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.
SEMIANNUAL REPORT/FEBRUARY 28, 1995
Photo of man reading statement on porch.
<PAGE>
CONTENTS
3 Dear shareholder
5 Answering your questions
8 Fund performance
11 Amendment to dividend reinvestment plan
12 Getting to know your fund
14 Portfolio of investments
42 Statement of net assets
44 Statement of operations
46 Statement of changes in net assets
50 Notes to financial statements
60 Financial highlights
PAGE
<PAGE>
Dear shareholder
"Providing secure income remains our top priority"
Photo of Richard J. Franke, Chairman of the Board
The 12 months ended February 28, 1995, was one of the most difficult periods
the bond markets have experienced in decades. During the past 13 months, the
Federal Reserve Board raised interest rates seven times to fend off future
inflation, and the prices of all bonds and bond funds declined.
This time of unusually high volatility and uncertainty has brought home a
basic fact about fixed-income securities: interest rates are subject to
change, and sometimes the changes can have marked effects on net asset values.
At Nuveen, we believe that the best approach to tax-free investing in such
tumultuous times is to focus on quality and income dependability. By this
standard, in one of the most challenging periods the municipal market has seen
in years, your Fund continued to meet its objectives well, providing an
attractive level of tax free income while holding portfolio values in line
with or higher than the market as a whole.
Looking first at income, current yields on share prices for the Funds
covered in this report ranged from 6.33% to 7.06%. To equal these yields, an
investor in the 42.5% combined federal and state income tax bracket would need
to earn at least 11.01% on taxable alternatives. This taxable yield is
difficult to achieve on investments of comparable quality.
The fact that many of these funds are leveraged means that they will be
somewhat more sensitive to interest rate changes, both upward and downward,
than unleveraged funds. Nonetheless, for the one-year period ended February
28, all of the funds covered in this report ranked in the top 11 among 27
closed-end California funds ranked by Lipper Analytical Services on total
return.
As we have noted in past reports, the municipal market's supply and demand
fundamentals continue to be sound. To put these trends in perspective, in 1994
the supply of new municipal bonds declined by approximately 40% from 1993, a
trend expected to continue in 1995. At the same time, demand for tax-free
bonds, which has been subdued over the past year as a result of the market's
extraordinary volatility, seems to be resuming its long-term upward trend, as
investors recognize the exceptional yields tax-free bonds offer at current
price levels.
This combination of lower supply, which may be reduced further by the high
volume of bond calls expected in 1995, and the likelihood of rising demand
should help support municipal bond prices in the long term.
Through our value approach to investing--a disciplined approach to security
selection and portfolio construction supported by one of the largest and most
respected research teams in the municipal industry--we will continue to pursue
the objectives of your Fund: attractive tax-free income and the enhancement of
portfolio value relative to the municipal bond market.
In closing, I want to welcome new investors to the Nuveen California funds
and thank those who have been with us for some time. All of us at Nuveen
appreciate your confidence in our family of municipal bond funds, and we look
forward to helping you reach your tax-free investment objectives in the
future.
Sincerely,
Richard J. Franke
Chairman of the Board
April 17, 1995
PAGE
<PAGE>
Answering your questions
We spoke recently with Tom Spalding, head of Nuveen's portfolio management
team, and asked him about developments in the municipal market and the outlook
for Nuveen's Tax-Free Exchange-Traded Funds.
Why did my Fund's net asset value decline over the past year?
These have been difficult times for all fixed-income investors. While the net
asset values of the funds covered in this report declined between 4% to 7%,
the Bond Buyer 40 index-- a measure of municipal market performance--declined
by 8.5% over the past 12 months and 30-year Treasury bonds declined by 10%
during the year.
Viewed in that context, the Nuveen funds covered in this report held their
value well, outperforming the market for the 12 months ended February 28,
1995.
The fact that many of these funds are leveraged also increases the impact of
interest rate changes on their net asset values per common share. Keep in
mind, however, that leverage also has enabled these funds to generate a higher
level of tax-free income than unleveraged funds.
If my Fund is leveraged, will rising short-term interest rates affect my
dividends?
With the long-term bonds in the leveraged funds' portfolios yielding around
6.5% and the average 7-day rate on short-term preferred shares averaging 3.8%
over the past three months, leverage has continued to provide an important
income benefit to our shareholders.
Although the funds' core dividends are set to provide relatively stable
income, steady increases in short-term interest rates will affect these
dividends over time.
In general, our leveraged funds' dividends continue to be highly attractive
compared with taxable alternatives. All things considered, prudent leverage
can provide highly attractive returns in a variety of market conditions to
investors who understand its uses, benefits, and characteristics, and are
willing to accept somewhat higher short-term NAV fluctuations in anticipation
of greater long-range returns.
Will bond calls affect my income or the stability of the net asset value of my
shares?
In general, bond calls can mean some reduction in income for investors in both
individual bonds and bond funds, because bonds issued when interest rates were
higher need to be replaced with today's lower-yielding bonds. The effect of
bond calls, however, depends to some extent on the age of a fund and the types
of bonds in its portfolio.
Older funds hold high coupon bonds that may be subject to calls, but these
bonds also often are priced at premiums to their par values and to their call
prices. As we saw last year, this premium is a "cushion" that can soften the
effect of rising interest rates. As these bonds approach their call dates, the
premiums gradually approach the bonds' call prices, potentially reducing net
asset values.
Newer funds on the other hand, primarily hold bonds priced at discounts to
their par values. As a result, these funds are more sensitive to interest rate
changes, both up and down, but they are unaffected by the declining premium
values related to called bonds.
Of course, we manage all of our portfolios with calls in mind. As part of
our basic management process, we continually evaluate opportunities to sell
bonds approaching their call dates and to reinvest the proceeds in bonds we
think have potential to provide above-market returns.
PAGE
<PAGE>
<TABLE>
NUVEEN CALIFORNIA MUNICIPAL VALUE FUND, INC.
NCA
In line with the Fund's objective of providing attractive, dependable tax-free
income, shareholders enjoyed 12 months of steady dividends, plus a capital
gains distribution in December.
<CAPTION>
12 MONTH DIVIDEND HISTORY
Date Monthly Dividends Supplemental Dividends Capital Gains
<S> <C> <C> <C>
3/94 $0.0560
4/94 $0.0560
5/94 $0.0560
6/94 $0.0560
7/94 $0.0560
8/94 $0.0560
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
<CAPTION>
FUND HIGHLIGHTS 2/28/95
<S> <C>
Yield 6.56%
Taxable-equivalent yield 11.41%
Annual total return on NAV 2.51%
Taxable-equivalent total return 7.35%
Share price $10.25
NAV $10.14
The dividend history used in this chart constitutes past performance and does
not necessarily predict the future dividends of the Fund.
</TABLE>
<PAGE>
<TABLE>
NUVEEN CALIFORNIA MUNICIPAL INCOME FUND, INC.
NCM
In line with the Fund's objective of providing attractive, dependable tax-free
income, shareholders have enjoyed four months of steady dividends following a
slight reduction in November.
<CAPTION>
12 MONTH DIVIDEND HISTORY
Date Monthly Dividends Supplemental Dividends Capital Gains
<S> <C> <C> <C>
3/94 $0.0640
4/94 $0.0640
5/94 $0.0640
6/94 $0.0640
7/94 $0.0640
8/94 $0.0640
9/94 $0.0640
10/94 $0.0640
11/94 $0.0620
12/94 $0.0620
1/95 $0.0620
2/95 $0.0620
<CAPTION>
FUND HIGHLIGHTS 2/28/95
<S> <C>
Yield 6.33%
Taxable-equivalent yield 11.01%
Annual total return on NAV 1.26%
Taxable-equivalent total return 5.93%
Share price $11.75
NAV $11.75
The dividend history used in this chart constitutes past performance and does
not necessarily predict the future dividends of the Fund.
</TABLE>
<PAGE>
<TABLE>
NUVEEN CALIFORNIA PERFORMANCE PLUS MUNICIPAL FUND, INC.
NCP
In line with the Fund's objective of providing attractive, dependable tax-free
income, shareholders enjoyed 12 months of steady dividends, plus a
supplemental dividend in August and a capital gains distribution in December.
<CAPTION>
12 MONTH DIVIDEND HISTORY
Date Monthly Dividends Supplemental Dividends Capital Gains
<S> <C> <C> <C>
3/94 $0.0860
4/94 $0.0860
5/94 $0.0860
6/94 $0.0860
7/94 $0.0860
8/94 $0.0860 $0.0100
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
<CAPTION>
FUND HIGHLIGHTS 2/28/95
<S> <C>
Yield 7.06%
Taxable-equivalent yield 12.28%
Annual total return on NAV 1.01%
Taxable-equivalent total return 5.97%
Share price $14.625
NAV $15.10
The dividend history used in this chart constitutes past performance and does
not necessarily predict the future dividends of the Fund.
</TABLE>
<PAGE>
<TABLE>
NUVEEN CALIFORNIA MUNICIPAL MARKET OPPORTUNITY FUND, INC.
NCO
Nuveen funds set dividends with stability in mind, seeking a level that is
expected to be sustainable over time. The Fund recently adjusted the monthly
tax-free dividend following more than 12 months of relatively steady
dividends.
<CAPTION>
12 MONTH DIVIDEND HISTORY
Date Monthly Dividends Supplemental Dividends Capital Gains
<S> <C> <C> <C>
3/94 $0.0880
4/94 $0.0880
5/94 $0.0880
6/94 $0.0880
7/94 $0.0880
8/94 $0.0890
9/94 $0.0890
10/94 $0.0890
11/94 $0.0890
12/94 $0.0890
1/95 $0.0890
2/95 $0.0860
<CAPTION>
FUND HIGHLIGHTS 2/28/95
<S> <C>
Yield 6.88%
Taxable-equivalent yield 11.97%
Annual total return on NAV 0.38%
Taxable-equivalent total return 5.37%
Share price $15.00
NAV $15.17
The dividend history used in this chart constitutes past performance and does
not necessarily predict the future dividends of the Fund.
</TABLE>
<PAGE>
<TABLE>
NUVEEN CALIFORNIA INVESTMENT QUALITY MUNICIPAL FUND, INC.
NQC
Nuveen funds set dividends with stability in mind, seeking a level that is
expected to be sustainable over time. The Fund recently adjusted the monthly
tax-free dividend following more than 12 months of relatively steady
dividends.
<CAPTION>
12 MONTH DIVIDEND HISTORY
Date Monthly Dividends Supplemental Dividends Capital Gains
<S> <C> <C> <C>
3/94 $0.0860
4/94 $0.0860
5/94 $0.0860 $0.0100
6/94 $0.0860
7/94 $0.0860
8/94 $0.0875 $0.0150
9/94 $0.0875
10/94 $0.0875
11/94 $0.0875
12/94 $0.0875
1/95 $0.0875
2/95 $0.0855
<CAPTION>
FUND HIGHLIGHTS 2/28/95
<S> <C>
Yield 6.84%
Taxable-equivalent yield 11.90%
Annual total return on NAV 1.37%
Taxable-equivalent total return 6.46%
Share price $15.00
NAV $15.09
The dividend history used in this chart constitutes past performance and does
not necessarily predict the future dividends of the Fund.
</TABLE>
<PAGE>
<TABLE>
NUVEEN CALIFORNIA SELECT QUALITY MUNICIPAL FUND, INC.
NVC
Nuveen funds set dividends with stability in mind, seeking a level that is
expected to be sustainable over time. The Fund recently adjusted the monthly
tax-free dividend following more than 12 months of relatively steady
dividends.
<CAPTION>
12 MONTH DIVIDEND HISTORY
Date Monthly Dividends Supplemental Dividends Capital Gains
<S> <C> <C> <C>
3/94 $0.0825
4/94 $0.0825
5/94 $0.0825 $0.0100
6/94 $0.0825
7/94 $0.0825
8/94 $0.0835 $0.0150
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
<CAPTION>
FUND HIGHLIGHTS 2/28/95
<S> <C>
Yield 6.97%
Taxable-equivalent yield 12.12%
Annual total return on NAV 0.19%
Taxable-equivalent total return 5.08%
Share price $14.125
NAV $14.83
The dividend history used in this chart constitutes past performance and does
not necessarily predict the future dividends of the Fund.
</TABLE>
<PAGE>
<TABLE>
NUVEEN CALIFORNIA QUALITY INCOME MUNICIPAL FUND, INC.
NUC
Shareholders enjoyed 7 months of steady dividends following an increase in
August. Shareholders also received supplemental dividends totaling 1.75 cents
per common share.
<CAPTION>
12 MONTH DIVIDEND HISTORY
Date Monthly Dividends Supplemental Dividends Capital Gains
<S> <C> <C> <C>
3/94 $0.0785
4/94 $0.0785
5/94 $0.0785 $0.0075
6/94 $0.0785
7/94 $0.0785
8/94 $0.0800 $0.0100
9/94 $0.0800
10/94 $0.0800
11/94 $0.0800
12/94 $0.0800
1/95 $0.0800
2/95 $0.0800
<CAPTION>
FUND HIGHLIGHTS 2/28/95
<S> <C>
Yield 6.86%
Taxable-equivalent yield 11.93%
Annual total return on NAV 0.65%
Taxable-equivalent total return 5.39%
Share price $14.00
NAV $14.66
The dividend history used in this chart constitutes past performance and does
not necessarily predict the future dividends of the Fund.
</TABLE>
Amendment to Dividend Reinvestment Plan
Effective August 1, 1995, your Fund's Dividend Reinvestment Plan will be
amended in order to enhance the ability of the Plan Agent to obtain the best
execution when making open-market purchases of Fund shares in connection with
the Plan. As of the effective date, the Plan Agent, United States Trust
Company of New York, may make Plan purchases in advance of the payment date of
the applicable Fund distribution, provided that settlement for such purchases
shall occur no earlier than the payment date for such distribution.
<PAGE>
Getting to know your fund
Yield
An exchange-traded fund's annualized monthly dividend on a given date (in the
case of this report, February 28, 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, this combined tax rate
is assumed to be 42.5% for California shareholders, based on incomes of
$117,950-$214,928 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 its total number of common
shares outstanding.
Total return on NAV
The percentage change in a fund's NAV per common share for a given period,
assuming reinvestment of all dividends and capital gains distributions, if
any.
