Unassociated Document


	Portfolio of Investments (Unaudited)
	Nuveen California Performance Plus Municipal Fund, Inc. (NCP)
	May 31, 2011
Principal		Optional Call
Amount (000)	Description (1)	Provisions (2)	Ratings (3)	Value
	Consumer Staples – 5.5% (3.7% of Total Investments)
$ 485	California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Sonoma	6/15 at 100.00	BBB	$ 447,854
	County Tobacco Securitization Corporation, Series 2005, 4.250%, 6/01/21
3,000	Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed	6/17 at 100.00	Baa3	2,068,200
	Bonds, Series 2007A-1, 5.750%, 6/01/47
12,135	Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed	6/22 at 100.00	Baa3	7,133,802
	Bonds, Series 2007A-2, 0.000%, 6/01/37
15,620	Total Consumer Staples			9,649,856
	Education and Civic Organizations – 11.9% (8.1% of Total Investments)
160	California Educational Facilities Authority, Revenue Bonds, University of Redlands, Series	10/15 at 100.00	A3	141,981
	2005A, 5.000%, 10/01/35
	California Educational Facilities Authority, Revenue Bonds, University of the Pacific, Series 2006:
110	5.000%, 11/01/21	11/15 at 100.00	A2	115,094
150	5.000%, 11/01/25	11/15 at 100.00	A2	152,819
4,730	California Infrastructure Economic Development Bank, Revenue Bonds, J. David Gladstone	10/11 at 101.00	A–	4,799,768
	Institutes, Series 2001, 5.500%, 10/01/21
2,645	California State Public Works Board, Lease Revenue Bonds, University of California Regents,	3/18 at 100.00	Aa2	2,585,805
	Tender Option Bond Trust 1065, 9.091%, 3/01/33 (IF)
4,730	California State University, Systemwide Revenue Bonds, Series 2002A, 5.000%, 11/01/19 –	11/12 at 100.00	Aa2	4,958,081
	AMBAC Insured
3,000	Long Beach Bond Financing Authority, California, Lease Revenue Refunding Bonds, Long Beach	11/11 at 101.00	BBB	2,817,090
	Aquarium of the South Pacific, Series 2001, 5.000%, 11/01/26 – AMBAC Insured
4,000	San Diego County, California, Certificates of Participation, Burnham Institute, Series 2006,	9/15 at 102.00	Baa3	3,156,600
	5.000%, 9/01/34
1,655	University of California, General Revenue Bonds, Series 2003A, 5.125%, 5/15/17 –	5/13 at 100.00	Aa1	1,778,744
	AMBAC Insured (UB)
345	University of California, Revenue Bonds, Multi-Purpose Projects, Series 2003A,	5/13 at 100.00	Aa1	374,670
	5.125%, 5/15/17 (UB)
21,525	Total Education and Civic Organizations			20,880,652
	Health Care – 19.7% (13.3% of Total Investments)
7,885	California Health Facilities Financing Authority, Revenue Bonds, Childrens Hospital Los	7/20 at 100.00	AA+	7,341,487
	Angeles, Series 2010A, 5.250%, 7/01/38 – AGC Insured
375	California Health Facilities Financing Authority, Revenue Bonds, Kaiser Permanante System,	4/16 at 100.00	A+	339,701
	Series 2006, 5.000%, 4/01/37
2,320	California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2008,	11/16 at 100.00	AA–	2,187,922
	5.250%, 11/15/46 (UB)
1,200	California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2011B,	8/20 at 100.00	AA–	1,258,668
	6.000%, 8/15/42
1,000	California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, Series	7/20 at 100.00	Baa1	927,010
	2010A, 5.750%, 7/01/40
1,650	California Municipal Financing Authority, Certificates of Participation, Community Hospitals	2/17 at 100.00	Baa2	1,323,383
	of Central California, Series 2007, 5.250%, 2/01/46
	California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity
	Health System, Series 2005A:
4,000	5.250%, 7/01/24	7/15 at 100.00	BBB	3,606,120
