LOGO: NUVEEN
NUVEEN Investments
ANNUAL REPORT August 31, 2000
Municipal Closed-End Exchange-Traded Funds
Dependable, tax-free income to help
you keep more of what you earn.
CALIFORNIA
NCA
NCP
NCO
NQC
NVC
NUC
NAC
Invest well. Look ahead. LEAVE YOUR MARK. SM
Photo of: Two people walking
Photo of: Two people one holding a star fish
<PAGE>
Credit Quality
HIGHLIGHTS As of August 31, 2000
CONTENTS
1 Dear Shareholder
3 Portfolio Manager's Comments
7 NCA Performance Overview
8 NCP Performance Overview
9 NCO Performance Overview
10 NQC Performance Overview
11 NVC Performance Overview
12 NUC Performance Overview
13 NAC Performance Overview
14 Report of Independent Auditors
15 Portfolio of Investments
39 Statement of Net Assets
41 Statement of Operations
43 Statement of Changes in Net Assets
46 Notes to Financial Statements
52 Financial Highlights
56 Build Your Wealth Automatically
57 Fund Information
Nuveen California Municipal Value Fund, Inc.
(NCA)
Pie Chart:
AAA/U.S. Guaranteed 53%
AA 2%
A 6%
BBB 21%
NR 18%
Nuveen California Performance Plus
Municipal Fund, Inc. (NCP)
AAA/U.S. Guaranteed 64%
AA 10%
A 3%
BBB 13%
NR 8%
Other 2%
Nuveen California Municipal Market
Opportunity Fund, Inc. (NCO)
AAA/U.S. Guaranteed 67%
AA 4%
A 6%
BBB 7%
NR 13%
Other 3%
Nuveen California Investment Quality
Municipal Fund, Inc. (NQC)
AAA/U.S. Guaranteed 72%
AA 5%
A 6%
BBB 14%
NR 3%
Nuveen California Select Quality
Municipal Fund, Inc. (NVC)
AAA/U.S. Guaranteed 70%
AA 9%
A 14%
BBB 6%
NR 1%
Nuveen California Quality Income
Municipal Fund, Inc. (NUC)
AAA/U.S. Guaranteed 67%
AA 16%
A 12%
BBB 2%
NR 3%
Nuveen California Dividend Advantage
Municipal Fund (NAC)
AAA/U.S. Guaranteed 52%
AA 8%
A 19%
BBB 13%
NR 8%
--------------------------------------------------------------------------------
COMPOUND YOUR WEALTH - AUTOMATICALLY
All Nuveen Municipal Closed-End Exchange-Traded Funds let you reinvest dividends
and capital gains directly into additional shares of your Fund. This is a great
way to see your investment grow through the power of tax-free compounding.
For more information about Dividend Reinvestment, see the last page of this
report or speak with your financial advisor.
--------------------------------------------------------------------------------
<PAGE>
Photo of: Timothy R. Schwertfeger
Chairman of the Board
Sidebar text: "BUILDING AND SUSTAINING WEALTH REQUIRES SOUND, ONGOING ADVICE."
Dear
SHAREHOLDER
The primary objective of your Nuveen California Municipal Exchange-Traded Fund
is to provide dependable, attractive tax-free dividends. I am very happy to
report that your Fund continued to achieve this goal during the period covered
by this report. For more specifics on this performance, I encourage you to read
the Portfolio Manager's Comments and Performance Overview pages that follow this
letter.
We believe that your Nuveen Municipal Closed-End Exchange-Traded Fund, as an
income-oriented investment, is well positioned to be a core element of your
long-term investment program. With the help of your financial advisor, all of us
at Nuveen Investments are dedicated to providing the services, products,
perspectives, and solutions that you need to help you meet your personal and
family financial goals.
New Ways to Think About Wealth
Over the past few years, much attention has been directed toward the ways
investors are accumulating wealth. At Nuveen, we believe it is equally important
for investors to focus on preserving that wealth, on the responsibilities that
accompany wealth, and on the legacies we will leave for future generations.
This long-term perspective is key to understanding our portfolio management
strategies, our insistence on quality, and our determination to provide
investments that can withstand the test of time. It is a philosophy that we
think is well encapsulated in our brand theme: Invest Well. Look Ahead. Leave
Your Mark.
Invest Well
Building and sustaining the wealth that can result in lasting legacies requires
a well-developed plan, sound ongoing advice, and the discipline to remain
focused on long-term results. With today's abundance of investment products and
offers, it also increasingly requires an experienced and trusted advisor who can
guide you through the opportunities and the pitfalls. With so much potentially
at stake, Nuveen Investments is dedicated to delivering quality products like
your Nuveen Fund through the financial advisors who assist you in making wise
investment choices and help you manage your most important financial assets.
<PAGE>
Look Ahead
We urge all our investors to look ahead, not only toward their own goals and
futures, but those of future generations as well. We now stand on the threshold
of a new century, anticipating a time of change, discovery, and potential that
may one day make the year 2000 seem as archaic as the year 1900. While we cannot
know all that the future will bring, we do know that a well-diversified,
carefully monitored investment program that combines elements of growth, income,
and capital preservation forms a solid foundation that can help us meet whatever
opportunities and challenges the new century has to offer.
Leave Your Mark
With the enormous wealth creation of the past decade and the considerable
intergenerational transfer of wealth that is expected to occur over the next 20
years, investors today have a significant opportunity to shape the financial
future for themselves and their families. These opportunities may include
establishing trusts, endowments, or legacies that can directly affect our
families and communities for generations to come. We at Nuveen Investments are
committed to facilitating and raising the level of dialogue between investors
and their financial advisors in ways that help meet goals that extend far beyond
the boundaries of a single life span.
Since 1898, the name Nuveen has been synonymous with quality investments,
careful research and prudent management. Today, more than ever, the investments
and services we offer through financial advisors are designed to be well suited
to those who recognize and embrace the need for building and managing wealth. We
encourage you to speak with your financial advisor about how you can enhance
your investment program in ways that can help you Invest Well, Look Ahead, and
Leave Your Mark.
/S/ Timothy R. Schwertfeger
Timothy R. Schwertfeger
Chairman of the Board
October 16, 2000
<PAGE>
Sidebar text: "WE BELIEVE YOUR NUVEEN MUNICIPAL CLOSED-END EXCHANGE-TRADED FUND
IS WELL POSITIONED TO BE A CORE ELEMENT OF YOUR LONG-TERM INVESTMENT PROGRAM."
Nuveen California Exchange-Traded Funds (NCA, NCP, NCO, NQC, NVC, NUC, NAC)
Portfolio Manager's
COMMENTS
Portfolio manager Bill Fitzgerald, who was recently named managing director of
Nuveen's portfolio management team, looks at the economy, its impact on the
California municipal market and recent Fund performance, and the outlook for the
Nuveen California Municipal Closed-End Exchange-Traded Funds. Bill, who has more
than 12 years of investment experience at Nuveen, began managing NCP and NCO in
1991, NQC in 1992, NUC in 1993, NCA and NVC in 1998, and NAC at its inception in
1999.
WHAT FACTORS AFFECTED THE ECONOMY OVER THE PAST 12 MONTHS?
To gain some perspective on what's been happening in California, let's first
take a look at the national economy. The U.S. is now into its tenth year of
uninterrupted economic expansion, the longest continuous such expansion in the
nation's history. To pre-empt any threat of inflation, the Federal Reserve
initiated a series of rate hikes in 1999 that continued through May 2000,
raising the fed funds rate from 4.75% to 6.50%, the highest level in almost a
decade. After each increase, the Fed signaled its willingness to continue
tightening as long as it perceived the risk of inflationary pressures.
In recent months, however, several economic indicators have begun to suggest
that the Fed's tightening strategy may be having the desired effect of slowing
the economy. Although the Fed has indicated it is too soon to conclude that the
risk of inflation is over, these positive trends could mean that the current
tightening cycle may be on hold until late 2000 and may even have neared its
end.
In California, the state economy continued to turn in solid performance overall,
although consolidation within the internet and e-commerce industries led to some
signs of moderate slowing. In addition, higher energy and labor costs began to
cut into profits in some areas, as competitive pressures kept producers from
passing increased costs to consumers. These factors, in turn, contributed to
slower employment growth in recent months. As of August 2000, the unemployment
rate in California was 5.1%, above the national average of 4.1%. On the positive
side, California ranked first among the states in terms of venture capital
investments. During the second quarter of 2000, California companies received an
infusion of $8.23 billion in venture capital, which represented 42% of all U.S.
venture capital during that period, more than the rest of the top 10 states
combined.
Increased tax revenues, generated by economic prosperity and significant gains
in California residents' personal income, have created a substantial budget
surplus at the state level, and California is currently considering reducing the
amount of debt it issues. In other municipal-related news, California voters
recently rejected the much-debated Proposition 26, which would have lowered the
voter approval threshold on school bonding referendums from a two-thirds
majority to a simple majority. The proposition would have also given California
school districts the power to establish charter schools.
HOW HAVE THESE EVENTS IMPACTED THE MUNICIPAL MARKET?
Over the past year, the Fed's tightening agenda dominated events in the
fixed-income markets, including the municipal market. The Fed's series of
interest rate hikes pushed municipal yields higher, with a corresponding drop in
municipal bond prices. In addition, the U.S. Treasury announced that it would
buy back up to $30 billion of government debt in 2000 and reduce additional new
issuance of certain maturities. While the possibility of decreased supply in the
Treasury market helped support the prices of these securities, municipal bonds
were unaffected by this repurchase policy and felt the full effects of market
forces.
More recently, the combination of encouraging economic reports, the Fed's
stand-pat approach to additional rate increases, tight municipal supply, and
generally favorable technicals prompted a shift in market outlook, rallying the
municipal market and boosting the prices of many individual bonds. Over the 12
months ended August 2000, long-term municipal yields nationally fell almost
<PAGE>
20 basis points, while 30-year Treasury yields dropped approximately 40 basis
points. This resulted in long-term municipal yields that were approximately 101%
of 30-year Treasury yields, compared with the historical average of 86% for the
period 1986-1999.
During the first eight months of 2000, new municipal issuance nationwide totaled
$124 billion, down approximately 18% from 1999 levels. If national issuance
continues at this rate during the remainder of 2000, the supply of municipal
bonds could finish the year at its lowest level since 1995. The decline in
California's issuance for this period exceeded that of the broad municipal
market, with a total of $14.4 billion of new California bonds, down 27% from
1999. The drop in both state and national supply continued the trend begun last
year, as rising interest rates deterred municipalities from issuing new bonds or
refinancing old debt. In addition, increased revenues have enabled California to
build reserve levels and finance projects using pay-as-you-go funding, rather
than issuing additional debt.
The decline in supply helped to offset some of the negative impact that higher
interest rates and equity market activity had on the demand for municipal bonds
and, ultimately, on bond prices. Over the past six months, demand from
individual investors looking for diversification and income has improved, with
insured bonds and high-quality general obligation, essential services revenue,
and noncallable bonds in greatest demand. This provided support for a municipal
market experiencing a decline in demand from institutional investors,
particularly mutual and money market funds. In July 2000, long-term tax-exempt
open-end bond funds experienced positive cash inflows for the first time since
June 1999. In California, however, demand for in-state paper has remained
exceptionally strong, due to the strong state economy, individual wealth, and
high level of state taxes.
Overall, the economic prosperity of the past decade benefited the balance sheets
of many municipalities as well as the state itself. In September, shortly after
the close of the reporting period for these Funds, Moody's and Standard & Poor's
upgraded the credit quality rating for California's general obligation debt to
Aa2 and AA from Aa3 and AA-, respectively. Moody's cited California's strong,
diverse economy, which continued to outpace national averages in terms of
personal income and employment growth, while S&P based its upgrade on
substantial improvements in the state's general fund balances and overall
financial position. These two upgrades followed Fitch's February upgrade of the
state's general obligation debt to AA from AA-.
HOW DID THE NUVEEN CALIFORNIA FUNDS PERFORM OVER THE PAST YEAR?
For the fiscal year ended August 31, 2000, the Nuveen California Exchange-Traded
Funds produced total returns on net asset value (NAV) as shown in the
accompanying table. During this period, the Lehman Brothers California
Tax-Exempt Bond Index1 posted a total return of 7.82%, and the Lipper California
Municipal Debt Funds category2 had an average annualized return of 7.88%.
Comparisons with the Lipper return should be viewed in the context of the fact
that Nuveen manages 8 (or 42%) of the 19 funds that make up this group. Because
the Nuveen California Funds are managed toward similar objectives, they tend to
move as a group in terms of performance, and comparisons between their
performance and that of the Lipper peer group may be less meaningful.
Total Lehman Lipper
Return California California
Market Yield on NAV Total Return(1) Average(2)
---------------------------------------------------------
1 Year 1 Year 1 Year
Taxable- Ended Ended Ended
8/31/00 Equivalent 38/31/00 8/31/00 8/31/00
---------------------------------------------------------
NCA 5.54% 8.86% 6.80% 7.82% 7.88%
---------------------------------------------------------
NCP 5.91% 9.46% 7.68% 7.82% 7.88%
---------------------------------------------------------
NCO 5.89% 9.42% 6.33% 7.82% 7.88%
---------------------------------------------------------
NQC 5.88% 9.41% 6.69% 7.82% 7.88%
---------------------------------------------------------
NVC 5.88% 9.41% 7.47% 7.82% 7.88%
---------------------------------------------------------
NUC 5.82% 9.31% 7.64% 7.82% 7.88%
---------------------------------------------------------
NAC 5.85% 9.36% 10.80% 7.82% 7.88%
---------------------------------------------------------
Past performance is not predictive of future results.
For additional information, see the individual Performance Overview for your
Fund in this report.
In recent months, as inflation fears continued to diminish and the Fed appeared
to be considering an end to its current tightening cycle, the municipal market
began to show signs of recovery. This recovery is reflected in the positive
total returns on NAV listed above, which show dramatic improvement over the
performance results in the Funds' semiannual report. At the same time, the
recovery of several of the Funds was hampered to some degree by their heavy
weighting of BBB/non-rated securities. During the past year, these lower
<PAGE>
quality bonds generally provided higher yields, especially as credit spreads
widened, but - in most cases - these bonds did not appreciate as quickly as
higher quality credits when the bond market rallied.
HOW WERE THE FUNDS' DIVIDENDS AFFECTED BY THE MARKET ENVIRONMENT?
During the past year, good call protection helped to support the dividend of NCA
and shield the income of this unleveraged Fund from erosion. In addition, over
the past 12 months, NCA increased its allocation to BBB/non-rated bonds,
especially in the healthcare, utilities, and education sectors, from 26% to 39%
as of August 31, 2000. While this increased allocation hampered the Fund's
performance as the market began to recover, it also added higher yields to the
portfolio, enabling us to increase NCA's dividend in March 2000. As of the end
of August 2000, NCA had provided shareholders with 26 consecutive months of
stable or increasing dividends.
The remaining six Nuveen California Funds use leverage as a way to potentially
enhance the dividends paid to common shareholders. The extent of this benefit,
however, is tied to some degree to the short-term rates the leveraged Funds pay
their MuniPreferred(R) shareholders. As short-term rates rise, the income
available for common shareholder dividends decreases. As noted, the Federal
Reserve raised short-term rates between June 1999 and May 2000, and these
actions had a corresponding impact on short-term municipal rates. Higher
short-term rates, combined with the eroding effect of bond calls in several of
the Funds, led to decreases in the common share dividends of each of the
leveraged Nuveen California Funds over the past nine months. While we cannot
control the direction of interest rates, we continue to actively manage the
Funds in an effort to mitigate the longer-term effects of the bond call process.
Recently, investors' demand for municipal bonds with shorter maturities (1 to 15
years) has caused the slope of the municipal yield curve to be very steep. The
increased demand for short-maturity bonds could have beneficial effects on the
dividend stability of the leveraged California Funds going forward by keeping
short-term rates down and reducing the amount the Funds must pay their
MuniPreferred shareholders.
WHAT ABOUT THE FUNDS' SHARE PRICE PERFORMANCE?
Over the past fiscal year, uncertainties about inflation and interest rates,
coupled with investors' focus on equity market performance, tended to dampen
interest in most fixed-income products. The lack of demand put pressure on the
prices of many municipal bond investments, including the Nuveen California
Funds. Even in recent months, as the bond market began to show signs of
recovery, investor recognition of the change in environment continued to lag the
improvement in the asset value of the bonds themselves.
As shown in the charts on the individual Performance Overview pages, while the
share prices of all seven Funds improved substantially as the market began to
recover, the net effect over the fiscal year period was generally declining
share prices. As a result, all of the leveraged Funds except NAC saw their
premiums (share price above NAV) narrow, while NAC moved from a premium to a
slight discount (share price below NAV). The unleveraged NCA continued to trade
at a discount. With the market prices of NCA and NAC lower than the actual value
of the bonds in their portfolios, shareholders may want to consider taking
advantage of this opportunity to add to their holdings of these Funds.
WHAT KEY STRATEGIES WERE USED TO MANAGE THE NUVEEN CALIFORNIA EXCHANGE-TRADED
FUNDS DURING THE FISCAL YEAR ENDED AUGUST 31, 2000?
The past fiscal year represented a challenging period for all fixed-income
investments. However, we were able to take advantage of market conditions during
this period to strengthen the Funds' long-term dividend-paying capabilities,
extend call protection, and enhance the Funds' ability to participate in a
market recovery by strategically positioning their durations.4
As part of our efforts to enhance portfolio yields and improve future dividend
and total return prospects, we continued to invest in BBB/non-rated securities,
especially in the transportation, healthcare, and education sectors. With
significant holdings of BBB- bonds issued by the Foothill/Eastern Transportation
Corridor Agency, transportation represented one of the top five sectors in every
Fund except NUC. As of August 31, 2000, five of the Funds - NCA, NCP, NCO, NQC,
and NAC - had allocations of BBB/non-rated bonds that ranged from 17% to 39%,
while NVC and NUC each carried an allocation of less than 8% to this credit
<PAGE>
sector. The widening credit spreads of the past 18 months provided excellent
opportunities to add bonds that could increase the Funds' income streams. If
credit spreads narrow in the future, as we expect them to do, these bonds could
also add to the Funds' total returns by improving their potential for capital
appreciation. Overall, the Nuveen California Funds continued to offer excellent
credit quality, with between 55% and 83% of their assets invested in bonds rated
AAA/U.S. guaranteed and AA as of August 31, 2000.
Over the past fiscal year, we also made a concerted effort to extend the Funds'
call protection by selling bonds scheduled to be called within the next three to
seven years and replacing them with bonds with 10-year calls. In this way, we
were able to reduce the Funds' call exposure, while taking advantage of strong
demand and good prices in the secondary market, where paper has been in short
supply.
A third strategy involved lengthening the durations of those Funds with shorter
durations to enhance their ability to participate fully in a market recovery.
Duration is a measure of a fund's NAV volatility in reaction to interest rate
movements. As of August 31, 2000, NCA, which is unleveraged, had an average
duration of 8.99, while the durations of the older leveraged Nuveen California
Funds ranged from 10.02 to 13.66, compared with the unleveraged Lehman
California index's 7.96. In addition to helping the Funds' NAV recovery, we
believe that maintaining the longer durations of these Funds relative to their
index should help to strengthen the stability of their common share dividends
over the long term. The exception to this strategy was the 15-month-old NAC,
which has the longer duration typical of a newly established exchange-traded
fund. Over the past year, we worked to lower the interest rate risk in NAC's
portfolio by reducing its duration to 18.65 from 20.59.
WHAT IS YOUR OUTLOOK FOR THE NUVEEN CALIFORNIA FUNDS?
While both NCP and NCO faced a number of calls over the past 12 months as they
passed their 10-year anniversaries, they once again offer good protection from
calls, with less than 11% of their portfolios callable in 2001 and 2002. Between
November 2000 and November 2001, NQC, NVC, and NUC will also reach the 10-year
point of the bond market cycle, a period when the potential for bond calls
normally increases. Over the next two years, calls could affect as much as
30-45% of these Funds' portfolios. We plan to manage through this period using
strategies such as selling bonds with short calls (i.e., bonds that we
anticipate will be called within the next four to six months) as we find
appropriate investments to replace the sold bonds. In this way, we can capture
the premium prices of the short-call bonds and still remain fully invested,
rather than allow the bonds to be called and the proceeds sit in cash. We will
also continue to closely monitor the market for opportunities to add bonds that
extend call protection so the Funds can participate fully in any bond market
recovery.
In addition to improving call protection, we plan to focus on the same
strategies that we have emphasized over the past year, including strengthening
dividend- payment capabilities and managing the Funds' durations. The portfolio
turnover in several of the Funds due to bond calls should also provide us with
opportunities to enhance their structure. If credit spreads narrow, as we
anticipate they might, we may decide to reallocate assets from BBB/non-rated
securities to higher quality AAA and AA bonds. From a technical perspective, any
decline in interest rates will result in investors' looking for opportunities to
increase yield, which in turn will increase demand for BBB/non-rated bonds. In
the transportation sector, we expect our main holding, the Foothill/Eastern
bonds, to show significant operating performance this year, which should improve
its trading value. We believe the Nuveen California Funds continue to be well
positioned to provide attractive income and a measure of portfolio
diversification that can be a valuable benefit to investors now and in the years
ahead.
1 The performance of the Nuveen California Funds is compared with that of the
Lehman Brothers California Tax-Exempt Bond Index, an unleveraged index
comprising a broad range of investment-grade California municipal bonds.
Results for the Lehman index do not reflect any expenses.
2 The Funds' total returns are compared with the average annualized return of
the 19 funds in the Lipper California Municipal Debt Funds category. Fund and
Lipper returns assume reinvestment of dividends.
3 The taxable-equivalent yield represents the yield that must be earned on a
taxable investment in order to equal the yield of the Nuveen Fund on an
after-tax basis. The taxable-equivalent yield is based on the fund's market
yield on the indicated date and a combined federal and state income tax rate
of 37.5%.
4 Fund duration, also known as leverage-adjusted duration, takes into account
the leveraging process for the Fund and therefore is generally longer than the
duration of the actual portfolio of individual bonds that make up the Fund.
With the exception of NCA, which is unleveraged, references to duration in
this commentary are intended to indicate Fund duration unless otherwise noted.
<PAGE>
NCA
Nuveen California Municipal Value Fund, Inc.
Performance
OVERVIEW As of August 31, 2000
PORTFOLIO STATISTICS
-----------------------------------------------------
Inception Date 10/87
-----------------------------------------------------
Share Price $9 5/16
-----------------------------------------------------
Net Asset Value $9.85
-----------------------------------------------------
Market Yield 5.54%
-----------------------------------------------------
Taxable-Equivalent Yield
(Federal Income Tax Rate)1 8.03%
-----------------------------------------------------
Taxable-Equivalent Yield
(Federal and State Income Tax Rate)1 8.86%
-----------------------------------------------------
Fund Net Assets ($000) $248,375
-----------------------------------------------------
Average Effective Maturity (Years) 18.88
-----------------------------------------------------
Average Duration 8.99
-----------------------------------------------------
ANNUALIZED TOTAL RETURN
-----------------------------------------------------
On Share Price On NAV
-----------------------------------------------------
1-Year 6.80% 6.80%
-----------------------------------------------------
5-Year 5.62% 5.40%
-----------------------------------------------------
10-Year 5.62% 6.31%
-----------------------------------------------------
TOP FIVE SECTORS (AS A % OF TOTAL INVESTMENTS)
-----------------------------------------------------
Tax Obligation/Limited 29%
-----------------------------------------------------
U.S.Guaranteed 20%
-----------------------------------------------------
Transportation 11%
-----------------------------------------------------
Housing/Multifamily 8%
-----------------------------------------------------
Healthcare 7%
-----------------------------------------------------
BAR CHART:
NCA
1999-2000 Monthly Tax-Free Dividends Per Share2
Sep 0.0415
Oct 0.0415
Nov 0.0415
Dec 0.0415
Jan 0.0415
Feb 0.0415
Mar 0.043
Apr 0.043
May 0.043
Jun 0.043
Jul 0.043
Aug 0.043
LINE CHART:
Share Price Performance
9/3/99 9.19
9/10/99 9.31
9/17/99 8.75
9/24/99 8.69
10/1/99 8.88
10/8/99 8.75
10/15/99 8.5
10/22/99 8.44
10/29/99 8.38
11/5/99 8.56
11/12/99 8.31
11/19/99 8.38
11/26/99 8.19
12/10/99 8.19
12/17/99 7.69
12/23/99 7.81
12/31/99 7.88
1/7/00 8
1/14/00 7.81
1/21/00 7.75
1/28/00 7.75
2/4/00 8.25
2/11/00 8.38
2/18/00 8.25
2/25/00 8.06
3/3/00 8.38
3/10/00 8.31
3/17/00 8.56
3/24/00 8.56
3/31/00 8.88
4/7/00 8.63
4/14/00 8.75
4/20/00 8.5
4/28/00 8.56
5/5/00 8.38
5/12/00 8.25
5/19/00 8.38
5/26/00 8.44
6/2/00 8.75
6/9/00 9.13
6/16/00 8.69
6/23/00 8.88
6/30/00 8.94
7/7/00 9.13
7/14/00 9
7/21/00 8.88
7/28/00 9
8/4/00 9.25
8/11/00 9.38
8/18/00 9.25
8/25/00 9.31
8/31/00 9.31
Weekly Closing Price
Past performance is not predictive of future results.
