-----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, USPymTkmP6OgGmHsmyXrp0xC19DhYJjTGoboQ7BalF42DA3izIDZ+1OHWENGjckA Nnd9Y5ES1UBihidFpPl+FA== 0000891804-99-000942.txt : 19990507 0000891804-99-000942.hdr.sgml : 19990507 ACCESSION NUMBER: 0000891804-99-000942 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19990228 FILED AS OF DATE: 19990506 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: SEC FILE NUMBER: 811-05235 FILM NUMBER: 99611982 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 MUNI VALUE FUND, INC(NCA) NUVEEN Exchange-Traded Funds February 28, 1999 Semiannual Report Dependable, tax-free income to help you keep more of what you earn. NCA NCP NCO NQC NVC NUC California Photo of: People walking along beach Highlights As of February 28, 1999 Nuveen California Municipal Value Fund, Inc. (NCA) 1) Taxable-equivalent yield of 7.97% * 2) Outperformed Lipper Peer Group total return for one-year period ** 3) graphic of: 5 stars Five-star Morningstar Rating TM *** Pie Chart: AA/U.S. Guaranteed 70% AA 6% A 7% BBB/NR 17% Nuveen California Performance Plus Municipal Fund, Inc. (NCP) 1) Taxable-equivalent yield of 9.20% * 2) Outperformed Lehman Brothers California Municipal Bond Index and Lipper Peer Group total returns for one-year period ** 3) graphic of: 5 stars Five-star Morningstar Rating TM *** Pie Chart: AA/U.S. Guaranteed 58% AA 10% A 12% BBB/NR 20% Nuveen California Municipal Market Opportunity Fund, Inc. (NCO) 1) Taxable-equivalent yield of 9.23% * 2) Stable tax-free dividend for 37 consecutive months 3) graphic of: 4 stars Four-star Morningstar Rating TM *** Pie Chart: AA/U.S. Guaranteed 64% AA 5% A 6% BBB/NR 25% Nuveen California Investment Quality Municipal Fund, Inc. (NQC) 1) Taxable-equivalent yield of 9.01% * 2) Outperformed Lehman Brothers California Municipal Bond Index and Lipper Peer Group total returns for one-year period ** 3) graphic of: five stars Five-star Morningstar Rating TM *** Pie Chart: AA/U.S. Guaranteed 65% AA 6% A 14% BBB/NR 15% Nuveen California Select Quality Municipal Fund, Inc. (NVC) 1) Taxable-equivalent yield of 9.09% * 2) Outperformed Lehman Brothers California Municipal Bond Index and Lipper Peer Group total returns for one-year period ** 3) graphic of: four stars Four-star Morningstar Rating TM *** Pie Chart: AA/U.S. Guaranteed 62% AA 19% A 12% BBB/NR 7% Nuveen California Quality Income Municipal Fund, Inc. (NUC) 1) Taxable-equivalent yield of 9.04% * 2) Outperformed Lehman Brothers California Municipal Bond Index and Lipper Peer Group total returns for one-year period ** 3) graphic of: five stars Five-star Morningstar Rating TM *** Pie Chart: AA/U.S. Guaranteed 66% AA 12% A 12% BBB/NR 10% * For investors in the combined 37.5% federal and state income tax bracket. ** The Lehman Brothers California Municipal Bond Index is an unleveraged index comprising a broad range of investment-grade municipal bonds and does not reflect any initial or ongoing expenses. The Lipper Peer Group return represents the average annualized returns of the 17 funds in the Lipper California Non-Leveraged or Leveraged Municipal Debt category. The return assumes reinvestment of dividends and does not reflect any applicable sales charge. *** Overall rating within the municipal bond category for the period ended February 28, 1999. Morningstar proprietary ratings reflect historical risk-adjusted performance and are subject to change every month. Ratings are calculated from a fund's three-, five- and ten-year average annual returns in excess of 90-day Treasury bill returns, with appropriate fee adjustments and a risk factor that reflects fund performance below 90-day Treasury bill returns. NCA received five, five, and four stars for each of the 3-, 5-, and 10-year periods. NCP, NQC, and NUC earned four stars for the 3-year period and five stars for the 5-year period. NCO received four stars for the three-year and five-year periods, respectively. NVC received five and four stars for the three-year and five-year periods, respectively. The top 10% of the funds in an investment class receive 5 stars and 22.5% receive 4 stars. The funds were rated among 193 funds for the three-year period, 191 for the five-year period, and 23 funds for the 10-year periods respectively. Contents 1 Dear Shareholder 3 Portfolio Manager's Comments 5 NCA Performance Overview 6 NCP Performance Overview 7 NCO Performance Overview 8 NQC Performance Overview 9 NVC Performance Overview 10 NUC Performance Overview 11 Shareholder Meeting Report 14 Portfolio of Investments 40 Statement of Net Assets 41 Statement of Operations 42 Statement of Changes in Net Assets 44 Notes to Financial Statements 49 Financial Highlights 52 Building a Better Portfolio 53 Fund Information Photo of: Timothy R. Schwertfeger Chairman of the Board sidebar Wealth takes a lifetime to build. Once achieved, it should be preserved. Dear Shareholder I'm pleased to announce that over the past 12 months, the Nuveen Exchange-Traded Funds covered in this report have continued to meet their primary objectives of providing you with attractive levels of tax-free income and after-tax total returns. The combination of these two factors demonstrates once again that Nuveen's municipal bond funds can serve as excellent investment options for income oriented investors. The Year in Review The past 12 months were marked by periods of market volatility both at home and abroad, as the financial crisis that began in Asia spread to emerging markets and impacted economies around the globe. Investors responded to market uncertainties by seeking a haven in more conservative investments, such as municipal bond funds. Finally, to avert a potential domestic credit crunch and bring some stability to global markets, the Federal Reserve stepped in and eased short-term interest rates for the first time in almost three years. Between the end of September and mid-November 1998, three successive rate cuts brought the federal funds rate to 4.75%. As interest rates declined, the competitive yields offered by our exchange-traded municipal bond funds attracted investor interest and demand. These funds continued to represent bright spots among fixed-income investments, offering attractive income in a market that places a high premium on yield. In addition, the funds have generally maintained good levels of call protection, resulting in relatively stable income streams for shareholders. Throughout 1998, the U.S. economy exhibited more strength than had been expected. Current conditions indicate that this momentum could continue. One of the chief factors in achieving today's peaceful coexistence of economic growth and low inflation has been improved productivity. In the months ahead, we will continue to watch this and other factors that affect the economy's future, including corporate earnings reports, wage and employment statistics, the strength of the U.S. dollar, events in international markets, and any further interest rate indications from the Federal Reserve. We believe these key components will influence the outlook for fixed-income markets well into the next century. Municipal Bonds: A Compelling Value During the past year, rising bond prices, spurred in part by demand from international and conservative investors, drove yields on 30-year Treasuries to historic lows, even below 5% at times. Over this period, the yield on the Bond Buyer Revenue Bond Index, an unmanaged index of long-term municipal revenue bonds, fell seven basis points - from 5.36% to 5.29% - versus the 34-point drop in Treasury yields. At the end of February 1999, the ratio of long-term municipal yields measured against 30-year Treasury yields stood at 95%, compared with the more typical range of 86-87%. Over the past eight months, this ratio reached as high as 104%. For investors, this meant that quality long-term municipal bonds offered almost the same yield as Treasury bonds with comparable maturities - even before the tax advantages of municipal bonds were taken into account. On an after-tax basis, municipal bonds presented an exceptionally attractive investment option relative to Treasuries. In the municipal market, low interest rates and the strong economy combined to generate high levels of new issuance and a dramatic increase in the refinancing of existing bonds. Municipal issuance in 1998 reached $284 billion, up 29% over 1997. In terms of total municipal issuance, 1998 ranked as the second largest year on record, next to 1993's $292 billion. Year to date, municipal bonds have continued to outperform Treasuries on a yield basis in 1999. There are two reasons for this. For starters, municipal supply declined 30% in the first quarter of 1999 when compared to the first quarter of 1998, which made the bonds that were brought to market very attractive. The second factor involved a drop-off in demand for Treasuries by foreign investors. As the global economic turmoil subsided during the first quarter of 1999, so did the interest in the U.S. Treasury market. The continued strength of the U.S. economy also produced improvements in the fundamental health of many municipalities and boosted the overall credit quality of municipal bonds. In 1998, issues upgraded by Moody's outnumbered downgrades by a margin of 4 to 1, while the comparable ratio at Standard & Poor's was more than 2 to 1. Nuveen Expertise is Key The solid track record of a proven investment manager is one key to taking advantage of the exceptional values currently available in the municipal market. The near-record level of municipal issuance in 1998, for example, highlighted the value of Nuveen's in-depth knowledge of the municipal market, as our portfolio management teams carefully analyzed the flood of issues to select those securities best suited to help the funds achieve their investment objectives. As a further enhancement to our management capabilities, Nuveen has assembled a strong group of investment managers - experts in their particular areas of the market - to provide investors with the advantage of their experience and insights. In addition to Nuveen Advisory Services for tax-free investing, you and your adviser can rely on Institutional Capital Corporation for value-oriented equity investing and Rittenhouse Financial Services, Inc. for growth-oriented equity investing. For more information on these funds, contact your financial adviser for a prospectus, or call Nuveen at (800) 621-7227. Please read the prospectus carefully before you invest or send money. We encourage you to talk with your financial adviser about Nuveen's expanding array of investments and the ways they can help you establish a diversified portfolio designed to build and sustain long-term financial security. We are grateful for the confidence you have placed in us, and we intend to continue earning your trust in the years ahead. Sincerely, /s/ Timothy R. Schwertfeger Timothy R. Schwertfeger Chairman of the Board April 15, 1999 sidebar "Year to date, municipal bonds have continued to outperform Treasuries on a yield basis in 1999." Nuveen California Exchange-Traded Funds Portfolio Manager's Comments Portfolio manager Bill Fitzgerald reviews the California municipal market, fund performance, and key investment strategies for the Nuveen California Exchange-Traded Funds. Bill, who has more than 10 years of experience as an investment professional at Nuveen, began his portfolio management responsibilities for the California funds with NCP and NCO in 1991, adding NQC in 1992 and NUC in 1993. In July 1998, as part of Nuveen's efforts to maximize the efficient use of staff resources and portfolio manager expertise, Bill assumed management responsibility for NCA and NVC, the remaining two funds in this report. What economic factors have affected the municipal market in California? Over the past 12 months, the California economy as a whole continued to expand, although economic conditions in southern California bolstered by growth in the service sector, motion picture industry, and construction, both residential and commercial - are currently stronger than those in the northern half of the state. This disparity is due in part to the impact of the Asian financial crisis on the high-technology sector, particularly in Silicon Valley. Job growth in the state has also continued to expand, but at a more moderate pace than in the previous year. Fewer new jobs resulted in a statewide unemployment rate of 5.8%, compared with the national average of 4.5%. In 1998, California, which derives most of its revenue from sales and personal income taxes, saw sales tax revenues rise 5%. This increase is expected to rise at the same percentage increment (5%) for the next few years. At the same time, growth in personal income, driven by gains in the real estate and equity markets, produced tax revenues that far exceeded budget expectations, as income from capital gains taxes more than doubled. With increased state revenues, California is now working to position itself strategically in order to reduce the potential impact of any future economic downturn, such as the statewide recession of 1990-94. The state's improving economy is reflected in its ratings of Aa3 from Moody's, A+ from Standard & Poor's, and AA- from Fitch. The issuance of municipal bonds in California increased substantially in 1998, up 22% over 1997, compared with the national average of 29%. The new supply was fairly diverse across issuer sectors, with some heavier emphasis on the state's continuing need for infrastructure financing and educational improvements. With a few exceptions, insured bonds made up the predominant share of the new issuance. The strong increase in supply was met with exceptionally high demand, especially from individual investors who looked to tax-free municipal bonds for relief from California's high taxes. How did the California funds perform over the past year? For the 12 months ended February 28, 1999, the Nuveen California Exchange-Traded Funds produced total returns on net asset value (NAV) ranging from 5.95% to 7.40%, as shown in the table below. For comparison purposes, the total return on the Lehman Brothers California Municipal Bond Index and the averages for the Lipper California Municipal Debt category are also provided. In recognition of their strong risk-adjusted performance, all of the funds covered in this report received an overall Morningstar rating of either four or five stars, as of February 28, 1999. Lehman Lipper California California Morningstar Total Return on NAV Total Return(1) Average(2) Rating - ------------------------------------------------------------------------------ 1 Year Ended Taxable- 1 Year Ended 1 Year Ended 2/28/99 Equivalent3 2/28/99 2/28/99 - ------------------------------------------------------------------------------ NCA 5.95% 9.00% 6.49% 5.39% 5 - ------------------------------------------------------------------------------ NCP 6.51% 10.47% 6.49% 6.43% 5 - ------------------------------------------------------------------------------ NCO 5.96% 9.78% 6.49% 6.43% 4 - ------------------------------------------------------------------------------ NQC 6.49% 10.24% 6.49% 6.43% 5 - ------------------------------------------------------------------------------ NVC 6.53% 10.23% 6.49% 6.43% 4 - ------------------------------------------------------------------------------ NUC 7.40% 11.13% 6.49% 6.43% 5 - ------------------------------------------------------------------------------ For additional information, see the individual Performance Overview for your fund in this report. In the low interest rate environment of the past six months, good call protection helped support the dividends of NCO and NUC and shield the income of these funds from erosion. As of February 28, 1999, NCO had provided shareholders with 37 consecutive months of steady income, while NUC had produced steady or increasing dividends since its inception in November 1991. During the past year, declining interest rates led to an increase in the number of bond calls, as issuers sought to reduce debt financing costs. Lower interest rates also meant that proceeds from any prepaid or matured bonds had to be reinvested in issues paying relatively lower rates. Both of these situations contributed to reductions in the income levels of NCA, NCP, NQC, and NVC and necessitated dividend cuts in these four funds during 1998. Despite these dividend adjustments, all of the funds have continued to provide attractive market yields.
Total Return Market Yield Premium/Discount(4) on Share Price - --------------------------------------------------------------------------------------------------- Taxable- 1 Year Ended Taxable- 2/28/99 Equivalent3 2/28/98 2/28/99 2/28/99 Equivalent(3) - --------------------------------------------------------------------------------------------------- NCA 4.98% 7.97% -1.51% -3.10% 4.35% 7.44% - --------------------------------------------------------------------------------------------------- NCP 5.75% 9.20% 11.10% 9.16% 3.88% 7.44% - --------------------------------------------------------------------------------------------------- NCO 5.77% 9.23% 5.05% 8.14% 8.55% 12.17% - --------------------------------------------------------------------------------------------------- NQC 5.63% 9.01% 6.58% 6.12% 5.56% 9.07% - --------------------------------------------------------------------------------------------------- NVC 5.68% 9.09% 5.67% 5.22% 5.71% 9.21% - --------------------------------------------------------------------------------------------------- NUC 5.65% 9.04% 6.36% 6.02% 6.70% 10.21% - --------------------------------------------------------------------------------------------------- For additional information, see the individual Performance Overview for your fund in this report.
What key strategies were used to manage the California funds during the past year? The focus of our management strategies for the Nuveen California Exchange-Traded Funds continued to be on supporting the highest level of tax-exempt dividends consistent with capital preservation. Enhancing the funds' after-tax total returns was also a priority. One of our more significant purchases for some of these funds involved BBB rated bonds issued by the California Statewide Communities Development Authority for the Irvine Apartment Communities, a planned community that provides affordable housing built with tax-exempt financing backed by a successful real estate company. These bonds, which offered a yield 75 basis points higher than the market average, showcase the types of purchases we made to support the funds' dividends. The purchase of these bonds also enables us to participate in the opportunities we anticipate over the next few years in the multi-family housing sector. As California property values continue to improve, we expect that the quality ratings on these bonds should also improve, resulting in price appreciation. We continue to add to our holdings in paper secured by both residential and commercial properties. Another interesting investment involved the utilities sector, where bonds were being issued for electricity generation and transmission projects undertaken by private contractors in California. These projects, which will provide competition for those administered by public power authorities, participate in resource recovery and recycling programs. These programs qualify the contractors for municipal financing. Overall, the credit quality of the California funds remains high, with the portion of the funds invested in bonds rated AAA and AA ranging between 68% and 81%. Regarding call protection, NCA, which was brought to market in 1987 as the first of the Nuveen California Exchange-Traded Funds, continued to undergo the normal part of the market cycle in which bond calls are likely to occur. This phase will continue until the year 2000, after which the fund will again offer good levels of call protection. NCP, NCO, and NQC will begin to face a significant number of bond calls between 2000 and 2002, while NVC and NUC are protected until 2002. To minimize the impact of bond calls, we are already at work on strategies for managing through this period, including plans that call for the sale of undervalued bonds approximately six to eight months before their scheduled call dates and the reinvestment of proceeds into bonds that enhance the funds' structure. What is Nuveen's outlook for the future? Looking ahead for the Nuveen California Exchange-Traded Funds, our focus will remain on supporting the income streams of these funds and on purchasing bonds that enhance the portfolio structure at attractive prices. As opportunities arise over the next 12 months, we plan to sell selected AAA rated and escrowed (U.S. guaranteed) bonds in order to purchase BBB rated issues that will enhance the funds' yields. We will also look at positioning the funds' durations, particularly that of NCO, so that they are better protected against any interest rate volatility. Making the portfolio decisions that help the funds meet these goals is an area where Nuveen's expertise - as an experienced investment manager knowledgeable about the unique aspects of the California municipal market - can result in added value for our shareholders. The market environment of the past 12 months - influenced by low interest rates, benign inflation, strong municipal supply, and the excellent municipal-to-Treasury ratio (with municipal yields comparable to Treasury yields even before the tax advantage of municipals is taken into account) - has helped to position municipal bonds as one of the most compelling values in today's marketplace. Continued volatility in the equity markets and investors' increasing awareness of the need for asset allocation rebalancing should result in growing demand for municipal bond funds. We believe that investors who take advantage of current opportunities in the municipal market should be rewarded with healthy returns and attractive yields in the months ahead, as the market recognizes the value of these quality investments. 1. The Lehman Brothers California Municipal Bond Index is an unleveraged index comprising a broad range of California investment-grade municipal bonds; results for the index do not reflect any initial or ongoing expenses. 2. The Lipper California Peer Group returns represent the average annualized returns of the funds in the Lipper California Municipal Debt category. NCA, an unleveraged fund, is compared with other unleveraged California funds in the Lipper data base, while the remaining Nuveen California funds are compared with a leveraged peer group. Returns assume reinvestment of dividends and do not reflect any applicable sales charges. 3. Based on the 37.5% combined federal and state income tax rate. 4. A fund's premium or discount represents the percentage difference between the fund's share price and its NAV. Nuveen California Municipal Value Fund, Inc. Performance Overview As of February 28, 1999 NCA ================================================== Portfolio Statistics ================================================== Inception Date 10/87 - -------------------------------------------------- Share Price $10 - -------------------------------------------------- Net Asset Value $10.32 - -------------------------------------------------- Market Yield Per Share 4.98% - -------------------------------------------------- Taxable-Equivalent Yield (Federal Only)(1) 7.22% - -------------------------------------------------- Taxable-Equivalent Yield (Federal and State)(1) 7.97% - -------------------------------------------------- Fund Net Assets ($000) $260,321 - -------------------------------------------------- Average Weighted Maturity (Years) 19.61 - -------------------------------------------------- Modified Duration (Years) 7.53 ================================================== Annualized Total Return - -------------------------------------------------- On Share Price On NAV - -------------------------------------------------- 1-Year 4.35% 5.95% - -------------------------------------------------- 5-Year 3.84% 6.06% - -------------------------------------------------- 10-Year 6.69% 7.23% ================================================== Taxable-Equivalent Total Return(2) - -------------------------------------------------- On Share Price On NAV - -------------------------------------------------- 1-Year 7.44% 9.00% - -------------------------------------------------- 5-Year 7.40% 9.66% - -------------------------------------------------- 10-Year 10.40% 11.05% ================================================== Top Five Sectors (as a % of total investments) - -------------------------------------------------- Tax Obligation/Limited 34% - -------------------------------------------------- U.S. Guaranteed 18% - -------------------------------------------------- Housing/Single Family 11% - -------------------------------------------------- Water and Sewer 8% - -------------------------------------------------- Healthcare 7% - -------------------------------------------------- 1 Taxable-equivalent yield represents the yield on a taxable investment necessary to equal the yield of the Nuveen fund on an after-tax basis. The federal only rate is based on the current market yield and a federal income tax rate of 31%. The rate shown for federal and state highlights the added value of owning shares that are also exempt from state income taxes. It is based on a combined federal and state income tax rate of 37.5%. 