1,000	5.250%, 7/01/30	7/15 at 100.00	BBB	840,320
1,755	California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanente System,	8/16 at 100.00	A+	1,705,965
	Series 2001C, 5.250%, 8/01/31
1,355	California Statewide Community Development Authority, Revenue Bonds, Sherman Oaks Health	No Opt. Call	A1	1,396,341
	System, Series 1998A, 5.000%, 8/01/22 – AMBAC Insured
4,045	California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Series	11/15 at 100.00	AA–	3,683,660
	2005A, 5.000%, 11/15/43 (UB)
895	California Statewide Communities Development Authority, Revenue Bonds, Saint Joseph Health	7/18 at 100.00	AA+	679,484
	System, Trust 2554, 18.728%, 7/01/47 – AGM Insured (IF)
1,000	Loma Linda, California, Hospital Revenue Bonds, Loma Linda University Medical Center, Series	12/15 at 100.00	BBB	885,510
	2005A, 5.000%, 12/01/23
1,750	Loma Linda, California, Hospital Revenue Bonds, Loma Linda University Medical Center, Series	12/17 at 100.00	BBB	1,900,640
	2008A, 8.250%, 12/01/38
2,900	Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010,	11/20 at 100.00	Baa3	2,593,093
	6.000%, 11/01/41
1,600	The Regents of the University of California, Medical Center Pooled Revenue Bonds, Series	5/17 at 101.00	Aa2	1,517,232
	2009E, 5.000%, 5/15/38
2,350	Upland, California, Certificates of Participation, San Antonio Community Hospital, Series	1/21 at 100.00	A	2,388,329
	2011, 6.500%, 1/01/41
37,080	Total Health Care			34,574,865
	Housing/Multifamily – 3.6% (2.4% of Total Investments)
1,150	California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects	8/20 at 100.00	BBB–	1,077,263
	Series 2010A, 6.400%, 8/15/45
1,500	California Statewide Community Development Authority, Student Housing Revenue Bonds, EAH –	8/12 at 100.00	Baa1	1,502,565
	Irvine East Campus Apartments, LLC Project, Series 2002A, 5.500%, 8/01/22 – ACA Insured
3,915	Los Angeles, California, GNMA Collateralized Multifamily Housing Revenue Bonds, Ridgecroft	9/11 at 100.00	AAA	3,783,691
	Apartments, Series 1997E, 6.250%, 9/20/39 (Alternative Minimum Tax)
6,565	Total Housing/Multifamily			6,363,519
	Housing/Single Family – 1.2% (0.8% of Total Investments)
230	California Housing Finance Agency, Home Mortgage Revenue Bonds, Series 2006H, 5.750%,	2/16 at 100.00	A3	233,243
	8/01/30 – FGIC Insured (Alternative Minimum Tax)
2,070	California State Department of Veteran Affairs, Home Purchase Revenue Bonds, Series 2007B,	12/16 at 100.00	AA	1,944,599
	5.200%, 12/01/32 (Alternative Minimum Tax)
2,300	Total Housing/Single Family			2,177,842
	Long-Term Care – 4.2% (2.7% of Total Investments)
3,000	ABAG Finance Authority for Non-Profit Corporations, California, Cal-Mortgage Insured Revenue	5/20 at 100.00	A–	2,930,370
	Bonds, Channing House, Series 2010, 6.125%, 5/15/40
4,500	California Statewide Communities Development Authority, Revenue Bonds, Inland Regional Center	12/17 at 100.00	Baa1	4,194,180
	Project, Series 2007, 5.250%, 12/01/27
7,500	Total Long-Term Care			7,124,550
	Tax Obligation/General – 19.2% (13.0% of Total Investments)
500	California State, General Obligation Bonds, Series 2004, 5.000%, 2/01/23	2/14 at 100.00	A1	515,195
5,750	California State, General Obligation Bonds, Various Purpose Series 2009, 6.000%, 11/01/39	11/19 at 100.00	A1	6,159,170
3,000	California State, General Obligation Bonds, Various Purpose Series 2010, 6.000%, 3/01/33	3/20 at 100.00	A1	3,269,040
