UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-5235
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Nuveen California Municipal Value Fund, Inc.
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(Exact name of registrant as specified in charter)
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
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(Address of principal executive offices) (Zip code)
Jessica R. Droeger
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
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(Name and address of agent for service)
Registrant's telephone number, including area code: (312) 917-7700
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Date of fiscal year end: August 31
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Date of reporting period: February 29, 2004
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Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. REPORTS TO STOCKHOLDERS.
Nuveen Investments
Municipal Closed-End
Exchange-Traded
Funds
SEMIANNUAL REPORT February 29, 2004
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
Photo of: Man holding up small boy.
Photo of: 2 women with 2 girls looking at seashells.
DEPENDABLE,
TAX-FREE INCOME
BECAUSE
IT'S NOT WHAT YOU EARN,
IT'S WHAT YOU KEEP.(R)
Logo: NUVEEN Investments
FASTER INFORMATION
RECEIVE YOUR
NUVEEN FUND REPORT
ELECTRONICALLY
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Registering is easy and only takes a few minutes (see instructions at right).
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WHAT IF I CHANGE MY MIND AND WANT TO RECEIVE INVESTOR MATERIALS THROUGH REGULAR
MAIL DELIVERY AGAIN?
If you decide you do not like receiving your reports electronically, it's a
simple process to go back to regular mail delivery.
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IF YOUR NUVEEN FUND DIVIDENDS AND STATEMENTS
COME FROM YOUR FINANCIAL ADVISOR OR BROKERAGE ACCOUNT,
FOLLOW THE STEPS OUTLINED BELOW:
1 Go to WWW.INVESTORDELIVERY.COM and follow the simple instructions, using
the address sheet that accompanied this report as a guide.
2 You'll be taken to a page with several options. Select the NEW
ENROLLMENT-CREATE screen and follow the simple instructions.
3 Click Submit. Confirm the information you just entered is correct, then
click Submit again.
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back through these steps to make sure all the information is correct.
5 Use this same process if you need to change your registration information
or cancel internet viewing.
IF YOUR NUVEEN FUND DIVIDENDS AND STATEMENTS
COME DIRECTLY TO YOU FROM NUVEEN,
FOLLOW THE STEPS OUTLINED BELOW:
1 Go to WWW.NUVEEN.COM
2 Select ACCESS YOUR ACCOUNT. Select the E-REPORT ENROLLMENT section. Click
on Enrollment Today.
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e-mail address. Fill in this information, then click Enroll.
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back through these steps to make sure all the information is correct.
5 Use this same process if you need to change your registration information
or cancel internet viewing.
Logo: NUVEEN Investments
Timothy R. Schwertfeger
Chairman of the Board
Photo of: Timothy R. Schwertfeger
Sidebar text: WE THINK THAT MUNICIPAL BOND INVESTMENTS LIKE YOUR NUVEEN FUND CAN
BE IMPORTANT BUILDING BLOCKS IN A WELL-BALANCED PORTFOLIO.
Dear
SHAREHOLDER
By coincidence, this letter is dated April 15 - the one day every year when the
value of tax-free income may be the most obvious.
So on this date in particular, I am very pleased to report that for the period
ended February 29, 2004, your Nuveen California Fund continued to provide you
with attractive monthly tax-free income.
While tax-free income always is welcome, many of you may have begun to wonder
whether interest rates will rise, and whether that possibility should cause you
to adjust your holdings of tax-free municipal bond investments. We believe that
these are questions that should be thought through with a focus on your
long-term financial goals and not on day-to-day market movements. By maintaining
a carefully balanced portfolio with the help of a trusted investment
professional, you may be able to reduce your overall investment risk over the
long term, and give yourself a better chance to meet your ultimate financial
goals. We think that municipal bond investments like your Nuveen Fund can be
important building blocks in a well-balanced portfolio - not only on April 15,
but on every other day of the year as well.
As you read through this report, please don't skip the inside front cover. I
urge you to consider receiving future Fund reports and other Fund information by
e-mail and the Internet. Not only will you be able to receive the information
faster, but this also may help lower your Fund's expenses. Sign up is quick and
easy.
Since 1898, Nuveen Investments has offered financial products and solutions that
incorporate careful research, diversification and the application of
conservative risk-management principles. We are grateful that you have chosen us
as a partner as you pursue your financial goals. We look forward to continuing
to earn your trust in the months and years ahead.
Sincerely,
/s/ Timothy R. Schwertfeger
Timothy R. Schwertfeger
Chairman of the Board
April 15, 2004
1
Nuveen California Municipal Closed-End Exchange-Traded Funds
(NCA, NCP, NCO, NQC, NVC, NUC)
Portfolio Manager's
COMMENTS
Portfolio manager Scott Romans reviews national and state economic and market
conditions, key investment strategies, and the six-month performance of Funds.
Scott, who joined Nuveen in 2000, assumed portfolio management responsibility
for these six Funds in January 2003.
WHAT FACTORS AFFECTED THE NATIONAL ECONOMY AND MUNICIPAL MARKET DURING THE
SIX-MONTH REPORTING PERIOD ENDED FEBRUARY 29, 2004?
During this reporting period, the greatest influences on the national economy
and the municipal market continued to be historically low interest rates, little
movement in the reported rate of inflation, and growing evidence of economic
improvement. Since its last credit easing in June 2003, the Federal Reserve has
maintained the fed funds rate at 1.0%, the lowest level since 1958. This
accommodative monetary policy helped to spur economic growth of 4.1%
(annualized) in the fourth quarter of 2003, bringing the growth in the gross
domestic product (GDP) for all of 2003 to a solid 3.1%. Over the six-month
reporting period, inflation remained under control, with the increase in the
core CPI averaging 1.2% year-over-year.
In this generally favorable environment, many municipal bonds performed well
during the six months ended February 29, 2004. Although municipal supply
nationally in 2003 reached $382.7 billion, breaking the record set in 2002,
issuance slowed somewhat during the last half of 2003. Tighter supply continued
into the first two months of 2004, with national issuance totaling $42.5
billion, a decrease of 26% from January-February 2003. For the entire six-month
period ended February 2004, we saw $26 billion less in new bonds coming to
market than in the preceding six months.
HOW WERE ECONOMIC AND MARKET CONDITIONS IN CALIFORNIA?
Despite a period of enormous political and financial uncertainty, California
generally managed to track the national economic recovery over the six months
ended February 29, 2004. While the state economy remained hindered by the slow
recovery of the technology sector, a strong housing market helped to fuel growth
in construction, financial services (driven by demand for mortgage financing),
and consumer spending. Increased defense spending also had positive implications
for the state's aerospace industry. In addition, California's $100 billion
export industry, covering agricultural, computer, and electronic products, was
aided by the decline in the U.S. dollar. In general, the Bay Area and Silicon
Valley remained the weakest areas in the aftermath of the technology downturn,
while other parts of the state, especially Riverside County in southern
California, showed stronger economic growth. Although the state continued to
lose jobs in the government, manufacturing, and business services sectors, the
educational and health services, the leisure and hospitality and construction
industries all experienced recent gains.
Following the October 2003 governor's recall election, attention turned to
developing potential solutions to the state's fiscal crisis. Legal challenges to
two bond proposals ($1.9 billion in pension obligation bonds and $10.7 billion
in fiscal recovery bonds) caused both Moody's and Fitch to downgrade
California's general obligation debt to Baa1/BBB from A3/A in December 2003.
Standard
2
& Poor's, which had downgraded the state in July 2003, kept its rating at BBB,
and all three agencies maintained negative outlooks for the state. In January
2004, the governor proposed a $79 billion budget for fiscal 2005. The budget
proposal avoids tax increases, and includes expenditure cuts and spending
deferrals, among other measures. To take effect, this budget must be passed by a
two-thirds legislative majority before June 30, 2004. We believe a punctual
budget agreement would send a strong positive signal to investors, facilitate
the issuance of future bonds at more cost-effective yields for the state, and
strengthen California's credit outlook.
On March 2, 2004 (following the close of this reporting period), California
voters approved the issuance of $15 billion in economic recovery bonds (ERBs),
as well as a resolution calling for future limits on spending and borrowing.
Moody's and S&P subsequently revised their outlooks for California to stable and
positive, respectively.
California in 2003, continued to rank as the nation's largest issuer of
municipal bonds, with $57.9 billion in new bonds up 18% over 2002. In the first
two months of 2004, however, supply fell 57% from January-February 2003 levels,
as state issuance totaled $5.4 billion. This decline was due primarily to delays
while issuing authorities waited for the outcome of the March 2004 referenda.
IN THIS ENVIRONMENT, WHAT KEY STRATEGIES WERE USED TO MANAGE THESE FUNDS DURING
THE SIX MONTHS ENDED FEBRUARY 29, 2004?
Over this reporting period, our major focus continued to be on careful
management of the Funds' durations1 as a way to mitigate some of the inherent
interest rate risk within each Fund's portfolio and become better positioned to
produce potentially more consistent returns over time. Interest rate risk is the
risk that the value of a Fund's portfolio will decline if market interest rates
rise (since bond prices move in the opposite direction of interest rates). The
longer the duration of a Fund's portfolio, the greater its interest rate risk.
Overall, we were able to shorten the durations of all of these Funds during the
course of the six-month period.
Given the steepness of the municipal bond yield curve during this period, the
majority of our purchase activity focused on finding securities in the
long-intermediate part of the yield curve (i.e., bonds that mature in 15 to 20
years). In many cases, bonds in this part of the curve offered yields similar to
those of longer-term bonds and less inherent interest rate risk.
As noted earlier, the supply of new issue municipal bonds in California began to
soften during the course of this six-month reporting period. This presented some
challenges in finding issues that we believed had the potential to add value and
carried the types of structures and features we prefer. In all of these Funds,
one of our strategies over the longer term centered on purchasing and selling
California general obligation bonds (GOs) to take advantage of general market
moves. In February 2004, we bought part of the $2 billion issuance of state GOs
for each of these Funds with the goal of modestly increasing their GO holdings.
As the state continues to work its way out of its current credit problems, we
anticipate that the yield spreads on these bonds relative to national AAA
credits with similar maturities may narrow. If this occurs, it may provide us
with the opportunity to sell some of these GO holdings at attractive prices in
the future.
1 Duration is a measure of a Fund's NAV volatility in reaction to interest rate
movements. Fund duration, also known as leverage-adjusted duration, takes into
account the leveraging process for a 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.
3
HOW DID THE FUNDS PERFORM?
Individual results for these California Funds, as well as for relevant
benchmarks, are presented in the accompanying table.
TOTAL RETURNS ON NET ASSET VALUE
For periods ended 2/29/04
(6-mo. cumulative, all others annualized)
6-MO. 1-YR. 5-YR. 10-YR.
--------------------------------------------------
NCA 7.67% 6.78% 5.48% 5.77%
--------------------------------------------------
NCP 11.28% 9.59% 6.69% 6.71%
--------------------------------------------------
NCO 11.71% 9.94% 6.39% 6.65%
--------------------------------------------------
NQC 10.18% 8.00% 6.59% 6.65%
--------------------------------------------------
NVC 10.99% 9.20% 6.87% 6.92%
--------------------------------------------------
NUC 11.29% 9.35% 6.34% 6.93%
--------------------------------------------------
Lehman Brothers CA
Tax-Exempt Municipal
Bond Index2 6.97% 6.17% 5.85% 6.40%
--------------------------------------------------
Lipper CA Municipal
Debt Funds category
average3 11.51% 9.11% 6.32% 6.67%
--------------------------------------------------
Past performance is not predictive of future results.
For additional information, see the individual Performance Overview for your
Fund in this report.
For the six months ended February 29, 2004, the total returns of all six of the
Funds in this report outperformed the Lehman Brothers California Tax-Exempt
Municipal Bond Index. NCP, NCO, NQC, NVC and NUC are all leveraged, and this was
the primary factor that influenced their six-month cumulative returns relative
to both the unmanaged, unleveraged Lehman California index and NCA, the one
unleveraged Fund covered here. While leveraging can add volatility to net asset
value and share price, this strategy also can provide opportunities for
additional income and total return for common shareholders during periods of low
or falling interest rates, which was the case during this relatively short
reporting period.
In addition to leverage, the returns of all six of these Funds were helped by
the Funds' holdings of bonds backed by revenues from the 1998 master tobacco
settlement agreement. During the reporting period, in the wake of some favorable
legal developments, the market took a more optimistic view of these securities.
As a result, over the six-month period, tobacco bonds generally appreciated. In
NQC, however, we had sold some tobacco holdings in August 2003 as part of an
effort to minimize capital gains distributions and enhance the Fund's long-term
tax position. This reduced allocation to tobacco bonds hindered this Fund's
ability to benefit fully from the price appreciation within this sector over the
reporting period.
In addition, NCA benefited during the six-month reporting period from the
performance of its toll road and water and sewer bond positions, and from its
relatively large holding of BBB rated bonds, which performed well in the
period's falling interest rate environment. NCP and NCO both were helped by
their industrial revenue bond and toll road holdings. NQC benefited from some of
its holdings in long-term care facilities, but saw some of its healthcare and
public power bonds underperform the market over the reporting period. NVC's
performance was helped by its toll road position, but the Fund had a relatively
short duration over much of the reporting period, which constrained its
performance during a period that tended to favor longer duration investments.
NUC benefited from its toll road bonds.
WHAT ABOUT THE FUNDS' DIVIDENDS AND SHARE PRICES?
With short-term interest rates remaining at historically low levels, the
dividend-paying capabilities of NCP, NCO, NQC, NVC, and NUC benefited from their
leveraged structure over the six months ended February 29, 2004. The extent of
2 The Lehman Brothers California Tax-Exempt Municipal Bond Index is an
unleveraged, unmanaged index comprised of a broad range of investment-grade
California municipal bonds. Results for the Lehman index do not reflect any
expenses.
3 The Lipper California Municipal Debt Funds category average for periods shown
is calculated using all the California leveraged and unleveraged closed-end
exchange-traded funds in the Lipper peer group for the respective periods.
Lipper returns assume reinvestment of dividends.
4
this benefit is tied in part to the short-term rates the Funds pay their
MuniPreferred(R) shareholders. During periods of low short-term rates, the Funds
generally pay relatively low dividends to their MuniPreferred shareholders,
which can leave more earnings to support common share dividends. Continued low
short-term rates enabled us to increase NCO's dividend in December 2003, in
addition to a dividend increase implemented just before the start of this
six-month reporting period. NVC raised its dividend in September 2003. Leverage
also helped to support the dividends of NCP, NQC, and NUC, which (as of February
29, 2004) had offered shareholders 39, 51, and 45 consecutive months of steady
or increasing dividends, respectively. The one unleveraged Fund, NCA, had
reduced its dividend at the start of the period due to the reinvestment of bond
call proceeds at lower interest rates.
All of these Funds seek to pay stable dividends at rates that reflect each
Fund's past results and projected future performance. During certain periods,
each Fund may pay dividends at a rate that may be more or less than the amount
of net investment income actually earned by the Fund during the period. If a
Fund has cumulatively earned more than it has paid in dividends, it holds the
excess in reserve as undistributed net investment income (UNII) as part of the
Fund's net asset value. Conversely, if a Fund has cumulatively paid dividends in
excess of its earnings, the excess constitutes negative UNII that is likewise
reflected in the Fund's NAV. Each Fund will, over time, pay all of its net
investment income as dividends to shareholders. As of February 29, 2004, all of
the Funds in this report had positive UNII.
As of February 29, 2004, all six Funds were trading at discounts to their common
share NAVs (see charts on individual Performance Overview pages).
HOW WERE THE FUNDS POSITIONED IN TERMS OF CREDIT QUALITY AND BOND CALLS AS OF
FEBRUARY 29, 2004?
We believed that, given the current geopolitical and economic climate,
maintaining strong credit quality was a vital requirement. As of February 29,
2004, these Nuveen Funds offered excellent credit quality, with allocations of
bonds rated AAA/U.S. guaranteed and AA ranging from 57% in NCA to 67% in NUC,
69% in NVC, 72% in NCO, 75% in NCP and 77% in NQC. At the same time, all of
these Funds had modest increases in their holdings rated BBB or lower over the
course of the reporting period, due in part to the downgrade of California
general obligation bonds by Moody's in December 2003.
Looking at bond calls, potential exposure as of February 29, 2004, during
2004-2005 ranged from 11% in NCA to 12% in NUC, 13% in NCP, NQC and NVC, and 16%
in NCO. The number of actual bond calls in all of these Funds will depend
largely on market interest rates.
In general, we believe that these Funds continued to serve as attractive sources
of tax-free income, while simultaneously offering the potential for beneficial
portfolio diversification. In our opinion, the Funds represent a quality
component of a well-balanced core investment portfolio that can continue to
benefit shareholders over time.
5
Nuveen California Municipal Value Fund, Inc.
Performance
OVERVIEW As of February 29, 2004
NCA
Pie Chart:
CREDIT QUALITY
AAA/U.S. Guaranteed 55%
AA 2%
A 8%
BBB 25%
NR 9%
BB or lower 1%
FUND SNAPSHOT
--------------------------------------------------
Share Price $9.95
--------------------------------------------------
Common Share Net Asset Value $10.37
--------------------------------------------------
Premium/(Discount) to NAV -4.05%
--------------------------------------------------
Market Yield 4.82%
--------------------------------------------------
Taxable-Equivalent Yield1 7.36%
--------------------------------------------------
Net Assets ($000) $261,678
--------------------------------------------------
Average Effective Maturity (Years) 19.62
--------------------------------------------------
Duration 6.34
--------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN (Inception 10/07/87)
--------------------------------------------------
ON SHARE PRICE ON NAV
--------------------------------------------------
1-Year 6.60% 6.78%
--------------------------------------------------
5-Year 5.58% 5.48%
--------------------------------------------------
10-Year 4.71% 5.77%
--------------------------------------------------
TOP FIVE SECTORS (as a % of total investments)
--------------------------------------------------
Tax Obligation/Limited 34%
--------------------------------------------------
Tax Obligation/General 14%
--------------------------------------------------
U.S. Guaranteed 12%
--------------------------------------------------
Healthcare 10%
--------------------------------------------------
Housing/Multifamily 7%
--------------------------------------------------
Bar Chart:
2003-2004 MONTHLY TAX-FREE DIVIDENDS PER SHARE2
Mar 0.0415
Apr 0.0415
May 0.0415
Jun 0.0415
Jul 0.0415
Aug 0.0415
Sep 0.04
Oct 0.04
Nov 0.04
Dec 0.04
Jan 0.04
Feb 0.04
Line Chart:
SHARE PRICE PERFORMANCE
3/1/03 9.9
10
9.7
9.55
9.89
9.62
9.6
9.69
9.5
9.58
9.78
9.92
9.98
10.12
10.02
10.03
10.01
9.83
9.59
8.96
9.2
9.22
9.1
9.1
9.22
9.17
9.23
9.25
9.34
9.14
9.22
9.23
9.28
9.19
9.2
9.27
9.34
9.26
9.35
9.28
9.22
9.36
9.49
9.47
9.51
9.66
9.85
9.85
2/29/04 9.95
Weekly Closing Price
Past performance is not predictive of future results.
1 Taxable-equivalent yield represents the yield that must be earned on a fully
taxable investment in order to equal the yield of the Fund on an after-tax
basis. It is based on a combined federal and state income tax rate of 34.5%.
For investments that generate qualified dividend income, the
taxable-equivalent yield is lower.
2 The Fund also paid shareholders capital gains and net ordinary income
distributions in December 2003 of $0.0726 per share.
6
Nuveen California Performance Plus Municipal Fund, Inc.
Performance
OVERVIEW As of February 29, 2004
NCP
Pie Chart:
CREDIT QUALITY
AAA/U.S. Guaranteed 66%
AA 9%
A 9%
BBB 14%
NR 2%
FUND SNAPSHOT
--------------------------------------------------
Share Price $14.90
--------------------------------------------------
Common Share Net Asset Value $15.91
--------------------------------------------------
Premium/(Discount) to NAV -6.35%
--------------------------------------------------
Market Yield 6.24%
--------------------------------------------------
Taxable-Equivalent Yield1 9.53%
--------------------------------------------------
Net Assets Applicable to
Common Shares ($000) $206,262
--------------------------------------------------
Average Effective Maturity (Years) 17.94
--------------------------------------------------
Leverage-Adjusted Duration 9.58
--------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN (Inception 11/15/89)
--------------------------------------------------
ON SHARE PRICE ON NAV
--------------------------------------------------
1-Year 10.79% 9.59%
--------------------------------------------------
5-Year 3.42% 6.69%
--------------------------------------------------
10-Year 5.97% 6.71%
--------------------------------------------------
TOP FIVE SECTORS (as a % of total investments)
--------------------------------------------------
Transportation 22%
--------------------------------------------------
Tax Obligation/Limited 17%
--------------------------------------------------
Tax Obligation/General 16%
--------------------------------------------------
Utilities 13%
--------------------------------------------------
Water and Sewer 8%
--------------------------------------------------
Bar Chart:
2003-2004 MONTHLY TAX-FREE DIVIDENDS PER SHARE2
Mar 0.0775
Apr 0.0775
May 0.0775
Jun 0.0775
Jul 0.0775
Aug 0.0775
Sep 0.0775
Oct 0.0775
Nov 0.0775
Dec 0.0775
Jan 0.0775
Feb 0.0775
Line Chart:
SHARE PRICE PERFORMANCE
3/1/03 14.35
14.4
14.39
14.15
14.56
14.61
14.59
14.74
14.7
14.8
14.84
15.31
15.41
15.33
15.15
15.2
15.22
15.15
14.38
13.75
14.19
13.97
14.01
13.9
14.1
14.18
14.51
14.44
14.56
14.51
14.48
14.46
14.77
14.68
15.01
14.94
14.8
14.63
14.55
14.72
14.75
14.81
15.05
15.04
14.78
14.89
14.91
14.8
2/29/04 14.9
Weekly Closing Price
Past performance is not predictive of future results.
1 Taxable-equivalent yield represents the yield that must be earned on a fully
taxable investment in order to equal the yield of the Fund on an after-tax
basis. It is based on a combined federal and state income tax rate of 34.5%.
For investments that generate qualified dividend income, the
taxable-equivalent yield is lower.
2 The Fund also paid shareholders capital gains and net ordinary income
distributions in December 2003 of $0.0287 per share.
7
Nuveen California Municipal Market Opportunity Fund, Inc.
Performance
OVERVIEW As of February 29, 2004
NCO
Pie Chart:
CREDIT QUALITY
AAA/U.S. Guaranteed 57%
AA 15%
A 9%
BBB 14%
NR 3%
BB or lower 2%
FUND SNAPSHOT
--------------------------------------------------
Share Price $15.16
--------------------------------------------------
Common Share Net Asset Value $16.00
--------------------------------------------------
Premium/(Discount) to NAV -5.25%
--------------------------------------------------
Market Yield 6.25%
--------------------------------------------------
Taxable-Equivalent Yield1 9.54%
--------------------------------------------------
Net Assets Applicable to
Common Shares ($000) $130,458
--------------------------------------------------
Average Effective Maturity (Years) 18.70
--------------------------------------------------
Leverage-Adjusted Duration 9.86
--------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN (Inception 5/17/90)
--------------------------------------------------
ON SHARE PRICE ON NAV
--------------------------------------------------
1-Year 13.24% 9.94%
--------------------------------------------------
5-Year 3.49% 6.39%
--------------------------------------------------
10-Year 6.00% 6.65%
--------------------------------------------------
TOP FIVE SECTORS (as a % of total investments)
--------------------------------------------------
Tax Obligation/Limited 20%
--------------------------------------------------
Tax Obligation/General 20%
--------------------------------------------------
Transportation 18%
--------------------------------------------------
Water and Sewer 11%
--------------------------------------------------
Utilities 11%
--------------------------------------------------
Bar Chart:
2003-2004 MONTHLY TAX-FREE DIVIDENDS PER SHARE2
Mar 0.0755
Apr 0.0755
May 0.0755
Jun 0.0765
Jul 0.0765
Aug 0.0765
Sep 0.078
Oct 0.078
Nov 0.078
Dec 0.079
Jan 0.079
Feb 0.079
Line Chart:
SHARE PRICE PERFORMANCE
3/1/03 14.26
14.35
14.4
14.09
14.38
14.46
14.43
14.54
14.53
14.66
14.88
15.44
15.6
15.42
15.25
15.45
15.5
15.27
14.47
13.9
14.47
14.07
13.98
13.95
14.4
14.26
14.29
14.35
14.6
14.41
14.48
14.41
14.7
14.57
14.54
14.63
14.68
14.69
14.73
14.64
14.73
14.86
14.85
15
14.86
15.02
15.27
15.11
2/29/04 15.16
Weekly Closing Price
Past performance is not predictive of future results.