2 Taxable-equivalent total return is based on the annualized total return and a combined federal and state income tax rate of 37.5%. It represents the return on a taxable investment necessary to equal the return of the Nuveen fund on an after-tax basis. 3 The Fund also paid shareholders capital gains distributions in December of $0.0486 per share. Bar Chart: 1998-1999 Monthly Tax-Free Dividends Per Share(3) 3/98 0.0445 4/98 0.0445 5/98 0.0445 6/98 0.0445 7/98 0.0415 8/98 0.0415 9/98 0.0415 10/98 0.0415 11/98 0.0415 12/98 0.0415 1/99 0.0415 2/99 0.0415 Share Price Performance 3/6/98 10.438 10.563 10.688 10.063 10.375 10.313 9.75 9.875 10.25 9.75 9.813 10.188 10.375 10.063 10.125 10.063 10.375 10.313 10 9.875 9.875 9.75 9.688 9.688 9.813 9.875 9.75 9.875 9.938 10.313 9.875 10.125 10.13 10.38 10.25 10.06 10.13 10.5 10.31 10.25 10.25 9.88 9.81 9.69 9.63 10 9.88 10.06 2/28/99 10 Weekly Closing Price Past performance is not predictive of future results. Nuveen California Performance Plus Municipal Fund, Inc. Performance Overview As of February 28, 1999 NCP ================================================== Portfolio Statistics - -------------------------------------------------- Inception Date 11/89 - -------------------------------------------------- Share Price $17 5/16 - -------------------------------------------------- Net Asset Value $15.86 - -------------------------------------------------- Current Market Yield Per Share 5.75% - -------------------------------------------------- Taxable-Equivalent Yield (Federal Only)(1) 8.33% - -------------------------------------------------- Taxable-Equivalent Yield (Federal and State)(1) 9.20% - -------------------------------------------------- Fund Net Assets ($000) $291,490 - -------------------------------------------------- Average Weighted Maturity (Years) 16.16 - -------------------------------------------------- Leverage-Adjusted Duration (Years) 7.54 ================================================== Annualized Total Return - -------------------------------------------------- On Share Price On NAV - -------------------------------------------------- 1-Year 3.88% 6.51% - -------------------------------------------------- 5-Year 8.58% 6.73% - -------------------------------------------------- Since Inception 8.37% 8.36% ================================================== Taxable-Equivalent Total Return(2) - -------------------------------------------------- On Share Price On NAV - -------------------------------------------------- 1-Year 7.44% 10.47% - -------------------------------------------------- 5-Year 12.57% 10.80% - -------------------------------------------------- Since Inception 12.39% 12.49% ================================================== Top Five Sectors (as of % of total investments) - -------------------------------------------------- U.S. Guaranteed 33% - -------------------------------------------------- Tax Obligation/Limited 24% - -------------------------------------------------- Utilities 12% - -------------------------------------------------- Water and Sewer 9% - -------------------------------------------------- Transportation 6% - -------------------------------------------------- 1 Taxable-equivalent yield represents the yield on a taxable investment necessary to equal the yield of the Nuveen fund on an after-tax basis. The federal only rate is based on the current market yield and a federal income tax rate of 31%. The rate shown for federal and state highlights the added value of owning shares that are also exempt from state income taxes. It is based on a combined federal and state income tax rate of 37.5%. 2 Taxable-equivalent total return is based on the annualized total return and a combined federal and state income tax rate of 37.5%. It represents the return on a taxable investment necessary to equal the return of the Nuveen fund on an after-tax basis. 3 The Fund also paid shareholders capital gains distributions in December of $0.0477 per share. Bar Chart: 1998-1999 Monthly Tax-Free Dividends Per Share(3) 3/98 0.086 4/98 0.086 5/98 0.086 6/98 0.086 7/98 0.086 8/98 0.086 9/98 0.086 10/98 0.086 11/98 0.083 12/98 0.083 1/99 0.083 2/99 0.083 Line Chart: Share Price Performance 3/6/98 18 17.75 17.625 17.625 17.875 18.063 18 17.75 17.625 17.625 17.625 17.688 17.875 17.938 18 17.875 17.938 17.938 17.813 17.75 17.75 17.625 17.75 18 18.063 17.688 17.938 18.125 18.188 18.25 18.438 18.688 18.38 18.38 18.38 18.38 18.31 18.63 18.5 18.56 18.63 18.19 17.69 17.31 17.19 17.56 17.31 17.44 2/28/99 17.31 Weekly Closing Price Past performance is not predictive of future results. Nuveen California Municipal Market Opportunity Fund, Inc. Performance Overview As of February 28, 1999 NCO ================================================== Portfolio Statistics - -------------------------------------------------- Inception Date 5/90 - -------------------------------------------------- Share Price $17 9/16 - -------------------------------------------------- Net Asset Value Per Share $16.24 - -------------------------------------------------- Current Market Yield 5.77% - -------------------------------------------------- Taxable-Equivalent Yield (Federal Only)(1) 8.36% - -------------------------------------------------- Taxable-Equivalent Yield (Federal and State)(1) 9.23% - -------------------------------------------------- Fund Net Assets ($000) $184,998 - -------------------------------------------------- Average Weighted Maturity (Years) 15.67 - -------------------------------------------------- Leverage-Adjusted Duration (Years) 9.21 ================================================== Annualized Total Return - -------------------------------------------------- On Share Price On NAV - -------------------------------------------------- 1-Year 8.55% 5.96% - -------------------------------------------------- 5-Year 8.57% 6.92% - -------------------------------------------------- Since Inception 8.60% 8.65% ================================================== Taxable-Equivalent Total Return(2) - -------------------------------------------------- On Share Price On NAV - -------------------------------------------------- 1-Year 12.17% 9.78% - -------------------------------------------------- 5-Year 12.53% 10.90% - -------------------------------------------------- Since Inception 12.58% 12.72% ================================================== Top Five Sectors (as of % of total investments - -------------------------------------------------- U.S. Guaranteed 33% - -------------------------------------------------- Tax Obligation/Limited 22% - -------------------------------------------------- Healthcare 13% - -------------------------------------------------- Utilities 9% - -------------------------------------------------- Water and Sewer 6% - -------------------------------------------------- 1 Taxable-equivalent yield represents the yield on a taxable investment necessary to equal the yield of the Nuveen fund on an after-tax basis. The federal only rate is based on the current market yield and a federal income tax rate of 31%. The rate shown for federal and state highlights the added value of owning shares that are also exempt from state income taxes. It is based on a combined federal and state income tax rate of 37.5%. 2 Taxable-equivalent total return is based on the annualized total return and a combined federal and state income tax rate of 37.5%. It represents the return on a taxable investment necessary to equal the return of the Nuveen fund on an after-tax basis. 3 The Fund also paid shareholders capital gains distributions in December of $0.1176 per share. Bar Chart: 1998-1999 Monthly Tax-Free Dividends Per Share(3) 3/98 0.0845 4/98 0.0845 5/98 0.0845 6/98 0.0845 7/98 0.0845 8/98 0.0845 9/98 0.0845 10/98 0.0845 11/98 0.0845 12/98 0.0845 1/99 0.0845 2/99 0.0845 Line Chart: Share Price Performance 3/6/98 17.375 17.5 17.25 17.313 17 17.188 17.125 17.375 17.25 17.438 17.375 17.313 17.75 17.625 17.875 17.75 17.875 17.875 17.625 17.375 17.5 17.563 17.563 17.688 17.625 17.5 17.625 17.563 18 18.313 18.438 18.5 17.94 18 18.13 17.88 17.75 18.13 18.25 17.63 17.75 17.88 17.63 17.38 17.44 17.69 17.44 17.63 2/28/99 17.56 Weekly Closing Price Past performance is not predictive of future results. Nuveen California Investment Quality Municipal Fund, Inc. Performance Overview As of February 28, 1999 NQC ================================================== Portfolio Statistics - -------------------------------------------------- Inception Date 11/90 - -------------------------------------------------- Share Price $16 15/16 - -------------------------------------------------- Net Asset Value $15.96 - -------------------------------------------------- Current Market Yield Per Share 5.63% - -------------------------------------------------- Taxable-Equivalent Yield (Federal Only)(1) 8.16% - -------------------------------------------------- Taxable-Equivalent Yield (Federal and State)(1) 9.01% - -------------------------------------------------- Fund Net Assets ($000) $302,896 - -------------------------------------------------- Average Weighted Maturity (Years) 15.38 - -------------------------------------------------- Leverage-Adjusted Duration (Years) 7.13 ================================================== Annualized Total Return - -------------------------------------------------- On Share Price On NAV - -------------------------------------------------- 1-Year 5.56% 6.49% - -------------------------------------------------- 5-Year 8.64% 6.71% - -------------------------------------------------- Since Inception 8.17% 8.47% ================================================== Taxable-Equivalent Total Return(2) - -------------------------------------------------- On Share Price On NAV - -------------------------------------------------- 1-Year 9.07% 10.24% - -------------------------------------------------- 5-Year 12.56% 10.69% - -------------------------------------------------- Since Inception 12.15% 12.53% - -------------------------------------------------- ================================================== Top Five Sectors (as a % of total investments) - -------------------------------------------------- U.S. Guaranteed 36% - -------------------------------------------------- Tax Obligation/Limited 21% - -------------------------------------------------- Healthcare 13% - -------------------------------------------------- Utilities 6% - -------------------------------------------------- Transportation 6% - -------------------------------------------------- 1 Taxable-equivalent yield represents the yield on a taxable investment necessary to equal the yield of the Nuveen fund on an after-tax basis. The federal only rate is based on the current market yield and a federal income tax rate of 31%. The rate shown for federal and state highlights the added value of owning shares that are also exempt from state income taxes. It is based on a combined federal and state income tax rate of 37.5%. 2 Taxable-equivalent total return is based on the annualized total return and a combined federal and state income tax rate of 37.5%. It represents the return on a taxable investment necessary to equal the return of the Nuveen fund on an after-tax basis. 3 The Fund also paid shareholders capital gains distributions in December of $0.0288 per share. Bar Chart: 1998-1999 Monthly Tax-Free Dividends Per Share(3) 3/98 0.0825 4/98 0.0825 5/98 0.0825 6/98 0.0825 7/98 0.0825 8/98 0.0795 9/98 0.0795 10/98 0.0795 11/98 0.0795 12/98 0.0795 1/99 0.0795 2/99 0.0795 Line Chart: Share Price Performance 3/6/98 17.25 17.125 17.125 17.188 17.188 17.25 16.938 16.813 17 17.25 17.25 17.5 17.25 17.5 17.438 17.563 17.5 17.875 17.75 17.563 17.375 17.313 17 17.063 17 17 17.125 17.25 17.438 17.75 17.625 17.625 17.63 17.69 17.75 17.75 17.44 17.88 17.75 17.69 17.81 17.63 17.06 16.63 16.56 16.81 16.75 16.81 2/28/99 16.94 Weekly Closing Price Past performance is not predictive of future results. Nuveen California Select Quality Municipal Fund, Inc. Performance Overview As of February 28, 1999 NVC ================================================== Portfolio Statistics - -------------------------------------------------- Inception Date 5/91 - -------------------------------------------------- Share Price $16 11/16 - -------------------------------------------------- Net Asset Value Per Share $15.86 - -------------------------------------------------- Current Market Yield 5.68% - -------------------------------------------------- Taxable-Equivalent Yield (Federal Only)(1) 8.23% - -------------------------------------------------- Taxable-Equivalent Yield (Federal and State)(1) 9.09% - -------------------------------------------------- Fund Net Assets ($000) $510,251 - -------------------------------------------------- Average Weighted Maturity (Years) 16.19 - -------------------------------------------------- Leverage-Adjusted Duration (Years) 7.65 ================================================== Annualized Total Return - -------------------------------------------------- On Share Price On NAV - -------------------------------------------------- 1-Year 5.71% 6.53% - -------------------------------------------------- 5-Year 8.92% 6.96% - -------------------------------------------------- Since Inception 8.29% 8.56% ================================================== Taxable-Equivalent Total Return(2) - -------------------------------------------------- On Share Price On NAV - -------------------------------------------------- 1-Year 9.21% 10.23% - -------------------------------------------------- 5-Year 12.87% 10.88% - -------------------------------------------------- Since Inception 12.22% 12.50% ================================================== Top Five Sectors (as a % of total investments) - -------------------------------------------------- U.S. Guaranteed 34% - -------------------------------------------------- Tax Obligation/Limited 16% - -------------------------------------------------- Housing/Single Family 9% - -------------------------------------------------- Utilities 9% - -------------------------------------------------- Healthcare 9% - -------------------------------------------------- 1 Taxable-equivalent yield represents the yield on a taxable investment necessary to equal the yield of the Nuveen fund on an after-tax basis. The federal only rate is based on the current market yield and a federal income tax rate of 31%. The rate shown for federal and state highlights the added value of owning shares that are also exempt from state income taxes. It is based on a combined federal and state income tax rate of 37.5%. 2 Taxable-equivalent total return is based on the annualized total return and a combined federal and state income tax rate of 37.5%. It represents the return on a taxable investment necessary to equal the return of the Nuveen fund on an after-tax basis. 3 The Fund also paid shareholders capital gains distributions in December of $0.1071 per share. 1998-1999 Monthly Tax-Free Dividends Per Share(3) 3/98 0.082 4/98 0.082 5/98 0.079 6/98 0.079 7/98 0.079 8/98 0.079 9/98 0.079 10/98 0.079 11/98 0.079 12/98 0.079 1/99 0.079 2/99 0.079 Line Chart: Share Price Performance 3/6/98 16.938 16.813 16.875 16.813 17.063 16.938 17 16.875 17.063 16.563 16.438 16.625 16.688 16.75 16.563 16.375 16.625 16.813 16.438 16.438 16.625 16.75 16.938 16.813 16.688 16.688 17 16.813 17 17.313 17.5 17.313 17.31 17.06 17.44 16.88 16.88 17.25 17.25 17.19 17.19 17.5 16.63 16.25 16.25 16.5 16.5 16.56 2/28/99 16.69 Weekly Closing Price Past performance is not predictive of future results. Nuveen California Quality Income Municipal Fund, Inc. Performance Overview As of February 28, 1999 NUC ================================================== Portfolio Statistics - -------------------------------------------------- Inception Date 11/91 - -------------------------------------------------- Share Price $17 5/16 - -------------------------------------------------- Net Asset Value Per Share $16.33 - -------------------------------------------------- Current Market Yield 5.65% - -------------------------------------------------- Taxable-Equivalent Yield (Federal Only)(1) 8.19% - -------------------------------------------------- Taxable-Equivalent Yield (Federal and State)(1) 9.04% - -------------------------------------------------- Fund Net Assets ($000) $503,005 - -------------------------------------------------- Average Weighted Maturity (Years) 14.33 - -------------------------------------------------- Leverage-Adjusted Duration (Years) 7.84 ================================================== Annualized Total Return - -------------------------------------------------- On Share Price On NAV - -------------------------------------------------- 1-Year 6.70% 7.40% - -------------------------------------------------- 5-Year 10.01% 7.52% - -------------------------------------------------- Since Inception 8.58% 8.66% ================================================== Taxable-Equivalent Total Return(2) - -------------------------------------------------- On Share Price On NAV - -------------------------------------------------- 1-Year 10.21% 11.13% - -------------------------------------------------- 5-Year 13.94% 11.38% - -------------------------------------------------- Since Inception 12.43% 12.48% ================================================== Top Five Sectors (as a % of total investments) - -------------------------------------------------- U.S. Guaranteed 46% - -------------------------------------------------- Tax Obligation/Limited 23% - -------------------------------------------------- Utilities 6% - -------------------------------------------------- Healthcare 6% - -------------------------------------------------- Housing/Multifamily 5% - -------------------------------------------------- 1 Taxable-equivalent yield represents the yield on a taxable investment necessary to equal the yield of the Nuveen fund on an after-tax basis. The federal only rate is based on the current market yield and a federal income tax rate of 31%. The rate shown for federal and state highlights the added value of owning shares that are also exempt from state income taxes. It is based on a combined federal and state income tax rate of 37.5%. 2 Taxable-equivalent total return is based on the annualized total return and a combined federal and state income tax rate of 37.5%. It represents the return on a taxable investment necessary to equal the return of the Nuveen fund on an after-tax basis. 3 The Fund also paid shareholders capital gains distributions in December of $0.018 per share. Bar Chart: 1998-1999 Monthly Tax-Free Dividends Per Share(3) 3/98 0.0815 4/98 0.0815 5/98 0.0815 6/98 0.0815 7/98 0.0815 8/98 0.0815 9/98 0.0815 10/98 0.0815 11/98 0.0815 12/98 0.0815 1/99 0.0815 2/99 0.0815 Line Chart: Share Price Performance 3/6/98 17.313 17.063 17.063 17.063 16.938 16.938 17 16.938 16.938 16.938 16.75 16.75 17.063 17.313 17 17.063 17.188 17.125 17 16.938 16.938 17 17.313 17.375 17.438 17.375 17.25 17.188 17.5 17.875 18.188 18 18 17.94 17.75 17.56 17.38 18 17.94 17.94 17.94 17.81 16.94 17 16.69 17.06 17.06 17.19 2/28/99 17.31 Weekly Closing Price Past performance is not predictive of future results. Shareholder Meeting Report The annual shareholder meeting was held in Chicago, Illinois on October 14, 1998.
NCA NCP - ------------------------------------------------------------------------------------------------------------------------------------ Approval of the Directors was reached as follows: Preferred Preferred Common Common Shares Shares Shares Shares Series-T Series-F - ------------------------------------------------------------------------------------------------------------------------------------ Robert P. Bremner For -- 11,528,504 1,722 1,690 Withhold -- 90,505 -- 2 - ------------------------------------------------------------------------------------------------------------------------------------ Total -- 11,619,009 1,722 1,692 - ------------------------------------------------------------------------------------------------------------------------------------ Lawrence H. Brown For 22,418,900 11,525,304 1,722 1,690 Withhold 255,317 93,705 -- 2 - ------------------------------------------------------------------------------------------------------------------------------------ Total 22,674,217 11,619,009 1,722 1,692 - ------------------------------------------------------------------------------------------------------------------------------------ Anthony T. Dean For -- 11,527,365 1,722 1,690 Withhold -- 91,644 -- 2 - ------------------------------------------------------------------------------------------------------------------------------------ Total -- 11,619,009 1,722 1,692 - ------------------------------------------------------------------------------------------------------------------------------------ Anne E. Impellizzeri For -- 11,521,031 1,722 1,690 Withhold -- 97,978 -- 2 - ------------------------------------------------------------------------------------------------------------------------------------ Total -- 11,619,009 1,722 1,692 - ------------------------------------------------------------------------------------------------------------------------------------ Peter R. Sawers For 22,403,702 11,524,831 1,722 1,690 Withhold 270,515 94,178 -- 2 - ------------------------------------------------------------------------------------------------------------------------------------ Total 22,674,217 11,619,009 1,722 1,692 - ------------------------------------------------------------------------------------------------------------------------------------ William J. Schneider For -- -- 1,722 1,690 Withhold -- -- -- 2 - ------------------------------------------------------------------------------------------------------------------------------------ Total -- -- 1,722 1,692 - ------------------------------------------------------------------------------------------------------------------------------------ Timothy R. Schwertfeger For 22,418,057 -- 1,722 1,690 Withhold 256,160 -- -- 2 - ------------------------------------------------------------------------------------------------------------------------------------ Total 22,674,217 -- 1,722 1,692 - ------------------------------------------------------------------------------------------------------------------------------------ Judith M. Stockdale For -- 11,520,570 1,722 1,690 Withhold -- 98,439 -- 2 - ------------------------------------------------------------------------------------------------------------------------------------ Total -- 11,619,009 1,722 1,692 - ------------------------------------------------------------------------------------------------------------------------------------ Ratification of auditors was reached as follows: For 22,202,153 11,459,756 1,714 1,689 Against 118,192 19,428 -- 2 Abstain 353,872 139,825 8 1 - ------------------------------------------------------------------------------------------------------------------------------------ Total 22,674,217 11,619,009 1,722 1,692 - ------------------------------------------------------------------------------------------------------------------------------------ Shareholder Meeting Report (continued) NCO NQC - ------------------------------------------------------------------------------------------------------------------------------------ Approval of the Directors was reached as follows: Preferred Preferred Common Shares Common Shares Shares Series-W Shares Series-M - ------------------------------------------------------------------------------------------------------------------------------------ Robert P. Bremner For 7,176,941 2,170 12,838,988 3,445 Withhold 80,267 1 149,112 16 - ------------------------------------------------------------------------------------------------------------------------------------ Total 7,257,208 2,171 12,988,100 3,461 - ------------------------------------------------------------------------------------------------------------------------------------ Lawrence H. Brown For 7,176,441 2,170 12,838,988 3,445 Withhold 80,767 1 149,112 16 - ------------------------------------------------------------------------------------------------------------------------------------ Total 7,257,208 2,171 12,988,100 3,461 - ------------------------------------------------------------------------------------------------------------------------------------ Anthony T. Dean For 7,178,441 2,170 12,837,988 3,444 Withhold 78,767 1 150,112 17 - ------------------------------------------------------------------------------------------------------------------------------------ Total 7,257,208 2,171 12,988,100 3,461 - ------------------------------------------------------------------------------------------------------------------------------------ Anne E. Impellizzeri For 7,174,215 2,170 12,837,018 3,445 Withhold 82,993 1 151,082 16 - ------------------------------------------------------------------------------------------------------------------------------------ Total 7,257,208 2,171 12,988,100 3,461 - ------------------------------------------------------------------------------------------------------------------------------------ Peter R. Sawers For 7,178,441 2,170 12,838,988 3,445 Withhold 78,767 1 