3,550	Centinela Valley Union High School District, Los Angeles County, California, General	No Opt. Call	A+	3,682,415
	Obligation Bonds, Series 2002A, 5.250%, 2/01/26 – NPFG Insured
1,400	Los Rios Community College District, Sacramento, El Dorado and Yolo Counties, California,	8/14 at 102.00	AA+	1,528,478
	General Obligation Bonds, Series 2006C, 5.000%, 8/01/24 – AGM Insured (UB)
3,200	Murrieta Valley Unified School District, Riverside County, California, General Obligation	9/17 at 100.00	AA+	3,043,360
	Bonds, Series 2007, 4.500%, 9/01/30 – AGM Insured
4,765	North Orange County Community College District, California, General Obligation Bonds, Series	No Opt. Call	Aa1	1,826,520
	2003B, 0.000%, 8/01/27 – FGIC Insured
2,575	Oxnard School District, Ventura County, California, General Obligation Refunding Bonds, Series	2/22 at 103.00	A+	2,658,662
	2001A, 5.750%, 8/01/30 – NPFG Insured
	Riverside Community College District, California, General Obligation Bonds, Series 2004A:
15	5.250%, 8/01/25 – NPFG Insured	8/14 at 100.00	AA	16,134
20	5.250%, 8/01/26 – NPFG Insured	8/14 at 100.00	AA	21,251
325	Roseville Joint Union High School District, Placer County, California, General Obligation	8/15 at 100.00	AA–	332,267
	Bonds, Series 2006B, 5.000%, 8/01/27 – FGIC Insured
4,000	San Diego Unified School District, San Diego County, California, General Obligation Bonds,	7/13 at 101.00	AA+	4,389,200
	Series 2003E, 5.250%, 7/01/22 – AGM Insured
1,850	San Juan Capistano, California, General Obligation Bonds, Open Space Program, Tender Option	No Opt. Call	AAA	2,087,318
	Bond Trust 3646, 17.830%, 8/01/17 (IF)
2,200	Santa Maria Joint Union High School District, Santa Barbara and San Luis Obispo Counties,	No Opt. Call	Aa3	2,715,724
	California, General Obligation Bonds, Series 2003B, 5.625%, 8/01/24 – AGM Insured
1,440	Southwestern Community College District, San Diego County, California, General Obligation	8/15 at 102.00	AA–	1,530,389
	Bonds, Series 2005, 5.000%, 8/01/24 – NPFG Insured
34,590	Total Tax Obligation/General			33,775,123
	Tax Obligation/Limited – 38.1% (25.7% of Total Investments)
5,045	California State Public Works Board, Lease Revenue Bonds, Department of Corrections, Series	3/12 at 100.00	A2	5,069,771
	2002A, 5.250%, 3/01/22 – AMBAC Insured
1,575	California State Public Works Board, Lease Revenue Bonds, Department of General Services,	12/13 at 100.00	A2	1,657,955
	Series 2003D, 5.500%, 6/01/20
3,010	California State Public Works Board, Lease Revenue Bonds, Department of Mental Health,	6/14 at 100.00	A2	3,122,062
	Coalinga State Hospital, Series 2004A, 5.500%, 6/01/19
3,000	California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series	10/19 at 100.00	A2	3,060,390
	2009G-1, 5.750%, 10/01/30
1,295	California, Economic Recovery Revenue Bonds, Series 2004A, 5.000%, 7/01/15	7/14 at 100.00	Aa3	1,426,727
400	Capistrano Unified School District, Orange County, California, Special Tax Bonds, Community	9/15 at 100.00	BBB	382,772
	Facilities District, Series 2005, 5.000%, 9/01/24 – FGIC Insured
1,210	Chino Redevelopment Agency, California, Merged Chino Redevelopment Project Area Tax Allocation	9/16 at 101.00	A–	984,117
	Bonds, Series 2006, 5.000%, 9/01/38 – AMBAC Insured
2,000	Coachella Valley Unified School District, Riverside County, California, Certificates of	9/16 at 100.00	N/R	1,608,940
	Participation, Series 2007, 5.000%, 9/01/31 – AMBAC Insured
