Nuveen Exchange-Traded Funds
FEBRUARY 29, 2000
SEMIANNUAL REPORT
DEPENDABLE, TAX-FREE INCOME TO HELP YOU KEEP MORE OF WHAT YOU EARN.
NCA
NCP
NCO
NQC
NVC
NUC
NAC
California
Photo of: People walking on beach.
<PAGE>
Financial Information
As of February 29, 2000
CREDIT QUALITY
Nuveen California Municipal Value Fund, Inc. (NCA)
o Dividend per share of $.0415
o Market yield on share price of 6.13%
o Taxable-equivalent yield on share
price of 9.81% *
Pie Chart:
AAA/U.S. Guaranteed 55%
AA 5%
A 6%
BBB/NR 34%
Nuveen California Performance Plus Municipal Fund, Inc. (NCP)
o Dividend per share of $.0800
o Market yield on share price of 6.45%
o Taxable-equivalent yield on share
price of 10.32% *
Pie Chart:
AAA/U.S. Guaranteed 61%
AA 9%
A 4%
BBB/NR 24%
Other 2%
Nuveen California Municipal Market Opportunity Fund, Inc. (NCO)
o Dividend per share of $.0815
o Market yield on share price of 6.49%
o Taxable-equivalent yield on share
price of 10.38% *
Pie Chart:
AAA/U.S. Guaranteed 66%
AA 3%
A 2%
BBB/NR 23%
Other 3%
Nuveen California Investment Quality Municipal Fund, Inc. (NQC)
o Dividend per share of $.0765
o Market yield on share price of 6.22%
o Taxable-equivalent yield on share
price of 9.95% *
Pie Chart:
AAA/U.S. Guaranteed 66%
AA 6%
A 9%
BBB/NR 19%
Nuveen California Select Quality Municipal Fund, Inc. (NVC)
o Dividend per share of $.0790
o Market yield on share price of 6.68%
o Taxable-equivalent yield on share
price of 10.69% *
Pie Chart:
AAA/U.S. Guaranteed 69%
AA 13%
A 12%
BBB/NR 6%
Nuveen California Quality Income Municipal Fund, Inc. (NUC)
o Dividend per share of $.0815
o Market yield on share price of 6.57%
o Taxable-equivalent yield on share
price of 10.51% *
Pie Chart:
AAA/U.S. Guaranteed 68%
AA 14%
A 12%
BBB/NR 5%
Other 1%
Nuveen California Dividend Advantage Municipal Fund (NAC)
o Dividend per share of $.0720
o Market yield on share price of 6.81%
o Taxable-equivalent yield on share
price of 10.90% *
Pie Chart:
AAA/U.S. Guaranteed 51%
AA 10%
A 16%
BBB/NR 23%
Past performance is not predictive of future results.
* For investors in the combined 37.5% federal and state income tax bracket.
CONTENTS
1 Dear Shareholder
3 Portfolio Manager's Comments
7 NCA Performance Overview
8 NCP Performance Overview
9 NCO Performance Overview
10 NQC Performance Overview
11 NVC Performance Overview
12 NUC Performance Overview
13 NAC Performance Overview
14 Shareholder Meeting Report
18 Portfolio of Investments
44 Statement of Net Assets
46 Statement of Operations
48 Statement of Changes in Net Assets
51 Notes to Financial Statements
57 Financial Highlights
60 Build Your Wealth Automatically
61 Fund Information
<PAGE>
Photo of: TIMOTHY R. SCHWERTFEGER
CHAIRMAN OF THE BOARD
Sidebar text: Wealth takes a lifetime to build. Once achieved, it should be
preserved.
Dear Shareholder
The primary objective of Nuveen Exchange- Traded Funds is to provide dependable,
attractive tax-free dividends, and I am pleased to report that your Fund
continued to achieve this goal. The portfolio manager of your Fund and I
appreciate this opportunity to review with you the investment environment and
the performance of your Nuveen Exchange-Traded Fund.
A CHALLENGING INVESTMENT ENVIRONMENT
In March 2000, the U.S. economy entered its 108th consecutive month of
expansion, the longest continuous period of economic expansion in U.S. history.
While the economy continued to be characterized by strong growth and low
inflation, equity markets grew increasingly volatile, and record low
unemployment levels sparked concerns about their potentially inflationary impact
on wages and, ultimately, consumer prices. The accelerated pace of consumer
spending, which continued to serve as the main engine powering the country's
expansion, provided the Federal Reserve with another source of inflation worry.
The federal funds rate, which sets the standard for short-term market rates, was
increased again in March and now stands at 6.00%. This latest increase by the
Fed indicates its concern that an inflationary imbalance could be triggered if
consumer demand continues to exceed growth in supply. This leaves the door open
for additional tightenings during 2000.
MUNICIPAL BOND PERFORMANCE
The Federal Reserve's continued vigilance on the inflation front and the
cumulative effect of various economic events over the past 12 months continued
to impact the fixed-income markets, including municipal bonds, in a negative
manner. As the Fed's monetary tightening prompted a rise in market yields,
municipal bond prices continued to slump.
On a more positive note, our exchange-traded municipal bond funds continued to
offer attractive, dependable income in a market that places a high premium on
yield. At the end of February 2000, long-term municipal yields, represented by
the Bond Buyer 25 Revenue Index, offered 102% of 30-year Treasury yields,
compared with the historical average of 86% for the period 1986-1999. For
investors, this meant that quality long-term municipal bonds offered higher
yields than long-term Treasury bonds, even before the tax advantages of
municipals were taken into account. Of course, Treasuries are backed by the full
faith and credit of the U.S. government. Even so, on an after-tax
<PAGE>
basis, municipal bonds continued to represent an exceptionally attractive
investment option relative to Treasuries.
During 1999, we saw the national supply of municipal bonds decline 21% from the
near-record levels of 1998. This was generally due to increasing interest rates,
which deterred municipalities from issuing new debt and removed much of the
incentive to refund existing bonds. To date in 2000, the supply of municipal
bonds has been running behind that of 1999. On the demand side, we anticipate
that individual investors interested in rebalancing their portfolios will
increasingly look to municipal bonds in the months ahead. With the outlook for
tighter supply and stronger demand, Nuveen's established market position as the
leading sponsor of exchange-traded municipal bond funds should give us excellent
access to bond offerings that have the potential to add value for our
shareholders.
A GOOD TIME TO EXAMINE PURCHASING ADDITIONAL SHARES
The flight to equities, year-end tax sell-offs, and Y2K concerns all contributed
to a decline in share price for our exchange-traded funds. Given the current
investment environment of higher interest rates, coupled with the expectation of
additional rate increases by the Fed, now could be a good opportunity to explore
purchasing additional shares of your exchange-traded fund. Your financial
adviser can serve as a valuable resource to do just that by helping you
establish a reinvestment plan that would allow you to buy more shares of your
particular fund. For more information on Nuveen's Exchange-Traded Fund
reinvestment plan, contact your financial adviser, or call Nuveen at (800)
257-8787.
Since 1898, Nuveen has been synonymous with investments that stand the test of
time. We remain committed to maintaining that reputation and finding the best
ways to serve your evolving investment needs. Thank you for your continued
confidence.
Sincerely,
TIMOTHY R. SCHWERTFEGER
/s/TIMOTHY R. SCHWERTFEGER
Chairman of the Board
April 17, 2000
Sidebar text: " With the outlook for tighter supply and stronger demand,
Nuveen's established market position as the leading sponsor of exchange-traded
municipal bond funds should give us excellent access to bond offerings that have
the potential to add value for our shareholders."
<PAGE>
Nuveen California Exchange-Traded Funds
Portfolio Manager's Comments
PORTFOLIO MANAGER BILL FITZGERALD REVIEWS THE MARKET ENVIRONMENT IN CALIFORNIA,
FUND PERFORMANCE, AND THE KEY STRATEGIES USED TO MANAGE THE NUVEEN CALIFORNIA
EXCHANGE-TRADED FUNDS. BILL, WHO JOINED NUVEEN IN 1988, ASSUMED PORTFOLIO
MANAGEMENT RESPONSIBILITY FOR NCP AND NCO IN 1991, NQC IN 1992, NUC IN 1993, NCA
AND NVC IN 1998, AND NAC AT ITS INCEPTION IN MAY 1999.
WHAT FACTORS AFFECTED CALIFORNIA'S ECONOMY OVER THE 12 MONTHS ENDED FEBRUARY 29,
2000?
Over the past 12 months, the California economy continued its steady expansion,
with healthy job growth, above-average income growth, and an improving export
environment. In 1999, jobs in the state grew by 2.8%, compared with 2.2%
nationally. Construction and services provided most of the new jobs, with growth
in the computer-related segment of the services sector, including software
design, reaching more than 17%. This resulted in extremely tight labor markets,
especially in California's major metropolitan areas. As of February 29, 2000,
unemployment in the state reached 4.6%, down from 5.5% at the end of February
1999 but still behind the national average of 4.1%. Between 1990 and 1999, job
growth in California outpaced the construction of new housing units, with five
jobs created for every three new housing units built statewide. In areas such as
San Francisco, San Diego, and Orange County, the ratio was even higher. The
resulting housing shortage spiked a dramatic increase in housing prices
throughout the state during the decade.
In 1999, high wages in the computer industry, combined with stock market and
real estate profits, boosted California's personal income growth to almost 8%,
ahead of the national average of 6%. This level of growth helped to attract
qualified workers to the state, which in turn helped to offset tight job
markets. Contributing to California's economic growth over the past year was the
improving situation in world markets. Mexico, Canada, and Japan served as the
state's largest trading partners, providing markets for about 40% of the state's
total exports.
From a revenue perspective, the state enjoyed its best year ever. Quarterly
estimated tax payments in December 1999 were almost 40% ahead of 1998 levels,
leading to expectations that final tax payments in April 2000 would also be far
above average. The state's economic prosperity helped to create a 1999/2000
budget surplus, or reserve fund balance, that was originally projected to be
$1.2 billion, but now is expected to exceed $5 billion. California's exceptional
economic performance over the past 12 months led Fitch IBCA to upgrade its
rating of California's general obligation bonds to AA from AA- in February 2000.
Ratings by the two other major agencies, Standard & Poor's and Moody's Investor
Service, remained at AA- and Aa3, respectively.
HOW DID THESE EVENTS IMPACT THE MUNICIPAL MARKET IN CALIFORNIA?
In 1999, new municipal issuance in California dropped 21.6% from 1998 levels,
paralleling the 21.1% decline in national supply for the same period. Supply in
the state during the second half of 1999 was down slightly from that of the
first half of the year, as the rising interest rate environment deterred some
municipalities from issuing new bonds or refinancing old debt. Overall, the
decline in supply during 1999 helped to offset some of the negative impact that
higher interest rates and equity market activity had on the demand for municipal
bonds. In California, demand for municipal paper remained stronger than in other
states due in part to the state's high taxes. As a result, new California
offerings were met with steady interest by both institutional and individual
investors.
In February 2000, the state issued $500 million in general obligation bonds, and
plans call for the sale of an additional $500 million in April. California
voters recently approved $4.5 billion of new state general obligation bonds to
fund park, water, and library improvements and home loans for military veterans;
these bonds will be issued over several years, as projects near start dates.
Even with the new bonds, California's debt ratio remained about 4%, and the
state's strong revenue growth is expected to offset higher debt payments.
HOW WERE THE CALIFORNIA FUNDS' DIVIDENDS AFFECTED BY THIS ENVIRONMENT?
During the past year, good call protection helped to support the dividends of
NCA, NVC, NUC, and NAC and shield the income of these Funds from erosion. As of
February 29, 2000, NAC had provided shareholders with steady dividends since its
first dividend payment in July 1999, while NCA and NVC had offered 20 and 22
consecutive months, respectively, of stable dividends. NUC has provided steady
or increasing dividends for a period of 97 consecutive months. However, the
eroding effect
<PAGE>
of a small number of bond calls that removed some higher-yielding bonds from the
portfolios of NCP, NCO, and NQC led to dividend cuts in these three funds in
December 1999. Despite these adjustments, all of the Nuveen California Funds
continued to provide competitive market yields that ranged from 6.13% to 6.81%,
as shown in the accompanying table.
With the exception of the unleveraged NCA, the Nuveen California Funds are
leveraged, which means they issue MuniPreferred shares that pay short-term
interest rates to investors seeking short-term liquidity. Short-term municipal
rates are usually, but not always, lower than long-term rates. The proceeds from
these preferred shares are used to buy additional long-term bonds for the Funds'
portfolios. When short-term interest rates remain below long-term rates, common
shareholders can potentially earn extra net income from the difference between
the rate earned on a fund's long-term portfolio and the short-term rate paid to
preferred shareholders. While the use of leverage can increase the volatility of
a fund's net asset value (NAV), thereby adding higher risk than that associated
with non-leveraged funds, the leveraged fund is usually compensated for this
additional risk in the form of higher yields.
OVERALL, HOW DID THE NUVEEN CALIFORNIA FUNDS PERFORM OVER THE PAST YEAR?
For the 12 months ended February 29, 2000, the Nuveen California Funds produced
total returns on NAV as shown in the accompanying table. For comparison
purposes, the annual returns for the Funds' benchmark - the Lehman Brothers
California Tax-Exempt Bond Index1 - and the Funds' Lipper Peer Group2 are also
presented.
In recognition of their risk-adjusted performance, the Nuveen California Funds,
with the exception of NAC, which hasn't been out long enough to be rated, were
all awarded a Morningstar3 rating of 4 stars, representing the Funds' overall
rating among 190 closed-end municipal bond funds as of February 29, 2000. NCO
and NQC received 3 stars and NCA, NCP, NVC, and NUC received 4 stars for the
three-year period, representing the Funds' ratings among 190 closed-end
municipal bond funds. All of the funds received 4 stars for the five-year period
and were rated among 190 closed-end municipal bond funds for that period, ended
February 29, 2000. NCA received 4 stars and NCP received 3 stars for the
ten-year period. The top 10% of the funds in a broad asset class receive 5
stars, the next 22.5% receive 4 stars, and the next 35% receive 3 stars. The
funds were rated among 190 closed-end municipal bonds for the three- and
five-year periods and 38 closed-end municipal bond funds for the 10-year period.
LEHMAN
TOTAL LIPPER
MARKET YIELD TOTAL RETURN ON NAV RETURN1 AVERAGE2
------------------------------------------------------------------
1-Year 1-Year 1-Year
Taxable- Ended Taxable- Ended Ended
2/29/00 Equivalent4 2/29/00 Equivalent4 2/29/00 2/29/00
-------- ---------- -------- ---------- -------- --------
NCA 6.13% 9.81% -5.14% -2.17% -2.44% -6.85%
-------- -------- -------- -------- -------- --------
NCP 6.45% 10.32% -5.05% -1.21% -2.44% -6.85%
-------- -------- -------- -------- -------- --------
NCO 6.49% 10.38% -6.40% -2.57% -2.44% -6.85%
-------- -------- -------- -------- -------- --------
NQC 6.22% 9.95% -6.37% -2.72% -2.44% -6.85%
-------- -------- -------- -------- -------- --------
NVC 6.68% 10.69% -5.15% -1.46% -2.44% -6.85%
-------- -------- -------- -------- -------- --------
NUC 6.57% 10.51% -4.62% -0.92% -2.44% -6.85%
-------- -------- -------- -------- -------- --------
NAC 6.81% 10.90% -10.69%* -8.23%* -2.44% -6.85%
-------- -------- -------- -------- -------- --------
* Total return since inception in May 1999. Past performance is not
predictive of future results.
For additional information on your Fund, see its individual Performance
Overview in this report.
The underperformance of the Funds' total returns on NAV relative to their Lehman
benchmark can be attributed largely to the Funds' durations5. As of February 29,
2000, the durations of all the California Funds covered in this report were
longer than the Lehman Brothers California Tax-Exempt Bond Index's 8.16. NCA,
which is unleveraged, had an average duration of 10.18, while the durations of
the older leveraged California Funds ranged from 11.18 to 12.20. NAC's duration
was 20.04, which we believe is typical of a newly established exchange-traded
fund. We continue to work toward our long-term goal of reducing the interest
rate risk in NAC's portfolio, making changes slowly in an effort to lessen any
impact on the Fund's dividend. Over the six months since our last report, NAC's
duration was shortened from 20.59.
Duration measures a bond fund's price volatility, or reaction to interest rate
movements. The longer the duration, the more sensitive the fund's NAV is to
changes in interest rates. During a period of falling interest rates, a long
duration enables a fund's NAV to participate more fully in market gains.
However, when interest rates rise (and bond values correspondingly fall), a long
duration can make the fund's NAV more vulnerable to price declines. Over the 12
months ended February 2000, the yield on the Bond Buyer 25 Revenue Bond Index6
rose from 5.29% to 6.27%. This meant that funds with longer durations, like the
Nuveen California Funds, were more likely to underperform the market, as
represented by the unleveraged Lehman index.
Over the past 12 months, the durations of the California Funds, with the
exception of NAC, lengthened, due largely to market action. In addition,
proceeds from sold or called bonds were reinvested in issues with longer
durations, which benefited the Funds by providing attractive yields and better
call protection. The longer durations should help position the California Funds
to regain net asset value if the bond market recovers and interest rates
decline.
1 The performance of the Nuveen California Funds is compared with that of the
Lehman Brothers California Tax-Exempt Bond Index, an unleveraged index
comprising a broad range of investment-grade California municipal bonds.
Results for the index do not reflect any expenses.
2 The total returns for the Nuveen California Funds are compared with the
average annualized return of the 18 funds in the Lipper California
Municipal Debt Funds category. Fund and Lipper returns assume reinvestment
of dividends.
3 Morningstar proprietary ratings reflect historical risk-adjusted
performance as of February 29, 2000. The ratings are subject to change
every month. Past performance is no guarantee of future results.
Morningstar ratings are calculated from the fund's three-, five-, and
10-year average annual returns (if applicable) in excess of 90-day Treasury
bill returns with appropriate fee adjustments, and a risk factor that
reflects fund performance below 90-day T-bill returns. NCO and NQC received
3 stars and NCA, NCP, NVC, and NUC received four stars for the three-year
period. All of the funds received four stars for the five-year period. NCA
received 4 stars and NCP received 3 stars for the ten-year period. The top
10% of the funds in a broad asset class receive 5 stars, the next 22.5%
receive 4 stars, and the next 35% receive 3 stars. The funds were rated
among 190 closed-end municipal bonds for the three- and five-year periods
and 38 closed-end municipal bond funds for the 10-year period.
4 The taxable-equivalent yield/total return represents the yield/total return
that must be earned on a taxable investment in order to equal the
yield/total return of the Nuveen fund on an after-tax basis. The
taxable-equivalent yield is based on the fund's current market yield and a
combined federal and state income tax rate of 37.5%, while the
taxable-equivalent total return is based on the annualized total return and
the 37.5% combined federal and state income tax rate.
5 Fund duration, also known as leverage-adjusted duration, takes into account
the leveraging process for the funds and therefore differs from the
duration of the actual portfolio of individual bonds that make up the
funds. With the exception of NCA, which is unleveraged, references to
duration in this commentary are intended to indicate fund duration unless
otherwise noted.
6 The Bond Buyer 25 Revenue Bond Index is an unmanaged index of long-term
municipal revenue bonds.
<PAGE>
WHAT ABOUT THE FUNDS' SHARE PRICE PERFORMANCE?
During the past 12 months, rising interest rates, inflation worries, and
constant speculation about the Federal Reserve's next move created a negative
environment in the fixed-income markets. In addition, concerns about the impact
of the transition to the year 2000 precipitated an early start to 1999's
tax-swap season, as investors attempted to offset profits in the equity markets
by selling fixed-income investments at a loss. The liquidity concerns engendered
by Y2K also prompted some investors with cash to opt for money market funds and
other short-term instruments rather than long-term fixed-income investments over
the year end.
All of these factors negatively impacted the market demand for exchange-traded
funds, including the Nuveen California Funds. This resulted in declines in the
Funds' share prices from their positions as of February 28, 1999. The following
chart illustrates the Funds' share price and NAV activity over the past 12
months.
<TABLE>
<CAPTION>
2/28/99 5/31/99 8/31/99 11/30/99 2/29/00
------- ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C>
NCA Share Price $10 $9 7/16 $9 1/4 $8 1/4 $8 1/8
------ ------ ------ ----- ------
NAV $10.32 $10.17 $9.73 $9.47 $9.30
------ ------ ------ ------ ------
NCP Share Price $17 5/16 $16 9/16 $16 15/16 $14 15/16 $14 7/8
------ ------ ------ ------ ------
NAV $15.86 $15.57 $14.85 $14.41 $14.10
------- ------ ------ ------ ------
NCO Share Price $17 9/16 $16 5/8 $16 7/8 $15 5/16 $15 1/16
------- ------ ------ ------ ------
NAV $16.24 $15.89 $15.06 $14.55 $14.22
------- ------ ------ ------ ------
NQC Share Price $16 15/16 $15 13/16 $16 3/16 $14 1/2 $14 3/4
------- ------ ------ ------ ------
NAV $15.96 $15.61 $14.83 $14.32 $14.02
------- ------ ------ ------ ------
NVC Share Price $16 11/16 $15 3/4 $16 1/16 $14 1/16 $14 3/16
------- ------ ------ ------ ------
NAV $15.86 $15.53 $14.80 $14.34 $14.11
------- ------ ------ ------ ------
NUC Share Price $17 5/16 $16 3/8 $16 5/8 $14 7/8 $14 7/8
------- ------ ------ ------ ------
NAV $16.33 $15.96 $15.28 $14.85 $14.61
------- ------ ------ ------ ------
NAC Share Price NA $15 3/16 $15 $12 1/2 $12 11/16
------- ------ ------ ------ ------
NAV NA $14.31 $13.33 $12.59 $12.22
------- ------ ------ ------ ------
</TABLE>
Since the prevailing interest rate environment in February 2000 was higher than
that of a year earlier, the Funds' NAVs also declined, as bond prices fell while
interest rates rose. Consequently, five of the Funds - NCP, NCO, NQC, NVC, and
NUC - saw their premiums (share price above NAV) narrow, while the discount
(share price below NAV) on NCA widened over the past 12 months. NAC, which was
trading at a premium of 12.53% six months ago (August 31, 1999), also saw its
premium narrow. The fact that the leveraged California Funds continued to trade
at premiums despite the negative fixed-income environment demonstrates the
California market's demand for the dependable tax-free dividends provided by
these actively managed long-term municipal bond funds.
TOTAL RETURN ON SHARE PRICE PREMIUM/DISCOUNT7
---------------------------------------------------
1-Year Ended Taxable-
2/29/00 Equivalent4 2/28/99 2/29/00
--------- --------- --------- ---------
NCA -14.09% -11.03% -3.10% -12.63%
--------- --------- --------- ---------
NCP -8.57% -5.05% 9.16% 5.50%
--------- --------- --------- ---------
NCO -8.75% -5.22% 8.14% 5.92%
--------- --------- --------- ---------
NQC -7.38% -3.95% 6.12% 5.21%
--------- --------- --------- ---------
NVC -9.53% -6.02% 5.22% 0.55%
--------- --------- --------- ---------
NUC -8.60% -5.12% 6.02% 1.81%
--------- --------- --------- ---------
NAC -11.68%* -9.34%* NA 3.83%
--------- --------- --------- ---------
* Total return since inception in May 1999.
WHAT KEY STRATEGIES WERE USED TO MANAGE THE NUVEEN CALIFORNIA FUNDS DURING THE
12-MONTH PERIOD ENDED FEBRUARY 29, 2000?
The past 12 months represented a difficult period for fixed-income investments,
including long-term municipal bond funds such as the Nuveen California Funds.
However, it also provided opportunities to enhance the Funds' structure through
active trading, with the goal of positioning the Funds to participate in any
potential recovery of the bond market in the future. During the past year, we
focused on trying to take advantage of such opportunities while continuing to
manage the Funds toward their primary objective of providing dependable tax-free
dividends.
In order to take advantage of the opportunities we saw in the market, we sold a
substantial number of bonds that were due to be called within the next 12 months
and reinvested the proceeds in bonds with the potential to benefit the Funds
through enhanced structure and improved call protection. As interest rates rose
and bond prices declined over the past eight months, active trading also gave us
the opportunity to enhance the Funds' tax efficiency. This strategy consists of
selling selected bonds that are trading at a loss, realizing the capital losses,
and then rolling the proceeds into bonds with similar structure and quality as
well as attractive yields and better call protection. This not only gave us
realized capital losses with which to offset current and future realized capital
gains, thereby protecting shareholders from additional taxes, but also, in most
cases, increased the net earnings of the Funds. If current market conditions
persist, we may continue to focus on implementing this strategy.
Among the bonds we selected for reinvestment of sale proceeds were $80 million
in new California general obligation bonds from the $500 million offering
brought to market in February 2000. These purchases represented a unique
opportunity to restructure the Funds' portfolios with bonds offering 10 years of
call protection. With improved credit ratings and a high degree of liquidity,
California state paper has been gaining in market acceptance, and we anticipate
that these bonds should trade well in comparison to the rest of the California
market.
4 The taxable-equivalent total return represents the total return that must
be earned on a taxable investment in order to equal the total return of the
Nuveen fund on an after-tax basis. It is based on the annualized total
return and the 37.5% combined federal and state income tax rate.
7 A fund's premium/discount represents the percentage difference between the
fund's share price and its NAV.
<PAGE>
We also invested in several different types of issues that we believe
represented the best value in the marketplace at the time of purchase, including
healthcare bonds and multifamily housing bonds issued and backed by real estate
investment trusts (REITs). In the healthcare sector, which has been beset by
concerns about deregulation and profitability, we identified a few significant
healthcare providers that we believe should perform well. Two of these are
Catholic Healthcare West, which is rated Baa1/BBB+, and Cedars-Sinai Medical
Center, rated A2, which was one of the top performing bonds in the California
market over the past 12 months.
In the housing sector, we purchased REIT-backed bonds issued for Irvine
Apartment Communities, Archstone Communities Trust, and Equity Residential
Properties. Because these REITs own properties that provide housing for low and
moderate income families, they are able to borrow money in the tax-exempt
market. This can benefit investors that want to participate in the multifamily
housing sector by providing bonds backed by the income from a diversified
portfolio of properties, rather than a single property. In addition, these REITs
generally own property in markets with significant barriers to entry (e.g.,
scarcity of land, high property prices, arduous permit processes), giving them a
more competitive position. Another feature of these bonds is what is known as a
mandatory put, which means that the REIT must repurchase the bonds within a
specified period of time (usually 8-13 years). That gave these bonds shorter
durations, which enabled them to outperform the market as interest rates rose
during recent months.
Additional purchases in most of the California Funds included bonds issued by
two major toll road projects: the Foothill/Eastern Transportation Corridor
Agency, another of the top performing bonds over the past year, and - in NAC -
the Alameda Corridor Transportation Authority. Through the use of secondary
market arbitrage (i.e., buying uninsured bonds and insuring them in the
secondary market before placing them in the portfolio), the purchase of the
Foothill/Eastern bonds allowed us to pick up 10 basis points of incremental
yield. NCP and NCO also benefited from holdings of bonds issued by the
California Pollution Control Financing Authority for the CanFibre project, which
increased in value despite the decline in the bond market. Once the CanFibre
project was completed and began operation in May 1999, the construction risk -
and the yield intended to compensate investors for assuming this risk -
declined, driving up the price of these bonds.
As discussed earlier, the fixed-income markets of the past 12 months provided
several opportunities to extend the call protection of the Nuveen California
Funds. NCA, NUC, and NAC currently offer good levels of protection, with 11%,
15%, and 2%, respectively, of their portfolios subject to calls in 2000 and
2001. This should provide additional protection and stability for these Funds'
dividends over this period. The remaining four funds, which were launched
between November 1989 and May 1991, have now entered the normal part of the bond
market cycle when the likelihood of bond calls increases. Ten years after the
original issue date, issuers typically have their first opportunity to call, or
redeem, outstanding bonds. Calls are more likely to occur if current interest
rates are more favorable to the issuer than the rates that prevailed when the
bonds were first issued. NCP has 22% of its portfolio subject to calls between
now and the end of 2001. NCO has 25% of its portfolio subject to calls over the
same time period, while 14% of NQC's portfolio is callable in 2000 and 21% in
2001. For NVC, the largest exposure to calls occurs in 2001, when 34% of the
Fund's portfolio is callable.
