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
---------------------
Nuveen California Municipal Value Fund, Inc.
------------------------------------------------------------------------------
(Exact name of registrant as specified in charter)
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
------------------------------------------------------------------------------
(Address of principal executive offices) (Zip code)
Jessica R. Droeger
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
------------------------------------------------------------------------------
(Name and address of agent for service)
Registrant's telephone number, including area code: (312) 917-7700
-------------------
Date of fiscal year end: August 31
------------------
Date of reporting period: February 28, 2007
------------------
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.
SEMIANNUAL REPORT February 28, 2007
Nuveen Investments
Municipal Closed-End Funds
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: Woman and man at the beach.
Photo of: A child.
DEPENDABLE,
TAX-FREE INCOME BECAUSE
IT'S NOT WHAT YOU EARN,
IT'S WHAT YOU KEEP.(R)
Logo: NUVEEN Investments
Photo of: Woman
Photo of: Woman
Photo of: Man and child
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Logo: NUVEEN Investments
Photo: Timothy R. Schwertfeger
Timothy R. Schwertfeger
Chairman of the Board
Chairman's
LETTER TO SHAREHOLDERS
Once again, I am pleased to report that over the six-month period covered
by this report your Fund continued to provide you with attractive monthly
tax-free income. For more details about the management strategy and
performance of your Fund, please read the Portfolio Manager's Comments, the
Dividend and Share Price Information, and the Performance Overview sections
of this report.
For some time, I've used these letters to remind you that municipal bonds
can be an important building block in a well balanced investment portfolio.
In addition to providing attractive tax-free monthly income, a municipal
bond investment like your Fund may help you achieve and benefit from
greater portfolio diversification. Portfolio diversification is a
recognized way to try to reduce some of the risk that
"IN ADDITION TO PROVIDING ATTRACTIVE TAX-FREE MONTHLY INCOME, A MUNICIPAL BOND
INVESTMENT LIKE YOUR FUND MAY HELP YOU ACHIEVE AND BENEFIT FROM GREATER
PORTFOLIO DIVERSIFICATION."
comes with investing. For more information about this important investment
strategy, I encourage you to contact your personal financial advisor.
We also are pleased to be able to offer you a choice concerning how you
receive your shareholder reports and other Fund information. As an
alternative to mailed copies, you can sign up to receive future Fund
reports and other Fund information by e-mail and the Internet. The inside
front cover of this report contains information on how you can sign up.
We are grateful that you have chosen us as a partner as you pursue your
financial goals, and we look forward to continuing to earn your trust in
the months and years ahead. At Nuveen Investments, our mission continues to
be to assist you and your financial advisor by offering investment services
and products that can help you to secure your financial objectives.
Sincerely,
/s/ Timothy R. Schwertfeger
Timothy R. Schwertfeger
Chairman of the Board
April 16, 2007
Nuveen Investments Municipal Closed-End Funds
(NCA, NCP, NCO, NQC, NVC, NUC)
Portfolio Manager's
COMMENTS
Portfolio manager Scott Romans discusses key investment strategies and the
six-month performance of these six closed-end Nuveen California Funds. Scott,
who joined Nuveen in 2000, has managed these Funds since 2003.
WHAT KEY STRATEGIES WERE USED TO MANAGE THE CALIFORNIA FUNDS DURING THE
SIX-MONTH REPORTING PERIOD ENDED FEBRUARY 28, 2007?
During this six-month period, we saw a modest increase in short-term interest
rates, while longer-term rates continued to decline, resulting in further
flattening of the yield curve. In this environment, where the yield curve
remained the dominant market factor, we continued to emphasize a disciplined
approach to duration1 management and yield curve positioning. As part of this
approach, our new additions to the Funds' portfolios focused mainly on
attractively priced bonds in the 20-year to 30-year part of the yield curve. We
believed that bonds in this part of the curve generally offered better value and
reward opportunities more commensurate with their risk levels. To help us
maintain the Funds' durations within our preferred strategic range, we also
selectively sold holdings with shorter durations, including pre-refunded bonds
and bonds with short maturities.
In all six of these California Funds, our duration management strategies during
this period included the purchase of inverse floating rate trusts, a type of
derivative financial instrument. The inverse floaters had the dual benefit of
increasing the Funds'distributable income and bringing their durations closer to
our preferred strategic target. In past shareholder reports, we also have
discussed the use of derivatives as a duration management tool. Entering this
reporting period, five of these California Funds--NCA, NCP, NQC, NVC and
NUC--were using forward interest rate swaps to help manage net asset value (NAV)
volatility. As of February 28, 2007, these five Funds continued to use swaps,
although we reduced the positions in NCP and NQC during this six-month period.
(NCO did not use swaps during this period because we believed its duration was
adequately positioned relative to the general market.)
Overall, portfolio activity was relatively light during much of this period due
to the fact that the rate environment was not advantageous for active trading.
In watching the market for opportunities to add value to our portfolios, we
focused mainly on premium
1 Duration is a measure of a bond's price sensitivity as interest rates
change, with longer duration bonds displaying more sensitivity to these
changes than bonds with shorter durations.
4
coupon - typically 5% - bonds priced to 10-year calls. As the bond market
continued to rally, especially in November and December 2006, we also purchased
bonds with coupons in the 4% range which typically offered higher income.
We continued to emphasize maintaining the Funds' allocations to lower credit
quality bonds. However, as lower-rated credit spreads continued to perform well
during this period, we generally saw fewer attractively priced lower-rated
credit offerings in the California market. Although California remained the
largest state issuer of municipal debt in the nation, much of the new supply
during this period was insured, and we did not find many opportunities outside
the insured sector. Apart from credit, one area of the market in which we did
continue to find value was the single family housing sector, where we purchased
bonds for all six of these Funds.
HOW DID THE FUNDS PERFORM?
Individual results for these Nuveen California Funds, as well as relevant index
and peer group information, are presented in the accompanying table.
TOTAL RETURNS ON NET ASSET VALUE
For periods ended 2/28/07
CUMULATIVE ANNUALIZED
---------- ------------------------------------------
6-MONTH 1-YEAR 5-YEAR 10-YEAR
--------------------------------------------------------------------------------
NCA2 2.88% 4.96% 5.36% 5.57%
--------------------------------------------------------------------------------
NCP 3.33% 5.46% 6.89% 6.49%
--------------------------------------------------------------------------------
NCO 3.29% 4.98% 7.14% 6.38%
--------------------------------------------------------------------------------
NQC 2.91% 5.12% 6.37% 6.31%
--------------------------------------------------------------------------------
NVC 3.13% 5.26% 6.94% 6.72%
--------------------------------------------------------------------------------
NUC 3.10% 5.01% 6.55% 6.56%
--------------------------------------------------------------------------------
Lehman Brothers
CA Tax-Exempt
Bond Index3 3.01% 5.21% 5.29% 5.90%
--------------------------------------------------------------------------------
Lipper CA
Municipal Debt
Funds Average4 3.66% 6.15% 6.85% 6.41%
--------------------------------------------------------------------------------
Past performance is not predictive of future results. Current performance may be
higher or lower than the data shown. Returns do not reflect the deduction of
taxes that shareholders may have to pay on Fund distributions or upon the sale
of Fund shares.
For additional information, see the individual Performance Overview for your
Fund in this report.
2 NCA is an unleveraged Fund; the remaining five Funds in this report are
leveraged.
3 The Lehman Brothers California Tax-Exempt Bond Index is an unleveraged,
unmanaged index comprising a broad range of investment-grade California
municipal bonds. Results for the Lehman Brothers index do not reflect any
expenses.
4 The Lipper California Municipal Debt Funds category average is calculated
using the returns of all closed-end funds in this category for each period
as follows: 6 months, 25; 1 year, 25; 5 years, 15; and 10 years, 13. Fund
and Lipper returns assume reinvestment of dividends.
5
For the six months ended February 28, 2007, the cumulative returns on NAV for
NCP, NCO, NVC and NUC outperformed the return on the Lehman Brothers California
Tax-Exempt Bond Index, while NCA and NQC slightly underperformed this index. The
six-month returns for all of the Funds in this report underperformed the average
return of the Lipper California peer group for this period.
Factors that influenced the Funds' returns during this period included duration
management, exposure to lower-rated credits, sector allocations, advance
refunding activity,5 and the use of financial leverage.
As the yield curve continued to flatten over the course of this period, bonds
with longer duration structures, including zero coupon and non-callable bonds,
generally outperformed shorter duration bonds. Overall, these Funds were
strategically well positioned in terms of duration, as our careful approach to
duration management--including the use of inverse floaters and interest rate
swaps--kept the Funds' durations close to their preferred range. However,
although it remained within its targeted range, a slightly shorter duration in
NQC (after the impact of derivatives) meant that NQC was not able to capture
quite as much performance as the Funds with longer durations.
With bonds rated BBB or lower and non-rated bonds generally outperforming other
credit quality sectors during this period, all of the Funds benefited from their
allocations to lower-quality credits. The performance of this sector was largely
the result of investor demand for the higher yields typically associated with
lower-rated bonds, which drove up their value.
Among the lower-rated holdings making contributions to the Funds' returns were
health care (including hospitals) credits and industrial development revenue
bonds, which ranked as the top performing revenue sectors in the national Lehman
Brothers Municipal Bond Index for this period. Bonds backed by the 1998 master
tobacco settlement agreement, which comprised approximately 2% to 7% of the
portfolios of these six Funds as of February 28, 2007, also performed well
during this period.
5 Advance refundings, also known as pre-refundings or refinancings, occur
when an issuer sells new bonds and uses the proceeds to fund principal and
interest payments of older existing bonds. This process often results in
lower borrowing costs for bond issuers.
6
We also continued to see positive contributions from advance refunding activity,
which benefited these Funds through price appreciation and enhanced credit
quality. Holdings of older, previously pre-refunded bonds tended to underperform
the general municipal market during this period, due primarily to their shorter
effective maturities and higher credit quality. Among these six Funds, NCA, NVC
and NUC had the heaviest allocations of pre-refunded bonds entering this period.
Another factor in the six-month performance of these Funds, especially relative
to that of the unleveraged Lehman Brothers California Tax-Exempt Bond Index, was
the use of financial leverage. Five of these Funds (NCP, NCO, NQC, NVC and NUC)
use leverage, while NCA is not leveraged. While leverage can add volatility to a
Fund's NAV and share price, this strategy can also provide opportunities for
additional income and total return for common shareholders. Over this period,
our leveraging strategy had a positive impact on the results of the five
leveraged Funds. The fact that NCA is unleveraged accounted for much of the
performance differential between this Fund and the other five Funds in this
report for this period.
7
Dividend and Share Price
INFORMATION
The dividends of all six of these California Funds remained stable over the
six-month period ended February 28, 2007.
Due to normal portfolio activity, common shareholders of these Funds received
capital gains and net ordinary income distributions at the end of December 2006,
as follows:
SHORT-TERM CAPITAL GAINS
LONG-TERM CAPITAL GAINS AND/OR ORDINARY INCOME
(PER SHARE) (PER SHARE)
--------------------------------------------------------------------------------
NCA $0.0282 $0.0001
--------------------------------------------------------------------------------
NCP $0.0380 $0.0149
--------------------------------------------------------------------------------
NCO -- $0.0226
--------------------------------------------------------------------------------
NQC $0.0610 $0.0048
--------------------------------------------------------------------------------
NVC $0.0459 $0.0041
--------------------------------------------------------------------------------
NUC $0.0269 $0.0027
--------------------------------------------------------------------------------
All of the Funds in this report 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 NAV. 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 28, 2007, NCP,
NCO and NQC had positive UNII balances for both financial statement and, based
on our best estimates, tax purposes, while NCA, NVC and NUC had negative UNII
balances for financial statement purposes and positive UNII balances, based on
our best estimates, for tax purposes.
8
At the end of the reporting period, the Funds' share prices were trading at
premiums or discounts to their NAVs as shown in the accompanying chart:
2/28/07 6-MONTH AVERAGE
PREMIUM/DISCOUNT PREMIUM/DISCOUNT
--------------------------------------------------------------------------------
NCA -1.67% -1.65%
--------------------------------------------------------------------------------
NCP -5.14% -5.87%
--------------------------------------------------------------------------------
NCO +0.19% -0.18%
--------------------------------------------------------------------------------
NQC -3.42% -5.69%
--------------------------------------------------------------------------------
NVC -1.35% -2.08%
--------------------------------------------------------------------------------
NUC +0.19% -1.21%
--------------------------------------------------------------------------------
9
Nuveen California Municipal Value Fund, Inc.
NCA
Performance
OVERVIEW As of February 28, 2007
Pie Chart:
CREDIT QUALITY
(as a % of total investments)
AAA/U.S. Guaranteed 65%
AA 4%
A 9%
BBB 13%
BB or Lower 1%
N/R 8%
Bar Chart:
2006-2007 MONTHLY TAX-FREE DIVIDENDS PER SHARE2
Mar 0.0385
Apr 0.0385
May 0.0385
Jun 0.0385
Jul 0.0385
Aug 0.0385
Sep 0.0385
Oct 0.0385
Nov 0.0385
Dec 0.0385
Jan 0.0385
Feb 0.0385
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
3/01/06 9.66
9.67
9.76
9.78
9.78
9.43
9.51
9.53
9.55
9.59
9.4
9.36
9.48
9.48
9.35
9.41
9.42
9.4599
9.4
9.44
9.5
9.52
9.57
9.5601
9.54
9.63
9.6201
9.7
9.88
10.1
10.02
9.92
9.87
9.84
10.03
10.04
10.04
10.06
10
10.04
10.08
10.02
10.09
10.09
9.92
10.0797
9.99
10.05
10.11
10.06
9.92
10
9.59
9.4
9.36
9.48
9.48
9.35
9.41
9.42
9.4599
9.4
9.44
9.5
9.52
9.57
9.5601
9.54
9.63
9.6201
9.7
9.88
10.1
10.02
9.92
9.87
9.84
10.03
10.04
10.04
10.06
10
10.04
10.08
10.02
10.09
10.09
9.92
10.0797
9.99
10.05
10.11
10.06
9.92
2/28/07 10
FUND SNAPSHOT
------------------------------------
Common Share Price $10.00
------------------------------------
Common Share
Net Asset Value $10.17
------------------------------------
Premium/(Discount) to NAV -1.67%
------------------------------------
Market Yield 4.62%
------------------------------------
Taxable-Equivalent Yield1 7.08%
------------------------------------
Net Assets Applicable to
Common Shares ($000) $256,814
------------------------------------
Average Effective Maturity
on Securities (Years) 15.07
------------------------------------
Modified Duration 5.44
------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 10/07/87)
------------------------------------
ON SHARE PRICE ON NAV
------------------------------------
6-Month
(Cumulative) 6.09% 2.88%
------------------------------------
1-Year 9.35% 4.96%
------------------------------------
5-Year 5.35% 5.36%
------------------------------------
10-Year 6.11% 5.57%
------------------------------------
INDUSTRIES
(as a % of total investments)
------------------------------------
U.S. Guaranteed 32.8%
------------------------------------
Tax Obligation/Limited 27.4%
------------------------------------
Tax Obligation/General 9.1%
------------------------------------
Health Care 7.7%
------------------------------------
Water and Sewer 5.9%
------------------------------------
Long-Term Care 4.5%
------------------------------------
Other 12.6%
------------------------------------
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 34.7%. When comparing this Fund to investments that generate
qualified dividend income, the Taxable-Equivalent Yield is lower.
2 The Fund paid shareholders capital gains and net ordinary income
distributions in December 2006 of $0.0283 per share.
10
Nuveen California Performance Plus Municipal Fund, Inc.
NCP
Performance
OVERVIEW As of February 28, 2007
Pie Chart:
CREDIT QUALITY
(as a % of total investments)
AAA/U.S. Guaranteed 71%
AA 10%
A 10%
BBB 7%
N/R 2%
Bar Chart:
2006-2007 MONTHLY TAX-FREE DIVIDENDS PER SHARE2
Mar 0.0635
Apr 0.0635
May 0.0635
Jun 0.0595
Jul 0.0595
Aug 0.0595
Sep 0.0595
Oct 0.0595
Nov 0.0595
Dec 0.0595
Jan 0.0595
Feb 0.0595
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
3/01/06 14.66
14.4
14.33
14.39
14.47
14.42
14.11
14.15
14.39
14.38
14.64
14.42
14.33
14.17
14.28
13.87
13.52
13.44
13.73
13.76
13.75
13.89
14
14.06
14.1
14.14
14.36
14.18
14.4
14.4
14.45
14.41
14.36
14.35
14.4
14.6005
14.54
14.54
14.54
14.52
14.7
14.514
14.65
14.69
14.7
14.88
14.83
14.76
14.79
14.76
14.74
14.76
2/28/07 14.75
FUND SNAPSHOT
------------------------------------
Common Share Price $14.75
------------------------------------
Common Share
Net Asset Value $15.55
------------------------------------
Premium/(Discount) to NAV -5.14%
------------------------------------
Market Yield 4.84%
------------------------------------
Taxable-Equivalent Yield1 7.41%
------------------------------------
Net Assets Applicable to
Common Shares ($000) $201,614
------------------------------------
Average Effective Maturity
on Securities (Years) 15.41
------------------------------------
Leverage-Adjusted Duration 8.88
------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 11/15/89)
------------------------------------
ON SHARE PRICE ON NAV
------------------------------------
6-Month
(Cumulative) 5.61% 3.33%
------------------------------------
1-Year 6.52% 5.46%
------------------------------------
5-Year 5.79% 6.89%
------------------------------------
10-Year 5.38% 6.49%
------------------------------------
INDUSTRIES
(as a % of total investments)
------------------------------------
Tax Obligation/Limited 19.2%
------------------------------------
Transportation 16.4%
------------------------------------
U.S. Guaranteed 15.1%
------------------------------------
Tax Obligation/General 14.8%
------------------------------------
Water and Sewer 11.1%
------------------------------------
Health Care 7.9%
------------------------------------
Utilities 6.3%
------------------------------------
Other 9.2%
------------------------------------
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 34.7%. When comparing this Fund to investments that generate
qualified dividend income, the Taxable-Equivalent Yield is lower.
2 The Fund paid shareholders capital gains and net ordinary income
distributions in December 2006 of $0.0529 per share.
11
Nuveen California Municipal Market Opportunity Fund, Inc.
NCO
Performance
OVERVIEW As of February 28, 2007
Pie Chart:
CREDIT QUALITY
(as a % of total investments)
AAA/U.S. Guaranteed 74%
AA 9%
A 8%
BBB 7%
N/R 2%
Bar Chart:
2006-2007 MONTHLY TAX-FREE DIVIDENDS PER SHARE2
Mar 0.069
Apr 0.069
May 0.069
Jun 0.0665
Jul 0.0665
Aug 0.0665
Sep 0.0665
Oct 0.0665
Nov 0.0665
Dec 0.0665
Jan 0.0665
Feb 0.0665
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
3/01/06 15.9
15.55
15.5
15.6
15.22
14.92
14.65
14.86
15.25
15.28
15.4
15.75
15.46
15.33
15.4
14.97
14.5
14.44
14.77
14.8501
15.02
15.05
15.15
15.369
15.64
15.32
15.47
15.27
15.42
15.36
15.65
15.36
15.28
15.3
15.41
15.57
15.53
15.67
15.81
15.81
16.15
16.15
15.77
15.61
15.88
15.9
15.81
15.8
15.85
16.01
15.81
15.79
2/28/07 15.79
FUND SNAPSHOT
------------------------------------
Common Share Price $15.79
------------------------------------
Common Share
Net Asset Value $15.76
------------------------------------
Premium/(Discount) to NAV 0.19%
------------------------------------
Market Yield 5.05%
------------------------------------
Taxable-Equivalent Yield1 7.73%
------------------------------------
Net Assets Applicable to
Common Shares ($000) $128,652
------------------------------------
Average Effective Maturity
on Securities (Years) 16.60
------------------------------------
Leverage-Adjusted Duration 8.25
------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 5/17/90)
------------------------------------
ON SHARE PRICE ON NAV
------------------------------------
6-Month
(Cumulative) 5.56% 3.29%
------------------------------------
1-Year 4.73% 4.98%
------------------------------------
5-Year 6.66% 7.14%
------------------------------------
10-Year 6.02% 6.38%
------------------------------------
INDUSTRIES
(as a % of total investments)
------------------------------------
Tax Obligation/Limited 22.9%
------------------------------------
Water and Sewer 16.6%
------------------------------------
U.S. Guaranteed 16.4%
------------------------------------
Tax Obligation/General 15.7%
------------------------------------
Transportation 14.4%
------------------------------------
Health Care 7.9%
------------------------------------
Other 6.1%
------------------------------------
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 34.7%. When comparing this Fund to investments that generate
qualified dividend income, the Taxable-Equivalent Yield is lower.
2 The Fund paid shareholders a net ordinary income distribution in December
2006 of $0.0226 per share.
12
Nuveen California Investment Quality Municipal Fund, Inc.
NQC
Performance
OVERVIEW As of February 28, 2007
Pie Chart:
CREDIT QUALITY
(as a % of total investments)
AAA/U.S. Guaranteed 68%
AA 12%
A 10%
BBB 9%
N/R 1%
Bar Chart:
2006-2007 MONTHLY TAX-FREE DIVIDENDS PER SHARE2
Mar 0.066
Apr 0.066
May 0.066
Jun 0.0615
Jul 0.0615
Aug 0.0615
Sep 0.0585
Oct 0.0585
Nov 0.0585
Dec 0.0585
Jan 0.0585
Feb 0.0585
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
3/01/06 15.19
14.85
14.9
14.95
14.99
15
14.95
14.85
14.67
14.35
14.7
14.76
14.77
14.7
14.85
14.34
13.9
13.77
14.12
14.22
13.96
14
14.23
14.24
14.32
14.38
14.64
14.37
14.36
14.37
14.54
14.49
14.3
14.2
14.49
14.62
14.66
14.6
14.7
14.7
14.77
14.58
14.49
14.7
14.63
14.76
14.87
14.81
14.88
14.85
14.88
14.91
2/28/07 14.98
FUND SNAPSHOT
------------------------------------
Common Share Price $14.98
------------------------------------
Common Share
Net Asset Value $15.51
------------------------------------
Premium/(Discount) to NAV -3.42%
------------------------------------
Market Yield 4.69%
------------------------------------
Taxable-Equivalent Yield1 7.18%
------------------------------------
Net Assets Applicable to
Common Shares ($000) $210,614
------------------------------------
Average Effective Maturity
on Securities (Years) 15.40
------------------------------------
Leverage-Adjusted Duration 8.16
------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 11/20/90)
------------------------------------
ON SHARE PRICE ON NAV
------------------------------------
6-Month
(Cumulative) 5.32% 2.91%
------------------------------------
1-Year 5.51% 5.12%
------------------------------------
5-Year 5.39% 6.37%
------------------------------------
10-Year 5.56% 6.31%
------------------------------------
INDUSTRIES
(as a % of total investments)
------------------------------------
Tax Obligation/Limited 21.4%
------------------------------------
Transportation 19.9%
------------------------------------
U.S. Guaranteed 18.6%
------------------------------------
Tax Obligation/General 10.2%
------------------------------------
Education and Civic
Organizations 8.4%
------------------------------------
Health Care 7.2%
------------------------------------
Other 14.3%
------------------------------------
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 34.7%. When comparing this Fund to investments that generate
qualified dividend income, the Taxable-Equivalent Yield is lower.
2 The Fund paid shareholders capital gains and net ordinary income
distributions in December 2006 of $0.0658 per share.
13
Nuveen California Select Quality Municipal Fund, Inc.
NVC
Performance
OVERVIEW As of February 28, 2007
Pie Chart:
CREDIT QUALITY
(as a % of total investments)
AAA/U.S. Guaranteed 78%
AA 6%
A 9%
BBB 5%
N/R 2%
Bar Chart:
2006-2007 MONTHLY TAX-FREE DIVIDENDS PER SHARE2
Mar 0.07
Apr 0.07
May 0.07
Jun 0.0665
Jul 0.0665
Aug 0.0665
Sep 0.0635
Oct 0.0635
Nov 0.0635
Dec 0.0635
Jan 0.0635
Feb 0.0635
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
3/01/06 15.48
15.45
15.43
15.27
15.1
15.01
14.9
14.91
15.25
15.01
15.4
15.09
14.97
15.15
15.2
14.56
14.35
14.27
14.63
14.62
14.55
14.66
14.92
14.95
15
14.99
15.27
15.09
14.97
15.04
15.3287
15.02
15.02
14.95
15.11
15.13
15.06
15.07
15.07
15.1
15.19
15.25
15.2
15.4999
15.45
15.3
15.35
15.32
15.24
15.32
15.29
15.28
2/28/07 15.33
FUND SNAPSHOT
------------------------------------
Common Share Price $15.33
------------------------------------
Common Share
Net Asset Value $15.54
------------------------------------
Premium/(Discount) to NAV -1.35%
------------------------------------
Market Yield 4.97%
------------------------------------
Taxable-Equivalent Yield1 7.61%
------------------------------------
Net Assets Applicable to
Common Shares ($000) $359,266
------------------------------------
Average Effective Maturity
on Securities (Years) 14.35
------------------------------------
Leverage-Adjusted Duration 8.44
------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 5/22/91)
------------------------------------
ON SHARE PRICE ON NAV
------------------------------------
6-Month
(Cumulative) 3.39% 3.13%
------------------------------------
1-Year 5.34% 5.26%
------------------------------------
5-Year 6.34% 6.94%
------------------------------------
10-Year 6.45% 6.72%
------------------------------------
INDUSTRIES
(as a % of total investments)
------------------------------------
U.S. Guaranteed 29.3%
------------------------------------
Tax Obligation/Limited 19.3%
------------------------------------
Tax Obligation/General 15.4%
------------------------------------
Transportation 11.4%
------------------------------------
Utilities 9.0%
------------------------------------
Health Care 6.2%
------------------------------------
Other 9.4%
------------------------------------
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 34.7%. When comparing this Fund to investments that generate
qualified dividend income, the Taxable-Equivalent Yield is lower.
2 The Fund paid shareholders capital gains and net ordinary income
distributions in December 2006 of $0.0500 per share.
14
Nuveen California Quality Income Municipal Fund, Inc.
NUC
Performance
OVERVIEW As of February 28, 2007
Pie Chart:
CREDIT QUALITY
(as a % of total investments)
AAA/U.S. Guaranteed 75%
AA 4%
A 10%
BBB 8%
N/R 3%
Bar Chart:
2006-2007 MONTHLY TAX-FREE DIVIDENDS PER SHARE2
Mar 0.0685
Apr 0.0685
May 0.0685
Jun 0.065
Jul 0.065
Aug 0.065
Sep 0.065
Oct 0.065
Nov 0.065
Dec 0.065
Jan 0.065
Feb 0.065
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
3/01/06 15.51
15.35
15.32
15.26
15.29
15.39
14.93
14.85
15.06
15.09
15.21
15.04
14.96
14.9099
15
14.53
14.08
14.1
14.44
14.36
14.59
14.9
15.24
15.18
15.1
15.01
15.24
15.19
15.3
15.18
15.31
15.24
15.12
15.14
15.35
15.49
15.53
15.59
15.54
15.5
15.78
15.61
15.4
15.37
15.6
15.46
15.57
15.55
15.5801
15.72
15.71
15.63
2/28/07 15.6899
FUND SNAPSHOT
------------------------------------
Common Share Price $15.69
------------------------------------
Common Share
Net Asset Value $15.66
------------------------------------
Premium/(Discount) to NAV 0.19%
------------------------------------
Market Yield 4.97%
------------------------------------
Taxable-Equivalent Yield1 7.61%
------------------------------------
Net Assets Applicable to
Common Shares ($000) $344,618
------------------------------------
Average Effective Maturity
on Securities (Years) 14.71
------------------------------------
Leverage-Adjusted Duration 8.53
------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 11/20/91)
------------------------------------
ON SHARE PRICE ON NAV
------------------------------------
6-Month
(Cumulative) 5.49% 3.10%
------------------------------------
1-Year 6.24% 5.01%
------------------------------------
5-Year 5.96% 6.55%
------------------------------------
10-Year 6.47% 6.56%
------------------------------------
INDUSTRIES
(as a % of total investments)
------------------------------------
U.S. Guaranteed 30.8%
------------------------------------
Tax Obligation/Limited 20.1%
------------------------------------
Tax Obligation/General 14.7%
------------------------------------
Transportation 8.8%
------------------------------------
Water and Sewer 5.5%
------------------------------------
Health Care 4.8%
------------------------------------
Utilities 4.7%
------------------------------------
Other 10.6%
------------------------------------
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 34.7%. When comparing this Fund to investments that generate
qualified dividend income, the Taxable-Equivalent Yield is lower.
2 The Fund paid shareholders capital gains and net ordinary income
distributions in December 2006 of $0.0296 per share.
15
Shareholder
MEETING REPORT
The meeting was held in the offices of Nuveen Investments on November 14, 2006.