2,500	Corona Public Financing Authority, California, Superior Lien Revenue Bonds, Series 1999A,	9/11 at 100.00	AA+	2,523,050
	5.000%, 9/01/20 – AGM Insured
1,045	Hawthorne Community Redevelopment Agency, California, Project Area 2 Tax Allocation Bonds,	9/16 at 100.00	A–	892,493
	Series 2006, 5.250%, 9/01/36 – SYNCORA GTY Insured
1,750	Hesperia Community Redevelopment Agency, California, Tax Allocation Bonds, Series 2005A,	9/15 at 100.00	BBB–	1,545,443
	5.000%, 9/01/25 – SYNCORA GTY Insured
	Irvine, California, Unified School District, Community Facilities District Special Tax Bonds,
	Series 2006A:
185	5.000%, 9/01/26	9/16 at 100.00	N/R	173,700
425	5.125%, 9/01/36	9/16 at 100.00	N/R	367,523
730	Los Angeles Community Redevelopment Agency, California, Lease Revenue Bonds, Manchester	9/15 at 100.00	A1	620,004
	Social Services Project, Series 2005, 5.000%, 9/01/37 – AMBAC Insured
10,000	Los Angeles County Public Works Financing Authority, California, Lease Revenue Bonds, Series	9/16 at 100.00	BBB	8,750,900
	2006B, 5.000%, 9/01/31 – FGIC Insured
4,000	Los Angeles, California, Municipal Improvement Corporation, Lease Revenue Bonds, Police	1/17 at 100.00	A+	3,731,440
	Headquarters, Series 2006A, 4.750%, 1/01/31 – FGIC Insured
1,625	Lynwood Redevelopment Agency, California, Project A Revenue Bonds, Subordinate Lien Series	9/21 at 100.00	A–	1,671,979
	2011A, 6.750%, 9/01/26
1,395	Moreno Valley Unified School District, Riverside County, California, Certificates of	3/14 at 100.00	AA+	1,440,603
	Participation, Series 2005, 5.000%, 3/01/22 – AGM Insured
3,500	Murrieta Redevelopment Agency, California, Tax Allocation Bonds, Series 2007A, 5.000%, 8/01/37 –	8/17 at 100.00	A–	2,864,190
	NPFG Insured
400	National City Community Development Commission, San Diego County, California, Redevelopment	8/21 at 100.00	A–	419,984
	Project Tax Allocation Bonds, Series 2011, 6.500%, 8/01/24
1,000	Norco Redevelopment Agency, California, Tax Allocation Bonds, Project Area 1, Refunding Series	3/14 at 100.00	N/R	743,960
	2004, 5.000%, 3/01/32 – RAAI Insured
1,500	Norco Redevelopment Agency, California, Tax Allocation Refunding Bonds, Project Area 1,	3/20 at 100.00	A	1,425,750
	Refunding Series 2010, 5.875%, 3/01/32
150	Novato Redevelopment Agency, California, Tax Allocation Bonds, Hamilton Field Redevelopment	9/21 at 100.00	A–	152,531
	Project, Series 2011, 6.750%, 9/01/40
1,000	Paramount Redevelopment Agency, California, Tax Allocation Bonds, Redevelopment Project Area	8/13 at 100.00	A–	915,000
	1, Series 2003, 5.000%, 8/01/23 – NPFG Insured
350	Rialto Redevelopment Agency, California, Tax Allocation Bonds, Merged Project Area, Series	9/15 at 100.00	A–	289,461
	2005A, 5.000%, 9/01/35 – SYNCORA GTY Insured
1,500	Riverside County Public Financing Authority, California, Tax Allocation Bonds, Multiple	10/15 at 100.00	BBB	1,138,380
	Projects, Series 2005A, 5.000%, 10/01/37 – SYNCORA GTY Insured
85	Riverside County Redevelopment Agency, California, Jurupa Valley Project Area 2011 Tax Allocation	10/21 at 100.00	A–	85,946
	Bonds Series B, 6.500%, 10/01/25
1,445	Riverside County Redevelopment Agency, California, Tax Allocation Housing Bonds, Series 2010A,	10/20 at 100.00	A–	1,363,401
	6.000%, 10/01/39
	Rohnert Park Community Development Commission, California, Redevelopment Project Tax
	Allocation Bonds, Series 2007R:
290	5.000%, 8/01/37 – FGIC Insured	8/17 at 100.00	BBB	317,411
710	5.000%, 8/01/37 – FGIC Insured	8/17 at 100.00	A–	581,021