Market conditions over the next 12 months will determine how we work through
these calls. Generally, we plan to hold the bonds as long as possible to
maximize income. If market conditions remain the same, we could also have
opportunities to sell some bonds before their call dates and reinvest the
proceeds in higher yielding bonds. This should help the Funds continue to
provide competitive levels of dividends for shareholders.
As of February 29, 2000, all of the Nuveen California Funds offered excellent
credit quality, with the portion of the Funds' assets invested in bonds rated
AAA/U.S. guaranteed and AA ranging from 60% in NCA to 82% in both NVC and NUC.
With the exception of NVC and NUC, the California Funds also held substantial
allocations of BBB and non-rated bonds, ranging from 19% to 34%. These
lower-rated bonds generally provided enhanced levels of yield, especially as
credit spreads (or the difference in yield between higher credit quality
securities and those of lower credit quality) widened over the past 12 months.
WHAT IS NUVEEN'S OUTLOOK FOR THE CALIFORNIA FUNDS?
In the months ahead, we plan to focus on enhancing the Funds' call protection by
taking advantage of the higher interest rate environment to sell bonds with
shorter call dates and replacing those issues with bonds that extend the
portfolios' protection. Another strategy we plan to pursue involves selling
REIT-backed bonds as they begin to appreciate and reinvesting the proceeds in
bonds with longer maturities. We may also look at selling some non-rated
Mello-Roos issues in the retail market in order to purchase similar bonds
offering higher yields. If current market conditions persist, our strategies
will continue to include efforts to enhance the tax efficiency and
dividend-paying capabilities of the Funds. Nuveen Research will continue to play
a key role in helping us explore opportunities in all areas of the market that
can add value for our shareholders.
<PAGE>
Nuveen California Municipal Value Fund, Inc.
Performance Overview
As of February 29, 2000
NCA
PORTFOLIO STATISTICS
Inception Date 10/87
- -------------------------------------------------------
Share Price $8 1/8
- -------------------------------------------------------
Net Asset Value $9.30
- -------------------------------------------------------
Market Yield 6.13%
- -------------------------------------------------------
Taxable-Equivalent Yield
(Federal Income Tax Rate)1 8.88%
- -------------------------------------------------------
Taxable-Equivalent Yield
(Federal and State Income Tax Rate)1 9.81%
- -------------------------------------------------------
Fund Net Assets ($000) $234,668
- -------------------------------------------------------
Average Effective Maturity (Years) 18.97
- -------------------------------------------------------
Average Duration 10.18
- -------------------------------------------------------
ANNUALIZED TOTAL RETURN
ON SHARE PRICE ON NAV
- -------------------------------------------------------
1-Year -14.09% -5.14%
- -------------------------------------------------------
5-Year 1.55% 4.43%
- -------------------------------------------------------
10-Year 4.10% 5.70%
- -------------------------------------------------------
TAXABLE-EQUIVALENT TOTAL RETURN2
ON SHARE PRICE ON NAV
- -------------------------------------------------------
1-Year -11.03% -2.17%
- -------------------------------------------------------
5-Year 4.98% 7.83%
- -------------------------------------------------------
10-Year 7.70% 9.38%
- -------------------------------------------------------
TOP FIVE SECTORS (AS A % OF TOTAL INVESTMENTS)
Tax Obligation/Limited 32%
- -------------------------------------------------------
U.S. Guaranteed 20%
- -------------------------------------------------------
Transportation 10%
- -------------------------------------------------------
Housing/Multifamily 8%
- -------------------------------------------------------
Healthcare 7%
- -------------------------------------------------------
BAR CHART:
1999-2000 MONTHLY TAX-FREE DIVIDENDS PER SHARE3
3/99 0.0415
4/99 0.0415
5/99 0.0415
6/99 0.0415
7/99 0.0415
8/99 0.0415
9/99 0.0415
10/99 0.0415
11/99 0.0415
12/99 0.0415
1/00 0.0415
2/00 0.0415
LINE CHART:
SHARE PRICE PERFORMANCE
3/5/99 9.94
9.88
9.88
9.94
10
9.94
10.13
10.06
10
9.5
9.44
9.44
9.38
9.38
9.69
9.75
9.81
9.81
9.69
9.81
9.69
9.75
8.94
9.13
9.19
9.31
8.75
8.69
8.88
8.75
8.5
8.44
8.38
8.56
8.31
8.38
8.19
8.19
7.69
7.81
7.88
8
7.81
7.75
7.75
8.25
8.38
8.25
8.06
2/29/00 8.125
Weekly Closing Price
Past performance is not predictive of future results.
1 Taxable-equivalent yield represents the yield on a taxable investment
necessary to equal the yield of the Nuveen fund on an after-tax basis. The
federal only rate is based on the current market yield and a federal income
tax rate of 31%. The rate shown for federal and state highlights the added
value of owning shares that are also exempt from state income taxes. It is
based on a combined federal and state income tax rate of 37.5%.
2 Taxable-equivalent total return is based on the annualized total return and
a combined federal and state income tax rate of 37.5%. It represents the
return on a taxable investment necessary to equal the return of the Nuveen
fund on an after-tax basis.
3 The Fund also paid shareholders capital gains distributions in December of
$0.0016 per share.
<PAGE>
Nuveen California Performance Plus Municipal Fund, Inc.
Performance Overview
As of February 29, 2000
NCP
PORTFOLIO STATISTICS
Inception Date 11/89
- ------------------------------------------------------
Share Price $14 7/8
- ------------------------------------------------------
Net Asset Value $14.10
- ------------------------------------------------------
Market Yield 6.45%
- ------------------------------------------------------
Taxable-Equivalent Yield
(Federal Income Tax Rate)1 9.35%
- ------------------------------------------------------
Taxable-Equivalent Yield
(Federal and State Income Tax Rate)1 10.32%
- ------------------------------------------------------
Fund Net Assets ($000) $286,230
- ------------------------------------------------------
Average Effective Maturity (Years) 15.54
- ------------------------------------------------------
Leverage-Adjusted Duration 12.05
- ------------------------------------------------------
ANNUALIZED TOTAL RETURN
ON SHARE PRICE ON NAV
- ------------------------------------------------------
1-Year -8.57% -5.05%
- ------------------------------------------------------
5-Year 6.87% 5.43%
- ------------------------------------------------------
10-Year 7.28% 7.09%
- ------------------------------------------------------
TAXABLE-EQUIVALENT TOTAL RETURN2
ON SHARE PRICE ON NAV
- ------------------------------------------------------
1-Year -5.05% -1.21%
- ------------------------------------------------------
5-Year 10.74% 9.46%
- ------------------------------------------------------
10-Year 11.35% 11.28%
- ------------------------------------------------------
TOP FIVE SECTORS (AS A % OF TOTAL INVESTMENTS)
U.S. Guaranteed 31%
- ------------------------------------------------------
Tax Obligation/Limited 17%
- ------------------------------------------------------
Transportation 13%
- ------------------------------------------------------
Utilities 12%
- ------------------------------------------------------
Water and Sewer 11%
- ------------------------------------------------------
BAR CHART:
1999-2000 MONTHLY TAX-FREE DIVIDENDS PER SHARE
3/99 0.083
4/99 0.083
5/99 0.083
6/99 0.083
7/99 0.083
8/99 0.083
9/99 0.083
10/99 0.083
11/99 0.083
12/99 0.08
1/00 0.08
2/00 0.08
LINE CHART:
SHARE PRICE PERFORMANCE
3/5/99 17.5
17.63
17.63
17.81
17.94
17.5
17.69
17.56
17.56
17.13
16.69
16.56
16.69
16.69
16.88
16.81
17.06
17.06
17.06
17.13
17.13
17.31
16.88
16.88
17
16.94
16.88
16.5
16.63
16.38
16.25
16
15.63
15.63
15.19
15.25
14.88
14.25
13.63
13.31
13.19
13.5
13.19
13.19
13.94
14.56
14.44
14.75
14.81
2/29/00 14.875
Weekly Closing Price
Past performance is not predictive of future results.
1 Taxable-equivalent yield represents the yield on a taxable investment
necessary to equal the yield of the Nuveen fund on an after-tax basis. The
federal only rate is based on the current market yield and a federal income
tax rate of 31%. The rate shown for federal and state highlights the added
value of owning shares that are also exempt from state income taxes. It is
based on a combined federal and state income tax rate of 37.5%.
2 Taxable-equivalent total return is based on the annualized total return and
a combined federal and state income tax rate of 37.5%. It represents the
return on a taxable investment necessary to equal the return of the Nuveen
fund on an after-tax basis.
<PAGE>
Nuveen California Municipal Market Opportunity Fund, Inc.
Performance Overview
As of February 29, 2000
NCO
PORTFOLIO STATISTICS
Inception Date 5/90
- ------------------------------------------------------
Share Price $15 1/16
- ------------------------------------------------------
Net Asset Value $14.22
- ------------------------------------------------------
Market Yield 6.49%
- ------------------------------------------------------
Taxable-Equivalent Yield
(Federal Income Tax Rate)1 9.41%
- ------------------------------------------------------
Taxable-Equivalent Yield
(Federal and State Income Tax Rate)1 10.38%
- ------------------------------------------------------
Fund Net Assets ($000) $182,438
- ------------------------------------------------------
Average Effective Maturity (Years) 16.72
- ------------------------------------------------------
Leverage-Adjusted Duration 12.20
- ------------------------------------------------------
ANNUALIZED TOTAL RETURN
ON SHARE PRICE ON NAV
- ------------------------------------------------------
1-Year -8.75% -6.40%
- ------------------------------------------------------
5-Year 6.64% 5.44%
- ------------------------------------------------------
Since Inception 6.68% 7.00%
- ------------------------------------------------------
TAXABLE-EQUIVALENT TOTAL RETURN2
ON SHARE PRICE ON NAV
- ------------------------------------------------------
1-Year -5.22% -2.57%
- ------------------------------------------------------
5-Year 10.48% 9.38%
- ------------------------------------------------------
Since Inception 10.61% 11.05%
- ------------------------------------------------------
TOP FIVE SECTORS (AS A % OF TOTAL INVESTMENTS)
U.S. Guaranteed 29%
- ------------------------------------------------------
Tax Obligation/Limited 24%
- ------------------------------------------------------
Utilities 12%
- ------------------------------------------------------
Water and Sewer 10%
- ------------------------------------------------------
Healthcare 8%
- ------------------------------------------------------
BAR CHART:
1999-2000 Monthly Tax-Free Dividends Per Share
3/99 0.0845
4/99 0.0845
5/99 0.0845
6/99 0.0845
7/99 0.0845
8/99 0.0845
9/99 0.0845
10/99 0.0845
11/99 0.0845
12/99 0.0815
1/00 0.0815
2/00 0.0815
LINE CHART:
SHARE PRICE PERFORMANCE
3/5/99 17.75
18.13
18.13
18.19
18.19
17.94
18.06
17.94
17.5
17.06
16.75
16.63
16.81
16.56
17.13
17.19
17.38
17.44
17.38
17.38
17.38
17.5
17.19
16.94
17.13
17.13
16.75
16.63
16.69
16.69
16.25
16
16.19
16.19
15.75
15.69
15.44
14.5
14
13.44
13.56
13.63
13.56
13.63
14.5
14.75
14.63
14.75
14.94
2/29/00 15.0625
Weekly Closing Price
Past performance is not predictive of future results.
1 Taxable-equivalent yield represents the yield on a taxable investment
necessary to equal the yield of the Nuveen fund on an after-tax basis. The
federal only rate is based on the current market yield and a federal income
tax rate of 31%. The rate shown for federal and state highlights the added
value of owning shares that are also exempt from state income taxes. It is
based on a combined federal and state income tax rate of 37.5%.
2 Taxable-equivalent total return is based on the annualized total return and
a combined federal and state income tax rate of 37.5%. It represents the
return on a taxable investment necessary to equal the return of the Nuveen
fund on an after-tax basis.
<PAGE>
Nuveen California Investment Quality Municipal Fund, Inc.
Performance Overview
As of February 29, 2000
NQC
PORTFOLIO STATISTICS
Inception Date 11/90
- ------------------------------------------------------
Share Price $14 3/4
- ------------------------------------------------------
Net Asset Value $14.02
- ------------------------------------------------------
Market Yield 6.22%
- ------------------------------------------------------
Taxable-Equivalent Yield
(Federal Income Tax Rate)1 9.01%
- ------------------------------------------------------
Taxable-Equivalent Yield
(Federal and State Income Tax Rate)1 9.95%
- ------------------------------------------------------
Fund Net Assets ($000) $299,929
- ------------------------------------------------------
Average Effective Maturity (Years) 15.40
- ------------------------------------------------------
Leverage-Adjusted Duration 11.51
- ------------------------------------------------------
ANNUALIZED TOTAL RETURN
On Share Price On NAV
- ------------------------------------------------------
1-Year -7.38% -6.37%
- ------------------------------------------------------
5-Year 6.00% 5.03%
- ------------------------------------------------------
Since Inception 6.37% 6.76%
- ------------------------------------------------------
TAXABLE-EQUIVALENT TOTAL RETURN2
On Share Price On NAV
- ------------------------------------------------------
1-Year -3.95% -2.72%
- ------------------------------------------------------
5-Year 9.75% 8.92%
- ------------------------------------------------------
Since Inception 10.29% 10.77%
- ------------------------------------------------------
TOP FIVE SECTORS (AS A % OF TOTAL INVESTMENTS)
U.S. Guaranteed 33%
- ------------------------------------------------------
Transportation 16%
- ------------------------------------------------------
Tax Obligation/Limited 13%
- ------------------------------------------------------
Healthcare 10%
- ------------------------------------------------------
Tax Obligation/General 6%
- ------------------------------------------------------
BAR CHART:
1999-2000 Monthly Tax-Free Dividends Per Share
3/99 0.0795
4/99 0.0795
5/99 0.0795
6/99 0.0795
7/99 0.0795
8/99 0.0795
9/99 0.0795
10/99 0.0795
11/99 0.0795
12/99 0.0765
1/00 0.0765
2/00 0.0765
LINE CHART:
SHARE PRICE PERFORMANCE
3/5/99 16.69
17.13
17.19
17.13
16.94
16.81
16.75
16.88
16.63
16.25
15.88
15.81
16.19
16.06
16.44
16.31
16.44
16.44
16.5
16.69
16.94
16.31
16.19
16.13
16.13
16.19
15.81
15.38
15.5
15.38
14.88
14.69
14.94
15
14.69
14.38
14.38
13.31
13.19
12.75
12.81
12.94
13.19
13.13
13.25
13.94
14.19
14.25
14.56
2/29/00 14.75
Weekly Closing Price
Past performance is not predictive of future results.
1 Taxable-equivalent yield represents the yield on a taxable investment
necessary to equal the yield of the Nuveen fund on an after-tax basis. The
federal only rate is based on the current market yield and a federal income
tax rate of 31%. The rate shown for federal and state highlights the added
value of owning shares that are also exempt from state income taxes. It is
based on a combined federal and state income tax rate of 37.5%.
2 Taxable-equivalent total return is based on the annualized total return and
a combined federal and state income tax rate of 37.5%. It represents the
return on a taxable investment necessary to equal the return of the Nuveen
fund on an after-tax basis.
<PAGE>
Nuveen California Select Quality Municipal Fund, Inc.
Performance Overview
As of February 29, 2000
NVC
PORTFOLIO STATISTICS
Inception Date 5/91
- ------------------------------------------------------
Share Price $14 3/16
- ------------------------------------------------------
Net Asset Value $14.11
- ------------------------------------------------------
Market Yield 6.68%
- ------------------------------------------------------
Taxable-Equivalent Yield
(Federal Income Tax Rate)1 9.68%
- ------------------------------------------------------
Taxable-Equivalent Yield
(Federal and State Income Tax Rate)1 10.69%
- ------------------------------------------------------
Fund Net Assets ($000) $514,187
- ------------------------------------------------------
Average Effective Maturity (Years) 16.24
- ------------------------------------------------------
Leverage-Adjusted Duration 11.44
- ------------------------------------------------------
ANNUALIZED TOTAL RETURN
ON SHARE PRICE ON NAV
- ------------------------------------------------------
1-Year -9.53% -5.15%
- ------------------------------------------------------
5-Year 6.81% 5.80%
- ------------------------------------------------------
Since Inception 6.09% 6.90%
- ------------------------------------------------------
TAXABLE-EQUIVALENT TOTAL RETURN2
ON SHARE PRICE ON NAV
- ------------------------------------------------------
1-Year -6.02% -1.46%
- ------------------------------------------------------
5-Year 10.63% 9.67%
- ------------------------------------------------------
Since Inception 9.97% 10.81%
- ------------------------------------------------------
TOP FIVE SECTORS (AS A % OF TOTAL INVESTMENTS)
U.S. Guaranteed 34%
- ------------------------------------------------------
Tax Obligation/Limited 16%
- ------------------------------------------------------
Healthcare 11%
- ------------------------------------------------------
Utilities 8%
- ------------------------------------------------------
Tax Obligation/General 8%
- ------------------------------------------------------
BAR CHART:
1999-2000 MONTHLY TAX-FREE DIVIDENDS PER SHARE
3/99 0.079
4/99 0.079
5/99 0.079
6/99 0.079
7/99 0.079
8/99 0.079
9/99 0.079
10/99 0.079
11/99 0.079
12/99 0.079
1/00 0.079
2/00 0.079
LINE CHART:
SHARE PRICE PERFORMANCE
3/5/99 16.88
17
17.06
17.19
17
16.63
16.63
16.69
16.31
15.75
15.63
15.75
16
15.63
16.31
16.31
16.31
16.31
16.44
16.56
16.5
16.44
16
16.13
16.19
16.38
16.06
15.94
16
15.56
15
14.75
14.81
14.81
14.75
14.69
14.19
13.75
12.88
12.75
13.13
13.5
12.94
12.94
13.81
14.5
14.5
14.13
14.19
2/29/00 14.1875
Weekly Closing Price
Past performance is not predictive of future results.
1 Taxable-equivalent yield represents the yield on a taxable investment
necessary to equal the yield of the Nuveen fund on an after-tax basis. The
federal only rate is based on the current market yield and a federal income
tax rate of 31%. The rate shown for federal and state highlights the added
value of owning shares that are also exempt from state income taxes. It is
based on a combined federal and state income tax rate of 37.5%.
2 Taxable-equivalent total return is based on the annualized total return and
a combined federal and state income tax rate of 37.5%. It represents the
return on a taxable investment necessary to equal the return of the Nuveen
fund on an after-tax basis.
<PAGE>
Nuveen California Quality Income Municipal Fund, Inc.
Performance Overview
As of February 29, 2000
NUC
PORTFOLIO STATISTICS
Inception Date 11/91
- ------------------------------------------------------
Share Price $14 7/8
- ------------------------------------------------------
Net Asset Value $14.61
- ------------------------------------------------------
Market Yield 6.57%
- ------------------------------------------------------
Taxable-Equivalent Yield
(Federal Income Tax Rate)1 9.52%
- ------------------------------------------------------
Taxable-Equivalent Yield
(Federal and State Income Tax Rate)1 10.51%
- ------------------------------------------------------
Fund Net Assets ($000) $502,097
- ------------------------------------------------------
Average Effective Maturity (Years) 15.44
- ------------------------------------------------------
Leverage-Adjusted Duration 11.18
- ------------------------------------------------------
ANNUALIZED TOTAL RETURN
On Share Price On NAV
- ------------------------------------------------------
1-Year -8.60% -4.62%
- ------------------------------------------------------
5-Year 7.66% 6.38%
- ------------------------------------------------------
Since Inception 6.34% 6.96%
- ------------------------------------------------------
TAXABLE-EQUIVALENT TOTAL RETURN2
On Share Price On NAV
- ------------------------------------------------------
1-Year -5.12% -0.92%
- ------------------------------------------------------
5-Year 11.46% 10.21%
- ------------------------------------------------------
Since Inception 10.14% 10.77%
- ------------------------------------------------------
TOP FIVE SECTORS (AS A % OF TOTAL INVESTMENTS)
U.S. Guaranteed 39%
- ------------------------------------------------------
Tax Obligation/Limited 21%
- ------------------------------------------------------
Healthcare 10%
- ------------------------------------------------------
Tax Obligation/General 8%
- ------------------------------------------------------
Utilities 6%
- ------------------------------------------------------
BAR CHART:
1999-2000 MONTHLY TAX-FREE DIVIDENDS PER SHARE
3/99 0.0815
4/99 0.0815
5/99 0.0815
6/99 0.0815
7/99 0.0815
8/99 0.0815
9/99 0.0815
10/99 0.0815
11/99 0.0815
12/99 0.0815
1/00 0.0815
2/00 0.0815
LINE CHART:
SHARE PRICE PERFORMANCE
3/5/99 17.63
17.75
17.75
17.81
17.63
17.5
17.63
17.5
17.13
16.25
16.19
16.38
16.56
16.25
16.81
16.63
16.88
16.75
16.81
17
16.75
16.94
16.63
16.69
16.81
16.88
16.38
16.25
16.19
16.06
15.44
15.19
15.31
15.44
15
15.13
14.94
14.19
14
13.56
13.31
14.25
13.5
13.5
14
15.19
15.25
15.13
14.94
2/29/00 14.875
Weekly Closing Price
Past performance is not predictive of future results.
1 Taxable-equivalent yield represents the yield on a taxable investment
necessary to equal the yield of the Nuveen fund on an after-tax basis. The
federal only rate is based on the current market yield and a federal income
tax rate of 31%. The rate shown for federal and state highlights the added
value of owning shares that are also exempt from state income taxes. It is
based on a combined federal and state income tax rate of 37.5%.
2 Taxable-equivalent total return is based on the annualized total return and
a combined federal and state income tax rate of 37.5%. It represents the
return on a taxable investment necessary to equal the return of the Nuveen
fund on an after-tax basis.
<PAGE>
Nuveen California Dividend Advantage Municipal Fund
Performance Overview
As of February 29, 2000
NAC
PORTFOLIO STATISTICS
Inception Date 5/99
- ------------------------------------------------------
Share Price $12 11/16
- ------------------------------------------------------
Net Asset Value $12.22
- ------------------------------------------------------
Market Yield 6.81%
- ------------------------------------------------------
Taxable-Equivalent Yield
(Federal Income Tax Rate)1 9.87%
- ------------------------------------------------------
Taxable-Equivalent Yield
(Federal and State Income Tax Rate)1 10.90%
- ------------------------------------------------------
Fund Net Assets ($000) $460,760
- ------------------------------------------------------
Average Effective Maturity (Years) 25.79
- ------------------------------------------------------
Leverage-Adjusted Duration 20.04
- ------------------------------------------------------
TOTAL RETURN
ON SHARE PRICE ON NAV
- ------------------------------------------------------
Since Inception -11.68% -10.69%
- ------------------------------------------------------
TAXABLE-EQUIVALENT TOTAL RETURN2
On Share Price On NAV
- ------------------------------------------------------
Since Inception -9.34% -8.23%
- ------------------------------------------------------
TOP FIVE SECTORS (AS A % OF TOTAL INVESTMENTS)
Tax Obligation/Limited 26%
- ------------------------------------------------------
Water and Sewer 14%
- ------------------------------------------------------
Utilities 12%
- ------------------------------------------------------
Housing/Multifamily 10%
- ------------------------------------------------------
Healthcare 10%
- ------------------------------------------------------
BAR CHART:
1999-2000 MONTHLY TAX-FREE DIVIDENDS PER SHARE
7/99 0.072
8/99 0.072
9/99 0.072
10/99 0.072
11/99 0.072
12/99 0.072
1/00 0.072
2/00 0.072
LINE CHART:
SHARE PRICE PERFORMANCE
5/28/99 15.1875
15.125
15.0625
15.13
15.06
15.13
15.06
15.06
15
15.06
15
15
15.13
14.94
14.69
14.75
14.63
14.56
14.44
13.63
13.38
13.81
13.44
12.88
13.38
12.94
12.88
12.31
11.88
11.81
12.5
12.19
12.13
12.44
12.94
12.56
12.63
12.63
2/29/00 12.6875
Weekly Closing Price
Past performance is not predictive of future results.
1 Taxable-equivalent yield represents the yield on a taxable investment
necessary to equal the yield of the Nuveen fund on an after-tax basis. The
federal only rate is based on the current market yield and a federal income
tax rate of 31%. The rate shown for federal and state highlights the added
value of owning shares that are also exempt from state income taxes. It is
based on a combined federal and state income tax rate of 37.5%.
2 Taxable-equivalent total return is based on the total return and a combined
federal and state income tax rate of 37.5%. It represents the return on a
taxable investment necessary to equal the return of the Nuveen fund on an
after-tax basis.
<PAGE>
Shareholder Meeting Report
THE ANNUAL SHAREHOLDER MEETING WAS HELD IN CHICAGO, ILLINOIS ON OCTOBER 13,
1999.
<TABLE>
<CAPTION>
NCA
- --------------------------------------------------------------------------------------------------------------------------------
APPROVAL OF CLASS II NOMINEE WAS REACHED AS FOLLOWS:
Common
Shares
================================================================================================================================
Anne E. Impellizzeri
<S> <C>
For 18,953,898
Against 30,386
Abstain 327,311
- --------------------------------------------------------------------------------------------------------------------------------
Total 19,311,595
================================================================================================================================
RATIFICATION OF AUDITORS WAS REACHED AS FOLLOWS:
For 18,972,629
Against 94,572
Abstain 244,394
- --------------------------------------------------------------------------------------------------------------------------------
Total 19,311,595
================================================================================================================================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
NCP NCO
- -----------------------------------------------------------------------------------------------------------------------------
APPROVAL OF THE DIRECTORS WAS REACHED AS FOLLOWS:
Preferred Preferred Preferred Preferred Preferred
Common Shares Shares Shares Common Shares Shares
Shares Series-T Series-W Series-F Shares Series-W Series-F
=============================================================================================================================
Robert P. Bremner
<S> <C> <C> <C> <C> <C> <C> <C>
For 9,089,701 1,515 598 1,576 6,066,528 1,800 520
Withhold 170,683 -- 1 3 44,319 3 --
- -----------------------------------------------------------------------------------------------------------------------------
Total 9,260,384 1,515 599 1,579 6,110,847 1,803 520
=============================================================================================================================
Lawrence H. Brown
For 9,089,696 1,515 598 1,576 6,062,728 1,800 520
Withhold 170,688 -- 1 3 48,119 3 --
- -----------------------------------------------------------------------------------------------------------------------------
Total 9,260,384 1,515 599 1,579 6,110,847 1,803 520
=============================================================================================================================
Anne E. Impellizzeri
For 9,075,520 1,515 598 1,576 6,061,292 1,800 520
Withhold 184,864 -- 1 3 49,555 3 --
- -----------------------------------------------------------------------------------------------------------------------------
Total 9,260,384 1,515 599 1,579 6,110,847 1,803 520
=============================================================================================================================
Peter R. Sawers
For 9,098,020 1,515 598 1,576 6,064,418 1,800 520
Withhold 162,364 -- 1 3 46,429 3 --
- -----------------------------------------------------------------------------------------------------------------------------
Total 9,260,384 1,515 599 1,579 6,110,847 1,803 520
=============================================================================================================================
Judith M. Stockdale
For 9,075,892 1,515 598 1,576 6,061,442 1,800 520
Withhold 184,492 -- 1 3 49,405 3 --
- -----------------------------------------------------------------------------------------------------------------------------
Total 9,260,384 1,515 599 1,579 6,110,847 1,803 520
=============================================================================================================================
William J. Schneider
For -- 1,515 598 1,576 -- 1,800 520
Withhold -- -- 1 3 -- 3 --
- -----------------------------------------------------------------------------------------------------------------------------
Total -- 1,515 599 1,579 -- 1,803 520
=============================================================================================================================
Timothy R. Schwertfeger
For -- 1,515 598 1,576 -- 1,800 520
Withhold -- -- 1 3 -- 3 --
- -----------------------------------------------------------------------------------------------------------------------------
Total -- 1,515 599 1,579 -- 1,803 520
=============================================================================================================================
RATIFICATION OF AUDITORS WAS REACHED AS FOLLOWS:
For 9,135,436 1,515 599 1,573 6,025,726 1,803 520
Against 35,036 -- -- 6 23,563 -- --
Abstain 89,912 -- -- -- 61,558 -- --
- -----------------------------------------------------------------------------------------------------------------------------
Total 9,260,384 1,515 599 1,579 6,110,847 1,803 520
=============================================================================================================================
</TABLE>
<PAGE>
Shareholder Meeting Report (continued)
THE ANNUAL SHAREHOLDER MEETING WAS HELD IN CHICAGO, ILLINOIS ON OCTOBER 13,
1999.