1 Taxable-equivalent yield represents the yield that must be earned on a fully
taxable investment in order to equal the yield of the Fund on an after-tax
basis. It is based on a combined federal and state income tax rate of 34.5%.
For investments that generate qualified dividend income, the
taxable-equivalent yield is lower.
2 The Fund also paid shareholders a net ordinary income distribution in December
2003 of $0.0070 per share.
8
Nuveen California Investment Quality Municipal Fund, Inc.
Performance
OVERVIEW As of February 29, 2004
NQC
Pie Chart:
CREDIT QUALITY
AAA/U.S. Guaranteed 67%
AA 10%
A 8%
BBB 12%
NR 1%
BB or lower 2%
FUND SNAPSHOT
--------------------------------------------------
Share Price $15.18
--------------------------------------------------
Common Share Net Asset Value $16.01
--------------------------------------------------
Premium/(Discount) to NAV -5.18%
--------------------------------------------------
Market Yield 6.28%
--------------------------------------------------
Taxable-Equivalent Yield1 9.59%
--------------------------------------------------
Net Assets Applicable to
Common Shares ($000) $217,415
--------------------------------------------------
Average Effective Maturity (Years) 17.96
--------------------------------------------------
Leverage-Adjusted Duration 8.09
--------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN (Inception 11/20/90)
--------------------------------------------------
ON SHARE PRICE ON NAV
--------------------------------------------------
1-Year 11.63% 8.00%
--------------------------------------------------
5-Year 4.20% 6.59%
--------------------------------------------------
10-Year 6.40% 6.65%
--------------------------------------------------
TOP FIVE SECTORS (as a % of total investments)
--------------------------------------------------
Tax Obligation/Limited 24%
--------------------------------------------------
Transportation 22%
--------------------------------------------------
Tax Obligation/General 14%
--------------------------------------------------
Education and Civic Organizations 10%
--------------------------------------------------
Utilities 7%
--------------------------------------------------
Bar Chart:
2003-2004 MONTHLY TAX-FREE DIVIDENDS PER SHARE2
Mar 0.0795
Apr 0.0795
May 0.0795
Jun 0.0795
Jul 0.0795
Aug 0.0795
Sep 0.0795
Oct 0.0795
Nov 0.0795
Dec 0.0795
Jan 0.0795
Feb 0.0795
Line Chart:
SHARE PRICE PERFORMANCE
3/1/03 14.6
14.78
14.87
14.72
14.85
14.87
14.93
15
15.06
15.26
15.35
15.68
15.85
15.83
15.88
15.74
15.6
15.48
14.65
14.45
14.62
14.27
14.45
14.61
14.62
14.54
14.67
14.61
14.7
14.54
14.59
14.72
14.85
14.68
14.77
14.81
14.9
14.83
14.76
14.83
14.7
14.86
14.98
15.07
15.02
15.06
15.05
15.11
2/29/04 15.18
Weekly Closing Price
Past performance is not predictive of future results.
1 Taxable-equivalent yield represents the yield that must be earned on a fully
taxable investment in order to equal the yield of the Fund on an after-tax
basis. It is based on a combined federal and state income tax rate of 34.5%.
For investments that generate qualified dividend income, the
taxable-equivalent yield is lower.
2 The Fund also paid shareholders capital gains and net ordinary income
distributions in December 2003 of $0.1159 per share.
9
Nuveen California Select Quality Municipal Fund, Inc.
Performance
OVERVIEW As of February 29, 2004
NVC
Pie Chart:
CREDIT QUALITY
AAA/U.S. Guaranteed 64%
AA 5%
A 13%
BBB 16%
NR 2%
FUND SNAPSHOT
--------------------------------------------------
Share Price $15.35
--------------------------------------------------
Common Share Net Asset Value $15.99
--------------------------------------------------
Premium/(Discount) to NAV -4.00%
--------------------------------------------------
Market Yield 6.29%
--------------------------------------------------
Taxable-Equivalent Yield1 9.60%
--------------------------------------------------
Net Assets Applicable to
Common Shares ($000) $369,223
--------------------------------------------------
Average Effective Maturity (Years) 19.34
--------------------------------------------------
Leverage-Adjusted Duration 8.38
--------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN (Inception 5/22/91)
--------------------------------------------------
ON SHARE PRICE ON NAV
--------------------------------------------------
1-Year 11.32% 9.20%
--------------------------------------------------
5-Year 4.91% 6.87%
--------------------------------------------------
10-Year 6.90% 6.92%
--------------------------------------------------
TOP FIVE SECTORS (as a % of total investments)
--------------------------------------------------
Tax Obligation/Limited 20%
--------------------------------------------------
Tax Obligation/General 17%
--------------------------------------------------
Transportation 13%
--------------------------------------------------
Utilities 13%
--------------------------------------------------
Healthcare 11%
--------------------------------------------------
Bar Chart:
2003-2004 MONTHLY TAX-FREE DIVIDENDS PER SHARE2
Mar 0.0795
Apr 0.0795
May 0.0795
Jun 0.0795
Jul 0.0795
Aug 0.0795
Sep 0.0805
Oct 0.0805
Nov 0.0805
Dec 0.0805
Jan 0.0805
Feb 0.0805
Line Chart:
SHARE PRICE PERFORMANCE
3/1/03 14.77
14.98
14.95
14.59
14.61
14.86
14.8
14.79
14.91
15.01
15.14
15.55
15.7
15.74
15.63
15.65
15.64
15.53
14.82
13.87
14.38
14.18
14
14.14
14.46
14.56
14.79
14.83
14.9
14.59
14.71
14.68
15
14.96
14.8
14.88
14.94
14.94
14.95
15.02
15
14.99
15.16
15.46
15.18
15.16
15.24
15.18
2/29/04 15.35
Weekly Closing Price
Past performance is not predictive of future results.
1 Taxable-equivalent yield represents the yield that must be earned on a fully
taxable investment in order to equal the yield of the Fund on an after-tax
basis. It is based on a combined federal and state income tax rate of 34.5%.
For investments that generate qualified dividend income, the
taxable-equivalent yield is lower.
2 The Fund also paid shareholders capital gains and net ordinary income
distributions in December 2003 of $0.0759 per share.
10
Nuveen California Quality Income Municipal Fund, Inc.
Performance
OVERVIEW As of February 29, 2004
NUC
Pie Chart:
CREDIT QUALITY
AAA/U.S. Guaranteed 63%
AA 4%
A 15%
BBB 14%
NR 2%
BB or lower 2%
FUND SNAPSHOT
--------------------------------------------------
Share Price $15.74
--------------------------------------------------
Common Share Net Asset Value $15.94
--------------------------------------------------
Premium/(Discount) to NAV -1.25%
--------------------------------------------------
Market Yield 6.33%
--------------------------------------------------
Taxable-Equivalent Yield1 9.66%
--------------------------------------------------
Net Assets Applicable to
Common Shares ($000) $350,603
--------------------------------------------------
Average Effective Maturity (Years) 19.06
--------------------------------------------------
Leverage-Adjusted Duration 9.81
--------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN (Inception 11/20/91)
--------------------------------------------------
ON SHARE PRICE ON NAV
--------------------------------------------------
1-Year 9.75% 9.35%
--------------------------------------------------
5-Year 4.73% 6.34%
--------------------------------------------------
10-Year 7.34% 6.93%
--------------------------------------------------
TOP FIVE SECTORS (as a % of total investments)
--------------------------------------------------
Tax Obligation/Limited 24%
--------------------------------------------------
Tax Obligation/General 15%
--------------------------------------------------
Education and Civic Organizations 13%
--------------------------------------------------
U.S. Guaranteed 11%
--------------------------------------------------
Utilities 10%
--------------------------------------------------
Bar Chart:
2003-2004 MONTHLY TAX-FREE DIVIDENDS PER SHARE2
Mar 0.083
Apr 0.083
May 0.083
Jun 0.083
Jul 0.083
Aug 0.083
Sep 0.083
Oct 0.083
Nov 0.083
Dec 0.083
Jan 0.083
Feb 0.083
Line Chart:
SHARE PRICE PERFORMANCE
3/1/03 15.36
15.47
15.27
15.14
15.49
15.29
15.25
15.26
15.27
15.49
15.55
15.97
16.44
16.62
16.4
16.04
16.04
15.75
15.34
14.54
15.05
14.54
14.73
14.67
14.92
14.85
15.12
15.1
15.07
14.99
15
15.09
15.24
15.19
15.08
15.18
15.27
15.25
15.33
15.31
15.52
15.53
15.62
15.73
15.54
15.61
15.63
15.62
2/29/04 15.74
Weekly Closing Price
Past performance is not predictive of future results.
1 Taxable-equivalent yield represents the yield that must be earned on a fully
taxable investment in order to equal the yield of the Fund on an after-tax
basis. It is based on a combined federal and state income tax rate of 34.5%.
For investments that generate qualified dividend income, the
taxable-equivalent yield is lower.
2 The Fund also paid shareholders capital gains and net ordinary income
distributions in December 2003 of $0.0657 per share.
11
Shareholder
MEETING REPORT
The Shareholder Meeting was held in Chicago, Illinois, on November 17, 2003.
NCA NCP NCO
------------------------------------------------------------------------------------------------------------------------------------
APPROVAL OF THE BOARD MEMBERS
WAS REACHED AS FOLLOWS:
Common and Common and
MuniPreferred MuniPreferred MuniPreferred MuniPreferred
shares voting shares voting shares voting shares voting
Common together together together together
shares as a class as a class as a class as a class
====================================================================================================================================
William E. Bennett
For 22,405,681 11,571,912 -- 7,290,320 --
Withhold 276,576 107,753 -- 74,241 --
------------------------------------------------------------------------------------------------------------------------------------
Total 22,682,257 11,679,665 -- 7,364,561 --
====================================================================================================================================
Robert P. Bremner
For 22,419,904 11,572,789 -- 7,292,984 --
Withhold 262,353 106,876 -- 71,577 --
------------------------------------------------------------------------------------------------------------------------------------
Total 22,682,257 11,679,665 -- 7,364,561 --
====================================================================================================================================
Lawrence H. Brown
For -- 11,571,146 -- 7,288,320 --
Withhold -- 108,519 -- 76,241 --
------------------------------------------------------------------------------------------------------------------------------------
Total -- 11,679,665 -- 7,364,561 --
====================================================================================================================================
Jack B. Evans
For 22,419,104 11,574,989 -- 7,296,264 --
Withhold 263,153 104,676 -- 68,297 --
------------------------------------------------------------------------------------------------------------------------------------
Total 22,682,257 11,679,665 -- 7,364,561 --
====================================================================================================================================
Anne E. Impellizzeri
For -- 11,571,746 -- 7,282,617 --
Withhold -- 107,919 -- 81,944 --
------------------------------------------------------------------------------------------------------------------------------------
Total -- 11,679,665 -- 7,364,561 --
====================================================================================================================================
William L. Kissick
For 22,395,543 11,572,156 -- 7,283,413 --
Withhold 286,714 107,509 -- 81,148 --
------------------------------------------------------------------------------------------------------------------------------------
Total 22,682,257 11,679,665 -- 7,364,561 --
====================================================================================================================================
Thomas E. Leafstrand
For 22,402,276 11,573,189 -- 7,287,027 --
Withhold 279,981 106,476 -- 77,534 --
------------------------------------------------------------------------------------------------------------------------------------
Total 22,682,257 11,679,665 -- 7,364,561 --
====================================================================================================================================
Peter R. Sawers
For -- 11,571,611 -- 7,279,913 --
Withhold -- 108,054 -- 84,648 --
------------------------------------------------------------------------------------------------------------------------------------
Total -- 11,679,665 -- 7,364,561 --
====================================================================================================================================
12
NCA NCP NCO
------------------------------------------------------------------------------------------------------------------------------------
APPROVAL OF THE BOARD MEMBERS
WAS REACHED AS FOLLOWS: (CONTINUED)
Common and Common and
MuniPreferred MuniPreferred MuniPreferred MuniPreferred
shares voting shares voting shares voting shares voting
Common together together together together
shares as a class as a class as a class as a class
====================================================================================================================================
William J. Schneider
For 22,418,404 -- 3,747 -- 2,391
Withhold 263,853 -- 14 -- 25
------------------------------------------------------------------------------------------------------------------------------------
Total 22,682,257 -- 3,761 -- 2,416
====================================================================================================================================
Timothy R. Schwertfeger
For -- -- 3,747 -- 2,391
Withhold -- -- 14 -- 25
------------------------------------------------------------------------------------------------------------------------------------
Total -- -- 3,761 -- 2,416
====================================================================================================================================
Judith M. Stockdale
For 22,412,815 11,565,954 -- 7,288,698 --
Withhold 269,442 113,711 -- 75,863 --
------------------------------------------------------------------------------------------------------------------------------------
Total 22,682,257 11,679,665 -- 7,364,561 --
====================================================================================================================================
Sheila W. Wellington
For 22,388,150 11,565,071 -- 7,274,403 --
Withhold 294,107 114,594 -- 90,158 --
------------------------------------------------------------------------------------------------------------------------------------
Total 22,682,257 11,679,665 -- 7,364,561 --
====================================================================================================================================
13
Shareholder
MEETING REPORT (continued)
NQC NVC NUC
------------------------------------------------------------------------------------------------------------------------------------
APPROVAL OF THE BOARD MEMBERS
WAS REACHED AS FOLLOWS:
Common and Common and Common and
MuniPreferred MuniPreferred MuniPreferred MuniPreferred MuniPreferred MuniPreferred
shares voting shares voting shares voting shares voting shares voting shares voting
together together together together together together
as a class as a class as a class as a class as a class as a class
====================================================================================================================================
William E. Bennett
For 12,252,304 -- 20,945,144 -- 20,232,039 --
Withhold 121,076 -- 212,817 -- 254,035 --
------------------------------------------------------------------------------------------------------------------------------------
Total 12,373,380 -- 21,157,961 -- 20,486,074 --
====================================================================================================================================
Robert P. Bremner
For 12,251,905 -- 20,949,999 -- 20,233,248 --
Withhold 121,475 -- 207,962 -- 252,826 --
------------------------------------------------------------------------------------------------------------------------------------
Total 12,373,380 -- 21,157,961 -- 20,486,074 --
====================================================================================================================================
Lawrence H. Brown
For 12,251,405 -- 20,947,649 -- 20,233,623 --
Withhold 121,975 -- 210,312 -- 252,451 --
------------------------------------------------------------------------------------------------------------------------------------
Total 12,373,380 -- 21,157,961 -- 20,486,074 --
====================================================================================================================================
Jack B. Evans
For 12,252,905 -- 20,946,999 -- 20,241,223 --
Withhold 120,475 -- 210,962 -- 244,851 --
------------------------------------------------------------------------------------------------------------------------------------
Total 12,373,380 -- 21,157,961 -- 20,486,074 --
====================================================================================================================================
Anne E. Impellizzeri
For 12,247,365 -- 20,935,724 -- 20,218,231 --
Withhold 126,015 -- 222,237 -- 267,843 --
------------------------------------------------------------------------------------------------------------------------------------
Total 12,373,380 -- 21,157,961 -- 20,486,074 --
====================================================================================================================================
William L. Kissick
For 12,251,605 -- 20,940,179 -- 20,231,499 --
Withhold 121,775 -- 217,782 -- 254,575 --
------------------------------------------------------------------------------------------------------------------------------------
Total 12,373,380 -- 21,157,961 -- 20,486,074 --
====================================================================================================================================
Thomas E. Leafstrand
For 12,250,105 -- 20,941,979 -- 20,232,574 --
Withhold 123,275 -- 215,982 -- 253,500 --
------------------------------------------------------------------------------------------------------------------------------------
Total 12,373,380 -- 21,157,961 -- 20,486,074 --
====================================================================================================================================
Peter R. Sawers
For 12,252,905 -- 20,941,929 -- 20,218,366 --
Withhold 120,475 -- 216,032 -- 267,708 --
------------------------------------------------------------------------------------------------------------------------------------
Total 12,373,380 -- 21,157,961 -- 20,486,074 --
====================================================================================================================================
14
NQC NVC NUC
------------------------------------------------------------------------------------------------------------------------------------
APPROVAL OF THE BOARD MEMBERS
WAS REACHED AS FOLLOWS: (CONTINUED)
Common and Common and Common and
MuniPreferred MuniPreferred MuniPreferred MuniPreferred MuniPreferred MuniPreferred
shares voting shares voting shares voting shares voting shares voting shares voting
together together together together together together
as a class as a class as a class as a class as a class as a class
====================================================================================================================================
William J. Schneider
For -- 4,066 -- 6,932 -- 6,431
Withhold -- 64 -- 9 -- 23
------------------------------------------------------------------------------------------------------------------------------------
Total -- 4,130 -- 6,941 -- 6,454
====================================================================================================================================
Timothy R. Schwertfeger
For -- 4,066 -- 6,932 -- 6,431
Withhold -- 64 -- 9 -- 23
------------------------------------------------------------------------------------------------------------------------------------
Total -- 4,130 -- 6,941 -- 6,454
====================================================================================================================================
Judith M. Stockdale
For 12,248,365 -- 20,932,644 -- 20,228,840 --
Withhold 125,015 -- 225,317 -- 257,234 --
------------------------------------------------------------------------------------------------------------------------------------
Total 12,373,380 -- 21,157,961 -- 20,486,074 --
====================================================================================================================================
Sheila W. Wellington
For 12,246,565 -- 20,923,667 -- 20,220,531 --
Withhold 126,815 -- 234,294 -- 265,543 --
------------------------------------------------------------------------------------------------------------------------------------
Total 12,373,380 -- 21,157,961 -- 20,486,074 --
====================================================================================================================================
15
Nuveen California Municipal Value Fund, Inc. (NCA)
Portfolio of
INVESTMENTS February 29, 2004 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 1.7%
$ 2,400 California County Tobacco Securitization Agency, Tobacco 6/12 at 100.00 Baa2 $ 2,161,848
Settlement Asset-Backed Bonds, Sonoma County Tobacco
Funding Corporation, Series 2002B, 5.500%, 6/01/30
2,500 Golden State Tobacco Securitization Corporation, California, 6/13 at 100.00 BBB 2,407,275
Tobacco Settlement Asset-Backed Bonds, Series 2003A-1,
6.250%, 6/01/33
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 1.0%
1,000 California Educational Facilities Authority, Revenue Bonds, 6/11 at 101.00 AAA 1,073,500
Stanford University, Series 2001Q, 5.250%, 12/01/32
1,500 California Statewide Community Development Authority, 12/06 at 105.00 N/R 1,517,370
Certificates of Participation, San Diego Space and Science
Foundation, Series 1996, 7.500%, 12/01/26
------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE - 9.6%
1,000 Arcadia, California, Hospital Revenue Bonds, Methodist 5/04 at 101.00 BBB+ 1,012,090
Hospital of Southern California, Series 1992,
6.500%, 11/15/12
12,000 California Health Facilities Financing Authority, Revenue 12/09 at 101.00 A3 13,017,840
Bonds, Cedars-Sinai Medical Center, Series 1999A,
6.125%, 12/01/30
4,000 California Statewide Community Development Authority, No Opt. Call AAA 4,335,080
Revenue Refunding Bonds, Sherman Oaks Project,
Series 1998A, 5.000%, 8/01/22 - AMBAC Insured
5,000 Central California Joint Powers Health Financing Authority, 2/10 at 101.00 BBB 5,208,600
Certificates of Participation, Community Hospitals of
Central California Obligated Group Project, Series 2000,
6.000%, 2/01/30
1,440 Stockton, California, Health Facility Revenue Bonds, 12/07 at 102.00 BBB+ 1,584,878
Dameron Hospital Association, Series 1997A,
5.300%, 12/01/08
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 6.9%
9,100 ABAG Finance Authority for Nonprofit Corporations, No Opt. Call BBB- 10,138,583
California, Multifamily Housing Revenue Refunding Bonds,
United Dominion/2000 Post Apartments, Series 2000B,
6.400%, 8/15/30 (Alternative Minimum Tax)
(Mandatory put 8/15/08)
2,610 California Statewide Community Development 7/09 at 102.00 N/R 2,527,054
Authority, Multifamily Housing Revenue Bonds, Harbor
City Lights Project, Series 1999Y, 6.650%, 7/01/39
(Alternative Minimum Tax)
5,000 California Statewide Community Development No Opt. Call BBB+ 5,332,700
Authority, Multifamily Housing Refunding Bonds,
Archstone Communities Trust, Archstone Pelican Point
Apartments, Series 1999H, 5.300%, 6/01/29
(Mandatory put 6/01/08)
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 0.4%
65 California Rural Home Mortgage Finance Authority, No Opt. Call Aaa 68,014
Single Family Mortgage Revenue Bonds, Mortgage-Backed
Securities Program, Series 1993A-2, 7.950%, 12/01/24
(Alternative Minimum Tax)
930 California Rural Home Mortgage Finance Authority, No Opt. Call AAA 964,401
Single Family Mortgage Revenue Bonds, Mortgage-Backed
Securities Program, Series 1997D, 6.700%, 5/01/29
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 3.0%
2,720 ABAG Finance Authority for Non-Profit Corporations, 10/07 at 102.00 BB+ 2,731,696
California, Certificates of Participation, American Baptist
Homes of the West Facilities Project, Series 1997A,
5.750%, 10/01/17
3,000 California Statewide Community Development Authority, 4/09 at 101.00 BBB- 3,108,120
Certificates of Participation, Internext Group, Series 1999,
5.375%, 4/01/17
2,000 Riverside County Public Financing Authority, California, 5/09 at 101.00 BBB- 2,093,260
Certificates of Participation, Air Force Village West,
Series 1999, 5.750%, 5/15/19
16
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 13.6%
$ 7,500 State of California, Various Purpose General Obligation 3/10 at 101.00 AAA $ 8,236,050
Bonds, 5.750%, 3/01/27 - MBIA Insured
