Nuveen Exchange-Traded Funds
Providing tax-free income to help you live your dreams.
NUVEEN CALIFORNIA MUNICIPAL VALUE FUND, INC.
NUVEEN CALIFORNIA MUNICIPAL INCOME 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.
ANNUAL REPORT/AUGUST 31, 1995
Photographic image of man seated at breakfast table with wife standing behind
him.
Photographic image of Nuveen Research Department. Four people around a table
working.
Research: a foundation
Your financial plan is in place. You and your adviser have made asset
allocation decisions. For the tax-free portion of your portfolio, you want
dependable income, safety of principal, and diversification. Solid, reliable
Nuveen research helps to keep your tax-free investments on the path you have
chosen.
Paul Williams, Vice President and Manager of Investment Strategies and
Research, emphasizes fundamental research as a strategy for finding value.
<PAGE>
The strength of Nuveen's Research Department is illustrated by the numerous
awards and press coverage we receive. Annual industry polls consistently
recognize the quality and depth of Nuveen Research.
Photographic image of a grouping of awards/statuettes.
At Nuveen, we believe that attention to detail combined with years of
experience is the foundation for sound research. Sound research means finding
quality bonds that deliver timely and dependable income over many decades.
Beyond this, it means adding value by identifying bonds whose credit strengths
are not yet understood by the market.
USING RESEARCH TO TRACK QUALITY AND VALUE
With tens of thousands of bonds available for investment today, the municipal
market is one of the nation's largest--and most complex--securities markets.
At the same time, the number of analysts devoted to researching the municipal
market is comparatively small. While more than 12,000 analysts at nearly 2,000
firms and investment organizations research the 7,500 common stocks available
in the equity market, approximately 1,000 analysts at 400 firms and rating
agencies cover 60,000 municipal bond issues.
Selecting those bonds that will outperform the market and help you achieve
your investment goals depends upon an ability to analyze and understand
complexities ranging from the demand for a new highway or airport to the
impact of an industry closure on the financial position of a town's water and
sewer system.
At Nuveen, we can provide this depth because we have the largest research
staff in the investment banking industry devoted exclusively to the analysis
of municipal bonds. Our award-winning team of more than 30 research
professionals provides invaluable support to our portfolio managers, assisting
them in careful analysis of bond issues considered for purchase--even those
rated AAA.
On a daily basis, our research analysts prepare credit reviews to assist in
the selection of bonds that offer the best combination of yield and security,
monitor the continued creditworthiness of portfolio holdings, and analyze
economic, political, and demographic trends affecting the markets.
The scope of this analysis is broad. We understand the beneficial insights
that can be obtained by assessing the impact of local elections in small towns
or gaining an understanding of the global wood pulp market to accurately
evaluate a municipal issue in Alaska. Recently a financial adviser noticed a
large number of clippings on salmon fishing on one Nuveen analyst's desk. The
analyst explained that the articles provided information on salmon spawning, a
conservation issue having a major impact on public hydroelectric projects in
the Pacific Northwest. With the largest research staff in the industry, we can
analyze subtle but essential details such as this--and apply our findings to
enhance the performance of your portfolio.
<PAGE>
BENEFITING OUR INVESTORS
The Nuveen Research Department supports the investment goals of fund investors
through three major activities:
Primary research and surveillance
Every year, our research staff reviews thousands of tax-exempt issues valued
at more than $100 billion to help our portfolio managers select the most
appropriate bonds based on current yield, price, credit quality, and future
prospects.
A recent example of the way Nuveen Research benefits our shareholders was
our successful investment in Philadelphia water and sewer bonds. When the city
decided to issue bonds to fund badly needed capital improvements, the city's
fiscal difficulties resulted in an issue that was priced below that of other
cities for similar bonds, generating higher income. However, Nuveen's own
research performed independently from the rating agencies indicated that the
city water and sewer system was economi-cally sound and that adequate legal
safeguards would be in place to protect the investment. Following the
completion of the improvements, the prices of these bonds resulted in a
sizable portfolio gain to our shareholders.
Research reports
Just as you rely on your financial adviser for seasoned, prudent advice,
financial advisers depend on Nuveen's research reports to keep current on
market developments. Reports cover issues ranging from credit analysis of
specific states to comprehensive examinations of tax-free investment
strategies and the impact of national and state elections on municipal issues.
(For a list of research reports currently available to you and your adviser,
please refer to the attached reply card.)
Investor interests
We take our responsibility to our shareholders seriously by actively
representing their interests before the industry and government groups that
oversee and regulate the markets. We testified before a U.S. Senate
subcommittee to support better disclosure of financial information by bond
issuers. Our analysis of the effect of the Orange County bankruptcy on other
California issuers helped a California Senate subcommittee understand the
importance of fiscal conservatism and prudent policy decisions. By providing
informed opinions backed by years of experience, we help to define and set
policy that benefits you.
At Nuveen, quality research is one of the core elements of our disciplined
approach to providing you with dependable income, credit quality, and
diversification--key elements of a successful investment program.
Nuveen's research reports are often used by the press as background when
covering the municipal market in depth.
Photographic image of a grouping of research reports and newspapers.
<PAGE>
Photographic image of man seated at breakfast table with wife standing behind
him.
CONTENTS
6 Municipal market perspective
7 Dear shareholder
9 Answering your questions
13 Fund performance
17 Commonly used terms
19 Portfolio of investments
42 Statement of net assets
44 Statement of operations
46 Statement of changes in net assets
50 Notes to financial statements
62 Financial highlights
68 Report of independent auditors
69 Nuveen Exchange-Traded Funds dividend reinvestment program
<PAGE>
Municipal market perspective
The start of 1995 brought with it a turnaround in the bond market, concluding
one of the worst periods in recent bond market history. This rebound reflects
a general consensus that the pace of the economy may be back on track,
following the efforts of the Federal Reserve Board to control inflation
through an unprecedented series of seven interest rate hikes over a
twelve-month period.
In early July, the Federal Reserve reacted to the slowing economy by making a
much-anticipated move to ease the short-term rate, the first such reduction in
nearly three years. Subsequent meetings of the Fed's Open Market Committee,
which controls interest rate decisions, have not resulted in further
rate cuts.
In the municipal bond market, prospects of another Fed easing and solid yields
helped municipals gain momentum, despite an exceptionally strong stock market
and continued debate about potential tax reform legislation. Economic
indicators and technical issues point to the continuation of a favorable
climate for these bonds in coming months.
<PAGE>
Dear shareholder
Photographic image of Richard Franke, Chairman of Nuveen.
"Over time, municipal bonds have proven to be a valuable and dependable
component of successful investment programs."
Since the beginning of 1995, we have enjoyed a welcome rebound in the bond
markets, as we put 1994--a dismal period in bond market history--behind us.
This year serves as a reminder that weathering the ups and downs of the market
is a normal part of the investment process. It helps to put things in
perspective if we remember one of the basic principles of investing: A
financial plan that focuses on your long-term goals minimizes the impact of
any short-term market volatility.
Municipal bond funds continue to be one of the best ways to invest for the
long term, offering diversification across market sectors and steady income.
Throughout this period, we have kept our sights focused on successfully
meeting these objectives, providing you with a source of stable current
income, credit quality, and enhanced share price relative to the market as a
whole.
As of August 31, 1995, current yields on share prices for the funds covered
in this report ranged from 6.36% to 7.00%. To match these yields, an investor
in the 42.5% combined California and federal income tax bracket would have had
to earn at least 11.06% on taxable alternatives of comparable quality. As we
all know, taxable yields of this level are difficult to achieve in today's
markets.
The 12-month total returns on net asset value, reflecting share price gains
plus reinvested dividend income, were also impressive, ranging from 6.29% to
9.57%, which translates to 11.04% to 14.65% on a tax-equivalent basis. These
performance results remind us of the important role that municipal bonds--and
the tax-free income they provide--can play as part of an investment strategy
focused on diversification and long-term performance. Over time, municipal
bonds have proven to be a valuable and dependable component of successful
investment programs.
The value and dependability of your municipal bond investments are enhanced
by the fact that you have chosen tax-free exchange-traded funds managed by
Nuveen. We offer a combination of professional management, award-winning
research, and shareholder service that distinguishes Nuveen as a fund manager.
We use a disciplined approach to security selection and portfolio
construction designed to deliver above-market performance by emphasizing
securities that are underpriced or undervalued by the market. This approach is
supported by the strength of Nuveen Research, which provides the insights and
experience to assist portfolio managers in identifying and selecting bonds
with strong credit quality. Our research professionals continually monitor our
holdings in order to alert portfolio managers of changes that will affect
quality.
<PAGE>
Another way we are working to increase the productivity of our
exchange-traded funds is through mergers, which bring shareholders the many
benefits associated with large funds, including lower costs, greater portfolio
flexibility, and enhanced trading efficiency. Pending shareholder approval at
the annual meeting to be held November 16, the California Municipal Income
Fund will be merged into the California Municipal Value Fund. In January,
shareholders of the merged fund will receive new common shares of the
California Municipal Value Fund based on the net asset value of each fund on
the date of transfer. Since 1993, Nuveen has successfully completed the merger
of 40 exchange-traded funds into 17, consolidating fund reporting,
recordkeeping, and other operational functions and lowering annual
administrative costs by $2.5 million--a direct benefit to investors that
continues over the years.
As you review the following pages detailing the performance of your fund, I
hope you come away with the feeling that these results, coupled with Nuveen's
continued pledge of superior service, add up to a rewarding investing
experience. We look forward to serving your tax-free investment needs
in the future.
Sincerely,
Richard J. Franke
Chairman of the Board
October 16, 1995
<PAGE>
Answering your questions
Photographic image of montage of letters received by Nuveen.
Tom Spalding, head of Nuveen's portfolio management team, offers insights into
our approach to fund management and the outlook for Nuveen's Exchange-Traded
Funds
What does Nuveen mean by "value investing"?
At Nuveen, we define value investing as a disciplined approach to security
selection and portfolio construction designed to deliver above-market
performance by emphasizing securities that are underpriced or undervalued by
the market. Our value investing approach avoids predictions about the
direction of the markets or the economy in general, concentrating instead on
identifying individual bonds with current yields, prices, credit quality, and
future prospects that are exceptionally attractive in relation to other bonds
in the market.
While the concept sounds simple, successful value investing must be based on
sound research that supports the selection of quality bonds. It also requires
an ability to recognize value by gaining insights into individual issuers as
well as specific bonds--information that often goes beyond that which is
readily available to the market in general. Having the largest research staff
in the investment management industry dedicated exclusively to gathering this
type of information on municipal bonds is reflected in the long-term results
of our value investing approach.
We believe that value investing gives us an important edge in the management
of municipal bond funds, an edge that translates to helping you meet your
goals and expectations.
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.
How does the work done by Nuveen's Research Department help support the value
of my funds?
At Nuveen, we believe that attention to detail combined with years of
experience is the foundation for sound research. And sound research is one of
the core elements of our disciplined approach to providing you with dependable
income, credit quality, and diversification--key elements of a successful
fixed income investment program.
Our award-winning team of more than 30 research professionals provides
invaluable support to our portfolio managers, assisting them in careful
analysis of bond issues considered for purchase--even those rated AAA by the
rating agencies.
On a daily basis, our research analysts prepare credit reviews to assist in
the selection of bonds that offer the best combination of yield and security,
monitor the continued creditworthiness of portfolio holdings, and analyze
economic, political, and demographic trends affecting the markets. This daily
surveillance of events and trends in the credit markets assists us in
monitoring the underlying value of our holdings.
This combination of in depth research and review helps your tax-free
municipal investments to meet your expectations for dependable income and
credit safety.
<PAGE>
What impact have interest rates had on bond portfolios?
Between February 1994 and February 1995, the Federal Reserve Board moved an
unprecedented seven times to raise short-term interest rates. Board chairman
Greenspan justified the hikes in short-term rates on the basis that the
increases would cause the economy to slow enough in the future to relieve any
inflationary pressures and avoid a significant increase in the rate of
inflation. These increases in short-term rates reduced demand for long-term
bonds, which had the complementary effects of lowering bond prices and raising
bond yields.
On July 6, 1995, after much anticipation, the Federal Reserve Board
cautiously declared victory for this policy, making its first move to ease
rates in nearly three years. Long-term bond yields had already fallen
substantially, in anticipation of the Fed's move. In subsequent meetings, the
Fed has held off on any further action, sending the message that it believes
the economy is on the right track.
What is the current outlook for municipal bonds?
With the rebound in the bond market at the beginning of 1995 and some
consensus that inflation is under control, economic indicators are favorable
for municipal bonds. Technical issues also point to a more favorable climate.
One technical issue that affects bond prices is the supply and demand
situation. While supplies of municipal bonds had been lagging over the past
few quarters, new issue supply rose sharply in the second quarter of 1995.
Demand, however, has been somewhat subdued by extraordinary market volatility
over the past 18 months and by the mounting discussion of the ramifications of
proposed reforms in the federal tax laws.
We anticipate that demand will gain strength over time based on the fact
that municipal bonds continue to be a fundamentally sound and attractive
investment option, offering one of the few remaining tax-advantaged
alternatives. Once investors are more confident that the interest rate
environment has stabilized, we expect to see the demand for municipal
investments resume its long-term upward trend.
<PAGE>
<TABLE>
NUVEEN CALIFORNIA MUNICIPAL VALUE FUND, INC.
NCA
After more than ten months of steady dividends, the Fund adjusted its monthly
tax-free dividend in July as older bonds were replaced with today's
lower-yielding bonds. Shareholders also received a capital gains distribution
in December.
12 MONTH DIVIDEND HISTORY
<CAPTION>
Date Monthly Dividends Supplemental Dividends Capital Gains
<S> <C> <C> <C>
9/94 $0.0560
10/94 $0.0560
11/94 $0.0560
12/94 $0.0560 $0.0082
1/95 $0.0560
2/95 $0.0560
3/95 $0.0560
4/95 $0.0560
5/95 $0.0560
6/95 $0.0560
7/95 $0.0530
8/95 $0.0530
<CAPTION>
FUND HIGHLIGHTS 8/31/95
<S> <C>
Yield 6.61%
Taxable-equivalent yield 11.50%
Annual total return on NAV 6.92%
Taxable-equivalent total return 11.89%
Combined state and federal tax rate 42.50%
Share price $9.625
NAV $10.20
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 INCOME FUND, INC.
NCM
The Fund's dividend income declined somewhat over the past 12 months as older,
higher coupon bonds were called and replaced with today's lower-yielding
bonds.
12 MONTH DIVIDEND HISTORY
<CAPTION>
Date Monthly Dividends Supplemental Dividends Capital Gains
<S> <C> <C> <C>
9/94 $0.0640
10/94 $0.0640
11/94 $0.0620
12/94 $0.0620
1/95 $0.0620
2/95 $0.0620
3/95 $0.0620
4/95 $0.0620
5/95 $0.0620
6/95 $0.0620
7/95 $0.0590
8/95 $0.0590
<CAPTION>
FUND HIGHLIGHTS 8/31/95
<S> <C>
Yield 6.36%
Taxable-equivalent yield 11.06%
Annual total return on NAV 6.29%
Taxable-equivalent total return 11.04%
Combined state and federal tax rate 42.50%
Share price $11.125
NAV $11.84
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 objective of providing steady tax-free income,
shareholders enjoyed 12 months of stable dividends. In addition, the Fund paid
a capital gains distribution in December.
12 MONTH DIVIDEND HISTORY
<CAPTION>
Date Monthly Dividends Supplemental Dividends Capital Gains
<S> <C> <C> <C>
9/94 $0.0860
10/94 $0.0860
11/94 $0.0860
12/94 $0.0860 $0.0192
1/95 $0.0860
2/95 $0.0860
3/95 $0.0860
4/95 $0.0860
5/95 $0.0860
6/95 $0.0860
7/95 $0.0860
8/95 $0.0860
<CAPTION>
FUND HIGHLIGHTS 8/31/95
<S> <C>
Yield 7.00%
Taxable-equivalent yield 12.17%
Annual total return on NAV 8.75%
Taxable-equivalent total return 13.92%
Combined state and federal tax rate 42.50%
Share price $14.75
NAV $15.45
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
The Fund's monthly dividend remains at an attractive level, following an
adjustment in February to reflect more closely the current earnings of the
Fund.
12 MONTH DIVIDEND HISTORY
<CAPTION>
Date Monthly Dividends Supplemental Dividends Capital Gains
<S> <C> <C> <C>
9/94 $0.0890
10/94 $0.0890
11/94 $0.0890
12/94 $0.0890
1/95 $0.0890
2/95 $0.0860
3/95 $0.0860
4/95 $0.0860
5/95 $0.0860
6/95 $0.0860
7/95 $0.0860
8/95 $0.0860
<CAPTION>
FUND HIGHLIGHTS 8/31/95
<S> <C>
Yield 6.88%
Taxable-equivalent yield 11.97%
Annual total return on NAV 9.43%
Taxable-equivalent total return 14.65%
Combined state and federal tax rate 42.50%
Share price $15.00
NAV $15.64
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
This Fund's dividend has held relatively steady at an attractive level, with
only a modest dividend adjustment in February.
