Nuveen Exchange-Traded Funds
FEBRUARY 28, 1998
SEMIANNUAL REPORT
DEPENDABLE, TAX-FREE INCOME TO HELP YOU KEEP MORE OF WHAT YOU EARN.
NCA
NCP
NCO
NQC
NVC
NUC
California
Photo of: Family at swimming pool.
<PAGE>
Highlights
As of February 28, 1998
CONTENTS
1 Dear Shareholder
3 Portfolio Manager Roundtable
5 NCA Performance Overview
6 NCP Performance Overview
7 NCO Performance Overview
8 NQC Performance Overview
9 NVC Performance Overview
10 NUC Performance Overview
11 Shareholder Meeting Report
13 Portfolio of Investments
43 Statement of Net Assets
45 Statement of Operations
47 Statement of Changes in Net Assets
49 Notes to Financial Statements
54 Financial Highlights
60 Building Better Portfolios
61 Fund Information
================================================================================
High Credit Quality Performance Highlights
Nuveen California Municipal Value Fund
PIE CHART:
AAA 62%
AA 12%
A 10%
BBB/NR 16%
o Stable Tax-Free Dividend for 5 Consecutive Months
o Taxable Equivalent Yield of 8.42% for Investors in
Combined 37.4% Federal and State Income Tax Bracket
o 4-Star Rating from Morningstar
Nuveen California Performance Plus Municipal Fund
PIE CHART:
AAA 49%
AA 13%
A 14%
BBB/NR 24%
o Stable Tax-Free Dividend for 67 Consecutive Months
o Taxable Equivalent Yield of 9.31% for Investors in
Combined 37.4% Federal and State Income Tax Bracket
o 4-Star Rating from Morningstar
Nuveen California Municipal Market Opportunity Fund
PIE CHART:
AAA 51%
AA 6%
A 20%
BBB/NR 23%
o Stable Tax-Free Dividend for 25 Consecutive Months
o Taxable Equivalent Yield of 9.39% for Investors in
Combined 37.4% Federal and State Income Tax Bracket
o 1-Year Total Return of 10.03% Outperforms Lehman Brothers California
Municipal Index
Nuveen California Investment Quality Municipal Fund
PIE CHART:
AAA 50%
AA 7%
A 21%
BBB/NR 22%
o Stable Tax-Free Dividend for 21 Consecutive Months
o Taxable Equivalent Yield of 9.30% for Investors in
Combined 37.4% Federal and State Income Tax Bracket
o 4-Star Rating from Morningstar
Nuveen California Select Quality Municipal Fund
PIE CHART:
AAA 42%
AA 17%
A 32%
BBB/NR 9%
o Stable Tax-Free Dividend for 37 Consecutive Months
o Taxable Equivalent Yield of 9.35% for Investors in the 37.4% Federal and
State Income Tax Bracket
o 1-Year Total Return of 9.83% Outperforms Lehman Brothers California
Municipal Index
Nuveen California Quality Income Municipal Fund
PIE CHART:
AAA 43%
AA 9%
A 37%
BBB/NR 11%
o Stable Tax-Free Dividend for 16 Consecutive Months
o Taxable Equivalent Yield of 9.09% for Investors
in the 37.4% Federal and State Income Tax Bracket
o 4-Star Rating from Morningstar
<PAGE>
Dear Shareholder
Photo of: TIMOTHY R. SCHWERTFEGER
CHAIRMAN OF THE BOARD
Wealth takes a lifetime to build. Once achieved, it should be preserved.
Over the past 12 months, the funds covered in this report have performed well,
rewarding investors with dependable tax-free income and attractive returns. As
of February 28, 1998, shareholders in the California funds were receiving
current market yields that ranged from 5.27% to 5.88%. To match these yields,
investors in the combined 37.4% federal and California state income tax bracket
would have had to earn between 8.42% and 9.39% on taxable alternatives. Dividend
stability continues to be a hallmark of the Nuveen exchange-traded funds, as the
dividends for the six funds in this report were declared a total of 72 times
over the past year with only one minor adjustment.
For the year ended February 28, 1998, the funds posted total returns on share
price that ranged from 11.11% to 15.83%, equivalent to taxable returns of 14.85%
to 19.64% for investors in the combined 37.4% federal and California tax
bracket. For shareholders in higher tax brackets, the tax-adjusted returns were
even more attractive. You will find additional details on the individual
performance of each fund on pages 5-10.
MUNICIPAL MARKET REVIEW
The bond market enjoyed a period of solid performance over the past year, as the
benign inflationary environment provided the ideal backdrop for fixed-income
investments, including municipal issues. A shrinking federal deficit and the
inactivity of the Federal Reserve, which has been on hold since its last
interest rate tightening in March 1997, also contributed to the positive
environment for bonds.
Between the end of February 1997 and February 1998, the yield on 30-year
Treasury bonds dropped from 6.80% to 5.92%, and the municipal market followed
suit, as the yield on the Bond Buyer 40 declined from 5.76% to 5.24%. The
relatively tight spread between tax-free municipal bond yields and taxable
Treasury bond yields, combined with municipals' comparatively low volatility and
dependable tax-free income, continue to make municipal bonds an attractive
opportunity for investors in higher tax brackets.
<PAGE>
MEETING INVESTOR NEEDS
The stable income stream and attractive returns detailed on the following pages
demonstrate that these exchange-traded funds continued to achieve their
investment objectives. In today's market environment, many investors are seeking
conservatively managed investments that enable them to strike the proper balance
between reward and risk in their portfolios. With their focus on consistent
performance and moderated risk, Nuveen's exchange-traded funds can be ideal for
investors who want to build and sustain long-term financial security.
BUILDING BETTER PORTFOLIOS
Nuveen's broad range of leveraged and unleveraged municipal bond funds provide a
variety of choices so that investors can select the risk level appropriate to
their individual needs. Each of these funds is managed with the same value
investing approach that emphasizes in-depth research, quality bond selection and
careful monitoring. Our exchange-traded funds can also be combined with other
Nuveen investments, creating the foundation for a well-balanced investment
portfolio that offers risk resistance as well as tax efficiency.
As you review the performance of your fund and discuss the results with your
financial adviser, we hope that you continue to think of Nuveen when seeking
quality investment solutions that withstand the test of time. Your adviser can
introduce you to a variety of other Nuveen products and services designed to
round out your portfolio of core investments. These include the Nuveen Growth
and Income Stock Fund, our two balanced funds, which emphasize capital
appreciation and stability through a blend of equities and Treasury securities
or municipal bonds, and the new Nuveen Rittenhouse Growth Fund, a blue chip
equity mutual fund that provides a tax-efficient approach to building and
sustaining wealth. We encourage you to talk to your financial adviser about our
additional products and services to determine those that can best complement
your current Nuveen investments.
On behalf of everyone at Nuveen, I thank you for your continued confidence in us
and our family of investments.
Sincerely,
TIMOTHY R. SCHWERTFEGER
Chairman of the Board
April 15, 1998
Sidebar text: "We hope that you continue to think of Nuveen when seeking quality
investment solutions that withstand the test of time."
<PAGE>
Nuveen California Exchange-Traded Funds
Portfolio Manager Roundtable
BILL FITZGERALD, JOHN GAMBLA AND STEVE KRUPA, PORTFOLIO MANAGERS OF THE
CALIFORNIA EXCHANGE-TRADED FUNDS, REVIEW THE PAST YEAR IN THE CALIFORNIA
MUNICIPAL MARKET AND TALK ABOUT FUND PERFORMANCE AND OPPORTUNITIES TO FIND
VALUE.
WHAT FACTORS INFLUENCED THE PERFORMANCE OF MUNICIPAL BOND FUNDS OVER THE PAST
YEAR?
Over the past 12 months, we have enjoyed a bull market in fixed-income
investments, including municipal bonds. Each of the funds covered in this report
participated in the rally, with funds with longer durations generally reaping
greater benefits.
As interest rates continued to decline, many of the funds assembled in the late
1980s and early 1990s, as these funds were, have seen a large percentage of
their portfolios called away over the past three years. The proceeds from these
calls have been redeployed in the longer end of the market, which gave a boost
to fund performance. The bond calls themselves, however, acted to erode the
dividends of older funds. Despite this, the dividends on these funds remain
attractive and, combined with enhanced portfolio value and low volatility, have
made the California funds an excellent investment opportunity for California
investors in the higher tax brackets.
HOW DID THE FUNDS PERFORM DURING THIS PERIOD?
As Tim mentioned in his letter to shareholders, total returns on share price for
the 12 months ending February 28, 1998, ranged from 11.11% to 15.83%, providing
taxable equivalent returns of 14.85% to 19.64% for investors in the combined
37.4% federal and California tax bracket. For this period, total returns on net
asset value were 8.62% to 10.03%, compared with the Lehman Brothers California
Municipal Bond Index's one-year return of 9.72%.
In addition, the funds continued to generate a dependable stream of attractive
tax-free income, which translated to outstanding taxable equivalent yields.
Because of their exemption from both federal and state taxes, California
municipal bond funds offer state residents excellent relative value and
significantly higher taxable equivalent yields than taxable investments of
comparable quality.
HOW HAS CALIFORNIA'S ECONOMY REACTED DURING THE PAST 12 MONTHS?
California continues its strong economic recovery and is building a more
diversified economy. High technology and service industry jobs are replacing
positions lost in the 1990-94 state recession. Although the state's financial
situation is improving, California continues to feel the pressures of mandated
school funding levels (in accordance with Proposition 98), mandatory sentencing
laws, and a required two-thirds legislative majority approval for budget
passage. The supply of municipal bonds has been heavy and is expected to
continue as the state enjoys rapid economic and population growth.
WHERE ARE YOU FINDING OPPORTUNITIES TO ADD VALUE IN THE CURRENT MARKET?
In a year that saw municipal bond yields, as measured by the Bond Buyer 40, fall
more than 50 basis points, longer duration proved to be beneficial to
performance. Duration measures a fund's price volatility, or reaction to
interest rate movements. Many of the leveraged funds, which includes all of the
funds in this report with the exception of the California Municipal Value Fund,
have shorter leverage-adjusted durations than the market average. This makes the
funds more defensive, which means their price appreciation is less than other
bond funds in a declining interest rate environment, but they perform better
during periods of rising interest rates. In view of the current interest rate
environment, our strategies call for purchasing bonds that extend the duration
of these funds as opportunities present themselves.
<PAGE>
Another element contributing to the funds' performance was the improving credit
quality of the state of California, as the economy continues to rebound. The
stronger economic environment - as evidenced by employment growth and
diversification into high technology, service, and export-related industries -
has benefited individual issues and brought about credit rating upgrades for the
state. This move is consistent with the larger trend of credit upgrades in the
overall municipal market, as upgrades outnumbered downgrades by a margin of
approximately 17 to 1 among the 2,879 credit rating revisions issued by Moody's
in 1997.
In light of the state's high credit ratings, we have increased our exposure to
California General Obligation bonds, which are backed by the full faith and
credit of the issuing state or local government. These bonds have received high
credit ratings and, as the credit quality of the issuer is upgraded, prices also
appreciate.
We also currently favor the tax allocation/special assessment sector of the
California municipal market, which uses bond proceeds for real estate
development, especially housing for seniors. Because these projects are often
small in nature, the bonds are typically non-rated, adding attractive yields to
the portfolio. An additional benefit is their favorable risk profile due to the
fact that the projects have been in existence for several years. We expect the
quality ratings of these bonds to continue to improve in line with the improving
value of California real estate, resulting in further price appreciation.
Finally, we continue to sell bonds in areas where we believe we have maximized
our opportunities. One of these areas is pre-refunded escrowed bonds, which have
already appreciated in value. We plan to redeploy the proceeds from these bonds
primarily to General Obligation and land development bonds. In the healthcare
sector, many of the bonds we purchased have now been pre-refunded, enhancing the
credit quality of the portfolio.
WHAT ARE YOUR KEY STRATEGIES FOR THE FUTURE?
In the coming months, we will continue to focus on the selection of undervalued
securities that provide attractive income and the opportunity for price
appreciation relative to the market, while maintaining our objective of capital
preservation. If the yield curve remains flat, we believe the portfolio will
benefit from the addition of maturities in the 20-year range. The
research-intensive bond selection process in which Nuveen excels will help us
identify those issues that are well prepared to thrive in the current
environment.
Sidebar text: "Over the past 12 months, we have enjoyed a bull market in
fixed-income investments, including municipal bonds."
<PAGE>
Nuveen California Municipal Value Fund, Inc.
Performance Overview
As of February 28, 1998
NCA
PORTFOLIO STATISTICS
=============================================
Inception Date 10/87
- ---------------------------------------------
Share Price 10 1/8
- ---------------------------------------------
Net Asset Value $10.28
- ---------------------------------------------
Current Market Yield 5.27%
- ---------------------------------------------
Taxable Equivalent Yield
(Federal Only)(1) 7.64%
- ---------------------------------------------
Taxable Equivalent Yield
(Federal and State)(1) 8.42%
- ---------------------------------------------
Fund Net Assets ($000) $259,166
- ---------------------------------------------
Average Weighted Maturity (Years) 20.40
- ---------------------------------------------
Average Weighted Duration (Years) 7.08
- ---------------------------------------------
=============================================
ANNUALIZED TOTAL RETURN
ON SHARE PRICE ON NAV
- ---------------------------------------------
1-Year 11.87% 8.75%
- ---------------------------------------------
3-Year 6.41% 7.31%
- ---------------------------------------------
5-Year 3.51% 5.91%
- ---------------------------------------------
10-Year 6.65% 7.27%
- ---------------------------------------------
=============================================
TAXABLE EQUIVALENT TOTAL RETURN(2)
ON SHARE PRICE ON NAV
- ---------------------------------------------
1-Year 15.43% 12.16%
- ---------------------------------------------
3-Year 10.07% 10.96%
- ---------------------------------------------
5-Year 7.14% 9.66%
- ---------------------------------------------
10-Year 10.45% 11.19%
- ---------------------------------------------
=============================================
TOP 5 SECTORS
Tax Obligation (Limited) 31%
- ---------------------------------------------
U.S. Guaranteed 23%
- ---------------------------------------------
Single-Family Housing 9%
- ---------------------------------------------
Water and Sewer 8%
- ---------------------------------------------
Transportation 6%
- ---------------------------------------------
1997-1998 MONTHLY TAX-FREE DIVIDENDS(3)
BAR CHART:
Mar 0.048
Apr 0.048
May 0.048
Jun 0.048
Jul 0.048
Aug 0.048
Sep 0.048
Oct 0.0445
Nov 0.0445
Dec 0.0445
Jan 0.0445
Feb 0.0445
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 tax rate
of 31%. The rate shown for federal and state highlights the added value of
owning shares that are also exempt from state taxes. It is based on a combined
federal and state tax rate of 37.4%.
2 Taxable equivalent total return is based on the annualized total return and a
combined federal and state income tax rate of 37.4%. 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 paid shareholders a capital gains distribution in December of
$0.0533.
<PAGE>
Nuveen California Performance Plus Municipal Fund, Inc.
Performance Overview
As of February 28, 1998
NCP
PORTFOLIO STATISTICS
=============================================
Inception Date 11/89
- ---------------------------------------------
Share Price 17 11/16
- ---------------------------------------------
Net Asset Value $15.92
- ---------------------------------------------
Current Market Yield 5.83%
- ---------------------------------------------
Taxable Equivalent Yield
(Federal Only)(1) 8.45%
- ---------------------------------------------
Taxable Equivalent Yield
(Federal and State)(1) 9.31%
- ---------------------------------------------
Fund Net Assets ($000) $290,859
- ---------------------------------------------
Average Weighted Maturity (Years) 20.25
- ---------------------------------------------
Average Weighted Duration (Years) 5.07
- ---------------------------------------------
=============================================
ANNUALIZED TOTAL RETURN
ON SHARE PRICE ON NAV
- ---------------------------------------------
1-Year 14.83% 9.22%
- ---------------------------------------------
3-Year 13.65% 8.80%
- ---------------------------------------------
5-Year 8.54% 6.52%
- ---------------------------------------------
Since Inception 8.93% 8.59%
- ---------------------------------------------
=============================================
TAXABLE EQUIVALENT TOTAL RETURN(2)
ON SHARE PRICE ON NAV
- ---------------------------------------------
1-Year 18.71% 13.30%
- ---------------------------------------------
3-Year 17.73% 12.90%
- ---------------------------------------------
5-Year 12.65% 10.64%
- ---------------------------------------------
Since Inception 12.98% 12.72%
- ---------------------------------------------
=============================================
TOP 5 SECTORS
U.S. Guaranteed 30%
- ---------------------------------------------
Tax Obligation (Limited) 22%
- ---------------------------------------------
Utilities 11%
- ---------------------------------------------
Transportation 9%
- ---------------------------------------------
Water and Sewer 8%
- ---------------------------------------------
1997-1998 MONTHLY TAX-FREE DIVIDENDS(3)
BAR CHART:
Mar 0.086
Apr 0.086
May 0.086
Jun 0.086
Jul 0.086
Aug 0.086
Sep 0.086
Oct 0.086
Nov 0.086
Dec 0.086
Jan 0.086
Feb 0.086
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 tax rate
of 31%. The rate shown for federal and state highlights the added value of
owning shares that are also exempt from state taxes. It is based on a combined
federal and state tax rate of 37.4%.
2 Taxable equivalent total return is based on the annualized total return and a
combined federal and state income tax rate of 37.4%. 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 paid shareholders a capital gains distribution in December of
$0.0166.
<PAGE>
Nuveen California Municipal Market Opportunity Fund, Inc.
Performance Overview
As of February 28, 1998
NCO
PORTFOLIO STATISTICS
=============================================
Inception Date 5/90
- ---------------------------------------------
Share Price 17 1/4
- ---------------------------------------------
Net Asset Value $16.42
- ---------------------------------------------
Current Market Yield 5.88%
- ---------------------------------------------
Taxable Equivalent Yield
(Federal Only)(1) 8.52%
- ---------------------------------------------
Taxable Equivalent Yield
(Federal and State)(1) 9.39%
- ---------------------------------------------
Fund Net Assets ($000) $185,681
- ---------------------------------------------
Average Weighted Maturity (Years) 21.37
- ---------------------------------------------
Average Weighted Duration (Years) 6.35
- ---------------------------------------------
=============================================
ANNUALIZED TOTAL RETURN
ON SHARE PRICE ON NAV
- ---------------------------------------------
1-Year 11.90% 10.03%
- ---------------------------------------------
3-Year 11.68% 9.53%
- ---------------------------------------------
5-Year 7.72% 7.06%
- ---------------------------------------------
Since Inception 8.61% 9.00%
- ---------------------------------------------
=============================================
TAXABLE EQUIVALENT TOTAL RETURN(2)
ON SHARE PRICE ON NAV
- ---------------------------------------------
1-Year 15.71% 13.95%
- ---------------------------------------------
3-Year 15.68% 13.52%
- ---------------------------------------------
5-Year 11.78% 11.12%
- ---------------------------------------------
Since Inception 12.61% 13.08%
- ---------------------------------------------
=============================================
TOP 5 SECTORS
U.S. Guaranteed 33%
- ---------------------------------------------
Tax Obligation (Limited) 22%
- ---------------------------------------------
Health Care 16%
- ---------------------------------------------
Water and Sewer 9%
- ---------------------------------------------
Utilities 8%
- ---------------------------------------------
1997-1998 MONTHLY TAX-FREE DIVIDENDS(3)
BAR CHART:
Mar 0.0845
Apr 0.0845
May 0.0845
Jun 0.0845
Jul 0.0845
Aug 0.0845
Sep 0.0845
Oct 0.0845
Nov 0.0845
Dec 0.0845
Jan 0.0845
Feb 0.0845
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 tax rate
of 31%. The rate shown for federal and state highlights the added value of
owning shares that are also exempt from state taxes. It is based on a combined
federal and state tax rate of 37.4%
2 Taxable equivalent total return is based on the annualized total return and a
combined federal and state income tax rate of 37.4%. 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 paid shareholders a capital gains distribution in December of
$0.0081.
<PAGE>
Nuveen California Investment Quality Municipal Fund, Inc.
Performance Overview
As of February 28, 1998
NQC
PORTFOLIO STATISTICS
=============================================
Inception Date 11/90
- ---------------------------------------------
Share Price 17
- ---------------------------------------------
Net Asset Value $15.95
- ---------------------------------------------
Current Market Yield 5.82%
- ---------------------------------------------
Taxable Equivalent Yield
(Federal Only)(1) 8.43%
- ---------------------------------------------
Taxable Equivalent Yield
(Federal and State)(1) 9.30%
- ---------------------------------------------
Fund Net Assets ($000) $301,322
- ---------------------------------------------
Average Weighted Maturity (Years) 20.57
- ---------------------------------------------
Average Weighted Duration (Years) 4.82
- ---------------------------------------------
=============================================
ANNUALIZED TOTAL RETURN
ON SHARE PRICE ON NAV
- ---------------------------------------------
1-Year 11.11% 8.62%
- ---------------------------------------------
3-Year 11.03% 8.64%
- ---------------------------------------------
5-Year 7.99% 6.62%
- ---------------------------------------------
Since Inception 8.53% 8.74%
- ---------------------------------------------
=============================================
TAXABLE EQUIVALENT TOTAL RETURN(2)
ON SHARE PRICE ON NAV
- ---------------------------------------------
1-Year 14.85% 12.51%
- ---------------------------------------------
3-Year 14.95% 12.63%
- ---------------------------------------------
5-Year 12.10% 10.73%
- ---------------------------------------------
Since Inception 12.56% 12.83%
- ---------------------------------------------
=============================================
TOP 5 SECTORS
U.S. Guaranteed 36%
- ---------------------------------------------
Tax Obligation (Limited) 15%
- ---------------------------------------------
Health Care 12%
- ---------------------------------------------
Utilities 9%
- ---------------------------------------------
Transportation 6%
- ---------------------------------------------
1997-1998 MONTHLY TAX-FREE DIVIDENDS(3)
BARCHART:
Mar 0.0825
Apr 0.0825
May 0.0825
Jun 0.0825
Jul 0.0825
Aug 0.0825
Sep 0.0825
Oct 0.0825
Nov 0.0825
Dec 0.0825
Jan 0.0825
Feb 0.0825
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 tax rate
of 31%. The rate shown for federal and state highlights the added value of
owning shares that are also exempt from state taxes. It is based on a combined
federal and state tax rate of 37.4%.
2 Taxable equivalent total return is based on the annualized total return and a
combined federal and state income tax rate of 37.4%. 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 paid shareholders a capital gains distribution in December of
$0.0047.
