Nuveen Exchange-Traded Funds
Providing tax-free income to help you live your dreams
CALIFORNIA VALUE (NCA)
CALIFORNIA PERFORMANCE PLUS (NCP)
CALIFORNIA MARKET OPPORTUNITY (NCO)
CALIFORNIA INVESTMENT QUALITY (NQC)
CALIFORNIA SELECT QUALITY (NVC)
CALIFORNIA QUALITY INCOME (NUC)
ANNUAL REPORT/AUGUST 31, 1996
Photographic image of couple walking on beach.
<PAGE>
Photographic image of financial adviser reviewing financial statements/plans
with older couple.
Tax-informed investing An important part of any successful
investment program is gauging how well your investments have performed and
measuring your progress toward your long-term goals.
<PAGE>
Taxes dramatically alter the relative returns of the five asset classes shown
at right. Graph showing after-tax returns, 1976-1996.
Municipals 8.26
Treasuries 5.62
Corporates 6.11
Stocks 10.51
Treasury Bills 3.87
Traditionally, the most common way to measure performance has been to compare
pre-tax rates of return for different investments across similar time periods.
The rationale behind this method is that each investor is taxed at a different
rate, making pre-tax comparisons the seemingly logical way to ensure you are
comparing apples to apples.
This, however, is precisely the rationale that can make a pre-tax
performance assessment misleading. When returns are presented on a pre-tax
basis, you may lose sight of the major impact taxes can have on your earnings,
and fail to get the complete picture of your progress toward your investment
goals. At Nuveen, we've built our reputation help ing investors realize that
it's not what you earn, it's what you keep.
TAX-INFORMED INVESTING: THE KEY TO MEASURING LONG-TERM RESULTS
The true measure of an investment is its performance on an after-tax basis.
Analyzing after-tax returns gains added significance when you realize that the
taxes you pay can never be regained. Once that money is "lost," it can't be
put to work through compounding, earning additional dollars for you.
To better illustrate the ways that taxes can affect the amount you keep
versus the amount you earn, Nuveen Research recently studied 20 years of
investment returns, both pre-tax and after-tax, to determine the impact of
taxes on various asset classes. We were particularly interested in the results
for municipal bonds, an asset class that is commonly excluded from the top
performance rankings when only pre-tax returns are considered.
MEASURING WHAT YOU KEEP
The study showed that, once the impact of taxes was figured into the equation,
municipal bonds offered a distinct advantage over other fixed income
investments. Over the study period, municipal bonds outperformed both
corporate and Treasury bonds (see accompanying tables), as high tax rates and
the loss of compounding income took their toll on corporate and Treasury
results.
As investors are well aware, performance over the long term--and the
purchasing power of their earnings--can be eroded by inflation as well as
taxes. The study showed that, over the past 20 years, only municipal bonds and
stocks provided significant after-tax gains over the Consumer Price Index, the
most recognized measure of inflation.
<PAGE>
ABOUT THE STUDY
The study, "Measuring What You Keep: Historical After-Tax Returns," compared
pre-tax and after-tax total returns over the past 20 years for five asset
classes: municipal bonds, Treasury bonds, Treasury bills, corporate bonds, and
large company stocks. Returns for each asset class were represented by the
returns on commonly used market indexes compiled by Lehman Brothers and
Ibbotson & Associates.
A hypothetical investment of $100,000 was made in each of these asset
classes at the beginning of 1976, with all dividends and interest reinvested
through the end of 1995. In addition, the after-tax proceeds of an assumed
annual 20% turnover rate were reinvested. The study assumed that taxes were
paid annually at the applicable federal income tax rates for an investor
earning the equivalent of $100,000 in 1995. Of course, this hypothetical
investment performance neither reflects past performance nor predicts future
results of any Nuveen investment.
INCORPORATING TAX-INFORMED INVESTING IN YOUR PORTFOLIO
The Nuveen study confirms what many investors have known for years: that
municipal bonds can play a critical role in the long-term financial strategies
of tax-informed investors.
Balancing short-term and long-term investments
Combining shorter- and longer-term tax-free investments may help you manage
cumulative risk in your portfolio while still capturing the potential for
attractive overall rates. Shorter-term investments can help reduce the current
volatility of your portfolio and provide a source of investable funds to take
advantage of additional investment opportunities as they arise. Longer-term
leveraged exchange-traded funds have provided attractive yields and offer
trading flexibility that allows quick and easy portfolio adjustments.
Dividend reinvestment
Studies indicate that weathering market cycles by maintaining an investment
plan with long-term goals can help shield investors in the event of a
declining market. The purchase of additional shares on a regular schedule,
such as through dividend reinvestment, is another strategy for navigating
market changes. Dividend reinvestment is an easy and convenient way to set
aside dollars on a regular basis, helping you take advantage of dollar-cost
averaging while gaining the benefits of tax-free compounding.
CONSISTENT AFTER-TAX PERFORMANCE
For the long-term investor, performance--even after the impact of taxes and
inflation--is the true meas ure of an investment's merit. While most investors
choose municipal bonds for their tax-free income advantage, the positive news
about their after-tax returns reinforces their potential value as part of a
tax-informed investment strategy designed to meet long-term objectives.
Understanding the impact of taxes can mean that you keep more of what you
earn, and municipal bonds can help you do just that.
<PAGE>
Only municipals and equities generated significant increases in purchasing
power over the twenty-year period, with after-tax and inflation-adjusted
returns in excess of 2.75% annually.
<TABLE>
ANNUAL AFTER-TAX REAL RETURNS, 1976-1995
<CAPTION>
PERIOD MUNICIPALS TREASURIES CORPORATES STOCKS BILLS
<S> <C> <C> <C> <C> <C>
1976-1985 .69% -3.32% -2.14% 2.75% -2.67%
1986-1995 5.15 4.21 3.91 7.31 0.13
1976-1995 2.88% 0.37% 0.84% 5.02% -1.30%
</TABLE>
<PAGE>
Photographic image of couple walking on beach.
CONTENTS
6 Municipal market perspective
7 Dear shareholder
9 Answering your questions
13 Fund performance
16 Commonly used terms
18 Portfolio of investments
43 Statement of net assets
45 Statement of operations
47 Statement of changes in net assets
50 Notes to financial statements
60 Financial highlights
64 Report of independent auditors
65 Nuveen Exchange-Traded Funds dividend reinvestment program
<PAGE>
Municipal market perspective
This year's bond market has not been easy to categorize. While 1994
represented the worst period in recent bond market history and 1995 the best
in a decade, 1996 has seen a stream of mixed reports on the state of the
economy that have alternately caused investors to view the markets with
enthusiasm, then uncertainty.
Despite this climate, the municipal bond market has rewarded investors with
solid returns, dependable income, and opportunities to purchase bonds with
strong credit quality. Over the past year, municipal bonds have continued to
outperform Treasuries, an indication of the strength and resilience of this
market segment.
A look at the current economy shows a combination of factors that historically
bode well for the bond market. Inflation continues at the same modest pace
that it has demonstrated over the past five years, and the economy continues
to enjoy modest expansion, supported by generally level producer prices, low
wage pressures, and a stable money supply.
<PAGE>
Dear shareholder
Photographic image of head shot of Chairman and Chief Executive Officer of
Nuveen.
"Municipal bonds continue to play an important role in meeting the
investment goals of conservative investors."
As I begin my duties as the new chairman and chief executive officer of John
Nuveen & Co. Incorporated and chairman of the board of the Nuveen
exchange-traded funds, I am pleased to have this opportunity to report to you
on the performance of your funds. My experience at Nuveen over the past 19
years has shaped my commitment to maintaining Nuveen's tradition of value
investing and prudent management. Our goal is to help our shareholders meet
their need for tax-free investment income with a full range of investment
choices. We continue to focus on building shareholder value, providing
research-oriented management, and delivering dependable performance, in the
belief that this focus will contribute to many more years of investment
success for our fund shareholders.
Municipal bonds continue to play an important role in meeting the investment
goals of conservative investors. The performance of the exchange-traded funds
covered in this report demonstrates the ability of quality investments to
provide extremely attractive tax-free income. As of August 31, 1996, the
current annual yield on share price for these funds ranged from 5.93% to
6.55%. To match these yields, an investor in the combined 42% federal and
California income tax bracket would have had to earn at least 10.22% on
taxable alternatives. Without question, taxable yields at this level on
investments of comparable quality can be difficult to achieve in today's
markets.
The net asset values of some funds declined slightly over the past year, yet
total returns, representing changes in net asset value and reinvestment of all
dividends and capital gains, if any, ranged from 5.16% to 7.89%, equivalent to
taxable investments with total returns of 9.71% to 12.64%. As fears about the
aftermath of the Orange County bankruptcy and the effect of a potential flat
tax diminished, the share prices of all of these fund rose. This, added to
attractive returns, further improved investors' overall experience for the
year ending August 31, 1996.
I would also like to take this opportunity to share with you the news of
some recent developments that will give Nuveen the flexibility to meet
expanded investor needs for capital preservation, current income, and future
growth.
In November, we will introduce the Nuveen Growth and Income Stock Fund. This
fund will be the first of three equity-based mutual funds designed to provide
a high-quality complement to our current municipal bond funds. These new funds
will be offered in affiliation with Institutional Capital Corporation (ICAP),
an institutional equity management firm located in Chicago who shares Nuveen's
values and investment management style. Tailor-made to address the needs of
the Nuveen investor, these funds can play a critical role in achieving a
balanced strategy for investors who expect their investments to provide a core
element of their financial security.
In a move designed to complement the ICAP alliance, Nuveen is acquiring
Flagship Resources, Inc., a fixed income mutual fund specialist based in
Dayton, Ohio. Flagship is a firm that shares our views on the importance of
research and a emphasizes a conservative, value-oriented approach portfolio
management. In February 1997, the tax-exempt mutual fund activities of
Flagship and Nuveen will be merged, resulting in more than 40 municipal bond
funds, the broadest selection available in the U.S.
We are excited about these recent developments, and we are pleased to be
bringing Nuveen investors expanded options for achieving wealth preservation,
dependable income, and long-term asset growth. We thank you for your continued
confidence in Nuveen.
Sincerely,
Timothy R. Schwertfeger
Chairman of the Board
October 15, 1996
<PAGE>
Answering your questions
Photographic image of montage of letters received by Nuveen.
Tom Spalding, head of Nuveen's portfolio management team, discusses the
investment environment and recent factors affecting the municipal market
What has been Nuveen's investment approach over the past year?
Nuveen continues to pursue its value investing strategy, a disciplined
approach to security selection and portfolio construction designed to deliver
above-market performance by identifying individual bonds with current yields,
prices, credit quality, and future prospects that are exceptionally attractive
relative to other bonds in the market. This approach was rewarded over the
past year, as many of our portfolio holdings were upgraded by the national
rating agencies, indicating that our Research Department's judgments about
credit quality were on target.
As opportunity allowed, we purchased bonds at discounts from their par
value. These bonds, which have coupon rates slightly below market levels, are
less likely to be called from our portfolios, assuring more stable yields for
our investors.
<PAGE>
Photographic image of Tom Spalding, Portfolio Manager at Nuveen.
Tom Spalding, head of Nuveen's portfolio management team, answers
investors' questions on developments in the municipal market
Some funds' discounts seem to have narrowed over the past few months. What
caused this improvement?
To understand the reasons for this improvement, it may be helpful to
remember that each share has two prices: the net asset value (NAV), which
represents the underlying value of the bonds, and the share price, which is
the fund's price on the stock exchange. As with other securities, share prices
for municipal bond funds change frequently, driven by investors' demand for
shares and the available supply. When a fund's NAV is higher than its share
price, we say that the shares can be purchased at a discount.
In 1995, the recovery of the bond market meant that the net asset values for
some funds appreciated more quickly than their share prices, widening
discounts for a while. This is not unusual, as the market often takes time to
reflect underlying value balanced against the various factors that affect
individual investor decisions, such as the outlook for the direction of
interest rates, inflation forecasts, the relative strength of the stock
market, and legislative and tax outlooks.
As investor worries about tax reform--and the potential effect of a flat tax
proposal on tax-free investments--waned over the first half of the year, the
demand for tax-free products grew. The combination of higher yields, concerns
about the direction of the stock market, and broker recommendations has also
prompted greater demand for municipal bonds and bond funds. In addition,
shareholders find that these funds provide an important level of
diversification in a well structured portfolio. Because inflation and tax
reform appear to present few problems at this point, investors are taking
advantage of the opportunity to lock in current rates. With increased demand,
share prices generally have risen, resulting in narrower discounts. In fact,
some exchange-traded funds are now trading at a premium, that is, their share
prices are higher than their NAVs.
<PAGE>
What are some of the factors affecting dividend stability and changes?
All Nuveen funds are structured to provide an attractive stream of tax-free
income. For many investors, stability of income is another important
objective. To help investors satisfy this objective, we set dividends on
Nuveen funds conservatively, seeking a level that we expect will be
sustainable for at least several months. Many of the funds that have seen
dividend reductions over the past year had previously enjoyed prolonged
periods without dividend changes. Still, dividends ultimately depend on the
overall earnings of each fund (which can be reduced by bond calls),
fluctuations in long and short-term interest rates, and other portfolio
changes.
With the exception of the Nuveen California Municipal Value Fund, which is
unleveraged, the funds in this report use leverage as an additional way to
enhance income for common shareholders. The dividends of leveraged funds can
be affected by a sudden or prolonged rise in short-term interest rates. In
fact, short-term rates on average have been higher over the past two years
than they were in the early 1990s. This has resulted in higher rates for
preferred shareholders and less income available for common shareholders. It
is important to remember that leverage can increase NAV volatility as well as
investment potential. Greater stability in both long and short-term interest
rates in 1996 has reduced some of the pressures on dividends and NAVs for many
leveraged funds.
Another factor that can act to lower dividends is bond calls. When the
Federal Reserve Board cut rates between July 1995 and January 1996, long-term
municipal bond yields reacted by declining almost 130 basis points from their
levels at the beginning of 1995. As older, higher-yielding bonds were called
from some portfolios, they were replaced with the bonds available in the
market today, reducing fund earnings. To minimize the effect of bond calls and
protect investors' current income, Nuveen has taken advantage of opportunities
to invest in an increased number of non-callable bonds as well as bonds priced
at a discount from their par value.
<PAGE>
<TABLE>
NUVEEN CALIFORNIA MUNICIPAL VALUE FUND, INC.
NCA
Dividends of this unleveraged fund have been consistently at an attractive
level despite a modest reduction in April. Dividends are adjusted periodically
to reflect the current earnings of the portfolio.
12 MONTH DIVIDEND HISTORY
<CAPTION>
Date Monthly Dividends Supplemental Dividends Capital Gains
<S> <C> <C> <C>
09/13/95 $0.0530
10/11/95 $0.0530
11/13/95 $0.0530
12/13/95 $0.0530 $0.0628
01/10/96 $0.0530
02/13/96 $0.0530
03/13/96 $0.0530
04/11/96 $0.0500
05/13/96 $0.0500
06/12/96 $0.0500
07/11/96 $0.0500
08/13/96 $0.0500
<CAPTION>
FUND HIGHLIGHTS 8/31/96
<S> <C>
Yield 5.93%
Taxable-equivalent yield 10.22%
Annual total return on NAV 5.16%
Taxable-equivalent total return 9.71%
Share price $10.125
NAV $10.03
The price, net asset value and dividend history used in this chart constitute
past performance and do not necessarily predict the future price, net asset
value or dividends of the Fund or of any other Nuveen Fund.
</TABLE>
<PAGE>
<TABLE>
NUVEEN CALIFORNIA PERFORMANCE PLUS MUNICIPAL FUND, INC.
NCP
In keeping with the Fund's goal of providing attractive, dependable tax-free
income, shareholders enjoyed 12 months of steady dividends.
12 MONTH DIVIDEND HISTORY
<CAPTION>
Date Monthly Dividends Supplemental Dividends Capital Gains
<S> <C> <C> <C>
09/13/95 $0.0860
10/11/95 $0.0860
11/13/95 $0.0860
12/13/95 $0.0860
01/10/96 $0.0860
02/13/96 $0.0860
03/13/96 $0.0860
04/11/96 $0.0860
05/13/96 $0.0860
06/12/96 $0.0860
07/11/96 $0.0860
08/13/96 $0.0860
<CAPTION>
FUND HIGHLIGHTS 8/31/96
<S> <C>
Yield 6.55%
Taxable-equivalent yield 11.29%
Annual total return on NAV 6.53%
Taxable-equivalent total return 11.51%
Share price $15.75
NAV $15.41
The price, net asset value and dividend history used in this chart constitute
past performance and do not necessarily predict the future price, net asset
value or dividends of the Fund or of any other Nuveen Fund.
</TABLE>
<PAGE>
<TABLE>
NUVEEN CALIFORNIA MUNICIPAL MARKET OPPORTUNITY FUND, INC.
NCO
Dividends of NCO have been consistently at an attractive level despite a
modest reduction in February. Dividends are adjusted periodically to reflect
the current earnings of the portfolio.
12 MONTH DIVIDEND HISTORY
<CAPTION>
Date Monthly Dividends Supplemental Dividends Capital Gains
<S> <C> <C> <C>
09/13/95 $0.0860
10/11/95 $0.0860
11/13/95 $0.0860
12/13/95 $0.0860 $0.0255
01/10/96 $0.0860
02/13/96 $0.0845
03/13/96 $0.0845
04/11/96 $0.0845
05/13/96 $0.0845
06/12/96 $0.0845
07/11/96 $0.0845
08/13/96 $0.0845
<CAPTION>
FUND HIGHLIGHTS 8/31/96
<S> <C>
Yield 6.39%
Taxable-equivalent yield 11.02%
Annual total return on NAV 6.31%
Taxable-equivalent total return 11.19%
Share price $15.875
NAV $15.57
The price, net asset value and dividend history used in this chart constitute
past performance and do not necessarily predict the future price, net asset
value or dividends of the Fund or of any other Nuveen Fund.
</TABLE>
<PAGE>
<TABLE>
NUVEEN CALIFORNIA INVESTMENT QUALITY MUNICIPAL FUND, INC.
NQC
Dividends of NQC have been consistently at an attractive level despite a
modest reduction in June. Dividends are adjusted periodically to reflect the
current earnings of the portfolio.
12 MONTH DIVIDEND HISTORY
<CAPTION>
Date Monthly Dividends Supplemental Dividends Capital Gains
<S> <C> <C> <C>
09/13/95 $0.0855
10/11/95 $0.0855
11/13/95 $0.0855
12/13/95 $0.0855
01/10/96 $0.0855
02/13/96 $0.0855
03/13/96 $0.0855
04/11/96 $0.0855
05/13/96 $0.0855
06/12/96 $0.0825
07/11/96 $0.0825
08/13/96 $0.0825
<CAPTION>
FUND HIGHLIGHTS 8/31/96
<S> <C>
Yield 6.34%
Taxable-equivalent yield 10.93%
Annual total return on NAV 6.72%
Taxable-equivalent total return 11.66%
Share price $15.625
NAV $15.37
The price, net asset value and dividend history used in this chart constitute
past performance and do not necessarily predict the future price, net asset
value or dividends of the Fund or of any other Nuveen Fund.
</TABLE>
<PAGE>
<TABLE>
NUVEEN CALIFORNIA SELECT QUALITY MUNICIPAL FUND, INC.
NVC
In keeping with the Fund's goal of providing attractive, dependable tax-free
income, share holders enjoyed 12 months of steady dividends. In addition,
shareholders received a capital gains distribution in December.
12 MONTH DIVIDEND HISTORY
<CAPTION>
Date Monthly Dividends Supplemental Dividends Capital Gains
<S> <C> <C> <C>
09/13/95 $0.0820
10/11/95 $0.0820
11/13/95 $0.0820
12/13/95 $0.0820 $0.0988
01/10/96 $0.0820
02/13/96 $0.0820
03/13/96 $0.0820
04/11/96 $0.0820
05/13/96 $0.0820
06/12/96 $0.0820
07/11/96 $0.0820
08/13/96 $0.0820
<CAPTION>
FUND HIGHLIGHTS 8/31/96
<S> <C>
Yield 6.35%
Taxable-equivalent yield 10.95%
Annual total return on NAV 6.95%
Taxable-equivalent total return 11.79%
Share price $15.50
NAV $15.19
The price, net asset value and dividend history used in this chart constitute
past performance and do not necessarily predict the future price, net asset
value or dividends of the Fund or of any other Nuveen Fund.
</TABLE>
<PAGE>
<TABLE>
NUVEEN CALIFORNIA QUALITY INCOME MUNICIPAL FUND, INC.
NUC
In keeping with the Fund's goal of providing attractive, dependable tax-free
income, shareholders enjoyed 12 months of steady dividends. In addition,
shareholders received a capital gains distribution in December.
12 MONTH DIVIDEND HISTORY
<CAPTION>
Date Monthly Dividends Supplemental Dividends Capital Gains
<S> <C> <C> <C>
09/13/95 $0.0800
10/11/95 $0.0800
11/13/95 $0.0800
12/13/95 $0.0800 $0.0175
01/10/96 $0.0800
02/13/96 $0.0800
03/13/96 $0.0800
04/11/96 $0.0800
05/13/96 $0.0800
06/12/96 $0.0800
07/11/96 $0.0800
08/13/96 $0.0800
<CAPTION>
FUND HIGHLIGHTS 8/31/96
<S> <C>
Yield 6.40%
Taxable-equivalent yield 11.03%
Annual total return on NAV 7.89%
Taxable-equivalent total return 12.64%
Share price $15.00
NAV $15.24
The price, net asset value and dividend history used in this chart constitute
past performance and do not necessarily predict the future price, net asset
value or dividends of the Fund or of any other Nuveen Fund.