149,112 16 - ------------------------------------------------------------------------------------------------------------------------------------ Total 7,257,208 2,171 12,988,100 3,461 - ------------------------------------------------------------------------------------------------------------------------------------ William J. Schneider For -- 2,170 -- 3,445 Withhold -- 1 -- 16 - ------------------------------------------------------------------------------------------------------------------------------------ Total -- 2,171 -- 3,461 - ------------------------------------------------------------------------------------------------------------------------------------ Timothy R. Schwertfeger For -- 2,170 -- 3,444 Withhold -- 1 -- 17 - ------------------------------------------------------------------------------------------------------------------------------------ Total -- 2,171 -- 3,461 - ------------------------------------------------------------------------------------------------------------------------------------ Judith M. Stockdale For 7,177,341 2,170 12,835,365 3,445 Withhold 79,867 1 152,735 16 - ------------------------------------------------------------------------------------------------------------------------------------ Total 7,257,208 2,171 12,988,100 3,461 - ------------------------------------------------------------------------------------------------------------------------------------ Ratification of auditors was reached as follows: For 7,118,033 2,165 12,759,278 3,458 Against 18,783 -- 48,715 2 Abstain 120,392 6 180,107 1 - ------------------------------------------------------------------------------------------------------------------------------------ Total 7,257,208 2,171 12,988,100 3,461 - ------------------------------------------------------------------------------------------------------------------------------------ NVC NUC - ------------------------------------------------------------------------------------------------------------------------------------ Approval of the Directors was reached as follows: Preferred Preferred Preferred Preferred Common Shares Shares Common Shares Shares Shares Series-T Series-TH Shares Series-W Series-F - ------------------------------------------------------------------------------------------------------------------------------------ Robert P. Bremner For 20,835,956 2,155 3,430 20,200,626 2,776 2,905 Withhold 234,125 8 5 144,256 6 14 - ------------------------------------------------------------------------------------------------------------------------------------ Total 21,070,081 2,163 3,435 20,344,882 2,782 2,919 - ------------------------------------------------------------------------------------------------------------------------------------ Lawrence H. Brown For 20,843,765 2,155 3,430 20,198,793 2,776 2,905 Withhold 226,316 8 5 146,089 6 14 - ------------------------------------------------------------------------------------------------------------------------------------ Total 21,070,081 2,163 3,435 20,344,882 2,782 2,919 - ------------------------------------------------------------------------------------------------------------------------------------ Anthony T. Dean For 20,843,015 2,155 3,430 20,198,708 2,776 2,905 Withhold 227,066 8 5 146,174 6 14 - ------------------------------------------------------------------------------------------------------------------------------------ Total 21,070,081 2,163 3,435 20,344,882 2,782 2,919 - ------------------------------------------------------------------------------------------------------------------------------------ Anne E. Impellizzeri For 20,841,158 2,155 3,428 20,198,227 2,776 2,905 Withhold 228,923 8 7 146,655 6 14 - ------------------------------------------------------------------------------------------------------------------------------------ Total 21,070,081 2,163 3,435 20,344,882 2,782 2,919 - ------------------------------------------------------------------------------------------------------------------------------------ Peter R. Sawers For 20,842,912 2,155 3,430 20,197,994 2,776 2,905 Withhold 227,169 8 5 146,888 6 14 - ------------------------------------------------------------------------------------------------------------------------------------ Total 21,070,081 2,163 3,435 20,344,882 2,782 2,919 - ------------------------------------------------------------------------------------------------------------------------------------ William J. Schneider For -- 2,155 3,428 -- 2,776 2,905 Withhold -- 8 7 -- 6 14 - ------------------------------------------------------------------------------------------------------------------------------------ Total -- 2,163 3,435 -- 2,782 2,919 - ------------------------------------------------------------------------------------------------------------------------------------ Timothy R. Schwertfeger For -- 2,155 3,430 -- 2,776 2,905 Withhold -- 8 5 -- 6 14 - ------------------------------------------------------------------------------------------------------------------------------------ Total -- 2,163 3,435 -- 2,782 2,919 - ------------------------------------------------------------------------------------------------------------------------------------ Judith M. Stockdale For 20,842,546 2,155 3,428 20,195,245 2,776 2,905 Withhold 227,535 8 7 149,637 6 14 - ------------------------------------------------------------------------------------------------------------------------------------ Total 21,070,081 2,163 3,435 20,344,882 2,782 2,919 - ------------------------------------------------------------------------------------------------------------------------------------ Ratification of auditors was reached as follows: For 20,729,223 2,162 3,421 20,109,140 2,764 2,911 Against 80,391 1 2 61,890 8 -- Abstain 260,467 -- 12 173,852 10 8 - ------------------------------------------------------------------------------------------------------------------------------------ Total 21,070,081 2,163 3,435 20,344,882 2,782 2,919 - ------------------------------------------------------------------------------------------------------------------------------------
Portfolio of Investments Nuveen California Municipal Value Fund, Inc. (NCA) February 28, 1999 (Unaudited)
Principal Optional Call Market Amount Description Provisions* Ratings** Value - ------------------------------------------------------------------------------------------------------------------------------------ Capital Goods - 2.0% $ 5,000,000 California Pollution Control Financing Authority, Fixed Rate Resource 2/01 at 103 BBB+ $ 5,334,500 Recovery Revenue Bonds (Waste Management, Inc.), 1991 Composite Series A, 7.150%, 2/01/11 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ Education and Civic Organizations - 1.4% 1,925,000 ABAG Finance Authority for Nonprofit Corporations (California), 1991 7/01 at 102 Aa2 2,103,929 Certificates of Participation (United Way of Santa Clara County Project), 7.200%, 7/01/11 1,500,000 Certificates of Participation, California Statewide Community 12/06 at 105 N/R 1,643,730 Development Authority, San Diego Space and Science Foundation, Series 1996, 7.500%, 12/01/26 - ------------------------------------------------------------------------------------------------------------------------------------ Health Care - 7.1% 1,000,000 City of Arcadia, California, Hospital Revenue Bonds (Methodist 11/02 at 102 A 1,080,180 Hospital of Southern California), Series 1992, 6.500%, 11/15/12 8,500,000 California Health Facilities Financing Authority, Kaiser Permanente, 10/08 at 101 A 8,517,850 Revenue Bonds, Series 1998B, 5.250%, 10/01/16 1,095,000 Certificates of Participation, California Statewide Communities 12/07 at 102 AAA 1,124,773 Development Authority, Huntington East Valley Hospital, 5.350%, 12/01/17 2,500,000 City of Modesto, Insured Health Facility Revenue Bonds (Memorial 6/07 at 102 AAA 2,540,475 Hospital Association), Series 1997B, 5.250%, 6/01/21 2,425,000 City of Pasadena, Insured Health Facilities Revenue Bonds (Pacific 6/99 at 100 N/R 2,428,468 Clinics), Series 1988A, 8.200%, 6/01/18 1,265,000 San Benito Hospital District, Insured Health Facility Revenue Bonds, 12/01 at 102 A+ 1,402,948 Series 1991A, 6.750%, 12/01/21 1,440,000 City of Stockton, California, Health Facility Revenue Bonds, 12/07 at 102 BBB+ 1,507,262 Dameron Hospital Association, 1997 Series A, 5.300%, 12/01/08 - ------------------------------------------------------------------------------------------------------------------------------------ Housing/Multifamily - 2.4% 2,090,000 California Statewide Communities Development Authority, Multifamily 11/08 at 100 AAA 2,124,443 Housing Revenue Bonds (Santa Paula Village Apartments), Series 1998D, 5.430%, 5/01/28 (Alternative Minimum Tax) 2,635,000 Community Development Agency of the City of Menlo Park, Multifamily 6/99 at 102 Aa 2,716,580 Housing Revenue Bonds (FHA-Insured Mortgage Loan -The Gateway Project), Series 1987A, 8.250%, 12/01/28 1,440,000 San Dimas Housing Authority, Mobile Home Park Revenue Bonds (Charter 7/08 at 102 N/R 1,425,701 Oak Mobile Home Estates Acquisition Project), Series 1998A, 5.700%, 7/01/28 - ------------------------------------------------------------------------------------------------------------------------------------ Housing/Single Family - 10.5% 235,000 California Housing Finance Agency, Home Mortgage Revenue Bonds, 8/99 at 101 Aa2 240,020 1988 Series G, 8.150%, 8/01/19 (Alternative Minimum Tax) 3,190,000 California Housing Finance Agency, Home Mortgage Revenue Bonds, 8/07 at 102 AAA 3,320,918 1997 Series H, 5.500%, 8/01/17 2,765,000 California Housing Finance Agency, Home Mortgage Revenue Bonds, 8/05 at 102 AAA 2,933,001 1994 Series F-3, 6.100%, 8/01/15 (Alternative Minimum Tax) 3,000,000 California Housing Finance Agency, Home Mortgage Revenue Bonds, 8/05 at 102 AAA 3,195,690 1995 Series J, 6.000%, 8/01/17 1,480,000 California Housing Finance Agency, Single Family Mortgage Bonds II, 8/07 at 101 1/2 AAA 1,533,043 1997 Series C-2, 5.650%, 2/01/25 (Alternative Minimum Tax) 2,200,000 California Housing Finance Agency, Home Mortgage Revenue Bonds, 2/06 at 102 AAA 2,340,228 1995 Series M, 6.050%, 8/01/15 (Alternative Minimum Tax) 5,500,000 California Housing Finance Agency, Home Mortgage Revenue Bonds, 2/09 at 101 1/2 AAA 5,582,665 1998 Series E Remarketed, 5.250%, 2/01/33 (Alternative Minimum Tax) Principal Optional Call Market Amount Description Provisions* Ratings** Value - ------------------------------------------------------------------------------------------------------------------------------------ Housing/Single Family (continued) $ 570,000 California Rural Home Mortgage Finance Authority, Single Family No Opt. Call Aaa $ 652,764 Mortgage Revenue Bonds (Mortgage- Backed Securities Program), 1993 Issue A Series 2, 7.950%, 12/01/24 (Alternative Minimum Tax) 2,675,000 California Rural Home Mortgage Finance Authority, Single Family No Opt. Call AAA 3,062,180 Mortgage Revenue Bonds (Mortgage-Backed Securities Program), 1997 Series D, 6.700%, 5/01/29 (Alternative Minimum Tax) 2,330,000 California Rural Home Mortgage Finance Authority, Single Family No Opt. Call AAA 2,537,044 Revenue Bonds (Mortgage-Backed Securities Program), 1998 Series A, Mortgage 5.750%, 12/01/29 (Alternative Minimum Tax) 95,000 The City of Los Angeles (California), Single Family Home Mortgage 12/01 at 102 AAA 99,957 Revenue Bonds (GNMA and FNMA Mortgage-Backed Securities Program), 1991 Issue A, 6.875%, 6/01/25 (Alternative Minimum Tax) 1,740,000 Southern California Home Financing Authority, Single Family Mortgage No Opt. Call AAA 1,906,205 Revenue Bonds (GNMA Mortgage-Backed Securities Program), 1988 Issue A, 8.125%, 2/01/21 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ Long-Term Care - 3.1% 2,720,000 Revenue Refunding Certificates of Participation (American Baptist 10/07 at 102 BBB 2,761,235 Homes of the West Facilities Project), Series 1997A, 5.750%, 10/01/17 5,000,000 California Statewide Communities Development Authority, Series A 4/03 at 102 A+ 5,323,050 Certificates of Participation, Pacific Homes, 6.000%, 4/01/17 - ------------------------------------------------------------------------------------------------------------------------------------ Tax Obligation/General - 3.7% 1,885,000 State of California, Various Purpose, General Obligation Bonds, No Opt. Call Aa3 2,294,893 7.000%, 8/01/08 City of Industry, California, General Obligation Bonds, Issue of 1995: 1,160,000 5.800%, 7/01/19 7/05 at 101 3/4 AAA 1,245,492 1,235,000 5.875%, 7/01/24 7/05 at 102 3/8 AAA 1,339,654 2,000,000 Lucia Mar Unified School District, San Luis Obispo County, California, 8/07 at 102 AAA 2,080,000 Election 1997 General Obligation Bonds, Series A, 5.400%, 8/01/22 2,325,000 Temecula Valley Unified School District, County of Riverside, California, 9/06 at 102 AAA 2,549,595 1990 General Obligation Bonds, Series F, 6.000%, 9/01/20 - ------------------------------------------------------------------------------------------------------------------------------------ Tax Obligation/Limited - 33.6% 2,895,000 Certificates of Participation (1991 Financing Project), 9/06 at 102 AAA 3,184,355 County of Alameda, California, Alameda County Public Facilities Corporation, 6.000%, 9/01/21 4,500,000 Bonita Canyon Public Facilities Financing Authority (California), 9/99 at 103 N/R 4,381,155 Community Facilities District No. 98-1, Special Tax Bonds, Series 1998, 5.375%, 9/01/28 9,000,000 State Public Works Board of the State of California Lease Revenue Bonds 1/06 at 100 AAA 9,125,910 (Department of Corrections), 1996 Series A (California Substance Abuse Treatment Facility and State Prison at Corcoran (Corcoran II)), 1/01/21 3,995,000 Chino Unified School District, Certificates of Participation (1995 9/05 at 102 AAA 4,386,310 Master Lease Program), 6.000%, 9/01/20 2,800,000 Community Development Commission of the City of Commerce, 8/07 at 102 N/R 2,859,696 Redevelopment Project No. 1, Subordinate Lien Tax Allocation, Refunding Bonds Series 1997B, 6.000%, 8/01/21 2,000,000 Redevelopment Agency of the City of Duarte, Amended Davis Addition 9/07 at 102 N/R 2,134,500 Project Area, 1997 Tax Allocation Refunding Bonds, 6.700%, 9/01/14 930,000 Inglewood Public Finance Authority, 1992 Revenue Bonds, Series B 5/02 at 102 BBB 1,032,570 (In-Town, Manchester-Prairie and North Inglewood Industrial Park Redevelopment Project), Redevelopment Loans, 7.000%, 5/01/22 920,000 Inglewood Public Finance Authority, 1992 Revenue Bonds, Series C 5/02 at 102 A- 997,482 (In-Town, Manchester and North Inglewood Industrial Park Redevelopment Projects, Housing Set-Aside Loans), 7.000%, 5/01/22 2,000,000 Los Angeles Convention and Exhibition Center Authority, Lease Revenue 8/03 at 102 AAA 2,012,000 Bonds, 1993 Refunding Series A, The City of Los Angeles (California), 5.125%, 8/15/21 1,000,000 Los Angeles County Metropolitan Transportation Authority (California), 7/05 at 102 AAA 1,047,960 Proposition C Sales Tax Revenue Bonds, Second Senior Bonds, Series 1995-A, 5.500%, 7/01/17 Principal Optional Call Market Amount Description Provisions* Ratings** Value - ------------------------------------------------------------------------------------------------------------------------------------ Tax Obligation/Limited (continued) $ 1,000,000 Los Angeles County Metropolitan Transportation Authority (California), 7/06 at 101 AAA $ 1,068,750 Sales Tax Revenue Refunding Bonds, Proposition A-2nd Tier, Series 1996, 5.750%, 7/01/18 3,500,000 Los Angeles County Metropolitan Transportation Authority (California), 7/08 at 101 AAA 3,482,675 Proposition C Sales Tax Revenue Refunding Bonds, Second Senior Bonds, Series 1998-A, 5.000%, 7/01/23 4,735,000 City of Milpitas, Limited Obligation Improvement Bonds, Local 3/99 at 103 N/R 4,881,501 Improvement District No. 20, 1998 Series A (Santa Clara County, California), 5.650%, 9/02/13 3,300,000 Orange County Development Agency, Santa Ana Heights Project Area, 9/03 at 102 BBB 3,478,926 1993 Tax Allocation Revenue Bonds (California), 6.125%, 9/01/23 County of Orange, California, Limited Obligation Improvement Bonds, 1998 Series A, Irvine Coast Assessment District No. 88-1: 1,435,000 5.350%, 9/02/11 3/99 at 102 1/2 N/R 1,454,961 1,515,000 5.375%, 9/02/12 3/99 at 102 1/2 N/R 1,541,482 5,000,000 Palm Desert Financing Authority, Tax Allocation Refunding Revenue Bonds 4/02 at 100 AAA 5,337,100 (Project Area No. 1, as Amended), Series 1997, 5.625%, 4/01/23 1,750,000 County of Riverside Asset Leasing Corporation, Leasehold Revenue 6/12 at 101 AAA 1,925,280 Bonds, 1997 Series B (County of Riverside Hospital Project), 5.700%, 6/01/16 1,000,000 Riverside County Public Financing Authority, 1997 Lease Revenue 10/07 at 102 AAA 1,038,430 Bonds (State of California Court of Appeal Fourth Appellate District, Division Two Project), 5.375%, 10/01/22 1,500,000 Sacramento Area Flood Control Agency (California), North Area 10/05 at 102 AAA 1,548,900 Local Project, Capital Assessment District No. 2 Bonds, Series 1995, 5.375%, 10/01/25 Salida Area Public Facilities Financing Agency (Stanislaus County, California), Community Facilities District No. 1988-1, Special Tax Bonds, Series 1997: 2,380,000 5.250%, 9/01/18 9/07 at 102 AAA 2,425,244 5,000,000 5.250%, 9/01/28 9/07 at 102 AAA 5,099,150 500,000 City of San Diego, California, Convention Center Expansion Financing 10/08 at 101 AAA 480,550 Authority, Lease Revenue Bonds, Series 1998A, 4.750%, 4/01/28 4,000,000 San Francisco Bay Area Rapid Transit District (California), Sales Tax 7/08 at 101 AAA 3,978,400 Revenue Bonds, Series 1998, 5.000%, 7/01/28 8,000,000 Redevelopment Agency of the City of San Jose, Merged Area 2/04 at 102 AAA 7,973,680 Redevelopment Project, Tax Allocation Bonds, Series 1993, 5.000%, 8/01/20 1,000,000 Redevelopment Agency of the City of San Jose (California), Merged 8/08 at 101 AAA 960,340 Area Redevelopment Project, Tax Allocation Bonds, Series 1999, 4.750%, 8/01/29 1,700,000 Shafter Joint Powers Financing Authority, Lease Revenue Bonds, 1/07 at 101 A2 1,855,176 1997 Series A (Community Correctional Facility Acquisition Project), 5.950%, 1/01/11 City of Stockton, Mello-Roos Revenue Bonds, Series 1997A, Community Facilities District No. 90-2 (Brookside Estates): 1,000,000 5.850%, 8/01/09 8/05 at 102 N/R 1,057,710 1,000,000 6.200%, 8/01/15 8/05 at 102 N/R 1,050,450 2,570,000 Vista Joint Powers Financing Authority, Special Tax Leases Revenue 9/05 at 102 N/R 2,612,970 Refunding Bonds, 1997 Series A, 5.875%, 9/01/20 1,000,000 Vista Joint Power Financing Authority, Special Tax Lease Revenue 7/99 at 100 N/R 1,000,040 Refunding Bonds, 1997 Series B, 5.500%, 9/01/20 1,725,000 City of Visalia, California, Refunding Certificates of Participation 12/06 at 102 AAA 1,784,461 (Multiple Projects), Visalia Public Finance Authority, Series 1996B, 5.375%, 12/01/19 - ------------------------------------------------------------------------------------------------------------------------------------ Transportation - 5.9% 3,000,000 Port of Oakland, California, Revenue Bonds, 1997 Series G, 11/07 at 102 AAA 3,073,260 5.375%, 11/01/25 (Alternative Minimum Tax) 5,490,000 Airports Commission, City and County of San Francisco, California, 5/06 at 102 AAA 5,754,124 San Francisco International Airport, Second Series Revenue Bonds, Issue 10, 5.625%, 5/01/21 (Alternative Minimum Tax) Principal Optional Call Market Amount Description Provisions* Ratings** Value - ------------------------------------------------------------------------------------------------------------------------------------ Transportation (continued) $ 5,925,000 Airports Commission, City and County of San Francisco, California, 5/05 at 101 AAA $ 6,512,819 San Francisco International Airport, Second Series Revenue Bonds, Issue 11 (Noise Insulation Program), 6.200%, 5/01/19 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ U.S. Guaranteed - 18.3% 1,000,000 California Health Facilities Financing Authority, Health Facility 5/00 at 102 Aaa 1,069,120 Revenue Bonds (Health Dimensions, Incorporated), 1990 Series A, 7.375%, 5/01/07 (Pre-refunded to 5/01/00) 1,500,000 California Health Facilities Financing Authority, Revenue Bonds 7/01 at 102 AA-*** 1,652,595 (St. Joseph Health System), Series 1991 A, 7.000%, 7/01/10 (Pre-refunded to 7/01/01) Trust Certificates, Trustees of the California State University to the California State University Institute: 1,405,000 7.000%, 6/01/07 (Pre-refunded to 12/01/00) 12/00 at 101 7/8 AAA 1,524,678 1,725,000 7.200%, 6/01/10 (Pre-refunded to 12/01/00) 12/00 at 101 7/8 AAA 1,877,559 2,750,000 Campbell Union School District, Santa Clara County, California, 8/04 at 102 AAA 3,148,118 1994 General Obligation Bonds, Series A, 6.250%, 8/01/19 (Pre-refunded to 8/01/04) 2,065,000 County of Contra Costa, California, 1988 Home Mortgage, Mortgage No Opt. Call AAA 2,878,383 Revenue Bonds (GNMA Mortgage-Backed Securities Program), 8.250%, 6/01/21 (Alternative Minimum Tax) 1,470,000 El Paso de Robles Redevelopment Agency (Paso Robles Redevelopment 7/00 at 102 NR*** 1,576,693 Project), 1991 Tax Allocation Bonds (Bank Qualified), 7.250%, 7/01/21 (Pre-refunded to 7/01/00) 2,500,000 The Community Redevelopment Agency of the City of Los Angeles, 7/00 at 100 BBB*** 2,585,325 California, Central Business District Redevelopment Project Tax Allocation Refunding Bonds, Series G, 6.750%, 7/01/10 8,515,000 Los Angeles Convention and Exhibition Center Authority, California, 12/05 at 100 AAA 11,166,060 Certificates of Participation, Series 1985, 9.000%, 12/01/20 (Pre-refunded to 12/01/05) 4,000,000 Modesto Irrigation District Financing Authority, Domestic Water Project 9/05 at 102 AAA 4,527,560 Revenue Bonds, Series 1995C, 5.750%, 9/01/22 (Pre-refunded to 9/01/05) 8,565,000 City of Palmdale, California, Single Family Mortgage Revenue Bonds (GNMA No Opt. Call AAA 3,439,190 Mortgage-Backed Securities Program), Series 1988A, 0.000%, 3/01/17 20,415,000 County of San Bernardino, California, Single Family Mortgage Revenue No Opt. Call Aaa 6,421,334 Bonds (GNMA Mortgage-Backed Securities), 1988 Series A, 0.000%, 9/01/21 (Alternative Minimum Tax) 5,050,000 The Regents of the University of California, Refunding Revenue Bonds 9/02 at 102 AA-*** 5,704,632 (Multiple Purpose Projects), Series A, 6.875%, 9/01/16 (Pre-refunded to 9/01/02) - ------------------------------------------------------------------------------------------------------------------------------------ Utilities - 2.7% 1,100,000 Department of Water and Power of the City of Los Angeles (California), 5/00 at 102 Aa3 1,170,829 Electric Plant Revenue Bonds, Issue of 1990, 7.125%, 5/15/30 1,250,000 Northern California Power Agency, Hydroelectric Project Number 7/08 at 101 AAA 1,267,575 One Revenue Bonds, 1998 Refunding Series A, 5.200%, 7/01/32 1,600,000 Southern California Public Power Authority, Mead-Phoenix Project 7/04 at 102 AAA 1,576,672 Revenue Bonds, 1994 Series A, 4.750%, 7/01/16 3,000,000 Southern California Public Power Authority, Transmission Project 7/03 at 100 AAA 2,973,270 Revenue Bonds, 1993 Subordinate Refunding Series (Southern Transmission Project), 5.000%, 7/01/22 - ------------------------------------------------------------------------------------------------------------------------------------ Water and Sewer - 8.3% 2,015,000 Azusa Public Financing Authority (California), Revenue Bonds, 7/03 at 102 AAA 1,996,664 Series 1993A (City of Azusa Water System Acquisition Project), 5.000%, 7/01/23 5,000,000 Castaic Lake Water Agency (California), Refunding Revenue 8/04 at 102 AAA 5,591,250 Certificates of Participation (Water System Improvement Projects), Series 1994A, 6.300%, 8/01/20 2,000,000 Contra Costa Water Authority (Contra Costa County, California), 10/02 at 102 AAA 2,127,660 Water Treatment Revenue Refunding Bonds 1993 Series A, 5.750%, 10/01/20 7,750,000 Sacramento County Sanitation Districts Financing Authority, 12/03 at 102 AA 7,354,750 1993 Revenue Bonds, 4.750%, 12/01/23 Principal Optional Call Market Amount Description Provisions* Ratings** Value - ------------------------------------------------------------------------------------------------------------------------------------ Water and Sewer (continued) $ 2,500,000 Public Facilities Financing Authority of the City of San Diego 5/07 at 101 AAA $ 2,548,324 (California), Sewer Revenue Bonds, Series 1997A, 5.250%, 5/15/22 1,925,000 San Jacinto Financing Authority, Revenue Bonds, Series 1997 4/07 at 102 AAA 2,034,108 (Water Improvement Project), 5.500%, 10/01/18 - ------------------------------------------------------------------------------------------------------------------------------------ $ 263,085,000 Total Investments - (cost $235,529,811) - 99.0% 257,699,139 ============= Other Assets Less Liabilities - 1.0% 2,621,433 -------------------------------------------------------------------------------------------------------------------- Net Assets - 100% $260,320,572 ==================================================================================================================== * 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. *** Securities are backed by an escrow or trust containing sufficient U.S. government or U.S. government agency securities which ensures the timely payment of principal and interest. Securities are normally considered to be equivalent to AAA rated securities. N/R Investment is not rated. See accompanying notes to financial statements.