<PAGE>
Nuveen California Select Quality Municipal Fund, Inc.
Performance Overview
As of February 28, 1998
NVC
PORTFOLIO STATISTICS
=============================================
Inception Date 5/91
- ---------------------------------------------
Share Price 16 13/16
- ---------------------------------------------
Net Asset Value $15.91
- ---------------------------------------------
Current Market Yield 5.85%
- ---------------------------------------------
Taxable Equivalent Yield
(Federal Only)(1) 8.48%
- ---------------------------------------------
Taxable Equivalent Yield
(Federal and State)(1) 9.35%
- ---------------------------------------------
Fund Net Assets ($000) $509,479
- ---------------------------------------------
Average Weighted Maturity (Years) 21.67
- ---------------------------------------------
Average Weighted Duration (Years) 5.38
- ---------------------------------------------
=============================================
ANNUALIZED TOTAL RETURN
ON SHARE PRICE ON NAV
- ---------------------------------------------
1-Year 14.37% 9.83%
- ---------------------------------------------
3-Year 13.29% 9.48%
- ---------------------------------------------
5-Year 8.48% 7.03%
- ---------------------------------------------
Since Inception 8.68% 8.86%
- ---------------------------------------------
=============================================
TAXABLE EQUIVALENT TOTAL RETURN(2)
ON SHARE PRICE ON NAV
- ---------------------------------------------
1-Year 18.24% 13.76%
- ---------------------------------------------
3-Year 17.30% 13.44%
- ---------------------------------------------
5-Year 12.55% 11.02%
- ---------------------------------------------
Since Inception 12.65% 12.82%
- ---------------------------------------------
=============================================
TOP 5 SECTORS
U.S. Guaranteed 25%
- ---------------------------------------------
Tax Obligation (Limited) 20%
- ---------------------------------------------
Utilities 14%
- ---------------------------------------------
Single Family Housing 10%
- ---------------------------------------------
Health Care 9%
- ---------------------------------------------
1997-1998 MONTHLY TAX-FREE DIVIDENDS(3)
BAR CHART:
Mar 0.082
Apr 0.082
May 0.082
Jun 0.082
Jul 0.082
Aug 0.082
Sep 0.082
Oct 0.082
Nov 0.082
Dec 0.082
Jan 0.082
Feb 0.082
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 tax rate
of 31%. The rate shown for federal and state highlights the added value of
owning shares that are also exempt from state taxes. It is based on a combined
federal and state tax rate of 37.4%.
2 Taxable equivalent total return is based on the annualized total return and a
combined federal and state income tax rate of 37.4%. 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 paid shareholders a capital gains distribution in December of
$0.0174.
<PAGE>
Nuveen California Quality Income Municipal Fund, Inc.
Performance Overview
As of February 28, 1998
NUC
PORTFOLIO STATISTICS
=============================================
Inception Date 11/91
- ---------------------------------------------
Share Price 17 3/16
- ---------------------------------------------
Net Asset Value $16.16
- ---------------------------------------------
Current Market Yield 5.69%
- ---------------------------------------------
Taxable Equivalent Yield
(Federal Only)(1) 8.25%
- ---------------------------------------------
Taxable Equivalent Yield
(Federal and State)(1) 9.09%
- ---------------------------------------------
Fund Net Assets ($000) $497,501
- ---------------------------------------------
Average Weighted Maturity (Years) 20.35
- ---------------------------------------------
Average Weighted Duration (Years) 5.49
- ---------------------------------------------
=============================================
ANNUALIZED TOTAL RETURN
ON SHARE PRICE ON NAV
- ---------------------------------------------
1-Year 15.83% 9.66%
- ---------------------------------------------
3-Year 14.03% 9.97%
- ---------------------------------------------
5-Year 9.69% 7.55%
- ---------------------------------------------
Since Inception 8.88% 8.86%
- ---------------------------------------------
=============================================
TAXABLE EQUIVALENT TOTAL RETURN(2)
ON SHARE PRICE ON NAV
- ---------------------------------------------
1-Year 19.64% 13.50%
- ---------------------------------------------
3-Year 18.03% 13.86%
- ---------------------------------------------
5-Year 13.75% 11.46%
- ---------------------------------------------
Since Inception 12.77% 12.68%
- ---------------------------------------------
=============================================
TOP 5 SECTORS
U.S. Guaranteed 37%
- ---------------------------------------------
Tax Obligation (Limited) 20%
- ---------------------------------------------
Utilities 10%
- ---------------------------------------------
Health Care 9%
- ---------------------------------------------
Water and Sewer 5%
- ---------------------------------------------
1997-1998 MONTHLY TAX-FREE DIVIDENDS
BAR CHART:
Mar 0.0815
Apr 0.0815
May 0.0815
Jun 0.0815
Jul 0.0815
Aug 0.0815
Sep 0.0815
Oct 0.0815
Nov 0.0815
Dec 0.0815
Jan 0.0815
Feb 0.0815
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 tax rate
of 31%. The rate shown for federal and state highlights the added value of
owning shares that are also exempt from state taxes. It is based on a combined
federal and state tax rate of 37.4%.
2 Taxable equivalent total return is based on the annualized total return and a
combined federal and state income tax rate of 37.4%. It represents the return
on a taxable investment necessary to equal the return of the Nuveen fund on an
after-tax basis.
<PAGE>
<TABLE>
Shareholder Meeting Report
Annual Meeting Date: October 15, 1997
<CAPTION>
CALIFORNIA
CALIFORNIA PERFORMANCE CALIFORNIA
VALUE PLUS OPPORTUNITY
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Preferred Preferred Preferred
Common Common Shares Shares Common Shares
Shares Shares Series-T Series-F Shares Series-W
- ---------------------------------------------------------------------------------------------------------------------
APPROVAL OF THE DIRECTORS
WAS REACHED AS FOLLOWS:
ROBERT P. BREMNER
For 22,500,196 11,460,079 1,787 1,770 7,182,931 2,176
Withhold 278,581 171,596 2 2 69,255 1
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Total 22,778,777 11,631,675 1,789 1,772 7,252,186 2,177
LAWRENCE H. BROWN
For -- 11,460,348 1,787 1,770 7,182,931 2,176
Withhold -- 171,327 2 2 69,255 1
- ---------------------------------------------------------------------------------------------------------------------
Total -- 11,631,675 1,789 1,772 7,252,186 2,177
ANTHONY T. DEAN
For -- 11,460,848 1,787 1,770 7,182,931 2,176
Withhold -- 170,827 2 2 69,255 1
- ---------------------------------------------------------------------------------------------------------------------
Total -- 11,631,675 1,789 1,772 7,252,186 2,177
ANNE E. IMPELLIZZERI
For -- 11,456,423 1,787 1,770 7,181,331 2,176
Withhold -- 175,252 2 2 70,855 1
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Total -- 11,631,675 1,789 1,772 7,252,186 2,177
PETER R. SAWERS
For -- 11,462,423 1,787 1,770 7,182,931 2,176
Withhold -- 169,252 2 2 69,255 1
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Total -- 11,631,675 1,789 1,772 7,252,186 2,177
JUDITH M. STOCKDALE
For 22,489,111 11,447,809 1,787 1,770 7,177,490 2,176
Withhold 289,666 183,866 2 2 74,696 1
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Total 22,778,777 11,631,675 1,789 1,772 7,252,186 2,177
WILLIAM J. SCHNEIDER
For 22,500,196 -- 1,787 1,770 -- 2,176
Withhold 278,581 -- 2 2 -- 1
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Total 22,778,777 -- 1,789 1,772 -- 2,177
TIMOTHY R. SCHWERTFEGER
For -- -- 1,787 1,770 -- 2,176
Withhold -- -- 2 2 -- 1
- ---------------------------------------------------------------------------------------------------------------------
Total -- -- 1,789 1,772 -- 2,177
RATIFICATION OF AUDITORS
WAS REACHED AS FOLLOWS:
For 22,253,329 11,383,046 1,789 1,765 7,114,100 2,162
Against 127,269 55,072 -- 7 29,260 6
Abstain 398,179 193,557 -- -- 108,826 9
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Total 22,778,777 11,631,675 1,789 1,772 7,252,186 2,177
<PAGE>
<CAPTION>
CALIFORNIA CALIFORNIA CALIFORNIA
INVESTMENT QUALITY SELECT QUALITY QUALITY INCOME
- ------------------------------------------------------------------------------------------------------------------------
Preferred Preferred Preferred Preferred Preferred
Common Shares Common Shares Shares Common Shares Shares
Shares Series-M Shares Series-T Series-Th Shares Series-W Series-F
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APPROVAL OF THE DIRECTORS
WAS REACHED AS FOLLOWS:
ROBERT P. BREMNER
For 12,206,378 3,580 19,660,868 2,366 3,550 20,035,547 2,994 2,947
Withhold 102,886 11 277,338 13 2 152,828 6 13
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Total 12,309,264 3,591 19,938,206 2,379 3,552 20,188,375 3,000 2,960
LAWRENCE H. BROWN
For 12,206,378 3,580 19,662,768 2,366 3,550 20,037,654 2,994 2,947
Withhold 102,886 11 275,438 13 2 150,721 6 13
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Total 12,309,264 3,591 19,938,206 2,379 3,552 20,188,375 3,000 2,960
ANTHONY T. DEAN
For 12,209,878 3,580 19,662,768 2,366 3,550 20,037,654 2,994 2,947
Withhold 99,386 11 275,438 13 2 150,721 6 13
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Total 12,309,264 3,591 19,938,206 2,379 3,552 20,188,375 3,000 2,960
ANNE E. IMPELLIZZERI
For 12,209,878 3,580 19,662,768 2,366 3,550 20,031,682 2,994 2,947
Withhold 99,386 11 275,438 13 2 156,693 6 13
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Total 12,309,264 3,591 19,938,206 2,379 3,552 20,188,375 3,000 2,960
PETER R. SAWERS
For 12,209,878 3,580 19,660,732 2,366 3,550 20,037,654 2,994 2,947
Withhold 99,386 11 277,474 13 2 150,721 6 13
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Total 12,309,264 3,591 19,938,206 2,379 3,552 20,188,375 3,000 2,960
JUDITH M. STOCKDALE
For 12,206,932 3,580 19,637,642 2,366 3,550 20,028,590 2,994 2,947
Withhold 102,332 11 300,564 13 2 159,785 6 13
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Total 12,309,264 3,591 19,938,206 2,379 3,552 20,188,375 3,000 2,960
WILLIAM J. SCHNEIDER
For -- 3,580 -- 2,366 3,550 -- 2,994 2,947
Withhold -- 11 -- 13 2 -- 6 13
- ------------------------------------------------------------------------------------------------------------------------
Total -- 3,591 -- 2,379 3,552 -- 3,000 2,960
TIMOTHY R. SCHWERTFEGER
For -- 3,580 -- 2,366 3,550 -- 2,994 2,947
Withhold -- 11 -- 13 2 -- 6 13
- ------------------------------------------------------------------------------------------------------------------------
Total -- 3,591 -- 2,379 3,552 -- 3,000 2,960
RATIFICATION OF AUDITORS
WAS REACHED AS FOLLOWS:
For 12,077,715 3,572 19,538,636 2,363 3,521 19,839,947 2,998 2,946
Against 29,943 -- 74,690 -- -- 81,711 2 1
Abstain 201,606 19 324,880 16 31 266,717 -- 13
- ------------------------------------------------------------------------------------------------------------------------
Total 12,309,264 3,591 19,938,206 2,379 3,552 20,188,375 3,000 2,960
</TABLE>
<PAGE>
<TABLE>
PORTFOLIO OF INVESTMENTS (UNAUDITED)
NUVEEN CALIFORNIA MUNICIPAL
VALUE FUND, INC. (NCA)
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
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CAPITAL GOODS - 2.1%
$5,000,000 California Pollution Control Financing Authority, Fixed Rate Resource Recovery Revenue
Bonds (Waste Management, Inc.), 1991 Composite Series A, 7.150%, 2/01/11
(Alternative Minimum Tax) 2/01 at 103 A- $ 5,429,000
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EDUCATION AND CIVIC ORGANIZATIONS - 2.4%
1,500,000 Certificates of Participation, California Statewide Community Development Authority,
San Diego Space and Science Foundation, Series 1996, 7.500%, 12/01/2612/06 at 105 N/R 1,644,915
2,015,000 ABAG Finance Authority for Nonprofit Corporations, 1991
Certificates of Participation (United Way of Santa Clara County
Project), 7.200%, 7/01/11 7/01 at 102 Aa2 2,208,158
2,500,000 Regents of the University of California, Revenue (Multiple Purpose Projects), Series 1997-E,
5.125%, 9/01/20 9/07 at 101 Aaa 2,478,550
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HEALTH CARE - 5.7%
California Health Facilities Authority, Health Facility Revenue
Bonds (The Whittier Institute For Diabetes and Endocrinology),
Series 1988A:
860,000 8.000%, 12/01/00 12/98 at 102 N/R 895,509
3,615,000 8.400%, 12/01/08 12/98 at 102 N/R 3,772,036
1,095,000 Certificates of Participation, California Statewide Communities Development Authority,
Huntington East Valley Hospital, 5.350%, 12/01/17 12/07 at 102 Aaa 1,110,669
1,000,000 City of Arcadia, California, Hospital Revenue Bonds (Methodist Hospital of Southern
California), Series 1992, 6.500%, 11/15/12 11/02 at 102 A 1,088,220
2,500,000 City of Modesto, Insured Health Facility Revenue Bonds (Memorial Hospital Association),
Series 1997B, 5.250%, 6/01/21 6/07 at 102 Aaa 2,501,900
2,425,000 City of Pasadena, Insured Health Facilities Revenue Bonds (Pacific Clinics), Series 1988A,
8.200%, 6/01/18 3/98 at 100 A+ 2,429,220
1,265,000 San Benito Hospital District, Insured Health Facility Revenue Bonds, Series 1991A,
6.750%, 12/01/21 12/01 at 102 A+ 1,373,664
1,440,000 City of Stockton, California, Health Facility Revenue Bonds, Dameron Hospital Association,
1997 Series A, 5.300%, 12/01/08 12/07 at 102 BBB+ 1,514,693
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HOUSING/MULTIFAMILY - 1.9%
2,090,000 California Housing Finance Agency, Housing Revenue Bonds (Insured), 1988 Series A,
8.200%, 2/01/20 (Alternative Minimum Tax) 8/98 at 102 Aaa 2,151,571
2,635,000 Community Development Agency of The City of Menlo Park, Multifamily Housing Revenue
Bonds (FHA-Insured Mortgage Loan - The Gateway Project), Series 1987A,
8.250%, 12/01/28 6/98 at 103 Aa 2,717,976
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HOUSING/SINGLE FAMILY - 8.9%
1,810,000 California Housing Finance Agency, Home Mortgage Revenue Bonds, 1988 Series B,
8.600%, 8/01/19 (Alternative Minimum Tax) 8/98 at 102 Aa 1,864,734
285,000 California Housing Finance Agency, Home Mortgage Revenue Bonds, 1988 Series G,
8.150%, 8/01/19 (Alternative Minimum Tax) 8/98 at 102 Aa 292,649
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
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HOUSING/SINGLE FAMILY - CONTINUED
$ 885,000 California Housing Finance Agency, Home Mortgage Revenue Bonds, 1988 Series E,
8.350%, 8/01/19 (Alternative Minimum Tax) 8/98 at 102 Aa $ 909,523
2,200,000 California Housing Finance Agency Home Mortgage Revenue Bonds, 1995 Series M,
6.050%, 8/01/15 (Alternative Minimum Tax) 2/06 at 102 Aaa 2,324,256
3,000,000 California Housing Finance Agency, Home Mortgage Revenue Bonds, 1995 Series J,
6.000%, 8/01/17 8/05 at 102 Aaa 3,174,660
2,765,000 California Housing Finance Agency, Home Mortgage Revenue Bonds, 1994 Series F-3,
6.100%, 8/01/15 (Alternative Minimum Tax) 8/05 at 102 Aaa 2,914,752
3,190,000 California Housing Finance Agency Home Mortgage Revenue Bonds, 1997 Series H,
5.500%, 8/01/17 8/07 at 102 Aaa 3,271,536
1,500,000 California Housing Finance Agency, Single Family Mortgage Bonds II, 1997 Series C-2,
5.650%, 2/01/25 (Alternative e Minimum Tax) 8/07 at 101 1/2 Aaa 1,543,215
685,000 California Rural Home Mortgage Finance Authority, Single Family Mortgage Revenue
Bonds (Mortgage-Backed Securities Program), 1993 Issue A, Series 2, 7.950%, 12/01/24
(Alternative Minimum Tax) No Opt. Call Aaa 797,655
3,000,000 California Rural Home Mortgage, Finance Authority, Single Family Mortgage Revenue Bonds
(Mortgage-Backed Securities Program), 1997 Series D, 5.500%, 5/01/29 (Alternative
Minimum Tax) No Opt. Call AAA 3,293,160
95,000 The City of Los Angeles, Single Family Home Mortgage Revenue Bonds (GNMA and FNMA
Mortgage-Backed Securities Program), 1991 Issue A, 6.875%, 6/01/25 (Alternative
Minimum Tax) 12/01 at 102 AAA 100,324
2,485,000 Southern California Home Financing Authority, Single Family Mortgage Revenue Bonds
(GNMA Mortgage-Backed Securities Program), 1988 Issue A, 8.125%, 2/01/21
(Alternative Minimum Tax) No Opt. Call AAA 2,679,923
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LONG TERM CARE - 3.1%
5,000,000 California Statewide Communities Development Authority, Series A Certificates of
Participation, Pacific Homes, 6.000%, 4/01/17 4/03 at 102 A 5,307,550
2,720,000 Revenue Refunding Certificates of Participation (American Baptist Homes of the West
Facilities Project), Series 1997A, 5.750%, 10/01/17 10/07 at 102 BBB 2,803,450
- ----------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 5.7%
State of California, Various Purpose General Obligation Bonds:
2,000,000 6.500%, 9/01/06 No Opt. Call Aaa 2,323,220
1,885,000 7.000%, 8/01/08 No Opt. Call A1 2,279,832
2,750,000 Campbell Union School District, Santa Clara County, California, 1994 General Obligation Bonds,
Series A, 6.250%, 8/01/19 8/04 at 102 Aaa 3,050,713
City of Industry, California, General Obligation Bonds, Issue of 1995:
1,160,000 5.800%, 7/01/19 7/05 at 101 3/4 Aaa 1,236,409
1,235,000 5.875%, 7/01/24 7/05 at 102 3/8 Aaa 1,327,403
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
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TAX OBLIGATION/GENERAL - CONTINUED
$2,000,000 Lucia Mar Unified School District, San Luis Obispo County, California, Election of 1997
General Obligation Bonds, Series A, 5.400%, 8/01/22 8/07 at 102 Aaa $ 2,053,140
2,325,000 Temecula Valley Unified School District, County of Riverside, California, 1990 General
Obligation Bonds, Series F, 6.000%, 9/01/20 9/06 at 102 Aaa 2,521,207
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TAX OBLIGATION/LIMITED - 30.1%
9,000,000 State Public Works Board of the State of California, Lease Revenue Bonds (Department of
Corrections), 1996 Series A (California Substance Abuse Treatment Facility and State
Prison at Corcoran (Corcoran II)), 5.250%, 1/01/21 1/06 at 100 Aaa 9,022,320
2,950,000 Certificates of Participation (1991 Financing Project), County of Alameda, California,
Alameda County Public Facilities Corporation, 6.000%, 9/01/21 9/06 at 102 Aaa 3,186,915
4,000,000 Chino Unified School District, Certificates of Participation (1995 Master Lease Program),
6.000%, 9/01/20 9/05 at 102 Aaa 4,347,760
2,800,000 Community Development Commission of the City of Commerce, Redevelopment Project No. 1,
Subordinate Lien Tax Allocation, Refunding Bonds, Series 1997B,
6.000%, 8/01/21 8/07 at 102 N/R 2,850,848
Redevelopment Agency of the City of Durarte, California,
Huntington Drive Phase II Redevelopment Project Area, 1988 Tax
Allocation Bonds:
1,170,000 7.900%, 10/01/02 4/98 at 102 N/R 1,196,910
3,745,000 8.000%, 10/01/10 4/98 at 102 N/R 3,830,423
2,000,000 Redevelopment Agency of the City of Duarte, Amended Davis Addition Project Area, 1997
Tax Allocation Refunding Bonds, 6.700%, 9/01/14 9/07 at 102 N/R 2,128,860
935,000 Inglewood Public Finance Authority, 1992 Revenue Bonds, Series C (In-Town, Manchester
and North Inglewood Industrial Park Redevelopment Projects-Housing Set-Aside Loans),
7.000%, 5/01/22 5/02 at 102 A- 1,013,942
945,000 Inglewood Public Finance Authority, 1992 Revenue Bonds, Series B (In-Town, Manchester-
Prairie and North Inglewood Industrial Park Redevelopment Project Redevelopment Loans),
7.000%, 5/01/22 5/02 at 102 Baa 1,027,385
2,000,000 Los Angeles Convention and Exhibition Center Authority, Lease Revenue Bonds, 1993
Refunding Series A, The City of Los Angeles (California), 5.125%, 8/15/218/03 at 102Aaa 1,982,440
1,000,000 Los Angeles County Metropolitan Transportation Authority (California), Proposition C Sales
Tax Revenue Bonds, Second Senior Bonds, Series 1995-A, 5.500%, 7/01/177/05 at 102 Aaa 1,040,680
1,000,000 Los Angeles County Metropolitan Transportation Authority (California), State Tax Revenue
Refunding Bonds, Proposition A-2nd Tier Series 1996, 5.750%, 7/01/187/06 at 101 Aaa 1,063,540
Los Angeles County Public Works Financing Authority, Revenue
Bonds, Series 1997A (Los Angeles County Regional Park and Open
Space District):
4,950,000 5.500%, 10/01/10 10/07 at 101 AA 5,300,312
2,100,000 5.100%, 3/01/11 3/07 at 101 Aaa 2,172,828
3,300,000 Orange County Development Agency, Santa Ana Heights Project Area, 1993 Tax Allocation
Revenue Bonds, 6.125%, 9/01/23 9/03 at 102 Baa 3,481,500
5,000,000 Palm Desert Financing Authority, Tax Allocation Refunding Revenue Bonds (Project Area
No. 1, As Amended), Series 1997, 5.625%, 4/01/23 4/02 at 100 Aaa 5,237,350
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
TAX OBLIGATION/LIMITED - CONTINUED
$ 1,750,000 County of Riverside Asset Leasing Corporation Leasehold Revenue Bonds, 1997 Series B
(County of Riverside Hospital Project), 5.700%, 6/01/16 6/12 at 101 Aaa $ 1,912,435
1,000,000 Riverside County Public Financing Authority, 1997 Lease Revenue Bonds (State of California
Court of Appeal Fourth Appellate District, Division Two
Project), 5.375%, 10/01/22 10/07 at 102 Aaa 1,023,800
1,500,000 Sacramento Area Flood Control Agency, North Area Local Project, Capital Assessment
District No. 2 Bonds, Series 1995, 5.375%, 10/01/25 10/05 at 102 Aaa 1,530,915
Salida Area Public Facilities Financing Agency (Stanislaus County, California), Community
Facilities District No. 1988-1, Special Tax Bonds, Series 1997:
2,380,000 5.250%, 9/01/18 9/97 at 102 Aaa 2,392,233
5,000,000 5.250%, 9/01/28 9/07 at 102 Aaa 5,025,700
8,000,000 Redevelopment Agency of the City of San Jose, Merged Area Redevelopment Project, Tax