6,500 California, General Obligation Bonds, Series 2003, 2/13 at 100.00 AAA 6,792,500
5.000%, 2/01/31 - MBIA Insured
California, General Obligation Bonds, Series 2004:
500 5.000%, 2/01/20 2/14 at 100.00 Baa1 519,215
5,200 5.000%, 2/01/21 2/14 at 100.00 Baa1 5,370,404
1,000 Fremont Unified School District, Alameda County, 8/12 at 101.00 AAA 1,078,280
California, General Obligation Bonds, Series 2002A,
5.000%, 8/01/21 - FGIC Insured
3,200 Los Angeles Unified School District, Los Angeles County, 7/13 at 100.00 AAA 3,417,696
California, General Obligation Bonds, Series 2003A,
5.000%, 7/01/22 - FSA Insured
1,845 Oakland Unified School District, Alameda County, 8/08 at 101.00 AAA 1,941,973
California, General Obligation Bonds, Series 2001,
5.125%, 8/01/21 - FSA Insured
1,970 Pleasant Valley School District, Ventura County, California, No Opt. Call AAA 2,394,653
General Obligation Refunding Bonds, Series 2002A,
5.850%, 2/01/23 - MBIA Insured
1,500 San Ramon Valley Unified School District, Contra 8/13 at 100.00 AAA 1,597,995
Costa County, California, General Obligation Bonds,
Series 2003, 5.000%, 8/01/23 - FSA Insured
2,325 Temecula Valley Unified School District, Riverside 9/06 at 102.00 AAA 2,645,246
County, California, General Obligation Bonds,
Series 1990F, 6.000%, 9/01/20 (Pre-refunded to 9/01/06) -
FSA Insured
1,460 West Contra Costa Unified School District, Contra 8/11 at 101.00 AAA 1,570,201
Costa County, California, General Obligation Bonds,
Series 2003B, 5.000%, 8/01/20 - FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 33.6%
Bell Community Redevelopment Agency, California,
Bell Redevelopment Area Tax Allocation Bonds,
Series 2003:
3,000 5.500%, 10/01/23 - RAAI Insured 10/13 at 100.00 AA 3,257,100
1,000 5.625%, 10/01/33 - RAAI Insured 10/13 at 100.00 AA 1,087,240
Burbank Redevelopment Agency, California, Tax Allocation
Bonds, Golden State Redevelopment Project, Series 2003:
1,700 5.625%, 12/01/28 - FGIC Insured 12/13 at 100.00 AAA 1,912,687
5,010 5.750%, 12/01/33 - FGIC Insured 12/13 at 100.00 AAA 5,733,344
2,400 Calexico Community Redevelopment Agency, California, 8/13 at 102.00 AAA 2,549,232
Merged Central Business and Residential District Project,
Tax Allocation Bonds, Series 2003C, 5.000%, 8/01/28 -
AMBAC Insured
9,000 California State Public Works Board, Lease Revenue 1/06 at 100.00 AAA 9,523,440
Bonds, Department of Corrections, State Substance Abuse
Treatment Facility and Corcoran II State Prison,
Series 1996A, 5.250%, 1/01/21 - AMBAC Insured
4,000 California State Public Works Board, Department of 11/09 at 101.00 AAA 4,387,320
Health Serices Lease Revenue Bonds, Series 1999A,
5.750%, 11/01/24 - MBIA Insured
2,000 Capistrano Unified School District, Ladera, California, 9/09 at 102.00 N/R 2,047,080
Special Tax Bonds, Community Facilities District 98-2,
Series 1999, 5.750%, 9/01/29
2,000 Cathedral City Public Financing Authority, California, 8/12 at 102.00 AAA 2,107,140
Tax Allocation Bonds, Merged Projects Area,
Series 2002A, 5.000%, 8/01/33 - MBIA Insured
3,025 Chino Unified School District, California, Certificates 9/05 at 102.00 AAA 3,291,230
of Participation, Master Lease Program, Series 1995,
6.000%, 9/01/20 - FSA Insured
2,800 California Commerce Community Development 8/07 at 102.00 N/R 2,887,948
Commission, Subordinate Lien Tax Allocation Refunding
Bonds, Redevelopment Project 1, Series 1997B,
6.000%, 8/01/21
2,000 Duarte Redevelopment Agency, California, Tax Allocation 9/07 at 102.00 N/R 2,180,480
Refunding Bonds, Amended Davis Addition Project Area,
Series 1997A, 6.700%, 9/01/14
Golden State Tobacco Securitization Corporation, California,
Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2003B:
3,800 5.500%, 6/01/33 6/13 at 100.00 Baa2 3,892,454
3,000 5.625%, 6/01/38 6/13 at 100.00 Baa2 3,091,380
2,750 Los Angeles County Schools Regionalized Business 9/13 at 100.00 AAA 2,900,067
Services Corporation, California, Certificates of
Participation, Los Angeles County School Pooled
Financing Program, Series 2003A, 5.000%, 9/01/28 -
FSA Insured
17
Nuveen California Municipal Value Fund, Inc. (NCA) (continued)
Portfolio of INVESTMENTS February 29, 2004 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 4,685 City of Milpitas, Santa Clara County, California, Limited 3/04 at 103.00 N/R $ 4,851,458
Obligation Improvement Bonds, Local Improvement
District No. 20, Series 1998A, 5.650%, 9/02/13
420 Oakland Redevelopment Agency, California, Subordinate 3/13 at 100.00 AAA 479,073
Lien Tax Allocation Bonds, Central District Redevelopment
Project, Series 2003, 5.500%, 9/01/18 - FGIC Insured
8,000 Palmdale Elementary School District, Los Angeles 8/09 at 101.00 AAA 9,227,840
County, California, Special Tax Bonds, Community
Facilities District 90-1, Series 1999, 5.800%, 8/01/29 -
FSA Insured
3,300 Puerto Rico Highway and Transportation Authority, 7/12 at 100.00 A 3,583,206
Highway Revenue Bonds, Series 2002D, 5.375%, 7/01/36
485 Riverside County, California, Subordinate Lien Mobile 4/04 at 100.00 N/R 431,509
Home Park Revenue Bonds, Bravo Mobile Home Park
Project, Series 1999B, 6.500%, 3/20/29
1,440 San Dimas Housing Authority, California, Mobile 7/08 at 102.00 N/R 1,369,051
Home Park Revenue Bonds, Charter Oak Mobile Home
Estates Acquisition Project, Series 1998A,
5.700%, 7/01/28
1,000 San Jose Redevelopment Agency, California, 8/04 at 102.00 AAA 1,022,550
Tax Allocation Bonds, Merged Area Redevelopment
Project, Series 1993, 5.000%, 8/01/20 - MBIA Insured
2,750 San Jose Financing Authority, California, Lease 9/11 at 100.00 AAA 2,959,412
Revenue Refunding Bonds, Convention Center Project,
Series 2001F, 5.000%, 9/01/20 - MBIA Insured
1,700 Shafter Joint Powers Financing Authority, California, 1/07 at 101.00 Baa1 1,833,620
Lease Revenue Bonds, Community Correctional Facility
Acquisition Project, Series 1997A, 5.950%, 1/01/11
1,000 Stockton, California, Revenue Bonds, Community 8/05 at 102.00 N/R 1,056,750
Facilities District 90-2, Brookside Estates, Series 1997A,
5.850%, 8/01/09
3,845 Ventura County Superintendent of Schools Office, 12/11 at 100.00 AAA 4,024,638
California, Certificates Participation, Series 2003,
5.000%, 12/01/27 - AMBAC Insured
3,000 Virgin Islands Public Finance Authority, Gross Receipts 10/10 at 101.00 BBB 3,441,720
Taxes Loan Notes, Series 1999A, 6.500%, 10/01/24
2,570 Vista Joint Powers Financing Authority, California, 9/05 at 102.00 N/R 2,637,000
Special Tax Lease Revenue Refunding Bonds,
Community Facilities District 90-2, Series 1997A,
5.875%, 9/01/20
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 5.4%
5,500 Foothill-Eastern Transportation Corridor Agency, California, 1/14 at 101.00 BBB- 4,268,770
Toll Road Refunding Revenue Bonds, Series 1999,
0.000%, 1/15/27
1,250 Fresno, California, Airport Revenue Bonds, Series 2000A, 7/10 at 101.00 AAA 1,383,425
5.500%, 7/01/30 - FSA Insured
3,000 Port of Oakland, California, Revenue Bonds, Series 1997G, 11/07 at 102.00 AAA 3,147,510
5.375%, 11/01/25 (Alternative Minimum Tax) - MBIA Insured
5,000 San Francisco City and County Airports Commission, 5/06 at 102.00 AAA 5,425,300
California, Revenue Bonds, San Francisco International
Airport, Series 2, Issue 10A, 5.625%, 5/01/21
(Alternative Minimum Tax) - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 12.1%
3,115 California Educational Facilities Authority, Revenue 6/10 at 101.00 Baa3*** 3,893,937
Bonds, Pooled College and University Projects,
Series 2000C, 6.750%, 6/01/30
2,065 Contra Costa County, California, GNMA Mortgage-Backed No Opt. Call AAA 3,037,904
Securities Program, Home Mortgage Revenue Bonds,
Series 1988, 8.250%, 6/01/21 (Alternative Minimum Tax)
2,500 Los Angeles Community Redevelopment Agency, 7/04 at 100.00 BBB*** 2,515,950
California, Tax Allocation Refunding Bonds, Central
Business District Redevelopment Project, Series 1987G,
6.750%, 7/01/10
4,808 Merced Irrigation District, California, Subordinated 3/08 at 102.00 AAA 5,893,983
Revenue Certificates of Participation, Electric System
Project, Series 2000, 7.450%, 3/01/18 (Pre-refunded
to 3/01/08)
8,565 Palmdale, California, GNMA Mortgage-Backed No Opt. Call AAA 4,914,683
Securities Program, Single Family Mortgage Revenue
Bonds, Series 1988A, 0.000%, 3/01/17
20,415 San Bernardino, County, California, Single Family No Opt. Call AAA 8,919,314
Mortgage Revenue Bonds, GNMA Mortgage-Backed
Securities, Series 1988A, 0.000%, 9/01/21
(Alternative Minimum Tax)
2,220 South Placer Wastewater Authority, California, 11/10 at 101.00 AAA 2,609,721
Wastewater Revenue Bonds, Series 2000A,
5.000%, 11/01/20 (Pre-refunded to 11/01/10) -
FGIC Insured
18
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 5.8%
$ 4,500 California Department of Water Resources, Power 5/12 at 101.00 A3 $ 4,815,810
Supply Revenue Bonds, Series 2002A, 5.125%, 5/01/18
3,000 California Statewide Community Development Authority, 12/04 at 102.00 N/R 2,671,650
Refunding Certificates of Participation, Rio Bravo Fresno
Project, Series 1999A, 6.300%, 12/01/18
500 Los Angeles Department of Water and Power, California, 7/13 at 100.00 AAA 536,825
Power System Revenue Bonds, Series 2003A-2,
5.000%, 7/01/21 - MBIA Insured
3,300 Merced Irrigation District, California, Revenue Refunding 9/05 at 102.00 Baa3 3,459,423
Bonds, Electric System Project, Series 2001,
6.850%, 9/01/36
3,470 Puerto Rico Industrial, Tourist, Educational, Medical, 6/10 at 101.00 Baa3 3,697,806
and Environmental Control Facilities Financing Authority,
Cogeneration Facility Revenue Bonds, Series 2000A,
6.625%, 6/01/26 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 6.3%
5,000 Castaic Lake Water Agency, California, Revenue 8/04 at 102.00 AAA 5,204,150
Refunding Certificates of Participation, Water System
Improvement Projects, Series 1994A, 6.300%, 8/01/20 -
MBIA Insured
500 Los Angeles County Sanitation Districts Financing 10/13 at 100.00 AAA 533,130
Authority, California, Capital Projects Revenue Bonds,
Senior Lien Series 2003A, 5.000%, 10/01/23 - FSA Insured
5,000 Orange County Sanitation District, California, 8/13 at 100.00 AAA 5,403,050
Certificates of Participation, Series 2003,
5.250%, 2/01/27 - FGIC Insured
1,580 San Diego County Water Authority, California, Water 5/12 at 101.00 AAA 1,667,343
Revenue Refunding Certificates of Participation,
Series 2002A, 5.000%, 5/01/26 - MBIA Insured
3,500 Woodbridge Irrigation District, California, Certificates 7/13 at 100.00 BBB+ 3,620,260
of Participation, Water Systems Project, Series 2003,
5.625%, 7/01/43
------------------------------------------------------------------------------------------------------------------------------------
$ 259,733 Total Long-Term Investments (cost $237,689,020) - 99.4% 260,232,435
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 0.6% 1,445,750
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 261,678,185
====================================================================================================================
(1) All percentages shown in the Portfolio of Investments
are based on net assets applicable to Common shares.
* Optional Call Provisions: Dates (month and year) and
prices of the earliest optional call or redemption.
There may be other call provisions at varying prices at
later dates.
** Ratings: Using the higher of Standard & Poor's or
Moody's rating.
*** Securities are backed by an escrow or trust containing
sufficient U.S. Government or U.S. Government agency
securities which ensures the timely payment of
principal and interest. Such securities are normally
considered to be equivalent to AAA rated securities.
N/R Investment is not rated.
See accompanying notes to financial statements.
19
Nuveen California Performance Plus Municipal Fund, Inc. (NCP)
Portfolio of
INVESTMENTS February 29, 2004 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 4.9%
$ 7,320 California County Tobacco Securitization Agency, 6/12 at 100.00 Baa2 $ 7,254,120
Tobacco Settlement Asset-Backed Bonds, Sonoma
County Tobacco Funding Corporation, Series 2002B,
5.125%, 6/01/20
3,000 Golden State Tobacco Securitization Corporation, 6/13 at 100.00 BBB 2,888,730
California, Tobacco Settlement Asset-Backed Bonds,
Series 2003A-1, 6.250%, 6/01/33
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 6.8%
4,730 California Infrastructure Economic Development Bank, 10/11 at 101.00 A- 5,159,011
Revenue Bonds, J. David Gladstone Institutes
Project, Series 2001, 5.500%, 10/01/21
4,730 California State University, Systemwide Revenue Bonds, 11/12 at 100.00 AAA 5,122,354
Series 2002A, 5.000%, 11/01/19 - AMBAC Insured
1,500 California Statewide Community Development Authority, 8/12 at 100.00 A 1,592,835
Student Housing Revenue Bonds, EAH - Irvine East
Campus Apartments, LLC Project, Series 2002A,
5.500%, 8/01/22 - ACA Insured
2,000 University of California, Multiple Purpose Projects, 5/13 at 100.00 AAA 2,231,500
Revenue Bonds, Series 2003A, 5.125%, 5/15/17 -
AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE - 10.3%
3,000 California Health Facilities Financing Authority, Revenue 12/09 at 101.00 A3 3,254,460
Bonds, Cedars-Sinai Medical Center, Series 1999A,
6.125%, 12/01/30
2,780 California Health Facilities Financing Authority, Insured 5/04 at 101.00 BBB 2,844,413
Health Facility Revenue Refunding Bonds, Valley
Memorial Hospital, Series 1993A, 6.000%, 5/01/17
5,500 California Statewide Communities Development 7/07 at 102.00 AA- 5,758,390
Authority, Certificates of Participation, St. Joseph
Health System Refunding, Series 1997, 5.125%, 7/01/17
2,000 California Statewide Community Development No Opt. Call AAA 2,167,540
Authority, Revenue Refunding Bonds, Sherman Oaks
Project, Series 1998A, 5.000%, 8/01/22 - AMBAC Insured
Central California Joint Powers Health Financing Authority,
Certificates of Participation, Community Hospitals of Central
California, Series 1993:
2,500 5.250%, 2/01/13 8/04 at 101.00 Baa2 2,525,375
4,665 5.000%, 2/01/23 8/04 at 100.00 Baa2 4,600,250
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 5.6%
5,000 California Statewide Community Development 7/08 at 101.00 BBB 5,376,950
Authority, Revenue Refunding Bonds, Irvine Apartment
Communities Development, Series 1998A,
4.900%, 5/15/25 (Mandatory put 5/15/08)
3,915 Los Angeles, California, GNMA Collateralized 3/07 at 102.00 AAA 4,121,399
Multifamily Housing Revenue Bonds, Ridgecroft
Apartments Project, Series 1997E, 6.250%, 9/20/39
(Alternative Minimum Tax)
2,085 Los Angeles County Community Development Commission, 5/04 at 100.00 Aaa 2,091,568
California, FHA-Insured Section 8 Mortgage Revenue
Refunding Bonds, Los Tomas Apartments, Series 1993,
6.500%, 7/15/23
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 23.8%
6,435 California, General Obligation Veterans Welfare Bonds, 12/05 at 101.00 A 6,616,982
Series 2000BT, 5.375%, 12/01/16 (Alternative Minimum Tax)
2,350 California, General Obligation Bonds, 8/13 at 100.00 Baa1 2,473,963
Series 2003, 5.250%, 2/01/21
500 California, General Obligation Bonds, 2/14 at 100.00 Baa1 509,585
Series 2004, 5.000%, 2/01/23
3,550 Centinela Valley Union High School District, Los Angeles No Opt. Call AAA 4,012,033
County, California, General Obligation Bonds,
Series 2002A, 5.250%, 2/01/26 - MBIA Insured
2,500 Hawthorne School District, Los Angeles County, 11/08 at 102.00 AAA 2,787,125
California, General Obligation Bonds, Election of
1997, Series 1997A, 5.500%, 5/01/22 - FGIC Insured
1,530 Long Beach Community College District, California, 5/13 at 100.00 AAA 1,676,650
General Obligation Bonds, Series 2003A,
5.000%, 5/01/18 - MBIA Insured
20
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL (continued)
$ 8,000 Los Angeles Unified School District, California, General 7/10 at 100.00 AAA $ 8,708,720
Obligation Bonds, Election of 1997, Series 2000D,
5.375%, 7/01/25 - FGIC Insured
4,765 North Orange County Community College District, No Opt. Call AAA 1,452,753
California, General Obligation Bonds, Series 2003B,
0.000%, 8/01/27 - FGIC Insured
2,575 Oxnard School District, Ventura County, California, 2/22 at 103.00 AAA 3,015,196
General Obligation Refunding Bonds, Series 2001A,
5.750%, 8/01/30 - MBIA Insured
6,000 Puerto Rico, Public Improvement Bond Payment No Opt. Call AAA 7,552,620
Obligation, Series 1993, 7.000%, 7/01/10 - MBIA Insured
4,000 San Diego Unified School District, San Diego County, 7/13 at 101.00 AAA 4,405,840
California, General Obligation Bonds, Series 2003E,
5.250%, 7/01/22 - FSA Insured
3,000 San Jose-Evergreen Community College District, 9/10 at 100.00 AAA 3,362,490
Santa Clara County, California Election of 1998
General Obligation Bonds, Series B, 5.600%, 9/01/24 -
FGIC Insured
2,200 Santa Maria Joint Union High School District, No Opt. Call Aaa 2,608,540
Santa Barbara and San Luis Obispo Counties,
California, General Obligation Bonds, Series 2003B,
5.625%, 8/01/24 - FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 25.2%
5,045 California State Public Works Board, Lease Revenue 3/12 at 100.00 AAA 5,435,988
Bonds, Department of Corrections, Series 2002A,
5.250%, 3/01/22 - AMBAC Insured
2,500 Corona Public Financing Authority, California, Superior 9/09 at 102.00 AAA 2,669,000
Lien Revenue Bonds, Series 1999A, 5.000%, 9/01/20 -
FSA Insured
3,750 Golden State Tobacco Securitization Corporation, 6/13 at 100.00 Baa2 3,841,238
California, Enhanced Tobacco Settlement Asset-Backed
Bonds, Series 2003B, 5.500%, 6/01/33
2,000 Oakland Redevelopment Agency, California, Subordinate 3/13 at 100.00 AAA 2,309,860
Lien Tax Allocation Bonds, Central District Redevelopment
Project, Series 2003, 5.500%, 9/01/15 - FGIC Insured
8,800 Orange County, California, Recovery Certificates of 7/06 at 102.00 AAA 9,802,408
Participation, Series 1996A, 6.000%, 7/01/26 -
MBIA Insured
1,000 Paramount Redevelopment Agency, California, Tax 8/13 at 100.00 AAA 1,060,520
Allocation Bonds, Project Area 1, Series 2003,
5.000%, 8/01/23 - MBIA Insured
4,000 Puerto Rico Highway and Transportation Authority, 7/12 at 100.00 A 4,343,280
Highway Revenue Bonds, Series 2002D, 5.375%, 7/01/36
1,000 Sacramento City Financing Authority, California, No Opt. Call AAA 1,167,800
Lease Revenue Refunding Bonds, Series 1993A,
5.400%, 11/01/20 - MBIA Insured
Santa Clara Redevelopment Agency, California, Tax
Allocation Bonds, Bayshore North Project, Series 2003:
3,850 5.000%, 6/01/19 - MBIA Insured 6/13 at 100.00 AAA 4,174,748
2,695 5.000%, 6/01/20 - MBIA Insured 6/13 at 100.00 AAA 2,902,784
2,000 5.000%, 6/01/21 - MBIA Insured 6/13 at 100.00 AAA 2,139,800
3,115 5.000%, 6/01/22 - MBIA Insured 6/13 at 100.00 AAA 3,310,529
1,000 Stockton, California, Revenue Bonds, Community Facilities 9/06 at 102.00 Baa1 1,056,880
District 1, Weston Ranch, Series 1998A, 5.800%, 9/01/14
Sweetwater Union High School District, San Diego County,
California, Certificates of Participation, Series 2002:
3,245 5.000%, 9/01/23 - FSA Insured 9/12 at 102.00 AAA 3,470,884
4,015 5.000%, 9/01/24 - FSA Insured 9/12 at 102.00 AAA 4,280,392
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 33.5%
California Infrastructure Economic Development Bank, Revenue
Bonds, Bay Area Toll Bridges, 1st Lien Series 2003A:
5,360 5.000%, 7/01/23 - FSA Insured 7/13 at 100.00 AAA 5,707,489
2,750 5.000%, 7/01/36 - AMBAC Insured 7/13 at 100.00 AAA 2,891,295
6,500 Foothill-Eastern Transportation Corridor Agency, 1/14 at 101.00 BBB- 4,967,690
California, Toll Road Refunding Revenue Bonds,
Series 1999, 0.000%, 1/15/29
6,000 Foothill-Eastern Transportation Corridor Agency, 1/10 at 100.00 AAA 6,197,460
California, Toll Road Revenue Bonds, Series 1995A,
5.000%, 1/01/35 - MBIA Insured
21
Nuveen California Performance Plus Municipal Fund, Inc. (NCP) (continued)
Portfolio of INVESTMENTS February 29, 2004 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION (continued)
Long Beach, California, Harbor Revenue Bonds, Series 2000A:
$ 2,740 5.750%, 5/15/14 (Alternative Minimum Tax) 5/10 at 101.00 AA- $ 3,134,560
11,885 5.750%, 5/15/15 (Alternative Minimum Tax) 5/10 at 101.00 AA- 13,478,184
Orange County, California, Airport Revenue Refunding
Bonds, John Wayne Airport, Series 2003:
1,835 4.500%, 7/01/14 - FSA Insured 7/13 at 100.00 AAA 1,997,654
2,500 5.000%, 7/01/17 - FSA Insured 7/13 at 100.00 AAA 2,759,875
8,550 Port of Oakland, California, Revenue Bonds, 5/10 at 100.00 AAA 9,428,171
Series 2000K, 5.750%, 11/01/29 (Alternative Minimum
Tax) - FGIC Insured
1,400 Port of Oakland, California, Revenue Bonds, 11/12 at 100.00 AAA 1,546,062
Series 2002M, 5.250%, 11/01/20 - FGIC Insured
14,000 San Francisco City and County Airports Commission, 5/10 at 101.00 AAA 14,942,900
California, Revenue Bonds, San Francisco International
Airport, Series 2, Issue 25, 5.500%, 5/01/24
(Alternative Minimum Tax) - FSA Insured
2,000 San Francisco City and County Airports Commission, 5/11 at 100.00 AAA 2,103,840
California, Revenue Refunding Bonds, San Francisco
International Airport, Series 2, Issue 27B,
5.000%, 5/01/23 - FGIC Insured
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 8.6%
2,315 California Statewide Community Development No Opt. Call N/R*** 2,474,851
Authority, Certificates of Participation, Insured
Hospital Revenue Refunding Bonds, Triad Healthcare,
Series 1992, 6.250%, 8/01/06
4,000 Contra Costa County, California, GNMA No Opt. Call AAA 5,884,560
Mortgage-Backed Securities Program, Home
Mortgage Revenue Bonds, Series 1988,
8.250%, 6/01/21 (Alternative Minimum Tax)
5,850 Puerto Rico, Public Improvement General Obligation 7/10 at 100.00 AAA 6,991,043
Bonds, Series 2000, 5.750%, 7/01/26
(Pre-refunded to 7/01/10) - MBIA Insured
1,965 South Placer Wastewater Authority, California, 11/10 at 101.00 AAA 2,340,217
Wastewater Revenue Bonds, Series 2000A,
5.250%, 11/01/27 (Pre-refunded to 11/01/10) -
FGIC Insured
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 19.0%
1,221 California Pollution Control Financing Authority, Solid 7/07 at 102.00 N/R 219,740
Waste Disposal Revenue Bonds, CanFibre of
Riverside Project, Series 1997A, 9.000%, 7/01/19
(Alternative Minimum Tax)#
5,250 California Department of Water Resources, Power 5/12 at 101.00 A3 5,618,445
Supply Revenue Bonds, Series 2002A, 5.125%, 5/01/18
5,160 California Statewide Community Development Authority, 12/04 at 102.00 N/R 4,595,238
Refunding Certificates of Participation, Rio Bravo
Fresno Project, Series 1999A, 6.300%, 12/01/18
11,000 Chula Vista, California, Industrial Development Revenue 6/04 at 101.00 AAA 11,223,300
Bonds, San Diego Gas and Electric Company,
Series 1992A, 6.400%, 12/01/27 (Alternative
Minimum Tax) - AMBAC Insured
725 Los Angeles Department of Water and Power, 7/13 at 100.00 AAA 778,396
California, Power System Revenue Bonds,
Series 2003A-2, 5.000%, 7/01/21 - MBIA Insured
4,100 Merced Irrigation District, California, Revenue Refunding 9/05 at 102.00 Baa3 4,292,413
Bonds, Electric System Project, Series 2001,
6.750%, 9/01/31
10,450 Orange County Public Financing Authority, No Opt. Call Aaa 11,874,544
California, Waste Management System Revenue
Refunding Bonds, Series 1997, 5.250%, 12/01/13
(Alternative Minimum Tax) - AMBAC Insured
500 Sacramento Municipal Utility District, California, Electric 8/12 at 100.00 AAA 542,825
Revenue Refunding Bonds, Series 2002Q,
5.250%, 8/15/22 - FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 12.1%
2,500 California Department of Water Resources, Water 6/13 at 100.00 AAA 2,833,875
System Revenue Bonds, Central Valley Project,
Series 2003Y, 5.250%, 12/01/16 - FGIC Insured
2,500 Pajaro Valley Water Management Agency, California, 3/09 at 101.00 AAA 2,854,100
Revenue Certificates of Participation, Series 1999A,
5.750%, 3/01/29 - AMBAC Insured
5,985 Sacramento County Sanitation District Financing 12/10 at 101.00 AA 6,877,962
Authority, California, Revenue Bonds, Series 2000A,
5.250%, 12/01/12
4,000 Sacramento County Sanitation District Financing No Opt. Call AAA 4,779,080
Authority, California, Revenue Refunding Bonds,
Series 2001, 5.500%, 12/01/20 - AMBAC Insured
22
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER (continued)
$ 4,585 Santa Maria, California, Subordinate Water and 8/12 at 101.00 AAA $ 4,728,831
Wastewater Revenue Certificates of Participation,
Series 1997A, 0.000%, 8/01/27 - AMBAC Insured
1,700 South Gate Utility Authority, California, Subordinate 10/11 at 102.00 AAA 1,815,427
Revenue Bonds, Water and Sewer System Projects,
Series 2001, 5.000%, 10/01/22 - FGIC Insured
945 Woodbridge Irrigation District, California, Certificates 7/13 at 100.00 BBB+ 977,470
of Participation, Water Systems Project, Series 2003,
5.625%, 7/01/43
------------------------------------------------------------------------------------------------------------------------------------
$ 290,416 Total Long-Term Investments (cost $285,690,382) - 149.8% 308,995,000
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.6% 3,266,981
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (51.4)% (106,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 206,261,981
====================================================================================================================
(1) All percentages shown in the Portfolio of Investments
are based on net assets applicable to Common shares.