<PAGE>
Taxable equivalent total return
The total return an investor subject to a given state and federal income tax
rate would need to obtain from a fully taxable investment to equal the Fund's
stated total return on NAV.
Leverage
A fund structure that enhances the income produced for common shareholders by
a long-term municipal bond fund through the issuance of short-term preferred
shares. Preferred shareholders receive short-term tax-free income, while the
proceeds can be used to purchase additional long-term bonds, thus increasing
the portfolio's income for common shareholders.
Each Fund intends to repurchase shares of its own common or preferred stock in
the future at such times and in such amounts as are deemed advisable. No
shares were repurchased during the 6 months ended February 28, 1995. Any
future repurchases will be reported to shareholders in the next annual or
semiannual report.
<PAGE>
<TABLE>
PORTFOLIO OF INVESTMENTS
(Unaudited)
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 $ 5,476,065
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 930,655
1,500,000 California Health Facilities Authority (Sutter
Health System), 8.000%, 1/01/16 (Pre-refunded
to 1/01/97) 1/97 at 102 A1 1,613,745
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 1,674,286
1,500,000 8.400%, 12/01/08 12/98 at 102 N/R 1,651,845
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 1,676,160
8,500,000 California Housing Finance Agency, Home
Mortgage, 8.200%, 8/01/17 8/97 at 102 AA- 8,979,910
California Housing Finance Agency, Home
Mortgage Alternative Minimum Tax:
2,180,000 8.600%, 8/01/19 8/98 at 102 AA- 2,346,421
400,000 8.150%, 8/01/19 8/98 at 102 AA- 423,208
2,090,000 California Housing Finance Agency, Alternative
Minimum Tax, 8.200%, 2/01/20 8/98 at 102 Aaa 2,238,244
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 1,648,470
1,140,000 California Public Capital Improvement Authority,
Pooled Projects, 8.125%, 3/01/95 No Opt. Call Baa 1,140,000
5,000,000 California Statewide Communities Development
Corporation (Pacific Homes), Certificates of
Participation, 6.000%, 4/01/17 4/03 at 102 A 4,742,200
2,250,000 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 2,382,548
5,000,000 Arcadia Hospital Revenue (Methodist Hospital of
Southern California), 7.875%, 8/01/10 8/97 at 102 A 5,352,300
7,085,000 Brea Public Financing Authority, 8.100%, 10/01/14 10/95 at 102 1/2 N/R 7,265,738
2,750,000 Campbell Union School District, General Obligation,
6.250%, 8/01/19 8/04 at 102 Aaa 2,776,648
5,000,000 Castaic Lake Water Agency, Certificates of
Participation, 6.300%, 8/01/20 8/04 at 102 Aaa 5,068,750
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
Colma Improvement Bonds, Local Improvement
District No. 1, Reassessment Project:
$ 870,000 8.125%, 9/02/03 No Opt. Call N/R $ 898,014
1,140,000 8.125%, 9/02/04 No Opt. Call N/R 1,175,956
1,240,000 8.125%, 9/02/05 No Opt. Call N/R 1,279,556
1,500,000 Cucamonga School District, Certificates of
Participation, 8.350%, 1/01/08 1/96 at 102 Baa 1,546,095
Duarte Redevelopment Agency, Huntington
Drive Phase II, Tax Allocation:
1,170,000 7.900%, 10/01/02 10/97 at 102 N/R 1,269,345
3,745,000 8.000%, 10/01/10 10/97 at 102 N/R 3,958,465
1,470,000 El Paso de Robles Redevelopment Agency, Tax
Allocation, 7.250%, 7/01/21 7/00 at 102 BBB 1,509,881
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- 2,160,220
980,000 Inglewood Public Finance Authority,
7.000%, 5/01/22 5/02 at 102 BBB 980,519
3,000,000 Los Angeles Community Redevelopment Agency,
Tax Allocation (Central Business District),
6.750%, 7/01/10 7/96 at 102 A- 3,079,770
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 10,982,306
5,500,000 Los Angeles Department of Water and Power,
Electric Plant, 8.000%, 2/15/26 2/96 at 103 AA 5,826,150
365,000 Los Angeles Single Family Home Mortgage
(GNMA and FNMA), Alternative Minimum
Tax, 6.875%, 6/01/25 12/01 at 102 AAA 376,191
7,965,000 Los Angeles Wastewater System, 8.125%, 11/01/17
(Pre-refunded to 11/01/97) 11/97 at 102 AAA 8,776,713
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 3,768,361
2,635,000 Menlo Park Community Development Agency,
FHA Insured, Multi-Family Housing,
8.250%, 12/01/28 6/97 at 103 Aa 2,815,577
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 9,423,015
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 5,266,100
8,565,000 Palmdale Single Family (GNMA), 0.000%, 3/01/17 No Opt. Call Aaa 1,882,587
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 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 $ 4,886,246
5,000,000 Sacramento Sanitation District Finance Authority,
4.750%, 12/01/23 12/03 at 102 AA 3,942,900
10,000,000 San Bernardino County, Single Family Mortgage
(GNMA), Alternative Minimum Tax,
0.000%, 9/01/21 No Opt. Call Aaa 1,612,700
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 1,117,070
1,000,000 8.625%, 12/01/09 (Pre-refunded to 12/01/97) 12/97 at 102 AAA 1,115,420
4,000,000 San Francisco Public Utility Commission, Water
System, 8.000%, 11/01/11 11/97 at 102 AA 4,366,640
3,000,000 San Francisco City and County Redevelopment
Agency, GNMA (South Beach Marina),
5.700%, 3/01/29 3/04 at 102 Aaa 2,729,520
5,000,000 San Jose Redevelopment Agency, Tax Allocation,
5.000%, 8/01/20 2/04 at 102 Aaa 4,276,600
5,500,000 Santa Rosa (Kaiser Permanente), 9.000%, 12/01/15 12/95 at 102 Aa2 5,767,740
1,955,000 Southern California Home Financing Authority,
Single Family Mortgage (GNMA), Alternative
Minimum Tax, 8.125%, 2/01/21 No Opt. Call AAA 2,298,024
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 5,368,056
3,000,000 Southern California Public Power Authority,
5.000%, 7/01/22 7/03 at 100 Aaa 2,552,850
2,000,000 Turlock Irrigation District, 7.750%, 1/01/18
(Pre-refunded to 1/01/96) 1/96 at 102 A 2,098,280
2,000,000 University of California (UCLA Central
Chiller/Cogeneration), 5.500%, 11/01/17 11/03 at 102 Aa 1,794,740
2,675,000 University of California, 6.875%, 9/01/16
(Pre-refunded to 9/01/02) 9/02 at 102 A- 2,990,516
2,000,000 University of California, Housing System,
5.500%, 11/01/18 11/03 at 102 Aaa 1,852,860
8,270,000 Upland Hospital (San Antonio Community
Hospital), 7.125%, 1/01/11 1/96 at 102 A 8,505,777
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 3,868,763
$192,140,000 Total Investments - (cost $171,153,106) - 96.8% 185,506,716
============
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
TEMPORARY INVESTMENTS IN SHORT-TERM
MUNICIPAL SECURITIES - 2.3%
$ 2,000,000 California Statewide Communities Development
Authority (St. Joseph Health System), Certificates
of Participation, Variable Rate Demand Bonds,
3.700%, 7/01/24t VMIG-1 $ 2,000,000
2,100,000 Santa Ana Health Facilities Authority (Town & Country),
Variable Rate Demand Bonds, 3.600%, 10/01/20t A-1 2,100,000
400,000 Santa Clara County Transit District, Refunding
Equipment, Trust Certificates, Variable Rate
Demand Bonds, 3.850%, 6/01/15t VMIG-1 400,000
$ 4,500,000 Total Temporary Investments - 2.3% 4,500,000
============
Other Assets Less Liabilities - 0.9% 1,651,913
Net Assets - 100% $191,658,629
============
<CAPTION>
NUMBER MARKET MARKET
STANDARD & POOR'S MOODY'S OF ISSUES VALUE PERCENT
<S> <C> <C> <C> <C> <C>
SUMMARY OF AAA Aaa 20 $ 78,181,846 42%
RATINGS** AA+, AA, AA- Aa1, Aa, Aa2, Aa3 12 45,798,059 25
PORTFOLIO OF A+ A1 1 1,613,745 1
INVESTMENTS A, A- A, A2, A3 8 30,577,533 16
(EXCLUDING BBB+, BBB, BBB- Baa1, Baa, Baa2, Baa3 4 5,176,495 3
TEMPORARY Non-rated Non-rated 10 24,159,038 13
INVESTMENTS):
TOTAL 55 $185,506,716 100%
<FN>
* Optional Call Provisions: Dates (month and year) and prices of the earliest
optional call or redemption. There may be other call provisions at varying
prices at later dates.
** Ratings: Using the higher of Standard & Poor's or Moody's rating.
N/R - Investment is not rated.
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
(Unaudited)
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 $ 2,868,415
1,885,000 California General Obligation, 7.000%, 8/01/08 No Opt. Call A1 2,086,412
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 2,329,101
1,000,000 California Health Facilities Financing Authority
(Health Dimensions, Inc.), 7.375%, 5/01/07 5/00 at 102 Baa1 1,033,220
1,225,000 California Housing Finance Agency, Alternative
Minimum Tax, 8.350%, 8/01/19 8/98 at 102 AA- 1,305,397
1,575,000 California Pollution Control (Pacific Gas and Electric
Company), 7.500%, 5/01/16 6/96 at 102 A2 1,632,251
685,000 California Rural Mortgage Finance Authority, Single
Family Mortgage, Alternative Minimum Tax,
7.950%, 12/01/24 No Opt. Call Aaa 824,288
1,000,000 Arcadia (Methodist Hospital of Southern California),
6.500%, 11/15/12 11/02 at 102 A 1,005,590
2,000,000 Barstow Wastewater Reclamation, Certificates of
Participation, 5.250%, 10/01/18 10/04 at 102 Aaa 1,795,600
2,000,000 Cerritos Public Finance Authority (Los Cerritos
Redevelopment Project), 6.000%, 11/01/13 11/03 at 102 A 1,915,420
2,065,000 Contra Costa County, Home Mortgage (GNMA),
Alternative Minimum Tax, 8.250%, 6/01/21 No Opt. Call Aaa 2,632,524
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- 1,728,176
975,000 Inglewood Public Finance Authority (In-Town,
Manchester Redevelopment Projects),
7.000%, 5/01/22 5/02 at 102 A- 979,436
2,490,000 Lassen Municipal Utility District, Certificates of
Participation, Alternative Minimum Tax,
8.250%, 5/01/98 5/96 at 102 1/2 N/R 2,618,534
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 2,232,400
2,000,000 Los Angeles Community Redevelopment Agency,
Tax Allocation (Central Business District),
6.750%, 7/01/10 7/96 at 102 A- 2,053,180
Los Angeles Department of Water and Power,
Electric Plant:
2,280,000 8.000%, 2/15/26 2/96 at 103 AA 2,415,204
1,100,000 7.125%, 5/15/30 (Pre-refunded to 5/15/00) 5/00 at 102 AA 1,205,974
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 2,726,100
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 2,425,000 Pasadena Health Facilities (Pacific Clinics),
8.200%, 6/01/18 6/95 at 102 A $ 2,493,603
2,320,000 Pittsburg Redevelopment Agency, Los Medanos
Community Development Project,
7.750%, 8/01/08 (Pre-refunded to 8/01/96) 8/96 at 102 AAA 2,463,701
2,500,000 Redding Joint Powers Financing Authority, Water
System, 5.500%, 6/15/23 6/03 at 102 Aaa 2,289,350
1,265,000 San Benito Hospital District, 6.750%, 12/01/21 12/01 at 102 A 1,261,711
10,415,000 San Bernardino County, Single Family Mortgage
(GNMA), Alternative Minimum Tax,
0.000%, 9/01/21 No Opt. Call Aaa 1,679,627
2,500,000 San Diego Industrial Development (San Diego Gas
and Electric Company), 7.625%, 7/01/21 7/96 at 102 Aa3 2,585,050
2,000,000 San Diego Redevelopment Agency (Horton Plaza
Project), Tax Allocation, 8.125%, 7/01/08 7/98 at 102 Baa1 2,096,140
2,000,000 San Francisco Public Utility Commission, Water
System, 8.000%, 11/01/11 11/97 at 102 AA 2,183,320
2,500,000 Santa Rosa (Kaiser Permanente), 9.000%, 12/01/15 12/95 at 102 Aa2 2,621,700
680,000 Southern California Home Financing Authority,
Single Family Mortgage (GNMA), Alternative
Minimum Tax, 8.125%, 2/01/21 No Opt. Call AAA 799,313
1,000,000 Southern California Public Power Authority,
4.750%, 7/01/16 7/04 at 102 Aaa 838,940
2,375,000 University of California, 6.875%, 9/01/16
(Pre-refunded to 9/01/02) 9/02 at 102 A- 2,655,132
$65,225,000 Total Investments - (cost $56,542,803) - 97.0% 59,354,809
===========
TEMPORARY INVESTMENTS IN SHORT-TERM
MUNICIPAL SECURITIES - 1.1%
$ 300,000 California Health Facilities Financing Authority
(Sutter Health), Series 1990B, Variable Rate
Demand Bonds, 3.600%, 3/01/20t VMIG-1 300,000
200,000 California Pollution Control Finance Authority,
Pollution Control (Exxon Project), Variable Rate
Demand Bonds, 3.800%, 12/01/12t A-1+ 200,000
200,000 Santa Clara County Transit District, Refunding
Equipment Trust Certificates, Variable Rate
Demand Bonds, 3.850%, 6/01/15t VMIG-1 200,000
$ 700,000 Total Temporary Investments - 1.1% 700,000
===========
Other Assets Less Liabilities - 1.9% 1,145,650
Net Assets - 100% $61,200,459
===========
<PAGE>
<CAPTION>
NUMBER MARKET MARKET
STANDARD & POOR'S MOODY'S OF ISSUES VALUE PERCENT
<S> <C> <C> <C> <C> <C>
SUMMARY OF AAA Aaa 9 $16,049,443 27%
RATINGS** AA+, AA, AA- Aa1, Aa, Aa2, Aa3 7 15,185,060 26
PORTFOLIO OF A+ A1 1 2,086,412 4
INVESTMENTS A, A- A, A2, A3 9 15,724,499 26
(EXCLUDING BBB+, BBB, BBB- Baa1, Baa, Baa2, Baa3 2 3,129,360 5
TEMPORARY Non-rated Non-rated 3 7,180,035 12
INVESTMENTS):
TOTAL 31 $59,354,809 100%
<FN>
* Optional Call Provisions: Dates (month and year) and prices of the earliest
optional call or redemption. There may be other call provisions at varying
prices at later dates.