</TABLE>
<PAGE>
Commonly used terms
Yield
An exchange-traded fund's annualized monthly dividend on a given date
(in the case of this report, August 31, 1996) divided by its closing price per
share on that date.
Taxable equivalent yield
The return an investor subject to a given federal and state income tax rate
would need to obtain from a fully taxable investment to equal the fund's
stated annualized yield on share price. In this report, the combined tax rate
is assumed to be 42% for California shareholders, based on incomes of
$121,300-$263,750 for investors filing singly, $147,700-$263,750 for those
filing jointly.
Net Asset Value (NAV)
The market value of all securities and other assets held by an exchange-traded
fund, minus any liabilities. The NAV per share is the fund's net assets, less
the value of its preferred shares (if applicable), divided by the total number
of common shares outstanding.
Total return on NAV
The percentage change in a fund's NAV per common share for a given period,
assuming reinvestment of all dividends and capital gains distributions, if
any.
<PAGE>
Taxable equivalent total return
The total return an investor subject to a given state and federal income tax
rate would need to obtain from a fully taxable investment to equal the Fund's
stated total return on NAV.
Leverage
A technique used to enhance the income produced for common shareholders by a
long-term municipal bond fund through the issuance of short-term preferred
shares. The proceeds from the sale of the preferred shares can be used to
purchase additional long-term bonds, thus increasing the portfolio's income
stream. Changes in net asset value per share, both up and down, are also
magnified by leverage.
Each Fund intends to repurchase shares of its own common or preferred stock
(if applicable) in the future at such times and in such amounts as is deemed
advisable. No shares were repurchased during the 12-month period ended August
31, 1996. Any future repurchases will be reported to shareholders in the next
annual or semiannual report.
<PAGE>
<TABLE>
PORTFOLIO OF INVESTMENTS
NUVEEN CALIFORNIA MUNICIPAL VALUE FUND, INC. (NCA)
<CAPTION>
PRINCIPAL RAT- OPT. CALL MARKET
AMOUNT DESCRIPTION INGS* PROVISIONS** VALUE
<S> <C> <C> <C> <C>
California Health Facilities Authority, Health Facility
Revenue Bonds (The Whittier Institute for Diabetes and
Endocrinology), Series 1988A:
$ 1,335,000 8.000%, 12/01/00 N/R 12/98 at 102 $ 1,417,904
3,615,000 8.400%, 12/01/08 N/R 12/98 at 102 3,861,435
1,500,000 California Health Facilities Financing Authority, Health Facilities
Revenue Bonds (Sutter Health System), Series 1987B, 8.000%, 1/01/16
(Pre-refunded to 1/01/97) A1 1/97 at 102 1,550,475
1,000,000 California Health Facilities Financing Authority, Health Facility Revenue
Bonds (Health Dimensions, Incorporated), 1990 Series A,
7.375%, 5/01/07 (Pre-refunded to 5/01/00) Ba 5/00 at 102 1,113,690
1,500,000 California Health Facilities Financing Authority, Revenue Bonds
(St. Joseph Health System), Series 1991 A, 7.000%, 7/01/10
(Pre-refunded to 7/01/01) AA 7/01 at 102 1,674,645
8,500,000 California Housing Finance Agency, Home Mortgage Revenue Bonds,
1987 Series A, 8.200%, 8/01/17 Aa 8/97 at 102 8,855,045
1,945,000 California Housing Finance Agency, Home Mortgage Revenue Bonds,
1988 Series B, 8.600%, 8/01/19 (Alternative Minimum Tax) Aa 8/98 at 102 2,039,974
345,000 California Housing Finance Agency, Home Mortgage Revenue Bonds,
1988 Series G, 8.150%, 8/01/19 (Alternative Minimum Tax) Aa 8/98 at 102 359,542
1,065,000 California Housing Finance Agency, Home Mortgage Revenue Bonds,
1988 Series E, 8.350%, 8/01/19 (Alternative Minimum Tax) Aa 8/98 at 102 1,110,923
2,090,000 California Housing Finance Agency, Housing Revenue Bonds (Insured),
1988 Series A, 8.200%, 2/01/20 (Alternative Minimum Tax) Aaa 8/98 at 102 2,203,111
2,200,000 California Housing Finance Agency Home Mortgage Revenue Bonds,
1995 Series M, 6.050%, 8/01/15 (Alternative Minimum Tax) Aaa 2/06 at 102 2,180,310
3,000,000 California Housing Finance Agency, Home Mortgage Revenue Bonds,
1995 Series J, 6.000%, 8/01/17 Aaa 8/05 at 102 2,999,820
2,765,000 California Housing Finance Agency, Home Mortgage Revenue Bonds,
1994 Series F-3, 6.100%, 8/01/15 (Alternative Minimum Tax) Aaa 8/05 at 102 2,755,627
1,500,000 California Pollution Control Financing Authority, Pollution Control
Revenue Bonds (Pacific Gas and Electric Company), 1987 Series B,
8.875%, 1/01/10 (Alternative Minimum Tax) A 12/97 at 102 1,593,105
5,000,000 California Pollution Control Financing Authority, Fixed Rate Resource
Recovery Revenue Bonds (Waste Management, Inc.), 1991 Composite
Series A, 7.150%, 2/01/11 (Alternative Minimum Tax) A1 2/01 at 103 5,391,700
685,000 California Rural Home Mortgage Finance Authority, Single Family
Mortgage Revenue Bonds (Mortgage-Backed Securities Program),
1993 Issue A, Series 2, 7.950%, 12/01/24 (Alternative Minimum Tax) Aaa No Opt. Call 775,283
5,000,000 California Statewide Communities Development Authority, Series A
Certificates of Participation, Pacific Homes, 6.000%, 4/01/17 A 4/03 at 102 4,921,350
8,000,000 Department of Veterans Affairs of the State of California, Home Purchase
Revenue Bonds, 1988 Series A, 8.300%, 8/01/19 (Alternative
Minimum Tax) Aa 8/98 at 102 8,351,120
9,000,000 State Public Works Board of the State of California Lease Revenue Bonds
(Department of Corrections), 1996 Series A (California Substance
Abuse Treatment Facility and State Prison at Corcoran (Corcoran II)),
5.250%, 1/01/21 Aaa 1/06 at 100 8,330,490
1,885,000 State of California, Various Purpose, General Obligation Bonds,
7.000%, 8/01/08 A1 No Opt. Call 2,173,518
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) N/R 12/00 at 101 7/8 1,563,287
1,725,000 7.200%, 6/01/10 (Pre-refunded to 12/01/00) N/R 12/00 at 101 7/8 1,932,569
2,100,000 ABAG Finance Authority for Nonprofit Corporations, 1991 Certificates
of Participation (United Way of Santa Clara County Project),
7.200%, 7/01/11 Aa2 7/01 at 102 2,268,399
3,000,000 Certificates of Participation (1991 Financing Project), County of Alameda,
California, Alameda County Public Facilities Corporation,
6.000%, 9/01/21 Aaa 9/06 at 102 2,999,970
<PAGE>
<CAPTION>
PRINCIPAL RAT- OPT. CALL MARKET
AMOUNT DESCRIPTION INGS* PROVISIONS** VALUE
<S> <C> <C> <C> <C>
$ 5,000,000 City of Arcadia, California, Hospital Revenue Bonds (Methodist Hospital
of Southern California), Series 1987, 7.875%, 8/01/10 A 8/97 at 102 $ 5,268,350
1,000,000 City of Arcadia, California, Hospital Revenue Bonds (Methodist Hospital
of Southern California), Series 1992, 6.500%, 11/15/12 A 11/02 at 102 1,030,940
7,085,000 Brea Public Financing Authority, Revenue Bonds, 1988 Series A (Agency
Loan), 8.100%, 10/01/14 N/R 10/96 at 102 7,231,022
2,750,000 Campbell Union School District, Santa Clara County, California, 1994
General Obligation Bonds, Series A, 6.250%, 8/01/19 Aaa 8/04 at 102 2,836,955
5,000,000 Castaic Lake Water Agency (California), Refunding Revenue Certificates
of Participation (Water System Improvement Projects), Series 1994A,
6.300%, 8/01/20 Aaa 8/04 at 102 5,176,750
4,000,000 Chino Unified School District, Certificates of Participation (1995 Master
Lease Program), 6.000%, 9/01/20 Aaa 9/05 at 102 3,997,480
Town of Colma, Refunding Improvement Bonds, Series 1986-A (Colma
Local Improvement District No. 1 Reassessment Project):
870,000 8.125%, 9/02/03 N/R 9/96 at 103 904,313
1,140,000 8.125%, 9/02/04 N/R 9/96 at 103 1,184,962
1,240,000 8.125%, 9/02/05 N/R 9/96 at 103 1,286,785
500,000 Contra Costa Water District (Contra Costa County, California), Water
Revenue Bonds, Series G, 5.750%, 10/01/14 Aaa 10/04 at 102 496,915
2,065,000 County of Contra Costa, California, 1988 Home Mortgage Revenue
Bonds (GNMA Mortgage-Backed Securities Program), 8.250%, 6/01/21
(Alternative Minimum Tax) Aaa No Opt. Call 2,611,750
Redevelopment Agency of the City of Durarte, California, Huntington
Drive Phase II Redevelopment Project Area, 1988 Tax Allocation Bonds:
1,170,000 7.900%, 10/01/02 N/R 10/97 at 102 1,229,190
3,745,000 8.000%, 10/01/10 N/R 10/97 at 102 3,898,433
1,470,000 El Paso de Robles Redevelopment Agency (Paso Robles Redevelopment
Project), 1991 Tax Allocation Bonds (Bank Qualified), 7.250%, 7/01/21 BBB 7/00 at 102 1,544,294
3,600,000 Emeryville Public Financing Authority (Alameda County, California),
1988 Revenue Bonds, Series A (Emeryville Redevelopment Project,
Subordinate Lien), 8.100%, 2/01/18 (Pre-refunded to 2/01/97) A- 2/97 at 102 3,734,820
950,000 Inglewood Public Finance Authority, 1992 Revenue Bonds, Series C
(In-Town, Manchester and North Inglewood Industrial Park
Redevelopment Projects-Housing Set-Aside Loans), 7.000%, 5/01/22 A- 5/02 at 102 989,549
955,000 Inglewood Public Finance Authority, 1992 Revenue Bonds, Series B
(In-Town, Manchester-Prairie and North Inglewood Industrial Park
Redevelopment Project Redevelopment Loans), 7.000%, 5/01/22 Baa 5/02 at 102 1,001,260
2,000,000 Redevelopment Agency of The City of Long Beach, California (Los
Angeles County, California), Downtown Redevelopment Project Tax
Allocation Refunding Bonds, Series 1988B, 8.300%, 11/01/10
(Pre-refunded to 5/01/98) N/R 5/98 at 102 2,168,280
5,000,000 The Community Redevelopment Agency of the City of Los Angeles,
California, Central Business District Redevelopment Project Tax
Allocation Refunding Bonds, Series G, 6.750%, 7/01/10 A- 7/97 at 102 5,108,000
8,515,000 Los Angeles Convention and Exhibition Center Authority, California,
Certificates of Participation, Series 1985, 9.000%, 12/01/20
(Pre-refunded to 12/01/05) Aaa 12/05 at 100 11,060,304
Los Angeles Convention and Exhibition Center Authority, Lease Revenue
Bonds, 1993 Refunding Series A, The City of Los Angeles (California):
2,500,000 5.375%, 8/15/18 Aaa 8/03 at 102 2,338,050
2,000,000 5.125%, 8/15/21 Aaa 8/03 at 102 1,790,400
1,100,000 Department of Water and Power of the City of Los Angeles (California),
Electric Plant Revenue Bonds, Issue of 1990, 7.125%, 5/15/30
(Pre-refunded to 5/15/00) Aa 5/00 at 102 1,214,169
100,000 The City of Los Angeles, Single Family Home Mortgage Revenue Bonds
(GNMA and FNMA Mortgage-Backed Securities Program), 1991
Issue A, 6.875%, 6/01/25 (Alternative Minimum Tax) AAA 12/01 at 102 102,825
<PAGE>
<CAPTION>
PRINCIPAL RAT- OPT. CALL MARKET
AMOUNT DESCRIPTION INGS* PROVISIONS** VALUE
<S> <C> <C> <C> <C>
$ 7,965,000 The City of Los Angeles (California), Wastewater System Revenue Bonds,
Series 1987, 8.125%, 11/01/17 (Pre-refunded to 11/01/97) AAA 11/97 at 102 $ 8,502,399
3,000,000 Los Angeles County Metropolitan Transportation Authority (California),
Proposition C Sales Tax Revenue Bonds, Second Senior Bonds, Series
1995-A, 5.500%, 7/01/17 Aaa 7/05 at 102 2,875,980
Los Angeles County, California, Transportation Commission, Sales Tax
Revenue Refunding Bonds, Series 1987 A:
3,465,000 7.900%, 7/01/08 (Pre-refunded to 7/01/97) Aaa 7/97 at 102 3,649,546
2,500,000 8.000%, 7/01/16 (Pre-refunded to 7/01/97) Aaa 7/97 at 102 2,635,175
2,635,000 Community Development Agency of The City of Menlo Park,
Multifamily Housing Revenue Bonds (FHA Insured Mortgage Loan -
The Gateway Project), Series 1987A, 8.250%, 12/01/28 Aa 6/97 at 103 2,765,090
4,000,000 Modesto Irrigation District Financing Authority, Domestic Water Project
Revenue Bonds, Series 1995C, 5.750%, 9/01/22 Aaa 9/05 at 102 3,923,320
8,500,000 County of Orange, California, Certificates of Participation, Series 1987
(Civic Center Parking Facilities Projects), 8.250%, 12/01/18
(Pre-refunded to 12/01/97) AAA 12/97 at 102 9,113,020
8,565,000 City of Palmdale, California, Single Family Mortgage Revenue Bonds
(GNMA Mortgage-Backed Securities Program), Series 1988A,
0.000%, 3/01/17 Aaa No Opt. Call 2,459,097
2,425,000 City of Pasadena, Insured Health Facilities Revenue Bonds (Pacific
Clinics), Series 1988A, 8.200%, 6/01/18 A 9/96 at 101 2,442,121
1,500,000 Sacramento Area Flood Control Agency, North Area Local Project,
Capital Assessment District No. 2 Bonds, Series 1995,
5.375%, 10/01/25 Aaa 10/05 at 102 1,403,865
4,430,000 City of Sacramento, California, Certificates of Participation (1987 Public
Facilities Project), 8.250%, 8/01/12 (Pre-refunded to 8/01/97) AAA 8/97 at 102 1/2 4,714,406
7,750,000 Sacramento County Sanitation Districts Financing Authority, 1993
Revenue Bonds, 4.750%, 12/01/23 Aa 12/03 at 102 6,416,613
1,265,000 San Benito Hospital District, Insured Health Facility Revenue Bonds,
Series 1991A, 6.750%, 12/01/21 A 12/01 at 102 1,317,346
20,415,000 County of San Bernardino, California, Single Family Mortgage Revenue
Bonds (GNMA Mortgage-Backed Securities), 1988 Series A,
0.000%, 9/01/21 (Alternative Minimum Tax) Aaa No Opt. Call 4,297,970
Certificates of Participation (1991 Refunding Project), San Diego
Community College District, County of San Diego, California:
1,000,000 8.625%, 12/01/09 (Pre-refunded to 12/01/97) N/R 12/97 at 102 1,074,860
1,000,000 8.625%, 12/01/09 (Pre-refunded to 12/01/97) AAA 12/97 at 102 1,076,660
2,000,000 Redevelopment Agency of The City of San Diego, California, Horton
Plaza Project, Tax Allocation Refunding Bonds, Series 1988,
8.125%, 7/01/08 (Pre-refunded to 7/01/98) Baa1 7/98 at 102 2,176,600
5,490,000 Airports Commission City and County of San Francisco, California,
San Francisco International Airport, Second Series Revenue Bonds,
Issue 10, 5.625%, 5/01/21 (Alternative Minimum Tax) Aaa 5/06 at 102 5,222,802
5,925,000 Airports Commission, City and County of San Francisco, California, San
Francisco International Airport, Second Series Revenue Bonds, Issue 11
(Noise Insulation Program), 6.200%, 5/01/19 (Alternative Minimum Tax) Aaa 5/05 at 101 5,977,970
6,000,000 Public Utilities Commission of the City and County of San Francisco,
California, San Francisco Water Revenue Bonds, Refunding Series of
1987, 8.000%, 11/01/11 Aa 11/97 at 102 6,371,280
3,000,000 Redevelopment Agency of the City and County of San Francisco,
Multifamily Housing Refunding Revenue Bonds, Series 1994 (GNMA
Collateralized - South Beach Marina Project), 5.700%, 3/01/29 Aaa 3/04 at 102 2,843,310
5,000,000 Redevelopment Agency of the City of San Jose, Merged Area
Redevelopment Project, Tax Allocation Bonds, Series 1993,
5.000%, 8/01/20 Aaa 2/04 at 102 4,447,350
3,000,000 San Jose-Santa Clara Clean Water Financing Authority, Sewer Revenue
Bonds, Series 1995A, 5.375%, 11/15/20 Aaa 11/05 at 101 2,821,980
<PAGE>
<CAPTION>
PRINCIPAL RAT- OPT. CALL MARKET
AMOUNT DESCRIPTION INGS* PROVISIONS** VALUE
<S> <C> <C> <C> <C>
$ 2,635,000 Southern California Home Financing Authority, Single Family Mortgage
Revenue Bonds (GNMA Mortgage-Backed Securities Program), 1988
Issue A, 8.125%, 2/01/21 (Alternative Minimum Tax) AAA No Opt. Call $ 2,744,379
1,600,000 Southern California Public Power Authority, Mead-Phoenix Project
Revenue Bonds, 1994 Series A, 4.750%, 7/01/16 Aaa 7/04 at 102 1,388,960
3,000,000 Southern California Public Power Authority, Transmission Project
Revenue Bonds, 1993 Subordinate Refunding Series (Southern
Transmission Project), 5.000%, 7/01/22 Aaa 7/03 at 100 2,631,420
2,325,000 Temecula Valley Unified School District County of Riverside, California,
1990 General Obligation Bonds, Series F, 6.000%, 9/01/20 Aaa 9/06 at 102 2,339,834
5,050,000 The Regents of the University of California, Refunding Revenue Bonds
(Multiple Purpose Projects), Series A, 6.875%, 9/01/16 (Pre-refunded
to 9/01/02) A- 9/02 at 102 5,699,380
3,590,000 Certificates of Participation (1988 Property Acquisition - Series C),
Walnut Valley Unified School District (County of Los Angeles,
California), 8.200%, 1/01/13 (Pre-refunded to 1/01/97) N/R 1/97 at 102 3,712,413
$262,945,000 Total Investments - (cost $234,595,965) - 98.3% 247,674,234
============
TEMPORARY INVESTMENTS IN SHORT-TERM
MUNICIPAL SECURITIES - 0.9%
$ 1,000,000 California Health Facilities Financing Authority (Sutter/CHS), Insured
Revenue 1996B, Variable Rate Demand Bonds, 3.650%, 7/01/12+ VMIG-1 1,000,000
565,000 California Health Facilities Financing Authority, Refunding Revenue
Bonds (St. Joseph Health System), Series 1985A, Variable Rate Demand
Bonds, 3.700%, 7/01/13+ VMIG-1 565,000
700,000 Certificates of Participation, California Statewide Communities
Development Authority, St. Joseph Health System Obligated Group,
Variable Rate Demand Bonds, 3.650%, 7/01/24+ VMIG-1 700,000
$ 2,265,000 Total Temporary Investments - 0.9% 2,265,000
===========
Other Assets Less Liabilities - 0.8% 2,008,396
Net Assets - 100% $251,947,630
============
<CAPTION>
NUMBER OF MARKET MARKET
STANDARD & POOR'S MOODY'S SECURITIES VALUE PERCENT
<S> <C> <C> <C> <C> <C>
SUMMARY OF AAA Aaa 36 $127,725,483 51%
RATINGS* AA+, AA, AA- Aa1, Aa, Aa2, Aa3 11 41,426,800 17
PORTFOLIO OF A+ A1 3 9,115,693 3
INVESTMENTS A, A- A, A2, A3 10 32,104,961 13
(EXCLUDING BBB+, BBB, BBB- Baa1, Baa, Baa2, Baa3 3 4,722,154 2
TEMPORARY BB+, BB, BB- Ba1, Ba, Ba2, Ba3 1 1,113,690 1
INVESTMENTS): Non-rated Non-rated 13 31,465,453 13
TOTAL 77 $247,674,234 100%
<FN>
* Ratings (not covered by the report of independent auditors): Using the
higher of Standard & Poor's or Moody's rating.
N/R - Investment is not rated.
** Optional Call Provisions (not covered by the report of independent
auditors): 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.