NCA NCP NCO
------------------------------------------------------------------------------------------------------------------------------------
APPROVAL OF THE BOARD MEMBERS
WAS REACHED AS FOLLOWS:
Common and Common and
Common MuniPreferred MuniPreferred MuniPreferred MuniPreferred
shares voting shares voting shares voting shares voting shares voting
together together together together together
as a class as a class as a class as a class as a class
====================================================================================================================================
Robert P. Bremner
For 22,956,663 11,565,758 -- 7,340,396 --
Withhold 328,646 481,758 -- 156,532 --
------------------------------------------------------------------------------------------------------------------------------------
Total 23,285,309 12,047,516 -- 7,496,928 --
====================================================================================================================================
Lawrence H. Brown
For -- 11,564,825 -- 7,352,496 --
Withhold -- 482,691 -- 144,432 --
------------------------------------------------------------------------------------------------------------------------------------
Total -- 12,047,516 -- 7,496,928 --
====================================================================================================================================
Jack B. Evans
For 22,968,403 11,569,600 -- 7,350,976 --
Withhold 316,906 477,916 -- 145,952 --
------------------------------------------------------------------------------------------------------------------------------------
Total 23,285,309 12,047,516 -- 7,496,928 --
====================================================================================================================================
William C. Hunter
For -- 11,563,816 -- 7,352,296 --
Withhold -- 483,700 -- 144,632 --
------------------------------------------------------------------------------------------------------------------------------------
Total -- 12,047,516 -- 7,496,928 --
====================================================================================================================================
David J. Kundert
For -- 11,569,400 -- 7,353,076 --
Withhold -- 478,116 -- 143,852 --
------------------------------------------------------------------------------------------------------------------------------------
Total -- 12,047,516 -- 7,496,928 --
====================================================================================================================================
William J. Schneider
For 22,934,212 -- 3,536 -- 2,115
Withhold 351,097 -- -- -- 5
------------------------------------------------------------------------------------------------------------------------------------
Total 23,285,309 -- 3,536 -- 2,120
====================================================================================================================================
Timothy R. Schwertfeger
For -- -- 3,536 -- 2,115
Withhold -- -- -- -- 5
------------------------------------------------------------------------------------------------------------------------------------
Total -- -- 3,536 -- 2,120
====================================================================================================================================
Judith M. Stockdale
For 22,966,613 11,560,839 -- 7,348,466 --
Withhold 318,696 486,677 -- 148,462 --
------------------------------------------------------------------------------------------------------------------------------------
Total 23,285,309 12,047,516 -- 7,496,928 --
====================================================================================================================================
Eugene S. Sunshine
For -- 11,561,691 -- 7,352,216 --
Withhold -- 485,825 -- 144,712 --
------------------------------------------------------------------------------------------------------------------------------------
Total -- 12,047,516 -- 7,496,928 --
====================================================================================================================================
16
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
====================================================================================================================================
Robert P. Bremner
For 12,415,748 -- 20,845,028 -- 20,167,150 --
Withhold 136,176 -- 309,423 -- 403,484 --
------------------------------------------------------------------------------------------------------------------------------------
Total 12,551,924 -- 21,154,451 -- 20,570,634 --
====================================================================================================================================
Lawrence H. Brown
For 12,434,717 -- 20,888,378 -- 20,184,022 --
Withhold 117,207 -- 266,073 -- 386,612 --
------------------------------------------------------------------------------------------------------------------------------------
Total 12,551,924 -- 21,154,451 -- 20,570,634 --
====================================================================================================================================
Jack B. Evans
For 12,435,157 -- 20,891,734 -- 20,185,472 --
Withhold 116,767 -- 262,717 -- 385,162 --
------------------------------------------------------------------------------------------------------------------------------------
Total 12,551,924 -- 21,154,451 -- 20,570,634 --
====================================================================================================================================
William C. Hunter
For 12,435,268 -- 20,893,234 -- 20,185,622 --
Withhold 116,656 -- 261,217 -- 385,012 --
------------------------------------------------------------------------------------------------------------------------------------
Total 12,551,924 -- 21,154,451 -- 20,570,634 --
====================================================================================================================================
David J. Kundert
For 12,435,268 -- 20,892,884 -- 20,186,772 --
Withhold 116,656 -- 261,567 -- 383,862 --
------------------------------------------------------------------------------------------------------------------------------------
Total 12,551,924 -- 21,154,451 -- 20,570,634 --
====================================================================================================================================
William J. Schneider
For -- 3,831 -- 6,544 -- 6,484
Withhold -- -- -- 2 -- 12
------------------------------------------------------------------------------------------------------------------------------------
Total -- 3,831 -- 6,546 -- 6,496
====================================================================================================================================
Timothy R. Schwertfeger
For -- 3,830 -- 6,544 -- 6,484
Withhold -- 1 -- 2 -- 12
------------------------------------------------------------------------------------------------------------------------------------
Total -- 3,831 -- 6,546 -- 6,496
====================================================================================================================================
Judith M. Stockdale
For 12,417,202 -- 20,866,024 -- 20,165,824 --
Withhold 134,722 -- 288,427 -- 404,810 --
------------------------------------------------------------------------------------------------------------------------------------
Total 12,551,924 -- 21,154,451 -- 20,570,634 --
====================================================================================================================================
Eugene S. Sunshine
For 12,433,318 -- 20,884,919 -- 20,181,775 --
Withhold 118,606 -- 269,532 -- 388,859 --
------------------------------------------------------------------------------------------------------------------------------------
Total 12,551,924 -- 21,154,451 -- 20,570,634 --
====================================================================================================================================
17
Nuveen California Municipal Value Fund, Inc. (NCA)
Portfolio of
INVESTMENTS February 28, 2007 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 1.3% (1.4% OF TOTAL INVESTMENTS)
$ 630 California County Tobacco Securitization Agency, Tobacco 6/15 at 100.00 BBB $ 613,198
Settlement Asset-Backed Bonds, Sonoma County Tobacco
Securitization Corporation, Series 2005, 4.250%, 6/01/21
2,500 Golden State Tobacco Securitization Corporation, California, 6/13 at 100.00 BBB 2,801,475
Tobacco Settlement Asset-Backed Bonds, Series 2003A-1,
6.250%, 6/01/33
------------------------------------------------------------------------------------------------------------------------------------
3,130 Total Consumer Staples 3,414,673
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 0.8% (0.8% OF TOTAL INVESTMENTS)
140 California Educational Facilities Authority, Revenue Bonds, 10/15 at 100.00 A3 147,280
University of Redlands, Series 2005A, 5.000%, 10/01/35
California Educational Facilities Authority, Revenue Bonds,
University of the Pacific, Series 2006:
95 5.000%, 11/01/21 11/15 at 100.00 A2 101,937
125 5.000%, 11/01/25 11/15 at 100.00 A2 133,278
1,500 California Statewide Community Development Authority, 6/07 at 105.00 N/R 1,583,625
Certificates of Participation, San Diego Space and Science
Foundation, Series 1996, 7.500%, 12/01/26
------------------------------------------------------------------------------------------------------------------------------------
1,860 Total Education and Civic Organizations 1,966,120
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 7.6% (7.7% OF TOTAL INVESTMENTS)
730 Arcadia, California, Hospital Revenue Bonds, Methodist Hospital 5/07 at 100.00 BBB+ 731,467
of Southern California, Series 1992, 6.500%, 11/15/12
940 California Health Facilities Financing Authority, Revenue Bonds, 11/15 at 100.00 A2 983,513
Cedars-Sinai Medical Center, Series 2005, 5.000%, 11/15/34
4,380 California Statewide Community Development Authority, 3/16 at 100.00 A+ 4,578,677
Revenue Bonds, Kaiser Permanante System, Series 2006,
5.000%, 3/01/41
1,460 California Statewide Community Development Authority, 8/16 at 100.00 A+ 1,569,427
Revenue Bonds, Kaiser Permanente System, Series 2001C,
5.250%, 8/01/31
2,710 California Statewide Community Development Authority, No Opt. Call AAA 2,972,680
Revenue Bonds, Sherman Oaks Health System, Series 1998A,
5.000%, 8/01/22 - AMBAC Insured
5,000 Central California Joint Powers Health Finance Authority, 2/10 at 101.00 Baa2 5,253,400
Certificates of Participation, Community Hospitals of Central
California Obligated Group, Series 2000, 6.000%, 2/01/30
1,440 Stockton, California, Health Facility Revenue Bonds, Dameron 12/07 at 102.00 BBB+ 1,471,262
Hospital Association, Series 1997A, 5.300%, 12/01/08
1,730 West Contra Costa Healthcare District, California, Certificates 7/14 at 100.00 AAA 1,898,986
of Participation, Series 2004, 5.375%, 7/01/21 -
AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
18,390 Total Health Care 19,459,412
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 3.1% (3.2% OF TOTAL INVESTMENTS)
3,350 ABAG Finance Authority for Non-Profit Corporations, California, No Opt. Call BBB 3,464,838
Multifamily Housing Revenue Refunding Bonds, United
Dominion/The Highlands of Marin Apartments, Series 2000A,
6.400%, 8/15/30 (Mandatory put 8/15/08) (Alternative
Minimum Tax)
2,535 California Statewide Community Development Authority, 7/09 at 102.00 N/R 2,644,639
Multifamily Housing Revenue Bonds, Harbor City Lights,
Series 1999Y, 6.650%, 7/01/39 (Alternative Minimum Tax)
465 Riverside County, California, Subordinate Lien Mobile Home 4/07 at 100.00 N/R 465,484
Park Revenue Bonds, Bravo Mobile Home Park Project,
Series 1999B, 6.500%, 3/20/29
1,440 San Dimas Housing Authority, California, Mobile Home Park 7/08 at 102.00 N/R 1,494,259
Revenue Bonds, Charter Oak Mobile Home Estates Acquisition
Project, Series 1998A, 5.700%, 7/01/28
------------------------------------------------------------------------------------------------------------------------------------
7,790 Total Housing/Multifamily 8,069,220
------------------------------------------------------------------------------------------------------------------------------------
18
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 0.2% (0.2% OF TOTAL INVESTMENTS)
$ 400 California Housing Finance Agency, Home Mortgage Revenue 2/16 at 100.00 AAA $ 430,644
Bonds, Series 2006H, 5.750%, 8/01/30 - FGIC Insured
(Alternative Minimum Tax)
5 California Rural Home Mortgage Finance Authority, No Opt. Call Aaa 5,192
GNMA Collateralized Single Family Mortgage Revenue
Bonds, Series 1993A-2, 7.950%, 12/01/24 (Alternative
Minimum Tax)
45 California Rural Home Mortgage Finance Authority, No Opt. Call AAA 45,301
Mortgage-Backed Securities Program Single Family
Mortgage Revenue Bonds, Series 1997D, 6.700%, 5/01/29
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
450 Total Housing/Single Family 481,137
------------------------------------------------------------------------------------------------------------------------------------
INDUSTRIALS - 0.4% (0.4% OF TOTAL INVESTMENTS)
1,000 California Pollution Control Financing Authority, Solid Waste 1/16 at 102.00 BBB 1,048,600
Disposal Revenue Bonds, Waste Management Inc.,
Series 2002A, 5.000%, 1/01/22 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 4.5% (4.5% OF TOTAL INVESTMENTS)
ABAG Finance Authority for Non-Profit Corporations, California,
Cal-Mortgage Revenue Bonds, Elder Care Alliance of Union City,
Series 2004:
1,850 5.400%, 8/15/24 8/14 at 100.00 A 1,984,088
2,130 5.600%, 8/15/34 8/14 at 100.00 A 2,298,952
2,720 ABAG Finance Authority for Non-Profit Corporations, 10/07 at 102.00 BB+ 2,773,502
California, Certificates of Participation, American Baptist
Homes of the West, Series 1997A, 5.750%, 10/01/17
2,830 California Statewide Community Development Authority, 4/09 at 101.00 BBB 2,897,156
Certificates of Participation, Internext Group, Series 1999,
5.375%, 4/01/17
1,500 Riverside County Public Financing Authority, California, 5/09 at 101.00 BBB- 1,554,015
Certificates of Participation, Air Force Village West,
Series 1999, 5.750%, 5/15/19
------------------------------------------------------------------------------------------------------------------------------------
11,030 Total Long-Term Care 11,507,713
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 8.2% (8.3% OF TOTAL INVESTMENTS)
California, General Obligation Bonds, Series 2004:
500 5.000%, 2/01/20 2/14 at 100.00 A+ 534,805
5,200 5.000%, 2/01/21 2/14 at 100.00 A+ 5,552,196
2,850 5.250%, 4/01/34 4/14 at 100.00 A+ 3,067,056
1,000 Fremont Unified School District, Alameda County, California, 8/12 at 101.00 AAA 1,070,770
General Obligation Bonds, Series 2002A, 5.000%, 8/01/21 -
FGIC Insured
1,500 Los Angeles Unified School District, California, General 7/16 at 100.00 AAA 1,626,240
Obligation Bonds, Series 2006F, 5.000%, 7/01/24 -
FGIC Insured
1,845 Oakland Unified School District, Alameda County, California, 8/08 at 101.00 AAA 1,899,280
General Obligation Bonds, Series 2001, 5.125%, 8/01/21 -
FSA Insured
2,000 Puerto Rico, General Obligation and Public Improvement Bonds, No Opt. Call AAA 2,342,820
Series 2001A, 5.500%, 7/01/20 - MBIA Insured
270 Roseville Joint Union High School District, Placer County, 8/15 at 100.00 AAA 289,842
California, General Obligation Bonds, Series 2006B,
5.000%, 8/01/27 - FGIC Insured
1,395 San Diego Unified School District, San Diego County, California, 7/16 at 101.00 AAA 1,425,439
General Obligation Bonds, Series 2006G-1, 4.500%, 7/01/29 -
FSA Insured (UB)
1,500 San Ramon Valley Unified School District, Contra Costa 8/13 at 100.00 AAA 1,591,185
County, California, General Obligation Bonds, Series 2003,
5.000%, 8/01/23 - FSA Insured
1,460 West Contra Costa Unified School District, Contra Costa 8/11 at 101.00 AAA 1,548,885
County, California, General Obligation Bonds, Series 2003B,
5.000%, 8/01/20 - FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
19,520 Total Tax Obligation/General 20,948,518
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 26.9% (27.4% OF TOTAL INVESTMENTS)
Bell Community Redevelopment Agency, California, Tax Allocation
Bonds, Bell Project Area, Series 2003:
3,000 5.500%, 10/01/23 - RAAI Insured 10/13 at 100.00 AA 3,262,890
1,000 5.625%, 10/01/33 - RAAI Insured 10/13 at 100.00 AA 1,092,390
19
Nuveen California Municipal Value Fund, Inc. (NCA) (continued)
Portfolio of INVESTMENTS February 28, 2007 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
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 $ 1,868,402
5,010 5.750%, 12/01/33 - FGIC Insured 12/13 at 100.00 AAA 5,540,008
2,400 Calexico Community Redevelopment Agency, California, 8/13 at 102.00 AAA 2,558,664
Tax Allocation Bonds, Merged Central Business and Residential
District Project, Series 2003C, 5.000%, 8/01/28 -
AMBAC Insured
1,790 California, Economic Recovery Revenue Bonds, Series 2004A, 7/14 at 100.00 AA+ 1,945,515
5.000%, 7/01/15
340 Capistrano Unified School District, Orange County, California, 9/15 at 100.00 AAA 365,456
Special Tax Bonds, Community Facilities District, Series 2005,
5.000%, 9/01/24 - FGIC Insured
1,005 Chino Redevelopment Agency, California, Merged Chino 9/16 at 101.00 AAA 1,084,717
Redevelopment Project Area Tax Allocation Bonds,
Series 2006, 5.000%, 9/01/38 - AMBAC Insured (UB)
1,500 Coachella Valley Unified School District, Riverside County, 9/16 at 100.00 Aaa 1,606,020
California, Certificates of Participation, Series 2007,
5.000%, 9/01/36 - AMBAC Insured
2,800 Commerce Community Development Commission, California, 8/07 at 102.00 N/R 2,875,908
Subordinate Lien Tax Allocation Refunding Bonds,
Redevelopment Project 1, Series 1997B, 6.000%, 8/01/21
1,695 Duarte Redevelopment Agency, California, Tax Allocation 9/07 at 102.00 N/R 1,746,714
Refunding Bonds, Amended Davis Addition Project Area,
Series 1997A, 6.700%, 9/01/14
Irvine, California, Unified School District, Community Facilities
District Special Tax Bonds, Series 2006A:
160 5.000%, 9/01/26 9/16 at 100.00 N/R 164,325
375 5.125%, 9/01/36 9/16 at 100.00 N/R 386,805
2,500 Kern County Board of Education, California, Certificates of 6/16 at 100.00 AAA 2,678,700
Participation, Series 2006A, 5.000%, 6/01/31 - MBIA Insured
615 Los Angeles Community Redevelopment Agency, California, 9/15 at 100.00 Aaa 653,739
Lease Revenue Bonds, Manchester Social Services Project,
Series 2005, 5.000%, 9/01/37 - AMBAC Insured
2,750 Los Angeles County Schools, California, Certificates of 9/13 at 100.00 AAA 2,902,185
Participation, Pooled Financing Program, Regionalized Business
Services Corporation, Series 2003A, 5.000%, 9/01/28 -
FSA Insured
3,665 Milpitas, California, Local Improvement District 20 Limited 3/07 at 103.00 N/R 3,796,793
Obligation Bonds, Series 1998A, 5.650%, 9/02/13
Modesto Schools Infrastructure Financing Agency, Stanislaus
County, California, Special Tax Revenue Bonds, Series 2004:
1,045 5.250%, 9/01/22 - AMBAC Insured 9/14 at 100.00 AAA 1,139,249
1,145 5.250%, 9/01/23 - AMBAC Insured 9/14 at 100.00 AAA 1,246,710
1,255 5.250%, 9/01/24 - AMBAC Insured 9/14 at 100.00 AAA 1,364,787
420 Oakland Redevelopment Agency, California, Subordinate Lien 3/13 at 100.00 AAA 460,988
Tax Allocation Bonds, Central District Redevelopment Project,
Series 2003, 5.500%, 9/01/18 - FGIC Insured
8,000 Palmdale Elementary School District, Los Angeles County, 8/09 at 101.00 AAA 8,463,040
California, Special Tax Bonds, Community Facilities District 90-1,
Series 1999, 5.800%, 8/01/29 - FSA Insured
290 Rialto Redevelopment Agency, California, Tax Allocation Bonds, 9/15 at 100.00 AAA 307,838
Merged Project Area, Series 2005A, 5.000%, 9/01/35 -
XLCA Insured
5,000 Riverside County Redevelopment Agency, California, Tax 10/14 at 100.00 AAA 5,275,800
Allocation Housing Bonds, Series 2004A, 5.000%, 10/01/37 -
XLCA Insured
360 Roseville, California, Certificates of Participation, 8/13 at 100.00 AAA 379,897
Public Facilities, Series 2003A, 5.000%, 8/01/25 -
AMBAC Insured
3,130 San Francisco Redevelopment Agency, California, Lease Revenue 7/11 at 102.00 AAA 3,359,147
Bonds, Moscone Convention Center, Series 2004,
5.250%, 7/01/23 - AMBAC Insured
2,750 San Jose Financing Authority, California, Lease Revenue Refunding 9/11 at 100.00 AAA 2,891,928
Bonds, Convention Center Project, Series 2001F, 5.000%, 9/01/20 -
MBIA Insured
1,400 Shafter Joint Powers Financing Authority, California, Lease 7/07 at 101.00 A 1,416,310
Revenue Bonds, Community Correctional Facility Acquisition
Project, Series 1997A, 5.950%, 1/01/11
1,000 Simi Valley, California, Certificates of Participation, Series 2004, 9/14 at 100.00 AAA 1,064,640
5.000%, 9/01/24 - AMBAC Insured
20
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 1,925 Travis Unified School District, Solano County, California, 9/16 at 100.00 Aaa $ 2,067,335
Certificates of Participation, Series 2006, 5.000%, 9/01/26 -
FGIC Insured
3,845 Ventura County Superintendent of Schools, California, 12/11 at 100.00 AAA 4,009,028
Certificates Participation, Series 2003, 5.000%, 12/01/27 -
AMBAC Insured
1,185 Vista Joint Powers Financing Authority, California, Special Tax 3/07 at 101.00 N/R 1,192,051
Lease Revenue Refunding Bonds, Community Facilities
District 90-2, Series 1997A, 5.875%, 9/01/20
------------------------------------------------------------------------------------------------------------------------------------
65,055 Total Tax Obligation/Limited 69,167,979
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 3.7% (3.7% OF TOTAL INVESTMENTS)
2,500 Bay Area Toll Authority, California, Revenue Bonds, 4/16 at 100.00 AA 2,691,850
San Francisco Bay Area Toll Bridge, Series 2006,
5.000%, 4/01/31
5,500 Foothill/Eastern Transportation Corridor Agency, California, 1/14 at 101.00 BBB- 5,154,215
Toll Road Revenue Refunding Bonds, Series 1999,
0.000%, 1/15/27
1,250 Fresno, California, Airport Revenue Bonds, Series 2000A, 7/10 at 101.00 AAA 1,325,838
5.500%, 7/01/30 - FSA Insured
240 Palm Springs Financing Authority, California, Palm Springs 7/14 at 102.00 N/R 246,869
International Airport Revenue Bonds, Series 2006,
5.550%, 7/01/28 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
9,490 Total Transportation 9,418,772
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 32.2% (32.8% OF TOTAL INVESTMENTS) (4)
2,400 California County Tobacco Securitization Agency, Tobacco 6/12 at 100.00 N/R (4) 2,573,496
Settlement Asset-Backed Bonds, Sonoma County Tobacco
Funding Corporation, Series 2002B, 5.500%, 6/01/30
(Pre-refunded 6/01/12)
4,500 California Department of Water Resources, Power Supply 5/12 at 101.00 Aaa 4,870,755
Revenue Bonds, Series 2002A, 5.125%, 5/01/18
(Pre-refunded 5/01/12)
3,115 California Educational Facilities Authority, Revenue Bonds, 6/10 at 101.00 Baa3 (4) 3,437,589
Pooled College and University Projects, Series 2000C,
6.750%, 6/01/30 (ETM)
12,000 California Health Facilities Financing Authority, Revenue Bonds, 12/09 at 101.00 N/R (4) 12,905,039
Cedars-Sinai Medical Center, Series 1999A, 6.125%, 12/01/30
(Pre-refunded 12/01/09)
4,000 California State Public Works Board, Lease Revenue Bonds, 11/09 at 101.00 AAA 4,263,640
Department of Health Services, Series 1999A,
5.750%, 11/01/24 (Pre-refunded 11/01/09) - MBIA Insured
6,260 California, Various Purpose General Obligation Bonds, 3/10 at 101.00 AAA 6,708,216
Series 2000, 5.750%, 3/01/27 (Pre-refunded 3/01/10) -
MBIA Insured
2,065 Contra Costa County, California, GNMA Mortgage-Backed No Opt. Call AAA 2,826,014
Securities Program Home Mortgage Revenue Bonds,
Series 1988, 8.250%, 6/01/21 (Alternative Minimum Tax) (ETM)
Golden State Tobacco Securitization Corporation, California,
Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2003B:
3,800 5.500%, 6/01/33 (Pre-refunded 6/01/13) 6/13 at 100.00 AAA 4,179,886
3,000 5.625%, 6/01/38 (Pre-refunded 6/01/13) 6/13 at 100.00 AAA 3,320,700
2,500 Los Angeles Community Redevelopment Agency, California, 7/07 at 100.00 BBB (4) 2,526,900
Tax Allocation Refunding Bonds, Central Business District
Redevelopment Project, Series 1987G, 6.750%, 7/01/10 (ETM)
3,200 Los Angeles Unified School District, California, General 7/13 at 100.00 AAA 3,464,096
Obligation Bonds, Series 2003A, 5.000%, 7/01/22
(Pre-refunded 7/01/13) - FSA Insured
3,960 Merced Irrigation District, California, Subordinated Revenue 3/08 at 102.00 AAA 4,165,643
Certificates of Participation, Electric System Project,
Series 2000, 7.450%, 3/01/18 (Pre-refunded 3/01/08)
8,565 Palmdale, California, GNMA Mortgage-Backed Securities No Opt. Call AAA 5,727,159
Program Single Family Mortgage Revenue Bonds,
Series 1988A, 0.000%, 3/01/17 (ETM)
3,300 Puerto Rico Highway and Transportation Authority, Highway 7/12 at 100.00 AAA 3,583,008
Revenue Bonds, Series 2002D, 5.375%, 7/01/36
(Pre-refunded 7/01/12)
20,415 San Bernardino County, California, GNMA Mortgage-Backed No Opt. Call AAA 9,505,020
Securities Program Single Family Home Mortgage Revenue
Bonds, Series 1988A, 0.000%, 9/01/21 (Alternative
Minimum Tax) (ETM)
5,000 San Diego Unified School District, California, General 7/14 at 100.00 AAA 5,452,900
Obligation Bonds, Series 2004F, 5.000%, 7/01/29
(Pre-refunded 7/01/14) - FSA Insured
21
Nuveen California Municipal Value Fund, Inc. (NCA) (continued)
Portfolio of INVESTMENTS February 28, 2007 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED (4) (continued)
$ 3,000 Virgin Islands Public Finance Authority, Gross Receipts Taxes 10/10 at 101.00 BBB+ (4) $ 3,307,860
Loan Note, Series 1999A, 6.500%, 10/01/24
(Pre-refunded 10/01/10)
------------------------------------------------------------------------------------------------------------------------------------
91,080 Total U.S. Guaranteed 82,817,921
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 2.7% (2.7% OF TOTAL INVESTMENTS)
2,600 California Statewide Community Development Authority, 6/07 at 101.00 N/R 2,623,738
Certificates of Participation Refunding, Rio Bravo Fresno
Project, Series 1999A, 6.300%, 12/01/18
605 Merced Irrigation District, California, Electric System Revenue 9/15 at 100.00 AAA 650,738
Bonds, Series 2005, 5.125%, 9/01/31 - XLCA Insured
3,470 Puerto Rico Industrial, Tourist, Educational, Medical and 6/10 at 101.00 Baa3 3,765,713
Environmental Control Facilities Financing Authority,
Co-Generation Facility Revenue Bonds, Series 2000A,
6.625%, 6/01/26 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
6,675 Total Utilities 7,040,189
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 5.5% (5.5% OF TOTAL INVESTMENTS)
1,500 California Department of Water Resources, Water System 6/15 at 100.00 AAA 1,618,200
Revenue Bonds, Central Valley Project, Series 2005AD,
5.000%, 12/01/22 - FSA Insured
410 Healdsburg Public Financing Authority, California, Wastewater 4/16 at 100.00 AAA 438,880
Revenue Bonds, Series 2006, 5.000%, 4/01/36 - MBIA Insured
500 Los Angeles County Sanitation Districts Financing Authority, 10/13 at 100.00 AAA 531,085
California, Senior Revenue Bonds, Capital Projects,
Series 2003A, 5.000%, 10/01/23 - FSA Insured
5,000 Orange County Sanitation District, California, Certificates of 8/13 at 100.00 AAA 5,372,850
Participation, Series 2003, 5.250%, 2/01/27 - FGIC Insured
625 Sacramento County Sanitation District Financing Authority, 6/16 at 100.00 AAA 674,681
California, Revenue Bonds, Series 2006, 5.000%, 12/01/31 -
FGIC Insured
1,580 San Diego County Water Authority, California, Water Revenue 5/12 at 101.00 AAA 1,666,489
Refunding Certificates of Participation, Series 2002A,
5.000%, 5/01/26 - MBIA Insured
3,500 Woodbridge Irrigation District, California, Certificates of 7/13 at 100.00 BBB+ 3,724,840
Participation, Water Systems Project, Series 2003,
5.625%, 7/01/43
------------------------------------------------------------------------------------------------------------------------------------
13,115 Total Water and Sewer 14,027,025
------------------------------------------------------------------------------------------------------------------------------------
$ 248,585 Total Long-Term Investments (cost $231,321,819) - 97.1% 249,367,279
=============-----------------------------------------------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS - 1.4% (1.4% OF TOTAL INVESTMENTS)
500 California Infrastructure and Economic Development Bank, A-1+ 500,000
Revenue Bonds, Jewish Community Center, Variable Rate
Demand Obligations, Series 2007, 3.510%, 12/01/31 -
FGIC Insured (5)
1,000 East Bay Municipal Utility District, Alameda and Contra Costa A-1+ 1,000,000
Counties, California, Water System Subordinated Revenue
Bonds, Variable Rate Demand Obligations, Series 2005B-2,
3.420%, 6/01/38 - XLCA Insured (5)
2,000 Puerto Rico Government Development Bank, Adjustable A-1+ 2,000,000
Refunding Bonds, Variable Rate Demand Obligations,
Series 1985, 3.340%, 12/01/15 - MBIA Insured (5)
------------------------------------------------------------------------------------------------------------------------------------
$ 3,500 Total Short-Term Investments (cost $3,500,000) 3,500,000
=============-----------------------------------------------------------------------------------------------------------------------
Total Investments (cost $234,821,819) - 98.5% 252,867,279
--------------------------------------------------------------------------------------------------------------------
Floating Rate Obligations - (0.6)% (1,600,000)
--------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 2.1% 5,547,117
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 256,814,396
====================================================================================================================
22
FORWARD SWAPS OUTSTANDING AT FEBRUARY 28, 2007:
FUND FIXED RATE UNREALIZED
NOTIONAL PAY/RECEIVE FLOATING RATE FIXED RATE PAYMENT EFFECTIVE TERMINATION APPRECIATION
COUNTERPARTY AMOUNT FLOATING RATE INDEX (ANNUALIZED) FREQUENCY DATE (6) DATE (DEPRECIATION)
------------------------------------------------------------------------------------------------------------------------------------
JPMorgan $3,800,000 Pay 3-Month USD-LIBOR 5.869% Semi-Annually 7/27/07 7/27/34 $ 338,444
Morgan Stanley 9,500,000 Pay 3-Month USD-LIBOR 5.816 Semi-Annually 7/27/07 7/27/29 704,484
------------------------------------------------------------------------------------------------------------------------------------
$1,042,928
====================================================================================================================================
USD-LIBOR (United States Dollar-London Inter-Bank Offered Rates)
(1) All percentages shown in the Portfolio of Investments
are based on net assets applicable to Common shares
unless otherwise noted.
(2) 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. Certain mortgage-backed securities may be
subject to periodic principal paydowns.
(3) Ratings: Using the higher of Standard & Poor's or
Moody's rating. Ratings below BBB by Standard & Poor's
Group or Baa by Moody's Investor Service, Inc. are
considered to be below investment grade.
(4) Backed by an escrow or trust containing sufficient U.S.
Government or U.S. Government agency securities which
ensure the timely payment of principal and interest.
Such investments are normally considered to be
equivalent to AAA rated securities.
(5) Investment has a maturity of more than one year, but
has variable rate and demand features which qualify it
as a short-term investment. The rate disclosed is that
in effect at the end of the reporting period. This rate
changes periodically based on market conditions or a
specified market index.
(6) Effective date represents the date on which both the
Fund and counterparty commence interest payment
accruals on each forward swap contract.
N/R Not rated.
(ETM) Escrowed to maturity.
(UB) Underlying bond of an inverse floating rate trust
reflected as a financing transaction pursuant to the
provisions of SFAS No 140.
See accompanying notes to financial statements.