435	Roseville, California, Certificates of Participation, Public Facilities, Series 2003A, 5.000%,	8/13 at 100.00	AA–	435,544
	8/01/25 – AMBAC Insured
1,000	Sacramento City Financing Authority, California, Lease Revenue Refunding Bonds, Series 1993A,	No Opt. Call	A1	1,060,310
	5.400%, 11/01/20 – NPFG Insured
70	San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds,	2/21 at 100.00	A–	72,652
	Mission Bay North Redevelopment Project, Series 2011C, 6.750%, 8/01/41
	San Francisco Redevelopment Financing Authority, California, Tax Allocation Revenue Bonds,
	Mission Bay South Redevelopment Project, Series 2011D:
70	7.000%, 8/01/33	2/21 at 100.00	BBB	71,919
85	7.000%, 8/01/41	2/21 at 100.00	BBB	87,025
5,000	San Marcos Public Facilities Authority, California, Tax Allocation Bonds, Project Areas 2 and	8/15 at 100.00	A–	4,136,450
	3, Series 2005C, 5.000%, 8/01/35 – AMBAC Insured
750	San Mateo Union High School District, San Mateo County, California, Certificates of	12/17 at 100.00	AA–	707,558
	Participation, Phase 1, Series 2007A, 5.000%, 12/15/30 – AMBAC Insured
	Santa Clara Redevelopment Agency, California, Tax Allocation Bonds, Bayshore North Project,
	Series 2003:
2,695	5.000%, 6/01/20 – NPFG Insured	6/13 at 100.00	A	2,710,308
1,500	5.000%, 6/01/21 – NPFG Insured	6/13 at 100.00	A	1,503,225
120	Signal Hill Redevelopment Agency, California, Project 1 Tax Allocation Bonds, Series 2011,	4/21 at 100.00	N/R	118,763
	7.000%, 10/01/26
	Sweetwater Union High School District, San Diego County, California, Certificates of
	Participation, Series 2002:
2,000	5.000%, 9/01/23 – AGM Insured	9/12 at 102.00	AA+	2,025,260
4,015	5.000%, 9/01/24 – AGM Insured	9/12 at 102.00	AA+	4,041,981
400	Union City Community Redevelopment Agency, California, Tax Allocation Revenue Bonds,	12/21 at 100.00	A	413,592
	Redevelopment Project, Subordinate Lien Series 2011, 6.875%, 12/01/33
205	Yorba Linda Redevelopment Agency, Orange County, California, Tax Allocation Revenue Bonds,	9/21 at 100.00	A–	207,560
	Yorba Linda Redevelopment Project, Subordinate Lien Series 2011A, 6.000%, 9/01/26
71,465	Total Tax Obligation/Limited			66,919,051
	Transportation – 10.9% (7.4% of Total Investments)
1,430	Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series	4/16 at 100.00	AA	1,452,894
	2006F, 5.000%, 4/01/31 (UB)
1,890	Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series	4/18 at 100.00	AA	2,088,393
	2008, Trust 3211, 13.453%, 10/01/32 (IF)
6,500	Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Refunding	1/14 at 101.00	BBB–	5,949,645
	Bonds, Series 1999, 5.875%, 1/15/29
8,485	Port of Oakland, California, Revenue Bonds, Series 2000K, 5.750%, 11/01/29 – FGIC Insured	11/29 at 100.00	A	8,484,745
1,200	San Francisco Airports Commission, California, Revenue Refunding Bonds, San Francisco	5/23 at 100.00	A1	1,200,948
	International Airport, Second Series 2001, Issue 27B, 5.000%, 5/01/23 – FGIC Insured
19,505	Total Transportation			19,176,625
	U.S. Guaranteed – 11.4% (7.7% of Total Investments) (4)
5,360	California Infrastructure Economic Development Bank, First Lien Revenue Bonds, San Francisco	No Opt. Call	AAA	6,546,275
	Bay Area Toll Bridge, Series 2003A, 5.000%, 7/01/23 – AGM Insured (ETM)
400	California, Economic Recovery Revenue Bonds, Series 2004A, 5.000%, 7/01/15	7/14 at 100.00	AAA	454,016
	(Pre-refunded 7/01/14)
4,000	Contra Costa County, California, GNMA Mortgage-Backed Securities Program Home Mortgage	No Opt. Call	AAA	5,416,760