Portfolio of Investments Nuveen California Performance Plus Municipal Fund, Inc. (NCP) February 28, 1999 (Unaudited)
Principal Optional Call Market Amount Description Provisions* Ratings** Value - ------------------------------------------------------------------------------------------------------------------------------------ Education and Civic Organizations - 0.9% $ 1,500,000 California Educational Facilities Authority, Revenue Bonds (University 10/06 at 102 AAA $ 1,645,890 of San Francisco), Series 1996, 6.000%, 10/01/26 1,000,000 State Public Works Board of the State of California, Lease Revenue 10/07 at 102 A 1,031,300 Bonds (Various California State University Project), 1997 Series C, 5.400%, 10/01/22 - ------------------------------------------------------------------------------------------------------------------------------------ Health Care - 3.4% 2,780,000 California Health Facilities Financing Authority, Insured Health 5/03 at 102 A+ 2,954,195 Facility Revenue Refunding Bonds (Valley Memorial Hospital), 1993A, 6.000%, 5/01/17 Central Joint Powers Health Financing Authority, Certificates of Participation Series 1993 (Community Hospital of Central California): 2,500,000 5.250%, 2/01/13 2/03 at 102 Baa1 2,519,775 4,720,000 5.000%, 2/01/23 2/03 at 100 Baa1 4,455,774 - ------------------------------------------------------------------------------------------------------------------------------------ Housing/Multifamily - 2.8% 1,500,000 California Statewide Communities Development Authority, Apartment 7/08 at 101 BBB 1,516,515 Development Revenue Refunding Bonds (Irvine Apartment Communities, L.P.), Series 1998A, 5.250%, 5/15/25 3,915,000 The City of Los Angeles Multifamily Housing Revenue Bonds (GNMA 3/07 at 102 AAA 4,155,029 Collateralized - Ridgecroft Apartments Project), Series 1997E, 6.250%, 9/20/39 (Alternative Minimum Tax) 2,300,000 Community Development Commission of the County of Los Angeles, 5/03 at 100 Aaa 2,395,956 Mortgage Revenue Refunding Bonds, Series 1993, FHA Insured Mortgage Loans - Los Tomas Apartments, Section 8 Assisted Project, 6.500%, 7/15/23 - ------------------------------------------------------------------------------------------------------------------------------------ Housing/Single Family - 2.8% 3,350,000 California Housing Finance Agency, Home Mortgage Revenue Bonds, 2/00 at 102 Aa 3,467,753 1990 Series A, 7.700%, 8/01/30 (Alternative Minimum Tax) 2,230,000 California Housing Finance Agency, Home Mortgage Revenue Bonds, 2/05 at 102 Aa 2,410,474 1995 Series B, 7.125%, 2/01/26 (Alternative Minimum Tax) 2,085,000 Southern California Home Financing Authority, Single Family 10/00 at 102 AAA 2,176,928 Mortgage Revenue Bonds (GNMA Mortgage-Backed Securities Program), 1990 Issue A, 7.625%, 10/01/23 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ Long-Term Care - 1.4% 4,120,000 California Health Facilities Financing Authority, Insured Health 8/08 at 100 A+ 4,148,799 Facility Revenue Bonds (Casa de las Campanas), 1998 Series A, 5.250%, 8/01/20 - ------------------------------------------------------------------------------------------------------------------------------------ Tax Obligation/General - 4.2% 290,000 State of California, Various Purpose General Obligation Bond, 3/05 at 101 Aa3 316,007 5.750%, 3/01/14 2,800,000 State of California, General Obligation Bonds, 5.125%, 10/01/27 10/07 at 101 Aa3 2,808,288 1,165,000 State of California, Veterans General Obligation Bonds, Series BL, 12/08 at 101 Aa3 1,198,610 5.300%, 12/01/12 (Alternative Minimum Tax) 5,500,000 Hawthorne School District (Los Angeles County, California), General 11/08 at 102 AAA 5,848,370 Obligation Bonds, 1997 Election, 1997 Series A, 5.500%, 5/01/22 1,000,000 Pasadena Unified School District, County of Los Angeles, California, 5/08 at 101 AAA 995,070 1998 General Obligation Bonds (Election of 1997, Series A), 5.000%, 5/01/23 1,000,000 Pomona Unified School District, General Obligation Refunding Bonds, 8/11 at 103 AAA 1,151,620 Series 1997-A, 6.150%, 8/01/15 - ------------------------------------------------------------------------------------------------------------------------------------ Tax Obligation/Limited - 24.1% 1,000,000 Certificates of Participation (Town Center Project), Town of Apple 9/05 at 102 A 1,094,520 Valley (San Bernardino County, California), 6.375%, 9/01/15 Principal Optional Call Market Amount Description Provisions* Ratings** Value - ------------------------------------------------------------------------------------------------------------------------------------ Tax Obligation/Limited (continued) $ 1,850,000 City of Coalinga, California, Certificates of Participation 4/00 at 102 BBB+ $ 1,948,642 (1989 Coalinga Return to Custody Facility), 7.000%, 4/01/10 2,000,000 Cudahy Redevelopment Agency, Cudahy Redevelopment Project, Tax 9/03 at 102 BBB 2,171,680 Allocation Refunding Bonds, Series 1994A, 6.700%, 9/01/24 3,000,000 Folsom Public Financing Authority (Sacramento County, California), 10/00 at 102 BBB+ 3,171,210 1990 Local Agency Revenue Bonds, Series A, 7.250%, 10/01/10 3,000,000 Fontana Public Financing Authority (San Bernardino County, California), 9/00 at 102 BBB 3,161,670 Tax Allocation Revenue Bonds (North Fontana Redevelopment Project), 1990 Series A, 7.250%, 9/01/20 2,500,000 Fruitvale School District, Certificates of Participation (1990 6/00 at 102 Baa 2,680,300 Improvement Project), 7.875%, 6/01/04 3,500,000 City of Irvine, Mobile Home Park Revenue Bonds (Meadows Mobile 3/08 at 102 N/R 3,528,455 Home Park Project), Series 1998A, 5.700%, 3/01/28 5,000,000 Los Angeles County Metropolitan Transportation Authority (California), 7/03 at 100 AAA 4,956,500 Proposition A, Sales Tax Revenue Refunding Bonds, Series 1993-A, 5.000%, 7/01/21 Certificates of Participation (Western Nevada County Solid Waste Management System - 1991 Project), County of Nevada, California: 2,445,000 7.250%, 6/01/08 6/01 at 102 BB 2,567,495 2,500,000 7.500%, 6/01/21 6/01 at 102 BB 2,632,025 8,800,000 County of Orange, California, 1996 Recovery Certificates of 7/06 at 102 AAA 9,636,968 Participation, Series A, 6.000%, 7/01/26 2,790,000 Pleasanton Joint Powers Financing Authority, Reassessment Revenue 9/03 at 102 Baa1 3,027,038 Bonds, 1993 Series A, 6.000%, 9/02/05 1,000,000 Redevelopment Agency of the City of Pomona, Holt Avenue/Indian 6/02 at 102 N/R 1,003,720 Hill Redevelopment Project 1997 Tax Allocation Refunding Bonds, Series S, 5.750%, 6/01/16 2,215,000 Rancho Cucamonga Redevelopment Agency (San Bernardino 9/99 at 102 AAA 2,303,091 County, California), Rancho Redevelopment Project, 1990 Tax Allocation Bonds, 7.125%, 9/01/19 11,905,000 Redevelopment Agency of the City of San Jose (California), 8/08 at 102 A 11,991,073 Merged Area Redevelopment Project, Tax Allocation Bonds, Series 1998, 5.250%, 8/01/29 6,470,000 City of San Leandro, California, San Leandro Public Financing Authority, 6/03 at 102 A 6,805,340 Certificates of Participation (1993 Seismic Retrofit Financing Project), 5.950%, 6/01/23 1,000,000 San Marcos Unified School District (California), Community Facilities 9/99 at 103 N/R 998,210 District No. 5 (Rancho Carillo), Series 1999 Special Tax Bonds, 5.500%, 9/01/18 (WI) 2,250,000 San Marcos Unified School District (California), Community Facilities 9/99 at 103 N/R 2,245,073 District No. 5 (Rancho Carillo), Series 1999 Special Tax Bonds, 5.600%, 9/01/29 (WI) 1,000,000 City of Stockton, Mello-Roos Revenue Bonds, Series 1998A, Community 9/06 at 102 N/R 1,024,590 Facilities District No. 1 (Weston Ranch), 5.800%, 9/01/14 1,370,000 Redevelopment Agency of the City of Suisun City, Suisun City 10/03 at 102 AAA 1,476,161 Redevelopment Project, 1993 Tax Allocation Refunding Bonds (County of Solano, California), 5.900%, 10/01/23 1,750,000 Taft Public Financing Authority Lease Revenue Bonds 1/07 at 101 A2 1,908,550 1997 Series A (Community Correctional Facility Acquisition Project), 5.950%, 1/01/11 - ------------------------------------------------------------------------------------------------------------------------------------ Transportation - 6.4% 3,000,000 Foothill/Eastern Transportation Corridor Agency (California), Toll Road 1/05 at 102 BBB- 3,207,060 Revenue Bonds, Series 1995A, 6.000%, 1/01/34 1,320,000 County of Orange, California, Airport Revenue Refunding Bonds, 7/07 at 102 AAA 1,436,173 Series 1997, 5.625%, 7/01/12 (Alternative Minimum Tax) 8,000,000 Port of Oakland, California, Revenue Bonds, 1990 Series D, No Opt. Call AAA 8,615,760 8.000%, 11/01/00 5,000,000 Airports Commission, City and County of San Francisco, California, 5/05 at 101 AAA 5,520,800 San Francisco International Airport, Second Series Revenue Bonds, Issue 11 (Noise Insulation Program), 6.250%, 5/01/26 (Alternative Minimum Tax) Principal Optional Call Market Amount Description Provisions* Ratings** Value - ------------------------------------------------------------------------------------------------------------------------------------ U.S. Guaranteed - 32.6% $ 6,080,000 City of Anaheim, California, Certificates of Participation, Anaheim 5/00 at 102 AAA $ 6,493,926 Memorial Hospital Association, 7.125%, 5/15/13 (Pre-refunded to 5/15/00) 2,000,000 California Educational Facilities Authority, Revenue Bonds 10/00 at 102 Aaa 2,175,740 (St. Mary's College of California Project), Series 1990, 7.500%, 10/01/20 (Pre-refunded to 10/01/00) 2,000,000 California Health Facilities Financing Authority, Kaiser Permanente, 10/99 at 102 A*** 2,087,440 Revenue Bonds, 1989 Series A, 7.000%, 10/01/08 (Pre-refunded to 10/01/99) 5,500,000 California Health Facilities Financing Authority, Health Facility 1/00 at 102 N/R*** 5,912,830 Revenue Bonds (Pomona Valley Hospital Medical Center), 1989 Series A, 9.750%, 1/01/19 (Pre-refunded to 1/01/00) 6,500,000 California Health Facilities Financing Authority, Insured Hospital 7/00 at 102 AAA 6,959,485 Revenue Bonds (Children's Hospital- San Diego), Series 1990, 7.000%, 7/01/13 (Pre-refunded to 7/01/00) California Health Facilities Financing Authority, Health Facility Revenue Bonds (Health Dimensions, Incorporated), 1990 Series A: 4,175,000 7.250%, 5/01/03 (Pre-refunded to 5/01/00) 5/00 at 102 Aaa 4,457,564 5,000,000 7.500%, 5/01/15 (Pre-refunded to 5/01/00) 5/00 at 102 Aaa 5,352,800 4,800,000 California Health Facilities Financing Authority, Health Facility 10/00 at 102 N/R*** 5,209,152 Revenue Bonds (Sisters of Providence), Series 1990, 7.500%, 10/01/10 (Pre-refunded to 10/01/00) 5,710,000 State of California, Various Purpose General Obligation Bond, 3/05 at 101 Aa3*** 6,357,229 5.750%, 3/01/14 (Pre-refunded to 3/01/05) 3,000,000 California Statewide Communities Development Authority No Opt. Call A+*** 3,341,310 (Triad Healthcare), Revenue Refunding Series 1992, Certificates of Participation, 6.250%, 8/01/06 Trust Certificates, Trustees of the California State University to the California State University Institute: 1,500,000 7.100%, 6/01/08 (Pre-refunded to 12/01/00) 12/00 at 101 7/8 AAA 1,630,215 1,610,000 7.150%, 6/01/09 (Pre-refunded to 12/01/00) 12/00 at 101 7/8 AAA 1,751,084 4,000,000 Contra Costa Water District (Contra Costa County, California), 10/00 at 102 N/R*** 4,297,880 Water Revenue Bonds, Series C, 6.750%, 10/01/20 (Pre-refunded to 10/01/00) 4,000,000 County of Contra Costa, California, 1988 Home Mortgage, No Opt. Call AAA 5,575,560 Mortgage Revenue Bonds (GNMA Mortgage-Backed Securities Program), 8.250%, 6/01/21 (Alternative Minimum Tax) 3,000,000 Hospital Revenue Certificates of Participation (Desert Hospital 7/00 at 102 AAA 3,256,050 Corporation Project), Series 1990, 8.100%, 7/01/20 (Pre-refunded to 7/01/00) 10,000,000 East Bay Municipal Utility District (Alameda and Contra Costa 6/00 at 102 AAA 10,742,200 Counties, California), Water System Subordinated Revenue Bonds, Series 1990, 7.500%, 6/01/18 (Pre-refunded to 6/01/00) Fresno Unified School District, Fresno County, California, Certificates of Participation for Measure A Capital Projects, Series of 1992B for Project Phase IX: 1,700,000 6.600%, 5/01/08 (Pre-refunded to 5/01/00) 5/00 at 102 A2*** 1,801,949 1,765,000 6.700%, 5/01/09 (Pre-refunded to 5/01/00) 5/00 at 102 A2*** 1,872,877 2,000,000 LaQuinta Redevelopment Agency, LaQuinta Redevelopment Project, 9/00 at 102 AAA 2,195,260 Tax Allocation Refunding Bonds, Series 1990, 8.400%, 9/01/12 (Pre-refunded to 9/01/00) 2,285,000 Rancho Cucamonga Redevelopment Agency (San Bernardino 9/99 at 102 AAA 2,380,422 County, California), Rancho Redevelopment Project, 1990 Tax Allocation Bonds, 7.125%, 9/01/19 (Pre-refunded to 9/01/99) 4,630,000 County of Sacramento (California), Airport System 7/06 at 102 AAA 5,333,112 PFC and Subordinated Revenue Bonds, Series 1996D, 6.000%, 7/01/16 (Pre-refunded to 7/01/06) 2,650,000 San Diego County Water Authority, Water Revenue Certificates 5/01 at 102 AA-*** 2,872,521 of Participation, Series 1991A, 6.375%, 5/01/06 (Pre-refunded to 5/01/01) 2,500,000 Sierra View Local Hospital District, Insured Health Facility 3/02 at 102 A+*** 2,750,550 Revenue Bonds, Series 1992, 6.400%, 3/01/22 (Pre-refunded to 3/01/02) - ------------------------------------------------------------------------------------------------------------------------------------ Utilities - 11.5% 10,250,000 California Pollution Control Financing Authority, Solid Waste Disposal 7/07 at 102 N/R 10,557,705 Revenue Bonds (CanFibre of Riverside Project), Tax-Exempt Series 1997A, 9.000%, 7/01/19 (Alternative Minimum Tax) 12,600,000 City of Chula Vista, Industrial Development Revenue Bonds (San Diego 12/02 at 102 AAA 13,846,770 Gas and Electric Company), 1992 Series A, 6.400%, 12/01/27 (Alternative Minimum Tax) Principal Optional Call Market Amount Description Provisions* Ratings** Value - ------------------------------------------------------------------------------------------------------------------------------------ Utilities (continued) $ 4,545,000 Department of Water and Power of The City of Los Angeles (California), 10/03 at 102 Aa3 $ 4,453,055 Electric Plant Revenue Bonds, Second Issue of 1993, 5.000%, 10/15/33 4,410,000 Stanislaus County Waste-to-Energy Financing Agency, Solid Waste 1/00 at 102 BBB+ 4,593,147 Facility Refunding Revenue Certificates (Ogden Martin System of Stanislaus, Inc. Project), Series 1990, 7.625%, 1/01/10 - ------------------------------------------------------------------------------------------------------------------------------------ Water and Sewer - 9.4% 2,750,000 East Bay Municipal Utility District (Alameda and Contra Costa 6/06 at 100 AAA 2,656,308 Counties, California), Wastewater System Subordinated Revenue/ Refunding Bonds, Series 1996, 4.750%, 6/01/21 Department of Water and Power of The City of Los Angeles, Water Works Refunding Revenue Bonds, Second Issue of 1993: 3,000,000 4.500%, 5/15/13 5/03 at 102 AA 2,936,580 4,270,000 4.500%, 5/15/18 5/03 at 102 AA 3,995,439 5,000,000 The City of Los Angeles Wastewater System Revenue Bonds, 6/99 at 102 A+ 5,154,850 Refunding Series 1991-C, 7.100%, 6/01/18 1,500,000 City of Norco Refunding Certificates of Participation, Series 1998 10/08 at 102 AAA 1,514,295 (Sewer System and Water System Improvement Project), 5.125%, 10/01/28 5,000,000 Revenue Certificates of Participation, Series 1993A, Orange 8/03 at 100 AA 4,947,750 County Water District, 5.000%, 8/15/18 1,500,000 San Diego County Water Authority (California), Water Revenue 5/08 at 101 AA- 1,446,494 Refunding Certificates of Participation, Series 1997A, 4.750%, 5/01/20 4,585,000 City of Santa Maria, California, Water and Wastewater Revenue 8/12 at 101 AAA 3,652,364 Subordinate Certificates of Participation, Series 1997A, 0.000%, 8/01/27 1,000,000 City of Stockton (California), Revenue Certificates of Participation, 9/08 at 102 AAA 1,016,899 1998 Series A (Wastewater System Project), 5.200%, 9/01/29 - ------------------------------------------------------------------------------------------------------------------------------------ $ 275,235,000 Total Investment - (cost $266,669,194) - 99.5% 289,887,269 ============= Other Assets Less Liabilities - 0.5% 1,602,586 -------------------------------------------------------------------------------------------------------------------- Net Assets - 100% $291,489,855 ==================================================================================================================== * 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. *** Securities are backed by an escrow or trust containing sufficient U.S. government or U.S. government agency securities which ensures the timely payment of principal and interest. Securities are normally considered to be equivalent to AAA rated securities. N/R Investment is not rated. (WI) Security purchased on a when-issued basis (note 1). See accompanying notes to financial statements.
Portfolio of Investments Nuveen California Municipal Market Opportunity Fund, Inc. (NCO) February 28, 1999 (Unaudited)
Principal Optional Call Market Amount Description Provisions* Ratings** Value - ------------------------------------------------------------------------------------------------------------------------------------ Education and Civic Organizations - 1.2% $ 1,000,000 California Educational Facilities Authority, Revenue Bonds 10/06 at 102 AAA $ 1,097,260 (University of San Francisco), Series 1996, 6.000%, 10/01/26 1,000,000 State Public Works Board of the State of California, Lease Revenue 10/07 at 102 A 1,031,300 Bonds (Various California State University Projects), 1997 Series C, 5.400%, 10/01/22 - ------------------------------------------------------------------------------------------------------------------------------------ Health Care - 13.3% 6,250,000 California Health Facilities Financing Authority, Kaiser Permanent 10/99 at 102 A 6,525,563 Revenue Bonds, 1989 Series A, 7.000%, 10/01/18 2,000,000 California Health Facilities Financing Authority, Insured Health 5/03 at 102 A+ 2,125,320 Facility Revenue Refunding Bonds (Valley Memorial Hospital), 1993A, 6.000%, 5/01/17 6,800,000 Central Joint Powers Health Financing Authority, Certificates of 2/03 at 100 Baa1 6,419,336 Participation, Series 1993 (Community Hospital of Central California), 5.000%, 2/01/23 City of Loma Linda California, Hospital Revenue Bonds (Loma Linda University Medical Center Project), Series 1993-A: 5,970,000 5.750%, 12/01/03 No Opt. Call BBB 6,265,217 3,000,000 6.500%, 12/01/18 12/03 at 102 BBB 3,200,190 - ------------------------------------------------------------------------------------------------------------------------------------ Housing/Multifamily - 3.1% 5,675,000 California Statewide Communities Development Authority, 7/08 at 101 BBB 5,737,482 Apartment Development Revenue Refunding Bonds (Irvine Apartment Communities, L.P.), Series 1998A, 5.250%, 5/15/25 - ------------------------------------------------------------------------------------------------------------------------------------ Housing/Single Family - 2.6% 815,000 California Housing Finance Agency, Home Mortgage Revenue Bonds, 8/99 at 101 Aa 832,482 1988 Series C, 8.300%, 8/01/19 (Alternative Minimum Tax) 4,000,000 California Housing Finance Agency, Home Mortgage Revenue Bonds, 2/09 at 101 1/2 AAA 4,060,120 1998 Series E Remarketed, 5.250%, 2/01/33 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ Tax Obligation/General - 3.1% 3,000,000 State of California, Veterans General Obligation Bonds, Series BL, 12/08 at 101 Aa3 3,086,550 5.300%, 12/01/12 (Alternative Minimum Tax) 1,225,000 Fresno Unified School District (Fresno County, California), 1998 2/13 at 103 AAA 1,453,622 General Obligation Refunding Bonds, Series A, 6.550%, 8/01/20 1,000,000 Pomona Unified School District, General Obligation Refunding Bonds, 8/11 at 103 AAA 1,151,620 Series 1997-A, 6.150%, 8/01/15 - ------------------------------------------------------------------------------------------------------------------------------------ Tax Obligation/Limited - 21.9% 5,000,000 Fontana Public Financing Authority (San Bernardino County, California), 9/00 at 102 BBB 5,269,450 Tax Allocation Revenue Bonds (North Fontana Redevelopment Project), 1990 Series A, 7.250%, 9/01/20 1,750,000 Inglewood Redevelopment Agency (City of Inglewood, Los Angeles No Opt. Call BBB 1,796,288 County, California), Century Redevelopment Project, 1993 Tax Allocation Bonds, Series A, 5.900%, 7/01/03 2,100,000 Inland Empire Solid Waste Financing Authority, Revenue Bonds, No Opt. Call AAA 2,399,670 1996 Series B (Landfill Improvement Financing Project), 6.250%, 8/01/11 (Alternative Minimum Tax) 3,250,000 Lake Elsinore School Financing Authority (California), 1998 Special 9/08 at 101 N/R 3,239,210 Tax Revenue Bonds (Horsethief Canyon), 5.625%, 9/01/16 2,000,000 Certificates of Participation, County of Mendocino to the Mendocino 8/03 at 102 A 2,126,580 County Public Facilities Corporation, 6.000%, 8/15/23 1,000,000 Menifee Union School District (Riverside County, California), 9/06 at 102 AAA 1,111,850 Certificates of Participation (1996 School Project), 6.125%, 9/01/24 Principal Optional Call Market Amount Description Provisions* Ratings** Value - ------------------------------------------------------------------------------------------------------------------------------------ Tax Obligation/Limited (continued) Certificates of Participation (Western Nevada County Solid Waste Management System - 1991 Project), County of Nevada, California: $ 2,500,000 7.250%, 6/01/08 6/01 at 102 BB $ 2,625,250 2,000,000 7.500%, 6/01/21 6/01 at 102 BB 2,105,620 1,000,000 City of Ontario, Community Facilities District No. 5 (Freeway 9/06 at 102 N/R 1,048,960 Interchange Project), Special Tax Bonds, Series 1997, 6.375%, 9/01/17 10,900,000 Ontario Redevelopment Financing Authority (San Bernardino County, No Opt. Call AAA 14,863,131 California), 1995 Revenue Refunding Bonds (Ontario Redevelopment Project No.1), 7.400%, 8/01/25 2,255,000 San Bernardino County, California, Certificates of Participation, 8/05 at 102 AAA 2,352,980 Series 1995 (Medical Center Financing Project), 5.500%, 8/01/22 400,000 City of San Diego, California, Convention Center Expansion Financing 10/08 at 101 AAA 384,440 Authority, Lease Revenue Bonds, Series 1998A, 4.750%, 4/01/28 1,065,000 Redevelopment Agency of the City of Suisun City, Suisun City 10/03 at 102 AAA 1,147,527 Redevelopment Project, 1993 Tax Allocation Refunding Bonds (County of Solano, California), 5.900%, 10/01/23 - ------------------------------------------------------------------------------------------------------------------------------------ Transportation - 5.9% 1,000,000 Foothill/Eastern Transportation Corridor Agency (California), Toll Road 1/05 at 102 BBB- 1,069,020 Revenue Bonds, Series 1995A, 6.000%, 1/01/34 4,000,000 Harbor Department of the City of Los Angeles, Revenue Bonds, 8/02 at 102 AA 4,399,760 Issue of 1995 Series B, 6.625%, 8/01/19 (Alternative Minimum Tax) 5,000,000 County of Sacramento, Airport System Revenue Bonds, 7/06 at 102 AAA 5,399,300 Series 1996, 5.900%, 7/01/24 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ U.S. Guaranteed - 33.0% 1,900,000 California Health Facilities Financing Authority, Insured Hospital 10/00 at 102 AAA 2,066,022 Revenue Bonds (Children's Hospital of San Francisco), 1990 Series A, 7.500%, 10/01/20 (Pre-refunded to 10/01/00) 5,000,000 California Health Facilities Financing Authority, Health Facility 5/00 at 102 Aaa 5,352,800 Revenue Bond (Health Dimensions, Incorporated), 1990 Series A, 7.500%, 5/01/15 (Pre-refunded to 5/01/00) 4,650,000 California State Department of Water Resources, Central Valley 6/99 at 101 1/2 Aaa 4,771,970 Project, Water System Revenue Bonds, Series G, 7.125%, 12/01/24 (Pre-refunded to 6/01/99) 3,000,000 California Statewide Communities Development Authority No Opt. Call A+*** 3,341,310 (Triad Healthcare), Revenue Refunding, Series 1992, Certificates of Participation, 6.250%, 8/01/06 5,000,000 Certificates of Participation (Water System Improvement Projects), 8/00 at 102 AAA 5,379,300 Series 1990, Castaic Lake Water Agency, California, 7.125%, 8/01/16 (Pre-refunded to 8/01/00) 3,300,000 Contra Costa Water Authority (Contra Costa County, California), 10/00 at 102 N/R*** 3,552,120 Water Treatment Revenue Bonds, 1990 Series A, 6.875%, 10/01/20 (Pre-refunded to 10/01/00) 5,000,000 Hospital Revenue Certificates of Participation (Desert 7/00 at 102 AAA 5,426,750 Hospital Corporation Project), Series 1990, 8.100%, 7/01/20 (Pre-refunded to 7/01/00) 5,000,000 The City of Los Angeles (California), Los Angeles Convention and 8/00 at 102 AAA 5,378,250 Exhibition Center, Certificates of Participation, 1990 Series, 7.000%, 8/15/21 (Pre-refunded to 8/15/00) 4,000,000 Certificates of Participation (1990 Project A), Orange County 8/00 at 102 AAA 4,302,600 Water District, 7.000%, 8/15/15 (Pre-refunded to 8/15/00) Pomona Public Financing Authority, California, 1990 Lease Purchase Revenue Bonds, Series J: 4,035,000 7.700%, 10/01/07 (Pre-refunded to 10/01/00) 10/00 at 102 A-*** 4,398,069 2,000,000 7.875%, 10/01/15 (Pre-refunded to 10/01/00) 10/00 at 102 A-*** 2,185,360 4,000,000 City of Pomona, California, Single Family Mortgage Revenue Refunding No Opt. Call AAA 5,242,600 Bonds (GNMA and FHLMC Mortgage-Backed Securities), Series 1990B, 7.500%, 8/01/23 2,445,000 San Bernardino County, California, Certificates of Participation, 8/05 at 102 AAA 2,722,190 Series 1995 (Medical Center Financing Project), 5.500%, 8/01/22 (Pre-refunded to 8/01/05) Principal Optional Call Market Amount Description Provisions* Ratings** Value - ------------------------------------------------------------------------------------------------------------------------------------ U.S. Guaranteed (continued) $ 2,000,000 Sierra View Local Hospital District, Insured Health Facility Revenue 3/02 at 102 A+*** $ 2,200,440 Bonds, Series 1992, 6.400%, 3/01/22 (Pre-refunded to 3/01/02) 4,620,000 Vista Joint Powers Financing Authority, 1993 Series B, Lease Revenue 9/00 at 101 A-*** 4,867,632 Bonds (Hacienda Drive and Buena Vista Creek), 6.100%, 9/01/20 (Pre-refunded to 9/01/00) - ------------------------------------------------------------------------------------------------------------------------------------ Utilities - 8.5% 6,750,000 California Pollution Control Financing Authority, Solid Waste Disposal 7/07 at 102 N/R 6,952,635 Revenue Bonds (CanFibre of Riverside Project), Tax-Exempt Series 1997A, 9.000%, 7/01/19 (Alternative Minimum Tax) 8,000,000 City of Chula Vista, Industrial Development Revenue Bonds 12/02 at 102 AAA 8,791,599 (San Diego Gas and Electric Company), 1992 Series A, 6.400%, 12/01/27 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ Water and Sewer - 6.4% 4,000,000 The City of Los Angeles, California, Wastewater System 11/03 at 102 AAA 3,833,719 Revenue Bonds, Series 1993-D, 4.700%, 11/01/19 10,000,000 City of Santa Maria, California, Water and Wastewater Revenue, 8/12 at 101 AAA 7,965,899 Subordinate Certificates of Participation, Series 1997A, 0.000%, 8/01/27 - ------------------------------------------------------------------------------------------------------------------------------------ $ 171,655,000 Total Investments - (cost $165,458,291) - 99.0% 183,056,363 ============= Other Assets Less Liabilities - 1.0% 1,942,072 -------------------------------------------------------------------------------------------------------------------- Net Assets - 100% $184,998,435 ==================================================================================================================== * 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. *** Securities are backed by an escrow or trust containing sufficient U.S. government or U.S. government agency securities which ensures the timely payment of principal and interest. Securities are normally considered to be equivalent to AAA rated securities. N/R Investment is not rated. See accompanying notes to financial statements.