* Optional Call Provisions: Dates (month and year) and
prices of the earliest optional call or redemption.
There may be other call provisions at varying prices at
later dates.
** Ratings: Using the higher of Standard & Poor's or
Moody's rating.
*** Securities are backed by an escrow or trust containing
sufficient U.S. Government or U.S. Government agency
securities which ensures the timely payment of
principal and interest. Such securities are normally
considered to be equivalent to AAA rated securities.
N/R Investment is not rated.
# Non-income producing security. On January 1, 2002,
CFRHoldings, Inc. (an entity formed by Nuveen for the
benefit of the Nuveen Funds owning various interests in
CanFibre of Riverside) took possession of the CanFibre
of Riverside assets on behalf of the various Nuveen
Funds. CFR Holdings, Inc. determined that a sale of the
facility was in the best interest of shareholders and
proceeded accordingly.
See accompanying notes to financial statements.
23
Nuveen California Municipal Market Opportunity Fund, Inc. (NCO)
Portfolio of
INVESTMENTS February 29, 2004 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 5.4%
$ 5,140 California County Tobacco Securitization Agency, 6/12 at 100.00 Baa2 $ 5,093,740
Tobacco Settlement Asset-Backed Bonds, Sonoma
County Tobacco Funding Corporation, Series 2002B,
5.125%, 6/01/20
2,000 Golden State Tobacco Securitization Corporation, 6/13 at 100.00 BBB 1,925,820
California, Tobacco Settlement Asset-Backed Bonds,
Series 2003A-1, 6.250%, 6/01/33
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 6.9%
1,530 University of California, Certificates of Participation, 1/10 at 101.00 Aa2 1,645,408
San Diego and Sacramento Campus Projects,
Series 2002A, 5.250%, 1/01/20
6,580 University of California, Revenue Bonds, Multiple 9/08 at 101.00 Aa2 7,395,262
Purpose Projects, Series 2000K, 5.000%, 9/01/13
------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE - 11.9%
2,000 California Health Facilities Financing Authority, Revenue 12/09 at 101.00 A3 2,169,640
Bonds, Cedars-Sinai Medical Center, Series 1999A,
6.125%, 12/01/30
3,200 California Infrastructure Economic Development Bank, 8/11 at 102.00 A 3,372,960
Revenue Bonds, Kaiser Hospital Assistance LLC,
Series 2001A, 5.550%, 8/01/31
1,000 California Statewide Community Development Authority, No Opt. Call AAA 1,083,770
Revenue Refunding Bonds, Sherman Oaks Project,
Series 1998A, 5.000%, 8/01/22 - AMBAC Insured
5,930 Central California Joint Powers Health Financing 8/04 at 100.00 Baa2 5,847,692
Authority, Certificates of Participation, Community
Hospitals of Central California, Series 1993,
5.000%, 2/01/23
3,000 Loma Linda, California, Hospital Revenue Bonds, 6/04 at 102.00 BB 3,067,320
Loma Linda University Medical Center Project,
Series 1993A, 6.500%, 12/01/18
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 1.3%
1,550 Housing Authority of the County of San Bernardino, No Opt. Call BBB+ 1,703,280
California, Multifamily Housing Revenue Refunding
Bonds, Equity Residential/Redlands Lawn & Tennis
Apartments, Issue 1999A, 5.200%, 6/15/29
(Mandatory put 6/15/09)
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 29.6%
4,950 State of California, Various Purpose General 3/10 at 101.00 AAA 5,435,793
Obligation Bonds, 5.750%, 3/01/27 - MBIA Insured
5,000 California, General Obligation Veterans Welfare Bonds, 12/05 at 101.00 A 5,141,400
Series 2000BT, 5.375%, 12/01/16 (Alternative Minimum Tax)
California, General Obligation Bonds, Series 2003:
1,000 5.250%, 11/01/19 - RAAI Insured 11/13 at 100.00 AA 1,083,150
1,400 5.250%, 2/01/20 8/13 at 100.00 Baa1 1,482,656
3,000 California, General Obligation Bonds, Series 2004, 2/14 at 100.00 Baa1 3,057,510
5.000%, 2/01/23
2,670 Coast Community College District, Orange County, 8/13 at 100.00 AAA 2,872,493
California, General Obligation Refunding Bonds,
Series 2003A, 5.000%, 8/01/21 - MBIA Insured
1,000 Fremont Unified School District, Alameda County, 8/12 at 101.00 AAA 1,078,280
California, General Obligation Bonds, Series 2002A,
5.000%, 8/01/21 - FGIC Insured
5,000 Los Angeles Unified School District, California, General 7/10 at 100.00 AAA 5,442,950
Obligation Bonds, Election of 1997, Series 2000D,
5.375%, 7/01/25 - FGIC Insured
2,500 Oakland Unified School District, Alameda County, 8/12 at 100.00 AAA 2,720,700
California, General Obligation Bonds, Series 2002,
5.250%, 8/01/21 - FGIC Insured
1,000 Pomona Unified School District, California, General 8/11 at 103.00 AAA 1,214,560
Obligation Refunding Bonds, Series 1997A,
6.150%, 8/01/15 - MBIA Insured
3,000 Puerto Rico Public Improvement, General Obligation No Opt. Call A- 3,739,020
Bonds, Series 1996, 6.500%, 7/01/13
5,000 San Diego Unified School District, California, General 7/10 at 100.00 AAA 5,319,400
Obligation Bonds, Election of 1998, Series 2000B,
5.125%, 7/01/21 - MBIA Insured
24
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 30.2%
Golden State Tobacco Securitization Corporation, California,
Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2003B:
$ 1,000 5.625%, 6/01/33 6/13 at 100.00 Baa2 $ 1,033,430
2,000 5.500%, 6/01/33 6/13 at 100.00 Baa2 2,048,660
3,000 Los Angeles County Public Works Financing Authority, 10/07 at 101.00 AA- 3,133,110
California, Revenue Bonds, Los Angeles County Regional
Park and Open Space District, Series 1997A,
5.000%, 10/01/19
2,000 Monterey County, California, Certificates of 8/11 at 100.00 Aaa 2,121,420
Participation, Master Plan Financing, Series 2001,
5.000%, 8/01/21 - MBIA Insured
1,000 Ontario, California, Special Tax Bonds, Community 9/06 at 102.00 N/R 1,056,300
Facilities District 5, Freeway Interchange Project,
Series 1997, 6.375%, 9/01/17
10,900 Ontario Redevelopment Financing Authority, No Opt. Call AAA 15,404,752
San Bernardino County, California, Revenue Refunding
Bonds, Redevelopment Project 1, Series 1995,
7.400%, 8/01/25 - MBIA Insured
2,500 Sacramento City Financing Authority, California, No Opt. Call AAA 2,927,850
Lease Revenue Refunding Bonds, Series 1993A,
5.400%, 11/01/20 - AMBAC Insured
2,255 San Bernardino County, California, Certificates 8/05 at 102.00 AAA 2,421,103
of Participation, Medical Center Financing Project,
Series 1995, 5.500%, 8/01/22 - MBIA Insured
1,200 San Jose Financing Authority, California, Lease 9/11 at 100.00 AAA 1,291,380
Revenue Refunding Bonds, Convention Center Project,
Series 2001F, 5.000%, 9/01/20 - MBIA Insured
7,000 Community Redevelopment Agency of the City of 10/09 at 101.00 AAA 8,039,360
Union City, California, Redevelopment Project Tax
Allocation Bonds, Series 1999, 5.750%, 10/01/32 -
AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 27.2%
1,000 Bay Area Toll Authority, California, San Francisco Bay No Opt. Call AA 1,143,830
Area Toll Bridge Revenue Bonds, Series 2001D,
5.000%, 4/01/10
4,000 Foothill-Eastern Transportation Corridor Agency, 1/14 at 101.00 BBB- 3,057,040
California, Toll Road Refunding Revenue Bonds,
Series 1999, 0.000%, 1/15/29
8,500 Long Beach, California, Harbor Revenue Bonds, 5/10 at 101.00 AA- 9,724,000
Series 2000A, 5.750%, 5/15/14 (Alternative Minimum Tax)
5,250 Port of Oakland, California, Revenue Bonds, 5/10 at 100.00 AAA 5,789,228
Series 2000K, 5.750%, 11/01/29 (Alternative Minimum
Tax) - FGIC Insured
5,000 Sacramento County, California, Airport System Revenue 7/06 at 102.00 AAA 5,476,850
Bonds, Series 1996A, 5.900%, 7/01/24 (Alternative
Minimum Tax) - MBIA Insured
San Francisco City and County Airports Commission, California,
Revenue Bonds, San Francisco International Airport, Series 2,
Issue 25:
2,515 5.500%, 5/01/24 (Alternative Minimum Tax) - FSA Insured 5/10 at 101.00 AAA 2,684,385
3,100 5.750%, 5/01/30 (Alternative Minimum Tax) - FSA Insured 5/10 at 101.00 AAA 3,406,993
2,500 San Francisco City and County Airports Commission, 1/08 at 102.00 AAA 2,821,275
California, Special Facilities Lease Revenue Bonds,
San Francisco International Airport, SFO Fuel Company
LLC, Series 2000A, 6.125%, 1/01/27
(Alternative Minimum Tax) - FSA Insured
1,250 San Francisco City and County Airports Commission, 5/10 at 101.00 AAA 1,325,775
California, Revenue Bonds, San Francisco International
Airport, Series 2, Issue 26B, 5.000%, 5/01/21 -
FGIC Insured
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 4.2%
4,000 Pomona, California, GNMA-FHLMC Mortgage-Backed No Opt. Call AAA 5,520,040
Securities, Single Family Mortgage Revenue
Refunding Bonds, Series 1990B, 7.500%, 8/01/23
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 16.6%
1,500 California Pollution Control Financing Authority, Pollution 9/09 at 101.00 AAA 1,641,330
Control Revenue Refunding Bonds, Southern
California Edison Company, Series 1999A,
5.450%, 9/01/29 - MBIA Insured
804 California Pollution Control Financing Authority, 7/07 at 102.00 N/R 144,707
Solid Waste Disposal Revenue Bonds, CanFibre of
Riverside Project, Series 1997A, 9.000%, 7/01/19
(Alternative Minimum Tax)#
3,000 California Department of Water Resources, Power 5/12 at 101.00 A3 3,210,540
Supply Revenue Bonds, Series 2002A, 5.125%, 5/01/18
25
Nuveen California Municipal Market Opportunity Fund, Inc. (NCO) (continued)
Portfolio of INVESTMENTS February 29, 2004 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES (continued)
$ 4,500 California Statewide Community Development Authority, 12/04 at 102.00 N/R $ 4,007,475
Refunding Certificates of Participation, Rio Bravo
Fresno Project, Series 1999A, 6.300%, 12/01/18
4,500 Chula Vista, California, Industrial Development 6/04 at 101.00 AAA 4,591,350
Revenue Bonds, San Diego Gas and Electric Company,
Series 1992A, 6.400%, 12/01/27 (Alternative
Minimum Tax) - AMBAC Insured
500 Los Angeles Department of Water and Power, California, 7/13 at 100.00 AAA 536,825
Power System Revenue Bonds, Series 2003A-2,
5.000%, 7/01/21 - MBIA Insured
Merced Irrigation District, California, Revenue Refunding
Bonds, Electric System Project, Series 2001:
1,650 6.750%, 9/01/31 9/05 at 102.00 Baa3 1,727,435
1,000 6.850%, 9/01/36 9/05 at 102.00 Baa3 1,048,310
4,000 Puerto Rico Electric Power Authority, Power Revenue No Opt. Call AAA 4,703,680
Bonds, Series 2000HH, 5.500%, 7/01/10 - FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 17.2%
4,000 California Department of Water Resources, Water 12/11 at 100.00 AA 4,600,960
System Revenue Bonds, Central Valley Project,
Series 2001W, 5.500%, 12/01/15
1,030 California Department of Water Resources, Water No Opt. Call AAA 1,232,774
System Revenue Bonds, Central Valley Project,
Series 2002X, 5.500%, 12/01/17 - FGIC Insured
4,000 Los Angeles, California, Wastewater System Revenue 5/04 at 102.00 AAA 4,046,160
Bonds, Series 1993D, 4.700%, 11/01/19 - FGIC Insured
2,000 San Francisco City and County Public Utilities 4/13 at 100.00 AAA 2,217,100
Commission, California, Clean Water Revenue
Refunding Bonds, Series 2003A, 5.250%, 10/01/20 -
MBIA Insured
10,000 Santa Maria, California, Subordinate Water and 8/12 at 101.00 AAA 10,313,700
Wastewater Revenue Certificates of Participation,
Series 1997A, 0.000%, 8/01/27 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
$ 179,904 Total Long-Term Investments (cost $178,041,358) - 150.5% 196,341,931
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.6% 2,116,542
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (52.1)% (68,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 130,458,473
====================================================================================================================
(1) All percentages shown in the Portfolio of Investments
are based on net assets applicable to Common shares.
* Optional Call Provisions: Dates (month and year) and
prices of the earliest optional call or redemption.
There may be other call provisions at varying prices at
later dates.
** Ratings: Using the higher of Standard & Poor's or
Moody's rating.
N/R Investment is not rated.
# Non-income producing security. On January 1, 2002,
CFRHoldings, Inc. (an entity formed by Nuveen for the
benefit of the Nuveen Funds owning various interests in
CanFibre of Riverside) took possession of the CanFibre
of Riverside assets on behalf of the various Nuveen
Funds. CFR Holdings, Inc. determined that a sale of the
facility was in the best interest of shareholders and
proceeded accordingly.
See accompanying notes to financial statements.
26
Nuveen California Investment Quality Municipal Fund, Inc. (NQC)
Portfolio of
INVESTMENTS February 29, 2004 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 0.4%
$ 1,000 Southern California Tobacco Securitization Authority, 6/12 at 100.00 BBB $ 893,220
Tobacco Settlement Asset-Backed Bonds, Senior
Series 2001A, 5.500%, 6/01/36
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 15.6%
5,000 California Educational Facilities Authority, Revenue 10/06 at 102.00 AAA 5,154,350
Bonds, Chapman University, Series 1996,
5.125%, 10/01/26 - CONNIE LEE/AMBAC Insured
3,000 California Educational Facilities Authority, Revenue Bonds, 11/10 at 100.00 Aaa 3,410,160
University of the Pacific, Series 2000,
5.750%, 11/01/30 - MBIA Insured
6,000 California State Public Works Board, Lease Revenue 10/07 at 102.00 A3 6,205,740
Bonds, California State University Projects,
Series 1997C, 5.400%, 10/01/22
2,500 Long Beach Bond Financing Authority, California, 11/11 at 101.00 AAA 2,675,025
Lease Revenue Refunding Bonds, Long Beach Aquarium
of the South Pacific, Series 2001, 5.250%, 11/01/30 -
AMBAC Insured
2,540 University of California, Revenue Bonds, Research 9/09 at 101.00 AAA 2,657,323
Facilities, Series 2001E, 5.000%, 9/01/25 - AMBAC Insured
University of California, Multiple Purpose Projects, Revenue
Bonds, Series 2003A:
9,270 5.125%, 5/15/16 - AMBAC Insured 5/13 at 100.00 AAA 10,381,566
3,000 5.125%, 5/15/17 - AMBAC Insured 5/13 at 100.00 AAA 3,347,250
------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE - 10.5%
2,110 California Health Facilities Financing Authority, Kaiser 10/08 at 101.00 A 2,394,913
Permanente, Revenue Bonds, Series 1998B,
5.250%, 10/01/12
3,000 California Health Facilities Financing Authority, Revenue 12/09 at 101.00 A3 3,254,460
Bonds, Cedars-Sinai Medical Center, Series 1999A,
6.125%, 12/01/30
2,145 California Statewide Community Development Authority, No Opt. Call A 2,330,757
Revenue Bonds, Kaiser Permanente System,
Series 2002E, 4.700%, 11/01/36 (Mandatory put 6/01/09)
Central California Joint Powers Health Financing Authority,
Certificates of Participation, Community Hospitals of Central
California, Series 1993:
1,750 5.250%, 2/01/13 8/04 at 101.00 Baa2 1,767,763
6,820 5.500%, 2/01/15 8/04 at 101.00 Baa2 6,884,449
5,000 Loma Linda, California, Hospital Revenue Bonds, 6/04 at 102.00 BB 5,112,200
Loma Linda University Medical Center Project,
Series 1993A, 6.500%, 12/01/18
1,000 Stockton, California, Health Facility Revenue Bonds, 12/07 at 102.00 BBB+ 1,065,690
Dameron Hospital Association, Series 1997A,
5.700%, 12/01/14
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 4.9%
10,000 California Statewide Community Development Authority, 7/08 at 101.00 BBB 10,753,900
Revenue Refunding Bonds, Irvine Apartment
Communities Development, Series 1998A,
4.900%, 5/15/25 (Mandatory put 5/15/08)
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 1.4%
2,945 California Statewide Community Development Authority, 4/09 at 101.00 BBB- 3,051,138
Certificates of Participation, Internext Group, Series 1999,
5.375%, 4/01/17
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 21.2%
4,075 State of California, General Obligation Various 9/10 at 100.00 Baa1 4,258,660
Purpose Bonds, 5.250%, 9/01/20
14,000 State of California, Various Purpose General Obligation 3/10 at 101.00 AAA 15,373,960
Bonds, 5.750%, 3/01/27 - MBIA Insured
2,400 California, General Obligation Bonds, Series 2003, 8/13 at 100.00 Baa1 2,541,696
5.250%, 2/01/20
1,000 California, General Obligation Bonds, Series 2004, 2/14 at 100.00 Baa1 1,032,770
5.000%, 2/01/21
2,395 Fontana Unified School District, San Bernardino County, 5/09 at 102.00 AAA 2,798,701
California, General Obligation Refunding Bonds,
Series 1997D, 5.800%, 5/01/17 - FGIC Insured
27
Nuveen California Investment Quality Municipal Fund, Inc. (NQC) (continued)
Portfolio of INVESTMENTS February 29, 2004 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL (continued)
$ 10,060 Los Angeles, California, General Obligation Bonds, 9/11 at 100.00 AA $ 10,690,360
Series 2001A, 5.000%, 9/01/21
1,500 Pajaro Valley Unified School District, Santa Cruz 8/13 at 100.00 AAA 1,667,220
County, California, General Obligation Bonds,
Series 2003, 5.000%, 8/01/16 - FSA Insured
3,250 Puerto Rico Public Improvement, General Obligation No Opt. Call AAA 3,876,145
Refunding Bonds, Series 2002A, 5.500%, 7/01/20 -
MBIA Insured
3,500 San Diego Unified School District, San Diego County, 7/13 at 101.00 AAA 3,832,185
California, General Obligation Bonds, Series 2003E,
5.250%, 7/01/24 - FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 36.5%
3,135 California State Public Works Board, Lease Revenue 12/12 at 100.00 AAA 3,536,876
Bonds, Department of General Services, Capital
East End, Series 2002A, 5.250%, 12/01/15 -
AMBAC Insured
3,000 California State Public Works Board, Lease Revenue 12/11 at 102.00 AAA 3,213,960
Bonds, Department of Mental Health, Hospital Addition,
Series 2001A, 5.000%, 12/01/21 - AMBAC Insured
1,595 Fontana Public Financing Authority, California, 9/11 at 101.00 AAA 1,735,456
Tax Allocation Revenue Bonds, North Fontana
Redevelopment Project, Series 2003A,
5.375%, 9/01/25 - AMBAC Insured
2,250 Golden State Tobacco Securitization Corporation, 6/13 at 100.00 Baa2 2,325,218
California, Enhanced Tobacco Settlement Asset-Backed
Bonds, Series 2003B, 5.625%, 6/01/33
Los Angeles County Metropolitan Transportation Authority,
California, Proposition C Sales Tax Revenue Bonds, Second Senior
Lien, Series 2000A:
8,005 5.250%, 7/01/25 - FGIC Insured 7/10 at 101.00 AAA 8,603,054
6,500 5.250%, 7/01/30 - FGIC Insured 7/10 at 101.00 AAA 6,992,830
4,130 Manteca Unified School District, San Joaquin 9/11 at 101.00 AAA 4,378,007
County, California, Special Tax Bonds, Community
Facilities District 89-2, Series 2001C,
5.000%, 9/01/23 - MBIA Insured
1,685 Ontario, California, Special Tax Bonds, Community 9/06 at 102.00 N/R 1,779,866
Facilities District 5, Freeway Interchange Project,
Series 1997, 6.375%, 9/01/17
3,890 Ontario Redevelopment Financing Authority, 8/11 at 101.00 AAA 4,160,238
California, Lease Revenue Bonds, Capital Projects,
Series 2001, 5.000%, 8/01/21 - AMBAC Insured
3,600 Ontario Redevelopment Financing Authority, No Opt. Call AAA 5,087,808
San Bernardino County, California, Revenue Refunding
Bonds, Redevelopment Project 1, Series 1995,
7.400%, 8/01/25 - MBIA Insured
9,825 Orange County, California, Recovery Certificates 7/06 at 102.00 AAA 10,944,166
of Participation, Series 1996A, 6.000%, 7/01/26 -
MBIA Insured
1,000 Paramount Redevelopment Agency, California, 8/13 at 100.00 AAA 1,060,520
Tax Allocation Bonds, Project Area 1, Series 2003,
5.000%, 8/01/23 - MBIA Insured
4,000 Puerto Rico Highway and Transportation Authority, 7/12 at 100.00 A 4,343,280
Highway Revenue Bonds, Series 2002D, 5.375%, 7/01/36
1,715 Redding Joint Powers Financing Authority, California, 7/04 at 102.00 A 1,751,684
Lease Revenue Bonds, Solid Waste and
Corporate Yard, Series 1993A, 5.500%, 1/01/13
4,000 Sacramento City Financing Authority, California, No Opt. Call AAA 4,684,560
Lease Revenue Refunding Bonds, Series 1993A,
5.400%, 11/01/20 - AMBAC Insured
3,535 San Jose Financing Authority, California, Lease 9/11 at 100.00 AAA 3,804,190
Revenue Refunding Bonds, Convention Center Project,
Series 2001F, 5.000%, 9/01/20 - MBIA Insured
2,000 City of San Jose Financing Authority, California, 6/12 at 100.00 AAA 2,223,320
Lease Revenue Refunding Bonds, Civic Center Project,
Series 2002B, 5.250%, 6/01/19 - AMBAC Insured
2,840 Santa Clara Redevelopment Agency, California, 6/13 at 100.00 AAA 3,009,292
Tax Allocation Bonds, Bayshore North Project,
Series 2003, 5.000%, 6/01/23 - MBIA Insured
5,250 Santa Cruz County Redevelopment Agency, California, 9/10 at 102.00 AAA 5,630,940
Subordinate Lien Tax Allocation Bonds, Live Oak
and Soquel Community Improvement Projects,
Series 2000, 5.250%, 9/01/25 - AMBAC Insured
28
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 32.2%
$ 18,000 Alameda Corridor Transportation Authority, California, 10/09 at 101.00 AAA $ 18,748,080
Senior Lien Revenue Bonds, Series 1999A,
5.000%, 10/01/29 - MBIA Insured
Bay Area Toll Authority, California, San Francisco Bay Area Toll
Bridge Revenue Bonds, Series 2001D:
3,875 5.000%, 4/01/12 4/11 at 100.00 AA 4,373,441
2,605 5.000%, 4/01/16 4/11 at 100.00 AA 2,877,275
6,500 Foothill-Eastern Transportation Corridor Agency, 1/14 at 101.00 BBB- 4,967,690
California, Toll Road Refunding Revenue Bonds,
Series 1999, 0.000%, 1/15/29
2,000 Foothill-Eastern Transportation Corridor Agency, 1/10 at 100.00 AAA 2,065,820
California, Toll Road Revenue Bonds, Series 1995A,
5.000%, 1/01/35 - MBIA Insured
9,980 Long Beach, California, Harbor Revenue Bonds, 5/10 at 101.00 AA- 10,649,658
Series 2000A, 5.500%, 5/15/25 (Alternative Minimum Tax)
9,000 Port of Oakland, California, Revenue Bonds, Series 2000K, 5/10 at 100.00 AAA 9,924,390
5.750%, 11/01/29 (Alternative Minimum Tax) - FGIC Insured
15,000 Airports Commission of the City and County of 5/10 at 101.00 AAA 16,485,450
San Francisco, California, San Francisco International
Airport, Second Series Revenue Bonds, Issue 24A,
5.750%, 5/01/30 (Alternative Minimum Tax) - FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 9.5%
10,830 State of California, Various Purpose General Obligation 3/05 at 101.00 Baa1*** 11,456,624
Bonds, Series 1995, 5.750%, 3/01/13 (Pre-refunded
to 3/01/05)
1,155 California Statewide Community Development No Opt. Call N/R*** 1,234,753
Authority, Certificates of Participation, Insured
Hospital Revenue Refunding Bonds, Triad Healthcare,
Series 1992, 6.250%, 8/01/06
1,000 Foothill-Eastern Transportation Corridor Agency, 1/07 at 100.00 AAA 1,127,360
California, Toll Road Revenue Bonds, Series 1995A,
6.000%, 1/01/34 (Pre-refunded to 1/01/07)
2,500 Los Angeles Community Redevelopment Agency, 7/04 at 100.00 BBB*** 2,515,950
California, Tax Allocation Refunding Bonds, Central
Business District Redevelopment Project, Series 1987G,
6.750%, 7/01/10
4,000 San Francisco City and County Airports Commission, 5/05 at 101.00 AAA 4,276,120
California, Revenue Bonds, San Francisco International
Airport, Series 2, Issue 11, 6.250%, 5/01/26 (Alternative
Minimum Tax) (Pre-refunded to 5/01/05) - FGIC Insured
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 11.2%
6,000 California Department of Water Resources, Power 5/12 at 101.00 A3 6,421,080
Supply Revenue Bonds, Series 2002A, 5.125% 5/01/18
7,945 Chula Vista, California, Industrial Development Revenue 6/04 at 101.00 AAA 8,106,284
Bonds, San Diego Gas and Electric Company,
Series 1992A, 6.400%, 12/01/27 (Alternative
Minimum Tax) - AMBAC Insured
5,000 Los Angeles Department of Water and Power, California, 7/11 at 100.00 AAA 5,510,400
Power System Revenue Bonds, Series 2001A-1,
5.250%, 7/01/20 - FSA Insured
700 Los Angeles Department of Water and Power, 7/13 at 100.00 AAA 751,555
California, Power System Revenue Bonds,
Series 2003A-2, 5.000%, 7/01/21 - MBIA Insured
3,210 Turlock Irrigation District, California, Electric Revenue 1/13 at 100.00 AAA 3,543,840
Bonds, Series 2003A, 5.000%, 1/01/16 - MBIA Insured
29
Nuveen California Investment Quality Municipal Fund, Inc. (NQC) (continued)
Portfolio of INVESTMENTS February 29, 2004 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 6.3%
$ 4,000 California Department of Water Resources, Water 12/11 at 100.00 AA $ 4,600,960
System Revenue Bonds, Central Valley Project,
Series 2001W, 5.500%, 12/01/16
2,745 Northridge Water District, California, Revenue Certificates 2/11 at 101.00 AAA 2,981,152
of Participation, Series 2001, 5.250%, 2/01/21 -
AMBAC Insured
3,015 Oxnard, California, Financing Authority, Wastewater 6/13 at 100.00 AAA 3,326,027
Revenue Bonds, Series 2003, 5.000%, 6/01/17 - FGIC Insured
San Elijo Joint Powers Authority, San Diego County, California,
Revenue Refunding Bonds, San Elijo Wastewater Facilities, Series
2003:
1,245 5.000%, 3/01/16 - FSA Insured 3/12 at 101.00 AAA 1,375,177
1,310 5.000%, 3/01/17 - FSA Insured 3/12 at 101.00 AAA 1,439,281
------------------------------------------------------------------------------------------------------------------------------------
$ 302,830 Total Long-Term Investments (cost $300,074,002) - 149.7% 325,435,233
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.8% 3,980,149
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (51.5)% (112,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 217,415,382
====================================================================================================================
(1) All percentages shown in the Portfolio of Investments
are based on net assets applicable to Common shares.