** Ratings: Using the higher of Standard & Poor's or Moody's rating.
N/R - Investment is not rated.
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>
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 $ 8,240,174
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 2,269,400
7,335,000 California General Obligation, 5.750%, 3/01/14 (WI) 3/05 at 101 A1 7,000,817
5,500,000 California Health Facilities Financing Authority
(Pomona Valley Hospital Medical Center),
9.750%, 1/01/19 1/00 at 102 A- 6,552,645
2,000,000 California Health Facilities Financing Authority
(Kaiser Permanente), 7.000%, 10/01/08 10/99 at 102 Aa2 2,057,060
6,500,000 California Health Facilities Financing Authority
(Children's Hospital-San Diego), 7.000%, 7/01/13 7/00 at 102 Aaa 6,948,955
2,780,000 California Health Facilities Financing Authority
(Valley Memorial Hospital), 6.000%, 5/01/17 5/03 at 102 A 2,556,571
California Health Facilities Financing Authority
(Health Dimensions, Inc.):
4,175,000 7.250%, 5/01/03 5/00 at 102 Baa1 4,297,745
5,000,000 7.500%, 5/01/15 5/00 at 102 Baa1 5,144,050
4,800,000 California Health Facilities Financing Authority
(Sisters of Providence), 7.500%, 10/01/10 10/00 at 102 AA- 5,114,304
6,795,000 California Housing Finance Agency, Home Mortgage,
Alternative Minimum Tax, 7.700%, 8/01/30 2/00 at 102 Aa 7,185,305
4,000,000 California Housing Finance Agency, Alternative
Minimum Tax, 7.125%, 2/01/26 2/05 at 102 AA- 4,141,120
1,500,000 California Statewide Communities Development
Authority (Triad Healthcare), Certificates of
Participation, 6.250%, 8/01/06 No Opt. Call A 1,497,480
6,080,000 Anaheim Memorial Hospital, Certificates of
Participation, 7.125%, 5/15/13 5/00 at 102 Aaa 6,750,989
7,520,000 Antelope Valley Hospital District, Certificates of
Participation, 7.350%, 1/01/20 1/98 at 102 A 7,708,902
4,720,000 Central California Joint Powers Health Finance
Authority, Certificates of Participation,
5.000%, 2/01/23 2/03 at 100 A 3,668,242
12,600,000 Chula Vista (San Diego Gas and Electric Company),
Alternative Minimum Tax, 6.400%, 12/01/27 12/02 at 102 A1 12,051,144
1,850,000 Coalinga Certificates of Participation, 7.000%, 4/01/10 4/00 at 102 BBB+ 1,916,582
4,000,000 Contra Costa Water District, 6.750%, 10/01/20
(Pre-refunded to 10/01/00) 10/00 at 102 AA- 4,394,120
4,000,000 Contra Costa County, Home Mortgage (GNMA),
Alternative Minimum Tax, 8.250%, 6/01/21 No Opt. Call Aaa 5,099,320
2,000,000 Cudahy Redevelopment Agency, Tax Allocation,
6.700%, 9/01/24 9/03 at 102 BBB 1,885,260
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 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 $ 3,473,970
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 11,286,700
3,000,000 Folsom Public Financing Authority, Local Agency,
7.250%, 10/01/10 10/00 at 102 BBB+ 3,129,240
3,000,000 Fontana Public Financing Authority, Tax Allocation
(North Fontana Redevelopment Project),
7.250%, 9/01/20 9/00 at 102 A 3,101,430
Fresno Unified School District, Certificates of
Participation:
1,700,000 6.600%, 5/01/08 5/00 at 102 A 1,718,139
1,765,000 6.700%, 5/01/09 5/00 at 102 A 1,783,762
2,500,000 Fruitvale School District, Certificates of Participation,
7.875%, 6/01/04 6/00 at 102 Baa 2,731,900
2,000,000 LaQuinta Redevelopment Agency, Tax Allocation,
8.400%, 9/01/12 9/00 at 102 Aaa 2,352,240
1,700,000 Lancaster Housing Authority (Brierwood Mobile
Home Park Project), 7.200%, 4/01/24 4/99 at 102 BBB+ 1,720,655
6,385,000 Long Beach Harbor, Alternative Minimum Tax,
5.000%, 5/15/09 5/04 at 101 AA- 5,836,592
6,750,000 Los Angeles Airport, 7.400%, 5/01/10 5/97 at 102 AA- 7,103,093
Los Angeles Department of Water and Power,
Electric Plant:
2,500,000 7.900%, 5/01/28 5/98 at 102 AA 2,743,200
5,000,000 5.000%, 10/15/33 10/03 at 102 AA 4,067,900
Los Angeles Department of Water and Power,
Waterworks System:
3,000,000 4.500%, 5/15/13 5/03 at 102 AA 2,398,710
4,270,000 4.500%, 5/15/18 5/03 at 102 AA 3,325,690
Los Angeles Wastewater System:
5,600,000 7.625%, 8/01/14 (Pre-refunded to 8/01/98) 8/98 at 102 Aaa 6,189,064
5,000,000 7.100%, 6/01/18 6/99 at 102 A1 5,253,550
2,420,000 Los Angeles County Community Development
Commission, Los Tomas Apartments, FHA-Insured,
6.500%, 7/15/23 5/03 at 100 Aaa 2,434,931
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 7,633,080
2,000,000 Mendocino County, Certificates of Participation,
6.000%, 8/15/23 8/03 at 102 A 1,873,440
3,070,000 Metropolitan Water District of Southern California,
6.750%, 6/01/22 6/96 at 102 AA 3,135,023
2,445,000 Nevada County, Certificates of Participation,
7.250%, 6/01/08 6/01 at 102 Baa 2,459,646
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 3,415,000 Oakland Pension Financing, 7.600%, 8/01/21 8/98 at 102 Aaa $ 3,722,828
4,940,000 Pleasanton Joint Powers Financing Authority,
6.000%, 9/02/05 9/03 at 102 Baa 4,954,622
2,000,000 Pomona Public Financing Authority (Southwest
Pomona Redevelopment Project), 5.500%, 2/01/08 2/04 at 102 BBB+ 1,885,120
8,000,000 Port of Oakland, 8.000%, 11/01/00 No Opt. Call Aaa 9,045,760
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 2,520,264
2,215,000 7.125%, 9/01/19 9/99 at 102 Aaa 2,373,306
3,425,000 San Bernardino County Waterworks District No. 8,
Certificates of Participation, 6.700%, 6/01/18
(Mandatory put 6/01/96) 6/95 at 103 Aa3 3,436,782
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 2,233,400
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 3,908,450
2,700,000 San Diego County Water Authority, 7.300%, 5/01/09
(Pre-refunded to 5/01/97) 5/97 at 102 Aaa 2,892,672
2,650,000 San Diego County Water Authority, Certificates of
Participation, 6.375%, 5/01/06 5/01 at 102 AA- 2,730,428
3,500,000 San Francisco Sewer, 7.250%, 10/01/15
(Pre-refunded to 10/01/97) 10/97 at 101 1/2 Aaa 3,762,605
7,000,000 Santa Ana Community Redevelopment,
7.500%, 9/01/16 9/99 at 102 BBB+ 6,926,150
3,190,000 Santa Maria Hospital (Marian Medical Center),
Certificates of Participation, 7.100%, 9/01/13 9/97 at 102 A 3,256,256
2,500,000 Sierra View Local Hospital District, 6.400%, 3/01/22 3/02 at 102 A 2,365,300
3,470,000 Southern California Home Financing Authority,
Single Family Mortgage, Alternative Minimum
Tax, 7.625%, 10/01/23 10/00 at 102 AAA 3,695,411
Southern California Public Power Authority:
3,000,000 6.750%, 7/01/11 No Opt. Call A 3,170,820
7,000,000 7.375%, 7/01/21 7/96 at 102 1/2 AA 7,387,520
4,500,000 Suisun Redevelopment Agency, Tax Allocation,
7.250%, 10/01/20 (Pre-refunded to 4/01/00) 4/00 at 102 N/R 5,015,565
4,000,000 Tracy Community Memorial Hospital, 8.625%, 1/01/18 1/97 at 102 A 4,346,880
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+ 4,379,099
1,830,000 Upland Hospital (San Antonio Community Hospital),
7.125%, 1/01/11 1/96 at 102 A 1,882,173
$268,255,000 Total Investments - (cost $264,122,388) - 100.2% 278,123,551
============
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
TEMPORARY INVESTMENTS IN SHORT-TERM
MUNICIPAL SECURITIES - 1.5%
$ 500,000 California Pollution Control Finance Authority (Shell
Oil Company), Variable Rate Demand Bonds,
3.700%, 10/01/11t VMIG-1 $ 500,000
500,000 California Pollution Control Finance Authority, Pollution
Control Revenue Refunding Bonds (Exxon Project),
Variable Rate Demand Bonds, 3.800%, 12/01/12t A-1+ 500,000
2,000,000 California Statewide Community Development
Authority, Certificates of Participation, Series 1993,
Variable Rate Demand Bonds, 3.600%, 12/01/18t A-1+ 2,000,000
1,200,000 Santa Clara County Transit District, Refunding
Equipment Trust Certificates, Variable Rate
Demand Bonds, 3.850%, 6/01/15t VMIG-1 1,200,000
$ 4,200,000 Total Temporary Investments - 1.5% 4,200,000
============
Other Assets Less Liabilities - (1.7%) (4,804,035)
Net Assets - 100% $277,519,516
============
<CAPTION>
NUMBER MARKET MARKET
STANDARD & POOR'S MOODY'S OF ISSUES VALUE PERCENT
<S> <C> <C> <C> <C> <C>
SUMMARY OF AAA Aaa 19 $ 88,593,345 32%
RATINGS** AA+, AA, AA- Aa1, Aa, Aa2, Aa3 16 73,297,021 27
PORTFOLIO OF A+ A1 4 28,684,610 10
INVESTMENTS A, A- A, A2, A3 14 45,482,040 16
(EXCLUDING BBB+, BBB, BBB- Baa1, Baa, Baa2, Baa3 11 37,050,970 13
TEMPORARY Non-rated Non-rated 1 5,015,565 2
INVESTMENTS):
TOTAL 65 $278,123,551 100%
<FN>
* Optional Call Provisions: Dates (month and year) and prices of the earliest
optional call or redemption. There may be other call provisions at varying
prices at later dates.
** Ratings: Using the higher of Standard & Poor's or Moody's rating.
N/R - Investment is not rated.
(WI) Security purchased on a when-issued basis (note 1).