Portfolio of Investments Nuveen California Investment Quality Municipal Fund, Inc. (NQC) (continued) February 28, 1999 (Unaudited)
Principal Optional Call Market Amount Description Provisions* Ratings** Value - ------------------------------------------------------------------------------------------------------------------------------------ Capital Goods - 1.9% $ 5,500,000 California Pollution Control Financing Authority, Fixed Rate Resource 2/01 at 103 BBB+ $ 5,867,950 Recovery Revenue Bonds (Waste Management, Inc.), 1991 Composite Series A, 7.150%, 2/01/11 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ Education and Civic Organizations - 4.4% 1,235,000 California Educational Facilities Authority, Revenue Bonds 1/01 at 102 Baa2 1,333,528 (Chapman College), Series 1991, 7.300%, 1/01/02 1,500,000 California Educational Facilities Authority, Revenue Bonds (University 10/06 at 102 AAA 1,645,890 of San Francisco), Series 1996, 6.000%, 10/01/26 4,000,000 State Public Works Board of the State of California, Lease Revenue 3/06 at 102 AAA 4,246,640 Refunding Bonds (California Community Colleges), 1996 Series B (Various Community Colleges Projects), 5.625%, 3/01/19 6,000,000 State Public Works Board of the State of California, Lease Revenue 10/07 at 102 A 6,187,800 Bonds (Various California State University Projects), 1997 Series C, 5.400%, 10/01/22 - ------------------------------------------------------------------------------------------------------------------------------------ Health Care - 12.9% 10,000,000 California Health Facilities Financing Authority, Kaiser Permanente 12/00 at 102 A 10,852,700 Revenue Bonds, 1990 Series A, 7.000%, 12/01/10 1,475,000 California Health Facilities Financing Authority, Kaiser Permanente 3/01 at 102 A 1,548,352 Refunding Revenue Bonds, 1991 Series A, 6.250%, 3/01/21 Central Joint Powers Health Financing Authority, Certificates of Participation, Series 1993 (Community Hospital of Central California): 3,250,000 5.250%, 2/01/13 2/03 at 102 Baa1 3,275,708 7,260,000 5.500%, 2/01/15 2/03 at 102 Baa1 7,281,490 5,000,000 City of Loma Linda, California, Hospital Revenue Bonds (Loma Linda 12/03 at 102 BBB 5,333,650 University Medical Center Project), Series 1993-A, 6.500%, 12/01/18 1,805,000 Sierra View Local Health Care District (Tulare County, California), 7/08 at 101 A 1,823,682 Refunding Revenue Bonds, Series 1998, 5.100%, 7/01/12 1,000,000 City of Stockton, California, Health Facility Revenue Bonds, Dameron 12/07 at 102 BBB+ 1,018,430 Hospital Association, 1997 Series A, 5.700%, 12/01/14 4,455,000 Tulare Local Health Care District (California), Insured Health Facility 12/07 at 102 A+ 4,439,898 Revenue Bonds, Series 1998, 5.200%, 12/01/21 3,365,000 West Side Hospital District (Kern County, California), Insured 2/01 at 102 A+ 3,608,996 Revenue Bonds, Series 1991A, 7.500%, 2/01/23 - ------------------------------------------------------------------------------------------------------------------------------------ Housing/Multifamily - 2.9% 6,250,000 California Statewide Communities Development Authority, Apartment 7/08 at 101 BBB 6,318,813 Development Revenue Refunding Bonds (Irvine Apartment Communities, L.P.), Series 1998A, 5.250%, 5/15/25 2,430,000 City of Stanton, Multifamily Housing Revenue Bonds (Continental 8/07 at 102 AAA 2,592,907 Gardens Apartments), Series 1997, 5.625%, 8/01/29 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ Housing/Single Family - 1.4% 1,075,000 California Housing Finance Agency, Home Mortgage Revenue Bonds, 8/99 at 101 Aa 1,098,059 1988 Series C, 8.300%, 8/01/19 (Alternative Minimum Tax) 1,720,000 Southern California Home Financing Authority, Single Family Mortgage 4/99 at 103 AAA 1,773,784 Revenue Bonds (GNMA Mortgage-Backed Securities Program), 1989 Issue A, 7.625%, 10/01/22 (Alternative Minimum Tax) 1,430,000 Southern California Home Financing Authority, Single Family Mortgage 3/01 at 102 AAA 1,501,486 Revenue Bonds (GNMA and FNMA Mortgage-Backed Securities Program), 1991 Issue A, 7.350%, 9/01/24 (Alternative Minimum Tax) Principal Optional Call Market Amount Description Provisions* Ratings** Value - ------------------------------------------------------------------------------------------------------------------------------------ Tax Obligation/General - 2.7% $ 3,300,000 State of California, General Obligation Bonds, 5.125%, 10/01/27 10/07 at 101 Aa3 $ 3,309,768 2,395,000 Fontana Unified School District, San Bernardino County, California, 5/09 at 102 AAA 2,517,241 1997 General Obligation Refunding Bonds, Series A, 0.000%, 5/01/17 2,000,000 Pomona Unified School District, General Obligation Refunding Bonds, 8/11 at 103 AAA 2,339,400 Series 1997-A, 6.500%, 8/01/19 - ------------------------------------------------------------------------------------------------------------------------------------ Tax Obligation/Limited - 20.6% 7,000,000 Certificates of Participation (1990 Adelanto Return to Custody Facility), 4/00 at 102 BBB+ 7,394,800 City of Adelanto, California, 7.100%, 4/01/10 2,195,000 Bell Community Redevelopment Agency, Bell Redevelopment Project Area, 11/03 at 102 AAA 2,453,373 1994 Tax Allocation Refunding Bonds, 6.300%, 11/01/13 1,500,000 City of Irvine, Mobile Home Park Revenue Bonds (Meadows 3/08 at 102 N/R 1,512,195 Mobile Home Park Project), Series 1998A, 5.700%, 3/01/28 5,500,000 Kern County Board of Education, California, Refunding Certificates of 5/08 at 102 AAA 5,590,585 Participation, 1998 Series A, 5.200%, 5/01/28 1,000,000 Los Angeles County Metropolitan Transportation Authority (California), 7/08 at 101 AAA 995,050 Proposition C Sales Tax Revenue Refunding Bonds, Second Senior Bonds, Series 1998-A, 5.000%, 7/01/23 1,685,000 City of Ontario, Community Facilities District No. 5 (Freeway Interchange 9/06 at 102 N/R 1,767,498 Project), Special Tax Bonds, Series 1997, 6.375%, 9/01/17 3,600,000 Ontario Redevelopment Financing Authority (San Bernardino County, No Opt. Call AAA 4,908,924 California), 1995 Revenue Refunding Bonds (Ontario Redevelopment Project No.1), 7.400%, 8/01/25 10,075,000 County of Orange, California, 1996 Recovery Certificates of 7/06 at 102 AAA 11,033,233 Participation, Series A, 6.000%, 7/01/26 1,780,000 Palm Desert Financing Authority, Tax Allocation Revenue Bonds 10/02 at 103 AAA 1,802,873 (Project Area No. 4), Series 1998, 4.750%, 10/01/13 2,000,000 Redding Joint Powers Financing Authority, Solid Waste and Corporate 1/04 at 102 A3 2,088,460 Yard, Lease Revenue Bonds, Series 1993A, 5.500%, 1/01/13 1,500,000 City of Richmond, Limited Obligation Refunding Improvement Bonds, 3/99 at 103 N/R 1,552,050 Reassessment District No. 855 (Atlas Road West and Interchange), 6.600%, 9/02/19 1,200,000 City of San Diego, California, Convention Center Expansion 10/08 at 101 AAA 1,153,320 Financing Authority, Lease Revenue Bonds, Series 1998A, 4.750%, 4/01/28 9,000,000 Redevelopment Agency of the City of San Jose (California), 2/04 at 102 AAA 8,634,060 Merged Area Redevelopment Project, Tax Allocation Bonds, Series 1993, 4.750%, 8/01/24 8,000,000 Redevelopment Agency of the City of San Jose (California), 8/08 at 102 A 8,057,840 Merged Area Redevelopment Project, Tax Allocation Bonds, Series 1998, 5.250%, 8/01/29 1,000,000 Redevelopment Agency of the City of San Jose (California), 8/08 at 101 AAA 960,340 Merged Area Redevelopment Project, Tax Allocation Bonds, Series 1999, 4.750%, 8/01/29 2,000,000 Redevelopment Agency of the City of San Leandro, Plaza 1 6/03 at 102 A- 2,119,640 and Plaza 2 Redevelopment Projects, 1993 Tax Allocation Bonds, Series A, 6.125%, 6/01/23 - ------------------------------------------------------------------------------------------------------------------------------------ Transportation - 6.0% 1,000,000 Foothill/Eastern Transportation Corridor Agency (California), Toll Road 1/05 at 102 BBB- 1,069,020 Revenue Bonds, Series 1995A, 6.000%, 1/01/34 12,000,000 Airports Commission, City and County of San Francisco, California, 5/05 at 101 AAA 13,249,920 San Francisco International Airport, Second Series Revenue Bonds, Issue 11 (Noise Insulation Program), 6.250%, 5/01/26 (Alternative Minimum Tax) 3,520,000 Airports Commission, City and County of San Francisco, California, 5/06 at 101 AAA 3,791,638 San Francisco International Airport, Second Revenue Bonds, Issue 12A, 5.625%, 5/01/11 (Alternative Minimum Tax) Principal Optional Call Market Amount Description Provisions* Ratings** Value - ------------------------------------------------------------------------------------------------------------------------------------ U.S. Guaranteed - 35.2% $ 5,885,000 Calaveras County Water District (California), Certificates of 5/01 at 102 AAA $ 6,447,606 Participation (1991 Ebbetts Pass Water System Improvements Project), 6.900%, 5/01/16 (Pre-refunded to 5/01/01) California Health Facilities Financing Authority, Health Facility Revenue Bonds (Health Dimensions, Incorporated), 1990 Series A: 2,300,000 7.500%, 5/01/15 (Pre-refunded to 5/01/00) 5/00 at 102 Aaa 2,462,288 4,395,000 7.000%, 5/01/20 (Pre-refunded to 5/01/00) 5/00 at 102 Aaa 4,680,367 8,075,000 California Health Facilities Financing Authority, Hospital Revenue 11/00 at 102 A1*** 8,739,411 Refunding Bonds (Cedars-Sinai Medical Center), Series 1990, 7.000%, 11/01/15 (Pre-refunded to 11/01/00) 12,830,000 State of California, Various Purpose General Obligation Bonds, 3/05 at 101 Aa3*** 14,284,281 5.750%, 3/01/13 (Pre-refunded to 3/01/05) 3,500,000 State Public Works Board of the State of California, Lease 11/04 at 102 Aaa 4,136,090 Revenue Bonds (Department of Corrections), 1994 Series A (California State Prison-Monterey County (Soledad II)), 6.875%, 11/01/14 (Pre-refunded to 11/01/04) 3,000,000 California Statewide Communities Development Authority No Opt. Call A+*** 3,341,310 (Triad Healthcare), Revenue Refunding, Series 1992, Certificates of Participation, 6.250%, 8/01/06 5,500,000 Certificates of Participation (Open Space Acquisition Project), 4/01 at 102 N/R*** 6,019,475 City of Cupertino, California, Cupertino Public Facilities Corporation, 7.125%, 4/01/16 (Pre-refunded to 4/01/01) 4,500,000 Hospital Revenue Certificates of Participation (Desert Hospital 7/00 at 102 AAA 4,878,270 Corporation Project), Series 1990, 8.000%, 7/01/10 (Pre-refunded to 7/01/00) 8,650,000 Fontana Public Financing Authority (San Bernardino County, 12/01 at 102 N/R*** 9,802,613 California), Subordinate Lien Tax Allocation Revenue Bonds (North Fontana Redevelopment Project), 1991 Series A, 7.750%, 12/01/20 (Pre-refunded to 12/01/01) 2,750,000 Certificates of Participation, Fresno Unified School District, 5/01 at 102 A2*** 3,025,330 Fresno County, California, Series of 1991A For Project Phase VI, 7.200%, 5/01/11 (Pre-refunded to 5/01/01) 1,050,000 Certificates of Participation, Fresno Unified School District, 5/00 at 102 A2*** 1,112,969 Fresno County, California, Series of 1992B for Project Phase IX, 6.600%, 5/01/07 (Pre-refunded to 5/01/00) 2,500,000 The Community Redevelopment Agency of the City of Los Angeles, 7/00 at 100 BBB*** 2,585,325 California, Central Business District Redevelopment Project, Tax Allocation Refunding Bonds, Series G, 6.750%, 7/01/10 5,500,000 Los Angeles County Metropolitan Transportation Authority 7/01 at 102 Aaa 6,037,955 (California), Proposition A Sales Tax Revenue Refunding Bonds, Series 1993-A, 6.750%, 7/01/20 (Pre-refunded to 7/01/01) 8,000,000 Mt. Diablo Hospital District, Insured Hospital Revenue Bonds, 12/00 at 102 AAA 8,821,280 1990 Series A, 8.000%, 12/01/11 (Pre-refunded to 12/01/00) 8,000,000 Redevelopment Agency of the City of Pittsburg, California, 8/01 at 103 AAA 8,950,960 Los Medanos Community Development Project, Tax Allocation Bonds, Series 1991, 7.150%, 8/01/21 (Pre-refunded to 8/01/01) 6,505,000 Poway Redevelopment Agency, California, City of Poway 1/01 at 102 AAA 7,088,824 1991 Capital Improvement Project, Certificates of Participation (Poway Royal Mobile Home Park), 7.200%, 1/01/24 (Pre-refunded to 1/01/01) 3,500,000 West Contra Costa Hospital District, Insured Health Facility 11/04 at 102 N/R*** 4,041,870 Refunding Revenue Bonds, Series 1994, 6.500%, 11/01/17 (Pre-refunded to 11/01/04) - ------------------------------------------------------------------------------------------------------------------------------------ Utilities - 6.3% 750,000 Anaheim Public Financing Authority (California), Revenue Bonds, 10/08 at 101 AAA 746,288 Series 1998 (City of Anaheim Electric System Distribution Facilities), 5.000%, 10/01/23 7,945,000 City of Chula Vista, Industrial Development Revenue Bonds 12/02 at 102 AAA 8,731,158 (San Diego Gas and Electric Company), 1992 Series A, 6.400%, 12/01/27 (Alternative Minimum Tax) 7,990,000 Department of Water and Power of the City of Los Angeles, 1/01 at 102 Aa3 8,691,841 California, Electric Plant Revenue Bonds, Issue of 1991, 7.100%, 1/15/31 1,000,000 City of Pasadena, California, Electric Revenue Refunding Bonds, 8/08 at 101 AAA 963,509 1998 Series, 4.750%, 8/01/24 Principal Optional Call Market Amount Description Provisions* Ratings** Value - ------------------------------------------------------------------------------------------------------------------------------------ Water and Sewer - 4.5% $ 4,075,000 State of California Department of Water Resources, Central Valley 12/06 at 101 1/2 AAA $ 4,215,872 Project, Water System Revenue Bonds, Series Q, 5.375%, 12/01/27 5,500,000 Revenue Certificates of Participation, Series 1993A, Orange County 8/03 at 100 AA 5,442,524 Water District, 5.000%, 8/15/18 4,025,000 City of Stockton (California), Certificates of Participation, 9/08 at 102 AAA 4,093,022 1998 Series A (Wastewater System Project), 5.200%, 9/01/29 - ------------------------------------------------------------------------------------------------------------------------------------ $ 279,725,000 Total Investments - (cost $273,470,805) - 98.8% 299,391,429 ============= Other Assets Less Liabilities - 1.2% 3,504,617 -------------------------------------------------------------------------------------------------------------------- Net Assets - 100% $302,896,046 ==================================================================================================================== * 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. *** Securities are backed by an escrow or trust containing sufficient U.S. government or U.S. government agency securities which ensures the timely payment of principal and interest. Securities are normally considered to be equivalent to AAA rated securities. N/R Investment is not rated. See accompanying notes to financial statements.