Allocation Bonds, Series 1993, 5.000%, 8/01/20 2/04 at 102 Aaa 7,820,320
1,700,000 Shafter Joint Powers Financing Authority, Lease Revenue Bonds 1997 Series A (Community
Correctional Facility Acquisition Project), 5.950%, 1/01/11 1/07 at 101 BBB+ 1,836,051
City of Stockton, Mello-Roos Revenue Bonds, Series 1997A, Community Facilities District
No. 90-2 (Brookside Estates):
1,000,000 5.850%, 8/01/09 8/05 at 102 N/R 1,033,610
1,000,000 6.200%, 8/01/15 8/05 at 102 N/R 1,044,180
1,000,000 Vista Joint Power Financing Authority, Special Tax Lease Revenue Refunding Bonds, 1997
Series B, 5.500%, 9/01/20 9/05 at 102 N/R 999,970
2,570,000 Vista Joint Powers Financing Authority, Special Tax Leases Revenue Refunding Bonds,
1997 Series A, 5.875%, 9/01/20 9/05 at 102 N/R 2,600,763
1,725,000 City of Visalia, California, Refunding Certificates of Participation (Multiple Projects), with
the Visalia Public Finance Authority, Series 1996-B, 5.375%, 12/01/1912/06 at 102 Aaa 1,753,756
- ----------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 5.8%
3,000,000 Port of Oakland, California, Revenue Bonds, 1997 Series G, 5.375%, 11/01/25 (Alternative
Minimum Tax) 11/07 at 102 Aaa 3,026,970
5,490,000 Airports Commission City and County of San Francisco, California, San Francisco
International Airport, Second Series Revenue Bonds, Issue 10, 5.625%, 5/01/21
(Alternative Minimum Tax) 5/06 at 102 Aaa 5,694,118
5,925,000 Airports Commission, City and County of San Francisco, California, San Francisco
International Airport, Second Series Revenue Bonds, Issue 11 (Noise Insulation Program),
6.200%, 5/01/19 (Alternative Minimum Tax) 5/05 at 101 Aaa 6,427,736
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U.S. GUARANTEED - 22.0%
1,000,000 California Health Facilities Financing Authority, Health Facility Revenue Bonds (Health
Dimensions, Incorporated), 1990 Series A, 7.375%, 5/01/07
(Pre-refunded to 5/01/00) 5/00 at 102 Aaa 1,092,060
1,500,000 California Health Facilities Financing Authority, Revenue Bonds (St. Joseph Health System),
Series 1991 A, 7.000%, 7/01/10 (Pre-refunded to 7/01/01) 7/01 at 102 AA-*** 1,665,990
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
U.S. GUARANTEED - CONTINUED
$ 7,725,000 Department of Veterans Affairs of the State of California, Home Purchase Revenue Bonds,
1988 Series A, 8.300%, 8/01/19 (Alternative Minimum Tax)
(Pre-refunded to 8/01/98) 8/98 at 102 Aa*** $8,030,833
Trust Certificates, Trustees of The California State University to The California State
University Institute:
1,405,000 7.000%, 6/01/07 (Pre-refunded to 12/01/00) 12/00 at 101 7/8 Aaa 1,546,020
1,725,000 7.200%, 6/01/10 (Pre-refunded to 12/01/00) 12/00 at 101 7/8 Aaa 1,907,108
2,065,000 County of Contra Costa, California, 1988 Home Mortgage Revenue Bonds (GNMA Mortgage-
Backed Securities Program), 8.250%, 6/01/21 (Alternative Minimum Tax)No Opt. Call Aaa 2,693,276
1,470,000 El Paso de Robles Redevelopment Agency (Paso Robles Redevelopment Project), 1991 Tax
Allocation Bonds (Bank Qualified), 7.250%, 7/01/21
(Pre-refunded to 7/01/00) 7/00 at 102 BBB*** 1,611,811
2,000,000 Redevelopment Agency of The City of Long Beach, California (Los
Angeles County, California), Downtown Redevelopment Project, Tax
Allocation Refunding Bonds, Series 1988B, 8.300%, 11/01/10
(Pre-refunded to 5/01/98) 5/98 at 102 N/R***
2,500,000 The Community Redevelopment Agency of the City of Los Angeles, California, Central
Business District Redevelopment Project, Tax Allocation Refunding Bonds, Series 1987-G,
6.750%, 7/01/10 7/98 at 101 BBB*** 2,606,250
8,515,000 Los Angeles Convention and Exhibition Center Authority, California, Certificates of
Participation, Series 1985, 9.000%, 12/01/20 (Pre-refunded to 12/01/05)12/05 at 100 Aaa 11,193,904
1,100,000 Department of Water and Power of the City of Los Angeles
(California), Electric Plant Revenue Bonds, Issue of 1990,
7.125%, 5/15/30 (Pre-refunded to 5/15/00)5/00 at 102Aa3***
1,188,616
4,000,000 Modesto Irrigation District Financing Authority, Domestic Water Project Revenue Bonds,
Series 1995C, 5.750%, 9/01/22 (Pre-refunded to 9/01/05) 9/05 at 102 Aaa 4,458,520
8,565,000 City of Palmdale, California, Single Family Mortgage Revenue Bonds (GNMA Mortgage-
Backed Securities Program), Series 1988A, 0.000%, 3/01/17 No Opt. Call Aaa 3,153,719
20,415,000 County of San Bernardino, California, Single Family Mortgage Revenue Bonds (GNMA
Mortgage-Backed Securities), 1988 Series A, 0.000%, 9/01/21
(Alternative Minimum Tax) No Opt. Call Aaa 5,852,981
2,000,000 Redevelopment Agency of The City of San Diego, California, Horton Plaza Project, Tax
Allocation Refunding Bonds, Series 1988, 8.125%, 7/01/08
(Pre-refunded to 7/01/98) 7/98 at 102 Baa1*** 2,070,320
5,050,000 The Regents of the University of California, Refunding Revenue
Bonds (Multiple Purpose Projects), Series A, 6.875%, 9/01/16
(Pre-refunded to 9/01/02) 9/02 at 102 A*** 5,713,722
- ----------------------------------------------------------------------------------------------------------------------
UTILITIES - 1.7%
1,600,000 Southern California Public Power Authority, Mead-Phoenix Project Revenue Bonds, 1994
Series A, 4.750%, 7/01/16 7/04 at 102 Aaa 1,544,784
3,000,000 Southern California Public Power Authority, Transmission Project Revenue Bonds, 1993
Subordinate Refunding Series (Southern Transmission Project),
5.000%, 7/01/22 7/03 at 100 Aaa 2,929,620
- ----------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 8.0%
2,015,000 Azusa Public Financing Authority Water System, 5.000%, 7/01/23 7/03 at 102 Aaa 1,966,781
5,000,000 Castaic Lake Water Agency (California), Refunding Revenue Certificates of Participation
(Water System Improvement Projects), Series 1994A, 6.300%, 8/01/208/04 at 102 Aaa 5,531,000
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
WATER AND SEWER - CONTINUED
$2,000,000 Contra Costa Water Authority (Contra Costa County, California), Water Terminal Revenue
Refunding Bonds, 1993 Series A, 5.750%, 10/01/20 10/02 at 102 Aaa $ 2,095,860
7,750,000 Sacramento County Sanitation Districts Financing Authority, 1993 Revenue Bonds,
4.750%, 12/01/23 12/03 at 102 AA 7,267,873
1,925,000 San Jacinto Financing Authority, Revenue Bonds, Series 1997 (Water Improvement Project),
5.500%, 10/01/18 4/07 at 102 Aaa 1,997,783
2,000,000 City of Stockton, Revenue Certificates of Participation, 1998 Series A (Wastewater System
Project), 5.000%, 9/01/23 9/08 at 102 Aaa 1,957,660
- ----------------------------------------------------------------------------------------------------------------------
$259,175,000 Total Investments - (cost $231,912,344) - 97.4% 252,524,633
=============---------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 2.6% 6,640,978
--------------------------------------------------------------------------------------------------------
Net Assets - 100% $259,165,611
========================================================================================================
* 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.
</TABLE>
<PAGE>
<TABLE>
PORTFOLIO OF INVESTMENTS (UNAUDITED)
NUVEEN CALIFORNIA PERFORMANCE PLUS
MUNICIPAL FUND, INC. (NCP)
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
EDUCATION AND CIVIC ORGANIZATIONS - 0.9%
$1,500,000 California Educational Facilities Authority Revenue Bonds (University of San Francisco),
Series 1996, 6.000%, 10/01/26 10/06 at 102 Aaa $ 1,627,275
1,000,000 State Public Works Board of the State of California, Lease Revenue Bonds (Various California
State University Projects), 1997 Series C, 5.400%, 10/01/22 10/07 at 102 A 1,026,850
- ----------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 6.2%
2,000,000 California Health Facilities Financing Authority, Kaiser Permanente, Revenue Bonds, 1989
Series A, 7.000%, 10/01/08 10/99 at 102 A+ 2,133,260
2,780,000 California Health Facilities Financing Authority, Insured Health Facility, Revenue Refunding
Bonds (Valley Memorial Hospital), 1993 Series A, 6.000%, 5/01/17 5/03 at 102 A+ 2,937,126
3,000,000 California Statewide Communities Development Authority (Triad Healthcare), Revenue
Refunding, Series 1992, Certificates of Participation, 6.250%, 8/01/06No Opt. Call A+ 3,267,030
Central Joint Powers Health Financing Authority, Certificates of
Participation, Series 1993 (Community Hospitals of Central
California):
2,500,000 5.250%, 2/01/13 2/03 at 102 Baa1 2,521,550
4,720,000 5.000%, 2/01/23 2/03 at 100 Baa1 4,444,352
2,500,000 Sierra View Local Hospital District, Insured Health Facility Revenue Bonds, Series 1992,
6.400%, 3/01/22 3/02 at 102 A+ 2,665,850
- ----------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 2.2%
3,915,000 The City of Los Angeles Multifamily Housing Revenue Bonds (GNMA Collateralized--
Ridgecroft Apartments Project), Series 1997E, 6.250%, 9/20/39
(Alternative Minimum Tax) 9/07 at 102 AAA 4,112,708
2,330,000 Community Development of the County of Los Angeles, Mortgage Revenue Refunding Bonds,
Series 1993, FHA Insured Mortgage Loan - Los Tomas Apartments, Section 8 Assisted
Project, 6.500%, 7/15/23 5/03 at 100 Aaa 2,429,258
- ----------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 4.3%
3,690,000 California Housing Finance Agency, Home Mortgage Revenue Bonds, 1990 Series A,
7.700%, 8/01/30 (Alternative Minimum Tax) 2/00 at 102 Aa 3,864,906
2,990,000 California Housing Finance Agency, Home Mortgage Revenue Bonds, 1995 Series B,
7.125%, 2/01/26 (Alternative Minimum Tax) 2/05 at 102 Aa 3,226,748
2,500,000 County of San Bernardino (California), Single Family Home Mortgage Revenue Bonds
(Mortgage-Backed Securities Program), 1997 Series A, 6.200%, 5/01/21 (Alternative
Minimum Tax) 5/07 at 103 AAA 2,649,050
2,520,000 Southern California Home Financing Authority, Single Family Mortgage Revenue Bonds
(GNMA Mortgage-Backed Securities Program), 1990 Issue A, 7.625%, 10/01/23
(Alternative Minimum Tax) 10/00 at 102 AAA 2,654,518
- ----------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 5.4%
6,000,000 State of California, Various Purpose General Obligation Bond, 5.750%, 3/01/143/05 at 101A1 6,386,340
1,165,000 State of California, Veterans General Obligation Bonds, Series BL, 5.300%, 12/01/12
(Alternative Minimum Tax) 12/08 at 101 A1 1,178,642
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
TAX OBLIGATION/GENERAL - CONTINUED
$5,500,000 Hawthorne School District (Los Angeles County, California), General Obligation Bonds, 1997
Election, 1997 Series A, 5.500%, 5/01/22 11/08 at 102 Aaa $ 5,724,015
1,135,000 Jefferson Union High School District (County of San Mateo, California), General Obligation
Bonds, Election 1995, Series B, 5.650%, 8/01/27 8/05 at 102 Aaa 1,184,668
1,000,000 Pomona Unified School District, General Obligation Refunding Bonds, Series 1997-A,
6.150%, 8/01/15 8/11 at 103 Aaa 1,159,210
- ----------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 21.2%
2,000,000 Alameda Public Financing Authority, 1997 Revenue Bonds (Marina Village Assessment
District Bond Refinancing), 6.375%, 9/02/14 3/98 at 102 N/R 2,058,440
1,000,000 Apple Valley Certificates of Participation, Town Center Project,
6.375%, 9/01/15 9/05 at 102 A 1,095,060
1,850,000 City of Coalinga, California, Certificates of Participation (1989 Coalinga Return to Custody
Facility), 7.000%, 4/01/10 4/00 at 102 BBB+ 1,951,029
2,000,000 Cudahy Redevelopment Agency, Cudahy Redevelopment Project, Tax Allocation Refunding
Bonds, Series 1994A, 6.700%, 9/01/24 9/03 at 102 BBB 2,156,300
3,000,000 Folsom Public Financing Authority (Sacramento County, California), 1990 Local Agency
Revenue Bonds, Series A, 7.250%, 10/01/10 10/00 at 102 BBB+ 3,219,480
3,000,000 Fontana Public Financing Authority (San Bernardino County, California), Tax Allocation
Revenue Bonds (North Fontana Redevelopment Project),
1990 Series A, 7.250%, 9/01/20 9/00 at 102 BBB 3,168,840
Fresno Unified School District, Fresno County, California,
Certificates of Participation for Measure ACapital Projects,
Series of 1992B for Project Phase IX:
1,700,000 6.600%, 5/01/08 5/00 at 102 A2 1,795,608
1,765,000 6.700%, 5/01/09 5/00 at 102 A2 1,864,105
2,500,000 Fruitvale School District, Certificates of Participation (1990 Improvement Project),
7.875%, 6/01/04 6/00 at 102 Baa 2,736,925
1,700,000 Lancaster Housing Authority, Lease Revenue Bonds (Brierwood Mobilehome Park Project),
Issue of 1994, 7.200%, 4/01/24 4/99 at 102 BBB+ 1,752,139
5,000,000 Los Angeles County Metropolitan Transportation Authority (California), Proposition A, Sales
Tax Revenue Refunding Bonds, Series 1993-A, 5.000%, 7/01/21 7/03 at 100 Aaa 4,885,200
Certificates of Participation (Western Nevada County Solid Waste
Management System-- 1991 Project), County of Nevada, California:
2,445,000 7.250%, 6/01/08 6/01 at 102 BB 2,602,849
2,500,000 7.500%, 6/01/21 6/01 at 102 BB 2,670,800
3,415,000 City of Oakland, California, Special Refunding Revenue Bonds (Pension Financing), 1988
Series A, 7.600%, 8/01/21 8/98 at 102 Aaa 3,537,769
8,800,000 County of Orange, California, 1996 Recovery, Certificates of Participation, Series A,
6.000%, 7/01/26 7/06 at 102 Aaa 9,532,952
3,080,000 Pleasanton Joint Powers Financing Authority, Reassessment Revenue Bonds, 1993 Series A,
6.000%, 9/02/05 9/03 at 102 Baa3 3,309,737
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
TAX OBLIGATION/LIMITED - CONTINUED
$ 1,000,000 Redevelopment Agency of the City of Pomona, Holt Avenue/Indian Mill Redevelopment
Project, 1977 Tax Allocation Refunding Bonds, Series S,
5.750%, 6/01/16 6/02 at 102 N/R $ 999,900
2,215,000 Rancho Cucamonga Redevelopment Agency (San Bernardino County, California), Rancho
Redevelopment Project, 1990 Tax Allocation Bonds, 7.125%, 9/01/19 9/99 at 102 Aaa 2,358,931
6,470,000 City of San Leandro, California, San Leandro Public Financing Authority, Certificates of
Participation (1993 Seismic Retrofit Financing Project),
5.950%, 6/01/23 6/03 at 102 A 6,779,654
1,395,000 Redevelopment Agency of the City of Suisun City, Suisun City Redevelopment Project,
1993 Tax Allocation Refunding Bonds (County of Solano,
California), 5.900%, 10/01/23 10/30 at 102 Aaa 1,487,279
1,750,000 Taft Public Financing Authority, Lease Revenue Bonds, 1997 Series A (Community Correctional
Facility Acquisition Project), 5.950%, 1/01/11 1/07 at 101 BBB+ 1,888,740
- ----------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 9.2%
2,700,000 California Statewide Communities Development Authority, Special Facilities Lease Revenue
Bonds, 1997 Series A, 5.700%, 10/01/33 (Alternative Minimum Tax) 10/07 at 102 Baa3 2,751,489
3,000,000 Foothill/Eastern Transportation Corridor Agency, Toll Road Revenue Bonds Series 1995A,
6.000%, 1/01/34 1/05 at 102 Baa 3,166,020
1,320,000 County of Orange, California, Airport Revenue Refunding Bonds, Series 1997,
5.625%, 7/01/12 (Alternative Minimum Tax) 7/07 at 102 Aaa 1,407,767
8,000,000 Port of Oakland, California, Revenue Bonds, 1990 Series D, 8.000%, 11/01/00No Opt. CallAaa 8,855,760
4,630,000 County of Sacramento, Airport System PFC and Subordinated Revenue Bonds, Series 1996D,
6.000%, 7/01/16 7/06 at 102 Aaa 5,015,633
5,000,000 Airports Commission, City and County of San Francisco, California, San Francisco International
Airport, Second Series Revenue Bonds, Issue 11 (Noise Insulation Program),
6.250%, 5/01/26 (Alternative Minimum Tax) 5/05 at 101 Aaa 5,439,250
- ----------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 30.0%
2,000,000 California Educational Facilities Authority, Revenue Bonds (St. Mary's College of California
Project), Series 1990, 7.500%, 10/01/20 (Pre-refunded
to 10/01/00) 10/00 at 102 Aaa 2,218,160
5,500,000 California Health Facilities Financing Authority, Health Facility Revenue Bonds (Pomona
Valley Hospital Medical Center), 1989 Series A, 9.750%, 1/01/19
(Pre-refunded to 1/01/00) 1/00 at 102 N/R*** 6,175,840
6,500,000 California Health Facilities Financing Authority, Insured Hospital Revenue Bonds (Children's
Hospital-San Diego), Series 1990, 7.000%, 7/01/13 (Pre-refunded
to 7/01/00) 7/00 at 102 Aaa 7,078,630
California Health Facilities Financing Authority, Health Facility
Revenue Bonds (Health Dimensions, Incorporated), 1990 Series A:
4,175,000 7.250%, 5/01/03 (Pre-refunded to 5/01/00) 5/00 at 102 Aaa 4,548,579
5,000,000 7.500%, 5/01/15 (Pre-refunded to 5/01/00) 5/00 at 102 Aaa 5,473,250
4,800,000 California Health Facilities Financing Authority, Health Facility Revenue Bonds (Sisters of
Providence), Series 1990, 7.500%, 10/01/10 (Pre-refunded
to 10/01/00) 10/00 at 102 N/R*** 5,307,168
7,625,000 Department of Veterans Affairs of the State of California, Home Purchase Revenue Bonds,
1988 Series A, 8.300%, 8/01/19 (Alternative Minimum Tax)
(Pre-refunded to 8/01/98) 8/98 at 102 Aa*** 7,926,874
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT 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:
$1,500,000 7.100%, 6/01/08 (Pre-refunded to 12/01/00) 12/00 at 101 7/8 Aaa $ 1,654,455
1,610,000 7.150%, 6/01/09 (Pre-refunded to 12/01/00) 12/00 at 101 7/8 Aaa 1,777,875
6,080,000 City of Anaheim, California, Certificates of Participation, Anaheim Memorial Hospital
Association, 7.125%, 5/15/13 (Pre-refunded to 5/15/00) 5/00 at 102 Aaa 6,619,296
4,000,000 Contra Costa Water District (Contra Costa County, California), Water Revenue Bonds,
Series C, 6.750%, 10/01/20 (Pre-refunded to 10/01/00) 10/00 at 102 N/R*** 4,355,560
4,000,000 County of Contra Costa, California, 1988 Home Mortgage Revenue Bonds (GNMA Mortgage-
Backed Securities Program), 8.250%, 6/01/21 (Alternative Minimum Tax)No Opt. Call Aaa 5,217,000
3,000,000 Hospital Revenue Certificates of Participation (Desert Hospital
Corporation Project), Series 1990, 8.100%, 7/01/20 (Pre-refunded
to 7/01/00) 7/00 at 102 AAA 3,342,510
10,000,000 East Bay Municipal Utility District (Alameda and Contra Costa Counties, California), Water
System Subordinated Revenue Bonds, Series 1990, 7.500%, 6/01/18 (Pre-refunded
to 6/01/00) 6/00 at 102 Aaa 10,980,700
2,000,000 LaQuinta Redevelopment Agency, LaQuinta Redevelopment Project, Tax Allocation
Refunding Bonds, Series 1990, 8.400%, 9/01/12 (Pre-refunded
to 9/01/00) 9/00 at 102 Aaa 2,255,520
5,400,000 City of Los Angeles, California, Wastewater System Revenue Bonds, Series 1988,
7.625%, 8/01/14 (Pre-refunded to 8/01/98) 8/98 at 102 Aaa 5,599,638
2,285,000 Rancho Cucamonga Redevelopment Agency (San Bernardino County, California), Rancho
Redevelopment Project, 1990 Tax Allocation Bonds, 7.125%, 9/01/19 (Pre-refunded
to 9/01/99) 9/99 at 102 Aaa 2,442,734
3,975,000 The Regents of the University of California, Hospital Revenue
Bonds (UCLA Medical Center), Series 1990, 7.300%, 12/01/20
(Pre-refunded to 12/01/98) 12/98 at 102 A+*** 4,163,614
- ----------------------------------------------------------------------------------------------------------------------
UTILITIES - 11.0%
7,000,000 California Pollution Control Financing Authority, Solid Waste Disposal Revenue Bonds
(CanFibre of Riverside Project), Tax-Exempt Series 1997A, 9.000%, 7/01/19 (Alternative
Minimum Tax) 7/07 at 102 N/R 7,419,370
12,600,000 City of Chula Vista, Industrial Development Revenue Bonds (San Diego Gas and Electric
Company), 1992 Series A, 6.400%, 12/01/27 (Alternative
Minimum Tax) 12/02 at 102 Aaa 13,824,216
1,500,000 Department of Water and Power of the City of Los Angeles, California, Electric Plant
Revenue Bonds, Issue of 1988, 7.900%, 5/01/28 5/98 at 102 Aa3 1,540,725
4,545,000 Department of Water and Power of The City of Los Angeles (California), Electric Plant
Revenue Bonds, Second Issue of 1993, 5.000%, 10/15/33 10/03 at 102 Aa3 4,376,608
4,500,000 Stanislaus County Waste-to-Energy Financing Agency, Solid Waste Facility, Refunding
Revenue Certificates (Ogden Martin System of Stanislaus, Inc. Project), Series 1990,
7.625%, 1/01/10 1/00 at 102 BBB+ 4,825,440
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
WATER AND SEWER - 8.3%
Department of Water and Power of The City of Los Angeles, Water
Works Refunding Revenue Bonds, Second Issue of 1993:
$ 3,000,000 4.500%, 5/15/13 5/03 at 102 Aa $ 2,856,660
4,270,000 4.500%, 5/15/18 5/03 at 102 Aa 3,918,536
5,000,000 The City of Los Angeles Wastewater System Revenue Bonds, Refunding Series 1991-C,
7.100%, 6/01/18 6/99 at 102 A1 5,275,200
5,000,000 Revenue Certificates of Participation, Series 1993A, Orange County Water District,
5.000%, 8/15/18 8/03 at 100 Aa 4,862,550
2,650,000 San Diego County Water Authority, Water Revenue Certificates of Participation, Series
1991A, 6.375%, 5/01/06 5/01 at 102 Aa 2,887,202
4,585,000 City of Santa Maria, California, Water and Wastewater Revenue, Subordinate Certificates
of Participation, Series 1997A, 0.000%, 8/01/27 8/12 at 101 Aaa 3,378,454
1,000,000 City of Stockton, Revenue Certificates of Participation, 1998 Series A (Wastewater System
Project), 5.200%, 9/01/29 9/08 at 102 Aaa 993,850
- ----------------------------------------------------------------------------------------------------------------------
$271,080,000 Total Investments - (cost $263,192,068) - 98.7% 286,977,226
============----------------------------------------------------------------------------------------------------------
Temporary Investments in Short-Term Municipal Securities - 0.1%
$ 200,000 Irvine Ranch Water District, Variable Rate Demand Bonds, 3.550%, 6/01/15+ VMIG-1 200,000
============----------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.2% 3,681,968
--------------------------------------------------------------------------------------------------------
Net Assets - 100% $290,859,194
========================================================================================================
* 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.