+ The security has a maturity of more than one year, but has variable
rate and demand features which qualify it as a short-term security. The rate
disclosed is that currently in effect. This rate changes periodically based on
market conditions or a specified market index.
See accompanying notes to financial statements.
</FN>
</TABLE>
<PAGE>
<TABLE>
PORTFOLIO OF INVESTMENTS
NUVEEN CALIFORNIA PERFORMANCE PLUS MUNICIPAL FUND, INC. (NCP)
<CAPTION>
PRINCIPAL RAT- OPT. CALL MARKET
AMOUNT DESCRIPTION INGS* PROVISIONS** VALUE
<S> <C> <C> <C> <C>
$ 2,000,000 California Educational Facilities Authority, Revenue Bonds (St. Mary's
College of California Project), Series 1990, 7.500%, 10/01/20
(Pre-refunded to 10/01/00) Aaa 10/00 at 102 $ 2,257,720
California Educational Facilities Authority Revenue Bonds (University
of San Francisco), Series 1996:
1,500,000 6.000%, 10/01/16 Aaa 10/06 at 102 1,522,455
1,500,000 6.000%, 10/01/26 Aaa 10/06 at 102 1,514,670
5,500,000 California Health Facilities Financing Authority, Health Facility Revenue
Bonds (Pomona Valley Hospital Medical Center), 1989 Series A,
9.750%, 1/01/19 A- 1/00 at 102 6,422,405
2,000,000 California Health Facilities Financing Authority, Kaiser Permanente,
Revenue Bonds, 1989 Series A, 7.000%, 10/01/08 AA 10/99 at 102 2,146,420
6,500,000 California Health Facilities Financing Authority, Insured Hospital
Revenue Bonds (Children's Hospital-San Diego), Series 1990,
7.000%, 7/01/13 Aaa 7/00 at 102 7,162,415
2,780,000 California Health Facilities Financing Authority, Insured Health Facility
Revenue Refunding Bonds (Valley Memorial Hospital), 1993 Series A,
6.000%, 5/01/17 A 5/03 at 102 2,736,076
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) Ba 5/00 at 102 4,632,204
5,000,000 7.500%, 5/01/15 (Pre-refunded to 5/01/00) Ba 5/00 at 102 5,589,350
4,800,000 California Health Facilities Financing Authority, Health Facility Revenue
Bonds (Sisters of Providence), Series 1990, 7.500%, 10/01/10
(Pre-refunded to 10/01/00) AA- 10/00 at 102 5,401,248
4,915,000 California Housing Finance Agency, Home Mortgage Revenue Bonds,
1990 Series A, 7.700%, 8/01/30 (Alternative Minimum Tax) Aa 2/00 at 102 5,157,948
4,000,000 California Housing Finance Agency, Home Mortgage Revenue Bonds,
1995 Series B, 7.125%, 2/01/26 (Alternative Minimum Tax) Aa 2/05 at 102 4,196,080
3,000,000 California Statewide Communities Development Authority (Triad
Healthcare), Revenue Refunding Series 1992, Certificates of
Participation, 6.250%, 8/01/06 A No Opt. Call 3,136,260
7,900,000 Department of Veterans Affairs of the State of California, Home Purchase
Revenue Bonds, 1988 Series A, 8.300%, 8/01/19 (Alternative
Minimum Tax) Aa 8/98 at 102 8,246,731
6,000,000 State of California, Various Purpose General Obligation Bond,
5.750%, 3/01/14 A1 3/05 at 101 5,938,020
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) N/R 12/00 at 101 7/8 1,674,735
1,610,000 7.150%, 6/01/09 (Pre-refunded to 12/01/00) N/R 12/00 at 101 7/8 1,800,640
6,080,000 City of Anaheim, California, Certificates of Participation, Anaheim
Memorial Hospital Association, 7.125%, 5/15/13 Aaa 5/00 at 102 6,729,770
7,520,000 Antelope Valley Hospital District, Series 1989 Certificates of Participation,
7.350%, 1/01/20 A 1/98 at 102 7,848,323
4,720,000 Central Joint Powers Health Financing Authority, Certificates of
Participation, Series 1993 (Community Hospitals of Central California),
5.000%, 2/01/23 A 2/03 at 100 3,890,507
12,600,000 City of Chula Vista, Industrial Development Revenue Bonds (San Diego
Gas and Electric Company), 1992 Series A, 6.400%, 12/01/27
(Alternative Minimum Tax) Aaa 12/02 at 102 12,968,172
1,850,000 City of Coalinga, California, Certificates of Participation (1989 Coalinga
Return to Custody Facility), 7.000%, 4/01/10 BBB+ 4/00 at 102 1,921,928
4,000,000 Contra Costa Water District (Contra Costa County, California), Water
Revenue Bonds, Series C, 6.750%, 10/01/20 (Pre-refunded to 10/01/00) N/R 10/00 at 102 4,396,640
4,000,000 County of Contra Costa, California, 1988 Home Mortgage Revenue
Bonds (GNMA Mortgage-Backed Securities Program), 8.250%, 6/01/21
(Alternative Minimum Tax) Aaa No Opt. Call 5,059,080
<PAGE>
<CAPTION>
PRINCIPAL RAT- OPT. CALL MARKET
AMOUNT DESCRIPTION INGS* PROVISIONS** VALUE
<S> <C> <C> <C> <C>
$ 2,000,000 Cudahy Redevelopment Agency, Cudahy Redevelopment Project, Tax
Allocation Refunding Bonds, Series 1994A, 6.700%, 9/01/24 BBB 9/03 at 102 $ 1,981,280
3,000,000 Hospital Revenue Certificates of Participation (Desert Hospital
Corporation Project), Series 1990, 8.100%, 7/01/20 (Pre-refunded
to 7/01/00) AAA 7/00 at 102 3,428,640
10,000,000 East Bay Municipal Utility District (Alameda and Contra Costa Counties,
California), Water System Subordinated Revenue Bonds, Series 1990,
7.500%, 6/01/18 (Pre-refunded to 6/01/00) Aaa 6/00 at 102 11,206,500
2,000,000 East Bay Municipal Utility District Water System, 6.000%, 6/01/12 Aaa 6/02 at 102 2,046,400
3,000,000 Folsom Public Financing Authority (Sacramento County, California),
1990 Local Agency Revenue Bonds, Series A, 7.250%, 10/01/10 BBB+ 10/00 at 102 3,178,230
3,000,000 Fontana Public Financing Authority (San Bernardino County, California),
Tax Allocation Revenue Bonds (North Fontana Redevelopment Project),
1990 Series A, 7.250%, 9/01/20 BB+ 9/00 at 102 2,930,100
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 A 5/00 at 102 1,767,643
1,765,000 6.700%, 5/01/09 A 5/00 at 102 1,835,035
2,500,000 Fruitvale School District, Certificates of Participation (1990 Improvement
Project), 7.875%, 6/01/04 Baa 6/00 at 102 2,708,825
2,000,000 LaQuinta Redevelopment Agency, LaQuinta Redevelopment Project,
Tax Allocation Refunding Bonds, Series 1990, 8.400%, 9/01/12 Aaa 9/00 at 102 2,317,480
1,700,000 Lancaster Housing Authority, Lease Revenue Bonds (Brierwood
Mobilehome Park Project), Issue of 1994, 7.200%, 4/01/24 BBB+ 4/99 at 102 1,726,265
6,750,000 Department of Airports of The City of Los Angeles, Refunding Revenue
Bonds, 1989 Series B, 7.400%, 5/01/10 Aa 5/97 at 102 7,040,588
2,500,000 Department of Water and Power of the City of Los Angeles, California,
Electric Plant Revenue Bonds, Issue of 1988, 7.900%, 5/01/28 Aa 5/98 at 102 2,697,450
4,445,000 Department of Water and Power of The City of Los Angeles (California),
Electric Plant Revenue Bonds, Second Issue of 1993, 5.000%, 10/15/33 Aa 10/03 at 102 3,732,066
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 Aa 5/03 at 102 2,541,750
4,270,000 4.500%, 5/15/18 Aa 5/03 at 102 3,473,432
5,600,000 City of Los Angeles, California, Wastewater System Revenue Bonds,
Series 1988, 7.625%, 8/01/14 (Pre-refunded to 8/01/98) Aaa 8/98 at 102 6,066,760
5,000,000 The City of Los Angeles Wastewater System Revenue Bonds, Refunding
Series 1991-C, 7.100%, 6/01/18 A1 6/99 at 102 5,354,350
2,375,000 Community Development Commission of the County of Los Angeles,
Mortgage Revenue Refunding Bonds, Series 1993, FHA Insured
Mortgage Loan-Los Tomas Apartments, Section 8 Assisted Project,
6.500%, 7/15/23 Aaa 5/03 at 100 2,415,779
5,000,000 Los Angeles County Metropolitan Transportation Authority (California),
Proposition A, Sales Tax Revenue Refunding Bonds, Series 1993-A,
5.000%, 7/01/21 Aaa 7/03 at 100 4,396,200
7,000,000 Los Angeles County, California, Transportation Commission, Sales Tax
Revenue Refunding Bonds, Series 1987 A, 8.000%, 7/01/16
(Pre-refunded to 7/01/97) Aaa 7/97 at 102 7,378,490
2,445,000 Certificates of Participation (Western Nevada County Solid Waste
Management System--1991 Project), County of Nevada, California,
7.250%, 6/01/08 Baa 6/01 at 102 2,492,189
3,415,000 City of Oakland, California, Special Refunding Revenue Bonds
(Pension Financing), 1988 Series A, 7.600%, 8/01/21 Aaa 8/98 at 102 3,670,442
8,800,000 County of Orange, California 1996 Recovery Certificates of Participation,
Series A, 6.000%, 7/01/26 Aaa 7/06 at 102 8,793,048
3,760,000 Pleasanton Joint Powers Financing Authority, Reassessment Revenue
Bonds, 1993 Series A, 6.000%, 9/02/05 Baa 9/03 at 102 3,926,004
<PAGE>
<CAPTION>
PRINCIPAL RAT- OPT. CALL MARKET
AMOUNT DESCRIPTION INGS* PROVISIONS** VALUE
<S> <C> <C> <C> <C>
$ 8,000,000 Port of Oakland, California, Revenue Bonds, 1990 Series D,
8.000%, 11/01/00 Aaa No Opt. Call $ 9,031,840
Rancho Cucumonga Redevelopment Agency (San Bernardino County,
California), Rancho Redevelopment Project, 1990 Tax Allocation Bonds:
2,285,000 7.125%, 9/01/19 (Pre-refunded to 9/01/99) Aaa 9/99 at 102 2,506,942
2,215,000 7.125%, 9/01/19 Aaa 9/99 at 102 2,393,573
4,630,000 County of Sacramento, Airport System PFC and Subordinated Revenue
Bonds, Series 1996D, 6.000%, 7/01/16 (DD) Aaa 7/06 at 102 4,698,154
2,000,000 Redevelopment Agency of The City of San Diego, California, Marina
Redevelopment Project, Tax Allocation Refunding Bonds, Series 1987,
8.750%, 12/01/08 (Pre-refunded to 12/01/97) Aaa 12/97 at 101 1/2 2,146,800
3,500,000 Redevelopment Agency of The City of San Diego, California, Columbia
Redevelopment Project, Tax Allocation Refunding Bonds, Series 1987,
8.750%, 12/01/08 (Pre-refunded to 12/01/97) Aaa 12/97 at 101 1/2 3,756,900
2,700,000 San Diego County Water Authority, Water Revenue Certificates of
Participation, Series 1989A, 7.300%, 5/01/09 (Pre-refunded to 5/01/97) Aaa 5/97 at 102 2,816,127
2,650,000 San Diego County Water Authority, Water Revenue Certificates of
Participation, Series 1991A, 6.375%, 5/01/06 Aa 5/01 at 102 2,816,261
5,000,000 Airports Commission, City and County of San Francisco, California,
San Francisco International Airport, Second Series Revenue Bonds,
Issue 11 (Noise Insulation Program), 6.250%, 5/01/26 (Alternative
Minimum Tax) Aaa 5/05 at 101 5,081,050
3,500,000 City and County of San Francisco, General Purpose Sewer Revenue Bonds,
Series 1988A, 7.250%, 10/01/15 (Pre-refunded to 10/01/97) Aaa 10/97 at 101 1/2 3,676,155
6,470,000 City of San Leandro, California, San Leandro Public Financing Authority,
Certificates of Participation (1993 Seismic Retrofit Financing Project),
5.950%, 6/01/23 A 6/03 at 102 6,279,847
2,945,000 City of Santa Maria, California, Hospital Revenue Certificates of
Participation (Marian Medical Center), Series 1987, 7.100%, 9/01/13 A 9/97 at 102 3,050,667
2,500,000 Sierra View Local Hospital District, Insured Health Facility Revenue
Bonds, Series 1992, 6.400%, 3/01/22 A 3/02 at 102 2,545,375
3,255,000 Southern California Home Financing Authority, Single Family Mortgage
Revenue Bonds (GNMA Mortgage-Backed Securities Program), 1990
Issue A, 7.625%, 10/01/23 (Alternative Minimum Tax) AAA 10/00 at 102 3,426,376
4,855,000 Stanislaus County Waste-to-Energy Financing Agency, Solid Waste
Facility Refunding Revenue Certificates (Ogden Martin System of
Stanislaus, Inc. Project), Series 1990, 7.625%, 1/01/10 BBB+ 1/00 at 102 5,220,630
2,550,000 Redevelopment Agency of the City of Suisun City, Suisun City
Redevelopment Project, 1993 Tax Allocation Refunding Bonds
(County of Solano, California), 5.900%, 10/01/23 Aaa 10/03 at 102 2,544,721
3,975,000 The Regents of the University of California, Hospital Revenue Bonds
(UCLA Medical Center), Series 1990, 7.300%, 12/01/20
(Pre-refunded to 12/01/98) A+ 12/98 at 102 4,307,031
$265,505,000 Total Investments - (cost $260,204,545) - 98.5% 277,753,192
============
Other Assets Less Liabilities - 1.5% 4,351,137
Net Assets - 100% $282,104,329
============
<PAGE>
<CAPTION>
NUMBER OF MARKET MARKET
STANDARD & POOR'S MOODY'S SECURITIES VALUE PERCENT
<S> <C> <C> <C> <C> <C>
SUMMARY OF AAA Aaa 28 $131,012,659 47%
RATINGS* AA+, AA, AA- Aa1, Aa, Aa2, Aa3 11 47,449,974 17
PORTFOLIO OF A+ A1 3 15,599,401 6
INVESTMENTS: A, A- A, A2, A3 10 39,512,138 14
BBB+, BBB, BBB- Baa1, Baa, Baa2, Baa3 8 23,155,351 8
BB+, BB, BB- Ba1, Ba, Ba2, Ba3 3 13,151,654 5
Non-rated Non-rated 3 7,872,015 3
TOTAL 66 $277,753,192 100%
<FN>
* Ratings (not covered by the report of independent auditors): Using the
higher of Standard & Poor's or Moody's rating.
N/R - Investment is not rated.
** Optional Call Provisions (not covered by the report of independent
auditors): 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.
(DD) Portion of security purchased on a delayed delivery basis (note 1).
See accompanying notes to financial statements.
</FN>
</TABLE>
<PAGE>
<TABLE>
PORTFOLIO OF INVESTMENTS
NUVEEN CALIFORNIA MUNICIPAL MARKET OPPORTUNITY FUND, INC. (NCO)
<CAPTION>
PRINCIPAL RAT- OPT. CALL MARKET
AMOUNT DESCRIPTION INGS* PROVISIONS** VALUE
<S> <C> <C> <C> <C>
$ 1,000,000 California Educational Facilities Authority Revenue Bonds (University of
San Francisco), Series 1996, 6.000%, 10/01/26 Aaa 10/06 at 102 $ 1,009,780
6,250,000 California Health Facilities Financing Authority, Kaiser Permanente,
Revenue Bonds, 1989 Series A, 7.000%, 10/01/18 AA 10/99 at 102 6,707,563
2,000,000 California Health Facilities Financing Authority, Insured Health Facility
Revenue Refunding Bonds (Valley Memorial Hospital), 1993 Series A,
6.000%, 5/01/17 A 5/03 at 102 1,968,400
1,900,000 California Health Facilities Financing Authority, Insured Hospital Revenue
Bonds (Children's Hospital of San Francisco), 1990 Series A,
7.500%, 10/01/20 Aaa 10/00 at 102 2,137,994
5,000,000 California Health Facilities Financing Authority, Health Facility Revenue
Bonds (Health Dimensions, Incorporated), 1990 Series A,
7.500%, 5/01/15 (Pre-refunded to 5/01/00) Ba 5/00 at 102 5,589,350
1,880,000 California Housing Financing Agency Home Mortgage Revenue Bonds,
1988 Series C, 8.300%, 8/01/19 (Alternative Minimum Tax) Aa 8/98 at 102 1,959,392
3,000,000 California Pollution Control Financing Authority, Pollution Control
Revenue Bonds (Pacific Gas and Electric Company), 1987 Series B,
8.750%, 1/01/07 (Alternative Minimum Tax) A 12/97 at 102 3,181,710
6,500,000 California State Department of Water Resources, Central Valley Project,
Water System Revenue Bonds, Series G, 7.125%, 12/01/24
(Pre-refunded to 6/01/99) Aaa 6/99 at 101 1/2 7,066,020
3,000,000 California Statewide Communities Development Authority (Triad
Healthcare), Revenue Refunding Series 1992, Certificates of Participation,
6.250%, 8/01/06 A No. Opt. Call 3,136,260
5,000,000 Certificates of Participation (Water System Improvement Projects),
Series 1990, Castaic Lake Water Agency, California, 7.125%, 8/01/16
(Pre-refunded to 8/01/00) Aaa 8/00 at 102 5,557,250
6,800,000 Central Joint Powers Health Financing Authority, Certificates of
Participation, Series 1993 (Community Hospitals of Central California),
5.000%, 2/01/23 A 2/03 at 100 5,604,968
8,000,000 City of Chula Vista, Industrial Development Revenue Bonds (San Diego
Gas and Electric Company), 1992 Series A, 6.400%, 12/01/27
(Alternative Minimum Tax) Aaa 12/02 at 102 8,233,760
3,300,000 Contra Costa Water Authority (Contra Costa County, California), Water
Treatment Revenue Bonds, 1990 Series A, 6.875%, 10/01/20
(Pre-refunded to 10/01/00) N/R 10/00 at 102 3,630,759
5,000,000 Hospital Revenue Certificates of Participation (Desert Hospital
Corporation Project), Series 1990, 8.100%, 7/01/20 (Pre-refunded
to 7/01/00) AAA 7/00 at 102 5,714,400
5,000,000 Fontana Public Financing Authority (San Bernardino County, California),
Tax Allocation Revenue Bonds (North Fontana Redevelopment Project),
1990 Series A, 7.250%, 9/01/20 BB+ 9/00 at 102 4,883,500
2,320,000 Inglewood Redevelopment Agency (City of Inglewood, Los Angeles
County, California), Century Redevelopment Project, 1993 Tax
Allocation Bonds, Series A, 5.900%, 7/01/03 BBB No Opt. Call 2,336,634
2,100,000 Inland Empire Solid Waste Financing Authority Revenue Bonds, 1996
Series B (Landfill Improvement Financing Project), 6.250%, 8/01/11
(Alternative Minimum Tax) Aaa No Opt. Call 2,165,814
1,500,000 Lancaster Housing Authority, Lease Revenue Bonds (Brierwood
Mobilehome Park Project), Issue of 1994, 7.200%, 4/01/24 BBB+ 4/99 at 102 1,523,175
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 BBB No. Opt. Call 5,730,245
3,000,000 6.500%, 12/01/18 BBB 12/03 at 102 2,918,220
5,000,000 The City of Los Angeles (California), Los Angeles Convention and
Exhibition Center Certificates of Participation, 1990 Series,
7.000%, 8/15/21 (Pre-refunded to 8/15/00) Aaa 8/00 at 102 5,539,050
5,000,000 Department of Water and Power of the City of Los Angeles, California,
Water Works Revenue Bonds, Issue of 1989, 7.200%, 2/15/19 Aa 2/99 at 102 5,407,700
<PAGE>
<CAPTION>
PRINCIPAL RAT- OPT. CALL MARKET
AMOUNT DESCRIPTION INGS* PROVISIONS** VALUE
<S> <C> <C> <C> <C>
$ 4,000,000 Harbor Department of the City of Los Angeles, Revenue Bonds, Issue of
1995 Series B, 6.625%, 8/01/19 (Alternative Minimum Tax) Aa 8/02 at 102 $ 4,200,480
4,000,000 The City of Los Angeles, California, Wastewater System Revenue Bonds,
Series 1993-D, 4.700%, 11/01/19 Aaa 11/03 at 102 3,364,320
2,000,000 Certificates of Participation, County of Mendocino to the Mendocino
County Public Facilities Corporation, 6.000%, 8/15/23 A 8/03 at 102 1,967,140
5,890,000 Mt. Diablo Unified School District, Community Facilities District No. 1,
Special Tax Bonds, Series 1990 (Contra Costa County, California),
7.050%, 8/01/20 Aaa 8/00 at 102 6,423,811
1,500,000 Certificates of Participation (Western Nevada County Solid Waste
Management System - 1991 Project), County of Nevada, California,
7.250%, 6/01/08 Baa 6/01 at 102 1,528,950
10,900,000 Ontario Redevelopment Financing Authority (San Bernardino County,
California), 1995 Revenue Refunding Bonds (Ontario Redevelopment
Project No. 1), 7.400%, 8/01/25 Aaa No Opt. Call 13,464,988
1,300,000 Orange County Local Transportation Authority (Orange County,
California), Measure M Sales Tax Revenue Bonds (Limited Tax Bonds),
6.000%, 2/15/08 Aa No Opt. Call 1,353,547
4,000,000 Certificates of Participation (1990 Project A), Orange County Water
District, 7.000%, 8/15/15 Aaa 8/00 at 102 4,431,240
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) A- 10/00 at 102 4,562,092
2,000,000 7.875%, 10/01/15 (Pre-refunded to 10/01/00) A- 10/00 at 102 2,273,360
4,000,000 City of Pomona, California, Single Family Mortgage Revenue Refunding
Bonds (GNMA and FHLMC Mortgage-Backed Securities), Series 1990B,
7.500%, 8/01/23 Aaa No Opt. Call 4,796,080
4,000,000 Port of Oakland, California, Revenue Bonds, 1989 Series B,
7.250%, 11/01/16 Aaa 5/97 at 102 4,155,160
5,000,000 County of Sacramento, Airport System Revenue Bonds, Series 1996,
5.900%, 7/01/24 (Alternative Minimum Tax) Aaa 7/06 at 102 4,895,850
4,700,000 San Bernardino County, California, Certificates of Participation,
Series 1995 (Medical Center Financing Project), 5.500%, 8/01/22 Aaa 8/05 at 102 4,454,660
7,000,000 Redevelopment Agency of The City of San Diego, California, Marina
Redevelopment Project, Tax Allocation Refunding Bonds, Series 1987,
8.750%, 12/01/08 (Pre-refunded to 12/01/97) Aaa 12/97 at 101 1/2 7,513,800
2,000,000 Sierra View Local Hospital District, Insured Health Facility Revenue
Bonds, Series 1992, 6.400%, 3/01/22 A 3/02 at 102 2,036,300
2,000,000 Redevelopment Agency of the City of Suisun City, Suisun City
Redevelopment Project, 1993 Tax Allocation Refunding Bonds (County
of Solano, California), 5.900%, 10/01/23 Aaa 10/03 at 102 1,995,860
5,000,000 The Regents of the University of California, Revenue Bonds (1990 Seismic
Safety Projects), 7.300%, 9/01/20 BBB+ 9/98 at 102 5,393,200
4,620,000 Vista Joint Powers Financing Authority, 1993 Series B Lease Revenue
Bonds (Hacienda Drive and Buena Vista Creek), 6.100%, 9/01/20 A- 9/00 at 101 4,514,802
$166,465,000 Total Investments - (cost $162,339,108) - 98.6% 175,327,584
============
<PAGE>
<CAPTION>
PRINCIPAL RAT- OPT. CALL MARKET
AMOUNT DESCRIPTION INGS* PROVISIONS** VALUE
<S> <C> <C> <C> <C>
TEMPORARY INVESTMENTS IN SHORT-TERM
MUNICIPAL SECURITIES - 0.4%
$ 600,000 California Pollution Control Financing Authority, Pollution Control
Revenue Bonds (Shell Oil Company Project), 1991 Series A, Variable
Rate Demand Bonds, 3.700%, 10/01/07+ VMIG-1 $ 600,000
100,000 California Statewide Communities Development Authority, Tri-Modal
Variable Rate Revenue Refunding Certificates of Participation (House
Ear Institute), 1993 Series A, Variable Rate Demand Bonds,
3.650%, 12/01/18+ A-1+ 100,000
$ 700,000 Total Temporary Investments - 0.4% 700,000
==========
Other Assets Less Liabilities - 1.0% 1,834,587
Net Assets - 100% $177,862,171
============
<CAPTION>
NUMBER OF MARKET MARKET
STANDARD & POOR'S MOODY'S SECURITIES VALUE PERCENT
<S> <C> <C> <C> <C> <C>
SUMMARY OF AAA Aaa 18 $ 92,919,837 53%
RATINGS* AA+, AA, AA- Aa1, Aa, Aa2, Aa3 5 19,628,682 11
PORTFOLIO OF A, A- A, A2, A3 9 29,245,032 17
INVESTMENTS BBB+, BBB, BBB- Baa1, Baa, Baa2, Baa3 6 19,430,424 11
(EXCLUDING BB+, BB, BB- Ba1, Ba, Ba2, Ba3 2 10,472,850 6
TEMPORARY Non-rated Non-rated 1 3,630,759 2
INVESTMENTS):
TOTAL 41 $175,327,584 100%
<FN>
* Ratings (not covered by the report of independent auditors): Using the
higher of Standard & Poor's or Moody's rating.