1 Taxable-equivalent yield represents the yield on a taxable investment
necessary to equal the yield of the Nuveen Fund on an after-tax basis. It is
calculated using the current market yield and a federal income tax rate of
31%. The rate shown for federal and state highlights the added value of owning
shares that are also exempt from state income taxes. It is based on a combined
federal and state income tax rate of 37.5%.
2 The Fund also paid shareholders capital gains distributions in December 1999
of $0.0016 per share.
<PAGE>
NCP
Nuveen California Performance Plus Municipal Fund, Inc.
Performance
OVERVIEW As of August 31, 2000
PORTFOLIO STATISTICS
------------------------------------------------------
Inception Date 11/89
------------------------------------------------------
Share Price $15 5/8
------------------------------------------------------
Net Asset Value $14.96
------------------------------------------------------
Market Yield 5.91%
------------------------------------------------------
Taxable-Equivalent Yield
(Federal Income Tax Rate)1 8.57%
------------------------------------------------------
Taxable-Equivalent Yield
(Federal and State Income Tax Rate)1 9.46%
------------------------------------------------------
Fund Net Assets ($000) $297,957
------------------------------------------------------
Average Effective Maturity (Years) 19.13
------------------------------------------------------
Leverage-Adjusted Duration 13.66
------------------------------------------------------
ANNUALIZED TOTAL RETURN
------------------------------------------------------
On Share Price On NAV
------------------------------------------------------
1-Year -1.56% 7.68%
------------------------------------------------------
5-Year 7.70% 6.19%
------------------------------------------------------
10-Year 7.77% 8.00%
------------------------------------------------------
Top Five Sectors (as a % of total investments)
------------------------------------------------------
Transportation 25%
------------------------------------------------------
Tax Obligation/Limited 17%
------------------------------------------------------
Utilities 15%
------------------------------------------------------
U.S.Guaranteed 13%
------------------------------------------------------
Water and Sewer 12%
------------------------------------------------------
NCP
BAR CHART:
1999-2000 Monthly Tax-Free Dividends Per Share
Sep 0.083
Oct 0.083
Nov 0.083
Dec 0.08
Jan 0.08
Feb 0.08
Mar 0.08
Apr 0.08
May 0.08
Jun 0.077
Jul 0.077
Aug 0.077
LINE CHART:
Share Price Performance
9/3/99 17
16.94
16.88
16.5
16.63
16.38
16.25
16
15.63
15.63
15.19
15.25
14.88
14.25
13.63
13.31
13.19
13.5
13.19
13.19
13.94
14.56
14.44
14.75
14.81
14.88
14.81
14.63
14.63
14.5
14.5
14.44
14.19
14.56
14.56
14.63
14.44
14.38
14.75
14.25
14.38
14.56
14.81
14.94
15.38
15.13
15.13
15.5
15.44
15.44
8/31/00 15.69
Weekly Closing Price
Past performance is not predictive of future results.
1 Taxable-equivalent yield represents the yield on a taxable investment
necessary to equal the yield of the Nuveen Fund on an after-tax basis. It is
calculated using the current market yield and a federal income tax rate of
31%. The rate shown for federal and state highlights the added value of owning
shares that are also exempt from state income taxes. It is based on a combined
federal and state income tax rate of 37.5%.
<PAGE>
NCO
Nuveen California Municipal Market Opportunity Fund, Inc.
Performance
OVERVIEW As of August 31, 2000
PORTFOLIO STATISTICS
---------------------------------------------------------
Inception Date 5/90
---------------------------------------------------------
Share Price $16
---------------------------------------------------------
Net Asset Value $14.97
---------------------------------------------------------
Market Yield 5.89%
---------------------------------------------------------
Taxable-Equivalent Yield
(Federal Income Tax Rate)1 8.54%
---------------------------------------------------------
Taxable-Equivalent Yield
(Federal and State Income Tax Rate)1 9.42%
---------------------------------------------------------
Fund Net Assets ($000) $188,794
---------------------------------------------------------
Average Effective Maturity (Years) 21.24
---------------------------------------------------------
Leverage-Adjusted Duration 13.52
---------------------------------------------------------
ANNUALIZED TOTAL RETURN
---------------------------------------------------------
On Share Price On NAV
---------------------------------------------------------
1-Year 1.14% 6.33%
---------------------------------------------------------
5-Year 7.90% 5.88%
---------------------------------------------------------
10-Year 7.73% 8.01%
---------------------------------------------------------
TOP FIVE SECTORS (AS A % OF TOTAL INVESTMENTS)
---------------------------------------------------------
Tax Obligation/Limited 28%
---------------------------------------------------------
Utilities 15%
---------------------------------------------------------
Transportation 13%
---------------------------------------------------------
Water and Sewer 12%
---------------------------------------------------------
U.S.Guaranteed 10%
---------------------------------------------------------
NCO
1999-2000 Monthly Tax-Free Dividends Per Share
BAR CHART:
Sep 0.0845
Oct 0.0845
Nov 0.0845
Dec 0.0815
Jan 0.0815
Feb 0.0815
Mar 0.0815
Apr 0.0815
May 0.0815
Jun 0.0785
Jul 0.0785
Aug 0.0785
LINE CHART:
Share Price Performance
9/3/99 17.13
17.13
16.75
16.63
16.69
16.69
16.25
16
16.19
16.19
15.75
15.69
15.44
14.5
14
13.44
13.56
13.63
13.56
13.63
14.5
14.75
14.63
14.75
14.94
15.19
15.06
15
14.88
14.75
14.75
14.56
14.56
14.75
14.75
14.75
14.69
14.56
14.94
14.94
15
15.06
15.06
15.25
15.69
15.5
15.56
15.94
16.06
16.19
8/31/00 16.13
Weekly Closing Price
Past performance is not predictive of future results.
1 Taxable-equivalent yield represents the yield on a taxable investment
necessary to equal the yield of the Nuveen Fund on an after-tax basis. It is
calculated using the current market yield and a federal income tax rate of
31%. The rate shown for federal and state highlights the added value of owning
shares that are also exempt from state income taxes. It is based on a combined
federal and state income tax rate of 37.5%.
<PAGE>
NQC
Nuveen California Investment Quality Municipal Fund, Inc.
Performance
OVERVIEW As of August 31, 2000
PORTFOLIO STATISTICS
-----------------------------------------------------
Inception Date 11/90
-----------------------------------------------------
Share Price $15 5/8
-----------------------------------------------------
Net Asset Value $14.83
-----------------------------------------------------
Market Yield 5.88%
-----------------------------------------------------
Taxable-Equivalent Yield
(Federal Income Tax Rate)1 8.52%
-----------------------------------------------------
Taxable-Equivalent Yield
(Federal and State Income Tax Rate)1 9.41%
-----------------------------------------------------
Fund Net Assets ($000) $311,258
-----------------------------------------------------
Average Effective Maturity (Years) 16.50
-----------------------------------------------------
Leverage-Adjusted Duration 10.50
-----------------------------------------------------
ANNUALIZED TOTAL RETURN
-----------------------------------------------------
On Share Price On NAV
-----------------------------------------------------
1-Year 2.91% 6.69%
-----------------------------------------------------
5-Year 7.18% 5.80%
-----------------------------------------------------
Since Inception 7.00% 7.36%
-----------------------------------------------------
TOP FIVE SECTORS (AS A % OF TOTAL INVESTMENTS)
-----------------------------------------------------
U.S.Guaranteed 30%
-----------------------------------------------------
Transportation 24%
-----------------------------------------------------
Tax Obligation/Limited 13%
-----------------------------------------------------
Healthcare 9%
-----------------------------------------------------
Tax Obligation/General 6%
-----------------------------------------------------
NQC
1999-2000 Monthly Tax-Free Dividends Per Share
BAR CHART:
Sep 0.0795
Oct 0.0795
Nov 0.0795
Dec 0.0765
Jan 0.0765
Feb 0.0765
Mar 0.0765
Apr 0.0765
May 0.0765
Jun 0.0765
Jul 0.0765
Aug 0.0765
LINE CHART:
Share Price Performance
9/3/99 16.13
16.19
15.81
15.38
15.5
15.38
14.88
14.69
14.94
15
14.69
14.38
14.38
13.31
13.19
12.75
12.81
12.94
13.19
13.13
13.25
13.94
14.19
14.25
14.56
14.69
14.56
14.44
14.13
14.31
14.25
14.06
14
14.06
14.25
14
14
14.06
14.25
14.5
14.5
14.5
14.69
15.06
15.06
14.94
14.94
15.31
15.5
15.5
8/31/00 15.5
Weekly Closing Price
Past performance is not predictive of future results.
1 Taxable-equivalent yield represents the yield on a taxable investment
necessary to equal the yield of the Nuveen Fund on an after-tax basis. It is
calculated using the current market yield and a federal income tax rate of
31%. The rate shown for federal and state highlights the added value of owning
shares that are also exempt from state income taxes. It is based on a combined
federal and state income tax rate of 37.5%.
<PAGE>
NVC
Nuveen California Select Quality Municipal Fund, Inc.
Performance
OVERVIEW As of August 31, 2000
PORTFOLIO STATISTICS
----------------------------------------------------
Inception Date 5/91
----------------------------------------------------
Share Price $15 1/2
----------------------------------------------------
Net Asset Value $14.90
----------------------------------------------------
Market Yield 5.88%
----------------------------------------------------
Taxable-Equivalent Yield
(Federal Income Tax Rate)1 8.52%
----------------------------------------------------
Taxable-Equivalent Yield
(Federal and State Income Tax Rate)1 9.41%
----------------------------------------------------
Fund Net Assets ($000) $532,791
----------------------------------------------------
Average Effective Maturity (Years) 16.93
----------------------------------------------------
Leverage-Adjusted Duration 10.02
----------------------------------------------------
ANNUALIZED TOTAL RETURN
----------------------------------------------------
On Share Price On NAV
----------------------------------------------------
1-Year 2.96% 7.47%
----------------------------------------------------
5-Year 8.30% 6.39%
----------------------------------------------------
Since Inception 7.13% 7.51%
----------------------------------------------------
TOP FIVE SECTORS (AS A % OF TOTAL INVESTMENTS)
----------------------------------------------------
U.S.Guaranteed 32%
-----------------------------------------------------
Tax Obligation/Limited 17%
-----------------------------------------------------
Healthcare 11%
-----------------------------------------------------
Transportation 10%
-----------------------------------------------------
Tax Obligation/General 7%
-----------------------------------------------------
NVC
1999-2000 Monthly Tax-Free Dividends Per Share
Sep 0.079
Oct 0.079
Nov 0.079
Dec 0.079
Jan 0.079
Feb 0.079
Mar 0.079
Apr 0.079
May 0.079
Jun 0.076
Jul 0.076
Aug 0.076
Share Price Performance
9/3/99 16.19
16.38
16.06
15.94
16
15.56
15
14.75
14.81
14.81
14.75
14.69
14.19
13.75
12.88
12.75
13.13
13.5
12.94
12.94
13.81
14.5
14.5
14.13
14.19
14
13.69
13.94
14.13
14.38
14.5
14.31
14.25
14.13
14.25
14.19
14.13
14.38
14.63
14.88
14.5
14.44
14.5
14.69
14.63
14.94
15
15.13
15.25
15.5
8/31/00 15.63
Weekly Closing Price
Past performance is not predictive of future results.
1 Taxable-equivalent yield represents the yield on a taxable investment
necessary to equal the yield of the Nuveen Fund on an after-tax basis. It is
calculated using the current market yield and a federal income tax rate of
31%. The rate shown for federal and state highlights the added value of owning
shares that are also exempt from state income taxes. It is based on a combined
federal and state income tax rate of 37.5%.
<PAGE>
NUC
Nuveen California Quality Income Municipal Fund, Inc.
Performance
OVERVIEW As of August 31, 2000
PORTFOLIO STATISTICS
----------------------------------------------------
Inception Date 11/91
----------------------------------------------------
Share Price $16 3/16
----------------------------------------------------
Net Asset Value $15.41
----------------------------------------------------
Market Yield 5.82%
----------------------------------------------------
Taxable-Equivalent Yield
(Federal Income Tax Rate)1 8.43%
----------------------------------------------------
Taxable-Equivalent Yield
(Federal and State Income Tax Rate)1 9.31%
----------------------------------------------------
Fund Net Assets ($000) $520,148
----------------------------------------------------
Average Effective Maturity (Years) 15.96
----------------------------------------------------
Leverage-Adjusted Duration 10.13
----------------------------------------------------
ANNUALIZED TOTAL RETURN
----------------------------------------------------
On Share Price On NAV
----------------------------------------------------
1-Year 3.83% 7.64%
----------------------------------------------------
5-Year 9.06% 6.96%
----------------------------------------------------
Since Inception 7.37% 7.59%
----------------------------------------------------
TOP FIVE SECTORS (AS A % OF TOTAL INVESTMENTS)
----------------------------------------------------
U.S.Guaranteed 38%
----------------------------------------------------
Tax Obligation/Limited 16%
----------------------------------------------------
Healthcare 10%
----------------------------------------------------
Tax Obligation/General 10%
----------------------------------------------------
Water and Sewer 7%
----------------------------------------------------
NUC
1999-2000 Monthly Tax-Free Dividends Per Share
Sep 0.0815
Oct 0.0815
Nov 0.0815
Dec 0.0815
Jan 0.0815
Feb 0.0815
Mar 0.0815
Apr 0.0815
May 0.0815
Jun 0.0785
Jul 0.0785
Aug 0.0785
Share Price Performance
9/3/99 16.81
16.88
16.38
16.25
16.19
16.06
15.44
15.19
15.31
15.44
15
15.13
14.94
14.19
14
13.56
13.31
14.25
13.5
13.5
14
15.19
15.25
15.13
14.94
14.75
14.69
14.38
14.75
14.94
14.94
14.75
14.94
14.88
14.94
14.63
14.5
14.88
15.25
15
15.13
15.44
15.38
15.5
15.44
15.63
15.88
15.81
15.88
16
8/31/00 16.06
Weekly Closing Price
Past performance is not predictive of future results.
1 Taxable-equivalent yield represents the yield on a taxable investment
necessary to equal the yield of the Nuveen Fund on an after-tax basis. It is
calculated using the current market yield and a federal income tax rate of
31%. The rate shown for federal and state highlights the added value of owning
shares that are also exempt from state income taxes. It is based on a combined
federal and state income tax rate of 37.5%.
<PAGE>
NAC
Nuveen California Dividend Advantage Municipal Fund
Performance
OVERVIEW As of August 31, 2000
PORTFOLIO STATISTICS
-----------------------------------------------------
Inception Date 5/99
-----------------------------------------------------
Share Price $13 3/4
-----------------------------------------------------
Net Asset Value $13.82
-----------------------------------------------------
Market Yield 5.85%
-----------------------------------------------------
Taxable-Equivalent Yield
(Federal Income Tax Rate)1 8.48%
-----------------------------------------------------
Taxable-Equivalent Yield
(Federal and State Income Tax Rate)1 9.36%
-----------------------------------------------------
Fund Net Assets ($000) $498,326
-----------------------------------------------------
Average Effective Maturity (Years) 25.87
-----------------------------------------------------
Leverage-Adjusted Duration 18.65
-----------------------------------------------------
ANNUALIZED TOTAL RETURN
-----------------------------------------------------
On Share Price On NAV
-----------------------------------------------------
1-Year -2.18% 10.80%
-----------------------------------------------------
Since Inception -0.98% 3.27%
-----------------------------------------------------
TOP FIVE SECTORS (AS A % OF TOTAL INVESTMENTS)
-----------------------------------------------------
Tax Obligation/Limited 22%
-----------------------------------------------------
Transportation 17%
-----------------------------------------------------
Water and Sewer 13%
-----------------------------------------------------
Healthcare 11%
-----------------------------------------------------
Tax Obligation/General 11%
-----------------------------------------------------
NAC Bar Chart:
1999-2000 Monthly Tax-Free Dividends Per Share.
Sep 0.072
Oct 0.072
Nov 0.072
Dec 0.072
Jan 0.072
Feb 0.072
Mar 0.07
Apr 0.07
May 0.07
Jun 0.067
Jul 0.067
Aug 0.067
Share Price Performance
9/3/99 14.94
14.69
14.75
14.63
14.56
14.44
13.63
13.38
13.81
13.44
12.88
13.38
12.94
12.88
12.31
11.88
11.81
12.5
12.19
12.13
12.44
12.94
12.56
12.63
12.63
12.63
12.63
12.56
13.25
13.5
13.13
12.69
12.38
12.81
12.56
12.5
12.75
12.69
12.31
12.75
12.69
12.94
13.13
13.56
13.31
13.5
13.31
13.38
13.44
13.75
13.63
8/31/00 13.75
Weekly Closing Price
Past performance is not predictive of future results.
1 Taxable-equivalent yield represents the yield on a taxable investment
necessary to equal the yield of the Nuveen Fund on an after-tax basis. It is
calculated using the current market yield and a federal income tax rate of
31%. The rate shown for federal and state highlights the added value of owning
shares that are also exempt from state income taxes. It is based on a combined
federal and state income tax rate of 37.5%.
<PAGE>
Report of
INDEPENDENT AUDITORS
THE BOARD OF DIRECTORS/TRUSTEES AND SHAREHOLDERS
NUVEEN CALIFORNIA MUNICIPAL VALUE FUND, INC.
NUVEEN CALIFORNIA PERFORMANCE PLUS MUNICIPAL FUND, INC.
NUVEEN CALIFORNIA MUNICIPAL MARKET OPPORTUNITY FUND, INC.
NUVEEN CALIFORNIA INVESTMENT QUALITY MUNICIPAL FUND, INC.
NUVEEN CALIFORNIA SELECT QUALITY MUNICIPAL FUND, INC.
NUVEEN CALIFORNIA QUALITY INCOME MUNICIPAL FUND, INC.
NUVEEN CALIFORNIA DIVIDEND ADVANTAGE MUNICIPAL FUND
We have audited the accompanying statements of net assets, including the
portfolios of investments, of Nuveen California Municipal Value Fund, Inc.,
Nuveen California Performance Plus Municipal Fund, Inc., Nuveen California
Municipal Market Opportunity Fund, Inc., Nuveen California Investment Quality
Municipal Fund, Inc., Nuveen California Select Quality Municipal Fund, Inc.,
Nuveen California Quality Income Municipal Fund, Inc., and Nuveen California
Dividend Advantage Municipal Fund as of August 31, 2000, and the related
statements of operations, changes in net assets and the financial highlights for
the periods indicated therein. These financial statements and financial
highlights are the responsibility of the Funds' management. Our responsibility
is to express an opinion on these financial statements and financial highlights
based on our audits.
We conducted our audits in accordance with auditing standards generally accepted
in the United States. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements. Our procedures included confirmation of investments
owned as of August 31, 2000, by correspondence with the custodian. An audit also
includes assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial positions of
Nuveen California Municipal Value Fund, Inc., Nuveen California Performance Plus
Municipal Fund, Inc., Nuveen California Municipal Market Opportunity Fund, Inc.,
Nuveen California Investment Quality Municipal Fund, Inc., Nuveen California
Select Quality Municipal Fund, Inc., Nuveen California Quality Income Municipal
Fund, Inc., and Nuveen California Dividend Advantage Municipal Fund at August
31, 2000, and the results of their operations, changes in their net assets and
financial highlights for the periods indicated therein in conformity with
accounting principles generally accepted in the United States.