12 MONTH DIVIDEND HISTORY
<CAPTION>
Date Monthly Dividends Supplemental Dividends Capital Gains
<S> <C> <C> <C>
9/94 $0.0890
10/94 $0.0890
11/94 $0.0890
12/94 $0.0890
1/95 $0.0890
2/95 $0.0860
3/95 $0.0860
4/95 $0.0860
5/95 $0.0860
6/95 $0.0860
7/95 $0.0860
8/95 $0.0860
<CAPTION>
FUND HIGHLIGHTS 8/31/95
<S> <C>
Yield 6.84%
Taxable-equivalent yield 11.90%
Annual total return on NAV 8.38%
Taxable-equivalent total return 13.59%
Combined state and federal tax rate 42.50%
Share price $15.00
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
Shareholders received a capital gains distribution in December, supplementing
a full year of relatively stable income with one dividend adjustment in
February.
12 MONTH DIVIDEND HISTORY
<CAPTION>
Date Monthly Dividends Supplemental Dividends Capital Gains
<S> <C> <C> <C>
9/94 $0.0835
10/94 $0.0835
11/94 $0.0835
12/94 $0.0835 $0.0347
1/95 $0.0835
2/95 $0.0820
3/95 $0.0820
4/95 $0.0820
5/95 $0.0820
6/95 $0.0820
7/95 $0.0820
8/95 $0.0820
<CAPTION>
FUND HIGHLIGHTS 8/31/95
<S> <C>
Yield 6.85%
Taxable-equivalent yield 11.91%
Annual total return on NAV 9.22%
Taxable-equivalent total return 14.29%
Combined state and federal tax rate 42.50%
Share price $14.375
NAV $15.23
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 objective of providing steady tax-free income,
shareholders enjoyed 12 months of stable dividends through the entire past
year.
12 MONTH DIVIDEND HISTORY
<CAPTION>
Date Monthly Dividends Supplemental Dividends Capital Gains
<S> <C> <C> <C>
9/94 $0.0800
10/94 $0.0800
11/94 $0.0800
12/94 $0.0800
1/95 $0.0800
2/95 $0.0800
3/95 $0.0800
4/95 $0.0800
5/95 $0.0800
6/95 $0.0800
7/95 $0.0800
8/95 $0.0800
<CAPTION>
FUND HIGHLIGHTS 8/31/95
<S> <C>
Yield 6.74%
Taxable-equivalent yield 11.72%
Annual total return on NAV 9.57%
Taxable-equivalent total return 14.56%
Combined state and federal tax rate 42.50%
Share price $14.25
NAV $15.05
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, 1995) 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 42.5% for California shareholders, based on incomes of
$117,950-$256,500 for investors filing singly, $143,600-$256,500 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, 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.
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 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, 1995. 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 OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 5,250,000 California Department of Veterans Affairs, Home
Purchase, Alternative Minimum Tax, 8.300%, 8/01/19 8/98 at 102 Aa $ 5,480,160
890,000 California Educational Facilities Authority (University of
San Diego Projects), 9.125%, 10/01/10 (Pre-refunded
to 10/01/95) 10/95 at 102 Aaa 911,769
California Health Facilities Authority (The Whittier
Institute for Diabetes and Endocrinology), Scripps
Memorial Hospitals:
1,545,000 8.000%, 12/01/00 12/98 at 102 N/R 1,718,442
1,500,000 8.400%, 12/01/08 12/98 at 102 N/R 1,679,490
1,500,000 California Health Facilities Financing Authority (Sutter
Health System), 8.000%, 1/01/16 (Pre-refunded
to 1/01/97) 1/97 at 102 A1 1,605,480
1,500,000 California Health Facilities Financing Authority (St.
Joseph Health), 7.000%, 7/01/10 (Pre-refunded
to 7/01/01) 7/01 at 102 AA 1,709,370
8,500,000 California Housing Finance Agency, Home Mortgage,
8.200%, 8/01/17 8/97 at 102 Aa 9,056,665
California Housing Finance Agency, Home Mortgage,
Alternative Minimum Tax:
2,025,000 8.600%, 8/01/19 8/98 at 102 Aa 2,150,894
380,000 8.150%, 8/01/19 8/98 at 102 Aa 406,611
2,090,000 California Housing Finance Agency, Alternative
Minimum Tax, 8.200%, 2/01/20 8/98 at 102 Aaa 2,239,101
1,500,000 California Pollution Control Financing Authority (Pacific
Gas and Electric Company), Alternative Minimum Tax,
8.875%, 1/01/10 12/97 at 102 A2 1,680,705
5,000,000 California Statewide Communities Development
Corporation (Pacific Homes), Certificates of
Participation, 6.000%, 4/01/17 4/03 at 102 A 4,789,900
2,175,000 ABAG Finance Authority for Nonprofit Corporations
(United Way of Santa Clara County), Certificates of
Participation, 7.200%, 7/01/11 7/01 at 102 Aa2 2,297,039
5,000,000 Arcadia Hospital Revenue (Methodist Hospital of
Southern California), 7.875%, 8/01/10 8/97 at 102 A 5,392,300
7,085,000 Brea Public Financing Authority, 8.100%, 10/01/14 10/95 at 102 1/2 N/R 7,285,718
2,750,000 Campbell Union School District, General Obligation,
6.250%, 8/01/19 8/04 at 102 Aaa 2,797,685
<PAGE>
5,000,000 Castaic Lake Water Agency, Certificates of Participation,
6.300%, 8/01/20 8/04 at 102 Aaa 5,114,500
Colma Improvement Bonds, Local Improvement District
No. 1, Reassessment Project:
870,000 8.125%, 9/02/03 9/95 at 103 N/R 900,267
1,140,000 8.125%, 9/02/04 9/95 at 103 N/R 1,179,889
1,240,000 8.125%, 9/02/05 9/95 at 103 N/R 1,285,260
1,500,000 Cucamonga School District, Certificates of Participation,
8.350%, 1/01/08 1/96 at 102 Baa 1,554,885
Duarte Redevelopment Agency, Huntington Drive
Phase II, Tax Allocation:
1,170,000 7.900%, 10/01/02 10/97 at 102 N/R 1,271,966
3,745,000 8.000%, 10/01/10 10/97 at 102 N/R 3,966,891
1,470,000 El Paso de Robles Redevelopment Agency, Tax Allocation,
7.250%, 7/01/21 7/00 at 102 BBB 1,528,727
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 2,000,000 Emeryville Public Financing Authority, Redevelopment
Project, Subordinated Lien, 8.100%, 2/01/18
(Pre-refunded to 2/01/97) 2/97 at 102 A- $ 2,149,540
970,000 Inglewood Public Finance Authority, 7.000%, 5/01/22 5/02 at 102 Baa 992,601
3,000,000 Los Angeles Community Redevelopment Agency, Tax
Allocation (Central Business District), 6.750%, 7/01/10 7/96 at 102 A- 3,072,810
8,515,000 Los Angeles Convention and Exhibition Center,
Certificates of Participation, 9.000%, 12/01/20
(Pre-refunded to 12/01/05) 12/05 at 100 Aaa 11,333,380
5,500,000 Los Angeles Department of Water and Power, Electric
Plant, 8.000%, 2/15/26 2/96 at 103 Aa 5,758,555
100,000 Los Angeles Single Family Home Mortgage
(GNMA and FNMA), Alternative Minimum Tax,
6.875%, 6/01/25 12/01 at 102 AAA 103,382
7,965,000 Los Angeles Wastewater System, 8.125%, 11/01/17
(Pre-refunded to 11/01/97) 11/97 at 102 AAA 8,814,069
2,000,000 Los Angeles County Metro Transit Authority,
5.500%, 7/01/17 7/05 at 102 Aaa 1,878,980
3,465,000 Los Angeles County Transportation Commission, Sales
Tax, 7.900%, 7/01/08 (Pre-refunded to 7/01/97) 7/97 at 102 Aaa 3,776,088
2,635,000 Menlo Park Community Development Agency,
FHA-Insured, Multi-Family Housing,
8.250%, 12/01/28 6/97 at 103 Aa 2,817,606
4,000,000 Modesto Irrigation District, 5.750%, 9/01/22 9/05 at 102 Aaa 3,877,480
8,500,000 Orange County Public Facilities Corporation, Certificates
of Participation, 8.250%, 12/01/18 (Pre-refunded
to 12/01/97) 12/97 at 102 AAA 9,455,825
5,000,000 Orange County Sanitation District Nos. 1, 2, and 3,
7.100%, 8/01/11 (Pre-refunded to 8/01/96) 8/96 at 102 Aaa 5,249,700
8,565,000 Palmdale Single Family (GNMA), 0.000%, 3/01/17 No Opt. Call Aaa 1,983,825
4,430,000 Sacramento Public Facilities, Certificates of Participation,
8.250%, 8/01/12 (Pre-refunded to 8/01/97) 8/97 at 102 1/2 AAA 4,890,410
7,750,000 Sacramento Sanitation District Finance Authority,
4.750%, 12/01/23 12/03 at 102 Aa 6,325,938
10,000,000 San Bernadino County, Single Family Mortgage (GNMA),
Alternative Minimum Tax, 0.000%, 9/01/21 No Opt. Call Aaa 1,793,300
San Diego Community College District, Certificates
of Participation:
1,000,000 8.625%, 12/01/09, (Pre-refunded to 12/01/97) 12/97 at 102 N/R 1,116,760
1,000,000 8.625%, 12/01/09 (Pre-refunded to 12/01/97) 12/97 at 102 AAA 1,120,460
4,000,000 San Francisco Public Utility Commission, Water System,
8.000%, 11/01/11 11/97 at 102 Aa 4,388,800
3,000,000 San Francisco City and County Redevelopment Agency,
GNMA (South Beach Marina), 5.700%, 3/01/29 3/04 at 102 Aaa 2,793,330
5,000,000 San Jose Redevelopment Agency, Tax Allocation,
5.000%, 8/01/20 2/04 at 102 Aaa 4,340,000
5,500,000 Santa Rosa (Kaiser Permanente), 9.000%, 12/01/15 12/95 at 102 Aa2 5,660,105
1,955,000 Southern California Home Financing Authority, Single
Family Mortgage (GNMA), Alternative Minimum
Tax, 8.125%, 2/01/21 No Opt. Call AAA 2,229,678
5,015,000 Southern California Public Power Authority, Transmission
Project, 7.875%, 7/01/18 (Pre-refunded to 7/01/96) 7/96 at 103 AAA 5,332,048
3,000,000 Southern California Public Power Authority,
5.000%, 7/01/22 7/03 at 100 Aaa 2,591,370
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 2,000,000 University of California (UCLA Central
Chiller/Cogeneration), 5.500%, 11/01/17 11/03 at 102 Aa $ 1,827,840
2,675,000 University of California, 6.875%, 9/01/16 (Pre-refunded
to 9/01/02) 9/02 at 102 A- 3,095,564
2,000,000 University of California, Housing System,
5.500%, 11/01/18 11/03 at 102 Aaa 1,880,260
8,270,000 Upland Hospital (San Antonio Community Hospital),
7.125%, 1/01/11 1/96 at 102 A 8,518,016
3,590,000 Walnut Valley Unified School District, Certificates of
Participation, 8.200%, 1/01/13 (Pre-refunded to 1/01/97) 1/97 at 102 N/R 3,849,197
$197,225,000 Total Investments - (cost $175,523,048) - 98.8% 191,020,631
============
Other Assets Less Liabilities - 1.2% 2,405,278
Net Assets - 100% $193,425,909
============
<CAPTION>
NUMBER MARKET MARKET
STANDARD & POOR'S MOODY'S OF ISSUES VALUE PERCENT
<S> <C> <C> <C> <C> <C>
SUMMARY OF AAA Aaa 22 $ 84,506,640 44%
RATINGS** AA+, AA, AA- Aa1, Aa, Aa2, Aa3 12 47,879,583 25
PORTFOLIO OF A+ A1 1 1,605,480 1
INVESTMENTS: A, A- A, A2, A3 7 28,698,835 15
BBB+, BBB, BBB- Baa1, Baa, Baa2, Baa3 3 4,076,213 2
Non-rated Non-rated 10 24,253,880 13
TOTAL 55 $191,020,631 100%
<FN>
* 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.
** 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.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
PORTFOLIO OF INVESTMENTS
NUVEEN CALIFORNIA MUNICIPAL INCOME FUND, INC. (NCM)
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 2,750,000 California Department of Veterans Affairs, Home
Purchase, Alternative Minimum Tax, 8.300%, 8/01/19 8/98 at 102 Aa $ 2,870,560
1,885,000 California General Obligation, 7.000%, 8/01/08 No Opt. Call A1 2,147,637
2,115,000 California Health Facilities Authority (The Whittier
Institute for Diabetes and Endocrinology), Scripps
Memorial Hospitals, 8.400%, 12/01/08 12/98 at 102 N/R 2,368,081
1,000,000 California Health Facilities Financing Authority (Health
Dimensions, Inc.), 7.375%, 5/01/07 5/00 at 102 Ba 1,028,660
1,150,000 California Housing Finance Agency, Alternative
Minimum Tax, 8.350%, 8/01/19 8/98 at 102 Aa 1,230,063
1,575,000 California Pollution Control (Pacific Gas and Electric
Company), 7.500%, 5/01/16 6/96 at 102 A2 1,640,000
685,000 California Rural Mortgage Finance Authority, Single
Family Mortgage, Alternative Minimum Tax,
7.950%, 12/01/24 No Opt. Call Aaa 838,269
1,000,000 Arcadia (Methodist Hospital of Southern California),
6.500%, 11/15/12 11/02 at 102 A 1,011,600
2,000,000 Cerritos Public Finance Authority (Los Cerritos
Redevelopment Project), 6.000%, 11/01/13 11/03 at 102 A- 1,929,120
2,065,000 Contra Costa County, Home Mortgage (GNMA),
Alternative Minimum Tax, 8.250%, 6/01/21 No Opt. Call Aaa 2,797,394
1,600,000 Emeryville Public Financing Authority, Redevelopment
Project, Subordinated Lien, 8.100%, 2/01/18
(Pre-refunded to 2/01/97) 2/97 at 102 A- 1,719,632
960,000 Inglewood Public Finance Authority (In-Town, Manchester
Redevelopment Projects), 7.000%, 5/01/22 5/02 at 102 A- 990,662
1,950,000 Lassen Municipal Utility District, Certificates of
Participation, Alternative Minimum Tax,
8.250%, 5/01/98 5/96 at 102 1/2 N/R 2,049,821
2,000,000 Long Beach Redevelopment Agency, Downtown
Redevelopment Project Tax Allocation,
8.300%, 11/01/10 (Pre-refunded to 5/01/98) 5/98 at 102 N/R 2,241,520
2,000,000 Los Angeles Community Redevelopment Agency, Tax
Allocation (Central Business District), 6.750%, 7/01/10 7/96 at 102 A- 2,048,540
Los Angeles Department of Water and Power Electric Plant:
2,280,000 8.000%, 2/15/26 2/96 at 103 Aa 2,387,183
1,100,000 7.125%, 5/15/30 (Pre-refunded to 5/15/00) 5/00 at 102 Aa 1,230,988
2,500,000 Los Angeles County Transportation Commission, Sales
Tax, 8.000%, 7/01/16 (Pre-refunded to 7/01/97) 7/97 at 102 Aaa 2,728,825
2,425,000 Pasadena Health Facilities (Pacific Clinics),
8.200%, 6/01/18 6/97 at 100 A 2,482,812
2,225,000 Pittsburg Redevelopment Agency, Los Medanos
Community Development Project, 7.750%, 8/01/08
(Pre-refunded to 8/01/96) 8/96 at 102 AAA 2,360,948
2,500,000 Redding Joint Powers Financing Authority, Water System,
5.500%, 6/15/23 6/03 at 102 Aaa 2,312,675
1,265,000 San Benito Hospital District, 6.750%, 12/01/21 12/01 at 102 A 1,291,236
10,415,000 San Bernadino County, Single Family Mortgage (GNMA),
Alternative Minimum Tax, 0.000%, 9/01/21 No Opt. Call Aaa 1,867,721
2,500,000 San Diego Industrial Development (San Diego Gas and
Electric Company), 7.625%, 7/01/21 7/96 at 102 Aa3 2,600,850
2,000,000 San Diego Redevelopment Agency (Horton Plaza Project),
Tax Allocation, 8.125%, 7/01/08 7/98 at 102 Baa1 2,129,240
2,000,000 San Francisco Public Utility Commission, Water System,
8.000%, 11/01/11 11/97 at 102 Aa 2,194,400
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 2,500,000 Santa Rosa (Kaiser Permanente), 9.000%, 12/01/15 12/95 at 102 Aa2 $ 2,572,775
680,000 Southern California Home Financing Authority, Single
Family Mortgage (GNMA), Alternative Minimum Tax,
8.125%, 2/01/21 No Opt. Call AAA 775,540
1,000,000 Southern California Public Power Authority,
4.750%, 7/01/16 7/04 at 102 Aaa 843,980
2,375,000 University of California, 6.875%, 9/01/16 (Pre-refunded
to 9/01/02) 9/02 at 102 A- 2,748,397
$62,500,000 Total Investments - (cost $53,886,667) - 93.1% 57,439,129
===========
TEMPORARY INVESTMENTS IN SHORT-TERM
MUNICIPAL SECURITIES - 3.1%
$ 995,000 California Health Facilities Financing Authority (St.