23
Nuveen California Performance Plus Municipal Fund, Inc. (NCP)
Portfolio of
INVESTMENTS February 28, 2007 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 2.1% (1.4% OF TOTAL INVESTMENTS)
$ 750 California County Tobacco Securitization Agency, Tobacco 6/15 at 100.00 BBB $ 729,998
Settlement Asset-Backed Bonds, Sonoma County Tobacco
Securitization Corporation, Series 2005, 4.250%, 6/01/21
3,000 Golden State Tobacco Securitization Corporation, California, 6/13 at 100.00 BBB 3,440,910
Tobacco Settlement Asset-Backed Bonds, Series 2003A-1,
6.750%, 6/01/39
------------------------------------------------------------------------------------------------------------------------------------
3,750 Total Consumer Staples 4,170,908
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 6.3% (4.1% OF TOTAL INVESTMENTS)
160 California Educational Facilities Authority, Revenue Bonds, 10/15 at 100.00 A3 168,320
University of Redlands, Series 2005A, 5.000%, 10/01/35
California Educational Facilities Authority, Revenue Bonds,
University of the Pacific, Series 2006:
110 5.000%, 11/01/21 11/15 at 100.00 A2 118,032
150 5.000%, 11/01/25 11/15 at 100.00 A2 159,933
4,730 California Infrastructure Economic Development Bank, Revenue 10/11 at 101.00 A- 5,064,175
Bonds, J. David Gladstone Institutes, Series 2001,
5.500%, 10/01/21
4,730 California State University, Systemwide Revenue Bonds, 11/12 at 100.00 AAA 5,033,193
Series 2002A, 5.000%, 11/01/19 - AMBAC Insured
2,000 University of California, Revenue Bonds, Multi-Purpose Projects, 5/13 at 100.00 AAA 2,155,660
Series 2003A, 5.125%, 5/15/17 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
11,880 Total Education and Civic Organizations 12,699,313
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 12.1% (7.9% OF TOTAL INVESTMENTS)
2,475 California Health Facilities Financing Authority, Insured Health 5/07 at 100.00 A+ 2,478,762
Facility Revenue Refunding Bonds, Valley Memorial Hospital,
Series 1993A, 6.000%, 5/01/17
1,125 California Health Facilities Financing Authority, Revenue Bonds, 11/15 at 100.00 A2 1,177,076
Cedars-Sinai Medical Center, Series 2005, 5.000%, 11/15/34
5,500 California Statewide Community Development Authority, 7/07 at 102.00 AA- 5,630,405
Certificates of Participation Refunding, St. Joseph Health
System, Series 1997, 5.125%, 7/01/17
5,220 California Statewide Community Development Authority, Revenue 3/16 at 100.00 A+ 5,456,779
Bonds, Kaiser Permanante System, Series 2006, 5.000%, 3/01/41
1,755 California Statewide Community Development Authority, Revenue 8/16 at 100.00 A+ 1,886,537
Bonds, Kaiser Permanente System, Series 2001C,
5.250%, 8/01/31
1,355 California Statewide Community Development Authority, Revenue No Opt. Call AAA 1,486,340
Bonds, Sherman Oaks Health System, Series 1998A,
5.000%, 8/01/22 - AMBAC Insured
Central California Joint Powers Health Finance Authority,
Certificates of Participation, Community Hospitals of Central
California, Series 1993:
1,790 5.250%, 2/01/13 8/07 at 100.00 Baa2 1,791,289
4,560 5.000%, 2/01/23 8/07 at 100.00 Baa2 4,561,550
------------------------------------------------------------------------------------------------------------------------------------
23,780 Total Health Care 24,468,738
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 4.7% (3.1% OF TOTAL INVESTMENTS)
3,750 California Statewide Community Development Authority, No Opt. Call BBB 3,798,488
Revenue Refunding Bonds, Irvine Apartment Communities
Development, Series 1998A, 4.900%, 5/15/25 (Mandatory
put 5/15/08)
1,500 California Statewide Community Development Authority, 8/12 at 100.00 A 1,600,410
Student Housing Revenue Bonds, EAH - Irvine East Campus
Apartments, LLC Project, Series 2002A, 5.500%, 8/01/22 -
ACA Insured
3,915 Los Angeles, California, GNMA Collateralized Multifamily 3/07 at 102.00 AAA 3,997,372
Housing Revenue Bonds, Ridgecroft Apartments, Series 1997E,
6.250%, 9/20/39 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
9,165 Total Housing/Multifamily 9,396,270
------------------------------------------------------------------------------------------------------------------------------------
24
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 0.3% (0.2% OF TOTAL INVESTMENTS)
$ 480 California Housing Finance Agency, Home Mortgage Revenue 2/16 at 100.00 AAA $ 516,773
Bonds, Series 2006H, 5.750%, 8/01/30 - FGIC Insured
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
INDUSTRIALS - 0.7% (0.4% OF TOTAL INVESTMENTS)
1,250 California Pollution Control Financing Authority, Solid Waste 1/16 at 102.00 BBB 1,310,750
Disposal Revenue Bonds, Waste Management Inc.,
Series 2002A, 5.000%, 1/01/22 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 22.6% (14.8% OF TOTAL INVESTMENTS)
2,000 California, General Obligation Bonds, Series 2003, 8/13 at 100.00 AAA 2,157,980
5.250%, 2/01/22 - CIFG Insured
California, General Obligation Bonds, Series 2004:
500 5.000%, 2/01/23 2/14 at 100.00 A+ 531,680
3,950 5.200%, 4/01/26 4/14 at 100.00 A+ 4,256,955
3,400 5.250%, 4/01/34 4/14 at 100.00 A+ 3,658,944
3,550 Centinela Valley Union High School District, Los Angeles No Opt. Call AAA 4,096,949
County, California, General Obligation Bonds, Series 2002A,
5.250%, 2/01/26 - MBIA Insured
3,555 Los Angeles Unified School District, Los Angeles County, 7/16 at 100.00 AAA 3,736,874
California, General Obligation Bonds, Series 2006B,
4.750%, 1/01/27 - FGIC Insured (UB)
1,400 Los Rios Community College District, Sacramento, El Dorado 8/14 at 102.00 AAA 1,518,006
and Yolo Counties, California, General Obligation Bonds,
Series 2006C, 5.000%, 8/01/24 - FSA Insured
4,765 North Orange County Community College District, California, No Opt. Call AAA 1,982,431
General Obligation Bonds, Series 2003B, 0.000%, 8/01/27 -
FGIC Insured
2,575 Oxnard School District, Ventura County, California, General 2/22 at 103.00 AAA 3,095,974
Obligation Refunding Bonds, Series 2001A, 5.750%, 8/01/30 -
MBIA Insured
6,000 Puerto Rico, General Obligation and Public Improvement Bonds, No Opt. Call AAA 6,625,560
Series 1993, 7.000%, 7/01/10 - MBIA Insured
Riverside Community College District, California, General
Obligation Bonds, Series 2004A:
15 5.250%, 8/01/25 - MBIA Insured 8/14 at 100.00 AAA 16,334
20 5.250%, 8/01/26 - MBIA Insured 8/14 at 100.00 AAA 21,779
325 Roseville Joint Union High School District, Placer County, 8/15 at 100.00 AAA 348,884
California, General Obligation Bonds, Series 2006B,
5.000%, 8/01/27 - FGIC Insured
4,000 San Diego Unified School District, San Diego County, California, 7/13 at 101.00 AAA 4,380,280
General Obligation Bonds, Series 2003E, 5.250%, 7/01/22 -
FSA Insured
1,690 San Diego Unified School District, San Diego County, California, 7/16 at 101.00 AAA 1,726,876
General Obligation Bonds, Series 2006G-1, 4.500%, 7/01/29 -
FSA Insured (UB)
3,000 San Jose-Evergreen Community College District, Santa Clara 9/10 at 100.00 AAA 3,186,420
County, California, General Obligation Bonds, Series 2000B,
5.600%, 9/01/24 - FGIC Insured
2,200 Santa Maria Joint Union High School District, Santa Barbara No Opt. Call Aaa 2,665,630
and San Luis Obispo Counties, California, General Obligation
Bonds, Series 2003B, 5.625%, 8/01/24 - FSA Insured
1,440 Southwestern Community College District, San Diego County, 8/15 at 102.00 AAA 1,571,933
California, General Obligation Bonds, Series 2005,
5.000%, 8/01/24 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
44,385 Total Tax Obligation/General 45,579,489
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 29.4% (19.2% OF TOTAL INVESTMENTS)
5,045 California State Public Works Board, Lease Revenue Bonds, 3/12 at 100.00 AAA 5,349,768
Department of Corrections, Series 2002A, 5.250%, 3/01/22 -
AMBAC Insured
1,575 California State Public Works Board, Lease Revenue Bonds, 12/13 at 100.00 A 1,740,580
Department of General Services, Series 2003D, 5.500%, 6/01/20
3,010 California State Public Works Board, Lease Revenue Bonds, 6/14 at 100.00 A 3,348,083
Department of Mental Health, Coalinga State Hospital,
Series 2004A, 5.500%, 6/01/19
2,195 California, Economic Recovery Revenue Bonds, Series 2004A, 7/14 at 100.00 AA+ 2,385,702
5.000%, 7/01/15
400 Capistrano Unified School District, Orange County, California, 9/15 at 100.00 AAA 429,948
Special Tax Bonds, Community Facilities District, Series 2005,
5.000%, 9/01/24 - FGIC Insured
25
Nuveen California Performance Plus Municipal Fund, Inc. (NCP) (continued)
Portfolio of INVESTMENTS February 28, 2007 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 1,210 Chino Redevelopment Agency, California, Merged Chino 9/16 at 101.00 AAA $ 1,305,977
Redevelopment Project Area Tax Allocation Bonds,
Series 2006, 5.000%, 9/01/38 - AMBAC Insured (UB)
2,000 Coachella Valley Unified School District, Riverside County, 9/16 at 100.00 Aaa 2,141,360
California, Certificates of Participation, Series 2007,
5.000%, 9/01/36 - AMBAC Insured
2,500 Corona Public Financing Authority, California, Superior Lien 9/09 at 102.00 AAA 2,624,300
Revenue Bonds, Series 1999A, 5.000%, 9/01/20 - FSA Insured
1,660 Golden State Tobacco Securitization Corporation, California, 6/15 at 100.00 AAA 1,958,485
Enhanced Asset Backed Settlement Revenue Bonds,
Series 2005A, Residual Series 1503, 7.326%, 6/01/38 -
FGIC Insured (IF)
1,045 Hawthorne Community Redevelopment Agency, California, 9/16 at 100.00 AAA 1,140,983
Project Area 2 Tax Allocation Bonds, Series 2006,
5.250%, 9/01/36 - XLCA Insured
1,750 Hesperia Community Redevelopment Agency, California, Tax 9/15 at 100.00 AAA 1,868,003
Allocation Bonds, Series 2005A, 5.000%, 9/01/25 - XLCA Insured
Irvine, California, Unified School District, Community Facilities
District Special Tax Bonds, Series 2006A:
195 5.000%, 9/01/26 9/16 at 100.00 N/R 200,271
450 5.125%, 9/01/36 9/16 at 100.00 N/R 464,166
730 Los Angeles Community Redevelopment Agency, California, 9/15 at 100.00 Aaa 775,983
Lease Revenue Bonds, Manchester Social Services Project,
Series 2005, 5.000%, 9/01/37 - AMBAC Insured
1,395 Moreno Valley Unified School District, Riverside County, 3/14 at 100.00 AAA 1,484,350
California, Certificates of Participation, Series 2005,
5.000%, 3/01/22 - FSA Insured
2,000 Oakland Redevelopment Agency, California, Subordinate Lien 3/13 at 100.00 AAA 2,192,360
Tax Allocation Bonds, Central District Redevelopment Project,
Series 2003, 5.500%, 9/01/15 - FGIC Insured
1,000 Paramount Redevelopment Agency, California, Tax Allocation 8/13 at 100.00 AAA 1,062,830
Bonds, Redevelopment Project Area 1, Series 2003,
5.000%, 8/01/23 - MBIA Insured
350 Rialto Redevelopment Agency, California, Tax Allocation Bonds, 9/15 at 100.00 AAA 371,529
Merged Project Area, Series 2005A, 5.000%, 9/01/35 -
XLCA Insured
1,500 Riverside County Public Financing Authority, California, Tax 10/15 at 100.00 AAA 1,591,860
Allocation Bonds, Multiple Projects, Series 2005A,
5.000%, 10/01/37 - XLCA Insured
435 Roseville, California, Certificates of Participation, Public 8/13 at 100.00 AAA 459,042
Facilities, Series 2003A, 5.000%, 8/01/25 - AMBAC Insured
1,000 Sacramento City Financing Authority, California, Lease Revenue No Opt. Call AAA 1,146,990
Refunding Bonds, Series 1993A, 5.400%, 11/01/20 -
MBIA Insured
3,485 San Jose Financing Authority, California, Lease Revenue Bonds, 6/16 at 100.00 Aaa 4,189,876
Series 2006, ROLS 654, 7.302%, 6/01/39 - AMBAC Insured (IF)
5,000 San Marcos Public Facilities Authority, California, Tax Allocation 8/15 at 100.00 AAA 5,323,200
Bonds, Project Areas 2 and 3, Series 2005C, 5.000%, 8/01/35 -
AMBAC Insured
Santa Clara Redevelopment Agency, California, Tax Allocation
Bonds, Bayshore North Project, Series 2003:
4,450 5.000%, 6/01/19 - MBIA Insured 6/13 at 100.00 AAA 4,744,946
2,695 5.000%, 6/01/20 - MBIA Insured 6/13 at 100.00 AAA 2,869,609
1,500 5.000%, 6/01/21 - MBIA Insured 6/13 at 100.00 AAA 1,595,475
Sweetwater Union High School District, San Diego County,
California, Certificates of Participation, Series 2002:
2,000 5.000%, 9/01/23 - FSA Insured 9/12 at 102.00 AAA 2,130,600
4,015 5.000%, 9/01/24 - FSA Insured 9/12 at 102.00 AAA 4,285,250
------------------------------------------------------------------------------------------------------------------------------------
54,590 Total Tax Obligation/Limited 59,181,526
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 25.1% (16.4% OF TOTAL INVESTMENTS)
1,430 Bay Area Toll Authority, California, Revenue Bonds, San 4/16 at 100.00 AA 1,539,738
Francisco Bay Area Toll Bridge, Series 2006, 5.000%, 4/01/31
6,500 Foothill/Eastern Transportation Corridor Agency, California, 1/14 at 101.00 BBB- 6,072,300
Toll Road Revenue Refunding Bonds, Series 1999,
0.000%, 1/15/29
26
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) 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 $ 2,913,195
11,885 5.750%, 5/15/15 (Alternative Minimum Tax) 5/10 at 101.00 AA 12,636,250
8,550 Port of Oakland, California, Revenue Bonds, Series 2000K, 5/10 at 100.00 AAA 9,047,695
5.750%, 11/01/29 - FGIC Insured (Alternative Minimum Tax)
1,400 Port of Oakland, California, Revenue Bonds, Series 2002M, 11/12 at 100.00 AAA 1,508,976
5.250%, 11/01/20 - FGIC Insured
14,000 San Francisco Airports Commission, California, Revenue Bonds, 5/10 at 101.00 AAA 14,779,379
San Francisco International Airport, Second Series 2000,
Issue 25, 5.500%, 5/01/24 - FSA Insured (Alternative
Minimum Tax)
2,000 San Francisco Airports Commission, California, Revenue 5/11 at 100.00 AAA 2,081,940
Refunding Bonds, San Francisco International Airport,
Second Series 2001, Issue 27B, 5.000%, 5/01/23 - FGIC Insured
------------------------------------------------------------------------------------------------------------------------------------
48,505 Total Transportation 50,579,473
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 23.1% (15.1% OF TOTAL INVESTMENTS) (4)
2,680 California County Tobacco Securitization Agency, Tobacco 6/10 at 100.00 N/R (4) 2,736,494
Settlement Asset-Backed Bonds, Sonoma County Tobacco
Funding Corporation, Series 2002B, 5.125%, 6/01/20
(Pre-refunded 6/01/10)
5,250 California Department of Water Resources, Power Supply 5/12 at 101.00 Aaa 5,682,548
Revenue Bonds, Series 2002A, 5.125%, 5/01/18
(Pre-refunded 5/01/12)
3,000 California Health Facilities Financing Authority, Revenue Bonds, 12/09 at 101.00 N/R (4) 3,226,260
Cedars-Sinai Medical Center, Series 1999A, 6.125%, 12/01/30
(Pre-refunded 12/01/09)
5,360 California Infrastructure Economic Development Bank, No Opt. Call AAA 6,084,726
First Lien Revenue Bonds, San Francisco Bay Area Toll Bridge,
Series 2003A, 5.000%, 7/01/23 - FSA Insured (ETM)
4,000 Contra Costa County, California, GNMA Mortgage-Backed No Opt. Call AAA 5,474,120
Securities Program Home Mortgage Revenue Bonds,
Series 1988, 8.250%, 6/01/21 (Alternative Minimum Tax) (ETM)
3,750 Golden State Tobacco Securitization Corporation, California, 6/13 at 100.00 AAA 4,124,888
Enhanced Tobacco Settlement Asset-Backed Bonds,
Series 2003B, 5.500%, 6/01/33 (Pre-refunded 6/01/13)
2,500 Hawthorne School District, Los Angeles County, California, 11/08 at 102.00 AAA 2,627,900
General Obligation Bonds, Series 1997A, 5.500%, 5/01/22
(Pre-refunded 11/01/08) - FGIC Insured
8,000 Los Angeles Unified School District, California, General 7/10 at 100.00 AAA 8,470,079
Obligation Bonds, Series 2000D, 5.375%, 7/01/25
(Pre-refunded 7/01/10) - FGIC Insured
4,000 Puerto Rico Highway and Transportation Authority, Highway 7/12 at 100.00 AAA 4,343,040
Revenue Bonds, Series 2002D, 5.375%, 7/01/36
(Pre-refunded 7/01/12)
Riverside Community College District, California, General
Obligation Bonds, Series 2004A:
1,470 5.250%, 8/01/25 (Pre-refunded 8/01/14) - MBIA Insured 8/14 at 100.00 AAA 1,628,069
1,960 5.250%, 8/01/26 (Pre-refunded 8/01/14) - MBIA Insured 8/14 at 100.00 AAA 2,170,759
------------------------------------------------------------------------------------------------------------------------------------
41,970 Total U.S. Guaranteed 46,568,883
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 9.6% (6.3% OF TOTAL INVESTMENTS)
4,470 California Statewide Community Development Authority, 6/07 at 101.00 N/R 4,510,811
Certificates of Participation Refunding, Rio Bravo Fresno
Project, Series 1999A, 6.300%, 12/01/18
725 Los Angeles Department of Water and Power, California, 7/13 at 100.00 AAA 777,171
Power System Revenue Bonds, Series 2003A-2,
5.000%, 7/01/21 - MBIA Insured
500 Los Angeles Department of Water and Power, California, 7/15 at 100.00 AAA 535,690
Power System Revenue Bonds, Series 2005A-1,
5.000%, 7/01/31 - FSA Insured
715 Merced Irrigation District, California, Electric System Revenue 9/15 at 100.00 AAA 769,054
Bonds, Series 2005, 5.125%, 9/01/31 - XLCA Insured
10,450 Orange County Public Financing Authority, California, Waste No Opt. Call Aaa 11,312,647
Management System Revenue Refunding Bonds, Series 1997,
5.250%, 12/01/13 - AMBAC Insured (Alternative Minimum Tax)
1,000 Sacramento Municipal Utility District, California, Electric No Opt. Call AAA 1,086,740
Revenue Bonds, Series 2004T, 5.250%, 5/15/23 - FGIC Insured
500 Sacramento Municipal Utility District, California, Electric 8/12 at 100.00 AAA 533,680
Revenue Refunding Bonds, Series 2002Q, 5.250%, 8/15/22 -
FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
18,360 Total Utilities 19,525,793
------------------------------------------------------------------------------------------------------------------------------------
27
Nuveen California Performance Plus Municipal Fund, Inc. (NCP) (continued)
Portfolio of INVESTMENTS February 28, 2007 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 16.7% (11.1% OF TOTAL INVESTMENTS)
$ 1,000 California Statewide Community Development Authority, 10/13 at 100.00 AAA $ 1,079,280
Water and Wastewater Revenue Bonds, Pooled Financing
Program, Series 2003A, 5.250%, 10/01/23 - FSA Insured
2,500 El Centro Financing Authority, California, Water Revenue Bonds, 10/16 at 100.00 AAA 2,606,550
Series 2006A, 4.750%, 10/01/31 - FSA Insured
490 Healdsburg Public Financing Authority, California, Wastewater 4/16 at 100.00 AAA 524,516
Revenue Bonds, Series 2006, 5.000%, 4/01/36 - MBIA Insured
4,770 Los Angeles Department of Water and Power, California, 7/14 at 100.00 AAA 5,206,073
Waterworks Revenue Bonds, Series 2004C, 5.250%, 7/01/20 -
MBIA Insured
2,500 Pajaro Valley Water Management Agency, California, Revenue 3/09 at 101.00 AAA 2,617,575
Certificates of Participation, Series 1999A, 5.750%, 3/01/29 -
AMBAC Insured
2,000 Pomona Public Finance Authority, California, Revenue Bonds, 5/17 at 100.00 AAA 2,149,280
Water Facilities Project, Series 2007AY, 5.000%, 5/01/37 -
AMBAC Insured
5,985 Sacramento County Sanitation District Financing Authority, 12/10 at 101.00 AA 6,381,207
California, Revenue Bonds, Series 2000A, 5.250%, 12/01/12
750 Sacramento County Sanitation District Financing Authority, 6/16 at 100.00 AAA 807,810
California, Revenue Bonds, Series 2006, 5.000%, 12/01/36 -
FGIC Insured
4,000 Sacramento County Sanitation District Financing Authority, No Opt. Call AAA 4,701,920
California, Revenue Refunding Bonds, Series 2001,
5.500%, 12/01/20 - AMBAC Insured
4,585 Santa Maria, California, Subordinate Water and Wastewater 8/12 at 101.00 AAA 4,985,912
Revenue Certificates of Participation, Series 1997A,
5.550%, 8/01/27 - AMBAC Insured (5)
1,700 South Gate Utility Authority, California, Subordinate Revenue 10/11 at 102.00 AAA 1,801,133
Bonds, Water and Sewer System Projects, Series 2001,
5.000%, 10/01/22 - FGIC Insured
945 Woodbridge Irrigation District, California, Certificates of 7/13 at 100.00 BBB+ 1,005,707
Participation, Water Systems Project, Series 2003,
5.625%, 7/01/43
------------------------------------------------------------------------------------------------------------------------------------
31,225 Total Water and Sewer 33,866,963
------------------------------------------------------------------------------------------------------------------------------------
$ 289,340 Total Investments (cost $288,466,210) - 152.7% 307,864,879
=============-----------------------------------------------------------------------------------------------------------------------
Floating Rate Obligations - (2.1)% (4,302,000)
--------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 2.0% 4,051,072
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (52.6)% (106,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 201,613,951
====================================================================================================================
28
FORWARD SWAPS OUTSTANDING AT FEBRUARY 28, 2007:
FUND FIXED RATE UNREALIZED
NOTIONAL PAY/RECEIVE FLOATING RATE FIXED RATE PAYMENT EFFECTIVE TERMINATION APPRECIATION
COUNTERPARTY AMOUNT FLOATING RATE INDEX (ANNUALIZED) FREQUENCY DATE (6) DATE (DEPRECIATION)
------------------------------------------------------------------------------------------------------------------------------------
JPMorgan $25,300,000 Receive 3-Month USD-LIBOR 5.630% Semi-Annually 7/27/07 7/27/10 $(498,502)
JPMorgan 5,800,000 Pay 3-Month USD-LIBOR 5.869 Semi-Annually 7/27/07 7/27/34 516,572
Morgan Stanley 7,100,000 Pay 3-Month USD-LIBOR 5.816 Semi-Annually 7/27/07 7/27/29 526,509
------------------------------------------------------------------------------------------------------------------------------------
$ 544,579
====================================================================================================================================
USD-LIBOR (United States Dollar-London Inter-Bank Offered Rates)
(1) All percentages shown in the Portfolio of Investments
are based on net assets applicable to Common shares
unless otherwise noted.
(2) 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. Certain mortgage-backed securities may be
subject to periodic principal paydowns.
(3) Ratings: Using the higher of Standard & Poor's or
Moody's rating. Ratings below BBB by Standard & Poor's
Group or Baa by Moody's Investor Service, Inc. are
considered to be below investment grade.
(4) Backed by an escrow or trust containing sufficient U.S.
Government or U.S. Government agency securities which
ensure the timely payment of principal and interest.
Such investments are normally considered to be
equivalent to AAA rated securities.
(5) The issuer has received a formal adverse determination
from the Internal Revenue Service (the "IRS) regarding
the tax-exempt status of the bonds' coupon payments.
The Fund will continue to treat coupon payments as
tax-exempt income until such time that it is formally
determined that the interest on the bonds should be
treated as taxable.
(6) Effective date represents the date on which both the
Fund and counterparty commence interest payment
accruals on each forward swap contract.
N/R Not rated.
(ETM) Escrowed to maturity.
(UB) Underlying bond of an inverse floating rate trust
reflected as a financing transaction pursuant to the
provisions of SFAS No 140.
(IF) Inverse floating rate investment.
See accompanying notes to financial statements.