<TABLE>
<CAPTION>
NQC NVC
- ------------------------------------------------------------------------------------------------------------------------------------
APPROVAL OF THE DIRECTORS WAS REACHED AS FOLLOWS:
Preferred Preferred Preferred Preferred Preferred
Common Shares Shares Common Shares Shares Shares
Shares Series-M Series-W Shares Series-T Series-W Series-TH
====================================================================================================================================
Robert P. Bremner
<S> <C> <C> <C> <C> <C> <C> <C>
For 8,911,922 3,242 848 18,584,970 1,997 1,487 3,097
Withhold 96,595 4 -- 207,004 19 -- 2
- ------------------------------------------------------------------------------------------------------------------------------------
Total 9,008,517 3,246 848 18,791,974 2,016 1,487 3,099
====================================================================================================================================
Lawrence H. Brown
For 8,915,522 3,242 848 18,578,036 1,997 1,487 3,097
Withhold 92,995 4 -- 213,938 19 -- 2
- ------------------------------------------------------------------------------------------------------------------------------------
Total 9,008,517 3,246 848 18,791,974 2,016 1,487 3,099
====================================================================================================================================
Anne E. Impellizzeri
For 8,915,522 3,242 848 18,562,287 1,997 1,487 3,097
Withhold 92,995 4 -- 229,687 19 -- 2
- ------------------------------------------------------------------------------------------------------------------------------------
Total 9,008,517 3,246 848 18,791,974 2,016 1,487 3,099
====================================================================================================================================
Peter R. Sawers
For 8,915,522 3,242 848 18,564,756 1,997 1,487 3,097
Withhold 92,995 4 -- 227,218 19 -- 2
- ------------------------------------------------------------------------------------------------------------------------------------
Total 9,008,517 3,246 848 18,791,974 2,016 1,487 3,099
====================================================================================================================================
Judith M. Stockdale
For 8,910,102 3,242 848 18,556,092 1,997 1,487 3,097
Withhold 98,415 4 -- 235,882 19 -- 2
- ------------------------------------------------------------------------------------------------------------------------------------
Total 9,008,517 3,246 848 18,791,974 2,016 1,487 3,099
====================================================================================================================================
William J. Schneider
For -- 3,242 848 -- 1,997 1,487 3,097
Withhold -- 4 -- -- 19 -- 2
- ------------------------------------------------------------------------------------------------------------------------------------
Total -- 3,246 848 -- 2,016 1,487 3,099
====================================================================================================================================
Timothy R. Schwertfeger
For -- 3,242 848 -- 1,997 1,487 3,097
Withhold -- 4 -- -- 19 -- 2
- ------------------------------------------------------------------------------------------------------------------------------------
Total -- 3,246 848 -- 2,016 1,487 3,099
====================================================================================================================================
RATIFICATION OF AUDITORS WAS REACHED AS FOLLOWS:
For 8,888,214 3,243 848 18,443,330 2,012 1,481 3,091
Against 26,307 1 -- 108,371 4 -- 2
Abstain 93,996 2 -- 240,273 -- 6 6
- ------------------------------------------------------------------------------------------------------------------------------------
Total 9,008,517 3,246 848 18,791,974 2,016 1,487 3,099
====================================================================================================================================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
NUC
- ------------------------------------------------------------------------------------------------------------------------------------
APPROVAL OF THE DIRECTORS WAS REACHED AS FOLLOWS:
Preferred Preferred Preferred
Common Shares Shares Shares
Shares Series-M Series-W Series-F
====================================================================================================================================
Robert P. Bremner
<S> <C> <C> <C> <C>
For 18,464,986 1,312 2,337 2,598
Withhold 113,273 -- 3 8
- ------------------------------------------------------------------------------------------------------------------------------------
Total 18,578,259 1,312 2,340 2,606
====================================================================================================================================
Lawrence H. Brown
For 18,456,155 1,312 2,337 2,598
Withhold 122,104 -- 3 8
- ------------------------------------------------------------------------------------------------------------------------------------
Total 18,578,259 1,312 2,340 2,606
====================================================================================================================================
Anne E. Impellizzeri
For 18,440,513 1,312 2,337 2,598
Withhold 137,746 -- 3 8
- ------------------------------------------------------------------------------------------------------------------------------------
Total 18,578,259 1,312 2,340 2,606
====================================================================================================================================
Peter R. Sawers
For 18,454,180 1,312 2,337 2,598
Withhold 124,079 -- 3 8
- ------------------------------------------------------------------------------------------------------------------------------------
Total 18,578,259 1,312 2,340 2,606
====================================================================================================================================
Judith M. Stockdale
For 18,445,062 1,312 2,337 2,598
Withhold 133,197 -- 3 8
- ------------------------------------------------------------------------------------------------------------------------------------
Total 18,578,259 1,312 2,340 2,606
====================================================================================================================================
William J. Schneider
For -- 1,312 2,337 2,598
Withhold -- -- 3 8
- ------------------------------------------------------------------------------------------------------------------------------------
Total -- 1,312 2,340 2,606
====================================================================================================================================
Timothy R. Schwertfeger
For -- 1,312 2,337 2,598
Withhold -- -- 3 8
- ------------------------------------------------------------------------------------------------------------------------------------
Total -- 1,312 2,340 2,606
====================================================================================================================================
RATIFICATION OF AUDITORS WAS REACHED AS FOLLOWS:
For 18,298,184 1,312 2,337 2,598
Against 64,552 -- 3 --
Abstain 215,523 -- -- 8
- ------------------------------------------------------------------------------------------------------------------------------------
Total 18,578,259 1,312 2,340 2,606
====================================================================================================================================
</TABLE>
<PAGE>
PORTFOLIO OF INVESTMENTS (Unaudited)
NUVEEN CALIFORNIA MUNICIPAL VALUE FUND, INC. (NCA)
February 29, 2000
<TABLE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
EDUCATION AND CIVIC ORGANIZATIONS - 1.5%
$ 1,835 ABAG Finance Authority for Nonprofit Corporations (California), 7/01 at 102 Aa2 $1,924,988
1991 Certificates of Participation (United Way of Santa Clara
County Project), 7.200%, 7/01/11
1,500 Certificates of Participation, California Statewide Community 12/06 at 105 N/R 1,538,865
Development Authority, San Diego Space and Science Foundation,
Series 1996, 7.500%, 12/01/26
- ------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 6.9%
1,000 City of Arcadia, California, Hospital Revenue Bonds (Methodist 11/02 at 102 A 1,026,520
Hospital of Southern California), Series 1992, 6.500%, 11/15/12
12,000 California Health Facilities Financing Authority, Revenue Bonds 12/09 at 101 A2 11,410,680
(Cedars - Sinai Medical Center), Series 1999A, 6.125%, 12/01/30
2,370 City of Pasadena, Insured Health Facilities Revenue Bonds 6/00 at 100 AA- 2,370,474
(Pacific Clinics), Series 1988A, 8.200%, 6/01/18
1,440 City of Stockton, California, Health Facility Revenue Bonds, 12/07 at 102 BBB+ 1,339,114
Dameron Hospital Association, 1997 Series A, 5.300%, 12/01/08
- ------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 8.2%
9,100 ABAG Finance Authority for Nonprofit Corporations, Multifamily No Opt. Call BBB 9,198,462
Housing Revenue Refunding Bonds (United Dominion/2000 Post
Apartments), 2000 Series B, 6.400%, 8/15/30 (Alternative
Minimum Tax) (Mandatory put 8/15/08)
3,850 California Statewide Communities Development Authority, Multifamily 7/09 at 102 N/R 3,517,938
Housing Revenue Bonds (Harbor City Lights Project), Series 1999Y,
6.650%, 7/01/39 (Alternative Minimum Tax)
5,000 California Statewide Communities Development Authority, Multifamily No Opt. Call BBB+ 4,834,150
Housing Refunding Bonds (Archstone Pelican Point Apartments),
Issue 1999H, Archstone Communities Trust, 5.300%, 6/01/29
(Mandatory put 6/01/08)
510 County of Riverside (California), Mobile Home Park Revenue Bonds 4/00 at 100 N/R 465,130
(Bravo Mobile Home Park Project), Series 1999B, 6.500%, 3/20/29
1,440 San Dimas Housing Authority, Mobile Home Park Revenue Bonds 7/08 at 102 N/R 1,246,752
(Charter Oak Mobile Home Estates Acquisition Project), Series 1998A,
5.700%, 7/01/28
- ------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 2.9%
2,200 California Housing Finance Agency, Home Mortgage Revenue Bonds, 2/06 at 102 AAA 2,201,232
1995 Series M, 6.050%, 8/01/15 (Alternative Minimum Tax)
490 California Rural Home Mortgage Finance Authority, Single No Opt. Call Aaa 522,281
Family Mortgage Revenue Bonds (Mortgage-Backed Securities
Program), 1993 Issue A Series 2, 7.950%, 12/01/24
(Alternative Minimum Tax)
2,600 California Rural Home Mortgage Finance Authority, Single Family No Opt. Call AAA 2,722,928
Mortgage Revenue Bonds (Mortgage-Backed Securities Program),
1997 Series D, 6.700%, 5/01/29 (Alternative Minimum Tax)
1,345 Southern California Home Financing Authority, Single Family Mortgage No Opt. Call AAA 1,362,081
Revenue Bonds (GNMA Mortgage-Backed Securities Program),
1988 Issue A, 8.125%, 2/01/21 (Alternative Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 4.0%
2,720 Revenue Refunding Certificates of Participation (American Baptist 10/07 at 102 BBB- 2,310,667
Homes of the West Facilities Project), Series 1997A, 5.750%,
10/01/17
6,445 California Statewide Communities Development Authority, Certificates 4/09 at 101 BBB 5,324,537
of Participation, The Internext Group, 5.375%, 4/01/17
2,000 Riverside County (California), Public Financing Authority, 5/09 at 101 BBB- 1,682,200
Certificates of Participation, Air Force Village West, Inc,
5.750%, 5/15/19
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
TAX OBLIGATION/GENERAL - 5.1%
$ 2,750 State of California, Various Purpose General Obligation Bonds, 8/09 at 101 AAA $2,353,560
5.000%, 8/01/29
7,500 State of California, Various Purpose General Obligation Bonds, 3/10 at 101 AAA 7,352,925
5.750%, 3/01/27 (WI)
2,325 Temecula Valley Unified School District, County of Riverside, 9/06 at 102 AAA 2,348,878
California, 1990 General Obligation Bonds, Series F, 6.000%,
9/01/20
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 32.0%
2,840 Certificates of Participation (1991 Financing Project), County of 9/06 at 102 AAA 2,865,304
Alameda, California, Alameda County Public Facilities Corporation,
6.000%, 9/01/21
4,500 Bonita Canyon Public Facilities Financing Authority (California), 3/00 at 103 N/R 3,588,390
Community Facilities District No. 98-1, Special Tax Bonds,
Series 1998, 5.375%, 9/01/28
9,000 State Public Works Board of the State of California, Lease Revenue 1/06 at 100 AAA 8,338,500
Bonds (Department of Corrections), 1996 Series A (California
Substance Abuse Treatment Facility and State Prison at Corcoran
(Corcoran II)), 5.250%, 1/01/21
4,000 State Public Works Board of the State of California, Lease Revenue 11/09 at 101 AAA 3,909,440
Bonds (California Department of Health Services), 1999 Series A
(Richmond Laboratory Project), 5.750%, 11/01/24
6,000 Community Facilities District No. 98-2 of the Capistrano, Unified 9/09 at 102 N/R 5,001,540
School District (Ladera), California, Series 1999, Special Tax Bonds,
5.750%, 9/01/29
3,995 Chino Unified School District, Certificates of Participation (1995 9/05 at 102 AAA 4,032,154
Master Lease Program), 6.000%, 9/01/20
2,800 Community Development Commission of the City of Commerce, 8/07 at 102 N/R 2,532,992
Redevelopment Project No. 1, Subordinate Lien Tax Allocation,
Refunding Bonds, Series 1997B, 6.000%, 8/01/21
2,000 Redevelopment Agency of the City of Duarte, Amended Davis 9/07 at 102 N/R 2,012,960
Addition Project Area, 1997 Tax Allocation Refunding Bonds,
6.700%, 9/01/14
915 Inglewood Public Finance Authority, 1992 Revenue Bonds, Series B 5/02 at 102 BBB 964,986
(In-Town, Manchester-Prairie and North Inglewood Industrial Park
Redevelopment Project - Redevelopment Loans), 7.000%, 5/01/22
2,000 Los Angeles Convention and Exhibition Center Authority, Lease 8/03 at 102 AAA 1,786,980
Revenue Bonds, 1993 Refunding Series A, The City of Los Angeles
(California), 5.125%, 8/15/21
4,735 City of Milpitas, Limited Obligation Improvement Bonds, Local 3/00 at 103 N/R 4,368,322
Improvement District No. 20, 1998 Series A (Santa Clara County,
California), 5.650%, 9/02/13
3,300 Orange County Development Agency, Santa Ana Heights Project Area, 9/03 at 102 BBB 3,088,008
1993 Tax Allocation Revenue Bonds (California), 6.125%, 9/01/23
3,000 Palm Desert Financing Authority, California, Tax Allocation Refunding 4/02 at 100 AAA 2,909,370
Revenue Bonds (Project Area No. 1, As Amended), Series 1997,
5.625%, 4/01/23
8,000 Palmdale Elementary School District (Los Angeles County, California) 8/09 at 101 AAA 7,861,040
Community Facilities District No. 90-1, Special Tax Bonds,
Series 1999, 5.800%, 8/01/29
1,500 Sacramento Area Flood Control Agency (California), North Area Local 10/05 at 102 AAA 1,380,840
Project, Capital Assessment District No. 2 Bonds, Series 1995,
5.375%, 10/01/25
8,000 Redevelopment Agency of the City of San Jose, Merged Area 2/04 at 102 AAA 7,095,040
Redevelopment Project, Tax Allocation Bonds, Series 1993,
5.000%, 8/01/20
1,700 Shafter Joint Powers Financing Authority, Lease Revenue Bonds, 1/07 at 101 A2 1,751,034
1997 Series A (Community Correctional Facility Acquisition Project),
5.950%, 1/01/11
City of Stockton, Mello-Roos Revenue Bonds, Series 1997A, Community
Facilities District No. 90-2 (Brookside Estates):
1,000 5.850%, 8/01/09 8/05 at 102 N/R 979,780
1,000 6.200%, 8/01/15 8/05 at 102 N/R 971,270
3,470 Upland Community Redevelopment Agency, California, Upland Merged 10/01 at 101 N/R 3,408,859
Redevelopment Project, Subordinated Tax Allocation Notes (Low and
Moderate Income Housing Fund Projects), Issue of 1999,
6.100%, 10/01/04
3,000 Virgin Islands Public Finance Authority, Revenue Bonds (Virgin 10/10 at 101 BBB- 2,976,120
Islands Gross Receipts Taxes Loan Note), Series 1999A,
6.500%, 10/01/24
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
PORTFOLIO OF INVESTMENTS (Unaudited)
NUVEEN CALIFORNIA MUNICIPAL VALUE FUND, INC. (NCA) (continued)
February 29, 2000
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
TAX OBLIGATION/LIMITED (continued)
$ 2,570 Vista Joint Powers Financing Authority, Special Tax Leases Revenue 9/05 at 102 N/R $2,344,765
Refunding Bonds, 1997 Series A (California), 5.875%, 9/01/20
1,000 Vista Joint Power Financing Authority, Special Tax Lease Revenue 7/00 at 100 N/R 911,280
Refunding Bonds, 1997 Series B (California), 5.500%, 9/01/20
- ------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATIOn - 10.0%
20,000 Foothill/Eastern Transportation Corridor Agency (California), 1/14 at 101 BBB- 9,988,400
Toll Road Refunding Revenue Bonds, Series 1999, 0.000%, 1/15/27
3,000 Port Of Oakland, California, Revenue Bonds, 1997 Series G, 11/07 at 102 AAA 2,710,440
5.375%, 11/01/25 (Alternative Minimum Tax)
5,000 Airports Commission, City and County of San Francisco, California, 5/06 at 102 AAA 4,767,800
San Francisco International Airport, Second Series Revenue Bonds,
Issue 10, 5.625%, 5/01/21 (Alternative Minimum Tax)
5,925 Airports Commission, City and County of San Francisco, California, 5/05 at 101 AAA 5,999,655
San Francisco International Airport, Second Series Revenue Bonds,
Issue 11 (Noise Insulation Program), 6.200%, 5/01/19
(Alternative Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 19.7%
1,500 California Health Facilities Financing Authority, Revenue Bonds 7/01 at 102 AA-*** 1,582,290
(St. Joseph Health System), Series 1991 A, 7.000%, 7/01/10
(Pre-refunded to 7/01/01)
5,000 California Statewide Communities Development Authority, Series A, 4/03 at 102 N/R*** 5,286,800
Certificates of Participation, Pacific Homes, 6.000%, 4/01/17
(Pre-refunded to 4/01/03)
1,725 Trust Certificates, Trustees of the California State University 12/00 at 101 7/8 AAA 1,798,865
to the California State University Institute, 7.200%, 6/01/10
(Pre-refunded to 12/01/00)
2,065 County of Contra Costa, California, 1988 Home Mortgage Revenue No Opt. Call AAA 2,576,067
Bonds (GNMA Mortgage-Backed Securities Program),
8.250%, 6/01/21 (Alternative Minimum Tax)
1,470 El Paso de Robles Redevelopment Agency (Paso Robles Redevelopment 7/00 at 102 N/R*** 1,515,438
Project), 1991 Tax Allocation Bonds (Bank Qualified),
7.250%, 7/01/21 (Pre-refunded to 7/01/00)
905 Inglewood Public Finance Authority, 1992 Revenue Bonds, Series C 5/02 at 102 A-*** 956,549
(In-Town, Manchester and North Inglewood Industrial Park
Redevelopment Projects - Housing Set-Aside Loans),
7.000%, 5/01/22 (Pre-refunded to 5/01/02)
2,500 The Community Redevelopment Agency of the City of Los Angeles, 7/00 at 100 BBB*** 2,529,875
California, Central Business District Redevelopment Project,
Tax Allocation Refunding Bonds, Series G, 6.750%, 7/01/10
8,515 Los Angeles Convention and Exhibition Center Authority, California, 12/05 at 100 AAA 10,329,717
Certificates of Participation, Series 1985, 9.000%, 12/01/20
(Pre-refunded to 12/01/05)
4,000 Modesto Irrigation District Financing Authority, Domestic Water 9/05 at 102 AAA 4,266,600
Project Revenue Bonds, Series 1995C, 5.750%, 9/01/22
(Pre-refunded to 9/01/05)
8,565 City of Palmdale, California, Single Family Mortgage Revenue Bonds No Opt. Call AAA 3,183,696
(GNMA Mortgage-Backed Securities Program), Series 1988A,
0.000%, 3/01/17
1,265 San Benito Hospital District, Insured Health Facility 12/01 at 102 AA-*** 1,340,192
Revenue Bonds, Series 1991A, 6.750%, 12/01/21
(Pre-refunded to 12/01/01)
20,415 County of San Bernardino, California, Single Family Mortgage No Opt. Call AAA 5,417,324
Revenue Bonds (GNMA Mortgage-Backed Securities), 1988 Series A,
0.000%, 9/01/21 (Alternative Minimum Tax)
5,050 The Regents of the University of California, Refunding Revenue 9/02 at 102 AAA 5,432,538
Bonds (Multiple Purpose Projects), Series A, 6.875%, 9/01/16
(Pre-refunded to 9/01/02)
- ------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 3.5%
3,000 California Statewide Communities Development Authority, 12/04 at 102 N/R 2,764,530
Certificates of Participation (Rio Bravo Fresno Project),
1999 Series A, 6.300%, 12/01/18
3,000 Merced Irrigation District (California), 1998 Revenue 3/03 at 102 N/R 2,819,730
Certificates of Participation (1998 Electric System Project),
6.300%, 3/01/19
3,000 Southern California Public Power Authority, Transmission Project 7/03 at 100 AAA 2,618,250
Revenue Bonds, 1993 Subordinate Refunding Series (Southern
Transmission Project), 5.000%, 7/01/22
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
WATER AND SEWER - 5.6%
$ 2,015 Azusa Public Financing Authority (California), Revenue Bonds, 7/03 at 102 AAA $1,751,015
Series 1993A (City of Azusa Water System Acquisition Project),
5.000%, 7/01/23
5,000 Castaic Lake Water Agency (California), Refunding Revenue 8/04 at 102 AAA 5,131,350
Certificates of Participation (Water System Improvement Projects),
Series 1994A, 6.300%, 8/01/20
7,750 Sacramento County Sanitation Districts Financing Authority, 12/03 at 102 AA 6,357,633
1993 Revenue Bonds, 4.750%, 12/01/23
- ------------------------------------------------------------------------------------------------------------------------------------
$ 271,410 Total Investments - (cost $234,651,058) - 99.4% 233,258,090
=============
Other Assets Less Liabilities - 0.6% 1,409,946
--------------------------------------------------------------------------------------------------------------------
Net Assets - 100% $234,668,036
====================================================================================================================
</TABLE>
* Optional Call Provisions: Dates (month and year) and prices of the
earliest optional call or redemption. There may be other call
provisions at varying prices at later dates.
** Ratings: Using the higher of Standard & Poor's or Moody's rating.
*** Securities are backed by an escrow or trust containing sufficient U.S.
Government or U.S. Government agency securities which ensures the
timely payment of principal and interest. Securities are normally
considered to be equivalent to AAA rated securities.
N/R Investment is not rated.
(WI) Security purchased on a when-issued basis.
See accompanying notes to financial statements.