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>
NUVEEN CALIFORNIA MUNICIPAL MARKET OPPORTUNITY FUND, INC. (NCO)
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 6,000,000 California General Obligation, 5.750%, 3/01/14 (WI) 3/05 at 101 A1 $ 5,726,640
6,250,000 California Health Facilities Authority (Kaiser
Permanente), 7.000%, 10/01/18 10/99 at 102 Aa2 6,428,313
2,000,000 California Health Facilities Financing Authority
(Valley Memorial Hospital), 6.000%, 5/01/17 5/03 at 102 A 1,839,260
1,900,000 California Health Facilities Authority, Children's
Hospital of San Francisco, 7.500%, 10/01/20 10/00 at 102 Aaa 2,090,361
5,000,000 California Health Facilities Financing Authority
(Health Dimensions, Inc.), 7.500%, 5/01/15 5/00 at 102 Baa1 5,144,050
3,075,000 California Housing Finance Agency, Home Mortgage,
Alternative Minimum Tax, 8.300%, 8/01/19 8/98 at 102 Aa 3,281,886
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 3,283,860
1,500,000 California Public Works Board (California State
University), 5.500%, 12/01/18 12/03 at 102 A 1,326,135
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 7,112,690
1,500,000 California Statewide Communities Development
Authority (Triad Healthcare), Certificates of
Participation, 6.250%, 8/01/06 No Opt. Call A 1,497,480
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 5,570,550
6,800,000 Central California Joint Powers Health Finance Authority,
Certificates of Participation, 5.000%, 2/01/23 2/03 at 100 A 5,284,756
8,000,000 Chula Vista (San Diego Gas and Electric Company),
Alternative Minimum Tax, 6.400%, 12/01/27 12/02 at 102 A1 7,651,520
3,300,000 Contra Costa Water District, 6.875%, 10/01/20
(Pre-refunded to 10/01/00) 10/00 at 102 N/R 3,645,048
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 5,789,950
5,000,000 Fontana Public Financing Authority, Tax Allocation
(North Fontana Redevelopment Project),
7.250%, 9/01/20 9/00 at 102 A 5,169,050
2,830,000 Inglewood Redevelopment Agency, Tax Allocation,
5.900%, 7/01/03 No Opt. Call BBB 2,887,591
1,500,000 Lancaster Housing Authority (Brierwood Mobile
Home Park Project), 7.200%, 4/01/24 4/99 at 102 BBB+ 1,518,225
Loma Linda (Loma Linda University Medical Center):
5,970,000 5.750%, 12/01/03 No Opt. Call BBB 5,549,473
3,000,000 6.500%, 12/01/18 12/03 at 102 BBB 2,762,220
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 5,544,100
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 5,000,000 Los Angeles Department of Water and Power,
7.200%, 2/15/19 2/99 at 102 AA $ 5,426,100
4,000,000 Los Angeles Department of Harbors, Alternative
Minimum Tax, 6.625%, 8/01/19 8/02 at 102 AA 4,059,840
Los Angeles Wastewater System:
4,000,000 4.700%, 11/01/19 11/03 at 102 Aaa 3,263,760
6,750,000 7.150%, 6/01/20 (Pre-refunded to 6/01/00) 6/00 at 102 A 7,507,215
1,565,000 Los Angeles County Sanitation Districts Financing
Authority, 5.250%, 10/01/19 10/03 at 102 AA 1,380,314
5,750,000 Mt. Diablo Unified School District, Special Tax,
7.050%, 8/01/20 8/00 at 102 Aaa 6,167,220
1,500,000 Nevada County Certificates of Participation,
7.250%, 6/01/08 6/01 at 102 Baa 1,508,985
4,000,000 Orange County Water District, Certificates of
Participation, 7.000%, 8/15/15 8/00 at 102 Aaa 4,433,240
Pomona Public Financing Authority, Lease Purchase:
4,035,000 7.700%, 10/01/07 10/00 at 102 A- 4,467,189
2,000,000 7.875%, 10/01/15 10/00 at 102 A- 2,207,500
1,245,000 Pomona Public Financing Authority (Southwest
Pomona Redevelopment Project), 5.500%, 2/01/08 2/04 at 102 BBB+ 1,173,487
4,000,000 Pomona Single Family Mortgage (GNMA and FNMA),
7.500%, 8/01/23 No Opt. Call Aaa 4,757,520
4,000,000 Port of Oakland, 7.250%, 11/01/16 5/97 at 102 Aaa 4,210,600
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 7,816,900
2,000,000 San Luis Obispo Housing Authority (Parkwood
Apartments), 5.800%, 8/01/18 8/03 at 100 AAA 1,878,260
8,000,000 Santa Ana Community Redevelopment,
7.500%, 9/01/16 9/99 at 102 BBB+ 7,915,600
2,000,000 Santa Monica-Malibu Unified School District,
General Obligation, 5.500%, 8/01/15 8/03 at 102 AA- 1,843,300
2,000,000 Sierra View Local Hospital District, 6.400%, 3/01/22 3/02 at 102 A 1,892,240
2,500,000 Southern California Public Power Authority,
6.750%, 7/01/11 No Opt. Call A 2,642,350
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 3,692,880
5,000,000 University of California Regents, (Seismic Safety
Projects), 7.300%, 9/01/20 9/98 at 102 BBB+ 5,480,450
4,620,000 Vista Joint Powers Financing Authority, 6.100%, 9/01/20 9/00 at 101 BBB+ 4,288,561
$172,540,000 Total Investments - (cost $167,239,634) - 101.6% 177,116,669
============
Other Assets Less Liabilities - (1.6%) (2,776,386)
Net Assets - 100% $174,340,283
============
PAGE
<PAGE>
<CAPTION>
NUMBER MARKET MARKET
STANDARD & POOR'S MOODY'S OF ISSUES VALUE PERCENT
<S> <C> <C> <C> <C> <C>
SUMMARY OF AAA Aaa 13 $ 62,328,031 35%
RATINGS** AA+, AA, AA- Aa1, Aa, Aa2, Aa3 6 22,419,753 13
PORTFOLIO OF A+ A1 2 13,378,160 7
INVESTMENTS: A, A- A, A2, A3 11 37,117,035 21
BBB+, BBB, BBB- Baa1, Baa, Baa2, Baa3 10 38,228,642 22
Non-rated Non-rated 1 3,645,048 2
TOTAL 43 $177,116,669 100%
<FN>
* Optional Call Provisions: Dates (month and year) and prices of the earliest
optional call or redemption. There may be other call provisions at varying
prices at later dates.
** Ratings: Using the higher of Standard & Poor's or Moody's rating.
N/R - Investment is not rated.
(WI) Security purchased on a when-issued basis (note 1).
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
PORTFOLIO OF INVESTMENTS
(Unaudited)
<CAPTION>
NUVEEN CALIFORNIA INVESTMENT QUALITY MUNICIPAL FUND, INC. (NQC)
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 $ 3,216,690
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 9,387,947
13,335,000 California General Obligation, 5.750%, 3/01/13 (WI) 3/05 at 101 A1 12,793,866
California Health Facilities Financing Authority
(Health Dimensions, Inc.):
2,300,000 7.500%, 5/01/15 5/00 at 102 Baa1 2,366,263
4,395,000 7.000%, 5/01/20 5/00 at 102 Baa1 4,348,237
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 8,977,139
8,000,000 California Health Facilities Financing Authority
(St. Joseph Health), 7.000%, 7/01/10
(Pre-refunded to 7/01/01) 7/01 at 102 AA 8,939,520
9,500,000 California Health Facilities Financing Authority
(Kaiser Permanente Medical Care Program),
7.000%, 12/01/10 12/00 at 102 Aa2 9,884,180
California Housing Finance Agency, Home Mortgage,
Alternative Minimum Tax:
1,965,000 8.350%, 8/01/19 8/98 at 102 Aa 4,375,848
4,100,000 8.300%, 8/01/19 8/98 at 102 AA- 2,093,963
1,370,000 8.000%, 8/01/29 8/99 at 102 Aa 1,449,487
500,000 California Housing Finance Agency, Multi-Unit Rental
Housing, Alternative Minimum Tax, 6.875%, 8/01/24 8/02 at 102 A1 504,615
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 4,780,563
8,300,000 California Pollution Control Finance Authority (Laidlaw,
Inc.), Alternative Minimum Tax, 6.500%, 5/01/02 5/97 at 102 Aa3 8,422,840
5,500,000 California Pollution Control Finance Authority, Resource
Recovery (Waste Management), Alternative Minimum
Tax, 7.150%, 2/01/11 2/01 at 102 AA- 5,769,170
3,500,000 California Public Works Board, Department of
Corrections (California State Prison-Monterey
County), 6.875%, 11/01/14 11/04 at 102 A- 3,638,425
1,500,000 California Statewide Communities Development
Authority (Triad Healthcare), Certificates of
Participation, 6.250%, 8/01/06 No Opt. Call A 1,497,480
7,000,000 Adelanto Certificates of Participation, 7.100%, 4/01/10 4/00 at 102 BBB 7,135,660
Bell Community Redevelopment Agency, Tax Allocation:
3,000,000 6.700%, 9/01/98 9/95 at 100 1/2 A- 3,036,720
2,195,000 6.300%, 11/01/13 11/03 at 102 Aaa 2,235,717
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 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 $ 6,496,040
7,260,000 Central California Joint Powers, Health Finance Authority,
Certificates of Participation, 5.500%, 2/01/15 2/03 at 102 A 6,323,387
7,945,000 Chula Vista (San Diego Gas and Electric Company),
Alternative Minimum Tax, 6.400%, 12/01/27 12/02 at 102 A1 7,598,916
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 6,166,710
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 5,190,075
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 10,084,862
Fresno Unified School District, Certificates of
Participation:
1,050,000 6.600%, 5/01/07 5/00 at 102 Con(A) 1,066,622
2,750,000 7.200%, 5/01/11 5/01 at 102 A 2,859,615
2,350,000 Lancaster Housing Authority (Brierwood Mobile
Home Park Project), 7.100%, 4/01/14 4/99 at 102 BBB+ 2,404,403
5,000,000 Loma Linda University Medical Center,
6.500%, 12/01/18 12/03 at 102 BBB 4,603,700
4,000,000 Los Angeles Community College District, Certificates
of Participation, 7.000%, 8/15/10 (Pre-refunded
to 8/15/00) 8/00 at 102 Aaa 4,435,280
5,000,000 Los Angeles Community Redevelopment Agency,
Tax Allocation (Central Business District),
6.750%, 7/01/10 7/96 at 102 A- 5,132,950
2,425,000 Los Angeles Community Redevelopment Agency,
Multi-Family Housing, Alternative Minimum Tax,
5.850%, 12/01/26 6/03 at 102 A 2,157,886
1,000,000 Los Angeles Community Redevelopment Agency,
Alternative Minimum Tax, 5.900%, 12/01/13 6/05 at 100 A 945,720
7,990,000 Los Angeles Department of Water and Power, Electric
Plant, 7.100%, 1/15/31 1/01 at 102 AA 8,793,315
6,000,000 Los Angeles Wastewater System, 7.100%, 2/01/21
(Pre-refunded to 2/01/99) 2/99 at 102 Aaa 6,558,300
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 5,452,200
5,500,000 6.750%, 7/01/20 (Pre-refunded to 7/01/01) 7/01 at 102 Aaa 6,075,355
M-S-R Public Power Agency (San Juan Project):
2,500,000 6.875%, 7/01/19 1/97 at 102 A 2,558,325
1,000,000 6.750%, 7/01/21 1/97 at 100 A 893,000
1,815,000 Metropolitan Water District of Southern California,
6.750%, 6/01/22 6/96 at 102 AA 1,853,442
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
Monterey Regional Wastewater Finance Authority:
$ 1,200,000 0.000%, 6/01/06 6/04 at 94 19/32 Aaa $ 621,516
1,200,000 0.000%, 6/01/07 6/04 at 89 1/2 Aaa 579,984
1,200,000 0.000%, 6/01/08 6/04 at 84 1/2 Aaa 540,288
1,000,000 0.000%, 6/01/09 6/04 at 79 11/16 Aaa 418,700
8,000,000 Mt. Diablo Hospital District, 8.000%, 12/01/11
(Pre-refunded to 12/01/00) 12/00 at 102 Aaa 9,298,720
3,475,000 Northern California Power Agency,
7.150%, 7/01/24 7/98 at 102 A- 3,567,609
5,500,000 Orange County Water District, Certificates of
Participation, 5.000%, 8/15/18 8/03 at 100 AA 4,530,680
8,000,000 Pittsburg Redevelopment Agency (Los Medanos
Community Project), Tax Allocation,
7.150%, 8/01/21 8/01 at 103 Aaa 9,076,320
2,000,000 Pomona Public Financing Authority (Southwest
Pomona Redevelopment Project), 5.500%, 2/01/08 2/04 at 102 BBB+ 1,885,120
6,505,000 Poway Redevelopment Agency, Certificates of
Participation, 7.200%, 1/01/24 1/01 at 102 Aaa 6,874,484
10,000,000 Sacramento Municipal Utility District,
7.875%, 8/15/16 (Pre-refunded to 8/15/98) 8/98 at 102 Aaa 11,133,200
4,000,000 San Bernadino County, County Center/Justice
Center Capital Improvement Project, Certificates
of Participation, 7.600%, 7/01/15 7/96 at 102 Aaa 4,229,840
9,000,000 San Jose Redevelopment Agency, Tax Allocation,
4.750%, 8/01/24 2/04 at 102 Aaa 7,264,350
2,000,000 San Leandro Redevelopment Agency, Tax
Allocation, 6.125%, 6/01/23 6/03 at 102 A- 1,915,740
1,785,000 Southern California Home Financing Authority,
Single Family Mortgage (GNMA and FNMA),
Alternative Minimum Tax, 7.350%, 9/01/24 3/01 at 102 AAA 1,876,267
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 9,246,623
8,000,000 Southern California Public Power Authority,
7.375%, 7/01/21 7/96 at 102 1/2 AA 8,442,880
130,000 Stockton Single Family Mortgage, Alternative
Minimum Tax, 7.500%, 2/01/23 No Opt. Call AAA 152,293
2,000,000 Vacaville Community Center, Theater and Library,
Certificates of Participation, 7.200%, 12/01/13 12/98 at 102 A- 2,195,080
3,500,000 West Contra Costa Hospital District,
6.500%, 11/01/17 11/04 at 102 A+ 3,398,710
3,365,000 West Side Hospital District, 7.500%, 2/01/23 2/01 at 102 A 3,563,871
$284,190,000 Total Investments - (cost $277,721,913) - 102.4% 293,316,708
============
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
TEMPORARY INVESTMENTS IN SHORT-TERM
MUNICIPAL SECURITIES - 1.0%
$ 1,000,000 California Health Facilities Financing Authority
(St. Joseph Health System), Series B, Variable Rate
Demand Bonds, 3.700%, 7/01/13t VMIG-1 $ 1,000,000
900,000 California Health Facilities Financing Authority
(Sutter Health), Series 1990-A, Variable Rate
Demand Bonds, 3.700%, 3/01/20t VMIG-1 900,000
500,000 California Health Facilities Financing Authority
(St. Joseph Health System), Series 1991B,
Variable Rate Demand Bonds, 3.700%, 7/01/09t VMIG-1 500,000
400,000 California Pollution Control Finance Authority
(Shell Oil Company), Variable Rate Demand
Bonds, 3.700%, 10/01/11t VMIG-1 400,000
$ 2,800,000 Total Temporary Investments - 1.0% 2,800,000
============
Other Assets Less Liabilities - (3.4%) (9,663,939)
Net Assets - 100% $286,452,769
============
<CAPTION>
NUMBER MARKET MARKET
STANDARD & POOR'S MOODY'S OF ISSUES VALUE PERCENT
<S> <C> <C> <C> <C> <C>
SUMMARY OF AAA Aaa 21 $107,143,499 36%
RATINGS** AA+, AA, AA- Aa1, Aa, Aa2, Aa3 11 64,555,325 22
PORTFOLIO OF A+ A1 4 24,296,107 8
INVESTMENTS A, A- A, A2, A3 16 46,132,993 16
(EXCLUDING BBB+, BBB, BBB- Baa1, Baa, Baa2, Baa3 7 25,960,073 9
TEMPORARY Non-rated Non-rated 3 25,228,711 9
INVESTMENTS):
TOTAL 62 $293,316,708 100%
<FN>
* Optional Call Provisions: Dates (month and year) and prices of the earliest
optional call or redemption. There may be other call provisions at varying
prices at later dates.
** Ratings: Using the higher of Standard & Poor's or Moody's rating.
Con. Rating is conditional. Bonds for which the security depends upon the
completion of some act or the fulfillment of some condition are rated
conditionally. These are bonds secured by (a) earnings by projects under
construction, (b) earnings of projects unseasoned in operation experience, (c)
rentals which begin when facilities are completed, or (d) payments to which
some other limiting condition attaches. Parenthetical rating denotes probable
credit stature upon completion of construction or elimination of basis of
condition.
N/R - Investment is not rated.
(WI) Security purchased on a when-issued basis (note 1).
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
(Unaudited)
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 $ 8,515,800
7,025,000 5.750%, 3/01/23 3/04 at 102 A1 6,589,591
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- 15,690,650
5,000,000 California Health Facilities Authority (H.E.L.P.