29
Nuveen California Municipal Market Opportunity Fund, Inc. (NCO)
Portfolio of
INVESTMENTS February 28, 2007 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 2.1% (1.4% OF TOTAL INVESTMENTS)
$ 480 California County Tobacco Securitization Agency, Tobacco 6/15 at 100.00 BBB $ 467,198
Settlement Asset-Backed Bonds, Sonoma County Tobacco
Securitization Corporation, Series 2005, 4.250%, 6/01/21
2,000 Golden State Tobacco Securitization Corporation, California, 6/13 at 100.00 BBB 2,241,180
Tobacco Settlement Asset-Backed Bonds, Series 2003A-1,
6.250%, 6/01/33
------------------------------------------------------------------------------------------------------------------------------------
2,480 Total Consumer Staples 2,708,378
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 1.0% (0.7% OF TOTAL INVESTMENTS)
100 California Educational Facilities Authority, Revenue Bonds, 10/15 at 100.00 A3 105,200
University of Redlands, Series 2005A, 5.000%, 10/01/35
California Educational Facilities Authority, Revenue Bonds,
University of the Pacific, Series 2006:
70 5.000%, 11/01/21 11/15 at 100.00 A2 75,111
95 5.000%, 11/01/25 11/15 at 100.00 A2 101,291
1,000 California Infrastructure Economic Development Bond Bank, 7/15 at 100.00 Aa3 1,061,900
Revenue Bonds, Scripps Research Institute, Series 2005A,
5.000%, 7/01/24
------------------------------------------------------------------------------------------------------------------------------------
1,265 Total Education and Civic Organizations 1,343,502
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 12.0% (7.9% OF TOTAL INVESTMENTS)
725 California Health Facilities Financing Authority, Revenue Bonds, 11/15 at 100.00 A2 758,560
Cedars-Sinai Medical Center, Series 2005, 5.000%, 11/15/34
3,200 California Infrastructure Economic Development Bank, Revenue 8/11 at 102.00 A+ 3,409,984
Bonds, Kaiser Hospital Assistance LLC, Series 2001A,
5.550%, 8/01/31
3,340 California Statewide Community Development Authority, 3/16 at 100.00 A+ 3,491,502
Revenue Bonds, Kaiser Permanante System, Series 2006,
5.000%, 3/01/41
1,135 California Statewide Community Development Authority, 8/16 at 100.00 A+ 1,220,068
Revenue Bonds, Kaiser Permanente System, Series 2001C,
5.250%, 8/01/31
675 California Statewide Community Development Authority, No Opt. Call AAA 740,428
Revenue Bonds, Sherman Oaks Health System, Series 1998A,
5.000%, 8/01/22 - AMBAC Insured
5,795 Central California Joint Powers Health Finance Authority, 8/07 at 100.00 Baa2 5,796,970
Certificates of Participation, Community Hospitals of Central
California, Series 1993, 5.000%, 2/01/23
------------------------------------------------------------------------------------------------------------------------------------
14,870 Total Health Care 15,417,512
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 1.2% (0.8% OF TOTAL INVESTMENTS)
1,550 San Bernardino County Housing Authority, California, Multifamily No Opt. Call A- 1,596,004
Housing Revenue Refunding Bonds, Equity Residential
Properties/Redlands Lawn and Tennis Apartments, Series 1999A,
5.200%, 6/15/29 (Mandatory put 6/15/09)
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 0.3% (0.2% OF TOTAL INVESTMENTS)
305 California Housing Finance Agency, Home Mortgage Revenue 2/16 at 100.00 AAA 328,366
Bonds, Series 2006H, 5.750%, 8/01/30 - FGIC Insured
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
INDUSTRIALS - 0.6% (0.4% OF TOTAL INVESTMENTS)
750 California Pollution Control Financing Authority, Solid Waste 1/16 at 102.00 BBB 786,450
Disposal Revenue Bonds, Waste Management Inc.,
Series 2002A, 5.000%, 1/01/22 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 23.9% (15.7% OF TOTAL INVESTMENTS)
4,125 Alameda Unified School District, Alameda County, California, No Opt. Call AAA 1,890,405
General Obligation Bonds, Series 2004A, 0.000%, 8/01/25 -
FSA Insured
30
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL (continued)
California, General Obligation Bonds, Series 2003:
$ 1,000 5.250%, 11/01/19 - RAAI Insured 11/13 at 100.00 AA $ 1,082,890
1,000 5.250%, 2/01/22 - CIFG Insured 8/13 at 100.00 AAA 1,078,990
California, General Obligation Bonds, Series 2004:
1,000 5.125%, 2/01/27 2/14 at 100.00 A+ 1,068,370
2,100 5.250%, 4/01/34 4/14 at 100.00 A+ 2,259,936
1,350 Coachella Valley Unified School District, Riverside County, 8/15 at 100.00 AAA 1,447,214
California, General Obligation Bonds, Series 2005A,
5.000%, 8/01/30 - FGIC Insured
3,230 Fullerton Joint Union High School District, Orange County, 8/15 at 100.00 Aaa 3,467,373
California, General Obligation Bonds, Series 2005B,
5.000%, 8/01/27 - FGIC Insured
2,150 Los Rios Community College District, Sacramento, El Dorado 8/14 at 102.00 AAA 2,331,224
and Yolo Counties, California, General Obligation Bonds,
Series 2006C, 5.000%, 8/01/24 - FSA Insured
4,100 Monrovia Unified School District, Los Angeles County, No Opt. Call AAA 1,709,208
California, General Obligation Bonds, Series 2001B,
0.000%, 8/01/27 - FGIC Insured
2,500 Oakland Unified School District, Alameda County, California, 8/12 at 100.00 AAA 2,692,000
General Obligation Bonds, Series 2002, 5.250%, 8/01/21 -
FGIC Insured
1,000 Pomona Unified School District, Los Angeles County, California, 8/11 at 103.00 AAA 1,128,150
General Obligation Refunding Bonds, Series 1997A,
6.150%, 8/01/15 - MBIA Insured
25 Riverside Community College District, California, General 8/14 at 100.00 AAA 27,224
Obligation Bonds, Series 2004A, 5.250%, 8/01/24 -
MBIA Insured
210 Roseville Joint Union High School District, Placer County, 8/15 at 100.00 AAA 225,433
California, General Obligation Bonds, Series 2006B,
5.000%, 8/01/27 - FGIC Insured
5,000 San Diego Unified School District, California, General 7/10 at 100.00 AAA 5,233,800
Obligation Bonds, Election of 1998, Series 2000B,
5.125%, 7/01/21 - MBIA Insured
1,065 San Diego Unified School District, San Diego County, 7/16 at 101.00 AAA 1,088,238
California, General Obligation Bonds, Series 2006G-1,
4.500%, 7/01/29 - FSA Insured (UB)
4,970 San Rafael City High School District, Marin County, No Opt. Call AAA 2,071,894
California, General Obligation Bonds, Series 2004B,
0.000%, 8/01/27 - FGIC Insured
4,175 Southwestern Community College District, San Diego County, No Opt. Call AAA 1,913,319
California, General Obligation Bonds, Series 2004,
0.000%, 8/01/25 - FGIC Insured
------------------------------------------------------------------------------------------------------------------------------------
39,000 Total Tax Obligation/General 30,715,668
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 34.9% (22.9% OF TOTAL INVESTMENTS)
2,000 California State Public Works Board, Lease Revenue Bonds, 6/14 at 100.00 A 2,224,640
Department of Mental Health, Coalinga State Hospital,
Series 2004A, 5.500%, 6/01/19
1,420 California, Economic Recovery Revenue Bonds, Series 2004A, 7/14 at 100.00 AA+ 1,543,370
5.000%, 7/01/15
260 Capistrano Unified School District, Orange County, California, 9/15 at 100.00 AAA 279,466
Special Tax Bonds, Community Facilities District, Series 2005,
5.000%, 9/01/24 - FGIC Insured
770 Chino Redevelopment Agency, California, Merged Chino 9/16 at 101.00 AAA 831,076
Redevelopment Project Area Tax Allocation Bonds, Series 2006,
5.000%, 9/01/38 - AMBAC Insured (UB)
1,035 Hawthorne Community Redevelopment Agency, California, 9/16 at 100.00 AAA 1,130,065
Project Area 2 Tax Allocation Bonds, Series 2006,
5.250%, 9/01/36 - XLCA Insured
Irvine, California, Unified School District, Community Facilities
District Special Tax Bonds, Series 2006A:
125 5.000%, 9/01/26 9/16 at 100.00 N/R 128,379
290 5.125%, 9/01/36 9/16 at 100.00 N/R 299,129
470 Los Angeles Community Redevelopment Agency, California, 9/15 at 100.00 Aaa 499,605
Lease Revenue Bonds, Manchester Social Services Project,
Series 2005, 5.000%, 9/01/37 - AMBAC Insured
1,065 Los Angeles County Public Works Financing Authority, 10/07 at 101.00 AA 1,083,254
California, Revenue Bonds, Regional Park and Open Space
District, Series 1997A, 5.000%, 10/01/19
31
Nuveen California Municipal Market Opportunity Fund, Inc. (NCO) (continued)
Portfolio of INVESTMENTS February 28, 2007 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
Modesto Schools Infrastructure Financing Agency, Stanislaus
County, California, Special Tax Revenue Bonds, Series 2004:
$ 1,375 5.250%, 9/01/25 - AMBAC Insured 9/14 at 100.00 AAA $ 1,493,415
1,500 5.250%, 9/01/26 - AMBAC Insured 9/14 at 100.00 AAA 1,627,155
2,000 Monterey County, California, Certificates of Participation, 8/11 at 100.00 Aaa 2,084,840
Master Plan Financing, Series 2001, 5.000%, 8/01/21 -
MBIA Insured
10,900 Ontario Redevelopment Financing Authority, San Bernardino No Opt. Call AAA 15,093,771
County, California, Revenue Refunding Bonds, Redevelopment
Project 1, Series 1995, 7.400%, 8/01/25 - MBIA Insured
1,000 Ontario, California, Special Tax Bonds, Community Facilities 3/07 at 102.00 N/R 1,018,910
District 5, Freeway Interchange Project, Series 1997,
6.375%, 9/01/17
1,065 Panama-Buena Vista Union School District, California, 9/16 at 100.00 AAA 1,151,606
Certificates of Participation, School Construction Project,
Series 2006, 5.000%, 9/01/22 - MBIA Insured
225 Rialto Redevelopment Agency, California, Tax Allocation Bonds, 9/15 at 100.00 AAA 238,840
Merged Project Area, Series 2005A, 5.000%, 9/01/35 -
XLCA Insured
280 Roseville, California, Certificates of Participation, Public 8/13 at 100.00 AAA 295,476
Facilities, Series 2003A, 5.000%, 8/01/25 - AMBAC Insured
2,500 Sacramento City Financing Authority, California, Lease Revenue No Opt. Call AAA 2,867,475
Refunding Bonds, Series 1993A, 5.400%, 11/01/20 -
AMBAC Insured
2,255 San Bernardino County, California, Certificates of Participation, 8/07 at 100.00 AAA 2,271,462
Medical Center Financing Project, Series 1995, 5.500%, 8/01/22 -
MBIA Insured
1,200 San Jose Financing Authority, California, Lease Revenue 9/11 at 100.00 AAA 1,261,932
Refunding Bonds, Convention Center Project, Series 2001F,
5.000%, 9/01/20 - MBIA Insured
7,000 Union City Community Redevelopment Agency, California, 10/09 at 101.00 AAA 7,411,320
Tax Allocation Revenue Bonds, Redevelopment Project,
Series 1999, 5.750%, 10/01/32 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
38,735 Total Tax Obligation/Limited 44,835,186
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 21.9% (14.4% OF TOTAL INVESTMENTS)
4,000 Foothill/Eastern Transportation Corridor Agency, California, 1/14 at 101.00 BBB- 3,736,800
Toll Road Revenue Refunding Bonds, Series 1999,
0.000%, 1/15/29
8,500 Long Beach, California, Harbor Revenue Bonds, Series 2000A, 5/10 at 101.00 AA 9,037,285
5.750%, 5/15/14 (Alternative Minimum Tax)
5,250 Port of Oakland, California, Revenue Bonds, Series 2000K, 5/10 at 100.00 AAA 5,555,603
5.750%, 11/01/29 - FGIC Insured (Alternative Minimum Tax)
San Francisco Airports Commission, California, Revenue Bonds,
San Francisco International Airport, Second Series 2000, Issue
25:
2,515 5.500%, 5/01/24 - FSA Insured (Alternative Minimum Tax) 5/10 at 101.00 AAA 2,655,010
3,100 5.750%, 5/01/30 - FSA Insured (Alternative Minimum Tax) 5/10 at 101.00 AAA 3,304,135
1,250 San Francisco Airports Commission, California, Revenue Bonds, 5/10 at 101.00 AAA 1,302,825
San Francisco International Airport, Second Series 2000,
Issue 26B, 5.000%, 5/01/21 - FGIC Insured
2,465 San Francisco Airports Commission, California, Special Facilities 1/08 at 102.00 AAA 2,560,174
Lease Revenue Bonds, San Francisco International Airport,
SFO Fuel Company LLC, Series 2000A, 6.125%, 1/01/27 - FSA
Insured (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
27,080 Total Transportation 28,151,832
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 25.0% (16.4% OF TOTAL INVESTMENTS) (4)
1,690 California County Tobacco Securitization Agency, Tobacco 6/10 at 100.00 N/R (4) 1,725,625
Settlement Asset-Backed Bonds, Sonoma County Tobacco
Funding Corporation, Series 2002B, 5.125%, 6/01/20
(Pre-refunded 6/01/10)
3,000 California Department of Water Resources, Power Supply 5/12 at 101.00 Aaa 3,247,170
Revenue Bonds, Series 2002A, 5.125%, 5/01/18
(Pre-refunded 5/01/12)
400 California Health Facilities Financing Authority, Revenue Bonds, 12/09 at 101.00 N/R (4) 430,168
Cedars-Sinai Medical Center, Series 1999A, 6.125%, 12/01/30
(Pre-refunded 12/01/09)
325 California Statewide Community Development Authority, 8/08 at 102.00 AAA 337,782
Revenue Bonds, Sherman Oaks Health System, Series 1998A,
5.000%, 8/01/22 (Pre-refunded 8/01/08) - AMBAC Insured
32
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED (4) (continued)
$ 4,950 California, Various Purpose General Obligation Bonds, 3/10 at 101.00 AAA $ 5,304,420
Series 2000, 5.750%, 3/01/27 (Pre-refunded 3/01/10) -
MBIA Insured
5,000 Los Angeles Unified School District, California, General 7/10 at 100.00 AAA 5,293,800
Obligation Bonds, Series 2000D, 5.375%, 7/01/25
(Pre-refunded 7/01/10) - FGIC Insured
4,000 Pomona, California, GNMA/FHLMC Collateralized Single No Opt. Call AAA 5,300,800
Family Mortgage Revenue Refunding Bonds, Series 1990B,
7.500%, 8/01/23 (ETM)
1,875 Riverside Community College District, California, General 8/14 at 100.00 AAA 2,076,619
Obligation Bonds, Series 2004A, 5.250%, 8/01/24
(Pre-refunded 8/01/14) - MBIA Insured
1,530 University of California, Certificates of Participation, 1/10 at 101.00 Aa2 (4) 1,616,690
San Diego and Sacramento Campus Projects, Series 2002A,
5.250%, 1/01/20 (Pre-refunded 1/01/10)
6,580 University of California, Revenue Bonds, Multiple Purpose 9/08 at 101.00 AA (4) 6,786,678
Projects, Series 2000K, 5.000%, 9/01/13 (Pre-refunded 9/01/08)
------------------------------------------------------------------------------------------------------------------------------------
29,350 Total U.S. Guaranteed 32,119,752
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 3.9% (2.6% OF TOTAL INVESTMENTS)
1,500 California Pollution Control Financing Authority, Revenue 9/09 at 101.00 AAA 1,569,315
Refunding Bonds, Southern California Edison Company,
Series 1999A, 5.450%, 9/01/29 - MBIA Insured
2,990 California Statewide Community Development Authority, 6/07 at 101.00 N/R 3,017,299
Certificates of Participation Refunding, Rio Bravo Fresno
Project, Series 1999A, 6.300%, 12/01/18
455 Merced Irrigation District, California, Electric System Revenue 9/15 at 100.00 AAA 489,398
Bonds, Series 2005, 5.125%, 9/01/31 - XLCA Insured
------------------------------------------------------------------------------------------------------------------------------------
4,945 Total Utilities 5,076,012
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 25.3% (16.6% OF TOTAL INVESTMENTS)
3,330 California Department of Water Resources, Water System 12/11 at 100.00 AA 3,590,639
Revenue Bonds, Central Valley Project, Series 2001W,
5.500%, 12/01/15
1,030 California Department of Water Resources, Water System No Opt. Call AAA 1,191,968
Revenue Bonds, Central Valley Project, Series 2002X,
5.500%, 12/01/17 - FGIC Insured
1,390 California Department of Water Resources, Water System 6/15 at 100.00 AAA 1,499,532
Revenue Bonds, Central Valley Project, Series 2005AD,
5.000%, 12/01/22 - FSA Insured
2,500 El Centro Financing Authority, California, Water Revenue 10/16 at 100.00 AAA 2,606,550
Bonds, Series 2006A, 4.750%, 10/01/31 - FSA Insured
315 Healdsburg Public Financing Authority, California, Wastewater 4/16 at 100.00 AAA 337,189
Revenue Bonds, Series 2006, 5.000%, 4/01/36 - MBIA Insured
5,000 Orange County Water District, California, Revenue Certificates 8/13 at 100.00 AAA 5,267,400
of Participation, Series 2003B, 5.000%, 8/15/34 - MBIA Insured
3,500 Placerville Public Financing Authority, California, Wastewater 9/16 at 100.00 AAA 3,751,090
System Refinancing and Improvement Project Revenue Bonds,
Series 2006, 5.000%, 9/01/34 - XLCA Insured
500 Sacramento County Sanitation District Financing Authority, 6/16 at 100.00 AAA 539,745
California, Revenue Bonds, Series 2006, 5.000%, 12/01/31 -
FGIC Insured
2,000 San Francisco City and County Public Utilities Commission, 4/13 at 100.00 AAA 2,168,180
California, Clean Water Revenue Refunding Bonds,
Series 2003A, 5.250%, 10/01/20 - MBIA Insured
10,000 Santa Maria, California, Subordinate Water and Wastewater 8/12 at 101.00 AAA 10,874,400
Revenue Certificates of Participation, Series 1997A,
5.550%, 8/01/27 - AMBAC Insured (5)
33
Nuveen California Municipal Market Opportunity Fund, Inc. (NCO) (continued)
Portfolio of INVESTMENTS February 28, 2007 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER (continued)
$ 750 Westlands Water District, California, Revenue Certificates 9/16 at 100.00 AAA $ 803,010
of Participation, Series 2007A, 5.000%, 9/01/37 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
30,315 Total Water and Sewer 32,629,703
------------------------------------------------------------------------------------------------------------------------------------
$ 190,645 Total Investments (cost $180,643,689) - 152.1% 195,708,365
=============-----------------------------------------------------------------------------------------------------------------------
Floating Rate Obligations - (1.0)% (1,225,000)
--------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.8% 2,168,204
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (52.9)% (68,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 128,651,569
====================================================================================================================
(1) All percentages shown in the Portfolio of Investments
are based on net assets applicable to Common shares
unless otherwise noted.
(2) 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. Certain mortgage-backed securities may be
subject to periodic principal paydowns.
(3) Ratings: Using the higher of Standard & Poor's or
Moody's rating. Ratings below BBB by Standard & Poor's
Group or Baa by Moody's Investor Service, Inc. are
considered to be below investment grade.
(4) Backed by an escrow or trust containing sufficient U.S.
Government or U.S. Government agency securities which
ensure the timely payment of principal and interest.
Such investments are normally considered to be
equivalent to AAA rated securities.
(5) The issuer has received a formal adverse determination
from the Internal Revenue Service (the "IRS) regarding
the tax-exempt status of the bonds' coupon payments.
The Fund will continue to treat coupon payments as
tax-exempt income until such time that it is formally
determined that the interest on the bonds should be
treated as taxable.
N/R Not rated.
(ETM) Escrowed to maturity.
(UB) Underlying bond of an inverse floating rate trust
reflected as a financing transaction pursuant to the
provisions of SFAS No 140.
See accompanying notes to financial statements.
34
Nuveen California Investment Quality Municipal Fund, Inc. (NQC)
Portfolio of
INVESTMENTS February 28, 2007 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 3.8% (2.5% OF TOTAL INVESTMENTS)
California County Tobacco Securitization Agency, Tobacco
Settlement Asset-Backed Bonds, Sonoma County Tobacco
Securitization Corporation, Series 2005:
$ 790 4.250%, 6/01/21 6/15 at 100.00 BBB $ 768,931
3,500 5.250%, 6/01/45 6/15 at 100.00 BBB 3,614,520
3,500 Tobacco Securitization Authority of Northern California, 6/15 at 100.00 BBB 3,663,555
Tobacco Settlement Asset-Backed Bonds, Series 2005A-1,
5.375%, 6/01/38
------------------------------------------------------------------------------------------------------------------------------------
7,790 Total Consumer Staples 8,047,006
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 13.0% (8.4% OF TOTAL INVESTMENTS)
575 California Educational Facilities Authority, Revenue Bonds, 4/07 at 102.00 AAA 587,167
Chapman University, Series 1996, 5.125%, 10/01/26 -
CONNIE LEE/AMBA Insured
2,000 California Educational Facilities Authority, Revenue Bonds, 10/15 at 100.00 Aaa 2,144,900
Occidental College, Series 2005A, 5.000%, 10/01/27 -
MBIA Insured
170 California Educational Facilities Authority, Revenue Bonds, 10/15 at 100.00 A3 178,840
University of Redlands, Series 2005A, 5.000%, 10/01/35
930 California Educational Facilities Authority, Revenue Bonds, 11/10 at 100.00 Aaa 995,221
University of the Pacific, Series 2000, 5.750%, 11/01/30 -
MBIA Insured
California Educational Facilities Authority, Revenue Bonds,
University of the Pacific, Series 2006:
120 5.000%, 11/01/21 11/15 at 100.00 A2 128,762
160 5.000%, 11/01/25 11/15 at 100.00 A2 170,595
6,000 California State Public Works Board, Lease Revenue Bonds, 10/07 at 102.00 A2 6,158,100
California State University Projects, Series 1997C,
5.400%, 10/01/22
2,500 Long Beach Bond Financing Authority, California, Lease 11/11 at 101.00 AAA 2,658,725
Revenue Refunding Bonds, Long Beach Aquarium of the
South Pacific, Series 2001, 5.250%, 11/01/30 -
AMBAC Insured
University of California, Revenue Bonds, Multi-Purpose Projects,
Series 2003A:
9,270 5.125%, 5/15/16 - AMBAC Insured 5/13 at 100.00 AAA 9,991,484
3,000 5.125%, 5/15/17 - AMBAC Insured 5/13 at 100.00 AAA 3,233,490
1,060 5.000%, 5/15/24 - AMBAC Insured 5/13 at 100.00 AAA 1,122,529
------------------------------------------------------------------------------------------------------------------------------------
25,785 Total Education and Civic Organizations 27,369,813
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 11.2% (7.2% OF TOTAL INVESTMENTS)
3,000 California Health Facilities Financing Authority, Revenue Bonds, 7/14 at 100.00 A 3,198,030
Catholic Healthcare West, Series 2004G, 5.250%, 7/01/23
1,190 California Health Facilities Financing Authority, Revenue Bonds, 11/15 at 100.00 A2 1,245,085
Cedars-Sinai Medical Center, Series 2005, 5.000%, 11/15/34
5,515 California Statewide Community Development Authority, 3/16 at 100.00 A+ 5,765,160
Revenue Bonds, Kaiser Permanante System, Series 2006,
5.000%, 3/01/41
1,840 California Statewide Community Development Authority, Revenue 8/16 at 100.00 A+ 1,977,908
Bonds, Kaiser Permanente System, Series 2001C,
5.250%, 8/01/31
2,145 California Statewide Community Development Authority, Revenue No Opt. Call A+ 2,186,978
Bonds, Kaiser Permanente System, Series 2002E,
4.700%, 11/01/36 (Mandatory put 6/01/09)
Central California Joint Powers Health Finance Authority,
Certificates of Participation, Community Hospitals of Central
California, Series 1993:
1,255 5.250%, 2/01/13 8/07 at 100.00 Baa2 1,255,904
6,820 5.500%, 2/01/15 8/07 at 100.00 Baa2 6,826,343
35
Nuveen California Investment Quality Municipal Fund, Inc. (NQC) (continued)
Portfolio of INVESTMENTS February 28, 2007 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE (continued)
$ 1,000 Stockton, California, Health Facility Revenue Bonds, Dameron 12/07 at 102.00 BBB+ $ 1,030,710
Hospital Association, Series 1997A, 5.700%, 12/01/14
------------------------------------------------------------------------------------------------------------------------------------
22,765 Total Health Care 23,486,118
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 2.5% (1.6% OF TOTAL INVESTMENTS)
3,000 California Statewide Community Development Authority, No Opt. Call BBB 3,038,790
Revenue Refunding Bonds, Irvine Apartment Communities
Development, Series 1998A, 4.900%, 5/15/25 (Mandatory
put 5/15/08)
2,000 Daly City Housing Development Finance Agency, California, 12/13 at 102.00 A- 2,211,480
Mobile Home Park Revenue Bonds, Franciscan Mobile Home
Park Project, Series 2002A, 5.850%, 12/15/32
------------------------------------------------------------------------------------------------------------------------------------
5,000 Total Housing/Multifamily 5,250,270
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 1.5% (1.0% OF TOTAL INVESTMENTS)
500 California Housing Finance Agency, Home Mortgage Revenue 2/16 at 100.00 AAA 538,305
Bonds, Series 2006H, 5.750%, 8/01/30 - FGIC Insured
(Alternative Minimum Tax)
2,500 California Housing Finance Agency, Home Mortgage Revenue 2/16 at 100.00 Aa2 2,656,700
Bonds, Series 2006K, 5.500%, 2/01/42 (Alternative
Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
3,000 Total Housing/Single Family 3,195,005
------------------------------------------------------------------------------------------------------------------------------------
INDUSTRIALS - 0.6% (0.4% OF TOTAL INVESTMENTS)
1,250 California Pollution Control Financing Authority, Solid Waste 1/16 at 102.00 BBB 1,310,750
Disposal Revenue Bonds, Waste Management Inc.,
Series 2002A, 5.000%, 1/01/22 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 1.4% (0.9% OF TOTAL INVESTMENTS)
2,780 California Statewide Community Development Authority, 4/09 at 101.00 BBB 2,845,969
Certificates of Participation, Internext Group, Series 1999,
5.375%, 4/01/17
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 15.7% (10.2% OF TOTAL INVESTMENTS)
2,000 California, General Obligation Bonds, Series 2003, 5.250%, 2/01/20 8/13 at 100.00 A+ 2,166,860
California, General Obligation Bonds, Series 2004:
1,000 5.000%, 2/01/21 2/14 at 100.00 A+ 1,067,730
3,150 5.250%, 4/01/34 4/14 at 100.00 A+ 3,389,904
2,395 Fontana Unified School District, San Bernardino County, 5/09 at 102.00 AAA 2,545,143
California, General Obligation Refunding Bonds, Series 1997D,
5.800%, 5/01/17 - FGIC Insured
10,060 Los Angeles, California, General Obligation Bonds, 9/11 at 100.00 AA 10,596,299
Series 2001A, 5.000%, 9/01/21
2,285 Moreno Valley Unified School District, Riverside County, 8/14 at 100.00 AAA 2,488,274
California, General Obligation Bonds, Series 2004A,
5.250%, 8/01/24 - FSA Insured
3,250 Puerto Rico, General Obligation and Public Improvement Bonds, No Opt. Call AAA 3,807,083
Series 2001A, 5.500%, 7/01/20 - MBIA Insured
20 Riverside Community College District, California, General 8/14 at 100.00 AAA 21,833
Obligation Bonds, Series 2004A, 5.250%, 8/01/21 -
MBIA Insured
345 Roseville Joint Union High School District, Placer County, 8/15 at 100.00 AAA 370,354
California, General Obligation Bonds, Series 2006B,
5.000%, 8/01/27 - FGIC Insured
3,500 San Diego Unified School District, San Diego County, California, 7/13 at 101.00 AAA 3,832,745
General Obligation Bonds, Series 2003E, 5.250%, 7/01/24 -
FSA Insured
2,689 San Diego Unified School District, San Diego County, California, 7/16 at 101.00 AAA 2,747,674
General Obligation Bonds, Series 2006F-1, 4.500%, 7/01/29 -
FSA Insured (UB)
------------------------------------------------------------------------------------------------------------------------------------
30,694 Total Tax Obligation/General 33,033,899
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 33.0% (21.4% OF TOTAL INVESTMENTS)
3,000 California State Public Works Board, Lease Revenue Bonds, 6/14 at 100.00 A 3,335,760
Department of Mental Health, Coalinga State Hospital,
Series 2004A, 5.500%, 6/01/20
3,000 California State Public Works Board, Lease Revenue Bonds, 12/11 at 102.00 AAA 3,193,830
Department of Mental Health, Hospital Addition, Series 2001A,
5.000%, 12/01/21 - AMBAC Insured
36
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 2,350 California, Economic Recovery Revenue Bonds, Series 2004A, 7/14 at 100.00 AA+ $ 2,554,168
5.000%, 7/01/15
425 Capistrano Unified School District, Orange County, California, 9/15 at 100.00 AAA 456,820
Special Tax Bonds, Community Facilities District, Series 2005,
5.000%, 9/01/24 - FGIC Insured
1,265 Chino Redevelopment Agency, California, Merged Chino 9/16 at 101.00 AAA 1,365,340
Redevelopment Project Area Tax Allocation Bonds, Series 2006,
5.000%, 9/01/38 - AMBAC Insured (UB)
1,595 Fontana Public Financing Authority, California, Tax Allocation 9/11 at 101.00 AAA 1,709,585
Revenue Bonds, North Fontana Redevelopment Project,
Series 2003A, 5.375%, 9/01/25 - AMBAC Insured
840 Golden State Tobacco Securitization Corporation, California, 6/15 at 100.00 AAA 991,040
Enhanced Asset Backed Settlement Revenue Bonds,
Series 2005A, Residual Series 1503, 7.326%, 6/01/38 -
FGIC Insured (IF)
1,770 Hawthorne Community Redevelopment Agency, California, 9/16 at 100.00 AAA 1,897,989
Project Area 2 Tax Allocation Bonds, Series 2006,
5.000%, 9/01/26 - XLCA Insured
3,840 Hesperia Community Redevelopment Agency, California, 9/15 at 100.00 AAA 4,067,712
Tax Allocation Bonds, Series 2005A, 5.000%, 9/01/35 -
XLCA Insured
Irvine, California, Unified School District, Community Facilities
District Special Tax Bonds, Series 2006A:
205 5.000%, 9/01/26 9/16 at 100.00 N/R 210,541
470 5.125%, 9/01/36 9/16 at 100.00 N/R 484,796
770 Los Angeles Community Redevelopment Agency, California, 9/15 at 100.00 Aaa 818,502
Lease Revenue Bonds, Manchester Social Services Project,
Series 2005, 5.000%, 9/01/37 - AMBAC Insured
4,130 Manteca Unified School District, San Joaquin County, California, 9/11 at 101.00 AAA 4,352,607
Special Tax Bonds, Community Facilities District 89-2,
Series 2001C, 5.000%, 9/01/23 - MBIA Insured
3,890 Ontario Redevelopment Financing Authority, California, Lease 8/11 at 101.00 AAA 4,126,823
Revenue Bonds, Capital Projects, Series 2001, 5.000%, 8/01/21 -
AMBAC Insured
3,600 Ontario Redevelopment Financing Authority, San Bernardino No Opt. Call AAA 4,985,100
County, California, Revenue Refunding Bonds, Redevelopment
Project 1, Series 1995, 7.400%, 8/01/25 - MBIA Insured
1,685 Ontario, California, Special Tax Bonds, Community Facilities 3/07 at 102.00 N/R 1,716,863
District 5, Freeway Interchange Project, Series 1997,
6.375%, 9/01/17
1,500 Orange County, California, Special Tax Bonds, Community 8/12 at 101.00 N/R 1,583,820
Facilities District 03-1 of Ladera Ranch, Series 2004A,
5.625%, 8/15/34
1,000 Paramount Redevelopment Agency, California, Tax Allocation 8/13 at 100.00 AAA 1,062,830
Bonds, Redevelopment Project Area 1, Series 2003,
5.000%, 8/01/23 - MBIA Insured
370 Rialto Redevelopment Agency, California, Tax Allocation Bonds, 9/15 at 100.00 AAA 392,759
Merged Project Area, Series 2005A, 5.000%, 9/01/35 -
XLCA Insured
460 Roseville, California, Certificates of Participation, Public 8/13 at 100.00 AAA 485,424
Facilities, Series 2003A, 5.000%, 8/01/25 - AMBAC Insured
4,000 Sacramento City Financing Authority, California, Lease Revenue No Opt. Call AAA 4,587,960
Refunding Bonds, Series 1993A, 5.400%, 11/01/20 -
AMBAC Insured
3,485 San Jose Financing Authority, California, Lease Revenue Bonds, 6/16 at 100.00 Aaa 4,189,876
Series 2006, ROLS 654, 7.302%, 6/01/39 - AMBAC Insured (IF)
2,000 San Jose Financing Authority, California, Lease Revenue 6/12 at 100.00 AAA 2,147,280
Refunding Bonds, Civic Center Project, Series 2002B,
5.250%, 6/01/19 - AMBAC Insured
3,535 San Jose Financing Authority, California, Lease Revenue 9/11 at 100.00 AAA 3,717,441
Refunding Bonds, Convention Center Project, Series 2001F,
5.000%, 9/01/20 - MBIA Insured
6,000 San Ramon Public Financing Authority, California, Tax Allocation 2/16 at 100.00 AAA 6,393,120
Revenue Bonds, Series 2006A, 5.000%, 2/01/38 -
AMBAC Insured (UB)
2,840 Santa Clara Redevelopment Agency, California, Tax Allocation 6/13 at 100.00 AAA 3,014,262
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 5,582,693
Subordinate Lien Tax Allocation Bonds, Live Oak and Soquel
Community Improvement Projects, Series 2000,
5.250%, 9/01/25 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
63,275 Total Tax Obligation/Limited 69,424,941
------------------------------------------------------------------------------------------------------------------------------------
37
Nuveen California Investment Quality Municipal Fund, Inc. (NQC) (continued)
Portfolio of INVESTMENTS February 28, 2007 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 30.7% (19.9% OF TOTAL INVESTMENTS)
$ 13,000 Alameda Corridor Transportation Authority, California, Senior 10/09 at 101.00 AAA $ 13,422,500
Lien Revenue Bonds, Series 1999A, 5.000%, 10/01/29 -
MBIA Insured
Bay Area Toll Authority, California, Revenue Bonds, San Francisco
Bay Area Toll Bridge, Series 2001D:
3,875 5.000%, 4/01/12 4/11 at 100.00 AA 4,077,314
2,605 5.000%, 4/01/16 4/11 at 100.00 AA 2,737,464
2,080 Bay Area Toll Authority, California, Revenue Bonds, 4/16 at 100.00 AA 2,239,619
San Francisco Bay Area Toll Bridge, Series 2006,
5.000%, 4/01/31
6,500 Foothill/Eastern Transportation Corridor Agency, California, 1/14 at 101.00 BBB- 6,072,300
Toll Road Revenue Refunding Bonds, Series 1999,
0.000%, 1/15/29
9,980 Long Beach, California, Harbor Revenue Bonds, Series 2000A, 5/10 at 101.00 AA 10,559,439
5.500%, 5/15/25 (Alternative Minimum Tax)
9,000 Port of Oakland, California, Revenue Bonds, Series 2000K, 5/10 at 100.00 AAA 9,523,890
5.750%, 11/01/29 - FGIC Insured (Alternative Minimum Tax)
15,000 San Francisco Airports Commission, California, Revenue Bonds, 5/10 at 101.00 AAA 15,987,750
San Francisco International Airport, Second Series 2000,
Issue 24A, 5.750%, 5/01/30 - FSA Insured (Alternative
Minimum Tax) (5)
------------------------------------------------------------------------------------------------------------------------------------
62,040 Total Transportation 64,620,276
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 28.7% (18.6% OF TOTAL INVESTMENTS) (4)
California Department of Water Resources, Power Supply
Revenue Bonds, Series 2002A:
3,600 5.375%, 5/01/17 (Pre-refunded 5/01/12) - XLCA Insured 5/12 at 101.00 AAA 3,938,832
6,000 5.125%, 5/01/18 (Pre-refunded 5/01/12) 5/12 at 101.00 Aaa 6,494,340
2,070 California Educational Facilities Authority, Revenue Bonds, 11/10 at 100.00 Aaa 2,229,556
University of the Pacific, Series 2000, 5.750%, 11/01/30
(Pre-refunded 11/01/10) - MBIA Insured
1,000 California Health Facilities Financing Authority, Revenue Bonds, 12/09 at 101.00 N/R (4) 1,075,420
Cedars-Sinai Medical Center, Series 1999A, 6.125%, 12/01/30
(Pre-refunded 12/01/09)
2,110 California Health Facilities Financing Authority, Revenue Bonds, 10/08 at 101.00 AAA 2,183,913
Kaiser Permanente System, Series 1998B, 5.250%, 10/01/12
(ETM)
11,300 California, Various Purpose General Obligation Bonds, 3/10 at 101.00 AAA 12,109,080
Series 2000, 5.750%, 3/01/27 (Pre-refunded 3/01/10) -
MBIA Insured
2,250 Golden State Tobacco Securitization Corporation, California, 6/13 at 100.00 AAA 2,490,525
Enhanced Tobacco Settlement Asset-Backed Bonds,
Series 2003B, 5.625%, 6/01/33 (Pre-refunded 6/01/13)
2,500 Los Angeles Community Redevelopment Agency, California, 7/07 at 100.00 BBB (4) 2,526,900
Tax Allocation Refunding Bonds, Central Business District
Redevelopment Project, Series 1987G, 6.750%, 7/01/10 (ETM)
Los Angeles County Metropolitan Transportation Authority,
California, Proposition C Second Senior Lien Sales Tax Revenue
Bonds, Series 2000A:
8,005 5.250%, 7/01/25 (Pre-refunded 7/01/10) - FGIC Insured 7/10 at 101.00 AAA 8,515,399
6,500 5.250%, 7/01/30 (Pre-refunded 7/01/10) - FGIC Insured 7/10 at 101.00 AAA 6,914,440
2,745 Northridge Water District, California, Revenue Certificates 2/11 at 101.00 AAA 2,941,020
of Participation, Series 2001, 5.250%, 2/01/21 (Pre-refunded
2/01/11) - AMBAC Insured
4,000 Puerto Rico Highway and Transportation Authority, Highway 7/12 at 100.00 AAA 4,343,040
Revenue Bonds, Series 2002D, 5.375%, 7/01/36 (Pre-refunded
7/01/12)
815 Riverside Community College District, California, General 8/14 at 100.00 AAA 902,637
Obligation Bonds, Series 2004A, 5.250%, 8/01/21 (Pre-refunded
8/01/14) - MBIA Insured
1,000 Tobacco Securitization Authority of Southern California, 6/12 at 100.00 AAA 1,089,470
Tobacco Settlement Asset-Backed Bonds, San Diego County
Tobacco Asset Securitization Corporation, Senior Series 2001A,
5.500%, 6/01/36 (Pre-refunded 6/01/12)
2,540 University of California, Revenue Bonds, Research Facilities, 9/09 at 101.00 AAA 2,655,138
Series 2001E, 5.000%, 9/01/25 (Pre-refunded 9/01/09) -
AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
56,435 Total U.S. Guaranteed 60,409,710
------------------------------------------------------------------------------------------------------------------------------------
38
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 4.9% (3.3% OF TOTAL INVESTMENTS)
$ 5,000 Los Angeles Department of Water and Power, California, 7/11 at 100.00 AAA $ 5,302,800
Power System Revenue Bonds, Series 2001A-1,
5.250%, 7/01/20 - FSA Insured
700 Los Angeles Department of Water and Power, California, 7/13 at 100.00 AAA 750,372
Power System Revenue Bonds, Series 2003A-2, 5.000%, 7/01/21 -
MBIA Insured
740 Merced Irrigation District, California, Electric System Revenue 9/15 at 100.00 AAA 795,944
Bonds, Series 2005, 5.125%, 9/01/31 - XLCA Insured
3,210 Turlock Irrigation District, California, Electric Revenue Bonds, 1/13 at 100.00 AAA 3,425,519
Series 2003A, 5.000%, 1/01/16 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
9,650 Total Utilities 10,274,635
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 7.0% (4.6% OF TOTAL INVESTMENTS)
3,330 California Department of Water Resources, Water System 12/11 at 100.00 AA 3,602,694
Revenue Bonds, Central Valley Project, Series 2001W,
5.500%, 12/01/16
520 Healdsburg Public Financing Authority, California, Wastewater 4/16 at 100.00 AAA 556,629
Revenue Bonds, Series 2006, 5.000%, 4/01/36 - MBIA Insured
1,500 Los Angeles Department of Water and Power, California, 7/14 at 100.00 AAA 1,642,155
Waterworks Revenue Bonds, Series 2004C, 5.250%, 7/01/19 -
MBIA Insured
3,015 Oxnard Financing Authority, California, Wastewater Revenue 6/13 at 100.00 AAA 3,230,271
Bonds, Series 2003, 5.000%, 6/01/17 - FGIC Insured
870 Sacramento County Sanitation District Financing Authority, 6/16 at 100.00 AAA 937,060
California, Revenue Bonds, Series 2006, 5.000%, 12/01/36 -
FGIC Insured
1,310 San Elijo Joint Powers Authority, San Diego County, California, 3/12 at 101.00 AAA 1,393,775
Revenue Refunding Bonds, San Elijo Wastewater Facilities,
Series 2003, 5.000%, 3/01/17 - FSA Insured
3,430 Westlands Water District, California, Revenue Certificates 9/12 at 101.00 AAA 3,694,108
of Participation, Series 2002, 5.250%, 9/01/22 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
13,975 Total Water and Sewer 15,056,692
------------------------------------------------------------------------------------------------------------------------------------
$ 304,439 Total Investments (cost $304,857,362) - 154.0% 324,325,084
=============-----------------------------------------------------------------------------------------------------------------------
Floating Rate Obligations - (3.1)% (6,634,000)
--------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 2.3% 4,922,851
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (53.2)% (112,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 210,613,935
====================================================================================================================
39
Nuveen California Investment Quality Municipal Fund, Inc. (NQC) (continued)
Portfolio of INVESTMENTS February 28, 2007 (Unaudited)
FORWARD SWAPS OUTSTANDING AT FEBRUARY 28, 2007:
FUND FIXED RATE UNREALIZED
NOTIONAL PAY/RECEIVE FLOATING RATE FIXED RATE PAYMENT EFFECTIVE TERMINATION APPRECIATION
COUNTERPARTY AMOUNT FLOATING RATE INDEX (ANNUALIZED) FREQUENCY DATE (6) DATE (DEPRECIATION)
------------------------------------------------------------------------------------------------------------------------------------
JPMorgan $27,000,000 Receive 3-Month USD-LIBOR 5.630% Semi-Annually 7/27/07 7/27/10 $ (531,999)
Morgan Stanley 6,100,000 Pay 3-Month USD-LIBOR 5.811 Semi-Annually 7/27/07 7/27/24 402,913
Morgan Stanley 13,900,000 Pay 3-Month USD-LIBOR 5.816 Semi-Annually 7/27/07 7/27/29 1,030,772
------------------------------------------------------------------------------------------------------------------------------------
$ 901,686
====================================================================================================================================
USD-LIBOR (United States Dollar-London Inter-Bank Offered Rates)
(1) All percentages shown in the Portfolio of Investments
are based on net assets applicable to Common shares
unless otherwise noted.