* Optional Call Provisions: Dates (month and year) and
prices of the earliest optional call or redemption.
There may be other call provisions at varying prices at
later dates.
** Ratings: Using the higher of Standard & Poor's or
Moody's rating.
*** Securities are backed by an escrow or trust containing
sufficient U.S. Government or U.S. Government agency
securities which ensures the timely payment of
principal and interest. Such securities are normally
considered to be equivalent to AAA rated securities.
N/R Investment is not rated.
See accompanying notes to financial statements.
30
Nuveen California Select Quality Municipal Fund, Inc. (NVC)
Portfolio of
INVESTMENTS February 29, 2004 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 7.6%
$ 4,625 California County Tobacco Securitization Agency, 6/12 at 100.00 Baa2 $ 4,146,960
Tobacco Settlement Asset-Backed Bonds, Stanislaus
County Tobacco Funding Corporation, Series 2002A,
5.500%, 6/01/33
9,150 California Pollution Control Financing Authority, Sewerage 12/06 at 101.00 A+ 9,588,468
and Solid Waste Disposal Facilities Revenue Bonds,
Anheuser-Busch Project, Series 1996,
5.750%, 12/01/30 (Alternative Minimum Tax)
15,000 Golden State Tobacco Securitization Corporation, 6/13 at 100.00 BBB 14,443,650
California, Tobacco Settlement Asset-Backed Bonds,
Series 2003A-1, 6.250%, 6/01/33
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 1.5%
5,125 University of California, Revenue Bonds, Research 9/09 at 101.00 AAA 5,429,938
Facilities, Series 2001E, 5.000%, 9/01/22 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
ENERGY - 2.8%
9,500 California Pollution Control Financing Authority, Exempt 12/06 at 102.00 AAA 10,451,900
Facilities Revenue Bonds, Mobil Oil Corporation Project,
Series 1996, 5.500%, 12/01/29 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE - 16.1%
1,750 ABAG Finance Authority for Non-Profit Corporations, 4/12 at 100.00 BBB 1,845,078
California, Insured Revenue Bonds, Sansum-Santa
Barbara Medical Foundation Clinic, Series 2002A,
5.500%, 4/01/21
13,500 California Health Facilities Financing Authority, Revenue 12/09 at 101.00 A3 14,645,070
Bonds, Cedars-Sinai Medical Center, Series 1999A,
6.125%, 12/01/30
3,000 California Health Facilities Financing Authority, Insured 7/04 at 102.00 AAA 3,046,710
Health Facility Revenue Refunding Bonds, Catholic
Healthcare West, Series 1994A, 4.750%, 7/01/19 -
MBIA Insured
5,000 California Statewide Communities Development 7/07 at 102.00 AA- 5,234,900
Authority, Certificates of Participation, St. Joseph
Health System Refunding, Series 1997,
5.125%, 7/01/17
14,000 California Statewide Community Development 7/10 at 101.00 Baa1 15,443,540
Authority, Certificates of Participation, Catholic
Healthcare West, Series 1999, 6.500%, 7/01/20
2,000 California Statewide Community Development No Opt. Call AAA 2,167,540
Authority, Revenue Refunding Bonds, Sherman Oaks
Project, Series 1998A, 5.000%, 8/01/22 - AMBAC Insured
9,350 City of Loma Linda, California, Hospital Revenue 6/04 at 102.00 AAA 9,623,675
Refunding Bonds, Loma Linda University Medical
Center Project, Series 1993C, 5.375%, 12/01/22 -
MBIA Insured
6,000 Madera County, California, Certificates of 3/05 at 102.00 AAA 6,375,540
Participation, Valley Children's Hospital Project,
Series 1995, 5.750%, 3/15/28 - MBIA Insured
1,050 Stockton, California, Health Facility Revenue Bonds, 12/07 at 102.00 BBB+ 1,139,124
Dameron Hospital Association, Series 1997A,
5.450%, 12/01/10
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 2.5%
820 California Housing Finance Agency, Single Family 5/05 at 102.00 AAA 834,399
Mortgage Bonds, Senior Series 1995A-2,
6.350%, 8/01/15 (Alternative Minimum Tax)
390 California Housing Finance Agency, Single Family 10/05 at 102.00 AAA 407,129
Mortgage Bonds, Mezzanine Series 1995B-2,
6.250%, 8/01/14 (Alternative Minimum Tax) -
AMBAC Insured
1,820 California Housing Finance Agency, Single Family 10/05 at 102.00 AAA 1,860,877
Mortgage Bonds, Senior Series 1995B-2,
6.250%, 2/01/18 (Alternative Minimum Tax)
12,855 California Housing Finance Agency, Home Mortgage 8/10 at 27.19 AAA 2,405,171
Revenue Bonds, Series 2000T, 0.000%, 2/01/32
(Alternative Minimum Tax) - MBIA Insured
3,560 Puerto Rico Housing Bank and Finance Agency, 4/05 at 102.00 AAA 3,693,322
Single Family Mortgage Revenue Bonds, Affordable
Housing Mortgage Subsidy Program, Series 1995-I,
6.250%, 4/01/29 (Alternative Minimum Tax)
31
Nuveen California Select Quality Municipal Fund, Inc. (NVC) (continued)
Portfolio of INVESTMENTS February 29, 2004 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
INDUSTRIALS - 1.3%
$ 4,720 California Pollution Control Financing Authority, No Opt. Call BBB $ 4,814,070
Solid Waste Disposal Revenue Bonds, Waste
Management Inc. Project, Series 2002B,
4.450%, 7/01/27 (Alternative Minimum Tax)
(Mandatory put 7/01/05)
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 26.3%
10,000 State of California, Various Purpose General Obligation 3/10 at 101.00 AAA 10,981,400
Bonds, 5.750%, 3/01/27 - MBIA Insured
4,700 California, Various Purpose General Obligation Bonds, 5/10 at 101.00 AAA 5,165,817
Series 2000, 5.625%, 5/01/22 - FGIC Insured
California, General Obligation Bonds, Series 2003:
3,750 5.250%, 11/01/19 - RAAI Insured 11/13 at 100.00 AA 4,061,813
3,700 5.250%, 2/01/21 8/13 at 100.00 Baa1 3,895,175
5,000 5.250%, 2/01/22 8/13 at 100.00 Baa1 5,232,550
3,800 California, General Obligation Bonds, Series 2004, 2/14 at 100.00 Baa1 3,924,526
5.000%, 2/01/21
1,880 Compton Community College District, Los Angeles 7/14 at 100.00 AAA 2,107,010
County, California, General Obligation Bonds,
Series 2004A, 5.250%, 7/01/20 - MBIA Insured
5,515 Fresno Unified School District, Fresno County, California, 8/09 at 102.00 AAA 5,989,952
General Obligation Bonds, Election of 1995,
Series 2001E, 5.000%, 8/01/25 - FGIC Insured
10,060 Los Angeles, California, General Obligation Bonds, 9/11 at 100.00 AA 10,826,069
Series 2001A, 5.000%, 9/01/20
13,020 City of Los Angeles, California, Unified School District, 7/08 at 101.00 AAA 13,561,372
General Obligation Bonds, Election of 1997,
Series 1998B, 5.000%, 7/01/23 - FGIC Insured
6,030 Los Angeles Unified School District, California, 7/10 at 100.00 AAA 6,564,198
General Obligation Bonds, Election of 1997,
Series 2000D, 5.375%, 7/01/25 - FGIC Insured
2,200 Oakland Unified School District, Alameda County, 8/08 at 101.00 AAA 2,315,632
California, General Obligation Bonds, Series 2001,
5.125%, 8/01/21 - FSA Insured
2,270 Pajaro Valley Unified School District, Santa Cruz 8/13 at 100.00 AAA 2,458,819
County, California, General Obligation Bonds,
Series 2003, 5.000%, 8/01/20 - FSA Insured
11,500 Puerto Rico Public Improvement, General Obligation No Opt. Call AAA 13,715,590
Refunding Bonds, Series 2002A, 5.500%,
7/01/20 - MBIA Insured
2,000 West Contra Costa Unified School District, Contra 8/11 at 101.00 AAA 2,124,920
Costa County, California, General Obligation Bonds,
Series 2003C, 5.000%, 8/01/22 - FGIC Insured
3,760 West Contra Costa Unified School District, Contra 8/11 at 101.00 AAA 3,994,850
Costa County, California, General Obligation Bonds,
Series 2003B, 5.000%, 8/01/22 - FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 29.5%
2,870 Bell Community Redevelopment Agency, California, 10/13 at 100.00 AA 3,115,959
Bell Redevelopment Area Tax Allocation Bonds,
Series 2003, 5.500%, 10/01/23 - RAAI Insured
3,620 Burbank Public Financing Authority, California, Revenue 12/13 at 100.00 AAA 4,036,698
Refunding Bonds, Golden State Redevelopment
Project, Series 2003A, 5.250%, 12/01/20 - AMBAC Insured
3,765 California State Public Works Board, Lease Revenue 12/12 at 100.00 AAA 4,217,515
Bonds, Department of General Services, Capital
East End, Series 2002A, 5.250%, 12/01/16 -
AMBAC Insured
5,000 Culver City Redevelopment Financing Authority, 5/04 at 101.00 AAA 5,077,400
California, Tax Allocation Revenue Refunding Bonds,
Series 1993, 5.000%, 11/01/23 - AMBAC Insured
Golden State Tobacco Securitization Corporation, California,
Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2003B:
2,000 5.625%, 6/01/33 6/13 at 100.00 Baa2 2,066,860
2,500 5.625%, 6/01/38 6/13 at 100.00 Baa2 2,576,150
3,000 La Quinta Redevelopment Agency, California, Tax 9/11 at 102.00 AAA 3,214,530
Allocation Bonds, Project Area 1, Series 2001,
5.000%, 9/01/21 - AMBAC Insured
3,510 Long Beach Bond Financing Authority, California, 10/07 at 102.00 AAA 3,633,517
Lease Revenue and Refunding Bonds, Civic Center
Project, Series 1997A, 5.000%, 10/01/27 - MBIA Insured
16,500 Los Angeles County Metropolitan Transportation 7/08 at 101.00 AAA 17,089,215
Authority, California, Proposition C Sales Tax Revenue
Refunding Bonds, Second Senior Lien, Series 1998A,
5.000%, 7/01/23 - AMBAC Insured
32
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 3,000 Los Angeles County Metropolitan Transportation Authority, 7/10 at 101.00 AAA $ 3,224,130
California, Proposition C Sales Tax Revenue Bonds,
Second Senior Lien, Series 2000A, 5.250%, 7/01/25 -
FGIC Insured
4,750 Montclair Redevelopment Agency, California, Revenue 12/10 at 102.00 N/R 4,765,248
Bonds, Monterey Manor Mobile Home Estates Project,
Series 2000, 6.400%, 12/15/30
Monterey County, California, Certificates of Participation,
Master Plan Financing, Series 2001:
2,075 5.000%, 8/01/19 - MBIA Insured 8/11 at 100.00 Aaa 2,240,336
6,000 5.000%, 8/01/26 - MBIA Insured 8/11 at 100.00 Aaa 6,274,140
2,580 Oakland Redevelopment Agency, California, 3/13 at 100.00 AAA 2,942,877
Subordinate Lien Tax Allocation Bonds, Central
District Redevelopment Project, Series 2003,
5.500%, 9/01/18 - FGIC Insured
3,605 Oakland State Building Authority, California, Lease 4/08 at 101.00 AAA 3,746,172
Revenue Bonds, Elihu M. Harris State Office Building,
Series 1998A, 5.000%, 4/01/23 - AMBAC Insured
2,280 Ontario Redevelopment Financing Authority, California, 8/11 at 101.00 AAA 2,547,991
Lease Revenue Bonds, Capital Projects, Series 2001,
5.250%, 8/01/18 - AMBAC Insured
2,185 Pleasanton Joint Powers Financing Authority, California, 3/04 at 102.00 Baa1 2,236,085
Reassessment Revenue Bonds, Series 1993A,
6.150%, 9/02/12
345 Riverside Public Financing Authority, California, 8/04 at 100.00 N/R 349,965
Revenue Bonds, Multiple Project Loans, Series 1991A,
8.000%, 2/01/18
2,250 Roseville, California, Special Tax Bonds, Community 9/09 at 103.00 N/R 2,290,163
Facilities District 1 - Crocker, Series 2003, 5.900%, 9/01/24
5,235 San Francisco Redevelopment Financing Authority, 8/04 at 102.00 A 5,380,167
California, Tax Allocation Revenue Bonds, San Francisco
Redevelopment Projects, Series 1993C, 5.125%, 8/01/18
2,000 San Francisco State Building Authority, California, 12/06 at 102.00 AAA 2,212,360
Lease Revenue Bonds, San Francisco Civic Center
Complex, Series 1996A, 5.250%, 12/01/16 -
AMBAC Insured
10,000 San Jose Redevelopment Agency, California, Tax 8/08 at 102.00 A 10,326,900
Allocation Bonds, Merged Area Redevelopment Project,
Series 1998, 5.250%, 8/01/29
2,200 San Jose Financing Authority, California, Lease Revenue 9/11 at 100.00 AAA 2,367,530
Refunding Bonds, Convention Center Project,
Series 2001F, 5.000%, 9/01/20 - MBIA Insured
4,625 Santa Clara Redevelopment Agency, California, No Opt. Call AAA 5,079,268
Tax Allocation Bonds, Bayshore North Project,
Series 2003, 5.000%, 6/01/17 - MBIA Insured
2,000 Vista, California, Mobile Home Park Revenue Bonds, 3/09 at 102.00 N/R 2,298,480
Vista Manor Mobile Home Park Project, Series 1999A,
5.750%, 3/15/29
5,000 West Hollywood, California, Refunding Certificates 2/08 at 102.00 AAA 5,198,500
of Participation, Series 1998, 5.000%, 2/01/25 -
MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 19.6%
10,500 Foothill-Eastern Transportation Corridor Agency, California, 1/14 at 101.00 BBB- 8,024,730
Toll Road Refunding Revenue Bonds, Series 1999,
0.000%, 1/15/29
8,300 Foothill-Eastern Transportation Corridor Agency, California, 1/10 at 100.00 AAA 8,573,153
Toll Road Revenue Bonds, Series 1995A,
5.000%, 1/01/35 - MBIA Insured
7,500 Los Angeles Harbors Department, California, Revenue 8/06 at 101.00 AAA 8,260,800
Bonds, Series 1996, 6.200%, 8/01/25 (Alternative
Minimum Tax) - MBIA Insured
1,500 Orange County, California, Airport Revenue Refunding 7/13 at 100.00 AAA 1,645,965
Bonds, John Wayne Airport, Series 2003,
5.000%, 7/01/18 - FSA Insured
2,000 Orange County Transportation Authority, California, 8/13 at 100.00 AAA 2,166,960
Toll Road Revenue Bonds, 91 Express Lanes Project,
Series 2003A, 5.000%, 8/15/20 - AMBAC Insured
8,000 Port of Oakland, California, Revenue Bonds, 5/10 at 100.00 AAA 8,821,680
Series 2000K, 5.750%, 11/01/29 (Alternative
Minimum Tax) - FGIC Insured
3,450 San Francisco City and County Airports Commission, 5/04 at 102.00 AAA 3,549,636
California, Revenue Bonds, San Francisco International
Airport, Series 2, Issue 5, 6.500%, 5/01/24
(Alternative Minimum Tax) - FGIC Insured
20,000 San Francisco City and County Airports Commission, 5/10 at 101.00 AAA 21,980,600
California, Revenue Bonds, San Francisco International
Airport, Series 2, Issue 25, 5.750%, 5/01/30
(Alternative Minimum Tax) - FSA Insured
33
Nuveen California Select Quality Municipal Fund, Inc. (NVC) (continued)
Portfolio of INVESTMENTS February 29, 2004 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION (continued)
$ 5,000 San Francisco City and County Airports Commission, 5/11 at 100.00 AAA $ 5,534,850
California, Revenue Refunding Bonds, San Francisco
International Airport, Series 2, Issue 27B,
5.250%, 5/01/18 - FGIC Insured
3,665 San Francisco City and County Airports Commission, 5/12 at 100.00 AAA 3,956,441
California, Revenue Refunding Bonds, San Francisco
International Airport, Series 2, Issue 28A,
5.250%, 5/01/18 (Alternative Minimum Tax) -
MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 9.2%
3,000 California Pollution Control Financing Authority, 7/04 at 100.00 Aaa 3,581,520
Solid Waste Revenue Bonds, North County Recycling
Center, Series 1991A, 6.750%, 7/01/17
1,500 California State Public Works Board, Lease Revenue 9/05 at 100.00 A3*** 1,611,300
Bonds, California State University System Projects,
Series 1995A, 6.000%, 9/01/15 (Pre-refunded to 9/01/05)
2,110 Contra Costa County, California, GNMA 5/05 at 100.00 AAA 2,529,173
Mortgage-Backed Securities Program, Home
Mortgage Revenue Bonds, Series 1989,
7.700%, 11/01/09 (Alternative Minimum Tax)
5,000 Los Angeles County Public Works Financing 10/04 at 102.00 Aa3*** 5,250,100
Authority, California, Revenue Bonds, Regional Park
and Open Space District, Series 1994A,
6.000%, 10/01/15 (Pre-refunded to 10/01/04)
2,105 Southern California Metropolitan Water District, 1/08 at 101.00 AA*** 2,385,091
Water Revenue Bonds, Series 1997A, 5.000%, 7/01/26
(Pre-refunded to 1/01/08)
1,705 Palm Springs Financing Authority, California, 8/05 at 100.00 N/R*** 1,844,520
Tax Allocation Revenue Bonds, Agency Loans,
Series 1991B, 6.800%, 8/01/11 (Pre-refunded to 8/01/05)
10,000 Puerto Rico Highway and Transportation Authority, 7/10 at 101.00 A*** 12,242,200
Highway Revenue Bonds, Series 2000B, 6.000%, 7/01/31
(Pre-refunded to 7/01/10)
4,000 Puerto Rico Infrastructure Financing Authority, Special 10/10 at 101.00 AAA 4,495,360
Obligation Bonds, Series 2000A, 5.500%, 10/01/32
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 19.1%
2,000 Anaheim Public Financing Authority, California, Electric 10/12 at 100.00 AAA 2,242,020
Generation System Revenue Refunding Bonds,
Series 2002B, 5.250%, 10/01/18 - FSA Insured
10,350 California Pollution Control Financing Authority, No Opt. Call A1 12,046,262
Pollution Control Revenue Bonds, San Diego Gas
and Electric Company, Series 1991A, 6.800%, 6/01/15
(Alternative Minimum Tax)
9,550 California Pollution Control Financing Authority, 6/04 at 100.00 BBB 9,559,550
Pollution Control Revenue Bonds, Southern California
Edison Company, Series 1991, 6.900%, 12/01/17
(Alternative Minimum Tax)
9,750 California Department of Water Resources, Power 5/12 at 101.00 A3 10,434,255
Supply Revenue Bonds, Series 2002A, 5.125%, 5/01/18
4,000 Imperial Irrigation District, California, Certificates 11/13 at 100.00 AAA 4,369,200
of Participation, Electric System Revenue Bonds,
Series 2003, 5.250%, 11/01/23 - FSA Insured
5,000 Los Angeles Department of Water and Power, 7/11 at 100.00 AAA 5,570,450
California, Power System Revenue Refunding Bonds,
Series 2001A-2, 5.375%, 7/01/20 - MBIA Insured
1,200 Los Angeles Department of Water and Power, California, 7/13 at 100.00 AAA 1,288,380
Power System Revenue Bonds, Series 2003A-2,
5.000%, 7/01/21 - MBIA Insured
5,225 Los Angeles, California, Revenue Bonds, Sanitation 2/11 at 100.00 AAA 5,823,158
Equipment Charge, Series 2001A,
5.250%, 2/01/18 - FSA Insured
7,000 Merced Irrigation District, California, Revenue Refunding 9/05 at 102.00 Baa3 7,338,170
Bonds, Electric System Project, Series 2001,
6.850%, 9/01/36
4,360 Sacramento Municipal Utility District, California, Electric 8/12 at 100.00 AAA 4,852,026
Revenue Refunding Bonds, Series 2002Q,
5.250%, 8/15/19 - FSA Insured
3,460 Southern California Public Power Authority, Revenue 7/13 at 100.00 AAA 3,737,181
Bonds, Magnolia Power Project, Series 2003-1A,
5.000%, 7/01/20 - AMBAC Insured
3,060 Turlock Irrigation District, California, Electric Revenue 1/13 at 100.00 AAA 3,405,199
Bonds, Series 2003A, 5.000%, 1/01/15 - MBIA Insured
34
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 14.9%
$ 9,300 Los Angeles, California, Wastewater System Revenue 6/08 at 101.00 AAA $ 9,629,778
Bonds, Series 1998A, 5.000%, 6/01/28 - FGIC Insured
2,895 Southern California Metropolitan Water District, 1/08 at 101.00 AA 2,992,098
Water Revenue Bonds, Series 1997A, 5.000%, 7/01/26
2,525 Sacramento County Sanitation District Financing Authority, No Opt. Call AAA 3,016,794
California, Revenue Refunding Bonds, Series 2001,
5.500%, 12/01/20 - AMBAC Insured
17,670 San Francisco City and County Public Utilities 11/11 at 100.00 AAA 18,570,817
Commission, California, Water Revenue Bonds,
Series 2001A, 5.000%, 11/01/24 - FSA Insured
San Francisco City and County Public Utilities Commission,
California, Clean Water Revenue Refunding Bonds, Series 2003A:
2,120 5.250%, 10/01/19 - MBIA Insured 4/13 at 100.00 AAA 2,365,666
2,960 5.250%, 10/01/20 - MBIA Insured 4/13 at 100.00 AAA 3,281,308
Sweetwater Authority, California, Water Revenue
Bonds, Series 2002:
2,800 5.500%, 4/01/19 - FSA Insured 4/10 at 101.00 AAA 3,176,822
9,055 5.000%, 4/01/22 - FSA Insured 4/10 at 101.00 AAA 9,532,012
2,500 West Basin Municipal Water District, California, 8/13 at 100.00 AAA 2,633,400
Revenue Certificates of Participation, Series 2003A,
5.000%, 8/01/30 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
$ 531,410 Total Long-Term Investments (cost $512,718,220) - 150.4% 555,343,535
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.6% 5,879,527
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (52.0)% (192,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 369,223,062
====================================================================================================================
(1) All percentages shown in the Portfolio of Investments
are based on net assets applicable to Common shares.