<PAGE>
<TABLE>
<CAPTION>
PORTFOLIO OF INVESTMENTS (Unaudited)
NUVEEN CALIFORNIA PERFORMANCE PLUS MUNICIPAL FUND, INC. (NCP)
February 29, 2000
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
EDUCATION AND CIVIC ORGANIZATIONS - 0.5%
$ 1,500 California Educational Facilities Authority, Revenue Bonds 10/06 at 102 AAA $1,505,385
(University of San Francisco), Series 1996, 6.000%, 10/01/26
- ------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 3.0%
2,780 California Health Facilities Financing Authority, Insured Health 5/03 at 102 AA- 2,786,450
Facility Revenue Refunding Bonds, (Valley Memorial Hospital),
1993A, 6.000%, 5/01/17
Central Joint Powers Health Financing Authority, Certificates of
Participation, Series 1993 (Community Hospital of Central
California):
2,500 5.250%, 2/01/13 2/03 at 102 Baa1 2,145,850
4,720 5.000%, 2/01/23 2/03 at 100 Baa1 3,549,723
- ------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 7.3%
California Statewide Communities Development Authority,
Apartment Development Revenue Refunding
Bonds (Irvine Apartment Communities, L.P.), Series 1998A:
1,500 5.250%, 5/15/25 (Mandatory put 5/15/13) 7/08 at 101 BBB 1,389,180
5,000 4.900%, 5/15/25 (Mandatory put 5/15/08) 7/08 at 101 BBB 4,749,600
9,000 5.100%, 5/15/25 (Mandatory put 5/15/10) 7/08 at 101 BBB 8,505,360
3,915 The City of Los Angeles Multifamily Housing Revenue Bonds 3/07 at 102 AAA 3,875,145
(GNMA Collateralized - Ridgecroft Apartments Project),
Series 1997E, 6.250%, 9/20/39 (Alternative Minimum Tax)
2,270 Community Development Commission of the County of Los Angeles, 5/03 at 100 Aaa 2,294,925
Mortgage Revenue Refunding Bonds, Series 1993, FHA-Insured
Mortgage Loans - Los Tomas Apartments, Section 8 Assisted Project,
6.500%, 7/15/23
- ------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 2.0%
980 California Housing Finance Agency, Home Mortgage Revenue Bonds, 2/05 at 102 Aa2 1,005,578
1995 Series B, 7.125%, 2/01/26 (Alternative Minimum Tax)
15,000 California Housing Finance Agency, Home Mortgage Revenue Bonds, 2/10 at 60 3/4 AAA 4,808,100
1999 Series N, 0.000%, 2/01/18 (Alternative Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 3.5%
State of California, Various Purpose General Obligation Bonds:
4,000 5.000%, 8/01/24 8/09 at 101 AAA 3,478,960
1,500 5.000%, 8/01/29 8/09 at 101 AAA 1,283,760
5,500 Hawthorne School District (Los Angeles County, California), 11/08 at 102 AAA 5,232,590
General Obligation Bonds, 1997 Election, 1997 Series A,
5.500%, 5/01/22
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 16.8%
2,000 Cudahy Redevelopment Agency, Cudahy Redevelopment Project, 9/03 at 102 BBB 2,005,180
Tax Allocation Refunding Bonds, Series 1994A, 6.700%, 9/01/24
3,000 Fontana Public Financing Authority (San Bernardino County, 9/00 at 102 BBB 3,044,340
California), Tax Allocation Revenue Bonds (North Fontana
Redevelopment Project), 1990 Series A, 7.250%, 9/01/20
2,500 Fruitvale School District, Certificates of Participation (1990 6/00 at 102 Baa 2,571,650
Improvement Project), 7.875%, 6/01/04
3,500 City of Irvine, Mobile Home Park Revenue Bonds (Meadows Mobile 3/08 at 102 N/R 2,955,855
Home Park Project) Series 1998A (California), 5.700%, 3/01/28
5,000 Los Angeles County Metropolitan Transportation Authority 7/03 at 100 AAA 4,388,650
(California), Proposition A, Sales Tax Revenue Refunding Bonds,
Series 1993-A, 5.000%, 7/01/21
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
TAX OBLIGATION/LIMITED (continued)
Certificates of Participation (Western Nevada County Solid Waste
Management System - 1991 Project), County of Nevada, California:
$ 2,445 7.250%, 6/01/08 6/01 at 102 BB $2,457,298
2,500 7.500%, 6/01/21 6/01 at 102 BB 2,502,275
8,800 County of Orange, California, 1996 Recovery Certificates of 7/06 at 102 AAA 8,830,624
Participation, Series A, 6.000%, 7/01/26
2,780 Pleasanton Joint Powers Financing Authority, Reassessment Revenue 9/03 at 102 Baa1 2,865,874
Bonds, 1993 Series A, 6.000%, 9/02/05
1,000 Redevelopment Agency of the City of Pomona, Holt Avenue/Indian 6/02 at 102 N/R 909,890
Hill Redevelopment Project, 1997 Tax Allocation Refunding Bonds,
Series S, 5.750%, 6/01/16
2,905 Redevelopment Agency of the City of San Jose (California), 8/08 at 102 A 2,538,854
Merged Area Redevelopment Project, Tax Allocation Bonds,
Series 1998, 5.250%, 8/01/29
6,470 City of San Leandro, California, San Leandro Public Financing 6/03 at 102 A 6,224,528
Authority, Certificates of Participation (1993 Seismic Retrofit
Financing Project), 5.950%, 6/01/23
San Marcos Unified School District (California), Community Facilities
District No. 5 (Rancho Carillo), Series 1999 Special Tax Bonds:
1,000 5.500%, 9/01/18 3/00 at 103 N/R 854,450
2,250 5.600%, 9/01/29 3/00 at 103 N/R 1,853,573
1,000 City of Stockton, Mello-Roos Revenue Bonds, Series 1998A, 9/06 at 102 N/R 918,960
Community Facilities District No. 1 (Weston Ranch), 5.800%, 9/01/14
1,345 Redevelopment Agency of the City of Suisun City, Suisun City 10/03 at 102 AAA 1,345,861
Redevelopment Project, 1993 Tax Allocation Refunding Bonds
(County of Solano, California), 5.900%, 10/01/23
1,750 Taft Public Financing Authority, Lease Revenue Bonds, 1997 Series A 1/07 at 101 A2 1,802,535
(Community Correctional Facility Acquisition Project),
5.950%, 1/01/11
- ------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 12.4%
Foothill/Eastern Transportation Corridor Agency (California),
Toll Road Refunding Revenue Bonds, Series 1999:
5,600 0.000%, 1/15/28 1/14 at 101 BBB- 2,789,696
20,000 0.000%, 1/15/29 1/14 at 101 BBB- 9,839,800
6,000 Foothill/Eastern Transportation Corridor Agency (California), 1/10 at 100 AAA 5,155,680
Toll Road Revenue Bonds, Series 1995A, 5.000%, 1/01/35
8,000 Port of Oakland, California, Revenue Bonds, 1990 Series D, No Opt. Call AAA 8,219,760
8.000%, 11/01/00
5,000 Airports Commission, City and County of San Francisco, California, 5/05 at 101 AAA 5,061,900
San Francisco International Airport, Second Series Revenue Bonds,
Issue 11 (Noise Insulation Program), 6.250%, 5/01/26
(Alternative Minimum Tax)
39,415 San Joaquin Hills Transportation Corridor Agency, Toll Road No Opt. Call AAA 4,362,452
Refunding Revenue Bonds, Series 1997 A, 0.000%, 1/15/36
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 30.4%
6,080 City of Anaheim, California, Certificates of Participation, Anaheim 5/00 at 102 AAA 6,241,971
Memorial Hospital Association, 7.125%, 5/15/13
(Pre-refunded to 5/15/00)
2,000 California Educational Facilities Authority, Revenue Bonds 10/00 at 102 Aaa 2,081,120
(St. Mary's College of California Project), Series 1990,
7.500%, 10/01/20 (Pre-refunded to 10/01/00)
6,500 California Health Facilities Financing Authority, Insured Hospital 7/00 at 102 AAA 6,696,430
Revenue Bonds (Children's Hospital - San Diego), Series 1990,
7.000%, 7/01/13 (Pre-refunded to 7/01/00)
4,800 California Health Facilities Financing Authority, Health Facility 10/00 at 102 N/R*** 4,991,808
Revenue Bonds (Sisters of Providence), Series 1990,
7.500%, 10/01/10 (Pre-refunded to 10/01/00)
State of California, Various Purpose General Obligation Bond:
5,710 5.750%, 3/01/14 (Pre-refunded to 3/01/05) 3/05 at 101 AA-*** 6,013,372
5,190 5.750%, 3/01/19 (Pre-refunded to 3/01/05) 3/05 at 101 AA-*** 5,465,745
3,000 California Statewide Communities Development Authority No Opt. Call N/R*** 3,174,660
(Triad Healthcare), Revenue Refunding Series 1992, Certificates of
Participation, 6.250%, 8/01/06
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
PORTFOLIO OF INVESTMENTS (Unaudited)
NUVEEN CALIFORNIA PERFORMANCE PLUS MUNICIPAL FUND, INC. (NCP) (continued)
February 29, 2000
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
U.S. GUARANTEED (continued)
Trust Certificates, Trustees of the California State University to the
California State University Institute:
$ 1,500 7.100%, 6/01/08 (Pre-refunded to 12/01/00) 12/00 at 101 7/8 AAA $1,563,165
1,610 7.150%, 6/01/09 (Pre-refunded to 12/01/00) 12/00 at 101 7/8 AAA 1,678,361
4,000 Contra Costa Water District (Contra Costa County, California), 10/00 at 102 N/R*** 4,143,040
Water Revenue Bonds, Series C, 6.750%, 10/01/20
(Pre-refunded to 10/01/00)
4,000 County of Contra Costa, California, 1988 Home Mortgage Revenue No Opt. Call AAA 4,989,960
Bonds (GNMA Mortgage-Backed Securities Program),
8.250%, 6/01/21 (Alternative Minimum Tax)
3,000 Hospital Revenue Certificates of Participation (Desert Hospital 7/00 at 102 AAA 3,101,460
Corporation Project), Series 1990 (California),
8.100%, 7/01/20 (Pre-refunded to 7/01/00)
10,000 East Bay Municipal Utility District (Alameda and Contra Costa 6/00 at 102 AAA 10,289,500
Counties, California), Water System Subordinated Revenue Bonds,
Series 1990, 7.500%, 6/01/18 (Pre-refunded to 6/01/00)
3,000 Folsom Public Financing Authority (Sacramento County, California), 10/00 at 102 N/R*** 3,115,740
1990 Local Agency Revenue Bonds, Series A, 7.250%, 10/01/10
(Pre-refunded to 10/01/00)
3,000 Foothill/Eastern Transportation Corridor Agency (California), 1/07 at 100 Aaa 3,203,040
Toll Road Revenue Bonds, Series 1995A, 6.000%, 1/01/34
(Pre-refunded to 1/01/07)
2,000 LaQuinta Redevelopment Agency, LaQuinta Redevelopment Project, 9/00 at 102 AAA 2,084,040
Tax Allocation Refunding Bonds, Series 1990, 8.400%, 9/01/12
(Pre-refunded to 9/01/00)
5,000 Modesto Irrigation District Financing Authority, Domestic Water 9/02 at 102 AAA 5,285,800
Project Revenue Bonds, Series 1992A, 6.125%, 9/01/19
(Pre-refunded to 9/01/02)
2,500 County of Riverside, California (1994 Desert Justice Facility 12/04 at 101 AAA 2,693,000
Project), Certificates of Participation, 6.250%, 12/01/21
(Pre-refunded to 12/01/04)
4,630 County of Sacramento (California), Airport System and Subordinated 7/06 at 102 AAA 5,010,679
Revenue Bonds, Series 1996D, 6.000%, 7/01/16
(Pre-refunded to 7/01/06)
2,650 San Diego County Water Authority, Water Revenue Certificates 5/01 at 102 AA-*** 2,769,171
of Participation, Series 1991A, 6.375%, 5/01/06
(Pre-refunded to 5/01/01)
2,500 Sierra View Local Hospital District, Insured Health Facility Revenue 3/02 at 102 N/R*** 2,638,075
Bonds, Series 1992, 6.400%, 3/01/22 (Pre-refunded to 3/01/02)
- ------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 11.3%
10,250 California Pollution Control Financing Authority, Solid Waste 7/07 at 102 N/R 10,944,643
Disposal Revenue Bonds (CanFibre of Riverside Project),
Tax-Exempt Series 1997A, 9.000%, 7/01/19
(Alternative Minimum Tax)
5,160 California Statewide Communities Development Authority, 12/04 at 102 N/R 4,754,992
Certificates of Participation (Rio Bravo Fresno Project),
1999 Series A, 6.300%, 12/01/18
12,600 City of Chula Vista, Industrial Development Revenue Bonds 12/02 at 102 AAA 12,731,796
(San Diego Gas and Electric Company), 1992 Series A,
6.400%, 12/01/27 (Alternative Minimum Tax)
4,545 Department of Water and Power of the City of Los Angeles 10/03 at 102 Aa3 3,808,437
(California), Electric Plant Revenue Bonds, Second Issue of 1993,
5.000%, 10/15/33
- ------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 10.5%
Department of Water and Power of the City of Los Angeles, Water
Works Refunding Revenue Bonds, Second Issue of 1993:
3,000 4.500%, 5/15/13 5/03 at 102 AA 2,652,180
4,270 4.500%, 5/15/18 5/03 at 102 AA 3,489,999
5,500 The Metropolitan Water District of Southern California, Water No Opt. Call AA 6,619,580
Revenue Bonds, Issue of 1992, 8.000%, 7/01/08
8,500 The Metropolitan Water District of Southern California, Water 7/06 at 100 AAA 7,162,440
Revenue Refunding Bonds, 1996 Series B, 4.750%, 7/01/21
5,000 Orange County Water District (California), Series 1993A, Revenue 8/03 at 100 AA 4,443,750
Certificates of Participation, 5.000%, 8/15/18
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
WATER AND SEWER (continued)
$ 2,500 Pajaro Valley Water Management Agency (California), Revenue 3/09 at 101 AAA $2,439,723
Certificates of Participation, Series 1999A, 5.750%, 3/01/29
4,585 City of Santa Maria, California, Water and Wastewater Revenue 8/12 at 101 AAA 3,207,070
Subordinate Certificates of Participation, Series 1997A,
0.000%, 8/01/27
- ------------------------------------------------------------------------------------------------------------------------------------
$ 343,005 Total Investments - (cost $278,030,668) - 97.7% 279,595,038
=============
SHORT-TERM INVESTMENTS - 1.4%
$ 4,000,000 Orange County Sanitation District, Certificates of Participation, VMIG-1 4,000,000
============= Variable Rate Demand Bonds, 3.200%, 8/01/17+
Other Assets Less Liabilities - 0.9% 2,635,321
--------------------------------------------------------------------------------------------------------------------
Net Assets - 100% $286,230,359
====================================================================================================================
</TABLE>
* Optional Call Provisions: Dates (month and year) and prices of the
earliest optional call or redemption. There may be other call
provisions at varying prices at later dates.
** Ratings: Using the higher of Standard & Poor's or Moody's rating.
*** Securities are backed by an escrow or trust containing sufficient U.S.
Government or U.S. Government agency securities which ensures the
timely payment of principal and interest. Securities are normally
considered to be equivalent to AAA rated securities.
N/R Investment is not rated.
+ 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.
<PAGE>
<TABLE>
<CAPTION>
PORTFOLIO OF INVESTMENTS (Unaudited)
NUVEEN CALIFORNIA MUNICIPAL MARKET OPPORTUNITY FUND, INC. (NCO)
February 29, 2000
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
EDUCATION AND CIVIC ORGANIZATIONS - 3.7%
$ 6,500 California Educational Facilities Authority, Refunding Revenue Bonds 1/08 at 101 AAA $5,675,995
(Stanford University), Series O, 5.125%, 1/01/31
1,000 California Educational Facilities Authority, Revenue Bonds 10/06 at 102 AAA 1,003,590
(University of San Francisco), Series 1996, 6.000%, 10/01/26
- ------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 7.9%
2,000 California Health Facilities Financing Authority, Insured Health 5/03 at 102 AA- 2,004,640
Facility Revenue Refunding Bonds, (Valley Memorial Hospital),
1993A, 6.000%, 5/01/17
6,800 Central Joint Powers Health Financing Authority, Certificates 2/03 at 100 Baa1 5,114,008
of Participation, Series 1993 (Community Hospital of Central
California), 5.000%, 2/01/23
City of Loma Linda California, Hospital Revenue Bonds (Loma
Linda University Medical Center Project), Series 1993-A:
4,905 5.750%, 12/01/03 No Opt. Call N/R 4,678,585
3,000 6.500%, 12/01/18 12/03 at 102 N/R 2,648,040
- ------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 3.7%
5,675 California Statewide Communities Development Authority, 7/08 at 101 BBB 5,255,731
Apartment Development Revenue Refunding Bonds (Irvine
Apartment Communities, L.P.), Series 1998A, 5.250%, 5/15/25
(Mandatory put 5/15/13)
1,550 Housing Authority of the County of San Bernardino (California), No Opt. Call A3 1,460,379
Multifamily Housing Revenue Refunding Bonds (Equity Residential/
Redlands Lawn and Tennis Apartments), Issue 1999A,
5.200%, 6/15/29 (Mandatory put 6/15/09)
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 5.1%
3,000 State of California, Various Purpose General Obligation Bonds, 8/09 at 101 AAA 2,567,520
5.000%, 8/01/29
4,950 State of California, Various Purpose General Obligation Bonds, 3/10 at 101 AAA 4,852,931
5.750%, 3/01/27 (WI)
725 Fresno Unified School District (Fresno County, California), 2/13 at 103 AAA 790,083
1998 General Obligation Refunding Bonds, Series A,
6.550%, 8/01/20
1,000 Pomona Unified School District, General Obligation Refunding 8/11 at 103 AAA 1,065,010
Bonds, Series 1997-A, 6.150%, 8/01/15
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 23.3%
2,975 California Statewide Communities Development Authority, 11/03 at 102 N/R 2,740,035
Certificates of Participation (Wildwood Elementary School
Project), 1999 Series A, 6.100%, 11/01/15
5,000 Fontana Public Financing Authority (San Bernardino County, 9/00 at 102 BBB 5,073,900
California), Tax Allocation Revenue Bonds (North Fontana
Redevelopment Project), 1990 Series A, 7.250%, 9/01/20
1,440 Inglewood Redevelopment Agency (City of Inglewood, Los Angeles No Opt. Call BBB 1,439,525
County, California), Century Redevelopment Project,
1993 Tax Allocation Bonds, Series A, 5.900%, 7/01/03
3,250 Lake Elsinore School Financing Authority (California), 9/08 at 101 N/R 2,815,215
1998 Special Tax Revenue Bonds (Horsethief Canyon),
5.625%, 9/01/16
2,000 County of Mendocino (California), Certificates of Participation, 8/03 at 102 A 1,942,400
Series 1993 (Mendocino County Public Facilities Financing
Corporation), 6.000%, 8/15/23
Certificates of Participation (Western Nevada County Solid Waste
Management System - 1991 Project), County of Nevada, California:
2,500 7.250%, 6/01/08 6/01 at 102 BB 2,512,575
2,000 7.500%, 6/01/21 6/01 at 102 BB 2,001,820
1,000 City of Ontario, Community Facilities District No. 5 (Freeway 9/06 at 102 N/R 988,580
Interchange Project), Special Tax Bonds, Series 1997,
6.375%, 9/01/17
10,900 Ontario Redevelopment Financing Authority (San Bernardino No Opt. Call AAA 13,079,346
County, California), 1995 Revenue Refunding Bonds (Ontario
Redevelopment Project No.1), 7.400%, 8/01/25
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
TAX OBLIGATION/LIMITED (continued)
$ 2,255 San Bernardino County, California, Certificates of Participation, 8/05 at 102 AAA $2,134,132
Series 1995 (Medical Center Financing Project), 5.500%, 8/01/22
1,045 Redevelopment Agency of Suisun City, Suisun City Redevelopment 10/03 at 102 AAA 1,045,669
Project, 1993 Tax Allocation Refunding Bonds (County of Solano,
California), 5.900%, 10/01/23
7,000 Community Redevelopment Agency of the City of Union City 10/09 at 101 AAA 6,834,520
(California), Redevelopment Project Tax Allocation Bonds,
Series 1999, 5.750%, 10/01/32
- ------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 5.0%
4,000 Harbor Department of the City of Los Angeles, Revenue Bonds, 8/02 at 102 AA 4,160,000
Issue of 1995 Series B, 6.625%, 8/01/19 (Alternative Minimum Tax)
5,000 County of Sacramento, Airport System Revenue Bonds, Series 1996, 7/06 at 102 AAA 4,900,250
5.900%, 7/01/24 (Alternative Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 28.6%
1,900 California Health Facilities Financing Authority, Insured Hospital 10/00 at 102 AAA 1,976,836
Revenue Bonds (Children's Hospital of San Francisco),
1990 Series A, 7.500%, 10/01/20 (Pre-refunded to 10/01/00)
2,500 State of California, Various Purpose General Obligation Bond, 3/05 at 101 AA-*** 2,632,825
5.750%, 3/01/19 (Pre-refunded to 3/01/05)
3,000 California Statewide Communities Development Authority No Opt. Call N/R*** 3,174,660
(Triad Healthcare), Revenue Refunding Series 1992, Certificates of
Participation, 6.250%, 8/01/06
5,000 Certificates of Participation (Water System Improvement Projects), 8/00 at 102 AAA 5,166,700
Series 1990, Castaic Lake Water Agency, California,
7.125%, 8/01/16 (Pre-refunded to 8/01/00)
3,300 Contra Costa Water Authority (Contra Costa County, California), 10/00 at 102 N/R*** 3,421,968
Water Treatment Revenue Bonds, 1990 Series A,
6.875%, 10/01/20 (Pre-refunded to 10/01/00)
5,000 Hospital Revenue Certificates of Participation (Desert Hospital 7/00 at 102 AAA 5,169,100
Corporation Project), Series 1990 (California), 8.100%, 7/01/20
(Pre-refunded to 7/01/00)
1,000 Foothill/Eastern Transportation Corridor Agency (California), 1/07 at 100 Aaa 1,067,680
Toll Road Revenue Bonds, Series 1995A, 6.000%, 1/01/34
(Pre-refunded to 1/01/07)
5,000 The City of Los Angeles (California), Los Angeles Convention 8/00 at 102 AAA 5,170,150
and Exhibition Center, Certificates of Participation, 1990 Series,
7.000%, 8/15/21 (Pre-refunded to 8/15/00)
4,000 Orange County Water District (1990 Project A), Certificates 8/00 at 102 AAA 4,136,120
of Participation (California), 7.000%, 8/15/15
(Pre-refunded to 8/15/00)
Pomona Public Financing Authority, California, 1990 Lease Purchase
Revenue Bonds, Series J:
4,035 7.700%, 10/01/07 (Pre-refunded to 10/01/00) 10/00 at 102 A-*** 4,202,816
2,000 7.875%, 10/01/15 (Pre-refunded to 10/01/00) 10/00 at 102 A-*** 2,085,140
4,000 City of Pomona, California, Single Family Mortgage Revenue No Opt. Call AAA 4,710,920
Refunding Bonds (GNMA and FHLMC Mortgage-Backed
Securities), Series 1990B, 7.500%, 8/01/23
2,445 San Bernardino County, California, Certificates of Participation, 8/05 at 102 AAA 2,572,580
Series 1995 (Medical Center Financing Project),
5.500%, 8/01/22 (Pre-refunded to 8/01/05)
2,000 Sierra View Local Hospital District, Insured Health Facility 3/02 at 102 N/R*** 2,110,460
Revenue Bonds, Series 1992, 6.400%, 3/01/22
(Pre-refunded to 3/01/02)
4,620 Vista Joint Powers Financing Authority, 1993 Series B Lease 9/00 at 101 A-*** 4,717,066
Revenue Bonds (Hacienda Drive and Buena Vista Creek),
6.100%, 9/01/20 (Pre-refunded to 9/01/00)
- ------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 11.4%
1,500 California Pollution Control Financing Authority, Pollution Control 9/09 at 101 AAA 1,395,315
Refunding Revenue Bonds (Southern California Edison Company),
1999 Series C, 5.450%, 9/01/29
6,750 California Pollution Control Financing Authority, Solid Waste 7/07 at 102 N/R 7,207,448
Disposal Revenue Bonds (CanFibre of Riverside Project),
Tax-Exempt Series 1997A, 9.000%, 7/01/19
(Alternative Minimum Tax)
4,500 California Statewide Communities Development Authority, 12/04 at 102 N/R 4,146,794
Certificates of Participation (Rio Bravo Fresno Project),
1999 Series A, 6.300%, 12/01/18
8,000 City of Chula Vista, Industrial Development Revenue Bonds 12/02 at 102 AAA 8,083,680
(San Diego Gas and Electric Company), 1992 Series A,
6.400%, 12/01/27 (Alternative Minimum Tax)
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
PORTFOLIO OF INVESTMENTS (Unaudited)
NUVEEN CALIFORNIA MUNICIPAL MARKET OPPORTUNITY FUND, INC. (NCO) (continued)
February 29, 2000
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
WATER AND SEWER - 9.9%
$ 4,000 The City of Los Angeles, California, Wastewater System Revenue 11/03 at 102 AAA $3,376,520
Bonds, Series 1993-D, 4.700%, 11/01/19
6,000 The Metropolitan Water District of Southern California, Water 7/06 at 100 AAA 5,055,840
Revenue Refunding Bonds, 1996 Series B, 4.750%, 7/01/21
3,000 The Metropolitan Water District of Southern California, 1/08 at 101 AAA 2,562,600
Water Revenue Bonds, 1997 Authorization, Series A,
5.000%, 7/01/30
10,000 City of Santa Maria, California, Water and Wastewater 8/12 at 101 AAA 6,994,700
Revenue Subordinate Certificates of Participation, Series 1997A,
0.000%, 8/01/27
- ------------------------------------------------------------------------------------------------------------------------------------
$ 185,020 Total Investments - (cost $177,637,047) - 98.6% 179,922,397
=============
Other Assets Less Liabilities - 1.4% 2,515,660
--------------------------------------------------------------------------------------------------------------------
Net Assets - 100% $182,438,057
====================================================================================================================
</TABLE>
* Optional Call Provisions: Dates (month and year) and prices of the
earliest optional call or redemption. There may be other call
provisions at varying prices at later dates.
** Ratings: Using the higher of Standard & Poor's or Moody's rating.
*** Securities are backed by an escrow or trust containing sufficient U.S.
Government or U.S. Government agency securities which ensures the
timely payment of principal and interest. Securities are normally
considered to be equivalent to AAA rated securities.
N/R Investment is not rated.
(WI) Security purchased on a when-issued basis.
See accompanying notes to financial statements.
<PAGE>
<TABLE>
<CAPTION>
PORTFOLIO OF INVESTMENTS (Unaudited)
NUVEEN CALIFORNIA INVESTMENT QUALITY MUNICIPAL FUND, INC. (NQC)
February 29, 2000
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
CAPITAL GOODS - 1.8%
$ 5,500 California Pollution Control Financing Authority, Fixed Rate 2/01 at 103 BBB $5,512,375
Resource Recovery Revenue Bonds (Waste Management, Inc.),
1991 Composite Series A, 7.150%, 2/01/11
(Alternative Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 3.9%
640 California Educational Facilities Authority, Revenue Bonds (Chapman 1/01 at 102 Baa2 661,254
College), Series 1991, 7.300%, 1/01/02
1,500 California Educational Facilities Authority, Revenue Bonds 10/06 at 102 AAA 1,505,385
(University of San Francisco), Series 1996, 6.000%, 10/01/26
4,000 State Public Works Board of the State of California, Lease Revenue 3/06 at 102 AAA 3,931,280
Refunding Bonds (California Community Colleges), 1996 Series B
(Various Community Colleges Projects), 5.625%, 3/01/19
6,000 State Public Works Board of the State of California, Lease Revenue 10/07 at 102 A+ 5,560,980
Bonds (Various California State University Projects),
1997 Series C, 5.400%, 10/01/22
- ------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 9.6%
10,000 California Health Facilities Financing Authority, Kaiser Permanente 12/00 at 102 A 10,418,400
Revenue Bonds, 1990 Series A, 7.000%, 12/01/10
Central Joint Powers Health Financing Authority, Certificates of
Participation, Series 1993 (Community Hospital of Central
California):
3,250 5.250%, 2/01/13 2/03 at 102 Baa1 2,789,605
7,260 5.500%, 2/01/15 2/03 at 102 Baa1 6,213,035
5,000 City of Loma Linda, California, Hospital Revenue Bonds 12/03 at 102 N/R 4,413,400
(Loma Linda University Medical Center Project), Series 1993-A,
6.500%, 12/01/18
1,000 City of Stockton, California, Health Facility Revenue Bonds, 12/07 at 102 BBB+ 893,290
Dameron Hospital Association, 1997 Series A, 5.700%, 12/01/14
4,455 Tulare Local Health Care District (California), Insured Health 12/07 at 102 AA- 3,922,004
Facility Revenue Bonds, Series 1998, 5.200%, 12/01/21
- ------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 5.2%
California Statewide Communities Development Authority,
Apartment Development Revenue Refunding
Bonds (Irvine Apartment Communities, L.P.), Series 1998A:
6,250 5.250%, 5/15/25 (Mandatory put 5/15/13) 7/08 at 101 BBB 5,788,250
10,000 4.900%, 5/15/25 (Mandatory put 5/15/08) 7/08 at 101 BBB 9,499,200
415 City of Stanton, Multifamily Housing Revenue Bonds (Continental 8/07 at 102 AAA 415,730
Gardens Apartments), Series 1997, 5.625%, 8/01/29
(Alternative Minimum Tax) (Mandatory put 8/01/09)
- ------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 2.5%
35,750 California Housing Finance Agency, Home Mortgage Revenue 8/09 at 40 15/32 AAA 7,567,203
Bonds, 1999 Series L, 0.000%, 8/01/24
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 6.1%
14,000 State of California, Various Purpose General Obligation Bonds, 3/10 at 101 AAA 13,725,460
5.750%, 3/01/27 (WI)
2,395 Fontana Unified School District, San Bernardino County, California, 5/09 at 102 AAA 2,315,630
1997 General Obligation Refunding Bonds, Series A,
0.000%, 5/01/17
2,000 Pomona Unified School District, General Obligation Refunding 8/11 at 103 AAA 2,156,800
Bonds, Series 1997-A, 6.500%, 8/01/19
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 13.0%
7,000 Certificates of Participation (1990 Adelanto Return to Custody 4/00 at 102 A- 7,155,540
Facility), City of Adelanto, California, 7.100%, 4/01/10
1,500 City of Irvine, Mobile Home Park Revenue Bonds (Meadows 3/08 at 102 N/R 1,266,795
Mobile Home Park Project), Series 1998A (California),
5.700%, 3/01/28
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
PORTFOLIO OF INVESTMENTS (Unaudited)
NUVEEN CALIFORNIA INVESTMENT QUALITY MUNICIPAL FUND, INC. (NQC) (continued)
February 29, 2000
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
TAX OBLIGATION/LIMITED (continued)
$ 1,685 City of Ontario, Community Facilities District No. 5 (Freeway 9/06 at 102 N/R $1,665,757
Interchange Project), Special Tax Bonds, Series 1997,
6.375%, 9/01/17
3,600 Ontario Redevelopment Financing Authority (San Bernardino No Opt. Call AAA 4,319,784
County, California), 1995 Revenue Refunding Bonds
(Ontario Redevelopment Project No.1), 7.400%, 8/01/25
10,075 County of Orange, California, 1996 Recovery Certificates of 7/06 at 102 AAA 10,110,061
Participation, Series A, 6.000%, 7/01/26
1,780 Palm Desert Financing Authority, Tax Allocation Revenue Bonds 10/02 at 103 AAA 1,646,073
(Project Area No. 4), Series 1998, 4.750%, 10/01/13
2,000 Redding Joint Powers Financing Authority, Solid Waste and 1/04 at 102 A3 1,936,360
Corporate Yard Lease Revenue Bonds, Series 1993A,
5.500%, 1/01/13
1,500 City of Richmond, Limited Obligation Refunding Improvement 3/00 at 103 N/R 1,506,705
Bonds, Reassessment District No. 855 (Atlas Road West and
Interchange), 6.600%, 9/02/19
9,000 Redevelopment Agency of the City of San Jose, Merged Area 2/04 at 102 AAA 7,452,000
Redevelopment Project, Tax Allocation Bonds,
Series 1993, 4.750%, 8/01/24
2,000 Redevelopment Agency of the City of San Leandro, Plaza 1 6/03 at 102 A- 1,987,500
and Plaza 2 Redevelopment Projects, 1993 Tax Allocation Bonds,
Series A, 6.125%, 6/01/23
- ------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 15.6%
20,000 Alameda Corridor Transportation Authority (California), Tax-Exempt 10/09 at 101 AAA 17,110,800
Senior Lien Revenue Bonds, Series 1999A, 5.000%, 10/01/29
30,000 Foothill/Eastern Transportation Corridor Agency (California), 1/14 at 101 BBB- 14,759,700
Toll Road Refunding Revenue Bonds, Series 1999, 0.000%, 1/15/29
2,000 Foothill/Eastern Transportation Corridor Agency (California), 1/10 at 100 AAA 1,718,560
Toll Road Revenue Bonds, Series 1995A, 5.000%, 1/01/35
12,000 Airports Commission, City and County of San Francisco, California, 5/05 at 101 AAA 12,148,560
San Francisco International Airport, Second Series Revenue Bonds,
Issue 11 (Noise Insulation Program), 6.250%, 5/01/26
(Alternative Minimum Tax)
1,000 Airports Commission, City and County of San Francisco, 5/06 at 101 AAA 1,019,400
California, San Francisco International Airport, Second Revenue
Bonds, Issue 12A, 5.625%, 5/01/11 (Alternative Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 32.7%
5,885 Calaveras County Water District (California), Certificates of 5/01 at 102 AAA 6,186,018
Participation (1991 Ebbetts Pass Water System Improvements
Project), 6.900%, 5/01/16 (Pre-refunded to 5/01/01)
8,075 California Health Facilities Financing Authority, Hospital Revenue 11/00 at 102 A2*** 8,398,485
Refunding Bonds (Cedars-Sinai Medical Center), Series 1990,
7.000%, 11/01/15 (Pre-refunded to 11/01/00)
12,830 State of California, Various Purpose General Obligation Bond, 3/05 at 101 AA-*** 13,511,658
5.750%, 3/01/13 (Pre-refunded to 3/01/05)
3,500 State Public Works Board of the State of California, Lease 11/04 at 102 Aaa 3,886,400
Revenue Bonds (Department of Corrections), 1994 Series A
(California State Prison-Monterey County (Soledad II)),
6.875%, 11/01/14 (Pre-refunded to 11/01/04)
3,000 California Statewide Communities Development Authority No Opt. Call N/R*** 3,174,660
(Triad Healthcare), Revenue Refunding Series 1992,
Certificates of Participation, 6.250%, 8/01/06
5,500 Certificates of Participation (Open Space Acquisition Project), 4/01 at 102 N/R*** 5,784,900
City of Cupertino, California, Cupertino Public Facilities
Corporation, 7.125%, 4/01/16 (Pre-refunded to 4/01/01)
4,500 Hospital Revenue Certificates of Participation (Desert Hospital 7/00 at 102 AAA 4,650,795
Corporation Project), Series 1990 (California), 8.000%, 7/01/10
(Pre-refunded to 7/01/00)
8,650 Fontana Public Financing Authority (San Bernardino County, 12/01 at 102 N/R*** 9,303,767
California), Subordinate Lien Tax Allocation Revenue Bonds
(North Fontana Redevelopment Project), 1991 Series A,
7.750%, 12/01/20 (Pre-refunded to 12/01/01)
1,000 Foothill/Eastern Transportation Corridor Agency (California), 1/07 at 100 Aaa 1,067,680
Toll Road Revenue Bonds, Series 1995A, 6.000%, 1/01/34
(Pre-refunded to 1/01/07)
2,750 Certificates of Participation, Fresno Unified School District, 5/01 at 102 BBB+*** 2,899,353
Fresno County, California, Series of 1991A for Project Phase VI,
7.200%, 5/01/11 (Pre-refunded to 5/01/01)
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
U.S. GUARANTEED (continued)
$ 2,500 The Community Redevelopment Agency of the City of Los Angeles, 7/00 at 100 BBB*** $2,529,875
California, Central Business District Redevelopment Project,
Tax Allocation Refunding Bonds, Series G, 6.750%, 7/01/10
5,500 Los Angeles County Metropolitan Transportation Authority 7/01 at 102 Aaa 5,785,505
(California), Proposition A Sales Tax Revenue Refunding Bonds,
Series 1993-A, 6.750%, 7/01/20 (Pre-refunded to 7/01/01)
8,000 Mt. Diablo Hospital District, Insured Hospital Revenue Bonds, 12/00 at 102 AAA 8,394,880
1990 Series A, 8.000%, 12/01/11 (Pre-refunded to 12/01/00)
8,000 Redevelopment Agency of the City of Pittsburgh, California, 8/01 at 103 AAA 8,548,640
Los Medanos Community Development Project, Tax Allocation
Bonds, Series 1991, 7.150%, 8/01/21 (Pre-refunded to 8/01/01)
6,505 Poway Redevelopment Agency, California City of Poway, 1/01 at 102 AAA 6,803,580
1991 Capital Improvement Project, Certificates of Participation
(Poway Royal Mobile Home Park), 7.200%, 1/01/24
(Pre-refunded to 1/01/01)
3,500 West Contra Costa Hospital District, Insured Health Facility 11/04 at 102 N/R*** 3,804,010
Refunding Revenue Bonds, Series 1994, 6.500%, 11/01/17
(Pre-refunded to 11/01/04)
3,365 West Side Hospital District (Kern County, California), Insured 2/01 at 102 N/R*** 3,507,474
Revenue Bonds, Series 1991A, 7.500%, 2/01/23
(Pre-refunded to 2/01/01)
- ------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 5.5%
7,945 City of Chula Vista, Industrial Development Revenue Bonds 12/02 at 102 AAA 8,028,105
(San Diego Gas and Electric Company), 1992 Series A,
6.400%, 12/01/27 (Alternative Minimum Tax)
7,990 Department of Water and Power of the City of Los Angeles, 1/01 at 102 Aa3 8,342,359
California, Electric Plant Revenue Bonds, Issue of 1991,
7.100%, 1/15/31
- ------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 2.9%
4,000 State of California, Department of Water Resources, Central Valley 12/06 at 101 1/2 AAA 3,673,800
Project, Water System Revenue Bonds, Series Q, 5.375%, 12/01/27
5,500 Orange County Water District (California), Series 1993A, 8/03 at 100 AA 4,888,123
Certificates of Participation, 5.000%, 8/15/18
- ------------------------------------------------------------------------------------------------------------------------------------
$ 343,050 Total Investments - (cost $295,146,339) - 98.8% 296,262,943
=============
SHORT-TERM INVESTMENTS - 0.4%
$ 1,100,000 Newport Beach, Variable Rate Demand Revenue Bonds,
============= Series 1996-C (Hoag Memorial Hospital), 10/01/26+ VMIG-1 1,100,000
--------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 0.8% 2,566,420
--------------------------------------------------------------------------------------------------------------------
Net Assets - 100% $299,929,363
====================================================================================================================
</TABLE>
* Optional Call Provisions: Dates (month and year) and prices of the
earliest optional call or redemption. There may be other call
provisions at varying prices at later dates.