/s/ Ernst & Young LLP
Chicago, Illinois
October 18, 2000
<PAGE>
<TABLE>
Nuveen California Municipal Value Fund, Inc. (NCA)
Portfolio of
INVESTMENTS August 31, 2000
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Education and Civic Organizations - 2.7%
$ 1,735 ABAG Finance Authority for Nonprofit Corporations (California), 7/01 at 102 Aa2 $1,804,868
1991 Certificates of Participation (United Way of
Santa Clara County Project), 7.200%, 7/01/11
3,115 California Educational Facilities Authority, Revenue Bonds 6/10 at 101 Baa3 3,287,633
(Pooled College and University Projects),
2000 Series C, 6.750%, 6/01/30
1,500 California Statewide Community Development Authority, 12/06 at 105 N/R 1,555,365
Certificates of Participation, San Diego Space and
Science Foundation, Series 1996, 7.500%, 12/01/26
------------------------------------------------------------------------------------------------------------------------------------
Healthcare - 6.8%
1,000 City of Arcadia, California, Hospital Revenue Bonds (Methodist 11/02 at 102 A 1,048,690
Hospital of Southern California), Series 1992, 6.500%, 11/15/12
12,000 California Health Facilities Financing Authority, Revenue Bonds 12/09 at 101 A2 12,236,520
(Cedars-Sinai Medical Center), Series 1999A, 6.125%, 12/01/30
2,310 City of Pasadena, Insured Health Facilities Revenue Bonds 12/00 at 100 AA- 2,311,294
(Pacific Clinics), Series 1988A, 8.200%, 6/01/18
1,440 City of Stockton, California, Health Facility Revenue Bonds, 12/07 at 102 BBB+ 1,398,686
Dameron Hospital Association, 1997 Series A, 5.300%, 12/01/08
------------------------------------------------------------------------------------------------------------------------------------
Housing/Multifamily - 7.9%
9,100 ABAG Finance Authority for Nonprofit Corporations, Multifamily No Opt. Call BBB 9,383,556
Housing Revenue Refunding Bonds (United Dominion/2000
Post Apartments), 2000 Series B, 6.400%, 8/15/30
(Alternative Minimum Tax) (Mandatory put 8/15/08)
3,850 California Statewide Communities Development Authority, 7/09 at 102 N/R 3,500,536
Multifamily Housing Revenue Bonds (Harbor City Lights Project),
Series 1999Y, 6.650%, 7/01/39 (Alternative Minimum Tax)
5,000 California Statewide Communities Development Authority, No Opt. Call BBB+ 5,072,550
Multifamily Housing Refunding Bonds (Archstone Pelican
Point Apartments), Issue 1999H Archstone Communities Trust,
5.300%, 6/01/29 (Mandatory put 6/01/08)
505 County of Riverside (California), Mobile Home Park Revenue Bonds 10/00 at 100 N/R 471,726
(Bravo Mobile Home Park Project), Series 1999B, 6.500%, 3/20/29
1,440 San Dimas Housing Authority, Mobile Home Park Revenue Bonds 7/08 at 102 N/R 1,282,392
(Charter Oak Mobile Home Estates Acquisition Project),
Series 1998A, 5.700%, 7/01/28
------------------------------------------------------------------------------------------------------------------------------------
Housing/Single Family - 2.8%
2,200 California Housing Finance Agency, Home Mortgage Revenue Bonds, 2/06 at 102 AAA 2,296,690
1995 Series M, 6.050%, 8/01/15 (Alternative Minimum Tax)
460 California Rural Home Mortgage Finance Authority, Single Family No Opt. Call Aaa 489,803
Mortgage Revenue Bonds (Mortgage-Backed Securities Program),
1993 Issue A Series 2, 7.950%, 12/01/24 (Alternative Minimum Tax)
2,600 California Rural Home Mortgage Finance Authority, Single Family No Opt. Call AAA 2,972,502
Mortgage Revenue Bonds (Mortgage-Backed Securities Program),
1997 Series D, 6.700%, 5/01/29 (Alternative Minimum Tax)
1,150 Southern California Home Financing Authority, Single Family No Opt. Call AAA 1,186,789
Mortgage Revenue Bonds (GNMA Mortgage-Backed Securities Program),
1988 Issue A, 8.125%, 2/01/21 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
Long-Term Care - 4.1%
2,720 American Baptist Homes of the West Facilities Project, 10/07 at 102 BBB- 2,362,102
Revenue Refunding Certificates of Participation,
Series 1997A, 5.750%, 10/01/17
6,445 California Statewide Communities Development Authority, 4/09 at 101 BBB 5,948,799
Certificates of Participation, The Internext Group,
5.375%, 4/01/17
2,000 Riverside County (California), Public Financing Authority, 5/09 at 101 BBB- 1,886,180
Certificates of Participation, Air Force Village West, Inc.,
5.750%, 5/15/19
<PAGE>
Nuveen California Municipal Value Fund, Inc. (NCA) (continued)
Portfolio of INVESTMENTS August 31, 2000
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Tax Obligation/General - 6.2%
State of California, Various Purpose General Obligation Bonds:
$ 7,500 5.750%, 3/01/27 3/10 at 101 AAA $ 7,756,875
2,750 5.000%, 8/01/29 8/09 at 101 AAA 2,584,065
Los Angeles Unified School District, California, General
Obligation Bonds, Election of 1997, Series D 2000:
1,200 5.000%, 7/01/06 No Opt. Call AA- 1,255,152
1,200 5.625%, 7/01/14 7/10 at 100 AAA 1,286,028
2,325 Temecula Valley Unified School District, County of Riverside, 9/06 at 102 AAA 2,466,546
California, 1990 General Obligation Bonds, Series F,
6.000%, 9/01/20
------------------------------------------------------------------------------------------------------------------------------------
Tax Obligation/Limited - 29.0%
4,500 Bonita Canyon Public Facilities Financing Authority (California), 9/00 at 103 N/R 4,084,155
Community Facilities District No. 98-1 Special Tax Bonds,
Series 1998, 5.375%, 9/01/28
9,000 State Public Works Board of California, Lease Revenue Bonds 1/06 at 100 AAA 8,960,310
(Department of Corrections), 1996 Series A (California Substance
Abuse Treatment Facility and State Prison at Corcoran (Corcoran II)),
5.250%, 1/01/21
4,000 State Public Works Board of California, Lease Revenue Bonds 11/09 at 101 AAA 4,148,200
(California Department of Health Services), 1999 Series A
(Richmond Laboratory Project), 5.750%, 11/01/24
6,000 Community Facilities District No. 98-2 of the Capistrano Unified 9/09 at 102 N/R 5,619,540
School District (Ladera), California, Series 1999 Special Tax Bonds,
5.750%, 9/01/29
3,995 Chino Unified School District, Certificates of Participation 9/05 at 102 AAA 4,212,847
(1995 Master Lease Program), 6.000%, 9/01/20
2,800 Community Development Commission of the City of Commerce, 8/07 at 102 N/R 2,784,992
Redevelopment Project No. 1, Subordinate Lien Tax Allocation
Refunding Bonds, Series 1997B, 6.000%, 8/01/21
2,000 Redevelopment Agency of the City of Duarte, Amended Davis Addition 9/07 at 102 N/R 2,121,520
Project Area, 1997 Tax Allocation Refunding Bonds, 6.700%, 9/01/14
900 Inglewood Public Finance Authority, 1992 Revenue Bonds, Series B 5/02 at 102 BBB 947,385
(In-Town, Manchester-Prairie and North Inglewood Industrial
Park Redevelopment Project Loans), 7.000%, 5/01/22
2,000 Los Angeles Convention and Exhibition Center Authority (California), 8/03 at 102 AAA 1,959,700
Lease Revenue Bonds, 1993 Refunding Series A, 5.125%, 8/15/21
4,735 City of Milpitas, Limited Obligation Improvement Bonds, 9/00 at 103 N/R 4,777,994
Local Improvement District No. 20, 1998 Series A
(Santa Clara County, California), 5.650%, 9/02/13
3,300 Orange County Development Agency, Santa Ana Heights Project Area, 9/03 at 102 BBB 3,333,891
1993 Tax Allocation Revenue Bonds (California), 6.125%, 9/01/23
8,000 Palmdale Elementary School District (Los Angeles County, California) 8/09 at 101 AAA 8,270,720
Community Facilities District No. 90-1, Special Tax Bonds,
Series 1999, 5.800%, 8/01/29
750 Sacramento Area Flood Control Agency (California), North Area 10/05 at 102 AAA 746,895
Local Project, Capital Assessment District No. 2 Bonds,
Series 1995, 5.375%, 10/01/25
8,000 Redevelopment Agency of the City of San Jose, Merged Area 2/04 at 102 AAA 7,759,200
Redevelopment Project, Tax Allocation Bonds,
Series 1993, 5.000%, 8/01/20
1,700 Shafter Joint Powers Financing Authority, Lease Revenue Bonds, 1/07 at 101 A2 1,819,578
1997 Series A (Community Correctional Facility
Acquisition Project), 5.950%, 1/01/11
1,000 City of Stockton, Mello-Roos Revenue Bonds, Series 1997A, 8/05 at 102 N/R 1,044,090
Community Facilities District No. 90-2 (Brookside Estates),
5.850%, 8/01/09
3,470 Upland Community Redevelopment Agency, California, Upland 10/01 at 101 N/R 3,503,173
Redevelopment Project (A Merged Project), Subordinated Tax
Allocation Notes (Low and Moderate Income Housing Fund Projects),
Issue of 1999, 6.100%, 10/01/04
3,000 Virgin Islands Public Finance Authority, Revenue Bonds 10/10 at 101 BBB- 3,113,820
(Virgin Islands Gross Receipts Tax Loan Note),
Series 1999A, 6.500%, 10/01/24
2,570 Vista Joint Powers Financing Authority, Special Tax Lease 9/05 at 102 N/R 2,575,834
Revenue Refunding Bonds, 1997 Series A (California), 5.875%, 9/01/20
<PAGE>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Transportation - 10.8%
$ 20,000 Foothill/Eastern Transportation Corridor Agency, California, 1/14 at 101 BBB- $ 11,407,600
Toll Road Refunding Revenue Bonds, Series 1999, 0.000%, 1/15/27
1,250 City of Fresno, California, Airport Revenue Bonds, 7/10 at 101 AAA 1,256,488
Series 2000A, 5.500%, 7/01/30
3,000 Port Of Oakland, California, Revenue Bonds, 1997 Series G, 5.375%, 11/07 at 102 AAA 2,950,980
11/01/25 (Alternative Minimum Tax)
5,000 Airports Commission, City and County of San Francisco, California, 5/06 at 102 AAA 5,067,900
San Francisco International Airport, Second Series Revenue Bonds,
Issue 10A, 5.625%, 5/01/21 (Alternative Minimum Tax)
5,925 Airports Commission, City and County of San Francisco, California, 5/05 at 101 AAA 6,216,510
San Francisco International Airport, Second Series Revenue Bonds,
Issue 11 (Noise Insulation Program), 6.200%, 5/01/19 (Alternative
Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
U.S. Guaranteed - 19.8%
1,500 California Health Facilities Financing Authority, Revenue Bonds 7/01 at 102 AA-*** 1,566,255
(St. Joseph Health System), Series 1991A, 7.000%,
7/01/10 (Pre-refunded to 7/01/01)
2,700 California Statewide Communities Development Authority, 4/03 at 102 N/R*** 2,868,588
Pacific Homes, Series A, Certificates of Participation,
6.000%, 4/01/17 (Pre-refunded to 4/01/03)
1,725 Trustees of the California State University to the California State 12/00 at 101 7/8 AAA 1,770,868
University Institute, Trust Certificates, 7.200%, 6/01/10
(Pre-refunded to 12/01/00)
2,065 County of Contra Costa, California, 1988 Home Mortgage No Opt. Call AAA 2,698,583
Revenue Bonds (GNMA Mortgage-Backed Securities Program),
8.250%, 6/01/21 (Alternative Minimum Tax)
885 Inglewood Public Finance Authority, 1992 Revenue Bonds, Series C 5/02 at 102 A-*** 936,091
(In-Town, Manchester and North Inglewood Industrial Park
Redevelopment Projects - Housing Set-Aside Loans), 7.000%, 5/01/22
(Pre-refunded to 5/01/02)
2,500 The Community Redevelopment Agency of the City of Los Angeles, 1/01 at 100 BBB*** 2,523,625
California, Central Business District Redevelopment Project,
Tax Allocation Refunding Bonds, Series G, 6.750%, 7/01/10
8,515 Los Angeles Convention and Exhibition Center Authority, 12/05 at 100 AAA 10,491,842
California, Certificates of Participation, Series 1985,
9.000%, 12/01/20 (Pre-refunded to 12/01/05)
4,000 Modesto Irrigation District Financing Authority, Domestic Water 9/05 at 102 AAA 4,371,440
Project Revenue Bonds, Series 1995C, 5.750%, 9/01/22
(Pre-refunded to 9/01/05)
8,565 City of Palmdale, California, Single Family Mortgage Revenue Bonds No Opt. Call AAA 3,616,057
(GNMA Mortgage-Backed Securities Program), Series 1988A,
0.000%, 3/01/17
5,690 Sacramento County Sanitation Districts Financing Authority, 1993 12/18 at 100 Aaa 5,329,539
Revenue Bonds, 4.750%, 12/01/23 (Pre-refunded to 12/01/18)
1,265 San Benito Hospital District, Insured Health Facility Revenue Bonds, 12/01 at 102 AA-*** 1,331,805
Series 1991A, 6.750%, 12/01/21 (Pre-refunded to 12/01/01)
20,415 County of San Bernardino, California, Single Family Mortgage No Opt. Call AAA 6,265,159
Revenue Bonds (GNMA Mortgage-Backed Securities), 1988 Series A,
0.000%, 9/01/21 (Alternative Minimum Tax)
5,050 The Regents of the University of California, Refunding Revenue Bonds 9/02 at 102 AAA 5,422,791
(Multiple Purpose Projects), Series A, 6.875%, 9/01/16
(Pre-refunded to 9/01/02)
------------------------------------------------------------------------------------------------------------------------------------
Utilities - 5.9%
3,000 California Statewide Communities Development Authority, Certificates 12/04 at 102 N/R 2,774,910
of Participation Refunding Bonds (Rio Bravo Fresno Project),
1999 Series A, 6.300%, 12/01/18
3,000 Merced Irrigation District (California), 1998 Revenue Certificates of 3/03 at 102 N/R 3,021,780
Participation (1998 Electric System Project), 6.300%, 3/01/19
5,000 Merced Irrigation District, California, 2000 Subordinated Revenue 6/08 at 102 N/R 5,163,700
Certificates of Participation, Electric System Project,
7.450%, 3/01/18
3,500 Puerto Rico Industrial, Tourist, Educational, Medical, and 6/10 at 101 Baa 2 3,656,940
Environmental Control Facilities Financing Authority, Cogeneration
Facility Revenue Bonds, 2000 Series A, 6.625%, 6/01/26 (Alternative
Minimum Tax)
<PAGE>
Nuveen California Municipal Value Fund, Inc. (NCA) (continued)
Portfolio of INVESTMENTS August 31, 2000
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Water and Sewer - 2.9%
$ 2,015 Azusa Public Financing Authority (California), Revenue Bonds, 7/03 at 102 AAA $ 1,916,144
Series 1993A (City of Azusa Water System Acquisition Project),
5.000%, 7/01/23
5,000 Castaic Lake Water Agency (California), Refunding Revenue 8/04 at 102 AAA 5,322,751
Certificates of Participation (Water System Improvement Projects),
Series 1994A, 6.300%, 8/01/20
------------------------------------------------------------------------------------------------------------------------------------
$ 268,830 Total Investments (cost $234,041,161) - 98.9% 245,577,537
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.1% 2,797,327
--------------------------------------------------------------------------------------------------------------------
Net Assets - 100% $ 248,374,864
====================================================================================================================
* Optional Call Provisions (not covered by the report
of independent auditors): Dates (month and year) and
prices of the earliest optional call or redemption.
There may be other call provisions at varying prices
at later dates.
** Ratings (not covered by the report of independent
auditors): Using the higher of Standard & Poor's or
Moody's rating.
*** Securities are backed by an escrow or trust
containing sufficient U.S. Government or U.S.
Government agency securities which
ensures the timely payment of principal and
interest. Securities are normally considered to be
equivalent to AAA rated securities.
N/R Investment is not rated.
See accompanying notes to financial statements.
<PAGE>
Nuveen California Performance Plus Municipal Fund, Inc. (NCP)
Portfolio of
INVESTMENTS August 31, 2000
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Healthcare - 3.1%
$ 2,780 California Health Facilities Financing Authority, 5/03 at 102 AA- $ 2,891,283
Insured Health Facility Revenue Refunding Bonds,
(Valley Memorial Hospital), Series 1993A, 6.000%, 5/01/17
Central Joint Powers Health Financing Authority, Certificates of
Participation, Series 1993 (Community Hospital of Central
California):
2,500 5.250%, 2/01/13 2/03 at 102 Baa1 2,321,625
4,720 5.000%, 2/01/23 2/03 at 100 Baa1 3,889,658
------------------------------------------------------------------------------------------------------------------------------------
Housing/Multifamily - 3.7%
5,000 California Statewide Communities Development Authority, Apartment 7/08 at 101 BBB 4,908,500
Development Revenue Refunding Bonds (Irvine Apartment
Communities, L.P.), Series 1998A, 4.900%, 5/15/25
(Mandatory put 5/15/08)
3,915 The City of Los Angeles, Multifamily Housing Revenue Bonds 3/07 at 102 AAA 3,958,691
(GNMA Collateralized - Ridgecroft Apartments Project),
Series 1997E, 6.250%, 9/20/39 (Alternative Minimum Tax)
2,255 Community Development Commission of the County of Los Angeles, 5/03 at 100 Aaa 2,286,593
Mortgage Revenue Refunding Bonds, Series 1993
(FHA-Insured Mortgage Loans - Los Tomas Apartments),
Section 8 Assisted Project, 6.500%, 7/15/23
------------------------------------------------------------------------------------------------------------------------------------
Housing/Single Family - 1.7%
15,000 California Housing Finance Agency, Home Mortgage Revenue Bonds, 2/10 at 60 3/4 AAA 5,202,450
Series 1999N, 0.000%, 2/01/18 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
Tax Obligation/General - 9.1%
4,000 State of California, Various Purpose General 8/09 at 101 AAA 3,809,560
Obligation Bonds, 5.000%, 8/01/24
2,500 Hawthorne School District (Los Angeles County, California), 11/08 at 102 AAA 2,539,700
General Obligation Bonds, 1997 Election, 1997 Series A,
5.500%, 5/01/22
Los Angeles Unified School District, California, General
Obligation Bonds, Election of 1997, Series D 2000:
1,200 5.000%, 7/01/06 No Opt. Call AA- 1,255,152
1,200 5.625%, 7/01/14 7/10 at 100 AAA 1,286,028
7,465 Commonwealth of Puerto Rico, Bond Payment Obligation Public No Opt. Call AAA 8,970,392
Improvement Bonds, Series 1993, 7.000%, 7/01/10
5,850 Commonwealth of Puerto Rico, Public Improvement Bonds of 2000 7/10 at 100 AAA 6,046,970
(General Obligation Bonds), 5.750%, 7/01/26
3,000 San Jose-Evergreen Community College District, Santa Clara County, 9/10 at 100 AAA 3,060,060
California Election of 1998 General Obligation Bonds,
Series B, 5.600%, 9/01/24
------------------------------------------------------------------------------------------------------------------------------------
Tax Obligation/Limited - 15.8%
2,000 Cudahy Redevelopment Agency, Cudahy Redevelopment Project, 9/03 at 102 BBB 2,068,160
Tax Allocation Refunding Bonds, Series 1994A, 6.700%, 9/01/24
3,000 Fontana Public Financing Authority (San Bernardino County, 9/00 at 102 BBB 3,062,730
California), Tax Allocation Revenue Bonds (North Fontana
Redevelopment Project), 1990 Series A, 7.250%, 9/01/20
2,500 Fruitvale School District, Certificates of Participation 12/00 at 102 Baa 2,556,575
(1990 Improvement Project), 7.875%, 6/01/04
3,500 City of Irvine (California), Mobile Home Park Revenue Bonds 3/08 at 102 N/R 3,118,920
(Meadows Mobile Home Park Project), Series 1998A, 5.700%, 3/01/28
5,000 Los Angeles County Metropolitan Transportation Authority 7/03 at 100 AAA 4,808,750
(California), Proposition A, Sales Tax Revenue Refunding Bonds,
Series 1993-A, 5.000%, 7/01/21
Western Nevada County Solid Waste Management System (California),
Certificates of Participation, 1991 Project:
2,245 7.250%, 6/01/08 6/01 at 102 BB 2,263,544
2,500 7.500%, 6/01/21 6/01 at 102 BB 2,511,725
<PAGE>
Nuveen California Performance Plus Municipal Fund, Inc. (NCP) (continued)
Portfolio of INVESTMENTS August 31, 2000
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Tax Obligation/Limited (continued)
$ 8,800 County of Orange, California, 1996 Recovery Certificates of 7/06 at 102 AAA $ 9,238,856
Participation, Series A, 6.000%, 7/01/26
2,780 Pleasanton Joint Powers Financing Authority, Reassessment 9/03 at 102 Baa1 2,923,281
Revenue Bonds, 1993 Series A, 6.000%, 9/02/05
1,000 Redevelopment Agency of the City of Pomona, Holt Avenue/Indian 6/02 at 102 N/R 998,360
Hill Redevelopment Project, 1997 Tax Allocation Refunding Bonds,
Series S, 5.750%, 6/01/16
6,470 San Leandro Public Financing Authority, California, Certificates of 6/03 at 102 A 6,569,897
Participation (1993 Seismic Retrofit Financing Project),
5.950%, 6/01/23
San Marcos Unified School District (California),
Community Facilities District No. 5 (Rancho Carillo),
Series 1999 Special Tax Bonds:
1,000 5.500%, 9/01/18 9/00 at 103 N/R 941,750
2,250 5.600%, 9/01/29 9/00 at 103 N/R 2,082,083
1,000 City of Stockton, Mello-Roos Revenue Bonds, Series 1998A, 9/06 at 102 N/R 1,012,430
Community Facilities District No. 1 (Weston Ranch),
5.800%, 9/01/14
1,345 Redevelopment Agency of the City of Suisun, Suisun City 10/03 at 102 AAA 1,391,443
Redevelopment Project, 1993 Tax Allocation Refunding Bonds
(County of Solano, California), 5.900%, 10/01/23
1,750 Taft Public Financing Authority, Lease Revenue Bonds, 1997 Series A 1/07 at 101 A2 1,873,095
(Community Correctional Facility Acquisition Project),
5.950%, 1/01/11
------------------------------------------------------------------------------------------------------------------------------------
Transportation - 23.5%
Foothill/Eastern Transportation Corridor Agency, California,
Toll Road Refunding Revenue Bonds, Series 1999:
5,600 0.000%, 1/15/28 1/14 at 101 BBB- 3,178,952
20,000 0.000%, 1/15/29 1/14 at 101 BBB- 11,321,000
6,000 Foothill/Eastern Transportation Corridor Agency, California, Toll 1/10 at 100 AAA 5,614,920
Road Revenue Bonds, Series 1995A, 5.000%, 1/01/35
8,000 Port of Oakland, California, Revenue Bonds, No Opt. Call AAA 8,052,480
1990 Series D, 8.000%, 11/01/00
8,550 Port of Oakland, California, Revenue Bonds, 2000 Series K, 5/10 at 100 AAA 8,743,230
5.750%, 11/01/29 (Alternative Minimum Tax)
5,000 Airports Commission, City and County of San Francisco, California, 5/05 at 101 AAA 5,243,150
San Francisco International Airport, Second Series Revenue Bonds,
Issue 11 (Noise Insulation Program), 6.250%, 5/01/26 (Alternative
Minimum Tax)
9,500 Airport Commission, City and County of San Francisco, California, 5/09 at 101 AAA 8,724,040
San Francisco International Airport, Second Series Revenue Bonds,
Issue 23B Bonds, 5.000%, 5/01/30 (Alternative Minimum Tax)
14,000 Airport Commission, City and County of San Francisco, California, 5/10 at 101 AAA 13,989,640
San Francisco International Airport, Second Series Revenue Bonds,
Issue 25 Bonds, 5.500%, 5/01/24 (Alternative Minimum Tax)
39,415 San Joaquin Hills Transportation Corridor Agency, No Opt. Call AAA 5,306,441
Toll Road Refunding Revenue Bonds, Series 1997A, 0.000%, 1/15/36
------------------------------------------------------------------------------------------------------------------------------------
U.S. Guaranteed - 12.9%
2,000 California Educational Facilities Authority, Revenue Bonds 10/00 at 102 Aaa 2,045,660
(St. Mary's College of California Project), Series 1990, 7.500%,
10/01/20 (Pre-refunded to 10/01/00)
4,800 California Health Facilities Financing Authority, Health Facility 10/00 at 102 N/R*** 4,909,152
Revenue Bonds (Sisters of Providence), Series 1990, 7.500%,
10/01/10 (Pre-refunded to 10/01/00)
5,710 State of California, Various Purpose General Obligation Bonds, 3/05 at 101 AA-*** 6,149,670
5.750%, 3/01/14 (Pre-refunded to 3/01/05)
3,000 California Statewide Communities Development Authority No Opt. Call N/R*** 3,239,550
(Triad Healthcare), Revenue Refunding Series 1992,
Certificates of Participation, 6.250%, 8/01/06
Trustees of the California State University to the
California State University Institute, Trust Certificates:
1,500 7.100%, 6/01/08 (Pre-refunded to 12/01/00) 12/00 at 101 7/8 AAA 1,539,510
1,610 7.150%, 6/01/09 (Pre-refunded to 12/01/00) 12/00 at 101 7/8 AAA 1,652,617
4,000 County of Contra Costa, California, 1988 Home Mortgage Revenue Bonds No Opt. Call AAA 5,227,280
(GNMA Mortgage-Backed Securities Program), 8.250%, 6/01/21
(Alternative Minimum Tax)
3,000 Folsom Public Financing Authority (Sacramento County, California), 10/00 at 102 N/R*** 3,067,620
1990 Local Agency Revenue Bonds, Series A, 7.250%, 10/01/10
(Pre-refunded to 10/01/00)
<PAGE>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
U.S. Guaranteed (continued)
$ 4,630 County of Sacramento (California), Airport System PFC and 7/06 at 102 AAA $ 5,158,931
Subordinated Revenue Bonds, Series 1996D,
6.000%, 7/01/16 (Pre-refunded to 7/01/06)
2,650 San Diego County Water Authority, Water Revenue 5/01 at 102 AA-*** 2,743,598
Certificates of Participation, Series 1991A,
6.375%, 5/01/06 (Pre-refunded to 5/01/01)
2,500 Sierra View Local Hospital District, Insured Health 3/02 at 102 N/R*** 2,632,325
Facility Revenue Bonds, Series 1992, 6.400%, 3/01/22
(Pre-refunded to 3/01/02)
------------------------------------------------------------------------------------------------------------------------------------
Utilities - 14.2%
10,250 California Pollution Control Financing Authority, Solid Waste 7/07 at 102 N/R 9,376,803
Disposal Revenue Bonds (CanFibre of Riverside Project),
Tax-Exempt Series 1997A, 9.000%, 7/01/19 (Alternative Minimum Tax)
5,160 California Statewide Communities Development Authority, 12/04 at 102 N/R 4,772,845
Refunding Certificates of Participation (Rio Bravo Fresno Project),
1999 Series A, 6.300%, 12/01/18
12,600 City of Chula Vista, Industrial Development Revenue Bonds 12/02 at 102 AAA 13,088,880
(San Diego Gas and Electric Company), 1992 Series A, 6.400%,
12/01/27 (Alternative Minimum Tax)
4,545 Department of Water and Power of The City of Los Angeles 10/03 at 102 Aa3 4,151,812
(California), Electric Plant Revenue Bonds, Second
Issue of 1993, 5.000%, 10/15/33
10,450 Orange County Public Financing Authority (California), No Opt. Call Aaa 10,787,117
Waste Management System Refunding Revenue Bonds,
Series 1997, 5.250%, 12/01/13 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
Water and Sewer - 11.7%
Department of Water and Power of the City of Los Angeles,
California, Water Works Refunding Revenue Bonds, Second Issue of
1993:
3,000 4.500%, 5/15/13 5/03 at 102 AA 2,899,680
4,270 4.500%, 5/15/18 5/03 at 102 AA 3,882,711
3,000 Los Angeles County Sanitation Districts Financing Authority, 10/03 at 100 AA 2,852,070
Capital Projects Revenue Bonds, 1993 Series A
(Senior Ad Valorem Obligation Bonds), 5.000%, 10/01/23
8,500 The Metropolitan Water District of Southern California, 7/06 at 100 AAA 7,798,495
Water Revenue Refunding Bonds, 1996 Series B, 4.750%, 7/01/21
5,000 Orange County Water District (California), Series 1993A, 8/03 at 100 AA 4,835,900
Revenue Certificates of Participation, 5.000%, 8/15/18
2,500 Pajaro Valley Water Management Agency (California), 3/09 at 101 AAA 2,572,775
Revenue Certificates of Participation, Series 1999A,
5.750%, 3/01/29
5,985 Sacramento County Sanitation Districts Financing Authority, 12/10 at 101 AA 6,347,571
Revenue Bonds, Series 2000A (Sacramento Regional County
Sanitation District), 5.250%, 12/01/12
4,585 City of Santa Maria, California, Water and Wastewater 8/12 at 101 AAA 3,584,414
Revenue Subordinate Certificates of Participation,
Series 1997A, 0.000%, 8/01/27
------------------------------------------------------------------------------------------------------------------------------------
$ 339,835 Total Investments (cost $273,753,900) - 95.7% 285,339,100
=============-----------------------------------------------------------------------------------------------------------------------
Short-Term Investments - 0.7%
$ 2,000 Orange County (California), Improvement Bond Act of 1915, VMIG-1 2,000,000
============= Irvine Coast Assessment District No. 88-1, Limited Obligation Improvement,
Variable Rate Demand Bonds 3.400%, 9/02/18+
--------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 3.6% 10,617,926
--------------------------------------------------------------------------------------------------------------------
Net Assets - 100% $ 297,957,026
====================================================================================================================
* Optional Call Provisions (not covered by the report
of independent auditors): Dates (month and year) and
prices of the earliest optional call or redemption.
There may be other call provisions at varying prices
at later dates.
** Ratings (not covered by the report of independent
auditors): Using the higher of Standard & Poor's or
Moody's rating.
*** Securities are backed by an escrow or trust
containing sufficient U.S. Government or U.S.
Government agency securities which ensures the
timely payment of principal and interest.
Securities are normally considered to be equivalent
to AAA rated securities.
N/R Investment is not rated.