* Optional Call Provisions: Dates (month and year) and
prices of the earliest optional call or redemption.
There may be other call provisions at varying prices at
later dates.
** Ratings: Using the higher of Standard & Poor's or
Moody's rating.
*** Securities are backed by an escrow or trust containing
sufficient U.S. Government or U.S. Government agency
securities which ensures the timely payment of
principal and interest. Such securities are normally
considered to be equivalent to AAA rated securities.
N/R Investment is not rated.
See accompanying notes to financial statements.
35
Nuveen California Quality Income Municipal Fund, Inc. (NUC)
Portfolio of
INVESTMENTS February 29, 2004 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 6.9%
$ 4,620 California County Tobacco Securitization Agency, 6/12 at 100.00 Baa2 $ 4,142,477
Tobacco Settlement Asset-Backed Bonds,
Stanislaus County Tobacco Funding Corporation,
Series 2002A, 5.500%, 6/01/33
7,325 California County Tobacco Securitization Agency, 6/12 at 100.00 Baa2 6,598,140
Tobacco Settlement Asset-Backed Bonds, Sonoma
County Tobacco Funding Corporation, Series 2002B,
5.500%, 6/01/30
5,000 California County Tobacco Securitization Agency, 6/12 at 100.00 Baa2 4,668,950
Tobacco Settlement Asset-Backed Bonds, Alameda
County Tobacco Asset Securitization Corporation,
Series 2002, 5.750%, 6/01/29
9,700 California Statewide Financing Authority, Tobacco 5/12 at 100.00 Baa2 8,906,346
Settlement Asset-Backed Bonds, Pooled Tobacco
Securitization Program, Series 2002A, 5.625%, 5/01/29
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 20.3%
8,975 California Educational Facilities Authority, Revenue Bonds, 11/10 at 100.00 Aaa 10,202,062
University of the Pacific, Series 2000,
5.750%, 11/01/30 - MBIA Insured
4,000 California State Public Works Board, Lease Revenue 3/06 at 102.00 AAA 4,389,960
Refunding Bonds, California Community Colleges
Projects, Series 1996B, 5.625%, 3/01/19 -
AMBAC Insured
6,400 California State University, Systemwide Revenue Bonds, 11/12 at 100.00 AAA 6,886,848
Series 2002A, 5.000%, 11/01/20 - AMBAC Insured
1,000 California Statewide Community Development 4/06 at 101.00 AAA 1,095,130
Authority, Auxiliary Organization Revenue Certificates
of Participation, University Corporation - California State
University - Northridge, Series 1996, 6.000%, 4/01/26 -
AMBAC Insured
1,615 University of California, Certificates of Participation, 1/10 at 101.00 Aa2 1,728,082
San Diego and Sacramento Campus Projects,
Series 2002A, 5.250%, 1/01/21
7,500 University of California, Revenue Bonds, Multiple 9/08 at 101.00 Aa2 7,859,175
Purpose Projects, Series 2000K, 5.300%, 9/01/30
University of California, Revenue Bonds, Research Facilities,
Series 2001E:
2,305 5.000%, 9/01/23 - AMBAC Insured 9/09 at 101.00 AAA 2,418,429
5,150 5.000%, 9/01/24 - AMBAC Insured 9/09 at 101.00 AAA 5,393,028
University of California, Revenue Bonds, Multiple Purpose
Projects, Series 2002O:
9,265 5.000%, 9/01/18 - FGIC Insured 9/10 at 101.00 AAA 9,998,510
10,255 5.000%, 9/01/19 - FGIC Insured 9/10 at 101.00 AAA 11,011,511
9,000 University of California, Multiple Purpose Projects, Revenue 5/13 at 100.00 AAA 10,079,190
Bonds, Series 2003A, 5.125%, 5/15/16 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE - 11.5%
1,750 ABAG Finance Authority for Non-Profit Corporations, 4/12 at 100.00 BBB 1,845,078
California, Insured Revenue Bonds, Sansum-Santa Barbara
Medical Foundation Clinic, Series 2002A, 5.500%, 4/01/21
California Health Facilities Financing Authority, Revenue
Bonds, Cedars-Sinai Medical Center, Series 1999A:
10,400 6.125%, 12/01/30 12/09 at 101.00 A3 11,282,128
7,700 6.250%, 12/01/34 12/09 at 101.00 A3 8,373,211
4,000 California Health Facilities Financing Authority, Insured 5/04 at 101.00 BBB 4,092,680
Health Facility Revenue Refunding Bonds, Valley
Memorial Hospital, Series 1993A, 6.000%, 5/01/17
California Statewide Community Development Authority, Hospital
Revenue Certificates of Participation, Cedars-Sinai Medical
Center, Series 1992:
1,250 6.500%, 8/01/12 No Opt. Call A3 1,448,113
4,140 6.500%, 8/01/15 8/04 at 100.00 A3 4,197,587
5,355 California Statewide Community Development Authority, No Opt. Call A 5,818,743
Revenue Bonds, Kaiser Permanente System,
Series 2002E, 4.700%, 11/01/36 (Mandatory put 6/01/09)
3,110 Loma Linda, California, Hospital Revenue Bonds, 6/04 at 102.00 BB 3,179,788
Loma Linda University Medical Center Project,
Series 1993A, 6.500%, 12/01/18
36
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 2.9%
$ 5,250 California Housing Finance Agency, Multi-Unit Rental 8/04 at 100.00 Aa3 $ 5,293,890
Housing Revenue Bonds, Series 1992B-II, 6.700%, 8/01/15
1,000 California Statewide Community Development Authority, 7/08 at 101.00 BBB 1,076,630
Revenue Refunding Bonds, Irvine Apartment Communities
Development, Series 1998A, 5.100%, 5/15/25
(Mandatory put 5/17/10)
1,785 Stanton, California, Multifamily Housing Revenue 8/07 at 102.00 AAA 1,954,914
Bonds, Continental Gardens Apartments, Series 1997,
5.625%, 8/01/29 (Alternative Minimum Tax)
(Mandatory put 8/01/09)
Yolo County Housing Authority, California, Revenue Refunding
Bonds, Russell Park Apartments, Series 1992A:
865 6.900%, 11/01/08 5/04 at 101.00 Aa2 884,774
1,030 7.000%, 11/01/14 5/04 at 101.00 Aa2 1,052,536
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 0.8%
12,825 California Housing Finance Agency, Home Mortgage 8/10 at 27.19 AAA 2,399,558
Revenue Bonds, Series 2000T, 0.000%, 2/01/32
(Alternative Minimum Tax) - MBIA Insured
405 Riverside County, California, Single Family Mortgage No Opt. Call AAA 409,305
Revenue Bonds, GNMA Mortgage-Backed Securities
Program, Series 1989B, 7.600%, 11/01/19
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 22.4%
1,900 Azusa Unified School District, Los Angeles County, 7/12 at 100.00 AAA 2,114,339
California, General Obligation Bonds, Series 2002,
5.375%, 7/01/20 - FSA Insured
13,665 California State, General Obligation Veterans Welfare 6/04 at 102.00 A 13,795,364
Bonds, Series 1997BH, 5.600%, 12/01/32 (Alternative
Minimum Tax)
1,500 State of California, General Obligation Various Purpose 6/10 at 100.00 Baa1 1,568,865
Bonds, Series 2000, 5.500%, 6/01/25
6,085 California, General Obligation Veterans Welfare Bonds, 12/06 at 102.00 A 6,267,307
Series 1997BJ, 5.700%, 12/01/32 (Alternative
Minimum Tax)
2,000 California, General Obligation Refunding Bonds, 4/12 at 100.00 Baa1 2,041,120
Series 2002, 5.250%, 4/01/32
California, General Obligation Bonds, Series 2003:
3,750 5.250%, 11/01/19 - RAAI Insured 11/13 at 100.00 AA 4,061,813
500 5.250%, 2/01/33 2/13 at 100.00 Baa1 510,880
7,500 California, General Obligation Bonds, Series 2004, 2/14 at 100.00 Baa1 7,697,550
5.000%, 2/01/22
5,440 Coast Community College District, Orange County, 8/13 at 100.00 AAA 5,812,912
California, General Obligation Refunding Bonds,
Series 2003A, 5.000%, 8/01/22 - MBIA Insured
2,090 Compton Community College District, Los Angeles 7/14 at 100.00 AAA 2,323,474
County, California, General Obligation Bonds,
Series 2004A, 5.250%, 7/01/21 - MBIA Insured
1,200 Fremont Union School District, Santa Clara County, 9/12 at 100.00 AAA 1,307,976
California, General Obligation Bonds, Series 2002C,
5.000%, 9/01/18 - FSA Insured
1,370 Fremont-Newark Community College District, Alameda 8/11 at 101.00 AAA 1,520,234
County, California, General Obligation Bonds,
Series 2002A, 5.375%, 8/01/20 - MBIA Insured
5,255 Livermore Valley Joint Unified School District, Alameda 8/11 at 100.00 AAA 5,550,226
County, California, General Obligation Bonds, Election
of 1999, Series 2001, 5.125%, 8/01/26 - FSA Insured
2,000 Los Angeles Unified School District, California, General 7/10 at 100.00 AAA 2,177,180
Obligation Bonds, Election of 1997, Series 2000D,
5.375%, 7/01/25 - FGIC Insured
1,170 Los Angeles Unified School District, Los Angeles 7/13 at 100.00 AAA 1,291,622
County, California, General Obligation Bonds,
Series 2003F, 5.000%, 7/01/17 - FSA Insured
6,760 San Diego Unified School District, San Diego County, 7/13 at 101.00 AAA 7,501,640
California, General Obligation Bonds, Series 2003E,
5.250%, 7/01/21 - FSA Insured
6,865 San Ramon Valley Unified School District, Contra 8/13 at 100.00 AAA 7,313,490
Costa County, California, General Obligation Bonds,
Series 2003, 5.000%, 8/01/23 - FSA Insured
1,390 South Pasadena Unified School District, Los Angeles 8/13 at 100.00 AAA 1,485,285
County, California, General Obligation Bonds,
Series 2003A, 5.000%, 8/01/22 - FGIC Insured
3,925 West Contra Costa Unified School District, Contra 8/11 at 101.00 AAA 4,158,694
Costa County, California, General Obligation Bonds,
Series 2003B, 5.000%, 8/01/23 - FSA Insured
37
Nuveen California Quality Income Municipal Fund, Inc. (NUC) (continued)
Portfolio of INVESTMENTS February 29, 2004 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 36.9%
$ 1,200 Burbank Public Financing Authority, California, Revenue 12/12 at 100.00 AAA $ 1,291,068
Bonds, West Olive Redevelopment Project, Series 2002,
5.125%, 12/01/22 - AMBAC Insured
3,070 California State Public Works Board, Lease Revenue 12/12 at 100.00 AAA 3,438,983
Bonds, Department of General Services, Capital East End,
Series 2002A, 5.250%, 12/01/16 - AMBAC Insured
2,000 California State Public Works Board, Lease Revenue No Opt. Call AAA 2,324,340
Bonds, Department of Corrections, Susanville State
Prison, Series 1993D, 5.250%, 6/01/15 - FSA Insured
2,030 California State Public Works Board, Lease Revenue 3/12 at 100.00 AAA 2,201,738
Bonds, Department of General Services, Series 2002C,
5.250%, 3/01/21 - AMBAC Insured
1,750 California State Public Works Board, Lease Revenue No Opt. Call AAA 2,030,665
Bonds, Department of Corrections, Series 1993E,
5.500%, 6/01/15 - MBIA Insured
Commerce Community Development Commission, California, Tax
Allocation Refunding Bonds, Merged Area Development Projects,
Series 1998A:
1,000 5.650%, 8/01/18 8/08 at 102.00 N/R 1,035,480
2,765 5.700%, 8/01/28 8/08 at 102.00 N/R 2,813,470
3,065 Corona-Norco Unified School District, Riverside County, 9/13 at 100.00 AAA 3,412,142
California, Special Tax Bonds, Community Facilities
District 98-1, Series 2003, 5.500%, 9/01/33 - MBIA Insured
Cupertino, California, Certificates of Participation,
Refinancing Capital Improvement Project, Series 2002:
1,945 5.000%, 7/01/18 - AMBAC Insured 7/09 at 102.00 AAA 2,106,688
2,040 5.000%, 7/01/19 - AMBAC Insured 7/09 at 102.00 AAA 2,194,061
2,145 5.000%, 7/01/20 - AMBAC Insured 7/09 at 102.00 AAA 2,288,436
2,725 Fresno, California, Certificates of Participation, Street 6/04 at 101.00 A+ 2,786,803
Improvement Project, Series 1991, 6.625%, 12/01/11
Golden State Tobacco Securitization Corporation, California,
Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2003B:
5,000 5.625%, 6/01/33 6/13 at 100.00 Baa2 5,167,150
2,500 5.625%, 6/01/38 6/13 at 100.00 Baa2 2,576,150
1,910 Industry Urban Development Agency, California, 5/07 at 101.50 AAA 2,130,166
Tax Allocation Refunding Bonds, Civic, Recreational and
Industrial Redevelopment Project 1, Series 2002,
5.500%, 5/01/19 - MBIA Insured
2,300 Irvine, California, Mobile Home Park Revenue Bonds, 3/08 at 102.00 N/R 2,243,719
Meadows Mobile Home Park Project, Series 1998A,
5.700%, 3/01/18
8,000 Los Angeles County Metropolitan Transportation Authority, 7/10 at 101.00 AAA 8,597,680
California, Proposition C Sales Tax Revenue Bonds,
Second Senior Lien, Series 2000A, 5.250%, 7/01/25 -
FGIC Insured
4,850 Los Angeles County Metropolitan Transportation 7/13 at 100.00 AAA 5,378,408
Authority, California, Proposition A First Tier Senior Sales
Tax Revenue Bonds, Series 2003A, 5.000%, 7/01/16 -
FSA Insured
3,005 Monterey County, California, Certificates of Participation, 8/11 at 100.00 Aaa 3,218,295
Master Plan Financing, Series 2001, 5.000%, 8/01/20 -
MBIA Insured
14,160 Oakland State Building Authority, California, Lease 4/08 at 101.00 AAA 14,714,506
Revenue Bonds, Elihu M. Harris State Office Building,
Series 1998A, 5.000%, 4/01/23 - AMBAC Insured
2,470 Oceanside, California, Mobile Home Park Revenue Bonds, 3/08 at 102.00 N/R 2,318,144
Laguna Vista Mobile Estates Acquisition Project,
Series 1998, 5.800%, 3/01/28
15,300 Ontario Redevelopment Financing Authority, No Opt. Call AAA 21,623,184
San Bernardino County, California, Revenue Refunding
Bonds, Redevelopment Project 1, Series 1995,
7.400%, 8/01/25 - MBIA Insured
1,500 Orange County Local Transportation Authority, California, No Opt. Call AA+ 1,692,150
Limited Sales Tax Revenue Bonds, Measure M, Series 1992,
6.000%, 2/15/07
5,200 Orange County, California, Recovery Certificates of 7/06 at 102.00 AAA 5,792,332
Participation, Series 1996A, 6.000%, 7/01/26 - MBIA Insured
6,500 Puerto Rico Highway and Transportation Authority, 7/12 at 100.00 A 7,057,830
Highway Revenue Bonds, Series 2002D, 5.375%, 7/01/36
38
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
Redding Redevelopment Agency, California, Canby-Hilltop-
Cypress Housing Tax Allocation Bonds, Series 2003A:
$ 1,500 5.000%, 9/01/17 - MBIA Insured 9/13 at 100.00 AAA $ 1,658,310
1,500 5.000%, 9/01/20 - MBIA Insured 9/13 at 100.00 AAA 1,625,715
4,320 Richmond Joint Powers Financing Authority, California, 9/13 at 100.00 AAA 4,692,038
Tax Allocation Bonds, Series 2003A, 5.250%, 9/01/22 -
MBIA Insured
3,040 Riverside County, California, Mobile Home Park Revenue 3/09 at 102.00 N/R 2,763,512
Bonds, Bravo Mobile Home Park Project, Series 1999A,
5.900%, 3/20/29
2,500 San Jose Financing Authority, California, Lease Revenue 9/11 at 100.00 AAA 2,690,375
Refunding Bonds, Convention Center Project, Series 2001F,
5.000%, 9/01/20 - MBIA Insured
2,000 San Jose Unified School District, Santa Clara County, 6/07 at 101.00 AAA 2,248,820
California, Certificates of Participation,
5.750%, 6/01/24 - MBIA Insured
2,770 Santa Ana Community Redevelopment Agency, 9/13 at 100.00 AAA 3,022,846
Orange County, California, Tax Allocation Refunding
Bonds, South Main Street Redevelopment, Series 2003B,
5.000%, 9/01/19 - FGIC Insured
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 12.7%
11,000 Foothill-Eastern Transportation Corridor Agency, California, 1/14 at 101.00 BBB- 8,406,860
Toll Road Refunding Revenue Bonds, Series 1999,
0.000%, 1/15/29
2,000 Orange County Transportation Authority, California, 8/13 at 100.00 AAA 2,166,960
Toll Road Revenue Bonds, 91 Express Lanes Project,
Series 2003A, 5.000%, 8/15/20 - AMBAC Insured
2,685 Sacramento County, California, Airport System Revenue 7/12 at 100.00 AAA 2,935,940
Bonds, Series 2002A, 5.250%, 7/01/21 - FSA Insured
20,000 San Francisco City and County Airports Commission, 5/10 at 101.00 AAA 21,980,600
California, Revenue Bonds, San Francisco International
Airport, Series 2, Issue 25, 5.750%, 5/01/30 (Alternative
Minimum Tax) - FSA Insured
San Francisco City and County Airports Commission, California,
Revenue Refunding Bonds, San Francisco International Airport,
Series 2, Issue 28A:
1,480 5.250%, 5/01/17 (Alternative Minimum Tax) - MBIA Insured 5/12 at 100.00 AAA 1,607,324
3,865 5/01/19 (Alternative Minimum Tax) - MBIA Insured 5/12 at 100.00 AAA 4,147,338
3,000 San Francisco City and County Airports Commission, 5/12 at 100.00 AAA 3,253,740
California, Revenue Refunding Bonds, San Francisco
International Airport, Series 2, Issue 28B,
5.250%, 5/01/22 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 16.8%
8,000 California Pollution Control Financing Authority, 7/04 at 100.00 Aaa 9,550,720
Solid Waste Revenue Bonds, North County Recycling
Center, Series 1991A, 6.750%, 7/01/17
1,125 California State Public Works Board, Lease Revenue 11/04 at 102.00 Aaa 1,193,513
Bonds, Department of Corrections, Soledad II State
Prison, Series 1994A, 7.000%, 11/01/19
(Pre-refunded to 11/01/04)
1,600 California Statewide Community Development Authority, No Opt. Call N/R*** 1,710,480
Certificates of Participation, Insured Hospital Revenue
Refunding Bonds, Triad Healthcare, Series 1992,
6.250%, 8/01/06
12,805 Contra Costa County, California, GNMA No Opt. Call AAA 18,837,948
Mortgage-Backed Securities Program, Home
Mortgage Revenue Bonds, Series 1988,
8.250%, 6/01/21 (Alternative Minimum Tax)
3,805 Lodi, California, Revenue Bonds and Certificates 1/09 at 101.00 AAA 4,463,874
of Participation, Series 1999A, 5.500%, 1/15/24
(Pre-refunded to 1/15/09) - MBIA Insured
5,000 Puerto Rico Infrastructure Financing Authority, 10/10 at 101.00 AAA 5,619,200
Special Obligation Bonds, Series 2000A, 5.500%, 10/01/32
13,525 San Bernardino County, California, Single Family No Opt. Call AAA 17,692,188
Mortgage Revenue Bonds, GNMA Mortgage-Backed
Securities Program, Series 1989A, 7.750%, 11/01/14
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 14.9%
10,000 California Pollution Control Financing Authority, 6/04 at 100.00 BBB 10,010,000
Pollution Control Revenue Bonds, Southern California
Edison Company, Series 1991, 6.900%, 12/01/17
(Alternative Minimum Tax)
5,000 California Pollution Control Financing Authority, 6/04 at 100.00 Ba1 4,999,400
Pollution Control Revenue Bonds, Pacific Gas and
Electric Company, Series 1992A, 6.625%, 6/01/09
(Alternative Minimum Tax)
9,000 California Department of Water Resources, 5/12 at 101.00 A3 9,631,620
Power Supply Revenue Bonds, Series 2002A,
5.125%, 5/01/18
39
Nuveen California Quality Income Municipal Fund, Inc. (NUC) (continued)
Portfolio of INVESTMENTS February 29, 2004 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES (continued)
$ 1,200 Los Angeles Department of Water and Power, California, 7/13 at 100.00 AAA $ 1,288,380
Power System Revenue Bonds, Series 2003A-2,
5.000%, 7/01/21 - MBIA Insured
1,500 Merced Irrigation District, California, Revenue Refunding 9/05 at 102.00 Baa3 1,565,220
Bonds, Electric System Project, Series 2001,
6.500%, 9/01/22
5,000 Merced Irrigation District, California, Revenue Certificates 9/13 at 102.00 Baa3 5,102,800
of Participation, Electric System Project, Series 2003,
5.700%, 9/01/36
2,480 Redlands, California, Refunding Certificates of 3/04 at 100.00 AAA 2,491,532
Participation, Capital Improvement Projects,
Series 1992, 6.800%, 3/01/07 - AMBAC Insured
2,410 Sacramento Municipal Utility District, California, Electric 8/12 at 100.00 AAA 2,634,467
Revenue Refunding Bonds, Series 2002Q,
5.250%, 8/15/21 - FSA Insured
5,500 Southern California Public Power Authority, Revenue No Opt. Call A 6,825,610
Bonds, Multiple Projects, Series 1989, 6.750%, 7/01/11
4,000 Southern California Public Power Authority, Revenue Bonds, 7/13 at 100.00 AAA 4,320,440
Magnolia Power Project, Series 2003-1A,
5.000%, 7/01/20 - AMBAC Insured
3,110 Turlock Irrigation District, California, Certificates 1/13 at 100.00 AAA 3,258,098
of Participation, Series 2003A, 5.000%, 1/01/33 -
MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 5.0%
Goleta Water District, California, Certificates of Participation
Revenue Bonds, Series 2003:
1,000 5.250%, 12/01/20 - MBIA Insured 12/13 at 100.00 AAA 1,115,110
1,440 5.250%, 12/01/21 - MBIA Insured 12/13 at 100.00 AAA 1,593,389
1,205 5.250%, 12/01/22 - MBIA Insured 12/13 at 100.00 AAA 1,323,102
1,090 Marin Municipal Water District, California, Water Revenue 7/12 at 100.00 AAA 1,197,866
Refunding Bonds, Series 2002, 5.000%, 7/01/16 -
AMBAC Insured
500 Norco, California, Refunding Certificates of Participation, 10/08 at 102.00 AAA 523,885
Water and Sewer System Improvement Project,
Series 1998, 5.125%, 10/01/28 - AMBAC Insured
5,375 San Francisco City and County Public Utilities Commission, 11/12 at 100.00 AAA 5,820,856
California, Water Revenue Bonds, Series 2002A,
5.000%, 11/01/19 - MBIA Insured
Turlock Public Finance Authority, California, Sewer
Revenue Bonds, Series 2003A:
1,565 5.000%, 9/15/19 - FGIC Insured No Opt. Call AAA 1,708,307
1,650 5.000%, 9/15/20 - FGIC Insured 9/13 at 100.00 AAA 1,788,732
2,500 West Basin Municipal Water District, California, Revenue 8/13 at 100.00 AAA 2,633,400
Certificates of Participation, Series 2003A,
5.000%, 8/01/30 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
$ 498,815 Total Long-Term Investments (cost $489,871,043) - 151.1% 529,720,847
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.7% 5,881,991
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (52.8)% (185,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 350,602,838
====================================================================================================================
(1) All percentages shown in the Portfolio of Investments
are based on net assets applicable to Common shares.
