240 1.284 .272 (1.032) (.290) 1994 16.380 1.301 (1.131) (1.064) (.246) 1993 15.580 1.330 .846 (1.150) (.226) 10 mos. ended 8/31/92 14.880 1.129 .635 (.867) (.197) Year ended 10/31/91 13.820 1.372 1.044 (1.020) (.336) 11/15/89 to 10/31/90 14.050 1.095 (.091) (.765) (.269) Distributions from capital gains Per Organization Common and offering share costs and market To To Preferred share Net asset value Common Preferred underwriting value end end of shareholders shareholders++ discounts of period period NCA 6 mos. ended 2/29/96 $(.063) $ N/A $ -- $10.190 $10.500 Year ended 8/31, 1995 (.008) N/A -- 10.200 9.625 1994 (.010) N/A -- 10.200 11.000 1993 (.002) N/A -- 10.740 11.750 1 mo. ended 8/31/92 -- N/A -- 10.480 11.000 Year ended 7/31, 1992 (.023) N/A -- 10.610 11.250 1991 -- N/A -- 10.250 10.625 1990 (.031) N/A -- 10.120 10.375 1989 (.076) N/A -- 10.190 10.375 10/7/87 to 7/31/88 -- N/A -- 9.670 10.000 NCP 6 mos. ended 2/29/96 -- -- -- 15.820 15.750 Year ended 8/31, 1995 (.019) (.005) -- 15.450 14.750 1994 -- -- -- 15.240 15.000 1993 -- -- -- 16.380 17.500 10 mos. ended 8/31/92 -- -- -- 15.580 15.875 Year ended 10/31/91 -- -- -- 14.880 15.750 11/15/89 to 10/31/90 -- -- (.200) 13.820 14.375 Ratios/Supplemental data Total invest- Ratio of ment net return Total Net assets Ratio of investment on return on end of expenses income Portfolio market net asset period (in to average to average turnover value+ value+ thousands) net assets*** net assets*** rate NCA 6 mos. ended 2/29/96 13.22% 3.66% $255,322 .80%* 6.05%* 14% Year ended 8/31, 1995 (6.59) 6.92 193,426 .75 6.32 9 1994 (.50) 1.32 192,237 .76 6.24 9 1993 13.37 9.21 200,828 .82 6.31 4 1 mo. ended 8/31/92 (1.74) (.71) 194,430 .79* 6.25* -- Year ended 7/31, 1992 12.83 10.61 196,669 .83 6.46 6 1991 9.22 8.13 188,370 .88 6.62 5 1990 7.10 6.45 184,888 .91 6.62 2 1989 11.82 13.70 185,016 .94 6.75 27 10/7/87 to 7/31/88 4.28 8.01 174,645 .94* 6.29* 32 NCP 6 mos. ended 2/29/96 10.36 5.78 286,453 .80* 5.63* 2 Year ended 8/31, 1995 5.75 8.75 281,766 .83 5.77 24 1994 (8.34) (.48) 279,175 .83 5.63 19 1993 18.34 13.03 291,618 .81 5.73 10 10 mos. ended 8/31/92 6.55 10.86 279,810 .79* 5.99* 6 Year ended 10/31/91 17.20 15.58 269,890 .78 6.28 6 11/15/89 to 10/31/90 1.00 3.92 255,862 .79* 6.18* 26 See notes on page 66.