+ Security has a maturity of more than one year, but
has variable rate and demand features which qualify
it as a short-term security. The rate disclosed is
that currently in effect. This rate changes
periodically based on market conditions or a
specified market index.
See accompanying notes to financial statements.
<PAGE>
Nuveen California Municipal Market Opportunity Fund, Inc. (NCO)
Portfolio of
INVESTMENTS August 31, 2000
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Education and Civic Organizations - 3.3%
$ 6,500 California Educational Facilities Authority, 1/08 at 101 AAA $ 6,248,320
Refunding Revenue Bonds (Stanford University), Series O,
5.125%, 1/01/31
------------------------------------------------------------------------------------------------------------------------------------
Healthcare - 8.0%
2,000 California Health Facilities Financing Authority, 5/03 at 102 AA- 2,080,060
Insured Health Facility Revenue Refunding Bonds,
(Valley Memorial Hospital), Series 1993A, 6.000%, 5/01/17
6,800 Central Joint Powers Health Financing Authority, 2/03 at 100 Baa1 5,603,744
Certificates of Participation, Series 1993 (Community Hospital
of Central California), 5.000%, 2/01/23
City of Loma Linda California, Hospital Revenue Bonds (Loma
Linda University Medical Center Project), Series 1993-A:
4,905 5.750%, 12/01/03 No Opt. Call N/R 4,735,778
3,000 6.500%, 12/01/18 12/03 at 102 N/R 2,717,670
------------------------------------------------------------------------------------------------------------------------------------
Housing/Multifamily - 0.8%
1,550 Housing Authority of the County of San Bernardino No Opt. Call A3 1,483,443
(California), Multifamily Housing Revenue Refunding Bonds
(Equity Residential/Redlands Lawn and Tennis Apartments),
Issue 1999A, 5.200%, 6/15/29 (Mandatory put 6/15/09)
------------------------------------------------------------------------------------------------------------------------------------
Housing/Single Family - 2.3%
31,770 California Housing Finance Agency, Home Mortgage Revenue Bonds, 8/10 at 25 1/16 AAA 4,324,215
Series 2000I, 0.000%, 8/01/31
------------------------------------------------------------------------------------------------------------------------------------
Tax Obligation/General - 6.0%
4,950 State of California, Various Purpose General Obligation Bonds, 3/10 at 101 AAA 5,119,538
5.750%, 3/01/27
5,000 Los Angeles Unified School District, California, 7/10 at 100 AAA 4,999,600
General Obligation Bonds, Election of 1997, Series 2000D,
5.375%, 7/01/25
1,000 Pomona Unified School District, General Obligation 8/11 at 103 AAA 1,127,010
Refunding Bonds, Series 1997-A, 6.150%, 8/01/15
------------------------------------------------------------------------------------------------------------------------------------
Tax Obligation/Limited - 25.2%
2,975 California Statewide Communities Development Authority, 11/03 at 102 N/R 2,876,290
Certificates of Participation (Wildwood Elementary School
Project), 1999 Series A, 6.100%, 11/01/15
5,000 Fontana Public Financing Authority (San Bernardino County, 9/00 at 102 BBB 5,104,550
California), Tax Allocation Revenue Bonds
(North Fontana Redevelopment Project), 1990 Series A,
7.250%, 9/01/20
1,110 Inglewood Redevelopment Agency (Los Angeles County, No Opt. Call BBB 1,120,101
California), Century Redevelopment Project,
1993 Tax Allocation Bonds, Series A, 5.900%, 7/01/03
2,000 County of Mendocino (California), Certificates of Participation, 8/03 at 102 A 2,047,060
Series 1993 (Mendocino County Public Facilities
Financing Corporation), 6.000%, 8/15/23
Western Nevada County Solid Waste Management System, California,
Certificates of Participation, 1991 Project:
2,290 7.250%, 6/01/08 6/01 at 102 BB 2,308,915
2,000 7.500%, 6/01/21 6/01 at 102 BB 2,009,380
1,000 City of Ontario, Community Facilities District No. 5 9/06 at 102 N/R 1,040,930
(Freeway Interchange Project), Special Tax Bonds,
Series 1997, 6.375%, 9/01/17
10,900 Ontario Redevelopment Financing Authority (San Bernardino No Opt. Call AAA 14,021,651
County, California), 1995 Revenue Refunding Bonds (Ontario
Redevelopment Project No.1), 7.400%, 8/01/25
2,255 San Bernardino County, California, Certificates of Participation, 8/05 at 102 AAA 2,280,076
Series 1995 (Medical Center Financing Project), 5.500%, 8/01/22
<PAGE>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Tax Obligation/Limited (continued)
$ 6,905 Redevelopment Agency of the City of San Jose (California), 8/08 at 102 A $ 6,555,745
Merged Area Redevelopment Project, Tax Allocation Bonds,
Series 1998, 5.250%, 8/01/29
1,045 Redevelopment Agency of the City of Suisun, 10/03 at 102 AAA 1,081,084
Suisun City Redevelopment Project, 1993 Tax Allocation
Refunding Bonds (County of Solano, California), 5.900%, 10/01/23
7,000 Community Redevelopment Agency of Union City (California), 10/09 at 101 AAA 7,213,500
Redevelopment Project Tax Allocation Bonds, Series 1999,
5.750%, 10/01/32
------------------------------------------------------------------------------------------------------------------------------------
Transportation - 11.7%
4,000 Harbor Department of the City of Los Angeles, Revenue Bonds, 8/02 at 102 AA 4,206,120
Issue of 1995 Series B, 6.625%, 8/01/19 (Alternative Minimum Tax)
2,250 Port of Oakland, California, Revenue Bonds, 2000 Series K, 5/10 at 100 AAA 2,300,850
5.750%, 11/01/29 (Alternative Minimum Tax)
5,000 County of Sacramento, Airport System Revenue Bonds, 7/06 at 102 AAA 5,164,300
Series 1996, 5.900%, 7/01/24 (Alternative Minimum Tax)
2,320 Airport Commission, City and County of San Francisco, 5/09 at 101 AAA 2,130,502
California, San Francisco International Airport,
Second Series Revenue Bonds, Issue 23B Bonds, 5.000%,
5/01/30 (Alternative Minimum Tax)
Airport Commission, City and County of San Francisco,
California, San Francisco International Airport, Second Series
Revenue Bonds, Issue 25 Bonds:
2,515 5.500%, 5/01/24 (Alternative Minimum Tax) 5/10 at 101 AAA 2,513,139
3,100 5.750%, 5/01/30 (Alternative Minimum Tax) 5/10 at 101 AAA 3,167,146
2,500 Airport Commission, City and County of San Francisco, California, 1/08 at 102 AAA 2,630,350
San Francisco International Airport, 1997 Special Facilities
Lease Revenue Bonds (SFO Fuel Company LLC), Series 2000A,
6.125%, 1/01/27 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
U.S. Guaranteed - 9.5%
1,900 California Health Facilities Financing Authority, 10/00 at 102 AAA 1,943,339
Insured Hospital Revenue Bonds (Children's Hospital
of San Francisco), 1990 Series A, 7.500%, 10/01/20
(Pre-refunded to 10/01/00)
1,500 California Statewide Communities Development Authority No Opt. Call N/R*** 1,619,775
(Triad Healthcare), Revenue Refunding Series 1992,
Certificates of Participation, 6.250%, 8/01/06
1,000 Foothill/Eastern Transportation Corridor Agency, California, 1/07 at 100 AAA 1,101,750
Toll Road Revenue Bonds, Series 1995A, 6.000%,
1/01/34 (Pre-refunded to 1/01/07)
Pomona Public Financing Authority, California,
1990 Lease Purchase Revenue Bonds, Series J:
4,035 7.700%, 10/01/07 (Pre-refunded to 10/01/00) 10/00 at 102 A-*** 4,127,684
2,000 7.875%, 10/01/15 (Pre-refunded to 10/01/00) 10/00 at 102 A-*** 2,046,240
4,000 City of Pomona, California, Single Family Mortgage No Opt. Call AAA 4,921,560
Revenue Refunding Bonds (GNMA and FHLMC
Mortgage-Backed Securities), Series 1990B,
7.500%, 8/01/23
2,000 Sierra View Local Hospital District, Insured Health 3/02 at 102 N/R*** 2,105,860
Facility Revenue Bonds, Series 1992, 6.400%, 3/01/22
(Pre-refunded to 3/01/02)
------------------------------------------------------------------------------------------------------------------------------------
Utilities - 13.5%
1,500 California Pollution Control Financing Authority, Pollution 9/09 at 101 AAA 1,503,690
Control Refunding Revenue Bonds (Southern California Edison
Company), 1999 Series C, 5.450%, 9/01/29
6,750 California Pollution Control Financing Authority, 7/07 at 102 N/R 6,174,968
Solid Waste Disposal Revenue Bonds (CanFibre of Riverside Project),
Tax-Exempt Series 1997A, 9.000%, 7/01/19 (Alternative Minimum Tax)
4,500 California Statewide Communities Development Authority, 12/04 at 102 N/R 4,162,363
Refunding Certificates of Participation (Rio Bravo Fresno Project),
1999 Series A, 6.300%, 12/01/18
8,000 City of Chula Vista, Industrial Development Revenue Bonds 12/02 at 102 AAA 8,310,400
(San Diego Gas and Electric Company), 1992 Series A, 6.400%,
12/01/27 (Alternative Minimum Tax)
5,000 Puerto Rico Electric Power Authority, Power Revenue Bonds, No Opt. Call AAA 5,420,350
Series HH, 5.500%, 7/01/10
<PAGE>
Nuveen California Municipal Market Opportunity Fund, Inc. (NCO) (continued)
Portfolio of INVESTMENTS August 31, 2000
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Water and Sewer - 10.5%
$ 4,000 The City of Los Angeles, California, Wastewater 11/03 at 102 AAA $ 3,706,240
System Revenue Bonds, Series 1993-D, 4.700%, 11/01/19
6,000 The Metropolitan Water District of Southern California, 7/06 at 100 AAA 5,504,820
Water Revenue Refunding Bonds, 1996 Series B, 4.750%, 7/01/21
3,000 The Metropolitan Water District of Southern California, 1/08 at 101 AAA 2,816,550
Water Revenue Bonds, 1997 Authorization,
Series A, 5.000%, 7/01/30
10,000 City of Santa Maria, California, Water and Wastewater 8/12 at 101 AAA 7,817,700
Revenue Subordinate Certificates of Participation,
Series 1997A, 0.000%, 8/01/27
------------------------------------------------------------------------------------------------------------------------------------
$ 198,825 Total Investments (cost $164,330,759) - 90.8% 171,494,356
=============-----------------------------------------------------------------------------------------------------------------------
Short-Term Investments - 3.6%
$ 6,800 Orange County Sanitation District, Certificates of Participation, VMIG-1 6,800,000
============= Variable Rate Demand Bonds, 3.350%, 8/01/17+
--------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 5.6% 10,499,985
--------------------------------------------------------------------------------------------------------------------
Net Assets - 100% $ 188,794,341
====================================================================================================================
* Optional Call Provisions (not covered by the report
of independent auditors): Dates (month and year) and
prices of the earliest optional call or redemption.
There may be other call provisions at varying prices
at later dates.
** Ratings (not covered by the report of independent
auditors): Using the higher of Standard & Poor's or
Moody's rating.
*** Securities are backed by an escrow or trust
containing sufficient U.S. Government or U.S.
Government agency securities which ensures the
timely payment of principal and interest.
Securities are normally considered to be equivalent
to AAA rated securities.
N/R Investment is not rated.
+ Security has a maturity of more than one year, but
has variable rate and demand features which qualify
it as a short-term security. The rate disclosed is
that currently in effect. This rate changes
periodically based on market conditions or a
specified market index.
See accompanying notes to financial statements.
<PAGE>
Nuveen California Investment Quality Municipal Fund, Inc. (NQC)
Portfolio of
INVESTMENTS August 31, 2000
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Capital Goods - 1.8%
$ 5,500 California Pollution Control Financing Authority, 2/01 at 103 BBB $ 5,609,065
Fixed Rate Resource Recovery Revenue Bonds
(Waste Management, Inc.), 1991 Composite Series A,
7.150%, 2/01/11 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
Education and Civic Organizations - 3.1%
640 California Educational Facilities Authority, Revenue Bonds 1/01 at 102 Baa2 657,978
(Chapman College), Series 1991, 7.300%, 1/01/02
3,000 California Educational Facilities Authority, Revenue Bonds 11/10 at 100 Aaa 3,094,110
(University of the Pacific), Series 2000, 5.750%, 11/01/30
6,000 State Public Works Board of California, Lease Revenue Bonds 10/07 at 102 A+ 5,995,860
(Various California State University Projects),
1997 Series C, 5.400%, 10/01/22
------------------------------------------------------------------------------------------------------------------------------------
Healthcare - 8.9%
2,110 California Health Facilities Financing Authority, 10/08 at 101 A 2,132,134
Kaiser Permanente, Revenue Bonds, Series 1998B, 5.250%, 10/01/12
10,000 California Health Facilities Financing Authority, Kaiser Permanente, 12/00 at 102 AAA 10,270,700
Revenue Bonds, Series 1990A, 7.000%, 12/01/10
Central Joint Powers Health Financing Authority, Certificates of
Participation, Series 1993 (Community Hospital of Central
California):
3,250 5.250%, 2/01/13 2/03 at 102 Baa1 3,018,113
7,260 5.500%, 2/01/15 2/03 at 102 Baa1 6,806,758
5,000 City of Loma Linda, California, Hospital Revenue Bonds 12/03 at 102 N/R 4,529,450
(Loma Linda University Medical Center Project),
Series 1993-A, 6.500%, 12/01/18
1,000 City of Stockton, California, Health Facility Revenue Bonds, 12/07 at 102 BBB+ 920,170
Dameron Hospital Association, 1997 Series A, 5.700%, 12/01/14
------------------------------------------------------------------------------------------------------------------------------------
Housing/Multifamily - 3.3%
10,000 California Statewide Communities Development Authority, 7/08 at 101 BBB 9,817,000
Apartment Development Revenue Refunding Bonds
(Irvine Apartment Communities, L.P.), Series 1998A,
4.900%, 5/15/25 (Mandatory put 5/15/08)
410 City of Stanton, Multifamily Housing Revenue Bonds 8/07 at 102 AAA 415,859
(Continental Gardens Apartments), Series 1997, 5.625%,
8/01/29 (Alternative Minimum Tax) (Mandatory put 8/01/09)
------------------------------------------------------------------------------------------------------------------------------------
Housing/Single Family - 2.7%
35,750 California Housing Finance Agency, Home Mortgage 8/09 at 40 15/32 AAA 8,357,635
Revenue Bonds, Series 1999L, 0.000%, 8/01/24
------------------------------------------------------------------------------------------------------------------------------------
Tax Obligation/General - 6.1%
2,000 State of California, General Obligation Various Purpose Bonds, 6/10 at 100 AA- 2,015,580
5.500%, 6/01/25
14,000 State of California, Various Purpose General Obligation Bonds, 3/10 at 101 AAA 14,479,500
5.750%, 3/01/27
2,395 Fontana Unified School District, San Bernardino County, 5/09 at 102 AAA 2,562,985
California, 1997 General Obligation Refunding Bonds,
Series A, 5.800%, 5/01/17
------------------------------------------------------------------------------------------------------------------------------------
Tax Obligation/Limited - 12.5%
7,000 City of Adelanto, California, Certificates of Participation 10/00 at 102 A- 7,153,370
(1990 Adelanto Return to Custody Facility), 7.100%, 4/01/10
1,500 City of Irvine, Mobile Home Park Revenue Bonds 3/08 at 102 N/R 1,336,680
(Meadows Mobile Home Park Project), Series 1998A
(California), 5.700%, 3/01/28
1,685 City of Ontario, Community Facilities District No. 5 9/06 at 102 N/R 1,753,967
(Freeway Interchange Project), Special TaxBonds,
Series 1997, 6.375%, 9/01/17
3,600 Ontario Redevelopment Financing Authority No Opt. Call AAA 4,631,004
(San Bernardino County, California) 1995 Revenue Refunding Bonds
(Ontario Redevelopment Project No.1), 7.400%, 8/01/25
<PAGE>
Nuveen California Investment Quality Municipal Fund, Inc. (NQC) (continued)
Portfolio of INVESTMENTS August 31, 2000
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Tax Obligation/Limited (continued)
$ 10,075 County of Orange, California, 1996 Recovery Certificates of 7/06 at 102 AAA $ 10,577,440
Participation, Series A, 6.000%, 7/01/26
2,000 Redding Joint Powers Financing Authority, Solid Waste and 1/04 at 102 A3 2,034,460
Corporate Yard Lease Revenue Bonds, Series 1993A, 5.500%, 1/01/13
1,200 City of Richmond, Limited Obligation Refunding Improvement 9/00 at 103 N/R 1,239,612
Bonds, Reassessment District No. 855 (Atlas Road West and
Interchange), 6.600%, 9/02/19
9,000 Redevelopment Agency of the City of San Jose, Merged Area 2/04 at 102 AAA 8,157,510
Redevelopment Project, Tax Allocation Bonds, Series 1993,
4.750%, 8/01/24
2,000 Redevelopment Agency of the City of San Leandro, 6/03 at 102 A- 2,056,880
Plaza 1 and Plaza 2 Redevelopment Projects, 1993
Tax Allocation Bonds, Series A, 6.125%, 6/01/23
------------------------------------------------------------------------------------------------------------------------------------
Transportation - 23.4%
18,000 Alameda Corridor Transportation Authority, California, 10/09 at 101 AAA 16,936,380
Tax-Exempt Senior Lien Revenue Bonds,
Series 1999A, 5.000%, 10/01/29
30,000 Foothill/Eastern Transportation Corridor Agency, 1/14 at 101 BBB- 16,981,500
California, Toll Road Refunding Revenue Bonds,
Series 1999, 0.000%, 1/15/29
2,000 Foothill/Eastern Transportation Corridor Agency, 1/10 at 100 AAA 1,871,640
California, Toll Road Revenue Bonds, Series 1995A,
5.000%, 1/01/35
9,000 Port of Oakland, California, Revenue Bonds, 2000 Series K, 5/10 at 100 AAA 9,203,400
5.750%, 11/01/29 (Alternative Minimum Tax)
12,000 Airports Commission, City and County of San Francisco, 5/05 at 101 AAA 12,583,560
California, San Francisco International Airport,
Second Series Revenue Bonds, Issue 11 (Noise Insulation
Program), 6.250%, 5/01/26
(Alternative Minimum Tax)
15,000 Airport Commission, City and County of San Francisco, 5/10 at 101 AAA 15,324,900
California, San Francisco International Airport,
Second Series Revenue Bonds, Issue 25 Bonds, 5.750%,
5/01/30 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
U.S. Guaranteed - 29.5%
5,885 Calaveras County Water District (California), 5/01 at 102 AAA 6,113,750
Certificates of Participation (1991 Ebbetts Pass Water System
Improvements Project), 6.900%, 5/01/16 (Pre-refunded to 5/01/01)
8,075 California Health Facilities Financing Authority, 11/00 at 102 A2*** 8,275,502
Hospital Revenue Refunding Bonds (Cedars-Sinai Medical Center),
Series 1990, 7.000%, 11/01/15 (Pre-refunded to 11/01/00)
12,830 State of California, Various Purpose General Obligation Bonds, 3/05 at 101 AA-*** 13,817,910
5.750%, 3/01/13 (Pre-refunded to 3/01/05)
3,500 State Public Works Board of California, Lease Revenue Bonds 11/04 at 102 Aaa 3,938,900
(Department of Corrections), 1994 Series A
(California State Prison - Monterey County (Soledad II)),
6.875%, 11/01/14 (Pre-refunded to 11/01/04)
1,500 California Statewide Communities Development Authority No Opt. Call N/R*** 1,619,775
(Triad Healthcare), Revenue Refunding Series 1992,
Certificates of Participation, 6.250%, 8/01/06
5,500 Cupertino Public Facilities Corporation, California, 4/01 at 102 N/R*** 5,707,460
Certificates of Participation (Open Space Acquisition Project),
7.125%, 4/01/16 (Pre-refunded to 4/01/01)
8,650 Fontana Public Financing Authority (San Bernardino County, 12/01 at 102 N/R*** 9,206,801
California), Subordinate Lien Tax Allocation Revenue Bonds
(North Fontana Redevelopment Project), 1991 Series A, 7.750%, 12/01/20
(Pre-refunded to 12/01/01)
1,000 Foothill/Eastern Transportation Corridor Agency, California, 1/07 at 100 AAA 1,101,750
Toll Road Revenue Bonds, Series 1995A, 6.000%, 1/01/34
(Pre-refunded to 1/01/07)
2,750 Fresno Unified School District, California, Certificates of 5/01 at 102 BBB+*** 2,861,898
Participation, Series of 1991A for Project Phase VI, 7.200%,
5/01/11 (Pre-refunded to 5/01/01)
2,500 The Community Redevelopment Agency of the City of 1/01 at 100 BBB*** 2,523,625
Los Angeles, California, Central Business District
Redevelopment Project Tax Allocation Refunding Bonds,
Series G, 6.750%, 7/01/10
5,500 Los Angeles County Metropolitan Transportation Authority 7/01 at 102 Aaa 5,732,705
(California), Proposition A Sales Tax Revenue Refunding Bonds,
Series 1993-A, 6.750%, 7/01/20 (Pre-refunded to 7/01/01)
8,000 Mt. Diablo Hospital District, Insured Hospital Revenue Bonds, 12/00 at 102 AAA 8,237,840
1990 Series A, 8.000%, 12/01/11 (Pre-refunded to 12/01/00)
8,000 Redevelopment Agency of the City of Pittsburg, California, 8/01 at 103 AAA 8,462,080
Los Medanos Community Development Project, Tax Allocation Bonds,
Series 1991, 7.150%, 8/01/21 (Pre-refunded to 8/01/01)
<PAGE>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
U.S. Guaranteed (continued)
$ 6,505 Poway Redevelopment Agency, California, 1991 Capital 1/01 at 102 AAA $ 6,702,752
Improvement Project, Certificates of Participation
(Poway Royal Mobile Home Park), 7.200%, 1/01/24
(Pre-refunded to 1/01/01)
3,500 West Contra Costa Hospital District, Insured Health 11/04 at 102 N/R*** 3,864,105
Facility Refunding Revenue Bonds, Series 1994, 6.500%,
11/01/17 (Pre-refunded to 11/01/04)
3,365 West Side Hospital District (Kern County, California), 2/01 at 102 N/R*** 3,477,055
Insured Revenue Bonds, Series 1991A,
7.500%, 2/01/23 (Pre-refunded to 2/01/01)
------------------------------------------------------------------------------------------------------------------------------------
Utilities - 5.3%
7,945 City of Chula Vista, Industrial Development Revenue Bonds 12/02 at 102 AAA 8,253,266
(San Diego Gas and Electric Company), 1992 Series A, 6.400%,
12/01/27 (Alternative Minimum Tax)
7,990 Department of Water and Power of the City of Los Angeles, 1/01 at 102 Aa3 8,234,253
California, Electric Plant Revenue Bonds,
Issue of 1991, 7.100%, 1/15/31
------------------------------------------------------------------------------------------------------------------------------------
Water and Sewer - 1.7%
5,500 Orange County Water District (California), Series 1993A, 8/03 at 100 AA 5,319,490
Revenue Certificates of Participation, 5.000%, 8/15/18
------------------------------------------------------------------------------------------------------------------------------------
$ 340,870 Total Investments (cost $293,689,499) - 98.3% 305,976,117
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.7% 5,281,730
--------------------------------------------------------------------------------------------------------------------
Net Assets - 100% $ 311,257,847
====================================================================================================================
* Optional Call Provisions (not covered by the report
of independent auditors): Dates (month and year) and
prices of the earliest optional call or redemption.
There may be other call provisions at varying prices
at later dates.
** Ratings (not covered by the report of independent
auditors): Using the higher of Standard & Poor's
or Moody's rating.
*** Securities are backed by an escrow or trust containing
sufficient U.S. Government or U.S. Government agency
securities which ensures the timely payment of
principal and interest. Securities are normally
considered to be equivalent to AAA rated securities.
N/R Investment is not rated.
See accompanying notes to financial statements.