* Optional Call Provisions: Dates (month and year) and
prices of the earliest optional call or redemption.
There may be other call provisions at varying prices at
later dates.
** Ratings: Using the higher of Standard & Poor's or
Moody's rating.
*** Securities are backed by an escrow or trust containing
sufficient U.S. Government or U.S. Government agency
securities which ensures the timely payment of
principal and interest. Such securities are normally
considered to be equivalent to AAA rated securities.
N/R Investment is not rated.
See accompanying notes to financial statements.
40
Statement of
ASSETS AND LIABILITIES February 29, 2004 (Unaudited)
CALIFORNIA
CALIFORNIA CALIFORNIA CALIFORNIA INVESTMENT CALIFORNIA CALIFORNIA
VALUE PERFORMANCE PLUS OPPORTUNITY QUALITY SELECT QUALITY QUALITY INCOME
(NCA) (NCP) (NCO) (NQC) (NVC) (NUC)
------------------------------------------------------------------------------------------------------------------------------------
ASSETS
Investments, at market value
(cost $237,689,020,
$285,690,382, $178,041,358,
$300,074,002, $512,718,220
and $489,871,043,
respectively) $260,232,435 $308,995,000 $196,341,931 $325,435,233 $555,343,535 $529,720,847
Receivables:
Interest 3,452,800 4,101,507 2,337,504 5,138,298 7,237,041 7,618,116
Investments sold 2,097,475 -- -- -- 1,826,771 775,000
Other assets 1,446 5,122 2,190 10,237 25,526 17,857
------------------------------------------------------------------------------------------------------------------------------------
Total assets 265,784,156 313,101,629 198,681,625 330,583,768 564,432,873 538,131,820
------------------------------------------------------------------------------------------------------------------------------------
LIABILITIES
Cash overdraft 3,907,353 616,745 92,275 926,458 2,776,446 2,167,811
Accrued expenses:
Management fees 118,919 157,259 100,728 165,643 279,254 266,835
Other 79,699 52,053 22,752 62,488 140,698 72,366
Preferred share dividends payable N/A 13,591 7,397 13,797 13,413 21,970
------------------------------------------------------------------------------------------------------------------------------------
Total liabilities 4,105,971 839,648 223,152 1,168,386 3,209,811 2,528,982
------------------------------------------------------------------------------------------------------------------------------------
Preferred shares, at liquidation value N/A 106,000,000 68,000,000 112,000,000 192,000,000 185,000,000
------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to
Common shares $261,678,185 $206,261,981 $130,458,473 $217,415,382 $369,223,062 $350,602,838
====================================================================================================================================
Common shares outstanding 25,241,808 12,965,742 8,154,681 13,580,232 23,096,654 21,988,661
====================================================================================================================================
Net asset value per Common share
outstanding (net assets
applicable to Common
shares, divided by
Common shares outstanding) $ 10.37 $ 15.91 $ 16.00 $ 16.01 $ 15.99 $ 15.94
====================================================================================================================================
NET ASSETS APPLICABLE TO COMMON SHARES CONSIST OF:
------------------------------------------------------------------------------------------------------------------------------------
Common shares, $.01 par value
per share $ 252,418 $ 129,657 $ 81,547 $ 135,802 $ 230,967 $ 219,887
Paid-in surplus 237,578,901 181,322,392 113,661,742 189,659,207 322,047,031 306,307,686
Undistributed net investment
income 93,362 1,453,018 1,376,137 2,085,512 4,089,900 3,213,680
Accumulated net realized
gain (loss)
from investments 1,210,089 52,296 (2,961,526) 173,630 229,849 1,011,781
Net unrealized appreciation of
investments 22,543,415 23,304,618 18,300,573 25,361,231 42,625,315 39,849,804
------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to
Common shares $261,678,185 $206,261,981 $130,458,473 $217,415,382 $369,223,062 $350,602,838
====================================================================================================================================
Authorized shares:
Common 250,000,000 200,000,000 200,000,000 200,000,000 200,000,000 200,000,000
Preferred N/A 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000
====================================================================================================================================
N/A - Fund is not authorized to issue Preferred shares.
See accompanying notes to financial statements.
41
Statement of
OPERATIONS Six Months Ended February 29, 2004 (Unaudited)
CALIFORNIA
CALIFORNIA CALIFORNIA CALIFORNIA INVESTMENT CALIFORNIA CALIFORNIA
VALUE PERFORMANCE PLUS OPPORTUNITY QUALITY SELECT QUALITY QUALITY INCOME
(NCA) (NCP) (NCO) (NQC) (NVC) (NUC)
-----------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME $ 6,864,971 $ 7,649,875 $ 4,999,371 $ 8,082,389 $14,220,914 $13,674,296
-----------------------------------------------------------------------------------------------------------------------------------
EXPENSES
Management fees 737,408 971,905 621,556 1,028,402 1,729,416 1,650,599
Preferred shares - auction fees N/A 132,300 84,872 139,789 239,639 230,902
Preferred shares - dividend
disbursing agent fees N/A 14,959 9,972 9,972 14,959 14,959
Shareholders' servicing agent fees
and expenses 23,934 17,027 8,564 13,547 18,684 15,927
Custodian's fees and expenses 27,827 32,012 21,031 35,739 69,002 54,132
Directors' fees and expenses 3,076 3,683 2,144 3,714 6,181 6,052
Professional fees 7,769 11,077 8,679 7,195 9,319 12,818
Shareholders' reports - printing
and mailing expenses 14,288 15,022 9,717 8,286 15,822 19,877
Stock exchange listing fees 8,245 10,275 5,556 10,293 10,308 7,864
Investor relations expense 2,890 12,996 3,706 2,195 9,262 10,134
Other expenses 7,249 15,756 11,837 17,154 19,504 17,834
-----------------------------------------------------------------------------------------------------------------------------------
Total expenses before custodian
fee credit 832,686 1,237,012 787,634 1,276,286 2,142,096 2,041,098
Custodian fee credit (8,432) (8,526) (4,167) (9,061) (13,617) (22,009)
-----------------------------------------------------------------------------------------------------------------------------------
Net expenses 824,254 1,228,486 783,467 1,267,225 2,128,479 2,019,089
-----------------------------------------------------------------------------------------------------------------------------------
Net investment income 6,040,717 6,421,389 4,215,904 6,815,164 12,092,435 11,655,207
-----------------------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN
FROM INVESTMENTS
Net realized gain from investments 1,522,951 218,712 358,684 1,048,997 1,601,956 1,354,009
Change in net unrealized
appreciation (depreciation)
of investments 11,256,152 15,017,004 9,590,947 13,122,707 24,360,550 24,342,171
-----------------------------------------------------------------------------------------------------------------------------------
Net gain from investments 12,779,103 15,235,716 9,949,631 14,171,704 25,962,506 25,696,180
-----------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO PREFERRED
SHAREHOLDERS
From net investment income N/A (402,851) (246,534) (385,297) (677,546) (747,642)
From accumulated net realized
gains from investments N/A (71) -- (108,863) (138,177) (66,203)
-----------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable
to Common shares from
distributions to Preferred
shareholders N/A (402,922) (246,534) (494,160) (815,723) (813,845)
-----------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets
applicable to Common shares
from operations $18,819,820 $21,254,183 $13,919,001 $20,492,708 $37,239,218 $36,537,542
===================================================================================================================================
N/A - Fund is not authorized to issue Preferred shares.
See accompanying notes to financial statements.
42
Statement of
CHANGES IN NET ASSETS (Unaudited)
CALIFORNIA VALUE (NCA) CALIFORNIA PERFORMANCE PLUS (NCP) CALIFORNIA OPPORTUNITY (NCO)
------------------------------- ---------------------------------- ---------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
2/29/04 8/31/03 2/29/04 8/31/03 2/29/04 8/31/03
------------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 6,040,717 $ 12,496,543 $ 6,421,389 $ 13,234,951 $ 4,215,904 $ 8,451,534
Net realized gain (loss)
from investments 1,522,951 1,473,738 218,712 1,004,022 358,684 (2,416,823)
Change in net unrealized
appreciation
(depreciation)
of investments 11,256,152 (9,461,698) 15,017,004 (8,515,354) 9,590,947 (1,963,613)
Distributions to Preferred
Shareholders:
From net investment income N/A N/A (402,851) (979,590) (246,534) (606,611)
From accumulated net realized
gains from investments N/A N/A (71) -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Net increase in net
assets applicable
to Common shares
from operations 18,819,820 4,508,583 21,254,183 4,744,029 13,919,001 3,464,487
------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO
COMMON SHAREHOLDERS
From net investment income (6,104,631) (12,869,723) (6,398,126) (11,928,784) (3,897,881) (7,452,565)
From accumulated net
realized gains
from investments (1,785,958) (235,826) (2,579) (1,019) -- --
------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable
to Common shares from
distributions to Common
shareholders (7,890,589) (13,105,549) (6,400,705) (11,929,803) (3,897,881) (7,452,565)
------------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Net proceeds from Common shares
issued to shareholders due to
reinvestment of distributions -- -- -- -- -- --
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease)
in net assets
applicable to Common shares 10,929,231 (8,596,966) 14,853,478 (7,185,774) 10,021,120 (3,988,078)
Net assets applicable to Common
shares at the beginning
of period 250,748,954 259,345,920 191,408,503 198,594,277 120,437,353 124,425,431
------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common
shares at the end of period $261,678,185 $250,748,954 $206,261,981 $191,408,503 $130,458,473 $120,437,353
====================================================================================================================================
Undistributed net investment
income at the
end of period $ 93,362 $ 157,276 $ 1,453,018 $ 1,832,606 $ 1,376,137 $ 1,304,648
====================================================================================================================================
N/A - Fund is not authorized to issue Preferred shares.
See accompanying notes to financial statements.
43
Statement of
CHANGES IN NET ASSETS (Unaudited) (continued)
CALIFORNIA INVESTMENT CALIFORNIA SELECT CALIFORNIA QUALITY
QUALITY (NQC) QUALITY (NVC) INCOME (NUC)
------------------------------- ---------------------------------- ---------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
2/29/04 8/31/03 2/29/04 8/31/03 2/29/04 8/31/03
------------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 6,815,164 $ 14,400,972 $ 12,092,435 $ 24,351,670 $ 11,655,207 $ 23,635,564
Net realized gain (loss)
from investments 1,048,997 594,277 1,601,956 553,846 1,354,009 676,834
Change in net unrealized
appreciation (depreciation)
of investments 13,122,707 (10,261,134) 24,360,550 (14,789,814) 24,342,171 (19,847,121)
Distributions to Preferred
Shareholders:
From net investment income (385,297) (1,031,502) (677,546) (1,731,308) (747,642) (1,526,791)
From accumulated net realized
gains from investments (108,863) (25,327) (138,177) (25,494) (66,203) (242,125)
------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets
applicable to Common shares
from operations 20,492,708 3,677,286 37,239,218 8,358,900 36,537,542 2,696,361
------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO COMMON SHAREHOLDERS
From net investment income (6,666,036) (12,711,116) (11,209,279) (21,757,051) (11,369,313) (21,879,825)
From accumulated net
realized gains
from investments (1,385,532) (252,596) (1,699,284) (341,832) (1,020,300) (2,618,427)
------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable
to Common shares from
distributions to Common
shareholders (8,051,568) (12,963,712) (12,908,563) (22,098,883) (12,389,613) (24,498,252)
------------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Net proceeds from Common shares
issued to shareholders due to
reinvestment of distributions -- -- -- -- 175,230 520,494
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease)
in net assets
applicable to Common shares 12,441,140 (9,286,426) 24,330,655 (13,739,983) 24,323,159 (21,281,397)
Net assets applicable to Common
shares at the beginning
of period 204,974,242 214,260,668 344,892,407 358,632,390 326,279,679 347,561,076
------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common
shares at the end of period $217,415,382 $204,974,242 $369,223,062 $344,892,407 $350,602,838 $326,279,679
====================================================================================================================================
Undistributed net investment income
at the end of period $ 2,085,512 $ 2,321,681 $ 4,089,900 $ 3,884,290 $ 3,213,680 $ 3,675,428
====================================================================================================================================
See accompanying notes to financial statements.
44
Notes to
FINANCIAL STATEMENTS (Unaudited)
1. GENERAL INFORMATION AND SIGNIFICANT ACCOUNTING POLICIES
The California Funds (the "Funds") covered in this report and their
corresponding Common share New York Stock Exchange symbols are Nuveen California
Municipal Value Fund, Inc. (NCA), Nuveen California Performance Plus Municipal
Fund, Inc. (NCP), Nuveen California Municipal Market Opportunity Fund, Inc.
(NCO), Nuveen California Investment Quality Municipal Fund, Inc. (NQC), Nuveen
California Select Quality Municipal Fund, Inc. (NVC) and Nuveen California
Quality Income Municipal Fund, Inc. (NUC). The Funds are registered under the
Investment Company Act of 1940, as amended, as closed-end, diversified
management investment companies.
Each Fund seeks to provide current income exempt from both regular federal and
California state income taxes by investing primarily in a diversified portfolio
of municipal obligations issued by state and local government authorities within
the state of California.
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. 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, evaluations
of anticipated cash flows or collateral and general market conditions. If it is
determined that market prices for a security are unavailable or inappropriate,
the Board of Directors of the Funds, or its designee, may establish a fair value
for the security. 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 with a current value at least equal to the amount of the
when-issued and delayed delivery purchase commitments. At February 29, 2004,
there were no such outstanding purchase commitments in any of the Funds.
Investment Income
Interest income, which includes the amortization of premiums and accretion of
discounts for financial reporting purposes, is recorded on an accrual basis.
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 net investment
income to its shareholders. Therefore, no federal income tax provision is
required. 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.
Dividends and Distributions to Common Shareholders
Dividends from tax-exempt net investment income are declared monthly. 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.
45
Notes to
FINANCIAL STATEMENTS (Unaudited) (continued)
Distributions to Common Shareholders of tax-exempt net investment income, net
realized capital gains and/or market discount, if any, 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.
Preferred Shares
California Value (NCA) 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 pursuant to a dutch auction
process by the auction agent, and is payable at or near the end of each rate
period. The number of Preferred shares outstanding, by Series and in total, for
each Fund is as follows:
CALIFORNIA CALIFORNIA CALIFORNIA CALIFORNIA
PERFORMANCE CALIFORNIA INVESTMENT SELECT QUALITY
PLUS OPPORTUNITY QUALITY QUALITY INCOME
(NCP) (NCO) (NQC) (NVC) (NUC)
---------------------------------------------------------------------------------------------------------
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 --
Series F 1,800 520 -- -- 3,000
---------------------------------------------------------------------------------------------------------
Total 4,240 2,720 4,480 7,680 7,400
=========================================================================================================
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 six months ended February 29, 2004.
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.
Indemnifications
Under the Funds' organizational documents, its Officers and Directors are
indemnified against certain liabilities arising out of the performance of their
duties to the Funds. In addition, in the normal course of business the Funds
enter into contracts that provide general indemnifications to other parties. The
Funds' maximum exposure under these arrangements is unknown as this would
involve future claims that may be made against the Funds that have not yet
occurred.
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 applicable to Common shares from operations during the
reporting period. Actual results may differ from those estimates.
46
2. FUND SHARES
Transactions in Common shares were as follows:
CALIFORNIA CALIFORNIA CALIFORNIA
VALUE (NCA) PERFORMANCE PLUS (NCP) OPPORTUNITY (NCO)
----------------------- ------------------------- --------------------------
SIX MONTHS YEAR ENDED SIX MONTHS YEAR ENDED SIX MONTHS YEAR ENDED
ENDED 2/29/04 8/31/03 ENDED 2/29/04 8/31/03 ENDED 2/29/04 8/31/03
-------------------------------------------------------------------------------------------------------------
Shares issued to
shareholders due to
reinvestment of distributions -- -- -- -- -- --
=============================================================================================================
CALIFORNIA CALIFORNIA CALIFORNIA
INVESTMENT QUALITY (NQC) SELECT QUALITY (NVC) QUALITY INCOME (NUC)
------------------------- ------------------------- --------------------------
SIX MONTHS YEAR ENDED SIX MONTHS YEAR ENDED SIX MONTHS YEAR ENDED
ENDED 2/29/04 8/31/03 ENDED 2/29/04 8/31/03 ENDED 2/29/04 8/31/03
-------------------------------------------------------------------------------------------------------------
Shares issued to
shareholders due to
reinvestment of distributions -- -- -- -- 11,233 32,183
=============================================================================================================
3. SECURITIES TRANSACTIONS
Purchases and sales (including maturities) of investments in long-term municipal
securities during the six months ended February 29, 2004, were as follows:
CALIFORNIA CALIFORNIA CALIFORNIA CALIFORNIA
CALIFORNIA PERFORMANCE CALIFORNIA INVESTMENT SELECT QUALITY
VALUE PLUS OPPORTUNITY QUALITY QUALITY INCOME
(NCA) (NCP) (NCO) (NQC) (NVC) (NUC)
---------------------------------------------------------------------------------------------------------
Purchases $45,879,878 $23,765,475 $11,388,473 $27,144,354 $31,278,673 $43,921,235
Sales and maturities 40,702,186 12,250,588 6,991,863 18,875,746 27,352,445 32,570,675
=========================================================================================================
47
Notes to
FINANCIAL STATEMENTS (Unaudited) (continued)
4. INCOME TAX INFORMATION
The following information is presented on an income tax basis. Differences
between amounts for financial statement and federal income tax purposes are
primarily due to timing differences in recognizing income on taxable market
discount securities and timing differences in recognizing certain gains and
losses on security transactions.
At February 29, 2004, the cost of investments were as follows:
CALIFORNIA CALIFORNIA CALIFORNIA CALIFORNIA
CALIFORNIA PERFORMANCE CALIFORNIA INVESTMENT SELECT QUALITY
VALUE PLUS OPPORTUNITY QUALITY QUALITY INCOME
(NCA) (NCP) (NCO) (NQC) (NVC) (NUC)
-------------------------------------------------------------------------------------------------------------
Cost of investments $237,614,697 $285,575,479 $177,866,634 $299,696,518 $512,440,899 $489,673,363
=============================================================================================================
Gross unrealized appreciation and gross unrealized depreciation of investments
at February 29, 2004, were as follows:
CALIFORNIA CALIFORNIA CALIFORNIA CALIFORNIA
CALIFORNIA PERFORMANCE CALIFORNIA INVESTMENT SELECT QUALITY
VALUE PLUS OPPORTUNITY QUALITY QUALITY INCOME
(NCA) (NCP) (NCO) (NQC) (NVC) (NUC)
--------------------------------------------------------------------------------------------------------------
Gross unrealized:
Appreciation $23,418,683 $25,024,981 $19,729,199 $25,745,416 $43,550,131 $42,213,841
Depreciation (800,945) (1,605,460) (1,253,902) (6,701) (647,495) (2,166,357)
--------------------------------------------------------------------------------------------------------------
Net unrealized appreciation
of investments $22,617,738 $23,419,521 $18,475,297 $25,738,715 $42,902,636 $40,047,484
==============================================================================================================
48
The tax components of undistributed net investment income and net realized gains
at August 31, 2003, the Funds' last fiscal year end, were as follows:
CALIFORNIA CALIFORNIA CALIFORNIA CALIFORNIA
CALIFORNIA PERFORMANCE CALIFORNIA INVESTMENT SELECT QUALITY
VALUE PLUS OPPORTUNITY QUALITY QUALITY INCOME
(NCA) (NCP) (NCO) (NQC) (NVC) (NUC)
--------------------------------------------------------------------------------------------------------------
Undistributed net
tax-exempt income $ 943,828 $2,195,343 $1,483,909 $2,837,047 $5,179,975 $4,872,371
Undistributed net
ordinary income * -- 398,934 61,308 86,536 1,984 451,140
Undistributed net long-term
capital gains 1,473,096 2,788 -- 619,028 694,458 744,275
==============================================================================================================
* Net ordinary income consists of taxable market discount income and net
short-term capital gains, if any.
The tax character of distributions paid during the fiscal year ended August 31,
2003, the Funds' last fiscal year end, was designated for purposes of the
dividends paid deduction as follows:
CALIFORNIA CALIFORNIA CALIFORNIA CALIFORNIA
CALIFORNIA PERFORMANCE CALIFORNIA INVESTMENT SELECT QUALITY
VALUE PLUS OPPORTUNITY QUALITY QUALITY INCOME
(NCA) (NCP) (NCO) (NQC) (NVC) (NUC)
----------------------------------------------------------------------------------------------------------
Distributions from net
tax-exempt income $12,835,461 $12,761,551 $8,012,712 $13,711,299 $23,411,429 $23,392,483
Distributions from net
ordinary income * 72,124 113,847 43,789 -- -- 62,978
Distributions from net
long-term
capital gains 235,826 1,019 -- 277,923 367,326 2,797,575
==========================================================================================================
* Net ordinary income consists of taxable market discount income and net
short-term capital gains, if any.
At August 31, 2003, the Funds' last fiscal year end, California Opportunity
(NCO) had an unused capital loss carryforward of $908,397 available for federal
income tax purposes to be applied against future capital gains, if any. If not
applied, the carryforward will expire in the year 2011.
California Opportunity (NCO) elected to defer $2,302,131 of net realized losses
from investments incurred from November 1, 2002 through August 31, 2003
("post-October losses") in accordance with Federal income tax regulations.
Post-October losses were treated as having arisen on the first day of the
current fiscal year.
49
Notes to
FINANCIAL STATEMENTS (Unaudited) (continued)
5. MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES
Under California Value's (NCA) investment management agreement with Nuveen
Advisory Corp. (the "Adviser"), a wholly owned subsidiary of Nuveen Investments,
Inc., the Fund pays an annual management fee, payable monthly of .35% of the
average daily net assets of the Fund, as well as 4.125% of the gross interest
income of the Fund.
Under the Funds' (excluding California Value (NCA)) investment management
agreements with the Adviser, each Fund pays an annual management fee, payable
monthly, at the rates set forth below, which are based upon the average daily
net assets (including net assets attributable to Preferred shares) of each Fund
as follows:
AVERAGE DAILY NET ASSETS (INCLUDING NET ASSETS
ATTRIBUTABLE TO PREFERRED SHARES) MANAGEMENT FEE
--------------------------------------------------------------------------------
For the first $125 million .6500%
For the next $125 million .6375
For the next $250 million .6250
For the next $500 million .6125
For the next $1 billion .6000
For the next $3 billion .5875
For net assets over $5 billion .5750
================================================================================
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 who are affiliated with the
Adviser or to their officers, all of whom receive remuneration for their
services to the Funds from the Adviser or its affiliates.