** Ratings: Using the higher of Standard & Poor's or Moody's rating.
*** Securities are backed by an escrow or trust containing sufficient U.S.
Government or U.S. Government agency securities which ensures the
timely payment of principal and interest. Securities are normally
considered to be equivalent to AAA rated securities.
N/R Investment is not rated.
(WI) Security purchased on a when-issued basis.
+ 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.
<PAGE>
<TABLE>
<CAPTION>
PORTFOLIO OF INVESTMENTS (Unaudited)
NUVEEN CALIFORNIA SELECT QUALITY MUNICIPAL FUND, INC. (NVC)
February 29, 2000
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
CONSUMER STAPLES - 1.7%
$ 9,150 California Pollution Control Financing Authority, Sewage and 12/06 at 101 A+ $8,700,644
Solid Waste Disposal Facilities Revenue Bonds (Anheuser-Busch
Project), Series 1996, 5.750%, 12/01/30 (Alternative Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 1.9%
5,000 California Educational Facilities Authority, Revenue Bonds 10/06 at 102 AAA 4,312,450
(Chapman University), Series 1996, 5.125%, 10/01/26
6,000 The Regents of the University of California, Refunding Revenue 9/03 at 102 AAA 5,211,780
Bonds (1989 Multiple Purpose Projects), Series C, 5.000%, 9/01/23
- ------------------------------------------------------------------------------------------------------------------------------------
ENERGY - 1.7%
9,500 California Pollution Control Financing Authority, Exempt Facilities 12/06 at 102 AAA 8,666,565
Revenue Bonds, Series 1996 (Mobil Oil Corporation Project),
5.500%, 12/01/29 (Alternative Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 10.4%
13,500 California Health Facilities Financing Authority, Revenue Bonds 12/09 at 101 A2 12,837,015
(Cedars-Sinai Medical Center), Series 1999A, 6.125%, 12/01/30
3,000 California Health Facilities Financing Authority, Insured Health 7/04 at 102 AAA 2,545,050
Facility Refunding Revenue Bonds (Catholic Healthcare West),
1994 Series A, 4.750%, 7/01/19
7,485 California Health Facilities Financing Authority, Kaiser Permanente 3/01 at 102 A 7,723,921
Refunding Revenue Bonds, 1991 Series A, 6.500%, 3/01/11
14,000 California Statewide Communities Development Authority, 7/10 at 101 BBB+ 13,569,080
Certificates of Participation, Catholic Healthcare West,
6.500%, 7/01/20
1,775 California Statewide Communities Development Authority, 7/03 at 102 AA 1,609,464
Certificates of Participation, St. Joseph Health System Obligated
Group, 5.500%, 7/01/23
9,350 City of Loma Linda, California, Hospital Revenue Refunding 12/03 at 102 AAA 8,601,626
Bonds (Loma Linda University Medical Center Project),
Series 1993-C, 5.375%, 12/01/22
6,000 County of Madera, California, Certificates of Participation 3/05 at 102 AAA 5,812,440
(Valley Children's Hospital Project), Series 1995, 5.750%, 3/15/28
1,050 City of Stockton, California, Health Facility Revenue Bonds, 12/07 at 102 BBB+ 953,180
Dameron Hospital Association, 1997 Series A, 5.450%, 12/01/10
- ------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 2.7%
3,455 California Housing Finance Agency, Insured Housing Revenue 8/01 at 102 AAA 3,581,211
Bonds, 1991 Series A, 7.200%, 2/01/26 (Alternative Minimum Tax)
9,250 California Statewide Communities Development Authority, 7/08 at 101 BBB 8,566,610
Apartment Development Revenue Refunding Bonds (Irvine
Apartment Communities, L.P.), Series 1998A, 5.250%, 5/15/25
(Mandatory put 5/15/13)
2,000 City of Vista, California, Mobile Home Park Subordinate Revenue 3/09 at 102 N/R 1,753,560
Bonds (Vista Manor Mobile Home Park Project), Series 1999B,
5.750%, 3/15/29
- ------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 6.9%
5,055 California Housing Finance Agency, Single Family Mortgage 5/05 at 102 Aaa 5,106,561
Bonds, 1995 Issue A-2, 6.350%, 8/01/15 (Alternative Minimum Tax)
California Housing Finance Agency, Single Family Mortgage Bonds,
1995 Issue B:
1,525 6.250%, 8/01/14 (Alternative Minimum Tax) 10/05 at 102 AAA 1,509,643
7,800 6.250%, 2/01/18 (Alternative Minimum Tax) 10/05 at 102 AAA 7,860,294
1,970 California Housing Finance Agency, Home Mortgage Revenue 8/01 at 102 Aa2 2,012,296
Bonds, 1991 Series G, 7.050%, 8/01/27
(Alternative Minimum Tax)
5,845 California Housing Finance Agency, Home Mortgage Revenue Bonds, 2/06 at 102 AAA 5,738,329
1995 Series M, 6.150%, 8/01/27 (Alternative Minimum Tax)
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Housing/Single Family (continued)
$ 5,675 California Housing Finance Agency, Home Mortgage Revenue 8/06 at 102 Aa2 $5,645,150
Bonds, 1996 Series H, 6.250%, 8/01/27 (Alternative Minimum Tax)
1,670 California Rural Home Mortgage Finance Authority, Single Family No Opt. Call AAA 1,777,164
Mortgage Revenue Bonds (Mortgage-Backed Securities Program),
1995 Series B, 7.750%, 9/01/26 (Alternative Minimum Tax)
3,750 Puerto Rico Housing Bank and Finance Agency, Affordable Housing 4/05 at 102 AAA 3,751,650
Mortgage Subsidy Program, Single Family Mortgage Revenue
Bonds, Portfolio I, 6.250%, 4/01/29 (Alternative Minimum Tax)
2,255 Southern California Home Financing Authority, Single Family 10/01 at 102 AA 2,318,478
Mortgage Revenue Bonds (GNMA and FNMA Mortgage-Backed
Securities), Program 1991 Issue B, 6.900%, 10/01/24
(Alternative Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 7.4%
9,405 State of California, Various Purpose General Obligation Bonds, 3/00 at 100 AA- 9,414,405
6.400%, 2/01/20 (Alternative Minimum Tax)
State of California, Various Purpose General Obligation Bonds:
7,000 5.500%, 9/01/24 9/09 at 101 AA- 6,592,110
1,250 4.750%, 4/01/29 4/09 at 101 AA- 1,017,850
10,000 5.750%, 3/01/27 (WI) 3/10 at 101 AAA 9,803,900
13,020 City of Los Angeles, California, Unified School District, 7/08 at 101 AAA 11,372,840
General Obligation Bonds, Election of 1997 Series B,
5.000%, 7/01/23
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 15.4%
10,000 Anaheim Public Financing Authority, Lease Revenue Bonds No Opt. Call AAA 1,461,600
(Anaheim Public Improvements Project), Subordinate Lease
Revenue Bonds, 1997 Series C, 0.000%, 9/01/31
9,725 Avalon Community Improvement Agency, Community Improvement 8/01 at 102 A- 10,276,505
Project Area Tax Allocation Bonds, Series 1991 A, 7.250%, 8/01/21
2,215 Brea Public Financing Authority (Orange County, California), 8/01 at 102 AAA 2,317,754
1991 Tax Allocation Revenue Bonds, Series A (Redevelopment
Project AB), 6.750%, 8/01/22
5,000 State Public Works Board of California, Lease Revenue Refunding 9/08 at 101 AAA 4,408,600
Bonds (Department of Corrections), 1998 Series B (California
State Prisons - Imperial County), 5.000%, 9/01/21
6,000 Cerritos Public Financing Authority (Cerritos, California), 11/03 at 102 A- 5,940,060
1993 Revenue Bonds, Series A (Tax Exempt), Los Cerritos
Redevelopment Project Loan, 6.050%, 11/01/20
5,000 Culver City Redevelopment Financing Authority, 11/03 at 102 AAA 4,351,950
1993 Tax Allocation Refunding Revenue Bonds,
5.000%, 11/01/23
3,510 Long Beach Bond Finance Authority, Lease Revenue and Refunding 10/07 at 102 AAA 3,018,705
Bonds (Civic Center Project), 1997 Series A, 5.000%, 10/01/27
19,500 Los Angeles County Metropolitan Transportation Authority (California), 7/08 at 101 AAA 17,033,055
Proposition C Sales Tax Revenue Refunding Bonds, Second Senior
Bonds, Series 1998-A, 5.000%, 7/01/23
3,605 Oakland State Building Authority, Lease Revenue Bonds 4/08 at 101 AAA 3,151,311
(Elihu M. Harris State Office Building), 1998 Series A,
5.000%, 4/01/23
1,390 City of Palm Springs Financing Authority, Tax Allocation Bonds, 8/01 at 102 A- 1,448,505
1991 Series B (Agency Loans), 6.800%, 8/01/11
2,185 Pleasanton Joint Powers Financing Authority, Reassessment 9/03 at 102 Baa1 2,214,956
Revenue Bonds, 1993 Series A, 6.150%, 9/02/12
2,550 Riverside Public Financing Authority (Riverside County, California), 2/01 at 102 N/R 2,635,400
1991 Revenue Bonds, Series A (Multiple Project Loans),
8.000%, 2/01/18
5,235 City and County of San Francisco, Redevelopment Financing 8/03 at 103 A 4,671,923
Authority, 1993 Series C Tax Allocation Revenue Bonds (San
Francisco Redevelopment Projects), 5.125%, 8/01/18
10,000 Redevelopment Agency of the City of San Jose (California), 8/08 at 102 A 8,739,600
Merged Area Redevelopment Project, Tax Allocation Bonds,
Series 1998, 5.250%, 8/01/29
14,245 Santa Ana Unified School District (1999 Financing Project), No Opt. Call AAA 3,284,042
Certificates of Participation (Orange County, California),
0.000%, 4/01/24
5,000 City of West Hollywood (Los Angeles County, California), 2/08 at 102 AAA 4,325,550
1998 Refunding Certificates of Participation, City of West
Hollywood Public Facilities Corporation, 5.000%, 2/01/25
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
PORTFOLIO OF INVESTMENTS (Unaudited)
NUVEEN CALIFORNIA SELECT QUALITY MUNICIPAL FUND, INC. (NVC) (continued)
February 29, 2000
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
TRANSPORTATION - 4.4%
$ 5,000 Alameda Corridor Transportation Authority (California), 10/09 at 101 AAA $4,277,700
Tax-Exempt Senior Lien Revenue Bonds, Series 1999A,
5.000%, 10/01/29
3,275 California Statewide Communities Development Authority, 10/07 at 102 Baa3 2,756,142
Special Facilities Lease Revenue Bonds, 1997 Series A,
5.700%, 10/01/33 (Alternative Minimum Tax)
4,950 Foothill/Eastern Transportation Corridor Agency (California), 1/10 at 100 AAA 4,253,436
Toll Road Revenue Bonds, Series 1995A, 5.000%, 1/01/35
7,500 Harbor Department of the City of Los Angeles, Revenue Bonds, 8/06 at 101 AAA 7,562,625
Issue of 1996, 6.200%, 8/01/25 (Alternative Minimum Tax)
3,450 Airport Commission, City and County of San Francisco, California, 5/04 at 102 AAA 3,550,223
San Francisco International Airport, Second Series Revenue Bonds,
Issue 5, 6.500%, 5/01/24 (Alternative Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 33.5%
5,285 Brea Public Financing Authority (Orange County, California), 8/01 at 102 AAA 5,568,752
1991 Tax Allocation Revenue Bonds, Series A (Redevelopment
Project AB), 6.750%, 8/01/22 (Pre-refunded to 8/01/01)
5,000 California Health Facilities Financing Authority, Insured Health 8/01 at 102 AA-*** 5,281,950
Facility Revenue Bonds (The H.E.L.P. Group), 1991 Series A,
7.000%, 8/01/21 (Pre-refunded to 8/01/01)
3,000 California Pollution Control Financing Authority, Solid Waste 7/02 at 102 Aaa 3,185,910
Revenue Bonds (North County Recycling Center),
1991 Series A Bonds, 6.750%, 7/01/17
3,310 State Public Works Board of California, Lease Revenue Bonds 9/01 at 102 Aaa 3,517,372
(California Community Colleges), 1991 Series A,
7.250%, 9/01/05 (Pre-refunded to 9/01/01)
10,525 State Public Works Board of California, Lease Revenue 9/01 at 100 A+*** 10,754,550
Bonds (Department of Corrections), Series 1991A
(State Prisons-Imperial County), 5.750%, 9/01/21
(Pre-refunded to 9/01/01)
5,000 State Public Works Board of California, Lease Revenue Bonds 9/05 at 100 A+*** 5,305,850
(The Trustees of the California State University), 1995 Series A
(Various California State University Projects), 6.000%, 9/01/15
(Pre-refunded to 9/01/05)
3,000 California Statewide Communities Development Authority, 4/03 at 102 N/R*** 3,172,080
Series A, Certificates of Participation, Pacific Homes,
6.000%, 4/01/17 (Pre-refunded to 4/01/03)
2,110 County of Contra Costa, California, 1989 Home Mortgage No Opt. Call AAA 2,441,312
Revenue Bonds (GNMA Mortgage-Backed Securities Program),
7.700%, 11/01/09 (Alternative Minimum Tax)
7,000 East Bay Municipal Utility District (Alameda and Contra Costa 12/01 at 102 AAA 7,376,740
Counties, California), Water System Subordinated Revenue
Bonds, Series 1991, 6.375%, 6/01/12 (Pre-refunded to 12/01/01)
City of Inglewood, California, Certificates of Participation
(1991 Civic Center Improvement Project):
5,515 7.000%, 8/01/11 (Pre-refunded to 8/01/01) 8/01 at 102 BBB-*** 5,821,248
3,000 6.500%, 8/01/21 (Pre-refunded to 8/01/01) 8/01 at 102 BBB-*** 3,146,130
5,000 7.000%, 8/01/19 (Pre-refunded to 8/01/01) 8/01 at 102 BBB-*** 5,277,650
2,750 The City of Los Angeles, Insured Certificates of Participation, 6/01 at 102 N/R*** 2,898,060
Ararat Home of Los Angeles, 7.250%, 6/01/21
(Pre-refunded to 6/01/01)
10,000 Los Angeles County Public Works Finance Authority, Revenue 10/04 at 102 AA*** 10,715,700
Bonds, Series 1994A (Los Angeles County Regional Park
and Open Space District), 6.000%, 10/01/15
(Pre-refunded to 10/01/04)
7,500 Los Angeles County Metropolitan Transportation Authority 7/01 at 102 Aaa 7,903,800
(California), Proposition A Sales Tax Revenue Refunding
Bonds, Series 1993-A, 6.900%, 7/01/21
(Pre-refunded to 7/01/01)
6,375 Mt. Diablo Hospital District, Insured Hospital Revenue Bonds, 12/00 at 102 AAA 6,645,683
1990 Series A, 7.000%, 12/01/17 (Pre-refunded to 12/01/00)
1,705 City of Palm Springs Financing Authority, Tax Allocation 8/05 at 100 N/R*** 1,872,414
Bonds, 1991 Series B (Agency Loans), 6.800%, 8/01/11
(Pre-refunded to 8/01/05)
3,700 Riverside Public Financing Authority (Riverside County, 2/01 at 102 N/R*** 3,903,537
California), 1991 Revenue Bonds, Series A (Multiple Project
Loans), 8.000%, 2/01/18 (Pre-refunded to 2/01/01)
19,000 Sacramento City Financing Authority, 1991 Revenue Bonds, 11/01 at 102 Aaa 20,128,410
6.800%, 11/01/20 (Pre-refunded to 11/01/01)
3,920 City of San Diego, California, Certificates of Participation 7/01 at 100 Aa*** 4,059,317
(Balboa Park and Mission Bay Park Capital Improvements
Program), Series 1991, 6.900%, 7/15/21 (Pre-refunded to 7/15/01)
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
U.S. GUARANTEED (continued)
$ 5,000 San Mateo County Joint Powers Financing Authority, Lease Revenue 7/04 at 102 AAA $5,381,500
Bonds (San Mateo County Health Center), 1994 Series A,
6.125%, 7/15/14 (Pre-refunded to 7/15/04)
4,000 County of Santa Clara, California, Certificates of Participation 3/01 at 102 N/R*** 4,190,040
(The Terraces of Los Gatos Project), 1991 Series, American
Baptist Homes of the West, 6.900%, 3/01/18
(Pre-refunded to 3/01/01)
Santa Clarita Public Financing Authority, Local Agency Revenue
Bonds, Series 1991:
6,800 7.000%, 10/01/20 (Pre-refunded to 10/01/01) 10/01 at 102 A-*** 7,210,720
3,000 6.750%, 10/01/21 (Pre-refunded to 10/01/01) 10/01 at 102 A-*** 3,169,800
6,925 Santa Monica Community College District, Refunding 6/01 at 102 A*** 7,307,883
Certificates of Participation, 1991 Series A, 7.150%, 6/01/08
(Pre-refunded to 6/01/01)
6,500 Tri-City Hospital District (Oceanside, California), Insured Revenue 2/02 at 102 AAA 6,982,365
Bonds, Series 1991, 7.500%, 2/01/17 (Pre-refunded to 2/01/02)
10,000 Tustin Community Redevelopment Agency, Town Center Area 12/01 at 102 AAA 10,609,300
Redevelopment Project, Subordinate Tax Allocation Bonds,
Series 1991, 6.800%, 12/01/16 (Pre-refunded to 12/01/01)
3,300 The Regents of the University of California, Refunding Revenue 9/02 at 102 AAA 3,549,975
Bonds (Multiple Purpose Projects), Series A, 6.875%, 9/01/16
(Pre-refunded to 9/01/02)
3,000 Westminster Redevelopment Agency, Westminster Commercial 8/01 at 102 AAA 3,183,600
Redevelopment Project No. 1, 1991 Tax Allocation Bonds,
Series A (Orange County, California), 7.300%, 8/01/21
(Pre-refunded to 8/01/01)
1,465 Yosemite Community College District, Certificates of Participation, 7/01 at 102 N/R*** 1,536,946
7.750%, 7/01/11 (Pre-refunded to 7/01/01)
- ------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 8.0%
10,350 California Pollution Control Financing Authority, Pollution No Opt. Call AA- 11,499,885
Control Revenue Bonds (San Diego Gas and Electric Company),
1991 Series A, 6.800%, 6/01/15 (Alternative Minimum Tax)
9,650 California Pollution Control Financing Authority, Pollution Control 12/01 at 102 Aa3 10,098,725
Revenue Bonds (Southern California Edison Company),
1991 Series, 6.900%, 12/01/17 (Alternative Minimum Tax)
3,500 Department of Water and Power of the City of Los Angeles, 9/00 at 102 Aa3 3,626,350
California, Electric Plant Revenue Bonds, Second Issue of 1990,
7.250%, 9/15/30
6,375 Department of Water and Power of the City of Los Angeles, 1/01 at 102 Aa3 6,656,138
California, Electric Plant Revenue Bonds, Issue of 1991,
7.100%, 1/15/31
10,500 Southern California Public Power Authority, Transmission Project 7/03 at 100 AAA 9,163,875
Revenue Bonds, 1993 Subordinate Refunding Series
(Southern Transmission Project), 5.000%, 7/01/22
- ------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 4.8%
7,500 Eastern Municipal Water District (California), Water and Sewer 7/08 at 101 AAA 6,599,325
Revenue Refunding Certificates of Participation, Series 1998A,
5.000%, 7/01/21
14,800 The City of Los Angeles, California, Wastewater System Revenue 6/08 at 101 AAA 12,685,520
Bonds, Series 1998-A, 5.000%, 6/01/28
4,635 The Metropolitan Water District of Southern California Water No Opt. Call AA 5,578,501
Revenue Bonds, Issue of 1992, 8.000%, 7/01/08
- ------------------------------------------------------------------------------------------------------------------------------------
$ 536,065 Total Investments - (cost $503,865,721) - 98.8% 508,051,821
=============
Other Assets Less Liabilities - 1.2% 6,135,236
--------------------------------------------------------------------------------------------------------------------
Net Assets - 100% $514,187,057
====================================================================================================================
</TABLE>
* Optional Call Provisions: Dates (month and year) and prices of the
earliest optional call or redemption. There may be other call
provisions at varying prices at later dates.
** Ratings: Using the higher of Standard & Poor's or Moody's rating.
*** Securities are backed by an escrow or trust containing sufficient U.S.
Government or U.S. Government agency securities which ensures the
timely payment of principal and interest. Securities are normally
considered to be equivalent to AAA rated securities.
N/R Investment is not rated.
(WI) Security purchased on a when-issued basis.
See accompanying notes to financial statements.