N/R - Investment is not rated.
** Optional Call Provisions (not covered by the report of independent
auditors): 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.
+ The security has a maturity of more than one year, but has variable
rate and demand features which qualify it as a short-term security. The rate
disclosed is that currently in effect. This rate changes periodically based on
market conditions or a specified market index.
See accompanying notes to financial statements.
</FN>
</TABLE>
<PAGE>
<TABLE>
PORTFOLIO OF INVESTMENTS
NUVEEN CALIFORNIA INVESTMENT QUALITY MUNICIPAL FUND, INC. (NQC)
<CAPTION>
PRINCIPAL RAT- OPT. CALL MARKET
AMOUNT DESCRIPTION INGS* PROVISIONS** VALUE
<S> <C> <C> <C> <C>
$ 3,000,000 California Educational Facilities Authority, Revenue Bonds (Chapman
College), Series 1991, 7.300%, 1/01/02 Baa No Opt. Call $ 3,214,590
8,530,000 California Educational Facilities Authority, Revenue and Refunding
Bonds (Loyola Marymount University), Series 1987, 8.125%, 10/01/17
(Pre-refunded to 10/01/97) Aaa 10/97 at 102 9,078,820
California Educational Facilities Authority Revenue Bonds (University of
San Francisco), Series 1996:
2,000,000 6.000%, 10/01/16 Aaa 10/06 at 102 2,029,940
1,500,000 6.000%, 10/01/26 Aaa 10/06 at 102 1,514,670
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) Ba 5/00 at 102 2,571,101
4,395,000 7.000%, 5/01/20 (Pre-refunded to 5/01/00) Ba 5/00 at 102 4,839,510
8,075,000 California Health Facilities Financing Authority, Hospital Revenue
Refunding Bonds (Cedars-Sinai Medical Center), Series 1990,
7.000%, 11/01/15 (Pre-refunded to 11/01/00) N/R 11/00 at 102 8,866,027
11,995,000 California Health Facilities Financing Authority, Kaiser Permanente,
Revenue Bonds, 1990 Series A, 7.000%, 12/01/10 AA 12/00 at 102 13,065,674
2,510,000 California Housing Finance Agency, Home Mortgage Revenue Bonds,
1988 Series C, 8.300%, 8/01/19 (Alternative Minimum Tax) Aa 8/98 at 102 2,615,997
1,715,000 California Housing Finance Agency, Home Mortgage Revenue Bonds,
1988 Series E, 8.350%, 8/01/19 (Alternative Minimum Tax) Aa 8/98 at 102 1,788,951
1,185,000 California Housing Finance Agency, Home Mortgage Revenue Bonds,
1989 Series B, 8.000%, 8/01/29 (Alternative Minimum Tax) Aa 8/99 at 102 1,238,337
4,350,000 California Pollution Control Financing Authority, Pollution Control
Revenue Bonds (Pacific Gas and Electric Company), 1987 Series B,
8.875%, 1/01/10 (Alternative Minimum Tax) A 12/97 at 102 4,620,005
8,300,000 California Pollution Control Finance Authority, Pollution Control
Revenue Bonds (Laidlaw Inc.), 1992 Series A, 6.500%, 5/01/02
(Alternative Minimum Tax) Aa3 5/97 at 102 8,492,311
5,500,000 California Pollution Control Financing Authority, Fixed Rate Resource
Recovery Revenue Bonds (Waste Management, Inc.), 1991 Composite
Series A, 7.150%, 2/01/11 (Alternative Minimum Tax) A1 2/01 at 103 5,930,870
3,000,000 California Statewide Communities Development Authority (Triad
Healthcare), Revenue Refunding Series 1992, Certificates of Participation,
6.250%, 8/01/06 A No Opt. Call 3,136,260
3,500,000 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), 6.875%, 11/01/14 A 11/04 at 102 3,825,115
13,335,000 State of California, Various Purpose General Obligation Bond,
5.750%, 3/01/13 A1 3/05 at 101 13,257,790
7,000,000 Certificates of Participation (1990 Adelanto Return to Custody Facility),
City of Adelanto, California, 7.100%, 4/01/10 BBB 4/00 at 102 7,291,410
2,195,000 Bell Community Redevelopment Agency, Bell Redevelopment Project
Area, 1994 Tax Allocation Refunding Bonds, 6.300%, 11/01/13 Aaa 11/03 at 102 2,301,414
5,885,000 Calaveras County Water District (California), Certificates of Participation
(1991 Ebbetts Pass Water System Improvements Project),
6.900%, 5/01/16 (Pre-refunded to 5/01/01) Aaa 5/01 at 102 6,551,829
7,260,000 Central Joint Powers Health Financing Authority, Certificates of
Participation, Series 1993 (Community Hospitals of Central California),
5.500%, 2/01/15 A 2/03 at 102 6,613,352
7,945,000 City of Chula Vista, Industrial Development Revenue Bonds (San Diego
Gas and Electric Company), 1992 Series A, 6.400%, 12/01/27
(Alternative Minimum Tax) Aaa 12/02 at 102 8,177,153
5,500,000 Certificates of Participation (Open Space Acquisition Project), City of
Cupertino, California, Cupertino Public Facilities Corporation,
7.125%, 4/01/16 (Pre-refunded to 4/01/01) N/R 4/01 at 102 6,141,300
<PAGE>
<CAPTION>
PRINCIPAL RAT- OPT. CALL MARKET
AMOUNT DESCRIPTION INGS* PROVISIONS** VALUE
<S> <C> <C> <C> <C>
$ 4,500,000 Hospital Revenue Certificates of Participation (Desert Hospital
Corporation Project), Series 1990, 8.000%, 7/01/10 (Pre-refunded
to 7/01/00) AAA 7/00 at 102 $ 5,127,300
8,650,000 Fontana Public Financing Authority (San Bernardino County, 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) N/R 12/01 at 102 10,019,814
2,750,000 Certificates of Participation, Fresno Unified School District, Fresno
County, California, Series of 1991A for Project Phase VI,
7.200%, 5/01/11 A 5/01 at 102 2,936,258
1,050,000 Certificates of Participation, Fresno Unified School District, Fresno
County, California, Series of 1992B for Project Phase IX,
6.600%, 5/01/07 A 5/00 at 102 1,098,489
2,350,000 Lancaster Housing Authority, Lease Revenue Bonds (Brierwood
Mobilehome Park Project), Issue of 1994, 7.100%, 4/01/14 BBB+ 4/99 at 102 2,408,703
5,000,000 City of Loma Linda, California, Hospital Revenue Bonds (Loma Linda
University Medical Center Project), Series 1993-A, 6.500%, 12/01/18 BBB 12/03 at 102 4,863,700
5,000,000 The Community Redevelopment Agency of the City of Los Angeles,
California, Central Business District Redevelopment Project Tax
Allocation Refunding Bonds, Series G, 6.750%, 7/01/10 A- 7/97 at 102 5,108,000
7,990,000 Department of Water and Power of the City of Los Angeles Electric Plant
Revenue Bonds, Issue of 1991, 7.100%, 1/15/31 Aa 1/01 at 102 8,890,393
6,000,000 The City of Los Angeles, California, Wastewater System Revenue Bonds,
Series 1991-A, 7.100%, 2/01/21 (Pre-refunded to 2/01/99) Aaa 2/99 at 102 6,503,880
5,000,000 Los Angeles County, California, Transportation Commission, Sales Tax
Revenue Refunding Bonds, Series 1987 A, 8.000%, 7/01/16
(Pre-refunded to 7/01/97) Aaa 7/97 at 102 5,270,350
5,500,000 Los Angeles County Metropolitan Transportation Authority (California),
Proposition ASales Tax Revenue Refunding Bonds, Series 1993-A,
6.750%, 7/01/20 (Pre-refunded to 7/01/01) Aaa 7/01 at 102 6,104,230
2,500,000 M-S-R Public Power Agency, California, San Juan Project Revenue Bonds,
Series C, 6.875%, 7/01/19 A 1/97 at 102 2,566,475
8,000,000 Mt. Diablo Hospital District, Insured Hospital Revenue Bonds, 1990
Series A, 8.000%, 12/01/11 (Pre-refunded to 12/01/00) Aaa 12/00 at 102 9,179,200
3,430,000 Northern California Power Agency, Hydroelectric Project Number One
Revenue Bonds, Refunding Series E, 7.150%, 7/01/24 A 7/98 at 102 3,596,904
3,600,000 Ontario Redevelopment Financing Authority (San Bernardino County,
California), 1995 Revenue Refunding Bonds (Ontario Redevelopment
Project No. 1), 7.400%, 8/01/25 Aaa No Opt. Call 4,447,152
10,075,000 County of Orange, California 1996 Recovery Certificates of Participation,
Series A, 6.000%, 7/01/26 Aaa 7/06 at 102 10,067,041
5,500,000 Revenue Certificates of Participation, Series 1993A, Orange County
Water District, 5.000%, 8/15/18 Aa 8/03 at 100 4,776,145
8,000,000 Redevelopment Agency of the City of Pittsburgh, California, Los Medanos
Community Development Project, Tax Allocation Bonds, Series 1991,
7.150%, 8/01/21 Aaa 8/01 at 103 9,093,840
6,505,000 Certificates of Participation (City of Poway 1991 Capital Improvement
Project Poway Royal Mobilehome Park), Poway Redevelopment Agency,
7.200%, 1/01/24 (Pre-refunded to 1/01/01) Aaa 1/01 at 102 7,287,031
10,000,000 Sacramento Municipal Utility District, Electric Revenue Bonds, 1988
Series W, 7.875%, 8/15/16 (Pre-refunded to 8/15/98) Aaa 8/98 at 102 10,889,700
12,000,000 Airports Commission, City and County of San Francisco, California,
San Francisco International Airport, Second Series Revenue Bonds,
Issue 11 (Noise Insulation Program), 6.250%, 5/01/26 (Alternative
Minimum Tax) Aaa 5/05 at 101 12,194,520
9,000,000 Redevelopment Agency of the City of San Jose, Merged Area
Redevelopment Project, Tax Allocation Bonds, Series 1993,
4.750%, 8/01/24 Aaa 2/04 at 102 7,553,700
<PAGE>
<CAPTION>
PRINCIPAL RAT- OPT. CALL MARKET
AMOUNT DESCRIPTION INGS* PROVISIONS** VALUE
<S> <C> <C> <C> <C>
$ 2,000,000 Redevelopment Agency of the City of San Leandro, Plaza 1 and Plaza 2
Redevelopment Projects, 1993 Tax Allocation Bonds, Series A,
6.125%, 6/01/23 A- 6/03 at 102 $ 1,968,760
1,785,000 Southern California Home Financing Authority, Single Family Mortgage
Revenue Bonds (GNMA and FNMA Mortgage-Backed Securities
Program), 1991 Issue A, 7.350%, 9/01/24 (Alternative Minimum Tax) AAA 3/01 at 102 1,858,685
2,725,000 Southern California Home Financing Authority, Single Family Mortgage
Revenue Bonds (GNMA Mortgage-Backed Securities Program), 1989
Issue A, 7.625%, 10/01/22 (Alternative Minimum Tax) AAA 4/99 at 102 2,821,410
3,680,000 Stanislaus County Waste-to-Energy Financing Agency, Solid Waste
Facility Refunding Revenue Certificates (Ogden Martin System of
Stanislaus, Inc. Project), Series 1990, 7.625%, 1/01/10 BBB+ 1/00 at 102 3,957,141
2,000,000 Certificates of Participation (Community Center, Theater, and Library
Projects), City of Vacaville (Solano County, California), to the Vacaville
Public Financing Authority, 7.200%, 12/01/13 A 12/98 at 102 2,162,800
3,500,000 West Contra Costa Hospital District, Insured Health Facility Refunding
Revenue Bonds, Series 1994, 6.500%, 11/01/17 A 11/04 at 102 3,589,880
3,365,000 West Side Hospital District (Kern County, California), Insured Revenue
Bonds, Series 1991A, 7.500%, 2/01/23 A 2/01 at 102 3,640,693
$272,430,000 Total Investments - (cost $268,851,290) - 98.5% 287,144,620
============
TEMPORARY INVESTMENTS IN SHORT-TERM
MUNICIPAL SECURITIES - 0.4%
$ 125,000 California Health Facilities Financing Authority, Refunding Revenue
Bonds (St. Joseph Health System), Series 1985A, Variable Rate Demand
Bonds, 3.700%, 7/01/13+ VMIG-1 125,000
300,000 California Health Facilities Authority, Variable Rate Revenue Bonds
(St. Joseph Health System), Series 1991B, Variable Rate Demand Bonds,
3.650%, 7/01/09+ VMIG-1 300,000
700,000 Certificates of Participation, California Statewide Communities
Development Authority, St. Joseph Health Obligated Group, Variable
Rate Demand Bonds, 3.650%, 7/01/24+ VMIG-1 700,000
$ 1,125,000 Total Temporary Investments - 0.4% 1,125,000
===========
Other Assets Less Liabilities - 1.1% 3,153,012
Net Assets - 100% $291,422,632
============
<PAGE>
<CAPTION>
NUMBER OF MARKET MARKET
STANDARD & POOR'S MOODY'S SECURITIES VALUE PERCENT
<S> <C> <C> <C> <C> <C>
SUMMARY OF AAA Aaa 20 $128,051,865 44%
RATINGS* AA+, AA, AA- Aa1, Aa, Aa2, Aa3 7 40,867,808 14
PORTFOLIO OF A+ A1 2 19,188,660 7
INVESTMENTS A, A- A, A2, A3 13 44,862,991 15
(EXCLUDING BBB+, BBB, BBB- Baa1, Baa, Baa2, Baa3 5 21,735,544 8
TEMPORARY BB+, BB, BB- Ba1, Ba, Ba2, Ba3 2 7,410,611 3
INVESTMENTS): Non-rated Non-rated 3 25,027,141 9
TOTAL 52 $287,144,620 100%
<FN>
* Ratings (not covered by the report of independent auditors): Using the
higher of Standard & Poor's or Moody's rating.
N/R - Investment is not rated.
** Optional Call Provisions (not covered by the report of independent
auditors): 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.
+ The security has a maturity of more than one year, but has variable
rate and demand features which qualify it as a short-term security. The rate
disclosed is that currently in effect. This rate changes periodically based on
market conditions or a specified market index.
See accompanying notes to financial statements.