FINANCIAL HIGHLIGHTS (Unaudited) SELECTED DATA FOR A COMMON SHARE OUTSTANDING THROUGHOUT EACH PERIOD IS AS FOLLOWS:
Operating performance Dividends from net investment income Net realized & Net asset Net unrealized value invest- gain (loss) To To beginning ment from invest- Common Preferred of period income ments** shareholders shareholders++ NCO 6 mos. ended 2/29/96 $15.640 $ .625 $ .522 $ (.515) $(.119) Year ended 8/31, 1995 15.320 1.265 .364 (1.047) (.262) 1994 16.590 1.267 (1.264) (1.067) (.206) 1993 15.580 1.309 1.055 (1.163) (.191) 10 mos. ended 8/31/92 14.950 1.109 .575 (.865) (.189) Year ended 10/31/91 13.760 1.350 1.188 (1.020) (.328) 5/17/90 to 10/31/90 14.050 .442 (.132) (.255) (.109) NQC 6 mos. ended 2/29/96 15.370 .620 .407 (.513) (.114) Year ended 8/31, 1995 15.200 1.250 .211 (1.036) (.255) 1994 16.440 1.257 (1.189) (1.119) (.167) 1993 15.470 1.296 .990 (1.151) (.165) 10 mos. ended 8/31/92 14.700 1.097 .721 (.852) (.196) 11/20/90 to 10/31/91 14.050 1.022 .766 (.756) (.188) Distributions from capital gains Per Organization Common and offering share costs and market To To Preferred share Net asset value Common Preferred underwriting value end end of shareholders shareholders++ discounts of period period NCO 6 mos. ended 2/29/96 $(.026) $(.007) $ -- $16.120 $15.750 Year ended 8/31, 1995 -- -- -- 15.640 15.000 1994 -- -- -- 15.320 15.375 1993 -- -- -- 16.590 17.875 10 mos. ended 8/31/92 -- -- -- 15.580 16.125 Year ended 10/31/91 -- -- -- 14.950 15.625 5/17/90 to 10/31/90 -- -- (.236) 13.760 14.500 NQC 6 mos. ended 2/29/96 -- -- -- 15.770 16.125 Year ended 8/31, 1995 -- -- -- 15.370 15.000 1994 (.019) (.003) -- 15.200 15.500 1993 -- -- -- 16.440 17.000 10 mos. ended 8/31/92 -- -- -- 15.470 16.000 11/20/90 to 10/31/91 -- -- (.194) 14.700 15.625 Ratios/Supplemental data Total invest- Ratio of ment net return Total Net assets Ratio of investment on return on end of expenses income Portfolio market net asset period (in to average to average turnover value+ value+ thousands) net assets*** net assets*** rate NCO 6 mos. ended 2/29/96 8.65% 6.56% $181,877 .82%* 5.44%* 2% Year ended 8/31, 1995 4.72 9.43 178,072 .83 5.73 36 1994 (8.20) (1.27) 175,325 .87 5.51 24 1993 19.00 14.54 184,305 .82 5.69 8 10 mos. ended 8/31/92 9.10 10.32 175,292 .79* 5.95* 2 Year ended 10/31/91 15.27 16.62 169,554 .80 6.25 -- 5/17/90 to 10/31/90 (1.65) (.23) 159,754 .83* 5.63* 14 NQC 6 mos. ended 2/29/96 11.02 5.98 295,917 .80* 5.51* 2 Year ended 8/31, 1995 3.77 8.38 290,426 .81 5.72 14 1994 (2.10) (.64) 287,504 .82 5.53 18 1993 14.00 14.29 301,948 .78 5.69 13 10 mos. ended 8/31/92 8.13 11.40 287,619 .76* 5.96* -- 11/20/90 to 10/31/91 9.49 10.33 276,571 .78* 5.85* 18 See notes on page 66.