Portfolio of Investments Nuveen California Select Quality Municipal Fund, Inc. (NVC) February 28, 1999 (Unaudited)
Principal Optional Call Market Amount Description Provisions* Ratings** Value - ------------------------------------------------------------------------------------------------------------------------------------ Consumer Staples - 1.9% $ 9,150,000 California Pollution Control Financing Authority, Sewage and Solid 12/06 at 101 A+ $ 9,681,249 Waste Disposal Facilities Revenue Bonds (Anheuser-Busch Project), Series 1996, 5.750%, 12/01/30 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ Education and Civic Organizations - 2.1% 5,000,000 California Educational Facilities Authority, Revenue Bonds 10/06 at 102 AAA 4,955,950 (Chapman University), Series 1996, 5.125%, 10/01/26 6,000,000 The Regents of the University of California, Refunding Revenue 9/03 at 102 AAA 5,945,520 Bonds (1989 Multiple Purpose Projects), Series C, 5.000%, 9/01/23 - ------------------------------------------------------------------------------------------------------------------------------------ Energy - 1.9% 9,500,000 California Pollution Control Financing Authority, Exempt Facilities 12/06 at 102 AA 9,777,590 Revenue Bonds, Series 1996 (Mobil Oil Corporation Project), 5.500%, 12/01/29 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ Health Care - 8.6% ABAG Finance Authority for Nonprofit Corporations (California), Insured Certificates of Participation (Tarzana Treatment Center, Inc.): 495,000 4.450%, 12/01/08 12/06 at 102 A+ 496,490 1,455,000 5.200%, 12/01/23 12/06 at 102 A+ 1,439,883 3,000,000 California Health Facilities Financing Authority, Insured Health 7/04 at 102 AAA 2,877,000 Facility Refunding Revenue Bonds (Catholic Healthcare West), 1994 Series A, 4.750%, 7/01/19 5,000,000 California Health Facilities Financing Authority, Insured Health 8/01 at 102 A 5,418,350 Facility Revenue Bonds (The H.E.L.P. Group), 1991 Series A, 7.000%, 8/01/21 7,485,000 California Health Facilities Financing Authority, Kaiser 3/01 at 102 A 7,970,477 Permanent Refunding Revenue Bonds, 1991 Series A, 6.500%, 3/01/11 1,775,000 California Statewide Communities Development Authority, 7/03 at 102 AA 1,812,470 Certificates of Participation, St. Joseph Health System Obligated Group, 5.500%, 7/01/23 6,500,000 City of Loma Linda, California, Hospital Revenue Refunding Bonds 12/99 at 102 AAA 6,811,155 (Loma Linda University Medical Center Project), Series 1989-B, 7.000%, 12/01/15 9,350,000 City of Loma Linda, California, Hospital Revenue Refunding 12/03 at 102 AAA 9,534,943 Bonds (Loma Linda University Medical Center Project), Series 1993-C, 5.375%, 12/01/22 6,000,000 County of Madera, California, Certificates of Participation 3/05 at 102 AAA 6,434,400 (Valley Children's Hospital Project), Series 1995, 5.750%, 3/15/28 1,050,000 City of Stockton, California, Health Facility Revenue Bonds, 12/07 at 102 BBB+ 1,092,693 Dameron Hospital Association, 1997 Series A, 5.450%, 12/01/10 - ------------------------------------------------------------------------------------------------------------------------------------ Housing/Multifamily - 2.6% 3,455,000 California Housing Finance Agency, Housing Revenue Bonds 8/01 at 102 AAA 3,683,963 (Insured), 1991 Series A, 7.200%, 2/01/26 (Alternative Minimum Tax) 9,250,000 California Statewide Communities Development Authority, 7/08 at 101 BBB 9,351,843 Apartment Development Revenue Refunding Bonds (Irvine Apartment Communities, L.P.), Series 1998A, 5.250%, 5/15/25 - ------------------------------------------------------------------------------------------------------------------------------------ Housing/Single Family - 9.3% 6,230,000 California Housing Finance Agency, Single Family Mortgage Bonds, 5/05 at 102 Aaa 6,659,122 1995 Issue A-2, 6.350%, 8/01/15 (Alternative Minimum Tax) California Housing Finance Agency, Single Family Mortgage Bonds, 1995 Issue B: 1,805,000 6.250%, 8/01/14 (Alternative Minimum Tax) 10/05 at 102 AAA 1,898,282 8,470,000 6.250%, 2/01/18 (Alternative Minimum Tax) 10/05 at 102 AAA 9,049,517 Principal Optional Call Market Amount Description Provisions* Ratings** Value - ------------------------------------------------------------------------------------------------------------------------------------ Housing/Single Family (continued) $ 2,545,000 California Housing Finance Agency, Home Mortgage Revenue Bonds, 8/01 at 102 AA- $ 2,680,470 1991 Series G, 7.050%, 8/01/27 (Alternative Minimum Tax) 3,150,000 California Housing Finance Agency, Home Mortgage Revenue Bonds, 2/00 at 102 Aa2 3,262,266 1989 Series F, 7.250%, 8/01/17 5,970,000 California Housing Finance Agency, Home Mortgage Revenue Bonds, 2/06 at 102 AAA 6,348,856 1995 Series M, 6.150%, 8/01/27 (Alternative Minimum Tax) 5,900,000 California Housing Finance Agency, Home Mortgage Revenue Bonds, 8/06 at 102 Aa2 6,311,525 1996 Series H, 6.250%, 8/01/27 (Alternative Minimum Tax) 1,750,000 California Housing Finance Agency, Home Mortgage Revenue Bonds, 2/09 at 101 1/2 AAA 1,776,303 1998 Series E Remarketed, 5.250%, 2/01/33 (Alternative Minimum Tax) 2,420,000 California Rural Home Mortgage Finance Authority, Single Family No Opt. Call AAA 2,693,581 Mortgage Revenue Bonds (Mortgage-Backed Securities Program), 1995 Series B, 7.750%, 9/01/26 (Alternative Minimum Tax) 3,860,000 Puerto Rico Housing Bank and Finance Agency, Affordable Housing 4/05 at 102 AAA 4,072,416 Mortgage Subsidy Program, Single Family Mortgage Revenue Bonds, Portfolio I, 6.250%, 4/01/29 (Alternative Minimum Tax) 2,680,000 Southern California Home Financing Authority, Single Family 10/01 at 102 AAA 2,817,350 Mortgage Revenue Bonds (GNMA and FNMA), Mortgage-Backed Securities Program, 1991 Issue B, 6.900%, 10/01/24 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ Long-Term Care - 1.2% 3,000,000 California Statewide Communities Development Authority, 4/03 at 102 A+ 3,193,830 Series A, Certificates of Participation, Pacific Homes, 6.000%, 4/01/17 2,800,000 The City of Los Angeles, Insured Certificates of Participation, 6/01 at 102 A+ 3,040,632 Ararat Home of Los Angeles, 7.250%, 6/01/21 - ------------------------------------------------------------------------------------------------------------------------------------ Tax Obligation/General - 4.0% 11,405,000 State of California, Various Purpose General Obligation Bonds, 6 3/99 at 101 Aa3 11,552,467 .400%, 2/01/20 (Alternative Minimum Tax) 8,665,000 State of California, Veterans General Obligation Bonds, 12/03 at 102 Aa3 8,914,465 Series BH, 5.600%, 12/01/32 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ Tax Obligation/Limited - 16.2% 10,000,000 Anaheim Public Financing Authority, Lease Revenue Bonds (Anaheim No Opt. Call AAA 1,839,900 Public Improvements Project), Senior Lease Revenue Bonds, 1997 Series C, 0.000%, 9/01/31 9,725,000 Avalon Community Improvement Agency, Community Improvement 8/01 at 102 A- 10,737,664 Project, Area Tax Allocation Bonds, Series 1991 A, 7.250%, 8/01/21 2,215,000 Brea Public Financing Authority (Orange County, California), 8/01 at 102 AAA 2,411,914 1991 Tax Allocation Revenue Bonds, Series A (Redevelopment Project AB), 6.750%, 8/01/22 7,500,000 State Public Works Board of the State of California, Lease Revenue 9/08 at 101 AAA 7,464,825 Refunding Bonds (Department of Corrections), 1998 Series B (California State Prisons Imperial County), 5.000%, 9/01/21 6,000,000 Cerritos Public Financing Authority (Cerritos, California), 11/03 at 102 A- 6,355,320 1993 Revenue Bonds, Series A (Tax Exempt) (Los Cerritos Redevelopment Project Loan), 6.050%, 11/01/20 5,000,000 Culver City Redevelopment Financing Authority, 1993 Tax 11/03 at 102 AAA 4,954,150 Allocation Refunding Revenue Bonds, 5.000%, 11/01/23 City of Inglewood, California, Certificates of Participation (1991 Civic Center Improvement Project): 5,515,000 7.000%, 8/01/11 8/01 at 102 BBB- 5,898,127 5,000,000 7.000%, 8/01/19 8/01 at 102 BBB- 5,341,400 3,000,000 6.500%, 8/01/21 8/01 at 102 BBB- 3,161,580 3,510,000 Long Beach Bond Finance Authority, Lease Revenue and Refunding 10/07 at 102 AAA 3,491,327 Bonds (Civic Center Project), 1997 Series A, 5.000%, 10/01/27 2,255,000 Los Angeles Unified School District, Certificates of Participation No Opt. Call A 2,271,281 (Capital Facilities Project), Series 1991A, 7.000%, 5/01/99 7,500,000 Los Angeles County Metropolitan Transportation Authority (California), 7/08 at 101 AAA 7,462,875 Proposition C Sales Tax Revenue Refunding Bonds, Second Senior Bonds, Series 1998-A, 5.000%, 7/01/23 Principal Optional Call Market Amount Description Provisions* Ratings** Value - ------------------------------------------------------------------------------------------------------------------------------------ Tax Obligation/Limited (continued) $ 3,605,000 Oakland State Building Authority, Lease Revenue Bonds 4/08 at 101 AAA $ 3,587,336 (Elihu M. Harris State Office Building), 1998 Series A, 5.000%, 4/01/23 1,390,000 City of Palm Springs Financing Authority, Tax Allocation Bonds, 8/01 at 102 A- 1,480,920 1991 Series B (Agency Loans), 6.800%, 8/01/11 2,195,000 Pleasanton Joint Powers Financing Authority, Reassessment Revenue 9/03 at 102 Baa1 2,357,342 Bonds, 1993 Series A, 6.150%, 9/02/12 2,550,000 Riverside Public Financing Authority (Riverside County, California), 2/01 at 102 N/R 2,718,530 1991 Revenue Bonds, Series A (Multiple Project Loans), 8.000%, 2/01/18 5,235,000 City and County of San Francisco, Redevelopment Financing Authority, 8/03 at 103 A 5,241,230 1993 Series C, Tax Allocation Revenue Bonds (San Francisco Redevelopment Projects), 5.125%, 8/01/18 750,000 Redevelopment Agency of the City of San Jose (California), 8/08 at 101 AAA 720,255 Merged Area Redevelopment Project, Tax Allocation Bonds, Series 1999, 4.750%, 8/01/29 5,000,000 City of West Hollywood (Los Angeles County, California), 2/08 at 102 AAA 4,974,650 1998 Refunding Certificates of Participation, City of West Hollywood Public Facilities Corporation, 5.000%, 2/01/25 - ------------------------------------------------------------------------------------------------------------------------------------ Transportation - 3.4% 3,275,000 California Statewide Communities Development Authority, Special 10/07 at 102 Baa3 3,363,949 Facilities Lease Revenue Bonds, 1997 Series A, 5.700%, 10/01/33 (Alternative Minimum Tax) 2,000,000 California Statewide Communities Development Authority, Special 10/07 at 102 Baa3 2,047,180 Facilities Lease Revenue Bonds, 1997 Series A (United Air Lines, Inc.- San Francisco International Airport Projects), 5.625%, 10/01/34 (Alternative Minimum Tax) 7,500,000 Harbor Department of the City of Los Angeles, Revenue Bonds, 8/06 at 101 AAA 8,258,925 Issue of 1996, 6.200%, 8/01/25 (Alternative Minimum Tax) 3,450,000 Airport Commission, City and County of San Francisco, California, 5/04 at 102 AAA 3,832,916 San Francisco International Airport, Second Series Revenue Bonds, Issue 5, 6.500%, 5/01/24 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ U.S. Guaranteed - 33.8% 5,120,000 ABAG Finance Authority for Nonprofit Corporations, Certificates 11/03 at 102 AAA 5,463,347 of Participation (Stanford University Hospital), California, Series 1993, 5.250%, 11/01/08 5,285,000 Brea Public Financing Authority (Orange County, California), 8/01 at 102 AAA 5,816,090 1991 Tax Allocation Revenue Bonds, Series A (Redevelopment Project AB), 6.750%, 8/01/22 (Pre-refunded to 8/01/01) 10,500,000 California Health Facilities Financing Authority, Health Facility 1/00 at 101 1/2 N/R*** 11,001,270 Revenue Bonds (Pomona Valley Hospital Medical Center), 1989 Series A, 7.000%, 1/01/18 (Pre-refunded to 1/01/00) 3,000,000 California Pollution Control Financing Authority, Solid Waste 7/02 at 102 Aaa 3,366,150 Revenue Bonds (North County Recycling Center), 1991 Series A Bonds, 6.750%, 7/01/17 1,875,000 State of California, Various Purpose General Obligation Bonds, 3/04 at 102 Aa3*** 2,083,819 5.750%, 3/01/23 (Pre-refunded to 3/01/04) 3,310,000 State Public Works Board of the State of California, Lease 9/01 at 102 Aaa 3,690,286 Revenue Bonds (California Community Colleges), 1991 Series A, 7.250%, 9/01/05 (Pre-refunded to 9/01/01) 10,525,000 State Public Works Board of the State of California, Lease 9/01 at 100 A1*** 11,156,500 Revenue Bonds (Department of Corrections), Series 1991A (State Prisons-Imperial County), 5.750%, 9/01/21 (Pre-refunded to 9/01/01) 5,000,000 State Public Works Board of the State of California, Lease 9/05 at 100 A*** 5,637,100 Revenue Bonds (The Trustees of The California State University), 1995 Series A (Various California State University Projects), 6.000%, 9/01/15 (Pre-refunded to 9/01/05) 2,110,000 County of Contra Costa, California, 1989 Home Mortgage Revenue No Opt. Call AAA 2,628,195 Bonds (GNMA Mortgage-Backed Securities Program), 7.700%, 11/01/09 (Alternative Minimum Tax) 7,000,000 East Bay Municipal Utility District (Alameda and Contra Costa 12/01 at 102 AAA 7,708,260 Counties, California), Water System Subordinated Revenue Bonds, Series 1991, 6.375%, 6/01/12 (Pre-refunded to 12/01/01) 10,000,000 Los Angeles County Public Works Finance Authority, 10/04 at 102 AA*** 11,334,800 Revenue Bonds, Series 1994A (Los Angeles County Regional Park and Open Space District), 6.000%, 10/01/15 (Pre-refunded to 10/01/04) Principal Optional Call Market Amount Description Provisions* Ratings** Value - ------------------------------------------------------------------------------------------------------------------------------------ U.S. Guaranteed (continued) $ 7,500,000 Los Angeles County Metropolitan Transportation Authority (California), 7/01 at 102 Aaa $ 8,258,775 Proposition A Sales Tax Revenue Refunding Bonds, Series 1993-A, 6.900%, 7/01/21 (Pre-refunded to 7/01/01) 6,375,000 Mt. Diablo Hospital District, Insured Hospital Revenue Bonds, 12/00 at 102 AAA 6,922,039 1990 Series A, 7.000%, 12/01/17 (Pre-refunded to 12/01/00) 1,705,000 City of Palm Springs Financing Authority, Revenue (Tax Allocation) 8/05 at 100 N/R*** 1,987,467 Bonds, 1991 Series B (Agency Loans), 6.800%, 8/01/11 (Pre-refunded to 8/01/05) 3,700,000 Riverside Public Financing Authority (Riverside County, California), 2/01 at 102 N/R*** 4,088,463 1991 Revenue Bonds, Series A (Multiple Project Loans), 8.000%, 2/01/18 (Pre-refunded to 2/01/01) 19,000,000 Sacramento City Financing Authority, 1991 Revenue Bonds, 11/01 at 102 Aaa 21,083,730 6.800%, 11/01/20 (Pre-refunded to 11/01/01) 3,920,000 City of San Diego, California, Certificates of Participation (Balboa 7/01 at 100 Aa*** 4,246,222 Park and Mission Bay Park Capital Improvements Program), Series 1991, 6.900%, 7/15/21 (Pre-refunded to 7/15/01) 5,000,000 San Mateo County Joint Powers Financing Authority, Lease Revenue 7/04 at 102 AAA 5,688,800 Bonds (San Mateo County Health Center), 1994 Series A, 6.125%, 7/15/14 (Pre-refunded to 7/15/04) 4,000,000 County of Santa Clara, California, Certificates of Participation 3/01 at 102 N/R*** 4,349,760 (The Terraces of Los Gatos Project), 1991 Series, American Baptist Homes of the West, 6.900%, 3/01/18 (Pre-refunded to 3/01/01) Santa Clarita Public Financing Authority, Local Agency Revenue Bonds, Series 1991: 6,800,000 7.000%, 10/01/20 (Pre-refunded to 10/01/01) 10/01 at 102 A-*** 7,555,888 3,000,000 6.750%, 10/01/21 (Pre-refunded to 10/01/01) 10/01 at 102 A-*** 3,307,020 6,925,000 Santa Monica Community College District, Refunding Certificates 6/01 at 102 A*** 7,621,932 of Participation, 1991 Series A, 7.150%, 6/01/08 (Pre-refunded to 6/01/01) 6,500,000 Tri-City Hospital District (Oceanside, California), Insured Revenue 2/02 at 102 AAA 7,341,620 Bonds, Series 1991, 7.500%, 2/01/17 (Pre-refunded to 2/01/02) 10,000,000 Tustin Community Redevelopment Agency, Town Center Area 12/01 at 102 AAA 11,123,300 Redevelopment Project, Subordinate Tax Allocation Bonds, Series 1991, 6.800%, 12/01/16 (Pre-refunded to 12/01/01) 3,300,000 The Regents of the University of California, Refunding Revenue 9/02 at 102 AA-*** 3,727,779 Bonds (Multiple Purpose Projects), Series A, 6.875%, 9/01/16 (Pre-refunded to 9/01/02) 3,000,000 Westminster Redevelopment Agency, Westminster Commercial 8/01 at 102 AAA 3,339,000 Redevelopment Project No. 1, 1991 Tax Allocation Bonds, Series A (Orange County, California), 7.300%, 8/01/21 (Pre-refunded to 8/01/01) 1,535,000 Yosemite Community College District, Certificates of Participation, 7/01 at 102 N/R*** 1,669,727 7.750%, 7/01/11 (Pre-refunded to 7/01/01) - ------------------------------------------------------------------------------------------------------------------------------------ Utilities - 8.7% 10,350,000 California Pollution Control Financing Authority, Pollution Control No Opt. Call AA- 12,490,277 Revenue Bonds (San Diego Gas and Electric Company), 1991 Series A, 6.800%, 6/01/15 (Alternative Minimum Tax) 9,650,000 California Pollution Control Financing Authority, Pollution Control 12/01 at 102 Aa3 10,549,959 Revenue Bonds (Southern California Edison Company), 1991 Series, 6.900%, 12/01/17 (Alternative Minimum Tax) 3,500,000 Department of Water and Power of the City of Los Angeles, 9/00 at 102 Aa3 3,771,040 California, Electric Plant Revenue Bonds, Second Issue of 1990, 7.250%, 9/15/30 6,375,000 Department of Water and Power of the City of Los Angeles, 1/01 at 102 Aa3 6,934,980 California, Electric Plant Revenue Bonds, Issue of 1991, 7.100%, 1/15/31 10,500,000 Southern California Public Power Authority, Transmission 7/03 at 100 AAA 10,406,445 Project Revenue Bonds, 1993 Subordinate Refunding Series (Southern Transmission Project), 5.000%, 7/01/22 - ------------------------------------------------------------------------------------------------------------------------------------ Water and Sewer - 5.3% 7,500,000 Eastern Municipal Water District (California), Water and Sewer 7/08 at 101 AAA 7,464,525 Revenue Refunding Certificates of Participation, Series 1998A, 5.000%, 7/01/21 2,000,000 The City of Los Angeles, Wastewater System Revenue Bonds, 6/99 at 102 A+ 2,061,940 Refunding Series 1991-C, 7.100%, 6/01/18 10,135,000 The Metropolitan Water District of Southern California, Water Revenue No Opt. Call AA 13,118,136 Bonds, Issue of 1992, 8.000%, 7/01/08 3,000,000 The Metropolitan Water District of Southern California, Water Revenue 1/08 at 101 AA 2,952,000 Bonds, 1997 Authorization, Series A, 5.000%, 7/01/37 Principal Optional Call Market Amount Description Provisions* Ratings** Value - ------------------------------------------------------------------------------------------------------------------------------------ Water and Sewer (continued) West Basin Municipal Water District Revenue Certificates of Participation, Series 1998A: $ 1,545,000 0.000%, 8/01/23 8/08 at 45 19/32 AAA $ 425,184 1,595,000 0.000%, 8/01/24 8/08 at 43 1/16 AAA 414,668 1,595,000 0.000%, 8/01/25 8/08 at 40 13/16 392,975 1,595,000 0.000%, 8/01/26 8/08 at 38 23/32 AAA 371,586 - ------------------------------------------------------------------------------------------------------------------------------------ $ 484,610,000 Total Investments - (cost $462,614,416) - 99.0% 505,079,708 ============= Other Assets Less Liabilities - 1.0% 5,171,520 -------------------------------------------------------------------------------------------------------------------- Net Assets - 100% $510,251,228 ==================================================================================================================== * 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. *** Securities are backed by an escrow or trust containing sufficient U.S. government or U.S. government agency securities which ensures the timely payment of principal and interest. Securities are normally considered to be equivalent to AAA rated securities. N/R Investment is not rated. See accompanying notes to financial statements.