</FN>
</TABLE>
<PAGE>
<TABLE>
PORTFOLIO OF INVESTMENTS
NUVEEN CALIFORNIA SELECT QUALITY MUNICIPAL FUND, INC. (NVC)
<CAPTION>
PRINCIPAL RAT- OPT. CALL MARKET
AMOUNT DESCRIPTION INGS* PROVISIONS** VALUE
<S> <C> <C> <C> <C>
$ 3,000,000 California Health Facilities Financing Authority, Insured Health Facility
Refunding Revenue Bonds (Catholic Healthcare West), 1994 Series A,
4.750%, 7/01/19 Aaa 7/04 at 102 $ 2,548,350
15,500,000 California Health Facilities Financing Authority, Health Facility Revenue
Bonds (Pomona Valley Hospital Medical Center), 1989 Series A,
7.000%, 1/01/18 A- 1/00 at 101 1/2 16,134,880
5,000,000 California Health Facilities Financing Authority, Insured Health Facility
Revenue Bonds (The H. E. L. P. Group), 1991 Series A, 7.000%, 8/01/21 A 8/01 at 102 5,305,600
7,485,000 California Health Facilities Financing Authority, Kaiser Permanente
Refunding Revenue Bonds, 1991 Series A, 6.500%, 3/01/11 AA 3/01 at 102 7,800,418
1,355,000 California Housing Finance Agency Home Mortgage Revenue Bonds,
1988 Series A, 8.125%, 8/01/19 Aa 8/98 at 102 1,426,517
6,230,000 California Housing Finance Agency Single Family Mortgage Bonds,
1995 Issue A-2, 6.350%, 8/01/15 (Alternative Minimum Tax) Aaa 5/05 at 102 6,330,615
California Housing Finance Agency Single Family Mortgage Bonds,
1995 Series B:
2,000,000 6.250%, 8/01/14 (Alternative Minimum Tax) Aaa 10/05 at 102 2,009,380
8,470,000 6.250%, 2/01/18 (Alternative Minimum Tax) Aaa 10/05 at 102 8,429,852
400,000 6.300%, 8/01/24 (Alternative Minimum Tax) Aaa 10/05 at 102 397,892
3,455,000 California Housing Finance Agency Housing Revenue Bonds (Insured),
1991 Series A, 7.200%, 2/01/26 (Alternative Minimum Tax) Aaa 8/01 at 102 3,619,113
4,895,000 California Housing Finance Agency Home Mortgage Revenue Bonds,
1989 Series F, 7.250%, 8/01/17 Aa 2/00 at 102 5,119,044
3,150,000 California Housing Finance Agency Home Mortgage Revenue Bonds,
1991 Series G, 7.050%, 8/01/27 (Alternative Minimum Tax) Aa 8/01 at 102 3,269,921
6,490,000 California Housing Finance Agency Home Mortgage Revenue Bonds,
1995 Series M, 6.150%, 8/01/27 (Alternative Minimum Tax) Aaa 2/06 at 102 6,401,217
6,000,000 California Housing Finance Agency Home Mortgage Revenue Bonds,
1996 Series H, 6.250%, 8/01/27 (Alternative Minimum Tax) Aa 8/06 at 102 5,967,060
9,650,000 California Pollution Control Financing Authority, Pollution Control
Revenue Bonds (Southern California Edison Company), 1991 Series,
6.900%, 12/01/17 (Alternative Minimum Tax) Aa3 12/01 at 102 10,252,450
10,350,000 California Pollution Control Financing Authority, Pollution Control
Revenue Bonds (San Diego Gas and Electric Company), 1991 Series A,
6.800%, 6/01/15 (Alternative Minimum Tax) Aa3 No Opt. Call 11,322,486
3,000,000 California Pollution Control Financing Authority, Solid Waste Revenue
Bonds (North County Recycling Center), 1991 Series A Bonds,
6.750%, 7/01/17 Aaa No Opt. Call 3,335,940
3,470,000 California Rural Home Mortgage Finance Authority Single Family
Mortgage Revenue Bonds (Mortgage-Backed Securities Program),
1995 Series B, 7.750%, 9/01/26 (Alternative Minimum Tax) AAA No Opt. Call 3,866,413
3,000,000 California Statewide Communities Development Authority, Series A
Certificates of Participation, Pacific Homes, 6.000%, 4/01/17 A 4/03 at 102 2,952,810
1,775,000 California Statewide Communities Development Authority, Certificates
of Participation, St. Joseph Health System Obligated Group,
5.500%, 7/01/23 Aa 7/03 at 102 1,620,912
4,000,000 California Statewide Communities Development Authority, Insured
Health Facility Revenue Certificates of Participation (San Gabriel
Valley Medical Center), 1996 Series A, 5.500%, 9/01/14 A 9/06 at 102 3,796,400
3,310,000 State Public Works Board of the State of California Lease Revenue Bonds
(California Community Colleges), 1991 Series A, 7.250%, 9/01/05 A 9/01 at 102 3,638,749
10,525,000 State Public Works Board of the State of California, Lease Revenue Bonds
(Department of Corrections), 1991 Series A (State Prisons-Imperial
County), 5.750%, 9/01/21 A 9/01 at 100 9,971,701
5,000,000 State Public Works Board of the State of California Lease Revenue Bonds
(The Trustees of The California State University), 1995 Series A (Various
California State University Projects), 6.000%, 9/01/15 A 9/05 at 100 4,960,850
11,405,000 State of California Various Purpose General Obligation Bonds,
6.400%, 2/01/20 (Alternative Minimum Tax) A1 2/98 at 102 11,552,239
<PAGE>
<CAPTION>
PRINCIPAL RAT- OPT. CALL MARKET
AMOUNT DESCRIPTION INGS* PROVISIONS** VALUE
<S> <C> <C> <C> <C>
$ 7,025,000 State of California, Various Purpose General Obligation Bonds,
5.750%, 3/01/23 A1 3/04 at 102 $ 6,761,844
10,000,000 State of California, Various Purpose General Obligation Refunding Bonds,
5.150%, 10/01/19 A1 10/03 at 102 8,904,700
5,120,000 ABAG Finance Authority for Nonprofit Corporations, Certificates of
Participation (Stanford University Hospital), California, Series 1993,
5.250%, 11/01/08 A1 11/03 at 102 5,042,790
9,725,000 Avalon Community Improvement Agency Community Improvement
Project Area Tax Allocation Bonds, Series 1991 A, 7.250%, 8/01/21 A- 8/01 at 102 10,465,073
Brea Public Financing Authority (Orange County, California), 1991 Tax
Allocation Revenue Bonds, Series A (Redevelopment Project AB):
5,285,000 6.750%, 8/01/22 (Pre-refunded to 8/01/01) Aaa 8/01 at 102 5,873,062
2,215,000 6.750%, 8/01/22 Aaa 8/01 at 102 2,406,199
5,000,000 Cerritos Public Financing Authority (Cerritos, California), 1993 Revenue
Bonds, Series A (Tax Exempt) (Los Cerritos Redevelopment Project Loan),
6.050%, 11/01/20 A- 11/03 at 102 4,909,250
285,000 ABAG Finance Corporation (California), Series A Certificates of
Participation, Cities of Concord, Saratoga, Santa Cruz, and South Gate,
7.625%, 6/01/11 A- 12/96 at 100 287,294
2,110,000 County of Contra Costa, California, 1989 Home Mortgage Revenue
Bonds (GNMA Mortgage-Backed Securities Program), 7.700%, 11/01/09
(Alternative Minimum Tax) Aaa No Opt. Call 2,348,958
5,000,000 Culver City Redevelopment Financing Authority, 1993 Tax Allocation
Refunding Revenue Bonds, 5.000%, 11/01/23 Aaa 11/03 at 102 4,372,700
7,000,000 East Bay Municipal Utility District (Alameda and Contra Costa Counties,
California), Water System Subordinated Revenue Bonds, Series 1991,
6.375%, 6/01/12 (Pre-refunded to 12/01/01) Aaa 12/01 at 102 7,702,590
5,000,000 Elk Grove Unified School District Community Facilities District No. 1
Special Tax Bonds, Series 1990, 6.800%, 12/01/20 (Pre-refunded
to 12/01/99) Aaa 12/99 at 102 5,462,000
8,180,000 Fresno Unified School District, Fresno County, California, Certificates of
Participation for Measure a Capital Projects, Series of 1991B for Project
Phase VII, 6.850%, 5/01/12 A 5/99 at 102 8,456,893
City of Inglewood, California, Certificates of Participation (1991 Civic
Center Improvement Project):
5,515,000 7.000%, 8/01/11 A 8/01 at 102 5,837,572
5,000,000 7.000%, 8/01/19 A 8/01 at 102 5,278,000
3,000,000 6.500%, 8/01/21 A 8/01 at 102 3,055,710
6,500,000 City of Loma Linda, California Hospital Revenue Refunding Bonds
(Loma Linda University Medical Center Project), Series 1989-B,
7.000%, 12/01/15 Aaa 12/99 at 102 7,011,160
5,460,000 City of Loma Linda, California, Hospital Revenue Bonds (Loma Linda
University Medical Center Project), Series 1990-B, 7.000%, 12/01/10
(Pre-refunded to 12/01/00) Aaa 12/00 at 102 6,060,491
9,350,000 City of Loma Linda, California, Hospital Revenue Refunding Bonds
(Loma Linda University Medical Center Project), Series 1993-C,
5.375%, 12/01/22 Aaa 12/03 at 102 8,587,227
2,885,000 The City of Los Angeles, Insured Certificates of Participation, Ararat
Home of Los Angeles, 7.250%, 6/01/21 A 6/01 at 102 3,085,911
3,500,000 Department of Water and Power of the City of Los Angeles, California,
Electric Plant Revenue Bonds, Second Issue of 1990, 7.250%, 9/15/30 Aa 9/00 at 102 3,903,550
6,375,000 Department of Water and Power of the City of Los Angeles Electric Plant
Revenue Bonds, Issue of 1991, 7.100%, 1/15/31 Aa 1/01 at 102 7,093,399
7,500,000 Harbor Department of the City of Los Angeles Revenue Bonds, Issue of
1996, 6.200%, 8/01/25 (Alternative Minimum Tax) Aaa 8/06 at 101 7,635,525
4,255,000 Los Angeles Unified School District, Certificates of Participation (Capital
Facilities Project, 1991A), 7.000%, 5/01/99 A No Opt. Call 4,515,023
<PAGE>
<CAPTION>
PRINCIPAL RAT- OPT. CALL MARKET
AMOUNT DESCRIPTION INGS* PROVISIONS** VALUE
<S> <C> <C> <C> <C>
$ 3,300,000 The City of Los Angeles Wastewater System Revenue Bonds, Series
1990-B, 7.150%, 6/01/20 (Pre-refunded to 6/01/00) AAA 6/00 at 102 $ 3,658,644
3,000,000 The City of Los Angeles Wastewater System Revenue Bonds, Refunding
Series 1991-C, 7.100%, 6/01/18 A1 6/99 at 102 3,212,610
10,000,000 Los Angeles County Public Works Finance Authority, Revenue Bonds,
Series 1994A (Los Angeles County Regional Park and Open Space
District), 6.000%, 10/01/15 Aa 10/04 at 102 9,926,400
7,500,000 Los Angeles County Metropolitan Transportation Authority (California),
Proposition A Sales Tax Revenue Refunding Bonds, Series 1993-A,
6.900%, 7/01/21 (Pre-refunded to 7/01/01) Aaa 7/01 at 102 8,372,250
6,000,000 County of Madera, California, Certificates of Participation (Valley
Children's Hospital Project), Series 1995, 5.750%, 3/15/28 Aaa 3/05 at 102 5,875,860
3,325,000 Mammoth County Water District (Mono County, California), Certificates
of Participation (Wastewater Capital Improvement Project),
7.400%, 12/15/10 A- 12/00 at 103 3,612,147
10,135,000 The Metropolitan Water District of Southern California Water Revenue
Bonds, Issue of 1992, 8.000%, 7/01/08 Aa No Opt. Call 12,532,333
6,375,000 Mt. Diablo Hospital District, Insured Hospital Revenue Bonds, 1990
Series A, 7.000%, 12/01/17 (Pre-refunded to 12/01/00) Aaa 12/00 at 102 7,076,123
14,135,000 Northern California Power Agency, Hydroelectric Project Number One
Revenue Bonds, Refunding Series E, 7.150%, 7/01/24 A 7/98 at 102 14,822,809
City of Palm Springs Financing Authority Revenue (Tax Allocation),
Bonds 1991 Series B (Agency Loans):
1,705,000 6.800%, 8/01/11 (Pre-refunded to 8/01/05) A- 8/05 at 100 1,916,403
1,390,000 6.800%, 8/01/11 A 8/01 at 102 1,456,553
2,365,000 Pleasanton Joint Powers Financing Authority Reassessment Revenue Bonds,
1993 Series A, 6.150%, 9/02/12 Baa 9/03 at 102 2,369,044
2,550,000 Riverside Public Financing Authority (Riverside County, California),
1991 Revenue Bonds, Series A (Multiple Project Loans),
8.000%, 2/01/18 N/R 2/01 at 102 2,694,356
3,700,000 Riverside Public Financing Authority, 8.000%, 2/01/18 (Pre-refunded
to 2/01/01) N/R 2/01 at 102 4,243,493
19,000,000 Sacramento City Financing Authority 1991 Revenue Bonds,
6.800%, 11/01/20 (Pre-refunded to 11/01/01) Aaa 11/01 at 102 21,235,160
1,350,000 City of St. Helena, Certificates of Participation, ABAG Finance
Corporation (California), 7.875%, 6/01/11 BBB 6/00 at 102 1,454,666
1,250,000 CSAC Lease Financing Program Certificates of Participation (San Benito
County, California - Jail and Juvenile Hall Facilities Project),
7.400%, 8/01/11 Baa1 8/98 at 102 1,307,575
3,920,000 City of San Diego, California, Certificates of Participation (Balboa Park
and Mission Bay Park Capital Improvements Program), Series 1991,
6.900%, 7/15/21 Aa 7/01 at 100 4,306,786
3,450,000 Airport Commission, City and County of San Francisco, California,
San Francisco International Airport, Second Series Revenue Bonds,
Issue 5, 6.500%, 5/01/24 (Alternative Minimum Tax) Aaa 5/04 at 102 3,604,388
Airports Commission City and County of San Francisco, California,
San Francisco International Airport, Second Series Revenue Bonds,
Issue 10:
2,250,000 5.625%, 5/01/21 (Alternative Minimum Tax) Aaa 5/06 at 102 2,140,493
6,765,000 5.700%, 5/01/26 (Alternative Minimum Tax) Aaa 5/06 at 102 6,480,126
5,235,000 City and County of San Francisco, Redevelopment Financing Authority,
1993 Series C Tax Allocation Revenue Bonds (San Francisco
Redevelopment Projects), 5.125%, 8/01/18 A 8/03 at 103 4,636,587
5,000,000 San Mateo County Joint Powers Financing Authority Lease Revenue Bonds
(San Mateo County Health Center), 1994 Series A, 6.125%, 7/15/14 Aaa 7/04 at 102 5,129,900
4,000,000 County of Santa Clara, California, Certificates of Participation (The
Terraces of Los Gatos Project), 1991 Series, American Baptist Homes
of the West, 6.900%, 3/01/18 A 3/01 at 102 4,192,560
<PAGE>
<CAPTION>
PRINCIPAL RAT- OPT. CALL MARKET
AMOUNT DESCRIPTION INGS* PROVISIONS** VALUE
<S> <C> <C> <C> <C>
Santa Clarita Public Financing Authority Local Agency Revenue Bonds,
Series 1991:
$ 6,800,000 7.000%, 10/01/20 A- 10/96 at 100 $ 6,803,672
3,000,000 6.750%, 10/01/21 A- 10/01 at 102 3,169,710
6,925,000 Santa Monica Community College District, Refunding Certificates of
Participation, 1991 Series A, 7.150%, 6/01/08 A 6/01 at 102 7,480,731
2,920,000 Southern California Home Financing Authority Single Family Mortgage
Revenue Bonds (GNMA and FNMA Mortgage-Backed Securities
Program), 1991 Issue B, 6.900%, 10/01/24 (Alternative Minimum Tax) AAA 10/01 at 102 3,011,951
10,500,000 Southern California Public Power Authority, Transmission Project
Revenue Bonds, 1993 Subordinate Refunding Series (Southern
Transmission Project), 5.000%, 7/01/22 Aaa 7/03 at 100 9,209,970
6,500,000 Tri-City Hospital District (Oceanside, California), Insured Revenue
Bonds, Series 1991, 7.500%, 2/01/17 Aaa 2/02 at 102 7,484,555
10,000,000 Tustin Community Redevelopment Agency Town Center Area
Redevelopment Project, Subordinate Tax Allocation Bonds, Series 1991,
6.800%, 12/01/16 Aaa 12/01 at 102 10,944,200
6,000,000 The Regents of the University of California Refunding Revenue Bonds
(1989 Multiple Purpose Projects), Series C, 5.000%, 9/01/23 Aaa 9/03 at 102 5,249,580
3,300,000 The Regents of the University of California, Refunding Revenue Bonds
(Multiple Purpose Projects), Series A, 6.875%, 9/01/16 (Pre-refunded
to 9/01/02) A- 9/02 at 102 3,724,347
3,000,000 Westminster Redevelopment Agency, Westminster Commercial
Redevelopment Project No. 1, 1991 Tax Allocation Bonds, Series A
(Orange County, California), 7.300%, 8/01/21 Baa1 8/01 at 102 3,253,440
1,665,000 Yosemite Community College District, Certificates of Participation,
7.750%, 7/01/11 (Pre-refunded to 7/01/01) BBB 7/01 at 102 1,915,030
5,715,000 Puerto Rico Housing Bank and Finance Agency, Affordable Housing
Mortgage Subsidy Program, Single Family Mortgage Revenue Bonds,
Portfolio I, 6.250%, 4/01/29 (Alternative Minimum Tax) Aaa 4/05 at 102 5,754,203
$464,225,000 Total Investments - (cost $455,203,689) - 98.2% 481,346,385
============
TEMPORARY INVESTMENTS IN SHORT-TERM
MUNICIPAL SECURITIES - 0.7%
$ 2,000,000 California Health Facilities Authority (St. Joseph Health System),
Series 1991B, Variable Rate Demand Bonds, 3.650%, 7/01/09+ VMIG-1 2,000,000
800,000 California Pollution Control Finance Pollution Control Refunding
Revenue (Pacific Gas and Electric Company), 1996-C, Variable Rate
Demand Bonds, 3.650%, 11/01/26+ A-1+ 800,000
700,000 State of California, 1996-97 Revenue Anticipation Notes, Index Notes
Series C-5, 3.650%, 6/30/97 VMIG-1 700,000
$ 3,500,000 Total Temporary Investments - 0.7% 3,500,000
===========
Other Assets Less Liabilities - 1.1% 5,367,293
Net Assets - 100% $490,213,678
<PAGE>
<CAPTION>
NUMBER OF MARKET MARKET
STANDARD & POOR'S MOODY'S SECURITIES VALUE PERCENT
<S> <C> <C> <C> <C> <C>
SUMMARY OF AAA Aaa 34 $199,626,087 42%
RATINGS* AA+, AA, AA- Aa1, Aa, Aa2, Aa3 13 84,541,276 18
PORTFOLIO OF A+ A1 5 35,474,183 7
INVESTMENTS A, A- A, A2, A3 26 144,467,235 30
(EXCLUDING BBB+, BBB, BBB- Baa1, Baa, Baa2, Baa3 5 10,299,755 2
TEMPORARY Non-rated Non-rated 2 6,937,849 1
INVESTMENTS):
TOTAL 85 $481,346,385 100%
<FN>
* Ratings (not covered by the report of independent auditors): Using the
higher of Standard & Poor's or Moody's rating.
N/R - Investment is not rated.
** Optional Call Provisions (not covered by the report of independent
auditors): 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.
+ The security has a maturity of more than one year, but has variable
rate and demand features which qualify it as a short-term security. The rate
disclosed is that currently in effect. This rate changes periodically based on
market conditions or a specified market index.
See accompanying notes to financial statements.