+ The security has a maturity of more than one year, but has variable rate
and demand features which qualify it as a short-term security. The rate
disclosed is that currently in effect. This rate changes periodically based on
market conditions or a specified market index.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
PORTFOLIO OF INVESTMENTS (UNAUDITED)
NUVEEN CALIFORNIA MUNICIPAL MARKET
OPPORTUNITY FUND, INC. (NCO)
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
EDUCATION AND CIVIC ORGANIZATIONS - 1.1%
$1,000,000 California Educational Facilities Authority Revenue Bonds (University of San Francisco),
Series 1996, 6.000%, 10/01/26 10/06 at 102 Aaa $ 1,084,850
1,000,000 State Public Works Board of the State of California, Lease Revenue Bonds, (Various
California State University Project), 1997 Series C,
5.400%, 10/01/22 10/07 at 102 A 1,026,850
- ----------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 16.3%
6,250,000 California Health Facilities Financing Authority, Kaiser Permanente, Revenue Bonds,
1989 Series A, 7.000%, 10/01/18 10/99 at 102 A+ 6,648,875
2,000,000 California Health Facilities Financing Authority, Insured Health Facility Revenue Refunding
Bonds (Valley Memorial Hospital), 1993 Series A, 6.000%, 5/01/17 5/03 at 102 A+ 2,113,040
3,000,000 California Statewide Communities Development Authority (Triad Healthcare), Revenue
Refunding Series 1992, Certificates of Participation,
6.250%, 8/01/06 No Opt. Call A+ 3,267,030
6,800,000 Central Joint Powers Health Financing Authority, Certificates of Participation, Series 1993
(Community Hospitals of Central California), 5.000%, 2/01/23 2/03 at 100 Baa1 6,402,880
City of Loma Linda, California, Hospital Revenue Bonds, (Loma
Linda University Medical Center Project), Series 1993-A:
5,970,000 5.750%, 12/01/03 No Opt. Call BBB 6,360,140
3,000,000 6.500%, 12/01/18 12/03 at 102 BBB 3,246,510
2,000,000 Sierra View Local Hospital District, Insured Health Facility Revenue Bonds, Series 1992,
6.400%, 3/01/22 3/02 at 102 A+ 2,132,680
- ----------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLEFAMILY - 0.6%
1,110,000 California Housing Finance Agency, Home Mortgage Revenue Bonds, 1988 Series C,
8.300%, 8/01/19 (Alternative Minimum Tax) 8/98 at 102 Aa 1,140,281
- ----------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 3.0%
3,000,000 State of California, Veterans General Obligation Bonds, Series BL, 5.300%, 12/01/12
(Alternative Minimum Tax) 12/08 at 101 A1 3,035,130
1,225,000 Fresno Unified School District (Fresno County, California), 1998 General Obligation
Refunding Bonds, Series A, 6.550%, 8/01/20 2/13 at 103 Aaa 1,442,021
1,000,000 Pomona Unified School District, General Obligation Refunding Bonds, Series 1997-A,
6.150%, 8/01/15 8/11 at 103 Aaa 1,159,210
- ----------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 22.1%
5,000,000 Fontana Public Financing Authority (San Bernardino County, California), Tax Allocation
Revenue Bonds (North Fontana Redevelopment Project), 1990
Series A, 7.250%, 9/01/20 9/00 at 102 BBB 5,281,400
2,045,000 Inglewood Redevelopment Agency (City of Inglewood, Los Angeles County, California),
Century Redevelopment Project, 1993 Tax Allocation Bonds,
Series A, 5.900%, 7/01/03 No Opt.Call BBB 2,096,514
2,100,000 Inland Empire Solid Waste Financing Authority Revenue Bonds, 1996 Series B (Landfill
Improvement Financing Project), 6.250%, 8/01/11
(Alternative Minimum Tax) No Opt. Call Aaa 2,412,249
1,500,000 Lancaster Housing Authority, Lease Revenue Bonds (Brierwood Mobilehome Park
Project), Issue of 1994, 7.200%, 4/01/24 4/99 at 102 BBB+ 1,546,005
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
TAX OBLIGATION/LIMITED - CONTINUED
$2,000,000 County of Mendocino, Mendocino County Public Facilities Corporation, Certificates of
Participation, 6.000%, 8/15/23 8/03 at 102 A $ 2,106,760
1,000,000 Menifee Union School District (Riverside County, California), Certificates of Participation
(1996 School Project), 6.125%, 9/01/24 9/06 at 102 Aaa 1,111,430
County of Nevada (Western Nevada County Solid Waste Management
Series -- 1991 Project), Certificates of Participation:
2,500,000 7.250%, 6/01/08 6/01 at 102 BB 2,661,400
2,000,000 7.500%, 6/01/21 6/01 at 102 BB 2,136,640
1,000,000 City of Ontario, Community Facilities District No. 5 (Freeway Interchange Project),
Special Tax Bonds, Series 1997, 6.375%, 9/01/17 9/06 at 102 N/R 1,031,270
10,900,000 Ontario Redevelopment Financing Authority (San Bernardino County, California), 1995
Revenue Refunding Bonds (Ontario Redevelopment Project No. 1),
7.400%, 8/01/25 No Opt. Call Aaa 14,712,275
4,700,000 San Bernardino County, California, Certificates of Participation, Series 1995 (Medical
Center Financing Project), 5.500%, 8/01/22 8/05 at 102 Aaa 4,842,692
1,080,000 Redevelopment Agency of the City of Suisin City, Suisin City Redevelopment Project,
1993 Tax Allocation Refunding Bonds (County of Solano,
California), 5.900%, 10/01/23 10/03 at 102 Aaa 1,151,442
- ----------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 5.8%
1,000,000 Foothill/Eastern Transportation Corridor Agency, Toll Road Revenue Bonds Series 1995A,
6.000%, 1/01/34 1/05 at 102 Baa 1,055,340
4,000,000 Harbor Department of the City of Los Angeles, Revenue Bonds, Issue of 1995 Series B,
6.625%, 8/01/19 (Alternative Minimum Tax) 8/02 at 102 AA 4,391,480
5,000,000 County of Sacramento, Airport System Revenue Bonds, Series 1996, 5.900%, 7/01/24
(Alternative Minimum Tax) 7/06 at 102 Aaa 5,351,300
- ----------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 32.9%
1,900,000 California Health Facilities Financing Authority, Insured Hospital Revenue Bonds
(Children's Hospital of San Francisco), 1990 Series A, 7.500%, 10/01/20
(Pre-refunded to 10/01/00) 10/00 at 102 Aaa 2,105,751
5,000,000 California Health Facilities Financing Authority, Health Facility Revenue Bonds (Health
Dimensions, Incorporated), 1990 Series A, 7.500%, 5/01/15
(Pre-refunded to 5/01/00) 5/00 at 102 Aaa 5,473,250
6,500,000 California State Department of Water Resources, Central Valley Project, Water System
Revenue Bonds, Series G, 7.125%, 12/01/24 (Pre-refunded
to 6/01/99) 6/99 at 101 1/2 Aaa 6,868,160
5,000,000 Castaic Lake Water Agency (Water System Improvement Projects), Series 1990,
Certificates of Participation, 7.125%, 8/01/16 (Pre-refunded
to 8/01/00) 8/00 at 102 Aaa 5,475,000
3,300,000 Contra Costa Water Authority (Contra Costa County, California), Water Treatment
Revenue Bonds, 1990 Series A, 6.875%, 10/01/20 (Pre-refunded
to 10/01/00) 10/00 at 102 N/R*** 3,602,577
5,000,000 Hospital Revenue Certificates of Participation (Desert Hospital
Corporation Project), Series 1990, 8.100%, 7/01/20 (Pre-refunded
to 7/01/00) 7/00 at 102 AAA 5,570,850
5,000,000 The City of Los Angeles (California), Los Angeles Convention and Exhibition Center
Certificates of Participation, 1990 Series, 7.000%, 8/15/21
(Pre-refunded to 8/15/00) 8/00 at 102 Aaa 5,466,250
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
U.S. GUARANTEED - CONTINUED
$4,000,000 Orange County Water District (1990 Project A), Certificates of Participation,
7.000%, 8/15/15 (Pre-refunded to 8/15/00) 8/00 at 102 Aaa $ 4,373,000
Ponoma Public Financing Authority, California 1990 Lease Purchase Revenue Bonds, Series J:
4,035,000 7.700%, 10/01/07 (Pre-refunded to 10/01/00) 10/00 at 102 A-*** 4,488,494
2,000,000 7.875%, 10/01/15 (Pre-refunded to 10/01/00) 10/00 at 102 A-*** 2,233,340
4,000,000 City of Pomona, California, Single Family Mortgage Revenue Refunding Bonds (GNMA
and FHLMC Mortgage-Backed Securities), Series 1990B, 7.500%, 8/01/23No Opt. Call Aaa 5,201,240
5,000,000 The Regents of the University of California, Revenue Bonds (1990 Seismic Safety
Projects), 7.300%, 9/01/20 (Pre-refunded to 9/01/98) 9/98 at 102 A*** 5,193,050
4,620,000 Vista Joint Powers Financing Authority, 1993 Series B Lease Revenue Bonds (Hacienda
Drive and Buena Vista Creek), 6.100%, 9/01/20 (Pre-refunded
to 9/01/00) 9/00 at 101 A-*** 4,911,382
- ----------------------------------------------------------------------------------------------------------------------
UTILITIES - 8.2%
6,000,000 California Pollution Control Financing Authority Solid Waste Disposal Revenue Bonds
(CanFibre of Riverside Project), Tax-Exempt Series 1997A, 9.000%, 7/01/19
(Alternative Minimum Tax) 7/07 at 102 N/R 6,359,460
8,000,000 City of Chula Vista, Industrial Development Revenue Bonds (San Diego Gas and Electric
Company), 1992 Series A, 6.400%, 12/01/27 (Alternative
Minimum Tax) 12/02 at 102 Aaa 8,777,280
- ----------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 8.8%
5,000,000 Department of Water and Power of the City of Los Angeles, California, Water Works
Revenue Bonds, Issue of 1989, 7.200%, 2/15/19 2/99 at 102 Aa 5,262,450
4,000,000 The City of Los Angeles, California, Wastewater System Revenue Bonds, Series 1993-D,
4.700%, 11/01/19 11/03 at 102 Aaa 3,791,320
10,000,000 City of Santa Maria, California, Water and Wastewater Revenue Subordinate, Certificates
of Participation, Series 1997A, 0.000%, 8/01/27 8/12 at 101 Aaa 7,368,500
- ----------------------------------------------------------------------------------------------------------------------
$171,535,000 Total Investments - (cost $164,732,190) - 98.8% 183,469,048
============----------------------------------------------------------------------------------------------------------
Temporary Investments in Short-Term Municipal Securities - 0.2%
$ 300,000 California Statewide Communities Development Authority, Certificates of Participation,
============ St. Joseph Health System Obligated Group, Variable Rate Demand
Bonds, 3.650%, 7/01/24+ VMIG-1 300,000
--------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.0% 1,912,194
--------------------------------------------------------------------------------------------------------
Net Assets - 100% $185,681,242
========================================================================================================
* 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.
+ The security has a maturity of more than one year, but has variable rate
and demand features which qualify it as a short-term security. The rate
disclosed is that currently in effect. This rate changes periodically based on
market conditions or a specified market index.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
PORTFOLIO OF INVESTMENTS (UNAUDITED)
NUVEEN CALIFORNIA INVESTMENT QUALITY
MUNICIPAL FUND, INC. (NQC)
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
CAPITAL GOODS - 2.0%
$ 5,500,000 California Pollution Control Financing Authority, Fixed Rate Resource Recovery Revenue
Bonds (Waste Management, Inc.), 1991 Composite Series A, 7.150%, 2/01/11
(Alternative Minimum Tax) 2/01 at 103 A- $ 5,971,900
- ----------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 5.3%
1,790,000 California Educational Facilities Authority, Revenue Bonds (Chapman College), Series 1991,
7.300%, 1/01/02 1/01 at 102 Baa2 1,966,655
1,500,000 California Educational Facilities Authority, Revenue Bonds (University of San Francisco),
Series 1996, 6.000%, 10/01/26 10/06 at 102 Aaa 1,627,275
1,850,000 California Educational Facilities Authority, Revenue Bonds (Pomona College), Series 1992,
6.000%, 2/15/17 2/02 at 102 Aa1 1,961,315
4,000,000 State Public Works Board of The State of California, Lease Revenue Refunding Bonds
(California Community Colleges), 1996 Series B (Various Community Colleges Projects),
5.625%, 3/01/19 3/06 at 102 Aaa 4,178,960
6,000,000 State Public Works Board of the State of California, Lease Revenue Bonds (Various California
State University Project), 1997 Series C, 5.400%, 10/01/22 10/07 at 102 A 6,161,100
- ----------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 12.1%
10,000,000 California Health Facilities Financing Authority, Kaiser Permanente, Revenue Bonds,
1990 Series A, 7.000%, 12/01/10 12/00 at 102 A+ 10,864,600
1,475,000 California Health Facilities Financing Authority, Kaiser Permanente Refunding Revenue
Bonds, 1991 Series A, 6.250%, 3/01/21 3/01 at 102 A+ 1,559,444
3,000,000 California Statewide Communities Development Authority (Triad Healthcare), Revenue
Refunding Series 1992, Certificates of Participation, 6.250%, 8/01/06No Opt. Call A+ 3,267,030
Central Joint Powers Health Financing Authority, Certificates of
Participation, Series 1993 (Community Hospitals of Central
California):
3,250,000 5.250%, 2/01/13 2/03 at 102 Baa1 3,278,015
7,260,000 5.500%, 2/01/15 2/03 at 102 Baa1 7,305,302
5,000,000 City of Loma Linda, California, Hospital Revenue Bonds (Loma Linda University Medical
Center Project), Series 1993-A, 6.500%, 12/01/18 12/03 at 102 BBB 5,410,850
1,000,000 City of Stockton, California, Health Facility Revenue Bonds, Dameron Hospital Association,
1997 Series A, 5.700%, 12/01/14 12/07 at 102 BBB+ 1,021,840
3,365,000 West Side Hospital District (Kern County, California), Insured Revenue Bonds, Series 1991A,
7.500%, 2/01/23 2/01 at 102 A+ 3,676,565
- ----------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 0.8%
2,430,000 City of Stanton Multifamily Housing Revenue Bonds (Continental Gardens Apartments),
Series 1997, 5.625%, 8/01/29 (Alternative Minimum Tax) 8/07 at 102 AAA 2,556,579
- ----------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 2.7%
1,475,000 California Housing Finance Agency, Home Mortgage Revenue Bonds, 1988 Series C,
8.300%, 8/01/19 (Alternative Minimum Tax) 8/98 at 102 Aa 1,515,238
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
HOUSING/SINGLE FAMILY - CONTINUED
$ 1,425,000 California Housing Finance Agency, Home Mortgage Revenue Bonds, 1988 Series E,
8.350%, 8/01/19 (Alternative Minimum Tax) 8/98 at 102 Aa $ 1,464,487
980,000 California Housing Finance Agency, Home Mortgage Revenue Bonds, 1989 Series B,
8.000%, 8/01/29 (Alternative Minimum Tax) 8/99 at 102 Aa 1,020,454
1,785,000 Southern California Home Financing Authority, Single Family Mortgage Revenue Bonds
(GNMA and FNMA Mortgage-Backed Securities Program), 1991 Issue A,
7.350%, 9/01/24 (Alternative Minimum Tax) 3/01 at 102 AAA 1,888,958
2,105,000 Southern California Home Financing Authority, Single Family Mortgage Revenue Bonds
(GNMA Mortgage-Backed Securities Program), 1989 Issue A, 7.625%, 10/01/22
(Alternative Minimum Tax) 4/99 at 102 AAA 2,196,589
- ----------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 6.3%
13,335,000 State of California, Various Purpose General Obligation Bond, 5.750%, 3/01/133/05 at 101A1 14,300,587
2,395,000 Fontana Unified School District, San Bernardino County, California, 1997 General Obligation
Refunding Bonds, Series A, 0.000%, 5/01/17 5/09 at 102 Aaa 2,266,844
2,000,000 Pomona Unified School District, General Obligation Refunding Bonds, Series 1997-A,
6.500%, 8/01/19 8/11 at 103 Aaa 2,352,120
- ----------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 15.0%
7,000,000 Certificates of Participation (1990 Adelanto Return to Custody Facility), City of Adelanto,
California, 7.100%, 4/01/10 4/00 at 102 BBB+ 7,390,250
2,195,000 Bell Community Redevelopment Agency, Bell Redevelopment Project Area, 1994 Tax
Allocation Refunding Bonds, 6.300%, 11/01/13 11/03 at 102 Aaa 2,437,811
1,050,000 Certificates of Participation, Fresno Unified School District, Fresno County, California,
Series of 1992B for Project Phase IX, 6.600%, 5/01/07 5/00 at 102 A2 1,111,982
2,350,000 Lancaster Housing Authority, Lease Revenue Bonds (Brierwood Mobilehome Park Project),
Issue of 1994, 7.100%, 4/01/14 4/99 at 102 BBB+ 2,422,404
1,685,000 City of Ontario, Community Facilities District No. 5 (Freeway Interchange Project), Special
Tax Bonds, Series 1997, 6.375%, 9/01/17 9/06 at 102 N/R 1,737,690
3,600,000 Ontario Redevelopment Financing Authority (San Bernardino County, California), 1995
Revenue Refunding Bonds (Ontario Redevelopment Project No. 1),
7.400%, 8/01/25 No Opt. Call Aaa 4,859,100
10,075,000 County of Orange, California, 1996 Recovery Certificates of Participation, Series A,
6.000%, 7/01/26 7/06 at 102 Aaa 10,914,147
2,000,000 Redding Joint Powers Financing Authority Solid Waste and Corporate Yard, Lease
Revenue Bonds, Series 1993A, 5.500%, 1/01/13 1/04 at 102 A 2,035,520
1,500,000 City of Richmond, Limited Obligation Refunding Improvement Bonds, Reassessment
District No. 855 (Atlas Road West and Interchange), 6.600%, 9/02/193/98 at 103 N/R 1,552,380
9,000,000 Redevelopment Agency of the City of San Jose, Merged Area Redevelopment Project,
Tax Allocation Bonds, Series 1993, 4.750%, 8/01/24 2/04 at 102 Aaa 8,482,950
2,000,000 Redevelopment Agency of the City of San Leandro, Plaza 1 and Plaza 2 Redevelopment
Projects, 1993 Tax Allocation Bonds, Series A, 6.125%, 6/01/23 6/03 at 102 A- 2,112,980
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
TRANSPORTATION - 6.3%
$1,250,000 California Statewide Communities Development Authority, Special Facilities Lease Revenue
Bonds, 1997 Series A, 5.700%, 10/01/33 (Alternative Minimum Tax) 10/07 at 102 Baa3 $ 1,273,838
1,000,000 Foothill/Eastern Transportation Corridor Agency, Toll Road Revenue Bonds, Series 1995A,
6.000%, 1/01/34 1/05 at 102 Baa 1,055,340
12,000,000 Airports Commission, City and County of San Francisco, California, San Francisco
International Airport, Second Series Revenue Bonds, Issue 11 (Noise Insulation Program),
6.250%, 5/01/26 (Alternative Minimum Tax) 5/05 at 101 Aaa 13,054,200
3,520,000 Airports Commission City and County of San Francisco, California, San Francisco International
Airport, Second Revenue Bonds, Issue 12A, 5.625%, 5/01/11
(Alternative Minimum Tax) 5/06 at 101 Aaa 3,737,290
- ----------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 35.2%
690,000 California Educational Facilities Authority, Revenue Bonds (Chapman College), Series 1991,
7.300%, 1/01/02 (Pre-refunded to 1/01/01) 1/01 at 102 Aaa 762,830
California Health Facilities Financing Authority, Health Facility
Revenue Bonds (Health Dimensions, Incorporated), 1990 Series A:
2,300,000 7.500%, 5/01/15 (Pre-refunded to 5/01/00) 5/00 at 102 Aaa 2,517,695
4,395,000 7.000%, 5/01/20 (Pre-refunded to 5/01/00) 5/00 at 102 Aaa 4,765,499
8,075,000 California Health Facilities Financing Authority, Hospital Revenue Refunding Bonds
(Cedars-Sinai Medical Center), Series 1990, 7.000%, 11/01/15
(Pre-refunded to 11/01/00) 11/00 at 102 N/R*** 8,862,636
3,500,000 State Public Works Board of the State of California, Lease Revenue Bonds (Department
of Corrections), 1994 Series A (California State of Prison-Monterey County (Soledad II)),
6.875%, 11/01/14 (Pre-refunded to 11/01/04) 11/04 at 102 Aaa 4,105,360
5,885,000 Calaveras County Water District (California), Certificates of Participation (1991 Ebbetts
Pass Water System Improvements Project), 6.900%, 5/01/16
(Pre-refunded to 5/01/01) 5/01 at 102 Aaa 6,506,515
5,500,000 Certificates of Participation (Open Space Acquisition Project), City of Cupertino, California,
Cupertino Public Facilities Corporation, 7.125%, 4/01/16
(Pre-refunded to 4/01/01) 4/01 at 102 N/R*** 6,088,390
4,500,000 Hospital Revenue Certificates of Participation (Desert Hospital
Corporation Project), Series 1990, 8.000%, 7/01/10 (Pre-refunded
to 7/01/00) 7/00 at 102 AAA 5,003,775
8,650,000 Fontana Public Financing Authority (San Bernardino County, California), Subordinate Lien
Tax Allocation Revenue Bonds (North Fontana Redevelopment Project), 1991 Series A,
7.750%, 12/01/20 (Pre-refunded to 12/01/01) 12/01 at 102 N/R*** 9,912,381
2,750,000 Certificates of Participation, Fresno Unified School District, Fresno County, California,
Series of 1991A For Project Phase VI, 7.200%, 5/01/11
(Pre-refunded to 5/01/01) 5/01 at 102 A2*** 3,058,880
2,500,000 The Community Redevelopment Agency of the City of Los Angeles, California, Central
Business District Redevelopment Project, Tax Allocation Refunding Bonds, Series 1987-G,
6.750%, 7/01/10 No Opt.Call BBB*** 2,606,250
6,000,000 The City of Los Angeles, California, Wastewater System Revenue Bonds,Series 1991-A,
7.100%, 2/01/21 (Pre-refunded to 2/01/99) 2/99 at 102 Aaa 6,308,220
5,500,000 Los Angeles County Metropolitan Transportation Authority (California), Proposition A
Sales Tax Revenue Refunding Bonds, Series 1993-A, 6.750%, 7/01/20