	Revenue Bonds, Series 1988, 8.250%, 6/01/21 (Alternative Minimum Tax) (ETM)
3,000	Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed	6/13 at 100.00	AAA	3,364,200
	Bonds, Series 2003A-1, 6.750%, 6/01/39 (Pre-refunded 6/01/13)
4,000	Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2002D, 5.375%,	7/12 at 100.00	AAA	4,217,800
	7/01/36 (Pre-refunded 7/01/12)
16,760	Total U.S. Guaranteed			19,999,051
	Utilities – 11.1% (7.5% of Total Investments)
4,210	California Statewide Community Development Authority, Certificates of Participation Refunding,	12/11 at 100.00	N/R	3,774,055
	Rio Bravo Fresno Project, Series 1999A, 6.500%, 12/01/18 (5)
2,140	Long Beach Bond Finance Authority, California, Natural Gas Purchase Revenue Bonds, Series	No Opt. Call	A	2,006,999
	2007A, 5.500%, 11/15/37
725	Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series	7/13 at 100.00	AA–	769,841
	2003A-2, 5.000%, 7/01/21 – NPFG Insured
500	Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series	7/15 at 100.00	AA+	509,678
	2005A-1, 5.000%, 7/01/31 – AGM Insured (UB)
715	Merced Irrigation District, California, Electric System Revenue Bonds, Series 2005, 5.125%,	9/15 at 100.00	N/R	618,818
	9/01/31 – SYNCORA GTY Insured
10,450	Orange County Public Financing Authority, California, Waste Management System Revenue	No Opt. Call	A1	11,278,163
	Refunding Bonds, Series 1997, 5.250%, 12/01/13 – AMBAC Insured (Alternative Minimum Tax)
500	Sacramento Municipal Utility District, California, Electric Revenue Refunding Bonds, Series	8/12 at 100.00	AA+	517,535
	2002Q, 5.250%, 8/15/22 – AGM Insured
19,240	Total Utilities			19,475,089
	Water and Sewer – 11.4% (7.7% of Total Investments)
1,000	California Statewide Community Development Authority, Water and Wastewater Revenue Bonds,	10/13 at 100.00	AA+	1,025,460
	Pooled Financing Program, Series 2003A, 5.250%, 10/01/23 – AGM Insured
2,500	Central Basin Municipal Water District, California, Certificates of Participation, Tender	2/20 at 100.00	AA+	2,417,200
	Option Bond Trust 3152, 18.003%, 8/01/33 – AGM Insured (IF)
2,500	El Centro Financing Authority, California, Water Revenue Bonds, Series 2006A, 4.750%, 10/01/31 –	10/16 at 100.00	AA+	2,370,175
	AGM Insured
4,770	Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2004C,	7/14 at 100.00	AA	5,247,763
	5.250%, 7/01/20 – NPFG Insured
2,500	Pajaro Valley Water Management Agency, California, Revenue Certificates of Participation,	9/11 at 100.00	BBB	2,187,200
	Series 1999A, 5.750%, 3/01/29 – AMBAC Insured
4,585	Santa Maria, California, Subordinate Water and Wastewater Revenue Certificates of	8/12 at 101.00	N/R	4,296,328
	Participation, Series 1997A, 5.550%, 8/01/27 – AMBAC Insured
1,700	South Gate Utility Authority, California, Subordinate Revenue Bonds, Water and Sewer System	10/11 at 102.00	BBB	1,581,353
	Projects, Series 2001, 5.000%, 10/01/22 – FGIC Insured
945	Woodbridge Irrigation District, California, Certificates of Participation, Water Systems	7/13 at 100.00	A+	890,904
	Project, Series 2003, 5.625%, 7/01/43
20,500	Total Water and Sewer			20,016,383
$ 272,650	Total Investments (cost $268,209,055) – 148.2%			260,132,606
	Floating Rate Obligations – (4.4)%			(7,680,000)
	Variable Rate Demand Preferred Shares, at Liquidation Value – (46.1)% (6)			(81,000,000)
	Other Assets Less Liabilities – 2.3%			4,065,710
	Net Assets Applicable to Common Shares – 100%			$ 175,518,316