Joseph Health System), Series B, Variable Rate Demand
Bonds, 3.200%, 7/01/13t VMIG-1 995,000
900,000 Santa Clara County Transit District, Refunding
Equipment Trust Certificates, Variable Rate Demand
Bonds, 3.500%, 6/01/15t VMIG-1 900,000
$ 1,895,000 Total Temporary Investments - 3.1% 1,895,000
===========
Other Assets Less Liabilities - 3.8% 2,361,979
Net Assets - 100% $61,696,108
===========
<CAPTION>
NUMBER MARKET MARKET
STANDARD & POOR'S MOODY'S OF ISSUES VALUE PERCENT
<S> <C> <C> <C> <C> <C>
SUMMARY OF AAA Aaa 8 $14,525,352 25%
RATINGS** AA+, AA, AA- Aa1, Aa, Aa2, Aa3 7 15,086,819 26
PORTFOLIO OF A+ A1 1 2,147,637 4
INVESTMENTS A, A- A, A2, A3 9 15,861,999 27
(EXCLUDING BBB+, BBB, BBB- Baa1, Baa, Baa2, Baa3 1 2,129,240 4
TEMPORARY BB+, BB, BB- Ba1, Ba, Ba2, Ba3 1 1,028,660 2
INVESTMENTS): Non-rated Non-rated 3 6,659,422 12
TOTAL 30 $57,439,129 100%
<FN>
* 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.
** 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.
t 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.
</TABLE>
<PAGE>
<TABLE>
PORTFOLIO OF INVESTMENTS
NUVEEN CALIFORNIA PERFORMANCE PLUS MUNICIPAL FUND, INC. (NCP)
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 7,900,000 California Department of Veterans Affairs, Home
Purchase, Alternative Minimum Tax, 8.300%, 8/01/19 8/98 at 102 Aa $ 8,246,336
2,000,000 California Educational Facilities Authority (St. Mary's
College of California), 7.500%, 10/01/20 (Pre-refunded
to 10/01/00) 10/00 at 102 Aaa 2,305,660
6,000,000 California General Obligation, 5.750%, 3/01/14 3/05 at 101 A1 5,794,740
5,500,000 California Health Facilities Financing Authority (Pomona
Valley Hospital Medical Center), 9.750%, 1/01/19 1/00 at 102 A- 6,609,020
2,000,000 California Health Facilities Financing Authority (Kaiser
Permanente), 7.000%, 10/01/08 10/99 at 102 Aa2 2,119,920
6,500,000 California Health Facilities Financing Authority,
(Children's Hospital - San Diego), 7.000%, 7/01/13 7/00 at 102 Aaa 7,115,615
2,780,000 California Health Facilities Financing Authority (Valley
Memorial Hospital), 6.000%, 5/01/17 5/03 at 102 A 2,691,401
California Health Facilities Financing Authority (Health
Dimensions, Inc.):
4,175,000 7.250%, 5/01/03 5/00 at 102 Ba 4,294,029
5,000,000 7.500%, 5/01/15 5/00 at 102 Ba 5,030,350
4,800,000 California Health Facilities Financing Authority (Sisters
of Providence), 7.500%, 10/01/10 10/00 at 102 AA- 5,232,912
6,795,000 California Housing Finance Agency, Home Mortgage,
Alternative Minimum Tax, 7.700%, 8/01/30 2/00 at 102 Aa 7,202,904
4,000,000 California Housing Finance Agency, Alternative
Minimum Tax, 7.125%, 2/01/26 2/05 at 102 Aa 4,215,480
3,000,000 California Statewide Communities Development
Authority (Triad Healthcare), Certificates of
Participation, 6.250%, 8/01/06 No Opt. Call A 3,047,220
6,080,000 Anaheim Memorial Hospital, Certificates of Participation,
7.125%, 5/15/13 (Pre-refunded to 5/15/00) 5/00 at 102 Aaa 6,886,938
7,520,000 Antelope Valley Hospital District, Certificates of
Participation, 7.350%, 1/01/20 1/98 at 102 A 7,824,710
4,720,000 Central California Joint Powers Health Finance Authority,
Certificates of Participation, 5.000%, 2/01/23 2/03 at 100 A 3,798,656
12,600,000 Chula Vista (San Diego Gas and Electric Company),
Alternative Minimum Tax, 6.400%, 12/01/27 12/02 at 102 Aaa 12,880,476
1,850,000 Coalinga Certificates of Participation, 7.000%, 4/01/10 4/00 at 102 BBB+ 1,904,723
4,000,000 Contra Costa Water District, 6.750%, 10/01/20
(Pre-refunded to 10/01/00) 10/00 at 102 AA- 4,480,120
4,000,000 Contra Costa County, Home Mortgage (GNMA),
Alternative Minimum Tax, 8.250%, 6/01/21 No Opt. Call Aaa 5,418,680
2,000,000 Cudahy Redevelopment Agency, Tax Allocation,
6.700%, 9/01/24 9/03 at 102 BBB 2,001,440
3,000,000 Desert Hospital District, Certificates of Participation,
8.100%, 7/01/20 (Pre-refunded to 7/01/00) 7/00 at 102 AAA 3,532,650
10,000,000 East Bay Municipal Utility District, Water System,
7.500%, 6/01/18 (Pre-refunded to 6/01/00) 6/00 at 102 Aaa 11,496,000
3,000,000 Folsom Public Financing Authority, Local Agency,
7.250%, 10/01/10 10/00 at 102 BBB+ 3,141,420
3,000,000 Fontana Public Financing Authority, Tax Allocation
(North Fontana Redevelopment Project),
7.250%, 9/01/20 9/00 at 102 A 3,169,740
5,000,000 Foothill/Eastern Transportation Corridor Agency,
6.000%, 1/01/34 1/05 at 102 BBB- 4,563,300
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
Fresno Unified School District, Certificates of Participation:
$ 1,700,000 6.600%, 5/01/08 5/00 at 102 A $ 1,758,004
1,765,000 6.700%, 5/01/09 5/00 at 102 A 1,825,998
2,500,000 Fruitvale School District, Certificates of Participation,
7.875%, 6/01/04 6/00 at 102 Baa 2,778,000
2,000,000 LaQuinta Redevelopment Agency, Tax Allocation,
8.400%, 9/01/12 (Pre-refunded to 9/01/00) 9/00 at 102 Aaa 2,391,740
1,700,000 Lancaster Housing Authority (Brierwood Mobile Home
Park Project), 7.200%, 4/01/24 4/99 at 102 BBB+ 1,724,718
6,750,000 Los Angeles Airport, 7.400%, 5/01/10
(Pre-refunded to 5/01/97) 5/97 at 102 Aa 7,246,868
Los Angeles Department of Water and Power, Electric
Plant:
2,500,000 7.900%, 5/01/28 5/98 at 102 Aa 2,766,200
5,180,000 5.000%, 10/15/33 10/03 at 102 Aa 4,320,275
Los Angeles Department of Water and Power, Waterworks
System:
3,000,000 4.500%, 5/15/13 5/03 at 102 Aa 2,417,400
4,270,000 4.500%, 5/15/18 5/03 at 102 Aa 3,418,007
Los Angeles Wastewater System:
5,600,000 7.625%, 8/01/14 (Pre-refunded to 8/01/98) 8/98 at 102 Aaa 6,251,448
5,000,000 7.100%, 6/01/18 6/99 at 102 A1 5,460,000
2,405,000 Los Angeles County, Community Development
Commission, Los Tomas Apartments, FHA-Insured,
6.500%, 7/15/23 5/03 at 100 Aaa 2,442,374
7,000,000 Los Angeles County Transportation Commission, Sales
Tax, 8.000%, 7/01/16 (Pre-refunded to 7/01/97) 7/97 at 102 Aaa 7,640,710
2,000,000 Mendocino County, Certificates of Participation,
6.000%, 8/15/23 8/03 at 102 A 1,876,680
3,070,000 Metropolitan Water District of Southern California,
6.750%, 6/01/22 6/96 at 102 Aa 3,168,608
2,445,000 Nevada County, Certificates of Participation,
7.250%, 6/01/08 6/01 at 102 Baa 2,486,541
4,100,000 Northern California Power Agency, 7.150%, 7/01/24 7/98 at 102 A 4,381,178
3,415,000 Oakland Pension Financing, 7.600%, 8/01/21 8/98 at 102 Aaa 3,789,933
4,410,000 Pleasanton Joint Powers Financing Authority,
6.000%, 9/02/05 9/03 at 102 Baa 4,489,601
8,000,000 Port of Oakland, 8.000%, 11/01/00 No Opt. Call Aaa 9,237,360
Rancho Cucamonga Redevelopment Agency, Tax Allocation:
2,285,000 7.125%, 9/01/19 (Pre-refunded to 9/01/99) 9/99 at 102 Aaa 2,568,340
2,215,000 7.125%, 9/01/19 9/99 at 102 Aaa 2,433,643
3,365,000 San Bernadino County Waterworks District No. 8,
Certificates of Participation, 6.700%, 6/01/18
(Mandatory put 6/01/96) No Opt. Call Baa2 3,391,516
2,000,000 San Diego Redevelopment Agency (Marina Redevelopment
Project), 8.750%, 12/01/08 (Pre-refunded to 12/01/97) 12/97 at 101 1/2 Aaa 2,237,080
3,500,000 San Diego Redevelopment Agency, Tax Allocation,
(Columbia Redevelopment Project), 8.750%, 12/01/08
(Pre-refunded to 12/01/97) 12/97 at 101 1/2 Aaa 3,914,890
2,700,000 San Diego County Water Authority, 7.300%, 5/01/09
(Pre-refunded to 5/01/97) 5/97 at 102 Aaa 2,899,908
2,650,000 San Diego County Water Authority, Certificates of
Participation, 6.375%, 5/01/06 5/01 at 102 Aa 2,786,449
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 3,500,000 San Francisco Sewer, 7.250%, 10/01/15 (Pre-refunded
to 10/01/97) 10/97 at 101 1/2 Aaa $ 3,785,110
6,470,000 San Leandro Certificates of Participation, 5.950%, 6/01/23 6/03 at 102 A 6,061,678
3,075,000 Santa Maria Hospital (Marian Medical Center), Certificates
of Participation, 7.100%, 9/01/13 9/97 at 102 A 3,184,901
2,500,000 Sierra View Local Hospital District, 6.400%, 3/01/22 3/02 at 102 A 2,428,650
3,385,000 Southern California Home Financing Authority, Single
Family Mortgage, Alternative Minimum Tax,
7.625%, 10/01/23 10/00 at 102 AAA 3,606,819
7,000,000 Southern California Public Power Authority,
7.375%, 7/01/21 7/96 at 102 1/2 Aa 7,377,160
2,550,000 Suisun City Redevelopment Agency, Tax Allocation,
5.900%, 10/01/23 10/03 at 102 Aaa 2,488,367
4,000,000 Tracy Community Memorial Hospital, 8.625%, 1/01/18
(Pre-refunded to 1/01/97) 1/97 at 102 A 4,310,640
3,975,000 University of California Hospital (University of California
Los Angeles Medical Center), 7.300%, 12/01/20
(Pre-refunded to 12/01/98) 12/98 at 102 A+ 4,427,672
1,830,000 Upland Hospital (San Antonio Community Hospital),
7.125%, 1/01/11 1/96 at 102 A 1,884,881
$263,030,000 Total Investments - (cost $258,046,646) - 98.2% 276,663,787
============
TEMPORARY INVESTMENTS IN SHORT-TERM
MUNICIPAL SECURITIES - 0.3%
$ 100,000 California Health Facilities Financing Authority (St.
Joseph Health System), Series A, Variable Rate Demand
Bonds, 3.300%, 7/01/13t VMIG-1 100,000
200,000 California Pollution Control Finance Authority (Shell Oil
Company), Variable Rate Demand Bonds,
3.300%, 10/01/07t VMIG-1 200,000
600,000 California Pollution Control Finance Authority (Shell Oil
Company), Variable Rate Demand Bonds,
3.300%, 10/01/11t VMIG-1 600,000
$ 900,000 Total Temporary Investments - 0.3% 900,000
============
Other Assets Less Liabilities - 1.5% 4,202,527
Net Assets - 100% $281,766,314
============
<PAGE>
<CAPTION>
NUMBER MARKET MARKET
STANDARD & POOR'S MOODY'S OF ISSUES VALUE PERCENT
<S> <C> <C> <C> <C> <C>
SUMMARY OF AAA Aaa 21 $105,323,741 38%
RATINGS** AA+, AA, AA- Aa1, Aa, Aa2, Aa3 14 64,998,639 23
PORTFOLIO OF A+ A1 3 15,682,412 6
INVESTMENTS A, A- A, A2, A3 15 54,853,357 20
(EXCLUDING BBB+, BBB, BBB- Baa1, Baa, Baa2, Baa3 9 26,481,259 10
TEMPORARY BB+, BB, BB- Ba1, Ba, Ba2, Ba3 2 9,324,379 3
INVESTMENTS):
TOTAL 64 $276,663,787 100%
<FN>
* 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.
** Ratings (not covered by the report of independent auditors): Using the
higher of Standard & Poor's or Moody's rating.
t 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.