(2) 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. Certain mortgage-backed securities may be
subject to periodic principal paydowns.
(3) Ratings: Using the higher of Standard & Poor's or
Moody's rating. Ratings below BBB by Standard & Poor's
Group or Baa by Moody's Investor Service, Inc. are
considered to be below investment grade.
(4) Backed by an escrow or trust containing sufficient U.S.
Government or U.S. Government agency securities which
ensure the timely payment of principal and interest.
Such investments are normally considered to be
equivalent to AAA rated securities.
(5) Portion of the investment, with an aggregate market
value of $458,316, has been pledged to collateralize
the net payment obligations under forward swap
contracts.
(6) Effective date represents the date on which both the
Fund and counterparty commence interest payment
accruals on each forward swap contract.
N/R Not rated.
(ETM) Escrowed to maturity.
(UB) Underlying bond of an inverse floating rate trust
reflected as a financing transaction pursuant to the
provisions of SFAS No 140.
(IF) Inverse floating rate investment.
See accompanying notes to financial statements.
40
Nuveen California Select Quality Municipal Fund, Inc. (NVC)
Portfolio of
INVESTMENTS February 28, 2007 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 2.7% (1.8% OF TOTAL INVESTMENTS)
$ 1,355 California County Tobacco Securitization Agency, Tobacco 6/15 at 100.00 BBB $ 1,318,862
Settlement Asset-Backed Bonds, Sonoma County Tobacco
Securitization Corporation, Series 2005, 4.250%, 6/01/21
4,625 California County Tobacco Securitization Agency, Tobacco 6/12 at 100.00 Baa3 4,818,001
Settlement Asset-Backed Bonds, Stanislaus County Tobacco
Funding Corporation, Series 2002A, 5.500%, 6/01/33
3,000 Golden State Tobacco Securitization Corporation, California, 6/13 at 100.00 BBB 3,440,910
Tobacco Settlement Asset-Backed Bonds, Series 2003A-1,
6.750%, 6/01/39
------------------------------------------------------------------------------------------------------------------------------------
8,980 Total Consumer Staples 9,577,773
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 1.2% (0.8% OF TOTAL INVESTMENTS)
290 California Educational Facilities Authority, Revenue Bonds, 10/15 at 100.00 A3 305,080
University of Redlands, Series 2005A, 5.000%, 10/01/35
California Educational Facilities Authority, Revenue Bonds,
University of the Pacific, Series 2006:
200 5.000%, 11/01/21 11/15 at 100.00 A2 214,604
270 5.000%, 11/01/25 11/15 at 100.00 A2 287,879
1,595 California Infrastructure Economic Development Bank, 10/12 at 100.00 Aa3 1,682,821
Revenue Bonds, Claremont University Consortium, Series 2003,
5.125%, 10/01/24
1,740 California Infrastructure Economic Development Bond Bank, 7/15 at 100.00 Aa3 1,847,706
Revenue Bonds, Scripps Research Institute, Series 2005A,
5.000%, 7/01/24
------------------------------------------------------------------------------------------------------------------------------------
4,095 Total Education and Civic Organizations 4,338,090
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 9.3% (6.2% OF TOTAL INVESTMENTS)
1,750 ABAG Finance Authority for Non-Profit Corporations, California, 4/12 at 100.00 A 1,867,705
Cal-Mortgage Insured Revenue Bonds, Sansum-Santa Barbara
Medical Foundation Clinic, Series 2002A, 5.500%, 4/01/21
545 California Health Facilities Financing Authority, Insured Health 7/07 at 100.00 AAA 545,354
Facility Revenue Refunding Bonds, Catholic Healthcare West,
Series 1994A, 4.750%, 7/01/19 - MBIA Insured
2,040 California Health Facilities Financing Authority, Revenue Bonds, 11/15 at 100.00 A2 2,134,432
Cedars-Sinai Medical Center, Series 2005, 5.000%, 11/15/34
5,000 California Statewide Community Development Authority, 7/07 at 102.00 AA- 5,118,550
Certificates of Participation Refunding, St. Joseph Health
System, Series 1997, 5.125%, 7/01/17
1,845 California Statewide Community Development Authority, 7/10 at 101.00 A 2,012,157
Certificates of Participation, Catholic Healthcare West,
Series 1999, 6.500%, 7/01/20
9,435 California Statewide Community Development Authority, 3/16 at 100.00 A+ 9,862,972
Revenue Bonds, Kaiser Permanante System, Series 2006,
5.000%, 3/01/41
3,140 California Statewide Community Development Authority, 8/16 at 100.00 A+ 3,375,343
Revenue Bonds, Kaiser Permanente System, Series 2001C,
5.250%, 8/01/31
1,355 California Statewide Community Development Authority, No Opt. Call AAA 1,486,340
Revenue Bonds, Sherman Oaks Health System, Series 1998A,
5.000%, 8/01/22 - AMBAC Insured
6,000 Madera County, California, Certificates of Participation, 3/07 at 100.00 AAA 6,061,980
Valley Children's Hospital Project, Series 1995, 5.750%, 3/15/28 -
MBIA Insured
1,050 Stockton, California, Health Facility Revenue Bonds, Dameron 12/07 at 102.00 BBB+ 1,081,290
Hospital Association, Series 1997A, 5.450%, 12/01/10
------------------------------------------------------------------------------------------------------------------------------------
32,160 Total Health Care 33,546,123
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 1.7% (1.2% OF TOTAL INVESTMENTS)
1,000 Independent Cities Lease Finance Authority, California, Revenue 11/14 at 100.00 N/R 1,064,910
Bonds, Morgan Hill, Hacienda Valley Mobile Home Park,
Series 2004A, 5.950%, 11/15/39
41
Nuveen California Select Quality Municipal Fund, Inc. (NVC) (continued)
Portfolio of INVESTMENTS February 28, 2007 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY (continued)
$ 4,750 Montclair Redevelopment Agency, California, Revenue Bonds, 12/10 at 102.00 N/R $ 5,207,235
Monterey Manor Mobile Home Estates Project, Series 2000,
6.400%, 12/15/30
------------------------------------------------------------------------------------------------------------------------------------
5,750 Total Housing/Multifamily 6,272,145
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 0.5% (0.3% OF TOTAL INVESTMENTS)
860 California Housing Finance Agency, Home Mortgage Revenue 2/16 at 100.00 AAA 925,885
Bonds, Series 2006H, 5.750%, 8/01/30 - FGIC Insured
(Alternative Minimum Tax)
90 California Housing Finance Agency, Single Family Mortgage 4/07 at 101.00 AAA 90,902
Bonds, Mezzanine Series 1995B-2, 6.250%, 8/01/14 -
AMBAC Insured (Alternative Minimum Tax)
85 California Housing Finance Agency, Single Family Mortgage 5/07 at 100.00 AAA 85,885
Bonds, Senior Series 1995A-2, 6.350%, 8/01/15 (Alternative
Minimum Tax)
570 California Housing Finance Agency, Single Family Mortgage 4/07 at 101.00 AAA 575,711
Bonds, Senior Series 1995B-2, 6.250%, 2/01/18 (Alternative
Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
1,605 Total Housing/Single Family 1,678,383
------------------------------------------------------------------------------------------------------------------------------------
INDUSTRIALS - 2.1% (1.4% OF TOTAL INVESTMENTS)
5,000 California Pollution Control Financing Authority, Solid Waste No Opt. Call BBB+ 5,356,350
Disposal Revenue Bonds, Republic Services Inc., Series 2002C,
5.250%, 6/01/23 (Mandatory put 12/01/17) (Alternative
Minimum Tax)
2,000 California Pollution Control Financing Authority, Solid Waste 1/16 at 102.00 BBB 2,097,200
Disposal Revenue Bonds, Waste Management Inc.,
Series 2002A, 5.000%, 1/01/22 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
7,000 Total Industrials 7,453,550
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 23.3% (15.4% OF TOTAL INVESTMENTS)
California, General Obligation Bonds, Series 2003:
3,750 5.250%, 11/01/19 - RAAI Insured 11/13 at 100.00 AA 4,060,838
5,000 5.250%, 2/01/22 8/13 at 100.00 A+ 5,408,250
1,000 5.250%, 2/01/22 - CIFG Insured 8/13 at 100.00 AAA 1,078,990
California, General Obligation Bonds, Series 2004:
3,800 5.000%, 2/01/21 2/14 at 100.00 A+ 4,057,374
1,850 5.200%, 4/01/26 4/14 at 100.00 A+ 1,993,764
4,700 California, Various Purpose General Obligation Bonds, 5/10 at 101.00 AAA 5,010,247
Series 2000, 5.625%, 5/01/22 - FGIC Insured
3,850 Coachella Valley Unified School District, Riverside County, 8/15 at 100.00 AAA 4,127,239
California, General Obligation Bonds, Series 2005A,
5.000%, 8/01/30 - FGIC Insured
Fontana Unified School District, San Bernardino County,
California, General Obligation Bonds, Series 2004:
1,470 5.250%, 5/01/19 - MBIA Insured 5/14 at 100.00 AAA 1,606,548
1,040 5.250%, 5/01/20 - MBIA Insured 5/14 at 100.00 AAA 1,133,184
1,520 Jurupa Unified School District, Riverside County, California, 8/13 at 100.00 AAA 1,612,401
General Obligation Bonds, Series 2004, 5.000%, 8/01/23 -
FGIC Insured
4,000 Long Beach Community College District, California, General 5/15 at 100.00 AAA 4,280,680
Obligation Bonds, Series 2005B, 5.000%, 5/01/30 -
FGIC Insured
Los Angeles Unified School District, Los Angeles County,
California, General Obligation Bonds, Series 2006B:
825 4.750%, 7/01/24 - FGIC Insured (UB) 7/16 at 100.00 AAA 871,151
5,575 4.750%, 7/01/25 - FGIC Insured (UB) 7/16 at 100.00 AAA 5,873,541
10,060 Los Angeles, California, General Obligation Bonds, 9/11 at 100.00 AA 10,596,299
Series 2001A, 5.000%, 9/01/20
Los Rios Community College District, Sacramento, El Dorado and
Yolo Counties, California, General Obligation Bonds, Series
2006C:
2,710 5.000%, 8/01/25 - FSA Insured 8/14 at 102.00 AAA 2,934,767
3,875 5.000%, 8/01/26 - FSA Insured 8/14 at 102.00 AAA 4,190,890
6,000 North Orange County Community College District, California, No Opt. Call AAA 2,496,240
General Obligation Bonds, Series 2003B, 0.000%, 8/01/27 -
FGIC Insured
42
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL (continued)
$ 2,200 Oakland Unified School District, Alameda County, California, 8/08 at 101.00 AAA $ 2,264,724
General Obligation Bonds, Series 2001, 5.125%, 8/01/21 -
FSA Insured
5,000 Puerto Rico, General Obligation and Public Improvement Bonds, No Opt. Call AAA 5,857,050
Series 2001A, 5.500%, 7/01/20 - MBIA Insured
585 Roseville Joint Union High School District, Placer County, 8/15 at 100.00 AAA 627,992
California, General Obligation Bonds, Series 2006B,
5.000%, 8/01/27 - FGIC Insured
4,622 San Diego Unified School District, San Diego County, California, 7/16 at 101.00 AAA 4,722,853
General Obligation Bonds, Series 2006F-1, 4.500%, 7/01/29 -
FSA Insured (UB)
1,500 Southwestern Community College District, San Diego County, 8/15 at 102.00 AAA 1,635,165
California, General Obligation Bonds, Series 2005,
5.000%, 8/01/25 - MBIA Insured
1,000 Vista Unified School District, San Diego County, California, 8/12 at 100.00 AAA 1,053,290
General Obligation Bonds, Series 2002A, 5.000%, 8/01/23 -
FSA Insured
3,760 West Contra Costa Unified School District, Contra Costa County, 8/11 at 101.00 AAA 3,959,769
California, General Obligation Bonds, Series 2003B,
5.000%, 8/01/22 - FSA Insured
2,000 West Contra Costa Unified School District, Contra Costa 8/11 at 101.00 AAA 2,106,260
County, California, General Obligation Bonds, Series 2003C,
5.000%, 8/01/22 - FGIC Insured
------------------------------------------------------------------------------------------------------------------------------------
81,692 Total Tax Obligation/General 83,559,506
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 29.2% (19.3% OF TOTAL INVESTMENTS)
2,870 Bell Community Redevelopment Agency, California, Tax 10/13 at 100.00 AA 3,121,498
Allocation Bonds, Bell Project Area, Series 2003,
5.500%, 10/01/23 - RAAI Insured
3,765 California State Public Works Board, Lease Revenue Bonds, 12/12 at 100.00 AAA 4,066,991
Department of General Services, Capital East End Project,
Series 2002A, 5.250%, 12/01/16 - AMBAC Insured
California State Public Works Board, Lease Revenue Bonds,
Department of Mental Health, Coalinga State Hospital, Series
2004A:
4,000 5.500%, 6/01/21 6/14 at 100.00 A 4,447,680
2,000 5.500%, 6/01/23 6/14 at 100.00 A 2,219,820
3,625 California, Economic Recovery Revenue Bonds, Series 2004A, 7/14 at 100.00 AA+ 3,939,940
5.000%, 7/01/15
730 Capistrano Unified School District, Orange County, California, 9/15 at 100.00 AAA 784,655
Special Tax Bonds, Community Facilities District, Series 2005,
5.000%, 9/01/24 - FGIC Insured
2,175 Chino Redevelopment Agency, California, Merged Chino 9/16 at 101.00 AAA 2,347,521
Redevelopment Project Area Tax Allocation Bonds,
Series 2006, 5.000%, 9/01/38 - AMBAC Insured (UB)
1,000 Coachella Valley Unified School District, Riverside County, 9/16 at 100.00 Aaa 1,070,680
California, Certificates of Participation, Series 2007,
5.000%, 9/01/36 - AMBAC Insured
3,000 Coronado Community Development Agency, California, Tax 9/15 at 100.00 AAA 3,200,040
Allocation Bonds, Community Development Project, Series 2005,
5.000%, 9/01/30 - AMBAC Insured
1,030 Folsom Cordova Unified School District, Sacramento County, 10/14 at 100.00 AAA 1,101,348
California, General Obligation Bonds, School Facilities
Improvement District 2, Series 2004B, 5.000%, 10/01/25 -
FSA Insured
1,785 Hawthorne Community Redevelopment Agency, California, 9/16 at 100.00 AAA 1,948,952
Project Area 2 Tax Allocation Bonds, Series 2006,
5.250%, 9/01/36 - XLCA Insured
435 Indian Wells Redevelopment Agency, California, Tax Allocation 9/13 at 100.00 AAA 466,011
Bonds, Consolidated Whitewater Project Area, Series 2003A,
5.000%, 9/01/20 - AMBAC Insured
Irvine, California, Unified School District, Community Facilities
District Special Tax Bonds, Series 2006A:
350 5.000%, 9/01/26 9/16 at 100.00 N/R 359,461
805 5.125%, 9/01/36 9/16 at 100.00 N/R 830,341
3,000 La Quinta Redevelopment Agency, California, Tax Allocation 9/11 at 102.00 AAA 3,187,560
Bonds, Redevelopment Project Area 1, Series 2001,
5.000%, 9/01/21 - AMBAC Insured
3,510 Long Beach Bond Financing Authority, California, Lease 10/07 at 102.00 AAA 3,600,242
Revenue and Refunding Bonds, Civic Center Project,
Series 1997A, 5.000%, 10/01/27 - MBIA Insured
4,315 Los Angeles Community Redevelopment Agency, California, 9/15 at 100.00 Aaa 4,586,802
Lease Revenue Bonds, Manchester Social Services Project,
Series 2005, 5.000%, 9/01/37 - AMBAC Insured
43
Nuveen California Select Quality Municipal Fund, Inc. (NVC) (continued)
Portfolio of INVESTMENTS February 28, 2007 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 16,500 Los Angeles County Metropolitan Transportation Authority, 7/08 at 101.00 AAA $ 16,901,774
California, Proposition C Second Senior Lien Sales Tax Revenue
Refunding Bonds, Series 1998A, 5.000%, 7/01/23 -
AMBAC Insured
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 2,171,944
3,000 5.000%, 8/01/26 - MBIA Insured 8/11 at 100.00 Aaa 3,121,080
2,580 Oakland Redevelopment Agency, California, Subordinate 3/13 at 100.00 AAA 2,831,782
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 Revenue 4/08 at 101.00 AAA 3,681,787
Bonds, Elihu M. Harris State Office Building, Series 1998A,
5.000%, 4/01/23 - AMBAC Insured
2,280 Ontario Redevelopment Financing Authority, California, Lease 8/11 at 101.00 AAA 2,443,795
Revenue Bonds, Capital Projects, Series 2001,
5.250%, 8/01/18 - AMBAC Insured
1,000 Orange County, California, Special Tax Bonds, Community 8/12 at 101.00 N/R 1,051,240
Facilities District 03-1 of Ladera Ranch, Series 2004A,
5.500%, 8/15/24
1,120 Panama-Buena Vista Union School District, California, 9/16 at 100.00 AAA 1,209,242
Certificates of Participation, School Construction Project,
Series 2006, 5.000%, 9/01/23 - MBIA Insured
8,750 Pittsburg Redevelopment Agency, California, Tax Allocation No Opt. Call AAA 4,385,500
Bonds, Los Medanos Community Development Project,
Series 1999, 0.000%, 8/01/23 - AMBAC Insured
2,000 Puerto Rico Public Finance Corporation, Commonwealth No Opt. Call AAA 2,538,180
Appropriation Bonds, Series 2002E, 6.000%, 8/01/26 -
AGC Insured
635 Rialto Redevelopment Agency, California, Tax Allocation Bonds, 9/15 at 100.00 AAA 674,059
Merged Project Area, Series 2005A, 5.000%, 9/01/35 -
XLCA Insured
115 Riverside Public Financing Authority, California, Revenue Bonds, 8/07 at 100.00 N/R 116,693
Multiple Project Loans, Series 1991A, 8.000%, 2/01/18
1,680 Riverside Redevelopment Agency, California, Tax Allocation 8/13 at 100.00 AAA 1,807,260
Refunding Bonds, Merged Project Areas, Series 2003,
5.250%, 8/01/23 - MBIA Insured
820 Roseville, California, Certificates of Participation, Public 8/13 at 100.00 AAA 865,321
Facilities, Series 2003A, 5.000%, 8/01/25 - AMBAC Insured
2,200 San Jose Financing Authority, California, Lease Revenue 9/11 at 100.00 AAA 2,313,542
Refunding Bonds, Convention Center Project, Series 2001F,
5.000%, 9/01/20 - MBIA Insured
4,625 Santa Clara Redevelopment Agency, California, Tax Allocation 6/13 at 100.00 AAA 4,954,439
Bonds, Bayshore North Project, Series 2003, 5.000%, 6/01/17 -
MBIA Insured
6,870 Vernon Redevelopment Agency, California, Tax Allocation Bonds, 9/15 at 100.00 AAA 7,317,924
Industrial Redevelopment Project, Series 2005,
5.000%, 9/01/35 - MBIA Insured
5,000 West Hollywood, California, Refunding Certificates of 2/08 at 102.00 AAA 5,149,050
Participation, Series 1998, 5.000%, 2/01/25 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
103,250 Total Tax Obligation/Limited 104,814,154
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 17.2% (11.4% OF TOTAL INVESTMENTS)
2,210 Bay Area Toll Authority, California, Revenue Bonds, 4/16 at 100.00 AA 2,379,595
San Francisco Bay Area Toll Bridge, Series 2006,
5.000%, 4/01/31
8,300 Foothill/Eastern Transportation Corridor Agency, California, 1/10 at 100.00 AAA 8,540,700
Toll Road Revenue Bonds, Series 1995A, 5.000%, 1/01/35 -
MBIA Insured
10,500 Foothill/Eastern Transportation Corridor Agency, California, 1/14 at 101.00 BBB- 9,809,100
Toll Road Revenue Refunding Bonds, Series 1999,
0.000%, 1/15/29
2,000 Orange County Transportation Authority, California, 8/13 at 100.00 AAA 2,146,460
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, Series 2000K, 5/10 at 100.00 AAA 8,465,680
5.750%, 11/01/29 - FGIC Insured (Alternative Minimum Tax)
20,000 San Francisco Airports Commission, California, Revenue Bonds, 5/10 at 101.00 AAA 21,316,997
San Francisco International Airport, Second Series 2000,
Issue 25, 5.750%, 5/01/30 - FSA Insured (Alternative
Minimum Tax)
5,000 San Francisco Airports Commission, California, Revenue 5/11 at 100.00 AAA 5,284,100
Refunding Bonds, San Francisco International Airport,
Second Series 2001, Issue 27B, 5.250%, 5/01/18 -
FGIC Insured
44
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION (continued)
$ 3,665 San Francisco Airports Commission, California, Revenue 5/12 at 100.00 AAA $ 3,870,020
Refunding Bonds, San Francisco International Airport,
Second Series 2002, Issue 28A, 5.250%, 5/01/18 -
MBIA Insured (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
59,675 Total Transportation 61,812,652
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 44.2% (29.3% OF TOTAL INVESTMENTS) (4)
3,740 Antelope Valley Community College District, Los Angeles 8/15 at 100.00 AAA 4,109,512
County, California, General Obligation Bonds, Series 2005A,
5.000%, 8/01/29 (Pre-refunded 8/01/15) - MBIA Insured
California Department of Water Resources, Power Supply
Revenue Bonds, Series 2002A:
2,500 5.375%, 5/01/17 (Pre-refunded 5/01/12) - XLCA Insured 5/12 at 101.00 AAA 2,735,300
9,750 5.125%, 5/01/18 (Pre-refunded 5/01/12) 5/12 at 101.00 Aaa 10,553,303
13,000 California Health Facilities Financing Authority, Revenue Bonds, 12/09 at 101.00 N/R (4) 13,980,459
Cedars-Sinai Medical Center, Series 1999A,
6.125%, 12/01/30 (Pre-refunded 12/01/09)
9,150 California Pollution Control Financing Authority, Sewerage 3/07 at 101.00 A1 (4) 9,249,278
and Solid Waste Disposal Facilities Revenue Bonds,
Anheuser-Busch Companies Inc., Series 1996,
5.750%, 12/01/30 (Pre-refunded 3/19/07)
(Alternative Minimum Tax)
3,000 California Pollution Control Financing Authority, Solid Waste 5/07 at 100.00 Aaa 3,413,940
Disposal Revenue Bonds, North County Recycling Center,
Series 1991A, 6.750%, 7/01/17 (ETM)
4,495 California Statewide Community Development Authority, 7/10 at 101.00 A (4) 4,946,837
Certificates of Participation, Catholic Healthcare West,
Series 1999, 6.500%, 7/01/20 (Pre-refunded 7/01/10)
10,000 California, Various Purpose General Obligation Bonds, 3/10 at 101.00 AAA 10,716,000
Series 2000, 5.750%, 3/01/27 (Pre-refunded 3/01/10) -
MBIA Insured
1,370 Contra Costa County, California, GNMA Mortgage-Backed No Opt. Call AAA 1,445,925
Securities Program Home Mortgage Revenue Bonds,
Series 1989, 7.700%, 11/01/09 (Alternative Minimum Tax) (ETM)
5,515 Fresno Unified School District, Fresno County, California, General 8/09 at 102.00 AAA 5,779,279
Obligation Bonds, Series 2001E, 5.000%, 8/01/25 -
FGIC Insured (ETM)
Golden State Tobacco Securitization Corporation, California,
Enhanced Tobacco Settlement Asset-Backed Bonds,
Series 2003B:
2,000 5.625%, 6/01/33 (Pre-refunded 6/01/13) 6/13 at 100.00 AAA 2,213,800
2,500 5.625%, 6/01/38 (Pre-refunded 6/01/13) 6/13 at 100.00 AAA 2,767,250
970 Indian Wells Redevelopment Agency, California, Tax Allocation 9/13 at 100.00 Aaa 1,051,558
Bonds, Consolidated Whitewater Project Area, Series 2003A,
5.000%, 9/01/20 (Pre-refunded 9/01/13) - AMBAC Insured
3,000 Los Angeles County Metropolitan Transportation Authority, 7/10 at 101.00 AAA 3,191,280
California, Proposition C Second Senior Lien Sales Tax Revenue
Bonds, Series 2000A, 5.250%, 7/01/25 (Pre-refunded 7/01/10) -
FGIC Insured
4,220 Los Angeles Unified School District, California, General 7/08 at 101.00 AAA 4,342,633
Obligation Bonds, Series 1998B, 5.000%, 7/01/23
(Pre-refunded 7/01/08) - FGIC Insured
6,030 Los Angeles Unified School District, California, General 7/10 at 100.00 AAA 6,384,323
Obligation Bonds, Series 2000D, 5.375%, 7/01/25
(Pre-refunded 7/01/10) - FGIC Insured
2,650 Los Angeles, California, Wastewater System Revenue Bonds, 6/08 at 101.00 AAA 2,723,909
Series 1998A, 5.000%, 6/01/28 (Pre-refunded 6/01/08) -
FGIC Insured
2,270 Pajaro Valley Unified School District, Santa Cruz County, 8/13 at 100.00 AAA 2,459,182
California, General Obligation Bonds, Series 2003A,
5.000%, 8/01/20 (Pre-refunded 8/01/13) - FSA Insured
10,000 Puerto Rico Highway and Transportation Authority, Highway 7/10 at 101.00 BBB+ (4) 10,829,300
Revenue Bonds, Series 2000B, 6.000%, 7/01/31
(Pre-refunded 7/01/10)
3,560 Puerto Rico Housing Bank and Finance Agency, Affordable 4/07 at 100.00 AAA 3,567,298
Housing Mortgage Subsidy Program Single Family Mortgage
Revenue Bonds, Series 1995I, 6.250%, 4/01/29
(Pre-refunded 4/01/07) (Alternative Minimum Tax)
4,000 Puerto Rico Infrastructure Financing Authority, Special 10/10 at 101.00 AAA 4,289,680
Obligation Bonds, Series 2000A, 5.500%, 10/01/32
17,670 San Francisco City and County Public Utilities Commission, 11/11 at 100.00 AAA 18,783,386
California, Water Revenue Bonds, Series 2001A,
5.000%, 11/01/24 (Pre-refunded 11/01/11) - FSA Insured
45
Nuveen California Select Quality Municipal Fund, Inc. (NVC) (continued)
Portfolio of INVESTMENTS February 28, 2007 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED (4) (continued)
$ 10,000 San Jose Redevelopment Agency, California, Tax Allocation 8/08 at 102.00 AAA $ 10,432,000
Bonds, Merged Area Redevelopment Project, Series 1998,
5.250%, 8/01/29 (Pre-refunded 8/01/08) - AMBAC Insured
Solano County, California, Certificates of Participation,
Series 2002:
2,415 5.250%, 11/01/22 (Pre-refunded 11/01/12) - MBIA Insured 11/12 at 100.00 AAA 2,619,695
1,625 5.250%, 11/01/23 (Pre-refunded 11/01/12) - MBIA Insured 11/12 at 100.00 AAA 1,762,735
6,555 Sweetwater Authority, California, Water Revenue Bonds, 4/10 at 101.00 AAA 6,900,383
Series 2002, 5.000%, 4/01/22 (Pre-refunded 4/01/10) -
FSA Insured
5,125 University of California, Revenue Bonds, Research Facilities, 9/09 at 101.00 AAA 5,357,316
Series 2001E, 5.000%, 9/01/22 (Pre-refunded 9/01/09) -
AMBAC Insured
2,000 Vista, California, Mobile Home Park Revenue Bonds, Vista 3/24 at 100.00 N/R (4) 2,122,920
Manor Mobile Home Park Project, Series 1999A,
5.750%, 3/15/29 (Pre-refunded 3/15/24)
------------------------------------------------------------------------------------------------------------------------------------
149,110 Total U.S. Guaranteed 158,728,481
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 13.6% (9.0% OF TOTAL INVESTMENTS)
2,000 Anaheim Public Finance Authority, California, Revenue 10/12 at 100.00 AAA 2,155,740
Refunding Bonds, Electric Generating System, Series 2002B,
5.250%, 10/01/18 - FSA Insured
1,810 Anaheim Public Finance Authority, California, Second Lien 10/14 at 100.00 AAA 1,978,493
Electric Distribution Revenue Bonds, Series 2004,
5.250%, 10/01/21 - MBIA Insured
10,350 California Pollution Control Financing Authority, Revenue Bonds, No Opt. Call A+ 12,279,757
San Diego Gas and Electric Company, Series 1991A,
6.800%, 6/01/15 (Alternative Minimum Tax)
4,000 Imperial Irrigation District, California, Certificates of 11/13 at 100.00 AAA 4,313,240
Participation, Electric System Revenue Bonds, Series 2003,
5.250%, 11/01/23 - FSA Insured
5,000 Los Angeles Department of Water and Power, California, 7/11 at 100.00 AAA 5,344,200
Power System Revenue 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 1,286,352
Power System Revenue Bonds, Series 2003A-2, 5.000%, 7/01/21 -
MBIA Insured
5,000 Los Angeles Department of Water and Power, California, 7/15 at 100.00 AAA 5,356,900
Power System Revenue Bonds, Series 2005A-1, 5.000%, 7/01/31 -
FSA Insured
5,225 Los Angeles, California, Sanitation Equipment Charge Revenue 2/11 at 100.00 AAA 5,525,072
Bonds, Series 2001A, 5.250%, 2/01/18 - FSA Insured
1,025 Los Angeles, California, Sanitation Equipment Charge Revenue 2/14 at 100.00 AAA 1,095,059
Bonds, Series 2004A, 5.000%, 2/01/22 - AMBAC Insured
1,260 Merced Irrigation District, California, Electric System Revenue 9/15 at 100.00 AAA 1,355,256
Bonds, Series 2005, 5.125%, 9/01/31 - XLCA Insured
4,360 Sacramento Municipal Utility District, California, Electric 8/12 at 100.00 AAA 4,697,072
Revenue Refunding Bonds, Series 2002Q, 5.250%, 8/15/19 -
FSA Insured
3,460 Southern California Public Power Authority, Revenue Bonds, 7/13 at 100.00 AAA 3,708,982
Magnolia Power Project, Series 2003-1A, 5.000%, 7/01/20 -
AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
44,690 Total Utilities 49,096,123
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 5.9% (3.9% OF TOTAL INVESTMENTS)
1,185 Burbank, California, Wastewater System Revenue Bonds, 6/14 at 100.00 AAA 1,261,634
Series 2004A, 5.000%, 6/01/24 - AMBAC Insured
890 Healdsburg Public Financing Authority, California, Wastewater 4/16 at 100.00 AAA 952,692
Revenue Bonds, Series 2006, 5.000%, 4/01/36 - MBIA Insured
1,250 Indio Water Authority, California, Water Revenue Bonds, 4/16 at 100.00 AAA 1,345,925
Series 2006, 5.000%, 4/01/31 - AMBAC Insured
3,750 Metropolitan Water District of Southern California, Water 10/14 at 100.00 AAA 3,997,088
Revenue Bonds, Series 2004B-3, 5.000%, 10/01/29 - MBIA Insured
2,000 Pico Rivera Water Authority, California, Revenue Bonds, 12/11 at 102.00 N/R 2,162,260
Series 2001A, 6.250%, 12/01/32
1,500 Pomona Public Finance Authority, California, Revenue Bonds, 5/17 at 100.00 AAA 1,611,960
Water Facilities Project, Series 2007AY, 5.000%, 5/01/37 -
AMBAC Insured
46
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER (continued)
$ 1,510 Sacramento County Sanitation District Financing Authority, 6/16 at 100.00 AAA $ 1,626,391
California, Revenue Bonds, Series 2006, 5.000%, 12/01/36 -
FGIC Insured
2,525 Sacramento County Sanitation District Financing Authority, No Opt. Call AAA 2,968,087
California, Revenue Refunding Bonds, Series 2001,
5.500%, 12/01/20 - AMBAC 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 2,298,271
2,960 5.250%, 10/01/20 - MBIA Insured 4/13 at 100.00 AAA 3,208,906
------------------------------------------------------------------------------------------------------------------------------------
19,690 Total Water and Sewer 21,433,214
------------------------------------------------------------------------------------------------------------------------------------
$ 517,697 Total Investments (cost $508,461,896) - 150.9% 542,310,194
=============-----------------------------------------------------------------------------------------------------------------------
Floating Rate Obligations - (2.4)% (8,793,000)
--------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 4.9% 17,748,497
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (53.4)% (192,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 359,265,691
====================================================================================================================
FORWARD SWAPS OUTSTANDING AT FEBRUARY 28, 2007:
FUND FIXED RATE UNREALIZED
NOTIONAL PAY/RECEIVE FLOATING RATE FIXED RATE PAYMENT EFFECTIVE TERMINATION APPRECIATION
COUNTERPARTY AMOUNT FLOATING RATE INDEX (ANNUALIZED) FREQUENCY DATE (6) DATE (DEPRECIATION)
------------------------------------------------------------------------------------------------------------------------------------
JPMorgan $34,700,000 Receive 3-Month USD-LIBOR 5.630% Semi-Annually 7/27/07 7/27/10 $ (683,717)
JPMorgan 10,600,000 Pay 3-Month USD-LIBOR 5.869 Semi-Annually 7/27/07 7/27/34 944,079
Morgan Stanley 12,000,000 Pay 3-Month USD-LIBOR 5.811 Semi-Annually 7/27/07 7/27/24 792,615
Morgan Stanley 16,900,000 Pay 3-Month USD-LIBOR 5.816 Semi-Annually 7/27/07 7/27/29 1,253,241
------------------------------------------------------------------------------------------------------------------------------------
$2,306,218
====================================================================================================================================
USD-LIBOR (United States Dollar-London Inter-Bank Offered Rates)
(1) All percentages shown in the Portfolio of Investments
are based on net assets applicable to Common shares
unless otherwise noted.