(Pre-refunded to 7/01/01) 7/01 at 102 Aaa 6,080,580
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
U.S. GUARANTEED - CONTINUED
$ 8,000,000 Mt. Diablo Hospital District, Insured Hospital Revenue Bonds, 1990 Series A,
8.000%, 12/01/11 (Pre-refunded to 12/01/00) 12/00 at 102 Aaa $ 9,012,960
8,000,000 Redevelopment Agency of the City of Pittsburg, California, Los Medanos Community
Development Project, Tax Allocation Bonds, Series 1991, 7.150%, 8/01/21
(Pre-refunded to 8/01/01) 8/01 at 103 Aaa 9,026,880
6,505,000 Certificates of Participation (City of Poway 1991 Capital Improvement Project Poway
Royal Mobilehome Park), Poway Redevelopment Agency, 7.200%, 1/01/24
(Pre-refunded to 1/01/01) 1/01 at 102 Aaa 7,190,952
10,000,000 Sacramento Municipal Utility District, Electric Revenue Bonds, 1988 Series W,
7.875%, 8/15/16 (Pre-refunded to 8/15/98) 8/98 at 102 Aaa 10,396,800
3,500,000 West Contra Costa Hospital District, Insured Health Facility Refunding Revenue Bonds,
Series 1994, 6.500%, 11/01/17 (Pre-refunded to 11/01/04) 11/04 at 102 A+*** 4,011,770
- ----------------------------------------------------------------------------------------------------------------------
UTILITIES - 8.8%
2,000,000 California Pollution Control Financing Authority, Pollution Control Revenue Bonds (Pacific
Gas and Electric Company), 1993 Series B, 5.850%, 12/01/23
(Alternative Minimum Tax) 12/03 at 102 A+ 2,076,800
7,945,000 City of Chula Vista, Industrial Development Revenue Bonds (San Diego Gas and Electric
Company), 1992 Series A, 6.400%, 12/01/27 (Alternative
Minimum Tax) 12/02 at 102 Aaa 8,716,936
7,990,000 Department of Water and Power of the City of Los Angeles, Electric Plant Revenue Bonds,
Issue of 1991, 7.100%, 1/15/31 1/01 at 102 Aa3 8,795,712
3,205,000 Northern California Power Agency, Hydroelectric Project Number One Revenue Bonds,
Refunding Series E, 7.150%, 7/01/24 7/98 at 102 A- 3,300,573
3,415,000 Stanislaus County Waste-to-Energy Financing Agency, Solid Waste Facility Refunding Revenue
Certificates (Ogden Martin System of Stanislaus, Inc. Project),
Series 1990, 7.625%, 1/01/10 1/00 at 102 BBB+ 3,661,972
- ----------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 4.5%
4,075,000 State of California Department of Water Resources, Central Valley Project Water System
Revenue Bonds, Series Q, 5.375%, 12/01/27 12/06 at 101 1/2 Aaa 4,163,345
5,500,000 Revenue Certificates of Participation, Series 1993A, Orange County Water District,
5.000%, 8/15/18 8/03 at 100 Aa 5,348,804
4,025,000 City of Stockton, Revenue Certificates of Participation, 1998 Series A (Wastewater
System Project), 5.200%, 9/01/29 9/08 at 102 Aaa 4,000,245
- ----------------------------------------------------------------------------------------------------------------------
$277,550,000 Total Investments - (cost $272,399,172) - 99.0% 298,273,349
============----------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.0% 3,048,491
--------------------------------------------------------------------------------------------------------
Net Assets - 100% $301,321,840
========================================================================================================
* 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.
</TABLE>
<PAGE>
<TABLE>
PORTFOLIO OF INVESTMENTS (UNAUDITED)
NUVEEN CALIFORNIA SELECT QUALITY
MUNICIPAL FUND, INC. (NVC)
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
CONSUMER STAPLES - 1.9%
$ 9,150,000 California Pollution Control Financing Authority Sewage and Solid Waste Disposal
Facilities Revenue Bonds (Anheuser-Busch Project), Series 1996, 5.750%, 12/01/30
(Alternative Minimum Tax) 12/06 at 101 A1 $ 9,523,503
- ----------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 3.2%
5,000,000 California Educational Facilities Authority Revenue Bonds (Chapman University),
Series 1996, 5.125%, 10/01/26 10/06 at 102 AAA 4,944,250
5,000,000 State Public Works Board of the State of California Lease Revenue Bonds (The Trustees of
The California State University), 1995 Series A (Various California State University
Projects), 6.000%, 9/01/15 9/05 at 100 A 5,368,100
6,000,000 The Regents of the University of California Refunding Revenue Bonds (1989 Multiple
Purpose Projects), Series C, 5.000%, 9/01/23 9/03 at 102 Aaa 5,856,300
- ----------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 9.3%
3,000,000 California Health Facilities Financing Authority, Insured Health Facility Refunding Revenue
Bonds (Catholic Healthcare West), 1994 Series A, 4.750%, 7/01/19 7/04 at 102 Aaa 2,841,780
5,000,000 California Health Facilities Financing Authority, Insured Health Facility Revenue Bonds
(The H.E.L.P. Group), 1991 Series A, 7.000%, 8/01/21 8/01 at 102 A+ 5,441,900
7,485,000 California Health Facilities Financing Authority, Kaiser Permanente Refunding Revenue
Bonds, 1991 Series A, 6.500%, 3/01/11 3/01 at 102 AA 8,030,881
1,775,000 California Statewide Communities Development Authority, Certificates of Participation,
St. Joseph Health System Obligated Group, 5.500%, 7/01/23 7/03 at 102 AA 1,809,204
5,120,000 ABAG Finance Authority for Nonprofit Corporations, Certificates of Participation
(Stanford University Hospital), California, Series 1993,
5.250%, 11/01/08 11/03 at 102 A1 5,351,424
6,500,000 City of Loma Linda, California Hospital Revenue Refunding Bonds (Loma Linda University
Medical Center Project), Series 1989-B, 7.000%, 12/01/15 12/99 at 102 Aaa 6,937,580
9,350,000 City of Loma Linda, California, Hospital Revenue Refunding Bonds (Loma Linda University
Medical Center Project), Series 1993-C, 5.375%, 12/01/22 12/03 at 102 Aaa 9,458,554
6,000,000 County of Madera, California, Certificates of Participation (Valley Children's Hospital
Project), Series 1995, 5.750%, 3/15/28 3/05 at 102 Aaa 6,337,620
1,050,000 City of Stockton, California, Health Facility Revenue Bonds, Dameron Hospital Association,
1997 Series A, 5.450%, 12/01/10 12/07 at 102 BBB+ 1,102,994
- ----------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 0.7%
3,455,000 California Housing Finance Agency Housing Revenue Bonds (Insured), 1991 Series A,
7.200%, 2/01/26 (Alternative Minimum Tax) 8/01 at 102 Aaa 3,674,427
- ----------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 10.3%
1,255,000 California Housing Finance Agency Home Mortgage Revenue Bonds, 1988 Series A,
8.125%, 8/01/19 8/98 at 102 Aa 1,291,784
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
HOUSING/SINGLE FAMILY - CONTINUED
$6,230,000 California Housing Finance Agency Single Family Mortgage Bonds, 1995 Issue A-2,
6.350%, 8/01/15 (Alternative Minimum Tax) 5/05 at 102 Aaa $ 6,625,480
California Housing Finance Agency Single Family Mortgage Bonds, 1995 Issue B:
1,945,000 6.250%, 8/01/14 (Alternative Minimum Tax) 10/05 at 102 Aaa 2,034,801
8,470,000 6.250%, 2/01/18 (Alternative MinimumTax) 10/05 at 102 Aaa 8,996,580
400,000 6.300%, 8/01/24 (Alternative Minimum Tax) 10/05 at 102 Aaa 424,812
4,060,000 California Housing Finance Agency Home Mortgage Revenue Bonds, 1989 Series F,
7.250%, 8/01/17 2/00 at 102 Aa 4,256,626
2,900,000 California Housing Finance Agency Home Mortgage Revenue Bonds, 1991 Series G,
7.050%, 8/01/27 (Alternative Minimum Tax) 8/01 at 102 Aa 3,071,738
6,145,000 California Housing Finance Agency Home Mortgage Revenue Bonds, 1995 Series M,
6.150%, 8/01/27 (Alternative Minimum Tax) 2/06 at 102 Aaa 6,490,472
5,945,000 California Housing Finance Agency Home Mortgage Revenue Bonds, 1996 Series H,
6.250%, 8/01/27 (Alternative MinimumTax) 8/06 at 102 Aa 6,314,363
3,310,000 California Rural Home Mortgage Finance Authority, Single Family Mortgage Revenue
Bonds (Mortgage-Backed Securities Program), 1995 Series B, 7.750%, 9/01/26
(Alternative Minimum Tax) No Opt. Call AAA 3,820,766
5,655,000 Puerto Rico Housing Bank and Finance Agency, Affordable Housing Mortgage Subsidy
Program, Single Family Mortgage Revenue Bonds, Portfolio I (AMT), 6.250%, 4/01/29
(Alternative Minimum Tax) 4/05 at 102 Aaa 5,967,382
2,860,000 Southern California Home Financing Authority Single Family Mortgage Revenue Bonds
(GNMA and FNMA Mortgage-Backed Securities Program), 1991 Issue B,
6.900%, 10/01/24 (Alternative Minimum Tax) 10/01 at 102 AAA 3,019,531
- ----------------------------------------------------------------------------------------------------------------------
LONG TERM CARE - 1.3%
3,000,000 California Statewide Communities Development Authority, Series A Certificates of
Participation, Pacific Homes, 6.000%, 4/01/17 4/03 at 102 A 3,184,530
2,845,000 The City of Los Angeles, Insured Certificates of Participation, Ararat Home of Los Angeles,
7.250%, 6/01/21 6/01 at 102 A 3,098,831
- ----------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 4.4%
11,405,000 State of California Various Purpose General Obligation Bonds, 6.400%, 2/01/20
(Alternative Minimum Tax) 3/98 at 102 A1 11,656,594
2,025,000 State of California, Various Purpose General Obligation Bonds,
5.750%, 3/01/23 3/04 at 102 A1 2,129,693
8,665,000 State of California, Veterans General Obligation Bonds, Series BH, 5.600%, 12/01/32
(Alternative Minimum Tax) 12/03 at 102 A1 8,756,502
- ----------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 19.2%
10,525,000 State Public Works Board of the State of California, Lease Revenue Bonds (Department
of Corrections), 1991 Series A (State Prisons-Imperial County),
5.750%, 9/01/21 9/01 at 100 A 10,735,500
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
TAX OBLIGATION/LIMITED - CONTINUED
$9,725,000 Avalon Community Improvement Agency Community Improvement Project Area Tax
Allocation Bonds, Series 1991 A, 7.250%, 8/01/21 8/01 at 102 A- $10,667,061
2,215,000 Brea Public Financing Authority (Orange County, California), 1991 Tax Allocation Revenue
Bonds, Series A (Redevelopment Project AB), 6.750%, 8/01/22 8/01 at 102 Aaa 2,426,688
6,000,000 Cerritos Public Financing Authority (Cerritos, California), 1993 Revenue Bonds, Series A
(Tax Exempt) (Los Cerritos Redevelopment Project Loan),
6.050%, 11/01/20 11/03 at 102 A- 6,338,400
285,000 ABAG Finance Corporation (California), Series A Certificates of
Participation, Cities of Concord, Saratoga, Santa Cruz, and
South Gate, 7.625%, 6/01/11 6/98 at 100 A- 287,927
5,000,000 Culver City Redevelopment Financing Authority, 1993 Tax Allocation Refunding Revenue
Bonds, 5.000%, 11/01/23 11/03 at 102 Aaa 4,879,550
8,180,000 Fresno Unified School District, Fresno County, California, Certificates of Participation for
Measure A Capital Projects, Series of 1991B for Project
Phase VII, 6.850%, 5/01/12 5/99 at 102 A2 8,532,394
City of Inglewood, California, Certificates of Participation (1991 Civic Center
Improvement Project):
5,515,000 7.000%, 8/01/11 8/01 at 102 BBB- 5,967,726
5,000,000 7.000%, 8/01/19 8/01 at 102 BBB- 5,403,850
3,000,000 6.500%, 8/01/21 8/01 at 102 BBB- 3,182,850
4,255,000 Los Angeles Unified School District, Certificates of Participation (Capital Facilities Project,
1991A), 7.000%, 5/01/99 No Opt. Call A 4,415,796
1,390,000 City of Palm Springs Financing Authority Revenue (Tax Allocation), Bonds 1991 Series B
(Agency Loans), 6.800%, 8/01/11 8/01 at 102 A- 1,493,611
2,235,000 Pleasanton Joint Powers Financing Authority, Reassessment Revenue Bonds, 1993
Series A, 6.150%, 9/02/12 9/03 at 102 Baa3 2,397,149
2,550,000 Riverside Public Financing Authority (Riverside County, California), 1991 Revenue Bonds,
Series A (Multiple Project Loans), 8.000%, 2/01/18 2/01 at 102 N/R 2,722,125
1,250,000 CSAC Lease Financing Program Certificates of Participation (San Benito County,
California-- Jail and Juvenile Hall Facilities Project),
7.400%, 8/01/11 8/98 at 102 Baa1 1,288,100
5,235,000 City and County of San Francisco, Redevelopment Financing Authority, 1993 Series C
Tax Allocation Revenue Bonds (San Francisco Redevelopment
Projects), 5.125%, 8/01/18 8/03 at 103 A 5,166,317
6,925,000 Santa Monica Community College District, Refunding Certificates of Participation 1991
Series A, 7.150%, 6/01/08 6/01 at 102 A 7,586,130
10,000,000 Tustin Community Redevelopment Agency Town Center Area Redevelopment Project,
Subordinate Tax Allocation Bonds, Series 1991, 6.800%, 12/01/16 12/01 at 102 Aaa 11,040,300
3,000,000 Westminster Redevelopment Agency, Westminster Commercial Redevelopment Project
No. 1, 1991 Tax Allocation Bonds, Series A (Orange
County,California), 7.300%, 8/01/21 8/01 at 102 BBB+ 3,363,870
- ----------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 3.4%
3,275,000 California Statewide Communities Development Authority, Special Facilities Lease Revenue
Bonds, 1997 Series A, 5.700%, 10/01/33 (Alternative Minimum Tax) 10/07 at 102 Baa3 3,337,454
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
TRANSPORTATION - CONTINUED
$2,000,000 California Statewide Communities Development Authority, Special Facilities Lease Revenue
Bonds, 1997 Series A (United Air Lines, Inc.--San Francisco International Airport
Projects), 5.625%, 10/01/34 (Alternative Minimum Tax) 10/07 at 102 Baa3 $ 2,033,120
7,500,000 Harbor Department of the City of Los Angeles Revenue Bonds, Issue of 1996,
6.200%, 8/01/25 (Alternative Minimum Tax) 8/06 at 101 Aaa 8,183,550
3,450,000 Airport Commission, City and County of San Francisco, California, San Francisco
International Airport, Second Series Revenue Bonds, Issue 5, 6.500%, 5/01/24
(Alternative MinimumTax) 5/04 at 102 Aaa 3,801,762
- ----------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 24.8%
10,500,000 California Health Facilities Financing Authority, Health Facility Revenue Bonds
(Pomona Valley Hospital Medical Center), 1989 Series A, 7.000%, 1/01/18
(Pre-refunded to 1/01/00) 1/00 at 101 1/2 N/R*** 11,236,365
3,000,000 California Pollution Control Financing Authority, Solid Waste Revenue Bonds (North County
Recycling Center), 1991 Series A Bonds, 6.750%, 7/01/17 7/02 at 102 Aaa 3,351,690
3,310,000 State Public Works Board of the State of California Lease Revenue Bonds (California
Community Colleges), 1991 Series A, 7.250%, 9/01/05
(Pre-refunded to 9/01/01) 9/01 at 102 Aaa 3,724,280
5,285,000 Brea Public Financing Authority (Orange County, California), 1991 Tax Allocation Revenue
Bonds, Series A (Redevelopment Project AB), 6.750%, 8/01/22
(Pre-refunded to 8/01/01) 8/01 at 102 Aaa 5,853,613
2,110,000 County of Contra Costa, California, 1989 Home Mortgage Revenue Bonds (GNMA
Mortgage-Backed Securities Program), 7.700%, 11/01/09 (Alternative
Minimum Tax) No Opt. Call Aaa 2,452,875
7,000,000 East Bay Municipal Utility District (Alameda and Contra Costa Counties, California),
Water System Subordinated Revenue Bonds, Series 1991, 6.375%, 6/01/12
(Pre-refunded to 12/01/01) 12/01 at 102 Aaa 7,717,290
10,000,000 Los Angeles County Public Works Finance Authority, Revenue Bonds, Series 1994A
(Los Angeles County Regional Park and Open Space District), 6.000%, 10/01/15
(Pre-refunded to 10/01/04) 10/04 at 102 AA*** 11,194,400
7,500,000 Los Angeles County Metropolitan Transportation Authority (California), Proposition A
Sales Tax Revenue Refunding Bonds, Series 1993-A, 6.900%, 7/01/21
(Pre-refunded to 7/01/01) 7/01 at 102 Aaa 8,323,650
6,375,000 Mt. Diablo Hospital District, Insured Hospital Revenue Bonds, 1990 Series A,
7.000%, 12/01/17 (Pre-refunded to 12/01/00) 12/00 at 102 Aaa 7,016,708
1,705,000 City of Palm Springs Financing Authority Revenue (Tax Allocation
Bonds), 1991 Series B (Agency Loans), 6.800%, 8/01/11
(Pre-refunded to 8/01/05) 8/05 at 100 N/R*** 1,975,976
3,700,000 Riverside Public Financing Authority, 8.000%, 2/01/18
(Pre-refunded to 2/01/01) 2/01 at 102 N/R*** 4,169,493
19,000,000 Sacramento City Financing Authority 1991 Revenue Bonds, 6.800%, 11/01/20
(Pre-refunded to 11/01/01) 11/01 at 102 Aaa 21,185,950
3,920,000 City of San Diego, California, Certificate of Participation (Balboa Park and Mission Bay
Park Capital Improvements Program), Series 1991, 6.900%, 7/15/21
(Pre-refunded to 7/15/01) 7/01 at 100 Aa*** 4,281,738
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
U.S. GUARANTEED - CONTINUED
$5,000,000 San Mateo County Joint Powers Financing Authority Lease Revenue Bonds (San Mateo
County Health Center), 1994 Series A, 6.125%, 7/15/14
(Pre-refunded to 7/15/04) 7/04 at 102 Aaa $ 5,630,000
4,000,000 County of Santa Clara, California, Certificates of Participation (The Terraces of Los Gatos
Project), 1991 Series, American Baptist Homes of the West, 6.900%, 3/01/18
(Pre-refunded to 3/01/01) 3/01 at 102 A+*** 4,399,400
Santa Clarita Public Financing Authority Local Agency Revenue Bonds, Series 1991:
6,800,000 7.000%, 10/01/20 (Pre-refunded to 10/01/01) 10/01 at 102 A-*** 7,602,808
3,000,000 6.750%, 10/01/21 (Pre-refunded to 10/01/01) 10/01 at 102 A-*** 3,325,020
6,500,000 Tri-City Hospital District (Oceanside, California), Insured Revenue Bonds, Series 1991,
7.500%, 2/01/17 (Pre-refunded to 2/01/02) 2/02 at 102 Aaa 7,418,840
3,300,000 The Regents of the University of California, Refunding Revenue
Bonds (Multiple Purpose Projects), Series A, 6.875%, 9/01/16
(Pre-refunded to 9/01/02) 9/02 at 102 A*** 3,733,719
1,605,000 Yosemite Community College District, Certificates of Participation, 7.750%, 7/01/11
(Pre-refunded to 7/01/01) 7/01 at 102 N/R*** 1,797,263
- ----------------------------------------------------------------------------------------------------------------------
UTILITIES - 13.3%
9,650,000 California Pollution Control Financing Authority, Pollution Control Revenue Bonds (Southern
California Edison Company), 1991 Series, 6.900%, 12/01/17
(Alternative MinimumTax) 12/01 at 102 Aa3 10,504,797
10,350,000 California Pollution Control Financing Authority, Pollution ControlRevenue Bonds (San Diego
Gas and Electric Company), 1991 Series A, 6.800%, 6/01/15
(Alternative Minimum Tax) No Opt. Call A1 12,093,251
9,500,000 California Pollution ControlFinancing Authority Exempt Facilities Revenue Bonds,
Series 1996 (Mobil Oil Corporation Project), 5.500%, 12/01/29
(Alternative Minimum Tax) 12/06 at 102 AA 9,731,800
3,500,000 Department of Water and Power of the City of Los Angeles, California, Electric Plant
Revenue Bonds, Second Issue of 1990, 7.250%, 9/15/30 9/00 at 102 Aa3 3,822,910
6,375,000 Department of Water and Power of the City of Los Angeles Electric Plant Revenue Bonds,
Issue of 1991, 7.100%, 1/15/31 1/01 at 102 Aa3 7,017,855
14,020,000 Northern California Power Agency, Hydroelectric Project Number One Revenue Bonds,
Refunding Series E, 7.150%, 7/01/24 7/98 at 102 A- 14,438,076
10,500,000 Southern California Public Power Authority, Transmission Project Revenue Bonds, 1993
Subordinate Refunding Series (Southern Transmission Project),
5.000%, 7/01/22 7/03 at 100 Aaa 10,253,670
- ----------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 6.9%
3,000,000 The City of Los Angeles Wastewater System Revenue Bonds, Refunding Series 1991-C,
7.100%, 6/01/18 6/99 at 102 A1 3,165,120
10,135,000 The Metropolitan Water District of Southern California Water Revenue Bonds,
Issue of 1992, 8.000%, 7/01/08 No Opt. Call Aa 13,115,602
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
WATER AND SEWER - CONTINUED
City of Stockton, Revenue Certificates of Participation, 1998
Series A (Wastewater System Project):
$10,500,000 5.000%, 9/01/23 9/08 at 102 Aaa $10,277,715
7,295,000 5.200%, 9/01/29 9/08 at 102 Aaa 7,250,136
West Basin Municipal Water District Revenue Certificates of Participation,
Series 1998A:
1,545,000 0.000%, 8/01/23 (WI) 8/08 at 45 19/32 Aaa 396,601
1,595,000 0.000%, 8/01/24 (WI) 8/08 at 43 1/16 Aaa 386,133
1,595,000 0.000%, 8/01/25 (WI) 8/08 at 40 13/16 Aaa 367,902
1,595,000 0.000%, 8/01/26 (WI) 8/08 at 38 23/32 Aaa 348,746
- ----------------------------------------------------------------------------------------------------------------------
$474,275,000 Total Investments - (cost $461,289,470) - 98.7% 502,631,624
============----------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.3% 6,846,952
--------------------------------------------------------------------------------------------------------
Net Assets - 100% $509,478,576
========================================================================================================
* 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. Pre-refunded 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 (note 1).