</FN>
</TABLE>
<PAGE>
<TABLE>
PORTFOLIO OF INVESTMENTS
NUVEEN CALIFORNIA QUALITY INCOME MUNICIPAL FUND, INC. (NUC)
<CAPTION>
PRINCIPAL RAT- OPT. CALL MARKET
AMOUNT DESCRIPTION INGS* PROVISIONS** VALUE
<S> <C> <C> <C> <C>
$ 1,000,000 Auxiliary Organization Revenue Certificates of Participation (The
University Corporation-California State University, Northridge),
Series 1996, 6.000%, 4/01/26 Aaa 4/06 at 101 $ 999,250
4,050,000 CSAC Finance Corporation, Nevada County Project, Fixed Rate Certificates
of Participation (California Counties Lease Financing Program - Nevada
County Project), Series 1986, 7.600%, 10/01/19 (Pre-refunded to 4/01/98) A 4/98 at 101 4,300,979
7,430,000 California Educational Facilities Authority, Revenue Bonds (University of
San Francisco), Series 1992, 6.400%, 10/01/17 (Pre-refunded to 10/01/02) Aaa 10/02 at 102 8,241,505
3,000,000 California Educational Facilities Authority, Revenue Bonds (Santa Clara
University), Series 1991, 6.250%, 2/01/16 A1 2/02 at 102 3,066,690
California Educational Facilities Authority, Revenue Bonds (University of
San Diego), Series 1992:
1,965,000 6.500%, 10/01/08 A 10/02 at 102 2,066,237
5,000,000 6.500%, 10/01/22 A 10/02 at 102 5,137,050
2,000,000 California Educational Facilities Authority Revenue Bonds (University of
San Francisco), Series 1996, 6.000%, 10/01/26 Aaa 10/06 at 102 2,019,560
2,500,000 California Health Facilities Financing Authority, Insured Revenue Bonds
(Episcopal Homes Foundation Project), Series 1985A, 7.750%, 7/01/06 A 7/98 at 102 2,677,625
1,000,000 California Health Facilities Financing Authority, Insured Health Facilities
Revenue Bonds (Los Medanos Health Care Corporation), 1990 Series A,
7.250%, 3/01/20 A 3/00 at 102 1,056,690
4,000,000 California Health Facilities Financing Authority, Insured Health Facility
Revenue Refunding Bonds (Valley Memorial Hospital), 1993 Series A,
6.000%, 5/01/17 A 5/03 at 102 3,936,800
3,680,000 California Health Facilities Financing Authority, Health Facility Revenue
Bonds (Health Dimensions, Incorporated), 1990 Series A,
7.375%, 5/01/07 (Pre-refunded to 5/01/00) Ba 5/00 at 102 4,098,379
3,225,000 California Health Facilities Financing Authority, Kaiser Permanente,
Revenue Bonds, 1990 Series A, 6.500%, 12/01/20 AA 12/00 at 102 3,333,941
6,000,000 California Health Facilities Financing Authority, Insured Revenue Bonds
(Southern California Presbyterian Homes), Series 1991, 6.750%, 6/01/21 A 6/01 at 102 6,234,300
1,370,000 California Housing Finance Agency, Home Mortgage Revenue Bonds,
1988 Series E, 8.350%, 8/01/19 (Alternative Minimum Tax) Aa 8/98 at 102 1,429,074
1,915,000 California Housing Finance Agency Home Mortgage Revenue Bonds,
1991 Series G, 7.050%, 8/01/27 (Alternative Minimum Tax) Aa 8/01 at 102 1,987,904
5,250,000 California Housing Finance Agency, Multi-Unit Rental Housing Revenue
Bonds II, 1992 Series B, 6.700%, 8/01/15 A1 8/02 at 102 5,408,655
5,000,000 California Housing Finance Agency, Home Mortgage Revenue Bonds,
1995 Series B, 7.125%, 2/01/26 (Alternative Minimum Tax) Aa 2/05 at 102 5,245,100
5,000,000 California Pollution Control Finance Authority, Pollution Control Revenue
Bonds (Laidlaw Inc.), 1992 Series A, 6.500%, 5/01/02 (Alternative
Minimum Tax) Aa3 5/97 at 102 5,115,850
10,000,000 California Pollution Control Financing Authority, Pollution Control
Revenue Bonds (Southern California Edison Company), 1991 Series,
6.900%, 12/01/17 (Alternative Minimum Tax) Aa3 12/01 at 102 10,624,300
5,000,000 California Pollution Control Financing Authority, Pollution Control
Revenue Bonds (Pacific Gas and Electric Company), 1992 Series A,
6.625%, 6/01/09 (Alternative Minimum Tax) A 6/02 at 102 5,249,950
4,500,000 California Pollution Control Financing Authority, Fixed Rate Resource
Recovery Revenue Bonds (Waste Management, Inc.), 1991 Composite
Series A, 7.150%, 2/01/11 (Alternative Minimum Tax) A1 2/01 at 103 4,852,530
8,000,000 California Pollution Control Financing Authority, Solid Waste Revenue
Bonds (North County Recycling Center), 1991 Series A Bonds,
6.750%, 7/01/17 Aaa No Opt. Call 8,895,840
14,000,000 California Statewide Communities Development Authority, Revenue
Certificates of Participation (Cedars-Sinai Medical Center),
6.500%, 8/01/15 A1 8/02 at 102 14,368,760
<PAGE>
<CAPTION>
PRINCIPAL RAT- OPT. CALL MARKET
AMOUNT DESCRIPTION INGS* PROVISIONS** VALUE
<S> <C> <C> <C> <C>
$ 1,250,000 California Statewide Communities Development Authority, Hospital
Revenue Certificates of Participation, Cedars-Sinai Medical Center,
Series 1992, 6.500%, 8/01/12 A1 No Opt. Call $ 1,359,000
3,570,000 California Statewide Communities Development Authority (Triad
Healthcare), Revenue Refunding Series 1992, Certificates of Participation,
6.250%, 8/01/06 A No Opt. Call 3,732,149
2,110,000 State Public Works Board of the State of California, Lease Revenue Bonds
(Department of Corrections), 1991Series A (State Prisons-Imperial
County), 6.500%, 9/01/11 A 9/01 at 102 2,211,934
10,050,000 State Public Works Board of the State of California Lease Revenue Bonds
(The Trustees of The California State University), 1992 Series A (Various
California State University Project), 6.700%, 10/01/17 A 10/02 at 102 10,636,518
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 A 11/04 at 102 7,595,586
7,625,000 7.000%, 11/01/19 A 11/04 at 102 8,395,049
State of California, Various Purpose General Obligation Bonds:
10,000,000 6.400%, 9/01/07 A1 No Opt. Call 11,000,300
2,500,000 7.000%, 2/01/09 A1 No Opt. Call 2,866,975
7,985,000 5.750%, 3/01/19 A 3/05 at 101 7,735,469
2,000,000 State of California, Department of Water Resources, Central Valley Project,
Water System Revenue Bonds, Series K, 6.400%, 12/01/26 Aa 6/02 at 101 1/2 2,082,600
County of Alameda, Certificates of Participation (1992 Capital Projects),
Alameda County Public Facilities Corporation:
7,865,000 6.750%, 6/01/16 A 6/02 at 102 8,480,751
10,000,000 6.000%, 6/01/22 A 6/02 at 102 9,850,700
2,000,000 Coachella Valley Water District, Improvement District No. 71 (Storm
Water District) (Riverside, Imperial, and San Diego Counties, California),
1992 Certificates of Participation (Flood Control Project),
6.750%, 10/01/12 A 10/02 at 102 2,112,540
2,200,000 City of Coalinga, California, Certificates of Participation (1989 Coalinga
Return to Custody Facility), 7.000%, 4/01/10 BBB+ 4/00 at 102 2,285,536
3,000,000 Contra Costa Water Authority (Contra Costa County, California), Water
Treatment Revenue Bonds, 1990 Series A, 6.875%, 10/01/20
(Pre-refunded to 10/01/00) N/R 10/00 at 102 3,300,690
12,805,000 County of Contra Costa, California, 1988 Home Mortgage Revenue Bonds
(GNMA Mortgage-Backed Securities Program), 8.250%, 6/01/21
(Alternative Minimum Tax) Aaa No Opt. Call 16,195,380
2,100,000 Cudahy Redevelopment Agency, Cudahy Redevelopment Project, Tax
Allocation Refunding Bonds, Series 1994A, 6.700%, 9/01/24 BBB 9/03 at 102 2,080,344
5,000,000 Culver City Redevelopment Financing Authority, 1993 Tax Allocation
Refunding Revenue Bonds, 4.600%, 11/01/20 Aaa 11/03 at 102 4,120,750
12,745,000 Delta Counties Home Mortgage Finance Authority, Single Family
Mortgage Revenue Bonds (Fannie Mae and Ginnie Mae Mortgage-
Backed Securities Program), 1992 Series A, 6.750%, 12/01/25
(Alternative Minimum Tax) AAA 6/02 at 102 13,122,379
3,000,000 Fontana Public Financing Authority (San Bernardino County, California),
Tax Allocation Revenue Bonds (North Fontana Redevelopment Project),
1990 Series A, 7.250%, 9/01/20 BB+ 9/00 at 102 2,930,100
10,000,000 Fontana Redevelopment Agency, Jurupa Hills Redevelopment Project
Area (County of San Bernardino, California), Refunding Tax Allocation
Bonds, 1992 Series A, 7.100%, 10/01/23 BBB 10/02 at 102 10,543,400
1,700,000 Foothill-De Anza Community College District (County of Santa Clara,
California), Certificates of Participation (1992 De Anza Campus Center
Project), 7.350%, 3/01/07 A- 3/02 at 102 1,872,448
2,725,000 City of Fresno, California, Certificates of Participation (1992 Street
Improvement Project), 6.625%, 12/01/11 A1 12/00 at 102 2,856,100
<PAGE>
<CAPTION>
PRINCIPAL RAT- OPT. CALL MARKET
AMOUNT DESCRIPTION INGS* PROVISIONS** VALUE
<S> <C> <C> <C> <C>
$ 7,000,000 Fresno Unified School District, Fresno County, California, Certificates
of Participation for Measure A Capital Projects, Series of 1991C for
Project Phase VIII, 7.000%, 5/01/12 Con(A) 5/99 at 102 $ 7,287,840
5,210,000 Fresno Unified School District, Fresno County, California, Certificates of
Participation for Measure A Capital Projects, Series of 1992B for Project
Phase IX, 6.700%, 5/01/12 A 5/00 at 102 5,381,253
4,000,000 Inland Empire Solid Waste Financing Authority Revenue Bonds, 1996
Series B (Landfill Improvement Financing Project), 6.250%, 8/01/11
(Alternative Minimum Tax) Aaa No Opt. Call 4,125,360
3,250,000 The Housing Authority of the County of Kern, Multifamily Housing
Revenue Bonds (North Meadows Project), 1985 Series F,
6.300%, 12/01/97 Baa1 No Opt.Call 3,265,503
8,000,000 Lancaster School District, Certificates of Participation (1992 Refunding
Project), 7.000%, 3/01/22 Aaa 3/02 at 102 8,910,960
3,110,000 City of Loma Linda, California, Hospital Revenue Bonds (Loma Linda
University Medical Center Project), Series 1993-A, 6.500%, 12/01/18 BBB 12/03 at 102 3,025,221
5,435,000 Community Redevelopment Financing Authority of the Community
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 A 9/02 at 102 5,472,175
4,030,000 Department of Water and Power of the City of Los Angeles, California,
Electric Plant Revenue Bonds, Issue of 1989, 7.375%, 2/01/29 Aa 2/99 at 102 4,370,777
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 Aa 5/03 at 102 3,439,835
8,400,000 4.500%, 5/15/30 Aaa 5/03 at 102 6,600,636
4,500,000 City of Los Angeles, California, Wastewater System Revenue Bonds,
Series 1991-D, 6.700%, 12/01/21 (Pre-refunded to 12/01/00) Aaa 12/00 at 102 4,960,575
2,000,000 Redevelopment Agency of the City of Moorpark, Moorpark
Redevelopment Project, 1993 Tax Allocation Bonds, 6.125%, 10/01/18 A- 10/03 at 102 1,952,600
10,000,000 Norco Redevelopment Agency, Norco Redevelopment Project Area
No. One, Subordinated Tax Allocation Notes, Issue of 1992,
6.000%, 10/01/97 A- 10/96 at 100 10,015,200
15,190,000 Northern California Power Agency, Hydroelectric Project Number One
Revenue Bonds, Refunding Series E, 7.150%, 7/01/24 A 7/98 at 102 15,929,145
15,300,000 Ontario Redevelopment Financing Authority (San Bernardino County,
California), 1995 Revenue Bonds (Ontario Redevelopment Project No. 1),
7.400%, 8/01/25 Aaa No Opt. Call 18,900,396
10,000,000 County of Orange, California, Certificates of Participation (Civic Center
Expansion Project), 6.700%, 8/01/18 Aaa 8/01 at 102 11,092,800
Orange County Local Transportation Authority (Orange County,
California), Measure M Sales Tax Revenue Bonds (Limited Tax Bonds):
3,380,000 6.000%, 2/15/07 Aa No Opt. Call 3,545,857
4,250,000 6.000%, 2/15/08 Aa No Opt. Call 4,425,058
Pomona Public Financing Authority, California, 1993 Refunding
Revenue Bonds, Series L (Southwest Pomona Redevelopment
Project):
1,165,000 4.800%, 2/01/00 BBB+ No Opt. Call 1,154,830
1,230,000 4.900%, 2/01/01 BBB+ No Opt. Call 1,211,169
1,300,000 5.050%, 2/01/02 BBB+ No Opt. Call 1,275,469
1,200,000 5.150%, 2/01/03 BBB+ No Opt. Call 1,168,895
6,670,000 City of Redlands, Certificates of Participation (1993 Refunding of 1986
and 1987 Projects), 6.800%, 3/01/07 Aaa 3/97 at 100 6,764,847
3,720,000 County of Riverside, California, Single Family Mortgage Revenue Bonds
(GNMA Mortgage-Backed Securities Program), Issue B of 1989,
7.600%, 11/01/19 (Alternative Minimum Tax) AAA 11/99 at 102 3,890,116
4,000,000 County of San Bernardino, California, Certificates of Participation (West
Valley Detention Center Project), 7.600%, 11/01/06 (Pre-refunded to
11/01/98) Aaa 11/98 at 102 4,357,640
<PAGE>
<CAPTION>
PRINCIPAL RAT- OPT. CALL MARKET
AMOUNT DESCRIPTION INGS* PROVISIONS** VALUE
<S> <C> <C> <C> <C>
$ 13,525,000 County of San Bernardino, California, Single Family Mortgage Revenue
Bonds (GNMA Mortgage-Backed Securities), 1989 Series A,
7.750%, 11/01/14 (Alternative Minimum Tax) Aaa No Opt. Call $ 16,231,894
3,000,000 San Diego County Water Authority, Water Revenue Certificates of
Participation, Series 1989A, 7.300%, 5/01/09 (Pre-refunded to 5/01/97) Aaa 5/97 at 102 3,129,030
8,295,000 San Diego County Water Authority, Water Revenue Certificates of
Participation, Series 1991A, 6.300%, 5/01/05 Aa 5/01 at 102 8,825,464
3,385,000 The Community Redevelopment Agency of the City of Santa Ana,
Orange County, California, Santa Ana South Harbor Boulevard/Fairview
Street Redevelopment Project, 1989 Series C Tax Allocation Refunding
Bonds, 7.250%, 9/01/09 A- 9/99 at 102 3,511,464
2,000,000 City of Santa Barbara, California, Certificates of Participation (1992
Water System Improvement Project and Refunding), 6.700%, 4/01/27 Aaa 4/02 at 102 2,154,020
3,000,000 City of Santa Barbara, California, Certificates of Participation (Harbor
Refunding Project), 6.750%, 10/01/27 A 10/02 at 102 3,169,920
2,575,000 City of Santa Maria, Revenue Certificates of Participation (Marian Medical
Center), 6.750%, 9/01/22 A 9/02 at 102 2,655,932
4,300,000 Sierra View Local Hospital District, Insured Health Facility Revenue
Bonds, Series 1992, 6.400%, 3/01/22 A 3/02 at 102 4,378,045
1,730,000 Southern California Home Financing Authority, Single Family Mortgage
Revenue Bonds (GNMA and FNMA Mortgage-Backed Securities
Program), 1991 Issue A, 7.350%, 9/01/24 (Alternative Minimum Tax) AAA 3/01 at 102 1,801,414
1,715,000 Southern California Home Financing Authority, Single Family Mortgage
Revenue Bonds (GNMA and FNMA Mortgage-Backed Securities
Program), 1992 Issue A, 6.750%, 9/01/22 (Alternative Minimum Tax) AAA 3/02 at 102 1,757,498
5,500,000 Southern California Public Power Authority, Multiple Project Revenue
Bonds, 1989 Series, 6.750%, 7/01/11 A No Opt.Call 6,098,785
1,950,000 City of Torrance (California), Hospital Revenue Bonds (Little Company
of Mary Hospital Project), Series 1992, 6.875%, 7/01/15 A 7/02 at 102 2,050,873
3,025,000 Tulare Local Hospital District, Insured Health Facility Revenue Bonds,
Series 1991A, 6.750%, 12/01/21 A 12/01 at 102 3,150,174
8,185,000 The Regents of the University of California, Refunding Revenue Bonds
(Multiple Purpose Projects), Series A, 6.875%, 9/01/16 (Pre-refunded
to 9/01/02) A- 9/02 at 102 9,237,509
8,000,000 City of Vista, Multifamily Housing Revenue Refunding Bonds (Vista
Hacienda Project), 1992 Series A, 6.950%, 4/01/17 AAA 4/02 at 102 8,338,560
Housing Authority of the County of Yolo, 1992 Refunding Revenue
Bonds, Series A (Russell Park Apartments):
1,000,000 6.900%, 11/01/08 Aa3 5/02 at 103 1,058,650
1,000,000 7.000%, 11/01/14 Aa3 5/02 at 103 1,054,280
$442,650,000 Total Investments - (cost $441,247,767) - 98.6% 468,841,336
============
Other Assets Less Liabilities - 1.4% 6,656,334
Net Assets - 100% $475,497,670
============
<PAGE>
<CAPTION>
NUMBER OF MARKET MARKET
STANDARD & POOR'S MOODY'S SECURITIES VALUE PERCENT
<S> <C> <C> <C> <C> <C>
SUMMARY OF AAA Aaa 22 $156,610,410 33%
RATINGS* AA+, AA, AA- Aa1, Aa, Aa2, Aa3 14 56,538,690 12
PORTFOLIO OF A+ A1 8 45,779,010 10
INVESTMENTS: A, A- A, A2, A3 32 173,573,690 37
BBB+, BBB, BBB- Baa1, Baa, Baa2, Baa3 9 26,010,367 6
BB+, BB, BB- Ba1, Ba, Ba2, Ba3 2 7,028,479 1
Non-rated Non-rated 1 3,300,690 1
TOTAL 88 $468,841,336 100%
<FN>
* Ratings (not covered by the report of independent auditors): Using the
higher of Standard & Poor's or Moody's rating.
N/R - Investment is not rated.
Con. Rating is conditional. Bonds for which the security depends upon the
completion of some act or the fulfillment of some condition are rated
conditionally. These are bonds secured by (a) earnings by projects under
construction, (b) earnings of projects unseasoned in operation experience,
(c) rentals which begin when facilities are completed, or (d) payments to
which some other limiting condition attaches. Parenthetical rating denotes
probable credit stature upon completion of construction or elimination of
basis of condition.
** Optional Call Provisions (not covered by the report of independent
auditors): 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.
See accompanying notes to financial statements.
</FN>
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF NET ASSETS
<CAPTION>
NCA NCP NCO NQC
<S> <C> <C> <C> <C>
ASSETS
Investments in municipal securities, at market value
(note 1) $247,674,234 $277,753,192 $175,327,584 $287,144,620
Temporary investments in short-term municipal securities,
at amortized cost (note 1) 2,265,000 -- 700,000 1,125,000
Cash 153,668 298,564 41,247 97,364
Receivables:
Interest 3,773,574 5,071,269 2,649,475 4,416,103
Investments sold 2,582,830 762,100 -- --
Other assets 38,039 29,718 20,209 23,065
------------ ------------ ------------ ------------
Total assets 256,487,345 283,914,843 178,738,515 292,806,152
------------ ------------ ------------ ------------
LIABILITIES
Payable for investments purchased 3,000,000 442,836 -- --
Accrued expenses:
Management fees (note 6) 133,361 154,485 98,325 159,444
Other 150,502 103,404 97,632 104,559
Preferred share dividends payable N/A 37,494 13,748 38,109
Common share dividends payable 1,255,852 1,072,295 666,639 1,081,408
------------ ------------ ------------ ------------
Total liabilities 4,539,715 1,810,514 876,344 1,383,520
------------ ------------ ------------ ------------
Net assets (note 7) $251,947,630 $282,104,329 $177,862,171 $291,422,632
============ ============ ============ ============
Preferred shares, at liquidation value N/A $ 90,000,000 $ 55,000,000 $ 90,000,000
============ ============ ============ ============
Preferred shares outstanding N/A 3,600 2,200 3,600
============ ============ ============ ============
Common shares outstanding 25,117,044 12,468,550 7,889,222 13,107,978
============ ============ ============ ============
Netasset value per Common share outstanding (net assets
less Preferred shares at liquidation value, divided
by Common shares outstanding) $ 10.03 $ 15.41 $ 15.57 $ 15.37
============ ============ ============ ============
<FN>
N/A - Fund is not authorized to issue Preferred shares
See accompanying notes to financial statements
</FN>
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF NET ASSETS
<CAPTION>
NVC NUC
<S> <C> <C>
ASSETS
Investments in municipal securities, at market value
(note 1) $481,346,385 $468,841,336
Temporary investments in short-term municipal securities,
at amortized cost (note 1) 3,500,000 --
Cash 22,018 75,640
Receivables:
Interest 7,553,848 8,681,584
Investments sold 51,500 --
Other assets 27,303 39,100
------------ ------------
Total assets 492,501,054 477,637,660
------------ ------------
LIABILITIES
Payable for investments purchased -- --
Accrued expenses:
Management fees (note 6) 266,019 258,047
Other 149,385 120,368
Preferred share dividends payable 35,623 53,153
Common share dividends payable 1,836,349 1,708,422
------------ ------------
Total liabilities 2,287,376 2,139,990
------------ ------------
Net assets (note 7) $490,213,678 $475,497,670
============ ============
Preferred shares, at liquidation value $150,000,000 $150,000,000
============ ============
Preferred shares outstanding 6,000 6,000
============ ============
Common shares outstanding 22,394,499 21,355,281
============ ============
Netasset value per Common share outstanding (net assets
less Preferred shares at liquidation value,
divided by Common shares outstanding) $ 15.19 $ 15.24
============ ============
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF OPERATIONS
Year ended August 31, 1996
<CAPTION>
NCA NCP NCO NQC
<S> <C> <C> <C> <C>
INVESTMENT INCOME
Tax-exempt interest income (note 1) $ 15,716,909 $ 18,248,527 $ 11,316,494 $ 18,521,991
------------ ------------ ------------ ------------
Expenses:
Management fees (note 6) 1,459,684 1,821,682 1,162,152 1,880,061
Preferred shares--auction fees N/A 231,009 137,405 224,846
Preferred shares--dividend disbursing agent fees N/A 26,697 12,838 18,107
Shareholders' servicing agent fees and expenses 81,712 35,546 23,243 35,865
Custodian's fees and expenses 53,222 53,780 54,523 59,670
Directors' fees and expenses (note 6) 4,642 3,610 2,252 2,567
Professional fees 33,593 14,596 24,642 19,308
Shareholders' reports--printing and mailing expenses 113,588 37,339 31,579 72,393
Stock exchange listing fees 29,986 24,099 8,737 24,587
Investor relations expense 6,307 15,202 8,230 16,402
Other expenses 12,834 20,266 13,838 13,179
------------ ------------ ------------ ------------
Total expenses 1,795,568 2,283,826 1,479,439 2,366,985
------------ ------------ ------------ ------------
Net investment income 13,921,341 15,964,701 9,837,055 16,155,006
------------ ------------ ------------ ------------
REALIZED AND UNREALIZED GAIN (LOSS)
FROM INVESTMENTS
Net realized gain from investment transactions (note 3) 3,342,828 494,226 121,102 272,395
Net change in unrealized appreciation or depreciation
of investments (6,339,050) (1,068,494) (325,510) (379,617)
------------ ------------ ------------ ------------
Net gain (loss) from investments (2,996,222) (574,268) (204,408) (107,222)
------------ ------------ ------------ ------------
Net increase in net assets from operations $ 10,925,119 $ 15,390,433 $ 9,632,647 $ 16,047,784
============ ============ ============ ============
<FN>
N/A - Fund is not authorized to issue Preferred shares
See accompanying notes to financial statements.