</TABLE>
<PAGE>
<TABLE>
PORTFOLIO OF INVESTMENTS
NUVEEN CALIFORNIA MUNICIPAL MARKET OPPORTUNITY FUND, INC. (NCO)
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 6,250,000 California Health Facilities Authority (Kaiser
Permanente), 7.000%, 10/01/18 10/99 at 102 Aa2 $ 6,638,875
2,000,000 California Health Facilities Financing Authority (Valley
Memorial Hospital), 6.000%, 5/01/17 5/03 at 102 A 1,936,260
1,900,000 California Health Facilities Authority, Children's Hospital
of San Francisco, 7.500%, 10/01/20 10/00 at 102 Aaa 2,135,771
5,000,000 California Health Facilities Financing Authority (Health
Dimensions, Inc.), 7.500%, 5/01/15 5/00 at 102 Ba 5,030,350
2,265,000 California Housing Finance Agency, Home Mortgage,
Alternative Minimum Tax, 8.300%, 8/01/19 8/98 at 102 Aa 2,423,459
3,000,000 California Pollution Control Finance Authority (Pacific
Gas and Electric), Alternative Minimum Tax,
8.750%, 1/01/07 12/97 at 102 A2 3,310,230
6,500,000 California State Department of Water Resources, Central
Valley Project, 7.125%, 12/01/24 (Pre-refunded
to 6/01/99) 6/99 at 101 1/2 Aaa 7,238,530
3,000,000 California Statewide Communities Development Authority
(Triad Healthcare), Certificates of Participation,
6.250%, 8/01/06 No Opt. Call A 3,047,220
5,000,000 Castaic Lake Water Agency, Certificates of Participation,
7.125%, 8/01/16 (Pre-refunded to 8/01/00) 8/00 at 102 Aaa 5,686,500
6,800,000 Central California Joint Powers Health Finance Authority,
Certificates of Participation, 5.000%, 2/01/23 2/03 at 100 A 5,472,640
8,000,000 Chula Vista (San Diego Gas and Electric Company),
Alternative Minimum Tax, 6.400%, 12/01/27 12/02 at 102 Aaa 8,178,080
3,300,000 Contra Costa Water District, 6.875%, 10/01/20
(Pre-refunded to 10/01/00) 10/00 at 102 N/R 3,700,257
5,000,000 Desert Hospital District, Certificates of Participation,
8.100%, 7/01/20 (Pre-refunded to 7/01/00) 7/00 at 102 AAA 5,887,750
5,000,000 Fontana Public Financing Authority, Tax Allocation
(North Fontana Redevelopment Project),
7.250%, 9/01/20 9/00 at 102 A 5,282,900
5,000,000 Foothill/Eastern Transportation Corridor Agency,
6.000%, 1/01/34 1/05 at 102 BBB- 4,563,300
2,580,000 Inglewood Redevelopment Agency, Tax Allocation,
5.900%, 7/01/03 No Opt. Call BBB 2,626,646
1,500,000 Lancaster Housing Authority (Brierwood Mobile Home
Park Project), 7.200%, 4/01/24 4/99 at 102 BBB+ 1,521,810
Loma Linda (Loma Linda University Medical Center):
5,970,000 5.750%, 12/01/03 No Opt. Call BBB 5,712,514
3,000,000 6.500%, 12/01/18 12/03 at 102 BBB 2,868,240
5,000,000 Los Angeles Convention and Exhibition Center, Certificates
of Participation, 7.000%, 8/15/21 (Pre-refunded
to 8/15/00) 8/00 at 102 Aaa 5,663,200
5,000,000 Los Angeles Department of Water and Power,
7.200%, 2/15/19 2/99 at 102 Aa 5,504,700
4,000,000 Los Angeles Department of Harbors, Alternative
Minimum Tax, 6.625%, 8/01/19 8/02 at 102 Aa 4,131,400
4,000,000 Los Angeles Wastewater System, 4.700%, 11/01/19 11/03 at 102 Aaa 3,305,280
2,000,000 Mendocino County Certificates of Participation,
6.000%, 8/15/23 8/03 at 102 A 1,876,680
5,750,000 Mt. Diablo Unified School District, Special Tax,
7.050%, 8/01/20 8/00 at 102 Aaa 6,313,673
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 1,500,000 Nevada County Certificates of Participation,
7.250%, 6/01/08 6/01 at 102 Baa $ 1,525,485
10,900,000 Ontario Redevelopment Authority, 7.400%, 8/01/25 No Opt. Call Aaa 13,228,022
4,000,000 Orange County Water District, Certificates of Participation,
7.000%, 8/15/15 8/00 at 102 Aaa 4,530,560
Pomona Public Financing Authority, Lease Purchase:
4,035,000 7.700%, 10/01/07 (Pre-refunded to 10/01/00) 10/00 at 102 A- 4,672,005
2,000,000 7.875%, 10/01/15 (Pre-refunded to 10/01/00) 10/00 at 102 A- 2,331,460
4,000,000 Pomona Single Family Mortgage (GNMA and FNMA),
7.500%, 8/01/23 No Opt. Call Aaa 4,776,760
4,000,000 Port of Oakland, 7.250%, 11/01/16 5/97 at 102 Aaa 4,271,400
5,700,000 San Bernadino Certificates of Participation,
5.500%, 8/01/22 8/05 at 102 Aaa 5,278,542
7,000,000 San Diego Redevelopment Agency (Marina Redevelopment
Project), 8.750%, 12/01/08 (Pre-refunded to 12/01/97) 12/97 at 101 1/2 Aaa 7,829,780
2,000,000 Sierra View Local Hospital District, 6.400%, 3/01/22 3/02 at 102 A 1,942,920
3,450,000 Southern California Public Power Authority, Transmission
Project, 7.875%, 7/01/18 (Pre-refunded to 7/01/96) 7/96 at 103 AAA 3,668,109
2,000,000 Suisun City Redevelopment Agency, Tax Allocation,
5.900%, 10/01/23 10/03 at 102 Aaa 1,951,660
5,000,000 University of California Regents (Seismic Safety Projects),
7.300%, 9/01/20 (Pre-refunded to 9/01/98) 9/98 at 102 BBB+ 5,523,900
4,620,000 Vista Joint Powers Financing Authority, 6.100%, 9/01/20 9/00 at 101 A- 4,371,352
$167,020,000 Total Investments - (cost $162,644,234) - 98.8% 175,958,220
============
TEMPORARY INVESTMENTS IN SHORT-TERM
MUNICIPAL SECURITIES - 0.1%
$ 200,000 California Pollution Control Finance Authority (Shell Oil
============
Company), Variable Rate Demand Bonds,
3.300%, 10/01/11t VMIG-1 200,000
Other Assets Less Liabilities - 1.1% 1,914,017
Net Assets - 100% $178,072,237
============
<PAGE>
<CAPTION>
NUMBER MARKET MARKET
STANDARD & POOR'S MOODY'S OF ISSUES VALUE PERCENT
<S> <C> <C> <C> <C> <C>
SUMMARY OF AAA Aaa 16 $ 89,943,617 51%
RATINGS** AA+, AA, AA- Aa1, Aa, Aa2, Aa3 4 18,698,434 11
PORTFOLIO OF A, A- A, A2, A3 10 34,243,667 19
INVESTMENTS BBB+, BBB, BBB- Baa1, Baa, Baa2, Baa3 7 24,341,895 14
(EXCLUDING BB+, BB, BB- Ba1, Ba, Ba2, Ba3 1 5,030,350 3
TEMPORARY Non-rated Non-rated 1 3,700,257 2
INVESTMENTS):
TOTAL 39 $175,958,220 100%
<FN>
* 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.
** 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.
t 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.
</TABLE>
<PAGE>
<TABLE>
PORTFOLIO OF INVESTMENTS
NUVEEN CALIFORNIA INVESTMENT QUALITY MUNICIPAL FUND, INC. (NQC)
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 3,000,000 California Educational Facilities Authority (Chapman
College), 7.300%, 1/01/02 No Opt. Call Baa $ 3,306,210
8,530,000 California Educational Facilities Authority (Loyola
Marymount University), 8.125%, 10/01/17
(Pre-refunded to 10/01/97) 10/97 at 102 Aaa 9,412,258
13,335,000 California General Obligation, 5.750%, 3/01/13 3/05 at 101 A1 12,837,204
California Health Facilities Financing Authority
(Health Dimensions, Inc.):
2,300,000 7.500%, 5/01/15 5/00 at 102 Ba 2,313,961
4,395,000 7.000%, 5/01/20 5/00 at 102 Baa 4,163,120
8,075,000 California Health Facilities Financing Authority
(Cedars-Sinai Medical Center), 7.000%, 11/01/15
(Pre-refunded to 11/01/00) 11/00 at 102 N/R 9,052,398
10,500,000 California Health Facilities Financing Authority (Kaiser
Permanente Medical Care Program), 7.000%, 12/01/10 12/00 at 102 Aa3 11,301,675
California Housing Finance Agency, Home Mortgage,
Alternative Minimum Tax:
1,845,000 8.350%, 8/01/19 8/98 at 102 Aa 1,973,449
3,020,000 8.300%, 8/01/19 8/98 at 102 Aa 3,231,279
1,370,000 8.000%, 8/01/29 8/99 at 102 Aa 1,461,749
500,000 California Housing Finance Agency, Multi-Unit Rental
Housing, Alternative Minimum Tax, 6.875%, 8/01/24 8/02 at 102 A1 511,480
4,350,000 California Pollution Control Financing Authority (Pacific
Gas and Electric Company), Alternative Minimum Tax,
8.875%, 1/01/10 12/97 at 102 A2 4,874,045
8,300,000 California Pollution Control Finance Authority
(Laidlaw, Inc.), Alternative Minimum Tax,
6.500%, 5/01/02 5/97 at 102 Aa3 8,617,641
5,500,000 California Pollution Control Finance Authority Resource
Recovery (Waste Management), Alternative Minimum
Tax, 7.150%, 2/01/11 2/01 at 102 A1 5,845,620
3,500,000 California State Public Works Board, Department of
Corrections (California State Prison-Monterey County),
6.875%, 11/01/14 11/04 at 102 A 3,724,175
3,000,000 California Statewide Communities Development
Authority (Triad Healthcare), Certificates of Participation,
6.250%, 8/01/06 No Opt. Call A 3,047,220
7,000,000 Adelanto Certificates of Participation, 7.100%, 4/01/10 4/00 at 102 BBB 7,202,650
2,195,000 Bell Community Redevelopment Agency, Tax Allocation,
6.300%, 11/01/13 11/03 at 102 Aaa 2,251,060
5,885,000 Calaveras County Water District, Certificates of
Participation, 6.900%, 5/01/16 (Pre-refunded to 5/01/01) 5/01 at 102 Aaa 6,694,541
7,260,000 Central California Joint Powers, Health Finance Authority,
Certificates of Participation, 5.500%, 2/01/15 2/03 at 102 A 6,557,668
7,945,000 Chula Vista (San Diego Gas and Electric Company),
Alternative Minimum Tax, 6.400%, 12/01/27 12/02 at 102 Aaa 8,121,856
5,500,000 Cupertino Open Space Acquisition Project,
Certificates of Participation, 7.125%, 4/01/16
(Pre-refunded to 4/01/01) 4/01 at 102 N/R 6,253,225
4,500,000 Desert Hospital District, Certificates of Participation,
8.000%, 7/01/10 (Pre-refunded to 7/01/00) 7/00 at 102 AAA 5,279,580
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 8,650,000 Fontana Public Financing Authority, Tax Allocation,
7.750%, 12/01/20 (Pre-refunded to 12/01/01) 12/01 at 102 N/R $ 10,281,217
Fresno Unified School District, Certificates of Participation:
1,050,000 6.600%, 5/01/07 5/00 at 102 A 1,091,087
2,750,000 7.200%, 5/01/11 5/01 at 102 A 2,910,298
2,350,000 Lancaster Housing Authority (Brierwood Mobile Home
Park Project), 7.100%, 4/01/14 4/99 at 102 BBB+ 2,427,127
5,000,000 Loma Linda (Loma Linda University Medical Center),
6.500%, 12/01/18 12/03 at 102 BBB 4,780,400
5,000,000 Los Angeles Community Redevelopment Agency Tax
Allocation (Central Business District), 6.750%, 7/01/10 7/96 at 102 A- 5,121,350
7,990,000 Los Angeles Department of Water & Power Electric Plant,
7.100%, 1/15/31 1/01 at 102 Aa 8,970,373
6,000,000 Los Angeles Wastewater System, 7.100%, 2/01/21
(Pre-refunded to 2/01/99) 2/99 at 102 Aaa 6,654,300
Los Angeles County Transportation Commission, Sales Tax:
5,000,000 8.000%, 7/01/16 (Pre-refunded to 7/01/97) 7/97 at 102 Aaa 5,457,650
5,500,000 6.750%, 7/01/20 (Pre-refunded to 7/01/01) 7/01 at 102 Aaa 6,234,360
M-S-R Public Power Agency (San Juan Project):
2,500,000 6.875%, 7/01/19 1/97 at 102 A 2,609,625
1,000,000 5.500%, 7/01/21 1/97 at 100 A 903,190
1,815,000 Metropolitan Water District of Southern California,
6.750%, 6/01/22 6/96 at 102 Aa 1,873,298
Monterey Regional Wastewater Finance Authority:
1,200,000 0.000%, 6/01/06 6/04 at 94 19/32 Aaa 668,976
1,200,000 0.000%, 6/01/07 6/04 at 89 1/2 Aaa 624,960
1,200,000 0.000%, 6/01/08 6/04 at 84 1/2 Aaa 581,748
1,000,000 0.000%, 6/01/09 6/04 at 79 11/16 Aaa 447,150
8,000,000 Mt. Diablo Hospital District, 8.000%, 12/01/11
(Pre-refunded to 12/01/00) 12/00 at 102 Aaa 9,480,080
3,455,000 Northern California Power Agency, 7.150%, 7/01/24 7/98 at 102 A 3,691,944
3,600,000 Ontario Redevelopment Authority, 7.400%, 8/01/25 No Opt. Call Aaa 4,368,888
5,500,000 Orange County Water District, Certificates of
Participation, 5.000%, 8/15/18 8/03 at 100 Aa 4,568,465
8,000,000 Pittsburg Redevelopment Agency (Los Medanos
Community Project), Tax Allocation, 7.150%, 8/01/21
(Pre-refunded to 8/01/01) 8/01 at 103 Aaa 9,297,280
6,505,000 Poway Redevelopment Agency, Certificates of
Participation, 7.200%, 1/01/24 1/01 at 102 Aaa 6,947,860
10,000,000 Sacramento Municipal Utility District, 7.875%, 8/15/16
(Pre-refunded to 8/15/98) 8/98 at 102 Aaa 11,244,700
4,000,000 San Bernadino County, County Center/Justice Center
Capital Improvement Project, Certificates of
Participation, 7.600%, 7/01/15 (Pre-refunded to 7/01/96) 7/96 at 102 Aaa 4,205,160
9,000,000 San Jose Redevelopment Agency, Tax Allocation,
4.750%, 8/01/24 2/04 at 102 Aaa 7,379,100
2,000,000 San Leandro Redevelopment Agency, Tax Allocation,
6.125%, 6/01/23 6/03 at 102 A- 1,916,280
1,785,000 Southern California Home Financing Authority, Single
Family Mortgage (GNMA and FNMA), Alternative
Minimum Tax, 7.350%, 9/01/24 3/01 at 102 AAA 1,894,563
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 8,795,000 Southern California Public Power Authority, Palo Verde
Project, 7.125%, 7/01/15 (Pre-refunded to 7/01/96) 7/96 at 102 AAA $ 9,212,147
8,000,000 Southern California Public Power Authority,
7.375%, 7/01/21 7/96 at 102 1/2 Aa 8,431,040
2,000,000 Vacaville Community Center, Theater and Library,
Certificates of Participation, 7.200%, 12/01/13
(Pre-refunded to 12/01/98) 12/98 at 102 A 2,219,140
3,500,000 West Contra Costa Hospital District, 6.500%, 11/01/17 11/04 at 102 A+ 3,483,304
3,365,000 West Side Hospital District, 7.500%, 2/01/23 2/01 at 102 A 3,592,507
$268,515,000 Total Investments - (cost $262,930,684) - 97.0% 281,603,631
============
TEMPORARY INVESTMENTS IN SHORT-TERM
MUNICIPAL SECURITIES - 1.0%
$ 1,000,000 California Health Facilities Financing Authority
(St. Joseph Health System), Series A, Variable Rate
Demand Bonds, 3.300%, 7/01/13t VMIG-1 1,000,000
700,000 California Health Facilities Financing Authority
(St. Francis Memorial Hospital), Series 1993B, Variable
Rate Demand Bonds, 3.350%, 11/01/19t P-1 700,000
1,200,000 Santa Ana Health Facilities Authority (Town & Country),
Variable Rate Demand Bonds, 3.250%, 10/01/20t A-1 1,200,000
$ 2,900,000 Total Temporary Investments - 1.0% 2,900,000
============
Other Assets Less Liabilities - 2.0% 5,922,315
Net Assets - 100% $290,425,946
============
<CAPTION>
NUMBER MARKET MARKET
STANDARD & POOR'S MOODY'S OF ISSUES VALUE PERCENT
<S> <C> <C> <C> <C> <C>
SUMMARY OF AAA Aaa 21 $116,458,217 41%
RATINGS** AA+, AA, AA- Aa1, Aa, Aa2, Aa3 9 50,428,969 18
PORTFOLIO OF A+ A1 4 22,677,608 8
INVESTMENTS A, A- A, A2, A3 13 42,258,529 15
(EXCLUDING BBB+, BBB, BBB- Baa1, Baa, Baa2, Baa3 5 21,879,507 8
TEMPORARY BB+, BB, BB- Ba1, Ba, Ba2, Ba3 1 2,313,961 1
INVESTMENTS): Non-rated Non-rated 3 25,586,840 9
TOTAL 56 $281,603,631 100%
<FN>
* 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.
** 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.
t 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.