Group), 7.000%, 8/1/21 8/01 at 102 A 5,069,350
California Health Facilities Financing Authority
(Kaiser Permanente):
7,485,000 6.500%, 3/01/11 3/01 at 102 Aa2 7,606,107
12,200,000 6.250%, 3/01/21 3/01 at 102 Aa2 12,030,298
California Housing Finance Agency, Home Mortgage:
5,450,000 7.250%, 8/01/17 2/00 at 102 AA- 5,671,543
1,530,000 8.125%, 8/01/19 8/98 at 102 AA- 1,624,860
3,150,000 California Housing Finance Agency, Home
Mortgage, Alternative Minimum Tax,
7.050%, 8/01/27 8/01 at 102 AA- 3,235,145
California Housing Finance Agency, Alternative
Minimum Tax:
2,370,000 6.200%, 2/01/07 8/04 at 102 AA- 2,394,980
2,605,000 6.300%, 8/01/08 8/04 at 102 AA- 2,645,117
3,455,000 7.200%, 2/01/26 8/01 at 102 Aaa 3,630,307
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 9,922,806
10,350,000 California Pollution Control Finance Authority
(San Diego Gas and Electric Company),
Alternative Minimum Tax, 6.800%, 6/01/15 No Opt. Call Aa3 11,286,365
3,000,000 California Pollution Control Finance Authority
(North County Recycling Center),
6.750%, 7/01/17 7/00 at 100 Aaa 3,057,840
3,310,000 California Public Works Board (California
Community Colleges), 7.250%, 9/01/05 9/01 at 102 A- 3,547,459
10,525,000 California Public Works Board, Department of
Corrections, 5.750%, 9/1/21 9/01 at 100 A- 9,570,172
3,000,000 California Statewide Communities Development
Corporation (Pacific Homes), Certificates of
Participation, 6.000%, 4/01/17 4/03 at 102 A 2,845,320
1,775,000 California Statewide Communities Development
Authority (St. Joseph Health System),
5.500%, 7/01/23 7/03 at 102 AA 1,548,368
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 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 $ 5,675,155
9,725,000 Avalon Community Improvement Agency, Tax
Allocation, 7.250%, 8/1/21 8/01 at 102 A- 10,070,627
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 5,843,043
2,215,000 6.750%, 8/01/22 8/01 at 102 Aaa 2,323,469
3,005,000 Calaveras Unified School District, Certificates of
Participation, 5.375%, 7/01/26 7/03 at 102 Aaa 2,709,609
5,000,000 Cerritos Public Finance Authority (Los Cerritos
Redevelopment Project), 6.050%, 11/01/20 11/03 at 102 A- 4,732,150
2,000,000 Chico Multi-Family Housing, 9.750%, 5/01/14 5/95 at 102 Aa3 2,066,920
285,000 Concord, Santa Cruz, South Gate, Certificates of
Participation, 7.625%, 6/01/11 6/95 at 100 A- 286,639
2,110,000 Contra Costa County Home Mortgage (GNMA),
Alternative Minimum Tax, 7.700%, 11/01/09 No Opt. Call Aaa 2,394,259
6,000,000 East Bay Municipal Utility District, Wastewater
Treatment System, 6.375%, 6/01/21 12/01 at 102 Aaa 6,122,160
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 7,612,150
8,000,000 Elk Grove Unified School District, Community
Facilities District, Special Tax, 6.800%, 12/01/20 12/99 at 102 Aaa 8,305,360
8,180,000 Fresno Unified School District, Certificates of
Participation, 6.850%, 5/01/12 5/99 at 102 A 8,343,436
Inglewood Civic Center, Certificates of Participation:
5,515,000 7.000%, 8/01/11 8/01 at 102 A 5,630,429
5,000,000 7.000%, 8/01/19 8/01 at 102 A 5,078,950
3,000,000 6.500%, 8/01/21 8/01 at 102 A 2,890,050
9,625,000 Lancaster Redevelopment Agency, Tax Allocation,
5.800%, 8/01/23 8/03 at 102 Aaa 9,224,311
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 6,076,325
6,500,000 7.000%, 12/01/15 12/99 at 102 Aaa 7,097,350
2,500,000 5.375%, 12/01/22 12/03 at 102 Aaa 2,234,200
2,965,000 Los Angeles (Ararat Homes of Los Angeles),
Certificates of Participation, 7.250%, 6/01/21 6/01 at 102 A 3,095,341
2,000,000 Los Angeles Convention and Exhibition Center
Authority, 5.375%, 8/15/18 8/03 at 102 Aaa 1,822,580
Los Angeles Department of Water and Power,
Electric Plant:
3,500,000 7.250%, 9/15/30 9/00 at 102 AA 3,872,995
6,375,000 7.100%, 1/15/31 1/01 at 102 AA 7,015,943
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 4,255,000 Los Angeles Unified School District, Certificates of
Participation, 7.000%, 5/01/99 No Opt. Call A- $ 4,566,721
Los Angeles Wastewater System:
5,000,000 5.700%, 6/01/13 6/03 at 102 Aaa 4,812,950
3,000,000 7.100%, 6/01/18 6/99 at 102 A1 3,152,130
3,300,000 7.150%, 6/01/20 (Pre-refunded to 6/01/00) 6/00 at 102 A 3,670,194
6,070,000 7.100%, 2/01/21 (Pre-refunded to 2/01/99) 2/99 at 102 Aaa 6,634,814
8,130,000 Los Angeles County Metropolitan Transportation
Authority, Sales Tax, 5.625%, 7/01/18 7/03 at 102 Aaa 7,700,167
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 9,848,400
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 8,344,875
4,975,000 M-S-R Public Power Agency, 6.500%, 7/01/17 7/01 at 102 Aaa 5,125,991
3,325,000 Mammoth County Water District, Certificates of
Participation, 7.400%, 12/15/10 12/00 at 103 A- 3,571,183
10,135,000 Metropolitan Water District of Southern California,
8.000%, 7/01/08 No Opt. Call AA 12,206,290
2,000,000 Modesto Health Facilities (Memorial Hospital),
6.875%, 6/01/21 6/01 at 102 Aaa 2,103,100
6,375,000 Mt. Diablo Hospital District, 7.000%, 12/01/17
(Pre-refunded to 12/01/00) 12/00 at 102 Aaa 7,094,610
14,335,000 Northern California Power Agency, 7.150%, 7/01/24 7/98 at 102 A- 14,717,028
2,000,000 Orange County Community Facilities District,
Special Tax (Rancho Santa Margarita),
7.800%, 8/15/13 (Pre-refunded to 8/15/98) 8/98 at 102 A- 2,215,140
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 1,866,225
1,390,000 6.800%, 8/01/11 8/01 at 102 A 1,447,824
2,440,000 Pleasanton Joint Powers Financing Authority,
6.150%, 9/02/12 9/03 at 102 Baa 2,361,334
Riverside Public Financing Authority:
3,700,000 8.000%, 2/01/18 (Pre-refunded to 2/01/01) 2/01 at 102 N/R 4,266,581
2,550,000 8.000%, 2/01/18 2/01 at 102 N/R 2,618,774
19,000,000 Sacramento City Financing Authority,
6.800%, 11/01/20 (Pre-refunded 11/01/01) 11/01 at 102 Aaa 21,112,040
12,000,000 Sacramento Municipal Utility District,
7.875%, 8/15/16 (Pre-refunded to 8/15/98) 8/98 at 102 Aaa 13,359,840
1,350,000 St. Helena Certificates of Participation,
7.875%, 6/01/11 6/00 at 102 BBB 1,424,682
1,250,000 San Benito County, CSAC Lease Finance, Certificates
of Participation, 7.400%, 8/01/11 8/98 at 102 Baa1 1,292,013
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 3,920,000 San Diego (Balboa Park and Mission Bay Park),
Certificates of Participation, 6.900%, 7/15/21 7/01 at 100 Aa $ 4,029,211
3,450,000 San Francisco Airports Commission, Alternative
Minimum Tax, 6.500%, 5/01/24 5/04 at 102 Aaa 3,521,001
5,235,000 San Francisco City and County Redevelopment
Financing Authority, Tax Allocation,
5.125%, 8/01/18 8/03 at 103 A 4,430,223
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 5,013,800
14,980,000 Santa Ana Community Redevelopment Agency, Tax
Allocation, 6.750%, 9/01/19 9/99 at 102 BBB+ 13,573,078
4,000,000 Santa Clara County (Terrace of Los Gatos Project),
Certificates of Participation, 6.900%, 3/01/18 3/01 at 102 A 4,056,320
Santa Clarita Public Finance Authority:
6,800,000 7.000%, 10/01/20 4/95 at 100 A- 6,835,155
3,000,000 6.750%, 10/01/21 10/01 at 102 A- 3,038,700
6,925,000 Santa Monica Community College District,
Certificates of Participation, 7.150%, 6/01/08 6/01 at 102 A 7,385,720
2,920,000 Southern California Home Financing Authority,
Single Family Mortgage, Alternative Minimum
Tax, 6.900%, 10/01/24 10/01 at 102 AAA 2,999,570
6,500,000 Tri City Hospital District, 7.500%, 2/01/17 2/02 at 102 Aaa 7,170,670
10,000,000 Tustin Community Redevelopment Agency,
Subordinate Tax Allocation, 6.800%, 12/01/16 12/01 at 102 Aaa 10,530,600
University of California:
3,300,000 6.875%, 9/01/16 (Pre-refunded to 9/01/02) 9/02 at 102 A- 3,689,234
8,000,000 6.750%, 9/01/23 (Pre-refunded to 9/01/99) 9/99 at 102 Aaa 8,703,760
3,000,000 Westminster Redevelopment Agency, Tax Allocation,
7.300%, 8/01/21 8/01 at 102 Baa1 3,046,800
1,665,000 Yosemite College District, Certificates of
Participation, 7.750%, 7/01/11 7/01 at 102 BBB 1,762,035
$459,345,000 Total Investments - (cost $453,525,545) - 98.2% 472,304,312
============
TEMPORARY INVESTMENTS IN SHORT-TERM
MUNICIPAL SECURITIES - 0.9%
$ 2,000,000 California Health Facilities Financing Authority
(St. Joseph Health System), Series B, Variable Rate
Demand Bonds, 3.700%, 7/01/13t VMIG-1 2,000,000
200,000 California Health Facilities Financing Authority
(Sutter Health), Series 1990B, Variable Rate
Demand Bonds, 3.600%, 3/01/20t VMIG-1 200,000
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 600,000 California Health Facilities Financing Authority
(St. Joseph Health System), Series 1991B, Variable
Rate Demand Bonds, 3.700%, 7/01/09t VMIG-1 $ 600,000
1,600,000 California Health Facilities Financing Authority
(St. Francis Memorial Hospital), Series 1993B,
Variable Rate Demand Bonds, 3.750%, 11/01/19t P-1 1,600,000
$ 4,400,000 Total Temporary Investments - 0.9% 4,400,000
============
Other Assets Less Liabilities - 0.9% 4,380,656
Net Assets - 100% $481,084,968
============
<CAPTION>
NUMBER MARKET MARKET
STANDARD & POOR'S MOODY'S OF ISSUES VALUE PERCENT
<S> <C> <C> <C> <C> <C>
SUMMARY OF AAA Aaa 30 $188,355,906 40%
RATINGS** AA+, AA, AA- Aa1, Aa, Aa2, Aa3 16 97,005,348 21
PORTFOLIO OF A+ A1 3 18,257,521 4
INVESTMENTS A, A- A, A2, A3 26 138,340,240 29
(EXCLUDING BBB+, BBB, BBB- Baa1, Baa, Baa2, Baa3 6 23,459,942 5
TEMPORARY Non-rated Non-rated 2 6,885,355 1
INVESTMENTS):
TOTAL 83 $472,304,312 100%
<FN>
* Optional Call Provisions: Dates (month and year) and prices of the earliest
optional call or redemption. There may be other call provisions at varying
prices at later dates.
** Ratings: Using the higher of Standard & Poor's or Moody's rating.
N/R - Investment is not rated.