<PAGE>
Nuveen California Select Quality Municipal Fund, Inc. (NVC)
Portfolio of
INVESTMENTS August 31, 2000
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Consumer Staples - 1.7%
$ 9,150 California Pollution Control Financing Authority, Sewage and 12/06 at 101 A+ $ 9,259,800
Solid Waste Disposal Facilities Revenue Bonds
(Anheuser-Busch Project), Series 1996, 5.750%, 12/01/30
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
Education and Civic Organizations - 2.0%
5,000 California Educational Facilities Authority, Revenue Bonds 10/06 at 102 AAA 4,744,950
(Chapman University), Series 1996, 5.125%, 10/01/26
6,000 The Regents of the University of California, Refunding Revenue 9/03 at 102 AAA 5,704,980
Bonds (1989 Multiple Purpose Projects), Series C, 5.000%, 9/01/23
------------------------------------------------------------------------------------------------------------------------------------
Energy - 1.7%
9,500 California Pollution Control Financing Authority, 12/06 at 102 AAA 9,316,270
Exempt Facilities Revenue Bonds, Series 1996 (Mobil Oil
Corporation Project), 5.500%, 12/01/29 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
Healthcare - 10.6%
13,500 California Health Facilities Financing Authority, Revenue Bonds 12/09 at 101 A2 13,766,085
(Cedars-Sinai Medical Center), Series 1999A, 6.125%, 12/01/30
3,000 California Health Facilities Financing Authority, Insured Health 7/04 at 102 AAA 2,786,130
Facility Refunding Revenue Bonds (Catholic Healthcare West),
1994 Series A, 4.750%, 7/01/19
7,485 California Health Facilities Financing Authority, 3/01 at 102 A 7,692,409
Kaiser Permanente Refunding Revenue Bonds, 1991 Series A,
6.500%, 3/01/11
14,000 California Statewide Communities Development Authority, 7/10 at 101 BBB+ 14,193,900
Certificates of Participation (Catholic Healthcare West),
6.500%, 7/01/20
1,775 California Statewide Communities Development Authority, 7/03 at 102 AA- 1,737,583
Certificates of Participation, St. Joseph Health System
Obligated Group, 5.500%, 7/01/23
9,350 City of Loma Linda, California, Hospital Revenue Refunding Bonds 12/03 at 102 AAA 9,313,068
(Loma Linda University Medical Center Project),
Series 1993-C, 5.375%, 12/01/22
6,000 County of Madera, California, Certificates of Participation 3/05 at 102 AAA 6,102,660
(Valley Children's Hospital Project), Series 1995, 5.750%, 3/15/28
1,050 City of Stockton, California, Health Facility Revenue Bonds, 12/07 at 102 BBB+ 997,143
Dameron Hospital Association, 1997 Series A, 5.450%, 12/01/10
------------------------------------------------------------------------------------------------------------------------------------
Housing/Multifamily - 2.7%
3,455 California Housing Finance Agency, Insured Housing Revenue Bonds, 8/01 at 102 AAA 3,567,288
1991 Series A, 7.200%, 2/01/26 (Alternative Minimum Tax)
9,250 California Statewide Communities Development Authority, 7/08 at 101 BBB 9,048,073
Apartment Development Revenue Refunding Bonds
(Irvine Apartment Communities, L.P.), Series 1998A, 5.250%,
5/15/25 (Mandatory put 5/15/13)
2,000 City of Vista, California, Mobile Home Park Subordinate 3/09 at 102 N/R 1,803,960
Revenue Bonds (Vista Manor Mobile Home Park Project),
Series 1999B, 5.750%, 3/15/29
------------------------------------------------------------------------------------------------------------------------------------
Housing/Single Family - 6.6%
4,750 California Housing Finance Agency, Single Family Mortgage Bonds, 5/05 at 102 Aaa 4,845,000
1995 Issue A-2 Senior Bonds, 6.350%, 8/01/15 (Alternative Minimum Tax)
1,405 California Housing Finance Agency, Single Family Mortgage Bonds, 10/05 at 102 AAA 1,450,185
1995 Issue B-2 Mezzanine, 6.250%, 8/01/14 (Alternative Minimum Tax)
7,585 California Housing Finance Agency, Single Family Mortgage Bonds, 10/05 at 102 AAA 7,723,275
1995 Issue B-2 Senior, 6.250%, 2/01/18 (Alternative Minimum Tax)
1,895 California Housing Finance Agency, Home Mortgage Revenue Bonds, 8/01 at 102 Aa2 1,939,779
1991 Series G, 7.050%, 8/01/27 (Alternative Minimum Tax)
<PAGE>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Housing/Single Family (continued)
$ 5,845 California Housing Finance Agency, Home Mortgage Revenue Bonds, 2/06 at 102 AAA $ 5,998,373
1995 Series M, 6.150%, 8/01/27 (Alternative Minimum Tax)
5,385 California Housing Finance Agency, Home Mortgage Revenue Bonds, 8/06 at 102 Aa2 5,434,757
1996 Series H, 6.250%, 8/01/27 (Alternative Minimum Tax)
1,600 California Rural Home Mortgage Finance Authority, No Opt. Call AAA 1,703,584
Single Family Mortgage Revenue Bonds (Mortgage-Backed Securities
Program), 1995 Series B, 7.750%, 9/01/26 (Alternative Minimum Tax)
3,720 Puerto Rico Housing Bank and Finance Agency, Affordable Housing 4/05 at 102 AAA 3,753,443
Mortgage Subsidy Program, Single Family Mortgage Revenue Bonds,
Portfolio I, 6.250%, 4/01/29 (Alternative Minimum Tax)
2,060 Southern California Home Financing Authority, Single Family 10/01 at 102 AA 2,123,489
Mortgage Revenue Bonds (GNMA and FNMA Mortgage-Backed
Securities Program), 1991 Issue B, 6.900%,
10/01/24 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
Tax Obligation/General - 6.9%
1,500 State of California, General Obligation Various Purpose Bonds, 6/10 at 100 AA- 1,511,685
5.500%, 6/01/25
State of California, Various Purpose General Obligation Bonds:
7,000 5.500%, 9/01/24 9/09 at 101 AA- 7,072,380
10,000 5.750%, 3/01/27 3/10 at 101 AAA 10,342,500
1,250 4.750%, 4/01/29 4/09 at 101 AA- 1,119,763
13,020 Los Angeles Unified School District, California, 7/08 at 101 AAA 12,430,715
General Obligation Bonds, Election of 1997,
1998 Series B, 5.000%, 7/01/23
4,030 Los Angeles Unified School District, California, 7/10 at 100 AAA 4,029,678
General Obligation Bonds, Election of 1997,
2000 Series D, 5.375%, 7/01/25
------------------------------------------------------------------------------------------------------------------------------------
Tax Obligation/Limited - 16.5%
10,000 Anaheim Public Financing Authority, Lease Revenue Bonds No Opt. Call AAA 1,768,200
(Anaheim Public Improvements Project), Subordinate Lease Revenue
Bonds, 1997 Series C, 0.000%, 9/01/31
9,725 Avalon Community Improvement Agency, Community Improvement 8/01 at 102 A- 10,187,132
Project Area Tax Allocation Bonds, Series 1991A, 7.250%, 8/01/21
2,215 Brea Public Financing Authority (Orange County, California), 8/01 at 102 AAA 2,307,321
1991 Tax Allocation Revenue Bonds, Series A
(Redevelopment Project AB), 6.750%, 8/01/22
6,000 Cerritos Public Financing Authority (California), 11/03 at 102 A- 6,183,900
1993 Revenue Bonds (Los Cerritos Redevelopment Project Loan)
(Tax Exempt), Series A, 6.050%, 11/01/20
5,000 Culver City Redevelopment Financing Authority, 11/03 at 102 AAA 4,765,600
1993 Tax Allocation Refunding Revenue Bonds, 5.000%, 11/01/23
3,510 Long Beach Bond Finance Authority, Lease Revenue and Refunding 10/07 at 102 AAA 3,307,929
Bonds (Civic Center Project), 1997 Series A, 5.000%, 10/01/27
16,500 Los Angeles County Metropolitan Transportation Authority 7/08 at 101 AAA 15,753,210
(California), Proposition C Sales Tax Revenue Refunding Bonds,
Second Senior Bonds, Series 1998-A, 5.000%, 7/01/23
3,605 Oakland State Building Authority, Lease Revenue Bonds 4/08 at 101 AAA 3,442,847
(Elihu M. Harris State Office Building), 1998 Series A,
5.000%, 4/01/23
1,390 City of Palm Springs Financing Authority, Revenue Tax 8/01 at 102 A- 1,442,139
Allocation Bonds, 1991 Series B (Agency Loans), 6.800%, 8/01/11
2,185 Pleasanton Joint Powers Financing Authority, Reassessment 9/03 at 102 Baa1 2,286,755
Revenue Bonds, 1993 Series A, 6.150%, 9/02/12
10,000 Puerto Rico Highway and Transportation Authority, 7/10 at 101 A 10,564,600
Transportation Revenue Bonds, Series B, 6.000%, 7/01/31
2,550 Riverside Public Financing Authority (California), 2/01 at 102 N/R 2,624,435
1991 Revenue Bonds, Series A (Multiple Project Loans),
8.000%, 2/01/18
5,235 City and County of San Francisco, Redevelopment Financing 8/03 at 103 A 5,044,603
Authority, 1993 Series C, Tax Allocation Revenue Bonds
(San Francisco Redevelopment Projects), 5.125%, 8/01/18
10,000 Redevelopment Agency of the City of San Jose (California), 8/08 at 102 A 9,494,200
Merged Area Redevelopment Project, Tax Allocation Bonds,
Series 1998, 5.250%, 8/01/29
<PAGE>
Nuveen California Select Quality Municipal Fund, Inc. (NVC) (continued)
Portfolio of INVESTMENTS August 31, 2000
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Tax Obligation/Limited (continued)
$ 14,245 Santa Ana Unified School District (1999 Financing Project), No Opt. Call AAA $ 3,841,449
Certificates of Participation (Orange County, California),
0.000%, 4/01/24
5,000 City of West Hollywood Public Facilities Corporation 2/08 at 102 AAA 4,733,500
(Los Angeles County, California), 1998 Refunding
Certificates of Participation, 5.000%, 2/01/25
------------------------------------------------------------------------------------------------------------------------------------
Transportation - 9.9%
5,000 Alameda Corridor Transportation Authority (California), 10/09 at 101 AAA 4,704,550
Tax-Exempt Senior Lien Revenue Bonds, Series 1999A,
5.000%, 10/01/29
3,275 California Statewide Communities Development Authority, 10/07 at 102 Baa3 2,986,112
Special Facilities Lease Revenue Bonds, 1997 Series A, 5.700%,
10/01/33 (Alternative Minimum Tax)
4,950 Foothill/Eastern Transportation Corridor Agency, California, 1/10 at 100 AAA 4,632,309
Toll Road Revenue Bonds, Series 1995A, 5.000%, 1/01/35
7,500 Harbor Department of the City of Los Angeles Revenue Bonds, 8/06 at 101 AAA 7,896,375
Issue of 1996, 6.200%, 8/01/25 (Alternative Minimum Tax)
8,000 Port of Oakland, California, Revenue Bonds, 2000 Series K, 5.750%, 5/10 at 100 AAA 8,180,800
11/01/29 (Alternative Minimum Tax)
3,450 Airport Commission, City and County of San Francisco, California, 5/04 at 102 AAA 3,705,749
San Francisco International Airport, Second Series Revenue Bonds,
Issue 5, 6.500%, 5/01/24 (Alternative Minimum Tax)
20,000 Airport Commission, City and County of San Francisco, California, 5/10 at 101 AAA 20,433,200
San Francisco International Airport, Second Series Revenue Bonds,
Issue 25 Bonds, 5.750%, 5/01/30 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
U.S. Guaranteed - 31.7%
5,285 Brea Public Financing Authority (Orange County, California), 8/01 at 102 AAA 5,520,394
1991 Tax Allocation Revenue Bonds, Series A
(Redevelopment Project AB), 6.750%, 8/01/22
(Pre-refunded to 8/01/01)
5,000 California Health Facilities Financing Authority, Insured Health 8/01 at 102 AA-*** 5,231,050
Facility Revenue Bonds (The H.E.L.P. Group), 1991 Series A,
7.000%, 8/01/21 (Pre-refunded to 8/01/01)
3,000 California Pollution Control Financing Authority, Solid Waste 7/02 at 102 Aaa 3,175,740
Revenue Bonds (North County Recycling Center),
1991 Series A Bonds, 6.750%, 7/01/17
3,310 State Public Works Board of California, Lease Revenue Bonds 9/01 at 102 Aaa 3,480,928
(California Community Colleges), 1991 Series A, 7.250%,
9/01/05 (Pre-refunded to 9/01/01)
10,525 State Public Works Board of California, Lease Revenue Bonds, 9/01 at 100 A+*** 10,706,346
Series 1991A, Department of Corrections, Calipatria State Prison
in Imperial County, 5.750%, 9/01/21 (Pre-refunded to 9/01/01)
5,000 State Public Works Board of California, Lease Revenue Bonds 9/05 at 100 A+*** 5,422,050
(The Trustees of the California State University), 1995 Series A
(Various California State University Projects), 6.000%, 9/01/15
(Pre-refunded to 9/01/05)
3,000 California Statewide Communities Development Authority, 4/03 at 102 N/R*** 3,187,320
Certificates of Participation, Pacific Homes, Series A,
6.000%, 4/01/17 (Pre-refunded to 4/01/03)
2,110 County of Contra Costa, California, 1989 Home Mortgage No Opt. Call AAA 2,515,542
Revenue Bonds (GNMA Mortgage-Backed Securities Program),
7.700%, 11/01/09 (Alternative Minimum Tax)
7,000 East Bay Municipal Utility District (Alameda and Contra Costa 12/01 at 102 AAA 7,339,780
Counties, California), Water System Subordinated Revenue Bonds,
Series 1991, 6.375%, 6/01/12 (Pre-refunded to 12/01/01)
City of Inglewood, California, Certificates of
Participation (1991 Civic Center Improvement Project):
5,515 7.000%, 8/01/11 (Pre-refunded to 8/01/01) 8/01 at 102 BBB-*** 5,767,311
5,000 7.000%, 8/01/19 (Pre-refunded to 8/01/01) 8/01 at 102 BBB-***
3,000 6.500%, 8/01/21 (Pre-refunded to 8/01/01) 8/01 at 102 BBB-*** 3,123,870
2,695 The City of Los Angeles, Insured Certificates of Participation, 6/01 at 102 N/R*** 2,808,190
Ararat Home of Los Angeles, 7.250%, 6/01/21
(Pre-refunded to 6/01/01)
10,000 Los Angeles County Public Works Finance Authority, Revenue Bonds, 10/04 at 102 AA*** 10,902,500
Series 1994A (Los Angeles County Regional Park and Open Space
District), 6.000%, 10/01/15 (Pre-refunded to 10/01/04)
7,500 Los Angeles County Metropolitan Transportation Authority 7/01 at 102 Aaa 7,826,475
(California), Proposition A Sales Tax Revenue Refunding Bonds,
Series 1993-A, 6.900%, 7/01/21 (Pre-refunded to 7/01/01)
4,375 Mt. Diablo Hospital District, Insured Hospital Revenue Bonds, 12/00 at 102 AAA 4,494,306
1990 Series A, 7.000%, 12/01/17 (Pre-refunded to 12/01/00)
<PAGE>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
U.S. Guaranteed (continued)
$ 1,705 City of Palm Springs Financing Authority, Revenue Tax 8/05 at 100 N/R*** $ 1,910,691
Allocation Bonds, 1991 Series B (Agency Loans),
6.800%, 8/01/11 (Pre-refunded to 8/01/05)
3,700 Riverside Public Financing Authority (Riverside County, California), 2/01 at 102 N/R*** 3,834,051
1991 Revenue Bonds, Series A (Multiple Project Loans),
8.000%, 2/01/18 (Pre-refunded to 2/01/01)
19,000 Sacramento City Financing Authority, 1991 Revenue Bonds, 6.800%, 11/01 at 102 Aaa 19,979,450
11/01/20 (Pre-refunded to 11/01/01)
3,920 City of San Diego, California, Certificates of Participation 7/01 at 100 Aa*** 4,018,470
(Balboa Park and Mission Bay Park Capital Improvements Program),
Series 1991, 6.900%, 7/15/21 (Pre-refunded to 7/15/01)
5,000 San Mateo County Joint Powers Financing Authority, Lease Revenue 7/04 at 102 AAA 5,456,550
Bonds (San Mateo County Health Center), 1994 Series A, 6.125%,
7/15/14 (Pre-refunded to 7/15/04)
4,000 County of Santa Clara, California, Certificates of Participation 3/01 at 102 N/R*** 4,136,600
(The Terraces of Los Gatos Project), 1991 Series,
American Baptist Homes of the West, 6.900%, 3/01/18
(Pre-refunded to 3/01/01)
Santa Clarita Public Financing Authority,
Local Agency Revenue Bonds, Series 1991:
6,660 7.000%, 10/01/20 (Pre-refunded to 10/01/01) 10/01 at 102 A-*** 7,001,791
3,000 6.750%, 10/01/21 (Pre-refunded to 10/01/01) 10/01 at 102 A-*** 3,146,100
6,925 Santa Monica Community College District, Refunding 6/01 at 102 A*** 7,221,875
Certificates of Participation, 1991 Series A,
7.150%, 6/01/08 (Pre-refunded to 6/01/01)
6,500 Tri-City Hospital District (Oceanside, California), Insured
Revenue Bonds, Series 1991, 7.500%, 2/01/17 2/02 at 102 AAA 6,933,355
(Pre-refunded to 2/01/02)
10,000 Tustin Community Redevelopment Agency, Town Center Area 12/01 at 102 AAA 10,536,700
Redevelopment Project, Subordinate Tax Allocation Bonds,
Series 1991, 6.800%, 12/01/16 (Pre-refunded to 12/01/01)
3,300 The Regents of the University of California, Refunding Revenue 9/12 at 102 AAA 3,543,606
Bonds (Multiple Purpose Projects), Series A, 6.875%,
9/01/16 (Pre-refunded to 9/01/01)
3,000 Westminster Redevelopment Agency, Westminster Commercial 8/01 at 102 AAA 3,148,320
Redevelopment Project No. 1, 1991 Tax Allocation Bonds,
Series A (Orange County, California), 7.300%, 8/01/21
(Pre-refunded to 8/01/01)
1,390 Yosemite Community College District, Certificates of 7/01 at 102 N/R*** 1,442,584
Participation, 7.750%, 7/01/11 (Pre-refunded to 7/01/01)
------------------------------------------------------------------------------------------------------------------------------------
Utilities - 5.4%
10,350 California Pollution Control Financing Authority, No Opt. Call AA- 12,111,467
Pollution Control Revenue Bonds (San Diego Gas and Electric
Company), 1991 Series A, 6.800%, 6/01/15 (Alternative Minimum Tax)
9,650 California Pollution Control Financing Authority, Pollution 12/01 at 102 Aa3 10,086,663
Control Revenue Bonds (Southern California Edison Company),
1991 Series, 6.900%, 12/01/17 (Alternative Minimum Tax)
6,375 Department of Water and Power of the City of Los Angeles, 1/01 at 102 Aa3 6,569,884
California, Electric Plant Revenue Bonds, Issue of 1991,
7.100%, 1/15/31
------------------------------------------------------------------------------------------------------------------------------------
Water and Sewer - 2.6%
14,800 The City of Los Angeles, California, Wastewater System 6/08 at 101 AAA 13,901,785
Revenue Bonds, Series 1998-A, 5.000%, 6/01/28
------------------------------------------------------------------------------------------------------------------------------------
$ 532,485 Total Investments (cost $500,876,025) - 98.3% 523,510,314
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.7% 9,280,273
--------------------------------------------------------------------------------------------------------------------
Net Assets - 100% $ 532,790,587
====================================================================================================================
* Optional Call Provisions (not covered by the report
of independent auditors): Dates (month and year) and
prices of the earliest optional call or redemption.
There may be other call provisions at varying prices
at later dates.
** Ratings (not covered by the report of independent
auditors): Using the higher of Standard & Poor's or
Moody's rating.
*** Securities are backed by an escrow or trust
containing sufficient U.S. Government or U.S.
Government agency securities which ensures the
timely payment of principal and interest. Securities
are normally considered to be equivalent to AAA
rated securities.
N/R Investment is not rated.
See accompanying notes to financial statements.