</FN>
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF OPERATIONS
Year ended August 31, 1996
<CAPTION>
NVC NUC
<S> <C> <C>
INVESTMENT INCOME
Tax-exempt interest income (note 1) $ 30,468,955 $ 29,401,421
------------ ------------
Expenses:
Management fees (note 6) 3,133,315 3,029,169
Preferred shares--auction fees 373,255 378,519
Preferred shares--dividend disbursing agent fees 29,980 29,980
Shareholders' servicing agent fees and expenses 46,736 42,053
Custodian's fees and expenses 80,989 77,636
Directors' fees and expenses (note 6) 4,954 4,643
Professional fees 20,297 20,354
Shareholders' reports--printing and mailing expenses 110,486 104,950
Stock exchange listing fees 32,075 32,318
Investor relations expense 26,544 23,198
Other expenses 23,485 30,902
------------ ------------
Total expenses 3,882,116 3,773,722
------------ ------------
Net investment income 26,586,839 25,627,699
------------ ------------
REALIZED AND UNREALIZED GAIN (LOSS)
FROM INVESTMENTS
Net realized gain from investment transactions (note 3) 2,421,884 40,032
Net change in unrealized appreciation or depreciation
of investments (357,214) 4,272,873
------------ ------------
Net gain (loss) from investments 2,064,670 4,312,905
------------ ------------
Net increase in net assets from operations $ 28,651,509 $ 29,940,604
============ ============
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF CHANGES IN NET ASSETS
<CAPTION>
NCA NCP
Year ended Year ended Year ended Year ended
8/31/96 8/31/95 8/31/96 8/31/95
<S> <C> <C> <C> <C>
OPERATIONS
Net investment income $ 13,921,341 $ 12,058,021 $ 15,964,701 $ 15,948,268
Net realized gain (loss) from investment transactions,
net of taxes, if applicable (notes 1 and 3) 3,342,828 175,174 494,226 (255,704)
Net change in unrealized appreciation or depreciation
of investments (6,339,050) 418,985 (1,068,494) 3,611,917
------------- ------------- ------------- -------------
Net increase in net assets from operations 10,925,119 12,652,180 15,390,433 19,304,481
------------- ------------- ------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS (note 1)
From undistributed net investment income:
Common shareholders (14,178,555) (12,599,784) (12,828,577) (12,812,464)
Preferred shareholders N/A N/A (3,061,546) (3,606,381)
From accumulated net realized gains from investment
transactions:
Common shareholders (1,191,439) (155,016) -- (238,372)
Preferred shareholders N/A N/A -- (55,926)
In excess of net realized gains:
Common shareholders -- -- -- --
Preferred shareholders N/A N/A -- --
------------- ------------- ------------- -------------
Decrease in net assets from distributions to shareholders (15,369,994) (12,754,800) (15,890,123) (16,713,143)
------------- ------------- ------------- -------------
CAPITAL SHARE TRANSACTIONS (note 2)
Net proceeds from shares issued in acquisition of NCM
(note 1) 61,944,964 -- -- --
Net proceeds from Common shares issued to shareholders
due to reinvestment of distributions 1,021,632 1,291,713 837,705 --
------------- ------------- ------------- -------------
Net increase in net assets derived from capital
share transactions 62,966,596 1,291,713 837,705 --
------------- ------------- ------------- -------------
Net increase (decrease) in net assets 58,521,721 1,189,093 338,015 2,591,338
Net assets at beginning of year 193,425,909 192,236,816 281,766,314 279,174,976
------------- ------------- ------------- -------------
Net assets at end of year $ 251,947,630 $ 193,425,909 $ 282,104,329 $ 281,766,314
============= ============= ============= =============
Balance of undistributed net investment income at
end of year $ 123,389 $ 314,660 $ 673,161 $ 598,583
============= ============= ============= =============
<FN>
N/A - Fund is not authorized to issue Preferred shares.
See accompanying notes to financial statements.
</FN>
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF CHANGES IN NET ASSETS
<CAPTION>
NCO NQC
Year ended Year ended Year ended Year ended
8/31/96 8/31/95 8/31/96 8/31/95
<S> <C> <C> <C> <C>
OPERATIONS
Net investment income $ 9,837,055 $ 9,944,595 $ 16,155,006 $ 16,282,624
Net realized gain (loss) from investment transactions,
net of taxes, if applicable (notes 1 and 3) 121,102 137,898 272,395 871,306
Net change in unrealized appreciation or depreciation
of investments (325,510) 2,661,608 (379,617) 1,946,291
------------- ------------- ------------- -------------
Net increase in net assets from operations 9,632,647 12,744,101 16,047,784 19,100,221
------------- ------------- ------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS (note 1)
From undistributed net investment income:
Common shareholders (8,046,049) (8,233,329) (13,286,809) (13,492,025)
Preferred shareholders (1,828,844) (2,056,793) (2,876,627) (3,316,269)
From accumulated net realized gains from investment
transactions:
Common shareholders (111,518) -- -- --
Preferred shareholders (28,918) -- -- --
In excess of net realized gains:
Common shareholders (87,831) -- -- --
Preferred shareholders (22,760) -- -- --
------------- ------------- ------------- -------------
Decrease in net assets from distributions to
shareholders (10,125,920) (10,290,122) (16,163,436) (16,808,294)
------------- ------------- ------------- -------------
CAPITAL SHARE TRANSACTIONS (note 2)
Net proceeds from shares issued in acquisition of NCM
(note 1) -- -- -- --
Net proceeds from Common shares issued to shareholders due
to reinvestment of distributions 283,207 292,939 1,112,338 630,041
------------- ------------- ------------- -------------
Net increase in net assets derived from capital
share transactions 283,207 292,939 1,112,338 630,041
------------- ------------- ------------- -------------
Net increase (decrease) in net assets (210,066) 2,746,918 996,686 2,921,968
Net assets at beginning of year 178,072,237 175,325,319 290,425,946 287,503,978
------------- ------------- ------------- -------------
Net assets at end of year $ 177,862,171 $ 178,072,237 $ 291,422,632 $ 290,425,946
============= ============= ============= =============
Balance of undistributed net investment income at
end of year $ 287,051 $ 324,889 $ 511,277 $ 519,707
============= ============= ============= =============
See accompanying notes to financial statements
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF CHANGES IN NET ASSETS
<CAPTION>
NVC NUC
Year ended Year ended Year ended Year ended
8/31/96 8/31/95 8/31/96 8/31/95
<S> <C> <C> <C> <C>
OPERATIONS
Net investment income $ 26,586,839 $ 26,997,641 $ 25,627,699 $ 25,794,073
Net realized gain (loss) from investment transactions,
net of taxes, if applicable (notes 1 and 3) 2,421,884 1,877,616 40,032 235,123
Net change in unrealized appreciation or depreciation
of investments (357,214) 5,617,370 4,272,873 8,029,838
------------- ------------- ------------- -------------
Net increase in net assets from operations 28,651,509 34,492,627 29,940,604 34,059,034
------------- ------------- ------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS (note 1)
From undistributed net investment income:
Common shareholders (21,986,737) (22,132,503) (20,493,631) (20,476,933)
Preferred shareholders (4,746,184) (5,463,610) (4,927,592) (5,717,485)
From accumulated net realized gains from investment
transactions:
Common shareholders (2,205,437) (774,582) (216,757) --
Preferred shareholders (576,912) (140,533) (62,307) --
In excess of net realized gains:
Common shareholders -- -- (145,910) --
Preferred shareholders -- -- (41,943) --
------------- ------------- ------------- -------------
Decrease in net assets from distributions to shareholders (29,515,270) (28,511,228) (25,888,140) (26,194,418)
------------- ------------- ------------- -------------
CAPITAL SHARE TRANSACTIONS (note 2)
Net proceeds from shares issued in acquisition of NCM (note 1) -- -- -- --
Net proceeds from Common shares issued to shareholders
due to reinvestment of distributions 1,110,508 -- 380,868 --
------------- ------------- ------------- -------------
Net increase in net assets derived from capital share
transactions 1,110,508 -- 380,868 --
------------- ------------- ------------- -------------
Net increase (decrease) in net assets 246,747 5,981,399 4,433,332 7,864,616
Net assets at beginning of year 489,966,931 483,985,532 471,064,338 463,199,722
------------- ------------- ------------- -------------
Net assets at end of year $ 490,213,678 $ 489,966,931 $ 475,497,670 $ 471,064,338
============= ============= ============= =============
Balance of undistributed net investment income at
end of year $ 856,154 $ 1,002,236 $ 1,372,634 $ 1,166,158
============= ============= ============= =============
See accompanying notes to financial statements.
</TABLE>
<PAGE>
NOTES TO FINANCIAL STATEMENTS
1. GENERAL INFORMATION AND SIGNIFICANT ACCOUNTING POLICIES
At August 31, 1996, the California Funds (the "Funds") covered in this report
and their corresponding New York Stock Exchange symbols are Nuveen
California Municipal Value Fund, Inc. (NCA), Nuveen California Performance
Plus Municipal Fund, Inc. (NCP), Nuveen California Municipal Market
Opportunity Fund, Inc. (NCO), Nuveen California Investment Quality Municipal
Fund, Inc. (NQC), Nuveen California Select Quality Municipal Fund, Inc.
(NVC) and Nuveen California Quality Income Municipal Fund, Inc. (NUC).
NCA is not authorized by its Articles of Incorporation to issue Preferred
shares. Therefore, in the Notes to Financial Statements, "N/A" represents
not-applicable.
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.
On January 8, 1996, NCA acquired all of the net assets of Nuveen California
Municipal Income Fund, Inc. (NCM) pursuant to a plan of reorganization
approved by the share-holders of both Funds on November 16, 1995. The
acquisition was accomplished by a tax-free exchange of 6,045,848 shares of NCA
for the 5,209,911 shares of NCM outstanding on January 8, 1996. NCM's net
assets at that date of $61,944,964 included $3,919,735 of net unrealized
appreciation which were combined with that of NCA. The combined net assets of
NCA immediately after the acquisition were $256,603,995.
The following is a summary of significant accounting policies followed by the
Funds in the preparation of their financial statements in accordance with
generally accepted accounting principles.
Securities Valuation
Portfolio securities for which market quotations are readily available are
valued at the mean between the quoted bid and asked prices or the yield
equivalent. Portfolio securities for which market quotations are not readily
available are valued at fair value by consistent application of methods
determined in good faith by the Board of Directors. Temporary investments in
securities that have variable rate and demand features qualifying them as
short-term securities are traded and valued at amortized cost.
Securities Transactions
Securities transactions are recorded on a trade-date basis. Realized gains and
losses from such transactions are determined on the specific identification
method. Securities purchased or sold on a when-issued or delayed delivery
basis may be settled a month or more after the transaction date. The
securities so purchased are subject to market fluctuation during this period.
The Funds have instructed the custodian to segregate assets in a separate
account with a current value at least equal to the amount of their purchase
commitments. At August 31, 1996, NCP had purchase commitments of $442,836.
There were no such purchase commitments in any of the other Funds.
<PAGE>
Interest 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
The Funds intend to comply with the requirements of the Internal Revenue Code
applicable to regulated investment companies by distributing to shareholders
all of their 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 NCA and $.01 per Common share for NCP, NCO, NQC, NVC and NUC.
Furthermore, each Fund intends to satisfy conditions which will enable
interest from municipal securities, which is exempt from regular federal and
California state personal income taxes, to retain such tax-exempt status when
distributed to shareholders of the Funds. All regular monthly income dividends
paid during the year ended August 31, 1996, have been designated Exempt
Interest Dividends which are exempt from regular federal personal income tax.
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 after month-end.
Net realized capital gains and/or market discount from investment transactions
are distributed to shareholders not less frequently than annually.
Furthermore, capital gains are distributed only to the extent they exceed
available capital loss carryovers.
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 such distributions are determined in accordance
with federal income tax regulations, which may differ from generally accepted
accounting principles. Accordingly, temporary over-distributions as a result
of these differences may 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 ordinary taxable income from
investment transactions, where applicable.
<PAGE>
Preferred Shares
The following Funds have issued and outstanding $25,000 stated value Preferred
shares. Each Fund's Preferred shares are issued in one or more Series. The
dividend rate may change every seven days, as set by the Auction Agent. The
number of Preferred shares outstanding, by Series and in total, at August 31,
1996, is as follows:
<TABLE>
<CAPTION>
NCP NCO NQC NVC
<S> <C> <C> <C> <C>
Number of shares:
Series M -- -- 3,600 --
Series T 1,800 -- -- 2,400
Series W -- 2,200 -- --
Series Th -- -- -- 3,600
Series F 1,800 -- -- --
----- ----- ----- -----
Total 3,600 2,200 3,600 6,000
===== ===== ===== =====
<CAPTION>
NUC
<S> <C>
Number of shares:
Series M --
Series T --
Series W 3,000
Series Th --
Series F 3,000
-----
Total 6,000
=====
Derivative Financial Instruments
In October 1994, the Financial Accounting Standards Board (FASB) issued
Statement of Financial Accounting Standards No. 119, Disclosure about
Derivative Financial Instruments and Fair Value of Financial Instruments,
which prescribes disclosure requirements for transactions in certain
derivative financial instruments including 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
year ended August 31, 1996, other than occasional purchases of high quality
synthetic money market securities which were held temporarily pending the
re-investment in long-term portfolio securities.
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.
</TABLE>
<PAGE>
<TABLE>
2. FUND SHARES
Transactions in Common shares were as follows:
<CAPTION>
NCA NCP
Year ended Year ended Year ended Year ended
8/31/96 8/31/95 8/31/96 8/31/95
<S> <C> <C> <C> <C>
Common Shares:
Shares issued in acquisition of NCM (note 1) 6,045,848 -- -- --
Shares issued to shareholders due to reinvestment of distributions 99,248 122,410 53,371 --
---------- ---------- ---------- ------
Net increase 6,145,096 122,410 53,371 --
========== ========== ========== ======
<CAPTION>
NCO NQC
Year ended Year ended Year ended Year ended
8/31/96 8/31/95 8/31/96 8/31/95
<S> <C> <C> <C> <C>
Common Shares:
Shares issued in acquisition of NCM (note 1) -- -- -- --
Shares issued to shareholders due to reinvestment of distributions 18,092 19,399 70,332 41,108
---------- ---------- ---------- ------
Net increase 18,092 19,399 70,332 41,108
========== ========== ========== ======
<CAPTION>
NVC NUC
Year ended Year ended Year ended Year ended
8/31/96 8/31/95 8/31/96 8/31/95
<S> <C> <C> <C> <C>
Common Shares:
Shares issued in acquisition of NCM (note 1) -- -- -- --
Shares issued to shareholders due to reinvestment of distributions 72,263 -- 25,141 --
---------- ---------- ---------- ------
Net increase 72,263 -- 25,141 --
========== ========== ========== ======
</TABLE>
<PAGE>
<TABLE>
3. SECURITIES TRANSACTIONS
Purchases and sales (including maturities) of investments in municipal
securities and temporary municipal investments during the year ended August
31, 1996, were as follows:
<CAPTION>
NCA NCP NCO NQC
<S> <C> <C> <C> <C>
PURCHASES
Investments in municipal securities $52,455,126 $40,368,991 $14,383,686 $35,522,293
Investments in municipal securities in acquisition of NCM
(note 1) 56,330,797 -- -- --
Temporary municipal investments 33,380,000 28,355,000 13,755,000 13,550,000
Temporary municipal investments in acquisition of NCM (note 1) 800,000 -- -- --
SALES AND MATURITIES
Investments in municipal securities 53,305,400 38,278,996 14,706,975 29,557,774
Temporary municipal investments 31,915,000 29,255,000 13,255,000 15,325,000
=========== =========== =========== ===========
<CAPTION>
NVC NUC
<S> <C> <C>
PURCHASES
Investments in municipal securities $62,161,439 $27,489,666
Investments in municipal securities in acquisition of NCM
(note 1) -- --
Temporary municipal investments 63,855,000 20,500,000
Temporary municipal investments in acquisition of NCM (note 1) -- --
SALES AND MATURITIES
Investments in municipal securities 72,083,451 25,950,482
Temporary municipal investments 63,655,000 21,500,000
=========== ===========
At August 31, 1996, the identified cost of investments owned for federal
income tax purposes was the same as the cost for financial reporting purposes
for each Fund.
</TABLE>
<PAGE>
<TABLE>
4. DISTRIBUTIONS TO COMMON SHAREHOLDERS
On September 3, 1996, the Funds declared Common share dividend distributions
from their tax-exempt net investment income that were paid October 1, 1996, to
shareholders of record on September 15, 1996, as follows:
<CAPTION>
NCA NCP NCO NQC
<S> <C> <C> <C> <C>
Dividend per share $.0500 $.0860 $.0845 $.0825
====== ====== ====== ======
<CAPTION>
NVC NUC
<S> <C> <C>
Dividend per share $.0820 $.0800
====== ======
5. UNREALIZED APPRECIATION (DEPRECIATION)
Gross unrealized appreciation and gross unrealized depreciation of
investments at August 31, 1996, were as follows:
<CAPTION>
NCA NCP NCO NQC
<S> <C> <C> <C> <C>
Gross unrealized:
Appreciation $ 13,685,860 $ 17,706,438 $ 13,252,027 $ 18,647,755
Depreciation (607,591) (157,791) (263,551) (354,425)
------------ ------------ ------------ ------------
Net unrealized appreciation $ 13,078,269 $ 17,548,647 $ 12,988,476 $ 18,293,330
============ ============ ============ ============
<CAPTION>
NVC NUC
<S> <C> <C>
Gross unrealized:
Appreciation $ 26,592,717 $ 27,889,698
Depreciation (450,021) (296,129)
------------ ------------
Net unrealized appreciation $ 26,142,696 $ 27,593,569
============ ============
</TABLE>
<PAGE>
<TABLE>
6. MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES
Under NCA's investment management agreement with Nuveen Advisory Corp. (the
"Adviser"), a wholly owned subsidiary of The John Nuveen Company, the Fund
pays to the Adviser an annual management fee, payable monthly of .35 of 1% of
the average daily net asset value of the Fund, as well as 4.125% of the gross
interest income of the Fund.
Under NCP's, NCO's, NQC's, NVC's and NUC's investment management agreements
with the Adviser, each Fund pays to the Adviser an annual management fee,
payable monthly, at the rates set forth below, which are based upon the
average daily net asset value of each Fund:
<CAPTION>
AVERAGE DAILY NET ASSET VALUE MANAGEMENT FEE
<S> <C>
For the first $125,000,000 .65 of 1%
For the next $125,000,000 .6375 of 1
For the next $250,000,000 .625 of 1
For the next $500,000,000 .6125 of 1
For the next $1,000,000,000 .6 of 1
For net assets over $2,000,000,000 .5875 of 1
The fee compensates the Adviser for overall investment advisory and
administrative services and general office facilities. The Funds pay no
compensation directly to those Directors who are affiliated with the Adviser
or to their officers, all of whom receive remuneration for their services to
the Funds from the Adviser.
</TABLE>
<PAGE>
<TABLE>
7. COMPOSITION OF NET ASSETS
At August 31, 1996, net assets consisted of:
<CAPTION>
NCA NCP NCO NQC
<S> <C> <C> <C> <C>
Preferred shares, $25,000 stated value per share,
at liquidation value $ N/A $ 90,000,000 $ 55,000,000 $ 90,000,000
Common shares, $.01 par value per share 251,170 124,686 78,892 131,080
Paid-in surplus 236,267,315 173,519,313 109,618,343 182,471,523
Balance of undistributed net investment income 123,389 673,161 287,051 511,277
Accumulated net realized gain (loss) from investment
transactions 2,227,487 238,522 -- 15,422
In excess of net realized gains -- -- (110,591) --
Net unrealized appreciation of investments 13,078,269 17,548,647 12,988,476 18,293,330
------------- ------------- ------------- -------------
Net assets $ 251,947,630 $ 282,104,329 $ 177,862,171 $ 291,422,632
============= ============= ============= =============
Authorized shares:
Common 250,000,000 200,000,000 200,000,000 200,000,000
Preferred N/A 1,000,000 1,000,000 1,000,000
============= ============= ============= =============
<CAPTION>
NVC NUC
<S> <C> <C>
Preferred shares, $25,000 stated value per share,
at liquidation value $ 150,000,000 $ 150,000,000
Common shares, $.01 par value per share 223,945 213,553
Paid-in surplus 311,473,290 296,505,767
Balance of undistributed net investment income 856,154 1,372,634
Accumulated net realized gain (loss) from investment
transactions 1,517,593 --
In excess of net realized gains -- (187,853)
Net unrealized appreciation of investments 26,142,696 27,593,569
------------- -------------
Net assets $ 490,213,678 $ 475,497,670
============= =============
Authorized shares:
Common 200,000,000 200,000,000
Preferred 1,000,000 1,000,000
============= =============
</TABLE>
<PAGE>
<TABLE>
8. INVESTMENT COMPOSITION
Each Fund invests in municipal securities which include general obligation,
escrowed and revenue bonds. At August 31, 1996, the revenue sources by
municipal purpose for these investments, expressed as a percent of total
investments, were as follows:
<CAPTION>
NCA NCP NCO NQC
<S> <C> <C> <C> <C>
Revenue Bonds:
Lease Rental Facilities 8% 11% 7% 10%
Health Care Facilities 8 16 17 12
Housing Facilities 16 9 1 4
Transportation 4 10 8 4
Water / Sewer Facilities 8 6 7 2
Pollution Control Facilities 4 5 6 7
Electric Utilities 2 2 -- 5
Educational Facilities -- 1 4 2
Other 16 9 20 15
General Obligation Bonds 3 3 -- 5
Escrowed Bonds 31 28 30 34
----- ----- ----- -----
100% 100% 100% 100%
===== ===== ===== =====
<CAPTION>
NVC NUC
<S> <C> <C>
Revenue Bonds:
Lease Rental Facilities 14% 19%
Health Care Facilities 17 11
Housing Facilities 11 10
Transportation 4 --
Water / Sewer Facilities 4 5
Pollution Control Facilities 5 4
Electric Utilities 7 6
Educational Facilities 3 5
Other 12 18
General Obligation Bonds 6 5
Escrowed Bonds 17 17
----- -----
100% 100%
===== =====
</TABLE>
<PAGE>
Certain long-term and intermediate-term investments owned by the Funds are
either covered by insurance issued by several private insurers or are backed
by an escrow or trust containing U.S. Government or U.S. Government agency
securities, both of which ensure the timely payment of principal and interest
in the event of default (60% for NCA, 55% for NCP, 60% for NCO, 54% for NQC,
38% for NVC and 32% for NUC). Such insurance or escrow, however, does not
guarantee the market value of the municipal securities or the value of any of
the Funds' shares.