FINANCIAL HIGHLIGHTS (Unaudited) SELECTED DATA FOR A COMMON SHARE OUTSTANDING THROUGHOUT EACH PERIOD IS AS FOLLOWS:
Operating performance Dividends from net investment income Net realized & Net asset Net unrealized value invest- gain (loss) To To beginning ment from invest- Common Preferred of period income ments** shareholders shareholders++ NVC 6 mos. ended 2/29/96 $15.230 $ .597 $ .534 $ (.492) $(.104) Year ended 8/31, 1995 14.960 1.210 .338 (.992) (.245) 1994 16.440 1.215 (1.430) (1.049) (.184) 1993 14.930 1.238 1.567 (1.064) (.187) 10 mos. ended 8/31/92 14.410 1.035 .487 (.815) (.187) 5/22/91 to 10/31/91 14.050 .341 .452 (.243) (.029) NUC 6 mos. ended 2/29/96 15.050 .601 .613 (.480) (.121) Year ended 8/31, 1995 14.680 1.209 .389 (.960) (.268) 1994 15.920 1.195 (1.194) (.999) (.213) 1993 14.500 1.200 1.429 (1.000) (.180) 11/20/91 to 8/31/92 14.050 .655 .548 (.525) (.061) Distributions from capital gains Per Organization Common and offering share costs and market To To Preferred share Net asset value Common Preferred underwriting value end end of shareholders shareholders++ discounts of period period NVC 6 mos. ended 2/29/96 $(.099) $(.026) $ -- $15.640 $15.625 Year ended 8/31, 1995 (.035) (.006) -- 15.230 14.375 1994 (.028) (.004) -- 14.960 14.438 1993 (.035) (.009) -- 16.440 16.750 10 mos. ended 8/31/92 -- -- -- 14.930 15.125 5/22/91 to 10/31/91 -- -- (.161) 14.410 15.000 NUC 6 mos. ended 2/29/96 (.018) (.005) -- 15.640 15.000 Year ended 8/31, 1995 -- -- -- 15.050 14.250 1994 (.024) (.005) -- 14.680 14.000 1993 (.025) (.004) -- 15.920 16.000 11/20/91 to 8/31/92 -- -- (.167) 14.500 14.500 Ratios/Supplemental data Total invest- Ratio of ment net return Total Net assets Ratio of investment on return on end of expenses income Portfolio market net asset period (in to average to average turnover value+ value+ thousands) net assets*** net assets*** rate NVC 6 mos. ended 2/29/96 12.97% 6.62% $499,376 .78%* 5.38%* 3% Year ended 8/31, 1995 7.14 9.22 489,967 .80 5.66 12 1994 (7.60) (2.52) 483,986 .81 5.43 15 1993 18.89 18.24 515,938 .84 5.57 9 10 mos. ended 8/31/92 6.53 9.54 480,490 .79* 5.78* 14 5/22/91 to 10/31/91 1.62 4.31 467,392 .75* 5.13* 3 NUC 6 mos. ended 2/29/96 8.82 7.28 483,607 .79* 5.37* 4 Year ended 8/31, 1995 9.24 9.57 471,064 .80 5.63 29 1994 (6.27) (1.41) 463,200 .80 5.35 12 1993 18.22 17.56 489,215 .82 5.44 13 11/20/91 to 8/31/92 .29 7.06 457,950 .76* 5.05* 16 N/A - Fund is not authorized to issue Preferred shares. * Annualized. ** Net of taxes, if applicable. *** Ratios do not reflect the effect of dividend payments to preferred shareholders. + Total Investment Return on Market Value is the combination of reinvested dividend income, reinvested capital gains distributions, if any, and changes in stock price per share. Total Return on Net Asset Value is the combination of reinvested dividend income, reinvested capital gains distributions, if any, and changes in net asset value per share. ++ The amounts shown are based on Common share equivalents.
Your investment partner Photographic image of John Nuveen, Sr., founder of Nuveen. For nearly 100 years, Nuveen has earned its reputation as a tax-free income specialist by focusing on municipal bonds Since 1898, John Nuveen & Co. Incorporated has worked to bring together the various participants in the municipal bond industry and build strong partnerships that benefit all concerned. Investors, financial advisers, municipal officials, investment bankers--Nuveen believes that forging relationships with these groups based on trust and value is the key to successful investing. As the oldest and largest municipal bond specialist in the United States, Nuveen's investment bankers work with issuers to understand and meet their needs in structuring and selling their bond issues. Nuveen also works closely with financial advisers around the country, including brokerage firms, banks, insurance companies, and independent financial planners, to bring the benefits of tax-free investing to you. These advisers are experts at identifying your needs and recommending the best solutions for your situation. Together we make a powerful team, helping you create a successful investment plan that meets your needs today and in the future. John Nuveen & Co. Incorporated 333 West Wacker Drive Chicago, Illinois 60606-1286 ETF1-APR 96 -----END PRIVACY-ENHANCED MESSAGE-----