<PAGE>
<TABLE>
<CAPTION>
PORTFOLIO OF INVESTMENTS (Unaudited)
NUVEEN CALIFORNIA QUALITY INCOME MUNICIPAL FUND, INC. (NUC)
February 29, 2000
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
EDUCATION AND CIVIC ORGANIZATIONS - 1.4%
$ 2,000 California Educational Facilities Authority, Revenue Bonds 10/06 at 102 AAA $2,007,180
(University of San Francisco), Series 1996, 6.000%, 10/01/26
4,000 State Public Works Board of California, Lease Revenue 3/06 at 102 AAA 3,931,280
Refunding Bonds (California Community Colleges),
1996 Series B (Various Community Colleges Projects),
5.625%, 3/01/19
1,000 California Statewide Communities Development Authority, 4/06 at 101 AAA 1,003,430
Auxiliary Organization Revenue Certificates of Participation
(The University Corporation-California State University, Northridge),
Series 1996, 6.000%, 4/01/26
- ------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 9.9%
California Health Facilities Financing Authority, Revenue Bonds
(Cedars-Sinai Medical Center), Series 1999A:
8,500 6.125%, 12/01/30 12/09 at 101 A2 8,082,565
15,000 6.250%, 12/01/34 12/09 at 101 A2 14,539,800
4,000 California Health Facilities Financing Authority, Insured Health 5/03 at 102 AA- 4,009,280
Facility Revenue Refunding Bonds, (Valley Memorial Hospital),
Series 1993A, 6.000%, 5/01/17
1,250 California Statewide Communities Development Authority, No Opt. Call A2 1,328,800
Hospital Revenue Certificates of Participation (Cedars-Sinai
Medical Center), Series 1992, 6.500%, 8/01/12
14,000 California Statewide Communities Development Authority, 8/02 at 102 A2 14,775,460
Revenue Certificates of Participation (Cedars-Sinai Medical
Center), 6.500%, 8/01/15
3,110 City of Loma Linda, California, Hospital Revenue Bonds 12/03 at 102 N/R 2,745,135
(Loma Linda University Medical Center Project),
Series 1993-A, 6.500%, 12/01/18
2,465 City of Sacramento, Insured Health Facility Revenue Bonds 7/07 at 102 AA- 2,185,666
(CARES), 1998 Series A, 5.300%, 1/01/24
1,795 City of Torrance (California), Hospital Revenue Bonds 7/02 at 102 A 1,915,678
(Little Company of Mary Hospital Project), Series 1992,
6.875%, 7/01/15
- ------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 4.7%
5,250 California Housing Finance Agency, Multi-Unit Rental Housing 8/02 at 102 Aa3 5,467,875
Revenue Bonds II, 1992 Series B, 6.700%, 8/01/15
California Statewide Communities Development Authority,
Apartment Development Revenue Refunding Bonds (Irvine
Apartment Communities, L.P.), Series 1998A:
1,000 5.100%, 5/15/25 (Mandatory put 5/15/10) 7/08 at 101 BBB 945,040
2,500 5.050%, 5/15/25 (Alternative Minimum Tax) (Mandatory put 5/15/08) 7/08 at 101 BBB 2,375,525
3,040 County of Riverside (California), Mobile Home Park Revenue 3/09 at 102 N/R 2,733,203
Bonds (Bravo Mobile Home Park Project), Series 1999B,
5.900%, 3/20/29
1,880 City of Stanton, Multifamily Housing Revenue Bonds 8/07 at 102 AAA 1,883,309
(Continental Gardens Apartments), Series 1997,
5.625%, 8/01/29 (Alternative Minimum Tax)
(Mandatory put 8/01/09)
8,000 City of Vista, Multifamily Housing Revenue Refunding Bonds 4/02 at 102 AAA 8,268,480
(Vista Hacienda Project), 1992 Series A, 6.950%, 4/01/17
Housing Authority of the County of Yolo, 1992 Refunding Revenue
Bonds, Series A (Russell Park Apartments):
1,000 6.900%, 11/01/08 5/02 at 103 Aa2 1,033,580
1,030 7.000%, 11/01/14 5/02 at 103 Aa2 1,077,432
- ------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 2.2%
1,210 California Housing Finance Agency, Home Mortgage Revenue 2/05 at 102 Aa2 1,241,581
Bonds, 1995 Series B, 7.125%, 2/01/26 (Alternative Minimum Tax)
34,250 California Housing Finance Agency, Home Mortgage Revenue 8/09 at 40 15/32 AAA 7,249,698
Bonds, 1999 Series L, 0.000%, 8/01/24
2,690 County of Riverside, California, Single Family Mortgage Revenue 11/01 at 100 AAA 2,742,078
Bonds (GNMA Mortgage-Backed Securities Program),
Issue B of 1989, 7.600%, 11/01/19 (Alternative Minimum Tax)
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
LONG-TERM CARE - 0.5%
$ 2,465 California Health Facilities Financing Authority, Insured Health 8/08 at 100 AA- $2,267,997
Facility Revenue Bonds (Casa de las Campanas), 1998 Series A,
5.250%, 8/01/17
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 7.8%
State of California, Various Purpose General Obligation Bonds:
10,000 6.400%, 9/01/07 No Opt. Call AA- 10,951,600
11,000 4.750%, 4/01/29 4/09 at 101 AA- 8,957,080
14,000 State of California, General Obligation Bonds, 4.750%, 2/01/29 2/09 at 101 AAA 11,437,860
8,665 State of California, Veterans General Obligation Bonds, 12/03 at 102 AA- 8,026,563
Series BH, 5.600%, 12/01/32 (Alternative Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 20.0%
4,730 Certificates of Participation (1991 Financing Project), County 9/06 at 102 AAA 4,772,144
of Alameda, California, Alameda County Public Facilities
Corporation, 6.000%, 9/01/21
1,200 City of Coalinga, California, Certificates of Participation 4/00 at 102 A- 1,226,364
(1989 Coalinga Return to Custody Facility), 7.000%, 4/01/10
Community Development Commission of the City of Commerce, Merged
Redevelopment Project, Tax Allocation Refunding Bonds, Series
1998A:
1,000 5.650%, 8/01/18 8/08 at 102 N/R 881,970
2,765 5.700%, 8/01/28 8/08 at 102 N/R 2,353,596
2,100 Cudahy Redevelopment Agency, Cudahy Redevelopment Project, 9/03 at 102 BBB 2,105,439
Tax Allocation Refunding Bonds, Series 1994A, 6.700%, 9/01/24
5,000 Culver City Redevelopment Financing Authority, 11/03 at 102 AAA 4,146,150
1993 Tax Allocation Refunding Revenue Bonds,
4.600%, 11/01/20
3,000 Fontana Public Financing Authority (San Bernardino County, 9/00 at 102 BBB 3,044,340
California), Tax Allocation Revenue Bonds (North Fontana
Redevelopment Project), 1990 Series A, 7.250%, 9/01/20
1,535 Foothill-De Anza Community College District (County of 9/01 at 102 A- 1,642,082
Santa Clara, California), Certificates of Participation (1992
De Anza Campus Center Project), 7.350%, 3/01/07
2,725 City of Fresno, California, Certificates of Participation 12/00 at 102 A1 2,847,434
(1992 Street Improvement Project), 6.625%, 12/01/11
4,000 Inland Empire Solid Waste Financing Authority, Revenue Bonds, No Opt. Call AAA 4,308,400
1996 Series B (Landfill Improvement Financing Project),
6.250%, 8/01/11 (Alternative Minimum Tax)
2,300 City of Irvine, Mobile Home Park Revenue Bonds (Meadows 3/08 at 102 N/R 2,013,627
Mobile Home Park Project), Series 1998A (California),
5.700%, 3/01/18
5,475 Community Facilities District No. 90-1 of the City of Lancaster, 9/07 at 102 AAA 5,011,651
1998 Special Tax Refunding Bonds, 4.900%, 9/01/15
21,060 Los Angeles County Metropolitan Transportation Authority 7/08 at 101 AAA 18,395,699
(California), Proposition C Sales Tax Revenue Refunding Bonds,
Second Senior Bonds, Series 1998-A, 5.000%, 7/01/23
2,500 Certificates of Participation (Western Nevada County Solid Waste 6/01 at 102 BB 2,502,275
Management System - 1991 Project), County of Nevada,
California, 7.500%, 6/01/21
2,655 Oceanside Mobile Home Park Financing Authority (California), 3/08 at 102 N/R 2,348,586
Mobile Home Park Revenue Bonds (Laguna Vista Mobile
Estates Acquisition Project), Series 1998, 5.800%, 3/01/28
15,300 Ontario Redevelopment Financing Authority (San Bernardino No Opt. Call AAA 18,359,082
County, California), 1995 Revenue Refunding Bonds (Ontario
Redevelopment Project No.1), 7.400%, 8/01/25
3,400 Orange County Development Agency, Santa Ana Heights 9/03 at 102 BBB 3,181,584
Project Area, 1993 Tax Allocation Revenue Bonds (California),
6.125%, 9/01/23
3,000 Orange County Local Transportation Authority (Orange County, No Opt. Call AA+ 3,200,790
California), Measure M Sales Tax Revenue Bonds (Limited Tax
Bonds), 6.000%, 2/15/07
5,200 County of Orange, California, 1996 Recovery Certificates 7/06 at 102 AAA 5,218,096
of Participation, Series A, 6.000%, 7/01/26
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
PORTFOLIO OF INVESTMENTS (Unaudited)
NUVEEN CALIFORNIA QUALITY INCOME MUNICIPAL FUND, INC. (NUC) (continued)
February 29, 2000
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
TAX OBLIGATION/LIMITED (continued)
$ 5,000 City of San Diego, California, Convention Center Expansion 10/08 at 101 AAA $4,097,250
Financing Authority, Lease Revenue Bonds, Series 1998A,
4.750%, 4/01/28
4,000 Redevelopment Agency of the City of San Jose (California), 8/08 at 102 A 3,495,840
Merged Area Redevelopment Project, Tax Allocation Bonds,
Series 1998, 5.250%, 8/01/29
2,000 San Jose Unified School District (Santa Clara County, California), 6/07 at 101 AAA 1,967,680
Certificates of Participation, 5.750%, 6/01/24
3,000 City of Santa Barbara, California, Certificates of Participation 10/02 at 102 A 3,100,260
(Harbor Refunding Project), 6.750%, 10/01/27
- ------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 2.2%
11,820 Airport Commission City and County of San Francisco, California, 5/09 at 101 AAA 9,844,878
San Francisco International Airport, Second Series Revenue
Bonds, Issue 23B Bonds, 5.000%, 5/01/30
(Alternative Minimum Tax)
5,000 San Joaquin Hills Transportation Corridor Agency, Toll Road No Opt. Call AAA 1,031,100
Refunding Revenue Bonds, Series 1997 A, 0.000%, 1/15/26
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 38.0%
County of Alameda, Certificates of Participation (1992 Capital
Projects), Alameda County Public Facilities Corporation:
7,865 6.750%, 6/01/16 (Pre-refunded to 6/01/02) 6/02 at 102 A2*** 8,394,000
10,000 6.000%, 6/01/22 (Pre-refunded to 6/01/02) 6/02 at 102 A2*** 10,513,400
3,000 California Educational Facilities Authority, Revenue Bonds 2/02 at 102 A1*** 3,154,860
(Santa Clara University), Series 1991, 6.250%, 2/01/16
(Pre-refunded to 2/01/02)
California Educational Facilities Authority, Revenue Bonds
(University of San Diego), Series 1992:
1,965 6.500%, 10/01/08 (Pre-refunded to 10/01/02) 10/02 at 102 A*** 2,096,950
5,000 6.500%, 10/01/22 (Pre-refunded to 10/01/02) 10/02 at 102 A***
7,430 California Educational Facilities Authority, Revenue Bonds 10/02 at 102 Aaa 7,918,523
(University of San Francisco), Series 1992,
6.400%, 10/01/17 (Pre-refunded to 10/01/02)
3,225 California Health Facilities Financing Authority, Kaiser 12/00 at 102 A*** 3,348,066
Permanente Revenue Bonds, 1990 Series A,
6.500%, 12/01/20 (Pre-refunded to 12/01/00)
6,000 California Health Facilities Financing Authority, Insured 6/01 at 102 N/R*** 6,295,860
Revenue Bonds (Southern California Presbyterian Homes),
Series 1991, 6.750%, 6/01/21 (Pre-refunded to 6/01/01)
8,000 California Pollution Control Financing Authority, Solid Waste 7/02 at 102 Aaa 8,495,760
Revenue Bonds (North County Recycling Center),
1991 Series A Bonds, 6.750%, 7/01/17
2,000 State of California, Department of Water Resources, Central 6/02 at 101 1/2 Aaa 2,112,380
Valley Project, Water System Revenue Bonds, Series K,
6.400%, 12/01/26 (Pre-refunded to 6/01/02)
2,000 State Public Works Board of California, Lease Revenue Bonds 9/01 at 102 Aaa 2,103,640
(Department of Corrections), Series 1991A (State Prisons-Imperial
County), 6.500%, 9/01/11 (Pre-refunded to 9/01/01)
10,050 State Public Works Board of California, Lease Revenue Bonds 10/02 at 102 AAA 10,783,751
(The Trustees of the California State University), 1992 Series A
(Various California State University Projects), 6.700%, 10/01/17
(Pre-refunded to 10/01/02)
State Public Works Board of California, Lease Revenue Bonds
(Department of Corrections), 1994 Series A (California State
Prison-Monterey County (Soledad II)):
6,950 6.875%, 11/01/14 (Pre-refunded to 11/01/04) 11/04 at 102 Aaa 7,717,280
7,625 7.000%, 11/01/19 (Pre-refunded to 11/01/04) 11/04 at 102 Aaa 8,506,450
2,070 California Statewide Communities Development Authority No Opt. Call N/R*** 2,190,515
(Triad Healthcare), Revenue Refunding Series 1992, Certificates
of Participation), 6.250%, 8/01/06
2,000 Coachella Valley Water District, Improvement District No. 71 10/02 at 102 A*** 2,146,400
Storm Water District (Riverside, Imperial, and San Diego
Counties, California), 1992 Certificates of Participation
(Flood Control Project), 6.750%, 10/01/12
(Pre-refunded to 10/01/02)
3,000 Contra Costa Water Authority (Contra Costa County, 10/00 at 102 N/R*** 3,110,880
California), Water Treatment Revenue Bonds, 1990 Series A,
6.875%, 10/01/20 (Pre-refunded to 10/01/00)
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
U.S. GUARANTEED (continued)
$ 12,805 County of Contra Costa, California, 1988 Home Mortgage No Opt. Call AAA $15,974,109
Revenue Bonds (GNMA Mortgage-Backed Securities Program),
8.250%, 6/01/21 (Alternative Minimum Tax)
10,000 Fontana Redevelopment Agency, Jurupa Hills Redevelopment 10/02 at 102 BBB+*** 10,807,900
Project Area (County of San Bernardino, California), Refunding
Tax Allocation Bonds, 1992 Series A, 7.100%, 10/01/23
(Pre-refunded to 10/01/02)
8,000 Lancaster School District, Certificates of Participation 3/02 at 105 AAA 8,764,160
(1992 Refunding Project), 7.000%, 3/01/22
(Pre-refunded to 3/01/02)
5,435 Community Redevelopment Financing Authority of the City 9/02 at 102 N/R*** 5,766,861
of Los Angeles, California, Pooled Financing Bonds, Series A
(Bunker Hill, Los Angeles Harbor Industrial Center and
Monterey Hills Redevelopment Projects), Series A,
6.375%, 9/01/14 (Pre-refunded to 9/01/02)
4,500 City of Los Angeles, California, Wastewater System Revenue 12/00 at 102 AAA 4,681,800
Bonds, Series 1991-D, 6.700%, 12/01/21
(Pre-refunded to 12/01/00)
10,000 County of Orange, California, Certificates of Participation 8/01 at 102 AAA 10,530,000
(Civic Center Expansion Project), 6.700%, 8/01/18
(Pre-refunded to 8/01/01)
13,525 County of San Bernardino, California, Single Family Mortgage No Opt. Call AAA 15,976,406
Revenue Bonds (GNMA Mortgage-Backed Securities),
1989 Series A, 7.750%, 11/01/14 (Alternative Minimum Tax)
8,295 San Diego County Water Authority, Water Revenue Certificates 5/01 at 102 AA-*** 8,660,975
of Participation, Series 1991A, 6.300%, 5/01/05
(Pre-refunded to 5/01/01)
1,275 City of Santa Maria, Revenue Certificates of Participation 9/02 at 102 N/R*** 1,366,571
(Marian Medical Center), 6.750%, 9/01/22
(Pre-refunded to 9/01/02)
4,300 Sierra View Local Hospital District, Insured Health Facility 3/02 at 102 N/R*** 4,537,489
Revenue Bonds, Series 1992, 6.400%, 3/01/22
(Pre-refunded to 3/01/02)
3,025 Tulare Local Hospital District, Insured Health Facility Revenue 12/01 at 102 AA-*** 3,204,806
Bonds, Series 1991A, 6.750%, 12/01/21 (Pre-refunded to 12/01/01)
6,185 The Regents of the University of California, Refunding Revenue 9/02 at 102 AAA 6,653,514
Bonds (Multiple Purpose Projects), Series A, 6.875%, 9/01/16
(Pre-refunded to 9/01/02)
- ------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 6.1%
10,000 California Pollution Control Financing Authority, Pollution Control 12/01 at 102 Aa3 10,465,000
Revenue Bonds (Southern California Edison Company),
1991 Series, 6.900%, 12/01/17 (Alternative Minimum Tax)
5,000 California Pollution Control Financing Authority, Pollution Control 6/02 at 102 AA- 5,277,850
Revenue Bonds (Pacific Gas and Electric Company),
1992 Series A, 6.625%, 6/01/09 (Alternative Minimum Tax)
3,805 City of Lodi, California, Electric System Revenue Certificates 1/09 at 101 AAA 3,594,850
of Participation, 1999 Series A, Installment Purchase Contract
with the Lodi Public Improvement Corporation, 5.500%, 1/15/24
5,110 City of Redlands, Certificates of Participation (1993 Refunding 3/00 at 100 AAA 5,121,855
of 1986 and 1987 Projects), 6.800%, 3/01/07
5,500 Southern California Public Power Authority, Multiple Project No Opt. Call A 6,125,460
Revenue Bonds, 1989 Series, 6.750%, 7/01/11
- ------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 3.8%
Department of Water and Power of the City of Los Angeles, Water
Works Refunding Revenue Bonds, Second Issue of 1993:
4,060 4.500%, 5/15/13 5/03 at 102 AA 3,589,284
8,400 4.500%, 5/15/30 5/03 at 102 AAA 6,511,931
2,000 The Metropolitan Water District of Southern California, 7/06 at 100 AAA 1,685,280
Water Revenue Refunding Bonds, 1996 Series B,
4.750%, 7/01/21
1,000 City of Norco, Refunding Certificates of Participation, 10/08 at 102 AAA 871,940
Series 1998 (Sewer System and Water System Improvement
Project), 5.125%, 10/01/28
5,000 Public Facilities Financing Authority of the City of San Diego 5/09 at 101 AAA 4,280,900
(California), Sewer Revenue Bonds, Series 1999B,
5.000%, 5/15/29
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
PORTFOLIO OF INVESTMENTS (Unaudited)
NUVEEN CALIFORNIA QUALITY INCOME MUNICIPAL FUND, INC. (NUC) (continued)
February 29, 2000
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
WATER AND SEWER (continued)
$ 2,000 City of Santa Barbara, California, Certificates of Participation 4/02 at 102 AAA $2,087,780
(1992 Water System Improvement Project and Refunding),
6.700%, 4/01/27
- ------------------------------------------------------------------------------------------------------------------------------------
$ 512,265 Total Investments - (cost $472,489,797) - 96.6% 485,040,678
=============
Other Assets Less Liabilities - 3.4% 17,056,549
--------------------------------------------------------------------------------------------------------------------
Net Assets - 100% $502,097,227
====================================================================================================================
</TABLE>
* Optional Call Provisions: Dates (month and year) and prices of the
earliest optional call or redemption. There may be other call
provisions at varying prices at later dates.
** Ratings: Using the higher of Standard & Poor's or Moody's rating.
*** Securities are backed by an escrow or trust containing sufficient U.S.
Government or U.S. Government agency securities which ensures the
timely payment of principal and interest. Securities are normally
considered to be equivalent to AAA rated securities.
N/R Investment is not rated.
See accompanying notes to financial statements.
<PAGE>
<TABLE>
<CAPTION>
PORTFOLIO OF INVESTMENTS (Unaudited)
NUVEEN CALIFORNIA DIVIDEND ADVANTAGE MUNICIPAL FUND (NAC)
February 29, 2000
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
CONSUMER STAPLES - 1.1%
$ 5,000 California Statewide Communities Development Authority, 11/09 at 102 N/R $4,872,750
Certificates of Participation, Pride Industries and Pride One,
Inc, 7.250%, 11/01/29
- ------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 0.6%
3,000 California Infrastructure and Economic Development Bank, Revenue 12/09 at 101 A 2,835,630
Bonds, Series 1999 (The American Center for Wine, Food
and the Arts Project), 5.800%, 12/01/29
- ------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 10.0%
8,400 California Health Facilities Financing Authority, Kaiser 10/08 at 101 A 7,517,916
Permanente Revenue Bonds, Series 1998B, 5.250%, 10/01/14
(Optional put 10/01/08)
15,000 California Health Facilities Financing Authority, Revenue 12/09 at 101 A2 14,263,350
Bonds (Cedars-Sinai Medical Center), Series 1999A,
6.125%, 12/01/30
18,755 California Health Facilities Financing Authority, Revenue 11/08 at 101 AAA 15,897,863
Bonds (USCF - Stanford Health Care), 1998 Series A,
5.000%, 11/15/28
11,000 City of Duarte, California, Certificates of Participation, 4/09 at 101 BBB+ 8,361,430
City of Hope National Medical Center, Series 1999A,
5.250%, 4/01/31
- ------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 10.2%
15,000 California Statewide Communities Development Authority, 7/08 at 101 BBB 14,248,800
Apartment Development Revenue Refunding Bonds (Irvine
Apartment Communities, L.P.), Series 1998A, 4.900%, 5/15/25
(Mandatory put 5/15/08)
4,810 California Statewide Communities Development Authority, 7/09 at 102 N/R 4,399,948
Multifamily Housing Revenue Bonds (Cherry Tree Village
Apartments Project), Series 1999, 6.500%, 7/01/34
10,000 California Statewide Communities Development Authority, No Opt. Call BBB+ 9,668,300
Multifamily Housing Refunding Bonds (Archstone Pelican
Point Apartments), Issue 1999H, Archstone Communities Trust,
5.300%, 6/01/29 (Mandatory put 6/01/08)
5,000 County of Contra Costa (California), Multifamily Housing 6/09 at 102 N/R 4,618,350
Revenue Bonds (Delta View Apartments), Series 1999C,
6.750%, 12/01/30 (Alternative Minimum Tax)
15,000 Housing Authority of the County of San Bernardino No Opt. Call A3 14,132,700
(California) Multifamily Housing Revenue Refunding Bonds
(Equity Residential/Redlands Lawn & Tennis Apartments)
Issue 1999A, 5.200%, 6/15/29 (Mandatory put 6/15/09)
- ------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 3.6%
42,275 California Housing Finance Agency, Single Family Mortgage 2/09 at 31 1/8 AAA 6,703,124
Bonds II, 1999 Series D2, 0.000%, 2/01/29
(Alternative Minimum Tax)
11,500 California Housing Finance Agency, Home Mortgage Revenue 2/09 at 101 1/2 AAA 9,910,470
Bonds, 1998 Series E Remarketed, 5.250%, 2/01/33
(Alternative Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 1.5%
8,500 Riverside County (California) Public Financing Authority, 5/09 at 101 BBB- 6,881,090
Certificates of Participation, Air Force Village West, Inc,
5.800%, 5/15/29
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 9.0%
State of California, Various Purpose General Obligation Bonds:
5,000 5.000%, 8/01/24 8/09 at 101 AAA 4,348,700
9,000 4.750%, 4/01/29 4/09 at 101 AA- 7,328,520
14,900 5.000%, 8/01/29 8/09 at 101 AAA 12,752,016
18,500 Los Angeles, California, Unified School District, General 7/09 at 101 AAA 16,833,335
Obligation Bonds, Election of 1997, Series C (1999),
5.250%, 7/01/24
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
PORTFOLIO OF INVESTMENTS (Unaudited)
NUVEEN CALIFORNIA DIVIDEND ADVANTAGE MUNICIPAL FUND (NAC) (continued)
February 29, 2000
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
TAX OBLIGATION/LIMITED - 26.1%
$ 8,665 Bonita Canyon Public Facilities Financing Authority (California), 3/00 at 103 N/R $6,909,644
Community Facilities District No. 98-1 Special Tax Bonds,
Series 1998, 5.375%, 9/01/28
13,290 Community Facilities District No. 1 (Mira Loma Area) 9/08 at 102 AAA 11,060,071
of Jurupa (California), Community Services District, 1998
Special Tax Bonds, 4.750%, 9/01/24 (Optional put 9/01/10)
5,500 County of Los Angeles, Certificates of Participation 9/08 at 101 AAA 4,597,175
(1998 Disney Parking Refunding Project),
4.750%, 3/01/23
33,000 Los Angeles County Metropolitan Transportation Authority 7/08 at 101 AAA 28,825,170
(California), Proposition C Sales Tax Revenue Refunding
Bonds, Second Senior Bonds, Series 1998-A, 5.000%, 7/01/23
6,880 Los Angeles County Metropolitan Transportation Authority 7/09 at 101 AAA 6,068,848
(California), Proposition A First Tier Senior Sales Tax
Revenue Bonds, Series 1999-C, 5.000%, 7/01/21
15,250 Los Angeles County Public Works Finance Authority, 10/07 at 101 AA 13,626,943
Revenue Bonds, Series 1997A (Los Angeles County Regional Park
and Open Space District), 5.000%, 10/01/19
14,160 Oakland State Building Authority, Lease Revenue Bonds 4/08 at 101 AAA 12,377,964
(Elihu M. Harris State Office Building), 1998 Series A,
5.000%, 4/01/23
15,030 Riverside County Public Financing Authority (California), No Opt. Call N/R 14,855,953
Reassessment Revenue Bonds, Rancho Village
Project/AD No. 159, 1999 Series B (Junior Lien Bonds),
6.000%, 9/02/07
25,060 Redevelopment Agency of the City of San Jose (California), 8/08 at 102 A 21,901,438
Merged Area Redevelopment Project, Tax Allocation Bonds,
Series 1998, 5.250%, 8/01/29
- ------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 9.2%
15,000 Alameda Corridor Transportation Authority (California), 10/09 at 101 AAA 12,833,100
Tax-Exempt Senior Lien Revenue Bonds, Series 1999A,
5.000%, 10/01/29
21,150 Foothill/Eastern Transportation Corridor Agency (California), 1/10 at 101 BBB- 19,272,726
Toll Road Refunding Revenue Bonds, Series 1999,
5.750%, 1/15/40
11,995 Airport Commission City and County of San Francisco, 5/09 at 101 AAA 10,456,161
California, San Francisco International Airport, Second
Series Revenue Bonds, Issue 23B Bonds, 5.125%, 5/01/30
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 2.0%
5,100 Commonwealth of Puerto Rico, Public Improvement Bonds 7/07 at 101 1/2 AAA 5,503,767
of 1997, 6.000%, 7/01/26 (Pre-refunded to 7/01/07)
3,600 County of Riverside, California (1994 Desert Justice Facility 12/04 at 101 AAA 3,839,868
Project), Certificates of Participation, 6.000%, 12/01/17
(Pre-refunded to 12/01/04)
- ------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 11.7%
Northern California Power Agency, Hydroelectric Project Number
One Revenue Bonds, 1998 Refunding Series A:
10,000 5.000%, 7/01/28 7/08 at 101 AAA 8,557,800
26,500 5.200%, 7/01/32 7/08 at 101 AAA 23,350,210
10,500 Puerto Rico Electric Power Authority, Power Revenue Bonds, 7/08 at 101 1/2 BBB+ 8,851,500
Series DD, 5.000%, 7/01/28
15,000 Sacramento Municipal Utility District (California), Electric 7/04 at 101 A 13,140,000
Revenue Refunding Bonds, 1999 Series M, 5.250%, 7/01/28
- ------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 13.8%
12,000 Carmichael Water District (Sacramento County, California), 9/09 at 102 AAA 10,444,440
1999 Water Revenue Certificates of Participation,
5.125%, 9/01/29
7,200 Castaic Lake Water Agency, California (Water System 8/09 at 101 AAA 6,264,936
Improvement Project), Revenue Certificates of Participation,
Series 1999A, 5.125%, 8/01/30
4,985 East Bay Municipal Utility District (Alameda and Contra 6/08 at 101 AAA 4,082,167
Costa Counties, California), Wastewater System
Subordinated Revenue Bonds, Series 1998,
4.750%, 6/01/28
5,000 East Bay Municipal Utility District (Alameda and Contra 6/08 at 101 AAA 4,023,400
Costa Counties, California), Water System Subordinated
Revenue Bonds, Series 1998, 4.750%, 6/01/34
7,000 The City of Los Angeles, California, Wastewater System 6/08 at 101 AAA 5,999,910
Revenue Bonds, Series 1998-A, 5.000%, 6/01/28
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
WATER AND SEWER (continued)
$ 13,425 The Metropolitan Water District of Southern California, 1/08 at 101 AA $11,241,021
Water Revenue Bonds, 1997 Authorization,
Series A, 5.000%, 7/01/37
14,000 Orange County (California), Water District, Revenue 8/09 at 101 AA 12,823,860
Certificates of Participation, Series 1999A,
5.375%, 8/15/29
10,070 Public Facilities Financing Authority of the City of 5/09 at 101 AAA 8,621,731
San Diego (California), Sewer Revenue Bonds, Series 1999B,
5.000%, 5/15/29
- ------------------------------------------------------------------------------------------------------------------------------------
$ 550,000 Total Investments - (cost $498,623,144) - 98.8% 455,104,095
=============
Other Assets Less Liabilities - 1.2% 5,655,723
--------------------------------------------------------------------------------------------------------------------
Net Assets - 100% $460,759,818
====================================================================================================================
</TABLE>
* 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.