</TABLE>
<PAGE>
<TABLE>
PORTFOLIO OF INVESTMENTS
NUVEEN CALIFORNIA SELECT QUALITY MUNICIPAL FUND, INC. (NVC)
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
California General Obligation:
$ 10,000,000 5.150%, 10/01/19 10/03 at 102 A1 $ 8,672,600
7,025,000 5.750%, 3/01/23 3/04 at 102 A1 6,663,353
3,000,000 California Health Facilities Financing Authority
(Catholic Healthcare West), 4.750%, 7/01/19 7/04 at 102 Aaa 2,486,190
15,500,000 California Health Facilities Financing Authority
(Pomona Valley Hospital Medical Center),
7.000%, 1/01/18 1/00 at 101 1/2 A- 15,846,890
5,000,000 California Health Facilities Authority (H.E.L.P. Group),
7.000%, 8/01/21 8/01 at 102 A 5,270,850
California Health Facilities Financing Authority
(Kaiser Permanente):
7,485,000 6.500%, 3/01/11 3/01 at 102 Aa2 7,600,119
5,000,000 6.250%, 3/01/21 3/01 at 102 Aa2 4,962,200
California Housing Finance Agency, Home Mortgage:
5,270,000 7.250%, 8/01/17 2/00 at 102 Aa 5,550,363
1,415,000 8.125%, 8/01/19 8/98 at 102 Aa 1,523,982
6,230,000 California Housing Finance Agency Single Family
Mortgage, Alternative Minimum Tax, 6.350%, 8/01/15 5/05 at 102 Aaa 6,344,944
3,150,000 California Housing Finance Agency, Home Mortgage,
Alternative Minimum Tax, 7.050%, 8/01/27 8/01 at 102 Aa 3,265,479
California Housing Finance Agency, Alternative
Minimum Tax:
2,355,000 6.200%, 2/01/07 8/04 at 102 Aa 2,434,104
2,590,000 6.300%, 8/01/08 8/04 at 102 Aa 2,680,780
3,455,000 7.200%, 2/01/26 8/01 at 102 Aaa 3,641,846
9,650,000 California Pollution Control Finance Authority
Pollution Control (Southern California Edison Company),
Alternative Minimum Tax, 6.900%, 12/01/17 12/01 at 102 Aa3 10,098,822
10,350,000 California Pollution Control Finance Authority (San
Diego Gas & Electric Company), Alternative
Minimum Tax, 6.800%, 6/01/15 No Opt. Call Aa3 11,889,149
3,500,000 California Pollution Control Finance Authority (Pacific
Gas and Electric Company), 5.850%, 12/01/23 12/03 at 102 Aaa 3,350,690
3,000,000 California Pollution Control Finance Authority (North
County Recycling Center), 6.750%, 7/01/17 7/00 at 100 Aaa 3,110,580
3,310,000 California Public Works Board (California Community
Colleges), 7.250%, 9/01/05 9/01 at 102 A 3,652,221
10,525,000 California Public Works Board, Department of Corrections,
5.750%, 9/01/21 9/01 at 100 A 9,840,138
3,500,000 California Rural Mortgage Finance Authority Single
Family Mortgage-Backed Securities Program,
7.750%, 9/01/26 (WI) No Opt. Call AAA 3,888,220
5,000,000 California State Public Works Board (Trustees of
California State University), 6.000%, 9/01/15 9/05 at 100 A 4,880,650
3,000,000 California Statewide Communities Development
Corporation (Pacific Homes), Certificates of
Participation, 6.000%, 4/01/17 4/03 at 102 A 2,873,940
1,775,000 California Statewide Communities Development
Authority (St. Joseph Health System), 5.500%, 7/01/23 7/03 at 102 Aa 1,602,381
6,240,000 California Statewide Communities Development
Authority (Catholic Healthcare West Obligated Group),
Certificates of Participation, 5.500%, 7/01/23 7/03 at 102 Aaa 5,756,525
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
California Veterans General Obligation, Alternative
Minimum Tax:
$ 11,405,000 6.400%, 2/01/20 2/98 at 102 A1 $ 11,434,539
3,550,000 6.400%, 2/01/22 2/98 at 102 A1 3,540,770
5,120,000 ABAG Finance Authority for Nonprofit Corporations
(Stanford University Hospital), Certificates of
Participation, 5.250%, 11/01/08 11/03 at 102 AA- 4,935,731
9,725,000 Avalon Community Improvement Agency, Tax
Allocation, 7.250%, 8/01/21 8/01 at 102 A- 10,293,232
Brea Public Financing Authority Tax Allocation:
5,285,000 6.750%, 8/01/22 (Pre-refunded to 8/01/01) 8/01 at 102 Aaa 5,998,316
2,215,000 6.750%, 8/01/22 8/01 at 102 Aaa 2,332,572
3,005,000 Calaveras Unified School District, Certificates of
Participation, 5.375%, 7/01/26 7/03 at 102 Aaa 2,707,415
5,000,000 Cerritos Public Finance Authority (Los Cerritos
Redevelopment Project), 6.050%, 11/01/20 11/03 at 102 A- 4,776,000
285,000 Concord, Santa Cruz, South Gate, Certificates of
Participation, 7.625%, 6/01/11 12/95 at 100 A- 288,902
2,110,000 Contra Costa County Home Mortgage (GNMA),
Alternative Minimum Tax, 7.700%, 11/01/09 No Opt. Call Aaa 2,444,414
7,000,000 East Bay Municipal Utility District, Water System,
6.375%, 6/01/12 (Pre-refunded to 12/01/01) 12/01 at 102 Aaa 7,846,160
8,000,000 Elk Grove Unified School District, Community
Facilities District, Special Tax, 6.800%, 12/01/20 12/99 at 102 Aaa 8,546,960
8,180,000 Fresno Unified School District, Certificates of
Participation, 6.850%, 5/01/12 5/99 at 102 A 8,375,011
Inglewood Civic Center, Certificates of Participation:
5,515,000 7.000%, 8/01/11 8/01 at 102 A 5,714,147
5,000,000 7.000%, 8/01/19 8/01 at 102 A 5,164,900
3,000,000 6.500%, 8/01/21 8/01 at 102 A 3,003,450
9,625,000 Lancaster Redevelopment Agency, Tax Allocation,
5.800%, 8/01/23 8/03 at 102 Aaa 9,314,594
Loma Linda (Loma Linda University Medical Center):
5,460,000 7.000%, 12/01/10 (Pre-refunded to 12/01/00) 12/00 at 102 Aaa 6,216,428
6,500,000 7.000%, 12/01/15 12/99 at 102 Aaa 7,112,625
9,350,000 5.375%, 12/01/22 (DD) 12/03 at 102 Aaa 8,499,898
2,930,000 Los Angeles (Ararat Homes of Los Angeles), Certificates
of Participation, 7.250%, 6/01/21 6/01 at 102 A 3,096,365
2,000,000 Los Angeles Convention and Exhibition Center
Authority, 5.375%, 8/15/18 8/03 at 102 Aaa 1,842,880
Los Angeles Department of Water and Power,
Electric Plant:
3,015,000 5.125%, 10/15/24 10/03 at 102 Aaa 2,638,758
3,500,000 7.250%, 9/15/30 9/00 at 102 Aa 3,958,325
6,375,000 7.100%, 1/15/31 1/01 at 102 Aa 7,157,213
4,255,000 Los Angeles Unified School District, Certificates of
Participation, 7.000%, 5/01/99 No Opt. Call A 4,574,806
Los Angeles Wastewater System:
5,000,000 5.700%, 6/01/13 6/03 at 102 Aaa 4,933,600
3,000,000 7.100%, 6/01/18 6/99 at 102 A1 3,276,000
3,300,000 7.150%, 6/01/20 (Pre-refunded to 6/01/00) 6/00 at 102 A 3,723,357
6,070,000 7.100%, 2/01/21 (Pre-refunded to 2/01/99) 2/99 at 102 Aaa 6,731,934
8,130,000 Los Angeles County Metropolitan Transportation
Authority, Sales Tax, 5.625%, 7/01/18 7/03 at 102 Aaa 7,752,849
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 10,000,000 Los Angeles County Public Works Finance Authority
(Los Angeles County Regional Park and Open Space),
6.000%, 10/01/15 10/04 at 102 Aa $ 9,930,200
7,500,000 Los Angeles County Transportation Commission, Sales
Tax, 6.900%, 7/01/21 (Pre-refunded to 7/01/01) 7/01 at 102 Aaa 8,554,500
6,000,000 Madera County Certificates of Participation,
5.750%, 3/15/28 3/05 at 102 Aaa 5,745,060
3,325,000 Mammoth County Water District, Certificates of
Participation, 7.400%, 12/15/10 12/00 at 103 A- 3,645,630
10,135,000 Metropolitan Water District of Southern California,
8.000%, 7/01/08 No Opt. Call Aa 12,593,650
6,375,000 Mt. Diablo Hospital District, 7.000%, 12/01/17
(Pre-refunded to 12/01/00) 12/00 at 102 Aaa 7,258,193
14,240,000 Northern California Power Agency, 7.150%, 7/01/24 7/98 at 102 A 15,216,579
Palm Springs Financing Authority Tax Allocation:
1,705,000 6.800%, 8/01/11 (Pre-refunded to 8/01/05) 8/05 at 100 A 1,942,558
1,390,000 6.800%, 8/01/11 8/01 at 102 A 1,445,767
2,435,000 Pleasanton Joint Powers Financing Authority,
6.150%, 9/02/12 9/03 at 102 Baa 2,414,741
Riverside Public Financing Authority:
3,700,000 8.000%, 2/01/18 (Pre-refunded to 2/01/01) 2/01 at 102 N/R 4,348,869
2,550,000 8.000%, 2/01/18 2/01 at 102 N/R 2,622,726
19,000,000 Sacramento City Financing Authority, 6.800%, 11/01/20
(Pre-refunded to 11/01/01) 11/01 at 102 Aaa 21,684,130
1,350,000 St. Helena Certificates of Participation, 7.875%, 6/01/11 6/00 at 102 BBB 1,453,721
1,250,000 San Benito County, CSAC Lease Finance, Certificates of
Participation, 7.400%, 8/01/11 8/98 at 102 Baa1 1,305,663
3,920,000 San Diego (Balboa Park and Mission Bay Park),
Certificates of Participation, 6.900%, 7/15/21 7/01 at 100 Aa 4,056,847
3,450,000 San Francisco Airports Commission, Alternative
Minimum Tax, 6.500%, 5/01/24 5/04 at 102 Aaa 3,532,214
5,235,000 San Francisco City and County Redevelopment
Financing Authority, Tax Allocation, 5.125%, 8/01/18 8/03 at 103 A 4,465,821
5,000,000 San Mateo County Joint Powers Financing Authority
(San Mateo County Health Center), 6.125%, 7/15/14 7/04 at 102 Aaa 5,037,000
4,000,000 Santa Clara County (Terrace of Los Gatos Project),
Certificates of Participation, 6.900%, 3/01/18 3/01 at 102 A 4,103,320
Santa Clarita Public Finance Authority:
6,800,000 7.000%, 10/01/20 10/95 at 100 A- 6,825,092
3,000,000 6.750%, 10/01/21 10/01 at 102 A- 3,157,920
6,925,000 Santa Monica Community College District, Certificates
of Participation, 7.150%, 6/01/08 6/01 at 102 A 7,433,157
2,920,000 Southern California Home Financing Authority,
Single Family Mortgage, Alternative Minimum Tax,
6.900%, 10/01/24 10/01 at 102 AAA 3,025,675
6,500,000 Tri City Hospital District, 7.500%, 2/01/17 2/02 at 102 Aaa 7,350,395
10,000,000 Tustin Community Redevelopment Agency,
Subordinate Tax Allocation, 6.800%, 12/01/16 12/01 at 102 Aaa 10,680,900
University of California:
3,300,000 6.875%, 9/01/16 (Pre-refunded to 9/01/02) 9/02 at 102 A- 3,818,826
8,000,000 6.750%, 9/01/23 (Pre-refunded to 9/01/99) 9/99 at 102 Aaa 8,888,800
3,000,000 Westminster Redevelopment Agency, Tax Allocation,
7.300%, 8/01/21 8/01 at 102 Baa1 3,072,000
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 1,665,000 Yosemite College District, Certificates of Participation,
7.750%, 7/01/11 7/01 at 102 BBB $ 1,788,243
5,715,000 Puerto Rico Housing Bank and Finance Agency,
Single Family Mortgage, Alternative Minimum Tax,
6.250%, 4/01/29 4/05 at 102 Aaa 5,737,973
$470,615,000 Total Investments - (cost $462,755,428) - 99.8% 489,255,337
============
TEMPORARY INVESTMENTS IN SHORT-TERM
MUNICIPAL SECURITIES - 0.7%
$ 1,100,000 California Health Facilities Financing Authority
(St. Francis Memorial Hospital), Series 1993B,
Variable Rate Demand Bonds, 3.350%, 11/01/19t P-1 1,100,000
1,000,000 California Pollution Control Finance Authority -
Pollution Control Revenue Refunding Bonds
(Shell Oil), Series 1991A, Variable Rate Demand Bonds,
3.300%, 10/01/10t VMIG-1 1,000,000
1,200,000 California Statewide Communities Development
Authority (St. Joseph Health System), Certificates
of Participation, Variable Rate Demand Bonds,
3.200%, 7/01/24t VMIG-1 1,200,000
$ 3,300,000 Total Temporary Investments - 0.7% 3,300,000
Other Assets Less Liabilities - (0.5)% (2,588,406)
Net Assets - 100% $489,966,931
============
<CAPTION>
NUMBER MARKET MARKET
STANDARD & POOR'S MOODY'S OF ISSUES VALUE PERCENT
<S> <C> <C> <C> <C> <C>
SUMMARY OF AAA Aaa 33 $200,993,238 41%
RATINGS** AA+, AA, AA- Aa1, Aa, Aa2, Aa3 16 94,239,345 19
PORTFOLIO OF A+ A1 5 33,587,262 7
INVESTMENTS A, A- A, A2, A3 26 143,429,529 29
(EXCLUDING BBB+, BBB, BBB- Baa1, Baa, Baa2, Baa3 5 10,034,368 2
TEMPORARY Non-rated Non-rated 2 6,971,595 2
INVESTMENTS):
TOTAL 87 $489,255,337 100%
<FN>
* 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.
** 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.
t 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.
(WI) Security purchased on a when-issued basis (note 1).
(DD) Portion of security purchased on a delayed delivery basis (note 1).