(2) 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. Certain mortgage-backed securities may be
subject to periodic principal paydowns.
(3) Ratings: Using the higher of Standard & Poor's or
Moody's rating. Ratings below BBB by Standard & Poor's
Group or Baa by Moody's Investor Service, Inc. are
considered to be below investment grade.
(4) Backed by an escrow or trust containing sufficient U.S.
Government or U.S. Government agency securities which
ensure the timely payment of principal and interest.
Such investments are normally considered to be
equivalent to AAA rated securities.
(5) Effective date represents the date on which both the
Fund and counterparty commence interest payment
accruals on each forward swap contract.
N/R Not rated.
(ETM) Escrowed to maturity.
(UB) Underlying bond of an inverse floating rate trust
reflected as a financing transaction pursuant to the
provisions of SFAS No 140.
See accompanying notes to financial statements.
47
Nuveen California Quality Income Municipal Fund, Inc. (NUC)
Portfolio of
INVESTMENTS February 28, 2007 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 5.9% (3.9% OF TOTAL INVESTMENTS)
$ 5,000 California County Tobacco Securitization Agency, Tobacco 6/12 at 100.00 Baa3 $ 5,266,400
Settlement Asset-Backed Bonds, Alameda County Tobacco
Asset Securitization Corporation, Series 2002, 5.750%, 6/01/29
1,300 California County Tobacco Securitization Agency, Tobacco 6/15 at 100.00 BBB 1,265,329
Settlement Asset-Backed Bonds, Sonoma County Tobacco
Securitization Corporation, Series 2005, 4.250%, 6/01/21
4,620 California County Tobacco Securitization Agency, Tobacco 6/12 at 100.00 Baa3 4,812,793
Settlement Asset-Backed Bonds, Stanislaus County Tobacco
Funding Corporation, Series 2002A, 5.500%, 6/01/33
8,720 California Statewide Financing Authority, Tobacco Settlement 5/12 at 100.00 Baa3 9,128,445
Asset-Backed Bonds, Pooled Tobacco Securitization Program,
Series 2002A, 5.625%, 5/01/29
------------------------------------------------------------------------------------------------------------------------------------
19,640 Total Consumer Staples 20,472,967
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 4.5% (3.0% OF TOTAL INVESTMENTS)
280 California Educational Facilities Authority, Revenue Bonds, 10/15 at 100.00 A3 294,560
University of Redlands, Series 2005A, 5.000%, 10/01/35
2,785 California Educational Facilities Authority, Revenue Bonds, 11/10 at 100.00 Aaa 2,980,312
University of the Pacific, Series 2000, 5.750%, 11/01/30 -
MBIA Insured
California Educational Facilities Authority, Revenue Bonds,
University of the Pacific, Series 2006:
195 5.000%, 11/01/21 11/15 at 100.00 A2 209,239
260 5.000%, 11/01/25 11/15 at 100.00 A2 277,217
4,000 California State Public Works Board, Lease Revenue Refunding 3/07 at 101.00 AAA 4,046,680
Bonds, 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 6,810,240
Series 2002A, 5.000%, 11/01/20 - AMBAC Insured
1,000 California Statewide Community Development Authority, 4/07 at 100.50 AAA 1,011,850
Auxiliary Organization Revenue Certificates of Participation,
University Corporation - California State University -
Northridge, Series 1996, 6.000%, 4/01/26 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
14,920 Total Education and Civic Organizations 15,630,098
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 7.4% (4.8% OF TOTAL INVESTMENTS)
1,750 ABAG Finance Authority for Non-Profit Corporations, California, 4/12 at 100.00 A 1,867,705
Cal-Mortgage Insured Revenue Bonds, Sansum-Santa Barbara
Medical Foundation Clinic, Series 2002A, 5.500%, 4/01/21
3,565 California Health Facilities Financing Authority, Insured Health 5/07 at 100.00 A+ 3,570,419
Facility Revenue Refunding Bonds, Valley Memorial Hospital,
Series 1993A, 6.000%, 5/01/17
1,935 California Health Facilities Financing Authority, Revenue Bonds, 11/15 at 100.00 A2 2,024,571
Cedars-Sinai Medical Center, Series 2005, 5.000%, 11/15/34
1,225 California State Public Works Board, Revenue Bonds, University 11/14 at 100.00 AAA 1,302,285
of California - Davis Medical Center, Series 2004II-A,
5.000%, 11/01/23 - MBIA Insured
945 California Statewide Community Development Authority, No Opt. Call A3 1,003,571
Certificates of Participation, Cedars-Sinai Medical Center,
Series 1992, 6.500%, 8/01/12
9,030 California Statewide Community Development Authority, 3/16 at 100.00 A+ 9,439,601
Revenue Bonds, Kaiser Permanante System, Series 2006,
5.000%, 3/01/41
3,015 California Statewide Community Development Authority, 8/16 at 100.00 A+ 3,240,974
Revenue Bonds, Kaiser Permanente System, Series 2001C,
5.250%, 8/01/31
3,000 California Statewide Community Development Authority, No Opt. Call A+ 3,058,710
Revenue Bonds, Kaiser Permanente System, Series 2002E,
4.700%, 11/01/36 (Mandatory put 6/01/09)
------------------------------------------------------------------------------------------------------------------------------------
24,465 Total Health Care 25,507,836
------------------------------------------------------------------------------------------------------------------------------------
48
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 4.8% (3.1% OF TOTAL INVESTMENTS)
$ 1,000 California Statewide Community Development Authority, 7/08 at 101.00 BBB $ 1,027,210
Revenue Refunding Bonds, Irvine Apartment Communities
Development, Series 1998A, 5.100%, 5/15/25 (Mandatory
put 5/17/10)
3,000 Daly City Housing Development Finance Agency, California, 12/13 at 102.00 A- 3,317,220
Mobile Home Park Revenue Bonds, Franciscan Mobile Home
Park Project, Series 2002A, 5.850%, 12/15/32
1,000 Independent Cities Lease Finance Authority, California, Revenue 11/14 at 100.00 N/R 1,064,910
Bonds, Morgan Hill, Hacienda Valley Mobile Home Park,
Series 2004A, 5.950%, 11/15/39
2,285 Irvine, California, Mobile Home Park Revenue Bonds, Meadows 3/08 at 102.00 N/R 2,361,045
Mobile Home Park, Series 1998A, 5.700%, 3/01/18
2,310 Oceanside, California, Mobile Home Park Revenue Bonds, 3/08 at 102.00 N/R 2,387,270
Laguna Vista Mobile Estates Acquisition Project, Series 1998,
5.800%, 3/01/28
3,040 Riverside County, California, Mobile Home Park Revenue Bonds, 3/09 at 102.00 N/R 3,159,594
Bravo Mobile Home Park Project, Series 1999A,
5.900%, 3/20/29
1,660 Stanton, California, Multifamily Housing Revenue Bonds, 8/07 at 102.00 AAA 1,701,732
Continental Gardens Apartments, Series 1997,
5.625%, 8/01/29 (Mandatory put 8/01/09)
(Alternative Minimum Tax)
Yolo County Housing Authority, California, Revenue Refunding
Bonds, Russell Park Apartments, Series 1992A:
390 6.900%, 11/01/08 5/07 at 100.00 Aa2 390,737
1,030 7.000%, 11/01/14 5/07 at 100.00 Aa2 1,078,492
------------------------------------------------------------------------------------------------------------------------------------
15,715 Total Housing/Multifamily 16,488,210
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 0.3% (0.2% OF TOTAL INVESTMENTS)
825 California Housing Finance Agency, Home Mortgage Revenue 2/16 at 100.00 AAA 888,203
Bonds, Series 2006H, 5.750%, 8/01/30 - FGIC Insured
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
INDUSTRIALS - 0.6% (0.4% OF TOTAL INVESTMENTS)
2,000 California Pollution Control Financing Authority, Solid Waste 1/16 at 102.00 BBB 2,097,200
Disposal Revenue Bonds, Waste Management Inc.,
Series 2002A, 5.000%, 1/01/22 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 22.6% (14.7% OF TOTAL INVESTMENTS)
1,900 Azusa Unified School District, Los Angeles County, California, 7/12 at 100.00 AAA 2,057,187
General Obligation Bonds, Series 2002, 5.375%, 7/01/20 -
FSA Insured
80 California, General Obligation Bonds, Series 2000, 5.500%, 6/01/25 6/10 at 100.00 A+ 83,851
California, General Obligation Bonds, Series 2003:
3,750 5.250%, 11/01/19 - RAAI Insured 11/13 at 100.00 AA 4,060,838
500 5.250%, 2/01/33 2/13 at 100.00 A+ 532,530
California, General Obligation Bonds, Series 2004:
6,300 5.200%, 4/01/26 4/14 at 100.00 A+ 6,789,573
2,500 5.125%, 2/01/27 2/14 at 100.00 A+ 2,670,925
2,000 California, General Obligation Refunding Bonds, Series 2002, 4/12 at 100.00 A+ 2,114,260
5.250%, 4/01/32
6,085 California, General Obligation Veterans Welfare Bonds, 6/07 at 102.00 AA- 6,213,576
Series 1997BJ, 5.700%, 12/01/32 (Alternative Minimum Tax)
1,370 Fremont-Newark Community College District, Alameda County, 8/11 at 101.00 AAA 1,477,682
California, General Obligation Bonds, Series 2002A,
5.375%, 8/01/20 - MBIA Insured
3,610 Hartnell Community College District, California, General 6/16 at 100.00 AAA 3,891,147
Obligation Bonds, Series 2006B, 5.000%, 6/01/29 -
FSA Insured
5,255 Livermore Valley Joint Unified School District, Alameda County, 8/11 at 100.00 AAA 5,507,608
California, General Obligation Bonds, Election of 1999,
Series 2001, 5.125%, 8/01/26 - FSA Insured
2,645 Long Beach Community College District, California, General 5/15 at 100.00 AAA 2,830,600
Obligation Bonds, Series 2005B, 5.000%, 5/01/30 -
FGIC Insured
1,170 Los Angeles Unified School District, California, General 7/13 at 100.00 AAA 1,254,533
Obligation Bonds, Series 2003F, 5.000%, 7/01/17 -
FSA Insured
6,150 Los Angeles Unified School District, Los Angeles County, 7/16 at 100.00 AAA 6,494,031
California, General Obligation Bonds, Series 2006B,
4.750%, 7/01/24 - FGIC Insured (UB)
49
Nuveen California Quality Income Municipal Fund, Inc. (NUC) (continued)
Portfolio of INVESTMENTS February 28, 2007 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL (continued)
$ 2,375 Moreno Valley Unified School District, Riverside County, 8/14 at 100.00 AAA $ 2,586,280
California, General Obligation Bonds, Series 2004A,
5.250%, 8/01/24 - FSA Insured
565 Roseville Joint Union High School District, Placer County, 8/15 at 100.00 AAA 606,522
California, General Obligation Bonds, Series 2006B,
5.000%, 8/01/27 - FGIC Insured
1,500 Sacramento City Unified School District, Sacramento County, 7/15 at 100.00 Aaa 1,609,275
California, General Obligation Bonds, Series 2005,
5.000%, 7/01/27 - MBIA Insured
6,760 San Diego Unified School District, San Diego County, California, 7/13 at 101.00 AAA 7,402,673
General Obligation Bonds, Series 2003E, 5.250%, 7/01/21 -
FSA Insured
4,435 San Diego Unified School District, San Diego County, California, 7/16 at 101.00 AAA 4,531,772
General Obligation Bonds, Series 2006F-1, 4.500%, 7/01/29 -
FSA Insured (UB)
515 San Joaquin Delta Community College District, California, 8/15 at 100.00 AAA 552,085
General Obligation Bonds, Series 2005A, 5.000%, 8/01/29 -
FSA Insured
1,500 San Jose Unified School District, Santa Clara County, California, 8/15 at 100.00 AAA 1,613,565
General Obligation Bonds, Series 2005B, 5.000%, 8/01/25 -
FGIC Insured
6,865 San Ramon Valley Unified School District, Contra Costa County, 8/13 at 100.00 AAA 7,282,323
California, General Obligation Bonds, Series 2003,
5.000%, 8/01/23 - FSA Insured
1,390 South Pasadena Unified School District, Los Angeles County, 8/13 at 100.00 AAA 1,474,498
California, General Obligation Bonds, Series 2003A,
5.000%, 8/01/22 - FGIC Insured
3,925 West Contra Costa Unified School District, Contra Costa County, 8/11 at 101.00 AAA 4,133,535
California, General Obligation Bonds, Series 2003B,
5.000%, 8/01/23 - FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
73,145 Total Tax Obligation/General 77,770,869
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 30.9% (20.1% OF TOTAL INVESTMENTS)
1,655 Bell Community Housing Authority, California, Lease Revenue 10/15 at 100.00 AAA 1,760,043
Bonds, Series 2005, 5.000%, 10/01/36 - AMBAC Insured
1,200 Burbank Public Financing Authority, California, Revenue Bonds, 12/12 at 100.00 AAA 1,275,408
West Olive Redevelopment Project, Series 2002,
5.125%, 12/01/22 - AMBAC Insured
3,070 California State Public Works Board, Lease Revenue Bonds, 12/12 at 100.00 AAA 3,316,245
Department of General Services, Capital East End Project,
Series 2002A, 5.250%, 12/01/16 - AMBAC Insured
2,030 California State Public Works Board, Lease Revenue Bonds, 3/12 at 100.00 AAA 2,152,632
Department of General Services, Series 2002C,
5.250%, 3/01/21 - AMBAC Insured
5,115 California State Public Works Board, Lease Revenue Bonds, 6/14 at 100.00 A 5,687,471
Department of Mental Health, Coalinga State Hospital,
Series 2004A, 5.500%, 6/01/20
2,715 California, Economic Recovery Revenue Bonds, 7/14 at 100.00 AA+ 2,950,879
Series 2004A, 5.000%, 7/01/15
690 Capistrano Unified School District, Orange County, California, 9/15 at 100.00 AAA 741,660
Special Tax Bonds, Community Facilities District, Series 2005,
5.000%, 9/01/24 - FGIC Insured
2,090 Chino Redevelopment Agency, California, Merged Chino 9/16 at 101.00 AAA 2,255,779
Redevelopment Project Area Tax Allocation Bonds,
Series 2006, 5.000%, 9/01/38 - AMBAC Insured (UB)
3,000 Coachella Valley Unified School District, Riverside County, 9/16 at 100.00 Aaa 3,212,040
California, Certificates of Participation, Series 2007,
5.000%, 9/01/36 - AMBAC Insured
Commerce Community Development Commission, California, Tax
Allocation Refunding Bonds, Merged Area Development Projects 2
and 3, Series 1998A:
1,000 5.650%, 8/01/18 8/08 at 102.00 N/R 1,037,040
2,765 5.700%, 8/01/28 8/08 at 102.00 N/R 2,871,895
1,250 Coronado Community Development Agency, California, Tax 9/15 at 100.00 AAA 1,333,350
Allocation Bonds, Community Development Project,
Series 2005, 5.000%, 9/01/30 - AMBAC Insured
3,065 Corona-Norco Unified School District, Riverside County, 9/13 at 100.00 AAA 3,340,819
California, Special Tax Bonds, Community Facilities
District 98-1, Series 2003, 5.500%, 9/01/33 - MBIA Insured
2,335 Fresno, California, Certificates of Participation, Street 6/07 at 100.00 A+ 2,349,430
Improvement Project, Series 1991, 6.625%, 12/01/11
50
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 1,910 Industry Urban Development Agency, California, Tax Allocation 5/07 at 101.50 AAA $ 1,944,418
Refunding Bonds, Civic, Recreational and Industrial
Redevelopment Project 1, Series 2002, 5.500%, 5/01/19 -
MBIA Insured
Irvine, California, Unified School District, Community Facilities
District Special Tax Bonds, Series 2006A:
335 5.000%, 9/01/26 9/16 at 100.00 N/R 344,055
775 5.125%, 9/01/36 9/16 at 100.00 N/R 799,397
3,245 Los Angeles Community Redevelopment Agency, California, 9/15 at 100.00 Aaa 3,449,403
Lease Revenue Bonds, Manchester Social Services Project,
Series 2005, 5.000%, 9/01/37 - AMBAC Insured
1,350 Los Angeles Community Redevelopment Agency, California, 3/13 at 100.00 BBB- 1,394,739
Subordinate Lien Tax Allocation Bonds, Bunker Hill
Redevelopment Project, Series 2004L, 5.100%, 3/01/19
4,850 Los Angeles County Metropolitan Transportation Authority, 7/13 at 100.00 AAA 5,200,413
California, Proposition A First Tier Senior Sales Tax Revenue
Bonds, Series 2003A, 5.000%, 7/01/16 - FSA Insured
4,000 Los Angeles County Public Works Financing Authority, California, 12/15 at 100.00 AAA 4,291,320
Lease Revenue Bonds, Master Refunding Project, Series 2005A,
5.000%, 12/01/26 - MBIA Insured
3,005 Monterey County, California, Certificates of Participation, 8/11 at 100.00 Aaa 3,142,419
Master Plan Financing, Series 2001, 5.000%, 8/01/20 -
MBIA Insured
14,160 Oakland State Building Authority, California, Lease Revenue 4/08 at 101.00 AAA 14,461,608
Bonds, Elihu M. Harris State Office Building, Series 1998A,
5.000%, 4/01/23 - AMBAC Insured
15,300 Ontario Redevelopment Financing Authority, San Bernardino No Opt. Call AAA 21,186,675
County, California, Revenue Refunding Bonds, Redevelopment
Project 1, Series 1995, 7.400%, 8/01/25 - MBIA Insured
1,170 Panama-Buena Vista Union School District, California, 9/16 at 100.00 AAA 1,260,336
Certificates of Participation, School Construction Project,
Series 2006, 5.000%, 9/01/24 - MBIA Insured
Redding Redevelopment Agency, California, Tax Allocation Bonds,
Canby-Hilltop-Cypress Area Project, Series 2003A:
1,500 5.000%, 9/01/17 - MBIA Insured 9/13 at 100.00 AAA 1,610,970
1,500 5.000%, 9/01/20 - MBIA Insured 9/13 at 100.00 AAA 1,610,520
600 Rialto Redevelopment Agency, California, Tax Allocation Bonds, 9/15 at 100.00 AAA 636,906
Merged Project Area, Series 2005A, 5.000%, 9/01/35 -
XLCA Insured
4,320 Richmond Joint Powers Financing Authority, California, Tax 9/13 at 100.00 AAA 4,656,226
Allocation Bonds, Series 2003A, 5.250%, 9/01/22 -
MBIA Insured
745 Roseville, California, Certificates of Participation, Public 8/13 at 100.00 AAA 786,176
Facilities, Series 2003A, 5.000%, 8/01/25 - AMBAC Insured
2,500 San Jose Financing Authority, California, Lease Revenue 9/11 at 100.00 AAA 2,629,025
Refunding Bonds, Convention Center Project, Series 2001F,
5.000%, 9/01/20 - MBIA Insured
2,770 Santa Ana Community Redevelopment Agency, Orange County, 9/13 at 100.00 AAA 2,948,222
California, Tax Allocation Refunding Bonds, South Main Street
Redevelopment, Series 2003B, 5.000%, 9/01/19 - FGIC Insured
------------------------------------------------------------------------------------------------------------------------------------
96,015 Total Tax Obligation/Limited 106,637,519
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 13.5% (8.8% OF TOTAL INVESTMENTS)
3,950 Bay Area Toll Authority, California, Revenue Bonds, 4/16 at 100.00 AA 4,253,123
San Francisco Bay Area Toll Bridge, Series 2006,
5.000%, 4/01/31
11,000 Foothill/Eastern Transportation Corridor Agency, California, 1/14 at 101.00 BBB- 10,276,200
Toll Road Revenue Refunding Bonds, Series 1999,
0.000%, 1/15/29
2,000 Orange County Transportation Authority, California, Toll Road 8/13 at 100.00 AAA 2,146,460
Revenue Bonds, 91 Express Lanes Project, Series 2003A,
5.000%, 8/15/20 - AMBAC Insured
2,685 Sacramento County, California, Airport System Revenue Bonds, 7/12 at 100.00 AAA 2,864,788
Series 2002A, 5.250%, 7/01/21 - FSA Insured
20,000 San Francisco Airports Commission, California, Revenue Bonds, 5/10 at 101.00 AAA 21,317,000
San Francisco International Airport, Second Series 2000,
Issue 25, 5.750%, 5/01/30 - FSA Insured (Alternative
Minimum Tax)
51
Nuveen California Quality Income Municipal Fund, Inc. (NUC) (continued)
Portfolio of INVESTMENTS February 28, 2007 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION (continued)
San Francisco Airports Commission, California, Revenue
Refunding Bonds, San Francisco International Airport, Second
Series 2002, Issue 28A:
$ 1,480 5.250%, 5/01/17 - MBIA Insured (Alternative Minimum Tax) 5/12 at 100.00 AAA $ 1,564,908
3,865 5.250%, 5/01/19 - MBIA Insured (Alternative Minimum Tax) 5/12 at 100.00 AAA 4,075,681
------------------------------------------------------------------------------------------------------------------------------------
44,980 Total Transportation 46,498,160
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 47.4% (30.8% OF TOTAL INVESTMENTS) (4)
7,325 California County Tobacco Securitization Agency, Tobacco 6/12 at 100.00 N/R (4) 7,854,524
Settlement Asset-Backed Bonds, Sonoma County Tobacco
Funding Corporation, Series 2002B, 5.500%, 6/01/30
(Pre-refunded 6/01/12)
California Department of Water Resources, Power Supply
Revenue Bonds, Series 2002A:
2,500 5.375%, 5/01/17 (Pre-refunded 5/01/12) - XLCA Insured 5/12 at 101.00 AAA 2,735,300
9,000 5.125%, 5/01/18 (Pre-refunded 5/01/12) 5/12 at 101.00 Aaa 9,741,510
6,190 California Educational Facilities Authority, Revenue Bonds, 11/10 at 100.00 Aaa 6,667,125
University of the Pacific, Series 2000, 5.750%, 11/01/30
(Pre-refunded 11/01/10) - MBIA Insured
California Health Facilities Financing Authority, Revenue Bonds,
Cedars-Sinai Medical Center, Series 1999A:
10,400 6.125%, 12/01/30 (Pre-refunded 12/01/09) 12/09 at 101.00 N/R (4) 11,184,368
7,700 6.250%, 12/01/34 (Pre-refunded 12/01/09) 12/09 at 101.00 N/R (4) 8,305,759
8,000 California Pollution Control Financing Authority, Solid Waste 7/07 at 100.00 Aaa 9,103,840
Disposal Revenue Bonds, North County Recycling Center,
Series 1991A, 6.750%, 7/01/17 (ETM)
California, General Obligation Bonds, Series 2000:
1,105 5.500%, 6/01/25 (Pre-refunded 6/01/10) 6/10 at 100.00 Aaa 1,170,858
315 5.500%, 6/01/25 (Pre-refunded 6/01/10) 6/10 at 100.00 Aaa 333,774
4,440 Coast Community College District, Orange County, California, 8/13 at 100.00 AAA 4,794,134
General Obligation Refunding Bonds, Series 2003A,
5.000%, 8/01/22 (Pre-refunded 8/01/13) - MBIA Insured
1,615 Compton Unified School District, Los Angeles County, California, 9/13 at 100.00 AAA 1,785,722
General Obligation Bonds, Series 2003A, 5.375%, 9/01/19
(Pre-refunded 9/01/13) - MBIA Insured
12,805 Contra Costa County, California, GNMA Mortgage-Backed No Opt. Call AAA 17,524,027
Securities Program Home Mortgage Revenue Bonds,
Series 1988, 8.250%, 6/01/21 (Alternative Minimum Tax) (ETM)
Golden State Tobacco Securitization Corporation, California,
Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2003B:
5,000 5.625%, 6/01/33 (Pre-refunded 6/01/13) 6/13 at 100.00 AAA 5,534,500
2,500 5.625%, 6/01/38 (Pre-refunded 6/01/13) 6/13 at 100.00 AAA 2,767,250
8,000 Los Angeles County Metropolitan Transportation Authority, 7/10 at 101.00 AAA 8,510,080
California, Proposition C Second Senior Lien Sales Tax Revenue
Bonds, Series 2000A, 5.250%, 7/01/25 (Pre-refunded 7/01/10) -
FGIC Insured
2,000 Los Angeles Unified School District, California, General 7/10 at 100.00 AAA 2,117,520
Obligation Bonds, Series 2000D, 5.375%, 7/01/25
(Pre-refunded 7/01/10) - FGIC Insured
5,000 Puerto Rico Infrastructure Financing Authority, Special Obligation 10/10 at 101.00 AAA 5,362,100
Bonds, Series 2000A, 5.500%, 10/01/32
13,525 San Bernardino County, California, GNMA Mortgage-Backed No Opt. Call AAA 15,830,742
Securities Program Single Family Home Mortgage Revenue
Bonds, Series 1989A, 7.750%, 11/01/14 (Alternative
Minimum Tax) (ETM)
3,000 San Francisco Airports Commission, California, Revenue 5/12 at 100.00 AAA 3,239,760
Refunding Bonds, San Francisco International Airport, Second
Series 2002, Issue 28B, 5.250%, 5/01/22 (Pre-refunded 5/01/12) -
MBIA Insured
4,540 San Joaquin Delta Community College District, California, 8/15 at 100.00 Aaa 4,988,552
General Obligation Bonds, Series 2005A, 5.000%, 8/01/29
(Pre-refunded 8/01/15) - FSA Insured
1,615 University of California, Certificates of Participation, 1/10 at 101.00 Aa2 (4) 1,706,506
San Diego and Sacramento Campus Projects, Series 2002A,
5.250%, 1/01/21 (Pre-refunded 1/01/10)
7,500 University of California, Revenue Bonds, Multiple Purpose 9/08 at 101.00 AA (4) 7,768,350
Projects, Series 2000K, 5.300%, 9/01/30 (Pre-refunded 9/01/08)
52
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED (4) (continued)
University of California, Revenue Bonds, Multi-Purpose Projects,
Series 2002O:
$ 5,265 5.000%, 9/01/18 (Pre-refunded 9/01/10) - FGIC Insured 9/10 at 101.00 AAA $ 5,554,996
10,255 5.000%, 9/01/19 (Pre-refunded 9/01/10) - FGIC Insured 9/10 at 101.00 AAA 10,819,845
University of California, Revenue Bonds, Research Facilities,
Series 2001E:
2,305 5.000%, 9/01/23 (Pre-refunded 9/01/09) - AMBAC Insured 9/09 at 101.00 AAA 2,409,486
5,150 5.000%, 9/01/24 (Pre-refunded 9/01/09) - AMBAC Insured 9/09 at 101.00 AAA 5,383,450
------------------------------------------------------------------------------------------------------------------------------------
147,050 Total U.S. Guaranteed 163,194,078
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 7.3% (4.7% OF TOTAL INVESTMENTS)
1,200 Los Angeles Department of Water and Power, California, 7/13 at 100.00 AAA 1,286,352
Power System Revenue Bonds, Series 2003A-2,
5.000%, 7/01/21 - MBIA Insured
500 Los Angeles Department of Water and Power, California, 7/15 at 100.00 AAA 535,690
Power System Revenue Bonds, Series 2005A-1,
5.000%, 7/01/31 - FSA Insured
1,235 Merced Irrigation District, California, Electric System Revenue 9/15 at 100.00 AAA 1,328,366
Bonds, Series 2005, 5.125%, 9/01/31 - XLCA Insured
5,000 Merced Irrigation District, California, Revenue Certificates of 9/13 at 102.00 Baa3 5,395,950
Participation, Electric System Project, Series 2003,
5.700%, 9/01/36
880 Redlands, California, Certificates of Participation Refunding, No Opt. Call AAA 880,220
Capital Improvement Projects, Series 1992, 6.800%, 3/01/07 -
AMBAC Insured
2,500 Sacramento Municipal Utility District, California, Electric No Opt. Call AAA 2,716,850
Revenue Bonds, Series 2004T, 5.250%, 5/15/23 - FGIC Insured
2,410 Sacramento Municipal Utility District, California, Electric 8/12 at 100.00 AAA 2,577,230
Revenue Refunding Bonds, Series 2002Q, 5.250%, 8/15/21 -
FSA Insured
4,000 Southern California Public Power Authority, Revenue Bonds, 7/13 at 100.00 AAA 4,287,840
Magnolia Power Project, Series 2003-1A, 5.000%, 7/01/20 -
AMBAC Insured
5,500 Southern California Public Power Authority, Revenue Bonds, No Opt. Call A+ 6,095,815
Multiple Projects, Series 1989, 6.750%, 7/01/11
------------------------------------------------------------------------------------------------------------------------------------
23,225 Total Utilities 25,104,313
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 8.5% (5.5% OF TOTAL INVESTMENTS)
7,040 California Statewide Community Development Authority, 10/13 at 101.00 AAA 7,644,173
Water and Wastewater Revenue Bonds, Pooled Financing
Program, Series 2004A, 5.250%, 10/01/24 - FSA Insured
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 1,092,190
1,440 5.250%, 12/01/21 - MBIA Insured 12/13 at 100.00 AAA 1,572,754
1,205 5.250%, 12/01/22 - MBIA Insured 12/13 at 100.00 AAA 1,305,967
850 Healdsburg Public Financing Authority, California, Wastewater 4/16 at 100.00 AAA 909,874
Revenue Bonds, Series 2006, 5.000%, 4/01/36 - MBIA Insured
4,000 Hollister Joint Powers Financing Authority, California, 6/16 at 100.00 AAA 4,276,360
Wastewater Revenue Bonds, Series 2006, 5.000%, 6/01/37 -
FSA Insured
1,250 Indio Water Authority, California, Water Revenue Bonds, 4/16 at 100.00 AAA 1,345,925
Series 2006, 5.000%, 4/01/31 - AMBAC Insured
500 Norco, California, Certificates of Participation Refunding, 10/08 at 102.00 AAA 518,355
Water and Sewerage System Improvement Project,
Series 1998, 5.125%, 10/01/28 - AMBAC Insured
1,380 Sacramento County Sanitation District Financing Authority, 6/16 at 100.00 AAA 1,486,370
California, Revenue Bonds, Series 2006, 5.000%, 12/01/36 -
FGIC Insured
5,375 San Francisco City and County Public Utilities Commission, 11/12 at 100.00 AAA 5,725,181
California, Water Revenue Bonds, Series 2002A,
5.000%, 11/01/19 - MBIA Insured (5)
53
Nuveen California Quality Income Municipal Fund, Inc. (NUC) (continued)
Portfolio of INVESTMENTS February 28, 2007 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER (continued)
Turlock Public Finance Authority, California, Sewerage Revenue
Bonds, Series 2003A:
$ 1,565 5.000%, 9/15/19 - FGIC Insured 9/13 at 100.00 AAA $ 1,680,904
1,650 5.000%, 9/15/20 - FGIC Insured 9/13 at 100.00 AAA 1,772,196
------------------------------------------------------------------------------------------------------------------------------------
27,255 Total Water and Sewer 29,330,249
------------------------------------------------------------------------------------------------------------------------------------
$ 489,235 Total Investments (cost $494,268,162) - 153.7% 529,619,702
=============-----------------------------------------------------------------------------------------------------------------------
Floating Rate Obligations - (2.5)% (8,450,000)
--------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 2.5% 8,448,093
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (53.7)% (185,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 344,617,795
====================================================================================================================
FORWARD SWAPS OUTSTANDING AT FEBRUARY 28, 2007:
FUND FIXED RATE UNREALIZED
NOTIONAL PAY/RECEIVE FLOATING RATE FIXED RATE PAYMENT EFFECTIVE TERMINATION APPRECIATION
COUNTERPARTY AMOUNT FLOATING RATE INDEX (ANNUALIZED) FREQUENCY DATE (6) DATE (DEPRECIATION)
------------------------------------------------------------------------------------------------------------------------------------
Goldman Sachs $14,100,000 Receive 3-Month USD-LIBOR 5.681% Semi-Annually 7/27/07 7/27/12 $ (438,119)
JPMorgan 22,200,000 Receive 3-Month USD-LIBOR 5.630 Semi-Annually 7/27/07 7/27/10 (437,421)
JPMorgan 11,300,000 Pay 3-Month USD-LIBOR 5.869 Semi-Annually 7/27/07 7/27/34 1,006,424
Morgan Stanley 23,000,000 Pay 3-Month USD-LIBOR 5.816 Semi-Annually 7/27/07 7/27/29 1,705,593
------------------------------------------------------------------------------------------------------------------------------------
$1,836,477
====================================================================================================================================
USD-LIBOR (United States Dollar-London Inter-Bank Offered Rates)
(1) All percentages shown in the Portfolio of Investments
are based on net assets applicable to Common shares
unless otherwise noted.