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>
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 $ 4,404,497
2,000,000 California Department of Water Resources (Central
Valley Project), 6.400%, 12/01/26 6/02 at 101 1/2 AA 2,017,060
7,430,000 California Educational Facilities Authority (University
of San Francisco), 6.400%, 10/01/17 10/02 at 102 A 7,442,557
3,000,000 California Educational Facilities Authority (Santa
Clara University), 6.250%, 2/01/16 2/02 at 102 A1 2,956,800
California Educational Facilities Authority (University
of San Diego):
1,965,000 6.500%, 10/01/08 10/02 at 102 A 2,027,055
5,000,000 6.500%, 10/01/22 10/02 at 102 A 4,999,600
California General Obligation:
10,000,000 6.400%, 9/01/07 No Opt. Call A1 10,675,400
2,500,000 7.000%, 2/01/09 No Opt. Call A1 2,781,225
2,500,000 California Health Facilities Financing Authority
(Episcopal Homes Foundation), 7.750%, 7/01/06 7/98 at 102 A 2,636,400
1,000,000 California Health Facilities Financing Authority (Los
Medanos Health Corporation), 7.250%, 3/01/20 3/00 at 102 A 1,020,290
4,000,000 California Health Facilities Financing Authority
(Valley Memorial Hospital), 6.000%, 5/01/17 5/03 at 102 A 3,678,520
3,680,000 California Health Facilities Financing Authority
(Health Dimensions, Inc.), 7.375%, 5/01/07 5/00 at 102 Baa1 3,802,250
3,225,000 California Health Facilities Financing Authority (Kaiser
Permanente Medical Care Program), 6.500%, 12/01/20 12/00 at 102 Aa2 3,238,190
6,000,000 California Health Facilities Financing Authority
(Southern California Presbyterian Homes),
6.750%, 6/01/21 6/01 at 102 A 5,984,460
California Health Facilities Financing Authority
(Saint Francis Memorial Hospital):
2,060,000 5.750%, 11/01/04 11/03 at 102 A 2,038,761
1,680,000 5.750%, 11/01/05 11/03 at 102 A 1,634,186
1,575,000 California Housing Finance Agency, Alternative
Minimum Tax, 8.350%, 8/01/19 8/98 at 102 AA- 1,678,367
1,915,000 California Housing Finance Agency, Home Mortgage,
Alternative Minimum Tax, 7.050%, 8/01/27 8/01 at 102 AA- 1,966,762
915,000 California Housing Finance Agency, 7.875%, 8/01/19 8/98 at 102 Aa 965,105
5,250,000 California Housing Finance Agency, Multi-Unit
Rental Housing, 6.700%, 8/01/15 8/02 at 102 A1 5,330,115
5,000,000 California Housing Finance Agency, Alternative
Minimum Tax, 7.125%, 2/01/26 2/05 at 102 AA- 5,176,400
5,000,000 California Pollution Control Finance Authority
(Laidlaw, Inc.), Alternative Minimum Tax,
6.500%, 5/01/02 5/97 at 102 Aa3 5,074,000
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 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 $ 10,282,700
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 5,133,200
8,000,000 California Pollution Control Finance Authority (North
County Recycling Center), 6.750%, 7/01/17 7/00 at 100 Aaa 8,154,240
2,000,000 California Public Works Board, Department of
Corrections, 6.500%, 9/01/11 9/01 at 102 A- 2,020,760
10,050,000 California Public Works Board (California State
University), 6.700%, 10/01/17 10/02 at 102 A- 10,255,623
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- 7,224,873
7,625,000 7.000%, 11/01/19 11/04 at 102 A- 7,970,718
California Statewide Community Development
Authority (Cedars-Sinai Medical Center):
1,250,000 6.500%, 8/01/12 No Opt. Call Aa 1,268,188
14,000,000 6.500%, 8/01/15 8/02 at 102 A1 13,905,220
1,500,000 California Statewide Communities Development
Authority (Triad Healthcare), Certificates of
Participation, 6.250%, 8/01/06 No Opt. Call A 1,497,480
Alameda County Certificates of Participation:
7,865,000 6.750%, 6/01/16 6/02 at 102 A+ 8,031,974
10,000,000 6.000%, 6/01/22 6/02 at 102 A+ 9,510,700
2,000,000 Coachella Valley Water District, 6.750%, 10/01/12 10/02 at 102 A 2,065,340
2,200,000 Coalinga Certificates of Participation, 7.000%, 4/01/10 4/00 at 102 BBB+ 2,279,178
3,000,000 Contra Costa Water District, 6.875%, 10/01/20
(Pre-refunded to 10/01/00) 10/00 at 102 N/R 3,313,680
12,805,000 Contra Costa County Home Mortgage Revenue
(GNMA), Alternative Minimum Tax, 8.250%, 6/01/21 No Opt. Call Aaa 16,324,198
6,780,000 Contra Costa County Public Financing Authority,
Tax Allocation, 7.200%, 8/01/23 8/02 at 102 BBB 6,951,670
2,100,000 Cudahy Redevelopment Agency, Tax Allocation,
6.700%, 9/01/24 9/03 at 102 BBB 1,979,523
5,000,000 Culver City Redevelopment Finance Authority, Tax
Allocation, 4.600%, 11/01/20 11/03 at 102 Aaa 3,989,150
14,550,000 Delta Counties Home Mortgage Finance Authority,
Single Family Mortgage, Alternative Minimum
Tax, 6.750%, 12/01/25 6/02 at 102 AAA 14,747,589
3,000,000 Fontana Public Financing Authority, Tax Allocation
(North Fontana Redevelopment Project),
7.250%, 9/01/20 9/00 at 102 A 3,101,430
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 10,000,000 Fontana Redevelopment Agency (Jurupa Hills
Project), 7.100%, 10/01/23 10/02 at 102 BBB $ 9,879,800
1,700,000 Foothill-de Anza Community College District,
Certificates of Deposit, 7.350%, 3/01/07 3/02 at 102 A- 1,835,949
2,725,000 Fresno Certificates of Participation, 6.625%, 12/01/11 12/00 at 102 A1 2,796,450
Fresno Unified School District, Certificates of
Participation:
7,000,000 7.000%, 5/01/12 5/99 at 102 Con(A) 7,192,640
5,210,000 6.700%, 5/01/12 5/00 at 102 A 5,277,261
4,000,000 Huntington Beach Public Financing Authority,
Redevelopment Projects, 7.000%, 8/01/24 8/02 at 102 Ba 3,508,920
8,000,000 Lancaster School District, Certificates of Participation,
7.000%, 3/01/22 3/02 at 102 Aaa 8,585,440
3,110,000 Loma Linda (Loma Linda University Medical Center),
6.500%, 12/01/18 12/03 at 102 BBB 2,863,501
5,435,000 Los Angeles Community Redevelopment Agency,
6.375%, 9/01/14 9/02 at 102 A 5,479,187
4,030,000 Los Angeles Department of Water and Power,
Electric Plant, 7.375%, 2/01/29 2/99 at 102 AA 4,395,723
Los Angeles Department of Water and Power,
Waterworks System:
4,060,000 4.500%, 5/15/13 5/03 at 102 AA 3,246,254
8,400,000 4.500%, 5/15/30 5/03 at 102 Aaa 6,250,692
4,250,000 Los Angeles (Hollywood Presbyterian Hospital),
Certificates of Participation, 9.000%, 7/01/13 7/95 at 102 A 4,385,448
4,500,000 Los Angeles Wastewater System, 6.700%, 12/01/21
(Pre-refunded to 12/01/00) 12/00 at 102 Aaa 4,941,180
5,500,000 Los Angeles County Sanitation Districts, Financing
Authority, 5.000%, 10/01/23 10/03 at 100 AA 4,588,980
2,000,000 Mendocino County Certificates of Participation,
6.000%, 8/15/23 8/03 at 102 A 1,873,440
5,615,000 Monrovia Redevelopment Agency, Tax Allocation,
6.700%, 5/01/21 5/02 at 102 Aaa 5,904,173
2,000,000 Moorpark Redevelopment Agency, Tax Allocation,
6.125%, 10/01/18 10/03 at 102 A- 1,887,000
10,000,000 Norco Redevelopment Agency, Tax Allocation,
6.000%, 10/01/97 10/95 at 100 1/2 A- 10,054,900
Northern California Power Agency:
5,090,000 7.000%, 7/01/10 7/95 at 100 A- 5,138,050
15,400,000 7.150%, 7/01/24 7/98 at 102 A- 15,810,410
10,000,000 Orange County (Civic Center Expansion Project),
Certificates of Participation, 6.700%, 8/01/18 8/01 at 102 Aaa 10,310,400
3,000,000 Orange County Local Transportation Authority,
6.000%, 2/15/07 No Opt. Call AA 3,030,510
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
Pomona Public Financing Authority (Southwest
Pomona Redevelopment Project):
$ 1,165,000 4.800%, 2/01/00 No Opt. Call BBB+ $ 1,137,937
1,230,000 4.900%, 2/01/01 No Opt. Call BBB+ 1,194,638
1,300,000 5.050%, 2/01/02 No Opt. Call BBB+ 1,265,654
1,200,000 5.150%, 2/01/03 No Opt. Call BBB+ 1,154,676
6,670,000 Redlands Solid Waste, Certificates of Participation,
6.800%, 3/01/07 3/97 at 100 Aaa 6,859,428
4,025,000 Riverside County, Single Family Mortgage (GNMA),
Alternative Minimum Tax, 7.600%, 11/01/19 11/99 at 102 AAA 4,216,832
4,000,000 San Bernardino (West Valley Detention Center),
Certificates of Participation, 7.600%, 11/01/06
(Pre-refunded to 11/01/98) 11/98 at 102 Aaa 4,440,040
13,525,000 San Bernardino County, Single Family (GNMA),
Alternative Minimum Tax, 7.750%, 11/01/14 No Opt. Call Aaa 16,323,864
3,000,000 San Diego County Water Authority, 7.300%, 5/01/09
(Pre-refunded to 5/01/97) 5/97 at 102 Aaa 3,214,080
San Diego County Water Authority, Certificates of
Participation:
8,295,000 6.300%, 5/01/05 5/01 at 102 AA- 8,561,104
3,300,000 6.375%, 5/01/06 5/01 at 102 AA- 3,400,155
6,470,000 San Leandro Certificates of Participation,
5.950%, 6/01/23 6/03 at 102 A 6,011,536
3,385,000 Santa Ana Community Redevelopment Agency (South
Harbor Boulevard/Fairview Street), 7.250%, 9/01/09 9/99 at 102 A 3,369,869
2,000,000 Santa Barbara Water System, Certificates of
Participation, 6.700%, 4/01/27 4/02 at 102 Aaa 2,094,220
3,000,000 Santa Barbara Certificates of Participation,
6.750%, 10/01/27 10/02 at 102 A 3,023,730
2,575,000 Santa Maria Certificates of Participation (Marian
Medical Center), 6.750%, 9/01/22 9/02 at 102 A 2,610,999
4,300,000 Sierra View Local Hospital District, 6.400%, 3/01/22 3/02 at 102 A 4,068,316
Southern California Home Financing Authority, Single
Family Mortgage (GNMA and FNMA), Alternative
Minimum Tax:
1,745,000 6.750%, 9/01/22 3/02 at 102 AAA 1,773,182
1,730,000 7.350%, 9/01/24 3/01 at 102 AAA 1,818,455
2,040,000 Torrance (Little Company of Mary Hospital),
6.875%, 7/01/15 7/02 at 102 A 2,069,886
3,025,000 Tulare Local Hospital District, 6.750%, 12/01/21 12/01 at 102 A 3,032,472
University of California:
65,000 9.125%, 7/01/12 7/95 at 103 AA- 68,024
8,185,000 6.875%, 9/01/16 (Pre-refunded to 9/01/02) 9/02 at 102 A- 9,150,421
8,000,000 Vista Multi-Family Housing (Vista Hacienda Project),
6.950%, 4/01/17 4/02 at 102 AAA 8,321,438
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
Yolo County Housing Authority (Russell Park Apartments):
$ 1,000,000 6.900%, 11/01/08 5/02 at 103 Aa3 $ 1,027,058
1,000,000 7.000%, 11/01/14 5/02 at 103 Aa3 1,042,718
$442,675,000 Total Investments - (cost $437,783,084) - 97.7% 452,022,474
============
TEMPORARY INVESTMENTS IN SHORT-TERM
MUNICIPAL SECURITIES - 0.5%
$ 1,400,000 California Health Facilities Financing Authority (St.
Francis Memorial Hospital), Series 1993B, Variable
Rate Demand Bonds, 3.750%, 11/01/19t P-1 1,400,000
1,100,000 California Pollution Control Finance Authority (Shell
Oil Company), Variable Rate Demand Bonds,
3.700%, 10/01/11t VMIG-1 1,100,000
$ 2,500,000 Total Temporary Investments - 0.5% 2,500,000
============
Other Assets Less Liabilities - 1.8% 8,100,372
Net Assets - 100% $462,622,846
============
<CAPTION>
NUMBER MARKET MARKET
STANDARD & POOR'S MOODY'S OF ISSUES VALUE PERCENT
<S> <C> <C> <C> <C> <C>
SUMMARY OF AAA Aaa 18 $128,268,601 28%
RATINGS** AA+, AA, AA- Aa1, Aa, Aa2, Aa3 18 61,027,298 14
PORTFOLIO OF A+ A1 8 55,987,884 12
INVESTMENTS A, A- A, A2, A3 36 167,407,264 37
(EXCLUDING BBB+, BBB, BBB- Baa1, Baa, Baa2, Baa3 10 32,508,827 7
TEMPORARY BB+, BB, BB- Ba1, Ba, Ba2, Ba3 1 3,508,920 1
INVESTMENTS): Non-rated Non-rated 1 3,313,680 1
TOTAL 92 $452,022,474 100%
<FN>
* Optional Call Provisions: Dates (month and year) and prices of the earliest
optional call or redemption. There may be other call provisions at varying
prices at later dates.
** Ratings: Using the higher of Standard & Poor's or Moody's rating.
Con. Rating is conditional. Bonds for which the security depends upon the
completion of some act or the fulfillment of some condition are rated
conditionally. These are bonds secured by (a) earnings by projects under
construction, (b) earnings of projects unseasoned in operation experience, (c)
rentals which begin when facilities are completed, or (d) payments to which
some other limiting condition attaches. Parenthetical rating denotes probable
credit stature upon completion of construction or elimination of basis of
condition.