<PAGE>
Nuveen California Quality Income Municipal Fund, Inc. (NUC)
Portfolio of
INVESTMENTS August 31, 2000
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Education and Civic Organizations - 3.5%
$ 8,975 California Educational Facilities Authority, Revenue Bonds 11/10 at 100 Aaa $9,256,546
(University of the Pacific), Series 2000, 5.750%, 11/01/30
4,000 State Public Works Board of California, Lease Revenue 3/06 at 102 AAA 4,125,760
Refunding Bonds (California Community Colleges), 1996 Series B
(Various Community College Projects), 5.625%, 3/01/19
1,000 California Statewide Communities Development Authority, 4/06 at 101 AAA 1,045,050
Auxiliary Organization Revenue Certificates of Participation
(The University Corporation - California State University at
Northridge), Series 1996, 6.000%, 4/01/26
3,500 The Regents of the University of California, 1993 Refunding 11/03 at 102 Aa3 3,521,035
Certificates of Participation (UCLA Central Chiller/Cogeneration
Facility), 5.600%, 11/01/20
------------------------------------------------------------------------------------------------------------------------------------
Healthcare - 9.9%
California Health Facilities Financing Authority,
Revenue Bonds (Cedars-Sinai Medical Center),
Series 1999A:
10,400 6.125%, 12/01/30 12/09 at 101 A2 10,604,984
15,000 6.250%, 12/01/34 12/09 at 101 A2 15,532,050
4,000 California Health Facilities Financing Authority, 5/03 at 102 AA- 4,160,120
Insured Health Facility Revenue Refunding Bonds,
(Valley Memorial Hospital), Series 1993A, 6.000%, 5/01/17
1,250 California Statewide Communities Development Authority, No Opt. Call A2 1,385,413
Hospital Revenue Certificates of Participation
(Cedars-Sinai Medical Center), Series 1992, 6.500%, 8/01/12
14,000 California Statewide Communities Development Authority, 8/02 at 102 A2 14,825,300
Revenue Certificates of Participation (Cedars-Sinai
Medical Center), 6.500%, 8/01/15
3,110 City of Loma Linda, California, Hospital Revenue Bonds 12/03 at 102 N/R 2,817,318
(Loma Linda University Medical Center Project),
Series 1993-A, 6.500%, 12/01/18
2,465 City of Sacramento, Insured Health Facility Revenue Bonds 7/07 at 102 AA- 2,398,864
(CARES), 1998 Series A, 5.300%, 1/01/24
------------------------------------------------------------------------------------------------------------------------------------
Housing/Multifamily - 4.1%
5,250 California Housing Finance Agency, Multi-Unit Rental 8/02 at 102 Aa3 5,463,990
Housing Revenue Bonds, Series 1992B-II, 6.700%, 8/01/15
1,000 California Statewide Communities Development Authority, 7/08 at 101 BBB 989,370
Apartment Development Revenue Refunding Bonds
(Irvine Apartment Communities, LP), Series 1998A, 5.100%,
5/15/25 (Mandatory put 5/15/10)
3,040 County of Riverside (California), Mobile Home Park Revenue 3/09 at 102 N/R 2,803,701
Bonds (Bravo Mobile Home Park Project), Series 1999B,
5.900%, 3/20/29
1,870 City of Stanton, Multifamily Housing Revenue Bonds 8/07 at 102 AAA 1,896,722
(Continental Gardens Apartments), Series 1997, 5.625%,
8/01/29 (Alternative Minimum Tax) (Mandatory put 8/01/09)
8,000 City of Vista, Multifamily Housing Revenue Refunding Bonds 4/02 at 102 AAA 8,280,400
(Vista Hacienda Project), 1992 Series A, 6.950%, 4/01/17
Housing Authority of the County of Yolo, 1992 Refunding Revenue
Bonds, Series A (Russell Park Apartments):
1,000 6.900%, 11/01/08 5/02 at 103 Aa2 1,038,520
1,030 7.000%, 11/01/14 5/02 at 103 Aa2 1,078,019
------------------------------------------------------------------------------------------------------------------------------------
Housing/Single Family - 2.1%
34,250 California Housing Finance Agency, Home Mortgage Revenue Bonds, 8/09 at 40 15/32 AAA 8,006,965
Series 1999L, 0.000%, 8/01/24
2,690 County of Riverside, California, Single Family Mortgage Revenue 11/01 at 100 AAA 2,786,302
Bonds (GNMA Mortgage-Backed Securities Program), Issue B of 1989,
7.600%, 11/01/19 (Alternative Minimum Tax)
<PAGE>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Tax Obligation/General - 9.5%
$ 10,000 State of California, Various Purpose General No Opt. Call AA- $ 11,345,100
Obligation Bonds, 6.400%, 9/01/07
14,000 State of California, General Obligation Bonds, 4.750%, 2/01/29 2/09 at 101 AAA 12,563,460
13,665 State of California, General Obligation Veterans Welfare Bonds, 12/03 at 102 AA- 13,572,761
Series 1997BH, 5.600%, 12/01/32 (Alternative Minimum Tax)
11,000 State of California, Various Purpose General Obligation Bonds, 4/09 at 101 AA- 9,853,910
4.750%, 4/01/29
2,000 Los Angeles Unified School District, California, 7/10 at 100 AAA 1,999,840
General Obligation Bonds, Election of 1997,
Series D 2000, 5.375%, 7/01/25
------------------------------------------------------------------------------------------------------------------------------------
Tax Obligation/Limited - 15.4%
1,200 City of Coalinga, California, Certificates of Participation 10/00 at 102 A- 1,226,016
(1989 Coalinga Return to Custody Facility), 7.000%, 4/01/10
Community Development Commission of the City of Commerce, Merged
Redevelopment Project, Tax Allocation Refunding Bonds, Series
1998A:
1,000 5.650%, 8/01/18 8/08 at 102 N/R 971,340
2,765 5.700%, 8/01/28 8/08 at 102 N/R 2,644,142
2,100 Cudahy Redevelopment Agency, Cudahy Redevelopment Project, 9/03 at 102 BBB 2,171,568
Tax Allocation Refunding Bonds, Series 1994A, 6.700%, 9/01/24
5,000 Culver City Redevelopment Financing Authority, 11/03 at 102 AAA 4,520,400
1993 Tax Allocation Refunding Revenue Bonds, 4.600%, 11/01/20
3,000 Fontana Public Financing Authority (San Bernardino County, 9/00 at 102 BBB 3,062,730
California), Tax Allocation Revenue Bonds (North Fontana
Redevelopment Project), 1990 Series A, 7.250%, 9/01/20
1,535 Foothill-De Anza Community College District (County of 9/01 at 102 A- 1,638,827
Santa Clara, California), Certificates of Participation
(1992 De Anza Campus Center Project), 7.350%, 3/01/07
2,725 City of Fresno, California, Certificates of Participation 12/00 at 102 A1 2,839,368
(1992 Street Improvement Project), 6.625%, 12/01/11
4,000 Inland Empire Solid Waste Financing Authority, Revenue Bonds, No Opt. Call AAA 4,478,040
1996 Series B (Landfill Improvement Financing Project),
6.250%, 8/01/11 (Alternative Minimum Tax)
2,300 City of Irvine (California), Mobile Home Park Revenue Bonds 3/08 at 102 N/R 2,139,506
(Meadows Mobile Home Park Project), Series 1998A, 5.700%, 3/01/18
5,475 Community Facilities District No. 90-1 of the City of Lancaster, 9/07 at 102 AAA 5,480,146
1998 Special Tax Refunding Bonds, 4.900%, 9/01/15
2,500 Western Nevada County Solid Waste Management System, California, 6/01 at 102 BB 2,511,725
Certificates of Participation, 1991 Project, 7.500%, 6/01/21
2,655 Oceanside Mobile Home Park Financing Authority (California), 3/08 at 102 N/R 2,446,901
Mobile Home Park Revenue Bonds (Laguna Vista Mobile Estates
Acquisition Project), Series 1998, 5.800%, 3/01/28
15,300 Ontario Redevelopment Financing Authority (San Bernardino County, No Opt. Call AAA 19,681,767
California), 1995 Revenue Refunding Bonds (Ontario Redevelopment
Project No.1), 7.400%, 8/01/25
3,400 Orange County Development Agency (California), Santa Ana Heights 9/03 at 102 BBB 3,434,918
Project Area, 1993 Tax Allocation Revenue Bonds, 6.125%, 9/01/23
3,000 Orange County Local Transportation Authority (California), No Opt. Call AA+ 3,308,730
Measure M Sales Tax Revenue Bonds (Limited Tax Bonds),
6.000%, 2/15/07
5,200 County of Orange, California, 1996 Recovery Certificates of 7/06 at 102 AAA 5,459,324
Participation, Series A, 6.000%, 7/01/26
2,400 Puerto Rico Highway and Transportation Authority, 7/08 at 101 A 2,190,192
Transportation Revenue Bonds, Series A 5.000%, 7/01/38
5,000 Convention Center Expansion Financing Authority, 10/08 at 101 AAA 4,493,450
City of San Diego, California, Lease Revenue
Bonds, Series 1998A, 4.750%, 4/01/28
2,000 San Jose Unified School District (Santa Clara County, 6/07 at 101 AAA 2,055,760
California) Certificates of Participation, 5.750%, 6/01/24
3,000 City of Santa Barbara, California, Certificates of Participation 10/02 at 102 A 3,154,470
(Harbor Refunding Project), 6.750%, 10/01/27
<PAGE>
Nuveen California Quality Income Municipal Fund, Inc. (NUC) (continued)
Portfolio of INVESTMENTS August 31, 2000
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Transportation - 4.2%
$ 20,000 Airport Commission, City and County of San Francisco, 5/10 at 101 AAA $ 20,433,200
California, San Francisco International Airport, Second Series
Revenue Bonds, Issue 25 Bonds, 5.750%, 5/01/30
(Alternative Minimum Tax)
5,000 San Joaquin Hills Transportation Corridor Agency, No Opt. Call AAA 1,202,850
Toll Road Refunding Revenue Bonds, Series 1997A,
0.000%, 1/15/26
------------------------------------------------------------------------------------------------------------------------------------
U.S. Guaranteed - 37.0%
Alameda County Public Facilities Corporation,
Certificates of Participation (1992 Capital Projects):
7,865 6.750%, 6/01/16 (Pre-refunded to 6/01/02) 6/02 at 102 A2*** 8,375,281
10,000 6.000%, 6/01/22 (Pre-refunded to 6/01/02) 6/02 at 102 A2*** 10,523,300
3,000 California Educational Facilities Authority, 2/02 at 102 A1*** 3,149,310
Revenue Bonds (Santa Clara University), Series 1991,
6.250%, 2/01/16 (Pre-refunded to 2/01/02)
California Educational Facilities Authority,
Revenue Bonds (University of San Diego), Series 1992:
1,965 6.500%, 10/01/08 (Pre-refunded to 10/01/02) 10/02 at 102 A*** 2,098,974
5,000 6.500%, 10/01/22 (Pre-refunded to 10/01/02) 10/02 at 102 A*** 5,340,900
7,430 California Educational Facilities Authority, Revenue Bonds 10/02 at 102 Aaa 7,924,987
(University of San Francisco), Series 1992, 6.400%, 10/01/17
(Pre-refunded to 10/01/02)
3,225 California Health Facilities Financing Authority, 12/00 at 102 AAA 3,308,334
Kaiser Permanente Revenue Bonds, 1990 Series A, 6.500%,
12/01/20 (Pre-refunded to 12/01/00)
6,000 California Health Facilities Financing Authority, Insured Revenue 6/01 at 102 N/R*** 6,235,560
Bonds (Southern California Presbyterian Homes), Series 1991,
6.750%, 6/01/21 (Pre-refunded to 6/01/01)
8,000 California Pollution Control Financing Authority, 7/02 at 102 Aaa 8,468,640
Solid Waste Revenue Bonds (North County Recycling Center),
1991 Series A, 6.750%, 7/01/17
2,000 State of California Department of Water Resources, 6/02 at 101 1/2 Aaa 2,109,400
Central Valley Project, Water System Revenue Bonds,
Series K, 6.400%, 12/01/26 (Pre-refunded to 6/01/02)
2,000 State Public Works Board of California, Lease Revenue Bonds, 9/01 at 102 Aaa 2,088,700
Series 1991A, Department of Corrections, Calipatria State
Prison in Imperial County, 6.500%, 9/01/11
(Pre-refunded to 9/01/01)
10,050 State Public Works Board of California, Lease Revenue Bonds 10/02 at 102 AAA 10,779,228
(The Trustees of the California State University),
1992 Series A (Various California State University Projects),
6.700%, 10/01/17 (Pre-refunded to 10/01/02)
State Public Works Board of California, Lease Revenue Bonds
(Department of Corrections), 1994 Series A (California State
Prison-Monterey County (Soledad II)):
6,950 6.875%, 11/01/14 (Pre-refunded to 11/01/04) 11/04 at 102 Aaa 7,821,530
7,625 7.000%, 11/01/19 (Pre-refunded to 11/01/04) 11/04 at 102 Aaa 8,615,793
2,070 California Statewide Communities Development Authority No Opt. Call N/R*** 2,235,290
(Triad Healthcare), Revenue Refunding Series 1992,
Certificates of Participation, 6.250%, 8/01/06
2,000 Coachella Valley Water District, Improvement District 10/02 at 102 A*** 2,146,260
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)
12,805 County of Contra Costa, California, 1988 Home Mortgage No Opt. Call AAA 16,733,830
Revenue Bonds (GNMA Mortgage-Backed Securities Program),
8.250%, 6/01/21 (Alternative Minimum Tax)
10,000 Fontana Redevelopment Agency, Jurupa Hills Redevelopment 10/02 at 102 BBB+*** 10,788,000
Project Area (County of San Bernardino, California)
Refunding Tax Allocation Bonds, 1992 Series A, 7.100%,
10/01/23 (Pre-refunded to 10/01/02)
8,000 Lancaster School District, Certificates of Participation 3/02 at 105 AAA 8,726,080
(1992 Refunding Project), 7.000%, 3/01/22
(Pre-refunded to 3/01/02)
5,435 Community Redevelopment Financing Authority of the 9/02 at 102 N/R*** 5,773,057
Community Redevelopment Agency of Los Angeles,
California, Pooled Financing Bonds (Bunker Hill, Los Angeles
Harbor Industrial Center and Monterey Hills Redevelopment
Projects), Series A, 6.375%, 9/01/14 (Pre-refunded to 9/01/02)
4,500 City of Los Angeles, California, Wastewater System Revenue 12/00 at 102 AAA 4,619,655
Bonds, Series 1991-D, 6.700%, 12/01/21 Pre-refunded to 12/01/00)
2,000 Mt. Diablo Hospital District, Insured Hospital Revenue Bonds, 12/00 at 102 AAA 2,054,540
1990 Series A, 7.000%, 12/01/17 (Pre-refunded to 12/01/00)
10,000 County of Orange, California, Certificates of Participation 8/01 at 102 AAA 10,441,000
(Civic Center Expansion Project), 6.700%, 8/01/18
(Pre-refunded to 8/01/01)
<PAGE>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
U.S. Guaranteed (continued)
$ 13,525 County of San Bernardino, California, Single Family Mortgage No Opt. Call AAA $ 16,651,710
Revenue Bonds (GNMA Mortgage-Backed Securities),
1989 Series A, 7.750%, 11/01/14 (Alternative Minimum Tax)
8,295 San Diego County Water Authority, Water Revenue Certificates 5/01 at 102 AA-*** 8,583,915
of Participation, Series 1991A, 6.300%, 5/01/05
(Pre-refunded to 5/01/01)
1,275 City of Santa Maria, Revenue Certificates of Participation 9/02 at 102 N/R*** 1,365,691
(Marian Medical Center), 6.750%, 9/01/22
(Pre-refunded to 9/01/02)
4,300 Sierra View Local Hospital District, Insured Health Facility 3/02 at 102 N/R*** 4,527,599
Revenue Bonds, Series 1992, 6.400%, 3/01/22
(Pre-refunded to 3/01/02)
1,735 City of Torrance (California), Hospital Revenue Bonds 7/02 at 102 A*** 1,839,447
(Little Company of Mary Hospital Project), Series 1992,
6.875%, 7/01/15 (Pre-refunded to 7/01/02)
3,025 Tulare Local Hospital District, Insured Health Facility 12/01 at 102 AA-*** 3,184,750
Revenue Bonds, Series 1991A, 6.750%, 12/01/21
(Pre-refunded to 12/01/01)
6,185 The Regents of the University of California, Refunding 9/02 at 102 AAA 6,641,577
Revenue Bonds (Multiple Purpose Projects), Series A, 6.875%,
9/01/16 (Pre-refunded to 9/01/02)
------------------------------------------------------------------------------------------------------------------------------------
Utilities - 6.0%
10,000 California Pollution Control Financing Authority, Pollution 12/01 at 102 Aa3 10,452,500
Control Revenue Bonds (Southern California Edison Company),
1991 Series, 6.900%, 12/01/17 (Alternative Minimum Tax)
5,000 California Pollution Control Financing Authority, Pollution 6/02 at 102 AA- 5,265,450
Control Revenue Bonds (Pacific Gas and Electric Company),
1992 Series A, 6.625%, 6/01/09 (Alternative Minimum Tax)
3,805 City of Lodi, California, Electric System Revenue Certificates 1/09 at 101 AAA 3,842,175
of Participation, 1999 Series A, Installment Purchase Contract
with the Lodi Public Improvement Corporation, 5.500%, 1/15/24
5,110 City of Redlands, Certificates of Participation (1993 Refunding , 9/00 at 100 AAA 5,120,680
of 1986 and 1987 Projects) 6.800%, 3/01/07
5,500 Southern California Public Power Authority, Multiple Project No Opt. Call A 6,450,730
Revenue Bonds, 1989 Series, 6.750%, 7/01/11
------------------------------------------------------------------------------------------------------------------------------------
Water and Sewer - 6.7%
Department of Water and Power of the City of Los Angeles,
California, Water Works Refunding Revenue Bonds,
Second Issue of 1993:
4,060 4.500%, 5/15/13 5/03 at 102 AA 3,924,231
8,400 4.500%, 5/15/30 5/03 at 102 AAA 7,160,580
7,000 The City of Los Angeles, California, Wastewater System 6/08 at 101 AAA 6,575,170
Revenue Bonds, Series 1998-A, 5.000%, 6/01/28
8,000 Los Angeles County Sanitation Districts Financing Authority, 10/03 at 100 AA 7,605,520
Capital Projects Revenue Bonds, 1993 Series A
(Senior Ad Valorem Obligation Bonds), 5.000%, 10/01/23
2,000 The Metropolitan Water District of Southern California, 7/06 at 100 AAA 1,834,940
Water Revenue Refunding Bonds, 1996 Series B,
4.750%, 7/01/21
1,000 The City of Norco, Refunding Certificates of Participation, 10/08 at 102 AAA 958,340
Series 1998 (Sewer System and Water System Improvement
Project), 5.125%, 10/01/28
5,000 Public Facilities Financing Authority of the City of San Diego 5/09 at 101 AAA 4,699,050
(California), Sewer Revenue Bonds, Series 1999A, 5.000%, 5/15/29
2,000 The City of Santa Barbara, California, Certificates of 4/02 at 102 AAA 2,099,760
Participation (1992 Water System Improvement Project
and Refunding), 6.700%, 4/01/27
------------------------------------------------------------------------------------------------------------------------------------
$ 520,185 Total Investments (cost $479,819,218) - 98.4% 512,038,334
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.6% 8,109,461
--------------------------------------------------------------------------------------------------------------------
Net Assets - 100% $ 520,147,795
====================================================================================================================
* Optional Call Provisions (not covered by the report
of independent auditors): Dates (month and year) and
prices of the earliest optional call or redemption.
There may be other call provisions at varying prices
at later dates.
** Ratings (not covered by the report of independent
auditors): Using the higher of Standard & Poor's or
Moody's rating.
*** Securities are backed by an escrow or trust
containing sufficient U.S. Government or U.S.
Government agency securities which ensures the
timely payment of principal and interest. Securities
are normally considered to be equivalent to AAA
rated securities.
N/R Investment is not rated.
See accompanying notes to financial statements.
<PAGE>
Nuveen California Dividend Advantage Municipal Fund (NAC)
Portfolio of
INVESTMENTS August 31, 2000
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Consumer Staples - 1.0%
$ 5,000 California Statewide Communities Development Authority, 11/09 at 102 N/R $ 5,132,050
Certificates of Participation, Pride Industries and
Pride One, Inc., 7.250%, 11/01/29
------------------------------------------------------------------------------------------------------------------------------------
Education and Civic Organizations - 0.5%
2,500 California Infrastructure and Economic Development Bank, 12/09 at 101 A 2,525,475
Revenue Bonds, Series 1999 (The American Center for Wine,
Food and the Arts Project), 5.800%, 12/01/29
------------------------------------------------------------------------------------------------------------------------------------
Healthcare - 10.9%
8,400 California Health Facilities Financing Authority, Kaiser 10/08 at 101 A 8,337,756
Permanente Revenue Bonds, Series 1998B, 5.250%, 10/01/14
(Optional put 10/01/08)
15,000 California Health Facilities Financing Authority, 12/09 at 101 A2 15,295,650
Revenue Bonds (Cedars-Sinai Medical Center),
Series 1999A, 6.125%, 12/01/30
18,755 California Health Facilities Financing Authority, 11/08 at 101 AAA 17,404,828
Revenue Bonds (USCF - Stanford Health Care),
1998 Series A, 5.000%, 11/15/28
10,500 City of Duarte, California, Certificates of Participation, 4/09 at 101 BBB+ 9,131,430
City of Hope National Medical Center, Series 1999A,
5.250%, 4/01/31
4,000 City of Upland, California, Certificates of Participation, 1/04 at 102 A 4,063,800
1993 Series, San Antonio Community Hospital, 5.250%, 1/01/08
------------------------------------------------------------------------------------------------------------------------------------
Housing/Multifamily - 9.7%
15,000 California Statewide Communities Development Authority, 7/08 at 101 BBB 14,725,500
Apartment Development Revenue Refunding Bonds (Irvine Apartment
Communities, LP), Series 1998A, 4.900%, 5/15/25
(Mandatory put 5/15/08)
4,810 California Statewide Communities Development Authority, 7/09 at 102 N/R 4,511,107
Multifamily Housing Revenue Bonds (Cherry Tree Village
Apartments Project), Series 1999, 6.500%, 7/01/34
10,000 California Statewide Communities Development Authority, No Opt. Call BBB+ 10,145,100
Multifamily Housing Refunding Bonds (Archstone Pelican
Point Apartments), Issue 1999H Archstone Communities Trust,
5.300%, 6/01/29 (Mandatory put 6/01/08)
5,000 County of Contra Costa (California), Multifamily Housing 6/09 at 102 N/R 4,723,550
Revenue Bonds (Delta View Apartments), Series 1999C, 6.750%,
12/01/30 (Alternative Minimum Tax)
15,000 Housing Authority of the County of San Bernardino No Opt. Call A3 14,355,900
(California), Multifamily Housing Revenue Refunding Bonds
(Equity Residential/Redlands Lawn and Tennis Apartments),
Issue 1999A, 5.200%, 6/15/29 (Mandatory put 6/15/09)
------------------------------------------------------------------------------------------------------------------------------------
Housing/Single Family - 3.7%
42,155 California Housing Finance Agency, Single Family Mortgage 2/09 at 31 1/8 AAA 7,622,467
Bonds II, 1999 Series D2, 0.000%,
2/01/29 (Alternative Minimum Tax)
11,500 California Housing Finance Agency, Home Mortgage Revenue 2/09 at 101 1/2 AAA 10,741,575
Bonds, Series 1998E, 5.250%, 2/01/33 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
Long-Term Care - 1.6%
8,500 Riverside County (California), Public Financing Authority, 5/09 at 101 BBB- 7,864,200
Certificates of Participation, Air Force
Village West, Inc., 5.800%, 5/15/29
<PAGE>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Tax Obligation/General - 10.7%
State of California, Various Purpose General Obligation Bonds:
$ 9,000 4.750%, 4/01/29 4/09 at 101 AA- $ 8,062,290
14,900 5.000%, 8/01/29 8/09 at 101 AAA 14,000,934
18,500 Los Angeles Unified School District (California), 7/09 at 101 AAA 18,238,780
General Obligation Bonds, Election of 1997,
Series C 1999, 5.250%, 7/01/24
Los Angeles Unified School District, California,
General Obligation Bonds, Election of 1997, Series D 2000:
3,600 5.000%, 7/01/06 No Opt. Call AA- 3,765,456
3,600 5.625%, 7/01/14 7/10 at 100 AAA 3,858,084
5,000 Commonwealth of Puerto Rico, Public Improvement 7/10 at 100 AAA 5,318,100
Bonds of 2000 (General Obligation Bonds), 5.750%, 7/01/16
------------------------------------------------------------------------------------------------------------------------------------
Tax Obligation/Limited - 21.6%
8,665 Bonita Canyon Public Facilities Financing Authority 9/00 at 103 N/R 7,864,267
(California), Community Facilities District No. 98-1
Special Tax Bonds, Series 1998, 5.375%, 9/01/28
13,290 Community Facilities District No. 1, Mira Loma Area of 9/08 at 102 AAA 12,060,941
Jurupa (California), 1998 Special Tax Bonds,
4.750%, 9/01/24 (Optional put 9/01/10)
5,500 County of Los Angeles, Certificates of Participation 9/08 at 101 AAA 5,000,930
(1998 Disney Parking Refunding Project), 4.750%, 3/01/23
23,000 Los Angeles County Metropolitan Transportation Authority 7/08 at 101 AAA 21,959,020
(California), Proposition C Sales Tax Revenue Refunding
Bonds, Second Senior Bonds, Series 1998-A, 5.000%, 7/01/23
14,160 Oakland State Building Authority, Lease Revenue Bonds 4/08 at 101 AAA 13,523,083
(Elihu M. Harris State Office Building),
1998 Series A, 5.000%, 4/01/23
7,500 Poway Redevelopment Agency, Paguay Redevelopment Project, 12/10 at 102 AAA 7,749,900
Tax Allocation Refunding Bonds, Series 2000, 5.750%, 6/15/33
14,995 Riverside County Public Financing Authority (California), No Opt. Call N/R 15,553,564
Reassessment Revenue Bonds, Rancho Village Project/AD
No. 159, 1999 Series B (Junior Lien Bonds), 6.000%, 9/02/07
25,060 Redevelopment Agency of the City of San Jose (California), 8/08 at 102 A 23,792,465
Merged Area Redevelopment Project, Tax Allocation Bonds,
Series 1998, 5.250%, 8/01/29
------------------------------------------------------------------------------------------------------------------------------------
Transportation - 16.5%
15,000 Alameda Corridor Transportation Authority (California), 10/09 at 101 AAA 14,113,650
Tax-Exempt Senior Lien Revenue Bonds, Series 1999A,
5.000%, 10/01/29
21,150 Foothill/Eastern Transportation Corridor Agency, California, 1/10 at 101 BBB- 20,965,784
Toll Road Refunding Revenue Bonds, Series 1999, 5.750%, 1/15/40
23,000 Port of Oakland, California, Revenue Bonds, 2000 Series K, 5/10 at 100 AAA 23,519,800
5.750%, 11/01/29 (Alternative Minimum Tax)
23,275 Airport Commission, City and County of San Francisco, 5/10 at 101 AAA 23,779,137
California, San Francisco International Airport,
Second Series Revenue Bonds, Issue 25 Bonds,
5.750%, 5/01/30 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
Utilities - 8.8%
20,500 Northern California Power Agency, Hydroelectric Project 7/08 at 101 AAA 19,842,155
Number One Revenue Bonds, 1998 Refunding Series A,
5.200%, 7/01/32
10,500 Puerto Rico Electric Power Authority, Power Revenue 7/08 at 101 1/2 A- 9,741,375
Bonds, Series DD, 5.000%, 7/01/28
15,000 Sacramento Municipal Utility District (California), 7/04 at 101 A 14,252,700
Electric Revenue Refunding Bonds, 1999 Series M,
5.250%, 7/01/28
------------------------------------------------------------------------------------------------------------------------------------
Water and Sewer - 12.7%
12,000 Carmichael Water District (Sacramento County, California), 9/09 at 102 AAA 11,493,840
1999 Water Revenue Certificates of Participation,
5.125%, 9/01/29
7,200 Castaic Lake Water Agency (California), Revenue Certificates 8/09 at 101 AAA 6,892,056
of Participation, Series 1999A (Water System Improvement
Project), 5.125%, 8/01/30
<PAGE>
Nuveen California Dividend Advantage Municipal Fund (NAC) (continued)
Portfolio of INVESTMENTS August 31, 2000
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Water and Sewer (continued)
$ 4,985 East Bay Municipal Utility District (Alameda and Contra 6/08 at 101 AAA $ 4,478,474
Costa Counties, California), Wastewater System
Subordinated Revenue Bonds, Series 1998, 4.750%, 6/01/28
5,000 East Bay Municipal Utility District (Alameda and Contra 6/08 at 101 AAA 4,442,350
Costa Counties, California), Water System Subordinated
Revenue Bonds, Series 1998, 4.750%, 6/01/34
13,425 The Metropolitan Water District of Southern California, 1/08 at 101 AA 12,446,452
Water Revenue Bonds, 1997 Authorization Series A,
5.000%, 7/01/37
14,000 Orange County Water District (California), Revenue Certificates 8/09 at 101 AA 13,918,240
of Participation, Series 1999A, 5.375%, 8/15/29
10,070 Public Facilities Financing Authority of the City of San Diego 5/09 at 101 AAA 9,463,885
(California), Sewer Revenue Bonds, Series 1999A,
5.000%, 5/15/29
------------------------------------------------------------------------------------------------------------------------------------
$ 537,995 Total Investments (cost $488,015,690) - 97.7% 486,678,100
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 2.3% 11,648,149
--------------------------------------------------------------------------------------------------------------------
Net Assets - 100% $498,326,249
====================================================================================================================
</TABLE>
* Optional Call Provisions (not covered by the report
of independent auditors): Dates (month and year) and
prices of the earliest optional call or redemption.
There may be other call provisions at varying prices
at later dates.
** Ratings (not covered by the report of independent
auditors): Using the higher of Standard & Poor's or
Moody's rating. N/R Investment is not rated.
See accompanying notes to financial statements.