Fair Value Measurements

Fair value is defined as the price that the Fund would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market of the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad levels listed below:

Level 1 – Quoted prices in active markets for identical securities.

Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

Level 3 – Significant unobservable inputs (including management’s assumptions in determining the fair value of investments).

The inputs or methodologies used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the Fund’s fair value measurements as of May 31, 2011:


	Level 1	Level 2	Level 3	Total
Investments:
Municipal Bonds	$ —	$260,132,606	$ —	$260,132,606

During the period ended May 31, 2011, the Fund recognized no significant transfers to/from Level 1, Level 2 or Level 3.

Income Tax Information

The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset value of the Fund.

At May 31, 2011, the cost of investments was $260,165,722.

Gross unrealized appreciation and gross unrealized depreciation of investments at May 31, 2011, were as follows:


Gross unrealized:
Appreciation	$ 7,670,397
Depreciation	(15,380,106)
Net unrealized appreciation (depreciation) of investments	$ (7,709,709)


(1)		All percentages shown in the Portfolio of Investments are based on net assets applicable to Common
		shares unless otherwise noted.
(2)		Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption.
		There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities
		may be subject to periodic principal paydowns.
(3)		Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investor Service,
		Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or
		BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any
		of these national rating agencies.
(4)		Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities,
		which ensure the timely payment of principal and interest.
(5)		This debt has been restructured to accommodate capital maintenance at the facility. Major highlights of
		the debt restructuring include the following: (1) the principal balance outstanding on and after
		December 1, 2007, shall accrue interest at a rate of 6.500% per annum commencing December 1, 2007;
		(2) the interest shall accrue but not be payable on June 1, 2008 or December 1, 2008, but shall instead be
		deferred and paid by the end of calendar year 2011; (3) no principal component shall be pre-payable from
		the Minimum Sinking Fund Account during calendar years 2008 and 2009 but such pre-payments shall
		recommence beginning in calendar year 2010 according to a revised schedule. Management believes that
		the restructuring is in the best interest of Fund shareholders and that it is more-likely-than-not that the
		borrower will fulfill its obligation. Consequently, the Fund continues to accrue interest on this obligation.
(6)		Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 31.1%.
N/R		Not rated.
(ETM)		Escrowed to maturity.
(IF)		Inverse floating rate investment.
(UB)		Underlying bond of an inverse floating rate trust reflected as a financing transaction.