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
PORTFOLIO OF INVESTMENTS (UNAUDITED)
NUVEEN CALIFORNIA QUALITY INCOME
MUNICIPAL FUND, INC. (NUC)
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
EDUCATION AND CIVIC ORGANIZATIONS - 1.5%
$1,000,000 Auxiliary Organization Revenue Certificates of Participation (The University Corporation-
California State University, Northridge), Series 1996,
6.000%, 4/01/26 4/06 at 101 Aaa $ 1,076,010
2,000,000 California Educational Facilities Authority Revenue Bonds (University of San Francisco),
Series 1996, 6.000%, 10/01/26 10/06 at 102 Aaa 2,169,700
4,000,000 State Public Works Board of The State of California, Lease Revenue Refunding Bonds
(California Community Colleges), 1996 Series B (Various Community Colleges Projects),
5.625%, 3/01/19 3/06 at 102 Aaa 4,178,960
- ----------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 8.4%
4,000,000 California Health Facilities Financing Authority, Insured Health Facility Revenue Refunding
Bonds (Valley Memorial Hospital), 1993 Series A, 6.000%, 5/01/17 5/03 at 102 A+ 4,226,080
3,225,000 California Health Facilities Financing Authority, Kaiser Permanente, Revenue Bonds,
1990 Series A, 6.500%, 12/01/20 12/00 at 102 A+ 3,456,200
14,000,000 California Statewide Communities Development Authority, Revenue Certificates of
Participation (Cedars-Sinai Medical Center), 6.500%, 8/01/15 8/02 at 102 A1 15,218,280
1,250,000 California Statewide Communities Development Authority, Hospital Revenue Certificates
of Participation, Cedars-Sinai Medical Center, Series 1992,
6.500%, 8/01/12 No Opt. Call A1 1,448,050
3,570,000 California Statewide Communities Development Authority (Triad Healthcare), Revenue
Refunding Series 1992, Certificates of Participation,
6.250%, 8/01/06 No Opt.Call A+ 3,887,766
3,110,000 City of Loma Linda, California, Hospital Revenue Bonds (Loma Linda University Medical
Center Project), Series 1993-A, 6.500%, 12/01/18 12/03 at 102 BBB 3,365,549
4,300,000 Sierra View Local Hospital District, Insured Health Facility Revenue Bonds, Series 1992,
6.400%, 3/01/22 3/02 at 102 A+ 4,585,262
1,900,000 City of Torrance (California), Hospital Revenue Bonds (Little Company of Mary Hospital
Project), Series 1992, 6.875%, 7/01/15 7/02 at 102 A 2,071,969
3,025,000 Tulare Local Hospital District, Insured Health Facility Revenue Bonds, Series 1991A,
6.750%, 12/01/21 12/01 at 102 A+ 3,289,204
- ----------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 4.1%
5,250,000 California Housing Finance Agency, Multi-Unit Rental Housing Revenue BondsII,
1992 Series B, 6.700%, 8/01/15 8/02 at 102 A1 5,576,918
3,900,000 City of Stanton Multifamily Housing Revenue Bonds (Continental Gardens Apartments),
Series 1997, 5.625%, 8/01/29 (Alternative MinimumTax)
(Mandatory put 8/01/09) 8/07 at 102 AAA 4,103,151
8,000,000 City of Vista, Multifamily Housing Revenue Refunding Bonds (Vista Hacienda Project),
1992 Series A, 6.950%, 4/01/17 4/02 at 102 AAA 8,466,080
Housing Authority of the County of Yolo, 1992 Refunding Revenue
Bonds, Series A (Russell Park Apartments):
1,000,000 6.900%, 11/01/08 5/02 at 103 Aa3 1,068,440
1,030,000 7.000%, 11/01/14 5/02 at 103 Aa3 1,097,517
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
HOUSING/SINGLE FAMILY - 3.2%
$1,145,000 California Housing Finance Agency, Home Mortgage Revenue Bonds, 1988 Series E,
8.350%, 8/01/19 (Alternative MinimumTax) 8/98 at 102 Aa $ 1,176,728
1,760,000 California Housing Finance Agency Home Mortgage Revenue Bonds, 1991 Series G,
7.050%, 8/01/27 (Alternative MinimumTax) 8/01 at 102 Aa 1,864,227
3,740,000 California Housing Finance Agency, Home Mortgage Revenue Bonds, 1995 Series B,
7.125%, 2/01/26 (Alternative MinimumTax) 2/05 at 102 Aa 4,036,133
2,255,000 City of Corona (California), Single Family Mortgage Revenue Bonds, Series 1996A (Senior)
6.050%, 5/01/27 11/06 at 102 Aaa 2,387,594
3,000,000 County of Riverside, California, Single Family Mortgage Revenue
Bonds (GNMA Mortgage-Backed Securities Program), Issue B of
1989, 7.600%, 11/01/19
(Alternative Minimum Tax) 11/99 at 102 AAA 3,127,620
1,730,000 Southern California Home Financing Authority, Single Family Mortgage Revenue Bonds
(GNMA and FNMA Mortgage-Backed Securities Program), 1991 Issue A,
7.350%, 9/01/24 (Alternative MinimumTax) 3/01 at 102 AAA 1,830,755
1,645,000 Southern California Home Financing Authority, Single Family Mortgage Revenue Bonds
(GNMA and FNMA Mortgage-Backed Securities Program), 1992 Issue A, 6.750%, 9/01/22
(Alternative MinimumTax) 3/02 at 102 AAA 1,734,833
- ----------------------------------------------------------------------------------------------------------------------
LONG TERM CARE - 1.8%
2,500,000 California Health Facilities Financing Authority, Insured Revenue Bonds (Episcopal Homes
Foundation Project), Series 1985A, 7.750%, 7/01/06 7/98 at 102 A+ 2,579,600
6,000,000 California Health Facilities Financing Authority, Insured Revenue Bonds (Southern California
Presbyterian Homes), Series 1991, 6.750%, 6/01/21 6/01 at 102 A+ 6,466,680
- ----------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 4.8%
State of California, Various Purpose General ObligationBonds:
10,000,000 6.400%, 9/01/07 No Opt. Call A1 11,620,100
2,500,000 7.000%, 2/01/09 No Opt. Call A1 3,031,125
7,985,000 5.750%, 3/01/19 3/05 at 101 A1 8,382,254
1,000,000 Jefferson Union High School District (County of San Mateo, California), General
Obligation Bonds, Election 1995, Series B, 5.650%, 8/01/27 8/05 at 102 Aaa 1,043,760
- ----------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 19.5%
4,915,000 Certificates of Participation (1991 Financing Project), County of Alameda, California,
Alameda County Public Facilities Corporation, 6.000%, 9/01/21 9/06 at 102 Aaa 5,309,724
2,200,000 City of Coalinga, California, Certificates of Participation (1989 Coalinga Return to Custody
Facility), 7.000%, 4/01/10 4/00 at 102 BBB+ 2,320,142
2,100,000 Cuhady Redevelopment Agency, Cudahy Redevelopment Project, Tax Allocation Refunding
Bonds, Series 1994A, 6.700%, 9/01/24 9/03 at 102 BBB 2,264,115
5,000,000 Culver City Redevelopment Financing Authority, 1993 Tax Allocation Refunding Revenue
Bonds, 4.600%, 11/01/20 11/03 at 102 Aaa 4,634,250
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
TAX OBLIGATION/LIMITED - CONTINUED
$3,000,000 Fontana Public Financing Authority (San Bernardino County, California), Tax Allocation
Revenue Bonds (North Fontana Redevelopment Project),
1990 Series A, 7.250%, 9/01/20 9/00 at 102 BBB $ 3,168,840
1,700,000 Foothill-De Anza Community College District (County of Santa Clara, California), Certificates
of Participation (1992 De Anza Campus Center Project),
7.350%, 3/01/07 3/02 at 102 A- 1,894,803
2,725,000 City of Fresno, California, Certificates of Participation (1992 Street Improvement Project),
6.625%, 12/01/11 12/00 at 102 A1 2,937,659
7,000,000 Fresno Unified School District, Fresno County, California, Certificates of Participation for
Measure A Capital Projects, Series of 1991C for Project
Phase VIII, 7.000%, 5/01/12 5/99 at 102 A2 7,315,910
5,210,000 Fresno Unified School District, Fresno County, California, Certificates of Participation for
Measure A Capital Projects, Series of 1992B for Project Phase IX,
6.700%, 5/01/12 5/00 at 102 A2 5,488,162
4,000,000 Inland Empire Solid Waste Financing Authority Revenue Bonds, 1996 Series B (Landfill
Improvement Financing Project), 6.250%, 8/01/11 (Alternative MinimumTax)No Opt. CallAaa 4,594,760
5,435,000 Community Redevelopment Financing Authority of the City of Los Angeles, California,
Pooled Financing Bonds, Series A (Bunker Hill, Los Angeles Harbor Industrial Center and
Monterey Hills Redevelopment Projects), 6.375%, 9/01/14 9/02 at 102 Ba 5,757,024
2,000,000 Redevelopment Agency of the City of Moorpark, Moorpark Redevelopment Project, 1993
Tax Allocation Bonds, 6.125%, 10/01/18 10/03 at 102 A- 2,116,020
2,500,000 Certificates of Participation (Western Nevada County Solid Waste Management System--
1991 Project), County of Nevada, California, 7.500%, 6/01/21 6/01 at 102 BB 2,670,800
15,300,000 Ontario Redevelopment Financing Authority (San Bernardino County, California), 1995
Revenue Refunding Bonds (Ontario Redevelopment Project No. 1),
7.400%, 8/01/25 No Opt. Call Aaa 20,651,175
3,400,000 Orange County Development Agency, Santa Ana Heights Project Area, 1993 Tax Allocation
Revenue Bonds, 6.125%, 9/01/23 9/03 at 102 Baa 3,587,000
Orange County Local Transportation Authority (Orange County,
California), Measure MSales Tax Revenue Bonds (Limited Tax Bonds):
3,000,000 6.000%, 2/15/07 No Opt. Call Aa 3,357,150
2,250,000 6.000%, 2/15/08 No Opt. Call Aa 2,529,203
2,000,000 County of Orange, California, 1996 Recovery Certificates of Participation, Series A,
6.000%, 7/01/26 7/06 at 102 Aaa 2,166,580
Palm Desert Financing Authority, Tax Allocation Revenue Bonds (Project Area No. 4),
Series 1998:
2,670,000 5.200%, 10/01/28 (DD) 10/07 at 102 Aaa 2,674,486
4,475,000 5.200%, 10/01/28 (DD) 10/07 at 102 Aaa 4,482,518
3,385,000 The Community Redevelopment Agency of the City of Santa Ana, Orange County, California,
Santa Ana South Harbor Boulevard/Fairview Street Redevelopment Project, 1989 Series C
Tax Allocation Refunding Bonds, 7.250%, 9/01/09 9/99 at 102 A- 3,542,673
3,000,000 City of Santa Barbara, California, Certificates of Participation (Harbor Refunding Project),
6.750%, 10/01/27 10/02 at 102 A 3,281,520
- ----------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 3.2%
2,750,000 California Statewide Community Development Authority, Special Facilities Lease Revenue
Bonds, 1997 Series A) (United Air Lines, Inc.-San Francisco International Airport Projects),
5.625%, 10/01/34 (Alternative Minimum Tax) 10/07 at 102 Baa3 2,795,540
12,500,000 Foothill/Eastern Transportation Corridor Agency, Toll Road Revenue Bonds, Series 1995A,
6.000%, 1/01/34 1/05 at 102 Baa 13,191,750
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
U.S. GUARANTEED - 35.9%
$4,050,000 California Counties Finance Corporation, Nevada County Project, Fixed Rate Certificates of
Participation (California Counties Lease Financing Program - Nevada County Project),
Series 1986, 7.600%, 10/01/19 (Pre-refunded to 4/01/98) 4/98 at 101 A*** $ 4,105,526
7,430,000 California Educational Facilities Authority, Revenue Bonds (University of San Francisco),
Series 1992, 6.400%, 10/01/17 (Pre-refunded to 10/01/02) 10/02 at 102 Aaa 8,300,202
3,000,000 California Educational Facilities Authority, Revenue Bonds (Santa Clara University), Series
1991, 6.250%, 2/01/16 (Pre-refunded to 2/01/02) 2/02 at 102 A1*** 3,288,030
California Educational Facilities Authority, Revenue Bonds (University of San Diego),
Series 1992:
1,965,000 6.500%, 10/01/08 (Pre-refunded to 10/01/02) 10/02 at 102 A*** 2,197,145
5,000,000 6.500%, 10/01/22 (Pre-refunded to 10/01/02) 10/02 at 102 A*** 5,590,700
3,680,000 California Health Facilities Financing Authority, Health Facility Revenue Bonds (Health
Dimensions, Incorporated), 1990 Series A, 7.375%, 5/01/07
(Pre-refunded to 5/01/00) 5/00 at 102 Aaa 4,018,781
8,000,000 California Pollution Control Financing Authority, Solid Waste Revenue Bonds (North County
Recycling Center), 1991 Series A Bonds, 6.750%, 7/01/17 7/02 at 102 Aaa 8,937,840
10,050,000 State Public Works Board of the State of California, Lease Revenue Bonds (The Trustees of
The California State University), 1992 Series A (Various California State University Project),
6.700%, 10/01/17 (Pre-refunded to 10/01/02) 10/02 at 102 Aaa 11,352,480
State Public Works Board of the State of California, Lease Revenue
Bonds (Department of Corrections), 1994 Series A (California State
of Prison-Monterey County (Soledad II)):
6,950,000 6.875%, 11/01/14 (Pre-refunded to 11/01/04) 11/04 at 102 Aaa 8,152,072
7,625,000 7.000%, 11/01/19 (Pre-refunded to 11/01/04) 11/04 at 102 Aaa 8,993,993
2,000,000 State Public Works Board of the State of California, Lease Revenue Bonds (Department of
Corrections), 1991 Series A (State Prisons-Imperial County), 6.500%, 9/01/11
(Pre-refunded to 9/01/01) 9/01 at 102 Aaa 2,202,960
2,000,000 State of California, Department of Water Resources, Central Valley Project, Water
System Revenue Bonds, Series K, 6.400%, 12/01/26
(Pre-refunded to 6/01/02) 6/02 at 101 1/2 Aaa 2,212,780
County of Alameda, Certificates of Participation (1992 Capital
Projects), Alameda County Public Facilities Corporation:
7,865,000 6.750%, 6/01/16 (Pre-refunded to 6/01/02) 6/02 at 102 A*** 8,818,789
10,000,000 6.000%, 6/01/22 (Pre-refunded to 6/01/02) 6/02 at 102 A*** 10,922,000
2,000,000 Coachella Valley Water District, Improvement District No. 71 (Storm Water District) (Riverside,
Imperial, and San Diego Counties, California), 1992 Certificates of Participation (Flood
Control Project), 6.750%, 10/01/12 (Pre-refunded to 10/01/02) 10/02 at 102 A*** 2,257,040
3,000,000 Contra Costa Water Authority (Contra Costa County, California), Water Treatment Revenue
Bonds, 1990 Series A, 6.875%, 10/01/20 (Pre-refunded
to 10/01/00) 10/00 at 102 N/R*** 3,275,070
12,805,000 County of Contra Costa, California, 1988 Home Mortgage Revenue Bonds (GNMA Mortgage-
Backed Securities Program), 8.250%, 6/01/21 (Alternative
Minimum Tax) No Opt. Call Aaa 16,700,921
10,000,000 Fontana Redevelopment Agency, Jurupa Hills Redevelopment Project Area (County of
San Bernardino, California), Refunding Tax Allocation Bonds, 1992 Series A,
7.100%, 10/01/23 (Pre-refunded to 10/01/02) 10/02 at 102 BBB+*** 11,412,400
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
U.S. GUARANTEED - CONTINUED
$ 8,000,000 Lancaster School District, Certificates of Participation (1992 Refunding Project),
7.000%, 3/01/22 (Pre-refunded to 3/01/02) 3/02 at 105 Aaa $ 9,220,880
4,500,000 City of Los Angeles, California, Wastewater System Revenue Bonds, Series 1991-D,
6.700%, 12/01/21 (Pre-refunded to 12/01/00) 12/00 at 102 Aaa 4,924,125
10,000,000 County of Orange, California, Certificates of Participation (Civic Center Expansion Project),
6.700%, 8/01/18 (Pre-refunded to 8/01/01) 8/01 at 102 Aaa 11,060,000
4,000,000 County of San Bernardino, California, Certificates of Participation (West Valley Detention
Center Project), 7.600%, 11/01/06 (Pre-refunded to 11/01/98) 11/98 at 102 Aaa 4,186,200
13,525,000 County of San Bernardino, California, Single Family Mortgage Revenue Bonds (GNMA
Mortgage-Backed Securities), 1989 Series A, 7.750%, 11/01/14
(Alternative Minimum Tax) No Opt. Call Aaa 16,745,303
2,575,000 City of Santa Maria, Revenue Certificates of Participation (Marian Medical Center),
6.750%, 9/01/22 (Pre-refunded to 9/01/02) 9/02 at 102 A*** 2,901,433
6,185,000 The Regents of the University of California, Refunding Revenue
Bonds (Multiple Purpose Projects), Series A, 6.875%, 9/01/16
(Pre-refunded to 9/01/02) 9/02 at 102 A*** 6,997,895
- ----------------------------------------------------------------------------------------------------------------------
UTILITIES - 10.0%
10,000,000 California Pollution Control Financing Authority, Pollution Control Revenue Bonds (Southern
California Edison Company), 1991 Series, 6.900%, 12/01/17
(Alternative Minimum Tax) 12/01 at 102 Aa3 10,885,800
5,000,000 California Pollution Control Financing Authority, Pollution Control Revenue Bonds (Pacific
Gas and Electric Company), 1992 Series A, 6.625%, 6/01/09
(Alternative Minimum Tax) 6/02 at 102 A+ 5,462,150
1,000,000 California Pollution Control Financing Authority Exempt Facilities Revenue Bonds, Series
1996 (Mobil Oil Corporation Project), 5.500%, 12/01/29
(Alternative Minimum Tax) 12/06 at 102 AA 1,024,400
3,880,000 Department of Water and Power of the City of Los Angeles, California, Electric Plant
Revenue Bonds, Issue of 1989, 7.375%, 2/01/29 2/99 at 102 Aa3 4,077,531
15,065,000 Northern California Power Agency, Hydroelectric Project Number One Revenue Bonds,
Refunding Series E, 7.150%, 7/01/24 7/98 at 102 A- 15,514,237
6,185,000 City of Redlands, Certificates of Participation (1993 Refunding of 1986 and 1987 Projects),
6.800%, 3/01/07 4/98 at 100 Aaa 6,200,276
5,500,000 Southern California Public Power Authority, Multiple Project Revenue Bonds, 1989 Series,
6.750%, 7/01/11 No Opt. Call A 6,580,584
- ----------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 5.0%
Department of Water and Power of The City of Los Angeles, Water
Works Refunding Revenue Bonds, Second Issue of 1993:
4,060,000 4.500%, 5/15/13 5/03 at 102 Aa 3,866,012
8,400,000 4.500%, 5/15/30 5/03 at 102 Aaa 7,545,215
8,295,000 San Diego County Water Authority, Water Revenue Certificates of Participation, Series
1991A, 6.300%, 5/01/05 5/01 at 102 Aa 9,019,071
2,000,000 City of Santa Barbara, California, Certificates of Participation (1992 Water System Improvement
Project and Refunding), 6.700%, 4/01/27 4/02 at 102 Aaa 2,198,460
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
WATER AND SEWER - CONTINUED
$ 2,200,000 City of Stockton, Revenue Certificates of Participation, 1998 Series A (Wastewater System
Project), 5.200%, 9/01/29 9/08 at 102 Aaa $ 2,186,470
- ----------------------------------------------------------------------------------------------------------------------
$440,125,000 Total Investments - (cost $437,475,287) - 97.4% 484,633,120
============----------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 2.6% 12,868,046
--------------------------------------------------------------------------------------------------------
Net Assets - 100% $497,501,166
========================================================================================================
* 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.