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
PORTFOLIO OF INVESTMENTS
NUVEEN CALIFORNIA QUALITY INCOME MUNICIPAL FUND, INC. (NUC)
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 4,050,000 California Counties Lease Financing Authority,
Certificates of Participation, 7.600%, 10/01/19
(Pre-refunded to 4/01/98) 4/98 at 101 A $ 4,426,205
2,000,000 California Department of Water Resources (Central
Valley Project), 6.400%, 12/01/26 6/02 at 101 1/2 Aa 2,036,900
7,430,000 California Educational Facilities Authority (University
of San Francisco), 6.400%, 10/01/17 10/02 at 102 A 7,454,816
3,000,000 California Educational Facilities Authority (Santa Clara
University), 6.250%, 2/01/16 2/02 at 102 A1 3,011,460
California Educational Facilities Authority (University
of San Diego):
1,965,000 6.500%, 10/01/08 10/02 at 102 A 2,025,954
5,000,000 6.500%, 10/01/22 10/02 at 102 A 4,968,100
California General Obligation:
10,000,000 6.400%, 9/01/07 No Opt. Call A1 10,911,700
2,500,000 7.000%, 2/01/09 No Opt. Call A1 2,844,725
2,500,000 California Health Facilities Financing Authority
(Episcopal Homes), 7.750%, 7/01/06 7/98 at 102 A 2,699,950
1,000,000 California Health Facilities Financing Authority (Los
Medanos Health Corporation), 7.250%, 3/01/20 3/00 at 102 A 1,029,130
4,000,000 California Health Facilities Financing Authority (Valley
Memorial Hospital), 6.000%, 5/01/17 5/03 at 102 A 3,872,520
3,680,000 California Health Facilities Financing Authority (Health
Dimensions, Inc.), 7.375%, 5/01/07 5/00 at 102 Ba 3,785,469
3,225,000 California Health Facilities Financing Authority (Kaiser
Permanente Medical Care Program), 6.500%, 12/01/20 12/00 at 102 Aa2 3,284,179
6,000,000 California Health Facilities Financing Authority
(Southern California Presbyterian Homes),
6.750%, 6/01/21 6/01 at 102 A 6,096,660
California Housing Finance Agency, Alternative
Minimum Tax:
1,480,000 8.350%, 8/01/19 8/98 at 102 Aa 1,583,038
5,000,000 7.125%, 2/01/26 2/05 at 102 Aa 5,269,350
1,915,000 California Housing Finance Agency, Home Mortgage,
Alternative Minimum Tax, 7.050%, 8/01/27 8/01 at 102 Aa 1,985,204
5,250,000 California Housing Finance Agency, Multi-Unit Rental
Housing, 6.700%, 8/01/15 8/02 at 102 A1 5,412,855
5,000,000 California Pollution Control Finance Authority (Laidlaw,
Inc.), Alternative Minimum Tax, 6.500%, 5/01/02 5/97 at 102 Aa3 5,191,350
10,000,000 California Pollution Control Finance Authority (Southern
California Edison Company), Alternative Minimum Tax,
6.900%, 12/01/17 12/01 at 102 Aa3 10,465,100
5,000,000 California Pollution Control Finance Authority (Pacific
Gas and Electric Company), Alternative Minimum Tax,
6.625%, 6/01/09 6/02 at 102 A 5,182,150
8,000,000 California Pollution Control Finance Authority (North
County Recycling Center), 6.750%, 7/01/17 7/00 at 100 Aaa 8,294,880
2,000,000 California Public Works Board, Department of Corrections,
6.500%, 9/01/11 9/01 at 102 A 2,039,920
10,050,000 California Public Works Board (California State University),
6.700%, 10/01/17 10/02 at 102 A 10,394,213
California State Public Works Board, Lease Revenue
Bonds (Department of Corrections) (California State
Prison-Monterey County):
6,950,000 6.875%, 11/01/14 11/04 at 102 A 7,395,148
7,625,000 7.000%, 11/01/19 11/04 at 102 A 8,154,861
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 7,985,000 California State, Various Purpose General Obligation,
Alternative Minimum Tax, 5.750%, 3/01/19 3/05 at 101 A $ 7,657,615
California Statewide Community Development Authority
(Cedars-Sinai Medical Center):
1,250,000 6.500%, 8/01/12 No Opt. Call Aa 1,302,213
14,000,000 6.500%, 8/01/15 8/02 at 102 A1 14,140,280
3,570,000 California Statewide Communities Development
Authority (Triad Healthcare), Certificates of Participation,
6.250%, 8/01/06 No Opt. Call A 3,626,192
Alameda County Certificates of Participation:
7,865,000 6.750%, 6/01/16 6/02 at 102 A+ 8,142,005
10,000,000 6.000%, 6/01/22 6/02 at 102 A 9,453,100
2,000,000 Coachella Valley Water District, 6.750%, 10/01/12 10/02 at 102 A 2,082,420
2,200,000 Coalinga Certificates of Participation, 7.000%, 4/01/10 4/00 at 102 BBB+ 2,265,076
3,000,000 Contra Costa Water District, 6.875%, 10/01/20
(Pre-refunded to 10/01/00) 10/00 at 102 N/R 3,363,870
12,805,000 Contra Costa County, Home Mortgage (GNMA),
Alternative Minimum Tax, 8.250%, 6/01/21 No Opt. Call Aaa 17,346,549
2,100,000 Cudahy Redevelopment Agency, Tax Allocation,
6.700%, 9/01/24 9/03 at 102 BBB 2,101,512
5,000,000 Culver City Redevelopment Finance Authority, Tax
Allocation, 4.600%, 11/01/20 11/03 at 102 Aaa 4,052,050
16,000,000 Delta Counties Home Mortgage Finance Authority,
Single Family Mortgage, Alternative Minimum Tax,
6.750%, 12/01/25 6/02 at 102 AAA 16,304,320
3,000,000 Fontana Public Financing Authority, Tax Allocation
(North Fontana Redevelopment Project),
7.250%, 9/01/20 9/00 at 102 A 3,169,740
10,000,000 Fontana Redevelopment Agency (Jurupa Hills Project),
7.100%, 10/01/23 10/02 at 102 BBB 10,273,100
1,700,000 Foothill-de Anza Community College District,
Certificates of Deposit, 7.350%, 3/01/07 3/02 at 102 A- 1,863,489
5,000,000 Foothill/Eastern Transportation Corridor Agency,
6.000%, 1/01/34 1/05 at 102 BBB- 4,563,300
2,725,000 Fresno Certificates of Participation, 6.625%, 12/01/11 12/00 at 102 A1 2,793,697
Fresno Unified School District, Certificates of Participation:
7,000,000 7.000%, 5/01/12 5/99 at 102 Con(A) 7,236,320
5,210,000 6.700%, 5/01/12 5/00 at 102 A 5,310,084
3,250,000 Kern County Housing Authority (North Meadows Project),
6.300%, 12/01/97 No Opt. Call Baa1 3,272,555
8,000,000 Lancaster School District, Certificates of Participation,
7.000%, 3/01/22 3/02 at 102 Aaa 8,887,200
3,110,000 Loma Linda (Loma Linda University Medical Center),
6.500%, 12/01/18 12/03 at 102 BBB 2,973,409
5,435,000 Los Angeles Community Redevelopment Agency,
6.375%, 9/01/14 9/02 at 102 A 5,373,150
4,030,000 Los Angeles Department of Water and Power, Electric
Plant, 7.375%, 2/01/29 2/99 at 102 Aa 4,455,367
Los Angeles Department of Water and Power,
Waterworks System:
4,060,000 4.500%, 5/15/13 5/03 at 102 Aa 3,271,548
8,400,000 4.500%, 5/15/30 5/03 at 102 Aaa 6,430,704
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 4,500,000 Los Angeles Wastewater System, 6.700%, 12/01/21
(Pre-refunded to 12/01/00) 12/00 at 102 Aaa $ 5,065,245
2,000,000 Moorpark Redevelopment Agency, Tax Allocation,
6.125%, 10/01/18 10/03 at 102 A- 1,913,120
10,000,000 Norco Redevelopment Agency, Tax Allocation,
6.000%, 10/01/97 10/95 at 100 1/2 A- 10,052,300
15,300,000 Northern California Power Agency, 7.150%, 7/01/24 7/98 at 102 A 16,349,274
15,300,000 Ontario Redevelopment Authority, 7.400%, 8/01/25 No Opt. Call Aaa 18,567,774
10,000,000 Orange County (Civic Center Expansion Project),
Certificates of Participation, 6.700%, 8/01/18 8/01 at 102 Aaa 10,333,600
Orange County Local Transportation Authority:
3,000,000 6.000%, 2/15/07 No Opt. Call Aa 3,037,080
2,250,000 6.000%, 2/15/08 No Opt. Call Aa 2,259,698
Pomona Public Financing Authority (Southwest
Pomona Redevelopment Project):
1,165,000 4.800%, 2/01/00 No Opt. Call BBB+ 1,158,092
1,230,000 4.900%, 2/01/01 No Opt. Call BBB+ 1,217,848
1,300,000 5.050%, 2/01/02 No Opt. Call BBB+ 1,283,841
1,200,000 5.150%, 2/01/03 No Opt. Call BBB+ 1,177,500
6,670,000 Redlands Solid Waste, Certificates of Participation,
6.800%, 3/01/07 3/97 at 100 Aaa 6,876,437
4,025,000 Riverside County, Single Family Mortgage (GNMA),
Alternative Minimum Tax, 7.600%, 11/01/19 11/99 at 102 AAA 4,260,583
4,000,000 San Bernadino (West Valley Detention Center),
Certificates of Participation, 7.600%, 11/01/06
(Pre-refunded to 11/01/98) 11/98 at 102 Aaa 4,493,280
13,525,000 San Bernadino County, Single Family (GNMA),
Alternative Minimum Tax, 7.750%, 11/01/14 No Opt. Call Aaa 17,119,269
3,000,000 San Diego County Water Authority, 7.300%, 5/01/09,
(Pre-refunded to 5/01/97) 5/97 at 102 Aaa 3,222,120
8,295,000 San Diego County Water Authority, Certificates of
Participation, 6.300%, 5/01/05 5/01 at 102 Aa 8,652,100
3,385,000 Santa Ana Community Redevelopment Agency (South
Harbor Boulevard/Fairview Street), 7.250%, 9/01/09 9/99 at 102 A 3,448,570
2,000,000 Santa Barbara Water System, Certificates of Participation,
6.700%, 4/01/27 4/02 at 102 Aaa 2,107,780
3,000,000 Santa Barbara, Certificates of Participation,
6.750%, 10/01/27 10/02 at 102 A 3,091,830
2,575,000 Santa Maria (Marian Medical Center), Certificates of
Participation, 6.750%, 9/01/22 9/02 at 102 A 2,616,586
4,300,000 Sierra View Local Hospital District, 6.400%, 3/01/22 3/02 at 102 A 4,177,278
Southern California Home Financing Authority, Single
Family (GNMA and FNMA), Alternative Minimum Tax:
1,745,000 6.750%, 9/01/22 3/02 at 102 AAA 1,785,711
1,730,000 7.350%, 9/01/24 3/01 at 102 AAA 1,836,187
5,500,000 Southern California Public Power Authority,
6.750%, 7/01/11 No Opt. Call A 5,870,645
Stanislaus County Certificates of Participation:
825,000 7.550%, 4/01/18 (Pre-refunded to 4/01/96) 4/96 at 101 A- 850,319
3,630,000 7.550%, 4/01/18 4/96 at 101 A- 3,705,794
1,995,000 Torrance (Little Company of Mary Hospital),
6.875%, 7/01/15 7/02 at 102 A 2,074,300
3,025,000 Tulare Local Hospital District, 6.750%, 12/01/21 12/01 at 102 A 3,115,053
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 8,185,000 University of California, 6.875%, 9/01/16
(Pre-refunded to 9/01/02) 9/02 at 102 A- $ 9,471,845
8,000,000 Vista Multi-Family Housing (Vista Hacienda Project),
6.950%, 4/01/17 4/02 at 102 AAA 8,415,840
Yolo County Housing Authority (Russell Park Apartments):
1,000,000 6.900%, 11/01/08 5/02 at 103 Aa3 1,058,410
1,000,000 7.000%, 11/01/14 5/02 at 103 Aa3 1,055,910
$441,970,000 Total Investments - (cost $439,927,226) - 98.3% 463,247,921
============
TEMPORARY INVESTMENTS IN SHORT-TERM
MUNICIPAL SECURITIES - 0.2%
$ 300,000 California Health Facilities Financing Authority
(St. Joseph Health System), Series A, Variable Rate
Demand Bonds, 3.300%, 7/01/13t VMIG-1 300,000
400,000 California Health Facilities Financing Authority
(St. Joseph Health System), Series B, Variable Rate
Demand Bonds, 3.200%, 7/01/13t VMIG-1 400,000
300,000 California Statewide Community Development
Authority, Certificates of Participation, Series 1993,
Variable Rate Demand Bonds, 3.250%, 12/01/18t A-1+ 300,000
$ 1,000,000 Total Temporary Investments - 0.2% 1,000,000
============
Other Assets Less Liabilities - 1.5% 6,816,417
Net Assets - 100% $471,064,338
============
<CAPTION>
NUMBER MARKET MARKET
STANDARD & POOR'S MOODY'S OF ISSUES VALUE PERCENT
<S> <C> <C> <C> <C> <C>
SUMMARY OF AAA Aaa 18 $145,399,529 31%
RATINGS** AA+, AA, AA- Aa1, Aa, Aa2, Aa3 15 54,907,447 12
PORTFOLIO OF A+ A1 7 47,256,722 10
INVESTMENTS A, A- A, A2, A3 35 178,248,651 38
(EXCLUDING BBB+, BBB, BBB- Baa1, Baa, Baa2, Baa3 10 30,286,233 7
TEMPORARY BB+, BB, BB- Ba1, Ba, Ba2, Ba3 1 3,785,469 1
INVESTMENTS): Non-rated Non-rated 1 3,363,870 1
TOTAL 87 $463,247,921 100%
<FN>
* 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.
** Ratings (not covered by the report of independent auditors): Using the
higher of Standard & Poor's or Moody's rating.
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 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.
N/R - Investment is not rated.
t 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.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF NET ASSETS
<CAPTION>
NCA NCM NCP NCO
<S> <C> <C> <C> <C>
ASSETS
Investments in municipal securities, at market value (note 1) $191,020,631 $57,439,129 $276,663,787 $175,958,220
Temporary investments in short-term municipal securities,
at amortized cost (note 1) -- 1,895,000 900,000 200,000
Cash 742,147 76,053 11,229 49,373
Receivables:
Interest 2,868,649 863,792 5,023,013 2,734,901
Investments sold -- 1,821,010 645,300 --
Prepaid Preferred shares auction fees (note 1) N/A N/A 38,116 --
Other assets 23,374 6,914 26,143 --
------------ ----------- ------------ ------------
Total assets 194,654,801 62,101,898 283,307,588 178,942,494
------------ ----------- ------------ ------------
Liabilities
Payable for investments purchased -- -- -- --
Accrued expenses:
Management fees (note 6) 103,154 33,870 152,507 96,739
Other 120,225 64,535 130,278 90,383
Preferred share dividends payable N/A N/A 190,784 6,218
Common share dividends payable 1,005,513 307,385 1,067,705 676,917
------------ ----------- ------------ ------------
Total liabilities 1,228,892 405,790 1,541,274 870,257
------------ ----------- ------------ ------------
Net assets (note 7) $193,425,909 $61,696,108 $281,766,314 $178,072,237
============ =========== ============ ============
Preferred shares, at liquidation value N/A N/A $ 90,000,000 $ 55,000,000
============ =========== ============ ============
Preferred shares outstanding N/A N/A 3,600 2,200
============ =========== ============ ============
Common shares outstanding 18,971,948 5,209,911 12,415,179 7,871,130
============ =========== ============ ============
Net asset value per Common share outstanding (net assets less
Preferred shares at liquidation value, divided by Common
shares outstanding) $ 10.20 $ 11.84 $ 15.45 $ 15.64
============ =========== ============ ============
N/A - Fund is not authorized to issue Preferred shares.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF NET ASSETS
<CAPTION>
NQC NVC NUC
<S> <C> <C> <C>
ASSETS
Investments in municipal securities, at market value (note 1) $281,603,631 $489,255,337 $463,247,921
Temporary investments in short-term municipal securities,
at amortized cost (note 1) 2,900,000 3,300,000 1,000,000
Cash 19,035 32,933 62,745
Receivables:
Interest 4,256,059 7,407,549 8,800,395
Investments sold 3,015,000 5,000 --
Prepaid Preferred shares auction fees (note 1) -- -- 1,286
Other assets 33,393 25,041 47,585
------------ ------------ ------------
Total assets 291,827,118 500,025,860 473,159,932
------------ ------------ ------------
Liabilities
Payable for investments purchased -- 7,748,342 --
Accrued expenses:
Management fees (note 6) 157,069 261,028 251,223
Other 107,197 137,473 101,880
Preferred share dividends payable 22,187 81,663 36,080
Common share dividends payable 1,114,719 1,830,423 1,706,411
------------ ------------ ------------
Total liabilities 1,401,172 10,058,929 2,095,594
------------ ------------ ------------
Net assets (note 7) $290,425,946 $489,966,931 $471,064,338
============ ============ ============
Preferred shares, at liquidation value $ 90,000,000 $150,000,000 $150,000,000
============ ============ ============
Preferred shares outstanding 3,600 6,000 6,000
============ ============ ============
Common shares outstanding 13,037,646 22,322,236 21,330,140
============ ============ ============
Net asset value per Common share outstanding (net assets less
Preferred shares at liquidation value, divided by Common
shares outstanding) $ 15.37 $ 15.23 $ 15.05
============ ============ ============
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF OPERATIONS
Year ended August 31, 1995
<CAPTION>
NCA NCM NCP NCO
<S> <C> <C> <C> <C>
Investment Income
Tax-exempt interest income (note 1) $13,494,185 $4,232,508 $18,240,613 $11,385,541
----------- ---------- ----------- -----------
Expenses:
Management fees (note 6) 1,224,092 395,533 1,773,039 1,122,797
Preferred shares--auction fees N/A N/A 243,750 137,499
Preferred shares--dividend disbursing agent fees N/A N/A 20,000 15,000
Shareholders' servicing agent fees and expenses 48,788 16,817 38,983 23,203
Custodian's fees and expenses 51,386 40,994 58,955 45,960
Directors' fees and expenses (note 6) 1,268 848 5,537 1,417
Professional fees 19,950 14,085 19,651 18,233
Shareholders' reports--printing and mailing expenses 55,497 14,804 77,534 39,896
Stock exchange listing fees 15,657 16,436 19,103 16,776
Investor relations expense 11,192 5,715 14,855 10,496
Other expenses 8,334 2,928 20,938 9,669
----------- ---------- ----------- -----------
Total expenses 1,436,164 508,160 2,292,345 1,440,946
----------- ---------- ----------- -----------
Net investment income 12,058,021 3,724,348 15,948,268 9,944,595
----------- ---------- ----------- -----------
Realized and Unrealized Gain (Loss)
from Investments
Net realized gain (loss) from investment transactions, net of
taxes, if applicable (notes 1 and 3) 175,174 (86,642) (255,704) 137,898
Net change in unrealized appreciation or depreciation
of investments 418,985 105,559 3,611,917 2,661,608
----------- ---------- ----------- -----------
Net gain from investments 594,159 18,917 3,356,213 2,799,506
----------- ---------- ----------- -----------
Net increase in net assets from operations $12,652,180 $3,743,265 $19,304,481 $12,744,101
============ ========== ============ ============
N/A - Fund is not authorized to issue Preferred shares.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF OPERATIONS
Year ended August 31, 1995
<CAPTION>
NQC NVC NUC
<S> <C> <C> <C>
Investment Income
Tax-exempt interest income (note 1) $18,585,784 $30,792,131 $29,465,444
----------- ----------- -----------
Expenses:
Management fees (note 6) 1,826,299 3,029,503 2,912,162
Preferred shares--auction fees 225,001 394,505 405,693
Preferred shares--dividend disbursing agent fees 15,000 28,465 23,452
Shareholders' servicing agent fees and expenses 35,008 46,729 36,097
Custodian's fees and expenses 60,578 74,301 71,145
Directors' fees and expenses (note 6) 2,129 581 4,273
Professional fees 19,572 20,296 19,824
Shareholders' reports--printing and mailing expenses 65,416 106,260 111,709
Stock exchange listing fees 15,374 32,895 32,811
Investor relations expense 12,502 29,882 30,184
Other expenses 26,281 31,073 24,021
----------- ----------- -----------
Total expenses 2,303,160 3,794,490 3,671,371
----------- ----------- -----------
Net investment income 16,282,624 26,997,641 25,794,073
----------- ----------- -----------
Realized and Unrealized Gain (Loss)
from Investments
Net realized gain (loss) from investment transactions, net of
taxes, if applicable (notes 1 and 3) 871,306 1,877,616 235,123
Net change in unrealized appreciation or depreciation
of investments 1,946,291 5,617,370 8,029,838
----------- ----------- -----------
Net gain from investments 2,817,597 7,494,986 8,264,961
----------- ----------- -----------
Net increase in net assets from operations $19,100,221 $34,492,627 $34,059,034
============ ============ ============
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF CHANGES IN NET ASSETS
<CAPTION>
NCA NCM
Year ended Year ended Year ended Year ended
8/31/95 8/31/94 8/31/95 8/31/94
<S> <C> <C> <C> <C>
Operations
Net investment income $ 12,058,021 $ 12,271,907 $ 3,724,348 $ 3,756,890
Net realized gain (loss) from investment transactions,
net of taxes, if applicable 175,174 155,583 (86,642) (22,126)
Net change in unrealized appreciation or depreciation
of investments 418,985 (10,005,121) 105,559 (3,007,494)
------------ ------------ ----------- -----------
Net increase (decrease) in net assets from operations 12,652,180 2,422,369 3,743,265 727,270
------------ ------------ ----------- -----------
Distributions to Shareholders (note 1)
From undistributed net investment income:
Common shareholders (12,599,784) (12,561,847) (3,865,172) (3,935,170)
Preferred shareholders N/A N/A N/A N/A
From accumulated net realized gains from investment transactions:
Common shareholders (155,016) (193,055) -- (18,116)
Preferred shareholders N/A N/A N/A N/A
------------ ------------ ----------- -----------
Decrease in net assets from distributions to shareholders (12,754,800) (12,754,902) (3,865,172) (3,953,286)
------------ ------------ ----------- -----------
Capital Share Transactions (note 2)
Common shares:
Net proceeds from Common shares issued to shareholders
due to reinvestment of distributions from net investment
income and from net realized gains from investment
transactions 1,291,713 1,741,483 106,605 510,660
------------ ------------ ----------- -----------
Net increase in net assets derived from capital share transactions 1,291,713 1,741,483 106,605 510,660
------------ ------------ ----------- -----------
Net increase (decrease) in net assets 1,189,093 (8,591,050) (15,302) (2,715,356)
Net assets at beginning of year 192,236,816 200,827,866 61,711,410 64,426,766
------------ ------------ ----------- -----------
Net assets at end of year $193,425,909 $192,236,816 $61,696,108 $61,711,410
============ ============ =========== ===========
Balance of undistributed net investment income at end of year $ 314,660 $ 856,423 $ 33,508 $ 174,332
============ ============ =========== ===========
N/A - Fund is not authorized to issue Preferred shares.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF CHANGES IN NET ASSETS
<CAPTION>
NCP NCO
Year ended Year ended Year ended Year ended
8/31/95 8/31/94 8/31/95 8/31/94
<S> <C> <C> <C> <C>
Operations
Net investment income $ 15,948,268 $ 16,101,259 $ 9,944,595 $ 9,923,441
Net realized gain (loss) from investment transactions,
net of taxes, if applicable (255,704) 889,275 137,898 176,423
Net change in unrealized appreciation or depreciation
of investments 3,611,917 (14,953,820) 2,661,608 (10,088,276)
------------ ------------ ------------ ------------
Net increase (decrease) in net assets from operations 19,304,481 2,036,714 12,744,101 11,588
------------ ------------ ------------ ------------
Distributions to Shareholders (note 1)
From undistributed net investment income:
Common shareholders (12,812,464) (13,165,179) (8,233,329) (8,351,626)
Preferred shareholders (3,606,381) (3,044,744) (2,056,793) (1,608,585)
From accumulated net realized gains from investment transactions:
Common shareholders (238,372) -- -- --
Preferred shareholders (55,926) -- -- --
------------ ------------ ------------ ------------
Decrease in net assets from distributions to shareholders (16,713,143) (16,209,923) (10,290,122) (9,960,211)
------------ ------------ ------------ ------------
Capital Share Transactions (note 2)
Common shares:
Net proceeds from Common shares issued to shareholders
due to reinvestment of distributions from net investment
income and from net realized gains from investment
transactions -- 1,730,565 292,939 968,587
------------ ------------ ------------ ------------
Net increase in net assets derived from capital share transactions -- 1,730,565 292,939 968,587
------------ ------------ ------------ ------------
Net increase (decrease) in net assets 2,591,338 (12,442,644) 2,746,918 (8,980,036)
Net assets at beginning of year 279,174,976 291,617,620 175,325,319 184,305,355
------------ ------------ ------------ ------------
Net assets at end of year $281,766,314 $279,174,976 $178,072,237 $175,325,319
============ ============ ============ ============
Balance of undistributed net investment income at end of year $ 598,583 $ 1,069,160 $ 324,889 $ 670,416
============ ============ ============ ============
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF CHANGES IN NET ASSETS
<CAPTION>
NQC NVC
Year ended Year ended Year ended Year ended
8/31/95 8/31/94 8/31/95 8/31/94
<S> <C> <C> <C> <C>
Operations
Net investment income $ 16,282,624 $ 16,292,303 $ 26,997,641 $ 27,093,409
Net realized gain (loss) from investment transactions,
net of taxes, if applicable 871,306 (1,146,254) 1,877,616 920,666
Net change in unrealized appreciation or depreciation
of investments 1,946,291 (14,399,870) 5,617,370 (32,758,613)
------------ ------------ ------------ ------------
Net increase (decrease) in net assets from operations 19,100,221 746,179 34,492,627 (4,744,538)
------------ ------------ ------------ ------------
Distributions to Shareholders (note 1)
From undistributed net investment income:
Common shareholders (13,492,025) (14,484,958) (22,132,503) (23,384,533)
Preferred shareholders (3,316,269) (2,157,902) (5,463,610) (4,093,337)
From accumulated net realized gains from investment transactions:
Common shareholders -- (245,757) (774,582) (617,715)
Preferred shareholders -- (33,066) (140,533) (94,842)
------------ ------------ ------------ ------------
Decrease in net assets from distributions to shareholders (16,808,294) (16,921,683) (28,511,228) (28,190,427)
------------ ------------ ------------ ------------
Capital Share Transactions (note 2)
Common shares:
Net proceeds from Common shares issued to shareholders
due to reinvestment of distributions from net investment
income and from net realized gains from investment
transactions 630,041 1,731,179 -- 982,056
------------ ------------ ------------ ------------
Net increase in net assets derived from capital share transactions 630,041 1,731,179 -- 982,056
------------ ------------ ------------ ------------
Net increase (decrease) in net assets 2,921,968 (14,444,325) 5,981,399 (31,952,909)
Net assets at beginning of year 287,503,978 301,948,303 483,985,532 515,938,441
------------ ------------ ------------ ------------
Net assets at end of year $290,425,946 $287,503,978 $489,966,931 $483,985,532
============ ============ ============ ============
Balance of undistributed net investment income at end of year $ 519,707 $ 1,045,377 $ 1,002,236 $ 1,600,708
============ ============ ============ ============
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF CHANGES IN NET ASSETS
<CAPTION>
NUC
Year ended Year ended
8/31/95 8/31/94
<S> <C> <C>
Operations
Net investment income $ 25,794,073 $ 25,491,671
Net realized gain (loss) from investment transactions,
net of taxes, if applicable 235,123 289,111
Net change in unrealized appreciation or depreciation
of investments 8,029,838 (25,688,754)
------------ ------------
Net increase (decrease) in net assets from operations 34,059,034 92,028
------------ ------------
Distributions to Shareholders (note 1)
From undistributed net investment income:
Common shareholders (20,476,933) (21,298,151)
Preferred shareholders (5,717,485) (4,534,293)
From accumulated net realized gains from investment transactions:
Common shareholders -- (501,259)
Preferred shareholders -- (96,195)
------------ ------------
Decrease in net assets from distributions to shareholders (26,194,418) (26,429,898)
------------ ------------
Capital Share Transactions (note 2)
Common shares:
Net proceeds from Common shares issued to shareholders
due to reinvestment of distributions from net investment
income and from net realized gains from investment
transactions -- 322,689
------------ ------------
Net increase in net assets derived from capital share transactions -- 322,689
------------ ------------
Net increase (decrease) in net assets 7,864,616 (26,015,181)
Net assets at beginning of year 463,199,722 489,214,903
------------ ------------
Net assets at end of year $471,064,338 $463,199,722
============ ============
Balance of undistributed net investment income at end of year $ 1,166,158 $ 1,566,503
============ ============
See accompanying notes to financial statements.
</TABLE>
<PAGE>
NOTES TO FINANCIAL STATEMENTS
1. GENERAL INFORMATION AND SIGNIFICANT ACCOUNTING POLICIES
At August 31, 1995, 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 Municipal Income Fund,
Inc. (NCM), 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 and NCM are not authorized by their Articles of Incorporation to issue
Preferred shares. Therefore, in the Notes to Financial Statements "N/A"
represents not-applicable.
The Funds are registered under the Investment Company Act of 1940 as
closed-end, diversified management investment companies.
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, 1995, NVC had outstanding purchase commitments that
amounted to $7,748,342. 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 all of their net
investment income, in addition to any significant amounts of net realized
gains from investments, to shareholders. The Funds currently consider
significant net realized gains as amounts in excess of $.001 for NCA and NCM
and $.01 per Common share for NCP, NCO, NQC, NVC and NUC. Furthermore, each
Fund intends to satisfy conditions which will enable interest from municipal
securities, which is exempt from regular federal and California state income
taxes, to retain such tax-exempt status when distributed to shareholders of
the Funds. All income dividends paid during the fiscal year ended August 31,
1995, have been designated Exempt Interest Dividends.
Dividends and Distributions to Shareholders
Net investment income is declared as a dividend monthly and payment is made or
reinvestment is credited to shareholder accounts after month-end. Net realized
gains from investment transactions are distributed to shareholders not less
frequently than annually only to the extent they exceed available capital loss
carryovers.
Distributions to shareholders of net investment income and net realized gains
are recorded on the ex-dividend date. The amount and timing of such
distributions are determined in accordance with federal income tax
regulations, which may differ from generally accepted accounting principles.
Accordingly, temporary over-distributions as a result of these differences may
result and will be classified as either distributions in excess of net
investment income or distributions in excess of accumulated net realized gains
from investment transactions, if applicable.
<PAGE>
<TABLE>
Preferred Shares
The following Funds have issued an outstanding $25,000 stated value Preferred
shares. Each Fund's Preferred shares are issued in one or more Series. The
dividend rate on each Series may change every seven days, as set by the
Auction Agent, except for NCP Series T which has lengthened its dividend
period to three years. The number of shares outstanding, by Series and in
total, at August 31, 1995, for each Fund is as follows:
<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
=====
* Three year period
Preferred share auction fees paid in connection with lengthening the dividend
period on the Series noted above have been capitalized and are being amortized
over the three year period.
</TABLE>
<PAGE>
Proposed Reorganization
Subject to shareholder approval on or about January 8, 1996, NCA will acquire
substantially all of the assets of NCM in exchange for newly issued shares of
NCA and the assumption by NCA of substantially all of the liabilities of NCM.
Following receipt of the NCA shares, NCM will be liquidated and the NCA shares
will be distributed to the shareholders of NCM. As a result of this
reorganization, the assets and liabilities of both Funds will be combined and
the shareholders of NCM will thus become shareholders of NCA. The investment
objectives and policies of the larger combined Fund will be virtually
identical to that of each of the separate Funds.
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 fiscal year
ended August 31, 1995, other than occasional purchases of high quality
synthetic money market securities which were held temporarily pending the
re-investment in long-term portfolio securities.
<PAGE>
<TABLE>
2. Fund Shares
Transactions in Common shares were as follows:
<CAPTION>
NCA NCM
Year ended Year ended Year ended Year ended
8/31/95 8/31/94 8/31/95 8/31/94
<S> <C> <C> <C> <C>
Common shares:
Shares issued to shareholders due to reinvestment of
distributions from net investment income and from
net realized gains from investment transactions 122,410 154,976 9,073 40,087
======= ======= ===== ======
<CAPTION>
NCP NCO
Year ended Year ended Year ended Year ended
8/31/95 8/31/94 8/31/95 8/31/94
<S> <C> <C> <C> <C>
Common shares:
Shares issued to shareholders due to reinvestment of
distributions from net investment income and from
net realized gains from investment transactions -- 106,473 19,399 57,699
===== ======= ====== ======
<CAPTION>
NQC NVC
Year ended Year ended Year ended Year ended
8/31/95 8/31/94 8/31/95 8/31/94
<S> <C> <C> <C> <C>
Common shares:
Shares issued to shareholders due to reinvestment of
distributions from net investment income and from
net realized gains from investment transactions 41,108 106,983 -- 61,330
====== ======= ===== ======
<CAPTION>
NUC
Year ended Year ended
8/31/95 8/31/94
<S> <C> <C>
Common shares:
Shares issued to shareholders due to reinvestment of
distributions from net investment income and from
net realized gains from investment transactions -- 20,168
===== =======
</TABLE>
<PAGE>
<TABLE>
3. Securities Transactions
Purchases and sales (including maturities) of investments in municipal
securities and temporary municipal investments during the fiscal year ended
August 31, 1995, were as follows:
<CAPTION>
NCA NCM NCP NCO
<S> <C> <C> <C> <C>
PURCHASES
Investments in municipal securities $17,642,223 $ 2,047,977 $64,843,104 $64,086,762
Temporary municipal investments 23,900,000 12,600,000 60,265,000 36,538,000
SALES AND MATURITIES
Investments in municipal securities 22,386,134 5,454,750 63,713,980 61,716,988
Temporary municipal investments 24,200,000 10,705,000 59,365,000 38,493,000
=========== =========== =========== ===========
<CAPTION>
NQC NVC NUC
<S> <C> <C> <C>
PURCHASES
Investments in municipal securities $39,255,639 $63,072,053 $132,901,694
Temporary municipal investments 32,000,000 49,300,000 67,165,000
SALES AND MATURITIES
Investments in municipal securities 45,129,483 57,960,921 129,738,899
Temporary municipal investments 29,100,000 48,300,000 68,945,000
=========== =========== =============
At August 31, 1995, the identified cost of investments owned for federal
income tax purposes was the same as the cost for financial reporting
purposes for each Fund.
At August 31, 1995, the following Funds had unused capital loss carryovers
available for federal income tax purposes to be applied against future capital
gains, if any. If not applied, the carryovers will expire as follows:
<CAPTION>
NCM NCP NQC
<S> <C> <C> <C>
Expiration year:
2002 $-- $-- $ 75,116
2003 22,044 21,213 181,857
------- ------- --------
Total $22,044 $21,213 $256,973
======= ======= ========
</TABLE>
<PAGE>
<TABLE>
4. DISTRIBUTIONS TO COMMON SHAREHOLDERS
On September 1, 1995, the Funds declared Common share dividend distributions
from their ordinary income that were paid October 2, 1995, to shareholders of
record on September 15, 1995, as follows:
<CAPTION>
NCA NCM NCP NCO
<S> <C> <C> <C> <C>
Dividend per share $.0530 $.0590 $.0860 $.0860
====== ====== ====== ======
<CAPTION>
NQC NVC NUC
<S> <C> <C> <C>
Dividend per share $.0855 $.0820 $.0800
====== ====== ======
5. UNREALIZED APPRECIATION (DEPRECIATION)
Gross unrealized appreciation and gross unrealized depreciation of investments
at
August 31, 1995, were as follows:
<CAPTION>
NCA NCM NCP NCO
<S> <C> <C> <C> <C>
Gross unrealized:
Appreciation $16,223,598 $3,826,430 $18,848,934 $13,640,685
Depreciation (726,015) (273,968) (231,793) (326,699)
----------- ---------- ----------- -----------
Net unrealized appreciation $15,497,583 $3,552,462 $18,617,141 $13,313,986
=========== ========== =========== ===========
<CAPTION>
NQC NVC NUC
<S> <C> <C> <C>
Gross unrealized:
Appreciation $19,638,402 $28,209,579 $23,542,667
Depreciation (965,455) (1,709,670) (221,972)
----------- ----------- -----------
Net unrealized appreciation $18,672,947 $26,499,909 $23,320,695
=========== =========== ===========
</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 NCM's, NCP's, NCO's, NQC's, NVC's and NUC's investment management
agreements with Nuveen Advisory Corp. ("the Adviser"), a wholly owned
subsidiary of The John Nuveen Company, 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, 1995, net assets consisted of:
<CAPTION>
NCA NCM NCP NCO
<S> <C> <C> <C> <C>
Preferred shares, $25,000 stated value per share, at
liquidation value $N/A $N/A $ 90,000,000 $ 55,000,000
Common shares, $.01 par value per share 189,719 52,099 124,152 78,711
Paid-in surplus 177,248,773 58,166,807 172,682,142 109,335,275
Balance of undistributed net investment income 314,660 33,508 598,583 324,889
Accumulated net realized gain (loss) from investment transactions 175,174 (108,768) (255,704) 19,376
Net unrealized appreciation or depreciation of investments 15,497,583 3,552,462 18,617,141 13,313,986
----------- ------------ ------------ ------------
Net assets $193,425,909 $ 61,696,108 $281,766,314 $178,072,237
============ ============ ============ ============
Authorized shares:
Common 250,000,000 200,000,000 200,000,000 200,000,000
Preferred N/A N/A 1,000,000 1,000,000
============ ============ ============ ============
<CAPTION>
NQC NVC NUC
<S> <C> <C> <C>
Preferred shares, $25,000 stated value per share, at
liquidation value $ 90,000,000 $150,000,000 $150,000,000
Common shares, $.01 par value per share 130,376 223,222 213,301
Paid-in surplus 181,359,889 310,363,948 296,126,272
Balance of undistributed net investment income 519,707 1,002,236 1,166,158
Accumulated net realized gain (loss) from investment transactions (256,973) 1,877,616 237,912
Net unrealized appreciation or depreciation of investments 18,672,947 26,499,909 23,320,695
------------ ------------ ------------
Net assets $290,425,946 $489,966,931 $471,064,338
============ ============ ============
Authorized shares:
Common 200,000,000 200,000,000 200,000,000
Preferred 1,000,000 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, 1995, the revenue sources by
municipal purpose for these investments, expressed as a percent of total
investments, were as follows:
<CAPTION>
NCA NCM NCP NCO
<S> <C> <C> <C> <C>
Revenue Bonds:
Health Care Facilities 15% 19% 24% 20%
Lease Rental Facilities 1 -- 9 6
Housing Facilities 14 10 9 1
Water / Sewer Facilities 8 4 7 8
Transportation -- -- 8 7
Pollution Control Facilities 2 7 5 7
Electric Utilities 1 5 4 --
Educational Facilities 2 -- -- 3
Other 20 20 9 19
General Obligation Bonds 1 4 3 --
Escrowed Bonds 36 31 22 29
---- ---- ---- ----
100% 100% 100% 100%
==== ==== ==== ====
<CAPTION>
NQC NVC NUC
<S> <C> <C> <C>
Revenue Bonds:
Health Care Facilities 14% 18% 12%
Lease Rental Facilities 11 15 18
Housing Facilities 3 8 11
Water / Sewer Facilities 3 5 5
Transportation -- 1 1
Pollution Control Facilities 7 5 3
Electric Utilities 6 6 6
Educational Facilities 1 2 6
Other 17 16 19
General Obligation Bonds 4 6 5
Escrowed Bonds 34 18 14
---- ---- ----
100% 100% 100%
==== ==== ====
</TABLE>
<PAGE>
Certain long-term and intermediate-term investments owned by the Funds are
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, either of which ensure the timely payment of principal and
interest in the event of default (49% for NCA, 36% for NCM, 39% for NCP, 55%
for NCO, 51% for NQC, 41% for NVC and 26% for NUC). Such insurance or escrow,
however, does not guarantee the market value of the municipal securities or
the value of any of the Funds' shares.