6. SUBSEQUENT EVENT - DISTRIBUTIONS TO COMMON SHAREHOLDERS
The Funds declared Common share dividend distributions from their tax-exempt net
investment income which were paid on April 1, 2004, to shareholders of record on
March 15, 2004, as follows:
CALIFORNIA CALIFORNIA CALIFORNIA CALIFORNIA
CALIFORNIA PERFORMANCE CALIFORNIA INVESTMENT SELECT QUALITY
VALUE PLUS OPPORTUNITY QUALITY QUALITY INCOME
(NCA) (NCP) (NCO) (NQC) (NVC) (NUC)
---------------------------------------------------------------------------------------------------------
Dividend per share $.0400 $.0775 $.0790 $.0795 $.0805 $.0830
=========================================================================================================
50
Financial
HIGHLIGHTS (Unaudited)
51
Financial
HIGHLIGHTS (Unaudited)
Selected data for a Common share outstanding throughout each period:
Investment Operations Less Distributions
------------------------------------------------------------------- -------------------------------
Distributions Distributions
from Net from Net
Beginning Net Investment Capital Investment Capital
Common Realized/ Income to Gains to Income to Gains to
Share Net Unrealized Preferred Preferred Common Common
Net Asset Investment Investment Share- Share- Share- Share-
Value Income Gain (Loss) holders+ holders+ Total holders holders Total
====================================================================================================================================
CALIFORNIA VALUE (NCA)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 8/31:
2004(a) $ 9.93 $ .24 $ .51 $ N/A $ N/A $ .75 $ (.24) $(.07) $ (.31)
2003 10.27 .50 (.32) N/A N/A .18 (.51) (.01) (.52)
2002 10.31 .51 (.03) N/A N/A .48 (.52) -- (.52)
2001 9.85 .51 .47 N/A N/A .98 (.52) -- (.52)
2000 9.73 .51 .12 N/A N/A .63 (.51) -- (.51)
1999 10.38 .50 (.60) N/A N/A (.10) (.50) (.05) (.55)
CALIFORNIA PERFORMANCE
PLUS (NCP)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 8/31:
2004(a) 14.76 .50 1.17 (.03) -- 1.64 (.49) -- (.49)
2003 15.32 1.02 (.58) (.08) -- .36 (.92) -- (.92)
2002 15.32 1.05 .07 (.10) (.03) .99 (.89) (.10) (.99)
2001 14.96 1.12 .44 (.25) (.01) 1.30 (.90) (.04) (.94)
2000 14.85 1.22 .11 (.26) -- 1.07 (.96) -- (.96)
1999 15.98 1.20 (1.05) (.20) (.01) (.06) (1.00) (.05) (1.05)
CALIFORNIA
OPPORTUNITY (NCO)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 8/31:
2004(a) 14.77 .52 1.22 (.03) -- 1.71 (.48) -- (.48)
2003 15.26 1.04 (.55) (.07) -- .42 (.91) -- (.91)
2002 15.32 1.06 -- (.10) (.02) .94 (.91) (.09) (1.00)
2001 14.97 1.14 .48 (.23) (.03) 1.36 (.92) (.09) (1.01)
2000 15.06 1.25 (.07) (.29) -- .89 (.98) -- (.98)
1999 16.48 1.21 (1.25) (.19) (.03) (.26) (1.01) (.12) (1.13)
====================================================================================================================================
Total Returns
---------------------
Based
Offering on
Costs and Ending Common
Preferred Common Based Share
Share Share Ending on Net
Underwriting Net Asset Market Market Asset
Discounts Value Value Value** Value**
======================================================================================
CALIFORNIA VALUE (NCA)
--------------------------------------------------------------------------------------
Year Ended 8/31:
2004(a) $-- $10.37 $ 9.9500 13.02% 7.67%
2003 -- 9.93 9.1000 (3.55) 1.73
2002 -- 10.27 9.9500 6.61 4.80
2001 -- 10.31 9.8300 11.41 10.20
2000 -- 9.85 9.3125 6.80 6.80
1999 -- 9.73 9.2500 (.43) (1.13)
CALIFORNIA PERFORMANCE
PLUS (NCP)
--------------------------------------------------------------------------------------
Year Ended 8/31:
2004(a) -- 15.91 14.9000 10.82 11.28
2003 -- 14.76 13.9000 (1.30) 2.30
2002 -- 15.32 15.0000 1.11 6.84
2001 -- 15.32 15.8500 7.88 9.13
2000 -- 14.96 15.6250 (1.56) 7.68
1999 (.02) 14.85 16.9375 (.12) (.66)
CALIFORNIA
OPPORTUNITY (NCO)
--------------------------------------------------------------------------------------
Year Ended 8/31:
2004(a) -- 16.00 15.1600 12.23 11.71
2003 -- 14.77 13.9500 (2.45) 2.73
2002 -- 15.26 15.2200 (.26) 6.51
2001 -- 15.32 16.3000 8.65 9.51
2000 -- 14.97 16.0000 1.14 6.33
1999 (.03) 15.06 16.8750 2.10 (1.97)
======================================================================================
Ratios/Supplemental Data
--------------------------------------------------------------------------------------------------
Before Credit After Credit***
----------------------------- ------------------------------
Ratio of Net Ratio of Net
Ratio of Investment Ratio of Investment
Ending Expenses Income to Expenses Income to
Net to Average Average to Average Average
Assets Net Assets Net Assets Net Assets Net Assets
Applicable Applicable Applicable Applicable Applicable Portfolio
to Common to Common to Common to Common to Common Turnover
Shares (000) Shares++ Shares++ Shares++ Shares++ Rate
==========================================================================================================================
CALIFORNIA VALUE (NCA)
--------------------------------------------------------------------------------------------------------------------------
Year Ended 8/31:
2004(a) $261,678 .65%* 4.71%* .64%* 4.72%* 16%
2003 250,749 .66 4.84 .66 4.85 24
2002 259,346 .68 5.06 .68 5.07 4
2001 260,145 .70 5.14 .69 5.15 7
2000 248,375 .70 5.42 .69 5.43 36
1999 245,456 .69 4.89 .69 4.90 35
CALIFORNIA PERFORMANCE
PLUS (NCP)
--------------------------------------------------------------------------------------------------------------------------
Year Ended 8/31:
2004(a) 206,262 1.25* 6.46* 1.24* 6.46* 4
2003 191,409 1.26 6.65 1.25 6.66 30
2002 198,594 1.28 7.04 1.27 7.05 11
2001 197,642 1.26 7.57 1.25 7.59 27
2000 191,957 1.30 8.48 1.28 8.49 38
1999 189,328 1.19 7.67 1.19 7.67 26
CALIFORNIA
OPPORTUNITY (NCO)
--------------------------------------------------------------------------------------------------------------------------
Year Ended 8/31:
2004(a) 130,458 1.26* 6.72* 1.25* 6.73* 4
2003 120,437 1.27 6.74 1.26 6.75 16
2002 124,425 1.30 7.13 1.29 7.14 11
2001 124,296 1.30 7.68 1.28 7.69 31
2000 120,794 1.29 8.62 1.28 8.64 24
1999 120,856 1.19 7.50 1.18 7.51 37
==========================================================================================================================
Preferred Shares at End of Period
------------------------------------------
Aggregate Liquidation
Amount and Market Asset
Outstanding Value Coverage
(000) Per Share Per Share
=====================================================================
CALIFORNIA VALUE (NCA)
---------------------------------------------------------------------
Year Ended 8/31:
2004(a) $ N/A $ N/A $ N/A
2003 N/A N/A N/A
2002 N/A N/A N/A
2001 N/A N/A N/A
2000 N/A N/A N/A
1999 N/A N/A N/A
CALIFORNIA PERFORMANCE
PLUS (NCP)
---------------------------------------------------------------------
Year Ended 8/31:
2004(a) 106,000 25,000 73,647
2003 106,000 25,000 70,144
2002 106,000 25,000 71,838
2001 106,000 25,000 71,614
2000 106,000 25,000 70,273
1999 106,000 25,000 69,653
CALIFORNIA
OPPORTUNITY (NCO)
---------------------------------------------------------------------
Year Ended 8/31:
2004(a) 68,000 25,000 72,963
2003 68,000 25,000 69,278
2002 68,000 25,000 70,745
2001 68,000 25,000 70,697
2000 68,000 25,000 69,410
1999 68,000 25,000 69,432
=====================================================================
N/A Fund is not authorized to issue Preferred shares.
* Annualized.
** Total Investment Return on Market Value is the combination of reinvested
dividend income, reinvested capital gains distributions, if any, and
changes in stock price per share. Total Return on Common Share Net Asset
Value is the combination of reinvested dividend income at net asset value,
reinvested capital gains distributions at net asset value, if any, and
changes in Common share net asset value per share. Total returns are not
annualized.
*** After custodian fee credit, 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, where applicable.
(a) For the six months ended February 29, 2004.
See accompanying notes to financial statements.
52-53 SPREAD
Financial HIGHLIGHTS (Unaudited) (continued)
Selected data for a Common share outstanding throughout each period:
Investment Operations Less Distributions
------------------------------------------------------------------- -------------------------------
Distributions Distributions
from Net from Net
Beginning Net Investment Capital Investment Capital
Common Realized/ Income to Gains to Income to Gains to
Share Net Unrealized Preferred Preferred Common Common
Net Asset Investment Investment Share- Share- Share- Share-
Value Income Gain (Loss) holders+ holders+ Total holders holders Total
====================================================================================================================================
CALIFORNIA INVESTMENT
QUALITY (NQC)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 8/31:
2004(a) $15.09 $ .50 $ 1.05 $(.03) $(.01) $1.51 $(.49) $(.10) $ (.59)
2003 15.78 1.06 (.71) (.08) -- .27 (.94) (.02) (.96)
2002 15.78 1.08 (.02) (.11) (.01) .94 (.92) (.02) (.94)
2001 14.83 1.15 .97 (.25) -- 1.87 (.92) -- (.92)
2000 14.83 1.24 (.04) (.27) -- .93 (.93) -- (.93)
1999 16.03 1.15 (1.14) (.19) (.01) (.19) (.95) (.03) (.98)
CALIFORNIA SELECT
QUALITY (NVC)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 8/31:
2004(a) 14.93 .52 1.14 (.03) (.01) 1.62 (.49) (.07) (.56)
2003 15.53 1.05 (.63) (.07) -- .35 (.94) (.01) (.95)
2002 15.63 1.08 .01 (.08) (.04) .97 (.91) (.16) (1.07)
2001 14.90 1.18 .72 (.26) -- 1.64 (.91) -- (.91)
2000 14.80 1.21 .11 (.28) -- 1.04 (.94) -- (.94)
1999 16.02 1.15 (1.09) (.18) (.02) (.14) (.95) (.11) (1.06)
CALIFORNIA QUALITY
INCOME (NUC)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 8/31:
2004(a) 14.85 .53 1.16 (.03) -- 1.66 (.52) (.05) (.57)
2003 15.84 1.08 (.87) (.07) (.01) .13 (1.00) (.12) (1.12)
2002 16.16 1.19 (.35) (.10) (.02) .72 (.96) (.08) (1.04)
2001 15.41 1.21 .75 (.26) -- 1.70 (.94) (.01) (.95)
2000 15.28 1.23 .16 (.29) -- 1.10 (.97) -- (.97)
1999 16.37 1.17 (1.04) (.20) -- (.07) (.98) (.02) (1.00)
====================================================================================================================================
Total Returns
---------------------
Based
Offering on
Costs and Ending Common
Preferred Common Based Share
Share Share Ending on Net
Underwriting Net Asset Market Market Asset
Discounts Value Value Value** Value**
========================================================================================
CALIFORNIA INVESTMENT
QUALITY (NQC)
----------------------------------------------------------------------------------------
Year Ended 8/31:
2004(a) $ -- $16.01 $15.1800 8.10% 10.18%
2003 -- 15.09 14.6100 .29 1.60
2002 -- 15.78 15.5200 (.55) 6.28
2001 -- 15.78 16.5800 12.54 13.09
2000 -- 14.83 15.6250 2.91 6.69
1999 (.03) 14.83 16.1875 1.67 (1.54)
CALIFORNIA SELECT
QUALITY (NVC)
----------------------------------------------------------------------------------------
Year Ended 8/31:
2004(a) -- 15.99 15.3500 12.63 10.99
2003 -- 14.93 14.1400 (2.78) 2.24
2002 -- 15.53 15.5100 2.79 6.61
2001 -- 15.63 16.1800 10.70 11.43
2000 -- 14.90 15.5000 2.96 7.47
1999 (.02) 14.80 16.0625 2.15 (1.20)
CALIFORNIA QUALITY
INCOME (NUC)
----------------------------------------------------------------------------------------
Year Ended 8/31:
2004(a) -- 15.94 15.7400 11.27 11.29
2003 -- 14.85 14.6700 (2.38) .71
2002 -- 15.84 16.1400 4.15 4.79
2001 -- 16.16 16.5500 8.51 11.44
2000 -- 15.41 16.1875 3.83 7.64
1999 (.02) 15.28 16.6250 1.37 (.72)
========================================================================================
Ratios/Supplemental Data
--------------------------------------------------------------------------------------------------
Before Credit After Credit***
----------------------------- ------------------------------
Ratio of Net Ratio of Net
Ratio of Investment Ratio of Investment
Ending Expenses Income to Expenses Income to
Net to Average Average to Average Average
Assets Net Assets Net Assets Net Assets Net Assets
Applicable Applicable Applicable Applicable Applicable Portfolio
to Common to Common to Common to Common to Common Turnover
Shares (000) Shares++ Shares++ Shares++ Shares++ Rate
==============================================================================================================================
CALIFORNIA INVESTMENT
QUALITY (NQC)
------------------------------------------------------------------------------------------------------------------------------
Year Ended 8/31:
2004(a) $217,415 1.21%* 6.46%* 1.20%* 6.46%* 6%
2003 204,974 1.21 6.73 1.21 6.73 26
2002 214,261 1.25 7.03 1.23 7.04 11
2001 213,221 1.25 7.64 1.23 7.65 34
2000 199,258 1.25 8.65 1.24 8.66 18
1999 198,360 1.19 7.28 1.19 7.29 18
CALIFORNIA SELECT
QUALITY (NVC)
------------------------------------------------------------------------------------------------------------------------------
Year Ended 8/31:
2004(a) 369,223 1.20* 6.77* 1.19* 6.77* 5
2003 344,892 1.20 6.78 1.20 6.78 20
2002 358,632 1.23 7.14 1.22 7.15 19
2001 359,318 1.24 7.81 1.22 7.83 29
2000 340,791 1.27 8.39 1.25 8.40 20
1999 337,344 1.14 7.35 1.13 7.35 7
CALIFORNIA QUALITY
INCOME (NUC)
------------------------------------------------------------------------------------------------------------------------------
Year Ended 8/31:
2004(a) 350,603 1.21* 6.88* 1.19* 6.89* 6
2003 326,280 1.22 6.90 1.21 6.91 46
2002 347,561 1.23 7.58 1.22 7.59 22
2001 352,693 1.23 7.77 1.21 7.78 18
2000 335,148 1.22 8.28 1.21 8.29 21
1999 331,062 1.14 7.26 1.13 7.26 11
==============================================================================================================================
Preferred Shares at End of Period
------------------------------------------
Aggregate Liquidation
Amount and Market Asset
Outstanding Value Coverage
(000) Per Share Per Share
=====================================================================
CALIFORNIA INVESTMENT
QUALITY (NQC)
----------------------------------------------------------------------
Year Ended 8/31:
2004(a) $112,000 $25,000 $73,530
2003 112,000 25,000 70,753
2002 112,000 25,000 72,826
2001 112,000 25,000 72,594
2000 112,000 25,000 69,477
1999 112,000 25,000 69,277
CALIFORNIA SELECT
QUALITY (NVC)
----------------------------------------------------------------------
Year Ended 8/31:
2004(a) 192,000 25,000 73,076
2003 192,000 25,000 69,908
2002 192,000 25,000 71,697
2001 192,000 25,000 71,786
2000 192,000 25,000 69,374
1999 192,000 25,000 68,925
CALIFORNIA QUALITY
INCOME (NUC)
----------------------------------------------------------------------
Year Ended 8/31:
2004(a) 185,000 25,000 72,379
2003 185,000 25,000 69,092
2002 185,000 25,000 71,968
2001 185,000 25,000 72,661
2000 185,000 25,000 70,290
1999 185,000 25,000 69,738
=====================================================================
* 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 Common Share Net Asset
Value is the combination of reinvested dividend income at net asset value,
reinvested capital gains distributions at net asset value, if any, and
changes in Common share net asset value per share. Total returns are not
annualized.
*** After custodian fee credit, 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, where applicable.
(a) For the six months ended February 29, 2004.
See accompanying notes to financial statements.
54-55 SPREAD
Build Your Wealth
AUTOMATICALLY
Sidebar text: NUVEEN MAKES REINVESTING EASY. A PHONE CALL IS ALL IT TAKES TO SET
UP YOUR REINVESTMENT ACCOUNT.
NUVEEN CLOSED-END EXCHANGE-TRADED FUNDS DIVIDEND REINVESTMENT PLAN
Your Nuveen Closed-End 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 advisor or call us at (800)
257-8787.
56
Fund
INFORMATION
BOARD OF DIRECTORS
William E. Bennett
Robert P. Bremner
Lawrence H. Brown
Jack B. Evans
William C. Hunter
Anne E. Impellizzeri
William L. Kissick
Thomas E. Leafstrand
Peter R. Sawers
William J. Schneider
Timothy R. Schwertfeger
Judith M. Stockdale
Sheila W. Wellington
FUND MANAGER
Nuveen Advisory Corp.
333 West Wacker Drive
Chicago, IL 60606
CUSTODIAN
State Street Bank & Trust
Boston, MA
TRANSFER AGENT AND
SHAREHOLDER SERVICES
State Street Bank & Trust
Nuveen Funds
P.O. Box 43071
Providence, RI 02940-3071
(800) 257-8787
LEGAL COUNSEL
Chapman and Cutler LLP
Chicago, IL
INDEPENDENT AUDITORS
Ernst & Young LLP
Chicago, IL
POLICY CHANGE
On February 25, 2004, the Board approved policies that would allow each Fund, at
the discretion of the Adviser, to engage in certain types of derivative
transactions for the purpose of hedging interest rate risk. There is no
guarantee that the Adviser will cause a Fund to enter into such transactions. If
a Fund were to engage in hedging, there is no guarantee that such hedging will
be successful or that it will not reduce the Fund's total return.
PROXY VOTING POLICIES AND PROCEDURES
A description of the policies and procedures that the Funds use to determine how
to vote proxies relating to portfolio securities is available (i) without
charge, upon request, by calling Nuveen Investments at (800) 257-8787; and (ii)
on the Commission's website at http://www.sec.gov.
GLOSSARY OF TERMS USED IN THIS REPORT
Average Annual Total Return: This is a commonly used method to express an
investment's performance over a particular, usually multi-year time period. It
expresses the return (including change in NAV and reinvested dividends) that
would have been necessary on an annual basis to equal the investment's actual
performance over the time period being considered.
Average Duration: Duration is a measure of a bond or bond fund's sensitivity to
changes in interest rates. Generally, the longer a bond or fund's duration, the
more the price of the bond or fund will change as interest rates change.
Average Effective Maturity: The average of all the maturities of the bonds in a
fund's portfolio, computed by weighting each maturity date (the date the
security comes due) by the market value of the security. This figure does not
account for the likelihood of prepayments or the exercise of call provisions.
Leverage-Adjusted Duration: Duration is a measure of a bond or bond fund's
sensitivity to changes in interest rates. Generally, the longer a bond or fund's
duration, the more the price of the bond or fund will change as interest rates
change. Leverage-adjusted duration takes into account the leveraging process for
a Fund and therefore is generally longer than the duration of the actual
portfolio of individual bonds that make up the Fund.
Market Yield (also known as Dividend Yield or Current Yield): An investment's
current annualized dividend divided by its current market price.
Net Asset Value (NAV): A fund's NAV is calculated by subtracting the liabilities
of the fund from its total assets and then dividing the remainder by the number
of shares outstanding. Fund NAVs are calculated at the end of each business day.
Taxable-Equivalent Yield: The yield necessary from a fully taxable investment to
equal, on an after-tax basis, the yield of a municipal bond investment.
---------
Each Fund intends to repurchase shares of its own common or preferred stock in
the future at such times and in such amounts as is deemed advisable. No shares
were repurchased during the period ended February 29, 2004. Any future
repurchases will be reported to shareholders in the next annual or semiannual
report.
57
Serving Investors
FOR GENERATIONS
Since 1898, financial advisors and their clients have relied on Nuveen
Investments to provide dependable investment solutions. For the past century,
Nuveen Investments has adhered to the belief that the best approach to investing
is to apply conservative risk-management principles to help minimize volatility.
Building on this tradition, we today offer a range of high quality equity and
fixed-income solutions that are integral to a well-diversified core portfolio.
Our clients have come to appreciate this diversity, as well as our continued
adherence to proven, long-term investing principles.
Managing $90 billion in assets, Nuveen Investments offers access to a number of
different asset classes and investing solutions through a variety of products.
Nuveen Investments markets its capabilities under four distinct brands: Nuveen,
a leader in tax-free investments; NWQ, a leader in value-style equities;
Rittenhouse, a leader in growth-style equities; and Symphony, a leading
institutional manager of market-neutral alternative investment portfolios.
To learn more about the products and services Nuveen Investments offers and for
a prospectus, where applicable, talk to your financial advisor, or call us at
(800) 257-8787. Please read the information carefully before you invest.
Distributed by
NUVEEN INVESTMENTS, LLC | 333 West Wacker Drive | Chicago, Illinois 60606
| www.nuveen.com
ESA-A-0204D
ITEM 2. CODE OF ETHICS.
Not applicable to this filing.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable to this filing.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable to this filing.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable to this filing.
ITEM 6. SCHEDULE OF INVESTMENTS
Not applicable at this time.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES
Not applicable to this filing.
ITEM 8. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS
Not applicable at this time.
ITEM 9. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
There were no material changes to the procedures by which shareholders may
recommend nominees to the registrant's Board of Trustees implemented after the
registrant last provided disclosure in response to the requirements of Item
7(d)(2)(ii)(G) of Schedule 14A (17 CFR 240.14a-101) or this Item.
ITEM 10. CONTROLS AND PROCEDURES.
(a) The registrant's principal executive and principal financial officers,
or persons performing similar functions, have concluded that the
registrant's disclosure controls and procedures (as defined in Rule
30a-3(c) under the Investment Company Act of 1940, as amended (the
"1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within
90 days of the filing date of this report that includes the disclosure
required by this paragraph, based on their evaluation of the controls
and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR
270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities
Exchange Act of 1934, as amended (the "Exchange Act")(17 CFR
240.13a-15(b) or 240.15d-15(b)).
(b) There were no changes in the registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the 1940 Act
(17 CFR 270.30a-3(d)) that occurred during the registrant's last
fiscal half-year (the registrant's second fiscal half-year in the case
of an annual report) that has materially affected, or is reasonably
likely to materially affect, the registrant's internal control over
financial reporting.
ITEM 11. EXHIBITS.
File the exhibits listed below as part of this Form.
(a)(1) Any code of ethics, or amendment thereto, that is the subject of the
disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit: Not applicable to
this filing.
(a)(2) A separate certification for each principal executive officer and
principal financial officer of the registrant as required by Rule 30a-2(a) under
the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: Ex-99.CERT
attached hereto.
(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under
the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the
report by or on behalf of the registrant to 10 or more persons: Not applicable
at this time.
(b) If the report is filed under Section 13(a) or 15(d) of the Exchange Act,
provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR
270.30a-2(b)); Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR
240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of
the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished
pursuant to this paragraph will not be deemed "filed" for purposes of Section 18
of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of
that section. Such certification will not be deemed to be incorporated by
reference into any filing under the Securities Act of 1933 or the Exchange Act,
except to the extent that the registrant specifically incorporates it by
reference. Ex-99.906 CERT attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Nuveen California Municipal Value Fund, Inc.
-----------------------------------------------------------
By (Signature and Title)* /s/ Jessica R. Droeger
----------------------------------------------
Jessica R. Droeger
Vice President and Secretary
Date: May 6, 2004
-------------------------------------------------------------------
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ Gifford R. Zimmerman
----------------------------------------------
Gifford R. Zimmerman
Chief Administrative Officer
(Principal Executive Officer)
Date: May 6, 2004
-------------------------------------------------------------------
By (Signature and Title)* /s/ Stephen D. Foy
----------------------------------------------
Stephen D. Foy
Vice President and Controller
(Principal Financial Officer)
Date: May 6, 2004
-------------------------------------------------------------------
* Print the name and title of each signing officer under his or her signature.