Portfolio of Investments Nuveen California Quality Income Municipal Fund, Inc. (NUC) February 28, 1999 (Unaudited)
Principal Optional Call Market Amount Description Provisions* Ratings** Value - ------------------------------------------------------------------------------------------------------------------------------------ Education and Civic Organizations - 1.5% $ 2,000,000 California Educational Facilities Authority, Revenue Bonds (University 10/06 at 102 AAA $ 2,194,520 of San Francisco), Series 1996, 6.000%, 10/01/26 4,000,000 State Public Works Board of the State of California, Lease Revenue 3/06 at 102 AAA 4,246,640 Refunding Bonds (California Community Colleges), 1996 Series B (Various Community Colleges Projects), 5.625%, 3/01/19 1,000,000 California Statewide Communities Development Authority, 4/06 at 101 AAA 1,085,770 Auxiliary Organization Revenue Certificates of Participation (The University Corporation-California State University, Northridge), Series 1996, 6.000%, 4/01/26 - ------------------------------------------------------------------------------------------------------------------------------------ Health Care - 5.8% 4,000,000 California Health Facilities Financing Authority, Insured Health 5/03 at 102 A+ 4,250,640 Facility Revenue Refunding Bonds (Valley Memorial Hospital), 1993A, 6.000%, 5/01/17 1,250,000 California Statewide Communities Development Authority, No Opt. Call A1 1,444,525 Hospital Revenue Certificates of Participation, Cedars-Sinai Medical Center, Series 1992, 6.500%, 8/01/12 14,000,000 California Statewide Communities Development Authority, Revenue 8/02 at 102 A1 15,467,340 Certificates of Participation (Cedars-Sinai Medical Center), 6.500%, 8/01/15 3,110,000 City of Loma Linda, California, Hospital Revenue Bonds (Loma Linda 12/03 at 102 BBB 3,317,530 University Medical Center Project), Series 1993-A, 6.500%, 12/01/18 2,465,000 City of Sacramento, Insured Health Facility Revenue Bonds (CARES), 7/07 at 102 A+ 2,491,252 1998 Series A, 5.300%, 1/01/24 1,855,000 City of Torrance (California), Hospital Revenue Bonds (Little 7/02 at 102 A 2,083,740 Company of Mary Hospital Project), Series 1992, 6.875%, 7/01/15 - ------------------------------------------------------------------------------------------------------------------------------------ Housing/Multifamily - 4.6% 5,250,000 California Housing Finance Agency, Multi-Unit Rental Housing 8/02 at 102 Aa3 5,652,255 Revenue Bonds II, 1992 Series B, 6.700%, 8/01/15 2,500,000 California Statewide Communities Development Authority, No Opt. Call BBB 2,516,300 Apartment Development Revenue Refunding Bonds (Irvine Apartment Communities, L.P.), Series 1998A, 5.050%, 5/15/25 (Alternative Minimum Tax) 3,900,000 City of Stanton, Multifamily Housing Revenue Bonds (Continental 8/07 at 102 AAA 4,161,456 Gardens Apartments), Series 1997, 5.625%, 8/01/29 (Alternative Minimum Tax) 8,000,000 City of Vista, Multifamily Housing Revenue Refunding Bonds 4/02 at 102 AAA 8,493,840 (Vista Hacienda Project), 1992 Series A, 6.950%, 4/01/17 Housing Authority of the County of Yolo, 1992 Refunding Revenue Bonds, Series A (Russell Park Apartments): 1,000,000 6.900%, 11/01/08 5/02 at 103 Aa2 1,065,790 1,030,000 7.000%, 11/01/14 5/02 at 103 Aa2 1,100,102 - ------------------------------------------------------------------------------------------------------------------------------------ Housing/Single Family - 2.2% 1,545,000 California Housing Finance Agency, Home Mortgage Revenue 8/01 at 102 AA- 1,627,240 Bonds, 1991 Series G, 7.050%, 8/01/27 (Alternative Minimum Tax) 2,790,000 California Housing Finance Agency, Home Mortgage Revenue 2/05 at 102 Aa 3,015,795 Bonds, 1995 Series B, 7.125%, 2/01/26 (Alternative Minimum Tax) 600,000 City of Corona (California), Single Family Mortgage Revenue Bonds, 11/06 at 102 Aaa 615,714 Series 1996A (Senior), 6.050%, 5/01/27 2,690,000 County of Riverside, California, Single Family Mortgage Revenue 11/99 at 102 AAA 2,789,073 Bonds (GNMA Mortgage-Backed Securities Program), Issue B of 1989, 7.600%, 11/01/19 (Alternative Minimum Tax) Principal Optional Call Market Amount Description Provisions* Ratings** Value - ------------------------------------------------------------------------------------------------------------------------------------ Housing/Single Family (continued) Southern California Home Financing Authority, Single Family Mortgage Revenue Bonds (GNMA and FNMA Mortgage-Backed Securities Program), 1991 Issue A: $ 1,385,000 6.750%, 9/01/22 (Alternative Minimum Tax) 3/01 at 102 AAA $ 1,454,236 1,435,000 7.350%, 9/01/24 (Alternative Minimum Tax) 3/02 at 102 AAA 1,509,778 - ------------------------------------------------------------------------------------------------------------------------------------ Long-Term Care - 0.5% 2,465,000 California Health Facilities Financing Authority, Insured Health 8/08 at 100 A+ 2,509,863 Facility Revenue Bonds (Casa de las Campanas), 1998 Series A, 5.250%, 8/01/17 - ------------------------------------------------------------------------------------------------------------------------------------ Tax Obligation/General - 3.8% State of California, Various Purpose General Obligation Bonds: 10,000,000 6.400%, 9/01/07 No Opt. Call Aa3 11,658,400 2,500,000 7.000%, 2/01/09 No Opt. Call Aa3 3,051,000 295,000 5.750%, 3/01/19 3/05 at 101 Aa3 316,576 4,000,000 State of California, Veterans General Obligation Bonds, 12/03 at 101 Aa3 4,064,840 Series BN (Non-AMT), 5.450%, 12/01/28 - ------------------------------------------------------------------------------------------------------------------------------------ Tax Obligation/Limited - 22.6% 4,825,000 Certificates of Participation (1991 Financing Project), 9/06 at 102 AAA 5,307,259 County of Alameda, California, Alameda County Public Facilities Corporation, 6.000%, 9/01/21 2,200,000 City of Coalinga, California, Certificates of Participation 4/00 at 102 BBB+ 2,317,304 (1989 Coalinga Return to Custody Facility), 7.000%, 4/01/10 Community Development Commission of the City of Commerce, Merged Redevelopment Project, Tax Allocation Refunding Bonds, Series 1998A: 1,000,000 5.650%, 8/01/18 8/08 at 102 N/R 1,009,600 2,765,000 5.700%, 8/01/28 8/08 at 102 N/R 2,791,461 2,100,000 Cudahy Redevelopment Agency, Cudahy Redevelopment Project, 9/03 at 102 BBB 2,280,264 Tax Allocation Refunding Bonds, Series 1994A, 6.700%, 9/01/24 5,000,000 Culver City Redevelopment Financing Authority, 1993 Tax Allocation 11/03 at 102 AAA 4,720,950 Refunding Revenue Bonds, 4.600%, 11/01/20 3,000,000 Fontana Public Financing Authority (San Bernardino County, California), 9/00 at 102 BBB 3,161,670 Tax Allocation Revenue Bonds (North Fontana Redevelopment Project), 1990 Series A, 7.250%, 9/01/20 1,700,000 Foothill-De Anza Community College District (County of Santa Clara, 9/01 at 102 A- 1,872,584 California), Certificates of Participation (1992 De Anza Campus Center Project), 7.350%, 3/01/07 2,725,000 City of Fresno, California, Certificates of Participation (1992 12/00 at 102 A1 2,961,285 Street Improvement Project), 6.625%, 12/01/11 4,000,000 Inland Empire Solid Waste Financing Authority, Revenue Bonds, No Opt. Call AAA 4,570,800 1996 Series B (Landfill Improvement Financing Project), 6.250%, 8/01/11 (Alternative Minimum Tax) 2,300,000 City of Irvine, Mobile Home Park Revenue Bonds (Meadows Mobile 3/08 at 102 N/R 2,326,243 Home Park Project), Series 1998A, 5.700%, 3/01/18 5,475,000 Community Facilities District No. 90-1 of the City of Lancaster, 9/07 at 102 AAA 5,531,940 1998 Special Tax Refunding Bonds, 4.900%, 9/01/15 5,435,000 Community Redevelopment Financing Authority of the Community 9/02 at 102 N/R 5,722,131 Redevelopment Agency of the City of Los Angeles, California, Pooled Financing Bonds, Series A (Bunker Hill, Los Angeles Harbor Industrial Center and Monterey Hills Redevelopment Projects), 6.375%, 9/01/14 2,000,000 Redevelopment Agency of the City of Moorpark, Moorpark 10/03 at 102 A- 2,126,980 Redevelopment Project, 1993 Tax Allocation Bonds, 6.125%, 10/01/18 2,500,000 Certificates of Participation (Western Nevada County Solid Waste 6/01 at 102 BB 2,632,025 Management System - 1991 Project), County of Nevada, California, 7.500%, 6/01/21 2,690,000 Oceanside Mobile Home Park Financing Authority (California), 3/08 at 102 N/R 2,726,907 Mobile Home Park Revenue Bonds (Laguna Vista Mobile Estates Acquisition Project), Series 1998, 5.800%, 3/01/28 15,300,000 Ontario Redevelopment Financing Authority (San Bernardino No Opt. Call AAA 20,862,927 County, California), 1995 Revenue Refunding Bonds (Ontario Redevelopment Project No.1), 7.400%, 8/01/25 3,400,000 Orange County Development Agency, Santa Ana Heights Project Area, 9/03 at 102 BBB 3,584,348 1993 Tax Allocation Revenue Bonds (California), 6.125%, 9/01/23 Principal Optional Call Market Amount Description Provisions* Ratings** Value - ------------------------------------------------------------------------------------------------------------------------------------ Tax Obligation/Limited (continued) Orange County Local Transportation Authority (Orange County, California), Measure M Sales Tax Revenue Bonds (Limited Tax Bonds): $ 3,000,000 6.000%, 2/15/07 No Opt. Call AA+ $ 3,389,580 2,250,000 6.000%, 2/15/08 No Opt. Call AA+ 2,559,960 2,000,000 County of Orange, California, 1996 Recovery Certificates of 7/06 at 102 AAA 2,190,220 Participation, Series A, 6.000%, 7/01/26 7,145,000 Palm Desert Financing Authority, Tax Allocation Revenue Bonds 10/07 at 102 AAA 7,258,177 (Project Area No. 4), Series 1998, 5.200%, 10/01/28 1,345,000 City of Rohnert Park, California, Certificates of Participation 7/99 at 102 AAA 1,338,208 (Rohnert Park Capital Facilities Project), 5.000%, 7/01/24 1,475,000 City of San Diego, California, Convention Center Expansion Financing 10/08 at 101 AAA 1,417,623 Authority, Lease Revenue Bonds, Series 1998A, 4.750%, 4/01/28 12,000,000 Redevelopment Agency of the City of San Jose (California), Merged 8/08 at 102 A 12,086,760 Area Redevelopment Project, Tax Allocation Bonds, Series 1998, 5.250%, 8/01/29 3,000,000 Redevelopment Agency of the City of San Jose (California), Merged 8/08 at 101 AAA 2,881,020 Area Redevelopment Project, Tax Allocation Bonds, Series 1999, 4.750%, 8/01/29 3,000,000 City of Santa Barbara, California, Certificates of Participation 10/02 at 102 A 3,260,820 (Harbor Refunding Project), 6.750%, 10/01/27 1,000,000 Upland Community Redevelopment Agency, California, Upland 9/08 at 102 AAA 976,860 Redevelopment Project (A Merged Project), Tax Allocation Refunding Bonds, Issue of 1998, 4.850%, 9/01/23 - ------------------------------------------------------------------------------------------------------------------------------------ Transportation - 3.2% 2,750,000 California Statewide Communities Development Authority, Special 10/07 at 102 Baa3 2,814,873 Facilities Lease Revenue Bonds, 1997 Series A (United Air Lines, Inc. - San Francisco International Airport Projects), 5.625%, 10/01/34 (Alternative Minimum Tax) 12,500,000 Foothill/Eastern Transportation Corridor Agency (California), 1/05 at 102 BBB- 13,362,750 Toll Road Revenue Bonds, Series 1995A, 6.000%, 1/01/34 - ------------------------------------------------------------------------------------------------------------------------------------ U.S. Guaranteed - 44.9% County of Alameda, Certificates of Participation (1992 Capital Projects), Alameda County Public Facilities Corporation: 7,865,000 6.750%, 6/01/16 (Pre-refunded to 6/01/02) 6/02 at 102 A*** 8,795,901 10,000,000 6.000%, 6/01/22 (Pre-refunded to 6/01/02) 6/02 at 102 A*** 10,954,100 3,000,000 California Educational Facilities Authority, Revenue Bonds 2/02 at 102 A1*** 3,282,180 (Santa Clara University), Series 1991, 6.250%, 2/01/16 (Pre-refunded to 2/01/02) California Educational Facilities Authority, Revenue Bonds (University of San Diego), Series 1992: 1,965,000 6.500%, 10/01/08 (Pre-refunded to 10/01/02) 10/02 at 102 A*** 2,196,870 5,000,000 6.500%, 10/01/22 (Pre-refunded to 10/01/02) 10/02 at 102 A*** 5,590,000 7,430,000 California Educational Facilities Authority, Revenue Bonds 10/02 at 102 Aaa 8,303,322 (University of San Francisco), Series 1992, 6.400%, 10/01/17 (Pre-refunded to 10/01/02) 3,680,000 California Health Facilities Financing Authority, Health Facility 5/00 at 102 Aaa 3,934,362 Revenue Bonds (Health Dimensions, Incorporated), 1990 Series A, 7.375%, 5/01/07 (Pre-refunded to 5/01/00) 3,225,000 California Health Facilities Financing Authority, Kaiser Permanente 12/00 at 102 A*** 3,472,519 Revenue Bonds, 1990 Series A, 6.500%, 12/01/20 (Pre-refunded to 12/01/00) 6,000,000 California Health Facilities Financing Authority, Insured Revenue 6/01 at 102 A+*** 6,552,780 Bonds (Southern California Presbyterian Homes), Series 1991, 6.750%, 6/01/21 (Pre-refunded to 6/01/01) 8,000,000 California Pollution Control Financing Authority, Solid Waste Revenue 7/02 at 102 Aaa 8,976,400 Bonds (North County Recycling Center), 1991 Series A Bonds, 6.750%, 7/01/17 7,690,000 State of California, Various Purpose General Obligation Bonds, 3/05 at 101 Aa3*** 8,561,662 5.750%, 3/01/19 (Pre-refunded to 3/01/05) 2,000,000 State of California Department of Water Resources, Central Valley 6/02 at 101 1/2 Aaa 2,208,980 Project, Water System Revenue Bonds, Series K, 6.400%, 12/01/26 (Pre-refunded to 6/01/02) 2,000,000 State Public Works Board of the State of California, Lease Revenue 9/01 at 102 Aaa 2,194,360 Bonds (Department of Corrections), Series 1991A (State Prisons- Imperial County), 6.500%, 9/01/11 (Pre-refunded to 9/01/01) Principal Optional Call Market Amount Description Provisions* Ratings** Value - ------------------------------------------------------------------------------------------------------------------------------------ U.S. Guaranteed (continued) $ 10,050,000 State Public Works Board of the State of California, Lease Revenue 10/02 at 102 AAA $11,332,481 Bonds (The Trustees of the California State University), 1992 Series A (Various California State University Projects), 6.700%, 10/01/17 (Pre-refunded to 10/01/02) State Public Works Board of the State of California, Lease Revenue Bonds (Department of Corrections), 1994 Series A (California State Prison-Monterey County (Soledad II)): 6,950,000 6.875%, 11/01/14 (Pre-refunded to 11/01/04) 11/04 at 102 Aaa 8,213,093 7,625,000 7.000%, 11/01/19 (Pre-refunded to 11/01/04) 11/04 at 102 Aaa 9,059,263 3,570,000 California Statewide Communities Development Authority (Triad No Opt. Call A+*** 3,976,159 Healthcare), Revenue Refunding Series 1992, Certificates of Participation, 6.250%, 8/01/06 2,000,000 Coachella Valley Water District, Improvement District No. 71 10/02 at 102 A*** 2,252,760 (Storm Water District) (Riverside, Imperial, and San Diego Counties, California), 1992 Certificates of Participation (Flood Control Project), 6.750%, 10/01/12 (Pre-refunded to 10/01/02) 3,000,000 Contra Costa Water Authority (Contra Costa County, California), 10/00 at 102 N/R*** 3,229,200 Water Treatment Revenue Bonds, 1990 Series A, 6.875%, 10/01/20 (Pre-refunded to 10/01/00) 12,805,000 County of Contra Costa, California, 1988 Home Mortgage, Mortgage No Opt. Call AAA 17,848,761 Revenue Bonds (GNMA Mortgage-Backed Securities Program), 8.250%, 6/01/21 (Alternative Minimum Tax) 10,000,000 Fontana Redevelopment Agency, Jurupa Hills Redevelopment 10/02 at 102 BBB+*** 11,357,800 Project Area (County of San Bernardino, California), Refunding Tax Allocation Bonds, 1992 Series A, 7.100%, 10/01/23 (Pre-refunded to 10/01/02) 5,000,000 Fresno Unified School District, Fresno County, California, Certificates 5/99 at 102 A3*** 5,136,600 of Participation for Measure A Capital Projects, Series of 1991C for Project Phase VIII, 7.000%, 5/01/12 (Pre-refunded to 5/01/99) 5,210,000 Fresno Unified School District, Fresno County, California, Certificates 5/00 at 102 A2*** 5,528,435 of Participation for Measure A Capital Projects, Series of 1992B for Project Phase IX, 6.700%, 5/01/12 (Pre-refunded to 5/01/00) 8,000,000 Lancaster School District, Certificates of Participation (1992 3/02 at 105 AAA 9,174,160 Refunding Project), 7.000%, 3/01/22 (Pre-refunded to 3/01/02) 4,500,000 City of Los Angeles, California, Wastewater System Revenue 12/00 at 102 AAA 4,865,580 Bonds, Series 1991-D, 6.700%, 12/01/21 (Pre-refunded to 12/01/00) 10,000,000 County of Orange, California, Certificates of Participation (Civic 8/01 at 102 AAA 10,993,300 Center Expansion Project), 6.700%, 8/01/18 (Pre-refunded to 8/01/01) 13,525,000 County of San Bernardino, California, Single Family Mortgage No Opt. Call AAA 17,466,320 Revenue Bonds (GNMA Mortgage-Backed Securities), 1989 Series A, 7.750%, 11/01/14 (Alternative Minimum Tax) 8,295,000 San Diego County Water Authority, Water Revenue Certificates 5/01 at 102 AA-*** 8,978,508 of Participation, Series 1991A, 6.300%, 5/01/05 (Pre-refunded to 5/01/01) 3,385,000 The Community Redevelopment Agency of the City of Santa Ana, 9/99 at 102 A-*** 3,527,339 Orange County, California, Santa Ana South Harbor Boulevard/ Fairview Street Redevelopment Project, 1989 Series C Tax Allocation Refunding Bonds, 7.250%, 9/01/09 (Pre-refunded to 9/01/99) 2,575,000 City of Santa Maria, Revenue Certificates of Participation 9/02 at 102 N/R*** 2,894,558 (Marian Medical Center), 6.750%, 9/01/22 (Pre-refunded to 9/01/02) 4,300,000 Sierra View Local Hospital District, Insured Health Facility Revenue 3/02 at 102 A+*** 4,730,946 Bonds, Series 1992, 6.400%, 3/01/22 (Pre-refunded to 3/01/02) 3,025,000 Tulare Local Hospital District, Insured Health Facility Revenue Bonds, 12/01 at 102 A+*** 3,354,876 Series 1991A, 6.750%, 12/01/21 (Pre-refunded to 12/01/01) 6,185,000 The Regents of the University of California, Refunding Revenue Bonds 9/02 at 102 AA-*** 6,986,762 (Multiple Purpose Projects), Series A, 6.875%, 9/01/16 (Pre-refunded to 9/01/02) - ------------------------------------------------------------------------------------------------------------------------------------ Utilities - 5.9% 1,000,000 Anaheim Public Financing Authority (California), Revenue Bonds, 10/08 at 101 AAA 995,050 Series 1998 (City of Anaheim Electric System Distribution Facilities), 5.000%, 10/01/23 10,000,000 California Pollution Control Financing Authority, Pollution Control 12/01 at 102 Aa3 10,932,600 Revenue Bonds (Southern California Edison Company), 1991 Series, 6.900%, 12/01/17 (Alternative Minimum Tax) Principal Optional Call Market Amount Description Provisions* Ratings** Value - ------------------------------------------------------------------------------------------------------------------------------------ Utilities (continued) $ 5,000,000 California Pollution Control Financing Authority, Pollution Control Revenue6/02 at 102 AA- $ 5,500,400 Bonds (Pacific Gas and Electric Company), 1992 Series A, 6.625%, 6/01/09 (Alternative Minimum Tax) 5,665,000 City of Redlands, Certificates of Participation (1993 Refunding of 3/99 at 100 AAA 5,682,901 1986 and 1987 Projects), 6.800%, 3/01/07 5,500,000 Southern California Public Power Authority, Multiple Project No Opt. Call A 6,641,745 Revenue Bonds, 1989 Series, 6.750%, 7/01/11 - ------------------------------------------------------------------------------------------------------------------------------------ Water and Sewer - 3.7% 1,300,000 State of California Department of Water Resources, Central Valley 12/08 at 101 AA 1,282,801 Project, Water System Revenue Bonds, Series U, 5.000%, 12/01/29 Department of Water and Power of the City of Los Angeles, Water Works Refunding Revenue Bonds, Second Issue of 1993: 4,060,000 4.500%, 5/15/13 5/03 at 102 AA 3,974,172 8,400,000 4.500%, 5/15/30 5/03 at 102 AAA 7,689,696 1,000,000 City of Norco, Refunding Certificates of Participation, Series 1998 10/08 at 102 AAA 1,009,529 (Sewer System and Water System Improvement Project), 5.125%, 10/01/28 2,000,000 City of Santa Barbara, California, Certificates of Participation 4/02 at 102 AAA 2,188,979 (1992 Water System Improvement Project and Refunding), 6.700%, 4/01/27 2,200,000 City of Stockton (California), Revenue Certificates of Participation, 9/08 at 102 AAA 2,237,179 1998 Series A (Wastewater System Project), 5.200%, 9/01/29 - ------------------------------------------------------------------------------------------------------------------------------------ $ 448,925,000 Total Investments - (cost $445,367,233) - 98.7% 496,293,133 ============= Other Assets Less Liabilities - 1.3% 6,711,489 -------------------------------------------------------------------------------------------------------------------- Net Assets - 100% $503,004,622 ==================================================================================================================== * 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. *** Securities are backed by an escrow or trust containing sufficient U.S. government or U.S. government agency securities which ensures the timely payment of principal and interest. Securities are normally considered to be equivalent to AAA rated securities. N/R Investment is not rated. See accompanying notes to financial statements.
Statement of Net Assets February 28, 1999 (Unaudited)
California California California California California California Value Performance Opportunity Investment Select Quality Quality Plus Quality Income - ------------------------------------------------------------------------------------------------------------------------------------ Assets Investments in municipal securities, at market value (note 1) $257,699,139 $289,887,269 $183,056,363 $299,391,429 $505,079,708 $496,293,133 Cash 35,771 268,964 372,081 43,198 -- -- Receivables: Interest 3,709,823 4,847,290 2,424,990 4,518,304 7,217,552 8,711,137 Investments sold 122,286 1,030,300 -- 280,000 260,300 2,996,444 Other assets 41,992 32,217 20,114 30,963 55,312 47,021 - ------------------------------------------------------------------------------------------------------------------------------------ Total assets 261,609,011 296,066,040 185,873,548 304,263,894 512,612,872 508,047,735 - ------------------------------------------------------------------------------------------------------------------------------------ Liabilities Cash overdraft -- -- -- -- 124,065 289,209 Payable for investments purchased -- 3,250,000 -- -- -- 2,555,274 Accrued expenses: Management fees (note 6) 119,360 143,588 91,843 149,061 248,498 245,332 Other 122,339 89,266 88,981 126,044 153,078 131,737 Preferred share dividends payable N/A 39,509 18,079 32,555 41,300 59,916 Common share dividends payable 1,046,740 1,053,822 676,210 1,060,188 1,794,703 1,761,645 - ------------------------------------------------------------------------------------------------------------------------------------ Total liabilities 1,288,439 4,576,185 875,113 1,367,848 2,361,644 5,043,113 - ------------------------------------------------------------------------------------------------------------------------------------ Net assets (note 7) $260,320,572 $291,489,855 $184,998,435 $302,896,046 $510,251,228 $503,004,622 ==================================================================================================================================== Preferred shares, at liquidation value N/A $ 90,000,000 $ 55,000,000 $ 90,000,000 $150,000,000 $150,000,000 ==================================================================================================================================== Preferred shares outstanding N/A 3,600 2,200 3,600 6,000 6,000 ==================================================================================================================================== Common shares outstanding 25,222,660 12,705,318 8,003,150 13,336,557 22,718,352 21,615,882 ==================================================================================================================================== Net asset value per Common share outstanding (net assets less Preferred shares at liquidation value, divided by Common shares outstanding) $ 10.32 $ 15.86 $ 16.24 $ 15.96 $ 15.86 $ 16.33 ==================================================================================================================================== N/A - Fund is not authorized to issue Preferred Shares. See accompanying notes to financial statements.
Statement of Operations Six Months Ended February 28, 1999 (Unaudited)
California California California California California California Value Performance Opportunity Investment Select Quality Quality Plus Quality Income - ----------------------------------------------------------------------------------------------------------------------------------- Investment Income (note 1) $7,273,490 $8,798,090 $5,587,052 $8,838,158 $14,878,298 $14,470,051 - ----------------------------------------------------------------------------------------------------------------------------------- Expenses Management fees (note 6) 754,967 930,108 596,361 965,172 1,611,075 1,586,206 Preferred shares - auction fees N/A 111,576 68,185 111,576 185,959 185,959 Preferred shares - dividend disbursing agent fees N/A 9,917 4,959 4,959 9,917 9,917 Shareholders' servicing agent fees and expenses 26,435 15,474 9,600 22,811 20,547 16,679 Custodian's fees and expenses 27,224 28,160 22,299 28,211 38,361 37,974 Directors' fees and expenses (note 6) 1,220 1,374 874 1,424 2,409 2,351 Professional fees 8,520 8,829 8,675 8,842 9,137 9,108 Shareholders' reports - printing and mailing expenses 38,332 29,307 19,991 51,228 47,893 46,489 Stock exchange listing fees 16,216 12,181 8,078 12,208 16,243 16,100 Investor relations expense 10,923 11,865 7,463 12,037 19,608 18,840 Other expenses 6,669 9,671 7,585 9,708 15,136 14,176 - ----------------------------------------------------------------------------------------------------------------------------------- Total expenses 890,506 1,168,462 754,070 1,228,176 1,976,285 1,943,799 - ----------------------------------------------------------------------------------------------------------------------------------- Net investment income 6,382,984 7,629,628 4,832,982 7,609,982 12,902,013 12,526,252 - ----------------------------------------------------------------------------------------------------------------------------------- Realized and Unrealized Gain (Loss) from Investments Net realized gain from investment transactions (notes 1 and 4) 378,395 12,802 369,853 211,334 35,910 53,772 Net change in unrealized appreciation or depreciation of investments (846,395) (1,029,111) (1,240,266) (811,058) (1,201,600) (556,119) - ----------------------------------------------------------------------------------------------------------------------------------- Net gain (loss) from investments (468,000) (1,016,309) (870,413) (599,724) (1,165,690) (502,347) - ----------------------------------------------------------------------------------------------------------------------------------- Net increase in net assets from operations $5,914,984 $6,613,319 $3,962,569 $7,010,258 $11,736,323 $12,023,905 =================================================================================================================================== N/A - Fund is not authorized to issue Preferred Shares. See accompanying notes to financial statements.
Statement of Changes in Net Assets (Unaudited)
California Value California Performance Plus California Opportunity - ----------------------------------------------------------------------------------------------------------------------------------- Six Months Ended Year Ended Six Months Ended Year Ended Six Months Ended Year Ended 2/28/99 8/31/98 2/28/99 8/31/98 2/28/99 8/31/98 - ----------------------------------------------------------------------------------------------------------------------------------- Operations Net investment income $ 6,382,984 $ 13,379,417 $ 7,629,628 $ 15,508,756 $ 4,832,982 $ 9,753,712 Net realized gain from investment transactions (notes 1 and 4) 378,395 1,609,036 12,802 753,844 369,853 1,168,298 Net change in unrealized appreciation or depreciation of investments (846,395) 7,275,057 (1,029,111) 3,671,035 (1,240,266) 2,432,009 - ----------------------------------------------------------------------------------------------------------------------------------- Net increase in net assets from operations 5,914,984 22,263,510 6,613,319 19,933,635 3,962,569 13,354,019 - ----------------------------------------------------------------------------------------------------------------------------------- Distributions to Shareholders (note 1) From undistributed net investment income: Common shareholders (6,280,444) (13,405,303) (6,393,247) (13,022,043) (4,050,972) (8,069,724) Preferred shareholders N/A N/A (1,158,953) (2,861,139) (669,121) (1,759,155) From accumulated net realized gains from investment transactions: Common shareholders (1,225,822) (1,344,368) (605,188) (209,142) (939,551) (64,394) Preferred shareholders N/A N/A (134,766) (44,442) (204,666) (13,860) - ----------------------------------------------------------------------------------------------------------------------------------- Decrease in net assets from distributions to shareholders (7,506,266) (14,749,671) (8,292,154) (16,136,766) (5,864,310) (9,907,133) - ----------------------------------------------------------------------------------------------------------------------------------- Capital Share Transactions (note 2) Net proceeds from Common shares issued to shareholders due to reinvestment of distributions -- 229,709 835,456 1,600,110 467,554 706,515 - ----------------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets (1,591,282) 7,743,548 (843,379) 5,396,979 (1,434,187) 4,153,401 Net assets at beginning of period 261,911,854 254,168,306 292,333,234 286,936,255 186,432,622 182,279,221 - ----------------------------------------------------------------------------------------------------------------------------------- Net assets at end of period $260,320,572 $261,911,854 $291,489,855 $292,333,234 $184,998,435 $186,432,622 =================================================================================================================================== Balance of undistributed net investment income at end of period $ 249,763 $ 147,223 $ 551,073 $ 473,645 $ 402,435 $ 289,546 =================================================================================================================================== N/A - Fund is not authorized to issue Preferred Shares. See accompanying notes to financial statements.