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
(Unaudited)
<CAPTION>
NCA NCM NCP NCO
<S> <C> <C> <C> <C>
ASSETS
Investments in municipal securities, at market
value (note 1) $185,506,716 $59,354,809 $278,123,551 $177,116,669
Temporary investments in short-term municipal
securities, at amortized cost (note 1) 4,500,000 700,000 4,200,000 --
Cash 51,757 654,212 -- 802,008
Receivables:
Interest 2,870,856 920,094 5,136,092 3,004,068
Investments sold -- -- 5,000 --
Prepaid Preferred shares auction fees (note 1) N/A N/A 104,280 --
Other assets -- -- -- --
------------ ----------- ------------ ------------
Total assets 192,929,329 61,629,115 287,568,923 180,922,745
------------ ----------- ------------ ------------
LIABILITIES
Payable for investments purchased -- -- 6,960,605 5,693,747
Cash overdraft -- -- 1,607,918 --
Accrued expenses:
Management fees (note 6) 97,067 30,260 135,413 85,520
Other 114,984 75,382 110,479 92,435
Preferred share dividends payable N/A N/A 167,287 34,359
Common share dividends payable 1,058,649 323,014 1,067,705 676,401
------------ ----------- ------------ ------------
Total liabilities 1,270,700 428,656 10,049,407 6,582,462
------------ ----------- ------------ ------------
Net assets (note 7) $191,658,629 $61,200,459 $277,519,516 $174,340,283
============ =========== ============ ============
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 18,904,441 5,209,911 12,415,179 7,865,129
============ =========== ============ ============
Net asset value per Common share outstanding
(net assets less Preferred shares at liquidation value,
divided by Common shares outstanding) $ 10.14 $ 11.75 $ 15.10 $ 15.17
============ =========== ============ ============
N/A - Fund is not authorized to issue Preferred shares.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF NET ASSETS
(Unaudited)
<CAPTION>
NQC NVC NUC
<S> <C> <C> <C>
ASSETS
Investments in municipal securities, at market
value (note 1) $293,316,708 $472,304,312 $452,022,474
Temporary investments in short-term municipal
securities, at amortized cost (note 1) 2,800,000 4,400,000 2,500,000
Cash 393,350 1,590,523 1,263,431
Receivables:
Interest 4,015,841 7,913,684 8,858,037
Investments sold -- 5,000 --
Prepaid Preferred shares auction fees (note 1) -- -- 35,961
Other assets 11,911 20,530 9,950
------------ ------------ ------------
Total assets 300,537,810 486,234,049 464,689,853
------------ ------------ ------------
LIABILITIES
Payable for investments purchased 12,743,030 2,887,735 --
Cash overdraft -- -- --
Accrued expenses:
Management fees (note 6) 139,595 231,632 222,790
Other 80,704 104,022 73,382
Preferred share dividends payable 8,630 95,269 64,424
Common share dividends payable 1,113,082 1,830,423 1,706,411
------------ ------------ ------------
Total liabilities 14,085,041 5,149,081 2,067,007
------------ ------------ ------------
Net assets (note 7) $286,452,769 $481,084,968 $462,622,846
============ ============ ============
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 13,018,504 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) $ 15.09 $ 14.83 $ 14.66
============ ============ ============
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF OPERATIONS
Six months ended February 28, 1995
(Unaudited)
<CAPTION>
NCA NCM NCP NCO
<S> <C> <C> <C> <C>
INVESTMENT INCOME
Interest income (note 1) $ 6,795,039 $ 2,135,240 $ 9,123,177 $ 5,718,055
----------- ----------- ----------- -----------
Expenses:
Management fees (note 6) 607,446 193,922 865,710 546,187
Preferred shares--auction fees N/A N/A 120,874 68,185
Preferred shares--dividend disbursing agent fees N/A N/A 9,918 7,438
Shareholders' servicing agent fees and expenses 29,602 8,715 16,887 11,409
Custodian's fees and expenses 26,024 20,323 28,068 22,567
Directors' fees and expenses (note 6) 2,506 548 3,539 945
Professional fees 4,421 5,306 6,180 5,988
Shareholders' reports--printing and mailing expenses 18,555 12,364 34,567 12,473
Stock exchange listing fees 7,140 6,295 8,634 6,214
Investor relations expense 3,269 1,087 4,121 2,968
Other expenses 7,639 6,985 14,705 4,051
----------- ----------- ----------- -----------
Total expenses 706,602 255,545 1,113,203 688,425
----------- ----------- ----------- -----------
Net investment income 6,088,437 1,879,695 8,009,974 5,029,630
----------- ----------- ----------- -----------
REALIZED AND UNREALIZED GAIN
(LOSS) FROM INVESTMENTS
Net realized gain (loss) from investment transactions,
net of taxes, if applicable (notes 1 and 3) (25,725) 95,991 (219,289) (254,104)
Net change in unrealized appreciation or depreciation
of investments (724,988) (634,898) (1,004,061) (775,343)
----------- ----------- ----------- -----------
Net gain (loss) from investments (750,713) (538,907) (1,223,350) (1,029,447)
----------- ----------- ----------- -----------
Net increase in net assets from operations $ 5,337,724 $ 1,340,788 $ 6,786,624 $ 4,000,183
=========== =========== =========== ===========
N/A - Fund is not authorized to issue Preferred shares.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF OPERATIONS
Six months ended February 28, 1995
(Unaudited)
<CAPTION>
NQC NVC NUC
<S> <C> <C> <C>
INVESTMENT INCOME
Interest income (note 1) $9,289,728 $15,494,195 $14,694,239
----------- ------------ ------------
Expenses:
Management fees (note 6) 891,641 1,470,050 1,411,888
Preferred shares--auction fees 111,576 203,219 209,203
Preferred shares--dividend disbursing agent fees 7,438 13,342 9,918
Shareholders' servicing agent fees and expenses 16,701 19,702 19,562
Custodian's fees and expenses 30,214 34,073 34,952
Directors' fees and expenses (note 6) 1,086 1,374 1,647
Professional fees 6,892 6,833 6,829
Shareholders' reports--printing and mailing expenses 23,700 44,379 50,339
Stock exchange listing fees 7,100 16,170 16,160
Investor relations expense 4,604 17,129 12,550
Other expenses 6,987 13,768 8,257
----------- ------------ ------------
Total expenses 1,107,939 1,840,039 1,781,305
----------- ------------ ------------
Net investment income 8,181,789 13,654,156 12,912,934
----------- ------------ ------------
REALIZED AND UNREALIZED GAIN
(LOSS) FROM INVESTMENTS
Net realized gain (loss) from investment transactions,
net of taxes, if applicable (notes 1 and 3) 5,395 279,145 560,023
Net change in unrealized appreciation or depreciation
of investments (1,131,862) (2,103,772) (1,051,468)
----------- ------------ ------------
Net gain (loss) from investments (1,126,467) (1,824,627) (491,445)
----------- ------------ ------------
Net increase in net assets from operations $ 7,055,322 $ 11,829,529 $ 12,421,489
=========== ============ ============
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF CHANGES IN NET ASSETS
(Unaudited)
<CAPTION>
NCA NCM
6 months ended Year ended 6 months ended Year ended
2/28/95 8/31/94 2/28/95 8/31/94
<S> <C> <C> <C> <C>
OPERATIONS
Net investment income $ 6,088,437 $ 12,271,907 $ 1,879,695 $ 3,756,890
Net realized gain (loss) from investment transactions,
net of taxes, if applicable (25,725) 155,583 95,991 (22,126)
Net change in unrealized appreciation or depreciation
of investments (724,988) (10,005,121) (634,898) (3,007,494)
------------ ------------ ----------- -----------
Net increase (decrease) in net assets from operations 5,337,724 2,422,369 1,340,788 727,270
------------ ------------ ----------- -----------
DISTRIBUTIONS TO SHAREHOLDERS (note 1)
From undistributed net investment income:
Common shareholders (6,347,218) (12,561,847) (1,958,344) (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 (6,502,234) (12,754,902) (1,958,344) (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 586,323 1,741,483 106,605 510,660
------------ ------------ ----------- -----------
Net increase in net assets derived from capital
share transactions 586,323 1,741,483 106,605 510,660
------------ ------------ ----------- -----------
Net increase (decrease) in net assets (578,187) (8,591,050) (510,951) (2,715,356)
Net assets at beginning of period 192,236,816 200,827,866 61,711,410 64,426,766
------------ ------------ ----------- -----------
Net assets at end of period $191,658,629 $192,236,816 $61,200,459 $61,711,410
============ ============ =========== ===========
Balance of undistributed net investment income
at end of period $ 597,642 $ 856,423 $ 95,683 $ 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
(Unaudited)
<CAPTION>
NCP NCO
6 months ended Year ended 6 months ended Year ended
2/28/95 8/31/94 2/28/95 8/31/94
<S> <C> <C> <C> <C>
OPERATIONS
Net investment income $ 8,009,974 $ 16,101,259 $ 5,029,630 $ 9,923,441
Net realized gain (loss) from investment transactions,
net of taxes, if applicable (219,289) 889,275 (254,104) 176,423
Net change in unrealized appreciation or depreciation
of investments (1,004,061) (14,953,820) (775,343) (10,088,276)
------------ ------------ ------------ ------------
Net increase (decrease) in net assets from operations 6,786,624 2,036,714 4,000,183 11,588
------------ ------------ ------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS (note 1)
From undistributed net investment income:
Common shareholders (6,406,232) (13,165,179) (4,172,857) (8,351,626)
Preferred shareholders (1,741,555) (3,044,744) (1,013,666) (1,608,585)
From accumulated net realized gains from
investment transactions:
Common shareholders (238,371) -- -- --
Preferred shareholders (55,926) -- -- --
------------ ------------ ------------ ------------
Decrease in net assets from distributions
to shareholders (8,442,084) (16,209,923) (5,186,523) (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 -- 1,730,565 201,304 968,587
------------ ------------ ------------ ------------
Net increase in net assets derived from capital
share transactions -- 1,730,565 201,304 968,587
------------ ------------ ------------ ------------
Net increase (decrease) in net assets (1,655,460) (12,442,644) (985,036) (8,980,036)
Net assets at beginning of period 279,174,976 291,617,620 175,325,319 184,305,355
------------ ------------ ------------ ------------
Net assets at end of period $277,519,516 $279,174,976 $174,340,283 $175,325,319
============ ============ ============ ============
Balance of undistributed net investment income
at end of period $ 931,347 $ 1,069,160 $ 513,523 $ 670,416
============ ============ ============ ============
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF CHANGES IN NET ASSETS
(Unaudited)
<CAPTION>
NQC NVC
6 months ended Year ended 6 months ended Year ended
2/28/95 8/31/94 2/28/95 8/31/94
<S> <C> <C> <C> <C>
OPERATIONS
Net investment income $ 8,181,789 $ 16,292,303 $ 13,654,156 $ 27,093,409
Net realized gain (loss) from investment transactions,
net of taxes, if applicable 5,395 (1,146,254) 279,145 920,666
Net change in unrealized appreciation or depreciation
of investments (1,131,862) (14,399,870) (2,103,772) (32,758,613)
------------ ------------ ------------ ------------
Net increase (decrease) in net assets from operations 7,055,322 746,179 11,829,529 (4,744,538)
------------ ------------ ------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS (note 1)
From undistributed net investment income:
Common shareholders (6,807,785) (14,484,958) (11,149,962) (23,384,533)
Preferred shareholders (1,635,372) (2,157,902) (2,665,016) (4,093,337)
From accumulated net realized gains from
investment transactions:
Common shareholders -- (245,757) (774,583) (617,715)
Preferred shareholders -- (33,066) (140,532) (94,842)
------------ ------------ ------------ ------------
Decrease in net assets from distributions
to shareholders (8,443,157) (16,921,683) (14,730,093) (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 336,626 1,731,179 -- 982,056
------------ ------------ ------------ ------------
Net increase in net assets derived from capital
share transactions 336,626 1,731,179 -- 982,056
------------ ------------ ------------ ------------
Net increase (decrease) in net assets (1,051,209) (14,444,325) (2,900,564) (31,952,909)
Net assets at beginning of period 287,503,978 301,948,303 483,985,532 515,938,441
------------ ------------ ------------ ------------
Net assets at end of period $286,452,769 $287,503,978 $481,084,968 $483,985,532
============ ============ ============ ============
Balance of undistributed net investment income
at end of period $ 784,009 $ 1,045,377 $ 1,439,886 $ 1,600,708
============ ============ ============ ============
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF CHANGES IN NET ASSETS
(Unaudited)
<CAPTION>
NUC
6 months ended Year ended
2/28/95 8/31/94
<S> <C> <C>
OPERATIONS
Net investment income $ 12,912,934 $ 25,491,671
Net realized gain (loss) from investment transactions,
net of taxes, if applicable 560,023 289,111
Net change in unrealized appreciation or depreciation
of investments (1,051,468) (25,688,754)
------------ ------------
Net increase (decrease) in net assets from operations 12,421,489 92,028
------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS (note 1)
From undistributed net investment income:
Common shareholders (10,238,467) (21,298,151)
Preferred shareholders (2,759,898) (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 (12,998,365) (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 (576,876) (26,015,181)
Net assets at beginning of period 463,199,722 489,214,903
------------ ------------
Net assets at end of period $462,622,846 $463,199,722
============ ============
Balance of undistributed net investment income
at end of period $ 1,481,072 $ 1,566,503
============ ============
See accompanying notes to financial statements.
</TABLE>
<PAGE>
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
1. GENERAL INFORMATION AND SIGNIFICANT ACCOUNTING POLICIES
At February 28, 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 February 28, 1995, NCP, NCO and NQC had outstanding purchase
commitments that amounted to $6,960,605, $5,693,747, and $12,743,030,
respectively. There were no such purchase commitments in any of the other
Funds.
Interest Income
Interest income is determined on the basis of interest accrued and discount
earned, adjusted for amortization of premiums or 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 $.01 per Common share.
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.
<PAGE>
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
capital 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.
<TABLE>
Preferred Shares
The following Funds have issued and outstanding $25,000 stated value Preferred
shares. Each Fund's Preferred shares are issued in one or more Series. The
dividend rate on each Series may change every 7 days, as set by the Auction
Agent, except for those Series which have lengthened their dividend periods to
two and three years (as indicated below). The number of shares outstanding, by
Series and in total, at February 28, 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
=====
<FN>
*Two year period **Three year period
Preferred share auction fees paid in connection with lengthening the
dividend periods on the Series noted above have been capitalized and are being
amortized over the respective dividend periods.