(2) 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. Certain mortgage-backed securities may be
subject to periodic principal paydowns.
(3) Ratings: Using the higher of Standard & Poor's or
Moody's rating. Ratings below BBB by Standard & Poor's
Group or Baa by Moody's Investor Service, Inc. are
considered to be below investment grade.
(4) Backed by an escrow or trust containing sufficient U.S.
Government or U.S. Government agency securities which
ensure the timely payment of principal and interest.
Such investments are normally considered to be
equivalent to AAA rated securities.
(5) Portion of the investment, with an aggregate market
value of $298,242, has been pledged to collateralize
the net payment obligations under forward swap
contracts.
(6) Effective date represents the date on which both the
Fund and counterparty commence interest payment
accruals on each forward swap contract.
N/R Not rated.
(ETM) Escrowed to maturity.
(UB) Underlying bond of an inverse floating rate trust
reflected as a financing transaction pursuant to the
provisions of SFAS No 140.
See accompanying notes to financial statements.
54
Statement of
ASSETS AND LIABILITIES February 28, 2007 (Unaudited)
CALIFORNIA CALIFORNIA CALIFORNIA CALIFORNIA CALIFORNIA CALIFORNIA
VALUE PERFORMANCE PLUS OPPORTUNITY INVESTMENT QUALITY SELECT QUALITY QUALITY INCOME
(NCA) (NCP) (NCO) (NQC) (NVC) (NUC)
------------------------------------------------------------------------------------------------------------------------------------
ASSETS
Investments, at value (cost
$234,821,819, $288,466,210,
$180,643,689, $304,857,362,
$508,461,896 and
$494,268,162, respectively) $252,867,279 $307,864,879 $195,708,365 $324,325,084 $542,310,194 $529,619,702
Cash 1,254,635 -- 33,078 -- -- --
Receivables:
Interest 3,167,224 4,061,058 2,282,521 4,767,362 7,006,954 7,736,603
Investments sold 238,000 673,267 -- -- 9,829,333 55,000
Unrealized appreciation
on forward swaps 1,042,928 544,579 -- 1,433,685 2,306,218 2,274,596
Other assets 18,990 41,000 12,112 33,837 60,140 50,289
------------------------------------------------------------------------------------------------------------------------------------
Total assets 258,589,056 313,184,783 198,036,076 330,559,968 561,512,839 539,736,190
------------------------------------------------------------------------------------------------------------------------------------
LIABILITIES
Cash overdraft -- 1,028,067 -- 527,003 975,034 807,145
Floating rate obligations 1,600,000 4,302,000 1,225,000 6,634,000 8,793,000 8,450,000
Unrealized depreciation
on forward swaps -- -- -- 531,999 -- 438,119
Accrued expenses:
Management fees 111,330 146,450 94,444 153,546 259,178 249,380
Other 63,330 68,163 24,254 67,742 134,058 102,641
Preferred share dividends payable -- 26,152 40,809 31,743 85,878 71,110
------------------------------------------------------------------------------------------------------------------------------------
Total liabilities 1,774,660 5,570,832 1,384,507 7,946,033 10,247,148 10,118,395
------------------------------------------------------------------------------------------------------------------------------------
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 $256,814,396 $201,613,951 $128,651,569 $210,613,935 $359,265,691 $344,617,795
====================================================================================================================================
Common shares outstanding 25,241,808 12,965,742 8,161,424 13,580,232 23,122,629 22,006,624
====================================================================================================================================
Net asset value per Common
share outstanding (net assets
applicable to Common
shares, divided by
Common shares outstanding) $ 10.17 $ 15.55 $ 15.76 $ 15.51 $ 15.54 $ 15.66
====================================================================================================================================
NET ASSETS APPLICABLE TO COMMON SHARES CONSIST OF:
------------------------------------------------------------------------------------------------------------------------------------
Common shares, $.01 par value
per share $ 252,418 $ 129,657 $ 81,614 $ 135,802 $ 231,226 $ 220,066
Paid-in surplus 237,577,056 181,322,684 113,792,812 189,659,207 322,442,350 306,586,117
Undistributed
(Over-distribution of)
net investment income (229,662) 185,469 118,856 388,209 (132,826) (24,097)
Accumulated net realized
gain (loss) from
investments and derivative
transactions 126,196 32,893 (406,389) 61,309 570,425 647,692
Net unrealized appreciation
(depreciation) of
investments and derivative
transactions 19,088,388 19,943,248 15,064,676 20,369,408 36,154,516 37,188,017
------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to
Common shares $256,814,396 $201,613,951 $128,651,569 $210,613,935 $359,265,691 $344,617,795
====================================================================================================================================
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.
55
Statement of
OPERATIONS Six Months Ended February 28, 2007 (Unaudited)
CALIFORNIA CALIFORNIA CALIFORNIA CALIFORNIA CALIFORNIA CALIFORNIA
VALUE PERFORMANCE PLUS OPPORTUNITY INVESTMENT QUALITY SELECT QUALITY QUALITY INCOME
(NCA) (NCP) (NCO) (NQC) (NVC) (NUC)
------------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME $6,538,313 $ 7,475,826 $ 4,838,248 $ 7,895,635 $13,453,995 $13,193,705
------------------------------------------------------------------------------------------------------------------------------------
EXPENSES
Management fees 694,472 951,897 613,255 998,940 1,685,345 1,621,433
Preferred shares - auction fees N/A 131,411 84,301 138,849 238,028 229,349
Preferred shares - dividend
disbursing agent fees N/A 14,877 9,918 9,918 14,877 14,877
Shareholders' servicing agent fees
and expenses 17,079 9,059 5,730 6,947 13,206 8,910
Floating rate obligations interest
expense and fees 16,853 45,934 12,902 79,271 94,008 90,340
Custodian's fees and expenses 26,367 38,205 18,753 39,094 67,792 51,426
Directors' fees and expenses 3,356 3,312 2,278 3,465 6,265 5,541
Professional fees 7,206 10,109 8,311 10,580 11,414 13,589
Shareholders' reports - printing
and mailing expenses 18,426 13,240 9,049 14,016 20,971 19,537
Stock exchange listing fees 4,871 4,871 4,867 4,867 4,868 4,871
Investor relations expense 12,705 13,575 8,728 14,266 23,572 22,752
Other expenses 6,300 16,691 12,803 16,927 19,169 22,955
------------------------------------------------------------------------------------------------------------------------------------
Total expenses before custodian
fee credit 807,635 1,253,181 790,895 1,337,140 2,199,515 2,105,580
Custodian fee credit (10,359) (20,158) (10,936) (20,554) (32,918) (28,346)
------------------------------------------------------------------------------------------------------------------------------------
Net expenses 797,276 1,233,023 779,959 1,316,586 2,166,597 2,077,234
------------------------------------------------------------------------------------------------------------------------------------
Net investment income 5,741,037 6,242,803 4,058,289 6,579,049 11,287,398 11,116,471
------------------------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss)
from investments 125,451 140,094 91,724 54,787 623,546 789,422
Net realized gain (loss)
from forward swaps -- 385,000 -- 136,000 -- --
Change in net unrealized
appreciation (depreciation)
of investments 1,281,346 1,727,529 1,189,678 884,540 1,497,869 1,177,229
Change in net unrealized
appreciation (depreciation)
of forward swaps 343,301 (157,866) -- 205,562 806,229 645,530
------------------------------------------------------------------------------------------------------------------------------------
Net realized and unrealized
gain (loss) 1,750,098 2,094,757 1,281,402 1,280,889 2,927,644 2,612,181
------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO PREFERRED
SHAREHOLDERS
From net investment income N/A (1,559,647) (1,114,134) (1,566,429) (2,945,246) (2,906,786)
From accumulated net realized gains N/A (208,586) -- (261,785) (290,565) (175,711)
------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable
to Common shares from
distributions to Preferred
shareholders N/A (1,768,233) (1,114,134) (1,828,214) (3,235,811) (3,082,497)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares
from operations $7,491,135 $ 6,569,327 $ 4,225,557 $ 6,031,724 $10,979,231 $10,646,155
====================================================================================================================================
N/A - Fund is not authorized to issue Preferred shares.
See accompanying notes to financial statements.
56
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
2/28/07 8/31/06 2/28/07 8/31/06 2/28/07 8/31/06
------------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 5,741,037 $ 11,509,918 $ 6,242,803 $ 12,478,945 $ 4,058,289 $ 8,195,548
Net realized gain
(loss) from investments 125,451 1,153,412 140,094 636,401 91,724 1,867,329
Net realized gain (loss)
from forward swaps -- -- 385,000 -- -- --
Change in net unrealized
appreciation (depreciation)
of investments 1,281,346 (5,153,097) 1,727,529 (5,068,042) 1,189,678 (5,200,076)
Change in net unrealized
appreciation (depreciation)
of forward swaps 343,301 699,627 (157,866) 702,445 -- --
Distributions to
Preferred Shareholders:
From net investment income N/A N/A (1,559,647) (2,949,820) (1,114,134) (1,827,655)
From accumulated net realized gains N/A N/A (208,586) -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease)
in net assets
applicable to
Common shares
from operations 7,491,135 8,209,860 6,569,327 5,799,929 4,225,557 3,035,146
------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO COMMON SHAREHOLDERS
From net investment income (5,834,137) (11,664,242) (4,632,014) (10,132,729) (3,439,392) (6,862,589)
From accumulated net
realized gains (711,067) (1,458,977) (682,629) -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable
to Common shares from
distributions to Common
shareholders (6,545,204) (13,123,219) (5,314,643) (10,132,729) (3,439,392) (6,862,589)
------------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Net proceeds from Common shares
issued to shareholders due to
reinvestment of distributions -- -- -- -- 73,464 32,720
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares from
capital share transactions -- -- -- -- 73,464 32,720
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease)
in net assets applicable
to Common shares 945,931 (4,913,359) 1,254,684 (4,332,800) 859,629 (3,794,723)
Net assets applicable to Common
shares at the beginning
of period 255,868,465 260,781,824 200,359,267 204,692,067 127,791,940 131,586,663
------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common
shares at the end of period $256,814,396 $255,868,465 $201,613,951 $200,359,267 $128,651,569 $127,791,940
====================================================================================================================================
Undistributed
(Over-distribution of)
net investment income
at the end of period $ (229,662) $ (136,562) $ 185,469 $ 134,327 $ 118,856 $ 614,093
====================================================================================================================================
N/A - Fund is not authorized to issue Preferred shares.
See accompanying notes to financial statements.
57
Statement of
CHANGES IN NET ASSETS (Unaudited) (continued)
CALIFORNIA CALIFORNIA CALIFORNIA
INVESTMENT QUALITY (NQC) SELECT QUALITY (NVC) QUALITY INCOME (NUC)
-------------------------------- --------------------------------- --------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
2/28/07 8/31/06 2/28/07 8/31/06 2/28/07 8/31/06
------------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 6,579,049 $ 13,104,675 $ 11,287,398 $ 22,764,430 $ 11,116,471 $ 22,335,523
Net realized gain (loss)
from investments 54,787 1,109,302 623,546 3,503,725 789,422 760,463
Net realized gain (loss)
from forward swaps 136,000 -- -- -- -- --
Change in net unrealized
appreciation (depreciation)
of investments 884,540 (5,269,926) 1,497,869 (11,039,966) 1,177,229 (9,421,002)
Change in net unrealized
appreciation (depreciation)
of forward swaps 205,562 696,124 806,229 1,499,989 645,530 1,190,947
Distributions to
Preferred Shareholders:
From net investment income (1,566,429) (3,059,941) (2,945,246) (5,098,860) (2,906,786) (5,165,819)
From accumulated net
realized gains (261,785) (110,537) (290,565) (435,734) (175,711) (102,178)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares
from operations 6,031,724 6,469,697 10,979,231 11,193,584 10,646,155 9,597,934
------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO COMMON SHAREHOLDERS
From net investment income (4,766,663) (10,857,398) (8,903,614) (19,733,775) (8,639,981) (18,578,772)
From accumulated net realized gains (893,586) (816,172) (1,059,392) (2,695,380) (591,543) (675,393)
------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable
to Common shares from
distributions to Common
shareholders (5,660,249) (11,673,570) (9,963,006) (22,429,155) (9,231,524) (19,254,165)
------------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Net proceeds from Common shares
issued to shareholders due to
reinvestment of distributions -- -- 118,526 279,153 107,453 --
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares from
capital share transactions -- -- 118,526 279,153 107,453 --
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares 371,475 (5,203,873) 1,134,751 (10,956,418) 1,522,084 (9,656,231)
Net assets applicable to Common
shares at the beginning
of period 210,242,460 215,446,333 358,130,940 369,087,358 343,095,711 352,751,942
------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common
shares at the end of period $210,613,935 $210,242,460 $359,265,691 $358,130,940 $344,617,795 $343,095,711
====================================================================================================================================
Undistributed
(Over-distribution of)
net investment income
at the end of period $ 388,209 $ 142,252 $ (132,826) $ 428,636 $ (24,097) $ 406,199
====================================================================================================================================
See accompanying notes to financial statements.
58
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 or certain U.S. territories.
The following is a summary of significant accounting policies followed by the
Funds in the preparation of their financial statements in accordance with U.S.
generally accepted accounting principles.
Investment 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 market
price quotes are not readily available (which is usually the case for municipal
securities), the pricing service may establish fair 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. Prices of
forward swap contracts are also provided by an independent pricing service
approved by each Fund's Board of Directors. If the pricing service is unable to
supply a price for a municipal bond or forward swap contract, each Fund may use
a market price or fair market value quote provided by a major broker/dealer in
such investments. If it is determined that the market price or fair market value
for an investment is unavailable or inappropriate, the Board of Directors of the
Funds, or its designee, may establish a fair value for the investment. Temporary
investments in securities that have variable rate and demand features qualifying
them as short-term investments are valued at amortized cost, which approximates
market value. Investment Transactions Investment transactions are recorded on a
trade date basis. Realized gains and losses from transactions are determined on
the specific identification method. Investments purchased on a
when-issued/delayed delivery basis may have extended settlement periods. Any
investments 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/delayed delivery purchase
commitments. At February 28, 2007, 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.
Investment income also includes paydown gains and losses, if any.
59
Notes to
FINANCIAL STATEMENTS (Unaudited) (continued)
Income Taxes
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund
intends to distribute substantially all net investment income and net capital
gains to shareholders and to otherwise comply with the requirements of
Subchapter M of the Internal Revenue Code applicable to regulated investment
companies. 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. Net realized capital gains and ordinary income distributions paid
by the Funds are subject to federal taxation.
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.
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 U.S.
generally accepted accounting principles.
Preferred Shares
California Value (NCA) is not authorized to issue Preferred shares. The Funds
below have issued and outstanding Preferred shares, $25,000 stated value per
share, as a means of effecting financial leverage. Each Fund's Preferred shares
are issued in more than one Series. The dividend rate paid by the Funds on each
Series is determined every seven days, pursuant to a dutch auction process
overseen by the auction agent, and is payable at 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
=========================================================================================================
60
Inverse Floating Rate Securities
Each Fund may invest in inverse floating rate securities. An inverse floating
rate security is created by depositing a municipal bond, typically with a fixed
interest rate, into a special purpose trust created by a broker-dealer. In turn,
this trust (a) issues floating rate certificates, in face amounts equal to some
fraction of the deposited bond's par amount or market value, that typically pay
short-term tax-exempt interest rates to third parties, and (b) issues to a
long-term investor (such as one of the Funds) an inverse floating rate
certificate (sometimes referred to as an "inverse floater") that represents all
remaining or residual interest in the trust. The income received by the inverse
floater holder varies inversely with the short-term rate paid to the floating
rate certificates' holders, and in most circumstances the inverse floater holder
bears substantially all of the underlying bond's downside investment risk and
also benefits disproportionately from any potential appreciation of the
underlying bond's value. The price of an inverse floating rate security will be
more volatile than that of the underlying bond because the interest rate is
dependent on not only the fixed coupon rate of the underlying bond but also on
the short-term interest paid on the floating rate certificates, and because the
inverse floating rate security essentially bears the risk of loss of the greater
face value of the underlying bond.
A Fund may purchase an inverse floating rate security in a secondary market
transaction without first owning the underlying bond (referred to as an
"externally-deposited inverse floater"), or instead by first selling a
fixed-rate bond to a broker-dealer for deposit into the special purpose trust
and receiving in turn the residual interest in the trust (referred to as a
"self-deposited inverse floater"). An investment in an externally-deposited
inverse floater is identified in the Portfolio of Investments as an "Inverse
floating rate investment". An investment in a self-deposited inverse floater is
accounted for as a financing transaction in accordance with Statement of
Financial Accounting Standards (SFAS) No. 140 "Accounting for Transfers and
Servicing of Financial Assets and Extinguishment of Liabilities". In such
instances, a fixed-rate bond deposited into a special purpose trust is
identified in the Portfolio of Investments as an "Underlying bond of an inverse
floating rate trust", with the Fund accounting for the short-term floating rate
certificates issued by the trust as "Floating rate obligations" on the Statement
of Assets and Liabilities. In addition, the Fund reflects in Investment Income
the entire earnings of the underlying bond and accounts for the related interest
paid to the holders of the short-term floating rate certificates as "Floating
rate obligations interest expense and fees" in the Statement of Operations.
During the six months ended February 28, 2007, each Fund invested in externally
deposited inverse floaters and/or self-deposited inverse floaters.
The average floating rate obligations outstanding and average annual interest
rate and fees related to self-deposited inverse floaters during the six months
ended February 28, 2007, 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)
----------------------------------------------------------------------------------------------------------------------
Average floating rate obligations $888,287 $2,421,414 $680,028 $4,184,928 $4,955,685 $4,762,320
Average annual interest rate and fees 3.83% 3.83% 3.83% 3.82% 3.83% 3.83%
======================================================================================================================
Forward Swap Transactions
The Funds are authorized to invest in certain derivative financial instruments.
The Funds' use of forward interest rate swap transactions is intended to help
the Fund manage its overall interest rate sensitivity, either shorter or longer,
generally to more closely align the Fund's interest rate sensitivity with that
of the broader municipal market. Forward interest rate swap transactions involve
each Fund's agreement with a counterparty to pay, in the future, a fixed or
variable rate payment in exchange for the counterparty paying the Fund a
variable or fixed rate payment, the accruals for which would begin at a
specified date in the future (the "effective date"). The amount of the payment
obligation is based on the notional amount of the forward swap contract and the
termination date of the swap (which is akin to a bond's maturity). The value of
the Fund's swap commitment would increase or decrease based primarily on the
extent to which long-term interest rates for bonds having a maturity of the
swap's termination date increases or decreases. The Funds may terminate a swap
contract prior to the effective date, at which point a realized gain or loss is
recognized. When a forward swap is terminated, it ordinarily does not involve
the delivery of securities or other underlying assets or principal, but rather
is settled in cash on a net basis. Each Fund intends, but is not obligated, to
terminate its forward swaps before the effective date. Accordingly, the risk of
loss with respect to the swap counterparty on such transactions is limited to
the credit risk associated with a counterparty failing to honor its commitment
to pay any realized gain to the Fund upon termination. To reduce such credit
risk, all counterparties are required to pledge collateral daily (based on the
daily valuation of each swap) on behalf of each Fund with a value approximately
equal to the amount of any unrealized gain above a pre-determined threshold.
Reciprocally, when any of the Funds have an unrealized loss on a swap contract,
the Funds have instructed the custodian to pledge assets of the Funds as
collateral with a value approximately equal to the amount of the unrealized loss
above a pre-determined threshold. Collateral pledges are monitored and
subsequently adjusted if and when the swap valuations fluctuate, either up or
down, by at least the predetermined threshold amount.
61
Notes to
FINANCIAL STATEMENTS (Unaudited) (continued)
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, their 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. However, the Funds have not had prior claims or losses pursuant to
these contracts and expect the risk of loss to be remote.
Use of Estimates
The preparation of financial statements in conformity with U.S. generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities at the
date of the financial statements and the reported amounts of increases and
decreases in net assets applicable to Common shares from operations during the
reporting period. Actual results may differ from those estimates.
2. FUND SHARES
Transactions in Common shares were as follows:
CALIFORNIA CALIFORNIA CALIFORNIA
VALUE (NCA) PERFORMANCE PLUS (NCP) OPPORTUNITY (NCO)
----------------------- ----------------------- -----------------------
SIX MONTHS SIX MONTHS SIX MONTHS
ENDED YEAR ENDED ENDED YEAR ENDED ENDED YEAR ENDED
2/28/07 8/31/06 2/28/07 8/31/06 2/28/07 8/31/06
------------------------------------------------------------------------------------------------------------------
Common shares issued to
shareholders due to
reinvestment of distributions -- -- -- -- 4,624 2,119
==================================================================================================================
CALIFORNIA CALIFORNIA CALIFORNIA
INVESTMENT QUALITY (NQC) SELECT QUALITY (NVC) QUALITY INCOME (NUC)
----------------------- ----------------------- -----------------------
SIX MONTHS SIX MONTHS SIX MONTHS
ENDED YEAR ENDED ENDED YEAR ENDED ENDED YEAR ENDED
2/28/07 8/31/06 2/28/07 8/31/06 2/28/07 8/31/06
------------------------------------------------------------------------------------------------------------------
Common shares issued to
shareholders due to
reinvestment of distributions -- -- 7,773 18,202 6,896 --
==================================================================================================================
62
3. INVESTMENT TRANSACTIONS
Purchases and sales (including maturities but excluding short-term investments
and derivative transactions) during the six months ended February 28, 2007, 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 $4,502,973 $17,215,553 $3,015,332 $18,374,513 $18,491,063 $22,729,921
Sales and maturities 9,086,032 13,003,845 2,349,685 11,870,056 20,728,689 15,208,182
======================================================================================================================
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 the treatment of paydown gains and losses, timing differences
in recognizing taxable market discount, timing differences in recognizing
certain gains and losses on investment transactions and the treatment of
investments in inverse floating rate transactions subject to SFAS No. 140. To
the extent that differences arise that are permanent in nature, such amounts are
reclassified within the capital accounts on the Statement of Assets and
Liabilities presented in the annual report, based on their Federal tax basis
treatment; temporary differences do not require reclassification. Temporary and
permanent differences do not impact the net asset values of the Funds.
At February 28, 2007, the cost of investments was 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 $233,164,425 $283,821,516 $179,213,521 $297,696,416 $499,545,289 $485,690,295
==========================================================================================================================
Gross unrealized appreciation and gross unrealized depreciation of investments
at February 28, 2007, 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 $18,106,367 $19,741,719 $15,269,436 $20,003,833 $33,972,229 $35,479,055
Depreciation (3,529) -- -- (8,732) -- --
--------------------------------------------------------------------------------------------------------------------------
Net unrealized appreciation
(depreciation) of investments $18,102,838 $19,741,719 $15,269,436 $19,995,101 $33,972,229 $35,479,055
==========================================================================================================================
The tax components of undistributed net tax-exempt income, net ordinary income
and net long-term capital gains at August 31, 2006, the Funds' last tax 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 * $781,058 $603,371 $734,217 $ 506,773 $1,797,397 $1,630,439
Undistributed net ordinary income ** 1,772 81,182 237,488 -- 118,707 76,734
Undistributed net long-term capital gains 711,812 320,367 -- 1,025,893 1,296,836 625,526
==========================================================================================================================
* Undistributed net tax-exempt income (on a tax basis) has not been reduced
for the dividend declared on August 1, 2006, paid on September 1, 2006.
** Net ordinary income consists of taxable market discount income and net
short-term capital gains, if any.