Certain temporary investments in short-term municipal securities have credit
enhancements (letters of credit, guarantees or insurance) issued by third
party domestic or foreign banks or other institutions (100% for NCA, N/A for
NCP, 100% for NCO, 100% for NQC, 99% for NVC and N/A for NUC).
For additional information regarding each investment security, refer to the
Portfolio of Investments of each Fund.
<PAGE>
<TABLE>
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A COMMON SHARE OUTSTANDING THROUGHOUT EACH PERIOD IS AS
FOLLOWS:
<CAPTION>
Dividends from tax-exempt
Operating performance net investment income
Net
realized and
Net asset unrealized
value Net gain (loss)
beginning investment from To Common To Preferred
of period income investments** shareholders shareholders++
<S> <C> <C> <C> <C> <C>
NCA
Year ended 8/31,
1996 $10.200 $ .609 $ (.095) $ (.621) $ N/A
1995 10.200 .637 .037 (.666) N/A
1994 10.740 .653 (.514) (.669) N/A
1993 10.480 .667 .265 (.670) N/A
1 mo. ended
8/31/92 10.610 .056 (.130) (.056) N/A
Year ended 7/31,
1992 10.250 .668 .379 (.664) N/A
1991 10.120 .667 .123 (.660) N/A
1990 10.190 .664 (.037) (.666) N/A
1989 9.670 .664 .602 (.670) N/A
10/7/87 to
7/31/88 9.350 .482 .259 (.421) N/A
<CAPTION>
NCP
<S> <C> <C> <C> <C> <C>
Year ended 8/31,
1996 15.450 1.284 (.046) (1.032) (.246)
1995 15.240 1.284 .272 (1.032) (.290)
1994 16.380 1.301 (1.131) (1.064) (.246)
1993 15.580 1.330 .846 (1.150) (.226)
10 mos. ended
8/31/92 14.880 1.129 .635 (.867) (.197)
Year ended
10/31/91 13.820 1.372 1.044 (1.020) (.336)
11/15/89 to
10/31/90 14.050 1.095 (.091) (.765) (.269)
<CAPTION>
NCO
<S> <C> <C> <C> <C> <C>
Year ended 8/31,
1996 15.640 1.249 (.032) (1.022) (.232)
1995 15.320 1.265 .364 (1.047) (.262)
1994 16.590 1.267 (1.264) (1.067) (.206)
1993 15.580 1.309 1.055 (1.163) (.191)
10 mos. ended
8/31/92 14.950 1.109 .575 (.865) (.189)
Year ended
10/31/91 13.760 1.350 1.188 (1.020) (.328)
5/17/90 to
10/31/90 14.050 .442 (.132) (.255) (.109)
<PAGE>
<CAPTION>
Distributions from capital gains
Organization Per
and offering Common
costs and share
Preferred share Net asset market
To Common To Preferred underwriting value end value end
shareholders shareholders++ discounts of period of period
<S> <C> <C> <C> <C> <C>
NCA
Year ended 8/31,
1996 $(.063) $ N/A $ -- $10.030 $10.125
1995 (.008) N/A -- 10.200 9.625
1994 (.010) N/A -- 10.200 11.000
1993 (.002) N/A -- 10.740 11.750
1 mo. ended
8/31/92 -- N/A -- 10.480 11.000
Year ended 7/31,
1992 (.023) N/A -- 10.610 11.250
1991 -- N/A -- 10.250 10.625
1990 (.031) N/A -- 10.120 10.375
1989 (.076) N/A -- 10.190 10.375
10/7/87 to
7/31/88 -- N/A -- 9.670 10.000
<CAPTION>
NCP
<S> <C> <C> <C> <C> <C>
Year ended 8/31,
1996 -- -- -- 15.410 15.750
1995 (.019) (.005) -- 15.450 14.750
1994 -- -- -- 15.240 15.000
1993 -- -- -- 16.380 17.500
10 mos. ended
8/31/92 -- -- -- 15.580 15.875
Year ended
10/31/91 -- -- -- 14.880 15.750
11/15/89 to
10/31/90 -- -- (.200) 13.820 14.375
<CAPTION>
NCO
<S> <C> <C> <C> <C> <C>
Year ended 8/31,
1996 (.026)+++ (.007)+++ -- 15.570 15.875
1995 -- -- -- 15.640 15.000
1994 -- -- -- 15.320 15.375
1993 -- -- -- 16.590 17.875
10 mos. ended
8/31/92 -- -- -- 15.580 16.125
Year ended
10/31/91 -- -- -- 14.950 15.625
5/17/90 to
10/31/90 -- -- (.236) 13.760 14.500
<PAGE>
<CAPTION>
Ratios/Supplemental data
Ratio
Total of net
investment Total Ratio of investment
return return Net assets expenses to income Portfolio
on market on net asset end of period average net to average turnover
value+ value+ (in thousands) assets*** net assets*** rate
<S> <C> <C> <C> <C> <C> <C>
NCA
Year ended 8/31,
1996 12.52% 5.16% $251,948 .77% 6.00% 23%
1995 (6.59) 6.92 193,426 .75 6.32 9
1994 (.50) 1.32 192,237 .76 6.24 9
1993 13.37 9.21 200,828 .82 6.31 4
1 mo. ended
8/31/92 (1.74) (.71) 194,430 .79* 6.25* --
Year ended 7/31,
1992 12.83 10.61 196,669 .83 6.46 6
1991 9.22 8.13 188,370 .88 6.62 5
1990 7.10 6.45 184,888 .91 6.62 2
1989 11.82 13.70 185,016 .94 6.75 27
10/7/87 to
7/31/88 4.28 8.01 174,645 .94* 6.29* 32
<CAPTION>
NCP
<S> <C> <C> <C> <C> <C> <C>
Year ended 8/31,
1996 14.04 6.53 282,104 .80 5.62 14
1995 5.75 8.75 281,766 .83 5.77 24
1994 (8.34) (.48) 279,175 .83 5.63 19
1993 18.34 13.03 291,618 .81 5.73 10
10 mos. ended
8/31/92 6.55 10.86 279,810 .79* 5.99* 6
Year ended
10/31/91 17.20 15.58 269,890 .78 6.28 6
11/15/89 to
10/31/90 1.00 3.92 255,862 .79* 6.18* 26
<CAPTION>
NCO
<S> <C> <C> <C> <C> <C> <C>
Year ended 8/31,
1996 13.10 6.31 177,862 .82 5.47 8
1995 4.72 9.43 178,072 .83 5.73 36
1994 (8.20) (1.27) 175,325 .87 5.51 24
1993 19.00 14.54 184,305 .82 5.69 8
10 mos. ended
8/31/92 9.10 10.32 175,292 .79* 5.95* 2
Year ended
10/31/91 15.27 16.62 169,554 .80 6.25 --
5/17/90 to
10/31/90 (1.65) (.23) 159,754 .83* 5.63* 14
See notes on page 62.
</TABLE>
<PAGE>
<TABLE>
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A COMMON SHARE OUTSTANDING THROUGHOUT EACH PERIOD IS AS
FOLLOWS:
<CAPTION>
Dividends from tax-exempt
Operating performance net investment income
Net
realized and
Net asset unrealized
value Net gain (loss)
beginning investment from To Common To Preferred
of period income investments** shareholders shareholders++
NQC
<S> <C> <C> <C> <C> <C>
Year ended 8/31,
1996 $15.370 $1.236 $ .001 $(1.017) $(.220)
1995 15.200 1.250 .211 (1.036) (.255)
1994 16.440 1.257 (1.189) (1.119) (.167)
1993 15.470 1.296 .990 (1.151) (.165)
10 mos. ended
8/31/92 14.700 1.097 .721 (.852) (.196)
11/20/90 to
10/31/91 14.050 1.022 .766 (.756) (.188)
<CAPTION>
NVC
<S> <C> <C> <C> <C> <C>
Year ended 8/31,
1996 15.230 1.189 .092 (.984) (.212)
1995 14.960 1.210 .338 (.992) (.245)
1994 16.440 1.215 (1.430) (1.049) (.184)
1993 14.930 1.238 1.567 (1.064) (.187)
10 mos. ended
8/31/92 14.410 1.035 .487 (.815) (.187)
5/22/91 to
10/31/91 14.050 .341 .452 (.243) (.029)
<CAPTION>
NUC
<S> <C> <C> <C> <C> <C>
Year ended 8/31,
1996 15.050 1.201 .203 (.960) (.231)
1995 14.680 1.209 .389 (.960) (.268)
1994 15.920 1.195 (1.194) (.999) (.213)
1993 14.500 1.200 1.429 (1.000) (.180)
11/20/91 to
8/31/92 14.050 .655 .548 (.525) (.061)
<PAGE>
<CAPTION>
Distributions from capital gains
Organization Per
and offering Common
costs and share
Preferred share Net asset market
To Common To Preferred underwriting value end value end
shareholders shareholders++ discounts of period of period
NQC
<S> <C> <C> <C> <C> <C>
Year ended 8/31,
1996 $ -- $ -- $ -- $15.370 $15.625
1995 -- -- -- 15.370 15.000
1994 (.019) (.003) -- 15.200 15.500
1993 -- -- -- 16.440 17.000
10 mos. ended
8/31/92 -- -- -- 15.470 16.000
11/20/90 to
10/31/91 -- -- (.194) 14.700 15.625
<CAPTION>
NVC
<S> <C> <C> <C> <C> <C>
Year ended 8/31,
1996 (.099) (.026) -- 15.190 15.500
1995 (.035) (.006) -- 15.230 14.375
1994 (.028) (.004) -- 14.960 14.438
1993 (.035) (.009) -- 16.440 16.750
10 mos. ended
8/31/92 -- -- -- 14.930 15.125
5/22/91 to
10/31/91 -- -- (.161) 14.410 15.000
<CAPTION>
NUC
<S> <C> <C> <C> <C> <C>
Year ended 8/31,
1996 (.018)+++ (.005)+++ -- 15.240 15.000
1995 -- -- -- 15.050 14.250
1994 (.024) (.005) -- 14.680 14.000
1993 (.025) (.004) -- 15.920 16.000
11/20/91 to
8/31/92 -- -- (.167) 14.500 14.500
<PAGE>
<CAPTION>
Ratios/Supplemental data
Ratio
Total of net
investment Total Ratio of investment
return return Net assets expenses to income Portfolio
on market on net asset end of period average net to average turnover
value+ value+ (in thousands) assets*** net assets*** rate
NQC
<S> <C> <C> <C> <C> <C> <C>
Year ended 8/31,
1996 11.08% 6.72% $291,423 .81% 5.51% 10%
1995 3.77 8.38 290,426 .81 5.72 14
1994 (2.10) (.64) 287,504 .82 5.53 18
1993 14.00 14.29 301,948 .78 5.69 13
10 mos. ended
8/31/92 8.13 11.40 287,619 .76* 5.96* --
11/20/90 to
10/31/91 9.49 10.33 276,571 .78* 5.85* 18
<CAPTION>
NVC
<S> <C> <C> <C> <C> <C> <C>
Year ended 8/31,
1996 15.73 6.95 490,214 .79 5.38 13
1995 7.14 9.22 489,967 .80 5.66 12
1994 (7.60) (2.52) 483,986 .81 5.43 15
1993 18.89 18.24 515,938 .84 5.57 9
10 mos. ended
8/31/92 6.53 9.54 480,490 .79* 5.78* 14
5/22/91 to
10/31/91 1.62 4.31 467,392 .75* 5.13* 3
<CAPTION>
NUC
<S> <C> <C> <C> <C> <C> <C>
Year ended 8/31,
1996 12.32 7.89 475,498 .79 5.37 6
1995 9.24 9.57 471,064 .80 5.63 29
1994 (6.27) (1.41) 463,200 .80 5.35 12
1993 18.22 17.56 489,215 .82 5.44 13
11/20/91 to
8/31/92 .29 7.06 457,950 .76* 5.05* 16
<FN>
N/A - Fund is not authorized to issue Preferred shares.
* Annualized.
** Net of taxes, if applicable.
*** Ratios do not reflect the effect of dividend payments to preferred
shareholders, if applicable.
+ Total Investment Return on Market Value is the combination of reinvested
dividend income, reinvested capital gains distributions, if any, and changes
in stock price per share. Total Return on Net Asset Value is the combination
of reinvested dividend income, reinvested capital gains distributions, if any,
and changes in net asset value per share.
++ The amounts shown are based on Common share equivalents.
+++ The amounts shown include distributions in excess of capital gains of
$.011 for Common shareholders and $.003 for Preferred shareholders of NCO and
$.007 for Common shareholders and $.002 for
Preferred shareholders of NUC.
</FN>
</TABLE>
<PAGE>
REPORT OF INDEPENDENT AUDITORS
The Board of Directors and Shareholders Nuveen
California Municipal Value Fund, Inc.
Nuveen California Performance Plus Municipal Fund, Inc.
Nuveen California Municipal Market Opportunity Fund, Inc.
Nuveen California Investment Quality Municipal Fund, Inc.
Nuveen California Select Quality Municipal Fund, Inc.
Nuveen California Quality Income Municipal Fund, Inc.
We have audited the accompanying statements of net assets, including the
portfolios of investments, of Nuveen California Municipal Value Fund, Inc.,
Nuveen California Performance Plus Municipal Fund, Inc., Nuveen California
Municipal Market Opportunity Fund, Inc., Nuveen California Investment Quality
Municipal Fund, Inc., Nuveen California Select Quality Municipal Fund, Inc.
and Nuveen California Quality Income Municipal Fund, Inc. as of August 31,
1996, and the related statements of operations, changes in net assets and the
financial highlights for the periods indicated therein. These financial
statements and financial highlights are the responsibility of the Funds'
management. Our responsibility is to express an opinion on these financial
statements and financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements. Our procedures included confirmation of investments
owned as of August 31, 1996, by correspondence with the custodian and brokers.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial positions of
Nuveen California Municipal Value Fund, Inc., Nuveen California Performance
Plus Municipal Fund, Inc., Nuveen California Municipal Market Opportunity
Fund, Inc., Nuveen California Investment Quality Municipal Fund, Inc., Nuveen
California Select Quality Municipal Fund, Inc. and Nuveen California Quality
Income Municipal Fund, Inc. at August 31, 1996, and the results of their
operations, changes in their net assets and financial highlights for the
periods indicated therein in conformity with generally accepted accounting
principles.
Ernst & Young LLP
Chicago, Illinois
October 4, 1996
<PAGE>
Build your wealth automatically
Photographic image of Customer Service Rep at Nuveen.
Managing your portfolio takes skill, experience, and informed judgment, but
our efforts to help you build your wealth don't stop there. At Nuveen, we
offer a number of convenient ways to add to your tax-free portfolio and earn
the tax-free income you need to achieve your financial goals.
NUVEEN EXCHANGE-TRADED FUNDS DIVIDEND REINVESTMENT PLAN
Your Nuveen exchange-traded fund allows you to conveniently reinvest dividends
and/or capital gains distributions in additional fund shares. If you do not
elect to reinvest distributions, all distributions are paid by check, or can
be deposited directly into your bank or brokerage account.
By choosing to reinvest, you'll be able to set aside money regularly and
automatically, and watch your investment grow through the power of tax-free
compounding. You'll also benefit from dollar-cost averaging, a technique of
investing at regular intervals, which allows you to build a high-quality,
tax-free portfolio conveniently and cost effectively over time. All
reinvestments are invested in full and fractional shares and are kept in
non-certificated form by the Plan Agent, Chase Manhattan Bank.
To make recordkeeping easy and convenient, each month you'll receive a
statement showing your total dividends and distributions, the date of
investment, the shares acquired and the price per share, and the total number
of shares you own. Income or capital gains taxes may be payable on dividends
or distributions that are reinvested.
The shares you acquire by reinvesting will either be purchased on the open
market or be newly issued by the Fund. If the shares are trading at or above
net asset value at the time of valuation, the Fund will issue new shares at
the then-current market price. If the shares are trading at less than net
asset value, shares for your account will be purchased on the open market.
Dividends and distributions received to purchase shares in the open market
will be invested within 30 days of the dividend payment date; no interest will
be paid on dividends and distributions awaiting reinvestment. Because the
market price of shares may increase before purchases are completed, the
average purchase price per share may exceed the market price at the time of
valuation resulting in the acquisition of fewer shares than if the dividend or
distribution had been paid in shares issued by the Fund. A pro rata portion of
any applicable brokerage commissions on open market purchases will be paid by
Plan participants. These commissions usually will be lower than those charged
on individual transactions.
<PAGE>
You may, of course, change your distribution option or withdraw from the
Plan at any time, should your needs or situation change. Should you withdraw,
you can receive a certificate for all whole shares credited to your
reinvestment account and cash payment for fractional shares, or cash payment
for all reinvestment account shares, less brokerage commissions and a $2.50
service fee.
You also can reinvest if your shares are registered in the name of a
brokerage firm, bank, or other nominee. Just ask your investment adviser if
the firm will participate on your behalf. If not, it's easy to have the shares
registered in your name and to apply for a reinvestment account directly.
Participants whose shares are registered in the name of one firm may not be
able to transfer the shares to another firm and continue to participate in the
Plan.
The Fund reserves the right to amend or terminate the Plan at any time.
Although the Fund reserves the right to amend the Plan to include a service
charge payable by the participants, there is no direct service charge to
participants in the Plan at this time.
For more information on the Nuveen Automatic Reinvestment Plan or to enroll
in or withdraw from the Plan, speak with your financial adviser or call us
toll-free at 1.800.257.8787.
Photographic image of Customer Service Rep at Nuveen.
"When it comes to financial planning, your investment adviser knows your
situation best. Nuveen is pleased to provide the account information
you and your adviser need to plan effectively."
Photographic image of Customer Service Rep at Nuveen.
"At Nuveen, we make reinvesting easy. A phone call is all it takes to set up
your reinvestment account."
<PAGE>
Photographic image of Customer Service Rep at Nuveen.
"When questions come up about your investment, we're happy to provide the
up-to-date information you and your adviser need."
More than just a number
If you've ever called our toll-free customer service line, you've spoken with
one of Nuveen's customer service representatives. These reps are ready to
assist you with answers to your questions about current account balances,
yields, and previous transactions on your accounts. They can also supply
additional information about any of Nuveen's tax-free unit trusts and mutual
funds.
If you have a question about your account, or whenever you need help, just
call 800.257.8787. Our customer service reps are available Monday through
Friday from 8:00 a.m. to 8:00 p.m. Eastern time.
Photographic image of woman seated and man standing behind her representing
Nuveen investors.
<PAGE>
Your investment partner
Photographic image of John Nuveen, Sr., founder of Nuveen.
For nearly 100 years, Nuveen has earned its reputation as a tax-free
income specialist by focusing on municipal bonds.
Since 1898, John Nuveen & Co. Incorporated has worked to bring together
the various participants in the municipal bond industry and build strong
partnerships that benefit all concerned. Investors, financial advisers,
municipal officials, investment bankers--Nuveen believes that forging
relationships with these groups based on trust and value is the key to
successful investing.
As the oldest and largest municipal bond specialist in the United States,
Nuveen's investment bankers work with issuers to understand and meet their
needs in structuring and selling their bond issues.
Nuveen also works closely with financial advisers around the country,
including brokerage firms, banks, insurance companies, and independent
financial planners, to bring the benefits of tax-free investing to you. These
advisers are experts at identifying your needs and recommending the best
solutions for your situation. Together we make a powerful team, helping you
create a successful investment plan that meets your needs today and in the
future.
John Nuveen & Co. Incorporated
333 West Wacker Drive
Chicago, Illinois 60606-1286
FAN-5-8.96