(DD) Security purchased on a delayed delivery basis (note 1).
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF NET ASSETS (UNAUDITED)
FEBRUARY 28, 1998
<CAPTION>
CALIFORNIA CALIFORNIA
CALIFORNIA VALUE PERFORMANCE PLUS OPPORTUNITY
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
ASSETS
Investments in municipal securities, at market
value (note 1) $252,524,633 $286,977,226 $183,469,048
Temporary investments in short-term municipal
securities, at amortized cost, which approximates
market value (note 1) -- 200,000 300,000
Cash 1,375,465 24,357 207,194
Receivables:
Interest 3,646,590 4,876,677 2,535,481
Investments sold 2,937,153 90,000 --
Other assets 32,149 24,833 15,371
- ----------------------------------------------------------------------------------------------------------------------
Total assets 260,515,990 292,193,093 186,527,094
- ----------------------------------------------------------------------------------------------------------------------
LIABILITIES
Payable for investments purchased -- -- --
Accrued expenses:
Management fees (note 6) 121,202 143,320 92,179
Other 106,769 68,633 70,466
Preferred share dividends payable N/A 37,033 10,854
Common share dividends payable 1,122,408 1,084,913 672,353
- ----------------------------------------------------------------------------------------------------------------------
Total liabilities 1,350,379 1,333,899 845,852
- ----------------------------------------------------------------------------------------------------------------------
Net assets (note 7) $259,165,611 $290,859,194 $185,681,242
======================================================================================================================
Preferred shares, at liquidation value N/A $ 90,000,000 $ 55,000,000
======================================================================================================================
Preferred shares outstanding N/A 3,600 2,200
======================================================================================================================
Common shares outstanding 25,222,660 12,615,271 7,956,841
======================================================================================================================
Net asset value per Common share outstanding (net assets
less Preferred shares at liquidation value,
divided by Common shares outstanding) $ 10.28 $ 15.92 $ 16.42
======================================================================================================================
N/A - Fund is not authorized to issue Preferred Shares.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF NET ASSETS (UNAUDITED) - CONTINUED
FEBRUARY 28, 1998
<CAPTION>
CALIFORNIA CALIFORNIA CALIFORNIA
INVESTMENT QUALITY SELECT QUALITY QUALITY INCOME
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
ASSETS
Investments in municipal securities, at market
value (note 1) $298,273,349 $502,631,624 $484,633,120
Temporary investments in short-term municipal
securities, at amortized cost, which approximates
market value (note 1) -- -- --
Cash 142,163 3,402,173 124,411
Receivables:
Interest 4,236,145 7,074,064 8,464,194
Investments sold -- 92,700 13,555,697
Other assets 23,398 42,533 34,107
- ----------------------------------------------------------------------------------------------------------------------
Total assets 302,675,055 513,243,094 506,811,529
- ----------------------------------------------------------------------------------------------------------------------
LIABILITIES
Payable for investments purchased -- 1,514,829 7,162,545
Accrued expenses:
Management fees (note 6) 148,405 248,308 242,853
Other 74,764 115,945 96,725
Preferred share dividends payable 36,977 33,041 55,904
Common share dividends payable 1,093,069 1,852,395 1,752,336
- ----------------------------------------------------------------------------------------------------------------------
Total liabilities 1,353,215 3,764,518 9,310,363
- ----------------------------------------------------------------------------------------------------------------------
Net assets (note 7) $301,321,840 $509,478,576 $497,501,166
======================================================================================================================
Preferred shares, at liquidation value $ 90,000,000 $150,000,000 $150,000,000
======================================================================================================================
Preferred shares outstanding 3,600 6,000 6,000
======================================================================================================================
Common shares outstanding 13,249,320 22,590,181 21,501,060
======================================================================================================================
Net asset value per Common share outstanding (net assets
less Preferred shares at liquidation value,
divided by Common shares outstanding) $ 15.95 $ 15.91 $ 16.16
======================================================================================================================
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF OPERATIONS (UNAUDITED)
SIX MONTHS ENDED FEBRUARY 28, 1998
<CAPTION>
CALIFORNIA CALIFORNIA
CALIFORNIA VALUE PERFORMANCE PLUS OPPORTUNITY
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
INVESTMENT INCOME
Tax-exempt interest income (note 1) $ 7,728,135 $ 9,000,928 $5,651,018
- ----------------------------------------------------------------------------------------------------------------------
EXPENSES
Management fees (note 6) 765,380 919,904 590,363
Preferred shares - auction fees N/A 111,576 68,185
Preferred shares - dividend disbursing agent fees N/A 9,917 4,959
Shareholders' servicing agent fees and expenses 28,424 16,328 10,195
Custodian's fees and expenses 26,825 28,031 22,244
Directors' fees and expenses (note 6) 1,010 1,138 723
Professional fees 8,520 8,887 8,733
Shareholders' reports - printing and mailing expenses 39,315 29,856 20,939
Stock exchange listing fees 16,216 12,181 8,078
Investor relations expense 10,989 11,240 7,133
Other expenses 7,423 11,869 9,863
- ----------------------------------------------------------------------------------------------------------------------
Total expenses 904,102 1,160,927 751,415
- ----------------------------------------------------------------------------------------------------------------------
Net investment income 6,824,033 7,840,001 4,899,603
- ----------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN FROM INVESTMENTS
Net realized gain from investment transactions
(notes 1 and 4) 1,238,495 190,214 794,304
Net change in unrealized appreciation or depreciation
of investments 4,871,623 3,209,007 2,330,529
- ----------------------------------------------------------------------------------------------------------------------
Net gain from investments 6,110,118 3,399,221 3,124,833
- ----------------------------------------------------------------------------------------------------------------------
Net increase in net assets from operations $12,934,151 $11,239,222 $8,024,436
======================================================================================================================
N/A - Fund is not authorized to issue Preferred Shares.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF OPERATIONS (UNAUDITED) - CONTINUED
SIX MONTHS ENDED FEBRUARY 28, 1998
<CAPTION>
CALIFORNIA CALIFORNIA CALIFORNIA
INVESTMENT QUALITY SELECT QUALITY QUALITY INCOME
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
INVESTMENT INCOME
Tax-exempt interest income (note 1) $ 9,090,762 $15,243,957 $14,766,273
- ----------------------------------------------------------------------------------------------------------------------
EXPENSES
Management fees (note 6) 952,875 1,594,363 1,557,843
Preferred shares - auction fees 111,576 185,959 185,959
Preferred shares - dividend disbursing agent fees 4,959 9,917 9,917
Shareholders' servicing agent fees and expenses 15,179 21,769 17,610
Custodian's fees and expenses 27,988 38,092 37,711
Directors' fees and expenses (note 6) 1,180 1,991 1,943
Professional fees 8,900 9,195 9,166
Shareholders' reports - printing and mailing expenses 32,433 49,059 47,322
Stock exchange listing fees 12,208 16,243 16,100
Investor relations expense 11,466 18,621 17,711
Other expenses 11,922 15,562 15,063
- ----------------------------------------------------------------------------------------------------------------------
Total expenses 1,190,686 1,960,771 1,916,345
- ----------------------------------------------------------------------------------------------------------------------
Net investment income 7,900,076 13,283,186 12,849,928
- ----------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN FROM INVESTMENTS
Net realized gain from investment transactions
(notes 1 and 4) 59,847 2,762,742 27,571
Net change in unrealized appreciation or depreciation
of investments 3,382,967 3,710,647 6,576,702
- ----------------------------------------------------------------------------------------------------------------------
Net gain from investments 3,442,814 6,473,389 6,604,273
- ----------------------------------------------------------------------------------------------------------------------
Net increase in net assets from operations $11,342,890 $19,756,575 $19,454,201
======================================================================================================================
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF CHANGES IN NET ASSETS (UNAUDITED)
<CAPTION>
CALIFORNIA VALUE CALIFORNIA PERFORMANCE PLUS
- ----------------------------------------------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
2/28/98 8/31/97 2/28/98 8/31/97
- ----------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 6,824,033 $ 14,799,222 $ 7,840,001 $ 15,907,165
Net realized gain from investment transactions (notes 1 and 4) 1,238,495 871,832 190,214 295,043
Net change in unrealized appreciation or depreciation
of investments 4,871,623 2,662,398 3,209,007 3,027,505
- ----------------------------------------------------------------------------------------------------------------------
Net increase in net assets from operations 12,934,151 18,333,452 11,239,222 19,229,713
- ----------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 1)
From undistributed net investment income:
Common shareholders (6,822,187) (14,749,502) (6,499,249) (12,928,998)
Preferred shareholders N/A N/A (1,384,684) (2,803,257)
From accumulated net realized gains from
investment transactions:
Common shareholders (1,344,368) (2,245,205) (209,142) (236,296)
Preferred shareholders N/A N/A (44,442) (57,906)
- ----------------------------------------------------------------------------------------------------------------------
Decrease in net assets from distributions to shareholders (8,166,555) (16,994,707) (8,137,517) (16,026,457)
- ----------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS (NOTE 2)
Net proceeds from Common shares issued to shareholders due to
reinvestment of distributions 229,709 881,931 821,234 1,628,670
- ----------------------------------------------------------------------------------------------------------------------
Net increase in net assets 4,997,305 2,220,676 3,922,939 4,831,926
Net assets at beginning of period 254,168,306 251,947,630 286,936,255 282,104,329
- ----------------------------------------------------------------------------------------------------------------------
Net assets at end of period $259,165,611 $254,168,306 $290,859,194 $286,936,255
======================================================================================================================
Balance of undistributed net investment
income at end of period $ 174,955 $ 173,109 $ 804,139 $ 848,071
======================================================================================================================
N/A - Fund is not authorized to issue Preferred Shares.
<CAPTION>
CALIFORNIA OPPORTUNITY CALIFORNIA INVESTMENT QUALITY
- ----------------------------------------------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
2/28/98 8/31/97 2/28/98 8/31/97
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
OPERATIONS
Net investment income $ 4,899,603 $ 9,852,143 $ 7,900,076 $ 16,033,064
Net realized gain from investment transactions
(notes 1 and 4) 794,304 163,232 59,847 18,985
Net change in unrealized appreciation or
depreciation of investments 2,330,529 3,417,852 3,382,967 4,197,880
- ----------------------------------------------------------------------------------------------------------------------
Net increase in net assets from operations 8,024,436 13,433,227 11,342,890 20,249,929
- ----------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 1)
From undistributed net investment income:
Common shareholders (4,029,730) (8,025,751) (6,549,055) (13,028,724)
Preferred shareholders (876,232) (1,748,730) (1,436,056) (2,897,105)
From accumulated net realized gains
from investment transactions:
Common shareholders (64,394) -- (62,200) --
Preferred shareholders (13,860) -- (13,716) --
- ----------------------------------------------------------------------------------------------------------------------
Decrease in net assets from distributions to shareholders (4,984,216) (9,774,481) (8,061,027) (15,925,829)
- ----------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS (NOTE 2)
Net proceeds from Common shares issued to shareholders due to
reinvestment of distributions 361,801 758,304 759,858 1,533,387
- ----------------------------------------------------------------------------------------------------------------------
Net increase in net assets 3,402,021 4,417,050 4,041,721 5,857,487
Net assets at beginning of period 182,279,221 177,862,171 297,280,119 291,422,632
- ----------------------------------------------------------------------------------------------------------------------
Net assets at end of period $185,681,242 $182,279,221 $301,321,840 $297,280,119
======================================================================================================================
Balance of undistributed net investment
income at end of period $ 358,354 $ 364,713 $ 533,477 $ 618,512
======================================================================================================================
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF CHANGES IN NET ASSETS (UNAUDITED) - CONTINUED
<CAPTION>
CALIFORNIA SELECT QUALITY CALIFORNIA QUALITY INCOME
- ----------------------------------------------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
2/28/98 8/31/97 2/28/98 8/31/97
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
OPERATIONS
Net investment income $ 13,283,186 $ 26,629,944 $ 12,849,928 $ 25,681,517
Net realized gain from investment transactions
(notes 1 and 4) 2,762,742 389,794 27,571 81,484
Net change in unrealized appreciation or
depreciation of investments 3,710,647 11,488,811 6,576,702 12,987,562
- ----------------------------------------------------------------------------------------------------------------------
Net increase in net assets from operations 19,756,575 38,508,549 19,454,201 38,750,563
- ----------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 1)
From undistributed net investment income:
Common shareholders (11,203,876) (22,122,630) (10,501,710) (20,855,446)
Preferred shareholders (2,335,908) (4,582,259) (2,422,728) (4,783,533)
From accumulated net realized gains from
investment transactions:
Common shareholders (322,926) (1,252,537) -- --
Preferred shareholders (48,672) (266,364) -- --
- ----------------------------------------------------------------------------------------------------------------------
Decrease in net assets from distributions to shareholders (13,911,382) (28,223,790) (12,924,438) (25,638,979)
- ----------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS (NOTE 2)
Net proceeds from Common shares issued to shareholders due to
reinvestment of distributions 985,806 2,149,140 1,010,058 1,352,091
- ----------------------------------------------------------------------------------------------------------------------
Net increase in net assets 6,830,999 12,433,899 7,539,821 14,463,675
Net assets at beginning of period 502,647,577 490,213,678 489,961,345 475,497,670
- ----------------------------------------------------------------------------------------------------------------------
Net assets at end of period $509,478,576 $502,647,577 $497,501,166 $489,961,345
======================================================================================================================
Balance of undistributed net investment
income at end of period $ 524,611 $ 781,209 $ 1,340,662 $ 1,415,172
======================================================================================================================
See accompanying notes to financial statements.
</TABLE>
<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) and Nuveen California Quality Income
Municipal Fund, Inc. (NUC).
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
generally accepted accounting principles.
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. 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 28, 1998, California Select Quality and California Quality Income had
outstanding when-issued and delayed delivery purchase commitments of $1,514,829
and $7,162,545 respectively. There were no such outstanding purchase commitments
in any of the other Funds.
Interest Income
Interest income is determined on the basis of interest accrued, adjusted for
amortization of premiums and accretion of discounts on long-term debt securities
when required for federal income tax purposes.
Income Taxes
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.
<PAGE>
Dividends and Distributions to Shareholders
Tax-exempt net investment income is declared as a dividend monthly and payment
is made or reinvestment is credited to shareholder accounts 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.
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
The Funds have issued and outstanding $25,000 stated value Preferred shares.
Each Fund's Preferred shares are issued in one or more Series. The dividend rate
on each series may change every 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
PERFORMANCE CALIFORNIA INVESTMENT SELECT QUALITY
PLUS OPPORTUNITY QUALITY QUALITY INCOME
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Number of shares:
Series M -- -- 3,600 -- --
Series T 1,800 -- -- 2,400 --
Series W -- 2,200 -- -- 3,000
Series Th -- -- -- 3,600 --
Series F 1,800 -- -- -- 3,000
- ----------------------------------------------------------------------------------------------------------------------
Total 3,600 2,200 3,600 6,000 6,000
======================================================================================================================
</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 in the future, they did not
make any such investments during the six months ended February 28, 1998.
Use of Estimates
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities at the date of the
financial statements and the reported amounts of increases and decreases in net
assets from operations during the reporting period.
<PAGE>
2. FUND SHARES
Transactions in Common shares were as follows:
<TABLE>
<CAPTION>
CALIFORNIA VALUE CALIFORNIA PERFORMANCE PLUS
- ---------------------------------------------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
2/28/98 8/31/97 2/28/98 8/31/97
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Shares issued to shareholders due to reinvestment of distributions 22,464 83,152 47,251 99,470
=====================================================================================================================
<CAPTION>
CALIFORNIA OPPORTUNITY CALIFORNIA INVESTMENT QUALITY
- ---------------------------------------------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
2/28/98 8/31/97 2/28/98 8/31/97
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Shares issued to shareholders due to reinvestment of distributions 20,994 46,625 45,228 96,114
=====================================================================================================================
<CAPTION>
CALIFORNIA SELECT QUALITY CALIFORNIA QUALITY INCOME
- ---------------------------------------------------------------------------------------------------------------------
SIX MONTHS ENDEDYEAR ENDED SIX MONTHS ENDED YEAR ENDED
2/28/98 8/31/97 2/28/98 8/31/97
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Shares issued to shareholders due to reinvestment of distributions 59,257 136,425 60,801 84,978
=====================================================================================================================
</TABLE>
3. DISTRIBUTIONS TO COMMON SHAREHOLDERS
On March 2, 1998, the Funds declared Common share dividend distributions from
their tax-exempt net investment income which were paid April 1, 1998, to
shareholders of record on March 15, 1998, as follows:
<TABLE>
<CAPTION>
CALIFORNIA CALIFORNIA CALIFORNIA CALIFORNIA
CALIFORNIA PERFORMANCE CALIFORNIA INVESTMENT SELECT QUALITY
VALUE PLUS OPPORTUNITY QUALITY QUALITY INCOME
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Dividend per share $.0445 $.0860 $.0845 $.0825 $.0820 $.0815
======================================================================================================================
</TABLE>
4. SECURITIES TRANSACTIONS
Purchases and sales (including maturities) of investments in municipal
securities and temporary municipal investments during the six months ended
February 28, 1998, were as follows:
<TABLE>
<CAPTION>
CALIFORNIA CALIFORNIA CALIFORNIA CALIFORNIA
CALIFORNIA PERFORMANCE CALIFORNIA INVESTMENT SELECT QUALITY
VALUE PLUS OPPORTUNITY QUALITY QUALITY INCOME
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Purchases:
Investments in municipal securities $51,149,915 $30,050,342 $21,269,992 $28,637,751 $35,687,453 $14,768,175
Temporary municipal investments 24,575,000 11,900,000 7,400,000 17,400,000 10,500,000 6,300,000
Sales and Maturities:
Investments in municipal securities 51,653,160 25,618,022 20,679,540 27,587,913 33,064,111 19,228,042
Temporary municipal investments 24,575,000 12,200,000 7,900,000 17,400,000 17,675,000 6,900,000
======================================================================================================================
</TABLE>
At February 28, 1998, the identified cost of investments owned for federal
income tax purposes was the same as the cost for financial reporting purposes
for each Fund.
At August 31, 1997, the Funds' last fiscal year end, California Quality Income
had an unused capital loss carryforward of $106,369 available for federal income
tax purposes to be applied against future capital gains, if any. If not applied,
the carryforward will expire in the year 2005. None of the other funds had any
capital loss carryforwards.
<PAGE>
5. UNREALIZED APPRECIATION (DEPRECIATION)
Gross unrealized appreciation and gross unrealized depreciation of investments
at February 28, 1998, were as follows:
<TABLE>
<CAPTION>
CALIFORNIA CALIFORNIA CALIFORNIA CALIFORNIA
CALIFORNIA PERFORMANCE CALIFORNIA INVESTMENT SELECT QUALITY
VALUE PLUS OPPORTUNITY QUALITY QUALITY INCOME
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Gross unrealized:
appreciation $20,637,045 $23,791,308 $18,736,858 $25,911,261 $41,402,463 $47,171,375
depreciation (24,756) (6,150) -- (37,084) (60,309) (13,542)
- ----------------------------------------------------------------------------------------------------------------------
Net unrealized appreciation $20,612,289 $23,785,158 $18,736,858 $25,874,177 $41,342,154 $47,157,833
======================================================================================================================
</TABLE>
6. MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES
Under California Value's investment management agreement with Nuveen Advisory
Corp. (the "Adviser"), a wholly owned subsidiary of The John Nuveen Company, the
Fund pays an annual management fee, payable monthly of .35 of 1% of the average
daily net asset value of the Fund, as well as 4.125% of the gross interest
income of the Fund.