California Investment Quality California Select Quality California Quality Income - ------------------------------------------------------------------------------------------------------------------------------------ Six Months Ended Year Ended Six Months Ended Year Ended Six Months Ended Year Ended 2/28/99 8/31/98 2/28/99 8/31/98 2/28/99 8/31/98 - ----------------------------------------------------------------------------------------------------------------------------------- Operations Net investment income $ 7,609,982 $ 15,657,549 $ 12,902,013 $ 26,310,925 $ 12,526,252 $ 25,437,033 Net realized gain from investment transactions (notes 1 and 4) 211,334 444,251 35,910 2,949,181 53,772 585,068 Net change in unrealized appreciation or depreciation of investments (811,058) 4,240,471 (1,201,600) 6,035,385 (556,119) 10,900,888 - ----------------------------------------------------------------------------------------------------------------------------------- Net increase in net assets from operations 7,010,258 20,342,271 11,736,323 35,295,491 12,023,905 36,922,989 - ----------------------------------------------------------------------------------------------------------------------------------- Distributions to Shareholders (note 1) From undistributed net investment income: Common shareholders (6,352,554) (13,080,251) (10,750,687) (22,044,563) (10,558,216) (21,032,274) Preferred shareholders (1,157,122) (2,868,562) (1,709,189) (4,721,829) (1,980,159) (4,840,296) From accumulated net realized gains from investment transactions: Common shareholders (383,623) (62,200) (2,428,752) (322,695) (388,716) -- Preferred shareholders (83,412) (13,716) (521,736) (66,525) (90,180) -- - ----------------------------------------------------------------------------------------------------------------------------------- Decrease in net assets from distributions to shareholders (7,976,711) (16,024,729) (15,410,364) (27,155,612) (13,017,271) (25,872,570) - ----------------------------------------------------------------------------------------------------------------------------------- Capital Share Transactions (note 2) Net proceeds from Common shares issued to shareholders due to reinvestment of distributions 754,981 1,509,857 1,254,587 1,883,226 997,897 1,988,327 - ----------------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets (211,472) 5,827,399 (2,419,454) 10,023,105 4,531 13,038,746 Net assets at beginning of period 303,107,518 297,280,119 512,670,682 502,647,577 503,000,091 489,961,345 - ----------------------------------------------------------------------------------------------------------------------------------- Net assets at end of period $302,896,046 $303,107,518 $510,251,228 $512,670,682 $503,004,622 $503,000,091 =================================================================================================================================== Balance of undistributed net investment income at end of period $ 427,554 $ 327,248 $ 767,879 $ 325,742 $ 967,512 $ 979,635 =================================================================================================================================== See accompanying notes to financial statements.
Notes to Financial Statements (Unaudited) 1. General Information and Significant Accounting Policies 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). California Value is not authorized by its Articles of Incorporation to issue Preferred shares. Therefore, in the Notes to Financial Statements, "N/A" represents not-applicable. Each Fund invests primarily in a diversified portfolio of municipal obligations issued by state and local government authorities within the state of California. The Funds are registered under the Investment Company Act of 1940 as closed-end, diversified management investment companies. 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 The prices of municipal bonds in each Fund's investment portfolio are provided by a pricing service approved by the Fund's Board of Directors. When price quotes are not readily available (which is usually the case for municipal securities), the pricing service establishes fair market value based on yields or prices of municipal bonds of comparable quality, type of issue, coupon, maturity and rating, indications of value from securities dealers and general market conditions. Temporary investments in securities that have variable rate and demand features qualifying them as short-term securities are valued at amortized cost, which approximates market value. 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 have extended settlement periods. 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 the when-issued and delayed delivery purchase commitments. At February 28, 1999, California Performance Plus had outstanding when-issued purchase commitments of $3,250,000. There were no such outstanding purchase commitments in any of the other Funds. Investment Income 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 Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its tax-exempt net investment income, in addition to any significant amounts of net realized capital gains and/or market discount realized from investment transactions. The Funds currently consider significant net realized capital gains and/or market discount as amounts in excess of $.001 per Common share for California Value and $.01 per Common share for the other Funds. 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. Net realized capital gain and market discount distributions are subject to federal taxation. Dividends and Distributions to Shareholders Tax-exempt net investment income is declared as a dividend monthly and payment is made or reinvestment is credited to shareholder accounts on the first business day after month end. Net realized capital gains and/or market discount from investment transactions, if any, are distributed to shareholders not less frequently than annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards. Distributions to shareholders of tax-exempt net investment income, net realized capital gains and/or market discount are recorded on the ex-dividend date. The amount and timing of 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 occur and will be classified as either distributions in excess of net investment income, distributions in excess of net realized gains and/or distributions in excess of net ordinary taxable income from investment transactions, where applicable. Preferred Shares The 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, for each Fund is as follows:
California California California California Performance California Investment Select Quality Plus Opportunity Quality Quality Income - --------------------------------------------------------------------------------------------------------- Number of shares: Series M -- -- 3,600 -- -- Series T 1,800 -- -- 2,400 -- Series W -- 2,200 -- -- 3,000 Series Th -- -- -- 3,600 -- Series F 1,800 -- -- -- 3,000 - --------------------------------------------------------------------------------------------------------- Total 3,600 2,200 3,600 6,000 6,000 =========================================================================================================
Derivative Financial Instruments The Funds may invest in transactions in certain derivative financial instruments including futures, 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 28, 1999. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results may differ from those estimates. 2. Fund Shares Transactions in Common shares were as follows:
California Value California Performance Plus - -------------------------------------------------------------------------------------------------------------- Six Months Ended Year Ended Six Months Ended Year Ended 2/28/99 8/31/98 2/28/99 8/31/98 - -------------------------------------------------------------------------------------------------------------- Shares issued to shareholders due to reinvestment of distributions -- 22,464 46,034 91,264 ============================================================================================================== California Opportunity California Investment Quality - -------------------------------------------------------------------------------------------------------------- Six Months Ended Year Ended Six Months Ended Year Ended 2/28/99 8/31/98 2/28/99 8/31/98 - -------------------------------------------------------------------------------------------------------------- Shares issued to shareholders due to reinvestment of distributions 26,538 40,765 43,727 88,738 ============================================================================================================== California Select Quality California Quality Income - -------------------------------------------------------------------------------------------------------------- Six Months Ended Year Ended Six Months Ended Year Ended 2/28/99 8/31/98 2/28/99 8/31/98 - -------------------------------------------------------------------------------------------------------------- Shares issued to shareholders due to reinvestment of distributions 74,363 113,065 57,207 118,416 ==============================================================================================================
3. Distributions to Common Shareholders The Funds declared Common share dividend distributions from their tax-exempt net investment income which were paid April 1, 1999, to shareholders of record on March 15, 1999, as follows:
California California California California California Performance California Investment Select Quality Value Plus Opportunity Quality Quality Income - --------------------------------------------------------------------------------------------------------- Dividend per share $.0415 $.0830 $.0845 $.0795 $.0790 $.0815 =========================================================================================================
4. Securities Transactions Purchases and sales (including maturities) of investments in municipal securities and temporary municipal investments during the six months ended February 28, 1999, were as follows:
California California California California California Performance California Investment Select Quality Value Plus Opportunity Quality Quality Income - --------------------------------------------------------------------------------------------------------- Purchases: Investments in municipal securities $29,182,435 $12,813,803 $9,325,758 $8,527,620 $13,285,326 $11,418,395 Temporary municipal investments -- 5,900,000 1,300,000 4,000,000 6,000,000 5,100,000 Sales and Maturities: Investments in municipal securities 25,947,300 10,530,274 9,853,519 7,494,235 13,972,781 11,490,355 Temporary municipal investments 1,500,000 5,900,000 1,800,000 4,000,000 6,000,000 5,100,000 =========================================================================================================
At February 28, 1999, the identified cost of investments owned for federal income tax purposes was the same as the cost for financial reporting purposes for each Fund. 5. Unrealized Appreciation (Depreciation) Gross unrealized appreciation and gross unrealized depreciation of investments at February 28, 1999, were as follows:
California California California California California Performance California Investment Select Quality Value Plus Opportunity Quality Quality Income - --------------------------------------------------------------------------------------------------------- Gross unrealized: appreciation $22,316,273 $23,297,874 $17,648,135 $25,942,014 $42,544,736 $50,949,009 depreciation (146,945) (79,799) (50,063) (21,390) (79,444) (23,109) - --------------------------------------------------------------------------------------------------------- Net unrealized appreciation $22,169,328 $23,218,075 $17,598,072 $25,920,624 $42,465,292 $50,925,900 =========================================================================================================
6. Management Fee and Other Transactions with Affiliates Under California Value's investment management agreement with Nuveen Advisory Corp. (the "Adviser"), a wholly owned subsidiary of The John Nuveen Company, the Fund pays 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 the Fund's (excluding California Value) investment management agreements with the Adviser, each Fund pays 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 as follows: Average Daily Net Asset Value Management Fee - ----------------------------------------------------------------------------- For the first $125 million .6500 of 1% For the next $125 million .6375 of 1 For the next $250 million .6250 of 1 For the next $500 million .6125 of 1 For the next $1 billion .6000 of 1 For net assets over $2 billion .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 of its 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 28, 1999, net assets consisted of:
California California California California California Performance California Investment Select Quality Value Plus Opportunity Quality Quality Income - --------------------------------------------------------------------------------------------------------- Preferred shares, $25,000 stated value per share, at liquidation value $ N/A $ 90,000,000 $ 55,000,000 $ 90,000,000 $150,000,000 $150,000,000 Common shares, $.01 par value per share 252,227 127,053 80,032 133,366 227,184 216,159 Paid-in surplus 237,377,899 177,581,183 111,549,569 186,278,245 316,757,810 300,841,476 Balance of undistributed net investment income 249,763 551,073 402,435 427,554 767,879 967,512 Accumulated net realized gain from investment transactions 271,355 12,471 368,327 136,257 33,063 53,575 Net unrealized appreciation of investments 22,169,328 23,218,075 17,598,072 25,920,624 42,465,292 50,925,900 - --------------------------------------------------------------------------------------------------------- Net assets $260,320,572 $291,489,855 $184,998,435 $302,896,046 $510,251,228 $503,004,622 ========================================================================================================= Authorized shares: Common 250,000,000 200,000,000 200,000,000 200,000,000 200,000,000 200,000,000 Preferred N/A 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 ========================================================================================================= N/A - Fund is not authorized to issue Preferred Shares.
Financial Highlights (Unaudited) Selected data for a Common share outstanding throughout each period is as follows:
Investment Operations Net Realized/ Beginning Net Unrealized Net Asset Investment Investment Value Income Gain (Loss) Total California Value Year Ended 8/31: 1999 (a) $10.38 $ .25 $ (.01) $ .24 1998 10.09 .53 .34 .87 1997 10.03 .59 .15 .74 1996 10.20 .61 (.10) .51 1995 10.20 .64 .04 .68 1994 10.74 .65 (.51) .14 California Performance Plus Year Ended 8/31: 1999 (a) 15.98 .60 (.07) .53 1998 15.67 1.23 .36 1.59 1997 15.41 1.27 .26 1.53 1996 15.45 1.28 (.04) 1.24 1995 15.24 1.28 .28 1.56 1994 16.38 1.30 (1.13) .17 California Opportunity Year Ended 8/31: 1999 (a) 16.48 .60 (.10) .50 1998 16.04 1.23 .45 1.68 1997 15.57 1.25 .45 1.70 1996 15.64 1.25 (.03) 1.22 1995 15.32 1.27 .36 1.63 1994 16.59 1.27 (1.26) .01 California Investment Quality Year Ended 8/31: 1999 (a) 16.03 .57 (.03) .54 1998 15.70 1.18 .36 1.54 1997 15.37 1.22 .32 1.54 1996 15.37 1.24 -- 1.24 1995 15.20 1.25 .22 1.47 1994 16.44 1.26 (1.19) .07 California Select Quality Year Ended 8/31: 1999 (a) 16.02 .57 (.05) .52 1998 15.65 1.16 .41 1.57 1997 15.19 1.19 .52 1.71 1996 15.23 1.19 .09 1.28 1995 14.96 1.21 .35 1.56 1994 16.44 1.21 (1.43) (.22) California Quality Income Year Ended 8/31: 1999 (a) 16.37 .58 (.02) .56 1998 15.86 1.18 .54 1.72 1997 15.24 1.20 .62 1.82 1996 15.05 1.20 .21 1.41 1995 14.68 1.21 .39 1.60 1994 15.92 1.20 (1.20) -- Less Distributions Net Net Investment Investment Capital Capital Income Income Gains Gains To Common To Preferred To Common To Preferred Shareholders Shareholders+ Shareholders Shareholders+ Total California Value Year Ended 8/31: 1999 (a) $ (.25) $ N/A $(.05) $ N/A $ (.30) 1998 (.53) N/A (.05) N/A (.58) 1997 (.59) N/A (.09) N/A (.68) 1996 (.62) N/A (.06) N/A (.68) 1995 (.67) N/A (.01) N/A (.68) 1994 (.67) N/A (.01) N/A (.68) California Performance Plus Year Ended 8/31: 1999 (a) (.50) (.09) (.05) (.01) (.65) 1998 (1.03) (.23) (.02) -- (1.28) 1997 (1.03) (.22) (.02) -- (1.27) 1996 (1.03) (.25) -- -- (1.28) 1995 (1.03) (.29) (.02) (.01) (1.35) 1994 (1.06) (.25) -- -- (1.31) California Opportunity Year Ended 8/31: 1999 (a) (.51) (.08) (.12) (.03) (.74) 1998 (1.01) (.22) (.01) -- (1.24) 1997 (1.01) (.22) -- -- (1.23) 1996 (1.02) (.23) (.03)+++ (.01)+++ (1.29) 1995 (1.05) (.26) -- -- (1.31) 1994 (1.07) (.21) -- -- (1.28) California Investment Quality Year Ended 8/31: 1999 (a) (.48) (.09) (.03) (.01) (.61) 1998 (.99) (.22) -- -- (1.21) 1997 (.99) (.22) -- -- (1.21) 1996 (1.02) (.22) -- -- (1.24) 1995 (1.04) (.26) -- -- (1.30) 1994 (1.12) (.17) (.02) -- (1.31) California Select Quality Year Ended 8/31: 1999 (a) (.47) (.08) (.11) (.02) (.68) 1998 (.97) (.21) (.02) -- (1.20) 1997 (.98) (.20) (.06) (.01) (1.25) 1996 (.98) (.21) (.10) (.03) (1.32) 1995 (.99) (.25) (.04) (.01) (1.29) 1994 (1.05) (.18) (.03) -- (1.26) California Quality Income Year Ended 8/31: 1999 (a) (.49) (.09) (.02) -- (.60) 1998 (.98) (.23) -- -- (1.21) 1997 (.98) (.22) -- -- (1.20) 1996 (.96) (.23) (.02)+++ (.01)+++ (1.22) 1995 (.96) (.27) -- -- (1.23) 1994 (1.00) (.21) (.02) (.01) (1.24) Total Returns Ending Ending Net Asset Ending Based on Based on Net Net Assets Value Market Value Market Value** Asset Value** (000) California Value Year Ended 8/31: 1999 (a) $10.32 $10.0000 4.93% 2.30% $260,321 1998 10.38 9.8125 2.11 8.90 261,912 1997 10.09 10.1875 7.59 7.55 254,168 1996 10.03 10.1250 12.52 5.16 251,948 1995 10.20 9.6250 (6.59) 6.92 193,426 1994 10.20 11.0000 (.50) 1.32 192,237 California Performance Plus Year Ended 8/31: 1999 (a) 15.86 17.3125 (.84) 2.73 291,490 1998 15.98 18.0000 10.74 8.93 292,333 1997 15.67 17.2500 16.71 8.77 286,936 1996 15.41 15.7500 14.04 6.53 282,104 1995 15.45 14.7500 5.75 8.75 281,766 1994 15.24 15.0000 (8.34) (.48) 279,175 California Opportunity Year Ended 8/31: 1999 (a) 16.24 17.5625 3.21 2.36 184,998 1998 16.48 17.6250 11.99 9.36 186,433 1997 16.04 16.6875 11.83 9.79 182,279 1996 15.57 15.8750 13.10 6.31 177,862 1995 15.64 15.0000 4.72 9.43 178,072 1994 15.32 15.3750 (8.20) (1.27) 175,325 California Investment Quality Year Ended 8/31: 1999 (a) 15.96 16.9375 3.35 2.74 302,896 1998 16.03 16.8750 8.39 8.66 303,108 1997 15.70 16.5000 12.32 8.82 297,280 1996 15.37 15.6250 11.08 6.72 291,423 1995 15.37 15.0000 3.77 8.38 290,426 1994 15.20 15.5000 (2.10) (.64) 287,504 California Select Quality Year Ended 8/31: 1999 (a) 15.86 16.6875 3.10 2.66 510,251 1998 16.02 16.7500 8.11 8.93 512,671 1997 15.65 16.4375 13.22 10.17 502,648 1996 15.19 15.5000 15.73 6.95 490,214 1995 15.23 14.3750 7.14 9.22 489,967 1994 14.96 14.4380 (7.60) (2.52) 483,986 California Quality Income Year Ended 8/31: 1999 (a) 16.33 17.3125 2.57 2.87 503,005 1998 16.37 17.3750 13.29 9.65 503,000 1997 15.86 16.2500 15.19 10.74 489,961 1996 15.24 15.0000 12.32 7.89 475,498 1995 15.05 14.2500 9.24 9.57 471,064 1994 14.68 14.0000 (6.27) (1.41) 463,200 Ratios/Supplemental Data Ratio of Net Ratio of Net Ratio of Investment Ratio of Investment Expenses to Income to Expenses to Income to Average Average Average Total Average Total Net Assets Net Assets Net Assets Net Assets Portfolio Applicable to Applicable to Including Including Turnover Common Shares++ Common Shares++ Preferred++ Preferred++ Rate California Value Year Ended 8/31: 1999 (a) .69%* 4.91%* N/A N/A 10% 1998 .71 5.19 N/A N/A 40 1997 .74 5.85 N/A N/A 17 1996 .77 6.00 N/A N/A 23 1995 .75 6.32 N/A N/A 9 1994 .76 6.24 N/A N/A 9 California Performance Plus Year Ended 8/31: 1999 (a) 1.16* 7.59* .81* 5.26* 4 1998 1.18 7.76 .81 5.35 20 1997 1.19 8.17 .81 5.59 12 1996 1.18 8.23 .80 5.62 14 1995 1.23 8.56 .83 5.77 24 1994 1.21 8.21 .83 5.63 19 California Opportunity Year Ended 8/31: 1999 (a) 1.16* 7.43* .82* 5.23* 5 1998 1.17 7.52 .82 5.28 18 1997 1.19 7.85 .82 5.46 4 1996 1.19 7.88 .82 5.47 8 1995 1.21 8.38 .83 5.73 36 1994 1.25 7.94 .87 5.51 24 California Investment Quality Year Ended 8/31: 1999 (a) 1.16* 7.17* .81* 5.05* 2 1998 1.15 7.45 .80 5.22 21 1997 1.16 7.82 .80 5.44 12 1996 1.16 7.95 .81 5.51 10 1995 1.18 8.36 .81 5.72 14 1994 1.18 7.97 .82 5.53 18 California Select Quality Year Ended 8/31: 1999 (a) 1.10* 7.18* .78* 5.08* 3 1998 1.11 7.35 .78 5.18 17 1997 1.12 7.68 .78 5.36 5 1996 1.13 7.73 .79 5.38 13 1995 1.16 8.25 .80 5.66 12 1994 1.16 7.76 .81 5.43 15 California Quality Income Year Ended 8/31: 1999 (a) 1.11* 7.13* .78* 5.01* 2 1998 1.12 7.34 .78 5.12 11 1997 1.14 7.69 .79 5.31 8 1996 1.15 7.83 .79 5.37 6 1995 1.19 8.36 .80 5.63 29 1994 1.17 7.81 .80 5.35 12 N/A Fund is not authorized to issue Preferred shares. * Annualized. ** 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. Total returns are not annualized for periods less than one year. + The amounts shown are based on Common share equivalents. ++ Ratios do not reflect the effect of dividend payments to preferred shareholders; income ratios reflect income earned on assets attributable to Preferred Shares, if applicable. +++ The amounts shown include distributions in excess of capital gains of $.011 for Common shareholders and $.003 for Preferred shareholders of California Opportunity and $.007 for Common shareholders and $.002 for Preferred shareholders of California Quality Income. (a) For the six months ended February 28, 1999.
Building a Better Portfolio Can Make You a Successful Investor Nuveen Family of Mutual Funds Nuveen offers a variety of funds designed to help you reach your financial goals. Growth Nuveen Rittenhouse Growth Fund Growth and Income European Value Fund Growth and Income Stock Fund Balanced Stock and Bond Fund Balanced Municipal and Stock Fund Dividend and Growth Fund Income Income Fund Tax-Free Income National Funds Long-Term Insured Intermediate-Term Limited-Term State Funds Arizona California Colorado Connecticut Florida Georgia Kansas Kentucky Louisiana Maryland Massachusetts Michigan Missouri New Jersey New Mexico New York North Carolina Ohio Pennsylvania Tennessee Virginia Wisconsin Successful investors know that a well-diversified portfolio - one that balances different types of investments, levels of risk and tax management - can be the foundation for building and sustaining wealth. 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We seek to evaluate an issuer's Year 2000 readiness as part of our initial and ongoing research of these issuers. This is only one of the many factors considered in determining whether to buy, sell, or continue holding a particular security. We anticipate that all significant components of our Year 2000 review, repair, and testing program will be complete by mid-1999. This includes appropriate industry-wide testing of critical systems and receipt of satisfactory assurances from critical service providers, vendors, and issuers regarding their Year 2000 readiness. We are also making Year 2000 contingency plans to guide recovery efforts in the event that, despite our remediation attempts, Year 2000 issues adversely affect the Funds. Although we cannot give complete assurance at this time that the steps we take will be sufficient to prevent any problems that would impact the Nuveen Exchange-Traded Funds, we can assure you that we will take all reasonable steps to prevent disruption of the services provided by your Fund. 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 months ended February 28, 1999. Any future repurchases will be reported to shareholders in the next annual or semiannual report. Serving Investors for Generations Photo of: John Nuveen, Sr. Since our founding in 1898, John Nuveen & Co. has been synonymous with investments that withstand the test of time. Today we offer a broad range of quality investments designed for individuals seeking to build and sustain wealth. In fact, more than 1.3 million investors have trusted Nuveen to help them pursue their financial goals. The cornerstone of Nuveen's investment philosophy is a commitment to disciplined long-term investment strategies focused on providing consistent, attractive performance over time - with moderated risk. We emphasize quality securities carefully chosen through in-depth research, and we follow those securities closely over time to ensure that they continue to meet our exacting standards. Whether your focus is long-term growth, dependable current income or sustaining accumulated wealth, Nuveen offers a wide variety of investments and services to help meet your unique circumstances and financial planning needs. Our equity, balanced, and tax-free income funds, along with our defined portfolios and private asset management, can help you build a better, well-diversified portfolio. Talk with your financial adviser to learn more about how Nuveen investment products and services can help you. 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