<PAGE>
Statement of
NET ASSETS August 31, 2000
<TABLE>
<CAPTION>
California California California California
Value Performance Plus Opportunity Investment Quality
(NCA) (NCP) (NCO) (NQC)
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
ASSETS
Investments in municipal securities, at market value $245,577,537 $285,339,100 $171,494,356 $305,976,117
Temporary investments in short-term municipal securities,
at amortized cost, which approximates market value -- 2,000,000 6,800,000 --
Cash 312,261 1,192,953 735,809 1,448,028
Receivables:
Interest 3,784,949 4,581,609 2,569,244 4,891,630
Investments sold 20,398 6,120,000 8,032,200 309,000
Other assets 9,535 10,983 11,459 8,635
------------------------------------------------------------------------------------------------------------------------------------
Total assets 249,704,680 299,244,645 189,643,068 312,633,410
------------------------------------------------------------------------------------------------------------------------------------
LIABILITIES
Accrued expenses:
Management fees 123,720 161,071 102,928 168,010
Other 121,569 114,974 102,309 155,912
Preferred share dividends payable N/A 23,518 10,008 23,754
Common share dividends payable 1,084,527 988,056 633,482 1,027,887
------------------------------------------------------------------------------------------------------------------------------------
Total liabilities 1,329,816 1,287,619 848,727 1,375,563
------------------------------------------------------------------------------------------------------------------------------------
Net assets $248,374,864 $297,957,026 $188,794,341 $311,257,847
====================================================================================================================================
Preferred shares, at liquidation value N/A $106,000,000 $ 68,000,000 $112,000,000
====================================================================================================================================
Preferred shares outstanding N/A 4,240 2,720 4,480
====================================================================================================================================
Common shares outstanding 25,222,660 12,832,789 8,070,563 13,437,119
====================================================================================================================================
Net asset value per Common share outstanding
(net assets less Preferred shares at liquidation
value, divided by Common shares outstanding) $ 9.85 $ 14.96 $ 14.97 $ 14.83
====================================================================================================================================
N/A - Fund is not authorized to issue Preferred shares.
</TABLE>
See accompanying notes to financial statements.
<PAGE>
<TABLE>
<CAPTION>
Statement of
NET ASSETS August 31, 2000 (continued)
California California California
Select Quality Quality Income Dividend Advantage
(NVC) (NUC) (NAC)
------------------------------------------------------------------------------------------------------------------------------------
ASSETS
<S> <C> <C> <C>
Investments in municipal securities, at market value $523,510,314 $512,038,334 $486,678,100
Temporary investments in short-term municipal securities,
at amortized cost, which approximates market value -- -- --
Cash 798,937 1,199,190 6,505,251
Receivables:
Interest 8,239,855 9,005,197 7,026,059
Investments sold 2,570,000 -- 35,000
Other assets 19,648 26,472 52,547
------------------------------------------------------------------------------------------------------------------------------------
Total assets 535,138,754 522,269,193 500,296,957
------------------------------------------------------------------------------------------------------------------------------------
LIABILITIES
Accrued expenses:
Management fees 284,365 277,811 139,482
Other 259,375 98,491 184,178
Preferred share dividends payable 65,939 37,900 79,100
Common share dividends payable 1,738,488 1,707,196 1,567,948
Total liabilities 2,348,167 2,121,398 1,970,708
------------------------------------------------------------------------------------------------------------------------------------
Net assets $532,790,587 $520,147,795 $498,326,249
====================================================================================================================================
Preferred shares, at liquidation value $192,000,000 $185,000,000 $175,000,000
====================================================================================================================================
Preferred shares outstanding 7,680 7,400 7,000
====================================================================================================================================
Common shares outstanding 22,875,466 21,750,948 23,402,358
====================================================================================================================================
Net asset value per Common share outstanding
(net assets less Preferred shares at liquidation
value, divided by Common shares outstanding) $ 14.90 $ 15.41 $ 13.82
====================================================================================================================================
</TABLE>
See accompanying notes to financial statements.
<PAGE>
Statement of
OPERATIONS Year Ended August 31, 2000
<TABLE>
<CAPTION>
California California California California
Value Performance Plus Opportunity Investment Quality
(NCA) (NCP) (NCO) (NQC)
---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Investment Income $14,626,392 $17,955,454 $11,563,806 $18,954,774
---------------------------------------------------------------------------------------------------------------------------------
Expenses
Management fees 1,439,354 1,856,414 1,192,214 1,942,580
Preferred shares - auction fees N/A 252,357 159,602 262,383
Preferred shares - dividend disbursing agent fees N/A 40,467 20,053 20,053
Shareholders' servicing agent fees and expenses 42,303 21,701 12,635 21,818
Custodian's fees and expenses 53,761 68,069 47,604 57,498
Directors'/Trustees' fees and expenses 4,864 5,956 4,381 6,214
Professional fees 11,644 13,671 10,945 10,101
Shareholders' reports - printing and mailing expenses 30,524 39,393 14,163 7,019
Stock exchange listing fees 38,039 24,673 16,359 24,583
Investor relations expense 28,102 24,258 18,205 25,084
Other expenses 22,227 31,932 11,078 22,575
---------------------------------------------------------------------------------------------------------------------------------
Total expenses before custodian fee credit
and expense reimbursement 1,670,818 2,378,891 1,507,239 2,399,908
Custodian fee credit (18,432) (19,595) (16,016) (27,930)
Expense reimbursement -- -- -- --
---------------------------------------------------------------------------------------------------------------------------------
Net expenses 1,652,386 2,359,296 1,491,223 2,371,978
---------------------------------------------------------------------------------------------------------------------------------
Net investment income 12,974,006 15,596,158 10,072,583 16,582,796
---------------------------------------------------------------------------------------------------------------------------------
Realized and Unrealized Gain (Loss) from Investments
Net realized gain (loss) from investment transactions (1,093,977) 1,032,464 1,186,788 (740,539)
Change in net unrealized appreciation
(depreciation) of investments 3,867,172 402,998 (1,807,485) 289,181
---------------------------------------------------------------------------------------------------------------------------------
Net gain (loss) from investments 2,773,195 1,435,462 (620,697) (451,358)
---------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets from operations $15,747,201 $17,031,620 $ 9,451,886 $16,131,438
=================================================================================================================================
N/A - Fund is not authorized to issue Preferred shares.
</TABLE>
See accompanying notes to financial statements.
<PAGE>
<TABLE>
<CAPTION>
Statement of
OPERATIONS Year Ended August 31, 2000 (continued)
California California California
Select Quality Quality Income Dividend Advantage
(NVC) (NUC) (NAC)
---------------------------------------------------------------------------------------------------------------------------------
Investment Income $31,626,191 $30,589,858 $27,161,948
---------------------------------------------------------------------------------------------------------------------------------
Expenses
<S> <C> <C> <C>
Management fees 3,290,096 3,214,542 2,988,518
Preferred shares - auction fees 481,316 434,520 438,699
Preferred shares - dividend disbursing agent fees 30,082 30,082 20,053
Shareholders' servicing agent fees and expenses 27,695 23,762 16,371
Custodian's fees and expenses 95,212 79,146 84,093
Directors'/Trustees' fees and expenses 9,627 9,395 5,827
Professional fees 61,732 22,921 19,496
Shareholders' reports - printing and mailing expenses 34,790 20,010 32,425
Stock exchange listing fees 32,989 33,098 34,707
Investor relations expense 40,584 39,673 28,716
Other expenses 43,868 23,042 10,715
---------------------------------------------------------------------------------------------------------------------------------
Total expenses before custodian fee credit and expense reimbursement 4,147,991 3,930,191 3,679,620
Custodian fee credit (43,141) (42,093) (43,288)
Expense reimbursement -- -- (1,415,857)
---------------------------------------------------------------------------------------------------------------------------------
Net expenses 4,104,850 3,888,098 2,220,475
---------------------------------------------------------------------------------------------------------------------------------
Net investment income 27,521,341 26,701,760 24,941,473
---------------------------------------------------------------------------------------------------------------------------------
Realized and Unrealized Gain (Loss) from Investments
Net realized gain (loss) from investment transactions (665,965) 255,690 (6,629,216)
Change in net unrealized appreciation (depreciation) of investments 3,210,292 3,178,277 18,810,097
----------------------------------------------------------------------------------------------------------------------------------
Net gain (loss) from investments 2,544,327 3,433,967 12,180,881
----------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets from operations $30,065,668 $30,135,727 $37,122,354
----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
See accompanying notes to financial statements.
<PAGE>
<TABLE>
<CAPTION>
Statement of
CHANGES IN NET ASSETS
California Value (NCA) California Performance Plus (NCP) California Opportunity (NCO)
-----------------------------------------------------------------------------------------------------------------------------------
Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended
8/31/00 8/31/99 8/31/00 8/31/99 8/31/00 8/31/99
----------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
<S> <C> <C> <C> <C> <C> <C>
Net investment income $ 12,974,006 $ 12,640,494 $ 15,596,158 $ 15,301,368 $ 10,072,583 $ 9,659,984
Net realized gain (loss)
from investment
transactions (1,093,977) 36,793 1,032,464 (521,745) 1,186,788 (199,360)
Change in net unrealized
appreciation
(depreciation) of investments 3,867,172 (15,346,519) 402,998 (13,064,984) (1,807,485) (9,867,255)
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in
net assets from
operations 15,747,201 (2,669,232) 17,031,620 1,714,639 9,451,886 (406,631)
-----------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS
From and in excess of net
investment income:
Common shareholders (12,787,893) (12,560,888) (12,280,577) (12,733,040) (7,873,178) (8,115,487)
Preferred shareholders N/A N/A (3,386,224) (2,550,004) (2,300,126) (1,542,528)
From accumulated net realized
gains from investment
transactions:
Common shareholders (40,356) (1,225,822) -- (605,188) -- (939,551)
Preferred shareholders N/A N/A -- (134,766) -- (204,666)
-----------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets from
distributions to shareholders (12,828,249) (13,786,710) (15,666,801) (16,022,998) (10,173,304) (10,802,232)
-----------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Common shares:
Net proceeds from sale of shares -- -- -- -- -- --
Net proceeds from shares
issued to shareholders due to
reinvestment of distributions -- -- 1,264,120 1,576,660 659,878 877,736
Preferred shares:
Net proceeds from sale of shares N/A N/A -- 15,726,552 -- 12,754,386
-----------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets from
capital share transactions -- -- 1,264,120 17,303,212 659,878 13,632,122
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease)
in net assets 2,918,952 (16,455,942) 2,628,939 2,994,853 (61,540) 2,423,259
Net assets at the
beginning of year 245,455,912 261,911,854 295,328,087 292,333,234 188,855,881 186,432,622
-----------------------------------------------------------------------------------------------------------------------------------
Net assets at the end of year $248,374,864 $245,455,912 $297,957,026 $295,328,087 $188,794,341 $188,855,881
===================================================================================================================================
Undistributed (Over-distribution of)
net investment income at the
end of year $ 412,942 $ 226,829 $ 421,326 $ 491,969 $ 190,794 $ 291,515
===================================================================================================================================
N/A - Fund is not authorized to issue Preferred shares.
</TABLE>
See accompanying notes to financial statements.
<PAGE>
<TABLE>
<CAPTION>
Statement of
CHANGES IN NET ASSETS (continued)
California Investment Quality (NQC) California Select Quality (NVC)
-------------------------------------------------------------------------------------------------------------------------------
Year Ended Year Ended Year Ended Year Ended
8/31/00 8/31/99 8/31/00 8/31/99
-------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
<S> <C> <C> <C> <C>
Net investment income $ 16,582,796 $ 15,315,638 $ 27,521,341 $ 26,215,652
Net realized gain (loss) from investment
transactions (740,539) (680,810) (665,965) (522,458)
Change in net unrealized appreciation
(depreciation) of investments 289,181 (14,734,244) 3,210,292 (24,242,895)
-------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from
operations 16,131,438 (99,416) 30,065,668 1,450,299
-------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS
From and in
excess of net investment income:
Common shareholders (12,432,187) (12,725,662) (21,443,149) (21,539,248)
Preferred shareholders (3,662,289) (2,570,101) (6,418,050) (4,190,468)
From accumulated net realized gains from
investment transactions:
Common shareholders -- (383,623) -- (2,428,752)
Preferred shareholders -- (83,412) -- (521,736)
-------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets from
distributions to shareholders (16,094,476) (15,762,798) (27,861,199) (28,680,204)
-------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Common shares:
Net proceeds from sale of shares -- -- -- --
Net proceeds from shares issued
to shareholders due to
reinvestment of distributions 860,726 1,448,971 1,241,683 2,443,334
Preferred shares:
Net proceeds from sale of shares -- 21,665,884 -- 41,460,324
-------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets from
capital share transactions 860,726 23,114,855 1,241,683 43,903,658
-------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets 897,688 7,252,641 3,446,152 16,673,753
Net assets at the beginning of year 310,360,159 303,107,518 529,344,435 512,670,682
-------------------------------------------------------------------------------------------------------------------------------
Net assets at the end of year $311,257,847 $310,360,159 $532,790,587 $529,344,435
===================================================================================================================================
Undistributed (Over-distribution of)
net investment income at the
end of year $ 835,443 $ 347,123 $ 471,820 $ 811,678
===================================================================================================================================
</TABLE>
See accompanying notes to financial statements.
<PAGE>
<TABLE>
<CAPTION>
California Quality Income (NUC) California Dividend Advantage (NAC)
------------------------------------------------------------------------------------------------------------------------------------
For the Period 5/26/99
Year Ended Year Ended Year Ended (commencement of operations)
8/31/00 8/31/99 8/31/00 through 8/31/99
------------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
<S> <C> <C> <C> <C>
Net investment income $ 26,701,760 $ 25,321,332 $ 24,941,473 $ 4,560,799
Net realized gain (loss) from investment
transactions 255,690 (267,639) (6,629,216) (1,105,626)
Change in net unrealized appreciation
(depreciation) of investments 3,178,277 (22,441,180) 18,810,097 (20,147,687)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from
operations 30,135,727 2,612,513 37,122,354 (16,692,514)
------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS
From and in excess of net investment income:
Common shareholders (21,040,572) (21,143,687) (19,709,931) (3,362,840)
Preferred shareholders (6,239,516) (4,379,766) (5,976,400) (651,480)
From accumulated net realized gains
from investment transactions:
Common shareholders -- (388,716) -- --
Preferred shareholders -- (90,180) -- --
------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets from
distributions to shareholders (27,280,088) (26,002,349) (25,686,331) (4,014,320)
------------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Common shares:
Net proceeds from sale of shares -- -- -- 333,950,247
Net proceeds from shares
issued to shareholders due to
reinvestment of distributions 1,230,432 1,916,199 522,953 31,989
Preferred shares:
Net proceeds from sale of shares -- 34,535,270 -- 172,991,850
------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets from
capital share transactions 1,230,432 36,451,469 522,953 506,974,086
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets 4,086,071 13,061,633 11,958,976 486,267,252
Net assets at the beginning of year 516,061,724 503,000,091 486,367,273 100,021
------------------------------------------------------------------------------------------------------------------------------------
Net assets at the end of year $520,147,795 $516,061,724 $498,326,249 $486,367,273
===================================================================================================================================
Undistributed (Over-distribution of)
net investment income at the
end of year $ 199,186 $ 777,514 $ (198,379) $ 546,479
===================================================================================================================================
</TABLE>
See accompanying notes to financial statements.
<PAGE>
Notes to
FINANCIAL STATEMENTS
1. GENERAL INFORMATION AND SIGNIFICANT ACCOUNTING POLICIES
The California Funds (the "Funds") covered in this report and their
corresponding New York Stock Exchange symbols are Nuveen California Municipal
Value Fund, Inc. (NCA), Nuveen California Performance Plus Municipal Fund, Inc.
(NCP), Nuveen California Municipal Market Opportunity Fund, Inc. (NCO), Nuveen
California Investment Quality Municipal Fund, Inc. (NQC), Nuveen California
Select Quality Municipal Fund, Inc. (NVC), Nuveen California Quality Income
Municipal Fund, Inc. (NUC) and Nuveen California Dividend Advantage Municipal
Fund (NAC).
Each Fund invests primarily in a diversified portfolio of municipal obligations
issued by state and local government authorities within the state of California.
The Funds are registered under the Investment Company Act of 1940 as closed-end,
diversified management investment companies.
The following is a summary of significant accounting policies followed by the
Funds in the preparation of their financial statements in accordance with
accounting principles generally accepted in the United States.
Securities Valuation
The prices of municipal bonds in each Fund's investment portfolio are provided
by a pricing service approved by the Fund's Board of Directors/Trustees. When
price quotes are not readily available (which is usually the case for municipal
securities), the pricing service establishes fair market value based on yields
or prices of municipal bonds of comparable quality, type of issue, coupon,
maturity and rating, indications of value from securities dealers and general
market conditions. Temporary investments in securities that have variable rate
and demand features qualifying them as short-term securities are valued at
amortized cost, which approximates market value.
Securities Transactions
Securities transactions are recorded on a trade date basis. Realized gains and
losses from such transactions are determined on the specific identification
method. Securities purchased or sold on a when-issued or delayed delivery basis
may have extended settlement periods. The securities so purchased are subject to
market fluctuation during this period. The Funds have instructed the custodian
to segregate assets in a separate account with a current value at least equal to
the amount of the when-issued and delayed delivery purchase commitments. At
August 31, 2000, there were no such outstanding purchase commitments in any of
the Funds.
Investment Income
Interest income is determined on the basis of interest accrued, adjusted for
amortization of premiums and accretion of discounts on long-term debt securities
when required for federal income tax purposes.
Income Taxes
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund
intends to comply with the requirements of the Internal Revenue Code applicable
to regulated investment companies and to distribute all of its tax-exempt net
investment income, in addition to any significant amounts of net realized
capital gains and/or market discount realized from investment transactions. The
Funds currently consider significant net realized capital gains and/or market
discount as amounts in excess of $.001 per Common share for California Value and
$.01 per Common share for the other Funds. Furthermore, each Fund intends to
satisfy conditions which will enable interest from municipal securities, which
is exempt from regular federal and California state income taxes, to retain such
tax-exempt status when distributed to shareholders of the Funds. All income
dividends paid during the fiscal year ended August 31, 2000, have been
designated Exempt Interest Dividends. 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 monthly as a dividend and payment
is made or reinvestment is credited to shareholder accounts on the first
business day after month end. Net realized capital gains and/or market discount
from investment transactions, if any, are distributed to shareholders not less
frequently than annually. Furthermore, capital gains are distributed only to the
extent they exceed available capital loss carryforwards.
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 accounting principles generally
accepted in the United States. Accordingly, temporary over-distributions as a
result of these differences may occur and will be classified as either
distributions in excess of net investment income, distributions in excess of net
realized gains and/or distributions in excess of net ordinary taxable income
from investment transactions, where applicable.
Preferred Shares
California Value is not authorized to issue Preferred shares. The Funds below
have issued and outstanding $25,000 stated value Preferred shares. Each Fund's
Preferred shares are issued in more than one Series. The dividend rate on each
series may change every seven days, as set by the auction agent. The number of
shares outstanding, by Series and in total, for each Fund is as follows:
<TABLE>
<CAPTION>
California California California California California
Performance California Investment Select Quality Dividend
Plus Opportunity Quality Quality Income Advantage
(NCP) (NCO) (NQC) (NVC) (NUC) (NAC)
-------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Number of shares:
Series M -- -- 3,600 -- 1,400 --
Series T 1,800 -- -- 2,400 -- --
Series W 640 2,200 880 1,680 3,000 --
Series Th -- -- -- 3,600 -- 3,500
Series F 1,800 520 -- -- 3,000 3,500
-------------------------------------------------------------------------------------------------------
Total 4,240 2,720 4,480 7,680 7,400 7,000
=======================================================================================================
</TABLE>
Derivative Financial Instruments
The Funds may invest in certain derivative financial instruments including
futures, forward, swap and option contracts, and other financial instruments
with similar characteristics. Although the Funds are authorized to invest in
such financial instruments, and may do so in the future, they did not make any
such investments during the fiscal year ended August 31, 2000.
Custodian Fee Credit
Each Fund has an arrangement with the custodian bank whereby certain custodian
fees and expenses are reduced by credits earned on each Fund's cash on deposit
with the bank. Such deposit arrangements are an alternative to overnight
investments.
Reclassification
Certain amounts have been reclassified in the 1999 Financial Highlights to
conform to the 2000 presentation.
Use of Estimates
The preparation of financial statements in conformity with accounting principles
generally accepted in the United States requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities at
the date of the financial statements and the reported amounts of increases and
decreases in net assets from operations during the reporting period. Actual
results may differ from those estimates.
<PAGE>
Notes to
FINANCIAL STATEMENTS (continued)
2. FUND SHARES
Transactions in Common and Preferred shares were as follows:
<TABLE>
<CAPTION>
California Value (NCA) California Performance Plus (NCP) California Opportunity (NCO)
----------------------- --------------------------------- -------------------------------
Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended
8/31/00 8/31/99 8/31/00 8/31/99 8/31/00 8/31/99
-------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Common shares:
Shares sold -- -- -- -- -- --
Shares issued to
shareholders
due to reinvestment
of distributions -- -- 84,245 89,260 43,959 49,992
-------------------------------------------------------------------------------------------------------------------
-- -- 84,245 89,260 43,959 49,992
===================================================================================================================
Preferred shares sold N/A N/A -- 640 -- 520
===================================================================================================================
N/A - Fund is not authorized to issue Preferred Shares.
California Investment Quality (NQC) California Select Quality (NVC)
----------------------------------- --------------------------------
Year Ended Year Ended Year Ended Year Ended
8/31/00 8/31/99 8/31/00 8/31/99
-------------------------------------------------------------------------------------------------------------------
Common shares:
Shares sold -- -- -- --
Shares issued to shareholders
due to reinvestment of distributions 58,788 85,501 84,774 146,703
-------------------------------------------------------------------------------------------------------------------
58,788 85,501 84,774 146,703
===================================================================================================================
Preferred shares sold -- 880 -- 1,680
===================================================================================================================
California Quality Income (NUC) California Dividend Advantage (NAC)
------------------------------- ------------------------------------
Year Ended Year Ended Year Ended For the Period 5/26/99
8/31/00 8/31/99 8/31/00 through 8/31/99
-------------------------------------------------------------------------------------------------------------------
Common shares:
Shares sold -- -- -- 23,345,000
Shares issued to shareholders
due to reinvestment of distributions 81,306 110,967 48,242 2,134
-------------------------------------------------------------------------------------------------------------------
81,306 110,967 48,242 23,347,134
===================================================================================================================
Preferred shares sold -- 1,400 -- 7,000
===================================================================================================================
3. DISTRIBUTIONS TO COMMON SHAREHOLDERS
The Funds declared Common share dividend distributions from their tax-exempt net
investment income which were paid October 2, 2000, to shareholders of record on
September 15, 2000, as follows:
California California California California California
California Performance California Investment Select Quality Dividend
Value Plus Opportunity Quality Quality Income Advantage
(NCA) (NCP) (NCO) (NQC) (NVC) (NUC) (NAC)
-----------------------------------------------------------------------------------------------------------
Dividend per share $.0430 $.0770 $.0785 $.0765 $.0760 $.0785 $.0670
===========================================================================================================
</TABLE>
<PAGE>
4. SECURITIES TRANSACTIONS
Purchases and sales (including maturities) of investments in long-term municipal
securities and short-term municipal securities during the fiscal year ended
August 31, 2000, were as follows:
<TABLE>
<CAPTION>
California California
California Performance California Investment
Value Plus Opportunity Quality
(NCA) (NCP) (NCO) (NQC)
-----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Purchases:
Long-term municipal securities $84,965,757 $107,204,114 $43,602,271 $54,120,738
Short-term municipal securities 11,800,000 28,200,000 22,400,000 7,600,000
Sales and maturities:
Long-term municipal securities 85,086,215 115,089,085 56,403,119 56,024,041
Short-term municipal securities 11,800,000 26,200,000 15,600,000 7,600,000
===========================================================================================================
California California California
Select Quality Dividend
Quality Income Advantage
(NVC) (NUC) (NAC)
-----------------------------------------------------------------------------------------------------------
Purchases:
Long-term municipal securities $104,285,476 $106,965,887 $115,986,168
Short-term municipal securities 20,500,000 17,700,000 36,700,000
Sales and maturities:
Long-term municipal securities 107,689,680 107,810,706 123,948,361
Short-term municipal securities 20,500,000 17,700,000 36,700,000
===========================================================================================================
At August 31, 2000, the identified cost of investments owned for federal income
tax purposes were as follows:
California California California California California
California Performance California Investment Select Quality Dividend
Value Plus Opportunity Quality Quality Income Advantage
(NCA) (NCP) (NCO) (NQC) (NVC) (NUC) (NAC)
-----------------------------------------------------------------------------------------------------------
$234,143,805 $275,753,900 $171,130,759 $294,255,451 $500,876,025 $479,819,218 $493,061,278
===========================================================================================================
At August 31, 2000, the following Funds had unused capital loss carryforwards
available for federal income tax purposes to be applied against future capital
gains, if any. If not applied, the carryforwards will expire as follows:
California California California California
California Investment Select Quality Dividend
Value Quality Quality Income Advantage
(NCA) (NQC) (NVC) (NUC) (NAC)
-----------------------------------------------------------------------------------------------------------
Expiration year:
2007 $ -- $ -- $ 9,440 $11,949 $ 5,670
2008 1,099,559 876,693 1,178,983 -- 2,683,584
-----------------------------------------------------------------------------------------------------------
Total $1,099,559 $876,693 $1,188,423 $11,949 $2,689,254
===========================================================================================================
5. UNREALIZED APPRECIATION (DEPRECIATION)
Gross unrealized appreciation and gross unrealized depreciation of investments
for federal income tax purposes at August 31, 2000, were as follows:
California California
California Performance California Investment
Value Plus Opportunity Quality
(NCA) (NCP) (NCO) (NQC)
-----------------------------------------------------------------------------------------------------------
Gross unrealized:
appreciation $14,119,838 $14,729,635 $ 8,896,546 $14,335,876
depreciation (2,686,106) (3,144,435) (1,732,949) (2,615,210)
-----------------------------------------------------------------------------------------------------------
Net unrealized appreciation (depreciation) $11,433,732 $11,585,200 $ 7,163,597 $11,720,666
===========================================================================================================
</TABLE>
<PAGE>
Notes to
FINANCIAL STATEMENTS (continued)
<TABLE>
<CAPTION>
California California California
Select Quality Dividend
Quality Income Advantage
(NVC) (NUC) (NAC)
-------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Gross unrealized:
appreciation $25,039,322 $34,138,402 $ 4,952,327
depreciation (2,405,033) (1,919,286) (11,335,505)
-------------------------------------------------------------------------------------------------------------
Net unrealized appreciation (depreciation) $22,634,289 $32,219,116 $ (6,383,178)
=============================================================================================================
</TABLE>
6. MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES
Under the Funds' (excluding California Value (NCA) and California Dividend
Advantage (NAC)) investment management agreements with Nuveen Advisory Corp.