All of the temporary investments in short-term municipal securities have
credit enhancements (letters of credit, guarantees or insurance) issued by
third party domestic or foreign banks or other institutions.
For additional information regarding each investment security, refer to the
Portfolio of Investments of each Fund.
<PAGE>
<TABLE>
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A COMMON SHARE OUTSTANDING THROUGHOUT EACH PERIOD IS AS
FOLLOWS:
<CAPTION>
Operating performance Dividends from net
investment income
Net
realized and
Net asset unrealized
value Net gain (loss)
beginning investment from To Common To Preferred
of period income investmentstt shareholders shareholderst
NCA
<S> <C> <C> <C> <C> <C>
Year ended 8/31,
1995 $10.200 $ .637 $ .037 $ (.666) $ N/A
1994 10.740 .653 (.514) (.669) N/A
1993 10.480 .667 .265 (.670) N/A
1 mo. ended
8/31/92 10.610 .056 (.130) (.056) N/A
Year ended 7/31,
1992 10.250 .668 .379 (.664) N/A
1991 10.120 .667 .123 (.660) N/A
1990 10.190 .664 (.037) (.666) N/A
1989 9.670 .664 .602 (.670) N/A
10/7/87 to
7/31/88 9.350 .482 .259 (.421) N/A
<CAPTION>
NCM
<S> <C> <C> <C> <C> <C>
Year ended 8/31,
1995 11.870 .715 (.003) (.742) N/A
1994 12.480 .724 (.571) (.759) N/A
1993 12.100 .752 .387 (.745) N/A
9 mos. ended
8/31/92 12.000 .580 .214 (.598) N/A
Year ended
11/30/91 11.790 .800 .196 (.786) N/A
1 mo. ended
11/30/90 11.710 .067 .133 (.066) N/A
Year ended 10/31,
1990 11.810 .794 (.016) (.797) N/A
1989 11.640 .805 .184 (.813) N/A
4/20/88 to
10/31/88 11.210 .356 .356 (.282) N/A
<CAPTION>
NCP
<S> <C> <C> <C> <C> <C>
Year ended 8/31,
1995 15.240 1.284 .272 (1.032) (.290)
1994 16.380 1.301 (1.131) (1.064) (.246)
1993 15.580 1.330 .846 (1.150) (.226)
10 mos. ended
8/31/92 14.880 1.129 .635 (.867) (.197)
Year ended
10/31/91 13.820 1.372 1.044 (1.020) (.336)
11/15/89 to
10/31/90 14.050 1.095 (.091) (.765) (.269)
<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 shareholderst discounts of period of period
NCA
<S> <C> <C> <C> <C> <C>
Year ended 8/31,
1995 $(.008) $ N/A $ -- $10.200 $ 9.625
1994 (.010) N/A -- 10.200 11.000
1993 (.002) N/A -- 10.740 11.750
1 mo. ended
8/31/92 -- N/A -- 10.480 11.000
Year ended 7/31,
1992 (.023) N/A -- 10.610 11.250
1991 -- N/A -- 10.250 10.625
1990 (.031) N/A -- 10.120 10.375
1989 (.076) N/A -- 10.190 10.375
10/7/87 to
7/31/88 -- N/A -- 9.670 10.000
<CAPTION>
NCM
<S> <C> <C> <C> <C> <C>
Year ended 8/31,
1995 -- N/A -- 11.840 11.125
1994 (.004) N/A -- 11.870 11.875
1993 (.014) N/A -- 12.480 12.875
9 mos. ended
8/31/92 (.096) N/A -- 12.100 13.125
Year ended
11/30/91 -- N/A -- 12.000 12.375
1 mo. ended
11/30/90 (.054) N/A -- 11.790 11.625
Year ended 10/31,
1990 (.081) N/A -- 11.710 11.500
1989 (.006) N/A -- 11.810 12.000
4/20/88 to
10/31/88 -- N/A -- 11.640 11.375
<CAPTION>
NCP
<S> <C> <C> <C> <C> <C>
Year ended 8/31,
1995 (.019) (.005) -- 15.450 14.750
1994 -- -- -- 15.240 15.000
1993 -- -- -- 16.380 17.500
10 mos. ended
8/31/92 -- -- -- 15.580 15.875
Year ended
10/31/91 -- -- -- 14.880 15.750
11/15/89 to
10/31/90 -- -- (.200) 13.820 14.375
<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
NCA
<S> <C> <C> <C> <C> <C> <C>
Year ended 8/31,
1995 (6.59)% 6.92% $193,426 .75% 6.32% 9%
1994 (.50) 1.32 192,237 .76 6.24 9
1993 13.37 9.21 200,828 .82 6.31 4
1 mo. ended
8/31/92 (1.74) (.71) 194,430 .79* 6.25* --
Year ended 7/31,
1992 12.83 10.61 196,669 .83 6.46 6
1991 9.22 8.13 188,370 .88 6.62 5
1990 7.10 6.45 184,888 .91 6.62 2
1989 11.82 13.70 185,016 .94 6.75 27
10/7/87 to
7/31/88 4.28 8.01 174,645 .94* 6.29* 32
<CAPTION>
NCM
<S> <C> <C> <C> <C> <C> <C>
Year ended 8/31,
1995 (.11) 6.29 61,696 .84 6.12 3
1994 (1.99) 1.24 61,711 .86 5.93 13
1993 4.22 9.76 64,427 .90 6.16 5
9 mos. ended
8/31/92 12.02 6.83 61,927 .82* 6.42* 11
Year ended
11/30/91 13.40 8.75 60,964 .73 6.75 9
1 mo. ended
11/30/90 2.10 1.71 59,503 .70* 6.92* --
Year ended 10/31,
1990 3.17 6.84 59,091 .76 6.77 7
1989 13.05 8.82 59,343 .72 6.89 23
4/20/88 to
10/31/88 (2.78) 6.45 59,298 .74* 6.13* 11
<CAPTION>
NCP
<S> <C> <C> <C> <C> <C> <C>
Year ended 8/31,
1995 5.75 8.75 281,766 .83 5.77 24
1994 (8.34) (.48) 279,175 .83 5.63 19
1993 18.34 13.03 291,618 .81 5.73 10
10 mos. ended
8/31/92 6.55 10.86 279,810 .79* 5.99* 6
Year ended
10/31/91 17.20 15.58 269,890 .78 6.28 6
11/15/89 to
10/31/90 1.00 3.92 255,862 .79* 6.18* 26
See notes on page 66.
</TABLE>
<PAGE>
<TABLE>
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A COMMON SHARE OUTSTANDING THROUGHOUT EACH PERIOD IS AS
FOLLOWS:
<CAPTION>
Operating performance Dividends from net
investment income
Net
realized and
Net asset unrealized
value Net gain (loss)
beginning investment from To Common To Preferred
of period income investmentstt shareholders shareholderst
<S> <C> <C> <C> <C> <C>
NCO
Year ended 8/31,
1995 $15.320 $1.265 $ .364 $(1.047) $(.262)
1994 16.590 1.267 (1.264) (1.067) (.206)
1993 15.580 1.309 1.055 (1.163) (.191)
10 mos. ended
8/31/92 14.950 1.109 .575 (.865) (.189)
Year ended
10/31/91 13.760 1.350 1.188 (1.020) (.328)
5/17/90 to
10/31/90 14.050 .442 (.132) (.255) (.109)
<CAPTION>
NQC
<S> <C> <C> <C> <C> <C>
Year ended 8/31,
1995 15.200 1.250 .211 (1.036) (.255)
1994 16.440 1.257 (1.189) (1.119) (.167)
1993 15.470 1.296 .990 (1.151) (.165)
10 mos. ended
8/31/92 14.700 1.097 .721 (.852) (.196)
11/20/90 to
10/31/91 14.050 1.022 .766 (.756) (.188)
<CAPTION>
NVC
<S> <C> <C> <C> <C> <C>
Year ended 8/31,
1995 14.960 1.210 .338 (.992) (.245)
1994 16.440 1.215 (1.430) (1.049) (.184)
1993 14.930 1.238 1.567 (1.064) (.187)
10 mos. ended
8/31/92 14.410 1.035 .487 (.815) (.187)
5/22/91 to
10/31/91 14.050 .341 .452 (.243) (.029)
<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 shareholderst discounts of period of period
<S> <C> <C> <C> <C> <C>
NCO
Year ended 8/31,
1995 $ -- $ -- $ -- $15.640 $15.000
1994 -- -- -- 15.320 15.375
1993 -- -- -- 16.590 17.875
10 mos. ended
8/31/92 -- -- -- 15.580 16.125
Year ended
10/31/91 -- -- -- 14.950 15.625
5/17/90 to
10/31/90 -- -- (.236) 13.760 14.500
<CAPTION>
NQC
<S> <C> <C> <C> <C> <C>
Year ended 8/31,
1995 -- -- -- 15.370 15.000
1994 (.019) (.003) -- 15.200 15.500
1993 -- -- -- 16.440 17.000
10 mos. ended
8/31/92 -- -- -- 15.470 16.000
11/20/90 to
10/31/91 -- -- (.194) 14.700 15.625
<CAPTION>
NVC
<S> <C> <C> <C> <C> <C>
Year ended 8/31,
1995 (.035) (.006) -- 15.230 14.375
1994 (.028) (.004) -- 14.960 14.438
1993 (.035) (.009) -- 16.440 16.750
10 mos. ended
8/31/92 -- -- -- 14.930 15.125
5/22/91 to
10/31/91 -- -- (.161) 14.410 15.000
<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>
NCO
Year ended 8/31,
1995 4.72% 9.43% $178,072 .83% 5.73% 36%
1994 (8.20) (1.27) 175,325 .87 5.51 24
1993 19.00 14.54 184,305 .82 5.69 8
10 mos. ended
8/31/92 9.10 10.32 175,292 .79* 5.95* 2
Year ended
10/31/91 15.27 16.62 169,554 .80 6.25 --
5/17/90 to
10/31/90 (1.65) (.23) 159,754 .83* 5.63* 14
<CAPTION>
NQC
<S> <C> <C> <C> <C> <C> <C>
Year ended 8/31,
1995 3.77 8.38 290,426 .81 5.72 14
1994 (2.10) (.64) 287,504 .82 5.53 18
1993 14.00 14.29 301,948 .78 5.69 13
10 mos. ended
8/31/92 8.13 11.40 287,619 .76* 5.96* --
11/20/90 to
10/31/91 9.49 10.33 276,571 .78* 5.85* 18
<CAPTION>
NVC
<S> <C> <C> <C> <C> <C> <C>
Year ended 8/31,
1995 7.14 9.22 489,967 .80 5.66 12
1994 (7.60) (2.52) 483,986 .81 5.43 15
1993 18.89 18.24 515,938 .84 5.57 9
10 mos. ended
8/31/92 6.53 9.54 480,490 .79* 5.78* 14
5/22/91 to
10/31/91 1.62 4.31 467,392 .75* 5.13* 3
See notes on page 66.
</TABLE>
<PAGE>
<TABLE>
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A COMMON SHARE OUTSTANDING THROUGHOUT EACH PERIOD IS AS
FOLLOWS:
<CAPTION>
Operating performance
Dividends from net
investment income
Net
realized and
Net asset unrealized
value Net gain (loss)
beginning investment from To Common To Preferred
of period income investmentstt shareholders shareholderst
NUC
<S> <C> <C> <C> <C> <C>
Year ended 8/31,
1995 $14.680 $1.209 $ .389 $ (.960) $(.268)
1994 15.920 1.195 (1.194) (.999) (.213)
1993 14.500 1.200 1.429 (1.000) (.180)
11/20/91 to
8/31/92 14.050 .655 .548 (.525) (.061)
<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 shareholderst discounts of period of period
NUC
<S> <C> <C> <C> <C> <C>
Year ended 8/31,
1995 $ -- $ -- $ -- $15.050 $14.250
1994 (.024) (.005) -- 14.680 14.000
1993 (.025) (.004) -- 15.920 16.000
11/20/91 to
8/31/92 -- -- (.167) 14.500 14.500
<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
NUC
<S> <C> <C> <C> <C> <C> <C>
Year ended 8/31,
1995 9.24% 9.57% $471,064 .80% 5.63% 29%
1994 (6.27) (1.41) 463,200 .80 5.35 12
1993 18.22 17.56 489,215 .82 5.44 13
11/20/91 to
8/31/92 .29 7.06 457,950 .76* 5.05* 16
<FN>
N/A - Fund is not authorized to issue Preferred shares.
* Annualized.
** Total Investment Return on Market Value is the combination of reinvested
dividend income, reinvested capital gains distributions, if any, and changes
in stock price per share. Total Return on Net Asset Value is the combination
of reinvested dividend income, reinvested capital gains distributions, if any,
and changes in net asset value per share.
*** Ratios do not reflect the dividend payments to Preferred shareholders.
t The amounts shown are based on Common share equivalents.
tt Net of taxes, if applicable.
</TABLE>
<PAGE>
REPORT OF INDEPENDENT AUDITORS
The Board of Directors and Shareholders
Nuveen California Municipal Value Fund, Inc.
Nuveen California Municipal Income 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 Municipal Income 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, 1995, 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, 1995, 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 Municipal
Income 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, 1995, 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 13, 1995
<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 build your tax-free portfolio and earn
the tax-free income you need to achieve your financial goals.
Nuveen Exchange-traded fund 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. Income or capital gains taxes may be payable on dividends or
distributions that are reinvested. 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.
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 investment 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. And when we can give you the account information you need, our
motto is simple: We're here to help."
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>
Useful information
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."
Nuveen Shareholder Services:
1.800.257.8787
Call Monday through Friday, 9 a.m. to 6 p.m., EST for information on your
Nuveen Fund's current account balance, yield, dividend, net asset value,
closing price, and general information.
Dividend Reinvestment:
1.800.257.8787
Monday through Friday, 9 a.m. to 6 p.m., EST
Taking Stock Newsletter:
1.800.257.8787
Call Monday through Friday, 9 a.m. to 6 p.m., EST if you're not currently
getting our quarterly shareholder newsletter and would like to do so. We will
be happy to add your name to our mailing list.
Photographic image of woman seated and man standing behind her representing
Nuveen investors.
Many conservative investors are comfortable with Nuveen's emphasis on long
term value. That's why they depend on Nuveen for the
tax-free income they need to reach their goals.
<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
ETF5-OCT 95