63
Notes to
FINANCIAL STATEMENTS (Unaudited) (continued)
The tax character of distributions paid during the Funds' last tax year ended
August 31, 2006, 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 $11,661,718 $13,221,167 $8,779,357 $14,049,482 $25,049,126 $23,992,654
Distributions from net
ordinary income ** 123,685 -- -- 102,358 15,963 --
Distributions from net long-term
capital gains 1,337,816 -- -- 837,876 3,131,114 777,570
==========================================================================================================================
** Net ordinary income consists of taxable market discount income and net
short-term capital gains, if any.
At August 31, 2006, the Funds' last tax year end California Opportunity (NCO)
had unused capital loss carryforwards of $498,113 available for federal income
tax purposes to be applied against future capital gains, if any. If not applied
the carryforwards will expire in 2012.
5. MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES
Each Fund's management fee is separated into two components - a complex-level
component, based on the aggregate amount of all fund assets managed by Nuveen
Asset Management (the "Adviser"), a wholly owned subsidiary of Nuveen
Investments, Inc., ("Nuveen"), and a specific fund-level component, based only
on the amount of assets within each individual fund, and for California Value
(NCA) a gross interest income component. This pricing structure enables Nuveen
fund shareholders to benefit from growth in the assets within each individual
fund as well as from growth in the amount of complex-wide assets managed by the
Adviser.
California Value (NCA) pays an annual fund-level fee, payable monthly, of .15%
of the average daily net assets of the Fund, as well as 4.125% of the gross
interest income of the Fund.
The annual fund-level fee, payable monthly, for each Fund (excluding California
Value (NCA)) is 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) FUND-LEVEL FEE RATE
--------------------------------------------------------------------------------
For the first $125 million .4500%
For the next $125 million .4375
For the next $250 million .4250
For the next $500 million .4125
For the next $1 billion .4000
For the next $3 billion .3875
For net assets over $5 billion .3750
================================================================================
64
The annual complex-level fee, payable monthly, which is additive to the
fund-level fee, for all Nuveen sponsored funds in the U.S., is based on the
aggregate amount of total fund assets managed as stated in the table below. As
of February 28, 2007, the complex level fee rate was .1837%.
COMPLEX-LEVEL ASSETS (1) COMPLEX-LEVEL FEE RATE
--------------------------------------------------------------------------------
For the first $55 billion .2000%
For the next $1 billion .1800
For the next $1 billion .1600
For the next $3 billion .1425
For the next $3 billion .1325
For the next $3 billion .1250
For the next $5 billion .1200
For the next $5 billion .1175
For the next $15 billion .1150
For Managed Assets over $91 billion (2) .1400
================================================================================
(1) The complex-level fee component of the management fee for the funds is
calculated based upon the aggregate Managed Assets ("Managed Assets" means the
average daily net assets of each fund including assets attributable to preferred
stock issued by or borrowings by the Nuveen funds) of Nuveen-sponsored funds in
the U.S.
(2) With respect to the complex-wide Managed Assets over $91 billion, the fee
rate or rates that will apply to such assets will be determined at a later date.
In the unlikely event that complex-wide Managed Assets reach $91 billion prior
to a determination of the complex-level fee rate or rates to be applied to
Managed Assets in excess of $91 billion, the complex-level fee rate for such
complex-wide Managed Assets shall be .1400% until such time as a different rate
or rates is determined.
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 its Officers, all of whom receive remuneration for their services
to the Funds from the Adviser or its affiliates. The Board of Directors has
adopted a deferred compensation plan for independent Directors that enables
Directors to elect to defer receipt of all or a portion of the annual
compensation they are entitled to receive from certain Nuveen advised Funds.
Under the plan, deferred amounts are treated as though equal dollar amounts had
been invested in shares of select Nuveen advised Funds.
6. NEW ACCOUNTING PRONOUNCEMENTS
Financial Accounting Standards Board Interpretation No. 48
On July 13, 2006, the Financial Accounting Standards Board (FASB) released FASB
Interpretation No. 48 Accounting for Uncertainty in Income Taxes (FIN 48). FIN
48 provides guidance for how uncertain tax positions should be recognized,
measured, presented and disclosed in the financial statements. FIN 48 requires
the evaluation of tax positions taken or expected to be taken in the course of
preparing the Fund's tax returns to determine whether the tax positions are
"more-likely-than-not" of being sustained by the applicable tax authority. Tax
positions not deemed to meet the more-likely-than-not threshold would be
recorded as a tax benefit or expense in the current year. Adoption of FIN 48 is
required for fiscal years beginning after December 15, 2006 and is to be applied
to all open tax years as of the effective date. Recent SEC guidance allows funds
to delay implementing FIN 48 into NAV calculations until the fund's last NAV
calculation in the first required financial statement reporting period. As a
result, the Funds must begin to incorporate FIN 48 into their NAV calculations
by August 31, 2007. At this time, management is continuing to evaluate the
implications of FIN 48 and does not expect the adoption of FIN 48 will have a
significant impact on the net assets or results of operations of the Funds.
Financial Accounting Standards Board Statement of Financial Accounting Standards
No. 157
In September 2006, the Financial Accounting Standards Board (FASB) issued
Statement of Financial Accounting Standards (SFAS) No. 157, "Fair Value
Measurements." This standard establishes a single authoritative definition of
fair value, sets out a framework for measuring fair value and requires
additional disclosures about fair value measurements. SFAS No. 157 applies to
fair value measurements already required or permitted by existing standards.
SFAS No. 157 is effective for financial statements issued for fiscal years
beginning after November 15, 2007 and interim periods within those fiscal years.
The changes to current generally accepted accounting principles from the
application of this standard relate to the definition of fair value, the methods
used to measure fair value, and the expanded disclosures about fair value
measurements. As of February 28, 2007, the Funds do not believe the adoption of
SFAS No. 157 will impact the financial statement amounts; however, additional
disclosures may be required about the inputs used to develop the measurements
and the effect of certain of the measurements included within the Statement of
Operations for the period.
65
Notes to
FINANCIAL STATEMENTS (Unaudited) (continued)
7. 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 2, 2007, to shareholders of record on
March 15, 2007, 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 $.0385 $.0595 $.0640 $.0585 $.0610 $.0625
=========================================================================================================
66
Financial
HIGHLIGHTS (Unaudited)
67
Financial
HIGHLIGHTS (Unaudited)
Selected data for a Common share outstanding throughout each period:
Investment Operations Less Distributions
----------------------------------------------------------------- ---------------------------------
Distributions Distributions
from Net from Net
Beginning Investment Capital Investment Capital
Common Net Income to Gains to Income to Gains to
Share Net Realized/ Preferred Preferred Common Common
Net Asset Investment Unrealized Share- Share- Share- Share-
Value Income Gain (Loss) holders+ holders+ Total holders holders Total
====================================================================================================================================
CALIFORNIA VALUE (NCA)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 8/31:
2007(b) $10.14 $ .23 $ .06 $N/A $N/A $ .29 $(.23) $(.03) $ (.26)
2006 10.33 .46 (.13) N/A N/A .33 (.46) (.06) (.52)
2005 10.20 .47 .21 N/A N/A .68 (.47) (.08) (.55)
2004 9.93 .48 .34 N/A N/A .82 (.48) (.07) (.55)
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)
CALIFORNIA PERFORMANCE
PLUS (NCP)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 8/31:
2007(b) 15.45 .48 .17 (.12) (.02) .51 (.36) (.05) (.41)
2006 15.79 .96 (.29) (.23) -- .44 (.78) -- (.78)
2005 15.53 .97 .49 (.12) (.01) 1.33 (.90) (.17) (1.07)
2004 14.76 .99 .80 (.06) -- 1.73 (.96) -- (.96)
2003 15.32 1.02 (.58) (.08) -- .36 (.92) -- (.92)
2002 15.32 1.05 .07 (.10) (.03) .99 (.89) (.10) (.99)
CALIFORNIA OPPORTUNITY
(NCO)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 8/31:
2007(b) 15.67 .50 .15 (.14) -- .51 (.42) -- (.42)
2006 16.14 1.00 (.41) (.22) -- .37 (.84) -- (.84)
2005 15.67 1.02 .50 (.12) -- 1.40 (.93) -- (.93)
2004 14.77 1.03 .88 (.06) -- 1.85 (.95) -- (.95)
2003 15.26 1.04 (.55) (.07) -- .42 (.91) -- (.91)
2002 15.32 1.06 -- (.10) (.02) .94 (.91) (.09) (1.00)
====================================================================================================================================
Total Returns
----------------------
Based
on
Ending Common
Common Based Share
Share Ending on Net
Net Asset Market Market Asset
Value Value Value** Value**
================================================================================
CALIFORNIA VALUE (NCA)
--------------------------------------------------------------------------------
Year Ended 8/31:
2007(b) $10.17 $10.00 6.09% 2.88%
2006 10.14 9.67 2.85 3.34
2005 10.33 9.92 13.33 6.82
2004 10.20 9.27 8.02 8.40
2003 9.93 9.10 (3.55) 1.73
2002 10.27 9.95 6.61 4.80
CALIFORNIA PERFORMANCE
PLUS (NCP)
--------------------------------------------------------------------------------
Year Ended 8/31:
2007(b) 15.55 14.75 5.61 3.33
2006 15.45 14.36 4.42 2.97
2005 15.79 14.52 9.66 8.89
2004 15.53 14.26 9.65 12.00
2003 14.76 13.90 (1.30) 2.30
2002 15.32 15.00 1.11 6.84
CALIFORNIA OPPORTUNITY
(NCO)
--------------------------------------------------------------------------------
Year Ended 8/31:
2007(b) 15.76 15.79 5.56 3.29
2006 15.67 15.36 4.02 2.47
2005 16.14 15.61 15.00 9.19
2004 15.67 14.45 10.63 12.86
2003 14.77 13.95 (2.45) 2.73
2002 15.26 15.22 (.26) 6.51
================================================================================
Ratios/Supplemental Data
-------------------------------------------------------------------------------------------------------------------
Ratios to Average Net Assets Ratios to Average Net Assets
Applicable to Common Shares Applicable to Common Shares
Before Credit/Reimbursement After Credit/Reimbursement***
-------------------------------------------- -------------------------------------------
Ending
Net
Assets
Applicable Expenses Expenses Net Expenses Expenses Net Portfolio
to Common Including Excluding Investment Including Excluding Investment Turnover
Shares (000) Interest++(a) Interest++(a) Income++ Interest++(a) Interest++(a) Income++ Rate
====================================================================================================================================
CALIFORNIA
VALUE (NCA)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 8/31:
2007(b) $256,814 .64% .62%* 4.51%* .63% .61%* 4.52%* 2%
2006 255,868 .64 .64 4.51 .63 .63 4.52 20
2005 260,782 .63 .63 4.54 .63 .63 4.54 4
2004 257,550 .65 .65 4.70 .65 .65 4.70 28
2003 250,749 .66 .66 4.84 .66 .66 4.85 24
2002 259,346 .68 .68 5.06 .68 .68 5.07 4
CALIFORNIA
PERFORMANCE
PLUS (NCP)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 8/31:
2007(b) 201,614 1.26 1.21* 6.24* 1.24 1.19* 6.26* 4
2006 200,359 1.23 1.23 6.28 1.22 1.22 6.29 11
2005 204,692 1.23 1.23 6.22 1.22 1.22 6.23 5
2004 201,307 1.26 1.26 6.48 1.25 1.25 6.49 16
2003 191,409 1.26 1.26 6.65 1.25 1.25 6.66 30
2002 198,594 1.28 1.28 7.04 1.27 1.27 7.05 11
CALIFORNIA
OPPORTUNITY
(NCO)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 8/31:
2007(b) 128,652 1.24 1.22* 6.37* 1.23 1.21* 6.38* 1
2006 127,792 1.26 1.26 6.43 1.24 1.24 6.45 18
2005 131,587 1.25 1.25 6.42 1.25 1.25 6.43 7
2004 127,743 1.28 1.28 6.72 1.28 1.28 6.73 13
2003 120,437 1.27 1.27 6.74 1.26 1.26 6.75 16
2002 124,425 1.30 1.30 7.13 1.29 1.29 7.14 11
====================================================================================================================================
Floating Rate Obligations
Preferred Shares at End of Period at End of Period
-------------------------------------- -------------------------
Aggregate Liquidation Aggregate
Amount and Market Asset Amount Asset
Outstanding Value Coverage Outstanding Coverage
(000) Per Share Per Share (000) Per $1,000
================================================================================
CALIFORNIA VALUE (NCA)
--------------------------------------------------------------------------------
Year Ended 8/31:
2007(b) $ N/A $ N/A $ N/A $1,600 $161,509
2006 N/A N/A N/A -- --
2005 N/A N/A N/A -- --
2004 N/A N/A N/A -- --
2003 N/A N/A N/A -- --
2002 N/A N/A N/A -- --
CALIFORNIA PERFORMANCE
PLUS (NCP)
--------------------------------------------------------------------------------
Year Ended 8/31:
2007(b) 106,000 25,000 72,550 4,302 72,505
2006 106,000 25,000 72,255 -- --
2005 106,000 25,000 73,276 -- --
2004 106,000 25,000 72,478 -- --
2003 106,000 25,000 70,144 -- --
2002 106,000 25,000 71,838 -- --
CALIFORNIA
OPPORTUNITY (NCO)
--------------------------------------------------------------------------------
Year Ended 8/31:
2007(b) 68,000 25,000 72,298 1,225 161,532
2006 68,000 25,000 71,982 -- --
2005 68,000 25,000 73,377 -- --
2004 68,000 25,000 71,964 -- --
2003 68,000 25,000 69,278 -- --
2002 68,000 25,000 70,745 -- --
================================================================================
N/A Fund is not authorized to issue Preferred shares.
* Annualized.
** Total Return on Market Value is the combination of changes in the market
price per share and the effect of reinvested dividend income and reinvested
capital gains distributions, if any, at the average price paid per share at
the time of reinvestment. Total Return on Common Share Net Asset Value is
the combination of changes in Common share net asset value, reinvested
dividend income at net asset value and reinvested capital gains
distributions at net asset value, if any. 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.
(a) Interest expense arises from the application of SFAS No. 140 to certain
inverse floating rate transactions entered into by the Fund as more fully
described in Footnote 1 - Inverse Floating Rate Securities.
(b) For the six months ended February 28, 2007.
See accompanying notes to financial statements.
68-69 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 Investment Capital Investment Capital
Common Net Income to Gains to Income to Gains to
Share Net Realized/ Preferred Preferred Common Common
Net Asset Investment Unrealized Share- Share- Share- Share-
Value Income Gain (Loss) holders+ holders+ Total holders holders Total
====================================================================================================================================
CALIFORNIA
INVESTMENT
QUALITY (NQC)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 8/31:
2007(b) $15.48 $ .48 $ .11 $(.12) $(.02) $ .45 $ (.35) $(.07) $ (.42)
2006 15.86 .96 (.24) (.23) (.01) .48 (.80) (.06) (.86)
2005 15.65 .98 .40 (.13) (.01) 1.24 (.92) (.11) (1.03)
2004 15.09 1.00 .70 (.06) (.01) 1.63 (.97) (.10) (1.07)
2003 15.78 1.06 (.71) (.08) -- .27 (.94) (.02) (.96)
2002 15.78 1.08 (.02) (.11) (.01) .94 (.92) (.02) (.94)
CALIFORNIA SELECT
QUALITY (NVC)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 8/31:
2007(b) 15.49 .49 .14 (.13) (.01) .49 (.39) (.05) (.44)
2006 15.98 .99 (.27) (.22) (.02) .48 (.85) (.12) (.97)
2005 15.63 1.02 .53 (.13) (.01) 1.41 (.96) (.10) (1.06)
2004 14.93 1.04 .77 (.06) (.01) 1.74 (.97) (.07) (1.04)
2003 15.53 1.05 (.63) (.07) -- .35 (.94) (.01) (.95)
2002 15.63 1.08 .01 (.08) (.04) .97 (.91) (.16) (1.07)
CALIFORNIA QUALITY
INCOME (NUC)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 8/31:
2007(b) 15.60 .51 .11 (.13) (.01) .48 (.39) (.03) (.42)
2006 16.03 1.02 (.35) (.23) -- .44 (.84) (.03) (.87)
2005 15.49 1.04 .69 (.13) (.01) 1.59 (.97) (.08) (1.05)
2004 14.85 1.05 .73 (.07) -- 1.71 (1.02) (.05) (1.07)
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)
====================================================================================================================================
Total Returns
----------------------
Based
on
Ending Common
Common Based Share
Share Ending on Net
Net Asset Market Market Asset
Value Value Value** Value**
============================================================================
CALIFORNIA
INVESTMENT
QUALITY (NQC)
----------------------------------------------------------------------------
Year Ended 8/31:
2007(b) $15.51 $14.98 5.32% 2.91%
2006 15.48 14.63 2.73 3.21
2005 15.86 15.10 9.33 8.18
2004 15.65 14.80 8.94 11.11
2003 15.09 14.61 .29 1.60
2002 15.78 15.52 (.55) 6.28
CALIFORNIA SELECT
QUALITY (NVC)
----------------------------------------------------------------------------
Year Ended 8/31:
2007(b) 15.54 15.33 3.39 3.13
2006 15.49 15.25 3.63 3.21
2005 15.98 15.69 13.70 9.33
2004 15.63 14.81 12.38 11.97
2003 14.93 14.14 (2.78) 2.24
2002 15.53 15.51 2.79 6.61
CALIFORNIA QUALITY
INCOME (NUC)
----------------------------------------------------------------------------
Year Ended 8/31:
2007(b) 15.66 15.69 5.49 3.10
2006 15.60 15.28 2.90 2.96
2005 16.03 15.73 12.30 10.57
2004 15.49 15.00 9.67 11.76
2003 14.85 14.67 (2.38) .71
2002 15.84 16.14 4.15 4.79
============================================================================
Ratios/Supplemental Data
-------------------------------------------------------------------------------------------------------------------
Ratios to Average Net Assets Ratios to Average Net Assets
Applicable to Common Shares Applicable to Common Shares
Before Credit/Reimbursement After Credit/Reimbursement***
-------------------------------------------- -------------------------------------------
Ending
Net
Assets
Applicable Expenses Expenses Net Expenses Expenses Net Portfolio
to Common Including Excluding Investment Including Excluding Investment Turnover
Shares (000) Interest++(a) Interest++(a) Income++ Interest++(a) Interest++(a) Income++ Rate
====================================================================================================================================
CALIFORNIA
INVESTMENT
QUALITY (NQC)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 8/31:
2007(b) $210,614 1.28% 1.20%* 6.28%* 1.26% 1.18%* 6.30%* 4%
2006 210,242 1.22 1.22 6.28 1.21 1.21 6.29 11
2005 215,446 1.21 1.21 6.24 1.20 1.20 6.25 5
2004 212,509 1.22 1.22 6.48 1.22 1.22 6.49 20
2003 204,974 1.21 1.21 6.73 1.21 1.21 6.73 26
2002 214,261 1.25 1.25 7.03 1.23 1.23 7.04 11
CALIFORNIA
SELECT
QUALITY (NVC)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 8/31:
2007(b) 359,266 1.24 1.18* 6.33* 1.22 1.17* 6.35* 3
2006 358,131 1.20 1.20 6.38 1.19 1.19 6.39 16
2005 369,087 1.19 1.19 6.44 1.18 1.18 6.44 8
2004 360,938 1.21 1.21 6.78 1.20 1.20 6.78 14
2003 344,892 1.20 1.20 6.78 1.20 1.20 6.78 20
2002 358,632 1.23 1.23 7.14 1.22 1.22 7.15 19
CALIFORNIA
QUALITY
INCOME (NUC)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 8/31:
2007(b) 344,618 1.23 1.18* 6.50* 1.22 1.16* 6.52* 3
2006 343,096 1.21 1.21 6.54 1.20 1.20 6.55 12
2005 352,752 1.20 1.20 6.62 1.20 1.20 6.63 6
2004 340,873 1.22 1.22 6.89 1.21 1.21 6.89 16
2003 326,280 1.22 1.22 6.90 1.21 1.21 6.91 46
2002 347,561 1.23 1.23 7.58 1.22 1.22 7.59 22
====================================================================================================================================
Floating Rate Obligations
Preferred Shares at End of Period at End of Period
-------------------------------------- -------------------------
Aggregate Liquidation Aggregate
Amount and Market Asset Amount Asset
Outstanding Value Coverage Outstanding Coverage
(000) Per Share Per Share (000) Per $1,000
================================================================================
CALIFORNIA INVESTMENT QUALITY (NQC)
--------------------------------------------------------------------------------
Year Ended 8/31:
2007(b) $112,000 $25,000 $72,012 $6,634 $49,630
2006 112,000 25,000 71,929 -- --
2005 112,000 25,000 73,091 -- --
2004 112,000 25,000 72,435 -- --
2003 112,000 25,000 70,753 -- --
2002 112,000 25,000 72,826 -- --
CALIFORNIA SELECT
QUALITY (NVC)
--------------------------------------------------------------------------------
Year Ended 8/31:
2007(b) 192,000 25,000 71,779 8,793 63,694
2006 192,000 25,000 71,632 -- --
2005 192,000 25,000 73,058 -- --
2004 192,000 25,000 71,997 -- --
2003 192,000 25,000 69,908 -- --
2002 192,000 25,000 71,697 -- --
CALIFORNIA QUALITY
INCOME (NUC)
--------------------------------------------------------------------------------
Year Ended 8/31:
2007(b) 185,000 25,000 71,570 8,450 63,677
2006 185,000 25,000 71,364 -- --
2005 185,000 25,000 72,669 -- --
2004 185,000 25,000 71,064 -- --
2003 185,000 25,000 69,092 -- --
2002 185,000 25,000 71,968 -- --
================================================================================
* Annualized.
** Total Return on Market Value is the combination of changes in the market
price per share and the effect of reinvested dividend income and reinvested
capital gains distributions, if any, at the average price paid per share at
the time of reinvestment. Total Return on Common Share Net Asset Value is
the combination of changes in Common share net asset value, reinvested
dividend income at net asset value and reinvested capital gains
distributions at net asset value, if any. 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.
(a) Interest expense arises from the application of SFAS No. 140 to certain
inverse floating rate transactions entered into by the Fund as more fully
described in Footnote 1 - Inverse Floating Rate Securities.
(b) For the six months ended February 28, 2007.
See accompanying notes to financial statements.
70-71 spread
Reinvest Automatically
EASILY AND CONVENIENTLY
Sidebar text: NUVEEN MAKES REINVESTING EASY. A PHONE CALL IS ALL IT TAKES TO SET
UP YOUR REINVESTMENT ACCOUNT.
NUVEEN CLOSED-END FUNDS
DIVIDEND REINVESTMENT PLAN
Your Nuveen Closed-End 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
the 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.
FLEXIBLE
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.
CALL TODAY TO START REINVESTING DIVIDENDS AND/OR DISTRIBUTIONS
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.
72
Automatic Dividend
REINVESTMENT PLAN
NOTICE OF AMENDMENT TO THE TERMS AND CONDITIONS
These Funds are amending the terms and conditions of their Automatic Dividend
Reinvestment Plan (the "Plan") as further described below effective with the
close of business on June 1, 2007. THESE CHANGES ARE INTENDED TO ENABLE PLAN
PARTICIPANTS UNDER CERTAIN CIRCUMSTANCES TO REINVEST FUND DISTRIBUTIONS AT A
LOWER AGGREGATE COST THAN IS POSSIBLE UNDER THE EXISTING PLAN. Shareholders who
do not wish to continue as participants under the amended Plan may withdraw from
the Plan by notifying the Plan Agent prior to the effective date of the
amendments. Participants should refer to their Plan document for notification
instructions, or may simply call Nuveen at (800) 257-8787.
Fund shareholders who elect to participate in the Plan are able to have Fund
distributions consisting of income dividends, realized capital gains and returns
of capital automatically reinvested in additional Fund shares. Under the Plan's
existing terms, the Plan Agent purchases Fund shares in the open market if the
Fund's shares are trading at a discount to their net asset value on the payable
date for the distribution. If the Fund's shares are trading at or above their
net asset value on the payable date for the distribution, the Plan Agent
purchases newly-issued Fund shares directly from the Fund at a price equal to
the greater of the shares' net asset value or 95% of the shares' market value.
Under the Plan's amended terms, if the Plan Agent begins purchasing Fund shares
on the open market while shares are trading below net asset value, but the
Fund's shares subsequently trade at or above their net asset value before the
Plan Agent is able to complete its purchases, the Plan Agent may cease
open-market purchases and may invest the uninvested portion of the distribution
in newly-issued Fund shares at a price equal to the greater of the shares' net
asset value or 95% of the shares' market value. This change will permit Plan
participants under these circumstances to reinvest Fund distributions at a lower
aggregate cost than is possible under the existing Plan.
73
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 that would have been necessary each year to equal the
investment's actual cumulative performance (including change in NAV or market
price and reinvested dividends and capital gains distributions, if any) over the
time period being considered.
AVERAGE EFFECTIVE MATURITY: The average of the number of years to maturity of
the bonds in a Fund's portfolio, computed by weighting each bond's time to
maturity (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 unless an escrow account has been established to redeem the
bond before maturity. The market value weighting for an investment in an inverse
floating rate security is the value of the portfolio's residual interest in the
inverse floating rate trust, and does not include the value of the floating rate
securities issued by the trust.
INVERSE FLOATERS: Inverse floating rate securities are created by depositing a
municipal bond, typically with a fixed interest rate, into a special purpose
trust created by a broker-dealer. This trust, in turn, (a) issues floating rate
certificates typically paying short-term tax-exempt interest rates to third
parties in amounts equal to some fraction of the deposited bond's par amount or
market value, and (b) issues an inverse floating rate certificate (sometimes
referred to as an "inverse floater") to an investor (such as a Fund) interested
in gaining investment exposure to a long-term municipal bond. The income
received by the holder of the inverse floater varies inversely with the
short-term rate paid to the floating rate certificates' holders, and in most
circumstances the holder of the inverse floater bears substantially all of the
underlying bond's downside investment risk. The holder of the inverse floater
typically also benefits disproportionately from any potential appreciation of
the underlying bond's value. Hence, an inverse floater essentially represents an
investment in the underlying bond on a leveraged basis.
LEVERAGE-ADJUSTED DURATION: Duration is a measure of the expected period over
which a bond's principal and interest will be paid, and consequently is a
measure of the sensitivity of a bond's or bond Fund's value to changes when
market interest rates change. Generally, the longer a bond's 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 longer than the duration of the Fund's portfolio of bonds.
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 common share NAV per share is calculated by
subtracting the liabilities of the Fund (including any MuniPreferred shares
issued in order to leverage 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.
74
Other Useful
INFORMATION
QUARTERLY PORTFOLIO OF INVESTMENTS AND PROXY VOTING INFORMATION
Each Fund's (i) quarterly portfolio of investments, (ii) information regarding
how the Funds voted proxies relating to portfolio securities held during the
12-month period ended June 30, 2006, and (iii) a description of the policies and
procedures that the Funds used to determine how to vote proxies relating to
portfolio securities are available without charge, upon request, by calling
Nuveen Investments toll-free at (800) 257-8787 or on Nuveen's website at
www.nuveen.com.
You may also obtain this and other Fund information directly from the Securities
and Exchange Commission ("SEC"). The SEC may charge a copying fee for this
information. Visit the SEC on-line at http://www.sec.gov or in person at the
SEC's Public Reference Room in Washington, D.C. Call the SEC at 1-202-942-8090
for room hours and operation. You may also request Fund information by sending
an e-mail request to publicinfo@sec.gov or by writing to the SEC's Public
References Section at 450 Fifth Street NW, Washington, D.C. 20549.
CEO CERTIFICATION DISCLOSURE
For Funds listed on the New York Stock Exchange, each Fund's Chief Executive
Officer has submitted to the Exchange the annual CEO certification as required
by Section 303A.12(a) of the NYSE Listed Company Manual.
Each Fund has filed with the Securities and Exchange Commission the
certification of its Chief Executive Officer and Chief Financial Officer
required by Section 302 of the Sarbanes-Oxley Act.
BOARD OF DIRECTORS/TRUSTEES
Robert P. Bremner
Lawrence H. Brown
Jack B. Evans
William C. Hunter
David J. Kundert
William J. Schneider
Timothy R. Schwertfeger
Judith M. Stockdale
Carol E. Stone
Eugene S. Sunshine
FUND MANAGER
Nuveen Asset Management
333 West Wacker Drive
Chicago, IL 60606
CUSTODIAN
State Street Bank & Trust Company
Boston, MA
TRANSFER AGENT AND
SHAREHOLDER SERVICES
State Street Bank & Trust Company
Nuveen Funds
P.O. Box 43071
Providence, RI 02940-3071
(800) 257-8787
LEGAL COUNSEL
Chapman and Cutler LLP
Chicago, IL
INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
Ernst & Young LLP
Chicago, IL
Each Fund intends to repurchase shares of its own common or preferred stock in
the future at such times and in such amounts as is deemed advisable. No shares
were repurchased during the period covered by this report. Any future
repurchases will be reported to shareholders in the next annual or semiannual
report.
75
Nuveen Investments:
SERVING Investors
For GENERATIONS
Photo of: 2 women looking at a photo album.
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.
WE OFFER MANY DIFFERENT INVESTING SOLUTIONS FOR OUR CLIENTS' DIFFERENT NEEDS.
Managing approximately $162 billion in assets, as of December 31, 2006, 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 six distinct brands: NWQ, specializing in value-style
equities; Nuveen, managing fixed-income investments; Santa Barbara, committed to
growth equities; Tradewinds, specializing in global value equities; Rittenhouse,
focused on "blue-chip" growth equities; and Symphony, with expertise in
alternative investments as well as equity and income portfolios.
FIND OUT HOW WE CAN HELP YOU REACH YOUR FINANCIAL GOALS.
To learn more about the products and services Nuveen Investments offers, talk to
your financial advisor, or call us at (800) 257-8787. Please read the
information provided carefully before you invest.
Be sure to obtain a prospectus, where applicable. Investors should consider the
investment objective and policies, risk considerations, charges and expenses of
the Fund carefully before investing. The prospectus contains this and other
information relevant to an investment in the Fund. For a prospectus, please
contact your securities representative or Nuveen Investments, 333 W. Wacker Dr.,
Chicago, IL 60606. Please read the prospectus carefully before you invest or
send money.
o Share prices
Learn more o Fund details
about Nuveen Funds at o Daily financial news
WWW.NUVEEN.COM/CEF o Investor education
o Interactive planning tools
ESA-A-0207D
Logo: NUVEEN Investments
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.
See Portfolio of Investments in Item 1.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable to this filing.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to this filing.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
There have been no material changes to the procedures by which shareholders may
recommend nominees to the registrant's Board implemented after the registrant
last provided disclosure in response to this Item.
ITEM 11. 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 second fiscal quarter
of the period covered by this report that has materially affected, or
is reasonably likely to materially affect, the registrant's internal
control over financial reporting.
ITEM 12. 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.
(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.
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By (Signature and Title)* /s/ Jessica R. Droeger
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Jessica R. Droeger
Vice President and Secretary
Date: May 4, 2007
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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
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Gifford R. Zimmerman
Chief Administrative Officer
(principal executive officer)
Date: May 4, 2007
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By (Signature and Title)* /s/ Stephen D. Foy
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Stephen D. Foy
Vice President and Controller
(principal financial officer)
Date: May 4, 2007
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* Print the name and title of each signing officer under his or her signature.