(the "Adviser"), a wholly owned subsidiary of The John Nuveen Company, each Fund
pays an annual management fee, payable monthly, at the rates set forth below,
which are based upon the average daily net assets of each Fund as follows:
Average Daily Net Assets Management Fee
--------------------------------------------------------------------------------
For the first $125 million .6500 of 1%
For the next $125 million .6375 of 1
For the next $250 million .6250 of 1
For the next $500 million .6125 of 1
For the next $1 billion .6000 of 1
For net assets over $2 billion .5875 of 1
================================================================================
Under California Value's (NCA) investment management agreement with the Adviser,
the Fund pays an annual management fee, payable monthly of .35 of 1% of the
average daily net assets of the Fund, as well as 4.125% of the gross interest
income of the Fund.
Under California Dividend Advantage's (NAC) investment management agreement with
the Adviser, the Fund pays an annual management fee, payable monthly, at the
rates set forth below, which are based upon the average daily net assets of the
Fund as follows:
Average Daily Net Assets Management Fee
--------------------------------------------------------------------------------
For the first $125 million .6500 of 1%
For the next $125 million .6375 of 1
For the next $250 million .6250 of 1
For the next $500 million .6125 of 1
For the next $1 billion .6000 of 1
For net assets over $2 billion .5750 of 1
================================================================================
The Adviser has agreed to waive part of its management fees or reimburse certain
expenses of California Dividend Advantage (NAC) in an amount equal to .30% of
the average daily net assets for the period May 26, 1999 (commencement of
operations) through July 31, 2004, .25% of the average daily net assets for the
year ended July 31, 2005, .20% of the average daily net assets for the year
ended July 31, 2006, .15% of the average daily net assets for the year ended
July 31, 2007, .10% of the average daily net assets for the year ended July 31,
2008, and .05% of the average daily net assets for the year ended July 31, 2009.
The Adviser has not agreed to reimburse California Dividend Advantage (NAC) for
any portion of its fees and expenses beyond July 31, 2009.
The management fee compensates the Adviser for overall investment advisory and
administrative services and general office facilities. The Funds pay no
compensation directly to those of its Directors/Trustees who are affiliated with
the Adviser or to their officers, all of whom receive remuneration for their
services to the Funds from the Adviser.
<PAGE>
7. COMPOSITION OF NET ASSETS
At August 31, 2000, net assets consisted of:
<TABLE>
<CAPTION>
California California
California Performance California Investment
Value Plus Opportunity Quality
(NCA) (NCP) (NCO) (NQC)
------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Preferred shares, $25,000 stated value per share,
at liquidation value $ N/A $106,000,000 $ 68,000,000 $112,000,000
Common shares, $.01 par value per share 252,227 128,328 80,706 134,371
Paid-in surplus 237,375,522 179,311,453 112,372,546 187,444,060
Undistributed (Over-distribution of)
net investment income 412,942 421,326 190,794 835,443
Accumulated net realized gain (loss)
from investment transactions (1,202,203) 510,719 986,698 (1,442,645)
Net unrealized appreciation
(depreciation) of investments 11,536,376 11,585,200 7,163,597 12,286,618
------------------------------------------------------------------------------------------------------------------------
Net assets $248,374,864 $297,957,026 $188,794,341 $311,257,847
========================================================================================================================
Authorized shares:
Common 250,000,000 200,000,000 200,000,000 200,000,000
Preferred N/A 1,000,000 1,000,000 1,000,000
========================================================================================================================
N/A - Fund is not authorized to issue Preferred Shares.
California California California
Select Quality Dividend
Quality Income Advantage
(NVC) (NUC) (NAC)
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Preferred shares, $25,000 stated value per share,
at liquidation value $192,000,000 $185,000,000 $175,000,000
Common shares, $.01 par value per share 228,755 217,509 234,024
Paid-in surplus 318,644,146 302,523,933 332,363,036
Undistributed (Over-distribution of)
net investment income 471,820 199,186 (198,379)
Accumulated net realized gain (loss) from investment transactions (1,188,423) (11,949) (7,734,842)
Net unrealized appreciation (depreciation) of investments 22,634,289 32,219,116 (1,337,590)
------------------------------------------------------------------------------------------------------------------------
Net assets $532,790,587 $520,147,795 $498,326,249
========================================================================================================================
Authorized shares:
Common 200,000,000 200,000,000 Unlimited
Preferred 1,000,000 1,000,000 Unlimited
========================================================================================================================
</TABLE>
<PAGE>
Financial HIGHLIGHTS
Selected data for a Common share outstanding throughout each
period ended August 31:
<TABLE>
<CAPTION>
Investment Operations Less Distributions
------------------------------- -------------------------------------------------------
From and From and
in Excess in Excess Organization
of Net of Net and Offering
Net Investment Investment Capital Capital Costs and
Realized/ Income to Income to Gains to Gains to Preferred
Beginning Net Unrealized Common Preferred Common Preferred Share
Net Asset Investment Investment Share- Share- Share- Share- Underwriting
Value Income Gain (Loss) Total holders holders+ holders holders+ Total Discounts
----------------------------------------------------------------------------------------------------------------------
California Value (NCA)
----------------------------------------------------------------------------------------------------------------------
Year Ended 8/31:
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
2000 $ 9.73 $ .51 $ .12 $ .63 $ (.51) $ N/A $ -- $ N/A $(.51) $--
1999 10.38 .50 (.60) (.10) (.50) N/A (.05) N/A (.55) --
1998 10.09 .53 .34 .87 (.53) N/A (.05) N/A (.58) --
1997 10.03 .59 .15 .74 (.59) N/A (.09) N/A (.68) --
1996 10.20 .61 (.10) .51 (.62) N/A (.06) N/A (.68) --
California Performance Plus (NCP)
----------------------------------------------------------------------------------------------------------------------
Year Ended 8/31:
2000 14.85 1.22 .11 1.33 (.96) (.26) -- -- (1.22) --
1999 15.98 1.20 (1.05) .15 (1.00) (.20) (.05) (.01) (1.26) (.02)
1998 15.67 1.23 .36 1.59 (1.03) (.23) (.02) -- (1.28) --
1997 15.41 1.27 .26 1.53 (1.03) (.22) (.02) -- (1.27) --
1996 15.45 1.28 (.04) 1.24 (1.03) (.25) -- -- (1.28) --
California Opportunity (NCO)
----------------------------------------------------------------------------------------------------------------------
Year Ended 8/31:
2000 15.06 1.25 (.07) 1.18 (.98) (.29) -- -- (1.27) --
1999 16.48 1.21 (1.25) (.04) (1.01) (.19) (.12) (.03) (1.35) (.03)
1998 16.04 1.23 .45 1.68 (1.01) (.22) (.01) -- (1.24) --
1997 15.57 1.25 .45 1.70 (1.01) (.22) -- -- (1.23) --
1996 15.64 1.25 (.03) 1.22 (1.02) (.23) (.03)+++ (.01)+++ (1.29) --
California Investment Quality (NQC)
----------------------------------------------------------------------------------------------------------------------
Year Ended 8/31:
2000 14.83 1.24 (.04) 1.20 (.93) (.27) -- -- (1.20) --
1999 16.03 1.15 (1.14) .01 (.95) (.19) (.03) (.01) (1.18) (.03)
1998 15.70 1.18 .36 1.54 (.99) (.22) -- -- (1.21) --
1997 15.37 1.22 .32 1.54 (.99) (.22) -- -- (1.21) --
1996 15.37 1.24 -- 1.24 (1.02) (.22) -- -- (1.24) --
California Select Quality (NVC)
----------------------------------------------------------------------------------------------------------------------
Year Ended 8/31:
2000 14.80 1.21 .11 1.32 (.94) (.28) -- -- (1.22) --
1999 16.02 1.15 (1.09) .06 (.95) (.18) (.11) (.02) (1.26) (.02)
1998 15.65 1.16 .41 1.57 (.97) (.21) (.02) -- (1.20) --
1997 15.19 1.19 .52 1.71 (.98) (.20) (.06) (.01) (1.25) --
1996 15.23 1.19 .09 1.28 (.98) (.21) (.10) (.03) (1.32) --
----------------------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data
----------------------------------------------------------------------------------------------
Total Returns Before Credit/Reimbursement After Credit/Reimbursement**
--------------- ----------------------------------------------------------------- ----------------------------
Ratio of Net Ratio of Net Ratio of Net
Ratio of Investment Ratio of Investment Ratio of Investment
Expenses Income to Expenses Income to Expenses Income to
Based to Average Average to Average Average to Average Average
Ending Based on Ending Net Assets Net Assets Total Total Net Assets Net Assets
Net Ending on Net Net Applicable Applicable Net Assets Net Assets Applicable Applicable
Asset Market Market Asset Assets to Common to Common Including Including to Common to Common
Value Value Value* Value* (000) Shares++ Shares++ Preferred++ Preferred++ Shares++ Shares++
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
$ 9.85 $ 9.3125 6.80% 6.80% $ 248,375 .70% 5.42% N/A% N/A% .69% 5.43%
9.73 9.2500 (.43) (1.13) 245,456 .69 4.89 N/A N/A .69 4.90
10.38 9.8125 2.11 8.90 261,912 .71 5.19 N/A N/A .71 5.19
10.09 10.1875 7.59 7.55 254,168 .74 5.85 N/A N/A .74 5.85
10.03 10.1250 12.52 5.16 251,948 .77 6.00 N/A N/A .77 6.00
------------------------------------------------------------------------------------------------------------------------------------
14.96 15.6250 (1.56) 7.68 297,957 1.30 8.48 .82 5.38 1.28 8.49
14.85 16.9375 (.12) (.66) 295,328 1.19 7.67 .81 5.22 1.19 7.67
15.98 18.0000 10.74 8.93 292,333 1.18 7.76 .81 5.35 1.18 7.76
15.67 17.2500 16.71 8.77 286,936 1.19 8.17 .81 5.59 1.19 8.17
15.41 15.7500 14.04 6.53 282,104 1.18 8.23 .80 5.62 1.18 8.23
------------------------------------------------------------------------------------------------------------------------------------
14.97 16.0000 1.14 6.33 188,794 1.29 8.62 .82 5.45 1.28 8.64
15.06 16.8750 2.10 (1.97) 188,856 1.19 7.50 .82 5.18 1.18 7.51
16.48 17.6250 11.99 9.36 186,433 1.17 7.52 .82 5.28 1.17 7.52
16.04 16.6875 11.83 9.79 182,279 1.19 7.85 .82 5.46 1.19 7.85
15.57 15.8750 13.10 6.31 177,862 1.19 7.88 .82 5.47 1.19 7.88
------------------------------------------------------------------------------------------------------------------------------------
14.83 15.6250 2.91 6.69 311,258 1.25 8.65 .79 5.46 1.24 8.66
14.83 16.1875 1.67 (1.54) 310,360 1.19 7.28 .82 5.01 1.19 7.29
16.03 16.8750 8.39 8.66 303,108 1.15 7.45 .80 5.22 1.15 7.45
15.70 16.5000 12.32 8.82 297,280 1.16 7.82 .80 5.44 1.16 7.82
15.37 15.6250 11.08 6.72 291,423 1.16 7.95 .81 5.51 1.16 7.95
------------------------------------------------------------------------------------------------------------------------------------
14.90 15.5000 2.96 7.47 532,791 1.27 8.39 .80 5.29 1.25 8.40
14.80 16.0625 2.15 (1.20) 529,344 1.14 7.35 .78 5.05 1.13 7.35
16.02 16.7500 8.11 8.93 512,671 1.11 7.35 .78 5.18 1.11 7.35
15.65 16.4375 13.22 10.17 502,648 1.12 7.68 .78 5.36 1.12 7.68
15.19 15.5000 15.73 6.95 490,214 1.13 7.73 .79 5.38 1.13 7.73
====================================================================================================================================
Ratios/Supplemental Data Municipal Auction Rate Cumulative
-------------------------------------- -----------------------------------------
After Credit/Reimbursement** Preferred Stock at End of Year
----------------------------- -----------------------------------------
Ratio of Net
Ratio of Investment
Expenses Income to
to Average Average
Total Total Aggregate Liquidation
Net Assets Net Assets Portfolio Amount and Market Asset
Including Including Turnover Outstanding Value Coverage
Preferred++ Preferred++ Rate (000) Per Share Per Share
---------------------------------------------------------------------------------
---------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
N/A% N/A% 36% $ N/A $ N/A $ N/A
N/A N/A 35 N/A N/A N/A
N/A N/A 40 N/A N/A N/A
N/A N/A 17 N/A N/A N/A
N/A N/A 23 N/A N/A N/A
---------------------------------------------------------------------------------
.81 5.39 38 106,000 25,000 70,273
.81 5.22 26 106,000 25,000 69,653
.81 5.35 20 90,000 25,000 81,204
.81 5.59 12 90,000 25,000 79,705
.80 5.62 14 90,000 25,000 78,362
---------------------------------------------------------------------------------
.81 5.46 24 68,000 25,000 69,410
.82 5.18 37 68,000 25,000 69,432
.82 5.28 18 55,000 25,000 84,742
.82 5.46 4 55,000 25,000 82,854
.82 5.47 8 55,000 25,000 80,846
---------------------------------------------------------------------------------
.78 5.47 18 112,000 25,000 69,477
.82 5.01 18 112,000 25,000 69,277
.80 5.22 21 90,000 25,000 84,197
.80 5.44 12 90,000 25,000 82,578
.81 5.51 10 90,000 25,000 80,951
---------------------------------------------------------------------------------
.79 5.30 20 192,000 25,000 69,374
.78 5.06 7 192,000 25,000 68,925
.78 5.18 17 150,000 25,000 85,445
.78 5.36 5 150,000 25,000 83,775
.79 5.38 13 150,000 25,000 81,702
=================================================================================
</TABLE>
N/A Fund is not authorized to issue Preferred shares.
* Total Investment Return on Market Value is the combination of reinvested
dividend income, reinvested capital gains distributions, if any, and
changes in stock price per share. Total Return on Net Asset Value is the
combination of reinvested dividend income, reinvested capital gains
distributions, if any, and changes in net asset value per share. Total
returns are not annualized.
** After custodian fee credit and expense reimbursement, where applicable.
+ The amounts shown are based on Common share equivalents.
++ Ratios do not reflect the effect of dividend payments to preferred
shareholders; income ratios reflect income earned on assets attributable to
Preferred Shares, if applicable.
+++ The amounts shown include distributions in excess of capital gains of $.011
for Common shareholders and $.003 for Preferred shareholders.
(continued on page 54)
See accompanying notes to financial statements.
<PAGE>
FINANCIAL HIGHLIGHTS (continued)
<TABLE>
<CAPTION>
Investment Operations Less Distributions
------------------------------ -----------------------------------------------------------
From and From and
in Excess in Excess Organization
of Net of Net and Offering
Net Investment Investment Capital Capital Costs and
Realized/ Income to Income to Gains to Gains to Preferred Ending
Beginning Net Unrealized Common Preferred Common Preferred Share Net
Net Asset Investment Investment Share- Share- Share- Share- Underwriting Asset
Value Income Gain (Loss) Total holders holders+ holders holders+ Total Discounts Value
------------------------------------------------------------------------------------------------------------------------------------
California Quality Income (NUC)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 8/31:
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
2000 $ 15.28 $ 1.23 $ .16 $ 1.39 $ (.97) $ (.29) $ -- $ -- $ (1.26) $ -- $ 15.41
1999 16.37 1.17 (1.04) .13 (.98) (.20) (.02) -- (1.20) (.02) 15.28
1998 15.86 1.18 .54 1.72 (.98) (.23) -- -- (1.21) -- 16.37
1997 15.24 1.20 .62 1.82 (.98) (.22) -- -- (1.20) -- 15.86
1996 15.05 1.20 .21 1.41 (.96) (.23) (.02)+++ (.01)+++ (1.22) -- 15.24
California Dividend Advantage (NAC)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 8/31:
2000 13.33 1.07 .52 1.59 (.84) (.26) -- -- (1.10) -- 13.82
1999 (a) 14.33 .20 (.92) (.72) (.14) (.03) -- -- (.17) (.11) 13.33
====================================================================================================================================
Total Returns Ratios/Supplemental Data
------------------ ------------------------------------------------------------------------------------------
Before Credit/Reimbursement After Credit/Reimbursement***
------------------------------------------- -------------------------------
Ratio of Net Ratio of Net
Ratio of Investment Ratio of Investment Ratio of
Expenses Income to Expenses Income to Expenses
Based to Average Average to Average Average to Average
Based on Ending Net Assets Net Assets Total Total Net Assets
Ending on Net Net Applicable Applicable Net Assets Net Assets Applicable
Market Market Asset Assets to Common to Common Including Including to Common
Value Value** Value** (000) Shares++ Shares++ Preferred++ Preferred++ Shares++
-----------------------------------------------------------------------------------------------------------------------------
$ 16.1875 3.83% 7.64% $ 520,148 1.22% 8.28% .78% 5.26% 1.21%
16.6250 1.37 (.72) 516,062 1.14 7.26 .78 4.98 1.13
17.3750 13.29 9.65 503,000 1.12 7.34 .78 5.12 1.12
16.2500 15.19 10.74 489,961 1.14 7.69 .79 5.31 1.14
15.0000 12.32 7.89 475,498 1.15 7.83 .79 5.37 1.15
-----------------------------------------------------------------------------------------------------------------------------
13.7500 (2.18) 10.80 498,326 1.24 7.93 .78 4.99 .75
15.0000 .96 (5.99) 486,367 .93* 5.06* .73* 3.99* .55*
=============================================================================================================================
Ratios/Supplemental Data Municipal Auction Rate Cumulative
----------------------------------------------------
After Credit/Reimbursement*** Preferred Stock at End of Year
------------------------------------- ----------------------------------------
Ratio of Net Ratio of Net
Investment Ratio of Investment
Income to Expenses Income to
Average to Average Average
Net Assets Total Total Aggregate Liquidation
Applicable Net Assets Net Assets Portfolio Amount and Market Asset
to Common Including Including Turnover Outstanding Value Coverage
Shares++ Preferred++ Preferred++ Rate (000) Per Share Per Share
-----------------------------------------------------------------------------------------------
8.29% .77% 5.27% 21% $ 185,000 $25,000 $70,290
7.26 .78 4.99 11 185,000 25,000 69,738
7.34 .78 5.12 11 150,000 25,000 83,833
7.69 .79 5.31 8 150,000 25,000 81,660
7.83 .79 5.37 6 150,000 25,000 79,250
-----------------------------------------------------------------------------------------------
8.43 .47 5.30 25 175,000 25,000 71,189
5.45* .43* 4.29* 8 175,000 25,000 69,481
================================================================================================
</TABLE>
* Annualized.
** Total Investment Return on Market Value is the combination of reinvested
dividend income, reinvested capital gains distributions, if any, and
changes in stock price per share. Total Return on Net Asset Value is the
combination of reinvested dividend income, reinvested capital gains
distributions, if any, and changes in net asset value per share. Total
returns are not annualized.
*** After custodian fee credit and expense reimbursement, where applicable.
+ The amounts shown are based on Common share equivalents.
++ Ratios do not reflect the effect of dividend payments to preferred
shareholders; income ratios reflect income earned on assets attributable to
Preferred Shares, if applicable.
+++ The amounts shown include distributions in excess of capital gains of $.007
for Common shareholders and $.002 for Preferred shareholders.
(a) For the period May 26, 1999 (commencement of operations) through August 31,
1999.
See accompanying notes to financial statements.
<PAGE>
NUVEEN MAKES REINVESTING EASY. A PHONE CALL IS ALL IT TAKES TO SET UP YOUR
REINVESTMENT ACCOUNT.
Build Your Wealth
AUTOMATICALLY
NUVEEN EXCHANGE-TRADED FUNDS DIVIDEND REINVESTMENT PLAN
Your Nuveen Exchange-Traded Fund allows you to conveniently reinvest dividends
and/or capital gains distributions in additional fund shares. By choosing to
reinvest, you'll be able to invest money regularly and automatically, and watch
your investment grow through the power of tax-free compounding. Just like
dividends or distributions in cash, there may be times when income or capital
gains taxes may be payable on dividends or distributions that are reinvested. It
is important to note that an automatic reinvestment plan does not ensure a
profit, nor does it protect you against loss in a declining market.
EASY AND CONVENIENT
To make recordkeeping easy and convenient, each month you'll receive a statement
showing your total dividends and distributions, the date of investment, the
shares acquired and the price per share, and the total number of shares you own.
HOW SHARES ARE PURCHASED
The shares you acquire by reinvesting will either be purchased on the open
market or newly issued by the Fund. If the shares are trading at or above net
asset value at the time of valuation, the Fund will issue new shares at the
then-current market price. If the shares are trading at less than net asset
value, shares for your account will be purchased on the open market. Dividends
and distributions received to purchase shares in the open market will normally
be invested shortly after the dividend payment date. No interest will be paid on
dividends and distributions awaiting reinvestment. Because the market price of
shares may increase before purchases are completed, the average purchase price
per share may exceed the market price at the time of valuation, resulting in the
acquisition of fewer shares than if the dividend or distribution had been paid
in shares issued by the Fund. A pro rata portion of any applicable brokerage
commissions on open market purchases will be paid by Plan participants. These
commissions usually will be lower than those charged on individual transactions.
FLEXIBILITY
You may change your distribution option or withdraw from the Plan at any time,
should your needs or situation change. Should you withdraw, you can receive a
certificate for all whole shares credited to your reinvestment account and cash
payment for fractional shares, or cash payment for all reinvestment account
shares, less brokerage commissions and a $2.50 service fee.
You can reinvest whether your shares are registered in your name, or in the name
of a brokerage firm, bank, or other nominee. Ask your investment advisor if his
or her firm will participate on your behalf. Participants whose shares are
registered in the name of one firm may not be able to transfer the shares to
another firm and continue to participate in the Plan.
The Fund reserves the right to amend or terminate the Plan at any time. Although
the Fund reserves the right to amend the Plan to include a service charge
payable by the participants, there is no direct service charge to participants
in the Plan at this time. For more information on the Nuveen Automatic
Reinvestment Plan or to enroll in or withdraw from the Plan, speak with your
financial adviser or call us at (800) 257-8787.
<PAGE>
Fund
INFORMATION
BOARD OF DIRECTORS/TRUSTEES
Robert P. Bremner
Lawrence H. Brown
Anne E. Impellizzeri
Peter R. Sawers
William J. Schneider
Timothy R. Schwertfeger
Judith M. Stockdale
FUND MANAGER
Nuveen Advisory Corp.
333 West Wacker Drive
Chicago, IL 60606
CUSTODIAN, TRANSFER AGENT
AND SHAREHOLDER SERVICES
The Chase Manhattan Bank
4 New York Plaza
New York, NY 10004-2413
(800) 257-8787
LEGAL COUNSEL
Morgan, Lewis &
Bockius LLP
Washington, D.C.
INDEPENDENT AUDITORS
Ernst & Young LLP
Chicago, IL
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 sharesw
were repurchased during the 12-month period ended August 31, 2000. Any future
repurchases will be reported to shareholders in the next annual or semiannual
report.
<PAGE>
Serving Investors
FOR GENERATIONS
Photo:
John Nuveen, Sr.
For over a century, generations of Americans have relied on Nuveen Investments
to help them grow and keep the money they've earned. Financial advisors,
investors and their families have associated Nuveen Investments with quality,
expertise and dependability since 1898. That is why financial advisors have
entrusted the assets of more than 1.3 million investors to Nuveen.
With the know-how that comes from a century of experience, Nuveen continues to
build upon its reputation for quality. Now, financial advisors and investors can
count on Nuveen Investments to help them design customized solutions that meet
the far-reaching financial goals unique to family wealth strategies - solutions
that can translate into legacies.
To find out more about how Nuveen Investments' products
and services can help you preserve your financial security, talk with your
financial advisor, or call us at (800) 257-8787 for more information, including
a prospectus where applicable. Please read that information carefully before you
invest.
Nuveen Investments o 333 West Wacker Drive FAN-1-8-00
Chicago, IL 60606 o www.nuveen.com