Under the Fund's (excluding California Value) investment management agreements
with the Adviser, each Fund pays annual management fee, payable monthly, at the
rates set forth below, which are based upon the average daily net asset value of
each Fund as follows:
<TABLE>
<CAPTION>
AVERAGE DAILY NET ASSET VALUE MANAGEMENT FEES
- ------------------------------------------------------------------
<S> <C>
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
==================================================================
</TABLE>
The 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 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>
<TABLE>
7. COMPOSITION OF NET ASSETS
At February 28, 1998, net assets consisted of:
<CAPTION>
CALIFORNIA CALIFORNIA
CALIFORNIA VALUE PERFORMANCE PLUS OPPORTUNITY
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Preferred shares, $25,000 stated value per share,
at liquidation value $ N/A $ 90,000,000 $ 55,000,000
Common shares, $.01 par value per share 252,227 126,153 79,568
Paid-in surplus 237,377,899 175,967,716 110,737,766
Balance of undistributed net investment income 174,955 804,139 358,354
Accumulated net realized gain (loss) from investment transactions 748,241 176,028 768,696
Net unrealized appreciation of investments 20,612,289 23,785,158 18,736,858
- ----------------------------------------------------------------------------------------------------------------------
Net assets $259,165,611 $290,859,194 $185,681,242
======================================================================================================================
Authorized shares:
Common 250,000,000 200,000,000 200,000,000
Preferred N/A 1,000,000 1,000,000
======================================================================================================================
<CAPTION>
CALIFORNIA CALIFORNIA CALIFORNIA
INVESTMENT SELECT QUALITY
QUALITY QUALITY INCOME
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Preferred shares, $25,000 stated value per share,
at liquidation value $ 90,000,000 $150,000,000 $150,000,000
Common shares, $.01 par value per share 132,493 225,902 215,011
Paid-in surplus 184,774,173 314,607,086 298,866,458
Balance of undistributed net investment income 533,477 524,611 1,340,662
Accumulated net realized gain (loss) from investment transactions 7,520 2,778,823 (78,798)
Net unrealized appreciation of investments 25,874,177 41,342,154 47,157,833
- ----------------------------------------------------------------------------------------------------------------------
Net assets $301,321,840 $509,478,576 $497,501,166
======================================================================================================================
Authorized shares:
Common 200,000,000 200,000,000 200,000,000
Preferred 1,000,000 1,000,000 1,000,000
======================================================================================================================
</TABLE>
<PAGE>
<TABLE>
FINANCIAL HIGHLIGHTS (UNAUDITED)
Selected data for a Common share outstanding
throughout each period is as follows:
<CAPTION>
DIVIDENDS FROM TAX-EXEMPT
OPERATING PERFORMANCE NET INVESTMENT INCOME
-------------------------- ----------------------------
NET
REALIZED &
NET ASSET NET UNREALIZED
VALUE INVEST- GAIN (LOSS) TO TO
BEGINNING MENT FROM INVEST- COMMON PREFERRED
OF PERIOD INCOME MENTS SHAREHOLDERS SHAREHOLDERS+
- --------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
CALIFORNIA VALUE
Six months ended
2/28/98 $10.09 $ .27 $ .24 $ (.27) $ N/A
Year ended 8/31:
1997 10.03 .59 .15 (.59) N/A
1996 10.20 .61 (.10) (.62) N/A
1995 10.20 .64 .04 (.67) N/A
1994 10.74 .65 (.51) (.67) N/A
1993 10.48 .67 .26 (.67) N/A
One month ended
8/31/92 10.61 .06 (.13) (.06) N/A
Year ended 7/31:
1992 10.25 .67 .37 (.66) N/A
1991 10.12 .67 .12 (.66) N/A
1990 10.19 .66 (.03) (.67) N/A
1989 9.67 .66 .61 (.67) N/A
10/7/87 to
7/31/88 9.35 .48 .26 (.42) N/A
<CAPTION>
CALIFORNIA PERFORMANCE PLUS
<S> <C> <C> <C> <C> <C>
Six months ended
2/28/98 15.67 .62 .28 (.52) (.11)
Year ended 8/31:
1997 15.41 1.27 .26 (1.03) (.22)
1996 15.45 1.28 (.04) (1.03) (.25)
1995 15.24 1.28 .28 (1.03) (.29)
1994 16.38 1.30 (1.13) (1.06) (.25)
1993 15.58 1.33 .85 (1.15) (.23)
Ten months ended
8/31/92 14.88 1.13 .64 (.87) (.20)
Year ended
10/31/91 13.82 1.37 1.05 (1.02) (.34)
11/15/89 to
10/31/90 14.05 1.10 (.09) (.77) (.27)
=========================================================================================================
<PAGE>
<CAPTION>
DISTRIBUTIONS FROM CAPITAL GAINS
--------------------------------
PER TOTAL
ORGANIZATION COMMON INVEST-
AND OFFERING SHARE MENT
COSTS AND MARKET RETURN
TO TO PREFERRED SHARE NET ASSET VALUE ON
COMMON PREFERRED UNDERWRITING VALUE END END OF MARKET
SHAREHOLDERS SHAREHOLDERS+ DISCOUNTS OF PERIOD PERIOD VALUE**
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
CALIFORNIA VALUE
Six months ended
2/28/98 $(.05) $ N/A $-- $10.28 $10.1250 2.69%
Year ended 8/31:
1997 (.09) N/A -- 10.09 10.1875 7.59
1996 (.06) N/A -- 10.03 10.1250 12.52
1995 (.01) N/A -- 10.20 9.6250 (6.59)
1994 (.01) N/A -- 10.20 11.0000 (.50)
1993 -- N/A -- 10.74 11.7500 13.37
One month ended
8/31/92 -- N/A -- 10.48 11.0000 (1.74)
Year ended 7/31:
1992 (.02) N/A -- 10.61 11.2500 12.83
1991 -- N/A -- 10.25 10.6250 9.22
1990 (.03) N/A -- 10.12 10.3750 7.10
1989 (.08) N/A -- 10.19 10.3750 11.82
10/7/87 to
7/31/88 -- N/A -- 9.67 10.0000 4.28
<CAPTION>
CALIFORNIA PERFORMANCE PLUS
<S> <C> <C> <C> <C> <C> <C>
Six months ended
2/28/98 (.02) -- -- 15.92 17.6875 5.70
Year ended 8/31:
1997 (.02) -- -- 15.67 17.2500 16.71
1996 -- -- -- 15.41 15.7500 14.04
1995 (.02) (.01) -- 15.45 14.7500 5.75
1994 -- -- -- 15.24 15.0000 (8.34)
1993 -- -- -- 16.38 17.5000 18.34
Ten months ended
8/31/92 -- -- -- 15.58 15.8750 6.55
Year ended
10/31/91 -- -- -- 14.88 15.7500 17.20
11/15/89 to
10/31/90 -- -- (.20) 13.82 14.3750 1.00
===========================================================================================================================
<PAGE>
<CAPTION>
RATIOS/SUPPLEMENTAL DATA
---------------------------------------------------------------
RATIO OF
NET
TOTAL NET ASSETS RATIO OF INVESTMENT
RETURN ON END OF EXPENSES INCOME PORTFOLIO
NET ASSET PERIOD (IN TO AVERAGE TO AVERAGE TURNOVER
VALUE** THOUSANDS) NET ASSETS++ NET ASSETS++ RATE
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
CALIFORNIA VALUE
Six months ended
2/28/98 5.15% $259,166 .71%* 5.35%* 20%
Year ended 8/31:
1997 7.55 254,168 .74 5.85 17
1996 5.16 251,948 .77 6.00 23
1995 6.92 193,426 .75 6.32 9
1994 1.32 192,237 .76 6.24 9
1993 9.21 200,828 .82 6.31 4
One month ended
8/31/92 (.71) 194,430 .79* 6.25* --
Year ended 7/31:
1992 10.61 196,669 .83 6.46 6
1991 8.13 188,370 .88 6.62 5
1990 6.45 184,888 .91 6.62 2
1989 13.70 185,016 .94 6.75 27
10/7/87 to
7/31/88 8.01 174,645 .94* 6.29* 32
<CAPTION>
CALIFORNIA PERFORMANCE PLUS
<S> <C> <C> <C> <C> <C>
Six months ended
2/28/98 5.06 290,859 .81* 5.46* 9
Year ended 8/31:
1997 8.77 286,936 .81 5.59 12
1996 6.53 282,104 .80 5.62 14
1995 8.75 281,766 .83 5.77 24
1994 (.48) 279,175 .83 5.63 19
1993 13.03 291,618 .81 5.73 10
Ten months ended
8/31/92 10.86 279,810 .79* 5.99* 6
Year ended
10/31/91 15.58 269,890 .78 6.28 6
11/15/89 to
10/31/90 3.92 255,862 .79* 6.18* 26
==============================================================================================================
See notes on page 58.
</TABLE>
<PAGE>
<TABLE>
FINANCIAL HIGHLIGHTS (UNAUDITED) - CONTINUED
Selected data for a Common share outstanding
throughout each period is as follows:
<CAPTION>
DIVIDENDS FROM TAX-EXEMPT
OPERATING PERFORMANCE NET INVESTMENT INCOME
--------------------- --------------------------------
NET
REALIZED &
NET ASSET NET UNREALIZED
VALUE INVEST- GAIN (LOSS) TO TO
BEGINNING MENT FROM INVEST- COMMON PREFERRED
OF PERIOD INCOME MENTS SHAREHOLDERS SHAREHOLDERS+
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
CALIFORNIA OPPORTUNITY
Six months ended
2/28/98 $16.04 $ .62 $ .39 $ (.51) $(.11)
Year ended 8/31:
1997 15.57 1.25 .45 (1.01) (.22)
1996 15.64 1.25 (.03) (1.02) (.23)
1995 15.32 1.27 .36 (1.05) (.26)
1994 16.59 1.27 (1.26) (1.07) (.21)
1993 15.58 1.31 1.05 (1.16) (.19)
Ten months ended
8/31/92 14.95 1.11 .58 (.87) (.19)
Year ended 10/31:
1991 13.76 1.35 1.19 (1.02) (.33)
5/17/90 to
10/31/90 14.05 .44 (.12) (.26) (.11)
<CAPTION>
CALIFORNIA INVESTMENT QUALITY
<S> <C> <C> <C> <C> <C>
Six months ended
2/28/98 15.70 .60 .26 (.50) (.11)
Year ended 8/31:
1997 15.37 1.22 .32 (.99) (.22)
1996 15.37 1.24 -- (1.02) (.22)
1995 15.20 1.25 .22 (1.04) (.26)
1994 16.44 1.26 (1.19) (1.12) (.17)
1993 15.47 1.30 .99 (1.15) (.17)
Ten months ended
8/31/92 14.70 1.10 .72 (.85) (.20)
11/20/90 to
10/31/91 14.05 1.02 .77 (.76) (.19)
===============================================================================================================
<PAGE>
<CAPTION>
DISTRIBUTIONS FROM CAPITAL GAINS
--------------------------------
PER TOTAL
ORGANIZATION COMMON INVEST-
AND OFFERING SHARE MENT
COSTS AND MARKET RETURN
TO TO PREFERRED SHARE NET ASSET VALUE ON
COMMON PREFERRED UNDERWRITING VALUE END END OF MARKET
SHAREHOLDERS SHAREHOLDERS+ DISCOUNTS OF PERIOD PERIOD VALUE**
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
CALIFORNIA OPPORTUNITY
Six months ended
2/28/98 $(.01) $-- $-- $16.42 $17.2500 6.49%
Year ended 8/31:
1997 -- -- -- 16.04 16.6875 11.83
1996 (.03)+++ (.01)+++ -- 15.57 15.8750 13.10
1995 -- -- -- 15.64 15.0000 4.72
1994 -- -- -- 15.32 15.3750 (8.20)
1993 -- -- -- 16.59 17.8750 19.00
Ten months ended
8/31/92 -- -- -- 15.58 16.1250 9.10
Year ended 10/31:
1991 -- -- -- 14.95 15.6250 15.27
5/17/90 to
10/31/90 -- -- (.24) 13.76 14.5000 (1.65)
<CAPTION>
CALIFORNIA INVESTMENT QUALITY
<S> <C> <C> <C> <C> <C> <C>
Six months ended
2/28/98 -- -- -- 15.95 17.0000 6.12
Year ended 8/31:
1997 -- -- -- 15.70 16.5000 12.32
1996 -- -- -- 15.37 15.6250 11.08
1995 -- -- -- 15.37 15.0000 3.77
1994 (.02) -- -- 15.20 15.5000 (2.10)
1993 -- -- -- 16.44 17.0000 14.00
Ten months ended
8/31/92 -- -- -- 15.47 16.0000 8.13
11/20/90 to
10/31/91 -- -- (.19) 14.70 15.6250 9.49
=================================================================================================================================
<PAGE>
<CAPTION>
RATIOS/SUPPLEMENTAL DATA
-----------------------------------------------------------------
RATIO OF
NET
TOTAL NET ASSETS RATIO OF INVESTMENT
RETURN ON END OF EXPENSES INCOME PORTFOLIO
NET ASSET PERIOD (IN TO AVERAGE TO AVERAGE TURNOVER
VALUE** THOUSANDS) NET ASSETS++ NET ASSETS++ RATE
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
CALIFORNIA OPPORTUNITY
Six months ended
2/28/98 5.65% $185,681 .82%* 5.36%* 11%
Year ended 8/31:
1997 9.79 182,279 .82 5.46 4
1996 6.31 177,862 .82 5.47 8
1995 9.43 178,072 .83 5.73 36
1994 (1.27) 175,325 .87 5.51 24
1993 14.54 184,305 .82 5.69 8
Ten months ended
8/31/92 10.32 175,292 .79* 5.95* 2
Year ended 10/31:
1991 16.62 169,554 .80 6.25 --
5/17/90 to
10/31/90 (.23) 159,754 .83* 5.63* 14
<CAPTION>
CALIFORNIA INVESTMENT QUALITY
<S> <C> <C> <C> <C> <C>
Six months ended
2/28/98 4.83 301,322 .80* 5.31* 9
Year ended 8/31:
1997 8.82 297,280 .80 5.44 12
1996 6.72 291,423 .81 5.51 10
1995 8.38 290,426 .81 5.72 14
1994 (.64) 287,504 .82 5.53 18
1993 14.29 301,948 .78 5.69 13
Ten months ended
8/31/92 11.40 287,619 .76* 5.96* --
11/20/90 to
10/31/91 10.33 276,571 .78* 5.85* 18
==============================================================================================================
See notes on page 58.
</TABLE>
<PAGE>
<TABLE>
FINANCIAL HIGHLIGHTS (UNAUDITED) - CONTINUED
Selected data for a Common share outstanding
throughout each period is as follows:
<CAPTION>
DIVIDENDS FROM TAX-EXEMPT
OPERATING PERFORMANCE NET INVESTMENT INCOME
------------------------- -------------------------------
NET
REALIZED &
NET ASSET NET UNREALIZED
VALUE INVEST- GAIN (LOSS) TO TO
BEGINNING MENT FROM INVEST- COMMON PREFERRED
OF PERIOD INCOME MENTS SHAREHOLDERS SHAREHOLDERS+
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
CALIFORNIA SELECT QUALITY
Six months ended
2/28/98 $15.65 $ .59 $ .28 $ (.49) $(.10)
Year ended 8/31:
1997 15.19 1.19 .52 (.98) (.20)
1996 15.23 1.19 .09 (.98) (.21)
1995 14.96 1.21 .35 (.99) (.25)
1994 16.44 1.21 (1.43) (1.05) (.18)
1993 14.93 1.24 1.57 (1.06) (.19)
Ten months ended
8/31/92 14.41 1.04 .49 (.82) (.19)
5/22/91 to
10/31/91 14.05 .34 .45 (.24) (.03)
<CAPTION>
CALIFORNIA QUALITY INCOME
<S> <C> <C> <C> <C> <C>
Six months ended
2/28/98 15.86 .60 .30 (.49) (.11)
Year ended 8/31:
1997 15.24 1.20 .62 (.98) (.22)
1996 15.05 1.20 .21 (.96) (.23)
1995 14.68 1.21 .39 (.96) (.27)
1994 15.92 1.20 (1.20) (1.00) (.21)
1993 14.50 1.20 1.43 (1.00) (.18)
11/20/91 to
8/31/92 14.05 .66 .55 (.53) (.06)
===================================================================================================================
<PAGE>
<CAPTION>
DISTRIBUTIONS FROM CAPITAL GAINS
--------------------------------
PER TOTAL
ORGANIZATION COMMON INVEST-
AND OFFERING SHARE MENT
COSTS AND MARKET RETURN
TO TO PREFERRED SHARE NET ASSET VALUE ON
COMMON PREFERRED UNDERWRITING VALUE END END OF MARKET
SHAREHOLDERS SHAREHOLDERS+ DISCOUNTS OF PERIOD PERIOD VALUE**
- -----------------------------------------------------------------------------------------------------------------------
CALIFORNIA SELECT QUALITY
<S> <C> <C> <C> <C> <C> <C>
Six months ended
2/28/98 $(.02) $-- $-- $15.91 $16.8125 5.44%
Year ended 8/31:
1997 (.06) (.01) -- 15.65 16.4375 13.22
1996 (.10) (.03) -- 15.19 15.5000 15.73
1995 (.04) (.01) -- 15.23 14.3750 7.14
1994 (.03) -- -- 14.96 14.4380 (7.60)
1993 (.04) (.01) -- 16.44 16.7500 18.89
Ten months ended
8/31/92 -- -- -- 14.93 15.1250 6.53
5/22/91 to
10/31/91 -- -- (.16) 14.41 15.0000 1.62
<CAPTION>
CALIFORNIA QUALITY INCOME
<S> <C> <C> <C> <C> <C> <C>
Six months ended
2/28/98 -- -- -- 16.16 17.1875 8.90
Year ended 8/31:
1997 -- -- -- 15.86 16.2500 15.19
1996 (.02)+++ (.01)+++ -- 15.24 15.0000 12.32
1995 -- -- -- 15.05 14.2500 9.24
1994 (.02) (.01) -- 14.68 14.0000 (6.27)
1993 (.03) -- -- 15.92 16.0000 18.22
11/20/91 to
8/31/92 -- -- (.17) 14.50 14.5000 .29
======================================================================================================================
<PAGE>
<CAPTION>
RATIOS/SUPPLEMENTAL DATA
------------------------------------------------------------
RATIO OF
NET
TOTAL NET ASSETS RATIO OF INVESTMENT
RETURN ON END OF EXPENSES INCOME PORTFOLIO
NET ASSET PERIOD (IN TO AVERAGE TO AVERAGE TURNOVER
VALUE** THOUSANDS) NET ASSETS++ NET ASSETS++ RATE
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
CALIFORNIA SELECT QUALITY
Six months ended
2/28/98 4.97% $509,479 .78%* 5.28%* 7%
Year ended 8/31:
1997 10.17 502,648 .78 5.36 5
1996 6.95 490,214 .79 5.38 13
1995 9.22 489,967 .80 5.66 12
1994 (2.52) 483,986 .81 5.43 15
1993 18.24 515,938 .84 5.57 9
Ten months ended
8/31/92 9.54 480,490 .79* 5.78* 14
5/22/91 to
10/31/91 4.31 467,392 .75* 5.13* 3
<CAPTION>
CALIFORNIA QUALITY INCOME
<S> <C> <C> <C> <C> <C>
Six months ended
2/28/98 5.03 497,501 .78* 5.23* 3
Year ended 8/31:
1997 10.74 489,961 .79 5.31 8
1996 7.89 475,498 .79 5.37 6
1995 9.57 471,064 .80 5.63 29
1994 (1.41) 463,200 .80 5.35 12
1993 17.56 489,215 .82 5.44 13
11/20/91 to
8/31/92 7.06 457,950 .76* 5.05* 16
============================================================================================================================
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.
+ The amounts shown are based on Common share equivalents.
++ Ratios do not reflect the effect of dividend payments to preferred
shareholders.
+++ 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.
</TABLE>
<PAGE>
Building Better Portfolios with Nuveen
Reducing the impact of taxes and moderating risk are important goals for many
risk- sensitive investors seeking to build better portfolios. For these
investors, a tax-efficient, risk-resistant investment portfolio often forms the
foundation of a carefully crafted financial plan for building and sustaining
wealth. Nuveen is committed to providing investors and their financial advisers
with a range of products and investment tools to help build better portfolios.
EXCHANGE-TRADED FUNDS
Nuveen Exchange-Traded Funds offer investors actively managed portfolios of
investment-grade quality municipal bonds. The fund shares are listed and traded
on the New York and American stock exchanges. Exchange-traded funds provide the
investment convenience, price visibility and liquidity of common stocks.
MUNIPREFERRED(R)
Nuveen MuniPreferred offers investors a AAA-rated investment with an attractive
tax-free yield for the cash reserves portion of an investment
portfolio. MuniPreferred shares are backed 2-to-1 by the long-term portfolios of
Nuveen dual-class exchange-traded funds and are available for national as well
as a wide variety of state-specific portfolios.
MUTUAL FUNDS
Nuveen Mutual Funds offer investors access to the Nuveen family of premier
advisers, including Nuveen Advisory Corp., Institutional Capital Corp. and
Rittenhouse Financial Services. Our equity, balanced and income funds seek to
provide consistent performance, time-tested strategies to reduce risk and
experienced, professional management.
PRIVATE ASSET MANAGEMENT
Rittenhouse Financial Services and Nuveen Asset Management offer comprehensive,
customized investment management solutions to investors with assets of $250,000
or more. A range of actively managed growth, balanced and municipal
income-oriented portfolios are available, all based upon a disciplined
investment philosophy.
UNIT TRUSTS
Nuveen Unit Trusts are fixed portfolios of quality securities that are a
convenient, attractive alternative to purchasing individual securities. They
provide low-cost diversification to reduce risk, experienced, professional
security selection and surveillance, and daily liquidity at that day's net asset
value for quick access to your assets.
NUVEEN FAMILY OF MUTUAL FUNDS
Nuveen offers a variety of funds designed to help you reach your financial
goals.
GROWTH
Nuveen Rittenhouse
Growth Fund
GROWTH AND INCOME
Growth and Income Stock Fund
Balanced Stock and Bond Fund
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TAX-FREE INCOME
NATIONAL FUNDS
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STATE FUNDS
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North Carolina
Ohio
Pennsylvania
South Carolina
Tennessee
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<PAGE>
Fund Information
BOARD OF TRUSTEES
Robert P. Bremner
Lawrence H. Brown
Anthony T. Dean
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
The Chase Manhattan Bank
4 New York Plaza
New York, NY 10004-2413
(800) 257-8787
LEGAL COUNSEL
Fried, Frank, Harris,
Shriver & Jacobson
Washington, D.C.
INDEPENDENT AUDITORS
Ernst & Young LLP
Chicago, IL
Each Fund intends to repurchase shares of its own common or preferred stock in
the future at such times and in such amounts as is deemed advisable. No shares
were repurchased during the 12-month period ended February 28, 1998. 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.
Since our founding in 1898, John Nuveen & Co. has been synonymous with
investments that withstand the test of time. Today, we offer a broad range of
investments designed for risk-sensitive individuals seeking to build and sustain
wealth. In fact, more than 1.3 million investors have trusted Nuveen to help
them maintain the lifestyle they currently enjoy.
The cornerstone of Nuveen's investment philosophy is a commitment to disciplined
long-term investment strategies focused on providing consistent, attractive
performance over time - with moderated risk. We emphasize quality securities
carefully chosen through in-depth research, and we follow those securities
closely over time to ensure that they continue to meet our exacting standards.
Whether your focus is long-term growth, dependable current income or sustaining
accumulated wealth, Nuveen offers a wide variety of products and services
to help meet your unique circumstances and financial planning needs. Our equity,
balanced, and income funds, along with our unit trusts and private asset
management, can form the foundation of a tax-efficient and risk-resistant
portfolio.
Talk with your financial adviser to learn more about how Nuveen investment
products and services can help you build and sustain your long-term financial
security. Or call us at (800) 257-8787 for more information, including a
prospectus where applicable. Please read that information carefully before you
invest.
GRAPHIC:
1898-1998
NUVEEN
OUR SECOND CENTURY helping investors sustain the wealth of a lifetime.(tm)
John Nuveen & Co. Incorporated
333 West Wacker Drive
Chicago, IL 60606-1286
www.nuveen.com
FSA-1-2.98