See accompanying notes to financial statements.
<PAGE>
<TABLE>
<CAPTION>
STATEMENT OF NET ASSETS (Unaudited)
February 29, 2000
CALIFORNIA CALIFORNIA
CALIFORNIA PERFORMANCE CALIFORNIA INVESTMENT
VALUE PLUS OPPORTUNITY QUALITY
- ------------------------------------------------------------------------------------------------------------------------------------
ASSETS
<S> <C> <C> <C> <C>
Investments in municipal securities, at market value $233,258,090 $279,595,038 $179,922,397 $296,262,943
Temporary investments in short-term municipal securities,
at amortized cost, which approximates market value -- 4,000,000 -- 1,100,000
Cash 6,196,288 9,713,169 5,668,022 11,398,675
Receivables:
Interest 3,816,623 4,372,418 2,560,796 4,249,612
Investments sold 15,298 4,546,073 -- 2,007,688
Other assets 44,212 20,303 19,136 3,238
- ------------------------------------------------------------------------------------------------------------------------------------
Total assets 243,330,511 302,247,001 188,170,351 315,022,156
- ------------------------------------------------------------------------------------------------------------------------------------
LIABILITIES
Payable for investments purchased 7,350,148 14,695,013 4,851,098 13,720,276
Accrued expenses:
Management fees 114,605 144,885 92,978 151,729
Other 151,029 119,894 108,631 180,424
Preferred share dividends payable N/A 33,989 23,771 14,725
Common share dividends payable 1,046,693 1,022,861 655,816 1,025,639
- ------------------------------------------------------------------------------------------------------------------------------------
Total liabilities 8,662,475 16,016,642 5,732,294 15,092,793
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets $234,668,036 $286,230,359 $182,438,057 $299,929,363
====================================================================================================================================
Preferred shares, at liquidation value N/A $106,000,000 $ 68,000,000 $112,000,000
====================================================================================================================================
Preferred shares outstanding N/A 4,240 2,720 4,480
====================================================================================================================================
Common shares outstanding 25,222,660 12,786,439 8,047,513 13,407,740
====================================================================================================================================
Net asset value per Common share outstanding (net assets less
Preferred shares at liquidation value, divided by Common
shares outstanding) $ 9.30 $ 14.10 $ 14.22 $ 14.02
====================================================================================================================================
</TABLE>
N/A - Fund is not authorized to issue Preferred shares.
See accompanying notes to financial statements
<PAGE>
<TABLE>
<CAPTION>
CALIFORNIA CALIFORNIA CALIFORNIA
SELECT QUALITY QUALITY INCOME DIVIDEND ADVANTAGE
- ----------------------------------------------------------------------------------------------------------------------------
ASSETS
<S> <C> <C> <C>
Investments in municipal securities, at market value $508,051,821 $485,040,678 $455,104,095
Temporary investments in short-term municipal securities,
at amortized cost, which approximates market value -- -- --
Cash 3,798,427 14,831,063 4,295,838
Receivables:
Interest 7,782,384 8,851,854 7,258,405
Investments sold 6,690,716 755,000 --
Other assets 13,665 38,639 84,149
- ----------------------------------------------------------------------------------------------------------------------------
Total assets 526,337,013 509,517,234 466,742,487
- ----------------------------------------------------------------------------------------------------------------------------
LIABILITIES
Payable for investments purchased 9,800,197 5,215,726 3,926,040
Accrued expenses:
Management fees 257,117 251,352 121,012
Other 216,176 136,828 204,969
Preferred share dividends payable 73,179 47,060 47,460
Common share dividends payable 1,803,287 1,769,041 1,683,188
- ----------------------------------------------------------------------------------------------------------------------------
Total liabilities 12,149,956 7,420,007 5,982,669
- ----------------------------------------------------------------------------------------------------------------------------
Net assets $514,187,057 $502,097,227 $460,759,818
============================================================================================================================
Preferred shares, at liquidation value $192,000,000 $185,000,000 $175,000,000
============================================================================================================================
Preferred shares outstanding 7,680 7,400 7,000
============================================================================================================================
Common shares outstanding 22,827,016 21,706,641 23,377,610
============================================================================================================================
Net asset value per Common share outstanding (net assets less
Preferred shares at liquidation value, divided by Common
shares outstanding) $ 14.11 $ 14.61 $ 12.22
============================================================================================================================
</TABLE>
See accompanying notes to financial statements.
<PAGE>
STATEMENT OF OPERATIONS (Unaudited)
Six Months Ended February 29, 2000
<TABLE>
<CAPTION>
CALIFORNIA CALIFORNIA
CALIFORNIA PERFORMANCE CALIFORNIA INVESTMENT
VALUE PLUS OPPORTUNITY QUALITY
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INVESTMENT INCOME $ 7,129,190 $ 8,877,423 $ 5,610,545 $ 9,154,428
- ------------------------------------------------------------------------------------------------------------------------------------
EXPENSES
Management fees 708,210 921,689 592,554 965,815
Preferred shares - auction fees N/A 118,767 73,904 121,233
Preferred shares - dividend disbursing agent fees N/A 23,959 9,972 9,972
Shareholders' servicing agent fees and expenses 31,148 10,789 5,109 9,282
Custodian's fees and expenses 25,806 53,062 32,147 31,761
Directors'/Trustees' fees and expenses 2,973 3,644 3,207 3,777
Professional fees 8,916 11,103 10,050 12,001
Shareholders' reports - printing and mailing expenses 23,581 25,881 17,531 27,518
Stock exchange listing fees 10,930 12,249 8,123 12,173
Investor relations expense 11,357 12,461 7,864 12,751
Other expenses 5,243 16,797 13,380 17,963
- ------------------------------------------------------------------------------------------------------------------------------------
Total expenses before custodian fee credit and expense reimbursement 828,164 1,210,401 773,841 1,224,246
Custodian fee credit (8,295) (26,112) (17,070) (19,844)
Expense reimbursement -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------------
Net expenses 819,869 1,184,289 756,771 1,204,402
- ------------------------------------------------------------------------------------------------------------------------------------
Net investment income 6,309,321 7,693,134 4,853,774 7,950,026
- ------------------------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS
Net realized gain (loss) from investment transactions (1,714,224) 91,811 170,754 92,455
Change in net unrealized appreciation (depreciation) of investments (9,062,172) (9,617,832) (6,685,732) (10,880,833)
- ------------------------------------------------------------------------------------------------------------------------------------
Net gain (loss) from investments (10,776,396) (9,526,021) (6,514,978) (10,788,378)
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from operations $ (4,467,075) $(1,832,887) $(1,661,204) $ (2,838,352)
====================================================================================================================================
</TABLE>
N/A - Fund is not authorized to issue Preferred shares.
See accompanying notes to financial statements.
<PAGE>
<TABLE>
<CAPTION>
CALIFORNIA CALIFORNIA CALIFORNIA
SELECT QUALITY QUALITY INCOME DIVIDEND ADVANTAGE
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
INVESTMENT INCOME $ 15,787,060 $ 15,269,295 $ 13,566,950
- -----------------------------------------------------------------------------------------------------------------------------
EXPENSES
Management fees 1,631,705 1,594,742 1,472,328
Preferred shares - auction fees 239,343 201,370 218,151
Preferred shares - dividend disbursing agent fees 14,959 14,959 9,972
Shareholders' servicing agent fees and expenses 13,949 15,516 5,150
Custodian's fees and expenses 58,861 39,712 48,235
Directors'/Trustees' fees and expenses 5,489 5,312 1,606
Professional fees 21,259 12,458 10,902
Shareholders' reports - printing and mailing expenses 61,013 39,380 13,680
Stock exchange listing fees 16,477 16,731 27,086
Investor relations expense 21,025 20,413 9,972
Other expenses 26,182 24,061 3,740
- -----------------------------------------------------------------------------------------------------------------------------
Total expenses before custodian fee credit and expense reimbursement 2,110,262 1,984,654 1,820,822
Custodian fee credit (29,672) (29,334) (29,360)
Expense reimbursement -- -- (697,434)
- -----------------------------------------------------------------------------------------------------------------------------
Net expenses 2,080,590 1,955,320 1,094,028
- -----------------------------------------------------------------------------------------------------------------------------
Net investment income 13,706,470 13,313,975 12,472,922
- -----------------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS
Net realized gain (loss) from investment transactions (391,685) 2,207,800 (1,971,333)
Change in net unrealized appreciation (depreciation) of investments (15,237,897) (16,489,958) (23,371,362)
- -----------------------------------------------------------------------------------------------------------------------------
Net gain (loss) from investments (15,629,582) (14,282,158) (25,342,695)
- -----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from operations $ (1,923,112) $ (968,183) $(12,869,773)
=============================================================================================================================
</TABLE>
See accompanying notes to financial statements.
<PAGE>
<TABLE>
<CAPTION>
STATEMENT OF CHANGES IN NET ASSETS (Unaudited)
CALIFORNIA VALUE CALIFORNIA PERFORMANCE PLUS CALIFORNIA OPPORTUNITY
- ------------------------------------------------------------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
2/29/00 8/31/99 2/29/00 8/31/99 2/29/00 8/31/99
- ------------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
<S> <C> <C> <C> <C> <C> <C>
Net investment income $ 6,309,321 $ 12,640,494 $ 7,693,134 $ 15,301,368 $ 4,853,774 $ 9,659,984
Net realized gain (loss) from
investment transactions (1,714,224) 36,793 91,811 (521,745) 170,754 (199,360)
Change in net unrealized appreciation
(depreciation) of investments (9,062,172) (15,346,519) (9,617,832) (13,064,984) (6,685,732) (9,867,255)
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
from operations (4,467,075) (2,669,232) (1,832,887) 1,714,639 (1,661,204) (406,631)
- ------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM
undistributed net investment income:
Common shareholders (6,280,445) (12,560,888) (6,245,324) (12,733,040) (4,003,699) (8,115,487)
Preferred shareholders N/A N/A (1,608,363) (2,550,004) (1,085,515) (1,542,528)
From accumulated net realized gains
from investment transactions:
Common shareholders (40,356) (1,225,822) -- (605,188) -- (939,551)
Preferred shareholders N/A N/A -- (134,766) -- (204,666)
- ------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets from
distributions to shareholders (6,320,801) (13,786,710) (7,853,687) (16,022,998) (5,089,214) (10,802,232)
- ------------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Common shares:
Net proceeds from sale of shares -- -- -- -- -- --
Net proceeds from shares
issued to shareholders due to
reinvestment of distributions -- -- 588,846 1,576,660 332,594 877,736
Preferred shares:
Net proceeds from sale of shares N/A N/A -- 15,726,552 -- 12,754,386
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets from
capital share transactions -- -- 588,846 17,303,212 332,594 13,632,122
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in
net assets (10,787,876) (16,455,942) (9,097,728) 2,994,853 (6,417,824) 2,423,259
Net assets at the beginning
of period 245,455,912 261,911,854 295,328,087 292,333,234 188,855,881 186,432,622
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets at the end of period $234,668,036 $245,455,912 $286,230,359 $295,328,087 $182,438,057 $188,855,881
====================================================================================================================================
Balance of undistributed net
investment income at the end
of period $ 255,705 $ 226,829 $ 331,416 $ 491,969 $ 56,075 $ 291,515
====================================================================================================================================
</TABLE>
N/A - Fund is not authorized to issue Preferred shares.
See accompanying notes to financial statements.
<PAGE>
<TABLE>
<CAPTION>
CALIFORNIA INVESTMENT QUALITY CALIFORNIA SELECT QUALITY
- ------------------------------------------------------------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
2/29/00 8/31/99 2/29/00 8/31/99
- ------------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
<S> <C> <C> <C> <C>
Net investment income $ 7,950,026 $ 15,315,638 $ 13,706,470 $ 26,215,652
Net realized gain (loss) from investment transactions 92,455 (680,810) (391,685) (522,458)
Change in net unrealized appreciation (depreciation) of investments (10,880,833) (14,734,244) (15,237,897) (24,242,895)
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from operations (2,838,352) (99,416) (1,923,112) 1,450,299
- ------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS
From undistributed net investment income:
Common shareholders (6,271,226) (12,725,662) (10,817,041) (21,539,248)
Preferred shareholders (1,765,317) (2,570,101) (2,982,941) (4,190,468)
From accumulated net realized gains from investment transactions:
Common shareholders -- (383,623) -- (2,428,752)
Preferred shareholders -- (83,412) -- (521,736)
- ------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets from distributions to shareholders (8,036,543) (15,762,798) (13,799,982) (28,680,204)
- ------------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Common shares:
Net proceeds from sale of shares -- -- -- --
Net proceeds from shares issued to shareholders due to
reinvestment of distributions 444,099 1,448,971 565,716 2,443,334
Preferred shares:
Net proceeds from sale of shares -- 21,665,884 -- 41,460,324
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets from capital share transactions 444,099 23,114,855 565,716 43,903,658
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets (10,430,796) 7,252,641 (15,157,378) 16,673,753
Net assets at the beginning of period 310,360,159 303,107,518 529,344,435 512,670,682
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets at the end of period $299,929,363 $310,360,159 $514,187,057 $529,344,435
====================================================================================================================================
Balance of undistributed net investment income at the end of period $ 260,606 $ 347,123 $ 718,166 $ 811,678
====================================================================================================================================
</TABLE>
See accompanying notes to financial statements.
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS (Unaudited) (continued)
<TABLE>
<CAPTION>
CALIFORNIA QUALITY INCOME CALIFORNIA DIVIDEND ADVANTAGE
- ------------------------------------------------------------------------------------------------------------------------------------
FOR THE PERIOD 5/26/99
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED (COMMENCEMENT OF OPERATIONS)
2/29/00 8/31/99 2/29/00 THROUGH 8/31/99
- ------------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
<S> <C> <C> <C> <C>
Net investment income $ 13,313,975 $ 25,321,332 $ 12,472,922 $ 4,560,799
Net realized gain (loss) from investment
transactions 2,207,800 (267,639) (1,971,333) (1,105,626)
Change in net unrealized appreciation
(depreciation) of investments (16,489,958) (22,441,180) (23,371,362) (20,147,687)
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
from operations (968,183) 2,612,513 (12,869,773) (16,692,514)
- ------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS
From undistributed net investment income:
Common shareholders (10,609,903) (21,143,687) (10,094,926) (3,362,840)
Preferred shareholders (2,966,340) (4,379,766) (2,893,880) (651,480)
From accumulated net realized gains from
investment transactions:
Common shareholders -- (388,716) -- --
Preferred shareholders -- (90,180) -- --
- ------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets from distributions
to shareholders (13,576,243) (26,002,349) (12,988,806) (4,014,320)
- ------------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Common shares:
Net proceeds from sale of shares -- -- -- 333,950,247
Net proceeds from shares issued to shareholders
due to reinvestment of distributions 579,929 1,916,199 251,124 31,989
Preferred shares:
Net proceeds from sale of shares -- 34,535,270 -- 172,991,850
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets from capital
share transactions 579,929 36,451,469 251,124 506,974,086
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets (13,964,497) 13,061,633 (25,607,455) 486,267,252
Net assets at the beginning of period 516,061,724 503,000,091 486,367,273 100,021
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets at the end of period $502,097,227 $516,061,724 $460,759,818 $486,367,273
====================================================================================================================================
Balance of undistributed net investment income
at the end of period $ 515,246 $ 777,514 $ 30,595 $ 546,479
====================================================================================================================================
</TABLE>
See accompanying notes to financial statements.
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Unaudited)
1. GENERAL INFORMATION AND SIGNIFICANT ACCOUNTING POLICIES
The California Funds (the "Funds") covered in this report and their
corresponding New York Stock Exchange symbols are Nuveen California Municipal
Value Fund, Inc. (NCA), Nuveen California Performance Plus Municipal Fund, Inc.
(NCP), Nuveen California Municipal Market Opportunity Fund, Inc. (NCO), Nuveen
California Investment Quality Municipal Fund, Inc. (NQC), Nuveen California
Select Quality Municipal Fund, Inc. (NVC), Nuveen California Quality Income
Municipal Fund, Inc. (NUC) and Nuveen California Dividend Advantage Municipal
Fund (NAC).
California Value is not authorized by its Articles of Incorporation to issue
Preferred shares. Therefore, in the Notes to Financial Statements, "N/A"
represents not-applicable.
Each Fund invests primarily in a diversified portfolio of municipal obligations
issued by state and local government authorities within the state of California.
The Funds are registered under the Investment Company Act of 1940 as closed-end,
diversified management investment companies.
The following is a summary of significant accounting policies followed by the
Funds in the preparation of their financial statements in accordance with
accounting principles generally accepted in the United States.
Securities Valuation
The prices of municipal bonds in each Fund's investment portfolio are provided
by a pricing service approved by the Fund's Board of Directors/Trustees. When
price quotes are not readily available (which is usually the case for municipal
securities), the pricing service establishes fair market value based on yields
or prices of municipal bonds of comparable quality, type of issue, coupon,
maturity and rating, indications of value from securities dealers and general
market conditions. Temporary investments in securities that have variable rate
and demand features qualifying them as short-term securities are valued at
amortized cost, which approximates market value.
Securities Transactions
Securities transactions are recorded on a trade date basis. Realized gains and
losses from such transactions are determined on the specific identification
method. Securities purchased or sold on a when-issued or delayed delivery basis
may have extended settlement periods. The securities so purchased are subject to
market fluctuation during this period. The Funds have instructed the custodian
to segregate assets in a separate account with a current value at least equal to
the amount of the when-issued and delayed delivery purchase commitments. At
February 29, 2000, California Value, California Opportunity, California
Investment Quality and California Select Quality had outstanding when-issued
purchase commitments of $7,350,148, $4,851,098, $13,720,276 and $9,800,197,
respectively. There were no such outstanding purchase commitments in any of the
other Funds.
Investment Income
Interest income is determined on the basis of interest accrued, adjusted for
amortization of premiums and accretion of discounts on long-term debt securities
when required for federal income tax purposes.
Income Taxes
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund
intends to comply with the requirements of the Internal Revenue Code applicable
to regulated investment companies and to distribute all of its tax-exempt net
investment income, in addition to any significant amounts of net realized
capital gains and/or market discount realized from investment transactions. The
Funds currently consider significant net realized capital gains and/or market
discount as amounts in excess of $.001 per Common share for California Value and
$.01 per Common share for the other Funds. Furthermore, each Fund intends to
satisfy conditions which will enable interest from municipal securities, which
is exempt from regular federal and California state income taxes, to retain such
tax-exempt status when distributed to shareholders of the Funds. Net realized
capital gain and market discount distributions are subject to federal taxation.
Dividends and Distributions to Shareholders
Tax-exempt net investment income is declared monthly as a dividend and payment
is made or reinvestment is credited to shareholder accounts on the first
business day after month end. Net realized capital gains and/or market discount
from investment transactions, if any, are distributed to shareholders not less
frequently than annually. Furthermore, capital gains are distributed only to the
extent they exceed available capital loss carryforwards.
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
Distributions to shareholders of tax-exempt net investment income, net realized
capital gains and/or market discount are recorded on the ex-dividend date. The
amount and timing of distributions are determined in accordance with federal
income tax regulations, which may differ from generally accepted accounting
principles. Accordingly, temporary over-distributions as a result of these
differences may occur and will be classified as either distributions in excess
of net investment income, distributions in excess of net realized gains and/or
distributions in excess of net ordinary taxable income from investment
transactions, where applicable.
Preferred Shares
California Value is not authorized to issue Preferred shares. The Funds below
have issued and outstanding $25,000 stated value Preferred shares. Each Fund's
Preferred shares are issued in more than one Series. The dividend rate on each
series may change every seven days, as set by the auction agent. The number of
shares outstanding, by Series and in total, for each Fund is as follows:
<TABLE>
<CAPTION>
CALIFORNIA CALIFORNIA CALIFORNIA CALIFORNIA CALIFORNIA
PERFORMANCE CALIFORNIA INVESTMENT SELECT QUALITY DIVIDEND
PLUS OPPORTUNITY QUALITY QUALITY INCOME ADVANTAGE
- ---------------------------------------------------------------------------------------------------------
Number of shares:
<S> <C> <C> <C> <C> <C> <C>
Series M -- -- 3,600 -- 1,400 --
Series T 1,800 -- -- 2,400 -- --
Series W 640 2,200 880 1,680 3,000 --
Series Th -- -- -- 3,600 -- 3,500
Series F 1,800 520 -- -- 3,000 3,500
- ---------------------------------------------------------------------------------------------------------
Total 4,240 2,720 4,480 7,680 7,400 7,000
=========================================================================================================
</TABLE>
Derivative Financial Instruments
The Funds may invest in transactions in certain derivative financial instruments
including futures, forward, swap and option contracts, and other financial
instruments with similar characteristics. Although the Funds are authorized to
invest in such financial instruments, and may do so in the future, they did not
make any such investments during the six months ended February 29, 2000.
Custodian Fee Credit
Each Fund has an arrangement with the custodian bank whereby the custodian fees
and expenses are reduced by credits earned on each Fund's cash on deposit with
the bank. Such deposit arrangements are an alternative to overnight investments.
Reclassification
Certain amounts have been reclassified in the 1999 Financial Highlights to
conform to the 2000 presentation.
Use of Estimates
The preparation of financial statements in conformity with accounting principles
generally accepted in the United States requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities at
the date of the financial statements and the reported amounts of increases and
decreases in net assets from operations during the reporting period. Actual
results may differ from those estimates.
<PAGE>
2. FUND SHARES
Transactions in Common and Preferred shares were as follows:
<TABLE>
<CAPTION>
CALIFORNIA VALUE CALIFORNIA PERFORMANCE PLUS CALIFORNIA OPPORTUNITY
- ----------------------------------------------------------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
2/29/00 8/31/99 2/29/00 8/31/99 2/29/00 8/31/99
- ----------------------------------------------------------------------------------------------------------------------------------
Common shares:
<S> <C> <C> <C> <C> <C> <C>
Shares sold -- -- -- -- -- --
Shares issued to shareholders
due to reinvestment of distributions -- -- 37,895 89,260 20,909 49,992
- ----------------------------------------------------------------------------------------------------------------------------------
-- -- 37,895 89,260 20,909 49,992
==================================================================================================================================
Preferred shares sold N/A N/A -- 640 -- 520
==================================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
CALIFORNIA INVESTMENT QUALITY CALIFORNIA SELECT QUALITY
- -----------------------------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
2/29/00 8/31/99 2/29/00 8/31/99
- -----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Common shares:
Shares sold -- -- -- --
Shares issued to shareholders
due to reinvestment of distributions 29,409 85,501 36,324 146,703
- -----------------------------------------------------------------------------------------------------
29,409 85,501 36,324 146,703
=====================================================================================================
Preferred shares sold -- 880 -- 1,680
=====================================================================================================
</TABLE>
<TABLE>
<CAPTION>
California Quality Income California Dividend Advantage
- -----------------------------------------------------------------------------------------------------------------
Six Months Ended Year Ended Six Months Ended For the Period 5/26/99
2/29/00 8/31/99 2/29/00 through 8/31/99
- -----------------------------------------------------------------------------------------------------------------
Common shares:
<S> <C> <C> <C> <C>
Shares sold -- -- -- 23,345,000
Shares issued to shareholders
due to reinvestment of distributions 36,999 110,967 23,494 2,134
- -----------------------------------------------------------------------------------------------------------------
36,999 110,967 23,494 23,347,134
=================================================================================================================
Preferred shares sold -- 1,400 -- 7,000
=================================================================================================================
</TABLE>
3. DISTRIBUTIONS TO COMMON SHAREHOLDERS
The Funds declared Common share dividend distributions from their tax-exempt net
investment income which were paid April 3, 2000, to shareholders of record on
March 15, 2000, as follows:
<TABLE>
<CAPTION>
CALIFORNIA CALIFORNIA CALIFORNIA CALIFORNIA CALIFORNIA
CALIFORNIA PERFORMANCE CALIFORNIA INVESTMENT SELECT QUALITY DIVIDEND
VALUE PLUS OPPORTUNITY QUALITY QUALITY INCOME ADVANTAGE
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Dividend per share $.0430 $.0800 $.0815 $.0765 $.0790 $.0815 $.0700
=========================================================================================================
</TABLE>
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
4. Securities Transactions
Purchases and sales (including maturities) of investments in long-term municipal
securities and short-term municipal securities during the six months ended
February 29, 2000, were as follows:
<TABLE>
<CAPTION>
CALIFORNIA CALIFORNIA
CALIFORNIA PERFORMANCE CALIFORNIA INVESTMENT
VALUE PLUS OPPORTUNITY QUALITY
- ---------------------------------------------------------------------------------------------------------
Purchases:
<S> <C> <C> <C> <C>
Long-term municipal securities $66,477,846 $37,932,922 $10,432,452 $23,424,825
Short-term municipal securities 5,400,000 8,200,000 7,100,000 1,100,000
Sales and maturities:
Long-term municipal securities 64,581,686 39,546,377 8,396,825 23,490,386
Short-term municipal securities 5,400,000 4,200,000 7,100,000 --
=========================================================================================================
</TABLE>
<TABLE>
<CAPTION>
CALIFORNIA CALIFORNIA CALIFORNIA
SELECT QUALITY DIVIDEND
QUALITY INCOME ADVANTAGE
- ---------------------------------------------------------------------------------------------------------
Purchases:
<S> <C> <C> <C>
Long-term municipal securities $61,487,471 $46,389,345 $38,814,079
Short-term municipal securities 5,000,000 -- 11,700,000
Sales and maturities:
Long-term municipal securities 61,951,869 56,253,656 40,546,378
Short-term municipal securities 5,000,000 -- 11,700,000
=========================================================================================================
</TABLE>
At February 29, 2000, the identified cost of investments owned for federal
income tax purposes were as follows:
<TABLE>
<CAPTION>
CALIFORNIA CALIFORNIA CALIFORNIA CALIFORNIA CALIFORNIA
CALIFORNIA PERFORMANCE CALIFORNIA INVESTMENT SELECT QUALITY DIVIDEND
VALUE PLUS OPPORTUNITY QUALITY QUALITY INCOME ADVANTAGE
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
$234,759,283 $282,548,150 $177,837,137 $296,948,445 $504,378,739 $472,742,505 $498,628,814
====================================================================================================================
</TABLE>
At August 31, 1999, the Funds' last fiscal year end, the following Funds had
unused capital loss carryforwards available for federal income tax purposes to
be applied against future capital gains, if any. If not applied, the
carryforwards will expire as follows:
<TABLE>
<CAPTION>
CALIFORNIA CALIFORNIA CALIFORNIA CALIFORNIA
PERFORMANCE SELECT QUALITY DIVIDEND
PLUS QUALITY INCOME ADVANTAGE
- ---------------------------------------------------------------------------------------------------------
Expiration year:
<S> <C> <C> <C> <C>
2007 $4,263 $9,440 $14,931 $5,670
=========================================================================================================
</TABLE>
<PAGE>
5. UNREALIZED APPRECIATION (DEPRECIATION)
Gross unrealized appreciation and gross unrealized depreciation of investments
for federal income tax purposes at February 29, 2000, were as follows:
<TABLE>
<CAPTION>
CALIFORNIA CALIFORNIA
CALIFORNIA PERFORMANCE CALIFORNIA INVESTMENT
VALUE PLUS OPPORTUNITY QUALITY
- ---------------------------------------------------------------------------------------------------------
Gross unrealized:
<S> <C> <C> <C> <C>
appreciation $ 6,668,522 $ 7,999,465 $ 5,928,423 $ 9,258,852
depreciation (8,169,715) (6,952,577) (3,843,163) (8,844,354)
- ---------------------------------------------------------------------------------------------------------
Net unrealized appreciation (depreciation) $(1,501,193) $ 1,046,888 $ 2,085,260 $ 414,498
=========================================================================================================
</TABLE>
<TABLE>
<CAPTION>
CALIFORNIA CALIFORNIA CALIFORNIA
SELECT QUALITY DIVIDEND
QUALITY INCOME ADVANTAGE
- -------------------------------------------------------------------------------------------------------------
Gross unrealized:
<S> <C> <C> <C>
appreciation $ 17,277,631 $ 23,419,655 $ --
depreciation (13,604,549) (11,121,482) (43,524,719)
- -------------------------------------------------------------------------------------------------------------
Net unrealized appreciation (depreciation) $ 3,673,082 $ 12,298,173 $(43,524,719)
=============================================================================================================
</TABLE>
6. MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES
Under the Fund's (excluding California Value and California Dividend Advantage)
investment management agreements with Nuveen Advisory Corp. (the "Adviser"), a
wholly owned subsidiary of The John Nuveen Company, each Fund pays an annual
management fee, payable monthly, at the rates set forth below, which are based
upon the average daily net assets of each Fund as follows:
AVERAGE DAILY NET ASSETS MANAGEMENT FEE
- --------------------------------------------------------------------------------
For the first $125 million .6500 of 1%
For the next $125 million .6375 of 1
For the next $250 million .6250 of 1
For the next $500 million .6125 of 1
For the next $1 billion .6000 of 1
For net assets over $2 billion .5875 of 1
================================================================================
Under California Value's investment management agreement with the Adviser, the
Fund pays an annual management fee, payable monthly of .35 of 1% of the average
daily net assets of the Fund, as well as 4.125% of the gross interest income of
the Fund.