</TABLE>
<PAGE>
<TABLE>
2. FUND SHARES
Transactions in Common shares were as follows:
<CAPTION>
NCA NCM
6 months ended Year ended 6 months ended Year ended
2/28/95 8/31/94 2/28/95 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 54,903 154,976 9,073 40,087
====== ======= ===== ======
<CAPTION>
NCP NCO
6 months ended Year ended 6 months ended Year ended
2/28/95 8/31/94 2/28/95 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 13,398 57,699
===== ======= ====== ======
<CAPTION>
NQC NVC
6 months ended Year ended 6 months ended Year ended
2/28/95 8/31/94 2/28/95 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 21,966 106,983 -- 61,330
====== ======= ===== ======
<CAPTION>
NUC
6 months ended Year ended
2/28/95 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 six months ended
February 28, 1995, were as follows:
<CAPTION>
NCA NCM NCP NCO
<S> <C> <C> <C> <C>
PURCHASES
Investments in municipal securities $ 9,817,640 $2,047,977 $35,330,068 $22,184,340
Temporary municipal investments 17,500,000 7,300,000 34,365,000 7,075,000
SALES AND MATURITIES
Investments in municipal securities 18,654,114 2,952,490 28,352,122 14,870,087
Temporary municipal investments 13,300,000 6,600,000 30,165,000 9,230,000
========== ========== =========== ===========
<CAPTION>
NQC NVC NUC
<S> <C> <C> <C>
PURCHASES
Investments in municipal securities $31,437,633 $3,056,152 $56,393,440
Temporary municipal investments 18,700,000 8,200,000 40,465,000
SALES AND MATURITIES
Investments in municipal securities 21,723,423 5,618,000 55,862,368
Temporary municipal investments 15,900,000 6,100,000 40,745,000
========== ========== ===========
At February 28, 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, 1994, the Funds' last fiscal year end, the following Funds
had unused capital loss carryovers available for federal income tax purposes
to be applied against future security gains, if any. If not applied, the
carryovers will expire as follows:
<CAPTION>
NCM NCO NQC
<S> <C> <C> <C>
Expiration Year:
1998 $ -- $94,275 $ --
1999 -- 5,684 --
2002 22,126 -- 1,128,279
------- ------- ----------
Total $22,126 $99,959 $1,128,279
======= ======= ==========
</TABLE>
<PAGE>
<TABLE>
4. DISTRIBUTIONS TO COMMON SHAREHOLDERS
On March 1, 1995, the Funds declared Common share dividend distributions
from their ordinary income that were paid April 3, 1995, to shareholders of
record on March 15, 1995, as follows:
<CAPTION>
NCA NCM NCP NCO
<S> <C> <C> <C> <C>
Dividend per share $.0560 $.0620 $.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 February 28, 1995, were as follows:
<CAPTION>
NCA NCM NCP NCO
<S> <C> <C> <C> <C>
Gross unrealized:
Appreciation $15,357,062 $3,368,710 $15,181,823 $11,091,049
Depreciation (1,003,452) (556,704) (1,180,660) (1,214,014)
------------ ----------- ------------- ------------
Net unrealized appreciation $14,353,610 $2,812,006 $14,001,163 $ 9,877,035
============ ========== ============ ============
<CAPTION>
NQC NVC NUC
<S> <C> <C> <C>
Gross unrealized:
Appreciation $17,495,168 $22,150,885 $16,202,732
Depreciation (1,900,373) (3,372,118) (1,963,342)
------------ ------------ -----------
Net unrealized appreciation $15,594,795 $18,778,767 $14,239,390
============ =========== ===========
</TABLE>
<PAGE>
<TABLE>
6. MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES
Under the Funds' 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 NCA
<S> <C>
For the first $500,000,000 .35 of 1%
For the next $500,000,000 .325 of 1
For net assets over $1,000,000,000 .3 of 1
<CAPTION>
Average daily net asset value NCM, NCP, NCO, NQC, NVC, NUC
<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
<CAPTION>
Gross interest income NCA
<S> <C>
For the first $50,000,000 4.125%
For the next $50,000,000 4.000
For gross income over $100,000,000 3.875
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 February 28, 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 189,044 52,099 124,152 78,651
Paid-in surplus 176,544,058 58,166,806 172,682,143 109,243,699
Balance of undistributed net investment income 597,642 95,683 931,347 513,523
Accumulated net realized gain (loss) from
investment transactions, net of taxes, if applicable (25,725) 73,865 (219,289) (372,625)
Net unrealized appreciation or depreciation
of investments 14,353,610 2,812,006 14,001,163 9,877,035
----------- ------------ ------------ ------------
Net assets $191,658,629 $ 61,200,459 $277,519,516 $174,340,283
============ ============ ============ ============
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 130,185 223,222 213,301
Paid-in surplus 181,066,665 310,363,948 296,126,272
Balance of undistributed net investment income 784,009 1,439,886 1,481,072
Accumulated net realized gain (loss) from
investment transactions, net of taxes, if applicable (1,122,885) 279,145 562,811
Net unrealized appreciation or depreciation
of investments 15,594,795 18,778,767 14,239,390
----------- ------------ ------------
Net assets $286,452,769 $481,084,968 $462,622,846
============ ============ ============
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 February 28, 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% 18% 23% 18%
Lease Rental Facilities 1 -- 5 6
Housing Facilities 15 10 9 3
Water / Sewer Facilities 5 7 7 8
Transportation -- -- 8 5
Pollution Control Facilities 2 7 4 6
Electric Utilities 1 6 4 2
Educational Facilities 2 -- -- 3
Other 20 20 12 16
General Obligation Bonds 2 3 4 4
Escrowed Bonds 37 29 24 29
----- ----- ----- -----
100% 100% 100% 100%
===== ===== ===== =====
<CAPTION>
NQC NVC NUC
<S> <C> <C> <C>
Revenue Bonds:
Health Care Facilities 12% 16% 13%
Lease Rental Facilities 11 16 21
Housing Facilities 4 5 11
Water / Sewer Facilities 3 6 7
Transportation -- 1 --
Pollution Control Facilities 6 4 3
Electric Utilities 5 7 4
Educational Facilities 1 -- 4
Other 17 20 20
General Obligation Bonds 4 3 3
Escrowed Bonds 37 22 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 (48% for NCA, 37% for NCM, 35% for NCP, 38%
for NCO, 49% for NQC, 42% for NVC and 23% for NUC). Such insurance or escrow,
however, does not guarantee the market value of the municipal securities or
the value of any of the Funds' shares.
Certain temporary investments in short-term municipal securities have
credit enhancements (letters of credit, guarantees or insurance) issued by
third party domestic or foreign banks or other institutions (80% for NCA, 100%
for NCM, 100% for NCP, 100% for NQC, 100% for NVC, and 100% for NUC).
For additional information regarding each investment security, refer to the
Portfolio of Investments of each Fund.
<PAGE>
<TABLE>
FINANCIAL HIGHLIGHTS
(Unaudited)
<CAPTION>
Selected data for a common share outstanding throughout each period is as follows:
Operating performanceDividends from net investment income
Net
realized &
Net asset Net unrealized
value invest- gain (loss) To To
beginning ment from invest- Common Preferred
of period income mentstt shareholders shareholderst
NCA
<S> <C> <C> <C> <C> <C>
6 Mos. ended
2/28/95 $10.200 $.322 $ (.038) $(.336) $ N/A
Year ended 8/31,
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>
6 Mos. ended
2/28/95 11.870 .361 (.105) (.376) N/A
Year ended 8/31,
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>
Distributions from capital gains
Per
Common
share
market
To To Organiza- Net asset value
Common Preferred tion and value end end of
shareholders shareholderst offering costs of period period
NCA
<S> <C> <C> <C> <C> <C>
6 Mos. ended
2/28/95 $(.008) $ N/A $ -- $10.140 $10.250
Year ended 8/31,
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>
6 Mos. ended
2/28/95 -- N/A -- 11.750 11.750
Year ended 8/31,
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
<PAGE>
<CAPTION>
Ratios/Supplemental data
Total
invest- Ratio of
ment net
return Total Net assets Ratio of investment
on return on end of expenses income Portfolio
market net asset period (in to average to average turnover
value** value** thousands) net assets@ net assets@ rate
NCA
<S> <C> <C> <C> <C> <C> <C>
6 Mos. ended
2/28/95 (3.62)% 2.91% $191,659 .76*% 6.51*% 5%
Year ended 8/31,
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>
6 Mos. ended
2/28/95 2.25 2.27 61,200 .86* 6.30* 3
Year ended 8/31,
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
</TABLE>
<PAGE>
<TABLE>
FINANCIAL HIGHLIGHTS
(Unaudited)
<CAPTION>
Selected data for a common share outstanding throughout each period is as follows:
Operating performanceDividends from net investment income
Net
realized &
Net asset Net unrealized
value invest- gain (loss) To To
beginning ment from invest- Common Preferred
of period income mentstt shareholders shareholderst
NCP
<S> <C> <C> <C> <C> <C>
6 Mos. ended
2/28/95 $15.240 $ .645 $ (.105) $ (.516) $(.140)
Year ended 8/31,
1994 16.380 1.301 (1.131) (1.064) (.246)
1993 15.580 1.330 .846 (1.150) (.226)
10 Mos. ended
8/31/92 14.880 1.129 .635 (.867) (.197)
Year ended
10/31/91 13.820 1.372 1.044 (1.020) (.336)
11/15/89 to
10/31/90 14.050 1.095 (.091) (.765) (.269)
<CAPTION>
NCO
<S> <C> <C> <C> <C> <C>
6 Mos. ended
2/28/95 15.320 .640 (.130) (.531) (.129)
Year ended 8/31,
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>
6 Mos. ended
2/28/95 15.200 0.629 (0.090) (.523) (.126)
Year ended 8/31,
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)
<PAGE>
<CAPTION>
Distributions from capital gains
Per
Common
share
market
To To Organiza- Net asset value
Common Preferred tion and value end end of
shareholders shareholderst offering costs of period period
NCP
<S> <C> <C> <C> <C> <C>
6 Mos. ended
2/28/95 $(.019) $(.005) $ -- $15.100 $14.625
Year ended 8/31,
1994 -- -- -- 15.240 15.000
1993 -- -- -- 16.380 17.500
10 Mos. ended
8/31/92 -- -- -- 15.580 15.875
Year ended
10/31/91 -- -- -- 14.880 15.750
11/15/89 to
10/31/90 -- -- (.200) 13.820 14.375
<CAPTION>
NCO
<S> <C> <C> <C> <C> <C>
6 Mos. ended
2/28/95 -- -- -- 15.170 15.000
Year ended 8/31,
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>
6 Mos. ended
2/28/95 -- -- -- 15.090 15.000
Year ended 8/31,
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
<PAGE>
<CAPTION>
Ratios/Supplemental data
Total
invest- Ratio of
ment net
return Total Net assets Ratio of investment
on return on end of expenses income Portfolio
market net asset period (in to average to average turnover
value** value** thousands) net assets@ net assets@ rate
NCP
<S> <C> <C> <C> <C> <C> <C>
6 Mos. ended
2/28/95 1.34% 2.78% $277,520 .83*% 5.94*% 11%
Year ended 8/31,
1994 (8.34) (.48) 279,175 .83 5.63 19
1993 18.34 13.03 291,618 .81 5.73 10
10 Mos. ended
8/31/92 6.55 10.86 279,810 .79* 5.99* 6
Year ended
10/31/91 17.20 15.58 269,890 .78 6.28 6
11/15/89 to
10/31/90 1.00 3.92 255,862 .79* 6.18* 26
<CAPTION>
NCO
<S> <C> <C> <C> <C> <C> <C>
6 Mos. ended
2/28/95 1.23 2.68 174,340 .82* 6.02* 9
Year ended 8/31,
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>
6 Mos. ended
2/28/95 .30 2.91 286,453 .80* 5.89* 8
Year ended 8/31,
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
<PAGE>
FINANCIAL HIGHLIGHTS
(Unaudited)
<CAPTION>
Selected data for a common share outstanding throughout each period is as follows:
Operating performanceDividends from net investment income
Net
realized &
Net asset Net unrealized
value invest- gain (loss) To To
beginning ment from invest- Common Preferred
of period income mentstt shareholders shareholderst
NVC
<S> <C> <C> <C> <C> <C>
6 Mos. ended
2/28/95 $14.960 $ .612 $ (.082) $ (.500) $(.119)
Year ended 8/31,
1994 16.440 1.215 (1.430) (1.049) (.184)
1993 14.930 1.238 1.567 (1.064) (.187)
10 Mos. ended
8/31/92 14.410 1.035 .487 (.815) (.187)
5/22/91 to
10/31/91 14.050 .341 .452 (.243) (.029)
<CAPTION>
NUC
<S> <C> <C> <C> <C> <C>
6 Mos. ended
2/28/95 14.680 .605 (.016) (.480) (.129)
Year ended 8/31,
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
Per
Common
share
market
To To Organiza- Net asset value
Common Preferred tion and value end end of
shareholders shareholderst offering costs of period period
NVC
<S> <C> <C> <C> <C> <C>
6 Mos. ended
2/28/95 $(.035) $(.006) $ -- $14.830 $14.125
Year ended 8/31,
1994 (.028) (.004) -- 14.960 14.438
1993 (.035) (.009) -- 16.440 16.750
10 Mos. ended
8/31/92 -- -- -- 14.930 15.125
5/22/91 to
10/31/91 -- -- (.161) 14.410 15.000
<CAPTION>
NUC
<S> <C> <C> <C> <C> <C>
6 Mos. ended
2/28/95 -- -- -- 14.660 14.000
Year ended 8/31,
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
Total
invest- Ratio of
ment net
return Total Net assets Ratio of investment
on return on end of expenses income Portfolio
market net asset period (in to average to average turnover
value** value** thousands) net assets@ net assets@ rate
NVC
<S> <C> <C> <C> <C> <C> <C>
6 Mos. ended
2/28/95 1.79% 2.96% $481,085 .79*% 5.90*% 1%
Year ended 8/31,
1994 (7.60) (2.52) 483,986 .81 5.43 15
1993 18.89 18.24 515,938 .84 5.57 9
10 Mos. ended
8/31/92 6.53 9.54 480,490 .79* 5.78* 14
5/22/91 to
10/31/91 1.62 4.31 467,392 .75* 5.13* 3
<CAPTION>
NUC
<S> <C> <C> <C> <C> <C> <C>
6 Mos. ended
2/28/95 3.74 3.37 462,623 .80* 5.81* 13
Year ended 8/31,
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>
* 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.
t The amounts shown are based on Common share equivalents.
tt Net of taxes, if applicable.
@ Ratios do not reflect the effect of dividend payments to Preferred
shareholders.
N/A - Fund is not authorized to issue Preferred shares.
</TABLE>
<PAGE>
The human bond
Photo of John Nuveen
At John Nuveen & Co. Incorporated, where our tax-free municipal bonds have
helped people live their dreams for nearly 100 years, we still believe our
strongest bond is human.TM
For almost a century, John Nuveen & Company has concentrated its resources and
expertise in one area: municipal bonds. We are one of the oldest and largest
investment banking firms specializing exclusively in municipal securities, and
we strive to be the best.
Our approach to managing our shareholders' investments endures. We maintain
a sharp focus on the needs of prudent investors and their families, offer
investments of quality, and then work to make them better by seeking out
opportunity. We hold to a dedicated belief in the importance of research. And
we sustain a commitment to sound financial management through value investing.
Our hope is that by providing quality investments we may foster opportunity
for our investors. Through careful research, attention to detail, and our
philosophy of managing for long-term value, we strive to provide our
shareholders with the attractive level of income they need to achieve their
personal goals and aspirations.
These are the things that matter most, and it's why we say that, at Nuveen,
our strongest bond is human.
John Nuveen & Co. Incorporated
333 West Wacker Drive
Chicago, Illinois 60606-1286
ETF1-APR 95