Under California Dividend Advantage's investment management agreement with the
Adviser, the Fund pays an annual management fee, payable monthly, at the rates
set forth below, which are based upon the average daily net assets of the Fund
as follows:
AVERAGE DAILY NET ASSETS MANAGEMENT FEE
- --------------------------------------------------------------------------------
For the first $125 million .6500 of 1%
For the next $125 million .6375 of 1
For the next $250 million .6250 of 1
For the next $500 million .6125 of 1
For the next $1 billion .6000 of 1
For net assets over $2 billion .5750 of 1
================================================================================
The Adviser has agreed to waive part of its management fees or reimburse certain
expenses of California Dividend Advantage in an amount equal to .30% of the
average daily net assets for the period May 26, 1999 (commencement of
operations) through July 31, 2004, .25% of the average daily net assets for the
year ended July 31, 2005, .20% of the average daily net assets for the year
ended July 31, 2006, .15% of the average daily net assets for the year ended
July 31, 2007, .10% of the average daily net assets for the year ended July 31,
2008, and .05% of the average daily net assets for the year ended July 31, 2009.
The Adviser has not agreed to reimburse California Dividend Advantage for any
portion of its fees and expenses beyond July 31, 2009.
The management fee compensates the Adviser for overall investment advisory and
administrative services and general office facilities. The Funds pay no
compensation directly to those of its Directors/Trustees who are affiliated with
the Adviser or to their officers, all of whom receive remuneration for their
services to the Funds from the Adviser.
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
7. COMPOSITION OF NET ASSETS
At February 29, 2000, net assets consisted of:
<TABLE>
<CAPTION>
CALIFORNIA CALIFORNIA
CALIFORNIA PERFORMANCE CALIFORNIA INVESTMENT
VALUE PLUS OPPORTUNITY QUALITY
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Preferred shares, $25,000 stated value per share,
at liquidation value $ N/A $106,000,000 $ 68,000,000 $112,000,000
Common shares, $.01 par value per share 252,227 127,864 80,475 134,077
Paid-in surplus 237,377,899 178,636,643 112,045,493 187,027,727
Balance of undistributed net investment income 255,705 331,416 56,075 260,606
Accumulated net realized gain (loss) from
investment transactions (1,824,827) (429,934) (29,336) (609,651)
Net unrealized appreciation (depreciation)
of investments (1,392,968) 1,564,370 2,285,350 1,116,604
- ----------------------------------------------------------------------------------------------------------------
Net assets $234,668,036 $286,230,359 $182,438,057 $299,929,363
================================================================================================================
Authorized shares:
Common 250,000,000 200,000,000 200,000,000 200,000,000
Preferred N/A 1,000,000 1,000,000 1,000,000
================================================================================================================
</TABLE>
N/A - Fund is not authorized to issue Preferred Shares.
<TABLE>
<CAPTION>
CALIFORNIA CALIFORNIA CALIFORNIA
SELECT QUALITY DIVIDEND
QUALITY INCOME ADVANTAGE
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Preferred shares, $25,000 stated value per share,
at liquidation value $192,000,000 $185,000,000 $175,000,000
Common shares, $.01 par value per share 228,270 217,066 233,776
Paid-in surplus 317,968,664 301,873,873 332,091,455
Balance of undistributed net investment income 718,166 515,246 30,595
Accumulated net realized gain (loss) from investment transactions (914,143) 1,940,161 (3,076,959)
Net unrealized appreciation (depreciation) of investments 4,186,100 12,550,881 (43,519,049)
- -----------------------------------------------------------------------------------------------------------
Net assets $514,187,057 $502,097,227 $460,759,818
===========================================================================================================
Authorized shares:
Common 200,000,000 200,000,000 Unlimited
Preferred 1,000,000 1,000,000 Unlimited
===========================================================================================================
</TABLE>
<PAGE>
Financial Highlights
<PAGE>
FINANCIAL HIGHLIGHTS (Unaudited)
Selected data for a Common share outstanding
throughout each period:
<TABLE>
<CAPTION>
Investment Operations Less Distributions
-------------------------------- --------------------------------------------------------------
Net Net Net
Realized/ Investment Investment Capital Capital
Beginning Net Unrealized Income Income Gains Gains
Net Asset Investment Investment To Common To Preferred To Common To Preferred
Value Income Gain (Loss) Total Shareholders Shareholders+ Shareholders Shareholders+ Total
- ------------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA VALUE
Year Ended 8/31:
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
2000 (a) $ 9.73 $ .25 $ (.43) $ (.18) $ (.25) $ N/A $ -- $ N/A $ (.25)
1999 10.38 .50 (.60) (.10) (.50) N/A (.05) N/A (.55)
1998 10.09 .53 .34 .87 (.53) N/A (.05) N/A (.58)
1997 10.03 .59 .15 .74 (.59) N/A (.09) N/A (.68)
1996 10.20 .61 (.10) .51 (.62) N/A (.06) N/A (.68)
1995 10.20 .64 .04 .68 (.67) N/A (.01) N/A (.68)
CALIFORNIA PERFORMANCE PLUS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Year Ended 8/31:
2000 (a) 14.85 (.60) .73 (.13) (.49) (.13) -- -- (.62)
1999 15.98 1.20 (1.05) .15 (1.00) (.20) (.05) (.01) (1.26)
1998 15.67 1.23 .36 1.59 (1.03) (.23) (.02) -- (1.28)
1997 15.41 1.27 .26 1.53 (1.03) (.22) (.02) -- (1.27)
1996 15.45 1.28 (.04) 1.24 (1.03) (.25) -- -- (1.28)
1995 15.24 1.28 .28 1.56 (1.03) (.29) (.02) (.01) (1.35)
<CAPTION>
CALIFORNIA OPPORTUNITY
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Year Ended 8/31:
2000 (a) 15.06 .60 (.80) (.20) (.50) (.14) -- -- (.64)
1999 16.48 1.21 (1.25) (.04) (1.01) (.19) (.12) (.03) (1.35)
1998 16.04 1.23 .45 1.68 (1.01) (.22) (.01) -- (1.24)
1997 15.57 1.25 .45 1.70 (1.01) (.22) -- -- (1.23)
1996 15.64 1.25 (.03) 1.22 (1.02) (.23) (.03)+++ (.01)+++ (1.29)
1995 15.32 1.27 .36 1.63 (1.05) (.26) -- -- (1.31)
<CAPTION>
CALIFORNIA INVESTMENT QUALITY
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Year Ended 8/31:
2000 (a) 14.83 .59 (.80) (.21) (.47) (.13) -- -- (.60)
1999 16.03 1.15 (1.14) (.01) (.95) (.19) (.03) (.01) (1.18)
1998 15.70 1.18 .36 1.54 (.99) (.22) -- -- (1.21)
1997 15.37 1.22 .32 1.54 (.99) (.22) -- -- (1.21)
1996 15.37 1.24 -- 1.24 (1.02) (.22) -- -- (1.24)
1995 15.20 1.25 .22 1.47 (1.04) (.26) -- -- (1.30)
<CAPTION>
CALIFORNIA SELECT QUALITY
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Year Ended 8/31:
2000 (a) 14.80 .60 (.69) (.09) (.47) (.13) -- -- (.60)
1999 16.02 1.15 (1.09) .06 (.95) (.18) (.11) (.02) (1.26)
1998 15.65 1.16 .41 1.57 (.97) (.21) (.02) -- (1.20)
1997 15.19 1.19 .52 1.71 (.98) (.20) (.06) (.01) (1.25)
1996 15.23 1.19 .09 1.28 (.98) (.21) (.10) (.03) (1.32)
1995 14.96 1.21 .35 1.56 (.99) (.25) (.04) (.01) (1.29)
<CAPTION>
CALIFORNIA QUALITY INCOME
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Year Ended 8/31:
2000 (a) 15.28 .61 (.65) (.04) (.49) (.14) -- -- (.63)
1999 16.37 1.17 (1.04) .13 (.98) (.20) (.02) -- (1.20)
1998 15.86 1.18 .54 1.72 (.98) (.23) -- -- (1.21)
1997 15.24 1.20 .62 1.82 (.98) (.22) -- -- (1.20)
1996 15.05 1.20 .21 1.41 (.96) (.23) (.02)+++ (.01)+++ (1.22)
1995 14.68 1.21 .39 1.60 (.96) (.27) -- -- (1.23)
<CAPTION>
CALIFORNIA DIVIDEND ADVANTAGE
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Year Ended 8/31:
2000 (a) 13.33 .53 (1.09) (.56) (.43) (.12) -- -- (.55)
1999 (b) 14.33 .20 (.92) (.72) (.14) (.03) -- -- (.17)
====================================================================================================================================
<PAGE>
<CAPTION>
TOTAL RETURNS
----------------------
Organization
and
Offering
Costs and Based
Preferred Ending Based on
Share Net Ending on Net
Underwriting Asset Market Market Asset
Discounts Value Value Value** Value**
- -------------------------------------------------------------------------------------------
CALIFORNIA VALUE
Year Ended 8/31:
<S> <C> <C> <C> <C> <C>
2000 (a) $-- $ 9.30 $ 8.1250 (9.46)% (1.84)%
1999 -- 9.73 9.2500 (.43) (1.13)
1998 -- 10.38 9.8125 2.11 8.90
1997 -- 10.09 10.1875 7.59 7.55
1996 -- 10.03 10.1250 12.52 5.16
1995 -- 10.20 9.6250 (6.59) 6.92
CALIFORNIA PERFORMANCE PLUS
<S> <C> <C> <C> <C> <C>
Year Ended 8/31:
2000 (a) -- 14.10 14.8750 (9.23) (1.82)
1999 (.02) 14.85 16.9375 (.12) (.66)
1998 -- 15.98 18.0000 10.74 8.93
1997 -- 15.67 17.2500 16.71 8.77
1996 -- 15.41 15.7500 14.04 6.53
1995 -- 15.45 14.7500 5.75 8.75
<CAPTION>
CALIFORNIA OPPORTUNITY
<S> <C> <C> <C> <C> <C>
Year Ended 8/31:
2000 (a) -- 14.22 15.0625 (7.76) (2.27)
1999 (.03) 15.06 16.8750 2.10 (1.97)
1998 -- 16.48 17.6250 11.99 9.36
1997 -- 16.04 16.6875 11.83 9.79
1996 -- 15.57 15.8750 13.10 6.31
1995 -- 15.64 15.0000 4.72 9.43
<CAPTION>
CALIFORNIA INVESTMENT QUALITY
<S> <C> <C> <C> <C> <C>
Year Ended 8/31:
2000 (a) -- 14.02 14.7500 (5.85) (2.30)
1999 (.03) 14.83 16.1875 1.67 (1.54)
1998 -- 16.03 16.8750 8.39 8.66
1997 -- 15.70 16.5000 12.32 8.82
1996 -- 15.37 15.6250 11.08 6.72
1995 -- 15.37 15.0000 3.77 8.38
<CAPTION>
California Select Quality
<S> <C> <C> <C> <C> <C>
Year Ended 8/31:
2000 (a) -- 14.11 14.1875 (8.69) (1.44)
1999 (.02) 14.80 16.0625 2.15 (1.20)
1998 -- 16.02 16.7500 8.11 8.93
1997 -- 15.65 16.4375 13.22 10.17
1996 -- 15.19 15.5000 15.73 6.95
1995 -- 15.23 14.3750 7.14 9.22
<CAPTION>
CALIFORNIA QUALITY INCOME
<S> <C> <C> <C> <C> <C>
Year Ended 8/31:
2000 (a) -- 14.61 14.8750 (7.52) (1.17)
1999 (.02) 15.28 16.6250 1.37 (.72)
1998 -- 16.37 17.3750 13.29 9.65
1997 -- 15.86 16.2500 15.19 10.74
1996 -- 15.24 15.0000 12.32 7.89
1995 -- 15.05 14.2500 9.24 9.57
<CAPTION>
CALIFORNIA DIVIDEND ADVANTAGE
<S> <C> <C> <C> <C> <C>
Year Ended 8/31:
2000 (a) -- 12.22 12.6875 (12.52) (5.00)
1999 (b) (.11) 13.33 15.0000 .96 (5.99)
===========================================================================================
<PAGE>
<CAPTION>
RATIOS/SUPPLEMENTAL DATA
-------------------------------------------------------------
BEFORE CREDIT/REIMBURSEMENT
-----------------------------------------------------
Ratio of Net Ratio of Net
Ratio of Investment Ratio of Investment
Expenses Income to Expenses Income to
to Average Average to Average Average
Ending Net Assets Net Assets Total Total
Net Applicable Applicable Net Assets Net Assets
Assets to Common to Common Including Including
(000) Shares++ Shares++ Preferred++ Preferred++
- -----------------------------------------------------------------------------------------
CALIFORNIA VALUE
Year Ended 8/31:
<S> <C> <C> <C> <C> <C>
2000 (a) $234,668 .70%* 5.31%* N/A% N/A%
1999 245,456 .69 4.90 N/A N/A
1998 261,912 .71 5.19 N/A N/A
1997 254,168 .74 5.85 N/A N/A
1996 251,948 .77 6.00 N/A N/A
1995 193,426 .75 6.32 N/A N/A
<CAPTION>
CALIFORNIA PERFORMANCE PLUS
<S> <C> <C> <C> <C> <C>
Year Ended 8/31:
2000 (a) 286,230 1.33* 8.40* .84* 5.32*
1999 295,328 1.19 7.67 .81 5.22
1998 292,333 1.18 7.76 .81 5.35
1997 286,936 1.19 8.17 .81 5.59
1996 282,104 1.18 8.23 .80 5.62
1995 281,766 1.23 8.56 .83 5.77
<CAPTION>
CALIFORNIA OPPORTUNITY
<S> <C> <C> <C> <C> <C>
Year Ended 8/31:
2000 (a) 182,438 1.33* 8.33* .84* 5.26*
1999 188,856 1.21 7.48 .84 5.16
1998 186,433 1.17 7.52 .82 5.28
1997 182,279 1.19 7.85 .82 5.46
1996 177,862 1.19 7.88 .82 5.47
1995 178,072 1.21 8.38 .83 5.73
<CAPTION>
CALIFORNIA INVESTMENT QUALITY
<S> <C> <C> <C> <C> <C>
Year Ended 8/31:
2000 (a) 299,929 1.28* 8.32* .81* 5.24*
1999 310,360 1.20 7.28 .82 5.01
1998 303,108 1.15 7.45 .80 5.22
1997 297,280 1.16 7.82 .80 5.44
1996 291,423 1.16 7.95 .81 5.51
1995 290,426 1.18 8.36 .81 5.72
<CAPTION>
CALIFORNIA SELECT QUALITY
<S> <C> <C> <C> <C> <C>
Year Ended 8/31:
2000 (a) 514,187 1.30* 8.42* .82* 5.30*
1999 529,344 1.14 7.34 .78 5.06
1998 512,671 1.11 7.35 .78 5.18
1997 502,648 1.12 7.68 .78 5.36
1996 490,214 1.13 7.73 .79 5.38
1995 489,967 1.16 8.25 .80 5.66
<CAPTION>
CALIFORNIA QUALITY INCOME
<S> <C> <C> <C> <C> <C>
Year Ended 8/31:
2000 (a) 502,097 1.24* 8.31* .79* 5.27*
1999 516,062 1.14 7.25 .79 4.98
1998 503,000 1.12 7.34 .78 5.12
1997 489,961 1.14 7.69 .79 5.31
1996 475,498 1.15 7.83 .79 5.37
1995 471,064 1.19 8.36 .80 5.63
<CAPTION>
CALIFORNIA DIVIDEND ADVANTAGE
<S> <C> <C> <C> <C> <C>
Year Ended 8/31:
2000 (a) 460,760 1.25* 8.09* .78* 5.05*
1999 (b) 486,367 1.28* 4.72* 1.01* 3.71*
=========================================================================================
<PAGE>
<CAPTION>
Ratios/Supplemental Data
----------------------------------------------------------------------------------
After Credit/Reimbursement***
-----------------------------------------------------------------
Ratio of Net Ratio of Net
Ratio of Investment Ratio of Investment
Expenses Income to Expenses Income to
to Average Average to Average Average
Net Assets Net Assets Total Total
Applicable Applicable Net Assets Net Assets Portfolio
to Common to Common Including Including Turnover
Shares++ Shares++ Preferred++ Preferred++ Rate
- ---------------------------------------------------------------------------------------------------------
CALIFORNIA VALUE
Year Ended 8/31:
<S> <C> <C> <C> <C> <C>
2000 (a) .69%* 5.32%* N/A% N/A% 27%
1999 .69 4.90 N/A N/A 35
1998 .71 5.19 N/A N/A 40
1997 .74 5.85 N/A N/A 17
1996 .77 6.00 N/A N/A 23
1995 .75 6.32 N/A N/A 9
<CAPTION>
CALIFORNIA PERFORMANCE PLUS
<S> <C> <C> <C> <C> <C>
Year Ended 8/31:
2000 (a) 1.30* 8.43* .82* 5.34* 13
1999 1.19 7.67 .81 5.22 26
1998 1.18 7.76 .81 5.35 20
1997 1.19 8.17 .81 5.59 12
1996 1.18 8.23 .80 5.62 14
1995 1.23 8.56 .83 5.77 24
<CAPTION>
CALIFORNIA OPPORTUNITY
<S> <C> <C> <C> <C> <C>
Year Ended 8/31:
2000 (a) 1.30* 8.36* .82* 5.28* 5
1999 1.18 7.51 .82 5.18 37
1998 1.17 7.52 .82 5.28 18
1997 1.19 7.85 .82 5.46 4
1996 1.19 7.88 .82 5.47 8
1995 1.21 8.38 .83 5.73 36
<CAPTION>
CALIFORNIA INVESTMENT QUALITY
<S> <C> <C> <C> <C> <C>
Year Ended 8/31:
2000 (a) 1.26* 8.34* .80* 5.26* 8
1999 1.19 7.29 .82 5.01 18
1998 1.15 7.45 .80 5.22 21
1997 1.16 7.82 .80 5.44 12
1996 1.16 7.95 .81 5.51 10
1995 1.18 8.36 .81 5.72 14
<CAPTION>
CALIFORNIA SELECT QUALITY
<S> <C> <C> <C> <C> <C>
Year Ended 8/31:
2000 (a) 1.28* 8.44* .81* 5.31* 12
1999 1.13 7.35 .78 5.06 7
1998 1.11 7.35 .78 5.18 17
1997 1.12 7.68 .78 5.36 5
1996 1.13 7.73 .79 5.38 13
1995 1.16 8.25 .80 5.66 12
<CAPTION>
CALIFORNIA QUALITY INCOME
<S> <C> <C> <C> <C> <C>
Year Ended 8/31:
2000 (a) 1.22* 8.33* .78* 5.28* 9
1999 1.13 7.26 .78 4.99 11
1998 1.12 7.34 .78 5.12 11
1997 1.14 7.69 .79 5.31 8
1996 1.15 7.83 .79 5.37 6
1995 1.19 8.36 .80 5.63 29
<CAPTION>
CALIFORNIA DIVIDEND ADVANTAGE
<S> <C> <C> <C> <C> <C>
Year Ended 8/31:
2000 (a) .75* 8.59* .47* 5.37* 8
1999 (b) .55* 5.45* .43* 4.29* 8
======================================================================================================
</TABLE>
N/A Fund is not authorized to issue Preferred shares.
* Annualized.
** Total Investment Return on Market Value is the combination of reinvested
dividend income, reinvested capital gains distributions, if any, and
changes in stock price per share. Total Return on Net Asset Value is the
combination of reinvested dividend income, reinvested capital gains
distributions, if any, and changes in net asset value per share. Total
returns are not annualized.
*** After custodian fee credit and expense reimbursement, where applicable.
+ The amounts shown are based on Common share equivalents.
++ Ratios do not reflect the effect of dividend payments to preferred
shareholders; income ratios reflect income earned on assets attributable to
Preferred Shares, if applicable.
+++ The amounts shown include distributions in excess of capital gains of $.011
for Common shareholders and $.003 for Preferred shareholders of California
Opportunity and $.007 for Common shareholders and $.002 for Preferred
shareholders of California Quality Income.
(a) For the six months ended February 29, 2000.
(b) For the period May 26, 1999 (commencement of operations) through August 31,
1999.
<PAGE>
Build Your Wealth Automatically
Sidebar text: Nuveen offers a number of convenient ways to add to your portfolio
and earn the tax-free income you need to achieve your financial goals.
Sidebar text: Nuveen makes reinvesting easy. A phone call is all it takes to set
up your reinvestment account.
NUVEEN EXCHANGE-TRADED FUNDS DIVIDEND REINVESTMENT PLAN
Your Nuveen Exchange-Traded Fund allows you to conveniently reinvest dividends
and/or capital gains distributions in additional fund shares. If you do not
elect to reinvest distributions, all distributions are paid by check or can be
deposited directly into your bank or brokerage account.
By choosing to reinvest, you'll be able to invest money regularly and
automatically, and watch your investment grow through the power of tax-free
compounding. You'll also potentially benefit from dollar-cost averaging, a
technique of investing at regular intervals, which allows you to build a
high-quality, tax-free portfolio conveniently and cost effectively over time.
Dollar-cost averaging does not ensure a profit, nor does it protect you against
loss in a declining market. Because such a plan involves continuous investment
regardless of fluctuating prices, investors should consider their financial
ability to continue purchases through periods of low price levels.
EASY AND CONVENIENT
To make recordkeeping easy and convenient, each month you'll receive a statement
showing your total dividends and distributions, the date of investment, the
shares acquired and the price per share, and the total number of shares you own.
Income or capital gains taxes may be payable on dividends or distributions that
are reinvested.
HOW SHARES ARE PURCHASED
The shares you acquire by reinvesting will either be purchased on the open
market or newly issued by the Fund. If the shares are trading at or above net
asset value at the time of valuation, the Fund will issue new shares at the
then-current market price. If the shares are trading at less than net asset
value, shares for your account will be purchased on the open market. Dividends
and distributions received to purchase shares in the open market will normally
be invested shortly after the dividend payment date. No interest will be paid on
dividends and distributions awaiting reinvestment. Because the market price of
shares may increase before purchases are completed, the average purchase price
per share may exceed the market price at the time of valuation, resulting in the
acquisition of fewer shares than if the dividend or distribution had been paid
in shares issued by the fund. A pro rata portion of any applicable brokerage
commissions on open market purchases will be paid by Plan participants. These
commissions usually will be lower than those charged on individual transactions.
FLEXIBILITY
You may, of course, change your distribution option or withdraw from the Plan at
any time, should your needs or situation change. Should you withdraw, you can
receive a certificate for all whole shares credited to your reinvestment account
and cash payment for fractional shares, or cash payment for all reinvestment
account shares, less brokerage commissions and a $2.50 service fee.
You can also reinvest if your shares are registered in the name of a brokerage
firm, bank, or other nominee. Just ask your investment adviser if the firm will
participate on your behalf. If not, it's easy to have the shares registered in
your name and to apply for a reinvestment account directly. Participants whose
shares are registered in the name of one firm may not be able to transfer the
shares to another firm and continue to participate in the Plan.
The Fund reserves the right to amend or terminate the Plan at any time. Although
the Fund reserves the right to amend the Plan to include a service charge
payable by the participants, there is no direct service charge to participants
in the Plan at this time.
For more information on the Nuveen Automatic Reinvestment Plan or to enroll in
or withdraw from the Plan, speak with your financial adviser or call us at (800)
257-8787.
<PAGE>
Fund Information
BOARD OF DIRECTORS/TRUSTEES
Robert P. Bremner
Lawrence H. Brown
Anne E. Impellizzeri
Peter R. Sawers
William J. Schneider
Timothy R. Schwertfeger
Judith M. Stockdale
FUND MANAGER
Nuveen Advisory Corp.
333 West Wacker Drive
Chicago, IL 60606
CUSTODIAN, TRANSFER AGENT
AND SHAREHOLDER SERVICES
The Chase Manhattan Bank
4 New York Plaza
New York, NY 10004-2413
(800) 257-8787
LEGAL COUNSEL
Morgan, Lewis &
Bockius LLP
Washington, D.C.
INDEPENDENT AUDITORS
Ernst & Young LLP
Chicago, IL
FUND POLICIES
The Board of Trustees of your Fund recently modified certain investment policies
of the Fund. The Fund was formerly not permitted to invest more than 5% of its
total assets in Municipal Leases that contain "non-appropriation" clauses. In
addition, your Fund was not permitted to invest more than 10% of its total
assets in Municipal Leases and securities that are unmarketable, illiquid or not
readily marketable. The Municipal Lease market has matured since the Fund's
inception, and non-appropriation leases have become more liquid and widely
accepted. The Nuveen Exchange-Traded Fund Board has eliminated the restrictions
noted above, replacing them with requirements that the Funds limit investments
in non-appropriation Municipal Leases to those that meet one or more of six
criteria that indicate that the issuer will be motivated to continue to
appropriate monies to make the payments under the Municipal Lease.
The Board also eliminated the Fund's policy not to invest more than 5% of its
total assets in unsecured obligations of issuers which, together with their
predecessors, have been in operation for less than three years.
Each fund intends to repurchase shares of its own common or preferred stock in
the future at such times and in such amounts as is deemed advisable. No shares
were repurchased during the 6-month period ended February 29, 2000. Any future
repurchases will be reported to shareholders in the next annual or semiannual
report.
<PAGE>
Serving Investors for Generations
Photo of: JOHN NUVEEN, SR.
For over a century, generations of Americans have relied on Nuveen to help them
grow and keep the money they've earned. Financial advisers, investors and their
families have associated Nuveen investments with quality, expertise and
dependability since 1898. That is why financial advisers have entrusted the
assets of more than 1.3 million investors to Nuveen.
With the know-how that comes from a century of experience, Nuveen continues to
build upon its reputation for quality. Now, financial advisers and investors can
count on Nuveen Investments to help them design customized solutions that meet
the far-reaching financial goals unique to family wealth strategies - solutions
that can translate into legacies.
Invest well. Look ahead. Leave your mark.
To find out more about how Nuveen investment products and services can help you
preserve your financial security, talk with your financial adviser, or call us
at (800) 257-8787 for more information, including a prospectus where applicable.
Please read that information carefully before you invest.
LOGO: Nuveen Investments
John Nuveen & Co. incorporated
333 West Wacker Drive
Chicago, IL 60606-1286
www.nuveen.com
FSA-1-2-00
